Fondi sovrani: opportunitŕ, minacce, speranze e illusioni

Abstract

- In this work we provide a critical summary of the debate about sovereign wealth funds (SWFs). We start by explaining what a SWF is and what it is not according to the various definitions that have been proposed. We then present the main concerns and hopes which SWFs have raised and explain why these threats and opportunities are often exaggerated, incorrect or, at the best, not yet supported by any serious empirical evidence. We devote particular attention to the issue of the transparency of SWFs and show that, while there still is ample room for improvement, SWFs are clearer now than what they used to be before the Santiago principles were signed. We also point out, however, that there are sound reasons to believe that transparency, if pushed too far, could be detrimental to both SWFs and recipient countries. Finally, we present the results of the first attempts made by academics and practitioners to provide systematic evidence on SWF investment behaviour. Keywords: sovereign wealth funds, transparency, global imbalances, foreign investments Parole chiave: fondi sovrani, trasparenza, squilibri globali, investimenti esteri Jel Classification: F21 - G15 - H27