The Law of Sovereign Wealth Funds
Show Less

The Law of Sovereign Wealth Funds

Fabio Bassan

This book provides a definition and classification for Sovereign Wealth Funds (SWFs) and discusses their phenomenon within the legal context. It identifies the rules applicable to SWFs and focuses on the bilateral relationships between states. In eight extensive chapters, Fabio Bassan considers whether SWFs may enjoy immunity with respect to host state measures as well as protection in Bilateral Investment Treaties
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 7: Conclusions

Fabio Bassan


CONCLUSIONS The quick growth of sovereign wealth funds, only temporarily slowed down by the economic crisis of 2008, is one of the most interesting recent matters of international law, for a series of reasons: because it is new; because it reverses the usual trend of financial flows and investments between states (so far mostly one-way) and therefore calls for more insight on the actual implementation of the mechanisms of reciprocity that have so far remained theoretical; because it poses questions that cannot be adequately answered by the multilateral agreements now in force, that are showing all their inadequacy; because it brings international law back to the ‘primeval’ state of bilateral relationships between states and demands a review of national law systems as well; because it demonstrates the inseparable cross-relationship between international law and national law, with actions in one system that have direct consequences in another, and with actions brought indifferently before national and international courts as the expression of a ‘global’ law; because it forces experts and international institutions into unconvincing connections between legal and ethical obligations, whereby states and SWFs are supposed to abide by voluntary codes of ethics that do not provide for material sanctions; because it is an example of the way in which states regain their financial sovereignty at international level to prevent, or at least to handle global and quickly evolving phenomena faster than the political path would; because it converts states from regulators of domestic economy into international operators, players in markets they...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.