Curriculum Vitae
Hyun Song Shin
Hughes-Rogers Professor of Economics,
Princeton University
Address:
100
Patton Avenue
Princeton, NJ 08540, USA
Degrees
BA Philosophy, Politics and Economics, Oxford
University (Magdalen College) First Class, 1985
MPhil Economics, Oxford University (Nuffield
College), 1987
DPhil Economics, Oxford University (Nuffield
College), 1988
Previous Posts
Research Fellow, Magdalen College, Oxford
(1988 - 1990)
Tutorial Fellow, University College, Oxford
(1990 - 1994)
Professor of Economics University of
Southampton (1994 - 1996)
University Lecturer in Economics, Oxford
University and Faculty Fellow in Economics, Nuffield College
(1996 - 2000)
Professor of Finance, London School of
Economics (2000 - 2005)
Other Positions
Senior Research Fellow, Nuffield College,
Oxford (2000 - 2007)
Adviser, Bank of England (2000 - 2005)
Academic Visitor, Bank for International
Settlements (2001, 2002, 2003)
Resident Scholar, International Monetary Fund
(2005)
Adviser to the President for the International
Economy, Office of the President, Republic of Korea (2010)
Fellowships and Awards
Fellow of the Econometric Society (2004)
Fellow of the European Economic Association
(2004)
Fellow of the British Academy (2005)
Maekyung Economist Prize (Maeil Economic Daily
and KAEA, 2008)
Richard E. Quandt Undergraduate Teaching Prize
(Princeton University, 2008)
Cho Rakkyo Economics Prize (2009)
Donga Ilbo ‘100 Future Leaders’ Award (2010)
Moran
Medal, Order of Civil Merit, Korea (2011)
Professional Activities
Managing Editor, Review of Economic Studies
(1995 - 1999)
Chairman of Editorial Board, Review of
Economic Studies (1999 - 2003)
Research Fellow, Centre for Economic Policy
Research (1998 - )
Research Associate, National Bureau of
Economic Research (2011 - )
Co-director of the Regulation and Financial
Stability programme, Financial Markets Group, LSE (2002 -
2006)
Panel member of the US Monetary Policy Forum
(2007 - )
Associate Editor, Journal of Economic Theory
(2001 - 2007)
Associate Editor, Econometrica (2003 - 2006)
Associate Editor, Journal of the European
Economic Association (2003 -
)
Editorial Board member, Journal of Accounting
Research (2003 -
)
Editorial Board member, Review of Finance
(2003 - )
Associate Editor, International Journal of
Central Banking (2004 - 2008)
Financial
Advisory Roundtable Member, Federal Reserve Bank of New York
(2007 – )
UK Economics International Benchmarking Panel,
UK ESRC and Royal Economic Society (2008)
Working Papers
“Contagious Adverse Selection” (with Stephen
Morris) Forthcoming in American Economic Journal: Macroeconomics
"Global Banking Glut
and Loan Risk Premium", 2011 Mundell-Fleming Lecture, IMF
Annual Research Conference
"Comment on "Risk
Topography"" forthcoming in NBER Macroeconomics Annual 2011,
volume 26, Daron Acemoglu and Michael Woodford, editors,
University of Chicago Press
"Sustaining
Production Chains Through Financial Linkages" (with Se-Jik
Kim) paper for the 2012 AEA conference in Chicago
“Carry Trades and Speculative Dynamics” (with
Guillaume Plantin)
“Risk Appetite and Exchange Rates” (with
Tobias Adrian and Erkko Etula)
“Financial Intermediation, Asset Prices, and
Macroeconomic Dynamics” (with Tobias Adrian and Emanuel
Moench)
“Monetary Cycles, Financial Cycles, and the
Business Cycle” (with Tobias Adrian and Arturo Estrella)
“Illiquidity Component of Credit Risk” (with
Stephen Morris)
“Financial Intermediation and the Post-Crisis
Financial System” paper for BIS Conference, June 2009
“A Financial System Perspective on Japan’s
Experience in the Late 1980s” (with Masazumi Hattori and
Wataru Takahashi) paper for BOJ Conference, May 2009
“Balance Sheet Capacity and Endogenous Risk”
(with Jon Danielsson and Jean-Pierre Zigrand)
“A Theory of Slow Moving Capital and
Contagion” (with Viral Acharya and Tanju Yorulmazer)
"Procyclical Leverage and Value at Risk" (with
Tobias Adrian)
"Fire-Sale FDI" (with Viral Acharya and Tanju
Yorulmazer)
"Common Belief Foundations of Global Games"
(with Stephen Morris)
Books
Risk and Liquidity, 2008 Clarendon Lectures in Finance,
Oxford University Press, May 2010
Squam Lake Report: Fixing the Financial System (with Kenneth R. French et al.) Princeton
University Press, June 2010
Published Papers
"Precautionary Demand
and Liquidity in Payment Systems" (with Gara Afonso) Journal
of Money, Credit and Banking, 43, S2, 589–619, 2011
“Crisis Resolution and Bank Liquidity” (with
Viral Acharya and Tanju Yorulmazer) Review of Financial
Studies 24(6), 2166-2205, 2011
“Financial Intermediaries and Monetary
Economics” (with Tobias Adrian) in Handbook of Monetary
Economics (eds) Benjamin Friedman and Michael Woodford,
chapter 12, 601-650, 2011
"Financial Intermediary Balance
Sheet Management” (with Tobias Adrian) Annual Review
of Financial Economics, 3, 289-307, 2011
“The Changing Nature of Financial
Intermediation and the Financial Crisis of 2007-09” (with
Tobias Adrian) Annual Reviews: Economics, 2, 603-618, 2010
“Macro Risk Premium and Intermediary Balance
Sheet Quantities” (with Tobias Adrian and Emanuel Moench)
IMF Economic Review, 58(1), 179 – 207, 2010
“Liquidity
and Leverage” (with Tobias Adrian) Journal of Financial
Intermediation, 19 (3), 418-437, 2010
“Discussion of “The Leverage Cycle” by John
Geanakoplos” NBER Macroeconomics Annual 2009, 24, 75-84,
University of Chicago Press, November 2009
“Prices and Quantities in the Monetary Policy
Transmission Mechanism” (with Tobias Adrian) International
Journal of Central Banking, 5(4), 131-142, 2009
"Money, Liquidity and Monetary Policy" (with
Tobias Adrian) American Economic Review (papers and
proceedings), 2009, 99, 600–605
"Yen Carry Trade and the Subprime Crisis"
(with Masazumi Hattori) IMF Staff Papers, 56, 384-409, 2009
Geneva Report on the World Economy 11: The Fundamental
Principles of Financial Regulation
(with Markus Brunnermeier Andrew Crockett Charles Goodhart
and Avinash Persaud), June 2009
"Securitization and Financial Stability"
Economic Journal, 119, 309 – 332 (2009) paper presented as
the Economic Journal Lecture at the Royal Economic Society
Conference in Warwick, March 2008
"Reflections on Northern Rock: The Bank Run that
Heralded the Global Financial Crisis" Journal of Economic
Perspectives, 23-1, 101-119 (Winter 2009)
"Financial Regulation in a System Context"
(with Stephen Morris) Brookings Papers on Economic Activity,
Fall 2008, 229-274
"Financial Intermediaries, Financial Stability
and Monetary Policy" (with Tobias Adrian) Proceedings of
Federal Reserve Bank of Kansas City Symposium at Jackson
Hole, 2008
"Leveraged Losses: Lessons from the Mortgage Market
Meltdown" (with David Greenlaw, Jan Hatzius and Anil
Kashyap) US Monetary Policy Forum, Report No. 2, 2008.
"Risk and Liquidity in a System Context"
Journal of Financial Intermediation, 17, 315-329 (2008)
"Marking to Market: Panacea or Pandora's Box?" (with
Haresh Sapra and Guillaume Plantin), Journal of Accounting
Research, 46, 435 - 460 (2008)
"Optimal Communication" (with Stephen Morris),
Journal of the European Economic Association, 5, 594-602
(2007)
"Catalytic Finance: When Does It Work?" (with Stephen
Morris), Journal of International Economics, 70, 161-177
(2006)
"Beauty Contests and Iterated Expectations in
Asset Markets" (with Franklin Allen and Stephen Morris),
Review of Financial Studies, 19, 719 - 752 (2006)
"Disclosure Risk and Price Drift" Journal of
Accounting Research, 44, 351 - 379 (2006).
"Inertia of Forward-Looking Expectations"
(with Stephen Morris) American Economic Review Papers and
Proceedings, 96(2), 152-157 (2006)
Reply to "Social Value of Public Information: Morris and Shin
(2002) is Actually Pro Transparency Not Con" (with Stephen
Morris and Hui Tong) short note in American Economic Review,
96(1), 453-455 (2006).
"Imperfect Common Knowledge and the
Information Value of Prices" (with Jeffery Amato), Economic
Theory, symposium issue on monetary policy, 27, 213 - 241
2006.
"Central Bank Transparency and the Signal
Value of Prices" (with Stephen Morris) Brookings Papers on
Economic Activity, 2, 2005, 1 - 66.
"Analytics of Sovereign Debt Restructuring"
(with Andy Haldane, Adrian Penalver and Vicky Saporta),
Journal of International Economics, 65, 315-333, 2005.
"Opening and Closing the Market: Evidence from the
London Stock Exchange" (with Andrew Ellul and Ian Tonks)
Journal of Financial and Quantitative Analysis, 40, 779 -
801, 2005.
"Liquidity and Contagion: the Crisis of 1763"
(with Isabel Schnabel), Journal of the European Economic
Association, 2(6), 929-968 (2004).
"Does One Soros Make a Difference? A Theory of
Currency Crises with Large and Small Traders" (with
Giancarlo Corsetti, Amil Dasgupta and Stephen Morris) Review
of Economic Studies, 71. 87-114 (2004)
"Crisis costs and debtor discipline: the
efficacy of public policy in sovereign debt crises" (with
Prasanna Gai and Simon Hayes)
Journal of International Economics, 62, 245-262
(2004)
"Coordination Risk and the Price of Debt"
(with Stephen Morris) European Economic Review, 48, 133 -
153 (2004)
"The Impact of Risk Regulation on Price
Dynamics" (with Jon Danielsson and Jean-Pierre Zigrand) Journal of
Banking and Finance 28, 1069-1087 (2004)
"Liquidity Black Holes" (with Stephen Morris)
Review of Finance, 8, 1-18 (2004)
"Debt Maturity Structure with Pre-emptive
Creditors" (with Prasanna Gai) Economics Letters, 85(2), 195-200
(2004)
"Disclosures
and Asset Returns" Econometrica, 71 (1), January 2003, 105 -
133.
"Global Games:
Theory and Applications" (with Stephen Morris), in
Advances in Economics and Econometrics, the Eighth World
Congress (edited by M. Dewatripont, L. Hansen and S. Turnovsky),
Cambridge University Press, 2003.
"Social Value of Public Information" (with
Stephen Morris) American Economic Review, 52 (5), December
2002, 1521-1534.
"Rethinking Multiple Equilibria in
Macroeconomic Modelling" (with Stephen Morris) NBER
Macroeconomics Annual, MIT Press, 2001.
"Approximate
Common Knowledge in a Search Model" in P. Hammond and G.
Myles (eds) Incentives, Organization and Public Economics:
Papers in Honour of Sir James Mirrlees, Oxford University
Press, 2000
"Equilibrium
Departures from Common Knowledge in Games with Non-Additive
Expected Utility" (with Sujoy Mukerji) Advances in
Theoretical Economics, BE Press,
http://www.bepress.com/bejte/advances/vol2/iss1/art2/ 1999
"A Theory of the Onset of Currency Attacks"
(with Stephen Morris) in P-R Agenor, M. Miller, D. Vines and
A. Weber (eds) Asian Financial Crisis: Causes, Contagion and
Consequences, Cambridge University Press, 1999.
"A
violation of dominance and the consumption value of
gambling" (with Johnnie Johnson and Raymond O'Brien) Journal
of Behavioral Decision Making, 12, 19-36, 1999
"Unique Equilibrium in a Model of
Self-Fulfilling Currency Attacks" (with Stephen Morris)
American Economic Review, 88, 587-597 (1998), reprinted in
New Research in Financial Markets, edited by B. Biais and M.
Pagano, Oxford University Press (2002); reprinted in Credit,
Intermediation and the Macroeconomy, edited by S.
Bhattacharya, A. Boot and A. Thakor, Oxford University Press
(2004).
"Adversarial and Inquisitorial Procedures in
Arbitration" Rand Journal of Economics, 29, 378-405 (1998)
"International Environmental Agreements under
Uncertainty" (with Seong-lin Na) Oxford Economic Papers, 50,
173-185, (1998)
Epistemic Logic and the Theory of Games and
Decisions, (editor with M Bacharach, L-A Gérard-Varet and P
Mongin) Dordrecht,
Kluwer, 1998.
"Approximate Common Knowledge and
Coordination: Some
Lessons from Game Theory" (with Stephen Morris) Journal of
Logic, Language and Information, 6, 171-190 (1997)
"The Rationality and Efficacy of Decisions
under Uncertainty and the Value of an Experiment" (with
Stephen Morris), Economic Theory, 9, 309-324 (1997)
"Comparing the Robustness of Trading Systems
to Higher Order Uncertainty" Review of Economic Studies, 63,
39-59 (1996)
"How Much Common Belief is Necessary for a
Convention?" (with Timothy Williamson) Games and Economic
Behavior, 13, 252-268 (1996), reprinted in C. Bicchieri,
ed., The Logic of Strategy, 119-136. Oxford: Oxford
University Press, 1999.
"Depth of Knowledge and the Effect of Higher
Order Uncertainty" (with Stephen Morris and Andrew
Postlewaite) Economic Theory, 6, 453-467 (1995)
"p-Dominance and Belief Potential" (with
Stephen Morris and Rafael Rob) Econometrica, 63, 145-158
(1995)
"The Burden of Proof in a Game of Persuasion"
Journal of Economic Theory, 64, 253-263 (1994)
"News Management and the Value of Firms" Rand
Journal of Economics, 25, 58-71 (1994)
"Representing the Knowledge of Turing
Machines" (with Tim Williamson) Theory and Decision, 37, 253
- 264 (1994) reprinted in M. Bacharach, L.-A. Gérard-Varet,
P. Mongin and H.S. Shin, eds., Epistemic Logic and the
Theory of Games and Decisions: 169-190. Dordrecht: Kluwer
Academic Publishers, 1997.
"Logical Structure of Common Knowledge"
Journal of Economic Theory, 60, 1-13 (1993)
"Measuring the Incidence of Insider Trading in
a Market for State-Contingent Claims" Economic Journal, 103,
1141-1153 (1993).
"A Comment on a Model of Vertical Product
Differentiation" (with C. J. Choi) Journal of Industrial
Economics, 40, 229-231.
"Prices of State Contingent Claims with
Insider Traders and the Favourite Longshot Bias" Economic
Journal, 102, 426-435, (1992)
"Algorithmic Knowledge and Game Theory" (with
Ken Binmore) in Bicchieri, C and M.-L. Dalla Chiara (eds.)
Knowledge, Belief and Strategic Interaction, Cambridge
University Press, Cambridge, (1992) pp. 141-154.
"Counterfactuals and a Theory of Equilibrium
in Games" in
Bicchieri, C and M.-L. Dalla Chiara (eds.) Knowledge, Belief
and Strategic Interaction, Cambridge University Press,
Cambridge, (1992) pp. 397-413.
"Optimal Betting Odds Against Insider Traders"
Economic Journal, 101, 1179-85, (1991)
"A Reconstruction of Jeffrey's Notion of
Ratifiability in Terms of Counterfactual Beliefs" Theory and
Decision, 31, 21 - 47 (1991)
"Two Notions of Ratifiability and Equilibrium
in Games" in Michael Bacharach and Susan Hurley (eds.)
Foundations of Decision Theory: Issues and Advances, Blackwell,
Oxford, pp. 242-262 (1991)
Other publications
" Fair Value Accounting and Financial
Stability (with Haresh Sapra and Guillaume Plantin),
Financial Stability Review, Banque de France, October 2008
"Liquidity and Financial Contagion" (with
Tobias Adrian) Financial Stability Review, Banque de France,
February 2008
"Liquidity, Monetary Policy and Financial
Cycles" (with Tobias Adrian) Current Issues in Economics and
Finance, 14 - 1 Federal Reserve Bank of New York
"Coordinating Expectations in Monetary Policy"
(with Stephen Morris) Proceedings of Centre Cournot
conference on Central Banks as Economic Institutions
"Adopting the New Basel Accord: Impact and Policy
Responses in Asia-Pacific Developing Countries" KDI Press,
Seoul, Korea (editor)
Derivatives Accounting and Risk Management: Key Concepts and
the Impact of IAS 39 (editor), Risk Books, 2004.
"Transparency and Financial Stability" (with
Prasanna Gai), Financial Stability Review, Bank of England,
December 2003.
"Communication and Monetary Policy" (with Jeff
Amato and Stephen Morris) Oxford Review of Economic Policy,
18 (4) 495-503, Winter 2002
"Endogenous Risk" (with Jon Danielsson) in
Modern Risk Management:
A History, Risk Books, 2003.
"An
Academic Response to Basel II" (with Jon Danielsson, Paul
Embrechts, Charles Goodhart, Felix Muennich, Con Keating and
Olivier Renault) Financial Markets Group Special Paper,
2001.
"Risk Management with
Interdependent Choice" (with Stephen Morris) Oxford Review
of Economic Policy, 15, 52-62 Autumn (1999), reprinted in
the Bank of England Financial Stability Review, 7
(November), 141-150 (1999).