Publication:
Sovereign Wealth Funds in East Asia

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-03-11T20:54:30Z
dc.date.available2013-03-11T20:54:30Z
dc.date.issued2008-06-30
dc.description.abstractThe massive size, rapid growth, and high-profile investments of Sovereign Wealth Funds (SWFs) in the U.S. and elsewhere in 2007 has attracted the attention of the media, politicians, regulators, and academics over the past year. Some of the SWF investments have been viewed as market stabilizing, for instance the substantial equity investments in large U.S. financial institutions that were recently in financial trouble after the sub-prime mortgage crisis. However, there is great suspicion from many political and academic quarters that SWFs are politically motivated with many SWFs in Asia now at the center of the storm. Although SWFs have been in existence for many decades worldwide, most SWFs in the East Asia and Pacific Region (EAP) are relatively new. The emergence of the SWFs in Asia is largely a by-product of the strong economic development at East Asian countries and the attendant accumulation of foreign exchange reserves, however, there are other types of SWFs in the region. The Governments have taken a concerted strategy to enhance the returns on these excess reserves. The EAP region is an ideal region to take a look at the issues surrounding SWFs since Asia has the full range of funds from long-established funds to brand new funds; from passive portfolio investors to more aggressive strategic investors; from resource-backed funds to foreign reserve-backed funds; and, based in the largest, most highly developed economies to the smallest, poorest economies in Asia. Therefore, the objective of this report is to document the status of Sovereign Wealth Funds in the East Asia Region and to understand the implications of their rapid growth. Many developing countries have recently shifted a higher proportion of their foreign currency earnings from official foreign currency reserves to sovereign wealth funds. Sovereign wealth funds have an estimated $600 billion in assets under management in developing countries, dominated by China ($200 billion held by the Chinese Investment Corporation and $68 billion held by the Central Huijin Investment Company) and Russia ($130 billion held in the Reserve Fund and $33 billion held by the Fund of Future Generations). It should be noted that this amount is small relative to the total level of reserves held by developing countries (estimated at $3.7 trillion at end 2007).en
dc.identifierhttp://documents.worldbank.org/curated/en/2008/06/16528255/sovereign-wealth-funds-swfs-east-asia
dc.identifier.doi10.1596/12639
dc.identifier.urihttps://hdl.handle.net/10986/12639
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARD
dc.subjectACCOUNTING STANDARDS
dc.subjectALTERNATIVE INVESTMENT
dc.subjectALTERNATIVE INVESTMENTS
dc.subjectASSET CLASS
dc.subjectASSET CLASSES
dc.subjectASSET HOLDING
dc.subjectASSET MANAGEMENT
dc.subjectAUDIT COMMITTEE
dc.subjectBALANCE SHEET
dc.subjectBASIS POINTS
dc.subjectBOND
dc.subjectBOND INDEX
dc.subjectBOND INVESTMENTS
dc.subjectBROAD MONEY
dc.subjectBUDGET DEFICIT
dc.subjectBUDGET DEFICITS
dc.subjectBUDGET SURPLUSES
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL MARKETS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCHECKS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMERCIAL INVESTMENT
dc.subjectCOMMODITY PRICES
dc.subjectCONFLICT OF INTEREST
dc.subjectCONFLICTS OF INTEREST
dc.subjectCORPORATE GOVERNANCE
dc.subjectCURRENCY
dc.subjectCURRENCY BOARD
dc.subjectCURRENCY BOARD ARRANGEMENTS
dc.subjectCURRENCY COMPOSITION
dc.subjectCURRENCY CRISIS
dc.subjectCURRENCY EARNINGS
dc.subjectCURRENCY RISK
dc.subjectDEBT
dc.subjectDEBT ISSUANCE
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBT SERVICE
dc.subjectDEBT SERVICE PAYMENTS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT FINANCE
dc.subjectDIRECT INVESTMENTS
dc.subjectDISTRESSED DEBT
dc.subjectDIVERSIFIED PORTFOLIO
dc.subjectDIVERSIFIED PORTFOLIOS
dc.subjectDOMESTIC CURRENCIES
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC DEBTS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC POLICIES
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET EQUITIES
dc.subjectEMERGING MARKETS
dc.subjectENFORCEABILITY
dc.subjectEQUITIES
dc.subjectEQUITY FUND
dc.subjectEQUITY FUNDS
dc.subjectEQUITY HOLDINGS
dc.subjectEQUITY INDEX
dc.subjectEQUITY INVESTMENT
dc.subjectEQUITY INVESTMENTS
dc.subjectEQUITY MARKETS
dc.subjectEQUITY STAKE
dc.subjectEXCHANGE FUND
dc.subjectEXPORTERS
dc.subjectEXTERNAL DEBTS
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE SYSTEM
dc.subjectFIDUCIARY RESPONSIBILITIES
dc.subjectFIDUCIARY RESPONSIBILITY
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL RISK
dc.subjectFINANCIAL STATEMENTS
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFIXED INCOME
dc.subjectFIXED INTEREST
dc.subjectFOREIGN CURRENCIES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY EXPOSURE
dc.subjectFOREIGN EQUITIES
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFUND MANAGEMENT
dc.subjectFUND MANAGER
dc.subjectFUND MANAGERS
dc.subjectGLOBAL DEVELOPMENT FINANCE
dc.subjectGLOBAL FINANCIAL STABILITY
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT INVESTMENT
dc.subjectGOVERNMENT INVESTMENTS
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectHOME MARKET
dc.subjectHOME MARKETS
dc.subjectHOST COUNTRY
dc.subjectHUMAN RESOURCE
dc.subjectHUMAN RESOURCES
dc.subjectINCOME STREAMS
dc.subjectINFLATION
dc.subjectINFLATION INDEXES
dc.subjectINFLATION RATE
dc.subjectINSTITUTIONAL CAPACITIES
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINTEREST PAYMENTS
dc.subjectINTERNAL AUDIT
dc.subjectINTERNATIONAL DEBT
dc.subjectINTERNATIONAL DEBT SECURITIES
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVESTING
dc.subjectINVESTMENT ACTIVITIES
dc.subjectINVESTMENT ASSETS
dc.subjectINVESTMENT CORPORATION
dc.subjectINVESTMENT CORPORATIONS
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT GUIDELINES
dc.subjectINVESTMENT HORIZON
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT POLICIES
dc.subjectINVESTMENT POLICY
dc.subjectINVESTMENT PORTFOLIO
dc.subjectINVESTMENT PORTFOLIOS
dc.subjectINVESTMENT STRATEGIES
dc.subjectINVESTMENT STRATEGY
dc.subjectINVESTMENT VEHICLE
dc.subjectINVESTMENT VEHICLES
dc.subjectINVESTMENTS IN EQUITIES
dc.subjectLABOR STANDARDS
dc.subjectLACK OF TRANSPARENCY
dc.subjectLEGAL FRAMEWORK
dc.subjectLIABILITY
dc.subjectLIQUIDITY
dc.subjectLOCAL BANKS
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL MARKET
dc.subjectLONG-TERM INVESTMENT
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMARKET CONDITIONS
dc.subjectMARKET INDICES
dc.subjectMARKET PRACTITIONER
dc.subjectMARKET RISK
dc.subjectMARKET VALUE
dc.subjectMATURITY
dc.subjectMONETARY AUTHORITY
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICIES
dc.subjectMONEY MARKETS
dc.subjectMORTGAGE
dc.subjectNATIONAL SECURITY
dc.subjectNON-PERFORMING LOANS
dc.subjectOIL PRICE
dc.subjectOPERATIONAL INDEPENDENCE
dc.subjectPENSION
dc.subjectPENSION ASSETS
dc.subjectPENSION FUND
dc.subjectPENSION FUNDS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPORTFOLIO MANAGEMENT
dc.subjectPRIVATE EQUITY
dc.subjectPRODUCTIVE INVESTMENT
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC FUNDS
dc.subjectPUBLIC MARKETS
dc.subjectPUBLIC REGISTRY
dc.subjectPURCHASING POWER
dc.subjectRATE OF RETURN
dc.subjectRATE OF RETURNS
dc.subjectREAL ESTATE INVESTMENT
dc.subjectREAL ESTATE INVESTMENTS
dc.subjectRESERVE
dc.subjectRESERVE FUND
dc.subjectRESERVE FUNDS
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK MANAGEMENT
dc.subjectRISK PROFILE
dc.subjectSAVINGS RATE
dc.subjectSETTLEMENT
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDER VALUE
dc.subjectSHAREHOLDERS
dc.subjectSHORT-TERM DEBT
dc.subjectSHORT-TERM EXTERNAL DEBT
dc.subjectSTRATEGIC INVESTOR
dc.subjectSTRATEGIC INVESTORS
dc.subjectSUBORDINATED DEBT
dc.subjectSUPERVISORY BOARD
dc.subjectTAX
dc.subjectTAX POLICY
dc.subjectTELECOMMUNICATIONS
dc.subjectTRANCHE
dc.subjectTRANCHES
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTREASURY BONDS
dc.subjectTREASURY NOTES
dc.subjectTRUST FUND
dc.subjectVALUE OF ASSETS
dc.subjectWITHDRAWAL
dc.subjectWORLD EQUITY
dc.titleSovereign Wealth Funds in East Asiaen
dspace.entity.typePublication
okr.date.disclosure2012-06-27
okr.date.doiregistration2025-05-07T12:29:50.170076Z
okr.doctypeEconomic & Sector Work::Foreign Trade, FDI, and Capital Flows Study
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2008/06/16528255/sovereign-wealth-funds-swfs-east-asia
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid258481468023353801
okr.identifier.externaldocumentum000333038_20120723002915
okr.identifier.internaldocumentum16528255
okr.identifier.report70577
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/07/23/000333038_20120723002915/Rendered/PDF/705770ESW0P1110NAL00310July020080v2.pdfen
okr.region.administrativeEast Asia and Pacific
okr.sectorPublic Administration, Law, and Justice :: Central government administration
okr.sectorFinance :: Capital markets
okr.themeEconomic management :: Macroeconomic management
okr.themeEconomic management :: Debt management and fiscal sustainability
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.unitHQ PREM Sector (EASPW)
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