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Sovereign Wealth Funds Legitimacy Governance And Global Power Pdf

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Annual Review 2019

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. 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.

The core of the book comprises five case studies, of SWFs located in five different Most users should sign in with their email address. If you originally registered with a username please use that to sign in. To purchase short term access, please sign in to your Oxford Academic account above. Don't already have an Oxford Academic account?

Government Pension Fund of Norway

The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. This book 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 book shows that the forces propelling the adoption and development of sovereign wealth funds vary by country. The book also shows that many of these investment institutions have identifi The book also shows that many of these investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets. The book suggests 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.

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. Keywords: sovereign wealth funds , finance , legitimacy , trust , trustworthiness , transparency , public institutional investors.


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Sovereign Wealth Funds and the Global Political Economy of Trust and Legitimacy

By Gordon L. Clark , Adam D. Dixon and Ashby H. The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects.

Adam D. The Global Financial Crisis wrought drastic market changes and institutional investors have responded by seeking new game-changing modes of investment. Sovereign wealth funds SWFs have been no exception. In fact, they face greater challenges due to the nature of their ownership.

Recent tectonic, global economic and political shifts have spurred the emergence of new organizational forms such as sovereign wealth funds SWFs —state-owned investment organizations without pension liabilities—primarily in emerging and frontier markets. Although scholars have begun to explore SWF macroeconomic trends, little is known about the challenges these institutional investors face or their strategic capabilities to address these concerns. Drawing on comparative and strategic corporate governance research, we develop an organizing framework to better understand the firm-level characteristics of SWFs and their consequences. Learn About the New eReader.

Sovereign Wealth Funds: Legitimacy, Governance, and Global Power

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.

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Sovereign Wealth Funds: Legitimacy, Governance, and Global Power

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1 Comments

Sigrid T. 29.12.2020 at 02:27

The Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the government of Norway.

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