Sovereign Wealth Funds and Global Imbalances

Abstract

Much of the debate on sovereign wealth funds (SWFs) has focused on political questions : do they reintroduce the failings of public ownership into market economies by the back door ? will SWFs use their ownership rights to pursue political ends ? and will resistance to foreign ownership lead to a new wave of protectionism ? In this article, the author concentrates on some economic issues : why have they become so prominent recently ? how does that relate to imbalances in the world economy ? how are they affecting financial markets and what are the policy implications of their growth ? JEL Classification : F21, F30, F32

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