the new economics of sovereign wealth funds

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The New Economics Of Sovereign Wealth Funds

Author : Massimiliano Castelli
ISBN : 9781119971924
Genre : Business & Economics
File Size : 61. 75 MB
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“Ever since coining the term ‘sovereign wealth funds,’ I have watched with mixed feelings the debate unfolding around them. On the one hand, the growth in size and influence of these funds has been nothing short of spectacular, with tremendously beneficial stabilising effects for the global economy and financial markets. On the other hand, heightened public scrutiny and suspicion in many recipient countries, often inspired by nothing more than deep-seated prejudice and economic nationalism, have not been helpful. There have been precious few books written on the subject and none by financial industry practitioners – until now. Castelli and Scacciavillani have taken on the challenge and made an important contribution with this book.”—Andrew Rozanov, Head of Sovereign Advisory, Permal Group & originator of the term ‘Sovereign Wealth Funds’ “A seminal work filled with interesting analyses and pinpoint arguments. I believe this book will exhilarate fund managers and academics who want to get an insight into the Sovereign Wealth Funds dynamics. We are encountering the finest Sovereign Wealth Funds book of the decade.”—Young-Kwon Cho, PhD, Publisher, The Financial News “Sovereign Wealth Funds have evolved into a major influence in global financial markets and their sophistication and professionalism has grown rapidly. This publication sets out very clearly how sovereign wealth funds work and explains their important role not just in traditional fixed income and equity markets but also in alternative asset classes such as infrastructure projects , real estate and private equity.”—Robert Parker, Senior Adviser , Credit Suisse “Castelli and Scacciavillani have razed the conventional and parochial understanding of Sovereign Wealth Funds (SWFs) dominant in the twentieth century. In its place, they offer a compelling argument that SWFs are an epiphenomenon of a secular economic re-balancing and a shift toward a multipolar global economy.”—Angelo Calvello, PhD, CEO, Impact Investment Partners and author of Environmental Alpha: Climate Change and Institutional Investors “The Great Financial Crisis has highlighted the growing importance of SWFs as a stabilizing force in capital markets and as international institutional investors. They are moving away from being purely passive portfolio investors to becoming active, direct investors. They are moving away from traditional investments – no longer ‘safe’ and ‘risk free’ – in advanced economies towards emerging markets, supporting the latter’s increasing economic dominance. In the Middle East, which hosts some of the largest SWFs, their investment focus is turning towards domestic economic development objectives. The New Economics of Sovereign Wealth Fundsby Massimiliano Castelli & Fabio Scacciavillani is well-informed, comprehensive, well written by seasoned economists, who provide an excellent overview of the issues and dispel a variety of myths about SWFs. If you are interested in the changing global economic & financial geography and understanding how investment decisions by SWFs will change global capital flows, this book should be your guide.”—Dr Nasser Saidi, Chief Economist – DIFC, Dubai International Financial Centre "This well researched book pours light over usually non-transparent and sometimes mysterious Sovereign Wealth Funds, their investment activities, and their function in an evolving global system."—George Magnus, Senior Economic Adviser, UBS

Economics Of Sovereign Wealth Funds

Author : Mr. Udaibir S. Das
ISBN : 9781452787053
Genre : Business & Economics
File Size : 67. 85 MB
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The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.

Sovereign Wealth Funds

Author : Edwin Truman
ISBN : 9780881325751
Genre : Business & Economics
File Size : 77. 86 MB
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Sovereign wealth funds (SWFs)--special-purpose investment funds or arrangements owned by the general governmen--are not a new phenomenon in international finance. But recently, they have become a reoccurring headline, due in part to their influence on corporate governance practices. These funds also have a large impact on international markets. This timely book first traces the origins of SWFs and the buildup of international reserves. It then describes the potential political and economic power issues raised by these large holdings of cross-border assets for three entities: the countries that own them, host countries, and the international financial system. Truman presents an updated "scoreboard" of these funds, and assesss them based on structure, governance, transparency and accountability, and behavioral rules. Finally, he discusses the role of SWFs in the context of the global economic and financial crisis and its aftermath.

The New Frontier Investors

Author : Jagdeep Singh Bachher
ISBN : 9781137508577
Genre : Business & Economics
File Size : 48. 77 MB
Format : PDF
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Who holds the power in financial markets? For many, the answer would probably be the large investment banks, big asset managers, and hedge funds. These are the organizations that are in the media's spotlight and whose leaders and employees command outsized salaries and bonuses. They are the supposed leading edge of global finance and their power seems almost absolute, even as questions abound about their social and economic utility. But more and more asset owners are confronting the status quo, the power to exact high fees and the focus on the short term. The New Frontier Investors chronicles the rise of this new group of long horizon asset owners that includes some of the world's largest pension funds, sovereign wealth funds, and endowments. These asset owners are driving the business of asset management to a new frontier by retaking responsibility of the end-to-end management of their investment portfolios and by re-conceptualizing investment decision-making. The lessons illustrated in The New Frontier Investors fly in the face of conventional wisdom, which has it that these asset owners are at a disadvantage to the private sector fund managers and other service providers. These asset owners are supposedly not able to attract talent nor do they have the organizational capabilities to compete. That many are located far from the markets in which they invest only exacerbates the problem. But this is incorrect. This expanding group of asset owners is learning how to make the most of their scale and long time horizons, finding new ways to attract talent, to collaborate, and to build greater alignment with the users of capital. They are not at a disadvantage. They are at an advantage. The New Frontier Investors is essential reading for anyone wanting to see a change in global financial markets and the professionalization of asset owners worldwide, from public pension funds and sovereign wealth funds to foundations and endowments. It is thus required reading for the senior executives and employees working in the field of beneficiary institutional investment, as well as government officials and others that have a stake in the design and governance of beneficiary financial institutions and long-term capital.

Sovereign Wealth Funds

Author : Gordon L. Clark
ISBN : 9781400846511
Genre : Business & Economics
File Size : 79. 49 MB
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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.

Sovereign Wealth Funds

Author : Alberto Quadrio Curzio
ISBN : 9781906659967
Genre : Business & Economics
File Size : 64. 24 MB
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In this comprehensive look at Sovereign Wealth Funds (SWFs)--state investment vehicles based on balance of payment surpluses--the authors explain how SWFs impact the world and the balance of economic power.

Sovereign Wealth Funds

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
ISBN : PSU:000065517130
Genre : Business & Economics
File Size : 81. 78 MB
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