우리나라와 파키스탄과의 채무재조정 사례를 통한 파리클럽에 대한 연구 및 시사점 = A Study on Paris Club through Rescheduling between Korea and Pakistan and its Insights

다국어 초록 (Multilingual Abstract)

Purpose : This study tries to draw insights by analyzing recoveries and other performances of both Ksure and NEXI after figuring out that in 2021, the former’s recoveries are only 5% of the latter’s from the claims paid due to political risks, all of which are related to the Paris Club’s rescheduling.
Research design, data, methodology : This paper applies quantitative, qualitative and comparative analyses. It uses a qualitative analysis for basic principles of the Paris Club, debts concerned, methods of rescheduling, terms of rescheduling, convening procedures of the meetings, multilateral and bilateral negotiations, the roles of the IMF, pros and cons of the Club. It applies both quantitative and comparative analyses when researching rescheduling between Korea and Pakistan as well as claims paid, including recoveries from the claims paid due to political risks of the two ECAs.
Results : As a result of the analyses, Ksure’s recoveries from the rescheduling for the last approximately 30 years have amounted to over 475 billion won topping others. However, during the entire year of 2021, Ksure’s recoveries and claims paid were 8.9 billion won and 158.2 billion won, respectively whereas NEXI’s were around 174.5 billion won (approximately 20 times those of Ksure) and 365.4 billion won (over twice that of Ksure). On the other hands, looking at business underwritten amount, Ksure’s performance was 2.8 times that of NEXI. In other words, compared with NEXI, Ksure underwrote approximately 3 times, but indemnified less than a half in 2021. NEXI sees a large amount of recoveries mostly from rescheduling with between Japan with Cuba/Pakistan, etc. through the Paris Club’s agreements concluded about 20 to 30 years ago.
Conclusions : It seems that at least from now on, as an ECA, Ksure also needs to underwrite political risks that private insurers cannot cover, especially transactions belonging to the Paris Club more actively given that Korea became a permanent member in 2016 as well.

참고문헌 (Reference)

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