Subject The article considers similarities and differences of models for sovereign wealth fund management in Russia and Norway. Objectives We focus on comparing the models of sovereign wealth funds management in Russia and Norway, analyzing the identified trends, developing the proposals aimed at maximizing the efficiency of budget reserves to promote economic growth on the verge of the fourth technological revolution. Methods The study employs the method of studying and analyzing academic papers and publications on the subject, as well as methods of comparison, modeling, summarizing the results, statistical technique, etc. Results We reviewed various points of view on the formation of sovereign funds and the practice of managing this form of financial resources of the State in Russia and Norway. The formulated theoretical conclusions in combination with statistical data enabled to develop areas for improving the management model of domestic sovereign funds. Conclusions and Relevance The Norway's experience in managing sovereign funds can be used as part of the Russian fiscal policy. In particular, we suggest increasing the volume of the National Wealth Fund to the size comparable with Gross Domestic Product, expanding the use of the Fund’s resources, etc.
Keywords: sovereign wealth fund, investment strategy, profitability
Bondarenko N.O. [Overview of the World Economic Forum in Davos 2018]. Mirovaya ekonomika: problemy bezopasnosti = World Economy: Security Problems, 2018, no. 1, pp. 92–97. (In Russ.)
Kinyakin A.A. [Sovereign wealth funds as global economic and political actors: Defining the notions]. Vestnik Rossiiskogo universiteta druzhby narodov. Seriya: Politologiya = Bulletin of Peoples' Friendship University of Russia. Ser.: Political Science, 2014, no. 4, pp. 90–100. URL: Link (In Russ.)
Kutsuri G.N., Vasin E.A. Upravlenie suverennymi fondami: monografiya [Sovereign Wealth Fund Management: a monograph]. Moscow, YUNITI-DANA Publ., 2016, 199 p.
Kotler Ph. Konets kapitalizma? 14 antidotov ot boleznei rynochnoi ekonomiki [Confronting Capitalism: Real Solutions for a Troubled Economic System]. Moscow, Eksmo Publ., 2016, 288 p.
Bondarenko N.O. [Search for the stimulus of growth of the Russian economy within the framework of tax system]. Ekonomika. Biznes. Finansy = Economy. Business. Finance, 2019, no. 3, pp. 10–13. (In Russ.)
Dzarasov S.S. Kuda Keins zovet Rossiyu? [Where is Keynes calling Russia?]. Moscow, Algoritm Publ., 2016, 304 p.
Kholopov A.V. ["General Theory" of J.M. Keynes: 80 Years After]. Vestnik MGIMO universiteta = MGIMO-University Bulletin, 2016, no. 3, pp. 163–171. URL: Link (In Russ.)
Keynes J.M. Obshchaya teoriya zanyatosti, protsenta i deneg [The General Theory of Employment, Interest and Money]. Moscow, Gelios ARV Publ., 2017, 352 p.
Levchenko A.V. [Sovereign wealth funds as national economy stabilizers]. Vestnik Finansovogo universiteta = Bulletin of Financial University, 2011, no. 1, pp. 67–75. URL: Link (In Russ.)
Panova G.S. [Independent Funds of the Russian Federation: Formation, Placement and Application]. Vestnik Finansovoi akademii = Bulletin of Financial Academy, 2008, no. 2, pp. 43–56. URL: Link (In Russ.)
Buzdalina O.B. [Improving the efficiency of State financial support of subjects of small business in modern conditions]. Ekonomicheskie sistemy = Economic Systems, 2017, vol. 10, no. 1, pp. 86–90. (In Russ.)
Navoi A.V., Shalunova L.I. [Russia’s Reserve Fund and National Wealth Fund in the International System of Sovereign Funds]. Den'gi i kredit = Money and Credit, 2014, no. 2, pp. 26–33. (In Russ.)
Shmigol' N.S., Pirgunova N.A. [Some aspects of the management of sovereign funds of the Russian Federation]. Ekonomika i upravlenie: problemy, resheniya, 2017, vol. 4, no. 5-1, pp. 113–120. (In Russ.)
Kosov M.E. [Forms of budget investments and their efficiency enhancement]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2019, vol. 18, no. 1, pp. 83–95. (In Russ.) URL: Link
Chalova O.V. [Analysis of international practice of sovereign wealth funds functioning]. Molodoi uchenyi = Young Scientist, 2014, no. 3, pp. 590–594. URL: Link (In Russ.)
Elyakova I.D., Moskvitina E.N., Barakhova V.V. [Evaluation of the implementation of investment strategies of sovereign wealth funds in Russia and Norway]. Nauchno-metodicheskii elektronnyi zhurnal Kontsept, 2014, vol. 20, pp. 4581–4585. (In Russ.) URL: Link
Ibraev R.Kh. [Investment Strategies of Sovereign Wealth Funds of National States: Management Structure Analysis]. Gosudarstvennoe i munitsipal'noe upravlenie.Uchebnye zapiski SKAGS = State and Municipal Management. Scholar Notes, 2014, no. 1, pp. 184–194. URL: Link (In Russ.)