Sovereign Wealth Funds: Legitimacy, Governance, and Global Power
Gordon L. Clark, Adam D. Dixon, and Ashby H.B. Monk
Abstract
The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. This book maps the global footprints of these financial institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies—from the China Investment Corporation to the funds of several Gulf states—the book shows that the forces propelling the adoption and development of sovereign wealth funds vary by country. The book also shows that many of these investment institutions have identifi ... More
The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. This book maps the global footprints of these financial institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies—from the China Investment Corporation to the funds of several Gulf states—the book shows that the forces propelling the adoption and development of sovereign wealth funds vary by country. The book also shows that many of these investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets. The book suggests that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about investment management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the book demonstrates that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations. This book considers how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.
Keywords:
sovereign wealth funds,
financial institutions,
governance,
investment management,
financial markets,
international relations
Bibliographic Information
| Print publication date: 2013 |
Print ISBN-13: 9780691142296 |
| Published to Princeton Scholarship Online: October 2017 |
DOI:10.23943/princeton/9780691142296.001.0001 |
Authors
Affiliations are at time of print publication.
Gordon L. Clark, author
University of Oxford
Adam D. Dixon, author
University of Bristol
Ashby H.B. Monk, author
Stanford University
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