«Тухлая» банковская система

Мюнхен – После кризиса задолженности 1982 г., кризиса сбережений и займов в США в конце 1980-х гг. и финансового кризиса в Азии в 1997 г. кризис системы субстандартного ипотечного кредитования стал четвёртым крупным банковским кризисом после второй мировой войны, и, несомненно, крупнейшим из всех. Согласно данным МВФ, общий убыток списанных с балансов кредитов составит практически 1 триллион долларов США во всём мире, из которых львиная доля, скорее всего, ляжет на финансовые институты США. Учитывая, что совокупный собственный капитал всех финансовых институтов США равен примерно 1,2 триллиона долларов, данная сумма поражает.

Отчего случился этот банковский кризис? Неужели банковские управляющие настолько некомпетентны? Зачем они берут на себя риски, ставящие их банки на грань банкротства? Ответ заключается в сочетании плохой системы бухгалтерского учёта и различных последствий нравственной опасности, сопряжённой с риском, которые не были учтены существующими системами регулирования.

Плохая система бухгалтерского учёта – это Международный стандарт финансовой отчётности (МСФО), использующийся в настоящее время крупными компаниями во всём мире. Недостаток МСФО заключается в том, что он неспособен смягчить систематические отрицательные воздействия движения цен активов. При движении цен активов, фирмы, владеющие ими, вынуждены от квартала к кварталу производить их переоценку в своих балансах. Предоставление своевременной отчётности о нереализованном приросте капитальной стоимости и понесённых убытках делает цены акций компаний неустойчивыми, посылая взрывные волны через всю финансовую систему.

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