Sovereign Wealth Funds: Legitimacy, Governance, and Global Power

Sovereign Wealth Funds: Legitimacy, Governance, and Global Power

by Gordon L. Clark
     
 

ISBN-10: 0691142297

ISBN-13: 9780691142296

Pub. Date: 07/21/2013

Publisher: Princeton University Press

The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. Sovereign Wealth Funds maps the global footprints of these financial institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies--from the

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Overview

The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. Sovereign Wealth Funds maps the global footprints of these financial institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies--from the China Investment Corporation to the funds of several Gulf states--the authors show that the forces propelling the adoption and development of sovereign wealth funds vary by country. The authors also show that many of these investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets.

The authors suggest that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about investment management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the authors demonstrate that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations.

Sovereign Wealth Funds considers how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.

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Product Details

ISBN-13:
9780691142296
Publisher:
Princeton University Press
Publication date:
07/21/2013
Edition description:
New Edition
Pages:
236
Sales rank:
1,389,007
Product dimensions:
6.40(w) x 9.30(h) x 0.80(d)

Table of Contents


List of Figures and Tables ix
Preface xi
Acknowledgments xix
1Introduction 1
2The Rise of Sovereign Wealth Funds 13
3Rethinking the "Sovereign" in Sovereign Wealth Funds 30
4The Virtues of Long-Term Commitment: Australia's Future Fund 46
5The Ethics of Global Investment: Norway's Government Pension Fund 67
6Insurer of Last Resort: Singapore's Government Investment Corporation 86
7Legitimacy, Trade, and Global Imbalances: The China Investment Corporation 105
8Modernity, Imitation, and Performance: The Gulf States' Funds 121
9Conclusion: Form and Function in the Twenty-First Century 137
Appendix: Scoping Best Practice 155
Notes 163
References 173
Index 195

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