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Book - Sovereign Funds: Fiscal Framework, Governance and Investment

Edited By Ana María Jul and Donghyun Park

Overview

Sovereign Funds draws on industry practitioners, industry observers and academics to present the latest thinking on state-owned investment funds from a global perspective. With exclusive insights, case-study chapters and in-depth sectoral analysis, the contributors assess the present state of sovereign wealth funds offer signposts for future development.

Publish date: 22 Dec 2015

Availability: In stock

£200.00
OR

Book description

Since the global financial crisis of 2008-2009 and the slowdown of economic growth globally, popular demands for ad hoc use of sovereign wealth to support growth has grown visibly. New funds continue to be created as both the sector and its assets grow.

Yet to prevent rapid dissipation of sovereign wealth as fiscal resources for countercyclical fiscal policy, clear fiscal rules and fiscal frameworks are needed to complement the governance structure and investment strategy.

Sovereign Funds draws on industry practitioners, industry observers and academics to present the latest thinking on state-owned investment funds from a global perspective. With exclusive insights, case-study chapters and in-depth sectoral analysis, the contributors assess the present state of sovereign wealth funds and offer signposts for future development.

This is an essential and in-depth view of sovereign funds.

Chapters include

  • Sovereign wealth funds in the context of the Chilean fiscal policy
  • The Fiscal Stabilisation Fund of Peru
  •  Mineral revenues and macroeconomic policy in Kazakhstan          
  • A new fiscal framework for Saudi Arabia
  • A conversation with Martin Skancke, formerly of Norway’s fund
  • Sovereign wealth funds: the next ten years            
  • A tale of two SWFs: GIC Private Limited and Temasek Holdings
  • Post-crisis investment strategies: a case study of CIC

Contributors

Ana Maria Jul, Consultant; Guan Seng Khoo, Alberta Investment Management Company; José Olivares, Ministry of Economy, Peru; Adrian Orr, New Zealand Superannuation Fund; Donghyun Park, Asian Development Bank; Andrew Rozanov, Chatham House; Martina Skancke, formerly Norway’s Government Pension Fund; Francisco Vegara, Ministry of Finance, Chile; Mauricio Villafuerte, International Monetary Fund, Jose Olivares, Ministry of Economy and Finance.

Book details

ISBN
Book - 9781902182940
Publish date
22 Dec 2015
Format
Paperback
Size
155mm x 235mm

Editor biography

Ana María Jul and Donghyun Park

Ana María Jul is a consultant with the Ministry of Economy and Finance of Panama, the Ministry of Finance and Economic Development of Mauritius and the Ministry of Finance of Brazil, and has previously been Vice President of the Financial Advisory Committee to Chilean Minister of Finance. She was instrumental in the establishment of an SWF in Panama, and has worked on Chile's and Brazil's SWFs. After retiring from the IMF after 27 years, she worked as a consultant for the Inter-American Development Bank, World Bank, International Monetary Fund, the ministries of economy and finance of Peru and Panama, the ministry of finance and economic development of Mauritius, a private consultant firm in Chile and an international commercial bank. She has also lectured on the use of SWFs and macroeconomic policy management, conducted and participated in international fora on SWFs, as well as conducting and participating in workshops in Brazil and Chile on fiscal rules and SWFs. She holds a degree in economics from the University of Chile and a PhD in economics from the University of Pennsylvania.  

Donghyun Park is Principal Economist at the Economics and Research Department of the Asian Development Bank (ADB), which he joined in April 2007. Prior to that, he was a tenured associate professor of economics at Nanyang Technological University in Singapore. His main research fields are international finance, international trade and development economics, and he has published extensively in journals and books on policy-oriented topics relevant for Asia’s long-term development, including the middle-income trap, Asia’s services sector development and Asia’s SWFs. He plays a leading role in the production of Asian Development Outlook, ADB’s flagship annual publication, and has a PhD in economics from UCLA.

Table of contents

1. Introduction: Ana María Jul and Donghyun Park 

I Fiscal Framework

2. Fiscal policy management and sovereign wealth funds: Mauricio Villafuerte

3. Sovereign wealth funds in the context of the Chilean fiscal policy: Francisco Vergera and Bernadita Piedrabuena

4. Mineral revenues and macroeconomic policies in Kazakhstan: Steven Kyle

5. A new fiscal framework for Saudi Arabia: Khalid Alsweilem

6. The fiscal stabilisation fund of Peru: José Olivares

II  Governance

7. An unshakeable belief in the long term: Adrian Orr 

8. A conversation with Martin Skancke: Ana Maria Jul

9. Africa: the next frontier for sovereign wealth funds: Celeste Lo Turco 

10.  Sovereign Wealth Funds: the next ten years: Andrew Rozanov

III Investment Strategy

11.  Fundamental investing: lessons from behavioural finance: Mustafa Sagun

12.  Interview: with Guan Seng Khoo: Central Banking Editorial 

13.  A Tale of two SWFs: GIC Private Limited and Temasek Holdings: Kin-Yip Ho.

14.  Managing developing Asia’s foreign exchange reserves beyond liquidity: Gemma Estrada and Donghyun Park

15.  Post-crisis investment strategies: a case study of China Investment Corporation: Tayyeb Shabbir 

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