Hyun Song Shin

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Recent Additions

Productivity and trade: a working capital perspective (with Se-Jik Kim)

Bank capital and dividend externalities (with Viral Acharya and Hanh Le), forthcoming in Review of Financial Studies

Global dollar credit and carry trades: a firm-level analysis (with Valentina Bruno) forthcoming in Review of Financial Studies (comment)

Common Belief Foundations of Global Games (with Stephen Morris and Muhamet Yildiz), Journal of Economic Theory  163 (2016), 826-848

Breaking free of the triple coincidence in international finance (with Stefan Avdjiev and Robert McCauley) forthcoming in Economic Policy (comment, comment)

The hunt for duration: not waving but drowning? (with Dietrich Domanski and Vlad Sushko)

Comparative assessment of macroprudential policies (with Valentina Bruno and Ilhyock Shim) Journal of Financial Stability, April 2016.

Investor redemptions and fund manager sales of emerging market bonds: how are they related? (with Jimmy Shek and Ilhyock Shim) BIS working paper 509, August 2015

Dynamic Leverage Asset Pricing (with Tobias Adrian and Emanuel Moench)

Cross-Border Banking and Global Liquidity (with Valentina Bruno) Review of Economic Studies, 82 (2), 535-564 (2015) (presentation slides)

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

Capital Flows and the Risk-Taking Channel of Monetary Policy (with Valentina Bruno) Journal of Monetary Economics, 71, 119–132 (2015) (on-line appendix)

Global Liquidity through the Lens of Monetary Aggregates (with Kyuil Chung, Jong-Eun Lee, Elena Loukoianova and Hail Park), Economic Policy, 82, 231-290 (2015)

Risk-Taking Channel of Monetary Policy:  A Global Game Approach (with Stephen Morris) (presentation slides)

Procyclical Leverage and Value-at-Risk (with Tobias Adrian)  Review of Financial Studies, 27 (2), 373-403 (2014)

Market Tantrums and Monetary Policy (with Michael Feroli, Anil Kashyap and Kim Schoenholtz) paper at 2014 US Monetary Policy Forum, February 2014 (links to press commentary)

Assessing Macroprudential Policies:  Case of South Korea (with Valentina Bruno) (link to press articles mentioned in the paper) Scandinavian Journal of Economics (symposium issue on capital flows), 116 (1), 128-157 (2014)

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) (Martin Wolf's comment in FT)

Globalization of Corporate Risk-Taking (with Valentina Bruno)

Complexity and Funding Stability, presentation at Office of Financial Research, Third Annual Conference (background material)

Financial Shocks in Production Chains (with Sebnem Kalemli-OzcanSe-Jik Kim, Bent E. Sorensen and Sevcan Yesiltas) (presentation slides)

Firms as Surrogate Intermediaries:  Evidence from Emerging Economies (with Laura Yi Zhao)

Commentary on "The Routes into and out of the Zero Lower Bound'' by Robert E. Hall at the 2013 Jackson Hole Symposium

Which Financial Frictions?  Parsing the Evidence from the Financial Crisis of 2007-9 (with Tobias Adrian and Paolo Colla) (presentation slides) (on-line appendix) 2012 NBER Macroeconomics Annual, Volume 27, Daron Acemoglu, Jonathan Parker, and Michael Woodford, editors, 159 - 214, 2013.

Non-Core Bank Liabilities and Financial Vulnerability (with Joon-Ho Hahm and Kwanho Shin) (on-line appendix) (zipped Stata files) Journal of Money, Credit and Banking, 45(S1), 3-36, August 2013 (presented at Federal Reserve Board and JMCB joint conference on the Regulation of Systemic Risk, September 2011)

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

A Theory of Arbitrage Capital (with Viral Acharya and Tanju Yorulmazer) Review of Corporate Finance Studies, 2 (1), 62-97, January 2013

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

Exploring the Dynamics of Global Liquidity (with Sally Chen, Philip Liu, Andrea Maechler, Chris Marsh and Sergejs Saksonovs) IMF working paper 12/246

Banks and Capital Flows:  Policy Challenges and Regulatory Responses, September 2012 report of the Committee on International Economic Policy and Reform (video of launch event) (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)

Monetary Aggregates and the Central Bank's Financial Stability Mandate (with Hyun Jeong Kim and Jaeho Yun) (presentation slides) International Journal of Central Banking, January 2013, 69 - 107, presented at Federal Reserve conference "Central Banking: Before, During, and After the Crisis" in honor of Don Kohn  (press comment)

Global Banking Glut and Loan Risk Premium, Mundell-Fleming Lecture, presented at the IMF Annual Research Conference, November 10-11, 2011, IMF Economic Review, 60: 155-192, July 2012 (conference slides) (video) (updated slides)

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

Sustaining Production Chains Through Financial Linkages (with Se-Jik Kim) American Economic Review Papers and Proceedings 102(3): 402-06, May 2012 (longer working paper version) (presentation slides)

Rethinking Central Banking, September 2011 report of the Committee on International Economic Policy and 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)

Procyclical Leverage and Endogenous Risk (with Jon Danielsson and Jean-Pierre Zigrand)

Financing Growth without Banks:  Korean Housing Repo Contract (with Se-Jik Kim)