Effect of sovereign wealth funds in commodity-exporting economies when commodity prices affect interest spreads

被引：0
|
作者：
Kitano, Shigeto [1 ]
Takaku, Kenya [2 ]
机构：
[1] Kobe Univ, RIEB, Kobe, Japan
[2] Hiroshima City Univ, Fac Int Studies, Hiroshima, Japan
来源：
ASIAN ECONOMIC JOURNAL | 2023年 / 37卷 / 03期
基金：
日本学术振兴会;
关键词：
commodity prices; DSGE model; emerging economies; financial frictions; interest rate spreads; sovereign wealth fund; BUSINESS CYCLES; PUBLIC-INVESTMENT; COUNTRIES;
D O I：
10.1111/asej.12305
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We reconsider the role of a sovereign wealth fund in commodity-exporting economies facing recent volatile fluctuations of commodity prices due to the COVID-19 shock. We examine the welfare-improving effect of a sovereign wealth fund from the new perspective of the link between commodity prices and interest rate spreads, which is unique to emerging economies. We show that a sovereign wealth fund becomes more effective in improving welfare for commodity-exporting economies with a stronger link between their commodity prices and interest rate spreads.
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页码：267 / 292
页数：26
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