Ministry of Economy and Finance (South Korea)

The Ministry of Economy and Finance (abbreviated to MOEF) oversees the financial policies of the South Korean government. It publishes a monthly report on the national economy, known as the "Green Book."[1] The current minister is Hong Nam-ki. The headquarters is in the Sejong Government Complex in Sejong City.[2]

Ministry of Economy and Finance
Republic of Korea
기획재정부
企劃財政部
Gihoek Jaejeong-bu
Emblem of the Ministry of Economy and Finance
Agency overview
FormedFebruary 29, 2008
Preceding agencies
  • Ministry of Finance (1948–1994)
  • Ministry of Finance and Economy (1994–2008)
  • Ministry of Planning and Budget (1999–2008)
  • Ministry of Strategy and Finance (2008–2018)
Jurisdiction South Korea
HeadquartersGovernment Complex-Sejong, 477, Galmae-ro, Sejong-si 30109, South Korea
Ministers responsible
Parent agencyGovernment of South Korea
Child agencies
Websiteenglish.moef.go.kr
Headquarters in Sejong City

MOEF has enforcement functions as well. It oversees the National Tax Tribunal and the Financial Intelligence Unit.

The ministry was formed in 1994 through the merger of the old Economic Planning Board (est. 1961) and Ministry of Finance (est. 1948).

History

1948

Three years after gaining independence from Japan, the Korean government was set up and it established the Ministry of Finance and the Economic Planning Board. The Ministry of Finance took charge of designing tax, financial and monetary policies as well as managing state-owned property and exchange rates. On the other hand, the Economic Planning Board was empowered in 1961 and assumed an important mandate of designing 5 year economic development plans in addition to its usual functions such as managing the government's budget and securing foreign loans.

1994

As the need arose for an integrated approach to implement the government's functions on economic affairs in an efficient and coherent way, the Economic Planning Board and the Ministry of Finance was merged into the Ministry of Finance and Economy (MOFE).

1998

In a response to the financial crisis, the MOFE's functions were separated and transferred to other Ministries so as to mitigate the overconcentration of decision-making authority by MOFE. Its budgetary authority was transferred to the National Budget Administration, its financial supervision authority to the Financial Supervisory Commission, and its trade negotiating authority to the Ministry of Foreign Affairs and Trade.

1999

The Planning and Budget Commission and the National Budget Administration was merged into the Ministry of Planning and Budget (MPB).

2008

The Ministry of Finance and Economy (MOFE) and the Ministry of Planning and Budget (MPB) was again merged into the Ministry of Strategy and Finance (MOSF) in order to put under one roof fiscal policy functions and inter-ministerial policy coordination. On the other hand, the MOFE's authority on financial policies regarding the financial market was transferred to the Financial Services Commission. In 2018, the ministry changed its official English name to the Ministry of Economy and Finance.

Offices

Currently this Ministry is in Sejong Government Complex in Sejong City. Previously the office had its headquarters in the Government Complex Gwacheon, in Gwacheon, Gyeonggi Province.[3]

Tasks

1. Planning and coordination of the mid- to long-term socio-economic development goals and setting economic policy direction on an annual basis

2. Distributing resources effectively and assessing the effectiveness of budget execution

3. Planning/reforming Korea's tax policy and system

4. Planning and management of policies for treasury, government properties, government accounting and the national debt

5. Coordination of policies for foreign currency transactions and international finance

6. Enhancement of international cooperation and promotion of inter-Korean economic exchanges and cooperation

7. Management and monitoring of public institutions' operation

Criticism

The Ministry of Economy and Finance was accused of releasing a comprehensive review on welfare-related campaign promises of each political parties before the 2012 election.[4]

Ministers

Ministers of Finance (1948-1994)
  • August 1948 - April 1950: Kim Do-yeon
  • April 1950 - March 1951: Choi Sun-ju
  • March 1951 - September 1953: Baek Du-jin
  • September 1953 - June 1954: Park Hui-hyeon
  • June 1954 - July 1955: Lee Jung-jyae
  • July 1955 - May 1956: Kim Hyeon-cheol
  • May 1956 - June 1957: In Tae-sik
  • June 1957 - March 1959: Kim Hyeon-cheol
  • March 1959 - April 1960: Song In-sang
  • April 1960 - August 1960: Yun Ho-byeong
  • August 1960 - May 1961: Kim Young-sun
  • May 1961 - June 1961: Paik Sun-jin
  • June 1961 - July 1961: Kim Yu-taek
  • July 1961 - June 1962: Chun Byung-kyu
  • June 1962 - February 1963: Kim Se-ryun
  • February 1963 - December 1963: Hwang Jong-ryul
  • December 1963 - June 1964: Park Dong-kyu
  • June 1964 - December 1964: Rhie Jung-han
  • December 1964 - November 1965: Hong Seung-hi
  • January 1966 - September 1996: Kim Chung-yum
  • September 1966 - December 1966: Kim Hak-ryeol
  • December 1966 - May 1968: Suh Bong-kyun
  • May 1968 - October 1969: Hwang Jong-ryul
  • October 1969 - September 1974: Nam Duck-woo
  • September 1974 - December 1978: Kim Yong-hwan
  • December 1978 - May 1980: Kim Won-ki
  • May 1980 - January 1982: Lee Seung-yun
  • January 1982 - June 1982: Rha Woong-bae
  • June 1982 - October 1983: Kang Kyong-shik
  • October 1983 - January 1986: Kim Mahn-je
  • January 1986 - May 1987: Chung In-yong
  • May 1987 - December 1988: Sakong Il
  • December 1988 - March 1990: Lee Kyu-sung
  • March 1990 - May 1991: Chung Yung-euy
  • May 1991 - February 1993: Rhee Yong-man
  • February 1993 - October 1994: Hong Jae-hyong
  • October 1994 - December 1994: Park Jae-yoon

Ministers of Finance and Economy (1994-2008)
  • December 1994 - December 1995: Hong Jae-hyong
  • December 1995 - August 1996: Rha Woong-bae
  • August 1996 - March 1997: Han Seung-soo
  • March 1997 - November 1997: Kang Kyong-shik
  • November 1997 - February 1998: Lim Chang-yuel
  • March 1998 - May 1999: Lee Kyu-sung
  • May 1999 - January 2000: Kang Bong-kyun
  • January 2000 - August 2000: Lee Hun-jai
  • August 2000 - April 2002: Jin Nyum
  • April 2002 - February 2003: Jeon Yun-churl
  • February 2003 - February 2004: Kim Jin-pyo
  • February 2004 - March 2005: Lee Hun-jai
  • March 2005 - July 2006: Han Duck-soo
  • July 2006 - February 2008: Kwon Oh-kyu

Ministers of Strategy and Finance (since 2008)

See also

References
  1. "Archived copy". Archived from the original on 2006-10-07. Retrieved 2006-04-06.CS1 maint: archived copy as title (link)
  2. "Location." (Archive) Ministry of Strategy and Finance. Retrieved on December 31, 2013. "Ministry of Strategy and Finance, Government Complex-Sejong, 477, Galmae-ro, Sejong Special Self-Governing City 339-012, Korea"
  3. "Location" (English) (). Ministry of Strategy and Finance. April 9, 2011. Retrieved on December 31, 2013. "Ministry of Strategy and Finance, Government Complex II, 49 Gwanmoonro, Gwacheon City, Gyeonggi Province, 427-725, Korea"
  4. "Finance Ministry Accused of Violating Election Rules". KBS. 2012-04-05. Retrieved 2012-05-06.
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