الصناديق السيادية ودورها في الاقتصاد الكلي لدول مختارة

Sovereign Founds and Their Role IN Macroeconomic Selected Countries

Sovereign wealth funds have emerged on the world stage suddenly; Ksaakh in a clear sky, in late 2007, when I got in a few months only contributed to the global head of financial institutions more than $ 60 billion. In a world driven by money or fashion all that is new, The sovereign wealth funds are the new stars. Rushed countries such as Russia and Saudi Arabia, albeit belatedly, to create a sovereign wealth funds of their own, and has in essence, re-directing part of its reserves of foreign currency to the private equity arm seeks to achieve high returns in international equity markets.

We have focused a lot of discussion on the concerns and fears and hopes of the recipient countries: What am sovereign wealth funds want really? And what is their impact on host countries? As will be discussed below, the concept of governance, as far as what is mysterious, useful to placate the critics and justify the need for a policy of openness or protection, but to provides little explanation is sufficient. In order for you to uncover mysteries of sovereign wealth funds, will need to follow the political and economic environment changing for countries have these funds as the funds is not a fixed essence, a change with the rise and fall of oil prices.

As well as the emergence of sovereign wealth funds and their role in the economies, national and international level has raised controversy about the positive and negative effects in the analysis of an unstable nature of these funds and faced in different countries, different controls raised the problem and a big debate in the field of the importance and role of sovereign wealth funds in the economy overall and in achieving the goal of privatization Optimization of economic resources and their possible use as a means to achieve sustainable economic development and trying to diversify its sources of national income.

As the sovereign wealth funds of such importance in terms of being a method advanced to accommodate the surplus funds in order to save and invest and diversify sources of national income and to ensure distributive justice between generations and the causes and the causes of success are available, so the success of the work as an organizer economic well done in terms of mechanism and work are strongly in light of the data international economic, of the free market economy and free movement of capital internationally and the development of means of communication, transportation, information technology and the most important is the development of human resources. And derive the importance of research in a time space of global economic rapid development of the phenomenon of sovereign wealth funds and its appearance as a competitor for the institutional investors of others such as pension funds, speculative funds, which Maittalb recognize these funds and trying to assess their contribution tothe global economy and the intensification of the need for studies in the field of sovereign wealth funds, require of researchers to address them, in order to gain access to scientific knowledge adequate reinforcing to take advantage of this new branch of economic science, but he (economy sovereign wealth). was adopted research approaches first, descriptive and to provide a clear picture of each aspect of the research and described the phenomenon as it is being In fact, then the content analysis method through the analysis of available data and objective analysis of scientific and reflect the actual reality as it is to reach logical conclusions imposed by the logic of the analysis of causes and linked Bmspbadtha.

I have acquired (SWFs) of increasing importance in the global financial system, it is considered a catalyst in addressing fiscal imbalances at the global level, through the transfer of funds from the surplus countries to deficit countries, in addition to being an important factor in increasing global economic integration. Though future success (SWFs) depends on its ability to disclosure and transparency and publish its objectives and investment strategies clearly, as well as the application of tried companies accurately through careful to put considerable distance between the owner of the Fund’s sovereign and operational management, so that limits the role of the owner to set goals, and the governing body Their function is , determine the strategy and policies are also responsible for managing the Fund in an independent manner. so will be dealt with in this research conceptual framework and the regulatory framework and standard for sovereign wealth funds and up to the proposal to establish a sovereign wealth fund for Iraq is linked to the general budget of the state.

Has been the adoption of a mechanism study is divided into three chapters integrated in terms of logical sequence and practical for sovereign wealth funds, has been in the first chapter presentation and analysis of the theoretical framework-General of the SWFs He addressed the tires Home Beginner conceptual framework and the regulatory framework and access to the operational framework, framework is normative raises standards measure the performance of sovereign funds, and so is access to international models of sovereign funds was in the two topics were distributed as follows, I address the analysis of Arab sovereign wealth funds, focusing on the form the UAE and the second highlighted the sovereign wealth funds of foreign, and focus on the two models Norwegian and Chinese, and then been dealt with the economic role of sovereign funds in the economy overall, in the third chapter, through its economic role in the home country and host country for investment and then economic role in the global economy, as has been in the fourth section offer the possibility to create a series of sovereign wealth funds for Iraq linked to the national budget, At the end of the day was to reach conclusions and then the recommendations as it deems necessary from the researcher during the study.

One of the main findings of the establishment of sovereign wealth funds, is the optimal allocation of economic resources, as well as achieving the principle of distributive justice between present and future generations, as well as achieving sustainable development and to diversify sources of national income to reach the ultimate goal for all economies in the world Alaoho achieve economic and social welfare, through construction of infrastructure in all sectors. Just as the use of the mechanism of sovereign wealth funds, and incorporated in the state budget, and the mind as part of Aetjze of state finances enabling them to avoid the harmful effects of cyclical boom and bust, and works as an organizer heart of an economic spring, pumps and withdraw cash according to the needs of the national economy, a programmer and effective as well as integrating mechanism for sovereign wealth funds of the international financial system, leading to relief and avoid financial crises, he is working as an organizer of the internal and external cash flows by controlling international movements of capital across the world.

At the national level (national economy of Iraq), which is the main objective of the research, try to think of a way to achieve the (optimal allocation of economic resources available and comes suppliers of oil and gas in the forefront). From conceptualization through viable and which takes into account international experience leading and model in the establishment (SWFs), and most important (Norwegian model), and taking into account international experience not to reproduce regardless of the degree of advancement, and taking into account the local conditions (economic, political, social, historical and cultural).

This is because it is not necessary that Maingeh of a form when a State, will succeed in another country, and work to establish a group of sovereign funds diversified (in terms of sources of funding and investment policies to achieve the principle of diversification of investment portfolio, working on the organization of work, coordination and exercise supervision and control by the Council Top of sovereign wealth funds, placed his laws and mechanisms governing the work of the Parliament and integrates with the national budget so that it becomes part of Aetjze them. and focus on inward investment to the fact that the Iraqi economy hungry for investments in all economic sectors, and it needs to build infrastructure for all sectors, and this objective be priorities (Infrastructure Fund), as regard to (the stabilization fund and the economic stabilization priority budget cash flows and financial inflows and outflows and balance the exchange rate of the national currency and to address the national economy of the symptoms of Dutch disease by vaccinated vaccine Norwegian mechanism (SWFs). as well as the sovereign wealth funds open a wide horizon and welcomed the establishment of a (sovereign wealth economics).