Publication Year: within 25 Years / Topic: Sovereign Wealth Funds

Author:: Dani Rodrik
Publication Date:: 10-2011
Content Type:: Working Paper
Institution:: Weatherhead Center for International Affairs, Harvard University
Abstract:: Novelists have a better track record than economists at foretelling the future. Consider then Gary Shteyngart's timely comic novel “Super Sad True Love Story” (Random House, 2010), which provides a rather graphic vision of what lies in store for the world economy. The novel takes place in the near future and is set against the backdrop of a United States that lies in economic and political ruin. The country's bankrupt economy is ruled with a firm hand by the IMF from its new Parthenon-shaped headquarters in Singapore. China and sovereign wealth funds have parceled America's most desirable real estate among themselves. Poor people are designated as LNWI (“low net worth individual s”) and are being pushed into ghettoes. Even skilled Americans are desperate to acquire residency status in foreign lands. (A degree in econometrics helps a lot, as it turns out). Ivy League colleges have adopted the names of their Asian partners and yuan-backed dollars are the only safe currency.
Topic:: Debt, Economics, Emerging Markets, Sovereign Wealth Funds, and Financial Crisis
Political Geography:: United States, China, America, and Singapore

Author:: Sven Behrendt
Publication Date:: 05-2010
Content Type:: Working Paper
Institution:: Carnegie Endowment for International Peace
Abstract:: Sovereign wealth funds (SWFs) have become dominant players in global finance and world affairs, controlling considerable financial assets. Their investment behavior continues to resonate across the world economy and their increasingly extroverted investment policy prompted a political backlash in mature economies. Reacting to this backlash, in October 2008 a group of 26 SWFs commit-ted themselves to transparency, good governance, and accountability standards by signing a voluntary code of principles, the “Generally Accepted Principles and Practices,” for SWFs (GAAP), also known as the “Santiago Principles.”
Topic:: International Relations, Economics, Treaties and Agreements, and Sovereign Wealth Funds

Author:: Charles Kovacs
Publication Date:: 10-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: The first sovereign wealth fund (SWF) was established by Kuwait in 1953, and was followed by many others from 1973-4, after the first oil crisis. Since then, each major jump in oil and gas prices increased the number and size of SWFs; after 2000, countries with large trade surpluses also began to establish SWFs. By April 2009, SWFs had grown to $3-5 trillion of assets under management, invested mostly in high quality bonds. Equity investments have been a much smaller part of their portfolio and began to grow only in the 1990s. This trend has since accelerated with at least 698 documented equity investments between June 2005 and March 2009.
Topic:: Security, Economics, International Trade and Finance, and Sovereign Wealth Funds
Political Geography:: Kuwait

Author:: Veljko Fotak and William Megginson
Publication Date:: 07-2009
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Until the end of 2007, western media, governments and regulators often seemed more concerned about protecting domestic firms from investments by sovereign wealth funds (SWFs) than about attracting capital inflows. Politicians in many countries called for the regulation of sovereign foreign investments at that time, when SWF investments were growing rapidly. In fact, during 2006 and 2007, countries that introduced at least one regulatory change (many of them related to such investments) making the investment climate less welcoming for multinational enterprises accounted for 40% of all FDI inflows.
Topic:: Economics, International Trade and Finance, Foreign Direct Investment, and Sovereign Wealth Funds

Author:: Christopher D. Carroll and Olivier Jeanne
Publication Date:: 10-2009
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics (PIIE)
Abstract:: We model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive, deriving a convenient formula for the economy's target value of assets. The target is the level of assets that balances impatience, prudence, risk, intertemporal substitution, and the rate of return. We use the model to shed light on two topical questions: The “upstream” flows of capital from developing countries to advanced countries, and the long-run impact of resorbing global financial imbalances.
Topic:: Economics, International Trade and Finance, and Sovereign Wealth Funds

Author:: Menachem Katz and Cijeyu Ojong
Publication Date:: 11-2009
Content Type:: Working Paper
Institution:: Centre for the Study of the Economies of Africa (CSEA)
Abstract:: This paper explores the issues relating to the establishment of a Sovereign Wealth Fund (SWF) in Nigeria consistent with best practices. Experience with established SWFs suggests that successful oil- based funds tend to be underpinned by a sound oil revenue management framework. The paper thus discusses the underlying issues of oil revenue management, the policy choices and SWF implementation issues.
Topic:: Economics, Oil, Sovereign Wealth Funds, and Revenue Management
Political Geography:: Africa and Nigeria

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