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]
Kang Bong-kyun | |
|---|---|
| Minister of Finance of South Korea | |
| In office May 1999 – January 2000 | |
| President | Kim Dae-jung |
| Preceded by | Lee Kyu-sung |
| Succeeded by | Lee Hun-jai |
| Personal details | |
| Born | May 13, 1943 Zenrahoku-dō (North Jeolla Province), Korea, Empire of Japan |
| Died | January 31, 2017 (aged 74) Gangnam District, Seoul, South Korea |
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]