Sovereign Wealth Funds - A Work Agenda
Sovereign Wealth Funds - A Work Agenda

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2008-02-29

Total Pages: 39

ISBN-13: 1498334903

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Sovereign Wealth Funds (SWFs) are becoming increasingly important in the international monetary and financial system, attracting growing attention. SWFs are government-owned investment funds, set up for a variety of macroeconomic purposes. They are commonly funded by the transfer of foreign exchange assets that are invested long term, overseas. SWFs are not new, and some of the longer-established funds—for example those of Kuwait, Abu Dhabi, and Singapore—have existed for decades. However, high oil prices, financial globalization, and sustained, large global imbalances have resulted in the rapid accumulation of foreign assets particularly by oil exporters and several Asian countries. As a result, the number and size of SWFs are rising fast and their presence in international capital markets is becoming more prominent.

Sovereign Wealth Funds and Financial Stability—An Event Study Analysis
Sovereign Wealth Funds and Financial Stability—An Event Study Analysis

Author: Tao Sun

Publisher: International Monetary Fund

Published: 2009-10-01

Total Pages: 19

ISBN-13: 1451873867

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This paper examines financial stability issues that arise from the increased presence of sovereign wealth funds (SWFs) in global financial markets by assessing whether and how stock markets react to the announcements of investments and divestments to firms by SWFs using an event study approach. Based on 166 publicly traceable events collected on investments and divestments by major SWFs during the period from 1990 to 2009, the paper evaluates the short-term financial impact of SWFs on selected public equity markets in which they invest. The impact is analyzed on different sectors (financial and nonfinancial), actions (buy and sell), market types (developed and emerging markets), and level of corporate governance (high and low score). Results, based on these 166 events, show that there was no significant destabilizing effect of SWFs on equity markets, which is consistent with anecdotal evidence.

Setting up a Sovereign Wealth Fund: Some Policy and Operational Considerations
Setting up a Sovereign Wealth Fund: Some Policy and Operational Considerations

Author: Yinqiu Lu

Publisher: INTERNATIONAL MONETARY FUND

Published: 2009-08-01

Total Pages: 21

ISBN-13: 9781451873269

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This paper offers a policy and operational "roadmap" to policymakers considering setting up an SWF. It should also be of interest to policymakers in countries where SWFs are already in place, to review their existing policies and operations. Finally, it offers an opportunity to identify areas where research in macroeconomics and finance should give further answers as to the adequacy of existing practice related to the setting up and management of SWFs, an area where practical considerations often lead theoretical research. For instance, policymakers should optimally consider both their sovereign assets and liabilities together with their macroeconomic objectives, when setting up an SWF.

Sovereign Wealth Funds
Sovereign Wealth Funds

Author: Christopher Balding

Publisher: Oxford University Press, USA

Published: 2012

Total Pages: 232

ISBN-13: 0199752117

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Sovereign wealth funds are a growing and dynamic force in international finance. This is the first book to compile a history of sovereign wealth funds, recounting the Abu Dhabi Investment Authority's involvement with the scandal-plagued BCCI bank and Chinese arms exports to Iran. In a straightforward and accessible style, the author examines the complex and amazing growth of an unknown group of investors controlling trillions of dollars worldwide.

The Political Economy of Sovereign Wealth Funds
The Political Economy of Sovereign Wealth Funds

Author: Xu Yi-chong

Publisher: Palgrave Macmillan

Published: 2010-11-15

Total Pages: 288

ISBN-13: 9780230241091

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This book examines the origin, nature, the portfolio, organizational structure and operation of the seven largest SWFs from the perspective of the holding countries. Uniquely it tackles the issues from the perspectives of those non-OECD countries whose access to funds creates the most concern.

Investment Objectives of Sovereign Wealth Funds
Investment Objectives of Sovereign Wealth Funds

Author: Jukka Pihlman

Publisher: International Monetary Fund

Published: 2011-01-01

Total Pages: 18

ISBN-13: 1455211966

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While SWF investment objectives to some extent reflect inherent characteristics, notable differences in strategic asset allocation (SAA) exist even amongst SWFs of similar types. Even so, this paper shows that the global crisis may have changed SWF’s asset allocations in ways that may not be ideal or justified in all cases and that a review of investment objectives may be warranted. It also argues for regular macro-risk assessments for the sovereign, the continued importance of SWFs as a stabilizer in international capital markets, as well as the active role they could play in international regulatory reform.

Sovereign Wealth Funds
Sovereign Wealth Funds

Author: Christopher Balding

Publisher: Oxford University Press

Published: 2012-02-08

Total Pages:

ISBN-13: 0199942773

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Sovereign wealth funds are a growing and dynamic force in international finance. The shifting international economic relations from capital rich states gives them new power in influencing the global agenda. Despite controlling trillions of dollars in the biggest companies in the world, little is known about the opaque funds of oil rich and non-democratic governments. This is the first book to compile a history of sovereign wealth funds recounting the Abu Dhabi Investment Authority's involvement with the scandal-plagued BCCI bank and Chinese arms exports to Iran. By constructing a history within the proper context of oil driven surpluses and large inflationary pressures with no international investment framework, this book explains the development and growth of sovereign wealth funds. The economics of capital surplus countries and investment strategies are examined in order to better understand sovereign wealth fund creation and growth. In a straightforward and accessible style, the author examines the complex and amazing growth of an unknown group of investors controlling trillions of dollars worldwide.

Sovereign Wealth Funds
Sovereign Wealth Funds

Author: Abdullah Al-Hassan

Publisher: International Monetary Fund

Published: 2013-11-11

Total Pages: 34

ISBN-13: 1475514476

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This paper presents in a systematic (normative) manner the salient features of a SWF‘s governance structure, in relation to its objectives and investment management that can ensure its efficient operation and enhance its financial performance. In this context, it distinguishes among the various governing bodies and analyzes key aspects of the investment policy and setting of the risk tolerance level in order to ensure consistent risk-bearing capacity and greater accountability. Further, it discusses the important role of SWFs in macroeconomic management and the need for close coordination with other macroeconomic and financial policies as well as their role in global financial stability.