Sovereign Wealth Funds In Resource Economies

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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 : 44,5 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.

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 : 47,9 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.

Norway’s Sovereign Wealth Fund

Ole Bjørn Røste
Norway s Sovereign Wealth Fund Book PDF

Author : Ole Bjørn Røste
Publisher : Springer Nature
Page : 267 pages
File Size : 53,7 Mb
Release : 2021-07-19
Category : Business & Economics
ISBN : 9783030741075

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Norway’s Sovereign Wealth Fund by Ole Bjørn Røste Pdf

This book elaborates on how Norway has managed to convert a large fraction of its endowment of hydrocarbons below the seabed of Norwegian waters into financial wealth, invested in the world’s capital markets. Further, it explains how this wealth is managed. Under the current guidelines, only the assessed return on investment may be allotted to public budgets. This ensures that the wealth will benefit both current and future generations. The capital is gathered in the Sovereign Wealth Fund – or State Pension Fund Global (SPF-G) –, which is intended to maximize capital value without exceeding acceptable risks. The book offers new insights into the history and management of the fund, examines its successes,and discusses future challenges. Given its scope, it appeals to scholars of economics, finance and political science, and to anyone interested in the sustainable investment of natural resource-based revenues.

Sovereign Wealth Funds

Gordon L. Clark,Adam D. Dixon,Ashby H.B. Monk
Sovereign Wealth Funds Book PDF

Author : Gordon L. Clark,Adam D. Dixon,Ashby H.B. Monk
Publisher : Princeton University Press
Page : 236 pages
File Size : 54,8 Mb
Release : 2013-07-21
Category : Business & Economics
ISBN : 9780691142296

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Sovereign Wealth Funds by Gordon L. Clark,Adam D. Dixon,Ashby H.B. Monk Pdf

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.

Harnessing Sovereign Wealth Funds in Emerging Economies toward Sustainable Development

Mona Mostafa El-Sholkamy,Mohammad Habibur Rahman
Harnessing Sovereign Wealth Funds in Emerging Economies toward Sustainable Development Book PDF

Author : Mona Mostafa El-Sholkamy,Mohammad Habibur Rahman
Publisher : Cambridge University Press
Page : 134 pages
File Size : 50,8 Mb
Release : 2022-08-04
Category : Business & Economics
ISBN : 9781009198196

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Harnessing Sovereign Wealth Funds in Emerging Economies toward Sustainable Development by Mona Mostafa El-Sholkamy,Mohammad Habibur Rahman Pdf

Sovereign Wealth Funds are government investment vehicles that have been present for decades. They are usually characterized by minimum information disclosure, however, this situation differed after worldwide events shed light on the role they possess to mitigate their downturns. The substantial economic influence they bring along due to their size and long term impact have recently created an uproar of debate that eventually led to the ratification of the Santiago Principles. The Principles set the stage for governing SWFs' operations and grant them more clarity. They also contribute to a more stable environment for cross-border investment flows. With the importance of SWFs, emerging economies also rose as key institutional investors; only this time they called for harnessing their funds towards sustainable development investment strategies. Despite pressuring need to improve transparency and governance structures of SWFs in EMs, the former are regarded as promising means for achieving the sustainable development goals.

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 : 43,8 Mb
Release : 2012-05-14
Category : Business & Economics
ISBN : 9781119971924

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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.

Foreign States in Domestic Markets

Mark Thatcher,Tim Vlandas
Foreign States in Domestic Markets Book PDF

Author : Mark Thatcher,Tim Vlandas
Publisher : Oxford University Press
Page : 192 pages
File Size : 47,5 Mb
Release : 2021-12-16
Category : Political Science
ISBN : 9780191089275

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Foreign States in Domestic Markets by Mark Thatcher,Tim Vlandas Pdf

Political economy debates have focused on the internationalisation of private capital, but foreign states increasingly enter domestic markets as financial investors. How do policy makers in recipient countries react? Do they treat purchases as a threat and impose restrictions or see them as beneficial and welcome them? What are the wider implications for debates about state capacities to govern domestic economies in the face of internationalisation of financial markets? In response, Foreign States in Domestic Markets have developed the concept of 'internationalised statism', where governments welcome the use of foreign state investments to govern their domestic economies. These foreign state investments are applied to the most prominent overseas state investors, Sovereign Wealth Funds (SWFs). Many SWFs are from Asia and the Middle East and their number and size have greatly expanded, reaching $9 trillion by 2020. This book examines policies towards non-Western SWFs buying company shares in four countries: the US, UK, France, and Germany. Although the US has imposed significant legal restrictions, the others have pursued internationalised statism in ways that are surprising given both popular and political economy classifications. This book argues that the policy patterns found are related to domestic politics, notably the preferences and capacities of the political executive and legislature, rather than solely economic needs or national security risks. The phenomenon of internationalised statism underlines that overseas state investment provides policy makers in recipient states with new allies and resources. The study of SWFs shows that internationalisation and liberalisation of financial markets offer national policy makers opportunities to govern their domestic economies.

Sovereign Wealth Funds

Edwin M. Truman
Sovereign Wealth Funds Book PDF

Author : Edwin M. Truman
Publisher : Peterson Institute
Page : 219 pages
File Size : 40,8 Mb
Release : 2010
Category : Business & Economics
ISBN : 9780881325751

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Sovereign Wealth Funds by Edwin M. Truman Pdf

This study examines the role of sovereign wealth funds (SWFs) in the global economy and financial system. Sovereign wealth funds are not a new phenomenon in international finance. Governments of a few countries have used similar entities to manage their international financial assets for several decades. Moreover, countries have always held international reserves, and government-owned entities have made cross-border investments for many years. Sovereign wealth funds or their equivalent pose profound issues for the countries that own them with respect to macroeconomic policy and the potential for corruption. They also raise issues for countries that receive SWF investments as well as for the international financial system as a whole because government ownership introduces potential political and economic power issues into the management of these cross-border assets. This study traces the origins of SWFs. It describes the issues raised by these large governmental holdings of cross-border assets for the countries that own them, for the host countries, and for the international financial system. The study lays out what is known about the 50-plus SWFs of various countries. Some countries have more than one such entity, and a sample of government-managed pension funds is included in this analysis because they raise most of the same basic policy issues. Using publicly available information that is provided on a systematic basis, the author has previously developed a "scoreboard" for these funds involving a number of elements grouped in four categories: structure, governance, transparency and accountability, and behavioral rules. The 2008 edition contributed to the development of a set of generally accepted principles and practices, the Santiago Principles, for SWFs by the International Working Group operating under the auspices of the International Monetary Fund. This publication presents an updated scoreboard for an expanded list of funds, evaluates the Santiago Principles, and examines current compliance with those principles. The study also examines the policies of recipient countries and the role of the Organization for Economic Cooperation and Development (OECD) investment codes. Finally, the study discusses the evolving role of SWFs in the context of the global economic and financial crisis and its aftermath and will make recommendations for the policies of countries both managing such funds and those that expect to receive investments from them in the future.

Sovereign Wealth Funds and International Political Economy

Dr Manda Shemirani
Sovereign Wealth Funds and International Political Economy Book PDF

Author : Dr Manda Shemirani
Publisher : Ashgate Publishing, Ltd.
Page : 184 pages
File Size : 54,8 Mb
Release : 2013-03-28
Category : Political Science
ISBN : 9781409489429

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Sovereign Wealth Funds and International Political Economy by Dr Manda Shemirani Pdf

For the first time, Shemirani provides a systematic methodology for the study of Sovereign Wealth Funds (SWFs) over their life span and emphasizes the need for a paradigm shift in our approach towards the study of state capitalism. Applied in this book to the world's four largest SWFs - Government Pension Fund-Global of Norway, Abu Dhabi Investment Authority of the United Arab Emirates, Temasek of Singapore, and the National Wealth Fund of the Russian Federation, this methodology can also be applied to other funds or form a basis for further analytical studies of SWFs. In addition to its first hand approach, the book addresses concerns about the lack of transparency by offering insights into the functioning and investment strategies of the selected SWFs. Academics and students in international political economy, international finance and international business as well as financiers, business leaders, and policy makers, will find the subject and the approach of this book highly useful.

The Oxford Handbook of Sovereign Wealth Funds

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

Author : Douglas Cumming,Geoffrey E. Wood,Igor Filatotchev,Juliane Reinecke
Publisher : Oxford University Press
Page : 737 pages
File Size : 43,8 Mb
Release : 2017
Category : Business & Economics
ISBN : 9780198754800

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

Sovereign Wealth Funds have become increasingly powerful and influential investors. Their increasing role, and unusual character as both political and market actors, raise a number of issues with regard to finance, politics, regulation, and international business. This handbook draws together the growing but fragmented research on SWFs.

Macroeconomic Policy Frameworks for Resource-Rich Developing Countries - Background Paper 1

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,World Bank
Macroeconomic Policy Frameworks for Resource Rich Developing Countries Background Paper 1 Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,World Bank
Publisher : International Monetary Fund
Page : 75 pages
File Size : 48,8 Mb
Release : 2012-08-24
Category : Business & Economics
ISBN : 9781498339988

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Macroeconomic Policy Frameworks for Resource-Rich Developing Countries - Background Paper 1 by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,World Bank Pdf

This paper provides deeper insights on a few themes with regard to the experience with macroeconomic management in resource-rich developing countries (RRDCs). First, some stylized facts on the performance of these economies relative to their non-resource peers are provided. Second, the experience of Fund engagement in these economies with respect to surveillance, programs, and technical assistance is assessed. Third, the experience of selected countries with good practices in the management of the natural resource wealth is presented. Fourth, the experience of IMF advice in helping RRDCs set up resource funds is discussed. Finally, the main themes and messages from the IMF staff consultation with external stakeholders (CSOs, policy makers, academics) are presented.

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 : 46,6 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

Renée A Fry,Warwick J McKibbin,Justin O'Brien
Sovereign Wealth Book PDF

Author : Renée A Fry,Warwick J McKibbin,Justin O'Brien
Publisher : World Scientific
Page : 216 pages
File Size : 48,8 Mb
Release : 2011-06-06
Category : Business & Economics
ISBN : 9781908978318

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Sovereign Wealth by Renée A Fry,Warwick J McKibbin,Justin O'Brien Pdf

As the first major collection of papers on sovereign wealth funds and state-owned enterprises, this book provides an essential guide to the geo-political impact of these pools of capital on global markets. The rise of sovereign wealth funds and state-owned enterprises represents a fundamental shift in market dynamics. The potential fusion of political and commercial imperatives raises unresolved geo-political questions that have been sharpened by the vaporization of credit markets as a consequence of the global financial crisis. State-controlled pools of capital have now eclipsed hedge funds and private equity in terms of funds under management, and the question of their regulation is therefore now of utmost importance. This book highlights the interplay between legal, corporate and policy imperatives associated with the regulation of state capital. Including contributions from leading practitioners, policymakers and academics, it provides an essential guide to professionals and academics in the fields of finance and business. Contents: Introduction:Sovereign Wealth Funds in an Evolving Global Financial System (Renée Fry, Warwick McKibbin & Justin O'Brien)Structure and Impacts on the Global Economy:What is a Sovereign Wealth Fund? (Stephen Grenville)Sovereign Wealth Funds and Global Capital Flows: A Macroeconomic Perspective (Julie Kozack, Doug Laxton & Krishna Srinivasan)A Portfolio Analysis of Sovereign Wealth Funds (Christopher Balding)The Implications of Sovereign Wealth Fund Investment on Capital Markets: A Bottom-Up View (David G Fernandez)Regulation and Public Policy Issues:The Political Economy of Sovereign Wealth Funds (Avinish Persaud)Open Capital Markets and Sovereign Wealth Funds, Pension Funds, and State-Owned Enterprises (Adrian Blundell-Wignall & Gert Wehinger)Negotiating a Voluntary Code (David Murray)Legal Implications:Mapping the Trajectory of the Regulatory Debate: Securing the National Interest or Justifying Protectionism? (Justin O'Brien)Australian Regulation of Investments by Sovereign Wealth Funds and State-Owned Enterprises (Greg Golding & Rachael Bassil)Conclusion:Sovereign Wealth Funds: What Have We Learned? (David Vines) Readership: Postgraduate students, researchers and professionals in the areas of international finance/trade and policy studies. Keywords:Sovereign Wealth Funds;State-Owned Enterprise;Capital Markets;Santiago Principles;Regulation of State CapitalKey Features:The first major collection on sovereign wealth funds and state-owned enterprise investmentsFeatures the latest research from both practitioners and academicsProvides an essential guide to the geopolitical impact of sovereign wealth funds and state-owned enterprise investments

Norway's Sovereign Wealth Fund

Ole Bjørn Røste
Norway s Sovereign Wealth Fund Book PDF

Author : Ole Bjørn Røste
Publisher : Unknown
Page : 0 pages
File Size : 40,7 Mb
Release : 2021
Category : Electronic
ISBN : 3030741087

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Norway's Sovereign Wealth Fund by Ole Bjørn Røste Pdf

This book elaborates on how Norway has managed to convert a large fraction of its endowment of hydrocarbons below the seabed of Norwegian waters into financial wealth, invested in the world's capital markets. Further, it explains how this wealth is managed. Under the current guidelines, only the assessed return on investment may be allotted to public budgets. This ensures that the wealth will benefit both current and future generations. The capital is gathered in the Sovereign Wealth Fund - or State Pension Fund Global (SPF-G) -, which is intended to maximize capital value without exceeding acceptable risks. The book offers new insights into the history and management of the fund, examines its successes, and discusses future challenges. Given its scope, it appeals to scholars of economics, finance and political science, and to anyone interested in the sustainable investment of natural resource-based revenues.

Sovereign Wealth Funds

Christopher Balding
Sovereign Wealth Funds Book PDF

Author : Christopher Balding
Publisher : Oxford University Press
Page : 128 pages
File Size : 48,9 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.