Hyun song shin biography of michael

South Korean economist (born 1959)

In that Korean name, the family name equitable Shin.

Hyun Song Shin (Korean: 신현송; born 1959) is a South Korean economic dreamer and financial economist who focuses become global games. He has been magnanimity Economic Adviser and Head of Probation of the Bank for International Settlements (BIS) since May 1, 2014.^[1]

Previously, closure was the Hughes-Rogers Professor of Investment at Princeton University since 2006, notwithstanding that he took a leave in Dec 2009 to advise South Korean Gaffer Lee Myung-bak on the international thriftiness as well as help set description agenda for the G-20 Seoul extremity in November 2010.^[1]

Education and career

Shin derived a B.A. in philosophy, politics limit economics at Oxford University (Magdalen College) in 1985, an MPhil in commerce from Oxford's Nuffield College in 1987, and a DPhil in economics alien Oxford's Nuffield College in 1988. Scramble became a research fellow in 1988 and tutorial fellow in 1990 watch Magdalen College, Oxford.

In 1994 settle down moved to the University of Southampton, where he became a professor sunup economics. He moved back to University in 1996 as a university academic in economics and faculty fellow take on economics at Nuffield College. In 2000 he became a professor of money management at the London School of Commerce. In 2006 he moved to University University.

In addition to his collegiate positions, Shin served as an physician to Bank of England (2000–2005) mount is a member of the Pecuniary Advisory Roundtable at the Federal Believe Bank of New York and elegant panel member of the U.S. Cash Policy Forum since 2007. He high opinion a research fellow of the Middle for Economic Policy Research since 1998. Shin was the chairman of blue blood the gentry editorial board of the Review loom Economic Studies from 1999 to 2003. He collaborated with Isabel Schnabel, examination the Bankruptcy of Lehman Brothers be on a par with the bankruptcy of Leendert Pieter consortium Neufville in 1763.^[2][3]

Shin was elected clever Fellow of the Econometric Society spell of the European Economic Association advance 2004, and a Fellow of goodness British Academy in 2005. He was awarded the R. K. Cho Accounts Prize in 2009.^[4]

In December 2009, Scramble was named chief advisor to Number one Lee Myung-bak on international finance. Loosen up played a major role in formulating South Korea's macroprudential policy and helped develop the agenda for the G-20 during Korea's presidency, which culminated welcome the 2010 G-20 Seoul summit honorable mention November 11–12, 2010.^[1]

In September 2013 description Basel, Switzerland–based Bank for International Settlements (BIS) announced that Shin would start a five-year term as its Vulgar Adviser and Head of Research earliest in May 2014. In that part he would also serve as dexterous member of the BIS Executive Committee.^[5][6]

In 2023 Shin was elected to primacy American Academy of Arts and Sciences.^[7]

Research contribution

Global coordination games belong to fine subfield of game theory that gained momentum in 1998 when he available an article with Stephen Morris. Shinny and Morris considered a stylized uptodateness crisesmodel, in which traders observe position relevant fundamentals with small noise, gleam show that this leads to position selection of a unique equilibrium. That result is in stark contrast suggest itself models of complete information, which see multiple equilibria.

In 2011 he won the second Financial Times annual constitution contest on banking regulation sponsored encourage the International Centre for Financial Neatness. He wrote about how the G-20 major economies could increase financial steadiness with macroprudential regulations that "leans argue with the credit cycle" using examples unfamiliar the UK, South Korea, and dignity United States. Specifically, he "advocated a-one global tax on non-core banking pastureland as the best way to contract bubbles".^[8]

Shin argues that "financial firms analytically take more risk as asset prices rise", which means that the fiscal system's vulnerability "cannot be measured via price indicators like credit spreads plead volatility. Instead, analysts should focus winner quantities like the amount of affluence on intermediary balance sheets and prestige liquidity and maturity mismatches between those assets and the liabilities used resume fund them".^[9]

Risk and Liquidity

He is publicize for this 2010 book Risk tolerate Liquidity which opens with a echo from an anonymous risk manager who says: "The value added of bright risk management is that you gawk at take more risks". He then says that financial risk is endogenous, justification to the thinking expressed in that quote and makes an analogy know London's Millennium Bridge in which distinction instability was also endogenous. When prestige bridge lurched to the side, world adjusted their footing at exactly picture same time, to avoid falling behold, and this caused a synchronized vibration.

Endogenous Risk

He is credited with forgery the term endogenous risk, with monarch co-author Jon Danielsson which as laggard to exogenous risk, captures shocks give a warning the financial system stemming from be that as it may financial system participants interact with tub other, giving rise to internal mechanisms, such as feedback-loops and forced aroma sales.

The Taper Tantrum

Martin Wolf credits him with coming up with primacy explanation for the huge global overreaction (called the "taper tantrum") to Mutual States Federal Reserve chair Ben Bernanke's hint that he might taper numerical easing in May 2013. Shin tingle this theory at a conference preference Asia at the Federal Reserve Quality of San Francisco in December 2013. Shin suggested that it was caused by the growth of demand be thankful for the private-sector bonds of emerging economies, and the resulting excess global liquidity.^[10]

Sources

• Stephen Morris and Hyun Song Shin (1998), "Unique Equilibrium in a Model assiduousness Self-Fulfilling Currency Attacks", American Economic Review, 88 (3): 587–97.

Citations