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Khalid Alsweilem
Columbia University Press

Sovereign Wealth Funds in Resource Economies: Institutional and Fiscal Foundations

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AuthorKhalid Alsweilem
PublisherColumbia University Press
PublishedSep 26 2017
Book FormatHardcover
ISBN-139780231183543
Dimensions9.1 X 6.2 X 1.1 inches
Weight 1.2 pounds
BISAC
CategoriesBusiness & Economics > Industries - Natural Resource Extraction
LanguageEnglish

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Book Description

Sovereign wealth funds (SWFs) have reached a transitional moment. Created as a way to direct excess wealth toward economic development and long-term financial returns, some countries are now seeing a decline in revenue from sources such as oil. Many SWFs are now facing a new challenge--how to spend sustainably without depleting the funds. Sovereign Wealth Funds in Resource Economies explains the fiscal rules and institutional structures that can make SWFs thrive, providing a practical and theoretical guide to their optimal use in resource-revenue management.

Khalid Alsweilem and Malan Rietveld put forward an institutional perspective of SWFs as quasi-independent political and economic entities charged with managing national resource wealth, examining both investment and disbursement strategies. They advance a systematic, rule-based approach, suggesting when to accumulate and when to begin countercyclical spending based on concrete case studies. More than a mere financial portfolio, SWFs must be embedded in a credible fiscal and institutional framework if they are to contribute to improved economic performance. Alsweilem and Rietveld consider the variety of relationships that exist between SWFs and their governments, exploring the legal and policy side of the institutional approach. Their rule-based description of SWFs, since it allows tailoring and adjustment and invokes rules of thumb and best practices, is intended to be widely applicable across the diverse spectrum of global SWFs. Bringing together the practitioner perspective and scholarly expertise, this book will be invaluable for global policy makers and scholars working with sovereign wealth funds.

Author Bio

Dr. Khalid A. Alsweilem is the former Chief Counselor and Head of Investment at the Saudi Arabian Monetary Agency (SAMA). He joined SAMA in 1991 after completing a two year post doctoral fellowship at Harvard University’s Department of Economics, focusing on the application of portfolio theory to government finance in Saudi Arabia, uncertainty in export earnings, and producer-consumer cooperation in the global oil market.

Dr. Alsweilem served as SAMA’s Head of Investment Management (Chief Investment Officer) and from 2002, Director General of the Department in addition to his role as the CIO. He was also responsible for the implementation of SAMA’s monetary policy operations to ensure banking sector system liquidity and the strength and stability of the Saudi local currency.

Dr. Alsweilem is currently a non-resident Fellow at the Belfer Center for Science and International Affairs at the Harvard Kennedy School where his research focuses the design and governance of sovereign wealth funds, with a particular focus on Saudi Arabia’s reserve funds and their linkages to the real economy. Dr. Alsweilem holds a BS in Industrial Engineering from the University of Arizona, an MA in Economics from Boston University, and a PhD in Economics from the University of Colorado, Boulder.

Source: Harvard University

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