IDEAS home Printed from https://ideas.repec.org/a/eee/enepol/v39y2011i10p6650-6657.html
   My bibliography  Save this article

The National Fund of the Republic of Kazakhstan (NFRK): From accumulation to stress-test to global future

Author

Listed:
  • Yelena, Kalyuzhnova

Abstract

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.

Suggested Citation

  • Yelena, Kalyuzhnova, 2011. "The National Fund of the Republic of Kazakhstan (NFRK): From accumulation to stress-test to global future," Energy Policy, Elsevier, vol. 39(10), pages 6650-6657, October.
  • Handle: RePEc:eee:enepol:v:39:y:2011:i:10:p:6650-6657
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0301421511006239
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Gylfason, Thorvaldur, 2001. "Nature, Power, and Growth," Scottish Journal of Political Economy, Scottish Economic Society, vol. 48(5), pages 558-588, November.
    2. Yongseok Shin & Rachel Glennerster, 2003. "Is Transparency Good for You, and Can the IMF Help?," IMF Working Papers 03/132, International Monetary Fund.
    3. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
    4. 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.
    5. 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.
    6. Paldam, Martin, 1997. "Dutch disease and rent seeking: The Greenland model," European Journal of Political Economy, Elsevier, vol. 13(3), pages 591-614, September.
    7. Serven, Luis & Solimano, Andres, 1989. "Private investment and macroeconomic adjustment : an overview," Policy Research Working Paper Series 339, The World Bank.
    8. Arrau, Patricio & Claessens, Stijn, 1992. "Commodity stabilization funds," Policy Research Working Paper Series 835, The World Bank.
    9. 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)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Akhmetov, Almaz, 2017. "Testing the Presence of the Dutch Disease in Kazakhstan," MPRA Paper 77936, University Library of Munich, Germany.
    2. Aitzhanova, Aktoty & Iskaliyeva, Anastassiya & Krishnaswamy, Venkataraman & Makauskas, Dmitry & Razavi, Hossein & Sartip, Ahmad Reza & Urazaliyeva, Aida, 2015. "A practical approach to oil wealth management: Application to the case of Kazakhstan," Energy Economics, Elsevier, vol. 47(C), pages 178-188.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. 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). General contact details of provider: http://www.elsevier.com/locate/enpol .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.