LEADER 04943nam 22006371 450 001 9910453735703321 005 20200520144314.0 010 $a981-4452-48-3 035 $a(CKB)2550000001168295 035 $a(EBL)1578318 035 $a(SSID)ssj0001157965 035 $a(PQKBManifestationID)11741911 035 $a(PQKBTitleCode)TC0001157965 035 $a(PQKBWorkID)11211563 035 $a(PQKB)11699893 035 $a(MiAaPQ)EBC1578318 035 $a(WSP)00008732 035 $a(Au-PeEL)EBL1578318 035 $a(CaPaEBR)ebr10813534 035 $a(CaONFJC)MIL549561 035 $a(OCoLC)869905597 035 $a(EXLCZ)992550000001168295 100 $a20131230h20142014 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEvolving roles of sovereign wealth managers after the financial crisis $epast, present and future /$fBernard Lee 210 1$aSingapore ;$aHackensack, New Jersey :$cWorld Scientific Publishing Company,$d[2014] 210 4$dİ2014 215 $a1 online resource (122 p.) 300 $aDescription based upon print version of record. 311 $a981-4452-47-5 311 $a1-306-18310-3 320 $aIncludes bibliographical references and index. 327 $aPreface; 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 Realities 327 $a2.1 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 Holdings 327 $a2.3.3 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 Standard 327 $a3.3.2 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 Commodities 327 $a4.2.3 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; Index 330 $aConsider 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 a 606 $aGlobal Financial Crisis, 2008-2009 606 $aWealth 608 $aElectronic books. 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aWealth. 676 $a336.15 700 $aLee$b Bernard$015549 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910453735703321 996 $aEvolving roles of sovereign wealth managers after the financial crisis$92017483 997 $aUNINA