Are natural resources a curse or a blessing? The answer may depend on how natural wealth is managed. By transforming a temporary windfall into a permanent stock in the form of a sovereign wealth fund, resource-rich economies can avoid volatility and Dutch disease effects, save for future generations, and invest locally. We review the theory behind these resource funds and explore the empirical evidence for their success. Our review is complemented by case studies that highlight some of the more nuanced features, behavior, and effects of resource funds. While the theoretical research highlights the situational success of funds, empirical examinations are minimal. We discuss possible reasons for this gap in the literature and, in doing so, highlight some of the challenges associated with empirical research in this area and discuss possible paths forward.

中文翻译：

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主权财富基金的理论与实践

自然资源是祸还是福？答案可能取决于自然财富的管理方式。通过以主权财富基金的形式将暂时的意外之财转化为永久的储备，资源丰富的经济体可以避免波动和荷兰病的影响，为子孙后代储蓄并进行本地投资。我们回顾了这些资源基金背后的理论，并探讨了它们成功的经验证据。我们的评论得到了案例研究的补充，这些案例研究强调了资源基金的一些更微妙的特征、行为和影响。虽然理论研究强调了基金在情境上的成功，但实证研究却很少。我们讨论了文献中出现这种差距的可能原因，并在此过程中强调了与该领域实证研究相关的一些挑战，并讨论了可能的前进道路。