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Sovereign Wealth Funds: Risks and Opportunities for Global Financial Markets
27 Sep - 01 Oct, 2008
(Session 456)
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Norse raiders one year and white knights the next, sovereign wealth funds are as hard to grasp as shadows -The Economist
Faculty:
Paul Volcker
(Chair)
- Member, The Trilateral Commission; former Chairman, Federal Reserve Board, New York
Moreno Bertoldi
- Head of Unit, Economies of America and Asia, DG ECFIN, European Commission, Brussels
Chan Heng Wing
- Chief Representative in China, Temasek; former Ambassador of Singapore to Thailand, Beijing
Edward Greene
- General Counsel, Citi Institutional Clients Group, Citigroup, New York
Knut Kjaer
- former CEO, Norges Bank Investment Management, Oslo
Javier Santiso
- Chief Development Economist, Director of the OECD Development Centre,
OECD, Paris
Edwin Truman
- Senior Fellow, Peterson Institute for International Economics, Washington, DC
Jakob von Weizsäcker
- Research Fellow, Bruegel, Brussels
Norbert Walter
- Managing Director, Deutsche Bank Research; Chief Economist, Deutsche Bank Group, Frankfurt am Main
Abstract:
The emergence of SWFs as powerful and highly visible players on global financial is raising key questions for markets, investors, policy-makers and analysts. Do these non-transparent, government-backed funds present a risk to the global financial architecture? Will a new influx of liquidity from SWFs be a source of stability or uncertainty? What investment management strategies do SWFs pursue? Are political fears about potential risks, which these state-owned investment funds could represent to recipient countries' national interests, justified?
Although SWFs have been around in various forms since the 1950s, the scale of their operations has grown substantially only in the last two years, spurred by record oil prices and massive buildup of foreign exchange reserves. Currently they manage more than US$3 trillion. SWFs could thus be of benefit to the financial system as sovereign wealth funds recently proved after having provided extra liquidity to world's biggest banks affected by the US credit crises. But there are also serious concerns about SWFs becoming active investors.
For example, there are calls for a code of conduct or similar instruments focused on better governance, as well as greater transparency and accountability for SWFs. This session will chart the long-term implications of the rise of SWFs and develop responses to the dynamics that are bound to have a significant impact on the global financial system.
The fee for this session is 3,300 EURO. The fee covers the cost of the program, accommodations, and meals. Limited scholarship funding may be available for those who are unable to pay the full fee (i.e. from developing countries or NGOs). Participants seeking scholarship assistance must submit an application for financial aid to our admissions office.
Watch financial experts discuss the geopolitical implications of sovereign wealth funds purchasing stakes of companies in the United States and elsewhere.
Please click here to view it
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