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Main » Articles » Articles » Articles № 25 (II) / 2013

Kozarezenko L.V. USAGE OF SOVEREIGN WEALTH ACCUMULATION FUNDS FOR INCREASING THE LEVEL OF HUMAN POTENTIAL DEVELOPMENT

Kozarezenko L. V.

 

USAGE OF SOVEREIGN WEALTH ACCUMULATION FUNDS FOR INCREASING THE LEVEL OF HUMAN POTENTIAL DEVELOPMENT

 

Introduction: During the first years of the 21st century new financial institutionssovereign wealth accumulation funds - began to develop momentum. With the beginning of financial and further general crisis of capitalism, number of sovereign funds started to sharply grow on the American continent, including the USA, in Asian, as well as in the European countries. Having no private form of property, these financial institutions harmonize with the social and democratic doctrine of economic development, thus influencing not only internationalization of the economic space, but also increase of level of human potential development. Aim: to substantiate the necessity of establishing sovereign wealth accumulation fund in Ukraine as the instrument of increasing the level of human potential development and propose the ways of forming statutory capital. Methods: logical and comparative analysis, analogy, table and graphic methods. Results: Accumulation of money in the separate fund, the subordination of which is transparent for the society, will permit not only to preserve the funds, but also to use them for the socially significant projects with the durable payback effect. Indirect financial benefits from the establishment of sovereign wealth accumulation fund in Ukraine may consist in the realization of important projects of social infrastructure, financing of development of innovative economy branches with the creation of new working places, extension of educational possibilities for the talented youth and children, improvement of health protection system and introduction of system of concessional loans for young families. This variant of using facilities showed the most synergic effect in the economies of many countries which established similar funds. Conclusions: Formation of the new industrial segment in the Ukrainian sector of hydrocarbon production and attraction of significant investments create unique possibility for using part of income from the development of the national subsoil for the benefit of the people, including the development of the human potential in compliance with the advanced world practices. Precondition for the realization of this possibility is the establishment of the sovereign wealth accumulation fund.

Key words: human potential, sovereign wealth accumulation funds, investments, rent, state budget, income of state budget.

 

References

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2.     Louisiana Education Quality Trust Fund. Annual Report, Available at: http://www.treasury.state.la.us/LEQFT%20Documents/LEQTF%202011%20Annual%20Report.pdf

3.     Te Brave New World of Sovereign Wealth Funds. Available at: http://d1c25a6gwz7q5e.cloudfront.net/papers/download/052810_lauder_sovereign_wealth_fund_report_2010.pdf

4.     The Permanent School Fund of Texas: Progress Report: Legislative Proposals, Fund Management & Investments. Available at: http://www.texaspolicy.com/center/education-policy/reports/permanent-school-fund-texas

5.     The Sovereign Wealth Funds Institute. Available at: http://www.swfinstitute.org/fund-rankings/

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7.   Vysnovok na proekt Zakonu Ukrainy «Pro derzhavnyi bank rozvytku Ukrainy» vid 5.11.2013 roku [Opinion on the Draft Law of Ukraine "On the National Bank of Ukraine" dated 05.11.2013]. Available at: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=48717

8.   Zymovets V.V. Akumuliatsiia finansovykh resursiv ta ekonomichnyi rozvytok [The accumulation of financial resources and economic development]. Kyiv: Instytut ekonomiky NAN Ukrainy, 2003. 314 p.

9.   Omelchenko V. Derzhavnyi bank rozvytku stane potuzhnoiu investytsiinoiu platformoiu dlia ekonomiky [State Development Bank will become a powerful investment platform for the economy]. Available at: http://www.unn.com.ua/uk/news/1263830-derzhavniy-bank-rozvitku-stane-potuzhnoyu-investitsiynoyu-platformoyu-dlya-ekonomiki-v-omelchenko

10.  Oriekhova T.V. Problemy razvitiya vneshneekonomicheskikh svyazey i privlecheniya inostrannykh investitsiy: regionalnyy aspekt [Problems of development of foreign economic relations and attract foreign investment: a regional perspective], 2011, Part 1, pp. 227-234.

11.  Poiasniuvalna zapyska do proektu Zakonu Ukrainy "Pro derzhavnyi bank rozvytku Ukrainy" [The explanatory note to the draft Law of Ukraine "On the State Development Bank of Ukraine"], Available at: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=48717

12.  Rossiyskiye suverennyye fondy. Ofitsialnyy sayt Instituta ekonomicheskoy politiki imeni E.T. Gaydara [Russian sovereign funds. Official site of the Economic Policy Institute named E.T. Gaidar], Available at: http://www.iep.ru/images/SEMINARS/dsm-30.11.10.doc

13.  Danylenko A.I. Finansovo-monetarni vazheli ekonomichnoho rozvytku [Financial and monetary levers of economic development], v kn.: Finansova polityka ta podatkovo-biudzhetni vazheli ii realizatsii [in book: Fiscal policy and fiscal instruments for its implementation]. Kyiv: Feniks, 2008, 467 p.

14.  Chuprun V. My budem umenshat zavisimost Ukrainy ot importnogo gaza [We reduce Ukraine's dependence on imported gas], Available at: http://markets.eizvestia.com/full/vadim-chuprun-my-budem-umenshat-zavisimost-ukrainy-ot-importnogo-gaza

 

Information about the authors:

 

Kozarezenko L. V. – PhD of Economy, associate professor of Finance and Economics Department, Pereyaslav-Khmelnytsky Hryhoriy Skovoroda State Pedagogical University, Pereyaslav-Khmelnitskiy, Ukraine. ljudmila.kozarezenko@gmail.com


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Category: Articles № 25 (II) / 2013 | Added by: EME (20.02.2014) | Author: EME
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