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Sovereign Wealth Funds: Is Asia Different?

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Author Info

  • Edwin M. Truman

    ()
    (Peterson Institute for International Economics)

Abstract

Sovereign wealth funds (SWFs) have become a prominent feature of the international financial landscape. They are sufficiently diverse in their origins, structures, and objectives that generalizations are perilous. However, legitimate concerns have been raised in home and host countries about the management, behavior, and interactions of these funds. Many of those concerns can be addressed via increased accountability and transparency. The Santiago Principles are a good start in doing so, but Edwin M. Truman's SWF scoreboard points to areas where these principles can be improved. Meanwhile, SWF compliance must be further increased. At the same time, the Organization for Economic Cooperation and Development (OECD) effort to address concerns from the host-country side has not resulted in the erection of new barriers to that form of cross-border investment, but the OECD failed to reverse the creeping financial protectionism of the past decade. Because of their size and the source of their funding, some Asian funds are different. As a result, they will be held to a higher standard of accountability and transparency even as their government owners press for more openness to cross-border investment.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP11-12.

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Date of creation: Jun 2011
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Handle: RePEc:iie:wpaper:wp11-12

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Related research

Keywords: Asia; international investment; OECD; Santiago Principles; sovereign wealth funds;

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Cited by:
  1. Allie Bagnall & Edwin M. Truman, 2011. "IFSWF Report on Compliance with the Santiago Principles: Admirable but Flawed Transparency," Policy Briefs PB11-14, Peterson Institute for International Economics.
  2. Joseph E. Gagnon, 2012. "Combating Widespread Currency Manipulation," Policy Briefs PB12-19, Peterson Institute for International Economics.
  3. Joseph E. Gagnon, 2013. "The Elephant Hiding in the Room: Currency Intervention and Trade Imbalances," Working Paper Series WP13-2, Peterson Institute for International Economics.
  4. Joseph E. Gagnon, 2012. "Global Imbalances and Foreign Asset Expansion by Developing Economy Central Banks," Working Paper Series WP12-5, Peterson Institute for International Economics.
  5. Kim, Woochan, 2011. "Korea investment corporation: its origin and evolution," MPRA Paper 44028, University Library of Munich, Germany.

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