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Characteristics of sovereign funds as a risk management tool: Evidence from Russia and Norway

Vol. 25, Iss. 9, SEPTEMBER 2019

Received: 6 August 2019

Received in revised form: 20 August 2019

Accepted: 3 September 2019

Available online: 30 September 2019

Subject Heading: FISCAL SYSTEM

JEL Classification: E62, H54, H61, O23

Pages: 2083–2095

Kosov M.E. Financial University under Government of Russian Federation, Moscow, Russian Federation

Bondarenko N.O. Financial University under Government of Russian Federation, Moscow, Russian Federation

Subject The article considers similarities and differences of models for sovereign wealth fund management in Russia and Norway.
Objectives We focus on comparing the models of sovereign wealth funds management in Russia and Norway, analyzing the identified trends, developing the proposals aimed at maximizing the efficiency of budget reserves to promote economic growth on the verge of the fourth technological revolution.
Methods The study employs the method of studying and analyzing academic papers and publications on the subject, as well as methods of comparison, modeling, summarizing the results, statistical technique, etc.
Results We reviewed various points of view on the formation of sovereign funds and the practice of managing this form of financial resources of the State in Russia and Norway. The formulated theoretical conclusions in combination with statistical data enabled to develop areas for improving the management model of domestic sovereign funds.
Conclusions and Relevance The Norway's experience in managing sovereign funds can be used as part of the Russian fiscal policy. In particular, we suggest increasing the volume of the National Wealth Fund to the size comparable with Gross Domestic Product, expanding the use of the Fund’s resources, etc.

Keywords: sovereign wealth fund, investment strategy, profitability


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