Shin Hyun-sung: The Economic Authority Set to Stabilize Korea Amid Global Uncertainty

On the 22nd, President Lee Jae-myung nominated Shin Hyun-song, director of the Monetary and Economic Department at the Bank for International Settlements (BIS), as his candidate for governor of the Bank of Korea.

Blue House Senior Secretary for Public Relations and Communications Lee Gyu-yeon announced the nomination at a briefing.

Lee described the nominee as having not only served as a professor of economics at Princeton University but also worked at the International Monetary Fund (IMF) and the Federal Reserve Bank of New York, calling him “a global authority on international finance and macroeconomics who combines deep academic rigor with practical insight.”

Explaining the rationale for the appointment, Lee said, “With the Middle East situation amplifying global economic uncertainty, he is the right person to balance price stability with national economic growth through monetary policy.”

Shin, a native of Daegu, studied Philosophy, Politics and Economics (PPE) at the University of Oxford and earned his master’s and doctoral degrees in economics there. He later served as an IMF resident scholar, was a member of the financial advisory board at the Federal Reserve Bank of New York, and advised the Bank of England.

After faculty appointments at Oxford, the London School of Economics (LSE) and Princeton University, he became director of the BIS Research Department in 2014 — the first Asian to hold that position. He also served as the Blue House’s international economic advisor under the Lee Myung-bak administration and reportedly helped shape the agenda for the G20 summit held in Seoul.

Addressing criticism that Shin has been less active domestically in recent years, the senior secretary said, “That’s not accurate. He has continuously engaged with monetary policy issues, regularly attending seminars and delivering lectures. In a context where domestic and international economic forces are inseparable — as the Middle East situation shows — his expertise will be especially valuable.”

Lee Chang-yong, who was nominated by then-President Moon Jae-in and took office as governor of the Bank of Korea in 2022, will see his term expire on the 20th of next month. President Lee appears to have named a successor to avoid a leadership gap at the Bank of Korea amid volatile international oil prices and won–dollar exchange-rate fluctuations tied to Middle East tensions. The governor of the Bank of Korea is appointed by the president following a confirmation hearing in the National Assembly.

Reporter Jaeho Jeong cjh86@viva100.com