Oxford SWF Project

1 Response to “SWF Research”

1. 1 rien huizer August 18, 2009 at 9:40 am

   Although there is now a code of conduct for a group of “state” entitities (what is “the state” in an emirate? L’etat c’est moi et mes freres, or words to that effect, that does not mean that these entities have a lot in common, except from the perspective of an investment banker. It would make sense to do some distinction-making, between real state funds and funds that sit somewhere between a ruling family’s private portfolio and what belongs to the other citizens, i e distinguish by constitutional characteristics.

   Further it makes sense to look with more specialized focus (i.e. by source) at funds that result from monetary/exchange rate policy, and that would not exist in the absence of large scale sterilization, and funds that aim at intergenerational distribution of the proceeds of non-recurrent exploitation, while at the same time keping the immediate proceeds of the underlying acticity outside the domestic economy (to prevent “dutch disease”)

   Yet another specialist focus could be on the funds that result from excessive government saving, as takes place (almost unavoidably) in Singapore.

   It is very hard witness the emergence of the Santago rules, to make statemennt about SWFs generically, except that they tend to exist under not to democratic political umbrellas, and may have a broad range of officially unintended perposes..

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