Fondi sovrani: opportunità, minacce, speranze e illusioni
Journal title ECONOMIA E POLITICA INDUSTRIALE
Author/s Fabio Bertoni, Stefano Lugo
Publishing Year 2009 Issue 2009/3 Language Italian
Pages 26 P. 133-158 File size 699 KB
DOI 10.3280/POLI2009-003008
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Sovereign wealth funds: opportunities, threats, hopes and illusions - In this work we provide a critical summary of the debate about sovereign wealth funds (SWFs). We start by explaining what a SWF is and what it is not according to the various definitions that have been proposed. We then present the main concerns and hopes which SWFs have raised and explain why these threats and opportunities are often exaggerated, incorrect or, at the best, not yet supported by any serious empirical evidence. We devote particular attention to the issue of the transparency of SWFs and show that, while there still is ample room for improvement, SWFs are clearer now than what they used to be before the Santiago principles were signed. We also point out, however, that there are sound reasons to believe that transparency, if pushed too far, could be detrimental to both SWFs and recipient countries. Finally, we present the results of the first attempts made by academics and practitioners to provide systematic evidence on SWF investment behaviour.
Keywords: sovereign wealth funds, transparency, global imbalances, foreign investments
Parole chiave: fondi sovrani, trasparenza, squilibri globali, investimenti esteri
Jel Classification: F21 - G15 - H27
Fabio Bertoni, Stefano Lugo, Fondi sovrani: opportunità, minacce, speranze e illusioni in "ECONOMIA E POLITICA INDUSTRIALE " 3/2009, pp 133-158, DOI: 10.3280/POLI2009-003008