Verfügbarkeit: Economics of sovereign wealth funds

Economics of sovereign wealth funds: issues for policymakers

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Format:	Buch
Sprache:	English
Veröffentlicht:	Washington International Monetary Fund 2010
Schlagworte:	Investmentfonds Kreditmarkt Staatsfonds
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	XXI, 306 S. graph. Darst.
ISBN:	9781589069275

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MARC


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Datensatz im Suchindex

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adam_text	Contents Foreword xi Acknowledgments xiii Introduction xv Abbreviations and Acronyms xxi SECTION I ; ROLE AND MACROFINANCIAL RELEVANCE ..............................1 1 Demystifying Sovereign Wealth Funds .................................................................3 Espen Klìtzing, Diaan-Yi Lin, Susan Lund, and Laurent Nordin Understanding the Rise of SWFs ..............................................................................................................................................................4 The Diverse Aims and Investment Strategies of SWFs ...............................................................................................................6 SWFs Remain Powerful, Despite the Financial Crisis _______................_.............................................................................8 SWFs Will Remain Long-Term Investors, but the Crisis Has Prompted Some Shifts ................................................9 SWFs Will Continue to Grow ....................................................................................................................................................................11 References ...........................................................................................................................................................................................................13 2 From Reserves Accumulation to Sovereign Wealth Fund: Policy and Macrofinancial Considerations ...............................................................................15 Yinqiu Lu, Christian Mulder, and Michael Papaioannou Adequate Level of Foreign Reserves ..................................................................................................................................................16 Options for Ample Reserves ....................................................................................................................................................................18 Support from the SWF in a Financial Crisis ....................................................................................................................................19 Macrofinancial Linkages Associated with Management of an SWF ..............................................................................20 Conclusion ..............-■■......-.................................................................................................................................................................................22 References ................... ι ................................................................■....................................................................................-.................................23 3 і Sovereign Wealth Funds: New Economic Realities and the Political Responses .......................................................................................................................25 Steffen Kern Cross-Border investments: Toward a Global Diffusion of Corporate Ownership? .................................................26 SWFs as Foreign Investors in the United States and the EU: The Policy Issues .......................................................31 Policy Responses: A Danger of Protectionist Reflexes? ...........................................................................................................33 The intemattonai Dimension: Ensuring Open Markets in a Fragmented Regulatory Environment ..........36 Good Conduct by SWFs: The Key to Greater Acceptance in Recipient Countries ..............................................„ 38 Conclusion: The flobai Perspective ................................................................................„............................................................39 References ...........................................................................................................................................................................................................40 4 Sovereign Wealth Funds and Economic Policy at Home ..............................43 Jon Shields and Mauricio Villa fuerte The Role of an SWF Within the Overall Macroeconomic Policy Framework ............................................................44 Accountability ...................................................................................................................................................................................................53 Conclusion ..........................................................................................................................................................................................................55 References ...........................................................................................................................................................................................................56 Contents SECTION II ! INSTITUTIONAL FACTORS .........................................................57 5 Sovereign Wealth Funds and the Santiago Principles ...................................59 Udaibir S. Das, Adrian Mazarei, and Alison Stuart SWFs: Objectives and Taxonomy ..........................................................................................................................................................60 Issues Surrounding SWFs ..........................................................................................................................................................................61 The iWG and the Development of the Santiago Principles .................................................................................................63 The Key Features of the Santiago Principles ..................................................................................................................................65 Concluding Observations and the Road Ahead ........................................................................------------.............................70 References .................-...............................................................................................................................................................................73 6 Legal Underpinnings of Capital Account Liberalization for Sovereign Wealth Funds ...........................................................................................75 Wouter Bossu, Obianuju Ezejiofor, Thomas Laryea, and Van Liu Domestic Law................................................................................................................................................................................................... 76 International Law............................................................................................................................................................................................ 76 International Law Under the IMF s Articles of Agreement ...................................................................................................78 IMF jurisdiction over Restrictions on Current Payments .......................................................................................................79 Soft Law Through the Santiago Principles .....................................................................................................................................81 Looking Forward .............................................................................................................................................................................................83 References ............................................................................................................................................................................______...............S3 7 Sovereign Wealth Funds: Investment Flows and the Role of Transparency ............................................................................................................85 Robert Heath and Antonio Galicia-Escotto Cross-Border Data ...........................................................................................................................................................................................86 Domestic Statistics _________............................_____.........................................._.....................................................................89 How Do SWFs Fit into External Sector Statistics? .......................................................................................................................90 Statistical Data Reporting Practices of SWFs .................................................................................................................................91 Conclusion ..........................................................................................................................................................................................................92 References ...........................................................................................................................................................................................................92 8 Regulating a Sovereign Wealth Fund Through an External Fund Manager ...............................................................................................................95 André de Palma, Luc Leruth, andAdnan Mazarei Regulating the SWF Operating Overseas Through an External Fund Manager .....................................................97 A Simple Model ...............................................................................................................................................................................................99 Results, Interpretations, and Policy Implications ......................................................................................................................103 P -А Players with Multiple Objectives .............................................______..............................................................................106 Conclusion ............................................................................................................................... 110 References .........................................................................................................................................................................................................110 Annex: A Dynamic Model of Learning by Investing ...............................................................................................................111 9 Sovereign Wealth Funds and Recipient-Country Investment Policies: OECD Perspectives ...................................................................................................113 Kathryn Gordon Reaffirmation of the Relevance of OECD Investment Principles for Fair Treatment of SWFs .......................114 National Security Is a Legitimate Concern but Should Not Be Used to Disguise Protectionism ...............115 OECD Guidelines for Recipient Country Policies Relating to National Security ....................................................117 Contents Follow-Up Through the FOI Process Hosted at the OECD.................................................................................................117 Background Documents by the OECD Secretariat. .................................................................................................................120 OECD Investment Instruments .................................................................................._______......................................................121 SECTION 111 INVESTMENT APPROACHES AND FINANCIAL MARKETS 123 10 Sovereign Wealth Fund Investment Strategies: Complementing Central Bank Investment Strategies ..................................................................125 Stephen L Jen SWFs Growth Tempered by the Financial Crisis: US$1 1 Trillion by 2015...................................................................126 SWFs Are Likely to Continue to Seek Higher Returns with Higher Risk .....................................................................127 Sources of Capital Matter for SWFs Risk Tolerance ..................................................................................................................129 A 25:45:30 Long-Term Model Portfolio for SWFs ......................................................................................................................131 Less Sibling Rivalry Between Central Banks and SWFs? .....................................................................................................132 Sovereign Pension Funds .........................................................................................................................................................................134 Conclusion ........................................................................................................................................................................................................135 Reference ...........................................................................................................................................................................................................136 11 Investment Objectives of Sovereign Wealth Funds: A Shifting Paradigm .................................................................................................137 Peter Kunzel, Yinqiu Lu, Iva Petrova, and Jukka Pihlman Classification of SWFs and Its Implications ...................................................................................................................................137 Theoretical Considerations Behind SWFs Strategic Asset Allocations ........................................................................140 Comparison of SWFs Observed Asset Allocations ..................................................................................................................141 Unraveling of the Crisis ...........................................................................................................................................................................142 Implications of the Crisis for Strategic Asset Allocations .....................................................................................................146 Policy Challenges Ahead ..........................................................................................................................................................................148 Conclusion .......,................................................................................................................................................................................................149 References .........................................................................................................................................................................................................150 12 Managing a Sovereign Wealth Fund: A View from Practitioners ............151 Didier Darcet, Michael du Jeu, and Thomas S. Coleman Risk-Return Perception of a Long-Term Investor ......................................................................................................................152 The Utility Function of SWFs ..................................................................................................................................................................157 SWFs: Investment Strategy and Risk Management in Practice .......................................................................................163 Conclusion ........................................................................................................................................................................................................171 References .................................................................................................................................__...................................................................171 13 Sovereign Wealth Funds and Financial Stability: An Event-Study Analysis ........................................................................................173 Γαο Sun and Heiko Hesse Literature Review ..........................................................................................................................................................................................174 Data and Methodology ...........................................................................................................................................................................176 Empirical Results ............................................................................................................................................................................................180 Conclusion ................................................................;.......................................................................................................................................185 References .........................................................................................................................................................................................................185 14 The Macroeconomic Impact of Sovereign Wealth Funds ___...................187 Julie Kozack, Doug Laxton, and Krishna Srinivasan Current and Future Size of SWFs .........................................................................................................................................................189 How Have SWFs Coped with the 2007-09 Global Financial Crisis? .............................................................................192 vi Contents Implications for Global Capital Flows and Asset Prices ........................................................................................................194 Conclusion ........................................................................................................................................................................................................204 References ...........................................................................................................................................................................................■............204 15 A Market View on the Impact of Sovereign Wealth Funds on Global Financial Markets ......................................................................................................205 Jens Nystedt Absolute and Relative Size of SWFs in Context .........................................................................................................................206 How Do SWFs Publicly Announced Equity Investments Affect Markets? .................................................___209 Where Do SWFs Invest? ............................................................_..............____.............................................................................210 Market and Macro Implications of the Shift Toward SWFs from Official Reserves ..............................................212 How Do Market Participants React to SWF Investments? ..................................................................................................215 Market Impact and Transparency .......................................................................................................................................................217 Conclusion ........................................................................................................................................................................................................218 References .............................................................................................................................................................................................,...........220 SECTION IV POSTCRISIS OUTLOOK». ................................................................223 1 б Sovereign Wealth Funds in the New Normal .................................................225 Mohamed A. El-Erian SWFs and the Global Financial Crisis ...................................................................„........................................................................226 Aftermath of the Financial Crisis: A New Normal ....................._............................................................................................228 Implications for SWFs ..........................................„.................................................................................................................................230 Conclusion .....................................................................................................................................................................................................233 References ................._....................................................................................................................................................................................233 17 The Future of Sovereign Wealth Funds ............................................................235 Edwin M. Truman The Past: Prologue to the Future .......................................................................................................................................................235 The Future .......................................................................................................................................................................................................239 Conclusion .............................................._.......................................................................................................................................................242 References .........................................................................................................................................................................................................242 18 Long-Term Implications of the Global Financial Crisis for Sovereign Wealth Funds ........................................................................................245 Andrew Rozanov Sovereign Assets and Liabilities: A Broader Perspective ......................................................................................................248 Domestic Sovereign investments: Toward a New Washington Consensus ............................................................252 References .........................................................................................................................................................................................................255 Anp.ex ...................................................................,.......................................................... , ...257 19 A Final Word: Views of the Sovereigns ..............................................................259 A. Alberta Heritage Savings Trust Fund: Looking Forward .......................259 Aaron Brown and Rod Matheson B. Managing Chile s SWFs Beyond the Global Financial Crisis .................262 Eric Parrado C. SWFs and Recipient Countries: Toward a Win-Win Situation .............270 Jin Liqun Contents vìi D.The New Zealand Superannuation Fund: Surviving Through and Seeing Beyond the Global Financial Crisis ......................................................273 Adrian On E. Norway: Dealing with Risk in an Uncertain World ................................276 Thomas Ekeli and Martin Skancke F. The Russian Federation: Challenges for a Rainy Day .............................277 Peter Kazakevitch and Alexandra Trishkina APPENDICES ...........................................................................................................................281 1 The Santiago Principles ..........................................................................................281 2 The International Forum of Sovereign Wealth Funds .................................285 Contributors .............................................................................................................................287 Index ...........................................................................................................................................299
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subject_GND	(DE-588)4114047-3 (DE-588)4073788-3 (DE-588)7637883-4
title	Economics of sovereign wealth funds issues for policymakers
title_auth	Economics of sovereign wealth funds issues for policymakers
title_exact_search	Economics of sovereign wealth funds issues for policymakers
title_full	Economics of sovereign wealth funds issues for policymakers Udaibir S. Das ... eds.
title_fullStr	Economics of sovereign wealth funds issues for policymakers Udaibir S. Das ... eds.
title_full_unstemmed	Economics of sovereign wealth funds issues for policymakers Udaibir S. Das ... eds.
title_short	Economics of sovereign wealth funds
title_sort	economics of sovereign wealth funds issues for policymakers
title_sub	issues for policymakers
topic	Investmentfonds (DE-588)4114047-3 gnd Kreditmarkt (DE-588)4073788-3 gnd Staatsfonds (DE-588)7637883-4 gnd
topic_facet	Investmentfonds Kreditmarkt Staatsfonds
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022461893&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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