دور الصناديق السيادية في امتصاص الآثار السلبية للصدمات النفطية على الموازنة العامة: دراسة تحليلية اقتصادية لحالة الجزائر خلال الفترة (1970-2020)

Abstract

Oil markets are characterized by instability;this caused many positive or negative oil shocks. Which in turn affected the economies of countries, especially the oil ones, Which depends on oil revenues to finance its budgets, Which makes them vulnerable to the risks of fluctuations in oil prices, and in order to reduce the impact of oil shocks on their budgets, many countries, especially oil-exporting countries, havecreateSovereign Wealth Funds, as these funds work to absorb financial surpluses resulting from high oil prices, and reinvest them in the markets with the aim of maximizing and maintaining them. The importance of this study stems from the fact that it is one of the relatively recent topics, which receives great attention from researchers, because it sheds light on the role of Sovereign Wealth Funds in reducing the negative effects of oil shocks on the public budget,for this reason, we chose to study the case of Algeria as a rentier country that relies on oil in preparing its budgets, in addition to having a sovereign fund. Our study aimed to highlight the role of sovereign funds in reducing the negative effects of oil shocks on the public budget, as we relied on the analytical descriptive approach, By presenting concepts about the general budget and oil shocks, as well as sovereign funds, and our analysis of the experiences of leading Arab countries in the field of managing sovereign funds, trying Drawing lessons from them, as well as our analysis of the general budget of Algeria and revenue regulation fund, and its contribution to controlling the general budget, and sparing it from the negative effects of oil shocks the study concluded that sovereign funds play an effective role in reducing the negative effects of oil shocks on the public budget,this is done by investing surplus oil revenues generated when positive oil shocks occur, and using them when negative oil shocks occur, provided that these funds are properly managed andmanaged.