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O papel dos fundos soberanos na economia mundial

Caparica, Rodrigo Ferreira de Carvalho
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
PT_BR
Relevância na Pesquisa
56.54%
Este trabalho faz uma resenha da literatura sobre Fundos Soberanos, destacando tópicos como suas origens, objetivos, impactos de seus investimentos, transparência e atuação destes instrumentos governamentais na recente crise financeira global. Analisa ainda a criação do Fundo Soberano Brasileiro buscando ressaltar seus prós e contras. Ressaltamos a necessidade de se observar superávits consistentes em Conta Corrente no Balanço de Pagamentos para justificar a constituição destes instrumentos. A simples existência de elevados volumes de reservas internacionais não serve como prerrogativa para sua criação, devendo-se analisar a sustentabilidade e volatilidade das fontes das divisas. Ainda, destacamos que os Fundos Soberanos são veículos de investimentos governamentais cuja relevância no mercado financeiro não justifica os temores que possam causar desequilíbrios relevantes, apesar das críticas e questionamentos em relação à falta de transparência na divulgação de informações acerca de seus investimentos.; This paper is a survey of the literature on Sovereign Wealth Funds, highlighting topics such as their origins, objectives, impacts of their investments, transparency and performance of this government instruments in the recent global financial crisis. It also examines the creation of the Brazilian¥s Sovereign Wealth Fund seeking to highlight their pros and cons. We emphasize the need to observe consistent surpluses in the Current Account to justify the creation of these instruments. The mere existence of substantial amounts of international reserves does not serve as a prerogative for its creation. The sustainability and volatility of the sources of foreign exchange should be examined. Still...

Economic development and growth in West Africa: a multiple case study analysis of sovereign wealth funds’ investments and performance

Girod, Eva Huguette Louis
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
EN_US
Relevância na Pesquisa
56.31%
Durante a recente crise da dívida soberana europeia, os fundos soberanos demonstraram seu peso na esfera financeira global. Contribuíram para salvar o sistema financeiro dos países desenvolvidos, distribuindo créditos que as entidades financeiras tradicionais do Norte não podiam mais providenciar. Em 2012, os ativos totais desses fundos atingiram USD 4.620 bilhões, comparado aos USD 3.355 bilhões de antes da crise, no final de 2007 (Preqin, 2012). Sendo quase todos criados por economias em desenvolvimento ou subdesenvolvidas, os fundos soberanos podem então ser vistos como o símbolo de um recente reequilíbrio do poder a favor desses países (Santiso, 2008). Além disso, em um futuro próximo, espera-se que os fundos soberanos afastem-se dos países desenvolvidos para investir mais em países em desenvolvimento. Nesse contexto, os países africanos estão cada vez mais alvos de investimentos dos fundos (Triki & Faye, 2011). O estudo subjacente analisa dois fundos, o IFC ALAC e o Mubadala Development Company, para entender como, de acordo com as percepções dos seus gestores, os fundos soberanos podem ajudar no desenvolvimento dos países beneficiários. Mais precisamente, trata-se definir, através de um estudo de casos múltiplos...

Determinantes dos fundos soberanos de investimentos e o caso brasileiro

Magalhães, Andre Simas
Fonte: Universidade de Brasília Publicador: Universidade de Brasília
Tipo: Dissertação
POR
Relevância na Pesquisa
36.58%
Dissertação(mestrado)—Universidade de Brasília. Programa de Pós-Graduação em Economia do Setor Público, 2010.; Esta dissertação estuda os fundos soberanos de investimentos (FSI), que, principalmente depois da criação do FSI da China, em 2007, ganharam importância no debate econômico e são considerados, hoje, como investidores institucionais significativos. Os FSI são fundos de investimentos administrados pelos governos, criados para uma variedade de objetivos macroeconômicos e normalmente capitalizados por meio da transferência de recursos externos investidos a longo prazo. Existem desde a década de 1950, quando foram criados com o objetivo de acumular, para uso futuro, as receitas da exploração de recursos naturais esgotáveis (petróleo, na maioria dos casos). Nas últimas décadas, a enorme acumulação de reservas internacionais, especialmente por parte dos países em desenvolvimento, levou à proliferação dos FSI. Os fundos passaram a ser utilizados para aumentar a rentabilidade de parte das reservas e diminuir o custo de carregamento. Ao analisar as características macroeconômicas dos 33 países que possuem FSI, esta dissertação propõe que os determinantes para o seu estabelecimento são: superávits significativos de conta corrente; dependência das exportações de combustíveis e minérios; e altos níveis de poupança interna. Nesse contexto...

O desafio constitucional da distribuição dos royalties de petróleo da bacia pré-sal para promoção de políticas públicas

Fontes, Karolina dos Anjos
Fonte: Universidade Federal do Rio Grande do Norte; BR; UFRN; Programa de Pós-Graduação em Direito; Constituição e Garantias de Direitos Publicador: Universidade Federal do Rio Grande do Norte; BR; UFRN; Programa de Pós-Graduação em Direito; Constituição e Garantias de Direitos
Tipo: Dissertação Formato: application/pdf
POR
Relevância na Pesquisa
36.04%
The administrative model of the Brazilian State, based on regulation, strives, with the application of the efficiency principle and assessment of economical costs, to give a greater effectiveness to fundamental rights by implementing public policies.The objective of this work is to analyze the role of Oil royalties in the context of the Brazilian State, considering that, being an income gap, they might work as a device that promotes intra/intergenerational justice. By means of a correct and efficient distribution and application in the national region, the royalties constitute financial resources available for implementing public policies that intend to guarantee the fundamental rights; above all, with the discovery of the Pre-salt basin and the indisputable rise in the tax revenues arising from Oil exploration. In the making of this work, the theoretical-descriptive methodology is observed, grounded in a critical-reflexive analysis about Constitutional Law and Oil Law. This work analyzes the administrative model of the Brazilian State, the theory of costs of fundamental rights and the theoretical aspects about royalties, such as: the ethical and economical fundamentals, the distribution and destination of revenues, considering the oil exploration scenario before and after the discovery of the pre-salt basin. it is verified...

Le cadre juridique des investissements miniers et pétroliers chinois en Afrique : instruments pour une lex mercatoria sino-africaine

Youmbi Fasseu, Frédérique
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
FR
Relevância na Pesquisa
56.46%
L’intérêt principal de l’analyse du cadre des investissements miniers et pétroliers chinois en Afrique est la détermination du chantier juridique résultant de la cohabitation de deux cultures juridiques en vue de l’émergence d’une lex mercatoria dans les investissements sino-africains. Elle comprend deux parties principales. D’abord, l’étude se penche sur l’origine des fonds chinois investis sur le continent africain qui sont les fonds souverains. La problématique des fonds souverains est celle de savoir s’il s’agit d’instruments politiques ou financiers. Néanmoins, cette inquiétude ne freine pas la force opérationnelle grandissante des fonds souverains chinois sur le continent africain. Rentrant dans l’encadrement et le contenu du contrat proprement dit, l’analyse des figures contractuelles usitées dans l’industrie pétrolière et minière sino-africaine séparément dans les contextes chinois et africains révèle l’inadéquation des contrats et de la législation africaine aux besoins économiques et technologiques du continent. En outre, l’examen particulier des clauses de choix de la loi applicable et de règlement des différends dans les contextes chinois et africain permet de soulever quelques options possibles pour le contexte sino-africain. Ensuite...

On the International Transmission of Shocks : Micro-Evidence from Mutual Fund Portfolios

Raddatz, Claudio; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.4%
Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by investors through injections of capital into, or redemptions out of, each fund, and by managers changing the country weights and cash in their portfolios. Both investors and managers respond to returns and crises, and substantially adjust their investments accordingly. These mechanisms generated large capital reallocations during the global financial crisis. Their behavior tends to be pro-cyclical, reducing their exposure to countries experiencing crises and increasing it when conditions improve. Managers actively change country weights over time, although there is significant short-run "pass-through," meaning that price changes affect country weights. Consequently, capital flows from mutual funds do not seem to stabilize markets and instead expose countries to foreign shocks.

Sovereign Wealth Funds in the Next Decade

Curto, Stefano
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
56.58%
A prolonged and multispeed recovery period, its associated policy response, and the new global financial landscape might have important bearing on the size and allocation of sovereign wealth funds (SWFs) assets. SWFs could become a driving force in South-South flows, boosting global wealth by helping recycle large savings in surplus countries toward more productive investments. Whereas they indeed represent a new opportunity for developing countries, they also carry challenges for both home and host countries.

Sovereign Wealth Funds in East Asia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
56.92%
The massive size, rapid growth, and high-profile investments of Sovereign Wealth Funds (SWFs) in the U.S. and elsewhere in 2007 has attracted the attention of the media, politicians, regulators, and academics over the past year. Some of the SWF investments have been viewed as market stabilizing, for instance the substantial equity investments in large U.S. financial institutions that were recently in financial trouble after the sub-prime mortgage crisis. However, there is great suspicion from many political and academic quarters that SWFs are politically motivated with many SWFs in Asia now at the center of the storm. Although SWFs have been in existence for many decades worldwide, most SWFs in the East Asia and Pacific Region (EAP) are relatively new. The emergence of the SWFs in Asia is largely a by-product of the strong economic development at East Asian countries and the attendant accumulation of foreign exchange reserves, however, there are other types of SWFs in the region. The Governments have taken a concerted strategy to enhance the returns on these excess reserves. The EAP region is an ideal region to take a look at the issues surrounding SWFs since Asia has the full range of funds from long-established funds to brand new funds; from passive portfolio investors to more aggressive strategic investors; from resource-backed funds to foreign reserve-backed funds; and...

Sovereign Wealth Funds in East Asia

Seward, James; Ulukan, Mustafa; Kim, Mee Jung; Tsubota, Hiroshi; Gable, Timothy
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.74%
Sovereign Wealth Funds (SWFs) have been in existence for many decades worldwide, however most SWFs in the East Asia and Pacific Region (EAP) are relatively new. The emergence of the SWFs in Asia is largely a by-product of the strong economic development at East Asian countries in the last two decades and the attendant accumulation of foreign exchange reserves. However, there are other types of SWFs in the region as well. The EAP region is an ideal region to take a look at the issues surrounding SWFs since Asia has the full range of funds from long-established funds to brand new funds; from passive portfolio investors to more aggressive strategic investors; from resource-backed funds to foreign reserve-backed funds; and, based in the largest, most highly developed economies to the smallest, poorest economies in Asia. Therefore, the objective of this report is to document the status of Sovereign Wealth Funds in the East Asia Region and to understand their governance structures. The report will also investigate how lack of standardized...

Renewing the wealth of nations

Pretes, Michael
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Thesis (PhD); Doctor of Philosophy (PhD)
EN
Relevância na Pesquisa
46.38%
This thesis explores how capital flows are linked to economic development and proposes an alternative pathway to enhancing livelihoods in the marginal spaces of the global economy, drawing on examples from North America and the Pacific. Mainstream theories of development are largely based on European and North American examples, and argue for a progression of developmental stages from agriculture to industry to services, based on a flow of capital from core to periphery. Such theories are not place-specific, and do not reflect the particular conditions of remote and marginal places. In the peripheral spaces of the global economy, investment opportunities may be limited. An alternative practice is to invest outside the region of capital generation, through the mechanism of a trust fund. I argue that local development can be achieved through investing in global financial markets, in core countries, rather than at the site of capital generation. In this way, local development is not limited to the marginal place where the benefits are to be felt; peripheral capital instead flows into the core to seek out the best investment opportunities. The local development process becomes differently spatialized by engaging global financial markets. Capital generated in the periphery often comes in temporary streams...

How important is it to reduce structural deficit in Australia and what can be done

Zhang, Kelly Xin
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Relatório
Relevância na Pesquisa
36.22%
Driven by the sustained high level of mineral demand from the emerging economies, particularly China, Australia has welcomed one of the most significant and long-lasting mining boom in its history. The windfall gain from the mining industry has helped the country weather the 2008-09 global financial crisis with strong economic growths. While the economy is still benefiting from the ongoing high level of mining activities, the presence of a structural deficit which came into existence before the global meltdown underlines the fundamental weakness of the economy. According to the Organization for Economic Co-operation and Development (OECD), the structural budget balance measures the levels of government revenue and expenditure when the economy is at its potential. By removing the cyclical components from the actual budget, the structural budget reflects the long-term ability of the government to finance its spending with the amount of revenue received when the economy is free from any positive or negative shocks. The fact that Australia has been having structural budget deficits in recent years seems to suggest that if the positive economic factors such as high commodity prices were removed, the country would experience great difficulties in supporting the current level of expenditure and the debt level would start to rise very quickly. The successful experiences of managing windfall gains from resource booms in other economies which are highly exposed to fluctuations in commodity prices offer insights that will help Australia make better use of the current mining boom. In Chile...

How Should Donors Respond to Resource Windfalls in Poor Countries? From Aid to Insurance

Dobronogov, Anton; Gelb, Alan; Brant Saldanha, Fernando
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.35%
Natural resources are being discovered in more countries, both rich and poor. Many of the new and aspiring resource exporters are low-income countries that are still receiving substantial levels of foreign aid. Resource discoveries open up enormous opportunities, but also expose producing countries to huge trade and fiscal shocks from volatile commodity markets if their exports are highly concentrated. A large literature on the "resource curse" shows that these are damaging unless countries manage to cushion the effects through countercyclical policy. It also shows that the countries least likely to do so successfully are those with weaker institutions, and these are most likely to remain as clients of the aid system. This paper considers the question of how donors should respond to their clients' potential windfalls. It discusses several ways in which the focus and nature of foreign aid programs will need to change, including the level of financial assistance. The paper develops some ideas on how a donor like the International Development Association might structure its program of financial transfers to mitigate volatility. The paper outlines ways in which the International Development Association could use hedging instruments to vary disbursements while still working within a framework of country allocations that are not contingent on oil prices. Simulations suggest that the International Development Association could be structured to provide a larger degree of insurance if it is calibrated to hedge against large declines in resource prices. These suggestions are intended to complement other mechanisms...

Sovereign Wealth Funds and Long-Term Development Finance : Risks and Opportunities

Gelb, Alan; Tordo, Silvana; Halland, Havard; Arfaa, Noora; Smith, Gregory
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
67.01%
Sovereign wealth funds represent a large and growing pool of savings. An increasing number of these funds are owned by natural resource exporting countries and have a variety of objectives, including intergenerational equity and macroeconomic stabilization. Traditionally, these funds have invested in external assets, especially securities traded in major markets. But the persistent infrastructure financing gap in developing countries has motivated some governments to encourage their sovereign wealth funds to invest domestically. This paper proposes some basic elements of a conceptual framework to create a system of checks and balances to help ensure that the sovereign wealth funds do not undermine macroeconomic management or become a vehicle for politically driven "investments." First, the risks and opportunities of domestic investment by sovereign wealth funds are analyzed. Central issues are the relationship of sovereign wealth fund financing to the budget process and to the procurement systems of sector ministries...

Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization; World Economy

Mattoo, Aaditya; Subramanian, Arvind
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Journal Article; Journal Article
EN
Relevância na Pesquisa
46.83%
Two aspects of global imbalances--undervalued exchange rates and sovereign wealth funds--require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate management, and would not displace the International Monetary Fund. Rather, the authors suggest ways to harness the comparative advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World Trade Organization's enforcement process. There is a bargain to be struck between countries with sovereign wealth funds, which want secure and liberal access for their capital, and capital-importing countries, which have concerns about the objectives and operations of sovereign wealth funds. The World Trade Organization is the natural place to strike this bargain. Its General Agreement on Trade in Services already covers investments by sovereign wealth funds...

Currency Undervaluation and Sovereign Wealth Funds : A New Role for the World Trade Organization

Mattoo, Aaditya; Subramanian, Arvind
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
56.91%
Two aspects of global imbalances - undervalued exchange rates and sovereign wealth funds - require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate management, and would not displace the International Monetary Fund. Rather, the authors suggest ways to harness the comparative advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World Trade Organization's enforcement process. There is a bargain to be struck between countries with sovereign wealth funds...

Sovereign Natural Disaster Insurance for Developing Countries : A Paradigm Shift in Catastrophe Risk Financing

Ghesquiere, Francis; Mahul, Olivier
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
36.35%
Economic theory suggests that countries should ignore uncertainty for public investment and behave as if indifferent to risk because they can pool risks to a much greater extent than private investors can. This paper discusses the general economic theory in the case of developing countries. The analysis identifies several cases where the government's risk-neutral assumption does not hold, thus making rational the use of ex ante risk financing instruments, including sovereign insurance. The paper discusses the optimal level of sovereign insurance. It argues that, because sovereign insurance is usually more expensive than post-disaster financing, it should mainly cover immediate needs, while long-term expenditures should be financed through post-disaster financing (including ex post borrowing and tax increases). In other words, sovereign insurance should not aim at financing the long-term resource gap, but only the short-term liquidity need.

Fundo soberano do Brasil : um caso típico ?

Tolla, Leonardo Malta de
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Trabalho de Conclusão de Curso Formato: application/pdf
POR
Relevância na Pesquisa
46.68%
Esta monografia consiste em analisar o Fundo Soberano do Brasil, quanto à questão do financiamento e os objetivos propostos para ele. Estes dois aspectos são os principais caracterizadores dos Fundos Soberanos no mundo. As formas de classificação adotadas pela comunidade internacional levam em consideração justamente esses dois pontos. Para a compreensão do Fundo brasileiro é necessário que se explique e se entenda os Fundos Soberanos de maneira geral. Os Fundos Soberanos são criados geralmente para administrar um tipo de poupança excessiva, de natureza fiscal ou cambial. Os Fundos Soberanos hoje apresentam cada vez mais relevância no cenário financeiro global, dado o acentuado número de Fundos criados na última década e da quantidade de ativos geridos por eles. A causa da expansão dos Fundos é o aprofundamento do modelo de crescimento econômico global baseado em desequilíbrios entre nações poupadoras e consumidoras. A criação do Fundo Soberano do Brasil está inserida nesse amplo crescimento no número de Fundos Soberanos. Levando-se em conta que o Brasil sempre se caracterizou por ser um país importador de poupança externa e de ter sérios desequilíbrios no orçamento fiscal, como o país financiará a criação do seu Fundo é uma pergunta importante a ser respondida. É certo que a última década apresentou mudanças profundas na economia brasileira...

National policies towards sovereign wealth funds in Europe: a comparison of France, Germany and Italy

Thatcher, Mark
Fonte: The London School of Economics and Political Science Publicador: The London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /04/2013 EN; EN
Relevância na Pesquisa
56.31%
Although France, Germany and Italy are often seen as relatively closed to foreign equity investment, a closer analysis shows that they have often accepted or even welcomed sovereign wealth fund (SWF) investments. In all three countries, there were debates about how to respond to SWFs. But despite initial concerns, there has been considerable support for allowing and attracting SWFs. All three countries have passed legislation regulating foreign equity investment, but the provisions remain limited, as much directed against private equity investors as against SWFs, and have almost never been used. Moreover, SWF investments in individual companies have almost always been welcomed and sometimes actively sought by firm managers and policy makers, including in sensitive and high-profile firms.

Western policies towards sovereign wealth fund equity investments: a comparison of the UK, the EU and the US

Thatcher, Mark
Fonte: The London School of Economics and Political Science Publicador: The London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /08/2012 EN; EN
Relevância na Pesquisa
56.31%
This policy brief examines how Western nations respond to investment by sovereign wealth funds (SWFs). It sets out two polar positions on such investment: that it is an issue of national security, as it presents important dangers for Western countries; or that it is an economic governance issue, in which SWF investment can be beneficial to Western countries or its problems have been greatly exaggerated. The paper then compares the policies of the UK, EU and US towards equity investment in company equities. The EU and UK have treated SWF equity investment as a matter of free trade and movement of capital, and imposed few specific restrictions; indeed, they have often accepted and welcomed SWF equity investment. On the other hand, the US has often seen strong debates about whether SWF investment is a free trade or a national security issue, and has imposed much stronger legislative monitoring and restrictions.

Considerations for the resource nationalism debate: a plausible way forward for mining taxation in South Africa

Cawood,F.T.; Oshokoya,O.P.
Fonte: Journal of the Southern African Institute of Mining and Metallurgy Publicador: Journal of the Southern African Institute of Mining and Metallurgy
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2013 EN
Relevância na Pesquisa
36.04%
This article is a continuation of a series of publications by the authors on the international debate on resource nationalism, with specific reference to South Africa. Previous outcomes have shown that mine nationalization is not a solution for South Africa, and that maintaining stability of the current mineral and tax regimes is fundamental. It will not be wise to replace existing law and policy instruments until there is a better understanding of the distinction between fact and public perception about the impact of the current system. The new scheme of state custodianship linked to a mining royalty that effectively targets economic rents provides for effective resource use. The methodology in this article is to consider how South Africa's mineral tax regime can be tweaked to achieve optimal management and benefit from mineral extraction and associated rents by avoiding changes feared by investors. The major finding is that the current suite of instruments can be considered a suitable platform for optimal management of resource rents. However, it will be necessary to first investigate ways of improving the mineral beneficiation intent of the royalty structure, and secondly investigate whether the mineral rent portion of the royalty formula can be ring-fenced for the purpose of establishing a sovereign wealth fund.