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Postscript: Precautions against state-run investment funds: active industrial policy or new "protective barriers"?

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  • Thomas Mirow

Abstract

Should the decisions of foreign investors, in particular state-run investment funds, be controlled in Germany? Supplemental to the articles published in ifo Schnelldienst 17/2007, Thomas Mirow, Federal Ministry of Finance, presents his arguments. He states that state-run investment societies are nothing new. What is new is the funds' volumes, the expected further rapid growth, the more strongly yield-oriented investment strategy as well as the concentration of the big state-run investment funds on only a few countries. Mirow sees risks particularly for the stability of the international financial markets since the investment goals of the state-run investment funds are to a large extent unknown: The restrictive information policies of many state-run funds could, in times of increasing volatility of financial markets, intensify this development through simultaneous and parallel actions. In addition, the state-run funds could be motivated, due to their proprietor structure, to pursue not only yield-orientated goals but also industrial-policy as well as foreign-policy and security-policy objectives. Therefore, in his opinion, precautions should be taken and a sensible control procedure developed that does not question the basic principles of the social market economy.

Suggested Citation

  • Thomas Mirow, 2007. "Postscript: Precautions against state-run investment funds: active industrial policy or new "protective barriers"?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 60(18), pages 06-09, September.
    • Handle: RePEc:ces:ifosdt:v:60:y:2007:i:18:p:06-09
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    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • K20 - Law and Economics - - Regulation and Business Law - - - General

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