You are on page 1of 3

&RQWDELOLWDWHD±HIRUW±DGDSWDUHVSD LX±FRPXQLFDUH

H[SUHVLH±UHFHSWDUHXQLWDWHvQGLYHUVLWDWH

,PHQV  SULQ RUL]RQW FDSWLYDQW  úL FRPSOH[  SULQ SUREOHPDWLF  FRQWDELOLWDWHD VH

GHVI úRDU vQWLPSúLVSD LXvQVHQVXOúLFXVHPQLILFD LDSHFDUHOHGDXDF LXQHDXPDQ 

6HQVXULOH úL VHPQLILFD LD VXQW GHWHUPLQDWH QXPDL GH DF LXQHD XPDQ  GHRDUHFH vQ

VSD LXOFRQWDELOLW LLP VXUDHVWHGDW GRDUGHMXGHF LOHGHYDORDUHSURSULLJkQGLULLXPDQH

'LQFRORGHRULFHS UWLQLUHúLSUHMXGHFDW LGHLOHSUHVXSXQXQDQXPLWPRGGHJkQGLUH

GDU úL SDVLXQHD VXSUHP  GH D FXOWLYD DGHY UXO GLQFROR GH RULFH RSUHOLúWH úL FRQVWUkQJHUH

FXVHQWLPHQWXOGHSOLQF FHHDFHDPGREkQGLWvQ FXQRDúWHUHD PHULW P FXDGHY UDWQXPDL

DWXQFL FkQG úWLP V G UXLP GH]LQWHUHVDW úL V  GXFHP PDL GHSDUWH FHHD FH D IRVW GHMD

vQFHSXW

'HPHUVXO GH SURJUHV QHFHVDU SUHVXSXQH XQ HIRUW FRQWLQXX HIRUWXO HVWH GH VLQJXUD

OHJH GH PLúFDUH vQ VSD LXO VRFLDO LDU DGDSWDUHD VLQJXUD FRQGL LH FDUH IDFH FD HIRUWXO V

DLE HIHFWHGHWHUPLQDWH

'DF  QH UHIHULP OD VSD LXO VRFLDO DO FRQWDELOLW LL DSDUHILUHDVF  QHYRLD GH FODULILFDUH

DVXSUDURVWXULORUILQDOHDOHDF LXQLLXPDQHGHILQLWHvQFRQGL LLGHWHUPLQDWH

,GHDOXO SURSULX úWLLQ HL vQ VSD LXO FRQWDELOLW LL HVWH FXOWLYDW GH HGXFD LH GDU HVWH

GHVLJXUFHDPDLPDUHúLFHDPDLJHQHURDV SUREOHP SHFkWGHQRELO úLGHOLFDW SHDWkW

GHJUHDGLQPXOWHSXQFWHGHYHGHUH

$GDSWDUHvQVHDPQ 

ˆ SRVLELOLWDWHDGHDJ VLVROX LLúLYDULDQWH

ˆ vQGUXPDUHXPDQ HILFLHQW VW SkQLUHGHVLQHRUGLQHPRUDO 

ˆ UHOHYDQ D YDORULL PRUDOH DXWHQWLFH VHQV úL VHPQLILFD LH DVXSUD DFWHORU XPDQH DVXPDWH

UHVSRQVDELOvQLGHHDGHSURJUHV

ˆ VSLULWGHVDFULILFLXDEQHJD LHúLSHUPDQHQW F XWDUH

(VWHGHVLJXURFHUWLWXGLQHIDSWXOF SULQQDWXUDHLFRQWDELOLWDWHDQXHVWHGRDUXQIDSW

H[FOXVLYDOúFROLLFLRGHOLFDW SUREOHP GHPHGLXVRFLDO

'LQFROR GH SDUDGLJPD úWLLQ LILF  SURSULH vQ IRUPXOD VRFLDO  YLWDO  D RUJDQLVPXOXL

HFRQRPLF FRQWDELOLWDWHD DUH XQ VWDWXW DSDUWH FDUH vL FRQIHU  GUHSWXO OD UHFHSWDUH

UD LRQDOLVPUD LRQDOLWDWHUD LRQDPHQWUD LXQH

&XP UD LXQHD úWLLQ LILF  HVWH L]YRU úL WHPHL DO FXQRDúWHULL DXWHQWLFH FRQWDELOLWDWHD

SUHVXSXQH GH DOWIHO XQ OLPEDM LQWHOLJLELO JkQGLUH UD LXQH úL FRPSRUWDPHQW XPDQ LDU vQ

H[SUHVLH LGHDO  DILUPDUHD GHSOLQ  D DGDSW ULL úL D HIRUWXOXL  FD R SHUPDQHQW  ³JKLORWLQ ´ D

HJRLVPXOXLúLLQGLYLGXDOLW LL

5HIRUPD VWUXFWXULORU vQ SODQXO FRQWDELOLW LL HVWH GH VRUJLQWH LQWHOHFWXDO  GDU FXP

WRWXODLFLHVWHRPHQHVFHVWHLPSHUIHFWFHHDFHQXH[FOXGHSHUIHFWLELOLWDWHD

(IRUWXOSHQWUXSURJUHVHVWHFXFHUWLWXGLQHVLQJXUDQREOH HFHVHGLVWLQJHSHRDPHQL

FH SRDWH IL PDL QRELO GHFkW DFHO DQJDMDPHQW YROXQWDU DO FDSDFLW LL SURSULL LQGLYLGXOXL VDX

JUXSXOXLVRFLDOSHQWUXUHDOL]DUHDFXUDQGDPHQWDXQHLDF LXQLDVXPDWHUHVSRQVDELO"

/D QLYHO VRFLDO VXQW GHVLJXU QXPHURDVH JUXSXUL LQWHUHVDWH SULQ FRQVHFLQ H

DUJXPHQWHúLLQWHUIHUHQ HvQVSD LXOFRQWDELOLW LL

6SD LX vQVHDPQ  D GHWHUPLQD JUDQL H D VWDELOL VWUXFWXUL VHQVLELOH GHSHQGHQW GH

JUDGXOGHFXQRDúWHUH

(IRUWXOúLDGDSWDUHDSRWP ULFRQVLGHUDELOVSD LLOHGHFXQRDúWHUHGDUvQDFHODúLWLPS

R GDW  FX HOHPHQWHOH GLPHQVLRQDOH DSDU SURSULHW LOH OHJDWH GH LQWHUDF LXQHD GLQWUH

DFHVWHDIDFWRULFDX]HúLFRQGL LL

0LúFDUHDSURSULHvQVSD LXOFRQWDELOLW LLvQVHDPQ H[SUHVLHOLPEDMUHFHSWDUH

5D LRQDO úL LGHDO UHDOLWDWHD RELHFWLY  GLQ VSD LXO FRQWDELOLW LL LPSOLF  DF LXQL

FRQFHSWH QR LXQL REVHUYD LL úL H[SHULHQ H SULQ FDUH VH RE LQ VH YHKLFXOHD]  VH

WUDQVIRUP VHYDORULILF LQIRUPD LLGHVSUHUHDOLWDWHDHFRQRPLF RELHFWLY 


0HGLXOHFRQRPLFLQWHJUHD] VSD LXOFRQWDELOLW LL

2 DQXPH H[SUHVLH GLQ VSD LXO FRQWDELOLW LL SUHVXSXQH R H[SHULHQ  FXDQWLILFDW  GLQ

PHGLXOHFRQRPLF

'LPHQVLXQHDVRFLDO LPSOLF XQHRULLGHDOLVPVXELHFWLY

5HFHSWDUHDDFWLY SUHVXSXQHRUHOD LHQHPLMORFLW ED]DW SHFXQRDúWHUH

2ULFH VLVWHP GHWHUPLQDW SULQ FDUH VH SUHOXFUHD]  VH FRPXQLF  VDX VH YDORULILF

LQIRUPD LLGHVHPQHD] XQOLPEDM

ÌQ WHUPHQL úWLLQ LILFL OLPEDMXO XWLOL]DW FD PLMORF GH FRPXQLFDUH SUHVXSXQH R H[SUHVLH

ORJLF JkQGLW GHILQLW úLSUHOXFUDW GXS UHJXOLVWUXFWXUDOHSUHFLVHSULQFHHDFHGHQXPLP

OH[LFúLJUDPDWLF 

³/H[LFXO´ FRQWDELOLW LL VH UHIHU  OD WRWDOLWDWHD HOHPHQWHORU VWUXFWXUDOH FX YDORDUH

VHPDQWLF  FH FRQVWLWXLH LQIRUPD LL VXVFHSWLELOH vQ H[SUHVLL FDOLWDWLYH GHWHUPLQDWH MXGHFDWH

vQUDSRUWFXRPHWRGRORJLHVSHFLILF 

³*UDPDWLFD´ PHFDQLVPHORU VRFLDOH DOH FRQWDELOLW LL GHVHPQHD]  WRWDOLWDWHD UHJXOLORU

SULYLWRDUH OD FRQVWUXF LLORU FH LDX QDúWHUH vQWUH XWLOL]DWRULL UHJXOLORU ³OH[LFDOH´ SRUQLQG GH

FRQVLGHUHQWXO QHFHVLW LL XQLW LL GH YRFDEXODU úL D UHOD LLORU FDX]  ± HIHFW vQWUH HPLVLXQHD

GHLQIRUPD LLEUXWHúLH[SORDWDUHDRSWLP DLQIRUPD LLORUHODERUDWH

&RQWDELOLWDWHD HVWH vQ HFRQRPLD GH SLD  R UH HD VWUXFWXUDW  VRFLDO GH LQIRUPD LL úL

PRWLYDW  GH LQWHUHVH XPDQH vQ OHJ WXU  FX DQDOL]D úL FRQWUROXO IOX[XULORU FH FDUDFWHUL]HD]

VWDUHDúLHYROX LDHFRQRPLHL

(VWH XQ DGHY U WRW PDL PXOW UHFXQRVFXW IDSWXO F  vQ RULFH FRQGL LL FXQRDúWHUHD

HFRQRPLF  LPSOLF  FHUWLWXGLQHD FLIUHORU LDU FRQWDELOLWDWHD HVWH ED]D RELHFWLY  D RULF UHL

MXGHF LvQDFHDVW SULYLQ 

0 VXUD WUDQVIRUP ULORU HFRQRPLFH GLQ SODQXO VRFLDO HVWH UHIOH[XO VFKLPE ULL GH

DWLWXGLQHvQSODQXOFRQWDELOLW LL

&XP QLPLF QX HVWH vQWkPSO WRU vQ OHJLOH GH PLúFDUH DOH HFRQRPLHL LDU MXGHFDUHD

IDSWHORU SUHVXSXQH UHIOHF LD PHWRGLF  FRQWDELOLWDWHD HVWH DQLPDW  DFXP GH DFHODúL VSLULW

VXEOLP FH D GHV YkUúLW OD RULJLQL úDQVD RPXOXL FXQRDúWHUHD SURSULHL LGHQWLW L FX

DUJXPHQWHSHP VXUDWLPSXOXLúLDVSD LXOXLSHFDUHOHWUDYHUVHD] 

&kúWLJDW  ILUHVF SULQ HGXFD LH DXWHQWLF  VDX GLQ QHYRLD GH GLDORJ VRFLDO PRWLYDW GH

LQWHUHVH FRQWDELOLWDWHD vúL vPSOLQHúWH PHQLUHD SH P VXUD XQXL SHUPDQHQW  HIRUW SULQ

WHPHLQLFLDOXFUXOXLELQHI FXWGXS OHJHúLPRUDO 

(VWH SUREDELO VLQJXUD DUW  FDSDELO V  vL UHOHYH RPXOXL VHQVXO LQWLP FDUH WUHEXLH V

vLJXYHUQH]HDFWHOHFXWHPHLUD LRQDOHFRQRPLFvQJ VLUHDF LLGHHFKLOLEUXSHQWUXIRORVLUHD

RSWLP  D FDSDFLW LORU GH FXOWLYDUH D VSLULWXOXL GH RUGLQH GHSOLQ  SXWHUHD úL JXVWXO SHQWUX

DVXPDUHDFRQúWLHQW DUHVSRQVDELOLW LL

'HV YkUúLW  GH R HYROX LH PLOHQDU  SH P VXUD SURJUHVXOXL XPDQLW LL SH FkW GH

QRELO  SH DWkW GH GLILFLO  FRQWDELOLWDWHD HVWH OD VFDUD LQGLYLGXOXL L]YRU úL WHPHL SHQWUX

RQHVWLWDWH

ÌQ P VXUD vQ FDUH FRQWDELOLWDWHD HVWH XQ LPEROG UHDO F WUH DF LXQHD PRUDO  úL XQ

UH]XOWDW DO FXOWLY ULL UD LXQLL úL YRLQ HL H[LVW  SULQ V YkUúLUHD HL R FDOH D IHULFLULL R JDUDQ LH

SHQWUXGHVI úXUDUHDDUPRQLRDV úLGXUDELO DWUDQVIRUP ULORUGLQHFRQRPLH

'LVFXW P GHVSUH UHIRUP  LQWHJU P vQ VWUXFWXUL QRL VFKHPH PRGHOH LSRVWD]H úL

WHRULL FXQRDúWHP úL UHFXQRDúWHP vQ VROX LL GLVWLQFWH SUREOHPH QRL GHILQLP SUHJ WLP úL

VWUXFWXU PRUL]RQWXULGHFRPXQLFDUH

'LVWLQJHP vQWUH FXQRDúWHUHD FRPXQ  úL FXQRDúWHUHD DXWHQWLF  úL vQ HOHJHP F

DGDSWDUHD VWUXFWXUDO  HVWHGHIDSW FDSDFLWDWHD GH D GREkQGL WU V WXUL GH VWUXFWXU  FDUH V

DVLJXUHFRQFRUGDQ DVLVWHPXOXLGHFRQWDELOLWDWHFXPHGLXOSHQWUXFDUHDFHDVWDDFWLYHD] 

'DF  SXWHP DFFHSWD LGHHD GH VSD LX vQ FRQWDELOLWDWH SULQ WRW DWkWHD GLPHQVLXQL

VWUXFWXUDOHGLQSHUVSHFWLY FRQFHSWXDO H[SULPDUHDúLPDQLIHVWDUHDFRRUGRQDW vQWHUPHQL

QHFRQWUDGLFWRULLGHWHUPLQ H[SUHVLL
([SUHVLD HVWH UH]XOWDWXO vPELQ ULL FRQFLVH GH QR LXQL úL FRQFHSWH úL WRWRGDW  ORJLFD

DEVWUDFW  D XQXL FRQ LQXW LQIRUPD LRQDO 'HILQLP H[SUHVLL UHDF LRQ P SULPLP úL DVLPLO P

SULQ PLMORDFH SURSULL LQIRUPD LL DúDGDU UHFHSWDUHD úL FRPXQLFDUHD UHSXQ vQ SDUDPHWULL

IXQF LRQDOLFRQH[LXQLOHvQWUHFRPSRQHQWHOHVLVWHPXOXL

,GHHD IXQGDPHQWDO  vQ FRQWH[WXO GLDORJXOXL QHFHVDU GLQ VSD LXO FRQWDELOLW LL HVWH

DFHHD D XQLW LL GH LQWHUHVH GLQWUH SDUWLFLSDQ LL OD VFKLPEXO GH LQIRUPD LL GLQ SHUVSHFWLYD

PRGXOXLSULQFDUHFRQWDELOLWDWHDHVWHvQ HOHDV DSOLFDW úLYDORULILFDW 

3ULQH[FHOHQ FRQWDELOLWDWHDHVWHXQIDFWRUYLUWXDOGHSURJUHVGDUQXPDLvQP VXUD

vQFDUHWR LDFHLDFDUHVXQWFKHPD LV SDUWLFLSHODUHDOL]DUHDHLVXQWSHGHSOLQFRQúWLHQ LGH

PHQLUHD ORU 8Q SURJUDP GHYLQH YLDELO SH P VXUD XQXL FRUS FRQWDELO FRQúWLHQW GH PHQLUHD

VD LDU vQ DFHVW FRQWH[W SULQ FRUS FRQWDELO VH DUH vQ YHGHUH GHRSRWULY  SH WR L DFHLD FDUH

DFWLYHD] vQVSLULWXOúLSHP VXUDFRQWDELOLW LL

'HVLJXU F  vQ FRQWH[WXO PHGLXOXL VRFLDO DO FRQWDELOLW LL H[LVW  XQ FDGUXO LQVWLWX LRQDO

GHHGXFD LHúLIRUPDUHSURIHVLRQDO RFURWLWGHOHJH

7UHEXLH V  UHFXQRDúWHP F  DVLPLODUHD FRQWDELOLW LL HVWH R SUREOHP  GH HGXFD LH

DXWHQWLF  LDU GLIX]LD VSD LDO  GH FXQRúWLQ H QRL vQ PHGLXO VRFLDO QX SRDWH F S WD VHQV úL

VHPQLILFD LH GHFkW SH P VXUD SUHJ WLULL DGHFYDWH D PLVLXQLL DFHORUD FDUH DX GHSOLQ WDWHD

FXQRúWLQ HORUQHFHVDUH

ÌQ HOHJHUHDDGHFYDW PRWLYDUHDPRGDOLW LORUVSHFLILFHGHUH]ROYDUHSRVLELOLWDWHDGH

DPkQXLFXLQWHOLJHQ WHKQLFDúLDUWDFRQWDELOLW LLQXSRDWHILUH]XOWDQWDUXWLQHL

'LQ S FDWH GLQ PRWLYH JUHX GH H[SOLFDW vQ VSD LXO SURSULX FRQWDELOLW LL H[LVW  GRX

FDWHJRULLGHSUDFWLFLGHRVHELWHvQWUHHOHúLFDUHVXQWMXVWLILFDWHGLIHULW

3HGHRSDUWHDVLPLODUHDSULQUHIOHF LHúWLLQ LILF SHGHDOW SDUWHSHUSHWXDUHDUXWLQHL

5HIOHF LDHVWHDGYHUVDUXOUXWLQHL

ÌQ PRG SDUDGR[DO DVLPLODUHD FRQWDELOLW LL úWLLQ LILFH QX HVWH GH OD VLQH HJDO  FX

SRVLELOLWDWHD GH D GREkQGL úDQVD FRPXQLF ULL 'DF  VXQWHP GH DFRUG F  VSD LXO VRFLDO DO

FRQWDELOLW LLWUHEXLHV HYROXH]HvQPRGQHFHVDUúLV VHDGDSWH]HvQLQWHJUDOLWDWHDOXLODR

GLPHQVLXQH ILUHDVF  XQLYHUVDO  DWXQFL WUHEXLH V  VSXQHP GHVFKLV F  VXQWHP GDWRUL V

J VLPIRUPHDGHFYDWHGHLPSOLFDUH

7RFPDL GH DFHHD XQ FXUV XQLYHUVLWDU GH FRQWDELOLWDWH SXEOLF  HVWH vQ P VXU V

H[SOLFH VFRSXO F UHLD vL HVWH VXERUGRQDW  vQWUHDJD DFWLYLWDWH GH JHVWLXQH FRQWDELO  D

UHVXUVHORUSUHFXPúLPLMORDFHOHSULQFDUHVHSRDWHUHDOL]DSURJUHVXO

7UHEXLH V  ILP GH DFRUG F  vQ WHUPHQL GH HGXFD LH vQY DUHD FRQWDELOLW LL vúL

PRGLILF  SDUDPHWULL úL SHUVSHFWLYD vQ UDSRUW FX VSHFLILFXO WLSXOXL GH DFWLYLWDWH OD FDUH VH

UHIHU 

8QLWDWHD GH LQWHUHVH úL GH RSLQLL SULQ LQWHUPHGLXO XQXL VLVWHP FRQWDELO XQLWDU úL

FRHUHQW HVWH vQ P VXU V  UHIDF  OHJ WXUL QHFHVDUH V  UHXQHDVF  OD XQ QXPLWRU FRPXQ

³FRQúWLLQ DVFKLPE ULL´GDUúL³DWLWXGLQHDPRWLYDW DSURJUHVXOXL´

&RQúWLLQ D OHJLL VH WUDGXFH vQ IDSW  QXPDL GDF  H[LVW  SH P VXUD FXQRDúWHULL

DXWHQWLFH úDQVD DGHY UDWHL DXWRULW L PRUDOH FDUH SUHVXSXQH RSLQLH FRPSHWHQW 

GH]EDWHUH SUHJ WLUH VROLFLWDUH UHFHSWDUH úL FRPXQLFDUH vQWUR H[SUHVLH XQLWDU  úL

FRHUHQW GHILQLW úLFRRUGRQDW 

&HPXOWDPDYHDGHFkúWLJDWGDF DP vQ HOHJH F GDIDSW VXQWHP FX WR LLGDWRUL V

QH GHS úLP SULQ SURSULD QRDVWU  DWLWXGLQH GLQFROR GH ³SUHVLXQHD FXWLHL ILHUELQ L´ D

PRPHQWXOXLGLQSHUVSHFWLYDRODU DDQVDPEOXOXLGHYHQLULLFRQWDELOLW LL

6  XLW P GH SDVLXQL úL SUHMXGHF L V  H[DJHU P PDL SX LQ V  ILP PDL EXQL úL PDL

GUHS L GDU V  U PkQHP FX UD LXQHD YRLQ D úL LQLPD DSURDSH GH LGHDOXO FRQWDELOLW LL

DXWHQWLFH

ÌOSXWHPH[SOLFDvOSXWHPXUP ULúLvOSXWHPUHFRQVWUXLFXILHFDUHQRX ]LDWkWFkWQH

YDVWDvQSXWLQ 

You might also like