The new economics of sovereign wealth funds

A complete guide to sovereign wealth funds written by and for industry practitionersSovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater. These funds will only grow more important over the coming years. In thisbook, expert authors who work in the industry present a comprehensive look atSWFs from the perspective of western investors. INDICE: PrefaceList of TablesList of AbbreviationsAcknowledgementsIntroductionA few stylized factsSWFs under the spotlightMisplaced fearsThe plan of thebookChapter 1. The macroeconomic dynamics of SWFs1.1 Persistent Current Account Surpluses Translate into Accumulation 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?Chapter 2. Size and Growth of SWF Assets2.1 Size and clusters of the SWF2.2 Drivers of SWF growth2.3 The optimal level of FX reserves2.4 Future growth of FX reserves: Commodity versus non-commodity exporting countries2.5 Size of SWFs by 2016Appendix: How big could SWFs be by 2016?Chapter 3. SWFs as investors in global markets3.1 Clustering of SWFs in terms of objectives and investment profiles3.2 SWF as strategic investors in domestic and global markets3.3 Geographical and sectoral distribution of SWF direct investments: the 2007-08’s surge of investments in Western financials.3.4 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 bearersChapter 4. Risk management for SWFs4.1 The crisis in retrospect4.2 The complex qualitative nature of risk: uncertainty, chaos, black swans and fat tail4.3 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 stakeholdersChapter 5. SWFs in the geopolitics of the XXI century5.1 The shift to 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 geographic: the emerging multipolar financial architecture5.5 The dominance of the USD in global financial markets: SWFs as USD diversifiers5.6 SWFs and the new regulatory framework for financial institutions: the upcoming “war for capital”Chapter 6. The politicsof SWF engagement6.1 National responses to the growing role of SWFs6.2 International response to the growing role of SWFs6.3 SWFs response to internationalpressure6.4 Santiago principles: rationale, implementation and reality6.5 A digression on public versus private role in the economyChapter 7. Wrapping up7.1 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 saving glut 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 sceneBibliographySubject IndexÂ

• ISBN: 978-1-119-97347-8
• Editorial: John Wiley & Sons
• Encuadernacion: Rústica
• Páginas: 288
• Fecha Publicación: 02/04/2012
• Nº Volúmenes: 1
• Idioma: Inglés