Diese Arbeit ist ein umfassender empirischer Uberblick, der Sovereign Wealth Funds (SWFs) in einem politisch- okonomischen Kontext untersucht. Als SWFs bezeichnet man staatliche Investmentfonds oder Agenturen, die nationale Uberschusse organisatorisch getrennt von traditionellen Wahrungsreservenverwaltung verwalten. Diese Devisenreserven die sich ausschlieslich aus Exporteinkunften speisen, werden mehrheitlich in internationale Markte investiert. SWFs gehoren mittlerweile neben Pensionsfonds zu den grosten Akteuren am globalen Finanzmarkt. Durch ihr beachtliches Kapitalvolumen von mehreren Billionen US Dollar beeinflussen SWFs die Stabilitat im internationalen Finanzgeschehen. Trotz der Finanzkrise 2008, die das Volumen einiger SWFs deutlich reduziert hat, werden SWFs weiterhin am Finanzmarkt eine leitende Rolle spielen. 

Unter SWFs versteht man einen Sammelbegriff fur eine heterogene Gruppe von Akteuren. Es gibt nicht nur Ahnlichkeiten zwischen SWFs untereinander, sondern auch Uberschneidungen mit verwandten Akteuren wie beispielsweise Zentralbanken oder Pensionsfonds. Trotz dieser Gemeinsamkeiten sollte man SWFs gegenuber anderen Akteuren besser ausdifferenzieren. 

Daher ist eine wissenschaftlich fundierte Einordnung entscheidend um etwaige Auswirkungen, die SWFs auf internationale Finanzmarkte haben, abschatzen zu konnen. Aus diesem Grunde ist es angebracht das Phanomen SWF aus einer international politik-okonomischen Perspektive zu betrachten, da rein okonomische Annaherungen politische Gesichtspunkte nicht ausreichend mit einbeziehen.

Sovereign Wealth Funds

Sovereign wealth funds: Past, present and future

Chinese investments in Europe\'s energy sector: Risks and opportunities?

This article presents a review of the theoretical and empirical studies of paradiplomacy produced to date, focusing on the literature on subnational diplomacy in China, specifically. It argues that...

https://journals.sagepub.com/doi/pdf/10.1177/2158244019899048

Chinese Paradiplomacy: A Theoretical Review:

Is there a successful transition without European integration? Investigating the key determinants of Ukraine’s post-communist transformation

Sovereign Wealth Fund investments in Europe as an instrument of Chinese energy policy

Analysing the relations between the EU and China one can notice a growing network of links on all levels, including subnational. Within the framework of the One Belt One Road (OBOR) Initiative Chinese regions are eager to develop contacts with European counterparts. The case of the Lodzkie region’s (Poland) cooperation with Sichuan Province is often presented in media as a flagship example of taking the advantage of the possibilities posed by the OBOR. The direct cargo train connection with China has been accompanied by close political relations on the regional level as well as academic cooperation. Neither distance nor great asymmetries between the partners impede smooth collaboration in the Lodzkie case. The main aim of this paper is to answer the question what are the factors behind the success of the Lodzkie region in order to recognise the conditions that may play an important role in the process of building strong bilateral links between European and Chinese subnational units. The Lodzkie case clearly shows the key role of the personal factor. Politicians and officials have identified a great potential in a small-scale business initiative and have helped it to enhance in cooperation with local stakeholders (the city authorities, academia, local companies). Moreover, they have been able to create an attractive story which appeals to international media and attracts business.

https://link.springer.com/content/pdf/10.1007/s10308-018-00532-0.pdf

What are the factors behind the successful EU-China cooperation on the subnational level? Case study of the Lodzkie region in Poland

The Central and Eastern European (CEE) capital markets (of Poland, Lithuania, Latvia, Estonia, the Czech Republic, Slovakia, Hungary, Ukraine and, to a limited extent, Belarus) are gradually evolving towards increased breadth (diversity) and depth (liquidity), however, they are still exposed to considerable cross-country volatility and interdependence spill-overs – especially in times of capital flight to more established asset classes (“safe havens”). Sovereign Wealth Funds (SWFs) have widely been censured for their undesirable political interference and chronic operational opacity. This paper demonstrates that in CEE, contrary to widespread perceptions attributable to developed markets, SWFs can act as natural and powerful risk mitigators (contributing to a more stable capital base and reduced systemic volatility). Such a proposition is premised on several factors specific to SWFs oriented to CEE. They comprise: strategic long-termism and patience in overcoming interim pricing deficiencies, commitments to elements of a broadly interpreted infrastructure, and absence of overt conflicts of interest with the CEE host economies. The paper, besides reviewing the utilitarianism of SWFs in the CEE’s risk mitigation context, highlights regulatory and technical barriers to more SWF funding for CEE. It also recommends policy measures to the CEE economies aimed at luring more host-friendly SWF investment into the region.

/pdf/sovereign-wealth-funds-in-central-and-eastern-europe-scope-5y3p97y53q.pdf

Sovereign Wealth Funds in Central and Eastern Europe: Scope and Methods of Financial Penetration

Asian regions and cities have become important international actors but the phenomenon of international engagement of regional and local governments in the Asian countries is still not sufficiently described and recognized in the scientific literature. So far, the research on paradiplomacy mostly concentrated on Europe and North America. However, as shown in this study, the regularities present in Western countries are not necessarily universal. The distinctive features of each Asian country create quite unique contexts, in which sub-regional actors have to develop their international strategies. Same of those contexts were presented in this study in order to provide better understanding of the conditions of paradiplomacy in Asia.

Paradiplomacy in Asia. Case Studies of China, India and Russia

The EU has an interest in determining the form of internal reforms in China, as well as a lot of experience and know-how to share. Due to this fact it tries to support the process of Chinese transformation, in the form of various sectoral dialogues with China as well as by implementation of many projects financed by the EU.
The aim of this paper is to analyse the EU policy towards China in the context of Chinese regional policy that struggles with growing inequalities between provinces. It examines the EU assistance programmes for China as well as sectoral dialogue concerning regional policy to answer the question whether the EU regional policy, with its 20 years of experience, could possibly be the pattern form China.
Firstly, a short outlook has been given on regional inequalities in China. Secondly, the EU assistance programmes and sectoral dialogue have been analysed. Finally, the major research problem - what are the limitations of the EU's assistance influence on China - has been investigated.

/pdf/china-s-regional-policy-and-the-influence-of-the-eu-2jo59mlyoy.pdf

Tomasz Kamiński

Papers

Sovereign Wealth Fund investments in Europe as an instrument of Chinese energy policy

What are the factors behind the successful EU-China cooperation on the subnational level? Case study of the Lodzkie region in Poland

Sovereign Wealth Funds in Central and Eastern Europe: Scope and Methods of Financial Penetration

Paradiplomacy in Asia. Case Studies of China, India and Russia

China's Regional Policy and the Influence of the EU Assistance