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标题：Commodity and Non Commodity Sovereign Wealth Funds - Decision Scorecard (DSC) Analysis
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作者：Amanpreet Singh Chopra
期刊名称：International Journal on Research and Development : A Management Review
印刷版ISSN：2319-5479
出版年度：2013
卷号：2
期号：1
页码：46-51
出版社：Institute for Research and Development India
摘要：A Sovereign Wealth Fund (SWF) is a state-owned investment fund or entity that is commonly established from balance of payments surpluses, official foreign currency operations, the proceeds of privatizations, governmental transfer payments, fiscal surpluses, and/or receipts resulting from resource exports. The definition of sovereign wealth fund exclude, among other things, foreign currency reserve assets held by monetary authorities for the traditional balance of payments or monetary policy purposes, state-owned enterprises (SOEs) in the traditional sense, government-employee pension funds (funded by employee/employer contributions), or assets managed for the benefit of individuals. The emergence of sovereign wealth funds (SWF) has been one of the most prominent features of international finance in the recent past. It is argued in literature that SWFs are typically created when governments have budgetary surpluses and have little or no international debt. This excess liquidity is not al ways possible or desirable to hold as money or to channel into immed iate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because o f the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources. While some countries fund s are created for the purpose of providing necessary liquidity for future liabilities for example - Norway 1990, New Zealand 200