Download or read book Sovereign Wealth Funds in Resource Economies written by Khalid Alsweilem and published by Columbia University Press. This book was released on 2017-10-17 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Economics of Sovereign Wealth Funds written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2010-12-09 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Sovereign Wealth Funds written by Edwin M. Truman and published by Peterson Institute. This book was released on 2010 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Oxford Handbook of Sovereign Wealth Funds written by Douglas Cumming and published by Oxford University Press. This book was released on 2017 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Sovereign Wealth Funds written by Gordon L. Clark and published by Princeton University Press. This book was released on 2013-07-21 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Sovereign Wealth Funds and Long term Investing written by Patrick Bolton and published by Columbia University Press. This book was released on 2012 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Norway s Sovereign Wealth Fund written by Ole Bjørn Røste and published by Springer Nature. This book was released on 2021-07-19 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The New Frontiers of Sovereign Investment written by Malan Rietveld and published by Columbia University Press. This book was released on 2017-05-16 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign wealth funds (SWFs) can be effective tools for national resources revenue management. These state-owned investments, funded by commodity exports, foreign exchange reserves, or other national assets, are adaptable to the challenges posed by financial shocks and have been successfully employed in an increasing number of countries. The number of SWFs continues to grow, with the largest funds managing trillions of dollars in assets among them. However, given the significant variations among SWFs, it can be difficult to compare funds that differ in size, scope, and mandate. This book provides a sorely needed practical look at how these funds work—and how they should work. The New Frontiers of Sovereign Investment combines the insights and experience of academic economists and practitioners from several funds to survey a diverse financial landscape and establish the challenging topical questions facing a broad range of SWFs today: Should they serve both economic development and financial returns, and how? Will responsible investment enhance long-term returns? How can fiscal rules for SWFs be improved to meet emerging economic challenges? The book considers these questions as they apply to both long-established and newer SWFs. Featuring contributions from sovereign wealth practitioners from Alberta's AIMCo, the Nigerian Sovereign Investment Authority, and the New Zealand Superannuation Fund, as well as analysis by scholars at the forefront of sovereign investment, this volume provides timely and much-needed information on these rapidly evolving institutions.

Download or read book Sovereign Wealth Funds Local Content Policies and CSR written by Eduardo G. Pereira and published by Springer Nature. This book was released on 2021-01-25 with total page 653 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores three particular strategies in the extractives sector for creating shared wealth, increased labour opportunities and positive social, environmental and economic outcomes from corporate projects, namely: state wealth funds (SWF), local content policies (LCP) and corporate social responsibility (CSR) practices. Collectively, the chapters explore the associated experiences and challenges in different parts of the world with the view to inform equitable and sustainable development for the communities living adjacent to extractives sites and the wider society and environment. Examples of LCPs, SWFs and CSR practices from 12 jurisdictions with diverse experiences offer usefull insights. The book illuminates challenges and opportunities for sustainable development outcomes of the extractives sector. It reflects the need to take on board the lessons of these global experiences in order to improve outcomes for poverty reduction, inequality reduction and sustainable development.

Download or read book The Political Economy of Sovereign Wealth Funds written by Xu Yi-chong and published by Palgrave Macmillan. This book was released on 2010-11-15 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the origin, nature, the portfolio, organizational structure and operation of the seven largest SWFs from the perspective of the holding countries. Uniquely it tackles the issues from the perspectives of those non-OECD countries whose access to funds creates the most concern.

Download or read book Post Industrial Society written by Julia Kovalchuk and published by Springer Nature. This book was released on 2021-02-02 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a critical and comparative understanding of post-industrial development, highlighting the driving forces and limitations, strategies, sources of funding, tools and technologies for its implementation. It presents the results of research on the formation and functioning of post-industrial development institutions in developed countries and developing countries as integral elements of the national innovation system, and implementation of economic modernization and transformation of business models taking into account contradictions between modern productive forces and getting out of date production relations. This book also explores the widespread impact of new technologies on various areas of modern society, which is often impaired by its conservatism. Comprising contributions from experts across various disciplines including economics, public administration, law, and psychology, this book provides a comprehensive overview of the opportunities and challenges associated with the modern development of society, production, and consumption. It is a book with appeal to scholars and students of economics, business and public administration, interested in post-industrial development in developed and developing countries, and the specifics of implementing strategies for technological improvement in industry and the service sector.

Download or read book The Political Economy of the Gulf Sovereign Wealth Funds written by Sara Bazoobandi and published by Routledge. This book was released on 2013 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Foreign States in Domestic Markets written by Mark Thatcher and published by Oxford University Press. This book was released on 2022-01-15 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text develops the concept of 'internationalised statism' - governments welcoming and using foreign state investments to govern their domestic economies - and applies it to the most prominent overseas state investors - Sovereign Wealth Funds (SWFs).

Download or read book The Hunt for Unicorns written by Winston Ma and published by John Wiley & Sons. This book was released on 2021-01-05 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Who holds the power in financial markets? For many, the answer would probably be the large investment banks, big asset managers, and hedge funds that are often in the media's spotlight. But more and more a new group of sovereign investors, which includes some of the world's largest sovereign wealth funds, government pension funds, central bank reserve funds, state-owned enterprises, and other sovereign capital-enabled entities, have emerged to become the most influential capital markets players and investment firms, with $30 trillion in assets under management ("super asset owners"). Their ample resources, preference for lower profile, passive investing, their long-time horizon and adherence to sustainability as well as their need to diversify globally and by sector have helped to transform the investment world and, in particular, private markets for digital companies. They have helped create and sustain an environment that has fostered the rise of the likes of Uber, Alibaba, Spotify and other transformative players in the digital economy, while providing their founders and business models the benefit of long-term capital. Despite this increasingly important impact, sovereign investors remain mostly unknown, often maintaining a low profile in global markets. For the same reason, they’re also among the most widely misunderstood, as many view investments made by sovereign investors as purely driven by political aims. The general perception is that most sovereign investors lack transparency and have questionable governance controls, causing an investee nation to fear exposure to risks of unfair competition, data security, corruption, and non-financially or non-economically motivated investments. The current global tensions around the AI race and tech competition – and now the corona virus pandemic – have exacerbated such misperceptions, spawning controversies around sovereign investors and capital markets, governments, new technologies, cross-border investments, and related laws and regulations. As such, sovereign capital and the global digital economy are undergoing an unprecedented, contentious moment. In short, the emergence of sovereign funds symbolizes a major shift of the world’s economic power. For the first time, investment funds from developing countries are playing with OECD financial giants as equals. Furthermore, their investments into high tech enable them to participate at the cutting-edge of the fourth industrial revolution, challenging traditional innovation powerhouses like the US and Germany. For all stakeholders, from tech unicorns, VC funds, asset managers, financial firms, to policymakers, law firms, academics, and the general public, this is the must-have book to get to know these new venture capitalists and "super asset owners".

Download or read book Development in Turbulent Times written by Paul Dobrescu and published by Springer. This book was released on 2019-03-20 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Citizens Wealth written by Angela Cummine and published by Yale University Press. This book was released on 2016-01-01 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wide-ranging analysis of a powerful but controversial new economic tool that has rapidly eclipsed the size of the hedge fund market In 2006, Chile teemed with protesters after finance minister Andrés Velasco invested budget surpluses from the nation's historic copper boom in two Sovereign Wealth Funds. A year later, when prices plummeted and unemployment soared, Chile's government was able to stimulate recovery by drawing on the funds. State-owned investment vehicles that hold public funds in a wide range of assets, Sovereign Wealth Funds enable governments to access an unprecedented degree of wealth. Consequently, more countries are seeking to establish them. Looking at Chile, China, Australia, Singapore, and numerous other examples, including a comparative analysis of Britain and Norway's use of oil revenues, Angela Cummine tackles the key ethical questions surrounding their use, including: To whom does the wealth belong? How should the funds be managed, invested, and distributed? With sovereign funds--and media attention--continuing to grow, this is an invaluable look at a hotly debated economic issue.

Download or read book The Political Economy of Natural Resource Funds written by Eyene Okpanachi and published by Springer Nature. This book was released on 2021-08-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to foster a better understanding of the particular challenges faced by resource-dependent countries or jurisdictions in managing their resource revenues through natural resource funds (NRFs). It explores the varieties of natural resource management strategies as dictated primarily by domestic politics, and how the potential negative distributional consequences of resource wealth management (the resource curse) may add political dimensions and potential conflicts to decisions about NRFs in ways that other sovereign wealth funds (SWFs) do not experience. By bridging the existing academic and practical knowledge gap arising from the limited attention given to the domestic politics of NRFs and state-society relations, this edited book is a valuable resource for academics, policymakers, and civil society actors in resource-driven economies and especially those interested in learning from comparative experiences of natural resource wealth management through NRFs.