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Managing Resource Abundance and WealthThe Norwegian Experience$
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Jonathon W. Moses and Bjørn Letnes

Print publication date: 2017

Print ISBN-13: 9780198787174

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/oso/9780198787174.001.0001

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Wealth Management

Wealth Management

(p.125) 7 Wealth Management
Managing Resource Abundance and Wealth

Jonathon W. Moses

Bjørn Letnes

Oxford University Press

This chapter deals with another aspect of wealth management: the utility of petroleum investment funds (or sovereign wealth funds) to protect the domestic economy from Dutch Disease and the volatility of government revenues derived from oil. Hence, it functions as a companion to Chapter 6. After a general introduction to the literature on petroleum funds, the second part of the chapter examines the size and nature of Norway’s Government Pension Fund, Global (GPFG); and how the revenues from this fund are carefully reintroduced into the Norwegian economy via the government’s “budgetary rule” (handlingsregel). It is the latter, the “budgetary rule”, that is perhaps the most unique characteristic of the Norwegian wealth management arsenal.

Keywords:   Dutch Disease, petroleum funds, sovereign wealth funds, volatility, budgetary rule, wealth management

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