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December 13 , 2007

Evolving Roles of Sovereign Wealth Managers After the Financial Crisis

Past, Present and Future


Prof Bernard Lee talks about his latest title

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Consider these phenomena:

  • Savers at surplus countries are often “penalized” by astronomical consumer prices, while spenders at debtor countries enjoy bargain basement prices;
  • Silicon Valley continues to be the global leader in R&D and innovation despite chaos in public finance; and
  • Surplus countries worry about holding potentially worthless IOUs issued by elected debtor governments.

In this book, Professor Lee has tried to better understand sovereign wealth management in the context of saver and debtor countries, by presenting a unified model that can explain these observed phenomena. His attempt is a clear departure from traditional theories, in which these observations would be considered aberrations from “standard assumptions”. Although no model is perfect, this new framework can be useful to explain why, for example, it will be bad economic news for all if saver countries use their public surpluses to hoard food and fuel.

This accessible book is built from a scholarly paper presented by Professor Lee at the venerable Annual Meeting of the American Economic Association.

  • Overview:
    • Are SWFs Potential Causes for Concern?
    • Research on SWF Investing
    • Implications to Global Imbalances
    • Should there be Structural Solutions prior to Launching Rescue Attempts?
    • Can Sovereign Wealth Funds Save the Global Economy?
    • Potential Policy Implications
    • Summary
  • Past Realities:
    • Brief History of Sovereign Wealth Management
    • Factors Impacting Investing Behavior
    • Risk and Performance Analysis
    • Summary
  • Evolving Roles:
    • Introduction
    • Abstract Model of Global Economy
    • Potential Outcomes of Policy Interventions
    • Implications to SWF Investing
    • Summary
  • Future Directions:
    • Evolving Global Financial Landscape
    • Thinking Ahead
    • Investment Policy Implications
    • Summary
  • Conclusions

Readership: Students, researchers and professionals interested in international finance, investments or money and banking.
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