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.
- 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
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.
- Publish date
- 22 Dec 2015
- 155mm x 235mm
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 Vergara 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
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