Public Financial management of the Sovereing Wealth Funds

Abstract

I am interested in the role of national funds in forming the economic overview, and also, the role of these funds in integration and globalization processes. The significance of the problem requires the development of recommendations and mechanisms in order to form the transparency of available information for public following the international standards, as a consequence the improvement of processes of democratization through public control. Contemporary economic conditions and positive tendencies in public financial management require special attention to develop methods and instruments. The purpose is to develop the public financial management. Several studies exist on the oil industry of the Caspian Region but few focus on strategies for its long term grows. The gap of proposed study will seek to fill is the insufficiency of literature on ways to promote national funds role of the oil industry. The research thesis is that the oil industry our countries lack pure understanding about the role of the oil revenue for future.