Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Sovereign Wealth Funds PDF full book. Access full book title Sovereign Wealth Funds by Edwin M. Truman. Download full books in PDF and EPUB format.
Author: Edwin M. Truman Publisher: Peterson Institute ISBN: 0881325759 Category : Business & Economics Languages : en Pages : 219
Book Description
This study examines the role of sovereign wealth funds (SWFs) in the global economy and financial system. Sovereign wealth funds are not a new phenomenon in international finance. Governments of a few countries have used similar entities to manage their international financial assets for several decades. Moreover, countries have always held international reserves, and government-owned entities have made cross-border investments for many years. Sovereign wealth funds or their equivalent pose profound issues for the countries that own them with respect to macroeconomic policy and the potential for corruption. They also raise issues for countries that receive SWF investments as well as for the international financial system as a whole because government ownership introduces potential political and economic power issues into the management of these cross-border assets. This study traces the origins of SWFs. It describes the issues raised by these large governmental holdings of cross-border assets for the countries that own them, for the host countries, and for the international financial system. The study lays out what is known about the 50-plus SWFs of various countries. Some countries have more than one such entity, and a sample of government-managed pension funds is included in this analysis because they raise most of the same basic policy issues. Using publicly available information that is provided on a systematic basis, the author has previously developed a "scoreboard" for these funds involving a number of elements grouped in four categories: structure, governance, transparency and accountability, and behavioral rules. The 2008 edition contributed to the development of a set of generally accepted principles and practices, the Santiago Principles, for SWFs by the International Working Group operating under the auspices of the International Monetary Fund. This publication presents an updated scoreboard for an expanded list of funds, evaluates the Santiago Principles, and examines current compliance with those principles. The study also examines the policies of recipient countries and the role of the Organization for Economic Cooperation and Development (OECD) investment codes. Finally, the study discusses the evolving role of SWFs in the context of the global economic and financial crisis and its aftermath and will make recommendations for the policies of countries both managing such funds and those that expect to receive investments from them in the future.
Author: Edwin M. Truman Publisher: Peterson Institute ISBN: 0881325759 Category : Business & Economics Languages : en Pages : 219
Book Description
This study examines the role of sovereign wealth funds (SWFs) in the global economy and financial system. Sovereign wealth funds are not a new phenomenon in international finance. Governments of a few countries have used similar entities to manage their international financial assets for several decades. Moreover, countries have always held international reserves, and government-owned entities have made cross-border investments for many years. Sovereign wealth funds or their equivalent pose profound issues for the countries that own them with respect to macroeconomic policy and the potential for corruption. They also raise issues for countries that receive SWF investments as well as for the international financial system as a whole because government ownership introduces potential political and economic power issues into the management of these cross-border assets. This study traces the origins of SWFs. It describes the issues raised by these large governmental holdings of cross-border assets for the countries that own them, for the host countries, and for the international financial system. The study lays out what is known about the 50-plus SWFs of various countries. Some countries have more than one such entity, and a sample of government-managed pension funds is included in this analysis because they raise most of the same basic policy issues. Using publicly available information that is provided on a systematic basis, the author has previously developed a "scoreboard" for these funds involving a number of elements grouped in four categories: structure, governance, transparency and accountability, and behavioral rules. The 2008 edition contributed to the development of a set of generally accepted principles and practices, the Santiago Principles, for SWFs by the International Working Group operating under the auspices of the International Monetary Fund. This publication presents an updated scoreboard for an expanded list of funds, evaluates the Santiago Principles, and examines current compliance with those principles. The study also examines the policies of recipient countries and the role of the Organization for Economic Cooperation and Development (OECD) investment codes. Finally, the study discusses the evolving role of SWFs in the context of the global economic and financial crisis and its aftermath and will make recommendations for the policies of countries both managing such funds and those that expect to receive investments from them in the future.
Author: Alberto Quadrio Curzio Publisher: Harriman House Limited ISBN: 0857191527 Category : Business & Economics Languages : en Pages : 273
Book Description
Sovereign Wealth Funds (SWFs) - state investment vehicles based on balance of payment surpluses - have come increasingly under the scrutiny of public opinion over the past decade. Their remarkable investments in developed economies have also attracted the attention of politicians, academics and financial operators. At first ignored, then seen as a cause for concern, they finally came to be viewed as stabilising agents amid the troubles of the 2007-2009 financial tsunami. Having sponsored the bailouts of some significant Western banks, SWFs underwent a phase of retrenchment concomitant with the shrinking of economic growth, the bursting of financial and real-estate bubbles and the emphasis on refocusing liquidity on domestic markets that followed in the wake of the crisis. Since the second half of 2009, however, SWFs have adjusted targets and strategies to the new financial paradigm and re-engaged in the global economy, proving to be major players in the international financial markets. The universe of SWFs symbolises a shift in the balance of economic power, with the dominant areas being the Gulf Council countries, China, Singapore, Russia, Libya and Norway. It is also an area of finance that has hitherto remained - and not accidentally - profoundly obscure. This book presents comprehensive research and analysis of this shift, as well as the related issue of transparency. It furthermore brings together the best research and information available on the activities of SWFs, detailing previously hard to find operational information. In this book the authors answer key questions, such as: - What defines a SWF? - When and how did SWFs emerge? - What investment strategies do SWFs pursue? - What are the main financial, economic and political consequences of the operations of SWFs? - What reactions have SWFs triggered in their domicile countries and abroad? - Is transparency in SWFs really important and for whom? - What approach has been taken by international organisations towards SWFs? 'Sovereign Wealth Funds' provides a detailed guide to an area of finance worth trillions of dollars, involving many of the world's governments, and affecting a wide array of sectors. It should prove essential reading for anyone looking to understand this international financial phenomenon.
Author: Harold Kent Baker Publisher: Springer Nature ISBN: 3031508211 Category : Sovereign wealth funds Languages : en Pages : 677
Book Description
The Palgrave Handbook of Sovereign Wealth Funds provides a comprehensive, detailed analysis of these funds from a multidimensional perspective consisting of 33 chapters divided into seven sections. Section I provides background material about SWFs, providing a foundation for the remainder of the handbook. Section II examines various controversies, governance, and accountability topics involving SWFs. Section III discusses the political, legal, and tax aspects of SWFs. Section IV reviews numerous topics involving SWF management. Section V deals with SWFs' policies, preferences, and performance. Section VI provides descriptive analyses of SWFs based on country or region. It also offers a comparison of SWF similarities and differences across countries. Section VII concludes by examining special issues and the future of SWFs. This handbook spans the gamut from theoretical to practical while offering the right balance of detailed and user-friendly coverage. Discussion of relevant research permeates the handbook. Although other books are available on SWFs, few are as comprehensive or provide a multidimensional perspective from academics and practitioners. This handbook fills a gap by showing how SWFs are a growing and dynamic force in international finance.
Author: Douglas J. Cumming Publisher: Oxford University Press ISBN: 0191070815 Category : Business & Economics Languages : en Pages : 737
Book Description
Sovereign Wealth Funds (SWFs) represent both an increasingly important - and potentially dominant - category of alternative investor, and a novel form for governments to project their interests both home and abroad. As such, they represent both economic actors and embody power vested in the financial and diplomatic resources they can leverage. Although at times they have acted in concert with other alternative investors, their intergenerational savings function should, in theory at least, promote more long-termist thinking. However, they may be impelled in towards greater short termism, in response to popular pressures, demands from predatory elites and/or unforeseen external shocks. Of all the categories of alternative investment, SWFs perhaps embody the most contradictory pressures, making for diverse and complex outcomes. The aim of this volume is to consolidate the present state of the art, and advance the field through new applied, conceptual and theoretical insights. The volume is ordered into chapters that explore thematic issues and country studies, incorporating novel insights in on the most recent developments in the SWF ecosystem. This handbook is organized into four sections and 23 chapters. The four sections are: Governance of SWFs, Political and Legal Aspects of SWFs, Investment Choices and Structures of SWFs, Country and Regional Analyses of SWFs.
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology Publisher: ISBN: Category : Business & Economics Languages : en Pages : 96
Author: Fabio Bassan Publisher: Edward Elgar Publishing ISBN: 1781955204 Category : Law Languages : en Pages : 453
Book Description
Research on the role of sovereign investments in a time of crisis is still unsatisfactory. This Research Handbook illustrates the state of the art of the legal investigation on sovereign investments, filling necessary gaps in previous research. Current
Author: Mona Mostafa El-Sholkamy Publisher: Cambridge University Press ISBN: 100919819X Category : Business & Economics Languages : en Pages : 134
Book Description
Sovereign Wealth Funds are government investment vehicles that have been present for decades. They are usually characterized by minimum information disclosure, however, this situation differed after worldwide events shed light on the role they possess to mitigate their downturns. The substantial economic influence they bring along due to their size and long term impact have recently created an uproar of debate that eventually led to the ratification of the Santiago Principles. The Principles set the stage for governing SWFs' operations and grant them more clarity. They also contribute to a more stable environment for cross-border investment flows. With the importance of SWFs, emerging economies also rose as key institutional investors; only this time they called for harnessing their funds towards sustainable development investment strategies. Despite pressuring need to improve transparency and governance structures of SWFs in EMs, the former are regarded as promising means for achieving the sustainable development goals.
Author: Ahmed Naciri Publisher: Taylor & Francis ISBN: 1317193008 Category : Business & Economics Languages : en Pages : 186
Book Description
The current degradation of sovereign balance sheets raises very real concerns about how sovereign creditworthiness is measured by credit rating agencies. Given the disastrous economic and social effects of any downgrade, the book offers an alternative and calls for more transparency about the quantitative measures used in calibrating the rating process and how sovereign ratings are validated. It argues that oversight is required and procedures improved, including subjecting methodologies of assessing default to more standardization and monitoring. Sovereign Credit Rating explains the process of sovereign creditworthiness assessment and explores the consequences of possible inaccuracies in the process. Developing an innovative new methodology to assess ratings accuracy, it shows that the announcement of each rating action by the major credit rating agencies show alarming inconsistencies. Written by an internationally recognized author and professor, this unique book will be of interest to researchers and advanced students in corporate governance, accounting, public finance and regulation.
Author: Massimiliano Castelli Publisher: John Wiley & Sons ISBN: 1119971926 Category : Business & Economics Languages : en Pages : 245
Book Description
A complete guide to sovereign wealth funds written by and for industry practitioners Sovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater. These funds will only grow more important over the coming years. In this book, expert authors who work in the industry present a comprehensive look at SWFs from the perspective of western investors.
Author: Edwin M. Truman
Author: Edwin M. Truman
Author: Alberto Quadrio Curzio
Author: Harold Kent Baker
Author: Douglas J. Cumming
Author: United States. Congress. House. Committee on Foreign Affairs
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
Author: Fabio Bassan
Author: Mona Mostafa El-Sholkamy
Author: Ahmed Naciri
Author: Massimiliano Castelli