Abstract
Sovereign Wealth Funds (SWFs) are not completely new phenomena as these funds have existed for decades. For instance, the Kuwait Investment Authority was created in 1953, eight years before the independence of Kuwait, to invest its huge oil revenues. Abu Dhabi and Singapore have used SWFs for over 25 years. In recent years SWFs have been growing rapidly, by US$1 trillion a year, and in 2009 these funds all together control an estimated US$3.9 trillion, increasing to US$10–15 trillion by 2015.1 As a source of huge and ready cash, SWFs are becoming increasingly well received in several countries hit by the financial crisis.
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Notes
An interesting analysis on the rising power of Asia is provided by Kishore Mahbubani in his recent book, The New Asian Hemisphere, The Irressistable Shift of Global Power to the East, Public Affairs, New York, 2008.
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© 2009 Gyula Csurgai
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Csurgai, G. (2009). Sovereign Wealth Funds: Strategies of Geo-Economic Power Projections. In: Hieronymi, O. (eds) Globalization and the Reform of the International Banking and Monetary System. Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9780230251069_9
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DOI: https://doi.org/10.1057/9780230251069_9
Publisher Name: Palgrave Macmillan, London
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