We present a dynamic stochastic general equilibrium (DSGE) model in which a resource-rich government allocates its excess resource rents between a resource stabilization fund and the facilitation of costly domestic fund-raising activities of sovereign wealth funds (SWF), which holds a portfolio of government-linked companies (GLCs). Despite being less productive efficient, GLCs' operation benefits from scale economies tied to the resource sector: its profitability is procyclical to commodity shocks. The model is estimated to Malaysia using the Bayesian approach, with the results suggesting a business cycle heavily influenced by resource shocks. Based on this, we solve numerically for a socially optimal combination of excess resource savings allocation. We find the present allocation to be sub-optimal, regardless of the structural shocks. This suggests that the Malaysian economy might have hit its absorptive capacity constraint (i.e., a domestic economy saturated by GLCs).

中文翻译：

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具有资源收入资助的政府相关公司的经济体中的最佳财政管理

我们提出了一个动态随机一般均衡 (DSGE) 模型，其中资源丰富的政府在资源稳定基金和主权财富基金 (SWF) 的昂贵国内筹资活动之间分配其超额资源租金，该基金持有投资组合政府关联公司 (GLC)。尽管生产效率较低，但 GLC 的运营受益于与资源部门相关的规模经济：其盈利能力对商品冲击具有顺周期性。该模型使用贝叶斯方法对马来西亚进行了估计，结果表明商业周期受到资源冲击的严重影响。在此基础上，我们从数值上求解了超额资源储蓄分配的社会最优组合。我们发现，无论结构性冲击如何，目前的配置都不是最优的。