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Success And Failures Of SWFS On The Macroeconomic Performance, Time-Varying Objectives And First Liquidations Of Sovereign Wealth Funds

Author

Listed:
  • Jean-François Carpantier

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

  • Wessel N. Vermeulen

    (Newcastle University)

Abstract

There are now more than 100 Sovereign Wealth Funds around the world and some exist for more than 50 years. Currently, they face headwinds due to the end of the commodity supercycle and to gradual reduction of the global imbalances. We review what remains from their original definitions and discuss the SWFs’ alternative institutional design for reaching their objectives (saving, stabilization and development). We find that SWFs are more heterogenous than ever. We then review the available literature on the assessment of their effectiveness in stabilizing the economy, economic development and long-term savings. We find that this is a severely understudied area. By extension, not all SWF have had a successful track-record and the world has moved into a period with regular SWF liquidations, which may be a new area research.

Suggested Citation

  • Jean-François Carpantier & Wessel N. Vermeulen, 2021. "Success And Failures Of SWFS On The Macroeconomic Performance, Time-Varying Objectives And First Liquidations Of Sovereign Wealth Funds," LIDAM Discussion Papers IRES 2021006, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvir:2021006
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    File URL: https://sites.uclouvain.be/econ/DP/IRES/2021006.pdf
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    Cited by:

    1. Coutinho, Leonor & Georgiou, Dimitrios & Heracleous, Maria & Michaelides, Alexander & Tsani, Stella, 2022. "Limiting fiscal procyclicality: Evidence from resource-dependent countries," Economic Modelling, Elsevier, vol. 106(C).

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    Keywords

    Sovereign Wealth Funds; Resources management; Natural resource course; intergeneration equity;
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