The unstable core of global finance: contingent valuation and governance of international accounting standards
Accounting standards are the foundations of the financial regulatory edifice. Yet up to this day, no international accounting rule for financial instruments – the bulk of banks' balance sheets – has emerged that was more than a temporary fix.
We show how the contingency of financial valuations itself has made it impossible for regulators to embrace or reject a stable set of accounting rules.
Publication details
D.K. Mügge & B.J.P. Stellinga (2014). The unstable core of global finance: contingent valuation and governance of international accounting standards. Regulation & Governance, 1. doi: 10.1111/rego.12052