Details

Autor(en) / Beteiligte

• Røste, Ole Bjørn ,

Titel

Norway's sovereign wealth fund : sustainable investment of natural resource revenues

Ort / Verlag

Cham, Switzerland : Springer,

Erscheinungsjahr

[2021]

Beschreibungen/Notizen

• Intro -- Acknowledgements -- Contents -- 1 Introduction -- 1.1 The Government Pension Fund Global (GPF-G) is a Norwegian SWF -- 1.2 The Risk-Return Trade Off in Investments -- 1.3 Investments Abroad -- 1.4 Investment Management Performance -- 1.5 Is the GPF-G Sufficiently Sustainable, Ethical and Profitable? -- References -- 2 Natural Resource Sustainability -- 2.1 Non-renewable Natural Resources -- 2.2 The Rationale for a Petroleum Fund: A Windfall Gain -- 2.2.1 The Tempo Commission -- 2.2.2 What is the Fair Share of Future Generations in Resource Wealth? -- 2.2.3 Time Transformation of Income Through Global Capital Markets -- 2.2.4 Constraints on Investment by the GPF-G -- 2.2.5 The Goals and Constraints of SWFs -- 2.3 Petroleum Wealth -- 2.3.1 Windfall Resource Gains-Some International Experience -- 2.3.2 The 1970s and 1980s: Expectations Followed by Increased Uncertainty -- 2.3.3 The 1990s: Expansion of the Petroleum Wealth -- 2.3.4 The 2000s: SWF Growth and Professionalization of Wealth Management -- References -- 3 The Economics and Politics of SWFs -- 3.1 Limiting Spending: Norway's Fiscal Rule -- 3.1.1 Implications of the Low-Yield Environment Since 2008 -- 3.1.2 Investors Chasing Incremental Yields -- 3.2 How to Spend Petroleum Wealth-Procurement Versus Handouts -- 3.2.1 How the Wealth is Spent -- 3.2.2 Effects of the SWF on Income Distribution -- 3.2.3 Could Transfers Strengthen the Public's Involvement? -- References -- 4 Investment in Practice -- 4.1 Geography and Asset Class Allocation -- 4.1.1 Asset Classes, Factors, and Financial Risk -- 4.1.2 Political Risk Across Asset Classes and Space -- 4.2 The Management of Large Funds -- 4.2.1 How Investment Markets Work -- 4.2.2 The Time Horizon of the GPF-G -- 4.2.3 Implications of Size for an Investment Fund -- 4.2.4 Large Size Tends to Dampen Returns.
• 4.2.5 Stylized Facts of Active Fund Management -- 4.3 Asset Allocation, Management Style, and Returns -- 4.3.1 Liquidity Needs and Types of Funds -- 4.3.2 Is Cash Still King? -- 4.3.3 'Best-Practice' Factors in Financial Management -- References -- 5 The Ethics of Investment -- 5.1 The Ethics of Investment -- 5.1.1 Ethics Based on What One Could Do -- 5.1.2 Ethics Based on What One Should Do -- 5.1.3 The Ethical Regulation of the GPF-G -- 5.1.4 Practical Aspects of Ethics Work in Relation to the GPF-G -- 5.2 Implications for SWFs of Socially Responsible Investment (SRI) -- 5.2.1 The UN Global Compact -- 5.2.2 The OECD Guidelines on Corporate Governance -- References -- 6 Risks and Uncertainty -- 6.1 Slumps, SWFs and the Elusiveness of Financial Risk -- 6.1.1 Demands on Liquidity in a Slump -- 6.1.2 Finance Is not Physics -- 6.1.3 The Elusiveness of Financial Risk -- 6.2 Geopolitics and Risks of Expropriation and Confiscation -- 6.2.1 Geopolitical Risks Facing SWFs -- 6.2.2 The Political Economy of 'Envy' - Confiscation and Expropriation Risk -- 6.2.3 Could Envy Trigger Confiscation of Assets by States? -- 6.2.4 Point-Source Risk in Real Estate -- 6.2.5 Real Estate: Composition, Liquidity and Political Risk -- 6.2.6 Gearing and Institutional Quality -- 6.2.7 The Real Estate Market -- 6.3 Immigration: Wealth Dilution or Enhanced Economic Growth? -- 6.3.1 The Influx of Asylum Seekers of 2015 -- 6.3.2 The Costs of 'New Countrymen' -- 6.3.3 Asylum Seeker or Migrant? -- 6.3.4 Some Societal Implications of Immigration -- 6.3.5 Distributional Implications of How Resource Wealth Is Spent -- References -- 7 A Sketch of an Evaluation -- 7.1 What Could Possibly Go Wrong? -- 7.1.1 Historical Price Data Cannot Be Forward-Looking -- 7.1.2 Investment Opportunities in Emerging and Frontier Markets -- 7.1.3 Geopolitics Could Trump Financial Market Logic.
• 7.1.4 How Corruption and Malfeasance Limit Investment Opportunities -- 7.1.5 Financial Investments and Non-developed Countries -- 7.1.6 Operations-Size and Costs: Economies of Scale or Dilution of Focus? -- 7.1.7 Considering the Future -- 7.1.8 Why the Wealth Was not Squandered -- 7.2 Did Norway Escape the Resource Curse Altogether? -- 7.2.1 Resource Curse? -- 7.2.2 Or Just the Contours of a Curse? -- 7.2.3 Creativity and Ample Public Funding -- 7.2.4 A Brief Summary -- References -- 8 The Future of the GPF-G -- Appendix 1 Cash Flow into the GPF-G, 2000-2020 -- Appendix 2 Covariation of Asset Class Returns.
• Description based on print version record.