Relevant bibliographies by topics / Sovereign wealth funds – Developed countries

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Academic literature on the topic 'Sovereign wealth funds – Developed countries'

Author: Grafiati
Published: 4 June 2021
Last updated: 16 February 2022

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Journal articles on the topic "Sovereign wealth funds – Developed countries"

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Jumaniyazov, I. T. "“THE PROGRESSIVE FOREIGN EXPERIMENTS IN THE ACTIVITY OF SOVEREIGN WEALTH FUNDS”." Psychology and Education Journal 58, no. 1 (February 8, 2021): 4928–35. http://dx.doi.org/10.17762/pae.v58i1.1712.

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This article discusses the experience of leading foreign countries in sovereign funds. As a result of the analysis of sovereign funds of foreign countries in our country, scientific recommendations and practical recommendations for the development of the Fund for Reconstruction and Development was developed.
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Černohorský, Jan, and Kateřina Tesnerová. "The Importance and Perspectives of Sovereign Wealth Funds in the Globalised Economy." SHS Web of Conferences 92 (2021): 03006. http://dx.doi.org/10.1051/shsconf/20219203006.

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Research background: The ever-increasing degree of globalization is reflected, among other things, in the establishment of relatively new institutional investors - sovereign wealth funds. Until the financial crisis in 2008, these funds were considered by many developed countries to be a potential threat to national security. However, this changed when they invested large sums in bankrupt companies and banks during the crisis. However, fears of their influence remain. Purpose of the article: The paper aims to assess the importance and perspectives of sovereign wealth funds in the world economy. In this paper, we start with the definition of sovereign wealth funds and distinguish them from other state asset managers. We also focus on assessing their importance within the global investor portfolio and their impact on global economic development. Methods: We used an analysis of available financial and economic data related to their activities and comparison with selected asset managers. Findings & Value added: We discuss their specific investment strategies and their transparency, which affect their credibility. Within the evaluation, the positive benefits outweigh the risks of sovereign wealth funds. However, we should always assess in the context of a specific sovereign wealth fund. The importance of sovereign wealth funds and their impact will continue to grow, even though their relative share of the global financial market is not very high. Thanks to their long-term investments, they contribute to greater stability of the financial markets of the given countries.
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Liang, Hao, and Luc Renneboog. "The global sustainability footprint of sovereign wealth funds." Oxford Review of Economic Policy 36, no. 2 (2020): 380–426. http://dx.doi.org/10.1093/oxrep/graa010.

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Abstract With the emergence of sovereign wealth funds (SWFs) around the world managing equity of over $8 trillion, their impact on the corporate landscape and social welfare is being scrutinized. This study investigates whether and how SWFs incorporate environmental, social, and governance (ESG) considerations in their investment decisions in publicly listed corporations, as well as the subsequent evolution of target firms’ ESG performance. We find that SWF funds do consider the level of past ESG performance as well as recent ESG score improvement when taking ownership stakes in listed companies. These results are driven by the SWF funds that do have an explicit or implicit ESG policy and are most transparent, and by SWF originating from developed countries and countries with civil law origins. In relation to engagement, we find by means of two natural experiments with exogenous shocks (the Deepwater Horizon catastrophe and Volkwagen diesel scandal) that the ESG scores do not change significantly more for firms in which SWFs have ownership stakes. This potentially suggests that SWFs in general do not actively steer their target firms towards higher levels of ESG.
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Cieślik, Ewa. "Investment strategy of sovereign wealth funds from emerging markets: the case of China." Bulletin of Geography. Socio-economic Series 24, no. 24 (June 1, 2014): 27–40. http://dx.doi.org/10.2478/bog-2014-0012.

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Abstract Chinese sovereign wealth funds SWFs continue to expand rapidly and have become increasingly active in real-time strategic transactions recently. They have focused not only on financial markets in developed countries, but they also concentrate on commodity investment in emerging markets (mainly in African or Central Asian markets). The main goal of this paper is to examine investment patterns and performance of two large Chinese sovereign wealth funds: the State Administration of Foreign Exchange Investment Company (SAFE IC) and the China Investment Corporation (CIC). In the absence of official data on the activities of the funds, the article is based largely on press releases relating to the operation of funds and corporate reports of the companies invested in by the Chinese SWFs. The paper presents sectoral and geographical directions of China’s SWFs investment and tries to describe how the investment strategy of the aforementioned vehicles changed until mid-2013. The main limitation of the adopted methodology derives from the lack of information and poor transparency of the analysed vehicles. Moreover to obtain the correct information on the details of fund investments (size, value, date) each press release requires extensive verification.
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Urban, Dariusz. "The Role of Sovereign Wealth Funds in Global Managament of Excess Foreign Exchange Reserves." Comparative Economic Research. Central and Eastern Europe 14, no. 2 (November 8, 2011): 143–58. http://dx.doi.org/10.2478/v10103-011-0015-1.

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This paper finds evidence that for many countries Sovereign Wealth Funds are the alternative vehicle for management of excess foreign exchange reserves. These funds can be seen as a substitutes for monetary authorities as well as institutional innovations on global financial markets. Sovereign Wealth Funds offer to countries various economic and financial benefits. They facilitate saving intergenerational transfer of proceeds from nonrenewable resources and help reduce cyclical volatility driven by changes in commodity export prices. These state-run funds help to reduce the opportunity cost of reserves holdings due to greater portfolio diversification of reserve-assets and allow countries to accumulate large capital inflow without negative consequences such as exchange rate appreciations, price distortions, liquidity expansion, domestic asset bubbles, financial sector imbalances and inflations. Sovereign Wealth Funds can support domestic economy during the crises as a investors of last resort and stabilize international financial markets by supplying liquidity and reducing market volatility. Sovereign Wealth Funds are likely to continue growing and increase their relative importance in global financial markets.
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Armstrong, Chris. "Sovereign Wealth Funds and Global Justice." Ethics & International Affairs 27, no. 4 (2013): 413–28. http://dx.doi.org/10.1017/s0892679413000361.

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Dozens of countries have established Sovereign Wealth Funds (SWFs) in the last decade or so, in the majority of cases employing those funds to manage the large revenues gained from selling resources such as oil and gas on a tide of rapidly rising commodity prices. These funds have raised a series of ethical questions, including just how the money contained in such funds should eventually be spent. This article engages with that question, and specifically seeks to connect debates on SWFs with debates on global justice. Just how good are national claims to the great wealth contained in SWFs in the first place? Using the example of Norway's very large SWF – derived from selling North-Sea petroleum – I show that national claims are at least sometimes very weak, with the implication that the wealth in many such funds is ripe for redistribution in the interests of global justice. I conclude by offering some guidance for how the money contained in such funds could best be spent, with the goal of advancing global justice.
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Reznikova, N., and O. Ivashchenko. "SOVEREIGN WEALTH FUNDS IN THE SYSTEM OF GLOBAL FINANCIAL IMBALANCES: AN ANALYSIS OF BENEFITS AND THREADS FROM THE PERSPECTIVE OF GLOBAL FINANCIAL STABILITY." Actual Problems of International Relations, no. 136 (2018): 60–66. http://dx.doi.org/10.17721/apmv.2018.136.0.60-66.

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A new active component has appeared in the contemporary global financial system, Sovereign Wealth Funds, demonstrating the growing investment capacities in some countries. This newly born category of investors reflects a wide array of economic policy intentions in the realities when current consumption or investment of considerable funds resulting from budget surplus and positive payment balance becomes either undesirable or unfeasible. The article’s objective is to analyze operation of Sovereign Wealth Funds as an innovative and leading actor of the global financial market, coming in place of hedge funds and private investment funds and challenging the role of central banks as biggest lenders. The position of Sovereign wealth Funds in the system of global financial imbalances is studied; benefits and threats from their operation are analyzed from the perspective of global financial stability.
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Bernstein, Shai, Josh Lerner, and Antoinette Schoar. "The Investment Strategies of Sovereign Wealth Funds." Journal of Economic Perspectives 27, no. 2 (February 1, 2013): 219–38. http://dx.doi.org/10.1257/jep.27.2.219.

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Sovereign wealth funds have emerged as major investors in corporate and real resources worldwide. After an overview of their magnitude, we consider the institutional arrangements under which many of the sovereign wealth funds operate. We focus on a specific set of agency problems that is of first-order importance for these funds: that is, the direct involvement of political leaders in the management process. We show that sovereign wealth funds with greater involvement of political leaders in fund management are associated with investment strategies that seem to favor short-term economic policy goals in their respective countries at the expense of longer-term maximization of returns. Sovereign wealth funds face several other issues, like how best to cope with demands for transparency, which can allow others to copy their investment strategies, and how to address the problems that arise with sheer size, like the difficulties of scaling up investment strategies that only work with a smaller value of assets under investment. In the conclusion, we discuss how various approaches cultivated by effective institutional investors worldwide—from investing in the best people to pioneering new asset classes to compartmentalizing investment activities—may provide clues as to how sovereign wealth funds might address these issues.
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Кosov, Mikhail, Aleksandr Sigarev, Vitaly Sharov, Olga Makashina, and Vladimir Smirnov. "Sovereign Wealth Funds: Russian and International Experience." Space and Culture, India 7, no. 4 (March 29, 2020): 246–54. http://dx.doi.org/10.20896/saci.v7i4.789.

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Taking the Russian and the International experience, the principal aim of this study is to analyse sovereign wealth funds critically. It remains well known that the Russian National Wealth Fund is vital in the macroeconomic policy of the Russian state. After the abolition of the Reserve Fund in 2018, the Russian National Wealth Fund has to solve a wide range of tasks. In this context, one can argue that the sovereign welfare fund is a specialised monetary fund used to stabilise the state budget when government revenues decline. The welfare fund is also used to finance government needs in the long-term period. The role of sovereign wealth funds is growing in the world. They accumulate large amounts of financial resources. Sovereign wealth funds are founded in such countries where the budget strongly depends on market factors. In most cases, these factors are global commodity prices. The funds’ money is used to cover the deficit of the relevant budget in case of unfavourable market shifts. In the period of high commodity prices, the fund accumulates an excess of export earnings. Against this backdrop, the key purpose of the study is to evaluate the efficiency of managing the National Wealth Fund in the Russian Federation. The study was carried out using the methods of synthesis, analysis, economic analysis, as well as graphic methods, and the methods of comparisons and analogies, which in turn helps in evaluating the extent of efficiency of managing the Russian National Wealth Fund.. The research findings can be used when developing an investment strategy (investment portfolio) of the Russian National Wealth Fund, through which it can aim at balancing the insurance pension system, financing of the federal budget deficit, and co-financing of voluntary pension savings. In this regard, it is imperative for the fund to perform in productive investment activities.
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ROZANOV, Andrew. "Definitional Challenges of Dealing with Sovereign Wealth Funds." Asian Journal of International Law 1, no. 2 (October 28, 2010): 249–65. http://dx.doi.org/10.1017/s2044251310000081.

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International policy-makers so far have successfully pre-empted any new major national legislation in the G7 countries aimed specifically at sovereign wealth funds by getting the International Monetary Fund to work with them on formulating a set of best practices commonly known as the Santiago Principles. However, some observers stress that this is just the beginning. How does one measure and evaluate compliance with these principles? Is voluntary self-regulation really sufficient? Or is there a need for new rules and regulations? As the discussion shifts from policy and economics to governance and regulation, we move firmly into the realm of law—legal norms, rules, and statutes. However, the required clarity and commonality of definitions and terms have been elusive. There does not seem to be universal agreement about the precise meanings of even the most fundamental terms in the SWF debate. This article hence focuses on the definitional challenges inherent in this debate.
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Dissertations / Theses on the topic "Sovereign wealth funds – Developed countries"

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Gouws, Johannes Mattheus. "Comparing aspects of transnational sovereign wealth fund investment behaviour in advanced and developing economies." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/8471.

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Thesis (MBA)--University of Stellenbosch, 2010.
Although Sovereign Wealth Funds (SWFs) are not a new phenomenon, they have gained international prominence since 2005 due to their rapid and much publicised growth, as well as government ownership. The objective of this study is to investigate SWFs from the perspective of developing countries and to compare the developing country experience of SWF investment with that of the developed economies of the West. The question that this research report aims to address is whether SWF investment behaviour is more aggressive in developing economies than in advanced economies by being more likely to invest in sensitive sectors of, and to take significant stakes in companies within these sectors in, developing economies? Before this analysis is made, a comprehensive literature study is done consisting of two parts. The first provides an overview of the reasons behind the rise of SWFs and the West‘s discomfort with the phenomenon, focussing on the emergence of state capitalism as a competing socio-political model to free-market democracy. The second part of the literature review gives a broad overview of what constitutes a SWF, its main characteristics and what concerns about SWFs have transpired to date. The researcher uses a narrow definition to differentiate SWFs from other sovereign investor classes, and defines a SWF as a fund: i) owned directly by a sovereign government; ii) managed independently of other state financial institutions; iii) that does not have predominant explicit pension obligations; iv) that invests in a diverse set of financial asset classes in pursuit of commercial returns; and, v) that has made a significant proportion of its publicly-reported investments internationally. The concerns raised in the literature about SWFs as well as the response from the international community and individual recipient countries to these concerns are discussed. In particular, the researcher focuses on the fears expressed by recipient countries that SWFs may invest for non-commercial reasons. To answer the questions raised about SWFs, the researcher assesses the behaviours displayed by these funds by means of an analysis of the transnational transaction data contained in the SWF Institute‘s SWF Transaction Database for the period 1 January 2000 to 31 December 2009. The research results show that SWFs do not appear to target sensitive industries in developing economies more than they would in advanced economies, but it appears that they are willing to gain greater influence and control of the running of the organisations in which they invest if those organisations are based in the developing world.
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Books on the topic "Sovereign wealth funds – Developed countries"

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The Governor's solution: How Alaska's oil dividend could work in Iraq and other oil-rich countries : an oil-to-cash reader. Washington, D.C: Center for Global Development, 2012.

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Lugo, Stefano, and Fabio Bertoni. The Use of Debt by Sovereign Wealth Funds. Edited by Douglas Cumming, Geoffrey Wood, Igor Filatotchev, and Juliane Reinecke. Oxford University Press, 2017. http://dx.doi.org/10.1093/oxfordhb/9780198754800.013.6.

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This chapter documents the use of debt capital by sovereign wealth funds (SWFs)—a growing and under-researched phenomenon. Three reasons are given for this. First: debt can help SWFs reach their target portfolio size. (Some do not receive regular inflows from their governments to increase their assets under management (AUM). Second: the development of capital markets is a key objective for most of the countries that have created an SWF, and debt may be especially useful for the development of the bond market. SWF bonds are quasi-governmental securities that can be used as collateral and create a reference yield curve. Third: the use of debt capital is particularly appropriate for portfolio SWFs investing in concentrated portfolios of selected companies for strategic and financial reasons. SWFs are more likely to use debt when they are non-commodity-based, come from countries with relatively less developed bond markets, and have a strategic investment style.
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Fernandes, Nuno. Sovereign Wealth Funds. Edited by Douglas Cumming, Geoffrey Wood, Igor Filatotchev, and Juliane Reinecke. Oxford University Press, 2017. http://dx.doi.org/10.1093/oxfordhb/9780198754800.013.29.

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This chapter examines investments of sovereign wealth funds (SWFs) in publicly traded firms, focusing on how these investments impact firms, and the potential channels through which their effects materialize. Using data that includes SWF holdings in 8,000 firms in 58 countries, we find that SWF investments have a positive effect on firm valuations and operating performance. The results are not driven by any particular SWF and are stronger for foreign SWF holdings. Additionally, we find evidence that after a large investment by SWFs, firms have better monitoring, expand their international operations, and are able to raise more capital as a consequence of the SWF investment. In terms of determinants of their holdings, we find that SWFs prefer large and profitable firms that enjoy significant external visibility. Additionally, they tend not to invest heavily in firms in high-tech industries or those operating in areas involving intensive research and development.
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Ossowski, Rolando, and Håvard Halland. The Economics of Sovereign Wealth Funds. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198803720.003.0018.

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Many countries have set up sovereign wealth funds (SWFs) as vehicles for public saving and wealth management. The majority are in resource-exporting countries; frequently stated objectives are macroeconomic and fiscal stabilization, intertemporal transfer of wealth, and national development. Some resource funds hold assets equivalent to several multiples of GDP, but many funds are relatively small. The evidence shows that the design and operation of an SWF can help or encumber economic management and wealth preservation. Poorly designed stabilization and saving funds without operational flexibility can be costly and interfere with wealth objectives. Many SWFs conduct domestic operations; this creates opportunities but also potentially serious risks to public wealth that must be addressed. Strong SWF governance and transparency are key to achieving sustainable performance and preventing political capture and misuse of public resources. While a number of funds have made progress in these areas, in others much remains to be done.
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Frynas, Jędrzej George. Sovereign Wealth Funds and the Resource Curse. Edited by Douglas Cumming, Geoffrey Wood, Igor Filatotchev, and Juliane Reinecke. Oxford University Press, 2017. http://dx.doi.org/10.1093/oxfordhb/9780198754800.013.13.

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Historically, a key purpose of sovereign wealth funds (SWFs) has been to help manage and minimize a range of negative economic and political consequences of natural resource wealth, often lumped together as the “resource curse.” This chapter asks to what extent SWFs—specifically “resource funds”—can mitigate the resource curse. It discusses the available empirical evidence for the effectiveness of resource funds as well as the relationship between societal governance and the effectiveness of resource funds. The available findings suggest that wider societal governance is of significantly greater importance for tackling the resource curse than the existence of a resource fund. Bad governance in a country prevents even the most transparent and robust resource funds from becoming an effective policy instrument. Conversely, resource funds can be successful in countries with effective societal institutions such as sound fiscal rules, good quality of government budget documentation, free civil society and independent media.
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Rose, Paul. Sovereign Wealth Funds and Domestic Political Risk. Edited by Douglas Cumming, Geoffrey Wood, Igor Filatotchev, and Juliane Reinecke. Oxford University Press, 2017. http://dx.doi.org/10.1093/oxfordhb/9780198754800.013.20.

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This chapter discusses sovereign wealth fund (SWF) governance as a tool to manage domestic political risk. It adds to the literature on the domestic legitimacy of SWFs and theorizes that legitimacy, broadly conceived, serves as a signal of appropriate entity and political risk management. Sovereign fund legitimacy is a question of increasing importance to sponsor countries as decreasing oil and gas prices force some governments to decide whether the role of SWFs should be changed to deal with the loss of revenue resulting from decreased oil and gas exports, or other budget shocks. Policymakers and fund officials must structure and govern sovereign funds in such a way as to adequately and legitimately fulfill their mandate. Threats to legitimacy include issues involving ultimate ownership of the fund, corruption, unclear or shifting purposes and uses of the fund, and misalignment of the fund with societal mores and interests.
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McCahery, Joseph A., and F. Alexander de Roode. Co-Investments of Sovereign Wealth Funds in Private Equity. Edited by Douglas Cumming, Geoffrey Wood, Igor Filatotchev, and Juliane Reinecke. Oxford University Press, 2017. http://dx.doi.org/10.1093/oxfordhb/9780198754800.013.5.

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Direct investments are the preferred vehicle for large institutional investors to have control over their portfolio investments. This chapter studies the deal structure of direct investments by sovereign wealth funds (SWFs) in private equity transactions. Its analyses of direct investments are based on data from Global Corporate Venturing. It finds that SWFs shift from investing in private equity funds to originating and co-investing together with private equity funds in deals. The choice for co-investment affects deal size, risk-bearing, fees and returns. Overall, results of research conducted for this chapter show the strong interest of SWFs in direct investments in developed markets.
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Clark, Gordon L., and Adam D. Dixon. Sovereign Wealth Funds and the Global Political Economy of Trust and Legitimacy. Edited by Douglas Cumming, Geoffrey Wood, Igor Filatotchev, and Juliane Reinecke. Oxford University Press, 2017. http://dx.doi.org/10.1093/oxfordhb/9780198754800.013.18.

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This chapter unpacks the concepts of trust and legitimacy as they pertain to sovereign funds in the global political economy. Its argument is divided into three parts. First, the importance of trust in finance and geopolitics, and the critical role of transparency, and how this relates to sovereign funds. Second, the legitimacy of sovereign funds at home and abroad in general with particular reference to how the regulatory regime surrounding public institutional investors in developed democracies is emulated in the Santiago Principles, and why it is significant for understanding the legitimacy of sovereign funds. Third, the current state of trust and legitimacy for sovereign funds is evaluated, with an explanation of why the continued opacity of some sovereign funds has not reduced trustworthiness. The chapter concludes on a speculative note, suggesting that the expected institutional form and function of sovereign funds may be at odds with the long-term interests of their state-sponsors.
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Béreau, Sophie, Jean-Yves Gnabo, Malik Kerkour, and Hélène Raymond. Sovereign Wealth Fund Investments and Industry Performance. Edited by Douglas Cumming, Geoffrey Wood, Igor Filatotchev, and Juliane Reinecke. Oxford University Press, 2017. http://dx.doi.org/10.1093/oxfordhb/9780198754800.013.7.

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In the past decade, sovereign wealth funds (SWFs) have been very active in western economies with massive liquidity injections and numerous stakes in various strategic areas. While a vast literature has documented their influence on firms’ behavior and equity valuation, their impact on the whole economy has been largely unexplored. This chapter investigates the aggregate impact of SWFs’ investments at the industrial level. Using a panel of ten European countries from 2006 to 2012, a relevant instrumental variables strategy is used to circumvent potential double causality between returns of the recipient countries’ stock market indices and SWFs’ investments. The results show a positive and significant impact of SWFs’ investments for five sectoral indices out of ten. Looking at conditional effects, it does not find that this relationship is affected by either the availability of alternative sources of financing in the economy—consistent with the liquidity argument—or different volatility regimes.
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Ghahramani, Salar. Sovereign Wealth and the Extraterritorial Manipulation of Corporate Conduct. Edited by Douglas Cumming, Geoffrey Wood, Igor Filatotchev, and Juliane Reinecke. Oxford University Press, 2017. http://dx.doi.org/10.1093/oxfordhb/9780198754800.013.27.

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Global legal harmonization is an aspect of transnational law whereby a family of norms is formed by a non-state legal order. Sovereign wealth funds (SWFs)—diverse in terms of their countries of origin, size, investment strategies, asset allocation tactics, and underlying purposes—contribute to the harmonization by setting and enforcing cross-border ethical norms and governance standards. This chaper examines aspects of SWFs as transnational lawmakers, a significant phenomenon for the global family of standards and a potential challenge for state-based legal orders. It examines SWF adoption of general legal principles and customs as advanced by a global civil society and through standardized contract forms and conduct codes; voluntary enactment of informal soft laws; and creation of norm-setting institutions. It concludes that SWFs are part of a diffused, multilevel, coordinated, political system that defies state-centric paradigms, contributing to the dynamism that defines transnational law while creating concerns related to legitimacy, democratic authority, and democratic deficit.
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Book chapters on the topic "Sovereign wealth funds – Developed countries"

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Møller, Jørgen Ørstrøm. "Nationalism or Capitalism? Sovereign Wealth Funds of Non-OECD Countries." In The Political Economy of Sovereign Wealth Funds, 202–27. London: Palgrave Macmillan UK, 2010. http://dx.doi.org/10.1057/9780230290648_11.

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Clark, Gordon L., Adam D. Dixon, and Ashby H. B. Monk. "Rethinking the “Sovereign” in Sovereign Wealth Funds." In Sovereign Wealth Funds. Princeton University Press, 2013. http://dx.doi.org/10.23943/princeton/9780691142296.003.0003.

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This chapter asks what is the “sovereign” in sovereign wealth funds (SWFs)? More specifically, how can we interpret the SWF phenomenon without succumbing to classical notions surrounding the territorial status of sovereignty and of political economy? The first section discusses sovereignty in theory and in practice, and in relation to SWFs; it also includes a theoretical grounding for the primary contribution of the chapter in the second section. This is a stylized typology of SWFs in relation to the state and its sovereignty. It comprises five ideal-types: postcolonialist, rentier, productivist, territorialist, and moralist. This typology does not seek to replace the more conventional classifications or typologies of SWFs based on their source funding or the explicit a priori objectives of the sponsor. Rather, it is historical shorthand designed to provide an understanding of the long-term significance of SWFs and the factors that might underpin further development of new SWFs in different countries. The different typologies are illustrated with reference to different SWF cases in the following chapters of the book.
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Clark, Gordon L., Adam D. Dixon, and Ashby H. B. Monk. "The Virtues of Long-Term Commitment: Australia’s Future Fund." In Sovereign Wealth Funds. Princeton University Press, 2013. http://dx.doi.org/10.23943/princeton/9780691142296.003.0004.

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This chapter presents the first case study, looking past the geopolitical concerns that have plagued sovereign wealth funds (SWFs) and focusing on the competing domestic political interests embedded in sponsoring countries. In other words, the chapter examines the domestic, political claims on SWFs and the principles and practice of governance used to discipline those interests. It shows that there is an ever-present temptation that faces SWF sponsors: the option of spending the assets for current political advantage. Through the case study of Australia's Future Fund (FF), it examines how governance can, in effect, tame political temptation. Indeed, the Australian government specifically addressed the question of political temptation in its design of its SWF. The chapter focuses on the principles used to design the FF and references recent research on the principles of best-practice investment management.
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Clark, Gordon L., Adam D. Dixon, and Ashby H. B. Monk. "Modernity, Imitation, and Performance: The Gulf States’ Funds." In Sovereign Wealth Funds. Princeton University Press, 2013. http://dx.doi.org/10.23943/princeton/9780691142296.003.0008.

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This chapter first looks at the problems associated with managing resource riches, referencing academic literature that coined the phrase “Dutch disease” (resource wealth may be lost by virtue of institutional incapacity and the adverse effects of unmanaged income flows through the domestic economy). It then turns to the issue of institutional innovation, noting that while a couple of Middle Eastern countries were early adopters of the sovereign wealth fund (SWF) institution, the establishment of such funds was driven in large part by Western interests in the region. Only later, when the flow of funds came to dominate Gulf States' macroeconomic planning and development, did the sudden increase of SWF adoption take place. Hence, the SWF is inherently Western. Nonetheless, the Gulf States appear committed to Western economic norms and institutions, if not Western conceptions of liberal democracy.
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Clark, Gordon L., Adam D. Dixon, and Ashby H. B. Monk. "Introduction." In Sovereign Wealth Funds. Princeton University Press, 2013. http://dx.doi.org/10.23943/princeton/9780691142296.003.0001.

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This introductory chapter provides an overview of sovereign wealth funds (SWFs). It begins with a discussion of how policymakers of all stripes, from democracies to autocracies, have all come to see SWFs as important buffers against global market forces that threaten domestic institutions and policies. It then details the rise of SWFs; the effort to build trust through the voluntary Generally Accepted Principles and Practices, known as the Santiago Principles, developed by the International Working Group of SWFs with the support of the International Monetary Fund; the institutional form and function of SWFs; and the new geography of finance. It argues that SWFs represent the high-water mark of financialization and the next installment of capitalist development following Clark's (2000) pension fund capitalism.
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Clark, Gordon L., Adam D. Dixon, and Ashby H. B. Monk. "Insurer of Last Resort: Singapore’s Government Investment Corporation." In Sovereign Wealth Funds. Princeton University Press, 2013. http://dx.doi.org/10.23943/princeton/9780691142296.003.0006.

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During the financial crisis, a number of East Asian sovereign wealth funds (SWFs) acted as insurers of last resort for their nation-states, underwriting financial stability and social welfare. This chapter explains how and why this role came to pass, arguing that it serves to sustain the legitimacy of the nation-state as well as justify the separation of SWF assets from the public interest in current consumption and spending. Focusing on the Government of Singapore Investment Corporation (GIC), it suggests that the prospect of recurrent financial crises was an important prompt for its establishment in 1981, reinforced by the experience of many East Asian countries in the 1997 Asian financial crisis. The chapter explains the formal constitution of the GIC, the mechanisms by which its reserves are returned to the government in crisis, and the role of different sections of the political elite in managing those assets. Referencing the principles of best-practice fund governance and the Santiago Principles underwriting the legitimacy of SWFs, it also considers the governance of the GIC, especially in regard to its investment processes.
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Ventura, Arnaud. "Building Emerging Countries’ Financial Infrastructure by Investing in Microfinance." In Sovereign Wealth Funds and Long-Term Investing, edited by Patrick Bolton, Frederic Samama, and Joseph E. Stiglitz. New York Chichester, West Sussex: Columbia University Press, 2011. http://dx.doi.org/10.7312/bolt15862-022.

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Ventura, Arnaud. "Building Emerging Countries’ Financial Infrastructure by Investing in Microfinance." In Sovereign Wealth Funds and Long-Term Investing, 117–18. Columbia University Press, 2011. http://dx.doi.org/10.7312/columbia/9780231158633.003.0023.

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"Chapter 9. Sovereign Wealth Funds in the Context of Macro-Fiscal Frameworks for Resource-Rich Developing Countries." In The New Frontiers of Sovereign Investment, 150–67. Columbia University Press, 2017. http://dx.doi.org/10.7312/riet17750-011.

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"Untapped Instrument. Sovereign Wealth Funds and Chinese policy toward the Central and Eastern European countries." In Political Players? Sovereign Wealth Funds’ Investments in Central and Eastern Europe. Wydawnictwo UŁ, 2017. http://dx.doi.org/10.18778/8088-331-4.06.

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Conference papers on the topic "Sovereign wealth funds – Developed countries"

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Al-Marri, Fahad Hussain M. A. "To What Extent Does the Development of the GCC Countries’ Sovereign Wealth Funds Provide an Evolving Instrument in their Security and Foreign Policy." In Qatar Foundation Annual Research Conference Proceedings. Hamad bin Khalifa University Press (HBKU Press), 2018. http://dx.doi.org/10.5339/qfarc.2018.ssahpd599.

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You might also be interested in the extended bibliographies on the topic 'Sovereign wealth funds – Developed countries' for particular source types:
Journal articles
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