The Macroeconomics of Sovereign Wealth Funds
The dramatic growth in sovereign wealth funds (SWFs) has implications which are still emerging for national economies and globally. This paper considers why SWFs have become key international financial institutions for some countries, particularly developing ones. This adds to the literature on second best development strategies (Hausmann and Rodrik 2003), here applying it to SWFs. A macroeconomic approach is taken towards the phenomenon of reserves accumulation and motives for SWFs. These are evaluated in terms of balance of payments positions and inferred trade and exchange policies. The role of SWFs in promoting country growth and international stability is considered in view of the global financial crisis (GFC).
|Date of creation:||09 Dec 2011|
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- Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
- Dani Rodrik, 2008.
American Economic Review,
American Economic Association, vol. 98(2), pages 100-104, May.
- Helmut Reisen, 2008.
"How to Spend It: Commodity and Non-Commodity Sovereign Wealth Funds,"
OECD Development Centre Policy Briefs
38, OECD Publishing.
- Reisen, Helmut, 2008. "How to spend it: Commodity and non-commodity sovereign wealth funds," Research Notes 28, Deutsche Bank Research.
- Khan, Saleem M. & Khan, Zahira S., 2007. "World Investment Report 2006, FDI from Developing and Transition Economies: Implications for Development by United Nations Conference on Trade and Development (UNCTAD). United Nations Publications, Ne," Journal of Asian Economics, Elsevier, vol. 18(3), pages 553-561, June.
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