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Setting Up a Sovereign Wealth Fund

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Author Info

  • Christian B. Mulder
  • Amadou N. R. Sy
  • Yinqiu Lu
  • Udaibir S. Das

Abstract

This paper offers a policy and operational "roadmap" to policymakers considering setting up an SWF. It should also be of interest to policymakers in countries where SWFs are already in place, to review their existing policies and operations. Finally, it offers an opportunity to identify areas where research in macroeconomics and finance should give further answers as to the adequacy of existing practice related to the setting up and management of SWFs, an area where practical considerations often lead theoretical research. For instance, policymakers should optimally consider both their sovereign assets and liabilities together with their macroeconomic objectives, when setting up an SWF.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/179.

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Length: 21
Date of creation: 01 Aug 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/179

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Related research

Keywords: Investment policy; Financial assets; Fiscal management; Fiscal stability; Public investment; Public sector savings; Reserves adequacy; Stabilization funds; central bank; monetary fund; balance of payments; currency composition; external debt; reserve assets; balance of payment; current account; monetary authorities; inflation; debt management; monetary authority; domestic debt; debt obligations; hong kong monetary authority; domestic currency; official reserves; short-term debt; current account deficits; debt management capacity; reserve management; public debt; public finance; monetary conditions; discount rate; public debt management; budget law; repayments; currency mismatches; monetary policy; public finances; external debt obligations; foreign debts;

This paper has been announced in the following NEP Reports:

References

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  1. Romain Ranciere & Olivier Jeanne, 2006. "The Optimal Level of International Reserves for Emerging Market Countries," IMF Working Papers 06/229, International Monetary Fund.
  2. Mauricio Villafuerte & Rolando Ossowski & Theo Thomas & Paulo A. Medas, 2008. "Managing the Oil Revenue Boom," IMF Occasional Papers 260, International Monetary Fund.
  3. Joshua Aizenman & Jaewoo Lee, 2005. "International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence," NBER Working Papers 11366, National Bureau of Economic Research, Inc.
  4. Jan-Peter Olters & Daniel Leigh, 2006. "Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy," IMF Working Papers 06/193, International Monetary Fund.
  5. Christian B. Mulder & Matthieu Bussière, 1999. "External Vulnerability in Emerging Market Economies," IMF Working Papers 99/88, International Monetary Fund.
  6. Ulrich Bartsch, 2006. "How Much is Enough? Monte Carlo Simulations of An Oil Stabilization Fund for Nigeria," IMF Working Papers 06/142, International Monetary Fund.
  7. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2010. "Financial Stability, the Trilemma, and International Reserves," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 57-94, April.
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Citations

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Cited by:
  1. Gawdat Bahgat, 2011. "Sovereign wealth funds in the Gulf - an assessment," LSE Research Online Documents on Economics 55015, London School of Economics and Political Science, LSE Library.
  2. International Monetary Fund, 2010. "Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds," IMF Working Papers 10/9, International Monetary Fund.
  3. Iva Petrova & Jukka Pihlman & Peter Kunzel & Yinqiu Lu, 2011. "Investment Objectives of Sovereign Wealth Funds," IMF Working Papers 11/19, International Monetary Fund.

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