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“No One Saw This Coming”: Understanding Financial Crisis Through Accounting Models

  • Bezemer, Dirk J
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    This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees, and includes case studies of both types of models. It so provides constructive recommendations on revising methods of financial stability assessment. Overall, the paper is a plea for research into the link between accounting concepts and practices and macro economic outcomes.

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    File URL: http://mpra.ub.uni-muenchen.de/15892/1/MPRA_paper_15892.pdf
    File Function: original version
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15892.

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    Date of creation: 16 Jun 2009
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    Handle: RePEc:pra:mprapa:15892
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    Web page: http://mpra.ub.uni-muenchen.de

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    1. Dean Baker, 2002. "The Run-up in Home Prices: A Bubble," Challenge, M.E. Sharpe, Inc., vol. 45(6), pages 93-119, November.
    2. Engelbert Stockhammer, 2000. "Financialization and the Slowdown of Accumulation," Working Papers geewp14, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
    3. Wynne Godley & Marc Lavoie, 2007. "Fiscal Policy in a Stock-Flow Consistent (SFC) Model," Economics Working Paper Archive wp_494, Levy Economics Institute.
    4. Hopwood, Anthony G., 2009. "Exploring the interface between accounting and finance," Accounting, Organizations and Society, Elsevier, vol. 34(5), pages 549-550, July.
    5. Giuseppe Fontana & Bill Gerrard, 2002. "The Significance of the Monetary Context of Economic Behavior," Review of Social Economy, Taylor & Francis Journals, vol. 60(2), pages 243-262.
    6. Giuseppe Fontana, 2000. "Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(1), pages 27-48, October.
    7. Baumol, William J, 1977. "Say's (at Least) Eight Laws, or What Say and James Mill May Really Have Meant," Economica, London School of Economics and Political Science, vol. 44(174), pages 145-61, May.
    8. Das Dilip K., 2006. "Globalization in the World of Finance: An Analytical History," Global Economy Journal, De Gruyter, vol. 6(1), pages 1-25, February.
    9. Steve Keen, 1995. "Finance and Economic Breakdown: Modeling Minsky's "Financial Instability Hypothesis"," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 17(4), pages 607-635, July.
    10. Jordan, J S, 1989. "The Economics of Accounting Information Systems," American Economic Review, American Economic Association, vol. 79(2), pages 140-45, May.
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