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Financializing development: toward a sympathetic critique of sovereign development funds

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  • Adam D. Dixon
  • Ashby H.B. Monk

Abstract

In this paper, we unpack the scope and possibilities of sovereign development funds (SDFs) in different forms and under different political- cum -institutional conditions as a policy tool supporting economic growth and development, particularly in developing countries. Defining what the purpose should be and what is possible is complicated by a number of factors. The form of government of the sovereign sponsor and the significance of public legitimacy may help or hinder different types of investment mandates. Moreover, different investment mandates and their relative sophistication require organizational capabilities and expertise that are often not available locally or are insufficiently developed, such that the implementation of certain investment mandates is constrained and/or too costly. The purpose and the design possibilities of a SDF are, ultimately, contingent on local conditions, resources, and the essential developmental needs of the country and its population.

Suggested Citation

  • Adam D. Dixon & Ashby H.B. Monk, 2014. "Financializing development: toward a sympathetic critique of sovereign development funds," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 4(4), pages 357-371, October.
  • Handle: RePEc:taf:jsustf:v:4:y:2014:i:4:p:357-371
    DOI: 10.1080/20430795.2014.980717
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    References listed on IDEAS

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    1. R McKinnon, 1991. "Financial Control in the Transition to a Market Economy," CEP Discussion Papers dp0040, Centre for Economic Performance, LSE.
    2. Gordon L. Clark & Adam D. Dixon & Ashby H. B. Monk, 2013. "Sovereign Wealth Funds: Legitimacy, Governance, and Global Power," Economics Books, Princeton University Press, edition 1, volume 1, number 10003.
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    Cited by:

    1. Elvira Mami, 2023. "The role of sovereign wealth funds in natural resource-rich countries: A systematic meta-narrative review," Journal of International Business Policy, Palgrave Macmillan, vol. 6(3), pages 356-371, September.
    2. Caroline E Nowacki & Ashby Monk & Bertrand Decoster, 2021. "Who do sovereign wealth funds say they are? Using structural topic modeling to delineate variegated capitalism in their official reports," Environment and Planning A, , vol. 53(4), pages 828-857, June.

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