外文翻译--将金融危机归咎于公允价值会计是否公平？.docVIP

本科毕业论文（设计） 外 文 翻 译 外文出处 Harvard Business Review 外文作者 Robert C.Pozen 原文： Is It Fair to Blame Fair Value Accounting for the Financial Crisis? WHAT WAS THE PRIMARY CAUSE of the current financial crisis? Subprime mortgages, credit default swaps,or excessive debt? None of those, says Steve Forbes, chairman of Forbes Media and sometime political candidate.In his view, mark-to-market accounting was “the principal reason” that the U.S. financial system melted down in 2008. Do accounting rules actually pack such a wallop? For readers not schooled in financial jargon, marking to market is the practice of revaluing an asset quarterly according to the price it would fetch if sold on the openmarket,regardless of what was actually paid for it. Because the practice allows for no outdated or wishful-thinking valuations,it is a key component of what is known as fair value accounting. And it is at the center of the hottest accounting debate in decades. Many bankers pilloried fair value accounting when the sudden seize-up of credit markets in the fall of 2008 drove the clearing prices for key assets held by their institutions to unprecedented lows. Economist Brian Wesbury represented the views of that group when he declared, “Mark-to market accounting rules have turned a large problem into a humongous one. A vast majority of mortgages, corporate bonds, and structured debts are still performing. But because the market is frozen, the prices of these assets have fallen below their true value.” Wesbury and Forbes argue that marking to market pushed many banks toward insolvency and forced them to unload assets at fi resale prices, which then caused values to fall even further. Persuaded by such arguments, some politicians in the United States and Europe have called for the suspension of fair value accounting in favor of historical cost accounting, in which assets are generally valued at original cost or purchase price. Yet m