美国金融霸权下的主权财富基金探析

发布时间：2018-01-02 20:43

本文关键词：美国金融霸权下的主权财富基金探析　出处：《上海社会科学院》2012年硕士论文　论文类型：学位论文

【摘要】：2008年金融危机以来，由于对西方金融机构的大规模注资，主权财富基金成为各方关注的焦点。国内外将主权财富基金作为研究的热点，从经济学、法学的角度研究主权财富基金的文章较多，，从国际政治和国际政治经济学的角度对主权财富基金进行研究的文章还比较少。本文是一篇分析在美国金融霸权的大背景下主权财富基金运作特征及未来发展前景的文章。在分析了美国金融霸权的实现路径之后，我们力图找到主权财富基金的运作是如何受到美国金融霸权的影响的，分析霸权对主权财富基金的态度及其所采取的各种措施，并进-?步描绘出主权财富基金在一系列限制条件下未来的发展前景。文章首先梳理了国内外的相关研究成果，简要介绍了主权财富基金的成因和发展状况；其次，回顾了美国金融霸权确立的历程，并梳理了霸权的二种实现路径，进而探讨了主权财富基金在美国金融霸权的大背景下表现出的一系列运行特征；再者，进一步分析霸权对主权财富基金的主观态度及其所采取的一系列限制措施；最后，简要描绘主权财富基金的未来发展前景。在美国金融霸权下，主权财富基金的运行受到了一定的制约，在这种制约下、.]?:权财富基金表现--系列相应的运行特征：1美元的霸权地位决定了主权财富坫金的巨大规模；2、美元币值的+稳定决记丫主权财富基金的设立目的主要应该是合现管理外汇储备，以实现其保值增位；3、浮动汇率制使得主权财富基金的投资标的从固定收益类资产开始而风险类资产转移；4、开放性金融战略使得丨?:权财富甚金的投资目的地主要为发达经济体；5、霸权的要求和持续推动使得_小:权财富站金的透明度在不断改善；6、为适应霸权的要求主权财富基金一般不追求控制权。霸权动采取了…系列措施防范和限制主权财富基金，包括：1、通过国内立法严丨权财富雄金的投资；2、单独关国家会谈，签订约束协议；3、透过国际组织对主权财富基金进行监管，主要监管依据就是《圣地亚哥原则》，该原则对主权财富猫金的信息披露提出了一系列具体的措施。在霸权的约束卜，主权财富基金的未来前炋:1、美元的霸权地位决定了主权财富站金的未来规模将史加庞大;2、严格的监管将促使主权财富基金的投资向新兴市场国家转移;3、浮动?丨：率制和美元币值的不稳定将促使主权财富基金未来史多地配置风险类资产;4、为顺应霸权的要求，主权财富基金的透明度将得到进步加强，条件允许时，小排除赋予其更多控股权和投票权的可能性。
[Abstract]:Since the financial crisis in 2008, due to the large-scale injection of funds to western financial institutions, sovereign wealth funds have become the focus of attention. There are many articles on sovereign wealth fund from the angle of law, but few from the angle of international politics and international political economy. This paper is an analysis of the operating characteristics and future development prospects of sovereign wealth funds under the background of American financial hegemony. We try to find out how the operation of sovereign wealth funds is influenced by the US financial hegemony, analyze the hegemony's attitude towards sovereign wealth funds and the various measures taken, and go forward. Step describes the future of sovereign wealth funds in a series of constraints. Firstly, the paper reviews the relevant research results at home and abroad, briefly introduces the causes and development of sovereign wealth funds; Secondly, it reviews the course of the establishment of American financial hegemony, combs the two ways of realizing hegemony, and then probes into a series of operating characteristics of sovereign wealth funds under the background of American financial hegemony. Furthermore, it further analyzes the subjective attitude of hegemony towards sovereign wealth funds and its series of restrictive measures. Finally, a brief description of the future of sovereign wealth funds prospects. Under the financial hegemony of the United States, the operation of sovereign wealth funds has been restricted to a certain extent. The performance of the right and wealth funds-the corresponding operating characteristics of the series: the hegemonic status of $1 determines the huge scale of sovereign wealth goblets; 2. The purpose of setting up sovereign wealth funds should be to manage foreign exchange reserves so as to maintain and increase their position; (3) floating exchange rate system makes the investment target of sovereign wealth fund start from fixed income asset and risk asset transfer; 4. Open financial strategy? The main investment destination of power wealth is developed economy; 5, the requirement and continuous push of hegemony make it small: the transparency of power wealth station is improving constantly; 6. Sovereign wealth funds generally do not seek control in order to adapt to hegemonic demands. Hegemonic action has taken a series of measures to guard against and restrict sovereign wealth funds, including: 1, through domestic legislation to strictly regulate the investment of wealth and gold; (2) separate state talks and binding agreements; Thirdly, through international organizations to supervise sovereign wealth funds, the main basis of supervision is the Santiago principle, which puts forward a series of concrete measures to disclose the information of sovereign wealth cat gold. In the constraints of hegemony, sovereign wealth funds before the future of 1, the hegemonic status of the United States dollar determines the future scale of sovereign wealth station will be huge; (2) strict regulation will facilitate the transfer of sovereign wealth fund investment to emerging market countries; Three, floating? :: the volatility of the rate system and the value of the dollar will prompt sovereign wealth funds to allocate riskier assets in the future; 4. In response to hegemonic demands, the transparency of sovereign wealth funds will be improved, with the possibility of granting more control and voting rights to sovereign wealth funds if conditions permit.
【学位授予单位】：上海社会科学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F837.12

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