Norveç Varlık Fonu Üzerine Bir İnceleme

Year 2020, Volume: 5 Issue: 1, 101 - 126, 24.07.2020

Hüseyin Burak Özgül

https://doi.org/10.30927/ijpf.742800

Cited By: 1

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.

Keywords

Varlık Fonları, Norveç Devlet Emeklilik Fonu, Norveç Varlık Fonu, Norveç Devlet Petrol Fonu

An Analysis on Norwegian Wealth Fund

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.

Keywords

Sovereign Wealth Funds, The Government Pension Fund-Global, Norwegian Wealth Fund, The Government Petroleum Fund of Norway

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