Word: sovereigns
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...growing at annual rates of more than 8%, and modernizing at a ferocious clip. China Mobile, the world's biggest mobile-phone company, adds more than 7 million new subscribers to its network every month. Companies like India's Tata and China's Lenovo - to say nothing of the sovereign wealth funds of Asia and the Gulf - routinely snap up icons of Western industry and commerce...
...director of sovereign ratings at Standard & Poor's in Singapore, says that it was almost inevitable that Asian governments would have to intervene more directly to stabilize financial markets. That's because massive rescue packages engineered in the U.S. and Europe to support their financial institutions threatened to put Asian lenders at a disadvantage in global markets. "It becomes peer pressure," Tan says. "The more people do it, the more you have to do it. Otherwise, you feel confidence may be lost...
...Gulf neighbors. As the region's premier business, transportation and tourism hub, it is by definition more entwined with the global economy. And in tight times, Dubai lacks the windfall oil profits that have enabled sister emirate Abu Dhabi, for example, to amass a financial cushion in sovereign wealth funds totaling hundreds of billions of dollars...
...Today, China, the gulf nations and other state capitalists have amassed the largest sovereign wealth funds in the world. The world's state oil companies control some 90% of global energy resources. (Many of these companies invited in private investors in the 1990s only to throw them out later.) And by protecting parts of their economy at a time of massive global business consolidation, the state capitalists have built companies capable of competing, and winning, in industries that require scale. According to a study by the American Enterprise Institute research organization, unfree states have grown faster than politically free ones...
...next steps, the researchers are analyzing the asset allocation and subsequent performance of sovereign wealth funds, which Lerner noted are basically as “endowments for entire countries...