LEADER 07544nam 2200661 a 450 001 9910811772903321 005 20200520144314.0 010 $a1-281-60630-8 010 $a9786613787002 010 $a0-231-53028-5 024 7 $a10.7312/bolt15862 035 $a(CKB)2550000000064551 035 $a(EBL)908923 035 $a(OCoLC)828795455 035 $a(SSID)ssj0000647696 035 $a(PQKBManifestationID)12201032 035 $a(PQKBTitleCode)TC0000647696 035 $a(PQKBWorkID)10594046 035 $a(PQKB)10910037 035 $a(StDuBDS)EDZ0000760240 035 $a(DE-B1597)458666 035 $a(OCoLC)769189367 035 $a(OCoLC)979620640 035 $a(DE-B1597)9780231530286 035 $a(Au-PeEL)EBL908923 035 $a(CaPaEBR)ebr10510751 035 $a(CaONFJC)MIL378700 035 $a(MiAaPQ)EBC908923 035 $a(EXLCZ)992550000000064551 100 $a20110810d2011 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 00$aSovereign wealth funds and long-term investing /$fedited by Joseph E. Stiglitz, Patrick Bolton, and Frederic Samama 210 $aNew York $cColumbia University Press$d2011 215 $a1 online resource (253 p.) 300 $aDescription based upon print version of record. 311 $a0-231-15863-7 311 $a0-231-15862-9 320 $aIncludes bibliographical references. 327 $tFrontmatter -- $tContents -- $tAcknowledgments -- $tIntroduction / $rBolton, Patrick / Samama, Frederic / Stiglitz, Joseph E. -- $t1 Keynote Addresses -- $tSovereign Wealth Funds - Distinguishing Aspects and Opportunities / $rStiglitz, Joseph E. -- $tThe Contribution of Institutional Investors to Fostering Stability and Long-Term Growth / $rRomanet, Augustin de -- $tSovereign Wealth Funds as Stabilizers / $rVelasco, Andrés -- $tFinancing Long-Term Investments After the Crisis: A View from Europe / $rBassanini, Franco -- $tWhat Sovereign Wealth Funds Can Do to Alleviate Global Poverty / $rWolfensohn, James -- $tThe Sovereign Debt Problem / $rSoros, George -- $t2 The State of Sovereign Wealth Funds -- $tOverview -- $tThe Rationale for Sovereign Wealth Funds from a Development Perspective / $rGriffith-Jones, Stephany / Ocampo, José Antonio -- $tSovereign Wealth Funds: Form and Function in the Twenty-first Century / $rClark, Gordon L. / Monk, Ashby H. B. -- $t3 Benchmarking and Performance Standards -- $tIntroduction / $rChiappori, Pierre-André -- $tStabilization Funds / $rParrado, Eric -- $tTilt of Benchmarks / $rLitterman, Bob -- $tFour Benchmarks of Sovereign Wealth Funds / $rAng, Andrew -- $tWhich Financial Benchmarks and Other Incentives Work for Long-Term Investing? / $rSpiegel, Shari -- $tFurther Considerations -- $tPanel Summary -- $tPanel Paper: The Four Benchmarks of Sovereign Wealth Funds / $rAng, Andrew -- $t4 Fostering Development Through Socially Responsible Investment -- $tIntroduction / $rGriffith-Jones, Stephany -- $tSovereign Wealth Funds as Catalysts of Socially Responsible Investing / $rLandier, Augustin -- $tObjectives and Ethical Guidelines of Norges Bank Investment Management / $rDyrdal, Dag -- $tBuilding Emerging Countries' Financial Infrastructure by Investing in Microfinance / $rVentura, Arnaud -- $tFurther Considerations -- $tPanel Summary -- $t5 Expanding Investment Horizons: Opportunities for Long-Term Investors -- $tIntroduction / $rBolton, Patrick -- $tHow to Reward Long-Term Investors / $rSamama, Frederic -- $tSovereign Wealth Funds and the Shifting Wealth of Nations / $rSantiso, Javier -- $tCompensation and Risk-Taking in the U.S. Financial Industry / $rScheinkman, José -- $tBuilding Long-Term Strategies for Investment of Sovereign Wealth / $rSkancke, Martin -- $tFurther Considerations -- $tPanel Summary -- $tPanel Paper: Capital Access Bonds - Securities Implementing Countercyclical Investment Strategies / $rBolton, Patrick / Samama, Frederic -- $tPanel Paper: L-Shares - Rewarding Long-Term Investors / $rBolton, Patrick / Samama, Frederic -- $t6 Reducing Climate Risk -- $tIntroduction / $rGoldmark, Peter -- $tInfluencing Clean Innovations / $rAghion, Philippe -- $tThe Emerging Role of State Investors in the Governance of Global Corporations / $rDickinson, Paul -- $tThe Rise of Carbon-Free Technology / $rGuesnerie, Roger -- $tSmart Energy Globalization / $rJhirad, David -- $tFurther Considerations -- $tPanel Summary -- $t7 Managing Risk During Macroeconomic Uncertainty -- $tIntroduction / $rStiglitz, Joseph E. -- $tMacroeconomic Uncertainty and Managing Risk for Sovereign Wealth Funds / $rFratzscher, Oliver -- $tFunds and Volatility / $rVelasco, Andrés -- $tManaging Uncertainty / $rJohnson, Rob -- $tKey Issues / $rZhu, Min -- $tFurther Considerations -- $tPanel Summary -- $t8 Managing Commodity Price Volatility -- $tIntroduction / $rHeal, Geoffrey -- $tManaging Commodity Price Volatility / $rBrière, Marie -- $tChile and Copper / $rBriones, Ignacio -- $tManagement of Commodity Price Risks on Sovereign Balance Sheets / $rPihlman, Jukka -- $tFurther Considerations -- $tPanel Summary -- $tPanel Paper: Managing Commodity Risk - Can Sovereign Funds Help? / $rBrière, Marie -- $t9 Sovereign Wealth Funds and World Governance -- $tIntroduction / $rSassen, Saskia -- $tReconciling Sovereignty, Accountability, and Transparency in Sovereign Wealth Funds / $rGelpern, Anna -- $tRestrictions on Cross-Border Investment / $rGreene, Edward -- $tThe Value of Transparency / $rOrr, Adrian -- $tMaximizing Autonomy in the Shadow of Great Powers / $rPistor, Katharina -- $tFurther Considerations -- $tPanel Summary -- $tContributors -- $tAbout the Conference Organizers 330 $aSovereign wealth funds (SWFs) are state-owned investment funds with combined asset holdings that are fast approaching four trillion dollars. Recently emerging as a major force in global financial markets, SWFs have other distinctive features besides their state-owned status: they are mainly located in developing countries and are intimately tied to energy and commodities exports, and they carry virtually no liabilities and have little redemption risk, which allows them to take a longer-term investment outlook than most other institutional investors. Edited by a Nobel laureate, a respected academic at the Columbia Business School, and a longtime international banker and asset manager, this volume examines the specificities of SWFs in greater detail and discusses the implications of their growing presence for the world economy. Based on essays delivered in 2011 at a major conference on SWFs held at Columbia University, this volume discusses the objectives and performance of SWFs, as well as their benchmarks and governance. What are the opportunities for SWFs as long-term investments? How do they fulfill their socially responsible mission? And what role can SWFs play in fostering sustainable development and greater global financial stability? These are some of the crucial questions addressed in this one-of-a-kind volume. 606 $aSovereign wealth funds 615 0$aSovereign wealth funds. 676 $a332.67/252 686 $aQK 530$2rvk 701 $aStiglitz$b Joseph E$0303847 701 $aBolton$b Patrick$f1957-$0300066 701 $aSamama$b Frederic$01627345 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910811772903321 996 $aSovereign wealth funds and long-term investing$93963893 997 $aUNINA