ERN: Sovereign Debt & Wealth (Topic)最新文献

筛选
英文 中文
Testing the Strategic Asset Allocation of Stabilization Sovereign Wealth Funds 稳定型主权财富基金资产配置策略的检验
ERN: Sovereign Debt & Wealth (Topic) Pub Date : 2012-10-19 DOI: 10.2139/ssrn.1944508
F. Bertoni, S. Lugo
{"title":"Testing the Strategic Asset Allocation of Stabilization Sovereign Wealth Funds","authors":"F. Bertoni, S. Lugo","doi":"10.2139/ssrn.1944508","DOIUrl":"https://doi.org/10.2139/ssrn.1944508","url":null,"abstract":"None of the models that have been developed to determine the optimal strategic asset allocation (SAA) of stabilization sovereign wealth funds (SWFs) has received direct empirical validation, primarily because there is a lack of transparency regarding some of the key parameters that characterize the problem. In this paper, building on a mean-variance framework, we derive three sets of parsimonious statistical tests to compare the actual SAA of SWFs to a theoretical optimum. We apply these tests to the portfolio of the world's largest stabilization SWF (the Norwegian Government Pension Fund - Global or GPF) for the period between 2002 and 2005. The empirical analysis confirms that the static and dynamic deviations of the GPF's SAA from the market equity portfolio are consistent with the theoretical predictions.","PeriodicalId":111883,"journal":{"name":"ERN: Sovereign Debt & Wealth (Topic)","volume":"113 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125257244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
Assessing Fiscal Soundness: Theory and Practice 评估财政健全性:理论与实践
ERN: Sovereign Debt & Wealth (Topic) Pub Date : 2006-03-30 DOI: 10.2139/ssrn.2005166
Nicola Giammarioli, C. Nickel, P. Rother, J. Vidal
{"title":"Assessing Fiscal Soundness: Theory and Practice","authors":"Nicola Giammarioli, C. Nickel, P. Rother, J. Vidal","doi":"10.2139/ssrn.2005166","DOIUrl":"https://doi.org/10.2139/ssrn.2005166","url":null,"abstract":"This paper presents a survey of methods for assessing fiscal soundness, i.e. the capability of governments to honour their obligations in the short run and in the long run. The need for a comprehensive monitoring of fiscal soundness derives from the risks to economic stability that arise from the actual or expected difficulty a government may have in honouring its obligations. For the long run, methods derived from the government's intertemporal budget constraint make it possible to assess the size of a necessary adjustment to achieve sustainability of the debt burden. Uncertainty regarding shocks to the fiscal situation or the behaviour of financial market participants calls for the monitoring of financial flows and government obligations in the short run. Vigilance needs to be all the higher, the greater the uncertainty regarding long-term sustainability.","PeriodicalId":111883,"journal":{"name":"ERN: Sovereign Debt & Wealth (Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126663268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 66
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信