Sovereign Wealth Funds in Resource Economies: Institutional and Fiscal Foundations (Hardcover)

Sovereign Wealth Funds in Resource Economies: Institutional and Fiscal Foundations By Khalid Alsweilem, Malan Rietveld Cover Image
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Sovereign wealth funds (SWFs) have reached a transitional moment. Created as a way to direct excess wealth toward economic development and long-term financial returns, some countries are now seeing a decline in revenue from sources such as oil. Many SWFs are now facing a new challenge--how to spend sustainably without depleting the funds. Sovereign Wealth Funds in Resource Economies explains the fiscal rules and institutional structures that can make SWFs thrive, providing a practical and theoretical guide to their optimal use in resource-revenue management.

Khalid Alsweilem and Malan Rietveld put forward an institutional perspective of SWFs as quasi-independent political and economic entities charged with managing national resource wealth, examining both investment and disbursement strategies. They advance a systematic, rule-based approach, suggesting when to accumulate and when to begin countercyclical spending based on concrete case studies. More than a mere financial portfolio, SWFs must be embedded in a credible fiscal and institutional framework if they are to contribute to improved economic performance. Alsweilem and Rietveld consider the variety of relationships that exist between SWFs and their governments, exploring the legal and policy side of the institutional approach. Their rule-based description of SWFs, since it allows tailoring and adjustment and invokes rules of thumb and best practices, is intended to be widely applicable across the diverse spectrum of global SWFs. Bringing together the practitioner perspective and scholarly expertise, this book will be invaluable for global policy makers and scholars working with sovereign wealth funds.

About the Author

Khalid Alsweilem is a visiting scholar with Stanford University Global Projects Center. He is a former fellow at the Belfer Center at Harvard University. Alsweilem is the former chief counselor and head of investment at the Saudi Arabian Monetary Agency (SAMA). He is one of the longest serving and most successful sovereign investment practitioners, having held senior investment positions at SAMA for over two decades. Alsweilem was a lead author for three recent papers on sovereign funds models and institutions that were published by Harvard University. Malan Rietveld is a fellow at the Columbia Center on Sustainable Investment at Columbia University and was previously a fellow at the Center for International Development at the Harvard Kennedy School. He is the editor of several books on sovereign wealth funds, including The New Frontiers of Sovereign Investment (Columbia, 2017, with Perrine Toledano). He has advised several sovereign wealth funds on governance, management, and strategic issues.

Product Details
ISBN: 9780231183543
ISBN-10: 0231183542
Publisher: Columbia University Press
Publication Date: October 17th, 2017
Pages: 304
Language: English