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Sovereign Wealth FundsLegitimacy, Governance, and Global Power$
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Gordon L. Clark, Adam D. Dixon, and Ashby H.B. Monk

Print publication date: 2013

Print ISBN-13: 9780691142296

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691142296.001.0001

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The Rise of Sovereign Wealth Funds

The Rise of Sovereign Wealth Funds

(p.13) 2 The Rise of Sovereign Wealth Funds
Sovereign Wealth Funds

Gordon L. Clark

Adam D. Dixon

Ashby H. B. Monk

Princeton University Press

This chapter provides an introduction to the formation and development of sovereign wealth funds (SWFs) around the world. Its argument is largely about form and function, emphasizing the functions that SWFs provide for nation-states in the context of the global financial system. The purpose here is to classify and explain the rise of SWFs, making links to the relevant literature in the social sciences on institutional innovation and change. It also emphasizes the importance of SWFs as an institutional innovation consistent with and drawing legitimacy from fundamental changes in the global financial system that have prompted governments to seek ways of managing their “place” in a system subject to considerable volatility, risk, and uncertainty.

Keywords:   sovereign wealth funds, nation-states, global financial system, global finance

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