부실채권이 재무금융에 미치는 영향분석 및공적 자산관리회사(AMC)의 역할 강화 필요성

This study examines the growing impact of non-performing loans (NPLs) on the financial soundness of lending institutions and evaluates the role of public asset management companies (AMCs) in mitigating financial instability. Rising delinquency rates and the accumulation of distressed assets have emerged as critical risk factors across Korea’s financial sector. To address these concerns, the study reviews the structure and trends of the NPL market, analyzes how NPL expansion influences financial stability, and compares domestic and international cases of public AMC-led NPL resolution. Korea Asset Management Corporation (KAMCO) played a pivotal stabilizing role during both the 1997 foreign exchange crisis and the 2008 global financial crisis. KAMCO purchased KRW 111.6 trillion in NPLs during the former crisis—recovering KRW 47.0 trillion—and again intervened during the latter by acquiring KRW 11.4 trillion in distressed assets to prevent the spread of project-finance-oriented failures. In the United States, the Resolution Trust Corporation (RTC) resolved 747 failed thrift institutions and managed approximately USD 402.5 billion in distressed assets, using public–private partnerships and securitization to prevent real estate and financial market collapse. The findings suggest that exclusive reliance on market-based NPL resolution may lead to market failure due to insufficient profitability and buyer participation. Strengthening the role of public AMCs—through expanded public–private investment vehicles, tax incentives, regulatory adjustments, and improved transparency can support timely NPL resolution, mitigate financial shocks, and enhance long-term financial system resilience.