Sovereign Wealth Funds,Macroeconomic Policy Coordination and Financial Stability
讨论了主权财富基金如何与财政、货币政策协调，并分析其对国内外资产负债表及全球金融市场稳定的影响，认为其负面冲击有限且是重要的稳定力量。
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 both 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.