Håvard Halland | Stanford University (original) (raw)

Books by Håvard Halland

Research paper thumbnail of Resource Financed Infrastructure: A Discussion on a New Form of Infrastructure Financing

World Bank Policy Paper, 2014

This report, consisting of a study prepared by global project finance specialists Hunton and Will... more This report, consisting of a study prepared by global project finance specialists Hunton and Williams LLP and comments from six internationally reputed economists and policy makers, provides an analytical discussion of resource financed infrastructure (RFI) contracting from a project finance perspective. The report is meant as a forum for in-depth discussion and as a basis for further research into RFI's role, risks, and potential, without any intention to present a World Bank, supported view on RFI contracting. It is motivated by the conviction that if countries are to continue to either seeks RFI or receive unsolicited RFI proposals, there is an onus on public officials to discern bad deals from good, to judge unavoidable trade-offs, and to act accordingly. The report aims to provide a basis for developing insights on how RFI deals can be made subject to the same degree of public policy scrutiny as any other instrument through which a government of a low or lower-middle-income country might seek to mobilize development finance. The report also feeds into the global mainstreaming of 'open contracting,' providing citizens with the means to engage with governments and other stakeholders on how nonrenewable resources are best managed for the public benefit. In the case of RFI, there is a very direct link made between the value of resources in the ground and the development of (infrastructure) benefits. It should not be a surprise, therefore, that the revised Extractive Industries Transparency Initiative (EITI) Standard, adopted in May 2013, addresses extractive transactions with an infrastructure component, including RFI.

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Research paper thumbnail of The Extractive Industries Sector: Essentials for Economists, Public Finance Professionals, and Policy Makers

The extractive industries (EI) sector occupies an outsize space in the economies of many developi... more The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Economists, public finance professionals, and policy makers working in such countries are frequently confronted with issues that require an in-depth understanding of the sector. The objective of this volume is to provide a concise overview of EI-related topics these professionals are likely to encounter. The volume provides an overview of issues central to EI economics; discusses key components of the sector’s governance, policy, and institutional frameworks; and identifies the public sector’s EI-related financing obligations. Its discussion of EI economics covers the valuation of subsoil assets, the economic interpretation of ore, and the structure of energy and mineral markets. The volume maps the responsibilities of relevant government entities and outlines the characteristics of the EI sector’s legal and regulatory frameworks. Specific key functions of the sector are briefly discussed, as are the financial structures that underpin environmental and social safeguards; investment of public revenues generated from oil, gas, or minerals; as well as extractive-based economic diversification. The authors hope that decision makers in ministries of finance, international organizations, and other relevant entities will find the study useful to their understanding and analysis of the EI sector.

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Research paper thumbnail of Fiscal Management in Resource-Rich Countries: Essentials for Economists, Public Finance Professionals, and Policy Makers

The extractive industries (EI) sector occupies an outsize space in the economies of many developi... more The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Economists, public finance professionals, and policy makers working in these countries are frequently confronted with issues that require an in-depth understanding of the sector—its economics, governance, and policy challenges, as well as the implications of natural resource wealth for fiscal and public financial management. The objective of the two-volume Essentials for Economists, Public Finance Professionals, and Policy Makers, published in the World Bank Studies series, is to provide a concise overview of the EI-related topics these professionals are likely to encounter. This second volume, Fiscal Management in Resource-Rich Countries, addresses the critical challenges that volatile, uncertain, and exhaustible revenues from the EI sector pose to fiscal policies in these countries. The volume discusses fiscal policy across four related dimensions: policies for short-run stabilization; management of fiscal risks and vulnerabilities; promotion of long-term sustainability; and the importance of good public financial management, public investment systems, and fiscal transparency. Institutional mechanisms used to help fiscal management are examined, including medium-term expenditure frameworks, fiscal rules, fiscal councils, and resource funds. The volume also discusses revenue earmarking and the resource prices used in the government budget and outlines important fiscal indicators for resource-rich countries. The authors hope that economists, public finance professionals, and policy makers working in resource-rich countries, including decision makers in ministries of finance, international organizations, and other relevant entities, will find the volume useful to their understanding and analysis of fiscal policy and public financial management.

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Papers by Håvard Halland

Research paper thumbnail of Investment funds for development program : programmatic approach background concept note

The overall objective of the SDGs is to overcome poverty and save the planet. To meet the SDGs, t... more The overall objective of the SDGs is to overcome poverty and save the planet. To meet the SDGs, total incremental investment needs in developing countries through 2030 are estimated at US$1.5 to US$2.5 trillion per year, of which US$800 billion to US$ 1.4 trillion (or about 60) from private sources. At US$ 22 trillion per year, the world has adequate savings to finance private investments in the SDGs, but to date private financing directed towards sustainable development remains vastly insufficient. This is particularly the case for achieving the SDGs of growth and employment (SDG8), resilient infrastructure (SDG9), and climate mitigation and adaptation (SDG13). This raises the critical challenge on how to mobilize financing for SMEs and infrastructure investments to support growth, job creation, and climate mitigation and adaptation in emerging markets and developing countries (EMDEs). The development of PE and debt funds for SMEs, infrastructure, as well as climate mitigation and ...

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Research paper thumbnail of Fiscal Management in Resource-Rich Countries

World Bank Publications, 2016

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Research paper thumbnail of Mobilising institutional investor capital for climate-aligned development

OECD Development Policy Papers, 2021

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Research paper thumbnail of Note on the Fiscal Implications of Strategic Investment Funds

SSRN Electronic Journal, 2019

Strategic investment funds (SIFs) are instruments of economic and financial policy, and the opera... more Strategic investment funds (SIFs) are instruments of economic and financial policy, and the operations of these funds have important fiscal implications. A SIF’s fiscal implications span the full cycle of its operations, from funding, through capital allocation, to operations and maintenance of the invested assets. SIFs with a capacity to deploy capital efficiently have the potential to increase the effectiveness of the public expenditure programs in the SIFs’ respective home countries. However, the establishment and operations of SIFs also carry important fiscal risks, which need to be recognized and addressed. This note considers the flows of capital into and out of SIFs, the relationship of these flows to the fiscal framework and macro-fiscal context of the SIFs’ home countries, as well as fiscal liabilities that can result from SIFs’ activities, and from their possible insolvency and bankruptcy. The note offers suggestions for how these risks can be mitigated.

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Research paper thumbnail of The Extractive Industries Sector

World Bank Publications, 2015

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Research paper thumbnail of Le secteur des industries extractives : essentials pour économistes, professionnels de la finance publique et les décideurs politiques

The extractive industries (EI) sector occupies an outsize space in the economies of many developi... more The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Economists, public finance professionals, and policy makers working in such countries are frequently confronted with issues that require an in-depth understanding of the sector. The objective of this volume is to provide a concise overview of EI-related topics these professionals are likely to encounter. The volume provides an overview of issues central to EI economics; discusses key components of the sector’s governance, policy, and institutional frameworks; and identifies the public sector’s EI-related financing obligations. Its discussion of EI economics covers the valuation of subsoil assets, the economic interpretation of ore, and the structure of energy and mineral markets. The volume maps the responsibilities of relevant government entities and outlines the characteristics of the EI sector’s legal and regulatory frameworks. Specific key functions of the sector are br...

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Research paper thumbnail of Governing Blended Finance: An Institutional Investor Perspective

SSRN Electronic Journal, 2018

Financing from institutional investors will be critical to achieving the sustainable development ... more Financing from institutional investors will be critical to achieving the sustainable development goals and curbing climate change. However, these large investors have been largely absent from multilateral blended finance initiatives. Partly as a result, such initiatives have been unable to reach the scale required for development finance to go “from billions to trillions”. Successful mobilization of private capital - including from institutional investors – has instead frequently taken place at the local level, by strategic investment funds and some green banks. This is likely due to advantages of being a local investor, including risk assessment, networks and “boots on the ground”; as well as the design of mandates, structure, governance, and staffing. At the same time, some institutional investors have been changing their modus operandi, from an intermediary to a collaborative model, and are re-localizing their operations. The elimination of financial intermediaries with a short-term focus removes a bottleneck between two categories of long-term investors – institutional investors and multilateral finance institutions, and opens new opportunities for collaboration. To take advantage of such opportunities, multilateral finance institutions will likely need to deepen their integration with the collaborative model and work closely with successful strategic investment funds and green banks.

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Research paper thumbnail of Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Overview of Strategic Investment Funds

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Case Study—The Marguerite Fund: An Infrastructure Fund Sponsored by Development Banks

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Back Matter: Appendices A through C and Bibliography

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Case Study—Asia Climate Partners: Targeting Demonstration Effects for Foreign Investors

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Investment and Risk Management

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Case Study—FONSIS: Pursuing a Triple Bottom Line of Economic Impact, Financial Returns, and Private Capital Mobilization

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Investment Process

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Case Study—National Investment and Infrastructure Fund: A Collaborative Model to Mobilize Foreign Investment

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Legal Framework

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Resource Financed Infrastructure: A Discussion on a New Form of Infrastructure Financing

World Bank Policy Paper, 2014

This report, consisting of a study prepared by global project finance specialists Hunton and Will... more This report, consisting of a study prepared by global project finance specialists Hunton and Williams LLP and comments from six internationally reputed economists and policy makers, provides an analytical discussion of resource financed infrastructure (RFI) contracting from a project finance perspective. The report is meant as a forum for in-depth discussion and as a basis for further research into RFI's role, risks, and potential, without any intention to present a World Bank, supported view on RFI contracting. It is motivated by the conviction that if countries are to continue to either seeks RFI or receive unsolicited RFI proposals, there is an onus on public officials to discern bad deals from good, to judge unavoidable trade-offs, and to act accordingly. The report aims to provide a basis for developing insights on how RFI deals can be made subject to the same degree of public policy scrutiny as any other instrument through which a government of a low or lower-middle-income country might seek to mobilize development finance. The report also feeds into the global mainstreaming of 'open contracting,' providing citizens with the means to engage with governments and other stakeholders on how nonrenewable resources are best managed for the public benefit. In the case of RFI, there is a very direct link made between the value of resources in the ground and the development of (infrastructure) benefits. It should not be a surprise, therefore, that the revised Extractive Industries Transparency Initiative (EITI) Standard, adopted in May 2013, addresses extractive transactions with an infrastructure component, including RFI.

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Research paper thumbnail of The Extractive Industries Sector: Essentials for Economists, Public Finance Professionals, and Policy Makers

The extractive industries (EI) sector occupies an outsize space in the economies of many developi... more The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Economists, public finance professionals, and policy makers working in such countries are frequently confronted with issues that require an in-depth understanding of the sector. The objective of this volume is to provide a concise overview of EI-related topics these professionals are likely to encounter. The volume provides an overview of issues central to EI economics; discusses key components of the sector’s governance, policy, and institutional frameworks; and identifies the public sector’s EI-related financing obligations. Its discussion of EI economics covers the valuation of subsoil assets, the economic interpretation of ore, and the structure of energy and mineral markets. The volume maps the responsibilities of relevant government entities and outlines the characteristics of the EI sector’s legal and regulatory frameworks. Specific key functions of the sector are briefly discussed, as are the financial structures that underpin environmental and social safeguards; investment of public revenues generated from oil, gas, or minerals; as well as extractive-based economic diversification. The authors hope that decision makers in ministries of finance, international organizations, and other relevant entities will find the study useful to their understanding and analysis of the EI sector.

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Research paper thumbnail of Fiscal Management in Resource-Rich Countries: Essentials for Economists, Public Finance Professionals, and Policy Makers

The extractive industries (EI) sector occupies an outsize space in the economies of many developi... more The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Economists, public finance professionals, and policy makers working in these countries are frequently confronted with issues that require an in-depth understanding of the sector—its economics, governance, and policy challenges, as well as the implications of natural resource wealth for fiscal and public financial management. The objective of the two-volume Essentials for Economists, Public Finance Professionals, and Policy Makers, published in the World Bank Studies series, is to provide a concise overview of the EI-related topics these professionals are likely to encounter. This second volume, Fiscal Management in Resource-Rich Countries, addresses the critical challenges that volatile, uncertain, and exhaustible revenues from the EI sector pose to fiscal policies in these countries. The volume discusses fiscal policy across four related dimensions: policies for short-run stabilization; management of fiscal risks and vulnerabilities; promotion of long-term sustainability; and the importance of good public financial management, public investment systems, and fiscal transparency. Institutional mechanisms used to help fiscal management are examined, including medium-term expenditure frameworks, fiscal rules, fiscal councils, and resource funds. The volume also discusses revenue earmarking and the resource prices used in the government budget and outlines important fiscal indicators for resource-rich countries. The authors hope that economists, public finance professionals, and policy makers working in resource-rich countries, including decision makers in ministries of finance, international organizations, and other relevant entities, will find the volume useful to their understanding and analysis of fiscal policy and public financial management.

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Research paper thumbnail of Investment funds for development program : programmatic approach background concept note

The overall objective of the SDGs is to overcome poverty and save the planet. To meet the SDGs, t... more The overall objective of the SDGs is to overcome poverty and save the planet. To meet the SDGs, total incremental investment needs in developing countries through 2030 are estimated at US$1.5 to US$2.5 trillion per year, of which US$800 billion to US$ 1.4 trillion (or about 60) from private sources. At US$ 22 trillion per year, the world has adequate savings to finance private investments in the SDGs, but to date private financing directed towards sustainable development remains vastly insufficient. This is particularly the case for achieving the SDGs of growth and employment (SDG8), resilient infrastructure (SDG9), and climate mitigation and adaptation (SDG13). This raises the critical challenge on how to mobilize financing for SMEs and infrastructure investments to support growth, job creation, and climate mitigation and adaptation in emerging markets and developing countries (EMDEs). The development of PE and debt funds for SMEs, infrastructure, as well as climate mitigation and ...

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Research paper thumbnail of Fiscal Management in Resource-Rich Countries

World Bank Publications, 2016

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Research paper thumbnail of Mobilising institutional investor capital for climate-aligned development

OECD Development Policy Papers, 2021

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Research paper thumbnail of Note on the Fiscal Implications of Strategic Investment Funds

SSRN Electronic Journal, 2019

Strategic investment funds (SIFs) are instruments of economic and financial policy, and the opera... more Strategic investment funds (SIFs) are instruments of economic and financial policy, and the operations of these funds have important fiscal implications. A SIF’s fiscal implications span the full cycle of its operations, from funding, through capital allocation, to operations and maintenance of the invested assets. SIFs with a capacity to deploy capital efficiently have the potential to increase the effectiveness of the public expenditure programs in the SIFs’ respective home countries. However, the establishment and operations of SIFs also carry important fiscal risks, which need to be recognized and addressed. This note considers the flows of capital into and out of SIFs, the relationship of these flows to the fiscal framework and macro-fiscal context of the SIFs’ home countries, as well as fiscal liabilities that can result from SIFs’ activities, and from their possible insolvency and bankruptcy. The note offers suggestions for how these risks can be mitigated.

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Research paper thumbnail of The Extractive Industries Sector

World Bank Publications, 2015

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Research paper thumbnail of Le secteur des industries extractives : essentials pour économistes, professionnels de la finance publique et les décideurs politiques

The extractive industries (EI) sector occupies an outsize space in the economies of many developi... more The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Economists, public finance professionals, and policy makers working in such countries are frequently confronted with issues that require an in-depth understanding of the sector. The objective of this volume is to provide a concise overview of EI-related topics these professionals are likely to encounter. The volume provides an overview of issues central to EI economics; discusses key components of the sector’s governance, policy, and institutional frameworks; and identifies the public sector’s EI-related financing obligations. Its discussion of EI economics covers the valuation of subsoil assets, the economic interpretation of ore, and the structure of energy and mineral markets. The volume maps the responsibilities of relevant government entities and outlines the characteristics of the EI sector’s legal and regulatory frameworks. Specific key functions of the sector are br...

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Research paper thumbnail of Governing Blended Finance: An Institutional Investor Perspective

SSRN Electronic Journal, 2018

Financing from institutional investors will be critical to achieving the sustainable development ... more Financing from institutional investors will be critical to achieving the sustainable development goals and curbing climate change. However, these large investors have been largely absent from multilateral blended finance initiatives. Partly as a result, such initiatives have been unable to reach the scale required for development finance to go “from billions to trillions”. Successful mobilization of private capital - including from institutional investors – has instead frequently taken place at the local level, by strategic investment funds and some green banks. This is likely due to advantages of being a local investor, including risk assessment, networks and “boots on the ground”; as well as the design of mandates, structure, governance, and staffing. At the same time, some institutional investors have been changing their modus operandi, from an intermediary to a collaborative model, and are re-localizing their operations. The elimination of financial intermediaries with a short-term focus removes a bottleneck between two categories of long-term investors – institutional investors and multilateral finance institutions, and opens new opportunities for collaboration. To take advantage of such opportunities, multilateral finance institutions will likely need to deepen their integration with the collaborative model and work closely with successful strategic investment funds and green banks.

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Research paper thumbnail of Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Overview of Strategic Investment Funds

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Case Study—The Marguerite Fund: An Infrastructure Fund Sponsored by Development Banks

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Back Matter: Appendices A through C and Bibliography

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Case Study—Asia Climate Partners: Targeting Demonstration Effects for Foreign Investors

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Investment and Risk Management

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Case Study—FONSIS: Pursuing a Triple Bottom Line of Economic Impact, Financial Returns, and Private Capital Mobilization

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Investment Process

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Case Study—National Investment and Infrastructure Fund: A Collaborative Model to Mobilize Foreign Investment

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Legal Framework

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Case Study—The Ireland Strategic investment Fund: A Strategic Investor in a High-Performance Economy

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Transparency and Disclosure

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of Governance

Strategic Investment Funds: Establishment and Operations

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Research paper thumbnail of The Economics of Sovereign Wealth Funds

This chapter examines the evidence that points toward design, operation, and transparency as cruc... more This chapter examines the evidence that points toward design, operation, and transparency as crucial to enabling sovereign wealth funds (SWFs) to preserve and enhance a country's wealth.

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Research paper thumbnail of Sovereign Wealth Investments in the Home Economy

This chapter focuses on the distinctions between commercial and quasi-commercial domestic investm... more This chapter focuses on the distinctions between commercial and quasi-commercial domestic investments by sovereign wealth funds (SWFs) in resource-driven countries. The authors seek to establish a guiding framework and distinct investment assessment criteria for both types of investment and explore the conditions that affect an SWF's ability to be an efficient and prudent investor while fostering local economic diversification and the mobilization of private capital.

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Research paper thumbnail of Sovereign Wealth Funds and Domestic Investment in Resource-Rich Countries: Love Me, or Love Me Not?

World Bank Economic Premise Series, 2014

Sovereign wealth funds (SWFs) represent a large and growing pool of savings. An increasing number... more Sovereign wealth funds (SWFs) represent a large and growing pool of savings. An increasing number of these funds are owned by natural resource–exporting countries and have a variety of objectives, including intergenerational equity and macroeconomic stabilization. Traditionally, these funds have invested in external assets, especially securities traded in major markets. But the persistent infrastructure financing gap in developing countries has motivated some governments to encourage their SWFs to invest domestically. Is it appropriate to use SWFs to finance long-term development needs? Does it matter whether such investments are domestic or foreign-held assets? This note considers these issues, particularly the controversial question of using SWFs to finance domestic projects, motivated partly by SWFs’ perceived importance for development.

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Research paper thumbnail of Resource-Backed Investment Finance in Least Developed Countries

World Bank Economic Premise (Series), 2013

The global financial crisis and shrinking aid flows have led to decreased availability of long-te... more The global financial crisis and shrinking aid flows have led to decreased availability of long-term debt finance for Least Developed Countries (LDCs), particularly for infrastructure. On the other hand, resource-related foreign direct investment (FDI) in those countries has remained substantial. This note presents two models in which the natural resource wealth of LDCs has been used as a means to overcome the dearth of finance sources necessary for non-resource-related investments, and outlines country-specific factors that could tilt the balance between risks and opportunities to the latter.

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