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Sovereign Wealth Funds: Size, economic effects and policy reactions

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  • Jost, Thomas

Abstract

The emergence of Sovereign Wealth Funds (SWFs) and some spectacular investments of these funds in recent years have caused widespread attention on international financial markets. Most SWFs are domiciled in Arabian countries, East Asia and Russia. Their low transparency led to concerns that SWFs could threat national security and the economic order of industrialised countries. This paper describes the growth and the investment strategy of SWFs, the impact of their investments on host and investing countries as well as policy reactions of selected countries. Several international organisations (European Union, OECD, the IMF together with the International Working Group of Sovereign Funds) have already undertaken initiatives that will help to improve the transparency and accountability of SWFs and to develop best practices for investing countries as well as for recipient countries. National policy reactions of several host countries, like the tightening of rules for cross-border investments in the United States and in Germany, were therefore rather counterproductive.

Suggested Citation

  • Jost, Thomas, 2009. "Sovereign Wealth Funds: Size, economic effects and policy reactions," Weidener Diskussionspapiere 13, University of Applied Sciences Amberg-Weiden (OTH).
  • Handle: RePEc:zbw:hawdps:13
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    References listed on IDEAS

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    1. Shams Butt & Anil Shivdasani & Carsten Stendevad & Ann Wyman, 2008. "Sovereign Wealth Funds: A Growing Global Force in Corporate Finance," Journal of Applied Corporate Finance, Morgan Stanley, vol. 20(1), pages 73-83.
    2. Fidora, Michael & Beck, Roland, 2008. "The impact of sovereign wealth funds on global financial markets," Occasional Paper Series 91, European Central Bank.
    3. Roland Beck & Michael Fidora, 2008. "The impact of sovereign wealth funds on global financial markets," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 43(6), pages 349-358, November.
    4. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Sovereign Wealth Funds; international financial markets; government policy; regulation;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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