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Finance Matters, 20

Sovereign Wealth FundsBetween the State and Markets

By Adam D. Dixon, Patrick J. Schena and Javier Capapé

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£95.00

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About this book

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.

Reviews

Dixon, Schena and Capapé have written a concise, thorough and informative volume on sovereign wealth funds. They carefully explore the many issues that these governmental institutions still raise. The combination of historical context and analytical content is highly accessible. A must-read.

This is an outstanding book. It is beautifully written, empirically rich and with an interesting political economy perspective on the role of the state and these intriguing institutional investors that wield so much power.

For anyone looking to educate themselves on sovereign wealth funds, this book is hard to beat. Its concise format belies the breadth of coverage and depth of expertise demonstrated by the authors.

Table of contents

1. What is a sovereign wealth fund?

2. The short history of sovereign wealth funds

3. Legitimizing state actors in global markets

4. The new giants in global finance: myths and realities

5. Tools of strategic development

6. The new state capitalist normal?

About the contributors

Adam D. Dixon

Adam D. Dixon is Adam Smith Chair in Sustainable Capitalism at Heriot-Watt University, Edinburgh. He is author of The New Frontier Investors (2016), The New Geography of Capitalism (2014) and Sovereign Wealth Funds: Legitimacy, Governance, and Global Power (2013).

Patrick J. Schena

Patrick J. Schena is Adjunct Assistant Professor of International Business Relations at the Fletcher School, Tufts University, where he is also senior fellow of the Center for Emerging Market Enterprises and co-head of the Sovereign Wealth Fund Initiative.

Javier Capapé

Javier Capapé is Adjunct Professor and Director of the Sovereign Wealth Research programme at the Centre for Governance of Change at IE University, Madrid. Since 2012, he has been a SovereigNET Research Affiliate at the Fletcher School, Tufts University, USA, and co-editor of the Sovereign Wealth Funds Reports series.

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