Curriculum Vitae
Hyun Song Shin
Hughes-Rogers Professor of Economics
Department of Economics
Princeton University
Princeton, NJ 08544-1021, 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)
Advisor, Bank of England (2000 - 2005)
Academic Visitor, Bank for International
Settlements (2001, 2002, 2003)
Resident Scholar, International Monetary
Fund (2005)
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)
Professional Activities
Managing Editor, Review of Economic
Studies (1995 - 1999)
Chairman of Editorial Board, Review of
Economic Studies (1999 - 2003)
Research Fellow of the Centre for Economic
Policy Research (1998 - )
Council member, European Economic
Association (2001 - )
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)
Book Project
Risk and Liquidity, Clarendon Lectures in Finance,
2008, Oxford University Press
Working Papers
“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
“Contagious Adverse Selection” (with
Stephen Morris)
“Illiquidity Component of Credit Risk”
(with Stephen Morris)
“Risk Appetite and Endogenous Risk” (with
Jon Danielsson and Jean-Pierre Zigrand)
“A Theory of Slow Moving Capital and
Contagion” (with Viral Acharya and Tanju Yorulmazer)
“Risk Appetite and Exchange Rates” (with
Tobias Adrian and Erkko Etula)
“Systemic Risk and Liquidity in Payment Systems”
(with Gara Afonso)
"Financial Intermediary Leverage and
Value at Risk" (with Tobias Adrian)
"Liquidity and Leverage" (with
Tobias Adrian) paper presented at the BIS Annual conference, June 2007,
forthcoming in Journal of Financial Intermediation
"Carry Trades and Speculative
Dynamics" (with Guillaume Plantin)
"Fire-Sale FDI" (with Viral
Acharya and Tanju Yorulmazer)
"Industrial Structure and Corporate
Finance" (with Se-Jik Kim)
"Firesales, Foreign Entry and Bank
Competition" (with Viral Acharya and Tanju Yorulmazer)
"Common Belief Foundations of Global
Games" (with Stephen Morris)
Published Papers
"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 Bacharach, M and S. 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).