Cases on Sovereign Wealth Funds
10.1 Sovereign Wealth Funds
According to the Generally Agreed Practices and Principles (GAPP) known as the Santiago Principles, sovereign wealth funds (SWFs) are special-purpose investment funds that are owned by the general government but which exclude state-owned enterprises in a traditional sense. In other words, a sovereign wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, and alternative investments. The sources of funding for SWFs are basically the revenues realized from commodity exports or foreign exchange reserves, which are held by the central bank. Some of the sovereign funds that are held by the central bank accumulate ...
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