New Frontiers of Sovereign Investment

Inbunden, Engelska, 2017

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Sovereign wealth funds (SWFs) can be effective tools for national resources revenue management. These state-owned investments, funded by commodity exports, foreign exchange reserves, or other national assets, are adaptable to the challenges posed by financial shocks and have been successfully employed in an increasing number of countries. The number of SWFs continues to grow, with the largest funds managing trillions of dollars in assets among them. However, given the significant variations among SWFs, it can be difficult to compare funds that differ in size, scope, and mandate. This book provides a sorely needed practical look at how these funds work-and how they should work. The New Frontiers of Sovereign Investment combines the insights and experience of academic economists and practitioners from several funds to survey a diverse financial landscape and establish the challenging topical questions facing a broad range of SWFs today: Should they serve both economic development and financial returns, and how? Will responsible investment enhance long-term returns? How can fiscal rules for SWFs be improved to meet emerging economic challenges?The book considers these questions as they apply to both long-established and newer SWFs. Featuring contributions from sovereign wealth practitioners from Alberta's AIMCo, the Nigerian Sovereign Investment Authority, and the New Zealand Superannuation Fund, as well as analysis by scholars at the forefront of sovereign investment, this volume provides timely and much-needed information on these rapidly evolving institutions.

Produktinformation

Utgivningsdatum2017-05-16
Mått152 x 229 x 27 mm
Vikt566 g
FormatInbunden
SpråkEngelska
Antal sidor312
FörlagColumbia University Press
ISBN9780231177504

Tillhör följande kategorier

Finansiering inom Ekonomi och Ledarskap
Internationell ekonomi inom Ekonomi och Ledarskap
Organisationsteori inom Ekonomi och Ledarskap
Affärsstrategi inom Ekonomi och Ledarskap

Malan Rietveld is a fellow at the Columbia Center on Sustainable Investment at Columbia University and was previously a fellow at the Center for International Development at Harvard Kennedy School. He is the editor of three books on sovereign wealth funds: Sovereign Wealth Management (2008), New Perspectives on Sovereign Asset Management (2008), and Sovereign Risk Management (2009). He has advised several sovereign wealth funds on governance, management, and strategic issues. Perrine Toledano heads the Columbia Center on Sustainable Investment's focus on extractive industries and sustainable development, which includes leading research, training, and advisory activities. She codirected a joint research project between CCSI and the Natural Resource Governance Institute on the governance and transparency of resource-based sovereign wealth funds.

Acknowledgments Foreword, by Arunma Oteh, Vice President and Treasurer, The World Bank Part I. The Evolution of Sovereign Wealth Funds: Mandates and Governance 1. Introduction, by Malan Rietveld and Perrine Toledano, Columbia Center on Sustainable Investment 2. "Best-Practice" Sovereign Wealth Funds for Sound Fiscal Management, by Corinne Delechat, Mauricio Villafuerte, and Shu-Chun S. Yang, International Monetary Fund 3. Sovereign Wealth Funds as Long-Term Investors: Taking Advantage of Unique Endowments, by Adrian Orr, Guardians of the New Zealand Superannuation Fund 4. The Governance Implications of the Increasing Levels of Direct Investment of Sovereign Wealth Funds, by Robert Ohrenstein and James White, KPMG 5. Playthings and Parallel Budgets: The Economic and Governance Performance of Sovereign Wealth Funds, by Andrew Bauer, Natural Resources Governance Institute Part II. The Rise of Sovereign Development Funds: Debates and Policy Implementation 6. A Simple Typology of Sovereign Development Funds, by Adam D. Dixon and Ashby H. B. Monk, University of Bristol and Stanford University 7. Domestic Investment Practices of Sovereign Wealth Funds: Empirical Evidence to Inform Policy Debates, by Ekaterina Gratcheva and Nikoloz Anasashvili, The World Bank Treasury 8. Sovereign Wealth Fund Investments in the Home Economy, by Alan Gelb, Silvana Tordo, and Havard Halland, The World Bank 9. Sovereign Wealth Funds in the Context of Macro-Fiscal Frameworks for Resource-Rich Developing Countries, by Corinne Delechat, Mauricio Villafuerte, and Shu-Chun S. Yang, International Monetary Fund 10. The Role of the Nigeria Sovereign Investment Authority in a New Era of Fiscal Responsibility, by Uche Orji and Stella Ojekwe-Onyejeli, Nigeria Sovereign Investment Authority Part III. Toward the New Frontiers of Sovereign Investment 11. Responsible Investment at AIMCo, by Alison Schneider, Alberta Investment Management Corporation 12. Sovereign Wealth Funds and Long-Term Investments in Infrastructure: Why the Glaring Absence?, by Sanjay Peters, Columbia University 13. North America's Sovereign Wealth Funds: Origins, Models, and Lessons, by Malan Rietveld, Columbia Center on Sustainable Investment 14. Sovereign Venture Funds: An Emerging Frontier in Sovereign Wealth Fund Management, by Javier Santiso, IE Business School 15. Conclusion, by Malan Rietveld and Perrine Toledano, Columbia Center on Sustainable Investment Contributors Index

It is hard to imagine a better lineup of contributors than those assembled in this volume. It may be the strongest single collection of sovereign wealth fund scholarship to date. This is an excellent book. -- Paul Rose, Ohio State University The New Frontiers of Sovereign Investment is the best and most comprehensive collection of information and analysis of sovereign investment, in its many forms, and consideration of its present and potential role in development. Anyone concerned with practice or policy should start here. -- Joseph C. Bell, of counsel, Hogan Lovells, and co-chair, Advisory Council, Natural Resources Governance Institute