The Ministry of Economy and Finance (MOEF; Korean: 기획재정부; Hanja: 企劃財政部) 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 Choo Kyung-ho. The headquarters is in the Sejong Government Complex in Sejong City.[2]
According to Chapter 3 Article 19 of the Government Organisation Act, the Minister of Economy and Finance also acts as the Deputy Prime Minister, together with the Minister for Education.[3]
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).
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.
1967
The Economic Planning Board introduces the Republic of Korea's first electronic mainframe computer, an IBM 1401 system, to process data collected from the country's national census conducted the previous year.[4][5]
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).[6]
1998
In a response to the 1997 Asian 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) were 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.
OfficesEdit
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.[7]
TasksEdit
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
CriticismEdit
The Ministry of Economy and Finance was accused of releasing a comprehensive review on welfare-related campaign promises of each political party before the 2012 election.[8]
^. Archived from the original on 2006-10-07. Retrieved 2006-04-06.
^"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"
^"Statutes of the Republic of Korea". elaw.klri.re.kr. Retrieved 2022-12-09.
^Jung, J.-Y. (2011). How a Powerful Bureaucracy Fell: The Abolition of the Economic Planning Board in South Korea. Korea Observer. 42. 551-581.
^"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"
ministry, economy, finance, south, korea, ministry, economy, finance, moef, korean, 기획재정부, hanja, 企劃財政部, oversees, financial, policies, south, korean, government, publishes, monthly, report, national, economy, known, green, book, current, minister, choo, kyung. The Ministry of Economy and Finance MOEF Korean 기획재정부 Hanja 企劃財政部 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 Choo Kyung ho The headquarters is in the Sejong Government Complex in Sejong City 2 Ministry of Economy and Finance Republic of Korea기획재정부企劃財政部Gihoek Jaejeong buMOEF headquarters in SejongAgency overviewFormedFebruary 29 2008Preceding agenciesMinistry 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 JurisdictionGovernment of South KoreaHeadquartersGovernment Complex Sejong 477 Galmae ro Sejong si 30109 South KoreaMinisters responsibleChoo Kyung ho MinisterKim Byoung hwan 1st Vice MinisterKim Wan sub 2nd Vice MinisterChild agenciesNational Tax ServiceKorea Customs ServiceStatistics KoreaPublic Procurement ServiceWebsiteenglish wbr moef wbr go wbr krAccording to Chapter 3 Article 19 of the Government Organisation Act the Minister of Economy and Finance also acts as the Deputy Prime Minister together with the Minister for Education 3 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 Contents 1 History 2 Offices 3 Tasks 4 Criticism 5 List of ministers 6 See also 7 References 8 External linksHistory Edit1948Three 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 1967The Economic Planning Board introduces the Republic of Korea s first electronic mainframe computer an IBM 1401 system to process data collected from the country s national census conducted the previous year 4 5 1994As 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 6 1998In a response to the 1997 Asian 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 1999The Planning and Budget Commission and the National Budget Administration was merged into the Ministry of Planning and Budget MPB 2008The Ministry of Finance and Economy MOFE and the Ministry of Planning and Budget MPB were 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 EditCurrently 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 7 Tasks Edit1 Planning and coordination of the mid to long term socio economic development goals and setting economic policy direction on an annual basis2 Distributing resources effectively and assessing the effectiveness of budget execution3 Planning reforming Korea s tax policy and system4 Planning and management of policies for treasury government properties government accounting and the national debt5 Coordination of policies for foreign currency transactions and international finance6 Enhancement of international cooperation and promotion of inter Korean economic exchanges and cooperation7 Management and monitoring of public institutions operationCriticism EditThe Ministry of Economy and Finance was accused of releasing a comprehensive review on welfare related campaign promises of each political party before the 2012 election 8 List of ministers EditNo Portrait Minister Term start Term end PresidentMinister of Finance1 Kim Do yeon 2 August 1948 22 April 1950 First Republic of Korea2 Choi Sun ju 25 April 1950 5 March 19513 Baek Du jin 5 March 1951 9 September 19534 Park Hui hyeon 9 September 1953 30 June 19545 Lee Jung jyae 30 June 1954 11 July 19556 Kim Hyeon chul 11 July 1955 26 May 19567 In Tae sik 26 May 1956 9 June 19578 Kim Hyeon chul 9 June 1957 20 March 19599 Song In sang 20 March 1959 28 April 196010 Yun Ho byeong 28 April 1960 19 August 196011 Kim Young sun 23 August 1960 18 May 1961 Second Republic of Korea12 Paik Sun jin 20 May 1961 22 June 1961 Supreme Councilfor National Reconstruction13 Kim Yu taek 22 June 1961 16 July 196114 Chun Byung kyu 22 July 1961 16 June 196215 Kim Se ryun 18 June 1962 8 February 196316 Hwang Jong ryul 8 February 1963 16 December 196317 Park Dong kyu 17 December 1963 26 June 1964 Third Republic of Korea18 Rhie Jung han 26 June 1964 5 December 196419 Hong Seung hi 5 December 1964 16 November 196520 Kim Chung yum 25 November 1965 26 September 196621 Kim Hak ryeol 26 September 1966 27 December 196622 Suh Bong kyun 27 December 1966 21 May 196823 Hwang Jong ryul 21 May 1968 21 October 196924 Nam Duck woo 21 October 1969 18 September 1974 Fourth Republic of Korea25 Kim Yong hwan 18 September 1974 22 December 197826 Kim Won ki 22 December 1978 22 May 198027 Lee Seung yun 22 May 1980 4 January 198228 Rha Woong bae 4 January 1982 24 June 1982 Fifth Republic of Korea29 Kang Kyong shik 24 June 1982 15 October 198330 Kim Mahn je 15 October 1983 8 January 198631 Chung In yong 8 January 1986 26 May 198732 Sakong Il 26 May 1987 4 December 1988 Roh Tae woo33 Lee Kyu sung 5 December 1988 18 March 199034 Chung Yung euy 19 March 1990 26 May 199135 Rhee Yong man 27 May 1991 24 February 199336 Hong Jae hyong 25 February 1993 4 October 1994 Kim Young sam37 Park Jae yoon 5 October 1994 23 December 1994Deputy Prime Minister and Minister of Finance and Economy 1994 1998 1 Hong Jae hyong 23 December 1994 20 December 1995 Kim Young sam2 Rha Woong bae 20 December 1995 8 August 19963 Han Seung soo 8 August 1996 5 March 19974 Kang Kyong shik 5 March 1997 19 November 19975 Lim Chang yuel 19 November 1997 5 March 1998Minister of Finance and Economy 1998 2001 1 Lee Kyu sung 5 March 1998 24 May 1999 Kim Dae jung2 Kang Bong kyun 24 May 1999 14 January 20003 Lee Hun jai 14 January 2000 7 August 2000Deputy Prime Minister and Minister of Finance and Economy 2001 2008 1 Jin Nyum 7 August 2000 15 April 2002 Kim Dae jung2 Jeon Yun churl 15 April 2002 27 February 20033 Kim Jin pyo 27 February 2003 10 February 2004 Roh Moo hyun4 Lee Hun jai 10 February 2004 7 March 20055 Han Duck soo 14 March 2005 18 July 20066 Kwon O kyu 18 July 2006 29 February 2008Minister of Economy and Finance 2008 2013 1 Kang Man soo 29 February 2008 9 February 2009 Lee Myung bak2 Yoon Jeung hyun 10 February 2009 1 June 20113 Bahk Jae wan 2 June 2011 22 March 2013Deputy Prime Minister and Minister of Economy and Finance 2013 present 1 Hyun Oh seok 22 March 2013 14 July 2014 Park Geun hye2 Choi Kyoung hwan 15 July 2014 12 January 20163 Yoo Il ho 13 January 2016 8 June 20174 Kim Dong yeon 9 June 2017 10 December 2018 Moon Jae in5 Hong Nam ki 11 December 2018 9 May 20226 Choo Kyung ho 10 May 2022 Incumbent Yoon Suk yeolSee also Edit South Korea portalGovernment of South Korea Economy of South Korea Korea Financial Investment Association Financial Services Commission Financial Supervisory Service Bank of Korea Statistics KoreaReferences Edit Welcome to Ministry of Finance and Economy Archived from the original on 2006 10 07 Retrieved 2006 04 06 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 Statutes of the Republic of Korea elaw klri re kr Retrieved 2022 12 09 https www ibm com ibm history ibm100 us en icons mainframe transform 서현진 1997 처음쓰는 한국컴퓨터사 서울 전자신문사 Jung J Y 2011 How a Powerful Bureaucracy Fell The Abolition of the Economic Planning Board in South Korea Korea Observer 42 551 581 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 Finance Ministry Accused of Violating Election Rules KBS 2012 04 05 Retrieved 2012 05 06 External links EditOfficial English site Official site in Korean Retrieved from https en wikipedia org w index php title Ministry of Economy and Finance South Korea amp oldid 1172308282, wikipedia, wiki, book, books, library,
