Market Blues

Author: Terrence Keeley
Content Type: Journal Article
Journal: Foreign Affairs
Volume: 87
Issue Number: 3
Publication Date: May/June 2008
Institution: Council on Foreign Relations
Abstract: To the Editor: Robert Kimmitt ("Public Footprints in Private Markets," January/February 2008) provides an overview of sovereign wealth funds (SWFs) in the global economy that is helpful but incomplete. His proposed principles for a policy response are well intended but neither workable nor adequate. Kimmitt delineates four kinds of sovereign investment. In fact, there are six. His category of SWFs should be divided into three parts, stabilization funds, state-holding corporations, and future generation, or future welfare, funds. Each of these has different investment horizons, different investment benchmarks, different risk-management frameworks, and different oversight requirements.
: </dd> </dl> </div> </div> </div> </div> </div> <div id="footer" class="container"> <div class="row"> <div class="col-sm-12 footer_content"> <h4>COLUMBIA UNIVERSITY PRESS</h4> <ul class="footer_links"> <li><a href="/pages/TermsofService">Terms of Service</a> </li> <li><a href="/pages/PrivacyPolicy">Privacy Policy</a> </li> <li><a href="/pages/LicenseandRegistration">License and Registration</a> </li> <li><a href="/pages/subscribe-">Subscribe</a></li> <li><a href="/pages/technical-support">Technical Support</a> </li> <li><a href="/pages/frequently-asked-questions">Frequently Asked Questions</a></li> <li><a href="/pages/about-ciao">About CIAO</a></li> </ul> <p class="small tk-filson-pro">CIAO FOCUS ISSN 1551-8124</p> </div> </div> </div> <script>!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");</script> <script type="text/javascript"> var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-41360288-8']); _gaq.push(['_trackPageview'], ['aggregate._setAccount', 'UA-41360288-1'], ['aggregate._trackPageview'] ); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })(); </script> <script type="text/javascript"> (function () { var stars = document.createElement('script'); stars.type = 'text/javascript'; stars.async = true; stars.src = 'https://receiver.star.saas.semcs.net/star.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(stars, s); } )(); </script> </body> </html>