You are on page 1of 4

)LORVRILD H 3VLFRORJLD R SHQVDPHQWR IHQRPHQROyJLFR

H[LVWHQFLDOGH.DUO-DVSHUV
0iUFLD 0DULD GD 6LOYD
8QLYHUVLGDGH)HGHUDOGH6mR-RmRGHO5HL8)6-

&$59$/+2-0GH)LORVRILDH3VLFRORJLDRSHQVDPHQWRIHQRPHQROyJLFR
H[LVWHQFLDOGH.DUO-DVSHUV/LVERD,PSUHQVD1DFLRQDO&DVDGD0RHGD

( PVHXOLYUR-RVp0DXUtFLRGH&DUYDOKRDQDOLVDRSHQVDPHQWRGH.DUO-DVSHUV
GDQGR rQIDVH DR XVR TXH HOH ID] GR PpWRGR IHQRPHQROyJLFR 2 DXWRU
H[DPLQD D YLVmR TXH R ILOyVRIR WHP GR PRYLPHQWR H[LVWHQFLDOLVWD WDPEpP
DSUHVHQWDDLGpLDTXHHOHWHFHGDUHDOLGDGHDOpPGHIDODUGDUHODomRTXHKi
HQWUHD)LORVRILDH3VLFRORJLDTXHHODERURX$SDUWLUGHVWDVTXHVW}HVRDXWRU
DSRQWDUi DV FRQWULEXLo}HV GR ILOyVRIR SDUD R SHQVDPHQWR ILORVyILFR
FRQWHPSRUkQHRREVHUYDQGRTXHSDUDHOHDYLVmRIHQRPHQROyJLFD±H[LVWHQFLDO
QmRVHOLPLWDDXPDDWLWXGHFRQWHPSRUkQHDHSDVVDJHLUD
1RSULPHLURFDStWXORHQFRQWUDVHDDYDOLDomRGH-DVSHUVGRPRYLPHQWR
H[LVWHQFLDOLVWD'HLQtFLRHVWmRRVWHPDVPDUFDQWHVQDPHGLWDomRILORVyILFDGH
.DUO -DVSHUV 3DUD &DUYDOKR -DVSHUV FULD H[SOLFDo}HV SDUD D UHDOLGDGH TXH
DMXGDPVHXVFRQWHPSRUkQHRVDHODERUDUXPVHQWLGRSDUDRTXHH[LVWHHSDUDD
YLGDGRKRPHP$VRFLHGDGHKXPDQDSURFXUDXPVHQWLGRSDUDVHXGHVWLQRH
SDUDWXGRRTXHID]SDUWHGHOH6DEHVHTXHPXLWDVTXHVW}HVTXHRVILOyVRIRV
HQIUHQWDPDVLQJXODULGDGHH[LVWHQFLDOSRUH[HPSORPXGDPGHDFRUGRFRPDV
WUDQVIRUPDo}HVREVHUYDGDVQDYLGDVRFLDO&RQWXGRKiSUREOHPDVTXHSHUPD
QHFHP PHUHFHQGR H[DPH FRQVWDQWH GDV GLIHUHQWHV JHUDo}HV GHVGH D *UpFLD
DQWLJDFRPRDLQGDJDomRVREUHDUHDOLGDGH-DVSHUVHODERUDVXDPHGLWDomRILOR
VyILFDj SDUWLU GD UHODomR TXH R KRPHP WHP FRP DV FRLVDV (OH SUHVHUYD GD
ILORVRILDGRHVFODUHFLPHQWRHVSHFLILFDPHQWHGRFULWLFLVPRGH(PPDQXHO.DQWD
GHIHVDGDUDFLRQDOLGDGH 3DUHFHOKHD GHIHVD GD UDFLRQDOLGDGHXPDFRQTXLVWD
LQFRQWRUQiYHOGDFRQVFLrQFLD$SHVDUGHQmRVHFRQVLGHUDUXPH[LVWHQFLDOLVWDp
UHFRQKHFLGRSRUPXLWRVFRPHQWDGRUHVUHVSHLWDGRVFRPRLPSRUWDQWHUHSUHVHQ
WDQWHGRPRYLPHQWR'HDFRUGRFRPRILOyVRIRRH[LVWHQFLDOLVPRpXPDFRUUHQWH
TXHFRORFDRSUREOHPDGDUHDOLGDGHQDyWLFDGRH[LVWHQWH$VVLPFRPRWDPEpP
IL]HUDPRXWURVILOyVRIRVGRVHXWHPSR-DVSHUVHODERURXXPDWHRULDGDUHDOLGDGH
FRPDVUHIHUrQFLDVGDIHQRPHQRORJLD(OHDYDOLDTXHDSDUWLUGRVHVWXGRVIHQR
PHQROyJLFRVMiQmRVHSRGHIDODUGHXPDHVWUXWXUDGHILQLWLYDHLPXWiYHOGRUHDO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$FDGrPLFD GR 'HSDUWDPHQWR GH )LORVRILD 8QLYHUVLGDGH )HGHUDO GH 6mR -RmR GHO5HL 3UDoD )UHL
2UODQGR  &HQWUR 6mR -RmR GHO5HL 0*  GILPH#XIVMHGXEU 

5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH  1~PHUR  S  2XWXEUR GH 
5 H Y L V W D  GH  & L r QF L D V

80$1$ 6
6DEHVHTXHDWHPSRUDOLGDGHGDH[LVWrQFLDDMXGDDSHQVDUDUHODomRGR
KRPHPFRPRPXQGR&RPRSURSyVLWRGHWUDQVFHQGHUDYLVmRGDFRQVFLrQFLD
FRPDVFRLVDV-DVSHUVFULDRFRQFHLWRGHHQJOREDQWH(OHHQWHQGHFRPHVWH
FRQFHLWRTXHDVGLYHUVDVGLPHQV}HVGRUHDOQmRVHHVJRWDPQDVDQiOLVHVIHQR
PrQLFDV'HVFREUHVHDVVLPXPSHQVDPHQWRTXHVHDEUHjWUDQVFHQGrQFLDH
DRSUREOHPDGRVHUSHORUHFRQKHFLPHQWRGDVOLPLWDo}HVGDH[LVWrQFLD$VHVFR
OKDVH[LVWHQFLDLVVmRH[SUHVVmRGDOLEHUGDGHKXPDQD.DUO-DVSHUVGL]TXHD
ILORVRILDSURSLFLDXPDLQGHSHQGrQFLDLQWHULRUSRUTXHSHUPLWHTXHRKRPHPVH
OLEHUWHGRVPRGRVIHFKDGRVGHSHQVDUGHVLVWHPDVHFUHQoDVDQWLJDV(PUHOD
omRjKLVWyULD-DVSHUVDYDOLDTXHRSDVVDGRpLPSRUWDQWHSDUDFRPSUHHQGHUR
SUHVHQWH$KLVWyULDpUHIHUrQFLDSDUDHQWHQGHURVSUREOHPDVQRHQWDQWRDILU
PDVHUQHFHVViULRLUDOpPGHODHSHQVDURIXWXURDEHUWRHGLIHUHQWHGRTXHIRLR
SDVVDGR 2 HQJOREDQWH p R FRQFHLWR FRP R TXDO HOH WUDWD R IXQGDPHQWR GD
UHDOLGDGHLVWRpDVIRUPDVGHWUDQVFHQGrQFLDTXHEURWDPGDH[LVWrQFLDHPStUL
FD 'DLVHQ FRQVFLrQFLDHPJHUDO HVStULWR HH[LVWrQFLDSHVVRDO(QJOREDQWHp
RTXHHVWiDOpPGDFLVmRSUHVHQWHQDFRQVFLrQFLDHpGHRQGHWXGRVXUJH
1RVHJXQGRFDStWXORRDXWRUDSURIXQGDDYLVmRGH-DVSHUVVREUHDUHDOL
GDGH3DUDRILOyVRIRRKRPHPYLYHQXPPHLRQDWXUDOKXPDQL]DGRSHODFXOWXUD
9LYHQGRHPVRFLHGDGHRKRPHPVHGHSDUDFRPFRLVDVHSHVVRDVTXHRIHUH
FHPUHVLVWrQFLDjVXDSUHVHQoD2TXHUHVLVWHjVXDSUHVHQoDQRPXQGRpR
TXH-DVSHUVGHQRPLQDUHDOLGDGH3DUDFRPSUHHQVmRGDUHDOLGDGHQmRVHSRGH
VHSDUDURKRPHPGRPXQGRFRPRVXJHUHRPpWRGRIHQRPHQROyJLFR3DUDR
ILOyVRIRRPXQGRGHFDGDXPpVLQJXODUQRHQWDQWRRVKRPHQVFRODERUDPXQV
FRPRVRXWURVSDUDFRQVWUXLUXPDFRPSUHHQVmRREMHWLYDGHPXQGRQRVPROGHV
VXJHULGRVSHODIHQRPHQRORJLDGH+XVVHUO
2PXQGRGDQDWXUH]DpREMHWRGHHVWXGRGDFLrQFLD3DUDUHVROYHUSUREOH
PDVSUiWLFRVRKRPHPFULRXDWHFQRORJLDHDFLrQFLDPDVHODVQmRHODERUDP
XPDH[SOLFDomRVREUHDWRWDOLGDGHGRUHDOHOLPLWDPVXDVH[SOLFDo}HVDREMHWRV
VLQJXODUHV3DUDVHFKHJDUjWRWDOLGDGHpQHFHVViULRXPDFRPSUHHQVmRDPSODH
LQWHUUHODFLRQDGDGHWRGRVRVFRQKHFLPHQWRVKXPDQRVDOpPGHXPDPHWRGROR
JLDGLYHUVDGDFLrQFLD1RHQWDQWRQHQKXPDYLVmRGDUHDOLGDGHFRPFDUiWHU
ILORVyILFRSRGHSUHVFLQGLUGDVUHIHUrQFLDVHGRFRQKHFLPHQWRTXHDFLrQFLD
RIHUHFH4XDQGRRLQGLYtGXRDSUHVHQWDXPDFRPSUHHQVmRGLVWRUFLGDGDUHDOL
GDGHVHPSDUWLOKDUGDVREMHWLYLGDGHVUHFRQKHFLGDVSHODVRFLHGDGHSURYDYHO
PHQWHHVWiHPFXUVRXPWUDQVWRUQRSVLFRSDWROyJLFR3DUD-DVSHUVDFRQVFLrQ
FLDGDUHDOLGDGHGHSHQGHGDIRUPDFRPRDSHVVRDH[SHULPHQWDRWHPSRHR
HVSDoR2VHVWXGRVGHIHQRPHQRORJLDLQGLFDPTXHDSHUGDGDFRQVFLrQFLDGD
UHDOLGDGHHGDH[LVWrQFLDpXPDIRUPDGHDOKHDPHQWRGRPXQGR
2FRQKHFLPHQWRGDUHDOLGDGHWDQWRRIRUQHFLGRSHODFLrQFLDFRPRRTXH
YHPGDH[SOLFDomRJHUDOGRPXQGRDWUDYpVGDILORVRILDUHYHODPRVOLPLWHVGRH[LV
WHQWH$UHDOLGDGHGRKRPHPpKLVWyULFD,VVRVLJQLILFDTXHRKRPHPpWHPSRUDO

5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH  1~PHUR  S  2XWXEUR GH 

)LORVRILDH3VLFRORJLDRSHQVDPHQWRIHQRPHQROyJLFRH[LVWHQFLDOGH.DUO-DVSHUV
00GD6LOYD

HpRWHPSRTXHWHFHVXDYLGD(PERUDHOHYLYDQRSUHVHQWHHWHQKDDQRomRGRTXH
GHIDWRpUHDOPXLWDVYH]HVHQFRQWUDVHSUHVRDRTXHMiSDVVRXHILFDLQVHJXUR
TXDQWRDRTXHHVWiSRUYLU$H[SHULrQFLDGDUHDOLGDGHOHYDRSRUWDQWRDFRQVLGHUDU
DWUDQVFHQGrQFLD-DVSHUVQmRpUHOLJLRVRPDVWRPDDDEHUWXUDDRLQILQLWRTXHR
2FLGHQWHFRQVLGHUDRSUREOHPDGH'HXVFRPRXPDGDVIRUPDVGHHQJOREDQWH
1RWHUFHLURFDStWXORDSVLFRORJLDIHQRPHQROyJLFDGH-DVSHUVpRDVVXQWR
FHQWUDO(PVXDYLGDRDXWRUIRLSULPHLURPpGLFRHSVLFyORJRHVyGHSRLVILOyVR
IR2DXWRUGROLYURHVWXGDDVLGpLDVSVLFROyJLFDVSRU~OWLPRSRLVOKHSDUHFHTXH
RVSUHVVXSRVWRVILORVyILFRVVmRHVVHQFLDLVSDUDVXDFRPSUHHQVmR&RPHoDVH
H[DPLQDQGRDUHODomRHQWUHD)LORVRILDHD3VLFRORJLDSRLVRWHUDSHXWDSUHFLVD
WHUFRQKHFLPHQWRGHILORVRILDSDUDRULHQWDUVXDSUiWLFDFOtQLFD(PVHXVWUDED
OKRVGH3VLFRORJLD.DUO-DVSHUVXVDRPpWRGRIHQRPHQROyJLFRSDUDGHVFUHYHU
RVIDWRVSVLFROyJLFRVDVVHJXUDQGRRFDUiWHUGHFLHQWLILFLGDGHGDLQYHVWLJDomR
2ILOyVRIRXVDDIHQRPHQRORJLDSDUDWUDWDURVIDWRVSVLFROyJLFRVFRPRXPHV
WUDWRGDUHDOLGDGHVHPJHQHUDOL]DUDVUHIHUrQFLDVSDUDRXWUDVUHJL}HVGDUHD
OLGDGH3DUDGHVFUHYHURKRPHP-DVSHUVGL]³RKRPHPpXPPXQGR´4XHU
GL]HUTXHDYLVmRKXPDQDGDUHDOLGDGHpH[FHSFLRQDOPHQWHVLQJXODUHpPDU
FDGDSHODSHUVSHFWLYDTXHRVXMHLWRVHHQFRQWUD-DVSHUVVHYDOHGRPpWRGR
IHQRPHQROyJLFRGH+XVVHUOSDUDGL]HUTXHFDGDH[LVWHQWHSRVVXLXPPRGRGH
VHUSUySULRYLYHDYLGDDVHXPRGRHDSDUWLUGHVVDYLYrQFLDFRQVWUXLUiVXD
FRPSUHHQVmRGHPXQGR
2ILOyVRIRHSVLFyORJRQRVOHPEUDTXHDVGLILFXOGDGHVH[LVWHQFLDLVWDP
EpPVHUHODFLRQDPFRPDVGLILFXOGDGHVGDFLYLOL]DomR2OKDQGRRKRPHPVLQ
JXODUpSRVVtYHOHQWHQGHUFRPRFDGDXPYLYHDVVXDVGRUHVSVLFROyJLFDV'H
DFRUGRFRP-DVSHUVpSRVVtYHODQDOLVDURKRPHPFLHQWLILFDPHQWHQRHQWDQWR
HVWHHVWXGRQmRSHUPLWLUiXPDFRPSUHHQVmRFRPSOHWDGRKRPHP0XLWRGRVHX
PXQGRSHUPDQHFHIRUDGRVLQVWUXPHQWRVGDFLrQFLD$IHQRPHQRORJLDH[DPLQD
RVIDWRVSVLFROyJLFRVpXPLQVWUXPHQWRPHWRGROyJLFRSDUDLUDRPXQGRGRRXWUR
HEXVFDUFRPSUHHQGrOR
1DFRQFOXVmR&DUYDOKRDSUHVHQWDXPWH[WRDXWRELRJUiILFRGH-DVSHUVH
FRPHQWDVXDWUDMHWyULDH[LVWHQFLDO(OHLQGLFDDLPSRUWkQFLDGHVXDREUDHWDP
EpPGRUHVSHLWRTXHPHUHFHRILOyVRIR5HFRUGDTXH-DVSHUVPHVPRQRVPR
PHQWRVGHGLILFXOGDGHVVHHPSHQKRXQDGHIHVDGRVYDORUHVKXPDQRV2DXWRU
WDPEpPQRVFRORFDIUHQWHjLQIOXrQFLDVUHFHELGDVSRU-DVSHUVHQWUHDVTXDLV
GHVWDFDDIHQRPHQRORJLDGH+XVVHUOTXHPXLWRVILOyVRIRVHQWHQGHPVHUXP
PpWRGRVyOLGRSDUDFRQVWUXomRGD3VLFRORJLDFLHQWtILFDeDSDUWLUGROHJDGRGH
+XVVHUOH-DVSHUVTXHVHFRPSUHHQGHDVXEMHWLYLGDGHWUDQVFHQGHQWDOH[SUHV
VRQDFOtQLFDSVLFRWHUiSLFDFRPRVLQJXODULGDGHH[LVWHQFLDO
$REUDGH-RVp0DXUtFLRGH&DUYDOKRQRVFRORFDGLDQWHGHXPILOyVRIRFXMR
SHQVDPHQWRIHQRPHQROyJLFRHQIUHQWDRVLJQLILFDGRGDUHDOLGDGHRIHUHFHQGRDRVFRQ
WHPSRUkQHRVXPVHQWLGRSDUDRTXHH[LVWHHXPDIRUPDGHFRPSUHHQGHUDYLGD

5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH  1~PHUR  S  2XWXEUR GH 

5 H Y L V W D  GH  & L r QF L D V

80$1$ 6
.DUO-DVSHUVFRQVLGHUDTXHDILORVRILDGiDRKRPHPLQGHSHQGrQFLDSHORIDWR
GHSURSRUFLRQDUXPDYLGDVLQJXODUHPHGLWDGDTXHSRGHVHUERD(OHDLQGD
DSUHVHQWDRKRPHPFRPRXPH[LVWHQWHTXHQmRVHVHSDUDGDVLWXDomRHPTXH
VHHQFRQWUD(VVHVDVSHFWRVID]HPGRKRPHPXPHQWHLQGHSHQGHQWHHVLQJXODU
LQVHULGRQRPXQGRDRPHVPRWHPSRLQGHSHQGHQWHHUHVSRQViYHOSRUHOHe
LPSRUWDQWHVDOLHQWDUTXHDRGDUrQIDVHjUHVSRQVDELOLGDGHGRKRPHPSRUVHX
GHVWLQRRILOyVRIRQmRGHL[DGHIDODUGDWUDQVFHQGrQFLD3HUFHEHVHFRPROLYUR
HPTXHVWmRDLPSRUWkQFLDGH.DUO-DVSHUVWDQWRGHVXDREUDFLHQWtILFDHILORVy
ILFDFRPRGHVXDYLGDGHGLFDGDjGHIHVDGRKXPDQLVPR2FXLGDGRFRPR
KRPHPGHTXHVHRFXSDRILOyVRIRWrPVHPRVWUDGRFDGDYH]PDLVQHFHVViULR
HDWXDOSULQFLSDOPHQWHHPXPDpSRFDHPTXHRDYDQoRWHFQROyJLFRHFLHQWtILFR
WrPWUDWDGRRKRPHPFRPRFRLVDGHL[DQGRGHODGRWXGRRTXHQmRVHHQTXDGUD
QHVWDDERUGDJHP

5HYLVWD GH &LrQFLDV +XPDQDV )ORULDQySROLV 9ROXPH  1~PHUR  S  2XWXEUR GH 


You might also like