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Norveç Varlık Fonu Üzerine Bir İnceleme

Year 2020, , 101 - 126, 24.07.2020
https://doi.org/10.30927/ijpf.742800

Abstract

20. yüzyılın ortalarında ortaya çıkan ve sayıları bu süreçten sonra giderek artan varlık fonları, günümüzde tartışmaların merkezinde yer alan önemli bir konu haline gelmiştir. Başlangıçta kaynakları petrol ve gaz gibi bir emtiaya dayanmış olsa da günümüzde bütçe, cari işlemler fazlası ve özelleştirme gelirlerine dayanan birçok varlık fonu bulunmaktadır. Ancak yine de emtiaya dayanan varlık fonları çoğunluğu oluşturmaktadır. Bunlardan en büyük varlık değerine sahip olan ve en çok tanınanı Norveç Varlık Fonu’dur. Norveç’in varlık fonu macerası 1969 yılında ülkenin kıta sahanlığı içinde petrolün keşfedilip işlenmesiyle başlamaktadır. Bunun ardından oluşan gelir fazlasının nasıl değerlendirileceği sorusu uzunca yıllar tartışılmıştır. Bu tartışmalarla birlikte söz konusu gelir fazlasını değerlendirmek amacıyla 1990 yılında Devlet Petrol Fonu adıyla bir varlık fonu kurulmuştur. 2006 yılında Devlet Emeklilik Fonu Global olarak yeniden adlandırılan Fon günümüzde emtia kaynaklı fonların yanı sıra tüm varlık fonları arasında en büyük varlık değerine sahip olan bir fon haline gelmiştir. Özellikle iyi yönetim, şeffaflık, mali kural uygulaması ve dinamik yönetim yapısı Fonun çarpıcı gelişiminde ön plana çıkan başlıca etkenler olarak dikkat çekmektedir. Bu çalışmada 2016 yılında ülkemizde kurulan ve nispeten yeni bir varlık fonu olarak kabul edilen Türkiye Varlık Fonu’na bir örnek model oluşturabilmesi açısından, Norveç Varlık Fonu detaylı bir incelemeye tabi tutulmuştur.

References

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  • Ping, X. & Chao C. (2009). “The Theoretical Logic of Sovereign Wealth Funds”. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1420618 (25.02.2019)
  • Regulation on the financial reporting of Norges Bank. (2017). https://www.regjeringen.no/globalassets/upload/fin/statens-pensjonsfond/formelt-grunnlag/regulation_financial_reporting_norges_bank_9.march.2017.pdf (21.05.2020).
  • Skancke, M. (2003). “Fiscal Policy and Petroleum Fund Management in Norway”, Fiscal Policy Formulation and Implementation in Oil-Producing Countries, (Ed.) Davis, J.M., Ossowski, R., and Fedilino, A., Washington D.C., International Monetary Fund, 316-338.
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An Analysis on Norwegian Wealth Fund

Year 2020, , 101 - 126, 24.07.2020
https://doi.org/10.30927/ijpf.742800

Abstract

Sovereign wealth funds that emerged in the mid-twentieth century and of which numbers have largely grown since then have become an important issue at the heart of discussions today. Although initially based on commodities such as oil and gas, there are many sovereign wealth funds based on budget, current account surplus, and privatization revenues recently. Sovereign wealth funds based on commodities, however, compose the majority. The Norwegian Wealth Fund has the largest value of assets and is the most known of those. Norway’s adventure of sovereign wealth funds began in 1969 with the discovery and processing of oil within the continental shelf. Then, the use of excess revenue from oil was discussed for many years. After these discussions, the Norwegian Wealth Fund was established in 1990 with the name of the Government Petroleum Fund to utilize the income surpluses. The fund, renamed as the Government Pension Fund Global in 2006, has become the largest sovereign wealth fund of all as well as the commodity-based ones today. Particularly good governance, transparency, implementation of a fiscal rule, and a dynamic structure of governance are the main factors behind the development of the fund. In this study, the Norwegian Wealth Fund has been analyzed in depth to provide an insight for Turkey Wealth Fund which is established in 2016 and considered a relatively new Wealth Fund in the world.

References

  • Aamodt, E. (2012). “The petroleum fund mechanism and Norges Bank’s foreign exchange purchases for the GPFG”, Norges Bank Economic Commentaries, No:14.
  • Alheshel, B. (2015). “Sovereign Wealth Funds: A Literature Review”. Journal of Economics and Business, 78, 1-13.
  • Backer, L.C. (2009). “Sovereign Wealth Funds as Regulatory Chameleons: The Norwegian Sovereign Wealth Funds and Public Global Governance Through Private Global Investment”, Georgetown Journal of International Law, 41 (2), 101-192.
  • Bernstein, S., Lerner, J. & Schoar, A. (2013). “The Investment Strategies of Sovereign Wealth Funds”. Journal of Economic Perspectives. 27 (2), 219-238.
  • Clark, G. L., Monk, A. (2010). “The Norwegian Government Pension Fund: Ethics over Efficiency”, Rotman International Journal of Pension Management, 3 (1), 14-19.
  • Council on Ethics Government Pension Fund – Global. (2005). Annual Report 2005, https://etikkradet.no/annual-reports/%22https://nettsteder.regjeringen.no/ etikkradet3/files/2017/02/rsmelding-2005-eng-1.pdf (25.02.2019).
  • Council on Ethics Government Pension Fund – Global. (2017). Annual Report 2017, https://nettsteder.regjeringen.no/etikkradet3/files/2018/03/Etikkradet_arsmelding_2017_eng_UU.pdf (25.02.2019).
  • Csoma, R. (2015). “Appreciation of the Role of Sovereign Wealth Funds in the Global Economy”. Public Finance Quartely. Vol:60 (2), 270-287.
  • Demarolle, A. (2009). “Report to The Government of France on Sovereign Wealth Funds”, http://www.paris-europlace.net/files/rapport_demarolle_en.pdf (20.05.2020).
  • Durdu, M. (2018). “Türkiye’de Bütçe Dışı Fon Uygulamaları ve Varlık Fonu”, Yüksek Lisans Tezi, Selçuk Üniversitesi Sosyal Bilimler Enstitüsü, Konya.
  • Equinor. (2020). https://www.equinor.com/en/about-us.html (23.05.2020).
  • FTSE Group. (2019). https://www.ftserussell.com/equity-country-classification (26.02.2019).
  • Geoeconomica Political Risk Management. (2014). Santiago Compliance Index 2014, https://nzsuperfund.nz/assets/documents-sys/SCI-2014-October-2014_final.pdf (19.05.2020).
  • Government Pension Fund Act. (2020). https://www.nbim.no/en/organisation /governance-model/government-pension-fund-act/ (22.05.2020).
  • IWG. (2008). Sovereign Wealth Funds: Generally Accepted Principles and Practices “Santiago Principles”, https://www.ifswf.org/sites/default/files/santia goprinciples_0_0.pdf (25.02.2019).
  • Keller, A. (2008). “Sovereign Wealth Funds: Trustworthy Investors or Vehicles of Strategic Ambition?”. Georgetown Journal of Law & Public Policy, 7 (1), 333-372.
  • Legislative Council Secretariat. (2014). Fact Sheet- Government Pension Fund of Norway, https://www.legco.gov.hk/research-publications/english/1314fsc50-governm ent-pension-fund-of-norway-20140902-e.pdf (25.02.2019).
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  • Norges Bank. (2008). Government Pension Fund – Global Annual Report, https://www.nbim.no/globalassets/reports/2008/2008-annual-report.pdf (25.02.2019)
  • Norges Bank. (2019). Government Pension Fund – Global Annual Report, https://www.nbim.no/contentassets/3d447c795db84a18b54df8dd87d3b60e/spu_annual_report_2019_en_web.pdf (23.05.2020).
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  • Norwegian Ministry of Finance. (2014). The Management of the Government Pension Fund in 2014, https://www.regjeringen.no/contentassets/48bb4314d6f14d23af f45960dc3eaace/en-gb/pdfs/stm201420150021000engpdfs.pdf (25.02.2019).
  • Norwegian Ministry of Finance. (2017). Adherence of the Government Pension Fund Global (GPFG) to the Santiago principles, https://www.regjeringen.no/glob alassets/upload/fin/statens-pensjonsfond/gapp/2017_gapp_adherence_gpfg.pdf (21.05.2020).
  • Norwegian Ministry of Finance. (2018). The Government Pension Fund 2018, https://www.regjeringen.no/contentassets/569f03a08ee74350b3778fdbb24dd406/en-gb/pdfs/stm201720180013000engpdfs.pdf (25.02.2019).
  • Norwegian Ministry of Finance. (2019a). Management mandate for the Government Pension Fund Global, https://www.regjeringen.no/contentassets/9d68 c55c272c41e99f0bf45d24397d8c/gpfg-management-mandate-30.11.2019.pdf (21.05.2020).
  • Norwegian Ministry of Finance. (2019b). Report to the Storting, https://www.regjeringen.no/contentassets/8996cca30e5741a788218d417762a52c/en-gb/pdfs/stm201820190020000engpdfs.pdf (21.05.2020).
  • Norwegian Ministry of Finance. (2019c). The Norwegian Fiscal Policy Framework, https://www.regjeringen.no/en/topics/the-economy/economic-policy/economic-polic y/id418083/ (25.02.2019).
  • Norwegian Ministry of Finance. (2020). Governance Framework, https://www. regjeringen.no/en/topics/the-economy/the-government-pension-fund/government-pension-fund-global-gpfg/governance-framework-for-the-government-/id696848/, (18.05.2020)
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  • Petoro. (2020). https://www.petoro.no/about-petoro/sdfi-facts (23.05.2020).
  • Ping, X. & Chao C. (2009). “The Theoretical Logic of Sovereign Wealth Funds”. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1420618 (25.02.2019)
  • Regulation on the financial reporting of Norges Bank. (2017). https://www.regjeringen.no/globalassets/upload/fin/statens-pensjonsfond/formelt-grunnlag/regulation_financial_reporting_norges_bank_9.march.2017.pdf (21.05.2020).
  • Skancke, M. (2003). “Fiscal Policy and Petroleum Fund Management in Norway”, Fiscal Policy Formulation and Implementation in Oil-Producing Countries, (Ed.) Davis, J.M., Ossowski, R., and Fedilino, A., Washington D.C., International Monetary Fund, 316-338.
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  • SWFI Institute. (2020b). LMT Index, https://www.swfinstitute.org/research/ linaburg-maduell-transparency-index (19.05.2020).
  • The Supervisory Council. (2020). https://www.norges-bank.no/en/topics/about /Organisation/The-Supervisory-Council/ (21.05.2020).
  • Wirth, E. & Ramirez- Cendrero, J. M. (2016). Fiscal Policy And Sovereign Wealth Funds In Oil-Rich Economies: The Norwegian Case, XVIII Reunión de Economía Mundial Conference.
  • Wirth, E. (2018). ”The Norwegian Government Pension Fund Global, Corporate Social Responsibility And Climate Change”, Revista De Economía Mundial. No:48, 179-189.
  • World Bank, Population Data, https://data.worldbank.org/indicator/SP.POP .TOTL (19.05.2020)
  • Yalçıner, K. & Sürekli, A. M. (2015). “Ekonominin Çeşitlendirilmesinin Bir Aracı Olarak Ulusal Refah Fonu Modelinin Türkiye Ekonomisi Açısından Uygulanabilirliği”. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 17(3), 1-29.
There are 45 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Articles
Authors

Hüseyin Burak Özgül 0000-0002-0620-2493

Publication Date July 24, 2020
Submission Date May 27, 2020
Acceptance Date July 6, 2020
Published in Issue Year 2020

Cite

APA Özgül, H. B. (2020). Norveç Varlık Fonu Üzerine Bir İnceleme. International Journal of Public Finance, 5(1), 101-126. https://doi.org/10.30927/ijpf.742800

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