- Title Pages
- Acknowledgments
- Introduction
- Sovereign Wealth Funds—Distinguishing Aspects and Opportunities
- The Contribution of Institutional Investors to Fostering Stability and Long-Term Growth
- Sovereign Wealth Funds as Stabilizers
- Financing Long-Term Investments After the Crisis
- What Sovereign Wealth Funds Can Do to Alleviate Global Poverty
- The Sovereign Debt Problem5
- 2 The State of Sovereign Wealth Funds
- Overview
- The Rationale for Sovereign Wealth Funds from a Development Perspective1
- Sovereign Wealth Funds
- 3 Benchmarking and Performance Standards
- Introduction
- Stabilization Funds
- Tilt of Benchmarks
- Four Benchmarks of Sovereign Wealth Funds
- Which Financial Benchmarks and Other Incentives Work for Long-Term Investing?1
- Further Considerations
- Panel Summary
- Panel Paper
- 4 Fostering Development Through Socially Responsible Investment
- Introduction
- Impact Investing
- Sovereign Wealth Funds as Catalysts of Socially Responsible Investing
- Objectives and Ethical Guidelines of Norges Bank Investment Management
- Building Emerging Countries’ Financial Infrastructure by Investing in Microfinance
- Further Considerations
- Panel Summary
- 5 Expanding Investment Horizons
- Introduction
- How to Reward Long-Term Investors
- Sovereign Wealth Funds and the Shifting Wealth of Nations
- Compensation and Risk-Taking in the U.S. Financial Industry
- Building Long-Term Strategies for Investment of Sovereign Wealth
- Further Considerations
- Panel Summary
- Panel Paper
- Panel Paper
- 6 Reducing Climate Risk
- Introduction
- Influencing Clean Innovations
- The Emerging Role of State Investors in the Governance of Global Corporations
- The Rise of Carbon-Free Technology
- Smart Energy Globalization
- Further Considerations
- Panel Summary
- 7 Managing Risk During Macroeconomic Uncertainty
- Introduction
- Macroeconomic Uncertainty and Managing Risk for Sovereign Wealth Funds
- Funds and Volatility
- Managing Uncertainty
- Key Issues
- Further Considerations
- Panel Summary
- 8 Managing Commodity Price Volatility
- Introduction
- Managing Commodity Price Volatility
- Chile and Copper
- Management of Commodity Price Risks on Sovereign Balance Sheets1
- Further Considerations
- Panel Summary
- Panel Paper
- 9 Sovereign Wealth Funds and World Governance
- Introduction
- Reconciling Sovereignty, Accountability, and Transparency in Sovereign Wealth Funds
- Sovereign Wealth Funds
- Restrictions on Cross-Border Investment
- The Value of Transparency
- Maximizing Autonomy in the Shadow of Great Powers
- Further Considerations
- Panel Summary
- Conclusion
- Contributors
- About the Conference Organizers
Further Considerations
Further Considerations
- Chapter:
- Further Considerations
- Source:
- Sovereign Wealth Funds and Long-Term Investing
- Author(s):
- Patrick Bolton, Frederic Samama, Joseph E. Stiglitz
- Publisher:
- Columbia University Press
This chapter presents responses to some questions and/or comments raised during the panel the governance issues of sovereign welath funds (SWFs). A participant asked if the focus should not be more on accountability rather than transparency. Is there no current mechanism for penalty if a fund is operating in the context of the U.S. market and U.S. regulations, the United Kingdom, or the European Union that the same consequences would apply as for any other investor? Another participant commented that he believed the people have a right to know how their money is being invested. Another participant asked about the dichotomy of wishing sovereign wealth funds (SWFs) to be market profit maximizers, acting in the same way as private investors with restrictions placed on different share classes and the treatment of long-term investors.
Keywords: accountability, transparency, sovereign wealth funds, SWF
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- Title Pages
- Acknowledgments
- Introduction
- Sovereign Wealth Funds—Distinguishing Aspects and Opportunities
- The Contribution of Institutional Investors to Fostering Stability and Long-Term Growth
- Sovereign Wealth Funds as Stabilizers
- Financing Long-Term Investments After the Crisis
- What Sovereign Wealth Funds Can Do to Alleviate Global Poverty
- The Sovereign Debt Problem5
- 2 The State of Sovereign Wealth Funds
- Overview
- The Rationale for Sovereign Wealth Funds from a Development Perspective1
- Sovereign Wealth Funds
- 3 Benchmarking and Performance Standards
- Introduction
- Stabilization Funds
- Tilt of Benchmarks
- Four Benchmarks of Sovereign Wealth Funds
- Which Financial Benchmarks and Other Incentives Work for Long-Term Investing?1
- Further Considerations
- Panel Summary
- Panel Paper
- 4 Fostering Development Through Socially Responsible Investment
- Introduction
- Impact Investing
- Sovereign Wealth Funds as Catalysts of Socially Responsible Investing
- Objectives and Ethical Guidelines of Norges Bank Investment Management
- Building Emerging Countries’ Financial Infrastructure by Investing in Microfinance
- Further Considerations
- Panel Summary
- 5 Expanding Investment Horizons
- Introduction
- How to Reward Long-Term Investors
- Sovereign Wealth Funds and the Shifting Wealth of Nations
- Compensation and Risk-Taking in the U.S. Financial Industry
- Building Long-Term Strategies for Investment of Sovereign Wealth
- Further Considerations
- Panel Summary
- Panel Paper
- Panel Paper
- 6 Reducing Climate Risk
- Introduction
- Influencing Clean Innovations
- The Emerging Role of State Investors in the Governance of Global Corporations
- The Rise of Carbon-Free Technology
- Smart Energy Globalization
- Further Considerations
- Panel Summary
- 7 Managing Risk During Macroeconomic Uncertainty
- Introduction
- Macroeconomic Uncertainty and Managing Risk for Sovereign Wealth Funds
- Funds and Volatility
- Managing Uncertainty
- Key Issues
- Further Considerations
- Panel Summary
- 8 Managing Commodity Price Volatility
- Introduction
- Managing Commodity Price Volatility
- Chile and Copper
- Management of Commodity Price Risks on Sovereign Balance Sheets1
- Further Considerations
- Panel Summary
- Panel Paper
- 9 Sovereign Wealth Funds and World Governance
- Introduction
- Reconciling Sovereignty, Accountability, and Transparency in Sovereign Wealth Funds
- Sovereign Wealth Funds
- Restrictions on Cross-Border Investment
- The Value of Transparency
- Maximizing Autonomy in the Shadow of Great Powers
- Further Considerations
- Panel Summary
- Conclusion
- Contributors
- About the Conference Organizers
