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Using SWFs for Self-Financing Development?

A developmental view on sovereign wealth funds

A remarkable feature of the international financial system in the last decade has been the rapid and vast accumulation of foreign-exchange reserves by developing countries. World foreign reserves tripled from $2.1trillion in December 2001 to an unprecedented $6.5trillion in early 2008, according to IMF data. By Stephany Griffith-Jones, José Antonio Ocampo and Pietro Calice

 

Developing countries as a whole accounted for more than 80% of global reserve accumulation during this period, and their current level of reserves approaches $5trillion. Half of this volume is concentrated in developing Asia, but Latin America and Africa have also been amassing international assets at a remarkable pace. This pool of reserves surpasses developing countries’ immediate liquidity needs, leading to their increased creation and expansion of sovereign wealth funds, which have an additional level of assets of more than $3trillion ...

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