04943nam 22006371 450 991045373570332120200520144314.0981-4452-48-3(CKB)2550000001168295(EBL)1578318(SSID)ssj0001157965(PQKBManifestationID)11741911(PQKBTitleCode)TC0001157965(PQKBWorkID)11211563(PQKB)11699893(MiAaPQ)EBC1578318(WSP)00008732(Au-PeEL)EBL1578318(CaPaEBR)ebr10813534(CaONFJC)MIL549561(OCoLC)869905597(EXLCZ)99255000000116829520131230h20142014 uy 0engur|n|---|||||txtccrEvolving roles of sovereign wealth managers after the financial crisis past, present and future /Bernard LeeSingapore ;Hackensack, New Jersey :World Scientific Publishing Company,[2014]©20141 online resource (122 p.)Description based upon print version of record.981-4452-47-5 1-306-18310-3 Includes bibliographical references and index.Preface; Acknowledgments; Contents; List of Figures; List of Tables; 1. Overview; 1.1 Are SWFs Potential Causes for Concern?; 1.2 Research on SWF Investing; 1.3 Implications to Global Imbalances; 1.4 Should there be Structural Solutions prior to Launching Rescue Attempts?; 1.4.1 Restoration of Gold Standard; 1.4.2 "Printing Money" Ad Infinitum; 1.4.3 Issuing an Alternative Trading Currency; 1.5 Can Sovereign Wealth Funds Save the Global Economy?; 1.5.1 SWF Performance Objectives; 1.5.2 Intervening in a Financial Crisis; 1.6 Potential Policy Implications; 1.7 Summary; 2. Past Realities2.1 Brief History of Sovereign Wealth Management2.1.1 General Landscape; 2.1.2 Excess Reserve Accumulation; 2.1.3 "Free" Market Capitalism; 2.1.4 Rescuer of Last Resort; 2.1.5 Alpha and Size; 2.1.6 Non-Investment Considerations; 2.2 Factors Impacting Investing Behavior; 2.2.1 Assets Under Management; 2.2.2 Investment Objectives and Performance Benchmarks; 2.2.3 Constraints and Regulations; 2.2.3.1 Investment Constraints; 2.2.3.2 Regulations; 2.3 Risk and Performance Analysis; 2.3.1 Return Analysis Example - Norway Government Pension Fund; 2.3.2 Risk Analysis Example - Temasek Holdings2.3.3 Practical Allocation Between Active and Passive Portfolios2.4 Summary; 3. Evolving Roles; 3.1 Introduction; 3.1.1 Motivation; 3.1.2 Recap on the Lee (2006) Approach; 3.1.3 Roadmap; 3.2 Abstract Model of Global Economy; 3.2.1 Basic Descriptions; 3.2.2 Country A - Rich in Resources; 3.2.3 Country B - Rich in Labor; 3.2.4 Country C - Rich in Intellectual Properties/Innovation; 3.2.5 Analysis in the Absence of Policy Actions; 3.3 Potential Outcomes of Policy Interventions; 3.3.1 Intervention Policy 1 - Restoration of a Gold Standard3.3.2 Intervention Policy 2 - "Printing Money" Ad Infinitum3.3.3 Intervention Policy 3 - Issuing Alternative Trading Currencies; 3.4 Implications to SWF Investing; 3.4.1 SWF Asset Allocation in Typical Markets; 3.4.2 SWF Allocation under Market in Distress; 3.4.3 SWF Participation in Rescue Efforts; 3.5 Summary; 4. Future Directions; 4.1 Evolving Global Financial Landscape; 4.1.1 Euro Crisis in Slow Motion; 4.1.2 Impacts on Third-Party Bystanders; 4.2 Thinking Ahead; 4.2.1 Scenario 1 - Default of Major Debt Issuer; 4.2.2 Scenario 2 - Mass Hoarding of Commodities4.2.3 Scenario 3 - Conflicts in East Asia4.3 Investment Policy Implications; 4.3.1 Surplus Countries; 4.3.2 Deficit Countries; 4.3.3 New Gold Standard; 4.4 Summary; 5. Conclusions; Bibliography; IndexConsider these phenomena: Savers at surplus countries are often ""penalized"" by astronomical consumer prices, while spenders at debtor countries enjoy bargain basement prices; Silicon Valley continues to be the global leader in R&D and innovation despite chaos in public finance; and; Surplus countries worry about holding potentially worthless IOUs issued by elected debtor governments. In this book, Professor Lee has tried to better understand sovereign wealth management in the context of saver and debtor countries, by presenting a unified model that can explain these observed phenomena. His aGlobal Financial Crisis, 2008-2009WealthElectronic books.Global Financial Crisis, 2008-2009.Wealth.336.15Lee Bernard15549MiAaPQMiAaPQMiAaPQBOOK9910453735703321Evolving roles of sovereign wealth managers after the financial crisis2017483UNINA