Professional Documents
Culture Documents
.!.X
0DVRTXHpXPDQDomR"3RUTXHD+RODQGDpXPDQDomRHQTXDQWR
+DQRYHUHR*UmR'XFDGRGH3DUPDQmRRVmR"
²(UQHVW5HQDQ
2TXHpQDFLRQDO"4XDQGRQLQJXpPHQWHQGHXPDSDODYUDGDOtQJXDTXH
YRFrIDOD
²-RKDQQ1HVWUR\
6HXPJUDQGHSRYRQmRDFUHGLWDTXHDYHUGDGHGHYDVHUHQFRQWUDGDHP
VLPHVPDVHQmRDFUHGLWDTXHHOHVR]LQKRVHFRPSOHWHDVLPHVPRHHVWHMD
GHVWLQDGRDOHYDQWDUVHHVDOYDUDWRGRRUHVWRSHODVXDYHUGDGHLPHGLDWDPHQWH
WUDQVIRUPDVHHPPDWHULDOHWQRJUiILFRHQmRPDLVHPXPJUDQGHSRYR8PD
QDomRTXHSHUGHHVWDIpGHL[DGHVHUXPDQDomR
²)'RVWRLHZVN\
1$d®(65HXQLUDTXLWRGRVRVSRYRV"
²*XVWDYH)ODXEHUW
FDUDFWHUtVWLFDGRPLQDQWHGDHUD
7mR HYLGHQWH TXH D QDWXUH]D GR IHQ{PHQR SUDWLFDPHQWH QmR IRL
LQYHVWLJDGD $ QDomR HUD GDGD &RPR %DJHKRW FRORFRX 1mR SRGHPRV
LPDJLQDUDTXHOHVSDUDRVTXDLVLVWRpXPDGLILFXOGDGHVDEHPRVGRTXHVHWUDWD
TXDQGRYRFrVQmRQRVSHUJXQWDP PDVQmRFRQVHJXLPRVH[SOLFiODRX GHILQLOD
UDSLGDPHQWH H SRXFRV SHQVDYDP TXH SUHFLVDYDP &HUWDPHQWH RV LQJOHVHV
VDELDP R TXH HUD VHU LQJOrV RV IUDQFHVHV DOHPmHV RX UXVVRV FHUWDPHQWH QmR
WLQKDP G~YLGDV GR TXH IRVVH VXD LGHQWLGDGH FROHWLYD 1D HUD GD FRQVWUXomR GH
QDo}HV DFUHGLWDYDVH TXH LVVR LPSOLFDYD D WUDQVIRUPDomR GHVHMDGD OyJLFD H
QHFHVViULDGHQDo}HVHPHVWDGRQDo}HVVREHUDQRVFRPXPWHUULWyULRFRHUHQWH
GHILQLGR SHOD iUHD RFXSDGD SHORV PHPEURV GD QDomR TXH SRU VXD YH] HUD
GHILQLGD SRU VXD KLVWyULD FXOWXUD FRPXP FRPSRVLomR pWQLFD H FRP FUHVFHQWH
LPSRUWkQFLDDOtQJXD0DVLPSOLFDUHPWXGRLVVRQmRpPXLWROyJLFR6HSRUXP
ODGRpLQHJiYHOHWmRYHOKRTXDQWRDKLVWyULDRIDWRGHH[LVWLUHPJUXSRVGLVWLQWRV
GHKRPHQVGLIHUHQFLDQGRVHDVLPHVPRVGHRXWURVJUXSRVSRUXPDYDULHGDGHGH
FULWpULRVSRURXWURODGRQmRpFHUWRTXHHVWHVPHVPRVFULWpULRVIRVVHPDTXLORTXH
R VpFXOR ;,; HQWHQGLD SRU QDFLRQDOLGDGH 0HQRV DLQGD GL]HU TXH R IDWR GH
HVWDUHPRUJDQL]DGRVHPHVWDGRVWHUULWRULDLVGRWLSRGRVpFXOR;,;FRLQFLGLDFRP
RFRQFHLWRGHQDomR(VWDVHUDPIHQ{PHQRVKLVWyULFRVUHFHQWHVHPERUDDOJXQV
HVWDGRV WHUULWRULDOPHQWH PDLV DQWLJRV ± ,QJODWHUUD )UDQoD (VSDQKD 3RUWXJDO H
WDOYH]DWpD5~VVLD±SXGHVVHPVHUGHILQLGRVFRPRHVWDGRQDo}HVVHPTXHLVVR
IRVVH WRWDOPHQWH DEVXUGR 0HVPR FRPR XP SURJUDPD JHUDO DV DVSLUDo}HV GH
IRUPDUHVWDGRQDo}HVDSDUWLUGHHVWDGRVTXHQmRIRVVHPQDo}HVHUDXPSURGXWR
GD 5HYROXomR )UDQFHVD 3UHFLVDPRV SRUWDQWR VHSDUDU EHP FODUDPHQWH HQWUH D
IRUPDomR GH QDo}HV H QDFLRQDOLVPRV GH XP ODGR QD PHGLGD HP TXH LVVR
RFRUUHXGXUDQWHQRVVRSHUtRGRHDFULDomRGHHVWDGRQDo}HVGHRXWUR
2 SUREOHPD QmR HUD DSHQDV DQDOtWLFR PDV WDPEpP SUiWLFR 3RLV D
(XURSD GHL[DQGR GH ODGR R UHVWR GR PXQGR HVWDYD GLYLGLGD HYLGHQWHPHQWH HP
QDo}HV FXMDV DVSLUDo}HV HP IXQGDU HVWDGRV QmR GHL[DYD SHOR FHUWR RX SHOR
HUUDGRQHQKXPDG~YLGDHHPQDo}HVDFHUFDGDVTXDLVKDYLDXPDERDGRVHGH
LQFHUWH]D TXDQWR D DVSLUDo}HV VHPHOKDQWHV 2 PHOKRU JXLD SDUD R SULPHLUR WLSR
HUD R IDWR SROtWLFR D KLVWyULD LQVWLWXFLRQDO RX D KLVWyULD FXOWXUDO GDV WUDGLo}HV $
)UDQoD ,QJODWHUUD (VSDQKD H 5~VVLD HUDP LQHJDYHOPHQWH QDo}HV SRUTXH
SRVVXtDPHVWDGRVLGHQWLILFDGRVFRPRVIUDQFHVHVLQJOHVHVHWF+XQJULDH3RO{QLD
HUDP QDo}HV SRUTXH KDYLD H[LVWLGR XP UHLQR K~QJDUR FRPR HQWLGDGH VHSDUDGD
PHVPR TXDQGR GHQWUR GR ,PSpULR GRV +DEVEXUJRV H XP HVWDGR SRORQrV TXH
WDPEpPKDYLDH[LVWLGRGHKiPXLWRDWpVXDGHVWUXLomRQRILQDOGRVpFXOR;9,,,$
$OHPDQKDHUDXPDQDomRSRUIRUoDGHTXHVHXVQXPHURVRVSULQFLSDGRVDSHVDU
GHQXQFDXQLGRVHPXP~QLFRHVWDGRWHUULWRULDOWHUHPFRQVWLWXtGRRXWURUDRHQWmR
FKDPDGR6DJUDGR,PSpULR5RPDQRGD1DomR*HUPkQLFDHIRUPDGRSRURXWUR
ODGR D )HGHUDomR *HUPkQLFD PDV WDPEpP SRUTXH WRGRV RV DOHPmHV GH
5
QDFLRQDOLVPR GR VpFXOR ;,; GLDQWH GH XP GLOHPD TXH WHP VLGR UDUDPHQWH
UHFRQKHFLGR 3RLV RV JUDQGHV GHIHQVRUHV GD QDomRHVWDGR HQWHQGLDPVH QmR
DSHQDV FRPR QDFLRQDO PDV WDPEpP FRPR SURJUHVVLVWD LVWR p FDSD] GH XPD
HFRQRPLDWHFQRORJLDRUJDQL]DomRGHHVWDGRHIRUoDPLOLWDUYLiYHLVRXHPRXWUDV
SDODYUDV TXH SUHFLVDYD VHU WHUULWRULDOPHQWH JUDQGH 7HUPLQDYD SRU VHU QD
UHDOLGDGH D XQLGDGH QDWXUDO GR GHVHQYROYLPHQWR GD VRFLHGDGH EXUJXHVD
PRGHUQDOLEHUDOHSURJUHVVLVWD8QLILFDomRDVVLPFRPRLQGHSHQGrQFLDHUDR
SULQFtSLREiVLFRHRQGHDUJXPHQWRV KLVWyULFRVSDUDXQLILFDomRQmRH[LVWLVVHP ±
FRPR HUD R FDVR GD $OHPDQKD H ,WiOLD ± HVWD HUD TXDQGR SRVVtYHO IRUPXODGD
FRPRXPSURJUDPD1mRKDYLDHYLGrQFLDGHTXHRVHVWDGRVEDOFkQLFRVWLYHVVHP
VHVHQWLGRDOJXPGLDSDUWHGHXPDPHVPDQDomRPDVRVLGHyORJRVQDFLRQDOLVWDV
TXH DSDUHFHUDP QD SULPHLUD PHWDGH GR VpFXOR SHQVDYDP HP WHUPRV GH XPD
,OOLULDXQLQGRVHUERVFURDWDVHVORYDFRVERVQLDQRVPDFHG{QLRVHRXWURVTXHDWp
KRMH GHPRQVWUDP TXH VHX QDFLRQDOLVPR LXJRVODYR H[LVWH HP FRQIOLWR FRP VHXV
VHQWLPHQWRVFRPRFURDWDVVORYDFRVHWF
2 PDLV HORTHQWH H WtSLFR GRV GHIHQVRUHV GD (XURSD GDV
QDFLRQDOLGDGHV *LXVHSSH 0D]]LQL SURS{V XP PDSD GH VXD (XURSD
LGHDO HP FRQVLVWLD GH XQL}HV GHVWH WLSR &ODUDPHQWH VXD FRQFHSomR GH
QDomRHVWDGR HUD EHP GLIHUHQWH GD GH :RRGURZ :LOVRQ TXH SUHVLGLX D ~QLFD
FULDomR VLVWHPiWLFD VREUH R SDSHO GH XP PDSD HXURSHX VHJXLQGR SULQFtSLRV
QDFLRQDLV HP 9HUVDOKHV 6XD (XURSD FRQVLVWLD HP RX LQFOXLQGR D
,UODQGD HVWDGRV VREHUDQRV H SHOR FULWpULR :LOVRQLDQR FDVRV SRGHULDP VHU
OHYDQWDGRV HP SHOR PHQRV DOJXPDV RXWUDV VLWXDo}HV 2 TXH GHYHULD DFRQWHFHU
FRP DV SHTXHQDV QDo}HV" (ODV GHYHULDP VHU LQWHJUDGDV FRPSOHWDPHQWH GH
IRUPD IHGHUDO RX RXWUD TXDOTXHU FRP RX VHP XPD TXDQWLGDGH DLQGD
LQGHWHUPLQDGDGHDXWRQRPLDjVQDo}HVHVWDGRVYLiYHLV0DV0D]]LQLSDUHFLDQmR
VH GDU FRQWD GH TXH XP KRPHP TXH SURSXVHVVH XQLU D 6XtoD D 6DYyLD 7LURO
DOHPmR &DUtQWLD H 6ORYrQLD ILFDYD QXPD SRVLomR GLItFLO SDUD FULWLFDU SRU
H[HPSORR,PSpULRGRV+DEVEXUJRVSRUSDVVDUSRUFLPDGRSULQFtSLRQDFLRQDO
2 DUJXPHQWR PDLV VLPSOHV GDTXHOHV TXH LGHQWLILFDYDP QDo}HVHVWDGRV
FRP R SURJUHVVR HUD QHJDU R FDUiWHU GH QDo}HV UHDLV DRV SRYRV SHTXHQRV H
DWUDVDGRV RX HQWmR DUJXPHQWDU TXH R SURJUHVVR LULD UHGX]LORV D PHUDV
LGLRVVLQFUDVLDV GHQWUR GDV JUDQGHV QDo}HV UHDLV RX PHVPR OHYiORV D XP
GHVDSDUHFLPHQWRGHIDFWR SRU DVVLPLODomR D DOJXP .XOWXUYRON ,VVR QmR SDUHFLD
IRUD GD UHDOLGDGH 'HSRLV GH WXGR D SDUWLFLSDomR FRPR PHPEUR QD $OHPDQKD
QmRLPSHGLDRVPHFNHQEXUJXHVHVGHIDODUHPVHXGLDOHWRTXHHUDPDLVSUy[LPR
GRKRODQGrVTXHGRDOWRDOHPmRHTXHQHQKXPEiYDURFRQVHJXLDHQWHQGHUFRPR
WDPEpP QmR HYLWDYD TXH RV HVODYRV OXVDWLDQRV QmR DFHLWDVVHP FRPR DLQGD
GLVFXWHPXPHVWDGREDVLFDPHQWHDOHPmR$H[LVWrQFLDGRVEUHYHVHXPDSDUWH
GRV EDVFRV FDWDOmHV H IODPHQJRV SDUD QmR PHQFLRQDU DTXHOHV TXH VH
FRPXQLFDPHPSURYHQoDORXQD/DQJXHG
RF SDUHFLD SHUIHLWDPHQWH FRPSDWtYHO
7
FRP D QDomR IUDQFHVD GD TXDO ID]LDP SDUWH H RV DOVDFLDQRV FULDUDP XP
SUREOHPD DSHQDV SRUTXH XPD RXWUD JUDQGH QDomRHVWDGR ± D $OHPDQKD ±
GLVSXWDYDRV$OpPGLVVRKDYLDH[HPSORVGHSHTXHQRVJUXSRVOLQJtVWLFRVFXMDV
HOLWHV GH LQVWUXomR HOHYDGD ROKDYDP SDUD IUHQWH VHP UHPRUVRV HP UHODomR DR
GHVDSDUHFLPHQWRGHVHXVSUySULRVLGLRPDV0XLWRVJDXOHVHVHPPHDGRVGRVpFXOR
;,;HVWDYDPUHVLJQDGRVDLVWRHDOJXQVYLDPPHVPRFRPSUD]HUHVWHSURFHVVR
QDPHGLGDHPTXHIDFLOLWDVVHDSHQHWUDomRGRSURJUHVVRQXPDUHJLmRDWUDVDGD
+DYLD XP IRUWH HOHPHQWR GH GLIHUHQFLDomR H WDOYH] XP PDLV IRUWH GH
SDWURFtQLR HVSHFLDO HP WDLV DUJXPHQWRV $OJXPDV QDo}HV ± DV PDLRUHV DV
DYDQoDGDVDVHVWDEHOHFLGDVLQFOXLQGRFHUWDPHQWHDSUySULDQDomRGRLGHyORJR
±HVWDYDPGHVWLQDGDVSHODKLVWyULDDSUHYDOHFHURXVHRLGHyORJRSUHIHULVVHXPD
FRQFHLWXDomRGDUZLQLVWDDVHUHPYLWRULRVDVQDOXWDSHODH[LVWrQFLDHRXWUDVQmR
7RGDYLD LVVR QmR GHYH VHU HQWHQGLGR FRPR VLPSOHVPHQWH XPD FRQVSLUDomR GH
SDUWH GH DOJXPDV QDo}HV SDUD RSULPLU RXWUDV HPERUD SRUWDYR]HV GDV QDo}HV
GHVSUH]DGDVQmRGHYHVVHPVHUUHSUHHQGLGRVSRUSHQVDUDVVLP3RLVRDUJXPHQWR
HUD GLULJLGR QmR DSHQDV FRQWUD DV OtQJXDV H FXOWXUDV UHJLRQDLV GDV QDo}HV FRPR
WDPEpP FRQWUD LQWUXVRV WDPEpP QmR SUHWHQGLD VHX GHVDSDUHFLPHQWR PDV
DSHQDVVHXUHEDL[DPHQWRGDTXDOLGDGHGHOtQJXDSDUDDGHGLDOHWR&DYRXU
QmR QHJRX DRV KDELWDQWHV GD 6DYyLD R GLUHLWR GH IDODU VXD SUySULD OtQJXD PDLV
SUy[LPDGRIUDQFrVGRTXHGRLWDOLDQRQXPD,WiOLDXQLILFDGDHOHPHVPRIDODYD
DSRUUD]RHVGRPpVWLFDV(OHHRXWURVLWDOLDQRVQDFLRQDOLVWDVDSHQDVLQVLVWLDPHP
TXH GHYHULD KDYHU VRPHQWH XPD OtQJXD H XP PHLR GH LQVWUXomR RILFLDLV HP
RXWUDVSDODYUDVRLWDOLDQRHTXHDVRXWUDVGHYHULDPVXPLUHYDSRUDUVHGDPHOKRU
IRUPD TXH SXGHVVHP 'D PDQHLUD FRPR DV FRLVDV VHJXLDP QHP RV VLFLOLDQRV
QHP RV VDUGHQKRV LQVLVWLUDP QD VXD QDFLRQDOLGDGH VHSDUDGD SRUWDQWR VHXV
SUREOHPDV SRGHULDP VHU UHGHILQLGRV QD PHOKRU GDV KLSyWHVHV FRPR
UHJLRQDOLVPR(VWHIHQ{PHQRDSHQDVVHWRUQRXSROLWLFDPHQWHVLJQLILFDWLYRXPD
YH] TXH XP SHTXHQR SRYR UHFODPRX SHOD VXD QDFLRQDOLGDGH FRPR RV WFKHFRV
IL]HUDP HP TXDQGR VHXV SRUWDYR]HV UHFXVDUDP R FRQYLWH GRV OLEHUDLV
DOHPmHVSDUDWRPDUSDUWHQRSDUODPHQWRGH)UDQNIXUW2VDOHPmHVQmRQHJDUDP
TXH HOHV IRVVHP WFKHFRV $SHQDV HQWHQGHUDP R TXH HUD FRUUHWR TXH WRGRV RV
WFKHFRV GH ERD FXOWXUD OLDP H HVFUHYLDP DOHPmR SDUWLOKDYDP GD DOWD FXOWXUD
DOHPm H TXH SRUWDQWR LQFRUUHWDPHQWH HUDP DOHPmHV 2 IDWR GH TXH D HOLWH
WFKHFD WDPEpP IDODVVH WFKHFR H SDUWLOKDVVH GD FXOWXUD GR SRYR VLPSOHV ORFDO
SDUHFLDVHUSROLWLFDPHQWHLUUHOHYDQWHFRPRDVDWLWXGHVGRSRYRVLPSOHVHPJHUDO
HGRFDPSHVLQDWRHPSDUWLFXODU
'LDQWHGDVDVSLUDo}HVQDFLRQDLVGHSRYRVSHTXHQRVRVLGHyORJRVGHXPD
(XURSD QDFLRQDO WLQKDP WUrV HVFROKDV GLDQWH GH VL HOHV SRGLDP QHJDU
OHJLWLPLGDGHRXH[LVWrQFLDDWDLVPRYLPHQWRVSRGLDPUHGX]LORVDPRYLPHQWRVGH
DXWRQRPLD UHJLRQDO RX SRGLDP DFHLWiORV FRPR IDWRV LQGLVFXWtYHLV SRUpP
LQWUDJiYHLV2VDOHPmHVWHQGHUDPSDUDDSULPHLUDKLSyWHVHFRPSRYRVFRPRRV
8
HVORYHQRVHRVK~QJDURVFRPRVHVORYDFRV(VWDDWLWXGHSUHFLVDVHUGLIHUHQFLDGD
GDTXHOD GRV UHYROXFLRQiULRV VRFLDLV TXH QmR GHUDP PDLRU LPSRUWkQFLD DR
QDFLRQDOLVPR±SHORPHQRVHPQRVVRSHUtRGR±HTXHSRUWDQWRWLYHUDPXPDYLVmR
SXUDPHQWH RSHUDFLRQDO GR IHQ{PHQR 3DUD 0DU[ RV QDFLRQDOLVPRV K~QJDUR H
SRORQrV HUDP ERQV SRUTXH PRELOL]DYDP GR ODGR GD UHYROXomR H RV
QDFLRQDOLVPRV WFKHFR H FURDWD UXLQV SRUTXH REMHWLYDPHQWH HVWDYDP GR ODGR GD
FRQWUDUHYROXomR 0DV QmR SRGHPRV QHJDU TXH KRXYHVVH XP HOHPHQWR GH
QDFLRQDOLVPRGHJUDQGHQDomRQHVVHVSRQWRVGHYLVWDGHIRUPDEHPDFHQWXDGD
HQWUHRVUHYROXFLRQiULRVDOWDPHQWHFKDXYLQLVWDVIUDQFHVHVFRPRRVEODQTXLVWDVH
GLItFLOGHVHUQHJDGRPHVPRHP)ULHGHULFK(QJHOV&DYRXUH0D]]LQLDVVXPLUDP
D VHJXQGD KLSyWHVH FRP UHVSHLWR DR PRYLPHQWR LUODQGrV 1DGD SRGH VHU PDLV
SDUDGR[DO GR TXH R IUDFDVVR HP HQWHQGHU GR SRQWR GH YLVWD QDFLRQDOLVWD XP
PRYLPHQWRQDFLRQDOFXMDEDVHGHPDVVDHUDGHWDOIRUPDHYLGHQWH3ROtWLFRVGH
WRGDV DV FRUUHQWHV IRUDP FRQVWUDQJLGRV D DVVXPLU D WHUFHLUD KLSyWHVH FRP
UHVSHLWR DRV WFKHFRV FXMR PRYLPHQWR QDFLRQDO DSHVDU GH QmR SUHWHQGHU WRWDO
LQGHSHQGrQFLD QmR SRGLD PDLV VHU SRVWR GH ODGR DSyV 4XDQGR SRVVtYHO
HYLGHQWHPHQWH QmR VH GDYD QHQKXPD LPSRUWkQFLD D WDLV PRYLPHQWRV 1HQKXP
HVWUDQJHLUR LULD SUHRFXSDUVH FRP R IDWR GH TXH D PDLRULD GRV YHOKRV HVWDGRV
QDFLRQDLV QmR IRVVH RXWUD FRLVD VHQmR HVWDGRV PXOWLQDFLRQDLV FRPR SRU
H[HPSOR ,QJODWHUUD )UDQoD RX (VSDQKD SRLV RX JDXOHVHV HVFRFHVHV EUHW}HV
FDWDOmHVHWFQmRFRORFDYDPQHQKXP SUREOHPDLQWHUQDFLRQDOHFRPD SRVVtYHO
H[FHomR GRV FDWDOmHV QHQKXP SUREOHPD VLJQLILFDWLYR QDV SROtWLFDV GH VHXV
SUySULRVSDtVHV
,,
PDV LQFOXLQGR DV iUHDV WRPDGDV SHOD 3U~VVLD DRV SRORQHVHV TXH QXQFD WLQKDP
IHLWR SDUWH GR ,PSpULR 5RPDQR 8P FDVR H[WUHPR GH GLYHUJrQFLD HQWUH
QDFLRQDOLVPR H QDomRHVWDGR HUD D ,WiOLD D PDLRU SDUWH GD TXDO WLQKD VLGR
XQLILFDGD VRE R UHL GD 6DEyLD HP H 1mR KDYLD SUHFHGHQWH
KLVWyULFRSRVWHULRUD5RPDDQWLJDSDUDXPD~QLFDDGPLQLVWUDomRGHWRGDDiUHD
FRPSUHHQGLGD HQWUH RV $OSHV H D 6LFtOLD TXH 0HWWHUQLFK KDYLD GHVFULWR FRP
JUDQGH SUHFLVmR FRPR XPD PHUD H[SUHVVmR JHRJUiILFD 1R PRPHQWR GD
XQLILFDomRHPHVWLPRXVHTXHQmRPDLVGHGHVHXVKDELWDQWHVIDODYD
DOtQJXDLWDOLDQDQRGLDDGLDRUHVWRIDODQGRLGLRPDVGHWDOIRUPDGLIHUHQWHVTXH
SURIHVVRUHVHQYLDGRVSHORHVWDGRLWDOLDQRSDUDD6LFtOLDQDGpFDGDGHIRUDP
FRQIXQGLGRV FRP LQJOHVHV 3URYDYHOPHQWH XPD SHUFHQWDJHP EHP PDLRU PDV
DLQGDXPDPRGHVWDPLQRULDWHULDVHVHQWLGRQDTXHODGDWDFRPRLWDOLDQRV1mRp
GH DGPLUDU TXH 0DVVLPR G
$]HJOLR WLYHVVH H[FODPDGR HP
)L]HPRVD,WiOLDDJRUDSUHFLVDPRVID]HURVLWDOLDQRV
'H TXDOTXHU PDQHLUD IRVVH TXDO IRVVH VXD QDWXUH]D RX SURJUDPD
PRYLPHQWRV UHSUHVHQWDQGR D LGpLD QDFLRQDO FUHVFHUDP H PXOWLSOLFDUDPVH
(OHVQmRUHSUHVHQWDYDPIUHTHQWHPHQWH±RXQRUPDOPHQWH±DTXLORTXHRVpFXOR
;;YLULDDHQWHQGHUFRPRDH[WUHPDYHUVmRGHXPSURJUDPDQDFLRQDORXVHMD
D QHFHVVLGDGH GH XP HVWDGR WRWDOPHQWH LQGHSHQGHQWH KRPRJrQHR WHUULWRULDO H
OLQJLVWLFDPHQWHODLFRSURYDYHOPHQWHUHSXEOLFDQRSDUODPHQWDUSDUDFDGDSRYR
2 6LRQLVPR SHOR H[WUHPLVPR PHVPR GH VXDV UHLYLQGLFDo}HV LOXVWUD GH IRUPD
FODUDHVWHIDWRSRLVLPSOLFDYDWRPDUXPWHUULWyULRLQYHQWDUXPDOtQJXDHODLFL]DU
DV HVWUXWXUDV SROtWLFDV GH XP SRYR FXMD XQLGDGH KLVWyULFD WLQKD FRQVLVWLGR
H[FOXVLYDPHQWH QD SUiWLFD GH XPD UHOLJLmR FRPXP (QWUHWDQWR WRGRV
LPSOLFDYDPDOJXPDVPRGLILFDo}HVSROtWLFDVPDLVRXPHQRVDPELFLRVDVRTXHRV
ID]LDQDFLRQDOLVWDV3UHFLVDPRVDJRUDH[DPLQDUHVWHV~OWLPRVFRPFXLGDGRSDUD
HYLWDU WDQWR R DQDFURQLVPR GH XPD FRPSUHHQVmR WDUGLD GRV IDWRV FRPR D
WHQWDomRGHFRQIXQGLUDVLGpLDVGRVOtGHUHVQDFLRQDOLVWDVPDLVYRFLIHUDQWHVFRPDV
LGpLDVGHIDWRDFHLWDVSHORVVHXVVHJXLGRUHV
1mR GHYHUtDPRV WDPEpP SDVVDU SRU FLPD VHP GDU DWHQomR SDUD D
VXEVWDQFLDOGLIHUHQoDHQWUHYHOKRVHQRYRVQDFLRQDOLVPRVRVSULPHLURVLQFOXLQGR
QmRDSHQDVDVQDo}HVKLVWyULFDVVHPXPHVWDGRPDVWDPEpPDTXHODVTXHKi
ORQJR WHPSR R SRVVXtDP 4XmR EULWkQLFRV RV EULWkQLFRV VH VHQWLDP" 1mR PXLWR
DSHVDUGDLQH[LVWrQFLDQHVWDpSRFDGHTXDOTXHUPRYLPHQWRDXWRQRPLVWDJDXOrV
RX HVFRFrV ,PLJUDQWHV LQJOHVHV SDUD RV (VWDGRV 8QLGRV WLQKDP RUJXOKR GH VXD
QDFLRQDOLGDGHSRUWDQWRVHQWLQGRUHOXWkQFLDHPVHWRUQDUHPFLGDGmRVDPHULFDQRV
PDV LPLJUDQWHV HVFRFHVHV RX JDXOHVHV QmR WLQKDP WDO OHDOGDGH (OHV
SHUPDQHFLDP RUJXOKRVRV HVFRFHVHV RX JDXOHVHV HVFROKHQGR D FLGDGDQLD LQJOHVD
RX DPHULFDQD H QDWXUDOL]DYDPVH VHP PDLRUHV SUREOHPDV (P TXH PHGLGD RV
IUDQFHVHV VHQWLDPVH PHPEURV GH OD JUDQGH QDWLRQ" 1mR VDEHPRV PDV
HVWDWtVWLFDVUHIHUHQWHVjHYDVmRDRVHUYLoRPLOLWDUQRLQtFLRGRVpFXORVXJHUHPTXH
10
FHUWDVUHJL}HVDRHVWHHDRVXOSDUDQmRPHQFLRQDURFDVRHVSHFLDOGRVFRUVRV
ROKDYDPRVHUYLoRPLOLWDUFRPSXOVyULRPDLVFRPRXPDLPSRVLomRGRTXHFRPR
XP GHYHU QDFLRQDO GR FLGDGmR IUDQFrV 2V DOHPmHV FRPR VDEHPRV WLQKDP
RSLQL}HV GLIHUHQWHV TXDQWR DR WDPDQKR QDWXUH]D H HVWUXWXUD GR IXWXUR HVWDGR
XQLILFDGRDOHPmRPDVTXDQWRVHQWUHHOHVHVWDYDPGHFLGLGDPHQWHLQWHUHVVDGRVQD
XQLILFDomR DOHPm" 3HOR PHQRV QmR RV FDPSRQHVHV DOHPmHV VHJXQGR XP
FRQVHQVR JHUDO QHP PHVPR QD UHYROXomR GH TXDQGR D TXHVWmR QDFLRQDO
GRPLQRX D SROtWLFD (VWHV HUDP SDtVHV RQGH R QDFLRQDOLVPR GH PDVVD H R
SDWULRWLVPRQmRSRGLDPWHUVXDH[LVWrQFLDQHJDGDPDVWRGDYLDGHPRQVWUDYDPGH
IRUPD FODUD FRPR HUD LPSUXGHQWH WRPDU SRU FHUWD D VXD XQLYHUVDOLGDGH H
KRPRJHQHLGDGH
1D PDLRU SDUWH GDV RXWUDV QDo}HV HVSHFLDOPHQWH DV HPHUJHQWHV Vy D
PLWLILFDomRHDSURSDJDQGDWRPDULDPQRVSRUFHUWRVHPPHDGRVGRVpFXOR;,;
1HVWDV R PRYLPHQWR QDFLRQDO WHQGLD D WRUQDUVH SROtWLFR DSyV VXD IDVH
VHQWLPHQWDO H IROFOyULFD FRP D HPHUJrQFLD GH JUXSRV PDLV RX PHQRV
H[SUHVVLYRV GHGLFDGRV j LGpLD QDFLRQDO SXEOLFDQGR MRUQDLV H OLWHUDWXUD
QDFLRQDLV RUJDQL]DQGR VRFLHGDGHV QDFLRQDLV WHQWDQGR HVWDEHOHFHU LQVWLWXLo}HV
HGXFDFLRQDLV H FXOWXUDLV H HQJDMDQGRVH HP YiULDV DWLYLGDGHV IUDQFDPHQWH
SROtWLFDV0DVGHIRUPDJHUDOQHVWHSRQWRRPRYLPHQWRDLQGDHUDFDUHQWHGHXP
DSRLR GHFLVLYR SRU SDUWH GD PDVVD GD SRSXODomR &RQVLVWLD EDVLFDPHQWH GH XP
H[WUDWR VRFLDO LQWHUPHGLiULR HQWUH DV PDVVDV H D EXUJXHVLD RX D DULVWRFUDFLD
H[LVWHQWHVVHWDQWRHVSHFLDOPHQWHRVOLWHUDWRVSURIHVVRUHVFDPDGDVLQIHULRUHV
GRFOHURDOJXQVSHTXHQRVFRPHUFLDQWHVHDUWHVmRVXUEDQRVHDTXHODHVSpFLHGH
KRPHQVTXHWLQKDPFRQVHJXLGRVXELUDRSRQWRPi[LPRSRVVtYHOSDUDRVILOKRVGH
XP FDPSHVLQDWR VXERUGLQDGR QXPD VRFLHGDGH KLHUiUTXLFD (YHQWXDOPHQWH RV
HVWXGDQWHV ± GH DOJXPDV IDFXOGDGHV VHPLQiULRV RX FROpJLRV FRP RULHQWDomR
QDFLRQDO ± IRUQHFLDP D HVWHV JUXSRV XP DWLYR FRUSR GH PLOLWDQWHV
(YLGHQWHPHQWHQDVQDo}HVKLVWyULFDVTXHGHPDQGDYDPDSHQDVDUHPRomRGD
GRPLQDomR HVWUDQJHLUD SDUD VXUJLUHP FRPR HVWDGRV D HOLWH ORFDO ± SHTXHQD
QREUH]D QD +XQJULD H 3RO{QLD EXURFUDWDV FODVVHPpGLD QD 1RUXHJD ±
SURSRUFLRQDYDTXDGURVPDLVLPHGLDWDPHQWHSROtWLFRVHjVYH]HVXPDEDVHPDLRU
SDUDDHPHUJrQFLDGHQDFLRQDOLVPRYHU$(UD5HYROXo}HVFDStWXOR1RWRGR
HVWD IDVH GH QDFLRQDOLVPR WHUPLQD HQWUH H D GpFDGD GH QD (XURSD
FHQWUDO RFLGHQWDO H VHWHQWULRQDO HPERUD PXLWRV GRV SHTXHQRV SRYRV EiOWLFRV H
HVODYRVHVWLYHVVHPDSHQDVFRPHoDQGRDHQWUDUQRSHUtRGR
3RUUD]}HVyEYLDVDVFDPDGDVPDLVWUDGLFLRQDLVDWUDVDGDVRXSREUHVGH
FDGD SRYR HUDP DV ~OWLPDV D VHUHP HQYROYLGDV HP WDLV PRYLPHQWRV
WUDEDOKDGRUHVHPSUHJDGRVHFDPSRQHVHVTXHVHJXLDPRFDPLQKRWUDoDGRSHOD
EHPHGXFDGDHOLWH$IDVHGHQDFLRQDOLVPRGHPDVVDTXHYLQKDQRUPDOPHQWH
VRE D LQIOXrQFLD GH RUJDQL]Do}HV GD FDPDGD PpGLD GH QDFLRQDOLVWDV OLEHUDLV
GHPRFUDWDV ± H[FHWR TXDQGR FRQWUDEDODQoDGD SHOD LQIOXrQFLD GH SDUWLGRV
11
,,,
FRPR SRU H[HPSOR FRQVHJXLU LQVWUXomR HVFRODU H XVR DGPLQLVWUDWLYR SDUD VXDV
UHVSHFWLYDV OtQJXDV $ GLVSXWD QmR HUD WDO TXH DIHWDVVH RV DQDOIDEHWRV TXH
DSUHQGLDPVHXVGLDOHWRVHPIDPtOLDQHPDVPLQRULDVTXHDVVLPLODYDPHQEORF D
OtQJXDGRPLQDQWHGDFODVVHGLULJHQWH2VMXGHXVHXURSHXVHVWDYDPVDWLVIHLWRVHP
JXDUGDUVXDVOtQJXDVQDWLYDV±ROLGLFKHGHULYDGRGRDOHPmRPHGLHYDOHR/DGLQR
GHULYDGR GR HVSDQKRO PHGLHYDO ± FRPR XPD 0DPH/RVFKHQ OtQJXD PDWHUQD
SDUDXVRGRPpVWLFRFRPXQLFDQGRVHFRPVHXVYL]LQKRVHPTXDOTXHUOtQJXDTXH
IRVVH QHFHVViULD H QR FDVR GH VH WUDQVIRUPDUHP HP EXUJXHVHV DEDQGRQDQGR
HVWH YHOKR LGLRPD SRU DTXHOH TXH IRVVH XVDGR SHOD DULVWRFUDFLD H FODVVH PpGLD
FRQWtJXDV IRVVH HOD LQJOHVD IUDQFHVD SRORQHVD UXVVD K~QJDUD PDV
HVSHFLDOPHQWHDOHPm8PPRYLPHQWRSDUDGHVHQYROYHUWDQWRROLGLFKHFRPRR
/DGLQRQXPDOtQJXDOLWHUiULDQRUPDOGHVHQYROYHXVHDSDUWLUGRPHLRGRVpFXORH
IRLPDLVWDUGHUHWRPDGRSHORVPRYLPHQWRVUHYROXFLRQiULRVPDU[LVWDVMXGHXVH
QmRSHORQDFLRQDOLVPRMXGHXVLRQLVPR0DVRVMXGHXVQHVWHPRPHQWRQmRHUDP
QDFLRQDOLVWDVHVHXIUDFDVVRHPGDULPSRUWkQFLDDXPDOtQJXDQDFLRQDODVVLP
FRPR R IUDFDVVR HP SRVVXLU XP WHUULWyULR QDFLRQDO OHYRX PXLWRV D GXYLGDU VH
UHDOPHQWH GHYHULDP VH FRQVWLWXLU QXPD QDomR 3RU RXWUR ODGR D GLVSXWD HUD
YLWDO SDUD DV FODVVHV PpGLDV H HOLWHV HPHUJHQWHV GH SRYRV DWUDVDGRV RX
VXEDOWHUQRV (UDP HODV TXH SDUWLFXODUPHQWH VHQWLDP R DFHVVR SULYLOHJLDGR D
SRVWRVLPSRUWDQWHVHGHSUHVWtJLRTXHWLQKDPRVQDWLYRVGDOtQJXDRILFLDOPHVPR
TXDQGR FRPR QR FDVR GRV WFKHFRV VHX ELOLQJLVPR FRPSXOVyULR OKHV GDYD
YDQWDJHPVREUHRVDOHPmHVPRQRJORWDVQD%RKHPLD3RUTXHGHYHULDXPFURDWD
DSUHQGHULWDOLDQROtQJXDGHXPDSHTXHQDPLQRULDSDUDWRUQDUVHXPRILFLDOGD
PDULQKDDXVWUtDFD"
( SRUWDQWR QD PHGLGD HP TXH HVWDGRQDo}HV HUDP IRUPDGRV SRVWRV
S~EOLFRV H SURILVV}HV GD FLYLOL]DomR SURJUHVVLVWD VH PXOWLSOLFDYDP D HGXFDomR
HVFRODU VH WRUQDYD PDLV JHUDO H DFLPD GH WXGR D PLJUDomR XUEDQL]DYD SRYRV
UXUDLVWRGRVHVWHVUHVVHQWLPHQWRVHQFRQWUDYDPXPDUHVVRQkQFLDJHUDOFUHVFHQWH
3RLV HVFRODV H LQVWLWXLo}HV DR LPSRUHP XPD OtQJXD GH LQVWUXomR LPSXQKDP
WDPEpPXPDFXOWXUDXPDQDFLRQDOLGDGH(PiUHDVGHSRYRDPHQWRKRPRJrQHR
LVVRQmRWLQKDLPSRUWkQFLDDFRQVWLWXLomRDXVWUtDFDGHUHFRQKHFLDHGXFDomR
HOHPHQWDU QD OtQJXD GR SDtV 0DV SRU TXH GHYHULDP RV HVORYDFRV RX WFKHFRV
TXH KDYLDP LPLJUDGR SDUD FLGDGHV DOHPmHV WRUQDUVH DOHPmHV FRPR SUHoR GH
VHUHP DOIDEHWL]DGRV" (OHV UHFODPDYDP R GLUHLWR D HVFRODV SUySULDV PHVPR
TXDQGRIRVVHPPLQRULDV(SRUTXHGHYHULDPRVWFKHFRVHHVORYDFRVGH3UDJDRX
/MXEOMDQD/DLEDFKWHQGRUHGX]LGRRVDOHPmHVGHXPDPDLRULDDXPDSHTXHQD
PLQRULD FRQIURQWDU QRPHV GH UXDV H UHJXODPHQWRV PXQLFLSDLV QXPD OtQJXD
HVWUDQJHLUD" $ SROtWLFD GD PHWDGH DXVWUtDFD GR ,PSpULR GRV +DEVEXUJRV HUD
GHPDVLDGR FRPSOH[D SDUD TXH R JRYHUQR WLYHVVH WHPSR SDUD SHQVDU
PXOWLQDFLRQDOPHQWH 0DV R TXH SHQVDU VH RXWURV JRYHUQRV XVDYDP D HGXFDomR
SRGHURVDDUPDSDUDIRUPDUDVQDo}HVTXHSUHWHQGLDPPDJLDUL]DUJHUPDQL]DU
17
RXLWDOLDQL]DUVLVWHPDWLFDPHQWH"2SDUDGR[RGRQDFLRQDOLVPRHUDTXHDRIRUPDU
VXD SUySULD QDomR DXWRPDWLFDPHQWH FULDYD FRQWUDQDFLRQDOLVPRV SDUD DTXHOHV
TXHDSDUWLUGHHQWmRHUDPIRUoDGRVjHVFROKDHQWUHDVVLPLODomRRXLQIHULRULGDGH
$ HUD GR OLEHUDOLVPR QmR HQWHQGHX HVWH SDUDGR[R 5HDOPHQWH QmR
HQWHQGLD HVWH SULQFtSLR GH QDFLRQDOLGDGH TXH DSURYDYD FRQVLGHUDYD PHVPR
SHUVRQLILFDU H HP YiULRV FDVRV DSRLDYD DWLYDPHQWH 2EVHUYDGRUHV GD pSRFD
HVWDYDPFHUWRVHPVXSRUTXHQDo}HVHQDFLRQDOLVPRHUDPDLQGDPDOIRUPDGRVH
PDOHiYHLV $ QDomR DPHULFDQD SRU H[HPSOR EDVHDYDVH QD LGpLD GH TXH DR
PLJUDU DWUDYpV GR RFHDQR PXLWRV PLOK}HV GH HXURSHXV LULDP UDSLGDPHQWH
DEDQGRQDUTXDOTXHUOHDOGDGHSROtWLFDDVXDVSiWULDVHTXDOTXHUGHPDQGDGHVWDWXV
RILFLDO SDUD VXDV OtQJXDV RX FXOWXUDV QDWLYDV 2V (VWDGRV 8QLGRV RX %UDVLO RX
$UJHQWLQDQmRYLULDPDVHUPXOWLQDFLRQDLVPDVSHORFRQWUiULRDEVRUYHULDPRV
LPLJUDQWHV QD SUySULD QDomR ( QR QRVVR SHUtRGR H[DWDPHQWH LVWR YHLR D
DFRQWHFHU TXDQGR DV FRPXQLGDGHV LPLJUDQWHV QmR SHUGHUDP VXD LGHQWLGDGH
QDFLRQDO QR PHOWLQJSRW GR QRYR PXQGR PDV SHUPDQHFHUDP RX WRUQDUDPVH
PHVPR FRQVFLHQWHV H RUJXOKRVRV LUODQGHVHV DOHPmHV VXHFRV LWDOLDQRV HWF $V
FRPXQLGDGHV GH LPLJUDQWHV SRGLDP VHU IRUoDV QDFLRQDLV LPSRUWDQWHV QRV VHXV
SDtVHVGHRULJHPFRPRRVLUODQGHVHVDPHULFDQRVRHUDPQDSROtWLFDGD,UODQGD
PDV QRV (VWDGRV 8QLGRV HOHV HUDP GH PDLRU LPSRUWkQFLD DSHQDV SDUD HOHLo}HV
PXQLFLSDLV 2V DOHPmHV GH 3UDJD VRPHQWH SRU VXD H[LVWrQFLD OHYDQWDUDP RV
PDLVLPSRUWDQWHVSUREOHPDVSDUDR,PSpULRGRV+DEVEXUJRVQDGDGLVVRRFRUUHX
HPUHODomRDRVDOHPmHVGH&LQFLQQDWLRX0LOZDXNHHQRV(VWDGRV8QLGRV
2QDFLRQDOLVPRSRUWDQWRSDUHFLDPDQHMiYHOQDHVWUXWXUDGROLEHUDOLVPR
EXUJXrVHFRPSDWtYHOFRPHOH8PPXQGRGHQDo}HVYLULDDVHUDFUHGLWDYDVH
XP PXQGR OLEHUDO H XP PXQGR OLEHUDO VHULD IHLWR GH QDo}HV 2 IXWXUR YLULD D
PRVWUDUTXHDUHODomRHQWUHRVGRLVQmRHUDWmRVLPSOHVDVVLP