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Sovereign wealth funds (SWFs) can be effective tools for national resources revenue management. These state-owned investments, funded by commodity exports, foreign exchange reserves, or other national assets, are adaptable to the challenges posed by financial shocks and have been successfully employed in an increasing number of countries. The number of SWFs continues to grow, with the largest funds managing trillions of dollars in assets among them. However, given the significant variations among SWFs, it can be difficult to compare funds that differ in size, scope, and mandate. This book provides a sorely needed practical look at how these funds work-and how they should work.The New Frontiers of Sovereign Investment combines the insights and experience of academic economists and practitioners from several funds to survey a diverse financial landscape and establish the challenging topical questions facing a broad range of SWFs today: Should they serve both economic development and financial returns, and how? Will responsible investment enhance long-term returns? How can fiscal rules for SWFs be improved to meet emerging economic challenges? The book considers these questions as they apply to both long-established and newer SWFs. Featuring contributions from sovereign wealth practitioners from Alberta's AIMCo, the Nigerian Sovereign Investment Authority, and the New Zealand Superannuation Fund, as well as analysis by scholars at the forefront of sovereign investment, this volume provides timely and much-needed information on these rapidly evolving institutions.

Sovereign wealth funds. --- Investment of public funds.

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- Résumé   - Synthèse et conclusions   - Les observatoires permanents comme instruments d'évaluation ex-post : le cas français   - Les investissements dans le secteur des transports : l'évaluation de l'optimisation des ressources par l'Office national d'audit   - TPICS, TIGER et l'expérience des États-Unis : Une analyse ex-post de l'évaluation d'impact économique basée sur des études de cas   - Inférence causale pour l'évaluation ex-post des interventions dans les transports   - Liste des participants.

Investments. --- Public investments. --- Government investments --- Investments, Public --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Investing --- Investment management --- Portfolio --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation

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Why do governments in developing economies invest in roads and not enough in schools? In the presence of distortionary taxation and debt aversion, the different pace at which roads and schools contribute to economic growth turns out to be central to this decision. Specifically, while costs are front-loaded for both types of investment, the growth benefits of schools accrue with a delay. To put things in perspective, with a “big push,” even assuming a large (15 percent) return differential in favor of schools, the government would still limit the fraction of the investment scale-up going to schools to about a half. Besides debt aversion, political myopia also turns out to be a crucial determinant of public investment composition. A “big push,” by accelerating growth outcomes, mitigates myopia—but at the expense of greater risks to fiscal and debt sustainability. Tied concessional financing and grants can potentially mitigate the adverse effects of both debt aversion and political myopia.

Human capital. --- Public investments. --- Government investments --- Investments, Public --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Human assets --- Human beings --- Human resources --- Capital --- Labor supply --- Finance --- Economic value --- Infrastructure --- Labor --- Public Finance --- Fiscal Policy --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Institutions and Growth --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Education: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Investment --- Intangible Capital --- Capacity --- Public finance & taxation --- Education --- Labour --- income economics --- Macroeconomics --- Public investment and public-private partnerships (PPP) --- Public investment spending --- Human capital --- Expenditure --- National accounts --- Public-private sector cooperation --- Public investments --- Saving and investment --- United States --- Income economics

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This paper examines the effects of improvements in infrastrucutre on sectoral growth and firm-level investment, focusing on six Latin American countries. Exploiting the heterogeneity in the quality of infrastructure across countries and the intrinsic variation in the dependence of sectors on infrastructure, I find that better infrastructure raises growth and investment. Improved infrastructure could yield large economic benefits. For example, if the quality of infrastructure in Colombia increased to the sample median (Czech Republic), GDP growth would increase by about 0.1 percentage points.

Public investments --- Fiscal policy --- Monetary policy --- Government investments --- Investments, Public --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Finance --- Latin America --- Economic conditions. --- E-books --- Finance: General --- Infrastructure --- Investments: General --- Investments: Stocks --- Fiscal and Monetary Policy in Development --- Economic Growth and Aggregate Productivity: General --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Investment --- Capital --- Intangible Capital --- Capacity --- Industry Studies: Transportation and Utilities: General --- Corporate Finance and Governance: General --- General Financial Markets: General (includes Measurement and Data) --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Macroeconomics --- Corporate finance --- Investment & securities --- Transportation --- Corporate investment --- Emerging and frontier financial markets --- Stocks --- National accounts --- Financial markets --- Financial institutions --- Saving and investment --- Financial services industry --- Colombia