The Impact of Macroeconomic Factors on the Revenues of the Sovereign Wealth Funds

  •  Isabella Elyakova    
  •  Elena Chizhevskaya    
  •  Margarita Smialowskaya    


Development and improvement of the sovereign wealth funds of the unfavourable geopolitical situation, when world oil prices since mid-summer continue to decline, has become more urgent. The current economic and political situations shall have the volume of the funds financial resources estimated by analysing the impact of major macroeconomic indicators such as growth and decline in oil exports, changes in oil prices and the dollar exchange rate on the formation of the sovereign wealth funds of national welfare of states in the future to predict changing of these factors on changes in the volume of funds. The article analyses the key macroeconomic factors affecting the formation and use of proceeds of sovereign funds by many countries, not only aimed at preserving capital and achieving long-term profitability, but also for sustainable economic growth in their countries and regions. The studies revealed that revenues in sovereign funds have a significant impact following factors: the price of oil and the dollar exchange rate of the national currency. Supply and demand of oil in the world market have little effect, but in times of crisis of 2008-2009, their effect significantly increases.

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