LEADER 05601oam 22011654 450 001 9910788228803321 005 20230721045651.0 010 $a1-4623-2953-5 010 $a1-4527-4602-8 010 $a1-282-84390-7 010 $a9786612843907 010 $a1-4518-7326-3 035 $a(CKB)3170000000055328 035 $a(EBL)1608410 035 $a(SSID)ssj0000943061 035 $a(PQKBManifestationID)11566063 035 $a(PQKBTitleCode)TC0000943061 035 $a(PQKBWorkID)10975011 035 $a(PQKB)11024817 035 $a(OCoLC)551144532 035 $a(MiAaPQ)EBC1608410 035 $a(IMF)WPIEE2009179 035 $a(EXLCZ)993170000000055328 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSetting Up a Sovereign Wealth Fund : $eSome Policy and Operational Considerations /$fChristian Mulder, Amadou Sy, Yinqiu Lu, Udaibir Das 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1752-X 320 $aIncludes bibliographical references. 327 $aContents; 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 Owner 327 $aVI. 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; References 330 3 $aThis paper offers a policy and operational "roadmap" to policymakers considering setting up an SWF. It should also be of interest to policymakers in countries where SWFs are already in place, to review their existing policies and operations. Finally, it offers an opportunity to identify areas where research in macroeconomics and finance should give further answers as to the adequacy of existing practice related to the setting up and management of SWFs, an area where practical considerations often lead theoretical research. For instance, policymakers should optimally consider both their sovereign assets and liabilities together with their macroeconomic objectives, when setting up an SWF. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/179 606 $aSovereign wealth funds 606 $aInvestment of public funds 606 $aBanks and Banking$2imf 606 $aInvestments: Commodities$2imf 606 $aFinancial Risk Management$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aInternational Financial Markets$2imf 606 $aCommodity Markets$2imf 606 $aMonetary Policy$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aInvestment & securities$2imf 606 $aAsset and liability management$2imf 606 $aInternational reserves$2imf 606 $aCommodity prices$2imf 606 $aAsset allocation$2imf 606 $aCommodities$2imf 606 $aPrices$2imf 606 $aCentral banks$2imf 606 $aAsset-liability management$2imf 606 $aForeign exchange reserves$2imf 606 $aCommercial products$2imf 607 $aNew Zealand$2imf 615 0$aSovereign wealth funds. 615 0$aInvestment of public funds. 615 7$aBanks and Banking 615 7$aInvestments: Commodities 615 7$aFinancial Risk Management 615 7$aMacroeconomics 615 7$aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General 615 7$aFinancial Institutions and Services: General 615 7$aInternational Financial Markets 615 7$aCommodity Markets 615 7$aMonetary Policy 615 7$aFinance 615 7$aBanking 615 7$aInvestment & securities 615 7$aAsset and liability management 615 7$aInternational reserves 615 7$aCommodity prices 615 7$aAsset allocation 615 7$aCommodities 615 7$aPrices 615 7$aCentral banks 615 7$aAsset-liability management 615 7$aForeign exchange reserves 615 7$aCommercial products 676 $a332.63232 700 $aMulder$b Christian$01485132 701 $aSy$b Amadou$01462056 701 $aLu$b Yinqiu$01114888 701 $aDas$b Udaibir$01471463 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788228803321 996 $aSetting Up a Sovereign Wealth Fund$93704117 997 $aUNINA