Effectiveness of Sovereign Oil Funds as Instruments of Fiscal Stability: A Panel Data Analysis of the Influence of Sovereign Oil Funds on Government Spending and Fiscal Balance

摘要: To enrich the debate about fiscal effectiveness of sovereign wealth funds, this paper explores effect funds (more precisely oil SOFs) on government spending in real term and as a share GDP. First, we evaluate relationship between balance spending. We also assess how improvement characteristics may change public Then, introduce an econometric model that explains GDP with set economic demographic control variables. Thanks to model, compare countries have established without before after establishment funds. Furthermore, determine whether larger is better able perform its stabilizing function. Finally, extend exploration influence balance.