http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
- 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
- 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
RISS 인기검색어
- 검색키워드
- 주제어 : Sovereign Wealth Fund (SWF) (검색결과 4 건)
- 무료
- 기관 내 무료
- 유료
-
노르웨이 국부펀드의 투자전략 분석: 국제적 자금 유통의 관점에서
노수현,정진섭 한국유통경영학회 2020 유통경영학회지 Vol.23 No.1
Purpose: The sovereign wealth fund (SWF) has been in the spotlight since the 2000s due to concerns over a drop in foreign exchange reserves in emerging countries, and both the size of its assets and their investment performance have grown to a level that cannot be ignored as of 2019. In particular, the Norwegian SWF, which has the largest asset value among the SWFs, has grown to be the No. 1 asset value among the world's SWFs based on stable investment. This study seeks to explore ways to contribute to financing in the distribution market by analyzing the investment strategy of the Norwegian SWF and seeking investment strategies. Research design, date, and methodology: In this study, we compared and analyzed Government Pension Fund Global (GPFG) and Korea Investment Corporation (KIC)’s return through annual report that published by each institution. Through the pre-research for SWFs, we identified governance model and investment principles of GPFG. Results: This study analyzed these strategies through analysis of the Norwegian SWF’s annual report and other analyses, and also confirmed stability of GPFG through comparing return with KIC. Through these analyses, we proved the Norwegian SWF is earning long-term returns by assets (Equities, bonds and real estate). Based on this analysis, the conclusion presented strategic implications such as the sustainability of passive investment strategies, the validity of alternative investments, and the sustainability of investment strategies. Conclusions: The conclusions of the study are presented as follows: GPFG is a savings fund and type1 (or the source of money is the export of raw materials) of Stephen's classification. This means that GPFG is expected to have aggressive investment tendencies. However, as a SWFs, GPFG uses a passive strategy in the stock market because it operates assets for stable returns. Bond investments centered on advanced industrialized countries contributed to GPFG generating stable return on investment, while expanding investment in alternative assets boosted return on investment. Comparing standard deviation and variance of annual yield between GPFG and KIC, it was found that uncertainty of return of GPFG was lower, and thus it can be assessed that stability is higher.
-
Currency Bias of Sovereign Wealth Fund Investments
권상욱,김희호,설윤 한국경제학회 2022 The Korean Economic Review Vol.38 No.3
This study provides an alternative explanation for the poor performance of sovereign wealth fund (SWF) investments based on key currency bias. Using the international portfolio rebalancing model and the matched firm data of 18,704 and 8,267 cases of SWFs’ cross-border investment during 1999–2017, evidence strongly supports the key currency bias hypothesis for the determination of SWFs’ cross-border investments. In sharp contrast to the relationship between the exchange rate and international portfolio flows, the economic rationale for the currency bias is to provide hedging against the exchange risk of SWFs’ cross- border investments by matching the denominated key currency of the SWF sources with the other denominated currency of foreign target assets. This study complements the existing finance literature by providing portfolio implications for analyzing cross-border investments by commercial institution investors and portfolio rebalancing of financial assets between different currency zones.
-
-
김면회,정혜욱 한국유럽학회 2014 유럽연구 Vol.32 No.2
Norway chose a different path in the process of the European Integration. Sincethen, necessities of studying what caused this have persisted. However, studiesgiving account of its political and economic choices of a rather distinctive naturewere lacking in the past. The current research considered this condition. InNorway, ‘anti-European integration sentiment’ started in earnest in the middle of1990's when the European problem as a political agenda began to lose itssignificance in the domestic political debate. For overcoming the ‘curse ofresource’ emerged as an imminent challenge for Norway, quickly transformingitself as resource rich economy in 1970-1980. Norway witnessed the case ofNetherlands in which rapidly increasing oil export from newly found oil fields inthe North Sea eventually led to the serious economic recession. Hence, copingwith the ‘Dutch Disease’ was the top priority of Norway in its governmentadministration. In this process, Norway was not even shy away from being seenas a mercantilistic state. It carefully managed financial, monetary, and exchangerate policies through the Sovereign Wealth Fund (SWF). It also crafted the ‘NorthSea Model’, a state-led administration policy of energy resources. A ‘Retreat tothe State’ strategy of Norway consolidated its economic nationalism, whichconsequenced the Euroscepticism, a trend going against the European Integration. Distinctive way of Norway triggered by its own response to the Dutch Disease islikely to continue for now. 유럽통합의 흐름에서 노르웨이의 선택은 색다르다. 이 때문에 그 원인에 대한 구명 작업의 필요성은 상존해 왔다. 하지만 지금까지 노르웨이의 정치경제적 독자 노선에 대한연구 작업은 부족했던 것이 사실이다. 본 연구는 바로 이러한 연구 현황에 착안했다. 노르웨이에서 반(反)유럽 정서가 본격화된 시점은 정치 전략의 핵심이었던 유럽 문제가 정치적 갈등으로서의 의미를 상실하기 시작한 1990년대 중반부터이다. 1970-80년대를 거치며 자원 기반 경제로 빠르게 재편한 노르웨이가 1990년대에 당면했던 과제는 이른바 ‘자원의 비극’을 타개하는 것이었기 때문이다. 노르웨이보다 한발 앞서 북해에서 가스 유전을발굴한 네덜란드가 천연가스의 수출이 확대된 후로 오히려 경제가 침체되는 것을 목격한이후, 노르웨이의는 네덜란드병(Dutch Disease)의 징후에 대처하는 것을 국정운영의 최우선적 목표로 삼았다. 이 과정에서 노르웨이는 중상주의적 국가로서의 면모를 보이는 것도서슴지 않았다. 국부펀드를 통해 재정⋅통화⋅환율 정책을 시행했으며, 국가 주도의 에너지 자원 관리 정책 모델인 북해 모델을 정립하기도 했다. 노르웨이가 선택한 ‘국가로의 회귀’ 전략은 노르웨이의 경제적 민족주의를 더욱 견고하게 만들었고, 이는 통합유럽 흐름을거스르는 유럽회의주의로 귀결되어 나타나고 있다. ‘네덜란드병’을 극복하기 위한 대책 마련 작업에서 형성된 노르웨이의 독특한 행보는 당분간 지속될 전망이다.
KCI
KISS연관 검색어 추천
이 검색어로 많이 본 자료
활용도 높은 자료
