First Korean to Reach Senior Position as IMF Asia-Pacific Director
[Asia Economy Reporter Seo So-jeong] Lee Chang-yong, Director of the Asia-Pacific Department at the International Monetary Fund (IMF), is being strongly considered for the position of Governor of the Bank of Korea. It is observed that the appointment of Director Lee is imminent as President Moon Jae-in and President-elect Yoon Seok-youl, who had conflicts over personnel authority, have reached a certain consensus on his selection.
According to political circles and the transition team on the 19th, the two sides, which had sharp confrontations over personnel appointments such as the Bank of Korea Governor, Board of Audit and Inspection commissioners, and the National Election Commission standing commissioners, reportedly have relatively little disagreement regarding Director Lee’s appointment as Governor.
Director Lee has frequently appeared as a candidate for the Bank of Korea Governor due to his academic elite background and extensive experience in international organizations. He is regarded as a "safe card" by both sides because he is a leading economist in Korea with a rational personality and good interpersonal skills. Although he had previously declined due to health reasons despite steady speculation, it is reported that the situation has recently changed.
Born in 1960 in Nonsan, Chungnam, Director Lee graduated from Inchang High School in Seoul and the Department of Economics at Seoul National University. He received the President’s Award for outstanding academic achievement upon graduation. Afterward, he earned a Ph.D. in Economics from Harvard University in the United States and served as an assistant professor in the Department of Economics at the University of Rochester and as a professor in the Department of Economics at Seoul National University. During his tenure as a professor, he maintained a constant interest in real financial markets and financial policy.
At the inauguration of President Lee Myung-bak, he participated as an economic division member of the 17th Presidential Transition Committee. In 2008, he transformed into a bureaucrat and served as Vice Chairman of the Financial Services Commission from March 2008 to November 2009. Subsequently, he was the head of the Planning and Coordination Team for the G20 Summit Preparatory Committee, contributing to the successful hosting of the summit. From 2011, he worked as a Senior Economist at the Asian Development Bank (ADB) for three years before moving to the IMF in 2014.
Notably, Director Lee is the first Korean to hold the senior position of Director of the IMF Asia-Pacific Department. He is also recognized for his strong global network. He is known to have a special relationship with former U.S. Treasury Secretary Lawrence Summers (currently a member of the UN Global Education Finance Committee), having been his student and mentor during his time at Harvard University. He has also maintained good relations with Olivier Blanchard, former IMF Chief Economist. Director Lee frequently communicates with Lee Ju-yeol, the current Bank of Korea Governor whose term ends later this month.
An economics expert stated, "With the U.S. actively raising interest rates and serious inflation concerns due to the Russia-Ukraine conflict, the importance of the Bank of Korea Governor leading monetary policy is increasing. Director Lee is well-versed in international finance, backed by strong capabilities, and has a mild political stance, making him highly competitive."
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