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Managing Public Investment Funds: Best Practices and New Challenges

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  • Olivia S. Mitchell
  • John Piggott
  • Cagri Kumru

Abstract

Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and similarities. We review previous studies on ways to better secure prudent and economically sound public fund management practices in these funds, as well as how to evaluate their governance and investment policies and how to better protect the assets from political interference. Drawing from the pension and corporate finance literature, we also link their management to governance practices and country-specific characteristics, and contrast those with empirical findings on linkages with corporate governance.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14078.

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Date of creation: Jun 2008
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Publication status: published as Mitchell, Olivia S. & Piggott, John & Kumru, Cagri, 2008. "Managing public investment funds: best practices and new questions," Journal of Pension Economics and Finance, Cambridge University Press, vol. 7(03), pages 321-356, November.
Handle: RePEc:nbr:nberwo:14078

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References

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  1. Takashi Oshio, 2004. "Social Security and Trust Fund Management," NBER Working Papers 10444, National Bureau of Economic Research, Inc.
  2. Iglesias, Augusto & Palacios, Robert J., 2000. "Managing public pension reserves - Part I : evidence from the international experience," Social Protection Discussion Papers 21311, The World Bank.
  3. Ping-Lung Hsin & Olivia S. Mitchell, . "The Political Economy of Public Pensions: Pension Funding, Governance, and Fiscal Stress," Pension Research Council Working Papers 94-6, Wharton School Pension Research Council, University of Pennsylvania.
  4. Alberto R. Musalem & Robert J. Palacio, 2004. "Public Pension Fund Management : Governance, Accountability, and Investment Policies," World Bank Publications, The World Bank, number 14880.
  5. Michael Useem & Olivia S. Mitchell, . "Holders of the Purse Strings: Governance and Performance of Public Retirement Systems," Pension Research Council Working Papers 2000-3, Wharton School Pension Research Council, University of Pennsylvania.
  6. Julia Devlin, 2004. "Managing Oil Price Risk in Developing Countries," World Bank Research Observer, World Bank Group, vol. 19(1), pages 119-139.
  7. Oecd, 2006. "OECD Guidelines on Pension Fund Asset Management," Financial Market Trends, OECD Publishing, vol. 2006(2), pages 171-187.
  8. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
  9. Klapper, Leora F. & Love, Inessa, 2004. "Corporate governance, investor protection, and performance in emerging markets," Journal of Corporate Finance, Elsevier, vol. 10(5), pages 703-728, November.
  10. Palacios, Robert, 2002. "Managing public pension reserves Part II : lessons from five recent OECD initiatives," Social Protection Discussion Papers 33407, The World Bank.
  11. Olivia S. Mitchell & Ping Lung Hsin, 1994. "Public Sector Pension Governance and Performance," NBER Working Papers 4632, National Bureau of Economic Research, Inc.
  12. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
  13. Oshio, Takashi, 2004. "Social security and trust fund management," Journal of the Japanese and International Economies, Elsevier, vol. 18(4), pages 528-550, December.
  14. Arrau, Patricio & Claessens, Stijn, 1992. "Commodity stabilization funds," Policy Research Working Paper Series 835, The World Bank.
  15. Jan-Peter Olters, 2007. "Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa," IMF Working Papers 07/107, International Monetary Fund.
  16. Oshio, Takashi, 2004. "Social Security and Trust Fund Management," Discussion Paper 192, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  17. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
  18. Kumru, Çagri S. & Thanopoulos, Athanasios C., 2008. "Social security and self control preferences," Journal of Economic Dynamics and Control, Elsevier, vol. 32(3), pages 757-778, March.
  19. Haberman, Steven & Butt, Zoltan & Megaloudi, Chryssoula, 2000. "Contribution and solvency risk in a defined benefit pension scheme," Insurance: Mathematics and Economics, Elsevier, vol. 27(2), pages 237-259, October.
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Cited by:
  1. Javier Santiso, 2009. "Les fonds souverains : des acteurs clés dans la nouvelle géographie des richesses," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 315-342.
  2. Ashby H. B. Monk, 2008. "Is CalPERS a Sovereign Wealth Fund?," Issues in Brief ib2008-8-21, Center for Retirement Research, revised Dec 2008.
  3. Javier Santiso, 2009. "Sovereign Development Funds : Key Financial Actors of the Shifting Wealth of Nations," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 291-315.
  4. Ricardo Bebczuk & Alberto Musalem & María Luisa Streb, 2011. "Suggesting Guidelines for Public Pension Funds Governance," Department of Economics, Working Papers 089, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.

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