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Government of Singapore Investment Corporation: Insurer of Last Resort and Bulwark of Nation-State Legitimacy.

Abstract:

The global financial crisis has shattered many illusions, one of which being that sovereign wealth funds (SWFs) are properly treated as arms-length investment institutions subject only to global standards of good governance. In fact, in a number of East Asian countries SWFs have acted as 'insurers of last resort' for their nation-states underwriting financial stability and social welfare. In this paper, we explain how and why this came to pass, arguing that this role serves to sustain the leg...

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Gordon L. Clark More by this author
Ashby H. B. Monk More by this author
Volume:
WPG 09-05
Series:
Working Papers in Employment, Work and Finance
Publication date:
2009
URN:
uuid:a0527b3a-4ca0-4604-b791-a927df691321
Local pid:
oai:economics.ouls.ox.ac.uk:14210
Language:
English

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