THE ROLE OF SOVEREIGN FUNDS IN ENSURING MACROECONOMIC STABILITY AND STIMULATION OF THE GROWTH OF THE NATIONAL ECONOMY

Litvin Valeria Viktorovna

The essence of sovereign wealth funds is revealed on the basis of systematization of approaches to their interpretation. The sources of financial receipts that form the resource base of the SWF are considered. The classification of sovereign funds by purpose is presented, the features of stabilization, savings (reserve), investment, pension funds, and development funds are revealed. The performance indicators of the SFB, the features of the mechanisms for managing attracted funds are considered. The foreign experience of creating and functioning of the SWF is analyzed, the trends characterizing the state, specificity and direction of activity, the prospects for the development of the current funds are studied. The dominant directions of placement of funds by foreign SWFs are determined, the evolution of investment strategies of modern funds is considered. The advantages and disadvantages of the activity of sovereign funds in the economy are summarized, their role as original centers of modern geopolitical changes is revealed. The arguments of the opponents of the formation of sovereign wealth funds within the national economies, due to the possible negative effects of their activities, distorting the functioning of the market management system, have been studied. Perspective directions for improving the mechanism of functioning of the SFB in modern conditions are determined.

Keywords:sovereign wealth, welfare, fiscal rule, economic growth, macroeconomic stability