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Global Securitization Crisis and Sovereign Wealth Funds

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  • Justin O’Brien

Abstract

[eng] The Generally Accepted Principles and Practices for sovereign wealth funds (SWFs) - the Santiago Principles - are designed to address contestation over the role played by government-controlled asset pools in global capital markets and reduce negative public perceptions about the impact on social cohesion in recipient countries by outlining minimum standards of accountability and transparency. The paper examines how the changing nature of the global financial crisis impacted on the dynamics of the regulatory debate. It maps the dimensions of the crisis and assesses the risks associated with the expansion of state-controlled capital. It argues that the continued failure to clarify the rules governing inward investment makes it much more difficult to build the foundations of a new financial order. . JEL Classification : F30, GO1, G18

Suggested Citation

  • Justin O’Brien, 2009. "Global Securitization Crisis and Sovereign Wealth Funds," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 271-282.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2009_hos_9_1_5513
    DOI: 10.3406/ecofi.2009.5513
    Note: DOI:10.3406/ecofi.2009.5513
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    References listed on IDEAS

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    1. Ben S. Bernanke, 2008. "Risk management in financial institutions," Proceedings 1070, Federal Reserve Bank of Chicago.
    2. Edward M. Graham & David Marchick, 2006. "US National Security and Foreign Direct Investment," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 3917, January.
    3. John Lipsky, 2008. "Dealing with the Financial Turmoil: Contingent Risks, Policy Challenges and the Role of the IMF," International Finance, Wiley Blackwell, vol. 11(2), pages 185-192, August.
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    More about this item

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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