Araştırma Makalesi
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Ulusal Varlık Fonlarını Anlamak: Fırsat Mı, Tehdit Mi?

Yıl 2017, Cilt: 25 Sayı: 34, 69 - 86, 31.10.2017
https://doi.org/10.17233/sosyoekonomi.336430

Öz

Son yılların en popüler finansal araçlarından biri haline gelen ve uluslararası finansal piyasalarda hem kurumsal yenilik hem de finansal güç olarak kabul gören Ulusal Varlık Fonları toplamda 7.445 trilyon dolar değerindeki varlıkları ile ulusal ekonomilerin yapısını şekillendirebilecek bir düzeye gelmiştir. Ulusal varlık fonlarının günümüzde dikkate değer bir hacime ulaşmış olması hem yatırım yapan ülkenin hem de yatırım alan ülkenin makroekonomik ve mikroekonomik boyutta ekonomik koşullarını etkileyebilmesini mümkün kılmaktadır. Ulusal ekonomileri etkileyebilecek bir büyüklüğe sahip olan ulusal varlık fonlarının en çok göze çarpan ve tartışmalı özelliği olan devlet mülkiyetinde olması, bu tür fonları eleştirilerin hedefine koymaktadır. Ancak, ulusal varlık fonlarının sadece ekonomik amaçlarla hareket ettiğini belirten görüşler de mevcuttur. Bu çalışmada uluslararası kurumsal yatırımcılar olarak incelenen ulusal varlık fonlarının gelişiminin arkasında yatan itici ekonomik güçlerin, finansman kaynaklarının ve bu tür fonların amaçlarının neler olduğu araştırılmaktadır. Ayrıca bu çalışmada ulusal varlık fonlarının ekonomiler için faydalı bir araç olup olmadığı ve bu fonlar lehine ve aleyhine yöneltilen fikirler tartışılmaktadır.

Kaynakça

  • Acemoğlu, D. & J.A. Robinson (2017), Ulusların Düşüşü: Güç, Zenginlik ve Yoksulluğun Kökenleri, (Çev. Faruk Rasim Velioğlu), Doğan Kitap, İstanbul.
  • Aizenman, J. & R. Glick (2008), “Sovereign Wealth Funds: Stylized Facts about Their Determinants and Governance”, NBER Working Paper, 14562, National Bureau of Economic Research, Cambridge, Mass. Alhasel, B. (2015), “Sovereign Wealth Funds: A Literature Review”, Journal of Economics and Business, 78, 1-13.
  • Al-Hassan, A. & M. Papaioannou, & M. Skancke & C.C. Sung (2013), “Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management”, IMF Working Paper, WP/13/231, International Monetary Fund, Washington, DC.
  • Anthopoulos, I. & C. Pitelis & C. Liakou (2016), “The Nature, Performance and Economic Impact of Sovereign Wealth Funds”, FESSUD Working Paper, No: 135, Financialisation, Economy, Society and Sustainable Development, Leeds.
  • Beck, R. & M. Fidora (2008), “The Impact of Sovereign Wealth Funds On Global Financial Markets”, Interconomics, 43(6), 349-358. Bertoni, F. & S. Lugo (2015), The Use of Debt by Sovereign Wealth Fund, <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2656228>, 17.04.2017. Bowley, G. (2008), Cash Helped China Win Costa Rica’s Recognition, <http://www.nytimes.com/2008/09/13/world/asia/13costa.html>, 28.04.2017. Chhaochharia, V. & L. Leaven (2008), “Sovereign Wealth Funds: Their Investment Strategies and Performance”, CEPR Discussion Paper, No. DP6959, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1308030, 15.04.2017. Cohen, B.J. (2009), “Sovereign Wealth Funds and National Security: The Great Tradeoff”, International Affairs, 85(4), 713-731. Cumming, D. & G. Wood & I. Filatotchev & J. Reinecke (2016), New Investor Categories, Agility and HRM: The Case of Sovereign Wealth Funds, <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2864976>, 23.04.2017. Das, U.S. & Y. Lu & C. Mulder & A. Sy (2009), “Setting up a Sovereign Wealth Fund: Some Policy and Operational Consideration”, IMF Working Paper, WP/09/179, International Monetary Fund, Washington, DC. Davis, J. & R. Ossowski & J. Daniel & S. Barnett (2001), “Stabilization and Savings Funds for Nonrenewable Resources Experience and Fiscal Policy Implications”, IMF Occasional Paper, No: 205, International Monetary Fund, Washington, DC, <http://www.imf.org/external/pubs/nft/op/205/>, 10.05.2017. Demarolle, A. (2009), Report to The Government of France on Sovereign Wealth Funds, <http://www.paris-europlace.net/files/rapport_demarolle_en.pdf>, 15.06.2017. Dixon, A.D. & A.H.B. Monk (2017), “A Simple Typology of Sovereign Development Funds”, in: M. Rietveld & P. Toledano (eds.), The New Frontiers of Sovereign Investment, New York: Columbia University Press, 83-100. Fotak, V. & X. Gao & W.L. Megginson (2016), “A Financial Force to be Reckoned With? An Overview of Sovereign Wealth Funds”, ECGI Finance Working Paper, 476/2016, European Corporate Governance Institute, Brussels. Gomes, T. (2008), “The Impact of Sovereign Wealth Funds on International Financial Stability”, Discussion Paper, 2008-14, Bank of Canada, Ottawa, Ontario. Haberly, D. (2011), “Strategic Sovereign Wealth Fund Investment and The New Alliance Capitalism: A Network Mapping Investigation”, Environment and Planning A, 43(8), 1833-1852. Jing, L. (2015), “State as an Entrepreneur: A study of the Investment Contractual Terms and Level of Control of China’s Sovereign Wealth Fund in its Portfolio”, Peking University Transnational Law Review, 3(1), 1-140. Jory, S.R. & M.J. Perry & T.A. Hemphill (2010), “The Role of Sovereign Wealth Funds in Global Financial Intermediation”, Thunderbird International Business Review, 52(6). 589-604. Kunzel, P. & Y. Lu & I. Petrova & J. Pihlman (2011), “Investment Objectives of Sovereign Wealth Funds-A Shifting Paradigm”, IMF Working Paper, WP/11/19, International Monetary Fund, Washington, DC. Kuwait Investment Authority (2017), Overview, <http://www.kia.gov.kw/en/ABOUTKIA/Pages/Overview.aspx>, 22.04.2017.
  • Liu, Q. (2013), “Sovereign Funds”, in: G. Caprio (ed.), Handbook of Key Global Financial Markets, Institutions, and Infrastructure, London: Elsevier, 575-583. Miceli, V. & A. Wöhrmann & M. Wallace & D. Steiner (2015), “Opportunities or Threats? The Current and Future Role of Sovereign Wealth Funds in Financial Markets”, DAWM Working Paper, No: 14, Deustche Asset and Wealth Management, New York. Monk, A.H.B. (2008), “Is CalPERS A Sovereign Wealth Fund?”, Brief No: 8-21, Center for Retirement Research at Boston College, Chestnut Hill, MA. Monk, A.H.B. (2011), “Sovereignty in the Era of Global Capitalism: The Rise of Sovereign Wealth Funds and the Power of Finance”, Environment and Planning A, 43(8), 1813-1832. Paulson, A.L. (2009), “Raising Capital: The Role of Sovereign Wealth Funds”, Chicago Fed Letter, 258, 1-4. Rios-Morales, R. & M.A. Ramady & L. Brennan (2012), “GCC Sovereign Wealth Funds: Challenges, Opportunities, and Issues Arising from Their Growing Presence on the Global Landscape”, in: M.A. Ramady (ed.), The GCC Economies: Stepping Up To Future Challenges, New York: Springer, 237-250. Rozanov, A. (2005), Who Holds the Wealth of Nations, <http://www.libertyparkusafd.org/Hancock/Special%20Reports/Sovereign%20Wealth%2 0Funds/Who%20Owns%20the%20Wealth%20of%20Nations%20-%202005.pdf>, 10.04.2017. Schubert, W. & L. Barenbaum (2010), “The Sovereign Wealth Fund Controversy: The Isuues and Suggestions”, Journal of Applied Business and Economics, 11(2), 11-20. Schubert, W. (2011), “Sovereign Wealth Funds and Dedicated Infrastructure Investment”, Journal of Applied Business and Economics, 12(6), 32-39. Shunmugam, V. (2012), “Sovereign Wealth Funds and Emerging Economies-Reap the Good; Leave the Bad”, Macroeconomics and Finance in Emerging Market Economies, 5(2), 281-296. Sovereign Wealth Fund Institute (2017), What is a SWF?, <http://www.swfinstitute.org/sovereignwealth-fund/>, 20.04.2017. Sun, T. & H. Hesse (2011), “What do Sovereign Wealth Funds Imply For Financial Stability?”, in: N. Boubakri & J.C. Cosset (eds.), Institutional Investors in Global Capital Markets, Bingley: Emerald Group Publishing Limited, 245-262. Urban, D. (2010), “Macroeconomic Considerations and Motives of Sovereign Wealth Funds Activity”, Contemporary Economics, 5(2), 42-53. Yereli, A.B. (2017), “Varlık Fonu Nedir, Ne Değildir?”, Ocakbaşı Sohbetleri, Türk Ocakları Genel Merkezi, 18 Şubat, Ankara. Weiss, M.A. (2009), Sovereign Wealth Funds: Background and Policy Issues for Congress”, CRS Report For Congress, No: RL34336, Congressional Research Service, Washington, DC. Xie, P. & C. Chen (2009a), “The Theoritical Logic of Sovereign Wealth Funds”, Economic Research Journal, 2, 4-17. Xie, P. & C. Chen (2009b), Sovereign Wealth Funds, Macroeconomic Policy Alignment and Financial Stability, <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1420614>, 03.05.2017.

Understanding Sovereign Wealth Funds: Opportunity or Threat?

Yıl 2017, Cilt: 25 Sayı: 34, 69 - 86, 31.10.2017
https://doi.org/10.17233/sosyoekonomi.336430

Öz

Sovereign Wealth Funds, which have become one of the most popular financial instrument of recent years and were accepted as both institutional innovation and financial power in international financial markets, have reached a level that can shape the structure of national economies with total assets of 7.445 trillion dollars. The fact that national asset funds have reached a considerable volume today makes it possible for both the host country and the home country to influence the economic conditions at the macroeconomic and microeconomic dimension.The fact that sovereign wealth funds, which have a size that can affect national economies, are in the state property, which is the most striking and controversial feature, places such funds in the target of criticism. However, there are also opinions that sovereign wealth funds act only for economic purposes. This study investigates the driving forces behind the development of sovereign wealth funds, which are examined as international institutional investors, as well as the funding sources and the purposes of such funds. In addition, this study discusses whether national asset funds are a useful tool for economies, and the ideas that are directed at and favored against these funds.

Kaynakça

  • Acemoğlu, D. & J.A. Robinson (2017), Ulusların Düşüşü: Güç, Zenginlik ve Yoksulluğun Kökenleri, (Çev. Faruk Rasim Velioğlu), Doğan Kitap, İstanbul.
  • Aizenman, J. & R. Glick (2008), “Sovereign Wealth Funds: Stylized Facts about Their Determinants and Governance”, NBER Working Paper, 14562, National Bureau of Economic Research, Cambridge, Mass. Alhasel, B. (2015), “Sovereign Wealth Funds: A Literature Review”, Journal of Economics and Business, 78, 1-13.
  • Al-Hassan, A. & M. Papaioannou, & M. Skancke & C.C. Sung (2013), “Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management”, IMF Working Paper, WP/13/231, International Monetary Fund, Washington, DC.
  • Anthopoulos, I. & C. Pitelis & C. Liakou (2016), “The Nature, Performance and Economic Impact of Sovereign Wealth Funds”, FESSUD Working Paper, No: 135, Financialisation, Economy, Society and Sustainable Development, Leeds.
  • Beck, R. & M. Fidora (2008), “The Impact of Sovereign Wealth Funds On Global Financial Markets”, Interconomics, 43(6), 349-358. Bertoni, F. & S. Lugo (2015), The Use of Debt by Sovereign Wealth Fund, <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2656228>, 17.04.2017. Bowley, G. (2008), Cash Helped China Win Costa Rica’s Recognition, <http://www.nytimes.com/2008/09/13/world/asia/13costa.html>, 28.04.2017. Chhaochharia, V. & L. Leaven (2008), “Sovereign Wealth Funds: Their Investment Strategies and Performance”, CEPR Discussion Paper, No. DP6959, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1308030, 15.04.2017. Cohen, B.J. (2009), “Sovereign Wealth Funds and National Security: The Great Tradeoff”, International Affairs, 85(4), 713-731. Cumming, D. & G. Wood & I. Filatotchev & J. Reinecke (2016), New Investor Categories, Agility and HRM: The Case of Sovereign Wealth Funds, <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2864976>, 23.04.2017. Das, U.S. & Y. Lu & C. Mulder & A. Sy (2009), “Setting up a Sovereign Wealth Fund: Some Policy and Operational Consideration”, IMF Working Paper, WP/09/179, International Monetary Fund, Washington, DC. Davis, J. & R. Ossowski & J. Daniel & S. Barnett (2001), “Stabilization and Savings Funds for Nonrenewable Resources Experience and Fiscal Policy Implications”, IMF Occasional Paper, No: 205, International Monetary Fund, Washington, DC, <http://www.imf.org/external/pubs/nft/op/205/>, 10.05.2017. Demarolle, A. (2009), Report to The Government of France on Sovereign Wealth Funds, <http://www.paris-europlace.net/files/rapport_demarolle_en.pdf>, 15.06.2017. Dixon, A.D. & A.H.B. Monk (2017), “A Simple Typology of Sovereign Development Funds”, in: M. Rietveld & P. Toledano (eds.), The New Frontiers of Sovereign Investment, New York: Columbia University Press, 83-100. Fotak, V. & X. Gao & W.L. Megginson (2016), “A Financial Force to be Reckoned With? An Overview of Sovereign Wealth Funds”, ECGI Finance Working Paper, 476/2016, European Corporate Governance Institute, Brussels. Gomes, T. (2008), “The Impact of Sovereign Wealth Funds on International Financial Stability”, Discussion Paper, 2008-14, Bank of Canada, Ottawa, Ontario. Haberly, D. (2011), “Strategic Sovereign Wealth Fund Investment and The New Alliance Capitalism: A Network Mapping Investigation”, Environment and Planning A, 43(8), 1833-1852. Jing, L. (2015), “State as an Entrepreneur: A study of the Investment Contractual Terms and Level of Control of China’s Sovereign Wealth Fund in its Portfolio”, Peking University Transnational Law Review, 3(1), 1-140. Jory, S.R. & M.J. Perry & T.A. Hemphill (2010), “The Role of Sovereign Wealth Funds in Global Financial Intermediation”, Thunderbird International Business Review, 52(6). 589-604. Kunzel, P. & Y. Lu & I. Petrova & J. Pihlman (2011), “Investment Objectives of Sovereign Wealth Funds-A Shifting Paradigm”, IMF Working Paper, WP/11/19, International Monetary Fund, Washington, DC. Kuwait Investment Authority (2017), Overview, <http://www.kia.gov.kw/en/ABOUTKIA/Pages/Overview.aspx>, 22.04.2017.
  • Liu, Q. (2013), “Sovereign Funds”, in: G. Caprio (ed.), Handbook of Key Global Financial Markets, Institutions, and Infrastructure, London: Elsevier, 575-583. Miceli, V. & A. Wöhrmann & M. Wallace & D. Steiner (2015), “Opportunities or Threats? The Current and Future Role of Sovereign Wealth Funds in Financial Markets”, DAWM Working Paper, No: 14, Deustche Asset and Wealth Management, New York. Monk, A.H.B. (2008), “Is CalPERS A Sovereign Wealth Fund?”, Brief No: 8-21, Center for Retirement Research at Boston College, Chestnut Hill, MA. Monk, A.H.B. (2011), “Sovereignty in the Era of Global Capitalism: The Rise of Sovereign Wealth Funds and the Power of Finance”, Environment and Planning A, 43(8), 1813-1832. Paulson, A.L. (2009), “Raising Capital: The Role of Sovereign Wealth Funds”, Chicago Fed Letter, 258, 1-4. Rios-Morales, R. & M.A. Ramady & L. Brennan (2012), “GCC Sovereign Wealth Funds: Challenges, Opportunities, and Issues Arising from Their Growing Presence on the Global Landscape”, in: M.A. Ramady (ed.), The GCC Economies: Stepping Up To Future Challenges, New York: Springer, 237-250. Rozanov, A. (2005), Who Holds the Wealth of Nations, <http://www.libertyparkusafd.org/Hancock/Special%20Reports/Sovereign%20Wealth%2 0Funds/Who%20Owns%20the%20Wealth%20of%20Nations%20-%202005.pdf>, 10.04.2017. Schubert, W. & L. Barenbaum (2010), “The Sovereign Wealth Fund Controversy: The Isuues and Suggestions”, Journal of Applied Business and Economics, 11(2), 11-20. Schubert, W. (2011), “Sovereign Wealth Funds and Dedicated Infrastructure Investment”, Journal of Applied Business and Economics, 12(6), 32-39. Shunmugam, V. (2012), “Sovereign Wealth Funds and Emerging Economies-Reap the Good; Leave the Bad”, Macroeconomics and Finance in Emerging Market Economies, 5(2), 281-296. Sovereign Wealth Fund Institute (2017), What is a SWF?, <http://www.swfinstitute.org/sovereignwealth-fund/>, 20.04.2017. Sun, T. & H. Hesse (2011), “What do Sovereign Wealth Funds Imply For Financial Stability?”, in: N. Boubakri & J.C. Cosset (eds.), Institutional Investors in Global Capital Markets, Bingley: Emerald Group Publishing Limited, 245-262. Urban, D. (2010), “Macroeconomic Considerations and Motives of Sovereign Wealth Funds Activity”, Contemporary Economics, 5(2), 42-53. Yereli, A.B. (2017), “Varlık Fonu Nedir, Ne Değildir?”, Ocakbaşı Sohbetleri, Türk Ocakları Genel Merkezi, 18 Şubat, Ankara. Weiss, M.A. (2009), Sovereign Wealth Funds: Background and Policy Issues for Congress”, CRS Report For Congress, No: RL34336, Congressional Research Service, Washington, DC. Xie, P. & C. Chen (2009a), “The Theoritical Logic of Sovereign Wealth Funds”, Economic Research Journal, 2, 4-17. Xie, P. & C. Chen (2009b), Sovereign Wealth Funds, Macroeconomic Policy Alignment and Financial Stability, <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1420614>, 03.05.2017.
Toplam 6 adet kaynakça vardır.

Ayrıntılar

Bölüm Makaleler
Yazarlar

Ahmet Burçin Yereli

İlker Yaman

Yayımlanma Tarihi 31 Ekim 2017
Gönderilme Tarihi 29 Ağustos 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 25 Sayı: 34

Kaynak Göster

APA Yereli, A. B., & Yaman, İ. (2017). Understanding Sovereign Wealth Funds: Opportunity or Threat?. Sosyoekonomi, 25(34), 69-86. https://doi.org/10.17233/sosyoekonomi.336430
AMA Yereli AB, Yaman İ. Understanding Sovereign Wealth Funds: Opportunity or Threat?. Sosyoekonomi. Ekim 2017;25(34):69-86. doi:10.17233/sosyoekonomi.336430
Chicago Yereli, Ahmet Burçin, ve İlker Yaman. “Understanding Sovereign Wealth Funds: Opportunity or Threat?”. Sosyoekonomi 25, sy. 34 (Ekim 2017): 69-86. https://doi.org/10.17233/sosyoekonomi.336430.
EndNote Yereli AB, Yaman İ (01 Ekim 2017) Understanding Sovereign Wealth Funds: Opportunity or Threat?. Sosyoekonomi 25 34 69–86.
IEEE A. B. Yereli ve İ. Yaman, “Understanding Sovereign Wealth Funds: Opportunity or Threat?”, Sosyoekonomi, c. 25, sy. 34, ss. 69–86, 2017, doi: 10.17233/sosyoekonomi.336430.
ISNAD Yereli, Ahmet Burçin - Yaman, İlker. “Understanding Sovereign Wealth Funds: Opportunity or Threat?”. Sosyoekonomi 25/34 (Ekim 2017), 69-86. https://doi.org/10.17233/sosyoekonomi.336430.
JAMA Yereli AB, Yaman İ. Understanding Sovereign Wealth Funds: Opportunity or Threat?. Sosyoekonomi. 2017;25:69–86.
MLA Yereli, Ahmet Burçin ve İlker Yaman. “Understanding Sovereign Wealth Funds: Opportunity or Threat?”. Sosyoekonomi, c. 25, sy. 34, 2017, ss. 69-86, doi:10.17233/sosyoekonomi.336430.
Vancouver Yereli AB, Yaman İ. Understanding Sovereign Wealth Funds: Opportunity or Threat?. Sosyoekonomi. 2017;25(34):69-86.