American Sovereign Wealth
Ohio State University - Moritz College of Law
November 16, 2011
Ohio State Public Law Working Paper No. 161
The rise of sovereign wealth funds signals a shift in the balance of economic and financial power in the world, with fast-rising powers creating sovereign wealth funds to invest billions in relatively new-found wealth. Discussions and analyses of sovereign wealth thus tend to focus on international relations and politics. But those who study the history of sovereign wealth funds recognize that many SWFs have existed for decades, and that some of these older SWFs are owned by U.S. states, thus also implicating federal relations and domestic politics. A great deal of research has focused on the international aspects of new, foreign sovereign wealth; this article instead examines older (but much less studied) domestic sovereign wealth funds, with a focus on their origins, purpose, and governance, as well as the role they play within a federalist system of government.
Number of Pages in PDF File: 67
Keywords: sovereign wealth funds, permanent funds, fund governance, severance tax
JEL Classification: K20, K22, K29, K34
Date posted: November 17, 2011
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