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The Macroeconomics of Sovereign Wealth Funds

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  • M S McKenzie

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Abstract

The dramatic growth in sovereign wealth funds (SWFs) has implications which are still emerging for national economies and globally. This paper considers why SWFs have become key international financial institutions for some countries, particularly developing ones. This adds to the literature on second best development strategies (Hausmann and Rodrik 2003), here applying it to SWFs. A macroeconomic approach is taken towards the phenomenon of reserves accumulation and motives for SWFs. These are evaluated in terms of balance of payments positions and inferred trade and exchange policies. The role of SWFs in promoting country growth and international stability is considered in view of the global financial crisis (GFC).

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File URL: http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/2011_6.pdf
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Paper provided by Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance in its series Economics Series with number 2011_6.

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Date of creation: 09 Dec 2011
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Handle: RePEc:dkn:econwp:eco_2011_6

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  1. Dani Rodrik, 2008. "Second-Best Institutions," NBER Working Papers 14050, National Bureau of Economic Research, Inc.
  2. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
  3. Khan, Saleem M. & Khan, Zahira S., 2007. "World Investment Report 2006, FDI from Developing and Transition Economies: Implications for Development by United Nations Conference on Trade and Development (UNCTAD). United Nations Publications, Ne," Journal of Asian Economics, Elsevier, vol. 18(3), pages 553-561, June.
  4. Reisen, Helmut, 2008. "How to spend it: Commodity and non-commodity sovereign wealth funds," Research Notes 28, Deutsche Bank Research.
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