Ulusal Varlık Fonlarının Politik Boyutu

Year 2019, Volume: 27 Issue: 41, 263 - 282, 31.07.2019

İlker Yaman , Ahmet Burçin Yereli

https://doi.org/10.17233/sosyoekonomi.2019.03.14

Abstract

21. yüzyılın önemli finansal aktörlerinden biri haline gelen ulusal varlık fonları, devletlerin varlık birikimini korumak ve arttırmak gayesiyle ticari getiri elde etme arayışında olan ve çoğunlukla uzun vadeli yatırım perspektifine sahip devlet mülkiyetindeki yatırım fonlarıdır. Ulusal varlık fonları, yönettikleri varlık hacmi dikkate alındığında hedge fonları ve özel sermaye fonları gibi çok sayıda finansal kurumu geride bırakarak hızla büyüyen yatırımcılar arasındadır. Bu tür fonların 2007-08 Küresel Finans Krizinde aktif bir şekilde rol almaları, hem kendilerine yöneltilen ilginin daha da artmasına hem de kendilerinin detaylı bir şekilde incelenmesine neden olmuştur. Ayrıca küresel finans krizi, ulusal varlık fonlarının faaliyetlerinin riskli olarak görülmesini de beraberinde getirmiştir. Ulusal varlık fonlarının taşıdığı riskler, sağladığı yararlardan daha fazla dikkat çekmekte dolayısıyla bu tür fonlara yönelik bazı kaygılar oluşmaktadır. Ulusal varlık fonlarına yönelik hissedilen kaygılar politik kaygılar, ekonomik kaygılar ve ulusal varlık fonlarının şeffaflığına yönelik kaygılar olarak üç grup altında incelenebilmektedir. Ulusal varlık fonlarının çoğunlukla insan haklarının gelişmemiş olduğu ve demokratik olmayan ülkelerin mülkiyetinde olması bu tür fonların faaliyetlerine kuşkuyla yaklaşılmasına neden olmaktadır. İlaveten bir dizi ulusal varlık fonunun, faaliyetlerini ve kurumsal yapısını açık bir şekilde beyan etmekte ihtiyatlı davranması, bu tür fonlara yönelik düzenleyici ve korumacı önlemlerin alınmasını da beraberinde getirmiştir. Ulusal varlık fonu yatırımlarının, şirketlerin performansını negatif yönde etkileyeceği ve finansal piyasaların istikrarını bozacağı da sıklıkla dile getirilen eleştirilerdendir. Son yıllardaki deneyimler dikkate alındığında ulusal varlık fonlarının politik amaçlarla hareket ettiğine dair bulgular azınlıkta kalmakta ve bu tür fonların ekonomik güdülerle hareket ettiğine dair bulgular çoğunlukta olmaktadır. Ayrıca ulusal varlık fonlarının gerçekleştirdikleri yatırımlarla finansal piyasaların ve küresel ekonominin istikrarına katkı yaptığını belirten görüşler ön plana çıkmaktadır. Son olarak ulusal varlık fonlarının, yatırım yaptıkları şirketlerin performansını pozitif yönde etkileyebildiğine dair sonuçlara ulaşılmaktadır.

Keywords

Ulusal Varlık Fonları, Politik Çıkarımlar, 2007-08 Küresel Finans Krizi, Düzenleyici Önlemler

The Political Aspect of Sovereign Wealth Funds

Abstract

Sovereign wealth funds which have become one of the most important financial actors of the 21st century are state-owned investment funds mostly with a long term investment perspective and are in search of commercial return with the aim of protecting and enhancing the accummulation of wealth of the states. Considering the volume they manage, sovereign wealth funds are among the fast-growing investors by leaving behind a large number of financial investors such as hedge funds and private equity funds. The active participation of sovereign wealth funds in the 2007-08 Global Financial Crisis has led to an increase in the interest directed to them and led to a detailed examination of such funds. The global financial crisis has also brought with it the risky view of the sovereign wealth fund activities. The risks carried by sovereign wealth funds draw much more attention than the benefits they provide hence some concerns are arising about such funds. Concerns about sovereign wealth funds can be examined under three group as political concerns, economic concerns and concerns about the transparency of sovereign wealth funds. In addition, because of a number of sovereign wealth funds are chariness about declaring their activities and institutional structure explicitly, regulatory and protectionist measures needed to be taken for such funds. It is also expressed frequently that the investments of sovereign wealth funds will negatively affect the performance of companies and destabilise the financial markets. Considering the experiences at the recent years about sovereign wealth funds, evidences suggest that the minority of the funds are acting for political purposes and the majority of the funds are acting with economic motives. Evidences also indicate that investments made by sovereign wealth funds contribute to the stability of financial markets and global economy. Finally, results show that sovereign wealth funds can affect the performance of the companies positively which they invest in.

Keywords

Sovereign Wealth Funds, Political Implications, 2007-08 Global Financial Crisis, Regulatory Issues

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