The Politics of Sovereign Wealth Funds

Balding, Christopher

doi:10.1093/acprof:oso/9780199842902.003.0004

Cited by 6 publications

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“…In short, global markets were infused with an expanding pool of capital from institutions owned and controlled by states. This contemporary history has been well documented by Balding (2012), Dixon (2017), Dixon et al (2022), and Rietveld and Toledano (2017), among others.…”

Section: Introductionmentioning

confidence: 64%

The Evolving Landscape of Sovereign Wealth Funds in a Changing World Economy: How Resilient Are the Santiago Principles?

Barbary¹,

Dixon

Schena

2023

Springer Studies in Law &Amp; Geoeconomics

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The emergence of sovereign wealth funds in the early 2000s as a growing pool of large, globally focused state-owned investors quickly became a concern for politicians in the United States and in Europe who were fearful of possible financial and economic malfeasance by these institutions. Underlying these concerns were normative foundations that presumed liberal global capital markets to be the reserve primarily of private actors. The presence of state actors also raised questions about possible market distortion if capital allocation decisions are made on non-commercial (political) grounds. Such concerns led to the creation of 24 Generally Accepted Principles and Practices for sovereign wealth funds, commonly referred to as the Santiago Principles, as a means of increasing the transparency of sovereign wealth funds and ultimately legitimizing their presence in global capital markets. Since then, the transparency of sovereign wealth funds in aggregate has increased, and much of the fervent concerns about sovereign wealth funds as ‘barbarians at the gate’ have subsided. However, this does not mean that concerns from investment-receiving countries have disappeared. Sovereign wealth funds are still state capital, and scrutiny thereof in general has increased. At the same time, the number of sovereign wealth funds has increased, as have the number of funds focused on strategic investments. This article discusses the changing landscape of sovereign wealth funds and the challenges this poses for the Santiago Principles as the global governance regime for sovereign wealth funds.

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Section: Introductionmentioning

confidence: 64%

The Evolving Landscape of Sovereign Wealth Funds in a Changing World Economy: How Resilient Are the Santiago Principles?

Barbary¹,

Dixon

Schena

2023

Springer Studies in Law &Amp; Geoeconomics

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“…These Phobia led the OECD and G7 to seek refuge in the International Monetary Fund, and World Bank, their instruments of Global Financial Governance for the fabrication of regimes capable of caging the operators of the Sovereign Wealth Funds (Badian & Harrington, 2008).…”

Section: Understanding the Dynamics Of Sovereign Wealth Fundmentioning

confidence: 99%

Sovereign Wealth Fund or State Capitalism: Nigeria’s Search for a Stable Economic Order

Mmaduabuchi

2020

Journal of International Studies

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For quite some time now, the Sovereign Wealth Fund (SWF) has become an issue in the front burner of Nigeria’s national debate. The manner it was handled by the federal government became suspicious because there was serious disagreement among the stake holders, starting with the source of funding. But the whole idea of SWF in itself has remained controversial especially with regard to the problem it is meant to solve. The paper makes a contribution to this debate with an analysis of the extant literature and theoretical framework. It cites examples of successful experiences of the SWF and the circumstances that back up their results and suggests that Nigeria’s search for a stable economic order does not lie in the SWF but more importantly to take care of all the necessary structural changes and erect a new political framework for a viable and durable economic development.

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“…SWFs serve to strengthen the economic capacity of the country, establishing the fund (Gyeyir, 2019). Therefore, a unique feature of SWFs is to allow their growth to enable resource-rich countries to fall on them during periods of famine (Balding, 2012).…”

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confidence: 99%

Does Ghana, A Developing Resource-Rich Country, Need Sovereign Wealth Funds? A Case Study of Ghana’s Sovereign Wealth Funds

2023

JLPG

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Natural resources generate wealth for developing resource-rich countries associated with substantial financial inflows. Managing such huge returns creates challenges resulting in corruption and mismanagement in developing resource-rich countries. Developing resource-rich countries have thus resorted to Sovereign Wealth Funds on the advice of their development partners. Meanwhile, developing resource-rich countries borrow to address developmental challenges. Ghana's Petroleum Revenue Management Act creates Sovereign Wealth Funds. This paper argues that due to Ghana's developmental challenges, Ghana requires the immediate use of the revenue rather than borrowing domestically and overseas for capital projects. Ghana must rethink the creation of Sovereign Wealth Funds.

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The Politics of Sovereign Wealth Funds

Cited by 6 publications

References 0 publications

The Evolving Landscape of Sovereign Wealth Funds in a Changing World Economy: How Resilient Are the Santiago Principles?

The Evolving Landscape of Sovereign Wealth Funds in a Changing World Economy: How Resilient Are the Santiago Principles?

Sovereign Wealth Fund or State Capitalism: Nigeria’s Search for a Stable Economic Order

Does Ghana, A Developing Resource-Rich Country, Need Sovereign Wealth Funds? A Case Study of Ghana’s Sovereign Wealth Funds

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