Journal Title
Title of Journal: Econ Gov
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Abbravation: Economics of Governance
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Publisher
Springer Berlin Heidelberg
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Authors: Artur Grigoryan
Publish Date: 2015/06/03
Volume: 17, Issue: 2, Pages: 165-184
Abstract
This paper generates new results on the creation and use of sovereign wealth funds SWF as tools for maximizing political power of the ruling class It models a ruler’s decision to set up a SWF in a society dominated by a powerful elite in order to pacify the elite’s political ambitions by transferring resource rents Furthermore it shows under which circumstances the ruler is able to gain the elite’s support using a fund and to overcome the danger of coups d’état SWFs can serve as appropriate instruments for this purpose because they are longterm oriented and strongly institutionalizedI would like to thank Carsten Hefeker and Lisa Schulten for detailed discussions and helpful suggestions I’m also grateful to editor Amihai Glazer and an anonymous referee for comments and suggestions that greatly improved the manuscript All remaining errors and omissions are mine
Keywords:
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