Sovereign Wealth Funds: Threat Or Salvation?

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Peterson Institute, 2010 - Business & Economics - 186 pages
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Sovereign wealth funds (SWFs)--special-purpose investment funds or arrangements owned by the general governmen--are not a new phenomenon in international finance. But recently, they have become a reoccurring headline, due in part to their influence on corporate governance practices. These funds also have a large impact on international markets. This timely book first traces the origins of SWFs and the buildup of international reserves. It then describes the potential political and economic power issues raised by these large holdings of cross-border assets for three entities: the countries that own them, host countries, and the international financial system. Truman presents an updated "scoreboard" of these funds, and assesss them based on structure, governance, transparency and accountability, and behavioral rules. Finally, he discusses the role of SWFs in the context of the global economic and financial crisis and its aftermath.

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Ch 1 Sovereign Wealth Funds and the Global Economy
Ch 2 What Are Sovereign Wealth Funds?
Ch 3 Issues and Concerns
Ch 4 Possible Policy Responses to Sovereign Wealth Funds
The Sovereign Wealth Fund Scoreboard
Ch 6 The Santiago Principles
Ch 7 HostCountry Responses to Sovereign Wealth Funds
Ch 8 The Future for Sovereign Wealth Funds

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About the author (2010)

Edwin M. Truman, senior fellow since 2001. He served as assistant secretary of the US Treasury for International Affairs from December 1998 to January 2001. He directed the Division of International Finance of the Board of Governors of the Federal Reserve System from 1977 to 1998. From 1983 to 1998, he was one of three economists on the staff of the Federal Open Market Committee. He is the author, coauthor, or editor of Reforming the IMF for the 21st Century (2006), A Strategy for IMF Reform (2006), Chasing Dirty Money: The Fight Against Money Laundering (2004), and Inflation Targeting in the World Economy (2003).

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