چکیده:
National wealth funds have initiated their activities comprehensively over last two decades. National wealth fund is a governmental investment fund financed by surpluses of payments’ balance, official foreign currency operations, revenues of privatization, payments for governmental transfers, fiscal surpluses and export revenues. However, the financing for this investment requires foreign currency reserve where management of current account’s balance plays important role. First of all, some explanations are presented in this paper about national development fund and then in regard to the study made about successful funds which used foreign investment (direct or indirect) as investment strategy, we will consider the foreign investment. Next, regarding the role of the fund in trade balance and its effect on foreign investment, we will consider the relationship between fund and trade balance in short-term and long-term. Results shown that many successful funds prevented formation of possible corruption following the weakness of institutions to designate fund for inner sectors. Therefore, increase in foreign investment cause positive condition of trade balance in Iran. Whereas China is a new emerged economy with positive trade balance, investment in this country and formation of better relationship and cooperation provide privileges for this country.
خلاصه ماشینی:
"(Razavi & Rauf ,2010) Governmental wealth funds (National Development Fund) pursued the objectives in most countries as below: - Create a buffer against strong volatility prices of exporting raw materials such as oil - Facilitate the transfer of intergenerational savings - Create a variety of sources of country’s income through planned investments - Contribute to economic development by providing investment in infrastructures that despite significant social returns, they are not allowed to attracting foreign and private investments.
- Investment in infrastructure and social projects of domestic economy (Sayadi & Nad Ali,2012) SWFs tend to perform activities of foreign portfolio investment comparing with foreign direct investment concerning the following reasons: - Acquisition of long-term returns - Possibility of operate and deal in long-term - Functionality and easy liquidity of securities - Ease of movement of capital (Such as in the recent economic crisis had happened in the displacement of SWFs assets of financial markets in Europe and America where more attention paid to emerging markets.
Meanwhile, if the foreign direct investment happens for any reason, then it would have significant effects on macroeconomic variables including lower interest rates, lower exchange rates, increase in economic growth, increase in government tax revenue, reduce in government debt, improving income distribution, technology transfer, increase in employment, development of exports, reduce imports and positive impact on the balance of payments."