Hyun Song Shin

All BIS publications (77)

BIS Working Paper No 1121 7 Sep 2023

Margins, debt capacity, and systemic risk

Debt capacity depends on margins. When set in a financial system context with collateralized borrowing, two additional features…

Sirio Aramonte

Andreas Schrimpf

and

Hyun Song Shin

BIS Working Paper No 1109 7 Jul 2023

Original sin redux: role of duration risk

We highlight the role of duration and exchange rate risks on portfolio flows by using a unique and comprehensive database of US…

Carol Bertaut

Valentina Bruno

and

Hyun Song Shin

BIS Bulletin No 73 11 Apr 2023

Stablecoins versus tokenised deposits: implications for the singleness of money

Private tokenised monies that circulate as bearer instruments, like stablecoins, may entail departures in their relative…

Rodney Garratt

and

Hyun Song Shin

BIS Working Paper No 1075 21 Feb 2023

Overcoming original sin: insights from a new dataset

This paper introduces a new dataset on emerging market sovereign bonds, distinguishing between the currency of denomination and…

Mert Onen

Hyun Song Shin

and

Goetz von Peter

BIS Working Paper No 1070 25 Jan 2023

Theory of supply chains: a working capital approach

This paper presents a "time-to-build" theory of supply chains which implies a key role for the financing of working capital as…

Se-Jik Kim

and

Hyun Song Shin

BIS Working Paper No 1065 19 Jan 2023

The Bank of Amsterdam and the limits of fiat money

Central banks can operate with negative equity, and many have done so in history without undermining trust in fiat money…

Wilko Bolt

Jon Frost

Hyun Song Shin

and

Peter Wierts

BIS Working Paper No 1057 13 Dec 2022

Macro-financial stability frameworks: experience and challenges

Since the 2008–9 Great Financial Crisis, major advanced economies (AEs) have used monetary and macroprudential policies…

Claudio Borio

Ilhyock Shim

and

Hyun Song Shin

BIS Working Paper No 1053 22 Nov 2022

How abundant are reserves? Evidence from the wholesale payment system

Before the era of large central bank balance sheets, banks relied on incoming payments to fund outgoing payments in order to…

Gara Afonso

Darrell Duffie

Lorenzo Rigon

and

Hyun Song Shin

BIS Working Paper No 1031 15 Jul 2022

Risk capacity, portfolio choice and exchange rates

We assess how swings in exchange rates affect global bond investors' portfolio allocations to emerging market economy (EME)…

Boris Hofmann

Ilhyock Shim

and

Hyun Song Shin

All external publications (128)

External publication 1 Mar 2004

Liquidity black holes

Hyun Song Shin

and

Stephen Morris

External publication 1 Feb 2004

Coordination risk and the price of debt

Hyun Song Shin

and

Stephen Morris

External publication 1 Jan 2004

Does one Soros make a difference? A theory of currency crises with large and small traders

Hyun Song Shin

Stephen Morris

Giancarlo Corsetti

and

Amil Dasgupta

External publication 1 Nov 2003

Disclosures and asset returns

Hyun Song Shin

External publication 1 Jan 2003

Global games: theory and applications

Hyun Song Shin

and

Stephen Morris

External publication 1 Dec 2002

Social value of public information

Hyun Song Shin

and

Stephen Morris

External publication 1 Feb 2002

Equilibrium departures from common knowledge in games with non-additive expected utility

Hyun Song Shin

and

Sujoy Mukerji

External publication 1 Jan 2001

Rethinking multiple equilibria in macroeconomic modelling

Hyun Song Shin

and

Stephen Morris

External publication 1 Dec 2000

All videos (103)

01:39:37

Overcoming "Original Sin" to secure policy space

Video 19 Oct 2021

Overcoming "Original Sin" to secure policy space

Janeway Institute Launch, University of Cambridge.

Hyun Song Shin

01:34:10

Global Standards for Digital Currencies

Video 12 Oct 2021

Global Standards for Digital Currencies

Speakers: Hyun Song Shin, Viral Acharya, Thomas Philippon and Isabel Schnabel

Hyun Song Shin

00:57:36

Research session: Implications of big tech in finance

Video 6 Oct 2021

Research session: Implications of big tech in finance

Chair: Hyun Song Shin (Economic Adviser / Head of Research, BIS) Jorge Padilla (Senior Managing Director, Compass Lexecon) …

Hyun Song Shin

and

Karen Croxson

01:21:47

Lessons for the Future

Video 1 Oct 2021

Lessons for the Future

Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic, Federal Reserve Bank of New York.

Viral V Acharya

Hyun Song Shin

Thomas Philippon

and

Isabel Schnabel

00:19:38

Central bank digital currencies: an opportunity for the monetary system

Video 29 Jun 2021

Central bank digital currencies: an opportunity for the monetary system

In his speech at the 91st BIS AGM, Hyun Song Shin lays out the design choices that can help put central bank digital…

Hyun Song Shin

00:51:31

BIS Media Briefing - Annual Economic Report 2021

Video 28 Jun 2021

BIS Media Briefing - Annual Economic Report 2021

Carstens, Pereira, Borio and Shin brief the media on the main messages of the Annual Economic Report.

Claudio Borio

Hyun Song Shin

Agustín Carstens

and

Luiz Awazu Pereira da Silva

00:54:22

CBDCs and the future of payments

Video 23 Jun 2021

CBDCs and the future of payments

Hyun Song Shin discusses central bank digital currencies design features, potential points of friction and data privacy, as…

Hyun Song Shin

00:01:49

CBDCs - an opportunity for the monetary system

Video 23 Jun 2021

CBDCs - an opportunity for the monetary system

Hyun Song Shin discusses how central bank digital currencies are moving from concept to practical design, renewing the…

Hyun Song Shin

01:04:52

BIS Media Briefing - CBDCs: an opportunity for the monetary system

Video 22 Jun 2021

BIS Media Briefing - CBDCs: an opportunity for the monetary system

Shin and Cœuré brief the media on the main messages of Chapter III of the Annual Economic Report.

Hyun Song Shin

and

Benoît Coeuré

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

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All BIS publications (77)

Margins, debt capacity, and systemic risk

Original sin redux: role of duration risk

Stablecoins versus tokenised deposits: implications for the singleness of money

Overcoming original sin: insights from a new dataset

Theory of supply chains: a working capital approach

The Bank of Amsterdam and the limits of fiat money

Macro-financial stability frameworks: experience and challenges

How abundant are reserves? Evidence from the wholesale payment system

Risk capacity, portfolio choice and exchange rates

All external publications (128)

Liquidity black holes

Coordination risk and the price of debt

Does one Soros make a difference? A theory of currency crises with large and small traders

Disclosures and asset returns

Global games: theory and applications

Social value of public information

Equilibrium departures from common knowledge in games with non-additive expected utility

Rethinking multiple equilibria in macroeconomic modelling

Approximate common knowledge in a search model

All speeches (65)

Financial stability risks: old and new

The changing face of financial intermediation

All videos (103)

Overcoming "Original Sin" to secure policy space

Global Standards for Digital Currencies

Research session: Implications of big tech in finance

Lessons for the Future

Central bank digital currencies: an opportunity for the monetary system

BIS Media Briefing - Annual Economic Report 2021

CBDCs and the future of payments

CBDCs - an opportunity for the monetary system

BIS Media Briefing - CBDCs: an opportunity for the monetary system

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

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