You are on page 1of 8

'LVFXUVRHQHOHVSDFLR REUDVGHDUWHGLVFXUVRVDUFKLYRV

&XDXKWpPRF0HGLQD
,QVWLWXWRGH,QYHVWLJDFLRQHV(VWpWLFDV
(QHVWHFXUVRVHRIUHFHUiXQDUHYLVLyQGHORVSULQFLSDOHVPRGHORVGHH[KLELFLyQ

\UHIOH[LyQTXHKDQFRQVWLWXLGRHOFDPSRDUWtVWLFRPRGHUQR\FRQWHPSRUiQHR

GHVGHODSURGXFFLyQGHORVPRGHORVH[KLELWLYRVPRGHUQLVWDV\GHYDQJXDUGLD

KDVWDODHVWpWLFDGHLQWHUYHQFLyQ\ODSURGXFFLyQGHFXOWXUDJOREDOTXHFDUDFWHUL]DQ

DODFXUDGXUtDFRQWHPSRUiQHD0HGLDQWHHQVHxDQ]DOHFWXUDV\ODHODERUDFLyQ

GHHMHPSORVHOFXUVRSURYHHUiDORVHVWXGLDQWHVWDQWRXQYRFDEXODULRFRPRXQ

PDUFRGHUHIHUHQFLDPtQLPRSDUDODSUiFWLFDFXUDWRULDO\VXKLVWRULDDVtFRPR

SDUDHOGHVDUUROORWDQWRDUWtVWLFRFRPRSROtWLFRGHODFXOWXUDGHH[KLELFLyQGHDUWH

$XQTXHHOFXUVRWLHQHXQpQIDVLVWHyULFRHKLVWyULFRGHEHUiVHUDFRPSDxDGRGH

SUiFWLFDVHMHPSOLILFDFLRQHV\GHEDWHVTXHSHUPLWDQDOHVWXGLDQWHLQWURGXFLUVHHQ

ORVGLOHPDVYLYRVGHODSUiFWLFDFXUDWRULDO

3UHOLPLQDUHVHOFRQFHSWRGH³FXUDGXUtD´

/DQRFLyQGH³FXUDGXUtD´HWLPRORJtDFRQFHSWRMXUtGLFR\XVRVKLVWyULFRVHQHO
FRQWH[WRDUWtVWLFR\PXVHtVWLFR
(OWpUPLQRHQVXXVRDUWtVWLFR/DWUDGLFLyQWHUPLQROyJLFDGHODPXVHROyJLFD
IUDQFHVD FRQVHUYDWHXUFRPLVDULRPXVHyJUDIRPXVHyORJR /DHYROXFLyQ
GHORVXVRVGHODQRFLyQGH³FXUDGRU´
$XWRUtDQHJRFLDFLyQRPHGLDFLyQGHEDWHVVREUHHOUROFXUDWRULDO
7LSRORJtDGHODFXUDGXUtDXVRVSURIHVLRQDOHV\IRUPDWLYRV


+DFLDXQDKLVWRULDSROtWLFDGHODH[KLELFLyQGHOVDOyQDODDFFLyQYDQJXDUGLVWD
D (OVDOyQ\ODYDQJXDUGLDGHORUtJHQGHODJDOHUtDLQGHSHQGLHQWHDODDFFLyQ
PDQLIHVWDFLyQ(QWUHHOHVSDFLRS~EOLFRLQVWLWXLGRSRUHOVREHUDQR\OD
VRFLHGDGFLYLODUWtVWLFD/DPDQLIHVWDFLyQYDQJXDUGLVWD\ODGLYLVLyQGHO
HVSDFLRGHUHSUHVHQWDFLyQ
E (O6DOyQLQGHSHQGLHQWH\HOPRGHORGHOLEUHFRQFXUUHQFLDOLEHUDO(O
UHDG\PDGHGXFKDPSLDQR\ODFULVLVGHOVDOyQGHLQGHSHQGLHQWHV
/HFWXUDV
$OWVKXOHU%UXFH6DORQWR%LHQQLDO([KLELWLRQV7KDW0DGH$UW+LVWRU\
9ROXPH,/RQGRQ3KDLGRQ3UHVV/HHU,QWURGXFWLRQS
\(QWUDGDVS
7KLHUU\'H'XYH³*LYHQWKH5LFKDUG0XWW&DVH´.DQW$IWHU'XFKDPS
0,7S +D\YHUVLyQHQHVSDxRO
7KRPDV(&URZ3LQWXUD\6RFLHGDGHQHO3DUtVGHOVLJOR;9,,,WUDG/XLV
&DUORV%HQLWR&DUGHQDO0DGULG1HUHD/HHULQWURGXFFLyQS
&KDUOHV%DXGHODLUH³6DOyQGH´HQ/RUHQ]R9DUHOD HG &UtWLFRVH
KLVWRULDGRUHVGH$UWH&KDUOHV%DXGHODLUH%XHQRV$LUHV(GLWRULDO3RVHLGyQ
S


$UTXHRORJtDGHODVELHQDOHV
D ([KLELFLRQHV0XQGLDOHV\H[SRUWDFLyQGHODVQDFLRQHV
E /DVSULPHUDVELHQDOHV9HQHFLD&DUQHJLH,QWHUQDWLRQDO
F (OPRGHORGHO3DEHOOyQ1DFLRQDO
G 'LVHPLQDFLyQ\UHVFDWHGHODPRGHUQLGDG6DR3DXOR\'RFXPHQWD

/HFWXUDV
&DUORV%DVXDOGRHG%LHQLDO5HDGHU%HUOLQ+DQMH&DQW]
/DZUHQFH$OORZD\7KH9HQLFHELHQQDOH)URPVDORQWRJROGILVK
ERZO*UHHQZLFK&RQQHFWLFXW1HZ<RUN*UDSKLF6RFLHW\FS
,,(19$
$OH[DQGHU&7*HSSHUW)OHHWLQJ&LWLHV,PSHULDO([SRVLWLRQVLQ)LQGH6LqFOH(XURSH%DVLQJVWRNH1HZ
<RUN3DOJUDYH0DFPLOODQ

$7UHDVXU\RI:RUOG
V)DLU$UWDQG$UFKLWHFWXUH$'LJLWDO$UFKLYH
HVVD\VLPDJHVYLUWXDOH[KLELWVSRVWFDUGVDQGHSKHPHUD8QLYHUVLW\
RI0DU\ODQG/LEUDULHV'LJLWDO&ROOHFWLRQ KWWSGLJLWDOOLEXPGHGX
ZRUOGVIDLUV
0DXULFLR7HQRULR7ULOOR$UWLOXJLRGHODQDFLyQPRGHUQD0p[LFRHQODV
H[SRVLFLRQHVXQLYHUVDOHV0H[LFR)RQGRGH&XOWXUD
(FRQyPLFD
5LFDUGR4XL]D0RUHQR³%DEHOUHYLVLWDGDH[SRVLFLRQHVJOREDOL]DFLyQ
\PRGHUQLGDG  +,63$1,$129$5HYLVWDGH+LVWRULD
&RQWHPSRUiQHD1~PHUR  KWWSKLVSDQLDQRYDUHGLULVHV
DUWLFXORVDSGI
:DOWHU*UDVVNDPS³7R%H&RQWLQXHG3HULRGLF([KLELWLRQV
'RFXPHQWDIRU([DPSOH /DQGPDUN([KLELWLRQVVSHFLDOLVVXHRI
7DWH3DSHUV$XWXPQ7DWH3DSHUV

$OORZD\/DZUHQFH7KH%LHQQDOHDV6XSHU6DORQLQ
7KH9HQLFH%LHQQDOH*UHHQZLFK1HZ<RUN*UDSKLF
6RFLHW\

*UDVVNDPS:DOWHU
'HJHQHUDWH$UW
DQG'RFXPHQWD,
0RGHUQLVP2VWUDFL]HGDQG'LVDUPHGLQ6KHUPDQ'DQLHO-
DQG,ULW5RJRIIHGLWRUV0XVHXP&XOWXUH+LVWRULHV'LVFRXUVHV
6SHFWDFOHV0LQQHDSROLV017KH8QLYHUVLW\RI0LQQHVRWD3UHVV



9DQJXDUGLDV\H[KLELFLRQHVXQDKLVWRULDGHGLVSRVLWLYRV
D $FFLRQHV\H[KLELFLRQHVFRPRPDQLIHVWDFLyQHOIXWXULVPR\GDGD
E 9DQJXDUGLDUXVDGHODV³~OWLPDVH[KLELFLRQHV´DODLQWHUYHQFLyQGHDJLWDFLyQ
F 'XFKDPS\ODVH[KLELFLRQHVVXUUHDOLVWDV
G $UWRI7KLV&HQWXU\WUDQVIRUPDFLyQGHYDQJXDUGLDHQPHUFDGR
.DFKXU/HZLV'LVSOD\LQJWKH0DUYHORXV0DUFHO'XFKDPS6DOYDGRU'DOt
DQG6XUUHDOLVW([KLELWRQ,QVWDOODWLRQV&DPEULGJH/RQGRQ7KH0,73UHVV
 ,,(16.
$OWVKXOHU%UXFH6DORQWR%LHQQLDO([KLELWLRQV7KDW0DGH$UW+LVWRU\
9ROXPH,/RQGRQ3KDLGRQ3UHVV/HHU(QWUDGDV
S 08$&
+DFLDHO³0XVHRGH$UWH0RGHUQR´
D $QWHFHGHQWHVGH0XVHRPRGHUQRHQ$OHPDQLD\OD8566
E $OIUHG%DKUORVRUtJHQHVGHO020$QHR\RUNLQR
F (O020$GHODH[SHULPHQWDFLyQDOFRQWUROGHODKHJHPRQtD
.DQWRU6\ELOO*RUGLQ$OIUHG+%DUU-UDQGWKHLQWHOOHFWXDORULJLQVRIWKH
0XVHXPRI0RGHUQ$UW&DPEULGJH0$0,73UHVV ,,(10
.
0DU\$QQH6WDQLV]HZVNL7KH3RZHURI'LVSOD\$+LVWRU\RI([KLELWLRQ
,QVWDOODWLRQVDWWKH0XVHXPRI0RGHUQ$UW&DPEULGJH0DVV7KH0,7
3UHVV ,,(106
*HRUJH%DWDLOOH³0XVHR´HQ/DFRQMXUDFLyQVDJUDGD(QVD\RV
%XHQRV$LUHV$GULDQD+LGDOJRHGLWRUDS %LE&HQWUDO\
))</34$$
7KHRGRU$GRUQR³0XVHR9DOpU\3URXVW´HQ&UtWLFDGHOD&XOWXUD\
6RFLHGDG,3ULVPDV6LQ,PiJHQ'LUHFWUL]0DGULG$NDOS
+D\RWUDVHGLFLRQHVFRPR3ULVPDV


&RQFHSWR\FUtWLFDGHO³FXEREODQFR´
D $EVWUDFFLyQ\HVSDFLRDEVWUDFWRHOPRGHORGHYLVXDOLGDGPRGHUQLVWD
E (OFXEREODQFRFRPRH[SUHVLyQGHODSXUH]DHVWpWLFD
F $EVWUDFFLyQ\H[KLELFLyQODVPRGDOLGDGHVGHO³RYHUDOOSDLQWLQJ´
2¶'RKHUW\%ULDQ,QVLGHWKH:KLWH&XEH7KH,GHRORJ\RIWKH*DOOHU\
6SDFH%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV(OVLVWHPD
PRGHUQRLQWHUQDFLRQDO
D /DLQYHQFLyQGHH[KLELFLRQHVLQWHUQDFLRQDOHVGHORPRGHUQR
'RFXPHQWD\%LHQDOGH6DR3DXOR
E *HRSROtWLFDGHODH[FOXVLyQHOFRQFHSWRGH³ORLQWHUQDFLRQDO´
F /DKLVWRULRJUDItDGHODOWRPRGHUQLVPR
&OHPHQW*UHHQEHUJ³0RGHUQLVW3DLQWLQJ´  9HUVLyQHQ
OtQHDKWWSZZZVKDUHFRPFDJUHHQEHUJPRGHUQLVPKWPO

$OODQ.DSURZ³)URP$VVHPEODJHV(QYLURQPHQWVDQG
+DSSHQLQJV³  HQ$UWLQWKHRU\
$Q$QWKRORJ\RI&KDQJLQJ,GHDV/RQGRQ
%ODFNZHOOS

5RVDOLQG.UDXVV³/DHVFXOWXUDGHOFDPSRH[SDQGLGR´
HQ/DRULJLQDOLGDGGHODYDQJXDUGLD\RWURVPLWRV
PRGHUQRV0DGULG$OLDQ]DS,,(
1.

2EMHWRVDFWRVPHUFDQFtDVODVQHRYDQJXDUGLDVGHORV
/DFXHVWLyQGH1HR'DGDPRGDOLGDGHVGHH[KLELFLyQGH)OX[XV1RXYHDX[
5HDOLVPH\3RS&ULVLVGHOFXEREODQFRGHO³DPELHQWH´DODVSRpWLFDVGH
FDOOH\HVWHWL]DFLyQGHORUHDO
$FFLRQ\HGLFLyQ)OX[XV/DHVWDWL]DFLyQLQGHWHUPLQLVWD&DJH(OGHEDWHGHO
PLQLPDOLVPRWHDWUDOLGDGRIHQRPHQRORJtD
/DLQVWLWXFLRQDOL]DFLyQGHORFRQWHPSRUiQHR'HO$UWRI$VVHPEODJHD
,QIRUPDWLRQ
+LJJLQV'LFN³,QWHUPHGLD´  GLVSRQLEOHHQUHGHQ
KWWSZZZXEXFRPSDSHUVKLJJLQVBLQWHUPHGLDKWPO

3ROtWLFDGHODSXEOLFLGDGHOFRQFHSWXDOLVPR\VXVDJHQWHV
'HEDWHVFRQFHSWXDOHVGHVPDWHULDOL]DFLyQWDXWRORJtD\UHGXFWLYLVPR&UtWLFDGHO
REMHWRDUWtVWLFR\FUtWLFDGHOPRGHORH[KLELWLYR
3ROtWLFDVGHODSXEOLFLGDGKDFLDODFXUDGXUtDFRPRDXWRFUtWLFD6HWK6LHJODXE
/XF\/LSSDUG\+DUDOG6]HHPDQQ
(OFDPSRHXURSHR:KHQ$WWLWXGHV%HFRPH)RUP$UWH3RYHUD\'RFXPHQWD
/LSSDUG/XF\&XUDWLQJE\1XPEHUV/DQGPDUN([KLELWLRQVVSHFLDO
LVVXHRI7DWH3DSHUV$XWXPQ',6321,%/((17$7(7$7(
3$3(56

&UtWLFDLQVWLWXFLRQDO
D (O0XVHRGH$UWH0RGHUQRGH0DUFHO%URRWKDHUV
E +DQV+DDFNH\ODFUtWLFDGHODSROtWLFDGHODVLQVWLWXFLRQHV
F /DLQYHVWLJDFLyQGHODLQPDQHQFLDLQVWLWXFLRQDO$QGUHD)UDVHU

+DQV+DDFNH³/HVVRQV/HDUQHG´/DQGPDUN([KLELWLRQVVSHFLDOLVVXHRI
7DWH3DSHUV$XWXPQ'LVSRQLEOHHQ7$7(3DSHUV

)XHUDGHFDPSRODQGDUWVLWLRHVSHFtILFR\HVFXOWXUDH[SDQGLGD
D /DQRFLRQGH³LQWHUYHQFLyQ´
E 0iVDOOiGHODVDODGHH[KLELFLyQHOGHVDUUROORGHODHVSHFLILFLGDGGHOD
HVFXOWXUD
F 3RVWPLQLPDOLVPR\FUtWLFDGHOVLWLR6PLWKVRQ
G /DSROtWLFDGHOVLWLRHVSHFtILFR
5RVDOLQG.UDXVV³/DHVFXOWXUDGHOFDPSRH[SDQGLGR´HQ/D
RULJLQDOLGDGGHODYDQJXDUGLD\RWURVPLWRVPRGHUQRV
0DGULG$OLDQ]DS,,(1.

(OJLURJOREDO
¢0XOWLFXOWXUDOLVPRRQHRH[RWLFLVPR"'H0DJLFLHQVGHOD7HUUHDOD%LHQDOGHO
:KLWQH\
%LHQDOHV\JOREDOL]DFLyQ
(OFXUDGRUFRPR³FXOWXUDOEURNHU´ODFXUDGXUtDGHODSHULIHULD\ORVFDPELRVGH
UHODWR
&LXGDGHVHQH[KLELFLyQXQSDUDGLJPDFRQWHPSRUiQHR
&ULVLVGHODPXVHRJUDItDSURJUHVLYD
%XFKORFK%HQMDPLQDQG-HDQ+XEHUW0DUWLQ7KH:KROH(DUWK6KRZ
$UWLQ$PHULFD0D\

%\GOHU&KDUORWWH6HOHFWLRQVLQ7KH*OREDO$UW:RUOG,QF8SSVDOD
$FWD8QLYHUVLWDWLV8SVDOLHQVLV

3UiFWLFDVGHODLQWHUYHQFLyQ
D 'HODREUDDODLQWHUYHQFLyQ
E /DQRFLyQGH³DUWHVLWXDFLRQDO´
F /DFXUDGXUtDFRPRLQWHUYHQFLyQ
%LEOLRJUDItDEiVLFD
$OEHUUR $OH[DQGHU &RQFHSWXDO $UW DQG WKH 3ROLWLFV RI 3XEOLFLW\&DPEULGJH
0DVV0,73UHVV
$OEHUUR$OH[DQGHU&RQFHSWXDO$UW$&ULWLFDO$QWKRORJ\0,73UHVV
$OORZD\/DZUHQFH7KH$UWVDQGWKH0DVV0HGLD>SJV@LQ3RS$UW$
&ULWLFDO+LVWRU\8QLYHUVLW\RI&DOLIRUQLD3UHVVSS
$OWVKXOHU%UXFH&ROOHFWLQJWKHQHZ±PXVHXPVDQGWKHFRQWHPSRUDU\DUW
3ULQFHWRQ
$OWVKXOHU%UXFH6DORQWR%LHQQLDO([KLELWLRQV7KDW0DGH$UW+LVWRU\
YROV/RQGRQ3KDLGRQ3UHVV
%DWDLOOH*HRUJHV0XVHXPLQ%DWDLOOHHWDO(QF\FORSHGLD$FHSKDOLFD
/RQGRQ$WODV3UHVV S
%H\RQGWKH%R['LYHUJLQJ&XUDWRULDO3UDFWLFHV%DQII%DQII&HQWUH3UHVV

%LOOLQJ-RKDQQD0DULD/LQGDQG/DUV1LOVVRQ HGV 7DNLQJWKH0DWWHU
LQWR&RPPRQ+DQGV2Q&RQWHPSRUDU\$UWDQG&ROODERUDWLYH3UDFWLFHV
/RQGRQ%ODFN'RJ3XEOLVKLQJ
%LUWKRIWKHPXVHXPKLVWRU\WKHRU\SROLWLFV7RQ\%HQQHWW/RQGRQ
%RXUULDQG1LFROiV(VWpWLFDUHODFLRQDO%XHQRV$LUHV$GULDQD+LGDOJR

%RXUULDQG1LFROiV3RVWSURGXFFLyQ%XHQRV$LUHV$GULDQD+LGDOJR
%XFKORK %HQMDPLQ ³$UWH &RQFHSWXDO  'H OD (VWpWLFD GH OD
$GPLQLVWUDFLyQ D OD &UtWLFD ,QVWLWXFLRQDO´ HQ )RUPDOLVPR H KLVWRULFLGDG 
%DUFHORQD$NDO(GLFLRQHVS
&DUWRJUDSKLHV-RVp%HGLD*HUPiQ%RWHUR0DUWD0DUtD3pUH]%UDYR
>HGLWLQJ$OLVRQ*LOOPRUHWDOWUDQVODWLQJeWLqQQH%DWVOHHUHWDO@:LQQLSHJ
:LQQLSHJ$UW*DOOHU\F
&ODLUH%LVKRS HG 3DUWLFLSDWLRQ&DPEULGJH0DVV7KH0,73UHVV
&URZ7RPDV3DLQWHUVDQG3XEOLF/LIHLQ(LJKWHHQWK&HQWXU\3DULV 1HZ
+DYHQDQG/RQGRQ<DOH8QLYHUVLW\3UHVV
&XUDWLQJLQWKHVW&HQWXU\:DOVDOO7KH1HZ$UW*DOOHU\
&XUDWLQJWKHFRQWHPSRUDU\DUWPXVHXPDQGEH\RQGHGLWHGE\$QQD+DUGLQJ
'DQWR$  ³7KH$UWZRUOG´7KH-RXUQDORI3KLORVRSK\
'H'XYH7KLHUU\³7KH0RQRFKURPHDQGWKH%ODQN&DQYDV´(Q7KLHUU\'H
'XYH.DQWDIWHU'XFKDPS&DPEULGJH0DVV/RQGRQ(QJODQG7KH0,7
3UHVVS
'LVFXUVLYHPXVHXP9LWR$FFRQFL+DQV%HOWLQJ%D]RQ%URFN'DQLHOD
=\PDQHGLWHGE\3HWHU1RHYHU+DWMH&DQW]
'XFKDPS0DUFHO7KH&UHDWLYH$FW$SURSRVRI5HDG\PDGHVLQ6HO]DQG
6WLOHV HGV 7KHRULHVDQG'RFXPHQWVRI&RQWHPSRUDU\$UW$6RXUFHERRNRI
$UWLVWV
:ULWLQJV%HUNHOH\8QLYRI&DOLIRUQLD3UHVVSS
)UDVHU $QGUHD )URP WKH &ULWLTXH RI ,QVWLWXWLRQV WR DQ ,QVWLWXWLRQ RI
&ULWLTXH$UW)RUXP6HSWHPEHU
)UDVHU $QGUHD 0XVHXP +LJKOLJKWV LQ HG 7RE\ 0LOOHU$ &RPSDQLRQ WR
&XOWXUDO6WXGLHV2[IRUG8.%ODFNZHOO
*UHHQEHUJ5HHVD%UXFH:)HUJXVRQDQG6DQG\1DLUQH7KLQNLQJDERXW
([KLELWLRQV1HZ<RUN5RXWOHGJH
*UHHQRXJK6DUDK0RGHUQDUWDQG$PHULFD$OIUHG6WLHJOLW]DQGKLV1HZ
<RUNJDOOHULHV/LWWOH%URZQ
+DDFNH +DQV 0XVHXPV 0DQDJHUV RI &RQVFLRXVQHVV LQ +DQV +DDFNH
8QILQLVKHG%XVLQHVV0,73UHVVSS9HUVLRQHQHVSDxROKWWS
ZZZEUXPDULDQHWWH[WRVKDQVKDDFNHKWP
+DQV8OULFK2EULVW$%ULHI+LVWRU\RI&XUDWLQJ 'RFXPHQWV -53_5LQJLHU

.DFKXU/HZLV'LVSOD\LQJWKH0DUYHORXV0DUFHO'XFKDPS6DOYDGRU'DOt
DQG6XUUHDOLVW([KLELWRQ,QVWDOODWLRQV&DPEULGJH/RQGRQ7KH0,73UHVV

.DQWRU6\ELOO*RUGLQ$OIUHG+%DUU-UDQGWKHLQWHOOHFWXDORULJLQVRIWKH
0XVHXPRI0RGHUQ$UW&DPEULGJH0$0,73UHVV
.DSURZ$OODQ(VVD\VRQWKH%OXUULQJRI$UWDQG/LIH%HUNHOH\8QLYRI
&DOLIRUQLD3UHVV
.ZRQ0LZRQ2QH3ODFHDIWHU$QRWKHU6LWH6SHFLILF$UWDQG/RFDWLRQDO
,GHQWLW\&DPEULGJH7KH0,73UHVV
/RQGRQ$FDGHP\(GLWLRQ $UW 'HVLJQ3URILOH
/XF\/LSSDUG6L[<HDUV7KH'HPDWHULDOL]DWRQRIWKHDUWREMHFWIURPWR
«  /RV$QJHOHV8QLYHUVLW\RI&DOLIRUQLD3UHVV
5DPtUH]0DUL&DUPHQ³%H\RQGµWKHIDQWDVWLF¶)UDPLQJ,GHQWLW\LQ8$
([KLELWLRQVRI/DWLQ$PHULFDQ$UWSHQ%H\RQGWKH)DQWDVWLF
&RQWHPSRUDU\$UWFULWLFLVPIURP/DWLQ$PHULFDHG*HUDUGR0RVTXHUD
,Q,9$/RQGRQ
0DU\$QQH6WDQLV]HZVNL7KH3RZHURI'LVSOD\$+LVWRU\RI([KLELWLRQ
,QVWDOODWLRQVDWWKH0XVHXPRI0RGHUQ$UW&DPEULGJH0DVV7KH0,7
3UHVV
0F6KLQH.\QDVWRQ0XVHXPDVPXVHDUWLVWVUHIOHFW1XHYD<RUN0XVHXP
RI0RGHUQ$UW
0RVTXHUD*HUDUGR³5REDQGRHOSDVWHOJOREDO*REDOL]DFLyQGLIHUHQFLD\
DSURSLDFLyQFXOWXUDO´(Q-RVp-LPpQH]\)HUQDQGR&DVWUR HGV KRUL]RQWHV
GHO$UWH/DWLQRDPHULFDQR0DGULG7HFQRV3
0RVTXHUD*HUDUGR6RPH3UREOHPVLQ7UDQVFXOWXUDO&XUDWLQJ,Q*OREDO
9LVLRQV7RZDUGVD1HZ,QWHUQDWLRQDOLVPLQWKH9LVXDO$UWVHG-HDQ)LVKHU
/RQGRQ.DOD3UHVVDQG7KH,QVWLWXWHRI,QWHUQDWLRQDO9LVXDO$UWV 

0RVTXHUD*HUDUGR/DV,VODV,QILQLWDV6REUHDUWHJOREDOL]DFLyQ\FXOWXUDV´
$UW1H[XV1RV\MXOLRVHSWLHPEUHRFWXEUHGLFLHPEUHS

0XVHXPVWXGLHVDQDQWKRORJ\RIFRQWH[WVHGLWHGE\%HWWLQD0HVVLDV
&DUERQHOO2[IRUG%ODFNZHOO
2
1HLOO3DXO HG   &XUDWLQJ6XEMHFWV/RQGRQ2SHQ(GLWLRQVDQG
$PVWHUGDP'H$SSHO
2¶'RKHUW\%ULDQ,QVLGHWKH:KLWH&XEH7KH,GHRORJ\RIWKH*DOOHU\6SDFH
%HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV
3ULRU1LFN0XVHXPVDQGPRGHUQLW\DUWJDOOHULHVDQGWKHPDNLQJRIPRGHUQ
FXOWXUH2[IRUG%HUJ
5DPtUH]0DUL&DUPHQ%URNHULQJLGHQWLWLHVDUWFXUDWRUVDQGWKHSROLWLFVRI
FXOWXUDOUHSUHVHQWDWLRQHQ5HHVD*UHHQEHUJ%UXFH:)HUJXVRQDQG6DQG\
1DLUQHHGV7KLQNLQJDERXW([KLELWLRQV1HZ<RUN5RXWOHGJHS

5HLVV-XOLH+)URPPDUJLQWRFHQWHUWKHVSDFHVRILQVWDOODWLRQDUW
&DPEULGJH0DVV0,73UHVV
5LFKDUG1HOO\³/DSXHVWDHQHVFHQDLQWHUQDFLRQDOGHODUWHODWLQRDPHULFDQR
PRQWDMHUHSUHVHQWDFLyQ$UWH+LVWRULDHLGHQWLGDGHQ$PpULFD9LVLRHQV
FRPSDUDWLYDV;9,,FRORTXLR,QWHUQDFLRQDOGHKLVWULDGHO$UWH0p[LFR,,(
81$0WRPR,,,S
6HURWD1LFKRODV([SHULHQFHRULQWHUSUHWDWLRQWKHGLOHPPDRIPXVHXPVRI
PRGHUQDUW/RQGRQ7KDPHVDQG+XGVRQ
6KLQHU/DUU\7KH,QYHQWLRQRI$UW$&XOWXUDO+LVWRU\&KLFDJR7KH
8QLYHUVLW\RI&KLFDJR3UHVV
7KH3URGXFHUV&RQWHPSRUDU\&XUDWRUVLQ&RQYHUVDWLRQ  HG6XVDQ+LOOHU
DQG6DUDK0DUWLQ*DWHVKHDG%$/7,&
7KH7ZR$UW+LVWRULHV7KH0XVHXPDQGWKH8QLYHUVLW\HG&KDUOHV:
+D[WKDXVHQ:LOOLDPVWRZQ0$6WHUOLQJDQG)UDQFLQH&ODUN,QVWLWXWH







You might also like