Objective
The number and size of sovereign wealth funds (SWF) has grown substantially in the last decade, leading to an unsettled debate regarding their legitimacy in the global political economy. Some suggest they represent the (re)emergence of state-led capitalism subject to geopolitical motivations that threaten free markets. For others, SWFs represent a source of long-term patient capital capable of mitigating market short-termism. Either way, SWFs challenge the norm, particularly in the West, that financial markets are spaces of exchange for non-state actors. In three complementary and interdisciplinary work programmes the SWFsEUROPE project will explain the evolving and variegated pattern of ‘sovereign fund capitalism’ in Europe, developing a new theory of the relationship between states and global finance. First, the project breaks new ground by explaining and theorizing how the legitimacy of SWFs as commercially oriented investors is performed when they are still entities of the state. No study has critically examined how legitimacy is performed via mechanisms such as the International Forum of Sovereign Wealth Funds and the Santiago Principles, or the growing evidence of collaboration with cognate institutional investors (e.g. pension funds). Second, this projects seeks a multi-layered explanation of the uneven pattern of investment flows and stocks of foreign SWFs into European countries through hypothesis testing of aggregate investment data with different theories of national-institutional variety, coupled with a comparative analysis of the bilateral investment-promotion relationships of investment-receiving countries. Third, the project will compare the growth and development of European SWFs. There is no comparative study exploring why some states are sponsors of an SWF (e.g. Italy, France, Ireland) and others are not (e.g. UK), what the motivations are and how they are made legitimate.
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.1.1. - EXCELLENT SCIENCE - European Research Council (ERC)
MAIN PROGRAMME
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
ERC-STG - Starting Grant
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) ERC-2017-STG
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
6200 MD Maastricht
Netherlands
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.