Curriculum Vitae
Hyun Song Shin
Hughes-Rogers Professor of Economics, Princeton University

Previous Posts
Professor of Finance, London School of Economics (2000 - 2005)
University Lecturer, Oxford University and Fellow, Nuffield College (1996 - 2000)
Professor of Economics, University of Southampton (1994 - 1996)
Tutorial Fellow, University College, Oxford (1990 - 1994)
Research Fellow, Magdalen College, Oxford (1988 - 1990)
DPhil Economics, Oxford University (Nuffield College), 1988
MPhil Economics, Oxford University (Nuffield College), 1987
BA Philosophy, Politics and Economics, Oxford University (Magdalen College) First Class, 1985


Other Positions
Adviser to the President, Office of the President, Republic of Korea (2010)
Senior Research Fellow, Nuffield College, Oxford (2000 - 2007)
Adviser, Bank of England (2000 - 2005)
Resident Scholar, International Monetary Fund (2005)
Academic Visitor, Bank for International Settlements (2001, 2002, 2003)
Fellowships and Awards
Moran Medal, Order of Civil Merit, Republic of Korea (2011)
Donga Ilbo ‘100 Future Leaders’ Award (2010, 2011, 2012)
Cho Rakkyo Economics Prize (2009)
Maekyung Economist Prize (Maeil Economic Daily and KAEA, 2008)
Richard E. Quandt Undergraduate Teaching Prize (Princeton University, 2008)
Fellow of the British Academy (2005)
Fellow of the Econometric Society (2004)
Fellow of the European Economic Association (2004)
Professional Activities
Executive Vice President, Econometric Society (2012 -   )
Board member, Social Science Research Council (2012 - )
Research Associate, National Bureau of Economic Research (2011 - )
Panel member of the US Monetary Policy Forum (2007 -  )
Financial Advisory Roundtable member, Federal Reserve Bank of New York (2007 – )
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 -  )
Co-director, Regulation and Financial Stability programme, Financial Markets Group, LSE (2002 - 2006)
Associate Editor, Journal of Economic Theory (2001 - 2007)
Associate Editor, Econometrica (2003 - 2006)
Editorial Board member, Journal of Accounting Research (2003 -   )
Working Papers
  • “Assessing Macroprudential Policies:  Case of Korea” (with Valentina Bruno)
  • “Working Capital, Inventories and Optimal Offshoring" (with Se-Jik Kim)
  • “Capital Flows and the Risk-Taking Channel of Monetary Policy” (with Valentina Bruno)
  • “Non-Core Bank Liabilities and Financial Vulnerability” (with Joon-Ho Hahm and Kwanho Shin)
  • “Capital Flows, Cross-Border Banking and Global Liquidity” (with Valentina Bruno)        
  • “Monetary Aggregates and the Central Bank's Financial Stability Mandate” (with Hyun Jeong Kim and Jaeho Yun)   
  • “Which Financial Frictions?  Parsing the Evidence from the Financial Crisis of 2007-9” forthcoming in 2012 NBER Macro Annual      
  • “Financing Growth without Banks:  Korean Housing Repo Contract” (with Se-Jik Kim)
  •  “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)
  • “A Financial System Perspective on Japan’s Experience in the Late 1980s” (with Masazumi Hattori and Wataru Takahashi) paper for BOJ Conference, May 2009
  • “Procyclical Leverage 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)
  • "Common Belief Foundations of Global Games" (with Stephen Morris)
  • 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
  • “Global Banking Glut and Loan Risk Premium”, Mundell-Fleming Lecture, IMF Economic Review 60 (2), 155-192, 2012
  • “Comment on "Risk Topography” NBER Macroeconomics Annual 2011, volume 26, Daron Acemoglu and Michael Woodford, editors, University of Chicago Press, 2012
  • “Sustaining Production Chains through Financial Linkages” (with Se-Jik Kim) American Economic Review papers and proceedings 102 (3), 402-406, 2012
  • “Contagious Adverse Selection” (with Stephen Morris) American Economic Journal:  Macroeconomics 4(1), 1-21, 2012
  • “Fire-Sale FDI” (with Viral Acharya and Tanju Yorulmazer) Korean Economic Review, 27 (2), 163-202, 2011
  •  “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) Economic Journal Lecture 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, 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).