Managing Public Investment Funds: Best Practices and New Challenges / Olivia S. Mitchell, John Piggott, Cagri Kumru.

Format:

Book

Author/Creator:

Mitchell, Olivia S.

Contributor:

National Bureau of Economic Research.

Piggott, John.

Kumru, Cagri.

Series:

Working Paper Series (National Bureau of Economic Research) no. w14078.

NBER working paper series no. w14078

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Managing Public Investment Funds

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2008.

Summary:

Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and similarities. We review previous studies on ways to better secure prudent and economically sound public fund management practices in these funds, as well as how to evaluate their governance and investment policies and how to better protect the assets from political interference. Drawing from the pension and corporate finance literature, we also link their management to governance practices and country-specific characteristics, and contrast those with empirical findings on linkages with corporate governance.

Notes:

Print version record

June 2008.