25:
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467:(BIS) announced that Shin would begin a five-year term as its Economic Adviser and Head of Research starting in May 2014. In that role he would also serve as a member of the BIS Executive Committee.
53:
497:, in which traders observe the relevant fundamentals with small noise, and show that this leads to the selection of a unique equilibrium. This result is in stark contrast with models of
530:" using examples from the UK, South Korea, and the United States. Specifically, he "advocated a global tax on non-core banking liabilities as the best way to deflate
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607:
risk, captures shocks to the financial system stemming from how financial system participants interact with each other, giving rise to internal mechanisms, such as
1010:
1091:
993:
1142:
1182:
440:
In
December 2009, Shin was named chief advisor to President Lee Myung-bak on international finance. He played a major role in formulating South Korea's
908:
626:
credits him with coming up with the explanation for the huge global overreaction (called the "taper tantrum") to United States
Federal Reserve chair
370:
in economics from Oxford's
Nuffield College in 1988. Shin became a research fellow in 1988 and tutorial fellow in 1990 at Magdalen College, Oxford.
381:
in 1996 as a university lecturer in economics and faculty fellow in economics at
Nuffield College. In 2000 he became a professor of finance at the
1111:
57:
1132:
1015:
998:
515:
1187:
1177:
711:
1197:
1172:
1167:
1152:
1192:
33:
549:. Instead, analysts should focus on quantities like the amount of assets on intermediary balance sheets and the liquidity and
1147:
901:
635:
471:
107:
79:
793:
397:
767:
464:
347:
312:
86:
1137:
126:
894:
583:
in which the instability was also endogenous. When the bridge lurched to the side, everyone adjusted their footing
393:
93:
852:
651:
Stephen Morris and Hyun Song Shin (1998), "Unique
Equilibrium in a Model of Self-Fulfilling Currency Attacks",
487:
426:
411:
638:
in
December 2013. Shin suggested that it was caused by the growth of demand for the private-sector bonds of
1025:
415:
278:
75:
145:
1073:
873:
833:
523:
402:
382:
49:
541:", which means that the financial system's vulnerability "cannot be measured by price indicators like
580:
434:
374:
940:
653:
355:
38:
1081:
542:
42:
396:
and a panel member of the U.S. Monetary Policy Forum since 2007. He is a research fellow of the
1162:
965:
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917:
449:
441:
331:
538:
327:
100:
1157:
567:
which opens with a quote from an anonymous risk manager who says: "The value added of good
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519:
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319:
225:
8:
631:
422:
1101:
807:
639:
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575:
is endogenous, due to the thinking expressed in this quote and makes an analogy with
351:
322:
since 2006, though he took a leave in
December 2009 to advise South Korean President
245:
1048:
1043:
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64:
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886:
869:
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140:
553:
mismatches between those assets and the liabilities used to fund them".
392:(2000–2005) and is a member of the Financial Advisory Roundtable at the
274:
634:
in May 2013. Shin presented this theory at a conference on Asia at the
738:
Lessons from the Seven Years War by Isabel
Schnabel and Hyun Song Shin
612:
604:
388:
In addition to his academic positions, Shin served as an advisor to
608:
587:
to avoid falling over, and this caused a synchronized oscillation.
537:
Shin argues that "financial firms systematically take more risk as
215:
163:
400:
since 1998. Shin was the chairman of the editorial board of the
576:
486:
that gained momentum in 1998 when he published an article with
378:
318:
Previously, he was the Hughes-Rogers
Professor of Economics at
311:. He has been the Economic Adviser and Head of Research of the
63:
from the article and its talk page, especially if potentially
456:
377:, where he became a professor of economics. He moved back to
367:
359:
177:
853:"How should central banks think about the financial system?"
445:
786:"Company Overview of Bank For International Settlements"
768:"Korea's Shin to become BIS adviser, Borio to head MED"
709:(2004). "Liquidity and Contagion: The Crisis of 1763".
571:
is that you can take more risks". He then says that
750:"Professor Shin Hyun-song Won the Cho Rakkyo Award"
448:during Korea's presidency, which culminated in the
482:Global coordination games belong to a subfield of
1124:
902:
642:, and the resulting excess global liquidity.
516:International Centre for Financial Regulation
712:Journal of the European Economic Association
704:
385:. In 2006 he moved to Princeton University.
298:
1143:Academics of the London School of Economics
916:
1183:Academics of the University of Southampton
909:
895:
874:"The emerging risks of ticking time bonds"
162:
56:about living persons that is unsourced or
127:Learn how and when to remove this message
834:"Princeton professor wins essay contest"
522:could increase financial stability with
490:. Shin and Morris considered a stylized
477:
406:from 1999 to 2003. He collaborated with
831:
812:American Academy of Arts & Sciences
337:
330:as well as help set the agenda for the
307:and financial economist who focuses on
1125:
850:
444:and helped develop the agenda for the
890:
636:Federal Reserve Bank of San Francisco
595:He is credited with coining the term
556:
501:, which feature multiple equilibria.
472:American Academy of Arts and Sciences
1133:21st-century South Korean economists
832:Masters, Brooke (January 31, 2011).
675:
673:
671:
618:
18:
1188:Fellows of Nuffield College, Oxford
1178:Fellows of Magdalen College, Oxford
398:Centre for Economic Policy Research
13:
1198:Bank for International Settlements
1173:Alumni of Nuffield College, Oxford
1168:Alumni of Magdalen College, Oxford
1153:Fellows of the Econometric Society
685:Bank for International Settlements
590:
465:Bank for International Settlements
348:philosophy, politics and economics
313:Bank for International Settlements
16:South Korean economist (born 1959)
14:
1209:
668:
421:Shin was elected a Fellow of the
470:In 2023 Shin was elected to the
394:Federal Reserve Bank of New York
23:
863:
563:He is known for this 2010 book
303:; born 1959) is a South Korean
1193:Fellows of the British Academy
844:
825:
800:
778:
760:
742:
731:
698:
299:
1:
808:"New Members Elected in 2023"
429:in 2004, and a Fellow of the
427:European Economic Association
412:Bankruptcy of Lehman Brothers
1148:Princeton University faculty
1026:New classical macroeconomics
661:
630:'s hint that he might taper
433:in 2005. He was awarded the
416:Leendert Pieter de Neufville
34:biography of a living person
7:
851:M.C.K. (January 29, 2013).
524:macroprudential regulations
362:in economics from Oxford's
174:1959 (age 64–65)
61:must be removed immediately
10:
1214:
1074:Real business cycle school
645:
504:In 2011 he won the second
403:Review of Economic Studies
383:London School of Economics
138:
1072:
1024:
964:
926:
585:at exactly the same time,
518:. He wrote about how the
452:on November 11–12, 2010.
435:R. K. Cho Economics Prize
375:University of Southampton
315:(BIS) since May 1, 2014.
284:
273:
263:
251:
241:
231:
221:
207:
202:
198:
188:
170:
161:
154:
1138:New classical economists
941:Francis Ysidro Edgeworth
725:10.1162/1542476042813887
654:American Economic Review
526:that "leans against the
510:annual essay contest on
373:In 1994 he moved to the
919:Neoclassical economists
414:with the bankruptcy of
279:IDEAS / RePEc
931:William Stanley Jevons
790:Bloomberg Businessweek
754:Yonsei University News
455:In September 2013 the
450:2010 G-20 Seoul summit
442:macroprudential policy
237:Neoclassical economics
48:Please help by adding
994:Jean-Michel Grandmont
599:, with his co-author
478:Research contribution
328:international economy
143:, the family name is
774:. September 9, 2013.
603:which as opposed to
520:G-20 major economies
499:complete information
338:Education and career
320:Princeton University
226:Princeton University
54:Contentious material
1011:Jean-Pascal Bénassy
966:Walrasian economics
880:, December 10, 2013
632:quantitative easing
423:Econometric Society
1102:Edward C. Prescott
796:on March 24, 2009.
705:Schnabel, Isabel;
640:emerging economies
565:Risk and Liquidity
558:Risk and Liquidity
512:banking regulation
334:in November 2010.
1120:
1119:
1059:Thomas J. Sargent
1039:Axel Leijonhufvud
772:Central Bank News
657:, 88 (3): 587–97.
619:The Taper Tantrum
581:Millennium Bridge
539:asset prices rise
514:sponsored by the
352:Oxford University
332:G-20 Seoul summit
305:economic theorist
288:
287:
246:Oxford University
137:
136:
129:
111:
37:needs additional
1205:
1049:Bennett McCallum
1044:Robert Lucas Jr.
1007:
984:Edmond Malinvaud
951:John Bates Clark
911:
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897:
888:
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861:
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829:
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792:. Archived from
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702:
696:
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681:"Hyun Song Shin"
677:
410:, comparing the
364:Nuffield College
356:Magdalen College
342:Shin obtained a
302:
301:
166:
152:
151:
132:
125:
121:
118:
112:
110:
76:"Hyun-Song Shin"
69:
50:reliable sources
27:
26:
19:
1213:
1212:
1208:
1207:
1206:
1204:
1203:
1202:
1123:
1122:
1121:
1116:
1097:Charles Plosser
1087:Finn E. Kydland
1068:
1054:Patrick Minford
1020:
1001:
960:
946:Alfred Marshall
922:
915:
885:
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878:Financial Times
868:
864:
849:
845:
838:Financial Times
830:
826:
817:
815:
806:
805:
801:
784:
783:
779:
766:
765:
761:
756:. May 25, 2009.
748:
747:
743:
736:
732:
707:Shin, Hyun Song
703:
699:
689:
687:
679:
678:
669:
664:
648:
621:
597:endogenous risk
593:
591:Endogenous Risk
569:risk management
561:
507:Financial Times
492:currency crises
480:
431:British Academy
408:Isabel Schnabel
390:Bank of England
366:in 1987, and a
340:
253:
242:Alma mater
233:
212:Economic theory
203:Academic career
184:
175:
157:
150:
133:
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116:
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70:
68:
47:
28:
24:
17:
12:
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996:
991:
986:
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974:Maurice Allais
970:
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948:
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927:
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891:
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824:
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741:
730:
719:(6): 929–968.
697:
666:
665:
663:
660:
659:
658:
647:
644:
620:
617:
609:feedback-loops
601:Jon Danielsson
592:
589:
573:financial risk
560:
555:
543:credit spreads
488:Stephen Morris
479:
476:
358:) in 1985, an
339:
336:
291:Hyun Song Shin
286:
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258:James Mirrlees
255:
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156:Hyun Song Shin
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58:poorly sourced
31:
29:
22:
15:
9:
6:
4:
3:
2:
1210:
1199:
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1189:
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1163:Living people
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1112:Alan Stockman
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1107:Sérgio Rebelo
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989:Jacques Drèze
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979:Gérard Debreu
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956:Irving Fisher
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857:The Economist
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264:Contributions
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77:
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72:Find sources:
66:
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51:
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44:
40:
35:
30:
21:
20:
1064:Neil Wallace
1034:Robert Barro
877:
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856:
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837:
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816:. Retrieved
814:. 2023-04-19
811:
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794:the original
789:
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688:. Retrieved
684:
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628:Ben Bernanke
622:
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564:
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536:
528:credit cycle
505:
503:
481:
469:
454:
439:
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341:
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309:global games
290:
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268:global games
193:South Korean
144:
123:
114:
104:
97:
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83:
71:
60:
43:verification
36:
1158:1959 births
1082:Robert King
1016:Yves Younes
1002: [
999:Guy Laroque
936:Léon Walras
870:Martin Wolf
690:January 13,
624:Martin Wolf
611:and forced
484:game theory
461:Switzerland
425:and of the
297::
275:Information
222:Institution
189:Nationality
182:South Korea
141:Korean name
1127:Categories
818:2023-12-08
613:fire sales
547:volatility
117:April 2014
87:newspapers
1092:John Long
662:Citations
605:exogenous
437:in 2009.
418:in 1763.
234:tradition
39:citations
551:maturity
252:Doctoral
139:In this
65:libelous
646:Sources
532:bubbles
463:–based
326:on the
254:advisor
216:finance
101:scholar
577:London
379:Oxford
295:Korean
103:
96:
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495:model
457:Basel
368:DPhil
360:MPhil
208:Field
178:Daegu
108:JSTOR
94:books
32:This
692:2015
446:G-20
344:B.A.
171:Born
146:Shin
80:news
41:for
721:doi
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300:신현송
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