صندوق الثروة السيادي: الفرق بين النسختين

[نسخة منشورة][نسخة منشورة]
تم حذف المحتوى تمت إضافة المحتوى
Justwiki (نقاش | مساهمات)
Justwiki (نقاش | مساهمات)
سطر 40:
 
غير أن البعض يشير إلى جوانب سلبية في عمل تلك الصناديق، خاصة لجهة افتقارها إلى الشفافية في عملها، إذ أن معظمها لا يكشف عن حجمه أو نشاطه أو عوائد استثماراته وتوزعها. وأرخت هذه السرية في نشاط الصناديق السيادية بظلالها على دوافع خياراتها الاستثمارية، فبعض الدول تبدي قلقها حيال احتمال أن تقوم الدول المالكة للصناديق بممارسة نفوذها السياسي على شركات التي تستحوذ عليها وبذلك تمسك بمفاصل القرار الاقتصادي فيها. ويكمن التحدي الأساسي بالنسبة للصناديق السيادية في تبديد القلق حيال استثماراتها الإستراتيجية، فيما على الدول المستقبلة للاستثمارات عدم وضع العديد من العراقيل أمامها.{{بحاجة لمصدر}}
==طبيعة الصناديق واهدافها==
[[File:Sovereign Wealth Fund.webp|thumb|325px|right|$1 billion Sovereign Wealth Fund initial investment <br> 15% [[compound interest|compounding interest]] annually]]
[[File:Wealth fund dividend payments.webp|thumb|325px|right|Dividend payments of 1.5% on initial $1B investment <br> $26.7 billion in total dividend payments over 40 years. <br> Dividends were not reinvested and can be used as revenue for the government.]]
 
SWFs are typically created when governments have budgetary surpluses and have little or no international debt. It is not always possible or desirable to hold this excess [[liquidity]] as money or to channel it into immediate consumption. This is especially the case when a nation depends on raw material exports like oil, copper or diamonds. In such countries, the main reason for creating a SWF is because of the properties of resource revenue: high volatility of resource prices, unpredictability of extraction, and exhaustibility of resources.
 
There are two types of funds: saving funds and stabilization funds. Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles' adverse effect on government spending and the national economy. Savings SWFs build up savings for future generations. One such fund is the [[Government Pension Fund of Norway]]. It is believed that SWFs in resource-rich countries can help avoid [[resource curse]], but the literature on this question is controversial. Governments may be able to spend the money immediately, but risk causing the economy to overheat, e.g.,&nbsp;in [[Hugo Chávez]]'s Venezuela or [[Mohammad Reza Pahlavi|Shah]]-era Iran. In such circumstances, saving the money to spend during a period of low inflation is often desirable.
 
Other reasons for creating SWFs may be economic, or strategic, such as [[war chest]]s for uncertain times. For example, the Kuwait Investment Authority during the [[Gulf War]] managed excess reserves above the level needed for currency reserves (although many central banks do that now). The [[Government of Singapore Investment Corporation]] and [[Temasek Holdings]] are partially the expression of a desire to bolster Singapore's standing as an international financial centre. The [[Korea Investment Corporation]] has since been similarly managed. Sovereign wealth funds invest in all types of companies and assets, including startups like [[Xiaomi]] and renewable energy companies like Bloom Energy.<ref>{{cite web
|url=https://blogs.wsj.com/privateequity/2015/01/06/sovereign-wealth-funds-went-full-steam-ahead-direct-investing-in-2014/
|title=Sovereign-Wealth Funds Went Full Steam Ahead Direct Investing in 2014
|work=The Wall Street Journal
| date=6 January 2015 }}</ref>
 
According to a 2014 study, SWFs are not created for reasons related to reserve accumulation and commodity-export specialization. Rather, the diffusion of SWF can best understood as a fad whereby certain governments consider it fashionable to create SWFs and are influenced by what their peers are doing.<ref>{{Cite journal|last=Chwieroth|first=Jeffrey M.|date=1 December 2014|title=Fashions and Fads in Finance: The Political Foundations of Sovereign Wealth Fund Creation|url=https://academic.oup.com/isq/article/58/4/752/1815068|journal=International Studies Quarterly|language=en|volume=58|issue=4|pages=752–763|doi=10.1111/isqu.12140|issn=0020-8833}}</ref>
 
==أكبر صناديق الثروة السيادية==
{{طالع أيضا|قائمة الدول حسب صناديق الثروة السيادية|قائمة الدول حسب احتياطي النقد الأجنبي}}
السطر 656 ⟵ 672:
|}
|}
 
== انظر ايضا ==