Date: Monday 19th May 2025 Time: 18:00-19:30 BST
Venue: Old Theatre, Old Building, London School of Economics (map)
Speaker: Hyun Song Shin (Bank for International Settlements)
Chair: Dimitri Vayanos (LSE Finance & Financial Markets Group)
Hyun Song Shin (Bank for International Settlements) will deliver the 4th Annual Lecture in Honour of Charles Goodhart.
FX swaps make money fungible across currencies in the sense that investors who evaluate returns in one currency can nevertheless invest in assets denominated in other currencies without bearing exchange rate risk. This market is large, weighing in at 113 trillion dollars according to the latest BIS statistics, and is the linchpin in the transmission of financial conditions in the global financial system. This lecture highlights the role of global banks in this market and the channels at play in the transmission of financial conditions.
Registration
This public event is in-person only, free and open to all, but will require pre-registration.
Event hashtag: #LSEGoodhart
Hyun Song Shin is Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements (BIS). Mr Shin has a background in academia. Before coming to the BIS in May 2014, he was the Hughes-Rogers Professor of Economics at Princeton University, having previously held appointments at Oxford University and the London School of Economics. He has been an intellectual leader in the fields of banking, international finance and monetary economics, topics on which he has published widely, both in leading academic and official publications.
One area of recent focus has been in developing the BIS's work agenda on digital innovation and the financial system, laying out the implications for users, financial intermediaries and the central bank. Mr Shin was part of the BIS management team that developed the BIS Innovation Hub, and served as its Interim Head at its launch in 2019.
Mr Shin is a Korean national. In 2010, while on leave from Princeton University, he served as Senior Adviser to the Korean president, taking a leading role in formulating financial stability policy in Korea and developing the agenda for the G20 during Korea's presidency.
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Dimitri Vayanos is Professor of Finance at the London School of Economics, where he also directs the Paul Woolley Centre for the Study of Capital Market Dysfunctionality. He is a Fellow of the British Academy, a Fellow of the Finance Theory Group, a Research Fellow at CEPR and a former Director of its Financial Economics program, a Research Associate at NBER, a former Director and Managing Editor of the Review of Economic Studies, and a former Director of the American Finance Association.
His research, published in leading economics and finance journals, such as Econometrica, the Journal of Finance, the Journal of Financial Economics, the Journal of Political Economy, the Quarterly Journal of Economics, the Review of Economic Studies, and the Review of Financial Studies, focuses on what drives financial market liquidity, why asset prices can deviate from assets’ fundamental values, and what the implications of imperfect financial markets are for asset management, financial regulation, monetary policy and the macroeconomy.
He is a co-editor of the book "Beyond Austerity: Reforming the Greek Economy," a member of the Pissarides Commission, which developed a growth plan for Greece at the request of the Greek government, a co-author of the European Safe Bonds (ESBies) proposal, and a Director of WWF Greece.
The Lecture Series in Honour of Charles Goodhart was set up in 2022 to honour Charles Goodhart, eminent economist and Emeritus Professor at LSE. Charles was instrumental in the founding of the Financial Markets Group more than 35 years ago.
Charles Goodhart was appointed to the Norman Sosnow Chair of Banking and Finance at the London School of Economics (LSE) in 1985, until his retirement in 2002 when he became Emeritus Professor of Banking and Finance. He was elected a Fellow of the British Academy in 1990, and awarded the CBE in 1997, for services to monetary economics.
During 1986, he helped to establish the Financial Markets Group at LSE. For the previous 17 years he served as a monetary economist at the Bank of England, becoming a Chief Adviser in 1980. Following his advice on overcoming the financial crisis in Hong Kong in 1983, he subsequently served on the HK Exchange Fund Advisory Committee until 1997. The same year he was appointed one of the four independent outside members of the newly-formed Bank of England Monetary Policy Committee. He became an economic consultant to Morgan Stanley in 2009, until he resigned, at the age of 80, in 2016.
Charles has written widely on matters relating to monetary policy, especially central banking, and macro-economics. He is the author of Goodhart's Law "that any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes.”
