What explains the size of Sovereign Wealth Funds? A panel analysis (2008-2018)

Anna Balestra, Raul Caruso () and Marco Di Domizio

No 1021, Working Papers from European Centre of Peace Science, Integration and Cooperation (CESPIC), Catholic University 'Our Lady of Good Counsel'

Abstract: This paper empirically investigates the economic correlates of the size of Sovereign Wealth Funds (SWFs). We exploit a panel of 28 SWFs for the period 2008-2018. One general finding we assert from this study is that the impact of financial market dynamics on the size of SWFs, while of comparable magnitude to the influence of the domestic economy, exhibits a greater degree of stability. Among other factors, of particular interest is the inverse correlation estimated between the size of SWFs and the existence of armed conflicts. The quantitative reduction in the size of SWFs in the presence of an armed conflict has been estimated to range between 25% and 37%.

Keywords: Sovereign Wealth Funds; Assets Under Management; MSCI World Index; Conflicts; Globalization (search for similar items in EconPapers)
JEL-codes: F01 G15 G28 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2023-02
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Journal Article: What explains the size of Sovereign Wealth Funds? A panel analysis (2008–2018) (2024)
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