Sovereign wealth funds and long-term investing / edited by Joseph E. Stiglitz, Patrick Bolton, and Frederic Samama.

Format:

Book

Contributor:

Stiglitz, Joseph E.

Bolton, Patrick, 1957-

Samama, Frederic.

Language:

English

Subjects (All):

Sovereign wealth funds.

Physical Description:

1 online resource (253 p.)

Place of Publication:

New York : Columbia University Press, 2011.

Language Note:

English

Summary:

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.

Contents:

Frontmatter

Contents

Acknowledgments

Introduction / Bolton, Patrick / Samama, Frederic / Stiglitz, Joseph E.

1 Keynote Addresses

Sovereign Wealth Funds - Distinguishing Aspects and Opportunities / Stiglitz, Joseph E.

The Contribution of Institutional Investors to Fostering Stability and Long-Term Growth / Romanet, Augustin de

Sovereign Wealth Funds as Stabilizers / Velasco, Andrés

Financing Long-Term Investments After the Crisis: A View from Europe / Bassanini, Franco

What Sovereign Wealth Funds Can Do to Alleviate Global Poverty / Wolfensohn, James

The Sovereign Debt Problem / Soros, George

2 The State of Sovereign Wealth Funds

Overview

The Rationale for Sovereign Wealth Funds from a Development Perspective / Griffith-Jones, Stephany / Ocampo, José Antonio

Sovereign Wealth Funds: Form and Function in the Twenty-first Century / Clark, Gordon L. / Monk, Ashby H. B.

3 Benchmarking and Performance Standards

Introduction / Chiappori, Pierre-André

Stabilization Funds / Parrado, Eric

Tilt of Benchmarks / Litterman, Bob

Four Benchmarks of Sovereign Wealth Funds / Ang, Andrew

Which Financial Benchmarks and Other Incentives Work for Long-Term Investing? / Spiegel, Shari

Further Considerations

Panel Summary

Panel Paper: The Four Benchmarks of Sovereign Wealth Funds / Ang, Andrew

4 Fostering Development Through Socially Responsible Investment

Introduction / Griffith-Jones, Stephany

Sovereign Wealth Funds as Catalysts of Socially Responsible Investing / Landier, Augustin

Objectives and Ethical Guidelines of Norges Bank Investment Management / Dyrdal, Dag

Building Emerging Countries' Financial Infrastructure by Investing in Microfinance / Ventura, Arnaud

5 Expanding Investment Horizons: Opportunities for Long-Term Investors

Introduction / Bolton, Patrick

How to Reward Long-Term Investors / Samama, Frederic

Sovereign Wealth Funds and the Shifting Wealth of Nations / Santiso, Javier

Compensation and Risk-Taking in the U.S. Financial Industry / Scheinkman, José

Building Long-Term Strategies for Investment of Sovereign Wealth / Skancke, Martin

Panel Paper: Capital Access Bonds - Securities Implementing Countercyclical Investment Strategies / Bolton, Patrick / Samama, Frederic

Panel Paper: L-Shares - Rewarding Long-Term Investors / Bolton, Patrick / Samama, Frederic

6 Reducing Climate Risk

Introduction / Goldmark, Peter

Influencing Clean Innovations / Aghion, Philippe

The Emerging Role of State Investors in the Governance of Global Corporations / Dickinson, Paul

The Rise of Carbon-Free Technology / Guesnerie, Roger

Smart Energy Globalization / Jhirad, David

7 Managing Risk During Macroeconomic Uncertainty

Introduction / Stiglitz, Joseph E.

Macroeconomic Uncertainty and Managing Risk for Sovereign Wealth Funds / Fratzscher, Oliver

Funds and Volatility / Velasco, Andrés

Managing Uncertainty / Johnson, Rob

Key Issues / Zhu, Min

8 Managing Commodity Price Volatility

Introduction / Heal, Geoffrey

Managing Commodity Price Volatility / Brière, Marie

Chile and Copper / Briones, Ignacio

Management of Commodity Price Risks on Sovereign Balance Sheets / Pihlman, Jukka

Panel Paper: Managing Commodity Risk - Can Sovereign Funds Help? / Brière, Marie

9 Sovereign Wealth Funds and World Governance

Introduction / Sassen, Saskia

Reconciling Sovereignty, Accountability, and Transparency in Sovereign Wealth Funds / Gelpern, Anna

Restrictions on Cross-Border Investment / Greene, Edward

The Value of Transparency / Orr, Adrian

Maximizing Autonomy in the Shadow of Great Powers / Pistor, Katharina

Contributors

About the Conference Organizers

Notes:

Description based upon print version of record.

Includes bibliographical references.

ISBN:

9786613787002

9781281606303

1281606308

9780231530286

0231530285

OCLC:

828795455