Study On Operation Mode And Economic Impact Of Sovereign Wealth Funds In Oil-producing Countries

Sovereign wealth funds(SWFs)are designed by oil-producing countries to withstand fluctuations in oil prices,stabilize economy and save for future generations.In 2014,due to the fall of oil prices,oil producing countries faced economic frustration.Thereby,it is of great significance to study on the history and status of SWFs as well as its operation mode and economic impact on the oil producing-countries in the new situation.In the beginning of the thesis,a qualitative analysis is performed to summarize the development history and current situation of SWFs.After summarizing existing classification methods of SWFs,the thesis puts forward a new classification method to classify the operation mode of SWFs according to the proportion of asset classes.Moreover,the thesis analyzes the background and the features of investment of SWFs in different operation mode by using the method of case study.Finally,through empirical analysis,this thesis uses the SWFs data of 22 oil-producing countries from 1991-2015 to verify both the positive impact of SWFs on the fluctuations of oil price and the phenomenon of'Resource Curse' in oil-producing countries.This study shows that the SWFs of the oil-producing countries have the characteristics of the concentration of scale and regions.The establishment of SWFs has positive impact on the economy of oil-producing countries.