Book description
The past two years have seen sovereign investors endure unheard of swings in the performance and valuation of their investments. Catastrophic losses have been followed by record gains as markets dived and then bounced back around the world. The consequences for sovereign wealth funds have been far-reaching.
Losses on high-profile investments became a matter for political and public debate, ushering in a new era of transparency. The plight of domestic economies led to declining contributions, direct calls on the funds and in some cases demands to invest domestically. More broadly, the crisis has led to funds reviewing their long-term goals, organisational and operational frameworks, investment and risk management, and, perhaps most importantly, how they manage expectations of their stakeholders.
Sovereign Asset Management for a Post-Crisis World features contributions from sovereign wealth managers from China Investment Corporation, Norges Bank Investment Management, Korea Investment Corporation, the Oman Investment Fund, CalPERS and the central bankers of Thailand, the Czech Republic and Colombia.
This book addresses the key issues from a practitioner perspective offering insights into how funds can respond and are responding.
Book details
- ISBN
- 978-1-902182-71-1
- Publish date
- 7 Jul 2011
- Format
- Paperback
- Size
- 155mm x 235mm
Editor biography
Donghyun Park
Dr Donghyun Park is principal economist at the Economics and Research Department of the Asian Development Bank (ADB), which he joined in April 2007. Prior to joining ADB, he was a tenured associate professor of economics at Nanyang Technological University in Singapore. Dr Park has a PhD in economics from UCLA, and his main research fields are international finance and trade. His research, which has been published extensively, focuses on policy-oriented topics relevant for Asia’s long-term development, including Asian sovereign wealth funds. Dr Park plays a leading role in the production of Asian Development Outlook, ADB’s flagship annual publication.
Table of contents
Executive Summary
Donghyun Park, Asian Development Bank
GOVERNANCE
1. How did the global crisis change the sovereign investment environment?
Donghyun Park, Asian Development Bank
2. Transparency and communication: changed relations with stakeholders
Mukul Asher, National University of Singapore
3. The growing trend of cooperation among sovereign wealth funds
Scott E. Kalb, Korea Investment Corporation
4. The Santiago Principles: A voluntary code for sovereign wealth funds
Sven Behrendt, Geoeconomica
5. SWFs and the rise of emerging market economies
Nasser Saidi, Dubai International Financial Centre and Fabio Scacciavillani, Oman Investment Fund
6. Design principles for good governance in sovereign investment
Donghyun Park, Asian Development Bank
INVESTMENT
7. Relative numéraire risk and the currency allocation of sovereign portfolios
Poomjai Nacaskul, Bank of Thailand
8. Strategic asset allocation in the post-crisis world
Sheng Li, China Investment Corporation
9. An investible currency index: capturing beta in the currency market
Amos Bruce and Ivan Petej,
10. Active and passive approaches to investment from a sovereign perspective
Marco Ruiz, Banco de la República, Colombia
11. Venturing into equities: the experience of the Czech National Bank
Jan Schmidt, Karel Bauer, Daniel Krej?í, Czech National Bank
12. Investment decision-making: time for a rethink?
Guan Seng Khoo, Financial Ecologist/Consultant
RISK MANAGEMENT
13. From complexity to simplicity
Interview with Dag Dyrdal, Norges Bank Investment Management
14. Setting up a sovereign fund: the experience of Mauritius
Streevarsen Narrainen, Ministry of Finance, Mauritius
15. Portfolio Construction and Risk Management under Non-Normality
Ho Ho, CalPERS
16. The international monetary system: a post-crisis review and modest proposal for reform
Richard N. Cooper, Harvard University
Customer Reviews
