Hyun Song Shin

          
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Public Lectures




Bank Capital and Monetary Policy Transmission presentation at ECB Forum on Central Banking, Sintra, May 2014 (comment by David Wessel)


The Second Phase of Global Liquidity and Its Impact on Emerging Economies, remarks at 2013 Federal Reserve Bank of San Francisco Asia Economic Policy Conference (presentation slides)


Global Liquidity through the Lens of Monetary Aggregates (with Kyuil Chung, Jong-Eun Lee, Elena Loukoianova and Hail Park), IMF Working Paper 14/9


Global Factors in Capital Flows and Credit Growth (with Valentina Bruno) VoxEU blog post, June 7, 2013


The Euro Crisis Through the Lens of Capital Flow Reversals  (link to video) Boston College undergraduate lecture, December 4, 2012


Banks and Capital Flows:  Policy Challenges and Regulatory Responses, September 2012 report of the Committee on International Economic Policy and Reform
(Markus BrunnermeierJose De Gregorio,
Barry Eichengreen, Mohamed El-Erian, Arminio Fraga, Takatoshi Ito, Jean Pisani-Ferry, Philip Lane, Eswar Prasad, Raghuram Rajan, Maria RamosHelene Rey, Dani Rodrik, Kenneth Rogoff, Hyun Song Shin, Andres Velasco, Beatrice Weder di Mauro, Yongding Yu)






Procyclicality and the Search for Early Warning Indicators Remarks at the IMF conference on “Financial Crises: Causes, Consequences, and Policy Responses” September 14, 2012 (presentation slides)



Mitigating Systemic Spillovers from Currency Hedging (with Kyuil Chung and Hail Park) (presentation slides) (Bank of Korea Issue Paper [in Korean])



Global Savings Glut or Global Banking Glut?  VoxEU blog post, December 20, 2011



Rethinking Central Banking, September 2011 report of the Committee on International Economic and Policy Reform
(
Barry Eichengreen, Mohamed El-Erian, Arminio Fraga, Takatoshi Ito, Jean Pisani-Ferry, Eswar Prasad, Raghuram Rajan, Maria Ramos, Carmen Reinhart, Helene Rey, Dani Rodrik, Kenneth Rogoff, Hyun Song Shin, Andres Velasco, Beatrice Weder di Mauro, Yongding Yu)



Macroprudential Policies Beyond Basel III (some press comment) (icfr/ft essay prize)



Frankfurter Allgemeine Zeitung interview on monetary economics, April 19, 2011

Economist Magazine blog post on capital flows, March 27, 2011

Why European Banks Are Stressed Out (with Anil Kashyap and Kermit Schoenholtz) opinion piece in the Wall Street Journal, March 22, 2011

Remarks at the IMF conference on “Macro and Growth Policies in the Wake of the Crisis” March 7-8, 2011 (link to text) (slides) (conference website)
 

(presentation starts 43 mins into video)

Stressed Out: Macroprudential Principles for Stress Testing  Paper for the 2011 meeting of the US Monetary Policy Forum (with David Greenlaw, Anil Kashyap and Kermit Schoenholtz) (link to paper) (some press comment)

Financial Intermediary Balance Sheet Management (with Tobias Adrian) Chapter for Annual Reviews in Financial Economics 2011 (link to draft)

Future of Securitization short piece for Banker Magazine (link to piece)

Lecture on Procyclicality in Advanced and Emerging Economies at ADB Institute, Tokyo, August 25, 2010



(presentation slides) (video 2) (video 3) (video 4) (video 5)

Memo on the connection between procyclicality and systemic risk

Memo on the bank levy as a prudential tool (some press comment)

The Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 (with Tobias Adrian) (link to paper) Annual Reviews: Economics, 2, 603-618, 2010

Squam Lake Report:  Fixing the Financial System (with Kenneth R. French et al.) Princeton University Press, June 2010 (background to report) (link to Amazon page) (Links to individual memos: on a systemic regulator, on the resolution of distressed financial institutions, on reform of capital requirements, on the information infrastructure for financial markets, on credit default swaps clearing houses and exchanges, on the regulation of retirement savings)

Vox EU articles (on bank dividends during crises) (on securitization and financial stability) (on endogenous risk) (on macroprudential financial regulation) (audio interview for Vox on securitisation and marking to market)

Financial Intermediation and the Post-Crisis Financial System  BIS working paper 304, presented at the 2009 BIS Annual Conference
 
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 (conference version) (VoxEU page) (link to final version)

Studienzentrum Gerzensee newsletter (link to newsletter), interview with Dirk Niepelt on leverage, capital markets and monetary policy, August 2008

Fair Value Accounting and Financial Stability (with Haresh Sapra and Guillaume Plantin), Financial Stability Review, Banque de France, October 2008 (English version)(French version) (audio interview for Vox on securitisation and marking to market)

Leveraged Losses:  Lessons from the Mortgage Market Meltdown (with David Greenlaw, Jan Hatzius and Anil Kashyap) US Monetary Policy Forum Report No. 2 February 2008 (some press comment)

Liquidity and Financial Contagion (with Tobias Adrian) Financial Stability Review, Banque de France, February 2008 (English version)(French version)

Liquidity, Monetary Policy and Financial Cycles (with Tobias Adrian) Federal Reserve Bank of New York, Current Issues in Economics and Finance, volume 14 number 1 (link to paper on FRBNY site)

Coordinating Expectations in Monetary Policy (with Stephen Morris) (pdf file) paper presented at the Centre Cournot conference “Central Banks as Economic Institutions” Paris, November 2006

Central Bank Transparency and the Signal Value of Prices (with Stephen Morris) (pdf file) (powerpoint slides) Brookings Papers on Economic Activity, Issue 2, 2005, 1 – 66.

Jackson Hole 2005 discussion of Raghu Rajan’s paper “Has Financial Development Made the World Riskier?” at the Federal Reserve Bank of Kansas City Economic Symposium, August 2005  (BBC news page on the Millennium Bridge)

Marking to Market, Liquidity and Financial Stability (with Haresh Sapra and Guillaume Plantin) paper for the 12th International Conference, Bank of Japan, 2005 (link to paper on Bank of Japan site) (powerpoint presentation)

Financial System Liquidity, Asset Prices and Monetary Policy, paper for the 2005 Reserve Bank of Australia annual conference (link to paper on RBA site) (powerpoint presentation) (some press comment)

Derivatives Accounting and Risk Management:  Key Concepts and the Impact of IAS 39 (editor), Risk Books, 2004, (link to introduction) (link to Risk Books site).

Basel II and Bank Competition In Emerging Economies:  Background and Recent Developments, paper for KIF conference on Basel II, November 2003

Transparency and Financial Stability (with Prasanna Gai), Financial Stability Review, Bank of England, December 2003 (link to paper on the Bank of England site).

Liquidity and Twin Crises, Economic Notes by Banca Monte dei Paschi di Siena, 34(3), 257-277, 2005 (pdf file) (powerpoint presentation)

Endogenous Risk (with Jon Danielsson) in Modern Risk Management:  A History, Risk Books, 2003  (pdf file) (link to BBC news page on the Millennium Bridge)

Communication and Monetary Policy (with Jeffery Amato and Stephen Morris) Oxford Review of Economic Policy, 18 (4) 495-503, Winter 2002 (pdf file) (BIS working paper version) (powerpoint file for 2005 AEA session) (comment by Lars Svensson) (reply by Morris, Shin and Tong) (Brookings Papers article on transparency by Morris and Shin) (Guardian June 16th 2003) (Economist magazine July 22nd 2004).

Games and Coordination  (with David Myatt and Christopher Wallace) Oxford Review of Economic Policy, 18 (4) 1 - 20, Winter 2002 (pdf file)

Positive Feedback Trading in the US Treasury Market (with Benjamin Cohen) (pdf file) BIS Quarterly Review, June 2002, 59 – 67 (2002)

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 130, 2001 (pdf file)

Rethinking Multiple Equilibria in Macroeconomic Modelling (with Stephen Morris) (pdf file) NBER Macroeconomics Annual 2000, 139 - 161, MIT Press, 2001

Risk Management with Interdependent Choice (with Stephen Morris) (link to paper on Bank of England site) Oxford Review of Economic Policy, 15, 52-62 Autumn (1999), reprinted in the Financial Stability Review, Bank of England, November 1999

Approximate Common Knowledge and Coordination:  Some Lessons from Game Theory (with Stephen Morris) Journal of Logic, Language and Information, 6, 171-190 (1997)(PDF file)