The objective of this paper is analysis of Sovereign Wealth Funds, which are becoming increasingly important players in the international monetary and financial system. Those funds are attracting growing attention not only due to last investment activities in brand-name global firms, but also...

This paper finds evidence that for many countries Sovereign Wealth Funds are the alternative vehicle for management of excess foreign exchange reserves. These funds can be seen as a substitutes for monetary authorities as well as institutional innovations on global financial markets. Sovereign...

Sovereign wealth funds are entities regarded as an institutional innovation in the international financial market. Due to the nature of the ownership rights, the investment activity of such entities is still highly controversial. Objections against sovereign wealth funds included the alleged...