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  • 1
    UID:
    almafu_9958143911802883
    Format: 1 online resource (46 pages)
    Series Statement: Policy research working papers.
    Content: Over the past 15 years, the number of government-sponsored strategic investment funds has grown rapidly in countries at all income levels. This paper identifies some of the challenges that these funds face in their endeavor to achieve economic policy objectives while also securing commercial financial returns-the so-called double bottom line. Through the review of the objectives, investment strategies, and operations of a sample of strategic investment funds, this paper outlines ways in which these challenges have been addressed. The paper suggests that properly structured and managed strategic investment funds can be effective vehicles for crowding in private investors to priority investments, thus magnifying the impact of public capital. However, their success rests on the funds' ability to balance policy and commercial objectives, source investment opportunities, and secure the right fund management capacity.
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (kostenfrei)
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  • 2
    UID:
    almafu_9958143941002883
    Format: 1 online resource (37 pages)
    Series Statement: Policy research working papers.
    Content: Fiscal indicators for resource-rich and resource-poor low- and middle-income countries are compared using annual data from 1996 to 2012. Resource richness is defined by export composition: fuel greater than a 25 percent share and/or ores and metals greater than a 10 percent share. Fuel exporters have a significantly better general government fiscal balance than the rest of the sample, and higher revenues and expenditures, which are approximately evenly split between extra consumption expenditure and extra capital expenditure. Only about a quarter of their extra revenue goes into extra consumption expenditure, and this proportion has been lower since 2005. Fuel exporters' expenditure reacts with a lag to oil price fluctuations. There are no significant differences between ores and metals exporters and resource-poor countries, or between new and old resource exporters, in aggregate expenditures and revenues. Ores and metals exporters spend more on investment and less on government consumption. Some individual country cases are briefly discussed.
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (kostenfrei)
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  • 3
    UID:
    almafu_9958307341402883
    Format: 1 online resource (43 pages)
    Series Statement: Policy research working papers.
    Content: This paper analyses the evolution of fiscal and monetary variables in Ghana, from the discovery of oil in 2007 through to 2014. It documents the deterioration of fiscal and monetary discipline over this period, which resulted in a rebound of debt, a deterioration of the external balance, and a decrease in public investment. The paper goes on to analyse the potential causes of this deterioration, including the political economy context, and the fiscal and monetary institutional framework. The suggested causes include the politics of Ghana's dominant two-party system. Finally, the paper discusses what Ghana could have done differently to avoid the various damaging effects associated with the oil discovery. It does not aim to provide specific fiscal policy recommendations for Ghana, but rather to give an empirical account of Ghana's experience that may be useful for other countries that discover oil.
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (kostenfrei)
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  • 4
    UID:
    almafu_9958135372202883
    Format: 1 online resource (140 pages)
    Series Statement: World Bank Studies
    Content: Depuis quelques dizaines d'annees, les pays en developpement riches en ressources naturelles utilisent ces dernieres en tant que garanties pour obtenir acces a des sources de financement pour leurs investissements et contourner les obstacles qu'ils rencontrent lorsqu'ils s'efforcent d'obtenir des prets traditionnels aupres des banques ou des capitaux sur les marches financiers. Differents modeles de financement sont issus de ces efforts, parmi lesquels le modele des infrastructures financees par des ressources naturelles (IFR) qui est une variante des modeles de prets garantis par le petrole lances en Afrique par plusieurs banques occidentales. Dans le cadre d'une transaction basee sur le modele des infrastructures financees par des ressources naturelles (IFR), un pret contracte pour financer la construction immediate d'une infrastructure est garanti par la valeur actuelle nette de flux de revenus qui seront generes a l'avenir par l'extraction d'hydrocarbures ou de minerais. Le modele a ete employe dans plusieurs pays africains pour des contrats d'une valeur totale de l'ordre de 30 milliards de dollars, selon des informations publiques. Ce rapport, qui se compose d'une etude preparee par Hunton and Williams LLP, specialiste du financement de projets a l'echelle mondiale, et de commentaires formules par six economistes et decideurs de reputation internationale presente une analyse des marches d'infrastructures financees par des ressources naturelles (IFR) sous l'angle du financement de projets. Il a pour objet de provoquer une reflexion de fond et de servir de base a de nouveaux travaux de recherche sur le role du modele IFR, les risques qu'il pose et les perspectives qu'il offre, sans pour autant pretendre presenter des opinons des contrats IFR qui auraient l'aval de la Banque mondiale. Il est le fruit d'un effort motive par la conviction que, si les pays doivent continuer de solliciter des transactions IFR ou de recevoir des propositions spontanees, il incombe aux representants de l'Etat de pouvoir faire la difference entre de bonnes et de mauvaises operations, d'evaluer les compromis qui sont inevitables, et d'agir en consequence. Ce rapport vise a apporter certains eclairages qui permettront de determiner comment assujettir, dans le cadre de la politique publique, les transactions IFR au meme degre d'examen que tout autre instrument que les autorites de pays a faible revenu ou a revenu intermediaire (tranche inferieure) pourraient souhaiter utiliser pour mobiliser des financements a l'appui du developpement.
    Additional Edition: ISBN 1-4648-0599-7
    Additional Edition: ISBN 1-4648-0600-4
    Language: French
    URL: Volltext  (kostenfrei)
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  • 5
    Online Resource
    Online Resource
    Washington, DC : International Bank for Reconstruction and Development / The World Bank
    UID:
    b3kat_BV048264203
    Format: 1 Online-Ressource (xv, 89 Seiten) , illustrations (some color)
    ISBN: 1464802394 , 9781464802393
    Note: A World Bank study. - Includes bibliographical references
    Language: English
    URL: Volltext  (kostenfrei)
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  • 6
    UID:
    b3kat_BV049080141
    Format: 1 Online-Ressource (334 Seiten)
    Series Statement: International Development in Focus
    Content: Strategic investment funds (SIFs) have gained prominence over the past two decades as governments and other public sponsors globally have increasingly co-opted the investment fund model to further policy objectives. Since 2000, more than 30 SIFs have been formed at the national level, typically to boost economic growth through infrastructure or small and medium enterprise investment. In the current COVID-19 pandemic environment, governments have frequently turned to sovereign investment vehicles to address the economic effects of the pandemic, echoing the emergence of new SIFs in the aftermath of the global financial crisis. However, SIFs are not devoid of challenges, and the setup and operation of such funds can be fraught with risks, particularly in contexts of weaker governance, inadequate rule of law, and limited financial market regulation. The intent of 'Strategic Investment Funds: Establishment and Operations' is to provide guidance to practitioners and policy makers considering a SIF model where little widely available, practice-based experience has been documented and disseminated. The book provides a reference for policy makers who are creating or strengthening the operations of SIFs, particularly as governments examine the value of such funds as a policy instrument in the aftermath of the COVID-19 pandemic
    Additional Edition: Erscheint auch als Druck-Ausgabe ISBN 9781464808707
    Language: English
    URL: Volltext  (kostenfrei)
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  • 7
    UID:
    b3kat_BV048266211
    Format: 1 Online-Ressource (30 p)
    Content: The critical issue remains that of limiting the sovereign wealth fund's investment scope to that appropriate for a wealth fund. If investments that generate quasi-market returns are permitted, the size of the home bias should be clearly stipulated and these investments should be reported separately
    Additional Edition: Gelb, Alan Sovereign Wealth Funds and Long-Term Development Finance
    Language: English
    URL: Volltext  (kostenfrei)
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    UID:
    almahu_9949191469902882
    Format: 1 online resource (162 pages)
    ISBN: 9781464806131
    Series Statement: World Bank Studies
    Content: El sector de las industrias extractivas (IE) ocupa un lugar considerable en las economias de muchos paises en desarrollo. Los economistas y los profesionales de las finanzas publicas que trabajan en estos paises suelen enfrentarse a problemas que exigen un entendimiento profundo del sector, su economia, su buen gobierno y los desafios en materia de politicas, asi como a las consecuencias de la abundancia de recursos naturales para la gestion fiscal y de las finanzas publicas. El objetivo del estudio de tres volumenes denominado Essentials for Economists and Public Finance Professionals, publicado en la serie de estudios realizados por el Banco Mundial, es presentar un panorama general conciso de los temas relacionados con las IE que estos profesionales probablemente deban encarar. En el primer volumen, "The Extractive Industries Sector", se ofrece una resena general de las cuestiones fundamentales para la economia de las IE; se analizan los componentes principales del buen gobierno, las politicas y los marcos institucionales del sector, y se identifican las obligaciones de financiamiento del sector publico relacionadas con las IE. El analisis de la economia de las IE abarca la valuacion de los activos subterraneos, la interpretacion economica del mineral y la estructura de los mercados de la energia y los minerales. En este volumen se determinan las responsabilidades de las entidades gubernamentales correspondientes y se describen las caracteristicas de los marcos juridicos y normativos del sector de las IE. Se analizan brevemente las funciones clave y especificas del sector, ademas de las estructuras financieras que sustentan las salvaguardas ambientales y sociales; la inversion de los ingresos publicos provenientes del petroleo, el gas o los minerales, asi como la diversificacion economica basada en las industrias extractivas. Los autores esperan que este volumen resulte de utilidad a los economistas y los profesionales de las finanzas publicas que trabajan en paises ricos en recursos (incluidos los encargados de la toma de decisiones en ministerios de finanzas, organizaciones internacionales y otras entidades relevantes) para la comprension y el analisis del sector de las IE.
    Additional Edition: Print Version: ISBN 9781464806124
    Language: Spanish
    URL: Volltext  (kostenfrei)
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  • 9
    UID:
    almahu_9949191476702882
    Format: 1 online resource (148 pages)
    ISBN: 9781464806056
    Series Statement: World Bank e-Library.
    Content: The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Economists, public finance professionals, and policy makers working in such countries are frequently confronted with issues that require an in-depth understanding of the sector; its economics, governance, and policy challenges; as well as the implications of natural resource wealth for fiscal and public financial management. The objective of the two-volume Essentials for Economists, Public Finance Professionals, and Policy Makers, published in the World Bank Studies series, is to provide a concise overview of the EI-related topics these professionals are likely to encounter. This first volume, The Extractive Industries Sector, provides an overview of issues central to EI economics; discusses key components of the sector's governance, policy, and institutional frameworks; and identifies the public sector's EI-related financing obligations. Its discussion of EI economics covers the valuation of subsoil assets, the economic interpretation of ore, and the structure of energy and mineral markets. The volume maps the responsibilities of relevant government entities and outlines the characteristics of the EI sector's legal and regulatory frameworks. Specific key functions of the sector are briefly discussed, as are the financial structures that underpin environmental and social safeguards; investment of public revenues generated from oil, gas, or minerals; as well as extractive-based economic diversification. The authors hope that, economists, public finance professionals, and policy makers working in resource-rich countries "including decision makers in ministries of finance, international organizations, and other relevant entities" will find the study useful to their understanding and analysis of the EI sector.
    Additional Edition: Print Version: ISBN 9781464804922
    Language: English
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  • 10
    UID:
    almahu_9949191466802882
    Format: 1 online resource (162 pages)
    ISBN: 9781464806070
    Series Statement: World Bank Studies
    Content: Le secteur des industries extractives (IE) occupe une place demesuree dans les economies de nombreux pays en developpement. Les economistes et les specialistes des finances publiques qui y travaillent sont frequemment confrontes a des problemes qui requierent une connaissance approfondie du secteur, de son economie, de sa gouvernance, de ses enjeux strategiques, et une idee precise de ce que la richesse en ressources naturelles suppose en termes de gestion du budget et des finances publiques. L'ouvrage en trois volumes Points essentiels a l'intention des economistes et des specialistes des finances publiques, publie dans la serie des Etudes de la Banque mondiale, a pour objet de donner un bref apercu des problemes associes aux IE que ces specialistes sont susceptibles de rencontrer. Ce premier volume, Le secteur des industries extractives, dresse une synthese des aspects fondamentaux de l'economie des IE, analyse les principales composantes des cadres strategiques, institutionnels et de gouvernance du secteur, et definit les obligations de financement du secteur public dans ce domaine. Son analyse des aspects economiques des IE couvre l'evaluation des gisements de sous-sol, l'interpretation economique donnee au minerai, et la structure des marches de l'energie et des produits mineraux. Il definit les responsabilites des entites publiques competentes, et presente les caracteristiques des cadres juridique et reglementaire du secteur. Il analyse brievement ses fonctions essentielles et particulieres, ainsi que les structures financieres qui soutiennent les mesures de sauvegarde environnementale et sociale, l'investissement des recettes publiques provenant de l'exploitation des ressources petrolieres, gazieres ou minieres, et la diversification economique a partir des industries extractives. Les auteurs esperent que les economistes et les specialistes des finances publiques qui travaillent dans les pays riches en ressources naturelles - y compris les decideurs au sein des ministeres des finances, des organisations internationales, et autres entites competentes - jugeront cet ouvrage utile a leur comprehension et a leur analyse du secteur des IE.
    Additional Edition: Print Version: ISBN 9781464804939
    Language: French
    URL: Volltext  (kostenfrei)
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