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Sovereign Wealth Funds and Long-Term Investing
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Sovereign Wealth Funds and Long-Term Investing

Joseph Stiglitz, Patrick Bolton, and Frederic Samama

Abstract

Sovereign Wealth Funds (SWFs) are state-owned investment funds with combined asset holdings that are fast approaching four trillion dollars. Recently emerging as a major force in global financial markets, SWFs have other distinctive features besides their state-owned status: they are mainly located in developing countries and are intimately tied to energy and commodities exports, and they carry virtually no liabilities and have little redemption risk, which allows them to take a longer-term investment outlook than most other institutional investors. This book examines the specificities of SWFs ... More

Keywords: Sovereign Wealth Funds, state-owned investment funds, global financial markets, developing countries, commodities exports, world economy

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780231158633
Published to Columbia Scholarship Online: November 2015 DOI:10.7312/columbia/9780231158633.001.0001

Authors

Affiliations are at time of print publication.

Joseph Stiglitz, editor

Patrick Bolton, editor

Frederic Samama, editor

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Contents

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Introduction

Patrick Bolton, Frederic Samama,and Joseph E. Stiglitz

1 Keynote Addresses

The Rationale for Sovereign Wealth Funds from a Development Perspective1

Stephany Griffith-Jones and José Antonio Ocampo

Sovereign Wealth Funds

Gordon L. Clark and Ashby H. B. Monk

Introduction

Pierre-André Chiappori

Stabilization Funds

Eric Parrado

Tilt of Benchmarks

Bob Litterman

Panel Paper

Andrew Ang

Introduction

Stephany Griffith-Jones

Impact Investing

Antony Bugg-Levine

Introduction

Patrick Bolton

Panel Paper

Patrick Bolton and Frederic Samama

Panel Paper

Patrick Bolton and Frederic Samama

Introduction

Peter Goldmark

Introduction

Joseph E. Stiglitz

Funds and Volatility

Andrés Velasco

Managing Uncertainty

Rob Johnson

Key Issues

Min Zhu

Introduction

Geoffrey Heal

Chile and Copper

Ignacio Briones

Panel Paper

Marie Brière

Introduction

Saskia Sassen

Sovereign Wealth Funds

Ronald J. Gilson