Effect of sovereign wealth funds in commodity-exporting economies when commodity prices affect interest spreads

IF 1 4区经济学 Q3 ECONOMICS

Asian Economic Journal Pub Date : 2023-10-02 DOI:10.1111/asej.12305

Shigeto Kitano, Kenya Takaku

引用次数: 0

Abstract

We reconsider the role of a sovereign wealth fund in commodity-exporting economies facing recent volatile fluctuations of commodity prices due to the COVID-19 shock. We examine the welfare-improving effect of a sovereign wealth fund from the new perspective of the link between commodity prices and interest rate spreads, which is unique to emerging economies. We show that a sovereign wealth fund becomes more effective in improving welfare for commodity-exporting economies with a stronger link between their commodity prices and interest rate spreads.

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大宗商品价格影响利差时主权财富基金在大宗商品出口经济体中的效应

我们重新考虑主权财富基金在近期因新冠疫情冲击导致大宗商品价格剧烈波动的大宗商品出口经济体中的作用。我们从新兴经济体特有的商品价格和利差之间联系的新视角来考察主权财富基金的福利改善效应。我们表明，主权财富基金在改善大宗商品出口经济体的福利方面变得更加有效，这些经济体的大宗商品价格和利差之间的联系更加紧密。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Economic Journal ECONOMICS-

CiteScore

1.50

自引率

7.70%

发文量

期刊介绍： The Asian Economic Journal provides detailed coverage of a wide range of topics in economics relating to East Asia, including investigation of current research, international comparisons and country studies. It is a forum for debate amongst theorists, practitioners and researchers and publishes high-quality theoretical, empirical and policy orientated contributions. The Asian Economic Journal facilitates the exchange of information among researchers on a world-wide basis and offers a unique opportunity for economists to keep abreast of research on economics pertaining to East Asia.