Hyun-Song Shin
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Hyun Song Shin | |
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global games | |
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Hyun Song Shin (
Previously, he was the Hughes-Rogers Professor of Economics at
Education and career
Shin obtained a
In 1994 he moved to the University of Southampton, where he became a professor of economics. He moved back to Oxford in 1996 as a university lecturer in economics and faculty fellow in economics at Nuffield College. In 2000 he became a professor of finance at the London School of Economics. In 2006 he moved to Princeton University.
In addition to his academic positions, Shin served as an advisor to
Shin was elected a Fellow of the Econometric Society and of the European Economic Association in 2004, and a Fellow of the British Academy in 2005. He was awarded the R. K. Cho Economics Prize in 2009.[4]
In December 2009, Shin was named chief advisor to President Lee Myung-bak on international finance. He played a major role in formulating South Korea's
In September 2013 the Basel, Switzerland–based Bank for International Settlements (BIS) announced that Shin would begin a five-year term as its Economic Adviser and Head of Research starting in May 2014. In that role he would also serve as a member of the BIS Executive Committee.[5][6]
In 2023 Shin was elected to the American Academy of Arts and Sciences.[7]
Research contribution
Global coordination games belong to a subfield of
In 2011 he won the second
Shin argues that "financial firms systematically take more risk as asset prices rise", which means that the financial system's vulnerability "cannot be measured by price indicators like credit spreads or volatility. Instead, analysts should focus on quantities like the amount of assets on intermediary balance sheets and the liquidity and maturity mismatches between those assets and the liabilities used to fund them".[9]
Risk and Liquidity
He is known for this 2010 book Risk and Liquidity which opens with a quote from an anonymous risk manager who says: "The value added of good risk management is that you can take more risks". He then says that financial risk is endogenous, due to the thinking expressed in this quote and makes an analogy with London's Millennium Bridge in which the instability was also endogenous. When the bridge lurched to the side, everyone adjusted their footing at exactly the same time, to avoid falling over, and this caused a synchronized oscillation.
The Taper Tantrum
Sources
- Stephen Morris and Hyun Song Shin (1998), "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks", American Economic Review, 88 (3): 587–97.
Citations
- ^ a b c "Hyun Song Shin". Bank for International Settlements. Retrieved January 13, 2015.
- .
- ^ Lessons from the Seven Years War by Isabel Schnabel and Hyun Song Shin
- ^ "Professor Shin Hyun-song Won the Cho Rakkyo Award". Yonsei University News. May 25, 2009.
- ^ "Korea's Shin to become BIS adviser, Borio to head MED". Central Bank News. September 9, 2013.
- ^ "Company Overview of Bank For International Settlements". Bloomberg Businessweek. Archived from the original on March 24, 2009.
- ^ "New Members Elected in 2023". American Academy of Arts & Sciences. 2023-04-19. Retrieved 2023-12-08.
- ^ Masters, Brooke (January 31, 2011). "Princeton professor wins essay contest". Financial Times.
- ^ M.C.K. (January 29, 2013). "How should central banks think about the financial system?". The Economist.
- ^ Martin Wolf, "The emerging risks of ticking time bonds", Financial Times, December 10, 2013
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