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The New Economics of Sovereign Wealth Funds

by Massimiliano Castelli, Fabio Scacciavillani

May 2012

Intermediate to advanced

228 pages

7h 2m

English

Wiley

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TABLESFIGURES
A FEW STYLIZED FACTSSWFs UNDER THE SPOTLIGHTDEFINING SWFsMISPLACED FEARSTHE PLAN OF THE BOOK

1.1 PERSISTENT CURRENT ACCOUNT SURPLUSES TRANSLATE INTO ACCUMALATION OF FOREIGN ASSETS1.2 ABSORPTION CONSTRAINTS: THE RATIONALE FOR ESTABLISHING SWFs AND FWFs1.3 THE MANAGEMENT OF NATURAL RESOURCES WINDFALL1.4 COMMODITIES DEMAND AND THE SUPER-CYCLE THEORY1.5 SWFs AS ALTERNATIVE TO AN INCOME TAX SYSTEM: WHAT IF NORWAY BECOMES LIKE SAUDI ARABIA?
2.1 SIZE AND CLUSTERS OF SWFs2.2 DRIVERS OF SWFs ASSET GROWTH2.3 THE OPTIMAL LEVEL OF FOREIGN EXCHANGE RESERVES2.4 FUTURE GROWTH IN FX RESERVES: COMMODITY- VERSUS NON-COMMODITY-EXPORTING COUNTRIES2.5 SIZE OF SWFs BY 2016APPENDIX: HOW BIG COULD SWFs BE BY 2016?
3.1 CLUSTERING SWFs BY OBJECTIVES AND INVESTMENT PROFILES3.2 SWFs AS STRATEGIC INVESTORS IN DOMESTIC AND GLOBAL MARKETS3.3 GEOGRAPHICAL AND SECTOR DISTRIBUTION OF SWF STRATEGIC INVESTMENTS: THE 2007–2008 SURGE OF INVESTMENTS IN WESTERN FINANCIALS3.4 INVESTMENT PERFORMANCE OF SWFs AND THE IMPACT OF THE FINANCIAL CRISIS3.5 EXPLICIT AND IMPLICIT LIABILITIES OF SWFs3.6 LONG-TERM INVESTMENTS: SWFs AS THE ULTIMATE RISK BEARERS
4.1 THE CRISIS IN RETROSPECT4.2 THE COMPLEX QUALITATIVE NATURE OF RISK: UNCERTAINTY, CHAOS, BLACK SWANS AND FAT TAILS4.3 BANKING REGULATION, HERD BEHAVIOUR AND CONTAGION4.4 THE EVOLUTION OF THE REGULATORY FRAMEWORK4.5 SKETCHES OF RISK MANAGEMENT FOR SWFs4.6 AN UNCONVENTIONAL DIMENSION OF RISK MANAGEMENT: SHAREHOLDERS VS STAKEHOLDERS
5.1 THE SHIFT TO THE EAST OF THE GLOBAL ECONOMY: THE NEW SILK ROUTE5.2 THE LAW OF UNINTENDED CONSEQUENCES? CHINA'S INFLUENCE THROUGH FINANCIAL MUSCLE5.3 SWFs INVESTING IN THE LESS DEVELOPED ECONOMIES: AFRICA AS THE LAST INVESTMENT FRONTIER5.4 THE NEW FINANCIAL GEOGRAPHY: THE EMERGING MULTIPOLAR FINANCIAL ARCHITECTURE5.5 THE DOMINANCE OF THE US$ IN GLOBAL FINANCIAL MARKETS: SWFs AS US$ DIVERSIFIERS5.6 SWFs AND THE NEW REGULATORY ENVIRONMENT FOR FINANCIAL INSTITUTIONS: THE UPCOMING ‘WAR FOR CAPITAL’
6.1 NATIONAL RESPONSES TO THE GROWING ROLE OF SWFs6.2 INTERNATIONAL RESPONSE TO THE GROWING ROLE OF SWFs6.3 SWFs' RESPONSE TO INTERNATIONAL PRESSURE6.4 SANTIAGO PRINCIPLES: RATIONALE, IMPLEMENTATION AND REALITY6.5 A DIGRESSION ON PUBLIC VERSUS PRIVATE ROLE IN THE ECONOMY
7.1 TOWARDS A MULTIPOLAR WORLD7.2 GOVERNMENTS' ACTIVISM IN ECONOMIC AND FINANCIAL AFFAIRS7.3 BARBARIAN AT THE GATES OR WELCOME PARTNERS?7.4 THE END OF THE SAVINGS GLUTS AND THE COMING ERA OF CAPITAL SCARCITY7.5 TOWARDS A MULTICURRENCY REGIME7.6 A PROPOSAL TO ALLAY FEARs OVER TRANSPARENCY7.7 THE NEW RESPONSIBILITIES ON THE GLOBAL SCENE

Content preview from The New Economics of Sovereign Wealth Funds

I would like to dedicate this book to my wife Britta, my source of inspiration in life, and to my daughter Vivien who came to life while writing this book.

Massimiliano Castelli

This book is dedicated to the memory of my father Francesco, the birth of my daughter Vera and the eternal cycle of renewal they epitomize.

Fabio Scacciavillani

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