This paper presents results from a finite element study of the biomechanics of hydrocephalus, with special emphasis on a reassessment of the parenchyma elastic modulus. A two-dimensional finite element model of the human brain/ventricular system is developed and analysed under hydrocephalic loading conditions. It is shown that the Young's modulus of the brain parenchyma used in previous studies (3000-10000 Pa) corresponds to strain rates much higher than those present in hydrocephalic brains. Consideration of the brain's viscoelasticity leads to the derivation of a considerably lower modulus value of approximately 584 Pa.