SOVEREIGN WEALTH FUNDS IN THE SYSTEM OF GLOBAL FINANCIAL IMBALANCES: AN ANALYSIS OF BENEFITS AND THREADS FROM THE PERSPECTIVE OF GLOBAL FINANCIAL STABILITY
DOI:
https://doi.org/10.17721/apmv.2018.136.0.60-66Abstract
Abstract. A new active component has appeared in the contemporary global financial system, Sovereign Wealth Funds, demonstrating the growing investment capacities in some countries. This newly born category of investors reflects a wide array of economic policy intentions in the realities when current consumption or investment of considerable funds resulting from budget surplus and positive payment balance becomes either undesirable or unfeasible. The article’s objective is to analyze operation of Sovereign Wealth Funds as an
Актуальні проблеми міжнародних відносин. Випуск 136. 2018. .
61
innovative and leading actor of the global financial market, coming in place of hedge funds and private investment funds and challenging the role of central banks as biggest lenders. The position of Sovereign wealth Funds in the system of global financial imbalances is studied; benefits and threats from their operation are analyzed from the perspective of global financial stability.
Keywords: sovereign wealth funds, global financial imbalances, financial stability, savings, investments.
References
References 1. Dyba M. (2015) ‘Suverenni fondy na rynku kapitaliv’ [Sovereign funds in thecapital market], Finances of Ukraine 8: 56-73. 2. Kozyuk V. (2009), ‘Monetarni zasady hlobalʹnoyi finansovoyi stabilʹnosti’
Actual problems of international relations. Release 136. 2018
[Monetary fundamentals of global financial stability], TNEU, “Ekonomichna dumka”: 728 s. 3. Panchenko V., ReznikovaN. (2017) ‘Vid protektsionizmu do neoprotektsionizmu: novi vymiry rehulyuvannya v umovakh liberalizatsiyi’ [From protectionism to neo-protectionism: new dimensions of regulation in the conditions of liberalization], Mizhnarodna ekonomichna polityka 2(27): 28-46. 4. Panchenko V. (2018) ‘Hlobalʹni vymiry neoprotektsionizmu: teoriya i praktyka’ [Global dimensions of neo-protectionism: theory and practice], Ahrar Media Hrup: 618 s. 5. Reznikova N. (2018) ‘Ekonomichna neozalezhnistʹ krayin v umovakh hlobalʹnykh transformatsiy’ [Economic neo-dependence of Countries in the Context of Global Transformations], Ahrar Media Hrup: 460s. 6. Reznikova N., Ivashchenko O. (2016) ‘Neozalezhnistʹ ukrayinsʹkoyi ekonomiky yak proyav vyklykiv ekonomichniy bezpetsi: perspektyvy strukturnoy itransformatsiyi ta makroekonomichnoyi stabilizatsiyi’ [Neo-dependence of the Ukrainian economy as a manifestation of challenges to economic security: prospects of structural transformation and macroeconomic stabilization], Ekonomika ta derzhava 2: 4-8. 7. Reznikova N., Ivashchenko O. (2017) ‘Perspektyvy formuvannya novykh tsentriv ekonomichnoho zrostannya v umovakh novoyi normy svitovoyi ekonomiky yak proya neozalezhnosti’ [Prospects for the emerging new centers of economic growth in the context of new norm of the global economy: a manifestation of neo-dependence], Investytsiyi: praktyka ta dosvid 11: 5-9. 8. Shpylʹka O., Sorokina O. (2012) ‘Rolʹ fondiv suverennoho bahatstva v systemi hlobalʹnoyi finansovoyi stabilʹnosti’ [The role of sovereign wealth funds in the system of global financial stability]. Available at: http://nauka.kushnir.mk.ua/?p=10575.
Beck R., Fidora M.(2008) ‘The Impact of Sovereign Wealth Funds on Global Financial Markets’. Available at: <https://www.ecb.europa.eu/pub/pdf/scpops/ecbocp91.pdf?cf1d54411b5d38ec73277c2d78273a31>.
Bortolotti B., Fotak V., Megginson W.L. (2015) ‘The Rise of Sovereign Wealth Funds: Definition, Organization, and Governance’. Available at: https://www.unibocconi.eu/wps/wcm/connect/fbd0c50e-0402-4992-9a2f-0a46d3105261/SWF-PPP-Palgrave-1.pdf?MOD=AJPERES.
BulatovaO. (2016) ‘Regionalization of the World Economy’, VisnykMariupolʹsʹkohoderzhavnohouniversytetu. Seriya: Ekonomika 12: 153-161.
Fiechter J.(2010) ‘The French Strategic Investment Fund: A Creative Approach to Complement SWF Regulation of Mere Protectionism?’, Journal of Applied Economy3: 59-77/
Santiso J.(2009) ‘Sovereign Development Funds: Key financial actors of the shifting wealth of nations’. Available at: <https://www.oecd.org/dev/41944381.pdf>.
Sovereign Wealth Fund Rankings(2018). Available at: <https://www.swfinstitute.org/sovereign-wealth-fund-rankings/>.
Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management(2013). Available at: <https://www.imf.org/external/pubs/ft/wp/2013/wp13231.pdf>.
