Curto, Stefano2012-08-132012-08-132010-04https://hdl.handle.net/10986/10194A prolonged and multispeed recovery period, its associated policy response, and the new global financial landscape might have important bearing on the size and allocation of sovereign wealth funds (SWFs) assets. SWFs could become a driving force in South-South flows, boosting global wealth by helping recycle large savings in surplus countries toward more productive investments. Whereas they indeed represent a new opportunity for developing countries, they also carry challenges for both home and host countries.CC BY 3.0 IGOADVANCED ECONOMIESAGRICULTURAL BANKAGRICULTURAL COMMODITIESAPPETITE FOR RISKASSET CLASSESASSET PRICESBALANCE SHEETBALANCE SHEET EFFECTSBALANCE SHEETSBANK FOR INTERNATIONAL SETTLEMENTSBANKING SECTORBANKING SYSTEMBASIS POINTSBINDING CONSTRAINTBONDBOND YIELDSBONDSCAPITAL ACCOUNTCAPITAL FLOWSCENTRAL BANKCENTRAL BANKSCOMMERCIAL BANKCOMMODITYCOMPETITIVENESSCONTINGENT LIABILITIESCURRENCY APPRECIATIONCURRENCY MISMATCHCURRENT ACCOUNTCURRENT ACCOUNT DEFICITSDEBT CRISISDEBT RELIEFDEBT SECURITIESDEPENDENTDEPRECIATIONDEVELOPING COUNTRIESDEVELOPMENT BANKDIVERSIFIED PORTFOLIOSDOMESTIC CURRENCIESDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC INTEREST RATESDOWNWARD PRESSUREDUTCH DISEASEECONOMIC INTEGRATIONECONOMIC POLICYEMERGING MARKETEMERGING MARKETSENTRY POINTEQUITIESEQUITY PRICESEXCHANGE RATEEXCHANGE RATE MOVEMENTSEXCHANGE RATE PEGEXCHANGE RATE STABILITYEXPORT SECTOREXPORTERSEXTERNAL DEBTEXTERNAL FINANCINGEXTERNAL INVESTORSFEDERAL RESERVEFEDERAL RESERVE SYSTEMFINANCIAL INSTITUTIONSFINANCIAL MARKETSFINANCIAL STABILITYFISCAL POLICYFOREIGN ASSETSFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN CURRENCY ASSETSFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN HOLDERFOREIGN INFLOWSFOREIGN RESERVESGLOBAL DEMANDGLOBAL ECONOMIC PROSPECTSGLOBAL ECONOMYGLOBAL IMBALANCESGOVERNMENT BONDSGOVERNMENT DEBTHEDGE FUNDHEDGE FUNDSHOLDINGSHOME COUNTRIESHOST COUNTRIESIMPORTSINCOMESINDEBTEDINFRASTRUCTURE PROJECTSINSTITUTIONAL CAPACITYINTEREST RATEINTEREST RATE DIFFERENTIALSINTERNATIONAL CAPITALINTERNATIONAL CAPITAL FLOWSINTERNATIONAL FINANCEINTERNATIONAL RESERVESINTERNATIONAL SETTLEMENTSINVESTINGINVESTMENT CORPORATIONINVESTMENT DECISIONSINVESTMENT FUNDSINVESTMENT MANAGEMENTINVESTMENT OPPORTUNITIESINVESTMENT STRATEGIESLIQUIDITYLOCAL CURRENCYLOSS-MAKINGMARKET ANALYSTSMARKET CAPITALIZATIONMERGERSMONETARY FUNDMONEY SUPPLYNATURAL RESOURCESOIL EXPORTERSOIL PRICESOIL-EXPORTING COUNTRIESOPPORTUNITY COSTOPPORTUNITY COSTSPOLICY RESPONSEPORTFOLIOPORTFOLIO ALLOCATIONSPORTFOLIO PERFORMANCEPORTFOLIOSPOVERTY REDUCTIONPRIVATE EQUITYPRIVATE SECTOR DEVELOPMENTPRODUCTIVE INVESTMENTSPRODUCTIVITYREAL APPRECIATIONREAL ESTATEREAL EXCHANGE RATEREAL EXCHANGE RATE APPRECIATIONRECESSIONRECOVERY PERIODREGIONAL INTEGRATIONREMITTANCESREPATRIATIONRESERVERESERVE ACCUMULATIONRESERVE ACCUMULATIONSRESERVE BANKRESERVE BANK OF INDIARESERVESRETURNRETURN ON INVESTMENTRETURNSREVALUATIONRISK PREMIUMSAVINGSSECURITIESSHORT-TERM CURRENTSHORT-TERM EXTERNAL DEBTSLOWDOWNSOCIAL COSTSOVEREIGN DEBTSTOCK MARKETSSTOCKSSUPPLY SIDESURPLUSSURPLUS COUNTRIESTELECOMMUNICATIONSTOTAL DEBTTREASURYTREASURY BILLSTREASURY YIELDUPWARD PRESSUREVOLATILITYWorld Bank10.1596/10194