The National Fund of the Republic of Kazakhstan (NFRK): From accumulation to stress-test to global future
Sovereign Wealth Funds (SWF) have different titles, goals and rules, but they share the underlying objective of helping governments deal with the problems created by large and variable revenues (mainly from energy or other commodity related sectors). In Kazakhstan, such a fund (the National Fund of the Republic of Kazakhstan (NFRK)) was established in 2000. This fund operates as both a stabilisation and a savings fund. The first test for the NFRK was 2007-2009 financial crisis, where the NFRK "saved" the economy and guarantied its speedy recovery. The paper analyses the NFRK's operation up to 2007 and during the crisis years 2007-9, before drawing conclusions and implications for the future. Between 2001 and 2007 the NFRK conservatively accumulated assets, which proved to be useful in limiting the impact of the post-2007 crisis. However, the pre-2007 experience indicated structural weaknesses associated with discretionary executive authority and non-transparency. The paper concludes by observing that this history has created significant challenges for the future.
If you experience problems downloading a file, check if you have the proper application to view it first. 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.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
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.:
- Gylfason, Thorvaldur, 2001.
"Nature, Power, and Growth,"
Scottish Journal of Political Economy,
Scottish Economic Society, vol. 48(5), pages 558-588, November.
- Thorvaldur Gylfason, 2001. "Nature, Power, and Growth," CESifo Working Paper Series 413, CESifo Group Munich.
- Yongseok Shin & Rachel Glennerster, 2003. "Is Transparency Good for You, and Can the IMF Help?," IMF Working Papers 03/132, International Monetary Fund.
- Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
- Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc.
- Alonso A Segura Vasi, 2006. "Management of Oil Wealth Under the Permanent Income Hypothesis; The Case of São Tomé and Príncipe," IMF Working Papers 06/183, International Monetary Fund.
- Yelena Kalyuzhnova, 2006. "Overcoming the Curse of Hydrocarbon: Goals and Governance in the Oil Funds of Kazakhstan and Azerbaijan," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 48(4), pages 583-613, December.
- Paldam, Martin, 1997. "Dutch disease and rent seeking: The Greenland model," European Journal of Political Economy, Elsevier, vol. 13(3), pages 591-614, September.
- Serven, Luis & Solimano, Andres, 1989. "Private investment and macroeconomic adjustment : an overview," Policy Research Working Paper Series 339, The World Bank.
- Arrau, Patricio & Claessens, Stijn, 1992. "Commodity stabilization funds," Policy Research Working Paper Series 835, The World Bank.
- Ghiath Shabsigh & Nadeem Ilahi, 2007. "Looking Beyond the Fiscal; Do Oil Funds Bring Macroeconomic Stability?," IMF Working Papers 07/96, International Monetary Fund. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:eee:enepol:v:39:y:2011:i:10:p:6650-6657. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.