Professional Documents
Culture Documents
$48$57$5(92/82
,1'8675,$/
2OLYUR©DSRUWDTXHVHDEUHSDUDDUHDOL]D§£RGRKRPHP
-DLU/RW9LHLUD
$48$57$5(92/82
,1'8675,$/
.ODXV6FKZDE
)RUPDGRHP(QJHQKDULDH(FRQRPLD
'RXWRUHP(FRQRPLDSHOD8QLYHUVLGDGHGH)ULEXUJRHHP(QJHQKDULDSHOR
,QVWLWXWR)HGHUDOGH7HFQRORJLDGH=XULTXH(7+=XULFK
0HVWUHHP$GPLQLVWUD§£R3ºEOLFDSHOD.HQQHG\6FKRRORI*RYHUQPHQWGD
8QLYHUVLGDGHGH3ODUYDUG
)XQGDGRUH3UHVLGHQWH([HFXWLYRGR)³UXP(FRQ´PLFR0XQGLDO
7UDGX§£R
'$1,(/025(,5$0,5$1'$
)RUPDGRHP/HWUDVSHOD863HHP'LUHLWRSHOD8QLYHUVLGDGH
0DFNHQ]LH
(GLSUR
$48$57$5(92/82,1'8675,$/
./$866&+:$%
75$'82'DQLHO0RUHLUD0LUDQGD
k(GL§£R
jE\:RUOG(FRQRPLF)RUXP$OOULJKWVUHVHUYHG
7LWOHRIWKH(QJOLVKRULJLQDOYHUVLRQȐ7KH)RXUWK,QGXVWULDO5HYROXWLRQȑ
SXEOLVKHGWRJHWKHUZLWKWKHIROORZLQJDFNQRZOHGJHPHQW
Ȑ7KLVWUDQVODWLRQRIȌ7KH)RXUWK,QGXVWULDO5HYROXWLRQȍLVSXEOLVKHGE\
DUUDQJHPHQWZLWKWKH:RUOG(FRQRPLF)RUXP*HQHYD6ZLW]HUODQGȑ
jGHVWDWUDGX§£R(GLSUR(GL§µHV3URILVVLRQDLV/WGD&13-Qp
7RGRV RV GLUHLWRV UHVHUYDGRV 1HQKXPD SDUWH GHVWH OLYUR SRGHU¡ VHU
UHSURGX]LGD RX WUDQVPLWLGD GH TXDOTXHU IRUPD RX SRU TXDLVTXHU PHLRV
HOHWU´QLFRV RX PHF¢QLFRV LQFOXLQGR IRWRF³SLD JUDYD§£R RX TXDOTXHU VLVWHPD
GH DUPD]HQDPHQWR H UHFXSHUD§£R GH LQIRUPD§µHV VHP SHUPLVV£R SRU HVFULWR
GR(GLWRU
(GLWRUHV-DLU/RW9LHLUDH0DUD/RW9LHLUD0LFDOHV
&RRUGHQD§£RHGLWRULDO)HUQDQGD*RGR\7DUFLQDOOL
5HYLV£R$QD3DXOD/XFFLVDQR
'LDJUDPD§£RH$UWH.DULQH0RUHWR0DVVRFD
'DGRV,QWHUQDFLRQDLVGH&DWDORJD§£RQD3XEOLFD§£R&,3
&¢PDUD%UDVLOHLUDGR/LYUR63%UDVLO
6FKZDE.ODXV
$TXDUWDUHYROX§£RLQGXVWULDO.ODXV6FKZDEWUDGX§£R'DQLHO0RUHLUD
0LUDQGD6£R3DXOR(GLSUR
7WXORRULJLQDO7KH)RXUWK,QGXVWULDO5HYROXWLRQ
,6%1
&RPXQLFD§£R GLJLWDO ,QRYD§µHV WHFQRO³JLFDV $VSHFWRV
HFRQ´PLFRV ,QRYD§µHV WHFQRO³JLFDV $VSHFWRV VRFLDLV 7HFQRORJLD GD
LQIRUPD§£R,7WXOR
&''
(GLSUR
6£R3DXOR)RQH)D[
%DXUX)RQH)D[
ZZZHGLSURFRPEU
$JUDGHFLPHQWRV
7RGRVQ³VGR)³UXP(FRQ´PLFR0XQGLDOHVWDPRVFLHQWHVGHQRVVD
UHVSRQVDELOLGDGH FRPR RUJDQL]D§£R LQWHUQDFLRQDO GH FRRSHUD§£R
SºEOLFRSULYDGDGHVHUYLUFRPRXPDSODWDIRUPDJOREDOFRPRREMHWLYR
GHDMXGDUDGHILQLURVGHVDILRVDVVRFLDGRV TXDUWDUHYROX§£RLQGXVWULDO
HDMXGDUWRGDVDVSDUWHVLQWHUHVVDGDVDHVWDEHOHFHUHPDVVROX§µHVPDLV
DGHTXDGDV GH IRUPD SURDWLYD H DEUDQJHQWH HP FRODERUD§£R FRP
QRVVRVSDUFHLURVPHPEURVHFRQVWLWXLQWHV
3RU HVVD UD]£R HP R WHPD GD UHXQL£R DQXDO GR )³UXP HP
'DYRV.ORVWHUV VHU¡ Ȑ3DUD GRPLQDU D 4XDUWD 5HYROX§£R ,QGXVWULDOȑ
(VWDPRV HPSHQKDGRV HP FULDU GLVFXVVµHV FRQVWUXWLYDV H SDUFHULDV HP
WRUQRGHVVHWHPDHPWRGRVRVQRVVRVGHVDILRVSURMHWRVHUHXQLµHV$
5HXQL£R $QXDO GRV 1RYRV &DPSHµHV SURPRYLGD SHOR )³UXP VHU¡
UHDOL]DGD HP 7LDQMLQ QD &KLQD HP MXQKR GH H WDPE©P
SURSRUFLRQDU¡ XPD RSRUWXQLGDGH IXQGDPHQWDO SDUD TXH OGHUHV H
LQRYDGRUHVHPSHVTXLVDWHFQRORJLDFRPHUFLDOL]D§£RHUHJXODPHQWD§£R
VH FRQKH§DP H WURTXHP LGHLDV VREUH FRPR DSURYHLWDU D TXDUWD
UHYROX§£R LQGXVWULDO SDUD R PDLRU EHQHIFLR SRVVYHO GH WRGRV 3DUD
WRGDVHVVDVDWLYLGDGHVHVSHURTXHHVWHOLYURVLUYDFRPRXPDSRUWDGH
HQWUDGD H JXLD SURYHQGR LQVWUXPHQWRV DRV OGHUHV SDUD TXH SRVVDP
OLGDU FRP DV LPSOLFD§µHV SROWLFDV VRFLDLV H HFRQ´PLFDV EHP FRPR
FRPSUHHQGHURVDYDQ§RVWHFQRO³JLFRVTXHDVFULDP
(VWH OLYUR Q£R WHULD VLGR SRVVYHO VHP R DSRLR HQWXVL¡VWLFR H R
HQJDMDPHQWRGHWRGRVRVPHXVFROHJDVGR)³UXP(FRQ´PLFR0XQGLDO
'HYROKHV PLQKD LPHQVD JUDWLG£R ([SUHVVR PHX DJUDGHFLPHQWR
HVSHFLDO D 1LFKRODV 'DYLV 7KLHUU\ 0D¼HUHW H 0HO 5RJHUV TXH IRUDP
SDUFHLURV HVVHQFLDLV HP WRGD D LQYHVWLJD§£R H QR SURFHVVR GH HVFULWD
$JUDGH§R WDPE©P DRV PHXV FROHJDV H D WRGDV DV HTXLSHV TXH
FRQWULEXUDPSDUDVH§µHVHVSHFILFDVGROLYURSDUWLFXODUPHQWH-HQQLIHU
%ODQNH 0DUJDUHWD 'U]HQLHN)ODQRX] 6LOYLD 0DJQRQL H 6DDGLD =DKLGL
SRU HFRQRPLD H VRFLHGDGH -LP +DJHPDQQ 6QDEH 0DUN 6SHOPDQ H
%UXFH :HLQHOW SRU HPSUHVDV H LQGºVWULDV 'RPLQLF :DXJKUD\ SHOD
VH§£R VREUH R PHLR DPELHQWH +HOHQD /HXUHQW SHORV JRYHUQRV (VSHQ
%DUWK(LGHH$QMD.DVSHUVHQSRUJHRSROWLFDHVHJXUDQ§DLQWHUQDFLRQDO
H2OLYLHU2XOOLHUSHODQHXURWHFQRORJLD
(VWH WUDEDOKR GHVFRUWLQRX D H[FHSFLRQDO H[SHUWLVH GH WRGR R
SHVVRDO GR I³UXP H DJUDGH§R D WRGRV RV TXH FRPSDUWLOKDUDP VXDV
LGHLDV FRPLJR WDQWR RQOLQH TXDQWR SHVVRDOPHQWH $TXL HP HVSHFLDO
DJUDGH§R DRV PHPEURV GR JUXSR GH WUDEDOKR Ȑ7HFQRORJLDV
(PHUJHQWHVȑ'DYLG*OHLFKHU5LJDV+DG]LODFRV1DWDOLH+DWRXU)XOYLD
0RQWUHVRU H 2OLYLHU :RHIIUD\ ȉ H RV PXLWRV RXWURV TXH XVDUDP VHX
WHPSR SDUD SHQVDU SURIXQGDPHQWH VREUH HVVDV TXHVWµHV &KLGLRJR
$NXQ\LOL&O¡XGLR&RFRURFFKLD1LFR'DVZDQL0HKUDQ*XO$OHMDQGUD
*X]PDQ0LNH+DQOH\/HH+RZHOO-HUHP\-XUJHQV%HUQLFH/HH$ODQ
0DUFXV$GULDQ0RQFN7KRPDV3KLOEHFNH3KLOLS6KHWOHU-RQHV
0LQKD SURIXQGD JUDWLG£R WDPE©P YDL SDUD WRGRV RV PHPEURV GD
FRPXQLGDGHGR)³UXPTXHDMXGDUDPDPROGDUPHXSHQVDPHQWRVREUHD
TXDUWD UHYROX§£R LQGXVWULDO 6RX SDUWLFXODUPHQWH JUDWR D $QGUHZ
0F$IHH H (ULN %U\QMROIVVRQ SRU LQVSLUDUHP PLQKDV LGHLDV VREUH RV
LPSDFWRV GDV LQRYD§µHV WHFQRO³JLFDV H RV JUDQGHV GHVDILRV H
RSRUWXQLGDGHV TXH VH HQFRQWUDP SHOD IUHQWH H D 6WHZDUW :DOOLV H
'HQQLV6QRZHUSRUUHVVDOWDUHPDQHFHVVLGDGHGHQDUUDWLYDVFRPEDVH
HP YDORUHV FDVR TXHLUDPRV WHU VXFHVVR QR DSURYHLWDPHQWR GD TXDUWD
UHYROX§£RLQGXVWULDOSDUDREHPJOREDO
$JUDGHFLPHQWRVDGLFLRQDLVD0DUF%HQLRII.DWULQH%RVOH\-XVWLQH
&DVVHOO0DULHWWH'L&KULVWLQD0XUDOL'RUDLVZDP\1LWD)DUDKDQ\=HY
)XUVW1LN*RZLQJ9LFWRU+DOEHUVWDGW.HQ+X/HH6DQJ<XS$OHVVLR
/RPXVFLR -DFN 0D (OOHQ 0DF$UWKXU 3HWHU 0DXUHU %HUQDUG
0H\HUVRQ $QGUHZ 0D\QDUG :LO-LDP 0F'RQRXJK -DPHV 0RRG\
$QGUHZ 0RRUH 0LFKDHO 2VERUQH )LRQD 3DXD 6FKZDE )HLNH
6LMEHVPD 9LVKDO 6LNND 3KLOLS 6LQFODLU +LODU\ 6XWFOLIIH 1LQD 7DQGRQ
)DULGD9LV6LU0DUN:DOSRUWH$OH[:\DWWWRGRVRVTXDLVFRPTXHP
PHFRUUHVSRQGLDRXIRUDPHQWUHYLVWDGRVSDUDHVWHOLYUR
$ 5HGH GH &RQVHOKRV GD $JHQGD *OREDO GR )³UXP H QRVVDV
ȐFRPXQLGDGHVYROWDGDVSDUDRIXWXURȑHQYROYHUDPVHIRUWHPHQWHQHVWH
DVVXQWRHRIHUHFHUDPPXLWRVLQVLJKWVVREUHWRGRVRVWHPDVGLVFXWLGRV
DTXL $JUDGHFLPHQWR HVSHFLDO DRV &RQVHOKRV GD $JHQGD *OREDO QRV
W³SLFRV VREUH R )XWXUR GR 6RIWZDUH H GD 6RFLHGDGH 0LJUD§£R H R
)XWXURGDV&LGDGHV$JUDGH§RWDPE©PDRQRW¡YHOFRQMXQWRGHOGHUHV
TXHGLVSHQVDUDPJHQHURVDPHQWHVHXWHPSRHFRQKHFLPHQWRVVREUHHVVH
WHPDGXUDQWHD&RQIHUªQFLDGD$JHQGD*OREDOGHHP$EX'KDEL
EHPFRPRDRVPHPEURVGR*OREDO6KDSHUV-RYHQV/GHUHV*OREDLVH
&RPXQLGDGHV GH -RYHQV &LHQWLVWDV SDUWLFXODUPHQWH DTXHOHV TXH
FRQWULEXUDP FRP VXDV LGHLDV DWUDY©V GR 7RS/LQN D SODWDIRUPD GH
FRODERUD§£RHFRQKHFLPHQWRYLUPDOGR)³UXP
$JUDGHFLPHQWR HVSHFLDO WDPE©P SDUD $OHMDQGUR 5H\HV SHOD
HGL§£R6FRWW'DYLGSHODFRQFHS§£RH.DPDO.LPDRXLSRUVHXVOD\RXWV
HVHXWRTXHHGLWRULDO
3DUD TXH R OLYUR ILFDVVH SURQWR DQWHV GD 5HXQL£R $QXDO GH
HOHSUHFLVRXVHUHVFULWRHPPHQRVGHWUªVPHVHVFRPDFRODERUD§£RGH
SHVVRDVGHWRGRRPXQGR,VVRUHDOPHQWHUHIOHWHRDPELHQWHGLQ¢PLFRH
DFHOHUDGR GD TXDUWD UHYROX§£R LQGXVWULDO (QW£R SRU ILP GHVHMR
WUDQVPLWLU PLQKD SURIXQGD JUDWLG£R D YRFª OHLWRU SRU HPEDUFDU QHVVD
YLDJHP FRPLJR H SRU VHX FRPSURPLVVR GXUDGRXUR SDUD PHOKRUDU R
PXQGR
6XP¡ULR
,QWURGX§£R
&DSWXORȉ$4XDUWD5HYROX§£R,QGXVWULDO
&RQWH[WRKLVW³ULFR
0XGDQ§DVLVWHP¡WLFDHSURIXQGD
&DSWXORȉ,PSXOVLRQDGRUHV
0HJDWHQGªQFLDV
&DWHJRULDIVLFD
&DWHJRULDGLJLWDO
%LRO³JLFD
3RQWRVGHLQIOH[£R
&DSWXORȉ,PSDFWRV
(FRQRPLD
&UHVFLPHQWR
(PSUHJR
$QDWXUH]DGRWUDEDOKR
1HJ³FLRV
$VH[SHFWDWLYDVGRVFRQVXPLGRUHV
3URGXWRVLQWHOLJHQWHV
,QRYD§£RFRODERUDWLYD
1RYRVPRGHORVRSHUDFLRQDLV
1DFLRQDOHJOREDO
*RYHUQRV
3DVHVUHJLµHVHFLGDGHV
6HJXUDQ§DLQWHUQDFLRQDO
6RFLHGDGH
$GHVLJXDOGDGHHDFODVVHP©GLD
&RPXQLGDGH
2LQGLYGXR
,GHQWLGDGHPRUDOLGDGHH©WLFD
&RQH[£RKXPDQD
*HUHQFLDPHQWRGHLQIRUPD§µHVSºEOLFDVHSULYDGDV
2FDPLQKRDVHJXLU
$SªQGLFHȉ$PXGDQ§DSURIXQGD
0XGDQ§D7HFQRORJLDVLPSODQW¡YHLV
0XGDQ§D1RVVDSUHVHQ§DGLJLWDO
0XGDQ§D$YLV£RFRPRXPDQRYDLQWHUIDFH
0XGDQ§D7HFQRORJLDYHVWYHO
0XGDQ§D&RPSXWD§£RXETXD
0XGDQ§D8PVXSHUFRPSXWDGRUQRVHXEROVR
0XGDQ§D$UPD]HQDPHQWRSDUDWRGRV
0XGDQ§D$LQWHUQHWGDVFRLVDVHSDUDDVFRLVDV
0XGDQ§D$FDVDFRQHFWDGD
0XGDQ§D&LGDGHVLQWHOLJHQWHV
0XGDQ§D%LJGDWDHDVGHFLVµHV
0XGDQ§D&DUURVVHPPRWRULVWD
0XGDQ§D$,QWHOLJªQFLD$UWLILFLDO,$HDWRPDGDGHGHFLVµHV
0XGDQ§D$,QWHOLJªQFLD$UWLILFLDO,$HDVIXQ§µHV
DGPLQLVWUDWLYDV
0XGDQ§D5RE³WLFDHVHUYL§RV
0XGDQ§D%LWFRLQHEORFNFKDLQ
0XGDQ§D$HFRQRPLDFRPSDUWLOKDGD
0XGDQ§D2VJRYHUQRVHREORFNFKDLQ
0XGDQ§D,PSUHVV£RHP'HIDEULFD§£R
0XGDQ§D,PSUHVV£RHP'HVDºGHKXPDQD
0XGDQ§D,PSUHVV£RHP'HSURGXWRVGHFRQVXPR
0XGDQ§D6HUHVSURMHWDGRV
0XGDQ§D1HXURWHFQRORJLDV
,QWURGX§£R
$WXDOPHQWH HQIUHQWDPRV XPD JUDQGH GLYHUVLGDGH GH GHVDILRV
IDVFLQDQWHVHQWUHHOHVRPDLVLQWHQVRHLPSRUWDQWH©RHQWHQGLPHQWRH
D PRGHODJHP GD QRYD UHYROX§£R WHFQRO³JLFD D TXDO LPSOLFD QDGD
PHQRV TXH D WUDQVIRUPD§£R GH WRGD D KXPDQLGDGH (VWDPRV QR LQFLR
GH XPD UHYROX§£R TXH DOWHUDU¡ SURIXQGDPHQWH D PDQHLUD FRPR
YLYHPRV WUDEDOKDPRV H QRV UHODFLRQDPRV (P VXD HVFDOD HVFRSR H
FRPSOH[LGDGH D TXDUWD UHYROX§£R LQGXVWULDO © DOJR TXH FRQVLGHUR
GLIHUHQWHGHWXGRDTXLORTXHM¡IRLH[SHULPHQWDGRSHODKXPDQLGDGH
$LQGD SUHFLVDPRV FRPSUHHQGHU GH IRUPD PDLV DEUDQJHQWH D
YHORFLGDGH H D DPSOLWXGH GHVVD QRYD UHYROX§£R ,PDJLQH DV
SRVVLELOLGDGHV LOLPLWDGDV GH ELOKµHV GH SHVVRDV FRQHFWDGDV SRU
GLVSRVLWLYRV P³YHLV GDQGR RULJHP D XP SRGHU GH SURFHVVDPHQWR
UHFXUVRV GH DUPD]HQDPHQWR H DFHVVR DR FRQKHFLPHQWR VHP
SUHFHGHQWHV 2X LPDJLQH D DVVRPEURVD SURIXV£R GH QRYLGDGHV
WHFQRO³JLFDV TXH DEUDQJHP QXPHURVDV ¡UHDV LQWHOLJªQFLD DUWLILFLDO
/$URE³WLFDDLQWHUQHWGDVFRLVDV,R7QDVLJODHPLQJOªVYHFXORV
DXW´QRPRV LPSUHVV£R HP ' QDQRWHFQRORJLD ELRWHFQRORJLD FLªQFLD
GRVPDWHULDLVDUPD]HQDPHQWRGHHQHUJLDHFRPSXWD§£RTX¢QWLFDSDUD
FLWDUDSHQDVDOJXPDV0XLWDVGHVVDVLQRYD§µHVHVW£RDSHQDVQRLQFLR
PDVM¡HVW£RFKHJDQGRDXPSRQWRGHLQIOH[£RGHVHXGHVHQYROYLPHQWR
SRLV HODV FRQVWURHP H DPSOLILFDP XPDV V RXWUDV IXQGLQGR DV
WHFQRORJLDVGRVPXQGRVIVLFRGLJLWDOHELRO³JLFR
6RPRV WHVWHPXQKDV GH PXGDQ§DV SURIXQGDV HP WRGRV RV VHWRUHV
PDUFDGDV SHOR VXUJLPHQWR GH QRYRV PRGHORV GH QHJ³FLRV SHOD
GHVFRQWLQXLGDGHGRVRSHUDGRUHVHSHODUHIRUPXOD§£RGDSURGX§£RGR
FRQVXPR GRV WUDQVSRUWHV H GRV VLVWHPDV ORJVWLFRV 1D VRFLHGDGH K¡
XPD PXGDQ§D GH SDUDGLJPD HP FXUVR QR PRGR FRPR WUDEDOKDPRV H
QRV FRPXQLFDPRV EHP FRPR QDV PDQHLUDV GH QRV H[SUHVVDUPRV QRV
LQIRUPDUPRV H QRV GLYHUWLUPRV ,JXDOPHQWH HVW¡ HP DQGDPHQWR D
UHIRUPXOD§£R GH JRYHUQRV H GH QRVVDV LQVWLWXL§µHV R PHVPR RFRUUH
HQWUH PXLWRV RXWURV FRP RV VLVWHPDV GH HGXFD§£R GH VDºGH H GH
WUDQVSRUWHV$VQRYDVPDQHLUDVGHXVDUPRVDWHFQRORJLDSDUDSURPRYHU
D PXGDQ§D GH FRPSRUWDPHQWRV H RV VLVWHPDV GH SURGX§£R H FRQVXPR
WDPE©P IRUPDP XP SRWHQFLDO GH UHJHQHUD§£R H SUHVHUYD§£R GRV
DPELHQWHV QDWXUDLV VHP FULDU FXVWRV RFXOWRV VRE D IRUPD GH
H[WHUQDOLGDGHV
$V DOWHUD§µHV HP WHUPRV GH WDPDQKR YHORFLGDGH H HVFRSR V£R
KLVW³ULFDV
6H SRU XP ODGR D SURIXQGD LQFHUWH]D TXH URGHLD R
GHVHQYROYLPHQWR H D DGR§£R GH WHFQRORJLDV HPHUJHQWHV VLJQLILFD TXH
DLQGDQ£RFRQKHFHPRVRVGHVGREUDPHQWRVGDVWUDQVIRUPD§µHVJHUDGDV
SRU HVVD UHYROX§£R LQGXVWULDO SRU RXWUR D FRPSOH[LGDGH H D
LQWHUFRQH[£R HQWUH RV VHWRUHV LPSOLFDP TXH WRGRV RV VWDNHKROGHUV GD
VRFLHGDGH JOREDO ȉ JRYHUQRV HPSUHVDV XQLYHUVLGDGHV H VRFLHGDGH
FLYLO ȉ GHYHP WUDEDOKDU MXQWRV SDUD PHOKRU HQWHQGHU DV WHQGªQFLDV
HPHUJHQWHV
2FRQKHFLPHQWRFRPSDUWLOKDGRSDVVDDVHUHVSHFLDOPHQWHGHFLVLYR
SDUD PROGDUPRV XP IXWXUR FROHWLYR TXH UHIOLWD YDORUHV H REMHWLYRV
FRPXQV 3UHFLVDPRV GH XPD YLV£R FRPSDUWLOKDGD DEUDQJHQWH H JOREDO
VREUH FRPR D WHFQRORJLD WHP PXGDGR QRVVDV YLGDV H PXGDU¡ D GDV
JHUD§µHV IXWXUDV H VREUH FRPR HOD HVW¡ UHPRGHODQGR R FRQWH[WR
HFRQ´PLFRVRFLDOFXOWXUDOHKXPDQRHPTXHYLYHPRV
$V PXGDQ§DV V£R W£R SURIXQGDV TXH QD SHUVSHFWLYD GD KLVW³ULD
KXPDQD QXQFD KRXYH XP PRPHQWR W£R SRWHQFLDOPHQWH SURPLVVRU RX
SHULJRVR $ PLQKD SUHRFXSD§£R QR HQWDQWR © TXH RV WRPDGRUHV GH
GHFLV£R FRVWXPDP VHU OHYDGRV SHOR SHQVDPHQWR WUDGLFLRQDO OLQHDU H
VHP UXSWXUD RX FRVWXPDP HVWDU PXLWR DEVRUYLGRV SRU SUHRFXSD§µHV
LPHGLDWDV H SRUWDQWR Q£R FRQVHJXHP SHQVDU GH IRUPD HVWUDW©JLFD
VREUHDVIRU§DVGHUXSWXUDHLQRYD§£RTXHPROGDPQRVVRIXWXUR
(VWRX EDVWDQWH FLHQWH GH TXH DOJXQV DFDGªPLFRV H SURILVVLRQDLV
FRQVLGHUDP TXH HVVDV LQRYD§µHV V£R VRPHQWH PDLV XP DVSHFWR GD
WHUFHLUDUHYROX§£RLQGXVWULDO7UªVUD]µHVQRHQWDQWRVXVWHQWDPPLQKD
FRQYLF§£RGDRFRUUªQFLDGHXPDTXDUWDȉHGLVWLQWDȉUHYROX§£R
ȉ 9HORFLGDGH DR FRQWU¡ULR GDV UHYROX§µHV LQGXVWULDLV DQWHULRUHV
HVWD HYROXL HP XP ULWPR H[SRQHQFLDO H Q£R OLQHDU (VVH © R
UHVXOWDGR GR PXQGR PXOWLIDFHWDGR H SURIXQGDPHQWH
LQWHUFRQHFWDGR HP TXH YLYHPRV DO©P GLVVR DV QRYDV
WHFQRORJLDV JHUDP RXWUDV PDLV QRYDV H FDGD YH] PDLV
TXDOLILFDGDV
ȉ $PSOLWXGH H SURIXQGLGDGH HOD WHP D UHYROX§£R GLJLWDO FRPR
EDVH H FRPELQD Y¡ULDV WHFQRORJLDV OHYDQGR D PXGDQ§DV GH
SDUDGLJPD VHP SUHFHGHQWHV GD HFRQRPLD GRV QHJ³FLRV GD
VRFLHGDGH H GRV LQGLYGXRV $ UHYROX§£R Q£R HVW¡ PRGLILFDQGR
DSHQDV R ȐR TXHȑ H R ȐFRPRȑ ID]HPRV DV FRLVDV PDV WDPE©P
ȐTXHPȑVRPRV
ȉ ,PSDFWR VLVWªPLFR HOD HQYROYH D WUDQVIRUPD§£R GH VLVWHPDV
LQWHLURV HQWUH SDVHV H GHQWUR GHOHV HP HPSUHVDV LQGºVWULDV H
HPWRGDVRFLHGDGH
$R HVFUHYHU HVWH OLYUR PLQKD LQWHQ§£R © RIHUHFHU XPD FDUWLOKD
VREUH D TXDUWD UHYROX§£R LQGXVWULDO 2 TXH ©" 2 TXH JHUDU¡" 4XH
LPSDFWRVFDXVDU¡DQ³V"2TXHSRGHVHUIHLWRSDUDDSURYHLW¡ODSDUDR
EHP FRPXP" (VWH WH[WR IRL HVFULWR SDUD WRGRV DTXHOHV TXH VH
LQWHUHVVDP SRU QRVVR IXWXUR TXH HVW£R HPSHQKDGRV HP XWLOL]DU DV
RSRUWXQLGDGHV GHVVD PXGDQ§D UHYROXFLRQ¡ULD SDUD WRUQDU R PXQGR XP
OXJDUPHOKRU
6£RWUªVRVPHXVREMHWLYRVSULQFLSDLV
ȉJHUDUPDLRUFRQVFLHQWL]D§£RVREUHDDEUDQJªQFLDHDYHORFLGDGH
GDUHYROX§£RWHFQRO³JLFDHGHVHXLPSDFWRPXOWLIDFHWDGR
ȉFULDUXPDHVWUXWXUDSDUDTXHSRVVDPRVSHQVDUVREUHDUHYROX§£R
WHFQRO³JLFD TXH SHUILOD DV TXHVWµHV SULQFLSDLV H UHVVDOWD DV
UHVSRVWDVSRVVYHLVH
ȉ RIHUHFHU XPD SODWDIRUPD TXH LQVSLUH D FRRSHUD§£R SºEOLFR
SULYDGD H DV SDUFHULDV HP TXHVWµHV UHODFLRQDGDV UHYROX§£R
WHFQRO³JLFD
$FLPD GH WXGR HVWH OLYUR WHP FRPR REMHWLYR HQIDWL]DU D IRUPD
FRPRWHFQRORJLDHVRFLHGDGHFRH[LVWHP$WHFQRORJLDQ£R©XPDIRU§D
H[WHUQD VREUH D TXDO Q£R WHPRV QHQKXP FRQWUROH 1£R HVWDPRV
OLPLWDGRV SRU XPD HVFROKD ELQ¡ULD HQWUH ȐDFHLWDU H YLYHU FRP HODȑ RX
ȐUHMHLWDUHYLYHUVHPHODȑ1DYHUGDGHWRPDPRVDGUDP¡WLFDPXGDQ§D
WHFQRO³JLFD FRPR XP FRQYLWH SDUD UHIOHWLUPRV VREUH TXHP VRPRV H
FRPRYHPRVRPXQGR4XDQWRPDLVSHQVDPRVVREUHFRPRDSURYHLWDUD
UHYROX§£R WHFQRO³JLFD PDLV DQDOLVDPRV D Q³V PHVPRV H RV PRGHORV
VRFLDLV VXEMDFHQWHV TXH V£R LQFRUSRUDGRV H SHUPLWLGRV SRU HVVDV
WHFQRORJLDV(PDLVRSRUWXQLGDGHVWHUHPRVSDUDPROGDUDUHYROX§£RGH
XPDIRUPDTXHPHOKRUHRHVWDGRGRPXQGR
0ROGDU D TXDUWD UHYROX§£R LQGXVWULDO SDUD JDUDQWLU TXH HOD VHMD
HPSRGHUDGRUD H FHQWUDGD QR VHU KXPDQR ȉ HP YH] GH GLYLVLRQLVWD H
GHVXPDQDȉQ£R©XPDWDUHIDSDUDXPºQLFRLQWHUHVVDGRRXVHWRUQHP
SDUD XPD ºQLFD UHJL£R RX LQGºVWULD RX FXOWXUD 3HOD SU³SULD QDWXUH]D
IXQGDPHQWDO H JOREDO GHVVD UHYROX§£R HOD DIHWDU¡ H VHU¡ LQIOXHQFLDGD
SRUWRGRVRVSDVHVHFRQRPLDVVHWRUHVHSHVVRDV(SRUWDQWRFUXFLDO
TXHQRVVDDWHQ§£RHHQHUJLDHVWHMDPYROWDGDVSDUDDFRRSHUD§£RHQWUH
PºOWLSORV VWDNHKROGHUV TXH HQYROYDP H XOWUDSDVVHP RV OLPLWHV
DFDGªPLFRVVRFLDLVSROWLFRVQDFLRQDLVHLQGXVWULDLV$VLQWHUD§µHVH
DV FRODERUD§µHV V£R QHFHVV¡ULDV SDUD FULDUPRV QDUUDWLYDV SRVLWLYDV
FRPXQV H FKHLDV GH HVSHUDQ§D TXH SHUPLWDP TXH LQGLYGXRV H JUXSRV
GH WRGDV DV SDUWHV GR PXQGR SDUWLFLSHP H VH EHQHILFLHP GDV
WUDQVIRUPD§µHVHPFXUVR
*UDQGH SDUWH GDV LQIRUPD§µHV H PLQKDV SU³SULDV DQ¡OLVHV IHLWDV
QHVWH OLYUR V£R EDVHDGDV HP SURMHWRV HP DQGDPHQWR H LQLFLDWLYDV GR
)³UXP (FRQ´PLFR 0XQGLDO (ODV IRUDP GHVHQYROYLGDV GLVFXWLGDV H
TXHVWLRQDGDV QDV UHXQLµHV UHFHQWHV GR )³UXP $VVLP HVWH OLYUR
WDPE©P RIHUHFH XPD HVWUXWXUD SDUD TXH SRVVDPRV GDU IRUPD V
DWLYLGDGHV IXWXUDV GR )³UXP (FRQ´PLFR 0XQGLDO 7RPHL FRPR EDVH
GD PHVPD IRUPD DV QXPHURVDV FRQYHUVDV TXH WLYH FRP HPSUHVDV
JRYHUQRV H OGHUHV GD VRFLHGDGH FLYLO EHP FRPR FRP SLRQHLURV
WHFQRO³JLFRVHMRYHQV(QHVVHVHQWLGRXPOLYURFROHWLYRIRUPDGRSRU
PºOWLSODV FRQWULEXL§µHV SRU XP FURZGVRXUFLQJ SURGXWR GD VDEHGRULD
FROHWLYDHHVFODUHFLGDGDVFRPXQLGDGHVGR)³UXP
2OLYURHVW¡RUJDQL]DGRHPWUªVFDSWXORV2SULPHLURFRQVLVWHHP
XPD YLV£R JHUDO GD TXDUWD UHYROX§£R LQGXVWULDO 2 VHJXQGR DSUHVHQWD
DV SULQFLSDLV WHFQRORJLDV WUDQVIRUPDGRUDV 1R WHUFHLUR FDSWXOR
PHUJXOKDPRV SURIXQGDPHQWH QRV LPSDFWRV GD UHYROX§£R H HP DOJXQV
GRVGHVDILRVSROWLFRVFULDGRVSRUHOD$RILQDOSDVVRDVXJHULULGHLDV
SU¡WLFDVHVROX§µHVVREUHDPHOKRUPDQHLUDGHDGDSWDUPRVGDUIRUPDH
DSURYHLWDURSRWHQFLDOGHVVDJUDQGHWUDQVIRUPD§£R
&$378/2$4XDUWD5HYROX§£R,QGXVWULDO
&RQWH[WRKLVW³ULFR
$ SDODYUD ȐUHYROX§£Rȑ GHQRWD PXGDQ§D DEUXSWD H UDGLFDO (P
QRVVDKLVW³ULDDVUHYROX§µHVWªPRFRUULGRTXDQGRQRYDVWHFQRORJLDVH
QRYDV IRUPDV GH SHUFHEHU R PXQGR GHVHQFDGHLDP XPD DOWHUD§£R
SURIXQGD QDV HVWUXWXUDV VRFLDLV H QRV VLVWHPDV HFRQ´PLFRV -¡ TXH D
KLVW³ULD©XVDGDFRPRUHIHUªQFLDDVDOWHUD§µHVSRGHPOHYDUDQRVSDUD
VHGHVGREUDUHP
$ SULPHLUD PXGDQ§D SURIXQGD HP QRVVD PDQHLUD GH YLYHU ȉ D
WUDQVL§£R GR IRUUDJHDPHQWR D EXVFD SRU DOLPHQWRV SDUD D DJULFXOWXUD
ȉ RFRUUHX K¡ FHUFD GH DQRV H IRL SRVVYHO JUD§DV
GRPHVWLFD§£RGRVDQLPDLV$UHYROX§£RDJUFRODFRPELQRXDIRU§DGRV
DQLPDLV H D GRV VHUHV KXPDQRV HP EHQHIFLR GD SURGX§£R GR
WUDQVSRUWHHGDFRPXQLFD§£R3RXFRDSRXFRDSURGX§£RGHDOLPHQWRV
PHOKRURX HVWLPXODQGR R FUHVFLPHQWR GD SRSXOD§£R H SRVVLELOLWDQGR
DVVHQWDPHQWRV KXPDQRV FDGD YH] PDLRUHV ,VVR DFDERX OHYDQGR
XUEDQL]D§£RHDRVXUJLPHQWRGDVFLGDGHV
$ UHYROX§£R DJUFROD IRL VHJXLGD SRU XPD V©ULH GH UHYROX§µHV
LQGXVWULDLV LQLFLDGDV QD VHJXQGD PHWDGH GR V©FXOR ;9,,, $ PDUFD
GHVVDV UHYROX§µHV IRL D WUDQVL§£R GD IRU§D PXVFXODU SDUD D HQHUJLD
PHF¢QLFD D TXDO HYROXL DW© D DWXDO TXDUWD UHYROX§£R LQGXVWULDO
PRPHQWR HP TXH D SURGX§£R KXPDQD © DXPHQWDGD SRU PHLR GD
SRWªQFLDDSULPRUDGDGDFRJQL§£R
$ SULPHLUD UHYROX§£R LQGXVWULDO RFRUUHX DSUR[LPDGDPHQWH HQWUH
H3URYRFDGDSHODFRQVWUX§£RGDVIHUURYLDVHSHODLQYHQ§£R
GD P¡TXLQD D YDSRU HOD GHX LQFLR SURGX§£R PHF¢QLFD $ VHJXQGD
UHYROX§£RLQGXVWULDOLQLFLDGDQRILQDOGRV©FXOR;,;HQWURXQRV©FXOR
;; H SHOR DGYHQWR GD HOHWULFLGDGH H GD OLQKD GH PRQWDJHP
SRVVLELOLWRX D SURGX§£R HP PDVVD $ WHUFHLUD UHYROX§£R LQGXVWULDO
FRPH§RX QD G©FDGD GH (OD FRVWXPD VHU FKDPDGD GH UHYROX§£R
GLJLWDORXGRFRPSXWDGRUSRLVIRLLPSXOVLRQDGDSHORGHVHQYROYLPHQWR
GRVVHPLFRQGXWRUHVGDFRPSXWD§£RHPPDLQIUDPHG©FDGDGH
GDFRPSXWD§£RSHVVRDOG©FDGDGHHHGDLQWHUQHWG©FDGD
GH
&LHQWH GDV Y¡ULDV GHILQL§µHV H DUJXPHQWRV DFDGªPLFRV XWLOL]DGRV
SDUD GHVFUHYHU DV WUªV SULPHLUDV UHYROX§µHV LQGXVWULDLV DFUHGLWR TXH
KRMH HVWDPRV QR LQFLR GH XPD TXDUWD UHYROX§£R LQGXVWULDO (OD WHYH
LQFLR QD YLUDGD GR V©FXOR H EDVHLDVH QD UHYROX§£R GLJLWDO
FDUDFWHUL]DGD SRU XPD LQWHUQHW PDLV XETXD H P³YHO SRU VHQVRUHV
PHQRUHV H PDLV SRGHURVRV TXH VH WRUQDUDP PDLV EDUDWRV H SHOD
LQWHOLJªQFLD DUWLILFLDO H DSUHQGL]DJHP DXWRP¡WLFD RX DSUHQGL]DGR GH
P¡TXLQD
$VWHFQRORJLDVGLJLWDLVIXQGDPHQWDGDVQRFRPSXWDGRUVRIWZDUH H
UHGHVQ£RV£RQRYDVPDVHVW£RFDXVDQGRUXSWXUDV WHUFHLUDUHYROX§£R
LQGXVWULDO HVW£R VH WRUQDQGR PDLV VRILVWLFDGDV H LQWHJUDGDV H
FRQVHTXHQWHPHQWH WUDQVIRUPDQGR D VRFLHGDGH H D HFRQRPLD JOREDO
3RU HVVH PRWLYR RV SURIHVVRUHV (ULN %U\QMROIVVRQ H $QGUHZ 0F$IHH
GR 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\ 0,7 GLVVHUDP TXH HVWH
SHURGR©ȐDVHJXQGDHUDGDP¡TXLQDȑQRWWXORGROLYURSXEOLFDGRSRU
HOHVHPHVWHVGRLVSURIHVVRUHVDILUPDPTXHRPXQGRHVW¡HPXP
SRQWR GH LQIOH[£R HP TXH R HIHLWR GHVVDV WHFQRORJLDV GLJLWDLV LU¡ VH
PDQLIHVWDUFRPȐIRU§DWRWDOȑSRUPHLRGDDXWRPD§£RHGHȐFRLVDVVHP
SUHFHGHQWHVȑ
1D $OHPDQKD K¡ GLVFXVVµHV VREUH D ȐLQGºVWULD ȑ XP WHUPR
FXQKDGR HP QD IHLUD GH +DQQRYHU SDUD GHVFUHYHU FRPR LVVR LU¡
UHYROXFLRQDU D RUJDQL]D§£R GDV FDGHLDV JOREDLV GH YDORU $R SHUPLWLU
ȐI¡EULFDV LQWHOLJHQWHVȑ D TXDUWD UHYROX§£R LQGXVWULDO FULD XP PXQGR
RQGH RV VLVWHPDV IVLFRV H YLUWXDLV GH IDEULFD§£R FRRSHUDP GH IRUPD
JOREDO H IOH[YHO ,VVR SHUPLWH D WRWDO SHUVRQDOL]D§£R GH SURGXWRV H D
FULD§£RGHQRYRVPRGHORVRSHUDFLRQDLV
$TXDUWDUHYROX§£RLQGXVWULDOQRHQWDQWRQ£RGL]UHVSHLWRDSHQDVD
VLVWHPDV H P¡TXLQDV LQWHOLJHQWHV H FRQHFWDGDV 6HX HVFRSR © PXLWR
PDLVDPSOR2QGDVGHQRYDVGHVFREHUWDVRFRUUHPVLPXOWDQHDPHQWHHP
¡UHDV TXH Y£R GHVGH R VHTXHQFLDPHQWR JHQ©WLFR DW© D QDQRWHFQRORJLD
GDVHQHUJLDV UHQRY¡YHLV FRPSXWD§£R TX¢QWLFD2 TXH WRUQD D TXDUWD
UHYROX§£R LQGXVWULDO IXQGDPHQWDOPHQWH GLIHUHQWH GDV DQWHULRUHV © D
IXV£R GHVVDV WHFQRORJLDV H D LQWHUD§£R HQWUH RV GRPQLRV IVLFRV
GLJLWDVHELRO³JLFRV
1HVVD UHYROX§£R DV WHFQRORJLDV HPHUJHQWHV H DV LQRYD§µHV
JHQHUDOL]DGDV V£R GLIXQGLGDV PXLWR PDLV U¡SLGD H DPSODPHQWH GR TXH
QDV DQWHULRUHV DV TXDLV FRQWLQXDP D GHVGREUDUVH HP DOJXPDV SDUWHV
GR PXQGR $ VHJXQGD UHYROX§£R LQGXVWULDO SUHFLVD DLQGD VHU
SOHQDPHQWH YLYLGD SRU GD SRSXOD§£R PXQGLDO SRLV TXDVH
ELOK£RGHSHVVRDVDLQGDQ£RWªPDFHVVR HOHWULFLGDGH,VVRWDPE©P©
Y¡OLGR SDUD D WHUFHLUD UHYROX§£R LQGXVWULDO M¡ TXH PDLV GD PHWDGH GD
SRSXOD§£R PXQGLDO ELOKµHV GH SHVVRDV YLYH HP SDVHV HP
GHVHQYROYLPHQWRVHPDFHVVR LQWHUQHW2WHDUPHFDQL]DGRDPDUFDGD
SULPHLUD UHYROX§£R LQGXVWULDO OHYRX TXDVH DQRV SDUD VH HVSDOKDU
IRUD GD (XURSD (P FRQWUDVWH D LQWHUQHW HVSDOKRXVH SHOR JORER HP
PHQRVGHXPDG©FDGD
$ OL§£R GD SULPHLUD UHYROX§£R LQGXVWULDO DLQGD © Y¡OLGD KRMH D
VDEHUXPGRVJUDQGHVGHWHUPLQDQWHVGRSURJUHVVRFRQVLVWHQDH[WHQV£R
TXHDLQRYD§£RWHFQRO³JLFD©DGRWDGDSHODVRFLHGDGH2JRYHUQRHDV
LQVWLWXL§µHV SºEOLFDV EHP FRPR R VHWRU SULYDGR SUHFLVDP ID]HU VXD
SDUWH PDV WDPE©P © HVVHQFLDO TXH RV FLGDG£RV HQ[HUJXHP RV
EHQHIFLRVGHORQJRSUD]R
(VWRX FRQYHQFLGR GH TXH D TXDUWD UHYROX§£R LQGXVWULDO VHU¡ W£R
SRGHURVD LPSDFWDQWH H KLVWRULFDPHQWH LPSRUWDQWH TXDQWR DV WUªV
DQWHULRUHV 1R HQWDQWR WHQKR GXDV JUDQGHV SUHRFXSD§µHV VREUH RV
IDWRUHV TXH SRGHP OLPLWDU D UHDOL]D§£R HIHWLYD H FRHVD GD TXDUWD
UHYROX§£RLQGXVWULDO
3ULPHLUR DFUHGLWR TXH RV QYHLV H[LJLGRV GH OLGHUDQ§D H
FRPSUHHQV£R VREUH DV PXGDQ§DV HP FXUVR HP WRGRV RV VHWRUHV V£R
EDL[RV TXDQGR FRQWUDVWDGRV FRP D QHFHVVLGDGH HP UHVSRVWD TXDUWD
UHYROX§£R LQGXVWULDO GH UHSHQVDU QRVVRV VLVWHPDV HFRQ´PLFRV VRFLDLV
HSROWLFRV2UHVXOWDGRGLVVR©TXHQDFLRQDOHJOREDOPHQWHRTXDGUR
LQVWLWXFLRQDO QHFHVV¡ULR SDUD JRYHUQDU D GLIXV£R GDV LQRYD§µHV H
DWHQXDU DV UXSWXUDV © QD PHOKRU GDV KLS³WHVHV LQDGHTXDGR H QD SLRU
WRWDOPHQWHDXVHQWH
(P VHJXQGR OXJDU R PXQGR FDUHFH GH XPD QDUUDWLYD FRHUHQWH
SRVLWLYD H FRPXP TXH GHVFUHYD DV RSRUWXQLGDGHV H RV GHVDILRV GD
TXDUWD UHYROX§£R LQGXVWULDO XPD QDUUDWLYD HVVHQFLDO FDVR TXHLUDPRV
HPSRGHUDU XP JUXSR GLYHUVLILFDGR GH LQGLYGXRV H FRPXQLGDGHV H
HYLWDUXPDUHD§£RSRSXODUFRQWUDDVPXGDQ§DVIXQGDPHQWDLVHPFXUVR
0XGDQ§DVLVWHP¡WLFDHSURIXQGD
$ SUHPLVVD GHVWH OLYUR © TXH D WHFQRORJLD H D GLJLWDOL]D§£R LU£R
UHYROXFLRQDUWXGRID]HQGRFRPTXHDTXHODIUDVHW£RJDVWDHPDOWUDWDGD
VH WRUQH YHUGDGHLUD ȐGHVWD YH] VHU¡ GLIHUHQWHȑ ,VWR © DV SULQFLSDLV
LQRYD§µHV WHFQRO³JLFDV HVW£R EHLUD GH DOLPHQWDU XPD JLJDQWHVFD
PXGDQ§DKLVW³ULFDHPWRGRRPXQGRȉLQHYLWDYHOPHQWH
$HVFDODHRHVFRSRGDVPXGDQ§DVH[SOLFDPSRUTXHDVUXSWXUDVH
DV LQRYD§µHV DWXDLV V£R W£R VLJQLILFDWLYDV $ YHORFLGDGH GD LQRYD§£R
HP WHUPRV GH GHVHQYROYLPHQWR H UXSWXUD HVW¡ PDLV U¡SLGD GR TXH
QXQFD2VDWXDLVGLVUXSWRUHVȉ$LUEQE8EHU$OLEDEDHDILQVȉTXH
KRMH M¡ V£R QRPHV EHP IDPLOLDUHV HUDP UHODWLYDPHQWH GHVFRQKHFLGRV
K¡ SRXFRV DQRV 2 RQLSUHVHQWH L3KRQH IRL ODQ§DGR HP 0DV QR
ILQDO GH M¡ H[LVWLDP FHUFD GH ELOKµHV GH VPDUWSKRQHV (P
R *RRJOH DQXQFLRX VHX SULPHLUR FDUUR WRWDOPHQWH DXW´QRPR
(VVHVYHFXORVSRGHPUDSLGDPHQWHVHWRUQDUXPDUHDOLGDGHFRPXPQDV
UXDV
3RGHUDPRV FRQWLQXDU FRP RXWURV H[HPSORV 0DV RV UHWRUQRV GH
HVFDOD DVVLP FRPR D YHORFLGDGH WDPE©P V£R VXUSUHHQGHQWHV
'LJLWDOL]D§£R VLJQLILFD DXWRPD§£R TXH SRU VXD YH] VLJQLILFD TXH DV
HPSUHVDVQ£RLQFRUUHPHPUHQGLPHQWRVGHFUHVFHQWHVGHHVFDODRXQR
PQLPR HP PHQRV UHQGLPHQWRV GHVVH WLSR 3DUD HQWHQGHU R TXH LVVR
VLJQLILFDHPWHUPRVGRDJUHJDGRFRPSDUH'HWURLWHPHQW£RXP
JUDQGH FHQWUR GH LQGºVWULDV WUDGLFLRQDLV FRP R YDOH GR VLOFLR HP
(P DV WUªV PDLRUHV HPSUHVDV GH 'HWURLW SRVVXDP XPD
FDSLWDOL]D§£R GH PHUFDGR FRPELQDGD GH 86 ELOKµHV IDWXUDPHQWR
GH 86 ELOKµHV H PLOK£R GH HPSUHJDGRV (P DV WUªV
PDLRUHV HPSUHVDV GR YDOH GR VLOFLR WLQKDP XPD FDSLWDOL]D§£R GH
PHUFDGR FRQVLGHUDYHOPHQWH PDLV HOHYDGD 86 WULOK£R KDYLDP
JHUDGR DSUR[LPDGDPHQWH DV PHVPDV UHFHLWDV 86 ELOKµHV PDV
FRPFHUFDGHYH]HVPHQRVHPSUHJDGRVPLO
+RMH © SRVVYHO FULDU XPD XQLGDGH GH ULTXH]D FRP PXLWR PHQRV
WUDEDOKDGRUHV HP FRPSDUD§£R K¡ RX DQRV SRUTXH RV FXVWRV
PDUJLQDLV GDV HPSUHVDV GLJLWDLV WHQGHP D ]HUR $O©P GLVVR QD
UHDOLGDGH GD HUD GLJLWDO PXLWDV QRYDV HPSUHVDV RIHUHFHP ȐEHQV GH
LQIRUPD§£Rȑ FRP FXVWRV SUDWLFDPHQWH QXORV GH DUPD]HQDPHQWR GH
WUDQVSRUWH H GH UHSOLFD§£R $OJXPDV HPSUHVDV GLVUXSWRUDV GH
WHFQRORJLD SDUHFHP H[LJLU SRXFR FDSLWDO SDUD SURVSHUDU (PSUHVDV
FRPR R ,QVWDJUDP RX R :KDWV$SS SRU H[HPSOR Q£R H[LJHP PXLWR
ILQDQFLDPHQWRSDUDLQLFLDUPXGDQGRRSDSHOGRFDSLWDOHDHVFDODGRV
QHJ³FLRV QR FRQWH[WR GD TXDUWD UHYROX§£R LQGXVWULDO (P JHUDO LVVR
PRVWUD FRPR RV UHWRUQRV GH HVFDOD HQFRUDMDP D PDLRU HVFDOD H
LQIOXHQFLDPDVPXGDQ§DVGHVLVWHPDVLQWHLURV
$O©PGHYHORFLGDGHHGDDPSOLWXGHDTXDUWDUHYROX§£RLQGXVWULDO©
ºQLFD SRU FDXVD GD FUHVFHQWH KDUPRQL]D§£R H LQWHJUD§£R GH PXLWDV
GHVFREHUWDV H GLVFLSOLQDV GLIHUHQWHV $V LQRYD§µHV WDQJYHLV TXH
UHVXOWDP GD LQWHUGHSHQGªQFLD HQWUH WHFQRORJLDV GLVWLQWDV Q£R V£R PDLV
ILF§£R FLHQWILFD +RMH SRU H[HPSOR DV WHFQRORJLDV GH IDEULFD§£R
GLJLWDO SRGHP LQWHUDJLU FRP R PXQGR ELRO³JLFR $OJXQV GHVLJQHUV H
DUTXLWHWRV M¡ HVW£R PLVWXUDQGR R GHVLJQ FRPSXWDFLRQDO D IDEULFD§£R
DGLWLYD D HQJHQKDULD GH PDWHULDLV H D ELRORJLD VLQW©WLFD SDUD FULDU
VLVWHPDV SLRQHLURV TXH HQYROYHP D LQWHUD§£R HQWUH PLFURUJDQLVPRV
QRVVRVFRUSRVRVSURGXWRVTXHFRQVXPLPRVHDW©PHVPRRVHGLIFLRV
RQGH PRUDPRV $R ID]ªOR HOHV HVW£R FRQVWUXLQGR H DW© PHVPR
ȐFXOWLYDQGRȑREMHWRVTXHV£RFRQWLQXDPHQWHPXW¡YHLVHDGDSW¡YHLVDV
SULQFLSDLVFDUDFWHUVWLFDVGRVUHLQRVDQLPDOHYHJHWDO
(P 7KH 6HFRQG 0DFKLQH $JH %U\QMROIVVRQ H 0F$IHH DILUPDP
TXH RV FRPSXWDGRUHV HVW£R W£R K¡EHLV TXH © SUDWLFDPHQWH LPSRVVYHO
SUHYHU VXDV QRYDV XWLOLGDGHV HP DOJXQV SRXFRV DQRV QR IXWXUR $
LQWHEJªQFLD DUWLILFLDO ,$ HVW¡ HP QRVVR HQWRUQR HP FDUURV TXH
SLORWDPVR]LQKRVGURQHVDVVLVWHQWHVYLUWXDLVHVRIWZDUHVGHWUDGX§£R
,VVR HVW¡ WUDQVIRUPDQGR QRVVDV YLGDV $ ,$ IH] SURJUHVVRV
LPSUHVVLRQDQWHV LPSXOVLRQDGD SHOR DXPHQWR H[SRQHQFLDO GD
FDSDFLGDGH GH SURFHVVDPHQWR H SHOD GLVSRQLELEGDGH GH JUDQGHV
TXDQWLGDGHV GH GDGRV GHVGH VRIWZDUHV XVDGRV SDUD GHVFREULU QRYRV
PHGLFDPHQWRVDW©DOJRULWPRVTXHSUHYHHPQRVVRVLQWHUHVVHVFXOWXUDLV
0XLWRV GHVVHV DOJRULWPRV DSUHQGHP D SDUWLU GDV ȐPLJDOKDVȑ GH GDGRV
TXH GHL[DPRV QR PXQGR GLJLWDO ,VVR UHVXOWD HP QRYRV WLSRV GH
ȐDSUHQGL]DJHP DXWRP¡WLFDȑ H GHWHF§£R DXWRPDWL]DGD TXH SRVVLELOLWDP
URE´V ȐLQWHWHOLJHQWHVȑ H FRPSXWDGRUHV D VH DXWRSURJUDPDU H HQFRQWUDU
DVPHOKRUHVVROX§µHVDSDUWLUGHSULQFSLRVLQLFLDLV
3URJUDPDV FRPR R 6LUL GD $SSOH RIHUHFHP XP YLVOXPEUH GD
FDSDFLGDGH GH XPD VXE¡UHD GD ,$ TXH HVW¡ HP U¡SLGR DYDQ§R RV
DVVLVWHQWHV LQWHOLJHQWHV 2V DVVLVWHQWHV SHVVRDLV LQWHOLJHQWHV
FRPH§DUDP D VXUJLU K¡ DSHQDV GRLV DQRV $WXDOPHQWH R
UHFRQKHFLPHQWR GH YR] H D LQWHOLJªQFLD DUWLILFLDO SURJULGHP HP XPD
YHORFLGDGH W£R U¡SLGD TXH IDODU FRP FRPSXWDGRUHV VH WRUQDU¡ HP
EUHYH D QRUPD FULDQGR DOJR TXH RV WHFQ³ORJRV FKDPDP GH
FRPSXWD§£RDPELHQWDOQHODRVDVVLVWHQWHVSHVVRDLVURERWL]DGRVHVW£R
VHPSUH GLVSRQYHLV SDUD WRPDU QRWDV H UHVSRQGHU V FRQVXOWDV GR
XVX¡ULR&DGDYH]PDLVQRVVRVGLVSRVLWLYRVVHWRUQDU£RSDUWHGHQRVVR
HFRVVLVWHPD SHVVRDO QRV RXYLQGR DQWHFLSDQGR QRVVDV QHFHVVLGDGHV H
QRVDMXGDQGRTXDQGRQHFHVV¡ULRȉPHVPRTXHQ£RWHQKDPRVSHGLGR
$GHVLJXDOGDGHFRPRXPGHVDILRVLVWªPLFR
$ TXDUWD UHYROX§£R LQGXVWULDO LU¡ JHUDU JUDQGHV EHQHIFLRV H HP
LJXDO PHGLGD JUDQGHV GHVDILRV 8PD SUHRFXSD§£R SDUWLFXODU © D
GHVLJXDOGDGH H[DFHUEDGD 2V GHVDILRV FRORFDGRV SHOR DXPHQWR GD
GHVLJXDOGDGH V£R GLIFHLV GH TXDQWLILFDU SRLV HP JUDQGH PDLRULD
VRPRVFRQVXPLGRUHVHSURGXWRUHVGHVVDIRUPDDLQRYD§£RHDUXSWXUD
DIHWDU£R QRVVRV SDGUµHV GH YLGD H EHPHVWDU WDQWR GH IRUPD SRVLWLYD
TXDQWRQHJDWLYD
3DUHFH TXH R FRQVXPLGRU VHU¡ TXHP PDLV JDQKDU¡ $ TXDUWD
UHYROX§£R LQGXVWULDO WRUQRX SRVVYHO D H[LVWªQFLD GH QRYRV SURGXWRV H
VHUYL§RV TXH DXPHQWDP VHP SUDWLFDPHQWH QHQKXP FXVWR D HILFLªQFLD
GHQRVVDVYLGDVFRPRFRQVXPLGRUHV3HGLUXPW¡[LHQFRQWUDUXPYRR
FRPSUDUXPSURGXWRID]HUSDJDPHQWRVRXYLUPºVLFDRXDVVLVWLUDXP
ILOPH ȉ TXDOTXHU XPD GHVVDV WDUHIDV SRGH DJRUD VHU UHDOL]DGD
UHPRWDPHQWH 2V EHQHIFLRV GD WHFQRORJLD SDUD RV FRQVXPLGRUHV V£R
LUUHIXW¡YHLV $ LQWHUQHW R VPDUWSKRQH H PLOKDUHV GH DSOLFDWLYRV HVW£R
GHL[DQGR QRVVDV YLGDV PDLV I¡FHLV H ȉ HP JHUDO ȉ PDLV SURGXWLYDV
8PGLVSRVLWLYRVLPSOHVFRPRXPWDEOHWTXHXVDPRVSDUDOHUQDYHJDU
HQRVFRPXQLFDUSRVVXLDFDSDFLGDGHGHSURFHVVDPHQWRHTXLYDOHQWHD
PLO FRPSXWDGRUHV GHVNWRS GH DQRV DWU¡V HQTXDQWR R FXVWR GH
DUPD]HQDPHQWR GDV LQIRUPD§µHV HVW¡ VH DSUR[LPDQGR GH ]HUR
$UPD]HQDU *% FXVWD HP P©GLD PHQRV GH 86 SRU DQR
DWXDOPHQWHK¡DQRVRYDORUHUD86PLO
2V GHVDILRV FULDGRV SHOD TXDUWD UHYROX§£R LQGXVWULDO SDUHFHP
FRQFHQWUDUVH SULQFLSDOPHQWH QR ODGR GD RIHUWD ȉ QR PXQGR GR
WUDEDOKR H GD SURGX§£R 'XUDQWH RV ºOWLPRV DQRV D HVPDJDGRUD
PDLRULD GRV SDVHV PDLV GHVHQYROYLGRV H WDPE©P DOJXPDV HFRQRPLDV
HP U¡SLGR FUHVFLPHQWR FRPR D &KLQD WªP SDVVDGR SRU XP GHFOQLR
VLJQLILFDWLYR GH VXD P£R GH REUD YLVWD FRPR SRUFHQWDJHP GR 3,%
0HWDGH GHVVD TXHGD © HP UD]£R GD TXHGD QR SUH§R UHODWLYR GRV EHQV
GH LQYHVWLPHQWR VHQGR TXH HVWD ºOWLPD IRL FDXVDGD SHORV SURJUHVVRV
GDV LQRYD§µHV TXH REULJD DV HPSUHVDV D VXEVWLWXUHP WUDEDOKR SRU
FDSLWDO
&RPR UHVXOWDGR RV JUDQGHV EHQHILFL¡ULRV GD TXDUWD UHYROX§£R
LQGXVWULDO V£R RV SURYHGRUHV GH FDSLWDO LQWHOHFWXDO RX IVLFR ȉ RV
LQRYDGRUHV RV LQYHVWLGRUHV H RV DFLRQLVWDV LVVR H[SOLFD R IRVVR
FUHVFHQWH HQWUH D ULTXH]D GDTXHOHV TXH GHSHQGHP GR VHX WUDEDOKR H
DTXHOHV TXH SRVVXHUQ FDSLWDO ,VVR WDPE©P © UHVSRQV¡YHO SHOD
GHVLOXV£R HQWUH WDQWRV WUDEDOKDGRUHV FRQYHQFLGRV GH TXH Q£R SRGHP
DXPHQWDUVXDUHQGDUHDOGXUDQWHDYLGDHGHTXHVHXVILOKRVWDOYH]Q£R
WHQKDPXPDYLGDPHOKRUTXHDGHOHV
$VGHVLJXDOGDGHVHDVSUHRFXSD§µHVFUHVFHQWHVVREUHDVLQMXVWL§DV
DSUHVHQWDP XP GHVDILR VLJQLILFDWLYR H SRU LVVR GHGLFDUHL XPD VH§£R
QR &DSWXOR VRPHQWH SDUD WUDWDU GHVVH WHPD $ FRQFHQWUD§£R GH
YDQWDJHQV H YDORUHV HP DSHQDV XPD SHTXHQD SRUFHQWDJHP GD
SRSXOD§£R © WDPE©P DJUDYDGD SHOR HIHLWR SODWDIRUPD QR TXDO DV
RUJDQL]D§µHV GLJLWDLV FULDP UHGHV TXH HPSDUHOKDP FRPSUDGRUHV H
YHQGHGRUHVGHXPDJUDQGHYDULHGDGHGHSURGXWRVHVHUYL§RVHDVVLP
GHVIUXWDPGHUHQGLPHQWRVFUHVFHQWHVGHHVFDOD
$ FRQVHTXªQFLD GR HIHLWR SODWDIRUPD © XPD FRQFHQWUD§£R GH
SRXFDV SODWDIRUPDV SRGHURVDV TXH GRPLQDP VHXV PHUFDGRV 2V
EHQHIFLRV V£R ³EYLRV HVSHFLDOPHQWH SDUD RV FRQVXPLGRUHV PDLRU
YDORU PDLV FRQYHQLªQFLD H FXVWRV PDLV EDL[RV 2V ULVFRV VRFLDLV
WDPE©PV£RHYLGHQWHV$RHYLWDUDFRQFHQWUD§£RGHSRGHUHYDORUQDV
P£RV GH SRXFRV SUHFLVDPRV HQFRQWUDU IRUPDV GH HTXLOLEUDU RV
EHQHIFLRV H RV ULVFRV GDV SODWDIRUPDV GLJLWDLV LQFOXLQGR DV
SODWDIRUPDV LQGXVWULDLV TXH JDUDQWDP DEHUWXUD H RSRUWXQLGDGHV V
LQRYD§µHVFRODERUDWLYDV
7RGDV HVVDV PXGDQ§DV TXH DIHWDP QRVVRV VLVWHPDV HFRQ´PLFRV
VRFLDLV H SROWLFRV V£R IXQGDPHQWDLV H GLIFHLV GH VHUHP GHVIHLWDV
PHVPR TXH R SURFHVVR GD SU³SULD JOREDOL]D§£R VHMD UHYHUWLGR GH
DOJXPD IRUPD $ TXHVW£R SDUD WRGDV DV LQGºVWULDV H HPSUHVDV VHP
H[FH§£R Q£R © PDLV Ȑ+DYHU¡ UXSWXUD HP PLQKD HPSUHVD"ȑ PDV
Ȑ4XDQGR RFRUUHU¡ D UXSWXUD TXDQWR LU¡ GHPRUDU H FRPR HOD DIHWDU¡ D
PLPHDPLQKDRUJDQL]D§£R"ȑ
$UHDOLGDGHGDUXSWXUDHGDLQHYLWDELOLGDGHGRLPSDFWRTXHHODWHU¡
VREUHQ³VQ£RVLJQLILFDTXHVRPRVLPSRWHQWHVSHUDQWHHOD)D]SDUWHGH
QRVVD UHVSRQVDELOLGDGH JDUDQWLU TXH HVWDEHOH§DPRV XP FRQMXQWR GH
YDORUHVFRPXQVTXHQRUWHLHPHVFROKDVSROWLFDVEHPFRPRUHDOL]DUDV
DOWHUD§µHV TXH Y£R ID]HU TXH D TXDUWD UHYROX§£R LQGXVWULDO VHMD XPD
RSRUWXQLGDGHSDUDWRGRV
&$378/2Ȉ,PSXOVLRQDGRUHV
,QºPHUDV RUJDQL]D§µHV SURGX]LUDP OLVWDV FODVVLILFDQGR DV Y¡ULDV
WHFQRORJLDV TXH LU£R LPSXOVLRQDU D TXDUWD UHYROX§£R LQGXVWULDO $V
GHVFREHUWDVFLHQWILFDVHDVQRYDVWHFQRORJLDVTXHHODVJHUDPSDUHFHP
LOLPLWDGDV GHVGREUDQGRVH HP PXLWDV IUHQWHV H OXJDUHV GLVWLQWRV
0LQKD VHOH§£R GDV SULQFLSDLV WHFQRORJLDV EDVHLDVH QD SHVTXLVD IHLWD
SHOR)³UXP(FRQ´PLFR0XQGLDOHQRWUDEDOKRGHY¡ULRV&RQVHOKRVGD
$JHQGD*OREDOGR)³UXP
0HJDWHQGªQFLDV
7RGDV DV LQRYD§µHV H WHFQRORJLDV WªP XPD FDUDFWHUVWLFD HP
FRPXP HODV DSURYHLWDP D FDSDFLGDGH GH GLVVHPLQD§£R GD
GLJLWDOL]D§£R H GD WHFQRORJLD GD LQIRUPD§£R 7RGDV DV LQRYD§µHV
GHVFULWDV QHVWH FDSWXOR V£R SRVVYHLV H UHFHEHP R UHIRU§R GD
FDSDFLGDGHGLJLWDO2VHTXHQFLDPHQWRJHQ©WLFRSRUH[HPSORQ£RVHULD
SRVVYHO VHP RV DYDQ§RV RFRUULGRV QD DQ¡OLVH GH GDGRV H QD
FDSDFLGDGH GH SURFHVVDPHQWR 'D PHVPD IRUPD Q£R H[LVWLULDP URE´V
DYDQ§DGRV VHP D LQWHOLJªQFLD DUWLILFLDO TXH SRU VL V³ GHSHQGH HP
JUDQGHSDUWHGDFDSDFLGDGHGHSURFHVVDPHQWR
3DUD LGHQWLILFDU DV PHJDWHQGªQFLDV H UHODWDU D HQRUPH TXDQWLGDGH
GH LPSXOVLRQDGRUHV WHFQRO³JLFRV GD TXDUWD UHYROX§£R LQGXVWULDO HX
RUJDQL]HL XPD OLVWD GLYLGLGD HP WUªV FDWHJRULDV D FDWHJRULD IVLFD D
GLJLWDO H D ELRO³JLFD 7RGDV DV WUªV HVW£R SURIXQGDPHQWH LQWHU
UHODFLRQDGDVHDVWHFQRORJLDVEHQHILFLDPVHXPDVGDVRXWUDVFRPEDVH
HPGHVFREHUWDVHSURJUHVVRVUHDOL]DGRVSRUFDGDXPDGHODV
&DWHJRULDIVLFD
([LVWHP TXDWUR SULQFLSDLV PDQLIHVWD§µHV IVLFDV GDV
PHJDWHQGªQFLDV WHFQRO³JLFDV TXH V£R DV PDLV I¡FHLV GH HQ[HUJDUPRV
SRUFDXVDGHVXDQDWXUH]DWDQJYHO
ȉYHFXORVDXW´QRPRV
ȉLPSUHVV£RHP'
ȉURE³WLFDDYDQ§DGD
ȉQRYRVPDWHULDLV
9HFXORVDXW´QRPRV
$WXDOPHQWH R FDUUR VHP PRWRULVWD GRPLQD RV QRWLFL¡ULRV PDV
H[LVWHP RXWURV WLSRV GH YHFXORV DXW´QRPRV LQFOXLQGR FDPLQKµHV
GURQHV DYLµHV H EDUFRV &RQIRUPH DV WHFQRORJLDV RV VHQVRUHV H
LQWHOLJªQFLDDUWLILFLDOSRUH[HPSORVHGHVHQYROYHPDVFDSDFLGDGHVGH
WRGDV HVVDV P¡TXLQDV DXW´QRPDV PHOKRUDP HP ULWPR DFHOHUDGR V³
XPDTXHVW£RGHSRXFRVDQRVSDUDTXHGURQHVHYHFXORVVXEPHUVYHLV
GH EDL[R FXVWR H GLVSRQYHLV FRPHUFLDOPHQWH VHMDP XWLOL]DGRV HP
GLIHUHQWHVSURFHVVRV
&RQIRUPH RV GURQHV VH WRUQDP FDSD]HV GH VHQWLU H UHVSRQGHU DR
VHX DPELHQWH DOWHUDQGR VXD URWD GH YRR SDUD HYLWDU FROLVµHV HOHV
VHU£RFDSD]HVGHH[HFXWDUY¡ULDVWDUHIDVSRUH[HPSORDYHULILFD§£RGH
OLQKDV GH HQHUJLD HO©WULFD RX D HQWUHJD GH VXSULPHQWRV P©GLFRV HP
]RQDV GH JXHUUD 1D DJULFXOWXUD R XVR GH GURQHV FRPELQDGR FRP D
DQ¡OLVH GH GDGRV ȉ SHUPLWLU¡ D XWLOL]D§£R PDLV SUHFLVD H HILFLHQWH GH
DGXERVHGD¡JXDSRUH[HPSOR
,PSUHVV£RHP'
7DPE©P FKDPDGD GH IDEULFD§£R DGLWLYD D LPSUHVV£R HP '
FRQVLVWH QD FULD§£R GH XP REMHWR IVLFR SRU LPSUHVV£R FDPDGD VREUH
FDPDGD GH XP PRGHOR RX GHVHQKR GLJLWDO HP ' 2 SURFHVVR © R
RSRVWRGDIDEULFD§£RVXEWUDWLYDLVWR©DIRUPDFRPRRVREMHWRVIRUDP
FRQVWUXGRV DW© DJRUD DV FDPDGDV V£R UHPRYLGDV GH XP EORFR GH
PDWHULDO DW© TXH D IRUPD GHVHMDGD VHMD REWLGD 3RU FRQWUDVWH D
LPSUHVV£R HP ' FRPH§D FRP XP PDWHULDO GHVDUWLFXODGR H HP
VHJXLGD FULD XP REMHWR HP WUªV GLPHQVµHV SRU PHLR GH XP PRGHOR
GLJLWDO
$ WHFQRORJLD SRVVXL XPD DPSOD JDPD GH XWLOL]D§µHV GHVGH DV
JUDQGHV WXUELQDV H³OLFDV DW© DV SHTXHQDV LPSODQWHV P©GLFRV 1R
PRPHQWR VHX XVR OLPLWDVH SULQFLSDOPHQWH V LQGºVWULDV DXWRPRWLYDV
DHURHVSDFLDLV H P©GLFDV $R FRQWU¡ULR GRV EHQV PDQXIDWXUDGRV
SURGX]LGRV HP PDVVD RV SURGXWRV LPSUHVVRV HP ' SRGHP VHU
IDFLOPHQWHSHUVRQDOL]DGRV&RQIRUPHDVUHVWUL§µHVDWXDLVHPUHOD§£RD
WDPDQKR FXVWR H YHORFLGDGH V£R SURJUHVVLYDPHQWH VXSHUDGDV D
LPSUHVV£R HP ' LU¡ VH WRUQDU PDLV GLIXQGLGD H LQFOXLU¡ FRPSRQHQWHV
HOHWU´QLFRV LQWHJUDGRV WDLV FRPR SODFDV GH FLUFXLWR H DW© PHVPR
F©OXODV H ³UJ£RV KXPDQRV 2V LQYHVWLJDGRUHV M¡ HVW£R WUDEDOKDQGR HP
'XPSURFHVVRTXHFULDULDXPDQRYDJHUD§£RGHSURGXWRVFDSD]HVGH
ID]HU PRGLILFD§µHV HP VL PHVPRV GH DFRUGR FRP DV PXGDQ§DV
DPELHQWDLV FRPR FDORU H XPLGDGH (VVD WHFQRORJLD SRGHULD VHU XVDGD
QDV URXSDV RX QRV VDSDWRV EHP FRPR HP SURGXWRV UHODFLRQDGRV
VDºGHSRUH[HPSORLPSODQWHVSURMHWDGRVSDUDVHDGDSWDUHPDRFRUSR
KXPDQR
5RE³WLFDDYDQ§DGD
$W© UHFHQWHPHQWH R XVR GH URE´V HVWDYD FRQILQDGR V WDUHIDV
ULJLGDPHQWH FRQWURODGDV GH LQGºVWULDV HVSHFILFDV D DXWRPRWLYD SRU
H[HPSOR +RMH QR HQWDQWR RV URE´V V£R FDGD YH] PDLV XWLOL]DGRV HP
WRGRVRVVHWRUHVHSDUDXPDDPSODJDPDGHWDUHIDVVHMDQDDJULFXOWXUD
GH SUHFLV£R VHMD QD HQIHUPDJHP (P EUHYH R U¡SLGR SURJUHVVR GD
URE³WLFDLU¡WUDQVIRUPDUDFRODERUD§£RHQWUHVHUHVKXPDQRVHP¡TXLQDV
HPXPDUHDOLGDGHFRWLGLDQD$O©PGLVVRSRUFDXVDGHRXWURVDYDQ§RV
WHFQRO³JLFRV RV URE´V HVW£R VH WRUQDQGR PDLV DGDSW¡YHLV H IOH[YHLV
SRLV D FRQFHS§£R HVWUXWXUDO H IXQFLRQDO GHOHV SDVVRX D VHU LQVSLUDGD
SRU HVWUXWXUDV ELRO³JLFDV FRPSOH[DV XPD H[WHQV£R GH XP SURFHVVR
FKDPDGR ELRPLPHWLVPR SHOR TXDO LPLWDPVH RV SDGUµHV H DV
HVWUDW©JLDVGDQDWXUH]D2VDYDQ§RVGRVVHQVRUHVFDSDFLWDPRVURE´V
DFRPSUHHQGHUHUHVSRQGHUPHOKRUDRVHXDPELHQWHHHPSHQKDUVHHP
WDUHIDV YDULDGDV SRU H[HPSOR DV WDUHIDV GRP©VWLFDV $R FRQWU¡ULR GR
SDVVDGR TXDQGR HOHV SUHFLVDYDP VHU SURJUDPDGRV SRU XPD XQLGDGH
DXW´QRPDRVURE´VSRGHPDJRUDDFHVVDULQIRUPD§µHVUHPRWDVDWUDY©V
GDQXYHPHDVVLP VHFRQHFWDUD XPDUHGHGH RXWURVURE´V4XDQGR D
SU³[LPDJHUD§£RGHURE´VVXUJLUHOHVSURYDYHOPHQWHLU£RVHURUHIOH[R
GH XPD FUHVFHQWH ªQIDVH QD FRODERUD§£R HQWUH KXPDQRV H P¡TXLQDV
1R &DSWXOR LUHL H[SORUDU DV TXHVWµHV ©WLFDV H SVLFRO³JLFDV GDV
UHOD§µHVHQWUHKXPDQRVHP¡TXLQDV
1RYRVPDWHULDLV
&RPFDUDFWHUVWLFDVTXHSDUHFLDPLQLPDJLQ¡YHLVK¡DOJXQVDQRVRV
QRYRV PDWHULDLV HVW£R FKHJDQGR DR PHUFDGR (P JHUDO HOHV V£R PDLV
OHYHVPDLVIRUWHVUHFLFO¡YHLVHDGDSW¡YHLV$JRUDH[LVWHPDSOLFD§µHV
SDUDPDWHULDLVLQWHOLJHQWHVFRPDXWRUUHSDUD§£RRXDXWROLPSH]DPHWDLV
FRPPHP³ULDTXHUHWRPDPVXDVIRUPDVRULJLQDLVFHU¢PLFDVHFULVWDLV
TXHWUDQVIRUPDPSUHVV£RHPHQHUJLDHDVVLPSRUGLDQWH
'H PDQHLUD VHPHOKDQWH D PXLWDV LQRYD§µHV GD TXDUWD UHYROX§£R
LQGXVWULDO©GLIFLOVDEHUSDUDRQGHRVDYDQ§RVHPQRYRVPDWHULDLVQRV
OHYDU£R3RUH[HPSORRVPRGHUQRVQDQRPDWHULDLVFRPRRJUDIHQRTXH
©FHUFDGHYH]HVPDLVIRUWHTXHRD§RPLOKµHVGHYH]HVPDLVILQR
TXH XP FDEHOR KXPDQR H XP HILFLHQWH FRQGXWRU GH FDORU H
HOHWULFLGDGH 4XDQGR R JUDIHQR VH WRUQDU ILQDQFHLUDPHQWH FRPSHWLWLYR
JUDPDDJUDPDHOH©XPGRVPDWHULDLVPDLVFDURVGRPXQGRXPJU£R
GHPLFU´PHWURFXVWDPDLVGH86SRGHU¡FDXVDUUXSWXUDVQDV
LQGºVWULDV GH IDEULFD§£R H LQIUDHV WUXWXUD 3RGHU¡ WDPE©P DIHWDU
SURIXQGDPHQWH RV SDVHV TXH GHSHQGHP IRUWHPHQWH GH GHWHUPLQDGD
PHUFDGRULD
2XWURVQRYRVPDWHULDLVSRGHU£RGHVHPSHQKDUXPSDSHOLPSRUWDQWH
QD PLWLJD§£R GRV ULVFRV JOREDLV TXH HQIUHQWDPRV $V LQRYD§µHV HP
SO¡VWLFRV WHUPRIL[RV SRU H[HPSOR SRGHP WUDQVIRUPDU HP PDWHULDLV
UHXWLOL]¡YHLV DTXHOHV TXH HUDP FRQVLGHUDGRV TXDVH LPSRVVYHLV GH
VHUHPUHFLFODGRVPDVV£RXVDGRVHPWXGRGHVGHWHOHIRQHVFHOXODUHVH
SODFDV GH FLUFXLWR DW© SH§DV SDUD D LQGºVWULD DHURHVSDFLDO $
GHVFREHUWD UHFHQWH GH QRYDV FODVVHV GH SROPHURV WHUPRIL[RV
UHFLFO¡YHLV FKDPDGRV SROLKH[DKLGURWULD]LQDV 3+7V © XP SDVVR
LPSRUWDQWH SDUD D HFRQRPLD FLUFXODU D TXDO © UHJHQHUDWLYD SRU
SULQFSLR H WUDEDOKD SRU PHLR GD GLVVRFLD§£R GDV QHFHVVLGDGHV GH
FUHVFLPHQWRHGHUHFXUVRV
&DWHJRULDGLJLWDO
8PD GDV SULQFLSDLV SRQWHV HQWUH DV DSOLFD§µHV IVLFDV H GLJLWDLV
RULJLQDGDV SHOD TXDUWD UHYROX§£R LQGXVWULDO © D LQWHUQHW GDV FRLVDV
,R7ȉ VYH]HVFKDPDGDGHȐDLQWHUQHWGHWRGDVDVFRLVDVȑ(PVXD
IRUPD PDLV VLPSOHV HOD SRGH VHU GHVFULWD FRPR D UHOD§£R HQWUH DV
FRLVDV SURGXWRV VHUYL§RV OXJDUHV HWF H DV SHVVRDV TXH VH WRUQD
SRVVYHOSRUPHLRGHGLYHUVDVSODWDIRUPDVHWHFQRORJLDVFRQHFWDGDV
2VVHQVRUHVHY¡ULRVRXWURVPHLRVGHFRQHFWDUDVFRLVDVGRPXQGR
IVLFR V UHGHV YLUWXDLV HVW£R VH SUROLIHUDQGR HP XP ULWPR
LPSUHVVLRQDQWH 6HQVRUHV PHQRUHV PDLV EDUDWRV H LQWHOLJHQWHV HVW£R
VHQGR LQVWDODGRV HP FDVDV URXSDV H DFHVV³ULRV FLGDGHV UHGHV GH
WUDQVSRUWHV H HQHUJLD EHP FRPR QRV SURFHVVRV GH IDEULFD§£R +RMH
H[LVWHPELOKµHVGHGLVSRVLWLYRVHPWRGRRPXQGRFRPRVPDUWSKRQHV
WDEOHWVHFRPSXWDGRUHVFRQHFWDGRV LQWHUQHW(VSHUDVHTXHRQºPHUR
GHVVHV GLVSRVLWLYRV DXPHQWH GUDPDWLFDPHQWH QRV SU³[LPRV DQRV DV
HVWLPDWLYDV YDULDP HQWUH Y¡ULRV ELOKµHV H PDLV GH WULOK£R ,VVR
DOWHUDU¡ UDGLFDOPHQWH D PDQHLUD TXH JHUHQFLDPRV DV FDGHLDV GH
IRUQHFLPHQWRSRLVSHUPLWLU¡TXHPRQLWRUHPRVHRWLPL]HPRVRVDWLYRVH
DVDWLYLGDGHVGHIRUPDEDVWDQWHJUDQXODU'XUDQWHHVVHSURFHVVRWRGRV
RV VHWRUHV ȉ GHVGH D IDEULFD§£R H LQIUDHVWUXWXUD DW© R GH VDºGH ȉ
UHFHEHU£RLPSDFWRVWUDQVIRUPDGRUHV
3HQVHQRPRQLWRUDPHQWRUHPRWRȉXPDDSOLFD§£RJHQHUDOL]DGDGD
,R7 4XDOTXHU SDFRWH SDOHWH RX FRQWªLQHU DJRUD SRGH UHFHEHU XP
VHQVRU WUDQVPLVVRU RX LGHQWLILFD§£R SRU UDGLRIUHTXªQFLD 5),' QD
VLJOD HP LQJOªV SHUPLWLQGR TXH DV HPSUHVDV UDVWUHLHP RQGH HVW£R H
FRPR V£R PRYLPHQWDGRV VHXV REMHWRV HP WRGD D FDGHLD GH
IRUQHFLPHQWRȉTXDOVHXGHVHPSHQKRFRPRHVW¡VHQGRXVDGRHWF'D
PHVPD IRUPD RV FOLHQWHV SRGHP DFRPSDQKDU GH PDQHLUD FRQWQXD
SUDWLFDPHQWHHPWHPSRUHDORDQGDPHQWRGRSDFRWHRXGRGRFXPHQWR
TXHHVW¡HPWU¢QVLWR,VVR©DOJRWUDQVIRUPDGRUSDUDDVHPSUHVDVFXMRV
QHJ³FLRV WUDWDP GD RSHUD§£R GH ORQJDV H FRPSOH[DV FDGHLDV GH
IRUQHFLPHQWR 1XP IXWXUR SU³[LPR VLVWHPDV GH PRQLWRUDPHQWR
VHPHOKDQWHVWDPE©PVHU£RDSOLFDGRV FLUFXOD§£RHDRUDVWUHDPHQWRGH
SHVVRDV
$ UHYROX§£R GLJLWDO HVW¡ FULDQGR DERUGDJHQV UDGLFDOPHQWH QRYDV
TXHUHYROXFLRQDU£RRHQYROYLPHQWRHDFRODERUD§£RHQWUHLQGLYGXRVH
LQVWLWXL§µHV 3RU H[HPSOR R EORFNFKDLQ PXLWDV YH]HV GHVFULWR FRPR
XPȐOLYURUD]£RGLVWULEXGRȑ©XPSURWRFRORVHJXURQRTXDOXPDUHGH
GH FRPSXWDGRUHV YHULILFD GH IRUPD FROHWLYD XPD WUDQVD§£R DQWHV GH
UHJLVWU¡OD H DSURY¡OD $ WHFQRORJLD TXH VXVWHQWD R EORFNFKDLQ FULD
FRQILDQ§D SHUPLWLQGR TXH SHVVRDV TXH Q£R R FRQKH§DP H SRUWDQWR
Q£RWªPQHQKXPDEDVHVXEMDFHQWHGHFRQILDQ§DFRODERUHPVHPWHUGH
SDVVDUSRUXPDDXWRULGDGHFHQWUDOQHXWUDRXVHMDXPGHSRVLW¡ULRRX
OLYUR FRQW¡ELO FHQWUDO (P HVVªQFLD R EORFNFKDLQ © XP OLYUR FRQW¡ELO
FRPSDUWLOKDGR SURJUDP¡YHO FULSWRJUDILFDPHQWH VHJXUR H SRUWDQWR
FRQIL¡YHO HOH Q£R © FRQWURODGR SRU QHQKXP XVX¡ULR ºQLFR PDV SRGH
VHULQVSHFLRQDGRSRUWRGRV
2%LWFRLQ©REORFNFKDLQPDLVFRQKHFLGRQHVWHPRPHQWRPDVHVVD
WHFQRORJLDORJRGDU¡RULJHPDLQºPHURVRXWURV6HDJRUDDWHFQRORJLD
GR EORFNFKDLQ UHJLVWUD WUDQVD§µHV ILQDQFHLUDV IHLWDV FRP PRHGDV
GLJLWDLVR%LWFRLQSRUH[HPSORIXWXUDPHQWHHOHVHUYLU¡SDUDUHJLVWUDU
FRLVDV EHP GLIHUHQWHV FRPR QDVFLPHQWRV H ³ELWRV WWXORV GH
SURSULHGDGH FHUWLGµHV GH FDVDPHQWR GLSORPDV HVFRODUHV SHGLGRV V
VHJXUDGRUDV SURFHGLPHQWRV P©GLFRV H YRWRV ȉ HVVHQFLDOPHQWH
TXDLVTXHUWLSRVGHWUDQVD§£RTXHSRGHPVHUWUDQVIRUPDGDVHPF³GLJR
$OJXQV SDVHV RX LQVWLWXL§µHV M¡ HVW£R LQYHVWLJDQGR R SRWHQFLDO GR
EORFNFKDLQ 2 JRYHUQR GH +RQGXUDV SRU H[HPSOR HVW¡ XVDQGR D
WHFQRORJLDSDUDOLGDUFRPWWXORVGHWHUUDHD,OKDGH0DQHVW¡WHVWDQGR
VHXXVRSDUDRUHJLVWURGHHPSUHVDV
(P XPD HVFDOD PDLV DPSOD DV SODWDIRUPDV WHFQRO³JLFDV WRUQDP
SRVVYHO DTXLOR TXH KRMH FKDPDPRV GH HFRQRPLD VRE GHPDQGD
FKDPDGD SRU DOJXQV GH HFRQRPLD FRPSDUWLOKDGD (VVDV SODWDIRUPDV
I¡FHLV GH XVDU HP XP VPDUWSKRQH UHºQHP SHVVRDV DWLYRV H GDGRV
FULDQGR IRUPDV LQWHLUDPHQWH QRYDV GH FRQVXPLU EHQV H VHUYL§RV (ODV
GHUUXEDP EDUUHLUDV SDUD TXH HPSUHVDV H LQGLYGXRV FULHP ULTXH]D
DOWHUDQGRDPELHQWHVSHVVRDLVHSURILVVLRQDLV
2 PRGHOR GD HPSUHVD 8EHU VLPEROL]D R SRGHU GH UXSWXUD GHVVDV
SODWDIRUPDV WHFQRO³JLFDV (VVDV HPSUHVDV GH SODWDIRUPD PXOWLSOLFDP
VH UDSLGDPHQWH RIHUHFHQGR QRYRV VHUYL§RV TXH Y£R GHVGH D ODYDJHP
GH URXSDV DW© FRPSUDV GH WDUHIDV GRP©VWLFDV D HVWDFLRQDPHQWRV GH
FDVDV SDUD HVWDGD DR FRPSDUWLOKDPHQWR GH WUDQVSRUWH GH ORQJD
GLVW¢QFLD7RGDVHODVWªPXPDFRLVDHPFRPXPVHPHLDPDFRQILDQ§D
SRLV HPSDUHOKDP RIHUWD H GHPDQGD GH XPD IRUPD EDVWDQWH DFHVVYHO
EDL[R FXVWR RIHUHFHP GLYHUVDV PHUFDGRULDV DRV FRQVXPLGRUHV H
SHUPLWHP TXH DPEDV DV SDUWHV LQWHUDMDP H RIHUH§DP IHHGEDFN ,VVR
SHUPLWH R XVR HILFD] GH DWLYRV VXEXWLOL]DGRV ȉ RX VHMD DTXHOHV
SHUWHQFHQWHVDSHVVRDVTXHDQWHULRUPHQWHQXQFDKDYLDPVHYLVWRFRPR
IRUQHFHGRUHV RX VHMD IRUQHFHGRUHV GH XP OXJDU HP VHX FDUUR GH XP
TXDUWR HP VXD FDVD GH XPD LQWHUPHGLD§£R FRPHUFLDO HQWUH XP
YDUHMLVWD H XP IDEULFDQWH RX GR WHPSR H KDELOLGDGH SDUD RIHUHFHU XP
VHUYL§RGHHQWUHJDGHUHSDURGRP©VWLFRRXGHWDUHIDVDGPLQLVWUDWLYDV
$ HFRQRPLD VRE GHPDQGD JHUD XPD TXHVW£R IXQGDPHQWDO 2 TXH
YDOHDSHQDSRVVXLUȉDSODWDIRUPDRXRDWLYRVXEMDFHQWH"(PPDU§R
GHRHVWUDWHJLVWDGHPGLD7RP*RRGZLQHVFUHYHXHPXPDUWLJR
SDUDR7HFK&QPFKȐ28EHUDPDLRUHPSUHVDGHW¡[LVGRPXQGRQ£R
SRVVXL VHTXHU XP YHFXOR 2 )DFHERRN R SURSULHW¡ULR GH PGLD PDLV
SRSXODU GR PXQGR Q£R FULD QHQKXP FRQWHºGR $OLEDED R YDUHMLVWD
PDLV YDOLRVR Q£R SRVVXL HVWRTXHV ( R $LUEQE R PDLRU SURYHGRU GH
KRVSHGDJHPGRPXQGRQ£RSRVVXLVHTXHUXPLP³YHOȑ
$V SODWDIRUPDV GLJLWDLV UHGX]LUDP GUDVWLFDPHQWH RV FXVWRV GH
WUDQVD§£R H IULF§£R LQFRUULGRV VHPSUH TXH LQGLYGXRV RX RUJDQL]D§µHV
FRPSDUWLOKDP R XVR GH XP DWLYR RX RIHUHFHP XP VHUYL§R &DGD
WUDQVD§£R SRGH DJRUD VHU GLYLGLGD HP LQFUHPHQWRV PXLWR SHTXHQRV
FRPJDQKRVHFRQ´PLFRVSDUDWRGDVDVSDUWHVHQYROYLGDV$O©PGLVVR
DRXVDUDVSODWDIRUPDVGLJLWDLVRFXVWRPDUJLQDOGHSURGX§£RGHFDGD
SURGXWR DGLFLRQDO EHP RX VHUYL§R WHQGH D ]HUR ,VVR WHP LPSOLFD§µHV
GUDP¡WLFDV SDUD DV HPSUHVDV H SDUD VRFLHGDGH DV TXDLV VHU£R
H[SORUDGDVQR&DSWXOR
%LRO³JLFD
$V LQRYD§µHV QR FDPSR GD ELRORJLD ȉ H HP SDUWLFXODU QD
JHQ©WLFD ȉ V£R GH WLUDU R I´OHJR 1RV ºOWLPRV DQRV IRUDP UHDOL]DGRV
FRQVLGHU¡YHLV SURJUHVVRV QD UHGX§£R GRV FXVWRV H DXPHQWR GD
IDFLOLGDGH GR VHTXHQFLDPHQWR JHQ©WLFR H XOWLPDPHQWH QD DWLYD§£R RX
HGL§£R GH JHQHV 'HPRURX PDLV GH GH] DQRV D XP FXVWR GH 86
ELOKµHV SDUD TXH R SURMHWR GR JHQRPD KXPDQR IRVVH FRPSOHWDGR
+RMHXPJHQRPDSRGHVHUVHTXHQFLDGRHPSRXFDVKRUDVHSRUPHQRV
GH PLO G³ODUHV 2V DYDQ§RV GD FDSDFLGDGH GH SURFHVVDPHQWR
SHUPLWLUDPTXHRVFLHQWLVWDVQ£RSUHFLVHPPDLVWUDEDOKDUFRPWHQWDWLYD
HHUURHPYH]GLVVRHOHVWHVWDPFRPRYDULD§µHVJHQ©WLFDVHVSHFILFDV
JHUDPGRHQ§DVHFDUDFWHUVWLFDVSDUWLFXODUHV
2SU³[LPRSDVVR©DELRORJLDVLQW©WLFD(ODRIHUHFHU¡DFDSDFLGDGH
GH FULDU RUJDQLVPRV SHUVRQDOL]DGRV HVFUHYHQGR R '1$ GHOHV
'HL[DQGRGHODGRDVSURIXQGDVTXHVWµHV©WLFDVTXHLVVROHYDQWDHVVHV
DYDQ§RVQ£RV³FDXVDU£RXPLPSDFWRSURIXQGRHLPHGLDWRQDPHGLFLQD
PDVWDPE©PQDDJULFXOWXUDHQDSURGX§£RGHELRFRPEXVWYHLV
(QWUHRVQRVVRVSUREOHPDVGHVDºGHLQWUDW¡YHLVGHVGHDVGRHQ§DV
FDUGDFDVDW©RF¢QFHUPXLWRVWªPXPFRPSRQHQWHJHQ©WLFR3RUFDXVD
GLVVR D FDSDFLGDGH GH GHWHUPLQDU QRVVD FRQVWLWXL§£R JHQ©WLFD
LQGLYLGXDO GH IRUPD HILFLHQWH H HFRQ´PLFD SRU PHLR GH P¡TXLQDV
XWLOL]DGDV HP GLDJQ³VWLFRV URWLQHLURV GH VHTXHQFLDPHQWR LU¡
UHYROXFLRQDU RV FXLGDGRV GH VDºGH WRUQDQGRRV SHUVRQDOL]DGRV H
HILFD]HV ,QIRUPDGRV SHOD FRQVWLWXL§£R JHQ©WLFD GH XP WXPRU RV
P©GLFRV SRGHU£R GHFLGLU R PHOKRU WUDWDPHQWR SDUD R F¢QFHU GH XP
SDFLHQWH
(QTXDQWR QRVVD FRPSUHHQV£R GDV OLJD§µHV HQWUH RV PDUFDGRUHV
JHQ©WLFRV H DV GRHQ§DV DLQGD © SHTXHQD R DXPHQWR GD TXDQWLGDGH GH
GDGRV LU¡ SRVVLELOLWDU XPD PHGLFLQD GH SUHFLV£R SHUPLWLQGR R
GHVHQYROYLPHQWR GH WHUDSLDV DOWDPHQWH VHJPHQWDGDV SDUD PHOKRUDU RV
UHVXOWDGRV GRV WUDWDPHQWRV 1R PRPHQWR :DWVRQ R VXSHUFRPSXWDGRU
GD ,%0 M¡ FRQVHJXH DMXGDU D UHFRPHQGDU HP SRXFRV PLQXWRV
WUDWDPHQWRVSHUVRQDOL]DGRVSDUDSDFLHQWHVFRPF¢QFHUFRPSDUDQGRRV
KLVW³ULFRVGDGRHQ§DHGRVWUDWDPHQWRVH[DPHVHGDGRVJHQ©WLFRVFRP
XP XQLYHUVR TXDVH FRPSOHWR GH FRQKHFLPHQWRV P©GLFRV
DWXDOL]DGRV
$ HGL§£R ELRO³JLFD SRGH VHU DSOLFDGD D SUDWLFDPHQWH TXDLVTXHU
WLSRV GH F©OXODV SHUPLWLQGR D FULD§£R GH SODQWDV RX DQLPDLV
JHQHWLFDPHQWH PRGLILFDGRV EHP FRPR PRGLILFDU DV F©OXODV GH
RUJDQLVPRVDGXOWRVLQFOXLQGRDVF©OXODVGHVHUHVKXPDQRV,VVRGLIHUH
GDHQJHQKDULDJHQ©WLFDSUDWLFDGDQDG©FDGDGHSRLV©PXLWRPDLV
SUHFLVD HILFLHQWH H I¡FLO GH XVDU GR TXH RV P©WRGRV DQWHULRUHV 1D
YHUGDGH D FLªQFLD DYDQ§D W£R U¡SLGR TXH QR PRPHQWR DV OLPLWD§µHV
V£R PDLV MXUGLFDV UHJXODPHQWDUHV H ©WLFDV TXH W©FQLFDV $ OLVWD GDV
SRVVYHLV DSOLFD§µHV © YLUWXDOPHQWH LQWHUPLQ¡YHO ȉ TXH Y£R GHVGH D
FDSDFLGDGHGHPRGLILFDURVDQLPDLVSDUDTXHHOHVSRVVDPVHUFULDGRV
FRP XP UHJLPH DOLPHQWDU PDLV HFRQ´PLFR RX PDLV EHP DGDSWDGR V
FRQGL§µHV ORFDLV DW© D FULD§£R GH SODQWD§µHV FDSD]HV GH UHVLVWLU D
WHPSHUDWXUDVH[WUHPDVRXVHFDV
&RQIRUPH DV LQYHVWLJD§µHV GD HQJHQKDULD JHQ©WLFD SURJULGHP SRU
H[HPSOR R GHVHQYROYLPHQWR GR P©WRGR &5,635&DV GH HGL§£R H
WHUDSLDJHQ©WLFDDVUHVWUL§µHVUHODWLYDVDRP©WRGRGHLPSOHPHQWD§£RH
HVSHFLILFLGDGHV VHU£R XOWUDSDVVDGDV GHL[DQGRQRV FRP XPD TXHVW£R
LPHGLDWD H PDLV GHVDILDGRUD HVSHFLDOPHQWH GR SRQWR GH YLVWD ©WLFR
&RPR D HGL§£R JHQ©WLFD UHYROXFLRQDU¡ D SHVTXLVD H R WUDWDPHQWR
P©GLFR"(PSULQFSLRDQLPDLVHSODQWDVSRGHULDPVHUSURMHWDGRVSDUD
SURGX]LU SURGXWRV IDUPDFªXWLFRV H RXWUDV IRUPDV GH WUDWDPHQWR 1£R
HVWDPRVORQJHGRGLDHPTXHYDFDVVHU£RSURMHWDGDVSDUDSURGX]LUHP
VHX OHLWH R HOHPHQWR GH FRDJXOD§£R GR VDQJXH TXH IDOWD DRV
KHPRIOLFRV2VSHVTXLVDGRUHVM¡FRPH§DUDPDUHHVFUHYHURVJHQRPDV
GRV SRUFRV SDUD TXH WHQKDP ³UJ£RV DGHTXDGRV SDUD R WUDQVSODQWH
KXPDQRXPSURFHVVRFKDPDGR[HQRWUDQVSODQWHRTXDOQ£RKDYLDVLGR
FRQFHELGRDW©DJRUDHPYLUWXGHGRULVFRGHUHMHL§£RLPXQRO³JLFDSHOR
FRUSRKXPDQRHGDWUDQVPLVV£RGDVGRHQ§DVGRVDQLPDLVSDUDRVVHUHV
KXPDQRV
(PFRQIRUPLGDGHFRPXPDDILUPD§£RIHLWDDQWHULRUPHQWHGHTXHD
XQL£R GH GLIHUHQWHV WHFQRORJLDV ID] TXH HODV VH HQULTXH§DP
PXWXDPHQWH D IDEULFD§£R HP ' VHU¡ DOLDGD HGL§£R GH JHQHV SDUD
SURGX]LU WHFLGRV YLYRV UHSDUD§£R H UHJHQHUD§£R GRV WHFLGRV ȉ XP
SURFHVVR FKDPDGR ELRLPSUHVV£R WULGLPHQVLRQDO $ W©FQLFD M¡ IRL
XWLOL]DGD SDUD FULDU SHOH RVVR FRUD§£R H WHFLGR YDVFXODU (P DOJXP
PRPHQWR FDPDGDV LPSUHVVDV GH F©OXODV GR IJDGR VHU£R XVDGDV SDUD
FULDU³UJ£RVWUDQVSODQW¡YHLV
(VWDPRV GHVHQYROYHQGR QRYDV PDQHLUDV GH LQFRUSRUDU H HPSUHJDU
GLVSRVLWLYRV TXH PRQLWRUDP QRVVRV QYHLV GH DWLYLGDGH QRVVD
FRPSRVL§£RVDQJXQHDHUHODFLRQDUWXGRLVVR SURGXWLYLGDGH VDºGH
PHQWDO H DR EHPHVWDU HP FDVD H QR WUDEDOKR 7DPE©P HVWDPRV
DSUHQGHQGR PXLWR PDLV VREUH R IXQFLRQDPHQWR GR F©UHEUR KXPDQR H
YHQGR SURJUHVVRV HPSROJDQWHV QR FDPSR GD QHXURWHFQRORJLD ,VVR ©
HQIDWL]DGRSHORIDWRGH TXHȉDR ORQJRGRVºOWLPRV DQRVȉHQWUH RV
SURJUDPDV GH SHVTXLVD TXH UHFHEHUDP RV PDLRUHV ILQDQFLDPHQWRV QR
PXQGRGRLVGHOHVID]HPSDUWHGDQHXURFLªQFLD
$FUHGLWR TXH RV PDLRUHV GHVDILRV HP UHOD§£R DR GHVHQYROYLPHQWR
GH QRUPDV VRFLDLV H UHJXODPHQWD§µHV DGHTXDGDV HVW£R QR GRPQLR
ELRO³JLFR 7HUHPRV GH OLGDU FRP QRYDV TXHVWµHV HP WRUQR GR
VLJQLILFDGRGHVHUPRVVHUHVKXPDQRVVREUHTXDLVGDGRVHLQIRUPD§µHV
D UHVSHLWR GH QRVVRV FRUSRV H VDºGH SRGHP RX GHYHP VHU
FRPSDUWLOKDGRV FRP RV RXWURV H VREUH RV GLUHLWRV H UHVSRQVDELOLGDGHV
TXH WHPRV TXDQGR VH WUDWD GH PXGDU R F³GLJR JHQ©WLFR GDV JHUD§µHV
IXWXUDV
5HWRUQHPRV TXHVW£RGDHGL§£RJHQ©WLFDSRLVDJRUD©PXLWRPDLV
I¡FLOPDQLSXODUFRPSUHFLV£RRJHQRPDKXPDQRGHHPEULµHVYL¡YHLVH
LVVRVLJQLILFDTXHSRGHUHPRVSUHVHQFLDUQRIXWXURRDGYHQWRGHEHEªV
SURMHWDGRV FRP FDUDFWHUVWLFDV SDUWLFXODUHV RX UHVLVWHQWHV D XPD
GRHQ§D HVSHFILFD 6HU¡ HVFXVDGR GL]HU TXH M¡ H[LVWHP GLVFXVVµHV
VREUH DV RSRUWXQLGDGHV H RV GHVDILRV GHVVDV FDSDFLGDGHV (P
GH]HPEUR GH D $FDGHPLD 1DFLRQDO GH &LªQFLDV H D $FDGHPLD
1DFLRQDOGH0HGLFLQDGRV(8$D$FDGHPLD&KLQHVDGH&LªQFLDVHD
6RFLHGDGH5HDOGR5HLQR8QLGRFRQYRFDUDPXPD&ºSXOD,QWHUQDFLRQDO
VREUH (GL§£R *HQ©WLFD +XPDQD $SHVDU GH WDLV GHOLEHUD§µHV DLQGD
Q£R HVWDPRV SUHSDUDGRV SDUD HQIUHQWDU DV UHDOLGDGHV H DV
FRQVHTXªQFLDV GDV ºOWLPDV W©FQLFDV JHQ©WLFDV PHVPR TXH HODV M¡
HVWHMDPDFDPLQKR2VGHVDILRVVRFLDLVP©GLFRV©WLFRVHSVLFRO³JLFRV
TXH UHSUHVHQWDP V£R FRQVLGHU¡YHLV H SUHFLVDP VHU UHVROYLGRV RX QR
PQLPRGHYLGDPHQWHDERUGDGRV
$GLQ¢PLFDGDGHVFREHUWD
,QRYDU © XP SURFHVVR VRFLDO FRPSOH[R H Q£R DOJR TXH GHYDPRV
DFHLWDU FRPR LQHYLW¡YHO 3RUWDQWR PHVPR TXH HVWD VH§£R WHQKD
GHVWDFDGRXPDDPSODJDPDGHDYDQ§RVWHFQRO³JLFRVFRPDFDSDFLGDGH
GH PXGDU R PXQGR © LPSRUWDQWH GDUPRV DWHQ§£R VREUH FRPR JDUDQWLU
TXHHVVHVDYDQ§RVFRQWLQXHPDVHUUHDOL]DGRVHVHMDPRULHQWDGRVSDUD
RVPHOKRUHVUHVXOWDGRVSRVVYHLV
$V LQVWLWXL§µHV DFDGªPLFDV FRVWXPDP VHU FRQVLGHUDGDV FRPR XP
GRVORFDLVPDLVLPSRUWDQWHVSDUDDVLGHLDVSLRQHLUDV1RHQWDQWRQRYDV
HYLGªQFLDVLQGLFDPTXHDWXDOPHQWHQDVXQLYHUVLGDGHVRVLQFHQWLYRV
FDUUHLUDHDVFRQGL§µHVGHILQDQFLDPHQWRIDYRUHFHPPDLVDVSHVTXLVDV
LQFUHPHQWDLV H FRQVHUYDGRUDV TXH RV SURJUDPDV RXVDGRV H
LQRYDGRUHV
8P DQWGRWR FRQWUD R FRQVHUYDGRULVPR GDV SHVTXLVDV GR PHLR
DFDGªPLFR © LQFHQWLYDU IRUPDV PDLV FRPHUFLDLV GH LQYHVWLJD§£R 0DV
HVWD ºOWLPD WDPE©P SRVVXL VHXV GHVDILRV (P D 8EHU
7HFKQRORJLHV ,QF FRQWUDWRX SHVTXLVDGRUHV H FLHQWLVWDV GD ¡UHD GH
URE³WLFD GD 8QLYHUVLGDGH &DUQHJLH 0HOORQ XPD SRUFHQWDJHP
VLJQLILFDWLYDGRFDSLWDOKXPDQRGHXPODERUDW³ULRTXHJHURXLPSDFWRV
FDSDFLGDGH GH VXDV SHVTXLVDV H FRORFRX RV FRQWUDWRV GD
8QLYHUVLGDGH FRP R 'HSDUWDPHQWR GH 'HIHVD GRV (VWDGRV 8QLGRV H
RXWUDVRUJDQL]D§µHVHPULVFR
3DUD IRPHQWDU DV SHVTXLVDV SLRQHLUDV GH EDVH H DV DGDSWD§µHV
W©FQLFDV LQRYDGRUDV QDV XQLYHUVLGDGHV H QDV HPSUHVDV RV JRYHUQRV
GHYHP DORFDU ILQDQFLDPHQWRV PDLV DJUHVVLYRV HP SURJUDPDV GH
SHVTXLVDV DPELFLRVRV ,JXDOPHQWH D FRODERUD§£R LQYHVWLJDWLYD
SºEOLFRSULYDGD GHYH HVWDU FDGD YH] PDLV YROWDGD FRQVWUX§£R GR
FRQKHFLPHQWRHGRFDSLWDOKXPDQRSDUDREHQHIFLRGHWRGRV
3RQWRVGHLQIOH[£R
4XDQGR HVVDV PHJDWHQGªQFLDV V£R GLVFXWLGDV HP WHUPRV JHUDLV
HODV SDUHFHP EDVWDQWH DEVWUDWDV 1R HQWDQWR HVW£R GDQGR RULJHP D
SURMHWRVHDSOLFD§µHVEHPUHDOLVWDV
8P UHODW³ULR GR )³UXP (FRQ´PLFR 0XQGLDO SXEOLFDGR HP
VHWHPEUR GH LGHQWLILFRX SRQWRV GH LQIOH[£R ȉ PRPHQWRV HP
TXH FHUWDV PXGDQ§DV WHFQRO³JLFDV HVSHFILFDV FKHJDP VRFLHGDGH ȉ
TXH LU£R PROGDU XP IXWXUR KLSHUFRQHFWDGR H GLJLWDO (VSHUDVH TXH
RFRUUDP QRV SU³[LPRV GH] DQRV H SRUWDQWR FDSWHP YLYDPHQWH DV
PXGDQ§DV SURIXQGDV GHVHQFDGHDGDV SHOD TXDUWD UHYROX§£R LQGXVWULDO
2V SRQWRV GH LQIOH[£R IRUDP LGHQWLILFDGRV SRU PHLR GH XPD SHVTXLVD
UHDOL]DGD SHOR &RQVHOKR GD $JHQGD *OREDO GR )³UXP (FRQ´PLFR
0XQGLDO D UHVSHLWR GR )XWXUR GR 6RIWZDUH H GD 6RFLHGDGH HP TXH
SDUWLFLSDUDP PDLV GH H[HFXWLYRV H HVSHFLDOLVWDV GR VHWRU GH
WHFQRORJLDGDLQIRUPD§£RHFRPXQLFD§µHV
$7DEHODYHUSPRVWUDDSRUFHQWDJHPGRVHQWUHYLVWDGRVTXH
HVSHUDP YHU D RFRUUªQFLD GH XP SRQWR GH LQIOH[£R HVSHFILFR DW©
1RDSªQGLFHDSUHVHQWRFDGDXPGRVSRQWRVGHLQIOH[£RHVHXV
LPSDFWRV SRVLWLYRV H QHJDWLYRV GH IRUPD PDLV GHWDOKDGD )RUDP
LQFOXGRV GRLV SRQWRV GH LQIOH[£R TXH Q£R IL]HUDP SDUWH GD SHVTXLVD
RULJLQDO ȉ VHUHV SURMHWDGRV H QHXURWHFQRORJLDV ȉ PDV Q£R DSDUHFHP
QD7DEHOD
2V SRQWRV GH LQIOH[£R RIHUHFHP XP FRQWH[WR LPSRUWDQWH SRLV
VLQDOL]DP D DSUR[LPD§£R GH DOWHUD§µHV VLJQLILFDWLYDV ȉ DPSOLILFDGDV
SRU VXD QDWXUH]D VLVWªPLFD ȉ H LQGLFDP D PHOKRU IRUPD GH HVWDUPRV
SUHSDUDGRV H UHVSRQGHUPRV D HODV &RQIRUPH VHU¡ H[SORUDGR QR
SU³[LPR FDSWXOR SDUD QDYHJDUPRV SRU HVVD WUDQVL§£R SUHFLVDPRV
HVWDU FLHQWHV GDV PXGDQ§DV ȉ HP FXUVR H IXWXUDV ȉ EHP FRPR GRV
LPSDFWRVTXHHODVFDXVDUDPHPWRGRVRVQYHLVGDVRFLHGDGHJOREDO
&$378/2Ȉ,PSDFWRV
$ HVFDOD H D DPSOLWXGH GD DWXDO UHYROX§£R WHFQRO³JLFD LU£R
GHVGREUDUVH HP PXGDQ§DV HFRQ´PLFDV VRFLDLV H FXOWXUDLV GH
SURSRU§µHV W£R IHQRPHQDLV TXH FKHJD D VHU TXDVH LPSRVVYHO SUHYª
ODV 1R HQWDQWR HVWH FDSWXOR GHVFUHYH H DQDOLVD R LPSDFWR SRWHQFLDO
GD TXDUWD UHYROX§£R LQGXVWULDO QD HFRQRPLD QRV QHJ³FLRV QRV
JRYHUQRVHSDVHVQDVRFLHGDGHHQRVLQGLYGXRV
(PWRGDVHVVDV¡UHDVXPGRVPDLRUHVLPSDFWRVVXUJLU¡DSDUWLUGH
XPDºQLFDIRU§DRHPSRGHUDPHQWRFRPRRVJRYHUQRVVHUHODFLRQDP
FRP RV VHXV FLGDG£RV FRPR DV HPSUHVDV VH UHODFLRQDP FRP VHXV
HPSUHJDGRV DFLRQLVWDV H FOLHQWHV RX FRPR DV VXSHUSRWªQFLDV VH
UHODFLRQDP FRP RV SDVHV PHQRUHV $ UXSWXUD TXH D TXDUWD UHYROX§£R
LQGXVWULDO FDXVDU¡ DRV DWXDLV PRGHORV SROWLFRV HFRQ´PLFRV H VRFLDLV
H[LJLU¡TXHRVDWRUHVFDSDFLWDGRVUHFRQKH§DPTXHHOHVV£RSDUWHGHXP
VLVWHPDGHSRGHUHVGLVWULEXGRVTXHUHTXHUIRUPDVPDLVFRODERUDWLYDV
GHLQWHUD§£RSDUDTXHSRVVDSURVSHUDU
(FRQRPLD
$ TXDUWD UHYROX§£R LQGXVWULDO WHU¡ XP LPSDFWR PRQXPHQWDO QD
HFRQRPLDJOREDOVHU¡W£RYDVWRHPXOWLIDFHWDGRTXHILFDGLIFLOVHSDUDU
GHWHUPLQDGRHIHLWRGRRXWUR'HIDWRWRGDVDVJUDQGHVPDFURYDUL¡YHLV
LPDJLQ¡YHLV ȉ 3,% LQYHVWLPHQWR FRQVXPR HPSUHJR FRP©UFLR
LQIOD§£R H DVVLP SRU GLDQWH VHU£R DIHWDGDV 'HFLGL IRFDU DSHQDV DV
GXDVGLPHQVµHVPDLVFUXFLDLVRFUHVFLPHQWRHPJUDQGHSDUWHDWUDY©V
GD OHQWH GH VHX GHWHUPLQDQWH GH ORQJR SUD]R D SURGXWLYLGDGH H R
HPSUHJR
&UHVFLPHQWR
2 LPSDFWR GD TXDUWD UHYROX§£R LQGXVWULDO VREUH R FUHVFLPHQWR
HFRQ´PLFR©XPDVVXQWRTXHGLYLGHRVHFRQRPLVWDV8PGRVODGRVR
GRV WHFQRSHVVLPLVWDV DUJXPHQWD TXH DV FRQWULEXL§µHV FUXFLDLV GD
UHYROX§£R GLJLWDO M¡ IRUDP UHDOL]DGDV H TXH VHX LPSDFWR VREUH D
SURGXWLYLGDGH HVW¡ TXDVH DFDEDQGR -¡ R ODGR RSRVWR R GRV WHFQR
RWLPLVWDV DILUPD TXH WHFQRORJLD H LQRYD§£R HVW£R HP XP SRQWR GH
LQIOH[£RHHPEUHYHLU£RGHVHQFDGHDUXPDXPHQWRQDSURGXWLYLGDGHH
PDLRUFUHVFLPHQWRHFRQ´PLFR
'H PLQKD SDUWH UHFRQKH§R DVSHFWRV GH DPERV RV ODGRV GR
DUJXPHQWR FRQWLQXR XP RWLPLVWD SUDJP¡WLFR (VWRX EHP FLHQWH GR
SRWHQFLDOLPSDFWRGHIODFLRQ¡ULRGDWHFQRORJLDPHVPRTXDQGRGHILQLGR
FRPRȐGHIOD§£RERDȑHGHFRPRDOJXQVGRVVHXVHIHLWRVGLVWULEXWLYRV
SRGHP IDYRUHFHU R FDSLWDO VREUH R WUDEDOKR H WDPE©P HVSUHPHU RV
VDO¡ULRV H SRUWDQWR R FRQVXPR 7DPE©P FRQVLJR HQ[HUJDU TXH D
TXDUWD UHYROX§£R LQGXVWULDO SHUPLWH TXH PXLWDV SHVVRDV FRQVXPDP
PDLV SRU XP SUH§R PHQRU H GH XPD IRUPD TXH PXLWDV YH]HV WRUQD R
FRQVXPRPDLVVXVWHQW¡YHOHSRUWDQWRUHVSRQV¡YHO
LPSRUWDQWH FRQWH[WXDOL]DU RV LPSDFWRV SRWHQFLDLV GD TXDUWD
UHYROX§£R LQGXVWULDO QR FUHVFLPHQWR HP UHOD§£R D UHFHQWHV WHQGªQFLDV
HFRQ´PLFDV H D RXWURV IDWRUHV TXH FRQWULEXHP SDUD R FUHVFLPHQWR
$OJXQVDQRVDQWHVGDFULVHHFRQ´PLFDHILQDQFHLUDLQLFLDGDHPD
HFRQRPLDPXQGLDOHVWDYDFUHVFHQGRFHUFDGHDRDQR&DVRWLYHVVH
FRQWLQXDGR QHVVH ULWPR R 3,% PXQGLDO GREUDULD D FDGD DQRV H
ELOKµHVGHSHVVRDVVHULDPWLUDGDVGDSREUH]D
1R UHVFDOGR GD *UDQGH 5HFHVV£R HVSHUDYDVH TXH D HFRQRPLD
JOREDO YROWDVVH D VHX SDGU£R GH FUHVFLPHQWR DQWHULRU 0DV LVVR Q£R
DFRQWHFHX $ HFRQRPLD JOREDO SDUHFH HVWDU SUHVD D XPD WD[D GH
FUHVFLPHQWR PDLV EDL[D GR TXH D P©GLD GR S³VJXHUUD FHUFD GH
DRDQR
$OJXQVHFRQRPLVWDVWªPOHYDQWDGRDSRVVLELOLGDGHGHXPDȐTXHGD
FHQWHQ¡ULDȑ H IDODP GD ȐHVWDJQD§£R VHFXODUȑ XPD H[SUHVV£R FXQKDGD
GXUDQWH D *UDQGH 'HSUHVV£R SRU $OYLQ +DQVHQ H WUD]LGD GH YROWD
YLGD SHORV HFRQRPLVWDV /DUU\ 6XPPHUV H 3DXO .UXJPDQ $
ȐHVWDJQD§£RVHFXODUȑGHVFUHYHXPDVLWXD§£RGHHVFDVVH]SHUVLVWHQWHGH
GHPDQGDTXHQ£RSRGHVHUGHUURWDGDQHPPHVPRFRPWD[DVGHMXURV
SU³[LPDV GH ]HUR (PERUD HVVD LGHLD VHMD FRQWURYHUVD QR PHLR
DFDGªPLFR HOD SRVVXL LPSOLFD§µHV LPSRUWDQWHV 6H IRU YHUGDGHLUD
VXJHUH TXH R FUHVFLPHQWR GR 3,% PXQGLDO LU¡ GLPLQXLU DLQGD PDLV
3RGHPRV LPDJLQDU XP FHQ¡ULR H[WUHPR HP TXH R FUHVFLPHQWR GR 3,%
PXQGLDODQXDOFDLDSDUDRTXHVLJQLILFDULDTXHOHYDUDPRVDQRV
SDUDGREUDUR3,%PXQGLDO
+¡PXLWDVH[SOLFD§µHVSDUDROHQWRFUHVFLPHQWRPXQGLDOGHKRMHD
P¡ DORFD§£R GR FDSLWDO R HQGLYLGDPHQWR DV DOWHUD§µHV GHPRJU¡ILFDV
HWF9RXDERUGDUGXDVGHODVRHQYHOKHFLPHQWRHDSURGXWLYLGDGHSRLV
DPERV HVW£R SDUWLFXODUPHQWH HQWUHOD§DGRV FRP R SURJUHVVR
WHFQRO³JLFR
(QYHOKHFLPHQWR
3UHYªVHTXHDSRSXOD§£RPXQGLDOKRMHHPELOKµHVGHSHVVRDV
LU¡ DXPHQWDU SDUD ELOKµHV DW© H ELOKµHV HP ,VVR GHYH
OHYDU D XP DXPHQWR GD GHPDQGD DJUHJDGD 0DV K¡ RXWUD WHQGªQFLD
GHPRJU¡ILFD SRGHURVD R HQYHOKHFLPHQWR $ VDEHGRULD FRQYHQFLRQDO
GL] TXH R HQYHOKHFLPHQWR DIHWD SULQFLSDOPHQWH RV SDVHV ULFRV GR
RFLGHQWH(VVHQ£R©RFDVRQRHQWDQWR$VWD[DVGHQDWDOLGDGHHVW£R
FDLQGR SDUD XP YDORU DEDL[R GRV QYHLV GH VXEVWLWXL§£R HP PXLWDV
UHJLµHV GR PXQGR ȉ Q£R V³ QD (XURSD RQGH R GHFOQLR M¡ FRPH§RX
PDVWDPE©PQDPDLRU SDUWHGD$P©ULFD GR6XOH GR&DULEHQD VLD
LQFOXLQGR D &KLQD H R VXO GD QGLD H DW© PHVPR HP DOJXQV SDVHV GR
2ULHQWH0©GLRHGRQRUWHGDIULFDFRPRR/EDQR0DUURFRVH,U£
2 HQYHOKHFLPHQWR FRQVWLWXL XP GHVDILR HFRQ´PLFR SRUTXH D
PHQRV TXH D LGDGH GD DSRVHQWDGRULD VHMD GUDVWLFDPHQWH DXPHQWDGD
SDUD TXH RV PHPEURV PDLV YHOKRV GD VRFLHGDGH SRVVDP FRQWLQXDU D
FRQWULEXLUSDUDDIRU§DGHWUDEDOKRXPLPSHUDWLYRHFRQ´PLFRTXHWHP
PXLWRV EHQHIFLRV HFRQ´PLFRV D SRSXOD§£R HP LGDGH DWLYD FDLU¡ DR
PHVPR WHPSR TXH DXPHQWDU¡ D SRUFHQWDJHP GH SHVVRDV LGRVDV
GHSHQGHQWHV &RQIRUPH D SRSXOD§£R HQYHOKHFH H K¡ PHQRV MRYHQV
DGXOWRV DV FRPSUDV GH LWHQV FDURV FRPR FDVDV P³YHLV FDUURV H
HTXLSDPHQWRVGLPLQXHP$O©PGLVVRPHQRVSHVVRDVHVW£RSURSHQVDV
DFRUUHUULVFRVHPSUHVDULDLVSRUTXHRVWUDEDOKDGRUHVPDLVYHOKRVHP
YH]GHFULDUQRYRVQHJ³FLRVWHQGHPDSUHVHUYDURVDWLYRVQHFHVV¡ULRV
SDUD WHUHP XPD DSRVHQWDGRULD FRQIRUW¡YHO ,VVR © GH FHUWD IRUPD
HTXLOLEUDGR SRU SHVVRDV TXH VH DSRVHQWDP H VDFDP VXDV HFRQRPLDV
DFXPXODGDV TXH QR DJUHJDGR GLPLQXL R YDORU GDV SRXSDQ§DV H GDV
WD[DVGHLQYHVWLPHQWR
(VWHV K¡ELWRV H SDGUµHV SRGHP QDWXUDOPHQWH PXGDU FRQIRUPH DV
VRFLHGDGHV HP HQYHOKHFLPHQWR VH DGDSWDP PDV D WHQGªQFLD JHUDO ©
TXH XP PXQGR HP HQYHOKHFLPHQWR HVW¡ GHVWLQDGR D FUHVFHU PDLV
OHQWDPHQWH D PHQRV TXH D UHYROX§£R GD WHFQRORJLD DFLRQH XP JUDQGH
FUHVFLPHQWR GD SURGXWLYLGDGH GHILQLGD VLPSOHVPHQWH FRPR D
FDSDFLGDGH GH WUDEDOKDU GH IRUPD PDLV LQWHOLJHQWH H Q£R PDLV
LQWHQVDPHQWH
$ TXDUWD UHYROX§£R LQGXVWULDO QRV RIHUHFH D SRVVLELOLGDGH GH XPD
YLGDPDLVORQJDPDLVVDXG¡YHOHPDLVDWLYD7HQGRHPYLVWDYLYHUPRV
HP XPD VRFLHGDGH QD TXDO VH HVSHUD TXH PDLV GH XP TXDUWR GDV
FULDQ§DVQDVFLGDVKRMHQDVHFRQRPLDVDYDQ§DGDVYLYDDW©RVDQRV
WHUHPRV GH UHSHQVDU FHUWDV TXHVWµHV LGDGH DWLYD GD SRSXOD§£R
DSRVHQWDGRULD H SODQHMDPHQWR LQGLYLGXDO GH YLGD $ GLILFXOGDGH TXH
PXLWRVSDVHVWªPSDUDGLVFXWLUHVVDVTXHVWµHV©DSHQDVXPQRYRVLQDO
GH TXH Q£R HVWDPRV DGHTXDGD H SURDWLYD PHQWH SUHSDUDGRV SDUD
UHFRQKHFHUDVIRU§DVGDVPXGDQ§DV
3URGXWLYLGDGH
1D ºOWLPD G©FDGD D SURGXWLYLGDGH HP WRGR R PXQGR PHGLGD
FRPRDSURGXWLYLGDGHGRWUDEDOKRRXDSURGXWLYLGDGHWRWDOGRVIDWRUHV
ȉ 37) PDQWHYHVH OHQWD DSHVDU GR FUHVFLPHQWR H[SRQHQFLDO GR
SURJUHVVR WHFQRO³JLFR H GRV LQYHVWLPHQWRV HP LQRYD§µHV (VWD
HQFDUQD§£R PDLV UHFHQWH GR SDUDGR[R GD SURGXWLYLGDGH R DOHJDGR
IUDFDVVR GD LQRYD§£R WHFQRO³JLFD HP FRQVHJXLU QYHLV PDLV HOHYDGRV
GHSURGXWLYLGDGHȉ©XPGRVPDLRUHVHQLJPDVHFRQ´PLFRVDWXDLVTXH
DQWHFHGH R LQFLR GD *UDQGH 5HFHVV£R H SDUD R TXDO Q£R K¡ XPD
H[SOLFD§£RVDWLVIDW³ULD
9HMD R H[HPSOR GRV (8$ RQGH D SURGXWLYLGDGH GR WUDEDOKR
FUHVFHXHPP©GLDHQWUHHHHQWUHH
PDVDSHQDVHQWUHH(VVDTXHGDGHYHVHHPJUDQGH
SDUWH DRV QYHLV PDLV EDL[RV GD 37) D PHGLGD PDLV FRPXPHQWH
DVVRFLDGDFRPDFRQWULEXL§£RGDHILFLªQFLDGHFRUUHQWHGDWHFQRORJLDH
GDLQRYD§£R26HUYL§RGH(VWDWVWLFDVGR7UDEDOKR%XUHDXRI/DERXU
6WDWLVWLFVGRV(8$LQGLFDTXHFUHVFLPHQWRGR37)HQWUHH
IRLDSHQDVGHXPDTXHGDVLJQLILFDWLYDTXDQGRFRPSDUDGRFRPR
FUHVFLPHQWR DQXDO GH RFRUULGR QR SHURGR HQWUH H
(VVD TXHGD QD SURGXWLYLGDGH PHGLGD © SDUWLFXODUPHQWH SUHRFXSDQWH
SRLV HOD RFRUUHX QR PRPHQWR HP TXH DV PDLRUHV HPSUHVDV
DPHULFDQDV DFXPXODYDP SDWULP´QLR HP GLQKHLUR GH PDLV GH 86
WULOK£R DSHVDU GH DV WD[DV GH MXURV UHDLV WHUHP RVFLODGR HP WRUQR GH
]HURSRUTXDVHFLQFRDQRV
$ SURGXWLYLGDGH © R GHWHUPLQDQWH PDLV LPSRUWDQWH SDUD R
FUHVFLPHQWRGHORQJRSUD]RHSDGUµHVGHYLGDFUHVFHQWHVVXDDXVªQFLD
VH PDQWLGD GXUDQWH WRGR D TXDUWD UHYROX§£R LQGXVWULDO VLJQLILFD TXH
WHUHPRVPHQRVGHVWHVGRLVºOWLPRV&RQWXGRFRPRSRGHPRVFRQFLOLDU
RVGDGRVTXHLQGLFDPRGHFOQLRGDSURGXWLYLGDGHFRPDVH[SHFWDWLYDV
GH PDLRU SURGXWLYLGDGH TXH WHQGHP D VHU DVVRFLDGDV FRP D HYROX§£R
H[SRQHQFLDOGDWHFQRORJLDHGDLQRYD§£R"
8P DUJXPHQWR SULQFLSDO HQIRFD QR GHVDILR GD PHQVXUD§£R GH
HQWUDGDVHVDGDVHDVVLPGDLGHQWLILFD§£RGDSURGXWLYLGDGH3URGXWRV
HVHUYL§RVLQRYDGRUHVFULDGRVQDTXDUWDUHYROX§£RLQGXVWULDOSRVVXHP
GH IRUPD VLJQLILFDWLYD PDLRU IXQFLRQDOLGDGH H TXDOLGDGH PDV V£R
HQWUHJXHV D PHUFDGRV TXH V£R IXQGDPHQWDOPHQWH GLIHUHQWHV GDTXHOHV
TXH HVWDPRV WUDGLFLRQDOPHQWH DFRVWXPDGRV D PHQVXUDU 0XLWRV GRV
QRYRVSURGXWRVHVHUYL§RVV£RȐQ£RULYDLVȑSRVVXHPFXVWRVPDUJLQDLV
]HUR HRX FDQDOL]DP PHUFDGRV DOWDPHQWH FRPSHWLWLYRV DWUDY©V GH
SODWDIRUPDV GLJLWDLV LVVR WXGR UHVXOWD HP SUH§RV PDLV EDL[RV 1HVVDV
FRQGL§µHV DV QRVVDV HVWDWVWLFDV WUDGLFLRQDLV WDOYH] Q£R FRQVLJDP
FDSWXUDURVDXPHQWRVUHDLVHPWHUPRVGHYDORUHVSRLVRH[FHGHQWHGR
FRQVXPLGRU DLQGD Q£R IRL WUDGX]LGR HP YHQGDV UHDOL]DGDV RX OXFURV
PDLVHOHYDGRV
+DO 9DULDQ HFRQRPLVWDFKHIH GR *RRJOH DSRQWD Y¡ULRV H[HPSORV
R DXPHQWR GD HILFLªQFLD SRU SRGHUPRV FKDPDU XP W¡[L SRU XP
DSOLFDWLYR GR WHOHIRQH FHOXODU RX SRGHUPRV DOXJDU XP FDUUR SRU PHLR
GR SRGHU GD HFRQRPLD VRE GHPDQGD ([LVWHP PXLWRV RXWURV VHUYL§RV
VHPHOKDQWHV FXMD XWLOL]D§£R WHQGH D DXPHQWDU D HILFLªQFLD H D
SURGXWLYLGDGH &RQWXGR SRU VHUHP HVVHQFLDOPHQWH JUDWXLWRV HOHV
RIHUHFHP YDORUHV Q£R FRQWDELOL]DGRV HP FDVD H QR WUDEDOKR ,VVR FULD
XPD GLVFUHS¢QFLD HQWUH R YDORU HQWUHJXH SRU GHWHUPLQDGR VHUYL§R H R
FUHVFLPHQWRPHGLGRSHODVHVWDWVWLFDVQDFLRQDLV
,VVR WDPE©P VXJHUH TXH HVWDPRV UHDOPHQWH SURGX]LQGR H FRQVXPLQGR
GH IRUPD PDLV HILFLHQWH GR TXH QRV LQIRUPDP RV LQGLFDGRUHV
HFRQ´PLFRV
+¡RXWURDUJXPHQWRHQTXDQWRRVJDQKRVGHSURGXWLYLGDGHJHUDGRV
SHOD WHUFHLUD UHYROX§£R LQGXVWULDO SRGHP HVWDU UHDOPHQWH
GHVDSDUHFHQGR R PXQGR DLQGD Q£R SDVVRX SHOD H[SHULªQFLD GD
H[SORV£R GH SURGXWLYLGDGH FULDGD SHOD RQGD GH QRYDV WHFQRORJLDV TXH
HVW£RVHQGRSURGX]LGDVQRFHQWURGDTXDUWDUHYROX§£RLQGXVWULDO
&RPHIHLWRVRXXPRWLPLVWDSUDJP¡WLFRHDVVLPVLQWRIRUWHPHQWH
TXHV³DJRUDHVWDPRVFRPH§DQGRDVHQWLURVLPSDFWRVSRVLWLYRVTXHD
TXDUWD UHYROX§£R LQGXVWULDO SRGH FDXVDU QR PXQGR 0HX RWLPLVPR
GHFRUUHGHWUªVIRQWHVSULQFLSDLV
(P SULPHLUR OXJDU D TXDUWD UHYROX§£R LQGXVWULDO RIHUHFH D
RSRUWXQLGDGH GH LQWHJUDU HFRQRPLD JOREDO DV QHFHVVLGDGHV Q£R
VDWLVIHLWDV GH ELOKµHV GH SHVVRDV FULDQGR GHPDQGDV DGLFLRQDLV SDUD
VHUYL§RV H SURGXWRV H[LVWHQWHV DR FDSDFLWDU H FRQHFWDU XPDV FRP DV
RXWUDVDVSHVVRDVHFRPXQLGDGHVGHWRGRRPXQGR
(PVHJXQGROXJDUDTXDUWDUHYROX§£RLQGXVWULDOSHUPLWLU¡DXPHQWDU
VLJQLILFDWLYDPHQWH QRVVD FDSDFLGDGH SDUD UHVROYHU DV H[WHUQDOLGDGHV
QHJDWLYDV H GXUDQWH HVVH SURFHVVR DXPHQWDU R SRWHQFLDO GH
FUHVFLPHQWR HFRQ´PLFR 7RPHPRV FRPR H[HPSOR DV HPLVVµHV GH
FDUERQR XPD JUDQGH H[WHUQDOLGDGH QHJDWLYD $W© UHFHQWHPHQWH R
LQYHVWLPHQWRYHUGHV³HUDDWUDHQWHTXDQGRIRUWHPHQWHVXEVLGLDGRSHORV
JRYHUQRV (VVH © FDGD YH] PHQRV R FDVR 2V U¡SLGRV DYDQ§RV
WHFQRO³JLFRVHPHQHUJLDVUHQRY¡YHLVHILFLªQFLDGRVFRPEXVWYHLVHGR
DUPD]HQDPHQWRGHHQHUJLDID]HPTXHRVLQYHVWLPHQWRVQHVWHVGRPQLRV
VH WRUQHP FDGD YH] PDLV UHQW¡YHLV LPSXOVLRQDQGR R FUHVFLPHQWR GR
3,% H DO©P GLVVR WDPE©P FRQWULEXHP SDUD PLWLJDU DV PXGDQ§DV
FOLP¡WLFDVXPGRVSULQFLSDLVGHVDILRVJOREDLVGDDWXDOLGDGH
(P WHUFHLUR OXJDU FRQIRUPH GLVFXWLUHL QD SU³[LPD VH§£R WRGDV DV
HPSUHVDV RV JRYHUQRV H RV OGHUHV GD VRFLHGDGH FLYLO FRP TXHP PH
UHODFLRQR PH GL]HP TXH HVW£R VH HVIRU§DQGR SDUD WUDQVIRUPDU VXDV
RUJDQL]D§µHV SDUD TXH HODV SRVVDP FXPSULU SOHQDPHQWH DV HILFLªQFLDV
RIHUHFLGDV SHORV UHFXUVRV GLJLWDLV $LQGD HVWDPRV QR LQFLR GD TXDUWD
UHYROX§£R LQGXVWULDO PDV HOD H[LJLU¡ D FRPSOHWD UHIRUPXOD§£R GDV
HVWUXWXUDV HFRQ´PLFDV H RUJDQL]DFLRQDLV SDUD TXH SRVVDPRV
FRPSUHHQGHUWRGRRVHXYDORU
1DYHUGDGHDFUHGLWRTXHDVUHJUDVGHFRPSHWLWLYLGDGHHFRQ´PLFD
GD TXDUWD UHYROX§£R LQGXVWULDO V£R GLIHUHQWHV GDV UHJUDV GRV SHURGRV
DQWHULRUHV 3DUD VH PDQWHUHP FRPSHWLWLYDV DV HPSUHVDV H RV SDVHV
GHYHP HVWDU QD IURQWHLUD GD LQRYD§£R HP WRGDV DV VXDV IRUPDV R TXH
VLJQLILFDTXHDVHVWUDW©JLDVTXHLQFLGHPSULQFLSDOPHQWHQDUHGX§£RGH
FXVWRVVHU£RPHQRVHILFD]HVGRTXHDTXHODVTXHVHEDVHLDPQDRIHUWD
GH SURGXWRV H VHUYL§RV GH PDQHLUD PDLV LQRYDGRUD 7DO TXDO YHPRV
KRMH DV HPSUHVDV HVWDEHOHFLGDV HVW£R VRE H[WUHPD SUHVV£R GH
LQRYDGRUHV H GLVUXSWRUHV GH RXWUDV LQGºVWULDV H SDVHV HPHUJHQWHV 2
PHVPR SRGH VHU GLWR VREUH RV SDVHV TXH Q£R UHFRQKHFHP D
QHFHVVLGDGHGDFRQVWUX§£RGHVHXVSU³SULRVHFRVVLVWHPDVGHLQRYD§£R
(P UHVXPR DFUHGLWR TXH D FRPELQD§£R GH IDWRUHV HVWUXWXUDLV
H[FHVVR GH HQGLYLGDPHQWR H HQYHOKHFLPHQWR GDV VRFLHGDGHV H
VLVWªPLFRVDLQWURGX§£RGDSODWDIRUPDHGDVHFRQRPLDVVREGHPDQGD
D FUHVFHQWH UHOHY¢QFLD GD GLPLQXL§£R GRV FXVWRV PDUJLQDLV HWF QRV
IRU§RX D UHHVFUHYHU QRVVRV OLYURV GH HFRQRPLD $ TXDUWD UHYROX§£R
LQGXVWULDO WHP R SRWHQFLDO SDUD DXPHQWDU R FUHVFLPHQWR HFRQ´PLFR H
SDUD DOLYLDU XP SRXFR DOJXQV GRV PDLRUHV GHVDILRV PXQGLDLV TXH
HQIUHQWDPRV GH IRUPD FROHWLYD 3UHFLVDPRV QR HQWDQWR WDPE©P
UHFRQKHFHU H JHULU RV LPSDFWRV QHJDWLYRV TXH HOD SRGH WUD]HU HP
UHOD§£R GHVLJXDOGDGHDRHPSUHJRHDRPHUFDGRGHWUDEDOKR
(PSUHJR
$SHVDUGRSRWHQFLDOLPSDFWRSRVLWLYRGDWHFQRORJLDQRFUHVFLPHQWR
HFRQ´PLFR © HVVHQFLDO FRQWXGR DERUGDU R VHX SRVVYHO LPSDFWR
QHJDWLYR SHOR PHQRV D FXUWR SUD]R QR PHUFDGR GH WUDEDOKR 2V
WHPRUHVGRVLPSDFWRVGDWHFQRORJLDVREUHRVHPSUHJRVQ£RV£RQRYRV
(PRHFRQRPLVWD-RKQ0D\QDUG.H\QHVDOHUWRXVREUHDGLIXV£R
GR GHVHPSUHJR ȐSRLV QRVVD GHVFREHUWD GRV PHLRV GH HFRQRPL]DU R
XVR GH WUDEDOKR XOWUDSDVVD R ULWPR QR TXDO SRGHPRV HQFRQWUDU QRYRV
XVRV SDUD R WUDEDOKRȑ 3URYRXVH TXH LVVR HVWDYD HUUDGR PDV H VH
LVVR PRVWUDUVH YHUGDGHLUR GHVVD YH]" 'XUDQWH RV ºOWLPRV DQRV
UHDFHQGHXVH R GHEDWH SRLV RV FRPSXWDGRUHV HVWDYDP VXEVWLWXLQGR
Y¡ULRV HPSUHJRV D VDEHU JXDUGDOLYURV FDL[DV H RSHUDGRUHV GH
WHOHIRQH
$V UD]µHV SRU TXH D QRYD UHYROX§£R WHFQRO³JLFD SURYRFDU¡ PDLV
DJLWD§µHV GR TXH DV UHYROX§µHV LQGXVWULDLV DQWHULRUHV V£R DTXHODV
PHQFLRQDGDVQDLQWURGX§£RYHORFLGDGHWXGRHVW¡DFRQWHFHQGRHPXP
ULWPR PXLWR PDLV U¡SLGR GR TXH DQWHV DPSOLWXGH H SURIXQGLGDGH K¡
PXLWDV PXGDQ§DV UDGLFDLV RFRUUHQGR VLPXOWDQHDPHQWH H D
WUDQVIRUPD§£RFRPSOHWDGHVLVWHPDVLQWHLURV
7HQGRHPFRQWDHVVHVIDWRUHVLPSXOVLRQDGRUHVK¡XPDFHUWH]DDV
QRYDV WHFQRORJLDV PXGDU£R GUDVWLFDPHQWH D QDWXUH]D GR WUDEDOKR HP
WRGRVRVVHWRUHVHRFXSD§µHV$LQFHUWH]DIXQGDPHQWDOWHPDYHUFRP
D TXDQWLGDGH GH SRVWRV GH WUDEDOKR TXH VHU£R VXEVWLWXGRV SHOD
DXWRPD§£R4XDQWRWHPSRLVVRYDLGHPRUDUHDRQGHFKHJDU¡"
3DUDFRPH§DUPRVDFRPSUHHQGHULVVRSUHFLVDPRVHQWHQGHURVGRLV
HIHLWRV FRQFRUUHQWHV TXH D WHFQRORJLD H[HUFH VREUH RV HPSUHJRV
3ULPHLUR K¡ XP HIHLWR GHVWUXWLYR TXH RFRUUH TXDQGR DV UXSWXUDV
DOLPHQWDGDV SHOD WHFQRORJLD H D DXWRPD§£R VXEVWLWXHP R WUDEDOKR SRU
FDSLWDO IRU§DQGR RV WUDEDOKDGRUHV D ILFDUDP GHVHPSUHJDGRV RX
UHDORFDU VXDV KDELOLGDGHV HP RXWURV OXJDUHV (P VHJXQGR OXJDU R
HIHLWR GHVWUXWLYR YHP DFRPSDQKDGR SRU XP HIHLWR FDSLWDOL]DGRU HP
TXHDGHPDQGDSRUQRYRVEHQVHVHUYL§RVDXPHQWDHOHYD FULD§£RGH
QRYDVSURILVVµHVHPSUHVDVHDW©PHVPRLQGºVWULDV
2VVHUHVKXPDQRVSRVVXHPXPDLQFUYHOFDSDFLGDGHGHDGDSWD§£R
HLQYHQWLYLGDGH0DVRLPSRUWDQWHDTXL©RWHPSRHRDOFDQFHHPTXH
R HIHLWR FDSLWDOL]DGRU FRQVHJXH VXSODQWDU R HIHLWR GHVWUXLGRU H D
YHORFLGDGHGHVVDVXEVWLWXL§£R
+¡ FHUFD GH GRLV FDPSRV RSRVWRV TXDQGR VH WUDWD GR LPSDFWR GH
WHFQRORJLDVHPHUJHQWHVQRPHUFDGRGHWUDEDOKRDTXHOHVTXHDFUHGLWDP
HP XP ILQDO IHOL] ȉ RV WUDEDOKDGRUHV GHVORFDGRV SHOD WHFQRORJLD Y£R
HQFRQWUDUQRYRVHPSUHJRVHDWHFQRORJLDLU¡GHVHQFDGHDUXPDQRYDHUD
GH SURVSHULGDGH H DTXHOHV TXH DFUHGLWDP TXH R IDWR OHYDU¡ D XP
SURJUHVVLYR $UPDJHGRP VRFLDO H SROWLFR FULDQGR XPD HVFDOD PDFL§D
GH GHVHPSUHJRV WHFQRO³JLFRV $ KLVW³ULD QRV PRVWUD TXH R UHVXOWDGR
SURY¡YHOHVW¡HPDOJXPOXJDUP©GLRHQWUHRVGRLVFDPSRV$TXHVW£R
© 2 TXH ID]HU SDUD SURPRYHU UHVXOWDGRV PDLV SRVLWLYRV H DMXGDU
DTXHOHVTXHILFDUHPSUHVRVQDWUDQVL§£R"
6HPSUH IRL R FDVR GH TXH D LQRYD§£R WHFQRO³JLFD GHVWU³L DOJXQV
WUDEDOKRV TXH SRU VXD YH] V£R VXEVWLWXGRV SRU QRYRV HPSUHJRV HP
XPD DWLYLGDGH GLIHUHQWH H SRVVLYHOPHQWH HP RXWURV ORFDLV 7RPH D
DJULFXOWXUD FRPR XP H[HPSOR 1RV (8$ QR LQFLR GR V©FXOR ;,;
GDIRU§DGHWUDEDOKRHUDFRQVWLWXGDSRUSHVVRDVTXHWUDEDOKDYDP
QDWHUUDPDVKRMHHODVVRPDPPHQRVGH(VVDUHGX§£RGUDP¡WLFD
RFRUUHX GH IRUPD UHODWLYDPHQWH WUDQTXLOD FRP SRXFDV SHUWXUED§µHV
VRFLDLVRXGHVHPSUHJRVHQGªPLFRV
$HFRQRPLDGRDSSRIHUHFHXPH[HPSORGHXPQRYRHFRVVLVWHPD
ODERUDO (OD WHYH LQFLR HP TXDQGR 6WHYH -REV R IXQGDGRU GD
$SSOH GHL[RX TXH RV GHVHQYROYHGRUHV H[WHUQRV FULDVVHP DSOLFDWLYRV
SDUD R L3KRQH (P PHDGRV GH HVSHUDYDVH TXH D HFRQRPLD
JOREDO GH DSOLFDWLYRV JHUDVVH PDLV GH 86 ELOKµHV HP UHFHLWDV
VXSHUDQGRDLQGºVWULDFLQHPDWRJU¡ILFDTXHH[LVWHDPDLVGHXPV©FXOR
2V WHFQRRWLPLVWDV SHUJXQWDP 6H H[WUDSRODUPRV D SDUWLU GR
SDVVDGR SRU TXH VHULD GLIHUHQWH GHVWD YH]" (OHV UHFRQKHFHP TXH D
WHFQRORJLD SRGH VHU FRQIOLWXRVD PDV DILUPDP TXH HOD VHPSUH DFDED
PHOKRUDQGRDSURGXWLYLGDGHHDXPHQWDQGRDULTXH]DOHYDQGRSRUVXD
YH]DXPDPDLRUGHPDQGDSRUEHQVHVHUYL§RVHQRYRVWLSRVGHSRVWRV
GH WUDEDOKR SDUD VDWLVID]ªOD 2 FHUQH GR DUJXPHQWR © R VHJXLQWH RV
GHVHMRVHDVQHFHVVLGDGHVKXPDQDVV£RLQILQLWRVDVVLPRSURFHVVRGH
OKHV IRUQHFHU DOJR WDPE©P GHYH VHU LQILQLWR ([FHWR GXUDQWH DV
UHFHVVµHV QRUPDLV H GHSUHVVµHV RFDVLRQDLV VHPSUH KDYHU¡ WUDEDOKR
SDUDWRGRV
4XHHYLGªQFLDVRIHUHFHPDSRLRDLVVRHRTXHLVVRQRVGL]VREUHR
TXH HVW¡ IUHQWH" 2V SULPHLURV VLQDLV DSRQWDP SDUD XPD RQGD GH
LQRYD§µHVTXHVXEVWLWXLU£RRWUDEDOKRGHY¡ULRVVHWRUHVHFDWHJRULDVGH
WUDEDOKRTXHSURYDYHOPHQWHLU£RRFRUUHUQDVSU³[LPDVG©FDGDV
6XEVWLWXL§£RGRWUDEDOKR
'LIHUHQWHV FDWHJRULDV GH WUDEDOKR SDUWLFXODUPHQWH DTXHODV TXH
HQYROYHP R WUDEDOKR PHF¢QLFR UHSHWLWLYR H R WUDEDOKR PDQXDO GH
SUHFLV£R M¡ HVW£R VHQGR DXWRPDWL]DGDV 2XWUDV FDWHJRULDV VHJXLU£R R
PHVPRFDPLQKRHQTXDQWRDFDSDFLGDGHGHSURFHVVDPHQWRFRQWLQXDUD
FUHVFHU H[SRQHQFLDOPHQWH $QWHV GR SUHYLVWR SHOD PDLRULD R WUDEDOKR
GH GLYHUVRV SURILVVLRQDLV GLIHUHQWHV SRGHU¡ VHU SDUFLDO RX
FRPSOHWDPHQWHDXWRPDWL]DGRDVDEHUDGYRJDGRVDQDOLVWDVILQDQFHLURV
P©GLFRVMRUQDOLVWDVFRQWDGRUHVFRUUHWRUGHVHJXURVRXELEOLRWHF¡ULRV
$W© R PRPHQWR D HYLGªQFLD © D VHJXLQWH D TXDUWD UHYROX§£R
LQGXVWULDO SDUHFH HVWDU FULDQGR PHQRV SRVWRV GH WUDEDOKR QDV QRYDV
LQGºVWULDV GR TXH DV UHYROX§µHV DQWHULRUHV 'H DFRUGR FRP XPD
HVWLPDWLYDGR2[IRUG0DUWLQ3URJUDPPHRQ7HFKQRORJ\DSHQDV
GD IRU§D GH WUDEDOKR GRV (8$ HVW¡ HPSUHJDGD HP LQGºVWULDV TXH Q£R
H[LVWLDPQDYLUDGDGRV©FXORXPDSRUFHQWDJHPPXLWRPHQRUGRTXHRV
DSUR[LPDGDPHQWH QRYRV SRVWRV GH WUDEDOKR FULDGRV HP QRYDV
LQGºVWULDV GXUDQWH D G©FDGD GH H RV GH QRYRV SRVWRV GH
WUDEDOKR FULDGRV GXUDQWH D G©FDGD GH 2 IDWR © FRUURERUDGR SRU
XPUHFHQWHFHQVRHFRQ´PLFRGRV(8$TXHHVFODUHFHXPDLQWHUHVVDQWH
UHOD§£R HQWUH WHFQRORJLD H GHVHPSUHJR (OH PRVWUD TXH DV LQRYD§µHV
HP WHFQRORJLDV GD LQIRUPD§£R H HP RXWUDV WHFQRORJLDV
GHVFRQWLQXDGRUDV WHQGHP D HOHYDU D SURGXWLYLGDGH SRU PHLR GD
VXEVWLWXL§£R GRV WUDEDOKDGRUHV H[LVWHQWHV PDV Q£R SRU LQWHUP©GLR GD
FULD§£RGHQRYRVSURGXWRVTXHQHFHVVLWDPGHPDLVWUDEDOKRSDUDVHUHP
SURGX]LGRV
'RLV SHVTXLVDGRUHV GD 2[IRUG 0DUWLQ 6FKRRO R HFRQRPLVWD &DUL
%HQHGLNW )UH\ H R HVSHFLDOLVWD HP DSUHQGL]DJHP DXWRP¡WLFD 0LFKDHO
2VERUQH TXDQWLILFDUDP R HIHLWR SRWHQFLDO GD LQRYD§£R WHFQRO³JLFD QR
GHVHPSUHJR HOHV FODVVLILFDUDP SURILVVµHV GH DFRUGR FRP D
SUREDELOLGDGHGHVXDDXWRPDWL]D§£RGHVGHDVTXHFRUUHPPHQRUULVFR
GH VHUHP DXWRPDWL]DGDV Ȑȑ QHQKXP ULVFR DW© DTXHODV FRP PDLRU
ULVFRȐȑFHUWRULVFRGHRWUDEDOKRVHUVXEVWLWXGRSRUDOJXPWLSRGH
FRPSXWDGRU'HVWDFRDVHJXLUQD7DEHODDOJXPDVSURILVVµHVFRP
JUDQGH SUREDELOLGDGH GH VHUHP DXWRPDWL]DGDV H DTXHODV FRP D PHQRU
SUREDELOLGDGH
$ SHVTXLVD FRQFOXLX TXH FHUFD GH GR HPSUHJR WRWDO QRV
(VWDGRV 8QLGRV HVW¡ HP ULVFR DOJR TXH SRGHU¡ RFRUUHU HP XPD RX
GXDV G©FDGDV VHQGR FDUDFWHUL]DGR SRU XP HVFRSR PXLWR PDLV DPSOR
GH GHVWUXL§£R GH HPSUHJRV H SRU XP ULWPR GH DOWHUD§µHV PXLWR PDLV
YHOR]GRTXHDTXHOHRFRUULGRQRPHUFDGRGHWUDEDOKRSHODVUHYROX§µHV
LQGXVWULDLV DQWHULRUHV $O©P GLVVR K¡ XPD WHQGªQFLD GH PDLRU
SRODUL]D§£RGRPHUFDGRGHWUDEDOKR2HPSUHJRFUHVFHU¡HPUHOD§£RD
RFXSD§µHV H FDUJRV FULDWLYRV H FRJQLWLYRV GH DOWRV VDO¡ULRV H HP
UHOD§£R V RFXSD§µHV PDQXDLV GH EDL[RV VDO¡ULRV PDV LU¡ GLPLQXLU
FRQVLGHUDYHOPHQWHHPUHOD§£RDRVWUDEDOKRVUHSHWLWLYRVHURWLQHLURV
LQWHUHVVDQWHQRWDUTXHDVVXEVWLWXL§µHVQ£RHVW£RVHQGRFDXVDGDV
DSHQDV SHOD FDSDFLGDGH FUHVFHQWHV GRV DOJRULWPRV URE´V H RXWUDV
IRUPDVGHDWLYRVQ£RKXPDQRV0LFKDHO2VERUQHREVHUYDTXHXPIDWRU
FUXFLDO SDUD D SRVVLELOLGDGH GD DXWRPD§£R © R IDWR GH DV HPSUHVDV
HVWDUHPWUDEDOKDGRGHIRUPD¡UGXDSDUDPHOKRUGHILQLUHVLPSOLILFDURV
HPSUHJRV QRV ºOWLPRV DQRV FRPR SDUWH GH VHXV HVIRU§RV SDUD
WHUFHLUL]DUFULDURIIVKRUHVHSHUPLWLURȐWUDEDOKRGLJLWDOȑSRUH[HPSOR
DWUDY©V GD $PD]RQ 0HFKDQLFDO 7XUN RX VHUYL§R 07XUN XPD
SODWDIRUPDFRODERUDWLYDȉFURLYGVRXUFLQJȉFRPEDVHQDLQWHUQHW$
VLPSOLILFD§£RGRWUDEDOKRVLJQLILFDTXHRVDOJRULWPRVV£RPDLVFDSD]HV
GH VXEVWLWXLU RV VHUHV KXPDQRV 7DUHIDV GLVWLQWDV H EHP GHILQLGDV
OHYDP D XP PHOKRU DFRPSDQKDPHQWR H DOWD TXDOLGDGH GRV GDGRV
UHODFLRQDGRV WDUHIDFULDQGRDVVLPXPDEDVHPHOKRUSDUDDLQVHU§£R
GHDOJRULWPRVTXHIDU£RRWUDEDOKR
$R SHQVDU VREUH D DXWRPD§£R H R IHQ´PHQR GD VXEVWLWXL§£R
GHYHPRV UHVLVWLU WHQWD§£R GH SRODUL]DU QRVVRV UDFLRFQLRV VREUH RV
LPSDFWRVGDWHFQRORJLDHPUHOD§£RDRHPSUHJRHDRIXWXURGRWUDEDOKR
6HJXQGR )UH\ H 2VERUQH R JUDQGH LPSDFWR GD TXDUWD UHYROX§£R
LQGXVWULDOVREUHRVPHUFDGRVGHWUDEDOKRHORFDLVGHWUDEDOKRHPWRGR
R PXQGR © TXDVH LQHYLW¡YHO 0DV LVVR Q£R VLJQLILFD TXH HVWDPRV
SHUDQWH XP GLOHPD KRPHP YHUVXV P¡TXLQD 1D YHUGDGH QD PDLRULD
GRV FDVRV D IXV£R GDV WHFQRORJLDV GLJLWDLV IVLFDV H ELRO³JLFDV TXH
FDXVD DV DOWHUD§µHV DWXDLV VHUYLU¡ SDUD DXPHQWDU R WUDEDOKR H D
FRJQL§£R KXPDQD LVVR VLJQLILFD TXH RV OGHUHV SUHFLVDP SUHSDUDU D
IRU§DGHWUDEDOKRHGHVHQYROYHUPRGHORVGHIRUPD§£RDFDGªPLFDSDUD
WUDEDOKDU FRP H HP FRODERUD§£R P¡TXLQDV FDGD YH] PDLV FDSD]HV
FRQHFWDGDVHLQWHOLJHQWHV
,PSDFWRVREUHDVFRPSHWªQFLDV
1XP IXWXUR SUHYLVYHO RV HPSUHJRV GH EDL[R ULVFR HP WHUPRV GH
DXWRPD§£R VHU£R DTXHOHV TXH H[LJHP KDELOLGDGHV VRFLDLV H FULDWLYDV
HP SDUWLFXODU DV WRPDGDV GH GHFLV£R HP VLWXD§µHV GH LQFHUWH]D EHP
FRPRRGHVHQYROYLPHQWRGHQRYDVLGHLDV
,VVR QR HQWDQWR SRGH Q£R GXUDU &RQVLGHUH XPD GDV SURILVVµHV
PDLVFULDWLYDVȉHVFUHYHUȉHRDGYHQWRGDJHUD§£RDXWRPDWL]DGDGH
QDUUDWLYDV$OJRULWPRVVRILVWLFDGRVSRGHPFULDUQDUUDWLYDVHPTXDOTXHU
HVWLOR DSURSULDGR SDUD XP SºEOLFR HVSHFILFR 2 FRQWHºGR VRD W£R
KXPDQRTXHXPWHVWHUHFHQWHHIHWXDGRSHORMRUQDO7KH1HZ<RUN7LPHV
PRVWURX TXH DR OHU GXDV SH§DV VHPHOKDQWHV © LPSRVVYHO GL]HU TXDO
GHODV IRL FULDGD SRU XP DXWRU KXPDQR H TXDO IRL SURGX]LGD SRU XP
URE´$WHFQRORJLDDYDQ§DGHIRUPDW£RYHOR]TXH.ULVWLDQ+DPPRQG
FRIXQGDGRU GD &LªQFLD GD 1DUUDWLYD XPD HPSUHVD HVSHFLDOL]DGD HP
JHUD§£RDXWRPDWL]DGDGHQDUUDWLYDVSUHYªTXHSRUPHDGRVGDG©FDGD
GH GDV QRWFLDV SRGHU£R VHU JHUDGDV SRU XP DOJRULWPR D
PDLRUSDUWHGHODVVHPTXDOTXHULQWHUYHQ§£RKXPDQDH[FHWRDFULD§£R
GRDOJRULWPRFODUR
1HVVH DPELHQWH GH WUDEDOKR HP U¡SLGD HYROX§£R D FDSDFLGDGH GH
DQWHFLSDU DV WHQGªQFLDV ODERUDLV IXWXUDV H DV QHFHVVLGDGHV HP WHUPRV
GH FRQKHFLPHQWRV H FRPSHWªQFLDV LQGLVSHQV¡YHLV SDUD DGDSWDUVH
WRUQDVH DLQGD PDLV FUWLFD SDUD WRGDV DV SDUWHV LQWHUHVVDGDV
VWDNHKROGHUV $V WHQGªQFLDV YDULDP GH DFRUGR FRP D ORFDOLGDGH
JHRJU¡ILFD H D LQGºVWULD HQYROYLGDV H SRU LVVR © LPSRUWDQWH HQWHQGHU
RVUHVXOWDGRVGDTXDUWDUHYROX§£RLQGXVWULDOSDUDFDGDLQGºVWULDHSDV
HVSHFILFRV
1R UHODW³ULR )XWXUH RI -REV GR )³UXP SHGLPRV DRV GLUHWRUHV GH
UHFXUVRV KXPDQRV GRV PDLRUHV HPSUHJDGRUHV GD DWXDOLGDGH HP
LQGºVWULDV H SDVHV TXH LPDJLQDVVHP R LPSDFWR DR HPSUHJR
WUDEDOKRHFRPSHWªQFLDVDW©RDQR&RQIRUPHPRVWUDGRQD)LJXUD
YHU S RV HQWUHYLVWDGRV DFUHGLWDP TXH DW© D GHPDQGD
UHFDLU¡ PXLWR PDLV VREUH DV KDELOLGDGHV GH UHVROX§£R GH SUREOHPDV
FRPSOH[RV FRPSHWªQFLDV VRFLDLV H GH VLVWHPDV H PHQRV VREUH DV
KDELOLGDGHV IVLFDV RX FRPSHWªQFLDV W©FQLFDV HVSHFILFDV 2 UHODW³ULR
FRQFOXL TXH RV SU³[LPRV FLQFR DQRV VHU£R XP SHURGR FUXFLDO GD
WUDQVL§£R DV SHUVSHFWLYDV GH HPSUHJR JOREDO HVW£R DFKDWDGDV PDV K¡
XPD URWDWLYLGDGH VLJQLILFDWLYD HQWUH HPSUHJRV QDV LQGºVWULDV H
URWDWLYLGDGHGHKDELOLGDGHVQDPDLRULDGDVSURILVVµHV6HSRUXPODGR
© HVSHUDGR TXH R HTXLOEULR HQWUH VDO¡ULRV H YLGD SURILVVLRQDO PHOKRUH
XP SRXFR SDUD D PDLRULD GDV RFXSD§µHV D HVWDELOLGDGH HPSUHJDWFLD
GHYH DJUDYDUVH HP PHWDGH GDV LQGºVWULDV SHVTXLVDGDV WDPE©P
HYLGHQWH TXH KRPHQV H PXOKHUHV VHU£R DIHWDGRV GH IRUPDV GLYHUVDV
FDXVDQGR SRVVYHLV H[DFHUED§µHV GDV GHVLJXDOGDGHV YHU 4XDGUR $
/DFXQDVGHJªQHURHDTXDUWDUHYROX§£RLQGXVWULDOS
4XDGUR$Ȉ/DFXQDVGHJªQHURHD4XDUWD5HYROX§£R,QGXVWULDO
$ D HGL§£R GR *OREDO *HQGHU *DS 5HSRUW GR )³UXP
(FRQ´PLFR 0XQGLDO UHYHORX GXDV WHQGªQFLDV SUHRFXSDQWHV (P
SULPHLUROXJDUQRDWXDOULWPRGHSURJUHVVROHYDUHPRVDQRVSDUD
FRQVHJXLUPRV DWLQJLU D SDULGDGH HFRQ´PLFD GH JªQHUR HP WRGR R
PXQGR (P VHJXQGR OXJDU R SURJUHVVR QR VHQWLGR GD SDULGDGH ©
H[WUHPDPHQWHOHQWRHSRVVLYHOPHQWHHYDVLYR
1HVWH FRQWH[WR © IXQGDPHQWDO FRQVLGHUDU R LPSDFWR GD TXDUWD
UHYROX§£RLQGXVWULDOVREUHDODFXQDGHJªQHUR2ULWPRDFHOHUDGRGDV
PXGDQ§DV WHFQRO³JLFDV TXH DEUDQJHP RV PXQGRV IVLFRV GLJLWDLV H
ELRO³JLFRV DIHWDU¡ R SDSHO GDV PXOKHUHV QD HFRQRPLD SROWLFD H
VRFLHGDGH"
8PD TXHVW£R LPSRUWDQWH D FRQVLGHUDU © VH DV SURILVVµHV GRPLQDGDV
SRU PXOKHUHV RX KRPHQV HVW£R PDLV VXVFHWYHLV D VHUHP
DXWRPDWL]DGDV 2 UHODW³ULR )XWXUH RI -REV )XWXUR GR (PSUHJR GR
)³UXP LQGLFD TXH DV SHUGDV VLJQLILFDWLYDV GH HPSUHJRV SRGHU£R
DEUDQJHUDPERVRVJªQHURV6HSRUXPODGRK¡PDLRUWHQGªQFLDDR
GHVHPSUHJR SRU FDXVD GD DXWRPD§£R HP VHWRUHV GRPLQDGRV SRU
KRPHQV WDLV FRPR D PDQXIDWXUD D FRQVWUX§£R H D PRQWDJHP RV
FUHVFHQWHV UHFXUVRV GD LQWHOLJªQFLD DUWLILFLDO H D FDSDFLGDGH GH
GLJLWDOL]DU DV WDUHIDV QDV LQGºVWULDV GH VHUYL§R LQGLFDP TXH XPD
DPSOD JDPD GH HPSUHJRV HVW£R HP ULVFR GHVGH SRVL§µHV HP FDOO
FHQWHUV HP PHUFDGRV HPHUJHQWHV D IRQWH GH VXEVLVWªQFLD GH XP
JUDQGH QºPHUR GH MRYHQV WUDEDOKDGRUDV TXH V£R DV SULPHLUDV
SHVVRDVGHVXDVIDPOLDVDWUDEDOKDUDW©DVIXQ§µHVDGPLQLVWUDWLYDV
HQRYDUHMRGDVHFRQRPLDVGHVHQYROYLGDVXPHPSUHJDGRULPSRUWDQWH
GHPXOKHUHVGHFODVVHP©GLDEDL[D
3HUGHU R HPSUHJR FDXVD HIHLWRV QHJDWLYRV HP PXLWDV FLUFXQVW¢QFLDV
PDV R HIHLWR FXPXODWLYR GH SHUGDV VLJQLILFDWLYDV HP FDWHJRULDV
LQWHLUDV GH WUDEDOKR TXH WUDGLFLRQDOPHQWH RIHUHFHUDP DFHVVR DR
PHUFDGR GH WUDEDOKR SDUD DV PXOKHUHV © FDXVD SDUD XPD VHYHUD
SUHRFXSD§£R(VSHFLILFDPHQWHLVVRFRORFDU¡HPULVFRDVIDPOLDVFRP
XP ºQLFR UHQGLPHQWR FKHILDGDV SRU PXOKHUHV SRXFR TXDOLILFDGDV
DFKDWDU¡ RV JDQKRV WRWDLV GDV IDPOLDV FRP GRLV UHQGLPHQWRV H
DXPHQWDU¡DVM¡SUHRFXSDQWHVODFXQDVGHJªQHURHPWRGRRPXQGR
0DV H DV QRYDV IXQ§µHV H FDWHJRULDV GH WUDEDOKR" 4XH QRYDV
RSRUWXQLGDGHV SRGHP H[LVWLU SDUD DV PXOKHUHV HP XP PHUFDGR GH
WUDEDOKR WUDQVIRUPDGR SHOD TXDUWD UHYROX§£R LQGXVWULDO" (PERUD
VHMD GLIFLO PDSHDU DV FRPSHWªQFLDV H DV KDELOLGDGHV HVSHUDGDV HP
LQGºVWULDVTXHDLQGDQ£RIRUDPFULDGDVSRGHPRVSUHVXPLUGHIRUPD
UD]R¡YHOTXHLU¡DXPHQWDUDGHPDQGDSRUKDELOLGDGHVTXHSHUPLWDP
DRVWUDEDOKDGRUHVSURMHWDUFRQVWUXLUHWUDEDOKDUDRODGRGHVLVWHPDV
WHFQRO³JLFRV RX HP ¡UHDV TXH SUHHQFKHP DV ODFXQDV GHL[DGDV SRU
HVVDVLQRYD§µHVWHFQRO³JLFDV
7HQGRHPYLVWDTXHRVKRPHQVDLQGDWHQGHPDGRPLQDUDFLªQFLDGD
FRPSXWD§£R D PDWHP¡WLFD H D HQJHQKDULD R DXPHQWR GD GHPDQGD
SRU KDELOLGDGHV W©FQLFDV HVSHFLDOL]DGDV SRGH H[DFHUEDU DV
GHVLJXDOGDGHVGHJªQHUR$LQGDDVVLPSRGHU¡KDYHUXPDXPHQWRGH
GHPDQGDSRUIXQ§µHVTXHDVP¡TXLQDVQ£RFRQVHJXHPUHDOL]DUHTXH
GHSHQGHPGHFDUDFWHUVWLFDVLQWULQVHFDPHQWH KXPDQDV H FDSDFLGDGHV
FRPR D HPSDWLD H D FRPSDL[£R $V PXOKHUHV SUHYDOHFHP HP PXLWDV
GHVVDV RFXSD§µHV LQFOXLQGR SVLF³ORJDV WHUDSHXWDV WUHLQDGRUDV
RUJDQL]DGRUDV GH HYHQWRV HQIHUPHLUDV H RXWUDV SUHVWDGRUDV GH
FXLGDGRVGHVDºGH
8PD TXHVW£RFKDYH DTXL © R UHWRUQR UHODWLYR VREUH R WHPSR H
HVIRU§RV LQYHVWLGRV V IXQ§µHV TXH H[LJHP GLIHUHQWHV KDELOLGDGHV
W©FQLFDV SRLV K¡ XP ULVFR GH TXH RV VHUYL§RV SHVVRDLV H RXWUDV
FDWHJRULDV GH WUDEDOKR DWXDOPHQWH GRPLQDGRV SRU PXOKHUHV
FRQWLQXDU£R VHQGR GHVYDORUL]DGRV 6H LVVR DFRQWHFHU D TXDUWD
UHYROX§£RLQGXVWULDOSRGHU¡FDXVDUPDLRUGLYHUJªQFLDHQWUHRVSDS©LV
GH KRPHQV H PXOKHUHV ,VVR VHULD XP UHVXOWDGR QHJDWLYR GD TXDUWD
UHYROX§£R LQGXVWULDO SRLV D GHVLJXDOGDGH PXQGLDO H D ODFXQD GH
JªQHUR DXPHQWDULDP WDQWR D SRQWR GH WRUQDU PDLV GLIFLO D
DODYDQFDJHP GRV WDOHQWRV IHPLQLQRV QR PHUFDGR GH WUDEDOKR GR
IXWXUR $O©P GLVVR FRORFDULD HP ULVFR R YDORU FULDGR SHOD PDLRU
GLYHUVLGDGH H SHORV FRQKHFLGRV JDQKRV HP PDLRU FULDWLYLGDGH H
HILFLªQFLD GDV HPSUHVDV TXH SRVVXHP HP WRGRV RV QYHLV HTXLSHV
HTXLOLEUDGDV HP UHOD§£R DR JªQHUR 0XLWDV GDV FDUDFWHUVWLFDV H
FDSDFLGDGHVWUDGLFLRQDOPHQWHDVVRFLDGDV VPXOKHUHVH VSURILVVµHV
IHPLQLQDV VHU£R PXLWR PDLV QHFHVV¡ULDV QR SHURGR GD TXDUWD
UHYROX§£RLQGXVWULDO
$SHVDU GH Q£R SRGHUPRV SUHYHU RV GLIHUHQWHV LPSDFWRV GD TXDUWD
UHYROX§£R LQGXVWULDO DRV KRPHQV H V PXOKHUHV GHYHUDPRV
DSURYHLWDUDRSRUWXQLGDGHGHXPDHFRQRPLDHPWUDQVIRUPD§£RSDUD
UHGHVHQKDU DV SROWLFDV ODERUDLV H DV SU¡WLFDV FRPHUFLDLV SDUD
JDUDQWLUTXHKRPHQVHPXOKHUHVVHMDPWRWDOPHQWHHPSRGHUDGRV
1R PXQGR GH DPDQK£ VXUJLU£R PXLWDV QRYDV SRVL§µHV H
SURILVVµHV JHUDGDV Q£R DSHQDV SHOD TXDUWD UHYROX§£R LQGXVWULDO PDV
WDPE©P SRU IDWRUHV Q£R WHFQRO³JLFRV FRPR SUHVVµHV GHPRJU¡ILFDV
PXGDQ§DV JHRSROWLFDV H QRYDV QRUPDV VRFLDLV H FXOWXUDLV +RMH Q£R
SRGHPRV SUHYHU H[DWDPHQWH R TXH DFRQWHFHU¡ PDV HVWRX FRQYHQFLGR
GH TXH R WDOHQWR PDLV TXH R FDSLWDO UHSUHVHQWDU¡ R IDWRU FUXFLDO GH
SURGX§£R3RUHVVDUD]£RDHVFDVVH]GHXPDIRU§DGHWUDEDOKRFDSD]
PDLV TXH D GLVSRQLELOLGDGH GH FDSLWDO WHU¡ PDLRU SUREDELOLGDGH GH
FRQVWLWXLU R OLPLWH LQFDSDFLWDQWH GH LQRYD§£R FRPSHWLWLYLGDGH H
FUHVFLPHQWR
,VVR SRGHU¡ GDU RULJHP D XP PHUFDGR GH WUDEDOKR FDGD YH] PDLV
VHJUHJDGR HP VHJPHQWRV GH EDL[D FRPSHWªQFLDEDL[R VDO¡ULR H DOWD
FRPSHWªQFLDDOWRVDO¡ULRRXFRQIRUPHSUHYLVWRSRU0DUWLQ)RUGDXWRU
H HPSUHV¡ULR GH VRIWZDUH GR YDOH GR VLOFLR D PHQRV TXH QRV
SUHSDUHPRVKRMHSDUDDVDOWHUD§µHVRHVYD]LDPHQWRGHWRGDDEDVHGD
SLU¢PLGH GH KDELOLGDGHV SURILVVLRQDLV OHYDU¡ D XPD FUHVFHQWH
GHVLJXDOGDGHHDRDXPHQWRGDVWHQVµHVVRFLDLV
(VVDV SUHVVµHV WDPE©P LU£R QRV IRU§DU D UHFRQVLGHUDU R TXH
HQWHQGHPRV SRU ȐDOWD FRPSHWªQFLDȑ QR FRQWH[WR GD TXDUWD UHYROX§£R
LQGXVWULDO$VGHILQL§µHVWUDGLFLRQDLVGHWUDEDOKRTXDOLILFDGRGHSHQGHP
GD SUHVHQ§D GH HGXFD§£R DYDQ§DGD RX HVSHFLDOL]DGD H XP FRQMXQWR
GHILQLGR GH FRPSHWªQFLDV LQVFULWDV D XPD SURILVV£R RX GRPQLR GH
HVSHFLDOL]D§£R 'DGD D FUHVFHQWH WD[D GDV PXGDQ§DV WHFQRO³JLFDV D
TXDUWD UHYROX§£R LQGXVWULDO H[LJLU¡ H HQIDWL]DU¡ D FDSDFLGDGH GRV
WUDEDOKDGRUHV HP VH DGDSWDU FRQWLQXDPHQWH H DSUHQGHU QRYDV
KDELOLGDGHVHDERUGDJHQVGHQWURGHXPDYDULHGDGHGHFRQWH[WRV
2HVWXGR)XWXUHRI-REVGR)³UXPWDPE©PPRVWURXTXHPHQRVGH
GRV SULQFLSDLV JHUHQWHV GH UHFXUVRV KXPDQRV HVW£R SHOR PHQRV
UD]RDYHOPHQWH FRQILDQWHV QDV HVWUDW©JLDV DGRWDGDV SHOD IRU§D GH
WUDEDOKR GH VXDV RUJDQL]D§µHV SDUD VH SUHSDUDUHP SDUD HVVDV
PXGDQ§DV 2V SULQFLSDLV REVW¡FXORV D XPD DERUGDJHP PDLV GHFLVLYD
LQFOXHP D IDOWD GH FRPSUHHQV£R SRU SDUWH GDV HPSUHVDV VREUH D
QDWXUH]D GDV PXGDQ§DV GLVUXSWLYDV SRXFR RX QHQKXP DOLQKDPHQWR
HQWUH DV HVWUDW©JLDV UHODWLYDV IRU§D GH WUDEDOKR H DV HVWUDW©JLDV GH
LQRYD§£R GDV HPSUHVDV OLPLWD§µHV GH UHFXUVRV H SUHVVµHV GD
UHQWDELOLGDGH GH FXUWR SUD]R &RPR FRQVHTXªQFLD K¡ XPD
LQFRPSDWLELOLGDGH HQWUH D PDJQLWXGH GDV PXGDQ§DV IXWXUDV H DV D§µHV
UHODWLYDPHQWH PDUJLQDLV WRPDGDV SHODV HPSUHVDV SDUD HQIUHQWDU HVVHV
GHVDILRV $V HPSUHVDV SUHFLVDP GH XPD QRYD PHQWDOLGDGH SDUD
VDWLVID]HU VXDV SU³SULDV QHFHVVLGDGHV GH WDOHQWR H SDUD DWHQXDU RV
UHVXOWDGRVLQGHVHMDGRV VRFLHGDGH
,PSDFWRVREUHDVHFRQRPLDVHPGHVHQYROYLPHQWR
LPSRUWDQWH UHIOHWLU VREUH R TXH LVVR SRGH VLJQLILFDU SDUD RV
SDVHV HP GHVHQYROYLPHQWR $V IDVHV DQWHULRUHV GD UHYROX§£R
LQGXVWULDODLQGDQ£RFKHJDUDPDPXLWRVFLGDG£RVGRPXQGRTXHDLQGD
Q£R WªP DFHVVR HOHWULFLGDGH ¡JXD SRW¡YHO D VDQHDPHQWR H Y¡ULRV
RXWURV HTXLSDPHQWRV HVVHQFLDLV YLVWRV FRPR QRUPDLV QDV HFRQRPLDV
DYDQ§DGDV $SHVDU GLVVR D TXDUWD UHYROX§£R LQGXVWULDO FDXVDU¡
LPSDFWRVLQHYLW¡YHLV VHFRQRPLDVHPGHVHQYROYLPHQWR
$W© R PRPHQWR R LPSDFWR H[DWR GD TXDUWD UHYROX§£R LQGXVWULDO
DLQGD Q£R IRL YLVWR 1DV ºOWLPDV G©FDGDV HPERUD WHQKD KDYLGR XP
DXPHQWR GD GHVLJXDOGDGH QR LQWHULRU GRV SDVHV D GLVSDULGDGH HQWUH
HOHV GLPLQXLX GH IRUPD VLJQLILFDWLYD 6HU¡ TXH K¡ ULVFRV GH TXH D
TXDUWDUHYROX§£RLQGXVWULDOLQYHUWDRHVWUHLWDPHQWRGDVODFXQDVHQWUHDV
HFRQRPLDV RFRUULGR DW© R PRPHQWR HP WHUPRV GH UHQGD KDELOLGDGHV
LQIUDHVWUXWXUDILQDQ§DVHRXWUDV¡UHDV"2XDVWHFQRORJLDVHDVU¡SLGDV
PXGDQ§DVVHU£RDSURYHLWDGDVSDUDRGHVHQYROYLPHQWRHDFHOHUD§£RGR
ULWPRHFRQ´PLFR"
'HYHPRVGDUDDWHQ§£RH[LJLGDSRUHVVDVTXHVWµHVGLIFHLVPHVPR
TXH DV HFRQRPLDV PDLV DYDQ§DGDV HVWHMDP SUHRFXSDGDV DSHQDV FRP
VHXV SU³SULRV GHVDILRV *DUDQWLU TXH QHQKXPD IDL[D GR JORER VHMD
GHL[DGD SDUD WU¡V Q£R © XP LPSHUDWLYR PRUDO © XP REMHWLYR FUXFLDO
SDUDPLWLJDURULVFRGHLQVWDELOLGDGHPXQGLDOHPUD]£RGDJHRSROWLFD
H GRV GHVDILRV GH VHJXUDQ§D FDXVDGRV SRU H[HPSOR SHORV IOX[RV
PLJUDW³ULRV
+¡ XP FHQ¡ULR GHVDILDGRU SDUD RV SDVHV GH EDL[D UHQGD LVWR ©
VDEHUVHDTXDUWDUHYROX§£RLQGXVWULDOOHYDU¡DXPDJUDQGHȐPLJUD§£Rȑ
GDV IDEULFDQWHV PXQGLDLV SDUD DV HFRQRPLDV DYDQ§DGDV DOJR EDVWDQWH
SRVVYHO FDVR R DFHVVR D EDL[RV VDO¡ULRV GHL[H GH VHU XP IDWRU GH
FRPSHWLWLYLGDGH GDV HPSUHVDV $ FDSDFLGDGH GH GHVHQYROYHU IRUWHV
VHWRUHVGDLQGºVWULDWUDQVIRUPDGRUDTXHVLUYDP HFRQRPLDJOREDOFRP
EDVH QDV YDQWDJHQV GRV FXVWRV © XP FDPLQKR GH GHVHQYROYLPHQWR M¡
PXLWR XWLOL]DGR SDUD TXH RV SDVHV DFXPXOHP FDSLWDO WUDQVILUDP
WHFQRORJLD H DXPHQWHP RV UHQGLPHQWRV &DVR HVVH FDPLQKR VH IHFKH
PXLWRV SDVHV WHU£R GH UHSHQVDU VHXV PRGHORV H HVWUDW©JLDV GH
LQGXVWULDOL]D§£R6HHFRPRDVHFRQRPLDVHPGHVHQYROYLPHQWRSRGHP
DSURYHLWDU DV RSRUWXQLGDGHV GD TXDUWD UHYROX§£R LQGXVWULDO VHU¡ XPD
TXHVW£R LPSRUWDQWVVLPD SDUD R PXQGR © HVVHQFLDO TXH VHMDP IHLWDV
PDLV SHVTXLVDV H UHIOH[µHV SDUD FRPSUHHQGHUPRV GHVHQYROYHUPRV H
DGDSWDUPRVDVHVWUDW©JLDVQHFHVV¡ULDV
2 SHULJR © TXH D TXDUWD UHYROX§£R LQGXVWULDO SRGHULD FDXVDU XPD
GLQ¢PLFD GH MRJDGDV GR WLSR ȐWXGR DR YHQFHGRUȑ HQWUH SDVHV EHP
FRPR GHQWUR GHOHV ,VVR FDXVDULD XP PDLRU QºPHUR GH FRQIOLWRV H
WHQVµHV VRFLDLV H FULDULD XP PXQGR PHQRV FRHVR H PDLV YRO¡WLO
HVSHFLDOPHQWHSRUTXHDVSHVVRDVHVW£RKRMHPXLWRPDLVFRQVFLHQWHVH
VHQVYHLV V LQMXVWL§DV VRFLDLV H V GLVFUHS¢QFLDV GDV FRQGL§µHV GH
YLGD HQWUH GLIHUHQWHV SDVHV $ PHQRV TXH RV OGHUHV GRV VHWRUHV
SºEOLFR H SULYDGR DVVHJXUHP DRV FLGDG£RV TXH HOHV HVW£R UHDOL]DQGR
ERDV HVWUDW©JLDV SDUD PHOKRUDU D YLGD GRV SRYRV D DJLWD§£R VRFLDO D
PLJUD§£R HP PDVVD H R H[WUHPLVPR YLROHQWR SRGHU£R VHU
LQWHQVLILFDGRVFULDQGRGHVVDIRUPDULVFRVSDUDRVSDVHVHPTXDOTXHU
IDVHGHGHVHQYROYLPHQWRIXQGDPHQWDOTXHDVSHVVRDVDFUHGLWHPTXH
VHXWUDEDOKR©LPSRUWDQWHSDUDRIHUHFHUVXSRUWHDVLPHVPDVH VVXDV
IDPOLDVPDVRTXHDFRQWHFHU¡VHKRXYHUGHPDQGDLQVXILFLHQWHSDUDR
WUDEDOKRRXVHDVFRPSHWªQFLDVGLVSRQYHLVGHL[DUHPGHFRLQFLGLUFRP
DVGHPDQGDV"
$QDWXUH]DGRWUDEDOKR
2 VXUJLPHQWR GH XP PXQGR HP TXH R SDUDGLJPD GRPLQDQWH GR
WUDEDOKRSRGHVHUPDLVXPDV©ULHGHWUDQVD§µHVHQWUHXPWUDEDOKDGRUH
XPD HPSUHVD GR TXH XPD UHOD§£R GXUDGRXUD IRL K¡ DQRV GHVFULWR
SRU'DQLHO3LQNHPVHXOLYUR)UHH$JHQW1DWLRQ (VVD WHQGªQFLD IRL
EDVWDQWHDFHOHUDGDSHODVLQRYD§µHVWHFQRO³JLFDV
$WXDOPHQWH D HFRQRPLD VRE GHPDQGD HVW¡ DOWHUDQGR GH PDQHLUD
IXQGDPHQWDOQRVVDUHOD§£RFRPRWUDEDOKRHRWHFLGRVRFLDOQRTXDOHOH
HVW¡ LQVHULGR 0DLV HPSUHJDGRUHV HVW£R XVDQGR D ȐQXYHP KXPDQDȑ
SDUD TXH DV FRLVDV VHMDP IHLWDV $V DWLYLGDGHV SURILVVLRQDLV V£R
VHSDUDGDV HP DWULEXL§µHV H SURMHWRV GLVWLQWRV HP VHJXLGD HODV V£R
ODQ§DGDV HP XPD QXYHP YLUWXDO GH SRWHQFLDLV WUDEDOKDGRUHV
ORFDOL]DGRVHPTXDOTXHUOXJDUGRPXQGR(VVD©DQRYDHFRQRPLDVRE
GHPDQGDHPTXHRVSUHVWDGRUHVGHVHUYL§RQ£RV£RPDLVHPSUHJDGRV
QR VHQWLGR WUDGLFLRQDO PDV V£R WUDEDOKDGRUHV EDVWDQWH LQGHSHQGHQWHV
TXHUHDOL]DPWDUHIDVHVSHFILFDV6HJXQGRGLWRSRU$UXQ6XQGDUDUDMDQ
SURIHVVRUGD6WHUQ6FKRRORI%XVLQHVVGD8QLYHUVLGDGHGH1RYD<RUN
1<8QDFROXQDGRMRUQDOLVWD)DUKDG0DQMRRQRMRUQDO7KH1HZ<RUN
7LPHV Ȑ7DOYH] FKHJXHPRV D XP IXWXUR HP TXH SDUWH GD IRU§D GH
WUDEDOKRWHU¡XPDFDUWHLUDGHFRLVDVSDUDJHUDUVXDUHQGDȉYRFªSRGH
VHU PRWRULVWD GD 8EHU FRPSUDGRU GD ,QVWDFDUW ORFDGRU GD $LUEQE H
WUDEDOKDUSDUDD7DVN5DEELWȑ
$V YDQWDJHQV GD HFRQRPLD GLJLWDO SDUD DV HPSUHVDV H HP
SDUWLFXODU SDUD DV VWDUWXSV HP U¡SLGR FUHVFLPHQWR V£R FODUDV -¡ TXH
DV SODWDIRUPDV GH QXYHP KXPDQD FODVVLILFDP RV WUDEDOKDGRUHV FRPR
DXW´QRPRVHODVHVW£RȉQRPRPHQWRȉOLYUHVGDREULJD§£RGHSDJDU
VDO¡ULRV PQLPRV WULEXWRV H EHQHIFLRV VRFLDLV &RQIRUPH H[SOLFDGR
SRU'DQLHO&DOODJKDQGLUHWRUH[HFXWLYRGD0%$ &RPSDQ\QR5HLQR
8QLGRHPXPDUWLJRDR)LQDQFLDO7LPHVȐ9RFªDJRUDSRGHWUDEDOKDU
FRPTXHPYRFªTXLVHUTXDQGRTXLVHUHH[DWDPHQWHFRPRYRFªTXLVHU
( M¡ TXH Q£R V£R HPSUHJDGRV YRFª Q£R SUHFLVD PDLV OLGDU FRP DV
GLILFXOGDGHVHQRUPDVGRWUDEDOKRȑ
3DUD DV SHVVRDV TXH HVW£R QD QXYHP DV SULQFLSDLV YDQWDJHQV
UHVLGHP QD OLEHUGDGH GH WUDEDOKDU RX Q£R H QD PRELOLGDGH
LQFRPSDU¡YHO TXH GHVIUXWDP SRU ID]HUHP SDUWH GH XPD UHGH YLUWXDO
PXQGLDO $OJXQV WUDEDOKDGRUHV DXW´QRPRV YHHP LVVR FRPR D
FRPELQD§£R LGHDO HQWUH PXLWD OLEHUGDGH PHQRV HVWUHVVH H PDLRU
VDWLVID§£R QR WUDEDOKR (PERUD D QXYHP KXPDQD DLQGD HVWHMD HP VHX
LQFLR M¡ K¡ EDVWDQWH HYLGªQFLD HSLV³GLFD LQGLFDQGR TXH HOD LPSOLFD
XPD WHUFHLUL]D§£R LQWHUQDFLRQDO VLOHQFLRVD VLOHQFLRVD SRUTXH DV
SODWDIRUPDV GH QXYHP KXPDQD Q£R HVW£R OLVWDGDV QHP SUHFLVDP
GLYXOJDUVHXVGDGRV
6HU¡ TXH HVVH © R FRPH§R GH XPD UHYROX§£R GR QRYR WUDEDOKR
IOH[YHOTXHLU¡HPSRGHUDUTXDOTXHULQGLYGXRTXHWHQKDXPDFRQH[£R
GHLQWHUQHWHTXHLU¡HOLPLQDUDHVFDVVH]GHFRPSHWªQFLDV"2XVHU¡TXH
LU¡GHVHQFDGHDURLQFLRGHXPDLQH[RU¡YHOFRUULGDSDUDRIXQGRHPXP
PXQGR GH I¡EULFDV YLUWXDLV Q£R UHJXODPHQWDGDV" 6H R UHVXOWDGR IRU R
ºOWLPR ȉ XP PXQGR GR ȐSUHFDULDGRȑ XPD FODVVH VRFLDO GH
WUDEDOKDGRUHV TXH VH GHVORFD GH WDUHID HP WDUHID SDUD FRQVHJXLU VH
VXVWHQWDU HQTXDQWR SHUGH VHXV GLUHLWRV WUDEDOKLVWDV JDQKRV GDV
QHJRFLD§µHVFROHWLYDVHVHJXUDQ§DQRWUDEDOKRȉVHU¡TXHLVVRFULDULD
XPD JUDQGH IRQWH GH DJLWD§£R VRFLDO H LQVWDELOLGDGH SROWLFD" 3RU ILP
VHU¡ TXH R GHVHQYROYLPHQWR GD QXYHP KXPDQD LU¡ DSHQDV DFHOHUDU D
DXWRPD§£RGRVSRVWRVGHWUDEDOKRKXPDQR"
2 GHVDILR TXH HQIUHQWDUHPRV WUDU¡ QRYDV IRUPDV GH FRQWUDWRV
VRFLDLVHGHHPSUHJRVDGHTXDGRV PXGDQ§DGDIRU§DGHWUDEDOKRH
QDWXUH]D HYROXWLYD GR WUDEDOKR 'HYHPRV OLPLWDU DV GHVYDQWDJHQV GD
QXYHP KXPDQD HP WHUPRV GH SRVVYHO H[SORUD§£R HQTXDQWR HOD Q£R
HVWLYHU FHUFHDQGR R FUHVFLPHQWR GR PHUFDGR GH WUDEDOKR QHP
LPSHGLQGR DV SHVVRDV GH WUDEDOKDU GD IRUPD TXH GHVHMDUHP 6H Q£R
FRQVHJXLUPRV ID]HU LVVR D TXDUWD UHYROX§£R LQGXVWULDO SRGHU¡ QRV
FRQGX]LU SDUD R ODGR QHJUR GR IXWXUR GR WUDEDOKR FRQIRUPH GHVFULWR
SRU /\QGD *UDWWRQ SURIHVVRUD GH SU¡WLFDV GH JHVW£R GD /RQGRQ
%XVLQHVV6FKRROHPVHXOLYUR7KH6KLIWWKH)XWXUHRI:RUNLV$OUHDG\
+HUHȉDXPHQWRGRVQYHLVGHIUDJPHQWD§£RLVRODPHQWRHH[FOXV£RHP
WRGDDVRFLHGDGH
&RQIRUPH DILUPR DR ORQJR GHVWH OLYUR D HVFROKD © QRVVD (OD
GHSHQGH WRWDOPHQWH GDV GHFLVµHV SROWLFDV H LQVWLWXFLRQDLV TXH
IL]HUPRV(SUHFLVRHVWDUFLHQWHQRHQWDQWRGHXPDUHD§£RUHJXODGRUD
TXH UHDILUPH R SRGHU GRV IRUPXODGRUHV GH SROWLFDV QR SURFHVVR H
FDXVHWHQV£R VIRU§DVDGDSWDWLYDVGHXPVLVWHPDFRPSOH[R
$LPSRUW¢QFLDGRSURS³VLWR
'HYHPRV WDPE©P WHU HP PHQWH TXH QHP WXGR © VREUH WDOHQWRV H
FRPSHWªQFLDV $ WHFQRORJLD SHUPLWH PDLRU HILFLªQFLD GHVHMDGD SHOD
PDLRULD GDV SHVVRDV 1R HQWDQWR HODV WDPE©P Q£R TXHUHP VHU PHUD
SDUWHGHXPSURFHVVRPDVGHDOJRPDLRUTXHHODVPHVPDV.DUO0DU[
H[SUHVVRX VXD SUHRFXSD§£R GH TXH R SURFHVVR GH HVSHFLDOL]D§£R
UHGX]LULD R VHQWLPHQWR GH SURS³VLWR TXH WRGRV Q³V EXVFDPRV QR
WUDEDOKR HQTXDQWR %XFNPLQVWHU )XOOHU DGYHUWLX VREUH RV ULVFRV GD
VXSHUHVSHFLDOL]D§£R SRLV HOD WHQGH ȐD VLOHQFLDU DV SHVTXLVDV PDLV
DPSODV H SRUWDQWR FDQFHODU GHVFREHUWDV DGLFLRQDLV GH SRGHURVRV
SULQFSLRVJHUDLVȑ
$JRUD FRQIURQWDGRV FRP XPD PDLRU FRPSOH[LGDGH HP FRQMXQWR
FRP D KLSHUHVSHFLDOL]D§£R QRV YHPRV HP XP PRPHQWR HP TXH R
GHVHMR GH VHU XP SDUWLFLSDQWH FRP SURS³VLWR HVW¡ VH WRUQDQGR XP
JUDQGH SUREOHPD (VWH © SDUWLFXODUPHQWH R FDVR GD JHUD§£R PDLV
MRYHP TXH FRVWXPD YHU RV HPSUHJRV FRUSRUDWLYRV FRPR DOJR TXH
UHVWULQJHVXDFDSDFLGDGHGHHQFRQWUDUVLJQLILFDGRHSURS³VLWRQDYLGD
(PXPPXQGRRQGHDVIURQWHLUDVHVW£RGHVDSDUHFHQGRHDVDVSLUD§µHV
HVW£R PXGDQGR DV SHVVRDV Q£R EXVFDP DSHQDV R HTXLOEULR
SURILVVLRQDO PDV WDPE©P XPD LQWHJUD§£R SURILVVLRQDO KDUPRQLRVD
3UHRFXSDPH TXH R IXWXUR GR WUDEDOKR SHUPLWLU¡ TXH DSHQDV XPD
PLQRULDGHLQGLYGXRVFRQVLJDDOFDQ§DUWDOVDWLVID§£R
1HJ³FLRV
$O©PGDVPXGDQ§DVQRVSDGUµHVGHFUHVFLPHQWRQRVPHUFDGRVGH
WUDEDOKR H QR IXWXUR GR WUDEDOKR TXH QDWXUDOPHQWH LU£R LQIOXHQFLDU
WRGDV DV RUJDQL]D§µHV K¡ HYLGªQFLD GH TXH DV WHFQRORJLDV TXH
VXVWHQWDP D TXDUWD UHYROX§£R LQGXVWULDO FDXVDP XP JUDQGH LPSDFWR
VREUH FRPR DV HPSUHVDV V£R OLGHUDGDV RUJDQL]DGDV H DGPLQLVWUDGDV
8PVLQWRPDSDUWLFXODUGHVWHIHQ´PHQR©DUHGX§£RKLVW³ULFDGDP©GLD
GD H[SHFWDWLYD GH YLGD GH XPD HPSUHVD OLVWDGD QR 6 3 GH FHUFD
GHSDUDDSUR[LPDGDPHQWH2XWUR©DPXGDQ§DQRWHPSRTXHRV
QRYRV RSHUDGRUHV OHYDP SDUD GRPLQDU RV PHUFDGRV H DWLQJLU UHFHLWDV
VLJQLILFDWLYDV 2 )DFHERRN OHYRX VHLV DQRV SDUD DOFDQ§DU UHFHLWDV GH
86ELOK£RSRUDQRHR*RRJOHDSHQDVFLQFRDQRV1£RK¡GºYLGDGH
TXH DV WHFQRORJLDV HPHUJHQWHV TXDVH VHPSUH DOLPHQWDGDV H
SRVVLELOLWDGDVSHORVUHFXUVRVGLJLWDLVHVW£RDXPHQWDQGRDYHORFLGDGHH
DHVFDODGDPXGDQ§DGDVHPSUHVDV
,VVR WDPE©P UHIRU§D XP WHPD VXEMDFHQWH HP PLQKDV FRQYHUVDV
FRP&(2VHGLUHWRUHVFRPHUFLDLVVªQLRUHVGHWRGRRPXQGRDVDEHUD
GLILFXOGDGH GH FRPSUHHQGHUPRV RX SUHYHU R GLOºYLR GH LQIRUPD§µHV
GLVSRQYHLV DWXDOPHQWH D YHORFLGDGH GDV UXSWXUDV H D DFHOHUD§£R GDV
LQRYD§µHV 7DLV IDWRV FRQVWLWXHP XPD IRQWH GH FRQVWDQWHV VXUSUHVDV
1HVVH FRQWH[WR D FDSDFLGDGH GR OGHU GH FRQWLQXDPHQWH DSUHQGHU
DGDSWDUVHHGHVDILDUVHXVSU³SULRVPRGHORVFRQFHLWXDLVHRSHUDFLRQDLV
GH VXFHVVR © R TXH LU¡ GLVWLQJXLU D SU³[LPD JHUD§£R GH OGHUHV
FRPHUFLDLVEHPVXFHGLGRV
3RUWDQWRRSULPHLURLPSHUDWLYRGRLPSDFWRFRPHUFLDOGDTXDUWD
UHYROX§£RLQGXVWULDO©DXUJHQWHQHFHVVLGDGHGHROKDUSDUDVLPHVPR
FRPRXPOGHUFRPHUFLDOHSDUDDSU³SULDRUJDQL]D§£R+¡HYLGªQFLD
GHTXHDRUJDQL]D§£RHDOLGHUDQ§DV£RFDSD]HVGHDSUHQGHUHPXGDU"
+¡UHJLVWURVGHSURWRWLSDJHPHWRPDGDGHGHFLV£RVREUHLQYHVWLPHQWRV
HPULWPRDFHOHUDGR"$FXOWXUDGDHPSUHVDDFHLWDDVLQRYD§µHVHR
IUDFDVVR"7XGRRTXHYHMRLQGLFDTXHDFDPLQKDGDVHWRUQDU¡PDLV
YHOR]DVDOWHUD§µHVVHU£RIXQGDPHQWDLVHDFDPLQKDGDSRUWDQWR
SUHFLVDU¡GHXPDYLV£RGXUDHKRQHVWDTXDQWR FDSDFLGDGHGDV
RUJDQL]D§µHVSDUDRSHUDUGHIRUPDYHOR]H¡JLO
)RQWHVGDUXSWXUD
0ºOWLSODVIRQWHVGHUXSWXUDFDXVDPGLIHUHQWHVIRUPDVGHLPSDFWRV
QRV QHJ³FLRV 'R ODGR GD RIHUWD PXLWDV LQGºVWULDV HVW£R YHQGR D
LQWURGX§£R GH QRYDV WHFQRORJLDV TXH FULDP IRUPDV LQWHLUDPHQWH QRYDV
GH VHUYLU V QHFHVVLGDGHV HIHWLYDV H FDXVDU JUDQGHV UXSWXUDV QDV
FDGHLDVGHYDORUH[LVWHQWHV+¡PXLWRVH[HPSORV$VQRYDVWHFQRORJLDV
GH DUPD]HQDPHQWR H JHUD§£R GH HQHUJLD LU£R DFHOHUDU D PXGDQ§D SDUD
IRQWHV PDLV GHVFHQWUDOL]DGDV $ DGR§£R DPSOD GD LPSUHVV£R HP '
WRUQDU¡ D IDEULFD§£R GLVWULEXGD H D PDQXWHQ§£R GH SH§DV
VREUHVVDOHQWHVPDLVI¡FHLVHEDUDWDV$VLQIRUPD§µHVHLQWHOLJªQFLDHP
WHPSR UHDO LU£R IRUQHFHU HQWHQGLPHQWRV ºQLFRV VREUH RV FOLHQWHV H R
GHVHPSHQKRGRVDWLYRVDPSOLILFDQGRRXWUDVWHQGªQFLDVWHFQRO³JLFDV
$V UXSWXUDV WDPE©P VHU£R JHUDGDV SRU FRPSHWLGRUHV ¡JHLV H
LQRYDGRUHV TXH DFHVVDQGR DV SODWDIRUPDV GLJLWDLV JOREDLV SDUD
SHVTXLVD GHVHQYROYLPHQWR PDUNHWLQJ YHQGDV H GLVWULEXL§£R SRGHU£R
XOWUDSDVVDU RV RSHUDGRUHV KLVW³ULFRV EHP HVWDEHOHFLGRV FRP XPD
YHORFLGDGH MDPDLV YLVWD PHOKRUDQGR D TXDOLGDGH D YHORFLGDGH RX R
SUH§R GD HQWUHJD GH YDORU (VWD © D UD]£R SRU TXH PXLWRV OGHUHV
FRPHUFLDLVFRQVLGHUDPTXHVXDPDLRUDPHD§DV£RRVFRQFRUUHQWHVTXH
DLQGD Q£R V£R FRQVLGHUDGRV FRPR WDO 6HULD XP HUUR QR HQWDQWR
LPDJLQDU TXH D UXSWXUD FRPSHWLWLYD YLU¡ DSHQDV GDV VWDUWXSV $
GLJLWDOL]D§£R SHUPLWH WDPE©P TXH RV JUDQGHV RSHUDGRUHV KLVW³ULFRV
FUX]HPDVEDUUHLUDVGDLQGºVWULDDSURYHLWDQGRDVXDEDVHGHFOLHQWHVD
LQIUDHVWUXWXUD RX D WHFQRORJLD TXH M¡ SRVVXHP $ WUDQVIHUªQFLD GDV
HPSUHVDV GH WHOHFRPXQLFD§µHV SDUD RV VHJPHQWRV GH FXLGDGRV GH
VDºGH H DXWRPRWLYRV V£R H[HPSORV GLVVR 2 WDPDQKR DLQGD SRGH VHU
XPDYDQWDJHPFRPSHWLWLYDFDVRVHMDDSURYHLWDGRGHIRUPDLQWHOLJHQWH
$V SULQFLSDLV PXGDQ§DV QR ODGR GD GHPDQGD WDPE©P FDXVDUDP
GHVFRQWLQXLGDGHV D FUHVFHQWH WUDQVSDUªQFLD R HQJDMDPHQWR GRV
FRQVXPLGRUHV H RV QRYRV SDGUµHV GH FRPSRUWDPHQWR GRV
FRQVXPLGRUHV FDGD YH] PDLV EDVHDGRV QR DFHVVR D GDGRV H UHGHV
P³YHLVIRU§DPDVHPSUHVDVDDGDSWDUHPRGHVLJQDSURSDJDQGDHDV
IRUPDVGHHQWUHJDGHSURGXWRVHVHUYL§RVH[LVWHQWHVHQRYRV
1R JHUDO YHMR R LPSDFWR GD TXDUWD UHYROX§£R LQGXVWULDO QRV
QHJ³FLRV FRPR XPD PXGDQ§D LQH[RU¡YHO GD GLJLWDOL]D§£R VLPSOHV TXH
FDUDFWHUL]RX D WHUFHLUD UHYROX§£R LQGXVWULDO SDUD XP PRGR PXLWR PDLV
FRPSOH[RGHLQRYD§£RFRPEDVHQDFRPELQD§£RGHY¡ULDVWHFQRORJLDV
HPQRYDVIRUPDV,VVRREULJDWRGDVDVHPSUHVDVDUHDYDOLDUDPDQHLUD
GHID]HUQHJ³FLRVHDVVXPHGLIHUHQWHVIRUPDV3DUDDOJXPDVHPSUHVDV
JDQKDUQRYDVIURQWHLUDVGHYDORUSRGHFRQVLVWLUQRGHVHQYROYLPHQWRGH
QRYRV QHJ³FLRV HP VHJPHQWRV DGMDFHQWHV HQTXDQWR SDUD RXWUDV R
PHVPR SRGH UHIOHWLUVH QD LGHQWLILFD§£R GH EROVµHV GH YDORU HP
PXGDQ§DGHQWURGRVVHWRUHVH[LVWHQWHV
$ QHFHVVLGDGH WRGDYLD SHUPDQHFH D PHVPD 2V OGHUHV
HPSUHVDULDLV H GLUHWRUHV VªQLRUHV SUHFLVDP FRPSUHHQGHU TXH DV
UXSWXUDV DIHWDP D GHPDQGD H D RIHUWD GH VHXV QHJ³FLRV ,VVR SRU VXD
YH] GHYH REULJ¡ORV D GHVDILDU RV SUHVVXSRVWRV GH VXDV HTXLSHV
RSHUDFLRQDLVHHQFRQWUDUQRYDVPDQHLUDVGHID]HUDVFRLVDV(PVXPD
HOHVSUHFLVDPLQRYDUFRQWLQXDPHQWH
4XDWURJUDQGHVLPSDFWRV
$ TXDUWD UHYROX§£R LQGXVWULDO SRVVXL TXDWUR HIHLWRV SULQFLSDLV DRV
QHJ³FLRVGHWRGDVDVLQGºVWULDV
ȉDVH[SHFWDWLYDVGRVFOLHQWHVHVW£RPXGDQGR
ȉRVSURGXWRVHVW£RVHQGRPHOKRUDGRVSHORVGDGRVRTXHPHOKRUD
DSURGXWLYLGDGHGRVDWLYRV
ȉHVW£RVHQGRIRUPDGDVQRYDVSDUFHULDVFRQIRUPHDVHPSUHVDV
DSUHQGHPDLPSRUW¢QFLDGHQRYDVIRUPDVGHFRODERUD§£RH
ȉ RV PRGHORV RSHUDFLRQDLV HVW£R VHQGR WUDQVIRUPDGRV HP QRYRV
PRGHORVGLJLWDLV
$VH[SHFWDWLYDVGRVFRQVXPLGRUHV
2V FOLHQWHV VHMD FRPR LQGLYGXRV %& VHMD FRPR HPSUHVDV
%%HVW£RFDGDYH]PDLVQRFHQWURGDHFRQRPLDGLJLWDODTXDOWUDWD
GH FRPR HOHV V£R VHUYLGRV $V H[SHFWDWLYDV GRV FOLHQWHV HVW£R VHQGR
UHGHILQLGDVHPH[SHULªQFLDV$H[SHULªQFLD$SSOHSRUH[HPSORQ£R©
DSHQDV VREUH FRPR XWLOL]DPRV R SURGXWR PDV WDPE©P VREUH D
HPEDODJHPDPDUFDDVFRPSUDVHRVHUYL§RDRFOLHQWH$$SSOHHVW¡
HQW£R UHGHILQLQGR DV H[SHFWDWLYDV SDUD LQFOXLU D H[SHULªQFLD GR
SURGXWR
$V DERUGDJHQV WUDGLFLRQDLV VREUH VHJPHQWD§£R GHPRJU¡ILFD HVW£R
PXGDQGRSDUDRGLUHFLRQDPHQWRDWUDY©VGHFULW©ULRVGLJLWDLVHPTXHRV
FOLHQWHV SRWHQFLDLV SRGHP VHU LGHQWLILFDGRV FRP EDVH HP VXD
GLVSRQLELOLGDGH SDUD FRPSDUWLOKDU GDGRV H LQWHUDJLU &RQIRUPH D
SURSULHGDGH G¡ OXJDU GH IRUPD DFHOHUDGD DR DFHVVR FRPSDUWLOKDGR
HVSHFLDOPHQWH QDV FLGDGHV R FRPSDUWLOKDPHQWR GH GDGRV VHU¡ XPD
SDUWH QHFHVV¡ULD GD GHFODUD§£R GH YDORU 3RU H[HPSOR R
FRPSDUWLOKDPHQWR GH DXWRP³YHLV H[LJLU¡ D LQWHJUD§£R GH LQIRUPD§µHV
SHVVRDLV H ILQDQFHLUDV SRU PHLR GH Y¡ULDV HPSUHVDV GRV VHWRUHV
EDQF¡ULRHDXWRPRWLYRVGHVHUYL§RVHFRPXQLFD§µHV
$ PDLRULD GDV HPSUHVDV GL] HVWDU FHQWUDGD QR FOLHQWH PDV VXDV
DILUPD§µHV VHU£R WHVWDGDV FRQIRUPH RV GDGRV HP WHPSR UHDO H DV
DQ¡OLVHV IRUHP DSOLFDGRV DR PRGR TXH VHUYHP H DWHQGHP D VHXV
FOLHQWHV $ HUD GLJLWDO WUDWD GR DFHVVR H XVR GH GDGRV UHILQDQGR
SURGXWRV H H[SHULªQFLDV SURPRYHQGR XP PXQGR GH DMXVWHV H
UHILQDPHQWRV FRQWQXRV JDUDQWLQGR DR PHVPR WHPSR TXH D GLPHQV£R
KXPDQDGDLQWHUD§£RFRQWLQXHDVHURFHUQHGRSURFHVVR
$ FDSDFLGDGH GH XWLOL]DU Y¡ULDV IRQWHV GH GDGRV ȉ GHVGH DV
SHVVRDLV DW© DV LQGXVWULDLV GDV IRQWHV VREUH HVWLORV GH YLGD V IRQWHV
FRPSRUWDPHQWDLV RIHUHFH FRQKHFLPHQWR JUDQXODU VREUH D FDPLQKDGD
GHFRPSUDVGRFOLHQWHDOJRLPSHQV¡YHODW©UHFHQWHPHQWH+RMHGDGRV
H P©WULFDV QGLFHV RIHUHFHP LQIRUPD§µHV FUXFLDLV HP WHPSR TXDVH
UHDOVREUHDVQHFHVVLGDGHVHFRPSRUWDPHQWRVGRVFOLHQWHVTXHGLULJHP
DVGHFLVµHVGHPDUNHWLQJHYHQGDV
(VWDWHQGªQFLDGHGLJLWDOL]D§£RHVW¡DWXDOPHQWHFDPLQKDQGRSDUDD
PDLRU WUDQVSDUªQFLD VLJQLILFDQGR PDLV GDGRV GD FDGHLD GH
IRUQHFLPHQWR PDLV GDGRV QD SRQWD GRV GHGRV GRV FRQVXPLGRUHV H
SRUWDQWR PDLV FRPSDUD§µHV SRQWR D SRQWR SHHUWRSHHU VREUH R
GHVHPSHQKRGRVSURGXWRVTXHWUDQVIHUHPSRGHUDRVFRQVXPLGRUHV3RU
H[HPSOR RV VLWHV GH FRPSDUD§£R GH SUH§RV IDFLOLWDP D FRPSDUD§£R
GHOHVGDTXDOLGDGHGRVVHUYL§RVHGRGHVHPSHQKRGRSURGXWR&RPR
FOLTXH GH XP PRXVH RX WRTXH GR GHGR RV FRQVXPLGRUHV
LQVWDQWDQHDPHQWH SDVVDP GH XPD PDUFD VHUYL§R RX DJªQFLD GLJLWDO
SDUD D VHJXLQWH $V HPSUHVDV Q£R SRGHP PDLV VH HVTXLYDU GD
UHVSRQVDELOL]D§£RSRUVHXGHVHPSHQKRIUDFR2SDWULP´QLRGDPDUFD©
XP SUªPLR GLIFLO GH JDQKDU H I¡FLO GH VHU SHUGLGR ,VVR VHU¡
DPSOLILFDGRHPXPPXQGRPDLVWUDQVSDUHQWH
(P JUDQGH PHGLGD D JHUD§£R GR PLOªQLR HVW¡ GHILQLQGR DV
WHQGªQFLDVGHFRQVXPR9LYHPRVKRMHHPXPPXQGRVREGHPDQGD
ELOKµHV GH PHQVDJHQV GH :KDWV$SS V£R HQYLDGDV WRGRV RV GLDV H
GRV MRYHQV QRV (VWDGRV 8QLGRV GLVVHUDP TXH QXQFD GHL[DP GH
ODGR VHXV VPDUWSKRQHV XWLOL]DP GLDULDPHQWH D F¢PHUD GH VHXV
WHOHIRQHV (VWH © XP PXQGR HP TXH R PDLV LPSRUWDQWH © D
SDUWLOKDSHHUWRSHHUHRFRQWHºGRJHUDGRSHORXVX¡ULR(XPPXQGRGR
DJRUD XP PXQGR HP WHPSR UHDO FRP GLUH§µHV GH WU¡IHJR
LQVWDQW¢QHDV H FRPSUDV HQWUHJXHV GLUHWDPHQWH HP VXD SRUWD (VWH
ȐPXQGR GR DJRUDȑ H[LJH TXH DV HPSUHVDV UHVSRQGDP HP WHPSR UHDO
RQGH TXHU TXH HODV HVWHMDP RX RQGH TXHU TXH VHXV FOLHQWHV H
IRUQHFHGRUHVSRVVDPHVWDU
6HULDXPHUURVXSRUTXHLVVRVHOLPLWD VHFRQRPLDVGHDOWDUHQGD
9HMDPRV R H[HPSOR GDV FRPSUDV RQOLQH QD &KLQD 1R GLD GH
QRYHPEUR GH FKDPDGR GH 6LQJOH 'D\ 'LD ºQLFR SHOR JUXSR
$OLEDEDRVHUYL§RGHFRP©UFLRHOHWU´QLFROLGRXFRPPDLVGHPDLVGH
86ELOKµHVHPWUDQVD§µHVRQOLQHGDVYHQGDVRFRUUHUDPSRU
PHLR GH GLVSRVLWLYRV P³YHLV 2XWUR H[HPSOR RFRUUH QD IULFD
VXEVDDULDQD HVWD © D UHJL£R GH PDLRU FUHVFLPHQWR HP WHUPRV GH
DVVLQDWXUDV GH WHOHIRQHV FHOXODUHV R TXH GHPRQVWUD TXH D LQWHUQHW
P³YHOHVW¡GHL[DQGRDOLQKDIL[DSDUDWU¡V$*60$VVRFLDWLRQ HVSHUD
SRU PDLV PLOKµHV GH XVX¡ULRV GH LQWHUQHW P³YHO QD IULFD
VXEVDDULDQD QRV SU³[LPRV FLQFR DQRV ( HQTXDQWR DV HFRQRPLDV
DYDQ§DGDV WªP DV PDLRUHV WD[DV GH SHQHWUD§£R GDV PGLDV VRFLDLV R
OHVWHDVL¡WLFRRVXGHVWH$VL¡WLFRHD$P©ULFD&HQWUDOHVW£RDFLPDGD
P©GLD JOREDO GH H HP U¡SLGR FUHVFLPHQWR :H&KDW :HL[LQ XP
VHUYL§RFKLQªVGHPHQVDJHQVGHWH[WRHGHYR]SDUDFHOXODUHVJDQKRX
FHUFD GH PLOKµHV GH XVX¡ULRV HP DSHQDV PHVHV DW© R ILQDO GH
XPFUHVFLPHQWRDQXDOGHQRPQLPR
3URGXWRVLQWHOLJHQWHV
$V QRYDV WHFQRORJLDV HVW£R WUDQVIRUPDQGR D IRUPD FRPR DV
RUJDQL]D§µHV SHUFHEHP H JHUHQFLDP VHXV DWLYRV SRLV SURGXWRV H
VHUYL§RV UHFHEHP D PHOKRULD GH UHFXUVRV GLJLWDLV TXH DXPHQWDP VHX
YDORU$7HVODSRUH[HPSORPRVWUDFRPRDVDWXDOL]D§µHVGHVRIWZDUH
H FRQHFWLYLGDGH SRU PHLR GD WHFQRORJLD ȐRYHUWKHDLUȑ QR DU SRGHP
VHUXVDGDVSDUDPHOKRUDUXPSURGXWRXPFDUURGHSRLVGDFRPSUDHP
YH]GHGHL[¡ORGHSUHFLDUDRORQJRGRWHPSR
2V QRYRV PDWHULDLV HVW£R WRUQDQGR RV EHQV PDLV GXU¡YHLV H
UHVLVWHQWHV H DO©P GLVVR RV GDGRV H DV DQ¡OLVHV WDPE©P HVW£R
WUDQVIRUPDQGR R SDSHO GD PDQXWHQ§£R $ DQ¡OLVH IRUQHFLGD SRU
VHQVRUHV FRORFDGRV QRV EHQV SHUPLWH VHX FRQVWDQWH PRQLWRUDPHQWR H
PDQXWHQ§£RSURDWLYDHDRID]ªORPD[LPL]DPDVXDXWLOL]D§£R1£RVH
WUDWD PDLV GH EXVFDU IDOKDV HVSHFILFDV PDV GR XVR GH GDGRV
FRPSDUDWLYRV VREUH R GHVHPSHQKR FRP EDVH HP GDGRV IRUQHFLGRV
SHORV VHQVRUHV H PRQLWRUDGRV SRU DOJRULWPRV TXH SRGHP DYLVDU
TXDQGR XPD SDUWH GR HTXLSDPHQWR HVW¡ IRUD GH VHXV SDU¢PHWURV
QRUPDLVGHIXQFLRQDPHQWR1DVDHURQDYHVSRUH[HPSORRVFHQWURVGH
FRQWUROH D©UHR VDEHP ȉ DQWHV GRV SLORWRV ȉ VH XP PRWRU GH XPD
DHURQDYH HVSHFILFD HVW¡ GHVHQYROYHQGR DOJXP WLSR GH IDOKD (OHV
SRGHPSRUFRQVHJXLQWHLQVWUXLURSLORWRVREUHRTXHID]HUHPRELOL]DU
DHTXLSHGHPDQXWHQ§£RFRPDQWHFHGªQFLDQRGHVWLQRGRYRR
$O©PGDPDQXWHQ§£RDFDSDFLGDGHGHSUHYHURGHVHPSHQKRGHXP
EHP SHUPLWH R HVWDEHOHFLPHQWR GH QRYRV PRGHORV GH QHJ³FLRV 2
GHVHPSHQKR GRV EHQV SRGH VHU PHQVXUDGR H PRQLWRUDGR DR ORQJR GR
WHPSR ȉ DV DQ¡OLVHV RIHUHFHP LQIRUPD§µHV VREUH DV WROHU¢QFLDV
RSHUDFLRQDLV H IRUQHFHP D EDVH SDUD D WHUFHLUL]D§£R GH SURGXWRV TXH
Q£RV£RHVWUDW©JLFRVRXSULQFLSDLVSDUDDVQHFHVVLGDGHVGRQHJ³FLR$
6$3 © XP H[HPSOR GH HPSUHVD TXH HVW¡ DODYDQFDQGR RV GDGRV GH
SURGXWRV IVLFRV GD DJULFXOWXUD SDUD DXPHQWDU R WHPSR GH DWLYLGDGH H
XWLOL]D§£RGHOHV
$FDSDFLGDGHGHSUHYHURGHVHPSHQKRGHXPEHPWDPE©PRIHUHFH
QRYDVRSRUWXQLGDGHVSDUDSUHFLILFDURVVHUYL§RV2VEHQVFRPDOWDWD[D
GH XWLOL]D§£R FRPR HOHYDGRUHV RX SDVVDUHODV SRGHP VHU SUHFLILFDGRV
SHOR GHVHPSHQKR GR EHP H RV SUHVWDGRUHV GH VHUYL§RV SRGHP VHU
SDJRV FRP EDVH QR GHVHPSHQKR UHDO FRQWUD XP OLPLDU GH GR
WHPSRGHRSHUD§£RGXUDQWHGHWHUPLQDGRSHURGR7RPHPRVRH[HPSOR
GDV IURWDV GH FDPLQK£R 2V WUDQVSRUWDGRUHV GH ORQJD GLVW¢QFLD HVW£R
LQWHUHVVDGRV HP SURSRVL§µHV HP TXH HOHV SDJDP DRV IDEULFDQWHV GH
SQHXV SHOR XVR D FDGD TXLO´PHWURV URGDGRV HP YH] GH
SUHFLVDUHP FRPSUDU SQHXV QRYRV GH IRUPD SHUL³GLFD ,VVR RFRUUH
SRUTXHDFRPELQD§£RGHVHQVRUHVHDQ¡OLVHVSHUPLWHTXHDVHPSUHVDV
GH SQHXV PRQLWRUHP R GHVHPSHQKR GR PRWRULVWD R FRQVXPR GH
FRPEXVWYHO H R GHVJDVWH GRV SQHXV SDUD SRGHU RIHUHFHU XP VHUYL§R
FRPSOHWRGHSRQWDDSRQWD
,QRYD§£RFRODERUDWLYD
8P PXQGR GH H[SHULªQFLDV GR FOLHQWH RV VHUYL§RV FRP EDVH HP
GDGRV H R GHVHPSHQKR GH EHQV SRU PHLR GD DQ¡OLVH H[LJHP QRYDV
IRUPDV GH FRODERUD§£R SDUWLFXODUPHQWH SRU FDXVD GD YHORFLGDGH QD
TXDO DV LQRYD§µHV H DV UXSWXUDV HVW£R RFRUUHQGR ,VVR © YHUGDGH SDUD
RV RSHUDGRUHV H DV HPSUHVDV HVWDEHOHFLGDV PDV WDPE©P SDUD DV
HPSUHVDV MRYHQV H GLQ¢PLFDV $V SULPHLUDV FRVWXPDP IDOWDU
KDELOLGDGHVHVSHFILFDVHHODVSRVVXHPPHQRUVHQVLELOLGDGH HYROX§£R
GDV QHFHVVLGDGHV GRV FOLHQWHV HQTXDQWR DV ºOWLPDV SRVVXHP SRXFR
FDSLWDO H OKHV IDOWD RV LPSRUWDQWHV GDGRV JHUDGRV SRU RSHUD§µHV
PDGXUDV
&RQIRUPH XP UHODW³ULR GR )³UXP &ROODERUDWLYH ,QQRYDWLRQ
7UDQVIRUPLQJ %XVLQHVV 'ULYLQJ *URZWK TXDQGR DV HPSUHVDV
FRPSDUWLOKDP UHFXUVRV SRU PHLR GD LQRYD§£R FRODERUDWLYD © SRVVYHO
FULDU EDVWDQWH YDORU SDUD DPEDV DV SDUWHV EHP FRPR SDUD DV
HFRQRPLDV RQGH HVVDV FRODERUD§µHV RFRUUHP 8P H[HPSOR GLVVR © D
UHFHQWHFRODERUD§£RHQWUHDJLJDQWHLQGXVWULDO6LHPHQVTXHJDVWDFHUFD
GH86ELOKµHVSRUDQRHPSHVTXLVDVHGHVHQYROYLPHQWRHD$\DVGL
XPD HPSUHVD LQRYDGRUD GH DSUHQGL]DJHP DXWRP¡WLFD JDQKDGRUD GR
SUªPLR 7HFKQRORJ\ 3LRQHHU 3LRQHLUR 7HFQRO³JLFR GR )³UXP
(FRQ´PLFR 0XQGLDO IXQGDGD HP QD 8QLYHUVLGDGH GH 6WDQIRUG
(VVDSDUFHULDRIHUHFH 6LHPHQVDFHVVRDXPSDUFHLURTXHSRGHDMXGDU
DUHVROYHUGHVDILRVFRPSOH[RVDRH[WUDLULGHLDVGHYDVWDVTXDQWLGDGHV
GH GDGRV HQTXDQWR D $\DVGL SRGH YDOLGDU VXD DERUGDJHP WRSRO³JLFD
GHDQ¡OLVHGHGDGRVFRPGDGRVUHDLVHDRPHVPRWHPSRH[SDQGLUVXD
SUHVHQ§DQRPHUFDGR
(VVDV FRODERUD§µHV QR HQWDQWR FRVWXPDP HVWDU ORQJH GH VHUHP
VLPSOHV(ODVH[LJHPXPLQYHVWLPHQWRVLJQLILFDWLYRGHDPEDVDVSDUWHV
SDUD R GHVHQYROYLPHQWR GH XPD HVWUDW©JLD ILUPH EXVFD GH SDUFHLURV
DSURSULDGRVHVWDEHOHFLPHQWRVGRVFDQDLVGHFRPXQLFD§£RDOLQKDPHQWR
GHSURFHVVRVHRIHUHFLPHQWRGHUHVSRVWDVIOH[YHLV VQRYDVFRQGL§µHV
WDQWR GHQWUR FRPR IRUD GD SDUFHULD V YH]HV HVVDV FRODERUD§µHV
FULDPPRGHORVLQWHLUDPHQWHQRYRVGHQHJ³FLRVWDLVFRPRRVHVTXHPDV
GHFRPSDUWLOKDPHQWRGHDXWRP³YHLVQDVFLGDGHVTXHUHºQHPHPSUHVDV
GHY¡ULDVLQGºVWULDVSDUDRIHUHFHUXPDH[SHULªQFLDLQWHJUDGDDRFOLHQWH
$ SDUFHULD GHSHQGH GR HOR PDLV IUDFR GD FDGHLD $V HPSUHVDV
SUHFLVDPLUEHPDO©PGRVDFRUGRVGHPDUNHWLQJHYHQGDVVHTXLVHUHP
FRPSUHHQGHU FRPR DGRWDU DERUGDJHQV JOREDLV GH FRODERUD§£R $
TXDUWD UHYROX§£R LQGXVWULDO REULJD DV HPSUHVDV D LPDJLQDU R
IXQFLRQDPHQWRSU¡WLFRHQWUHRVPXQGRVRIIOLQHHRQOLQH
1RYRVPRGHORVRSHUDFLRQDLV
7RGRVHVVHVGLIHUHQWHVLPSDFWRVH[LJHPTXHDVHPSUHVDVUHSHQVHP
VHXV PRGHORV GH IXQFLRQDPHQWR 1HVVH VHQWLGR R GHVDILR GR
SODQHMDPHQWR HVWUDW©JLFR RFRUUH SHOD QHFHVVLGDGH GH DV HPSUHVDV
RSHUDUHPFRPPDLRUYHORFLGDGHHDJLOLGDGH
&RQIRUPH PHQFLRQDGR DQWHULRUPHQWH XP LPSRUWDQWH PRGHOR
RSHUDFLRQDO TXH VH WRUQRX SRVVYHO SHORV HIHLWRV GH UHGH GD
GLJLWDOL]D§£R © D SODWDIRUPD (QTXDQWR D WHUFHLUD UHYROX§£R LQGXVWULDO
YLX R VXUJLPHQWR GH SODWDIRUPDV SXUDPHQWH GLJLWDLV XPD PDUFD
UHJLVWUDGD GD TXDUWD UHYROX§£R LQGXVWULDO © R DSDUHFLPHQWR GH
SODWDIRUPDVJOREDLVLQWLPDPHQWHOLJDGDVDRPXQGRIVLFR$HVWUDW©JLD
GD SODWDIRUPD © WDQWR UHQW¡YHO TXDQWR GHVFRQWLQXDGRUD 8PD SHVTXLVD
UHDOL]DGDSHOD6ORDQ6FKRRORI0DQDJHPHQWGR0,7PRVWURXTXHHQWUH
DVPDLRUHVPDUFDVSRUFDSLWDOL]D§£RGHPHUFDGRHPHUDP
HPSUHVDVRULHQWDGDVSRUSODWDIRUPDV
$VHVWUDW©JLDVGDVSODWDIRUPDVFRPELQDGDVFRPDQHFHVVLGDGHGH
FRQFHQWUDUVH PDLV QR FOLHQWH H PHOKRUDU RV SURGXWRV SRU PHLR GH
GDGRV HVW£R DOWHUDQGR R IRFR GH PXLWDV LQGºVWULDV GD YHQGD GH
SURGXWRV SDUD R IRUQHFLPHQWR GH VHUYL§RV 8P QºPHUR FUHVFHQWH GH
FRQVXPLGRUHVQ£RPDLVFRPSUDHSRVVXLREMHWRVIVLFRVPDVSUHIHUHP
SDJDUSHODHQWUHJDGHXPVHUYL§RVXEMDFHQWHTXHVHU¡DFHVVDGRDWUDY©V
GH XPD SODWDIRUPD GLJLWDO ( SRVVYHO SRU H[HPSOR REWHU DFHVVR
GLJLWDODELOKµHVGHOLYURVSRUPHLRGD.LQGOH6WRUHGD$PD]RQRXYLU
TXDVH WRGDV DV PºVLFDV GR PXQGR SHOR 6SRWLI\ RX MXQWDUVH D XPD
HPSUHVD GH FRPSDUWLOKDPHQWR GH FDUURV TXH IRUQHFH VHUYL§RV GH
PRELOLGDGH VHP D QHFHVVLGDGH GH SRVVXLU R YHFXOR (VVD PXGDQ§D ©
SRGHURVD H SHUPLWH R DSDUHFLPHQWR GH PRGHORV HFRQ´PLFRV PDLV
WUDQVSDUHQWHVHVXVWHQW¡YHLVGHWURFDGHYDORUHV0DVLVVRWDPE©PFULD
GHVDILRV VREUH D GHILQL§£R GH SURSULHGDGH VREUH FRPR FRODERUDU H
HQYROYHUVH FRP HVVH FRQWHºGR LOLPLWDGR H VREUH FRPR LQWHUDJLUPRV
FRP HVVDV SODWDIRUPDV FDGD YH] PDLV SRGHURVDV TXH QRV IRUQHFHP
HVVHVVHUYL§RVHPHVFDOD
2 WUDEDOKR GR )³UXP (FRQ´PLFR 0XQGLDO HP VXD LQLFLDWLYD
Ȑ7UDQVIRUPD§£R 'LJLWDO GD ,QGºVWULDȑ 'LJLWDO 7UDQVIRUPDWLRQ RI
,QGXVWU\ GHVWDFD XPD V©ULH GH RXWURV QHJ³FLRV H PRGHORV GH
IXQFLRQDPHQWR SDUD DSURYHLWDU DV RSRUWXQLGDGHV GD TXDUWD UHYROX§£R
LQGXVWULDO 2 DQWHULRUPHQWH FLWDGR ȐIRFR QR FOLHQWHȑ © XP GHOHV
SURSRQHQWHV FRPR D 1HVSUHVVR FRQFHQWUDP VHXV HVIRU§RV QRV
SURFHVVRV GD OLQKD GH IUHQWH H FDSDFLWDP VHXV IXQFLRQ¡ULRV SDUD TXH
FRORTXHP R FOLHQWH HP SULPHLUR OXJDU 0RGHORV GH QHJ³FLRV IUXJDLV
XVDP DV RSRUWXQLGDGHV RIHUHFLGDV SHOD LQWHUD§£R GRV UHLQRV GLJLWDLV
IVLFRVHKXPDQRVSDUDDEULUQRYDVIRUPDVGHRWLPL]D§£RWDLVFRPRRV
HVIRU§RV HPSUHHQGLGRV SHOD 0LFKHOLQ SDUD IRUQHFHU VHUYL§RV GH DOWD
TXDOLGDGHDEDL[RVFXVWRV
2VPRGHORVGHQHJ³FLRVFRPEDVHHPGDGRVFULDPQRYDVIRQWHVGH
UHFHLWDVDSDUWLUGRDFHVVRDLQIRUPD§µHVYDOLRVDVVREUHRVFOLHQWHVHP
XP FRQWH[WR PDLV DPSOR H FDGD YH] PDLV GHSHQGHP GD LQWHOLJªQFLD
GDV DQ¡OLVHV H VRIWZDUHV SDUD GHVEORTXHDU RV FRQKHFLPHQWRV $V
HPSUHVDV ȐDEHUWDV H OTXLGDVȑ SRVLFLRQDPVH FRPR SDUWH GH XP
HFRVVLVWHPDGHFULD§£RGHYDORUIOXLGRHQTXDQWRRIRFRGDVHPSUHVDV
WLSR Ȑ6N\QHWȑ FRQFHQWUDPVH QD DXWRPD§£R WRUQDQGRVH PDLV
SUHYDOHQWH HP ORFDLV H LQGºVWULDV SHULJRVRV +¡ PXLWRV H[HPSORV GH
HPSUHVDV TXH VH DUWLFXODP HP UHOD§£R D PRGHORV GH QHJ³FLRV TXH
IRFDOL]DPQRHPSUHJRGHQRYDVWHFQRORJLDVSDUDTXHRXVRGRVIOX[RV
GH HQHUJLD H PDWHULDO VHMDP PDLV HILFLHQWHV H DVVLP SUHVHUYHP RV
UHFXUVRVUHGX]DPFXVWRVHWHQKDPXPLPSDFWRSRVLWLYRVREUHRPHLR
DPELHQWHYHU4XDGUR%5HQRYD§£RHSUHVHUYD§£RDPELHQWDOS
3RU FDXVD GHVVDV WUDQVIRUPD§µHV DV HPSUHVDV SUHFLVDU£R LQYHVWLU
SHVDGDPHQWH HP VLVWHPDV FLEHUQ©WLFRV H GH VHJXUDQ§D GH GDGRV SDUD
HYLWDUDLQWHUUXS§£RGLUHWDFDXVDGDSRUFULPLQRVRVDWLYLVWDVRXIDOKDV
Q£RLQWHQFLRQDLVGDLQIUDHVWUXWXUDGLJLWDO$VHVWLPDWLYDVGRFXVWRWRWDO
DQXDO DRV QHJ³FLRV FDXVDGR SRU FLEHUDWDTXHV HVW£R QD RUGHP GH
JUDQGH]D GH 86 ELOKµHV $V H[SHULªQFLDV GH HPSUHVDV FRPR D
6RQ\ 3LFWXUHV 7DON7DON 7DUJHW H %DUFOD\V LQGLFDP TXH D SHUGD GR
FRQWUROHGHGDGRVFRUSRUDWLYRVVHQVYHLVHGDGRVVREUHRVFOLHQWHVWHP
XPHQRUPHHIHLWRQHJDWLYRVREUHRVSUH§RVGHVXDVD§µHV,VVRH[SOLFD
SRU TXH R %DQFR 0HUULOO /\QFK HVWLPD TXH R PHUFDGR GH
FLEHUVVHJXUDQ§D LU¡ PDLV TXH GREUDU GH DSUR[LPDGDPHQWH 86
ELOKµHVHPSDUD86ELOKµHVDW©LPSOLFDQGRXPDWD[D
GHFUHVFLPHQWRDQXDOGHPDLVGHSDUDHVVDLQGºVWULDQRVSU³[LPRV
FLQFRDQRV
7DPE©PSRUFDXVDGRVPRGHORVRSHUDFLRQDLVHPHUJHQWHVWDOHQWRH
FXOWXUD GHYHU£R VHU UHSHQVDGRV OX] GH QRYDV FRPSHWªQFLDV H GD
QHFHVVLGDGHGHDWUDLUHUHWHURWLSRFHUWRGHFDSLWDOKXPDQR&RQIRUPH
RV GDGRV VH WRUQHP HVVHQFLDLV SDUD D WRPDGD GH GHFLV£R H SDUD RV
PRGHORV GH IXQFLRQDPHQWR HP WRGD D LQGºVWULD D IRU§D GH WUDEDOKR
SDVVD D QHFHVVLWDU GH QRYDV FRPSHWªQFLDV HQTXDQWR RV SURFHVVRV
SUHFLVDP VHU DWXDOL]DGRV SRU H[HPSOR SDUD WLUDU SURYHLWR GD
GLVSRQLELOLGDGH GH LQIRUPD§µHV HP WHPSR UHDO H DV FXOWXUDV
HYROXGDV
&RQIRUPH PHQFLRQDGR DV HPSUHVDV SUHFLVDP DGDSWDUVH DR
FRQFHLWR GH ȐWDOHQWLVPRȑ (VWH © XP GRV PDLV LPSRUWDQWHV
LPSXOVLRQDGRUHVHPHUJHQWHVGHFRPSHWLWLYLGDGH(PXPPXQGRRQGHR
WDOHQWR © D IRUPD GRPLQDQWH GH YDQWDJHP HVWUDW©JLFD D QDWXUH]D GD
HVWUXWXUD RUJDQL]DFLRQDO GHYHU¡ VHU UHSHQVDGD +LHUDUTXLDV IOH[YHLV
QRYDVIRUPDVGHPHGLUHUHFRPSHQVDURGHVHPSHQKRQRYDVHVWUDW©JLDV
SDUDDWUDLUHUHWHURVWDOHQWRVFRPSHWHQWHVȉHVVHVIDWRUHVVHWRUQDU£R
D FKDYH GR VXFHVVR RUJDQL]DFLRQDO $ FDSDFLGDGH GH VHU ¡JLO WUDWDU¡
WDQWR VREUH D PRWLYD§£R H D FRPXQLFD§£R GRV IXQFLRQ¡ULRV TXDQWR
VREUH D GHILQL§£R GDV SULRULGDGHV GRV QHJ³FLRV H R JHUHQFLDPHQWR GH
EHQVIVLFRV
7HQKRDVHQVD§£RGHTXHDVRUJDQL]D§µHVEHPVXFHGLGDVSDVVDU£R
FDGD YH] PDLV GH HVWUXWXUDV KLHU¡UTXLFDV SDUD PRGHORV PDLV
FRODERUDWLYRV H HP UHGH $ PRWLYD§£R VHU¡ FDGD YH] PDLV LQWUQVHFD
LPSXOVLRQDGD SHOR GHVHMR FRODERUDWLYR GRV HPSUHJDGRV H SHOD JHVW£R
SDUDDPDHVWULDPDVWHU\LQGHSHQGªQFLDHVLJQLILFDGR,VVRVXJHUHTXH
DV HPSUHVDV LU£R WRUQDUVH FDGD YH] PDLV RUJDQL]DGDV HP WRUQR GH
HTXLSHVGLVWULEXGDVWUDEDOKDGRUHVUHPRWRVHFROHWLYRVGLQ¢PLFRVFRP
XPD WURFD FRQWQXD GH GDGRV H FRQKHFLPHQWRV VREUH DV FRLVDV RX
WDUHIDVHPDQGDPHQWR
8P FHQ¡ULR GH WUDEDOKR HPHUJHQWH TXH UHIOHWH HVVD PXGDQ§D
EDVHLDVHQDDVFHQV£RU¡SLGDGDWHFQRORJLDYHVWYHOFRPELQDGDFRPD
LQWHUQHW GDV FRLVDV TXH HVW¡ SURJUHVVLYDPHQWH SHUPLWLQGR TXH DV
HPSUHVDV PLVWXUHP H[SHULªQFLDV IVLFDV H GLJLWDLV SDUD EHQHILFLDU RV
WUDEDOKDGRUHV EHP FRPR RV FRQVXPLGRUHV 3RU H[HPSOR RV
WUDEDOKDGRUHV TXH RSHUDP FRP HTXLSDPHQWRV DOWDPHQWH FRPSOH[RV RX
HPVLWXD§µHVGLIFHLVSRGHPXVDUDVWHFQRORJLDVYHVWYHLVSDUDDMXGDU
DSURMHWDUHUHSDUDUFRPSRQHQWHV2VGRZQORDGVHDWXDOL]D§µHVSDUDDV
P¡TXLQDV FRQHFWDGDV JDUDQWHP TXH DPERV RV WUDEDOKDGRUHV GD ¡UHD H
RV HTXLSDPHQWRV TXH XVDP HVWHMDP DWXDOL]DGRV FRP RV ºOWLPRV
GHVHQYROYLPHQWRV 1R PXQGR GD TXDUWD UHYROX§£R LQGXVWULDO RQGH D
SU¡WLFD SDGU£R © D DWXDOL]D§£R GR VRIWZDUH FRP EDVH QD QXYHP H
DWXDOL]D§£R GRV EHQV GH GDGRV DWUDY©V GD QXYHP VHU¡ DLQGD PDLV
LPSRUWDQWH JDUDQWLU TXH RV VHUHV KXPDQRV H VXDV FRPSHWªQFLDV
PDQWHQKDPVHQRPHVPRULWPR
)XV£RGRVPXQGRVGLJLWDLVIVLFRVHELRO³JLFRV
$V HPSUHVDV FDSD]HV GH FRPELQDU PºOWLSODV GLPHQVµHV GLJLWDLV
IVLFDV H ELRO³JLFDV PXLWDV YH]HV FRQVHJXHP GHVFRQWLQXDU XPD
LQGºVWULD LQWHLUD H VHXV VLVWHPDV GH SURGX§£R GLVWULEXL§£R H FRQVXPR
UHODFLRQDGRV
(P PXLWDV FLGDGHV D SRSXODULGDGH GR DSOLFDWLYR 8EHU FRPH§D
FRP D PHOKRU H[SHULªQFLD GR FOLHQWH ȉ DFRPSDQKDPHQWR GD SRVL§£R
GRFDUURDWUDY©VGHXPGLVSRVLWLYRP³YHOXPDGHVFUL§£RGRVSDGUµHV
GRFDUURHXPSURFHVVRGHSDJDPHQWRGLQ¢PLFRHYLWDQGRDWUDVRVSDUD
FKHJDU DR GHVWLQR $ H[SHULªQFLD WHP VLGR DSULPRUDGD FRP R SURGXWR
IVLFRWUDQVSRUWHGHXPDSHVVRDGH$D%RWLPL]DQGRDXWLOL]D§£RGR
DWLYR R FDUUR SRVVXGR SHOR PRWRULVWD (P WDLV FDVRV PXLWDV YH]HV
DV RSRUWXQLGDGHV GLJLWDLV Q£R V£R DSHQDV WUDGX]LGDV HP SUH§RV PDLV
HOHYDGRV RX FXVWRV PDLV EDL[RV PDV WDPE©P HP XPD PXGDQ§D
IXQGDPHQWDO GR PRGHOR GH QHJ³FLRV ,VVR © RULHQWDGR SRU XPD
DERUGDJHP SRQWD D SRQWD GHVGH D DTXLVL§£R GR VHUYL§R DW© VXD
HQWUHJD
(VVHV PRGHORV GH QHJ³FLRV FRP EDVH QD FRPELQD§£R LOXVWUDP R
JUDX GH UXSWXUD TXH RFRUUH TXDQGR RV EHQV GLJLWDLV H FRPELQD§µHV
LQWHUHVVDQWHV GH SODWDIRUPDV GLJLWDLV H[LVWHQWHV V£R XWLOL]DGRV SDUD
UHRUJDQL]DU DV UHOD§µHV FRP RV EHQV IVLFRV PDUFDQGR XPD PXGDQ§D
QRW¡YHO GD SURSULHGDGH SDUD R DFHVVR (P VHXV PHUFDGRV QHQKXPD
HPSUHVDGHW©PRVDWLYRVXPPRWRULVWDGRFDUUR©RGRQRGRFDUURHR
GLVSRQLELOL]D R SURSULHW¡ULR GH XP LP³YHO GLVSRQLELOL]D XP TXDUWR GH
VXD FDVD (P DPERV RV FDVRV D YDQWDJHP FRPSHWLWLYD © FRQVWUXGD D
SDUWLU GH XPD H[SHULªQFLD VXSHULRU FRPELQDGD FRP D UHGX§£R GRV
FXVWRVGHWUDQVD§£RHIULF§£R$O©PGLVVRHVVDVHPSUHVDVFRPELQDPD
SURFXUD H D GHPDQGD GH IRUPD U¡SLGD H FRQYHQLHQWH HYLWDQGR RV
PRGHORVGHQHJ³FLRVGRVRSHUDGRUHVHVWDEHOHFLGRV
(VVD DERUGDJHP GH PHUFDGR FRUU³L JUDGXDOPHQWH D SRVL§£R K¡
PXLWRHVWDEHOHFLGDSHORVRSHUDGRUHVKLVW³ULFRVHGHVPDQWHODRVOLPLWHV
H[LVWHQWHV HQWUH DV LQGºVWULDV 0XLWRV H[HFXWLYRV VªQLRUHV DFUHGLWDP
TXHDFRQYHUJªQFLDLQGXVWULDOVHU¡RSULQFLSDOLPSDFWRDVHXVQHJ³FLRV
QRVSU³[LPRVWUªVDFLQFRDQRV$VVLPTXHXPFOLHQWHHVWDEHOHFHXP
KLVW³ULFR GH FRQILDQ§D QD SODWDIRUPD R SURYHGRU GLJLWDO SDVVD D
IDFLOPHQWHRIHUHFHURXWURVSURGXWRVHVHUYL§RV
2V FRQFRUUHQWHV YHOR]HV SURYRFDP XPD GHVDJUHJD§£R GRV VLORV H
FDGHLDV GH YDORU GD LQGºVWULD PDLV WUDGLFLRQDO H D UHOD§£R H[LVWHQWH
HQWUHDV HPSUHVDV H VHXVFOLHQWHVGHL[D GH SUHFLVDU GH LQWHUPHGL¡ULRV
1RYRV GLVUXSWRUHV SRGHP FUHVFHU UDSLGDPHQWH FRP XP FXVWR PXLWR
PHQRU GR TXH RV RSHUDGRUHV JHUDQGR QR SURFHVVR XP U¡SLGR
FUHVFLPHQWRQRVVHXVUHWRUQRVILQDQFHLURVDWUDY©VGHHIHLWRVGHUHGH$
HYROX§£R GD $PD]RQ GH HGLWRUD D XP FRQJORPHUDGR GH YHQGD DR
FRQVXPLGRU TXH JDQKD 86 ELOKµHV DR DQR ȉ PRVWUD FRPR D
ILGHOL]D§£R GH FOLHQWHV FRPELQDGD FRP R FRQKHFLPHQWR GH VXDV
SUHIHUªQFLDV H XPD V³OLGD DGPLQLVWUD§£R SRGH OHYDU XPD HPSUHVD D
UHDOL]DU YHQGDV HP Y¡ULDV LQGºVWULDV (OD WDPE©P GHPRQVWUD RV
EHQHIFLRVGDHVFDOD
(PTXDVHWRGDVDVLQGºVWULDVDVWHFQRORJLDVGLJLWDLVFULDUDPQRYDV
IRUPDV GLVUXSWRUDV GH FRPELQDU SURGXWRV H VHUYL§RV ȉ H QHVVH
SURFHVVRGLVVROYHUDPDVIURQWHLUDVWUDGLFLRQDLVHQWUHDVLQGºVWULDV1D
¡UHDDXWRPRWLYDRFDUURDJRUD©XPFRPSXWDGRUVREUHURGDVVXDSDUWH
HOHWU´QLFD UHSUHVHQWD DSUR[LPDGDPHQWH GR FXVWR GH XP FDUUR $
GHFLV£R GD $SSOH H GR *RRJOH GH HQWUDU QR PHUFDGR DXWRPRWLYR
PRVWUD TXH XPD HPSUHVD GH WHFQRORJLD SRGH DJRUD VH WUDQVIRUPDU HP
XPDHPSUHVDDXWRPRELOVWLFD1RIXWXURFRPDPXGDQ§DGRYDORUSDUD
RV FRPSRQHQWHV HOHWU´QLFRV D WHFQRORJLD H R OLFHQFLDPHQWR GH
VRIWZDUHSRGHPUHYHODUVHHVWUDWHJLFDPHQWHPDLVYDQWDMRVRVGRTXHD
IDEULFD§£RGRFDUURHPVL
2 VHWRU GH ILQDQ§DV HVW¡ SDVVDQGR SRU XP SHURGR VHPHOKDQWH GH
PXGDQ§DV GLVUXSWLYDV $V SODWDIRUPDV 33 SHHUWRSHHU HVW£R
DWXDOPHQWH GHUUXEDQGR DV EDUUHLUDV HQWUDGD H UHGX]LQGR RV FXVWRV
1D ¡UHD GH LQYHVWLPHQWRV HPSUHVDULDLV RV QRYRV DOJRULWPRV GH
FRQVXOWRULD URERWL]DGD URERDGYLVRU\ H VXDV DSOLFD§µHV
FRUUHVSRQGHQWHV IRUQHFHP VHUYL§RV GH FRQVXOWRULD H IHUUDPHQWDV GH
SRUWI³OLRSRUXPDIUD§£RGRYHOKRFXVWRGHWUDQVD§£RȉHPYH]
GRV WUDGLFLRQDLV DPHD§DQGR DVVLP XP VHJPHQWR LQWHLUR GD DWXDO
LQGºVWULD ILQDQFHLUD $ LQGºVWULD WDPE©P HVW¡ FLHQWH GH TXH R
EORFNFKDLQ LU¡ HP EUHYH UHYROXFLRQDU VXD IRUPD GH IXQFLRQDPHQWR
SRUTXH DV SRVVYHLV DSOLFD§µHV ILQDQFHLUDV GHVVD WHFQRORJLD SRGHU£R
UHGX]LURVFXVWRVGHWUDQVD§µHVHOLTXLGD§£RHPDW©86ELOKµHVH
WUDQVIRUPDU D PDQHLUD FRPR D LQGºVWULD IXQFLRQD $ WHFQRORJLD GH
EDQFR GH GDGRV FRPSDUWLOKDGR SRGH VLPSOLILFDU Y¡ULDV DWLYLGDGHV
FRPR R DUPD]HQDPHQWR GDV FRQWDV GRV FOLHQWHV RV SDJDPHQWRV
LQWHUQDFLRQDLVHDVFRPSHQVD§µHVHOLTXLGD§µHVFRPHUFLDLVEHPFRPR
SURGXWRV H VHUYL§RV TXH DLQGD Q£R H[LVWHP FRPR RV FRQWUDWRV
LQWHOLJHQWHVGHIXWXURVTXHVHULDPDXWRH[HFXW¡YHLVVHPDQHFHVVLGDGH
GHXP LQWHUPHGL¡ULR SRU H[HPSOR XPGHULYDWLYR GH FU©GLWR TXH SDJD
DXWRPDWLFDPHQWH TXDQGR XP SDV RX HPSUHVD GHVFXPSUH VXDV
REULJD§µHV
2 VHWRU GH VDºGH WDPE©P VH Yª IUHQWH DR GHVDILR GH LQFRUSRUDU
DYDQ§RVVLPXOW¢QHRVHPWHFQRORJLDVIVLFDVELRO³JLFDVHGLJLWDLVSRLV
R GHVHQYROYLPHQWR GH QRYDV DERUGDJHQV GH GLDJQ³VWLFRV H WHUDSLDV
FRLQFLGH FRP R LPSXOVR GH GLJLWDOL]D§£R GRV UHJLVWURV GH SDFLHQWHV H
GHFDSLWDOL]DUVREUHDULTXH]DGHLQIRUPD§µHVTXHSRGHU£RVHUREWLGDV
SRUGLVSRVLWLYRVYHVWYHLVHWHFQRORJLDVLPSODQW¡YHLV
1HP WRGDV DV LQGºVWULDV HVW£R QR PHVPR SRQWR GH UXSWXUD PDV
WRGDVHVW£RVHQGROHYDGDVDXPDFXUYDGHWUDQVIRUPD§µHVSHODVIRU§DV
GDTXDUWDUHYROX§£RLQGXVWULDO([LVWHPGLIHUHQ§DVGHSHQGHQGRGRWLSR
GH LQGºVWULD H GR SHUILO GHPRJU¡ILFR GD EDVH GH FOLHQWHV 0DV HP XP
PXQGR FDUDFWHUL]DGR SHOD LQFHUWH]D D FDSDFLGDGH GH DGDSWD§£R ©
IXQGDPHQWDOȉTXDQGRXPDHPSUHVD©LQFDSD]GHPRYHUVHQDFXUYD
HODFRUUHRULVFRGHVHUODQ§DGDSDUDIRUDGHOD
$VHPSUHVDVTXHVREUHYLYHUHPRXSURVSHUDUHPSUHFLVDU£RPDQWHU
H DSULPRUDU FRQWLQXDPHQWH VXD YDQWDJHP LQRYDGRUD (PSUHVDV
LQGºVWULDVHFRUSRUD§µHVHQIUHQWDU£RSUHVVµHVGDUZLQLDQDVFRQWQXDVH
FRPRWDODILORVRILDȐSDUDVHPSUHQDYHUV£REHWDȑVHPSUHHYROXLQGR
YDL VH WRPDU PDLV SUHGRPLQDQWH ,VVR VXJHUH TXH R QºPHUR JOREDO GH
HPSUHHQGHGRUHV H ȐLQWUDSUHQHXUVȑ JHVWRUHV GH HPSUHVD
HPSUHHQGHGRUD HPSUHHQGHGRUHV LQWHUQRV RX LQWUDHPSUHHQGHGRUHV LU¡
DXPHQWDU 3HTXHQDV H P©GLDV HPSUHVDV WHU£R D YDQWDJHP GD
YHORFLGDGH H D DJLOLGDGH QHFHVV¡ULD SDUD OLGDU FRP DV UXSWXUDV H DV
LQRYD§µHV
$VJUDQGHVRUJDQL]D§µHVSRURXWURODGRVREUHYLYHU£RSRUPHLRGH
VXDVYDQWDJHQVGHHVFDODHLQYHVWLQGRHPVHXHFRVVLVWHPDGHVWDUWXSV
H 30(V SHOD DTXLVL§£R H SDUFHULD GH HPSUHVDV PHQRUHV H PDLV
LQRYDGRUDV ,VVR LU¡ SHUPLWLU TXH HODV PDQWHQKDP VXD DXWRQRPLD HP
VHXV UHVSHFWLYRV QHJ³FLRV SHUPLWLQGR WDPE©P TXH VXDV RSHUD§µHV
VHMDP PDLV HILFLHQWHV H ¡JHLV $ UHFHQWH GHFLV£R GR *RRJOH HP
UHRUJDQL]DUVHHPXPDHPSUHVDFKDPDGD$OSKDEHW©XPH[HPSORFODUR
GHVVD WHQGªQFLD LPSXOVLRQDGD SHOD QHFHVVLGDGH GH VXVWHQWDU R VHX
FDU¡WHULQRYDGRUHPDQWHUVXDDJLOLGDGH
3RUILPFRQIRUPHGHWDOKDUHLQDSU³[LPDVH§£RRTXDGURQRUPDWLYR
H OHJLVODWLYR LU¡ PROGDU GH PDQHLUD VLJQLILFDWLYD D IRUPD FRPR RV
SHVTXLVDGRUHV DV HPSUHVDV H RV FLGDG£RV GHVHQYROYHP LQYHVWHP H
DGRWDP DV QRYDV WHFQRORJLDV H PRGHORV RSHUDFLRQDLV TXH OKHV
SHUPLWDP FULDU YDORU SDUD RV XVX¡ULRV 6H SRU XP ODGR DV QRYDV
WHFQRORJLDV H DV HPSUHVDV LQRYDGRUDV RIHUHFHP QRYRV SURGXWRV H
VHUYL§RV TXH SRGHULDP PHOKRUDU D YLGD GH PXLWRV SRU RXWUR HVVDV
PHVPDV WHFQRORJLDV H VLVWHPDV TXH RV VXSRUWDP WDPE©P SRGHULDP
FULDU LPSDFWRV LQGHVHM¡YHLV GHVGH R GHVHPSUHJR JHQHUDOL]DGR H D
PDLRU GLVSDULGDGH GD GHVLJXDOGDGH W³SLFRV GLVFXWLGRV DQWHULRUPHQWH
DW© RV SHULJRV GH VLVWHPDV DXWRPDWL]DGRV GH DUPDV H QRYRV
FLEHUULVFRV
(QTXDQWR K¡ YDULD§µHV QDV SHUVSHFWLYDV VREUH D FRPELQD§£R FHUWD
GH UHJXODPHQWRV PLQKDV FRQYHUVDV FRP JRYHUQRV HPSUHVDV H OGHUHV
GD VRFLHGDGH FLYLO LQGLFDP TXH HOHV FRPSDUWLOKDP R PHVPR REMHWLYR
JHUDOFULDUHFRVVLVWHPDVQRUPDWLYRVHOHJLVODWLYRV¡JHLVHUHVSRQV¡YHLV
TXHSHUPLWDPRSURJUHVVRGDVLQRYD§µHVPLQLPL]DQGRVHXVULVFRVSDUD
JDUDQWLUDHVWDELOLGDGHHDSURVSHULGDGHGDVRFLHGDGH
4XDGUR%5HQRYD§£RHSUHVHUYD§£RDPELHQWDO
$ FRQYHUJªQFLD GRV PXQGRV IVLFR GLJLWDO H ELRO³JLFR TXH HVW¡ QR
FHUQH GD TXDUWD UHYROX§£R LQGXVWULDO RIHUHFH RSRUWXQLGDGHV
VLJQLILFDWLYDV SDUD TXH R PXQGR REWHQKD HQRUPHV JDQKRV HP
HILFLªQFLD H XWLOL]D§£R GH UHFXUVRV &RQIRUPH PRVWUDGR SHOR 3URMHWR
0DLQ6WUHDP XPD LQLFLDWLYD GR )³UXP (FRQ´PLFR 0XQGLDO SDUD
DFHOHUDU D WUDQVL§£R SDUD D HFRQRPLD FLUFXODU D SURPHVVD Q£R ©
DSHQDV TXH LQGLYGXRV RUJDQL]D§µHV H JRYHUQRV SRVVDP FDXVDU
PHQRU LPSDFWR DR PXQGR QDWXUDO PDV WDPE©P VREUH R JUDQGH
SRWHQFLDO TXH HOHV WªP SDUD UHVWDXUDU H UHJHQHUDU R QRVVR DPELHQWH
QDWXUDO SRU PHLR GD XWLOL]D§£R GH WHFQRORJLDV H SURMHWRV GH VLVWHPDV
LQWHOLJHQWHV
1RFRUD§£RGHVVDSURPHVVDHVW¡DRSRUWXQLGDGHGHWLUDUDVHPSUHVDV
H RV FRQVXPLGRUHV GR PRGHOR OLQHDU ȐSHJDUID]HUHOLPLQDUȑ GH
XWLOL]D§£R GRV UHFXUVRV ȉ TXH FRQILD QDV JUDQGHV TXDQWLGDGHV GH
UHFXUVRV IDFLOPHQWH DFHVVYHLV H WUD]ªORV SDUD XP QRYR PRGHOR
LQGXVWULDOHPTXHRVIOX[RVHILFD]HVGHPDWHULDLVHQHUJLDWUDEDOKRH
DJRUD LQIRUPD§µHV LQWHUDJHP XQV FRP RV RXWURV H SURPRYHP SRU
VHXSU³SULRSURMHWRXPVLVWHPDHFRQ´PLFRUHVWDXUDGRUUHJHQHUDWLYR
HPDLVSURGXWLYR
+¡ TXDWUR FDPLQKRV TXH QRV DMXGDULDP D FKHJDU O¡ (P SULPHLUR
OXJDU JUD§DV LQWHUQHW GDV FRLVDV ,R7 H DRV EHQV LQWHOLJHQWHV
DJRUD © SRVVYHO UDVWUHDU PDWHULDLV H IOX[RV GH HQHUJLD D ILP GH
DOFDQ§DU QRYDV H JUDQGHV HILFLªQFLDV DR ORQJR GH WRGD D FDGHLD GH
YDORU 'RV 866 WULOKµHV HP YDQWDJHQV HFRQ´PLFDV TXH D &LVFR
HVWLPD TXH VHU£R JHUDGRV SHOD ,R7 QD SU³[LPD G©FDGD 86
WULOKµHVGHVVHYDORUSRGHPVHUDGTXLULGRVDSDUWLUGDHOLPLQD§£RGR
OL[R H GD PHOKRULD GRV SURFHVVRV QDV FDGHLDV GH IRUQHFLPHQWR H
ORJVWLFD$VVROX§µHVHP,R7SRGHPUHGX]LUELOKµHVGHWRQHODGDV
GDV HPLVVµHV GRV JDVHV GH HIHLWR HVWXID DW© UHSUHVHQWDQGR
GRWRWDOSUHYLVWRSDUDDTXHOHDQR
(P VHJXQGR OXJDU D GHPRFUDWL]D§£R GD LQIRUPD§£R H D
WUDQVSDUªQFLD LQHUHQWHV DRV EHQV GLJLWDOL]DGRV RIHUHFHP QRYRV
SRGHUHV DRV FLGDG£RV SDUD TXH HPSUHVDV H SDVHV PDQWHQKDPVH
UHVSRQV¡YHLV 7HFQRORJLDV FRPR DV GR EORFNFKDLQ DMXGDU£R D WRUQDU
HVVDV LQIRUPD§µHV PDLV FRQIL¡YHLV FDSWXUDQGR H FHUWLILFDQGR SRU
H[HPSOR RV GDGRV GH GHVPDWDPHQWRV PRQLWRUDGRV SRU VDW©OLWHV HP
XP IRUPDWR VHJXUR SDUD UHVSRQVDELOL]DU FRUUHWDPHQWH RV GRQRV
GHVVDV¡UHDV
(P WHUFHLUR RV IOX[RV GH QRYDV LQIRUPD§µHV H D FUHVFHQWH
WUDQVSDUªQFLD SRGHP DMXGDU D PRGLILFDU R FRPSRUWDPHQWR GRV
FLGDG£RV HP JUDQGH HVFDOD SRLV VH WRUQDP R FDPLQKR GH PHQRU
UHVLVWªQFLD GH XP QRYR FRQMXQWR GH QRUPDV FRPHUFLDLV H VRFLDLV GH
XP VLVWHPD VXVWHQW¡YHO H FLUFXODU $ FRQYHUJªQFLD IHFXQGD HQWUH D
HFRQRPLD H D SVLFRORJLD WHP SURGX]LGR PDLV FRQKHFLPHQWR VREUH
FRPR SHUFHEHPRV R PXQGR FRPR QRV FRPSRUWDPRV H MXVWLILFDPRV
QRVVR FRPSRUWDPHQWR HQTXDQWR DR PHVPR WHPSR Y¡ULRV WHVWHV GH
FRQWUROH GH DOHDWRULHGDGH HP ODUJD HVFDOD FRQGX]LGRV SRU JRYHUQRV
FRUSRUD§µHV H XQLYHUVLGDGHV PRVWUDP TXH LVVR SRGH IXQFLRQDU 8P
H[HPSOR©R23RZHUTXHXVDDFRPSDUD§£RHQWUHRVSDUHVSDUDTXH
DV SHVVRDV FRQVXPDP PHQRV HOHWULFLGDGH SURWHJHQGR DVVLP R PHLR
DPELHQWHHUHGX]LQGRRVFXVWRV
(P TXDUWR OXJDU FRQIRUPH GHWDOKDGR QD VH§£R DQWHULRU QRYRV
QHJ³FLRVHPRGHORVRUJDQL]DFLRQDLVSURPHWHPIRUPDVLQRYDGRUDVGH
FULD§£R H FRPSDUWLOKDPHQWR GH YDORU TXH SRU VXD YH] OHYDP D
PXGDQ§DVHPWRGRRVLVWHPDTXHSRGHPIRUWHPHQWHEHQHILFLDUWDQWRR
PXQGR QDWXUDO TXDQWR QRVVDV HFRQRPLDV H VRFLHGDGHV 2V YHFXORV
VHPFRQGXWRUHVDHFRQRPLDFRPSDUWLOKDGDHRVPRGHORVGHORFD§£R
WRGRV UHVXOWDP HP WD[DV PDLV HOHYDGDV GH XWLOL]D§£R GRV EHQV H
IDFLOLWDP PXLWR D FROHWD R UHXVR H D WUDQVIRUPD§£R XSF\FOH GH
PDWHULDLVQRPRPHQWRDSURSULDGR
$TXDUWDUHYROX§£RLQGXVWULDOSHUPLWLU¡TXHDVHPSUHVDVHVWHQGDPR
FLFOR GH XWLOL]D§£R GH EHQV H UHFXUVRV DXPHQWHP VXD XWLOL]D§£R H
FULHP FDVFDWDV TXH UHFXSHUHP H UHDGDSWHP PDWHULDLV H HQHUJLD SDUD
RXWURV XVRV UHGX]LQGR DVVLP DV HPLVVµHV H DV FDUJDV GH UHFXUVRV
1HVVHQRYRHUHYROXFLRQ¡ULRVLVWHPDLQGXVWULDORGL³[LGRGHFDUERQR
GHL[D GH VHU XP SROXHQWH GR HIHLWR HVWXID H WUDQVIRUPDVH HP XP
EHP RV DVSHFWRV HFRQ´PLFRV GD FDSWXUD H DUPD]HQDPHQWR GR
FDUERQRGHL[DPGHVHUUHVHUYDW³ULRVGHFXVWRVHSROXHQWHVHSDVVDP
D IXQFLRQDU FRPR LQVWDOD§µHV UHQW¡YHLV GH FDSWXUD GH FDUERQR H XVR
GD SURGX§£R $LQGD PDLV LPSRUWDQWH LU¡ DMXGDU DV HPSUHVDV
JRYHUQRVHFLGDG£RVDVHWRUQDUHPPDLVFRQVFLHQWHVHHQJDMDGRVFRP
HVWUDW©JLDV SDUD UHJHQHUDU R FDSLWDO QDWXUDO GH IRUPD YLJRURVD
SRVVLELOLWDQGRRXVRLQWHOLJHQWHHUHJHQHUDWLYRGRFDSLWDOQDWXUDOTXH
RULHQWDU¡RFRQVXPRHDSURGX§£RVXVWHQW¡YHLVHGDU¡HVSD§RSDUDD
UHFXSHUD§£RGDELRGLYHUVLGDGHHP¡UHDVDPHD§DGDV
1DFLRQDOHJOREDO
$V UXSWXUDV WUD]LGDV SHOD TXDUWD UHYROX§£R LQGXVWULDO HVW£R
UHGHILQLQGR R IXQFLRQDPHQWR GH LQVWLWXL§µHV H RUJDQL]D§µHV (P
SDUWLFXODUHODVREULJDPRVJRYHUQRVȉQRVQYHLVUHJLRQDLVQDFLRQDLV
H ORFDLV ȉ D VH DGDSWDUHP UHLQYHQWDQGRVH H HQFRQWUDQGR QRYDV
IRUPDVGHFRODERUD§£RFRPVHXVFLGDG£RVHFRPRVHWRUSULYDGR(ODV
WDPE©PDIHWDPFRPRSDVHVHJRYHUQRVVHUHODFLRQDPHQWUHVL
1HVWD VH§£R LUHL H[SORUDU R SDSHO TXH GHYH VHU DVVXPLGR SHORV
JRYHUQRV SDUD TXH FRQVLJDP GRPLQDU D TXDUWD UHYROX§£R LQGXVWULDO H
DRPHVPRWHPSRUHFRQKHFHUDVIRU§DVGXUDGRXUDVTXHHVW£RPXGDQGR
D SHUFHS§£R H R SDSHO WUDGLFLRQDO GHOHV QD VRFLHGDGH 2 DXPHQWR GR
HPSRGHUDPHQWRGRFLGDG£RHDPDLRUIUDJPHQWD§£RHSRODUL]D§£RGDV
SRSXOD§µHV SRGHULDP UHVXOWDU HP VLVWHPDV SROWLFRV PDLV GLIFHLV GH
VHUHP JRYHUQDGRV H JRYHUQRV PHQRV HILFD]HV ,VVR © SDUWLFXODUPHQWH
LPSRUWDQWHSRLVRFRUUHHPXPPRPHQWRHPTXHRVJRYHUQRVGHYHULDP
VHU SDUFHLURV HVVHQFLDLV GD WUDQVL§£R SDUD QRYRV TXDGURV FLHQWILFRV
WHFQRO³JLFRVHFRQ´PLFRVHVRFLDLV
*RYHUQRV
$RDYDOLDURLPSDFWRGDTXDUWDUHYROX§£RLQGXVWULDODRVJRYHUQRV
R SULPHLUR TXH YHP PHQWH © R XVR GDV WHFQRORJLDV GLJLWDLV SDUD
JRYHUQDU PHOKRU 2 XVR PDLV LQWHQVR H LQRYDGRU GDV WHFQRORJLDV HP
UHGH DMXGD DV DGPLQLVWUD§µHV SºEOLFDV D PRGHUQL]DU VXDV HVWUXWXUDV H
IXQ§µHV SDUD PHOKRUDU VHX GHVHPSHQKR JOREDO FRPR R IRUWDOHFLPHQWR
GRV SURFHVVRV GH JRYHUQDQ§D HOHWU´QLFD SDUD SURPRYHU PDLRU
WUDQVSDUªQFLDUHVSRQVDELOL]D§£RHFRPSURPLVVRVHQWUHRJRYHUQRHRV
VHXVFLGDG£RV2VJRYHUQRVGHYHPWDPE©PVHDGDSWDUDRIDWRGHTXH
RSRGHUWDPE©PHVW¡SDVVDQGRGRVDWRUHVHVWDWDLVSDUDRVQ£RHVWDWDLV
H GH LQVWLWXL§µHV HVWDEHOHFLGDV SDUD UHGHV PDLV DEHUWDV $V QRYDV
WHFQRORJLDVHRVDJUXSDPHQWRVVRFLDLVHLQWHUD§µHVTXHHODVSURPRYHP
SHUPLWHP TXH SUDWLFDPHQWH TXDOTXHU SHVVRD H[HU§D LQIOXªQFLD GH
PDQHLUDTXHWHULDVLGRLQFRQFHEYHOK¡DSHQDVDOJXQVDQRV
2V JRYHUQRV HVW£R HQWUH RV PDLV LPSDFWDGRV SRU HVVD QDWXUH]D
FDGD YH] PDLV WUDQVLW³ULD H HYDQHVFHQWH GR SRGHU 6HJXQGR 0RLV©V
1DLP ȐQR V©FXOR ;;, VHU¡ PDLV I¡FLO FKHJDU DR SRGHU PDLV GLIFLO
XV¡ORHPDLVI¡FLOSHUGªORȑ3RXFRVHGXYLGDGHTXH©PDLVGLIFLO
JRYHUQDUKRMHTXHQRSDVVDGR&RPSRXFDVH[FH§µHVRVSROWLFRVWªP
HQFRQWUDGRPDLRUGLILFXOGDGHSDUDUHDOL]DUPXGDQ§DV6HXSRGHUVRIUH
OLPLWD§µHV GRV FHQWURV GH SRGHU ULYDO TXH SRGHP WHU RULJHP
WUDQVQDFLRQDO UHJLRQDO ORFDO H DW© PHVPR GH LQGLYGXRV $WXDOPHQWH
RV PLFURSRGHUHV V£R FDSD]HV GH LPSRU OLPLWD§µHV DRV PDFURSRGHUHV
FRPRSRUH[HPSORRVJRYHUQRVQDFLRQDLV
$HUDGLJLWDOSUHMXGLFRXPXLWDVGDVEDUUHLUDVTXHHUDPXVDGDVSDUD
SURWHJHU D DXWRULGDGH SºEOLFD WRUQDQGR RV JRYHUQRV PXLWR PHQRV
HILFLHQWHV RX HILFD]HV SRLV RV JRYHUQDGRV RX R SºEOLFR HVW£R PDLV
EHP LQIRUPDGRV H FDGD YH] PDLV H[LJHQWHV HP VXDV H[SHFWDWLYDV $
VDJD GR JUXSR :LNL/HDNV ȉ R FRQIURQWR HQWUH XPD HQWLGDGH Q£R
HVWDWDOHPLQºVFXODHXP(VWDGRJLJDQWHVFRȉLOXVWUDDDVVLPHWULDGR
QRYRSDUDGLJPDGHSRGHUHDHURV£RGDFRQILDQ§DTXHPXLWDVYH]HV©
LQHUHQWHDHOD
6H TXLV©VVHPRV H[SORUDU WRGRV RV LPSDFWRV PXOWLIDFHWDGRV GD
TXDUWD UHYROX§£R LQGXVWULDO DRV JRYHUQRV SUHFLVDUDPRV HVFUHYHU XP
OLYUR LQWHLUR VRPHQWH VREUH R WHPD PDV R SRQWRFKDYH © HVWH D
WHFQRORJLDFDGDYH]PDLVWRUQDU¡RVFLGDG£RVPDLVDSWRVRIHUHFHQGR
XPDQRYDPDQHLUDGHH[SUHVVDUVXDVRSLQLµHVFRRUGHQDUVHXVHVIRU§RV
HSRVVLYHOPHQWHFRQWRUQDUDVXSHUYLV£RHVWDWDO'LJRȐSRVVLYHOPHQWHȑ
SRUTXH R RSRVWR SRGH PXLWR EHP DFRQWHFHU LVWR © QRYDV WHFQRORJLDV
GHYLJLO¢QFLDSRGHPGDURULJHPDDXWRULGDGHVSºEOLFDVFRPH[FHVVRGH
SRGHUHPVXDVP£RV
(VWUXWXUDV SDUDOHODV VHU£R FDSD]HV GH WUDQVPLWLU LGHRORJLDV
UHFUXWDUVHJXLGRUHVFRRUGHQDUD§µHVDIDYRUȉHFRQWUDȉRVVLVWHPDV
GHJRYHUQRRILFLDLV2VJRYHUQRVHPVXDIRUPDDWXDOVHU£RIRU§DGRVD
PXGDU PHGLGDTXHVHXSDSHOFHQWUDOGHFRQGX]LUDSROWLFDILFDUFDGD
YH] PHQRU GHYLGR DRV FUHVFHQWHV QYHLV GH FRQFRUUªQFLD H
UHGLVWULEXL§£R H GHVFHQWUDOL]D§£R GR SRGHU TXH DV QRYDV WHFQRORJLDV
WRUQDP SRVVYHLV &DGD YH] PDLV RV JRYHUQRV VHU£R YLVWRV FRPR
FHQWURV GH VHUYL§RV SºEOLFRV DYDOLDGRV SRU VXDV FDSDFLGDGHV GH
HQWUHJDU VHXV VHUYL§RV H[SDQGLGRV GH IRUPD PDLV HILFLHQWH H
LQGLYLGXDOL]DGD
(P ºOWLPD DQ¡OLVH D FDSDFLGDGH GH DGDSWD§£R GRV JRYHUQRV LU¡
GHWHUPLQDUVXDVREUHYLYªQFLD(OHVUHVLVWLU£RVHDEUD§DUHPXPPXQGR
GH PXGDQ§DV H[SRQHQFLDOPHQWH GLVUXSWLYDV H VH VXEPHWHUHP VXDV
HVWUXWXUDVDRVQYHLVGHWUDQVSDUªQFLDHHILFLªQFLDTXHSRGHPDMXG¡ORV
DPDQWHUVXDVYDQWDJHQVFRPSHWLWLYDV$RDJLUDVVLPQRHQWDQWRHOHV
VHU£RFRPSOHWDPHQWHWUDQVIRUPDGRVHPF©OXODVGHHQHUJLDPXLWRPDLV
HQ[XWDV H HILFLHQWHV WXGR GHQWUR GH XP DPELHQWH GH FRQFRUUªQFLD H
QRYDVHVWUXWXUDVGHSRGHU
'H PRGR VHPHOKDQWH V UHYROX§µHV LQGXVWULDLV DQWHULRUHV RV
UHJXODPHQWRV LU£R GHVHPSHQKDU XP SDSHO GHFLVLYR QD DGDSWD§£R H QD
GLIXV£RGHQRYDVWHFQRORJLDV(QWUHWDQWRRVJRYHUQRVVHU£RIRU§DGRVD
PXGDUVXDDERUGDJHPTXDQGRVHWUDWDGHFULD§£RUHYLV£RHDSOLFD§£R
GRV UHJX ODPHQWRV 1R ȐYHOKR PXQGRȑ RV GHFLVRUHV WLQKDP WHPSR
VXILFLHQWH SDUD HVWXGDU XPD TXHVW£R HVSHFILFD H HP VHJXLGD FULDU D
UHVSRVWD QHFHVV¡ULD RX R TXDGUR UHJXODPHQWDU DGHTXDGR 2 SURFHVVR
WHQGLDDVHUOLQHDUHPHFDQLFLVWDVHJXLQGRXPDULJRURVDDERUGDJHPGH
FLPD SDUD EDL[R 3RU XPD YDULHGDGH GH UD]µHV LVVR Q£R © PDLV
SRVVYHO
3RU FDXVD GR ULWPR DFHOHUDGR GDV PXGDQ§DV GHVHQFDGHDGDV SHOD
TXDUWD UHYROX§£R LQGXVWULDO RV UHJXODGRUHV HVW£R VHQGR GHVDILDGRV D
XP JUDX VHP SUHFHGHQWHV $WXDOPHQWH DV DXWRULGDGHV SROWLFDV
OHJLVODWLYDV H UHJXODGRUDV V£R PXLWDV YH]HV XOWUDSDVVDGDV SHORV
DFRQWHFLPHQWRV LQFDSD]HV GH OLGDU FRP D YHORFLGDGH GD PXGDQ§D
WHFQRO³JLFD H D LPSRUW¢QFLD GH VXDV LPSOLFD§µHV 2 FLFOR GH QRWFLDV
GH KRUDV SUHVVLRQD RV OGHUHV D FRPHQWDU RV HYHQWRV RX DJLU
LPHGLDWDPHQWH UHGX]LQGR R WHPSR GLVSRQYHO SDUD REWHU UHVSRVWDV
FDOFXODGDV YDORUDGDV H FDOLEUDGDV +¡ XP SHULJR UHDO GH SHUGD GH
FRQWUROH VREUH RV WHPDV LPSRUWDQWHV HVSHFLDOPHQWH HP XP VLVWHPD
JOREDOFRP TXDVH (VWDGRV LQGHSHQGHQWHVH PLOKDUHV GH OQJXDV H
FXOWXUDVGLIHUHQWHV
(P WDLV FRQGL§µHV FRPR SRGHULDP OHJLVODGRUHV H UHJXODGRUHV
RIHUHFHU DSRLR DRV DYDQ§RV WHFQRO³JLFRV VHP VXIRFDU D LQRYD§£R
SUHVHUYDQGR R LQWHUHVVH GRV FRQVXPLGRUHV H GR SºEOLFR HP JHUDO" $
UHVSRVWD HVW¡ QD JRYHUQDQ§D ¡JLO YHU 4XDGUR & 2V SULQFSLRV GD
JRYHUQDQ§D¡JLOHPWHPSRVGHUXSWXUD
0XLWRV DYDQ§RV WHFQRO³JLFRV H[LVWHQWHV KRMH Q£R UHFHEHP
FRQVLGHUD§µHV DSURSULDGDV QRV TXDGURV UHJXODPHQWDUHV DWXDLV H LVVR
SRGHU¡ DW© PHVPR LQWHUURPSHU R FRQWUDWR VRFLDO HVWDEHOHFLGR SHORV
JRYHUQRV FRP VHXV FLGDG£RV 3HOD JRYHUQDQ§D ¡JLO RV UHJXODGRUHV
GHYHPHQFRQWUDUIRUPDVFRQWQXDVGHDGDSWD§£RDXPDPELHQWHQRYRH
HPU¡SLGDPXGDQ§DUHLQYHQWDQGRVHSDUDHQWHQGHUPHOKRURTXHHVW£R
UHJXODPHQWDQGR 3DUD ID]HU LVVR JRYHUQRV H DJªQFLDV UHJXODGRUDV
SUHFLVDPFRODERUDUHVWUHLWDPHQWHFRPDVHPSUHVDVHFRPDVRFLHGDGH
FLYLO SDUD FRQVHJXLU GDU IRUPD V QHFHVV¡ULDV WUDQVIRUPD§µHV JOREDLV
UHJLRQDLVHLQGXVWULDLV
$ JRYHUQDQ§D ¡JLO Q£R LPSOLFD LQFHUWH]D UHJXODPHQWDU QHP
DWLYLGDGHIUHQ©WLFDHLQFHVVDQWHSRUSDUWHGRVGHFLVRUHVSROWLFRV1£R
GHYHPRV FRPHWHU R HUUR GH SHQVDU TXH HVWDPRV SUHVRV HQWUH GRLV
TXDGURV OHJLVODWLYRV LJXDOPHQWH LQWUDJ¡YHLV ȉ GH XP ODGR RV
GHVDWXDOL]DGRVPDVHVW¡YHLVHGRRXWURRVDWXDOL]DGRVPDVYRO¡WHLV
1DHUDGDTXDUWDUHYROX§£RLQGXVWULDOQ£RSUHFLVDPRVQHFHVVDULDPHQWH
GH PDLV SROWLFDV RX GH SROWLFDV PDLV U¡SLGDV PDV GH XP
HFRVVLVWHPD QRUPDWLYR H OHJLVODWLYR TXH SRVVD SURGX]LU TXDGURV PDLV
UHVLOLHQWHV$DERUGDJHPSRGHULDVHUUHIRU§DGDSHODFULD§£RGHHVSD§R
SDUD D TXLHWXGH SDUD UHIOHWLUPRV VREUH DV GHFLVµHV LPSRUWDQWHV 2
GHVDILR©ID]HUTXHHVVDGHOLEHUD§£RVHMDPXLWRPDLVSURGXWLYDGRTXH
DTXLORTXHRFRUUHDWXDOPHQWHLQIXQGLQGRDFRPSUHYLVµHVSDUDGDU V
LQRYD§µHVRP¡[LPRGHHVSD§RSDUDTXHSRVVDPHPHUJLU
(P UHVXPR HP XP PXQGR RQGH DV IXQ§µHV SºEOLFDV HVVHQFLDLV D
FRPXQLFD§£R VRFLDO H DV LQIRUPD§µHV SHVVRDLV PLJUDP SDUD
SODWDIRUPDVGLJLWDLVRVJRYHUQRVȉHPFRODERUD§£RFRPDVRFLHGDGH
FLYLOHHPSUHVDULDOȉSUHFLVDPFULDUUHJUDVSHVRVHFRQWUDSHVRVSDUD
PDQWHU D MXVWL§D D FRPSHWLWLYLGDGH D HTXLGDGH D SURSULHGDGH
LQWHOHFWXDOLQFOXVLYDDVHJXUDQ§DHDFRQILDELOLGDGH
+¡ GXDV DERUGDJHQV FRQFHLWXDLV 1D SULPHLUD WXGR R TXH Q£R ©
H[SOLFLWDPHQWH SURLELGR © SHUPLWLGR 1D VHJXQGD WXGR R TXH Q£R ©
H[SOLFLWDPHQWH SHUPLWLGR © SURLELGR 2V JRYHUQRV GHYHP PLVWXUDU
HVVDV DERUGDJHQV 'HYHP DSUHQGHU D FRODERUDU H D DGDSWDUVH
JDUDQWLQGR TXH R VHU KXPDQR FRQWLQXH D VHU R FHQWUR GH WRGDV DV
GHFLVµHV (VVH © R GHVDILR GRV JRYHUQRV TXH QXQFD IRUDP W£R
QHFHVV¡ULRV TXDQWR QHVVD TXDUWD UHYROX§£R LQGXVWULDO HOHV GHYHP
GHL[DUTXHDVLQRYD§µHVIORUHV§DPHQTXDQWRPLQLPL]DPRVULVFRV
3DUDFRQVHJXLULVVRRVJRYHUQRVGHYHU£RHQYROYHURVFLGDG£RVGH
IRUPDPDLVHILFD]HUHDOL]DUH[SHULPHQWRVSROWLFRVTXHSHUPLWDPD
DSUHQGL]DJHPHDDGDSWD§£R3RUHVVDVGXDVWDUHIDVJRYHUQRVH
FLGDG£RVGHYHPUHSHQVDUVREUHVXDVUHVSHFWLYDVIXQ§µHVHVREUHVXD
LQWHUD§£RPºWXDHOHYDQGRVLPXOWDQHDPHQWHVXDVH[SHFWDWLYDV
HQTXDQWRDRPHVPRWHPSRUHFRQKHFHPGHPDQHLUDH[SOFLWDD
QHFHVVLGDGHGHLQFRUSRUDUPºOWLSODVSHUVSHFWLYDVHDFHLWDUDVIDOKDVH
RVHUURVTXHRFRUUHU£RDRORQJRGRFDPLQKR
4XDGUR&2VSULQFSLRVGDJRYHUQDQ§D¡JLOHPWHPSRVGHUXSWXUD
0HUFDGRGHWUDEDOKR
$V WHFQRORJLDV GLJLWDLV H D LQIUDHVWUXWXUD GH FRPXQLFD§£R JOREDO
DOWHUDP VLJQLILFDWLYDPHQWH RV FRQFHLWRV WUDGLFLRQDLV GH WUDEDOKR H
UHPXQHUD§£R SRVVLELOLWDQGR R VXUJLPHQWR GH QRYRV WLSRV GH
HPSUHJRV H[WUHPDPHQWH IOH[YHLV H LQHUHQWHPHQWH WUDQVLW³ULRV
HFRQRPLD VRE GHPDQGD (QTXDQWR HVVHV QRYRV SRVWRV GH WUDEDOKR
SHUPLWHPTXHDVSHVVRDVWHQKDPKRU¡ULRVGHWUDEDOKRPDLVIOH[YHLV
H SRVVDP GHVHQFDGHDU XPD QRYD RQGD GH LQRYD§µHV QR PHUFDGR GH
WUDEDOKR HOHV WDPE©P VXVFLWDP SUHRFXSD§µHV LPSRUWDQWHV QR TXH VH
UHIHUH DR UHGX]LGR JUDX GH SURWH§£R QR FRQWH[WR GD HFRQRPLD VRE
GHPDQGD HP TXH FDGD WUDEDOKDGRU SDVVD D VHU HVVHQFLDOPHQWH XP
FRQWUDWDGRWHPSRU¡ULRVHPDVYDQWDJHQVGDVHJXUDQ§DHORQJHYLGDGH
HPSUHJDWFLD
'LQKHLURHWULEXWD§£R
$HFRQRPLDVREGHPDQGDWDPE©PHVW¡OHYDQWDQGRV©ULDVTXHVWµHVHP
PDW©ULD GH FREUDQ§D GH LPSRVWRV SRLV R PHUFDGR QHJUR VH WRUQD
PXLWR PDLV I¡FLO H DWUDHQWH SDUD RV WUDEDOKDGRUHV WHPSRU¡ULRV 6H
SRUXPODGRRVVLVWHPDVGLJLWDLVGHPHGLD§£RGHSDJDPHQWRVWRUQDP
DV WUDQVD§µHV H DV PLFURWUDQVD§µHV PDLV WUDQVSDUHQWHV SRU RXWUR
DWXDOPHQWH WªP VXUJLGR QRYRV VLVWHPDV GH SDJDPHQWRV PDLV
GHVFHQWUDOL]DGRV TXH SRGHP FULDU PXLWRV REVW¡FXORV SDUD TXH RV
SRGHUHVSºEOLFRVHRVDWRUHVSULYDGRVFRQVLJDPUDVWUHDUDRULJHPHR
GHVWLQRGHVVDVWUDQVD§µHV
5HVSRQVDELOLGDGHHSURWH§£R
2VPRQRS³OLRVFRQFHGLGRVSHORJRYHUQRSRUH[HPSORDLQGºVWULDGH
W¡[LV RV P©GLFRV WªP D EDVWDQWH WHPSR VLGR MXVWLILFDGRV SHOR IDWR
GHFHUWRVWLSRVGHSURILVVµHVGHDOWRULVFRSUHFLVDUHPGHPDLRUJUDX
GH FRQWUROH H SRU VRPHQWH SRGHUHP VHU H[HUFLGDV SRU SURILVVLRQDLV
OLFHQFLDGRV D ILP GH JDUDQWLU XP JUDX DGHTXDGR GH VHJXUDQ§D H
SURWH§£R DR FRQVXPLGRU +¡ UXSWXUDV DWXDOPHQWH HP PXLWRV GHVVHV
PRQRS³OLRV GR JRYHUQR FDXVDGDV SHORV DYDQ§RV WHFQRO³JLFRV TXH
SHUPLWHPTXHDVSHVVRDVLQWHUDMDPXPDVFRPDVRXWUDVHPXPDEDVH
SHHUWRSHHUHSHORVXUJLPHQWRGHQRYRVLQWHUPHGL¡ULRVUHVSRQV¡YHLV
SHODFRRUGHQD§£RGRVSDUHVHSHODIDFLOLWD§£RGHVXDVLQWHUD§µHV
6HJXUDQ§DHSULYDFLGDGH
$SHVDUGRFDU¡WHUWUDQVQDFLRQDOGDLQWHUQHWHGDFUHVFHQWHHFRQRPLD
JOREDORVGLUHLWRVDRVGDGRVHRVUHJXODPHQWRVGHSURWH§£RGHGDGRV
V£R DLQGD PXLWR IUDJPHQWDGRV $V UHJUDV VREUH D FROHWD
SURFHVVDPHQWR H UHYHQGD GH GDGRV SHVVRDLV HVW£R EHP GHILQLGDV QD
(XURSD PDV DLQGD V£R IUDFDV RX LQH[LVWHQWHV HP PXLWDV RXWUDV
MXULVGL§µHV $ DJUHJD§£R GH JUDQGHV EDQFRV GH GDGRV HVW¡
SRVVLELOLWDQGR TXH RV JUDQGHV RSHUDGRUHV RQOLQH GHGX]DP PDLV
LQIRUPD§µHV GR TXH DTXHODV IRUQHFLGDV LPSOFLWD RX H[SOLFLWDPHQWH
SHORV XVX¡ULRV $ FDUDFWHUL]D§£R GR SHUILO GRV XVX¡ULRV SRU PHLR GD
DQ¡OLVH GH JUDQGHV YROXPHV GH GDGRV H LQIHUªQFLDV W©FQLFDV HVW¡
DEULQGR FDPLQKR SDUD QRYRV VHUYL§RV PXLWR PDLV SHUVRQDOL]DGRV H
DGDSWDGRV TXH SRGHP EHQHILFLDU RV XVX¡ULRV H FRQVXPLGRUHV PDV
TXH WDPE©P FULDP SUHRFXSD§µHV LPSRUWDQWHV TXDQGR VH WUDWD GD
SULYDFLGDGH GR XVX¡ULR H GD DXWRQRPLD LQGLYLGXDO 'DGR R DXPHQWR
GDV SUHRFXSD§µHV VREUH RV FLEHUFULPHV H URXER GH LGHQWLGDGH HP
PXLWDV MXULVGL§µHV R HTXLOEULR HQWUH VHJXUDQ§D H OLEHUGDGH HVW¡
VHQGR UDSLGDPHQWH GHUUXEDGR QR VHQWLGR GD PDLRU PRQLWRUL]D§£R
FRPRPRVWUDGRSRUUHYHOD§µHVWUD]LGDV OX]SRU(GZDUG6QRZGHQR
DQDOLVWD QRUWHDPHULFDQR GH LQWHOLJªQFLD TXH YD]RX GRFXPHQWRV
UHODWLYRV VRSHUD§µHVGHVHJXUDQ§DQDFLRQDOGRV(8$
'LVSRQLELOLGDGHHLQFOXV£R
&RQIRUPH D HFRQRPLD JOREDO VH GHVORFD SDUD R UHLQR GLJLWDO D
GLVSRQLELOLGDGH GH LQIUDHVWUXWXUD FRQIL¡YHO GH ,QWHUQHW WRUQDVH XP
SU©UHTXLVLWRHVVHQFLDOSDUDRIORUHVFLPHQWRHFRQ´PLFR2VJRYHUQRV
SUHFLVDP HQWHQGHU R SRWHQFLDO IRUQHFLGR SRU HVVHV DYDQ§RV
WHFQRO³JLFRV $O©P GH SUHFLVDUHP DGRWDU HVVDV WHFQRORJLDV SDUD
RWLPL]DU VXDV RSHUD§µHV LQWHUQDV WDPE©P SUHFLVDP SURPRYHU H
DSRLDUVXDLPSODQWD§£RHVHXXVRJHQHUDOL]DGRSDUDDYDQ§DUUXPRD
XPD VRFLHGDGH GD LQIRUPD§£R JOREDOPHQWH FRQHFWDGD $ VROX§£R GR
SUREOHPDGDH[FOXV£RGLJLWDORXIRVVRGLJLWDOWRUQDVHXUJHQWHSRLV
DGLILFXOGDGHGHVHSDUWLFLSDUGDHFRQRPLDGLJLWDOHGDVQRYDVIRUPDV
GH HQJDMDPHQWR FYLFR VHP TXH KDMD XP DFHVVR DGHTXDGR LQWHUQHW
HRX VHP WHU DFHVVR D XP GLVSRVLWLYR FRQHFWDGR RX FRQKHFLPHQWR
VXILFLHQWHSDUDXVDURGLVSRVLWLYR©FUHVFHQWH
$VVLPHWULDVGHSRGHU
1D VRFLHGDGH GD LQIRUPD§£R DWXDO DV DVVLPHWULDV GH LQIRUPD§µHV
SRGHPOHYDUDJUDQGHVDVVLPHWULDVGHSRGHUSRLVDTXHOHTXHGHW©PR
FRQKHFLPHQWR QHFHVV¡ULR SDUD RSHUDU D WHFQRORJLD WDPE©P GHW©P R
SRGHU SDUD RSHU¡OD 8PD HQWLGDGH FRP DFHVVR URRW DFHVVR WRWDO ©
TXDVH RQLSRWHQWH 1R HQWDQWR GDGD D FRPSOH[LGDGH SDUD D SOHQD
FRPSUHHQV£R GRV DVSHFWRV W©FQLFRV VXEMDFHQWHV H SRWHQFLDLV GDV
WHFQRORJLDV PRGHUQDV © SRVVYHO TXH VXUMDP GHVLJXDOGDGHV
FUHVFHQWHV HQWUH LQGLYGXRV FRQKHFHGRUHV GD WHFQRORJLD ȉ TXH
FRPSUHHQGHP H FRQWURODP HVVDV WHFQRORJLDV ȉ H DTXHOHV TXH D
FRQKHFHPPHQRVȉRVXVX¡ULRVSDVVLYRVGHXPDWHFQRORJLDTXHQ£R
HQWHQGHP
)RQWH Ȑ$ &DOO IRU $JLOH *RYHUQDQFH 3ULQFLSOHV LQ DQ $JH RI 'LVUXSWLRQȑ
*OREDO$JHQGD&RXQFLORQ6RIWZDUH 6RFLHW\:RUOG(FRQRPLF)RUXPQRY
3DVHVUHJLµHVHFLGDGHV
$WHFQRORJLDGLJLWDOQ£RFRQKHFHIURQWHLUDVSRULVVRPXLWDVSHUJXQWDV
YªP PHQWHTXDQGRVHFRQVLGHUDRLPSDFWRJHRJU¡ILFRGDWHFQRORJLDH
R LPSDFWR GD JHRJUDILD QD WHFQRORJLD 2 TXH LU¡ GHILQLU RV SDS©LV GH
SDVHV UHJLµHV H FLGDGHV QD TXDUWD UHYROX§£R LQGXVWULDO" $ (XURSD
2FLGHQWDO H RV (8$ LU£R OLGHUDU D WUDQVIRUPD§£R FRPR IL]HUDP QDV
UHYROX§µHVLQGXVWULDLVDQWHULRUHV"4XDLVSDVHVFRQVHJXLU£RPHUJXOKDU
QHOD" 6HU¡ TXH KDYHU¡ XPD FRODERUD§£R PDLRU H PDLV HILFD] SDUD D
PHOKRULD GD VRFLHGDGH RX YHUHPRV XPD PDLRU IUDJPHQWD§£R Q£R V³
GHQWUR GRV SDVHV PDV WDPE©P HQWUH RV SDVHV" (P XP PXQGR RQGH
EHQV H VHUYL§RV SRGHP VHU SURGX]LGRV TXDVH HP TXDOTXHU OXJDU H QR
TXDO JUDQGH SDUWH GD SURFXUD SRU WUDEDOKRV PHQRV TXDOLILFDGRV H GH
EDL[RV VDO¡ULRV VHU¡ VXEVWLWXGD SHOD DXWRPD§£R VHU¡ TXH DV SHVVRDV
TXH SRGHP SDJDU VH UHXQLU£R HP SDVHV FRP LQVWLWXL§µHV IRUWHV H GH
FRPSURYDGDTXDOLGDGHGHYLGD"
5HJXODPHQWRSDUDDLQRYD§£R
$RWHQWDUUHVSRQGHUDHVVDVSHUJXQWDVXPDFRLVDILFDEHPFODUDH
SRVVXL JUDQGH LPSRUW¢QFLD RV SDVHV H DV UHJLµHV TXH FRQVHJXLUHP
HVWDEHOHFHUDVPHOKRUHVQRUPDVLQWHUQDFLRQDLVSDUDRIXWXURHPUHOD§£R
V SULQFLSDLV FDWHJRULDV H FDPSRV GD QRYD HFRQRPLD GLJLWDO
FRPXQLFD§µHV*RXVRGHGURQHVFRPHUFLDLVDLQWHUQHWGDVFRLVDVD
VDºGH GLJLWDO PDQXIDWXUDV DYDQ§DGDV H DVVLP SRU GLDQWH FROKHU£R
JUDQGHV EHQHIFLRV HFRQ´PLFRV H ILQDQFHLURV (P FRQWUDVWH RV SDVHV
TXH DSHQDV SURPRYHUHP VXDV SU³SULDV QRUPDV H UHJUDV SDUD RIHUHFHU
YDQWDJHQV DRV SURGXWRUHV QDFLRQDLV TXH LPSHGLUHP D HQWUDGD GH
FRQFRUUHQWHV HVWUDQJHLURV H TXH UHGX]LUHP RV UR\DOWLHV SDJRV SHODV
HPSUHVDV QDFLRQDLV V WHFQRORJLDV HVWUDQJHLUDV FRUUHP R ULVFR GH
ILFDUHP LVRODGRV GDV QRUPDV LQWHUQDFLRQDLV H GH VH WRUQDUHP RV
UHWDUGDW¡ULRVGDQRYDHFRQRPLDGLJLWDO
&RQIRUPH PHQFLRQDGR DQWHULRUPHQWH D DPSOD TXHVW£R GD
OHJLVOD§£R QDFLRQDO RX UHJLRQDO H VXD FRQIRUPLGDGH LU¡ GHVHPSHQKDU
XP SDSHO GHWHUPLQDQWH QD IRUPD§£R GR HFRVVLVWHPD HP TXH DV
HPSUHVDV GLVUXSWRUDV WUDEDOKDP ,VVR V YH]HV OHYD RV SDVHV D
EDWHUHPGHIUHQWHXQVFRPRVRXWURV
8P ERP H[HPSOR GLVVR IRL D GHFLV£R GR 7ULEXQDO GH -XVWL§D (XURSHX
GH RXWXEUR GH HP FRQVLGHUDU LQY¡OLGR R DFRUGR ȐSRUWR VHJXURȑ
VDIH KDUERP TXH SHUPLWLULD R IOX[R GH GDGRV SHVVRDLV HQWUH RV
(VWDGRV8QLGRVHD8QL£R(XURSHLD8(,VVRDXPHQWDU¡RVFXVWRVGH
FRPSOLDQFH TXH DV HPSUHVDV LQFRUUHP DR ID]HU QHJ³FLRV QD (XURSD H
VHWRUQDU¡XPDTXHVW£RFRQWHQFLRVDHQWUHRVFRQWLQHQWHV
(VVHH[HPSORUHIRU§DDLPSRUW¢QFLDFUHVFHQWHGRVHFRVVLVWHPDVGH
LQRYD§£RFRPRRSULQFLSDOJHUDGRUGHFRPSHWLWLYLGDGH2OKDQGRSDUDR
IXWXUR DV GLVWLQ§µHV HQWUH SDVHV GH DOWR H EDL[R FXVWR RX HQWUH
PHUFDGRV PDGXURV H HPHUJHQWHV VHU£R PHQRV LPSRUWDQWHV (P YH]
GLVVRDSULQFLSDOTXHVW£RVHU¡VDEHUVHDHFRQRPLD©FDSD]GHLQRYDU
+RMHSRUH[HPSORDVHPSUHVDVQRUWHDPHULFDQDVFRQWLQXDPVHQGR
DV PDLV LQRYDGRUDV GR PXQGR HP SUDWLFDPHQWH WRGRV RV QGLFHV (ODV
DWUDHP JUDQGHV WDOHQWRV JDQKDP D PDLRULD GDV SDWHQWHV GRPLQDP D
PDLRU SDUWH GR FDSLWDO GH ULVFR GR PXQGR H TXDQGR V£R GH FDSLWDO
DEHUWR V£R VXSHUDYDOLDGDV QR PHUFDGR ,VVR © DLQGD PDLV UHIRU§DGR
SHOR IDWR GH TXH D $P©ULFD GR 1RUWH HVW¡ QD YDQJXDUGD GH TXDWUR
UHYROX§µHVWHFQRO³JLFDVVLQHUJ©WLFDVLQRYD§£RQDSURGX§£RGHHQHUJLD
DOLPHQWDGD SHOD WHFQRORJLD IDEULFD§£R DYDQ§DGD H GLJLWDO FLªQFLDV
ELRO³JLFDVHWHFQRORJLDGDLQIRUPD§£R
(HQTXDQWRD$P©ULFDGR1RUWHHD8(TXHLQFOXHPDOJXPDVGDV
HFRQRPLDVPDLVLQRYDGRUDVY£R IUHQWHRXWUDVSDUWHVGRPXQGRHVW£R
HPSDUHOKDQGR UDSLGDPHQWH FRP HVVHV SDVHV $V HVWLPDWLYDV GR
GHVHPSHQKR HP LQRYD§µHV GD &KLQD SRU H[HPSOR DXPHQWDUDP HP
SDUD GR QYHO GD 8( FRQWUD HP D SDUWLU GD
PXGDQ§D GR PRGHOR HFRQ´PLFR GR SDV FRQFHQWUDQGRVH PDLV HP
VHUYL§RVHLQRYD§µHV0HVPRFRQVLGHUDQGRTXHRSURJUHVVRGD&KLQD
WHQKD VXUJLGR GH XP QYHO UHODWLYDPHQWH EDL[R R SDV HVW¡
FRQWLQXDPHQWH HQWUDQGR HP VHJPHQWRV FRP YDORUHV DJUHJDGRV PDLV
HOHYDGRV QD SURGX§£R JOREDO H HPSUHJDQGR VXDV LPSRUWDQWHV
HFRQRPLDVGHHVFDODSDUDPHOKRUFRPSHWLUQRPXQGR
(P JHUDO LVVR PRVWUD TXH DV HVFROKDV GH SROWLFDV SºEOLFDV LU£R
GHFLGLU VH GHWHUPLQDGR SDV RX UHJL£R FRQVHJXLU¡ FDSLWDOL]DU WRGDV DV
RSRUWXQLGDGHVRIHUHFLGDVSHODUHYROX§£RWHFQRO³JLFD
5HJLµHVHFLGDGHVFRPRSRORVGHLQRYD§£R
(VWRXSDUWLFXODUPHQWHSUHRFXSDGRFRPRHIHLWRTXHDDXWRPD§£R
WHU¡HPDOJXQVSDVHVHUHJLµHVSDUWLFXODUPHQWHDTXHOHVHPPHUFDGRV
GH U¡SLGR FUHVFLPHQWR H SDVHV HP GHVHQYROYLPHQWR RQGH HOD SRGH
FRUURHU GH IRUPD UHSHQWLQD DV YDQWDJHQV FRPSDUDWLYDV TXH SRVVXHP
SDUD D SURGX§£R GH EHQV H VHUYL§RV TXH GHSHQGHP GH P£R GH REUD
LQWHQVLYD(VVHFHQ¡ULRSRGHULDGHYDVWDUDVHFRQRPLDVGHDOJXQVSDVHV
HUHJLµHVTXHDWXDOPHQWHHVW£RSURVSHUDQGR
FODURTXHSDVHVHUHJLµHVQ£RSRGHPIORUHVFHUVHVXDVFLGDGHV
HFRVVLVWHPDV GH LQRYD§£R Q£R V£R FRQWLQXDPHQWH DOLPHQWDGDV $V
FLGDGHV WªP VLGR RV PRWRUHV GR FUHVFLPHQWR HFRQ´PLFR GD
SURVSHULGDGH H GR SURJUHVVR VRFLDO DR ORQJR GD KLVW³ULD H VHU£R
HVVHQFLDLV SDUD D FRPSHWLWLYLGDGH IXWXUD GH QD§µHV H UHJLµHV
$WXDOPHQWH PDLV GD PHWDGH GD SRSXOD§£R PXQGLDO YLYH HP ¡UHDV
XUEDQDV TXH YDULDP HQWUH FLGDGHV GH P©GLR SRUWH H PHJDFLGDGHV R
QºPHURGHKDELWDQWHVXUEDQRVGRPXQGRFRQWLQXDDXPHQWDQGR0XLWRV
IDWRUHV TXH DIHWDP D FRPSHWLWLYLGDGH GH SDVHV H UHJLµHV ȉ GHVGH
LQRYD§£RHHGXFD§£RDW©DDGPLQLVWUD§£RSºEOLFDHDLQIUDHVWUXWXUDȉ
HVW£RVREDDO§DGDGDVFLGDGHV
$ YHORFLGDGH H D DPSOLWXGH FRP TXH DV FLGDGHV DEVRUYHP H
LPSODQWDP WHFQRORJLDV DSRLDGDV SRU HVWUXWXUDV SROWLFDV ¡JHLV LU£R
GHWHUPLQDUDVXDFDSDFLGDGHGHDWUDLUWDOHQWRV$LPSODQWD§£RGHXPD
EDQGD ODUJD FRP XOWUDYHORFLGDGH R HVWDEHOHFLPHQWR GH WHFQRORJLDV
GLJLWDLVQRWUDQVSRUWHRFRQVXPRGHHQHUJLDDUHFLFODJHPHDVVLPSRU
GLDQWHDMXGDU£RDWRUQDUXPDFLGDGHPDLVHILFLHQWHHPDLVLQFOXVLYDH
GHVVDIRUPDPDLVDWUDWLYDGRTXHDVRXWUDV
3RUWDQWR © IXQGDPHQWDO TXH FLGDGHV H SDVHV DR UHGRU GR PXQGR
FRQFHQWUHPVH HP JDUDQWLU R DFHVVR H D XWLOL]D§£R GH WHFQRORJLDV GD
LQIRUPD§£R H FRPXQLFD§£R GDV TXDLV GHSHQGH JUDQGH SDUWH GD TXDUWD
UHYROX§£R LQGXVWULDO ,QIHOL]PHQWH FRQIRUPH PRVWUDGR SHOR )³UXP
(FRQ´PLFR 0XQGLDO QR *OREDO ,QIRUPDWLRQ 7HFKQRORJ\ 5HSRUW
DV LQIUDHVWUXWXUDV GH 7, H &RPXQLFD§µHV Q£R V£R W£R SUHGRPLQDQWHV
QHP VH GLIXQGHP GH PDQHLUD W£R U¡SLGD FRQIRUPH LPDJLQDGR SRU
PXLWDV SHVVRDV Ȑ0HWDGH GD SRSXOD§£R PXQGLDO Q£R WHP WHOHIRQH
FHOXODU H PLOKµHV GH SHVVRDV DLQGD YLYHP IRUD GR DOFDQFH GRV
VLQDLV GH FHOXODU &HUFD GH GD SRSXOD§£R GRV SDVHV GH EDL[D
UHQGDHPDLVGHHPWRGRPXQGRDLQGDQ£RHVW¡RQOLQH3RUILPD
PDLRULDGRVWHOHIRQHVFHOXODUHVV£RGHXPDJHUD§£RPDLVDQWLJDȑ
2V JRYHUQRV GHYHU£R SRUWDQWR LPDJLQDU IRUPDV GH DFDEDU FRP R
IRVVR GLJLWDO GRV SDVHV HP WRGDV DV IDVHV GH GHVHQYROYLPHQWR SDUD
JDUDQWLU TXH DV FLGDGHV H RV SDVHV WHQKDP D LQIUDHVWUXWXUD E¡VLFD
QHFHVV¡ULD SDUD FULDU RSRUWXQLGDGHV HFRQ´PLFDV H SURVSHULGDGH
FRPSDUWLOKDGD TXH © SRVVYHO SRU PHLR GRV QRYRV PRGHORV GH
FRODERUD§£RHILFLªQFLDHHPSUHHQGHGRULVPR
2 WUDEDOKR GR I³UXP VREUH 'DWD'ULYHQ 'HYHORSPHQW
'HVHQYROYLPHQWR SRU PHLR GRV GDGRV GHVWDFD TXH R DFHVVR
LQIUDHVWUXWXUD GLJLWDO Q£R © WXGR R TXH LPSRUWD SDUD SRGHU DSURYHLWDU
HVVDV RSRUWXQLGDGHV $ DERUGDJHP GR ȐG©ILFLW GH GDGRVȑ WDPE©P ©
FUXFLDO SDUD PXLWRV SDVHV SDUWLFXODUPHQWH QR KHPLVI©ULR VXO HP
YLUWXGH GDV OLPLWD§µHV VREUH FRPR RV GDGRV SRGHP VHU FULDGRV
FROHWDGRV WUDQVPLWLGRV H XWLOL]DGRV )HFKDU DV TXDWUR ȐODFXQDVȑ TXH
FRQWULEXHPSDUDHVWHG©ILFLWȉVXDH[LVWªQFLDRDFHVVRDJRYHUQDQ§D
HDXVDELOLGDGHȉRIHUHFHDRVSDVHVUHJLµHVHFLGDGHVFRPSHWªQFLDV
DGLFLRQDLV TXH SRGHP PHOKRUDU VHX GHVHQYROYLPHQWR SRU H[HPSOR R
DFRPSDQKDPHQWR GR VXUWR GH GRHQ§DV LQIHFFLRVDV PHOKRUHV UHVSRVWDV
V FDW¡VWURIHV QDWXUDLV DXPHQWR GR DFHVVR DRV VHUYL§RV SºEOLFRV H
ILQDQFHLURV SDUD RV SREUHV H FRPSUHHQV£R GRV SDGUµHV GH PLJUD§£R
GDVSRSXOD§µHVYXOQHU¡YHLV
3DVHV UHJLµHV H FLGDGHV SRGHP ID]HU PDLV GR TXH VLPSOHVPHQWH
DOWHUDU VHX DPELHQWH UHJXODW³ULR (OHV SRGHP LQYHVWLU IRUWHPHQWH SDUD
VH WUDQVIRUPDUHP HP SODWDIRUPDV GH ODQ§DPHQWR GD WUDQVIRUPD§£R
GLJLWDO D ILP GH DWUDLU H LQFHQWLYDU HPSUHV¡ULRV H LQYHVWLGRUHV GH
VWDUWXSVLQRYDGRUDVJDUDQWLQGRWDPE©PTXHDVHPSUHVDVHVWDEHOHFLGDV
SDVVHP D EXVFDU DV RSRUWXQLGDGHV GD TXDUWD UHYROX§£R LQGXVWULDO $
PHGLGD TXH DV HPSUHVDV MRYHQV H GLQ¢PLFDV H DV HPSUHVDV
HVWDEHOHFLGDV VH FRQHFWDP XPDV FRP DV RXWUDV FRP RV FLGDG£RV H
FRP DV XQLYHUVLGDGHV DV FLGDGHV WRUQDPVH ORFDLV GH H[SHULPHQWD§£R
HSRGHURVRVSRORVSDUDWUDQVIRUPDUQRYDVLGHLDVHPYDORUUHDOSDUDDV
HFRQRPLDVORFDLVHJOREDLV
'H DFRUGR FRP D 1HVWD XPD HPSUHVD GH LQRYD§£R H VHP ILQV
OXFUDWLYRV GR 5HLQR 8QLGR DV FLQFR PHOKRUHV FLGDGHV GR PXQGR HP
WHUPRV GH DPELHQWH GH SROWLFDV PDLV HILFD]HV SDUD SURPRYHU D
LQRYD§£R V£R 1RYD <RUN /RQGUHV +HOVLQTXH %DUFHORQD H
$PVWHUGDP 2 HVWXGR GD 1HVWD PRVWUD TXH HVVDV FLGDGHV HP
SDUWLFXODU FRQVHJXLUDP HQFRQWUDU PDQHLUDV FULDWLYDV SDUD HIHWXDU D
PXGDQ§D IRUD GD DUHQD SROWLFD IRUPDO SRU M¡ VHUHP QRUPDOPHQWH
DEHUWDVHSRUDJLUHPPDLVFRPRHPSUHV¡ULDVGRTXHEXURFUDWDV7RGRV
RVWUªVFULW©ULRVG£RRULJHPDRVPHOKRUHVH[HPSORVTXHYHPRVKRMHQR
PXQGR H TXH V£R LJXDOPHQWH DSOLF¡YHLV V FLGDGHV HP PHUFDGRV
HPHUJHQWHV H SDVHV HP GHVHQYROYLPHQWR 0HGHOOLQ QD &RO´PELD IRL
KRPHQDJHDGD FRP R SUªPLR &LGDGH GR $QR HP UHFRQKHFHQGR
VXDV DERUGDJHQV LQRYDGRUDV HP PRELOLGDGH H VXVWHQWDELOLGDGH
DPELHQWDOJDQKDQGRGDVRXWUDVILQDOLVWDV1RYD<RUNH7HO$YLY
(P RXWXEUR GH R &RQVHOKR GD $JHQGD *OREDO GR )³UXP
(FRQ´PLFR0XQGLDOVREUHR)XWXURGDV&LGDGHVGLYXOJRXXPUHODW³ULR
GHVWDFDQGR H[HPSORV GH FLGDGHV DR UHGRU GR PXQGR TXH HVWDYDP
EXVFDQGR VROX§µHV LQRYDGRUDV SDUD XPD YDULHGDGH GH SUREOHPDV YHU
4XDGUR ' ,QRYD§µHV XUEDQDV (VWH WUDEDOKR LQGLFD TXH D TXDUWD
UHYROX§£RLQGXVWULDO©ºQLFDJHUDGDSRUXPDUHGHPXQGLDOGHFLGDGHV
LQWHOLJHQWHV RULHQWDGD SRU UHGH SDVHV H FOXVWHUV UHJLRQDLV TXH
HQWHQGHP H DSURYHLWDP DV RSRUWXQLGDGHV GHVVD UHYROX§£R ȉ GH FLPD
SDUD EDL[R H GH EDL[R SDUD FLPD ȉ DWXDQGR QXPD SHUVSHFWLYD
KROVWLFDHLQWHJUDGD
4XDGUR',QRYD§µHVXUEDQDV
(VSD§RUHSURJUDP¡YHOGHIRUPDGLJLWDORV HGLIFLRV SRGHU£R PXGDU
VXD ILQDOLGDGH LQVWDQWDQHDPHQWH SDUD VHUYLU FRPR WHDWUR JLQ¡VLR
FHQWUR VRFLDO ERDWH RX TXDOTXHU RXWUD FRLVD PLQLPL]DQGR DVVLP D
SHJDGD XUEDQD WRWDO ,VVR SHUPLWLU¡ TXH DV FLGDGHV REWHQKDP PDLV
SRUPHQRV
Ȑ:DWHUQHIȑLQWHUQHWGDV¡JXDVDLQWHUQHWGDVWXEXOD§µHVLU¡XWLOL]DU
VHQVRUHV QRV VLVWHPDV KGULFRV SDUD PRQLWRUDU VHXV IOX[RV H DVVLP
JHUHQFLDU WRGR R FLFOR IRUQHFHQGR ¡JXD VXVWHQW¡YHO SDUD DV
QHFHVVLGDGHVKXPDQDVHHFRO³JLFDV
$GR§£R GH ¡UYRUH DWUDY©V GDV UHGHV VRFLDLV HVWXGRV PRVWUDP TXH R
DXPHQWRGDV¡UHDVYHUGHVGHXPDFLGDGHHPSRGHULDFRPSHQVDU
R DXPHQWR GD WHPSHUDWXUD FDXVDGR SHODV PXGDQ§DV FOLP¡WLFDV D
YHJHWD§£RDMXGDDEORTXHDUDUDGLD§£RGHRQGDVFXUWDVHDRPHVPR
WHPSRDHYDSRUDU¡JXDUHIULJHUDURDUDPELHQWHHFULDUPLFURFOLPDV
PDLVFRQIRUW¡YHLV&RSDVHUD]HVGH¡UYRUHVWDPE©PSRGHPUHGX]LU
RV IOX[RV GH ¡JXD GDV WHPSHVWDGHV H HTXLOLEUDU DV FDUJDV GH
QXWULHQWHV
0RELOLGDGH GH SU³[LPD JHUD§£R RV DYDQ§RV WHFQRO³JLFRV GH
VHQVRUHVVLVWHPDV³WLFRVSURFHVVDGRUHVHPEXWLGRVPDLRUVHJXUDQ§D
SDUD RV SHGHVWUHV H SDUD R WUDQVSRUWH Q£R PRWRUL]DGR OHYDU£R
PDLRUDGR§£RGRWUDQVSRUWHSºEOLFRUHGX§£RGRVFRQJHVWLRQDPHQWRV
HGDSROXL§£RPHOKRUVDºGHHWUDMHWRVPDLVU¡SLGRVPDLVSUHYLVYHLV
HPHQRVFDURV
&RJHUD§£RFRDTXHFLPHQWRHFRUUHIULJHWD§£RRV VLVWHPDV PHF¢QLFRV
GH FRJHUD§£R M¡ FDSWXUDP H XVDP R H[FHVVR GH FDORU FDXVDQGR
PHOKRUDV VLJQLILFDWLYDV HILFLªQFLD HQHUJ©WLFD 6LVWHPDV GH
WULJHUD§£R XVDP R FDORU SDUD DTXHFHU HGLIFLRV RX SDUD UHVIUL¡ORV
DWUDY©VGDWHFQRORJLDGHUHIULJHUD§£RSRUDEVRU§£RSRUH[HPSORD
UHIULJHUD§£R GH HVFULW³ULRV TXH DEULJDP XP JUDQGH QºPHUR GH
FRPSXWDGRUHV
0RELOLGDGH VRE GHPDQGD D GLJLWDOL]D§£R YHP WRUQDQGR R WU¡IHJR
YHLFXODUPDLVHILFLHQWHSRLVSHUPLWHLQIRUPD§µHVHPWHPSRUHDOHXP
FRQWUROH VHP SUHFHGHQWHV GD LQIUDHVWUXWXUD GD PREL+GDGH XUEDQD
,VVRDEUHQRYRVFDPLQKRVSDUDDODYDQFDUDFDSDFLGDGHQ£RXWLOL]DGD
GHYHFXORVSRUPHLRGHDOJRULWPRVGLQ¢PLFRVGHRWLPL]D§£R
3RVWHVSºEOLFRVLQWHOLJHQWHVOX]HVSºEOLFDVGH/('GHºOWLPDJHUD§£R
SRGHP VHUYLU FRPR XPD SODWDIRUPD SDUD XPD V©ULH GH WHFQRORJLDV
TXH FROHWDP GDGRV VREUH FOLPD SROXL§£R DWLYLGDGHV VVPLFDV R
PRYLPHQWR GR WU¡IHJR GH YHFXORV H SHVVRDV D SROXL§£R GR DU H
VRQRUD$ROLJDUHVVHVSRVWHVSºEOLFRVLQWHOLJHQWHVHPXPDUHGHVHU¡
SRVVYHO VDEHU R TXH HVW¡ DFRQWHFHQGR HP WRGD D FLGDGH HP WHPSR
UHDO H RIHUHFHU VROX§µHV LQRYDGRUDV HP ¡UHDV FRPR D VHJXUDQ§D
SºEOLFD RX LGHQWLILFDU RQGH H[LVWHP YDJDV OLYUHV SDUD R
HVWDFLRQDPHQWRGHYHFXORV
)RQWHȐ7RS7HQ8UEDQ,QQRYDWLRQVȑ*OREDO$JHQGD&RXQFLORQWKH)XWXUH
RI&LWLHV:RUOG(FRQRPLF)RUXPRXW
6HJXUDQ§DLQWHUQDFLRQDO
$ TXDUWD UHYROX§£R LQGXVWULDO WHU¡ XP LPSDFWR SURIXQGR VREUH D
QDWXUH]D GDV UHOD§µHV HQWUH (VWDGRV H D VHJXUDQ§D LQWHUQDFLRQDO
'HGLFRSDUWLFXODU DWHQ§£R D HVVH DVVXQWRQHVWD VH§£R SRLV PH SDUHFH
TXHGHWRGDVDVWUDQVIRUPD§µHVLPSRUWDQWHVOLJDGDV TXDUWDUHYROX§£R
LQGXVWULDO D VHJXUDQ§D © XP W³SLFR TXH DLQGD Q£R IRL VXILFLHQWHPHQWH
GLVFXWLGRSHORSºEOLFRHPJHUDOSHORVVHWRUHVH[WHUQRVDRVJRYHUQRVH
SHODLQGºVWULDGHGHIHVD
2 SHULJR FUWLFR © TXH XP PXQGR KLSHUFRQHFWDGR H FRP
GHVLJXDOGDGHV FUHVFHQWHV SRGHU¡ OHYDU DR DXPHQWR GD IUDJPHQWD§£R
VHJUHJD§£RHDJLWD§£RVRFLDOTXHSRUVXDYH]FULDPDVFRQGL§µHVSDUD
RH[WUHPLVPRYLROHQWR$TXDUWDUHYROX§£RLQGXVWULDOPXGDU¡RFDU¡WHU
GDVDPHD§DV VHJXUDQ§D HDRPHVPR WHPSR WDPE©P LQIOXHQFLDU¡ DV
PXGDQ§DVGHSRGHUTXHHVW£RRFRUUHQGRWDQWRJHRJUDILFDPHQWHTXDQWR
GH SHUVRQDJHQV HVWDWDLV SDUD RV Q£R HVWDWDLV &RQIURQWDGD FRP D
DVFHQV£RGHDWRUHVQ£RHVWDWDLVDUPDGRVGHQWURGRTXHM¡©XPFHQ¡ULR
JHRSROWLFRFDGDYH]PDLVFRPSOH[RDSHUVSHFWLYDGDFULD§£RGHXPD
SODWDIRUPD FRPXP SDUD D FRODERUD§£R HP WRUQR GRV SULQFLSDLV
GHVDILRV GD VHJXUDQ§D LQWHUQDFLRQDO WRUQDVH XP GHVDILR FUWLFR PDLV
H[LJHQWH
&RQHFWLYLGDGHIUDJPHQWD§£RHDJLWD§£RVRFLDO
9LYHPRV HP XP PXQGR KLSHUFRQHFWDGR RQGH LQIRUPD§µHV
LGHLDV H SHVVRDV HVW£R YLDMDQGR PDLV U¡SLGR GR TXH QXQFD 7DPE©P
YLYHPRVHPXPPXQGRGHGHVLJXDOGDGHVFUHVFHQWHVXPIHQ´PHQRTXH
LU¡ VHU DJUDYDGR SHODV PXGDQ§DV PDFL§DV GR PHUFDGR GH WUDEDOKR
GHVFULWDVDQWHULRUPHQWH
$ODUJDQGR D H[FOXV£R VRFLDO R GHVDILR GH HQFRQWUDU IRQWHV FRQIL¡YHLV
GH VLJQLILFDGR GR PXQGR PRGHUQR H R GHVHQFDQWR FRP DV HOLWHV
HVWDEHOHFLGDV H HVWUXWXUDV SHUFHELGDV RX UHDLV WªP PRWLYDGR RV
PRYLPHQWRVH[WUHPLVWDVHSHUPLWLXOKHVUHFUXWDUSHVVRDVSDUDXPDOXWD
YLROHQWD FRQWUD RV VLVWHPDV H[LVWHQWHV YHU 4XDGUR ( 0RELOLGDGH H D
4XDUWD5HYROX§£R,QGXVWULDO
$ KLSHUFRQHFWLYLGDGH QDWXUDOPHQWH Q£R WUD] HP VHX ERMR D PDLRU
WROHU¢QFLDRXDGDSWDELOLGDGHFRQIRUPHYLPRVQDVUHD§µHVDRVWU¡JLFRV
GHVORFDPHQWRVKXPDQRVTXHDWLQJLUDPXPSLFRKLVW³ULFRHP1R
HQWDQWRDPHVPDKLSHUFRQHFWLYLGDGHWDPE©PFRQW©PRSRWHQFLDOSDUD
FKHJDUPRV D XP GHQRPLQDGRU FRPXP FRP EDVH QD PDLRU DFHLWD§£R H
FRPSUHHQV£RGDVGLIHUHQ§DVTXHSRGHULDDMXGDUDUHXQLUFRPXQLGDGHV
HPYH]GHVHSDU¡ODV&RQWXGRVHQ£RFRQWLQXDUPRVDFDPLQKDUQHVVD
PHVPDGLUH§£RDDOWHUQDWLYDVHU¡RDXPHQWRGDIUDJPHQWD§£R
4XDGUR(0RELOLGDGHHD4XDUWD5HYROX§£R,QGXVWULDO
2 PRYLPHQWR GH SHVVRDV HP WRGR R PXQGR © XP IHQ´PHQR
VLJQLILFDWLYR H XP JUDQGH JHUDGRU GH ULTXH]DV 4XDO VHU¡ R LPSDFWR
GD TXDUWD UHYROX§£R LQGXVWULDO QD PRELOLGDGH KXPDQD" 7DOYH] VHMD
PXLWR FHGR SDUD GL]HU PDV D H[WUDSROD§£R GDV WHQGªQFLDV DWXDLV
LQGLFD TXH D PRELOLGDGH WHU¡ XP SDSHO FDGD YH] PDLV LPSRUWDQWH QD
VRFLHGDGHHQDHFRQRPLDGRIXWXUR
5HDOL]D§£RGHDVSLUD§µHVFRUUHVSRQGHQGRDXPDXPHQWRGD
FRQVFLªQFLD GH HYHQWRV H RSRUWXQLGDGHV HP RXWURV SDVHV
JUD§DV FUHVFHQWH FRQHFWLYLGDGH D PRELOLGDGH © FDGD YH]
PDLV YLVWD FRPR XPD HVFROKD GH YLGD TXH SRGH VHU H[HUFLGD
HP DOJXP PRPHQWR HVSHFLDOPHQWH SHORV MRYHQV (PERUD DV
PRWLYD§µHVLQGLYLGXDLVYDULHPPXLWRȉDEXVFDGHWUDEDOKRR
GHVHMR GH HVWXGDU D QHFHVVLGDGH GH SURWH§£R R GHVHMR GH
UHXQLU D IDPOLD H DVVLP SRU GLDQWH ȉ K¡ PDLRU
GLVSRQLELOLGDGHSDUDDEXVFDSRUVROX§µHVQRH[WHULRU
5HGHILQL§£R GDV LGHQWLGDGHV LQGLYLGXDLV RV LQGLYGXRV
FRVWXPDYDPLGHQWLILFDUPDLVDVVXDVYLGDVFRPXPOXJDUXP
JUXSR©WQLFRGHWHUPLQDGDFXOWXUDRXDW©PHVPRRLGLRPD2
DGYHQWRGRHQJDMDPHQWRRQOLQHHRDXPHQWRGDH[SRVL§£R V
LGHLDV GH RXWUDV FXOWXUDV IL]HUDP TXH DV LGHQWLGDGHV VHMDP
KRMH PDLV IXQJYHLV GR TXH QR SDVVDGR $V SHVVRDV HVW£R
DWXDOPHQWH PXLWR PDLV FRQIRUW¡YHLV HP WHU H JHUHQFLDU
PºOWLSODVLGHQWLGDGHV
5HGHILQL§£R GD LGHQWLGDGH IDPLOLDU JUD§DV FRPELQD§£R
GRV SDGUµHV GH PLJUD§£R KLVW³ULFD H FRQHFWLYLGDGH GH EDL[R
FXVWR DV HVWUXWXUDV IDPLOLDUHV HVW£R VHQGR UHGHILQLGDV (ODV
Q£R HVW£R PDLV YLQFXODGDV SHOR HVSD§R H PXLWDV YH]HV
HVWHQGHPVH SHOR PXQGR FRP FRQVWDQWHV GL¡ORJRV IDPLOLDUHV
UHIRU§DGRV SHORV PHLRV GLJLWDLV &DGD YH] PDLV D XQLGDGH
IDPLOLDU WUDGLFLRQDO HVW¡ VHQGR VXEVWLWXGD SHOD UHGH IDPLOLDU
WUDQVQDFLRQDO
5HPDSHDPHQWRGRVPHUFDGRVGHWUDEDOKRDPRELOLGDGHGRV
WUDEDOKDGRUHVWHPRSRWHQFLDOGHWUDQVIRUPDURVPHUFDGRVGH
WUDEDOKRQDFLRQDLVSDUDPHOKRURXSDUDSLRU)RUXPODGRRV
WUDEDOKDGRUHVGRVSDVHVHPGHVHQYROYLPHQWRFRQVWLWXHPXPD
UHVHUYD GH UHFXUVRV KXPDQRV FRP Y¡ULRV QYHLV GH
FRPSHWªQFLDV TXH SRGHP VDWLVID]HU DV QHFHVVLGDGHV Q£R
DWHQGLGDV GR PHUFDGR GH WUDEDOKR GR PXQGR GHVHQYROYLGR $
PRELOLGDGH GH WDOHQWRV © XP JHUDGRU GH FULDWLYLGDGH GH
LQRYD§£R LQGXVWULDO H HILFLªQFLD GR WUDEDOKR 3RU RXWUR D
LQMH§£R GH WUDEDOKDGRUHV PLJUDQWHV HP PHUFDGRV GRP©VWLFRV
SRGH VH Q£R IRU JHUHQFLDGD GH IRUPD HILFD] SURGX]LU
GLVWRU§µHV VDODULDLV H VRFLDLV QRV SDVHV GH DFROKLPHQWR H
SULYDURVSDVHVGHRULJHPGHVHXYDOLRVRFDSLWDOKXPDQR
$ UHYROX§£R GLJLWDO FULRX QRYDV SRVVLELOLGDGHV GH FRPXQLFD§£R H
ȐPRELOLGDGHȑ TXH FRPSOHPHQWD H PHOKRUD D PRELOLGDGH IVLFD
SURY¡YHO TXH D TXDUWD UHYROX§£R LQGXVWULDO WHQKD XP HIHLWR
VHPHOKDQWH SRLV D IXV£R GRV PXQGRV IVLFR GLJLWDO H ELRO³JLFR
WUDQVFHQGHU¡ DV OLPLWD§µHV GH WHPSRHVSD§R DLQGD PDLV GH IRUPD D
LQFHQWLYDU D PRELOLGDGH 8P GRV GHVDILRV GD TXDUWD UHYROX§£R
LQGXVWULDO VHU¡ SRUWDQWR D JHVW£R GD PRELOLGDGH KXPDQD SDUD
JDUDQWLU TXH VHXV EHQHIFLRV VHMDP SOHQDPHQWH UHDOL]DGRV SRU PHLR
GRDOLQKDPHQWRGHGLUHLWRVHREULJD§µHVVREHUDQRVFRPRVGLUHLWRVH
DVSLUD§µHVLQGLYLGXDLVSRULQWHUP©GLRGDUHFRQFLOLD§£RGDVHJXUDQ§D
QDFLRQDOHKXPDQDHSHORHQFRQWURGHIRUPDVTXHFRQVLJDPPDQWHUD
KDUPRQLDVRFLDOHPPHLRDXPDPDLRUGLYHUVLGDGH
)RQWH*OREDO$JHQGD&RXQFLORQ0LJUDWLRQ:RUOG(FRQRPLF)RUXP
$QDWXUH]DPXW¡YHOGRFRQIOLWR
$ TXDUWD UHYROX§£R LQGXVWULDO DIHWDU¡ D HVFDOD GR FRQIOLWR EHP
FRPR VHX FDU¡WHU $V GLVWLQ§µHV HQWUH JXHUUD H SD] H VREUH TXHP V£R
RVFRPEDWHQWHVHQ£RFRPEDWHQWHVHVW£RGHVFRQIRUWDYHOPHQWHFDGDYH]
PDLV WªQXHV 'D PHVPD IRUPD R FDPSR GH EDWDOKD © FDGD YH] PDLV
ORFDO H JOREDO DR PHVPR WHPSR $V RUJDQL]D§µHV FRPR R 'DHVK RX
,6,6 RSHUDP SULQFLSDOPHQWH HP ¡UHDV GHOLPLWDGDV GR 2ULHQWH 0©GLR
PDV WDPE©P UHFUXWDP FRPEDWHQWHV GH PDLV GH FHP SDVHV
SULQFLSDOPHQWHSRUPHLRGDVPGLDVVRFLDLVHVHXVDWDTXHVWHUURULVWDV
SRGHP RFRUUHU HP TXDOTXHU OXJDU GR SODQHWD 2V FRQIOLWRV PRGHUQRV
SRVVXHP QDWXUH]D FDGD YH] PDLV KEULGD FRPELQDQGR W©FQLFDV
WUDGLFLRQDLV GH FRPEDWH FRP HOHPHQWRV TXH DQWHULRUPHQWH HVWDYDP
DVVRFLDGRV SULQFLSDOPHQWH D DWRUHV DUPDGRV Q£R HVWDWDLV 7RGDYLD
FRQIRUPH DV WHFQRORJLDV VH IXQGHP HP IRUPDV FDGD YH] PDLV
LPSUHYLVYHLV H RV DJHQWHV HVWDWDLV H Q£R HVWDWDLV DUPDGRV DSUHQGHP
XQV GRV RXWURV D SRVVYHO PDJQLWXGH GD PXGDQ§D DLQGD Q£R HVW¡
FRPSOHWDPHQWHHQWHQGLGD
&RQIRUPH HVVH SURFHVVR RFRUUH H VH WRUQD PDLV I¡FLO DGTXLULU H
XVDU QRYDV WHFQRORJLDV PRUWDLV © FODUR TXH D TXDUWD UHYROX§£R
LQGXVWULDOG¡DRVLQGLYGXRVPDQHLUDVFDGDYH]PDLVGLYHUVLILFDGDVGH
SUHMXGLFDU RV RXWURV HP JUDQGH HVFDOD (VVD SHUFHS§£R OHYD D XPD
PDLRUVHQVD§£RGHYXOQHUDELOLGDGH
0DVQHPWXGR©VRPEULR2DFHVVR WHFQRORJLDWDPE©PWUD]
FRQVLJRDSRVVLELOLGDGHGHPDLRUSUHFLV£RE©OLFDXQLIRUPHVGH
FRPEDWHFRPWHFQRORJLDGHSRQWDDFDSDFLGDGHGHLPSULPLURXWURV
FRPSRQHQWHVRXSH§DVVREUHVVDOHQWHVHVVHQFLDLVQRFDPSRGHEDWDOKD
HDVVLPSRUGLDQWH
*XHUUDFLEHUQ©WLFD
$ JXHUUD FLEHUQ©WLFD DSUHVHQWD XPD GDV PDLV JUDYHV DPHD§DV GH
QRVVR WHPSR 2 FLEHUHVSD§R WHP VH WRUQDGR XP WHDWUR GH RSHUD§µHV
VHPHOKDQWH DR TXH R VROR R PDU H R DU IRUDP QR SDVVDGR 3RVVR
DILUPDU FRP VHJXUDQ§D TXH HQTXDQWR TXDOTXHU FRQIOLWR IXWXUR HQWUH
DJHQWHV UD]RDYHOPHQWH DYDQ§DGRV SRGHU¡ RX Q£R RFRUUHU QR PXQGR
IVLFR HOH SURYDYHOPHQWH LQFOXLU¡ XPD FLEHUGLPHQV£R VLPSOHVPHQWH
SRUTXH QHQKXP DGYHUV¡ULR PRGHUQR UHVLVWLU¡ WHQWD§£R GH SHUWXUEDU
FRQIXQGLURXGHVWUXLURVVHQVRUHVDVFRPXQLFD§µHVHDFDSDFLGDGHGH
GHFLV£RGHVHXLQLPLJR
,VVR Q£R V³ LU¡ GLPLQXLU R OLPLDU GD JXHUUD PDV WDPE©P LU¡
HPED§DU D GLVWLQ§£R HQWUH JXHUUD H SD] SRUTXH TXDLVTXHU UHGHV RX
GLVSRVLWLYRV FRQHFWDGRV WDQWR RV VLVWHPDV PLOLWDUHV GH LQIUDHVWUXWXUD
TXDQWR RV FLYLV ȉ WDLV FRPR IRQWHV GH HQHUJLD UHGHV GH HOHWULFLGDGH
VDºGHRXFRQWUROHVGHWU¡IHJRRXDEDVWHFLPHQWRGH¡JXDȉSRGHPVHU
KDFNHDGRVHDWDFDGRV2FRQFHLWRGHDGYHUV¡ULRWDPE©P©DIHWDGR$R
FRQWU¡ULR GR SDVVDGR Q£R K¡ FRPR WHU FHUWH]D GH TXHP HVW¡ DWDFDQGR
YRFªȉHDW©PHVPRVHIRLUHDOPHQWHDWDFDGR$GHIHVDRVPLOLWDUHVH
RV HVWUDWHJLVWDV HP VHJXUDQ§D QDFLRQDO FRVWXPDYDP FRQFHQWUDUVH HP
XP QºPHUR OLPLWDGR GH (VWDGRV WUDGLFLRQDOPHQWH KRVWLV DJRUD HOHV
GHYHP FRQVLGHUDU XP XQLYHUVR TXDVH LQILQLWR H LQGLVWLQWR GH KDFNHUV
WHUURULVWDV DWLYLVWDV FULPLQRVRV H RXWURV SRVVYHLV LQLPLJRV $
FLEHUJXHUUD SRGH DVVXPLU PXLWDV IRUPDV GLIHUHQWHV ȉ GHVGH DWRV
FULPLQRVRVHGHHVSLRQDJHPDW©DWDTXHVGHVWUXWLYRVFRPRRGRZRUP
6WX[QHWTXHSHUPDQHFHPEDVWDQWHVXEHVWLPDGRVHPDOFRPSUHHQGLGRV
SRUTXHV£RPXLWRQRYRVHGLIFHLVGHVHUHPFRQWUDDWDFDGRV
'HVGHYHPRFRUUHQGRY¡ULRVFDVRVGHDWDTXHVFLEHUQ©WLFRV
GLULJLGRV D SDVHV H HPSUHVDV HVSHFILFRV PDV DV GLVFXVVµHV VREUH
HVVDQRYDHUDGDJXHUUDHVW£RDLQGDQRLQFLRHDODFXQDHQWUHDTXHOHV
TXH HQWHQGHP DV TXHVWµHV DOWDPHQWH W©FQLFDV GD JXHUUD HOHWU´QLFD H
DTXHOHVTXHHVW£RGHVHQYROYHQGRDVSROWLFDVFLEHUQ©WLFDVDPSOLDVHD
FDGDGLD4XDQWRDRGHVHQYROYLPHQWRGHQRUPDVFRPSDUWLOKDGDVVREUH
D JXHUUD FLEHUQ©WLFD DQ¡ORJDV TXHODV GHVHQYROYLGDV SDUD DUPDV
QXFOHDUHVTXPLFDVHELRO³JLFDVHVWDDLQGD©XPDTXHVW£RHPDEHUWR
)DOWDQRVDW©PHVPRXPDWD[RQRPLDSDUDFRQFRUGDUPRVRXQ£RVREUH
RTXH©XPDWDTXHHTXDOVHULDDUHVSRVWDDGHTXDGDFRPRTXHHSRU
TXHP 3DUWH GD HTXD§£R SDUD JHUHQFLDU HVVH FHQ¡ULR © GHILQLU TXDLV
GDGRV YLDMDP DWUDY©V GDV IURQWHLUDV ,VVR M¡ LQGLFD TXDQWR DLQGD QRV
IDOWD SDUD HIHWLYDPHQWH FRQWURODUPRV DV WUDQVD§µHV FLEHUQ©WLFDV
WUDQVIURQWHLUL§DVVHPLQLELURVUHVXOWDGRVSRVLWLYRVGHXPPXQGRPDLV
LQWHUOLJDGR
*XHUUDDXW´QRPD
$ JXHUUD DXW´QRPD LQFOXLQGR D LPSODQWD§£R GH URE´V PLOLWDUHV H
DUPDV DXWRP¡WLFDV TXH IXQFLRQDP SRU ,$ FULD D SHUVSHFWLYD GH XPD
ȐJXHUUD GH URE´Vȑ TXH LU¡ GHVHPSHQKDU XP SDSHO WUDQVIRUPDGRU QRV
FRQIOLWRVIXWXURV
2 IXQGR GR PDU H R HVSD§R WDPE©P SRGHP ILFDU FDGD YH] PDLV
PLOLWDUL]DGRV SRLV PDLV H PDLV DJHQWHV ȉ HVWDGXDLV H FRPHUFLDLV ȉ
SDVVDPDSRGHUHQYLDUVDW©OLWHVHPRELOL]DUYHFXORVVXEDTX¡WLFRVQ£R
WULSXODGRVFDSD]HVGHSHUWXUEDURVFDERVGHILEUD³WLFDHRWU¡IHJRGRV
VDW©OLWHV -¡ K¡ RUJDQL]D§µHV FULPLQRVDV XVDQGR GURQHV FRPHUFLDLV
TXDGULF³SWHURVSDUDHVSLRQDUHDWDFDUVHXVULYDLV$UPDVDXW´QRPDV
FDSD]HVGHLGHQWLILFDUVHXVDOYRVHGHFLGLUDEULUIRJRVHPLQWHUYHQ§£R
KXPDQD Y£R VH WRUQDU FDGD YH] PDLV YL¡YHLV GHVDILDQGR DV OHLV GD
JXHUUD
4XDGUR)7HFQRORJLDVHPHUJHQWHVWUDQVIRUPDQGRDVHJXUDQ§D
LQWHUQDFLRQDO
'URQHVHOHVV£RHVVHQFLDOPHQWHURE´VYRDGRUHV2V(VWDGRV
8QLGRV OLGHUDP HVVD WHFQRORJLD DWXDOPHQWH PDV HOD HVW¡ VH
HVSDOKDQGRGHIRUPDDPSODHVHWRUQDQGRPDLVDFHVVYHO
$UPDV DXW´QRPDV FRPELQDP D WHFQRORJLD GRV GURQHV H D
LQWHOLJªQFLDDUWLILFLDOFRQVHJXHPVHOHFLRQDUHDWDFDUDOYRVGHDFRUGR
FRPFULW©ULRVSUHGHILQLGRVHVHPDLQWHUYHQ§£RKXPDQD
0LOLWDUL]D§£RHVSDFLDOHQTXDQWRPDLV GD PHWDGH GH WRGRV RV
VDW©OLWHV V£R FRPHUFLDLV HVVHV GLVSRVLWLYRV GH FRPXQLFD§µHV HP
³UELWDWRUQDPVHFDGDYH]PDLVLPSRUWDQWHVSDUDILQVPLOLWDUHV8PD
QRYD JHUD§£R GH DUPDV KLSHUV´QLFDV WDPE©P HVW¡ SUHVWHV D HQWUDU
QHVWH GRPQLR DXPHQWDQGR D SUREDELOLGDGH GH TXH R HVSD§R LU¡
GHVHPSHQKDU DOJXP SDSHO QRV IXWXURV FRQIOLWRV H DXPHQWDU¡ DV
SUHRFXSD§µHV GH TXH RV DPDLV PHFDQLVPRV GH UHJXODPHQWD§£R GDV
DWLYLGDGHVHVSDFLDLVQ£RV£RPDLVVXILFLHQWHV
'LVSRVLWLYRV YHVWYHLV HOHV SRGHP RWLPL]DU D VDºGH H R
GHVHPSHQKR VRE FRQGL§µHV GH HVWUHVVH H[WUHPR RX SURGX]LU
H[RHVTXHOHWRVTXHPHOKRUDPRGHVHPSHQKRGRVVROGDGRVSHUPLWLQGR
TXH XP VHU KXPDQR WUDQVSRUWH VHP GLILFXOGDGHV FDUJDV GH FHUFD GH
NJ
)DEULFD§£R DGLWLYD LVVR LU¡ UHYROXFLRQDU DV FDGHLDV GH
IRUQHFLPHQWRSHUPLWLQGRTXHDVSH§DVGHUHSRVL§£RVHMDPIDEULFDGDV
QRFDPSRGHRSHUD§µHVWHQKDPVHXVSURMHWRVWUDQVPLWLGRVSRUPHLRV
GLJLWDLV H XWLOL]HP PDWHULDLV GLVSRQYHLV QR ORFDO ,VVR WDPE©P
SRGHULD SHUPLWLU R GHVHQYROYLPHQWR GH QRYRV WLSRV GH RJLYDV FRP
PDLRUFRQWUROHGDJUDQXORPHWULDGRPDWHULDOHGDGHWRQD§£R
(QHUJLDV UHQRY¡YHLV LVVR SHUPLWH TXH D HQHUJLD VHMD JHUDGD
ORFDOPHQWH UHYROXFLRQDQGR DV FDGHLDV GH IRUQHFLPHQWR H UHIRU§DQGR
D FDSDFLGDGH SDUD LPSULPLU SDUWHV VRE GHPDQGD PHVPR HP ORFDLV
UHPRWRV
1DQRWHFQRORJLDDQDQRWHFQRORJLDHVW¡SURJUHVVLYDPHQWHQRV
OHYDQGR FRQVWUX§£R GH PHWDPDWHULDLV PDWHULDLV LQWHOLJHQWHV TXH
SRVVXHPSURSULHGDGHVTXHQ£RRFRUUHPQDWXUDOPHQWH(ODWRUQDU¡DV
DUPDV PDLV OHYHV P³YHLV LQWHOLJHQWHV H SUHFLVDV H LU¡ ILQDOPHQWH
UHVXOWDUHPVLVWHPDVTXHSRGHPVHDXWRUUHSOLFDUHPRQWDU
$UPDVELRO³JLFDVD KLVW³ULD GD JXHUUD ELRO³JLFD © TXDVH W£R
DQWLJDFRPRDKLVW³ULDGDJXHUUDHPVLPDVRVU¡SLGRVDYDQ§RVHP
ELRWHFQRORJLD JHQ©WLFD H JHQ´PLFD V£R R SUHQºQFLR GH QRYDV DUPDV
DOWDPHQWH OHWDLV 9UXV SURMHWDGRV TXH VH SURSDJDP SHOR DU
VXSHUEDFW©ULDV FRQVWUXGDV SUDJDV JHQHWLFDPHQWH PRGLILFDGDV H
DVVLPSRUGLDQWHHPFRQMXQWRIRUPDPDEDVHGHSRVVYHLVFHQ¡ULRV
DSRFDOSWLFRV
$UPDV ELRTXPLFDV WDO FRPR DFRQWHFH FRP DV DUPDV
ELRO³JLFDV D LQRYD§£R WHFQRO³JLFD HVW¡ WUDQVIRUPDQGR D PRQWDJHP
GHVVDVDUPDVHPDOJRTXDVHW£RI¡FLOFRPRXPDWDUHIDGRWLSRȐID§D
YRFªPHVPRȑ2VGURQHVSRGHULDPVHUHPSUHJDGRVSDUDOLEHU¡ODV
0GLDVRFLDODRPHVPRWHPSRTXHRVFDQDLVGLJLWDLVRIHUHFHP
RSRUWXQLGDGHV SDUD D GLYXOJD§£R GH LQIRUPD§µHV H RUJDQL]D§£R GH
LQLFLDWLYDV SDUD ERDV FDXVDV HOHV WDPE©P SRGHP VHU XVDGRV SDUD
HVSDOKDU FRQWHºGRV PDOLJQRV SURSDJDQGD H FRPR QR FDVR GR ,6,6
HPSUHJDGRV SRU JUXSRV H[WUHPLVWDV SDUD UHFUXWDU H PRELOL]DU
VHJXLGRUHV 2V MRYHQV DGXOWRV V£R SDUWLFXODUPHQWH YXOQHU¡YHLV
HVSHFLDOPHQWHTXDQGRQ£RWªPXPDUHGHVRFLDOHVW¡YHOGHDSRLR
0XLWDV GDV WHFQRORJLDV GHVFULWDV QR 4XDGUR ) 7HFQRORJLDV
HPHUJHQWHVWUDQVIRUPDQGRDVHJXUDQ§DLQWHUQDFLRQDOM¡H[LVWHP&RPR
H[HPSOR RV URE´V 6*5$ GD 6DPVXQJ HTXLSDGRV FRP GXDV
PHWUDOKDGRUDV H XPD DUPD FRP EDODV GH ERUUDFKD HVW£R DWXDOPHQWH
HVWDFLRQDGRVHPSRVWRVIURQWHLUL§RVGD]RQDGHVPLOLWDUL]DGDGD&RUHLD
3RU HQTXDQWR HOHV V£R FRQWURODGRV SRU RSHUDGRUHV KXPDQRV PDV
SRGHU£RXPDYH]SURJUDPDGRVLGHQWLILFDUHDWDFDUDOYRVKXPDQRVGH
IRUPDLQGHSHQGHQWH
1R DQR SDVVDGR R 0LQLVW©ULR GD 'HIHVD %ULW¢QLFR H D %$(
6\VWHPV DQXQFLDUDP R WHVWH EHPVXFHGLGR GR 7DUDQLV XP DYL£R
IXUWLYRRXVWHDOWEFRQKHFLGRWDPE©PFRPR5DSWRUTXHSRGHGHFRODU
YRDUDW©GHWHUPLQDGRGHVWLQRHHQFRQWUDUXPDOYRGHILQLGRDSHQDVFRP
SRXFD LQWHUYHQ§£R GH VHX RSHUDGRU H[FHWR VH D LQWHUYHQ§£R IRU
QHFHVV¡ULD +¡ PXLWRV H[HPSORV GHVVH WLSR (OHV VH PXOWLSOLFDP H
DVVLP OHYDQWDP TXHVWµHV FUWLFDV QD LQWHUVH§£R HQWUH JHRSROWLFD
HVWUDW©JLDHW¡WLFDVPLOLWDUHVUHJXODPHQWD§£RH©WLFD
1RYDVIURQWHLUDVGDVHJXUDQ§DJOREDO
&RPR GHVWDTXHL Y¡ULDV YH]HV QHVWH OLYUR WHPRV DSHQDV XPD
SHUFHS§£R OLPLWDGD VREUH R SRWHQFLDO GDV QRYDV WHFQRORJLDV H R TXH
QRV HVSHUD QR IXWXUR (VVH WDPE©P © R FDVR QD ¡UHD GD VHJXUDQ§D
QDFLRQDOHLQWHUQDFLRQDO3DUDFDGDLQRYD§£RTXHFRQVLJDPRVLPDJLQDU
LU¡ KDYHU XPD DSOLFD§£R SRVLWLYD H XP SRVVYHO ODGR QHJUR (QTXDQWR
QHXURWHFQRORJLDV FRPR DV QHXURSU³WHVHV M¡ V£R HPSUHJDGDV SDUD
UHVROYHU SUREOHPDV P©GLFRV QR IXWXUR HODV SRGHULDP VHU XWLOL]DGDV
SDUD ILQV PLOLWDUHV 2V VLVWHPDV GH FRPSXWDGRU OLJDGRV DR WHFLGR
FHUHEUDO SRGHULDP SHUPLWLU TXH XP SDFLHQWH SDUDOLVDGR FRQVHJXLVVH
FRQWURODUXPEUD§RRXSHUQDURE³WLFD$PHVPDWHFQRORJLDSRGHULDVHU
XVDGD SDUD FRQWURODU XP SLORWR RX VROGDGR EL´QLFR 'LVSRVLWLYRV
QHXUDLV SURMHWDGRV SDUD WUDWDU D GRHQ§D GH $O]KHLPHU SRGHP VHU
LPSODQWDGRVHPVROGDGRVSDUDDSDJDURXFULDUQRYDVPHP³ULDVȐ1£R©
XPD TXHVW£R GH ȌVHȍ RV DJHQWHV Q£R HVWDWDLV XVDU£R DOJXPD IRUPD GH
W©FQLFD RX WHFQRORJLD QHXURFLHQWILFD PDV ȌTXDQGRȍ H ȌTXDOȍ LU£R
XWLOL]DUȑ GL] -DPHV *LRUGDQR XP QHXURHWLFLVWD GR &HQWUR 0©GLFR GD
8QLYHUVLGDGH GH *HRUJHWRZQ ȐR F©UHEUR VHU¡ R SU³[LPR FDPSR GH
EDWDOKDȑ
$ GLVSRQLELOLGDGH H V YH]HV D QDWXUH]D Q£R UHJXODPHQWDGD GH
PXLWDV GHVVDV LQRYD§µHV WªP XPD LPSOLFD§£R DLQGD PDLV LPSRUWDQWH
$VWHQGªQFLDVDWXDLVVXJHUHPXPDU¡SLGDHPDFL§DGHPRFUDWL]D§£RGD
FDSDFLGDGH GH LQIOLJLU GDQRV HP XPD HVFDOD PXLWR JUDQGH DOJR
DQWHULRUPHQWH OLPLWDGR DRV JRYHUQRV H V RUJDQL]D§µHV PXLWR
VRILVWLFDGDV'HVGHDUPDVLPSUHVVDVHP'DW©DHQJHQKDULDJHQ©WLFD
UHDOL]DGD HP ODERUDW³ULRV FDVHLURV WRGRV RV WLSRV GH IHUUDPHQWDV
GHVWUXWLYDV FRQVWUXGDV SRU PHLR GH WHFQRORJLDV HPHUJHQWHV HVW£R VH
WRUQDQGR PDLV IDFLOPHQWH GLVSRQYHLV ( FRP D IXV£R GH WHFQRORJLDV
WHPDFKDYH GHVWH OLYUR VXUJH XPD GLQ¢PLFD LQHUHQWHPHQWH
LPSUHYLVYHOGHVDILDQGRDVHVWUXWXUDV©WLFDVHOHJDLVH[LVWHQWHV
5XPRDXPPXQGRPDLVVHJXUR
3HUDQWHHVVHVGHVDILRVFRPRID]HUTXHDVSHVVRDVOHYHP V©ULRDV
DPHD§DV VHJXUDQ§D JHUDGDV SHODV WHFQRORJLDV HPHUJHQWHV" $LQGD
PDLV LPSRUWDQWH FRQVHJXLUHPRV HVWLPXODU D FRRSHUD§£R HQWUH RV
VHWRUHVSºEOLFRHSULYDGRHPHVFDODJOREDOSDUDPLWLJDUDVDPHD§DV"
'XUDQWH D VHJXQGD PHWDGH GR V©FXOR SDVVDGR R PHGR GD JXHUUD
QXFOHDU JUDGXDOPHQWH GHX OXJDU UHODWLYD HVWDELOLGDGH GD GHVWUXL§£R
PXWXDPHQWHDVVHJXUDGD0$'QDVLJODHPLQJOªVHXPWDEXQXFOHDU
SDUHFHWHUVXUJLGR
$ O³JLFD GD 0$' IXQFLRQRX DW© KRMH SRUTXH DSHQDV XP QºPHUR
OLPLWDGRGHHQWHVSRVVXDRSRGHUGHFRPSOHWDGHVWUXL§£RPºWXDHHOHV
HTXLOLEUDYDPXQVDRVRXWURV$SUROLIHUD§£RGHDJHQWHVSRWHQFLDOPHQWH
OHWDLV QR HQWDQWR SRGHULD PLQDU HVVH HTXLOEULR PRWLYR SHOR TXDO RV
(VWDGRV TXH SRVVXDP DUPDV QXFOHDUHV KDYLDP FRQFRUGDGR HP
FRRSHUDUSDUDPDQWHUSHTXHQRRFOXEHQXFOHDUHDVVLPQHJRFLDUDPR
7UDWDGRGHQ£R3UROLIHUD§£RGH$UPDV1XFOHDUHV713QDG©FDGDGH
(PERUDGLVFRUGDVVHPHPTXDVHWRGDVDVRXWUDVTXHVWµHVD8QL£R
6RYL©WLFDHRV(VWDGRV8QLGRVFRPSUHHQGHUDPTXHDPHOKRUSURWH§£R
VHULD PDQWHUHPVH PXWXDPHQWH YXOQHU¡YHLV ,VVR OHYRX DR 7UDWDGR GH
0VVHLV $QWLEDOVWLFRV $%07 QD VLJOD HP LQJOªV TXH OLPLWDYD R
GLUHLWR GH WRPDU PHGLGDV GHIHQVLYDV FRQWUD DUPDV QXFOHDUHV ODQ§DGDV
SRUPVVHLV4XDQGRDFDSDFLGDGHGHVWUXWLYDQ£RPDLVVHOLPLWDDXP
SXQKDGRGHHQWHVFRPUHFXUVRVVLPLODUHVDVW¡WLFDVHRVLQWHUHVVHVHP
SUHYHQLU DV GRXWULQDV GH HVFDODGD FRPR D 0$' SDVVDP D VHU PHQRV
UHOHYDQWHV
$SDUWLUGDVPXGDQ§DVDQXQFLDGDVSHODTXDUWDUHYROX§£RLQGXVWULDO
SRGHUDPRV GHVFREULU DOJXP HTXLOEULR DOWHUQDWLYR TXH GH IRUPD
DQ¡ORJD WUDQVIRUPH D YXOQHUDELOLGDGH HP HVWDELOLGDGH H VHJXUDQ§D"
$JHQWHV FRP GLIHUHQWHV SHUVSHFWLYDV H LQWHUHVVHV SUHFLVDP FRQVHJXLU
HQFRQWUDU DOJXP WLSR GH PRGXV YLYHQGL H FRRSHUDU D ILP GH HYLWDU D
SUROLIHUD§£RQHJDWLYD
$VSDUWHVLQWHUHVVDGDVGHYHPFRRSHUDUSDUDFULDUHVWUXWXUDVTXHDV
YLQFXOHP MXULGLFDPHQWH EHP FRPR QRUPDV DXWRLPSRVWDV HQWUH RV
SDUHV SDGUµHV ©WLFRV H PHFDQLVPRV GH FRQWUROH GDV WHFQRORJLDV
HPHUJHQWHVHSRWHQFLDOPHQWHSUHMXGLFLDLVGHSUHIHUªQFLDVHPLPSHGLUD
SRVVLELOLGDGH GH SHVTXLVDV TXH WUDJDP LQRYD§£R H FUHVFLPHQWR
HFRQ´PLFR
&HUWDPHQWHSUHFLVDUHPRVGHWUDWDGRVLQWHUQDFLRQDLVPDVSUHRFXSD
PHTXHRVUHJXODGRUHVQHVWHFDPSRHVWHMDPDWUDVDGRVHPUHOD§£RDRV
DYDQ§RV WHFQRO³JLFRV HP UD]£R GD YHORFLGDGH H GRV LPSDFWRV
PXOWLIDFHWDGRV GHVWHV ºOWLPRV 3RUWDQWR RV GL¡ORJRV HQWUH HGXFDGRUHV
H GHVHQYROYHGRUHV VREUH RV SDGUµHV ©WLFRV TXH GHYHP VHU XWLOL]DGRV
HP UHOD§£R V WHFQRORJLDV HPHUJHQWHV GD TXDUWD UHYROX§£R LQGXVWULDO
V£R XUJHQWHPHQWH QHFHVV¡ULRV SDUD R HVWDEHOHFLPHQWR GH GLUHWUL]HV
©WLFDVFRPXQVHVXDFRQVHTXHQWHLQFRUSRUD§£R VRFLHGDGHH FXOWXUD
-¡ TXH RV JRYHUQRV H DV HVWUXWXUDV FRQWURODGDV SRU HOHV HVW£R ILFDQGR
SDUDWU¡VHPUHOD§£R UHJXODPHQWD§£RWDOYH]DOLGHUDQ§DVHMDWRPDGD
SHORVHWRUSULYDGRHQ£RSHORVDJHQWHVHVWDWDLV
2 GHVHQYROYLPHQWR GH QRYDV WHFQRORJLDV GH JXHUUD HVW¡
FRPSUHHQVLYHOPHQWHRFRUUHQGRHPXPDHVIHUDUHODWLYDPHQWHLVRODGD
8PDGHPLQKDVSUHRFXSD§µHVQRHQWDQWRUHIHUHVHDRSRWHQFLDOUHFXR
GRVRXWURVVHWRUHVȉSRUH[HPSORRGHSHVTXLVDVFOQLFDVHPHGLFLQD
JHQ©WLFD ȉ D HVIHUDV LVRODGDV H DOWDPHQWH HVSHFLDOL]DGDV GLPLQXLQGR
DVVLP D QRVVD FDSDFLGDGH FROHWLYD SDUD GLVFXWLU FRPSUHHQGHU H
JHUHQFLDURVGHVDILRVHDVRSRUWXQLGDGHV
6RFLHGDGH
2 DYDQ§R FLHQWILFR D FRPHUFLDOL]D§£R H D GLIXV£R GDV LQRYD§µHV
V£R SURFHVVRV VRFLDLV TXH VH GHVHQURODP PHGLGD TXH DV SHVVRDV
GHVHQYROYHP H WURFDP LGHLDV YDORUHV LQWHUHVVHV H QRUPDV VRFLDLV HP
XPDYDULHGDGHGHFRQWH[WRV,VVRWRUQDGLIFLOGLVFHUQLURLPSDFWRWRWDO
GRV QRYRV VLVWHPDV WHFQRO³JLFRV VRFLHGDGH QRVVDV VRFLHGDGHV V£R
FRPSRVWDV SRU PXLWRV FRPSRQHQWHV LQWHUOLJDGRV H PXLWDV LQRYD§µHV
TXHV£RGHDOJXPDIRUPDFRSURGX]LGDVSRUHOHV
2 JUDQGH GHVDILR SDUD D PDLRULD GDV VRFLHGDGHV VHU¡ VDEHU FRPR
DEVRUYHUHDFRPRGDUDQRYDPRGHUQLGDGHHDRPHVPRWHPSRDEUD§DU
RVDVSHFWRVJUDWLILFDQWHVGHQRVVRVVLVWHPDVWUDGLFLRQDLVGHYDORUHV$
TXDUWD UHYROX§£R LQGXVWULDO TXH SµH HP FDXVD WDQWRV SUHVVXSRVWRV
IXQGDPHQWDLV SRGH DJUDYDU DV WHQVµHV H[LVWHQWHV HQWUH VRFLHGDGHV
SURIXQGDPHQWH UHOLJLRVDV TXH GHIHQGHP VHXV YDORUHV IXQGDPHQWDLV H
DTXHOHV FXMDV FUHQ§DV V£R PROGDGDV SRU XPD YLV£R GH PXQGR PDLV
VHFXODU2PDLRUSHULJRSDUDDHVWDELOLGDGHHFRRSHUD§£RJOREDOSRGH
YLU GH JUXSRV UDGLFDLV TXH OXWDU£R FRQWUD R SURJUHVVR FRP YLROªQFLD
H[WUHPDHLGHRORJLFDPHQWHPRWLYDGD
&RQIRUPHREVHUYDGRSHORVRFL³ORJR0DQXHO&DVWHOOVSURIHVVRUGH
WHFQRORJLD GD FRPXQLFD§£R H VRFLHGDGH QD (VFROD $QQHQEHUJ GH
&RPXQLFD§£RH-RUQDOLVPRGD8QLYHUVLGDGHGR6XOGD&DOLI³UQLDȐ(P
WRGRV RV PRPHQWRV GH JUDQGHV PXGDQ§DV WHFQRO³JLFDV SHVVRDV
HPSUHVDV H LQVWLWXL§µHV VHQWHP D SURIXQGLGDGH GDV PXGDQ§DV PDV
FRVWXPDP VHU GHUURWDGDV SRU HODV SRU SXUD LJQRU¢QFLD GRV VHXV
HIHLWRVȑ6HUGHUURWDGRSRULJQRU¢QFLD©SUHFLVDPHQWHRTXHGHYHPRV
HYLWDUSDUWLFXODUPHQWHTXDQGRVHWUDWDGDIRUPD§£RGHVHQYROYLPHQWR
H UHODFLRQDPHQWR PºWXR GDV GLYHUVDV FRPXQLGDGHV TXH FRPSµHP D
VRFLHGDGHPRGHUQD
$ GLVFXVV£R DQWHULRU VREUH RV GLIHUHQWHV LPSDFWRV GD TXDUWD
UHYROX§£R LQGXVWULDO HP HFRQRPLD QHJ³FLRV JHRSROWLFD VHJXUDQ§D
LQWHUQDFLRQDO UHJLµHV H FLGDGHV WRUQD FODUR TXH D QRYD UHYROX§£R
WHFQRO³JLFDWHU¡PºOWLSODVLQIOXªQFLDVQDVRFLHGDGH1DSU³[LPDVH§£R
LUHLH[SORUDURVGRLVDJHQWHVPDLVLPSRUWDQWHVGDPXGDQ§DȉFRPRR
SRWHQFLDO SDUD D FUHVFHQWH GHVLJXDOGDGH SUHVVLRQD D FODVVH P©GLD H
FRPR D LQWHJUD§£R GD PGLD GLJLWDO HVW¡ PXGDQGR D PDQHLUD SHOD TXDO
DVFRPXQLGDGHVVHIRUPDPHVHUHODFLRQDP
$GHVLJXDOGDGHHDFODVVHP©GLD
$GLVFXVV£RVREUHRVLPSDFWRVHFRQ´PLFRVHFRPHUFLDLVGHVWDFRX
XPDV©ULHGHGLIHUHQWHVPXGDQ§DVHVWUXWXUDLVTXHWªPFRQWULEXGRSDUD
D FUHVFHQWH GHVLJXDOGDGH DW© KRMH D TXDO SRGHU¡ VHU DJUDYDGD SHOR
GHVHQURODUGDTXDUWDUHYROX§£RLQGXVWULDO5RE´VHDOJRULWPRVFDGDYH]
PDLVVXEVWLWXHPRWUDEDOKRSHORFDSLWDOPDVDQHFHVVLGDGHGHFDSLWDO
SDUD LQYHVWLU RX PDLV SUHFLVDPHQWH SDUD FRQVWUXLU XP QHJ³FLR QD
HFRQRPLD GLJLWDO WRUQDVH FDGD YH] PHQRU 2V PHUFDGRV GH WUDEDOKR
HQWUHWDQWR HVW£R ILFDQGR HQYLHVDGRV SDUD XP FRQMXQWR OLPLWDGR GH
FRPSHWªQFLDV W©FQLFDV H DV SODWDIRUPDV GLJLWDLV H PHUFDGRV
PXQGLDOPHQWH FRQHFWDGRV WªP FRQFHGLGR UHFRPSHQVDV GHVFRPXQDLV
SDUD XP SHTXHQR QºPHUR GH ȐHVWUHODVȑ 1D HVWHLUD GHVVDV WHQGªQFLDV
RV YHQFHGRUHV VHU£R DTXHOHV FDSD]HV GH SDUWLFLSDU SOHQDPHQWH GH
HFRVVLVWHPDV RULHQWDGRV SDUD D LQRYD§£R RIHUHFHQGR QRYDV LGHLDV
PRGHORVGHQHJ³FLRVSURGXWRVHVHUYL§RVHQ£RDTXHODVSHVVRDVTXH
SRGHPDSHQDVRIHUHFHUWUDEDOKRPHQRVTXDOLILFDGRVRXFDSLWDOFRPXP
(VVDV GLQ¢PLFDV H[SOLFDP SRU TXH D WHFQRORJLD © FRQVLGHUDGD
FRPRXPDGDVSULQFLSDLVUD]µHVGDHVWDJQD§£RGRVUHQGLPHQWRVRXDW©
GH VXD GLPLQXL§£R SDUD D PDLRULD GD SRSXOD§£R GRV SDVHV GH UHQGD
DOWD 'H IDWR R PXQGR DWXDO © PXLWR GHVLJXDO 'H DFRUGR FRP R
5HODW³ULRGHVREUHD5LTXH]D0XQGLDOGR&UHGLW 6XLVVH PHWDGH
GHWRGRVRVDWLYRVGRPXQGR©KRMHFRQWURODGDSRURVPDLVULFRV
GD SRSXOD§£R PXQGLDO HQTXDQWR ȐD PHWDGH PDLV SREUH GD SRSXOD§£R
PXQGLDO SRVVXL HP FRQMXQWR PHQRV GH GD ULTXH]D JOREDOȑ $
2UJDQL]D§£R SDUD D &RRSHUD§£R H 'HVHQYROYLPHQWR (FRQ´PLFR
2&'(LQIRUPDTXHDUHQGDP©GLDGRVPDLVULFRVQRVSDVHVGD
2&'( © DSUR[LPDGDPHQWH QRYH YH]HV PDLRU TXH D UHQGD GRV
PDLVSREUHV$O©PGLVVRQDPDLRULDGRVSDVHVDGHVLJXDOGDGHHVW¡
DXPHQWDQGR PHVPR QDTXHOHV TXH M¡ SDVVDUDP SRU XP U¡SLGR
FUHVFLPHQWR HP WRGRV RV JUXSRV GH UHQGD H RFRUUH XPD TXHGD
GUDP¡WLFDGRQºPHURGHSHVVRDVTXHYLYHPQDSREUH]D3RUH[HPSOR
QD&KLQDRQGLFHGH*LQLVXELXGHDSUR[LPDGDPHQWHQDG©FDGDGH
SDUDPDLVGHHP
$FUHVFHQWHGHVLJXDOGDGH©PDLVGRTXHXPIHQ´PHQRHFRQ´PLFR
SUHRFXSDQWH HOD FRQVLVWH HP XP JUDQGH GHVDILR SDUD DV VRFLHGDGHV
1R OLYUR 7KH 6SLULW /HYHL :K\ *UHDWHU (TXDOLW\ 0DNHV 6R HWLHV
6WURQJHU RV HSLGHPLRORJLVWDV EULW¢QLFRV 5LFKDUG :LONLQVRQ H .DWH
3LFNHWW DSUHVHQWDP GDGRV LQGLFDQGR TXH VRFLHGDGHV GHVLJXDLV WHQGHP
D VHU PDLV YLROHQWDV WªP PDLRU QºPHUR GH SHVVRDV QDV SULVµHV
PDLRUHV QYHLV GH REHVLGDGH GH GRHQ§DV PHQWDLV H WªP EDL[D
H[SHFWDWLYD GH YLGD H EDL[RV QYHLV GH FRQILDQ§D (OHV GHVFREULUDP
TXH DS³V JDUDQWLUHP UHQGLPHQWRV P©GLRV DV VRFLHGDGHV PDLV LJXDLV
SDVVDPDWHUQYHLVPDLVHOHYDGRVGHEHPHVWDULQIDQWLOPHQRUHVQYHLV
GH HVWUHVVH H XVR GH GURJDV H GLPLQXL§£R GD PRUWDOLGDGH LQIDQWLO
2XWURV SHVTXLVDGRUHV GHVFREULUDP TXH QYHLV PDLV HOHYDGRV GH
GHVLJXDOGDGH DXPHQWDP D VHJUHJD§£R H UHGX]HP RV UHVXOWDGRV
HGXFDFLRQDLVGHFULDQ§DVHMRYHQVDGXOWRV
$O©P GLVVR HPERUD RV GDGRV HPSULFRV VHMDP PHQRV SUHFLVRV
QHVVH SRQWR UHFHLDVH WDPE©P TXH QYHLV PDLRUHV GH GHVLJXDOGDGH
OHYHP D QYHLV PDLV HOHYDGRV GH DJLWD§£R VRFLDO (QWUH RV ULVFRV
JOREDLV H DV WHQGªQFLDV JOREDLV LGHQWLILFDGDV SHOR *OREDO 5LVN
5HSRUW 5HODW³ULR GH 5LVFRV *OREDLV GH DV PDLV IRUWHV
LQWHUFRQH[µHV RFRUUHP HQWUH D FUHVFHQWH GLVSDULGDGH GH UHQGD GH
GHVHPSUHJR RX GH VXEHPSUHJR H D SURIXQGD LQVWDELOLGDGH VRFLDO
&RQIRUPH GLVFXWLUHL D VHJXLU XP PXQGR FRP PDLRU FRQHFWLYLGDGH H
PDLRUHV H[SHFWDWLYDV SRGH FULDU ULVFRV VRFLDLV VLJQLILFDWLYRV VH DV
SRSXOD§µHV FRPH§DUHP D VHQWLU TXH Q£R FRQVHJXLU£R DWLQJLU XP QYHO
GH SURVSHULGDGH TXDOTXHU RX HQFRQWUDU DOJXP VLJQLILFDGR HP VXDV
YLGDV
$WXDOPHQWH XP WUDEDOKR GH FODVVH P©GLD Q£R PDLV JDUDQWH XP
HVWLOR GH YLGD GH FODVVH P©GLD H QRV ºOWLPRV DQRV DV TXDWUR
FDUDFWHUVWLFDV WUDGLFLRQDLV GD FODVVH P©GLD HGXFD§£R VDºGH
DSRVHQWDGRULD H FDVD SU³SULD WLYHUDP XP GHVHPSHQKR SLRU TXH D
LQIOD§£R1RV(8$HQR5HLQR8QLGRDHGXFD§£RWHPRSUH§RGHXP
EHPGHOX[R8PDHFRQRPLDGHPHUFDGRHPTXHRYHQFHGRUOHYDWXGR
TXDODFODVVHP©GLDWHPFDGDYH]PHQRVDFHVVRSRGHWUDQVIRUPDUVH
OHQWDPHQWH HP PDOHVWDU H DEDQGRQR GHPRFU¡WLFR DJUDYDQGR RV
GHVDILRVVRFLDLV
&RPXQLGDGH
'R SRQWR GH YLVWD PDLV DPSOR GD VRFLHGDGH XP GRV PDLRUHV H
PDLV QRW¡YHLV HIHLWRV GD GLJLWDOL]D§£R © R VXUJLPHQWR GD VRFLHGDGH
FHQWUDGD QR LQGLYGXR ȉ XP SURFHVVR GH LQGLYLGXDOL]D§£R H R
VXUJLPHQWR GH QRYDV IRUPDV GH VHQWLPHQWR GH SHUWHQFLPHQWR H GH
FRPXQLGDGH $R FRQWU¡ULR GR SDVVDGR D QR§£R GH SHUWHQFHU GH ID]HU
SDUWH GH XPD FRPXQLGDGH © KRMH GHILQLGD PDLV SHORV LQWHUHVVHV H
YDORUHV LQGLYLGXDLV H SRU SURMHWRV SHVVRDLV TXH SHOR HVSD§R
FRPXQLGDGHORFDOWUDEDOKRHIDPOLD
1RYDVIRUPDVGHPGLDGLJLWDOTXHIRUPDPXPFRPSRQHQWHFHQWUDO
GD TXDUWD UHYROX§£R LQGXVWULDO WªP RULHQWDGR FDGD YH] PDLV QRVVR
HQTXDGUDPHQWR LQGLYLGXDO H FROHWLYR QD FRPXQLGDGH H QD VRFLHGDGH
&RQIRUPH H[SORUDGR SHOR )³UXP HP VHX UHODW³ULR 'LJLWDO 0HGLD DQG
6RFLHW\ 0GLD 'LJLWDO H 6RFLHGDGH DV PGLDV GLJLWDLV HVW£R
SHUPLWLQGR FRQH[µHV SHVVRDLV GR WLSR XPSDUDXP H XPSDUDPXLWRV
WRWDOPHQWH QRYDV SRVVLELOLWDQGR TXH RV XVX¡ULRV PDQWHQKDP VXDV
DPL]DGHV DWUDY©V GR WHPSR H GDV GLVW¢QFLDV FULDQGR QRYRV JUXSRV GH
LQWHUHVVH H SHUPLWLQGR TXH DTXHOHV TXH HVW£R VRFLDO RX ILVLFDPHQWH
LVRODGRV SRVVDP VH FRQHFWDU FRP SHVVRDV TXH SRVVXHP DV PHVPDV
RSLQLµHV $ DOWD GLVSRQLELOLGDGH R EDL[R FXVWR H D QHXWUDOLGDGH
JHRJU¡ILFD GDV PGLDV GLJLWDLV WDPE©P SHUPLWHP PDLRUHV LQWHUD§µHV
TXH XOWUDSDVVDP RV OLPLWHV VRFLDLV HFRQ´PLFRV FXOWXUDLV SROWLFRV
UHOLJLRVRVHLGHRO³JLFRV
2 DFHVVR V PGLDV GLJLWDLV RQOLQH FULD JUDQGHV EHQHIFLRV SDUD
PXLWDV SHVVRDV $O©P GH VHX SDSHO GH SUHVWD§£R GH LQIRUPD§µHV SRU
H[HPSOR RV UHIXJLDGRV GD 6ULD XVDP R *RRJOH 0DSV H RV JUXSRV GR
)DFHERRNSDUDSODQHMDUURWDVGHYLDJHPHSDUDHYLWDUDH[SORUD§£RGRV
WUDILFDQWHV GH VHUHV KXPDQRV HODV WDPE©P RIHUHFHP RSRUWXQLGDGHV
SDUDTXHRVLQGLYGXRVWHQKDPYR]HSDUWLFLSHPGRGHEDWHFYLFRHGDV
WRPDGDVGHGHFLVµHV
,QIHOL]PHQWH D TXDUWD UHYROX§£R LQGXVWULDO FDSDFLWD RV FLGDG£RV
PDV SRGH WDPE©P VHU XVDGD SDUD DJLU FRQWUD VHXV LQWHUHVVHV 2
UHODW³ULR*OREDO5LVNV5HSRUW5LVFRV*OREDLVGHGHVFUHYH
RIHQ´PHQRGRȐFLGDG£RGHVHPSRGHUDGRȑSHORTXDORVLQGLYGXRVH
DV FRPXQLGDGHV V£R VLPXOWDQHDPHQWH HPSRGHUDGDV H H[FOXGDV SHOR
XVR GDV WHFQRORJLDV HPHUJHQWHV SRU JRYHUQRV HPSUHVDV H JUXSRV GH
LQWHUHVVHYHU4XDGUR*2FLGDG£RGHVHPSRGHUDGRS
2 SRGHU GHPRFU¡WLFR GDV PGLDV GLJLWDLV VLJQLILFD TXH HODV
WDPE©P SRGHP VHU XVDGDV SRU DJHQWHV Q£R HVWDWDLV HP SDUWLFXODU DV
FRPXQLGDGHVFRPLQWHQ§µHVGHSUHMXGLFDUSRGHPHVSDOKDUSURSDJDQGD
HPRELOL]DUVHJXLGRUHVHPIDYRUGHFDXVDVH[WUHPLVWDVFRPRIRLYLVWR
UHFHQWHPHQWH FRP R VXUJLPHQWR GR 'DHVK (VWDGR ,VO¢PLFR H RXWUDV
RUJDQL]D§µHVWHUURULVWDVTXHXWLOL]DPDVPGLDVVRFLDLV
+¡ R SHULJR GH TXH D GLQ¢PLFD GD SDUWLOKD GDV PGLDV VRFLDLV
SRVVDHQYLHVDUDWRPDGDGHGHFLVµHVHFDXVDUULVFRVSDUDDVRFLHGDGH
FLYLO ,URQLFDPHQWH R IDWR GH H[LVWLU WDQWR FRQWHºGR GLVSRQYHO QRV
FDQDLVGLJLWDLVSRGHID]HUTXHXPLQGLYGXRHVWUHLWHHSRODUL]HDVVXDV
IRQWHVGHQRWFLDVOHYDQGRDSHVVRDDRTXHDSVLF³ORJD6KHUU\7XUNOH
SURIHVVRUD GH HVWXGRV VRFLDLV GD FLªQFLD H WHFQRORJLD FKDPD GH
ȐHVSLUDO GR VLOªQFLRȑ ,VVR © LPSRUWDQWH SRUTXH WXGR TXH OHPRV
FRPSDUWLOKDPRV H YHPRV QDV PGLDV VRFLDLV PROGDP QRVVDV GHFLVµHV
SROWLFDVHFYLFDV
4XDGUR*2FLGDG£RGHVHPSRGHUDGR
$H[SUHVV£RȐFLGDG£RGHVHPSRGHUDGRȑGHVFUHYHDGLQ¢PLFDTXH
VXUJH GD LQWHUD§£R HQWUH GXDV WHQGªQFLDV R HPSRGHUDPHQWR H R
GHVHPSRGHWDPHQWR 2V LQGLYGXRV VHQWHPVH HPSRGHUDGRV SRU
PXGDQ§DV WHFQRO³JLFDV TXH IDFLOLWDP D FROHWD GH LQIRUPD§µHVD
FRPXQLFD§£R H D RUJDQL]D§£R H DO©P GLVVR HVW£R H[SHULPHQWDQGR
QRYDV PDQHLUDV GH SDUWLFLSDU GD YLGD FYLFD $R PHVPR WHPSR
LQGLYGXRV JUXSRV GD VRFLHGDGH FLYLO PRYLPHQWRV VRFLDLV H
FRPXQLGDGHV ORFDLV VHQWHPVH FDGD YH] PDLV H[FOXGRV GH XPD
SDUWLFLSD§£R VLJQLILFDWLYD HP SURFHVVRV GHFLV³ULRV WUDGLFLRQDLV
LQFOXLQGR R YRWR H DV HOHL§µHV H GHVHPSRGHUDGRV HP WHUPRV GH VXD
FDSDFLGDGH GH LQIOXHQFLDU H GH VHU RXYLGRV SHODV LQVWLWXL§µHV
GRPLQDQWHVHSHODVIRQWHVGHSRGHUGRVJRYHUQRVUHJLRQDOHQDFLRQDO
(P VXD IRUPD PDLV H[WUHPD K¡ R SHULJR GH RV JRYHUQRV
XWLOL]DUHP FRPELQD§µHV GH WHFQRORJLDV SDUD VXSULPLU RX RSULPLU DV
D§µHV GH RUJDQL]D§µHV GD VRFLHGDGH FLYLO H GH JUXSRV GH LQGLYGXRV
TXH SURFXUDP FULDU WUDQVSDUªQFLD HP WRPR GDV DWLYLGDGHV GH
JRYHUQRV H HPSUHVDV H SURPRYHU D PXGDQ§D (P PXLWRV SDVHV GR
PXQGR K¡ HYLGªQFLDV GH TXH R HVSD§R GD VRFLHGDGH FLYLO HVW¡
HQFROKHQGR PHGLGD TXH RV JRYHUQRV SURPRYHP OHLV H RXWUDV
SROWLFDV TXH UHVWULQJHP D LQGHSHQGªQFLD GRV JUXSRV GD VRFLHGDGH
FLYLOHVXDVDWLYLGDGHV$VIHUUDPHQWDVGDTXDUWDUHYROX§£RLQGXVWULDO
SHUPLWHP QRYDV IRUPDV GH YLJLO¢QFLD H RXWURV PHLRV GH FRQWUROH
FRQWUDGLW³ULRVFRPXPDVRFLHGDGHVDXG¡YHOHDEHUWD
)RQWH*OREDO5LVNV5HSRUW:RUOG(FRQRPLF)RUXP
3RU H[HPSOR XP HVWXGR GR LPSDFWR GDV PHQVDJHQV ȐJHWRXWWKH
YRWHȑH[SUHVVHVHXYRWRVDLDSDUDYRWDUGR)DFHERRNGHVFREULXTXH
HODV FRQVHJXLUDP ȐDXPHQWDU R FRPSDUHFLPHQWR V XUQDV HP PLO
HOHLWRUHVHLQGLUHWDPHQWHSHORFRQW¡JLRVRFLDOFRQVHJXLUDPTXHRXWURV
PLO HOHLWRUHV FRPSDUHFHVVHP VRPDQGR PLO HOHLWRUHV
DGLFLRQDLVȑ$SHVTXLVDGHVWDFDRSRGHUGDVSODWDIRUPDVGLJLWDLVHP
VHOHFLRQDUHSURPRYHUDVPGLDVTXHFRQVXPLPRVRQOLQH(ODWDPE©P
LQGLFD XPD RSRUWXQLGDGH SDUD TXH DV WHFQRORJLDV RQOLQH PLVWXUHP DV
IRUPDV WUDGLFLRQDLV GH SDUWLFLSD§£R FYLFD FRPR YRWDU HP
UHSUHVHQWDQWHVORFDLVUHJLRQDLVRXQDFLRQDLVFRPPDQHLUDVLQRYDGRUDV
GHRIHUHFHUDRVFLGDG£RVXPDLQIOXªQFLDPDLVGLUHWDQDVGHFLVµHVTXH
DIHWDPVXDVFRPXQLGDGHV
'HPRGRVHPHOKDQWHDRTXHDFRQWHFHFRPTXDVHWRGRVRVLPSDFWRV
DERUGDGRVQHVWDVH§£R©FODURTXHDTXDUWDUHYROX§£RLQGXVWULDOWUD]
JUDQGHVRSRUWXQLGDGHVHDRPHVPRWHPSRDSUHVHQWDULVFRV
VLJQLILFDWLYRVPHGLGDTXHDUHYROX§£RHPHUJHXPDGDVSULQFLSDLV
WDUHIDVGRPXQGR©UHXQLUPDLVHPHOKRUHVGDGRVVREUHRVEHQHIFLRVH
GHVDILRVTXHHODUHSUHVHQWDSDUDDFRHV£RGDVFRPXQLGDGHV
2LQGLYGXR
$ TXDUWD UHYROX§£R LQGXVWULDO Q£R HVW¡ PXGDQGR DSHQDV R TXH
ID]HPRV PDV WDPE©P TXHP VRPRV 2 LPSDFWR VREUH Q³V FRPR
LQGLYGXRV © PºOWLSOR DIHWDQGR QRVVD LGHQWLGDGH H DV PXLWDV IDFHWDV
UHODFLRQDGDV D HOD ȉ QRVVR VHQVR GH SULYDFLGDGH QRVVDV QR§µHV GH
SURSULHGDGH QRVVRV SDGUµHV GH FRQVXPR R WHPSR TXH GHGLFDPRV DR
WUDEDOKR H DR OD]HU D IRUPD GH GHVHQYROYHUPRV QRVVDV FDUUHLUDV H
FXOWLYDUPRV QRVVDV FRPSHWªQFLDV (OD LU¡ LQIOXHQFLDU R PRGR FRPR
FRQKHFHPRV DV SHVVRDV H FRQVROLGDPRV QRVVRV UHODFLRQDPHQWRV DV
KLHUDUTXLDVGDVTXDLVGHSHQGHPRVQRVVDVDºGHHWDOYH]PDLVFHGRGR
TXHSHQVDPRVSRGHU¡OHYDUDIRUPDVGHDSHUIHL§RDPHQWRKXPDQRTXH
QRV IDU£R TXHVWLRQDU D SU³SULD QDWXUH]D GD H[LVWªQFLD KXPDQD 7DLV
DOWHUD§µHV SURYRFDP H[FLWD§£R H PHGR SURSRU§£R TXH DYDQ§DPRV D
XPDYHORFLGDGHVHPSUHFHGHQWHV
$W©DJRUDDWHFQRORJLDQRVSHUPLWLXSULQFLSDOPHQWHUHDOL]DUWDUHIDV
GH IRUPD PDLV I¡FLO U¡SLGD H HILFLHQWH (OD WDPE©P QRV RIHUHFHX
RSRUWXQLGDGHV SDUD QRVVR GHVHQYROYLPHQWR SHVVRDO 0DV HVWDPRV
FRPH§DQGR D YHU TXH HOD WHP PXLWR PDLV D RIHUHFHU H TXH K¡ PXLWR
PDLV HP MRJR 3RU WRGDV DV UD]µHV M¡ PHQFLRQDGDV HVWDPRV QR OLPLDU
GHXPDPXGDQ§DVLVWªPLFDUDGLFDOTXHH[LJHTXHRVVHUHVKXPDQRVVH
DGDSWHP FRQWLQXDPHQWH &RPR UHVXOWDGR SRGHUHPRV WHVWHPXQKDU XP
FUHVFHQWH JUDX GH SRODUL]D§£R GR PXQGR PDUFDGR SRU DTXHOHV TXH
DEUD§DPDPXGDQ§DHDTXHOHVTXHUHVLVWHPDHOD
,VVR G¡ RULJHP D XPD GHVLJXDOGDGH TXH YDL DO©P GD VRFLDO
DQWHULRUPHQWH GHVFULWD (VVD GHVLJXDOGDGH RQWRO³JLFD LU¡ VHSDUDU
DTXHOHVTXHVHDGDSWDPGDTXHOHVTXHUHVLVWHPRVUHDLVYHQFHGRUHVH
SHUGHGRUHV HP WRGRV RV VHQWLGRV GD SDODYUD 2V YHQFHGRUHV SRGHU£R
DW©PHVPREHQHILFLDUVHSRUDOJXPDIRUPDGHPHOKRULDKXPDQDUDGLFDO
JHUDGDSRUFHUWRVVHJPHQWRVGDTXDUWDUHYROX§£RLQGXVWULDOWDLVFRPR
DHQJHQKDULDJHQ©WLFDRVSHUGHGRUHVVHU£RSULYDGRVGHOD,VVRJHUDR
ULVFRGHFULDUPRVFRQIOLWRVGHFODVVHHRXWURVFRQIURQWRVGLIHUHQWHVGH
WXGRTXHM¡YLPRVDQWHV(VVDSRVVYHOGLYLV£RHDVWHQVµHVFULDGDVSRU
HODY£RVHUDJUDYDGDVSRUXPDODFXQDJHUDFLRQDOFDXVDGDSRUDTXHOHV
TXH FUHVFHUDP H V³ FRQKHFHP R PXQGR GLJLWDO H DTXHOHV TXH Q£R R
FRQKHFHP H GHYHP VH DGDSWDU '¡ RULJHP WDPE©P D PXLWDV TXHVWµHV
©WLFDV
3RU VHU HQJHQKHLUR VRX XP JUDQGH HQWXVLDVWD GD WHFQRORJLD H
QRUPDOPHQWH XP GRV SULPHLURV D DGRW¡OD $LQGD DVVLP ILFR
LPDJLQDQGR GD PHVPD IRUPD TXH PXLWRV SVLF³ORJRV H FLHQWLVWDV
VRFLDLV FRPR D LQH[RU¡YHO LQWHJUD§£R GD WHFQRORJLD HP QRVVDV YLGDV
LPSDFWDU¡QRVVDQR§£RGHLGHQWLGDGHHVHHODSRGHULDGLPLQXLUDOJXPDV
GDV QRVVDV FDSDFLGDGHV KXPDQDV HVVHQFLDLV FRPR D DXWRUUHIOH[£R D
HPSDWLDHDFRPSDL[£R
,GHQWLGDGHPRUDOLGDGHH©WLFD
$V H[WUDRUGLQ¡ULDV LQRYD§µHV SURYRFDGDV SHOD TXDUWD UHYROX§£R
LQGXVWULDO GHVGH DV ELRWHFQRO³JLFDV DW© DTXHODV GD ,$ HVW£R
UHGHILQLQGR R TXH VLJQLILFD VHU KXPDQR (ODV HVW£R DXPHQWDQGR RV
DWXDLV OLPLWHV GD H[SHFWDWLYD GH YLGD VDºGH FRJQL§£R H FRPSHWªQFLD
GH PDQHLUDV TXH DQWHV SHUWHQFLDP VRPHQWH DR PXQGR GD ILF§£R
FLHQWILFD &RP R DYDQ§R GRV FRQKHFLPHQWRV H GDV GHVFREHUWDV HP
DQGDPHQWR QHVVHV FDPSRV © IXQGDPHQWDO TXH QRVVR IRFR H QRVVR
FRPSURPLVVR HVWHMDP FRQFHQWUDGRV HP SHUPDQHQWHV GLVFXVVµHV ©WLFDV
H PRUDLV 3RU VHUPRV VHUHV KXPDQRV H DQLPDLV VRFLDLV SUHFLVDPRV
SHQVDULQGLYLGXDOHFROHWLYDPHQWHVREUHFRPRUHVSRQGHUDWHPDVFRPR
DH[WHQV£RGDYLGDRVEHEªVSURMHWDGRVH[WUD§£RGHPHP³ULDHPXLWR
PDLV
$R PHVPR WHPSR GHYHPRV WDPE©P SHUFHEHU TXH HVVDV
GHVFREHUWDV LQFUYHLV WDPE©P SRGHP VHU PDQLSXODGDV SDUD VHUYLU D
LQWHUHVVHVHVSHFLDLVȉHQ£RQHFHVVDULDPHQWHDRVGRSºEOLFRHPJHUDO
6WHSKHQ +DZNLQJ IVLFR WH³ULFR H DXWRU H VHXV FROHJDV FLHQWLVWDV
6WXDUW 5XVVHOO 0D[ 7HJPDUN H )UDQN :LOF]HN HVFUHYHUDP QR MRUQDO
7KH,QGHSHQGHQWDRFRQVLGHUDUDVLPSOLFD§µHVGDLQWHOLJªQFLDDUWLILFLDO
Ȑ(QTXDQWRRLPSDFWRDFXUWRSUD]RGD,$GHSHQGHGHTXHPDFRQWUROD
R LPSDFWR D ORQJR SUD]R GHSHQGHU¡ GH HOD SRGHU VHU FRQWURODGD
7RGRV Q³V GHYHPRV QRV SHUJXQWDU R TXH SRGHPRV ID]HU DJRUD SDUD
PHOKRUDU DV FKDQFHV GH FROKHUPRV RV EHQHIFLRV H HYLWDUPRV RV
ULVFRVȑ
8P GHVHQYROYLPHQWR LQWHUHVVDQWH GHVVD ¡UHD © D 2SHQ$, XPD
HPSUHVDGHSHVTXLVDVHP,$VHPILQVOXFUDWLYRVLQLFLDGDHPGH]HPEUR
GH FRP R REMHWLYR GH ȐUHDOL]DU DYDQ§RV HP LQWHOLJªQFLD GLJLWDO
SDUDTXHHODSRVVDEHQHILFLDUWRGDKXPDQLGDGHVHPDQHFHVVLGDGHGH
JHUDUUHWRUQRILQDQFHLURȑ $ LQLFLDWLYD ȉ SUHVLGLGD SRU 6DP $OWPDQ
SUHVLGHQWHGD<&RPELQDWRUH(ORQ0XVN&(2GD7HVOD0RWRUVȉM¡
SRVVXL IXQGRV DXWRUL]DGRV QR YDORU GH 86 ELOK£R (VVD LQLFLDWLYD
GHVWDFD XP SRQWR LPSRUWDQWH FLWDGR DQWHULRUPHQWH D VDEHU XP GRV
PDLRUHV LPSDFWRV GD TXDUWD UHYROX§£R LQGXVWULDO © R SRWHQFLDO
HPSRGHUDPHQWR RULJLQDGR SHOD IXV£R GH QRYDV WHFQRORJLDV $TXL
FRPRDILUPDGRSRU6DP$OWPDQȐDPHOKRUPDQHLUDSDUDGHVHQYROYHUD
,$ © WRUQ¡OD JUDWXLWD SDUD WRGRV H ID]HU TXH HOD VHMD FULDGD SDUD
HPSRGHUDURVLQGLYGXRVHPHOKRUDURVVHUHVKXPDQRVȑ
2 LPSDFWR KXPDQR GH FHUWDV WHFQRORJLDV FRPR D LQWHUQHW RX RV
VPDUWSKRQHV HVW¡ UHODWLYDPHQWH EHP FRPSUHHQGLGR H IRL GHEDWLGR GH
IRUPD DPSOD HQWUH HVSHFLDOLVWDV H DFDGªPLFRV 2XWURV LPSDFWRV V£R
PXLWR PDLV GLIFHLV GH HQWHQGHU (VVH © R FDVR GD ,$ RX GD ELRORJLD
VLQW©WLFD 7DOYH] YHMDPRV EHEªV SURMHWDGRV QXP IXWXUR SU³[LPR
MXQWDPHQWHFRP XPD V©ULH GH RXWUDVHGL§µHV GH QRVVD KXPDQLGDGH ȉ
GHVGHDHUUDGLFD§£RGDVGRHQ§DVJHQ©WLFDVDW©RDXPHQWRGDFRJQL§£R
KXPDQD (VVDV PXGDQ§DV LU£R FULDU DOJXPDV GDV PDLRUHV TXHVWµHV
©WLFDV H HVSLULWXDLV TXH M¡ HQIUHQWDPRV FRPR VHUHV KXPDQRV YHU D
VHJXLU4XDGUR+1ROLPLWH©WLFR
4XDGUR+1ROLPLWH©WLFR
2VDYDQ§RVWHFQRO³JLFRVHVW£RQRVOHYDQGRSDUDQRYDVIURQWHLUDV
GD©WLFD'HYHPRVXVDURVLQFUYHLVDYDQ§RVGDELRORJLDDSHQDVSDUD
FXUDU GRHQ§DV H UHSDUDU OHVµHV RX GHYHPRV WDPE©P DSULPRUDU
QRVVD QDWXUH]D KXPDQD" 6H DFHLWDUPRV D VHJXQGD SURSRVWD
FRUUHPRVRULVFRGHWUDQVIRUPDUDSDWHUQLGDGHPDWHUQLGDGHHPXPD
H[WHQV£RGDVRFLHGDGHGHFRQVXPRHQHVVHFDVRILFDDTXHVW£RVHU¡
TXHQRVVDVFULDQ§DVSRGHULDPWRUQDUVH EHQV FRPR VH IRVVHP REMHWR
GH GHVHMR IHLWRV VRE HQFRPHQGD" ( R TXH VLJQLILFD VHU ȐPHOKRUȑ"
(VWDU OLYUH GH GRHQ§DV" 9LYHU PDLV WHPSR" 6HU PDLV LQWHOLJHQWH"
&RUUHUPDLVU¡SLGR"7HUXPDFHUWDDSDUªQFLD"
'H IRUPD VLPLODU D LQWHOLJªQFLD DUWLILFLDO WDPE©P QRV LPSµH
TXHVWµHV FRPSOH[DV H IURQWHLUL§DV &RQVLGHUH D SRVVLELOLGDGH GH
P¡TXLQDV TXH DQWHFLSHP QRVVRV SHQVDPHQWRV RX DW© PHVPR RV
XOWUDSDVVHP $ $PD]RQ H D 1HWIOL[ M¡ SRVVXHP DOJRULWPRV TXH
SUHYHHP TXDLV ILOPHV H OLYURV YRFª WDOYH] TXHLUD YHU H OHU 6LWHV GH
QDPRURHGHFRORFD§£RSURILVVLRQDOVXJHUHPSDUFHLURVHHPSUHJRVȉ
HP QRVVD YL]LQKDQ§D RX HP TXDOTXHU OXJDU GR PXQGR ȉ TXH VHXV
VLVWHPDV LPDJLQDP TXH VHU£R PDLV FRQYHQLHQWHV SDUD Q³V 2 TXH
IDUHPRV" &RQILDU QR FRQVHOKR GDGR SRU XP DOJRULWPR RX QDTXHOH
RIHUHFLGR SRU IDPLOLDUHV DPLJRV RX FROHJDV" &RQVXOWDUDPRV XP
P©GLFRURE´FRQWURODGRSRU,$TXHSRGHULDGDUGLDJQ³VWLFRVFRUUHWRV
SHUIHLWRV RX TXDVH SHUIHLWRV RX ILFDUDPRV FRP R P©GLFR KXPDQR
TXH QRV FRQKHFH K¡ DQRV H PDQW©P DTXHOH FRPSRUWDPHQWR
WUDQTXLOL]DGRUDRODGRGDFDPD"
$RLPDJLQDUPRVHVVHVH[HPSORVHVXDVLPSOLFD§µHVSDUDRVVHUHV
KXPDQRV HVWDPRV HP WHUULW³ULR GHVFRQKHFLGR ȉ D DOYRUDGD GH XPD
WUDQVIRUPD§£R KXPDQD GLIHUHQWH GH WXGR TXH M¡ H[SHULPHQWDPRV
DQWHULRUPHQWH
2XWUD TXHVW£R LPSRUWDQWH UHIHUHVH DR SRGHU GH SUHYLV£R GD
LQWHOLJªQFLD DUWLILFLDO H GD DSUHQGL]DJHP DXWRP¡WLFD 6H QRVVR
SU³SULR FRPSRUWDPHQWR WRUQDVH SUHYLVYHO HP WRGDV DV VLWXD§µHV
TXDOVHULDRWDPDQKRGDOLEHUGDGHSHVVRDOTXHWHPRVRXLPDJLQDPRV
WHUSDUDQRVGHVYLDUPRVGDSUHYLV£R"6HU¡TXHLVVRSRGHULD OHYDU D
XPD VLWXD§£R HP TXH RV VHUHV KXPDQRV FRPH§DU£R D DJLU FRPR
URE´V",VVRWDPE©POHYDDXPDTXHVW£RPDLVILORV³ILFDFRPRPDQWHU
QRVVDLQGLYLGXDOLGDGHDIRQWHGDQRVVDGLYHUVLGDGHHGHPRFUDFLDQD
HUDGLJLWDO"
&RQH[£RKXPDQD
'H IRUPD VHPHOKDQWH DR TXH VXJHUH DV TXHVWµHV OHYDQWDGDV
DQWHULRUPHQWH TXDQWR PDLV GLJLWDO H WHFQRO³JLFR R PXQGR VH WRUQD
PDLRU © D QHFHVVLGDGH GH DLQGD VHQWLU R WRTXH KXPDQR QXWULGR SHORV
UHODFLRQDPHQWRV QWLPRV H FRQH[µHV VRFLDLV +¡ FUHVFHQWHV
SUHRFXSD§µHV GH TXH HQTXDQWR D TXDUWD UHYROX§£R LQGXVWULDO DXPHQWD
QRVVDV UHOD§µHV LQGLYLGXDLV H FROHWLYDV FRP D WHFQRORJLD HOD SRGH
DIHWDU QHJDWLYDPHQWH QRVVDV KDELOLGDGHV VRFLDLV H FDSDFLGDGH GH
HPSDWLD 2EVHUYDPRV TXH LVVR M¡ HVW¡ DFRQWHFHQGR 8P HVWXGR GH
IHLWR SRU XPD HTXLSH GH SHVTXLVDGRUHV GD 8QLYHUVLGDGH GH
0LFKLJDQ GHVFREULX XP GHFOQLR GH GD HPSDWLD HQWUH HVWXGDQWHV
XQLYHUVLW¡ULRV HP FRPSDUD§£R FRP VXDV FRQWUDSDUWHV GH RX
DQRVDWU¡VJUDQGHSDUWHGHVVHGHFOQLRRFRUUHXDS³VRDQR
'H DFRUGR FRP 6KHUU\ 7XUNOH GR 0,7 GRV DGROHVFHQWHV
QXQFDVHGHVSOXJDPPHVPRDRSUDWLFDUHVSRUWHVRXGXUDQWHDUHIHL§£R
FRPDIDPOLDRXDPLJRV$VFRQYHUVDVSUHVHQFLDLVHVW£RSRYRDGDVSRU
XPD PXOWLG£R GH LQWHUD§µHV RQOLQH LVVR ID] VXUJLU WHPRUHV GH TXH
WRGD XPD JHUD§£R GH MRYHQV FRQVXPLGD SHOD PGLD VRFLDO M¡ HVW¡ VH
HVIRU§DQGRSDUDFRQVHJXLURXYLURVRXWURVID]HUFRQWDWRYLVXDORXOHUD
OLQJXDJHPFRUSRUDO
1RVVDUHOD§£RFRPDVWHFQRORJLDVP³YHLVLOXVWUDEHPDTXHVW£R2
IDWRGHHVWDUPRVVHPSUHFRQHFWDGRVSRGHQRVSULYDUGHXPGRVQRVVRV
EHQV PDLV LPSRUWDQWHV R PRPHQWR SDUD ID]HU XPD SDXVD UHIOHWLU H
LQLFLDU XPD FRQYHUVD V©ULD VHP R DX[OLR GD WHFQRORJLD QHP
LQWHUPHGLDGDSHORVPHLRVGHFRPXQLFD§£RVRFLDLV7XUNOHFLWDHVWXGRV
TXH PRVWUDP TXH TXDQGR GXDV SHVVRDV HVW£R FRQYHUVDQGR D PHUD
SUHVHQ§D GH XP WHOHIRQH VREUH D PHVD HQWUH HODV RX HP VXD YLV£R
SHULI©ULFD PXGD R DVVXQWR GD FRQYHUVD H VHX JUDX GH FRQH[£R ,VVR
Q£R VLJQLILFD TXH GHYHPRV GHVLVWLU GH QRVVRV WHOHIRQHV PDV TXH
SRGHPRVXV¡ORVȐFRPPDLRULQWHQ§£Rȑ
2XWURV HVSHFLDOLVWDV H[SUHVVDP SUHRFXSD§µHV VHPHOKDQWHV 2
HVFULWRUGHWHFQRORJLDHFXOWXUD1LFKRODV&DUUDILUPDTXHTXDQWRPDLV
WHPSR SDVVDPRV LPHUVRV QDV ¡JXDV GLJLWDLV PDLV VXSHUILFLDLV VH
WRUQDP QRVVDV FDSDFLGDGHV FRJQLWLYDV GHYLGR DR IDWR GH GHL[DPRV GH
FRQWURODUQRVVDDWHQ§£RȐ$UHGHIRLSURMHWDGDSDUDVHUXPVLVWHPDGH
LQWHUUXS§£R XPD P¡TXLQD YROWDGD SDUD GLYLGLU D DWHQ§£R $V
LQWHUUXS§µHV IUHTXHQWHV GLVSHUVDP QRVVRV SHQVDPHQWRV HQIUDTXHFHP
QRVVD PHP³ULD H QRV GHL[DP WHQVRV H DQVLRVRV 4XDQWR PDLV
FRPSOH[RVIRUHPRVHQFDGHDPHQWRVGRVSHQVDPHQWRVHPTXHHVWDPRV
HQYROYLGRVPDLRUVHU¡RFRPSURPHWLPHQWRFDXVDGRSHODGLVWUD§£Rȑ
(P+HUEHUW6LPRQTXHJDQKRXRSUªPLR1REHOGHHFRQRPLD
HP DGYHUGX ȐD ULTXH]D GH LQIRUPD§µHV FULD D SREUH]D GH
DWHQ§£Rȑ ,VVR © PXLWR SLRU KRMH HP SDUWLFXODU SDUD RV GHFLVRUHV TXH
WHQGHP D HVWDU VREUHFDUUHJDGRV FRP PXLWDV ȐFRLVDVȑ ȉ
VREUHFDUUHJDGRV H DFHOHUDGRV HP XP HVWDGR GH HVWUHVVH FRQVWDQWH
Ȑ1HVVD ©SRFD DFHOHUDGD QDGD SRGH VHU PDLV HPRFLRQDQWH GR TXH LU
GHYDJDUȑ HVFUHYH R HQVDVWD GH YLDJHQV 3LFR ,\HU Ȑ( QHVVD ©SRFD GH
GLVWUD§µHV QDGD © W£R OX[XRVR TXDQWR SUHVWDU DWHQ§£R ( QHVVD ©SRFD
GH FRQVWDQWH PRYLPHQWR QDGD © W£R XUJHQWH FRPR VHQWDUVH HP
VLOªQFLRȑ
1RVVRF©UHEUROLJDGRDRVLQVWUXPHQWRVGLJLWDLVTXHQRVFRQHFWDP
KRUDVSRUGLDFRUUHRULVFRGHVHWRUQDUXPDP¡TXLQDGHPRYLPHQWR
SHUS©WXR TXH UHTXHU XP IUHQHVL LQFHVVDQWH 1£R © DOJR LQFRPXP HX
FRQYHUVDU FRP OGHUHV TXH GL]HP TXH Q£R WªP PDLV WHPSR SDUD ID]HU
XPD SDXVD H UHIOHWLU PXLWR PHQRV GHVIUXWDU R ȐOX[Rȑ GD OHLWXUD QHP
PHVPR GH XP SHTXHQR DUWLJR LQWHLUR 2V WRPDGRUHV GH GHFLV£R GH
WRGDV DV SDUWHV GD VRFLHGDGH JOREDO SDUHFHP HVWDU HP XP HVWDGR GH
FUHVFHQWH H[DXVW£R W£R LQXQGDGRV SRU PºOWLSODV H[LJªQFLDV
FRQFRUUHQWHVTXHGHL[DPDIUXVWUD§£RGHODGRHILFDPUHVLJQDGRVH V
YH]HVGHVHVSHUDGRV(PQRVVDQRYDHUDGLJLWDO©UHDOPHQWHGLIFLOGDU
XPSDVVRDWU¡VPDVQ£RLPSRVVYHO
*HUHQFLDPHQWRGHLQIRUPD§µHVSºEOLFDVHSULYDGDV
8PGRVPDLRUHVGHVDILRVLQGLYLGXDLVFRORFDGRVSHODLQWHUQHWHSRU
QRVVR FUHVFHQWH JUDX GH LQWHUGHSHQGªQFLD HP JHUDO GL] UHVSHLWR
SULYDFLGDGH ( XPD TXHVW£R FDGD YH] PDLRU SRUTXH FRPR R ILO³VRIR
SROWLFR GD 8QLYHUVLGDGH GH +DUYDUG 0LFKDHO 6DQGHO REVHUYRX
ȍȍSDUHFH TXH HVWDPRV FDGD YH] PDLV GLVSRVWRV SRU FRQYHQLªQFLD D
QHJRFLDU QRVVD SULYDFLGDGH FRP PXLWRV GLVSRVLWLYRV TXH XVDPRV
URWLQHLUDPHQWHȑ (VWLPXODGRV HP SDUWH SHODV UHYHOD§µHV GH (GZDUG
6QRZGHQ R GHEDWH JOREDO VREUH R VLJQLILFDGR GD SULYDFLGDGH HP XP
PXQGR FRP PDLRU WUDQVSDUªQFLD V³ HVW¡ FRPH§DQGR XPD YH] TXH
QRWDPRV TXH D LQWHUQHW SRGH VHU XPD IHUUDPHQWD VHP SUHFHGHQWHV GH
OLEHUWD§£RH GH GHPRFUDWL]D§£R H DRPHVPR WHPSR XP IDFLOLWDGRU GD
ILVFDOL]D§£R PDFL§D LQGLVFULPLQDGD GH ORQJR DOFDQFH H TXDVH
LPSHQHWU¡YHO
3RUTXHDSULYDFLGDGH©W£RLPSRUWDQWH",QVWLQWLYDPHQWHWRGRVQ³V
HQWHQGHPRV SRU TXH D SULYDFLGDGH © W£R HVVHQFLDO SDUD QRVVRV ȐHXVȑ
LQGLYLGXDLV $W© PHVPR SDUD DTXHOHV TXH DILUPDP TXH Q£R G£R WDQWR
YDORU SULYDFLGDGH QHP WªP QDGD D HVFRQGHU ID]HPRV H GL]HPRV
PXLWDV FRLVDV TXH Q£R TXHUHPRV TXH QLQJX©P PDLV VDLED +¡ XP
QºPHURDEXQGDQWHGHSHVTXLVDVTXHPRVWUDPTXHTXDQGRDOJX©PVDEH
TXH HVW¡ VHQGR REVHUYDGR VHX FRPSRUWDPHQWR WRUQDVH PDLV
FRQIRUPLVWDHFRPSODFHQWH
(VWHOLYURQRHQWDQWRQ£R©ROXJDUSDUDQRVHQYROYHUPRVHPXPD
ORQJDUHIOH[£RVREUHRVLJQLILFDGRGDSULYDFLGDGHRXSDUDUHVSRQGHUD
SHUJXQWDV VREUH D SURSULHGDGH GH GDGRV $FUHGLWR QR HQWDQWR TXH RV
GHEDWHV VREUH PXLWDV TXHVWµHV IXQGDPHQWDLV ȉ FRPR RV LPSDFWRV
QRVVDYLGDLQWHUQDGHFRUUHQWHVGDSHUGDGHFRQWUROHVREUHRVQRVVRV
GDGRVVRPHQWHVHU£RLQWHQVLILFDGRVQRVSU³[LPRVDQRVYHU4XDGUR,
%HPHVWDUHDVIURQWHLUDVGDSULYDFLGDGHS
(VVDV TXHVWµHV V£R LQFULYHOPHQWH FRPSOH[DV (VWDPRV DSHQDV
FRPH§DQGR D WHU XPD QR§£R GH VXDV SRVVYHLV LPSOLFD§µHV
SVLFRO³JLFDV PRUDLV H VRFLDLV 3HVVRDOPHQWH SUHYHMR R VHJXLQWH
SUREOHPDUHODFLRQDGR SULYDFLGDGH4XDQGRDYLGDGHDOJX©PVHWRUQD
WRWDOPHQWHWUDQVSDUHQWHHTXDQGRDVLQGLVFUL§µHVJUDQGHVRXSHTXHQDV
VH WRUQDP FRQKHFYHLV D WRGRV TXHP WHU¡ FRUDJHP GH DVVXPLU DV
JUDQGHVUHVSRQVDELOLGDGHVGDOLGHUDQ§D"
$ TXDUWD UHYROX§£R LQGXVWULDO RIHUHFH WHFQRORJLD XPD SDUWH
SUHGRPLQDQWH H RQLSUHVHQWH GH QRVVDV YLGDV LQGLYLGXDLV PDV HVWDPRV
DSHQDVFRPH§DQGRDHQWHQGHUFRPRHVVDPXGDQ§DWHFQRO³JLFDDIHWDU¡
QRVVRV ȐHXVȑ LQWHULRUHV (P ºOWLPD DQ¡OLVH FDEH D FDGD XP GH Q³V
JDUDQWLU TXH VHMDPRV VHUYLGRV H Q£R HVFUDYL]DGRV SHOD WHFQRORJLD 1R
¢PELWRFROHWLYRWDPE©PSUHFLVDPRVJDUDQWLUTXHRVGHVDILRVODQ§DGRV
VREUH Q³V SHOD WHFQRORJLD VHMDP DGHTXDGDPHQWH HQWHQGLGRV H
DQDOLVDGRV 6RPHQWH DVVLP SRGHUHPRV WHU FHUWH]D GH TXH D TXDUWD
UHYROX§£R LQGXVWULDO LU¡ DSULPRUDU QRVVR EHP HVWDU HP YH] GH OKH
FDXVDUGDQRV
4XDGUR,%HPHVWDUHDVIURQWHLUDVGDSULYDFLGDGH
2 TXH HVW¡ DFRQWHFHQGR DWXDOPHQWH FRP RV GLVSRVLWLYRV YHVWYHLV
QRV G¡ XPD QR§£R GD FRPSOH[LGDGH GD TXHVW£R GD SULYDFLGDGH 8P
QºPHURFUHVFHQWHGHFRPSDQKLDVGHVHJXURVWHPSHQVDGRHPID]HUD
VHJXLQWH RIHUWD D VHXV VHJXUDGRV VH YRFª XVDU XP GLVSRVLWLYR TXH
PRQLWRUD VHX EHPHVWDU TXDQWR YRFª GRUPH H ID] H[HUFFLRV R
QºPHUR GH SDVVRV TXH G¡ WRGRV RV GLDV R YDORU H R WLSR GH FDORULDV
TXH FRQVRPH HWF ȉ H VH FRQFRUGDU TXH HVVDV LQIRUPD§µHV SRVVDP
VHU HQYLDGDV SDUD VHX SURYHGRU GH VHJXURV GH VDºGH RIHUHFHUHPRV
XPGHVFRQWRHPVHXSUªPLR
6HU¡TXHGHYHPRVGDUERDVYLQGDVDHVVHDYDQ§RSRUTXHHOHQRV
PRWLYD D YLYHU YLGDV PDLV VDXG¡YHLV" 2X HOH WRPD XP UXPR
SUHRFXSDQWHDXPHVWLORGHYLGDHPTXHDYLJLO¢QFLDȉGRJRYHUQRH
GDVHPSUHVDVȉLU¡WRUQDUVHFDGDYH]PDLVLQWUXVLYD"1RPRPHQWR
HVVH H[HPSOR UHIHUHVH D XPD HVFROKD LQGLYLGXDO D GHFLV£R GH
DFHLWDURXQ£RXVDUXPGLVSRVLWLYRGHEHPHVWDU
0DV LQVLVWLQGR QLVVR PDLV XPD YH] YDPRV VXSRU TXH DJRUD R
HPSUHJDGRUSH§DTXHWRGRVRVVHXVIXQFLRQ¡ULRVXVHPXPGLVSRVLWLYR
TXH HQYLD GDGRV UHODWLYRV VDºGH SDUD D VHJXUDGRUD SRUTXH D
HPSUHVD TXHU PHOKRUDU D SURGXWLYLGDGH H SRVVLYHOPHQWH GLPLQXLU
VHXVFXVWRVFRPRVVHJXURVGHVDºGH(VHDHPSUHVDH[LJLUTXHVHXV
IXQFLRQ¡ULRVPDLVUHOXWDQWHVDFHLWHPRSHGLGRRXSDJXHPXPDPXOWD"
(QW£R R TXH DQWHULRUPHQWH SDUHFLD VHU XPD HVFROKD FRQVFLHQWH
LQGLYLGXDO ȉ XVDU XP GLVSRVLWLYR RX Q£R SDVVD D VHU XPD TXHVW£R
GHFRQIRUPLGDGHFRPDVQRYDVQRUPDVVRFLDLVPHVPRTXHDOJX©PDV
FRQVLGHUHPLQDFHLW¡YHLV
2FDPLQKRDVHJXLU
$TXDUWDUHYROX§£RLQGXVWULDOSRGHHVWDUWUD]HQGRUXSWXUDVPDVRV
GHVDILRV DSUHVHQWDGRV SRU HOD V£R FULDGRV SRU Q³V PHVPRV (VW¡
SRUWDQWR DR QRVVR DOFDQFH VROXFLRQ¡ORV H UHDOL]DU DV DOWHUD§µHV H
SROWLFDV QHFHVV¡ULDV SDUD QRV DGDSWDUPRV H IORUHVFHUPRV HP QRVVR
QRYRDPELHQWHHPHUJHQWH
&RQVHJXLUHPRV HQIUHQWDU HVVHV GHVDILRV GH IRUPD VLJQLILFDWLYD VH
PRELOL]DUPRVDVDEHGRULDFROHWLYDGHQRVVDVPHQWHVFRUD§µHVHDOPDV
3DUD ID]HU LVVR DFUHGLWR TXH SUHFLVDUHPRV DGDSWDU GDU IRUPD H
DSURYHLWDURSRWHQFLDOGDVUXSWXUDVSHODFULD§£RHDSOLFD§£RGHTXDWUR
WLSRVGLIHUHQWHVGHLQWHOLJªQFLD
D FRQWH[WXDO D PHQWH ȉ D PDQHLUD FRPR FRPSUHHQGHPRV H
DSOLFDPRVQRVVRFRQKHFLPHQWR
D HPRFLRQDO R FRUD§£R ȉ D IRUPD FRPR SURFHVVDPRV H
LQWHJUDPRV QRVVRV SHQVDPHQWRV H VHQWLPHQWRV EHP FRPR R
PRGRTXHQRVUHODFLRQDPRVFRPRVRXWURVHFRPQ³VPHVPRV
DLQVSLUDGDDDOPDȉDPDQHLUDFRPRXVDPRVRVHQWLPHQWRGH
LQGLYLGXDOLGDGH H GH SURS³VLWR FRPSDUWLOKDGR D FRQILDQ§D H
RXWUDV YLUWXGHV SDUD HIHWXDU D PXGDQ§D H DJLU SDUD R EHP
FRPXP
D IVLFD R FRUSR D IRUPD FRPR FXOWLYDPRV H PDQWHPRV QRVVD
VDºGH H EHPHVWDU SHVVRDLV H GDTXHOHV HP QRVVR HQWRUQR SDUD
HVWDUPRV HP SRVL§£R SDUD DSOLFDU D HQHUJLD QHFHVV¡ULD SDUD D
WUDQVIRUPD§£RLQGLYLGXDOHGRVVLVWHPDV
,QWHOLJªQFLDFRQWH[WXDODPHQWH
2V ERQV OGHUHV FRPSUHHQGHP H GRPLQDP D LQWHOLJªQFLD
FRQWH[WXDL $ QR§£R GH FRQWH[WR © GHILQLGD FRPR D FDSDFLGDGH H D
GLVSRQLELOLGDGHSDUDDQWHFLSDUWHQGªQFLDVHPHUJHQWHVHOLJDURVSRQWRV
(VVDVWªPVLGRDVFDUDFWHUVWLFDVFRPXQVGDOLGHUDQ§DHILFD]HPWRGDV
DVJHUD§µHVHQDTXDUWDUHYROX§£RLQGXVWULDOHODVV£RXPSU©UHTXLVLWR
SDUDDDGDSWD§£RHDVREUHYLYªQFLD
3DUD GHVHQYROYHU D LQWHOLJªQFLD FRQWH[WXDL RV WRPDGRUHV GH
GHFLV£RGHYHPSULPHLURFRPSUHHQGHURYDORUGDVGLYHUVDVUHGHV(ODV
V³ FRQVHJXHP HQIUHQWDU QYHLV VLJQLILFDWLYRV GH UXSWXUD H
GHVFRQWLQXLGDGH VH SRVVXUHP PXLWDV FRQH[µHV H HVWLYHUHP EHP
OLJDGDVDWUDY©VGHIURQWHLUDVWUDGLFLRQDLV2VGHFLVRUHVGHYHPSRVVXLU
FDSDFLGDGHHGLVSRQLELOLGDGHSDUDHQYROYHUVHFRPWRGRVDTXHOHVTXH
WªPLQWHUHVVHSHODTXHVW£RHPSDXWD'HVVDIRUPDGHYHPRVDVSLUDUD
VHUPRVPDLVFRQHFWDGRVHLQFOXVLYRV
6RPHQWH UHXQLQGR H WUDEDOKDQGR HP FRODERUD§£R FRP OGHUHV GH
HPSUHVDV GH JRYHUQRV GH VRFLHGDGHV FLYLV UHOLJLRVRV DFDGªPLFRV H
GD JHUD§£R PDLV MRYHP TXH VHU¡ SRVVYHO WHUPRV XPD SHUVSHFWLYD
KROVWLFD VREUH R TXH HVW¡ DFRQWHFHQGR $O©P GLVVR LVVR VHU¡
IXQGDPHQWDOSDUDGHVHQYROYHUPRVHLPSOHPHQWDUPRVLGHLDVHVROX§µHV
LQWHJUDGDVTXHUHVXOWDU£RHPXPDPXGDQ§DVXVWHQW¡YHO
(VWH © R SULQFSLR LQFRUSRUDGR QD 7HRULD GR 0XOWLVWDNHEROGHU
PXLWDV YH]HV FKDPDGD SHODV FRPXQLGDGHV GR )³UXP (FRQ´PLFR
0XQGLDOGHR(VSULWRGH'DYRVSURSRVWDSRUPLPSHODSULPHLUDYH]
HP XP OLYUR SXEOLFDGR HP $V IURQWHLUDV HQWUH VHWRUHV H
SURILVVµHV V£R DUWLILFLDLV H PRVWUDPVH FDGD YH] PDLV
FRQWUDSURGXFHQWHV 0DLV GR TXH QXQFD © SUHFLVR GHUUXEDU HVVDV
EDUUHLUDV SDUD TXH SRVVDPRV IRUMDU SDUFHULDV HILFD]HV DR QRV
HQJDMDUPRV DR SRGHU GDV UHGHV (PSUHVDV H RUJDQL]D§µHV TXH Q£R
FRQVHJXLUHPID]HULVVRHTXHGHL[HPGHID]HURTXHSURSµHPSRUPHLR
GD FRQVWUX§£R GH GLYHUVDV HTXLSHV WHU£R GLILFXOGDGHV SDUD VH DMXVWDU
VUXSWXUDVGDHUDGLJLWDO
2V OGHUHV WDPE©P GHYHP SURYDU VHUHP FDSD]HV GH PXGDU VXDV
HVWUXWXUDV PHQWDLV H FRQFHLWXDLV EHP FRPR VHXV SULQFSLRV GH
RUJDQL]D§£R 1R PXQGR GH UXSWXUDV H U¡SLGDV PXGDQ§DV GH KRMH R
SHQVDPHQWRGHVLORHDYLV£RIL[DGRIXWXUR©DOJRIRVVLOL]DQWHSRULVVR
©PHOKRUQDGLFRWRPLDDSUHVHQWDGDSHORILO³VRIR,VDLDK%HUOLQHPVHX
HQVDLR GH VREUH HVFULWRUHV H SHQVDGRUHV VHU XPD UDSRVD GR TXH
XPSRUFRHVSLQKR2SHUDUHPXPDPELHQWHFDGDYH]PDLVFRPSOH[RH
GLVUXSWLYRUHTXHUDDJLOLGDGHLQWHOHFWXDOHVRFLDOGDUDSRVDQ£RRIRFR
IL[RHUHVWULWRGRSRUFRHVSLQKR(PWHUPRVSU¡WLFRVLVVRVLJQLILFDTXH
RV OGHUHV Q£R SRGHP PDQWHU D PHQWDOLGDGH GH VLOR $ DERUGDJHP D
SUREOHPDVTXHVWµHVHGHVDILRVGHYHVHUKROVWLFDIOH[YHOHDGDSW¡YHO
FRQWLQXDPHQWHLQWHJUDQGRGLIHUHQWHVLQWHUHVVHVHRSLQLµHV
,QWHOLJªQFLDHPRFLRQDOȉRFRUD§£R
3DUDFRPSOHPHQWDUQ£RSDUDVXEVWLWXLUDLQWHOLJªQFLDFRQWH[WXDLD
LQWHOLJªQFLDHPRFLRQDO©XPDWULEXWRFDGDYH]PDLVHVVHQFLDOQDTXDUWD
UHYROX§£R LQGXVWULDO &RPR GHFODURX R SVLF³ORJR 'DYLG &DUXVR GR
&HQWUR GH <DOH SDUD D ,QWHOLJªQFLD (PRFLRQDO HOD Q£R GHYH VHU YLVWD
FRPR RSRVWD LQWHOLJªQFLD UDFLRQDO RX ȐR WULXQIR GR FRUD§£R VREUH D
PHQWH ȉ HOD © D ºQLFD LQWHUVH§£R HQWUH DPERVȑ 1D OLWHUDWXUD
DFDGªPLFDDLQWHOLJªQFLDHPRFLRQDOSHUPLWHTXHRVOGHUHVVHMDPPDLV
LQRYDGRUHVHDMDPFRPRDJHQWHVGDPXGDQ§D
3DUDRVOGHUHVHPSUHVDULDLVHSROWLFRVLQWHOLJªQFLDHPRFLRQDO©D
EDVH YLWDO GDV KDELOLGDGHV FUXFLDLV SDUD R VXFHVVR QD HUD GD TXDUWD
UHYROX§£R LQGXVWULDO D VDEHU R DXWRFRQKHFLPHQWR D DXWRUUHJXOD§£R D
PRWLYD§£R D HPSDWLD H DV KDELOLGDGHV VRFLDLV 2V DFDGªPLFRV
HVSHFLDOL]DGRV QR HVWXGR GD LQWHOLJªQFLD HPRFLRQDO PRVWUDP TXH D
GLIHUHQ§D HQWUH RV JUDQGHV GHFLVRUHV H RV GHFLVRUHV FRPXQV HVW¡ HP
VHXJUDXGHLQWHOLJªQFLDHPRFLRQDOHQDFDSDFLGDGHGHFXOWLYDUHPHVVD
TXDOLGDGHGHIRUPDFRQWQXD
(PXPPXQGRFDUDFWHUL]DGRSHODPXGDQ§DSHUVLVWHQWHHLQWHQVDDV
LQVWLWXL§µHV TXH SRVVXHP PXLWRV OGHUHV FRP DOWD LQWHOLJªQFLD
HPRFLRQDO VHU£R PDLV FULDWLYDV H HVWDU£R PDLV EHP HTXLSDGDV SDUD
VHUHP PDLV ¡JHLV H UHVLOLHQWHV ȉ XPD FDUDFWHUVWLFD HVVHQFLDO SDUD
OLGDUFRPDVUXSWXUDV$PHQWDOLGDGHGLJLWDOFDSD]GHLQVWLWXFLRQDOL]DU
D FRODERUD§£R LQWHUIXQFLRQDO DFKDWDU DV KLHUDUTXLDV H FRQVWUXLU
DPELHQWHV TXH LQFHQWLYHP XPD JHUD§£R GH QRYDV LGHLDV GHSHQGH
SURIXQGDPHQWHGDLQWHOLJªQFLDHPRFLRQDO
,QWHOLJªQFLDLQVSLUDGDȉDDOPD
$R ODGR GDV LQWHOLJªQFLDV FRQWH[WXDL H HPRFLRQDO K¡ XP WHUFHLUR
FRPSRQHQWH FUWLFR SDUD FRQVHJXLUPRV QDYHJDU HIHWLYDPHQWH SHOD
TXDUWD UHYROX§£R LQGXVWULDO R TXH FKDPR GH LQWHOLJªQFLD LQVSLUDGD
,QVSLUDU GR ODWLP VSLUDUH LVWR © UHVSLUDU D LQWHOLJªQFLD LQVSLUDGD © D
EXVFD FRQWQXD GH VLJQLILFDGR H SURS³VLWR 6HX IRFR © IRPHQWDU R
LPSXOVR FULDWLYR H HOHYDU D KXPDQLGDGH D XPD QRYD FRQVFLªQFLD
FROHWLYD H PRUDO FRP EDVH HP XP VHQWLPHQWR FRPSDUWLOKDGR GH
GHVWLQR
&RPSDUWLOKDU © D LGHLDFKDYH &RQIRUPH PHQFLRQHL DQWHULRUPHQWH
VH D WHFQRORJLD © XPD GDV SRVVYHLV UD]µHV SRU TXH HVWDPRV QRV
PRYHQGR UXPR D XPD VRFLHGDGH FHQWUDGD QR LQGLYGXR VHU¡
DEVROXWDPHQWH QHFHVV¡ULR UHHTXLOLEUDU HVVD WHQGªQFLD HP GLUH§£R DR
IRFR VREUH R ȐHXȑ FRP XP VHQWLPHQWR JHQHUDOL]DGR GH REMHWLYR
FRPXP(VWDPRVQLVVRMXQWRVHFRUUHPRVRULVFRGHQ£RFRQVHJXLUPRV
OLGDU FRP RV GHVDILRV GD TXDUWD UHYROX§£R LQGXVWULDO QHP FROKHUPRV
WRGRV RV VHXV EHQHIFLRV D PHQRV TXH Q³V FROHWLYDPHQWH
GHVHQYROYDPRVXPVHQWLPHQWRGHSURS³VLWRFRPXP
3DUD ID]HU LVVR D FRQILDQ§D © HVVHQFLDO 8P HOHYDGR QYHO GH
FRQILDQ§D IDYRUHFH R HQYROYLPHQWR H R WUDEDOKR HP HTXLSH H LVVR VH
WRUQD DLQGD PDLV IRUWH QD TXDUWD UHYROX§£R LQGXVWULDO SRLV HP VHX
FHUQH HVW¡ D LQRYD§£R FRODERUDWLYD (VWH SURFHVVR VRPHQWH SRGHU¡
RFRUUHU VH IRU FULDGR HP XP DPELHQWH GH FRQILDQ§D SRLV H[LVWHP
PXLWRV FRPSRQHQWHV H SUREOHPDV GLIHUHQWHV HQYROYLGRV (P ºOWLPD
DQ¡OLVH WRGDV DV SDUWHV LQWHUHVVDGDV GHYHP FXPSULU VHX SDSHO QR
VHQWLGR GH JDUDQWLU TXH DV LQRYD§µHV VHMDP GLUHFLRQDGDV SDUD R EHP
FRPXP $ FRQILDQ§D VHU¡ FRUURGD VH TXDOTXHU XP GRV JUXSRV GH
SDUWHVLQWHUHVVDGDVVWDNHKROGHUVDFKDUTXHHVWHQ£R©RFDVR
(P XP PXQGR RQGH QDGD PDLV © FRQVWDQWH D FRQILDQ§D WRUQDVH
XPDGDVPDLVYDOLRVDVFDUDFWHUVWLFDV$FRQILDQ§DV³SRGHVHUREWLGD
HPDQWLGDVHRVGHFLVRUHVHVWLYHUHPLQFRUSRUDGRVDXPDFRPXQLGDGHH
VXDVGHFLVµHVHVWLYHUHPVHPSUHOLJDGDVDRLQWHUHVVHFRPXPHQXQFDD
XPDEXVFDGHREMHWLYRVLQGLYLGXDLV
,QWHOLJªQFLDIVLFDȉRFRUSR
$V LQWHOLJªQFLDV FRQWH[WXDL LQVSLUDGD H HPRFLRQDO V£R DV
FDUDFWHUVWLFDV HVVHQFLDLV SDUD OLGDUPRV FRP D TXDUWD UHYROX§£R
LQGXVWULDO H QRV EHQHILFLDUPRV GHOD (ODV SUHFLVDP QR HQWDQWR GR
DSRLRYLWDOGHXPDTXDUWDIRUPDGHLQWHOLJªQFLDDIVLFDTXHFRQVLVWH
HQWUH RXWURV HP DSRLDU H QXWULU R EHPHVWDU H D VDºGH SHVVRDO ,VVR ©
FUXFLDO SRLV D DFHOHUD§£R GR ULWPR GDV PXGDQ§DV R DXPHQWR GH
FRPSOH[LGDGHHGRQºPHURGHDJHQWHVHQYROYLGRVHPQRVVRVSURFHVVRV
GHFLV³ULRV LQGLFDP D QHFHVVLGDGH HVVHQFLDO GH VH PDQWHU HP IRUPD H
PDQWHUDFDOPDVRESUHVV£R
$ HSLJHQ©WLFD XP FDPSR GD ELRORJLD TXH IORUHVFHX QRV ºOWLPRV
DQRV © R SURFHVVR SHOR TXDO R DPELHQWH PRGLILFD D H[SUHVV£R GH
QRVVRV JHQHV ,QGLVFXWLYHOPHQWH LVVR PRVWUD D LPSRUW¢QFLD FUWLFD GR
VRQR GD QXWUL§£R H GRV H[HUFFLRV HP QRVVDV YLGDV 2 H[HUFFLR
UHJXODUSRUH[HPSORWHPXPLPSDFWRSRVLWLYRVREUHFRPRSHQVDPRVH
QRVVHQWLPRV(OHDIHWDGLUHWDPHQWHRQRVVRGHVHPSHQKRQRWUDEDOKRH
SRUILPQRVVDFDSDFLGDGHGHREWHUVXFHVVR
(QWHQGHU H DSUHQGHU QRYDV PDQHLUDV SDUD PDQWHU QRVVRV FRUSRV
IVLFRVHPKDUPRQLDFRPQRVVDVPHQWHVQRVVDVHPR§µHVHRUHVWRGR
PXQGR © H[WUHPDPHQWH LPSRUWDQWH HVWDPRV DSUHQGHQGR PDLV VREUH
LVVRSRUPHLRGRVLQFUYHLVSURJUHVVRVHPLQºPHUDV¡UHDVLQFOXLQGRDV
FLªQFLDV P©GLFDV RV GLVSRVLWLYRV YHVWYHLV DV WHFQRORJLDV
LPSODQW¡YHLV H DV SHVTXLVDV VREUH R F©UHEUR $O©P GLVVR FRVWXPR
GL]HU TXH XP OGHU SUHFLVD WHU ȐQHUYRV GH D§Rȑ SDUD HIHWLYDPHQWH
DGPLQLVWUDU RV GLYHUVRV VLPXOW¢QHRV H FRPSOH[RV GHVDILRV TXH
HQIUHQWDPRV ,VVR VHU¡ FDGD YH] PDLV LPSRUWDQWH SDUD TXH SRVVDPRV
QDYHJDUHDSURYHLWDUDVRSRUWXQLGDGHVGDTXDUWDUHYROX§£RLQGXVWULDO
5XPRDXPQRYRUHQDVFLPHQWRFXOWXUDO
6HJXQGRRSRHWD5DLQHU0DULD5LONHȐRIXWXURQRVLQYDGHDILP
GH GHQWUR GD JHQWH WUDQVIRUPDUVH DQWHV PHVPR GH RFRUUHUȑ 1£R
SRGHPRV HVTXHFHU TXH D HUD HP TXH YLYHPRV DWXDOPHQWH R
DQWURSRFHQR RX ,GDGH +XPDQD PDUFD D SULPHLUD YH] QD KLVW³ULD GR
PXQGR HP TXH DV DWLYLGDGHV KXPDQDV V£R D SULQFLSDO IRU§D GH
WUDQVIRUPD§£RGHWRGRVRVVLVWHPDVGHPDQXWHQ§£RGDYLGDQD7HUUD
'HSHQGHGHQ³V
+RMHQRVYHPRVQRLQFLRGDTXDUWDUHYROX§£RLQGXVWULDOROKDQGR
SDUD D IUHQWH H PDLV LPSRUWDQWH WHPRV D FDSDFLGDGH GH LQIOXHQFLDU
HVVHFDPLQKR
6DEHURTXH©QHFHVV¡ULRSDUDSURVSHUDU©XPDFRLVDDJLU©RXWUD
3DUD RQGH WXGR LVVR HVW¡ QRV OHYDQGR" &RPR SRGHPRV HVWDU EHP
SUHSDUDGRV"
9ROWDLUHRILO³VRIRIUDQFªVHHVFULWRUGR,OXPLQLVPRTXHYLYHXSRU
PXLWRV DQRV D DSHQDV DOJXQV TXLO´PHWURV GH RQGH HVWRX HVFUHYHQGR
HVWH OLYUR XPD YH] GLVVH Ȑ$ GºYLGD © XPD FRQGL§£R GHVFRQIRUW¡YHO
PDVDFHUWH]D©ULGFXODȑ&RPHIHLWRVHULDLQJHQXLGDGHDILUPDUTXH
VDEHPRV H[DWDPHQWH SDUD RQGH D TXDUWD UHYROX§£R LQGXVWULDO QRV
OHYDU¡0DVVHULDLJXDOPHQWHLQJªQXRILFDUSDUDOLVDGRSRUPHGRHSHOD
LQFHUWHDVREUHRTXHSRGHU¡DFRQWHFHU&RQIRUPHWHQKRHQIDWL]DGRDR
ORQJR GHVWH OLYUR R HYHQWXDO FXUVR WRPDGR SHOD TXDUWD UHYROX§£R
LQGXVWULDOVHU¡HPºOWLPDLQVW¢QFLDGHWHUPLQDGRSRUQRVVDFDSDFLGDGH
GHPROG¡ODGHPRGRTXHHODGHVHQFDGHLHWRGRRVHXSRWHQFLDO
&ODUDPHQWH RV GHVDILRV V£R W£R DVVXVWDGRUHV FRPR DV
RSRUWXQLGDGHV V£R FRQYLQFHQWHV -XQWRV GHYHPRV WUDEDOKDU SDUD
WUDQVIRUPDU HVVHV GHVDILRV HP RSRUWXQLGDGHV DR QRV SUHSDUDUPRV GH
IRUPD DGHTXDGD ȉ H SURDWLYD ȉ SDUD VHXV HIHLWRV H LPSDFWRV 2
PXQGR HVW¡ HP U¡SLGD PXGDQ§D KLSHUFRQHFWDGR FDGD YH] PDLV
FRPSOH[RHPDLVIUDJPHQWDGRPDVQ³VDLQGDSRGHPRVPROGDURQRVVR
IXWXUR GH XPD IRUPD TXH EHQHILFLH D WRGRV $ MDQHOD GH RSRUWXQLGDGH
SDUDID]HULVVR©DJRUD
&RPRXPSULPHLURSDVVRYLWDOSUHFLVDPRVFRQWLQXDUDDXPHQWDUD
FRQVFLHQWL]D§£R H D FRPSUHHQV£R HP WRGRV RV VHWRUHV GD VRFLHGDGH
TXH©RTXHHVWHOLYURSUHWHQGHDOFDQ§DU'HYHPRVSDUDUGHSHQVDUGH
PDQHLUD FRPSDUWLPHQWDGD QD WRPDGD GH GHFLVµHV ȉ SDUWLFXODUPHQWH
SRUTXHRVGHVDILRVTXHHQIUHQWDPRVHVW£RFDGDYH]PDLVLQWHUOLJDGRV
6RPHQWH XPD DERUGDJHP LQFOXVLYD SRGHU¡ HQJHQGUDU D FRPSUHHQV£R
QHFHVV¡ULD SDUD DERUGDU DV PXLWDV TXHVWµHV OHYDQWDGDV SHOD TXDUWD
UHYROX§£R LQGXVWULDO ,VVR H[LJLU¡ HVWUXWXUDV FRODERUDWLYDV H IOH[YHLV
TXH UHIOLWDP D LQWHJUD§£R GRV Y¡ULRV HFRVVLVWHPDV H TXH OHYHP HP
FRQWDWRGDVDVSDUWHVLQWHUHVVDGDVUHXQLQGRRSºEOLFRHRSULYDGREHP
FRPRDVPHQWHVGHWRGDVDVRULJHQVHPDLVLQIRUPDGDVGRPXQGR
(P VHJXQGR OXJDU DSURYHLWDQGR R HQWHQGLPHQWR FRPSDUWLOKDGR
SUHFLVDPRV GHVHQYROYHU QDUUDWLYDV SRVLWLYDV FRPXQV H DEUDQJHQWHV
VREUHFRPRQ³VSRGHPRVPROGDUDTXDUWDUHYROX§£RLQGXVWULDOSDUDDV
JHUD§µHV DWXDLV H IXWXUDV (PERUD Q£R VDLEDPRV R FRQWHºGR H[DWR
GHVVDV QDUUDWLYDV VDEHPRV DV FDUDFWHUVWLFDV FUXFLDLV TXH GHYHP
FRQWHU 3RU H[HPSOR HODV GHYHP H[SOLFLWDU RV YDORUHV H RV SULQFSLRV
©WLFRV TXH QRVVRV IXWXURV VLVWHPDV GHYHP HQFDUQDU 2V PHUFDGRV V£R
IDWRUHV HILFD]HV GH FULD§£R GH ULTXH]D PDV SUHFLVDPRV DVVHJXUDU TXH
RV YDORUHV H D ©WLFD VHMDP R FHQWUR GH QRVVRV FRPSRUWDPHQWRV
LQGLYLGXDLVHFROHWLYRVEHPFRPRGRVVLVWHPDVTXHDOLPHQWDP(VVDV
QDUUDWLYDV GHYHP WDPE©P HYROXLU SURJUHVVLYDPHQWH SDUD SHUVSHFWLYDV
PDLV DPSODV GHVGH D WROHU¢QFLD H R UHVSHLWR DW© R FXLGDGR H
FRPSDL[£R (ODV GHYHP WDPE©P VHU HPSRGHUDGRUDV H LQFOXVLYDV
JXLDGDVSRUYDORUHVFRPSDUWLOKDGRVTXHLQFHQWLYHPLVVR
(P WHUFHLUR OXJDU FRP EDVH QD FRQVFLªQFLD REWLGD H QDUUDWLYDV
FRPSDUWLOKDGDV GHYHPRV LQLFLDU D UHHVWUXWXUD§£R GH QRVVRV VLVWHPDV
HFRQ´PLFRV VRFLDLV H SROWLFRV SDUD WLUDU R P¡[LPR SURYHLWR GDV
RSRUWXQLGDGHV DSUHVHQWDGDV (VW¡ FODUR TXH QRVVRV PRGHORV
GRPLQDQWHV GH FULD§£R GH ULTXH]D H RV DWXDLV VLVWHPDV GH WRPDGD GH
GHFLV£R IRUDP SURMHWDGRV H HYROXUDP GH PRGR LQFUHPHQWDO DR ORQJR
GDVWUªVSULPHLUDVUHYROX§µHVLQGXVWULDLV(VVHVVLVWHPDVQRHQWDQWRM¡
Q£RHVW£RHTXLSDGRVSDUDFXPSULUDVQHFHVVLGDGHVGDJHUD§£RDPDLH
SDUWLFXODUPHQWHGDVIXWXUDVJHUD§µHVQRFRQWH[WRGDTXDUWDUHYROX§£R
LQGXVWULDO &ODUDPHQWH LVVR H[LJLU¡ XPD LQRYD§£R VLVWªPLFD H Q£R
SHTXHQRVDMXVWHVRXUHIRUPDVPDUJLQDLV
&RQIRUPHPRVWUDGRSRUHVVDVWUªVHWDSDVQ£RFKHJDUHPRVO¡VHPD
FRQWQXD FRRSHUD§£R H GL¡ORJR ȉ ORFDO QDFLRQDO H VXSUDQDFLRQDO
GDQGR YR] D WRGDV DV SDUWHV LQWHUHVVDGDV 3UHFLVDPRV QRV FRQFHQWUDU
HP ID]HU TXH FRQGL§µHV VXEMDFHQWHV HVWHMDP FRUUHWDV H Q£R DSHQDV
GDUPRVDWHQ§£RDRVDVSHFWRVW©FQLFRV6HJXQGRRHYROXFLRQLVWD0DUWLQ
1RZDN SURIHVVRU GH PDWHP¡WLFD H ELRORJLD QD 8QLYHUVLGDGH GH
+DUYDUG D FRRSHUD§£R © ȐD ºQLFD FRLVD TXH LU¡ UHGLPLU D
KXPDQLGDGHȑ &RPR D SULQFLSDO DUTXLWHWD GH ELOKµHV GH DQRV GH
HYROX§£RDFRRSHUD§£RWHPVLGRXPDIRU§DPRWUL]SRUTXHSHUPLWHTXH
QRV DGDSWHPRV HP PHLR FRPSOH[LGDGH FUHVFHQWH H DO©P GLVVR
IRUWDOHFH D FRHV£R SROWLFD HFRQ´PLFD H VRFLDO SHOD TXDO DOFDQ§DPRV
XPSURJUHVVRVLJQLILFDWLYR
&RP D HILFD] FRRSHUD§£R GDV PºOWLSODV SDUWHV LQWHUHVVDGDV
PXOWLVWDNHKROGHU HVWRX FRQYHQFLGR GH TXH D TXDUWD UHYROX§£R
LQGXVWULDO FRQVHJXLU¡ GLUHFLRQDU RV JUDQGHV GHVDILRV TXH R PXQGR
HQIUHQWDDWXDOPHQWHȉHSRVVLYHOPHQWHUHVROYªORV
1RILQDOWXGRGHSHQGHU¡GDVSHVVRDVGDFXOWXUDHGRVYDORUHV'H
IDWR SUHFLVDPRV WUDEDOKDU PXLWR SDUD JDUDQWLU TXH WRGRV RV FLGDG£RV
GH WRGDV DV FXOWXUDV QD§µHV H JUXSRV HFRQ´PLFRV FRPSUHHQGDP D
QHFHVVLGDGH GH GRPLQDU D TXDUWD UHYROX§£R LQGXVWULDO H VHXV GHVDILRV
FLYLOL]DFLRQDLV
7HUHPRVGHMXQWRVGDUIRUPDDXPIXWXURTXHIXQFLRQHSDUDWRGRV
DR FRORFDU DV SHVVRDV HP SULPHLUR OXJDU FDSDFLWDQGRDV H
FRQVWDQWHPHQWH QRV OHPEUDQGR GH TXH WRGDV HVVDV QRYDV WHFQRORJLDV
V£RVREUHWXGRIHUUDPHQWDVIHLWDVSRUSHVVRDVHSDUDSHVVRDV
$VVXPDPRV SRUWDQWR XPD UHVSRQVDELOLGDGH FROHWLYD SRU XP
IXWXURHPTXHDLQRYD§£RHDWHFQRORJLDHVW£RIRFDGDVQDKXPDQLGDGH
HQDQHFHVVLGDGHGHVHUYLUDRLQWHUHVVHSºEOLFRHHVWHMDPRVFHUWRVGH
HPSUHJ¡ODV SDUD FRQGX]LUQRV SDUD XP GHVHQYROYLPHQWR PDLV
VXVWHQW¡YHO
3RGHPRVLUDLQGDPDLVORQJH$FUHGLWRILUPHPHQWHTXHDQRYDHUD
WHFQRO³JLFD FDVR VHMD FULDGD GH IRUPD ¡JLO H UHVSRQV¡YHO SRGHU¡ GDU
LQFLR D XP QRYR UHQDVFLPHQWR FXOWXUDO TXH LU¡ SHUPLWLU TXH QRV
VLQWDPRV SDUWH GH DOJR PXLWR PDLRU GR TXH Q³V PHVPRV ȉ XPD
YHUGDGHLUD FLYLOL]D§£R JOREDO $ TXDUWD UHYROX§£R LQGXVWULDO SRGHU¡
URERWL]DU D KXPDQLGDGH H SRUWDQWR FRPSURPHWHU DV QRVVDV IRQWHV
WUDGLFLRQDLV GH VLJQLILFDGR ȉ WUDEDOKR FRPXQLGDGH IDPOLD H
LGHQWLGDGH2XHQW£RSRGHPRVXVDUDTXDUWDUHYROX§£RLQGXVWULDOSDUD
HOHYDU D KXPDQLGDGH D XPD QRYD FRQVFLªQFLD FROHWLYD H PRUDO FRP
EDVHHPXPVHQWLPHQWRFRPXPGHGHVWLQR&DEHDWRGRVQ³VJDUDQWLUD
RFRUUªQFLDGHVWHºOWLPRFHQ¡ULR
$31',&($PXGDQ§DSURIXQGD
1D TXDUWD UHYROX§£R LQGXVWULDO D FRQHFWLYLGDGH GLJLWDO
SRVVLELOLWDGDSRUWHFQRORJLDVGHVRIWZDUHHVW¡PXGDQGRSURIXQGDPHQWH
DVRFLHGDGH$HVFDODGRLPSDFWRHDYHORFLGDGHGDVPXGDQ§DVID]HP
TXH D WUDQVIRUPD§£R VHMD GLIHUHQWH GH TXDOTXHU RXWUD UHYROX§£R
LQGXVWULDOGDKLVW³ULDGDKXPDQLGDGH
2 &RQVHOKR GD $JHQGD *OREDO GR )³UXP (FRQ´PLFR 0XQGLDO
VREUHRIXWXURGR6RIWZDUHHGD6RFLHGDGHUHDOL]RXXPDSHVTXLVDFRP
H[HFXWLYRV SDUD DYDOLDU TXDQGR RV OGHUHV HPSUHVDULDLV
DFUHGLWDULDPTXHHVVDVWHFQRORJLDVUHYROXFLRQ¡ULDVSRGHULDPFKHJDUDR
GRPQLRSºEOLFRHPJUDXVLJQLILFDWLYRHSDUDFRPSUHHQGHUSOHQDPHQWH
DV LPSOLFD§µHV GHVVDV PXGDQ§DV SDUD LQGLYGXRV RUJDQL]D§µHV
JRYHUQRHVRFLHGDGH
2UHODW³ULRGHSHVTXLVD0XGDQ§D3URIXQGDȉ3RQWRVGH,QIOH[£R
7HFQRO³JLFRVH,PSDFWRV6RFLDLVIRLSXEOLFDGRHPVHWHPEURGH
$ VHJXLU HVW£R UHSURGX]LGDV DV PXGDQ§DV WHFQRO³JLFDV
DSUHVHQWDGDV QR HVWXGR H GXDV DGLFLRQDLV FRP RV SRQWRV GH LQIOH[£R
GHVVDVWHFQRORJLDVHDVGDWDVHVSHUDGDVGHVXDFKHJDGDDRPHUFDGR
0XGDQ§D7HFQRORJLDVLPSODQW¡YHLV
2 SRQWR GH LQIOH[£R R SULPHLUR WHOHIRQH FHOXODU LPSODQW¡YHO H
GLVSRQYHOFRPHUFLDOPHQWH
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
$V SHVVRDV HVW£R VH WRUQDQGR FDGD YH] PDLV FRQHFWDGDV D
GLVSRVLWLYRV H HVVHV GLVSRVLWLYRV HVW£R FDGD YH] PDLV VH WRUQDQGR
FRQHFWDGRV DRV VHXV FRUSRV 2V GLVSRVLWLYRV Q£R HVW£R DSHQDV VHQGR
XVDGRV PDV WDPE©P LPSODQWDGRV QRV FRUSRV VHUYLQGR D
FRPXQLFD§µHV ORFDOL]D§£R H PRQLWRUDPHQWR GH FRPSRUWDPHQWR H GH
IXQ§µHVGHVDºGH
0DUFDSDVVRV H LPSODQWHV FRFOHDUHV IRUDP DSHQDV R FRPH§R
PXLWRVRXWURVGLVSRVLWLYRVHVW£RVHQGRFRQVWDQWHPHQWHODQ§DGRV(VVHV
GLVSRVLWLYRV SRGHU£R VHQWLU RV SDU¢PHWURV GDV GRHQ§DV HOHV LU£R
SHUPLWLUTXHRVLQGLYGXRVWRPHPPHGLGDVHQYLHPGDGRVSDUDFHQWURV
GHPRQLWRUDPHQWRRXOLEHUHPPHGLFDPHQWRVDXWRPDWLFDPHQWH
$V WDWXDJHQV LQWHOLJHQWHV H RXWURV FKLSV H[FOXVLYRV SRGHULDP
DMXGDU QD LGHQWLILFD§£R H QD ORFDOL]D§£R 2V GLVSRVLWLYRV LPSODQWDGRV
GH FHUWD IRUPD DMXGDU£R WDPE©P D FRPXQLFDU SHQVDPHQWRV
QRUPDOPHQWHH[SUHVVDGRVGHIRUPDYHUEDOSRUPHLRGHXPVPDUWSKRQH
LQWHUQR H SRVVLYHOPHQWH SHQVDPHQWRV Q£R H[SUHVVDGRV RX HVWDGRV GH
KXPRUSRUOHLWXUDGHRQGDVFHUHEUDLVHRXWURVVLQDLV
,PSDFWRVSRVLWLYRV
ȉ5HGX§£RGHFULDQ§DVGHVDSDUHFLGDV
ȉ$XPHQWRGRVUHVXOWDGRVSRVLWLYRVQDVDºGH
ȉ$XPHQWRGDDXWRVVXILFLªQFLD
ȉ0HOKRUWRPDGDGHGHFLV£R
ȉ5HFRQKHFLPHQWRGHLPDJHPHGLVSRQLELOLGDGHGHGDGRVSHVVRDLV
UHGHDQ´QLPDTXHLU¡GDUXP\HOSSDUDDVSHVVRDV
,PSDFWRVQHJDWLYRV
ȉ3ULYDFLGDGHSRWHQFLDOYLJLO¢QFLD
ȉ'LPLQXL§£RGDVHJXUDQ§DGRVGDGRV
ȉ(VFDSLVPRHYFLR
ȉ $XPHQWR GDV GLVWUD§µHV RX VHMD WUDQVWRUQR GR G©ILFLW GH
DWHQ§£R
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ9LGDVPDLVORQJDV
ȉ1DWXUH]DPXW¡YHOGDVUHOD§µHVKXPDQDV
ȉ0XGDQ§DVQDVUHOD§µHVHLQWHUD§µHVKXPDQDV
ȉ,GHQWLILFD§£RHPWHPSRUHDO
ȉ0XGDQ§DFXOWXUDOPHP³ULDHWHUQD
$PXGDQ§DHPD§£R
ȉ 7DWXDJHQV GLJLWDLV Q£R V£R DSHQDV ERQLWDV PDV SRGHP WDPE©P
H[HFXWDU WDUHIDV ºWHLV FRPR GHVEORTXHDU XP FDUUR GLJLWDU RV
F³GLJRV GH XP WHOHIRQH FHOXODU DR DSRQWDU R GHGR RX
DFRPSDQKDURVSURFHVVRVIVLFRVGRFRUSR
)RQWH 'LVSRQYHO HP KWWSVZWYR[FRPGSULQWLQJLQZHDUDEOHWHFKWRS
LPSODQWDEOHZHDUDEOHVVRRQERG\!
ȉ'HDFRUGRFRPXPDUWLJRGD:79;Ȑ$SRHLUDLQWHOLJHQWHȉ
PDWUL]HV GH FRPSXWDGRUHV FRPSOHWRV FRP DQWHQDV FDGD XPD
PXLWR PHQRU TXH XP JU£R GH DUHLD ȉ SRGH DJRUD VH RUJDQL]DU
GHQWUR GR FRUSR HP UHGHV FRQIRUPH VHMDP QHFHVV¡ULDV SDUD
DOLPHQWDU WRGD XPD JDPD GH SURFHVVRV LQWHUQRV FRPSOH[RV
,PDJLQH HQ[DPHV GLVVR DWDFDQGR DV SULPHLUDV F©OXODV
FDQFHURVDV WUD]HQGR DOYLR SDUD D GRU GH XP IHULPHQWR RX
PHVPR DUPD]HQDQGR LQIRUPD§µHV SHVVRDLV HVVHQFLDLV GH XPD
IRUPD SURIXQGDPHQWH FULSWRJUDIDGD H GLIFLO GH VHUHP
ȐKDFNHDGDȑ &RP D SRHLUD LQWHOLJHQWH RV P©GLFRV SRGHU£R DJLU
GHQWUR GH VHX FRUSR VHP SUHFLVDU FRUW¡OR H DV LQIRUPD§µHV
SRGHULDP VHU DUPD]HQDGDV GHQWUR GH VHX FRUSR GH PDQHLUD
SURIXQGDPHQWH FULSWRJUDIDGD DW© YRFª GHVEORTXH¡ODV D SDUWLU
GHVXDQDQRUHGHH[WUHPDPHQWHSHVVRDOȑ
)RQWH 'LVSRQYHO HP KWWSVZWYR[FRPGSULQWLQJLQZHDUDEOHWHFKWRS
LPSODQWDEOHZHDUDEOHVVRRQERG\!
ȉ $ SOXOD LQWHOLJHQWH GHVHQYROYLGD SHOD 3URWHXV %LRPHGLFDO H
1RYDUWLVSRVVXLXPGLVSRVLWLYRGLJLWDOELRGHJUDG¡YHODQH[DGRD
HODTXHWUDQVPLWHGDGRVSDUDRVHXWHOHIRQHVREUHFRPRRFRUSR
HVW¡LQWHUDJLQGRFRPDPHGLFD§£R
)RQWH'LVSRQYHOHPKWWSFHQDFVRUJDUWLFOHVL2GG&RXSOLQJVKWPO!
0XGDQ§D1RVVDSUHVHQ§DGLJLWDO
2SRQWRGHLQIOH[£RGDVSHVVRDVFRPSUHVHQ§DGLJLWDOQD
LQWHUQHW$W©GRVHQWUHYLVWDGRVHVSHUDPTXHHVVHSRQWRGH
LQIOH[£RRFRUUD
$SUHVHQ§DQRPXQGRGLJLWDOWHPHYROXGRUDSLGDPHQWHQRVºOWLPRV
DQRVRXPDLV+¡DSHQDVDQRVLVVRVLJQLILFDYDWHUXPQºPHURGH
FHOXODU XP HQGHUH§R GH HPDLO H WDOYH] XP VLWH SHVVRDO RX S¡JLQD GR
0\6SDFH
$JRUD D SUHVHQ§D GLJLWDO GDV SHVVRDV VH G¡ SRU PHLR GH VXDV
LQWHUD§µHVGLJLWDLVHYHVWJLRVDWUDY©VGHXPDLQILQLGDGHGHSODWDIRUPDV
RQOLQH H PGLDV 0XLWDV SHVVRDV WªP PDLV GH XPD SUHVHQ§D GLJLWDO
WDLV FRPR XPD S¡JLQD GR )DFHERRN FRQWD QR 7ZLWWHU SHUILO GR
/LQNHGOQ %ORJ QR 7XPEOU FRQWD GR ,QVWDJUDP H SRU YH]HV PDLV GR
TXHLVVR
(P QRVVR PXQGR FDGD YH] PDLV FRQHFWDGR D YLGD GLJLWDO HVW¡ VH
WRUQDQGR LQWLPDPHQWH DVVRFLDGD YLGD GH XPD SHVVRD IVLFD 1R
IXWXURGHVHQYROYHUHJHUHQFLDUXPDSUHVHQ§DGLJLWDOVHU£RW£RFRPXQV
TXDQWR TXDQGR DV SHVVRDV GHFLGHP FRPR VH DSUHVHQWDU DR PXQGR
WRGRV RV GLDV DWUDY©V GD PRGD SDODYUDV H DWRV 1HVVH PXQGR
FRQHFWDGR H SRU LQWHUP©GLR GD VXD SUHVHQ§D GLJLWDO DV SHVVRDV
SRGHU£R SURFXUDU H FRPSDUWLOKDU LQIRUPD§µHV H[SUHVVDU OLYUHPHQWH
VXDV LGHLDV HQFRQWUDU H VHU HQFRQWUDGDV H GHVHQYROYHU H PDQWHU
UHODFLRQDPHQWRVYLUWXDOPHQWHHPTXDOTXHUOXJDUQRPXQGR
,PSDFWRVSRVLWLYRV
ȉ$XPHQWRGDWUDQVSDUªQFLD
ȉ0DLRUHPDLVU¡SLGDLQWHUFRQH[£RHQWUHRVLQGLYGXRVHJUXSRV
ȉ$XPHQWRGDOLEHUGDGHGHH[SUHVV£R
ȉ'LIXV£RWURFDGHLQIRUPD§µHVPDLVU¡SLGDV
ȉ8WLOL]D§£RPDLVHILFLHQWHGRVVHUYL§RVSºEOLFRV
,PSDFWRVQHJDWLYRV
ȉ3ULYDFLGDGHSRWHQFLDOYLJLO¢QFLD
ȉ0DLVURXERVGHLGHQWLGDGH
ȉ$VV©GLRPRUDOSHUVHJXL§£RRQOLQH
ȉ3HQVDPHQWRGHJUXSRGHQWURGHJUXSRVGHLQWHUHVVHHD
FUHVFHQWHSRODUL]D§£R
ȉ'LYXOJD§£RGHLQIRUPD§µHVLPSUHFLVDVDQHFHVVLGDGHGHJHVW£R
GDUHSXWD§£RF¢PDUDVGHHFR
ȉ)DOWDGHWUDQVSDUªQFLDQDTXDORVLQGLYGXRVQ£RWªPDFHVVRD
DOJRULWPRVGHLQIRUPD§µHVSDUDQRWFLDVLQIRUPD§µHV
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ/HJDGRVSHJDGDVGLJLWDLV
ȉ0DLVSXEOLFLGDGHGLUHFLRQDGD
ȉ,QIRUPD§µHVHQRWFLDVPDLVSHUVRQDOL]DGDV
ȉ&DUDFWHUL]D§£RGRSHUILOLQGLYLGXDO
ȉ,GHQWLILFD§£RSHUPDQHQWHVHPDQRQLPDWR
ȉ)DFLOLGDGHSDUDFULDUPRYLPHQWRVVRFLDLVRQOLQHJUXSRV
SROWLFRVJUXSRVGHLQWHUHVVHVKREELHVJUXSRVWHUURULVWDV
$PXGDQ§DHPD§£R
6HRVWUªVVLWHVPDLVSRSXODUHVGHPGLDVRFLDOIRVVHPSDVHVHOHV
WHULDPELOK£RGHSHVVRDVDPDLVTXHD&KLQDYHU)LJXUD,
0XGDQ§D$YLV£RFRPRXPDQRYDLQWHUIDFH
2 SRQWR GH LQIOH[£R GH ³FXORV GH OHLWXUD FRQHFWDGRV
LQWHUQHW
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
2*RRJOH*ODVV©DSHQDVDSULPHLUDGHPXLWDVPDQHLUDVSRVVYHLV
HP TXH ³FXORV OHQWHVIRQHV GH RXYLGR H GLVSRVLWLYRV GH UDVWUHDPHQWR
RFXODU SRGHP VH WRUQDU ȐLQWHOLJHQWHVȑ H OHYDU RV ROKRV H D YLV£R D VH
WRUQDUHPDFRQH[£RFRPDLQWHUQHWHFRPRVGLVSRVLWLYRVFRQHFWDGRV
&RP DFHVVR GLUHWR D DSOLFD§µHV H GDGRV GD LQWHUQHW H DWUDY©V GD
YLV£RDVH[SHULªQFLDVGRLQGLYGXRSRGHPVHUUHIRU§DGDVPHGLDGDVRX
FRPSOHWDPHQWH DXPHQWDGDV SDUD RIHUHFHU XPD UHDOLGDGH GLIHUHQWH H
LPHUVLYD 7DPE©P FRP DV WHFQRORJLDV HPHUJHQWHV GH UDVWUHDPHQWR
RFXODU RV GLVSRVLWLYRV SRGHP DOLPHQWDU LQIRUPD§µHV SRU PHLR GH
LQWHUIDFHV YLVXDLV H RV ROKRV SRGHP VHU D IRQWH SDUD LQWHUDJLU H
UHVSRQGHU VLQIRUPD§µHV
$ YLV£R FRPR XPD LQWHUIDFH LPHGLDWD H GLUHWD ȉ IRUQHFHQGR
LQVWUX§µHV YLVXDOL]D§£R H LQWHUD§£R ȉ SRGHU¡ PXGDU D PDQHLUD TXH
FHUWRV DVSHFWRV HVW£R DMXGDQGR DV SHVVRDV D VH HQYROYHU PDLV
SURIXQGDPHQWHFRPRPXQGRSRUPHLRGDDSUHQGL]DJHPGDQDYHJD§£R
GD LQVWUX§£R H GR IHHGEDFN SDUD D SURGX§£R GH EHQV H VHUYL§RV EHP
FRPRSHODIRUPDTXHYLYHQFLDPRVRHQWUHWHQLPHQWRHSHODFDSDFLWD§£R
GHSHVVRDVFRPGHILFLªQFLDV
,PSDFWRVSRVLWLYRV
ȉ,QIRUPD§µHVLPHGLDWDVSDUDTXHRLQGLYGXRSRVVDWRPDU
GHFLVµHVLQIRUPDGDVSDUDDWLYLGDGHVGHQDYHJD§£RHSHVVRDLVGH
WUDEDOKR
ȉ 0HOKRU FDSDFLGDGH SDUD H[HFXWDU WDUHIDV RX SURGX]LU EHQV H
VHUYL§RV FRP UHFXUVRV YLVXDLV SDUD IDEULFD§£R VDºGHFLUXUJLD H
HQWUHJDGHVHUYL§RV
ȉ &DSDFLWDU DV SHVVRDV FRP GHILFLªQFLDV D JHUHQFLDU VXDV
LQWHUD§µHVHPRYLPHQWRVEHPFRPRSDUDYLYHQFLDURPXQGRȉ
DWUDY©V GD IDOD GD GLJLWD§£R H GR PRYLPHQWR H SRU PHLR GH
H[SHULªQFLDVLPHUVLYDV
,PSDFWRVQHJDWLYRV
ȉ'LVWUD§£RPHQWDOFDXVDQGRDFLGHQWHV
ȉ7UDXPDRULJLQDGRGHH[SHULªQFLDVLPHUVLYDVQHJDWLYDV
ȉ$XPHQWRGDGHSHQGªQFLDHHVFDSLVPR
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ &ULD§£R GH XP QRYR VHJPHQWR SDUD D LQGºVWULD GR
HQWUHWHQLPHQWR
ȉ$XPHQWRGDVLQIRUPD§µHVLPHGLDWDV
$PXGDQ§DHPD§£R
-¡ H[LVWHP ³FXORV QR PHUFDGR DWXDOPHQWH Q£R DSHQDV SURGX]LGR
SHOR*RRJOHTXHSRGHP
ȉ3RVVLELOLWDUDOLYUHPDQLSXOD§£RGHWDPREMHWRHP'
SHUPLWLQGRTXHHOHVHMDPROGDGRFRPRRVHIRVVHDUJLOD
ȉ)RUQHFHUWRGDVDVLQIRUPD§µHVDGLFLRQDLVDRYLYRTXHYRFª
SUHFLVDTXDQGRYRFªYªDOJRGDPHVPDIRUPDTXHRF©UHEUR
IDULD
ȉ0RVWUDUXPPHQXGRUHVWDXUDQWHSHORTXDOYRFªHVW¡SDVVDQGR
ȉ3URMHWDUIRWRVRXYGHRVHPTXDOTXHUIROKDGHSDSHO
)RQWH'LVSRQYHOHPKWWSZZZKRQJNLDWFRPEORJDXJPHQWHGUHDOLW\VPDUW
JODVVHV!
0XGDQ§D7HFQRORJLDYHVWYHO
2 SRQWR GH LQIOH[£R GDV SHVVRDV FRP URXSDV FRQHFWDGDV
LQWHUQHW
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
$WHFQRORJLDHVW¡VHWRUQDQGRFDGDYH]PDLVSHVVRDO2VSULPHLURV
FRPSXWDGRUHV SUHFLVDYDP VHU PRQWDGRV HP JUDQGHV VDODV GHSRLV HP
PHVDVHHPVHJXLGDSDVVDUDPSDUDRFRORGDVSHVVRDV$WXDOPHQWHD
WHFQRORJLDSRGHVHUHQFRQWUDGDQRVFHOXODUHVTXHDVSHVVRDVFDUUHJDP
HP VHXV EROVRV PDV HP EUHYH HOD HVWDU¡ GLUHWDPHQWH LQWHJUDGD HP
URXSDVHDFHVV³ULRV
/DQ§DGR HP R $SSOH :DWFK HVW¡ OLJDGR LQWHUQHW H FRQW©P
PXLWDVGDVPHVPDVIXQ§µHVGHXPVPDUWSKRQH&DGDYH]PDLVVHU£R
LQFRUSRUDGRV FKLSV D URXSDV H RXWURV HTXLSDPHQWRV XVDGRV SHODV
SHVVRDVTXHFRQHFWDU£RRVYHVWX¡ULRVHDSU³SULDSHVVRDTXHRVXVD
LQWHUQHW
,PSDFWRVSRVLWLYRV
ȉ 5HVXOWDGRV PDLV SRVLWLYRV SDUD D VDºGH OHYDQGR D XPD YLGD
PDLVORQJD
ȉ0DLRUDXWRVVXILFLªQFLD
ȉ$GPLQLVWUD§£RGDSU³SULDVDºGH
ȉ0HOKRUWRPDGDGHGHFLV£R
ȉ'LPLQXL§£RGRGHVDSDUHFLPHQWRGHFULDQ§DV
ȉ5RXSDVSHUVRQDOL]DGDVDOIDLDWDULDGHVLJQ
,PSDFWRVQHJDWLYRV
ȉ3ULYDFLGDGHSRWHQFLDOYLJLO¢QFLD
ȉ(VFDSLVPRHYFLR
ȉ6HJXUDQ§DGHGDGRV
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ,GHQWLILFD§£RHPWHPSRUHDO
ȉ0XGDQ§DVQDVUHOD§µHVHLQWHUD§µHVKXPDQDV
ȉ5HFRQKHFLPHQWRGHLPDJHPHGLVSRQLELOLGDGHGHGDGRVSHVVRDLV
UHGHDQ´QLPDTXHLU¡GDUXP\HOSSDUDDVSHVVRDV
$PXGDQ§DHPD§£R
$*DUWQHUHPSUHVDGHSHVTXLVDHFRQVXOWRULDHVWLPDTXHFHUFDGH
PLOKµHV GH UHO³JLRV LQWHOLJHQWHV H RXWUDV SXOVHLUDV EDQGV VHU£R
YHQGLGRV HP HVVH WRWDO DXPHQWDU¡ SDUD PLOKµHV HP FLQFR
DQRV
)RQWH 'LVSRQYHO HP KWWSZZZ]GQHWFRQ9DUWLFOHZHDUDEOHVLQWHUQHWRI
WKLQJVPXVFOHLQRQVPDUWSKRQHVSRWOLJKWDWPZF!
$ 0LPR %DE\ FULRX XPD EDE¡ HOHWU´QLFD YHVWYHO TXH LQIRUPD
VREUH D UHVSLUD§£R GR EHEª D SRVL§£R GH VHX FRUSR DV DWLYLGDGHV GH
VRQR HWF RV GDGRV SRGHP VHU YLVXDOL]DGRV HP XP L3DG RX
VPDUWSKRQH,VVRFDXVRXFHUWDFRQWURY©UVLDTXDODOLQKDTXHVHSDUDR
TXH © DOJR TXH DMXGD H D FULD§£R GH XPD VROX§£R SDUD XP SUREOHPD
TXHQ£RH[LVWH"1HVWHFDVRRVDGHSWRVGL]HPTXHRGLVSRVLWLYRDMXGD
REHEªDGRUPLUPHOKRUHQTXDQWRRVFUWLFRVGL]HPTXHRVSDLVHVW£R
VHQGRVXEVWLWXGRVSHORVVHQVRUHV
)RQWHV 'LVSRQYHLV HP KWWSPLPREDE\FRP!
KWWSPRQH\FQQFRPVPDOO EXVLQHVVPLPRZHDUDEOHEDE\
PRQLWRU!
$ 5DOSK /DXUHQ GHVHQYROYHX XPD FDPLVHWD HVSRUWLYD TXH IRUQHFH
GDGRV GRV H[HUFFLRV HP WHPSR UHDO PHGLQGR R VXRU RV EDWLPHQWRV
FDUGDFRVDLQWHQVLGDGHGDUHVSLUD§£RHWF
)RQWH 'LVSRQYHO HP KWWSZZZUDOSKODXUHQFRPSURGXFWLQGH[-63"
SURGXFW,G
DE UGBPHQBIHDWLLUHVBWKHSRORWHFKVKLUW FS !
0XGDQ§D&RPSXWD§£RXETXD
2SRQWRGHLQIOH[£RGDSRSXOD§£RFRPDFHVVRUHJXODU
LQWHUQHW
$W©GRVHQWUHYLVWDGRVHVSHUDPTXHHVVHSRQWRGH
LQIOH[£RRFRUUD
$ FRPSXWD§£R HVW¡ VH WRUQDQGR PDLV DFHVVYHO D FDGD GLD D
FDSDFLGDGH GH SURFHVVDPHQWR QXQFD HVWHYH PDLV GLVSRQYHO SDUD DV
SHVVRDV ȉ VHMD SRU PHLR GH XP FRPSXWDGRU FRP FRQH[£R LQWHUQHW
VHMDSRUXPVPDUWSKRQHFRP**RXVHUYL§RVQDQXYHP
+RMH GD SRSXOD§£R PXQGLDO HVW¡ FRQHFWDGD LQWHUQHW
ELOK£RGHVPDUWSKRQHVIRUDPYHQGLGRVVRPHQWHHP (VWLPDVH
TXH HP DV YHQGDV GH WDEOHWV XOWUDSDVVDU£R DV YHQGDV GH
FRPSXWDGRUHV SHVVRDLV 3&V H TXH D FDGD FRPSXWDGRU YHQGLGR VHLV
WHOHIRQHVFHOXODUHVWHU£RVDGRGDVORMDV7HQGRHPYLVWDTXHLQWHUQHW
WHP VXSHUDGR WRGRV RV RXWURV FDQDLV GH PGLD QD YHORFLGDGH GH VXD
DGR§£R HVSHUDVH TXH HP SRXFRV DQRV WUªV TXDUWRV GD SRSXOD§£R
PXQGLDOWHU£RDFHVVRUHJXODU UHGH
1RIXWXURRDFHVVRUHJXODU LQWHUQHWH VLQIRUPD§µHVGHL[DU¡GH
VHUXPEHQHIFLRGHHFRQRPLDVGHVHQYROYLGDVPDVXPGLUHLWRE¡VLFR
FRPR ¡JXD OLPSD -¡ TXH DV WHFQRORJLDV VHP ILRV UHTXHUHP
LQIUDHVWUXWXUDV PHQRUHV GR TXH PXLWRV RXWURV VHUYL§RV HOHWULFLGDGH
HVWUDGDV H ¡JXD HODV PXLWR SURYDYHOPHQWH VH WRUQDU£R DFHVVYHLV
PXLWR PDLV UDSLGDPHQWH GR TXH RV RXWURV 3RUWDQWR TXDOTXHU SHVVRD
GHTXDOTXHUSDVVHU¡FDSD]GHDFHVVDUHLQWHUDJLUFRPDVLQIRUPD§µHV
GRFDQWRRSRVWRGRPXQGR$FULD§£RGHFRQWHºGRHDGLVVHPLQD§£RVH
WRUQDU£RPDLVI¡FHLVGRTXHQXQFD
,PSDFWRVSRVLWLYRV
ȉ 0DLRU SDUWLFLSD§£R HFRQ´PLFD GDV SRSXOD§µHV GHVIDYRUHFLGDV
ORFDOL]DGDV HP UHJLµHV UHPRWDV RX VXEGHVHQYROYLGDV ȐºOWLPD
PLOKDȑRXȐºOWLPRTXLO´PHWURȑ
ȉ$FHVVRDRVVHUYL§RVGHHGXFD§£RVDºGHHJRYHUQR
ȉ3UHVHQ§D
ȉ$FHVVRDRFRQKHFLPHQWRPDLRUHPSUHJRPXGDQ§DQRVWLSRVGH
WUDEDOKR
ȉ([SDQV£RGRWDPDQKRGRPHUFDGRFRP©UFLRHOHWU´QLFR
ȉ0DLVLQIRUPD§µHV
ȉ0DLRUSDUWLFLSD§£RFYLFD
ȉ'HPRFUDWL]D§£RPXGDQ§DVSROWLFDV
ȉȐ8OWLPDPLOKDȑPDLRUWUDQVSDUªQFLDHSDUWLFLSD§£RFRQWUDR
DXPHQWRGDPDQLSXOD§£RHF¢PDUDVGHHFR
,PSDFWRVQHJDWLYRV
ȉ$XPHQWRGDPDQLSXOD§£RHF¢PDUDVGHHFR
ȉ)UDJPHQWD§£RSROWLFD
ȉ-DUGLQVPXUDGRVRXVHMDDPELHQWHVOLPLWDGRVSDUDDSHQDV
XVX¡ULRVDXWHQWLFDGRVQ£RSHUPLWHPDFHVVRWRWDODDOJXQV
SDVHVUHJLµHV
$PXGDQ§DHPD§£R
3DUD WRPDU D LQWHUQHW GLVSRQYHO SDUD RV SU³[LPRV ELOKµHV GH
XVX¡ULRV GHYHPRV VXSHUDU GRLV GHVDILRV SULQFLSDLV R DFHVVR GHYH
HVWDU GLVSRQYHO H GHYH VHU DFHVVYHO $ FRUULGD SDUD SURSRUFLRQDU
DFHVVR UHGHSDUDRUHVWRGRPXQGRHVW¡HPDQGDPHQWR0DLVGH
GD SRSXOD§£R PXQGLDO M¡ YLYH D SRXFRV TXLO´PHWURV GH XPD WRUUH GH
FHOXODU TXH SRGH RIHUHFHU R VHUYL§R GH LQWHUQHW $V RSHUDGRUDV GH
WHOHIRQHVFHOXODUHVDRUHGRUGRPXQGRHVW£RH[SDQGLQGRUDSLGDPHQWHR
DFHVVR LQWHUQHW 2 SURMHWR ,QWHUQHWRUJ GR )DFHERRN SRVVXL
RSHUDGRUDVGHUHGHVP³YHLVHM¡JDUDQWLXRDFHVVRJUDWXLWRDVHUYL§RV
E¡VLFRVGHLQWHUQHWSDUDPDLVGHELOK£RGHSHVVRDVHPSDVHVQR
DQR SDVVDGR$O©P GLVVR PXLWDV LQLFLDWLYDV HVW£R HP FXUVR SDUD
FRQHFWDU DV UHJLµHV PDLV UHPRWDV GH IRUPD EDUDWD R ,QWHUQHWRUJ GR
)DFHERRN HVW¡ GHVHQYROYHQGR GURQHV GH LQWHUQHW R SURMHWR /RRQ GD
*RRJOHHVW¡XVDQGREDOµHVHD6SDFH;HVW¡LQYHVWLQGRHPQRYDVUHGHV
GHVDW©OLWHGHEDL[RFXVWR
0XGDQ§D8PVXSHUFRPSXWDGRUQRVHXEROVR
2SRQWRGHLQIOH[£RGDSRSXOD§£RFRPVPDUWSKRQHV
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
-¡ HP D HTXLSH GR *RRJOH ,QVLGH 6HDUFK SXEOLFRX Ȑ
XWLOL]DGDDPHVPDTXDQWLGDGHGHSURFHVVDPHQWRSDUDUHVSRQGHUDXPD
EXVFDQR*RRJOHTXHRSURFHVVDPHQWRXWLOL]DGRȉHPYRRHQRFK£R
ȉ HP WRGR R SURJUDPD $SROORȑ $O©P GLVVR RV VPDUWSKRQHV H
WDEOHWV DWXDLV FRQWªP PDLV FDSDFLGDGH GH SURFHVVDPHQWR TXH PXLWRV
GRV DQWLJRV VXSHUFRPSXWDGRUHV TXH FRVWXPDYDP HQFKHU XPD VDOD
LQWHLUD
(VSHUDVH TXH R QºPHUR WRWDO GH DVVLQDQWHV GH WHOHIRQLD FHOXODU
VPDUWSKRQHVVHMDGHELOKµHVHPLVWR©WD[DGHSHQHWUD§£R
GH VXSHUDQGR D WD[D GH SHQHWUD§£R GH HP H
HQIDWL]DQGR R FUHVFLPHQWR VLJQLILFDWLYR GHVGH D WD[D GH LVWR ©
1R 4XªQLD D 6DIDULFRP RSHUDGRUD OGHU GH VHUYL§RV P³YHLV
LQIRUPRXTXHGHVXDVYHQGDVHPIRUDPGHVPDUWSKRQHVHD
*60$ SUHYª TXH D IULFD WHU¡ PDLV GH PHLR ELOK£R GH XVX¡ULRV GH
VPDUWSKRQHVDW©
$ PXGDQ§D GRV DSDUHOKRV M¡ RFRUUHX HP PXLWRV SDVHV HP
FRQWLQHQWHV GLIHUHQWHV DWXDOPHQWH D VLD OLGHUD HVVD WHQGªQFLD SRLV
PDLV SHVVRDV HVW£R XVDQGR VHXV WHOHIRQHV LQWHOLJHQWHV HP YH] GH 3&V
WUDGLFLRQDLV $ DGR§£R GH VPDUWSKRQHV WHQGH D DFHOHUDU FRP RV
DYDQ§RVGDWHFQRORJLDSDUDDPLQLDWXUL]D§£RGRVDSDUHOKRVDXPHQWR
GD FDSDFLGDGH GH SURFHVVDPHQWR H HVSHFLDOPHQWH GLPLQXL§£R GR
SUH§RGRVSURGXWRVHOHWU´QLFRV
6HJXQGR R *RRJOH RV SDVHV GD )LJXUD ,, YHU S XWLOL]DP
PDLVVPDUWSKRQHVTXH3&V
3DVHV FRPR 6LQJDSXUD &RUHLD GR 6XO H RV (PLUDGRV UDEHV
8QLGRV ($8 V£R RV TXH HVW£R PDLV SHUWR GH DWLQJLU R SRQWR GH
LQIOH[£R GH GD SRSXOD§£R DGXOWD XWLOL]DQGR VPDUWSKRQHV )LJXUD
,,,S
$ VRFLHGDGH HVW¡ D FDPLQKR GH DGRWDU P¡TXLQDV DLQGD PDLV
YHOR]HV TXH SHUPLWLU£R DRV XVX¡ULRV UHDOL]DU WDUHIDV FRPSOLFDGDV HP
TXDOTXHU OXJDU 3URYDYHOPHQWH R QºPHUR GH GLVSRVLWLYRV TXH FDGD
SHVVRD XVD FUHVFHU¡ EDVWDQWH Q£R V³ SRU VXDV QRYDV IXQ§µHV PDV
WDPE©P HP UD]£R GR VXUJLPHQWR GH DSDUHOKRV SDUD WDUHIDV
HVSHFLDOL]DGDV
,PSDFWRVSRVLWLYRV
ȉ0DLRUSDUWLFLSD§£RHFRQ´PLFDGDVSRSXOD§µHVGHVIDYRUHFLGDV
ORFDOL]DGDVHPUHJLµHVUHPRWDVRXVXEGHVHQYROYLGDVȐºOWLPR
TXLO´PHWURȑ
ȉ$FHVVRDRVVHUYL§RVGHHGXFD§£RVDºGHHJRYHUQR
ȉ3UHVHQ§D
ȉ$FHVVRDRFRQKHFLPHQWRPDLRUHPSUHJRPXGDQ§DQRVWLSRVGH
WUDEDOKRV
ȉ([SDQV£RGRWDPDQKRGRPHUFDGRFRP©UFLRHOHWU´QLFR
ȉ0DLVLQIRUPD§µHV
ȉ0DLRUSDUWLFLSD§£RFYLFD
ȉ'HPRFUDWL]D§£RPXGDQ§DVSROWLFDV
ȉȐ8OWLPRTXLO´PHWURȑPDLRUWUDQVSDUªQFLDHSDUWLFLSD§£RFRQWUD
RDXPHQWRGDPDQLSXOD§£RHF¢PDUDVGHHFR
, $48$57$5(92/82,1'8675,$/
,PSDFWRVQHJDWLYRV
$XPHQWRGDPDQLSXOD§£RHF¢PDUDVGHHFR
)UDJPHQWD§£RSROWLFD
-DUGLQVPXUDGRVRXVHMDDPELHQWHVOLPLWDGRVSDUDDSHQDV
XVX¡ULRVDXWHQWLFDGRVQ£RSHUPLWHPDFHVVRWRWDODDOJXQV
SDVHVUHJLµHV
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
VHPSUHOLJDGR
3HUGDGDGLYLV£RHQWUHDVDWLYLGDGHVSHVVRDLVHFRPHUFLDLV
(VWDUHPTXDOTXHUOXJDUHPWRGDSDUWH
,PSDFWRDPELHQWDOGDIDEULFD§£R
$PXGDQ§DHPD§£R
(PRVXSHUFRPSXWDGRU&UD\HUDDP¡TXLQDPDLVU¡SLGDGR
PXQGR $ FDSDFLGDGH GR L3KRQH ODQ§DGR HP MXQKR GH HUD
HTXLYDOHQWHDR &UD\ DJRUD DSHQDV FLQFRDQRV PDLV WDUGH R UHO³JLR
GD$SSOHWHPDYHORFLGDGHHTXLYDOHQWHDGRLVL3KRQHV 7HQGR HP
YLVWD D TXHGD FRQWQXD GR SUH§R GH YDUHMR DR FRQVXPLGRU GRV
VPDUWSKRQHV SDUD DEDL[R GRV 86 R DXPHQWR YHUWLJLQRVR GD
FDSDFLGDGH GH SURFHVVDPHQWR H D DFHOHUD§£R GD DGR§£R SHORV
PHUFDGRV HPHUJHQWHV HP EUHYH TXDVH WRGRV WHU£R OLWHUDOPHQWH XP
VXSHUFRPSXWDGRUQREROVR
)RQWH'LVSRQYHOHPKWWSSDJHVH[SHLWVH[FKDQJHFRPSURFHVVLQJSRZHL
FRPSDLHG!
0XGDQ§D$UPD]HQDPHQWRSDUDWRGRV
2 SRQWR GH LQIOH[£R GDV SHVVRDV FRP DUPD]HQDPHQWR
LOLPLWDGRHJUDWXLWRILQDQFLDGRSRUSURSDJDQGDVSXEOLFLW¡ULDV
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
$ FDSDFLGDGH GH DUPD]HQDPHQWR HYROXLX GH IRUPD WUHPHQGD QRV
ºOWLPRV DQRV XP QºPHUR FUHVFHQWH GH HPSUHVDV M¡ RIHUHFH HVSD§R
TXDVH JUDWXLWDPHQWH SDUD VHXV XVX¡ULRV FRPR SDUWH GRV EHQHIFLRV GH
VHXV VHUYL§RV 2V XVX¡ULRV HVW£R SURGX]LQGR TXDQWLGDGHV FDGD YH]
PDLRUHV GH FRQWHºGR VHP VH SUHRFXSDU HP SUHFLVDU DSDJ¡ORV SDUD
OLEHUDU PDLV HVSD§R ([LVWH XPD WHQGªQFLD FODUD HP ȐFRPRGLWL]DUȑ D
FDSDFLGDGH GH DUPD]HQDPHQWR 8PD UD]£R SDUD LVVR © TXH R SUH§R
GH DUPD]HQDPHQWR )LJXUD ,9 S FDLX H[SRQHQFLDOPHQWH SRU XP
IDWRUGHDSUR[LPDGDPHQWHGH]HPFLQFRDQRV
(VWLPDVHTXHGRVGDGRVGRPXQGRIRUDPFULDGRVQRVºOWLPRV
GRLV DQRV H D TXDQWLGDGH GH LQIRUPD§µHV FULDGD SHODV HPSUHVDV HVW¡
GREUDQGR D FDGD DQR 2 DUPD]HQDPHQWR M¡ VH WRUQRX XPD
PHUFDGRULDHDVHPSUHVDVFRPRD$PD]RQ:HE6HUYLFHVHR'URSER[
OLGHUDPHVVDWHQGªQFLD
2 PXQGR FDPLQKD SDUD D FRPSOHWD FRPRGLWL]D§£R GR
DUPD]HQDPHQWR DWUDY©V GR DFHVVR JUDWXLWR H LOLPLWDGR SDUD RV
XVX¡ULRV2PHOKRUFHQ¡ULRGHUHFHLWDVSDUDDVHPSUHVDVSRGHULDVHUD
SXEOLFLGDGHRXDWHOHPHWULD
,PSDFWRVSRVLWLYRV
ȉ6LVWHPDVMXUGLFRV
ȉ+LVW³ULFRVDFDGªPLFRVEROVDV
ȉ(ILFLªQFLDQDVDWLYLGDGHVFRPHUFLDLV
ȉ([WHQV£RGDPHP³ULDSHVVRDO
,PSDFWRQHJDWLYR
ȉ9LJLO¢QFLDGDSULYDFLGDGH
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ0HP³ULDHWHUQDQDGD©H[FOXGR
ȉ$XPHQWRGDFULD§£RGHFRQWHºGRFRPSDUWLOKDPHQWRHFRQVXPR
$PXGDQ§DHPD§£R
9¡ULDV HPSUHVDV M¡ RIHUHFHP DUPD]HQDPHQWR JUDWXLWR QD QXYHP
TXHYDULDPGHD*%
0XGDQ§D$LQWHUQHWGDVFRLVDVHSDUDDVFRLVDV
2SRQWRGHLQIOH[£RWULOK£RGHVHQVRUHVFRQHFWDGRV LQWHUQHW
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
3RU FDXVD GR DXPHQWR FRQWQXR GD FDSDFLGDGH GH SURFHVVDPHQWR H D
TXHGD GRV SUH§RV GR KDUGZDUH TXH DLQGD HVW¡ HP VLQWRQLD FRP D OHL
GH 0RRUH © HFRQRPLFDPHQWH YL¡YHO FRQHFWDU WXGR OLWHUDOPHQWH
LQWHUQHW 6HQVRUHV LQWHOLJHQWHV M¡ HVW£R GLVSRQYHLV D SUH§RV PXLWR
FRPSHWLWLYRV7RGDVDVFRLVDVVHU£RLQWHOLJHQWHVHHVWDU£RFRQHFWDGDV
LQWHUQHW SHUPLWLQGR PDLRU FRPXQLFD§£R H QRYRV VHUYL§RV RULHQWDGRV
SRU GDGRV FRP EDVH QR DXPHQWR GDV FDSDFLGDGHV GD DQ¡OLVH GHVVHV
GDGRVDQDI\WLFV
ȐLQWHOLJHQWHVȑFRQHFWDGDV
,PSDFWRVQHJDWLYRV
ȉ3ULYDFLGDGH
ȉ3HUGDVGHHPSUHJRSDUDRWUDEDOKHLQ£RTXDOLILFDGR
ȉ+DFNLQJDPHD§D VHJXUDQ§DSRUH[HPSORUHGHHO©WULFD
ȉ0DLRUFRPSOH[LGDGHHSHUGDGHFRQWUROH
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ0XGDQ§DQRPRGHORGHQHJ³FLRVORFD§£RXVRGHDWLYRVHPYH]
GHSURSULHGDGHXWHQVOLRVVHU£RVHUYL§RV
ȉ2VPRGHORVGHQHJ³FLRVVHU£RLPSDFWDGRVSHORYDORUGRVGDGRV
ȉ 7RGDV DV HPSUHVDV VHU£R SRWHQFLDOPHQWH XPD HPSUHVD GH
VRIWZDUH
ȉ1RYRVQHJ³FLRVYHQGDGHGDGRV
ȉ0XGDUGHHVWUXWXUDVSDUDSHQVDUVREUHDSULYDFLGDGH
ȉ ,QIUDHVWUXWXUD PDVVLYDPHQWH GLVWULEXGD SDUD DV WHFQRORJLDV GD
LQIRUPD§£R
ȉ$XWRPD§£RGRWUDEDOKRGRFRQKHFLPHQWRSRUH[HPSORDQ¡OLVHV
DYDOLD§µHVGLDJQ³VWLFRV
ȉ $V FRQVHTXªQFLDV GH XP SRVVYHO Ȑ3HDUO +DUERU GLJLWDOȑ RX
VHMD KDFNHUV RX WHUURULVWDV LQWHUURPSHQGR LQIUDHVWUXWXUDV
OHYDQGRDIDOWDGHFRPLGDFRPEXVWYHLVHHQHUJLDSRUVHPDQDV
ȉ 0DLRUHV WD[DV GH XWLOL]D§£R SRU H[HPSOR FDUURV P¡TXLQDV
IHUUDPHQWDVHTXLSDPHQWRVLQIUDHVWUXWXUD
$PXGDQ§DHPD§£R
2)RUG*7WHPPLOKµHVGHOLQKDVGHF³GLJRGHFRPSXWDGRU
)RQWH 'LVSRQYHO HP KWWSUHZULWHFDFRPXVDUWLFOHVVHFXULW\LRWLV
EULQJLQJORWVRIFRGHWR \RXUFDUKDFNHUVWRRKWPO"
LQWFPS VHDUFKUHVXOWFOLFN UHVXOWQXP !
2 QRYR PRGHOR GR SRSXODU 9: *ROI WHP XQLGDGHV
FRPSXWDGRUL]DGDV GH SURFHVVDPHQWR DW© XQLGDGHV GH GDGRV V£R
SURFHVVDGDVSHORYHFXORJHUDQGRVHLVJLJDE\WHVGHGDGRVSRUFDUUR
)RQWH Ȑ,7(QDEOHG 3URGXFWV DQG 6HUYLFHV DQG ,R7ȑ 5RXQGWDEOH RQ 'LJLWDO
6WUDWHJLHV 2YHUYLHZ &HQWHU IRU 'LJLWDO 6WUDWHJLHV DW WKH 7XFN 6FKRRO RI
%XVLQHVVDW'DUWPRXWK
(VSHUDVH TXH PDLV GH ELOKµHV GH GLVSRVLWLYRV HVWHMDP
FRQHFWDGRV LQWHUQHWDW©3DUDFRPSDUDUD9LD/¡FWHDDJDO¡[LD
GDWHUUDFRQW©PDSHQDVFHUFDGHELOKµHVGHV³LV
$ (DWRQ &RUSRUDWLRQ LQFOXL VHQVRUHV HP PDQJXHLUDV GH DOWD
SUHVV£R TXH SHUFHEHP TXDQGR D PDQJXHLUD HVW¡ D SRQWR GH UDVJDUVH
SUHYHQLQGR DFLGHQWHV SRWHQFLDOPHQWH SHULJRVRV H HFRQRPL]DQGR FRP
RVDOWRVFXVWRVGRWHPSRGHLQDWLYLGDGHGDVP¡TXLQDVTXHXWLOL]DPDV
PDQJXHLUDVFRPRFRPSRQHQWHSULQFLSDO
)RQWH Ȑ7KH ,QWHUQHW RI 7LOLQJV WKH 2SSRUWXQLWLHV DQG &KDOOHQJHV RI
,QWHUFRQQHFWHGQHVVȑ 5RXQGWDEOH RQ 'LJLWDO 6WUDWHJLHV 2YHUYLHZ &HQWHU IRU
'LJLWDO6WUDWHJLHVDWWKH7XFN6FKRRORI%XVLQHVVDW'DUWPRXWK
-¡QRDQRSDVVDGRGHDFRUGRFRPD%0:GRVFDUURVHPWRGR
R PXQGR RX PLOKµHV HVWDYDP FRQHFWDGRV LQWHUQHW GH DOJXPD
IRUPD(VVHQºPHURFUHVFHU¡SDUDRXVHMDPLOKµHVGHFDUURV
DW©
)RQWH 'LVSRQYHOHPKWWSZZZSROLWLFRHXDUWLFOHJRRJOHYVJHUPDQFDU
HQJLQHHULQGXVWU\DPHULFDQFRPSHWLWLRQ!
$VFRPSDQKLDVGHVHJXURVFRPR$HWQDHVW£RSHQVDQGRHPFRPR
RV VHQVRUHV LQVHULGRV HP XP WDSHWH SRGHULDP DMXGDU VH YRFª WLYHVVH
XP GHUUDPH (OHV GHWHFWDULDP TXDLVTXHU PXGDQ§DV QD IRUPD GR
FDPLQKDUGDVSHVVRDVHHQYLDULDPXPSURILVVLRQDODRORFDO
)RQWH Ȑ7KH ,QWHUQHW RI 7KLQJV WKH 2SSRUWXQLWLHV DQG &KDOOHQJHV RI
,QWHUFRQQHFWHGQHVVȑ 5RXQGWDEOH RQ 'LJLWDO 6WUDWHJLHV 2YHUYLHZ &HQWHU IRU
'LJLWDO6WUDWHJLHVDWWKH7XFN6FKRRORI%XVLQHVVDW'DUWPRXWK
0XGDQ§D$FDVDFRQHFWDGD
3RQWRGHLQIOH[£RPDLVGHGRWU¡IHJRGDLQWHUQHWFRQVXPLGD
QDVFDVDV SDUD RV DSDUHOKRV HGLVSRVLWLYRV Q£R SDUD R HQWUHWHQLPHQWR
RXDFRPXQLFD§£R
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
1R V©FXOR ;; D PDLRU SDUWH GD HQHUJLD TXH HQWUDYD QDV FDVDV
VHUYLDRFRQVXPRSHVVRDOGLUHWRLOXPLQD§£R0DVDRORQJRGRWHPSR
D TXDQWLGDGH GH HQHUJLD XWLOL]DGD SDUD HVWD H RXWUDV QHFHVVLGDGHV IRL
HFOLSVDGD SRU GLVSRVLWLYRV PXLWR PDLV FRPSOH[RV GHVGH WRUUDGHLUDV H
P¡TXLQDGHODYDUORX§DDW©WHOHYLVRUHVHDSDUHOKRVGHDUFRQGLFLRQDGR
$LQWHUQHWHVW¡LQGRSHORPHVPRFDPLQKRDWXDOPHQWHJUDQGHSDUWH
GRWU¡IHJRGHLQWHUQHWGDVFDVDVVHUYHSDUDRFRQVXPRSHVVRDOSDUDD
FRPXQLFD§£R RX R HQWUHWHQLPHQWR $O©P GLVVR PXGDQ§DV
H[WUHPDPHQWH U¡SLGDV M¡ HVW£R RFRUUHQGR HP DXWRPD§£R UHVLGHQFLDO
SHUPLWLQGR TXH SHVVRDV FRQWUROHP DV OX]HV VRPEUDV YHQWLOD§£R DU
FRQGLFLRQDGR ¡XGLR H YGHR VLVWHPDV GH VHJXUDQ§D H
HOHWURGRP©VWLFRV 6XSRUWH DGLFLRQDO © IRUQHFLGR SRU URE´V FRQHFWDGRV
SDUDWRGRVRVWLSRVGHVHUYL§RVȉFRPRSRUH[HPSORDVSLUDURS³
,PSDFWRVSRVLWLYRV
ȉ(ILFLªQFLDGRVUHFXUVRVPHQRUXVRHFXVWRGHHQHUJLD
ȉ&RQIRUWR
ȉ6HJXUDQ§DSURWH§£RHGHWHF§£RGHLQWUXVRV
ȉ&RQWUROHGHDFHVVR
ȉ&RPSDUWLOKDPHQWRGDFDVD
ȉ&DSDFLGDGHGHYLYHUGHIRUPDLQGHSHQGHQWHMRYHQVYHOKRV
SHVVRDVFRPGHILFLªQFLDV
ȉ$XPHQWRGDSXEOLFLGDGHGLUHFLRQDGDHGRLPSDFWRJOREDOVREUH
RVQHJ³FLRV
ȉ5HGX§£RGHFXVWRVGRVVLVWHPDVGHVDºGHPHQRVLQWHUQD§µHVH
YLVLWD GRV P©GLFRV SDUD RV SDFLHQWHV DFRPSDQKDPHQWR GR
SURFHVVRLQJHVW£RGHUHP©GLRVGURJDV
ȉ0RQLWRUDPHQWRHPWHPSRUHDOHJUDYD§£RHPYGHR
ȉ&KDPDGDVGHHPHUJªQFLDDYLVRVDODUPHV
ȉ&RQWUROHUHPRWRGDFDVDSRUH[HPSORIHFKDUDY¡OYXODGHJ¡V
,PSDFWRVQHJDWLYRV
ȉ3ULYDFLGDGH
ȉ9LJLO¢QFLD
ȉ&LEHUDWDTXHVFULPHYXOQHUDELOLGDGH
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ,PSDFWR IRU§DGHWUDEDOKR
ȉ0XGDQ§DGRORFDOGHWUDEDOKRPDLVHPFDVDHIRUDGHOD
ȉ3ULYDFLGDGHSURSULHGDGHGRVGDGRV
$PXGDQ§DHPD§£R
8PH[HPSORGHVVHGHVHQYROYLPHQWRSDUDXVRGRP©VWLFRIRLFLWDGR
SHORVLWHFQHWFRP
$ 1HVW IDEULFDQWH GH WHUPRVWDWRV H GHWHFWRUHV GH IXPD§D
FRQHFWDGRV LQWHUQHW >@ DQXQFLRX >HP @ R SURJUDPD
Ȑ:RUNVZLWK1HVWȑ)XQFLRQDFRPD1HVWSDUDJDUDQWLUTXHRV
SURGXWRV GH GLIHUHQWHV HPSUHVDV IXQFLRQHP FRP VHX VRIWZDUH
3RUH[HPSORSRUVXDSDUFHULDFRPD0HUFHGHV%HQ]VHXFDUUR
SRGHSHGLUD1HVWSDUDOLJDURDTXHFHGRUGHVXDFDVDSDUDTXH
HODHVWHMDTXHQWHTXDQGRYRFªFKHJDU>@(PDOJXPPRPHQWR
>@ SRORV FRPR D 1HVW DMXGDU£R DV FDVDV D VHQWLUHP R TXH
YRFª SUHFLVD DMXVWDQGR WXGR DXWRPDWLFDPHQWH 2V SU³SULRV
GLVSRVLWLYRV SRGHU£R HP DOJXP LQVWDQWH VH DPDOJDPDUHP
FDVDDJLQGRDSHQDVFRPRVHQVRUHVHGLVSRVLWLYRVFRQWURODGRVD
SDUWLUGHXPºQLFRSROR
)RQWH5LFKDUG1LHYDȐ5RVLHRU-DUYLVWKHIXWXUHRIWKHVPDUWKRPHLVVWLOOLQ
WKH DLUȑ MDQ FQHWFRP! 'LVSRQYHO HP
KWWSZZZFQHWFRPQHZVURVLHRUMDUYLVWKHIXWXUHRIWKHVPDUW KRPHLV
VWLOOLQWKHDLU!
0XGDQ§D&LGDGHVLQWHOLJHQWHV
3RQWRGHLQIOH[£RDSULPHLUDFLGDGHFRPPDLVGHPLOSHVVRDV
HVHPVHP¡IRURV
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
0XLWDV FLGDGHV FRQHFWDU£R VHUYL§RV UHGHV SºEOLFDV H HVWUDGDV
LQWHUQHW (VVDV FLGDGHV LQWHOLJHQWHV LU£R JHUHQFLDU VXD HQHUJLD IOX[RV
GH PDWHULDLV ORJVWLFD H WU¡IHJR &LGDGHV SURJUHVVLVWDV FRPR
6LQJDSXUDH%DUFHORQDM¡HVW£RLPSOHPHQWDQGRPXLWRVQRYRVVHUYL§RV
EDVHDGRV HP GDGRV LQFOXLQGR VROX§µHV GH HVWDFLRQDPHQWR FROHWD GH
OL[R H LOXPLQD§£R LQWHOLJHQWHV $V FLGDGHV LQWHOLJHQWHV HVW£R
FRQWLQXDPHQWH DPSOLDQGR VXD UHGH WHFQRO³JLFD GH VHQVRUHV H
WUDEDOKDQGR HP VXDV SODWDIRUPDV GH GDGRV TXH VHU£R R FHQWUR GH
FRQH[£R GRV GLIHUHQWHV SURMHWRV WHFQRO³JLFRV H GD DGL§£R GH VHUYL§RV
IXWXURV FRP EDVH QD FLªQFLD GD DQ¡OLVH GH GDGRV H PRGHODJHP
SUHGLWLYD
,PSDFWRVSRVLWLYRV
ȉ$XPHQWRGDHILFLªQFLDQDXWLOL]D§£RGRVUHFXUVRV
ȉ$XPHQWRGDSURGXWLYLGDGH
ȉ$XPHQWRGDGHQVLGDGH
ȉ0HOKRULDGDTXDOLGDGHGHYLGD
ȉ(IHLWRVREUHRPHLRDPELHQWH
ȉ0DLRUDFHVVRGDSRSXOD§£RHPJHUDODRVUHFXUVRV
ȉ0HQRUFXVWRGHSUHVWD§£RGHVHUYL§RV
ȉ0DLRUWUDQVSDUªQFLDHPWRUQRGRXVRHHVWDGRGRVUHFXUVRV
ȉ'LPLQXL§£RGDFULPLQDOLGDGH
ȉ$XPHQWRGDPRELOLGDGH
ȉ*HUD§£RHFRQVXPRGHVFHQWUDOL]DGRVGHHQHUJLDVDOWHUQDWLYDV
ȉ3URGX§£RGHVFHQWUDOL]DGDGHEHQV
ȉ$XPHQWRGDUHVLOLªQFLDDRVLPSDFWRVGDVPXGDQ§DVFOLP¡WLFDV
ȉ5HGX§£RGDSROXL§£RDUUXGR
ȉ$XPHQWRGRDFHVVR HGXFD§£R
ȉ$FHVVLELOLGDGHPDLVU¡SLGDDFHOHUDGDDRVPHUFDGRV
ȉ0DLVHPSUHJRV
ȉ*RYHUQRHOHWU´QLFRPDLVLQWHOLJHQWH
,PSDFWRVQHJDWLYRV
ȉ9LJLO¢QFLDSULYDFLGDGH
ȉ 5LVFR GH FRODSVR EODFNRXW WRWDO FDVR R VLVWHPD GH HQHUJLD
HO©WULFDIDOKH
ȉ0DLRUYXOQHUDELOLGDGHDDWDTXHVFLEHUQ©WLFRV
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ,PSDFWRQDFXOWXUDHQDSHUFHS§£RGDFLGDGH
ȉ0XGDQ§DGRKDELWXVLQGLYLGXDOGDVFLGDGHV
$PXGDQ§DHPD§£R
'HDFRUGRFRPXPHVWXGRSXEOLFDGRHP7KH)XWXUHRI,QWHUQHW
$ FLGDGH GH 6DQWDQGHU QR QRUWH GD (VSDQKD WHP PLO
VHQVRUHV FRQHFWDGRV DRV HGLIFLRV LQIUDFVWUXWXUDV WUDQVSRUWHV
UHGHV H VHUYL§RV SºEOLFRV E¡VLFRV $ FLGDGH RIHUHFH XP
HVSD§R IVLFR SDUD D H[SHULPHQWD§£R H YDOLGD§£R GH IXQ§µHV
FRPR SURWRFRORV GH LQWHUD§£R H GH JHVW£R WHFQRORJLDV SDUD
GLVSRVLWLYRV H VHUYL§RV GH DSRLR WDO FRPR GHVFREHUWD JHVW£R
GHLGHQWLGDGHHVHJXUDQ§D
)RQWH + 6FKDIIHUV 1 .RPQLQRV 0 3DOORW % 7URXVVH 0 1LOVVRQ H $
2OLYHLUD Ȑ6PDUW &LWLHV DQG WKH )XWXUH ,QWHUQHW 7RZDUGV &RRSHUDWLRQ
)UDPHZRUNVIRU2SHQ,QQRYDWLRQȑ,Q-'RPLQJXHHWDOHGV7KH)XWXUHRI
,QWHUQHW /1&6 S 'LVSRQYHO HP
KWWSOLQNVSULQJHUFRPFKDSWHU)B!
0XGDQ§D%LJGDWDHDVGHFLVµHV
2SRQWRGHLQIOH[£RRSULPHLURJRYHUQRDVXEVWLWXLURFHQVRSRU
IRQWHVGHELJGDWD
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£R
RFRUUD
([LVWHP PDLV GDGRV VREUH DV FRPXQLGDGHV GR TXH QXQFD $
FDSDFLGDGHGHFRPSUHHQGHUHJHUHQFLDUHVVHVGDGRVHVW¡PHOKRUDQGRD
FDGD PLQXWR 2V JRYHUQRV SRGHP FRPH§DU D DFKDU TXH DV PDQHLUDV
XWLOL]DGDVSDUDDFROHWDGHGDGRVQ£RV£RPDLVQHFHVV¡ULDVHYROWDUHP
VH V WHFQRORJLDV GH JUDQGHV YROXPHV GH GDGRV ELJ GDWD SDUD
DXWRPDWL]DU VHXV SURJUDPDV HP FXUVR H HQFRQWUDU QRYDV IRUPDV
LQRYDGRUDVSDUDVHUYLUDFLGDG£RVHFOLHQWHV
2 DSURYHLWDPHQWR GR ELJ GDWD SHUPLWLU¡ WRPDGDV GH GHFLV£R
PHOKRUHV H PDLV U¡SLGDV SDUD XPD DPSOD JDPD GH LQGºVWULDV H
DSOLFD§µHV $ WRPDGD GH GHFLV£R DXWRPDWL]DGD SRGH UHGX]LU DV
FRPSOH[LGDGHV SDUD RV FLGDG£RV H SHUPLWLU TXH HPSUHVDV H JRYHUQRV
SUHVWHP VHUYL§RV HP WHPSR UHDO H RIHUH§DP VXSRUWH SDUD WXGR GHVGH
LQWHUD§µHV FRP R FOLHQWH DW© R SUHHQFKLPHQWR GH GRFXPHQWRV
WULEXW¡ULRVHRSDJDPHQWRGHLPSRVWRV
2VULVFRVHDVRSRUWXQLGDGHVGRDSURYHLWDPHQWRGRJUDQGHYROXPH
GH GDGRV SDUD D WRPDGD GH GHFLV£R V£R VLJQLILFDWLYRV 2
HVWDEHOHFLPHQWRGDFRQILDQ§DQRVGDGRVHQRVDOJRULWPRVXVDGRVSDUD
WRPDU GHFLVµHV VHU¡ YLWDO $V SUHRFXSD§µHV GRV FLGDG£RV QR TXH GL]
UHVSHLWR SULYDFLGDGH H DR HVWDEHOHFLPHQWR GD UHVSRQVDELOLGDGH
FRPHUFLDO H QDV HVWUXWXUDV OHJDLV LU£R H[LJLU DMXVWHV QD IRUPD GH
SHQVDU EHP FRPR RULHQWD§µHV SDUD R XVR H SUHYHQ§£R GR SHUILO
LQGLYLGXDO GDV SHVVRDV SURILOLQJ H FRQVHTXªQFLDV LPSUHYLVWDV
$SURYHLWDURELJGDWDSDUDVXEVWLWXLURVSURFHVVRVTXHKRMHV£RIHLWRV
PDQXDOPHQWHSRGHID]HUTXHFHUWRVHPSUHJRVVHWRUQHPREVROHWRVPDV
WDPE©PSRGHFULDUQRYDVFDWHJRULDVGHHPSUHJRVHRSRUWXQLGDGHVTXH
DWXDOPHQWHQ£RH[LVWHPQRPHUFDGR
,PSDFWRVSRVLWLYRV
ȉ'HFLVµHVPHOKRUHVHPDLVU¡SLGDV
ȉ0DLVWRPDGDGHGHFLVµHVHPWHPSRUHDO
ȉ'DGRVDEHUWRVSDUDDLQRYD§£R
ȉ(PSUHJRVSDUDDGYRJDGRV
ȉ5HGX§£RGDFRPSOH[LGDGHHPDLVHILFLªQFLDSDUDRVFLGDG£RV
ȉ5HGX§£RGHFXVWRV
ȉ1RYDVFDWHJRULDVGHWUDEDOKR
,PSDFWRVQHJDWLYRV
ȉ3HUGDVGHWUDEDOKR
ȉ3UHRFXSD§µHVFRPDSULYDFLGDGH
ȉ3UHVWD§£RGHFRQWDVTXHP©RGRQRGRDOJRULWPR"
ȉ&RQILDQ§DFRPRFRQILDUQRVGDGRV"
ȉ%ULJDVSRUDOJRULWPRV
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ&DUDFWHUL]D§£RGRSHUILOLQGLYLGXDOSURILOLQJ
ȉ0XGDQ§DVQDVHVWUXWXUDVFRPHUFLDLVOHJDLVHQRUPDWLYDV
$PXGDQ§DHPD§£R
2 YROXPH GRV GDGRV FRPHUFLDLV GH WRGR R PXQGR HP WRGDV DV
HPSUHVDVGREUDDFDGDDQR
)RQWH 9LQFHQW*UDQYLOOHȐ$&RPSUHKHQVLYH/LVWRI%LJ 'DWD6WDWLVWLFVȑ
RXW 'LVSRQYHO HP
KWWS?YZZELJGDWDQHZVFRPSURILOHVEORJVDFRPSUHKHQVLYHOLVWRIELJ
GDWDVWDWLVWLFV!
'HVGH ,RZD DW© D QGLD RV DJULFXOWRUHV HVW£R XVDQGR RV GDGRV GH
VHPHQWHVVDW©OLWHVVHQVRUHVHWUDWRUHVSDUDPHOKRUDUDVGHFLVµHVVREUH
RTXHSODQWDUTXDQGRSODQWDUFRPRPRQLWRUDURIUHVFRUGRVDOLPHQWRV
ȉGDID]HQGD PHVDȉHFRPRVHDGDSWDU VPXGDQ§DVFOLP¡WLFDV
)RQWHȐ:KDWȍVWKH%LJ'HDOZLWK'DWDȑ%6$_6RIWZDUH$OOLDQFH 'LVSRQYHO
HPKWWSGDWDEVDRLJ!
3DUDPHOKRULQIRUPDURVIUHTXHQWDGRUHVGRUHVWDXUDQWHVREUHORFDLV
LQVDOXEUHV 6£R )UDQFLVFR HP FRODERUD§£R FRP R <HOS PRQWRX XP
SURJUDPDSLORWRGHª[LWRȉIXQGLQGRRVGDGRVGDVLQVSH§µHVVDQLW¡ULDV
IHLWDVSHODFLGDGHQRVUHVWDXUDQWHV VS¡JLQDVGHDYDOLD§£RGRVLWH 6H
YRFª DEULU D S¡JLQD GR UHVWDXUDQWH 7DFRV (O 3ULPR SRU H[HPSOR HOH
PRVWUD D SRQWXD§£R VDQLW¡ULD GH $V FODVVLILFD§µHV GR <HOS
V£R PXLWR SRGHURVDV $O©P GH VHUYLU FRPR XP SRUWDYR] SDUD TXH D
FLGDGH SRVVD IDODU VREUH ULVFRV DOLPHQWDUHV DRV PRUDGRUHV D
FRODERUD§£R FRQVWLWXL XPD IRUPD GH SXQLU RV LQIUDWRUHV FRQWXPD]HV
SDUDTXHUHVSHLWHPDVQRUPDVVDQLW¡ULDV
)RQWH 'LVSRQYHO HP KWWSZZZFLW\NEFRPFLW\IL[HUFLWLHV
XVLQJRSHQFODWDLQFUHDWLYHZD\VWRVROYHSUREOHPV!
0XGDQ§D&DUURVVHPPRWRULVWD
2 SRQWR GH LQIOH[£R FDUURV VHP PRWRULVWDV FKHJDU£R D GH
WRGRVRVDXWRP³YHLVHPXVRQRV(8$
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
2V WHVWHV FRP FDUURV VHP PRWRULVWD HIHWXDGRV SRU JUDQGHV
HPSUHVDV FRPR D $XGL H R *RRJOH M¡ HVW£R HP FXUVR Y¡ULDV RXWUDV
HPSUHVDV WDPE©P HVW£R VH HVIRU§DQGR SDUD R GHVHQYROYLPHQWR GH
QRYDV VROX§µHV (VVHV YHFXORV SRGHP VHU SRWHQFLDOPHQWH PDLV
HILFLHQWHV H PDLV VHJXURV GR TXH RV FDUURV FRP SHVVRDV SRU WU¡V GR
YRODQWH $O©P GLVVR HOHV SRGHULDP UHGX]LU RV FRQJHVWLRQDPHQWRV DV
HPLVVµHVHVXSODQWDURVPRGHORVH[LVWHQWHVGHWUDQVSRUWHHORJVWLFD
,PSDFWRVSRVLWLYRV
ȉ0DLRUVHJXUDQ§D
ȉ0DLVWHPSRSDUDVHFRQFHQWUDUQRWUDEDOKRHRXFRQVXPLU
FRQWHºGRQDVPGLDV
ȉ(IHLWRVREUHRPHLRDPELHQWH
ȉ0HQRVHVWUHVVHHDJUHVVLYLGDGH
ȉ0RELOLGDGHDSULPRUDGDSDUDRVPDLVYHOKRVHGHILFLHQWHVHQWUH
RXWURV
ȉ$GR§£RGHYHFXORVHO©WULFRV
,PSDFWRVQHJDWLYRV
ȉ3HUGDVGHWUDEDOKRPRWRULVWDVGHW¡[LHFDPLQK£RLQGºVWULD
DXWRPRELOVWLFD
ȉ0XGDQ§DGU¡VWLFDHPUHOD§£RDRVHJXURH DVVLVWªQFLDDR
PRWRULVWDȐSDJXHPDLVSDUDSRGHUGLULJLUȑ
ȉ'LPLQXL§£RGDUHFHLWDGHLQIUD§µHVGHWU¢QVLWR
ȉ0HQRVSURSULHW¡ULRVGHFDUURV
ȉ(VWUXWXUDVOHJDLVSDUDSRGHUGLULJLU
ȉ /REE\ FRQWUD D DXWRPD§£R SRLV DV SHVVRDV Q£R SRGHU£R PDLV
GLULJLU
ȉ+DFNLQJOFLEHUDWDTXHV
$PXGDQ§DHPD§£R
(P RXWXEUR GH D 7HVOD WRUQRX VHPLDXW´QRPRV VHXV FDUURV
YHQGLGRVQRDQRSDVVDGRQRV(VWDGRV8QLGRVDWUDY©VGDDWXDOL]D§£RGH
VHXVRIWZDUH
)RQWH 'LVSRQYHO HP KWWSZZZZLUHGFRPWHVODVHOIGULYLQJ
RYHUDLUXSGDWHOLYH!
2 *RRJOH SODQHMD FRQVWUXLU H GLVSRQLELOL]DU FDUURV DXW´QRPRV DR
SºEOLFRHP
)RQWH 7KRPDV +DOOHFNȐ*RRJOH ,QF 6D\V 6HOI'ULYLQJ &DU :LOO %H 5HDG\
E\ ȑ ,QWHUQDWLRQDO %XVLQHVV 7LPHV MDQ 'LVSRQYHO HP
KWWSZZZLEWLPHVFRPJRRJOHLQFVD\VVHOIGULYLQJ FDUZLOOEHUHDG\
!
1RYHU£RGHGRLVKDFNHUVGHPRQVWUDUDPTXHSRGLDPLQYDGLU
R VLVWHPD GH XP FDUUR HP PRYLPHQWR FRQWURODU DV IXQ§µHV GH VHX
SDLQHO GLUH§£R IUHLRV HWF WXGR DWUDY©V GR VLVWHPD GH HQWUHWHQLPHQWR
GRYHFXOR
)RQWH 'LVSRQYHO HP KWWSZZZZLUHGFRPKDFNHUVUHPRWHO\
NLOOMHHSKLJKZD\!
(PRHVWDGRGH1HYDGDQRV(VWDGRV8QLGRVIRLRSULPHLUR
DDSURYDUXPDOHLSHUPLWLQGRFDUURVVHPPRWRULVWDDXW´QRPRV
)RQWH $OH[ .QDSS Ȑ1HYDGD 3DVVHV /DZ $XWKRUL]LQJ 'ULYHUOHVV &DUVȑ
)RUEHV MXQ 'LVSRQYHO HP
KWWSZZZIRUEHVFRPVLWHVDOH[NQDSSQHYDGDSDVVHVODZ
DXWKRUL]LQJGULYHUOHVVFDUV!
0XGDQ§D$,QWHOLJªQFLD$UWLILFLDO,$HDWRPDGDGHGHFLVµHV
2SRQWRGHLQIOH[£RDSULPHLUDP¡TXLQDFRP,$DID]HUSDUWHGH
XPFRQVHOKRGHDGPLQLVWUD§£R
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
$O©P GH GLULJLU FDUURV D ,$ SRGH DSUHQGHU D SDUWLU GH VLWXD§µHV
DQWHULRUHV SDUD DSUHVHQWDU VXJHVWµHV H DXWRPDWL]DU RV SURFHVVRV
IXWXURVGHGHFLVµHVFRPSOH[DVIDFLOLWDQGRHWRUQDQGRPDLVU¡SLGDVDV
FRQFOXVµHVFRQFUHWDVFRPEDVHHPGDGRVHH[SHULªQFLDVSDVVDGDV
,PSDFWRVSRVLWLYRV
ȉ'HFLVµHVUDFLRQDLVRULHQWDGDVSRUGDGRVPHQRVYL©V
ȉ(OLPLQD§£RGDȐH[XEHU¢QFLDLUUDFLRQDOȑ
ȉ5HRUJDQL]D§£RGDVEXURFUDFLDVXOWUDSDVVDGDV
ȉ*DQKRVQRWUDEDOKRHLQRYD§£R
ȉ,QGHSHQGªQFLDHQHUJ©WLFD
ȉ$YDQ§RVQDFLªQFLDP©GLFDDHUUDGLFD§£RGHGRHQ§DV
,PSDFWRVQHJDWLYRV
ȉ3UHVWD§£RGHFRQWDVTXHP©RUHVSRQV¡YHOGLUHLWRVILGXFL¡ULRV
TXHVWµHVMXUGLFDV
ȉ3HUGDVGHWUDEDOKR
ȉ+DFNLQJFLEHUFULPH
ȉ5HVSRQVDELOLGDGHHUHVSRQVDELOL]D§£RJRYHUQDQ§D
ȉ7RUQDUVHLQFRPSUHHQVYHO
ȉ$XPHQWRGDGHVLJXDOGDGH
ȉȐ,QIULQJLURDOJRULWPRȑ
ȉ$PHD§DVH[LVWHQFLDLVSDUDDKXPDQLGDGH
$PXGDQ§DHPD§£R
2&RQFHSW1HWXPDUHGHVHP¢QWLFDGH,$SDVVRXUHFHQWHPHQWH
HPXPWHVWHGH4,VHQGRPHOKRUTXHDPDLRULDGDVFULDQ§DVGHTXDWUR
DQRVȉK¡WUªVDQRVHOHPDOFRQVHJXLDFRPSHWLUFRPXPDFULDQ§DGH
XP DQR $ SU³[LPD YHUV£R HVW¡ SURQWD H HVSHUDVH TXH HOD WHQKD DV
KDELOLGDGHVYHUEDLVGHXPDFULDQ§DHQWUHFLQFRHVHLVDQRV
)RQWHȐ9HUEDO,4RID)RXU<HDU2OG$FKLHYHGE\DQ$,6\VWHPȑ 'LVSRQYHO
HP KWWSFLWHVHHU[ LVWSVXHGXYLHZGRFGRZQORDG"
GRL UHS UHSO W\SH SGI!
6HDOHLGH0RRUHFRQWLQXDUDYDOHUFRQIRUPHWHPIXQFLRQDGRQRV
ºOWLPRV DQRV DV &38V DWLQJLU£R R PHVPR QYHO GH SURFHVVDPHQWR
GRF©UHEURKXPDQRHP$'HHS.QRZOHGJH9HQWXUHVXPIXQGR
GH FDSLWDO GH ULVFR FRP EDVH HP +RQJ .RQJ TXH LQYHVWH HP FLªQFLDV
ELRO³JLFDV SHVTXLVDV VREUH R F¢QFHU GRHQ§DV UHODFLRQDGDV FRP R
HQYHOKHFLPHQWRHPHGLFLQDUHJHQHUDWLYDQRPHRXSDUDVHXFRQVHOKRGH
DGPLQLVWUD§£R XP DOJRULWPR GH LQWHOLJªQFLD DUWLILFLDO FKDPDGR 9,7$/
9DOLGDWLQJ ,QYHVWPHQW 7RRO IRU $GYDQFLQJ /LIH 6FLHQFHV )HUUDPHQWD
GH 9DOLGD§£R GH ,QYHVWLPHQWRV SDUD R $YDQ§R GDV &LªQFLDV
%LRO³JLFDV
)RQWH %%& Ȑ$OJRULWKP DSSRLQWHG ERDUG GLUHFWRUȑ 'LVSRQYHO HP
KWWSZZZEEFFRPQHZVWHFKQRORJ\!
0XGDQ§D$,QWHOLJªQFLD$UWLILFLDO,$HDVIXQ§µHV
DGPLQLVWUDWLYDV
2 SRQWR GH LQIOH[£R GDV DXGLWRULDV FRUSRUDWLYDV UHDOL]DGDV
SRU,$
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
$ ,$ © ERD SDUD ID]HU FRUUHVSRQGªQFLD GH SDGUµHV H DXWRPDWL]DU
SURFHVVRVTXHWRUQDDWHFQRORJLDLQWHUHVVDQWHSDUDPXLWDVIXQ§µHVHP
JUDQGHVRUJDQL]D§µHVSRVVYHOYLVXDOL]DUPRVXPDPELHQWHIXWXURHP
TXH D ,$ SRGHU¡ VXEVWLWXLU Y¡ULDV IXQ§µHV GHVHPSHQKDGDV KRMH SRU
SHVVRDV
8PD SHVTXLVD GD 2[IRUG 0DUWLQ 6FKRRO HVWXGRX D
VXVFHWLELOLGDGH GH DV SURILVVµHV VHUHP VXEVWLWXGDV SHOD ,$ H SRU
URE´V DOJXQV UHVXOWDGRV V£R SUHRFXSDQWHV 2 PRGHOR SUHYª TXH DW©
GRV HPSUHJRV GH QRV (8$ V£R DOWDPHQWH VXVFHWYHLV GH
VHUHP FRPSXWDGRUL]DGRV QRV SU³[LPRV DQRV )LJXUD 9 S
,PSDFWRVSRVLWLYRV
ȉ5HGX§µHVGRVFXVWRV
ȉ*DQKRVHPHILFLªQFLD
ȉ 'HVEORTXHLR GDV LQRYD§µHV RSRUWXQLGDGHV SDUD SHTXHQDV
HPSUHVDV VWDUWXSV PHQRUHV EDUUHLUDV HQWUDGD ȐVRIWZDUH
FRPRXPVHUYL§RȑSDUDWXGR
,PSDFWRVQHJDWLYRV
ȉ3HUGDVGHWUDEDOKR
ȉ3UHVWD§£RGHFRQWDVHUHVSRQVDELOLGDGH
ȉ0XGDQ§DVOHJDLVGHUHODWRVILQDQFHLURVULVFRV
ȉ$XWRPD§£RGRWUDEDOKRFRQVXOWHRHVWXGRGD2[IRUG0DUWLQ
$PXGDQ§DHPD§£R
2VDYDQ§RVHPDXWRPD§£RIRUDPUHODWDGRVQDUHYLVWD)RUWXQH
2 :DWVRQ GD ,%0 FRQKHFLGR SRU VHX GHVHPSHQKR HVWHODU QR
SURJUDPD GH 79 -HRSDUGM GHPRQVWURX TXH FRQVHJXH
GLDJQRVWLFDU R F¢QFHU GH SXOP£R FRP XPD WD[D PDLV SUHFLVD
TXH KXPDQRV ȉ FRQWUD HP DOJXQV WHVWHV $ UD]£R
GLVVR V£R RV GDGRV 3DUD PDQWHUVH DWXDOL]DGR FRP RV GDGRV
FOQLFRV XP P©GLFR SUHFLVDULD HVWXGDU KRUDV SRU VHPDQD
GHVVD IRUPD © LPSRVVYHO DQDOLVDU D TXDQWLGDGH GH QRYRV
FRQKHFLPHQWRV RX PHVPR RV FRQMXQWRV GH HYLGªQFLDV FOQLFDV
TXH SRGHULDP RIHUHFHU YDQWDJHQV SDUD VHXV GLDJQ³VWLFRV 2V
FLUXUJLµHV M¡ XWLOL]DP VLVWHPDV DXWRPDWL]DGRV SDUD DX[LOLDGRV
QRVSURFHGLPHQWRVSRXFRLQYDVLYRV
)RQWH (ULN 6KHUPDQ )RUWXQH IHY 'LVSRQYHO HP KWWSIRUWXQH
FRPMREVWKDWURERWVDNHDG\DUHWDNLQJ
0XGDQ§D5RE³WLFDHVHUYL§RV
2SRQWRGHLQIOH[£RRSULPHLURIDUPDFªXWLFRURE³WLFRGRV(8$
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
$ 5RE³WLFD HVW¡ FRPH§DQGR D LQIOXHQFLDU PXLWRV SRVWRV GH
WUDEDOKR GHVGH D SURGX§£R DW© D DJULFXOWXUD H VHUYL§RV GH YDUHMR 'H
DFRUGR FRP D )HGHUD§£R ,QWHUQDFLRQDO GH 5RE³WLFD R PXQGR DJRUD
LQFOXLPLOK£RGHURE´VHPIXQFLRQDPHQWRHDVP¡TXLQDVG£RFRQWD
GH GR WUDEDOKR QD IDEULFD§£R GH XP FDUUR 2V URE´V HVW£R
DJLOL]DQGR DV FDGHLDV GH IRUQHFLPHQWR SDUD HQWUHJDU UHVXOWDGRV
FRPHUFLDLVPDLVHILFLHQWHVHSUHYLVYHLV
,PSDFWRVSRVLWLYRV
ȉ&DGHLDGHIRUQHFLPHQWRHORJVWLFDHOLPLQD§µHV
ȉ0DLVWHPSRSDUDROD]HU
ȉ0HOKRUHVUHVXOWDGRVSDUDDVDºGHJUDQGHYROXPHGHGDGRVSDUD
DSHVTXLVDHGHVHQYROYLPHQWRGHSURGXWRVIDUPDFªXWLFRV
ȉ&DL[DVHOHWU´QLFRVEDQFRVFRPRSLRQHLURV
ȉ0DLRUDFHVVRDPDWHULDLV
ȉȐ5HPLJUD§£RȑGDSURGX§£RRXVHMDVXEVWLWXL§£RGRV
WUDEDOKDGRUHVHVWUDQJHLURVSRUURE´V
,PSDFWRVQHJDWLYRV
ȉ3HUGDVGHWUDEDOKR
ȉ5HVSRQVDELOLGDGHHWUDQVSDUªQFLD
ȉ1RUPDVVRFLDLVGRGLDDGLDVHUYL§RVKRUDVHILPGRWUDEDOKR
GDVK VK
ȉ+DFNLQJHFLEHUULVFR
$PXGDQ§DHPD§£R
8PDUWLJRGR7KH)LVFDO7LPHVQRVLWH&1%&FRPDILUPD
$ 5HWKLQN 5RERWLFV ODQ§RX R %D[WHU >QR RXWRQR GH @ H
UHFHEHX XPD UHVSRVWD DUUHEDWDGRUD GD LQGºVWULD GH
WUDQVIRUPD§£RHPDEULOM¡KDYLDYHQGLGRWRGRVHXHVWRTXH
>(PDEULO@D5HWKLQNODQ§RXXPDSODWDIRUPDGHVRIWZDUHTXH
>SHUPLWH@ %D[WHU UHDOL]DU XP VHTXHQFLDPHQWR PDLV FRPSOH[R
GHWDUHIDVȉSRUH[HPSORSHJDUXPDSH§DVHJXU¡ODHPIUHQWH
D XPD HVWD§£R GH LQVSH§£R H UHFHEHU XP VLQDO SDUD FRORF¡OD
QR JUXSR GH SH§DV ȐERDVȑ RX ȐUXLQVȑ $ HPSUHVD WDPE©P
>ODQ§RX@ XP NLW GH GHVHQYROYLPHQWR GR VRIWZDUH >@ TXH
SHUPLWLU¡ TXH WHUFHLURV ȉ FRPR RV SHVTXLVDGRUHV GH URE³WLFD
GD8QLYHUVLGDGHȉFULHPDSOLFDWLYRVSDUDR%D[WHU
)RQWH%ODLUH%ULRG\Ȑ7KH5RERW5HDOLW\6HUYLFH-REV$UH1H[WWR*Rȑ 7KH
)LVFDO 7LPHV PDU 'LVSRQYHO HP
KWWSZZZFQEFFRPLG!
0XGDQ§D%LWFRLQHEORFNFKDLQ
2SRQWRGHLQIOH[£RGRSURGXWRLQWHUQREUXWRPXQGLDO3,%
DUPD]HQDGRSHODWHFQRORJLDEORFNFKDLQ
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
%LWFRLQHDVPRHGDVGLJLWDLVEDVHLDPVHQDLGHLDGHXPPHFDQLVPR
GH FRQILDQ§D GLVWULEXGR FKDPDGR EORFNFKDLQ XPD IRUPD GH PDQWHU R
FRQWUROH GH WUDQVD§µHV FRQIL¡YHLV GH PRGR UHSDUWLGR $WXDOPHQWH R
YDORU WRWDO GR ELWFRLQ QR EORFNFKDLQ © GH FHUFD 86 ELOKµHV RX
FHUFDGHGR3,%PXQGLDOTXHHVW¡HPWRUQRGH86WULOKµHV
,PSDFWRVSRVLWLYRV
ȉ$XPHQWRGDLQFOXV£RILQDQFHLUDQRVPHUFDGRVHPHUJHQWHV
PHGLGDTXHRVVHUYL§RVILQDQFHLURVJDQKDPPDVVDFUWLFDQR
EORFNFKDLQ
ȉ$GHVLQWHUPHGLD§£RGHLQVWLWXL§µHVILQDQFHLUDVSRLVRVQRYRV
VHUYL§RVHWURFDVGHYDORUV£RFULDGRVGLUHWDPHQWHQR
EORFNFKDLQ
ȉ8PDH[SORV£RHPEHQVQHJRFL¡YHLVSRLVWRGRVRVWLSRVGHWURFD
GHYDORUSRGHPVHUKRVSHGDGRVQREORFNFKDLQ
ȉ0HOKRUHVUHJLVWURVGHSURSULHGDGHHPPHUFDGRVHPHUJHQWHVHD
FDSDFLGDGHGHWUDQVIRUPDUWXGRHPXPDWLYRWUDQVDFLRQ¡YHO
ȉ&RQWDWRVHVHUYL§RVMXUGLFRVFDGDYH]PDLVOLJDGRVDRVF³GLJRV
YLQFXODGRV DR EORFNFKDLQ TXH SRGHULDP VHU XWLOL]DGRV FRPR
FRQWDGHFDX§£RLQTXHEU¡YHORXFRQWUDWRVLQWHOLJHQWHVSURMHWDGRV
SRUPHLRGDSURJUDPD§£R
ȉ$XPHQWRGDWUDQVSDUªQFLDSRLVREORFNFKDLQ©HVVHQFLDOPHQWH
XPOLYURFRQW¡ELOJOREDOTXHDUPD]HQDWRGDVDVWUDQVD§µHV
$PXGDQ§DHPD§£R
2 VLWH 6PDUWFRQWUDFWVFRP RIHUHFH FRQWUDWRV SURJUDP¡YHLV TXH
ID]HPRVSDJDPHQWRVHQWUHGXDVSDUWHVDS³VDGHWHUPLQD§£RGHFHUWRV
FULW©ULRV VHP HQYROYHU XP LQWHUPHGL¡ULR (VVHV FRQWUDWRV V£R IL[DGRV
QREORFNFKDLQFRPRȐHVWDGRVFRQWUDWXDLVDXWRH[HFXW¡YHLVȑHOLPLQDQGR
R ULVFR GH GHSHQGHU GD RXWUD SDUWH SDUD TXH R FRPSURPLVVR VHMD
FXPSULGR
0XGDQ§D$HFRQRPLDFRPSDUWLOKDGD
2SRQWRGHLQIOH[£RJOREDOPHQWHPDLVYLDJHQVWUDMHWRVSRUPHLR
GHFRPSDUWLOKDPHQWRGRTXHHPFDUURVSDUWLFXODUHV
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
2 HQWHQGLPHQWR FRPXP GHVVH IHQ´PHQR © D FDSDFLGDGH
JHUDOPHQWHSRVVLELOLWDGDSHODWHFQRORJLDGHTXHHQWLGDGHVLQGLYGXRV
RX RUJDQL]D§µHV FRPSDUWLOKDU£R R XVR GH XP EHPDWLYR IVLFR RX
FRPSDUWLOKDU£RSUHVWDU£R XP VHUYL§R HP XP QYHO GH HILFLªQFLD TXH
DQWHULRUPHQWHHUDPXLWRPDLVEDL[RRXWDOYH]LPSRVVYHO$SDUWLOKDGH
EHQV RX VHUYL§RV © JHUDOPHQWH KDELOLWDGD SRU PHUFDGRV RQOLQH
VHUYL§RV GRV DSOLFDWLYRVORFDOL]D§£R GR FHOXODU RX RXWUDV SODWDIRUPDV
WHFQRO³JLFDV(VWHVUHGX]LUDPWDQWRRVFXVWRVGHWUDQVD§£RHIULF§£RGR
VLVWHPD D SRQWR GH KDYHU JDQKR HFRQ´PLFR SDUD WRGRV RV HQYROYLGRV
GLYLGLGRHPLQFUHPHQWRVPXLWRPHQRUHV
([LVWHP H[HPSORV EHP FRQKHFLGRV GD HFRQRPLD FRPSDUWLOKDGD QR
VHWRU GH WUDQVSRUWH $ =LSFDU RIHUHFH XP P©WRGR SDUD DV SHVVRDV
FRPSDUWLOKDUHP R XVR GH XP YHFXOR SRU SHURGRV PDLV FXUWRV H PDLV
UD]R¡YHLV GR TXH DV WUDGLFLRQDLV ORFDGRUDV GH FDUUR $ 5HOD\5LGHV
RIHUHFH XPD SODWDIRUPD SDUD ORFDOL]DU H SHJDU HPSUHVWDGR R YHFXOR
SHVVRDO GH DOJX©P SRU XP WHPSR GHWHUPLQDGR $ 8EHU H D /\IW
RIHUHFHPVHUYL§RVVHPHOKDQWHVDRGRVW¡[LVFRPPDLRUHILFLªQFLDHSRU
PHLR GH SHVVRDV DJUHJDGDV SRU XP VHUYL§R TXH © SRVVLELOLWDGR SRU
RXWURVGHORFDOL]D§£RDFHVVDGRVDWUDY©VGRVDSOLFDWLYRVGRVFHOXODUHV
$O©PGLVVRHOHVHVW£RGLVSRQYHLVDTXDOTXHUPRPHQWR
$ HFRQRPLD FRPSDUWLOKDGD WHP Y¡ULRV LQJUHGLHQWHV FDUDFWHUVWLFDV
RX GHVFULWRUHV SRVVLELOLWDGD SHOD WHFQRORJLD SUHIHUªQFLD GR DFHVVR
SURSULHGDGH SRQWR D SRQWR SHHUWRSHHU SDUWLOKD GH EHQV SHVVRDLV
HP YH] GH EHQV FRUSRUDWLYRV IDFLOLGDGH GH DFHVVR PDLRU LQWHUD§£R
VRFLDOFRQVXPRFRODERUDWLYRHIHHGEDFNGRXVX¡ULRFRPSDUWLOKDGRGH
IRUPD DEHUWD UHVXOWDQGR HP PDLRU FRQILDQ§D 0DV QHP WRGRV HVVHV
LQJUHGLHQWHV HVW£R SUHVHQWHV QDV WUDQVD§µHV GD ȐHFRQRPLD
FRPSDUWLOKDGDȑ
,PSDFWRVSRVLWLYRV
ȉ0DLRUDFHVVRDIHUUDPHQWDVHRXWURVUHFXUVRVIVLFRVºWHLV
ȉ0HOKRUHVUHVXOWDGRVDPELHQWDLVPHQRUSURGX§£RHPHQRVEHQV
V£RQHFHVV¡ULRV
ȉ'LVSRQLELOLGDGHGHVHUYL§RVPDLVSHVVRDLV
ȉ0DLRUFDSDFLGDGHGHYLYHUVHPIOX[RGHFDL[DFRPPHQRU
QHFHVVLGDGHGHSRXSDQ§DSDUDSRGHUXVDURVEHQV
ȉ0HOKRUXWLOL]D§£RGRVEHQV
ȉ0HQRVRSRUWXQLGDGHVGHDEXVRGHFRQILDQ§DSRVVYHLVSHORV
IHHGEDFNVGLUHWRVHSºEOLFRV
ȉ&ULD§£RGHHFRQRPLDVVHFXQG¡ULDVPRWRULVWDVGD8EHU
HQWUHJDQGREHQVRXDOLPHQWRV
,PSDFWRVQHJDWLYRV
ȉ0HQRUUHVLVWªQFLDDS³VDSHUGDGHHPSUHJRSRUFDXVDGD
SRXSDQ§DPHQRU
ȉ0DLVWUDEDOKRVFRQWUDWDGRVEDVHDGRVHPWDUHIDVHPYH]GR
HPSUHJRGHORQJRSUD]RTXHQRUPDOPHQWH©PDLVHVW¡YHO
ȉ'LPLQXL§£RGDFDSDFLGDGHGHPHQVXUDUHVVDHFRQRPLD
SRWHQFLDOPHQWHFLQ]D
ȉ0DLVRSRUWXQLGDGHVSDUDDEXVRVGHFRQILDQ§DGHFXUWRSUD]R
ȉ0HQRVFDSLWDOGHLQYHVWLPHQWRGLVSRQYHOQRVLVWHPD
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ0XGDQ§DHPUHOD§£R SURSULHGDGHGRVEHQV
ȉ0DLVPRGHORVFRPEDVHHPDVVLQDWXUD
ȉ0HQRVSRXSDQ§D
ȉ )DOWD GH FODUH]D VREUH R TXH VLJQLILFD ȐULTXH]Dȑ H ȐEHP GH
YLGDȑ
ȉ0HQRUFODUH]DVREUHRTXHFRQVWLWXLXPȐWUDEDOKRȑ
ȉ 'LILFXOGDGH SDUD PHQVXUDU HVVD HFRQRPLD SRWHQFLDOPHQWH
ȐFLQ]Dȑ
ȉ$MXVWHGDWULEXWD§£RHGRVUHJXODPHQWRVEDVHDGRVQD
SURSULHGDGHYHQGDVSDUDPRGHORVFRPEDVHQRXVR
$PXGDQ§DHPD§£R
8PD QR§£R SDUWLFXODU GH SURSULHGDGH HVW¡ VXEMDFHQWH D HVVH
GHVHQYROYLPHQWRHUHIOHWHVHQDVVHJXLQWHVTXHVWµHV
ȉ$PDLRUYDUHMLVWDQ£RSRVVXLXPDºQLFDORMD"$PD]RQ
ȉ 2 PDLRU IRUQHFHGRU GH TXDUWRV Q£R SRVVXL XP ºQLFR KRWHO"
$LUEQE
ȉ 2 PDLRU SURYHGRU GH WUDQVSRUWH Q£R SRVVXL XP ºQLFR FDUUR"
8EHU
0XGDQ§D2VJRYHUQRVHREORFNFKDLQ
2SRQWRGHLQIOH[£RSULPHLUDDUUHFDGD§£RGHLPSRVWRVDWUDY©VGH
XPEORFNFKDLQ
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
2EORFNFKDLQFULDRSRUWXQLGDGHVHGHVDILRVSDUDRVSDVHV3RUXP
ODGR HOH Q£R © UHJXODPHQWDGR QHP SRVVXL VXSHUYLV£R GH QHQKXP
%DQFR &HQWUDO RX VHMD K¡ PHQRV FRQWUROH VREUH D SROWLFD PRQHW¡ULD
3RURXWURHOHFULDDSRVVLELOLGDGHGHQRYRVPHFDQLVPRVGHWULEXWD§£R
TXH SRGHP VHU FRQVWUXGRV QR SU³SULR EORFNFKDLQ SRU H[HPSOR XP
SHTXHQRLPSRVWRVREUHDVWUDQVD§µHV
,PSDFWRVGHVFRQKHFLGRVRXSRVLWLYRVHQHJDWLYRV
ȉ%DQFRVFHQWUDLVHSROWLFDPRQHW¡ULD
ȉ&RUUXS§£R
ȉ7ULEXWD§£RHPWHPSRUHDO
ȉ2SDSHOGRJRYHUQR
$PXGDQ§DHPD§£R
(PDSULPHLUDQD§£RYLUWXDOD%LW1DWLRQIRLFULDGDXVDQGRD
HVWUXWXUD GR EORFNFKDLQ FRPR D WHFQRORJLD SDUD LGHQWLILFD§£R GH VXD
IXQGD§£R H SDUD RV GRFXPHQWRV GH LGHQWLGDGH GH VHXV FLGDG£RV $R
PHVPRWHPSRD(VW´QLDWRUQRXVHRSULPHLURJRYHUQRUHDODLPSODQWDU
DWHFQRORJLDEORFNFKDLQ
)RQWHV 'LVSRQYHLV HP KWWSVELPDWLRQFR!
KWWSZZZS\PQWVFRPQHZVHVWRQLDQ QDWLRQDOLGFDUGVHPEUDFH
HOHFWURQLFSD\PHQWFDSDELOLWLHV9L7U-30!
0XGDQ§D,PSUHVV£RHP'HIDEULFD§£R
2 SRQWR GH LQIOH[£R SURGX§£R GR SULPHLUR FDUUR LPSUHVVR HP
'
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
$LPSUHVV£RHP'RXIDEULFD§£RDGLWLYDFRQVLVWHQDFULD§£RGH
XPREMHWRIVLFRSRULPSUHVV£RFDPDGDVREUHFDPDGDGHXPPRGHOR
RX GHVHQKR GLJLWDO HP ' ,PDJLQHVH FULDQGR XP S£R SHGD§R SRU
SHGD§R $ LPSUHVV£R HP ' SRGHU¡ FULDU SURGXWRV PXLWR FRPSOH[RV
VHPHTXLSDPHQWRVFRPSOH[RV(PFHUWRPRPHQWRGLIHUHQWHVWLSRVGH
PDWHULDLV SRGHU£R VHU XVDGRV QD LPSUHVVRUD ' ȉ FRPR SO¡VWLFR
DOXPQLRD§R LQR[LG¡YHO OLJDV GH FHU¢PLFDVRX DW© PHVPR OLJDV PDLV
FRPSOH[DV ȉ H D LPSUHVVRUD VHU¡ FDSD] GH ID]HU DTXLOR TXH
DQWHULRUPHQWH VRPHQWH VHULD SRVVYHO SRU PHLR GH XPD I¡EULFD
FRPSOHWD (OD M¡ HVW¡ VHQGR XVDGD HP XPD YDULHGDGH GH DSOLFD§µHV
GHVGHDSURGX§£RGHWXUELQDVH³OLFDVDW©EULQTXHGRV
$RORQJRGRWHPSRDVLPSUHVVRUDV'LU£RVXSHUDURVREVW¡FXORV
GDYHORFLGDGHGRVFXVWRVHGRWDPDQKRHVHWRUQDU£RPDLVGLIXQGLGDV
*DUWQHU GHVHQYROYHX XP JU¡ILFR GR Ȑ&LFOR GR K\SHȑ )LJXUD 9,
PRVWUDQGRRVY¡ULRVHVW¡JLRVGDVGLIHUHQWHVFDSDFLGDGHVGDLPSUHVV£R
HP ' VHX LPSDFWR QR PHUFDGR H R XVR TXH D PDLRULD GRV QHJ³FLRV
ID]HPGDWHFQRORJLDTXDQGRHQWUDPQDȐFXUYDGRHVFODUHFLPHQWRȑ
$31',&($08'$1$352)81'$_
,PSDFWRVSRVLWLYRV
ȉ'HVHQYROYLPHQWRDFHOHUDGRGHSURGXWRV
ȉ5HGX§£RGRFLFORSURMHWRPDQXIDWXUD
ȉ 3H§DV FRPSOLFDGDV IDEULFDGDV IDFLOPHQWH LPSRVVYHLV RX
GLIFHLVGHVHUHPIHLWDVDQWHV
ȉ'HPDQGDFUHVFHQWHSRUGHVLJQHUVGHSURGXWRV
ȉ ,QVWLWXL§µHV HGXFDFLRQDLV XWLOL]DQGR D LPSUHVV£R HP ' SDUD
DFHOHUDURDSUHQGL]DGRHRHQWHQGLPHQWR
ȉ 3RGHU GH FULD§£RIDEULFD§£R GHPRFUDWL]DGR OLPLWDGRV VRPHQWH
SHORGHVLJQ
ȉ$IDEULFD§£RWUDGLFLRQDOHPPDVVDUHVSRQGHU¡DHVVHGHVDILRDR
EXVFDU IRUPDV GH UHGX]LU RV FXVWRV H R WDPDQKR GRV FLFORV
PQLPRVGHSURGX§£R
ȉ 0DLRU QºPHUR GH ȐSURMHWRVȑ HP F³GLJRIRQWH DEHUWR SDUD
LPSULPLUY¡ULRVWLSRVGHREMHWRV
ȉ 2 QDVFLPHQWR GH XPD QRYD LQGºVWULD SDUD R IRUQHFLPHQWR GH
PDWHULDLVGHLPSUHVV£R
ȉ$XPHQWRGDVRSRUWXQLGDGHVHPSUHVDULDLVQRHVSD§R
ȉ %HQHIFLRV DPELHQWDLV HP UD]£R GRV UHTXLVLWRV UHGX]LGRV GH
WUDQVSRUWH
,PSDFWRVQHJDWLYRV
ȉ$XPHQWRGRVUHVGXRVSDUDHOLPLQD§£RVREUHFDUUHJDQGRPDLVR
PHLRDPELHQWH
ȉ 3URGX§£R GH SH§DV DQLVRWU³SLFDV QR SURFHVVR GH FDPDGD RX
VHMDHODVQ£RSRVVXHPDPHVPDIRU§DHPWRGDVDVGLUH§µHVLVVR
SRGHOLPLWDUDIXQFLRQDOLGDGHGDVSH§DV
ȉ3HUGDGHWUDEDOKRHPXPDLQGºVWULDGLVUXSWLYD
ȉ $ SULPD]LD GD SURSULHGDGH LQWHOHFWXDO FRPR IRQWH GH YDORU GD
SURGXWLYLGDGH
ȉ3LUDWDULD
ȉ0DUFDHTXDOLGDGHGRSURGXWR
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ $ SRVVLELOLGDGH GH TXDOTXHU LQRYD§£R SRGHU VHU FRSLDGD
LQVWDQWDQHDPHQWH
$PXGDQ§DHPD§£R
$)RUWXQHIH]UHFHQWHPHQWHXPDUHSRUWDJHPVREUHXPH[HPSORGH
LPSUHVV£RHP'
$ WXUELQD Ȑ/($3ȑ GD *HQHUDO (OHFWULF Q£R © DSHQDV XPD GDV
PDLV YHQGLGDV GD HPSUHVD PDV WDPE©P LQFRUSRUD XP LQMHWRU
GH FRPEXVWYHO SURGX]LGR LQWHLUDPHQWH DWUDY©V GD IDEULFD§£R
DGLWLYD 2 SURFHVVR SRSXODUPHQWH FRQKHFLGR FRPR LPSUHVV£R
HP ' HQYROYH D FRQVWUX§£R GH FDPDGDV GH PDWHULDO QHVWH
FDVR OLJDV PHW¡OLFDV GH DFRUGR FRP XP SURMHWR GLJLWDO
SUHFLVR$*(HVW¡DWXDOPHQWHWHUPLQDQGRRVWHVWHVGDVQRYDV
7XUELQDV /($3 PDV DV YDQWDJHQV GD IDEULFD§£R DGLWLYD GH
SH§DVM¡KDYLDPVLGRDWHVWDGDVHPRXWURVPRGHORV
)RQWH$QGUHZ=DOHVNLȐ*(ȍVILUVW'SULQWHGSDUWVWDNHIOLJKWȑ )RUWXQH
PDLR 'LVSRQYHO HP KWWSIRUWXQHFRPJHGSLLQWHGMHW
HQJLQHSDUWV!
0XGDQ§D,PSUHVV£RHP'HVDºGHKXPDQD
2 SRQWR GH LQIOH[£R R SULPHLUR WUDQVSODQWH GH XP IJDGR
LPSUHVVRHP'
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
8P GLD DV LPSUHVVRUDV ' Q£R LU£R FULDU VRPHQWH FRLVDV PDV
WDPE©P ³UJ£RV KXPDQRV ȉ XP SURFHVVR FKDPDGR ELRLPSUHVV£R 'H
IRUPD EDVWDQWH VHPHOKDQWH LPSUHVV£R GH REMHWRV XP ³UJ£R ©
LPSUHVVR FDPDGD SRU FDPDGD D SDUWLU GH XP PRGHOR GLJLWDO HP '
2 PDWHULDO XVDGR SDUD LPSULPLU XP ³UJ£R VHU¡ REYLDPHQWH GLIHUHQWH
GDTXHOH XWLOL]DGR SDUD XPD ELFLFOHWD RV H[SHULPHQWRV V£R IHLWRV FRP
RV WLSRV GH PDWHULDLV TXH SRGHU£R IXQFLRQDU WDO FRPR R S³ GH WLW¢QLR
SDUD ID]HU RVVRV $ LPSUHVV£R HP ' WHP XP JUDQGH SRWHQFLDO SDUD
VHUYLU VQHFHVVLGDGHVSHUVRQDOL]DGDVGRVSURMHWRVHQ£RK¡QDGDPDLV
SHUVRQDOL]DGRTXHXPFRUSRKXPDQR
,PSDFWRVSRVLWLYRV
ȉ $ERUGDU D HVFDVVH] GH ³UJ£RV GRDGRV XPD P©GLD GH
SHVVRDVPRUUHP WRGRV RV GLDV HVSHUD GH WUDQVSODQWHV TXH Q£R
SRGHPRFRUUHUSRUFDXVDGDIDOWDGR³UJ£R
ȉ ,PSUHVV£R GH SU³WHVHV VXEVWLWXL§£R GH SDUWHV GR
FRUSRPHPEURV
ȉ,PSUHVVµHVHIHWXDGDVQRVKRVSLWDLVSDUDWRGRVRVSDFLHQWHVTXH
QHFHVVLWDP GH FLUXUJLD SRU H[HPSOR WDODV JHVVRV LPSODQWHV
SDUDIXVRV
ȉ 0HGLFLQD SHUVRQDOL]DGD D LPSUHVV£R HP ' LU¡ FUHVFHU FRP
PDLRUYHORFLGDGHQDV¡UHDVHPTXHRVFOLHQWHVSUHFLVDPGHXPD
YHUV£R OLJHLUDPHQWH GLIHUHQWH GH XPD SDUWH GR FRUSR SRU
H[HPSORXPDFRURDGHXPGHQWH
ȉ ,PSUHVV£R GH FRPSRQHQWHV GH HTXLSDPHQWRV P©GLFRV TXH V£R
GLIFHLVRXFDURVGHDFKDUSRUH[HPSORWUDQVGXWRUHV
ȉ,PSUHVV£RSRUH[HPSORGHLPSODQWHVGHQW¡ULRVPDUFDSDVVRVH
SLQRV SDUD IUDWXUDV ³VVHDV QRV KRVSLWDLV ORFDLV HP YH] GH
LPSRUW¡ORVUHGX]LQGRDVVLPRFXVWRGDVRSHUD§µHV
ȉ 0XGDQ§DV IXQGDPHQWDLV QRV WHVWHV GH GURJDV TXH SRGHP VHU
IHLWRV HP REMHWRV KXPDQRV UHDLV GDGD D GLVSRQLELOLGDGH GH
³UJ£RVWRWDOPHQWHLPSUHVVRV
ȉ ,PSUHVV£R GH DOLPHQWRV PHOKRUDQGR DVVLP D VHJXUDQ§D
DOLPHQWDU
,PSDFWRVQHJDWLYRV
ȉ 3URGX§£R Q£R FRQWURODGD RX Q£R UHJXODPHQWDGD GH SDUWHV GR
FRUSRKXPDQRHTXLSDPHQWRVP©GLFRVRXGHDOLPHQWRV
ȉ$XPHQWRGRVUHVGXRVSDUDHOLPLQD§£RVREUHFDUUHJDQGRPDLVR
PHLRDPELHQWH
ȉ *UDQGHV GHEDWHV ©WLFRV GHFRUUHQWHV GD LPSUHVV£R GH SDUWHV GR
FRUSRH³UJ£RVTXHPLU¡FRQWURODUDFDSDFLGDGHGHSURGX]LORV"
4XHPLU¡JDUDQWLUDTXDOLGDGHGRV³UJ£RVLPSUHVVRV"
ȉ 'HVLQFHQWLYRV GLVWRUFLGRV SDUD D VDºGH VH WXGR © VXEVWLWXYHO
SRUTXHYLYHUGHIRUPDVDXG¡YHO"
ȉ,PSDFWRQDDJULFXOWXUDGRVDOLPHQWRVLPSUHVVRV
$PXGDQ§DHPD§£R
2 SULPHLUR XVR GH XP LPSODQWH GH FROXQD LPSUHVVD HP ' IRL
UHODWDGRQD3RSXODU6FLHQFH
>(P @ RV P©GLFRV GR 7HUFHLUR +RVSLWDO GD 8QLYHUVLGDGH
GH 3HTXLP FRQVHJXLUDP LPSODQWDU D SULPHLUD VH§£R GH XPD
Y©UWHEUDLPSUHVVDHP'HPXPSDFLHQWHMRYHPSDUDVXEVWLWXLU
XPDY©UWHEUDFDQFHURVDGHVHXSHVFR§R
$ Y©UWHEUD VXEVWLWXWD IRL PRGHODGD D SDUWLU GD Y©UWHEUD
H[LVWHQWHGRPHQLQRIDFLOLWDQGRVXDLQWHJUD§£R
)RQWH /RUHQ *UXVK Ȑ%R\ *LYHQ D ' 3ULQWHG 6SLQH ,PSODQWȑ
3RSXODU 6FLHQFH DJR 'LVSRQYHO HP
KWWSZZZSRSVFIFRPDUWLFOHVGHQFHER\JLYHQGSULQWHGVSLQH
LPSODQW
0XGDQ§D,PSUHVV£RHP'HSURGXWRVGHFRQVXPR
2 SRQWR GH LQIOH[£R GRV SURGXWRV DRV FRQVXPLGRUHV
LPSUHVVRVHP'
$W© GRV HQWUHYLVWDGRV HVSHUDP TXH HVVH SRQWR GH
LQIOH[£RRFRUUD
-¡TXHDLPSUHVV£RHP'SRGHVHUIHLWDSRUTXDOTXHUSHVVRDTXH
WHQKD XPD LPSUHVVRUD ' LVVR FULD RSRUWXQLGDGHV SDUD TXH RV
SURGXWRV FRPXQV GH FRQVXPR VHMDP LPSUHVVRV ORFDOPHQWH H D SHGLGR
GR FOLHQWH HP YH] GH SUHFLVDUHP VHU FRPSUDGRV HP ORMDV $
LPSUHVVRUD ' DFDEDU¡ VHQGR XP VHUYL§R RX DW© PHVPR XP
HOHWURGRP©VWLFR ,VVR UHGX] DLQGD PDLV R FXVWR GH DFHVVR D EHQV GH
FRQVXPRHDXPHQWDDGLVSRQLELOLGDGHGHREMHWRVLPSUHVVRVHP'$V
¡UHDV DWXDLV SDUD D LPSUHVV£R HP ' )LJXUD 9,, LQGLFDP Y¡ULRV
VHWRUHV UHODFLRQDGRV DR GHVHQYROYLPHQWR H SURGX§£R GH SURGXWRV GH
FRQVXPRWHVWHGHFRQFHLWRSURW³WLSRHSURGX§£R
,PSDFWRVSRVLWLYRV
ȉ0DLRUSHUVRQDOL]D§£RGRVSURGXWRVHIDEULFD§£RSHVVRDO
ȉ&ULD§£RGHSURGXWRVGHQLFKRHOXFURVSHODYHQGDGHOHV
ȉ 0DLRU FUHVFLPHQWR GD LPSUHVV£R HP ' QDV ¡UHDV HP TXH RV
FOLHQWHV SRVVXHP QHFHVVLGDGHV OLJHLUDPHQWH GLIHUHQWHV GH XP
SURGXWR ȉ SRU H[HPSOR RV S©V FRP GHWHUPLQDGD IRUPD
SUHFLVDPGHVDSDWRVFRPWDPDQKRVHVSHFILFRV
ȉ 5HGX§£R GRV FXVWRV FRP ORJVWLFD JHUDQGR D SRVVLELOLGDGH GH
HQRUPHVHFRQRPLDV
ȉ &RQWULEXL§£R SDUD PXLWDV DWLYLGDGHV ORFDLV HODERUD§£R GRV
SU³SULRV SURGXWRV HOLPLQDQGR RV FXVWRV GH ORJVWLFD HFRQRPLD
FLUFXODU
,PSDFWRVQHJDWLYRV
ȉ &DGHLD GH VXSULPHQWRV H ORJVWLFD JOREDO H UHJLRQDO PHQRU
GHPDQGDUHVXOWDQGRHPSHUGDVGHHPSUHJR
ȉ &RQWUROH GH DUPDV RSRUWXQLGDGHV SDUD D LPSUHVV£R GH REMHWRV
FRPQYHLVHOHYDGRVGHDEXVRWDLVFRPRDUPDV
ȉ$XPHQWRGRVUHVGXRVSDUDHOLPLQD§£RVREUHFDUUHJDQGRPDLVR
PHLRDPELHQWH
ȉ *UDQGHV UXSWXUDV QRV FRQWUROHV GH SURGX§£R OHLV VREUH R
FRQVXPR EDUUHLUDV FRPHUFLDLV SDWHQWHV LPSRVWRV H RXWUDV
UHVWUL§µHVJRYHUQDPHQWDLVDO©PGDOXWDSDUDVHDGDSWDU
$PXGDQ§DHPD§£R
4XDVH PLO LPSUHVVRUDV ' IRUDP YHQGLGDV QR PXQGR HP
XP DXPHQWR GH GHVGH $ PDLRULD GDV LPSUHVVRUDV
YHQGLGDVFXVWDYDPPHQRVGH86IHHUDPSRUWDQWRDGHTXDGDV
SDUD D XWLOL]D§£R HP ODERUDW³ULRV HVFRODV SHTXHQDV HPSUHVDV GH
PDQXIDWXUDHWF&RPRUHVXOWDGRRWDPDQKRGDLQGºVWULDGHPDWHULDLVH
VHUYL§RVHP'FUHVFHXIRUWHPHQWHSDUD86ELOKµHV
0XGDQ§D6HUHVSURMHWDGRV
2 SRQWR GH LQIOH[£R QDVFLPHQWR GR SULPHLUR VHU KXPDQR FXMR
JHQRPDIRLGLUHWDHGHOLEHUDGDPHQWHHGLWDGR
'HVGH D YLUDGD GR V©FXOR R FXVWR GR VHTXHQFLDPHQWR GH XP
JHQRPD KXPDQR LQWHLUR GLPLQXLX TXDVH VHLV RUGHQV GH PDJQLWXGH 2
SURMHWR JHQRPD KXPDQR JDVWRX 86 ELOKµHV SDUD SURGX]LU R
SULPHLUR JHQRPD LQWHLUR HP (P R FXVWR M¡ KDYLD FDGR
SDUD PLO $WXDOPHQWH RV SHVTXLVDGRUHV SDJDP 86 DRV
ODERUDW³ULRV HVSHFLDOL]DGRV SDUD TXH VHTXHQFLHP R JHQRPD KXPDQR
8PD WHQGªQFLD VHPHOKDQWH RFRUUHX PDLV UHFHQWHPHQWH QD ¡UHD GH
HGL§£R GR JHQRPD FRP R GHVHQYROYLPHQWR GR P©WRGR &5,635&DV
TXHHVW¡VHQGRDPSODPHQWHDGRWDGRHPYLUWXGHGHVXDPDLRUHILF¡FLDH
HILFLªQFLDHPHQRUFXVWRGRTXHDVDERUGDJHQVDQWHULRUHV
$YHUGDGHLUDUHYROX§£RSRUWDQWRQ£RHVW¡QDFDSDFLGDGHUHSHQWLQD
SDUD TXH GHGLFDGRV FLHQWLVWDV HGLWHP RV JHQHV GH SODQWDV H DQLPDLV
PDVQDPDLRUIDFLOLGDGHTXHDVQRYDVWHFQRORJLDVGHVHTXHQFLDPHQWRH
HGL§£R RIHUHFHP DXPHQWDQGR HQRUPHPHQWH R QºPHUR GH
SHVTXLVDGRUHVTXHSRGHU£RUHDOL]DUH[SHULPHQWRV
,PSDFWRVSRVLWLYRV
ȉ0DLRUHVUHQGLPHQWRVDJUFRODVJUD§DVDVHPHQWHVHWUDWDPHQWRV
GHVHPHQWHVSDUDTXHVHMDPPDLVUREXVWDVHILFD]HVH
SURGXWLYDV
ȉ 7HUDSLDV P©GLFDV PDLV HILFD]HV SRU PHLR GH PHGLFLQD
SHUVRQDOL]DGD
ȉ 'LDJQ³VWLFRV P©GLFRV PDLV U¡SLGRV PDLV SUHFLVRV H PHQRV
LQYDVLYRV
ȉ 0DLRUHV QYHLV GH FRPSUHHQV£R GR LPSDFWR KXPDQR VREUH D
QDWXUH]D
ȉ5HGX§£RGDLQFLGªQFLDGHGRHQ§DVJHQ©WLFDVHGRVRIULPHQWR
UHODFLRQDGRDHODV
,PSDFWRVQHJDWLYRV
ȉ5LVFRGHLQWHUD§£RHQWUHDQLPDLVKXPDQRVHGLWDGRVHDVDºGH
KXPDQDGRPHLRDPELHQWH
ȉ'HVLJXDOGDGHH[DFHUEDGDSRUFDXVDGRDOWRFXVWRGHDFHVVR V
WHUDSLDV
ȉ 5HD§£R VRFLDO QHJDWLYD RX UHMHL§£R GD WHFQRORJLD GH HGL§£R
JHQ©WLFD
ȉ8VRLQGHYLGRGRVGDGRVJHQ©WLFRVSRUJRYHUQRVRXHPSUHVDV
ȉ'LYHUJªQFLDVLQWHUQDFLRQDLVVREUHXVR©WLFRGDVWHFQRORJLDVGH
HGL§£RGRJHQRPD
'HVFRQKHFLGRRXSRVLWLYRVHQHJDWLYRV
ȉ$XPHQWRGDORQJHYLGDGH
ȉ'LOHPDV©WLFRVVREUHDQDWXUH]DGDKXPDQLGDGH
ȉ0XGDQ§DVFXOWXUDLV
$PXGDQ§DHPD§£R
(PPDU§R GH FLHQWLVWDV GHUHQRPH SXEOLFDUDP XP DUWLJR QD
UHYLVWD1DWXUHSHGLQGRXPDSDXVDQDHGL§£RGHHPEULµHVKXPDQRVSRU
H[LVWLUHP ȐJUDYHV SUHRFXSD§µHV VREUH DV LPSOLFD§µHV ©WLFDV H GH
VHJXUDQ§DGDSHVTXLVDȑ$SHQDVXPPªVPDLVWDUGHHPDEULOGH
Ȑ3HVTXLVDGRUHV OLGHUDGRV SRU -XQMLX +XDQJ GD 8QLYHUVLGDGH GH <DW
VHQ HP *XDQJ]KRX SXEOLFDUDP R SULPHLUR DUWLJR FLHQWILFR GR PXQGR
VREUHDDOWHUD§£RGR'1$GHHPEULµHVKXPDQRVȑ
)RQWHV 'LVSRQYHLV HP KWWSL?YZZQDWXUHFRPQHZVGRQWHGLWW/KH
KXPDQJHIPOLQH! KWWST]FRPFKLQHVHUHVHDUFKHUVDUH
WKHILUVWWRJHQHWLFDOO\PRGLI\DKXPDQHPEU\R DQGPDQ\VFLHQ¼VWVWKLQN
WKH\YHJRQHWRRIDU! KWWST]FRPFKLQHVHUHVHDUFKHUVDUHWKH
ILUVWWRJHQHWLFDOO\PRGLI\DKXPDQHPEU\RDQGPDQ\VFLHQWLVWVWKLQNWKH\YH
JRQHWRRIDU!
0XGDQ§D1HXURWHFQRORJLDV
2SRQWRGHLQIOH[£RRSULPHLURKXPDQRFRPPHP³ULDWRWDOPHQWH
DUWLILFLDOLPSODQWDGDQRF©UHEUR
1£RK¡¡UHDVGHQRVVDVYLGDVSHVVRDLVHSURILVVLRQDLVTXHQ£RVH
EHQHILFLDULDP SHOD PHOKRU FRPSUHHQV£R VREUH R IXQFLRQDPHQWR GH
QRVVRF©UHEURȉGHIRUPDLQGLYLGXDOHFROHWLYD,VVR©UHVVDOWDGRSHOR
IDWRGHTXHDRORQJRGRVºOWLPRVDQRVHQWUHRVSURJUDPDVGHSHVTXLVD
TXHUHFHEHUDPRVPDLRUHVILQDQFLDPHQWRVQRPXQGRGRLVGHOHVID]HP
SDUWH GD QHXURFLªQFLD R +XPDQ %UDLQ 3URMHFW 3URMHWR &©UHEUR
+XPDQRFRPPDLVGHGH]DQRVHFRPILQDQFLDPHQWRGHȣELOK£RGD
&RPLVV£R (XURSHLD H R SURMHWR GH LQLFLDWLYD GR SUHVLGHQWH 2EDPD
%UDLQ 5HVHDUFK 7KURXJK $GYDQFLQJ ,QQRYDWLYH 1HXURWHFKQRORJLHV
%5$,1 ȉ 3HVTXLVD GR &©UHEUR DWUDY©V GR $YDQ§R GH
1HXURWHFQRORJLDV,QRYDGRUDV(PERUDHVVHVSURJUDPDVFRQFHQWUHPVH
SULQFLSDOPHQWH QD LQYHVWLJD§£R FLHQWILFD H P©GLFD HVWDPRV WDPE©P
WHVWHPXQKDQGRRU¡SLGRFUHVFLPHQWRHLQIOXªQFLDGDVQHXURWHFQRORJLD
IRUDGRVDVSHFWRVFOQLFRVGHQRVVDVYLGDV$QHXURWHFQRORJLDFRQVLVWH
HP PRQLWRUDU D DWLYLGDGH GR F©UHEUR H YHULILFDU FRPR HOH PXGD HRX
UHODFLRQDVHFRPRPXQGR
(P SRU H[HPSOR D SRUWDELOLGDGH H D DFHVVLELOLGDGH GRV
GLVSRVLWLYRV GH FDSWD§£R GDV DWLYLGDGHV FHUHEUDLV ȉ RX QHXUR
KHDGVHWVRTXHM¡FXVWDPHQRVTXHXPFRQVROHGHMRJRVȉRIHUHFHP
SRVVLELOLGDGHVVHP SUHFHGHQWHV H PRVWUDP DOJRTXH DO©P GH VHU XPD
QHXURUUHYROX§£RWDPE©PSRGHU¡FRQVWLWXLUXPDUHYROX§£RVRFLDO
,PSDFWRVSRVLWLYRV
ȉ3HVVRDVFRPGHILFLªQFLDSRGHPDJRUDFRQWURODUPHPEURV
SURW©WLFRVRXFDGHLUDVGHURGDȐFRPVXDVPHQWHVȑ
ȉ 1HXURIHHGEDFN © D SRVVLELOLGDGH GH PRQLWRUDU D DWLYLGDGH GR
F©UHEUR HP WHPSR UHDO H RIHUHFH LQºPHUDV SRVVLELOLGDGHV SDUD
DMXGDU D FRPEDWHU R YFLR SDUD UHJXODU R FRPSRUWDPHQWR
DOLPHQWDU H PHOKRUDU RV GHVHPSHQKRV HVSRUWLYRV H HP VDOD GH
DXOD
ȉ $ FDSDFLGDGH GH FROHWDU SURFHVVDU DUPD]HQDU H FRPSDUDU
JUDQGHV TXDQWLGDGHV GH GDGRV UHODFLRQDGRV V DWLYLGDGHV GR
F©UHEUR QRV SHUPLWH PHOKRUDU D HILFLªQFLD GRV GLDJQ³VWLFRV H
WUDWDPHQWRVGHGLVWºUELRVFHUHEUDLVHTXHVWµHVUHODFLRQDGDVFRP
DVDºGHPHQWDO
ȉ $ OHL GHL[DU¡ GH VHU PDLV JHQ©ULFD H VHU¡ FDSD] GH RIHUHFHU
SURFHVVRV SHUVRQDOL]DGRV VREUH RV FDVRV H DERUGDU TXHVWµHV GH
UHVSRQVDELOLGDGHHPFDVRVFULPLQDLVGHIRUPDGLIHUHQFLDO
ȉ $ SU³[LPD JHUD§£R GH FRPSXWDGRUHV FRP SURMHWR EDVHDGR QDV
FLªQFLDVGRF©UHEURSRGHU¡DUJXPHQWDUSUHYHUHUHDJLUGHIRUPD
VHPHOKDQWH DR F³UWH[ KXPDQR XPD ¡UHD GR F©UHEUR FRQKHFLGD
FRPRVHGHGHLQWHOLJªQFLD
,PSDFWRVQHJDWLYRV
ȉ 'LVFULPLQD§£R FRP EDVH QR F©UHEUR RV LQGLYGXRV Q£R V£R
DSHQDV VHXV F©UHEURV GHVVD IRUPD H[LVWH R ULVFR GH TXH
GHFLVµHV VHMDP WRPDGDV LQGHSHQGHQWHPHQWH GR FRQWH[WR
VHJXQGRDSHQDVRVGDGRVFHUHEUDLVHPFDPSRVTXHY£RGHVGHD
OHL DW© DV GHFLVµHV GH 5+ FRPSRUWDPHQWRV GR FRQVXPLGRU RX
HGXFD§£R
ȉ 0HGR GH TXH SHQVDPHQWRVVRQKRVGHVHMRV VHMDP
GHVFWLSWRJUDIDGRVHGHTXHDSULYDFLGDGHGHL[HGHH[LVWLU
ȉ 0HGR GH D FULDWLYLGDGH RX R WRTXH KXPDQR GHVDSDUHFHUHP
OHQWDPHQWHSULQFLSDOPHQWHSHORH[DJHURVREUHRTXHDVFLªQFLDV
GRF©UHEURV£RFDSD]HVGHID]HU
ȉ7RUQDULQGLVWLQWDDIURQWHLUDHQWUHKRPHPHP¡TXLQD
'HVFRQKHFLGRRXSRVLWLYRHQHJDWLYR
ȉ0XGDQ§DVFXOWXUDLV
ȉ&RPXQLFD§µHVGHVLQFRUSRUDGDV
ȉ0HOKRULDGRGHVHPSHQKR
ȉ $PSOLD§£R GD FDSDFLGDGH FRJQLWLYD KXPDQD TXH GHVHQFDGHDU¡
QRYRVFRPSRUWDPHQWRV
$PXGDQ§DHPD§£R
ȉ$OJRULWPRVGHFRPSXWD§£RFRUWLFDLVM¡FRQVHJXHPOHURVDWXDLV
&$37&+$V WHVWHV DPSODPHQWH XWLOL]DGRV SDUD GLVWLQJXLU HQWUH
VHUHVKXPDQRVHP¡TXLQDV
ȉ $ LQGºVWULD DXWRPRELOVWLFD GHVHQYROYHX VLVWHPDV GH
PRQLWRUDPHQWR GH DWHQ§£R H FRQVFLªQFLD TXH SRGHP SDUDU RV
FDUURVTXDQGRDVSHVVRDVFRPH§DPDDGRUPHFHUQRYRODQWH
ȉ1D&KLQDXPSURJUDPDGHFRPSXWDGRULQWHOLJHQWHIH]SRQWXD§£R
PDLRUTXHPXLWRVKXPDQRVDGXOWRVHPXPWHVWHGH4,
ȉ 2 VXSHUFRPSXWDGRU :DWVRQ GD ,%0 DS³V SHQHLUDU PLOKµHV GH
SURQWX¡ULRV H EDVHV GH GDGRV FRPH§RX D DMXGDU RV P©GLFRV D
HVFROKHUDVRS§µHVGHWUDWDPHQWRGHSDFLHQWHVFRPQHFHVVLGDGHV
FRPSOH[DV
ȉ 6HQVRUHV QHXURP³UILFRV GH LPDJHQV RX VHMD LQVSLUDGRV QD
FRPXQLFD§£R HQWUH R ROKR H R F©UHEUR WHU£R LPSDFWR TXH Y£R
GHVGHRXVRGDEDWHULDDW©DURE³WLFD
ȉ $ QHXURSURVW©WLFD HVW¡ DMXGDQGR DV SHVVRDV FRP GHILFLªQFLD D
FRQWURODUH[RHVTXHOHWRVHPHPEURVDUWLILFLDLV$OJXPDVSHVVRDV
FHJDVSRGHU£RHQ[HUJDUGHQRYR
ȉ 2 SURJUDPD GH 5HVWDXUD§£R GD 0HP³ULD $WLYD 5$0 QD VLJOD
HP LQJOªV GD '$53$ © XP SUHFXUVRU SDUD D UHVWDXUD§£R H
DSHUIHL§RDPHQWRGDPHP³ULD
ȉ 2V VLQWRPDV GH GHSUHVV£R HP FDPXQGRQJRV SRGHULDP VHU
FXUDGRV FRP D UHDWLYD§£R DUWLILFLDO GH OHPEUDQ§DV IHOL]HV
FRQIRUPHHYLGHQFLDGRSRU1HXURFLHQWLVWDVGR0,7
ȉ
)RQWHV 0 'RUDLVZDP\ Ȑ EUDLQ WHFKQRORJLHV WKDW ZLOO VKDSH RXU IXWXUHȑ :RUOG
(FRQRPLF )RUXP $JHQGD DJR 'LVSRQYHO HP
KWWSVDJHQGDZHIRUXPRUJEUDLQWHFKQRORJLHVIXWXUH!$)HUQDQGH] Ȑ
QHXURWHFKQRORJLHV DERXW WR WUDQVIRUP EUDLQ HQKDQFHPHQW DQG EUDLQ KHDOWKȑ 6KDUS
%UDLQV 86$ QRY 'LVSRQYHO HP
KWWSVKDUSEUDLQVFRPEORJOOQHXUR WHFKQRORJLHVDERXWWRWUDQVIRUP
EUDLQHQKDQFHPHQWDQGEUDLQKHDOWK!
1RWDV
2V WHUPRV ȐUXSWXUDȑ H ȐLQRYD§£R GHVFRQWQXDȑ WªP VLGR PXLWR
GLVFXWLGRV HP FUFXORV GH QHJ³FLRV H GH HVWUDW©JLDV GH JHVW£R PDLV
UHFHQWHPHQWH SRU &OD\WRQ 0 &KULVWHQVHQ 0LFKDHO ( 5D\QRU H 5RU\
0F'RQDOG Ȑ:KDW LV 'LVUXSWLYH ,QQRYDWLRQ"ȑ +DUYDUG %XVLQHVV
5HYLHZ GH] 6H SRU XP ODGR UHVSHLWHL DV SUHRFXSD§µHV GR
SURIHVVRU &KULVWHQVHQ H VHXV FROHJDV SHODV GHILQL§µHV HPSUHJXHL
VLJQLILFDGRVPDLVDPSORVQHVWHOLYUR
(ULN %U\QMROIVVRQ H $QGUHZ 0F$IHH 7KH 6HFRQG 0DFKLQH $JH
:RUN3URJUHVVDQG3URVSHULW\LQD7LPHRI%ULOOLDQW7HFKQRORJLHV:
:1RUWRQ &RPSDQ\
-DPHV 0DQ\LND H 0LFKDHO &KXL Ȑ'LJLWDO (UD %ULQJV +\SHUVFDOH
&KDOOHQJHVȑ7KH)LQDQFLDO7LPHVDJR
$GHVLJQHUHDUTXLWHWD1RUL2[PDQRIHUHFHXPH[HPSORIDVFLQDQWH
GR TXH DFDEHL GH GHVFUHYHU 6HX ODERUDW³ULR GH SHVTXLVDV IXQFLRQD
FRP R FUX]DPHQWR HQWUH GHVHQKR FRPSXWDFLRQDO IDEULFD§£R DGLWLYD
HQJHQKDULDGHPDWHULDLVHELRORJLDVLQW©WLFD'LVSRQYHOHP
KWWSVZZZ7HGFRP7DONVQHULBR[PDQBGHVLJQBDWBWKHBLQWHUVHFWLRQBRIBWHFKQRORJ\BDQGBELR
&DUL %HQHGLNW )UH\ H 0LFKDHO 2VERUQH FRP FRQWULEXL§µHV GH &LWL
5HVHDUFK Ȑ7HFKQRORJ\ DW :RUN ȉ WKH )XWXUH RI ,QQRYDWLRQ DQG
(PSOR\PHQWȑ 2[IRUG 0DUWLQ 6FKRRO DQG &LWL IHY 'LVSRQYHO
HP
KWWSVLUFLWLFRPMRZ*L,Z)R/UN'$%OG,O8)<8(S:3LIRZJ)+PH2N<
dL16H=Z:(Y3H]J<(=;P[V)0HTOJF'
'DYLG,VDLDKȐ$XWRPRWLYH*UDGH*UDSKHQHWKH&ORFNLV7LFNLQJȑ
$XWRPRWLYH:RUOGDJR'LVSRQYHOHP
KWWSZZZDXWRPRWLYHZRUOGFRPDQDO\VLVDXWRPRWLYHJUDGHJUDSKHQH
FORFNWLFNLQJ
6DUDK/DVNRZȐ7KH6WURQJHVW0RVW([SHQVLYH0DWHULDORQ(DUWKȑ
7KH $WODQWLF 'LVSRQYHO HP
KWWSZZZWKHDWODQWLFFRPWHFKQRORJ\DUFKLYHWKHVWURQJHVW
PRVWH[SHQVLYHPDWHULDORQHDUWK
$OJXPDV GDV WHFQRORJLDV V£R GHVFULWDV FRP PDLV GHWDOKHV HP
%HUQDUG 0H\HUVRQ Ȑ7RS 7HFKQRORJLHV RI ȑ 0HWD&RXQFLO RQ
(PHUJLQJ 7HFKQRORJLHV :RUOG (FRQRPLF )RUXP PDU
'LVSRQYHOHP
KWWSVDJHQGDZHIRUXPRUJWRSHPHUJLQJWHFKQRORJLHVRI
7RP*RRGZLQȐ,QWKH$JHRI'LVLQWHUPHGLDWLRQWKH%DWWOHLVDOOIRU
WKH &RQVXPHU ,QWHUIDFHȑ 7HFK&UXQFE PDU 'LVSRQYHO HP
KWWSWHFKFUXQFKFRPLQWKHDJHRI GLVLQWHUPHGLDWLRQWKH
EDWWOHLVDOOIRUWKHFXVWRPHULQWHUIDFH
. $ :HWWHUVWUDQG Ȑ'1$ 6HTXHQFLQJ &RVWV 'DWD IIRP WKH
1+*5, *HQRPH 6HTXHQFLQJ 3URJUDP *63ȑ 1DWLRQDO +XPDQ
*HQRPH 5HVHDUFK ,QVWLWXWH RXW 'LVSRQYHO HP KWWS
ZZZJHQRPHJRYVHTXHQFLQJFRVWV!
$ULDQD(XQMXQJ&KDȐ:DWVRQȍV1H[W)HDW"7DNLQJRQ&DQFHUȑ7KH
:DVKLQJWRQ 3RVW MXQ 'LVSRQYHO HP
KWWSZZZZDVKLQJWRQSRVWFRPVIQDWLRQDOZDWVRQVQH[W
IHDWWDNLQJRQFDQFHU
-DFRE * )RVWHU $QGUH\ 5]KHWVN\ H -DPHV $ (YDQV Ȑ7UDGLWLRQ
DQG ,QQRYDWLRQ LQ 6FLHQWLVWVȍ 5HVHDUFK 6WUDWHJLHVȑ $PHULFDQ
6RFLRORJLFDO 5HYLHZ S RXW 'LVSRQYHO HP
KWWSZZZNQRZOHGJHODERUJGRFVSGI
0LNH5DPVD\H'RXJODV&DFPLOODQȐ&DUQHJLH0HOORQ5HHOV$IWHU
8EHU/XUHV$ZD\5HVHDUFKHUVȑ:DOO6WUHHW-RXUQDOPDLRGH
'LVSRQYHO HP KWWSZZZZVMFRPDUWLFOHVLVXEHUDIULHQGRUIRHRI
FDUQHJLHPHOORQLQURERWLFV
)³UXP (FRQ´PLFR 0XQGLDO 'HHS 6ELIWȉ 7HFKQRORJ\ 7LSSLQJ
3RLQWVDQG6RFLHWDO,PSDFW*OREDO$JHQGD&RLPHLORQWKH)XWXUHRI
6RIWZDUHDQG6RFLHL\VHW
3DUDREWHUPDLVGHWDOKHVVREUHDPHWRGRORJLDGHSHVTXLVDFRQVXOWH
DVS¡JLQDVHGRUHODW³ULRUHIHULGRQDQRWDDQWHULRU
8.2IILFHRI1DWLRQDO6WDWLVWLFVȐ6XUYLYLQJWR$JHȑGH]
'LVSRQYHO HP
KWWSZZZRQVJRYXNRQVUHOOLIHWDEOHVKLVWRULFDQGSURMHFWHGGDWD
IURPWKHSHULRGDQGFRKRUW 8IHWDEOHVEDVHGLQIRVXUYLYLQJWR
DJHKWWQO!
7KH &RQIHUHQFH %RDUG 3URGXFWLYLW\ %ULHI 'H DFRUGR
FRPGDGRVFRPSLODGRVSHOR7KH&RQIHUHQFH%RDUGRFUHVFLPHQWRGD
SURGXWLYLGDGH
Ȑ3URGXFWLYLW\&KDQJHLQGLH1RQIDUP%XVLQHVV6HFWRUȑ
GR 'HSDUWDPHQWR GH (VWDWVWLFDV GR 7UDEDOKR 'HSDUWDPHQWR GR
7UDEDOKR GRV (VWDGRV 8QLGRV 'LVSRQYHO HP KWWS
ZZZEOVJRYOSFSURG\EDUKWP!
Ȑ3UHOLPLQDU\ 0XOWLIDFWRU 3URGXFWLYLW\ 7UHQGV ȑ
'HSDUWDPHQWR GH (VWDWVWLFDV GR 7UDEDOKR GR 'HSDUWDPHQWR GR
7UDEDOKR GRV (VWDGRV 8QLGRV MXQ 'LVSRQYHO HP
KWWSZZZEOVJRYQHZVUHOHDVHSURGQUKWP
2(&' Ȑ7KH )XWXUH RI 3URGXFWLYLW\ȑ MXQ 'LVSRQYHO HP
KWWSZZZRHFGRUJHFR JURZWK7KHIXWXUHRISURGXFWLYLW\SROLF\
QRWH-XO\SGI! 8PD EUHYH GLVFXVV£R VREUH D GHVDFHOHUD§£R GD
SURGXWLYLGDGH GRV (VWDGRV 8QLGRV SRGH VHU HQFRQWUDGD HP -RKQ
)HUQDOGH%LQJ:DQJȐ7KH5HFHQW5LVHDQG)DOORI5DSLG3URGXFWLYLW\
*URZWKȑ )HGHUDO 5HVHUYH %DQN RI 6DQ )UDQFLVFR IHY
'LVSRQYHO HP KWWSZZZIUEVIRUJHFRQRPLF
UHVHDUFKSXEOLFDWLRQVHFRQRPLFOHWWHUIHEUXDU\HFRQRPLFJURZWK
LQIRUPDWLRQWHFKQRORJ\IDFWRUSURGXFWLYLW\
2 HFRQRPLVWD %UDG 'H/RQJ ODQ§D R DUJXPHQWR HP - %UDGIRUG
'H/RQJ Ȑ0DNLQJ 'R :LGL 0RUHȑ 3URMHFW 6\QGLFDWH IHY
'LVSRQYHO HP KWWSZZZSURMHFWV\QGLFDWHRUJFRPPHQWDU\DEXQGDQFH
ZLWKRXWOLYLQJVWDQGDUGVJURZWKE\MEUDGIRUGGHORQJ
-RKQ 0D\QDUG .H\QHV Ȑ(FRQRPLF 3RVVLELOLWLHV IRU RXU
*UDQGFKLOGUHQȑ(VVD\VLQ3HUVXDVLRQ+DUFRXUW%UDFH
&DUL %HQHGLNW )UH\ H 0LFKDHO 2VERUQH Ȑ7KH )XWXUH RI
(PSOR\PHQW+RZ6XVFHSWLEOH$UH-REVWR&RPSXWHQVDWLRQ"ȑ2[IRUG
0DUWLQ 6FKRRO 3URJUDPPH RQ GLH ,PSDFWV RI )XWXUH 7HFKQRORJ\
8QLYHUVLW\ RI 2[IRUG VHW 'LVSRQYHO HP
KWWSZZZR[IRUGPDUWLQR[DFXNGRZQORDGVDFDGHPLF7KHB)XWXUHBRIB(PSOR\PHQ
6KHOOH\ 3RGROQ\ Ȑ,I DQ $OJRULWKP :URWH 7KLV +RZ :RXOG <RX
(YHQ .QRZ"ȑ 7KH 1HZ <RUN 7LPHV PDU 'LVSRQYHO FP
KWWSZZZQ\WLPHVFRPRSLQLRQVXQGD\ LIDQDOJRULWKP
ZURWHWKLVKRZZRXOG\RXHYHQNQRZKWPO"BU
0DUWLQ)RUG5LVHRIWKH5RERWV%DVLF%RRNV
'DQLHO 3LQN )UHH $JHQW 1DWLRQ ȉ WKH )XWXUH RI :RUNLQJ IRU
<RXUVHOI*UDQG&HQWUDO3XEOLVKLQJ
&LWDGRHP)DUKDG0DQMRRȐ8EHUȍV%XVLQHVV0RGHOFRXOG&KDQJH
\RXU:RUNȑ7KH1HZ<RUN7LPHVMDQ
&LWDGRHP6DUDK2ȍ&RQQRUȐ7KH+XPDQ&ORXGD1HZ:RUOGRI
:RUNȑ7KH)LQDQFLDO7LPHV
RXW
/\QGD *UDWWRQ 7KH 6KLIW WKH )XWXUH RI :RUN LV $OUHDG\ +HUH
&ROOLQV
5%XFNPLQVWHU)XOOHUH(-$SSOHZKLWH6\QHUJHWLFV([SORUDWLRQV
LQWKH*HRPHWU\RI7KLQNLQJ0DFPLOODQ
(ULF.QLJKWȐ7KH$UWRI&RUSRUDWH(QGXUDQFHȑ+DUYDUG%XVLQHVV
5HYLHZDEU'LVSRQYHOHPKWWSVKEURUJWKHDUWRI
FRUSRUDWHHQGXUDQFH
9HQWXUH%HDW Ȑ:KDWV$SS QRZ +DV 0 /,VHUV 6HQGLQJ %
0HVVDJHVSHW'D\ȑMDQ'LVSRQYHOHP
KWWSYHQWXUHEHDWFRP ZKDWVDSSQRZKDVPXVHUVVHQGLQJ
EPHVVDJHVSHUGD\
0LWHN H =RJE\ $QDO\WLFV 0LOOHQQLDO 6WXG\ VHW
'LVSRQYHO HP
KWWSVZYYZPLWHNV\VWHPVFRPVLWHVGHIDXOWILLOHV'RFXPHQWV]RJE\B)LQDOBHPEDUJ
*LOOLDQ :RQJ Ȑ$OLEDED 7RSV 6LQJOHVȍ 'D\ 6DOHV 5HFRUG 'HVSLWH
6ORZLQJ &KLQD (FRQRP\ȑ 7KH :DOO 6WUHHW -RXUQDO QRY
'LVSRQYHOHPKWWSZZZZVMFRPDUWLFOHVDOLEDEDVPDVKHVVLQJOHV
GD\VDOHVUHFRUG
Ȑ7KH 0RELOH (FRQRP\ 6XE6DKDUDQ $IULFD ȑ *60
$VVRFLDWLRQ 'LVSRQYHO HP
KWWSZZZJVPDPRELOHHFRQRP\DIULFDFRP*60$B0(B6XE6DKDUDQ$IULFDB:HEB6
SGI
7HQFHQWȐ$QQRXQFHPHQWRI5HVXOWVIRUWKH7KUHHDQG1LQH0RQWKV
(QGHG 6HSWHPEHU ȑ 'LVSRQYHO HP
KWWSZZZWHQFHQWFRPHQXVFRQWHQWLUDQDWWDFKPHQWV
SGI
0,7Ȑ7KH8SVDQG'RZQVRI'\QDPLF3ULFLQJȑLQQRYDWLRQ#ZRUN
%ORJ 0,7 6ORDQ ([HFXWLYH (GXFDWLRQ RXW 'LVSRQYHO HP
KWWSH[HFXWLYHPLWHGXEORJWKHXSVDQGGRZQVRIG\QDPLFSULFLQJ
9*\$BQ)E8
*LOHV7XUQHUȐ&\EHUVHFXULW\,QGH[%HDW6 3E\+HUHȍV
:K\ LQ &KDUWVȑ 0RQH\ %HDW 7KH :DOO 6WUHHW -RXUQDO VHW
'LVSRQYHO HP
KWWSEORJVZVMFRPPRQH\EHDWF\EHUVHFXLLW\LQGH[EHDWV
VSE\KHUHVZK\LQFKDUWV
,%0 Ȑ5HGHILQLQJ %RXQGDULHV ,QVLJKWV IURP WKH *OREDO &6XLWH
6WXG\ȑ QRY 'LVSRQYHO HP KWWSZZZ
LEPFRPVHUYLFHVFVXLWHVWXG\
*OREDO H6XVWDLQDELOLW\ ,QLWLDWLYH DQG 7KH %RVWRQ &RQVXOWLQJ
*URXS ,QF Ȑ*H6, 60$57HU WKH 5ROH RI ,&7 LQ 'ULYLQJ D
6XVWDLQDEOH )XWXUHȑ GH] 'LVSRQYHO HP KWWSJHVLRUJ
60$57HU
0RLV©V1DLP7KH(QGRI3RZHUIURP%RDUGURRPVWR%DWWOHILHOGV
DQG &KXUFKHV WR 6WDWHV :K\ %HLQJ LQ &KDUJH ,VQȍW :KDW ,W 8VHG WR
%H %DVLF %RRNV 2 OLYUR DWULEXL R ILP GR SRGHU D WUªV
UHYROX§µHV D UHYROX§£R GR ȐPDLVȑ D UHYROX§£R GD PRELOLGDGH H D
UHYROX§£R GD PHQWDOLGDGH ERP WHU FXLGDGR SDUD Q£R LGHQWLILFDU R
SDSHO GD WHFQRORJLD GD LQIRUPD§£R FRPR SUHGRPLQDQWH PDV Q£R K¡
GºYLGD GH TXH DV UHYROX§µHV GR ȐPDLVȑ GD PRELOLGDGH H GD
PHQWDOLGDGH GHYHP PXLWR HUD GLJLWDO H GLIXV£R GH QRYDV
WHFQRORJLDV
$ DILUPD§£R © IHLWD H GHVHQYROYLGD FP Ȑ7KH 0LGGOH .LQJGRP
*DODSDJRV ,VODQG 6\QGURPH WKH &XO'H6DF RI &KLQHVH 7HFKQRORJ\
6WDQGDUGVȑ ,QIRUPDWLRQ 7HFKQRORJ\ DQG ,QQRYDWLRQ )RXQGDWLRQ ,7,)
GH] 'LVSRQYHO HP
KWWSZZZLWLIRUJSXEOLFDWLRQV PLGGOHNLQJGRP
JDODSDJRVLVODQGV\QGURPHFXOGHVDFFKLQHVHWHFKQRORJ\
Ȑ,QQRYDWLRQ 8QLRQ 6FRUHERDUG ȑ (XU³SHDQ &RPPLVVLRQ
'LVSRQYHO HP
KWWSHFHXURSDHXJURZWKLQGXVWU\LQQRYDWLRQIDFWV
ILJXUHVVFRUHERDUGVILOHVLXVBHQSGI$ DYDOLD§£R XWLOL]DGD QR
,QQRYDWLRQ 8QLRQ 6FRUHERDUG ,86 3DLQHO GD 8QL£R GD ,QRYD§£R
GLVWLQJXHHQWUHWUªVWLSRVSULQFLSDLVGHLQGLFDGRUHVHRLWRGLPHQVµHVGH
LQRYD§£R VRPDQGR GLIHUHQWHV LQGLFDGRUHV 2V ȐYLDELOL]DGRUHVȑ
FDSWXUDP RV SULQFLSDLV IDWRUHV GR GHVHPSHQKR LQRYDGRU H[WHUQRV
HPSUHVD TXH FREUHP WUªV GLPHQVµHV GD LQRYD§£R UHFXUVRV KXPDQRV
VLVWHPDV GH SHVTXLVD DEHUWRV FRP H[FHOªQFLD H DWUDHQWHV H
ILQDQFLDPHQWR H DSRLR $V ȐDWLYLGDGHV GDV HPSUHVDVȑ FDSWXUDP RV
HVIRU§RVGHLQRYD§£RGDVHPSUHVDVHXURSHLDVHVW£RDJUXSDGDVHPWUªV
GLPHQVµHV GH LQRYD§£R LQYHVWLPHQWRV OLJD§µHV H HPSUHHQGHGRULVPR
HRVDWLYRVLQWHOHFWXDLVȐ5HVXOWDGRVȑFREUHPRVHIHLWRVGDVDWLYLGDGHV
LQRYDGRUDV GDV HPSUHVDV HP GXDV GLPHQVµHV GH LQRYD§£R RV
LQRYDGRUHVHRVHIHLWRVHFRQ´PLFRV
)³UXP (FRQ´PLFR 0XQGLDO &ROODERUDWLRQ ,QQRYDWLRQ ȉ
7UDQVIRUPLQJ%XVLQHVV'ULYLQJ*URZWKDJR'LVSRQYHOHP
KWWSZZZZHIRUXPRUJGRFV:()B&ROODERUDWLYHB,QQRYDWLRQBUHSRUWBSGI
)³UXP (FRQ´PLFR 0XQGLDO *OREDO ,QIRUPDWLRQ 7HFKQRORJ\
5HSRUW ,&7V IRU ,QFOXVLYH *URZWK 6RXPLWUD 'XWWD 7KLHUU\
*HLJHUH%UXQR/DQYLQHGV
)³UXP(FRQ´PLFR0XQGLDO'DWD'ULYHQ'HYHORSPHQW3DWKZD\V
IRU3URJUHVVMDQ'LVSRQYHOHP
KWWSZZZZHIRUXPRUJGRFV:()86$B'DWD'ULYHQ'HYHORSPHQWB5HSRUWSG
7RP 6DXQGHUV H 3HWHU %DHFN Ȑ5HWKLQNLQJ 6PDUW &LWLHV )URP WKH
*URXQG8Sȑ1HVWDMXQ'LVSRQYHOHP
KWWSVZZZQHVWDRUJXNVLWHVGHIDXOWILOHVUHWKLQNLQJBVPDUWBFLWLHVBIURPB
WKHBJURXQGBXSBSGI
&DUROLQD0RUHQRȐ0HGHOOLQ&RORPELD1DPHGȌ,QQRYDWLYH&LW\2I
7KH <HDUȍ ,Q :6- $QG &LWL *OREDO &RPSHWLWLRQȑ +XIILQJWRQ 3RVW
PDU 'LVSRQYHO HP KWWSZZZKXIILQJWRQSRVW
FRPPHGHOOLQQDPHGLQQRYDWLYHFLW\RIWKH
\HDUBQBKWPO
)³UXP (FRQ´PLFR 0XQGLDO 7RS 7HQ 8UEDQ ,QQRYDWLRQV *OREDO
$JHQGD&RXQFLORQWKH)XWXUHRI&LWLHVRXW'LVSRQYHOHP
KWWSZZZZHIRUXPRUJGRFV7RSBB(PHUJLQJB8UEDQB
,QQRYDWLRQVBUHSRUWBBSGI
$OH[/HYHULQJKDXVH*LOOHV*LDFFDȐ5RER:DUVȉWKH5HJXODWLRQ
RI5RERWLF:HDSRQVȑ7KH2[IRUG,QVWLWXWHIRU(WKLFV/DZDQG$UPHG
&RQIOLFW 7KH 2[IRUG 0DUWLQ 3URJUDPPH RQ +XPDQ 5LJKWV IRU )XWXUH
*HQHUDWLRQV H D 2[IRUG 0DUWLQ 6FKRRO 'LVSRQYHO HP KWWS
ZZZR[IRUGPDUWLQR[DFXNGRZQORDGVEULHILQJV5RER:DUVSGI
-DPHV*LRUGDQRFLWDGRSRU7RP5HTXDUWKHPȐ7KLVLV<RXU%UDLQ
7KLV LV <RXU %UDLQ DV D :HDSRQȑ )RUHLJQ 3ROLF\ VHW
'LVSRQYHOHPKWWSIRUHLJQSROLF\FRPWKLVLV\RXUEUDLQ
WKLVLV\RXUEUDLQDVDZHDSRQGDUSDGXDOXVHQHXURVFLHQFH
0DQXHO&DVWHOOVȐ7KH,PSDFWRIWKH,QWHUQHWRQ6RFLHW\D*OREDO
3HUVSHFWLYHȑ0,77HFKQRORJ\5HYLHZVHW'LVSRQYHOHP
KWWSZZZWHFKQRORJ\UHYLHZFRPYLHZWKHLPSDFWRIWKH
LQWHUQHWRQVRFLHW\DJOREDOSHUVSHFWLYH
&UHGLW 6XLVVH *OREDO :HDOWK 5HSRUW RXW 'LVSRQYHO
HP KWWSSXEOLFDWLRQVFUHGLWVXLVVHFRPWDVNVUHQGHUILOHLQGH[FIP"
ILOHLG )'&$%($'$)'(
2(&'Ȑ'LYLGHG:H6WDQG:K\,QHTXDOLW\.HHSV5LVLQJȑ
'LVSRQYHOHPKWWSZZRHFGRUJHOVVRFSGI
)UHGHULFN 6ROW Ȑ7KH 6WDQGDUGL]HG :RUOG ,QFRPH ,QHTXDOLW\
'DWDEDVHȑ SDSHU HP DQGDPHQWR 6:,,' 9HUV£R RXW
'LVSRQYHOHPKWWSP\ZHEXLRZDHGXIVROWVZLLGVZLLGKWPO
5LFKDUG :LONLQVRQ H .DWH 3LFNHWW 7KH 6SLULW /HYHO :K\ *UHDWHU
(TXDOLW\0DNHV6RFLHWLHV6WURQJHU%ORRPVEXU\3UHVV
6HDQ ) 5HDUGRQ H .HQGUD %LVFKRII Ȑ0RUH 8QHTXDO DQG 0RUH
6HSDUDWH*URZWKLQWKH5HVLGHQWLDO6HJUHJDWLRQRI)DPLOLHVE\,QFRPH
ȑ 86 3URMHFW 'LVSRQYHO HP
KWWSZZZVEURZQHGXXV3URMHFWV5HSRL
WVKWP
KWWSFHSDVWDQIRUGHGXFRQWHQWPRUHXQHTXDODQGPRUHVHSDUDWH
JURZWKUHVLGHQWLDOVHJUHJDWLRQIDPLOLHVLQFRPH
(OHDQRU *ROGEHUJ Ȑ)DFHERRN *RRJOH DUH 6DYLQJ 5HIXJHHV DQG
0LJUDQWV IURP 7UDIILFNHUVȑ +DIILQJWRQ 3RVW VHW 'LVSRQYHO
HP KWWSZZZOLXIILQJWRQSRVWFRPHQWU\IDFHERRNJRRJOHPDSV
UHIXJHHVPLJUDQWVBIODFDHEHHD
5REHUW0%RQG&KULVWRSKHU-)DULVV-DVRQ--RQHV$GDP',
.UDPHU&DPHURQ0DUORZ-DLPH(6HWWOHH-DPHV+)RZOHUȐ$
PLOOLRQSHUVRQ H[SHULPHQW LQ VRFLDO LQIOXHQFH DQG SROLWLFDO
PRELOL]DWLRQȑ 1DWXUH VHW RQOLQH 'LVSRQYHO HP
KWWSZZZQDWXUHFRPQDWXUHMRXUQDOYQIXOOQDWXUHKWPO
6WHSKHQ +DZNLQJ 6WXDUW 5XVVHOO 0D[ 7HJPDUN )UDQN :LOF]HN
Ȑ6WHSKHQ +DZNLQJ Ȍ7UDQVFHQGHQFH /RRNV DW WKH ,PSOLFDWLRQV RI
$UWLILFLDO ,QWHOOLJHQFH ȉ EXW $UH :H 7DNLQJ $, 6HULRXVO\ (QRXJK"ȑ
7KH ,QGHSHQGHQW PDLR 'LVSRQYHO HP
KWWSZZZLQGHSHQGHQWFRXNQHZVVFLHQFHVWHSKHQKDZNLQJ
WUDQVFHQGHQFHORRNVDWGLHLPSOLFDWLRQVRIDUWLILFLDOLQWHOOLJHQFHEXW
DUHZHWDNLQJKWPO
*UHJ %URFNPDQ ,O\D 6XWVNHYHU H 7KH 2SHQ$, WHDP Ȑ,QWURGXFLQJ
2SHQ$,ȑ GH] 'LVSRQYHO HP
KWWSVRSHQDLFRPEORJLQWURGXFLQJRSHQDL
6WHYHQ /HY\ Ȑ+RZ (ORQ 0XVN DQG < &RPELQDWRU 3ODQ WR 6WRS
&RPSXWHUV)URP7DNLQJ2YHUȑGH]'LVSRQYHOHP
KWWSVPFGLXPFRPEDFNFKDQQHOKRZHORQPXVNDQG\FRPELQDWRU
SODQWRVWRSFRPSXWHUVIURPWDNLQJRYHUHHGGDTMMQSFM
6DUD .RQUDWK (GZDUG 2ȍ%ULHQ H &RXUWQH\ +VLQJ Ȑ&KDQJHV LQ
'LVSRVLWLRQDO HPSDWK\ LQ $PHULFDQ &ROOHJH 6WXGHQWV 2YHU WLPH D
0HWDDQDO\VLVȑ3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\5HYLHZ
&LWDGR HP 6LPRQ .XSHU Ȑ/RJ 2XW 6ZLWFK 2II -RLQ LQȑ )7
0DJD]LQH RXW 'LVSRQYHO HP
KWWSZZZIWFRPLQWOFPVVIFIFHEOOHG
DDIKWPO
6KHUU\ 7XUNOH 5HFODLPLQJ &RQYHUVDWLRQ WKH 3RZHU RI 7DON LQ D
'LJLWDO$JH3HQJXLQ
1LFKRODV &DUW 7KH 6KDOORZV +RZ WKH ,QWHUQHW LV &KDQJLQJ WKH
:D\:H7KLQN5HDGDQG5HPHPEHU$WODQWLF%RRNV
3LFR ,\HU 7KH $UW RI 6WLOOQHVV $GYHQWXUHV LQ *RLQJ 1RZKHUH
6LPRQDQG6FKXVWHU
&LWDGRHP(OL]DEHWK6HJUDQȐ7KH(WKLFDO4XDQGDULHV<RX6KRXOG
7KLQN$ERXWWKH1H[W7LPH<RX/RRNDW<RXU3KRQHȑ)DVW&RPSDQ\
RXW 'LVSRQYHO HP
KWWSZZZIDVWFRPSDQ\FRPPRVWFUHDWLYHSHRSOHWKH
HWKLFDOTXDQGDULHV\RXVKRXOGWKLQNDERXWWKHQH[WWLUQH\RXORRNDW
$ H[SUHVV£R ȐLQWHOLJªQFLD FRQWH[WXDLȑ IRL FXQKDGD SRU 1LKWLQ
1RKULD Y¡ULRV DQRV DQWHV GH VH WRUQDU R GHFDQR GD +DUYDUG %XVLQHVV
6FKRRO
.ODXV6FKZDE0RGHUQH8QWHUQHKPHQVILLEUXQJLP0DVFKLQHQEDX
0RGHP (QWHUSULVH 0DQDJHPHQW LQ 0HFKDQLFDO (QJLQHHULQJ
9'0$
&LWDGR HP 3HWHU 6QRZ 7KH +XPDQ 3V\FKH LQ /RYH :DU
(QOLJKWHQPHQW%RRODURQJ3UHVV
'DQLHO *ROHPDQ Ȑ:KDW 0DNHV $ /HDGHU3ȑ +DUYDUG %XVLQHVV
5HYLHZ MDQ 'LVSRQYHO HP KWWSVKEU RUJZKDW
PDNHVDOHDGHU
5DLQHU0DULD5LONH/HWWHUVWRD<RXQJ3RHW,QVHO9HUODJ
9ROWDLUH HVFUHYHX HP IUDQFªV Ȑ/H GRXWH QȍHVW SDV XQH FRQGLWLRQ
DJU©DEOH PDLV OD FHUWLWXGH HVW DEVXUGHȑ Ȑ2Q WKH 6RXO DQG *RGȑ
FDUWDSDUD)UHGHULFN:LOOLDP3UQFLSHGD3UºVVLDQRY,Q6
*7DOOHQW\UHWUDG9ROWDLUHLQ+LV/HWWHUV%HLQJD6HOHFWLRQIURP+LV
&RUUHVSRQGHQFH*33XWQDPȍV6RQV
0DUWLQ1RZDNFRP5RJHU+LJKILHOG6XSHU&RRSHUDWRUV$OWUXLVP
(YROXWLRQ DQG :K\ :H 1HHG (DFK 2WKHU WR 6XFFHHG )UHH 3UHVV
)³UXP (FRQ´PLFR 0XQGLDO 'HHS 6KLIWȉ 7HFKQRORJ\ 7LSSLQJ
3RLQWVDQG6RFLHWDO,PSDFW6XUYH\5HSRUW*OREDO$JHQGD&RXQFLORQ
WKH)XWXUHRI6RIWZDUHDQG6RFLHW\QRY
7RPHLHPSUHVWDGRRFRQFHLWRGRVLWH\HOSFRPHPTXHDVSHVVRDV
VHULDP FDSD]HV GH RIHUHFHU FRPHQW¡ULRV GLUHWDPHQWH SDUD RV RXWURV H
HVVDV FUWLFDV VHULDP JUDYDGDV HRX FRPSDUWLOKDGDV RQOLQH DWUDY©V GH
FKLSVLPSODQWDGRV
Ȑ&¢PDUD GH HFRȑ V£R DV SHVVRDV TXH FRQFRUGDP FRP RV RXWURV
VHP ID]HU TXHVWLRQDPHQWRV RX TXH UHSHWHP R TXH GL]HP VHP SHQVDU
RXTXHVWLRQDU
,QWHUQHW OLYH VWDWV Ȑ,QWHUQHW XVHUV LQ WKH ZRUOGȑ 'LVSRQYHLV HP
KWWSZZZLQWHUQHWOLYHVWDWV FRPLQWHUQHWXVHUV
KWWSZZZZRUOGRPHWHUVLQOGZRUOGSRSXODWLRQ
Ȑ*DUWQHU 6D\V :RUOGZLGH 7UDGLWLRQDO 3& 7DEOHW 8OWUDPRELOH DQG
0RELOH3KRQH6KLSPHQWVWR*URZ3HUFHQWLQȑ*DUWQHUMXQ
'LVSRQYHOHPKWWSZZZJDUWQHUFRPQHZVURRPLG
Ȑ1XPEHURI6PDUWSKRQHV6ROGWR(QG8VHUV:RUOGZLGHIURP
WRLQ0LOOLRQ8QLWVȑVWDWLVWD'LVSRQYHOHP
KWWSZZZVWDWLVWDFRPVWDWLVWLFVJOREDOVPDUWSKRQH VDOHVWR
HQGXVHUVVLQFH
/HY*URVVPDQȐ,QVLGH)DFHERRNȍV3ODQWR:LUHWLUH:RUOGȑ7LPH
GH]'LVSRQYHOHPKWWSWLPHFRPIDFHERRNZRUOGSODQ
Ȑ2QH <HDU ,Q ,QWHUQHWRUJ )UHH %DVLF 6HUYLFHVȑ )DFHERRN
1HZVURRPMXO'LVSRQYHOHP
KWWSQHZVURRP IEFRPQHZVRQH\HDULQLQWHUQHWRUJIUHH
EDVLFVHUYLFHV
8GL0DQEHUH3HWHU1RUYLJȐ7KH3RZHURIWKH$SROOR0LVVLRQVLQ
D 6LQJOH *RRJOH 6HDUFKȑ *RRJOH ,QVLGH 6HDUFK DJR
'LVSRQYHO HP KWWSLQVLGHVHDUFKEORJVSRWFRP WKHSRZHU
RIDSROORPLVVLRQVLQVLQJOHKWPO
6DWLVK0HHQDȐ)RUUHVWHU5HVHDUFK:RUOG0RELOH$QG6PDUWSKRQH
$GRSWLRQ )RUHFDVW 7R *OREDOȑ )RUUHVWHU 5HVHDUFK
DJR 'LVSRQYHO HP
KWWSVZZZIRUUHVWHUFRP)RUUHVWHU5HVHDUFK:RUOG0RELOH$QG6PDUWSKRQH$
IXOOWH[W(5(6
*60$ Ȑ1HZ *60$ 5HSRUW )RUHFDVWV +DOI D %LOOLRQ 0RELOH
6XEVFWLEHUVLQ6XE6DKDUDQ$IULFDE\ȑQRY'LVSRQYHO
HP
KWWSZZZJVPDFRPQHZVURRPSUHVVUHOHDVHJVPDUHSRUWIRUHFDVWV
KDOIDELOOLRQPRELOHVXEVFULEHUVVVD
Ȑ3URFHVVLQJ 3RZHU &RPSDUHG 9LVXDOL]LQJ D 7ULOOLRQIROG
,QFUHDVH LQ &RPSXWLQJ 3HUIRUPDQFHȑ ([SHUWV ([FKDQJH 'LVSRQYHO
HP
KWWSSDJHVH[SHUWVH[FKDQJHFRPSURFHVVLQJSRZHUFRPSDUHG
(ODQD5RWȐ+RZ0XFK'DWD:LOO<RX+DYHLQ<HDUV"ȑ6LVHQVH
MXO 'LVSRQYHO HP KWWS ZZZVLVHQVHFRPEORJPXFK
GDWDZLOO\HDUV!
$ OHL GH 0RRUH DILUPD TXH HP JHUDO D YHORFLGDGH GRV
SURFHVVDGRUHVRXRQºPHURGHWUDQVLVWRUHVHPXPDXQLGDGHFHQWUDOGH
SURFHVVDPHQWRGREUDPDFDGDGRLVDQRV
$+LVWRU\RI6WRUDJH&RVWV
PNRPRFRPVHW'LVSRQYHO
HP KWWSZZZPNRPRFRPFRVWSHUJLJDE\WH 'H DFRUGR FRP R VLWH
RV GDGRV IRUDP REWLGRV HP 1RWDV +LVW³ULFDV VREUH RV &XVWRV GH
$UPD]HQDPHQWR GRV 'LVFRV 5JLGRV KWWSQVFDZLQFK
ZLQFKHVWKWPO 2V GDGRV GH D IRUDP REWLGRV SRU PHLR GD
,QWHUQHW$UFKLYH:D\EDFN0DFKLQHKWWSDUFKLYHRUJZHEZHESKS
.HYLQ 0D\HU .HLWK (OOLV H .HQ 7D\ORU &DWWOH +HDOWK 0RQLWRULQJ
8VLQJ :LUHOHVV 6HQVRU 1HWZRUNV
&RQVXPHU8SWDNHȑ9FRXNDJR'LVSRQYHOHP
KWWSZZZYFRXNYXNQHZVEXVLQHVVXVHRIGSULQWLQJLV
\HDUVDKHDGRIFRQVXPHUXSWDNH
7KH'3ULQWLQJ6WDUWXS(FRV\VWHPȑ6OLGH6KDUHQHWMXO
'LVSRQYHO HP KWWSGHVOLGHVKDUHQHW6SRQWDQHRXV2UGHUGSULQWLQJ
VWDUPSHFRV\VWHP
$OEDQ /HDQGUL Ȑ$ /RRN DW 0HWDO ' 3ULQWLQJ DQG WKH 0HGLFDO
,PSODQWV,QGXVWU\ȑ'3ULQWFRPPDU'LVSRQYHOHP
KWWSGSULQWFRPGSULQWPHGLFDOLPSODQWV
Ȑ7KH 1HHG LV 5HDO 'DWDȑ 86 'HSDUWPHQW RI +HDOWK DQG +XPDQ
6HUYLFHV RUJDQGRQRUJRY 'LVSRQYHO HP
KWWSZZYWRUJDQGRQRUJRYDERXWGDWDKWPO
Ȑ$Q ,PDJH RI WKH )XWXUHȑ 7KH (FRQRPLVW PDLR
'LVSRQYHOHPKWWSZZZHFRQRPLVWFRPQRGH
-FVVLFD +HGVWURP 7KH 6WDWH RI ' 3ULQWLQJ PDLR
'LVSRQYHO FP KWWSMFVVKHGVWURPTXRUDFRP7KH6WDWHRI'
3ULQWLQJ
0DXUL]LR %HOOHPR Ȑ7KH 7KLUG ,QGXVWULDO 5HYROXWLRQ )URP %LWV
%DFN WR $WRPVȑ &UD]\0%$ &OXE MDQ 'LVSRQYHO HP
KWWSZZZFUD]\PEDFOXEWKHWKLUGLQGXVWQDOUHYROXWLRQ
7(+DOWHUPDQȐ'3ULQWLQJ0DUNHW7RSV%LOOLRQ([SDQGV
E\ LQ ȑ '3ULQWFRP DEU 'LVSRQYHO HP
KWWSGSULQWFRPGSULQWLQJPDUNHWWRSVELOOLRQ H[SDQGV
E\LQ
1RWDHVWHSRQWRGHLQIOH[£RQ£RID]LDSDUWHGDSHVTXLVDRULJLQDO
'HHS6KLIWȉ7HFKQRORJ\7LSSLQJ3RLQWVDQG6RFLHWDO,PSDFW6XUYH\
5HSRUW:RUOG(FRQRPLF)RUXPVHW
,ELG
$ )HUQDQGH] 1 6ULUDPDQ % *XUHZLW] H 2 2XOOLHU 3HUYDVLYH
1HXURWHFKQRORJ\ D *URXQGEUHDNLQJ $QDO\VLV RI 3DWHQW
)LOLQJV 7UDQVIRUPLQJ 0HGLFLQH +HDOWK (QWHUWDLQPHQW DQG %XVLQHVV
6KDUS%UDLQV 86$ S 'LVSRQYHO HP
KWWSVKDUSEUDLQVFRPSHUYDVLYHQHXURWHFKQRORJ\
2 2XOOLHU Ȑ&OHDU 8S WKLV )X]]\ 7KLQNLQJ RQ %UDLQ 6FDQVȑ
1DWXUHS'2,D'LVSRQYHOHP
KWWSZZZQDWXUHFRPQHZVFOHDUXSWKLVIX]]\WKLQNLQJRQEUDLQ
VFDQV
*5),&$3$<0
7HO>
SD\P#JUDILFDSD\UQFRPEU
7DEOHRI&RQWHQWV
$JUDGHFLPHQWRV
6XP¡ULR
,QWURGX§£R
&$378/2$4XDUWD5HYROX§£R,QGXVWULDO
&$378/2Ȉ,PSXOVLRQDGRUHV
&$378/2Ȉ,PSDFWRV
2FDPLQKRDVHJXLU
$31',&($PXGDQ§DSURIXQGD
1RWDV