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

近年来，主权财富基金(SWF)在价值和数量上都迅速增长。尽管众说纷纭，但很少有人关注国家将主权财富基金作为促进国家发展的工具的“战略用途”。在全球化和金融化的背景下，这种使用尤其重要，这对发展中国家用来改善其在国际分工中地位的传统产业政策工具构成了挑战。这一博士论文研究项目将对主权财富基金的战略投资进行首批详细的实证和理论检验。主持该项目的博士生将试图回答以下三个问题：(1)各国如何以及在多大程度上从战略上利用主权财富基金来实现国家发展目标？(2)涉及不同国家的多个国家和非国家行为者的谈判和联盟形成过程是如何形成主权财富基金战略性投资模式的？(3)主权财富基金战略性投资促进发展的政策和理论含义是什么？学生将使用“网络图”的方法对新加坡、中国、阿布扎比和迪拜的主权财富基金进行战略使用的案例研究，以分析源自这些国家的主权财富基金战略投资的范围和性质。此外，还将进行半结构化访谈，特别关注主权财富基金调停的阿布扎比和德国之间的关系。这些访谈将有助于加深对主权财富基金战略性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认为是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，需要将新兴的网络或催化形式的国家与私营部门的跨境“联盟资本主义”趋势融合在一起。项目成果将有助于更深入地理解主权财富基金战略投资的动态，以及战略主权财富基金投资作为发展工具所固有的潜力和限制。因此，该项目将增进对发展中世界国家在全球化背景下正在经历的各种形式的体制和政策适应以及这些变化对它们影响成功发展成果的能力的重要意义的总体认识。该项目还将为政策辩论提供信息，从东道国的角度来看，哪些主权财富基金投资战略是合适的。这些辩论一直与西方世界的巨大担忧联系在一起，但实质性基础有限。通过帮助提供这一基础，该项目将使公民及其代表能够就是否以及在什么条件下欢迎、反对或冷漠对待外国主权财富基金的外来投资做出明智的决定。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.