TAILIEUCHUNG - Sovereign Wealth Funds: Background and Policy Issues for Congress

The value at risk (var) of a security asset is the maximum loss that investors might suffer over a time horizon at a specified confidence level. For example, var0:05 with a 1-month time horizon is the negative of the 5th percentile of the distribution of monthly returns. var is widely used as a risk measure in the literature on investment funds (Liang and Park, 2007) because the distribution of returns often shows significant skewness, which is captured by asymmetric measures like var but not by symmetric measures like standard deviation (Markovitz, 1952). Note that investors can lose more than var: it gives little information on the. | Order Code RL34336 Sovereign Wealth Funds Background and Policy Issues for Congress Updated September 3 2008 Martin A. Weiss Specialist in International Trade and Finance Foreign Affairs Defense and Trade Division Sovereign Wealth Funds Background and Policy Issues for Congress Summary Sovereign wealth funds SWFs are investment funds owned and managed by national governments. Such funds currently manage between and trillion and are expected to grow to over 12 trillion by 2015. This is due to the rapid growth of commodity prices and large trade surpluses in several emerging market economies. During the second half of 2007 interest in SWFs increased as Asian and Middle Eastern SWFs fueled by surging foreign exchange reserves invested large sums of capital in . and other Western companies. Policy makers in the United States have raised two broad policy concerns about SWFs 1 their lack of transparency and 2 their possible misuse for political or other non-commercial goals. Hearings have been held by several congressional committees including the House Financial Services Committee and the Senate Foreign Relations and Senate Banking Committees. SWFs pose a complex challenge for policy makers. On one hand SWFs are long-term investment vehicles looking beyond quarterly results and therefore serve as stable funding sources during financial turbulence. On the other hand however there are operational concerns stemming from government control . lack of transparency and possible non-commercial investment goals . Without transparency it is difficult to attain a clear picture of SWF investment activity. A lack of SWF transparency can also obscure governance and risk-management problems within SWFs. Many are also concerned that countries will use SWFs to support what one analyst has called state capitalism using government-controlled assets to secure stakes around the world in strategic areas such as telecommunications energy and mineral resources and financial .

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• Continuation Method
• MATLAB BVP Solvers
• Ceschino Interpolation
• Applied Mathematics
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• Guess Function
• Parameter continuation method
• Monotone operator
• Contractive operator
• Operator equations of the second kind
• Approximate solution
• Per turbed systems of nonlinear equations
• Ap proximate solution
• Solving perturbed systems
• Computational mathematics
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