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Sovereign Wealth Funds: Threat or Salvation?

Overview

"Sovereign Wealth Funds: Threat or Salvation? Neither. How long have these large pools of government-owned or-controlled funds existed? More than five decades. How are they financed? Predominantly, but not exclusively, from excess accumulations of foreign exchange reserves, often derived from the export of natural resources. What issues do SWFs raise? Multiple concerns about globalization and the role of governments in today's world. What is needed to make the world safer for these funds? A quantum leap in their accountability and transparency

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Sovereign Wealth Funds: Threat or Salvation?

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Overview

"Sovereign Wealth Funds: Threat or Salvation? Neither. How long have these large pools of government-owned or-controlled funds existed? More than five decades. How are they financed? Predominantly, but not exclusively, from excess accumulations of foreign exchange reserves, often derived from the export of natural resources. What issues do SWFs raise? Multiple concerns about globalization and the role of governments in today's world. What is needed to make the world safer for these funds? A quantum leap in their accountability and transparency according to the SWF scoreboard. Has progress been made over the past several years? Yes and the Santiago Principles are a good start, but countries that host SWF investments have been slow to reciprocate with more openness to foreign investment. How do SWFs fit into the international financial system of the 21st century? Awkwardly and, potentially, contentiously. This study by one of the pioneers of independent, policy-oriented research on sovereign wealth funds elaborates on these questions and answers." "Dr. Truman is a distinguished scholar who has been analyzing sovereign wealth funds for the last several years. His work has been influential in the development of the santiago Principles, a voluntary code of behavior, transparency and accountability adopted by most countries with large sovereign wealth funds. This is an invaluable book for anyone interested in a serious and objective analysis of these funds---their origins, their objectives, their differences across countries, their effects on the global economy, and their consequences for international economic policy."---Laura D'Anderea Tyson, S.K. and Angela Chan Professor of Global Management, Haas School of Business, University of California Berkeley, and former chair of the Council of Economic Advisers and the National Economic Council.

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Product Details

  • ISBN-13: 9780881324983
  • Publisher: Peterson Institute for International Economics
  • Publication date: 4/1/2010
  • Pages: 128
  • Product dimensions: 6.00 (w) x 8.90 (h) x 0.40 (d)

Table of Contents

Preface

Acknowledgments

1 Sovereign Wealth Funds and the Global Economy 1

Sovereign Wealth Funds and the Global Financial Crisis 3

Response to Sovereign Wealth Funds 5

Structure of the Book 6

2 What Are Sovereign Wealth Funds? 9

What, When, and How? 9

Potential for Growth 23

Sovereign Wealth Funds and the International Financial System 30

3 Issues and Concerns 35

Mismanagement of Investments 36

Pursuit of Political or Economic Power Objectives 40

Financial Protectionism 44

Market Turmoil and Uncertainty 46

Conflicts of Interest 52

Concluding Comments 56

4 Possible Policy Responses to Sovereign Wealth Funds 57

Comprehensive Regulation 58

Prohibition of Specific Investments 61

Limitations on Investment Activities 63

Reciprocal Arrangements 65

5 Accountability and Transparency: The Sovereign Wealth Fund Scoreboard 69

The Scoreboard 71

Elements of the Scoreboard 78

Evidence of Progress 89

Comparison with Other Indices and Indicators 94

Arguments against the Scoreboard Approach 99

The Scoreboard and Concerns about Sovereign Wealth Funds 104

Appendix 5A Scoreboard for Sovereign Wealth Funds 106

6 The Santiago Principles 121

International Working Group 121

Assessment of the Santiago Principles 124

Discussion of the Santiago Principles 134

Next Steps 137

7 Host-Country Responses to Sovereign Wealth Funds 149

OECD Response 150

Assessment of Collective Actions 152

Actions by Individual Countries 154

Reciprocal Responsibility 159

8 The Future for Sovereign Wealth Funds 161

Upgrading the Santiago Principles 164

Augmented Reciprocal Responsibility 165

Improving Data Collection and Related Disclosures 166

A Comprehensive Framework as the Ultimate Goal 168

References 169

Index 179

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