Capital choices : sectoral politics and the variation of sovereign wealth / Juergen Braunstein.

Format:

Book

Author/Creator:

Braunstein, Juergen, 1983- author.

Contributor:

Michigan Publishing (University of Michigan), publisher.

Language:

English

Subjects (All):

Sovereign wealth funds--Political aspects.

Sovereign wealth funds.

Investment of public funds.

Physical Description:

1 online resource (217 pages)

Place of Publication:

Ann Arbor : University of Michigan Press, [2019]

Summary:

"Sovereign wealth funds are state-controlled pools of capital that hold financial and real assets, including shares of state enterprises, and manage them to preserve and grow the nation's base of sovereign wealth. The dramatic rise of sovereign wealth funds (SWFs) in terms of number and size -- this group is now larger than the combined size of global private equity and hedge funds -- and that the majority of them are located in non-OECD countries, has raised concern about the future direction of capitalism. Yet SWFs are not a homogenous group of actors. Why do some countries with large current account surpluses, notably China, create SWFs while others, such as Switzerland and Germany, don't? Why do other countries with no macro-economic justification, such as Senegal and Turkey, create SWFs? And why do countries with very similar macro-economic features, such as Kuwait and Qatar or Singapore and Hong Kong, choose very different types of SWFs? Capital Choices analyzes the struggles behind the creation of different SWFs from a comparative political economy perspective. Examining small open economies, the book argues that different state-society structures at the sectoral level are the core drivers responsible for SWF variation. Juergen Braunstein looks inside the 'black box' of SWF creation, focusing on the early formation period of SWFs: a critical but little understood area in the current debate, given high levels of political sensitivity and a lack of transparency. Braunstein's novel analytical framework provides practical lessons for business and finance organizations, as well as for policy makers of countries that have created or are planning to create SWFs. This book illustrates the scope for the domestic politics and strategies of small states in economic policy despite strong transnational forces, notably international economic and diffusion pressures."

Contents:

Introduction

Global review

Bringing domestic politics in: a policy network analysis of sovereign wealth funds

Capital choices in industrial policy: Asian city-economies and the emergence of Temasek

Capital choices in savings and financial policy: Asian city-states and the emergence of the government investment corporation

Capital choices in small open economies of the Middle East

Capital choices in OECD and BRIC countries

Conclusion: domestic politics and capital choices.

Notes:

Includes bibliographical references and index (pages 159-192).

Description based on information provided by publisher.

ISBN:

9780472125180

0472125184