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Sovereign Wealth Funds
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Editors: Thomas N. Carson and William P. Litmann
Book Description:
Sovereign wealth funds (SWFs) are investment funds owned and managed by national governments. Such funds currently manage between $1.9 and $2.9 trillion and are expected to grow to over $12 trillion by 2015. This is due to the rapid growth of commodity prices and large trade surpluses in several emerging market economies. During the second half of 2007, interest in SWFs increased as Asian and Middle Eastern SWFs, fueled by surging foreign exchange reserves, invested large sums of capital in U.S. and other Western companies. Policy makers in the United States have raised two broad policy concerns about SWFs: (1) their lack of transparency and (2) their possible misuse for political or other non-commercial goals. Hearings have been held by several congressional committees including the House Financial Services Committee and the Senate Foreign Relations and Senate Banking Committees. Additional congressional hearings are expected in 2008. SWFs pose a complex challenge for policy makers.

On one hand, SWFs are long-term investment vehicles looking beyond quarterly results and therefore serve as stable funding sources during financial turbulence. On the other hand, however, there are operational concerns stemming from government control (i.e., lack of transparency and possible non-commercial investment goals). Without transparency, it is difficult to attain a clear picture of SWF investment activity. A lack of SWF transparency can also obscure governance and risk-management problems within SWFs. Many are also concerned that countries will use SWFs to support what one analyst has called “state capitalism,” using government-controlled assets to secure stakes around the world in strategic areas such as telecommunications, energy and mineral resources, and financial services, among other sectors. In response to these concerns, many analysts and policy makers are evaluating the operations of existing SWFs and are looking to the international financial institutions such as the International Monetary Fund, World Bank, and the Organization for Economic Cooperation and Development to establish guidelines for SWF operations. All of these institutions are currently developing proposals that will be deliberated during 2008.

Table of Contents:
Preface

Chapter 1. Sovereign Wealth Funds: Background and Policy Issues for Congress; pp. 1-20
(Martin A. Weiss)

Chapter 2. China's Sovereign Wealth Fund; pp. 21-39
(Michael F. Martin)

Chapter 3. State Capitalism: The Rise of Sovereign Wealth Funds; pp. 41-82
(Gerard Lyons)

Chapter 4. Sovereign Wealth Fund Acquisitions and Other Foreign Government Investments in the United States: Assessing the Economic and National Security Implications: Testimony before the Committee on Banking, Housing, and Urban Affairs, United States Senate, November 14, 2007; pp. 83-106
(Edwin M. Truman)

Chapter 5. Testimony of Patrick M. Mulloy Before the Senate Committee on Banking, Housing and Urban Affairs Hearing on "Sovereign Wealth Fund Acquisitions and other Foreign Government Investments in the U.S.: Assessing the Economic and National Security Implications" (November 14, 2007); pp. 107-115

Chapter 6. Foreign Government Investment in the U.S. Economy and Financial Sector: Joint Hearing Before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology and the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee on Financial Service; pp. 117-271
(U.S. House of Representatives One Hundred Tenth Congress Second Session (March 5, 2008)

Chapter 7. Statement of Scott G. Alvarez, General Counsel, Board of Governors of the Federal Reserve System before the Committee on Banking, Housing, and Urban Affairs, United States Senate; pp. 273-281

Chapter 8. Investments and Acquisitions in the United States by Government Entities; pp. 283-289
(Testimony by Alan Larson, Covington & Burling LLP) Before the Senate Committee on Banking, Housing and Urban Affairs (November 14, 2007)

Chapter 9. Sovereign Wealth Funds and Implications for Policy; pp. 291-296
(Testimony by Jagdish Bhagwati before The Senate Foreign Relations, Wednesday 11th, June 2008)

Chapter 10. U.S. Regulatory Framework for Assessing Sovereign Investments; pp. 297-301
(Testimony by Jeanne S. Archibald, International Trade Practice, Hogan & Hartson LLP) Before the Senate Committee on Banking, Housing and Urban Affairs (April 24, 2008)

Chapter 11. The Foreign Policy Implications of Sovereign Wealth Funds; pp. 303-308
(Daniel W. Drezner, The Fletcher School, Tufts Univ.) Prepared Testimony for the Senate Foreign Relations Committee, June 11, 2008

Chapter 12. Testimony of David Marchick;pp. 309-313
(The Carlyle Group(June 11, 2008))

Chapter 13. Testimony of David Marchick (The Carlyle Group) Before the United States Senate - Committee on Banking, Housing, and Urban Affairs ;pp. 315-318
(April 24, 2008)

Chapter 14. The Regulatory Framework for Sovereign Investments Testimony Before the Committee on Banking, Housing, and Urban Affairs United States Senate (April 24, 2008); pp. 319-323
(by Ethiopis Tafara, Office of International Affairs, U.S. Securities and Exchange Commission)

Chapter 15. U.S. Senate Committee on Foreign Relations Senator Richard G. Lugar Opening Statement for Hearing on Sovereign Wealth Fund; pp. 325-326 (June 11, 2008)

Chapter 16. Statement of Chairman Dodd "Turmoil in U.S. Credit Markets: Examining the U.S. Regulatory Framework for Assessing Sovereign Investments"; pp. 327-329
(U.S. Senate Banking Committee)

Chapter 17. The Committee on Foreign Investment in the United States (CFIUS); pp. 331-352
(James K. Jackson)

Index

   Binding: Hardcover
   Pub. Date: 2009
   Pages: 369 pp.
   ISBN: 978-1-60692-319-1
   Status: AV
  
Status Code Description
AN Announcing
FM Formatting
PP Page Proofs
FP Final Production
EP Editorial Production
PR At Prepress
AP At Press
AV Available
  
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