Abstract
AbstractSovereign wealth funds have gained popularity amongst both national and subnational governments. These funds have a useful role even in those countries lacking abundant natural resources, as they can address several significant failures of both private markets and governments. First, well‐structured funds may be able to address chronic under‐saving in the marketplace. Second, they can overcome certain imperfect knowledge and incentive problems found in government. The current record of accomplishment of sovereign wealth funds shows that they are capable of producing strong returns, comparable to those in the private sector. However, these funds pose potential problems that should be analysed and considered.
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