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Economics Of Sovereign Wealth Funds

Author: Mr. Udaibir S. Das
Publisher: International Monetary Fund
ISBN: 1452787050
Size: 33.69 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.

Research Handbook On Sovereign Wealth Funds And International Investment Law

Author: Fabio Bassan
Publisher: Edward Elgar Publishing
ISBN: 1781955204
Size: 38.80 MB
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Research on the role of sovereign investments in a time of crisis is still unsatisfactory. This Research Handbook illustrates the state of the art of the legal investigation on sovereign investments, filling necessary gaps in previous research. Current

Sovereign Wealth Funds

Author: Gordon L. Clark
Publisher: Princeton University Press
ISBN: 140084651X
Size: 29.93 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: 65.79 MB
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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

Sovereign Wealth Funds

Author: Christopher Balding
Publisher: Oxford University Press, USA
ISBN: 0199752117
Size: 19.83 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 And Long Term Investing

Author: Patrick Bolton
Publisher: Columbia University Press
ISBN: 0231530285
Size: 52.89 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 explores the specificities of SWFs in greater detail and discusses the implications of their growing presence for the world economy. Based on debates held at a major conference on SWFs held at Columbia University in October 2010, 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 investors? How can they maximize their social and environmental impact, while also maximizing profits? And what role can SWFs play in fostering sustainable development and greater global financial stability?

Sovereign Investment

Author: Karl P. Sauvant
Publisher: Oxford University Press
ISBN: 0199937923
Size: 77.81 MB
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Sovereign Investment: Concerns and Policy Reactions provides the first major holistic examination and interdisciplinary analysis of sovereign wealth funds. In it, leading authorities from the IMF, academic institutions, law firms, multi-national corporations, and think tanks analyze how sovereign wealth funds have helped to limit the effects of the current global economic crisis, and what rules can govern their operation in the future.

Company Law And Economic Protectionism

Author: Ulf Bernitz
Publisher: Oxford University Press
ISBN: 0199591458
Size: 34.68 MB
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A collection of essays examining the conflict between EU law and company law, covering a broad range of topics including takeovers, mergers and restructuring, sovereign wealth funds, and proportionality of ownership and control.

Sovereign Wealth Funds

Author: Edwin Truman
Publisher: Peterson Institute
ISBN: 0881325759
Size: 58.77 MB
Format: PDF, Kindle
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Sovereign wealth funds (SWFs)--special-purpose investment funds or arrangements owned by the general governmen--are not a new phenomenon in international finance. But recently, they have become a reoccurring headline, due in part to their influence on corporate governance practices. These funds also have a large impact on international markets. This timely book first traces the origins of SWFs and the buildup of international reserves. It then describes the potential political and economic power issues raised by these large holdings of cross-border assets for three entities: the countries that own them, host countries, and the international financial system. Truman presents an updated "scoreboard" of these funds, and assesss them based on structure, governance, transparency and accountability, and behavioral rules. Finally, he discusses the role of SWFs in the context of the global economic and financial crisis and its aftermath.