کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5066605 1476786 2016 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The Elephant In The Ground: Managing Oil And Sovereign Wealth
ترجمه فارسی عنوان
فیل در زمین: مدیریت نفت و ثروت حاکم
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی

One of the most important developments in international finance and resource economics in the past twenty years is the rapid and widespread emergence of the $6 trillion sovereign wealth fund industry. Oil exporters typically ignore below-ground assets when allocating these funds, and ignore above-ground assets when extracting oil. We present a unified stylized framework for considering both. Subsoil oil should alter a fund's portfolio through additional leverage and hedging. First-best spending should be a share of total wealth, and any unhedgeable volatility must be managed by precautionary savings. If oil prices are pro-cyclical, oil should be extracted faster than the Hotelling rule to generate a risk premium on oil wealth. Finally, we discuss how our analysis could improve the management of Norway's fund in practice.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 82, February 2016, Pages 113-131
نویسندگان
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