主权财富基金、宏观经济政策协调与金融稳定

Sovereign Wealth Funds,Macroeconomic Policy Coordination and Financial Stability

本文首先探讨了主权财富基金与宏观经济政策的协调,提出主权财富基金可成为财政政策一个行之有效的政策工具;主权财富基金的投资应与货币当局进行充分的协调,其投资对稳定汇率有一定作用;主权财富基金有利于提高国家资产负债表的稳定性;主权财富基金的资产配置对于本国以及投资国的国际收支平衡表中的经常账户和资本账户都有重要的影响。其次,本文探讨了主权财富基金对全球金融市场及其稳定性的影响,主要包括主权财富基金的风险偏好对资产价格的影响、对全球资产风险-收益组合的影响、对股票风险溢价的影响以及对金融市场稳定性的影响。本文认为,主权财富基金对世界金融市场可能带来的负面影响是很有限的,它是全球金融市场的重要稳定力量。总体来看,主权财富基金对内有助于实现宏观经济政策的协调,对外有利于全球金融市场的稳定。

This paper firstly discusses the coordination between Sovereign Wealth Funds （SWFs） and macroeconomic policy. The authors believe that SWFs can become an effective tool for fiscal policy; the investments of SWFs should coordinate with the monetary authority and stabilize the exchange rate. SWFs also contribute to the stability of the national balance sheet. The asset allocation of SWFs has significant impacts on the current and capital accounts of beth domestic and international balance sheets. Secondly, This paper discusses the impacts of SWFs on the global financial market and its stability, including those on asset bubbles, equity risk premium and financial market stability. The authors argue that the potential negative impact of SWFs on the global financial market is very limited, and that they are important stabilizing forces in the global financial market. It is believed that SWFs contribute to the coordination of macroeconomic policy from a domestic point of view and to the stability of global financial market from an international point of view.