Kratsas, G; (2013) Sovereign Wealth Funds: Their Operation and the Economic, Political and Legal Responses. Doctoral thesis (Ph.D), UCL (University College London).

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Abstract

This thesis deals with the investment behaviour of government-led investment vehicles, widely known as Sovereign Wealth Funds (SWFs), and the implications that arise from their investments in Europe and the western world. In the last 10 to 15 years SWFs have grown in size and number and have drawn the attention of many government officials because of their non-transparent nature and their expansionary investment policies. Although SWFs have been a valuable source of foreign investment in the past, their non-transparent nature, combined with their government-controlled status, raises fears that their investments might be politically, rather than economically, motivated. Specific examples of those concerns are the risk that SWFs use their economic influence in order to obtain critical information, to transfer jobs abroad or compromise the operation of strategically important companies such as telecommunications or energy companies. The above concerns have led many western governments to take active measure to regulate sovereign investors. Such regulation comes in the form of legislation establishing procedures to control the impact of their investments. Additionally, various forms of regulation have been established at the international level, through the adoption of Codes of Conduct. The main case studies used in this thesis are those of France, Germany, the USA as well as instruments promulgated by international bodies, such as the Organisation for Economic Cooperation and Development, the International Monetary Fund and the European Union. In this thesis, it is argued that the majority of the legislative measures adopted at the national level are overly protectionist and go far beyond what is necessary to respond to the potential concerns associated with SWFs, while they seriously risk damaging their positive effects. It is also argued that international instruments are better placed to address the potential negative impact of SWFs while preserving the benefits of their operation.

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