Oxford Review of Economic Policy volume 30, issue 1, P145-169 2014 DOI: 10.1093/oxrep/gru008 View full text
R. v. d. Ploeg

Abstract: The principles of how best to manage the various components of national wealth are outlined, where the permanent income hypothesis, the Hotelling rule and the Hartwick rule play a prominent role. As far as managing natural resource wealth is concerned, a case is made to use an intergenerational sovereign wealth fund to smooth consumption across generations, a liquidity fund for the precautionary buffers to deal with commodity price volatility, and an investment fund to park part of the windfall until the count…

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