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
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.
30. Ocampo, J. A. 2007-08. The Instability and Inequalities of the Global Reserve System.
International Journal of Political Economy 36(4): 71-96.
OECD (2008): OECD Declaration On Sovereign Wealth Funds And Recipient Country
Palacios, R.J. 2002. Managing Public Pension Reserves Part II: Lessons from Five
Recent OECD Initiatives. Social Protection Discussion Paper 219. Washington, D.C.:
World Bank.
Park, D. & Estrada, G. (2008): Developing Asia’s Sovereign Wealth Funds and Outward
Foreign Direct Investment, Asian Development Review, vol. 26, no. 2, pp. 57–85
Park, D. 2008. Capital Outflows, Sovereign Wealth Funds, and Domestic Financial
Instability in Developing Asia. Asia Development Bank WP Series No. 129.
Rautava, Jouko (2008): Sovereign wealth funds arouse political passions, Bank of
Finland • Institute for Economies in Transition, BOFIT 2/2008 • 14.04.2008
Razanov, A. (2005) Who Holds the Wealth of Nations?. Central Banking Journal,
Volume 15 (4).
Rodrik, D. 2006. The Social Cost of Foreign Exchange Reserves. NBER Working Paper
11952.
Roubini, N. and B. Setser. 2004. The U.S. as a Net Debtor: The Sustainability of the U.S.
External Imbalances. Stern School of Business, NYU.
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.