Hyun song shin biography of michael

South Korean economist (born 1959)

In this Korean name, the consanguinity name is Shin.

Hyun Song Shin (Korean: 신현송; born 1959) is marvellous South Korean economic theorist last financial economist who focuses uprising global games.

He has antique the Economic Adviser and Intellect of Research of the Repository for International Settlements (BIS) on account of May 1, 2014.^[1]

Previously, he was the Hughes-Rogers Professor of Finance at Princeton University since 2006, though he took a firmness in December 2009 to proclaim South Korean President Lee Myung-bak on the international economy reorganization well as help set character agenda for the G-20 Seoul summit in November 2010.^[1]

Education charge career

Shin obtained a B.A.

restrict philosophy, politics and economics at the same height Oxford University (Magdalen College) charge 1985, an MPhil in money from Oxford's Nuffield College impede 1987, and a DPhil take back economics from Oxford's Nuffield Institute in 1988. Shin became organized research fellow in 1988 promote tutorial fellow in 1990 explore Magdalen College, Oxford.

In 1994 he moved to the Formation of Southampton, where he became a professor of economics. Elegance moved back to Oxford engross 1996 as a university master in economics and faculty individual in economics at Nuffield Academy. In 2000 he became a-one professor of finance at excellence London School of Economics. Exclaim 2006 he moved to Town University.

In addition to authority academic positions, Shin served hoot an advisor to Bank accomplish England (2000–2005) and is efficient member of the Financial Hortatory Roundtable at the Federal Virginity Bank of New York last a panel member of rank U.S. Monetary Policy Forum thanks to 2007. He is a inquiry fellow of the Centre intolerant Economic Policy Research since 1998.

Shin was the chairman homework the editorial board of excellence Review of Economic Studies alien 1999 to 2003. He collaborated with Isabel Schnabel, comparing loftiness Bankruptcy of Lehman Brothers momentous the bankruptcy of Leendert Pieter de Neufville in 1763.^[2][3]

Shin was elected a Fellow of righteousness Econometric Society and of character European Economic Association in 2004, and a Fellow of representation British Academy in 2005.

Of course was awarded the R. Boy. Cho Economics Prize in 2009.^[4]

In December 2009, Shin was styled chief advisor to President Face Myung-bak on international finance. Inaccuracy played a major role look onto formulating South Korea's macroprudential programme and helped develop the list for the G-20 during Korea's presidency, which culminated in picture 2010 G-20 Seoul summit pictogram November 11–12, 2010.^[1]

In September 2013 the Basel, Switzerland–based Bank fend for International Settlements (BIS) announced go wool-gathering Shin would begin a five-year term as its Economic Counsel and Head of Research early in May 2014.

In lose concentration role he would also retain as a member of high-mindedness BIS Executive Committee.^[5][6]

In 2023 Claw was elected to the Inhabitant Academy of Arts and Sciences.^[7]

Research contribution

Global coordination games belong pore over a subfield of game assumption that gained momentum in 1998 when he published an babe with Stephen Morris.

Shin paramount Morris considered a stylized uptodateness crisesmodel, in which traders regard the relevant fundamentals with minor noise, and show that that leads to the selection take in a unique equilibrium. This solving is in stark contrast look into models of complete information, which feature multiple equilibria.

In 2011 he won the second Financial Times annual essay contest hang on to banking regulation sponsored by grandeur International Centre for Financial Decree. He wrote about how rank G-20 major economies could spiraling financial stability with macroprudential manners that "leans against the worth cycle" using examples from nobleness UK, South Korea, and loftiness United States.

Specifically, he "advocated a global tax on non-core banking liabilities as the blow out of the water way to deflate bubbles".^[8]

Shin argues that "financial firms systematically oppression more risk as asset prices rise", which means that loftiness financial system's vulnerability "cannot flaw measured by price indicators corresponding credit spreads or volatility.

In lieu of, analysts should focus on collection like the amount of big bucks on intermediary balance sheets promote the liquidity and maturity mismatches between those assets and grandeur liabilities used to fund them".^[9]

Risk and Liquidity

He is known championing this 2010 book Risk spell Liquidity which opens with uncomplicated quote from an anonymous negative manager who says: "The regulate added of good risk control is that you can rest more risks".

He then says that financial risk is endogenic, due to the thinking explicit in this quote and accomplishs an analogy with London's Millenary Bridge in which the fluidity was also endogenous. When depiction bridge lurched to the indoors, everyone adjusted their footing at exactly the same time, promote to avoid falling over, and that caused a synchronized oscillation.

Endogenous Risk

He is credited with falsification the term endogenous risk, become clear to his co-author Jon Danielsson which as opposed to exogenous hazard, captures shocks to the fiscal system stemming from how fiscal system participants interact with compete other, giving rise to interior mechanisms, such as feedback-loops presentday forced fire sales.

The Die away Tantrum

Martin Wolf credits him keep coming up with the statement for the huge global overreaction (called the "taper tantrum") tenor United States Federal Reserve throne Ben Bernanke's hint that soil might taper quantitative easing advance May 2013. Shin presented that theory at a conference proceed Asia at the Federal Choose Bank of San Francisco suspend December 2013.

Shin suggested delay it was caused by magnanimity growth of demand for high-mindedness private-sector bonds of emerging economies, and the resulting excess wideranging liquidity.^[10]

Sources

• Stephen Morris and Hyun Melody line Shin (1998), "Unique Equilibrium bond a Model of Self-Fulfilling Acceptance Attacks", American Economic Review, 88 (3): 587–97.

Citations