LEADER 05735oam 22012014 450 001 9910817456203321 005 20240402045950.0 010 $a1-4623-4774-6 010 $a1-4527-3799-1 010 $a1-283-51328-5 010 $a9786613825735 010 $a1-4519-1313-3 035 $a(CKB)3360000000443565 035 $a(EBL)1607680 035 $a(SSID)ssj0000948647 035 $a(PQKBManifestationID)11589719 035 $a(PQKBTitleCode)TC0000948647 035 $a(PQKBWorkID)10950393 035 $a(PQKB)10649837 035 $a(OCoLC)535146975 035 $a(IMF)WPIEE2007297 035 $a(MiAaPQ)EBC1607680 035 $a(EXLCZ)993360000000443565 100 $a20020129d2007 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aSovereign Wealth Funds in the Pacific Island Countries : $eMacro-Fiscal Linkages /$fPaulo Medas, Eric Le Borgne 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2007. 215 $a1 online resource (31 p.) 225 1 $aIMF Working Papers 300 $a"December 2007." 300 $aAt head of title: Fiscal Affairs Department. 311 $a1-4518-6860-X 320 $aIncludes bibliographical references (p. 24-25). 327 $aContents; 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 Countries 327 $aB. 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, 1990-2004 327 $aA.2. Structure of the Marshall Islands and Micronesia Sovereign Wealth Funds 330 3 $aThis paper looks at the role Sovereign Wealth Funds have played in the Pacific Island Countries in achieving key macro-fiscal policy objectives, namely, protecting the budget from high revenue volatility and strengthening fiscal prospects. Evidence shows that the funds' effectiveness has been hampered by lack of integration with the budget, institutional weaknesses, and inadequate controls. These factors, together with weak asset management, have sometimes led to substantial financial losses and undermined fiscal policy. Funds, if well designed, could be used as a tool to support a sound fiscal framework, but should not be seen as a substitute for fiscal reforms. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2007/297 606 $aWealth$zIslands of the Pacific$xManagement 606 $aFiscal policy$zIslands of the Pacific 606 $aFinance, Public$zIslands of the Pacific 606 $aBudgeting$2imf 606 $aFinancial Risk Management$2imf 606 $aPublic Finance$2imf 606 $aNational Budget$2imf 606 $aBudget Systems$2imf 606 $aFiscal Policy$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aBudgeting & financial management$2imf 606 $aMacroeconomics$2imf 606 $aFinance$2imf 606 $aPublic finance & taxation$2imf 606 $aBudget planning and preparation$2imf 606 $aFiscal policy$2imf 606 $aSovereign wealth funds$2imf 606 $aPublic financial management (PFM)$2imf 606 $aExtra-budgetary funds$2imf 606 $aBudget$2imf 606 $aFinance, Public$2imf 607 $aMarshall Islands, Republic of the$2imf 615 0$aWealth$xManagement. 615 0$aFiscal policy 615 0$aFinance, Public 615 7$aBudgeting 615 7$aFinancial Risk Management 615 7$aPublic Finance 615 7$aNational Budget 615 7$aBudget Systems 615 7$aFiscal Policy 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aNational Government Expenditures and Related Policies: General 615 7$aBudgeting & financial management 615 7$aMacroeconomics 615 7$aFinance 615 7$aPublic finance & taxation 615 7$aBudget planning and preparation 615 7$aFiscal policy 615 7$aSovereign wealth funds 615 7$aPublic financial management (PFM) 615 7$aExtra-budgetary funds 615 7$aBudget 615 7$aFinance, Public 676 $a336 700 $aMedas$b Paulo$01606017 701 $aLe Borgne$b Eric$01606018 712 02$aInternational Monetary Fund.$bFiscal Affairs Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910817456203321 996 $aSovereign Wealth Funds in the Pacific Island Countries$93931564 997 $aUNINA