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The Rise and Fall of Sovereign Wealth Accumulation: Causes and Consequences

Matthew Higgins () and Thomas Klitgaard

Revue d'Économie Financière, 2009, vol. 9, issue 1, 179-193

Abstract: [eng] This paper examines the sources of the rapid build-up in official foreign assets of recent years. Foreign exchange intervention and burgeoning petrodollar receipts - the two main sources of financing for recent official outflows - have very different implications for domestic monetary management and for the risk-return outlook facing sovereign investors. The paper then considers how the crisis has affected the outlook for official cross-border investment, arguing that we are unlikely to see an early return to the heavy official outflows of recent years. . JEL Classification : F21, F30, F31

Date: 2009
Note: DOI:10.3406/ecofi.2009.5504
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