Kiel Working Papers, Kiel Institute for World Economics
No 1652:
Stabilization and Savings Funds to Manage Natural Resource Revenues: Kazakhstan and Azerbaijan vs. Norway
Matthias Lücke
Abstract: Do the sovereign wealth funds of Kazakhstan and Azerbaijan
promote the sustainable use of government oil revenues? We review the
operational rules and performance of the two funds and compare them to
Norway’s Government Pension Fund Global. The key challenges are to
stabilize government expenditures despite volatile resource prices, build
up a capital stock to draw on after the resource is depleted, and to save
and spend resource revenues transparently. We conclude that the
institutional framework of a resource fund may indeed enhance transparency
and public scrutiny, limit discretionary control, and sustain public
support for long-term savings of resource revenues
Keywords: resource-based development, sovereign wealth fund; (follow links to similar papers)
JEL-Codes: O13,; Q32,; L71; (follow links to similar papers)
25 pages, October 2010
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