1. 资源名称：Sovereign Wealth Funds_The Need for Greater Transparency and Accountability

2. 作者：Edwin M. Truman from Peterson Institute for International Economics

3. 资源类别：论文

4. 资源大小、格式、页数：235kB   .pdf   9 pages

Sovereign wealth funds are the latest topic de jour in international
finance. Over the past half dozen years, governments around the world, primarily in emerging-market economies, have accumulated rapidly a vast amount of international assets in the form of reserves and other holdings. The scope and scale of these activities raise profound questions about the structure and stability of the international financial system in the first decade of the 21st century.

This policy brief provides an overview of this trend in governmental asset holdings and outlines some of the basic issues it raises for the international financial system. The size of official holdings of cross-border assets is often unknown to the citizens of the countries involved as well as to market participants. Strategies for managing those assets in many cases are at best vague, offering little guidance to the managers. In other cases, the strategies may be known to the managers but not to the general public. Actual or rumored changes in asset allocations have the potential to disrupt international financial markets. The fact that governments own these assets raises the potential that their management will be guided by political, rather than economic and financial, considerations or that the economic and financial considerations are motivated by support for national champions (if a country accumulates excess oil reserves and invests them in foreign energy projects, this looks like exploitation of economic power not diversification). Consequently, host-country jurisdictions
are under increasing pressure to limit the scope of such investments, raising the specter of political confrontation and financial protectionism.

[此贴子已经被作者于2007-12-10 14:34:01编辑过]