关键词: 主权财富基金, 世界经济失衡, 外汇储备, 经常账户盈余

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.

Key words: sovereign wealth funds, global economic imbalance, foreign exchange reserves, current account surplus