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Titel
Incentives and the delegation of decision making power in sovereign wealth funds / Artur Grigoryan
VerfasserGrigoryan, Artur
ErschienenSiegen : Universität Siegen, Fakultät III, April 2011
Ausgabe
Elektronische Ressource
Umfang1 Online-Ressource (30 Seiten)
SerieVolkswirtschaftliche Diskussionsbeiträge ; No. 146-11
SchlagwörterStaatsfonds / Kooperativer Führungsstil / Ökonomische Theorie der Politik / Anreiz
URNurn:nbn:de:hbz:6:2-91008 
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Incentives and the delegation of decision making power in sovereign wealth funds [0.3 mb]
Zusammenfassung

The paper models the incentives of a politician to delegate the decision making power in a sovereign wealth fund to an independent external manager. It formalizes the learning-effects as well as the increase of transparency of the SWF and the rise of investment possibilities associated with higher transparency. It also focuses on the role of elections as a basic mechanism to control and discipline politicians. I show that the politician has incentives for strategic behaviour if voters have incomplete information about his competence. The paper also studies when the delegation of decision making power is socially optimal and under which circumstances it takes place. -- Sovereign Wealth Fund (SWF) ; Transparency ; Policy Delegation ; External Management

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