Sovereign Wealth Funds and National Security: The Dog that Will Refuse to Bark

Kirshner, Jonathan

doi:10.1080/14650040902827765

Cited by 30 publications

(21 citation statements)

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“…The question of their performance given their specific governance (political influences, long-term investment horizon, opacity) has also been explored (Bernstein et al, 2013;Ang, 2012). On the political side, some specific investments gave rise to hot political debate on whether such politically-flavoured investors could be a threat to national security (Kirshner, 2009) and could indirectly encourage capital account protectionism (Johnson, 2007). The scope of this branch of papers relates to business practices such as corporate governance and ethics.…”

Section: Literature Reviewmentioning

confidence: 99%

Emergence of sovereign wealth funds

Carpantier

2018

Journal of Commodity Markets

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This paper tests the theoretically founded hypothesis that the surge of SWF establishments is determined by three main factors: 1) the existence of natural resources profits, 2) the government structure and 3) the ability to invest usefully in the domestic economy. We test this hypothesis on a sample of 20 countries that established an SWF in the period 1998-2008 by comparing them to the roughly 100 countries that did not set up a fund in the same period. We find evidence for all three factors. The results suggest that SWFs tend to be established in countries that run an autocratic regime and have difficulties finding suitable opportunities for domestic investments. We do not find the net foreign asset position of a country to be similarly related to the explanatory variables, indicating that the establishment of an SWF is distinct from a national accounting result. We argue that our results indicate that it is relevant to study how an SWF interacts with the domestic economy and government policy.

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Section: Literature Reviewmentioning

confidence: 99%

Emergence of sovereign wealth funds

Carpantier

2018

Journal of Commodity Markets

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“…To the extent they exist, however, such motives are very far from the kind of offensive attempts to manipulate the countries hosting SWF investments that critics in some of these countries have alleged. Although most academic authors are quick to dismiss the more alarmist and protectionist responses to SWF investments as unfounded, the underlying shift in the distribution of wealth in the international system does constitute significant change in the international geopolitical balance of power (Kirshner 2009). There is, however, no straightforward metric for assessing the implications of such a shift.…”

Section: Mixed Motives and Paradoxesmentioning

confidence: 98%

The Financial Statecraft of Emerging Powers

Armijo¹,

Katada²

2014

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The global political economy is in flux as a series of cumulative crises impacts its organization and governance. The IPE series has tracked its development in both analysis and structure over the last three decades. It has always had a concentration on the global South. Now the South increasingly challenges the North as the centre of development, also reflected in a growing number of submissions and publications on indebted Eurozone economies in Southern Europe.An indispensable resource for scholars and researchers, the series examines a variety of capitalisms and connections by focusing on emerging economies, companies and sectors, debates and policies. It informs diverse policy communities as the established trans-Atlantic North declines and 'the rest', especially the BRICS, rise.

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“…10 . In 2006, the China National Offshore Oil Corporation (CNOOC) attempted to take over Unocal, the California-based US oil company, but was blocked by political opposition in Congress (Shortgen 2006; for more general discussions, also see Cohen 2009;Kirshner 2009;Truman 2008;Weiss 2008;Wu and Seah 2008;Ziemba 2007). 11 .…”

Section: Three Explanatory Frameworkmentioning

confidence: 98%

“…With regard to SWF investment behaviour, observers agree that until now SWFs have been guided almost exclusively by considerations of return: they seem to have been called into existence primarily to realize greater returns than the more traditional ways of investing currency reserves. Their investment decisions (although not always successful) cannot be shown to be determined by noneconomic considerations (Kirshner 2009). They do, however, differ substantially from other new players in the global financial markets such as private equity and hedge funds: SWFs have a much longer time horizon, which may have implications for the future (Butt et al 2008).…”

Section: Motivesmentioning

confidence: 98%

Neoliberalism in Crisis

Overbeek¹,

Apeldoorn²

2012

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Sovereign Wealth Funds and National Security: The Dog that Will Refuse to Bark

Cited by 30 publications

References 0 publications

Emergence of sovereign wealth funds

Emergence of sovereign wealth funds

The Financial Statecraft of Emerging Powers

Neoliberalism in Crisis

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