<\/p>\n\n\n\n
\ucd5c\uadfc \uae00\ub85c\ubc8c \uc790\uc0b0 \ubc30\ubd84\uc758 \uc911\uc694\uc131\uc774 \ucee4\uc9c0\uba74\uc11c \ubbf8\uad6d\uc774\ub098 \uc720\ub7fd \uac19\uc740 \uc120\uc9c4\uad6d \uc2dc\uc7a5\uc744 \ub118\uc5b4 \ub192\uc740 \uc131\uc7a5 \uc7a0\uc7ac\ub825\uc744 \uac00\uc9c4 \uc2e0\ud765\uad6d(Emerging Markets) \uc2dc\uc7a5\uc5d0 \ub300\ud55c \uad00\uc2ec\uc774 \ub728\uac81\uc2b5\ub2c8\ub2e4. \uc2e0\ud765\uad6d \ud22c\uc790\ub294 \uc800\uc131\uc7a5 \uae30\uc870\uc5d0 \uc811\uc5b4\ub4e0 \uc120\uc9c4\uad6d \uc2dc\uc7a5\uc5d0\uc11c \ucc3e\uae30 \ud798\ub4e0 \uace0\uc218\uc775\uc758 \uae30\ud68c\ub97c \uc81c\uacf5\ud558\uc9c0\ub9cc, \uadf8\ub9cc\ud07c \ubcc0\ub3d9\uc131\uacfc \uc704\ud5d8 \uc694\uc18c\uac00 \uc0b0\uc7ac\ud574 \uc788\ub294 \uc591\ub0a0\uc758 \uac80\uacfc \uac19\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \uc131\uacf5\uc801\uc778 \uad6d\uc81c \uc7ac\ud14c\ud06c\ub97c \uc704\ud574\uc11c\ub294 \ub9c9\uc5f0\ud55c \uae30\ub300\uac10\uc774 \uc544\ub2cc, \uac1d\uad00\uc801\uc778 \uc9c0\ud45c\ub97c \ubc14\ud0d5\uc73c\ub85c \ud574\ub2f9 \uad6d\uac00\uc758 \uacbd\uc81c \uae30\ucd08 \uccb4\ub825\uc744 \ubd84\uc11d\ud558\ub294 \uc548\ubaa9\uc774 \ud544\uc218\uc801\uc785\ub2c8\ub2e4. \ubcf8 \uae00\uc5d0\uc11c\ub294 \uc2e0\ud765\uad6d \ud22c\uc790\uc758 \ud575\uc2ec \uc9c0\ud45c\uc778 \uad6d\uac00 \uc2e0\uc6a9 \ub4f1\uae09\uc758 \uc758\ubbf8\uc640 \uc774\ub97c \ud65c\uc6a9\ud574 \ub9ac\uc2a4\ud06c\ub97c \uad00\ub9ac\ud558\ub294 \uc2e4\uc9c8\uc801\uc778 \ubc29\ubc95\uc744 \uc0c1\uc138\ud788 \uc54c\uc544\ubcf4\uaca0\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n
\uc2e0\ud765\uad6d \uc2dc\uc7a5\uc740 \uc778\uad6c \uad6c\uc870\uac00 \uc80a\uace0 \ub3c4\uc2dc\ud654\uac00 \ube60\ub974\uac8c \uc9c4\ud589\ub418\ub294 \uad6d\uac00\ub4e4\uc744 \uc911\uc2ec\uc73c\ub85c \uac15\ub825\ud55c \ub0b4\uc218 \uc2dc\uc7a5\uacfc \uc0dd\uc0b0 \ub2a5\ub825\uc744 \ubcf4\uc720\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \uad6d\uac00\ub4e4\uc740 \uae30\uc220 \ub3c4\uc785 \uc18d\ub3c4\uac00 \ube60\ub974\uace0 \uc815\ubd80 \uc8fc\ub3c4\uc758 \uc778\ud504\ub77c \ud22c\uc790\uac00 \ud65c\ubc1c\ud558\uc5ec, \uc99d\uc2dc\uc758 \uc0c1\uc2b9 \ud0c4\ub825\uc774 \uc120\uc9c4\uad6d\ubcf4\ub2e4 \uc6d4\ub4f1\ud788 \ub192\uac8c \ub098\ud0c0\ub098\ub294 \uacbd\ud5a5\uc774 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \uc790\uc6d0 \ubd80\uad6d\uc774\ub098 \uae00\ub85c\ubc8c \uacf5\uae09\ub9dd\uc758 \ud575\uc2ec \uac70\uc810\uc73c\ub85c \ubd80\uc0c1\ud558\ub294 \uad6d\uac00\ub4e4\uc740 \uae00\ub85c\ubc8c \uc790\uae08 \uc720\uc785\uc758 \uc218\ud61c\ub97c \uc9c1\uc811\uc801\uc73c\ub85c \ubc1b\uac8c \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n
\uc2e0\ud765\uad6d\uc5d0 \ud22c\uc790\ud560 \ub54c \uac00\uc7a5 \uba3c\uc800 \ud655\uc778\ud574\uc57c \ud560 \uc9c0\ud45c\ub294 \ubc14\ub85c \uad6d\uac00 \uc2e0\uc6a9 \ub4f1\uae09\uc785\ub2c8\ub2e4. \uc774\ub294 \ud55c \uad6d\uac00\uac00 \ucc44\ubb34\ub97c \uc81c\ub54c \uc774\ud589\ud560 \uc218 \uc788\ub294 \ub2a5\ub825\uc744 \ud3c9\uac00\ud55c \uc131\uc801\ud45c\uc640 \uac19\uc2b5\ub2c8\ub2e4. \uc2e0\uc6a9 \ub4f1\uae09\uc774 \ub192\ub2e4\ub294 \uac83\uc740 \ud574\ub2f9 \uad6d\uac00\uc758 \uc815\uce58\uc801 \uc548\uc815\uc774 \ud655\ubcf4\ub418\uc5b4 \uc788\uace0 \uc678\ud658 \ubcf4\uc720\uace0\uac00 \ucda9\ubd84\ud558\uba70 \uacbd\uc81c \uc815\ucc45\uc774 \uc608\uce21 \uac00\ub2a5\ud558\ub2e4\ub294 \uac83\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4. \ubc18\ub300\ub85c \ub4f1\uae09\uc774 \ub0ae\uac70\ub098 \ud558\ud5a5 \uc870\uc815\ub418\ub294 \ucd94\uc138\ub77c\uba74 \uc790\ubcf8 \uc720\ucd9c\uacfc \ud654\ud3d0 \uac00\uce58 \ud3ed\ub77d\uc758 \uc704\ud5d8\uc774 \ucee4\uc9c0\ubbc0\ub85c \ud22c\uc790\uc5d0 \uac01\ubcc4\ud55c \uc8fc\uc758\uac00 \ud544\uc694\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n
<\/p>\n\n\n\n
\uad6d\uac00\uc758 \uacbd\uc81c \uc0c1\ud0dc\ub97c \uac1c\uc778\uc774 \uc9c1\uc811 \ubd84\uc11d\ud558\uae30\ub780 \ubd88\uac00\ub2a5\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \uc774\ub54c \ud65c\uc6a9\ud558\ub294 \uac83\uc774 \uc138\uacc4\uc801\uc778 \uad8c\uc704\ub97c \uac00\uc9c4 3\ub300 \uc2e0\uc6a9\ud3c9\uac00\uc0ac\uc778 S&P(Standard & Poor’s), Moody’s(\ubb34\ub514\uc2a4), Fitch(\ud53c\uce58)\uc758 \ubcf4\uace0\uc11c\uc785\ub2c8\ub2e4. \uc774\ub4e4\uc740 \uac01\uad6d\uc758 \uc7ac\uc815 \uac74\uc804\uc131, \uc815\uce58\uc801 \ub9ac\uc2a4\ud06c, \uc131\uc7a5\ub960 \ub4f1\uc744 \uc885\ud569\ud558\uc5ec \ub4f1\uae09\uc744 \ub9e4\uae41\ub2c8\ub2e4.<\/p>\n\n\n\n
\uc77c\ubc18\uc801\uc73c\ub85c ‘BBB-‘ \uc774\uc0c1\uc758 \ub4f1\uae09\uc744 \ud22c\uc790 \uc801\uaca9 \ub4f1\uae09\uc73c\ub85c \ubd84\ub958\ud558\uba70, \uadf8 \ubbf8\ub9cc\uc740 \ud22c\uae30 \ub4f1\uae09(Junk)\uc73c\ub85c \uac04\uc8fc\ud569\ub2c8\ub2e4. \uc2e0\ud765\uad6d \uc911\uc5d0\uc11c\ub3c4 \ubca0\ud2b8\ub0a8, \uc778\ub3c4, \ube0c\ub77c\uc9c8 \ub4f1 \uac01\uae30 \ub2e4\ub978 \ub4f1\uae09\uc744 \ubcf4\uc720\ud558\uace0 \uc788\ub294\ub370, \ub2e8\uc21c\ud788 \uc218\uc775\ub960\ub9cc \ubcf4\uace0 \ud22c\uae30 \ub4f1\uae09 \uad6d\uac00\uc5d0 \uc804\uc561 \ud22c\uc790\ud558\ub294 \uac83\uc740 \ub9e4\uc6b0 \uc704\ud5d8\ud569\ub2c8\ub2e4. \ucd08\ubcf4 \ud22c\uc790\uc790\ub77c\uba74 \uac00\uae09\uc801 \ud22c\uc790 \uc801\uaca9 \ub4f1\uae09 \ud558\ud55c\uc120\uc5d0 \uac78\uccd0 \uc788\uac70\ub098 \uc0c1\ud5a5 \uc870\uc815 \uac00\ub2a5\uc131(Outlook)\uc774 ‘\uae0d\uc815\uc801(Positive)’\uc778 \uad6d\uac00\ub97c \uc6b0\uc120\uc21c\uc704\uc5d0 \ub450\ub294 \uac83\uc774 \ubc14\ub78c\uc9c1\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n
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\uc2e0\uc6a9 \ub4f1\uae09\uc774 \uc808\ub300\uc801\uc778 \uc815\ub2f5\uc740 \uc544\ub2d9\ub2c8\ub2e4. \ub4f1\uae09\uc740 \ud6c4\ud589 \uc9c0\ud45c\uc778 \uacbd\uc6b0\uac00 \ub9ce\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \ub530\ub77c\uc11c \uc2e0\uc6a9 \ub4f1\uae09\uacfc \ud568\uaed8 ‘CDS \ud504\ub9ac\ubbf8\uc5c4(Credit Default Swap Premium)’\uc744 \ud568\uaed8 \uc0b4\ud3b4\ubcf4\ub294 \uc9c0\ud61c\uac00 \ud544\uc694\ud569\ub2c8\ub2e4. CDS \ud504\ub9ac\ubbf8\uc5c4\uc740 \ud574\ub2f9 \uad6d\uac00\uac00 \ubd80\ub3c4\ub0a0 \uacbd\uc6b0\ub97c \ub300\ube44\ud55c \ubcf4\ud5d8\ub8cc \uc131\uaca9\uc758 \uc218\uc218\ub8cc\ub85c, \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc774 \uc2e4\uc2dc\uac04\uc73c\ub85c \ub290\ub07c\ub294 \uc704\uae30\uac10\uc744 \ubc18\uc601\ud569\ub2c8\ub2e4. \uc2e0\uc6a9 \ub4f1\uae09\uc740 \uadf8\ub300\ub85c\uc778\ub370 CDS \ud504\ub9ac\ubbf8\uc5c4\uc774 \uae09\ub4f1\ud558\uace0 \uc788\ub2e4\uba74, \uc774\ub294 \uc870\ub9cc\uac04 \uc2e0\uc6a9 \ub4f1\uae09 \ud558\ub77d\uc774\ub098 \uacbd\uc81c \uc704\uae30\uac00 \ub2e5\uce60 \uc218 \uc788\ub2e4\ub294 \uac15\ub825\ud55c \uacbd\uace0 \uc2e0\ud638\ub85c \ud574\uc11d\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n
\uc2e0\ud765\uad6d \ud22c\uc790\uc758 \uac00\uc7a5 \ud070 \uc801\uc740 \uc8fc\uac00 \ud558\ub77d\ubcf4\ub2e4 ‘\ud658\ucc28\uc190’\uc785\ub2c8\ub2e4. \ud574\ub2f9 \uad6d\uac00\uc758 \uc99d\uc2dc\uac00 \uc62c\ub77c\ub3c4 \ud654\ud3d0 \uac00\uce58\uac00 \uae09\ub77d\ud558\uba74 \uc6d0\ud654 \uae30\uc900 \uc218\uc775\ub960\uc740 \ub9c8\uc774\ub108\uc2a4\uac00 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub97c \ubc29\uc9c0\ud558\uae30 \uc704\ud574\uc11c\ub294 \ud2b9\uc815 \uad6d\uac00\uc5d0 \uc9d1\uc911\ud558\uae30\ubcf4\ub2e4 MSCI \uc2e0\ud765\uad6d \uc9c0\uc218(MSCI EM Index)\ub97c \ucd94\uc885\ud558\ub294 ETF\ub97c \ud1b5\ud574 \uc5ec\ub7ec \uad6d\uac00\uc5d0 \ubd84\uc0b0 \ud22c\uc790\ud558\ub294 \uac83\uc774 \uc548\uc815\uc801\uc785\ub2c8\ub2e4. \ub610\ud55c, \ub2ec\ub7ec\ud654\ub85c \uacb0\uc81c\ub418\ub294 ADR(\ubbf8\uad6d \uc8fc\uc2dd \uc2dc\uc7a5\uc5d0 \uc0c1\uc7a5\ub41c \uc678\uad6d \uc8fc\uc2dd)\uc744 \ud65c\uc6a9\ud558\uba74 \ud574\ub2f9 \uad6d \ud654\ud3d0\uc758 \ubcc0\ub3d9\uc131\uc744 \uc77c\uc815 \ubd80\ubd84 \uc0c1\uc1c4\ud558\ub294 \ud6a8\uacfc\ub97c \uc5bb\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n
<\/p>\n\n\n\n
\uc2e0\ud765\uad6d \uc2dc\uc7a5\uc740 \uad6d\uc81c \uc7ac\ud14c\ud06c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc758 \uc218\uc775\ub960\uc744 \uadf9\ub300\ud654\ud560 \uc218 \uc788\ub294 \ub9e4\ub825\uc801\uc778 \uc601\uc5ed\uc784\uc774 \ubd84\uba85\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ub192\uc740 \uc218\uc775\uc5d0\ub294 \ubc18\ub4dc\uc2dc \uadf8\uc5d0 \uc0c1\uc751\ud558\ub294 \ucc45\uc784\uacfc \ub9ac\uc2a4\ud06c\uac00 \ub530\ub985\ub2c8\ub2e4. \uad6d\uac00\ubcc4 \uc2e0\uc6a9 \ub4f1\uae09\uc744 \uc815\uae30\uc801\uc73c\ub85c \ubaa8\ub2c8\ud130\ub9c1\ud558\uace0 \uc2e0\uc6a9\ud3c9\uac00\uc0ac\uc758 \uc804\ub9dd \ubcf4\uace0\uc11c\ub97c \uc77d\ub294 \uc2b5\uad00\uc744 \uae30\ub978\ub2e4\uba74, \uc704\uae30 \uc0c1\ud669\uc5d0\uc11c \ub0a8\ub4e4\ubcf4\ub2e4 \ube60\ub974\uac8c \uc790\uc0b0\uc744 \ubcf4\ud638\ud558\uace0 \uae30\ud68c\ub97c \ud3ec\ucc29\ud560 \uc218 \uc788\uc744 \uac83\uc785\ub2c8\ub2e4. \ud22c\uc790\uc758 \ubcf8\uc9c8\uc740 \uc783\uc9c0 \uc54a\ub294 \uac83\uc5d0 \uc788\uc74c\uc744 \uba85\uc2ec\ud558\uace0, \ub370\uc774\ud130\uc5d0 \uae30\ubc18\ud55c \uc774\uc131\uc801\uc778 \uc811\uadfc\uc73c\ub85c \uc2e0\ud765\uad6d\uc758 \uc131\uc7a5 \ub3d9\ub825\uc5d0 \uc62c\ub77c\ud0c0 \ubcf4\uc2dc\uae30 \ubc14\ub78d\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"
\ucd5c\uadfc \uae00\ub85c\ubc8c \uc790\uc0b0 \ubc30\ubd84\uc758 \uc911\uc694\uc131\uc774 \ucee4\uc9c0\uba74\uc11c \ubbf8\uad6d\uc774\ub098 \uc720\ub7fd \uac19\uc740 \uc120\uc9c4\uad6d \uc2dc\uc7a5\uc744 \ub118\uc5b4 \ub192\uc740 \uc131\uc7a5 \uc7a0\uc7ac\ub825\uc744 \uac00\uc9c4 \uc2e0\ud765\uad6d(Emerging Markets) \uc2dc\uc7a5\uc5d0 \ub300\ud55c \uad00\uc2ec\uc774 \ub728\uac81\uc2b5\ub2c8\ub2e4. \uc2e0\ud765\uad6d \ud22c\uc790\ub294 \uc800\uc131\uc7a5 \uae30\uc870\uc5d0 \uc811\uc5b4\ub4e0 \uc120\uc9c4\uad6d \uc2dc\uc7a5\uc5d0\uc11c \ucc3e\uae30 \ud798\ub4e0 \uace0\uc218\uc775\uc758 \uae30\ud68c\ub97c \uc81c\uacf5\ud558\uc9c0\ub9cc, \uadf8\ub9cc\ud07c \ubcc0\ub3d9\uc131\uacfc \uc704\ud5d8 \uc694\uc18c\uac00 \uc0b0\uc7ac\ud574 \uc788\ub294 \uc591\ub0a0\uc758 \uac80\uacfc \uac19\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \uc131\uacf5\uc801\uc778 \uad6d\uc81c \uc7ac\ud14c\ud06c\ub97c \uc704\ud574\uc11c\ub294 \ub9c9\uc5f0\ud55c \uae30\ub300\uac10\uc774 \uc544\ub2cc, \uac1d\uad00\uc801\uc778 \uc9c0\ud45c\ub97c \ubc14\ud0d5\uc73c\ub85c \ud574\ub2f9 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"class_list":["post-1001","post","type-post","status-publish","format-standard","hentry","category-41"],"featured_image_url":[],"post_author":"seungju1022","assigned_categories":"\uae08\uc735\uc815\ubcf4","_links":{"self":[{"href":"https:\/\/inlifenote.com\/index.php?rest_route=\/wp\/v2\/posts\/1001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inlifenote.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/inlifenote.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/inlifenote.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/inlifenote.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1001"}],"version-history":[{"count":1,"href":"https:\/\/inlifenote.com\/index.php?rest_route=\/wp\/v2\/posts\/1001\/revisions"}],"predecessor-version":[{"id":1002,"href":"https:\/\/inlifenote.com\/index.php?rest_route=\/wp\/v2\/posts\/1001\/revisions\/1002"}],"wp:attachment":[{"href":"https:\/\/inlifenote.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/inlifenote.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/inlifenote.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}