A few sovereigns more: the rise of sovereign wealth funds

Will Devlin and Bill Brummitt
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Will Devlin: Treasury, Government of Australia
Bill Brummitt: Treasury, Government of Australia

Economic Roundup, 2007, issue 4, 119-136

Abstract: One of the most striking developments in international financial markets over recent years has been the emergence of dedicated government investment vehicles as an important investor class. These so-called ‘sovereign wealth funds' (SWFs) have grown rapidly both in size and number, fuelled by a sharp and sustained rise in energy and commodity prices and by large current account surpluses among the export-oriented economies of East Asia. This paper finds that while these funds may not pose a direct threat to financial stability, concerns over a lack of transparency and non-commercial investment motives may give rise to an increase in 'financial protectionism'.

Keywords: foreign direct investment; foreign ownership; sovereign wealth funds; transparency (search for similar items in EconPapers)
JEL-codes: F21 F34 G15 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (5)

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