Building Emerging Countries’ Financial Infrastructure by Investing in Microfinance

Kapitel in diesem Buch

1. Frontmatter i
2. Contents v
3. Acknowledgments xi
4. Sovereign Wealth Funds – Distinguishing Aspects and Opportunities 26
5. The Contribution of Institutional Investors to Fostering Stability and Long-Term Growth 32
6. Sovereign Wealth Funds as Stabilizers 34
7. Financing Long-Term Investments After the Crisis: A View from Europe 37
8. What Sovereign Wealth Funds Can Do to Alleviate Global Poverty 44
9. The Sovereign Debt Problem 46
10. Overview 53
11. The Rationale for Sovereign Wealth Funds from a Development Perspective 60
12. Sovereign Wealth Funds: Form and Function in the Twenty-first Century 67
13. Introduction 76
14. Stabilization Funds 78
15. Tilt of Benchmarks 80
16. Four Benchmarks of Sovereign Wealth Funds 83
17. Which Financial Benchmarks and Other Incentives Work for Long-Term Investing? 86
18. Further Considerations 92
19. Panel Summary 93
20. Panel Paper: The Four Benchmarks of Sovereign Wealth Funds 94
21. Introduction 106
22. Sovereign Wealth Funds as Catalysts of Socially Responsible Investing 111
23. Objectives and Ethical Guidelines of Norges Bank Investment Management 114
24. Building Emerging Countries’ Financial Infrastructure by Investing in Microfinance 116
25. Further Considerations 118
26. Panel Summary 120
27. Introduction 122
28. How to Reward Long-Term Investors 125
29. Sovereign Wealth Funds and the Shifting Wealth of Nations 127
30. Compensation and Risk-Taking in the U.S. Financial Industry 131
31. Building Long-Term Strategies for Investment of Sovereign Wealth 135
32. Further Considerations 137
33. Panel Summary 139
34. Panel Paper: Capital Access Bonds – Securities Implementing Countercyclical Investment Strategies 139
35. Panel Paper: L-Shares – Rewarding Long-Term Investors 147
36. Introduction 161
37. Influencing Clean Innovations 164
38. The Emerging Role of State Investors in the Governance of Global Corporations 165
39. The Rise of Carbon-Free Technology 166
40. Smart Energy Globalization 169
41. Further Considerations 170
42. Panel Summary 172
43. Introduction 173
44. Macroeconomic Uncertainty and Managing Risk for Sovereign Wealth Funds 176
45. Funds and Volatility 178
46. Managing Uncertainty 179
47. Key Issues 182
48. Further Considerations 183
49. Panel Summary 185
50. Introduction 186
51. Managing Commodity Price Volatility 188
52. Chile and Copper 191
53. Management of Commodity Price Risks on Sovereign Balance Sheets 192
54. Further Considerations 193
55. Panel Summary 195
56. Panel Paper: Managing Commodity Risk – Can Sovereign Funds Help? 196
57. Introduction 204
58. Reconciling Sovereignty, Accountability, and Transparency in Sovereign Wealth Funds 205
59. Restrictions on Cross-Border Investment 210
60. The Value of Transparency 212
61. Maximizing Autonomy in the Shadow of Great Powers 214
62. Further Considerations 216
63. Panel Summary 219
64. Conclusion: Taking Stock – Analytical Challenges and Directions for Future Research 221
65. Contributors 225
66. About the Conference Organizers 237
67. Introduction 1