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Państwowe fundusze majątkowe jako nowy element w architekturze globalnej sieci bezpieczeństwa finansowego

100%
Urban D.
Zarządzanie i Finanse
|
2012
|
vol. 4
|
issue 2
339-352
EN
The article discusses the issue of sovereign wealth funds in the context of the role of these investors in providing global financial stability. The first part of the paper presents four phases of development of these institutional investors. The second part of the article shows that sovereign wealth funds have characteristics of long-term investors including: limited liquidity needs, lower than market average level of redemption risk, long-term investment horizon and relatively high risk tolerance. In the last part the author provides evidence that this group of investors can currently play stabilizing role within selected economies and in the future possibly on the global level. These state-run funds may contribute to a widening of the long-term investor base for risky assets, be the source of liquidity to markets, exert a stabilizing effect on financial markets, and moreover enable a more efficient sharing and diversification of risk at the global level. In conclusion the author point out to the need for regulatory framework supporting long term investment on national, regional and global level.
2

Panstwowe fundusze majatkowe - nowe wyzwanie dla nadzoru korporacyjnego

100%
Urban D.
Contemporary Economics
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2010
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issue 3(15)
39-48
EN
The article discusses Sovereign Wealth Funds with reference do the process of corporate governance. In the first part the paper presents the rise, growth and current investment activity of those funds. In the second section the author consider reasons for implementation of corporate governance best practices. The last part of the paper compares Santiago Principles with OECD principles of corporate governance.
3

IMPACT OF OIL PRICES ON SOVEREIGN FUNDS (THE ASSETS AND INVESTMENTS)

80%
Pauhofová I., Svocáková S.
Ekonomický časopis (Journal of Economics)
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2016
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vol. 64
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issue 1
37 – 55
EN
The contribution is aimed at detecting how changes in oil prices influenced the development of assets of the oil sovereign funds, which countries possessing sovereign funds have been most affected, and whether and how changes in oil prices affected the foreign direct investments made by countries with the sovereign wealth funds. Analytical apparatus use the officially available data for oil prices, import, export, FDI and assets and investments of sovereign funds from SWF Institute. The causality between oil prices and annual growth of sovereign funds wealth in Kazakhstan, Norway and Russia has been confirmed. Shock in oil prices had the greatest impact on the value of assets in Russian sovereign wealth funds, then the SWF of Kazakhstan and the least impact had been observed upon Norwegian SWF. In the case of Russia, the shock in oil prices has had a long lasting effect. Saudi Arabia does not suffer from the low oil prices and it does not affect the principles of its investment decisions.
4

NATION-STATES AS INVESTORS IN A GLOBALIZED WORLD

80%
Jiránková M.
Ekonomický časopis (Journal of Economics)
|
2012
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vol. 60
|
issue 8
854 – 870
EN
The article deals with problems of an inception and existence of sovereign wealth funds in a present world, with their size, types and goals. These funds do not present an economic problem, but they invoke fears concerning a national security and a state sovereignty in case of their entrance into the sensitive industries as a defence industry, energy, an infrastructure etc. in host countries. So there is an effort to establish an international regime of this fund performance which would increase especially their transparency and accountability. Except from it there is discussed the existence of these fund as one form of an external imbalance manifestation and also the manifestation of a changing hegemony in today’s world from developed countries in favour of Asiatic states.
5

CALLING FOR HELP. SOVEREIGN WEALTH FUNDS AND THE ISSUE OF NEW DIRECTIONS OF CAPITAL MIGRATION AND RECENT BAILOUTS OF FINANCIAL INSTITUTIONS

70%
Slota M. S.
Pieniądze i Więź
|
2010
|
vol. 13
|
issue 4(49)
106-117
EN
(Polish title: Wolanie o pomoc. Suwerenne fundusze inwestycyjne a kwestia nowych kierunkow migracji kapitalu oraz ratowania zagrozonych upadkiem instytucji finansowych). The article provides a brief definition of the sovereign wealth fund notion and a deep comparison between SWFs and other types of investment funds both in terms of financial potential and ways of investing. Moreover, the Author of the article points out the differences of SWFs' investment policies in the historical context. Consecutively also the most spectacular cases of recapitalization of vulnerable financial institutions, which were hit by the subprime crisis, with the special acknowledgement of such investment banking giants as Citigroup, Morgan Stanley, Merill Lynch, Barclays Bank or UBS, are discussed. On the basis of the examples mentioned above, the author tries to emphasize the role of sovereign wealth funds in today's highly globalized world economy and to show them as an example and proof of the visible changes in the global migration of capital. Additionally, the article itself is an attempt to discuss the possible scenarios of SWFs' future, whether they are going to grow to a dominant category of institutional investors or not, especially taking into consideration the fears of western countries and actions they that take to protect their economies against excess of Middle East and Asian state capital flows.
6

SOVEREIGN WEALTH FUNDS. DIFFERENT ORIGINS, THE SAME GROWTH OF SIGNIFICANCE (Suwerenne fundusze inwestycyjne. Rózny rodowód, jednakowy wzrost znaczenia.)

61%
Slota M. S.
Pieniądze i Więź
|
2010
|
vol. 13
|
issue 1(46)
94-102
EN
The article provides a brief definition of the sovereign wealth funds (SWF )and a deep analysis of two SWF institutions: Abu Dhabi Investment Authority and China Investment Corporation, and their main sources of capital,the so called petrodollars and the excess currency reserves resulting from trade surpluses, respectively. The author uses these examples to illustrate the role of SWF, both those financed by the petrodollar capital and those generated thanks to the excess foreign exchange reserves, in the world economy and the current global migration of capital, as well as in the context of the latest financial crisis caused by the credit crunch in United States. Moreover, the author of the article tries to discuss the possible scenarios of sovereign wealth funds' future, not only in terms of their recent expansion, but also in the circumstances of many fears of western countries and actions that they take to prevent their economies from capital flows coming from state owned investment funds from the Middle East and Asia. The question here is whether SWF are going to maintain the position of dominant institutional investors on world's financial markets for a longer period of time or their significance is going to be diminished by the pressures from the West.
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