Weekend Reading

Ashby Monk

Larry Catá Backer has just updated his ‘Sovereign Investing in Times of Crisis’ paper on SSRN. It’s a good paper and worth a read.

(Don’t be intimidated by the page count of 194. The paper is formatted for a law journal, which probably more than doubles its page-count as compared with a standard formatted paper.)

Enjoy your weekend.

1 Response to “Weekend Reading”

  1. 1 rien huizer November 21, 2009 at 4:48 am

    Excellent article! Could not resist quoting a small portion:

    “It is only within this conceptual context that the organization of
    Chinese sovereign investing can be understood. Its critical
    foundation is to bend economic activity to the maximization of the
    interests of the state. Within that context, commercial and
    financial welfare maximization models may be appropriate.
    Indeed, since Deng Xio Ping, it is hard to suggest that macro or
    micro economic strategies that do not improve the material
    welfare of the people of China serve the interests of the state. Yet
    the form of that activity, the long-and short-term ways in which
    investing strategies are formulated, the places where economic
    power is projected, and the factors that weigh on determinations
    of relations with foreign assets are meant to be understood as
    manifestations of state policy. Moreover the form of that
    investment—whether as SWF, SOE, bank or industrial concern—is
    essentially instrumental.”

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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