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Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance

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  • Joshua Aizenman
  • Reuven Glick

Abstract

Concerns about the implications of foreign investments by sovereign wealth funds (SWFs) stem in large part from apprehensions about the objectives and governance quality of these institutions. This paper contributes to a better understanding of the stylized facts of SWFs by providing a statistical analysis of a range of characteristics of SWFs, including the motivation for their establishment as well as their size, governance and effect on reserve management behaviour. Specifically, it estimates what factors foster the establishment of SWFs as well as affect their size. It also investigates the extent to which the governance and transparency of individual SWFs correlate with domestic and global governance practices. Lastly, it analyses how asset accumulation by SWFs may affect central bank holdings of official reserves. Copyright 2009 Blackwell Publishing Ltd

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Bibliographic Info

Article provided by Wiley Blackwell in its journal International Finance.

Volume (Year): 12 (2009)
Issue (Month): 3 (December)
Pages: 351-386

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Handle: RePEc:bla:intfin:v:12:y:2009:i:3:p:351-386

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References

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  1. Edwin M. Truman, 2008. "A Blueprint for Sovereign Wealth Fund Best Practices," Policy Briefs PB08-3, Peterson Institute for International Economics.
  2. Joshua Aizenman & Jaewoo Lee, 2005. "International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence," NBER Working Papers 11366, National Bureau of Economic Research, Inc.
  3. Joshua Aizenman, 2008. "Large Hoarding Of International Reserves And The Emerging Global Economic Architecture," Manchester School, University of Manchester, vol. 76(5), pages 487-503, 09.
  4. Yin-Wong Cheung & Hiro Ito, 2009. "A Cross-Country Empirical Analysis of International Reserves," CESifo Working Paper Series 2654, CESifo Group Munich.
  5. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
  6. Joshua Aizenman & Reuven Glick, 2008. "Pegged Exchange Rate Regimes-A Trap?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(4), pages 817-835, 06.
  7. Joshua Aizenman & Reuven Glick, 2007. "Sovereign wealth funds: stumbling blocks or stepping stones to financial globalization?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue dec14.
  8. Obstfeld, Maurice, 1996. "Models of currency crises with self-fulfilling features," European Economic Review, Elsevier, vol. 40(3-5), pages 1037-1047, April.
  9. Benjamin E. Hermalin & Michael S. Weisbach, 2007. "Transparency and Corporate Governance," NBER Working Papers 12875, National Bureau of Economic Research, Inc.
  10. Jason Kotter & Ugur Lel, 2008. "Friends or foes? The stock price impact of sovereign wealth fund investments and the price of keeping secrets," International Finance Discussion Papers 940, Board of Governors of the Federal Reserve System (U.S.).
  11. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November.
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Cited by:
  1. Thomas Grennes & Mehmet Caner, 2009. "Performance and Transparency of the Norwegian Sovereign Wealth Fund," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 119-125.
  2. Yann Marin, 2009. "Chinese Sovereign Wealth Funds: Past, Present and Future," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 105-114.
  3. Aizenman, Joshua, 2009. "On the paradox of prudential regulations in the globalized economy; International reserves and the crisis: a reassessment," Santa Cruz Department of Economics, Working Paper Series qt5hx2x2kj, Department of Economics, UC Santa Cruz.
  4. Aizenman, Joshua & Inoue, Kenta, 2012. "Central Banks and Gold Puzzles," Santa Cruz Department of Economics, Working Paper Series qt7bx7h0q4, Department of Economics, UC Santa Cruz.
  5. Yann Marin, 2009. "Fonds souverains chinois : état des lieux," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 109-119.
  6. David Kemme, 2012. "Soverign Wealth Fund Issues and the National Fund(s) of Kazakhstan," William Davidson Institute Working Papers Series wp1036, William Davidson Institute at the University of Michigan.
  7. Naotaka Sugawara, 2014. "From Volatility to Stability in Expenditure: Stabilization Funds in Resource-Rich Countries," IMF Working Papers 14/43, International Monetary Fund.
  8. Thomas Grenes & Mehmet Caner, 2009. "Le fonds souverain norvégien," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 125-131.
  9. Joshua Aizenman & Reuven Glick, 2010. "Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds," NBER Working Papers 16392, National Bureau of Economic Research, Inc.
  10. Orihuela, José Carlos, 2013. "How do “Mineral-States” Learn? Path-Dependence, Networks, and Policy Change in the Development of Economic Institutions," World Development, Elsevier, vol. 43(C), pages 138-148.

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