From Wikipedia, the free encyclopedia
Kang Bong-kyun
(
Korean
:
강봉균
; May 13, 1943 ? January 31, 2017) was a South Korean economist and politician who served as
Minister of Finance
from 1999 to 2000 during the height and aftermath of the
Asian financial crisis
.
[1]
Kang was appointed Finance Minister by President
Kim Dae-jung
at a time when many other politicians and civil servants refused to take the cabinet position.
[1]
The financial crisis stemmed from reckless borrowing and spending from the South Korean banking sector, as well as mismanagement by the
chaebol
, or South Korean business
conglomerates
.
[1]
Though Kang held the portfolio of Minister of Finance for less than a year, he is credited with guiding the South Korean economy through the most difficult period in the country's history.
[1]
His work laid the foundation for the economy's eventual recovery and return to growth following the financial crisis.
[1]
Under Kang, South Korea implemented higher standards governing the accounting practices of privately held and listed conglomerates and corporations.
[1]
He also established harsher financial regulations.
[1]
Kang stepped down in 2000 after less than a year in office when he was appointed to lead the state-run
Korea Development Institute
.
[1]
Kang Bong-kyun died on Jan. 31, 2017, at age 74.
[1]
References
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