出版社：Bank of Japan, Institute for Monetary and Economic Studies
摘要：This paper explores the financial stability implications of mark-to-market accounting, in particular its tendency to amplify financial cycles and the "reach for yield." Market prices play a dual role. Not only do they serve as a signal of the underlying fundamentals and the actions taken by market participants, they also serve a certification role and thereby influence these actions. When actions affect prices, and prices affect actions, the loop thus created can generate amplified responses?both in creating bubble-like booms in asset prices, and also in magnifying distress episodes in downturns.
关键词：Marking to market; Accounting regime; Monetary policy; Financial stability
