Norway’s sovereign wealth fund: sustainable investment of natural resource revenues
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cham, Switzerland
Springer
[2021]
|
| Series: | Natural resource management and policy
volume 54 |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | ix, 261 Seiten Diagramme |
| ISBN: | 9783030741068 |
| ISSN: | 0929-127X |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents 1 2 3 Introduction ....................................................................................................... 1.1 The Government Pension Fund Global (GPF-G) is aNorwegian 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 ............................................................................................................ 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 ՜Ուշ 2000s: SWF Growth and Professionalization of Wealth Management .............................................................. References ............................................................................................................ 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 ............................................................................................... 1 5 8 12 12 15 17 19 28 30 31 34 46 49 52 55 58 61 64 67 70 73 81 86
Contents 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 ............................................................................................................. S3 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 LargeFunds ............................................................ 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 ............................................................................................................ 95 97 99 114 118 118 122 126 129 130 133 133 137 139 143 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 ........................................................................................................... 145 147 149 151 152 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 Financia! 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 ............................................................... 163 169 170 171 171 179 179 6 89 90 92 92 93 154 157 ¡58 160 162 181
Coinenis 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 8 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-developcd Countries .......... 7.1.6 Opcrations-Size and Costs: Economies of Seale 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 ........................................................................................................... ix 183 189 191 192 194 195 196 199 201 202 206 206 209 218 228 229 231 232 233 234 237 238 241 243 244 246 248 249 The Future of the GPF-G .............................................................................. 251 Appendix I: Cash Ffow into the GPF-G, 2000-2020 ..................................... 257 Appendix 2: Covariation of Asset Class Returns........................................... 259
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| adam_txt |
Contents 1 2 3 Introduction . 1.1 The Government Pension Fund Global (GPF-G) is aNorwegian 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 . 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 ՜Ուշ 2000s: SWF Growth and Professionalization of Wealth Management . References . 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 . 1 5 8 12 12 15 17 19 28 30 31 34 46 49 52 55 58 61 64 67 70 73 81 86
Contents 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 . S3 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 LargeFunds . 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 . 95 97 99 114 118 118 122 126 129 130 133 133 137 139 143 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 . 145 147 149 151 152 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 Financia! 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 . 163 169 170 171 171 179 179 6 89 90 92 92 93 154 157 ¡58 160 162 181
Coinenis 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 8 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-developcd Countries . 7.1.6 Opcrations-Size and Costs: Economies of Seale 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 . ix 183 189 191 192 194 195 196 199 201 202 206 206 209 218 228 229 231 232 233 234 237 238 241 243 244 246 248 249 The Future of the GPF-G . 251 Appendix I: Cash Ffow into the GPF-G, 2000-2020 . 257 Appendix 2: Covariation of Asset Class Returns. 259 |
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| isbn | 9783030741068 |
| issn | 0929-127X |
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| spelling | Røste, Ole Bjørn 1963- Verfasser (DE-588)171276760 aut Norway’s sovereign wealth fund sustainable investment of natural resource revenues Ole Bjørn Røste Cham, Switzerland Springer [2021] ix, 261 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Natural resource management and policy volume 54 0929-127X Erscheint auch als Online-Ausgabe 978-3-030-74107-5 Natural resource management and policy volume 54 (DE-604)BV009700837 54 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032796397&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Røste, Ole Bjørn 1963- Norway’s sovereign wealth fund sustainable investment of natural resource revenues Natural resource management and policy |
| title | Norway’s sovereign wealth fund sustainable investment of natural resource revenues |
| title_auth | Norway’s sovereign wealth fund sustainable investment of natural resource revenues |
| title_exact_search | Norway’s sovereign wealth fund sustainable investment of natural resource revenues |
| title_exact_search_txtP | Norway’s sovereign wealth fund sustainable investment of natural resource revenues |
| title_full | Norway’s sovereign wealth fund sustainable investment of natural resource revenues Ole Bjørn Røste |
| title_fullStr | Norway’s sovereign wealth fund sustainable investment of natural resource revenues Ole Bjørn Røste |
| title_full_unstemmed | Norway’s sovereign wealth fund sustainable investment of natural resource revenues Ole Bjørn Røste |
| title_short | Norway’s sovereign wealth fund |
| title_sort | norway s sovereign wealth fund sustainable investment of natural resource revenues |
| title_sub | sustainable investment of natural resource revenues |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032796397&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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