A sovereign wealth fund (from English: Sovereign Wealth Fund, a term coined in 2005 by Andrew Rozanov) or FSI is an investment vehicle owned that controls a portfolio of domestic and international financial assets. Typically capital comes from the export of commodities like oil and gas investments consist of bonds, equities, financial derivatives, but also have business schools other investments like real estate. Because of the credit crunch caused by the crisis of 2007, SWFs have acquired notoriety mediatica in the purchase of major banking groups traded on Wall Street as Citigroup and Merrill Lynch, bringing to light their considerable financial resources. The largest, the Abu Dhabi school rankings Investment business school Authority (ADIA), manages assets estimated at 875,000 million, nearly 3 times the Swiss GDP in 2007. The taking of positions in strategic sectors, like banking, and opacity gestion of concern to some governments and international agencies, begin to limit and management courses regulate the scope of the FSI.
Nature of the FSI
Oil platform in the North Sea. In anticipation of the depletion of hydrocarbon reserves, states like Norway and the United Arab Emirates have secured their future by reinvesting the profits. If it were divided between the GPF and settles all Norwegians, each would receive about 80,000. Citation needed school of business
Based on the definition of the European Commission and according to several experts, the differentiation between FSIs and other state-owned funds such as pension funds or international reserves is complicated distance learning because they are all controlled by central banks, serve as an instrument of transfer school of management intergenerational income except pension funds, expected to be used as a stabilizer in the event of short-term complications.
An attempt to differentiate FSI international reserve funds, based on the tendency of the former to maximize profit in the long term and regular use of the past as an instrument of monetary policy in the short term. The dividing line however, is diffuse, as the asset holding highly liquid, easily convertible into money, is very common in the FSI and other pension funds as a way of diversifying risk. In addition, many FSI does not have a stated goal, and in some cases, even when they have behavior may have little in line with them. Commonly suspected (feared) that the FSI is a political instrument rather than a financial instrument and therefore their investment criteria are marked more by the interests of the government that has that financial goals.
However, despite the suspicious nature of the FSI, there has been no significant scandals, taking control of "national champions" and / or moving to their country fund-feared by Western governments. If there have been cases, as noted by The Economist (publication known as the bible of liberalism), preventive restrictions SWFs investments as America's unwillingness to a company controlled by the FSI dubaiti Investment Corporation of Dubai to the management of the ports management school of New York, New Jersey, Philadelphia, Baltimore, New Orleans and Miami. or much earlier when in 1987 the Thatcher government obligo KIA to sell more than half the 22 participation to the business Kuwait Fund had acquired in British Petroleum. According to The Economist:
Sovereign-wealth funds are large and growing fast. Secretive and possibly manipulative, they are almost designed to raise suspicions. That is why the chief threat they pose is of financial protectionism. And it is why today's grand rescue on Wall Street is likely to lead to a backlash in Washington tomorrow.
SWFs are large and grow fast. Surrounded by secrecy and manipulation, are designed almost on purpose to arouse suspicion. That's why the main threat posed is that of financial protectionism. And that's why the big business degree bailout of Wall Street today probably provoke a reaction (negative) in Washington tomorrow.
The most common mistake is to think that FSI are exclusively from the exploitation of natural resources, although most fit this pattern. Specifically, 62 of funds surveyed by the Sovereign Wealth Fund Institute (SWFI) is based on oil business administration and gas .
Opacity
Sovereign wealth funds cause distrust in the financial channels and some graduate school governments due to the amount of their investments-which sometimes leads also to take control of important companies and banks, and non-transparent procedures in its management, including lack of an annual report or investment criteria known.
Monday, 31 May 2010
