Hyun Song Shin

All BIS publications (77)

BIS Bulletin No 105 20 Jun 2025

US dollar's slide in April 2025: the role of FX hedging

Currency hedging by non-US investors holding US dollar securities appears to have made an important contribution to the…

Hyun Song Shin

Philip Wooldridge

and

Dora Xia

BIS Working Paper No 1245 21 Feb 2025

Putting AI agents through their paces on general tasks

Multimodal large language models (LLMs), trained on vast datasets are becoming increasingly capable in many settings. However,…

Fernando Perez-Cruz

and

Hyun Song Shin

BIS Working Paper No 1210 10 Sep 2024

Which exchange rate matters to global investors?

How do exchange rates affect the asset allocation of bond portfolio investors? Using detailed security-level holdings, we find…

Kristy Jansen

Hyun Song Shin

and

Goetz von Peter

BIS Paper No 146 11 Jun 2024

Central bank capital and trust in money: lessons from history for the digital age

Historically, central banks have at times operated successfully with negative equity. This indicates that a negative equity…

Sarah Bell

Jon Frost

Boris Hofmann

Damiano Sandri

and

Hyun Song Shin

BIS Bulletin No 87 30 May 2024

Next generation correspondent banking

Existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements, posing…

Rodney Garratt

Priscilla Koo Wilkens

and

Hyun Song Shin

BIS Working Paper No 1168 20 Feb 2024

Corporate payout policy: are financial firms different?

It is well documented that financial firms display a larger corporate pay-out propensity than non-financial firms. By using an…

Emmanuel Caiazzo

Leonardo Gambacorta

Tommaso Oliviero

and

Hyun Song Shin

BIS Bulletin No 83 4 Jan 2024

Testing the cognitive limits of large language models

When posed with a logical puzzle that demands reasoning about the knowledge of others and about counterfactuals, large language…

Fernando Perez-Cruz

and

Hyun Song Shin

BIS Working Paper No 1137 26 Oct 2023

International portfolio frictions

We study patterns and implications of global asset allocations of European insurers and banks using newly available supervisory…

Wenxin Du

Alessandro Fontana

Petr Jakubík

Ralph S J Koijen

and

Hyun Song Shin

BIS Bulletin No 78 3 Oct 2023

Mapping the realignment of global value chains

The latest firm-level network data reveal that global value chains have lengthened, although without the accompanying network…

Han Qiu

Hyun Song Shin

and

Leanne Si Ying Zhang

All external publications (128)

External publication 1 Jan 2022

Dividends and bank capital in the global financial crisis of 2007-2009

Viral V Acharya

Hyun Song Shin

Irvind Gujral

and

Nirupama Kulkarni

External publication 15 Dec 2021

Offshore EME bond issuance and the transmission channels of global liquidity

Hyun Song Shin

and

Soyoung Kim

External publication 1 Sep 2021

Big techs in finance: on the new nexus between data privacy and competition

Hyun Song Shin

Leonardo Gambacorta

Torsten Ehlers

and

Frederic Boissay

External publication 15 Mar 2021

From financial innovation to inclusion

Hyun Song Shin

Leonardo Gambacorta

and

Jon Frost

External publication 1 Mar 2021

International credit to emerging market economies during the Covid-19 crisis

Hyun Song Shin

Stefan Avdjiev

and

Bat-el Berger

External publication 1 Dec 2020

Bond risk premia and the exchange rate

Ilhyock Shim

Boris Hofmann

and

Hyun Song Shin

External publication 1 Nov 2020

Central banks in a shifting world

Hyun Song Shin

External publication 1 Jun 2020

Original sin redux and policy responses in EMEs during the Covid-19 pandemic

Ilhyock Shim

Boris Hofmann

and

Hyun Song Shin

External publication 1 May 2020

The dollar, bank leverage and real economic activity: an evolving relationship

Hyun Song Shin

Dubravko Mihaljek

Marco Jacopo Lombardi

Catherine Casanova

Burcu Erik

and

Wenxin Du

All videos (103)

00:02:48

Cryptocurrencies: looking beyond the hype

Video 17 Jun 2018

Cryptocurrencies: looking beyond the hype

Hyun Song Shin speaks about Chapter V of the Annual Economic Report 2018.

Hyun Song Shin

00:20:30

Globalisation: real and financial

Video 25 Jun 2017

Globalisation: real and financial

Presentation on the BIS Annual Report by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, on the occasion…

Hyun Song Shin

and

Jaime Caruana

01:01:56

Global liquidity and procyclicality

Video 27 Apr 2017

Global liquidity and procyclicality

In his presentation, Hyun Song Shin examines why global financial conditions are so attuned to the strength of the dollar, and…

Hyun Song Shin

00:35:53

Twenty years after the Asian Financial Crisis: remaining challenges for monetary and financial stability

Video 13 Apr 2017

Twenty years after the Asian Financial Crisis: remaining challenges for monetary and financial stability

In his speech, Hyun Song Shin discusses the current state of the global dollar funding network, and the challenges posed by…

Hyun Song Shin

00:57:31

Everything old is new again: the comeback of capital controls

Video 1 Jul 2016

Everything old is new again: the comeback of capital controls

Being able to move money across borders seems as central to globalisation as free trade, but it was not always so. Now the…

Hyun Song Shin

and

Hélène Rey

01:43:40

Regulation and structural change in financial systems

Video 28 Jun 2016

Regulation and structural change in financial systems

Hyun Song Shin discusses Claessen's paper "Regulation and structural change in financial systems", emphasising two key messages…

Hyun Song Shin

and

Stijn Claessens

00:27:34

Liquidity, leverage and macro risk

Video 26 Jun 2016

Liquidity, leverage and macro risk

In his presentation, Hyun Song Shin highlights a main message of the Annual Report: apparently disparate issues can be…

Hyun Song Shin

01:10:13

Global liquidity and procyclicality

Video 8 Jun 2016

Global liquidity and procyclicality

BIS data show that the euro and yen may be starting to take on the features of an international funding currency, following in…

Hyun Song Shin

and

Maurice Obstfeld

00:13:46

Uneasy calm awaiting lift-off

Video 4 Dec 2015

Uneasy calm awaiting lift-off

Media briefing for the December 2015 BIS Quarterly Review.

Claudio Borio

and

Hyun Song Shin

All podcasts (40)

00:32:14

Frank Smets, Hyun Song Shin and Gaston Gelos with BISness podcast branding

Podcast 16 Mar 2026

Media briefing on the BIS Quarterly Review, March 2026

Hyun Song Shin summarises the March 2026 BIS Quarterly Review and, along with Gaston Gelos and Frank Smets, answers journalists…

Frank Smets

Hyun Song Shin

and

Gaston Gelos

0:00 0:00

00:24:14

Huyn Song Shin, Goetz von Peter and Andreas Schrimpf with BISness podcast branding

Podcast 8 Dec 2025

Shifting currents in FX and interest rate derivatives

Listen to the BISness podcast of Hyun Song Shin, Andreas Schrimpf and Goetz von Peter discussing the analysis of the BIS…

Goetz von Peter

Hyun Song Shin

and

Andreas Schrimpf

0:00 0:00

00:24:14

Podcast 5 Dec 2025

Media briefing on the BIS Quarterly Review, December 2025

Hyun Song Shin summarises the December 2025 BIS Quarterly Review and, along with Gaston Gelos and Frank Smets, answers…

Frank Smets

Hyun Song Shin

and

Gaston Gelos

0:00 0:00

00:49:25

Podcast 23 Oct 2025

Why the world started hedging its US Dollar exposure

Hyun Song Shin speaks to Odd Lots about the weaker US dollar in 2025 and the role of hedging strategies.

Hyun Song Shin

0:00 0:00

00:46:11

Podcast 12 Sep 2025

Media briefing on the BIS Quarterly Review, September 2025

Hyun Song Shin summarises the September 2025 BIS Quarterly Review and, along with Gaston Gelos and Frank Smets, answers…

Frank Smets

Hyun Song Shin

and

Gaston Gelos

0:00 0:00

00:23:23

Podcast 2 Jul 2025

Stablecoins

Top central bankers aren't impressed with the global stablecoin craze. Host Carmel Crimmins from Thomson Reuters talks to Hyun…

Hyun Song Shin

0:00 0:00

00:23:47

Podcast 29 Jun 2025

Stability amid uncertainty

Agustín Carstens and Hyun Song Shin discuss the trade disruptions and policy uncertainty that are clouding the global economic…

Hyun Song Shin

and

Agustín Carstens

0:00 0:00

Podcast 26 Jun 2025

BIS Media Briefing - Annual Economic Report 2025

Agustín Carstens, Andréa M Maechler and Hyun Song Shin brief the media on the main messages of the Annual Economic Report.

Hyun Song Shin

Agustín Carstens

and

Andréa M Maechler

0:00 0:00

00:19:57

Podcast 24 Jun 2025

The next-generation monetary and financial system

Hyun Song Shin explains how tokenised platforms with central bank reserves, commercial bank money and government bonds can…

Hyun Song Shin

0:00 0:00

About the BIS

Careers at the BIS

Research & publications

BIS authors

About the Committees

Speeches

Data Portal

Media centre

All BIS publications (77)

US dollar's slide in April 2025: the role of FX hedging

Putting AI agents through their paces on general tasks

Which exchange rate matters to global investors?

Central bank capital and trust in money: lessons from history for the digital age

Next generation correspondent banking

Corporate payout policy: are financial firms different?

Testing the cognitive limits of large language models

International portfolio frictions

Mapping the realignment of global value chains

All external publications (128)

Dividends and bank capital in the global financial crisis of 2007-2009

Offshore EME bond issuance and the transmission channels of global liquidity

Big techs in finance: on the new nexus between data privacy and competition

From financial innovation to inclusion

International credit to emerging market economies during the Covid-19 crisis

Bond risk premia and the exchange rate

Central banks in a shifting world

Original sin redux and policy responses in EMEs during the Covid-19 pandemic

The dollar, bank leverage and real economic activity: an evolving relationship

All speeches (65)

Financial stability risks: old and new

The changing face of financial intermediation

All videos (103)

Cryptocurrencies: looking beyond the hype

Globalisation: real and financial

Global liquidity and procyclicality

Twenty years after the Asian Financial Crisis: remaining challenges for monetary and financial stability

Everything old is new again: the comeback of capital controls

Regulation and structural change in financial systems

Liquidity, leverage and macro risk

Global liquidity and procyclicality

Uneasy calm awaiting lift-off

All podcasts (40)

Media briefing on the BIS Quarterly Review, March 2026

Shifting currents in FX and interest rate derivatives

Media briefing on the BIS Quarterly Review, December 2025

Why the world started hedging its US Dollar exposure

Media briefing on the BIS Quarterly Review, September 2025

Stablecoins

Stability amid uncertainty

BIS Media Briefing - Annual Economic Report 2025

The next-generation monetary and financial system

You might also be interested in

Publications

Speeches

Media releases