Suverénne fondy po globálnej finančnej kríze a ich politicko-ekonomické implikácie
pre liberálne trhové ekonomiky
SOVEREIGN WEALTH FUNDS AFTER THE GLOBAL FINANCIAL CRISIS AND THEIR POLITICAL-ECONOMIC IMPLICATIONS FOR LIBERAL MARKET ECONOMIES
Published: 16.7.2026
https://doi.org/10.24040/aap.2026.23.2.1-27
Abstract: Sovereign wealth funds (SWFs) have become major actors in global capital markets and a distinctive form of state ownership in cross-border investment. Their post-2008 expansion in advanced market economies has intensified debates about whether state-owned capital is compatible with the institutional logic of liberal market economies. This article examines how the 2008 global financial crisis reshaped SWFs’ investment behaviour and identifies key political-economic risk channels for host economies. Building on descriptive evidence of SWF investments in the financial and non-financial sectors in Europe and North America, the paper develops an author-proposed Sovereign Wealth Fund Risk Index (IRSF) combining transparency (LMTI), sectoral sensitivity, and the degree of state control. The results suggest that SWFs can provide long-term and stabilising capital, especially in crises, yet risks increase where low transparency intersects with strategic sectors and strong political control.
Keywords: sovereign wealth funds; global financial crisis, foreign direct investment, transparency, Linaburg–Maduell Transparency Index, critical infrastructure; national security; political economy, risk index (IRSF)
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How to cite:
ŠAJTER, R. Suverénne fondy po globálnej finančnej kríze a ich politicko-ekonomické implikácie pre liberálne trhové ekonomiky. In: Acta aerarii publici. Online. vol. 23 (2026), no. 2, s. 1-27. Dostupné na: https://doi.org/10.24040/aap.2026.23.2.1-27. [dátum citovania RRRR-MM-DD].