Interview with Dr. Hyun-Song Shin of Bank for International Settlements (BIS) by Lutfey Siddiqi
As I joined the annual meeting of the IMF & World Bank in Washington DC last month, I felt a sense of dissonance. There was clearly no sense of crisis, hence no sense of urgency. Economic and financial indicators look sequententially better and extraordinary monetary stimulus may soon be pared back. Banks and regulators catalogued the series of measures taken over the past decade that should’ve rendered the financial system more robust. At the same time, there was nervousness about a relapse or worse, brought about by a cocktail of incomplete reforms, continuing imbalances, tech disruption, political uncertainty and
divergent positions on global interaction.
On that backdrop, the challenge of risk identification, assessment and sequencing of action becomes all the more daunting. To help us with that, I asked a few questions to Dr. Hyun-Song Shin, whom I met just after his panel on “Systemic Risk and Macroprudential Stress Testing”.
Dr. Hyun-Song Shin is a member of the Executive Committee, Chief Economic Advisor and Head of Research at BIS. Prior to that, he was a Professor of Economics at Princeton and Professor of Finance at London School of Economics (LSE). In 2010, he served as Senior Adviser to the Korean president, formulating stability policy and developing the G20 agenda during Korea's presidency.
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