IDEAS home Printed from https://ideas.repec.org/a/taf/jsustf/v4y2014i4p357-371.html
   My bibliography  Save this article

Financializing development: toward a sympathetic critique of sovereign development funds

Author

Listed:
  • Adam D. Dixon
  • Ashby H.B. Monk

Abstract

In this paper, we unpack the scope and possibilities of sovereign development funds (SDFs) in different forms and under different political- cum -institutional conditions as a policy tool supporting economic growth and development, particularly in developing countries. Defining what the purpose should be and what is possible is complicated by a number of factors. The form of government of the sovereign sponsor and the significance of public legitimacy may help or hinder different types of investment mandates. Moreover, different investment mandates and their relative sophistication require organizational capabilities and expertise that are often not available locally or are insufficiently developed, such that the implementation of certain investment mandates is constrained and/or too costly. The purpose and the design possibilities of a SDF are, ultimately, contingent on local conditions, resources, and the essential developmental needs of the country and its population.

Suggested Citation

  • Adam D. Dixon & Ashby H.B. Monk, 2014. "Financializing development: toward a sympathetic critique of sovereign development funds," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 4(4), pages 357-371, October.
    • Handle: RePEc:taf:jsustf:v:4:y:2014:i:4:p:357-371
    DOI: 10.1080/20430795.2014.980717
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/20430795.2014.980717
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/20430795.2014.980717?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. R McKinnon, 1991. "Financial Control in the Transition to a Market Economy," CEP Discussion Papers dp0040, Centre for Economic Performance, LSE.
    2. Gordon L. Clark & Adam D. Dixon & Ashby H. B. Monk, 2013. "Sovereign Wealth Funds: Legitimacy, Governance, and Global Power," Economics Books, Princeton University Press, edition 1, volume 1, number 10003.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Caroline E Nowacki & Ashby Monk & Bertrand Decoster, 2021. "Who do sovereign wealth funds say they are? Using structural topic modeling to delineate variegated capitalism in their official reports," Environment and Planning A, , vol. 53(4), pages 828-857, June.
    2. Elvira Mami, 2023. "The role of sovereign wealth funds in natural resource-rich countries: A systematic meta-narrative review," Journal of International Business Policy, Palgrave Macmillan, vol. 6(3), pages 356-371, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Richard Pomfret, 2003. "Trade and Exchange Rate Policies in Formerly Centrally Planned Economies," The World Economy, Wiley Blackwell, vol. 26(4), pages 585-612, April.
    2. Schmid, A. Allan, 1992. "Institutional Foundations of the Market Economy with Reference to the Transition Process taking Place in Eastern and Central Europe," Staff Paper Series 201152, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    3. Jeffrey A. Frankel & Shang-Jin Wei, 2004. "Managing Macroeconomic Crises," NBER Working Papers 10907, National Bureau of Economic Research, Inc.
    4. Conley, John P. & Maloney, William F., 1995. "Optimal sequencing of credible reforms with uncertain outcomes," Journal of Development Economics, Elsevier, vol. 48(1), pages 151-166, October.
    5. Mr. Guillermo Calvo & Mr. Jacob A. Frenkel, 1991. "Obstacles to Transforming Centrally-Planned Economies: The Role of Capital Markets," IMF Working Papers 1991/066, International Monetary Fund.
    6. Sulaiman, Saidu & Masih, Mansur, 2017. "Is liberalizing finance the game in town for Nigeria ?," MPRA Paper 95569, University Library of Munich, Germany.
    7. Fouzia Amin & Sanmugam Annamalah, 2013. "An evaluation of Malaysian capital controls," Journal of Economic Studies, Emerald Group Publishing, vol. 40(4), pages 549-571, August.
    8. Rabindra Bhandari & Dharmendra Dhakal & Gyan Pradhan & Kamal P. Upadhyaya, 2007. "Determinants of Private Saving in South Asia," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 8(2), pages 205-217, December.
    9. Raymond M. Leuthold, 1994. "Evaluating Futures Exchanges in Liberalising Economies," Development Policy Review, Overseas Development Institute, vol. 12(2), pages 149-164, June.
    10. Bennett, John & Estrin, Saul & Hare, Paul, 1999. "Output and Exports in Transition Economies: A Labor Management Model," Journal of Comparative Economics, Elsevier, vol. 27(2), pages 295-317, June.
    11. Manuel F. Montes, 1996. "Country Responses to Massive Capital Flows," WIDER Working Paper Series wp-1996-121, World Institute for Development Economic Research (UNU-WIDER).
    12. Manuel R. Agosin & Gustavo Crespi & Leonardo Letelier, 1997. "Análisis sobre el aumento del ahorro en Chile," Research Department Publications 3008, Inter-American Development Bank, Research Department.
    13. Beine, Michel & Lodigiani, Elisabetta & Vermeulen, Robert, 2012. "Remittances and financial openness," Regional Science and Urban Economics, Elsevier, vol. 42(5), pages 844-857.
    14. Kraft, Evan & Vodopivec, Milan, 1992. "How soft is the budget constraint for Yugoslav firms?," Journal of Comparative Economics, Elsevier, vol. 16(3), pages 432-455, September.
    15. Alexandru Minea & Patrick Villieu, 2006. "Long-Run Monetary and Fiscal Policy Trade-Off in an Endogenous Growth Model with Transaction Costs," Post-Print halshs-00261119, HAL.
    16. Noland, Marcus & Son, Hyun H., 2012. "Editors’ introduction transitional economies: Progress and pitfalls," Journal of Asian Economics, Elsevier, vol. 23(2), pages 107-110.
    17. Philippe DULBECCO & Jean-Pierre ALLEGRET & COURBIS, 1999. "Financial Liberalisation and Stability of the Financial System in Emerging Markets: the institutional dimension of financial crises," Working Papers 199918, CERDI.
    18. Kitano, Shigeto, 2011. "Capital controls and welfare," Journal of Macroeconomics, Elsevier, vol. 33(4), pages 700-710.
    19. C. Martinelli & M. Tommasi, 1997. "Sequencing of Economic Reforms in the Presence of Political Constraints," Economics and Politics, Wiley Blackwell, vol. 9(2), pages 115-131, July.
    20. Ito, Hiro & Kawai, Masahiro, 2014. "Determinants of the Trilemma Policy Combination," ADBI Working Papers 456, Asian Development Bank Institute.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:jsustf:v:4:y:2014:i:4:p:357-371. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/TSFI20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.