{"id":38739,"date":"2026-02-12T06:39:04","date_gmt":"2026-02-12T06:39:04","guid":{"rendered":"https:\/\/www.globalresearch.co.kr\/insight\/bond-market-mordor\/"},"modified":"2026-10-02T23:56:41","modified_gmt":"2026-10-02T14:56:41","slug":"bond-market-mordor","status":"publish","type":"post","link":"https:\/\/www.globalresearch.co.kr\/insight\/bond-market-mordor\/","title":{"rendered":"\uc138\uacc4\uc758 \ucc44\uad8c \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc810\uc720\uc728 \ubd84\uc11d \u2013 \uc131\uc7a5 \ub3d9\ud5a5 \ubc0f \uc804\ub9dd (2026\ub144 ~ 2031\ub144)"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.globalresearch.co.kr\/insight\/wp-content\/uploads\/2026\/02\/bond-market-1751016475417-major-players.webp\" alt=\"Chart\" class=\"aligncenter size-full\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.globalresearch.co.kr\/insight\/wp-content\/uploads\/2026\/02\/bond-market-size-image-1767807396085.webp\" alt=\"Chart\" class=\"aligncenter size-full\" \/><\/p>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-0\">1. \uc11c\ub860<\/p>\n<ul>\n<li class=\"toc-level-2\">1.1 \uc5f0\uad6c \uac00\uc815 \ubc0f \uc2dc\uc7a5 \uc815\uc758<\/li>\n<li class=\"toc-level-2\">1.2 \uc5f0\uad6c \ubc94\uc704<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-1\">2. \uc5f0\uad6c \ubc29\ubc95\ub860<\/p>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-2\">3. \uc694\uc57d<\/p>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-3\">4. \uc2dc\uc7a5 \ud658\uacbd<\/p>\n<ul>\n<li class=\"toc-level-2\">4.1 \uc2dc\uc7a5 \uac1c\uc694<\/li>\n<li class=\"toc-level-2\">4.2 \uc2dc\uc7a5 \ub3d9\uc778\n<ul>\n<li class=\"toc-level-3\">4.2.1 \uc548\uc815\ud654\ub418\ub294 \uae00\ub85c\ubc8c \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\uac00 \ucc44\uad8c \ubc30\ubd84\uc744 \uc9c0\uc9c0<\/li>\n<li class=\"toc-level-3\">4.2.2 \ubd80\ucc44 \ub9e4\uce6d \uc790\uc0b0\uc73c\ub85c\uc758 \uae30\uad00 \uc790\uc0b0 \uc7ac\uc870\uc815<\/li>\n<li class=\"toc-level-3\">4.2.3 \uae00\ub85c\ubc8c \uc9c0\uc218\uc5d0 \uc2e0\ud765 \uc2dc\uc7a5 \ud604\uc9c0 \ud1b5\ud654 \ucc44\uad8c \ud3b8\uc785<\/li>\n<li class=\"toc-level-3\">4.2.4 ESG \ub77c\ubca8(\ub179\uc0c9, \uc0ac\ud68c\uc801, \uc9c0\uc18d\uac00\ub2a5\uc131 \uc5f0\uacc4) \ucc44\uad8c \ucc44\ud0dd \uc99d\uac00<\/li>\n<li class=\"toc-level-3\">4.2.5 \ubd84\uc0b0\uc6d0\uc7a5 \ud50c\ub7ab\ud3fc\uc5d0\uc11c\uc758 \ud1a0\ud070\ud654\ub41c \ucc44\uad8c \ubc1c\ud589<\/li>\n<li class=\"toc-level-3\">4.2.6 \uc2e4\uc2dc\uac04 \uacb0\uc81c\ub97c \uac00\ub2a5\ud558\uac8c \ud558\ub294 \uc911\uc559\uc740\ud589 \ub514\uc9c0\ud138 \ud1b5\ud654 \uc2dc\ubc94 \uc6b4\uc601<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">4.3 \uc2dc\uc7a5 \uc81c\uc57d\n<ul>\n<li class=\"toc-level-3\">4.3.1 \uac00\ud30c\ub978 \uc218\uc775\ub960 \uace1\uc120\uc73c\ub85c \uc778\ud55c \ub4c0\ub808\uc774\uc158 \uc5f0\uc7a5 \uc704\ud5d8<\/li>\n<li class=\"toc-level-3\">4.3.2 \ud504\ub860\ud2f0\uc5b4 \uacbd\uc81c\uad6d\uc758 \uad6d\uac00 \ubd80\ucc44 \uc9c0\uc18d\uac00\ub2a5\uc131 \uc6b0\ub824<\/li>\n<li class=\"toc-level-3\">4.3.3 \uc740\ud589 \ubc0f \ud2b8\ub808\uc774\ub529 \uc7a5\ubd80\uc5d0 \ub300\ud55c \ub192\uc740 \uc790\ubcf8 \uc801\uc815\uc131 \ubd80\uacfc\uae08 (\ubc14\uc824 IV)<\/li>\n<li class=\"toc-level-3\">4.3.4 \uac1c\ubc1c\ub3c4\uc0c1\uad6d \uc2dc\uc7a5\uc5d0\uc11c \uc7a5\uae30 \ud5e4\uc9c0 \uc218\ub2e8\uc758 \ubd80\uc871<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">4.4 \uac00\uce58 \/ \uacf5\uae09\ub9dd \ubd84\uc11d<\/li>\n<li class=\"toc-level-2\">4.5 \uaddc\uc81c \ud658\uacbd<\/li>\n<li class=\"toc-level-2\">4.6 \uae30\uc220 \uc804\ub9dd<\/li>\n<li class=\"toc-level-2\">4.7 \ud3ec\ud130\uc758 5\uac00\uc9c0 \uacbd\uc7c1 \uc694\uc778\n<ul>\n<li class=\"toc-level-3\">4.7.1 \uc2e0\uaddc \uc9c4\uc785\uc790\uc758 \uc704\ud611<\/li>\n<li class=\"toc-level-3\">4.7.2 \uad6c\ub9e4\uc790\uc758 \uad50\uc12d\ub825<\/li>\n<li class=\"toc-level-3\">4.7.3 \uacf5\uae09\uc790\uc758 \uad50\uc12d\ub825<\/li>\n<li class=\"toc-level-3\">4.7.4 \ub300\uccb4\uc7ac\uc758 \uc704\ud611<\/li>\n<li class=\"toc-level-3\">4.7.5 \uacbd\uc7c1 \uac15\ub3c4<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-4\">5. \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc131\uc7a5 \uc608\uce21 (\uac00\uce58, USD \uc870)<\/p>\n<ul>\n<li class=\"toc-level-2\">5.1 \uc720\ud615\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.1.1 \uad6d\ucc44<\/li>\n<li class=\"toc-level-3\">5.1.2 \uc9c0\ubc29\ucc44<\/li>\n<li class=\"toc-level-3\">5.1.3 \ud68c\uc0ac\ucc44<\/li>\n<li class=\"toc-level-3\">5.1.4 \uace0\uc218\uc775 \ucc44\uad8c<\/li>\n<li class=\"toc-level-3\">5.1.5 \uc8fc\ud0dd\uc800\ub2f9\uc99d\uad8c<\/li>\n<li class=\"toc-level-3\">5.1.6 \uae30\ud0c0 (\ubcc0\ub3d9\uae08\ub9ac\ucc44, \uc81c\ub85c\ucfe0\ud3f0\ucc44, \uc911\ub3c4\uc0c1\ud658\ucc44)<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">5.2 \ubc1c\ud589\uae30\uad00\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.2.1 \uacf5\uacf5 \ubd80\ubb38<\/li>\n<li class=\"toc-level-3\">5.2.2 \ubbfc\uac04 \ubd80\ubb38<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">5.3 \ubd80\ubb38\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.3.1 \uc5d0\ub108\uc9c0 &amp; \uc720\ud2f8\ub9ac\ud2f0<\/li>\n<li class=\"toc-level-3\">5.3.2 \uae30\uc220, \ubbf8\ub514\uc5b4 &amp; \ud1b5\uc2e0<\/li>\n<li class=\"toc-level-3\">5.3.3 \ud5ec\uc2a4\ucf00\uc5b4 &amp; \uc81c\uc57d<\/li>\n<li class=\"toc-level-3\">5.3.4 \uc18c\ube44\uc7ac (\ud544\uc218 \uc18c\ube44\uc7ac &amp; \uacbd\uae30 \ubbfc\uac10 \uc18c\ube44\uc7ac)<\/li>\n<li class=\"toc-level-3\">5.3.5 \uc0b0\uc5c5\uc7ac<\/li>\n<li class=\"toc-level-3\">5.3.6 \ubd80\ub3d9\uc0b0 &amp; REITs<\/li>\n<li class=\"toc-level-3\">5.3.7 \uae30\ud0c0<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">5.4 \uc9c0\uc5ed\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.4.1 \ubd81\ubbf8<\/li>\n<li class=\"toc-level-4\">5.4.1.1 \ubbf8\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.1.2 \uce90\ub098\ub2e4<\/li>\n<li class=\"toc-level-4\">5.4.1.3 \uba55\uc2dc\ucf54<\/li>\n<li class=\"toc-level-3\">5.4.2 \ub0a8\ubbf8<\/li>\n<li class=\"toc-level-4\">5.4.2.1 \ube0c\ub77c\uc9c8<\/li>\n<li class=\"toc-level-4\">5.4.2.2 \ud398\ub8e8<\/li>\n<li class=\"toc-level-4\">5.4.2.3 \uce60\ub808<\/li>\n<li class=\"toc-level-4\">5.4.2.4 \uc544\ub974\ud5e8\ud2f0\ub098<\/li>\n<li class=\"toc-level-4\">5.4.2.5 \ub0a8\ubbf8 \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<li class=\"toc-level-3\">5.4.3 \uc720\ub7fd<\/li>\n<li class=\"toc-level-4\">5.4.3.1 \ub3c5\uc77c<\/li>\n<li class=\"toc-level-4\">5.4.3.2 \uc601\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.3.3 \ud504\ub791\uc2a4<\/li>\n<li class=\"toc-level-4\">5.4.3.4 \uc774\ud0c8\ub9ac\uc544<\/li>\n<li class=\"toc-level-4\">5.4.3.5 \uc2a4\ud398\uc778<\/li>\n<li class=\"toc-level-4\">5.4.3.6 \ubca0\ub124\ub8e9\uc2a4 (\ubca8\uae30\uc5d0, \ub124\ub35c\ub780\ub4dc, \ub8e9\uc148\ubd80\ub974\ud06c)<\/li>\n<li class=\"toc-level-4\">5.4.3.7 \ubd81\uc720\ub7fd (\uc2a4\uc6e8\ub374, \ub178\ub974\uc6e8\uc774, \ub374\ub9c8\ud06c, \ud540\ub780\ub4dc)<\/li>\n<li class=\"toc-level-4\">5.4.3.8 \uc720\ub7fd \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<li class=\"toc-level-3\">5.4.4 \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591<\/li>\n<li class=\"toc-level-4\">5.4.4.1 \uc911\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.4.2 \uc778\ub3c4<\/li>\n<li class=\"toc-level-4\">5.4.4.3 \uc77c\ubcf8<\/li>\n<li class=\"toc-level-4\">5.4.4.4 \ub300\ud55c\ubbfc\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.4.5 \ud638\uc8fc<\/li>\n<li class=\"toc-level-4\">5.4.4.6 \ub3d9\ub0a8\uc544\uc2dc\uc544<\/li>\n<li class=\"toc-level-4\">5.4.4.7 \uc778\ub3c4\ub124\uc2dc\uc544<\/li>\n<li class=\"toc-level-4\">5.4.4.8 \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591 \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<li class=\"toc-level-3\">5.4.5 \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74<\/li>\n<li class=\"toc-level-4\">5.4.5.1 \uc544\ub78d\uc5d0\ubbf8\ub9ac\ud2b8<\/li>\n<li class=\"toc-level-4\">5.4.5.2 \uc0ac\uc6b0\ub514\uc544\ub77c\ube44\uc544<\/li>\n<li class=\"toc-level-4\">5.4.5.3 \ub0a8\uc544\ud504\ub9ac\uce74 \uacf5\ud654\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.5.4 \ub098\uc774\uc9c0\ub9ac\uc544<\/li>\n<li class=\"toc-level-4\">5.4.5.5 \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74 \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-5\">6. \uacbd\uc7c1 \ud658\uacbd<\/p>\n<ul>\n<li class=\"toc-level-2\">6.1 \uc2dc\uc7a5 \uc9d1\uc911\ub3c4<\/li>\n<li class=\"toc-level-2\">6.2 \uc804\ub7b5\uc801 \ud589\ubcf4<\/li>\n<li class=\"toc-level-2\">6.3 \uc2dc\uc7a5 \uc810\uc720\uc728 \ubd84\uc11d<\/li>\n<li class=\"toc-level-2\">6.4 \uae30\uc5c5 \ud504\ub85c\ud544 (\uae00\ub85c\ubc8c \uc218\uc900 \uac1c\uc694, \uc2dc\uc7a5 \uc218\uc900 \uac1c\uc694, \ud575\uc2ec \ubd80\ubb38, \uc7ac\ubb34 \uc815\ubcf4 (\uac00\ub2a5\ud55c \uacbd\uc6b0), \uc804\ub7b5 \uc815\ubcf4, \uc2dc\uc7a5 \uc21c\uc704\/\uc810\uc720\uc728, \uc81c\ud488 \ubc0f \uc11c\ube44\uc2a4, \ucd5c\uadfc \ub3d9\ud5a5 \ud3ec\ud568)\n<ul>\n<li class=\"toc-level-3\">6.4.1 Morgan Stanley<\/li>\n<li class=\"toc-level-3\">6.4.2 Wells Fargo &amp; Co.<\/li>\n<li class=\"toc-level-3\">6.4.3 \ubbf8\uad6d \uc7ac\ubb34\ubd80 (\uad6d\uac00)<\/li>\n<li class=\"toc-level-3\">6.4.4 \uc77c\ubcf8 \uc815\ubd80<\/li>\n<li class=\"toc-level-3\">6.4.5 UBS Group AG<\/li>\n<li class=\"toc-level-3\">6.4.6 Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<\/li>\n<li class=\"toc-level-3\">6.4.7 Credit Suisse Group AG<\/li>\n<li class=\"toc-level-3\">6.4.8 Saudi Aramco<\/li>\n<li class=\"toc-level-3\">6.4.9 Berkshire Hathaway Inc.<\/li>\n<li class=\"toc-level-3\">6.4.10 \uc911\ud654\uc778\ubbfc\uacf5\ud654\uad6d<\/li>\n<li class=\"toc-level-3\">6.4.11 JPMorgan Chase &amp; Co.<\/li>\n<li class=\"toc-level-3\">6.4.12 Goldman Sachs Group Inc.<\/li>\n<li class=\"toc-level-3\">6.4.13 BlackRock Inc.<\/li>\n<li class=\"toc-level-3\">6.4.14 HSBC Holdings plc<\/li>\n<li class=\"toc-level-3\">6.4.15 Bank of America Corp.<\/li>\n<li class=\"toc-level-3\">6.4.16 BNP Paribas S.A.<\/li>\n<li class=\"toc-level-3\">6.4.17 Citigroup Inc.<\/li>\n<li class=\"toc-level-3\">6.4.18 Deutsche Bank AG<\/li>\n<li class=\"toc-level-3\">6.4.19 Credit Agricole S.A.<\/li>\n<li class=\"toc-level-3\">6.4.20 Barclays plc<\/li>\n<li class=\"toc-level-3\">6.4.21 \uc720\ub7fd \uc5f0\ud569 &amp; EFSF\/ESM<\/li>\n<li class=\"toc-level-3\">6.4.22 AT&amp;T<\/li>\n<li class=\"toc-level-3\">6.4.23 Microsoft<\/li>\n<li class=\"toc-level-3\">6.4.24 Verizon Communications<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-6\">7. \uc2dc\uc7a5 \uae30\ud68c &amp; \ubbf8\ub798 \uc804\ub9dd<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc810\uc720\uc728 \ubd84\uc11d: \uc131\uc7a5 \ub3d9\ud5a5 \ubc0f \uc608\uce21 (2026-2031)<\/p>\n<p># 1. \uc11c\ub860 \ubc0f \uc2dc\uc7a5 \uac1c\uc694<\/p>\n<p>\ubcf8 \ubcf4\uace0\uc11c\ub294 2026\ub144\ubd80\ud130 2031\ub144\uae4c\uc9c0\uc758 \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5 \uaddc\ubaa8, \uc131\uc7a5 \ub3d9\ud5a5 \ubc0f \uc810\uc720\uc728\uc744 \uc2ec\uce35\uc801\uc73c\ub85c \ubd84\uc11d\ud569\ub2c8\ub2e4. \uc804 \uc138\uacc4 \ucc44\uad8c \uc2dc\uc7a5\uc740 \uc911\uc559\uc740\ud589 \ub514\uc9c0\ud138 \ud1b5\ud654(CBDC)\ub97c \ud65c\uc6a9\ud55c \uc2e4\uc2dc\uac04 \uacb0\uc81c \uc2dc\ubc94 \uc6b4\uc601, \ud1a0\ud070\ud654\ub41c \ucc44\uad8c \ubc1c\ud589 \uc99d\uac00, \uadf8\ub9ac\uace0 \uc5ec\ub7ec \uc911\uc559\uc740\ud589\uc758 \ud1b5\ud654 \uc644\ud654 \uc0ac\uc774\ud074\uc5d0 \ud798\uc785\uc5b4 \uc9c0\uc18d\uc801\uc778 \uc131\uc7a5\uc744 \ubcf4\uc77c \uac83\uc73c\ub85c \uc804\ub9dd\ub429\ub2c8\ub2e4. \ub3d9\uc2dc\uc5d0 \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\uce58 \uc548\uc815\ud654\ub294 \uc804\ub7b5\uc801 \uace0\uc815 \uc218\uc785 \uc790\uc0b0 \ubc30\ubd84\uc744 \ubd80\ud65c\uc2dc\ud0a4\uace0 \uc788\uc73c\uba70, \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc740 \ubd80\ucc44 \ub9e4\uce6d \ubc0f \ub354 \ub192\uc740 \ucfe0\ud3f0 \uc218\uc775 \ud655\ubcf4\ub97c \uc704\ud574 \ub2e8\uae30 \ud604\uae08\uc131 \uc790\uc0b0\uc5d0\uc11c \uc7a5\uae30 \uc99d\uad8c\uc73c\ub85c \uc804\ud658\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>Mordor Intelligence\uc758 \ubd84\uc11d\uc5d0 \ub530\ub974\uba74, \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5\uc740 2025\ub144 120.58\uc870 \ub2ec\ub7ec\uc5d0\uc11c 2026\ub144 127.36\uc870 \ub2ec\ub7ec\ub85c \uc131\uc7a5\ud588\uc73c\uba70, 2031\ub144\uc5d0\ub294 167.52\uc870 \ub2ec\ub7ec\uc5d0 \uc774\ub97c \uac83\uc73c\ub85c \uc608\uce21\ub429\ub2c8\ub2e4. \uc608\uce21 \uae30\uac04(2026-2031\ub144) \ub3d9\uc548 \uc5f0\ud3c9\uade0 \uc131\uc7a5\ub960(CAGR)\uc740 5.62%\ub85c \uc804\ub9dd\ub429\ub2c8\ub2e4. \uac00\uc7a5 \ube60\ub974\uac8c \uc131\uc7a5\ud558\ub294 \uc2dc\uc7a5\uc740 \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591 \uc9c0\uc5ed\uc774\uba70, \uac00\uc7a5 \ud070 \uc2dc\uc7a5\uc740 \ubd81\ubbf8 \uc9c0\uc5ed\uc73c\ub85c \ub098\ud0c0\ub0ac\uc2b5\ub2c8\ub2e4. \uc2dc\uc7a5 \uc9d1\uc911\ub3c4\ub294 &#8216;\uc911\uac04&#8217; \uc218\uc900\uc785\ub2c8\ub2e4.<\/p>\n<p># 2. \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5 \ub3d9\ud5a5 \ubc0f \ud1b5\ucc30<\/p>\n<p> 2.1. \uc131\uc7a5 \ub3d9\ub825 (Drivers)<\/p>\n<p>*   \uae00\ub85c\ubc8c \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\uce58 \uc548\uc815\ud654: \ud32c\ub370\ubbf9 \uc774\ud6c4 \uc778\ud50c\ub808\uc774\uc158\uc774 \uc9c4\uc815\ub418\uba74\uc11c \uc911\uc559\uc740\ud589\ub4e4\uc774 \uc644\ud654 \uc0ac\uc774\ud074\uc744 \uc2dc\uc791\ud588\uc2b5\ub2c8\ub2e4. \ubbf8\uad6d \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uc758 \uc2e0\uc911\ud55c \uae08\ub9ac \uc778\ud558 \uc18d\ub3c4\ub294 \uba85\ubaa9 \uc218\uc775\ub960\uc744 \ucda9\ubd84\ud788 \ub192\uac8c \uc720\uc9c0\ud558\uc5ec \uae0d\uc815\uc801\uc778 \uc2e4\uc9c8 \uc218\uc775\ub960\uc744 \ucd94\uad6c\ud558\ub294 \ud22c\uc790\uc790\ub4e4\uc744 \uc720\uc778\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc720\ub7fd\uc911\uc559\uc740\ud589(ECB) \ub610\ud55c \uc815\ucc45 \uae08\ub9ac\ub97c 4.00%\uc5d0\uc11c 3.25%\ub85c \uc778\ud558\ud558\uba70 \ucd94\uac00 \uc778\ud558 \uac00\ub2a5\uc131\uc744 \uc2dc\uc0ac\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ub9e4\ub2c8\uc800\ub4e4\uc774 \uae30\uac04\uc744 \ub298\ub9ac\uace0 \ub2e8\uae30 \ud604\uae08\uc131 \uc790\uc0b0\uc744 \uc911\uc7a5\uae30 \ud22c\uc790 \ub4f1\uae09 \ucc44\uad8c\uc73c\ub85c \ub300\uccb4\ud558\uac8c \ub9cc\ub4e4\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uae30\uad00 \uc790\uc0b0\uc758 \ubd80\ucc44 \ub9e4\uce6d \uc790\uc0b0\uc73c\ub85c\uc758 \uc7ac\uc870\uc815: \uc5f0\uae30\uae08 \ubc0f \ubcf4\ud5d8\uc0ac\ub4e4\uc740 \uc218\uc2ed \ub144\uc5d0 \uac78\uce5c \ubd80\ucc44\uc640 \ud604\uae08 \ud750\ub984\uc744 \uc77c\uce58\uc2dc\ud0a4\uae30 \uc704\ud574 \uc7a5\uae30 \uc99d\uad8c\uc73c\ub85c \uc801\uadf9\uc801\uc73c\ub85c \uc774\ub3d9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ud575\uc2ec \uad6d\ucc44 \ubc0f \uace0\ub4f1\uae09 \ud68c\uc0ac\ucc44\uc758 \uae0d\uc815\uc801\uc778 \uc2e4\uc9c8 \uc218\uc775\ub960\uc740 \ucc44\uad8c\uc758 \uc18c\ub4dd \ucc3d\ucd9c \ub9e4\ub825\uc744 \ud68c\ubcf5\uc2dc\ucf1c, \ub354 \uc704\ud5d8\ud55c \ub300\uc548\uc744 \ucd94\uad6c\ud560 \ud544\uc694\uc131\uc744 \uc904\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc720\ub7fd \ubcf4\ud5d8\uc0ac\ub4e4\uc740 Solvency II \uaddc\uc81c\uc5d0 \ub530\ub77c \uae30\uac04 \ub9e4\uce6d \uc790\uc0b0\uc744 \ubcf4\uc720\ud568\uc73c\ub85c\uc368 \uc790\ubcf8 \ubd80\ub2f4\uc744 \uc904\uc77c \uc218 \uc788\uc5b4 \uc7a5\uae30 \ucc44\uad8c\uc5d0 \ub300\ud55c \uc608\uce21 \uac00\ub2a5\ud55c \ub9e4\uc218 \uc9c0\uc9c0\ub97c \uac15\ud654\ud569\ub2c8\ub2e4.<br \/>\n*   \uc2e0\ud765 \uc2dc\uc7a5 \ud604\uc9c0 \ud1b5\ud654 \ucc44\uad8c\uc758 \uae00\ub85c\ubc8c \uc9c0\uc218 \ud3b8\uc785: \uc778\ub3c4\uc758 JP\ubaa8\uac74 \uad6d\ucc44 \uc9c0\uc218 \ud3b8\uc785\uc740 1,000\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ud328\uc2dc\ube0c \uc790\uae08 \uc720\uc785\uc744 \uc720\ub3c4\ud558\uace0, 2\ucc28 \uc2dc\uc7a5 \uc720\ub3d9\uc131\uc744 \uc2ec\ud654\ud558\uba70 \ub9e4\uc218-\ub9e4\ub3c4 \uc2a4\ud504\ub808\ub4dc\ub97c \ucd95\uc18c\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \uc778\ub3c4\ub124\uc2dc\uc544\uc640 \ubca0\ud2b8\ub0a8\uc758 \uc720\uc0ac\ud55c \uc9c0\uc218 \ud3b8\uc785 \ub178\ub825\uc740 \ud604\uc9c0 \uc2dc\uc7a5 \uac1c\ud601\uc744 \uac00\uc18d\ud654\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc9c0\uc218 \ucee8\uc18c\uc2dc\uc5c4\uc774 \ucee4\ubc84\ub9ac\uc9c0\ub97c \ud655\ub300\ud568\uc5d0 \ub530\ub77c \ub354 \ub9ce\uc740 \uc2e0\ud765\uad6d \ubc1c\ud589\uc790\ub4e4\uc774 \ub0ae\uc740 \uc790\uae08 \uc870\ub2ec \ube44\uc6a9\uc744 \uc5bb\uac8c \ub418\uc5b4 \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5 \ub0b4 \uc804\ubc18\uc801\uc778 \ubc1c\ud589\ub7c9 \uc99d\uac00\ub97c \uc9c0\uc6d0\ud560 \uac83\uc785\ub2c8\ub2e4.<br \/>\n*   ESG(\ud658\uacbd, \uc0ac\ud68c, \uc9c0\ubc30\uad6c\uc870) \ub77c\ubca8 \ucc44\uad8c \ucc44\ud0dd \uc99d\uac00: 2025\ub144 \ubc1c\ud589\ub7c9\uc740 \uc9c0\uc815\ud559\uc801 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \uc804\ub144 \ub300\ube44 15% \uac10\uc18c\ud588\uc9c0\ub9cc, \uc911\uae30\uc801\uc778 \ubc1c\ud589 \ud30c\uc774\ud504\ub77c\uc778\uc740 \uc5ec\uc804\ud788 \uacac\uace0\ud569\ub2c8\ub2e4. \uc720\ub7fd\uc5f0\ud569\uc758 \uadf8\ub9b0 \ubcf8\ub4dc \ud45c\uc900\uc5d0 \ud798\uc785\uc5b4 \uadf8\ub9b0 \ubcf8\ub4dc\ub294 \uc804\uccb4 \uc9c0\uc18d \uac00\ub2a5\ud55c \ubc1c\ud589\ub7c9\uc758 58%\ub97c \ucc28\uc9c0\ud569\ub2c8\ub2e4. \uc2e0\ud765\uad6d \uad6d\ucc44 \ubc0f \uae30\uc5c5\ub4e4\uc740 \uae30\ud6c4 \uc804\ud658 \ud504\ub85c\uc81d\ud2b8 \uc790\uae08 \uc870\ub2ec\uc744 \uc704\ud574 \uc9c0\uc18d \uac00\ub2a5\uc131 \uc5f0\uacc4 \uad6c\uc870\ub97c \ud0d0\uc0c9\ud558\uba70 \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5\uc744 \ub354\uc6b1 \ud655\ub300\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \ubd84\uc0b0\uc6d0\uc7a5 \ud50c\ub7ab\ud3fc\uc744 \ud1b5\ud55c \ud1a0\ud070\ud654\ub41c \ucc44\uad8c \ubc1c\ud589: ECB\uc640 Clearstream\uc774 \uc644\ub8cc\ud55c \ud1a0\ud070\ud654\ub41c \ucc44\uad8c \uc2dc\ubc94 \uc6b4\uc601\uc740 \ubd84\uc0b0\uc6d0\uc7a5 \uc778\ud504\ub77c\uac00 \uac70\ub798 \ud6c4 \ub9c8\ucc30\uacfc \uc218\ub3d9 \ucc98\ub9ac \ube44\uc6a9\uc744 \uc5b4\ub5bb\uac8c \uc904\uc77c \uc218 \uc788\ub294\uc9c0 \ubcf4\uc5ec\uc8fc\uba70 \ucd94\uac00 \ud601\uc2e0\uc744 \uc7a5\ub824\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc911\uc559\uc740\ud589 \ub514\uc9c0\ud138 \ud1b5\ud654(CBDC) \uc2dc\ubc94 \uc6b4\uc601\uc744 \ud1b5\ud55c \uc2e4\uc2dc\uac04 \uacb0\uc81c: CBDC \uc2dc\ubc94 \uc6b4\uc601\uc740 \uac70\ub798 \ud6c4 \ub9c8\ucc30\uacfc \uc218\ub3d9 \ucc98\ub9ac \ube44\uc6a9\uc744 \uc904\uc5ec \uc2dc\uc7a5 \uc131\uc7a5\uc5d0 \uae30\uc5ec\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p> 2.2. \uc81c\uc57d \uc694\uc778 (Restraints)<\/p>\n<p>*   \uc218\uc775\ub960 \uace1\uc120 \uac00\ud30c\ub974\uae30(\uae30\uac04 \uc5f0\uc7a5 \uc704\ud5d8): \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uc758 2023\ub144 \uad6d\ucc44 \uc2dc\uc7a5 \uc5d0\ud53c\uc18c\ub4dc\ub294 \uc815\ucc45 \uae08\ub9ac \uae30\ub300\uce58\uac00 \ubcc0\ud558\uc9c0 \uc54a\ub354\ub77c\ub3c4 \uae30\uac04 \ud504\ub9ac\ubbf8\uc5c4 \uc7ac\ud3c9\uac00\uac00 \uc7a5\uae30 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc5d0 \ucda9\uaca9\uc744 \uc904 \uc218 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\uc2b5\ub2c8\ub2e4. \uc591\uc801 \uae34\ucd95\uc774 \uc9c0\uc18d\ub418\uba74\uc11c Fed\uac00 \ub300\uaddc\ubaa8 \ub9e4\uc218\uc790\ub85c \ubd80\uc7ac\ud55c \uc0c1\ud669\uc740 \uacf5\uae09 \uc8fc\ub3c4\ud615 \uace1\uc120 \uac00\ud30c\ub974\uae30\ub97c \uc99d\ud3ed\uc2dc\ucf1c \ud22c\uc790\uc790\ub4e4\uc744 \ucfe0\ud3f0 \uc218\uc775\uc744 \ucd08\uacfc\ud558\ub294 \uc2dc\uac00 \ud3c9\uac00 \uc190\uc2e4\uc5d0 \ub178\ucd9c\uc2dc\ud0ac \uc218 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uad6d\uacbd \uacbd\uc81c\uad6d\uc758 \uad6d\uac00 \ubd80\ucc44 \uc9c0\uc18d \uac00\ub2a5\uc131 \uc6b0\ub824: \uad6d\uacbd \uacbd\uc81c\uad6d\ub4e4\uc740 \ucd1d 29\uc870 \ub2ec\ub7ec\uc758 \ucc44\ubb34\ub97c \uc9c0\uace0 \uc788\uc73c\uba70, \ub192\uc740 \uae00\ub85c\ubc8c \uc2e4\uc9c8 \uae08\ub9ac\ub294 \ucc28\ud658 \uc704\ud5d8\uc744 \uc99d\uac00\uc2dc\ud0b5\ub2c8\ub2e4. \uad6d\uac00 \ubd80\ucc44 \ube44\uc6a9\uc774 \uae09\uc99d\ud560 \ub54c \ubc1c\uc0dd\ud560 \uc218 \uc788\ub294 \uc0ac\ud68c\uc801 \ubd88\uc548\uc815\uc740 \uc790\ubcf8 \ud750\ub984\uc744 \uc800\ub4f1\uae09 \ucc28\uc785\uc790\uc5d0\uac8c\uc11c \uba40\uc5b4\uc9c0\uac8c \ud558\uc5ec \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5\uc758 \ud655\uc7a5 \uc18d\ub3c4\ub97c \ub454\ud654\uc2dc\ud0ac \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc77c\ubd80 \uc9c0\uc5ed\uc5d0\uc11c\ub294 \ubd80\ucc44 \uc704\uae30\uc5d0 \ub300\uc751\ud55c \uc7ac\uc815 \uae34\ucd95\uc774 \uacf5\uacf5 \ud22c\uc790 \ubc0f \uc0ac\ud68c \uc9c0\ucd9c\uc744 \uc81c\ud55c\ud558\uc5ec \uacbd\uc81c\uc801 \ucde8\uc57d\uc131\uc744 \uc2ec\ud654\uc2dc\ud0ac \uc218 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc740\ud589 \uac70\ub798 \uc7a5\ubd80\uc5d0 \ub300\ud55c \ub192\uc740 \uc790\ubcf8 \uc801\uc815\uc131 \uc694\uac74(\ubc14\uc824 IV): \ubc14\uc824 IV \uaddc\uc81c\ub294 \uc804\ud1b5\uc801\uc778 \uc740\ud589\uc758 \uac70\ub798 \uc7a5\ubd80\uc5d0 \ub300\ud55c \uc790\ubcf8 \ube44\uc6a9\uc744 \uc99d\uac00\uc2dc\ucf1c, \ub0ae\uc740 \ub808\ubc84\ub9ac\uc9c0\ub85c \uc704\ud5d8\uc744 \uad00\ub9ac\ud560 \uc218 \uc788\ub294 \uc54c\uace0\ub9ac\uc998 \ud50c\ub7ab\ud3fc\uc73c\ub85c\uc758 \uc804\ud658\uc744 \uc7a5\ub824\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uac1c\ubc1c\ub3c4\uc0c1\uad6d\uc758 \uc7a5\uae30 \ud5e4\uc9c0 \uc218\ub2e8 \ubd80\uc871: \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591 \ubc0f \ub77c\ud2f4 \uc544\uba54\ub9ac\uce74 \uc9c0\uc5ed\uc5d0\uc11c\ub294 \uc7a5\uae30 \ud5e4\uc9c0 \uc218\ub2e8\uc758 \ubd80\uc871\uc774 \uc720\ub3d9\uc131\uc744 \uc5b5\uc81c\ud558\uc5ec \uc804\ubc18\uc801\uc778 \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5 \uc131\uc7a5\uc5d0 \ub300\ud55c \uae30\uc5ec\ub3c4\ub97c \uc57d\ud654\uc2dc\ud0a4\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p># 3. \uc138\uadf8\uba3c\ud2b8 \ubd84\uc11d<\/p>\n<p> 3.1. \uc720\ud615\ubcc4 \ubd84\uc11d<\/p>\n<p>*   \uad6d\ucc44(Treasury Bonds): 2025\ub144 \uc804\uccb4 \ubc1c\ud589 \uc794\uc561\uc758 44.78%\ub97c \ucc28\uc9c0\ud558\uba70, \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5 \uc804\ubc18\uc758 \uc2e0\uc6a9 \uc2a4\ud504\ub808\ub4dc \uac00\uaca9 \ucc45\uc815\uc744 \uc704\ud55c \uc8fc\uc694 \uae30\uc900 \uace1\uc120 \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4. \ud22c\uc790\uc790\ub4e4\uc740 \uac70\uc2dc \uacbd\uc81c \ubd88\ud655\uc2e4\uc131 \uc2dc\uae30\uc5d0 \uc720\ub3d9\uc131 \uad00\ub9ac, \ub2f4\ubcf4 \ubc0f \ubb34\uc704\ud5d8 \ud5e4\uc9c0\ub97c \uc704\ud574 \uad6d\ucc44\ub97c \uacc4\uc18d \ud65c\uc6a9\ud569\ub2c8\ub2e4. \ubbf8\uad6d\uc758 \uc9c0\uc18d\uc801\uc778 \uc7ac\uc815 \uc801\uc790\ub294 \uc815\uae30\uc801\uc778 \uad6d\ucc44 \uacbd\ub9e4\ub85c \uc774\uc5b4\uc838 \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5\uc758 \uae4a\uc774\ub97c \uac15\ud654\ud560 \uac83\uc785\ub2c8\ub2e4.<br \/>\n*   \uace0\uc218\uc775 \ucc44\uad8c(High-Yield Bonds): 2031\ub144\uae4c\uc9c0 8.12%\uc758 CAGR\ub85c \uac00\uc7a5 \ube60\ub974\uac8c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. 2024\ub144 \ubbf8\uad6d\uc5d0\uc11c 52.4%, \uc720\ub7fd\uc5d0\uc11c 85.9% \uc99d\uac00\ud558\ub294 \ub4f1 \ucc28\ud658 \uc218\uc694\uc5d0 \ud798\uc785\uc5b4 \ubc1c\ud589\ub7c9\uc774 \uae09\uc99d\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   \ud68c\uc0ac\ucc44(Corporate Bonds): 2024\ub144 1\uc870 \ub2ec\ub7ec\ub97c \ub118\uc5b4\uc130\uc73c\uba70, \ubcc0\ub3d9\uae08\ub9ac\ucc44 \uc218\uc694\ub3c4 \ud06c\uac8c \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc8fc\ud0dd\uc800\ub2f9\uc99d\uad8c(MBS): \uafb8\uc900\ud55c \ub9e4\uc218 \uc9c0\uc9c0\ub97c \uc720\uc9c0\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc804\ubc18\uc801\uc73c\ub85c \uc548\uc804 \uc790\uc0b0 \uc120\ud638\uc640 \uc218\uc775 \ucd94\uad6c \ub3d9\uae30\uac00 \uacf5\uc874\ud558\ub294 \uc591\ubd84\ub41c \uc2dc\uc7a5 \ud658\uacbd\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.<\/p>\n<p> 3.2. \ubc1c\ud589\uc790\ubcc4 \ubd84\uc11d<\/p>\n<p>*   \uacf5\uacf5 \ubd80\ubb38 \ubc1c\ud589\uc790: 2025\ub144 \ubc1c\ud589\ub7c9\uc758 49.62%\ub97c \ucc28\uc9c0\ud558\uba70, \ub300\uaddc\ubaa8 \uad6d\ucc44 \ubc1c\ud589 \ud504\ub85c\uadf8\ub7a8\uacfc \uc8fc\uc694 \uc911\uc559\uc740\ud589\uc758 \uc591\uc801 \uc644\ud654 \uc7ac\ud22c\uc790\ub97c \ubc18\uc601\ud569\ub2c8\ub2e4. \uc815\ubd80\ub294 \uc778\ud504\ub77c, \ud5ec\uc2a4\ucf00\uc5b4, \uc5d0\ub108\uc9c0 \uc804\ud658 \uc9c0\ucd9c \uc790\uae08 \uc870\ub2ec\uc744 \uc704\ud574 \uad6d\ub0b4\uc678 \uc2dc\uc7a5\uc5d0 \uc758\uc874\ud569\ub2c8\ub2e4.<br \/>\n*   \ubbfc\uac04 \ubd80\ubb38 \ubc1c\ud589\uc790: 2031\ub144\uae4c\uc9c0 7.51%\uc758 CAGR\ub85c \ub354 \ube60\ub978 \ube44\ub840 \uc131\uc7a5\uc774 \uc608\uc0c1\ub429\ub2c8\ub2e4. \uae30\uc5c5\ub4e4\uc774 \uc720\ub9ac\ud55c \uc7a5\uae30 \ucfe0\ud3f0\uc744 \ud655\ubcf4\ud568\uc5d0 \ub530\ub77c \uace8\ub4dc\ub9cc\uc0ad\uc2a4\ub294 2025\ub144 \ubbf8\uad6d \uae30\uc5c5 \ubc1c\ud589\ub7c9\uc774 1.5\uc870 \ub2ec\ub7ec\uc5d0 \uc774\ub97c \uac83\uc73c\ub85c \ucd94\uc815\ud569\ub2c8\ub2e4. \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uc758 \uae08\ub9ac \uc778\ud558 \uc804\ud658\uc740 \ubc1c\ud589\uc790\ub4e4\uc774 \ub2e8\uae30 \ub9ac\ubcfc\ubc84\ub97c \ub2e4\ub144 \ub9cc\uae30 \ucc44\uad8c\uc73c\ub85c \uc804\ud658\ud558\ub3c4\ub85d \uc7a5\ub824\ud569\ub2c8\ub2e4.<br \/>\n*   \ubbfc\uac04 \ubd80\ubb38 \ubc1c\ud589\uc740 \uae30\uc5c5\ub4e4\uc774 \uc790\uae08 \uc870\ub2ec \uae30\ubc18\uc744 \ub2e4\ubcc0\ud654\ud558\uace0 \ub514\uc9c0\ud138\ud654 \ubc0f \uc5d0\ub108\uc9c0 \uc804\ud658\uacfc \uad00\ub828\ub41c \uc790\ubcf8 \uc9c0\ucd9c \uc57d\uc18d\uc5d0 \ub300\uc751\ud568\uc5d0 \ub530\ub77c \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5\uc758 \uc99d\ubd84 \uc131\uc7a5\uc5d0\uc11c \ub354 \ud070 \ube44\uc911\uc744 \ucc28\uc9c0\ud560 \uac83\uc73c\ub85c \ubcf4\uc785\ub2c8\ub2e4.<\/p>\n<p> 3.3. \ubd80\ubb38\ubcc4 \ubd84\uc11d<\/p>\n<p>*   \ubd80\ub3d9\uc0b0 \ubc0f REITs: 2025\ub144 \ubc1c\ud589 \uc794\uc561\uc758 31.48%\ub97c \ucc28\uc9c0\ud588\uc9c0\ub9cc, \uc0c1\uc2b9\ud558\ub294 \uc790\ubcf8\ud658\uc6d0\uc728\uacfc \ucd5c\ub300 50%\uc5d0 \ub2ec\ud558\ub294 \uc624\ud53c\uc2a4 \uac00\uaca9 \ud558\ub77d\uc73c\ub85c \ub2f4\ubcf4 \uac00\uce58\uac00 \uce68\uc2dd\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uae30\uc220, \ubbf8\ub514\uc5b4 \ubc0f \ud1b5\uc2e0(TMT): AI \ub370\uc774\ud130 \uc13c\ud130 \uc790\uae08 \uc870\ub2ec\uc5d0 \ud798\uc785\uc5b4 6.39%\uc758 CAGR\ub85c \uc131\uc7a5\ud558\uace0 \uc788\uc73c\uba70, \uc774\ub294 \ubd80\ub3d9\uc0b0\uacfc \uae30\uc220 \ubd80\ubb38\uc758 \uacbd\uacc4\ub97c \ubaa8\ud638\ud558\uac8c \ub9cc\ub4ed\ub2c8\ub2e4.<br \/>\n*   \uc720\ud2f8\ub9ac\ud2f0: \uc7ac\uc0dd \uc5d0\ub108\uc9c0 \uc57d\uc18d \uc790\uae08 \uc870\ub2ec\uc744 \uc704\ud574 \ubc1c\ud589\ub7c9\uc774 18% \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   \ud5ec\uc2a4\ucf00\uc5b4: \ubc29\uc5b4\uc801\uc778 \ubd80\ubb38\uc73c\ub85c \ub0a8\uc544\uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   TMT \ubd80\ubb38\uc758 \ubaa8\uba58\ud140\uc740 \ub514\uc9c0\ud138 \uc778\ud504\ub77c \ucc44\uad8c\uc774 \ub2e4\uac01\ud654\ub41c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc5d0\uc11c \uc804\ud1b5\uc801\uc778 \ubd80\ub3d9\uc0b0 \uc790\uc0b0\uc744 \uc810\uc9c4\uc801\uc73c\ub85c \ub300\uccb4\ud560 \uac83\uc784\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4. \uae30\uc220 \ubd80\ubb38\uacfc \uc5f0\uacc4\ub41c \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5 \uaddc\ubaa8\ub294 2030\ub144\uae4c\uc9c0 3.08\uc870 \ub2ec\ub7ec\ub97c \ucd08\uacfc\ud558\uc5ec \ubd80\ub3d9\uc0b0\uc758 \uc6b0\uc704\ub97c \uc704\ud611\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p># 4. \uc9c0\uc5ed \ubd84\uc11d<\/p>\n<p>*   \ubd81\ubbf8: 2025\ub144 \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5\uc758 39.02%\ub97c \ucc28\uc9c0\ud558\uba70 \uac00\uc7a5 \ud070 \uc2dc\uc7a5\uc785\ub2c8\ub2e4. \uae4a\uc774 \uc788\ub294 \uad6d\ucc44 \ubc0f \uae30\uad00 \uc2dc\uc7a5\uc740 \uc989\uac01\uc801\uc778 \ub2f4\ubcf4\ub97c \uc81c\uacf5\ud558\uba70, \ubbf8\uad6d \ub2ec\ub7ec\uc758 \uae30\ucd95 \ud1b5\ud654 \uc5ed\ud560\uc740 \uad6d\uacbd \uac04 \uc720\ub3d9\uc131\uc744 \ud655\ubcf4\ud569\ub2c8\ub2e4. \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uc758 \uae08\ub9ac \uc778\ud558 \uacbd\ub85c\ub294 \ucfe0\ud3f0 \uc218\uc775 \ud655\ubcf4\uc640 \uc7a0\uc7ac\uc801\uc778 \uac00\uaca9 \uc0c1\uc2b9\uc744 \uc9c0\uc9c0\ud569\ub2c8\ub2e4.<br \/>\n*   \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591: 2031\ub144\uae4c\uc9c0 6.65%\uc758 CAGR\ub85c \uac00\uc7a5 \ube60\ub978 \uc9c0\uc5ed \uc131\uc7a5\uc744 \ubcf4\uc77c \uac83\uc73c\ub85c \uc608\uc0c1\ub418\ub294 \uc8fc\uc694 \uc131\uc7a5 \ub3d9\ub825\uc785\ub2c8\ub2e4. \uc778\ub3c4\uc758 JP\ubaa8\uac74 GBI-EM \uc9c0\uc218 \uc644\uc804 \ud3b8\uc785\uc740 1,000\uc5b5 \ub2ec\ub7ec\uc758 \uc2e0\uaddc \uc790\uae08 \uc720\uc785\uc744 \uc720\ub3c4\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc911\uad6d\uc740 \uc0c1\ub300\uc801\uc778 \uc218\uc775\ub960 \ub9e4\ub825\uc5d0 \ud798\uc785\uc5b4 \uc678\uad6d\uc778 \ud22c\uc790\uc790\ub4e4\uc774 \uc8fc\uc2dd\uc5d0\uc11c \uc5ed\ub0b4 \ucc44\uad8c\uc73c\ub85c \uc774\ub3d9\ud558\uba74\uc11c \ud68c\ubcf5\ub825\uc744 \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc77c\ubcf8\uc740\ud589\uc758 \ub9c8\uc774\ub108\uc2a4 \uae08\ub9ac \uc815\ucc45 \uc885\ub8cc\ub294 \uace0\uc218\uc775 \uc77c\ubcf8 \uad6d\ucc44\uc5d0 \ub300\ud55c \uad6d\ub0b4 \uc218\uc694\ub97c \uc99d\uac00\uc2dc\ud0a4\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc720\ub7fd: 2025\ub144 \uc0ac\uc0c1 \ucd5c\uace0 \uc218\uc900\uc758 \uad6d\ucc44 \ubc1c\ud589 \uacc4\ud68d\uc73c\ub85c \uc2a4\ud504\ub808\ub4dc \ud655\ub300 \uc704\ud5d8\uc5d0 \uc9c1\uba74\ud588\uc9c0\ub9cc, 2024\ub144 \uc911\ubc18 \uc774\ud6c4 ECB\uc758 \ub204\uc801 75bp \uae08\ub9ac \uc778\ud558\ub294 2\ucc28 \uc2dc\uc7a5 \uac00\uce58\ub97c \uc548\uc815\uc2dc\ucf30\uc2b5\ub2c8\ub2e4. \ubd81\uc720\ub7fd \ubc0f \ubca0\ub124\ub8e9\uc2a4 \uad6d\uac00\uc758 \ucc44\uad8c\uc740 \ub192\uc740 ESG \ucc44\ud0dd\ub960\uc758 \ud61c\ud0dd\uc744 \ubc1b\uace0 \uc788\uc73c\uba70, \ub0a8\uc720\ub7fd \ubc1c\ud589\uc790\ub4e4\uc740 EU \uc608\uc0b0 \uc9c0\uc6d0\uc5d0 \uc758\uc874\ud569\ub2c8\ub2e4.<br \/>\n*   \ub0a8\ubbf8: \uc0c1\ud488 \uac00\uaca9 \uc0c1\uc2b9\uc744 \ud65c\uc6a9\ud558\uc5ec \uc778\ud504\ub77c \ucc44\uad8c\uc744 \ubc1c\ud589\ud558\uace0 \uc788\uc9c0\ub9cc, \uc544\ub974\ud5e8\ud2f0\ub098\uc640 \ucf5c\ub86c\ube44\uc544\uc758 \uc7ac\uc815 \ucde8\uc57d\uc131\uc774 \ub9cc\uae30\ub97c \uc81c\ud55c\ud569\ub2c8\ub2e4.<br \/>\n*   \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74: \uac78\ud504\ud611\ub825\ud68c\uc758(GCC) \ud68c\uc6d0\uad6d\ub4e4\uc740 \ud0c4\ud654\uc218\uc18c \ud604\uae08 \ud750\ub984\uc744 \ud65c\uc6a9\ud558\uc5ec \uc218\ucfe0\ud06c(\uc774\uc2ac\ub78c \ucc44\uad8c)\ub97c \ubc1c\ud589\ud558\ub294 \ubc18\uba74, \uc77c\ubd80 \uc0ac\ud558\ub77c \uc774\ub0a8 \uad6d\uac00\ub4e4\uc740 \uc2dc\uc7a5 \uc811\uadfc\uc744 \uc81c\ud55c\ud558\ub294 \uad6d\uac00 \ubd80\ucc44 \uad6c\uc870\uc870\uc815 \uc2dc\ub098\ub9ac\uc624\uc5d0 \uc9c1\uba74\ud574 \uc788\uc2b5\ub2c8\ub2e4. \uc7a5\uae30 \ud5e4\uc9c0 \uc218\ub2e8\uc758 \ubd80\uc871\uc740 \uc774 \uc9c0\uc5ed\uc758 \uc720\ub3d9\uc131\uc744 \uacc4\uc18d \uc5b5\uc81c\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p># 5. \uacbd\uc7c1 \ud658\uacbd<\/p>\n<p>\uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5\uc740 \uc5ec\uc804\ud788 \uc911\uac04 \uc815\ub3c4\ub85c \ud30c\ud3b8\ud654\ub418\uc5b4 \uc788\uc9c0\ub9cc, \uc2dc\uc7a5 \uc870\uc131\uc740 Citadel Securities \ubc0f Jane Street\uc640 \uac19\uc740 \uc804\uc790 \ub51c\ub7ec\ub97c \uc911\uc2ec\uc73c\ub85c \uc9d1\uc911\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ubc14\uc824 IV\uc758 \uac70\ub798 \uc7a5\ubd80\uc5d0 \ub300\ud55c \uc790\ubcf8 \uc694\uac74\uc740 \uc804\ud1b5\uc801\uc778 \uc740\ud589\uc758 \ub300\ucc28\ub300\uc870\ud45c \ube44\uc6a9\uc744 \uc99d\uac00\uc2dc\ucf1c, \ub0ae\uc740 \ub808\ubc84\ub9ac\uc9c0\ub85c \uc704\ud5d8\uc744 \uad00\ub9ac\ud560 \uc218 \uc788\ub294 \uc54c\uace0\ub9ac\uc998 \ud50c\ub7ab\ud3fc\uc73c\ub85c\uc758 \uc804\ud658\uc744 \uc7a5\ub824\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ud1a0\ud070\ud654(Tokenization)\ub294 \uc804\ub7b5\uc801 \ucc28\ubcc4\ud654 \uc694\uc18c\ub85c \ubd80\uc0c1\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. ECB \uc2dc\ubc94 \uc6b4\uc601\uc740 \uc2e4\uc2dc\uac04 \uacb0\uc81c \ubc0f \ub300\ucc28\ub300\uc870\ud45c \uc555\ucd95 \uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\uc73c\uba70, McKinsey\ub294 2030\ub144\uae4c\uc9c0 \ud1a0\ud070\ud654\ub41c \ucc44\uad8c \ubc1c\ud589 \uc794\uc561\uc774 1\uc870 \ub2ec\ub7ec\ub97c \ucd08\uacfc\ud560 \uc218 \uc788\ub2e4\uace0 \ucd94\uc815\ud569\ub2c8\ub2e4. \uad6d\uac00 \ubc1c\ud589\uc790\ub4e4\uc740 \ud22c\uc790\uc790 \uae30\ubc18\uc744 \ub2e4\ubcc0\ud654\ud558\uace0 \uac70\ub798 \ud6c4 \ube44\uc6a9\uc744 \uc808\uac10\ud558\uae30 \uc704\ud574 \ube14\ub85d\uccb4\uc778 \ub808\uc77c\uc744 \ud0d0\uc0c9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uae30\uc5c5\ub4e4\uc740 \uc5d0\ub108\uc9c0 \uc804\ud658 \uc790\ubcf8 \uc9c0\ucd9c\uc744 \uc870\ub2ec\ud558\ub294 \uc720\ud2f8\ub9ac\ud2f0 \ubd80\ubb38\uc744 \uc911\uc2ec\uc73c\ub85c \uc9c0\uc18d \uac00\ub2a5\uc131 \uc5f0\uacc4 \uad6c\uc870\ub97c \ucc44\ud0dd\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. AI \ub370\uc774\ud130 \uc13c\ud130 \uc99d\uad8c\ud654\uc640 \uac19\uc740 \ubbf8\uac1c\ucc99 \uae30\ud68c\ub3c4 \uc874\uc7ac\ud569\ub2c8\ub2e4.<\/p>\n<p>\uaddc\uc81c \ucc28\uc775\uac70\ub798\uac00 \uc2ec\ud654\ub418\uace0 \uc788\uc73c\uba70, \uc720\ub7fd \uc740\ud589\ub4e4\uc740 \uc790\ubcf8 \ud655\ubcf4\ub97c \uc704\ud574 \ucc44\uad8c \uc7ac\uace0\ub97c \uc904\uc774\uace0 \uc788\ub294 \ubc18\uba74, \ubbf8\uad6d\ud22c\uc790 \uc740\ud589\ub4e4\uc740 \uc774\ub7ec\ud55c \uacf5\ubc31\uc744 \uba54\uc6b0\uba70 \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \ud655\ub300\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uaddc\uc81c \ud658\uacbd\uc758 \ucc28\uc774\uac00 \uae08\uc735 \uc2dc\uc7a5\uc758 \uad6c\uc870\uc801 \ubcc0\ud654\ub97c \ucd09\uc9c4\ud558\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.<\/p>\n<p>\uacb0\ub860\uc801\uc73c\ub85c, \uae08\uc735 \uc2dc\uc7a5\uc740 \uae30\uc220 \ubc1c\uc804, \uc0c8\ub85c\uc6b4 \uc790\uc0b0 \ud074\ub798\uc2a4, \uadf8\ub9ac\uace0 \uc9c4\ud654\ud558\ub294 \uaddc\uc81c \ud504\ub808\uc784\uc6cc\ud06c\uc5d0 \uc758\ud574 \uc804\ub840 \uc5c6\ub294 \ubcc0\ud654\ub97c \uacaa\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \ubcc0\ud654\ub294 \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc5d0\uac8c \uc0c8\ub85c\uc6b4 \uae30\ud68c\uc640 \ub3c4\uc804\uc744 \ub3d9\uc2dc\uc5d0 \uc81c\uc2dc\ud558\uba70, \ubbf8\ub798 \uae08\uc735 \uc2dc\uc2a4\ud15c\uc758 \ubaa8\uc2b5\uc744 \uc7ac\uc815\uc758\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc774 \ubcf4\uace0\uc11c\ub294 \uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5\uc5d0 \ub300\ud55c \ud3ec\uad04\uc801\uc778 \ubd84\uc11d\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4. \ucc44\uad8c\uc740 \uc815\ubd80\ub098 \uae30\uc5c5\uc774 \uc790\uae08\uc744 \ube4c\ub838\uc74c\uc744 \uc99d\uba85\ud558\uace0 \ud2b9\uc815 \uc774\uc728\ub85c \uc0c1\ud658\uc744 \uc57d\uc18d\ud558\ub294 \uacf5\uc2dd \ubb38\uc11c\ub85c \uc815\uc758\ub429\ub2c8\ub2e4. \ubcf8 \ubcf4\uace0\uc11c\ub294 \uc2dc\uc7a5 \uc5ed\ud559, \ub2e4\uc591\ud55c \ubd80\ubb38 \ubc0f \uc9c0\uc5ed\uc5d0 \uac78\uce5c \uc2e0\ud765 \ud2b8\ub80c\ub4dc, \uadf8\ub9ac\uace0 \ub2e4\uc591\ud55c \uc0c1\ud488 \ubc0f \uc560\ud50c\ub9ac\ucf00\uc774\uc158 \uc720\ud615\uc5d0 \ub300\ud55c \uc2ec\uce35\uc801\uc778 \ud1b5\ucc30\ub825\uc744 \uc81c\uacf5\ud558\uba70, \uc8fc\uc694 \ud50c\ub808\uc774\uc5b4 \ubc0f \uacbd\uc7c1 \ud658\uacbd\uc744 \uba74\ubc00\ud788 \uac80\ud1a0\ud569\ub2c8\ub2e4.<\/p>\n<p>\ubcf4\uace0\uc11c\uc758 \uc8fc\uc694 \ub0b4\uc6a9\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4.<\/p>\n<p>1. \uc2dc\uc7a5 \uac1c\uc694 \ubc0f \ub3d9\uc778:<br \/>\n\uae00\ub85c\ubc8c \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\uce58\uc758 \uc548\uc815\ud654\ub294 \uace0\uc815 \uc218\uc785 \uc790\uc0b0 \ubc30\ubd84\uc744 \uc9c0\uc9c0\ud558\uba70, \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc758 \ubd80\ucc44 \ub9e4\uce6d \uc790\uc0b0\uc73c\ub85c\uc758 \uc7ac\uc870\uc815\uc774 \uc2dc\uc7a5 \uc131\uc7a5\uc744 \uacac\uc778\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub610\ud55c, \uc2e0\ud765 \uc2dc\uc7a5 \ud604\uc9c0 \ud1b5\ud654 \ucc44\uad8c\uc758 \uae00\ub85c\ubc8c \uc9c0\uc218 \ud3b8\uc785, ESG(\ub179\uc0c9, \uc0ac\ud68c\uc801, \uc9c0\uc18d\uac00\ub2a5\uc131 \uc5f0\uacc4) \ucc44\uad8c\uc758 \ucc44\ud0dd \uc99d\uac00, \ubd84\uc0b0\uc6d0\uc7a5 \ud50c\ub7ab\ud3fc\uc744 \ud1b5\ud55c \ud1a0\ud070\ud654 \ucc44\uad8c \ubc1c\ud589, \uadf8\ub9ac\uace0 \uc911\uc559\uc740\ud589 \ub514\uc9c0\ud138 \ud1b5\ud654(CBDC) \ud30c\uc77c\ub7ff\uc744 \ud1b5\ud55c \uc2e4\uc2dc\uac04 \uacb0\uc81c \uac00\ub2a5\uc131 \ub4f1\uc774 \uc8fc\uc694 \uc2dc\uc7a5 \ub3d9\uc778\uc73c\ub85c \uc791\uc6a9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>2. \uc2dc\uc7a5 \uc81c\uc57d \uc694\uc778:<br \/>\n\uac00\ud30c\ub978 \uc218\uc775\ub960 \uace1\uc120\uc73c\ub85c \uc778\ud55c \ub4c0\ub808\uc774\uc158 \uc5f0\uc7a5 \uc704\ud5d8, \uc2e0\ud765 \uacbd\uc81c\uad6d\uc758 \uad6d\uac00 \ubd80\ucc44 \uc9c0\uc18d \uac00\ub2a5\uc131 \uc6b0\ub824, \ubc14\uc824 IV \uaddc\uc81c\uc5d0 \ub530\ub978 \uc740\ud589 \ubc0f \ud2b8\ub808\uc774\ub529 \ubd81\uc758 \uc790\ubcf8 \uc801\uc815\uc131 \ubd80\ub2f4 \uc99d\uac00, \uadf8\ub9ac\uace0 \uac1c\ubc1c\ub3c4\uc0c1\uad6d \uc2dc\uc7a5\uc5d0\uc11c\uc758 \uc7a5\uae30 \ud5e4\uc9c0 \uc218\ub2e8 \ubd80\uc871 \ub4f1\uc774 \uc2dc\uc7a5 \uc131\uc7a5\uc744 \uc81c\uc57d\ud558\ub294 \uc694\uc778\uc73c\ub85c \uc9c0\ubaa9\ub429\ub2c8\ub2e4.<\/p>\n<p>3. \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc131\uc7a5 \uc804\ub9dd:<br \/>\n\uae00\ub85c\ubc8c \ucc44\uad8c \uc2dc\uc7a5\uc740 2026\ub144 127.36\uc870 \ub2ec\ub7ec\uc5d0\uc11c 2031\ub144\uae4c\uc9c0 167.52\uc870 \ub2ec\ub7ec\ub85c \ud655\ub300\ub420 \uac83\uc73c\ub85c \uc804\ub9dd\ub429\ub2c8\ub2e4. \ud2b9\ud788, \uae30\uc5c5\uc758 \uc790\uae08 \uc7ac\uc870\ub2ec \uc218\uc694\uc640 \uae08\ub9ac \ud558\ub77d \ud658\uacbd\uc5d0\uc11c \uc218\uc775\ub960 \ud504\ub9ac\ubbf8\uc5c4\uc5d0 \ub300\ud55c \ud22c\uc790\uc790\ub4e4\uc758 \uc120\ud638\uac00 \ub9de\ubb3c\ub824 \uace0\uc218\uc775 \ucc44\uad8c\uc740 \uc5f0\ud3c9\uade0 8.12%\uc758 \ub192\uc740 \uc131\uc7a5\ub960\uc744 \ubcf4\uc77c \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \ubc18\uba74, \uad6d\ucc44\ub294 \uc548\uc815\uc801\uc774\uc9c0\ub9cc \uc0c1\ub300\uc801\uc73c\ub85c \ub290\ub9b0 \uc131\uc7a5\uc744 \uc9c0\uc18d\ud560 \uac83\uc785\ub2c8\ub2e4.<\/p>\n<p>4. \uc2dc\uc7a5 \uc138\ubd84\ud654:<br \/>\n\ubcf4\uace0\uc11c\ub294 \ucc44\uad8c \uc2dc\uc7a5\uc744 \ub2e4\uc591\ud55c \uae30\uc900\uc73c\ub85c \uc138\ubd84\ud654\ud558\uc5ec \ubd84\uc11d\ud569\ub2c8\ub2e4.<br \/>\n*   \uc720\ud615\ubcc4: \uad6d\ucc44, \uc9c0\ubc29\ucc44, \ud68c\uc0ac\ucc44, \uace0\uc218\uc775 \ucc44\uad8c, \uc8fc\ud0dd\uc800\ub2f9\uc99d\uad8c(MBS), \uadf8\ub9ac\uace0 \ubcc0\ub3d9\uae08\ub9ac\ucc44, \uc81c\ub85c\ucfe0\ud3f0\ucc44, \uc911\ub3c4\uc0c1\ud658\ucc44 \ub4f1 \uae30\ud0c0 \uc720\ud615\uc744 \ud3ec\ud568\ud569\ub2c8\ub2e4.<br \/>\n*   \ubc1c\ud589\uc790\ubcc4: \uacf5\uacf5 \ubd80\ubb38\uacfc \ubbfc\uac04 \ubd80\ubb38\uc73c\ub85c \ub098\ub269\ub2c8\ub2e4.<br \/>\n*   \uc0b0\uc5c5\ubcc4: \uc5d0\ub108\uc9c0 \ubc0f \uc720\ud2f8\ub9ac\ud2f0, \uae30\uc220\/\ubbf8\ub514\uc5b4\/\ud1b5\uc2e0, \ud5ec\uc2a4\ucf00\uc5b4 \ubc0f \uc81c\uc57d, \uc18c\ube44\uc7ac(\ud544\uc218\/\uc784\uc758), \uc0b0\uc5c5\uc7ac, \ubd80\ub3d9\uc0b0 \ubc0f REITs \ub4f1 \ub2e4\uc591\ud55c \uc0b0\uc5c5 \ubd80\ubb38\uc744 \ub2e4\ub8f9\ub2c8\ub2e4.<br \/>\n*   \uc9c0\uc5ed\ubcc4: \ubd81\ubbf8(\ubbf8\uad6d, \uce90\ub098\ub2e4, \uba55\uc2dc\ucf54), \ub0a8\ubbf8(\ube0c\ub77c\uc9c8, \ud398\ub8e8, \uce60\ub808, \uc544\ub974\ud5e8\ud2f0\ub098 \ub4f1), \uc720\ub7fd(\ub3c5\uc77c, \uc601\uad6d, \ud504\ub791\uc2a4, \uc774\ud0c8\ub9ac\uc544, \uc2a4\ud398\uc778, \ubca0\ub124\ub8e9\uc2a4, \ubd81\uc720\ub7fd \ub4f1), \uc544\uc2dc\uc544-\ud0dc\ud3c9\uc591(\uc911\uad6d, \uc778\ub3c4, \uc77c\ubcf8, \ud55c\uad6d, \ud638\uc8fc, \ub3d9\ub0a8\uc544\uc2dc\uc544 \ub4f1), \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74(\uc544\ub78d\uc5d0\ubbf8\ub9ac\ud2b8, \uc0ac\uc6b0\ub514\uc544\ub77c\ube44\uc544, \ub0a8\uc544\ud504\ub9ac\uce74\uacf5\ud654\uad6d, \ub098\uc774\uc9c0\ub9ac\uc544 \ub4f1)\ub85c \uc0c1\uc138\ud558\uac8c \uad6c\ubd84\ud558\uc5ec \ubd84\uc11d\ud569\ub2c8\ub2e4.<\/p>\n<p>5. \uacbd\uc7c1 \ud658\uacbd \ubc0f \uc8fc\uc694 \ud50c\ub808\uc774\uc5b4:<br \/>\n\ubcf4\uace0\uc11c\ub294 \uc2dc\uc7a5 \uc9d1\uc911\ub3c4, \uc8fc\uc694 \uae30\uc5c5\ub4e4\uc758 \uc804\ub7b5\uc801 \uc6c0\uc9c1\uc784, \uc2dc\uc7a5 \uc810\uc720\uc728 \ubd84\uc11d\uc744 \ud3ec\ud568\ud55c \uacbd\uc7c1 \ud658\uacbd\uc744 \uc0c1\uc138\ud788 \ub2e4\ub8f9\ub2c8\ub2e4. \ubaa8\uac74 \uc2a4\ud0e0\ub9ac, \uc6f0\uc2a4 \ud30c\uace0, UBS \uadf8\ub8f9, \uc18c\uc2dc\uc5d0\ud14c \uc81c\ub124\ub784, JP\ubaa8\uac74 \uccb4\uc774\uc2a4, \uace8\ub4dc\ub9cc \uc0ad\uc2a4, \ube14\ub799\ub85d, HSBC \ud640\ub529\uc2a4, \ubc45\ud06c \uc624\ube0c \uc544\uba54\ub9ac\uce74, BNP \ud30c\ub9ac\ubc14, \uc528\ud2f0\uadf8\ub8f9, \ub3c4\uc774\uce58 \ubc45\ud06c, \ud06c\ub808\ub514 \uc544\uadf8\ub9ac\ucf5c, \ubc14\ud074\ub808\uc774\uc988 \ub4f1 \uae00\ub85c\ubc8c \uc8fc\uc694 \uae08\uc735\uae30\uad00\uacfc \ubbf8\uad6d \uc7ac\ubb34\ubd80, \uc77c\ubcf8 \uc815\ubd80, \uc0ac\uc6b0\ub514 \uc544\ub78c\ucf54, \ubc84\ud06c\uc154 \ud574\uc11c\uc6e8\uc774, \uc911\uad6d \uc778\ubbfc\uacf5\ud654\uad6d, \uc720\ub7fd\uc5f0\ud569 \ubc0f EFSF\/ESM, AT&#038;T, \ub9c8\uc774\ud06c\ub85c\uc18c\ud504\ud2b8, \ubc84\ub77c\uc774\uc98c \ucee4\ubba4\ub2c8\ucf00\uc774\uc158\uc988\uc640 \uac19\uc740 \uc8fc\uc694 \ubc1c\ud589 \uae30\uad00 \ubc0f \uae30\uc5c5\ub4e4\uc758 \ud504\ub85c\ud544\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4.<\/p>\n<p>6. \uae30\uc220\uc801 \uc804\ub9dd \ubc0f \ubbf8\ub798 \uae30\ud68c:<br \/>\n\ud1a0\ud070\ud654\ub294 \ucc44\uad8c \uc2dc\uc7a5 \uc6b4\uc601\uc5d0 \ud601\uc2e0\uc801\uc778 \uc601\ud5a5\uc744 \ubbf8\uce60 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \ud1a0\ud070\ud654\ub41c \ubc1c\ud589\uc740 \uacb0\uc81c \uc8fc\uae30\ub97c \uac70\uc758 \uc2e4\uc2dc\uac04\uc73c\ub85c \ub2e8\ucd95\ud558\uace0 \uc6b4\uc601 \uc704\ud5d8\uc744 \uc904\uc774\uba70 \ub51c\ub7ec \uc790\ubcf8\uc744 \ud655\ubcf4\ud560 \uc218 \uc788\uac8c \ud569\ub2c8\ub2e4. \uc720\ub7fd\uc911\uc559\uc740\ud589(ECB)\uc758 \ud30c\uc77c\ub7ff \ud504\ub85c\uc81d\ud2b8\ub97c \ud1b5\ud574 \uadf8 \uc2e4\ud604 \uac00\ub2a5\uc131\uc774 \uc785\uc99d\ub418\uc5c8\uc73c\uba70, \ub9e5\ud0a8\uc9c0\ub294 2030\ub144\uae4c\uc9c0 \ud1a0\ud070\ud654\ub41c \ucc44\uad8c \uaddc\ubaa8\uac00 1\uc870 \ub2ec\ub7ec\uc5d0 \uc774\ub97c \uac83\uc73c\ub85c \uc804\ub9dd\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>7. \uc9c0\uc5ed\ubcc4 \uc131\uc7a5 \ub3d9\ub825:<br \/>\n\uc544\uc2dc\uc544-\ud0dc\ud3c9\uc591 \uc9c0\uc5ed\uc740 \uc778\ub3c4\uc758 \uc9c0\uc218 \ud3b8\uc785\uacfc \uc911\uad6d\uc758 \uc9c0\uc18d\uc801\uc778 \uc131\uc7a5\uc5d0 \ud798\uc785\uc5b4 2031\ub144\uae4c\uc9c0 \uc5f0\ud3c9\uade0 6.65%\uc758 \uac00\uc7a5 \ube60\ub978 \ucc44\uad8c \uc2dc\uc7a5 \uc131\uc7a5\uc744 \uae30\ub85d\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4.<\/p>\n<p>\uc774 \ubcf4\uace0\uc11c\ub294 \ucc44\uad8c \uc2dc\uc7a5\uc758 \ud604\uc7ac\uc640 \ubbf8\ub798\ub97c \uc774\ud574\ud558\ub294 \ub370 \ud544\uc218\uc801\uc778 \uc815\ubcf4\ub97c \uc81c\uacf5\ud558\uba70, \ud22c\uc790 \uc804\ub7b5 \uc218\ub9bd \ubc0f \ube44\uc988\ub2c8\uc2a4 \uc758\uc0ac \uacb0\uc815\uc5d0 \uc911\uc694\ud55c \ud1b5\ucc30\ub825\uc744 \uc81c\uacf5\ud560 \uac83\uc785\ub2c8\ub2e4.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-38739","post","type-post","status-publish","format-standard","hentry","category-market-reports"],"_links":{"self":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/posts\/38739"}],"collection":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/comments?post=38739"}],"version-history":[{"count":0,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/posts\/38739\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/media?parent=38739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/categories?post=38739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/tags?post=38739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}