Description
Book SynopsisAnalyses the creation of different sovereign wealth funds (SWFs) from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation.
Trade Review“Many books have explored the actual and the ideal relationship between states and markets. This book asks a new question: How should the state organize itself in order to be an effective market participant, through improved management of its assets. It should be mandatory reading for all those concerned with public policy.”- Ricardo Hausmann, Harvard University
“
Capital Choices is an insightful and informative analysis of the origins of Sovereign Wealth Funds. Braunstein convincingly emphasizes the role of different types of policy networks on the political economy of decisions to establish funds to explain variations in their objectives and structures.”- Edwin Truman, Peterson Institute for International Economics
“Sovereign wealth funds are increasingly important actors on the global investment stage. But these organizations are poorly understood, in part because their incentives and behavior—as organizations that are both return-maximizing investors and state bodies—are complex. This book, through a series of thoughtful case studies, shed fresh light on these funds and their implications.”- Josh Lerner, Harvard Business School
“When the label ‘Sovereign Wealth Funds’ was applied to a set of government-owned asset funds, it fostered the impression that we were talking about a single well-defined animal.
Capital Choices shows that SWFs in fact vary widely and explores the nature and origins of the differences.”- Jeffrey Frankel, Harvard University
“
Capital Choices breaks new ground, providing a convincing explanation for the wide variations we observe in the characteristics of sovereign wealth funds around the world. Clearly written and thoroughly researched, the book is a must read for anyone interested in the domestic politics of international finance.”- Benjamin Cohen, University of California, Santa Barbara
“This is a major work not just about the increasingly important sovereign wealth funds but also about how non-Western states pursue industrial policies. It combines theory, non-Western cases and new empirical material to tell a story of why states create sovereign wealth funds and their scope for choosing distinct paths of economic development.”- Mark Thatcher, London School of Economics and Political Science
“In
Capital Choices, Juergen Braunstein provides an illuminating original account of the emergence and divergence of sovereign wealth funds. Explaining how different interests and coalitions shape varying SWF paths, this compelling argument finally places politics where it belongs—at the centre of analysis. A decisive intervention in the debate.”- Garry Rodan, Murdoch University
“Dr. Braunstein fills an important niche in the sovereign wealth fund literature by providing a meticulously researched and skillfully executed description of the different domestic and international actors, networks, and forces at work in the development of modern SWFs. This book is an excellent example of the kind of detailed research needed to fully understand the crucial impact of these funds.”- Paul Rose, The Ohio State University
Table of Contents
- Abbreviations
- Acknowledgments
- Chapter 1: Introduction
- Chapter 2: Global Review
- Chapter 3: Bringing Domestic Politics In: A Policy Network Analysis of Sovereign Wealth Funds
- Chapter 4. Capital Choices in Industrial Policy: Asian city-economies and the emergence of Temasek
- Chapter 5: Capital Choices in Saving's and Financial Policy: Asian City States and the emergence of the GIC
- Chapter 6: Capital Choices in Small Open Economies of the Middle East
- Chapter 7: Capital Choices in OECD and BRIC countries
- Chapter 8. Conclusion: Domestic Politics and Capital Choices
- Afterword
- Appendix
- Notes
- Bibliography
- Index
