Sovereign wealth funds in the context of subordinate financialisation: the Turkey wealth fund in a comparative perspective

Download

index.pdf

Date

2019

Author

İpek, Ali Mert

Metadata

Show full item record

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Item Usage Stats

189
views

3691
downloads

As state-owned investment institutions, sovereign wealth funds (SWFs) are important actors in today’s global finance. In the last few decades, not only the total number of SWFs around the world increased dramatically, but also the total value of assets under management of SWFs reached considerable levels. Therefore, it is not surprising that there has been a proliferation of studies undertaken by scholars with a quest to make sense of these institutions, especially since the mid-2000s. The great majority of these works, however, fall short of developing a genuine explanatory framework to the extent that they carry certain shortcomings of the mainstream scholarship. In this respect, this thesis aims to overcome these drawbacks in studying SWFs by drawing insights from the critical international political economy tradition. It accounts for the emergence and spread of SWFs in the developing and emerging capitalist economies particularly, and provides a comparative analysis of the Turkey Wealth Fund (TWF). The thesis argues that the raison d'etre of SWFs and their significance could only be understood meaningfully in the context of complex dynamics of the hierarchically-organised world market in contemporary capitalism, and subordinate character of financialisation in these countries. In this regard, it concerns the underlying social relations and historical specificity of SWFs in capitalist development to investigate the similarities and varieties among them in the different parts of the world. The thesis also put the TWF under close scrutiny to discuss its place in the political economy of neoliberal transformation and financialisation in Turkey.

Subject Keywords

Sovereign wealth funds., Sovereign Wealth Funds, Globalisation, Financialisation, Neoliberalism, Turkey Wealth Fund.

URI

http://etd.lib.metu.edu.tr/upload/12624102/index.pdf
https://hdl.handle.net/11511/44986

Collections

Graduate School of Social Sciences, Thesis

Suggestions

OpenMETU
Core

Asset-backed stable numeraire approach for sustainable valuation Aydin, Nadi Serhan; Rainer, Martin (2020-05-01) Interest rates underpin almost every instrument/transaction in conventional financial markets. Valuation of the instruments in relation to interest rates remains meaningful only ifcashcan be attributed a worth of its own (which is generally assumed to accumulate over time). The relevant concepts such as the stochastic short rate and the conventional numeraire (i.e. the money market account) not only become restrictive when one attempts to build more realistic models in quantitative finance, but also - as we...
Foreign money shocks and the welfare performance of alternative monetary policy regimes Senay, Ozge; Sutherland, Alan (Wiley, 2007-01-01) The welfare properties of monetary policy regimes for a country subject to foreign money shocks are examined in a two-country sticky-price model. Money targeting is found to be welfare superior to a fixed exchange rate when the expenditure switching effect of exchange rate changes is relatively weak, but a fixed rate is superior when the expenditure switching effect is strong. However, price targeting is superior to both these regimes for all values of the expenditure switching effect. A welfare-maximising ...
EXAMINATION OF BOND RISK PREMIA FROM THE BANKING PERSPECTIVE Orhan, Selim; Danışoğlu, Seza; Department of Financial Mathematics (2022-5-10) Banks are considered as the marginal and sophisticated investors of financial markets. This is evident in the Haddad and Sraer (2020) study that examines the US government bond excess returns. This study extends the Haddad/Sraer analysis to the Turkish government bond market. According to the forecasting results, exposure ratio provides explanatory power over bond excess returns, especially for longer maturities. On the other hand, output gap and industrial growth present strong in-sample forecasting power ...
Optimization models for public debt management Alver, Mustafa Uğur; Çağlar, Güven; Department of Industrial Engineering (2009) Management of public debt is crucial for every country. Public debt managers make efforts to both minimize the cost of borrowing and to keep debt stock at sustainable levels. However, due to competition for funds in the continuously changing and developing financial markets, new threats and opportunities appear constantly. Public debt managers construct borrowing policies in order to minimize the cost of borrowing and also to decrease risk by using various borrowing instruments. This thesis presents a mathe...
Credit Risk Market and the Recent Loan Profile in the Turkish Banking Sector Özdemir, Özlem (2009-05-01) Very little research has been done on the financial stability implications of credit risk transfer markets. In particular there is a paucity of work considering the interactions between the various credit risk transfer markets or instruments. Regarding credit derivatives, the small number of existing studies can be explained by a lack of quantitative data and by the brief history of the market" (Kiff et al., 2002, page 2). This paper tries to explain the development of credit risk transfer instruments and h...

Citation Formats

A. M. İpek, “Sovereign wealth funds in the context of subordinate financialisation: the Turkey wealth fund in a comparative perspective,” Thesis (M.S.) -- Graduate School of Social Sciences. Political Science and Public Administration., Middle East Technical University, 2019.