This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Rohstoffbasierte Staatsfonds: Theorie und Empirie
[Resource-based sovereign wealth funds]

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Clemens, Marius
Fuhrmann, Wilfried

Additional information is available for the following registered author(s):

Abstract

Because of increasing resource prices and thus, higher export profits, resource abundant countries become more and more constrained in implementing a sustainable resource management which realizes two main objectives: The development of competitive non-oil industries and the reduction of resource caused volatility. This paper surveys rationales, structures and effects of resource-based Sovereign Wealth Funds as an instrument of optimal resource management. The main objective is to find out if resource funds have some significant impact on macroeconomic stability and development. Therefore, chapter 2 gives a review of different "resource curse" theories to identify macroeconomic core indicators that should be affected by introducing SWFs. The next chapter introduces the theory of resource-based SWF by simulating a general optimal resource management under different scenarios in an infinite horizon model. It shows that resource funds can be an effective instrument to obtain stabilization as well as sustainability objectives. After discussing specific practical topics as different types of funds, the linkage to government budget and the portfolio management, chapter 4 starts with a descriptive analysis about the implementation of resource funds in three different countries: Norway, Russia and Azerbaijan. Other nations and regions were considered by short subsections. In chapter 5 an unbalanced panel data model with 30 countries from 1970-2006 is build to estimate the effects of resource-based SWF´s on resource curse, stabilization and sustainability by means of fixed and random effects estimator. Finally, a short criticism and outlook gives motivation for further research tasks.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://mpra.ub.uni-muenchen.de/16933/
File Format:
File Function: orginal version
Download Restriction: no
File URL: http://mpra.ub.uni-muenchen.de/17034/
File Format:
File Function: revised version
Download Restriction: no

Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16933.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length:
Date of creation: 31 Jun 2008
Date of revision:
Handle: RePEc:pra:mprapa:16933

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Ekkehart Schlicht).

Related research
Keywords: Sovereign Wealth Funds; Oil; Optimal Resource Management;

Find related papers by JEL classification:
Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Steven Barnett & Rolando Ossowski, 2002. "Operational Aspects of Fiscal Policy in Oil-Producing Countries," IMF Working Papers 02/177, International Monetary Fund. [Downloadable!]
  2. Ugo Fasano-Filho, 2000. "Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries," IMF Working Papers 00/112, International Monetary Fund.
  3. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor & Zoega, Gylfi, 1997. "A Mixed Blessing: Natural Resources and Economic Growth," CEPR Discussion Papers 1668, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Bessembinder, Hendrik, et al, 1995. " Mean Reversion in Equilibrium Asset Prices: Evidence from the Futures Term Structure," Journal of Finance, American Finance Association, vol. 50(1), pages 361-75, March. [Downloadable!] (restricted)
  5. Collier, Paul & Hoeffler, Anke, 1998. "On Economic Causes of Civil War," Oxford Economic Papers, Oxford University Press, vol. 50(4), pages 563-73, October.
  6. Ricardo J. Caballero, 2000. "Macroeconomic Volatility in Latin America: A View and Three Case Studies," NBER Working Papers 7782, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Halvor Mehlum & Karl Moene & Ragnar Torvik, 2006. "Cursed by Resources or Institutions?," The World Economy, Blackwell Publishing, vol. 29(8), pages 1117-1131, 08. [Downloadable!] (restricted)
    Other versions:
  8. Axel Werwatz & Heike Belitz & Tanja Kirn & Jens Schmidt-Ehmcke, 2006. "Innovationsindikator Deutschland 2006," DIW Berlin: Politikberatung kompakt, DIW Berlin, German Institute for Economic Research, volume 22, number pbk22. [Downloadable!]
  9. Corden, W M, 1984. "Booming Sector and Dutch Disease Economics: Survey and Consolidation," Oxford Economic Papers, Oxford University Press, vol. 36(3), pages 359-80, November. [Downloadable!] (restricted)
  10. Alam, M S, 1995. "A Theory of Limits on Corruption and Some Applications," Kyklos, Blackwell Publishing, vol. 48(3), pages 419-35.
  11. Oomes , Nienke & Kalcheva, Katerina, 2007. "Diagnosing Dutch disease: Does Russia have the symptoms?," BOFIT Discussion Papers 7/2007, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
    Other versions:
  12. Buiter, William H & Purvis, Douglas D, 1980. "Oil, Disinflation, and Export Competitiveness : A Model of the "Dutch Disease"," The Warwick Economics Research Paper Series (TWERPS) 185, University of Warwick, Department of Economics.
    Other versions:
  13. Rudiger Ahrend & Donato de Rosa & William Tompson, 2007. "Russian Manufacturing and the Threat of ‘Dutch disease’ - A Comparison of Competitiveness Developments in Russian and Ukrainian Industry," OECD Economics Department Working Papers 540, OECD, Economics Department. [Downloadable!]
Full references

Statistics
Access and download statistics

Did you know? IDEAS is not the only service displaying RePEc data. Choose on RePEc which service fits your needs best.

This page was last updated on 2009-11-29.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.