【摘要】 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。更多还原

【Abstract】 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.更多还原