Commodity Based Sovereign Wealth Funds

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Commodity-based Sovereign Wealth Funds

Abdullah Al-Hassan,Sue Brake,Mr.Michael G. Papaioannou,Martin Skancke
Commodity based Sovereign Wealth Funds Book PDF

Author : Abdullah Al-Hassan,Sue Brake,Mr.Michael G. Papaioannou,Martin Skancke
Publisher : International Monetary Fund
Page : 35 pages
File Size : 55,5 Mb
Release : 2018-02-09
Category : Business & Economics
ISBN : 9781484340967

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Commodity-based Sovereign Wealth Funds by Abdullah Al-Hassan,Sue Brake,Mr.Michael G. Papaioannou,Martin Skancke Pdf

Commodity-based sovereign wealth funds (SWFs) have been at a crossroads following the recent fall in commodity prices. This paper provides a framework for commodity-based SWF management, focusing on stabilization and savings funds, by (i) examining macrofiscal linkages for SWFs; (ii) presenting an integrated sovereign asset and liability management (SALM) approach to SWF management; and (iii) applying this framework to a scenario where assets are being accumulated and to a scenario where the SWF is drawn on to cover a financing gap due to lower commodity prices.

Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds

Aaron Howard Clifford Brown,Mr.Michael G Papaioannou,Iva Petrova
Macrofinancial Linkages of the Strategic Asset Allocation of Commodity Based Sovereign Wealth Funds Book PDF

Author : Aaron Howard Clifford Brown,Mr.Michael G Papaioannou,Iva Petrova
Publisher : International Monetary Fund
Page : 33 pages
File Size : 52,6 Mb
Release : 2010-01-01
Category : Business & Economics
ISBN : 9781451961904

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Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds by Aaron Howard Clifford Brown,Mr.Michael G Papaioannou,Iva Petrova Pdf

This paper analyses the links between the investment strategies of a commodity-based SWF and the macroeconomic framework of the owner country. We examine some basic macrofinancial linkages of an SWF's strategic asset allocation (SAA) strategies with regard to the government budget, monetary policy, and exchange rate movements. Based on a simple Markowitz-model framework, which integrates the specific objectives and constraints facing an SWF and the country's specific characteristics and macroeconomic vulnerabilities (especially in relation to commodity prices and prospective defined liabilities), we derive an SAA. The asset-liability methodology that is applied in the selection of an SWF SAA also allows assessing whether (i) the SAA adequately takes into account the country-specific risks and vulnerabilities, and (ii) its objectives and macrofinancial constraints are consistent. Some analytical and practical issues in determining an SAA model are also discussed, along with key effects of a financial crisis.

The New Economics of Sovereign Wealth Funds

Massimiliano Castelli,Fabio Scacciavillani
The New Economics of Sovereign Wealth Funds Book PDF

Author : Massimiliano Castelli,Fabio Scacciavillani
Publisher : John Wiley & Sons
Page : 245 pages
File Size : 42,5 Mb
Release : 2012-09-14
Category : Business & Economics
ISBN : 9781119973454

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The New Economics of Sovereign Wealth Funds by Massimiliano Castelli,Fabio Scacciavillani Pdf

A complete guide to sovereign wealth funds written by and for industry practitioners Sovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater. These funds will only grow more important over the coming years. In this book, expert authors who work in the industry present a comprehensive look at SWFs from the perspective of western investors.

Sovereign Wealth Funds

Christopher Balding
Sovereign Wealth Funds Book PDF

Author : Christopher Balding
Publisher : Oxford University Press
Page : 128 pages
File Size : 54,8 Mb
Release : 2012-02-08
Category : Business & Economics
ISBN : 9780199942770

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Sovereign Wealth Funds by Christopher Balding Pdf

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.

Economics of Sovereign Wealth Funds

Mr.Udaibir S. Das,Mr.Adnan Mazarei,Han van der Hoorn
Economics of Sovereign Wealth Funds Book PDF

Author : Mr.Udaibir S. Das,Mr.Adnan Mazarei,Han van der Hoorn
Publisher : International Monetary Fund
Page : 330 pages
File Size : 41,7 Mb
Release : 2010-12-09
Category : Business & Economics
ISBN : 9781589069275

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Economics of Sovereign Wealth Funds by Mr.Udaibir S. Das,Mr.Adnan Mazarei,Han van der Hoorn Pdf

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.

Sovereign Wealth Funds and Long-term Investing

Patrick Bolton,Frederic Samama,Joseph E. Stiglitz
Sovereign Wealth Funds and Long term Investing Book PDF

Author : Patrick Bolton,Frederic Samama,Joseph E. Stiglitz
Publisher : Columbia University Press
Page : 254 pages
File Size : 52,9 Mb
Release : 2012
Category : Business & Economics
ISBN : 9780231158633

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Sovereign Wealth Funds and Long-term Investing by Patrick Bolton,Frederic Samama,Joseph E. Stiglitz Pdf

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.

Sovereign Wealth Funds

Cynthia A. Glassman
Sovereign Wealth Funds Book PDF

Author : Cynthia A. Glassman
Publisher : DIANE Publishing
Page : 59 pages
File Size : 50,6 Mb
Release : 2009-12
Category : Business & Economics
ISBN : 9781437911299

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Sovereign Wealth Funds by Cynthia A. Glassman Pdf

Sovereign wealth funds (SWF) are government-controlled funds that seek to invest in other countries. With new funds being created and many growing rapidly, some see these funds providing valuable capital to world markets, but others are concerned that the funds are not transparent and could be used to further national goals and potentially harm the countries where they invest. This report analyzed: (1) the availability of publicly reported data from SWFs and others on their sizes and holdings internationally; and (2) the availability of publicly reported data from the U.S. gov¿t. and other sources on SWFs' U.S. investments. ¿Provides timely and useful contributions to the SWF debate.¿ Charts and tables.

A Practical Guide to Sovereign Wealth Funds

Adnan Hassan
A Practical Guide to Sovereign Wealth Funds Book PDF

Author : Adnan Hassan
Publisher : Euromoney Publications
Page : 212 pages
File Size : 53,9 Mb
Release : 2009
Category : Business & Economics
ISBN : IND:30000110629957

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A Practical Guide to Sovereign Wealth Funds by Adnan Hassan Pdf

This much-needed practical guide covers everything you need to further your understanding of sovereign wealth funds (SWFs) - the state-owned investment funds.

The Oxford Handbook of Sovereign Wealth Funds

Douglas J. Cumming,Geoffrey Wood,Igor Filatotchev,Juliane Reinecke
The Oxford Handbook of Sovereign Wealth Funds Book PDF

Author : Douglas J. Cumming,Geoffrey Wood,Igor Filatotchev,Juliane Reinecke
Publisher : Oxford University Press
Page : 568 pages
File Size : 44,8 Mb
Release : 2017-10-26
Category : Business & Economics
ISBN : 9780191070822

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The Oxford Handbook of Sovereign Wealth Funds by Douglas J. Cumming,Geoffrey Wood,Igor Filatotchev,Juliane Reinecke Pdf

Sovereign Wealth Funds (SWFs) represent both an increasingly important - and potentially dominant - category of alternative investor, and a novel form for governments to project their interests both home and abroad. As such, they represent both economic actors and embody power vested in the financial and diplomatic resources they can leverage. Although at times they have acted in concert with other alternative investors, their intergenerational savings function should, in theory at least, promote more long-termist thinking. However, they may be impelled in towards greater short termism, in response to popular pressures, demands from predatory elites and/or unforeseen external shocks. Of all the categories of alternative investment, SWFs perhaps embody the most contradictory pressures, making for diverse and complex outcomes. The aim of this volume is to consolidate the present state of the art, and advance the field through new applied, conceptual and theoretical insights. The volume is ordered into chapters that explore thematic issues and country studies, incorporating novel insights in on the most recent developments in the SWF ecosystem. This handbook is organized into four sections and 23 chapters. The four sections are: Governance of SWFs, Political and Legal Aspects of SWFs, Investment Choices and Structures of SWFs, Country and Regional Analyses of SWFs.

Sovereign Wealth Funds in Resource Economies

Khalid Alsweilem,Malan Rietveld
Sovereign Wealth Funds in Resource Economies Book PDF

Author : Khalid Alsweilem,Malan Rietveld
Publisher : Columbia University Press
Page : 191 pages
File Size : 55,5 Mb
Release : 2017-10-17
Category : Business & Economics
ISBN : 9780231544993

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Sovereign Wealth Funds in Resource Economies by Khalid Alsweilem,Malan Rietveld Pdf

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.

Political Players?

Tomasz Kamiński
Political Players Book PDF

Author : Tomasz Kamiński
Publisher : Unknown
Page : 157 pages
File Size : 41,5 Mb
Release : 2017
Category : Europe, Central
ISBN : 8380883314

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Political Players? by Tomasz Kamiński Pdf

Sovereign wealth funds (SWFs) are state-owned investment funds composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. SWFs invest globally and most of them are funded by foreign exchange assets. They may have their origin in commodities (created through commodity exports, either taxed or owned by the government) or assets transferred from official foreign exchange reserves. SWFs have been present in the financial world since 1953, when the first of them, the Kuwait Investment Board, was set up. Nevertheless their rapid development and growth of prominence is a rather new phenomena. Their growing position in the world, in terms of asset value as well as number of funds, has been observed in the world since 2005. --

Sovereign Wealth Funds

Thomas N. Carson,William P. Litmann
Sovereign Wealth Funds Book PDF

Author : Thomas N. Carson,William P. Litmann
Publisher : Unknown
Page : 0 pages
File Size : 55,7 Mb
Release : 2009
Category : Investments, Foreign
ISBN : 1606923196

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Sovereign Wealth Funds by Thomas N. Carson,William P. Litmann Pdf

Sovereign wealth funds (SWFs) are investment funds owned and managed by national governments. Such funds currently manage between $1.9 and $2.9 trillion and are expected to grow to over $12 trillion by 2015. This is due to the rapid growth of commodity prices and large trade surpluses in several emerging market economies. During the second half of 2007, interest in SWFs increased as Asian and Middle Eastern SWFs, fueled by surging foreign exchange reserves, invested large sums of capital in U.S. and other Western companies. Policy makers in the United States have raised two broad policy concerns about SWFs: (1) their lack of transparency and (2) their possible misuse for political or other non-commercial goals. Hearings have been held by several congressional committees including the House Financial Services Committee and the Senate Foreign Relations and Senate Banking Committees. Additional congressional hearings are expected in 2008. SWFs pose a complex challenge for policy makers. On one hand, SWFs are long-term investment vehicles looking beyond quarterly results and therefore serve as stable funding sources during financial turbulence. On the other hand, however, there are operational concerns stemming from government control (i.e., lack of transparency and possible non-commercial investment goals). Without transparency, it is difficult to attain a clear picture of SWF investment activity. A lack of SWF transparency can also obscure governance and risk-management problems within SWFs. Many are also concerned that countries will use SWFs to support what one analyst has called "state capitalism," using government-controlled assets to secure stakes around the world in strategic areas such as telecommunications, energy and mineral resources, and financial services, among other sectors. In response to these concerns, many analysts and policy makers are evaluating the operations of existing SWFs and are looking to the international financial institutions such as the International Monetary Fund, World Bank, and the Organization for Economic Cooperation and Development to establish guidelines for SWF operations. All of these institutions are currently developing proposals that will be deliberated during 2008.

The Rise of the State

Yiannis G. Mostrous,David F. Dittman,Elliott H. Gue
The Rise of the State Book PDF

Author : Yiannis G. Mostrous,David F. Dittman,Elliott H. Gue
Publisher : Financial Times/Prentice Hall
Page : 0 pages
File Size : 54,6 Mb
Release : 2011
Category : Capital movements
ISBN : 0137153872

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The Rise of the State by Yiannis G. Mostrous,David F. Dittman,Elliott H. Gue Pdf

The New Commodity Trading Guide; Breakthrough Strategies for Capturing Market Profits.

The Political Economy of the Gulf Sovereign Wealth Funds

Sara Bazoobandi
The Political Economy of the Gulf Sovereign Wealth Funds Book PDF

Author : Sara Bazoobandi
Publisher : Routledge
Page : 210 pages
File Size : 48,8 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780415522229

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The Political Economy of the Gulf Sovereign Wealth Funds by Sara Bazoobandi Pdf

Using four Gulf sovereign wealth funds as case studies - Iran, Kuwait, Saudi Arabia and the UAE - this book examines and analyses the history, governance and structure, and investment strategies of the above mentioned funds, in the context of on-going debates about their transparency. The book discusses how most Gulf sovereign wealth funds were established under colonial rule, and have operated in the global financial system for many decades. With the increase of oil revenues, it goes on to look at how the funds have broadened their asset classes and their institutional development. Debate over the transparency of sovereign wealth funds has highlighted various global practices. Recently, organisational measures have been introduced for calculating possible risks from non-commercial investment incentives of funds, whose politically-driven investment strategies are viewed as potentially a major threat to the national security of their host countries. Highlighting a number of incidents that triggered the transparency debate, the book scrutinises the reaction of some of the Gulf sovereign wealth funds to these recent regulatory codes and strategies. It is a useful contribution to Development, Political Economy and Middle East Studies.

Development in Turbulent Times

Paul Dobrescu
Development in Turbulent Times Book PDF

Author : Paul Dobrescu
Publisher : Springer
Page : 199 pages
File Size : 45,7 Mb
Release : 2019-03-20
Category : Business & Economics
ISBN : 9783030113612

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Development in Turbulent Times by Paul Dobrescu Pdf

This open access book explores the most recent trends in the EU in terms of development, progress, and performance. Ten years after the 2008 economic crisis, and amidst a digital revolution that is intensifying the development race, the European Union, and especially Central and Eastern Europe, are ardently searching for their development priorities. Against this background, by relying on a cross-national perspective, the authors reflect upon the developmental challenges of the moment, such as sustainable development, reducing inequality, ensuring social cohesion, and driving the digital revolution. They particularly focus on the relation between the less-developed Eastern part of the EU and its more developed Western counterpart, and discuss the consequences of this development gap in detail. Lastly, the book presents a range of case studies from different areas of governance, such as economy and commerce, health services, education, migration and public opinion in order to investigate the trends most likely to impact the European Union's medium and long-term development.