Sovereign Wealth Funds: Current Institutional and Operational Practices

Hammer, Cornelia; Kunzel, Peter; Petrova, Iva

doi:10.2139/ssrn.1316722

Cited by 8 publications

(5 citation statements)

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“…However, a number of SWFs controlled and managed directly by the ministry of finance or the central bank. Even where the SWF is a separate legal entity, a large number of appointments to the SWFs’ board of directors are made by a government authority, and these appointments often include a number of seats for government officials (Hammer et al , 2008). Overall, it seems that most forms of SWFs are working under intensive supervision of government and parliament.…”

Section: Sovereign Wealth Funds’ Organizational and Governance Structurementioning

confidence: 99%

Investment strategies of sovereign wealth funds: the potential and challenges of empirical research

Alosaimi

Alfraih

2023

JFRC

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Purpose The purpose of this paper is to explore and evaluate the main segments of existing empirical literature related to Sovereign Wealth Funds (SWFs) and provide a thorough investigation of their research questions, theoretical frameworks, data selections and research methodologies. Design/methodology/approach The literature on SWFs has been split into three main streams: qualitative studies with theoretical contributions aiming to conceptualize the phenomenon of SWFs; normative assessments of the optimal asset allocations of SWFs; and empirical works that aim to investigate different perspectives of SWFs. The paper attempts to review the state of existing literature relating to these areas by answering specific questions. Findings Despite their significant size and potential impact, the literature on SWFs seems to be still in its infancy. The paper collects insights from previous literature, addresses its difficulties and challenges. Research limitations/implications The characteristics of the previous empirical literature and the challenges facing this line of research offer an insightful thought for the future research works in this topic. Originality/value The paper offers a thorough assessment of the existing empirical research on SWFs and shade some light on the techniques and procedures used.

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Section: Sovereign Wealth Funds’ Organizational and Governance Structurementioning

confidence: 99%

Investment strategies of sovereign wealth funds: the potential and challenges of empirical research

Alosaimi

Alfraih

2023

JFRC

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“…56. See discussion on SWFs and internal audit and compliance in Hammer, Kunzel, and Petrova (2008). 57.…”

Section: Notesmentioning

confidence: 99%

Strategic Investment Funds: Establishment and Operations

Divakaran¹,

Halland²,

Lorenzato³

et al. 2022

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Some rights reserved 1 2 3 4 25 24 23 22 Books in this series are published to communicate the results of World Bank research, analysis, and operational experience with the least possible delay. The extent of language editing varies from book to book.This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this work and does not assume responsibility for any errors, omissions, or discrepancies in the information, or liability with respect to the use of or failure to use the information, methods, processes, or conclusions set forth. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries.Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved.

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“…Notwithstanding their main macroeconomic objectives, SWFs have significant other effects on macroeconomic policy. The focus in this analysis is on commodity-based stabilization SWFs, which are designed to 5 See Hammer, Kunzel, and Petrova, 2008;Das, Lu, Mulder, and Sy, 2009. 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 fit closely the respective country's policy framework by minimizing the distortions that large and volatile commodity flows might cause to the fiscal accounts, inflation, and the exchange rate.…”

Section: Macrofinacial Linkages Of the Swf Managementmentioning

confidence: 99%

Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds

Fund¹

2010

IMF Working Papers

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This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper analyses the links between the investment strategies of a commodity-based SWF and the macroeconomic framework of the owner country. We examine some basic macrofinancial linkages of an SWF's strategic asset allocation (SAA) strategies with regard to the government budget, monetary policy, and exchange rate movements. Based on a simple Markowitz-model framework, which integrates the specific objectives and constraints facing an SWF and the country's specific characteristics and macroeconomic vulnerabilities (especially in relation to commodity prices and prospective defined liabilities), we derive an SAA. The asset-liability methodology that is applied in the selection of an SWF SAA also allows assessing whether (i) the SAA adequately takes into account the country-specific risks and vulnerabilities, and (ii) its objectives and macrofinancial constraints are consistent. Some analytical and practical issues in determining an SAA model are also discussed, along with key effects of a financial crisis.

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Sovereign Wealth Funds: Current Institutional and Operational Practices

Cited by 8 publications

References 0 publications

Investment strategies of sovereign wealth funds: the potential and challenges of empirical research

Investment strategies of sovereign wealth funds: the potential and challenges of empirical research

Strategic Investment Funds: Establishment and Operations

Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds

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