Upcoming Events
2nd Global Sovereign Wealth Forum 2018, London, March 20-21, 2018
The 2nd Global Sovereign Wealth Forum brings together Sovereign Wealth Funds from across the world to London. SWFs are becoming some of the largest investors in the world, shaping trends in global investments.
Pension Research Council 2018 Symposium, Philadelphia, May 3-4, 2018The 2018 PRC Symposium on The Disruptive Impact of FinTech on Retirement Systems explores how technological innovation is changing the retirement marketplace.
The Money Management Institute Annual Conference, Dallas, October 15-17, 2018The Money Management Institute (MMI) is the leading voice for the global financial services organizations that provide advice and investment advisory solutions to individual and institutional investors.
Articles of Interest
Final Report to the California Secure Choice Retirement Savings Investment Board
Author: Overture Financial.
Publisher: California Secure Choice Retirement Savings Investment Board
Summary: This report represents the culmination of many months of collaboration between
Overture Financial and its sub-contractors, the California Secure Choice Retirement Savings Investment Board, California Secure Choice personnel and
contractors, stakeholders in the public and private sectors, service providers, employers and
employer associations, worker organizations, and community groups. The report is an actionable document that contributes towards the
successful launch of the California Secure Choice Program.
Author: Nir
Klein.
Publisher: International
Monetary Fund, Working Paper No.
10/118.
Summary: Recent empirical
studies have shown an inverse
relation between natural
resource intensity and long-term
growth, implying that the
natural resources generally
impede economic growth through
various channels (the"natural
resource curse"). This paper
departs from these studies by
exploring the intersectoral
linkages between oil and non-oil
sectors in a cross-country
perspective.
Author:
Udaibir S. Das, Yinqiu Lu,
Christian Mulder and Amadou Sy.
Publisher: International
Monetary Fund, Working Paper No.
09/179.
Summary: This paper offers a
policy and operational “roadmap”
to policymakers considering
setting up an SWF. It should
also be of interest to
policymakers in countries where
SWFs are already in place, to
review their existing policies
and operations. Finally, it
offers an opportunity to
identify areas where research in
macroeconomics and finance
should give further answers as
to the adequacy of existing
practice related to the setting
up and management of SWFs, an
area where practical
considerations often lead
theoretical research.
Author:
Cornelia Hammer, Peter Kunzel
and Eva Petrova.
Publisher: International
Monetary Fund, Working Paper No.
08/254.
Summary: The International
Working Group of Sovereign
Wealth Funds (IWG) was
established on April 30, 2008,
to identify and draft a set of
principles that properly reflect
their investment practices and
objectives.1 As part of this
initiative, certain IWG members
completed a short survey of
their current institutional and
operational practices. The SWF
survey, which was conducted by
staff of the International
Monetary Fund (IMF), solicited
responses on a voluntary and
confidential basis from members
of the IWG. The IWG used the
responses as background
information and input in the
preparation of the Generally
Accepted Principles and
Practices for SWFs (GAPP).
Author:
Edwin M. Truman.
Publisher: Paterson Institute
for Internationall Economics.
Summary: Sovereign wealth funds
(SWF) or their near equivalent
come in many forms, with a
variety of objectives, in
countries with a range of
governmental structures.
Consequently, comparisons among
them are difficult.
Nevertheless, it is possible to
outline a core set of elements
that are substantially relevant
for all such entities whether
the objective is short-term
macro-economic stabilization,
wealth transfer across
generations, or a combination of
objectives, which usually is the
case. This paper evaluates each
individual sovereign wealth fund
on the extent to which those
elements are associated with its
structure and operation and, in
the process, and creates a
scoreboard.
Author/Editor: Rolando
Avendaño and Javier Santiso.
Publisher: OECD Development
Centre, Working Paper No. 283.
Summary: This paper belongs to a
series of studies on Sovereign
Wealth Funds and their role in
the new financial architecture.
The study is a background paper
for the upcoming Global
Development Outlook 2010. This
research deals with the question
of sovereign wealth funds’
investments from a comparative
perspective. Based on a unique
holding-level data for a group
of sovereign funds and mutual
funds, it shows that the
differences in equity
investments between SWFs and
other institutional investors
are less pronounced than
suspected .
Author/Editor: Roland Beck and
Michael Fidora.
Publisher: European Central
Bank, Occasional Paper Series
No. 91.
Summary: This paper analyses the
impact of sovereign wealth funds
(SWFs) on global financial
markets. It presents
back-of-the-envelope
calculations which simulate the
potential impact of a transfer
of traditional foreign exchange
reserves to SWFs on global
capital flows. If SWFs behave as
CAPM-type investors and thus
allocate foreign assets
according to market
capitalization rather than
liquidity considerations,
official portfolios reduce their
“bias” towards the major reserve
currencies. As a result, more
capital flows “downhill” from
rich to less wealthy economies,
in line with standard
neoclassical predictions.