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Cash transfers have been demonstrated to improve education and health outcomes and alleviate poverty in various contexts. However, policy makers and others often express concern that poor households will use transfers to buy alcohol, tobacco, or other "temptation goods." The income effect of transfers will increase expenditures if alcohol and tobacco are normal goods, but this may be offset by other effects, including the substitution effect, the effect of social messaging about the appropriate use of transfers, and the effect of shifting dynamics in intra-household bargaining. The net effect is ambiguous. This paper reviews 19 studies with quantitative evidence on the impact of cash transfers on temptation goods, as well as 11 studies that surveyed the number of respondents who reported they used transfers for temptation goods. Almost without exception, studies find either no significant impact or a significant negative impact of transfers on temptation goods. In the only (two, non-experimental) studies with positive significant impacts, the magnitude is small. This result is supported by data from Latin America, Africa, and Asia. A growing number of studies from a range of contexts therefore indicate that concerns about the use of cash transfers for alcohol and tobacco consumption are unfounded.

Cash Transfers --- Consumption --- Debt Markets --- Economic Theory & Research --- Finance and Financial Sector Development --- Impact Evaluation --- Macroeconomics and Economic Growth --- Poverty Impact Evaluation --- Poverty Reduction --- Rural Poverty Reduction --- Services & Transfers to Poor --- Temptation Goods

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The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. Sovereign Wealth Funds maps the global footprints of these financial institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies--from the China Investment Corporation to the funds of several Gulf states--the authors show that the forces propelling the adoption and development of sovereign wealth funds vary by country. The authors also show that many of these investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets. The authors suggest that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about investment management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the authors demonstrate that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations. Sovereign Wealth Funds considers how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.

Investments, Foreign --- Sovereign wealth funds --- Sovereign wealth funds. --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Capital movements --- Investments --- Funds, Sovereign wealth --- SWFs (Sovereign wealth funds) --- Investment of public funds --- Law and legislation. --- Law and legislation --- Asian financial crisis. --- Australia. --- China Investment Corporation. --- Dutch disease. --- East Asia. --- Future Fund. --- Generally Accepted Principles and Practices. --- Government Pension Fund-Global. --- Government of Singapore Investment Corporation. --- Gulf states. --- Middle East. --- Norway. --- Santiago Principles. --- Western interests. --- capitalism. --- capitalist development. --- domestic politics. --- economic geography. --- ethical policy. --- finance. --- financial crisis. --- financial institutions. --- financial markets. --- financialization. --- geopolitics. --- global finance. --- global financial system. --- governance. --- international political economy. --- international relations. --- investment decision making. --- investment ethics. --- investment management. --- investment practice. --- investment. --- long-term investment. --- nation-states. --- political economy. --- political temptation. --- resource revenue management. --- sovereign wealth funds. --- sovereignty. --- state-owned enterprises. --- state. --- trust. --- typology.