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Sovereign wealth funds are growing more slowly, and governance issues remain

Author

Listed:
  • Julien Maire

    (Peterson Institute for International Economics)

  • Adnan Mazarei

    (Peterson Institute for International Economics)

  • Edwin M. Truman

    (Peterson Institute for International Economics)

Abstract

In the last two decades, sovereign wealth funds (SWFs)—funds accumulated by a government that are invested in whole or in part abroad to benefit the country in the future—have faced increased public scrutiny over their investment patterns, financial results, and governance. This Policy Brief updates and expands a prototype scoreboard rating the transparency and accountability of SWFs, which Truman established in 2007. This fifth edition of the scoreboard shows that the average scores continued to improve for the 64 SWFs examined, but governance issues remain. New funds have emerged—many of them government holding companies or strategic investment funds—but the growth of assets under management by SWFs has slowed, in some cases partly because of withdrawals to help finance expenses related to the COVID-19 pandemic, raising questions about their future role.

Suggested Citation

  • Julien Maire & Adnan Mazarei & Edwin M. Truman, 2021. "Sovereign wealth funds are growing more slowly, and governance issues remain," Policy Briefs PB21-3, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb21-3
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    File URL: https://www.piie.com/publications/policy-briefs/sovereign-wealth-funds-are-growing-more-slowly-and-governance-issues
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    Cited by:

    1. Tony Addison & Amir Lebdioui, 2022. "Public savings in Africa: Do sovereign wealth funds serve development?," WIDER Working Paper Series wp-2022-159, World Institute for Development Economic Research (UNU-WIDER).
    2. Amar, J. & Lecourt, C., 2023. "Sovereign wealth fund governance: A trade-off between internal and external legitimacy," International Business Review, Elsevier, vol. 32(6).
    3. Daniel Fried, 2021. "CBO’s Model and Projections of U.S. International Investment Holdings and Income Flows: Working Paper 2021-10," Working Papers 57326, Congressional Budget Office.
    4. Çiçekçi, Cumhur & Gaygısız, Esma, 2023. "Procyclicality of fiscal policy in oil-rich countries: Roles of resource funds and institutional quality," Resources Policy, Elsevier, vol. 85(PB).

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