Economics of Sovereign Wealth Funds / Udaibir Das, Adnan Mazarei, Han Hoorn.

Format:

Book

Government document

Author/Creator:

Das, Udaibir.

Contributor:

Hoorn, Han.

Mazarei, Adnan.

International Monetary Fund.

Series:

Books

Language:

English

Subjects (All):

Sovereign wealth funds.

Investment of public funds.

Physical Description:

1 online resource (706 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2010.

Language Note:

English

Summary:

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.

Contents:

Cover Page; Copyright Page; Content Page; Boxes; Tables; Figures; Foreword; Acknowledgments; Introduction; Abbreviations and Acronyms; Section I Role And Macrofinancial Relevance; 1 Demystifying Sovereign Wealth Funds; Understanding the Rise of SWF's; Figure 1.1. Petrodollar and Asian SWF's Rank Among the Largest; Figure 1.2. Foreign Reserves in Central Banks Account for 90 Percent of Asian Sovereign Foreign Assets; The Diverse Aims and Investment Strategies of SWF's; Figure 1.3. SWF Investment Strategies Vary Widely; SWFs Remain Powerful, Despite the Financial Crisis

Figure 1.4. SWF Assets Held Steady in 2008 SWF's Will Remain Long-Term Investors, but the Crisis Has Prompted Some Shifts; SWF's Will Continue to Grow; Figure 1.5. SWF Assets Could Reach US 4.3 Trillion by 2013; References; 2 From Reserves Accumulation to Sovereign Wealth Fund: Policy and Macrofinancial Considerations; Adequate Level of Foreign Reserves; Options for Ample Reserves; Support from the SWF in a Financial Crisis; Macrofinancial Linkages Associated with Management of an SWF; Conclusion; References; 3 Sovereign Wealth Funds: New Economic Realities and the Political Responses

Cross-Border Investments: Toward a Global Diffusion of Corporate Ownership? Figure 3.1. Regional Distribution of Assets Held by Sovereign Investors, Percentage of Total, May 2010; Figure 3.2. Financial Assets and Markets Worldwide, by Volume; Figure 3.3. Sovereign Investments and Asset Sales, 1995-2009; Figure 3.4. Sovereign Investments by Size of Acquired Stakes; Figure 3.5. Projected Growth in SWF Assets through 2020; SWF's as Foreign Investors in the United States and the EU: The Policy Issues; Figure 3.6. Effects of SWF Investments on Bank Share Prices

Policy Responses: A Danger of Protectionist Reflexes?The International Dimension: Ensuring Open Markets in a Fragmented Regulatory Environment; Good Conduct by SWF's: The Key to Greater Acceptance in Recipient Countries; Conclusion: The Global Perspective; References; 4 Sovereign Wealth Funds and Economic Policy at Home; The Role of an SWF Within the Overall Macroeconomic Policy Framework; Box 4.1. SWF's' Objectives: Selected Examples; Box 4.2. SWF's and the Global Financial Crisis; Accountability; Conclusion; References; Section II Institutional Factors

5 Sovereign Wealth Funds and the Santiago Principles SWF's: Objectives and Taxonomy; Issues Surrounding SWF's; The IWG and the Development of the Santiago Principles; The Key Features of the Santiago Principles; Box 5.1. The Santiago Principles: Elements Addressing Issues Raised; Concluding Observations and the Road Ahead; References; 6 Legal Underpinnings of Capital Account Liberalization for Sovereign Wealth Funds; Domestic Law; International Law; International Law Under the IMF's Articles of Agreement; IMF Jurisdiction over Restrictions on Current Payments

Soft Law Through the Santiago Principles

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9786613850669

9781462304738

1462304737

9781452787053

1452787050

9781283538213

1283538210

9781452725499

1452725497

OCLC:

867927032