Sovereign Wealth Funds as Domestic Investors of Last Resort During Crises
AbstractUsual definitions of Sovereign Wealth Funds (SWFs) put emphasis on their foreign investments. But after September 2008, some Sovereign Wealth Funds refrained from foreign investments and turned to the support of their home economies. We show that these interventions of Sovereign Wealth Funds as domestic “investors of last resort” are far from marginal and that they are not a passing innovation of the last global crisis. We review first the cases of interventions of SWFs as “shareholders of last resort” and differentiate interventions targeted on banks, from more general interventions designed to support non financial firms. We then turn to the interventions of SWFs as “lenders of last resort” and insurance funds against major crises.
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Bibliographic InfoArticle provided by CEPII research center in its journal International Economics/Economie Internationale.
Volume (Year): (2010)
Issue (Month): 123 ()
Sovereign wealth fund; crises; investor of last resort; shareholder of last resort; lender of last resort; insurer of last resort; emergency intervention;
Other versions of this item:
- Hélène Raymond, 2010. "Sovereign Wealth Funds as domestic investors of last resort during crises," EconomiX Working Papers 2010-12, University of Paris West - Nanterre la Défense, EconomiX.
- G01 - Financial Economics - - General - - - Financial Crises
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- G29 - Financial Economics - - Financial Institutions and Services - - - Other
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- Sun, Xiaolei & Li, Jianping & Wang, Yongfeng & Clark, Woodrow W., 2014. "China's Sovereign Wealth Fund Investments in overseas energy: The energy security perspective," Energy Policy, Elsevier, vol. 65(C), pages 654-661.
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