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

Abdullah Al-Hassan, Sue Brake, Michael Papaioannou and Martin Skancke

No 18/26, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: Sovereign wealth funds; Commodity prices; Asset management; Liability management; Risk management; Balance sheets; sovereign asset and liability management, financing gap, investment management, macroeconomic coordination, Portfolio Choice (search for similar items in EconPapers)
Date: 2018-02-09
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