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A few sovereigns more: the rise of sovereign wealth funds

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  • Will Devlin

    (Treasury, Government of Australia)

  • Bill Brummitt

    (Treasury, Government of Australia)

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    Abstract

    One of the most striking developments in international financial markets over recent years has been the emergence of dedicated government investment vehicles as an important investor class. These so-called ‘sovereign wealth funds' (SWFs) have grown rapidly both in size and number, fuelled by a sharp and sustained rise in energy and commodity prices and by large current account surpluses among the export-oriented economies of East Asia. This paper finds that while these funds may not pose a direct threat to financial stability, concerns over a lack of transparency and non-commercial investment motives may give rise to an increase in 'financial protectionism'.

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    File URL: http://archive.treasury.gov.au/documents/1329/PDF/07_A_few_sovereigns_more_the_rise_of_sovereign_wealth_funds.pdf
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    Bibliographic Info

    Article provided by Treasury, Australian Government in its journal Economic Roundup.

    Volume (Year): (2007)
    Issue (Month): 4 (December)
    Pages: 119-136

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    Handle: RePEc:tsy:journl:journl_tsy_er_2007_4_3

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    Related research

    Keywords: foreign direct investment; foreign ownership; sovereign wealth funds; transparency;

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    1. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
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