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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)
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 language | English |
|---|---|
| Title of host publication | Globalisation, the Global Financial Crisis and the State |
| Editors | John Farrar, David G Mayes |
| Place of Publication | Cheltenham, UK |
| Publisher | Edward Elgar Publishing |
| Pages | 272-292 |
| Number of pages | 22 |
| Edition | 1 |
| ISBN (Print) | 9781781009420 |
| DOIs | |
| Publication status | Published - 2013 |
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Developments in central banking after the GFC: Central banks, the state, globalisation and the GFC
Parsons, L., 2013, Globalisation, the Global Financial Crisis and the State. Farrar, J. & Mayes, D. G. (eds.). Cheltenham, UK: Edward Elgar Publishing, p. 218-242 25 p.Research output: Chapter in Book/Report/Conference proceeding › Chapter › Research › peer-review
1 Citation (Scopus) -
Globalisation, the crisis and the state: Introduction
Farrar, J. H. & Mayes, D. G., 2013, Globalisation, the Global Financial Crisis and the State: Introduction. Farrar, J. & Mayes, D. G. (eds.). Cheltenham, UK: Edward Elgar Publishing, p. 1-17 17 p.Research output: Chapter in Book/Report/Conference proceeding › Chapter › Research › peer-review
1 Citation (Scopus) -
Globalisation, the global financial crisis and the state
Farrar, J. H. & Mayes, D. G., 2013, Cheltenham, UK: Edward Elgar Publishing. 320 p.Research output: Book/Report › Scholarly edition › Research › peer-review
8 Citations (Scopus)