Commodity-based Sovereign Wealth Funds: Managing Financial Flows in the Context of the Sovereign Balance Sheet

Author: Abdullah Alhassan, Sue Brake, Mr. Michael G. Papaioannou, and Martin Skancke

Commodity-based Sovereign Wealth Funds

Volume/Issue: Volume 2018 Issue 026

Publication date: February 2018

ISBN: 9781484340967

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Topics covered in this book

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Public Finance , WP , asset , price , financial asset , liquidity , commodity , sovereign wealth funds , sovereign asset and liability management , financing gap , investment management , risk management , macroeconomic coordination , SWF assets , SWF management , investment strategy , asset accumulation , net asset position , SWF balance sheet , asset allocation perspective , negative carry , SWF inflow , SWF performance , SWF owner country , opportunity cost , Financial statements , Government debt management , Government asset and liability management , Global

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Summary

Commodity-based sovereign wealth funds (SWFs) have been at a crossroads following the recent fall in commodity prices. This paper provides a framework for commodity-based SWF management, focusing on stabilization and savings funds, by (i) examining macrofiscal linkages for SWFs; (ii) presenting an integrated sovereign asset and liability management (SALM) approach to SWF management; and (iii) applying this framework to a scenario where assets are being accumulated and to a scenario where the SWF is drawn on to cover a financing gap due to lower commodity prices.