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Sovereign wealth funds (SWFs) and their regulation
Kreysa, Vlastimil ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
Sovereign wealth funds and their regulation The aim of this work is to provide a comprehensive explanation of the current issue of the role and activities of sovereign wealth funds in financial markets and to try to summarize current international regulatory framework, as well as to outline possible changes in this system. This question comes from description and interpretation of the most important international "soft-law" rules on sovereign wealth funds - the so- called Santiago Principles (Generally Accepted Principles and Practices) and the OECD's related legislation. The reason for selection of this topic is a fact that issues related to existence of sovereign wealth funds and their legal regulation have not been discussed sufficiently in Czech scientific circles. This work is divided into four chapters. The first chapter is an introduction to the aforementioned issues. In the second chapter, which consists of two sections, the work is concentrated on general characteristics of existence of sovereign wealth funds. The first section is focused on definition of the term "sovereign wealth fund", categorization of such funds on the basis of their characteristic features and analysis of legal nature of these funds. The second section is devoted to influence of sovereign wealth funds on financial...
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Norway and Botswana as exceptions to the theory of the curse of natural resources
Drozdová, Miroslava ; Kučerová, Irah (advisor) ; Parízek, Michal (referee)
This thesis compares Norway, Botswana and Venezuela and their sovereign wealth funds. The first two countries are referred to as exceptions to the theory of the resource curse, which explains the phenomenon that shows that countries with a high dependence on income from the export of natural resources have a slower rate of economic, political and institutional development. On the contrary, Venezuela (although it was considered an exception in the past) is severely affected by this phenomenon and thus serves as a negative example in this thesis. The thesis focuses on state sovereign wealth funds and examines whether and under what conditions these funds have an effect on reversing the resource curse. Based on the theoretical part, five key characteristics are identified that the fund must meet in order to function against the negative manifestations of the curse of natural resources - (1) offsetting the effects of volatility, (2) diversifying the economy, (3) budgetary policy, (4) controlling the allocation of expenditure, (5) transparency of funds. Based on these characteristics, it is possible to observe that the Norwegian sovereign wealth fund works best from selected funds as a defense against the resource curse, followed by the Botswana fund and third by the Venezuelan fund. Norway and Botswana...
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Sovereign wealth funds - threat or benefit?
Šplíchal, David ; Žamberský, Pavel (advisor) ; Jedlinský, Jakub (referee)
This bachelor thesis focuses on sovereign wealth funds, which belong to important state investment entities. The main objective of the thesis is to assess the activity of sovereign wealth funds as a whole and assess, whether their activity is rather benefit or threat to economy. In the first part there is considered a genereal characteristic of sovereign wealth funds, particularly their definition, history and function. The second part aims at the assets of sovereign wealth funds, especially the volume, alocation and related strategy and objectives. Subsequently the thesis deals with current questions concerning sovereign wealth funds, namely potential threats and transparency. Lastly the thesis looks at impacts of investments of sovereign wealth funds on the countries and global economy.
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The importance of sovereign wealth funds in the economy - the case of Singapore's Temasek
Pham, Tomáš Tuan ; Žamberský, Pavel (advisor) ; Jedlinský, Jakub (referee)
The aim of the bachelor thesis is to point out the importance of sovereign wealth funds in the economy. For this purpose was chosen Singapore's sovereign wealth fund Temasek. The theoretical part of this bachelor thesis deals with the characteristics of sovereign wealth funds in the context of state capitalism. The practical part uses analytical and synthetic methods for examining the role of Temasek in Singapore's economy and its impact on state-owned enterprises. The thesis focuses on examining the influence of Temasek on fiscal policy and on the Singapore's balance of payments.
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Sovereign wealth funds (SWFs) and their regulation
Kreysa, Vlastimil ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
Sovereign wealth funds and their regulation The aim of this work is to provide a comprehensive explanation of the current issue of the role and activities of sovereign wealth funds in financial markets and to try to summarize current international regulatory framework, as well as to outline possible changes in this system. This question comes from description and interpretation of the most important international "soft-law" rules on sovereign wealth funds - the so- called Santiago Principles (Generally Accepted Principles and Practices) and the OECD's related legislation. The reason for selection of this topic is a fact that issues related to existence of sovereign wealth funds and their legal regulation have not been discussed sufficiently in Czech scientific circles. This work is divided into four chapters. The first chapter is an introduction to the aforementioned issues. In the second chapter, which consists of two sections, the work is concentrated on general characteristics of existence of sovereign wealth funds. The first section is focused on definition of the term "sovereign wealth fund", categorization of such funds on the basis of their characteristic features and analysis of legal nature of these funds. The second section is devoted to influence of sovereign wealth funds on financial...
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