05695oam 22011774 450 991078840950332120230721050911.01-4623-4774-61-4527-3799-11-283-51328-597866138257351-4519-1313-3(CKB)3360000000443565(EBL)1607680(SSID)ssj0000948647(PQKBManifestationID)11589719(PQKBTitleCode)TC0000948647(PQKBWorkID)10950393(PQKB)10649837(OCoLC)535146975(MiAaPQ)EBC1607680(IMF)WPIEE2007297(EXLCZ)99336000000044356520020129d2007 uf 0engur|n|---|||||txtccrSovereign Wealth Funds in the Pacific Island Countries : Macro-Fiscal Linkages /Paulo Medas, Eric Le BorgneWashington, D.C. :International Monetary Fund,2007.1 online resource (31 p.)IMF Working Papers"December 2007."At head of title: Fiscal Affairs Department.1-4518-6860-X Includes bibliographical references (p. 24-25).Contents; I. Introduction; II. Characteristics of the Pacific Island Economies; Figures; 1. Recent Economic Developments in the Pacific Islands Countries; 2. Size and Volatility of Revenue and Grants, 1990-2004; III. Overview of the Funds; A. Objectives; B. Revenue Sources; C. Withdrawal Rules; Boxes; 1. The Withdrawal Structure of Tuvalu's Sovereign Wealth Fund; D. Governance Structure; IV. Assessment of the Funds' Effectiveness; A. Did the Funds Achieve Their Objectives?; 2. International Experience with Non-Renewable Resource Funds; 3. Expenditure Volatility in the Pacific Island CountriesB. A Qualitative Assessment4. State of Public Financial Management in Selected PICs; Tables; 1. Pacific Island Countries: Sovereign Wealth Funds' Assets and Public Debt Levels; V. Conclusions and Policy Recommendations; References; A.1. Pacific Island Countries: Basic Geographic, Social, and Economic Indicators; A.2. Pacific Island Countries: Central Government Fiscal Indicators; A.3. Operational Rules of Selected Pacific Islands Sovereign Wealth Funds; A.1. PICs: Revenue Volatility and Sovereign Wealth Funds, 1990-2004A.2. Structure of the Marshall Islands and Micronesia Sovereign Wealth FundsThis paper looks at the role Sovereign Wealth Funds have played in the Pacific Island Countries in achieving key macro-fiscal policy objectives, namely, protecting the budget from high revenue volatility and strengthening fiscal prospects. Evidence shows that the funds' effectiveness has been hampered by lack of integration with the budget, institutional weaknesses, and inadequate controls. These factors, together with weak asset management, have sometimes led to substantial financial losses and undermined fiscal policy. Funds, if well designed, could be used as a tool to support a sound fiscal framework, but should not be seen as a substitute for fiscal reforms.IMF Working Papers; Working Paper ;No. 2007/297WealthIslands of the PacificManagementFiscal policyIslands of the PacificFinance, PublicIslands of the PacificBudgetingimfFinancial Risk ManagementimfPublic FinanceimfNational BudgetimfBudget SystemsimfFiscal PolicyimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfNational Government Expenditures and Related Policies: GeneralimfBudgeting & financial managementimfMacroeconomicsimfFinanceimfPublic finance & taxationimfBudget planning and preparationimfFiscal policyimfSovereign wealth fundsimfPublic financial management (PFM)imfExtra-budgetary fundsimfBudgetimfFinance, PublicimfMarshall Islands, Republic of theimfWealthManagement.Fiscal policyFinance, PublicBudgetingFinancial Risk ManagementPublic FinanceNational BudgetBudget SystemsFiscal PolicyPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsNational Government Expenditures and Related Policies: GeneralBudgeting & financial managementMacroeconomicsFinancePublic finance & taxationBudget planning and preparationFiscal policySovereign wealth fundsPublic financial management (PFM)Extra-budgetary fundsBudgetFinance, PublicMedas Paulo1493443Le Borgne Eric1463985International Monetary Fund.Fiscal Affairs Dept.DcWaIMFBOOK9910788409503321Sovereign Wealth Funds in the Pacific Island Countries3802231UNINA