파리클럽 소속 선진국의 무역보험 운영 및 국가채권 관리제도에 관한 소고

The Paris Club is a group of currently 19 permanent members. Other creditor countries can participate in negotiation meetings on a case by case basis, provided that certain conditions are met. The club grew out of crisis talks held in Paris in 1956 between the nation of Argentina and its various creditors. Its principles and procedures were codified at the end of the 1970s in the context of the North-South Dialogue. The representatives of international financial institutions or countries can be invited to attend the meetings as observers. Other official creditors can also actively participate in negotiation sessions, subject to the agreement of permanent members and of the debtor country. When participating in a negotiation meeting, invited creditors agree to act in good faith and to follow the principles of the Paris Club. Korea have participated as creditors in some Paris Club agreements. The Paris Club is an informal group of financial officials from 19 of some of the world’s biggest economies, which provides financial services such as war funding, debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. Debtors are often recommended by the International Monetary Fund after alternative solutions have failed. The debt treated in the framework of Paris Club agreements constitutes only a part of the total external debt of developing countries, as regards the categories of debt as well as the time period taken into account (flow or stock treatments). Among the different types of debt, Paris Club agreements generally concern only: (i) public debts, as the agreement is signed with the government of the debtor country unable to meet its external obligations. Debts owed by private entities and guaranteed by the public sector are considered to be part of the public debts. On the creditor side, the debts treated are credits and loans granted by Paris Club creditors’ governments or relevant institutions, as well as commercial credits guaranteed by them. (ii) medium-and long-term debts. Short-term debts (debts with a maturity of one year or less) are usually excluded from the treatments, as their restructuring can significantly undermine the debtor country’s capacity to participate in international trade. (iii) debts granted before the initial date set when the debtor country meets with the Paris Club, also known as the cut-off date. Flow treatments aim to close the debtor country’s financing gap identified by the IMF in the framework of its programs. Paris Club agreements usually coincide with the period of time covered by the IMF program, which demonstrates a financing gap that can only be covered by debt rescheduling. This period is called the ‘consolidation period.’ Only maturities owed to Paris Club creditors and falling due during this period are treated. However, in some cases, arrears accumulated as of the start of the “consolidation period” are also treated. Some Paris Club treatments apply not only to the payments due over a given period of time, but to the entire stock of debt. The aim of agreements covering the stock of debt is to provide a country with a final Paris Club treatment called an exit treatment. This research will be provided fodder to understanding the Paris Club operating mechanism and ECA situations of three main countries (e.g., U.S., Germany, France).