{"id":13140,"date":"2026-06-18T14:58:11","date_gmt":"2026-06-18T17:58:11","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=13140"},"modified":"2026-06-18T14:58:12","modified_gmt":"2026-06-18T17:58:12","slug":"%ea%b2%bd%ec%a0%9c-%ec%86%8c%ec%8b%9d-2-%ec%95%84%eb%a5%b4%ed%97%a8%ed%8b%b0%eb%82%98-%ea%b2%bd%ec%a0%9c-%ec%9a%94%ec%95%bd","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=13140","title":{"rendered":"[\uacbd\uc81c \uc18c\uc2dd 2] \uc544\ub974\ud5e8\ud2f0\ub098 \uacbd\uc81c \uc694\uc57d"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"334\" height=\"180\" src=\"https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/06\/OIP.webp\" alt=\"\" class=\"wp-image-13141\" srcset=\"https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/06\/OIP.webp 334w, https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/06\/OIP-300x162.webp 300w\" sizes=\"(max-width: 334px) 100vw, 334px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\uc544\ub974\ud5e8\ud2f0\ub098 \uacbd\uc81c \uc694\uc57d<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>MSCI(\uc138\uacc4\uc801\uc778 \uc601\ud5a5\ub825\uc774 \uc788\ub294 \uc9c0\uc218 \uc0b0\ucd9c \ud68c\uc0ac) \uc2dc\uc7a5 \ub4f1\uae09 \uc0c1\ud5a5 \uae30\ub300<br>MSCI\uac00 \uae00\ub85c\ubc8c \uc2dc\uc7a5 \uc811\uadfc\uc131 \ud3c9\uac00\ub97c \ubc1c\ud45c\ud560 \uc608\uc815\uc785\ub2c8\ub2e4.<br>\uc544\ub974\ud5e8\ud2f0\ub098\ub294 \ud604\uc7ac 2021\ub144\ubd80\ud130 &#8216;\ub3c5\ub9bd\uc2dc\uc7a5&#8217; \ub4f1\uae09\uc5d0 \uc18d\ud574 \uc788\uc73c\uba70, \uc774\ub294 \uac00\uc7a5 \ub0ae\uc740 \ub4f1\uae09\uc785\ub2c8\ub2e4.<br>\uc815\ubd80\ub294 \uc6b0\uc120 &#8216;\ud504\ub7f0\ud2f0\uc5b4 \uc2dc\uc7a5(\uaddc\ubaa8\uac00 \uc791\uace0 \uc720\ub3d9\uc131 \ub0ae\uc9c0\ub9cc \ud22c\uc790 \uac00\ub2a5 \uc2dc\uc7a5)&#8217;\uc73c\ub85c \uc2b9\uaca9\ub41c \ud6c4 \uc7a5\uae30\uc801\uc73c\ub85c &#8216;\uc2e0\ud765\uc2dc\uc7a5&#8217; \ubcf5\uadc0\ub97c \ubaa9\ud45c\ub85c \ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br>MSCI \uc2b9\uaca9 \uc2dc \ud574\uc678 \uae30\uad00\ud22c\uc790\uc790\ub4e4\uc758 \ud22c\uc790 \uc81c\ud55c\uc774 \uc644\ud654\ub418\uc5b4 \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uc2dd\uc2dc\uc7a5\uc73c\ub85c \ub300\uaddc\ubaa8 \uc678\uad6d \uc790\uae08 \uc720\uc785\uc774 \uac00\ub2a5\ud574\uc9c8 \uc804\ub9dd\uc785\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\ub3c4\ub9e4\ubb3c\uac00 \uc0c1\uc2b9\ub960 \ub454\ud654<br>5\uc6d4 \ub3c4\ub9e4\ubb3c\uac00\uc9c0\uc218(IPIM)\ub294 \uc804\uc6d4 5.2%\uc5d0\uc11c 2.5%\ub85c \ud06c\uac8c \ud558\ub77d\ud588\uc2b5\ub2c8\ub2e4.<br>2026\ub144 \ub204\uc801 \uc0c1\uc2b9\ub960\uc740 14.4%, \uc804\ub144 \ub3d9\uae30 \ub300\ube44 \uc0c1\uc2b9\ub960\uc740 34.5%\ub97c \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4.<br>\uad6d\ub0b4 \uc81c\ud488\uc740 2.5%, \uc218\uc785\ud488\uc740 3.1% \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4.<br>\uc804\ub825\uc694\uae08\uc774 14.7% \uc0c1\uc2b9\ud558\uba70 \uac00\uc7a5 \ud070 \uc778\uc0c1\ud3ed\uc744 \uae30\ub85d\ud588\uace0 \ud654\ud559\uc81c\ud488\uc740 7.2% \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4.<br>\ubc18\uba74 \uc218\uc0b0\uc5c5 \ubd80\uc9c4\uc73c\ub85c 1\ucc28 \uc0b0\uc5c5 \uac00\uaca9 \uc0c1\uc2b9\ub960\uc740 1.7%\uc5d0 \uadf8\ucce4\uc2b5\ub2c8\ub2e4.<br>\uc804\ubc18\uc801\uc73c\ub85c \uc778\ud50c\ub808\uc774\uc158 \uc555\ub825\uc774 \uc644\ud654\ub418\ub294 \ud750\ub984\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\uad6d\uac00\uc704\ud5d8\ub3c4 \uc18c\ud3ed \uc0c1\uc2b9<br>\uad6d\uac00\uc704\ud5d8\ub3c4\ub294 435bp\ub85c 5bp \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4.<br>\ub2e4\ub9cc \ucd5c\uadfc 8\ub144 \ub0b4 \ucd5c\uc800 \uc218\uc900 \ubd80\uadfc\uc744 \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br>\ubbf8\uad6d \uc5f0\uc900(Fed)\uc758 \ucd94\uac00 \uae08\ub9ac\uc778\uc0c1 \uc804\ub9dd\uc73c\ub85c \uc544\ub974\ud5e8\ud2f0\ub098 ADR \uc8fc\uac00\uac00 \ucd5c\ub300 5.5% \ud558\ub77d\ud588\uc2b5\ub2c8\ub2e4.<br>\ubc18\uba74 \uba54\ub974\ubc1c(Merval) \uc9c0\uc218\ub294 0.6% \uc0c1\uc2b9\ud558\uba70 \uc0c1\ub300\uc801\uc73c\ub85c \uacac\uc870\ud55c \ubaa8\uc2b5\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4.<br>\ucd5c\uadfc S&amp;P\uac00 \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\uac00\uc2e0\uc6a9\ub4f1\uae09\uc744 CCC+\uc5d0\uc11c B-\ub85c \uc0c1\ud5a5 \uc870\uc815\ud55c \uac83\uc774 \uae0d\uc815\uc801\uc73c\ub85c \uc791\uc6a9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\ub2ec\ub7ec \ud658\uc728 \uc0c1\uc2b9<br>\uc18c\ub9e4 \uacf5\uc2dd\ud658\uc728\uc740 1,460\ud398\uc18c\ub85c 5\ud398\uc18c \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4.<br>\ub3c4\ub9e4\ud658\uc728\uc740 1,441.31\ud398\uc18c\ub85c \ub9c8\uac10\ud588\uc2b5\ub2c8\ub2e4.<br>MEP \ud658\uc728\uc740 1,461.63\ud398\uc18c(+0.5%)\ub97c \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4.<br>CCL \ud658\uc728\uc740 1,504.99\ud398\uc18c\ub85c 0.6% \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4.<br>\ud604\uc7ac \ub3c4\ub9e4\ud658\uc728\uc740 \uc815\ubd80\uac00 \uc124\uc815\ud55c \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\ubcf4\ub2e4 \uc57d 19% \ub0ae\uc740 \uc218\uc900\uc785\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\ubbf8\uc8fc\uac1c\ubc1c\uc740\ud589(BID) 5\uc5b55\ucc9c\ub9cc \ub2ec\ub7ec \ubcf4\uc99d \uc2b9\uc778<br>BID\ub294 \uc544\ub974\ud5e8\ud2f0\ub098\uc5d0 \ucd5c\ub300 5\uc5b55\ucc9c\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ubcf4\uc99d\uc744 \uc2b9\uc778\ud588\uc2b5\ub2c8\ub2e4.<br>\uc774\ub97c \ud1b5\ud574 \ucd5c\ub300 12\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ubbfc\uac04 \uc790\uae08 \uc870\ub2ec\uc774 \uac00\ub2a5\ud574\uc9c8 \uc804\ub9dd\uc785\ub2c8\ub2e4.<br>\uc790\uae08\uc740 \uce58\uc548\u00b7\uc0ac\ubc95\uac1c\ud601 \ud504\ub85c\uadf8\ub7a8\uc5d0 \ud65c\uc6a9\ub420 \uc608\uc815\uc785\ub2c8\ub2e4.<br>\uc804\ub0a0 \uc138\uacc4\uc740\ud589\uc774 20\uc5b5 \ub2ec\ub7ec \ubcf4\uc99d\uc744 \uc2b9\uc778\ud55c \ub370 \uc774\uc5b4 \uad6d\uc81c\uae30\uad6c\ub4e4\uc758 \uc9c0\uc6d0\uc774 \uacc4\uc18d\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br>7\uc6d4\uc5d0\ub294 CAF(\uc911\ub0a8\ubbf8\u318d\uce74\ub9ac\ube0c \uac1c\ubc1c\uc740\ud589)\uc758 5\uc5b5 \ub2ec\ub7ec \ucd94\uac00 \uc9c0\uc6d0\ub3c4 \uc608\uc0c1\ub429\ub2c8\ub2e4.<\/li>\n\n\n\n<li>5\uc6d4 \uc7ac\uc815\uc218\uc9c0 \ud751\uc790 \uc720\uc9c0<br>\uad6d\uac00 \uacf5\uacf5\ubd80\ubb38\uc740 5\uc6d4 4,786\uc5b5 \ud398\uc18c\uc758 \uc7ac\uc815\ud751\uc790\ub97c \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4.<br>\uae30\ubcf8\uc7ac\uc815\uc218\uc9c0 \ud751\uc790\ub294 1\uc8709,200\uc5b5 \ud398\uc18c, \uc774\uc790\uc9c0\uae09\uc740 1\uc8704,500\uc5b5 \ud398\uc18c\uc600\uc2b5\ub2c8\ub2e4.<br>\uc62c\ud574 1~5\uc6d4 \ub204\uc801 \uc7ac\uc815\ud751\uc790\ub294 GDP\uc758 0.2% \uc218\uc900\uc785\ub2c8\ub2e4.<br>\ubc95\uc778\uc138 \uc218\uc785\uc774 \uc804\ub144 \ub300\ube44 72.5% \uc99d\uac00\ud558\uba70 \uc138\uc218 \uc99d\uac00\ub97c \uc8fc\ub3c4\ud588\uc2b5\ub2c8\ub2e4.<br>\uc911\uc559\uc740\ud589\uc740 2025 \ud68c\uacc4\uc5f0\ub3c4 \uc774\uc775\uae08 24\uc870 4\ucc9c\uc5b5 \ud398\uc18c\ub97c \uc7ac\ubb34\uccad\uc5d0 \uc774\uc804\ud558\uc5ec \uad6d\ucc44 \uc0c1\ud658\uc5d0 \ud65c\uc6a9\ud558\ub3c4\ub85d \ud588\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\ubbf8\uad6d \uc5f0\uc900(Fed) \ucd94\uac00 \uae08\ub9ac\uc778\uc0c1 \uac00\ub2a5\uc131 \ud655\ub300<br>\uc5f0\uc900\uc740 \uae30\uc900\uae08\ub9ac\ub97c 3.5~3.75%\ub85c \uc720\uc9c0\ud588\uc2b5\ub2c8\ub2e4.<br>\uc0c8 \uc758\uc7a5 \ucf00\ube48 \uc6cc\uc2dc\uac00 \uccab \ud68c\uc758\ub97c \uc8fc\uc7ac\ud588\uc2b5\ub2c8\ub2e4.<br>\uc704\uc6d0 19\uba85 \uc911 9\uba85\uc774 \uc62c\ud574 \ucd94\uac00 \uae08\ub9ac\uc778\uc0c1\uc774 \ud544\uc694\ud558\ub2e4\uace0 \ud310\ub2e8\ud588\uc2b5\ub2c8\ub2e4.<br>\uc5f0\ub9d0 \uae30\uc900\uae08\ub9ac \uc804\ub9dd\uc740 3.4%\uc5d0\uc11c 3.8%\ub85c \uc0c1\ud5a5 \uc870\uc815\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<br>\uc2dc\uc7a5\uc740 12\uc6d4\uae4c\uc9c0 25bp \ucd94\uac00 \uc778\uc0c1 \uac00\ub2a5\uc131\uc744 41%\ub85c \ubcf4\uace0 \uc788\uc73c\uba70, \uadf8 \uc774\uc0c1\uc758 \uc778\uc0c1 \uac00\ub2a5\uc131\ub3c4 29%\ub85c \ud3c9\uac00\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">\uc885\ud569 \ud3c9\uac00<br>\uc774\ubc88 \uc9c0\ud45c\ub4e4\uc740 \uc804\ubc18\uc801\uc73c\ub85c \uc544\ub974\ud5e8\ud2f0\ub098 \uacbd\uc81c\uc5d0 \uae0d\uc815\uc801\uc785\ub2c8\ub2e4. \uc778\ud50c\ub808\uc774\uc158 \ub454\ud654, \uc7ac\uc815\ud751\uc790 \uc720\uc9c0, \uc138\uacc4\uc740\ud589\u00b7BID\u00b7CAF \ub4f1 \uad6d\uc81c\uae30\uad6c \uc9c0\uc6d0 \ud655\ub300, MSCI \uc2dc\uc7a5\ub4f1\uae09 \uc0c1\ud5a5 \uae30\ub300\uac00 \ub3d9\uc2dc\uc5d0 \ub098\ud0c0\ub098\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \ubbf8\uad6d\uc758 \uae08\ub9ac\uc778\uc0c1 \uac00\ub2a5\uc131\uc774 \ub192\uc544\uc9c0\uba74\uc11c \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \uc2e0\ud765\uad6d \uc790\uae08 \uc720\ucd9c \uc555\ub825\uc774 \ubc1c\uc0dd\ud560 \uc218 \uc788\uc73c\uba70, \uc774\uc5d0 \ub530\ub77c \ucc44\uad8c\uacfc \uc8fc\uc2dd\uc2dc\uc7a5\uc758 \ubcc0\ub3d9\uc131\uc740 \ub2f9\ubd84\uac04 \uc9c0\uc18d\ub420 \uac83\uc73c\ub85c \ubcf4\uc785\ub2c8\ub2e4. \ud2b9\ud788 6\uc6d4 24\uc77c MSCI\uc758 \uacb0\uc815\uc740 \ud5a5\ud6c4 \uc678\uad6d\uc778 \ud22c\uc790 \uc720\uc785 \uc5ec\ubd80\ub97c \uacb0\uc815\ud558\ub294 \uc911\uc694\ud55c \ubd84\uc218\ub839\uc774 \ub420 \uc804\ub9dd\uc785\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\uc544\ub974\ud5e8\ud2f0\ub098 \uacbd\uc81c \uc694\uc57d \uc885\ud569 \ud3c9\uac00\uc774\ubc88 \uc9c0\ud45c\ub4e4\uc740 \uc804\ubc18\uc801\uc73c\ub85c \uc544\ub974\ud5e8\ud2f0\ub098 \uacbd\uc81c\uc5d0 \uae0d\uc815\uc801\uc785\ub2c8\ub2e4. \uc778\ud50c\ub808\uc774\uc158 \ub454\ud654, \uc7ac\uc815\ud751\uc790 \uc720\uc9c0, \uc138\uacc4\uc740\ud589\u00b7BID\u00b7CAF \ub4f1 \uad6d\uc81c\uae30\uad6c \uc9c0\uc6d0 \ud655\ub300, MSCI \uc2dc\uc7a5\ub4f1\uae09 \uc0c1\ud5a5 \uae30\ub300\uac00 \ub3d9\uc2dc\uc5d0 \ub098\ud0c0\ub098\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \ubbf8\uad6d\uc758 \uae08\ub9ac\uc778\uc0c1 \uac00\ub2a5\uc131\uc774 \ub192\uc544\uc9c0\uba74\uc11c \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \uc2e0\ud765\uad6d \uc790\uae08 \uc720\ucd9c \uc555\ub825\uc774 \ubc1c\uc0dd\ud560 \uc218 \uc788\uc73c\uba70, \uc774\uc5d0 \ub530\ub77c \ucc44\uad8c\uacfc \uc8fc\uc2dd\uc2dc\uc7a5\uc758 \ubcc0\ub3d9\uc131\uc740 \ub2f9\ubd84\uac04 \uc9c0\uc18d\ub420 \uac83\uc73c\ub85c \ubcf4\uc785\ub2c8\ub2e4. \ud2b9\ud788 6\uc6d4 24\uc77c MSCI\uc758 \uacb0\uc815\uc740 \ud5a5\ud6c4 \uc678\uad6d\uc778 \ud22c\uc790 \uc720\uc785 \uc5ec\ubd80\ub97c \uacb0\uc815\ud558\ub294 \uc911\uc694\ud55c \ubd84\uc218\ub839\uc774 \ub420 \uc804\ub9dd\uc785\ub2c8\ub2e4.<\/p>\n","protected":false},"author":6,"featured_media":13141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-13140","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\/13140","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=13140"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/13140\/revisions"}],"predecessor-version":[{"id":13142,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/13140\/revisions\/13142"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/13141"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}