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The National Fund of the Republic of Kazakhstan (NFRK): From accumulation to stress-test to global future

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  • Yelena, Kalyuzhnova
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    Abstract

    Sovereign Wealth Funds (SWF) have different titles, goals and rules, but they share the underlying objective of helping governments deal with the problems created by large and variable revenues (mainly from energy or other commodity related sectors). In Kazakhstan, such a fund (the National Fund of the Republic of Kazakhstan (NFRK)) was established in 2000. This fund operates as both a stabilisation and a savings fund. The first test for the NFRK was 2007-2009 financial crisis, where the NFRK "saved" the economy and guarantied its speedy recovery. The paper analyses the NFRK's operation up to 2007 and during the crisis years 2007-9, before drawing conclusions and implications for the future. Between 2001 and 2007 the NFRK conservatively accumulated assets, which proved to be useful in limiting the impact of the post-2007 crisis. However, the pre-2007 experience indicated structural weaknesses associated with discretionary executive authority and non-transparency. The paper concludes by observing that this history has created significant challenges for the future.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0301421511006239
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    Bibliographic Info

    Article provided by Elsevier in its journal Energy Policy.

    Volume (Year): 39 (2011)
    Issue (Month): 10 (October)
    Pages: 6650-6657

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    Handle: RePEc:eee:enepol:v:39:y:2011:i:10:p:6650-6657

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    Web page: http://www.elsevier.com/locate/enpol

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    Keywords: Sovereign Wealth Funds Economic crisis Resource management;

    References

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    1. Ghiath Shabsigh & Nadeem Ilahi, 2007. "Looking Beyond the Fiscal," IMF Working Papers 07/96, International Monetary Fund.
    2. Yelena Kalyuzhnova, 2006. "Overcoming the Curse of Hydrocarbon: Goals and Governance in the Oil Funds of Kazakhstan and Azerbaijan," Comparative Economic Studies, Palgrave Macmillan, vol. 48(4), pages 583-613, December.
    3. Serven, Luis & Solimano, Andres, 1989. "Private investment and macroeconomic adjustment : an overview," Policy Research Working Paper Series 339, The World Bank.
    4. Arrau, Patricio & Claessens, Stijn, 1992. "Commodity stabilization funds," Policy Research Working Paper Series 835, The World Bank.
    5. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
    6. Alonso Segura, 2006. "Management of Oil Wealth Under the Permanent Income Hypothesis," IMF Working Papers 06/183, International Monetary Fund.
    7. Yongseok Shin & Rachel Glennerster, 2003. "Is Transparency Good for You, and Can the IMF Help?," IMF Working Papers 03/132, International Monetary Fund.
    8. Paldam, Martin, 1997. "Dutch disease and rent seeking: The Greenland model," European Journal of Political Economy, Elsevier, vol. 13(3), pages 591-614, September.
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