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Dr. Artur Grigoryan



2004/05Studies in Economics
Ruhr-University of Bochum            
BA Economics
Yerevan State University, Armenia
MA Economics
University of Siegen

Research interests

International Economics, International Finance, Sovereign Wealth Funds



Artur Grigoryan

Doctorate in Economics



An economic analysis of "Sovereign Wealth Funds" in the global financial system

Sovereign wealth funds (SWFs) are not a new phenomenon in the global financial system, even if this term was defined recently. Although the first well-known SWFs were established in early 1950s (Kuwait, Kiribati) and during the 1970s (Abu Dhabi, Singapore), the international debate about the role of the latter was activated only a little while ago. The rise of SWFs in the front of important global structural changes has stimulated concerns about ambitions and investing strategies of SWFs and encouraged the international discussion about the importance and functions of state-owned investors. The global imbalances, the running current account surpluses of emerging countries and the US twin deficits as well as the financial turmoil of recent years have been supporting varying beliefs and understandings of SWFs.
The change in perception of SWFs and the adjustment of the public opinion about this phenomenon is remarkable. While not so long ago the SWFs were seen as one of the vicious instruments of state-owned capitalism, in times of the financial crisis and global depression they became "white knights" for cash-strapped companies and attractive buyers of last resort. Presently, the SWFs are interpreted as symbols of a shift in global power, and this raises again questions about the possible abuse of markets and fears that SWFs will be used for political and strategic goals.

The economic analysis of SWFs is complex. The following main issues must be considered: 
  • The role of SWFs for the hosting country and the optimal degree of diversification between international reserves and sovereign wealth funds;
  • The current political-economic debate about the motives of state investment funds and their impact on the stability of the international financial market.
The main objective of the PhD project is to analyze the investment decisions of SWFs and their behavior in international financial markets in an appropriate theoretical framework based on empirical studies of their characteristics.


Articles in Journals, Working Papers

Delegation in Sovereign Wealth Funds, International Review of Economics, 2015, 1-1

The Ruling Bargain: Sovereign Wealth Funds in Elite-dominated Societies, Economics of Governance, 2015, 1-20


Presentations at conferences and workshops

The Rimini Center for Economic Analysis, "The Rimini Conference in Economics and Finance", June 9-10, 2014

European Economics and Finance Society, 10th Annual Conference, Queen Mary University, London; June 9-12, 2011

MAGKS Workshop (Interuniversity graduate program of the Universities of Aachen, Gießen, Göttingen, Kassel, Marburg and Siegen), Rauischholzhausen Castle; March 24-25, 2011 

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