The finance ministers of the world's richest countries want to set up rules to govern the investments of sovereign wealth funds from developing and emerging nations. I wonder if they also intend to apply the rules retroactively to entities such as these.
The NYT article refers to billions in these funds but in fact it is *trillions*.
Posted by: Tyler Cowen | October 20, 2007 at 02:52 PM
While I do not doubt the financial concerns may be justifiable, it strikes me that a real unspoken concern of these leaders of former wealthy countries is that they fear that these former third world countries may soon be in a position to unfairly exploit the so-called developed countries. The shoe may soon be on the other foot. Touché.
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ie
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too much to too
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Posted by: paine | October 21, 2007 at 04:26 PM
If the average sov. wealth fund revealed as much information as a nordic state pension -- and, like most state pensions, prefered not to take controlling stakes in companies, I rather suspect sovereign wealth funds would generate far less controversy. Try to find similar information about the GIC (Singapore) or ADIA (Abu Dhabi/ the emirates) on the web. Most state pensions in the G-7 are fairly transparent, if only b/c they manage the money of a lot of voters/ folks who have an interest in knowing where the funds are invested.
I would argue the bigger hypocrisy comes from the G-7's willingness to overlook the fact that SIVs and other off balance sheet vehicles on (or off) the books of the big private banks (at least until now). even Citi's shareholders would have had a hard time understanding what its sponsored SIVs were doing ...
Posted by: brad setser | October 22, 2007 at 06:50 PM
good point well taken
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