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Ulusal Varlık Fonlarının Politik Boyutu

Yıl 2019, Cilt: 27 Sayı: 41, 263 - 282, 31.07.2019

İlker Yaman Ahmet Burçin Yereli

https://doi.org/10.17233/sosyoekonomi.2019.03.14

Öz

21. yüzyılın önemli finansal aktörlerinden biri haline gelen ulusal varlık fonları, devletlerin varlık birikimini korumak ve arttırmak gayesiyle ticari getiri elde etme arayışında olan ve çoğunlukla uzun vadeli yatırım perspektifine sahip devlet mülkiyetindeki yatırım fonlarıdır. Ulusal varlık fonları, yönettikleri varlık hacmi dikkate alındığında hedge fonları ve özel sermaye fonları gibi çok sayıda finansal kurumu geride bırakarak hızla büyüyen yatırımcılar arasındadır. Bu tür fonların 2007-08 Küresel Finans Krizinde aktif bir şekilde rol almaları, hem kendilerine yöneltilen ilginin daha da artmasına hem de kendilerinin detaylı bir şekilde incelenmesine neden olmuştur. Ayrıca küresel finans krizi, ulusal varlık fonlarının faaliyetlerinin riskli olarak görülmesini de beraberinde getirmiştir. Ulusal varlık fonlarının taşıdığı riskler, sağladığı yararlardan daha fazla dikkat çekmekte dolayısıyla bu tür fonlara yönelik bazı kaygılar oluşmaktadır. Ulusal varlık fonlarına yönelik hissedilen kaygılar politik kaygılar, ekonomik kaygılar ve ulusal varlık fonlarının şeffaflığına yönelik kaygılar olarak üç grup altında incelenebilmektedir. Ulusal varlık fonlarının çoğunlukla insan haklarının gelişmemiş olduğu ve demokratik olmayan ülkelerin mülkiyetinde olması bu tür fonların faaliyetlerine kuşkuyla yaklaşılmasına neden olmaktadır. İlaveten bir dizi ulusal varlık fonunun, faaliyetlerini ve kurumsal yapısını açık bir şekilde beyan etmekte ihtiyatlı davranması, bu tür fonlara yönelik düzenleyici ve korumacı önlemlerin alınmasını da beraberinde getirmiştir. Ulusal varlık fonu yatırımlarının, şirketlerin performansını negatif yönde etkileyeceği ve finansal piyasaların istikrarını bozacağı da sıklıkla dile getirilen eleştirilerdendir. Son yıllardaki deneyimler dikkate alındığında ulusal varlık fonlarının politik amaçlarla hareket ettiğine dair bulgular azınlıkta kalmakta ve bu tür fonların ekonomik güdülerle hareket ettiğine dair bulgular çoğunlukta olmaktadır. Ayrıca ulusal varlık fonlarının gerçekleştirdikleri yatırımlarla finansal piyasaların ve küresel ekonominin istikrarına katkı yaptığını belirten görüşler ön plana çıkmaktadır. Son olarak ulusal varlık fonlarının, yatırım yaptıkları şirketlerin performansını pozitif yönde etkileyebildiğine dair sonuçlara ulaşılmaktadır.

Anahtar Kelimeler

Ulusal Varlık Fonları Politik Çıkarımlar 2007-08 Küresel Finans Krizi Düzenleyici Önlemler

Kaynakça

  • Balding, C. (2008), “A Portfolio Analysis of Sovereign Wealth Funds”, Working Paper, University of California, Irvine.
  • Bahgat, G. (2011), “Sovereign Wealth Funds in the Gulf: An Assessment”, Research Paper, Kuwait Programme on Development, Governance and Globalisation in the Gulf States, LSE, London.
  • Balin, B.J. (2010), “The Impact of the Global Economic Crisis on Sovereign Wealth Funds”, Asian-Pacific Economic Literature, 24(1), 1-8.
  • Barbary, V. & B. Bortolotti (2013), “Sovereign Wealth Funds and Political Risk: New Challenges in the Regulation of Foreign Investment”, in Z. Drabek & P.C. Mavroidis (ed.), Regulation of Foreign Investment: Challenges International Harmonization, World Scientific Publishing, Singapore, 307-339.
  • BarclayHedge (2017), Hedge Fund Industry - Asset Under Management, <https://www.barclayhedge.com/research/indices/ghs/mum/Hedge_Fund.html>, 20.08.2017.
  • Bazoobandi, S. & J.B. Nugent (2017), “Political Economy of Sovereign Wealth Funds In The Oil Exporting Countries of The Arab Region and Especially The Gulf,” Working Paper Series, No:1143, The Economic Research Forum.
  • Bean, B.W. (2009), “Attack of Sovereign Wealth Funds: Defending the Republic From the Threat of Sovereign Wealth Funds”, Michigan State Journal of International Law, 18(1), 65-115.
  • Bernstein, S. & J. Lerner & A. Schoar (2013), “The Investment Strategies of Sovereign Wealth Funds”, Journal of Economic Perspectives, 27(2), 219–238.
  • Braunstein, J. (2017), “Understanding the Politics of Bailout Policies in Non-Western Countries: The Use of Sovereign Wealth Funds”, Journal of Political Economy, 20(1), 46-63.
  • Candelon, B. & M. Kerkour & C. Lecourt (2011), “Are sovereign wealth funds’ investments determined by Macroeconomic factors?”, Working Paper, University Maastricht, Netherlands.
  • Chhaochharia, V. & L. Laeven (2008), “Sovereign wealth funds: Their investment strategies and performance”, CEPR Discussion Papers, No:6959.
  • Ciarlone, A. & V. Miceli (2014), “Are Sovereign Wealth Funds Contrarian Investors?”, Temi di Discussione Working Papers, No:972, Banca d’Italia.
  • Cooke. J. (2009), “Finding the Right Balance for Sovereign Wealth Fund Regulation: Open Investment vs. National Security”, Columbia Business Law Review, 2009(2), 728-783.
  • Csoma, R. (2015), “Appreciation of the Role of Sovereign Wealth Funds in the Global Economy”, Public Finance Quarterly, 60(2), 270-287.
  • CSP (2018), Center for Systemic Peace, Polity IV Individual Country Regime Trends, 1946-2013, <https://www.systemicpeace.org/polity/polity4.htm>, 10.10.2018.
  • Curzio, A.Q. & V. Miceli (2010), “Sovereign Wealth Funds: A Complete Guide to State-Owned Investment Funds”, Harriman House Publishing, Hampshire, Great Britain.
  • Das, D.K. (2009), “Sovereign Wealth Funds: The Institutional Dimension”, International Review of Economics, 56(1), 85-104.
  • Dewenter, K. & X. Han & P. Malatesta (2010), “Firm Values and Sovereign Wealth Fund Investments”, Journal of Financial Economics, 98(2), 256–278.
  • Fei, Y. & X. Xu & R. Ding (2013), “Sovereign Wealth Fund and Financial Crisis - A shifting Paradigm”, China Finance Review International, 3(1), 42-60.
  • Fernandes N. (2014), “The Impact of Sovereign Wealth Funds on Corporate Value and Performance”, Journal of Applied Corporate Finance, 26(1), 76-84.
  • Freeman, D.F.Jr. (2017), “U.S. Financial Regulation of Sovereign Wealth Funds”, Wake Forest Law Review, 52, 781-814.
  • Ghahramani, S. (2013), “Sovereign Wealth Funds and Shareholder Activism: Applying the Ryan-Schneider Antecedents to Determine Policy Implications”, Corporate Governance, 13(1), 58-69.
  • Guidice, A.D. & N. Marinelli & S. Vitali (2014), “Sovereign Wealth Funds and Target Firms: Does Networking Matter?”, Journal of Financial Management, Markets and Institutions, 2(2), 185-205.
  • Hatton K. & K. Pistor (2012), “Maximizing Autonomy in the Shadow of Great Powers: The Political Economy of Sovereign Wealth Funds”, Columbia Journal of Transnational Law, 50(1), 1-80.
  • Hemphill, T.A. (2009), “Sovereign Wealth Funds: National Security Risks in a Global Free Trade Environment”, Thunderbird International Business Review, 51(6), 551-566.
  • Hentov, E. (2015), How Do Sovereign Wealth Funds Invest? A Glance at SWF Asset Allocation, <http://www.ifswf.org/publications/how-do-sovereign-wealth-funds-invest-glance-swf-asset-allocation>, 13.08.2017.
  • Hsu, L. (2015), “Sovereign Wealth Funds: Investors in Search of an Identity in the Twenty-First Century”, International Review of Law, 1-14.
  • ICI Global (2014), “Globalization and the Global Growth of Long Term Mutual Funds”, ICI Research Perspective, 1(1), 1-43.
  • IMF (2018), IMF Data <http://data.imf.org/?sk=4C514D48-B6BA-49ED-8AB9-52B0C1A0179B&sId=1393552803658>, 20.09.2018.
  • Johan, S. & A. Knill & N. Mauck (2013), “Determinants of Sovereign Wealth Fund Investment in Private Equity vs. Public Equity”, Journal of International Business Studies, 44(2), 155–172.
  • Kaminski, T. & P. Wisniewski (2015), “A Political Menace or Commercial Opportunity? Chinese Sovereign Wealth Funds’ Investments in the European Union”, Political Sciences/Politicke Vedy, 18(4), 168-191.
  • Karolyi, G.A. & R.C. Liao (2010), “What is Different About Government-Controlled Acquirers in Cross-Border Acquisitions?”, FEEM Working Paper, No:38.2010, Fondazione Eni Enrico Mattei, Milano.
  • Knill, A. & B. Lee & N. Mauck (2012), “Bilateral Political Relations And Sovereign Wealth Fund Investment”, Journal of Corporate Finance, 18(1), 108–123.
  • Kotter, J. & U. Lel (2011), “Friends or foes? Target Selection Decisions of Sovereign Wealth Funds and Their Consequences”, Journal of Financial Economics, 101(2), 360-381.
  • Kunzel, P. & Y. Lu & I. Petrova & J. Pihlman (2011), “Investment Objectives of Sovereign Wealth Funds-A Shifting Paradigm”, IMF Working Paper, WP/11/19, International Monetary Fund, Washington, DC.
  • Liu, Q. (2013), “Sovereign Funds”, in G. Caprio (ed.), Handbook of Key Global Financial Markets, Institutions, and Infrastructure, London: Elsevier,575-583.
  • Lo Turco, C.C. (2014), “Sovereign Wealth Funds: an Opportunity for Sustainable Development if Properly Managed? Sovereign Wealth Funds and Sustainability, in a Time of Volatility, Risk and Uncertainty”, Doctoral Dissertation, Libera Universita Internazionale degli Guido Carli.
  • Markheim, D. (2008), “Sovereign Wealth Funds and U.S. National Security”, Heritage Lectures, No:1063, The Heritage Foundation.
  • Megginson, W.L. & V. Fotak (2015), “Rise of the Fiduciary State: A Survey of Sovereign Wealth Fund Research”, Journal of Economic Surveys, 29(4), 733-778.
  • Miceli, V. & A. Wöhrmann & M. Wallace & D. Steiner (2015), “Opportunities or Threats? The Current and Future Role of Sovereign Wealth Funds in Financial Markets”, DAWM Working Paper, No:14, Deustche Asset and Wealth Management, New York.
  • Ngoc, D.B. (2013), “Sovereign Wealth Investments and Firm Value”, International Journal of Economics and Finance, 7(10), 100-111.
  • OECD (2011), “Outlook for International Investment Brightens”, OECD Investment News, 15, 1-12.
  • OECD (2016), “Pension Markets in Focus”, Annual Report, The Organisation for Economic Co-operation and Development, Paris.
  • Park, J. & H. Hoorn (2012), “Financial Crisis, SWF Investing, and Implications for Financial Stability”, Global Policy, 3(2), 211-221.
  • Preqin (2017), Private Equity , < https://www.preqin.com/item/2017-preqin-sovereign-wealth-fund-review/1/17648>, 20.08.2018.
  • PwC (2014), Asset Management 2020: A Brave New World, <https://www.pwc.com/gx/en/asset-management/publications/pdfs/pwc-asset-management-2020-a-brave-new-world-final.pdf>, 22.08.2018.
  • Reuters (2008), Obama Says Concerned About Sovereign Wealth Funds, <http://www.reuters.com/article/us-usa-sovereignwealth-obama/obama-says-concerned-about-sovereign-wealth-funds-idUSN0742347120080208>, 01.09.2018.
  • Rose, P. (2015), “Sovereign Funds and Domestic Political Legitimacy”, Public Law and Legal Theory Working Paper Series, No.312. The Ohio State University Moritz College of Law.
  • Rose, P. (2008), “Sovereigns as Shareholders”, North Carolina Law Review, 87(1), 83-149.
  • Sandor, A. (2015), “Leveraging International Law to Incentivize Value-Added Shareholding: Why Sovereign Wealth Funds Still Matter and How They Can Improve Shareholder Governance”, Georgetown Journal of International Law, 46, 947-978.
  • Shunmugam, V. (2012), “Sovereign Wealth Funds and Emerging Economies-Reap the Good; Leave the Bad”, Macroeconomics and Finance in Emerging Market Economies, 5(2), 281-296.
  • Sovereign Wealth Center (2018), Investment Data, <http://www.sovereignwealthcenter.com/investment-data-nl.html?ReturnUrl=%2fInvestment-Data.html>, 19.08.2018.
  • Sovereign Wealth Fund Institute (2018), Sovereign Wealth Fund Rankings, <http://www.swfinstitute.org/sovereign-wealth-fund/>, 12.08.2018.
  • Summers, L. (2007), “Funds That Shake Capitalist Logic”, Financial Times, < https://www.ft.com/content/bb8f50b8-3dcc-11dc-8f6a-0000779fd2ac>, 30.08.2018.
  • Templin, B.A. (2011), “Social Security Reform: Sovereign Wealth Funds as a Model for Increasing Trust Fund Returns”, Fordham International Law Journal, 35 (1), 98-150.
  • Wang, D. & Q. Li (2016), “Democracy, Veto Player, and Institutionalization of Sovereign Wealth Funds”, International Interactions, 42(3), 377-400.
  • Weiss, M.A. (2008), “Sovereign Wealth Funds: Background and Policy Issues for Congress”, CRS Report for Congress, No: RL34336, Congressional Research Service, Washington DC.
  • TheCityUK (2014), UK Fund Management 2014: An Attractive Proposition for International Funds, < https://www.thecityuk.com/research/uk-fund-management-an-attractive-proposition-for-international-funds/>, 16.08.2018.
  • WLC (2010), “The Brave New World of Sovereign Wealth Funds”, Wharton Leadership Center, University of Pennsylvania.

The Political Aspect of Sovereign Wealth Funds

Yıl 2019, Cilt: 27 Sayı: 41, 263 - 282, 31.07.2019

İlker Yaman Ahmet Burçin Yereli

https://doi.org/10.17233/sosyoekonomi.2019.03.14

Öz

Sovereign wealth funds which have become one of the most important financial actors of the 21st century are state-owned investment funds mostly with a long term investment perspective and are in search of commercial return with the aim of protecting and enhancing the accummulation of wealth of the states. Considering the volume they manage, sovereign wealth funds are among the fast-growing investors by leaving behind a large number of financial investors such as hedge funds and private equity funds. The active participation of sovereign wealth funds in the 2007-08 Global Financial Crisis has led to an increase in the interest directed to them and led to a detailed examination of such funds. The global financial crisis has also brought with it the risky view of the sovereign wealth fund activities. The risks carried by sovereign wealth funds draw much more attention than the benefits they provide hence some concerns are arising about such funds. Concerns about sovereign wealth funds can be examined under three group as political concerns, economic concerns and concerns about the transparency of sovereign wealth funds. In addition, because of a number of sovereign wealth funds are chariness about declaring their activities and institutional structure explicitly, regulatory and protectionist measures needed to be taken for such funds. It is also expressed frequently that the investments of sovereign wealth funds will negatively affect the performance of companies and destabilise the financial markets. Considering the experiences at the recent years about sovereign wealth funds, evidences suggest that the minority of the funds are acting for political purposes and the majority of the funds are acting with economic motives. Evidences also indicate that investments made by sovereign wealth funds contribute to the stability of financial markets and global economy. Finally, results show that sovereign wealth funds can affect the performance of the companies positively which they invest in.

Anahtar Kelimeler

Sovereign Wealth Funds Political Implications 2007-08 Global Financial Crisis Regulatory Issues

Kaynakça

  • Balding, C. (2008), “A Portfolio Analysis of Sovereign Wealth Funds”, Working Paper, University of California, Irvine.
  • Bahgat, G. (2011), “Sovereign Wealth Funds in the Gulf: An Assessment”, Research Paper, Kuwait Programme on Development, Governance and Globalisation in the Gulf States, LSE, London.
  • Balin, B.J. (2010), “The Impact of the Global Economic Crisis on Sovereign Wealth Funds”, Asian-Pacific Economic Literature, 24(1), 1-8.
  • Barbary, V. & B. Bortolotti (2013), “Sovereign Wealth Funds and Political Risk: New Challenges in the Regulation of Foreign Investment”, in Z. Drabek & P.C. Mavroidis (ed.), Regulation of Foreign Investment: Challenges International Harmonization, World Scientific Publishing, Singapore, 307-339.
  • BarclayHedge (2017), Hedge Fund Industry - Asset Under Management, <https://www.barclayhedge.com/research/indices/ghs/mum/Hedge_Fund.html>, 20.08.2017.
  • Bazoobandi, S. & J.B. Nugent (2017), “Political Economy of Sovereign Wealth Funds In The Oil Exporting Countries of The Arab Region and Especially The Gulf,” Working Paper Series, No:1143, The Economic Research Forum.
  • Bean, B.W. (2009), “Attack of Sovereign Wealth Funds: Defending the Republic From the Threat of Sovereign Wealth Funds”, Michigan State Journal of International Law, 18(1), 65-115.
  • Bernstein, S. & J. Lerner & A. Schoar (2013), “The Investment Strategies of Sovereign Wealth Funds”, Journal of Economic Perspectives, 27(2), 219–238.
  • Braunstein, J. (2017), “Understanding the Politics of Bailout Policies in Non-Western Countries: The Use of Sovereign Wealth Funds”, Journal of Political Economy, 20(1), 46-63.
  • Candelon, B. & M. Kerkour & C. Lecourt (2011), “Are sovereign wealth funds’ investments determined by Macroeconomic factors?”, Working Paper, University Maastricht, Netherlands.
  • Chhaochharia, V. & L. Laeven (2008), “Sovereign wealth funds: Their investment strategies and performance”, CEPR Discussion Papers, No:6959.
  • Ciarlone, A. & V. Miceli (2014), “Are Sovereign Wealth Funds Contrarian Investors?”, Temi di Discussione Working Papers, No:972, Banca d’Italia.
  • Cooke. J. (2009), “Finding the Right Balance for Sovereign Wealth Fund Regulation: Open Investment vs. National Security”, Columbia Business Law Review, 2009(2), 728-783.
  • Csoma, R. (2015), “Appreciation of the Role of Sovereign Wealth Funds in the Global Economy”, Public Finance Quarterly, 60(2), 270-287.
  • CSP (2018), Center for Systemic Peace, Polity IV Individual Country Regime Trends, 1946-2013, <https://www.systemicpeace.org/polity/polity4.htm>, 10.10.2018.
  • Curzio, A.Q. & V. Miceli (2010), “Sovereign Wealth Funds: A Complete Guide to State-Owned Investment Funds”, Harriman House Publishing, Hampshire, Great Britain.
  • Das, D.K. (2009), “Sovereign Wealth Funds: The Institutional Dimension”, International Review of Economics, 56(1), 85-104.
  • Dewenter, K. & X. Han & P. Malatesta (2010), “Firm Values and Sovereign Wealth Fund Investments”, Journal of Financial Economics, 98(2), 256–278.
  • Fei, Y. & X. Xu & R. Ding (2013), “Sovereign Wealth Fund and Financial Crisis - A shifting Paradigm”, China Finance Review International, 3(1), 42-60.
  • Fernandes N. (2014), “The Impact of Sovereign Wealth Funds on Corporate Value and Performance”, Journal of Applied Corporate Finance, 26(1), 76-84.
  • Freeman, D.F.Jr. (2017), “U.S. Financial Regulation of Sovereign Wealth Funds”, Wake Forest Law Review, 52, 781-814.
  • Ghahramani, S. (2013), “Sovereign Wealth Funds and Shareholder Activism: Applying the Ryan-Schneider Antecedents to Determine Policy Implications”, Corporate Governance, 13(1), 58-69.
  • Guidice, A.D. & N. Marinelli & S. Vitali (2014), “Sovereign Wealth Funds and Target Firms: Does Networking Matter?”, Journal of Financial Management, Markets and Institutions, 2(2), 185-205.
  • Hatton K. & K. Pistor (2012), “Maximizing Autonomy in the Shadow of Great Powers: The Political Economy of Sovereign Wealth Funds”, Columbia Journal of Transnational Law, 50(1), 1-80.
  • Hemphill, T.A. (2009), “Sovereign Wealth Funds: National Security Risks in a Global Free Trade Environment”, Thunderbird International Business Review, 51(6), 551-566.
  • Hentov, E. (2015), How Do Sovereign Wealth Funds Invest? A Glance at SWF Asset Allocation, <http://www.ifswf.org/publications/how-do-sovereign-wealth-funds-invest-glance-swf-asset-allocation>, 13.08.2017.
  • Hsu, L. (2015), “Sovereign Wealth Funds: Investors in Search of an Identity in the Twenty-First Century”, International Review of Law, 1-14.
  • ICI Global (2014), “Globalization and the Global Growth of Long Term Mutual Funds”, ICI Research Perspective, 1(1), 1-43.
  • IMF (2018), IMF Data <http://data.imf.org/?sk=4C514D48-B6BA-49ED-8AB9-52B0C1A0179B&sId=1393552803658>, 20.09.2018.
  • Johan, S. & A. Knill & N. Mauck (2013), “Determinants of Sovereign Wealth Fund Investment in Private Equity vs. Public Equity”, Journal of International Business Studies, 44(2), 155–172.
  • Kaminski, T. & P. Wisniewski (2015), “A Political Menace or Commercial Opportunity? Chinese Sovereign Wealth Funds’ Investments in the European Union”, Political Sciences/Politicke Vedy, 18(4), 168-191.
  • Karolyi, G.A. & R.C. Liao (2010), “What is Different About Government-Controlled Acquirers in Cross-Border Acquisitions?”, FEEM Working Paper, No:38.2010, Fondazione Eni Enrico Mattei, Milano.
  • Knill, A. & B. Lee & N. Mauck (2012), “Bilateral Political Relations And Sovereign Wealth Fund Investment”, Journal of Corporate Finance, 18(1), 108–123.
  • Kotter, J. & U. Lel (2011), “Friends or foes? Target Selection Decisions of Sovereign Wealth Funds and Their Consequences”, Journal of Financial Economics, 101(2), 360-381.
  • Kunzel, P. & Y. Lu & I. Petrova & J. Pihlman (2011), “Investment Objectives of Sovereign Wealth Funds-A Shifting Paradigm”, IMF Working Paper, WP/11/19, International Monetary Fund, Washington, DC.
  • Liu, Q. (2013), “Sovereign Funds”, in G. Caprio (ed.), Handbook of Key Global Financial Markets, Institutions, and Infrastructure, London: Elsevier,575-583.
  • Lo Turco, C.C. (2014), “Sovereign Wealth Funds: an Opportunity for Sustainable Development if Properly Managed? Sovereign Wealth Funds and Sustainability, in a Time of Volatility, Risk and Uncertainty”, Doctoral Dissertation, Libera Universita Internazionale degli Guido Carli.
  • Markheim, D. (2008), “Sovereign Wealth Funds and U.S. National Security”, Heritage Lectures, No:1063, The Heritage Foundation.
  • Megginson, W.L. & V. Fotak (2015), “Rise of the Fiduciary State: A Survey of Sovereign Wealth Fund Research”, Journal of Economic Surveys, 29(4), 733-778.
  • Miceli, V. & A. Wöhrmann & M. Wallace & D. Steiner (2015), “Opportunities or Threats? The Current and Future Role of Sovereign Wealth Funds in Financial Markets”, DAWM Working Paper, No:14, Deustche Asset and Wealth Management, New York.
  • Ngoc, D.B. (2013), “Sovereign Wealth Investments and Firm Value”, International Journal of Economics and Finance, 7(10), 100-111.
  • OECD (2011), “Outlook for International Investment Brightens”, OECD Investment News, 15, 1-12.
  • OECD (2016), “Pension Markets in Focus”, Annual Report, The Organisation for Economic Co-operation and Development, Paris.
  • Park, J. & H. Hoorn (2012), “Financial Crisis, SWF Investing, and Implications for Financial Stability”, Global Policy, 3(2), 211-221.
  • Preqin (2017), Private Equity , < https://www.preqin.com/item/2017-preqin-sovereign-wealth-fund-review/1/17648>, 20.08.2018.
  • PwC (2014), Asset Management 2020: A Brave New World, <https://www.pwc.com/gx/en/asset-management/publications/pdfs/pwc-asset-management-2020-a-brave-new-world-final.pdf>, 22.08.2018.
  • Reuters (2008), Obama Says Concerned About Sovereign Wealth Funds, <http://www.reuters.com/article/us-usa-sovereignwealth-obama/obama-says-concerned-about-sovereign-wealth-funds-idUSN0742347120080208>, 01.09.2018.
  • Rose, P. (2015), “Sovereign Funds and Domestic Political Legitimacy”, Public Law and Legal Theory Working Paper Series, No.312. The Ohio State University Moritz College of Law.
  • Rose, P. (2008), “Sovereigns as Shareholders”, North Carolina Law Review, 87(1), 83-149.
  • Sandor, A. (2015), “Leveraging International Law to Incentivize Value-Added Shareholding: Why Sovereign Wealth Funds Still Matter and How They Can Improve Shareholder Governance”, Georgetown Journal of International Law, 46, 947-978.
  • Shunmugam, V. (2012), “Sovereign Wealth Funds and Emerging Economies-Reap the Good; Leave the Bad”, Macroeconomics and Finance in Emerging Market Economies, 5(2), 281-296.
  • Sovereign Wealth Center (2018), Investment Data, <http://www.sovereignwealthcenter.com/investment-data-nl.html?ReturnUrl=%2fInvestment-Data.html>, 19.08.2018.
  • Sovereign Wealth Fund Institute (2018), Sovereign Wealth Fund Rankings, <http://www.swfinstitute.org/sovereign-wealth-fund/>, 12.08.2018.
  • Summers, L. (2007), “Funds That Shake Capitalist Logic”, Financial Times, < https://www.ft.com/content/bb8f50b8-3dcc-11dc-8f6a-0000779fd2ac>, 30.08.2018.
  • Templin, B.A. (2011), “Social Security Reform: Sovereign Wealth Funds as a Model for Increasing Trust Fund Returns”, Fordham International Law Journal, 35 (1), 98-150.
  • Wang, D. & Q. Li (2016), “Democracy, Veto Player, and Institutionalization of Sovereign Wealth Funds”, International Interactions, 42(3), 377-400.
  • Weiss, M.A. (2008), “Sovereign Wealth Funds: Background and Policy Issues for Congress”, CRS Report for Congress, No: RL34336, Congressional Research Service, Washington DC.
  • TheCityUK (2014), UK Fund Management 2014: An Attractive Proposition for International Funds, < https://www.thecityuk.com/research/uk-fund-management-an-attractive-proposition-for-international-funds/>, 16.08.2018.
  • WLC (2010), “The Brave New World of Sovereign Wealth Funds”, Wharton Leadership Center, University of Pennsylvania.
Toplam 59 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

İlker Yaman 0000-0002-3724-7467

Ahmet Burçin Yereli 0000-0002-8746-6756

Yayımlanma Tarihi 31 Temmuz 2019
Gönderilme Tarihi 22 Aralık 2017
Yayımlandığı Sayı Yıl 2019 Cilt: 27 Sayı: 41

Kaynak Göster

APA Yaman, İ., & Yereli, A. B. (2019). Ulusal Varlık Fonlarının Politik Boyutu. Sosyoekonomi, 27(41), 263-282. https://doi.org/10.17233/sosyoekonomi.2019.03.14
AMA Yaman İ, Yereli AB. Ulusal Varlık Fonlarının Politik Boyutu. Sosyoekonomi. Temmuz 2019;27(41):263-282. doi:10.17233/sosyoekonomi.2019.03.14
Chicago Yaman, İlker, ve Ahmet Burçin Yereli. “Ulusal Varlık Fonlarının Politik Boyutu”. Sosyoekonomi 27, sy. 41 (Temmuz 2019): 263-82. https://doi.org/10.17233/sosyoekonomi.2019.03.14.
EndNote Yaman İ, Yereli AB (01 Temmuz 2019) Ulusal Varlık Fonlarının Politik Boyutu. Sosyoekonomi 27 41 263–282.
IEEE İ. Yaman ve A. B. Yereli, “Ulusal Varlık Fonlarının Politik Boyutu”, Sosyoekonomi, c. 27, sy. 41, ss. 263–282, 2019, doi: 10.17233/sosyoekonomi.2019.03.14.
ISNAD Yaman, İlker - Yereli, Ahmet Burçin. “Ulusal Varlık Fonlarının Politik Boyutu”. Sosyoekonomi 27/41 (Temmuz 2019), 263-282. https://doi.org/10.17233/sosyoekonomi.2019.03.14.
JAMA Yaman İ, Yereli AB. Ulusal Varlık Fonlarının Politik Boyutu. Sosyoekonomi. 2019;27:263–282.
MLA Yaman, İlker ve Ahmet Burçin Yereli. “Ulusal Varlık Fonlarının Politik Boyutu”. Sosyoekonomi, c. 27, sy. 41, 2019, ss. 263-82, doi:10.17233/sosyoekonomi.2019.03.14.
Vancouver Yaman İ, Yereli AB. Ulusal Varlık Fonlarının Politik Boyutu. Sosyoekonomi. 2019;27(41):263-82.
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