@article{International:1221,
      recid = {1221},
      author = {Gomes, Tamara},
      title = {The Impact of Sovereign Wealth Funds on International  Financial Stability},
      publisher = {Bank of Canada},
      address = {2008},
      pages = {1 online resource (iii, 19 pages)},
      abstract = {Over the recent period, many emerging-market economies and  commodity-exporting nations have experienced unprecedented  growth and accumulated substantial amounts of foreign  exchange reserves. The management of these foreign reserves  has led to the emergence of important financial actors:  sovereign wealth funds (SWFs). While SWFs have existed in  one form or another since the 1950s, they have recently  risen in prominence and been exposed to public scrutiny and  debate. The author outlines their possible impact on  international financial stability. She concludes that SWFs  are long-term investors that can play a stabilizing role in  financial markets by supplying liquidity and reducing  market volatility. While characteristics such as a lack of  transparency highlight the potential for destabilization by  one or more SWFs, there is little evidence that this has  occurred during the recent period. Similarly, the rise of  financial protectionism, as host countries adopt rules to  protect sensitive industries, might unduly restrict global  capital flows, but it is not likely to destabilize the  international financial system.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1221},
      doi = {https://doi.org/10.34989/sdp-2008-14},
}