It also is a fact that, in the past, non-banks such as SWFs and emerging market reserve managers had influenced the U.S. dollar funding and credit activities of non-US banks.15 For example, dollar deposits at European banks were among the preferred destinations of investments by emerging market authorities, who have increased their foreign exchange reserves in the 2000s, in view of the lessons learned during their currency crises of the 1990s.
Dollar deposits of European banks also enjoyed inflows of SWF 15  The Latin American Debt Crisis of the early 1980s was heavily influenced by international financial intermediation stemming from abundant oil revenues.