The Future of Sovereign Wealth Funds
The Future of Sovereign Wealth Funds
Sovereign wealth funds as a vehicle for commodity rich states is an increasing phenomenon. This chapter examines two lesser known funds in unique circumstances and whether sovereign wealth funds as even the problem Focusing on Brazil, and country forming a sovereign wealth fund due to the discovery of large offshore oil deposits, and Azerbaijan a country nearing the end of its oil and gas reserves, we focus on how countries establish their fund framework and what they do after the capital surplus stops. While sovereign wealth funds are the most widely known, other companies enjoy similarly close relationships to government. While sovereign wealth funds have been criticized for political indiscretions and seeking national security secrets, many have been slow to recognize the more predatory national champion companies. Russian and Venezuelan oil and gas companies have taken aggressive movements designed to influence politics in other countries. Chinese state controlled companies have actively sought national security and high technology goods prohibited by US export regulations. Examining specific case studies of government involvement with industry, it is quite possible that the transparency of financial markets prevents greater state over reach than the more subtle and less known government owned firms.
Keywords: sovereign wealth funds, azerbaijan, brazil, petrobras, general motors,china, oil discovery, industrial policy, investment management
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