Shin Hyun-Song, Professor of Economics at Princeton University, won the Cho Rakkyo Award. He is widely recognized for his theories on financial crisis. The award ceremony was held at Daewoo Hall on May 25. Professor Shin gave a special lecture, "Framework of the New Financial System in the Post-Crisis Era," at the award ceremony. The Cho Rakkyo Award, established in 2008 by the fund donated by Mr. Cho Rakkyo, a graduate of Yonsei School of Business, is granted to the economist whose academic contribution is most highly significant each year. The recipient can either be a Korean economist or a foreign economist who contributed to development of Korean economics. Yonsei President attended the ceremony to award the prize of 50 million Korean Won. The last year’s recipient was Choi Yeon-koo, Professor of Economics at Columbia University. Professor Shin graduated from Oxford University with D.Phil in Economics and had taught at Southampton University and London School of Economics. He is currently a professor of Economics at Princeton University. He acquired international recognition when his research project with Yale Professor Stephen Morris (now professor at Princeton) “Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks” was published on American Economic Review. Its subject was monetary policy decision regarding currency attacks. The paper is recognized as one of the most significant analysis of financial crisis to have been published in 1990s.