Ministry of Finance and Economy (South Korea)
Encyclopedia
The Ministry of Strategy & Finance or MOSF oversees the financial policies of the South Korean government. It publishes a monthly report on the national economy, known as the "Green Book." http://english.mofe.go.kr/publications/view.html?sn=4015&sub=02&page=1&q=&flag= The current minister is Yoon Jeung-Hyun.
MOSF 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). It is headquartered at the Gwacheon Government Complex in Gwacheon
City, Gyeonggi province.
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 over-concentration 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 Committee 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.
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
MOSF 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). It is headquartered at the Gwacheon Government Complex in Gwacheon
Gwacheon
Gwacheon is a city in Gyeonggi-do Province, South Korea. It lies close to Seoul in the heart of the Seoul National Capital Area, and also lies just east of Anyang...
City, Gyeonggi province.
History
1948Three 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 over-concentration 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 Committee 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.
Tasks
1. 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 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
See also
- Government of South KoreaGovernment of South KoreaThe Government of South Korea is divided into executive, judicial, and legislative branches. The executive and judicial branches operate primarily at the national level, although various ministries in the executive branch also carry out local functions. Local governments are semi-autonomous, and...
- Economy of South KoreaEconomy of South KoreaSouth Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity , identifying it as one of the G-20 major economies. It is a high-income developed country, with a developed market, and is a member of OECD...
- Korea Financial Investment AssociationKorea Financial Investment AssociationThe Korea Financial Investment Association is a non-profit, self-regulatory organization in South Korea, founded under the Financial Investment Services and Capital Market Act...
- Financial Supervisory CommissionFinancial Supervisory CommissionThe Financial Supervisory Commission is an independent government agency subordinate to the Executive Yuan of the Republic of China. It is responsible for regulating securities markets , banking, and the insurance sector...
- Financial Supervisory Service
- Bank of KoreaBank of KoreaThe Bank of Korea is the central bank of South Korea and issuer of South Korean won. It was established on June 12, 1950 at Seoul, South Korea.The Bank's primary purpose is price stability. For that, the Bank targets inflation...
- List of Korea-related topics