风萧萧_Frank
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为什么挪威人是百万富翁，而美国人却是穷人
挪威主权基金超越 80 年代乐队 A-ha，是挪威最好的资产吗？
ABC 新闻 2014 年 1 月 11 日
https://abcnews.go.com/Business/norwegians-millionaires-norways-sovereign-wealth-fund/story?id=21488085
挪威人庆祝挪威的原因包括 80 年代乐队 A-ha、狭窄的地质构造（称为峡湾）、石油储量和世界上最大的主权财富基金。
根据本周发布的一份报告，主权基金（该国用于投资有利于其经济和人民）达到 5.1 万亿克朗，约合 8180 亿美元，这在很大程度上是由于油价上涨。该基金名为全球政府养老金基金，其资金激增理论上使挪威 5,096,300 人中的每一个人都成为百万克朗富翁。
主权财富基金研究所所长 Michael Maduell 表示，按美元计算，该基金的人均克朗（挪威语拼写为“krone”）约为 161,660 美元。
尽管财富基金中有这么多钱，挪威的国家债务仍然高达 7,590 亿克朗，约占国内生产总值的 25%。相比之下，美国 17.3 万亿美元的债务占 GDP 的 102%。如果你想知道，每个美国人欠 54,733 美元。但如果你加上政府所有未付债务，情况会变得更糟：根据 USDebtclock.org 的数据，每个美国人欠 110 万美元。
但挪威人不会靠这笔主权基金的钱来养老，原因有几个。
挪威政府全球养老金基金的成立是为了成为一种代际储蓄工具，以确保从化石燃料资源中获得收入，并防止“荷兰病”，即自然资源增加导致制造业或农业等其他行业衰退的经济现象，马杜尔解释道。
主权财富基金被纳入挪威的财政预算：政府每年可以支出该基金资产的 4%。与阿拉斯加永久基金不同，该基金每年不向公民支付股息。
“其余资金都积累在主权财富基金中，这就是它如今如此庞大的原因，”马杜尔说。
石油和天然气是世界上许多主权基金的金融驱动力。挪威恰好是第七大石油出口国。
根据主权财富基金研究所的数据，继挪威之后，拥有主权财富基金规模第二大的国家是沙特阿拉伯，其拥有的资金超过 6750 亿美元，其次是阿拉伯联合酋长国阿布扎比，其拥有的资金为 6270 亿美元。阿拉斯加是美国拥有主权财富基金规模最大的州之一，约为 470 亿美元。
布鲁金斯学会经济学家巴里·博斯沃思表示，挪威基金通常被全世界视为如何管理主权基金的典范。
“挪威在为子孙后代储蓄和投资部分石油收入方面做得非常出色，”吉米·卡特的前经济顾问博斯沃思说。
他说，该国面临着选民的压力，要求其支付更大比例的资产，博斯沃思表示，鉴于该基金的成功增长，这是“可以理解的”。
与一些人的看法相反，博斯沃思表示，他认为国家财富的存在并没有压低公民的工作意愿，他指出，挪威的劳动力参与率——即正在工作或积极寻找工作的人口百分比——与美国大多数年龄段的劳动力参与率相同或更高。今天早些时候，美国劳工部报告称，12 月份劳动力参与率下降了 0.2 个百分点，至 62.8%，创下 35 年来的最低水平。
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此外，博斯沃思表示，与欧洲大部分地区不同，没有证据表明挪威的公共或私人债务水平过高。他解释说，主权基金被记录为挪威政府的资产，现在相当于其收入的两倍左右。
然而，石油出口提高了汇率，导致制造业岗位流失，博斯沃思说。
除了峡湾和其他商品外，挪威还因另一种出口产品而闻名。
“最后，我注意到挪威有出色的悬疑小说作家，尽管我没有证据证明这可以追溯到主权基金，”他指出。
图片：GDP低于谷歌市值的国家
Why Norwegians Are Millionaires and Americans Are Paupers
Topping '80s band A-ha, is the Norwegian sovereign fund Norway's best asset?
The sovereign fund, which the country uses for investments that benefit their economy and people, reached 5.1 trillion crowns, or about $818 billion, due in large part to the rising price of oil, according to a report out this week. That surge in the fund, called the Government Pension Fund Global, theoretically makes each of Norway's 5,096,300 people a millionaire in crowns.
Translated into dollars the fund's crowns (spelled "krone" in Norway) per capita is about $161,660, said Michael Maduell, president of the Sovereign Wealth Fund Institute.
And, despite all that money in the wealth fund, Norway still has a national debt of 759 billion crowns or about 25 percent of gross domestic product. By comparison, the US debt of $17.3 trillion is 102 percent of GDP. In case you're wondering, that's $54,733 owed by each American. But it gets far worse if you add in all the unfunded liabilities of the government: Then it's $1.1 million owed per American, according to USDebtclock.org.
But Norwegians aren't going to retire on that sovereign fund's money for several reasons.
Norway's Government Pension Fund Global was created to be an intergenerational savings vehicle to secure income from a fossil fuel resource and to prevent "Dutch Disease," or the economic phenomenon when an increase in natural resources leads to a decline in other sectors like manufacturing or agriculture, explains Maduell.
The sovereign wealth fund is integrated into Norway's fiscal budget: 4 percent of the fund's assets can be spent each year by the government. Unlike the Alaska Permanent Fund, no dividends are paid out each year to its citizens.
"The rest of the money accumulates in the sovereign wealth fund, which is why it is so large today," Maduell said.
Oil and gas are financial drivers for many of the sovereign funds in the world. Norway happens to be the seventh largest oil exporter.
After Norway, the country with the second-largest sovereign wealth fund is Saudi Arabia with over $675 billion, followed by the Abu Dhabi, United Arab Emirates with $627 billion, according to the Sovereign Wealth Fund Institute. Alaska has one of the highest sovereign wealth funds of the U.S. states with about $47 billion.
Barry Bosworth, economist at the Brookings Institution, said the Norwegian fund is usually held up around the world as a model of how to run a sovereign fund.
"Norway has done an excellent job of saving and investing a portion of its oil revenues for future generations," says Bosworth, a former economic advisor to Jimmy Carter.
He said the country has come under pressure from voters to pay out a larger portion of the assets, which Bosworth said is "understandable," given the successful growth of the fund.
Contrary to the belief of some, Bosworth said he believes the existence of the country's wealth has not depressed citizens' willingness to work, pointing to the Norwegian labor force participation rate -- that is, the percentage of people who are working or actively looking for work, which is equal or above to that of most age groups in the U.S. Earlier today, the U.S. Labor Department reported that the labor force participation rate declined by 0.2 percentage point to 62.8 percent in December, a 35-year low.
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In addition, Bosworth said there isn't evidence of imprudent levels of public of private debt in Norway, unlike much of Europe. The sovereign fund is recorded as an asset of the Norwegian government and now equals about two times their income, he explains.
However, oil exports have raised the exchange rate and led to a loss of manufacturing jobs, Bosworth said.
Besides fjords and other commodities, Norway is also known for another export.
"Finally, I note that Norway has excellent mystery writers, although I have no proof that it can be traced to the sovereign fund," he points out.
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