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

Mohamed Ariff; John Farrar

doi:10.4337/9781781009437.00021

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 proceeding › Chapter › Research › peer-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 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	https://doi.org/10.4337/9781781009437.00021
Publication status	Published - 2013

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10.4337/9781781009437.00021

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 Link opens in a new tab 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 Link opens in a new tab 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 Link opens in a new tab Citations (Scopus)

Cite this

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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)",

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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 proceeding › Chapter › Research › peer-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 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)

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

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Related Research Outputs

Developments in central banking after the GFC: Central banks, the state, globalisation and the GFC

Globalisation, the crisis and the state: Introduction

Globalisation, the global financial crisis and the state

Cite this