Brière, Marie; Bodie, Zvi - Université Paris-Dauphine (Paris IX) - 2014
with the sovereign's balance sheet, we frame sovereign fund management as an asset-liability management (ALM) problem … expenditures. Real-life SWFs asset allocations differ strongly from theoretical ones. Financial management of the sovereign balance … sheet is hampered by a lack of aggregate data, which compromises the coordination of sovereign wealth management with fiscal …