We then summarize the empirical literature studying how SWFs actually do allocate funds-across asset classes, geographically, and across industries. We discuss the documented importance of SWF funding sources (oil sales revenues versus excess reserves from export earnings) and survey the normative literature describing how SWFs should allocate funds. The most salient and controversial feature of SWFs is that they are state-owned we survey the existing literature on state ownership and discuss what this predicts about the efficiency and beneficence of government control of SWF assets. Research papers have analyzed the evolution of SWFs from stabilization funds to stand-alone wealth management funds we both survey this research and show that more than 25 countries have launched or proposed new SWFs since January 2008. ![]() We survey the literature documenting the rise of sovereign wealth funds (SWFs), which, with assets under management of over $5.4 trillion at year-end 2014, are a major force in global finance.
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