IMF Working Papers Volume 2018 Issue 026: Commodity-based Sovereign Wealth Funds: Managing Financial Flows in the Context of the Sovereign Balance Sheet (2018)

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

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Abdullah Al-Hassan

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Sue Brake

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Mr. Michael G. Papaioannou

Mr. Michael G. Papaioannou
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Martin Skancke

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Series:: IMF Working Papers

Volume/Issue:: Volume 2018: Issue 026

Language:: English

Publication Date:: 09 Feb 2018

DOI:: https://doi.org/10.5089/9781484340967.001

ISBN:: 9781484340967

ISSN:: 1018-5941

Pages:: 35

Keywords:: 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

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2018: Issue 026

Language:: English

Publication Date:: 09 Feb 2018

DOI:: https://doi.org/10.5089/9781484340967.001

ISBN:: 9781484340967

ISSN:: 1018-5941

Pages:: 35

Keywords:: 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

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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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.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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