Ilhyock Shim
Head of Economics and Financial Markets for Asia and the Pacific
Monetary and Economic Department
Ilhyock Shim joined the BIS in 2004 as economist. From 2007 to 2018, he worked at the BIS in Basel as Special Adviser on International Financial Stability Policy and at the BIS Asian Office in Hong Kong SAR as principal economist. He began his career as deputy director in the Korean government in 1996. Between 1997 and 1999, he worked at the Korean Ministry of Finance and Economy as deputy director in charge of deposit insurance and financial sector restructuring. From December 2009 to November 2010, he worked for the G20 Affairs Office of the Bank of Korea as adviser. He holds a BA and an MA in economics from Seoul National University, and a PhD in economics from Stanford University.
Fields of interest
- Financial markets
- Financial institutions and microprudential issues
- Financial stability and macroprudential issues
- " The costs of macroprudential policy" (with B Richter and M Schularick), Journal of International Economics, May 2019. Also published as BIS Working Papers, no 740.
- " Investor redemptions and fund manager sales of emerging market bonds: how are they related?" (with J Shek, and H S Shin), Review of Finance, vol 22, no 1, 2018, pp 207–41. Also published as BIS Working Papers, no 509.
- " Redemption risk and cash hoarding by asset managers" (with S Morris and H S Shin), Journal of Monetary Economics, vol 89, August 2017. Also published as BIS Working Papers, no 608.
- " Comparative assessment of macroprudential policies" (with V Bruno and H S Shin), Journal of Financial Stability, vol 28, 2017, pp 183-202. Also published as BIS Working Papers, no 502.
- " Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies" (with K Kuttner), Journal of Financial Stability, vol 26, October 2016, pp 31-44. Also published as BIS Working Papers, no 433.
- " Dollar beta and stock returns" (with Valentina Bruno and Hyun Song Shin), Oxford Open Economics, vol 1, March 2022.
- " The relationship of household debt and growth in the short and long run" (with Marco Lombardi and Madhusudan Mohanty), Empirical Economics, forthcoming.
- " Original sin redux and policy responses in EMEs during the Covid-19 pandemic"(with B Hofmann and H S Shin), in S Djankov and U Panizza (eds), COVID-19 in developing economies, June 2020.
- " Cross-stock market spillovers through variance risk premiums and equity flows"(with M Hattori and Y Sugihara), Journal of International Money and Finance, August 2021.
- " Exchange rate fluctuations and firm leverage" (with S Kalemli Özcan and X Liu), NBER Working Papers, March 2021.
- " Exchange rate fluctuations and firm leverage" (with S Kalemli Özcan and X Liu), CEPR Discussion Papers, March 2021.
- “ The effects of asset price volatility on market participation: evidence from the Thai foreign exchange market” (with J Koosakul), Journal of Banking and Finance, March 2021.
- " Financial stress in lender countries and capital outflows from emerging market economies" (with K Shin), Journal of International Money and Finance, May 2021.
- " Exchange rate fluctuations and firm leverage" (with S Kalemli-Ozcan and A Liu), IMF Economic Review, February 2021.
- " Exchange rate fluctuations and firm leverage" (with S Kalemli-Ozcan and A Liu), IMF Working Papers, December 2020.
- "“ Bond risk premia and the exchange rate" (with B Hofmann and H S Shin), Journal of Money, Credit and Banking, December 2020.
- "Volatility contagion across the equity markets of developed and emerging market economies" (with Y Sugihara and M Hattori), in N Yoshino, P Chantapacdepong and M Helble (eds), Macroeconomic shocks and unconventional monetary policy: impacts on emerging markets, 2019.
- " Commercial banking in Asia", Routledge handbook of banking and finance in Asia, Routledge, chapter 13, October 2018.
- " The costs of macroprudential policy" (with B Richter and M Schularick), VoxEU, 21 September 2018.
- " The costs of macroprudential policy" (with B Richter and M Schularick), NBER Working Papers, no 24989, September 2018.
- " The costs of macroprudential policy" (with B Richter and M Schularick), CEPR Discussion Papers, no 13124, August 2018.
- " The macroeconomic effects of macroprudential policy" (with B Richter and M Schularick), HKIMR Working Papers, no 18/2018, August 2018.
- " Cross-stock market spillovers through variance risk premiums and equity flows" (with M Hattori and Y Sugihara), CIS Discussion Papers, no 667, February 2018.
- " La politique macroprudentielle : un ouvrage en cours pour les banques centrales" (with J Caruana), Revue d'Économie Financière, no 121, 2016.
- " Volatility contagion across the equity markets of developed and emerging market economies" (with M Hattori and Y Sugihara), Asian Development Bank Institute Working Papers, no 590, July 2016.
- " Correlations across Asia-Pacific bond markets and the impact of capital flow management measures" (with P Chantapacdepong), Pacific-Basin Finance Journal, vol 34, September 2015, pp 71-101. Also published as BIS Working Papers, no 472.
- " Policies to dampen housing cycles: tools that belong in the box" (with K Kuttner), VoxEU, June 2015.
- "Dislocations in the won-dollar swap markets during the crisis of 2007-09" (with N Baba), in K Chung, H Park, C Choi, S Kim and H S Shin (eds), Volatility in Korean capital markets: current policies and future responses, Palgrave Macmillan, 2014, Chapter 6.
- " Dislocations in the won-dollar swap markets during the crisis of 2007-2009" (with N Baba), International Journal of Finance and Economics, vol 19, issue 4, October 2014, pp 279-302. Also available as BIS Working Papers, no 344.
- " The impact of CDS trading on the bond market: Evidence from Asia" (with H Zhu), Journal of Banking and Finance, vol 40, March 2014, pp 460-75. Also published as BIS Working Papers, no 332.
- "Deviation from covered interest parity in Asian foreign-exchange swap markets during the financial crisis of 2007-2009" (with I Lee and S Lee), in Asian Development Bank and Korea Capital Market Institute (eds), Asian capital market development and integration - challenges and opportunities, Oxford University Press, January 2014.
- " Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies" (with K Kuttner), NBER Working Papers, no 19723, December 2013.
- " Taming the real estate beast: the effects of monetary and macroprudential polices on housing prices and credit" (with K Kuttner), in proceedings of the RBA-BIS Conference on Property Markets and Financial Stability, Reserve Bank of Australia, December 2012.
- " Dynamic prudential regulation: is prompt corrective action optimal?", Journal of Money, Credit and Banking, vol 43, no 8, December 2011. Also available as BIS Working Papers, no 206, May 2006.
- " A model of the IMF as a coinsurance arrangement" (with R Chami and S Sharma), Economics e-journal, no 2008-14, May 2008.
- " Forbearance and prompt corrective action" (with N Kocherlakota), Journal of Money, Credit and Banking, vol 39, no 5, August 2007. Also available as BIS Working Papers, no 177, May 2005.
- " Distress selling and asset market feedback" (with G von Peter), Financial Markets, Institutions and Instruments, vol 16, no 5, December 2007. Also published as BIS Working Papers, no 229.
- "What can (macro-)prudential policy do to support monetary policy?" (with C Borio), in proceedings of an International Symposium on Inflation Targeting in Emerging Market Countriesorganised by the Bank of Thailand in Bangkok, 13-14 November 2006. Also available as BIS Working Papers, no 242, December 2007.
- Comments on "Procyclicality of buffer capital and its implications for Basel II: a cross country analysis" by H Kim and H Lee, in H Kim and H S Shin (eds), Adopting the new Basel Accord: impact and policy responses of Asian-Pacific developing countries, Korea Development Institute, Seoul, December 2006.
- " A model of the IMF as a coinsurance arrangement" (with R Chami and S Sharma), IMF Working Papers, no WP/04/219, 2004.