Sovereign Wealth Funds Threat or Salvation 1st Edition by Edwin Truman ISBN 978-0881324983 0881324981

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Product details: 

ISBN 10:   0881324981

ISBN 13: 978-0881324983

Author:  Edwin Truman

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.

Table of contents: 

1 Sovereign Wealth Funds and the Global Economy

Sovereign Wealth Funds and the Global Financial Crisis

Response to Sovereign Wealth Funds

Structure of the Book

2 What Are Sovereign Wealth Funds?

What, When, and How?

Potential for Growth

Sovereign Wealth Funds and the International Financial System

3 Issues and Concerns

Mismanagement of Investments

Pursuit of Political or Economic Power Objectives

Financial Protectionism

Market Turmoil and Uncertainty

Conflicts of Interest

Concluding Comments

4 Possible Policy Responses to Sovereign Wealth Funds

Comprehensive Regulation

Prohibition of Specific Investments

Limitations on Investment Activities

Reciprocal Arrangements

5 Accountability and Transparency:

The Sovereign Wealth Fund Scoreboard

The Scoreboard

Elements of the Scoreboard

Evidence of Progress

Comparison with Other Indices and Indicators

Arguments against the Scoreboard Approach

The Scoreboard and Concerns about Sovereign Wealth Funds

Appendix 5A Scoreboard for Sovereign Wealth Funds

6 The Santiago Principles

International Working Group

Assessment of the Santiago Principles

Discussion of the Santiago Principles

Next Steps

7 Host-Country Responses to Sovereign Wealth Funds

OECD Response

Assessment of Collective Actions

Actions by Individual Countries

Reciprocal Responsibility

8 The Future for Sovereign Wealth Funds

Upgrading the Santiago Principles

Augmented Reciprocal Responsibility

Improving Data Collection and Related Disclosures

A Comprehensive Framework as the Ultimate Goal

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Tags: Edwin Truman, Sovereign Wealth, Funds Threat