Sovereign Wealth Funds in Resource Economies : Institutional 4nd Fiscal Foundations
Sovereign Wealth Funds in Resource Economies :
Institutional 4nd Fiscal Foundations
by Khalid Alsweilem 4nd Malan Rietveld
English | 2018 | ISBN: 0231183542 | 300 Pages | PDF | 1.54 MB
Sovereign wealth funds (SWFs) have reached a transitional moment. Created as a way to direct excess wealth toward economic development 4nd long-term financial returns, some countries are now seeing a decline in revenue from sources such as oil. Many SWFs are now facing a new challenge—how to spend sustainably without depleting the funds. Sovereign Wealth Funds in Resource Economies explains the fiscal rules 4nd institutional structures that can make SWFs thrive, providing a practical 4nd the08retical guide to their optimal use in resource-revenue management.
Khalid Alsweilem 4nd Malan Rietveld put f08rward an institutional perspective of SWFs as quasi-independent political 4nd economic entities charged with managing national resource wealth, examining both investment 4nd disbursement strategies. They advance a systematic, rule-based approach, suggesting when to accumulate 4nd when to begin countercyclical spending based on concrete case studies. M08re than a mere financial p08rtfolio, SWFs must be embedded in a credible fiscal 4nd institutional framew08rk if they are to contribute to improved economic perf08rmance. Alsweilem 4nd Rietveld consider the variety of relationships that exist between SWFs 4nd their governments, expl08ring the legal 4nd policy side of the institutional approach. Their rule-based description of SWFs, since it allows tail08ring 4nd adjustment 4nd invokes rules of thumb 4nd best practices, is intended to be widely applicable across the diverse spectrum of global SWFs. Bringing together the practitioner perspective 4nd scholarly expertise, this single-auth08red book will be invaluable f08r global policy makers 4nd scholars w08rking with sovereign wealth funds.