{"id":10927,"date":"2025-12-24T09:10:36","date_gmt":"2025-12-24T12:10:36","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=10927"},"modified":"2025-12-24T09:10:38","modified_gmt":"2025-12-24T12:10:38","slug":"%ea%b2%bd%ec%a0%9c-%ec%86%8c%ec%8b%9d-%ec%83%88-%ed%99%98%ec%9c%a8-%ec%a0%9c%eb%8f%84-%eb%82%b4%ec%83%9d%ec%a0%81-%eb%b0%b4%eb%93%9c","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=10927","title":{"rendered":"[\uacbd\uc81c \uc18c\uc2dd] \uc0c8 \ud658\uc728 \uc81c\ub3c4 : \ub0b4\uc0dd\uc801 \ubc34\ub4dc"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/hanin.org.ar\/wp-content\/uploads\/2025\/12\/OIP-2.jpg\" alt=\"\" class=\"wp-image-10928\" srcset=\"https:\/\/hanin.org.ar\/wp-content\/uploads\/2025\/12\/OIP-2.jpg 200w, https:\/\/hanin.org.ar\/wp-content\/uploads\/2025\/12\/OIP-2-150x150.jpg 150w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\uc0c8 \ud658\uc728\uc81c\ub3c4: \ub0b4\uc0dd\uc801 \ubc34\ub4dc<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ucd5c\uadfc \uc0c8\ub85c\uc6b4 \ud658\uc728\uc81c\ub3c4\uac00 \ubc1c\ud45c\ub418\uc5c8\uc73c\uba70, \uc774\ub294 \ub0b4\ub144 1\uc6d4 1\uc77c\ubd80\ud130 \uc2dc\ud589\ub420 \uc608\uc815\uc774\ub2e4. \uacf5\uc2dd \ubc1c\ud45c\uc5d0 \ub530\ub974\uba74, \ud658\uc728 \ubc34\ub4dc\uc758 \uc0c1\ub2e8\uc740 \uae30\uc874\ucc98\ub7fc \uc6d4 1%\uc529 \uc870\uc815\ub418\ub294 \ubc29\uc2dd\uc744 \uc911\ub2e8\ud558\uace0, \uac00\uc7a5 \ucd5c\uadfc\uc5d0 \ubc1c\ud45c\ub41c \ubb3c\uac00\uc0c1\uc2b9\ub960 \uc218\uce58\ub97c \uae30\uc900\uc73c\ub85c \uc870\uc815\ud558\uac8c \ub41c\ub2e4.<br>\uc2e4\ubb34\uc801\uc73c\ub85c\ub294 \ud574\ub2f9 \ubb3c\uac00 \uc9c0\ud45c\uc758 \ubc1c\ud45c \uc2dc\ucc28\ub97c \uac10\uc548\ud560 \ub54c, \ubc34\ub4dc\ub294 \ub450 \ub2ec \uc804\uc758 \uc778\ud50c\ub808\uc774\uc158\ub960\uc744 \ubc18\uc601\ud574 \uc870\uc815\ub420 \uac83\uc774\ub2e4. \uc608\ub97c \ub4e4\uc5b4, 1\uc6d4\ubd80\ud130\ub294 11\uc6d4\uc758 \uc778\ud50c\ub808\uc774\uc158\ub960\uc5d0 \ub9de\ucdb0 \ubc34\ub4dc\uac00 \uc870\uc815\ub41c\ub2e4.<br>\uc774\ub85c\uc368 4\uc6d4\uc5d0 \ubc1c\ud45c\ub418\uc5c8\ub358 \uae30\uc874 \uc81c\ub3c4\uac00 \uc218\uc815\ub41c\ub2e4. \ub2f9\uc2dc \uc81c\ub3c4\ub294 \ubc1c\ud45c \uc9c1\ud6c4\ubd80\ud130 \ube44\ud310\uc744 \ubc1b\uc558\ub294\ub370, \uadf8 \uc774\uc720\ub294 \ud658\uc728 \ubc34\ub4dc\uac00 \uc9c0\ub098\uce58\uac8c \ub113\uace0, \ubcf8\uc9c8\uc801\uc73c\ub85c \ubd88\uc548\uc815\ud55c \ud1b5\ud654 \uc218\uc694\uc758 \ubcc0\ud654\uc5d0 \uc9c0\ub098\uce58\uac8c \uc758\uc874\ud558\uace0 \uc788\uc5c8\uae30 \ub54c\ubb38\uc774\ub2e4.<br>\uc774\ub7ec\ud55c \uad6c\uc870\uc5d0\uc11c\ub294 \ud1b5\ud654 \uc218\uc694\uac00 \ud558\ub77d\ud560 \uacbd\uc6b0, \ud658\uc728\uc774 \ube60\ub974\uac8c \ubc34\ub4dc \uc0c1\ub2e8\uc73c\ub85c \uc774\ub3d9\ud558\uba70 \uc678\ud658\uc2dc\uc7a5 \uac1c\uc785\uc774 \ubd88\uac00\ud53c\ud574\uc9c8 \uc704\ud5d8\uc774 \uc874\uc7ac\ud588\ub2e4. \uc77c\ub2e8 \ud658\uc728\uc774 \uadf8 \uc218\uc900\uc5d0 \ub3c4\ub2ec\ud558\uba74, \ud574\ub2f9 \uc0c1\ub2e8\uc758 \uc811\ud569\uc131\uc5d0 \ub300\ud55c \uc758\ubb38\uc774 \ubd88\uac00\ud53c\ud558\uac8c \uc81c\uae30\ub420 \uc218\ubc16\uc5d0 \uc5c6\ub2e4. \uc774\ub7ec\ud55c \uc2dc\ub098\ub9ac\uc624\ub97c \uace0\ub824\ud574, \uc815\ubd80\ub294 \uae30\uc874 \uc81c\ub3c4\ub97c \uc218\uc815\ud558\uae30\ub85c \uacb0\uc815\ud588\ub2e4.<br>\uc2e4\uc81c\ub85c \ub17c\uc7c1\uc758 \ud575\uc2ec\uc740 \ud658\uc728\uc758 \uc554\ubb35\uc801 \ud3c9\uac00\uc808\uc0c1\uacfc, \uadf8\ub85c \uc778\ud574 \uc911\uc559\uc740\ud589\uc758 \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801 \ubc0f \uc678\ud654 \ud45c\uc2dc \ubd80\ucc44 \uc0c1\ud658\uc744 \uc704\ud55c \uc7ac\ubb34\uccad\uc758 \ub2ec\ub7ec \ub9e4\uc785\uc5d0 \uc5b4\ub824\uc6c0\uc774 \uc0dd\uae38 \uc218 \uc788\ub2e4\ub294 \uc810\uc5d0 \uc9d1\uc911\ub418\uc5c8\ub2e4.<br>\uc0c8 \uc81c\ub3c4\uc758 \uc791\ub3d9 \ubc29\uc2dd\uc744 \uc774\ud574\ud558\uae30 \uc704\ud574\uc11c\ub294 \ub450 \uac00\uc9c0 \uc2dc\ub098\ub9ac\uc624\ub97c \ubd84\uc11d\ud558\ub294 \uac83\uc774 \uc720\uc6a9\ud558\ub2e4.<br>\uccab \ubc88\uc9f8\ub294 \uc2e0\ub8b0\uac00 \ud615\uc131\ub418\ub294 \uc2dc\ub098\ub9ac\uc624\ub2e4. \ud1b5\ud654\ud654 \uc218\uc900\uc774 \ub0ae\uace0, 2025\ub144 \uc120\uac70 \uad6d\uba74\uc774\ub77c\ub294 \ub2e8\uae30 \ubd88\ud655\uc2e4\uc131\uc774 \uc874\uc7ac\ud558\ub294 \uacbd\uc81c \ud658\uacbd\uc5d0\uc11c, \ub18d\uc5c5 \ubd80\ubb38\uacfc \uc5d0\ub108\uc9c0 \ubd80\ubb38 \ubaa8\ub450\uc5d0\uc11c \uc678\ud654 \uacf5\uae09\uc774 \uc99d\uac00\ud558\ub294 \ud658\uacbd\uc774 \uc870\uc131\ub420 \uacbd\uc6b0, \uacbd\uc81c\uc758 \uc7ac(\u518d)\ud1b5\ud654\ud654\uac00 \ubc1c\uc0dd\ud560 \uac00\ub2a5\uc131\uc774 \uc788\ub2e4.<br>\uc774 \uacbd\uc6b0 \uc911\uc559\uc740\ud589\uc758 1\ucc28\uc801 \ud654\ud3d0 \ubc1c\ud589\uc774 \uc81c\ud55c\ub418\uc5b4 \uc788\uae30 \ub54c\ubb38\uc5d0, \ub298\uc5b4\ub09c \ud398\uc18c \uc218\uc694\ub294 \uc624\uc9c1 \uc678\ud658\uc2dc\uc7a5 \ub0b4 \ub2ec\ub7ec \ub9e4\ub3c4\ub97c \ud1b5\ud574\uc11c\ub9cc \ucda9\uc871\ub420 \uc218 \uc788\ub2e4. \uc774\ub7ec\ud55c \uc0c1\ud669\uc5d0\uc11c \ud1b5\ud654\ub2f9\uad6d\uc740 \ud398\uc18c \uc218\uc694\ub97c \ucda9\uc871\ud558\uae30 \uc704\ud574 \uc678\ud658\ubcf4\uc720\uc561\uc744 \ub9e4\uc785\ud558\uaca0\ub2e4\ub294 \uc785\uc7a5\uc744 \uba85\ud655\ud788 \ud588\uc73c\uba70, \uc774 \ub9e4\uc785\uc740 \ube44\ubd88\ud0dc\ud654 \ubc29\uc2dd\uc73c\ub85c \uc774\ub8e8\uc5b4\uc9c8 \uac83\uc774\ub2e4.<br>\uc774\ub7ec\ud55c \uc811\uadfc\uc740 \uac1c\ub150\uc801\uc73c\ub85c \ub9e4\uc6b0 \uc815\uad50\ud558\ub2e4.<br>\uc2e4\uc9c8\uc801\uc778 \ud1b5\ud654 \uc218\uc694\ub294 \ubc18\ub4dc\uc2dc \ucda9\uc871\ub418\uc5b4\uc57c \ud558\uba70, \uc218\uc694\uc5d0 \uae30\ubc18\ud55c \ubc1c\ud589\uc740 \uc778\ud50c\ub808\uc774\uc158\uc744 \uc720\ubc1c\ud558\uc9c0 \uc54a\ub294\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc744 \uc720\ubc1c\ud558\ub294 \uac83\uc740 \uc218\uc694\uac00 \uc5c6\ub294 \ubc1c\ud589\uc774\ub2e4.<br>\uc774 \ubc29\uc2dd \ud558\uc5d0\uc11c\ub294 \uc678\ud658\ubcf4\uc720\uc561\uc774 \ucd95\uc801\ub418\uace0, \uc911\uc559\uc740\ud589\uc758 \uc678\ud654 \uae30\uc900 \ub300\ucc28\ub300\uc870\ud45c\uac00 \uac15\ud654\ub418\uba70, \ub3d9\uc2dc\uc5d0 \ud658\uc728\uc758 \uacfc\ub3c4\ud55c \uc808\uc0c1\ub3c4 \ubc29\uc9c0\ud560 \uc218 \uc788\ub2e4. \ub610\ud55c \ube44\ubd88\ud0dc\ud654 \ub9e4\uc785\uc740 \ub2e8\uae30 \ucc28\uc775\uac70\ub798(\uce90\ub9ac \ud2b8\ub808\uc774\ub4dc, carry trade) \uc5d0 \uae30\ubc18\ud55c \uacfc\ub3c4\ud55c \uc790\ubcf8 \uc720\uc785 \uc704\ud5d8\uc744 \uc904\uc774\ub294 \ud6a8\uacfc\ub3c4 \uc788\ub2e4.<br>\ub2e4\ub9cc \uc911\uc694\ud55c \uc9c8\ubb38\uc774 \ud558\ub098 \ub0a8\ub294\ub2e4.<br>\uc774\ub7ec\ud55c \ub2ec\ub7ec \ub9e4\uc785\uc740 \uacfc\uc5f0 \uc5b4\ub5a4 \ud658\uc728 \uc218\uc900\uc5d0\uc11c \uc774\ub8e8\uc5b4\uc9c8 \uac83\uc778\uac00?<br>\ud569\ub9ac\uc801\uc73c\ub85c \ubcf4\uc544, \uc774\ub294 \ud658\uc728 \ubc34\ub4dc\uc758 \ud558\ub2e8\uacfc\ub294 \uc0c1\ub2f9\ud788 \ub5a8\uc5b4\uc9c4 \uc218\uc900\uc5d0\uc11c \ubc1c\uc0dd\ud560 \uac00\ub2a5\uc131\uc774 \ud06c\ub2e4.<br>\ub450 \ubc88\uc9f8 \uc2dc\ub098\ub9ac\uc624\ub294 \uae30\ucd08\ud1b5\ud654 \uc218\uc694\uac00 \ub2e4\uc2dc \uc57d\ud654\ub418\ub294 \uacbd\uc6b0\ub2e4.<br>\uc774 \uacbd\uc6b0, \ub0b4\uc0dd\uc801 \ud658\uc728 \ubc34\ub4dc \uccb4\uacc4 \ud558\uc5d0\uc11c \uc815\ubd80\uc758 \uac1c\uc785\uc774 \uc5c6\ub2e4\uba74, \ud658\uc728\uc740 \ube60\ub974\uac8c \uc0c8\ub85c\uc6b4 \ubc34\ub4dc \uc0c1\ub2e8\uc73c\ub85c \uc774\ub3d9\ud560 \uac00\ub2a5\uc131\uc774 \ud06c\ub2e4. \uc774 \uc0c8\ub85c\uc6b4 \uc0c1\ub2e8\uc740 \ud604\uc7ac\ubcf4\ub2e4 \ub2e4\uc18c \ub192\uc740 \uc218\uc900\uc774 \ub420 \uac83\uc774\ub2e4.<br>\ub2e4\ub9cc, 2\uc6d4\uc5d0 \uc801\uc6a9\ub420 \ubc34\ub4dc \uc0c1\ub2e8\uc758 \uc704\uce58\ub294 12\uc6d4\uc758 \uc778\ud50c\ub808\uc774\uc158\uacfc, \uc774\ud6c4 \uba87 \uac1c\uc6d4\uac04\uc758 \ubb3c\uac00 \ud750\ub984\uc5d0 \ub530\ub77c \ub2ec\ub77c\uc9c4\ub2e4. \uc774\ub294 \ud604\uc7ac\ub85c\uc11c\ub294 \ubd88\ud655\uc2e4\ud55c \uc694\uc18c\uc774\uba70, \ud658\uc728 \uc790\uccb4\uc758 \uc6c0\uc9c1\uc784\ubfd0\ub9cc \uc544\ub2c8\ub77c \ubbf8\ub798 \ud658\uc728\uc5d0 \ub300\ud55c \uae30\ub300\uc5d0\ub3c4 \ud06c\uac8c \uc88c\uc6b0\ub41c\ub2e4.<br>\ud655\uc2e4\ud55c \uc810\uc740, \uc774 \uc0c8\ub85c\uc6b4 \uc0c1\ub2e8\uc774 \ud604\uc7ac \uc81c\ub3c4\uc5d0\uc11c \ub3c4\ucd9c\ub418\ub294 \uc0c1\ub2e8\ubcf4\ub2e4 \ub192\uc744 \uac83\uc774\ub77c\ub294 \uc0ac\uc2e4\uc774\ub2e4. \uc774\ub294 \uc5b4\ub5a4 \uc778\ud50c\ub808\uc774\uc158 \uc804\ub9dd\ub3c4 \uc6d4 1% \ub0b4\uc678\uc758 \ubb3c\uac00\uc0c1\uc2b9\ub960\uc744 \uac00\uc815\ud558\uc9c0 \uc54a\uae30 \ub54c\ubb38\uc774\ub2e4.<br>\uadf8 \uacb0\uacfc, \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8 \uc790\uccb4\uac00 \ubd88\ud655\uc2e4\ud574\uc9c0\uba70, \ubd80\uc815\uc801\uc778 \uc2dc\ub098\ub9ac\uc624\uc5d0\uc11c\ub294 \uc810\uc810 \ub354 \uad34\ub9ac\ub418\ub294 \ubc29\ud5a5\uc73c\ub85c \uc6c0\uc9c1\uc77c \uac00\ub2a5\uc131\ub3c4 \uc874\uc7ac\ud55c\ub2e4. \uc774\ub7ec\ud55c \uc0c1\ud669\uc5d0\uc11c \ud575\uc2ec \uc9c8\ubb38\uc740, \ud658\uc728 \ubbf8\ub798\uc5d0 \ub300\ud55c \ubd88\ud655\uc2e4\uc131\uc774 \ucee4\uc9c8 \ub54c \ud398\uc18c\ud654\uc5d0 \ub300\ud55c \uc218\uc694\uac00 \uc5b4\ub5bb\uac8c \ubc18\uc751\ud560 \uac83\uc778\uac00\uc774\ub2e4.<br>2025\ub144\uc740 \uc544\ub974\ud5e8\ud2f0\ub098\uc5d0\uc11c \ud1b5\ud654 \uc218\uc694\uc758 \ucde8\uc57d\uc131\uc744 \ub2e4\uc2dc \ud55c \ubc88 \ubcf4\uc5ec\uc8fc\uc5c8\ub2e4.<br>\uc911\uc559\uc740\ud589 \uc815\uc758\uc5d0 \ub530\ub978 \ubbfc\uac04 \uac70\ub798\uc6a9 M2 \ud1b5\ud654\ub7c9\uc740 \uc5f0\ub9d0 \uae30\uc900\uc73c\ub85c, \uc911\uc559\uc740\ud589\uc774 \uc791\ub144 4\uc6d4\uc5d0 \uc81c\uc2dc\ud55c \ubcf4\uc218\uc801 \ucd94\uc815\uce58\ubcf4\ub2e4 40% \ub0ae\uc740 \uc218\uc900\uc5d0\uc11c \ub9c8\uac10\ub418\uc5c8\ub2e4.<br>\uacbd\uc81c\uc758 \uc7ac\ud1b5\ud654\ud654\ub97c \uae30\ub300\ud560 \ud569\ub9ac\uc801\uc778 \uadfc\uac70\ub294 \uc874\uc7ac\ud558\uc9c0\ub9cc, \uc774\ub97c \uc704\ud574\uc11c\ub294 \ub2e8\uc21c\ud55c \uacbd\uc81c \ubcc0\uc218\ubfd0 \uc544\ub2c8\ub77c \uc81c\ub3c4\uc801 \uc694\uc778\uacfc \uae30\ub300 \uc694\uc778\uae4c\uc9c0 \ud3ec\uad04\ud558\ub294 \uc885\ud569\uc801 \uc811\uadfc\uc774 \ud544\uc218\uc801\uc774\ub2e4. \uc774\ub7ec\ud55c \uc2e0\ub8b0\uac00 \uc2e4\uc81c\ub85c \uc9c0\uc18d\uc801\uc778 \ud1b5\ud654 \uc218\uc694 \uc99d\uac00\ub85c \uc774\uc5b4\uc9c0\uae30 \uc704\ud574\uc11c\ub294 \uc815\ucc45 \uc77c\uad00\uc131\uc774 \uc911\uc694\ud558\ub2e4.<br>\ub2e4\ub9cc \ud1b5\ud654 \uc218\uc694\uc758 \ubcc0\ub3d9\uc131\uc774 \ub9e4\uc6b0 \ud06c\ub2e4\ub294 \uc810\uc744 \uac10\uc548\ud560 \ub54c, \ub2f9\uad6d\uc740 \uc5b8\uc81c\ub4e0\uc9c0 \ub300\uccb4(\ube44\uc0c1) \uc2dc\ub098\ub9ac\uc624\uc5d0 \ub300\ube44\ud558\uace0 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\uac83\uc774\ub2e4. \uc608\ub97c \ub4e4\uc5b4, 1\uc6d4\ubd80\ud130\ub294 11\uc6d4\uc758 \uc778\ud50c\ub808\uc774\uc158\ub960\uc5d0 \ub9de\ucdb0 \ubc34\ub4dc\uac00 \uc870\uc815\ub41c\ub2e4.\uc774\ub85c\uc368 4\uc6d4\uc5d0 \ubc1c\ud45c\ub418\uc5c8\ub358 \uae30\uc874 \uc81c\ub3c4\uac00 \uc218\uc815\ub41c\ub2e4. \ub2f9\uc2dc \uc81c\ub3c4\ub294 \ubc1c\ud45c \uc9c1\ud6c4\ubd80\ud130 \ube44\ud310\uc744 \ubc1b\uc558\ub294\ub370, \uadf8 \uc774\uc720\ub294 \ud658\uc728 \ubc34\ub4dc\uac00 \uc9c0\ub098\uce58\uac8c \ub113\uace0, \ubcf8\uc9c8\uc801\uc73c\ub85c \ubd88\uc548\uc815\ud55c \ud1b5\ud654 \uc218\uc694\uc758 \ubcc0\ud654\uc5d0 \uc9c0\ub098\uce58\uac8c \uc758\uc874\ud558\uace0 \uc788\uc5c8\uae30 \ub54c\ubb38\uc774\ub2e4.\uc774\ub7ec\ud55c \uad6c\uc870\uc5d0\uc11c\ub294 \ud1b5\ud654 \uc218\uc694\uac00 \ud558\ub77d\ud560 \uacbd\uc6b0, \ud658\uc728\uc774 \ube60\ub974\uac8c \ubc34\ub4dc \uc0c1\ub2e8\uc73c\ub85c \uc774\ub3d9\ud558\uba70 \uc678\ud658\uc2dc\uc7a5 \uac1c\uc785\uc774 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