What constitutes a sovereign wealth fund is contested. In general,
however, it is a state-sponsored institutional investor that is
answerable only to the state and makes investments according to the
interests and mandate of that state. Different types of funds have
emerged in the context of particular economic conjunctures, and
over the last decade the number of sovereign wealth funds has grown
substantially, with total assets exceeding $7 trillion. This trend
is set to continue, as more and more countries look to establish an
SWF. The place of SWFs in global financial markets may appear
settled, but this does not mean that concerns about "state capital"
and its place in financial markets has gone away. This short book
offers an incisive discussion of the development of this class of
investor, how they have become legitimate actors in global
financial markets, and their role as providers of capital and in
economic development at home and abroad.
General
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