Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/45516
Authors: 
Véron, Nicolas
Year of Publication: 
2008
Series/Report no.: 
Bruegel policy contribution May 2008
Abstract: 
The ongoing financial crisis has revived the longstanding debate about fair value accounting. This policy contribution by Nicolas Véron argues that in times of market disruption, no accounting standards could lead to consensual outcomes, and that fair value remains better than proposed alternatives. Rather than reducing its scope, policymakers should focus on capital requirements standards (Basel II), where the negative effects of 'pro-cyclicality' are concentrated.
Document Type: 
Working Paper
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