{"id":1740,"date":"2026-08-03T15:08:25","date_gmt":"2026-08-03T06:08:25","guid":{"rendered":"https:\/\/core9news.co.kr\/?p=1740"},"modified":"2026-08-03T15:07:33","modified_gmt":"2026-08-03T06:07:33","slug":"%ea%b2%bd%ec%a0%9c-%ec%b9%bc%eb%9f%bc-%ea%b3%84%eb%9e%80%ec%9d%84-%ed%95%9c-%eb%b0%94%ea%b5%ac%eb%8b%88%ec%97%90-%eb%8b%b4%ec%a7%80-%eb%a7%88%eb%9d%bc-%ed%8f%ac%ed%8a%b8%ed%8f%b4%eb%a6%ac","status":"publish","type":"post","link":"https:\/\/core9news.co.kr\/?p=1740","title":{"rendered":"[\uacbd\uc81c \uce7c\ub7fc] \uacc4\ub780\uc744 \ud55c \ubc14\uad6c\ub2c8\uc5d0 \ub2f4\uc9c0 \ub9c8\ub77c, \u2018\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ubd84\uc0b0\ud22c\uc790\u2019\uc758 \uae08\uc735 \uc5ed\ud559"},"content":{"rendered":"

\"\"<\/p>\n

\uc758\ud559\uc801 \uce58\ub8cc\ub9cc\ud07c \uc815\uad50\ud574\uc57c \ud558\ub294 \uc790\uc0b0 \ubc30\ubd84\uacfc \ube44\uccb4\uacc4\uc801 \uc704\ud5d8 \uc81c\uac70\uc758 \uc6d0\ub9ac<\/b><\/p>\n

\uc7ac\ud14c\ud06c\uc640 \ud22c\uc790\uc5d0 \uc870\uae08\uc774\ub77c\ub3c4 \uad00\uc2ec\uc774 \uc788\ub294 \uc0ac\ub78c\uc774\ub77c\uba74 \u201c\uacc4\ub780\uc744 \ud55c \ubc14\uad6c\ub2c8\uc5d0 \ub2f4\uc9c0 \ub9c8\ub77c\u201d\ub294 \uaca9\uc5b8\uc744 \ud55c \ubc88\ucbe4 \ub4e4\uc5b4\ubcf4\uc558\uc744 \uac83\uc785\ub2c8\ub2e4. \uc774\ub294 \ub2e8\uc21c\ud788 \uc790\uc0b0\uc744 \uc5ec\ub7ec \uacf3\uc5d0 \ucabc\uac1c\uc5b4 \ud22c\uc790\ud558\ub77c\ub294 \uc9c1\uad00\uc801\uc778 \uc870\uc5b8\uc744 \ub118\uc5b4, \ud604\ub300 \uae08\uc735\uacf5\ud559\uc758 \uc2dc\ucd08\uc774\uc790 \ub178\ubca8 \uacbd\uc81c\ud559\uc0c1\uc744 \uc218\uc0c1\ud55c \ud574\ub9ac \ub9c8\ucf54\uc704\uce20(Harry Markowitz)\uc758 ‘\ud604\ub300 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc774\ub860(MPT)’\uc5d0 \uae30\ubc18\uc744 \ub454 \uacfc\ud559\uc801\uc778 \ud22c\uc790 \uc6d0\uce59\uc785\ub2c8\ub2e4. \uc790\uc0b0\uc744 \uc548\uc804\ud558\uac8c \uc9c0\ud0a4\uace0 \ubd88\ub9ac\uae30 \uc704\ud574 \uc65c \ubd84\uc0b0\ud22c\uc790\uac00 \ud544\uc218\uc801\uc778\uc9c0 \uadf8 \uc815\ud655\ud55c \uadfc\uac70\uc640 \uc6d0\ub9ac\ub97c \uc0b4\ud3b4\ubd05\ub2c8\ub2e4.<\/p>\n

\u25a0 \ud22c\uc790\uc758 \ub450 \uac00\uc9c0 \uc704\ud5d8: \ud53c\ud560 \uc218 \uc788\ub294 \uac83\uacfc \uc5c6\ub294 \uac83<\/h3>\n

\uae08\uc735 \uc2dc\uc7a5\uc5d0\uc11c \uc6b0\ub9ac\uac00 \ub9c8\uc8fc\ud558\ub294 \ud22c\uc790 \uc704\ud5d8(Risk)\uc740 \ud06c\uac8c \ub450 \uac00\uc9c0\ub85c \ubd84\ub958\ub429\ub2c8\ub2e4.<\/p>\n

    \n
  1. \n

    \uccb4\uacc4\uc801 \uc704\ud5d8 (Systemic Risk)<\/b>: \uacbd\uc81c \uc704\uae30, \uae09\uaca9\ud55c \uae08\ub9ac \uc778\uc0c1, \uc804\uc7c1, \uc790\uc5f0\uc7ac\ud574 \ub4f1 \uc2dc\uc7a5 \uc804\uccb4\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294 \uc704\ud5d8\uc785\ub2c8\ub2e4. \uc774\ub7ec\ud55c \uc704\ud5d8\uc740 \uc544\ubb34\ub9ac \uc790\uc0b0\uc744 \ucabc\uac1c\uc5b4 \ud22c\uc790\ud558\ub354\ub77c\ub3c4 \ud53c\ud560 \uc218 \uc5c6\ub294 ‘\uc2dc\uc7a5 \uc804\uccb4\uc758 \uc704\ud5d8’\uc5d0 \ud574\ub2f9\ud569\ub2c8\ub2e4.<\/p>\n<\/li>\n

  2. \n

    \ube44\uccb4\uacc4\uc801 \uc704\ud5d8 (Unsystemic Risk)<\/b>: \ud2b9\uc815 \uae30\uc5c5\uc758 \uacbd\uc601 \uc545\ud654, \ud6a1\ub839 \uc0ac\uac74, \ud2b9\uc815 \uc0b0\uc5c5\uad70\uc758 \uaddc\uc81c \ub4f1 \uac1c\ubcc4 \uae30\uc5c5\uc774\ub098 \ud2b9\uc815 \uc5c5\uc885\uc5d0\ub9cc \uad6d\ud55c\ub418\uc5b4 \ub098\ud0c0\ub098\ub294 \uc704\ud5d8\uc785\ub2c8\ub2e4.<\/p>\n<\/li>\n<\/ol>\n

    \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ubd84\uc0b0\ud22c\uc790\uc758 \ud575\uc2ec \ubaa9\uc801\uc740 \ubc14\ub85c \uc774 ‘\ube44\uccb4\uacc4\uc801 \uc704\ud5d8’\uc744 \uae30\uc220\uc801\uc73c\ub85c \uc81c\uac70\ud558\ub294 \ub370 \uc788\uc2b5\ub2c8\ub2e4. \uc11c\ub85c \ub2e4\ub978 \uc131\uaca9\uc744 \uac00\uc9c4 \uc5ec\ub7ec \uc790\uc0b0\uc5d0 \ub098\ub204\uc5b4 \ud22c\uc790\ud568\uc73c\ub85c\uc368, \ud55c\ucabd \uc790\uc0b0\uc5d0\uc11c \ubc1c\uc0dd\ud558\ub294 \uc190\uc2e4\uc744 \ub2e4\ub978 \ucabd \uc790\uc0b0\uc758 \uc218\uc775\uc73c\ub85c \uc0c1\uc1c4\uc2dc\ucf1c \uc804\uccb4 \uc790\uc0b0\uc758 \ubcc0\ub3d9\uc131(\uc704\ud5d8)\uc744 \ucd5c\uc18c\ud654\ud558\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n

    \u25a0 \uc0c1\uad00\uad00\uacc4(Correlation): \ubd84\uc0b0\ud22c\uc790\uc758 \ud575\uc2ec \uc5f4\uc1e0<\/h3>\n

    \uc9c4\uc815\ud55c \ubd84\uc0b0\ud22c\uc790\ub294 \ub2e8\uc21c\ud788 \uc885\ubaa9 \uc218\ub9cc \ub298\ub9ac\ub294 \uac83\uc744 \uc758\ubbf8\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \uc0bc\uc131\uc804\uc790, SK\ud558\uc774\ub2c9\uc2a4, DB\ud558\uc774\ud14d \ub4f1 \ubc18\ub3c4\uccb4 \uad00\ub828 \uc8fc\uc2dd\uc5d0\ub9cc \ub098\ub204\uc5b4 \ud22c\uc790\ud588\ub2e4\uba74 \uc774\ub294 \uc62c\ubc14\ub978 \ubd84\uc0b0\ud22c\uc790\ub77c\uace0 \ubcfc \uc218 \uc5c6\uc2b5\ub2c8\ub2e4. \ubc18\ub3c4\uccb4 \uc5c5\ud669\uc774 \ub098\ube60\uc9c0\uba74 \ubaa8\ub4e0 \uc885\ubaa9\uc774 \ub3d9\uc2dc\uc5d0 \ud558\ub77d\ud558\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4.<\/p>\n

    \uae08\uc735\uacf5\ud559\uc5d0\uc11c\ub294 \uc774\ub97c \uc790\uc0b0 \uac04\uc758 ‘\uc0c1\uad00\uad00\uacc4’\ub85c \uc124\uba85\ud569\ub2c8\ub2e4. \uc0c1\uad00\uad00\uacc4\ub294 -1\uc5d0\uc11c +1 \uc0ac\uc774\uc758 \uac12\uc73c\ub85c \ud45c\ud604\ub418\ub294\ub370, \ub450 \uc790\uc0b0\uc774 \ub611\uac19\uc774 \uc6c0\uc9c1\uc774\uba74 +1, \uc644\uc804\ud788 \ubc18\ub300\ub85c \uc6c0\uc9c1\uc774\uba74 -1\uc774 \ub429\ub2c8\ub2e4.<\/p>\n

      \n
    • \n

      \uc0c1\uad00\uad00\uacc4\uac00 \ub0ae\uc740 \uc790\uc0b0 \ubc30\ubd84<\/b>: \uc8fc\uc2dd\uacfc \ucc44\uad8c, \ud639\uc740 \ubd80\ub3d9\uc0b0\uacfc \ub2ec\ub7ec\ucc98\ub7fc \uc11c\ub85c \uc0c1\uad00\uad00\uacc4\uac00 \ub0ae\uac70\ub098 \ubc18\ub300\ub85c \uc6c0\uc9c1\uc774\ub294 \uc790\uc0b0\uad70\uc744 \uc870\ud569\ud574\uc57c \ud569\ub2c8\ub2e4. \uc8fc\uc2dd \uc2dc\uc7a5\uc774 \ud3ed\ub77d\ud560 \ub54c \uc548\uc804 \uc790\uc0b0\uc778 \ub2ec\ub7ec\ub098 \ucc44\uad8c\uc758 \uac00\uce58\uac00 \uc0c1\uc2b9\ud558\uba74\uc11c \uc804\uccb4 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc758 \ud558\ub77d \ud3ed\uc744 \ubc29\uc5b4\ud574 \uc8fc\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4.<\/p>\n<\/li>\n<\/ul>\n

      \u25a0 \ud754\ub4e4\ub9ac\uc9c0 \uc54a\ub294 \uc790\uc0b0\uc744 \ub9cc\ub4dc\ub294 \ubd84\uc0b0\ud22c\uc790 \uac00\uc774\ub4dc<\/h3>\n

      \uac1c\uc778 \ud22c\uc790\uc790\uac00 \uc77c\uc0c1\uc5d0\uc11c \uc2e4\ucc9c\ud560 \uc218 \uc788\ub294 \uacfc\ud559\uc801\uc778 \uc790\uc0b0 \ubc30\ubd84 \uc6d0\uce59\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4.<\/p>\n

        \n
      • \n

        \uc790\uc0b0\uad70(Asset Class)\uc758 \ub2e4\ubcc0\ud654<\/b>: \uad6d\ub0b4 \uc8fc\uc2dd\ubfd0\ub9cc \uc544\ub2c8\ub77c \ud574\uc678 \uc8fc\uc2dd, \ucc44\uad8c, \ud604\uae08(\ub2ec\ub7ec), \uadf8\ub9ac\uace0 \uc2e4\ubb3c \uc790\uc0b0(\uae08, \ubd80\ub3d9\uc0b0) \ub4f1\uc73c\ub85c \uc790\uc0b0\uc758 \uc885\ub958 \uc790\uccb4\ub97c \ub113\ud600\uc57c \ud569\ub2c8\ub2e4.<\/p>\n<\/li>\n

      • \n

        \uc8fc\uae30\uc801\uc778 \ub9ac\ubc38\ub7f0\uc2f1(Rebalancing)<\/b>: \uc2dc\uac04\uc774 \uc9c0\ub098\uba74\uc11c \uac01 \uc790\uc0b0\uc758 \uac00\uaca9\uc774 \ubcc0\ud558\uba74 \ucd08\uae30 \uc124\uc815\ud588\ub358 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ube44\uc728\uc774 \uae68\uc9c0\uac8c \ub429\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4 \uc8fc\uc2dd\uc774 \ub9ce\uc774 \uc62c\ub77c \ube44\uc911\uc774 \ucee4\uc84c\ub2e4\uba74, \uc0c1\uc2b9\ud55c \uc8fc\uc2dd\uc744 \uc77c\ubd80 \ub9e4\ub3c4\ud574 \ube44\uc911\uc774 \uc904\uc5b4\ub4e0 \uc548\uc804 \uc790\uc0b0(\ucc44\uad8c \ub4f1)\uc744 \ucd94\uac00 \ub9e4\uc218\ud558\uc5ec \uc6d0\ub798\uc758 \ubaa9\ud45c \ube44\uc728\uc744 \ub9de\ucdb0\uc57c \ud569\ub2c8\ub2e4. \uc774\ub294 \uc790\uc5f0\uc2a4\ub7fd\uac8c ‘\ube44\uc300 \ub54c \ud314\uace0 \uc300 \ub54c \uc0ac\ub294’ \ucd5c\uc801\uc758 \ud22c\uc790 \ud589\ub3d9\uc73c\ub85c \uc774\uc5b4\uc9d1\ub2c8\ub2e4.<\/p>\n<\/li>\n

      • \n

        \uc801\ub9bd\uc2dd \ubd84\ud560 \ub9e4\uc218<\/b>: \ud55c \ubc88\uc5d0 \ubaa8\ub4e0 \uc790\uae08\uc744 \ud22c\uc785\ud558\uae30\ubcf4\ub2e4 \uc2dc\uac04(\uc2dc\uae30)\uc744 \ubd84\uc0b0\ud558\uc5ec \ud22c\uc790\ud558\ub294 \uc815\uc561\uc801\ub9bd\uc2dd \ud22c\uc790\ub294 \ub9e4\uc218 \ub2e8\uac00\ub97c \ud3c9\uc900\ud654\ud558\uc5ec \uc2dc\uc7a5 \ubcc0\ub3d9\uc131 \uc704\ud5d8\uc744 \ud06c\uac8c \ub0ae\ucdb0\uc90d\ub2c8\ub2e4.<\/p>\n<\/li>\n<\/ul>\n

        \ub9ce\uc740 \uc774\ub4e4\uc774 \ud22c\uc790\uc5d0\uc11c \ub300\ubc15\uc744 \uafc8\uafb8\uc9c0\ub9cc, \uc9c4\uc815\ud55c \ud22c\uc790\uc758 \ub300\uac00\ub4e4\uc774 \uc9d1\uc911\ud558\ub294 \uac83\uc740 ‘\uc218\uc775\ub960 \uadf9\ub300\ud654’\uac00 \uc544\ub2c8\ub77c ‘\uc704\ud5d8(\ub9ac\uc2a4\ud06c)\uc758 \ud1b5\uc81c’\uc785\ub2c8\ub2e4. \ucca0\uc800\ud55c \ubd84\uc0b0\ud22c\uc790\ub97c \ud1b5\ud574 \uc2dc\uc7a5\uc758 \uac70\uce5c \ud48d\ud30c \uc18d\uc5d0\uc11c\ub3c4 \uce68\ubab0\ud558\uc9c0 \uc54a\ub294 \ub2e8\ub2e8\ud55c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uad6c\ucd95\ud574 \ubcf4\uc2dc\uae30 \ubc14\ub78d\ub2c8\ub2e4.<\/p>\n

        [\ub3c4\uc6c0\ub9d0: \uc2dc\uc0ac\uacbd\uc81c \ubc0f \uae00\ub85c\ubc8c \uc790\uc0b0 \ubc30\ubd84 \uc5f0\uad6c\ud300]<\/p>\n","protected":false},"excerpt":{"rendered":"

        \uc758\ud559\uc801 \uce58\ub8cc\ub9cc\ud07c \uc815\uad50\ud574\uc57c \ud558\ub294 \uc790\uc0b0 \ubc30\ubd84\uacfc \ube44\uccb4\uacc4\uc801 \uc704\ud5d8 \uc81c\uac70\uc758 \uc6d0\ub9ac \uc7ac\ud14c\ud06c\uc640 \ud22c\uc790\uc5d0 \uc870\uae08\uc774\ub77c\ub3c4 \uad00\uc2ec\uc774 \uc788\ub294 \uc0ac\ub78c\uc774\ub77c\uba74 \u201c\uacc4\ub780\uc744 \ud55c \ubc14\uad6c\ub2c8\uc5d0 \ub2f4\uc9c0 \ub9c8\ub77c\u201d\ub294 \uaca9\uc5b8\uc744 \ud55c \ubc88\ucbe4 \ub4e4\uc5b4\ubcf4\uc558\uc744 \uac83\uc785\ub2c8\ub2e4. \uc774\ub294 \ub2e8\uc21c\ud788 \uc790\uc0b0\uc744 \uc5ec\ub7ec \uacf3\uc5d0 \ucabc\uac1c\uc5b4 \ud22c\uc790\ud558\ub77c\ub294 \uc9c1\uad00\uc801\uc778 \uc870\uc5b8\uc744 \ub118\uc5b4, \ud604\ub300 \uae08\uc735\uacf5\ud559\uc758 \uc2dc\ucd08\uc774\uc790 \ub178\ubca8 \uacbd\uc81c\ud559\uc0c1\uc744 \uc218\uc0c1\ud55c \ud574\ub9ac \ub9c8\ucf54\uc704\uce20(Harry Markowitz)\uc758 ‘\ud604\ub300 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc774\ub860(MPT)’\uc5d0 \uae30\ubc18\uc744 \ub454 \uacfc\ud559\uc801\uc778 \ud22c\uc790 \uc6d0\uce59\uc785\ub2c8\ub2e4. \uc790\uc0b0\uc744 \uc548\uc804\ud558\uac8c […]<\/p>\n","protected":false},"author":399,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,40,39],"tags":[],"class_list":["post-1740","post","type-post","status-publish","format-standard","hentry","category-10","category-40","category-39"],"_links":{"self":[{"href":"https:\/\/core9news.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/1740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/core9news.co.kr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/core9news.co.kr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/core9news.co.kr\/index.php?rest_route=\/wp\/v2\/users\/399"}],"replies":[{"embeddable":true,"href":"https:\/\/core9news.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1740"}],"version-history":[{"count":1,"href":"https:\/\/core9news.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/1740\/revisions"}],"predecessor-version":[{"id":1742,"href":"https:\/\/core9news.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/1740\/revisions\/1742"}],"wp:attachment":[{"href":"https:\/\/core9news.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/core9news.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/core9news.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}