Hyun Song Shin
Encyclopedia
Hyun-Song Shin is a South Korean economic theorist and financial economist who did research in the field of global games. In 2006 he became the Hughes-Rogers Professor of Economics at Princeton University
. In 2010, he served as an adviser to President Lee Myung-bak
of South Korea on the international economy, especially regarding the 2010 G-20 Seoul summit
.
in Philosophy, Politics and Economics at Oxford University (Magdalen College
) in 1985, a MPhil in Economics by Oxford University (Nuffield College) in 1987, and a DPhil in Economics at Oxford University (Nuffield College) in 1988. At Magdalen College, Oxford, Shin became a Research Fellow in 1988 and Tutorial Fellow in 1990. In 1994 he moved to the University of Southampton
, where he became a Professor of Economics. He moved back to Oxford
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 London School of Economics
. In 2006 he moved to Princeton University.
In addition to his academic position, Shin served as an advisor to Bank of England
(2000–2005) and is a member of the Financial Advisory Roundtable at the Federal Reserve Bank of New York
and a panel member of the US Monetary Policy Forum since 2007. He is a Research Fellow of the Centre for Economic Policy Research
since 1998. Shin was the Chairman of Editorial Board of the Review of Economic Studies
from 1999 to 2003.
Shin was elected a Fellow of the Econometric Society
and of the European Economic Association
in 2004, and a Fellow of the British Academy
in 2005. He was awarded the Cho Rakkyo Economics Prize in 2009. In December 2009, Shin was named chief advisor to President Lee Myung-bak on international finance. He is expected to play a key role in helping Korea prepare for the G20 Seoul Summit that will be held on November 11 and 12.
which gained momentum with the article by Morris and Shin (1998). Stephen Morris
and Hyun-Song Shin considered a stylized currency crises model, 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 complete information
, which feature multiple equilibria.
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
. In 2010, he served as an adviser to President Lee Myung-bak
Lee Myung-bak
Lee Myung-bak is the President of South Korea. Prior to his presidency, he was the CEO of Hyundai Engineering and Construction and the mayor of Seoul. He is married to Kim Yoon-ok and has three daughters and one son. His older brother is Lee Sang-deuk, a South Korean politician. He attends the...
of South Korea on the international economy, especially regarding the 2010 G-20 Seoul summit
2010 G-20 Seoul summit
The 2010 G20 Seoul Summit was the fifth meeting of the G-20 heads of government, to discuss the global financial system and the world economy, which took place in Seoul, South Korea on November 11–12, 2010...
.
Biography
Shin obtained a B.A.Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in Philosophy, Politics and Economics at Oxford University (Magdalen College
Magdalen College, Oxford
Magdalen College is one of the constituent colleges of the University of Oxford in England. As of 2006 the college had an estimated financial endowment of £153 million. Magdalen is currently top of the Norrington Table after over half of its 2010 finalists received first-class degrees, a record...
) in 1985, a MPhil in Economics by Oxford University (Nuffield College) in 1987, and a DPhil in Economics at Oxford University (Nuffield College) in 1988. At Magdalen College, Oxford, Shin became a Research Fellow in 1988 and Tutorial Fellow in 1990. In 1994 he moved to the University of Southampton
University of Southampton
The University of Southampton is a British public university located in the city of Southampton, England, a member of the Russell Group. The origins of the university can be dated back to the founding of the Hartley Institution in 1862 by Henry Robertson Hartley. In 1902, the Institution developed...
, where he became a Professor of Economics. He moved back to Oxford
Oxford
The city of Oxford is the county town of Oxfordshire, England. The city, made prominent by its medieval university, has a population of just under 165,000, with 153,900 living within the district boundary. It lies about 50 miles north-west of London. The rivers Cherwell and Thames run through...
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 London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
. In 2006 he moved to Princeton University.
In addition to his academic position, Shin served as an advisor to Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
(2000–2005) and is a member of the Financial Advisory Roundtable at the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
and a panel member of the US Monetary Policy Forum since 2007. He is a Research Fellow of the Centre for Economic Policy Research
Centre for Economic Policy Research
The Centre for Economic Policy Research , a registered charity founded in 1983 by Richard Portes , FBA, CBE, is a network of over 700 researchers based mainly in universities throughout Europe, who collaborate through the centre in research and its dissemination...
since 1998. Shin was the Chairman of Editorial Board of the Review of Economic Studies
Review of Economic Studies
The Review of Economic Studies is a peer-reviewed academic journal in economics. It was established in 1933 and is published by Wiley-Blackwell. It is the eighth-ranked economics journal in overall impact according to the ranking of Kalaitzidakis et al...
from 1999 to 2003.
Shin was elected a Fellow of the Econometric Society
Econometric Society
The Econometric Society is an international society for the advancement of economic theory in its relation with statistics and mathematics. It was founded on December 29, 1930 at the Stalton Hotel in Cleveland, Ohio....
and of the European Economic Association
European Economic Association
The European Economic Association is a professional academic body which links European economists. It was founded in the mid-1980s. Its first annual congress was in 1986 in Vienna, Austria...
in 2004, and a Fellow of the British Academy
British Academy
The British Academy is the United Kingdom's national body for the humanities and the social sciences. Its purpose is to inspire, recognise and support excellence in the humanities and social sciences, throughout the UK and internationally, and to champion their role and value.It receives an annual...
in 2005. He was awarded the Cho Rakkyo Economics Prize in 2009. In December 2009, Shin was named chief advisor to President Lee Myung-bak on international finance. He is expected to play a key role in helping Korea prepare for the G20 Seoul Summit that will be held on November 11 and 12.
Research contribution
Global coordination games belong to a subfield of game theoryGame theory
Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others...
which gained momentum with the article by Morris and Shin (1998). Stephen Morris
Stephen Morris (game theorist)
Stephen Morris is an economic theorist and game theorist especially known for his research in the field of global games. In 2007 he became the Alexander Stewart 1886 Professor of Economics at Princeton University. He is the editor of Econometrica for the period 2007-2011.- Biography :Morris...
and Hyun-Song Shin considered a stylized currency crises model, 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 complete information
Complete information
Complete information is a term used in economics and game theory to describe an economic situation or game in which knowledge about other market participants or players is available to all participants. Every player knows the payoffs and strategies available to other players.Complete information...
, which feature multiple equilibria.
Sources
- Stephen Morris and Hyun-Song Shin (1998), "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks," American Economic Review, 88 (3): 587–97.