A liability-based approach to sovereign wealth
The level of scrutiny targeted at sovereign wealth funds and the amount of controversy surrounding them has become extreme. This is evident in numerous and repeated warnings sounded by the Western political and media establishment about the potential dangers these funds pose to national security, the health and stability of markets, and global capitalism as we know it. And yet there is no consensus among policymakers in the developed world as to how best to deal with this phenomenon. While some
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