From Stabilization to Sovereign Wealth Funds
From Stabilization to Sovereign Wealth Funds
Despite their new found popularity, sovereign wealth funds date back as many as fifty years. Originally intended to counteract the boom and bust cycles of oil and commodity dependent economies, stabilization funds grew out of countries attempts to establish rainy day funds which could tide them over when prices fell and promote economic development. This chapter will provide a brief history of sovereign wealth funds, their evolution from small rainy day funds to major international investors, their increased sophistication, and the spread to an increasing number of countries seeking to manage monetized natural resource wealth.
Keywords: sovereign wealth funds, stabilization, economic development
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