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0:00
Hello, everyone. My name
is Prof. Anna Grosman.
I'm a professor of management
and entrepreneurship
at Loughborough
University in London
and today I would
like to talk about
sovereign wealth funds
and their transparency.
0:17
What is a sovereign wealth fund?
It's essentially an
intergenerational savings device
for managing a proportion of
a foreign exchange windfall.
Typically, but not only,
the money to set up
a sovereign wealth fund comes
from natural resources.
It comes from money
that is generated
from selling oil, gas, energy,
other types of natural
resources such as minerals,
and a fund is set up to
fulfill the stabilization of
the economy or national or
regional economic development.
As I said, it is an
intergenerational savings device,
meaning that sovereign
wealth funds set up today
will benefit future
generations of citizens.
Finally, sovereign wealth
funds are also serving
their country's political
or diplomatic purposes.
1:18
Sovereign wealth
funds are everywhere.
So it's a global power.
And as you can see,
they are in Asia,
they are in America,
they are in Africa in
the Middle East,
Oceania, in Europe.
So it's not a
regional phenomenon;
It's a global phenomenon.
Virtually every
important country in
the world has a sovereign
wealth fund or two.
The largest sovereign
wealth fund is in Norway.
