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

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  • David Kemme

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.

Suggested Citation

  • David Kemme, 2012. "Soverign Wealth Fund Issues and the National Fund(s) of Kazakhstan," William Davidson Institute Working Papers Series wp1036, William Davidson Institute at the University of Michigan.
    • Handle: RePEc:wdi:papers:2012-1036
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    File URL: http://deepblue.lib.umich.edu/bitstream/2027.42/133053/1/wp1036.pdf
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    References listed on IDEAS

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    14. Clélia Chevrier, 2009. "Sovereign Wealth Funds in Russia," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 73-81.
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    16. Mr. Mauricio Villafuerte & Mr. Rolando Ossowski & Mr. Theo Thomas & Mr. Paulo A Medas, 2008. "Managing the Oil Revenue Boom: The Role of Fiscal Institutions," IMF Occasional Papers 2008/003, International Monetary Fund.
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    Cited by:

    1. David M. Kemme & Bhavik Parikh & Tanja Steigner, 2021. "Inequality, autocracy, and sovereign funds as determinants of foreign portfolio equity flows," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(2), pages 249-278, June.
    2. Aktoty Aitzhanova & Shigeo Katsu & Johannes F. Linn & Vladislav Yezhov (ed.), 2014. "Kazakhstan 2050: Toward a Modern Society for All," Books, Emerging Markets Forum, edition 1, number kazakh2050, November.
    3. Olusegun Felix Ayadi & Ladelle M. Hyman & Johnnie Williams & Bettye Desselle, 2018. "How Effective Is Resource Stabilization Fund in a Mono-product Economy?," Global Business Review, International Management Institute, vol. 19(4), pages 842-858, August.

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    More about this item

    Keywords

    Sovereign Wealth Funds; Kazakhstan; Oil Fund;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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