studies

This page considers studies regarding sovereign wealth funds (SWFs) and sovereign investment.

It covers -

• introductions
• risk and regulation
• resource security

     introductions

Points of entry to literature on petro-wealth include Alan Gelb's Oil Windfalls: Blessing or Curse? (Oxford: Oxford Uni Press 1988), Richard Auty's Resource Abundance and Economic Development (Oxford: Oxford Uni Press 2001), Lynn Karl's The Paradox of Plenty: Oil Booms and Petro-States (Berkeley: Uni of California Press 1997), Ugo Fasano's 2000 IMF Working Paper Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries and 2005 Oil Funds as Policy Instrument to Promote Transparency and Accountability for Economic Development in Oil-rich Countries (PDF), Julia Devin & Michael Lewin's 'Managing Oil Booms and Busts in Developing Countries' in Managing Economic Volatility and Crises: A Practitioners Guide (Cambridge: Cambridge Uni Press 2005) edited by Joshua Aizenman, the 2004 IMF Working Paper 'Are Developing Countries Better Off Spending Their Oil Wealth Upfront?' (PDF) by Hajime Takizawa, Edward Gardner & Kenichi Ueda, Fiscal Policy Formulation and Implementation in Oil-Producing Countries (Washington: International Monetary Fund 2003) edited by Jeffrey Davis, Ronaldo Ossowski & Annalisa Fedelino, The Magical State: Nature, money and modernity in Venezuela (Chicago: Uni of Chicago Press 1997) by Fernando Coronil, Dubai (New York: Columbia Uni Press 2008) by Christopher Davidson and the 2007 paper by Brad Setser & Rachel Ziemba on What Do We Know About the Size and Composition of Oil Investment Funds?.

For SWFs generally see Sovereign Wealth Management (London: Central Banking Publications 2007) edited by Jennifer Johnson-Calari & Malan Rietveld, the 2006 OECD's FDI regulatory restrictiveness index: revision and extension to more economies: OECD Working Papers on International Investments, Jeffrey Davis, Ronaldo Ossowski, James Daniel & Steven Barnett's 2001 'Stabilization and Savings Funds for Nonrenewable Resources: IMF Occasional Paper 205', the 2006 UNCTAD paper 'Boosting Africa's Growth through Re-Injecting 'Surplus' Oil Revenue: An Alternative to the traditional save and stabilize' (UNCTAD/DITC/COM/2006/10), Samuel Asfaha's 2007 National Revenue Funds: Their efficacy for fiscal stability and inter-generational equity (PDF) and Edwin Truman's 2007 The Management of China’s International Reserves: China and a SWF Scoreboard (PDF).

An Australian government perspective is provided in the December 2007 A few sovereigns more: the rise of sovereign wealth funds (PDF) by Will Devlin and Bill Brummitt of the federal Treasury Department.

     risk and regulation

Perspectives on capital flows are provided by the 2007 UNCTAD World Investment Report (PDF).

Questions of risk and regulation in foreign direct investment are explored in Earl Fry's The Politics of International Investment (New York: McGraw-Hill 1983), Robert Shiller's The New Financial Order: Risk in the 21st Century (Princeton: Princeton Uni Press 2003), The Global Race for Foreign Direct Investment: Prospects for the Future (Berlin: Springer-Verlag 1993) edited by Lars Oxelheim and Triumph of the Optimists: 101 Years of Global Investment Returns (Princeton: Princeton Uni Press 2002) by Elroy Dimson, Paul Marsh & Mike Staunton.

     resource security

For debate about resource security (aka resource diplomacy) see Michael Klare's Resource Wars: The New Landscape of Global Conflict (New York: Holt 2002), David Zweig's 2007 'Resource Diplomacy Under Hegemony: The Sources of Sino-American Competition in the 21st Century?' (PDF), Ian Taylor's 'Unpacking China's Resource Diplomacy in Africa' (PDF) and 2007 'Trends in Asian NOC Investment Abroad' (PDF) by Keun-Wook Paik, Valerie Marcel, Glada Lahn, John Mitchell & Erkin Adylov.





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