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Managing Commodity Risk: Can Sovereign Funds Help?

  • Marie Briere

A number of countries have recently responded to high and volatile commodity prices by setting up commodity funds. In several cases, these funds have proved effective in stabilising government spending and boosting savings, but on the whole they have unfortunately not achieved the hoped-for results. In many cases, resources initially allocated to sovereign funds were later commandeered by the government and ultimately squandered. In this paper we review past experiences with commodity funds and discuss incentives that can be used to ensure that commodity risk is managed with greater efficiency and that funds are more autonomous, a vital prerequisite to meeting their original aims.

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Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 10-056.

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Length: 10 p.
Date of creation: Nov 2010
Date of revision:
Publication status: Published by:
Handle: RePEc:sol:wpaper:2013/69730
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  1. Leandro Medina, 2010. "The Dynamic Effects of Commodity Priceson Fiscal Performance in Latin America," IMF Working Papers 10/192, International Monetary Fund.
  2. Eduardo M.R.A. Engel & Rodrigo Valdés, 2000. "Optimal Fiscal Strategy for Oil Exporting Countries," Documentos de Trabajo 78, Centro de Economía Aplicada, Universidad de Chile.
  3. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
  4. Gylfason, Thorvaldur, 2000. "Natural Resources, Education, and Economic Development," CEPR Discussion Papers 2594, C.E.P.R. Discussion Papers.
  5. Zvi Bodie & Robert C. Merton & William F. Samuelson, 1992. "Labor Supply Flexibility and Portfolio Choice in a Life-Cycle Model," NBER Working Papers 3954, National Bureau of Economic Research, Inc.
  6. Paulo A. Medas & Eric Le Borgne, 2007. "Sovereign Wealth Funds in the Pacific Island Countries; Macro-Fiscal Linkages," IMF Working Papers 07/297, International Monetary Fund.
  7. Merton, Robert C, 1969. "Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case," The Review of Economics and Statistics, MIT Press, vol. 51(3), pages 247-57, August.
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