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Sovereign wealth funds and the exchange rate: comparing resource booms in Australia, Chile and Norway

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  • Phil Garton

    (Treasury, Government of Australia)

Abstract

The idea of Australia establishing a sovereign wealth as a response to the challenges posed by the resource boom has attracted considerable interest. Some argue that a fund investing in foreign assets, as is done in Chile and Norway, could ease pressures on trade-exposed industries resulting from the high Australian dollar. This article examines how effective this might be, drawing on comparative experience in recent resource booms in the three economies.

Suggested Citation

  • Phil Garton, 2012. "Sovereign wealth funds and the exchange rate: comparing resource booms in Australia, Chile and Norway," Economic Roundup, The Treasury, Australian Government, issue 2, pages 19-38, August.
    • Handle: RePEc:tsy:journl:journl_tsy_er_2012_2_2
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    File URL: http://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2012/Economic%20Roundup%20Issue%202/Downloads/02_Sovereign_wealth_fund.ashx
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    Citations

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    Cited by:

    1. Phil Garton & Danial Gaudry & Rhett Wilcox, 2012. "Understanding the appreciation of the Australian dollar and its policy implications," Economic Roundup, The Treasury, Australian Government, issue 2, pages 39-61, August.
    2. Ellis Connolly & Jarkko Jääskelä & Michelle van der Merwe, 2013. "The Performance of Resource-exporting Economies," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 19-30, September.

    More about this item

    Keywords

    foreign direct investment; resources boom; sovereign wealth funds;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)

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