STRATEGIES FOR MANAGING GOVERNMENT SOVEREIGN WEALTH FUNDS DURING THE COVID-19 PANDEMIC

IF 0.2 Q4 PUBLIC ADMINISTRATION

Voprosy Gosudarstvennogo i Munitsipalnogo Upravleniya-Public Administration Issues Pub Date : 2021-01-01 DOI:10.17323/1999-5431-2021-0-6-49-62

M. Afanasiev, N. Shash

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Abstract

This paper examines the transformational shifts in investment strategies of sovereign wealth funds. It analyzes the basic theory of sovereign wealth funds and justifies the need for its development. It identifies the similarities and distinguishing features of sovereign wealth funds. Four types of sovereign wealth funds are characterized, and the key requirements for their management system are clarified. Analysis results for the changing capital among the world’s largest sovereign wealth funds since the start of the Covid-19 pandemic are given. Market value trends of the Government Pension Fund Global (Norway) for 1998-2021 were revealed, and a prediction of its changes for the period until 2026 was created. The influence of the Covid-19 epidemic on the structure of investment portfolios (including the emergence of a new class of assets) was presented, along with GPFG’s investment strategy. Changes in the amount of NWF’s funds (Russia) for the period 2008-2021 were presented and its growth for 2022-2023 was predicted. The transformation of NWF’s liquidity regulatory structure was assessed. New trends in the investment activities of sovereign wealth funds, which occurred under the influence of the Covid-19 epidemic, were revealed. These include reduced risk appetite, increased investment activity, and a higher share of direct investments in asset portfolios. Individual sovereign wealth funds were used to compile a chart of their investment portfolios, which were diversified depending on investment goals and risk level. Recommendations for building the investment strategy of sovereign wealth funds were formulated, with a proposed algorithm for its formulation, including three consecutive stages. It is noted that the results of implementing the investment strategy of sovereign wealth funds directly depends on management quality, whose efficiency can be assessed using special indicators.

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COVID-19大流行期间政府主权财富基金管理战略

本文考察了主权财富基金投资策略的转型。分析了主权财富基金的基本理论，论证了主权财富基金发展的必要性。它指出了主权财富基金的相似之处和不同之处。对主权财富基金的四种类型进行了划分，明确了主权财富基金管理体制的关键要求。本文给出了自Covid-19大流行开始以来全球最大主权财富基金资本变化的分析结果。揭示了1998-2021年全球政府养老基金(挪威)的市场价值趋势，并对其到2026年的变化进行了预测。介绍了新冠肺炎疫情对投资组合结构的影响(包括新资产类别的出现)，以及GPFG的投资策略。介绍了2008-2021年期间NWF(俄罗斯)资金数额的变化情况，并预测了2022-2023年的增长情况。评估了NWF流动性监管结构的转变。受新冠肺炎疫情影响，主权财富基金投资活动呈现新趋势。这包括降低风险偏好，增加投资活动，以及提高资产组合中直接投资的份额。个别主权财富基金被用来编制其投资组合图表，根据投资目标和风险水平进行多样化。提出了主权财富基金投资策略构建的建议，并提出了主权财富基金投资策略构建的算法，包括三个连续阶段。需要指出的是，主权财富基金投资战略实施的结果直接取决于管理质量，管理质量的效率可以用专门的指标来评估。

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

Voprosy Gosudarstvennogo i Munitsipalnogo Upravleniya-Public Administration Issues PUBLIC ADMINISTRATION-

CiteScore

1.10

自引率

33.30%

发文量

期刊介绍： PUBLIC ADMINISTRATION ISSUES is a scientific peer-reviewed journal published by the National Research University High School of Economics (NRU HSE).The journal is published quarterly in Russian, and contains original articles by Russian and foreign authors. In addition, a special English language issue containing original articles by Russian and foreign authors has been published since 2014. The editorial board consists of leading Russian and foreign scientists in the field of public administration as well as prominent practitioners. The journal is indexed in the international databases: Scopus, RePEc, EBSCOand the Russian Science Citation Index (RSCI) on the platform of Web of Science. In addition, the journal is on the list of key peer-reviewed scientific journals and publications that the Higher Certification (Attestation) Commission in the RF Education Ministry recommends for publishing the main scientific results of theses for PhD and doctoral degrees in Economics, Sociology and Law. The journal focuses on the following subject areas: − Current theories of public administration. − Theoretical fundamentals of economic and social policy − Factors and Assessment of efficiency in public and municipal administration. − Innovations in the system of public and municipal administration. − Planning and forecasting in the system of public and municipal administration. − Staff of the state and municipal service. Management of personnel in public and municipal bodies and in organizations of the public sectors. − Financial, logistical and information resources of the state and municipalities. − Public service. − Functional features of public sector organizations. − Partnership of the state and municipalities with nongovernmental nonprofit organizations. Economic and administrative challenges facing “third sector.” - Development of education programs on public administration.