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Sovereign Wealth FundsThe New Intersection of Money and Politics$
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Christopher Balding

Print publication date: 2012

Print ISBN-13: 9780199842902

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199842902.001.0001

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From Stabilization to Sovereign Wealth Funds

From Stabilization to Sovereign Wealth Funds

Chapter:
(p.3) Chapter 1 From Stabilization to Sovereign Wealth Funds
Source:
Sovereign Wealth Funds
Author(s):

Christopher Balding

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199842902.003.0001

Despite their new found popularity, sovereign wealth funds date back as many as fifty years. Originally intended to counteract the boom and bust cycles of oil and commodity dependent economies, stabilization funds grew out of countries attempts to establish rainy day funds which could tide them over when prices fell and promote economic development. This chapter will provide a brief history of sovereign wealth funds, their evolution from small rainy day funds to major international investors, their increased sophistication, and the spread to an increasing number of countries seeking to manage monetized natural resource wealth.

Keywords:   sovereign wealth funds, stabilization, economic development

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