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Sovereign Investment

Sovereign Investment Concerns and Policy Reactions

  • Author:
  • Publisher: Oxford University Press USA
  • ISBN: 9780199937929
  • Published In: September 2012
  • Format: Hardback , 112 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only
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  • Sovereign Investment is the first interdisciplinary analysis of the entire sovereign wealth fund system
  • Leading authorities from key players in the sovereign wealth fund worlds, including corporations, law firms, the IMF, think tanks, and academic institutions, providing an insider's view of this developing field
  • Provides a contemporary view on how sovereign wealth funds impact global economics from recession to economic growth

Sovereign Investment: Concerns and Policy Reactions provides the first major holistic examination and interdisciplinary analysis of sovereign wealth funds. Sovereign wealth funds currently hold three trillion dollars' worth of investments, almost twice the amount in all the hedge funds worldwide, and are predicted to hold nine trillion more by 2015. 

This relatively new and rapidly expanding phenomenon remains relatively unregulated, but the International Monetary Fund and the G7 aim to establish temporary and voluntary rules to introduce transparency and uniformity until more permanent regulatory structures are instituted. What permanent rules and procedures should govern sovereign wealth funds? What bodies should enforce them? Do the current provisional rules answer the national security concerns of host countries? Editors Karl P. Sauvant, Lisa Sachs, and Wouter P.F. Schmit Jongbloed address these questions in a collection of essays by leading authorities from the IMF, academic institutions, law firms, multi-national corporations, and think tanks. Together, these authors analyze how sovereign wealth funds have helped to limit the effects of the current global economic crisis, and what rules can govern their operation in the future.

Readership: Law schools, business schools, think tanks, investment promotion agencies, policy makers, state-owned enterprises and sovereign wealth funds, practitioners interested in issues related to foreign direct investment and state-controlled entities, and others in the foreign investment field. Also, multinational enterprises, banks, policymakers, media, and development thinkers regarding issues relating to sovereign wealth funds and other state-controlled entities.

List of contributors
Foreword by Jeffrey D. Sachs
Acknowledgements
Part One: The rise of sovereign wealth funds and state-owned enterprises
Chapter 1. Sovereign investment: An introduction (Wouter P.F. Schmit Jongbloed, Lisa E. Sachs and Karl P. Sauvant)
Chapter 2. Sovereign wealth funds: An overview (Mark Gordon and Sabastian V. Niles)
Chapter 3. Sovereign wealth funds: A developing country perspective (Stephany Griffith-Jones and José Antonio Ocampo)
Chapter 4. Sovereign wealth funds and the crisis: Investment managers or providers of liquidity? (Paola Subacchi)
Chapter 5. The international activities and effects of state-owned enterprises (Daniel M. Shapiro and Steven Globerman)
Part Two: Regulatory concerns
Chapter 6. Sovereign wealth funds and global finance (Katharina Pistor)
Chapter 7. National security and foreign government ownership restrictions on foreign investment: Predictability for investors at the national level (Mark A. Clodfelter and Francesca M. Soria Guerrero)
Chapter 8. Are sovereign wealth fund investments politically biased? A comparison with mutual funds (Rolando Avendaño and Javier Santiso)
Chapter 9. Sovereign concerns (José E. Alvarez)
Chapter 10. Sovereign wealth funds and national security (W. Michael Reisman and Patrick DeSouza)
Part Three: Changing rules for state-controlled entities?
Chapter 11. Sovereign wealth funds and regulation: Some conceptual issues (Alan M. Rugman)
Chapter 12. The evolution of the essential security exception in U.S. trade and investment agreements (James Mendenhall)
Chapter 13. Do the rules need to be changed for state-controlled entities? The case of sovereign wealth funds (Edwin M. Truman)
Chapter 14. The U.S. approach to sovereign wealth funds and the role of CFIUS (Clay Lowery)
Chapter 15. Lessons from CFIUS for national security reviews of foreign investment (Alan P. Larson, Alexander A. Berengaut, Mark Plotkin, and David N. Fagan)
Chapter 16. The Canadian policy response to sovereign direct investment (A. Edward Safarian)
Chapter 17. Sovereign wealth funds and the German policy reaction (Thomas Jost)
Chapter 18. The regulation of sovereign wealth funds in the European Union: Can the supranational level limit the rise of national protectionism? (Philippe Gugler and Julien Chaisse)
Chapter 19. Foreign government-controlled investors and recipient country investment policies: Overview of the work of the OECD (Kathryn Gordon and David Gaukrodger)
Chapter 20. Sovereign wealth funds and the IMF (Udaibir S. Das, Adnan Mazarei, and Alison Stuart)
Conclusions
Chapter 21. Foreign direct investment by state-controlled entities at a crossroad of economic history: Conference report of the rapporteur (Maya Steinitz)

Karl P. Sauvant, Founding Executive Director, Vale Columbia Center on Sustainable International Investment, USA,Lisa E. Sachs, Assistant Director, Vale Columbia Center on Sustainable International Investment, USA, and Wouter P.F. Schmit Jongbloed, Associate, Vale Columbia Center on Sustainable International Development, USA

Karl P. Sauvant is the Founding Executive Director of the Vale Columbia Center on Sustainable International Investment, Senior Research Scholar and Lecturer in Law at Columbia Law School, Co-Director of the Millennium Cities Initiative, and Guest Professor at Nankai University, China. Before that, he was Director of UNCTAD's Investment Division. He is the author of The Effect of Treaties on Foreign Direct Investment (Oxford University Press, 2009 with Lisa Sachs). Lisa Sachs is the Assistant Director of the Vale Columbia Center on Sustainable International Investment. She is the author of The Effect of Treaties on FOreign Direct Investment (Oxford University Press, 2009 with Karl P. Sauvant. Wouter P.F. Schmit Jongbloed is an Associate with the Vale Columbia Center on Sustainable International Investment and a Research Fellow at Columbia Law School.

Contributors: 
José E. Alvarez, New York University School of Law
Rolando Avendano, Organisation for Economic Co-operation and Development
Alexander A. Berengaut, Covington & Burling LLP
Julien Chaisse, Chinese University of Hong Kong
Mark Clodfelter, Foley Hoag LLP
Udaibir S. Das, International Monetary Fund
Patrick DeSouza, Plain Sight Group of Companies
David Fagan, Covington & Burling LLP
David Gaukrodger, Organisation for Economic Co-operation and Development
Steven Globerman, Western Washington University
Kathryn Gordon, Organisation for Economic Co-operation and Development
Mark Gordon, Wachtell, Lipton, Rosen & Katz
Stephany Griffith-Jones, Columbia University
Francesca Mariana Soria Guerrero, Winston & Strawn LLP
Philippe Gugler, University of Fribourg
Thomas Jost, University of Applied Sciences Aschaffenburg
Alan Larson, Covington & Burling LLP
Adnan Mazarei, International Monetary Fund
James Mendenhall, Sidley Austin LLP
Sabastian V. Niles, Wachtell, Lipton, Rosen & Katz
José Antonio Ocampo, Columbia University School of International and Public Affairs
Katharina Pistor, Columbia Law School
Mark E. Plotkin, Covington & Burling LLP
W. Michael Reisman, Yale Law School
Alan M. Rugman, Henley Business School of the University of Reading
Jeffrey D. Sachs, Columbia University
Lisa E. Sachs, Vale Columbia Center on Sustainable International Investment
A. Edward Safarian, Rotman School of Business, University of Toronto
Javier Santiso, ESADE Business School
Karl P. Sauvant, Vale Columbia Center at Columbia Law School
Wouter P.F. Schmit Jongbloed, Columbia Law School
Daniel M. Shapiro, Simon Fraser University
Maya Steinitz, The University of Iowa College of Law
Paola Subacchi, Chatham House at the Royal Institute of International Affairs
Edwin M. Truman, Peterson Institute for International Economics

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