-

..,

; e-mail: ant.navoy@yandex.ru

..,

e-mail: Lyubov.shalunova@mail.ru

()
50- , XXI .
.

: .
1 2013 . 5,2
. 1,
(. . 1).

(), , ,
800
900 . 2.


. --

3.
, , :
( , ,
- );
(
, , );
(


);
(
);
( ).

, 14 000
12 000
, 5 198
,
4 315
10 000
.
3 819

8 000
( ,
3 019
6 000
)
11404
10 301
8 176
4 000
(. . 2 3).
6 959

2 000
: 0
; 01/01/2008
01/01/2011
01/01/2012
01/01/2013
;
(),
; ;


4. .
: Sovereign Wealth Fund Institute, IMF.

. 1.

( . )

1

The Sovereign Wealth Fund Institute; http://www.

swfinstitute.org, Sovereign Wealth Quarterly, 2012.

2
World Economic Outlook. Coping with High Debt and Sluggish
Growth. October 2012. IMF. 2012.

26

Sovereign Wealth Funds A Work Agenda. IMF. 2008. February 29.

Ibid.

3
4

2/2014

-
, .
, . , , (


).

69%
40
.
(
31%
17
)





. .
( , : Sovereign Wealth Fund Institute; http://www.swfinstitute.org.

. 2.
),
6
5
4

1 1 1 1

1 1 1 1 1 1

1 1 1 1 1 1

1 1 1 1 1 1

1 1 1 1 1

1 1 1

1 1 1 1 1 1

: Sovereign Wealth Fund Institute; http://www.swfinstitute.org.

. 3. ,

21

57%

31

43%

3
2
0,2%

0,4%

: Sovereign Wealth Fund Institute; http://www.swfinstitute.org.

. 4.

2/2014

( ).


.
, ,
(. . 4).

.

27

-

70,9

, 50,8
-

48,2
-
43,1

(. .5).
28,5

27,3

25,6

.
19,1

5,1

,
3,1

,
-
1,9

0,8
.
0
10
20
30
40
50
60
70
80
, , : IMF, Maslacovic M. Sovereign Wealth Funds 2008. International Financial Services. London.
.5.

, 2007 ., .
,
, , , , ,
.
(, ),
.

. , , ,

. , 2007 .
, 2,
, .
. ,
,
, ,

, ,
, . .
c
, , . .
, ,
.
.
2007 . , ,
1, .
, (
(
, ..) ,
), (

.

).
, .
,
3

,
, , .

, ( 1 2).
,
(
), -, ,
,
2
Section 721 of the Defense Production Act of 1950, foreign in , vestment and national security Act of 2007.
. 3
Sovereign Wealth Funds and Reserve Assets: a Statistical Perspective. Prepared by the Statistics Department International Monetary
Fund. Washington, D.C., 2007. October 29 November 1.
1

28

International Working Group of Sovereign Wealth Funds: SWFs

Generally Accepted Principles and Practices (GAPP). Santiago Principles.
IMF. October 2008, Work Agenda, Prepared by Monetary and Capital
Markets and Policy Development and Review Departments.

2/2014

-
, ,
-
.

( 3 5).

, , , , ,
( 4).

, , , .
, .
. ,

( 6, 7, 8, 9 16).

.
,
( 10, 11 12).

, .

.

,
, ,
( 13, 14 15).

,

- ( 17).
,
,
, ,
.
,
/
, , ,

( 18).

, ,
( 19).

, .
.
,

( 20).

.


.
, ,
( 21).
,
, , .
, ,


,
, ,
( 22).
( ,
)
.
( 23 24).
,
,
. , ,

. , ,
( 19). ,
, , - ,
.


. . , -

2/2014

29

30

19 2008 . 18.
2

29
2007. 955.
1

100

80
60
, .
,
40

20
.

, 0
.

: ; ;
.


,

, , : 4th Annual Meeting International Forum of SWFs; http://www.ifswf.org/pst/

mexico2012/rodriguez.pdf.
, (. .6).
,
. 6.
,
( 01.01.2011, %)

. .
: (45%); (45%); . (1 2004 . 1
(10%)3.
2008 .) ,
20082012 .
. ( 1 2008 .) (
, ,
: () ),
().


4.
(
). (3,7%). (10% )5, . ( ,

).
6.
,
, , 1.
( )
: ;
, . ;
, (225,1 . ) . 2009 ., 112,4
. 01.01.2012 (

).
, 2012 .,
2.

3
, : .


,
19
,
2008 . 18; ,
. 29 2007 . 955.
4
. 96.9
31.07.1998 145-.
5
. 96.10 .
6
. 96.9 .

2/2014

-
600

582,7

500

469,6

400

371,4

300
200
100
0
.08 .08

.08

.09

.09

.10

.10

.11

.11

.11

.12

.12

.13 .13

.13

: , .

. 7. ,
, . (c 1 2008 . 1 2014 .)

,
.

. ,
, ,
, . ,

.
. 8,

20082013 .
34%1 . . 7.
2012 .
. : 1)
,
10 ( 2013 . 2018 .
:
2013 .
5 , 2014 . 6 . .); 2)
7% ; 3) 50%
,
; 4) , 1

.

, 2.
4,3% ( 01.01.2014)3, . ,

.
, , , -,
,
. 8- ( ,
. . 8). ,
,
.
-,
, . -,
, , , ,
.
-,
-
2

14.08.2013 699
,
,
(
,
).
3
(www.minfin.ru).

2/2014

31

-

1 309

829

804
.

681

458

386
,
327
,

174

115

108
,
89
.

77

69
-,
65
,

57
2013 .,
54

40

39

34

26

22
.

19

19

16

14
.
-
14
-,
0
200
400
600
800
1000
1200
1400
: Sovereign Wealth Fund Institute, .

,
. 8. ()
( 01.10.2013 , . )
. , 1 2013 .
171,2 . .
,
,
(. . 9). ,
, 0,5% 1.

55,9

. 2,
6.
3 364,7 . 4.
-, ,
, ,
,
,
,
.
5 8% .
, -

,
,
,
10 . 5.
-,
, , - . . ,

,
.
,
.
-, 1
. 2013. . 3. . 12.
,
2


( (47,4% ); www.cbr.ru
3
2011 .7). ,
,
, , ,
,
50
.
4
( ); www.cbr.ru
5

.: . ., . . : , 2006 // . 2007. 6. . 2530.

32

6
.:
. ., . .
: // .
. 2009. 11(23). . 2431.
7
2012. . 7.2. .

2/2014

-
(51,1%1). ,
350
- 330
- 310

290
270

- 250
230
.
210
- 190
- 170
150

130

110
90
,
70
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

LIBOR 6-.
.
LIBOR 6-.
,




: : World Econimic Outlook Database 2012.
,
. 9.
, % , 2000=100
.

.
,
-, ( 40%), ,
,
2. .

-, .

,
- , .

-,
.
.
, , , ,

19.01.2008 18 (. 19.12.2013)
,
,
. 

1
2012. . 7.2. .

2
, . 19.01.2008 18 (.
19.12.2013).

2/2014

33