Abstract

Temasek is a significant example of state-led intervention. The case of Singapore is interesting, because it has two entities defined as sovereign wealth funds, Temasek and the Government of Singapore Investment Corporation (GIC). The latter manages the currency reserves of the Asian city-state, while the former raises liquidity for new investments without the Government's approval, in complete autonomy. Temasek takes advantage of the fact that Singapore is considered one of the world's main hubs.