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The Rise of Sovereign Wealth Funds: Definition, Organization, and Governance

In: Public Private Partnerships for Infrastructure and Business Development

Author

Listed:
  • Bernardo Bortolotti
  • Veljko Fotak
  • William L. (Bill) Megginson

Abstract

The economic role of governments has, of course, been evolving rapidly over the past several decades. States have always and everywhere regulated private businesses to a greater or lesser degree, but many also chose to enter business as owners. Mostly from the Great Depression onwards, governments around the world launched (or nationalized) companies that produced goods and services sold to the nation’s populaces, often under monopolistic regimes (Shleifer 1998; Megginson 2005). As these state-owned enterprises (SOEs) spread and citizens experienced the often poor quality of their output, disillusion with SOEs prompted governments to adopt a new policy of privatization. Since its introduction by Britain’s Thatcher government in the early 1980s to a then-skeptical public, privatization now appears to be accepted as a legitimate—often a core—tool of statecraft by many of the world’s over 190 national governments. Since 1977, governments around the world have raised over US$2.5 trillion by selling state-owned enterprises to private investors and corporations (Megginson 2013).

Suggested Citation

  • Bernardo Bortolotti & Veljko Fotak & William L. (Bill) Megginson, 2015. "The Rise of Sovereign Wealth Funds: Definition, Organization, and Governance," Palgrave Macmillan Books, in: Stefano Caselli & Guido Corbetta & Veronica Vecchi (ed.), Public Private Partnerships for Infrastructure and Business Development, chapter 0, pages 295-318, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-54148-2_16
    DOI: 10.1057/9781137541482_16
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    Cited by:

    1. Pavlova, Ivelina & de Boyrie, Maria E. & Parhizgari, Ali M., 2018. "A dynamic spillover analysis of crude oil effects on the sovereign credit risk of exporting countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 10-22.
    2. Aris Wahyu Raharjo, 2022. "Evolving Sovereign Wealth Fund under Infrastructure Funding Scarcity: A Literature Study ," GATR Journals jber222, Global Academy of Training and Research (GATR) Enterprise.

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