You are on page 1of 30

2UJDQL]DFLyQ GHOJHQRPD HXFDULRWLFR

3URFDULRWDV 3UiFWLFDPHQWH WRGR HO $'1 H[LVWH HQ IRUPD GH FRSLD ~QLFD \ FRGLILFD
SURGXFWRV JpQLFRV SURWHtQDV \$51V

(XFDULRWDV /DPD\RUSDUWH GHO$'1HV 12FRGLILFDQWH3(M6yOR 0E  GHOWRWDO


GH 0E GHO JHQRPD KXPDQR KDSORLGH VRQ FRGLILFDQWHV $GHPiV HO JHQRPD
HXFDULyWLFR VHFDUDFWHUL]D SRU ODUHSHWLFLyQ GHODV VHFXHQFLDV

&RPSOHMLGDG GHOJHQRPD HXFDULRWD


/DSUHVHQFLD GH$'1UHSHWLWLYR GD OXJDU DOFRQFHSWR GH&RPSOHMLGDG GHOJHQRPDHOFXDO
VHGHILQHFRPR OD VXPD GHORV WDPDxRV SE GH WRGDV VXV VHFXHQFLDV GLIHUHQWHV 3RU OR
WDQWRSDUD XQWDPDxR GHJHQRPD GDGRDPD\RUJUDGR GHUHSHWLFLyQPHQRU FRPSOHMLGDG

3DUD HO HVWXGLR GH OD FRPSOHMLGDG GHO JHQRPD pVWH SXHGH GLYLGLUVH HQ GLVWLQWDV
FDWHJRUtDV GH$'1HQIXQFLyQ GHVX UHSHWLWLYLGDG \VX FDUiFWHU FRGLILFDQWH

$'1GHFRSLD ~QLFDVLPSOHRQRUHSHWLWLYR
&RQVWLWX\H OD PD\RU SDUWH GHO JHQRPD  HQ SURFDULRWDV  HQ HXFDULRWDV
LQIHULRUHVHQDQLPDOHV VXSHULRUHV
3DUWH GH HVWH $'1   FRQVWLWX\H ODV VHFXHQFLDV GH JHQHV TXH FRGLILFDQ
SURWHtQDV \$51VRWUD SDUWH  HV UHVSRQVDEOHV GHOFRQWURO GHODH[SUHVLyQ GH
HVDV VHFXHQFLDV PLHQWUDV TXH HO UHVWR PD\RULWDULR HV $'1 QR FRGLILFDQWH FX\D
IXQFLyQVL H[LVWHDSHQDV VHFRQRFH

$'1UHSHWLWLYR
/D VHFXHQFLDV UHSHWLGDV OODPDGDV XQLGDGHV GH UHSHWLFLyQ R UHSHWLFLRQHV WLHQHQ WDPDxRV
GLYHUVRV \FDGD XQD VHHQFXHQWUD GHIRUPDLGpQWLFD RFDVL LQGpQWLFD PXFKDV YHFHV HQHOJHQRPD
6X GLVWULEXFLyQ SXHGH VHU HQ IRUPD GLVSHUVD SRU WRGR HO JHQRPD HQWUHPH]FODGDV FRQ ODV
VHFXHQFLDV GH FRSLD ~QLFD R ELHQ HQ IRUPD DJUXSDGD ORFDOL]DGD HQ UHJLRQHV FRQFUHWDV GHO
FURPRVRPD
(O Q~PHUR GH FRSLDV GH ODV UHSHWLFLRQHV YDUtD GHVGH XQRV FLHQWRV R PLOHV $'1
PRGHUDGDPHQWH UHSHWLWLYR KDVWD FLHQWRV GHPLOHV $'1DOWDPHQWH UHSHWLWLYR
8QD SDUWH GHO$'1UHSHWLWLYR HV FRGLILFDQWH $51RSURWHtQD VLQHPEDUJRSDUD JUDQ SDUWH GHO
PLVPR QRVHFRQRFH XQD IXQFLyQ FODUD6HKDVXJHULGR TXH FRQWULEX\HQ DPDQWHQHU ODHVWUXFWXUD
GH ORV FURPRVRPDV H LQFOXVR TXH SDUWH GHO $'1 UHSHWLWLYR VHD $1' FKDWDUUD XQ YHVWLJLR
HYROXWLYR VLQIXQFLyQ DFWXDO

$'1UHSHWLWLYR FRGLILFDQWH
)RUPDJHQHVTXH VHH[SUHVDQ6XWDPDxR YDUtD HQWUH HO\HOGHOJHQRPD$SDUHFH HQ
IRUPD GH IDPLOLDV GH JHQHV FX\RV PLHPEURV VH FDUDFWHUL]DQ SRU VX KRPRORJtD DO KDEHUVH
RULJLQDGR PHGLDQWH GXSOLFDFLRQHV \YDULDFLRQHV GHXQJHQ DQFHVWUDO

$'1UHSHWLWLYR FRILFDQWH DJUXSDGR

E )DPLOLDV PXOWLJpQLFDV GHJHQHVDJUXSDGRV

&RPR FRQVHFXHQFLD GH ORV SURFHVRV HYROXWLYRV TXH GDQ OXJDU D IDPLOLDV
PXOWLJpQLFDVDSDUHFHQ HQHOODV PLHPEURV FRQFDUDFWHUtVWLFDV GLIHUHQFLDOHV
&RSLDV GH JHQHV YDULDQWHV  &RGLILFDQ SURGXFWRV JpQLFRV IXQFLRQDOHV SHUR GH FDUDFWHUtVWLFDV
OLJHUDPHQWH GLVWLQWDV
3VHXGRJHQHV6RQFRSLDV LDQFWLYDV GHXQJHQTXH QXQFD VHH[SUHVDQ RELHQQRVRQIXQFLRQDOHV
*HQHVWUXQFDGRV6RQFRSLDV LQFRPSOHWDV GHXQJHQSRU SpUGLGD GHXQD UHJLyQ VLWXDGD HQXQR GHORV
H[WUHPRV  R
)UDJPHQWRV GHJHQHV6RORVHFRQVHUYD ODSRUFLyQ GHOLQWHULRUGHODVHFXHQFLD GHOJHQ

6yOR ODV FRSLDV LGpQWLFDV IDPLOLDV FOiVLFDV  \ ODV YDULDQWHV FRQGXFHQ D SURGXFWRV JpQLFRV
IXQFLRQDOHVPLHQWUDV TXH ORV SVHXGRJHQHVJHQHVWUXQFDGRV \IUDJPHQWRV GHJHQHVSDUHFHQ
VHHUYHVWLJLRV HYROXWLYRV VLQIXQFLyQ DFWXDO

$'1UHSHWLWLYR FRGLILFDQWH GLVSHUVR


F )DPLOLDV PXOWLJpQLFDV GHJHQHVGLVSHUVRV

$'1UHSHWLWLYR QRFRGLILFDQWH
6X WDPDxR SXHGH VHU HQWUH XQ  \  GHO $'1 JHQyPLFR WRWDO 6H GLYLGH HQ GRV FDWHJRUtDV (O
PRGHUDGDPHQWH UHSHWLWLYR TXH VH XELFD HQ IRUPD GLVSHUVD \ HO DOWDPHQWH UHSHWLWLYR TXH DGHPiV HV
DJUXSDGR

$'10LQLVDWpOLWH \0LFURVDWpOLWH &RQVWLWX\HQ HQWUH HO\GHOJHQRPD$GLIHUHQFLD GHO$'1


VDWpOLWH VH HQFXHQWUDQ ORFDOL]DGRV HQ IRUPD GLVSHUVD HQ HO JHQRPD /D LPSRUWDQFLD SUiFWLFD TXH
SUHVHQWDQ UDGLFD HQVX JUDQ YDULDELOLGDG HQWUH LQGLYLGXRV ORTXH SHUPLWH XWLO]DUORV FRPR PDUFDGRUHV
PROHFXODUHV HQ PHGLFLQD IRUHQVH SUXHEDV GH SDWHUQLGDG \ GLDJQyVWLFR GH HQIHUPHGDGHV
PROHFXODUHV

$'1VDWpOLWH 6HHQFXHQWUD HQODV UHJLRQHV KHWHURFURPiWLFDVSULQFLSDOPHQWH HQWRUQR DOFHQWUyPHUR


\ HQ ORV WHOyPHURV 6H KD VXJHULGR TXH D\XGDQ D HVWDELOL]DU DO \ WHQGUtDQ XQ URO HQ HO FRQWURO GHO
HQYHMHFLPLHQWR FHOXODU

5(3/,&$&,1'(/$'1
,QLFLR PRQRIRFDO RPXOWLIRFDO
(Q HO FURPRVRPD FLUFXODU ~QLFR GH ORV SURFDULRWDV OD UHSOLFDFLyQ FRPLHQ]D VLHPSUH
HQ XQ SXQWR GHWHUPLQDGR GHQRPLQDGR RULJH RUL&  6H GLFH TXH OD UHSOLFDFLyQ HV
PRQRIRFDO (QFRQVHFXHQFLD SURJUHVD IRUPDQGR GRVKRUTXLOODV GHUHSOLFDFLyQ
(Q HXFDULRWDV OD UHSOLFDFLyQ HV PXOWLIRFDO SXHV HQ FDGD XQR GH ORV FURPRVRPDV
H[LVWHQ P~OWLSOHV RUtJHQHV GHUHSOLFDFLyQ FLHQWRV PLOHV TXH GDQ OXJDU DXQQ~PHUR
GREOH GHKRUTXLOODV

6tQWHVLV VLPXOWiQHDVHFXHQFLDO \ELGLUHFFLRQDO

0RQRIRFDO

0XOWLIRFDO

5HSOLFDFLyQ GHO$'1HQSURFDULRWDV

5HTXHULPLHQWRV GHODUHDFFLyQ GHVtQWHVLV GH$'1

&HEDGRU(VXQIUDJPHQWR GHKHEUD LQLFLDGRUJHQHUDOPHQWH GH$51TXH DSRUWD XQJUXSR 


2+OLEUH/DUHSOLFDFLyQ QRHV DXWRLQLFLDGRUDVLQR TXH VyOR HORQJD PROpFXODV SUHH[LVWHQWH
6XVWUDWRV&XDWURV G173VG$73G*73G&73 \G77S
&RIDFWRUHV0Q0JLQYLWUR0JLQYLYR
0ROGH RSODQWLOOD/DLQFRUSDUFLyQ GHORV '103V HVWD GHWHUPLQDGD SRU VX FRPSOHQWDULHGDG GH
EDVHVFRQODVHFXHQFLD GHFDGD KHEUD GH$'1TXH DFW~D FRPR PROGH
$'1SROLPHUDVD

/D DGLFLyQ GH QXFOHyWLFRV VH UHDOL]D VLHPSUH VREUH HO H[WUHPR 2+ OLEUH /D KHEUD
FUHFH SRU VX H[WUHPR \VHGLFHTXH ODVtQWHVLV WUDQVFXUUH HQGLUHFFLyQ  

(WDSDV GHOSURFHVR GHUHSOLFDFLyQ


 ,QLFLDFLyQ

5HSOLVRPD &RPSOHMR PXOWLSURWHLFR TXH YLDMD DVRFLDGR D FDGD KRUTXLOOD \ UHDOL]D OD
UHSOLFDFLyQ

 (ORQJDFLyQ

0DGXUDFLyQ GHORV IUDJPHQWRV GH2ND]DNL

5HSUHVHQWDFLyQ HVTXHPiWLFD GHODUHSOLFDFLyQ GHXQFURPRVRPD HXFDULRWD

(O DFRUWDPLHQWR GH ODV UHJLRQHV WHORPpULFDV FDOFXODGR HQWUH  SE SRU FDGD
GLYLVLyQ FHOXODU HV FRPSHQVDGR PHGLDQWH ODDFFLyQ GHODHQ]LPD WHORPHUDVD TXH DODUJD
ORV WHOyPHUR

You might also like