Commodity-based Sovereign Wealth Funds
Commodity-based Sovereign Wealth Funds

Author: Abdullah Al-Hassan

Publisher: International Monetary Fund

Published: 2018-02-09

Total Pages: 35

ISBN-13: 1484341015

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Commodity-based sovereign wealth funds (SWFs) have been at a crossroads following the recent fall in commodity prices. This paper provides a framework for commodity-based SWF management, focusing on stabilization and savings funds, by (i) examining macrofiscal linkages for SWFs; (ii) presenting an integrated sovereign asset and liability management (SALM) approach to SWF management; and (iii) applying this framework to a scenario where assets are being accumulated and to a scenario where the SWF is drawn on to cover a financing gap due to lower commodity prices.

Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds
Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds

Author: Aaron Howard Clifford Brown

Publisher: International Monetary Fund

Published: 2010-01-01

Total Pages: 33

ISBN-13: 1451961901

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This paper analyses the links between the investment strategies of a commodity-based SWF and the macroeconomic framework of the owner country. We examine some basic macrofinancial linkages of an SWF's strategic asset allocation (SAA) strategies with regard to the government budget, monetary policy, and exchange rate movements. Based on a simple Markowitz-model framework, which integrates the specific objectives and constraints facing an SWF and the country's specific characteristics and macroeconomic vulnerabilities (especially in relation to commodity prices and prospective defined liabilities), we derive an SAA. The asset-liability methodology that is applied in the selection of an SWF SAA also allows assessing whether (i) the SAA adequately takes into account the country-specific risks and vulnerabilities, and (ii) its objectives and macrofinancial constraints are consistent. Some analytical and practical issues in determining an SAA model are also discussed, along with key effects of a financial crisis.

Economics of Sovereign Wealth Funds
Economics of Sovereign Wealth Funds

Author: Mr.Udaibir S. Das

Publisher: International Monetary Fund

Published: 2010-12-09

Total Pages: 330

ISBN-13: 1589069277

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The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.

Commodity Based Sovereign Wealth Funds
Commodity Based Sovereign Wealth Funds

Author: Omosalewa Oluyinka Olawoye

Publisher:

Published: 2016

Total Pages: 145

ISBN-13:

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Natural resource producing countries struggle with issues about how to make use of their natural resources properly, allocate the funds from these resources and how to ensure continuity of these resources and their effects through the years. Commodity based sovereign wealth funds offer a channel through which these can be achieved. This dissertation studies these funds with respect to how they can be used to finance development in resource rich countries. Each chapter examines natural resource funded sovereign wealth funds called commodity based sovereign wealth funds (CBSWF), from different angles. This includes analyses of what these funds are, how they are currently used, the dangers in the current savings-‐like investment strategy and then proposes new real investment strategies that can encourage growth for these countries. The aim of these analyses is to suggest these funds as an alternative path towards growth and development in natural resource owning economies. To achieve this, we look at the pre-‐ and post-‐ CBSWF era of some CBSWF owning countries except for Iraq, Iran and Libya, which have recently experienced wars that have disrupted these economies and countries. Some of the countries being studied have recently adopted these funds or have not done anything with these funds. Thus, it is difficult to analyze the effects of these funds in these countries. We compare these countries’ Gross Development Product (GDP) and their Human Development Indicators (HDI). We analyze these data before and after these funds were adopted in these countries to see how effective these funds have been with respect to economic growth and development. We take a look at the failures of the current savings led investment strategy of some countries that have adopted these funds. Then we propose alternative real sector development financing that ensures sustainable growth in these countries. This is done in order to advocate for a real investment led growth in natural resource owning countries.

The New Economics of Sovereign Wealth Funds
The New Economics of Sovereign Wealth Funds

Author: Massimiliano Castelli

Publisher: John Wiley & Sons

Published: 2012-09-14

Total Pages: 245

ISBN-13: 1119973457

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A complete guide to sovereign wealth funds written by and for industry practitioners Sovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater. These funds will only grow more important over the coming years. In this book, expert authors who work in the industry present a comprehensive look at SWFs from the perspective of western investors.

Commodity-based Sovereign Wealth Funds
Commodity-based Sovereign Wealth Funds

Author: Abdullah Al-Hassan

Publisher: International Monetary Fund

Published: 2018-02-09

Total Pages: 35

ISBN-13: 1484340965

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Commodity-based sovereign wealth funds (SWFs) have been at a crossroads following the recent fall in commodity prices. This paper provides a framework for commodity-based SWF management, focusing on stabilization and savings funds, by (i) examining macrofiscal linkages for SWFs; (ii) presenting an integrated sovereign asset and liability management (SALM) approach to SWF management; and (iii) applying this framework to a scenario where assets are being accumulated and to a scenario where the SWF is drawn on to cover a financing gap due to lower commodity prices.

Sovereign Wealth Funds
Sovereign Wealth Funds

Author: Christopher Balding

Publisher: Oxford University Press

Published: 2012-02-08

Total Pages:

ISBN-13: 0199942773

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Sovereign wealth funds are a growing and dynamic force in international finance. The shifting international economic relations from capital rich states gives them new power in influencing the global agenda. Despite controlling trillions of dollars in the biggest companies in the world, little is known about the opaque funds of oil rich and non-democratic governments. This is the first book to compile a history of sovereign wealth funds recounting the Abu Dhabi Investment Authority's involvement with the scandal-plagued BCCI bank and Chinese arms exports to Iran. By constructing a history within the proper context of oil driven surpluses and large inflationary pressures with no international investment framework, this book explains the development and growth of sovereign wealth funds. The economics of capital surplus countries and investment strategies are examined in order to better understand sovereign wealth fund creation and growth. In a straightforward and accessible style, the author examines the complex and amazing growth of an unknown group of investors controlling trillions of dollars worldwide.

A Practical Guide to Sovereign Wealth Funds
A Practical Guide to Sovereign Wealth Funds

Author: Adnan Hassan

Publisher: Euromoney Publications

Published: 2009

Total Pages: 212

ISBN-13:

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This much-needed practical guide covers everything you need to further your understanding of sovereign wealth funds (SWFs) - the state-owned investment funds.