Onopko M. Transformation of sovereign wealth funds under global integration.

The dissertation is devoted to scientific substantiation of the theoretical foundations of the establishment and functioning of the sovereign wealth funds, their potential impact on the business processes in the world is assesed, the place and role in the system of international economic relations are defined. The dualistic nature of sovereign wealth funds is emphasised and the attempt to provide clearer definition of these actors is made. The theoretical foundations of analysis of sovereign wealth funds in the context of the internationalization of their activities under global integration are defined and ways to improve them are outlined. The models of sovereign wealth funds are outlined using the following criteria: source of funding, purpose of the sovereign wealth fund, main function, type of investment mandate. Conceptual and functional foundations of the impact of the sovereign wealth funds on macro-financial linkages and the characteristics of their models are revealed. Four specific models of SWF and institutional features of their transformation after the world financial crisis are defined. The specificity of activity and growth potential sovereign wealth funds, particularly the impact of the global financial crisis on their activities is investigated. Growth potential of sovereign wealth funds is assessed taking into account the level of excess reserves and trade surpluses in the countries with sovereign wealth funds. According to the forecast, the structure of the sovereign wealth funds global industry will face changes due to faster increase of assets under management in countries with non-commodity trade surpluses in future, whereas commodity-exporting countries channeled more money into sovereign wealth funds in the past.