IDEAS home Printed from https://ideas.repec.org/a/diw/diwvjh/78-1-7.html
   My bibliography  Save this article

Finanzkrise: die Rolle der Rechnungslegung

Author

Listed:
  • Joachim Gassen

Abstract

This paper analyzes the role of financial accounting and reporting in the current financial crisis. Starting outlining the objectives of financial accounting and giving a brief overview over the relevant accounting standards for financial instruments, it highlights the potentially pro-cyclical dynamics of regulations or private contracts which are statically linked to financial accounting outcomes. Also, it surveys the current analytical literature which investigates the relation between market-based accounting standards and real investment activity. In closing, it discusses current regulatory changes in the realm of financial accounting and proposes further steps of regulatory action. Eine der wesentlichen Gründe für das Entstehen und den Verlauf der Finanzkrise dürfte in der Intransparenz moderner Kapitalmärkte liegen. Diese Intransparenz begünstigt einerseits das Entstehen von spekulativen Blasen. Andererseits ist die mangelnde Transparenz wohl wesentlich für die vielfach konstatierte Vertrauenskrise innerhalb des Finanzsektors und zwischen Banken und Nicht-Banken. Intransparenz resultiert aus Informationsasymmetrien und die Reduktion von Informationsasymmetrien ist die Aufgabe der Rechnungslegung. Dementsprechend soll in dem vorliegenden Beitrag die Rolle der Rechnungslegung im Rahmen der Finanzmarktkrise diskutiert werden. Hierfür wird im ersten Abschnitt zunächst die Aufgabe der Rechnungslegung definiert und präzisiert. Anschließend wird der institutionelle Rahmen der Rechnungslegung insbesondere in Bezug auf die Bewertung von Finanzinstrumenten in der gebotenen Kürze dargestellt. Im zweiten Abschnitt wird diskutiert, inwiefern die Bewertungs- und/oder die Koordinationsfunktion der Rechnungslegung mit dem Verlauf der Finanzkrise in Verbindung gebracht werden können. Der dritte Abschnitt dient der kritischen Diskussion der aktuellen regulatorischen Reformbestrebungen vor dem Hintergrund des aufgespannten theoretischen Rahmens. Der letzte Abschnitt fasst die Ergebnisse der Analyse zusammen und wagt einen regulatorisch-normativen Ausblick.

Suggested Citation

  • Joachim Gassen, 2009. "Finanzkrise: die Rolle der Rechnungslegung," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 78(1), pages 83-95.
    • Handle: RePEc:diw:diwvjh:78-1-7
    DOI: 10.3790/vjh.78.1.83
    as

    Download full text from publisher

    File URL: https://doi.org/10.3790/vjh.78.1.83
    Download Restriction: no
    File URL: https://libkey.io/10.3790/vjh.78.1.83?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Allen, Franklin & Carletti, Elena, 2008. "Mark-to-market accounting and liquidity pricing," Journal of Accounting and Economics, Elsevier, vol. 45(2-3), pages 358-378, August.
    2. Guillaume Plantin & Haresh Sapra & Hyun Song Shin, 2008. "Marking‐to‐Market: Panacea or Pandora's Box?," Journal of Accounting Research, Wiley Blackwell, vol. 46(2), pages 435-460, May.
    3. Gassen, Joachim, 2008. "Are stewardship and valuation usefulness compatible or alternative objectives of financial accounting?," SFB 649 Discussion Papers 2008-028, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    4. Gjesdal, F, 1981. "Accounting For Stewardship," Journal of Accounting Research, Wiley Blackwell, vol. 19(1), pages 208-231.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Laux, Christian & Leuz, Christian, 2009. "The crisis of fair-value accounting: Making sense of the recent debate," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 826-834, August.
    2. Beyer, Anne & Cohen, Daniel A. & Lys, Thomas Z. & Walther, Beverly R., 2010. "The financial reporting environment: Review of the recent literature," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 296-343, December.
    3. Boon, L.N. & Brière, M. & Rigot, S., 2018. "Regulation and pension fund risk-taking," Journal of International Money and Finance, Elsevier, vol. 84(C), pages 23-41.
    4. Alex Dontoh & Fayez A. Elayan & Joshua Ronen & Tavy Ronen, 2021. "Unfair “Fair Value” in Illiquid Markets: Information Spillover Effects in Times of Crisis," Management Science, INFORMS, vol. 67(8), pages 5163-5193, August.
    5. Jincheol Bae & Jaehong Lee & Eunsoo Kim, 2019. "Does Fixed Asset Revaluation Build Trust between Management and Investors?," Sustainability, MDPI, vol. 11(13), pages 1-22, July.
    6. Bertomeu, Jeremy & Magee, Robert P., 2011. "From low-quality reporting to financial crises: Politics of disclosure regulation along the economic cycle," Journal of Accounting and Economics, Elsevier, vol. 52(2), pages 209-227.
    7. Mahieux, Lucas, 2024. "Fair value accounting, illiquid assets, and financial stability," Other publications TiSEM 5dd826be-1379-4456-a9c2-e, Tilburg University, School of Economics and Management.
    8. Gaëtan Le Quang, 2018. ""Taking Diversity into Account": Real Effects of Accounting Measurement on Asset Allocation," Working Papers hal-04141805, HAL.
    9. M. Imtiaz Mazumder & Nazneen Ahmad, 2010. "Greed, financial innovation or laxity of regulation?," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 27(2), pages 110-134, June.
    10. Igor Goncharov & Sander Triest, 2014. "Unintended Consequences of Changing Accounting Standards: The Case of Fair Value Accounting and Mandatory Dividends," Abacus, Accounting Foundation, University of Sydney, vol. 50(3), pages 341-367, September.
    11. Kirsten Schmidt & Felix Noth & Lena Tonzer, 2022. "A Note of Caution on Quantifying Banks' Recapitalization Effects," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(4), pages 1123-1133, June.
    12. Philip Bond & Yaron Leitner, 2010. "Market run-ups, market freezes, and leverage," Working Papers 10-36, Federal Reserve Bank of Philadelphia.
    13. Levy, Hagit & Shalev, Ron, 2017. "Bond repurchase objectives and the repurchase method choice," Journal of Accounting and Economics, Elsevier, vol. 63(2), pages 385-403.
    14. Philip Bond & Yaron Leitner, 2009. "Why do markets freeze?," Working Papers 09-24, Federal Reserve Bank of Philadelphia.
    15. Bernhard Pellens & Stefan Jannett & André Schmidt, 2009. "Bilanzierungsstandards im Kontext der Finanzmarktkrise," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 10(4), pages 413-435, November.
    16. Paul Glasserman & Peyton Young, 2015. "Contagion in Financial Networks," Economics Series Working Papers 764, University of Oxford, Department of Economics.
    17. Bond, Philip & Leitner, Yaron, 2015. "Market run-ups, market freezes, inventories, and leverage," Journal of Financial Economics, Elsevier, vol. 115(1), pages 155-167.
    18. Johannes Becker & Melanie Steinhoff, 2013. "Conservative accounting yields excessive risk-taking; a note," Working Papers 1304, Oxford University Centre for Business Taxation.
    19. George Drymiotes & Thomas Hemmer, 2013. "On the Stewardship and Valuation Implications of Accrual Accounting Systems," Journal of Accounting Research, Wiley Blackwell, vol. 51(2), pages 281-334, May.
    20. Matt Pinnuck, 2012. "A Review of the Role of Financial Reporting in the Global Financial Crisis," Australian Accounting Review, CPA Australia, vol. 22(1), pages 1-14, March.

    More about this item

    Keywords

    Financial accounting; fair value; fi nancial crisis; regulation;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:diw:diwvjh:78-1-7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Bibliothek (email available below). General contact details of provider: https://edirc.repec.org/data/diwbede.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.