Purpose This paper aims to investigate the idea of building responsible borrowing and lending into sovereign wealth fund (SWF) decision-making. SWFs, which currently manage US$8 trillion in assets, are influential institutional investors, but their role in sovereign debt markets needs to be further explored. In this context, this paper aims to critically assess the linkages and convergences between the Santiago Principles on SWF and the United Nations Conference on Trade and Development (UNCTAD) principles on responsible sovereign lending and borrowing. Design/methodology/approach This paper draws on legal scholarship, reports, policy papers and other open-source data to explore the role of SWFs in sovereign lending, borrowing and debt restructuring. Findings Building responsible borrowing and lending into SWF decision-making is feasible and justified on the grounds of both ethics and public duty. It is also justified in financial terms because it would protect SWFs from irresponsible lending and borrowing practices at the micro level while contributing to global financial stability at the macro level. Originality/value This is the first comprehensive study to juxtapose two important normative processes, the Santiago Principles and the UNCTAD Principles.

中文翻译：

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促进负责任的主权借贷：主权财富基金的作用

目的本文旨在研究将负责任的借贷纳入主权财富基金（SWF）决策的想法。主权财富基金目前管理着8万亿美元的资产，是有影响力的机构投资者，但它们在主权债务市场中的作用有待进一步探讨。在这种情况下，本文旨在批判性地评估圣地亚哥主权财富基金原则与联合国贸易和发展会议（UNCTAD）关于负责任的主权借贷原则之间的联系和趋同。设计/方法/方法本文借鉴法律奖学金，报告，政策文件和其他开放源数据，探讨主权财富基金在主权贷款，借贷和债务重组中的作用。调查结果将负责任的借贷行为纳入SWF决策中是可行的，并且从道德和公共职责的角度出发都是合理的。从财务角度讲，这也是合理的，因为它可以保护主权财富基金免受微观层面不负责任的借贷行为，同时有助于宏观层面的全球金融稳定。原创性/价值这是第一次全面研究，将两个重要的规范过程并列在一起，即圣地亚哥原则和贸发会议原则。