05820oam 22012614 450 991095718400332120250426110918.0978661284390797814623295331462329535978145274602914527460289781282843905128284390797814518732691451873263(CKB)3170000000055328(EBL)1608410(SSID)ssj0000943061(PQKBManifestationID)11566063(PQKBTitleCode)TC0000943061(PQKBWorkID)10975011(PQKB)11024817(OCoLC)551144532(IMF)WPIEE2009179(MiAaPQ)EBC1608410(IMF)WPIEA2009179WPIEA2009179(EXLCZ)99317000000005532820020129d2009 uf 0engur|n|---|||||txtccrSetting Up a Sovereign Wealth Fund : Some Policy and Operational Considerations /Christian Mulder, Amadou Sy, Yinqiu Lu, Udaibir Das1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (23 p.)IMF Working PapersDescription based upon print version of record.9781451917529 145191752X Includes bibliographical references.Contents; Glossary; I. Introduction; II. What is a Sovereign Wealth Fund?; III. When to Set Up an SWF?; A. When are a Country's Reserves Adequate?; B. What are the Options in Case of Ample Reserves?; C. What if BoP Crises Call for Liquidity Support from the SWF?; IV. What Are An SWF's Objectives?; A. Can SWFs be Distinguished by Their Stated Policy Objectives?; B. How to Formulate Operational Objectives to Achieve Policy Objectives?; V. What are the Funding, Withdrawal, and Spending Rules of an SWF?; A. Rules for Transferring Funds between an SWF and its OwnerVI. Some Considerations in Determining the Institutional Structure?A. SWFs as a Unit within a Central Bank or the Ministry of Finance, or, as a Separate Legal Entity?; B. How are the Decision-Making Hierarchy and Lines of Reporting Organized?; VII. What Determines the Investment Policy?; A. What are the General Considerations in Designing an SWF's SAA?; B. What are the Considerations for an SWF to Finance Domestic Projects?; C. What are the Considerations when an SWF Hires External Asset Managers?; VIII. Conclusion; ReferencesThis paper offers a policy and operational "roadmap" to policymakers considering setting up an SWF. It should also be of interest to policymakers in countries where SWFs are already in place, to review their existing policies and operations. Finally, it offers an opportunity to identify areas where research in macroeconomics and finance should give further answers as to the adequacy of existing practice related to the setting up and management of SWFs, an area where practical considerations often lead theoretical research. For instance, policymakers should optimally consider both their sovereign assets and liabilities together with their macroeconomic objectives, when setting up an SWF.IMF Working Papers; Working Paper ;No. 2009/179Sovereign wealth fundsInvestment of public fundsAsset allocationimfAsset and liability managementimfAsset-liability managementimfBankingimfBanks and BankingimfCentral banksimfCommercial productsimfCommoditiesimfCommodity MarketsimfCommodity pricesimfFinanceimfFinancial Institutions and Services: GeneralimfFinancial Risk ManagementimfForeign exchange reservesimfInternational Financial MarketsimfInternational reservesimfInvestment & securitiesimfInvestments: CommoditiesimfMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralimfMacroeconomicsimfMonetary PolicyimfPricesimfNew ZealandimfSovereign wealth funds.Investment of public funds.Asset allocationAsset and liability managementAsset-liability managementBankingBanks and BankingCentral banksCommercial productsCommoditiesCommodity MarketsCommodity pricesFinanceFinancial Institutions and Services: GeneralFinancial Risk ManagementForeign exchange reservesInternational Financial MarketsInternational reservesInvestment & securitiesInvestments: CommoditiesMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralMacroeconomicsMonetary PolicyPrices332.63232Mulder Christian1816494Das Udaibir1804488Lu Yinqiu1114888Sy Amadou1805363International Monetary Fund.DcWaIMFBOOK9910957184003321Setting Up a Sovereign Wealth Fund4372607UNINA