Are natural resources a curse or a blessing? The answer may depend on how natural wealth is managed. By transforming a temporary windfall into a permanent stock in the form of a sovereign wealth fund, resource-rich economies can avoid volatility and Dutch disease effects, save for future generations, and invest locally. We review the theory behind these resource funds and explore the empirical evidence for their success. Our review is complemented by case studies that highlight some of the more nuanced features, behavior, and effects of resource funds. While the theoretical research highlights the situational success of funds, empirical examinations are minimal. We discuss possible reasons for this gap in the literature and, in doing so, highlight some of the challenges associated with empirical research in this area and discuss possible paths forward.

中文翻译：

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主权财富基金的理论与实践


自然资源是诅咒还是祝福？答案可能取决于如何管理自然财富。通过将暂时的意外之财转化为主权财富基金形式的永久存量，资源丰富的经济体可以避免波动和荷兰病的影响，为子孙后代储蓄，并在当地进行投资。我们回顾了这些资源基金背后的理论，并探讨了它们成功的实证证据。我们的综述由案例研究补充，这些案例研究突出了资源基金的一些更细微的特征、行为和影响。虽然理论研究强调了基金的情境成功，但实证检验却很少。我们在文献中讨论了造成这种差距的可能原因，在此过程中，强调了与该领域的实证研究相关的一些挑战，并讨论了可能的前进道路。