Sovereign wealth funds, cross-border investment bias and institutions : the case of Arab countries
المؤلفون المشاركون
al-Badawi, Ibrahim
Soto, Raimundo
Zaki, Shahir
المصدر
Economic Research Forum : Working Paper Series
العدد
المجلد 2018، العدد 1172-1274 (31 ديسمبر/كانون الأول 2018)، ص ص. 0-33، 34ص.
الناشر
منتدى البحوث الاقتصادية للدول العربية إيران و تركيا
تاريخ النشر
2018-12-31
دولة النشر
مصر
عدد الصفحات
34
التخصصات الرئيسية
الموضوعات
الملخص EN
SWF surpassed US$ 5.5 trillion in assets in 2014, growing nine-fold since 2002.
Typically, SWFs have the choice to pursue either domestic (home) investments or abroad.
However, despite the presence of highly endowed SWFs in the Arab region, relatively low cross-border SWFs funds are invested in capital importing Arab economies.
This paper, therefore, analyses SWF capital allocation decisions between the home country and abroad by estimating the determinants of the probability of investing abroad (extensive margin) as well as the level of investment (intensive margin).
In particular, we ask whether SWF investment decisions, at both the extensive and the intensive margins, are largely determined by economic factors- e.g.
profitability, effectiveness of economic governance and control of corruption- or are also influenced by strategic considerations, such as geopolitical interests.
Our findings, based on a baseline gravity-type model, show that, while foreign investors have a positive bias for the Arab destination countries at the extensive margin level, there is a negative bias against them at the intensive one.
Yet, effective economic governance institutions and control of corruption and higher relative profitability of investment tend to reduce, but not eliminate, this bias at the extensive margin, while they completely eliminate it at the intensive margin.
On view of the evidence that the size of SWFs investments is fully explained by the extended model and the starkly low quality of economic governance institutions in the Arab investment recipient countries, the latter is likely to be the main factor behind the relatively low cross-border investments in the Arab world.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
al-Badawi, Ibrahim& Soto, Raimundo& Zaki, Shahir. 2018. Sovereign wealth funds, cross-border investment bias and institutions : the case of Arab countries. Economic Research Forum : Working Paper Series،Vol. 2018, no. 1172-1274, pp.0-33.
https://search.emarefa.net/detail/BIM-836176
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
al-Badawi, Ibrahim…[et al.]. Sovereign wealth funds, cross-border investment bias and institutions : the case of Arab countries. Economic Research Forum : Working Paper Series No. 1172-1274 (Dec. 2018), pp.0-33.
https://search.emarefa.net/detail/BIM-836176
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
al-Badawi, Ibrahim& Soto, Raimundo& Zaki, Shahir. Sovereign wealth funds, cross-border investment bias and institutions : the case of Arab countries. Economic Research Forum : Working Paper Series. 2018. Vol. 2018, no. 1172-1274, pp.0-33.
https://search.emarefa.net/detail/BIM-836176
نوع البيانات
مقالات
لغة النص
الإنجليزية
الملاحظات
Includes appendices : p. 30-33
رقم السجل
BIM-836176
قاعدة معامل التأثير والاستشهادات المرجعية العربي "ارسيف Arcif"
أضخم قاعدة بيانات عربية للاستشهادات المرجعية للمجلات العلمية المحكمة الصادرة في العالم العربي
تقوم هذه الخدمة بالتحقق من التشابه أو الانتحال في الأبحاث والمقالات العلمية والأطروحات الجامعية والكتب والأبحاث باللغة العربية، وتحديد درجة التشابه أو أصالة الأعمال البحثية وحماية ملكيتها الفكرية. تعرف اكثر