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Modernity, Imitation, and Performance: Sovereign Funds in the Gulf

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Listed:
  • Clark Gordon L.

    (Oxford University)

  • Monk Ashby

    (Stanford University)

Abstract

Whereas debate about sovereign wealth funds (SWFs) often focuses upon the global significance of their investment strategies, these institutions are also emblematic of the new global order of financial capitalism. SWFs are a mechanism for states to advance their interests through global financial markets and are a switch point for the translation of resource assets into financial assets in global markets. Yet, realising the promise of SWFs is not easy. The form and functions of these institutions are typically conceived in Western terms, so the necessary infrastructure for their effective performance may not exist in non-Western jurisdictions. Nonetheless, these funds have grown increasingly popular throughout the world. As such, this paper examines the process of SWF adoption in non-Western jurisdictions, and, in particular, SWFs’ recent rise in popularity amongst the Gulf States. These countries are particularly interesting as they face a variety of challenges due to institutional contradictions between the norms of Western finance and the inherited traditions of the Gulf. While Gulf SWFs may be limited in their effectiveness, these funds still serve as an important symbol for the region, representing a formal gesture towards ‘modernity’ in the context of nation-states’ inherited traditions.

Suggested Citation

  • Clark Gordon L. & Monk Ashby, 2012. "Modernity, Imitation, and Performance: Sovereign Funds in the Gulf," Business and Politics, De Gruyter, vol. 14(1), pages 1-24, April.
  • Handle: RePEc:bpj:buspol:v:14:y:2012:i:1:n:1
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    References listed on IDEAS

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    2. Corden, W M, 1984. "Booming Sector and Dutch Disease Economics: Survey and Consolidation," Oxford Economic Papers, Oxford University Press, vol. 36(3), pages 359-380, November.
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    4. Clark, Gordon, 2000. "Pension Fund Capitalism," OUP Catalogue, Oxford University Press, number 9780199240487.
    5. repec:mes:jeciss:v:30:y:1996:i:4:p:1212-1216 is not listed on IDEAS
    6. Ammann, Manuel & Zingg, Andreas, 2010. "Performance and governance of Swiss pension funds," Journal of Pension Economics and Finance, Cambridge University Press, vol. 9(01), pages 95-128, January.
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    Cited by:

    1. Daniel Haberly, 2014. "White Knights from the Gulf: Sovereign Wealth Fund Investment and the Evolution of German Industrial Finance," Economic Geography, Clark University, vol. 90(3), pages 293-320, July.

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