{"id":10290,"date":"2025-11-19T09:52:17","date_gmt":"2025-11-19T12:52:17","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=10290"},"modified":"2025-11-19T10:18:25","modified_gmt":"2025-11-19T13:18:25","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c11%ec%9b%94-18%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=10290","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(11\uc6d4 18\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc815\ubd80\ub294 \uc7ac\uc815 \ud1b5\uc81c\ub97c \uac15\ud654\ud558\ub2e4<\/p>\n\n\n\n

\uad6d\uac00 \uacbd\uc81c\ubd80\ub294 10\uc6d4 \uad6d\uac00 \uc7ac\uc815 \uc6b4\uc601 \uacb0\uacfc\ub97c \uacf5\uac1c\ud558\uba70, \ud655\uace0\ud55c \uade0\ud615 \uae30\uc870\uac00 \ud655\uc778\ub418\uc5c8\ub2e4\uace0 \ubc1d\ud614\ub2e4. \uc911\uc559\uc815\ubd80\ub294 8,239\uc5b5 \ud398\uc18c\uc758 \uae30\ucd08 \uc7ac\uc815 \ud751\uc790\ub97c \uae30\ub85d\ud588\ub2e4. \uc774 \uacb0\uacfc\ub294 \uacf5\uacf5\ubd80\ucc44 \uc774\uc790\uc9c0\uae09(3,062\uc5b5 \ud398\uc18c)\uc744 \ucc28\uac10\ud55c \ub4a4 5,176\uc5b5 \ud398\uc18c\uc758 \uae08\uc735 \ud751\uc790\ub85c \uc774\uc5b4\uc84c\ub2e4.
10\uc6d4\uc758 \uae0d\uc815\uc801 \uc7ac\uc815 \uacb0\uacfc\ub294 \uc815\ubd80\uac00 \uacbd\uc81c \ud504\ub85c\uadf8\ub7a8\uc758 \ud575\uc2ec \uc694\uc18c\uc778 \u201c\uc7ac\uc815 \uc575\ucee4(Ancla fiscal)\u201d\ub97c \ub354\uc6b1 \uacf5\uace0\ud788 \ud560 \uc218 \uc788\uac8c \ud574\uc900\ub2e4.<\/p>\n\n\n\n

\uc62c\ud574 1~10\uc6d4 \ub204\uc801 \uae30\uc900\uc73c\ub85c, \uad6d\uac00 \uacf5\uacf5\ubd80\ubb38(SPN) \uc740 GDP\uc758 \uc57d 1.4%\uc5d0 \ud574\ub2f9\ud558\ub294 \uae30\ucd08 \uc7ac\uc815 \ud751\uc790\ub97c \ub2ec\uc131\ud588\ub2e4. \uc774 \uc218\uce58\ub294 \ub9e4\uc6b0 \uc911\uc694\ud558\uba70, IMF\uc640 \ud569\uc758\ub41c \uc5f0\ub9d0 \ubaa9\ud45c\uc5d0 \uc720\ub9ac\ud55c \uc0c1\ud669\uc744 \uc870\uc131\ud55c\ub2e4. IMF\ub294 \uc62c\ud574 \ub9d0 GDP \ub300\ube44 1.6%\uc758 \uae30\ucd08 \ud751\uc790\ub97c \uc694\uad6c\ud558\uace0 \uc788\ub2e4. \ubaa9\ud45c \ub2ec\uc131\uc774 \uac00\uae5d\uc9c0\ub9cc, \uacbd\uc81c\ubd80\ub294 11\uc6d4\u00b712\uc6d4\uc5d0 \ucd94\uac00\ub85c GDP\uc758 0.2%\uc5d0 \ud574\ub2f9\ud558\ub294 \uc7ac\uc815 \ud751\uc790\ub97c \ub354 \ud655\ubcf4\ud574\uc57c \ud55c\ub2e4\uace0 \uacbd\uace0\ud55c\ub2e4.
\ub3c4\uc804 \uacfc\uc81c\ub294 \ub9e4\ub144 12\uc6d4\uc5d0 \ubc1c\uc0dd\ud558\ub294 \uc5f0\ub9d0 \uc0c1\uc5ec\uae08(aguinaldo) \uc9c0\uae09 \ub54c\ubb38\uc5d0 \uc9c0\ucd9c \uc555\ub825\uc774 \ucee4\uc838 \uc7ac\uc815 \uc5ec\uc720\uac00 \uc904\uc5b4\ub4dc\ub294 \uad6c\uc870\uc801 \ubb38\uc81c\uac00 \uc788\ub2e4\ub294 \uc810\uc774\ub2e4.<\/p>\n\n\n\n

\ud604\uc7ac \uc7ac\uc815\uc758 \uac15\uc810\uc740 \uc138\uc218 \uc99d\uac00\uc5d0 \uae30\ubc18\ud55c\ub2e4.
10\uc6d4 \ud55c \ub2ec \ub3d9\uc548 SPN \uc804\uccb4 \uc218\uc785\uc740 11.9\uc870 \ud398\uc18c\uc5d0 \ub2ec\ud558\uba70, \uc774\ub294 \uc804\ub144 \ub300\ube44 28.1% \uc99d\uac00\ud55c \uac83\uc774\ub2e4.
\ud2b9\ud788 \uc138\uc218(\uc870\uc138\uc218\uc785)\ub294 24.4% \uc99d\uac00\ud588\uc73c\uba70, \uc774\ub294 \ub300\uc678\ubb34\uc5ed\uacfc \uc18c\ube44 \uad00\ub828 \ud65c\ub3d9 \uc99d\uac00\uc5d0 \ud06c\uac8c \ud798\uc785\uc5c8\ub2e4.
\uaca9\ucc28(\ube0c\ub808\ucc28)\ub294 \ub2ec\ub7ec\uc758 \uc804\ubc18\uc801 \ud558\ub77d\uc138\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \ud655\ub300\ub418\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

\uad6d\ub0b4 \ud658\uc728 \uc2dc\uc7a5\uc740 \ub69c\ub837\ud55c \uc548\uc815 \uad6d\uba74\uc744 \uc9c0\ub098\uace0 \uc788\ub2e4. \uc774\ub7ec\ud55c \ud750\ub984\uc740 \uc8fc\ub85c \ub3c4\ub9e4 \ub2ec\ub7ec(\uacf5\uc2dd\ud658\uc728) \uc758 \uc9c0\uc18d\uc801\uc778 \ud558\ub77d\uc73c\ub85c \ub098\ud0c0\ub09c\ub2e4. \ub3c4\ub9e4 \ub2ec\ub7ec\ub294 1,387\ud398\uc18c\uae4c\uc9c0 \ub5a8\uc5b4\uc84c\ub2e4.
\uadf8\ub7ec\ub098 \uacf5\uc2dd \ub2ec\ub7ec\uac00 \uc548\uc815\u00b7\ud558\ub77d\ud558\ub294 \uac00\uc6b4\ub370, \uae08\uc735\uc2dc\uc7a5\uc5d0\uc11c\uc758 \ub2ec\ub7ec\ub294 \ub2e4\ub978 \uc6c0\uc9c1\uc784\uc744 \ubcf4\uc774\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

MEP \ub2ec\ub7ec: 1,448.93\ud398\uc18c
\uacf5\uc2dd \ub300\ube44 \ube0c\ub808\ucc28: 4.47%
\uc774 \uaca9\ucc28\ub294 \ucd5c\uadfc \uc758\ud68c \uc120\uac70 \uc774\ud6c4 \ub3c4\uc785\ub41c \uad50\ucc28 \uaddc\uc81c\uc870\uce58 \ub54c\ubb38\uc5d0 \ubc1c\uc0dd\ud55c \ucc28\uc775\uac70\ub798(arbitraje) \uc758 \uc601\ud5a5\uc73c\ub85c \ud574\uc11d\ub41c\ub2e4.
CCL \ub2ec\ub7ec: 1,494.06\ud398\uc18c
\uc2a4\ud504\ub808\ub4dc: 7.72%<\/p>\n\n\n\n

\u201c\ud658\uc728 \uae09\ub4f1\u201d\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \uc608\uc0c1\uc740 \uc0ac\ub77c\uc84c\uc73c\uba70, \uc774\ub294 \uc120\ubb3c\ud658(\ub2ec\ub7ec \uc120\ubb3c) \uac00\uaca9 \ud558\ub77d\uc5d0 \ubc18\uc601\ub418\uace0 \uc788\ub2e4.
\uc2dc\uc7a5 \uae34\uc7a5 \uc644\ud654\ub294 \uacf5\uae09 \uc694\uc778\ub3c4 \uac15\ud654\ud558\uace0 \uc788\ub2e4.
\uae30\uc5c5\ub4e4\uc758 \ucc44\uad8c(ON) \ubc1c\ud589 \uc99d\uac00\ub85c \uc720\ub3d9\uc131\uc774 \uacf5\uae09\ub418\uace0 \uc788\uc73c\uba70, \uc774\ub294 \uc2dc\uc7a5\uc5d0 \ucd94\uac00\uc801\uc778 \ub2ec\ub7ec \uacf5\uae09\uc744 \ub9cc\ub4e0\ub2e4.
\ub610\ud55c \uacc4\uc808\uc801\uc73c\ub85c \ud604\uc7ac \uc2dc\uae30\ub294 \ud658\uc728 \ubcc0\ub3d9\uc131\uc774 \ub0ae\uc740 \ud3b8\uc774\ub2e4.
\uae30\uc5c5\ub4e4\uc740 \uc5f0\ub9d0 \uc0c1\uc5ec\uae08(aguinaldo) \uc9c0\uae09\uc744 \uc704\ud574 \ubcf4\uc720 \uc678\ud654\ub97c \ud604\ubb3c\ud654\ud558\uc5ec \ud310\ub9e4\ud558\ub294 \uacbd\ud5a5\uc774 \uc788\uc5b4, \uc2dc\uc7a5\uc758 \uacf5\uae09\uc744 \ub298\ub9ac\ub294 \ud6a8\uacfc\uac00 \uc788\ub2e4.<\/p>\n\n\n\n

\ub610\ud55c, \uc120\uac70 \uc804 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \uc77c\ubd80 \uc870\uae30 \ud658\uc804\uc774 \uc788\uc5c8\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \ud5a5\ud6c4 \uba87 \ub2ec\uac04 \ubc00\u00b7\ubcf4\ub9ac \ub4f1 \u2018cosecha fina(\uaca8\uc6b8 \uc791\ubb3c) \uc218\ud655\ubb3c\u2019\uc758 \uc218\ucd9c \ub300\uae08 \uc720\uc785\uc774 \uacc4\uc18d\ub420 \uc608\uc815\uc774\uc5b4\uc11c, \uc678\ud658 \uacf5\uae09\uc5d0 \uae30\uc5ec\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\ub41c\ub2e4.<\/p>\n\n\n\n

Infobae\uc5d0 \uc2e4\ub9b0 \ubd84\uc11d\uc5d0\uc11c\ub294 \uc774\ub807\uac8c \uc5b8\uae09\ud588\ub2e4:
\u201c\ud658\uc728 \ubc34\ub4dc(\ubc34\ub4dc\ud615 \ud658\uc728\uc81c)\uc758 \uc9c0\uc18d \uc5ec\ubd80\uc5d0 \ub300\ud55c \ub17c\uc758\ub294 \uc5ec\uc804\ud788 \uc5f4\ub824 \uc788\ub2e4.
\ube44\ub85d BCRA\ub294 \uc774\uc5d0 \ub300\ud55c \uacf5\uc2dd\uc801 \ub17c\ud3c9\uc744 \ud53c\ud558\uace0 \uc788\uc73c\ub098, \uc815\ubd80 \ub0b4\ubd80\uc5d0\uc11c\ub294 \ucd5c\uadfc \ubbf8\uad6d\uacfc\uc758 \uc0c8\ub85c\uc6b4 \ubb34\uc5ed \ud611\uc815\uc744 \ud1b5\ud574 \ucd94\uac00\uc801\uc778 \uc678\ud654 \uc720\uc785\uc6d0\uc774 \uc0dd\uae38 \uc218 \uc788\ub2e4\ub294 \uae30\ub300\uac00 \ud06c\ub2e4. \uc774\ub294 \ud5a5\ud6c4 \ud658\uc728 \uc804\ub7b5\uc5d0\ub3c4 \uc601\ud5a5\uc744 \ubbf8\uce60 \uc218 \uc788\ub2e4.
\uc774\ub7ec\ud55c \ubcc0\uc218\ub4e4\ub85c \uc778\ud574 \uc2dc\uc7a5\uc740 \uc5ec\uc804\ud788 \uc2e0\uc911\ud558\uba70, 11\uc6d4\uc740 \uacfc\ub3c4\uae30(transition)\uc77c \uac83\uc774\uace0 12\uc6d4\uc5d0\ub294 \uc911\uc694\ud55c \uacb0\ub860\uacfc \uacb0\uc815\uc774 \ub0b4\ub824\uc9c8 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4.\u201d<\/p>\n\n\n\n

\uc5f0\ub9d0\uc758 \ub3c4\uc804: \ud398\uc18c \uae08\ub9ac\uc640 \uc2dc\uc7a5 \uc815\uc0c1\ud654
\uc5f0\ub9d0\uae4c\uc9c0 \ub450 \ub2ec\ub3c4 \ub0a8\uc9c0 \uc54a\uc740 \uc0c1\ud669\uc5d0\uc11c, \ud398\uc18c \uae08\ub9ac\uc758 \uc6c0\uc9c1\uc784\uc774 \uae08\uc735\uc2dc\uc7a5\uc758 \ud575\uc2ec \uad00\uc2ec\uc0ac\ub85c \ub5a0\uc624\ub974\uace0 \uc788\ub2e4.
\uc120\uac70 \uc774\ud6c4 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc720\ub3d9\uc131 \uc815\uc0c1\ud654 \uacfc\uc815\uc774 \uc9c4\ud589\ub418\uace0 \uc788\uc73c\uba70, \uc774\ub294 \uac01\uc885 \uae08\uc735\uc0c1\ud488\uc758 \uc218\uc775\ub960 \ud558\ub77d\uc73c\ub85c \ub098\ud0c0\ub098\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

LECAP\u00b7BONCAP \uc218\uc775\ub960: \uc5f0 34% \uc774\ud558
Cauci\u00f3n burs\u00e1til(\ucd08\ub2e8\uae30 \uc99d\uad8c\ub2f4\ubcf4 \ub300\ucd9c) \uae08\ub9ac: \uc5f0 20%\uae4c\uc9c0 \ud558\ub77d
BCRA\uc758 pases pasivos(\uc218\uc2e0\uc804\ud658 \ub808\ud3ec): \uc5f0 24%\ub300
\uc774 \uae08\ub9ac \uc218\uc900\uc740 \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158(\ubb3c\uac00 \ub454\ud654) \uacfc\uc815\uacfc \ubd80\ud569\ud558\uba70, \ud604\uc7ac \uc804\ub9dd\uc73c\ub85c\ub294 2026\ub144\uc5d0 \uc5f0 20% \ubbf8\ub9cc\uc758 \ubb3c\uac00\uac00 \uac00\ub2a5\ud558\ub2e4\ub294 \ubd84\uc11d\ub3c4 \uc788\ub2e4.<\/p>\n\n\n\n

\uc2dc\uc7a5 \ucc38\uac00\uc790\ub4e4\uc758 \uc2dc\uc120\uc740 11\uc6d4 26\uc77c \uc608\uc815\ub41c \uad6d\ucc44 \uc785\ucc30\uc5d0 \uc9d1\uc911\ub418\uace0 \uc788\ub2e4. \uc7ac\ubb34\ubd80\ub294 \ucd1d 16.5\uc870 \ud398\uc18c\uc758 \ub9cc\uae30 \ub3c4\ub798\ub97c \uc55e\ub450\uace0 \uc788\ub2e4. \uc774 \uc911 4.9\uc870 \ud398\uc18c\ub294 BCRA\uac00 \ubcf4\uc720\ud55c \uac83\uc774\ub2e4.
\uc7ac\ubb34\ubd80\uac00 \ubaa8\ub4e0 \ub9cc\uae30\ub97c 100% \ub864\uc624\ubc84\ud558\uc9c0 \uc54a\uc744 \uac00\ub2a5\uc131\uc774 \uc788\uc73c\uba70, \uc774 \uacbd\uc6b0 \uccb4\uacc4 \ub0b4\uc5d0 \ud398\uc18c \uc720\ub3d9\uc131\uc774 \ucd94\uac00\ub85c \ud480\ub9ac\uac8c \ub41c\ub2e4.<\/p>\n\n\n\n

\uc815\ubd80\uc758 \ud575\uc2ec \uad00\uc2ec\uc740 \ubb3c\uac00 \ud1b5\uc81c\uc774\uba70, \ubaa9\ud45c\ub294 \ubb3c\uac00\ub97c \uc5f0 1% \uc544\ub798\ub85c \ub0ae\ucd94\ub294 \uac83\uc774\ub2e4.
BCRA(\ucd1d\uc7ac Santiago Bausili)\ub294 \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801\uc5d0 \uc788\uc5b4 \uc2e0\uc911\ud55c \uc811\uadfc\uc744 \ud0dd\ud558\uace0 \uc788\uc73c\uba70, \uc815\ud574\uc9c4 \uaddc\ubaa8\uc758 \ub2ec\ub7ec\ub97c \ubc18\ub4dc\uc2dc \uc0ac\ub4e4\uc774\ub294 \ubc29\uc2dd \ub300\uc2e0 \ud398\uc18c \uc218\uc694 \uc99d\uac00\uc5d0 \ub9de\ucdb0 \uc720\uc5f0\ud558\uac8c \uac1c\uc785\ud55c\ub2e4\ub294 \ubc29\uce68\uc744 \ubc1d\ud614\ub2e4.<\/p>\n\n\n\n

\u25a0 \uc7ac\ubb34\ubd80\uc758 \ub2ec\ub7ec \ub9e4\uc785
\uae08\uc735\uc2dc\uc7a5\uc740 \ucd5c\uadfc \uc911\uc694\ud55c \uc2e0\ud638\ub97c \uac10\uc9c0\ud588\ub2e4.
\uc7ac\ubb34\ubd80(\uad6d\uac00\uc7ac\ubb34\ubd80)\uac00 \uc678\ud658\uc2dc\uc7a5\uc5d0 \uac1c\uc785\ud574 \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud55c \uac83\uc774\ub2e4.
\uc9c0\ub09c \uc218\uc694\uc77c,<\/p>\n\n\n\n

\uc9c0\ub09c\uc8fc BCRA\uc758 \uc6b4\uc601 \ub370\uc774\ud130\uc5d0 \ub530\ub974\uba74, \uc7ac\ubb34\ubd80\uc758 \uc678\ud654 \uc608\uae08\uc740 2\ucc9c\ub9cc \ub2ec\ub7ec \uc99d\uac00\ud55c \ubc18\uba74, \ud398\uc18c \uc608\uae08\uc740 2\ucc9c4\ubc31\ub9cc \ub2ec\ub7ec \uc0c1\ub2f9 \uac10\uc18c\ud55c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\ub2e4.
\uc774 \ub450 \ubcc0\ud654\ub294 \ub2ec\ub7ec \ub9e4\uc785\uc744 \ub3d9\ubc18\ud55c \uac70\ub798\ub85c \ud574\uc11d\ub420 \uc218 \uc788\ub2e4.<\/p>\n\n\n\n

\uc7ac\ubb34\ubd80\uc758 \uc774\ub7ec\ud55c \ud589\ub3d9\uc740, FMI\uac00 \uc81c\uc548\ud55c \uac83\ucc98\ub7fc \uc815\uae30\uc801\uc774\uac70\ub098 \uc77c\uc77c \ub2e8\uc704\uc758 \uc678\ud658 \ub9e4\uc785 \uacbd\ub85c\ub97c \uae30\ub300\ud588\ub358 \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc5d0\uac8c \uc77c\uc2dc\uc801\uc778 \uae30\ub300\uac10\uc744 \uc8fc\uc5c8\uc9c0\ub9cc, \uadf8 \uae30\ub300\ub294 \uace7 BCRA \ucd1d\uc7ac \uc0b0\ud2f0\uc544\uace0 \ubc14\uc6b8\ub9b4\ub9ac\uc758 \ubc1c\uc5b8\uc73c\ub85c \uc2dd\uc5c8\ub2e4.<\/p>\n\n\n\n

\uae08\uc694\uc77c\uc5d0 \ubc14\uc6b8\ub9b4\ub9ac \ucd1d\uc7ac\ub294, \uba85\ud655\ud55c \uc18d\ub3c4\uc758 \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801 \ubaa9\ud45c\ub97c \uc124\uc815\ud558\ub294 \uac83\uc740 \ud604\uc7ac \uc0c1\ud669\uc5d0\uc11c \ucd5c\uc120\uc758 \uc120\ud0dd\uc774 \uc544\ub2c8\ub2e4\ub77c\uace0 \ubc1d\ud614\ub2e4.
\uadf8\ub294 \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801\uc774 \uc5ec\uc804\ud788 \uc911\uc810 \ubaa9\ud45c\uc784\uc744 \uc778\uc815\ud588\uc9c0\ub9cc, \uc774\ub294 \ud398\uc18c \uc218\uc694\uac00 \ud5c8\uc6a9\ud558\ub294 \ubc94\uc704 \ub0b4\uc5d0\uc11c\ub9cc \uac00\ub2a5\ud558\ub2e4\uace0 \uac15\uc870\ud588\ub2e4.<\/p>\n\n\n\n

\uacb0\uad6d, \uc7ac\ubb34\ubd80\uac00 \uc678\ud654\ub97c \ub9e4\uc785\ud560 \uc758\uc9c0\uc640 \ub2a5\ub825\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\uc74c\uc5d0\ub3c4, BCRA\uc758 \uc815\ucc45\uc740 \uc2e0\uc911\ud558\uace0 \uc0c1\ud669 \ub300\uc751\uc801\uc774\uba70, \uc2dc\uc7a5 \uc548\uc815\uc131\uc744 \uc6b0\uc120 \uc21c\uc704\uc5d0 \ub458 \uac83\uc774\ub77c\uace0 \uc694\uc57d\ud560 \uc218 \uc788\ub2e4.<\/p>\n\n\n\n

\uc8fc\uad8c \ucc44\uad8c\uc740 \uc548\uc815\ub418\uace0, \uc8fc\uc2dd(\ubcc0\ub3d9\uc18c\ub4dd)\uc740 \uc870\uc815<\/p>\n\n\n\n

\uc5b4\uc81c \uae08\uc735\uc2dc\uc7a5\uc740 \ub450 \uac00\uc9c0 \uc18d\ub3c4\ub85c \uc6c0\uc9c1\uc774\ub294 \uc2dc\uc7a5\uc758 \ubaa8\uc2b5\uc744 \ubcf4\uc600\ub2e4.
\uc8fc\uad8c \ubd80\ucc44(\uad6d\ucc44)\ub294 \ucd5c\uadfc \uba87 \uc8fc\uac04\uacfc \ub9c8\ucc2c\uac00\uc9c0\ub85c \uc548\uc815\uc131\uacfc \ud3c9\uc628\ud568\uc744 \uc720\uc9c0\ud55c \ubc18\uba74, \uc8fc\uc2dd \uc2dc\uc7a5\uc740 \uae00\ub85c\ubc8c \uc704\ud5d8\ud68c\ud53c \uc2ec\ub9ac\uc5d0 \uc758\ud574 \ud070 \ud3ed\uc758 \uc870\uc815\uc744 \ubc1b\uc558\ub2e4.<\/p>\n\n\n\n

\uc8fc\uad8c \ucc44\uad8c \uc2dc\uc7a5\uc740 \ud070 \ubcc0\ub3d9 \uc5c6\uc774 \uade0\uc77c\ud558\uac8c \ub9c8\uac10, \uc548\uc815\uc801 \ud750\ub984\uc744 \uc7ac\ud655\uc778\ud588\ub2e4.
\ubc18\uba74, \ucee8\ud2b8\ub9ac\uac00 \uc704\ud5d8\ub3c4(Riesgo Pa\u00eds)<\/strong>\ub294 600bp \ubd80\uadfc\uc5d0\uc11c \uc548\uc815\ub418\uc5c8\ub2e4.<\/p>\n\n\n\n

\uadf8\ub7ec\ub098 \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uc2dd\uc2dc\uc7a5\uc740 \uae00\ub85c\ubc8c \uc704\ud5d8\uc790\uc0b0 \ub9e4\ub3c4\uc138\uc758 \uc601\ud5a5\uc744 \ud53c\ud558\uc9c0 \ubabb\ud558\uace0 \ud558\ub77d\ud588\ub2e4.
\ubbf8\uad6d\uc5d0\uc11c\uc758 \ub300\uaddc\ubaa8 \uc8fc\uc2dd \ub9e4\ub3c4\ub294 S&P500\uacfc \ub098\uc2a4\ub2e5 \uc9c0\uc218\ub97c \uc8fc\uc694 \uae30\uc220\uc801 \uc9c0\uc9c0\uc120 \uc544\ub798\ub85c \ub5a8\uc5b4\ub728\ub838\uace0, \uc774\ub294 \uc9c1\uc811\uc801\uc73c\ub85c \uc544\ub974\ud5e8\ud2f0\ub098 \ud604\uc9c0 \uc8fc\uac00\uc5d0 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4.
\ud574\uc678\uc5d0 \uc0c1\uc7a5\ub41c \uc544\ub974\ud5e8\ud2f0\ub098 \uae30\uc5c5\ub4e4\uc758 \uc8fc\uac00\ub294 5% \uc774\uc0c1 \uae09\ub77d\ud588\ub2e4.
\ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc99d\uad8c\uac70\ub798\uc18c\uc758 S&P Merval \uc9c0\uc218\ub3c4 \ud558\ub77d\ud588\ub2e4.
\ub2ec\ub7ec \uae30\uc900\uc73c\ub85c \ud658\uc0b0\ud558\uba74, \uc774 \uc9c0\uc218\ub294 \uc57d 2% \uc870\uc815\ub41c \uc148\uc774\ub2e4.<\/p>\n\n\n\n

\uc694\uc57d\ud558\uc790\uba74, \uc8fc\uad8c \ubd80\ucc44\ub294 \uc548\uc815\uc801 \ubc14\ub2e5\uc744 \ucc3e\uc740 \ubc18\uba74,
\uc8fc\uc2dd\uc2dc\uc7a5(\ubcc0\ub3d9\uc18c\ub4dd)\uc740 \uae00\ub85c\ubc8c \uc8fc\uc694 \uc2dc\uc7a5\uc758 \uc6c0\uc9c1\uc784\uc5d0 \ub9e4\uc6b0 \ubbfc\uac10\ud558\uac8c \ubc18\uc751\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

CNV\uac00 \ud611\uc758 \uac00\ub2a5\ud55c \uc720\uac00\uc99d\uad8c \uaddc\uc81c\ub97c \ub2e8\uc21c\ud654\uad6d\uac00\uc99d\uad8c\uc704\uc6d0\ud68c(CNV)\ub294, \uacf5\ubaa8 \ubc1c\ud589\ub41c \uac1c\ubcc4 \uc720\uac00\uc99d\uad8c\uc774 \uc2b9\uc778\ub41c \uc2dc\uc7a5\uc5d0\uc11c \uac70\ub798\ub418\ub294 \uaddc\uc815 \uccb4\uacc4\ub97c \ub300\ud3ed \uac1c\ud3b8\ud588\ub2e4.<\/p>\n\n\n\n

\uc774 \uac1c\ud601\uc758 \ubaa9\uc801\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:
\uc720\uac00\uc99d\uad8c \uc0ac\uc6a9 \ud655\ub300
\ud604\ud589 \uaddc\uc81c \uccb4\uacc4 \ub2e8\uc21c\ud654
\uac70\ub798, \ubcf4\uad00, \ub9cc\uae30 \uacb0\uc81c \ub4f1 \ud575\uc2ec \uc601\uc5ed\uc5d0 \ub300\ud55c \uaddc\uce59 \uba85\ud655\ud654<\/p>\n\n\n\n

\ub610\ud55c \uc0c8\ub85c\uc6b4 \uaddc\uc815\uc740 \ub2e4\uc74c\uc744 \ud3ec\ud568\ud55c\ub2e4:
\ubaa8\ub4e0 \ud574\ub2f9 \uc720\uac00\uc99d\uad8c\uc5d0 \ub300\ud574 \uac70\ub798\u00b7\ubcf4\uad00\u00b7\ub9cc\uae30 \uacb0\uc81c\ub97c \uc704\ud55c \ud1b5\uc77c\ub41c \uaddc\uce59 \ub3c4\uc785
\ub4f1\ub85d \ubc0f \uacb0\uc81c \ub300\ub9ac\uc778(ACRYP)\uc774 \uc218\ud0c1\uae30\uad00\uc73c\ub85c\ub3c4 \uc5ed\ud560\ud560 \uc218 \uc788\ub3c4\ub85d \ud5c8\uc6a9
2\ucc28 \uc2dc\uc7a5\uc5d0\uc11c\uc758 \uac70\ub798 \uc694\uac74\uc73c\ub85c\uc11c \ub4f1\ub85d\u00b7\uc778\uc99d \uc758\ubb34\ub97c \ud3d0\uc9c0
\uc774 \uac1c\ud601\uc740 \uc815\ubd80\uac00 2024\ub144 \uc131\uacf5 \uc0ac\ub840\ub97c \ubc18\ubcf5\ud558\ub824\ub294 \uc804\ub7b5\uacfc \ud568\uaed8\ud55c\ub2e4.
\ub2f9\uc2dc \uae30\uc5c5\ub4e4\uc758 \ub300\uaddc\ubaa8 \ubd80\ucc44 \ubc1c\ud589\uc740 \uacf5\uc2dd \ud658\uc2dc\uc7a5\uc5d0 \ub2ec\ub7ec \uacf5\uae09\uc744 \uc720\uc758\ubbf8\ud558\uac8c \ub298\ub9ac\ub294 \uacac\uc778 \uc5ed\ud560\uc744 \ud588\ub2e4.
\uae30\uc5c5\ub4e4\uc774 \uc2dc\uc7a5\uc5d0\uc11c \ud655\ubcf4\ud55c \uc678\ud654\ub97c \ud310\ub9e4\ud558\uba74\uc11c, \uc678\ud654 \uc608\uae08 \uc99d\uac00\uc5d0\ub3c4 \uae30\uc5ec\ud588\ub2e4.
\uadf8\ub7ec\ub098 \uc0c8\ub85c\uc6b4 \uaddc\uc815\uc774 \uc2e4\uc81c\ub85c \ub2ec\ub7ec \uc720\uc785 \ud655\ub300\uc5d0 \uc5bc\ub9c8\ub098 \ud6a8\uacfc\uac00 \uc788\uc744\uc9c0\ub294 \uc5ec\uc804\ud788 \ub17c\uc7c1\uc758 \uc5ec\uc9c0\uac00 \uc788\ub2e4.
\uadf8 \uc774\uc720\ub294 \uae30\uc5c5\ub4e4\uc774 \ud655\ubcf4\ud55c \uc678\ud654\uc758 \uc77c\ubd80\ubd84\uc740 \uae30\uc874\uc5d0 \ubc1c\ud589\ud588\ub358 \ubd80\ucc44 \uc0c1\ud658\uc5d0 \uc0ac\uc6a9\ub420 \uac83\uc774\uae30 \ub54c\ubb38\uc774\ub2e4.
<\/p>\n\n\n\n

\uc8fc]<\/p>\n\n\n\n

    \n
  1. \uc7ac\uc815 \uc575\ucee4 (\uc7ac\uc815 \uc815\ucc45 \uae30\uc900)<\/li>\n\n\n\n
  2. \uc2a4\ud504\ub808\ub4dc (\ud658\uc728 \uac04\uc758 \uaca9\ucc28)<\/li>\n\n\n\n
  3. pases pasivos (\uc218\uc2e0\uc131 \ud658\ub9e4\uac70\ub798 : \uc720\ub3d9\uc131 \ud761\uc218 \ubaa9\uc801)<\/li>\n<\/ol>\n\n\n\n
      \n
    • AI \ubc88\uc5ed\uc744 \uad50\uc815\ud574\uc11c \uc62c\ub9bd\ub2c8\ub2e4.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      \uc815\ubd80\ub294 \uc7ac\uc815 \ud1b5\uc81c\ub97c \uac15\ud654\ud558\ub2e4 \uad6d\uac00 \uacbd\uc81c\ubd80\ub294 10\uc6d4 \uad6d\uac00 \uc7ac\uc815 \uc6b4\uc601 \uacb0\uacfc\ub97c \uacf5\uac1c\ud558\uba70, \ud655\uace0\ud55c \uade0\ud615 \uae30\uc870\uac00 \ud655\uc778\ub418\uc5c8\ub2e4\uace0 \ubc1d\ud614\ub2e4. \uc911\uc559\uc815\ubd80\ub294 8,239\uc5b5 \ud398\uc18c\uc758 \uae30\ucd08 \uc7ac\uc815 \ud751\uc790\ub97c \uae30\ub85d\ud588\ub2e4. \uc774 \uacb0\uacfc\ub294 \uacf5\uacf5\ubd80\ucc44 \uc774\uc790\uc9c0\uae09(3,062\uc5b5 \ud398\uc18c)\uc744 \ucc28\uac10\ud55c \ub4a4 5,176\uc5b5 \ud398\uc18c\uc758 \uae08\uc735 \ud751\uc790\ub85c \uc774\uc5b4\uc84c\ub2e4.10\uc6d4\uc758 \uae0d\uc815\uc801 \uc7ac\uc815 \uacb0\uacfc\ub294 \uc815\ubd80\uac00 \uacbd\uc81c \ud504\ub85c\uadf8\ub7a8\uc758 \ud575\uc2ec \uc694\uc18c\uc778 \u201c\uc7ac\uc815 \uc575\ucee4(Ancla fiscal)\u201d\ub97c \ub354\uc6b1 \uacf5\uace0\ud788 \ud560 \uc218 \uc788\uac8c \ud574\uc900\ub2e4. \uc62c\ud574 1~10\uc6d4 \ub204\uc801 \uae30\uc900\uc73c\ub85c, \uad6d\uac00 \uacf5\uacf5\ubd80\ubb38(SPN) \uc740 GDP\uc758 \uc57d 1.4%\uc5d0 \ud574\ub2f9\ud558\ub294 \uae30\ucd08 \uc7ac\uc815 \ud751\uc790\ub97c \ub2ec\uc131\ud588\ub2e4. \uc774 \uc218\uce58\ub294 \ub9e4\uc6b0 \uc911\uc694\ud558\uba70, IMF\uc640 \ud569\uc758\ub41c \uc5f0\ub9d0 \ubaa9\ud45c\uc5d0 \uc720\ub9ac\ud55c \uc0c1\ud669\uc744 \uc870\uc131\ud55c\ub2e4. IMF\ub294 \uc62c\ud574 \ub9d0 GDP \ub300\ube44 1.6%\uc758 \uae30\ucd08 \ud751\uc790\ub97c \uc694\uad6c\ud558\uace0 \uc788\ub2e4. \ubaa9\ud45c \ub2ec\uc131\uc774 \uac00\uae5d\uc9c0\ub9cc, \uacbd\uc81c\ubd80\ub294 11\uc6d4\u00b712\uc6d4\uc5d0 \ucd94\uac00\ub85c GDP\uc758 0.2%\uc5d0 \ud574\ub2f9\ud558\ub294 \uc7ac\uc815 \ud751\uc790\ub97c \ub354 \ud655\ubcf4\ud574\uc57c \ud55c\ub2e4\uace0 \uacbd\uace0\ud55c\ub2e4.\ub3c4\uc804 \uacfc\uc81c\ub294 \ub9e4\ub144 12\uc6d4\uc5d0 \ubc1c\uc0dd\ud558\ub294 \uc5f0\ub9d0 \uc0c1\uc5ec\uae08(aguinaldo) \uc9c0\uae09 \ub54c\ubb38\uc5d0 \uc9c0\ucd9c \uc555\ub825\uc774 \ucee4\uc838 \uc7ac\uc815 \uc5ec\uc720\uac00 \uc904\uc5b4\ub4dc\ub294 \uad6c\uc870\uc801 \ubb38\uc81c\uac00 \uc788\ub2e4\ub294 \uc810\uc774\ub2e4. \ud604\uc7ac \uc7ac\uc815\uc758 \uac15\uc810\uc740 \uc138\uc218 \uc99d\uac00\uc5d0 \uae30\ubc18\ud55c\ub2e4.10\uc6d4 \ud55c \ub2ec \ub3d9\uc548 SPN \uc804\uccb4 \uc218\uc785\uc740 11.9\uc870 \ud398\uc18c\uc5d0 \ub2ec\ud558\uba70, \uc774\ub294 \uc804\ub144 \ub300\ube44 28.1% \uc99d\uac00\ud55c \uac83\uc774\ub2e4.\ud2b9\ud788 \uc138\uc218(\uc870\uc138\uc218\uc785)\ub294 24.4% \uc99d\uac00\ud588\uc73c\uba70, \uc774\ub294 \ub300\uc678\ubb34\uc5ed\uacfc \uc18c\ube44 \uad00\ub828 \ud65c\ub3d9 \uc99d\uac00\uc5d0 \ud06c\uac8c \ud798\uc785\uc5c8\ub2e4.\uaca9\ucc28(\ube0c\ub808\ucc28)\ub294 \ub2ec\ub7ec\uc758 \uc804\ubc18\uc801 \ud558\ub77d\uc138\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \ud655\ub300\ub418\uace0 \uc788\ub2e4. \uad6d\ub0b4 \ud658\uc728 \uc2dc\uc7a5\uc740 \ub69c\ub837\ud55c \uc548\uc815 \uad6d\uba74\uc744 \uc9c0\ub098\uace0 \uc788\ub2e4. \uc774\ub7ec\ud55c \ud750\ub984\uc740 \uc8fc\ub85c \ub3c4\ub9e4 \ub2ec\ub7ec(\uacf5\uc2dd\ud658\uc728) \uc758 \uc9c0\uc18d\uc801\uc778 \ud558\ub77d\uc73c\ub85c \ub098\ud0c0\ub09c\ub2e4. \ub3c4\ub9e4 \ub2ec\ub7ec\ub294 1,387\ud398\uc18c\uae4c\uc9c0 \ub5a8\uc5b4\uc84c\ub2e4.\uadf8\ub7ec\ub098 \uacf5\uc2dd \ub2ec\ub7ec\uac00 \uc548\uc815\u00b7\ud558\ub77d\ud558\ub294 \uac00\uc6b4\ub370, \uae08\uc735\uc2dc\uc7a5\uc5d0\uc11c\uc758 \ub2ec\ub7ec\ub294 \ub2e4\ub978 \uc6c0\uc9c1\uc784\uc744 \ubcf4\uc774\uace0 \uc788\ub2e4. MEP \ub2ec\ub7ec: 1,448.93\ud398\uc18c\uacf5\uc2dd \ub300\ube44 \ube0c\ub808\ucc28: 4.47%\uc774 \uaca9\ucc28\ub294 \ucd5c\uadfc \uc758\ud68c \uc120\uac70 \uc774\ud6c4 \ub3c4\uc785\ub41c \uad50\ucc28 \uaddc\uc81c\uc870\uce58 \ub54c\ubb38\uc5d0 \ubc1c\uc0dd\ud55c \ucc28\uc775\uac70\ub798(arbitraje) \uc758 \uc601\ud5a5\uc73c\ub85c \ud574\uc11d\ub41c\ub2e4.CCL \ub2ec\ub7ec: 1,494.06\ud398\uc18c\uc2a4\ud504\ub808\ub4dc: 7.72% \u201c\ud658\uc728 \uae09\ub4f1\u201d\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \uc608\uc0c1\uc740 \uc0ac\ub77c\uc84c\uc73c\uba70, \uc774\ub294 \uc120\ubb3c\ud658(\ub2ec\ub7ec \uc120\ubb3c) \uac00\uaca9 \ud558\ub77d\uc5d0 \ubc18\uc601\ub418\uace0 \uc788\ub2e4.\uc2dc\uc7a5 \uae34\uc7a5 \uc644\ud654\ub294 \uacf5\uae09 \uc694\uc778\ub3c4 \uac15\ud654\ud558\uace0 \uc788\ub2e4.\uae30\uc5c5\ub4e4\uc758 \ucc44\uad8c(ON) \ubc1c\ud589 \uc99d\uac00\ub85c \uc720\ub3d9\uc131\uc774 \uacf5\uae09\ub418\uace0 \uc788\uc73c\uba70, \uc774\ub294 \uc2dc\uc7a5\uc5d0 \ucd94\uac00\uc801\uc778 \ub2ec\ub7ec \uacf5\uae09\uc744 \ub9cc\ub4e0\ub2e4.\ub610\ud55c \uacc4\uc808\uc801\uc73c\ub85c \ud604\uc7ac \uc2dc\uae30\ub294 \ud658\uc728 \ubcc0\ub3d9\uc131\uc774 \ub0ae\uc740 \ud3b8\uc774\ub2e4.\uae30\uc5c5\ub4e4\uc740 \uc5f0\ub9d0 \uc0c1\uc5ec\uae08(aguinaldo) \uc9c0\uae09\uc744 \uc704\ud574 \ubcf4\uc720 \uc678\ud654\ub97c \ud604\ubb3c\ud654\ud558\uc5ec \ud310\ub9e4\ud558\ub294 \uacbd\ud5a5\uc774 \uc788\uc5b4, \uc2dc\uc7a5\uc758 \uacf5\uae09\uc744 \ub298\ub9ac\ub294 \ud6a8\uacfc\uac00 \uc788\ub2e4. \ub610\ud55c, \uc120\uac70 \uc804 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \uc77c\ubd80 \uc870\uae30 \ud658\uc804\uc774 \uc788\uc5c8\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \ud5a5\ud6c4 \uba87 \ub2ec\uac04 \ubc00\u00b7\ubcf4\ub9ac \ub4f1 \u2018cosecha fina(\uaca8\uc6b8 \uc791\ubb3c) \uc218\ud655\ubb3c\u2019\uc758 \uc218\ucd9c \ub300\uae08 \uc720\uc785\uc774 \uacc4\uc18d\ub420 \uc608\uc815\uc774\uc5b4\uc11c, \uc678\ud658 \uacf5\uae09\uc5d0 \uae30\uc5ec\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\ub41c\ub2e4. Infobae\uc5d0 \uc2e4\ub9b0 \ubd84\uc11d\uc5d0\uc11c\ub294 \uc774\ub807\uac8c \uc5b8\uae09\ud588\ub2e4:\u201c\ud658\uc728 \ubc34\ub4dc(\ubc34\ub4dc\ud615 \ud658\uc728\uc81c)\uc758 \uc9c0\uc18d \uc5ec\ubd80\uc5d0 \ub300\ud55c \ub17c\uc758\ub294 \uc5ec\uc804\ud788 \uc5f4\ub824 \uc788\ub2e4.\ube44\ub85d BCRA\ub294 \uc774\uc5d0 \ub300\ud55c \uacf5\uc2dd\uc801 \ub17c\ud3c9\uc744 \ud53c\ud558\uace0 \uc788\uc73c\ub098, \uc815\ubd80 \ub0b4\ubd80\uc5d0\uc11c\ub294 \ucd5c\uadfc \ubbf8\uad6d\uacfc\uc758 \uc0c8\ub85c\uc6b4 \ubb34\uc5ed \ud611\uc815\uc744 \ud1b5\ud574 \ucd94\uac00\uc801\uc778 \uc678\ud654 \uc720\uc785\uc6d0\uc774 \uc0dd\uae38 \uc218 \uc788\ub2e4\ub294 \uae30\ub300\uac00 \ud06c\ub2e4. \uc774\ub294 \ud5a5\ud6c4 \ud658\uc728 \uc804\ub7b5\uc5d0\ub3c4 \uc601\ud5a5\uc744 \ubbf8\uce60 \uc218 \uc788\ub2e4.\uc774\ub7ec\ud55c \ubcc0\uc218\ub4e4\ub85c \uc778\ud574 \uc2dc\uc7a5\uc740 \uc5ec\uc804\ud788 \uc2e0\uc911\ud558\uba70, 11\uc6d4\uc740 \uacfc\ub3c4\uae30(transition)\uc77c \uac83\uc774\uace0 12\uc6d4\uc5d0\ub294 \uc911\uc694\ud55c \uacb0\ub860\uacfc \uacb0\uc815\uc774 \ub0b4\ub824\uc9c8 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4.\u201d \uc5f0\ub9d0\uc758 \ub3c4\uc804: \ud398\uc18c \uae08\ub9ac\uc640 \uc2dc\uc7a5 \uc815\uc0c1\ud654\uc5f0\ub9d0\uae4c\uc9c0 \ub450 \ub2ec\ub3c4 \ub0a8\uc9c0 \uc54a\uc740 \uc0c1\ud669\uc5d0\uc11c, \ud398\uc18c \uae08\ub9ac\uc758 \uc6c0\uc9c1\uc784\uc774 \uae08\uc735\uc2dc\uc7a5\uc758 \ud575\uc2ec \uad00\uc2ec\uc0ac\ub85c \ub5a0\uc624\ub974\uace0 \uc788\ub2e4.\uc120\uac70 \uc774\ud6c4 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc720\ub3d9\uc131 \uc815\uc0c1\ud654 \uacfc\uc815\uc774 \uc9c4\ud589\ub418\uace0 \uc788\uc73c\uba70, \uc774\ub294 \uac01\uc885 \uae08\uc735\uc0c1\ud488\uc758 \uc218\uc775\ub960 \ud558\ub77d\uc73c\ub85c \ub098\ud0c0\ub098\uace0 \uc788\ub2e4. LECAP\u00b7BONCAP \uc218\uc775\ub960: \uc5f0 34% \uc774\ud558Cauci\u00f3n burs\u00e1til(\ucd08\ub2e8\uae30 \uc99d\uad8c\ub2f4\ubcf4 \ub300\ucd9c) \uae08\ub9ac: \uc5f0 20%\uae4c\uc9c0 \ud558\ub77dBCRA\uc758 pases pasivos(\uc218\uc2e0\uc804\ud658 \ub808\ud3ec): \uc5f0 24%\ub300\uc774 \uae08\ub9ac \uc218\uc900\uc740 \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158(\ubb3c\uac00 \ub454\ud654) \uacfc\uc815\uacfc \ubd80\ud569\ud558\uba70, \ud604\uc7ac \uc804\ub9dd\uc73c\ub85c\ub294 2026\ub144\uc5d0 \uc5f0 20% \ubbf8\ub9cc\uc758 \ubb3c\uac00\uac00 \uac00\ub2a5\ud558\ub2e4\ub294 \ubd84\uc11d\ub3c4 \uc788\ub2e4. \uc2dc\uc7a5 \ucc38\uac00\uc790\ub4e4\uc758 \uc2dc\uc120\uc740 11\uc6d4 26\uc77c \uc608\uc815\ub41c \uad6d\ucc44 \uc785\ucc30\uc5d0 \uc9d1\uc911\ub418\uace0 \uc788\ub2e4. \uc7ac\ubb34\ubd80\ub294 \ucd1d 16.5\uc870 \ud398\uc18c\uc758 \ub9cc\uae30 \ub3c4\ub798\ub97c \uc55e\ub450\uace0 \uc788\ub2e4. \uc774 \uc911 4.9\uc870 \ud398\uc18c\ub294 BCRA\uac00 \ubcf4\uc720\ud55c \uac83\uc774\ub2e4.\uc7ac\ubb34\ubd80\uac00 \ubaa8\ub4e0 \ub9cc\uae30\ub97c 100% \ub864\uc624\ubc84\ud558\uc9c0 \uc54a\uc744 \uac00\ub2a5\uc131\uc774 \uc788\uc73c\uba70, \uc774 \uacbd\uc6b0 \uccb4\uacc4 \ub0b4\uc5d0 \ud398\uc18c \uc720\ub3d9\uc131\uc774 \ucd94\uac00\ub85c \ud480\ub9ac\uac8c \ub41c\ub2e4. \uc815\ubd80\uc758 \ud575\uc2ec \uad00\uc2ec\uc740 \ubb3c\uac00 \ud1b5\uc81c\uc774\uba70, \ubaa9\ud45c\ub294 \ubb3c\uac00\ub97c \uc5f0 1% \uc544\ub798\ub85c \ub0ae\ucd94\ub294 \uac83\uc774\ub2e4.BCRA(\ucd1d\uc7ac Santiago Bausili)\ub294 \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801\uc5d0 \uc788\uc5b4 \uc2e0\uc911\ud55c \uc811\uadfc\uc744 \ud0dd\ud558\uace0 \uc788\uc73c\uba70, \uc815\ud574\uc9c4 \uaddc\ubaa8\uc758 \ub2ec\ub7ec\ub97c \ubc18\ub4dc\uc2dc \uc0ac\ub4e4\uc774\ub294 \ubc29\uc2dd \ub300\uc2e0 \ud398\uc18c \uc218\uc694 \uc99d\uac00\uc5d0 \ub9de\ucdb0 \uc720\uc5f0\ud558\uac8c \uac1c\uc785\ud55c\ub2e4\ub294 \ubc29\uce68\uc744 \ubc1d\ud614\ub2e4. \u25a0 \uc7ac\ubb34\ubd80\uc758 \ub2ec\ub7ec \ub9e4\uc785\uae08\uc735\uc2dc\uc7a5\uc740 \ucd5c\uadfc \uc911\uc694\ud55c \uc2e0\ud638\ub97c \uac10\uc9c0\ud588\ub2e4.\uc7ac\ubb34\ubd80(\uad6d\uac00\uc7ac\ubb34\ubd80)\uac00 \uc678\ud658\uc2dc\uc7a5\uc5d0 \uac1c\uc785\ud574 \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud55c \uac83\uc774\ub2e4.\uc9c0\ub09c \uc218\uc694\uc77c, \uc9c0\ub09c\uc8fc BCRA\uc758 \uc6b4\uc601 \ub370\uc774\ud130\uc5d0 \ub530\ub974\uba74, \uc7ac\ubb34\ubd80\uc758 \uc678\ud654 \uc608\uae08\uc740 2\ucc9c\ub9cc \ub2ec\ub7ec \uc99d\uac00\ud55c \ubc18\uba74, \ud398\uc18c \uc608\uae08\uc740 2\ucc9c4\ubc31\ub9cc \ub2ec\ub7ec \uc0c1\ub2f9 \uac10\uc18c\ud55c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\ub2e4.\uc774 \ub450 \ubcc0\ud654\ub294 \ub2ec\ub7ec \ub9e4\uc785\uc744 \ub3d9\ubc18\ud55c \uac70\ub798\ub85c \ud574\uc11d\ub420 \uc218 \uc788\ub2e4. \uc7ac\ubb34\ubd80\uc758 \uc774\ub7ec\ud55c \ud589\ub3d9\uc740, FMI\uac00 \uc81c\uc548\ud55c \uac83\ucc98\ub7fc \uc815\uae30\uc801\uc774\uac70\ub098 \uc77c\uc77c \ub2e8\uc704\uc758 \uc678\ud658 \ub9e4\uc785 \uacbd\ub85c\ub97c \uae30\ub300\ud588\ub358 \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc5d0\uac8c \uc77c\uc2dc\uc801\uc778 \uae30\ub300\uac10\uc744 \uc8fc\uc5c8\uc9c0\ub9cc, \uadf8 \uae30\ub300\ub294 \uace7 BCRA \ucd1d\uc7ac \uc0b0\ud2f0\uc544\uace0 \ubc14\uc6b8\ub9b4\ub9ac\uc758 \ubc1c\uc5b8\uc73c\ub85c \uc2dd\uc5c8\ub2e4. \uae08\uc694\uc77c\uc5d0 \ubc14\uc6b8\ub9b4\ub9ac \ucd1d\uc7ac\ub294, \uba85\ud655\ud55c \uc18d\ub3c4\uc758 \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801 \ubaa9\ud45c\ub97c \uc124\uc815\ud558\ub294 \uac83\uc740 \ud604\uc7ac \uc0c1\ud669\uc5d0\uc11c \ucd5c\uc120\uc758 \uc120\ud0dd\uc774 \uc544\ub2c8\ub2e4\ub77c\uace0 \ubc1d\ud614\ub2e4.\uadf8\ub294 \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801\uc774 \uc5ec\uc804\ud788 \uc911\uc810 \ubaa9\ud45c\uc784\uc744 \uc778\uc815\ud588\uc9c0\ub9cc, \uc774\ub294 \ud398\uc18c \uc218\uc694\uac00 \ud5c8\uc6a9\ud558\ub294 \ubc94\uc704 \ub0b4\uc5d0\uc11c\ub9cc \uac00\ub2a5\ud558\ub2e4\uace0 \uac15\uc870\ud588\ub2e4. \uacb0\uad6d, \uc7ac\ubb34\ubd80\uac00 \uc678\ud654\ub97c \ub9e4\uc785\ud560 \uc758\uc9c0\uc640 \ub2a5\ub825\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\uc74c\uc5d0\ub3c4, BCRA\uc758 \uc815\ucc45\uc740 \uc2e0\uc911\ud558\uace0 \uc0c1\ud669 \ub300\uc751\uc801\uc774\uba70, \uc2dc\uc7a5 \uc548\uc815\uc131\uc744 \uc6b0\uc120 \uc21c\uc704\uc5d0 \ub458 \uac83\uc774\ub77c\uace0 \uc694\uc57d\ud560 \uc218 \uc788\ub2e4. \uc8fc\uad8c \ucc44\uad8c\uc740 \uc548\uc815\ub418\uace0, \uc8fc\uc2dd(\ubcc0\ub3d9\uc18c\ub4dd)\uc740 \uc870\uc815 \uc5b4\uc81c \uae08\uc735\uc2dc\uc7a5\uc740 \ub450 \uac00\uc9c0 \uc18d\ub3c4\ub85c \uc6c0\uc9c1\uc774\ub294 \uc2dc\uc7a5\uc758 \ubaa8\uc2b5\uc744 \ubcf4\uc600\ub2e4.\uc8fc\uad8c \ubd80\ucc44(\uad6d\ucc44)\ub294 \ucd5c\uadfc \uba87 \uc8fc\uac04\uacfc \ub9c8\ucc2c\uac00\uc9c0\ub85c \uc548\uc815\uc131\uacfc \ud3c9\uc628\ud568\uc744 \uc720\uc9c0\ud55c \ubc18\uba74, \uc8fc\uc2dd \uc2dc\uc7a5\uc740 \uae00\ub85c\ubc8c \uc704\ud5d8\ud68c\ud53c \uc2ec\ub9ac\uc5d0 \uc758\ud574 \ud070 \ud3ed\uc758 \uc870\uc815\uc744 \ubc1b\uc558\ub2e4. \uc8fc\uad8c \ucc44\uad8c \uc2dc\uc7a5\uc740 \ud070 \ubcc0\ub3d9 \uc5c6\uc774 \uade0\uc77c\ud558\uac8c \ub9c8\uac10, \uc548\uc815\uc801 \ud750\ub984\uc744 \uc7ac\ud655\uc778\ud588\ub2e4.\ubc18\uba74, \ucee8\ud2b8\ub9ac\uac00 \uc704\ud5d8\ub3c4(Riesgo Pa\u00eds)\ub294 600bp \ubd80\uadfc\uc5d0\uc11c \uc548\uc815\ub418\uc5c8\ub2e4. \uadf8\ub7ec\ub098 \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uc2dd\uc2dc\uc7a5\uc740 \uae00\ub85c\ubc8c \uc704\ud5d8\uc790\uc0b0 \ub9e4\ub3c4\uc138\uc758 \uc601\ud5a5\uc744 \ud53c\ud558\uc9c0 \ubabb\ud558\uace0 \ud558\ub77d\ud588\ub2e4.\ubbf8\uad6d\uc5d0\uc11c\uc758 \ub300\uaddc\ubaa8 \uc8fc\uc2dd \ub9e4\ub3c4\ub294 S&P500\uacfc \ub098\uc2a4\ub2e5 \uc9c0\uc218\ub97c \uc8fc\uc694 \uae30\uc220\uc801 \uc9c0\uc9c0\uc120 \uc544\ub798\ub85c \ub5a8\uc5b4\ub728\ub838\uace0, \uc774\ub294 \uc9c1\uc811\uc801\uc73c\ub85c \uc544\ub974\ud5e8\ud2f0\ub098 \ud604\uc9c0 \uc8fc\uac00\uc5d0 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4.\ud574\uc678\uc5d0 \uc0c1\uc7a5\ub41c \uc544\ub974\ud5e8\ud2f0\ub098 \uae30\uc5c5\ub4e4\uc758 \uc8fc\uac00\ub294 5% \uc774\uc0c1 \uae09\ub77d\ud588\ub2e4.\ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc99d\uad8c\uac70\ub798\uc18c\uc758 S&P Merval \uc9c0\uc218\ub3c4 \ud558\ub77d\ud588\ub2e4.\ub2ec\ub7ec \uae30\uc900\uc73c\ub85c \ud658\uc0b0\ud558\uba74, \uc774 \uc9c0\uc218\ub294 \uc57d 2% \uc870\uc815\ub41c \uc148\uc774\ub2e4. \uc694\uc57d\ud558\uc790\uba74, \uc8fc\uad8c \ubd80\ucc44\ub294 \uc548\uc815\uc801 \ubc14\ub2e5\uc744 \ucc3e\uc740 \ubc18\uba74,\uc8fc\uc2dd\uc2dc\uc7a5(\ubcc0\ub3d9\uc18c\ub4dd)\uc740 \uae00\ub85c\ubc8c \uc8fc\uc694 \uc2dc\uc7a5\uc758 \uc6c0\uc9c1\uc784\uc5d0 \ub9e4\uc6b0 \ubbfc\uac10\ud558\uac8c \ubc18\uc751\ud558\uace0 \uc788\ub2e4. CNV\uac00 \ud611\uc758 \uac00\ub2a5\ud55c \uc720\uac00\uc99d\uad8c \uaddc\uc81c\ub97c \ub2e8\uc21c\ud654\uad6d\uac00\uc99d\uad8c\uc704\uc6d0\ud68c(CNV)\ub294, \uacf5\ubaa8 \ubc1c\ud589\ub41c \uac1c\ubcc4 \uc720\uac00\uc99d\uad8c\uc774 \uc2b9\uc778\ub41c \uc2dc\uc7a5\uc5d0\uc11c \uac70\ub798\ub418\ub294 \uaddc\uc815 \uccb4\uacc4\ub97c \ub300\ud3ed \uac1c\ud3b8\ud588\ub2e4. \uc774 \uac1c\ud601\uc758 \ubaa9\uc801\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:\uc720\uac00\uc99d\uad8c \uc0ac\uc6a9 \ud655\ub300\ud604\ud589 \uaddc\uc81c \uccb4\uacc4 \ub2e8\uc21c\ud654\uac70\ub798, \ubcf4\uad00, \ub9cc\uae30 \uacb0\uc81c \ub4f1 \ud575\uc2ec \uc601\uc5ed\uc5d0 \ub300\ud55c \uaddc\uce59 \uba85\ud655\ud654 \ub610\ud55c \uc0c8\ub85c\uc6b4 \uaddc\uc815\uc740 \ub2e4\uc74c\uc744 \ud3ec\ud568\ud55c\ub2e4:\ubaa8\ub4e0 \ud574\ub2f9 \uc720\uac00\uc99d\uad8c\uc5d0 \ub300\ud574 \uac70\ub798\u00b7\ubcf4\uad00\u00b7\ub9cc\uae30 \uacb0\uc81c\ub97c \uc704\ud55c \ud1b5\uc77c\ub41c \uaddc\uce59 \ub3c4\uc785\ub4f1\ub85d \ubc0f \uacb0\uc81c \ub300\ub9ac\uc778(ACRYP)\uc774 \uc218\ud0c1\uae30\uad00\uc73c\ub85c\ub3c4 \uc5ed\ud560\ud560 \uc218 \uc788\ub3c4\ub85d \ud5c8\uc6a92\ucc28 \uc2dc\uc7a5\uc5d0\uc11c\uc758 \uac70\ub798 \uc694\uac74\uc73c\ub85c\uc11c \ub4f1\ub85d\u00b7\uc778\uc99d \uc758\ubb34\ub97c \ud3d0\uc9c0\uc774 \uac1c\ud601\uc740 \uc815\ubd80\uac00 2024\ub144 \uc131\uacf5 \uc0ac\ub840\ub97c \ubc18\ubcf5\ud558\ub824\ub294 \uc804\ub7b5\uacfc \ud568\uaed8\ud55c\ub2e4.\ub2f9\uc2dc \uae30\uc5c5\ub4e4\uc758 \ub300\uaddc\ubaa8 \ubd80\ucc44 \ubc1c\ud589\uc740 \uacf5\uc2dd \ud658\uc2dc\uc7a5\uc5d0 \ub2ec\ub7ec \uacf5\uae09\uc744 \uc720\uc758\ubbf8\ud558\uac8c \ub298\ub9ac\ub294 \uacac\uc778 \uc5ed\ud560\uc744 \ud588\ub2e4.\uae30\uc5c5\ub4e4\uc774 \uc2dc\uc7a5\uc5d0\uc11c \ud655\ubcf4\ud55c \uc678\ud654\ub97c \ud310\ub9e4\ud558\uba74\uc11c, \uc678\ud654 \uc608\uae08 \uc99d\uac00\uc5d0\ub3c4 \uae30\uc5ec\ud588\ub2e4.\uadf8\ub7ec\ub098 \uc0c8\ub85c\uc6b4 \uaddc\uc815\uc774 \uc2e4\uc81c\ub85c \ub2ec\ub7ec \uc720\uc785 \ud655\ub300\uc5d0 \uc5bc\ub9c8\ub098 \ud6a8\uacfc\uac00 \uc788\uc744\uc9c0\ub294 \uc5ec\uc804\ud788 \ub17c\uc7c1\uc758 \uc5ec\uc9c0\uac00 \uc788\ub2e4.\uadf8 \uc774\uc720\ub294 \uae30\uc5c5\ub4e4\uc774 \ud655\ubcf4\ud55c \uc678\ud654\uc758 \uc77c\ubd80\ubd84\uc740 \uae30\uc874\uc5d0 \ubc1c\ud589\ud588\ub358 \ubd80\ucc44 \uc0c1\ud658\uc5d0 \uc0ac\uc6a9\ub420 \uac83\uc774\uae30 \ub54c\ubb38\uc774\ub2e4. \uc8fc]<\/p>\n","protected":false},"author":6,"featured_media":10286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-10290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-noticias-argentina","category-informes-economicos"],"_links":{"self":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/10290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10290"}],"version-history":[{"count":0,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/10290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/10286"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}