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Sovereign Wealth Funds in the Pacific Island Countries: Macro-Fiscal Linkages

Sovereign Wealth Funds in the Pacific Island Countries: Macro-Fiscal Linkages by Paulo A. Medas
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This paper looks at the role Sovereign Wealth Funds have played in the Pacific Island Countries in achieving key macro-fiscal policy objectives, namely, protecting the budget from high revenue volatility and strengthening fiscal prospects. Evidence shows that the funds' effectiveness has been hampered by lack of integration with the budget, institutional weaknesses, and inadequate controls. These factors, together with weak asset management, have sometimes led to substantial financial losses and undermined fiscal policy. Funds, if well designed, could be used as a tool to support a sound fiscal framework, but should not be seen as a substitute for fiscal reforms.
International Monetary Fund; December 2007
29 pages; ISBN 9781452737997
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Title: Sovereign Wealth Funds in the Pacific Island Countries: Macro-Fiscal Linkages
Author: Paulo A. Medas; Eric Le Borgne
 
ISBNs
1451913133
9781451868609
9781451913132
9781452737997