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Soverign Wealth Fund Issues and the National Fund(s) of Kazakhstan

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  • David Kemme

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Abstract

This paper first describes the major concerns associated with SWFs, mainly revolving around state ownership and lack of transparency. It then focuses on the National Fund for the Future of Kazakhstan (the “oil fund”, or NOF) and Samruk Kazyna (SK), the holding company for state owned enterprises. The NOF is funded predominately by corporate income taxes and royalties on natural resource production and is an instrument to provide financial stability and intergenerational equity. SK includes most large public monopolies and state owned enterprises not privatized in the 1990s with all of the accompanying issues related to state ownership and control of productive activities.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp1036.pdf
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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp1036.

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Length: pages
Date of creation: 01 Aug 2012
Date of revision:
Handle: RePEc:wdi:papers:2012-1036

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Keywords: Sovereign Wealth Funds; Kazakhstan; Oil Fund;

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  1. Joshua Aizenman & Reuven Glick, 2009. "Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance," International Finance, Wiley Blackwell, vol. 12(3), pages 351-386, December.
  2. Edwin M. Truman, 2008. "A Blueprint for Sovereign Wealth Fund Best Practices," Policy Briefs PB08-3, Peterson Institute for International Economics.
  3. Edwin M. Truman, 2010. "Sovereign Wealth Funds: Threat or Salvation?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4983.
  4. Benjamin E. Hermalin & Michael S. Weisbach, 2007. "Transparency and Corporate Governance," NBER Working Papers 12875, National Bureau of Economic Research, Inc.
  5. Heiko Hesse & Tao Sun, 2009. "Sovereign Wealth Funds and Financial Stability-An Event Study Analysis," IMF Working Papers 09/239, International Monetary Fund.
  6. 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.
  7. Theodore H. Moran, 2009. "Three Threats: An Analytical Framework for the CFIUS Process," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4297.
  8. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
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