한국과 미국의 파산재단 정리에 관한 비교 연구

We studied the methods of resolving defaulted financial institutions and the termination period of receiverships in Korea and the USA. For this purpose we employed 467 and 2,995 defaulted financial institutions in Korea and USA respectively, and we also investigated the correlation between total assets, termination period and loss of receiverships. The main empirical results are as follows; First, in the USA, most defaulted financial institutions is terminated through P&A methods. We found that the average termination period of 15 receiverships was 3.02 years. We also found that there is a positive relationship between total assets and termination period but a negative relationship between loss rate and total assets(or termination period). Second, in Korea, according to the research results of 315 practically terminated defaulted financial institutions, the tentative termination period was 3.62 years but more than 9.46 years was needed for the legal termination. Third, based on the empirical results of the 121 legally terminated receiverships, 3.96 years was needed to terminate the whole receivership. From the above results, we might infer that it requires more time for the KDIC to terminate receiverships than it does the FDIC. We hope that this kind of empirical results is informative for the KDIC in developing effective resolution methods for defaulted financial institutions.