المجلة الجزائرية للدراسات المالية والمصرفية
Volume 1, Numéro 1, Pages 35-47
2011-06-30
Sovereign Wealth Funds: New Global Players*
Authors : Mahfoud Djebbar .
Abstract
Sovereign wealth funds (SWFs) have taken on increased importance in global investment markets over the recent decade. Many emerging- market and several developed economies alike and commodity-exporting countries accumulated substantial amounts of foreign exchange reserves. The management of these reserves has led to the emergence of those global financial players, i.e., SWFs. In this Paper we outline their evolution, management, strategies and possible impact on the global economy, particularly, on international financial stability. We conclude that those government entities are long-term institutional investors that play a stabilizing role in financial markets by providing liquidity, and thereby, reducing volatility. However they still face some challenges, such as financial protectionism from host countries, global governance, transparency, and accountability standards.
Keywords
Sovereign wealth funds. foreign exchange reserves
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