Hyun Song Shin
Biographic Data
| ID | 1017642 |
|---|---|
| NAME | Hyun Song Shin |
| GIVEN NAMES | Hyun Song |
| FAMILY NAME | Shin |
| SIGNATURE | SHIN H S |
| AFFILIATIONS | Princeton University |
| ORCID | 0000-0002-0821-2759 |
| VERIFIED | Yes |
| TOTAL WORKS | 13 |
| TOTAL CITATIONS | 84 |
| AUTHOR COUNT | 13 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1989 |
| LATEST PUBLICATION YEAR | 2024 |
| H-INDEX | 6 |
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. However, there are limits. How negative can central bank equity be before fiat money loses credibility? We address this question using a global game approach motivated by the fall of the Bank of Amsterdam (1609–1820). We solve for the unique break point where negative equity and asset illiquidity render fiat money worthless. W…
Overcoming Original Sin
The Squam Lake Report
A nonpartisan plan of action for fixing the global economy from fifteen of the world's leading economists In the fall of 2008, fifteen of the world's leading economists—representing the broadest spectrum of economic opinion—gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake Report distills the wealth of insights from the ongoing collaboration that began at these meet…
Liquidity and leverage
Securitisation and Financial Stability
A widespread opinion before the credit crisis of 2007/8 was that securitisation enhances financial stability by dispersing credit risk. After the credit crisis, securitisation was blamed for allowing the 'hot potato' of bad loans to be passed to unsuspecting investors. Both views miss the endogeneity of credit supply. Securitisation enables credit expansion through higher leverage of the financial system as a whole. Securitisation by itself may n…
Reflections on Northern Rock
The U.K. bank Northern Rock became the first high-profile casualty of the global financial crisis of 2007-2008 when it suffered its depositor run in September 2007. In spite of the television images of long lines of depositors outside its branch offices, the run on Northern Rock was unlike the textbook retail depositor run caused by coordination failure. Also, contrary to received wisdom, its reliance on securitization was not an immediate factor…
Social Value of Public Information
What are the welfare effects of enhanced dissemination of public information through the media and disclosures by market participants with high public visibility? We examine the impact of public information in a setting where agents take actions appropriate to the underlying fundamentals, but they also have a coordination motive arising from a strategic complementarity in their actions. When the agents have no socially valuable private informatio…
A violation of dominance and the consumption value of gambling
We document an apparently widespread violation of dominance in the horse-racing betting market in the UK, and use the systematic variation in the incidence of this violation to estimate the consumption value of gambling. Betting-shop gamblers in the UK face a tax on gambling of 10%, but have the choice of paying the tax either at the time of wager or on any return on a successful bet. It can be shown, however, that the latter act is strictly domi…
Financial Innovation and Risk Sharing
Journal Article Financial Innovation and Risk Sharing. Get access Financial Innovation and Risk Sharing. By Allen (Franklin) and Gale (Douglas). (Cambridge, Mass. and London: MIT Press, 1994. Pp. x + 379. £31.50 hardback, US $47.25 hardback. ISBN 0 262 01141 7.) Hyun Song Shin Hyun Song Shin University of Southampton Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 105, Issue 433, 1 November 19…
Measuring the Incidence of Insider Trading in a Market for State-Contingent Claims
Journal Article Measuring the Incidence of Insider Trading in a Market for State-Contingent Claims Get access Hyun Song Shin Hyun Song Shin University College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 103, Issue 420, 1 September 1993, Pages 1141–1153, https://doi.org/10.2307/2234240 Published: 01 September 1993
Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias
Journal Article Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias Get access Hyun Song Shin Hyun Song Shin University College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 102, Issue 411, 1 March 1992, Pages 426–435, https://doi.org/10.2307/2234526 Published: 01 March 1992 Article history Accepted: 01 August 1991 Published: 01 March 1992
Optimal Betting Odds Against Insider Traders
Journal Article Optimal Betting Odds Against Insider Traders Get access Hyun Song Shin Hyun Song Shin University College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 101, Issue 408, 1 September 1991, Pages 1179–1185, https://doi.org/10.2307/2234434 Published: 01 September 1991
Games and Information
Journal Article Games and Information: An Introduction to Games Theory Get access Games and Information: An Introduction to Games Theory. By ERIC RASMUSEN. (Oxford: Basil Blackwell, 1989. Pp. 352. £25.00 hardback. ISBN 0 631 15709 3.) Hyun Song Shin Hyun Song Shin University of Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 99, Issue 397, 1 September 1989, Pages 864–865, https://doi.or…
Measuring the Incidence of Insider Trading in a Market for State-Contingent Claims
Journal Article Measuring the Incidence of Insider Trading in a Market for State-Contingent Claims Get access Hyun Song Shin Hyun Song Shin University College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 103, Issue 420, 1 September 1993, Pages 1141–1153, https://doi.org/10.2307/2234240 Published: 01 September 1993
Financial Innovation and Risk Sharing
Journal Article Financial Innovation and Risk Sharing. Get access Financial Innovation and Risk Sharing. By Allen (Franklin) and Gale (Douglas). (Cambridge, Mass. and London: MIT Press, 1994. Pp. x + 379. £31.50 hardback, US $47.25 hardback. ISBN 0 262 01141 7.) Hyun Song Shin Hyun Song Shin University of Southampton Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 105, Issue 433, 1 November 19…
Optimal Betting Odds Against Insider Traders
Journal Article Optimal Betting Odds Against Insider Traders Get access Hyun Song Shin Hyun Song Shin University College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 101, Issue 408, 1 September 1991, Pages 1179–1185, https://doi.org/10.2307/2234434 Published: 01 September 1991
Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias
Journal Article Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias Get access Hyun Song Shin Hyun Song Shin University College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 102, Issue 411, 1 March 1992, Pages 426–435, https://doi.org/10.2307/2234526 Published: 01 March 1992 Article history Accepted: 01 August 1991 Published: 01 March 1992
Reflections on Northern Rock
The U.K. bank Northern Rock became the first high-profile casualty of the global financial crisis of 2007-2008 when it suffered its depositor run in September 2007. In spite of the television images of long lines of depositors outside its branch offices, the run on Northern Rock was unlike the textbook retail depositor run caused by coordination failure. Also, contrary to received wisdom, its reliance on securitization was not an immediate factor…
Securitisation and Financial Stability
A widespread opinion before the credit crisis of 2007/8 was that securitisation enhances financial stability by dispersing credit risk. After the credit crisis, securitisation was blamed for allowing the 'hot potato' of bad loans to be passed to unsuspecting investors. Both views miss the endogeneity of credit supply. Securitisation enables credit expansion through higher leverage of the financial system as a whole. Securitisation by itself may n…
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. However, there are limits. How negative can central bank equity be before fiat money loses credibility? We address this question using a global game approach motivated by the fall of the Bank of Amsterdam (1609–1820). We solve for the unique break point where negative equity and asset illiquidity render fiat money worthless. W…
Games and Information
Journal Article Games and Information: An Introduction to Games Theory Get access Games and Information: An Introduction to Games Theory. By ERIC RASMUSEN. (Oxford: Basil Blackwell, 1989. Pp. 352. £25.00 hardback. ISBN 0 631 15709 3.) Hyun Song Shin Hyun Song Shin University of Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 99, Issue 397, 1 September 1989, Pages 864–865, https://doi.or…
Optimal Betting Odds Against Insider Traders
Journal Article Optimal Betting Odds Against Insider Traders Get access Hyun Song Shin Hyun Song Shin University College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 101, Issue 408, 1 September 1991, Pages 1179–1185, https://doi.org/10.2307/2234434 Published: 01 September 1991
Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias
Journal Article Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias Get access Hyun Song Shin Hyun Song Shin University College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 102, Issue 411, 1 March 1992, Pages 426–435, https://doi.org/10.2307/2234526 Published: 01 March 1992 Article history Accepted: 01 August 1991 Published: 01 March 1992
Measuring the Incidence of Insider Trading in a Market for State-Contingent Claims
Journal Article Measuring the Incidence of Insider Trading in a Market for State-Contingent Claims Get access Hyun Song Shin Hyun Song Shin University College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 103, Issue 420, 1 September 1993, Pages 1141–1153, https://doi.org/10.2307/2234240 Published: 01 September 1993
Financial Innovation and Risk Sharing
Journal Article Financial Innovation and Risk Sharing. Get access Financial Innovation and Risk Sharing. By Allen (Franklin) and Gale (Douglas). (Cambridge, Mass. and London: MIT Press, 1994. Pp. x + 379. £31.50 hardback, US $47.25 hardback. ISBN 0 262 01141 7.) Hyun Song Shin Hyun Song Shin University of Southampton Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 105, Issue 433, 1 November 19…
A violation of dominance and the consumption value of gambling
We document an apparently widespread violation of dominance in the horse-racing betting market in the UK, and use the systematic variation in the incidence of this violation to estimate the consumption value of gambling. Betting-shop gamblers in the UK face a tax on gambling of 10%, but have the choice of paying the tax either at the time of wager or on any return on a successful bet. It can be shown, however, that the latter act is strictly domi…
Social Value of Public Information
What are the welfare effects of enhanced dissemination of public information through the media and disclosures by market participants with high public visibility? We examine the impact of public information in a setting where agents take actions appropriate to the underlying fundamentals, but they also have a coordination motive arising from a strategic complementarity in their actions. When the agents have no socially valuable private informatio…
Securitisation and Financial Stability
A widespread opinion before the credit crisis of 2007/8 was that securitisation enhances financial stability by dispersing credit risk. After the credit crisis, securitisation was blamed for allowing the 'hot potato' of bad loans to be passed to unsuspecting investors. Both views miss the endogeneity of credit supply. Securitisation enables credit expansion through higher leverage of the financial system as a whole. Securitisation by itself may n…
Reflections on Northern Rock
The U.K. bank Northern Rock became the first high-profile casualty of the global financial crisis of 2007-2008 when it suffered its depositor run in September 2007. In spite of the television images of long lines of depositors outside its branch offices, the run on Northern Rock was unlike the textbook retail depositor run caused by coordination failure. Also, contrary to received wisdom, its reliance on securitization was not an immediate factor…
The Squam Lake Report
A nonpartisan plan of action for fixing the global economy from fifteen of the world's leading economists In the fall of 2008, fifteen of the world's leading economists—representing the broadest spectrum of economic opinion—gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. The Squam Lake Report distills the wealth of insights from the ongoing collaboration that began at these meet…
Liquidity and leverage
Overcoming Original Sin
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. However, there are limits. How negative can central bank equity be before fiat money loses credibility? We address this question using a global game approach motivated by the fall of the Bank of Amsterdam (1609–1820). We solve for the unique break point where negative equity and asset illiquidity render fiat money worthless. W…
Economics (11 works) · Business (7 works) · Finance (6 works) · Political science (6 works) · Banking stability, regulation, efficiency (5 works) · Computer Science (5 works) · Finance (5 works) · Financial Markets and Investment Strategies (5 works) · Law (4 works) · Balance sheet (3 works)