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| Tekijä: | Kolasinski, A.C. |
| Otsikko: | Mark-to-market regulatory accounting when securities markets are stressed: lessons from the financial crisis of 2007-2009 |
| Lehti: | Journal of Accounting & Economics
2011 : NOV, VOL. 52:2-3, p. 174-177 |
| Asiasana: | liquidity banking regulations financial crises securities markets |
| Vapaa asiasana: | fair value accounting |
| Kieli: | eng |
| Tiivistelmä: | While market prices can provide useful information for bank regulation, recent theoretical work argues that reliance on prices may be counterproductive if secondary markets are stressed and illiquid. Support from the financial crisis unearthed by Bhat et al. (in press) empirically validate these arguments. Though Bhat (et al.) do not fully recognize it, their findings suggest that forcing banks to count liquidity-induced unrealized losses in securities holdings against regulatory capital exterminates value and exposes bank creditors, taxpayers among others, to more risk. Policy makers contemplating greater regulatory reliance on market prices ignore this evidence at their peril. |
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