The Global Financial Crisis and Pro-Cyclical Instability Issues of Financial Institutions: The Post-Crisis Responses
9 Pages Posted: 15 Jan 2010 Last revised: 18 Jan 2010
Date Written: January 14, 2010
Abstract
Key factors identified as contributing to the global financial crisis included the roles of financial accounting policies and credit rating agencies, and the combination of these factors in producing a continuing pro-cyclical destabilising effect on financial institutions. This article examines the progress made so far or the lack of it, in addressing these issues in the post-crisis period.
Keywords: Global financial crisis, Financial Institutions stability, Fair value accounting, Financial reform
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