Rhee Chang-yong (Korean: 이창용; Hanja: 李昌鏞; born 16 May 1960) is a South Korean economist who served as the 27th Governor of the Bank of Korea, from April 2022 to April 2026.[1]
Rhee Chang-yong | |
|---|---|
| 이창용 | |
.jpg) Rhee in 2024 | |
| 27th Governor of the Bank of Korea | |
| In office 21 April 2022 – 20 April 2026 | |
| Appointed by | Moon Jae-in |
| Preceded by | Lee Ju-yeol |
| Succeeded by | Hyun Song Shin |
| Personal details | |
| Born | 16 May 1960 Nonsan, South Korea |
| Seoul National University (BA) Harvard University (PhD) | |
| Academic background | |
| Lawrence Summers | |
| Academic work | |
| Discipline | Macroeconomics |
| Institutions | Seoul National University University of Rochester |
Early life and education
editRhee was born in Nonsan, South Korea, in 1960.[2] Rhee holds two degrees in economics - a bachelor from Seoul National University and a doctorate from Harvard University.[3] Rhee completed a doctorate in 1989 at the Harvard University, with Lawrence Summers as his advisor.[4] After his doctoral studies, he taught at economics departments at University of Rochester and Seoul National University.[5]
Early Career
editPrior to moving to the IMF as the first South Korean to join its senior leadership,[6] Rhee was the chief economist at the Asian Development Bank where he worked as its spokesperson and head of its Economic and Research Department.[7] Before joining inter-governmental organisations, he first served as an advisor to multiple South Korean government organisations on economic policies from the early 2000s and then joined the transition team of then-president-elect Lee Myung-bak in 2007. Following President Lee's restructuring of government entities, Rhee took the first deputy role of the Financial Services Commission from 2008 to 2009 before joining the Presidential Committee for the 2010 G-20 Seoul Summit as its Secretary-General and Sherpa.
Governor of the Bank of Korea
editIn March 2022 President Moon Jae-in tapped Rhee who had led the Asia and Pacific Department at the International Monetary Fund over 8 years for the country's top monetary policy chief upon recommendations from president-elect Yoon Suk Yeol.[8][9][3][10] On 19 April, a nomination hearing was held at the National Assembly where his nomination report was adopted and sent to the President.[11] President Moon appointed Rhee on the following day commencing his four-year term as the Governor[1] to minimise the first-ever vacancy of the Governor in Bank's history.[12]
During the nomination hearing, Rhee vowed to utilise the central bank's "unpopular" tool of base rate to address post-pandemic inflation reiterating the organisation's role in price stabilisation.[11][13]
On April 18, 2024, Rhee attended the G20 Meeting of Finance Ministers and Central Bank Governors in Washington, D.C. and the International Monetary Fund-World Bank Group (WBG) Spring Conference. Later, on April 21, the meeting period, he was selected as the winner of the American Foreign Policy Association's medal and will participate in the ceremony.[14]
On April 20, 2026, Rhee finished his term as the Governor of the Bank of Korea.[15]
Honours
edit
Order of Civil Merit by the government of South Korea (2011)[16]
_Moran_Medal.png){kind=small}
References
edit- 1 2 김, 유아 (2022-04-20). 이창용 한은 총재, 오늘 임명…21일 취임식. Yonhap News Agency (in Korean). Retrieved 2022-04-20.
- ↑ Park, Seung-hee (November 29, 2013). "Korean set to lead IMF's Asia-Pacific Department". Korea Joongang Daily.
- 1 2 "Changyong Rhee". IMF. Retrieved 2022-03-23.
- ↑ "Rhee Chang-yong promises balance when he heads Bank of Korea". Korea JoongAng Daily. 24 March 2022. Retrieved 21 April 2022.
- ↑ "Chang Yong Rhee". www.bloomberg.com. Retrieved 2022-03-23.
- ↑ 오, 창민 (2013-11-27). 한국인 최초로 IMF 아·태국장 임명된 이창용씨 "아시아 목소리 반영 노력". Kyunghyang Shinmun (in Korean). Retrieved 2022-03-23.
- ↑ "Asia and Pacific Regional Economic Outlook". PIIE. 2016-03-02. Retrieved 2022-03-23.
- ↑ [속보] 文, 새 한은 총재 후보로 이창용 지명…"尹 당선인 측 의견 수렴". The Korea Economic Daily (in Korean). 2022-03-23. Retrieved 2022-03-23.
- ↑ "S.Korea names IMF official Rhee Chang-yong as central bank chief -Yonhap". Reuters. 2022-03-23. Retrieved 2022-03-23.
- ↑ "IMF names ADB economist as Asia-Pacific head". The Korea Herald. 2013-11-27. Retrieved 2022-03-23.
- 1 2 박, 상수 (2022-04-19). "(3rd LD) BOK chief nominee vows to adjust monetary policy to tame inflation, engineer 'soft landing' in household debt". Yonhap News Agency. Retrieved 2022-04-20.
- ↑ 이창용 후임 지명에도 총재 공백 불가피. 디지털타임스 (in Korean). 23 March 2022. Retrieved 2022-04-20.
- ↑ "Parliament Confirms Rhee Chang-yong as Next Bank of Korea Chief". KBS World Radio. Retrieved 2022-04-20.
- ↑ "이창용 한은 총재, G20·IMF 회의 참석…FPA 메달 받는다". 뉴스1 (in Korean). 2025-04-18. Retrieved 2025-04-18.
- ↑ "Outgoing central banker". Yonhap News Agency. Retrieved 2026-04-20.
- ↑ "MB, 서울 G20정상회의 유공자 훈-포장 수여". Newdaily (in Korean). 2011-06-20. Retrieved 2022-03-28.