Abstract
The Generally Accepted Principles and Practices for sovereign wealth funds (SWFs) - the Santiago Principles - are designed to address contestation over the role played by government-controlled asset pools in global capital markets and reduce negative public perceptions about the impact on social cohesion in recipient countries by outlining minimum standards of accountability and transparency. The paper examines how the changing nature of the global financial crisis impacted on the dynamics of the regulatory debate. It maps the dimensions of the crisis and assesses the risks associated with the expansion of state-controlled capital. It argues that the continued failure to clarify the rules governing inward investment makes it much more difficult to build the foundations of a new financial order. JEL Classification : F30, GO1, G18
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