Doctoral Dissertation Research: Sovereign Wealth Funds, Dependent Development, and the New Alliance Capitalism

近年来，主权财富基金的价值和数量都在迅速增长。尽管有大量的流行辩论，但很少有学者关注各国将主权财富基金作为促进国家发展的工具的“战略用途”。这种使用在全球化和金融化的背景下尤为重要，这对发展中国家用来提高其在国际分工中的地位的传统产业政策工具构成了挑战。该博士论文研究项目将对主权财富基金战略投资进行首次详细的实证和理论研究。开展该项目的博士候选人将寻求回答以下三个问题：(1)各国如何以及在多大程度上战略性地利用主权财富基金来实现国家发展目标？(2)主权财富基金的战略投资模式是如何受到来自不同国家的多个国家和非国家行为体的谈判和联盟形成过程的影响的？(3)主权财富基金战略投资对发展的政策和理论意义是什么？学生将使用“网络映射”的方法对新加坡、中国、阿布扎比和迪拜的主权财富基金的战略使用进行案例研究，以分析源自这些国家的战略主权财富基金投资的范围和性质。此外，将进行半结构化访谈，特别关注阿布扎比与德国之间主权财富基金介导的关系。这些访谈将有助于加深对战略主权财富基金投资的政治和经济动态及其对后期发展的影响的理解。战略主权财富基金投资被假设为国家在当代全球化背景下管理“依赖发展”过程的适应性反应，这意味着新兴网络或催化形式的国家与私营部门走向跨境“联盟资本主义”的趋势趋同。项目结果将有助于更深入地了解战略主权财富基金投资的动态，以及战略主权财富基金投资作为一种发展工具的潜力和局限性。因此，这个项目将增进对发展中国家在全球化背景下正在进行的各种形式的体制和政策调整的普遍理解，以及这些变化对它们影响成功发展成果的能力的重要性。该项目还将为政策辩论提供信息，从东道国经济的角度来看，哪些主权财富基金投资战略是合适的。这些争论与西方世界的大量忧虑联系在一起，但缺乏实质性的基础。通过帮助提供这种基础，该项目将使公民及其代表能够就外国主权财富基金的内向投资是否应该受到欢迎、反对或冷漠对待，以及在什么条件下，做出明智的决定。作为博士论文研究改进奖，该奖项还将提供支持，使有前途的学生建立一个强大的独立研究生涯。

Sovereign wealth funds (SWFs) have grown rapidly in recent years in both value and number. Despite a great deal of popular debate, very little scholarly attention has focused on the "strategic use" of SWFs by nations as tools to promote national development. Such usage is particularly significant in the context of globalization and financialization, which pose challenges to traditional industrial policy tools used by developing countries to improve their position in the international division of labor. This doctoral dissertation research project will undertake one of the first detailed empirical and theoretical examinations of strategic SWF investment. The doctoral candidate conducting this project will seek to answer the following three questions: (1) How and to what extent are states employing SWFs strategically to achieve national developmental objectives? (2) How are patterns of strategic SWF investment shaped by processes of negotiation and coalition formation involving multiple state and non-state actors based in different countries? (3) What are the policy and theoretical implications of strategic SWF investment for development? The student will conduct case studies of the strategic use of SWFs by Singapore, China, Abu Dhabi, and Dubai using a methodology of "network mapping" in order to analyze the extent and nature of strategic SWF investment originating from these states. In addition, semi-structured interviews will be conducted with a particular focus on the SWF-mediated relationship between Abu Dhabi and Germany. These interviews will facilitate development of a deeper understanding of the political and economic dynamics of strategic SWF investment and its implications for late development. Strategic SWF investment is hypothesized to be an adaptive response by states managing processes of "dependent development" in the context of contemporary globalization, entailing the convergence of emerging network or catalytic forms of statehood with private sector trends towards cross-border "alliance capitalism."Project results will contribute to a deeper understanding of the dynamics of strategic SWF investment as well as potentials and limitations inherent in strategic SWF investment as a developmental tool. This project thereby will improve general understanding of the diverse forms of institutional and policy adaptation that states in the developing world are undergoing in the context of globalization and the significance of these changes to their abilities to affect successful developmental outcomes. The project also will inform policy debates over which SWF investment strategies are appropriate from the standpoint of host economies. These debates have been associated with a great deal of apprehension in the western world, but have had limited substantive grounding. By helping to provide this grounding, this project will enable citizens and their representatives to make informed decisions regarding whether, and under what conditions, inward investment by foreign SWFs should be welcomed, opposed, or treated with indifference. As a Doctoral Dissertation Research Improvement award, this award also will provide support to enable a promising student to establish a strong independent research career.