[BUSINESS] Shin Hyun Song First Asian Appointed Economic Advisor of BIS
Teddy Kim , Sept. 12, 2013, 2:39 p.m.
First ever asian appointed as the economic advisor of the Bank for International Settlements (BIS). Shin Hyun Song a professor at Princeston University was appointed on September 9th, which he will serve a 5 year term starting May 1,2014. In a position that has been run by Europeans and Americans for 83 years the oldest international financial institutuion as selected first Korean American to the post. BIS responded by saying "The fact taht BIS appointed an Asian to its economic advisor position proves taht BIS is growing into a truly global institution, no longer limited to Europe only".
The BIS is often called "Central Bank of central banks" they are known for setting fiscal policies for countries central banks. Professor Shin will be one of six members of the financial comittee to participate.
Professor Shin has a PH. D. in Economics from Oxford University. He was a professor teaching economics at London School of Economics, later went on to teach at Princeton. He is best known for predicted the economic crash of 2008 . He also served on many panels including economist for IMF and economic advisor for BIS.