Financializing development: toward a sympathetic critique of sovereign development funds

Adam D Dixon, Ashby HB Monk

Research output: Contribution to journalArticle (Academic Journal)peer-review

10 Citations (Scopus)


In this paper, we unpack the scope and possibilities of sovereign development funds (SDFs) in different forms and under different political-cum-institutional conditions as a policy tool supporting economic growth and development, particularly in developing countries. Defining what the purpose should be and what is possible is complicated by a number of factors. The form of government of the sovereign sponsor and the significance of public legitimacy may help or hinder different types of investment mandates. Moreover, different investment mandates and their relative sophistication require organizational capabilities and expertise that are often not available locally or are insufficiently developed, such that the implementation of certain investment mandates is constrained and/or too costly. The purpose and the design possibilities of a SDF are, ultimately, contingent on local conditions, resources, and the essential developmental needs of the country and its population.
Original languageEnglish
Pages (from-to)357-371
Number of pages15
JournalJournal of Sustainable Finance and Investment
Issue number4
Early online date17 Nov 2014
Publication statusPublished - Dec 2014


  • sovereign wealth funds, sovereign development funds, institutional investors, development, resource revenue management, Africa


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