Sovereign wealth funds (SWFs) are state-owned investment funds with combined asset holdings that are fast approaching four trillion dollars. Recently emerging as a major force in global financial markets, SWFs have other distinctive features besides their state-owned status: they are mainly located in developing countries and are intimately tied to energy and commodities exports, and they carry virtually no liabilities and have little redemption risk, which allows them to take a longer-term investment outlook than most other institutional investors. Edited by a Nobel laureate, a respected academic at the Columbia Business School, and a longtime international banker and asset manager, this volume examines the specificities of SWFs in greater detail and discusses the implications of their growing presence for the world economy. Based on essays delivered in 2011 at a major conference on SWFs held at Columbia University, this volume discusses the objectives and performance of SWFs, as well as their benchmarks and governance. What are the opportunities for SWFs as long-term investments? How do they fulfill their socially responsible mission?
And what role can SWFs play in fostering sustainable development and greater global financial stability? These are some of the crucial questions addressed in this one-of-a-kind volume.
Patrick Bolton is the Barbara and David Zalaznick Professor of Business at Columbia Business School and a member of the Committee on Global Thought. He is also codirector of the Center for Contracts and Economic Organization at the Columbia Law School. His areas of interest are corporate finance, banking, sovereign debt, political economy, and law and economics. He wrote Contract Theory with Mathias Dewatripont and coedited Credit Markets for the Poor with Howard Rosenthal. Frederic Samama is founder and head of the steering committee of the SWF Research Initiative at Paris Dauphine University. Formerly, he oversaw Corporate Equity Derivatives within Credit Agricole CIB in New York and Paris. During his tenure there he developed and implemented the first international leveraged employee share purchase program, a technology now used widely among French companies. He has advised the French government on different issues (for instance, employee-investing mechanisms and market regulation) and is well known for hisinnovative work in the area where finance and government policy intersect. Joseph E. Stiglitz is University Professor and member and former chair of the Committee on Global Thought at Columbia University and winner of the Nobel Prize in economics. He served on the Council of Economic Advisers during the Clinton administration and has been chief economist and senior vice president of the World Bank. He is the founder of the Journal of Economic Perspectives, and his best-selling book Globalization and Its Discontents has been translated into twenty-eight languages. He is also the coauthor, with Bruce Greenwald, of Towards a New Paradigm in Monetary Economics and the coauthor, with Carl E. Walsh, of the fourth edition of the influential textbook Economics.
AcknowledgmentsIntroduction1. Keynote AddressesSovereign Wealth Funds-Distinguishing Aspects and OpportunitiesThe Contribution of Institutional Investors to Fostering Stability and Long-Term GrowthSovereign Wealth Funds as StabilizersFinancing Long-Term Investments After the Crisis: A View from EuropeWhat Sovereign Wealth Funds Can Do to Alleviate Global PovertyThe Sovereign Debt Problem2. The State of Sovereign Wealth FundsOverviewThe Rationale for Sovereign Wealth Funds from a Development PersepectiveSovereign Wealth Funds: Form and Function in the Twenty-first Century3. Benchmarking and Performance StandardsIntroductionStabilization FundsTilt of BenchmarksFour Benchmarks of Sovereign Wealth FundsWhich Financial Benchmarks and Other Incentives Work for Long-Term Investing?Further ConsiderationsPanel SummaryPanel Paper: The Four Benchmarks of Sovereign Wealth Funds4. Fostering Development Through Socially Responsible InvestmentIntroductionImpact Investing: A New Asset Class and Its Implications for Sovereign Wealth FundsSovereign Wealth Funds as Catalysts of Socially Responsible InvestingObjectives and Ethical Guidelines of Norges Bank Investment ManagementBuilding Emerging Countries' Financial Infrastructure and Investing in MicrofinanceFurther ConsiderationsPanel Summary5. Expanding Investment Horizons: Opportunities for Long-Term InvestorsIntroductionHow to Reward Long-Term InvestorsSovereign Wealth Funds and the Shifting Wealth of NationsCompensation and Risk-Taking in the U.S. Financial IndustryBuilding Long-Term Strategies for Investment of Sovereign WealthFurther ConsiderationsPanel SummaryPanel Paper: Capital Access Bonds-Securities Implementing Countercyclical Investment StrategiesPanel Paper: L-Shares-Rewarding Long-Term Investors6. Reducing Climate RiskIntroductionInfluencing Clean InnovationsThe Emerging Role of State Investors in the Governance of Global CorporationsThe Rise of Carbon-Free TechnologySmart Energy GlobalizationFurther ConsiderationsPanel Summary7. Managing Risk During Macroeconomic UncertaintyIntroductionMacroeconomic Uncertainty and Managing Risk for Sovereign Wealth FundsFunds and VolatilityManaging UncertainyKey IssuesFurther ConsiderationsPanel Summary8. Manging Commodity Price VolatilityIntroductionManaging Commodity Price VolatilityChile and CopperManagement of Commodity Price Risks on Sovereign Balance SheetsFurther ConsiderationsPanel SummaryPanel Paper: Managing Commodity Risk-Can Sovereign Funds Help?9. Sovereign Wealth Funds and World GovernanceIntroductionReconciling Sovereignty, Accountability, and Transparency in Sovereign Wealth FundsSovereign Wealth Funds: Perhaps We See What We Want to SeeRestrictions on Cross-Border InvestmentThe Value of TransparencyMaximizing Autonomy in the Shadow of Great PowersFurther ConsiderationsPanel SummaryConclusion: Taking Stock-Analytical Challenges and Directions for Future ResearchContributorsAbout the Conference Organizers
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