In Malaysia's case, the funding of PFI projects comes from the government-owned pension fund and a government-linked bank, suggesting that the Malaysian private sector does not bear any credit risk for projects under the PPP scheme. In reality this is not private finance, but public finance....
The authors' interest in SWFs has been inspired by the policy debate surrounding the Norwegian Government Pension Fund Global (GPFG), whose market value at the time of writing is reported to be $940 billion.1 However, as other SWFs grow as well, we believe the issues we study could be ...