SOVEREIGN INVESTMENT FUNDS AND THE GLOBALIZATION OF TOURISM. DISCUSSIONS ON ROMANIA’S CASE

Abstract

Tourism, a well defined field in the services area, is expanding at global level as a result of the complex and diversified amenities it provides as adaptive and dynamic solutions to clients’ requirements. Along with the development of this phenomenon, new and innovative decisions for efficient investments like establishing Private Equity Funds (PEFs) or Sovereign Investment Funds (SIMs) aimed at easing the flow of investments into areas of interest like tourism have been made. Thus, the aim of this paper is to overview the evolution of sovereign funds in the current post-crisis context, to make an analysis of the implications incurred by the employment of such innovative macro-investment solutions for the development of tourism in an emerging country. Moreover, it approaches the possibility of establishing a Romanian sovereign investment fund that could contribute to this country’s economic development and, inherently, to its tourism.

Keywords

• Sovereign Investment Funds (SIF)
• tourism
• innovative investment
• emerging markets. JEL Classification: E22
• E44
• F21
• F23
• F62
• G11
• G15
• G23
• L83.;