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The Evolving Politics of Sovereign Wealth Funds

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  • Laura Badian
  • Gregory Harrington

Abstract

[eng] Sovereign wealth funds (SWFs) can provide needed liquidity and stabilize equity markets. Countries that are open ta investment by SWFs are likely to benefit from their participation. Countries, such as France, that adopt protectionist policies, may see a dramatic fall-off in foreign direct investment, which is likely to be harmful to their economy at the worst possible time. The adoption by SWFs of the Santiago Principles, a voluntary set of principles without the force of law, is unlikely to forestall tougher regulation by recipient countries that conclude that increased regulation of such funds is in their best interest. In the United States, the Obama administration and a Democratic-controlled Congress are likely to subject financial institutions, including private equity and hedge funds, to increased regulation. In this environment, SWFs may be unable to. escape tighter regulation. If SWFs do not actively engage policy makers, they could be left with stricter rules and fewer investment options. . JEL Classification : F21, F30, G11

Suggested Citation

  • Laura Badian & Gregory Harrington, 2009. "The Evolving Politics of Sovereign Wealth Funds," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 143-156.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2009_hos_9_1_5501
    DOI: 10.3406/ecofi.2009.5501
    Note: DOI:10.3406/ecofi.2009.5501
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    Cited by:

    1. Reiche, Danyel, 2010. "Sovereign wealth funds as a new instrument of climate protection policy? A case study of Norway as a pioneer of ethical guidelines for investment policy," Energy, Elsevier, vol. 35(9), pages 3569-3577.

    More about this item

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F30 - International Economics - - International Finance - - - General
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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