LEADER 08940oam 22016334 450 001 9910820445603321 005 20240402023507.0 010 $a1-4623-0473-7 010 $a1-4527-8705-0 010 $a1-283-53821-0 010 $a9786613850669 010 $a1-4527-2549-7 035 $a(CKB)2550000000102022 035 $a(EBL)1586782 035 $a(SSID)ssj0001107455 035 $a(PQKBManifestationID)11602000 035 $a(PQKBTitleCode)TC0001107455 035 $a(PQKBWorkID)11082866 035 $a(PQKB)11578488 035 $a(SSID)ssj0000655563 035 $a(PQKBManifestationID)12260699 035 $a(PQKBTitleCode)TC0000655563 035 $a(PQKBWorkID)10596244 035 $a(PQKB)11670164 035 $a(MiAaPQ)EBC1586782 035 $a(Au-PeEL)EBL1586782 035 $a(CaPaEBR)ebr10557138 035 $a(CaONFJC)MIL385066 035 $a(OCoLC)867927032 035 $a(IMF)SWFEE 035 $a(IMF)SWFEA 035 $a(EXLCZ)992550000000102022 100 $a20020129d2010 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEconomics of Sovereign Wealth Funds /$fUdaibir Das, Adnan Mazarei, Han Hoorn 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2010. 215 $a1 online resource (706 p.) 300 $aDescription based upon print version of record. 311 $a1-58906-927-7 320 $aIncludes bibliographical references and index. 327 $aCover Page; Copyright Page; Content Page; Boxes; Tables; Figures; Foreword; Acknowledgments; Introduction; Abbreviations and Acronyms; Section I Role And Macrofinancial Relevance; 1 Demystifying Sovereign Wealth Funds; Understanding the Rise of SWF's; Figure 1.1. Petrodollar and Asian SWF's Rank Among the Largest; Figure 1.2. Foreign Reserves in Central Banks Account for 90 Percent of Asian Sovereign Foreign Assets; The Diverse Aims and Investment Strategies of SWF's; Figure 1.3. SWF Investment Strategies Vary Widely; SWFs Remain Powerful, Despite the Financial Crisis 327 $aFigure 1.4. SWF Assets Held Steady in 2008 SWF's Will Remain Long-Term Investors, but the Crisis Has Prompted Some Shifts; SWF's Will Continue to Grow; Figure 1.5. SWF Assets Could Reach US 4.3 Trillion by 2013; References; 2 From Reserves Accumulation to Sovereign Wealth Fund: Policy and Macrofinancial Considerations; Adequate Level of Foreign Reserves; Options for Ample Reserves; Support from the SWF in a Financial Crisis; Macrofinancial Linkages Associated with Management of an SWF; Conclusion; References; 3 Sovereign Wealth Funds: New Economic Realities and the Political Responses 327 $aCross-Border Investments: Toward a Global Diffusion of Corporate Ownership? Figure 3.1. Regional Distribution of Assets Held by Sovereign Investors, Percentage of Total, May 2010; Figure 3.2. Financial Assets and Markets Worldwide, by Volume; Figure 3.3. Sovereign Investments and Asset Sales, 1995-2009; Figure 3.4. Sovereign Investments by Size of Acquired Stakes; Figure 3.5. Projected Growth in SWF Assets through 2020; SWF's as Foreign Investors in the United States and the EU: The Policy Issues; Figure 3.6. Effects of SWF Investments on Bank Share Prices 327 $aPolicy Responses: A Danger of Protectionist Reflexes?The International Dimension: Ensuring Open Markets in a Fragmented Regulatory Environment; Good Conduct by SWF's: The Key to Greater Acceptance in Recipient Countries; Conclusion: The Global Perspective; References; 4 Sovereign Wealth Funds and Economic Policy at Home; The Role of an SWF Within the Overall Macroeconomic Policy Framework; Box 4.1. SWF's' Objectives: Selected Examples; Box 4.2. SWF's and the Global Financial Crisis; Accountability; Conclusion; References; Section II Institutional Factors 327 $a5 Sovereign Wealth Funds and the Santiago Principles SWF's: Objectives and Taxonomy; Issues Surrounding SWF's; The IWG and the Development of the Santiago Principles; The Key Features of the Santiago Principles; Box 5.1. The Santiago Principles: Elements Addressing Issues Raised; Concluding Observations and the Road Ahead; References; 6 Legal Underpinnings of Capital Account Liberalization for Sovereign Wealth Funds; Domestic Law; International Law; International Law Under the IMF's Articles of Agreement; IMF Jurisdiction over Restrictions on Current Payments 327 $aSoft Law Through the Santiago Principles 330 3 $aThe book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years. 410 0$aBooks 606 $aSovereign wealth funds 606 $aInvestment of public funds 606 $aMacroeconomics$2imf 606 $aBanks and Banking$2imf 606 $aFinancial Risk Management$2imf 606 $aExports and Imports$2imf 606 $aInvestments: General$2imf 606 $aForeign Exchange$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aMonetary Policy$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aFinancial Crises$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aInternational economics$2imf 606 $aFinancial crises$2imf 606 $aCentral banks$2imf 606 $aSovereign wealth funds$2imf 606 $aAsset and liability management$2imf 606 $aGlobal financial crisis of 2008-2009$2imf 606 $aInternational reserves$2imf 606 $aInvestment policy$2imf 606 $aNational accounts$2imf 606 $aForeign direct investment$2imf 606 $aBalance of payments$2imf 606 $aCurrency crises$2imf 606 $aBanks and banking, Central$2imf 606 $aForeign exchange reserves$2imf 606 $aGlobal Financial Crisis, 2008-2009$2imf 606 $aSaving and investment$2imf 606 $aFinancial services industry$2imf 615 0$aSovereign wealth funds. 615 0$aInvestment of public funds. 615 7$aMacroeconomics 615 7$aBanks and Banking 615 7$aFinancial Risk Management 615 7$aExports and Imports 615 7$aInvestments: General 615 7$aForeign Exchange 615 7$aCentral Banks and Their Policies 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aMonetary Policy 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aFinancial Crises 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aEconomic & financial crises & disasters 615 7$aBanking 615 7$aFinance 615 7$aInternational economics 615 7$aFinancial crises 615 7$aCentral banks 615 7$aSovereign wealth funds 615 7$aAsset and liability management 615 7$aGlobal financial crisis of 2008-2009 615 7$aInternational reserves 615 7$aInvestment policy 615 7$aNational accounts 615 7$aForeign direct investment 615 7$aBalance of payments 615 7$aCurrency crises 615 7$aBanks and banking, Central 615 7$aForeign exchange reserves 615 7$aGlobal Financial Crisis, 2008-2009 615 7$aSaving and investment 615 7$aFinancial services industry 676 $a332.67/252 700 $aDas$b Udaibir$01600334 701 $aMazarei$b Adnan$01612460 701 $aHoorn$b Han$01612461 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910820445603321 996 $aEconomics of Sovereign Wealth Funds$93941254 997 $aUNINA