scholarly journals Regulating the Sovereign Wealth Funds

2008 ◽  
Vol 9 (2) ◽  
pp. 63-86
Author(s):  
Bliss Burdett Pak
Keyword(s):  
Capital Markets ◽  
Free Market ◽  
State Level ◽  
Investment Fund ◽  
Sovereign Wealth Funds ◽  
Global Capital ◽  
Private Sector Investment ◽  
State Models ◽  
Regulatory Analysis

This paper examines the new policy issues surrounding the rise of the “sovereign wealth funds” in global capital markets. A profound and newly significant incidence of globalization, the role of foreign governments as capital providers in nominally capitalistic, free-market economies is disrupting basic principals and assumptions regarding the role of private and public markets and their regulators. This paper examines the potential for appropriate regulatory schemes co channel these wealth pools in economically productive and apolitically-motivated directions, with the goal of permitting them to perform the functions for which they were established: the preservation and prudential investment of the vase wealth of nations. This regulatory analysis proceeds along three lines: (i) first, a model for corporate governance of a "typical" sovereign fund is proposed, based on the established models of private sector investment fund schemes; (ii) second, a review of host state models and current proposals for foreign investment regulation is undertaken, focusing on the special scrutiny given or proposed co be made available for investments by state-owned funds; and (iii) finally, an assessment is offered regarding international organizations' potential role as venues for cooperation and coordination of the newest and largest players in global capital markets. Though the sovereign wealth funds have made significant gains in establishing their credibility as welcome and responsible providers of global capital through their voluntary and independent actions, this paper concludes chat both state-level regulatory accommodation and international cooperation through established economic organizations such as the OECD and IMF offer significant potential benefits to both the funds and the national markets (and target companies therein) if appropriately designed. At a minimum, national and international treatment of the special nature of the sovereign wealth funds may enable capital markets to remain relatively open by specifically addressing the sources of market participants’ (and politicians’) fears of abuse, thereby strengthening the structures chat support the global free movement of capital and channel it co its highest and best use.

scholarly journals The Dollar, Bank Leverage, and Deviations from Covered Interest Parity

2019 ◽  
Vol 1 (2) ◽  
pp. 193-208 ◽  
Author(s):  
Stefan Avdjiev ◽  
Wenxin Du ◽  
Cathérine Koch ◽  
Hyun Song Shin
Keyword(s):  
Capital Markets ◽  
Risk Taking ◽  
Bank Lending ◽  
Global Capital ◽  
Cross Border ◽  
Covered Interest Parity ◽  
Interest Parity ◽  
Triangular Relationship

We document a triangular relationship in that a stronger dollar goes hand in hand with larger deviations from covered interest parity (CIP) and contractions of cross-border bank lending in dollars. We argue that underpinning the triangle is the role of the dollar as a key barometer of risk-taking capacity in global capital markets. (JEL F23, F31, G15, G21)

scholarly journals The New Role for the World Bank

2016 ◽  
Vol 30 (1) ◽  
pp. 53-76 ◽  
Author(s):  
Michael A. Clemens ◽  
Michael Kremer
Keyword(s):  
World Bank ◽  
Capital Markets ◽  
Private Capital ◽  
International Capital ◽  
International Capital Markets ◽  
Global Capital ◽  
The World Bank ◽  
The World ◽  
Private Capital Flows

The World Bank was founded to address what we would today call imperfections in international capital markets. Its founders thought that countries would borrow from the Bank temporarily until they grew enough to borrow commercially. Some critiques and analyses of the Bank are based on the assumption that this continues to be its role. For example, some argue that the growth of private capital flows to the developing world has rendered the Bank irrelevant. However, we will argue that modern analyses should proceed from the premise that the World Bank’s central goal is and should be to reduce extreme poverty, and that addressing failures in global capital markets is now of subsidiary importance. In this paper, we discuss what the Bank does: how it spends money, how it influences policy, and how it presents its mission. We argue that the role of the Bank is now best understood as facilitating international agreements to reduce poverty, and we examine implications of this perspective.

Contingent Advantage? Sovereign Borrowing, Democratic Institutions and Global Capital Cycles

2019 ◽  
pp. 1-21 ◽  
Author(s):  
Cameron Ballard-Rosa ◽  
Layna Mosley ◽  
Rachel L Wellhausen
Keyword(s):  
Open Economy ◽  
Capital Markets ◽  
Domestic Politics ◽  
Market Access ◽  
Political Risk ◽  
Global Capital ◽  
Bond Issues ◽  
Systemic Factors ◽  
Democratic Advantage

AbstractHow do domestic and global factors shape governments’ capacity to issue debt in primary capital markets? Consistent with the ‘democratic advantage’, we identify domestic institutional mechanisms, including executive constraints and policy transparency, that facilitate debt issuance rather than electoral events. Most importantly, we argue that the democratic advantage is contingent: investors’ attention to domestic politics varies with conditions in global capital markets. When global financial liquidity is low, investors are risk-averse, and political risk constrains governments’ capacity to borrow. But when global markets are flush, investors are risk-tolerant and less sensitive to political risk. We support our argument with new data on 245,000 government bond issues in primary capital markets – the point at which governments’ costs of market access matter most – for 131 sovereign issuers (1990–2016). In doing so, we highlight the role of systemic factors, which are under-appreciated in much ‘open economy politics’ research, in determining access to capital markets.

scholarly journals Same same, but different: Varieties of capital markets, Chinese state capitalism and the global financial order

2020 ◽  
pp. 102452942096472
Author(s):  
Johannes Petry
Keyword(s):  
Capital Markets ◽  
Empirical Investigation ◽  
Institutional Logics ◽  
Global Markets ◽  
Global Finance ◽  
State Capitalism ◽  
Global Capital ◽  
Institutional Settings ◽  
Securities Exchanges

Since 2009, China’s capital markets have developed and internationalized to an unprecedented degree, which has contributed to a lot of debates on China’s rise and its implications for the global financial order. Contributing to these debates, this article analyses the development of capital markets in China and their integration into global finance between 2009 and 2019, focusing on three aspects: how Chinese capital markets are developing domestically; how they are integrating with global markets; and how Chinese capital markets are internationalizing, i.e. expanding abroad. Thereby, the article analyses the crucial role of securities exchanges who as organizers of capital markets are powerful actors that exercise considerable influence over these markets and their development. This empirical investigation reveals that while they share some characteristics with ‘global’ capital markets, Chinese capital markets function quite differently. The article argues that China’s state-owned exchanges facilitate the development of state-capitalist capital markets – capital markets that follow an institutional logic derived from China’s state-capitalist economic system. Rather than giving in to a neoliberal rulebook, China’s capital markets represent an alternative to, resist and challenge the norms, principles and procedures of the contemporary global financial order. While different capital markets share some characteristics, they are institutionally embedded, and these institutional settings facilitate different institutional logics that underpin and inform the functioning of markets. Instead of viewing capital markets as homogeneous entities, the article therefore proposes to investigate a ‘varieties of capital markets’ that are shaped by different institutional logics.

The Role of Global Capital Markets

2017 ◽  
pp. 20-51
Author(s):  
Christian Edelmann ◽  
Shasheen Jayaweera
Keyword(s):  
Capital Markets ◽  
Global Capital

The Role of Archpriest Eugene Popov in Enhancing of the Anglican-Orthodox Dialog

2020 ◽  
pp. 71-84
Author(s):  
Ярослав Очканов
Keyword(s):  
State Level ◽  
Structural Features ◽  
Russian Orthodox ◽  
Church Community ◽  
Anglican Church ◽  
Current State ◽  
The Church

Статья посвящена исследованию малоизученной стороны деятельности видного русского священнослужителя протоиерея Евгения Попова, бывшего с 1842 по 1875 гг. настоятелем русской посольской церкви в Лондоне. Его служение на Английской земле совпало с углублением диалога между Русской Православной и Англиканской церквами, явившегося следствием религиозных преобразований в Англии в 1830 - 1840-е гг. Отец Евгений в рассматриваемый период фактически стал связующим звеном между русским церковноначалием и англиканами - инициаторами единения двух Церквей. Он проделал огромную работу по популяризации православия в Англии и много сделал для ознакомления русской церковной общественности с вероучением и структурными особенностями англиканства. Материалом для исследования послужили, прежде всего, письма протоиерея Евгения Попова обер-прокурорам Святейшего Синода Н. А. Протасову и А. П. Толстому. Эти документы являются своеобразными отчётами о современном состоянии Англиканской Церкви, о религиозных течениях в ней и усилиях, предпринимаемых определёнными церковными кругами в Англии по сближению с православием. Результаты его деятельности имели важное значение в последующие десятилетия, когда англикано-православный диалог вышел на церковно-государственный уровень. The article is devoted to the insufficiently studied aspects of Russian prominent cleric Archpriest Eugene Popov, rector of Russian Embassy Church in London from 1842 to 1875. His Ministry on the English soil coincided with the deepening of the dialogue between the Russian Orthodox and Anglican Churches, which was the result of religious transformations in England in the 1830s and 1840s. Father Eugene in the period under consideration actually became a connecting link between the Russian Church authorities and the anglicans-initiators of the union of the two Churches. He had done a great job by popularizing Orthodoxy in England and by familiarizing the Russian Church community with the doctrine and structural features of Anglicanism. The study, first of all, is based the letters of Archpriest Yevgeny Popov to the chief prosecutors of the Holy Synod N. A. Protasov and A. P. Tolstoy, which were original reports on the current state of the Anglican Church, it’s religious trends, and the efforts made by certain Church circles in England to get closer to Orthodoxy. The fruits of his activities were important in the following decades, when the Anglican-Orthodox dialogue reached the Church-state level.

KEGAGALAN PRIVATISASI BUMN DI ERA REZIM ORDE BARU DALAM PERSPEKTIF EKONOMI POLITIK

Wacana Publik ◽  
2019 ◽  
Vol 12 (02) ◽  
Author(s):  
Syamsul Ma'arif
Keyword(s):  
Market Economy ◽  
Free Market ◽  
Dominant Role ◽  
The State ◽  
Early Years ◽  
New Order ◽  
Free Market Economy ◽  
Economic Sectors ◽  
Role Of The State

After had being carried out nationalization and hostility against west countries, the New Order regime made important decision to change Indonesia economic direction from etatism system to free market economy. A set of policies were taken in order private sector could play major role in economic. However, when another economic sectors were reformed substantially, effords to reform the State Owned Enterprises had failed. The State Owned Enterprise, in fact, remained to play dominant role like early years of guided democracy era. Role of the State Owned Enterprises was more and more powerfull). The main problem of reforms finally lied on reality that vested interest of bureaucrats (civil or military) was so large that could’nt been overcome. 

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