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Dirk J. Bezemer (2010) Understanding financial crisis through accounting models”, Accounting, Organizations and Society, vol. 35, n. 7, pp. 676-688

Url: Not available

DOI: 10.1016/j.aos.2010.07.002

Abstract: This paper presents evidence that accounting (or flow-of-funds) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study traces the intellectual pedigrees of the accounting approach as an alternative to neo-classical economics, and the post-war rise and decline of flow-of-funds models in policy use. It includes contemporary case studies of both types of models, and considers why the accounting approach has remained outside mainstream economics. It provides constructive recommendations on revising methods of financial stability assessment and advocates an ‘accounting of economics’.

November 13, 2010 | Comments Closed