1932
0
  1. Home
  2. A-Z Publications
  3. Annual Review of Resource Economics
  4. Volume 14, 2022
  5. Article

Annual Review of Resource Economics

Volume 14, 2022

Sovereign Wealth Funds in Theory and Practice

Abstract

Are natural resources a curse or a blessing? The answer may depend on how natural wealth is managed. By transforming a temporary windfall into a permanent stock in the form of a sovereign wealth fund, resource-rich economies can avoid volatility and Dutch disease effects, save for future generations, and invest locally. We review the theory behind these resource funds and explore the empirical evidence for their success. Our review is complemented by case studies that highlight some of the more nuanced features, behavior, and effects of resource funds. While the theoretical research highlights the situational success of funds, empirical examinations are minimal. We discuss possible reasons for this gap in the literature and, in doing so, highlight some of the challenges associated with empirical research in this area and discuss possible paths forward.

Keyword(s): natural resources, sovereign wealth funds, survey
Loading

Article metrics loading...

/content/journals/10.1146/annurev-resource-111920-015758
2022-10-05
2024-04-20
Loading full text...

Full text loading...

/deliver/fulltext/resource/14/1/annurev-resource-111920-015758.html?itemId=/content/journals/10.1146/annurev-resource-111920-015758&mimeType=html&fmt=ahah

Literature Cited

  1. Ades A, Di Tella R. 1999. Rents, competition, and corruption. Am. Econ. Rev. 89:4982–93
     [Google Scholar]
  2. Agénor PR. 2016. Optimal fiscal management of commodity price shocks. J. Dev. Econ. 122:183–96
     [Google Scholar]
  3. Aizenman J, Glick R. 2009. Sovereign wealth funds: stylized facts about their determinants and governance. Int. Finance 12:3351–86
     [Google Scholar]
  4. Aizenman J, Marion NP. 1993. Policy uncertainty, persistence and growth. Rev. Int. Econ. 1:2145–63
     [Google Scholar]
  5. Allcott H, Keniston D. 2018. Dutch disease or agglomeration? The local economic effects of natural resource booms in modern America. Rev. Econ. Stud. 85:2695–731
     [Google Scholar]
  6. Alquist R, Kilian L, Vigfusson RJ 2013. Forecasting the price of oil. Handbook of Economic Forecasting, Vol. 2 G Elliott, A Timmermann 427–507 Amsterdam: Elsevier
     [Google Scholar]
  7. Amar J, Lecourt C, Kinon V. 2018. Is the emergence of new sovereign wealth funds a fashion phenomenon?. Rev. World Econ. 154:4835–73
     [Google Scholar]
  8. Arezki R, Brückner M. 2011. Oil rents, corruption, and state stability: evidence from panel data regressions. Eur. Econ. Rev. 55:7955–63
     [Google Scholar]
  9. Arezki R, Ramey VA, Sheng L. 2017. News shocks in open economies: evidence from giant oil discoveries. Q. J. Econ. 132:1103–55
     [Google Scholar]
  10. Asik G. 2017. Effectiveness of stabilization funds in managing volatility in oil-rich countries Work. Pap., TOBB Univ. Econ. Technol. Ankara: https://www.qeh.ox.ac.uk/sites/www.odid.ox.ac.uk/files/Asik-Effectiveness%20of%20Stabilization%20Funds.pdf
  11. Ayadi OF, Adegbite EO. 2018. The role of oil fund and institutional quality in moderating volatility in Nigeria. Int. J. Sustain. Econ. Manag. 7:41–15
     [Google Scholar]
  12. Bagattini GY. 2011. The political economy of stabilisation funds: measuring their success in resource-dependent countries. IDS Work. Pap. 2011:3561–60 https://onlinelibrary.wiley.com/doi/10.1111/j.2040-0209.2011.00356_2.x
    [Google Scholar]
  13. Balding C, Yao Y. 2011. Portfolio allocation for sovereign wealth funds in the shadow of commodity-based national wealth. Institutional Investors in Global Capital Markets N Boubraki, J Cosset 293–312 Bingley, UK: Emerald
     [Google Scholar]
  14. Bems R, de Carvalho Filho I. 2011. The current account and precautionary savings for exporters of exhaustible resources. J. Int. Econ. 84:148–64
     [Google Scholar]
  15. Berg A, Portillo R, Yang SCS, Zanna LF 2013. Public investment in resource-abundant developing countries. IMF Econ. Rev. 61:192–129
     [Google Scholar]
  16. Berman M. 2018. Resource rents, universal basic income, and poverty among Alaska's Indigenous peoples. World Dev. 106:161–72
     [Google Scholar]
  17. Bernstein S, Lerner J, Schoar A. 2013. The investment strategies of sovereign wealth funds. J. Econ. Perspect. 27:2219–38
     [Google Scholar]
  18. Bhattacharyya S, Hodler R. 2010. Natural resources, democracy and corruption. Eur. Econ. Rev. 54:4608–21
     [Google Scholar]
  19. Bibler A, Guettabi M, Reimer M. 2019. Universal cash transfers and labor market outcomes Work. Pap., Univ. Nev., Las Vegas/Inst. Soc. Econ. Res., Anchorage/Univ. Calif. Davis: https://doi.org/10.2139/ssrn.3357230
    [Crossref]
  20. Bjørnland HC, Thorsrud LA, Torvik R. 2019. Dutch disease dynamics reconsidered. Eur. Econ. Rev. 119:411–33
     [Google Scholar]
  21. Bolton P, Samama F, Stiglitz JE. 2012. Sovereign Wealth Funds and Long-Term Investing New York: Columbia Univ. Press
  22. Bornhorst F, Gupta S, Thornton J 2009. Natural resource endowments and the domestic revenue effort. Eur. J. Political Econ. 25:4439–46
     [Google Scholar]
  23. Brollo F, Nannicini T, Perotti R, Tabellini G. 2013. The political resource curse. Am. Econ. Rev. 103:51759–96
     [Google Scholar]
  24. Brunnschweiler CN, Bulte EH. 2008. The resource curse revisited and revised: a tale of paradoxes and red herrings. J. Environ. Econ. Manag. 55:3248–64
     [Google Scholar]
  25. Carpantier JF, Vermeulen W. 2018. Emergence of sovereign wealth funds. J. Commod. Mark. 11:1–21
     [Google Scholar]
  26. Carpantier JF, Vermeulen WN. 2021. Success and failures of SWFs Discuss. Pap. 2021006, Inst. Rech. Econ. Soc. Louvain, Belg:.
  27. Carroll CD, Kimball MS. 2006. Precautionary saving and precautionary wealth. Work. Pap. 2006/02, Cent. Financ. Stud., Goethe Univ. Frankfurt, Ger: https://www.econstor.eu/bitstream/10419/72640/1/06_02.pdf
  28. Caselli F, Michaels G. 2013. Do oil windfall improve living standards? Evidence from Brazil. Am. Econ. J. Appl. Econ. 5:1208–38
     [Google Scholar]
  29. Caselli F, Tesei A. 2016. Resource windfalls, political regimes, and political stability. Rev. Econ. Stat. 98:3573–90
     [Google Scholar]
  30. Chakrabortty A. 2014. Dude, where's my North Sea oil money?. The Guardian Jan. 13. https://www.theguardian.com/commentisfree/2014/jan/13/north-sea-oil-money-uk-norwegians-fund
    [Google Scholar]
  31. Chambers D, Dimson E, Ilmanen A. 2012. The Norway model. J. Portf. Manag. 38:267–81
     [Google Scholar]
  32. Chambers D, Dimson E, Ilmanen A. 2021. The Norway model in perspective. J. Portf. Manag. 47:5178–87
     [Google Scholar]
  33. Chang HJ, Lebdioui A. 2020. From fiscal stabilization to economic diversification: a developmental approach to managing resource revenues. Work. Pap. 2020/108, World Econ. Dev. Inst. Res. Helsinki: https://www.econstor.eu/handle/10419/229332
  34. Cherif R, Hasanov F. 2013. Oil exporters' dilemma: how much to save and how much to invest. World Dev. 52:120–31
     [Google Scholar]
  35. Cherry TL, Frykblom P, Shogren J. 2002. Hardnose the dictator. Am. Econ. Rev. 92:41218–21
     [Google Scholar]
  36. Collier P, Hoeffler A. 2005a. Democracy and resource rents Work. Pap., Univ. Oxford Oxford, UK:
  37. Collier P, Hoeffler A. 2005b. Resource rents, governance, and conflict. J. Confl. Resolut. 49:4625–33
     [Google Scholar]
  38. Collier P, van der Ploeg R, Spence M, Venables AJ 2010. Managing resource revenues in developing economies. IMF Staff Pap. 57:184–118
     [Google Scholar]
  39. Corden WM, Neary JP. 1982. Booming sector and de-industrialisation in a small open economy. Econ. J. 92:368825–48
     [Google Scholar]
  40. Crain M, Devlin J. 2003. Nonrenewable resource funds: a red herring for fiscal stability? Paper presented at Annual Meeting of the American Political Science Association Philadelphia: Aug. 28–31
  41. Cust J, Harding T. 2020. Institutions and the location of oil exploration. J. Eur. Econ. Assoc. 18:31321–50
     [Google Scholar]
  42. Daniel P, Keen M, McPherson C. 2010. The Taxation of Petroleum and Minerals: Principles, Problems and Practice. New York: Routledge
  43. Danková K, Servátka M. 2015. The house money effect and negative reciprocity. J. Econ. Psychol. 48:60–71
     [Google Scholar]
  44. Davis GA. 2011. The resource drag. Int. Econ. Econ. Policy 8:2155–76
     [Google Scholar]
  45. Davis J, Ossowski R, Daniel J, Barnett S 2001. Stabilization and savings funds for non-renewable resources Occas. Pap. 205, Int. Monet. Fund Washington, DC:
  46. Devarajan S. 2019. How to use oil revenues efficiently. Institutions and Macroeconomic Policies in Resource-Rich Arab Economies K Mohaddes, JB Nugent, H Selim 218–36 Oxford, UK: Oxford Univ. Press
     [Google Scholar]
  47. Dixon AD, Monk AH. 2011. What role for sovereign wealth funds in Africa's development? Oil-to-Cash Initiat. Backgr. Pap., Cent. Glob. Dev. Washington, DC: https://www.cgdev.org/sites/default/files/archive/doc/Initiatives/Oil2Cash/Final_Formatted_Monk_and_Dixon_SWF_10.11.pdf
  48. Duclaud J, Garcia G. 2012. Mexico's oil price hedging program. Commodity Price Volatility and Inclusive Growth in Low-Income Countries R Arezki, CA Pattillo, M Quintyn, M Zhu 297–314 Washington, DC: Int. Monet. Fund
     [Google Scholar]
  49. Eastwood RK, Venables AJ. 1982. The macroeconomic implications of a resource discovery in an open economy. Econ. J. 92:366285–99
     [Google Scholar]
  50. Eldredge CD. 2019. Capability and need: a framework for understanding why states create sovereign wealth funds. World Econ. 42:51495–519
     [Google Scholar]
  51. Flug K, Spilimbergo A, Wachtenheim E. 1998. Investment in education: Do economic volatility and credit constraints matter?. J. Dev. Econ. 55:2465–81
     [Google Scholar]
  52. Foster CHW, Foster FH. 2014. The Massachusetts Environmental Trust. Ecol. Law Q. 41:751–840
     [Google Scholar]
  53. Friedman M. 1957. A Theory of the Consumption Function Princeton, NJ: Princeton Univ. Press
  54. Frynas JG. 2017. Sovereign wealth funds and the resource curse. Oxford Handbook of Sovereign Wealth Funds D Cumming, G Wood, I Filatotchev, J Reinecke 123–42 New York: Oxford Univ. Press
     [Google Scholar]
  55. Gintschel A, Scherer B. 2008. Optimal asset allocation for sovereign wealth funds. J. Asset Manag. 9:3215–38
     [Google Scholar]
  56. Gylfason T, Herbertsson TT, Zoega G. 1999. A mixed blessing: natural resources and economic growth. Macroecon. Dyn. 3:2204–25
     [Google Scholar]
  57. Hamilton JD. 2009. Understanding crude oil prices. Energy J. 30:2179–206
     [Google Scholar]
  58. Hartwick JM. 1977. Intergenerational equity and the investing of rents from exhaustible resources. Am. Econ. Rev. 67:5972–74
     [Google Scholar]
  59. Herb M. 2005. No representation without taxation? Rents, development, and democracy. Comp. Politics 37:3297–316
     [Google Scholar]
  60. Int. Monet. Fund 2021. Managing natural resource wealth, FY2021 Annu. Rep., Int. Monet. Fund Washington, DC: https://www.imf.org/en/Capacity-Development/trust-fund/MNRW-TTF
  61. James A. 2015a. The resource curse: a statistical mirage?. J. Dev. Econ. 114:55–63
     [Google Scholar]
  62. James A. 2015b. US state fiscal policy and natural resources. Am. Econ. J. Econ. Policy 7:3238–57
     [Google Scholar]
  63. James A. 2016. The long-run vanity of Prudhoe Bay. Resour. Policy 50:270–75
     [Google Scholar]
  64. James A. 2019. Fata morganas in oil-rich, institution-poor economies. Resour. Policy 60:234–42
     [Google Scholar]
  65. James A, Rivera N. 2021. Oil, politics, and corrupt bastards. Work. Pap., Univ. Alsk. Anchorage: https://tinyurl.com/oilpoliticscorrupt
  66. Kaufmann D, Kraay A, Mastruzzi M. 2009. Governance matters. VIII. Aggregate and individual governance indicators, 1996–2008 Policy Res. Work. Pap. 4978, World Bank Washington, DC: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1424591
  67. Kimball M. 1990. Precautionary saving in the small and in the large. Econometrica 58:153–73
     [Google Scholar]
  68. Koh WC. 2017. Fiscal policy in oil-exporting countries: the roles of oil funds and institutional quality. Rev. Dev. Econ. 21:3567–90
     [Google Scholar]
  69. Krugman P. 1987. The narrow moving band, the Dutch disease, and the competitive consequences of Mrs. Thatcher: notes on trade in the presence of dynamic scale economies. J. Dev. Econ. 27:1–241–55
     [Google Scholar]
  70. Kudrin A. 2007. Stabilization funds: international and Russian experience. Probl. Econ. Transit. 50:16–26
     [Google Scholar]
  71. Kueng L. 2018. Excess sensitivity of high-income consumers. Q. J. Econ. 133:41693–751
     [Google Scholar]
  72. Leite MC, Weidmann J. 1999. Does Mother Nature Corrupt? Natural Resources, Corruption, and Economic Growth Washington, DC: Int. Monet. Fund
  73. Maire J, Mazarei A, Truman EM. 2021. Sovereign wealth funds are growing more slowly, and governance issues remain. Policy Brief 21-3, Peterson Inst. Int. Econ. Washington, DC: https://ideas.repec.org/p/iie/pbrief/pb21-3.html
  74. Manley D, Myers K. 2015. Did the UK miss out on £400 billion worth of oil revenue?. Crystol Energy Blog Oct. 5. https://www.crystolenergy.com/did-the-uk-miss-out-on-400-billion-worth-of-oil-revenue-keith-myers-and-david-manley-nrgi/
    [Google Scholar]
  75. Manzano O, Scrofina JS. 2013. Resource revenue management in Venezuela: a consumption-based poverty reduction strategy Rep., Nat. Gov. Resour. Inst. London: https://resourcegovernance.org/analysis-tools/publications/resource-revenue-management-venezuela-consumption-based-poverty
  76. Markowitz H. 1952. Portfolio selection. J. Finance 1:777–91
     [Google Scholar]
  77. Markowitz H. 1959. Portfolio selection: efficient diversification of investments Monogr. 16, Cowles Found. Res. Econ., Yale Univ. New Haven, CT:
  78. Matsen E, Torvik R. 2005. Optimal Dutch disease. J. Dev. Econ. 78:2494–515
     [Google Scholar]
  79. McIntosh CR, Wilmot NA, Dinneen A, Shogren JF. 2021. Minnesota—too late for a sovereign wealth fund?. Miner. Econ. https://doi.org/10.1007/s13563-021-00258-3
    [Crossref] [Google Scholar]
  80. Mideksa TK. 2013. The economic impact of natural resources. J. Environ. Econ. Manag. 65:2277–89
     [Google Scholar]
  81. Mohaddes K, Raissi M. 2017. Do sovereign wealth funds dampen the negative effects of commodity price volatility?. J. Commod. Mark. 8:18–27
     [Google Scholar]
  82. Moore M, Rakner L. 2002. The new politics of taxation and accountability in developing countries. IDS Bull. 33:31–9
     [Google Scholar]
  83. Nillesen E, Bulte E. 2014. Natural resources and violent conflict. Annu. Rev. Resour. Econ. 6:69–83
     [Google Scholar]
  84. NMSIC (N. M. State Invest. Counc.) 2020. Anniversary report 2018: 60 years Rep., NMSIC, Santa Fe www.sic.state.nm.us/wp-content/uploads/2021/04/NMSIC_60thAnniversaryReport_2018-1.pdf
  85. NOĒMA. 2020. Share the wealth as we recover health. NOĒMAMagazine June 9. www.noemamag.com/joe-stiglitz-ray-dalio-share-the-wealth-as-we-recover-health/
    [Google Scholar]
  86. OPEC 2020. Oil data: upstream Data Set, OPEC, Vienna asb.opec.org/ASB_Charts.html?chapter=126
  87. Ossowski MR, Villafuerte MM, Thomas MT, Medas MPA et al. 2008. Managing the oil revenue boom: the role of fiscal institutions. Occas. Pap. 2008/003, Int. Monet. Fund. Washington, DC: https://ideas.repec.org/p/imf/imfops/2008-003.html
  88. Ouoba Y. 2020. Natural resources fund types and capital accumulation: a comparative analysis. Resour. Policy 66:101635
     [Google Scholar]
  89. Ramey G, Ramey VA. 1995. Cross-country evidence on the link between volatility and growth. Am. Econ. Rev. 85:51138–51
     [Google Scholar]
  90. Ross M, Mahdavi P. 2015. Oil and gas data, 1932–2014 Data Set, Harvard Dataverse. https://doi.org/10.7910/DVN/ZTPW0Y
    [Crossref] [Google Scholar]
  91. Ross ML. 2004. Does taxation lead to representation?. Br. J. Political Sci. 34:2229–49
     [Google Scholar]
  92. Sachs JD, Warner A. 1995. Natural resource abundance and economic growth NBER Work. Pap. 5398
  93. Sachs JD, Warner A. 2001. The curse of natural resources. Eur. Econ. Rev. 45:4–6827–38
     [Google Scholar]
  94. Scherer B. 2009. A note on portfolio choice for sovereign wealth funds. Financ. Mark. Portf. Manag. 23:3315–27
     [Google Scholar]
  95. Scherer B. 2010. Portfolio choice for oil based sovereign wealth funds. Central Bank Reserves and Sovereign Wealth Management AB Berkelaar, J Coche, K Nyholm 231–46 Berlin: Springer
     [Google Scholar]
  96. Shabsigh G, Ilahi N. 2007. Looking beyond the fiscal: Do oil funds bring macroeconomic stability? Work. Pap. 07/96, Int. Monet. Fund Washington, DC: https://doi.org/10.5089/9781451866605.001
    [Crossref]
  97. Sharpe WF. 1964. Capital asset prices: a theory of market equilibrium under conditions of risk. J. Finance 19:3425–42
     [Google Scholar]
  98. Smith B. 2015. The resource curse exorcised: evidence from a panel of countries. J. Dev. Econ. 116:57–73
     [Google Scholar]
  99. Sugawara N. 2014. From volatility to stability in expenditure: stabilization funds in resource-rich countries. Work. Pap. 14/43, Int. Monet. Fund Washington, DC: https://doi.org/10.5089/9781475515275.001
    [Crossref]
  100. Tazhibayeva K, Ter-Martirosyan A, Husain A. 2008. Fiscal policy and economic cycles in oil-exporting countries. Work. Pap. 08/253, Int. Monet. Fund Washington, DC: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1316721
  101. Thaler R. 1990. Anomalies: saving, fungibility, and mental accounts. J. Econ. Perspect. 4:1193–205
     [Google Scholar]
  102. Tobin J. 1958. Liquidity preference as behavior towards risk. Rev. Econ. Stud. 25:265–86
     [Google Scholar]
  103. Torvik R. 2002. Natural resources, rent seeking and welfare. J. Dev. Econ. 67:2455–70
     [Google Scholar]
  104. Treisman D. 2000. The causes of corruption: a cross-national study. J. Public Econ. 76:3399–457
     [Google Scholar]
  105. Truman EM. 2007. A scoreboard for sovereign wealth funds. Paper presented at the Conference on China's Exchange Rate Policy, Peterson Inst. Int. Econ. Washington, DC: Oct. 19. https://www.piie.com/sites/default/files/publications/papers/truman1007swf.pdf
  106. Truman EM. 2009. A blueprint for sovereign wealth fund best practices. Rev. Econ. Financ. 9:1429–51
     [Google Scholar]
  107. Tsani S. 2013. Natural resources, governance and institutional quality: the role of resource funds. Resour. Policy 38:2181–95
     [Google Scholar]
  108. Tsani S. 2015. On the relationship between resource funds, governance and institutions: evidence from quantile regression analysis. Resour. Policy 44:C94–111
     [Google Scholar]
  109. Tsui KK. 2011. More oil, less democracy: evidence from worldwide crude oil discoveries. Econ. J. 121:55189–115
     [Google Scholar]
  110. van den Bremer T, van der Ploeg F, Wills S. 2016. The elephant in the ground: managing oil and sovereign wealth. Eur. Econ. Rev. 82:113–31
     [Google Scholar]
  111. van den Bremer TS, van der Ploeg F. 2013. Managing and harnessing volatile oil windfalls. IMF Econ. Rev. 61:1130–67
     [Google Scholar]
  112. van der Ploeg F. 2010. Aggressive oil extraction and precautionary saving: coping with volatility. J. Public Econ. 94:5–6421–33
     [Google Scholar]
  113. van der Ploeg F. 2012. Bottlenecks in ramping up public investment. Int. Tax Public Finance 19:4509–38
     [Google Scholar]
  114. van der Ploeg F, Poelhekke S. 2009. Volatility and the natural resource curse. Oxf. Econ. Pap. 61:4727–60
     [Google Scholar]
  115. van der Ploeg F, Venables AJ. 2011. Harnessing windfall revenues: optimal policies for resource-rich developing economies. Econ. J. 121:5511–30
     [Google Scholar]
  116. van der Ploeg F, Venables AJ. 2013. Absorbing a windfall of foreign exchange: Dutch disease dynamics. J. Dev. Econ. 103:229–43
     [Google Scholar]
  117. van der Ploeg F, Venables AJ. 2017. Extractive revenues and government spending: short- versus long-term considerations Work. Pap., World Inst. Dev. Econ. Res. Helsinki: https://www.econstor.eu/handle/10419/161609
  118. van Wijnbergen S. 1984. Inflation, employment, and the Dutch disease in oil-exporting countries: a short-run disequilibrium analysis. Q. J. Econ. 2:99233–50
     [Google Scholar]
  119. Venables A, Wills S. 2016. Resource funds: stabilizing, parking, and intergenerational transfer. J. Afr. Econ. 25:ii20–40
     [Google Scholar]
  120. Vicente P. 2010. Does oil corrupt? Evidence from a natural experiment in West Africa. J. Dev. Econ. 92:128–38
     [Google Scholar]
  121. Watson B, Guettabi M, Reimer M. 2019. Universal cash transfers reduce childhood obesity rates. Work. Pap., Inst. Soc. Econ. Res., Anchorage/Univ. Calif. Davis: https://doi.org/10.2139/ssrn.3380033
    [Crossref]
  122. Watson B, Guettabi M, Reimer M. 2020. Universal cash and crime. Rev. Econ. Stat. 102:4678–89
     [Google Scholar]
  123. Williams A. 2008. New Mexico's land grant and severance tax permanent funds: renewable wealth from non-renewable resources. Nat. Resour. J. 48:3719–43
     [Google Scholar]
  124. Wills S. 2018. Leave the volatility fund alone: principles for managing oil wealth. J. Macroecon. 55:332–52
     [Google Scholar]
  125. Wills S. 2019. Optimal monetary responses to news of an oil discovery Work. Pap., Cent. Anal. Res. Rich Econ. Oxford, UK:
  126. World Bank 2021a. Merchandise exports (current US$)—Chile Data Set, World Bank https://data.worldbank.org/indicator/TX.VAL.MRCH.CD.WT?locations=CL
    [Google Scholar]
  127. World Bank 2021b. Ores and metals exports (% of merchandise exports)—Chile Data Set, World Bank https://data.worldbank.org/indicator/TX.VAL.MMTL.ZS.UN
    [Google Scholar]
/content/journals/10.1146/annurev-resource-111920-015758
Loading
Sovereign Wealth Funds in Theory and Practice
Annual Review of Resource Economics 14, 621 (2022); https://doi.org/10.1146/annurev-resource-111920-015758
/content/journals/10.1146/annurev-resource-111920-015758
/content/journals/10.1146/annurev-resource-111920-015758
Loading

Data & Media loading...

  • Article Type: Review Article

Most Cited Most Cited RSS feed

This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error