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Sovereign Wealth Funds

Author: Gordon L. Clark
Publisher: Princeton University Press
ISBN: 140084651X
Size: 66.11 MB
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The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. Sovereign Wealth Funds maps the global footprints of these financial institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies--from the China Investment Corporation to the funds of several Gulf states--the authors show that the forces propelling the adoption and development of sovereign wealth funds vary by country. The authors also show that many of these investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets. The authors suggest that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about investment management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the authors demonstrate that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations. Sovereign Wealth Funds considers how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.

The New Economics Of Sovereign Wealth Funds

Author: Massimiliano Castelli
Publisher: John Wiley & Sons
ISBN: 1119971926
Size: 14.36 MB
Format: PDF
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“Ever since coining the term ‘sovereign wealth funds,’ I have watched with mixed feelings the debate unfolding around them. On the one hand, the growth in size and influence of these funds has been nothing short of spectacular, with tremendously beneficial stabilising effects for the global economy and financial markets. On the other hand, heightened public scrutiny and suspicion in many recipient countries, often inspired by nothing more than deep-seated prejudice and economic nationalism, have not been helpful. There have been precious few books written on the subject and none by financial industry practitioners – until now. Castelli and Scacciavillani have taken on the challenge and made an important contribution with this book.”—Andrew Rozanov, Head of Sovereign Advisory, Permal Group & originator of the term ‘Sovereign Wealth Funds’ “A seminal work filled with interesting analyses and pinpoint arguments. I believe this book will exhilarate fund managers and academics who want to get an insight into the Sovereign Wealth Funds dynamics. We are encountering the finest Sovereign Wealth Funds book of the decade.”—Young-Kwon Cho, PhD, Publisher, The Financial News “Sovereign Wealth Funds have evolved into a major influence in global financial markets and their sophistication and professionalism has grown rapidly. This publication sets out very clearly how sovereign wealth funds work and explains their important role not just in traditional fixed income and equity markets but also in alternative asset classes such as infrastructure projects , real estate and private equity.”—Robert Parker, Senior Adviser , Credit Suisse “Castelli and Scacciavillani have razed the conventional and parochial understanding of Sovereign Wealth Funds (SWFs) dominant in the twentieth century. In its place, they offer a compelling argument that SWFs are an epiphenomenon of a secular economic re-balancing and a shift toward a multipolar global economy.”—Angelo Calvello, PhD, CEO, Impact Investment Partners and author of Environmental Alpha: Climate Change and Institutional Investors “The Great Financial Crisis has highlighted the growing importance of SWFs as a stabilizing force in capital markets and as international institutional investors. They are moving away from being purely passive portfolio investors to becoming active, direct investors. They are moving away from traditional investments – no longer ‘safe’ and ‘risk free’ – in advanced economies towards emerging markets, supporting the latter’s increasing economic dominance. In the Middle East, which hosts some of the largest SWFs, their investment focus is turning towards domestic economic development objectives. The New Economics of Sovereign Wealth Fundsby Massimiliano Castelli & Fabio Scacciavillani is well-informed, comprehensive, well written by seasoned economists, who provide an excellent overview of the issues and dispel a variety of myths about SWFs. If you are interested in the changing global economic & financial geography and understanding how investment decisions by SWFs will change global capital flows, this book should be your guide.”—Dr Nasser Saidi, Chief Economist – DIFC, Dubai International Financial Centre "This well researched book pours light over usually non-transparent and sometimes mysterious Sovereign Wealth Funds, their investment activities, and their function in an evolving global system."—George Magnus, Senior Economic Adviser, UBS

The Law Of Sovereign Wealth Funds

Author: Fabio Bassan
Publisher: Edward Elgar Publishing
ISBN: 0857932365
Size: 55.43 MB
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Bassan provides a remarkable compendium on the relevant laws, regulations, and standards affecting sovereign wealth funds. These institutions are now at the very centre of the global financial system and demand greater appreciation of their distinctive qualities as well as their likely implications for nation-states and the global economy. Bassan s book is a unique contribution to understanding the governance and regulation of these institutions and will be an important resource book for those who must grapple with the growing power and global scope of these institutions. Gordon L. Clark, University of Oxford, UK and Monash University, Australia This book covers a true vacuum in international legal literature thanks to its multi-facet in-depth analysis of SWFs, a new type of protagonists of transnational investments in the global economy. It analyses critically the various approaches put forth to pinpoint real nature, legal set-up, relevant features in the diverse operating activity of SWF in the perspective of addressing the issue of the most appropriate regulation that would ensure two apparently conflicting goals: the protection of SWF investments and of host states legitimate concerns for vital national political or economic interests and the diverse activities. On this basis, the author reviews the various international hard and soft law regulations proposed and the relevance of existing disciplines including Bilateral Investment Treaties. The full coverage of the issue of sovereign immunity in respect of SWF is a useful completion of the author s analysis. Giorgio Sacerdoti, Bocconi University, Italy This book provides a definition and classification for Sovereign Wealth Funds (SWFs) and discusses its phenomenon within the legal context. It identifies the rules applicable to SWFs and focuses on the bilateral relationships between states. In eight extensive chapters, Fabio Bassan considers whether SWFs may enjoy immunity with respect to host state measures as well as protection in Bilateral Investment Treaties Written from an international law perspective, The Law of Sovereign Wealth Funds will appeal to students of international business, international organizations, banks and governments.

Handbook Of Asian Finance

Author: Greg N. Gregoriou
Publisher:
ISBN: 9780128009826
Size: 44.85 MB
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Asia's miraculous recovery from the 1997 crisis ushered in unexpected transformations to its economies and financial sectors. The reasons many Asian countries are growing above 6%, with double-digit growth for a year or two in-between, are investigated by this extensive research collection. The Handbook of Asian Finance covers the most interesting issues raised by these growth rates. From real estate prices and the effects of trading technologies for practitioners to tax evasion, market manipulation, and corporate governance issues, expert scholars analyze the ways that the region is performing. Offering broader and deeper coverage than other handbooks, the Handbook of Asian Finance explains what is going on in Asia today. Devotes significant attention to the systematic risk created by banks' exposure to links between real estate and other sectors Explores the implications implicit in the expansion of sovereign funds and the growth of the hedge fund and real estate fund management industries Investigates the innovations in technology that have ushered in faster capital flow and larger trading volumes

Sovereign Wealth Funds

Author: Christopher Balding
Publisher: Oxford University Press, USA
ISBN: 0199752117
Size: 70.76 MB
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Sovereign wealth funds are a growing and dynamic force in international finance. The shifting international economic relations from capital rich states gives them new power in influencing the global agenda. Despite controlling trillions of dollars in the biggest companies in the world, little is known about the opaque funds of oil rich and non-democratic governments. This is the first book to compile a history of sovereign wealth funds recounting the Abu Dhabi Investment Authority's involvement with the scandal-plagued BCCI bank and Chinese arms exports to Iran. By constructing a history within the proper context of oil-driven surpluses and large inflationary pressures with no international investment framework, this book explains the development and growth of sovereign wealth funds. The economics of capital surplus countries and investment strategies are examined in order to better understand sovereign wealth fund creation and growth. In a straightforward and accessible style, the author examines the complex and amazing growth of an unknown group of investors controlling trillions of dollars worldwide.

Sovereign Wealth Funds In Resource Economies

Author: Khalid Alsweilem
Publisher: Columbia University Press
ISBN: 0231544995
Size: 35.63 MB
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Sovereign wealth funds (SWFs) have reached a transitional moment. Created as a way to direct excess wealth toward economic development and long-term financial returns, some countries are now seeing a decline in revenue from sources such as oil. Many SWFs are now facing a new challenge—how to spend sustainably without depleting the funds. Sovereign Wealth Funds in Resource Economies explains the fiscal rules and institutional structures that can make SWFs thrive, providing a practical and theoretical guide to their optimal use in resource-revenue management. Khalid Alsweilem and Malan Rietveld put forward an institutional perspective of SWFs as quasi-independent political and economic entities charged with managing national resource wealth, examining both investment and disbursement strategies. They advance a systematic, rule-based approach, suggesting when to accumulate and when to begin countercyclical spending based on concrete case studies. More than a mere financial portfolio, SWFs must be embedded in a credible fiscal and institutional framework if they are to contribute to improved economic performance. Alsweilem and Rietveld consider the variety of relationships that exist between SWFs and their governments, exploring the legal and policy side of the institutional approach. Their rule-based description of SWFs, since it allows tailoring and adjustment and invokes rules of thumb and best practices, is intended to be widely applicable across the diverse spectrum of global SWFs. Bringing together the practitioner perspective and scholarly expertise, this book will be invaluable for global policy makers and scholars working with sovereign wealth funds.

Sovereign Wealth Funds And Long Term Investing

Author: Patrick Bolton
Publisher: Columbia University Press
ISBN: 0231530285
Size: 23.14 MB
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Sovereign wealth funds (SWFs) are state-owned investment funds with combined asset holdings that are fast approaching four trillion dollars. Recently emerging as a major force in global financial markets, SWFs have other distinctive features besides their state-owned status: they are mainly located in developing countries and are intimately tied to energy and commodities exports, and they carry virtually no liabilities and have little redemption risk, which allows them to take a longer-term investment outlook than most other institutional investors. Edited by a Nobel laureate, a respected academic at the Columbia Business School, and a longtime international banker and asset manager, this volume examines the specificities of SWFs in greater detail and discusses the implications of their growing presence for the world economy. Based on essays delivered in 2011 at a major conference on SWFs held at Columbia University, this volume discusses the objectives and performance of SWFs, as well as their benchmarks and governance. What are the opportunities for SWFs as long-term investments? How do they fulfill their socially responsible mission? And what role can SWFs play in fostering sustainable development and greater global financial stability? These are some of the crucial questions addressed in this one-of-a-kind volume.

Economics Of Sovereign Wealth Funds

Author: Mr. Udaibir S. Das
Publisher: International Monetary Fund
ISBN: 1452725497
Size: 71.45 MB
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The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.