The governance and regulation of sovereign wealth funds and foreign exchange reserves in a post-GFC world

Mohamed Ariff, John Farrar

Research output: Chapter in Book/Report/Conference proceedingChapterResearchpeer-review

Abstract

Extract: In recent years, largely as a result of globalisation, states have been build¬
ing up substantial portfolios of assets in other countries. Most of these holdings have been of bonds and marketed equities but some are direct ownership. These funds are normally labelled sovereign wealth funds (SWFs). The initial growth in such funds came from oil-rich countries which wanted to convert at least some of the sales of their oil into other assets that could be used in the future rather than simply into current
consumption. A well-managed fund of that form might be able to sustain living standards once oil was depleted. In the early years such funds were small compared with global assets and their holders tended to spread their ownership so they were not a threat to the management of firms or countries and could be treated like any other institutional investor (Truman, 2010; Xu and Bahgat, 2010; Shemirani, 2011)
Original languageEnglish
Title of host publicationGlobalisation, the Global Financial Crisis and the State
EditorsJohn Farrar, David G Mayes
Place of PublicationCheltenham, UK
PublisherEdward Elgar Publishing
Pages272-292
Number of pages22
Edition1
ISBN (Print)9781781009420
DOIs
Publication statusPublished - 2013

Fingerprint

Foreign exchange reserves
Oil
Assets
Governance
Sovereign wealth funds
Ownership
Equity
Managed funds
Standard of living
Globalization
Threat
Institutional investors

Cite this

Ariff, M., & Farrar, J. (2013). The governance and regulation of sovereign wealth funds and foreign exchange reserves in a post-GFC world. In J. Farrar, & D. G. Mayes (Eds.), Globalisation, the Global Financial Crisis and the State (1 ed., pp. 272-292). Cheltenham, UK: Edward Elgar Publishing. https://doi.org/10.4337/9781781009437.00021
Ariff, Mohamed ; Farrar, John. / The governance and regulation of sovereign wealth funds and foreign exchange reserves in a post-GFC world. Globalisation, the Global Financial Crisis and the State. editor / John Farrar ; David G Mayes. 1. ed. Cheltenham, UK : Edward Elgar Publishing, 2013. pp. 272-292
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Ariff, M & Farrar, J 2013, The governance and regulation of sovereign wealth funds and foreign exchange reserves in a post-GFC world. in J Farrar & DG Mayes (eds), Globalisation, the Global Financial Crisis and the State. 1 edn, Edward Elgar Publishing, Cheltenham, UK, pp. 272-292. https://doi.org/10.4337/9781781009437.00021

The governance and regulation of sovereign wealth funds and foreign exchange reserves in a post-GFC world. / Ariff, Mohamed; Farrar, John.

Globalisation, the Global Financial Crisis and the State. ed. / John Farrar; David G Mayes. 1. ed. Cheltenham, UK : Edward Elgar Publishing, 2013. p. 272-292.

Research output: Chapter in Book/Report/Conference proceedingChapterResearchpeer-review

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AB - Extract: In recent years, largely as a result of globalisation, states have been build¬ing up substantial portfolios of assets in other countries. Most of these holdings have been of bonds and marketed equities but some are direct ownership. These funds are normally labelled sovereign wealth funds (SWFs). The initial growth in such funds came from oil-rich countries which wanted to convert at least some of the sales of their oil into other assets that could be used in the future rather than simply into currentconsumption. A well-managed fund of that form might be able to sustain living standards once oil was depleted. In the early years such funds were small compared with global assets and their holders tended to spread their ownership so they were not a threat to the management of firms or countries and could be treated like any other institutional investor (Truman, 2010; Xu and Bahgat, 2010; Shemirani, 2011)

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Ariff M, Farrar J. The governance and regulation of sovereign wealth funds and foreign exchange reserves in a post-GFC world. In Farrar J, Mayes DG, editors, Globalisation, the Global Financial Crisis and the State. 1 ed. Cheltenham, UK: Edward Elgar Publishing. 2013. p. 272-292 https://doi.org/10.4337/9781781009437.00021