{"id":4645,"date":"2026-07-16T07:36:24","date_gmt":"2026-07-16T07:36:24","guid":{"rendered":"https:\/\/aap.umb.sk\/?page_id=4645"},"modified":"2026-07-16T09:07:46","modified_gmt":"2026-07-16T09:07:46","slug":"roman-sajter-2","status":"publish","type":"page","link":"https:\/\/aap.umb.sk\/?page_id=4645","title":{"rendered":"Roman \u0160ajter"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong>Suver\u00e9nne fondy po glob\u00e1lnej finan\u010dnej kr\u00edze a ich politicko-ekonomick\u00e9 implik\u00e1cie<br>pre liber\u00e1lne trhov\u00e9 ekonomiky<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>SOVEREIGN WEALTH FUNDS AFTER THE GLOBAL FINANCIAL CRISIS AND THEIR POLITICAL-ECONOMIC IMPLICATIONS FOR LIBERAL MARKET ECONOMIES<\/strong> <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Published: 16.7.202<\/em>6<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-text-align-right\"><a href=\"https:\/\/doi.org\/10.24040\/aap.2026.23.2.1-27\">https:\/\/doi.org\/10.24040\/aap.2026.23.2.1-27<\/a><\/p>\n\n\n\n<pre class=\"wp-block-verse\"><strong>Abstract: <\/strong>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\u2019 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.<\/pre>\n\n\n\n<p><strong>Keywords:<\/strong> sovereign wealth funds; global financial crisis, foreign direct investment, transparency, Linaburg\u2013Maduell Transparency Index, critical infrastructure; national security; political economy, risk index (IRSF)<\/p>\n\n\n\n<p><strong>Full text article:<\/strong><\/p>\n\n\n\n<div class=\"wp-block-file\"><object class=\"wp-block-file__embed\" data=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2026\/07\/final-version-5.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of final-version-5.\"><\/object><a id=\"wp-block-file--media-0d4a9344-522b-44e4-b217-6399dd85cdb3\" href=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2026\/07\/final-version-5.pdf\">final-version-5<\/a><a href=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2026\/07\/final-version-5.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-0d4a9344-522b-44e4-b217-6399dd85cdb3\">Download<\/a><\/div>\n\n\n\n<p><strong>How to cite:<\/strong><\/p>\n\n\n\n<p>\u0160AJTER, R. <em>Suver\u00e9nne fondy po glob\u00e1lnej finan\u010dnej kr\u00edze a ich politicko-ekonomick\u00e9 implik\u00e1cie pre liber\u00e1lne trhov\u00e9 ekonomiky.<\/em> In: Acta aerarii publici. Online. vol. 23 (2026), no. 2, s. 1-27.&nbsp;Dostupn\u00e9 na: <a href=\"https:\/\/doi.org\/10.24040\/aap.2026.23.2.1-27\">https:\/\/doi.org\/10.24040\/aap.2026.23.2.1-27<\/a>. [d\u00e1tum citovania RRRR-MM-DD].<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Suver\u00e9nne fondy po glob\u00e1lnej finan\u010dnej kr\u00edze a ich politicko-ekonomick\u00e9 implik\u00e1ciepre liber\u00e1lne trhov\u00e9 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. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/aap.umb.sk\/?page_id=4645\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Roman \u0160ajter&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4645"}],"collection":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4645"}],"version-history":[{"count":4,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4645\/revisions"}],"predecessor-version":[{"id":4682,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4645\/revisions\/4682"}],"wp:attachment":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}