The prospect of prolonged lower hydrocarbon and commodity prices has forced many countries to reconsider both fiscal policy and sovereign wealth fund asset allocation to address possible liquidity needs. In order to analyze the diversity and effectiveness of public investment vehicles it is...

Traditionally the creation of sovereign wealth funds (SWFs) was “supply-driven”, the result of excess reserves from natural resources (e.g. Norway, Qatar, Kuwait, etc.) or non-commodity capital flows (e.g. South Korea, China, Singapore, etc.). More recently we observe many newly established...