Government of Singapore Investment Corporation: Insurer of Last Resort and Bulwark of Nation-State Legitimacy.
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...Expand abstract
- WPG 09-05
- Working Papers in Employment, Work and Finance
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