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Sovereign Wealth Funds in the European Union: Some consequences for employment

Sovereign Wealth Funds in the European Union: Some consequences for employment

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  • 1. Sovereign Wealth Funds: Evolution, Composition and Consequences for Workers in the European Union Restructuring Forum: The Impact of Financial Investors on Enterprises European Commission Employment, Social Affairs & Equal Opportunities July 5-6, 2010, Brussels Dr. Daniel Díaz-Fuentes & Dr. Judith Clifton University of Cantabria diazd@unican.es
  • 2. Research background Privatization in the EU Kluwer 2003 Public enterprise Multinationals Palgrave Macmilllan, 2007 FDI in EU Strategic Sectors Palgrave Macmillan, 2010 Impact of Southern Multinationals on EU Research Network Project 2010-2014 Public Sector of the Future FP7 Project, 2010.. 2015
  • 3. ISCH Action IS0905 The Emergence of Southern Multinationals and their Impact on Europe Traditionally Foreign Direct Investment (FDI) has flowed from advanced developed economies into developed and developing countries. More recently a new trend has emerged in the pattern of FDI. Outward bound FDI from emerging economies has begun to increase significantly and has been growing at a faster pace than FDI from the advanced developed world. The Action seeks to develop and sustain an international research network to study the impact of this new phenomenon for Europe and its stakeholders. The goal of the network is to implement a research agenda that will be of value to all stakeholders and policy makers in Europe as they grapple with this facet of globalisation. http://www.cost.esf.org/domains_actions/isch/Actions/IS0905-The-Emergence-of-Southern-Multinationals-and- their-Impact-on-Europe
  • 4. Presentation 1) SWF: Why the controversy? 2) Background and significance 3) Definition, classification 3a) Sources of Wealth 3b) Objectives and Typologies 4) A profile of the world’s major SWF 4a) “Commodity SWF” 4b) “Non-commodity SWF” 5) Recent SWF activity by sector 6) Policy issues 6a) FDI protectionism-reciprocity. 6b) Transparency,
  • 5. 1. SWF Controversy SWF are now receiving significant attention from the media, policy-makers, trade unions and scholars – but much remains unknown On the positive side, SWF are On the negative side, there is welcomed especially when: concern when: 1). They are seen to “stabilise” 1). Investment targets “strategic” financial markets – particularly sectors (finance, infrastructure, between 2007-8 during the energy) as FDI in general financial crisis – though SWF to 2). The financial entity, its operations the financial sector stabilised and intentions are perceived as from 2008 to the present not transparent and are owned by 2). They are perceived as being non-democratic governments “patient capital” with long-term 3). It is feared efficiency gains by objectives, good for employment privatization will be reversed, or prospects and growth (EC 2010) that non-economic objectives are being pursued by SWF managers
  • 6. 2. Background and Significance Around since the 1950s but have grown dramatically since late 1990s Today, 35 countries have at least one SWF There are around fifty SWF highly concentrated: 16 SWF from 8-10 countries make up nearly 87-90% of total SWF Largest SWF from: China, United Arab Emirates, Norway. Saudi Arabia, Singapore, Kuwait, Russia, Qatar, Libya and Algeria (in that order)
  • 7. 3. Definition and Classification “…special investment funds created or owned by governments to hold foreign assets for long-term Purposes” (IMF, 2007) “Government created (state-owned) special investment funds to hold foreign assets for long term purposes.. There is no universally agreed-upon definition of such funds, but their original objective was wealth preservation” (UNCTAD, 2008) • SWF tend to be classified according to at least two criteria: (a) the sources of sovereign wealth (b) their objectives
  • 8. 3.A. Wealth sources: Hume v. Mercantilism IMF (2007) emphasises “fiscal surplus” “Some funds are byproducts of fiscal budget surpluses accumulated due to a combination of revenues from exports and spending restraint. Fiscal surpluses and public savings generated domestically, such as privatization receipts, can also be sources for SWFs”. UNCTAD (2008) foreground “trade surpluses” “ “SWFs are government investment vehicles that are funded by the accumulation of foreign exchange assets and managed separately from the official reserves of the monetary authorities”. “Global imbalances” (Bernanke 2005, Eichengreen 2006. Feldstein 2008; Hunt 2008; Obstfeld & Rogoff. 2005; Roubini & Setser 2004; Summers 2006; Xafa 2007). “Exchange Reserve Management – Opportunity “Cost of Foreign Exchange” (Aghion et al. 2009; Aizenman & Lee2007; Ocampo, 2008 ; Rodrik 2006).
  • 9. 3.b. Objectives and Typologies of SWF “Old”: Oil stabilization Stabilization Funds and Saving Funds (Fasano 2000) Saving Contingency Funds – Pension future “New” concept: Funds generations Razanov (2005) SWF Many definitions (IMF 2007) Reserve Development investment Industrial Funds Funds
  • 10. 4. Profile of the world’s major SWF SWF can roughly be divided into two main categories: 1). “Commodity” SWF, most of which are “oil surplus” SWF. 55% total value of SWF assets based in oil exporting countries (Gulf Cooperation Council 36%, Norway 12.4%, Russia 3.8%, Libya 1.8% and Algeria 1.2%) 2). “Non-commodity” SWF, mostly Asian exporting SWF. 35% total value of SWF assets based on export surplus (China 20.7%, China-Hong Kong 3.7% and Singapore 9.6%)
  • 11. 4.a. Commodity SWF Commodity SWF – Profile: 26 SWF oil, 4 other commodities – Highly concentrated: over 90% of commodity SWF in 8 oil exporting countries: UAE (28.8%), Saudi Arabia (18.7%), Norway (20.3%), Kuwait (8.7), Russia (6%), Libya (3%), Qatar (2.8%) and Algeria (2%) • Strategy of Gulf Cooperation Council Countries: until 1990s risk-averse, investing in US bonds (stabilization). • From late 1990s, diversification of investment, more risk assumed (stocks and real estate) • With the oil boom, more pro-active through industrial partnerships • 2007-8 investment in banks in distress but this has since levelled off
  • 12. A Profile of the World's Major "Commodity SWF" 2009 Total Country FX: Foreign Linaburg- SWF SWF Exchange SWF Maduell Assets Assets Reserves to FX Trans- (USD (USD (USD ratio parency Billion) Country Sovereign Wealth Fund Year Billion) Billion) Index UAE 675.1 29.6 22.8 Abu Dhabi Abu Dhabi Investment Authority 1976 627.0 3 Abu Dhabi International Petroleum Investment Company 1984 14.0 .. Abu Dhabi Mubadala Development Company 2002 13.3 10 Dubai Investment Corporation of Dubai 2006 19.6 4 Ras Al Khaimah RAK Investment Authority 2005 1.2 3 Norway Government Pension Fund – Global 1990 474.0 474.0 45.1 10.5 10 Saudi Arabia 437.3 395.5 1.1 SAMA Foreign Holdings 1950* 432.0 2 Public Investment Fund 2008 5.3 3 Kuwait Kuwait Investment Authority 1953 202.8 202.8 19.6 10.3 6 Russia National Welfare Fund 2008 142.5 142.5 435.4 0.3 5 Libya Libyan Investment Authority 2006 70.0 70.0 65.5 1.1 2 Qatar Qatar Investment Authority 2005 65.0 65.0 8.4 7.8 5 Algeria Revenue Regulation Fund 2000 47.0 47.0 126.9 0.4 1
  • 13. 4.a. Evolutions Commodity SWF • First established in the 1950s in Kuwait and in 1970s in the Middle East region • Also in developed economies: US (Wyoming 1974, Alaska 1976), Canada (Alberta, 1976) and Norway (1990). • Followed by three ex-Soviet republics Azerbaijan (1999), Kazakhstan (2000), and Russia (2004) and less- developed countries: Venezuela (1998); Iran (1999); Trinidad and Tobago (2000), Nigeria (2004), East Timor (2005), Mauritania (2006) and Libya (2006)
  • 14. A Profile of other "Commodity SWF" 2009 Total Country FX: Foreign Linaburg- SWF SWF Exchange SWF Maduell Assets Assets Reserves to FX Trans- (USD (USD (USD ratio parency Billion) Country Sovereign Wealth Fund Year Billion) Billion) Index United States 39.1 69.7 0.6 Alaska Alaska Permanent Fund 1976 35.5 10 Wyoming Permanent Wyoming Mineral Trust Fund 1974 3.6 9 Kazakhstan Kazakhstan National Fund 2000 38.0 38.0 19.3 2.0 6 Brunei Brunei Investment Agency 1983 30.0 30.0 0.7 45.0 1 Iran Oil Stabilisation Fund 1999 23.0 23.0 70.0 0.3 1 Chile Social and Economic Stabilization Fund 1985 21.8 21.8 22.2 1.0 10 Azerbaijan State Oil Fund 1999 14.9 14.9 4.0 3.7 10 Bahrain Mumtalakat Holding Company 2006 14.0 14.0 3.5 4.0 8 Canada Alberta's Heritage Fund 1976 13.8 13.8 43.1 0.3 9 Nigeria Excess Crude Account 2004 9.4 9.4 59.7 0.2 1 Oman State General Reserve Fund 1980 8.2 8.2 7.0 1.2 1 Botswana Pula Fund 1996 6.9 6.9 10.0 0.7 1 East Timor Timor-Leste Petroleum Fund 2005 5.0 5.0 .. .. 6 Trinidad & Tobago Heritage and Stabilization Fund 2000 2.9 2.9 7.3 0.4 5 Venezuela FEM 1998 0.8 0.8 32.7 0.0 1 Kiribati Revenue Equalization Reserve Fund 1956 0.4 0.4 0.0 12.9 1 Mauritania National Fund for Hydrocarbon Reserves 2006 0.3 0.3 1.4 0.2 1 2342.2 1476.5 1.6 4.7
  • 15. 4.b. Non-Commodity SWF • Funds built on asset transfers from ballooning foreign reserves (mostly in Asia) • Temasek Holdings of Singapore, established in 1974, became a model of “reserve investment holding” for other Asian countries • Asian SWF invest in Multinationals abroad that transfer technology back home
  • 16. A Profile of the World's Major "Non-Commodity SWF" 2009 Total Linaburg- SWF FX: Foreign Country SWF to Maduell Assets Exchange SWF FX Trans- (USD Reserves Assets ratio parency Billion) (USD Billion) (USD Index Country Sovereign Wealth Fund Year Billion) China 796.0 2131.6 0.37 SAFE Investment Company 1997 347.1 2 China Investment Corporation 2007 288.8 7 National Social Security Fund 2000 146.5 5 China-Hong Kong Hong Kong Monetary Authority Investment Portfolio 1993 139.7 139.7 160.7 0.87 8 Singapore 369.5 168.8 2.19 Government of Singapore Investment Corporation 1981 247.5 6 Temasek Holdings 1974 122.0 10 Australia Australian Future Fund 2006 59.1 59.1 33.4 1.77 9 Ireland National Pensions Reserve Fund 2001 30.6 30.6 0.8 36.34 10 France Strategic Investment Fund 2008 28.0 28.0 113.1 0.25 .. South Korea Korea Investment Corporation 2005 27.0 27.0 264.3 0.10 9 Malaysia Khazanah Nasional 1993 25.0 25.0 122.0 0.20 4 4 Asian 1357.2 2847.4 0.48 6.4 Total 1500.0 2994.7 0.50 7
  • 17. 5. Recent SWF activity by sector Singapore SWF Activity 2005 to 2008 Value (USD % of SWF Target Company billion) Firm Industry GIC UBS 9.8 11 Finance 2007-08 Citigroup 6.9 4.4 Finance 2007-08 TPG (Texas Pacific Group) 1.5 100 Finance 2007 Merrill Lynch Financial Centre 1.0 100 Finance 2007-08 Myer Melbourne 1.0 100 Retail - stores 2007-08 Chapterhouse Holdings Ltd 1.0 100 Non res. building 2007 Capital Shopping Centres 0.8 40 Non res. building 2007 Hawks Town 0.8 100 Retail - stores 2007-08 WestQuay Shopping Centre 0.6 50 Non res. building 2007-08 Westfield Parramatta 0.6 50 Non res. building 2007 Bluewater Shopping Centre 0.6 18 Non res. building 2005 AEI 0.4 11 Energy 2008 British Land 0.3 3 Non res. building 2007-08 Kungshuset 0.2 100 Non res. building 2007-08 Roma Est Shopping Centre 0.1 50 Non res. building 2007-08 Temasek Merril Lynch 5.0 11.3 Finance 2007-08 China Eastern Air 2.8 8.3 Transport 2007-08 Barclays 2.0 1.8 Finance 2007-08 Standard Chartered 2.0 5.4 Finance 2007-08 Tokyo Westin 0.7 100 Hotel 2007-08 9You Online Games 0.1 9.4 Electronic 2007-08
  • 18. China SWF activity 2005 to 2008 Value (USD % of SWF Target Company billion) Firm Industry SAFE Total 2.8 1.6 Oil 2007-08 BP 2 1 Oil 2007-08 Australia and New Zealand Banking Group 0.2 0.3 Finance 2007-08 National Australia Bank 0.2 0.3 Finance 2007-08 Commonwealth Bank of Australia 0.2 0.3 Finance 2007-08 China Investment Co Morgan Stanley 5 9.9 Finance 2007-08 China Citic Securities Bear Stems 1 6 Finance 2007-08 China Development Bank Barclays 3 3.1 Finance 2007-08 China Investment Co Blackstone 3 10 Finance 2007-08 Korea SWF activity 2005 to 2008 Value (USD % of SWF Target Company billion) Firm Industry KIC Merril Lynch 2.0 4.3 Finance 2007-08
  • 19. 5. Recent SWF activity by sector UAE SWF Activity 2005 to 2009 Value % of (USD Firm Acquiring UAE SWF Acquired company billion) Value Industry Abu Dhabi Investment Council Citigroup 7.6 4.9 Finance 2007-08 Investment Corporation of Dubai MGM Mirage 5.1 9.5 Amusement-Hotel 2007-08 Abu Dhabi National Energy Co Prime West Energy of Canada 5.0 100 Energy 2009 Investment Corporation of Dubai London Stock Exchange 3.0 28 Finance 2007-08 International Petroleum Inv. Co Kuokwang Petrochemical 2.4 20 Industrial chemicals, 2005 Investment Corporation of Dubai Tunisie-Telecoms 2.3 35 Telecom 2006 Abu Dhabi Investemen Council Industrial Bank of China 2.0 0.1 Finance 2008 Abu Dhabi Investment Authority Borealis A/S 1.7 50 Industrial Plastic 2005 Dubai International Capital LLC Tussauds Group Ltd 1.5 100 Amusement 2005 Abu Dhabi Investment Council Carlyle Group 1.4 7.5 Finance 2007-08 Investment Corporation of Dubai Och-Ziff Capital Management 1.3 9.9 Finance 2007-08 Dubai International Capital LLC Travelodge Hotels Ltd 1.3 100 Hotels 2006 Dubai International Capital LLC Doncasters PLC 1.2 100 Aircraft 2006 Dubai Ports International CSX World Terminals LLC 1.2 100 Transport Marine 2005 Istithmar PJSC 280 Park Ave,New York 1.2 100 Non res. building 2006 Investment Corporation of Dubai Mauser Group 1.2 100 Foam 2007-08 Investment Corporation of Dubai Alliance Medical 1.2 100 Health 2007-08 Borse Dubai Nasdaq 1.0 19.9 Finance 2007-08 Investment Corporation of Dubai Almatis 1.0 100 Alumina 2007-08 Investment Corporation of Dubai Standard Chartered 1.0 2.7 Finance 2007-08 Investment Corporation of Dubai Barney's New York 0.9 100 Retail - Clothes 2007-08 Investment Corporation of Dubai EADS 0.8 3.1 Aircraft 2007-08 Investment Corporation of Dubai ICICI Bank Ltd 0.8 2.9 Finance 2007-08 Abu Dhabi Investment Council Cosmo Oil of Japan 0.8 0.1 Oil 2009 Dubai Financial LLC Bank Muscat Oman Banks 0.6 15 Finance 2007 Mubadala Development Co. Advanced Micro Devices 0.6 8 Electronic 2007-08 Istithmar PJSC Adelphi 0.6 100 Non res. building 2006 Investment Corporation of Dubai Sony 0.5 1 Electronic 2007-08 Investment Corporation of Dubai Metropole Hotel 0.3 100 Hotel 2007-08
  • 20. Other GCC SWF Activity 2005 to 2009 Value % of Acquiring GCC SWF Acquired company (USD Firm Industry Saudi Arabia SAMA UBS 1.8 2 Finance 2007 Saudi Arabia SWF Mediaset SpA(Fininvest) 1.1 18 Broadcasting 1995 Kuwait Kuwait Investment Authoritiy DaimlerChrysler 8.1 7.2 Car Manufacturing 2008 Kuwait Investment Authoritiy Merril Lynch 3.4 7 Finance 2007-08 Kuwait Investment Authoritiy Commodity Exchange Pakistan 5 19 Finance 2000 Kuwait Investment Authoritiy Merril Lynch 3.4 7 Finance 2007-08 Kuwait Investment Authoritiy Citigroup 3.0 6 Finance 1981 Kuwait Investment Authoritiy Industrial Bank of China 0.7 Finance 2005 Qatar Qatar Investment Authority Porsche Automobil H 10.0 10 Car manufacturing 2009 Qatar Investment Authority Volkswagen 4.7 10 Car manufacturing 2009 Qatar Investment Authority Sainsbury 3.7 25 Retail 2007-08 Qatar Investment Authority Harrods 2.3 100 Retail 2010 Qatar Investment Authority London Stock Exchange 2.0 20 Finance 2007-08 Qatar Investment Authority Chelsea Barraks UK 1.8 100 Non red. Building 2008 Qatar Investment Authority OMX 0.5 10 Finance 2007-08 Qatar Investment Authority Songbird Estate (Canary Wharf) 0.5 40 Non red. Building 2009 Qatar Investment Authority Barwa Real State BRES.QA 0.4 100 Non red. Building 2010 Qatar Investment Authority Raffles Hotel (Sinapore) 0.3 100 Non red. Building 2009 Qatar Investment Authority Guinea Alumina Co 0.2 8 Metal 2007
  • 21. 6. Policy issues Policy issues • Return of the State in business – political or economic motivation? prejudice against state-owned or public enterprise? • Rise of FDI protectionism? - US Committee on Foreign Investment in the US – CFIUS) Dubai & China - EU reciprocity or “Gazprom” clause • Regulatory issues: transparency ie Santiago principles (voluntary), reciprocity, tighter regulation required? • SWF not the only instrument: states also use FDI as an investment vehicle
  • 22. 6. FDI Protectionism and Reciprocity Openness” to FDI and, in particular, Fixed Telephony, Electricity and General (OECD 2007) – Clifton & Díaz-Fuentes (2010) “Is the European Union ready for FDI from Emerging Markets?” Foreign Direct Investment from Emerging Markets: The Challenges Ahead, Karl Sauvant with W. Maschek and Geraldine. McAllister (eds.), Palgrave Macmillan: London/New York. ISBN: 9780230100213, 2010. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1598345
  • 23. 6. Transparency Groups of SWF by Linaburg-Maduell Transparency Index Number of Number Assets % on Country - SWF SWF in the of SWF (Billion total group by score USD) Assets 8=10, High 8-10 Norway, Singapore-Tamasek, United States, Ireland, Chile, 15 5=9, 993.6 26.2 Azerbaijan, UAE-Abu Dhabi Mubadala DC, New Zealand, 2=8 Australia, Canada, South Korea, Bahrain, China-Hong Kong China Investment Corporation, Singapore-GIC, Kuwait, 5=6, Medium 5-6 Kazakhstan, East Timor, China-NSSF, Russia, Qatar, Trinidad & 9 1139 30.0 4=5 Tobago 4=4, UAE-Abu Dhabi, Algeria, Brunei, Iran, Nigeria, Oman, 2=3, Low 1-4 19 1658.7 43.8 Botswana, Venezuela, Kribti, China-SAFE, Libya, Saudi Arabia, 3=2, Malaysia, China ADB 10=1
  • 24. Recent improvements
  • 25. 6. Policy issues - conclusion • Effects on employment – systemic and specific (case by case). Financial and Shopping centres (rent-seekers) • Controversy: SWF as FDI (ownership vs control) • SWF diversity: source of wealth, home country, strategy pursued. Reciprocity (BRIC – Asia - GCC). • Two case studies in EC (2010) did not reveal major negative consequences for employment, indeed, SWF often welcomed when perceived as “patient” capital
  • 26. References References Aghion, P., Bacchetta, P., Ranciere, R. and Rogoff, K. 2009. Exchange Rate Regimes and Productivity Growth. Journal of Monetary Economics. Aizenman, J. and J. Lee. 2007. International Reserves: Precautionary Versus Mercantilist Views, Theory and Evidence. Open Economic Review 18:191-214. Aizenman, J. and R. Glick. 2008. Sovereign Wealth Funds: Stylized Facts about Their Determinants and Governance. NBER Working paper 14562. Auty, R. M. and Kiiski, S. 2001. Natural resources, capital accumulation, structural change, and welfare. In Resource Abundance and Economic Development, R. M. Auty (ed.). Oxford: Oxford University Press, pp. 19-35. Beck, R. & Fidora, M. 2008 The Impact Of Sovereign Wealth Funds On Global Financial Markets, No 91, European Central Bank, Frankfurt. Bernanke, B. 2005. The Global Saving Glut and the U.S. Current Account Deficit, Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia, Federal Reserve Board. Blundell-Wignall, A., Yu-Wei Hu, and J. Yermo. 2008. Sovereign Wealth and Pension Fund Issues. Working Papers on Insurance and Private Pensions No. 14. Paris, France: Organization for Economic Cooperation and Development. Bortolotti, B., Fotak, V. & Megginson, W. (2008),.The Financial Impact of Sovereign Wealth Funds Investments in Listed Companies., Working Paper, University of Oklahoma. Clark, G. L. 2010. Temptation and the virtues of long-term commitment: the governance of sovereign wealth fund investment. Working Paper. Available at SSRN
  • 27. Clark, G. L. and A. Monk. 2010a. Government of Singapore Investment Corporation (GIC): Insurer of last resort and bulwark of nation-state legitimacy. The Pacific Review Clark, G. L. and A. Monk. 2010b. Resource wealth and the ethics of global investment: the legitimacy and governance of Norway’s sovereign wealth fund. Environment and Planning. Cohen, B. J. 2009. Sovereign Wealth Funds and National Security: The Great Tradeoff. International Affairs 85:713-31. Das, U. S., Y. Lu, C. Mulder and A. Sy. 2009. Setting up a Sovereign Wealth Fund: Some Policy and Operational Considerations. IMF Working Paper 09/179. Deutsche Bank Research(2007). SWF state investment on the rise, September 10 Devlin, W. and B. Brummitt. 2007. A few sovereigns more: the rise of sovereign wealth funds. Australian Treasury Economic Roundup, Spring. ECB. 2006. The Accumulation of Reserves. Occasional Paper Series No. 43, European Central Bank, Frankfurt. EESC’s Consultative Commission on Industrial Change (CCMI) on the impact of private equity, hedge and sovereign wealth funds on industrial change in Europe Eichengreen, B. 2006. Global imbalances: The new economy, the dark matter, the savvy investor, and the standard analysis. Journal of Policy Modeling 28:645-52.
  • 28. . Eifert, B., A. Gelb, and N. B. Tallroth. 2002. The Political Economy of Fiscal Policy and Economic Management in Oil-Exporting Countries. World Bank Policy Research WP 2899. El-Erian, M (2010) Sovereign Wealth Funds in the New Normal, Finance and Development Eriksen, T. 2006. The Norwegian petroleum sector and the Government Pension Fund- Global. Oslo: Ministry of Finance, Norwegian Government. Fasano, U. 2000. Review of the Experience with Oil Stablization and Savings Funds in Selected Countries. IMF Working Paper 00/112. Feldstein, M. S. 2008. Resolving the Global Imbalance: The Dollar and the U.S. Saving Rate. NBER Working Paper Series 13952. Galani, U. and Nixon, S. 2008. Don’t Fear the Sovereigns. The Wall Street Journal 26 January Government Accountability Office. 2008. Sovereign Wealth Funds: Publicly Available Data on Sizes and Investments for Some Funds Are Limited. United States Government Accountability Office: GAO-08-946. Helleiner, E. 2009. The Geopolitics of Sovereign Wealth Funds: An Introduction. Geopolitics 14: 300-304.
  • 29. Hunt, C. 2008. Financial Turmoil and Global Imbalances: The End of Bretton Woods II? Reserve Bank of New Zealand Bulletin 71(3): 44-55. IMF (2007): Global Financial Stability Report, October, Annex 1.2 SWF by Udaibir S. Das, with inputs from the Fiscal Affairs and Statistics Departments http://www.imf.org/external/pubs/ft/survey/so/2008/pol03408a.htm IMF (2008). Sovereign Wealth Funds – A Work Agenda. Washington, DC, February 29. International Working Group of Sovereign Wealth Funds (IWG). 2008. Sovereign Wealth Funds: Current Institutional and Operational Practices. Report Prepared by the IWG Secretariat in Collaboration with the Members of the IWG, September 15. Johnson, S. (2007) .The Rise of Sovereign Wealth Funds., Finance and Development. 44 Karl, T. L. 1997. The Paradox of Plenty: Oil Booms and Petro-States. University of California Press. Mikesell, R. L. 1997. Explaining the resource curse, with special reference to mineral- exporting countries. Resources Policy 23(4): 191-199. Monk, A. H. B. 2009. Recasting the Sovereign Wealth Fund Debate: Trust, Legitimacy, and Governance. New Political Economy 14: 14-30. Obstfeld, M. and K. Rogoff. 2005. Global current account imbalances and exchange rate adjustments. Brookings Papers on Economic Activity 1: 67-146.
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  • 31. Sauvant, K. 2006. “A Backlash Against Foreign Direct Investment?” In World Investment Prospects to 2010: Boom or Backlash? The Economist Intelligence Unit. Skancke, M. 2003. Fiscal policy and petroleum fund management in Norway. In Fiscal Policy Formulation and Implementation in Oil- Producing Countries, J. Davis, R. Ossowski and A. Fedelino (eds.). Washington, DC: International Monetary Fund, pp. 316-338. Stevens, P. 2003. Resource Impact – Curse or Blessing? IPECA Working Paper, March. Summers, L. 2006. Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation. L.K. Jha Memorial Lecture, Reserve Bank of India, Mumbai Teslik, Lee H. 2008. Sovereign Wealth Funds. Council on Foreign Relations Backgrounder. Washington, DC: Council on Foreign Relations. Truman, E. 2007. Sovereign Wealth Funds: The Need for Greater Transparency and Accountability. Policy Brief No. 07-6, Peterson Institute for International Economics, Washington, DC. UNCTAD (2007-2008): World Investment Report 2007..2009, Various Years..United Nations Conference on Trade and Development, New York and Geneva. Voss, Eckhard; Vitols, Sig, Wilke, Peter & Haves, Jakob (2009): Data collection study on the impact of private equity, hedge and sovereign funds on industrial change in Europe Final Report for the European Economic and Social Committee Consultative Commission on Industrial Change Project Ref. CCMI/CFT 2/2008, Hamburg, June – Wilke Maack Und Partner, Tel : +49 40 43 27 87 43 – Fax : ++49 40 43 27 87 44 www.wilke-maack.de
  • 32. Related Publications by Publications by Judith Clifton & Daniel Díaz Fuentes Judith Clifton & Daniel Díaz-Fuentes Clifton, Judith and Daniel Díaz-Fuentes, “The European Union, Southern Multinationals and the question of the Strategic Industries”, The Emergence of Southern Multinationals, Brennan, Louis (ed.) Palgrave Macmillan, forthcoming – in press. Clifton, Judith, Daniel Díaz-Fuentes and Julio Revuelta, ”The Political Economy of Telecoms and Electricity Internationalization in the Single Market” Journal of European Public Policy, 17(7), 2010. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1600054 Clifton, Judith, and Daniel Díaz-Fuentes, “Is the European Union ready for FDI from Emerging Markets?” Foreign Direct Investment from Emerging Markets: The Challenges Ahead, Karl Sauvant with W. Maschek and Geraldine. McAllister (eds.), Palgrave Macmillan: London/New York. ISBN: 9780230100213, 2010. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1598345 Clifton, Judith, Book review of “Global Latinas”, Journal of Economic Issues, March, 2010. Clifton, Judith and Daniel Díaz-Fuentes, “From national monopoly to Multinational: Consequences for work in public services in Europe”. “Revisiting Multinational Corporations in the Twenty-First Century”, Special Issue of Revista Internacional de Organizaciones/International Review of Organizations, 3, ISSN: 18864171, 2009
  • 33. .Clifton, Judith and Daniel Díaz-Fuentes, “Public administrations and general interest services: what europeanization?”, European Law Journal, 2009.Clifton, Judith, Daniel Díaz-Fuentes and Julio Revuelta, " Explaining Telecoms and Electricity Internationalization in the European Union: A Political Economy Perspective", European University Institute, Robert Schuman Centre for Advanced Studies, WP 2009/62. ISBN: 1028 3265,2009. http://cadmus.eui.eu/dspace/bitstream/1814/12839/1/RSCAS_2009_62.pdf Clifton, Judith and Daniel Díaz-Fuentes, “Changing World of Public Services. Consequences for the Organisation of Work”, Quality of Work in the European Union Concept, Data and Debates from a Transnational Perspective. Guillén, Ana and Dahl, Sven (eds.), Peter Lang: Berlin. ISBN 9789052015774, 2009. Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes, “The rise of the new public service transnationals in Europe”, Harm Schroeter (ed.), The European Enterprise, Springer-Verlag. ISBN: 9783540740360, 2008. Clifton, Judith, Daniel Díaz-Fuentes: contribution chapters two and three of the United Nations Conference on Trade and Development World Investment Report 2008, UNCTAD: Geneva, Switzerland, 2008. http://www.unctad.org/en/docs/wir2008_en.pdf Clifton, Judith and Daniel Díaz-Fuentes, “The New Public Service Transnationals: consequences for labour”, Work Organization, Labour and Globalization, 2008. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1597748
  • 34. Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes, Transforming public enterprise in Europe and North America: Transnationalisation, Networks and Integration, Palgrave: London/New York, 2007. http://www.palgrave.com/products/title.aspx?PID=271592 Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes “ Transforming Network services in Europe and the Americas: From Ugly Ducklings to Swans?” in Transforming public enterprise in Europe and North America: Transnationalisation, Networks and Integration, Palgrave: London/New York, 2007, pp. 3-15. Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes “ Transforming Network services in Spain” in (eds) Judith Clifton, Francisco Comín and Daniel Díaz-Fuentes, Transforming public enterprise in Europe and North America: Transnationalisation, Networks and Integration, Palgrave: London/New York, 2007, pp. 90-115. Clifton, Judith, Daniel Díaz-Fuentes and Carlos Marichal “Taking Control: Transforming Telecommunications in Mexico” in (eds) Judith Clifton, Francisco Comín and Daniel Díaz-Fuentes, Tranforming Public Enterprise in Europe and the Americas: Networks, Integration and Transnationalisation, Palgrave: London/New York, 2007, pp. 172-90. Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes “Towards Understanding Network Service Transnationalisation in (eds) Judith Clifton, Francisco Comín and Daniel Díaz-Fuentes, Tranforming Public Enterprise in Europe and the Americas: Networks, Integration and Transnationalisation, Palgrave: London/New York, 2007, pp.
  • 35. Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes, “Privatizing public enterprises in the European Union: Pragmatic, Ideological, Inevitable?” Journal of European Public Policy, 13(5) 2006, pp. 736-56. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1588756 Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes, “Nationalisation, denationalisation and European integration: changing contexts, unfinished debates”. Entreprises et Histoire ISBN 2869117957, 2004. Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes, “Reconceptualising Public Services after Integration: States, Markets and Entitlements in the European Union”, W-2004-8, United Nations University-Comparative Regional Integration Studies, 2004. http://www.cris.unu.edu/UNU-CRIS-Working- Papers.19.0.html?&tx_ttnews[pointer]=3&tx_ttnews[tt_news]=67&cHash=8b9b9f3b31 Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes (2003) Privatization in the European Union: Public enterprises and integration, Kluwer Academic Publishers: Dordrecht. ISBN: 1402074816, 2003. Clifton, Judith, Francisco Comín and Daniel Díaz-Fuentes, “Reconceptualising Public Enterprises after Integration: States, Markets and Entitlements in the European Union”. Working Paper of the United Nations University, Centre for Regional Integration Studies, 2003, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1607724
  • 36. Related Publications by JudithJudith Related Publications by Clifton Clifton Clifton, Judith “Privatisation, Nationalisation and Mexicanisation: the case of the telecommunications sector”Annuales historique de l´electricite, 2003, pp. 155-74. Clifton, Judith The Politics of Telecommunications in Mexico: Privatisation and State- Labour Relations 1982-1995, Macmillan-St Martin’s Press: London/New York. ISBN: 0333751485. 2000. http://us.macmillan.com/author/judithclifton Clifton, Judith “On the political consequences of privatisation: the case of Teléfonos de México” Bulletin of Latin American Research, 19, ISBN: 02613050, 2000, pp.63-79. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1597756 Clifton, Judith, Book review “Privatizing Monopolies” in Journal of Latin American Studies, 2000. Clifton, Judith, “Sindicatos y política en México: el caso de la privatización del Telmex”, Política y gobierno, 2, 1999, pp. 407-40. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1588768 Clifton, Judith The Politics of Privatisation in Mexico, Working Paper of the Instituto Ortega y Gasset, ISBN: 8492256249, 1997.