Sovereign Wealth Funds and Global Imbalances - speech by John Gieve

He notes that: "Since the millennium at least 10 new SWFs have been set up." "This reflects the remarkable shift of emerging-market economies from debtors to creditors". In part this reflects persuasive reasons for exporters of oil and other non renewable resources "to spread the benefits of this endowment across generations" but in other countries it reflects "a deliberate policy of fostering export industrial growth" and building up foreign exchange reserves.

Press release