You are on page 1of 23

FenomenulantisemitnadouajumtateaveaculuialXIXlea

TheAntisemiticPhenomenonintheSecondHalfoftheNineteenthCentury

bySimonaFrcan

Source:
StudiaUniversitatisBabesBolyaiHistoria(StudiaUniversitatisBabesBolyaiHistoria),issue:12/
2003,pages:121142,onwww.ceeol.com.

 
 
       

)(120(18/$17,6(0,71$'28$-807$7(
$9($&8/8,$/;,;/($

 
 

 
 
  



   



 7KH SUHVHQW SDSHU DLPV DW PDNLQJ D EULHI SUHVHQWDWLRQ RI

WKH DQWL-HZLVK PDQLIHVWDWLRQV LQ WKH VHFRQG KDOI RI WKH WK FHQWXU\ IURP WKH
EHJLQQLQJV WR WKH FRQVROLGDWLRQ RI PRGHUQ DQWL6HPLWLVP DQG WKH DQWL6HPLWLF
PRYHPHQW )URP WKLV SHUVSHFWLYH WKH -HZLVK 4XHVWLRQ D FRUH LVVXH LQ WKH
SROLWLFDOHFRQRPLF DQG FXOWXUDO OLIH RI WKH 5RPDQLDQ .LQJGRP LV LQYHVWLJDWHG
DJDLQVW WKH EDFNJURXQG RI (XURSHDQ HYROXWLRQV LQ D WLPH ZKHQ 5RPDQLD ZDV
VWULYLQJ WR EHFRPH SDUW RI WKH 2OG &RQWLQHQW
V PRGHUQ QDWLRQV

7UDQ]LLD GH OD R VRFLHWDWH DJUDU LHUDUKL]DW OD XQD HJDOLWDULVW FDSLWDOLVW L


LQGXVWULDO DGXFH FX VLQH WUDQVIRUPUL UDGLFDOH vQ FHHD FH SULYHWH VLWXDLD PLQRULWLL
HYUHLHWL FDUH DEDQGRQHD] WUHSWDW XQ PRG GH H[LVWHQ SUHFDU OD SHULIHULD FRUSXOXL
VRFLDO L VH LQWHJUHD] SURJUHVLY vQ QRXD RUGLQH EXUJKH] vQ FXUV GH FULVWDOL]DUH
(PDQFLSDUHD D FUHDW RSRUWXQLWL IU SUHFHGHQW L GLQFROR GH GLILFXOWLOH GLOHPHOH L
DWLWXGLQLOH LSRFULWH FURUD OHD GDW QDWHUH WRDWH PLFULOH HYUHLHWL FRQWHPSRUDQH
SROLWLFH L UHOLJLRDVH vQWUDGHYU DSURDSH WRDWH WLSXULOH GH LQVWLWXLL HYUHLHWL GLQ
OXPHD GH D]L vL GDWRUHD] H[LVWHQD (PDQFLSULL 1RXD YL]LXQH DVXSUD RPXOXL L D
VRFLHWLL FRQILJXUDW GH JkQGLWRULL LOXPLQLWL OLEHUDOLVPXO vQ IRUPDUH L LQGXVWULDOL]DUHD
DFFHOHUDW SDU D WHUJH SDV FX SDV HIHFWHOH D GRX PLL GH DQL GH UHVWULWL L SHUVHFXLL
1X HVWH PDL SXLQ DGHYUDW F LPSOHPHQWDUHD PVXULORU PHQLWH VL WUDQVIRUPH SH
HYUHL vQ FHWHQL FX GUHSWXUL HJDOH VH L]EHWH SUHWXWLQGHQL GH UHDFLLOH DGYHUVH DOH
RSLQLHL SXEOLFH L VSUH UVULWXO FRQWLQHQWXOXL GH R SROLWLF RILFLDO RVWLO $VWIHO
F vQ (XURSD GH YHVW L FHQWUDO DYHP GHD IDFH FX XQ SURFHV FH DGRSW IRUPH
GLIHULWH vQ IXQFLH GH FRQGLLLOH SROLWLFH L VRFLDOH SDUWLFXODUH L FDUH VH GHVIRDU
WUHFkQG VXFFHVLY SULQ ID]H GH VWDJQDUH VDX GH VFKLPEUL DFFHOHUDWH SH SDUFXUVXO D
DSUR[LPDWLY XQ VHFRO   Q DFHODL WLPS QX WUHEXLH WUHFXW FX YHGHUHD
IDSWXO F HPDQFLSDUHD UPkQH XQ GH]LGHUDW SHQWUX vQF PXOW YUHPH vQ UVULWXO (XURSHL
L ,PSHULXO UXV XQGH FLUFXPVWDQHOH VRFLRSROLWLFH L HFRQRPLFH GLIHULWH IDF FD
VHFROXO DO ;,;OHD V ILH GHFLVLY PDUFDW GH OXSWD SHQWUX GUHSWXUL FLYLOH L SROLWLFH
Q FRQWLQXDUH YRP vQFHUFD V LQWHJUP SURFHVHOH FDUH DX PDUFDW HYROXLD
VRFLHWLL HYUHLHWL GLQ 5RPkQLD vQWUXQ FRQWH[W PDL ODUJ HXURSHDQ XUPULQG DVSHFWHOH
SDUWLFXODUH SH FDUH OH DGRSW UHVSLQJHUHD HYUHLORU vQ OXPHD PRGHUQ $YHP vQ YHGHUH
QXPDL R SUH]HQWDUH IRDUWH VXFFLQW D IHQRPHQXOXL DQWLVHPLW vQWUXFkW DFHDVWD VD EXFXUDW
GH DWHQLD FXYHQLW XQHL SUREOHPH FDUH QH DPHQLQ vQ DWkW GH PDUH PVXU VLPXO



 7KH 'LOHPPD RI WKH 0RGHUQ -HZ  
    
    

Access via CEEOL NL Germany

 
 

SURSRULLORU L VSHUDQD QRDVWU GH VQWDWH PLQWDO IFkQG RELHFWXO XQRU DQDOL]H


GHWDOLDWH L H[WUHP GH SHUWLQHQWH QV SXQFWDUHD XQRU IRUPH GH PDQLIHVWDUH FRQWXUDUHD
QRLORU FRRUGRQDWH LGHRORJLFH L D PHFDQLVPHORU SROLWL]ULL DQWLVHPLWLVPXOXL FRQVWLWXLH
XQ QHFHVDU SUHDPEXO OD LQYHVWLJDUHD DWLWXGLQLL SH FDUH R DGRSW VRFLHWDWHD URPkQHDVF
ID GH HYUHLL HL PDL DOHV F SUREOHPD HYUHLDVF VD FRQWXUDW SH IXQGDOXO XQRU DPSOH
GH]EDWHUL LQWHUQDLRQDOH DVXSUD VWDWXWXOXL MXULGLF DO DFHVWHL PLQRULWL vQWUR ]RQ D
FRQWLQHQWXOXL FDUH DVSLUD GHMD V LQWUH vQ (XURSD

 

 

3HUVHFXLLOH vPSRWULYD HYUHLORU DX IRVW WLPS GH DSURDSH XQ PLOHQLX L MXPWDWH


vQYHPkQWDWH vQ KDLQD UHOLJLHL LPDJLQHD HYUHXOXL FD $QWLFKULVW SULQ]kQG UGFLQL
DGkQFL vQ LPDJLQDUXO OXPLL FUHWLQH 3UH]HQ GHPRQLF L QHOLQLWLWRDUH GXFkQGXL
H[LVWHQD OD PDUJLQLOH VRFLHWLL HYUHXO HUD WRWXL WROHUDW FD H[HPSOX QHJDWLY PUWXULH
D DGHYUXOXL FUHGLQHL FUHWLQH L D VRDUWHL PL]HUDELOH D FHORU FH VH vQFSkQHD] V
QXO UHFXQRDVF $YHUWL]DW vQ SHUPDQHQ GH SHULFROXO SH FDUH vO UHSUH]LQW SRSRUXO
GHLFLG VXVSHFW GH D IL FRPLV FHOH PDL QHOHJLXLWH IDSWH HYRFDWH FX SDWHWLF L OLSVLW
GH VFUXSXOH LQVLVWHQ vQ PRPHQWH GH FUL] RUL GH PDUH IHUYRDUH UHOLJLRDV VRFLHWDWHD
FUHWLQ HODERUHD] R DGHYUDW PLWRORJLH DQWLVHPLW $ERPLQDELOD VPkQ QX
vQFHWHD] V IHUPHQWH]H GRYHGLQG R QHGRULW FDSDFLWDWH GH UHJHQHUDUH L GH OD XQ
PRPHQW GDW DFHDVW XU SDUH D VH DOLPHQWD GH OD VLQH H[HUFLWkQGXVH ILH F H[LVW
VDX QX HYUHL SH XQ WHULWRULX GDW LDU GDF HYUHXO QX H[LVW HO HVWH LQYHQWDW>@
([DPLQkQG SXQFWHOH GH YHGHUH UHIHULWRDUH OD JHQH]D PHQWDOLWLL SHUVHFXWRULL
vQ (XURSD RFFLGHQWDO 'DYLG 1LUHQEHUJ PDQLIHVW UH]HUYH ID GH SHUVSHFWLYD ED]DW
SH ORQJXH GXUpH GXS FDUH HYHQLPHQWHOH VXQW PDL SXLQ LQWHUSUHWDWH vQ FRQWH[W
ORFDO GHFkW vQ FRQIRUPLWDWH FX R WHOHRORJLH FDUH GXFH PDL PXOW VDX PDL SXLQ
H[SOLFLW OD 6KRDK $XWRUXO vQFHDUF V GHPRQVWUH]H F L]EXFQLULOH GH YLROHQ QX
VXQW XQ LQGLFDWRU DO IDSWXOXL F WROHUDQD vQ (XURSD FXQRDWH R GHJUDGDUH
SURJUHVLY FL F HOH WUHEXLH SXVH vQ SULPXO UkQG vQ UHODLH FX HYROXLLOH ORFDOH FX
IHQRPHQH UHJLRQDOH VSHFLILFH RVWLOLWDWHD L WROHUDQD FRH[LVWkQG SUHWXWLQGHQL GHD
OXQJXO WLPSXOXL $QDOL]D XQRU VLWXDLL FRQFUHWH  )UDQD L 5HJDWXO $UDJRQ vQ VHFROXO DO
;,9OHD  vO GHWHUPLQ V FRQFKLG F DWDFXULOH vPSRWULYD PLQRULWLORU QX VXQW
FRPLVH vQ IDSW GH PDVHOH LUDLRQDOH VWLPXODWH GH LGHRORJLL L SUHMXGHFL
PRWHQLWH FL GH DQXPLWH JUXSXUL FDUH UHIRUPXOHD] GLVFXUVXO FXQRVFXW DVXSUD
PLQRULWLORU vQ VFRSXUL VWUDWHJLFH WUDQVIRUPkQGXO vQWUXQ OLPEDM FRQFUHW DO
SHUVHFXLHL (YLGHQW DXWRUXO QX QHDJ UROXO DFHVWXL VHW GH VWHUHRWLSXUL PRWHQLWH FL

+DQQDK $UHQGW 


   (G +XPDQLWDV %XFXUHWL  S  'LQWUH VLQWH]HOH GHGLFDWH
DFHVWHL SUREOHPDWLFL HVWH VXILFLHQW V DPLQWLP -DFRE .DW] 

  
     
 +DUYDUG 8QLYHUVLW\ 3UHVV &DPEULGJH 0DVVDFKXVHWWV  /HRQ 3ROLDNRY 

      YRO ,,9 (G +DVHIHU %XFXUHWL 

.DW]
   S 

3ROLDNRY
   YRO , S  SDVVLP

'DYLG 1LUHQEHUJ !
 
" #
   

" $
   % $   3ULQFHWRQ
8QLYHUVLW\ 3UHVV 1HZ -HUVH\  S  9H]L L $UHQGW
   S 




 

  

     

GRUHWH V DWUDJ DWHQLD DVXSUD IDSWXOXL F YDULDELOHOH HFRQRPLFH VRFLDOH SROLWLFH


VDX FXOWXUDOH DX XQ URO HVHQLDO vQ DFWLYDUHD XQXLD VDX DOWXLD GLQWUH HOH )LH F
DFFHQWXO FDGH SH LQYHVWLJDUHD DWLWXGLQLORU ORFDOH L D VLWXDLLORU SDUWLFXODUH FDUH
JHQHUHD] PDQLIHVWUL RVWLOH VDX VH FRQFHQWUHD] DVXSUD LPDJLQLORU L VLVWHPHORU GH
JkQGLUH FROHFWLYH DVXSUD UHSUH]HQWULORU FHOXLODOW QLPHQL QX SRDWH IDFH DEVWUDFLH
GH SHUVLVWHQD vQFSkQDW D VWHUHRWLSXULORU DQWLVHPLWH LQGLIHUHQW GH FRQWH[WXO VSHFLILF
vQ FDUH VH DFWLYHD] VDX GH IRUPHOH SH FDUH OH vPEUDF GHD OXQJXO WLPSXOXL
3H OkQJ DVSHFWHOH OHJDWH GH DQWLVHPLWLVPXO FX UGFLQL vQ YL]LXQHD FUHWLQ
DVXSUD OXPLL WUHEXLH OXDWH vQ FRQVLGHUDUH UHVHQWLPHQWHOH SURYRFDWH GH IXQFLLOH HFRQRPLFH
VSHFLILFH vQGHSOLQLWH GH HYUHL vQF GLQ (YXO 0HGLX 6XE SUHVLXQHD PHGLXOXL VRFLDO L D
OHJLVODLHL UHVWULFWLYH PLQRULWDWHD HYUHLDVF GREkQGHWH R FRQILJXUDLH SURIHVLRQDO
DSDUWH SR]LLD VSHFLILF SH FDUH R RFXS vQ YLDD HFRQRPLF DOLPHQWkQG SUHMXGHFLOH
GH VRUJLQWH UHOLJLRDV vPSUWLWH GH PDMRULWDWHD SRSXODLHL FDUH OD UkQGXO ORU
GHWHUPLQ HOLPLQDUHD HYUHLORU GLQ QXPHURDVH VHFWRDUH HFRQRPLFH 3H GH DOW SDUWH
PDL DOHV vQ (XURSD 5VULWHDQ VLWXDLD HFRQRPLF SUHFDU D VWDWHORU SUHFDSLWDOLVWH
SHUPLWH HYUHLORU V VH LPSXQ vQ GRPHQLL vQ FDUH SUDFWLF QX H[LVW FRQFXUHQ
DMXQJkQG vQ FRQIOLFW FX DFHOH VWUDWXUL DOH SRSXODLHL GLQ FDUH VDU IL SXWXW GH]YROWD vQ
PRG QRUPDO R FODV PLMORFLH $VWIHO SH OkQJ RSR]LLD WUDGLLRQDO vQWUH FUHWLQL L
DGHSLL /HJLL OXL 0RLVH DVSHFWXO FDUH D LQIOXHQDW vQ FHD PDL PDUH PVXU
SHUSHWXDUHD SUHMXGHFLORU DQWLHYUHLHWL D IRVW LPSOLFDUHD VXEVWDQLDO D HYUHLORU vQ
VLVWHPXO GH FUHGLWH L vQ DUHQG 6WHUHRWLSXO HYUHXOXL FPWDU VD JUDYDW FX DWkWD
LQWHQVLWDWH vQ LPDJLQDUXO FROHFWLY vQFkW WUHL VHFROH GXS FH HYUHLL IXVHVHU DOXQJDL
GLQ $QJOLD HVWH vQF vQ PVXU V GHD QDWHUH XQHL ILJXUL OLWHUDUH GH IRUD L
DPSORDUHD QHJXVWRUXOXL GLQ 9HQHLD
6HFROXO /XPLQLORU SXQkQG VXE VHPQXO vQWUHEULL VLVWHPXO GH YDORUL IXQGDPHQWDOH
SH FDUH VH vQWHPHLD OXPHD PHGLHYDO D DGXV vQ GLVFXLH L LPDJLQHD HYUHXOXL ORFXO
L UROXO DFHVWXLD vQ VRFLHWDWH 6SLULWXO UDLRQDOLVWFULWLF FDUH GHPRQWHD] VWUXFWXULOH
LQWHOHFWXDOH DOH XQLYHUVXOXL PHQWDO WUDGLLRQDO VH GRYHGHWH vQV QHSXWLQFLRV FkQG

1LUHPEHUJ RS FLW S  &HUWDLQO\ WKHVH DFFXVDWLRQV PDGH UHIHUHQFH WR D KRVW RI DJHROG LGHDV DERXW
WKHLU WDUJHWV EXW WKH\ GLG VR ZLWKLQ XQLTXH FRQWH[WV DQG WKH\ ZHUH FUDIWHG ZLWK VSHFLILF DLPV

'LQWUH OXFUULOH FDUH SXQ DFFHQW SH LGHHD GH FRQWLQXLWDWH DPLQWLP 3ROLDNRY RS FLW YRO ,,, S  OD SULPD
YHGHUH WHUPHQXO GH  VQ  vQ VHQV DQWURSRORJLF SDUH D IL FHO PDL SRWULYLW SHQWUX FDUDFWHUL]DUHD
DQWLVHPLWLVPXOXL PRGHUQ >@  1RUPDQ &RKQ :DUUDQW IRU *HQRFLGH 7KH 0\WK RI WKH -HZLVK :RUOG
&RQVSLUDF\ DQG WKH 3URWRFROV RI WKH (OGHUV RI 6LRQ 1HZ <RUN  S  $V , VHH LW WKH GHDGOLHVW NLQG
RI DQWL6HPLWLVP WKH NLQG WKDW UHVXOWV LQ PDVVDFUH DQG DWWHPSWHG JHQRFLGH KDV OLWWOH WR GR ZLWK UHDO FRQIOLFWV
RI LQWHUHVWV EHWZHHQ OLYLQJ SHRSOH RU HYHQ ZLWK UDFLDO SUHMXGLFH DV VXFK $W LWV KHDUW OLHV WKH EHOLHI WKDW -HZV 
DOO -HZV HYH\ZKHUH  IRUP D FRQVSLUDWRULDO ERG\ VHW RQ UXLQLQJ DQG WKHQ GRPLQDWLQJ WKH UHVW RI PDQNLQG $QG
WKLV EHOLHI LV  
  
      
 
 VQ   .DW] RS FLW
GHPRQVWUHD] SHUSHWXDUHD VWHUHRWLSXULORU FUHWLQH vQ YL]LXQHD SURPRWRULORU DQWLVHPLWLVPXOXL PRGHUQ DUWkQG
WRWRGDW F IRUPHOH VDOH GH PDQLIHVWDUH GHSLQG GH FRQMXQFWXU L GH SR]L LD SH FDUH R RFXS HYUHLL vQ VRFLHWDWHD
UHVSHFWLY  9H]L L 5REHUW &KD]DQ 0HGLHYDO 6WHUHRW\SHV DQG 0RGHUQ $QWLVHPLWLVP 7KH 8QLYHUVLW\ RI
&DOLIRUQLD 3UHVV &DOLIRUQLD  5DXO +LOEHUJ ([WHUPLQDUHD HYUHLORU GLQ (XURSD YRO ,,, +DVHIHU
%XFXUHWL  5REHUW - 0RRUH 7KH )RUPDWLRQ RI WKH 3HUVHFXWLQJ 6RFLHW\ 3RZHU DQG 'HYLDQFH LQ
:HVWHUQ (XURSH   1HZ <RUN %ODFNZHOO 

$UHQGW RS FLW S 




 
 

HVWH YRUED GH DVSHFWHOH HPRLRQDOH &HOH PDL EXQH LQWHQLL L FHOH PDL IDYRUDELOH
HVWLPUL VH L]EHVF GH R UH]LVWHQ VXUG L REVWLQDW D RSLQLHL SXEOLFH GDU L GH
FRQYLQJHUHD vPSUWLW LQFOXVLY GH VXVLQWRULL HPDQFLSULL L FKLDU GH PXOL GLQWUH
FHL FDUH IDF RELHFWXO DFHVWRU FULWLFL  F VWDUHD GH GHJUDGDUH VSLULWXDO D HYUHLORU
QHFHVLW PDL vQWkL GH WRDWH XQ VRL GH FRQYHUWLUH PRUDO FDUH V GHPRQVWUH]H F
VXQW GHPQL GH D IL DFFHSWDL vQ VRFLHWDWHDJD]G 7DEORXO GHJHQHUULL PRUDOH D HYUHLORU
PLQXLRV FRPSOHWDW GH DGYHUVDUL vQYHUXQDL vL JVHWH R H[SUHVLH FRQFHQWUDW FX
PDUH IRU GH LPSDFW vQ      >@ QX YHL GHVFRSHUL vQ HL
GHFkW XQ SRSRU LJQRUDQW L EDUEDU FDUH XQHWH GH PXOW YUHPH FHD PDL VRUGLG DYDULLH
FX FHD PDL GHWHVWDELO VXSHUVWLLH L FX R XU QHRVWRLW ID GH WRDWH SRSRDUHOH >@
$WkWD WLPS FkW DFHDVW UHJUHWDELO VLWXDLH HVWH FRQVLGHUDW D IL UH]XOWDWXO FRQGLLLORU
LVWRULFH H[LVW FLUFXPVWDQH DWHQXDQWH L VSHUDQD vPEXQWLULL OXFUXULORU vQWUXQ
YLLWRU PDL PXOW VDX PDL SXLQ vQGHSUWDW QV vQ PRPHQWXO vQ FDUH VH DMXQJH OD
FRQYLQJHUHD F HYUHXO SRVHG R VHULH GH WUVWXUL QHJDWLYH GH FDUDFWHU LPXWDELOH L
DGkQF vQUGFLQDWH QLFL R UHIRUP LQWHULRDU RUL SUHVLXQH GLQ DIDU QX PDL SRDWH
DPHOLRUD VLWXDLD HO FRQWLQXkQG V UPkQ XQ SHUPDQHQW SHULFRO SHQWUX VRFLHWDWH
'XS FXP VH YD YHGHD DFHDVW GLUHFLH GH JkQGLUH VH YD GRYHGL vQ YLLWRU H[WUHP GH
SHULFXORDV GHRDUHFH XUPkQG ILUXO ORJLF DO DUJXPHQWDLHL VH DMXQJH OD FRQFOX]LD F QX
H[LVW GHFkW R XQLF VROXLH SRVLELO SHQWUX vQOWXUDUHD WHULELOHL DPHQLQUL HOLPLQDUHD
YLUXVXOXL SDWRJHQ GLQ FRUSXO VRFLHWLL LDU RSHUDLXQHD GH FXULUH YD PHUJH GH OD
H[SXO]DUH SkQ OD PDVDFUX 'LQ DFHDVW SHUVSHFWLY DOWHUQDWLYD RIHULW SkQ DFXP
FRQYHUWLUHD QX PDL SUH]LQW VXILFLHQW VLJXUDQ 
(PDQFLSDUHD DGXFH GXS VLQH LPSRUWDQWH HYROXLL vQ FHHD FH SULYHWH OLEHUWDWHD
GH PLFDUH GUHSWXO OD FHWHQLH L OD HGXFDLH FRQFRPLWHQW FX FHOH OHJDWH GH UDSRUWDUHD
OD OXPHD vQFRMXUWRDUH GH OD UHJVLUHD XQXL QRX UHVSHFW GH VLQH vQ UHODLLOH FX VRFLHWDWHD
JD]G L SkQ OD UHHYDOXDUHD YDORULORU LXGDLFH WUDGLLRQDOH 3H GH DOW SDUWH SUR
JUHVHOH vQ FHHD FH SULYHWH HJDOLWDWHD vQ GUHSWXUL L VSHFWDFXODUD DVFHQVLXQH VRFLDO D
HYUHLORU DOLPHQWHD] SUHMXGHFLOH FODVHORU VRFLDOH PLMORFLL L LQIHULRDUH vQWUHLQXWH GH
GLILFXOWLOH HFRQRPLFH FX FDUH VH FRQIUXQW VWDWHOH SUHLQGXVWULDOH 6XFFHVHOH GREkQGLWH
GH HYUHL VWkUQHVF LQYLGLD ORFDOQLFLORU GHSLL GH FRQFXUHQ FDUH QX UHXHVF V LQ
SDVXO FX LQRYDLLOH HSRFLL PRGHUQH $ILUPDUHD HYUHLORU vQ VIHUD HFRQRPLF SROLWLF L
FXOWXUDO DGXFH GXS VLQH L VFKLPEUL vQ FRQILJXUDUHD LPDJLQLL HYUHXOXL YHFKLORU FOLHH
DGXJkQGXOLVH QRL DFX]DLL DSUXWH vQ WLPSXO OXSWHL SHQWUX HPDQFLSDUH 'H SLOG VSUH
VIkULWXO VHFROXOXL DO ;9,,,OHD L vQFHSXWXO YHDFXOXL XUPWRU UHHDXD LQWHUQDLRQDO GH
FUHGLW L vPSUXPXW D &DVHL 5RWVFKLOG FUHHD] LPSUHVLD F ILQDQHOH HYUHLHWL GRPLQ

$SXG 3ROLDNRY RS FLW YRO ,,, S 


+LOEHUJ RS FLW S  L DFHVW DXWRU FRQVLGHU F VH SRDWH GHWHUPLQD ILOLD LD DFHVWHL DWLWXGLQL UHFXUJkQG OD
UD LRQDPHQWHOH WHRORJLFH HODERUDWH vQ GHFXUVXO (YXOXL PHGLX 2GDW FX XUD QRLL GXPDQL DL HYUHLORU PDL
PRWHQLVHU GH OD %LVHULF L FRQYLQJHUHD F HYUHLL QX SXWHDX IL VFKLPED L QLFL FRQYHUWL L QLFL DVLPLOD L F
HL HUDX XQ IHO GH SURGXV ILQLW LPXDELO vQ FRPSRUWDPHQWHOH OXL ULJLGL]DW vQ LGHLOH VDOH GH QHFOLQWLW vQ
FRQYLQJHULOH OXL L vQ FUHGLQ D VD





 

  

     

OXPHD L GH DLFL QX WUHEXLH PXOW SHQWUX D DMXQJH OD PLWXO WHQHEURV DO FRPSORWXOXL


PRQGLDO HYUHLHVF
Q DQDOL]D GHGLFDW RULJLQLORU WRWDOLWDULVPXOXL +DQQDK $UHQGW VH RSUHWH DVXSUD
XQXLD GLQWUH QXPHURDVHOH SDUDGR[XUL DOH FRQGLLHL HYUHLHWL SDUDGR[ OHJDW GH HYROXLD
IHQRPHQXOXL DQWLVHPLW RGDW FX HPDQFLSDUHD $XWRDUHD DUDW F DQWLVHPLWLVPXO SROLWLF
VD GH]YROWDW GLQ FDX] F HYUHLL HUDX XQ FRUS VHSDUDW vQ YUHPH FH GLVFULPLQDUHD
VRFLDO D OXDW QDWHUH FD XUPDUH D HJDOLWLL FUHVFkQGH D HYUHLORU FX WRDWH FHOHODOWH
JUXSXUL -DFRE .DW] LGHQWLILF XQD GLQ VXUVHOH SULQFLSDOH DOH DQWLVHPLWLVPXOXL
PRGHUQ WRFPDL vQ GHSODVDUHD GH OD PDUJLQHD VRFLHWLL vQ FKLDU FHQWUXO HL D XQXL
JUXS GH SDULD VXEOLQLLQG L IDSWXO F GH DFHDVW GDW vQ SRILGD H[DJHUULORU
L LQWHUSUHWULORU UXYRLWRDUH HVWH YRUED GH R UHDOLWDWH L QX GH XQ SURGXV DO
LPDJLQDLHL 2SLQLD UHVSHFWLY HVWH vPSUWLW L GH /HRQ 3ROLDNRY SHQWUX FDUH
VSHFWDFROXO HOLEHUULL L DO DVFHQVLXQLL HYUHLORU VWkUQHWH WHPHUL QRL L UHDFWLYHD]
XUL YHFKL DLFL JVLQGXVH UGFLQD VSHFLILF D DQWLVHPLWLVPXOXL PRGHUQ SH IRQGXO
IDFWRULORU GH RUGLQ JHQHUDO SUHFXP LQYLGLD HFRQRPLF L ULYDOLWDWHD SURIHVLRQDO
8UD vPSRWULYD HYUHLORU GREkQGHWH DVWIHO XQ FDUDFWHU SUHGRPLQDQW ODLF DPSOLILFkQGXL
FRQLQXWXO vQ FRQWH[WXO HVWRPSULL WUHSWDWH D LGHLORU ,OXPLQLVPXOXL HXURSHDQ VXE
SUHVLXQHD QRXOXL URPDQWLVP SROLWLF L D FULVWDOL]ULL LGHLL QDLRQDOH 7HRULD H[LVWHQHL
XQHL IRUPH VSHFLILFH D FRQWLLQHL QDLRQDOH UH]XOWDQW D XQHL FRQILJXUDLL VSLULWXDOH
L HWQRUHOLJLRDVH SDUWLFXODUH DGDXJ XQ QRX HOHPHQW DUJXPHQWHORU HFRQRPLFR
UHOLJLRDVH L VRFLRSROLWLFH vPSRWULYD DFFHSWULL HYUHLORU LQFRPSDWLELOLWDWHD GH
FDUDFWHU QDLRQDO (IRUWXO GH D LQYHQWDULD WDUHOH L338.:90 SVLKRORJLFH L PRUDOH
DOH HYUHXOXL LQFRPSDWLELOH FX FDOLWDWHD GH PHPEUX RUL FHWHDQ DO VRFLHWLL vQ
PLMORFXO FUHLD WULHWH VH H[WLQGH vQ ]RQD HWQRSVLKRORJLHL GHOLPLWkQG HOHPHQWHOH
FRPSRQHQWH DOH XQHL PHQWDOLWL FROHFWLYH VSHFLILF HYUHLHWL vQ RSR]LLH LUHFRQFLOLDELO
FX 9RONVJHLVWXO JHUPDQ IUDQFH] DO QDLXQLORU HXURSHQH vQ JHQHUDO QVL WHUPHQXO
JHQHULF DQWLVHPLWLVP DGRSWDW SHQWUX D GHILQL SR]LLLOH DQWLHYUHLHWL VXJHUHD] F
UHVSLQJHUHD VH GDWRUHD] XQRU DQXPLWH WUVWXUL GH FDUDFWHU FDUHL JVHVF H[SUHVLD
vQWUXQ DQXPH WLS GH FRPSRUWDPHQW LPSRVLELO GH WROHUDW vQWUR VRFLHWDWH PRGHUQ
Q FRQVHFLQ VH SRDWH YRUEL GH R XU WUDGLLRQDO vPSRWULYD HYUHLORU ED]DW vQ
SULQFLSDO SH UDLXQL WHRORJLFRHFRQRPLFH FDUH vL SVWUHD] vQ FRQLQXW L IRUP
FDUDFWHUXO QRFLY L YLUXOHQW 3H GH DOW SDUWH VH REVHUY DSDULLD XQRU QRL HOHPHQWH VDX
QXDQH FDUH FRQWULEXLH OD FRQILJXUDUHD D FHHD FH VD QXPLW DQWLVHPLWLVP PRGHUQ
'DWRULW LPSUHFL]LHL FRQLQXWXOXL WHUPHQXO FRQFHSXW VH FUHGH GH :LOKHOP 0DUU
D DMXQV V vQJOREH]H WRDWH FXUHQWHOH DQWLHYUHLHWL FKLDU GDF PRWLYDLLOH L

9H]L &RKQ RS FLW 'HVSUH IDPLOLD 5RWVFKLOG YH]L L 3DXO -RKQVRQ $ +LVWRU\ RI WKH -HZV +DUSHU 1HZ
<RUN  S 

$UHQGW RS FLW S 

.DW] RS FLW S 

3ROLDNRY RS FLW YRO ,,, S 

.DW] RS FLW S 

$SXG 3DXO 0HQGHV)ORKU -HKXGD 5HLQKDU] 7KH -HZ LQ WKH 0RGHUQ :RUOG $ 'RFXPHQWDU\ +LVWRU\ QG
HGLWLRQ 1HZ <RUN  2[IRUG 2[IRUG 8QLYHUVLW\ 3UHVV  S 




 
 

VFRSXULOH ORU HUDX GLIHULWH VD WUDQVIRUPDW vQ VORJDQ vQ]HVWUkQG FX YDOHQH HPRLRQDOH
L SROLWLFH DWLWXGLQLOH DQWLHYUHLHWL SUH]HQWH vQ VWDUH ODWHQW $QWLVHPLWLVPXO
PRGHUQ FDUHL DVXP vQWUHDJD vQFUFWXU VHPDQWLF D FHOXL WUDGLLRQDO GkQGXL R
QRX MXVWLILFDUH vL IDFH UHVSRQVDELOL SH HYUHL GH WRDWH VLWXDLLOH GH FUL] FDQDOL]kQG
UHVHQWLPHQWHOH L QHPXOXPLULOH vPSRWULYD XQHL PLQRULWL VXSXVH GH YHDFXUL
GLVFULPLQULORU 3H PVXU FH SROLWLFLHQLL UHDOL]HD] F UDLXQHD H OLSVLW GH HILFLHQ
vQ SROLWLF HOHPHQWXO LUDLRQDO GREkQGHWH SUHHPLQHQ IFkQGXVH DSHO OD DIHFWH
SHQWUX PRELOL]DUHD DOHJWRULORU VLPSOL L GLULMkQGXOH QHPXOXPLULOH VSUH FRPXQLWDWHD
HYUHLDVF ,QGLIHUHQW GH GLUHFLD GLQ FDUH SRUQHVF DFX]DLLOH WULPLW OD R PXOWLWXGLQH GH
VWHUHRWLSXUL YHFKL GH VHFROH GDU DFHVW OXFUX VH vQWkPSO vQ FRQWH[WH VSHFLILFH FDUH
GHWHUPLQ UHDFWLYDUHD ORU VWUDWHJLF vQ VFRSXUL SUHFLVH Q ILQDO SROLWL]DUHD vPSLQV OD
H[WUHP D PDQLIHVWULORU FRQWUD HYUHLORU YD WUDQVIRUPD DQWLVHPLWLVPXO vQWUXQ
LQVWUXPHQW GH PRELOL]DUH L PDQLSXODUH SROLWLF D PDVHORU GH FDQDOL]DUH D
IUXVWUULORU JHQHUDWH GH JUDYHOH FUL]H HFRQRPLFH FX FDUH VH FRQIUXQW OXPHD
PRGHUQ Q XOWLPHOH GRX GHFHQLL DOH YHDFXOXL DO ;,;OHD DFHVW FXUHQW GH LGHL L
DWLWXGLQH VH FRQFUHWL]HD] vQ FHHD FH VH SRDWH QXPL SH GUHSW FXYkQW R
 GDWRULW HFRXOXL ODUJ SH FDUH vO DUH vQ UkQGXO WXWXURU VWUDWXULORU VRFLDOH
PDL DOHV vQ *HUPDQLD L ,PSHULXO $XVWUR8QJDU 'XS FH OR]LQFLOH DQWLVHPLWH
ODQVDWH GH FDSHODQXO &XULL LPSHULDOH GLQ %HUOLQ $GROI 6W|FNHU vL GRYHGHVF
FDSDFLWDWHD GH D PRELOL]D ODUJL VWUDWXUL DOH SRSXODLHL GLVWUJkQGXOH DWHQLD GH OD
UHDOHOH SUREOHPH DOH VRFLHWLL JHUPDQH DSDU L SULPHOH SDUWLGH SROLWLFH FDUHL
SURSXQ vQ SULQFLSDO DQXODUHD HIHFWHORU QHJDWLYH DOH HPDQFLSULL DGLF D
LQIOXHQHL FRYkULWRDUH SH FDUH HYUHLL DX DMXQV V R H[HUFLWH vQ YLDD SXEOLF 8Q
DVSHFW H[WUHP GH LPSRUWDQW L GHRVHELW GH vQWULVWWRU HVWH DGHUDUHD OD DFHDVW PLFDUH D
XQRU FDWHJRULL VRFLDOH FDUH VH DIODVHU vQ SULPHOH UkQGXUL DOH PDUHHL OLEHUDOH FH
vQYLRUDVH EWUkQXO &RQWLQHQW RDPHQL GH FXOWXU L VDYDQL SURIHVRUL XQLYHUVLWDUL L
VWXGHQL 6SHULDL GH FRQFXUHQD FROHJLORU ORU HYUHL FDUHL XUPHD] VHWHD
DQFHVWUDO GH FXQRDWHUH SURILWkQG GLQ SOLQ GH GHVFKLGHUHD SRULORU FROLORU L
XQLYHUVLWLORU DFHWLD GLQ XUP FRQWULEXLH OD OHJLWLPDUHD PLFULL FD H[SUHVLH D
VSLULWXOXL JHUPDQ FDUH SRDUW FX VLQH PHVDMXO YLLWRUXOXL
'LQ ]RQD FRQVHUYDWRULVPXOXL SURWHVWDQW RUL FDWROLF FX QXDQH VRFLDOH
DQWLVHPLWLVPXO vL FURLHWH GUXP L VSUH FHOHODOWH VIHUH DOH VSHFWUXOXL SROLWLF GkQG
QDWHUH XQRU JUXSUL L SDUWLGH FX SURJUDPH L VFRSXUL YDULDWH FH DX GUHSW QXPLWRU
FRPXQ VXERUGRQDUHD RULFUXL DOW RELHFWLY OXSWHL vPSRWULYD LQIOXHQHL HYUHLHWL 'XS
FUDKXO GLQ  9LHQD VH ODV L HD vQ YRLD YDOXOXL GH UHVHQWLPHQWH DQWLHYUHLHWL L
SH IRQGXO SHVLPLVPXOXL FXOWXUDO L PHODQMXOXL GH WHRULL UDVLVWH L QDLRQDOLVWH FDUH YRU
REVHGD VIkULWXO GH VHFRO SURSDJDQGD QDLRQDOLVW D UDGLFDOXOXL 6FK|QHUHU IRQGDWRUXO




 

9H]L QRWHOH  L 
.DW] RS FLW S  $ FRQVLGHUDEOH VHJPHQW RI *HUPDQ VRFLHW\ DFWHG DV LI D IRUHLJQ LQYDVLRQ RI WKH
FRXQWU\ ZHUH LPPLQHQW $XWRUXO GLVFXW SH ODUJ LPSOLFD LLOH VRFLDOH DOH PLF ULL DQWLVHPLWH vQ FDS 9,
7KH 0RYHPHQW S 

,ELGHP S 





 

  

     

3DUWLGXOXL 1DLRQDO *HUPDQ L VORJDQXULOH DQWLVHPLWH DOH FDWROLFXOXL .DUO /XHJHU


YLLWRUXO SULPDU DO FDSLWDOHL DXVWULHFH JVHVF ODUJ HFRX vQ UkQGXULOH SRSXODLHL GH
HWQLH JHUPDQ GLQ ,PSHULX 1LFL SDWULD 'HFODUDLHL 'UHSWXULORU 2PXOXL L D OLEHUWLORU
FHWHQHWL QX UPkQH vQ DIDUD DFHVWXL FXUHQW L DLFL DJLWDLD DQWLVHPLW ILLQG FD
SUHWXWLQGHQL vQ VWUkQV OHJWXU FX FULWLFD VRFLDO 6XFFHVXO GH FDUH VH EXFXU
FDUWHD OXL (GXDUG 'UXPRQW /D )UDQFH MXLYH (VVDL G
KLVWRLUH FRQWHPSRUDLQH GRX
YROXPH DSUXWH vQ  GHGLFDWH LQIHULRULWLL FXOWXUDOH L GHJUDGULL PRUDOH D UDVHL
VHPLWH UHVSRQVDELO GH WRDWH FDWDVWURIHOH QDLRQDOH FDUH DX ORYLW )UDQD  GHPRQVWUHD]
vQF R GDW SHUVLVWHQD vQFSkQDW D VHQWLPHQWHORU DQWLHYUHLHWL FDUH DMXQJ OD
DSRJHX vQ XOWLPLL DQL DL YHDFXOXL vQ WLPSXO $IDFHULL 'UH\IXV  
'DF vQ $SXV SkQ OD DVFHQVLXQHD QD]LVPXOXL DQWLVHPLWLVPXO UPkQH PDL
DOHV OD QLYHOXO GLVFXUVXOXL LQWHOHFWXDO vQ (VW DFHVWD FXQRDWH IRUPH GH H[SULPDUH
PXOW PDL YLUXOHQWH FH PHUJ SkQ OD YLROHQ IL]LF (VWH FD]XO HYUHLORU GLQ 5XVLD
DULVW XQGH DFHVWRUD OL VH DSOLF VLVWHPDWLF XQ WUDWDPHQW GLVFULPLQDWRU L XQGH
H[SOR]LD GH XU FXQRDWH FHOH PDL GUDPDWLFH PDQLIHVWUL 3H WRW SDUFXUVXO YHDFXOXL
DO ;,;OHD VXVLQXW GH [HQRIRELD L RVWLOLWDWHD ID GH HYUHL FX UGFLQL vQ WUDGLLD
UXV DQWLVHPLWLVPXO FRQVWLWXLH R SDUWH LQWHJUDQW D SROLWLFLL GH VWDW DOH FUHL HIHFWH
GHYDVWDWRDUH VXQW YDJ DWHQXDWH GH LQFRQVHFYHQD DXWRULWLORU L GH FRUXSLD GLQ
DGPLQLVWUDLH $VDVLQDUHD DUXOXL $OH[DQGUX DO ,,OHD vQ  PDUWLH  DQXQ
vQFHSXWXO XQXL OXQJ FRPDU DGXJkQG XQ QRX WHUPHQ vQ YRFDEXODUXO XULL L DO
WHURULL 3RJURPXULOH vQFXUDMDWH VDX FKLDU RUJDQL]DWH GH DXWRULWL L GH SROLLH VXQW
XUPDWH GH R QRX DYDODQ GH PVXUL UHSUHVLYH GH OD OHJLOH GLQ PDL  SkQ OD
H[SXO]ULOH vQ PDV GLQ 0RVFRYD  L DOWH ]RQH WRDWH DFHVWHD SH XQ IRQG GH
QHVLJXUDQ L SUHVLXQH FRQWLQX 5H]XOWDWXO ILUHVF HVWH XQ YDO PDVLY GH HPLJUDUH
VSUH YHVW FDUH QX QXPDL F PRGLILF KDUWD GHPRJUDILF D GLVWULEXLHL SRSXODLHL
HYUHLHWL FL DUH XQ LPSDFW GHFLVLY DVXSUD D VXWH GH PLL GH RDPHQL GHSODVkQG
FHQWUXO GH JUHXWDWH L LQIOXHQ DO HYUHLPLL PRQGLDOH VSUH /XPHD 1RX

$UHQGW RS FLW S  ,PSRUWDQW HVWH F DFHDVW PLFDUH vQ FRQWUDVW FX DJLWD LD OXL 6W|FNHU vQ *HUPDQLD D
IRVW LQL LDW L FRQGXV GH XQ RP FDUH HUD vQ FKLS LQGLVFXWDELO VLQFHU QX VD RSULW GHFL OD D IRORVL
DQWLVHPLWLVPXO FD R DUP GH SUSDJDQG  FL D GH]YROWDW UHSHGH DFHDVW LGHRORJLH SDQJHUPDQ  FDUH DYHD V
LQIOXHQ H]H QD]LVPXO PDL DGkQF GHFkW RULFH DOW VRL GH DQWLVHPLWLVP JHUPDQ

(GRXDUG 'UXPRQW /D )UDQFH -XLYH  pGLWLRQ 3DULV  $XWRUXO SUHLD GH OD 5HQDQ LGHHD LQIHULRULW LL
UDVHL VHPLWH 5HQDQ 9LH GH -HVXV 3DULV  ,GHP +LVWRLUH GX SHXSOH G
,VUDHO  YRO 3DULV  L R
FRPELQ LQJHQLRV FX WHRULD GRPLQD LHL HFRQRPLFH D HYUHLORU $OSKRQVH 7RXVVHQHO /HV -XLIV URLV GH O
pSRTXH
KLVWRLUH GH OD IHRGDOLWp ILQDQFLqUH 3DULV   /XFUDUHD VH vQVFULH SH OLQLD VRFLDOLVPXOXL VHQWLPHQWDO FDUH
PDQLIHVW R DWLWXGLQH SDWHUQDOLVW ID GH UDQL L R H[WUHP UHSXOVLH ID GH FDSLWDO ERJ LH FkWLJDW LOLFLW SULQ
VSHFXOD LL L IUDXGH 9H]L L $UWKXU +HUW]EHUJ 7KH )UHQFK (QOLJKWHQPHQW DQG WKH -HZV 7KH 2ULJLQV RI
0RGHUQ $QWL6HPLWLVP &ROXPELD 8QLYHUVLW\ 3UHVV 1HZ <RUN 

'HVSUH $IDFHUHD 'UH\IXV YH]L +HUW]EHUJ RS FLW S  3KLOLSSH %RXUGUHO +LVWRLUH GHV -XLIV GH
)UDQFH $OELQ 0LFKHO 3DULV  S  -RKQVRQ RS FLW S  $OEHUW 6 /LQGHPDQQ 7KH
-HZ $FFXVHG 7KUHH $QWL6HPLWLF $IIDLUV 'UH\IXV %HLOLV )UDQN   &DPEULGJH 8QLYHUVLW\
3UHVV &DPEULGJH  S 

-RKQVRQ RS FLW S  IDFH R VXFFLQW  GDU H[WUHP GH UHYHODWRDUH WUHFHUH vQ UHYLVW D P VXULORU
UHSUHVLYH vPSRWULYD HYUHLORU DU WkQG F  ,Q WKH ODVW KDOIFHQWXU\ RI LPSHULDO 5XVVLD WKH RIILFLDO -HZLVK
UHJXODWLRQV IRUPHG DQ HQRUPRXV PRQXPHQW WR KXPDQ VWXSLGLW\ DQG IXWLOLW\ S 














 
 

3H PVXU FH DWLWXGLQLOH L DFWLYLWLOH DQWLVHPLWH VH H[WLQG vQ WRDWH VIHUHOH


YLHLL VRFLDOSROLWLFH DFHVWHD GREkQGHVF FX YUHPHD L R LQWHUSUHWDUH GH FRORUDWXU
UDVLVW L QDLRQDOLVW DOLPHQWDW GH LGHLOH PLWRORJLFRUDVLDOH FX SUHWHQLH GH LVWRULH
FXOWXUDO IRUPXODWH GH *RELQHDX vQ    
   
 
  SUHFXP L GH OXFUDUHD OXL 'DUZLQ 
  
     DOH FUHL
FRQFHSWH FHQWUDOH VHOHFLD QDWXUDO VXSUDYLHXLUHD FHOXL PDL SXWHUQLF HWF SHUPLW
LGHRORJLORU UDVLWL V FRQIHUH R ED] ELRORJLF L WLLQLILF WHRULLORU ORU &RQFRPLWHQW FX
DSDULLD XQRU IRUPH DJUHVLYH GH FDSLWDOLVP GH FDUH DX IRVW IFXL UHVSRQVDELOL PDL
DOHV HYUHLL PRGHUQL]DUHD D IRVW vQVRLW GH DPSOH PXWDLL VRFLDOH L FXOWXUDOH FDUH
DX JHQHUDW SURIXQGH IUXVWUUL vQ OHJWXU FX HVHQD vQVL D YLHLL PRGHUQH
DFRPSDQLDWH GH QRVWDOJLD XQXL WUHFXW vQ FDUH LHUDUKLLOH VRFLDOH PRUDOH L HVWHWLFH
HUDX vQF LQWDFWH Q XOWLPXO VIHUW DO VHFROXOXL DO ;,;OHD WHQGLQHOH DQWLPRGHUQLVWH
L DQWLVHPLWH IX]LRQHD] vQWUR .XOWXUNULWLN UHDFLRQDU L DQWLOLEHUDO REVHGDW GH
VSHFWUXO VRFLHWLL HYUHL]DWH vQ YL]LXQHD FUHLD HYUHLL PkQDL GH vQFOLQDLD
vQQVFXW VSUH LFRQRFODVP L QLKLOLVP IXQFLRQHD] FD SULQFLSDOL DJHQL DL GLVWUXJHULL
ILLQG UHVSRQVDELOL GH GHVFRPSXQHUHD PRUDOHL DUWHL FXOWXULL ,XGDLVPXO HVWH
FRQWLLQD PDOHILF D FLYLOL]DLHL QRDVWUH PRGHUQH FRQFKLGH :DJQHU YLWXSHUkQG
LXGDL]DUHD FXOWXULL  vQ VSHFLDO D PX]LFLL  JHUPDQH SH FDUH LQYD]LD HYUHLDVF R
DPHQLQ FX VWHULOLWDWHD &ULWLFD FXOWXUDO D OXL 3DXO GH /DJDUGH DVRFLD] DYHUVLXQHD
ID GH OLEHUDOLVP FX XQ DQWLVHPLWLVP FDPXIODW VXE PDQWLD LGHDOLVPXOXL QDLRQDOLVW
HYUHLL L OLEHUDOLL IFkQGXVH YLQRYDL GH FRUXSHUHD UHOLJLHL FUHWLQH YLUWXLORU
JHUPDQH L D FRH]LXQLL LQWHUQH D FRPXQLWLL QDLRQDOH 'KULQJ FDUH UHGDFWHD]
XQD GLQ RSHUHOH GH FSWkL DOH DQWLVHPLWLVPXOXL UDVLDO  
   

 
 
      vQVXPHD] WRDWH DFX]DLLOH DGXVH SkQ OD HO
vPSRWULYD HYUHLORU L OH SUH]LQW GUHSW FDUDFWHULVWLFL UDVLDOH GH QHWHUV FDUH IDF GLQ
HL R DPHQLQDUH FRQVWDQW FH FRQWULEXLH OD GLVWUXJHUHD IXQGDPHQWHORU PRUDOH L
PDWHULDOH DOH SRSRDUHORU ,GHRORJL]DUHD SUHMXGHFLORU DQWLHYUHLHWL FXOPLQHD] vQ
OXFUDUHD OXL +RXVWRQ 6WHZDUW &KDPEHUODLQ  
 
 



  DSUXW vQ  vQ FDUH WHRULLOH UDVLDOH DOH OXL *RELQHDX IX]LRQHD] FX
LGHRORJLD QDLRQDOSRSXODU JHUPDQ SHQWUX D FRQVWUXL R YL]LXQH PDQLKHLVW DVXSUD
LVWRULHL FD OXSW D UDVHL DULHQH vPSRWULYD LQDPLFLORU HL OXSW FRQFUHWL]DW vQ SUH]HQW
SULQ FRQIUXQWDUHD GLQWUH JHUPDQLVP L LXGDLVP $FHDVW FRPSRQHQW D

9H]L 3DXO /DZUHQFH 5RVH   



  
     
   
 3ULQFHWRQ 8QLYHUVLW\ 3UHVV 3ULQFHWRQ  SDVVLP /HRQ 3ROLDNRY      !

 "
# $ 
%#
 &  ' %DVLF %RRNV 1HZ <RUN  S   .DW] RS
FLW S  +HOPXW %HUGLQJ !
 # (
)
   (GLWLRQV GH OD 0DLVRQ GH
O
KRPPH 3DULV  S 

$SXG 0HQGHV)ORKU 5HLQKDUW] ' "  S 

%HUGLQJ ' "  S  )ULW] 6WHUQ  *  "
 +   ,
'    #   
    "
%#   8QLYHUVLW\ RI &DOLIRUQLD 3UHVV %HUNHOH\  S 

+RXVWRQ 6WHZDUW &KDPEHUODLQ  - # 
  $    +  WUDQVO E\ -RKQ /HHV YRO ,
-RKQ .DQH &R 1HZ <RUN  S  7KH ,QGR(XURSHDQ PRYHG E\ LGHDO PRWLYHV RSHQHG WKH JDWHV
LQ IULHQGVKLS WKH -HZ UXVKHG LQ OLNH DQ HQHP\ VWRUPHG DOO SRVLWLRQV DQG SODQWHG WKH IODJ RI KLV WR XV 
DOLHQ QDWXUH>@




 

  

     

DQWLVHPLWLVPXOXL PRGHUQ FDUH QX PRGLILF vQ HVHQ  LPDJLQHD QHJDWLY D HYUHXOXL RUL


VWHUHRWLSXULOH PRWHQLWH FL OH SODVHD] vQWUXQ FDGUX LGHRORJLF DGDSWDW HSRFLL
PRGHUQH VH GRYHGHWH D IL GXS FXP DP PDL VSXV H[WUHP GH SHULFXORDV 'XS
FXP REVHUY +DQQDK $UHQGW HYUHLL IXVHVHU vQ PVXU V VFDSH GH LXGDLVP SULQ
FRQYHUWLUH GH HYUHLVP QX PDL H[LVWD VFSDUH &XOPHD LURQLHL H F DQWLVHPLWLVPXO
UDVLDO GHYLQH XQ IDFWRU GH WULVW VROLGDULWDWH WHUJkQG RULFH GLIHUHQ  GLQWUH HYUHXO
HPDQFLSDW L FHO ILGHO WUDGL LHL GLQWUH VHIDUG L DVKNHQD] GLQWUH VUDF L ERJDW L
FKLDU GLQWUH KDERWQLF L HYUHXO ERWH]DW
Q FHOH GLQ XUP WHPHULOH SWXULORU VRFLDOH QHOLQLWLWH GH PRGHUQL]DUHD
HFRQRPLF L REVHVLLOH WUDGL LRQDOLWLORU FDUH DJLW VSHFWUXO GHFDGHQ HL vL JVHVF XQ
GHULYDWLY FRPXQ DQWLVHPLWLVPXO $VWIHO WRDWH VWUGDQLOOH GH LQWHJUDUH VXQW ]GURELWH
GLQWUR ORYLWXU LDU LHLUHD GH VXE ]RGLD IDWDO D GHVWLQXOXL HYUHLHVF FRPXQ GHYLQH
LPSRVLELO


     
,SRWH]D OXL 'DYLG 1LUHQEHUJ FRQIRUP FUHLD SH WRW SDUFXUVXO LVWRULHL
HXURSHQH D H[LVWDW R SHUPDQHQW IX]LXQH vQWUH FHL GRL WHUPHQL DQWDJRQLWL WROHUDQ 
LQWROHUDQ  vL JVHWH XQ UHYHODWRU H[HPSOX vQ VLWXD LD PLQRULW LL HYUHLHWL GLQ
3ULQFLSDWHOH 5RPkQH DFHVW UHDOLWDWH ILLQG FRQFHQWUDW FX H[FHOHQW SUHFL]LH vQ
VLQWDJPD WROHUDQ  RVWLO
3ULPHOH DWHVWUL GRFXPHQWDUH FHUWH DOH SUH]HQ HL SHUPDQHQWH D HYUHLORU vQ
0XQWHQLD L 0ROGRYD GDWHD] GLQ VHFROXO DO ;9,OHD FUHWHUHD QXPUXOXL ORU vQ
YHDFXULOH XUPWRDUH UHOHYkQG IDSWXO F PHGLXO URPkQHVF VD GRYHGLW vQ XOWLP
LQVWDQ  SULHOQLF HYUHLORU FXUHQWXO VXEWHUDQ GH UHWLFHQ  ID  GH FHOODOW ILUHVF
SHQWUX R FLYLOL]D LH SUHSRQGHUHQW UXUDO QHvPSLHGLFkQG DH]DUHD ORU L FRQVWLWXLUHD
XQRU FRPXQLW L vQIORULWRDUH Q JHQHUDO GRPQLD D vQFXUDMDW DH]DUHD HYUHLORU vQ
ULOH 5RPkQH FRQVILQ LQG SULQ KULVRDYH VWDWXWXO DXWRQRP DO EUHVOHL HYUHLHWL L
SULYLOHJLLOH FRQGXFWRULORU HL DFRUGkQG IDFLOLW L SHQWUX H[HUFLWDUHD DFWLYLW LORU
FRPHUFLDOH SURWHMkQGXL vPSRWULYD DEX]XULORU L VDQF LRQkQG SR]LWLY FHUHULOH ORU 'H
DVHPHQHD GRPQLWRULL L PDULL SURSULHWDUL DX DSHODW OD HYUHL SHQWUX D UHYLJRUD YLD D
HFRQRPLF D ULL DFHWLD GLQ XUP vQGHSOLQLQG XQ URO LPSRUWDQW vQ vQWHPHLHUHD L
GH]YROWDUHD RUHOHORU PROGRYHQH
QV SUH]HQ D HYUHLORU vQ VRFLHWDWHD URPkQHDVF GH SH DFHVWH PHOHDJXUL
FDUH vQF vQ SULPHOH GHFHQLL DOH YHDFXOXL DO ;,;OHD PDL HUD vQFUHPHQLW vQ
RUWRGR[LH SDWULDUKDO FX PRUDYXUL VHPLRULHQWDOH VPXOV GLQ WLPS L SDVLY OD

$UHQGW RS FLW S 


HUEDQ 3DSDFRVWHD -HZV LQ WKH 5RPDQLDQ 3ULQFLSDOLWLHV 'XULQJ WKH 0LGGOH $JHV vQ 6+987 -HZLVK
3UREOHPV LQ WKH 8665 DQG (DVWHUQ (XURSH )LUVW ,QWHUQDWLRQDO &RQIHUHQFH RQ WKH +LVWRU\ RI WKH -HZV LQ
5RPDQLD  QU  /LYLX 5RWPDQ HG  'LDVSRUD 5HVHDUFK ,QVWLWXWH 7KH *ROGVWHLQ*RUHQ &HQWHU IRU WKH
+LVWRU\ RI WKH -HZV LQ 5RPDQLD 7HO $YLY  S 

(OLDV 6FKZDU]IHOG 'LQ LVWRULD HYUHLORU PSRSXODUHD UHvPSRSXODUHD L vQWHPHLHUHD WkUJXULORU L D
WkUJXRDUHORU vQ 0ROGRYD (GLWXUD 8QLXQLL (YUHLORU 3PkQWHQL %XFXUHWL 





 
 

DSHOXULOH LVWRULHL D SURYRFDW DGHVHD UHDFLL GH UHVSLQJHUH GHL HL YRU JVL DLFL XQ
PHGLX SURSLFH SHQWUX GHVIXUDUHD DFWLYLWLORU ORU WUDGLLRQDOH VHPQ DO WROHUDQHL
RVWLOH FH YD PDUFD UHODLLOH HYUHRURPkQH GHD OXQJXO VHFROHORU GH FRQYLHXLUH
(YUHLL >@ vQ 9DODKLD VFULD OD  )UDQoRLV 5HFRUGRQ IRVW VHFUHWDU DO GRPQLWRUXOXL
PXQWHDQ ,RDQ *KHRUJKH &DUDJHD VH EXFXU GH DVHPHQHD GH R PDUH OLEHUWDWH GLQ
SDUWHD JXYHUQXOXL SHQWUX H[HUFLWDUHD FXOWXOXL ORU vQ VFKLPE VXQW H[SXL FD SHVWH
WRW vQ DOW SDUWH LQVXOWHORU SRSRUXOXL GH MRV (L VXQW FRQFHQWUDL vQ %XFXUHWL
&UDLRYD L 3ORLHWL XQGH JVHVF XQ PHGLX PDL IDYRUDELO GHFkW vQ DOWH RUDH SHQWUX
YDORULILFDUHD DFWLYLWLL ORU LQGXVWULDOH FRPHUFLDOH L PHWHXJUHWL 'HL ORFXLWRULL
VDWHORU vL SULYHVF FD SH XQ EOHVWHP L vL XUVF SULQ GHILQLLH SH WRL RDPHQLL FDUH VXQW
GH DOW UHOLJLH PDL DOHV SH HYUHL>@ WRWXL GDF HYUHLL GHVSUH FDUH Y YRUEHVF DU WUL vQ
PLMORFXO DFHVWHL SRSXODLL vQ DFHVWH VDWH HL QX DU IL H[SXL vQ PRG FHUW DFHOXL WUDWDPHQW
UX SH FDUH WUHEXLH VO vQGXUH GLQ SDUWHD ORFXLWRULORU GLQ RUDH FDUH QX VXQW GRDU
LQWROHUDQL GDU FDUH vL IDF WLWOX GH JORULH GLQ SHUVHFXWDUHD ORU
Q FDOLWDWH GH HOHPHQWH DORJHQH QHFUHWLQH HYUHLL HUDX REOLJDL V GHSXQ vQ
LQVWDQ XQ MXUPkQW GHRVHELW GH XPLOLWRU  
  LDU PUWXULD ORU vPSRWULYD
XQXL FUHWLQ RUWRGR[ QX HUD DGPLV 1LFL vQ DFHDVW SDUWH D FRQWLQHQWXOXL QX DX OLSVLW
SDJLQLOH vQVkQJHUDWH GLQ FDUWHD GH LVWRULH D HYUHLORU DFX]DLL GH RPRU ULWXDO XUPDWH
GH L]EXFQLUL GH YLROHQ FRQYHUWLUL IRUDWH SURIDQUL GH OFDXUL GH FXOW SHUVHFXLL
L PDVDFUH FRPLVH VDX LQVWLJDWH GH DXWRULWL 3UHMXGHFLOH SRSXODUH DQWLHYUHLHWL
vQWUHLQXWH VXEWLO GH %LVHULF LDX JVLW L DLFL UHIOHFWDUHD vQWUR VHULH GH VWHUHRWLSXUL
QHJDWLYH H[SXVH L LQYHVWLJDWH vQ GHWDOLX vQ OXFUDUHD OXL $QGUHL 2LWHDQX 


   
 
 
       
+XPDQLWDV %XFXUHWL   3ULPHOH OHJLIHUUL DOH DFHVWRU DWLWXGLQL FX UGFLQL vQ
GRFWULQD FUHWLQ GDWHD] GLQ YUHPHD FHORU GLQWkL FRGXUL GH OHJL WLSULWH SH OD PLMORFXO
YHDFXOXL DO ;9,,OHD GLVFULPLQDUHD MXULGLF ILLQG PHQLW V PHQLQ GLVWDQD FXYHQLW
vQ UHODLLOH FX DFHDVW PLQRULWDWH VXEYHUVLY SXUWkQG VWLJPDWXO YLQLL DQFHVWUDOH 'RX
VHFROH PDL WkU]LX SULQ LQWHUPHGLXO 5HJXODPHQWHORU 2UJDQLFH UHSUH]HQWDQLL ULL FHOHL
PDL DQWLVHPLWH GLQ (XURSD DX DSOLFDW L HYUHLORU GLQ 3ULQFLSDWH XQ WUDWDPHQW VSHFLDO L
GLVFULPLQDWRU FRQVILQLQG SULQ OHJH VWDWXWXO ORU GH VWULQL FDUH QX VH SRW EXFXUD
3DXO &RUQHD  
 
 
  (GLWXUD 0LQHUYD %XFXUHWL  S 
  
       
 vQ FRQWLQXDUH   YRO ,,, FRRUG / *\pPiQW
/ %HQMDPLQ (GLWXUD +DVHIHU %XFXUHWL  S  GRF 

 YRO ,, FRRUG / %HQMDPLQ 0 6SLHOPDQQ 6 6WDQFLX (GLWXUD +DVHIHU %XFXUHWL  S 
 GRF  0RVHV 6FKZDU]IHOG         
  
 

      vQ   !     " #  " DQ , :LHJDQG %XFXUHWL
 S 

0RVHV 6FKZDU]IHOG $  $ S  ,GHP %          
  vQ
  !     " #  " DQ ,, :LHJDQG %XFXUHWL  S  &DURO ,DQFX 
 
 &''())*+   %  
  (GLWXUD +DVHIHU %XFXUHWL  S 

(VWH YRUED GHVSUH ,    -    L .  /   WLSULWH SH YUHPHD OXL 0DWHL
%DVDUDE  L ,  .
   LHLW GH VXE WLSDUQLHOH PQVWLULL 7UHL ,HUDUKL vQ  vQ
WLPSXO GRPQLHL OXL 9DVLOH /XSX  

,DQFX $  $ S 





 

  

     

GH GUHSWXUL FLYLOH L SROLWLFH GHQXQkQGXL SHQWUX SULPD RDU vQWUXQ DUWLFRO GH


OHJH FD H[SORDWDWRUL FH WULHVF FX YWPDUHD LQWHUHVHORU SPkQWHQLORU IRORVkQGXVH GH
WRDWH PLMORDFLOH VSLFXODLLORU FX VFGHUHD LQGXVWULHL L IHULFLULL REWHWL
3ULQ DQLL
 SUHWXWLQGHQL vQ (XURSD 2FFLGHQWDO GHVWLQXO HYUHLORU LQWU VXE
R ]RGLH PDL IDVW FD XUPDUH D VFKLPEULORU IXQGDPHQWDOH FDUHL JVHVF H[SUHVLD vQ
5HYROXLD )UDQFH] LDU 3ULQFLSDWHOH ULVXURUL FH VH YRLDX XQLWH vQ YLUWXWHD SULQFLSLLORU
GH OLEHUWDWH L HJDOLWDWH QX SRW UPkQH vQ DIDUD DFHVWRU SUHIDFHUL $QDOL]kQG
PHWDPRUIR]HOH VXFFHVLYH DOH IDFWRULORU HFRQRPLFL FDUH FRQVLGHU DXWRUXO L
VXQWHP vQFOLQDL VL GP GUHSWDWH vQ IDD DSULRULVPXOXL LGHRORJLF SURIHVDW GH
(XJHQ /RYLQHVFX  DX DQWUHQDW ULOH URPkQH vQ FRQFHUWXO HXURSHDQ =HOHWLQ IDFH
R H[FHOHQW GHPRQVWUDLH D FDUDFWHUXOXL GH QHFHVLWDWH LVWRULF D SURFHVHORU GH
PRGHUQL]DUH FH PRELOL]HD] LQVWLQFWXO GH FRQVHUYDUH DO VRFLHWLL URPkQHWL
GHWHUPLQkQGR V VH DGDSWH]H FKLDU GDF SUHFLSLWDW L XQHRUL VXSHUILFLDO IU V
UHXHDVF SH GHSOLQ VL PRGLILFH vQ SURIXQ]LPH VWUXFWXULOH L PHQWDOLWLOH
6SHUDQHOH FDUH DQLP VSLULWHOH OLEHUH vQ DFHVW PRPHQW GH FXPSQ vL JVHVF R
IHULFLW H[SUHVLH vQ FXYLQWHOH OXL ,XOLX %DUDVFK >@ F SRSROXO URPkQ GUHSW EXQ L
SURJUHVLY FDUH HVWH DFXP RFXSDW D UHIRUPD OHJLOH VDOH vQYHFKLWH D
L GD DOWHOH QXRL
FRQIRUPH FX VSLULWXO PRGHUQ WROHUDQW L SURJUHVLY VSUH D WUDJH DVXSU
L VLPSDWLD
JHQHUDO D WRDWHL OXPL FLYLOL]DWH F SRSROXO URPkQ DP ]LV QX YD VXIHUL FD OHJLOH VDOH
V QX ILH WRDWH vQ DUPRQLH FX VSLULWXO PRGHUQ FDUH OHD GLFWDW L FD vQ PL]ORFXO XQXL
HGLILFLX VWUOXFLWRU V UHPkLH R UXLQ YHFKL L VRPEU FDUH vO YD GHVILJXUD QV
QHFHVLWDWHD VXERUGRQULL OLEHUDOLVPXOXL UHIRUPLVW FRQWH[WXOXL VRFLDOHFRQRPLF L
H[LJHQHORU XQLWLL SROLWLFH IDFH FD XWRSLD HPDQFLSULL L D FRDELWULL DUPRQLRDVH vQ
UHJLP GH HJDOLWDWH vQWUXFKLSDW GH SURJUDPXO OLEHUDO GH OD  V UPkQ
QHvPSOLQLW $VWIHO vQ FRQWH[WXO HIRUWXULORU GH D DFOLPDWL]D VWUXFWXULOH GHPRFUDWLFH
OD XQ PHGLX GRPLQDW GH LQHULH L OLSVLW GH R DGHYUDW WUDGLLH vQ DFHVW VHQV HODQXULOH
JHQHURDVH VH HVWRPSHD] GHVWXO GH UHSHGH SH PVXU FH VH FRQWXUHD] GLIHULWH FXUHQWH
LGHRORJLL L PDL DOHV LQWHUHVH GLYHUJHQWH &KHVWLXQHD HYUHLDVF VH FRQILJXUHD] SH
IXQGDOXO SURFHVXOXL GH UHQDWHUH QDLRQDO L DO FRQWUDGLFLLORU LQHUHQWH XQHL HSRFL GH
WUDQ]LLH HYROXkQG GH OD VWDGLXO GH SUREOHP LQWHUQ OD FHO GH DIDFHUH LQWHUQDLRQDO
ILLQG LQIOXHQDW LQHYLWDELO GH LPLJUDLD WRW PDL PDVLY GLQ 5XVLD DULVW XQGH PVXULOH
UHSUHVLYH IDF YLDD HYUHLORU LQVXSRUWDELO

$UWLFROXO  GLQ 5HJXODPHQWXO 2UJDQLF DO ULL 5RPkQHWL 2ULFH VWULQ GH RULFH  
  VQ 
YD YHQL DLFL vQ DU L YD YRL V GREkQGHDVF GUHSWXUL SROLWLFHWL GH S PkQWHDQ>@  ,, S GRF 

$UWLFROXO  GLQ 5HJXODPHQWXO 2UJDQLF DO 0ROGRYHL   S 
,O HVW YUDL TXH SDUFL SDUOj GDQV OHV GLVSRVLWLRQV DQWpULHXUHV DX 5qJOHPHQW 2UJDQLTXH QRXV WURXYRQV
TXHOTXHV PHVXUHV YH[DWRLUHV j O
pJDUG GHV -XLIV TXL SURYHQDLHQW FRPPH QRXV O
DYRQV YX GH O
LQIOXHQFH
HFFOpVLDVWLTXH RX pWDLHQW XQH FRQVpTXHQFH G
XQ VpSDUDWLVP EDVp VXU OD QREOHVVH GX VDQJ PDLV MDPDLV
MXVTX
DORUV RQ Q
DYDLW HVVD\p DYHF DXWDQW GH SHUVLVWDQFH GH FUpHU XQ IRVVp DXVVL IRUPLGDEOH HQWUH OHV -XLIV
LQGLJqQHV HW OHV 5RXPDLQV -RVHSK %HUNRZLW]
         
         3DULV  S 

(XJHQ /RYLQHVFX       HG vQJULMLW GH = 2UQHD  YRO (G 0LQHUYD
%XFXUHWL  PDL DOHV YRO ,,,
! "      

,VUDHOLWXO 5RPkQ QU  YLQHUL  PDUWLH  >, %DUDVFK #   $  %   %@




 
 

$UWLFROXO  DO &RQYHQ LHL FDUH vQFKHLH &RQJUHVXO GH OD 3DULV GLQ 


FRQ LQH SURPLVLXQHD LQFHUW D XQHL HYHQWXDOH DFRUGUL GH GUHSWXUL SROLWLFH vQ YLLWRU
UHSUH]HQWkQG XQ SDV vQDSRL ID  GH IRUPXOULOH LPSHUDWLYH DOH DUWLFROHORU   L 
GLQ SURWRFROXO VHPQDW OD &RQVWDQWLQRSRO L DOH DUWLFROXOXL  LQFOXV vQ 7UDWDWXO GH OD
3DULV $FHDVW VLWXD LH VH GDWRUHD] QX QXPDL LQWHUYHQ LLORU UHSHWDWH DOH GHOHJD LHL UXVH
FL L XQXL FXUHQW GH UHDF LXQH vQ UkQGXULOH SDUWLFLSDQ LORU OD 'LYDQXO DG KRF DO 0ROGRYHL
FDUHL vQFHSH OXFUULOH vQ VHSWHPEULH  'LVFX LLOH PXOW PDL GHWDOLDWH vQ FHHD
FH SULYHWH FKHVWLXQLOH OHJDWH GH RUJDQL]DUHD LQWHUQ GHFkW GH]EDWHULOH GLQ DGXQDUHD
PXQWHDQ VXQW GRPLQDWH GH VSLULWXO QRYDWRU SH GHSOLQ DFRUGDW LPSHUDWLYHORU
PRPHQWXOXL FDUH UHFODP UHRUJDQL]DUHD FDGUXOXL LQVWLWX LRQDO R RUJDQL]D LH
SRWULYLW FX WUHEXLQ HOH DFWXDOH DOH QD LHL L FX LGHLOH VHFXOXOXL QWHPHLHWRULORU
VWDWXOXL QD LRQDO PRGHUQ QX OL VH SRDWH UHSURD QLFLGHFXP REOLWHUDUHD YHQHL FULWLFH
GH FWUH HQWX]LDVPXO SDWULRWLF HL ILLQG vQWUX WRWXO FRQWLHQ L GH REVWDFROHOH FDUH OH
VWDX vQ FDOH >@ DUD VLP HWH F OXFUXULOH FXP VXQW HOH DVW]L QX VXQW EXQH HD
GRUHWH R SUHIDFHUH VRFLDO FXP vQV L FH IHO HD QX HVWH vQ VWDUH GH D QHR VSXQH
DUD QX HVWH SUHJWLW SHQWUX UHIRUPH 5XO VH VLP HWH GDU YLQGHFDUHD SX LQL R
FXQRVF 'LQFROR GH DFRUGXO DSURDSH XQDQLP vQ FHHD FH SULYHWH LGHHD XQLW LL
QD LRQDOH  FDUH LHVH GLQ VIHUD DEXURDV D LGHDOXOXL VXUV GH FXJHWUL DPDUH HIX]LXQL
VHQWLPHQWDOH L PLW DO VDOYULL FD V VH WUDQVIRUPH vQ SULQFLSLX DFWLY GH DF LXQH
SROLWLF  VH FRQWXUHD] R GLUHF LH RVWLO HYROX LHL VSUH R FLYLOL]D LH PRGHUQ GH WLS
LQGXVWULDO FX WRW FRURODUXO GH QHFHVDUH IUDFWXUL vQ SODQ VRFLDO L SROLWLF GDU L PHQWDO
FXOWXUDO L KDELWXGLQDO 1X HVWH DLFL ORFXO GH D DQDOL]D VXUVHOH RUL HYROX LD FRQIUXQWULL
GLQWUH WUDGL LH L PRGHUQLWDWH GHFkW vQ PVXUD vQ FDUH LQWHUHVHD] VXELHFWXO QRVWUX FDUH
QX GREkQGLVH vQF vQ GLVFXUVXO SDUODPHQWDU RUL MXUQDOLVWLF DPSORDUHD GH FKHVWLH
GH YLD  L GH PRDUWH SHQWUX QRL 3UREOHPD UHVSHFWLY HVWH DWLQV FX RFD]LD GLVFXWULL
FKHVWLXQLL OLEHUW LL FXOWHORU HGLQ D GLQ  QRLHPEULH L D DFRUGULL GH GUHSWXUL
SROLWLFH HGLQ D GLQ  QRLHPEULH  GH]EDWHUL FH LOXVWUHD] XQD GLQ FRQWUDGLF LLOH
FDUH VXE]LVW vQ JkQGLUHD SROLWLF SRVWLOXPLQLVW vQWUH RELHFWLYHOH OLEHUDOH GH D
vQWHPHLD VWDWXO PRGHUQ SH SULQFLSLXO VHSDUULL SXWHULL VHFXODUH GH FHD VSLULWXDO
GXS PRGHOXO 5HSXEOLFLL )UDQFH]H L XQ DGkQF vQUGFLQDW WUDGL LRQDOLVP GH
FRORUDWXU ILH ULJLGFRQVHUYDWRDUH ILH URPDQWLFQD LRQDOLVW  FDUH SHUSHWXHD] LGHHD
DQDFURQLF D VWDWXOXL FUHWLQ (PDQFLSDUHD HYUHLORU QX IDFH RELHFWXO XQHL DERUGUL
VHSDUDWH GHL HVWH HYLGHQW OD FLQH VH UHIHU XQ YRUELWRU VDX DOWXO  LDU SR]L LLOH I L
DQWLHYUHLHWL VXQW GHSDUWH GH YHKHPHQ D LQFDQGHVFHQW D LQWHUSHOULORU GLQ 

$UW  SURWRFROXO FRQIHULQ HL GH OD &RQVWDQWLQRSRO 7RDWH FXOWHOH L FHL FH OH SURIHVHD] VH YRU EXFXUD GH
HJDO OLEHUWDWH L SURWHF LH HJDO vQ FHOH GRX 3ULQFLSDWH $UW  GLQ 7UDWDWXO GH OD 3DULV VWLSXOHD]
GHSOLQD OLEHUWDWH D FXOWXOXL $UW  FRQYHQ LD GH OD 3DULV >@ 0ROGRYHQLL L YDODKLL GH WRDWH ULWXULOH
FUHWLQH VH YRU EXFXUD vQ PRG HJDO GH GUHSWXUL SROLWLFH DFHVWH GUHSWXUL YRU SXWHD IL H[WLQVH L DVXSUD DOWRU
FXOWH SULQ KRW UkUL OHJLVODWLYH $SXG %HUNRZLW] RS FLW S   

0 .RJ OQLFHDQX 'LVFXUVXUL SDUODPHQWDUH GLQ (SRFD 8QLULL (GLWXUD WLLQ LILF  %XFXUHWL  S

,ELGHP S 

9DVLOH $OHFVDQGUL 6FULVRUL , HGL LH vQJULMLW GH ,ODULH &KHQGL L ( &DUFDOHFKL 6RFHF %XFXUHWL  S 




 

  

     

Q DUD 5RPkQHDVF XQGH VD DUWDW F VLWXD LD HUD VXEVWDQ LDO GLIHULW YLD D
SXEOLF VH IRFDOL]HD] DSURDSH H[FOXVLY DVXSUD LGHLL XQLRQLVWH LGHH OD FDUH DGHU
FX WRDW VLQFHULWDWHD HOLWHOH LQWHOHFWXDOH DOH FRPXQLW LL HYUHLHWL DO FURU SXUWWRU GH
FXYkQW HVWH ,VUDHOLWXO 5RPkQ ,QWHQ LLOH HQWX]LDVW GHFODUDWH GH D VWD DOWXUL GH WR L ILLL
ULL SH FDUH R ORFXLHVF SULPHVF UVSXQVXUL SH PVXU OXGDELO UHDILUPDUH D LGHDOXULORU
OXPLQLVWH WUDQVILJXUDWH GH UHWRULFD VSHFLILF OLEHUDOLVPXOXL URPDQWLF 7ROHUDQ D
UHOLJLRDV OLEHUWDWHD SROLWLF L FLYLO HJDOLWDWHD vQDLQWH OHJLORU VXQW SULQFLSLLOH
UHFXQRVFXWH L DGRSWDWH GH VHFROXO DO ;,;OHD &X DFHVWH SULQFLSLL QD LXQLOH PRGHUQH
SRW SURVSHUD L LQVWLWX LXQLOH ORU SRW DIOD R YLD  OXQJ L VROLG 3HUVHFX LXQLOH VHFROLORU
WUHFX L LQWROHUDQ D LQFKLVL LXQLOH QDX SXWXW SURGXFH GHFkW vQWXQHULF VOELFLXQH
DQDUKLH &H DU IL DVW]L GDF R VRFLHWDWH DU YRL V UHvQYLH]H DVWH IDSWH GLQ XQ DOW VHFRO"
6DU SXQH vQ FRQWUDGLF LXQH FX YHULWDWHD vQ FRQWUDGLF LXQH PDL DOHV FX VSLULWXO
VHFROXOXL DFWXDO FX PHUVXO FHORUODOWH QD LXQL FLYLOLVDWH
'DU FLUFXPVWDQ HOH FDUH VXVFLW DFHDVW GHFODUD LH JHQHURDV DUXQF XQ
FRQ GH XPEU DVXSUD SHLVDMXOXL HSRFLL vQWUXFkW HD FRQVWLWXLH R UHDF LH OD
UHSXEOLFDUHD vQ DMXQ GH 3HVDK D XQHL FU L SH QXPH 3UDWLD vQWRFPLW GH
LHURPRQDKXO &KLULDF GH OD PQVWLUHD 1HDP XOXL L DSUXW SHQWUX SULPD RDU vQ
 FX ELQHFXYkQWDUHD PLWURSROLWXOXL 9HQLDPLQ &RVWDFKH XQXO GLQ FDSHWHOH
OXPLQDWH DOH %LVHULFLL 2UWRGR[H 7UDGXFHUH D XQXL PDQXVFULV UXVHVF OXFUDUHD SUH]LQW
SH ODUJ IHOXO vQ FDUH VH IRORVHWH VkQJH GH FUHWLQ vQ ULWXDOXULOH HYUHLHWL ,QWHU]LV vQ XUPD
GHPHUVXULORU UHYROX LRQDUXOXL GH OD
 'DYLFLRQ %DOO\ EURXUD DSXF V JkGLOH
REUD]XO JURV DO PDKDODOHL GLQ IHULFLUH IU XUPUL GH DFHDVW GDW QV SHVWH DQL L
DQL $GROSKH 6WHUQ vL DPLQWHWH GH DPHQLQ DUHD SH FDUH FRSLO ILLQG R VLP LVH SOXWLQG
vQ DHU vQ VHDUD VIkQW $ WUHFXW LDU SH OD QRL VWDILD FDUH GHDOXQJXO YHDFXULORU SHWH
SULQ OXPH vQVHPQkQGXL GUXPXO FX IRF L VkQJH JURD]QLFXO EDVP DO   
VD  L QX YD IL SHQWUX XOWLPD RDU
6XFFHVXO PLFULL XQLRQLVWH DGXFH SHQWUX HYUHL R VROX LH GH FRPSURPLV
UDWLILFDW GH PDULOH SXWHUL OD 3DULV HYLWkQGXVH DVWIHO DGRSWDUHD XQHL DWLWXGLQL WUDQDQWH
GH DPEHOH SU L L RIHULQGXVH WRWRGDW FRQVRODUHD XQHL IJGXLHOL SHQWUX YLLWRU
SURPLVLXQH FkW SH FH V ILH vQGHSOLQLW vQ WLPSXO OXL $O , &X]D GDU DPkQDW WLPS
GH R MXPWDWH GH YHDF SULQ LQWURGXFHUHD DUWLFROXOXL  vQ &RQVWLWX LD GLQ  $VWIHO R
PLQRULWDWH H[WUHP GH DFWLY GLQ SXQFW GH YHGHUH HFRQRPLF GLQDPLF VRFLDO L FXOWXUDO
VH YHGH VLOLW V MRDFH XQ URO SROLWLF SDVLY 7RWRGDW GHFL]LD JXYHUQXOXL GLQ  LXOLH
 GH D QX PDL VXSHUYL]D DFWLYLWDWHD FRPXQLW LL LVUDHOLWH IDFH FD DFHDVWD VL
SLDUG VWDWXWXO OHJDO DD F QX PDL H[LVW QLFL XQ RUJDQLVP UHFXQRVFXW GH VWDW FDUH
VR UHSUH]LQWH vQ UHOD LLOH FX HO 3H SODQ LQWHUQ OLSVD XQXL FRQGXFHUL vQVUFLQDWH FX

'DQ %HULQGHL  


          (G (QFLFORSHGLF %XFXUHWL 
S  *KHRUJKH 3ODWRQ       
         vQ 
  
   
 
    FRRUG 6 6DQLH ' 9LWFX +DVHIHU %XFXUHWL  S  = 2UQHD 
 ! "       (GLWXUD )XQGD LHL &XOWXUDOH 5RPkQH %XFXUHWL  S 

# 
 $%
    DQWRORJLH L LQWURGXFHUH ' +vQFX SUHI & 3RSLWHDQX  +DVHIHU %XF
 S  9 %RHUHVFX &     

'U $G 6WHUQ '  

  
  %XFXUHWL  S 




 
 

DGPLQLVWUDUHD YHQLWXULORU FRPXQLWDUH GXFH vQ VFXUW WLPS OD VUFLUHD FRPXQLWLORU L OD


DFFHQWXDUHD GLIHUHQLHULL vQ FDGUXO ORU 3kQ vQ SHULRDGD LQWHUEHOLF DFHDVW PLQRULWDWH
YD IL OLSVLW GH XQ RUJDQLVP FHQWUDO FDUH VR UHSUH]LQWH GHL VH PDL IDF FkWHYD vQFHUFUL
vQ DFHVW VHQV 'H SLOG vQ  $ :HLPEHUJ SUHHGLQWHOH FRPXQLWLL GLQ %XFXUHWL
DGUHVHD] R SHWLLH PLQLVWUXOXL 0 .RJOQLFHDQX FHUkQG DH]DUHD FRPXQLWLL VXE HJLGD
JXYHUQXOXL VROLFLWDUH FDUH UPkQH IU UVSXQV
Q FDGUXO SURJUDPXOXL GH UHIRUPH HFRQRPLFRVRFLDOH MXULGLFH L SROLWLFH
LQLLDW vQ WLPSXO GRPQLHL OXL $O , &X]D   VH SUHFRQL]HD] D VH GD FXUV
SURPLVLXQLL FRQLQXWH vQ DUWLFROXO  vQVXL SULQXO UHFRPDQGkQG vQ  HODERUDUHD
XQXL SURLHFW GH OHJH SHQWUX JUDGXDOD HPDQFLSDUH D ORFXLWRULORU GH FXOWXO PR]DLF
$UWLFROXO  LQFOXV vQ /HJHD FRPXQDO GLQ  DFRUG GUHSW GH YRW vQ DOHJHULOH
PXQLFLSDOH XQHL DQXPLWH FDWHJRULL GH HYUHL UHLQWURGXFkQG QRLXQHD MXULGLF GH
HYUHX SPkQWHDQ DQXODW GH 5HJXODPHQWXO 2UJDQLF  LDU &RGXO FLYLO HODERUDW vQ DFHODL
DQ SULQ DUWLFROHOH   L  SHUPLWH QDWXUDOL]DUHD LQGLYLGXDO vQ DQXPLWH FRQGLLL
0VXULOH GH DPHOLRUDUH D VLWXDLHL HYUHLORU FRQVWLWXLH PDWHULDOL]DUHD XQXL
FXUHQW IDYRUDELO GH RSLQLH vQ UkQGXO PRGHUDLORU OXULOH GH SR]LLH DOH XQRU GLVWLQL
RDPHQL SROLWLFL  0 & (SXUHDQX * &RVWDIRUX 0 .RJOQLFHDQX vQVXL /DVFU
&DWDUJL OLGHUXO JUXSULL FRQVHUYDWRDUH QX VH DUDW RVWLO HYUHLORU  UHIOHFWkQG XQ
OLEHUDOLVP JHQHURV L WROHUDQW SUHRFXSDW DFXP F LD DWLQV HOXO V HGLILFH FX
IHUYRDUH L DXWHQWLF SDVLXQH FLYLF $FXP vQFHSH V VH OXFUH]H LQWHQV L VLVWHPDWLF SHQWUX
D VH SXQH ED]HOH LQIUDVWUXFWXULL 5RPkQLHL PRGHUQH vQV PRGHUQL]DUHD DGXFH GXS
VLQH FDSFDQHOH LQVWLWXLLORU GH VWLO RFFLGHQWDO FDUH JUHIDWH SH XQ WHUHQ QDWLY DX GDW
QDWHUH XQRU IUXFWH FLXGDWH *XVWXO ORU DPDU vL GHWHUPLQ SH XQLL V VH UHSOLH]H SH
SR]LLLOH XQXL WUDGLLRQDOLVP vQFUHPHQLW L UDQFKLXQRV RUE OD SURYRFULOH LVWRULHL FDUH
GDF OD vQFHSXW FDPXIOHD] LQWHUHVHOH GH FODV DOH PDULL ERLHULPL VIkUHWH SULQ D
WUDQVIHUD FKHVWLXQHD GLQ ]RQD SROLWLFXOXL L VRFLDOXOXL vQ VIHUD PRUDO L FXOWXUDO
FRQYHUWLQGR vQWUR SUREOHP YLWDO D FXOWXULL URPkQHWL vQ D GRXD MXPWDWH D VHFROXOXL
DO ;,;OHD 7HQVLXQHD UH]XOWDW GLQ FRQWUDVWXO GLQWUH IRUPHOH QRL L IRQGXO UHWDUGDW
FRQIUXQWDUHD SHUPDQHQW vQWUH VSLULWXO QRYDWRU L IRUHOH UHDFLXQLL JHQHUHD] LQILQLWH
GLILFXOWL OD WRDWH QLYHOHOH FRPSOLFkQG LQHYLWDELO L VLWXDLD PLQRULWLL HYUHLHWL
3UHFRQL]DWD &RQVWLWXLH H[SUHVLH D YRLQHL GH D DMXQJH OD YkUVWD PDMRUDWXOXL
SROLWLF WXOEXU DSHOH L DD GHORF OLQLWLWH DOH YLHLL SXEOLFH URPkQHWL DGXFkQG vQ
FHQWUXO DWHQLHL SUREOHPD GUHSWXOXL OD FHWHQLH DO VWULQLORU vQ JHQHUDO L DO HYUHLORU
vQ SDUWLFXODU 3H GHSOLQ FRQWLHQWH GH LPSRUWDQD PRPHQWXOXL HOLWHOH HYUHLHWL IDF






,DQFX RS FLW S 

$SXG 6WHUQ RS FLW S 

7H[WXO UHVSHFWLYHORU DUWLFROH vQ %HUNRZLW] RS FLW S  

(XJHQ :HEHU 'UHDSWD URPkQHDVF (GLWXUD 'DFLD &OXM  S 


7UHEXLH V DPLQWLP DLFL SHUWLQHQWD REVHUYDLH D OXL =HOHWLQ F UHDFLXQHD LD PUJLQLW FULWLFD HL QXPDL OD
SDUWHD FHD PDL GH VXV D YLHLL VRFLDOH OD FXOWXU L SROLWLF HD Q
D DWLQV UHYROXLD HFRQRPLF FDUH vQVHDPQ
WRW R UXSHUH D FRQWLQXLWLL GDU SH FDUH QLPHQHD QX D EJDW
R vQ VHDP GDU FHHD FH vQ HFRQRPLH SUHD
ILUHVF vQ FXOWXU L SROLWLF SUHD R DQRPDOLH WHIDQ =HOHWLQ

LVWRULF %XFXUHWL  S  



%XUJKH]LD URPkQ 2ULJLQD L UROXO HL

 

  

     

GHPHUVXUL SH OkQJ JXYHUQDQL SXQkQGXL VSHUDQHOH vQ LGHHD F vQWUH SROLWLFLHQLL


FDUH SUHJWHDX SULPD /HJH D ULL FRQFHSXW SULQ HIRUWXUL SURSULL VH DIO PXOL GLQWUH
FHL FDUHL ULVFDVHU YLDD SHQWUX OLEHUWDWHD L HJDOLWDWHD WXWXURU ILLLORU 5RPkQLHL Q
DFHODL WLPS DSHOHD] OD FRUHOLJLRQDULL GLQ VWULQWDWH OD UHFHQW vQILLQDWD $OLDQ
,VUDHOLW DO FUHL SUHHGLQWH $GROSKH &UpPLHX[ vQ YL]LW OD %XFXUHWL vQ OXQD LXQLH
D OXL  IDFH R SXWHUQLF LPSUHVLH DVXSUD SDUODPHQWDULORU URPkQL SULPLQG vQ
VFKLPE FHOH PDL GWWRDUH GH VSHUDQ VHPQDOH
3URLHFWXO vQDLQWDW GH JXYHUQ &RQVWLWXDQWHL QHFRQGLLRQkQG DFRUGDUHD FHWHQLHL
GH DSDUWHQHQD OD R DQXPLW UHOLJLH UHIOHFW R DWLWXGLQH IDYRUDELO HYUHLORU LPHGLDW
FRQWUD]LV QX QXPDL GH DPHQGDPHQWXO FDUH PHQLRQHD] R OHJH VSHFLDO SHQWUX
QDWXUDOL]DUHD ORU WUHSWDW FL PDL DOHV GH PLFDUHD GH UHFXO D SROLWLFLHQLORU VXE SUHVLXQHD
VWU]LL
'DU PDL ELQH V GP FXYkQWXO XQXL WkQU FRQWHPSRUDQ FDUH VD FXIXQGDW vQ
HXIRULD PRPHQWXOXL GDU VD YLQGHFDW UHSHGH GH LOX]LL FFL LQLPD WkQU VLPWH PDL
ELQH GHFkW VFHSWLFD UDLXQH DGXOW FHOH PDL LQHIDELOH EWL DOH SXOVXOXL LVWRULHL SH
FDOH GH D VH IDFH )HEUXDULH  /LEHUWDWHD SOXWHD vQ DHU &RQVWLWXLD FDUH WUHEXLD V
FKH]XLDVF WXWXORU WRDWH EXQWLOH HUD vQ SUHJWLUH
%UD OD EUD FX FDPDUD]LL PHL DP PHUV vQ LUXULOH GHVH DOH PXOLPHL FX
PX]LFL L VWHDJXUL WULFRORUH L PDVDODOH OD 3DODW FKHOWXLQG PXOW UHVXIODUH SDWULRWLF
SHQWUX D DFODPD SH FDSLL UHYROXLHL L SH PHPEULL /RFRWHQHQHL GRPQHWL
$SRL OD  0DL R DOW PDQLIHVWDLH 0 YG LDU SH GHDOXO 0LWURSROLHL
3ULQXO &DURO GH +RKHQ]ROOHUQ D GHSXV MXUPkQWXO L D SUVLW &DPHUD FDSHWHOH VH
GHVFRSHU L XQ XUD XULD FD XQ EXEXLW GH WXQ FXWUHPXU Y]GXKXO L VH SUHOXQJHWH
SULQ YDOXULOH PXOLPHL 3ULQL vQ DFHDVW PDUH GH RDPHQL FDUH VH UHYDUV XQGRLQG
GH OD GHDO DP FXWUHHUDW VWU]LOH vQGUHSWkQGXQH LDUL VSUH 3DODW
3DU
F VLPW L DFXP ILRULL DFHORU FOLSH PUHH FkQG vQ IODFUD XQXL VXEOLP
HQWX]LDVP VH WRSLU WRDWH SDWLPLOH FkQG XQ VXIOX VIkQW GH GUDJRVWH SWUXQVH vQ WRDWH
LQLPLOH L vQ OLPSH]LXO ]ULORU SUHD F UHVDUH VRDUHOH vQIULULL 6XE YHPkQWXO
UHWRULF DO IUD]HL VH vQWUH]UHWH R H[SHULHQ XPDQ GH R GHQVLWDWH L R WHQVLXQH
QHRELQXLWH FHHD FH IDFH GLQ DFHVW HYRFDUH XQ GRFXPHQW GH R LPSRUWDQ H[FHSLRQDO
SHQWUX FLQH GRUHWH V VXUSULQG VWDUHD GH VSLULW DWPRVIHUD GH VXUHVFLWDUH D PRPHQWXOXL
QV YUHPHD VSHUDQHORU L D YLVHORU GH PDL ELQH GXUHD] SUHD SXLQ VSXOEHUDW GH
UHDOLWDWHD EUXWDO D IDSWHORU 'DU YHQLF VFKLPEWRDUH HVWH PXOLPHD IU QXPH
/HVQH vL SOHDF XUHFKHD OD RDSWD SDWLPHORU L DGHPHQLULORU FD YDOXULOH GXVH GH
YkQWXUL Q IXOJHUDUHD DPLQWLUHL PL VH GHVOXHWH vQ ,XQLH DFHOXLDL DQ R DOW
PDQLIHVWDLH SH GHDOXO 0LWURSROLHL GDU FX DOW vQILDUH L DYkQG XQ URVW GH DOW
VRLX VWROXUL GH QRURG vPSkQ]HVF GHDOXO FX IHH vQGkUMLWH L RFKLL DPHQLQWRUL
&kLYD VXUWXFDUL SHVF vQ OWXUL LDU vQ PLMORF VH YG PXWUH VXVSHFWH vQ IHUEHUH VXUG
YkQWXUkQG FLRPHJH 3kOFXULOH QYOHVF vQ FXUWHD 0LWURSROLHL L RSULQGXVH vQ IDD
&DPHUHL LVEXFQHVF vQ VWULJWXO -RV -LGDQLL


'HVSUH YL]LWD OXL &UpPLHX[ OD %XFXUHWL L GLVFXUVXO VX vQFUFDW GH HQHUJLH SDVLRQDO YH]L %HUNRZLW] RS
FLW S  ,DQFX RS FLW S 


 
 

6JRPRWXO UVEHWH vQ &DPHU XQGH HUD vQWUXQLW &RQVWLWXDQWD 'HSXWDLL VH


DUDW OD IHUHVWUH VSUH D YHGHD UHYROXLD L Y]kQG F SRSRUXO FHUH MHUWID OLEHUWLL
UHOLJLRDVH DIODWH vQ VFXWLFHOH SURHFWXOXL GH &RQVWLWXLH ELHWXO SUXQF D IRVW FXP VH WLH
VXJUXPDW 0XOLPHD FXSULQV GH WXUEDUH VH vQGUHDSW VSUH FDUWLHUXO HYUHLHVF
YDQGDOL]kQG FOGLUHD VLQDJRJLL 9RFLOH VWULGHQWH FDUH Dk JORDWD UVXQ vQ 7URPSHWD
&DUSDLORU ]LDUXO OXL %ROOLDF GDU L GH OD WULEXQD 3DUODPHQWXOXL FX GHRVHELUH DFWLY
ILLQG DULSD UDGLFDO D OLEHUDOLORU PROGRYHQL )UDFLXQHD OLEHU L LQGHSHQGHQW FRQGXV
GH 1LFRODH ,RQHVFX 'XS VSHFWDFXORDVD FRQYHUWLUH D OXL %UWLDQX OD LGHHD H[FOXGHULL
HYUHLORU GH OD GUHSWXO GH FHWHQLH vQ HGLQD GLQ  LXQLH VXE SUHVLXQHD VWU]LL SXLQL
YRU IL FHL FDUH UPkQ FRQVHFYHQL SULQFLSLLORU WROHUDQHL 6 GP GLQ QRX FXYkQWXO
PDUWRUXOXL QRVWUX DIODW vQ WULEXQHOH 3DUODPHQWXOXL vQ ]LXD GH  LXQLH  Q VDOD
WL[LW GHSXWDLL SDU DJLWDL L YDOXUL GH JODVXUL QHGHVOXLWH VH ULGLF SkQ vQ WULEXQH
FDUL JHP GH OXPH 0LQLWULL VXQW YGLW SUHRFXSDL SH IDD OXL & $ 5RVHWWL SOXWHVF
XPEUH HO vL PkQJkLH EDUED FX PkQ QHUYRDV %WUkQXO GHPRFUDW QX YD URVWL XQ
VLQJXU FXYkQW vQWU
R FKHVWLH FDUH DWLQJH OLEHUWLOH SXEOLFH 6LQJXU PLQLVWUXO GH ILQDQH ,
& %UWLDQX YD LQWHUYHQL 8Q ]kPEHW VWkQMHQLW UWFHWH SH IDD DFHVWXLD SDUF QLFL DFHVW
PHWHU YUDFLX QX HVWH PXOXPLW FX GXKXULOH UHOH SH FDUL OHD FKHPDW &UHLRQDW vQ WXH
IXJDUH VFKLD LPSUHVLRQHD] SULQ GUDPDWL]DUH VSRQWDQ L]YRUkW QX GLQ LQWHQLD GH
VWLOL]DUH D HPRLHL vQF UHVLPLW SHVWH DQL L DQL FL GLQ vQVL WHQVLXQHD PRPHQWXOXL
,QWHUHVDQW GH UHPDUFDW HVWH IDSWXO F vQ DSUDUHD HYUHLORU VH ULGLF UHSUH]HQWDQL
DL PDULL ERLHULPL FRQVHUYDWRDUH vQ WLPS FH SURPRWRULL FHORU PDL DYDQVDWH LGHL VH
DELQ V LQWHUYLQ RUL vL DQXQ VRQRU SUH]HQD vQ JDOHULD GHWUDFWRULORU FRQILUPkQG
REVHUYDLD FRQWUDULDW D OXL &UpPLHX[ F SDUWLGXO OLEHUDO SVWUHD] R PHQWDOLWDWH GH
VHFRO  vQ FHHD FH SULYHWH FKHVWLXQLOH UHOLJLRDVH L VRFLDOH 6D DUJXPHQWDW
UHFHQW F GHFL]LD GH D OLPLWD GUHSWXO GH QDWXUDOL]DUH OD VWULQLL GH ULW FUHWLQ L SROLWLFD
UHVWULFWLY GXV GH JXYHUQHOH FDUH VDX VXFFHGDW SkQ OD GHFODUDUHD LQGHSHQGHQHL
QX UHSUH]LQW PDQLIHVWDUHD XQHL WHQGLQH DQWLVHPLWH vQ VRFLHWDWHD URPkQHDVF FL
IDF SDUWH GLQWUR VHULH GH PVXUL GH FRQVROLGDUH D VWUXFWXULORU LQWHUQH DOH VWDWXOXL
QDLRQDO GLFWDWH GH LPSHUDWLYXO PRGHUQL]ULL DFFHOHUDWH OD WRDWH QLYHOHOH (SXUDWH GH
RULFH DOX]LH OD SDUWLFXODULWL HWQLFH VDX VWHUHRWLSXUL QHJDWLYH UHFXQRDWHP DUJXPHQWHOH
HFRQRPLFH DYDQVDWH GH SLOG GH 'LRQLVLH 3RS 0DULDQ vQ 
   

        VDX GH %3+DVGHX vQ     
   
           DPEHOH DSUXWH
vQ  $GYHUVDUL DL OLEHUDOLVPXOXL HFRQRPLF L REVHGDL GH VSHFWUXO VXEVWLWXLULL


6WHUQ RS FLW S 


,ELGHP S 

%HUNRZLW] RS FLW S 

90 5XVVX *K &OLYHWL &RQWLQXLWDWHD VSLULWXOXL SDRSWLVW vQ 5RPkQLD L UHDFLD IRUHORU FRQVHUYDWRDUH
HXURSHQH ([HPSOXO JXYHUQULL UDGLFDOH PDUWLH   QRLHPEULH   vQ 5RPkQLL vQ LVWRULD XQLYHUVDO
YRO ,, FRRUG , $JULJRURDLHL *K %X]DWX 9 &ULVWLDQ 8QLYHUVLWDWHD $O,&X]D ,DL  S  9H]L
L 3ODWRQ RS FLW S  $SUHFLLQG DDGDU VWDGLXO GH GH]YROWDUH D VRFLHWLL URPkQHWL RELHFWLYHOH SULRULWDUH
DOH DFHVWHLD L Q]XLQHOH SROLWLFH DOH HYUHLORU FRQIOLFWXO GH LQWHUHVH DSDUH GUHSW LUHGXFWLELO vQ DFHVW vQFHSXW GH
GH]YROWDUH D YLHLL PRGHUQH




 

  

     

GHSHQGHQHL SROLWLFH FX DVHUYLUHD HFRQRPLF FHL GRL DXWRUL VH FRQFHQWUHD] DVXSUD


HIHFWHORU QRFLYH DOH SUH]HQHL HYUHLHWL L SRVLELOHORU FRQVHFLQH GH]DVWUXRDVH DVXSUD
YLHLL HFRQRPLFH L QX QXPDL DOH HPDQFLSULL HYUHLORU &HL GRL DQDOLWL LJQRU FX
GHVYkULUH FRQWULEXLD EHQHILF D FDSLWDOXOXL HYUHLHVF LQYHVWLW vQWUR LQGXVWULH SH FDOH GH
D VH QDWH vQWUXQ VFKLPE GH PUIXUL FDUH DGXFH XQ DSRUW GHFLVLY OD PRGHUQL]DUHD
VWUXFWXULORU HFRQRPLFH DOH ULL VDX IDSWXO F GH ELQH GH UX GDWRULW HYUHLORU DP
DYXW L QRL R FODV GH PLMORF 3XQkQG vQ HYLGHQ LPSRUWDQD FDSLWDOXOXL GH FDPW
GHLQXW vQ SULQFLSDO GH HYUHL vQ SURFHVXO GH HYROXLH VSUH VWUXFWXUL HFRQRPLFH GH WLS
FDSLWDOLVW =HOHWLQ IDFH R FRQYLQJWRDUH GHPRQVWUDLH FXP F vQ PRPHQWXO vQ FDUH
DFHVWD LD vQGHSOLQLW IXQFLD GHYHQLQG XQ IDFWRU GH VWDJQDUH L R DPHQLQDUH OD
DGUHVD PDULORU SURSULHWDUL L D UQLPLL VD UHXLW FX GHVWXO VXFFHV FRPEDWHUHD OXL
SULQ PVXUL HFRQRPLFH GDU D WUHEXLW V WUHDF FHYD WLPS SkQ FkQG QRLOH VWUXFWXUL V
VH FRQVROLGH]H VXILFLHQW LDU FODVD SROLWLF V VH VLPW GHVWXO GH VWSkQ SH VLWXDLH
SHQWUX D QX OH PDL GXEOD SULQ PVXUL SROLWLFRDGPLQLVWUDWLYH FX FDUDFWHU UHVWULFWLY
$VWIHO vQ SHULRDGD GH GXS YRWDUHD &RQVWLWXLHL L SkQ OD 5]ERLXO GH
,QGHSHQGHQ VXE GHYL]D DSUULL LQWHUHVHORU JHQHUDOH DOH XQHL VRFLHWL DIODW vQ
SOLQ SURFHV GH UHVWUXFWXUDUH DVLVWP OD R UHVWUkQJHUH WUHSWDW D GUHSWXULORU FLYLOH DOH
HYUHLORU SULQWUR VHULH GH OHJL GLVFULPLQDWRULL FDUH OH LQWHU]LF DFFHVXO vQ GLIHULWH VIHUH DOH
YLHLL VRFLDOHFRQRPLFH &HOH PDL JUDYH UHSHUFXVLXQL OH YD DYHD GHFL]LD 0LQLVWUXOXL
GH ,QWHUQH ,RQ *KLFD  FRQILUPDW GH FLUFXODUHOH HPLVH vQ  L  GH ,RQ %UWLDQX
L 0LKDLO .RJOQLFHDQX  GH D UHSXQH vQ YLJRDUH UHVWULFLLOH GH VWDELOLUH vQ ]RQHOH
UXUDOH FDUH LQDXJXUHD] R QRX VHULH GH H[SXO]UL DEX]LYH L WXOEXUUL DQWLHYUHLHWL
GH R YLROHQ IU SUHFHGHQW vQVFULLQG R DOW SDJLQ QHDJU L GXUHURDV vQ
FDSLWROXO VXPEUX DO JRDQHORU GH OD VDWH VLQWDJPD UHSHWDW REVHVLY vQ FRORDQHOH
MXUQDOHORU HYUHLHWL GH OD HGLWRULDOH OD VLPSOH QRWLH LQIRUPDWLYH FRQFHQWUHD]
VXJHVWLY VHQWLPHQWXO GH GHEXVRODUH L SDQLF DO XQXL JUXS GH RDPHQL FDUH WULHWH
DFXP VXE VHPQXO SURYL]RUDWXOXL 
$OXQJDUHD HYUHLORU GH OD VDWH L QX QXPDL  MXVWLILFDW GH JXYHUQ GUHSW
VLPSO PVXU DGPLQLVWUDWLY GH LJLHQL]DUH VH YUHD D IL GLQWUR SHUVSHFWLY
PDL ODUJ R PVXU GH SURWHFLH D FODVHL FDUH VD Y]XW FHO PDL VHULRV DIHFWDW GH
PRGHUQL]DUHD DFFHOHUDW UQLPHD $VRFLHUHD SUREOHPHL UQHWL FX FKHVWLXQHD
HYUHLDVF SULOHMXLHWH UHDFWLYDUHD VWUDWHJLF vQ IRUPXODUHD OXL 'DYLG 1LUHPEHUJ
D XQXL VWHUHRWLS FX DPSOH FRQRWDLL QHJDWLYH L FX PDUH SRWHQLDO JHQHUDWRU GH YLROHQH
vQ vQWUHDJD (XURS GH UVULW L DQXPH HYUHXOH[SORDWDWRU FX YDULDQWHOH VDOH HYUHX
FkUFLXPDUFPWDUDUHQGD 2VWLOLWDWHD ODWHQW ID GH R PLQRULWDWH vQWUHSULQ]WRDUH
FDUH D GHSLW OLPLWD FRQVLGHUDW WROHUDELO GLQ SXQFW GH YHGHUH QXPHULF VDX DO

=HOHWLQ RS FLW S  


%HUNRZLW] RS FLW S  HQXPHU OHJLOH GLVFULPLQDWRULL SURPXOJDWH vQWUH 

,ELGHP S  'HFL]LD OXL *KLFD UHLD GLVSR]LLLOH DUWLFROXOXL  GLQ 5HJXODPHQWXO 2UJDQLF SUHOXDWH vQ
0DQXDOXO $GPLQLVWUDWLY DO 0ROGRYHL SXEOLFDW vQ  OD UkQGXO VX R FROHFLH GH RUGRQDQH L GLVSR]LLL
GHFUHWDWH vQ WLPSXO GRPQLHL OXL 0LKDLO 6WXU]D  

,ELGHP S 




 
 

VXFFHVXOXL HVWH DELO PDQLSXODW SHQWUX D GHWXUQD DWHQLD GH OD SUREOHPHOH UHDOH FX


FDUH VH FRQIUXQW VRFLHWDWHD URPkQHDVF 1LPLF QRX VXE VRDUH DFHDVW VWUDWHJLH VD
PDL IRORVLW L VH YD PDL IDFH X] GH HD FX UH]XOWDWHOH FXQRVFXWH DVXSUD YLFWLPHL
SUHGHVWLQDWH $VWIHO HYUHXO GHYLQH SULQFLSDOXO UHVSRQVDELO GH PL]HULD UDQXOXL L
GHJUDGDUHD YLHLL UXUDOH Q SODQXO PHQWDOLWLORU VH IL[HD] GHILQLWLY LPDJLQHD HYUHXOXL
OLSLWRDUH D VDWHORU UHVSLQJWRU IU PDUJLQL L OLSVLW GH RULFH VFUXSXO LPDJLQH FDUH vL
IFXVH ORF L vQ OLWHUDWXUD FXOW SULQ SDQD VSULQDU D EDUGXOXL GH OD 0LUFHWL L
LURQLF H[HPSOX DO PRGXOXL vQ FDUH DUWD LQIOXHQHD] YLDD L YLFHYHUVD LDW F ILFLXQHD
OLWHUDU H LQYRFDW vQ 3DUODPHQWXO 5RPkQLHL FD DUJXPHQW LQFRQWHVWDELO SHQWUX
QHHPDQFLSDUHD HYUHLORU
QWRUFkQGXQH OD DGHYUXO QXG DO IDSWHORU YHGHP F GH DFHDVW GDW WUDWD
PHQWXO EUXWDO DSOLFDW HYUHLORU VXVFLW UHDFLL GLQ SDUWHD RSLQLHL SXEOLFH LQWHUQDLRQDOH
QX QXPDL D FHUFXULORU HYUHLHWL %HUNRZLW] RS FLW S  ,DQFX RS FLW S
  FRQVXOLL PDULORU SXWHUL LQFOXVLY UHSUH]HQWDQWXO DUXOXL OD %XFXUHWL
LQWHUYHQLQG vQ UHSHWDWH UkQGXUL SH OkQJ JXYHUQ L SULQXO &DURO (VWH IRDUWH DGHYUDW F
$OLDQD ,VUDHOLW 8QLYHUVDO D DYXW R FRQWULEXLH KRWUkWRDUH OD FHHD FH VD QXPLW
LQWHUQDLRQDOL]DUHD SUREOHPHL PHUJkQG SkQ OD RUJDQL]DUHD XQHL FRQIHULQH OD
%UX[HOOHV vQ  GHGLFDW H[FOXVLY VLWXDLHL HYUHLORU GLQ 5RPkQLD GDU QX SXWHP
IDFH DEVWUDFLH GH IDSWXO F UHSUH]HQWDQLL SXWHULORU VWULQH VDX DIODW vQGHDMXQV GH
DSURDSH GH ORFXO HYHQLPHQWHORU SHQWUX D IL vQ PVXU VL IRUPH]H R RSLQLH SURSULH
L V GHD LQIRUPDLL JXYHUQHORU ORU GH OD VXUVH GH SULP PkQ (YHQLPHQWHOH GLQ
5RPkQLD IDF RELHFWXO XQRU LQWHUSHOUL vQ 3DUODPHQWXO EULWDQLF L HFRXO ORU DMXQJH
FKLDU SHVWH 2FHDQ GH XQGH HVWH WULPLV SULPXO FRQVXO DO 6WDWHORU 8QLWH vQ DUD
QRDVWU D FUXL PLVLXQH SULQFLSDO D IRVW GH D DSUD GUHSWXULOH FRUHOLJLRQDULORU VL
GLQ 5RPkQLD 'HVSUH DFWLYLWDWHD OXL %HQMDPLQ )UDQNOLQ 3HL[RWWR YRUEHWH FX
FOGXUD FHOXL FDUH LD VWDW DOWXUL WkQUXO VX VHFUHWDU $GROSKH 6WHUQ 1X WUHEXLH
WUHFXW FX YHGHUHD QLFL LQWHUYHQLD vQ IDYRDUHD HYUHLORU D XQXL JUXS GH ERLHUL
FRQVHUYDWRUL GDU HVWH JUHX GH WLXW GDF DFLXQHD ORU D IRVW LQLLDW vQ QXPHOH
MXVWLLHL L DO XPDQLWLL XOWUDJLDWH GXS FXP VH DUDW vQ PHPRULXO WULPLV UHJHOXL
RUL DD FXP SUHWLQGH DFHVWD GLQ XUP D IRVW vQGUHSWDW vPSRWULYD JXYHUQXOXL
OLEHUDO L D OXL %UWLDQX vQVXL Q DFHODL WLPS SURLHFWXO GH OHJH HODERUDW vQ PDUWLH
 GH XQ JUXS GH GHSXWDL GLQ )UDFLXQHD OLEHU L LQGHSHQGHQW UHVSLQV vQ FHOH
GLQ XUP GH JXYHUQ UHIOHFW vQ SODQ OHJLVODWLY XQ DQWLVHPLWLVP YLUXOHQW vQWHPHLDW
vQ SULQFLSDO SH ULYDOLWDWHD HFRQRPLF

9DVLOH $OHFVDQGUL  9, 0LQHUYD %XFXUHWL 


/HRQ 9RORYLFL 

 
 
 
   

 

 +XPDQLWDV
%XFXUHWL  S 

%HDWH :HOWHU     


 !
" 

 #
 $ %&'% 

( %   vQ 
)*
 +%
 YRO , QR   >H[WUDV@

6WHUQ , 
, S  9H]L L ,DQFX , 
, S 

%HUNRZLW] , 
, S 


 S 





 

  

     

6D Y]XW F vQ DQLL FDUH DX XUPDW DGRSWULL &RQVWLWXLHL VRFLHWDWHD URPk
QHDVF D WUHFXW SULQ PDUL SUHIDFHUL FDUH VDX SHWUHFXW FX DPHLWRDUH L EXOYHUVDQW
UHSH]LFLXQH ULWPXO DFFHOHUDW DO LVWRULHL QHLQkQG FRQW GH GLYHUVH VHQVLELOLWL WUHFkQG
FX LPSDULDO OLSV GH JHQWLOHH SHVWH RULFH REVWDFRO 'H DFRUG vQ OHJWXU FX RELHFWLYXO
JHQHUDO DO HGLILFULL VWUXFWXULORU VWDWXOXL QDLRQDO PRGHUQ JUXSULOH SROLWLFH FDUH VH
VXFFHG OD JXYHUQDUH VH FRQWUD]LF vQ FHHD FH SULYHWH ULWPXO L PRGDOLWLOH GH GH]YROWDUH
DOH VRFLHWLL URPkQHWL IU V VFDSH GLQ YHGHUH QLFL VXVLQHUHD LQWHUHVHORU FDWHJRULLORU
VRFLDOH SH FDUH OH UHSUH]LQW 'XS HHFXO WHQWDWLYHL GH OD &RQVWDQWLQRSRO GH D
UHJOHPHQWD VLWXDLD GLQ %DOFDQL DQJDMDUHD 5RPkQLHL vQ HIRUWXO GH U]ERL FX VFRSXO
KRWUkW GH DL GREkQGL LQGHSHQGHQD L GHPHUVXULOH VXVLQXWH vQ YHGHUHD UHDOL]ULL
DFHVWXL LGHDO PRELOL]HD] WRDWH UHVXUVHOH L HQHUJLLOH VRFLHWLL URPkQHWL 5HSUH
]HQWDQLL PDULORU SXWHUL OD &RQJUHVXO GH 3DFH GH OD %HUOLQ  LXQLH   LXOLH
 LQVHUHD] vQ WH[WXO ILQDO DO WUDWDWXOXL WUHL DUWLFROH FDUH SULYHVF GLUHFW
5RPkQLD FHO GHDO GRLOHD DUWLFROXO  VWLSXOkQG HJDOLWDWHD vQ GUHSWXUL D WXWXURU
FHWHQLORU VWDWXOXL LQGLIHUHQW GH UHOLJLH FHHD FH vQVHPQD DXWRPDW HPDQFLSDUHD
GHSOLQ D HYUHLORU L JDUDQWDUHD GH GUHSWXUL SROLWLFH L FLYLOH &RQGLLRQDUHD
UHFXQRDWHULL LQGHSHQGHQHL GH PRGLILFDUHD DUWLFROXOXL  GLQ &RQVWLWXLH LVF DPSOH
GH]EDWHUL GH LGHL vQ MXUXO SUREOHPHL HYUHLHWL DGYHUVDULL HPDQFLSULL IFkQG GLQ FH
vQ FH PDL PXOW DSHO OD SUHMXGHFL ODUJ UVSkQGLWH L DGkQF vQUGFLQDWH DGXQkQG
FDSLWDO SROLWLF SH VHDPD LJQRUDQHL L WHPHULORU FODVHORU PLMORFLL L LQIHULRDUH SH VHDPD
VWULL GH VSLULW FRQVHUYDWRDUH D XQRU ODUJL VHJPHQWH DOH SRSXODLHL 3UHMXGHFL L
LQWHUHVH VH VXVLQ UHFLSURF
)UXVWUDUHD FDX]DW GH FHHD FH VD FRQVLGHUDW D IL R LQJHULQ vQ WUHEXULOH
LQWHUQH DOH VWDWXOXL UHvQYLH VHQWLPHQWHOH [HQRIREH H[SOLFDELOH SULQ SULVPD OHFLLORU
vQYDWH GHD OXQJXO XQHL LVWRULL DJLWDWH FDQDOL]DWH PDL PXOW FD RULFkQG DVXSUD
GXPDQXOXL LQWHUQ FDUH QX QXPDL F D LQYDGDW DUD SXQkQG VWSkQLUH SH PLMORDFHOH
GH WUDL L UXLQkQGXL WUDGLLLOH GDU DFXP FRPSORWHD] FX GXPDQXO GLQ DIDU V R
vPSLHGLFH VL DWLQJ FHO PDL VDFUX LGHDO Q OLQLL PDUL DFHVWHD VXQW OHLWPRWLYHOH
FDPSDQLHL DQWLVHPLWH SRUQLWH GLQ FHUFXULOH SROLWLFH L LQWHOHFWXDOH DOH YUHPLL
VHQWLPHQWHOH DQWLHYUHLHWL JVLQGXL H[SULPDUHD vQ GLYHUVH SXEOLFDLL L SDUFXUJHUHD
DFHVWXL LPHQV PDWHULDO DU WUHEXL V VH FRQFUHWL]H]H vQWUR OXFUDUH GH VLQH VWWWRDUH L
DYkQG XQ ODUJ HFRX vQ WRDWH VIHUHOH YLHLL SXEOLFH URPkQHWL &KLDU GDF RULHQWULOH
DQWLVHPLWH QX VH FRQVWLWXLH vQWUR IRU SROLWLF DXWRQRP GHFkW VSUH VIkULWXO YHDFXOXL
DGYHUVDULL HPDQFLSULL HYUHLORU vL IDF DX]LWH RSLQLLOH GH OD FDWHGU L vQ SUHV SH VWUDG
L GH OD WULEXQD 3DUODPHQWXOXL OD VDWH L vQ RUDH vQ WRDWH VHFWRDUHOH YLHLL VRFLR
HFRQRPLFH LGHLOH ILLQG vQYHPkQWDWH vQWUR UHWRULF WRW PDL DJUHVLY L PDL JOJLRDV
$FHWL VSROLDWRUL DL SRSRUXOXL URPkQ DFHWL LQDPLFL DL WXWXURU SULQFLSLLORU
GH SURJUHV L FLYLOL]DLH VSLRQL L HWHUQL WUGWRUL>@ YRU V ILH VWSkQL SH SPkQWXO
5RPkQLHL YLWXSHUHD] 3DQWD]L *KLFD vQ HGLQD GLQ  IHEUXDULH  D &DPHUHL



7H[WXO LQWHJUDO DO DUWLFROXOXL vQ ,DQFX RS FLW S 


2 VFXUW LQFXUVLXQH vQ SUHVD URPkQHDVF vQ ,ELGHP S 



 
 

'HSXWDLORU 9RFLOH FDUH VH ULGLF vQ QXPHOH UDLXQLL L WROHUDQHL vQWUH FDUH


UHFXQRDWHP SH YHQHUDELOXO ERLHU &RVWDFKH (SXUHDQX MXQLPLWLL 7LWX 0DLRUHVFX L
33 &DUS VXQW GLQ FH vQ FH PDL UDUH L L]RODWH LDU GH OD GHFODUDLL JHQHURDVH OD
DFLXQL FRQFUHWH VH vQWLQGH XQ GUXP SUHVUDW FX REVWDFROH GH WRW IHOXO GLQWUH FDUH
FHO PDL GLILFLO GH WUHFXW HVWH FXUHQWXO GH REVWLQDW UH]LVWHQ OD RULFH VROXLH GH
DPHOLRUDUH D VLWXDLHL HYUHLORU FDUH GRPLQ VSLULWXO SXEOLF GHVFXUDMkQG WRDWH LQLLDWLYHOH
IDYRUDELOH Q FHOH GLQ XUP QRXO DUWLFRO GH OHJH YRWDW vQ RFWRPEULH  HOLPLQ
SDUDJUDIXO FDUH VWLSXOkQG GLVFULPLQDUHD SH FULWHULL GH UHOLJLH D UHSXJQDW (XURSHL
OLEHUDOH IU VL LQFOXG SH HYUHL vQ UkQGXO FHWHQLORU ULL &X H[FHSLD SDUWLFLSDQLORU
OD 5]ERLXO GH ,QGHSHQGHQ vQ QXPU GH  HYUHLL FDUH GRUHDX QDWXUDOL]DUHD
WUHEXLDX V DGUHVH]H DXWRULWLORU FHUHUL LQGLYLGXDOH UH]ROYDWH VDX QX IDYRUDELO
GXS XQ VWDJLX GH ]HFH DQL L QXPHURDVH GHOLEHUUL QWUXFkW PDULOH SXWHUL DX
DFFHSWDW vQ ILQDO VWUDWDJHPD SULL URPkQH FKHVWLXQHD HYUHLDVF SUHD GHILQLWLY
WUDQDW L DD DX UPDV OXFUXULOH SkQ OD QRXD &RQVWLWXLH GLQ  
8UPULQG GLVFXLLOH SXUWDWH vQ 3DUODPHQWXO 5RPkQLHL PDL DOHV FHOH GLQ
YUHPHD 5]ERLXOXL GH QHDWkUQDUH RUL SUHVD YUHPLL VH FRQVWDW GLQ FH vQ FH PDL
PXOW F DUJXPHQWHOH GHPRJUDILFH RUL VRFLRHFRQRPLFH FDUH DX FHO SXLQ R DOXU
SVHXGRWLLQLILF VXQW SXVH vQ XPEU GH IHEUD SDWULRWDUG D FHORU FDUH DJLW LGHHD
QDLRQDO FKHVWLXQH GH DSUDUH QDLRQDO SHULFRO QDLRQDO VXQW H[SUHVLLFKHLH DOH
GLVFXUVXOXL SDUODPHQWDU vQ SUREOHPD HPDQFLSULL HYUHLORU FLQHYD YRUEHWH GH
LQVXOW OD DGUHVD VkQJHOXL URPkQHVF YUVDW vQ U]ERL LDU vQ HGLQD GLQ 
IHEUXDULH  %UWLDQX DPHQLQ FX VSHFWUXO VLQXFLGHULL QDLRQDOH 'LQWUH
JUXSULOH GH SH VFHQD SROLWLF D ULL )UDFLXQHD OLEHU L LQGHSHQGHQW FRQVWLWXLW
GLQWUXQ QXFOHX GH LQWHOHFWXDOL PROGRYHQL IRUPDL OD FRDOD OXL %UQXLX HVWH FHD
FDUH SXQH LQWUDQVLJHQW LGHHD QDLRQDO OD IXQGDPHQWXO FRQFHSLHL VDOH SROLWLFH
PDQLIHVWkQGXVH FX R YHKHPHQ UDU vQWkOQLW vPSRWULYD HOHPHQWHORU DORJHQH
'DU QX QXPDL FODVD SROLWLF vL PDQLIHVW RVWLOLWDWHD ID GH HYUHL &XSULQV
GH DO VX JUDLRV QDUFLVLVP $OHFVDQGUL VH DOWXU L HO FRUXOXL GHWUDFWRULORU OFULPkQG
SDWHWLF vQWUR VFULVRDUH WULPLV GH OD 0LUFHWL OXL ,DFRE 1HJUX]]L (X XQXO vQ ]LXD
FkQG GHSXWDLL &RQVWLWXDQWHL VXSXQkQGXVH PLHOHWH OD SRUXQFLOH GLQ %HUOLQ
vQVFULVH vQ WUDFWDWXO GLQ 3DULV YRU DFRUGD XUGLHL >@ MLGRYHWL GUHSWXO FLYLO L SROLWLF
GkQG DVWIHO DUD L QDLRQDOLWDWHD QRDVWU vQ PkLQLOH ORU HX vQ DFHD ]L GH GROLX vPL
YRL UXSH FRQGHLXO VXVSLQkQG FX ODFUPL ILQLV 5RPDQLDH 3H XQ WRQ PDL YLJXURV
VSHFLILF VWLOXOXL MXUQDOLVWLF vQWUXQ GHPHUV FH VH YUHD RELHFWLY FULWLF GDU FX FOLHH
vPSUXPXWDWH GLQ GLVFXUVXO DQWLVHPLW JHUPDQ (PLQHVFX H[SULP vQ IRQG DFHHDL
LGHH 'DU D IDFH ORF vQ VkQXO QRVWUX XQHL QDLRQDOLWL VWULQH FDUH VH VLPWH VWULQ L

$SXG %HUNRZLW] RS FLW S 


,ELGHP S  YH]L L S    

,ELGHP S 

$SRVWRO 6WDQ *UXSUL L FXUHQWH SROLWLFH vQ 5RPkQLD vQWUH 8QLUH L ,QGHSHQGHQ
WLLQ LILF L (QFLFORSHGLF  %XFXUHWL  S 

$OHFVDQGUL 6FULVRUL , S 







  (GLWXUD

 

  

     

FRQVWLWXLH SULQ RUJDQL]DUHD HL XQ VWDW vQ VWDW DU IL D QH IDFH MHUWI XQHL PLVWLILFDLXQL D


XQHL PLQFLXQL HWQRORJLFH
'LQ SHUVSHFWLY LGHRORJLF FXUHQWXO DQWLVHPLW vQ 5RPkQLD VH OHDJ LQGLVROXELO
GH FULVWDOL]DUHD RULHQWULL QDLRQDOLVWH UH]XOWDQW D FHHD FH = 2UQHD D QXPLW
FRQIUXQWDUHD GLQWUH PRGHUQLWDWH L WUDGLLRQDOLVP 2ULHQWDUHD QDLRQDOLVW GH LQVSLUDLH
URPDQWLF H[DOW QRVWDOJLF YUHPXULOH DSXVH FkQG YLDD VRFLDO SROLWLF L UHOLJLRDV
IRQGDW SH R OXQJ WUDGLLH VH DIOD vQ DUPRQLH RUJDQLF VXEOLQLLQG DVSHFWHOH GLVWUXFWLYH
DOH PRGHUQL]ULL FHUkQG UHvQYLHUHD YDORULORU DXWRKWRQH L UHVSLQJHUHD WHQWDLLORU
XQXL FRVPRSROLWLVP DOLHQDQW Q FRQWH[WXO SROLWL]ULL WRW PDL DYDQVDWH D FRQWLLQHL
QDLRQDOH LGHHD VSLULWXOXL QDLRQDO SULQGH UGFLQL vQ VROXO URPkQHVF vQ YDULDQWD
URPkQLVPXOXL L RUWRGR[LVPXOXL FRQVLGHUDWH D IL HOHPHQWH RULJLQDUH L HVHQLDOH DOH
FRQWLLQHL QDLRQDOH 'LQ DFHDVW SHUVSHFWLY DUJXPHQWXO HWQRUHOLJLRV VH DGDXJ OD
VHULD GH PRWLYDLL HFRQRPLFH FDUH MXVWLILF UHIX]XO HPDQFLSULL L LQWHJUULL DFHVWHL
PLQRULWL VXEYHUVLYH JDWD V FRQWDPLQH]H UHOLJLD L RUGLQHD VRFLDO 5HSURXO
SULQFLSDO FDUH OL VH DGUHVHD] HVWH F QX SRVHG FDSDFLWDWHD GH D VH LQWHJUD SROLWLF L
VRFLDO L DVWIHO VXQW LQFDSDELOL V VH DOWXUH SRSRDUHORU FLYLOL]DWH vQ GUXPXO ORU VSUH
SURJUHV L OLEHUWDWH 3HULFROXO QX HVWH vQ vPSUHMXUDUHD F HYUHLL DU DFDSDUD WRDW
SURSULHWDWHD FL vQ DFHHD F HL QX VXQW  QX SRW IL URPkQL SUHFXP vQ JHQHUH QX VXQW
QLFL SRW IL JHUPDQL HQJOH]L IUDQXML LWDOLHQL L vQ FRQVHFLQ RYUHLL QHDYkQG QLFL
SDWULH QLFL WUDGLLL ILUHWH F QX YRU LQH OD SDWULD L OD WUDGLLLOH SRSRUXOXL SH OkQJ FDUH
WULHVF $UJXPHQWXO HFRQRPLF SUHGLOHFW DO FHUFXULORU DQWLHYUHLHWL  GXS FDUH
GLVSXQkQG GH XQ FDSLWDO OLFKLG VXEVWDQLDO HYUHLL VXQW SUHJWLL V DFDSDUH]H SURSULHWLOH
IXQFLDUH  HVWH vQ YL]LXQHD SRHWXOXL IRUPDW OD FRDOD URPDQWLVPXOXL JHUPDQ SXV vQ
XPEU GH SHUYHUVD DPHQLQDUH OD DGUHVD vQVL ILLQHL QHDPXOXL URPkQHVF Q RJOLQGD
UVWXUQDW D VWHUHRWLSXOXL QHJDWLY VSHFLILFLWDWHD UHOLJLRDV L FXOWXUDO SUHFXP L
FRH]LXQHD LQWHUQ D FRPXQLWLL HYUHLHWL VXQW LQWHUSUHWDWH GUHSW VHPQH DOH LQFDSDFLWLL
IXQFLDUH D HYUHXOXL GH D VH HOLEHUD GH ODQXULOH WUDGLLHL L UHOLJLHL VDOH /RJLF YRUELQG
GLQ SHUVSHFWLYD URPDQWLVPXOXL LVWRULF FH GHILQHWH QDLXQHD FD R FRPXQLWDWH HWQLF
FX R WUDGLLH OLPE L UHOLJLH FRPXQ VHSDUDW GH FHOHODOWH SRSRDUH SULQ IURQWLHUH
H[WHULRDUH DFHWL LQDVLPLODELOL SDUD]LL VWULQL GH ULW QHFUHWLQ QDX FH FXWD DLFL
'LVFXUVXO DVXSUD OLSVHL GH ORLDOLWDWH D HYUHLORU IDFH DEVWUDFLH GH IDSWXO F PXOL
GLQWUH HL LDX GRYHGLW LQFRQWHVWDELO ILGHOLWDWHD ID GH SDWULD GH DGRSLH LDU ]YRQXULOH
YHKLFXODWH FX UHD LQWHQLH FRQWULEXLH OD FRQILJXUDUHD YHUVLXQLL DXWRKWRQH D WHRULHL
FRPSORWXOXL HYUHLHVF FDUHL WUDQVIRUP SH HYUHL vQWUR VSHFLH GH VSLRQL L GH
DJHQL SURYRFDWRUL DL XQHL VRFLHWL LQWHUQDLRQDOH RUJDQL]DWH FRQWUD H[LVWHQHL VWDWXOXL
URPkQ Q FRQFOX]LH QH GHPRQVWUHD] SRHWXO HYUHLL UHSUH]LQW XQ SHULFRO SROLWLF
HFRQRPLF L PRUDO SHQWUX QDLXQHD URPkQ



0LKDL (PLQHVFX      (GLWXUD 9HVWDOD %XFXUHWL  S 


2UQHD   S  9H]L L FDS ,,    S   =HOHWLQ   FDS 9
       S  /RYLQHVFX   YRO ,,    
(PLQHVFX   S 
 S 
 S 








 
 

&RQVLGHUDW vQWHPHLHWRU DO DQWLVHPLWLVPXOXL GRFWULQDU FHO PDL LPSRUWDQW ILORVRI


URPkQ DO YHDFXOXL DO ;,;OHD 9DVLOH &RQWD vL SURSXQH V DUJXPHQWH]H WLLQLILF
GLVFULPLQDUHD HYUHLORU SRUQLQG GH SULQFLSLXO QDLRQDOLWLORU FDUH LPSOLF XQLWDWHD GH
UDV L UHOLJLH 'LQ DFHDVW SHUVSHFWLY HYUHLL FRQVWLWXLH R QDLXQH GLVWLQFW GH WRDWH
FHOH DOWH QDLXQL GHVFLQ]kQG GLQWU
R VLQJXU UDV FDUH V
D SVWUDW WRWG
XQD SXU &X
WRDWH F DSOLF PHWRGD VD FULWLF LXGDLVPXOXL FD UHOLJLH OHJDW GH SRIWHOH WUXSHWL FDUH
O LQVWLJ SH HYUHX OD IDSWH UHOH FkQG DFHVWHD VH vQGUHSWHD] vQ FRQWUD VWULQLORU
ILORVRIXO QX UHFXUJH OD DUJXPHQWH OXDWH GLQ LQYHQWDUXO ELVHULFLL FDWHJRULLOH DQWURSRORJLFH
VXEVWLWXLQG vQWUX WRWXO FDWHJRULLOH WHRORJLFH DVWIHO F GLVFXUVXO VX VH FRQVWUXLHWH
DSURDSH H[FOXVLY vQ MXUXO PRWLYDLLORU HWQRUDVLDOH 3RUQLQG GH OD DFHVWH SUHPLVH &RQWD
vQFHWHD] GH D PDL IL RULJLQDO vQ DQDOL]D WUVWXULORU GH FDUDFWHU DOH DFHVWHL UDVH SXUH
OLVWkQG DFHOHDL FDORPQLL FX FDUH QHD IDPLOLDUL]DW GLVFXUVXO DQWLVHPLW GH SUHWXWLQGHQL
6SUH VIkULWXO VHFROXOXL DWLWXGLQLOH DQWLVHPLWH LDX DPSORDUH H[WLQ]kQGXVH vQ
WRDWH GRPHQLLOH DQWLVHPLWLVPXO vPEUDF IRUPH RUJDQL]DWH DOWXUL GH JUXSUL FX WHQGLQH
DQWLHYUHLHWL GLQ FDGUXO SDUWLGHORU WUDGLLRQDOH RUJDQL]DLL VWXGHQHWL L SURIHVLRQDOH
FRQVWLWXLQGXVH L /LJD $QWLVHPLW 8QLYHUVDO DYkQG SULQWUH IRQGDWRUL SH $ & &X]D L 1
,RUJD DFHLDL FDUH YRU vQWHPHLD vQ  3DUWLGXO 1DLRQDOLVW 'HPRFUDWLF

6SLULWXO GH WROHUDQ L LGHDOXULOH OLEHUDOH UHSUH]LQW QXPDL R IDHW D
YHDFXOXL DO ;,;OHD XQ VHFRO SOLQ GH FRQWUDGLFLL vQ FDUH DVLVWP OD QDWHUHD FHOHL
PDL YLUXOHQWH IRUPH GH DQWLVHPLWLVP 'H OD VFKLPEULOH FDUH DIHFWHD] PLMORDFHOH GH
SURGXFLH SkQ OD UVSkQGLUHD LGHLORU GHPRFUDWLFH GH OD DYkQWXO WLLQHORU H[SHULPHQWDOH
SkQ OD GLVHPLQDUHD FRQFHSWXOXL GH SURJUHV GH OD H[WLQGHUHD SLHHORU GH GHVIDFHUH
D PUIXULORU L GLYHUVLILFDUHD UHODLLORU FRPHUFLDOH SkQ OD FRQWHVWDUHD DXWRULWLORU
FRQVDFUDWH L LPSXQHUHD VSLULWXOXL FULWLF FDX]HOH L HIHFWHOH VH vQOQXLH QHvQFHWDW
SkQ FkQG ILHFDUH DVSHFW DO YLHLL XPDQH VXIHU PHWDPRUIR]HOH FH GXF OD DSDULLD
OXPLL PRGHUQH /D DFHVWH SUHIDFHUL SURIXQGH WUHEXLH V VH DGDSWH]H L HYUHLL GDF
YRU VL GXF vQ FRQWLQXDUH H[LVWHQD vQ PLMORFXO QDLXQLORU HXURSHQH
$FLXQHD FRPELQDW D IDFWRULORU PHQLRQDL DIHFWHD] FRPXQLWLOH HYUHLHWL
GLQ vQWUHDJD (XURS GHWHUPLQkQG VFKLPEUL VHPQLILFDWLYH vQ FHHD FH SULYHWH
VWUXFWXUD GHPRJUDILF L VRFLRSURIHVLRQDO JUDGXO GH SDUWLFLSDUH L LQWHJUDUH vQ
YLDD HFRQRPLF SROLWLFRVRFLDO L FXOWXUDO D ULL vQ FDUH WULHVF QV LPDJLQHD
VRFLHWLL HYUHLHWL vQ VHFROXO HPDQFLSULL QX DU IL FRPSOHW GDF QX DP OXD vQ
FRQVLGHUDUH L DWLWXGLQHD vQ JHQHUDO RVWLO D QDLXQLORU PRGHUQH ID GH HIRUWXO ORU
GH LQWHJUDUH SUHFXP L IRUPHOH SDUWLFXODUH SH FDUH OH vPEUDF DFXP XUD FRQWUD HYUHLORU
5H]LVWHQD OD VWUGDQLLOH GH LQWHJUDUH D HYUHLORU vQ VRFLHWDWHD PRGHUQ LD GLIHULWH
IRUPH GH OD UHIX]XO GH D OH SHUPLWH DFFHVXO vQ VRFLHWDWH GDF QX UHQXQ FRPSOHW OD
SDUWLFXODULVPXO HWQLF SkQ OD FRQVROLGDUHD XQXL DQWLVHPLWLVP GH WLS PRGHUQ FDUHL
DWLQJH DSRJHXO vQ H[WHUPLQDUHD ORU IL]LF (IRUWXO GH PRGHUQL]DUH L RFFLGHQWDOL]DUH
FUL]HOH HFRQRPLFH GHFDODMXO vQWUH HYROXLD VWUXFWXULORU FDSLWDOLVWH L FHD D WLSDUHORU
PHQWDOH JHQHUHD] L vQ SULOH QRDVWUH IHQRPHQH GH LQWROHUDQ L UHVSLQJHUH



% &RQWD   
   7LSRJUDILD 'DFLD ,DL  S 
  S 



You might also like