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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.
Acknowledgments Introduction 1. Keynote Addresses Sovereign Wealth Funds-Distinguishing Aspects and Opportunities The Contribution of Institutional Investors to Fostering Stability and Long-Term Growth Sovereign Wealth Funds as Stabilizers Financing Long-Term Investments After the Crisis: A View from Europe What Sovereign Wealth Funds Can Do to Alleviate Global Poverty The Sovereign Debt Problem 2. The State of Sovereign Wealth Funds Overview The Rationale for Sovereign Wealth Funds from a Development Persepective Sovereign Wealth Funds: Form and Function in the Twenty-first Century 3. Benchmarking and Performance Standards Introduction Stabilization Funds Tilt of Benchmarks Four Benchmarks of Sovereign Wealth Funds Which Financial Benchmarks and Other Incentives Work for Long-Term Investing? Further Considerations Panel Summary Panel Paper: The Four Benchmarks of Sovereign Wealth Funds 4. Fostering Development Through Socially Responsible Investment Introduction Impact Investing: A New Asset Class and Its Implications for Sovereign Wealth Funds Sovereign Wealth Funds as Catalysts of Socially Responsible Investing Objectives and Ethical Guidelines of Norges Bank Investment Management Building Emerging Countries' Financial Infrastructure and Investing in Microfinance Further Considerations Panel Summary 5. Expanding Investment Horizons: Opportunities for Long-Term Investors Introduction How to Reward Long-Term Investors Sovereign Wealth Funds and the Shifting Wealth of Nations Compensation and Risk-Taking in the U.S. Financial Industry Building Long-Term Strategies for Investment of Sovereign Wealth Further Considerations Panel Summary Panel Paper: Capital Access Bonds-Securities Implementing Countercyclical Investment Strategies Panel Paper: L-Shares-Rewarding Long-Term Investors 6. Reducing Climate Risk Introduction Influencing Clean Innovations The Emerging Role of State Investors in the Governance of Global Corporations The Rise of Carbon-Free Technology Smart Energy Globalization Further Considerations Panel Summary 7. Managing Risk During Macroeconomic Uncertainty Introduction Macroeconomic Uncertainty and Managing Risk for Sovereign Wealth Funds Funds and Volatility Managing Uncertainy Key Issues Further Considerations Panel Summary 8. Manging Commodity Price Volatility Introduction Managing Commodity Price Volatility Chile and Copper Management of Commodity Price Risks on Sovereign Balance Sheets Further Considerations Panel Summary Panel Paper: Managing Commodity Risk-Can Sovereign Funds Help? 9. Sovereign Wealth Funds and World Governance Introduction Reconciling Sovereignty, Accountability, and Transparency in Sovereign Wealth Funds Sovereign Wealth Funds: Perhaps We See What We Want to See Restrictions on Cross-Border Investment The Value of Transparency Maximizing Autonomy in the Shadow of Great Powers Further Considerations Panel Summary Conclusion: Taking Stock-Analytical Challenges and Directions for Future Research Contributors About the Conference Organizers
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