Stephen Jen

Stephen Jen is a Managing Director and Chief Currency Economist at Morgan Stanley, London. Stephen joined Morgan Stanley in 1996. He was the Asian Currency Strategist based in Hong Kong until September 1999. Prior to joining Morgan Stanley, he spent four years as an economist with the International Monetary Fund in Washington, D.C., primarily covering member countries in Asia and Eastern Europe. He was actively involved in the design of the IMF's framework to provide debt relief to highly indebted countries. He has also worked for the Board of Governors of the Federal Reserve and the World Bank and has been a lecturer at the Massachusetts Institute of Technology and Georgetown University's McDonough School of Business. He holds a Ph.D. in Economics from the Massachusetts Institute of Technology, with concentrations in international economics and macroeconomics. He also holds a B.Sc. in Electrical Engineering summa cum laude from the University of California, Irvine.

Papers Published in World Economics:

Sovereign Wealth Funds
Author: Stephen Jen

Sovereign Wealth Funds (SWFs), much in the news of late, are a new and growing class of funds that are already large in size, and will likely grow very rapidly in the coming years. How they will operate, both in terms of their portfolio allocation and the way in which the managers of these funds communicate and interact with the private sector will have great implications for the financial markets. The author addresses some of the key features and implications of SWFs including how big they are, their likely investment strategies, their possible impact on the financial markets, the risk of financial protectionism arising as a political reaction, and issues of transparency of the funds (greater transparency by the SWFs could help restrain the rise of financial protectionism).

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