Sovereign Wealth Funds

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Stathis N. Kalyvas

Talk of overturning austerity aside, Greece still needs the last 7.2 billion euro installment of the bailout to cover its financing gap. For the time being, then, the new government will need to abide by the program’s requirements—that is, the very combination of austerity and reform that Syriza has pledged to overturn. This may be enough to break the party.

Erik Jones

The problem isn't weak EU economic policy, it is that no country has reason to live up to its obligations or to force its partners to do the same. What Europe really needs is a sovereign credit club; at the cost of accepting certain performance standards, countries would join to get access to low-cost capital.

Comment, Mar/Apr 2011
Ian Bremmer and Nouriel Roubini

In the wake of the financial crisis, the United States is no longer the leader of the global economy, and no other nation has the political and economic leverage to replace it. Rather than a forum for compromise, the G-20 is likely to be an arena of conflict.

JC de Swaan

Chinese companies and government-sponsored investment vehicles are increasingly purchasing U.S. assets. For all the concerns about China’s large holdings of U.S. Treasury bills, its investments in American companies could be met with even greater sensitivity.

Essay, May/June 2009
Ian Bremmer

Across the world, the free market is being overtaken by state capitalism, a system in which the state is the leading economic actor. How should the United States respond?

Ian Bremmer

This week, Ian Bremmer answers questions submitted by readers about the rise of state capitalism and the future of the free market. 

Minxin Pei

The financial crisis is challenging Beijing's ability to hold up its end of the deal with the country's elite, leading to a potential threat to the continued rule of the Chinese Communist Party.

Essay, Jan/Feb 2008
Robert M. Kimmitt

The massive growth of sovereign wealth funds -- pools of capital controlled by governments and invested in private markets abroad -- should not cause alarm. But it does raise legitimate questions for the United States, pointing to the need for new policy principles for both the funds and the countries in which they invest.

Essay, Jan 1963
Nicholas Kaldor

The importance of public revenue to the underdeveloped countries can hardly be exaggerated if they are to achieve their hopes of accelerated economic progress. Whatever the prevailing ideology or political color of a particular government, it must steadily expand a whole host of non-revenue- yielding services-education, health, communication systems and so on-as a prerequisite for the country's economic and cultural development. These services must be financed out of government revenue. Besides meeting these needs, taxes and other compulsory levies provide the most appropriate instruments for increasing savings for capital formation out of domestic sources. By providing a surplus over recurrent expenditure, they make it possible to devote a higher proportion of resources to building up capital assets.

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