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Sovereign Wealth Funds: the Norwegian Experience

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  • Mehmet Caner

    () (Department of Economics, North Carolina State University)

  • Tom Grennes

    () (Department of Economics, North Carolina State University)

Abstract

Sovereign wealth funds have rapidly become significant international institutions. The performance of funds varies substantially across countries, but comprehensive and systematic analyses of funds have been hampered by the lack of transparency of most funds. The relative transparency of the Norway Fund allows us to do an econometric analysis of the Fund’s performance. The record resembles that of a mutual fund that has taken on greater risk over time. There is no evidence that the Fund has disrupted foreign financial markets more than mutual funds do. There remains a question as to whether the Fund and its Finance Ministry have been effective agents for the Norwegian citizens whose assets they are managing.

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Bibliographic Info

Paper provided by North Carolina State University, Department of Economics in its series Working Paper Series with number 020.

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Length: 18 pages
Date of creation: Nov 2008
Date of revision:
Handle: RePEc:ncs:wpaper:020

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Keywords: benchmark portfolio; Norway; momentum; risk;

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  1. Bruce E. Hansen & Mehmet Caner, 1997. "Threshold Autoregressions with a Unit Root," Boston College Working Papers in Economics 381, Boston College Department of Economics.
  2. Roland Beck & Michael Fidora, 2008. "The impact of sovereign wealth funds on global financial markets," Intereconomics: Review of European Economic Policy, Springer, vol. 43(6), pages 349-358, November.
  3. Laurent E. Calvet & John Y. Campbell & Paolo Sodini, 2008. "Fight or Flight? Portfolio Rebalancing by Individual Investors," NBER Working Papers 14177, National Bureau of Economic Research, Inc.
  4. Kristin J. Forbes, 2008. "Why do foreigners invest in the United States?," Working Paper Series 2008-27, Federal Reserve Bank of San Francisco.
  5. Stephen P. A. Brown & Raghav Virmani & Richard Alm, 2008. "Crude awakening: behind the surge in oil prices," Economic Letter, Federal Reserve Bank of Dallas, issue May.
  6. Richard N. Cooper, 2008. "Global Imbalances: Globalization, Demography, and Sustainability," Journal of Economic Perspectives, American Economic Association, vol. 22(3), pages 93-112, Summer.
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