经济理论与经济管理
經濟理論與經濟管理
경제이론여경제관리
Economic Theory and Business Management
2009年
6期
5~10
,共null页
主权财富基金 世界经济失衡 外汇储备 经常账户盈余
主權財富基金 世界經濟失衡 外彙儲備 經常賬戶盈餘
주권재부기금 세계경제실형 외회저비 경상장호영여
sovereign wealth funds; global economic imbalance; foreign exchange reserves; current account surplus
主权财富基金与世界经济失衡之间存在复杂的互动关系，世界经济失衡的加剧为主权财富基金提供了巨额的剩余外汇储备，因此主权财富基金的兴起是世界经济失衡的产物。稳定型主权财富基金将新兴经济体大量的剩余外汇储备主要以购买国债的形式流回了美国，对增强世界经济失衡的持续性发挥了重要作用；“高收益、高风险”的战略型主权财富基金将使得那些原本流入美国国债市场的外汇储备转向日本、欧洲、新兴国家等风险资产市场，从多种途径对世界经济失衡的调整做出贡献。
主權財富基金與世界經濟失衡之間存在複雜的互動關繫，世界經濟失衡的加劇為主權財富基金提供瞭巨額的剩餘外彙儲備，因此主權財富基金的興起是世界經濟失衡的產物。穩定型主權財富基金將新興經濟體大量的剩餘外彙儲備主要以購買國債的形式流迴瞭美國，對增彊世界經濟失衡的持續性髮揮瞭重要作用；“高收益、高風險”的戰略型主權財富基金將使得那些原本流入美國國債市場的外彙儲備轉嚮日本、歐洲、新興國傢等風險資產市場，從多種途徑對世界經濟失衡的調整做齣貢獻。
주권재부기금여세계경제실형지간존재복잡적호동관계，세계경제실형적가극위주권재부기금제공료거액적잉여외회저비，인차주권재부기금적흥기시세계경제실형적산물。은정형주권재부기금장신흥경제체대량적잉여외회저비주요이구매국채적형식류회료미국，대증강세계경제실형적지속성발휘료중요작용；“고수익、고풍험”적전략형주권재부기금장사득나사원본류입미국국채시장적외회저비전향일본、구주、신흥국가등풍험자산시장，종다충도경대세계경제실형적조정주출공헌。
There are complex interaction between Sovereign wealth funds and global economic imbalances. The depravation of global economic imbalance provides substantive foreign exchange reserves for SWFs＇ development, so the emergence of SWFs is the production of global economic imbalance. Stabilization-oriented SWFs regurgitate a mass of foreign exchange reserves to US financial market by buying US treasure bonds, so they play an important role in extending the durative of global economic imbalance. Contrarily, strategy-oriented SWFs invest foreign exchange reserves to the risky capital markets in Japan, Europe and emerging markets, which will contribute to the adjustment of global economic imbalance through several ways.
