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

100%

Slota M. S.

Pieniądze i Więź

2010

vol. 13

issue 4(49)

106-117

(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.

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

86%

Slota M. S.

Pieniądze i Więź

2010

vol. 13

issue 1(46)

94-102

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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2 Pieniądze i Więź

2 2010

2 Slota M. S.

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

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