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Author Behrendt, Sven

Title Sovereign wealth funds and the Santiago principles : where do they stand? / Sven Behrendt
Published Washington, DC : Carnegie Endowment for International Peace, 2010
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Description 1 online resource (18 pages : illustrations (digital, PDF file))
Series Carnegie papers ; no. 22
Working papers (Carnegie Endowment for International Peace) ; no. 22
Contents Summary -- Sovereign wealth funds : political exposure and reactions -- The Santiago principles : providing guidance for SWF governance -- Santiago principles : implementation left to individual SWFs -- Uneven commitment to Santiago principles -- Assessing Santiago compliance and systemic relevance of single SWFs -- Political governance arrangements indicate Santiago commitment -- Maturity provides no explanation of Santiago commitment -- Level of economic development plays no role in explaining Santiago commitment -- Governance and government effectiveness explains Santiago commitment to a limited extent -- Moving the Santiago principles forward -- The broader policy relevance -- Leveling governance arrangements -- Accelerating the political modernization agenda -- Innovating global governance
Summary "Sovereign wealth funds (SWFs) have become dominant players in global finance and world affairs, controlling considerable financial assets. Their investment behavior continues to resonate across the world economy and their increasingly extroverted investment policy prompted a political backlash in mature economies. Reacting to this backlash, in October 2008 a group of 26 SWFs committed themselves to transparency, good governance, and accountability standards by signing a voluntary code of principles, the "Generally Accepted Principles and Practices," for SWFs (GAAP), also known as the "Santiago Principles." Some eighteen months after the publication of the Santiago Principles, their implementation is highly uneven. A small group of SWFs, predominantly from democratic countries, shows a high degree of commitment to the principles. A second group shows partial implementation, and a third group, mainly from the Gulf Arab region, has yet to reach satisfactory implementation levels. The Santiago Principles and the commitment of their sponsors, some of the biggest SWFs, are an important test for the viability of new forms of global governance. However, their sluggish implementation risks devaluing the Principles, thereby increasing SWFs' political risk exposure."--Page 1
Notes "May 2010."
Title from PDF title page (viewed on May 7, 2010)
Bibliography Includes bibliographical references (pages 17-18)
Notes Mode of access: Internet from Carnegie Endowment for International Peace web site. Adobe Acrobat Reader required
Subject International economic relations
International obligations
Sovereign wealth funds
International economic relations.
International obligations.
Sovereign wealth funds.
Form Electronic book
Author Carnegie Endowment for International Peace. Carnegie Middle East Center