Sovereign Wealth : The Role Of State Capital In The New Financial Order.
- 1st ed.
- 1 online resource (217 pages)
Intro -- Contents -- Preface -- List of Contributors -- Introduction -- Sovereign Wealth Funds in an Evolving Global Financial System -- 1. The Rise of Sovereign Wealth Funds -- 2. The Policy Debate -- References -- Section 1: Structure and Impacts on the Global Economy -- Chapter 1 What is a Sovereign Wealth Fund? -- Reference -- Chapter 2 Sovereign Wealth Funds and Global Capital Flows: A Macroeconomic Perspective -- 2.1. Introduction -- 2.2. What are Sovereign Wealth Funds? -- 2.2.1. Rationale Behind Establishment -- 2.2.2. Objectives and Types -- 2.3. What Do We Know About Sovereign Wealth Funds? -- 2.3.1. Assets Under Management -- 2.3.2. Transparency and Investment Strategy -- 2.4. Implications for Global Capital Flows and Asset Prices -- 2.4.1. Stylized Portfolio Analysis -- 2.4.2. Model Simulations -- 2.5. Conclusion -- References -- Chapter 3 A Portfolio Analysis of Sovereign Wealth Funds -- 3.1. Introduction -- 3.2. The Problem of Definition -- 3.3. Sovereign Wealth Fund Portfolio: Behind the Curtain -- 3.4. Implications of the Findings -- 3.5. Conclusion -- References -- Chapter 4 The Implications of Sovereign Wealth Fund Investment on Capital Markets: A Bottom-Up View -- 4.1. Introduction -- 4.2. Sources and Purpose -- 4.3. Current Size and Future Growth: A Bottom-Up Approach -- 4.4. Asset Allocation and Market Impact -- 4.4.1. Fixed Income -- 4.4.2. Public Equity -- 4.4.3. Alternatives -- 4.5. Friend or Enemy? -- References -- Section 2: Regulation and Public Policy Issues -- Chapter 5 The Political Economy of Sovereign Wealth Funds -- 5.1. Introduction: From Heroes to Villains and Then What? -- 5.2. The Size and Management of National Savings -- 5.3. Future Generations and the Asset Allocation Problem -- 5.4. Domestic Development Versus Liquidity -- 5.5. Governance, Security and Management -- 5.6. Conclusion -- References. Chapter 6 Open Capital Markets and Sovereign Wealth Funds, Pension Funds, and State-Owned Enterprises -- 6.1. Introduction -- 6.2. Differentiating Capital Pools -- 6.3. Governance Issues -- 6.3.1. OECD Pension Fund Guidelines -- 6.3.2. OECD Guidelines for State-Owned Enterprises -- 6.4. Sovereign Wealth Funds, Sovereign Pension Reserve Funds, and State-Owned Enterprise Investments in Host Countries -- 6.4.1. OECD Investment Instruments and Principles -- 6.4.2. National Security -- 6.4.3. Competition -- 6.4.4. Natural Resources Policy -- 6.4.5. The Exhaustible Resource Rent Issue and the Hotelling Rule -- 6.4.6. Appropriating and Investing Resource Rents -- 6.5. Foreign Investment Deal Flow -- 6.5.1. Changing Deal Flow Patterns -- 6.5.2. Sovereign Wealth Funds as Risk-Taking Investors in the GFC -- 6.6. Conclusion -- References -- Chapter 7 Negotiating a Voluntary Code -- 7.1. Introduction: The Setting -- 7.2. Organization -- 7.3. Objectives -- 7.4. Getting Started -- 7.5. Issues -- 7.6. Outcome -- Reference -- Section 3: Legal Implications -- Chapter 8 Mapping the Trajectory of the Regulatory Debate: Securing the National Interest or Justifying Protectionism? -- 8.1. Introduction -- 8.2. The Santiago Process -- 8.3. Defining the National Interest -- 8.3.1. The United States -- 8.3.2. Australia -- 8.4. Conclusion -- References -- Chapter 9 Australian Regulation of Investments by Sovereign Wealth Funds and State-Owned Enterprises -- 9.1. Introduction -- 9.2. Overview of Australia's Foreign Investment Regime -- 9.2.1. Prior Approval Under the Act -- 9.2.2. Treasurer's Additional Powers Under the Act -- 9.2.3. Applications Under the Act -- 9.2.4. Prior Approval Under Policy -- 9.3. Case Studies -- 9.3.1. Chinalco's Acquisition of Rio Tinto Shares - the "Dawn Raid" -- 9.3.2. Sinosteel and Murchison Metals -- 9.3.3. OZ Minerals and Minmetals. 9.3.4. Hunan Valin and Fortescue -- 9.3.5. Chinalco and Rio Tinto - Strategic Partnership -- 9.4. Conclusion -- References -- Conclusion -- Sovereign Wealth Funds: What Have We Learned? -- 1. Introduction -- 2. The Nature of Sovereign Wealth Funds -- 3. Policy Issues for Countries which Host Investment -- 3.1. Sovereign Wealth Funds and State-Owned Enterprises -- 3.2. The Exhaustible-Resource Rent Issue -- 4. Conclusion: The Politics of Investment -- Index.