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Sovereign Wealth Funds: Is Asia Different?

Author

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  • Edwin M. Truman

    () (Peterson Institute for International Economics)

Abstract

Sovereign wealth funds (SWFs) have become a prominent feature of the international financial landscape. They are sufficiently diverse in their origins, structures, and objectives that generalizations are perilous. However, legitimate concerns have been raised in home and host countries about the management, behavior, and interactions of these funds. Many of those concerns can be addressed via increased accountability and transparency. The Santiago Principles are a good start in doing so, but Edwin M. Truman's SWF scoreboard points to areas where these principles can be improved. Meanwhile, SWF compliance must be further increased. At the same time, the Organization for Economic Cooperation and Development (OECD) effort to address concerns from the host-country side has not resulted in the erection of new barriers to that form of cross-border investment, but the OECD failed to reverse the creeping financial protectionism of the past decade. Because of their size and the source of their funding, some Asian funds are different. As a result, they will be held to a higher standard of accountability and transparency even as their government owners press for more openness to cross-border investment.

Suggested Citation

  • Edwin M. Truman, 2011. "Sovereign Wealth Funds: Is Asia Different?," Working Paper Series WP11-12, Peterson Institute for International Economics.
  • Handle: RePEc:iie:wpaper:wp11-12
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    Citations

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    Cited by:

    1. Kim, Woochan, 2011. "Korea investment corporation: its origin and evolution," MPRA Paper 44028, University Library of Munich, Germany.
    2. Mehrpouya, Afshin, 2015. "Instituting a transnational accountability regime: The case of Sovereign Wealth Funds and “GAPP”," Accounting, Organizations and Society, Elsevier, vol. 44(C), pages 15-36.
    3. repec:taf:rjapxx:v:17:y:2012:i:2:p:193-207 is not listed on IDEAS
    4. Allie Bagnall & Edwin M. Truman, 2011. "IFSWF Report on Compliance with the Santiago Principles: Admirable but Flawed Transparency," Policy Briefs PB11-14, Peterson Institute for International Economics.
    5. repec:rss:jnljfe:v2i4p2 is not listed on IDEAS
    6. Joseph E. Gagnon, 2012. "Combating Widespread Currency Manipulation," Policy Briefs PB12-19, Peterson Institute for International Economics.
    7. Joseph E. Gagnon & C. Fred Bergsten, 2012. "Currency Manipulation, the US Economy, and the Global Economic Order," Policy Briefs PB12-25, Peterson Institute for International Economics.
    8. repec:rss:jnljef:v3i1p1 is not listed on IDEAS
    9. International Monetary Fund, 2013. "Iraq; Selected Issues," IMF Staff Country Reports 13/218, International Monetary Fund.
    10. Joseph E. Gagnon, 2013. "The Elephant Hiding in the Room: Currency Intervention and Trade Imbalances," Working Paper Series WP13-2, Peterson Institute for International Economics.
    11. Joseph Gagnon, 2012. "Global imbalances and foreign asset expansion by developing-economy central banks," BIS Papers chapters,in: Bank for International Settlements (ed.), Are central bank balance sheets in Asia too large?, volume 66, pages 168-185 Bank for International Settlements.

    More about this item

    Keywords

    Asia; international investment; OECD; Santiago Principles; sovereign wealth funds;

    JEL classification:

    • F3 - International Economics - - International Finance
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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