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Soverign Wealth Fund Issues and the National Fund(s) of Kazakhstan

Author

Listed:
  • David Kemme
Abstract
This paper first describes the major concerns associated with SWFs, mainly revolving around state ownership and lack of transparency. It then focuses on the National Fund for the Future of Kazakhstan (the ???oil fund???, or NOF) and Samruk Kazyna (SK), the holding company for state owned enterprises. The NOF is funded predominately by corporate income taxes and royalties on natural resource production and is an instrument to provide financial stability and intergenerational equity. SK includes most large public monopolies and state owned enterprises not privatized in the 1990s with all of the accompanying issues related to state ownership and control of productive activities.

Suggested Citation

  • David Kemme, 2012. "Soverign Wealth Fund Issues and the National Fund(s) of Kazakhstan," William Davidson Institute Working Papers Series wp1036, William Davidson Institute at the University of Michigan.
    • Handle: RePEc:wdi:papers:2012-1036
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    File URL: http://deepblue.lib.umich.edu/bitstream/2027.42/133053/1/wp1036.pdf
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    References listed on IDEAS

    as
    1. Edwin M. Truman, 2010. "Sovereign Wealth Funds: Threat or Salvation?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4983, April.
    2. Yann Marin, 2009. "Chinese Sovereign Wealth Funds: Past, Present and Future," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 105-114.
    3. Edwin M. Truman, 2009. "A Blueprint for Sovereign Wealth Fund Best Practices," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 429-451.
    4. Joshua Aizenman & Reuven Glick, 2009. "Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance," International Finance, Wiley Blackwell, vol. 12(3), pages 351-386, December.
    5. Laeven, Luc & Chhaochharia, Vidhi, 2008. "Sovereign Wealth Funds: Their Investment Strategies and Performance," CEPR Discussion Papers 6959, C.E.P.R. Discussion Papers.
    6. Roland Beck & Michael Fidora, 2008. "The impact of sovereign wealth funds on global financial markets," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 43(6), pages 349-358, November.
    7. Yelena Kalyuzhnova, 2006. "Overcoming the Curse of Hydrocarbon: Goals and Governance in the Oil Funds of Kazakhstan and Azerbaijan," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 48(4), pages 583-613, December.
    8. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
    9. Roland Beck & Michael Fidora, 2008. "The impact of sovereign wealth funds on global financial markets," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 43(6), pages 349-358, November.
    10. Clélia Chevrier, 2009. "Sovereign Wealth Funds in Russia," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 73-81.
    11. Aizenman, Joshua & Glick, Reuven, 2008. "Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance," Santa Cruz Department of Economics, Working Paper Series qt1fj4b203, Department of Economics, UC Santa Cruz.
    12. Mr. Heiko Hesse & Tao Sun, 2009. "Sovereign Wealth Funds and Financial Stability—An Event Study Analysis," IMF Working Papers 2009/239, International Monetary Fund.
    13. Adrian Blundell-Wignall & Yu-Wei Hu & Juan Yermo, 2008. "Sovereign Wealth and Pension Fund Issues," OECD Working Papers on Insurance and Private Pensions 14, OECD Publishing.
    14. Mr. Mauricio Villafuerte & Mr. Rolando Ossowski & Mr. Theo Thomas & Mr. Paulo A Medas, 2008. "Managing the Oil Revenue Boom: The Role of Fiscal Institutions," IMF Occasional Papers 2008/003, International Monetary Fund.
    15. Jason Kotter & Ugur Lel, 2008. "Friends or foes? The stock price impact of sovereign wealth fund investments and the price of keeping secrets," International Finance Discussion Papers 940, Board of Governors of the Federal Reserve System (U.S.).
    16. Theodore H. Moran, 2009. "Three Threats: An Analytical Framework for the CFIUS Process," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4297, April.
    17. Benjamin E. Hermalin & Michael S. Weisbach, 2007. "Transparency and Corporate Governance," NBER Working Papers 12875, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Aktoty Aitzhanova & Shigeo Katsu & Johannes F. Linn & Vladislav Yezhov (ed.), 2014. "Kazakhstan 2050: Toward a Modern Society for All," Books, Emerging Markets Forum, edition 1, number kazakh2050, Summer.
    2. David M. Kemme & Bhavik Parikh & Tanja Steigner, 2021. "Inequality, autocracy, and sovereign funds as determinants of foreign portfolio equity flows," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(2), pages 249-278, June.
    3. Olusegun Felix Ayadi & Ladelle M. Hyman & Johnnie Williams & Bettye Desselle, 2018. "How Effective Is Resource Stabilization Fund in a Mono-product Economy?," Global Business Review, International Management Institute, vol. 19(4), pages 842-858, August.

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    More about this item

    Keywords

    Sovereign Wealth Funds; Kazakhstan; Oil Fund;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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