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 Oct 2019

BigTech and the changing structure of financial intermediation

Hyun Song Shin

Leonardo Gambacorta

Jon Frost

and

Pablo Zbinden

External publication 1 Oct 2019

Currency depreciation and emerging market corporate distress

Hyun Song Shin

and

Valentina Bruno

External publication 1 Sep 2019

The dollar, bank leverage, and the deviation from covered interest parity

Hyun Song Shin

Stefan Avdjiev

Cathérine Tahmee Koch

and

Wenxin Du

External publication 1 Feb 2019

The dollar exchange rate as a global risk factor: evidence from investment

Hyun Song Shin

Stefan Avdjiev

Valentina Bruno

and

Cathérine Tahmee Koch

External publication 1 Nov 2018

Liquidity, leverage, and regulation 10 years after the global financial crisis

Hyun Song Shin

John Kiff

and

Tobias Adrian

External publication 1 Jul 2018

Why bank capital matters for monetary policy

Hyun Song Shin

and

Leonardo Gambacorta

External publication 1 May 2018

Exchange rates and monetary spillovers

Hyun Song Shin

and

Guillaume Plantin

External publication 1 May 2018

Exchange rates and the working capital channel of trade fluctuations

Hyun Song Shin

Valentina Bruno

and

Se-Jik Kim

External publication 1 May 2018

Central bank forward guidance and the signal value of market prices

Hyun Song Shin

and

Stephen Morris

All speeches (65)

Speech 5 Mar 2016

BIS Quarterly Review, March 2016 - media briefing

Claudio Borio

and

Hyun Song Shin

Speech 6 Jan 2016

and

Hyun Song Shin

Speech 13 Nov 2015

External dimension of monetary policy

Remarks by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, at the Board of Governors of the Federal…

Hyun Song Shin

Speech 28 Jun 2015

Three BIS research themes in the Annual Report

Presentation by Mr Hyun Song Shin, Economic Adviser and Head of Research - Basel, 28 June 2015.

Hyun Song Shin

Speech 15 Apr 2015

Macroprudential tools, their limits and their connection with monetary policy

Panel remarks by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, at IMF Spring Meeting event: "Rethinking…

Hyun Song Shin

Speech 25 Feb 2015

Toward a joined-up research agenda for central banks

Presentation by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, at the Bank of England "One Bank Research…

Hyun Song Shin

Speech 18 Feb 2015

On book equity: why it matters for monetary policy

Keynote address by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, at the joint workshop by the Basel…

Hyun Song Shin

All videos (103)

00:39:35

Media briefing on the BIS Quarterly Review, September 2023

Video 18 Sep 2023

Media briefing on the BIS Quarterly Review, September 2023

Claudio Borio and Hyun Song Shin summarise the September 2023 Quarterly Review and answer journalists' questions about…

Claudio Borio

and

Hyun Song Shin

00:19:36

A blueprint for the future monetary system

Video 25 Jun 2023

A blueprint for the future monetary system

Presenting the 2023 BIS Annual Economic Report, Hyun Song Shin says tokenisation might be the next major leap for the monetary…

Hyun Song Shin

00:52:12

BIS Media Briefing - Annual Economic Report 2023

Video 22 Jun 2023

BIS Media Briefing - Annual Economic Report 2023

Agustín Carstens, Claudio Borio and Hyun Song Shin brief the media on the main messages of the Annual Economic Report.

Claudio Borio

Hyun Song Shin

and

Agustín Carstens

00:01:37

Improving the old, enabling the new

Video 20 Jun 2023

Improving the old, enabling the new

Hyun Song Shin explains the main elements of the unified ledger and how tokenisation can be a game changer for the monetary…

Hyun Song Shin

00:42:38

BIS Media Briefing - Blueprint for the future monetary system: improving the old, enabling the new

Video 19 Jun 2023

BIS Media Briefing - Blueprint for the future monetary system: improving the old, enabling the new

Hyun Song Shin briefs the media on the main messages of Chapter III of the Annual Economic Report.

Hyun Song Shin

00:47:32

CBDCs: Keeping momentum in uncertain times

Video 21 Mar 2023

CBDCs: Keeping momentum in uncertain times

In this high-level panel recorded on 12 March 2023, Governors discuss the road ahead on CBDCs and share their lessons learnt on…

Hyun Song Shin

Ravi Menon

François Villeroy de Galhau

Christine Lagarde

and

Chang Yong Rhee

00:46:03

BIS Quarterly Review, March 2023 - media briefing

Video 24 Feb 2023

BIS Quarterly Review, March 2023 - media briefing

Claudio Borio and Hyun Song Shin brief the media on the key takeaways of the BIS March 2023 Quarterly Review.

Claudio Borio

and

Hyun Song Shin

01:17:41

Global value chains under the shadow of Covid

Video 16 Feb 2023

Global value chains under the shadow of Covid

(Mr Shin starts at 00:02:40) The narrative surrounding global value chains (GVCs) and, more generally, the state of…

Hyun Song Shin

00:39:52

Keynote address: Digital payments and ecosystems

Video 8 Feb 2023

Keynote address: Digital payments and ecosystems

Jean Tirole discusses digital payments and ecosystems.

Hyun Song Shin

and

Jean Tirole

All podcasts (40)

00:11:49

Podcast 8 Dec 2019

FX and OTC derivatives markets through the lens of the BIS Triennial Survey

Hyun Song Shin offers some key analytical insights on foreign exchange and OTC derivatives markets from the latest BIS…

Hyun Song Shin

0:00 0:00

00:39:56

Podcast 1 Jul 2019

Why a strong dollar causes most of the world major pain

Hyun Song Shin discusses why a weaker dollar amounts to looser financial conditions for much of the world and gives his outlook…

Hyun Song Shin

0:00 0:00

00:14:18

Podcast 30 Jun 2019

Big tech in finance

Hyun Song Shin discusses the entry of big tech companies into financial services and the new challenges this poses for…

Hyun Song Shin

0:00 0:00

00:22:25

Podcast 9 Aug 2018

Bitcoin's big problem

Hyun Song Shin discusses the technological flaws that will likely prevent Bitcoin from becoming a more commonly used currency.

Hyun Song Shin

0:00 0:00

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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)

BigTech and the changing structure of financial intermediation

Currency depreciation and emerging market corporate distress

The dollar, bank leverage, and the deviation from covered interest parity

The dollar exchange rate as a global risk factor: evidence from investment

Liquidity, leverage, and regulation 10 years after the global financial crisis

Why bank capital matters for monetary policy

Exchange rates and monetary spillovers

Exchange rates and the working capital channel of trade fluctuations

Central bank forward guidance and the signal value of market prices

All speeches (65)

BIS Quarterly Review, March 2016 - media briefing

Where's the inflation, Mr Shin?

Exchange rates and the transmission of global liquidity

BIS Quarterly Review, December 2015 - media briefing

External dimension of monetary policy

Three BIS research themes in the Annual Report

Macroprudential tools, their limits and their connection with monetary policy

Toward a joined-up research agenda for central banks

On book equity: why it matters for monetary policy

All videos (103)

Media briefing on the BIS Quarterly Review, September 2023

A blueprint for the future monetary system

BIS Media Briefing - Annual Economic Report 2023

Improving the old, enabling the new

BIS Media Briefing - Blueprint for the future monetary system: improving the old, enabling the new

CBDCs: Keeping momentum in uncertain times

BIS Quarterly Review, March 2023 - media briefing

Global value chains under the shadow of Covid

Keynote address: Digital payments and ecosystems

All podcasts (40)

FX and OTC derivatives markets through the lens of the BIS Triennial Survey

Why a strong dollar causes most of the world major pain

Big tech in finance

Bitcoin's big problem

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