Join us for the 4th Annual Lecture in honour of Charles Goodhart, which will be delivered by Hyun Song Shin from the Bank for International Settlements.
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.
Meet our speaker and chair
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 and Political Science. 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.
Dimitri Vayanos is Professor of Finance at LSE, 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.
More about this event
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.”
The Financial Markets Group (@FMG_LSE) is a leading centre for research into financial markets. Research at the FMG examines how stable and efficient the financial system is, how it supports the real economy, and what policy measures can generate improvements in these dimensions.
Hashtag for this event: #LSEGoodhart
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