SOVEREIGN INVESTMENT FUNDS AND THE GLOBALIZATION OF TOURISM. DISCUSSIONS ON ROMANIA’S CASE Mircea BOSCOIANU* Mihai COSTEA** Aura CODREANU*** * “Henri Coanda” Air Force Academy, Brasov, Romania ** “Stefan cel Mare” University, Suceava, Romania *** Regional Department of Defense Resources Management Studies, Brasov, Romania 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. Key words Sovereign Investment Funds (SIF), tourism, innovative investment, emerging markets. JEL Classification: E22, E44, F21, F23, F62, G11, G15, G23, L83. 1. INTRODUCTION Tourism is well integrated in the services area and as such it can be viewed as one of the most profitable economic sectors that has undergone a rocketing development. Tourism industry is also one of the main triggers of jobs at global level, as well as one of the greatest world producers in terms of the Gross Domestic Product (GDP) to which it contributes. [1] Tourism industry has been developing lately at global level and is characterized by innovation and increase in the requests for related services that place the field in the position to generate gains during 2015, as well as in the years to come. Its unprecedented development occurs at a time when market freedom favors fresh capital inflows from new geographical areas and the number of players in the field is on the increase. Thus, under favorable circumstances for investment in tourism, numerous sovereign funds have gotten involved in the development of this phenomenon and the use of the various opportunities emerging on the market. It is interesting to study the efficiency of integrating a macro- financial innovation based on investment funds in order to stimulate an industry in an emerging market in a post crisis environment. Historically speaking, the concept of sovereign investment funds (SIFs) ensued in the 50s when a number of states, most of which owning a lot of oil reserves or renowned for their large amounts of exported goods, were attempting to efficiently invest the liquidities resulting from commercial activities and oil exploitation. The funds were the result of budget and commercial surplus generated mostly by the export of natural resources. One aspect worth noting is that the states