Legitimacy and market development risks of Sovereign Wealth Funds

Michael R. Hanna and Marcus Marktanner

International Journal of Public Policy, 2013, vol. 9, issue 4/5/6, 400-415

Abstract: Sovereign Wealth Funds objectives can be classified as either demand stabilisation, supply side strengthening, or wealth conservation. These objectives cannot only be explained by domestic development needs, they also show different profiles of market development and political legitimacy risks. Specifically, we find that supply side strengtheners are on average exposed to both legitimacy and market development risks. Demand stabilisers carry only market development risks. Wealth conservation funds have the least exposure to either risk.

Keywords: sovereign wealth funds; SWFs; public policy analysis; political legitimacy risks; market development risks; demand stabilisation; supply strengthening; wealth conservation; risk exposure. (search for similar items in EconPapers)
Date: 2013
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