Managing Public Investment Funds: Best Practices and New Challenges

Olivia Mitchell, John Piggott () and Cagri Seda Kumru

No 14078, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and similarities. We review previous studies on ways to better secure prudent and economically sound public fund management practices in these funds, as well as how to evaluate their governance and investment policies and how to better protect the assets from political interference. Drawing from the pension and corporate finance literature, we also link their management to governance practices and country-specific characteristics, and contrast those with empirical findings on linkages with corporate governance.

JEL-codes: G18 G2 G22 G23 G28 G32 H5 H54 H55 (search for similar items in EconPapers)
Date: Written 2008-06
Note: AG PE
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