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Sovereign Wealth Funds: Strategies of Geo-Economic Power Projections

In: Globalization and the Reform of the International Banking and Monetary System

Author

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  • Gyula Csurgai

Abstract

Sovereign Wealth Funds (SWFs) are not completely new phenomena as these funds have existed for decades. For instance, the Kuwait Investment Authority was created in 1953, eight years before the independence of Kuwait, to invest its huge oil revenues. Abu Dhabi and Singapore have used SWFs for over 25 years. In recent years SWFs have been growing rapidly, by US$1 trillion a year, and in 2009 these funds all together control an estimated US$3.9 trillion, increasing to US$10–15 trillion by 2015.1 As a source of huge and ready cash, SWFs are becoming increasingly well received in several countries hit by the financial crisis.

Suggested Citation

  • Gyula Csurgai, 2009. "Sovereign Wealth Funds: Strategies of Geo-Economic Power Projections," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Otto Hieronymi (ed.), Globalization and the Reform of the International Banking and Monetary System, chapter 9, pages 209-227, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-25106-9_9
    DOI: 10.1057/9780230251069_9
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