, ²0 $ 7 (0 É 7 , & $ $0DWHPiWLFDQR&RWLGLDQR
$WXDOPHQWH D LQG~VWULD DXWRPRELOtVWLFD GLVSRQLELOL]D QR PHUFDGR R FDUUR DTXHOH TXH SRGH VHU DEDVWHFLGR
FRP iOFRRO RX JDVROLQD RX DLQGD FRP DPERV RV FRPEXVWtYHLV 1HVVH VHQWLGR FRQVLGHUH DV LQIRUPDo}HV DEDL[R
7LSR GH &RPEXVWtYHO
&RQVXPR 0pGLR
3UHoR SRU
OLWUR
ÉOFRRO
*DVROLQD
6DEHQGR TXH HVVH FDUUR HQFRQWUDVH DEDVWHFLGR VRPHQWH FRP XP WLSR GH FRPEXVWtYHO DQDOLVH DV SURSRVLo}HV D
VHJXLU
, e PDLV HFRQ{PLFR XVDU DSHQDV iOFRRO
,, e PDLV HFRQ{PLFR XVDU DSHQDV JDVROLQD
,,, 8VDQGR DSHQDV iOFRRO VHUmR JDVWRV FRP HVVH FRPEXVWtYHO SDUD SHUFRUUHU (VWimR FRUUHWDV DSHQDV
D ,
E ,,
F ,,,
G , H ,,
H , H ,,,
(P XPD ID]HQGD IRUDP GHVFREHUWRV IRFRV GD IHEUH DIWRVD H GD JULSH DYLiULD TXH DIHWDUDP UHVSHFWLYDPHQWH
ERYLQRV H IUDQJRV GHVVD ID]HQGD 6DEHVH TXH GHQWUH RV DQLPDLV DIHWDGRV D TXDQWLGDGH GH IUDQJRV HUD FLQFR
YH]HV D GH ERYLQRV H R WRWDO GH SDWDV H SpV GHVVHV DQLPDLV $SyV D DQiOLVH GRV DQLPDLV PHVPR QmR WHQGR
KDYLGR PRUWHV FKHJRXVH j FRQFOXVmR GH TXH GHYHULDP VHU DEDWLGRV GRV DQLPDLV DIHWDGRV GRV ERYLQRV H
GRV IUDQJRV 2 Q~PHUR GH DQLPDLV DEDWLGRV IRL
D E F G H 5$6&81+2
1
8)3%35* !#'
PSS-2007
/HOR /LOD H /XOD KHUGDUDP XP WHUUHQR QD
IRUPD GR TXDGULOiWHUR GH YpUWLFHV
H UHSUHVHQWDGR QD ILJXUD DR ODGR (VVH WHUUHQR
IRL GLYLGLGR HP WUrV SDUWHV WULDQJXODUHV
H
DV TXDLV FRXEHUDP
UHVSHFWLYDPHQWH D /HOR /LOD H /XOD 6HQGR
H UHVSHFWLYDPHQWH DV iUHDV HP
GDV SDUWHV KHUGDGDV p FRUUHWR DILUPDU
H D E H F H G H H H 'RLV GDGRV LJXDLV H KRQHVWRV FXMDV IDFHV FRP RV Q~PHURV SDUHV VmR GH FRU SUHWD H DV IDFHV FRP RV Q~PHURV
tPSDUHV GH FRU EUDQFD VmR ODQoDGRV VLPXOWDQHDPHQWH VREUH XP SODQR KRUL]RQWDO $ SUREDELOLGDGH GDV IDFHV
VXSHULRUHV GHVVHV GDGRV WHUHP FRUHV LJXDLV p
D E F G H $ SLVWD GH XP DXWyGURPR HVWi UHSUHVHQWDGD SHOD FXUYD LQVFULWD QR
UHWkQJXOR
FXMRV ODGRV
H
PHGHP H UHVSHFWLYDPHQWH FRQIRUPH ILJXUD DR ODGR 'XDV WRUUHV GH FRQWUROH
IRUDP LQVWDODGDV QRV SRQWRV H GH PRGR TXH D VRPD GDV GLVWkQFLDV
GH TXDOTXHU SRQWR GD SLVWD jV WRUUHV p VHPSUH FRQVWDQWH $ GLVWkQFLD HP
HQWUH DV GXDV WRUUHV p
H D F E G &RQVLGHUH D VHJXLQWH VLWXDomR
8P SHVTXLVDGRU REVHUYRX HP XP ODERUDWyULR D PRYLPHQWDomR VLPXOWkQHD GH GRLV FDPXQGRQJRV H FRQFOXLX
TXH RV SHUFXUVRV IHLWRV SRU HOHV SRGHULDP VHU UHSUHVHQWDGRV HP XP PHVPR SODQR FDUWHVLDQR GD VHJXLQWH
PDQHLUD D WUDMHWyULD GH XP GRV FDPXQGRQJRV HUD D FXUYD IRUPDGD SHORV SRQWRV ” HTLGLVWDQWHV GR
SRQWR − H GD UHWD − H D WUDMHWyULD GR RXWUR HUD D FLUFXQIHUrQFLD GH FHQWUR H UDLR 6DEHQGRVH TXH FDGD FDPXQGRQJR SDVVRX XPD ~QLFD YH] HP FDGD SRQWR GR VHX SHUFXUVR p FRUUHWR DILUPDU TXH
RV GRLV FDPXQGRQJRV
D QmR SRGLDP VH HQFRQWUDU
E SRGLDP VH HQFRQWUDU DSHQDV HP XP SRQWR
F SRGLDP VH HQFRQWUDU DSHQDV HP GRLV SRQWRV
G SRGLDP VH HQFRQWUDU DSHQDV HP WUrV SRQWRV
H SRGLDP VH HQFRQWUDU HP TXDWUR SRQWRV
$V TXHVW}HV GH
D
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
2
DSUHVHQWDP FRPR UHVSRVWD YDORUHV QXPpULFRV TXH GHYHP VHU
8P RUQLWyORJR SDUD REVHUYDU R FRPSRUWDPHQWR GH XPD GHWHUPLQDGD HVSpFLH GH SiVVDUR LQVWDORX QXPD UHJLmR
TXDWUR FkPHUDV HP SRQWRV GLVWLQWRV 3DUD IDFLOLWDU R VHX HVWXGR UHSUHVHQWRX HVVHV SRQWRV HP XP VLVWHPD GH
FRRUGHQDGDV FDUWHVLDQDV SRU H R TXH GHVSHUWRX FXULRVLGDGHV DFHUFD GD
ORFDOL]DomR GDV FkPHUDV 1HVVH FRQWH[WR FRQVLGHUH DV VHJXLQWHV SURSRVLo}HV LGHQWLILFDQGR DV YHUGDGHLUDV
'HQWUH RV SRQWRV H H[LVWHP WUrV DOLQKDGRV
2V SRQWRV H VmR YpUWLFHV GH XP WULkQJXOR UHWkQJXOR
2 SRQWR
p HTLGLVWDQWH GRV SRQWRV H 2 SRQWR p HTLGLVWDQWH GRV SRQWRV
H 8PD HTXDomR GD UHWD TXH SDVVD SHORV SRQWRV H
p [ + \+=
$7(1d®2
DVVLQDODGRV QD )2/+$ '( 5(63267$6
8)3%35* !#'
PSS-2007
6XSRQGR TXH XPD SUDoD WHQKD D IRUPD H DV GLPHQV}HV GD UHJLmR GR SODQR FDUWHVLDQR
FRQVLGHUH DV VHJXLQWHV SURSRVLo}HV LGHQWLILFDQGR
^ ∈ 7 + ≤ ` FRP H GDGRV HP
DV YHUGDGHLUDV
e SRVVtYHO FRQVWUXLU QD SUDoD XP MDUGLP FLUFXODU GH UDLR e SRVVtYHO FRORFDU QD SUDoD SRVWHV GH LOXPLQDomR XP GHOHV QR FHQWUR GD SUDoD H RV RXWURV QRV YpUWLFHV
GH XP SHQWiJRQR UHJXODU GH PRGR TXH FDGD XP HVWHMD GLVWDQWH GR SRVWH FHQWUDO
$ SUDoD WHP D IRUPD GH XP ORVDQJR
$ SUDoD WHP D IRUPD GH XP UHWkQJXOR
$ iUHD GD SUDoD p $ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
=
−
−
− DQDOLVH DV SURSRVLo}HV DEDL[R LGHQWLILFDQGR DV
6REUH R SROLQ{PLR
YHUGDGHLUDV
WHP GH] GLYLVRUHV GH JUDX WHP TXDUHQWD H FLQFR GLYLVRUHV GH JUDX 2 SURGXWR GDV UDt]HV GH
p LJXDO D × × × $ VRPD GDV UDt]HV GH
p LJXDO D 7RGDV DV UDt]HV GH
WrP PXOWLSOLFLGDGH $ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
5$6&81+2
3
8)3%35* !#'
PSS-2007
$ FKDPDGD ´JDVROLQDµ XWLOL]DGD QRV DXWRPyYHLV H YHQGLGD HP SRVWRV GH FRPEXVWtYHLV p QD YHUGDGH XPD
PLVWXUD GH JDVROLQD H iOFRRO VHQGR R SHUFHQWXDO GH iOFRRO FRQWLGR QHVVD PLVWXUD
6XSRQGR TXH XP UHFLSLHQWH FRQWHQKD H[DWDPHQWH GHVVD PLVWXUD TXDQWRV
GH iOFRRO Ki QHVVH
UHFLSLHQWH"
$ UHSUHVHQWDomR GH XP Q~PHUR FRPSOH[R = + QR SODQR FDUWHVLDQR p R SRQWR
6XSRQKD TXH RV SRQWRV H VHMDP DV UHSUHVHQWDo}HV GDV UDt]HV F~ELFDV GD
XQLGDGH H TXH R SHUFXUVR GH XPD PDUFKD DWOpWLFD FRP GH H[WHQVmR VHMD
UHSUHVHQWDGR SHOR WULkQJXOR
FXMRV ODGRV VmR PHGLGRV HP !
8VH = 1HVVH VHQWLGR TXDQWDV YH]HV XP DWOHWD SDUWLQGR GH SDVVDUi SHOR SRQWR SDUD FRPSOHWDU D SURYD"
8P WRUQHLR GH WrQLV VHUi GLVSXWDGR SRU VHLV MRJDGRUHV $ SULPHLUD URGDGD VHUi FRPSRVWD SRU WUrV SDUWLGDV FRP
FDGD MRJDGRU SDUWLFLSDQGR VRPHQWH GH XPD GHODV
'H TXDQWDV PDQHLUDV GLIHUHQWHV SRGHP VHU IRUPDGRV RV SDUHV GH MRJDGRUHV SDUD D SULPHLUD URGDGD"
5$6&81+2
4
8)3%35* !#'
PSS-2007
, , ² * ( 2 * 5 $ ), $ * ( 5 $ / ( ' 2 % 5 $ 6 , / 8UEDQL]DomRH5HODo}HV,QWHUQDFLRQDLV
1R PXQGR JOREDOL]DGR D LQWHUOLJDomR GH PHUFDGRV ID] FRP TXH D FULVH QD %ROVD GH 9DORUHV GH XP SDtV DFDEH
UHSHUFXWLQGR QDV EROVDV GH RXWURV SDtVHV 2 PRYLPHQWR GDV EROVDV GH YDORUHV DWXDOPHQWH UHSUHVHQWD DV
WUDQVIRUPDo}HV GR VLVWHPD ILQDQFHLUR FRPSRVWR GH XP ODGR SRU HPSUHVDV WUDGLFLRQDLV PHGLGDV SHOR tQGLFH
'RZ -RQHV GD %ROVD GH 1RYD <RUN H SRU RXWUR SRU HPSUHVDV GH DOWD WHFQRORJLD PHGLGDV SHOD 1DVGDT 2
tQGLFH 'RZ -RQHV UHIHUHVH j 9HOKD (FRQRPLD D H[HPSOR GD LQG~VWULD GH DXWRPyYHLV GH WDEDFR H GDV
FRPSDQKLDV GH SHWUyOHR H R 1DVGDT jV Do}HV GD 1RYD (FRQRPLD HPSUHVDV GH LQIRUPiWLFD HOHWU{QLFD
WHOHFRPXQLFDo}HV H ELRWHFQRORJLD
&RQVLGHUDQGR R WH[WR H VHXV FRQKHFLPHQWRV VREUH R WHPD SRGHVH DILUPDU
, 1D YHOKD HFRQRPLD QmR KRXYH LQWHUIHUrQFLD QR PHUFDGR GH WUDEDOKR HPERUD R FRPSXWDGRU WHQKD
IDFLOLWDGR DV WUDQVIHUrQFLDV GH YDORUHV YLD LQWHUQHW
,, 1D QRYD HFRQRPLD DOWHUDUDPVH R PXQGR GRV QHJyFLRV H R PHUFDGR GH WUDEDOKR FRP D LQVHUomR GD
LQWHUQHW GH HPSUHVDV GH FRPSXWDGRUHV GD LQWHUQHWWHOHIRQLD TXH LQWHUQDFLRQDOL]DUDP RV PHUFDGRV
,,, 1D PDLRU SDUWH GRV SDtVHV SREUHV R DFHVVR j WHFQRORJLD GH SRQWD p JDUDQWLGR D WRGRV RV FLGDGmRV SHOR
(VWDGR
,9 1D WHFQRORJLD DYDQoDGD D PiTXLQD YHP VXEVWLWXLQGR R KRPHP PDV LVVR QmR FKHJD D DIHWDU R PHUFDGR GH
WUDEDOKR SRUTXH RV FRPSXWDGRUHV VmR SURJUDPDGRV SHOR KRPHP
(VWimR FRUUHWDV DSHQDV
D ,
E ,,
F ,9
G , H ,,
H ,, H ,,,
&XED YLYHX XP PRPHQWR HP TXH HUD R ~QLFR SDtV GD $PpULFD /DWLQD VHP IDYHODV (VVD UHDOLGDGH IRL SRVVtYHO
GHYLGR j 5HIRUPD 8UEDQD (VSRQWkQHD TXH SRGH VHU WUDGX]LGD FRPR D IXJD GH SDUWH GD SRSXODomR PLOLRQiULD
SDUD R H[WHULRU UHYHODQGR R FDUiWHU VRFLDOLVWD GD 5HYROXomR HP $FRQWHFH TXH R SUREOHPD KDELWDFLRQDO QmR
KDYLD VH UHVROYLGR FRPSOHWDPHQWH SRUTXH DLQGD VH HQFRQWUDYD
FDVHEUH QR SDtV
"
)
$ LOKD XP UHSyUWHU EUDVLOHLUR QR SDtV GH )LGHO &DVWUR HG 6mR 3DXOR $OID 2PHJD 7H[WR DGDSWDGR GH 025$,6
2 3ULPHLUR 0LQLVWUR )LGHO &DVWUR QD RFDVLmR SDUD UHVROYHU HVVH SUREOHPD H FRQFOXLU D UHYROXomR LGHDOL]RX SDUD
R 0LQLVWpULR GD &RQVWUXomR
D $ FRQVWUXomR GH FRQMXQWR GH FDVDV GH SUpGLRV GH FLQFR DQGDUHV FRP WHFQRORJLD DPHULFDQD GH SUpPROGDGRV
E $ FRQWUDWDomR GH RSHUiULRV GRV SDtVHV YL]LQKRV SDUD WUDEDOKDUHP HP VLVWHPD GH PXWLUmR
F 2 WUDEDOKR GRV
SDUD FRPDQGDU DV PLFUREULJDGDV
G 2 IRUQHFLPHQWR GH PDWHULDO GH FRQVWUXomR PmRGHREUD HVSHFLDOL]DGD H D FULDomR GH PLFUREULJDGDV
H $ RFXSDomR WHPSRUiULD GD ]RQD UXUDO H D FDUWD GH FUpGLWR SDUD D DTXLVLomR GH PRUDGLDV QR IXWXUR
# 2 SHUtRGR TXH DQWHFHGH D  *XHUUD 0XQGLDO FRUUHVSRQGH DR DSRJHX GR PRGR GH SURGXomR FDSLWDOLVWD
,QLFLDOPHQWH R FDSLWDOLVPR LQWHQVLILFDVH QD *Um %UHWDQKD QD )UDQoD H QD $OHPDQKD &RP R DXPHQWR GD
SURGXomR RFRUUH R GHVHQYROYLPHQWR GR FRPpUFLR LQWHUQDFLRQDO H GR FUpGLWR XP GRV PDLRUHV UHVSRQViYHLV SHOD
2V VLVWHPDV HFRQ{PLFRV
SURGXomR H SHODV WURFDV
7H[WR DGDSWDGR GH /$-8*,( -RVHSK
HG 5LR GH -DQHLUR %HUWUDQG %UDVLO
S $ VHJXLU VmR DSUHVHQWDGRV DOJXQV DFRQWHFLPHQWRV HFRQ{PLFRV RULXQGRV GHVVD IDVH 1HVVH VHQWLGR DQDOLVHRV
LGHQWLILFDQGR FRP 9 RV YHUGDGHLURV H FRP ) RV IDOVRV
2 GHVHQYROYLPHQWR GRV EDQFRV FRP D FULDomR GD PRHGD HVFULWXUDO RV FKHTXHV H DV WUDQVIHUrQFLDV HQWUH
FRQWDV
$ SDUDOLVLD HFRQ{PLFD IRUD GD (XURSD FRP D IDOrQFLD GH PXLWDV HPSUHVDV H LQG~VWULDV QRV (VWDGRV 8QLGRV
H -DSmR
$ FULVH GR FDSLWDOLVPR OLEHUDO TXH VH LQLFLD FRP D JXHUUD GH H DFHQD SDUD R GHFOtQLR GD (XURSD QR
FHQiULR HFRQ{PLFR PXQGLDO
$ UHGXomR GD OLEHUGDGH GDV WURFDV LQWHUQDFLRQDLV GHYLGR DR IRUWDOHFLPHQWR GDV EDUUHLUDV DOIDQGHJiULDV
$ VHTrQFLD FRUUHWD p
D )999
E ))9)
F 9)99
G 99))
H )9)9
5
8)3%35* !#'
PSS-2007
/HLD RV YHUVRV
1mR VHL VH p VRQKR RX UHDOLGDGH
6H XPD PLVWXUD GH VRQKR H YLGD
$TXHOD WHUUD GH VXDYLGDGH
4XH QD LOKD H[WUHPD GR VXO VH ROYLGD
e D TXH DQVLDPRV DOL DOL
$ YLGD p MRYHP H R DPRU VRUUL
>@
3(662$ )HUQDQGR
2EUD 3RpWLFD 5LR GH -DQHLUR 1RYD $JXLODU S $ $XVWUiOLD j TXDO RV YHUVRV DFLPD VmR GHGLFDGRV H D 1RYD =HOkQGLD VmR DV ~QLFDV QDo}HV GHVHQYROYLGDV QR
+HPLVIpULR 6XO $ $XVWUiOLD p XPD PRQDUTXLD SDUODPHQWDULVWD FXMR FKHIH GH (VWDGR p D 5DLQKD (OL]DEHWK ,, H R
FKHIH GH JRYHUQR XP 3ULPHLUR 0LQLVWUR DXVWUDOLDQR 0HVPR FRP XPD VLWXDomR HFRQ{PLFD IDYRUiYHO D $XVWUiOLD
FRQYLYH FRP XP SUREOHPD pWQLFR H VRFLDO 1HVVH FRQWH[WR SRGHVH FRQVLGHUDU FRPR IDWRUHV FDXVDGRUHV GHVVH
SUREOHPD
, $ PLQRULD pWQLFD GRV DERUtJHQHV DXVWUDOLDQRV VXMHLWD DR EUDQTXHDPHQWR UDFLDO
,, 2V DVLiWLFRV TXH UHSUHVHQWDP D PHWDGH GD SRSXODomR DWXDO
,,, $ VXSHUSRSXODomR GH 6LGQH\ FRP PLOK}HV GH KDELWDQWHV
,9 2V PLOKDUHV GH PLJUDQWHV TXH YLHUDP SDUD DV PLQDV GH RXUR
(VWimR FRUUHWDV DSHQDV
D ,
E ,9
F , H ,9
G ,, H ,9
H ,,, H ,9
2 ÌQGLFH GH 'HVHQYROYLPHQWR +XPDQR ,'+ IRL FULDGR D SDUWLU GH SHOR 3URJUDPD GDV 1Do}HV 8QLGDV
SDUD R 'HVHQYROYLPHQWR 318' H OHYD HP FRQVLGHUDomR D HVSHUDQoD GH YLGD DR QDVFHU R QtYHO GH LQVWUXomR
GRV DGXOWRV H D WD[D GH HVFRODUL]DomR SRU KDELWDQWH 1HVVH VHQWLGR REVHUYH R JUiILFR DEDL[R
'LVWULEXLomR GR ,'+ HP DOJXQV SDtVHV
/·e7$7
GX 0RQGH $QQXDLUH pFRQRPLTXH HW JHRSROLWLTXH PRQGLDOH HG 3DULV /D 'HFRXYHUWH 'H DFRUGR FRP R JUiILFR H VHXV FRQKHFLPHQWRV VREUH R WHPD SRGHVH DILUPDU TXH RV tQGLFHV DSUHVHQWDGRV WrP
FRPR H[SOLFDomR}HV
, 2 UHWRUQR GR 3,% SDUD D VRFLHGDGH EULWkQLFD H LUODQGHVD FRQWULEXL SDUD R HOHYDGR QtYHO GH YLGD GHVVDV
VRFLHGDGHV
,, $ TXDOLGDGH GH YLGD GD (XURSD 2ULHQWDO UHVXOWD GH VXD GLVWULEXLomR GH UHQGD VHU HTXLSDUiYHO j GD ÉIULFD
,,, 2V tQGLFHV GR ,'+ GD ÉIULFD 6XEWURSLFDO UHVXOWDP GR VHX SURFHVVR GH IRUPDomR VRFLRHFRQ{PLFD
(VWimR FRUUHWDV DSHQDV
D ,
E ,,
F ,,,
G , H ,,
H , H ,,,
6
$V PHJDFLGDGHV VXUJLUDP FRP D QRYD HFRQRPLD JOREDO H D VRFLHGDGH LQIRUPDFLRQDO &RP PDLV GH GH] PLOK}HV
GH KDELWDQWHV DV PHJDFLGDGHV SRVVXHP XPD IXQomR JUDYLWDFLRQDO HP GLUHomR jV SULQFLSDLV UHJL}HV GR PXQGR $
2UJDQL]DomR GDV 1Do}HV 8QLGDV218 FODVVLILFRX WUH]H FLGDGHV FRPR PHJDFLGDGHV FRQIRUPH R JUiILFR D
VHJXLU
8)3%35* !#'
PSS-2007
'H DFRUGR FRP DV LQIRUPDo}HV DSUHVHQWDGDV H VHXV
FRQKHFLPHQWRV VREUH R WHPD SRGHVH DILUPDU
, $V PHJDFLGDGHV VmR FHQWURV LQIOXHQWHV GD
HFRQRPLD JOREDO H FRQHFWDP VHJPHQWRV GD
SRSXODomR D HVVH VLVWHPD JOREDO
,, $V PHJDFLGDGHV DUWLFXODP D HFRQRPLD JOREDO
LQWHUOLJDP DV UHGHV LQIRUPDFLRQDLV H WRGDV HODV
FRQFHQWUDP R SRGHU PXQGLDO
,,, $V PHJDFLGDGHV SRGHP VHU YLVWDV DSHQDV HP
WHUPRV GH WDPDQKR PDV VHP IXQomR JUDYLWDFLRQDO
HP UHODomR jV SULQFLSDLV UHJL}HV GR PXQGR
,9 2 GHVHQYROYLPHQWR GDV PHJDFLGDGHV p D
WHQGrQFLD GH WUDQVIRUPDomR PDLV LPSRUWDQWH GDV
IRUPDV XUEDQDV FRQWHPSRUkQHDV HVSHFLDOPHQWH
HP iUHDV LQGXVWULDOL]DGDV
(VWimR FRUUHWDV
D DSHQDV , H ,9
G DSHQDV , ,, H ,9
E DSHQDV ,, H ,,,
H , ,, ,,, H ,9
F DSHQDV , ,, H ,,,
$V TXHVW}HV GH
D
DSUHVHQWDP FRPR UHVSRVWD
$7(1d®2
DVVLQDODGRV QD )2/+$ '( 5(63267$6
YDORUHV QXPpULFRV TXH GHYHP VHU
/HLD R WH[WR H REVHUYH R PDSD DR ODGR
26$.$ $ VHOHomR EUDVLOHLUD IHPLQLQD GH Y{OHL
JDUDQWLX XPD YDJD QD ILQDO GR &DPSHRQDWR 0XQGLDO
DR VXSHUDU D 6pUYLD H 0RQWHQHJUR SRU VHWV D FRP
SDUFLDLV GH H QD
PDGUXJDGD GHVWD TXDUWDIHLUD QR *LQiVLR 0XQLFLSDO GH
2VDND -DSmR $JRUD R %UDVLO EXVFD R WtWXOR LQpGLWR
QHVWD TXLQWDIHLUD FRQWUD D 5~VVLD
2
(67$'2
GH
6mR
3DXOR
'LVSRQtYHO
HP
KWWSZZZHVWDGDRFRPEUHVSRUWHVYROHLQRWLFLDVQRY
KWP! $FHVVR HP QRY 6REUH R ILP GD )HGHUDomR GD ,XJRVOiYLD FRQVLGHUH DV
SURSRVLo}HV DEDL[R H FRP R DX[tOLR GR PDSD H GH VHXV
FRQKHFLPHQWRV VREUH R WHPD LGHQWLILTXH DV
YHUGDGHLUDV
$GDSWDGR GH KWWSZZZIROKDXROEUIROKDPXQGRLPDJHVPDSD
ERVQLDBLXJRVODYLDJLI! $FHVVR HP QRY -RVLS %UR] R ´0DUHFKDO 7LWRµ OLGHURX RV SDUWLVDQV JXHUULOKHLURV FRPXQLVWDV IXQGDPHQWDLV j YLWyULD VREUH
RV QD]LVWDV QD  *XHUUD 0XQGLDO H PDQWHYH D XQLILFDomR GR SDtV jV FXVWDV GH XP UHJLPH IHFKDGR H GR VHX
SUHVWtJLR SHVVRDO
2 SURFHVVR GH GHVLQWHJUDomR GD )HGHUDomR ,XJRVODYD GHXVH SULQFLSDOPHQWH HQWUH H DWUDYpV GDV
JXHUUDV H DFRUGRV TXH UHVXOWDUDP QD LQGHSHQGrQFLD GH VXDV UHS~EOLFDV
$ VHSDUDomR GD (VORYrQLD IRL D PDLV YLROHQWD H D JXHUUD FRQWUD R JRYHUQR FHQWUDO OLGHUDGD SRU 6ORERGDQ
0LORVHYLF FXVWRX PDLV GH PLO PRUWRV
$ VHSDUDomR GD %yVQLD GH PDLRULD VpUYLD IRL D PDLV WUDQTLOD SRLV UHVXOWRX GH XP DFRUGR SUpYLR VHJXLGR
GH XP SOHELVFLWR
$ )HGHUDomR GD ,XJRVOiYLD IRL H[WLQWD HP H HP VHX OXJDU VXUJLX D 5HS~EOLFD GH 6pUYLD H 0RQWHQHJUR
IRUPDGD SRU GRLV HVWDGRV DXW{QRPRV 5HFHQWHPHQWH XP SOHELVFLWR IRL IDYRUiYHO j LQGHSHQGrQFLD GH
0RQWHQHJUR
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
7
8)3%35* !#'
PSS-2007
1D $PpULFD /DWLQD GLYHUVRV SDtVHV WrP VLGR DIHWDGRV SRU JXHUULOKDV HQWUH HOHV 1LFDUiJXD *XDWHPDOD (O
6DOYDGRU +RQGXUDV 3HUX &RO{PELD H 0p[LFR 6REUH HVVHV PRYLPHQWRV JXHUULOKHLURV DQDOLVH DV SURSRVLo}HV D
VHJXLU H LGHQWLILTXH DV YHUGDGHLUDV
$V )RUoDV $UPDGDV 5HYROXFLRQiULDV GD &RO{PELD )$5& H R ([pUFLWR =DSDWLVWD GH /LEHUWDomR 1DFLRQDO
(=/1 VmR RUJDQL]Do}HV GH HVTXHUGD TXH FRPEDWHP RV JRYHUQRV GH VHXV UHVSHFWLYRV SDtVHV
$V $XWRGHIHVDV 8QLGDV GD &RO{PELD $8& H RV ´&RQWUDVµ GD 1LFDUiJXD WrP VLGR H[HPSORV GH
PRYLPHQWRV GH GLUHLWD TXH VXUJLUDP SDUD FRPEDWHU DV JXHUULOKDV HVTXHUGLVWDV
2 (=/1 UHFHEH DSRLR GR JRYHUQR QRUWHDPHULFDQR SDUD FRPEDWHU D HQWUDGD LOHJDO GH LPLJUDQWHV QRV
(8$ QD IURQWHLUD HQWUH HVVH SDtV H R 0p[LFR
2 ([pUFLWR GH /LEHUWDomR 1DFLRQDO (/1 GD &RO{PELD RUJDQL]DGR GHVGH RV DQRV GH WHP FRPR
SULQFLSDO DOYR GH VXDV Do}HV D LQG~VWULD GH HQHUJLD SULQFLSDOPHQWH R SHWUyOHR
$V JXHUULOKDV FRORPELDQDV UHFHEHP DSRLR GR JRYHUQR YHQH]XHODQR SULQFLSDOPHQWH DV $8& TXH FRPEDWHP
DV RXWUDV JXHUULOKDV FRORPELDQDV GH HVTXHUGD
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
$ SDUWLU GD GpFDGD GH XPD JUDYH FULVH DIHWRX RV SDtVHV VRFLDOLVWDV $WXDOPHQWH SRXFRV DLQGD SRGHP VHU
FKDPDGRV GH VRFLDOLVWDV HQWUH HOHV &XED &RUpLD GR 1RUWH H &KLQD $ &KLQD p R ~QLFR GHVVHV SDtVHV TXH
PDQWpP XP FUHVFLPHQWR HFRQ{PLFR LPSRUWDQWH H VHJXQGR DOJXPDV SUHYLV}HV HQFDPLQKDVH SDUD VHU XPD
SRWrQFLD PXQGLDO 6REUH R FUHVFLPHQWR FKLQrV LGHQWLILTXH GHQWUH DV SURSRVLo}HV DEDL[R DV YHUGDGHLUDV
$ UHLQWHJUDomR GH +RQJ .RQJ WHP VLGR IXQGDPHQWDO SDUD R FRPpUFLR LQWHUQDFLRQDO GD &KLQD SRLV QHVVD
FLGDGH HVWmR ORFDOL]DGRV XP GRV PDLRUHV H PDLV EHP HTXLSDGRV SRUWRV GR PXQGR H XP LPSRUWDQWH FHQWUR
ILQDQFHLUR PXQGLDO
$ DEHUWXUD GR JRYHUQR FKLQrV UHVXPHVH DR FDPSR HFRQ{PLFR SROLWLFDPHQWH p TXDVH DEVROXWR R GRPtQLR
GR 3DUWLGR &RPXQLVWD WHQGR VLGR UHSULPLGDV DV PDQLIHVWDo}HV SRU DEHUWXUD SROtWLFD
$ &KLQD QR FDPSR GR FRPpUFLR H[WHULRU Gi SULYLOpJLRV DRV SDtVHV SREUHV FRPR RV GD ÉIULFD H RV GD
$PpULFD /DWLQD R TXH WHP JHUDGR SURWHVWRV GRV (8$ H GD 8QLmR (XURSpLD
$ DJULFXOWXUD p R PRWRU GD JUDQGH DUUDQFDGD HFRQ{PLFD FKLQHVD SRLV QHVVH SDtV FRP D DEHUWXUD
HFRQ{PLFD R DJURQHJyFLR SDVVRX D VHU GRPLQDQWH QR FDPSR H WUDQVIRUPRX D &KLQD HP XP JUDQGH
H[SRUWDGRU GH SURGXWRV FRPR D VRMD R DUUR] H R VRUJR
2 FUHVFLPHQWR HFRQ{PLFR GD &KLQD p IUXWR GD LQWHQVD DWLYLGDGH ILQDQFHLUD GRV FKLQHVHV TXH FRQWURODP
ODQFKRQHWHV HP WRGR R PXQGR FRPR REVHUYDVH HP SDVWHODULDV GH FLGDGHV EUDVLOHLUDV
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
8
! " # $%
$ JUDQGH PDLRULD GRV DXWRUHV GH OLYURV GLGiWLFRV GLYLGH D ÉIULFD HP GXDV ÉIULFD %UDQFD RX 6HWHQWULRQDO H ÉIULFD
1HJUD RX 6XEVDDULDQD FRQIRUPH R PDSD (VVD UHJLRQDOL]DomR VHJXH SDGU}HV ItVLFRV H KXPDQRV
8)3%35* !#'
PSS-2007
6REUH R &RQWLQHQWH $IULFDQR FRP R DX[tOLR GR PDSD H GH VHXV FRQKHFLPHQWRV VREUH R WHPD DQDOLVH DV
SURSRVLo}HV DEDL[R LGHQWLILFDQGR DV YHUGDGHLUDV
$ ÉIULFD %UDQFD p RFXSDGD SRU SRSXODo}HV PDMRULWDULDPHQWH GH UHOLJLmR PXoXOPDQD H VXD HFRQRPLD p
EDVHDGD QD H[SORUDomR GRV UHFXUVRV QDWXUDLV PLQHUDLV HQWUH HOHV R SHWUyOHR
$V ULYDOLGDGHV HQWUH RV GLIHUHQWHV JUXSRV pWQLFRV SULQFLSDOPHQWH QD ÉIULFD 6XEVDDULDQD GLILFXOWDP R VHX
GHVHQYROYLPHQWR HFRQ{PLFR H SROtWLFR
$ ÉIULFD PHULGLRQDO RX DXVWUDO SDUWH GD ÉIULFD %UDQFD WHP D HFRQRPLD EDVHDGD QD H[WUDRUGLQiULD ULTXH]D
PLQHUDO D H[HPSOR GR RXUR H GR GLDPDQWH
$ ÉIULFD GR 6XO p R SDtV PDLV GHVHQYROYLGR H ULFR GR FRQWLQHQWH DIULFDQR SRU GLYHUVDV UD]}HV HQWUH HODV
WHP D PDLRULD GD SRSXODomR GH RULJHP EUDQFD HXURSpLD H DFHVVR DRV RFHDQRV $WOkQWLFR H ÌQGLFR
$ ÉIULFD 6XEVDDULDQD FRPSDUDGD FRP D ÉIULFD %UDQFD p EHP PDLV KHWHURJrQHD SRU DSUHVHQWDU HP VHX
LQWHULRU GLIHUHQoDV HFRQ{PLFDV FXOWXUDLV pWQLFDV H QDWXUDLV PDLV H[SUHVVLYDV
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
2EVHUYH D ILJXUD
*$5&,$ +HOLR &DUORV H *$5$9(//2 7LWR 0DUFLR
*HRJUDILD ² GH ROKR QR PXQGR GR WUDEDOKR 6mR 3DXOR 6FLSLRQH S 8PD GDV PDUFDV GD QRYD RUGHP PXQGLDO p R VHX FDUiWHU PXOWLSRODU 3RGHVH FRQVLGHUDU D H[LVWrQFLD GH WUrV
PHJDEORFRV R DPHULFDQR OLGHUDGR SHORV (8$ R HXURSHX OLGHUDGR SHOD 8QLmR (XURSpLD H R SDFtILFR OLGHUDGR
SHOR -DSmR 8VDQGR FRPR UHIHUrQFLD R PDSD H VHXV FRQKHFLPHQWRV HP *HRJUDILD DQDOLVH DV SURSRVLo}HV D
VHJXLU LGHQWLILFDQGR DV YHUGDGHLUDV
2 0(5&268/ QmR DSDUHFH QD ILJXUD SRUTXH D $/&$ VH LPS{V FRPR UHDOLGDGH FRQFUHWD DSyV D
$UJHQWLQD H R &KLOH WHUHP D HOD DGHULGR
$ ]RQD VRE LQIOXrQFLD GRV (8$ PDUFD R OLPLWH GR DOFDQFH GR VHX SRGHULR PLOLWDU
$ LQIOXrQFLD GH DPHULFDQRV H HXURSHXV VREUH SDUWH GD ÉIULFD p SURGXWR GH XPD GLVSXWD SROtWLFD H
GLSORPiWLFD
%RD SDUWH GD ÉVLD &HQWUDO FDUDFWHUL]DVH FRPR XPD ]RQD QHXWUD RQGH SDtVHV FRPR ,Um ,UDTXH ÌQGLD
3DTXLVWmR $UiELD 6DXGLWD H (JLWR IRUPDP D 2UJDQL]DomR GRV 3DtVHV 3URGXWRUHV GH 3HWUyOHR 23(3
2V (8$ FDUDFWHUL]DPVH FRPR D ~QLFD SRWrQFLD PXQGLDO SRU VHUHP D ~QLFD VXSHUSRWrQFLD PLOLWDU DSHVDU
GD QRYD RUGHP HFRQ{PLFD VHU PXOWLSRODU
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
9
8)3%35* !#'
PSS-2007
2 TXDGUR GD *HRJUDILD 3ROtWLFD QD $PpULFD GR 6XO YHP VRIUHQGR PXGDQoDV LPSRUWDQWHV QRV ~OWLPRV DQRV R
TXH WHP UHIOHWLGR GLUHWDPHQWH QDV SRVVtYHLV FRPSRVLo}HV GRV %ORFRV (FRQ{PLFRV 5HJLRQDLV D H[HPSOR GR
0(5&268/ 3DtVHV FRPR R &KLOH R 3HUX D %ROtYLD H D 9HQH]XHOD WrP GHPRQVWUDGR RUD XPD DSUR[LPDomR RUD
XP DIDVWDPHQWR GR 0(5&268/ HP IXQomR GRV LQWHUHVVHV HFRQ{PLFRV H SROtWLFRV QDFLRQDLV 6REUH R H[SRVWR
FRQVLGHUH DV SURSRVLo}HV DEDL[R LGHQWLILFDQGR DV YHUGDGHLUDV
2 JRYHUQR GR %UDVLO WHP SURFXUDGR UHIRUoDU R 0(5&268/ DSHVDU GH SUREOHPDV FRP D $UJHQWLQD
SULQFLSDO SDUFHLUR GR %UDVLO QHVVH %ORFR (FRQ{PLFR 5HJLRQDO
2 JRYHUQR EROLYLDQR WHP VH DIDVWDGR GR 0(5&268/ HP IXQomR GH VHX DOLQKDPHQWR FRP RV (8$ R TXH
SURYRFRX D FULVH FRP D 3HWUREUiV LQVWDODGD QR WHUULWyULR EROLYLDQR
2 JRYHUQR GR &KLOH YHP DIDVWDQGR R SDtV GDV QHJRFLDo}HV FRP RV (8$ H D $/&$ SURPRYHQGR D HQWUDGD
GHVVH SDtV DQGLQR QR 0(5&268/
2 JRYHUQR YHQH]XHODQR YHP XWLOL]DQGR D LQIOXrQFLD GR SRGHU HFRQ{PLFR GR SHWUyOHR SDUD VH DSUR[LPDU
GR 0(5&268/
2 JRYHUQR SHUXDQR LPSRUWDQWH DOLDGR GR &KLOH QD GLVSXWD WHUULWRULDO FRP D %ROtYLD WURX[H SDUD R kPELWR
GR 0(5&268/ D SRVVLELOLGDGH GH UHVROYHU D KLVWyULFD UHLYLQGLFDomR EROLYLDQD SRU XPD VDtGD SDUD R PDU
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
, , , ² +, 6 7 Ð5 , $ * ( 5 $ / ( ' 2% 5 $ 6 , / ([FOXV}HVFRQIOLWRVHFLGDGDQLD
$ IRUPDomR GR (VWDGR 1DFLRQDO EUDVLOHLUR DSyV D DXWRQRPLD SROtWLFD HP FRQVWLWXLX XP ORQJR SURFHVVR
TXH VH HVWHQGHX DWp D PHWDGH GR VpFXOR ;,; SDXWDGR SRU GXDV TXHVW}HV SULQFLSDLV D RUJDQL]DomR GR SRGHU RX
VHMD D GHILQLomR GRV JUXSRV VRFLDLV D LQFOXLU H D H[FOXLU QDGD YLGD SROtWLFD H D PDQXWHQomR GD XQLGDGH WHUULWRULDO
H SROtWLFD GR SDtV
6REUH R SURFHVVR GD IRUPDomR GR (VWDGR 1DFLRQDO EUDVLOHLUR FRQVLGHUH DV SURSRVLo}HV DEDL[R
, $ H[FHVVLYD FRQFHQWUDomR GH SRGHU QD HVIHUD GR ([HFXWLYR SURSRVWD QR DQWHSURMHWR GD &RQVWLWXLomR
GHVDJUDGRX ' 3HGUR , D WDO SRQWR TXH R LPSHUDGRU PDQGRX GLVVROYHU HP D SULPHLUD $VVHPEOpLD
&RQVWLWXLQWH EUDVLOHLUD
,, 2 GLVWDQFLDPHQWR HQWUH R OLEHUDOLVPR GDV HOLWHV EUDVLOHLUDV H XPD FRQFHSomR GHPRFUiWLFD GH SRGHU IRL
FODUDPHQWH H[SUHVVR QR WH[WR GD &RQVWLWXLomR RXWRUJDGD SRU ' 3HGUR , HP UHVWULQJLQGR D FLGDGDQLD
D XP SHTXHQR JUXSR GH SULYLOHJLDGRV
,,, $ H[FHVVLYD GHVFHQWUDOL]DomR GR SRGHU SUHYLVWD QD &RQVWLWXLomR GH JHURX LQVDWLVIDomR GDV HOLWHV H
FDPDGDV PpGLDV XUEDQDV GDV SURYtQFLDV GH 3HUQDPEXFR 3DUDtED 5LR *UDQGH GR 1RUWH H &HDUi ID]HQGR
HFORGLU D &RQIHGHUDomR GR (TXDGRU
,9 2 WHPRU GD IUDJPHQWDomR WHUULWRULDO H SROtWLFD GR %UDVLO IH] FRP TXH DV HOLWHV GLULJHQWHV GXUDQWH DV
5HJrQFLDV 8QDV SULRUL]DVVHP D ´PDQXWHQomR GD RUGHPµ UHSULPLQGR DV UHYROWDV RSRVLFLRQLVWDV UHJLRQDLV H
DUWLFXODQGR PHGLGDV SDUD PDLRU FHQWUDOL]DomR GR SRGHU GHSRLV GD H[SHULrQFLD GR $WR $GLFLRQDO GH (VWimR FRUUHWDV DSHQDV
D , H ,,
E , H ,,,
F ,, H ,,,
G ,, H ,9
H ,,, H ,9
2 FpOHEUH SRHWD LQJOrV GR URPDQWLVPR /RUG %\URQ H[SUHVVDQGR RV FRQIOLWRV IXQGDPHQWDLV GH VHX
WHPSR WRUQRXVH IDPRVR SRU UHSUHVHQWDU DV HPRo}HV H D OLEHUGDGH GH XP LQGLYLGXDO PRGHUQR HP DILUPDo}HV
FRPR
(VVH SRHWD WDPEpP HQJDMRX
VH DSDL[RQDGDPHQWH HP XPD FDXVD FROHWLYD D LQGHSHQGrQFLD GD *UpFLD SHOD TXDO PRUUHX HP FRPEDWH H VREUH D
TXDO HVFUHYHX
,OKDV GD *UpFLD y GD *UpFLD DV LOKDV
/i RQGH D DUGHQWH 6DIR DPRX HVFUHYHX
'H RQGH DV DUWHV GD JXHUUD H SD] VmR ILOKDV
( RQGH 'HORV VXUJLX )HER QDVFHX
2 HWHUQR HVWLR DV GRXUD VHPSUH DLQGD
0DV Vy R VRO UHVWD GH XPD JOyULD ILQGD
>@
$
% &'
10
($ ) ($ # * &+
# &"
' ' ' & $ &
,
8)3%35* !#'
PSS-2007
/i GR DOWR DV VHUUDV ILWDP 0DUDWRQD
( 0DUDWRQD RV ROKRV S}H QD HQVHDGD
0HX SHQVDPHQWR DOL IOXWXDQGR j WRQD
6RQKDYD FRP XPD *UpFLD OLEHUWDGD
6H R W~PXOR GRV 3HUVDV HX SLVDYD
+DYLD HX GH VHU HVFUDYR HP WHUUD HVFUDYD
%<521 *HRUJH *RUGRQ
,OKDV GD *UpFLD 'LVSRQtYHO HP KWWSZZZJDUJDQWDGDVHUSHQWHFRPFUHWDE\URQKWPO! $FHVVR HP RXW $ EXVFD GDV LGHQWLGDGHV LQGLYLGXDLV ² GR FLGDGmR OLYUH ² H FROHWLYDV ² GDV XQLGDGHV SROtWLFDV EDVHDGDV QR
FRQWUDWR VRFLDO ² UHSUHVHQWDGD QD SRHVLD p XPD WHQVmR WtSLFD GR 5RPDQWLVPR GXUDQWH R VpFXOR ;,;
DVVRFLDQGR /LEHUDOLVPR H 1DFLRQDOLVPR
6REUH /LEHUDOLVPR H 1DFLRQDOLVPR FRQVLGHUH DV SURSRVLo}HV DEDL[R
, $ LQGHSHQGrQFLD GD *UpFLD REWLGD HP JXHUUD FRQWUD R ,PSpULR 7XUFR 2WRPDQR WRUQRXVH
HPEOHPiWLFD GD UHODomR HQWUH OLEHUDOLVPR H QDFLRQDOLVPR SRU UHSUHVHQWDU D OXWD GD OLEHUGDGH GH XP SRYR
FRQWUD D WLUDQLD GH XPD PRQDUTXLD DEVROXWD QR EHUoR GD FLYLOL]DomR HXURSpLD (VVH SURFHVVR GH
LQGHSHQGrQFLD VHUYLX GH H[HPSOR HQFRUDMDGRU D RXWURV SRYRV GR FRQWLQHQWH QD OXWD SHOD OLEHUGDGH
,, $ LQGHSHQGrQFLD SROtWLFD GR %UDVLO VH UHDOL]RX VRE R LGHiULR GR OLEHUDOLVPR FRQWUD R PRQRSyOLR GD
PHWUySROH SRUWXJXHVD -i R LGHiULR QDFLRQDOLVWD EUDVLOHLUR WRUQRXVH EHP PDLV YLVtYHO DSyV D FRQVROLGDomR
GD DXWRQRPLD HPERUD WHQKD VLGR FRQIURQWDGR SRU LGpLDV VHSDUDWLVWDV H[SUHVVDV QD *XHUUD GRV )DUUDSRV
QR 5LR *UDQGH GR 6XO H 6DQWD &DWDULQD
,,, $ XQLILFDomR LWDOLDQD Vy VH FRQFOXLX VRE D GLUHomR GD &DVD GH 6DEyLD HP DSyV XPD VpULH GH OXWDV
FRQWUD R 3DSDGR GHWHQWRU GRV (VWDGRV 3RQWLILFLDLV H FRQWUD R ,PSpULR WUDQVQDFLRQDO $XVWUR+~QJDUR GRV
+DEVEXUJR (VVD XQLILFDomR WHYH FRPR GHVWDFDGD OLGHUDQoD SRSXODU R FDVDO *LXVHSSH H $QLWD *DULEDOGL
TXH DQWHULRUPHQWH KDYLD DWXDGR QR %UDVLO QD OXWD IHGHUDOLVWD GD *XHUUD GRV )DUUDSRV
,9 $ XQLILFDomR GD $OHPDQKD VH SURFHVVRX VRE D KHJHPRQLD GD PLOLWDULVWD 3U~VVLD GH %LVPDUFN
DWUDYpV GR SURMHWR FRQKHFLGR FRPR ´3HTXHQD $OHPDQKDµ TXH H[FOXtD D ÉXVWULD (VVH IDWR WHULD VpULRV
GHVGREUDPHQWRV DWp R VpFXOR ;; TXDQGR RV QDFLRQDOVRFLDOLVWDV DOHPmHV UHLYLQGLFDUDP D IRUPDomR GD
´*UDQGH $OHPDQKDµ OLGHUDGRV SRU +LWOHU DXVWUtDFR GH QDVFLPHQWR
(VWimR FRUUHWDVV
D
DSHQDV ,
E
DSHQDV ,, H ,,,
F
DSHQDV , ,, H ,,,
G
DSHQDV ,, ,,, ,9
H
, ,, ,,, H ,9
2 SURFHVVR GH GHVHVWUXWXUDomR GR
RX (VWDGR GH %HP(VWDU 6RFLDO DWXDOPHQWH HP RFRUUrQFLD QD
(XURSD HVWi FDXVDQGR JUDYHV SUREOHPDV QRV SDtVHV FXMRV JRYHUQRV IL]HUDP D RSomR SHOR QHROLEHUDOLVPR 7DO
SURFHVVR GHFRUUH HQWUH RXWURV FRQGLFLRQDQWHV KLVWyULFRV GR ILP GD *XHUUD )ULD H GD GHVRUJDQL]DomR H
LPRELOL]DomR GRV PRYLPHQWRV VLQGLFDLV GXUDQWH RV DQRV GH (VVH FRQWH[WR KLVWyULFR FRQWUDVWD FRP DTXHOH
GR VpFXOR ;,; H SULPHLUD PHWDGH GR VpFXOR ;; HP TXH KDYLD XP QtWLGR HPEDWH SROtWLFR H LGHROyJLFR
FRORFDQGR IUHQWH D IUHQWH DV IRUoDV SUROHWiULDV H DV IRUoDV EXUJXHVDV
- $ UHVSHLWR GR VXUJLPHQWR H IRUWDOHFLPHQWR GR PRYLPHQWR RSHUiULR QR PXQGR H QR %UDVLO p FRUUHWR DILUPDU
D
E
F
G
H
2 PRYLPHQWR RSHUiULR QDVFHX H VH IRUWDOHFHX SRU QmR WHU KDYLGR GXUDQWH WRGR R VpFXOR ;,; QHQKXPD
GLVSXWD LQWHUQD HQWUH DV VXDV SULQFLSDLV OLGHUDQoDV HP WRUQR GRV LGHDLV UHYROXFLRQiULRV DR FRQWUiULR GDV
GLVSXWDV H[LVWHQWHV DWXDOPHQWH
2 0RYLPHQWR /XGLVWD RX 4XHEUD 0iTXLQDV FRPR WDPEpP ILFRX FRQKHFLGR HPHUJLX QR LQtFLR GR VpFXOR
;; (VVH PRYLPHQWR DSHVDU GH H[WUHPDPHQWH RUJDQL]DGR ILFRX UHVWULWR DSHQDV j ,QJODWHUUD
2 PRYLPHQWR FRPXQLVWD QR %UDVLO TXH WLQKD ODUJD H[SHULrQFLD H JUDQGH SHQHWUDomR QR PRYLPHQWR RSHUiULR
QR ILQDO GR VpFXOR ;,; HVWUDQKDPHQWH SDVVRX D GHILQKDU DSyV D 5HYROXomR 5XVVD H DV PXGDQoDV RFRUULGDV
QR FHQiULR SROtWLFR EUDVLOHLUR QRV DQRV GH 2V DQDUTXLVWDV DVVLP FRPR R 067 DWXDOPHQWH SUHRFXSDYDPVH FRP D IRUPDomR GRV VHXV PLOLWDQWHV 3RU
LVVR FULDUDP QR %UDVLO HQWUH H DOJXPDV HVFRODV SDUD WUDEDOKDGRUHV RUJDQL]DGDV VHJXQGR RV
SULQFtSLRV GRXWULQiULRV GR DQDUTXLVPR
2 PRYLPHQWR FRQKHFLGR FRPR &DUWLVPR HUD EDVHDGR QRV SULQFtSLRV GR VRFLDOLVPR XWySLFR H SUHJDYD TXH D
PLVpULD GR RSHUDULDGR VH GHYLD j H[SORUDomR JHUDGD SHOD LQWURGXomR GD PiTXLQD QDV IiEULFDV EHP FRPR j
PHVTXLQKH] SHVVRDO GRV HPSUHViULRV
11
8)3%35* !#'
PSS-2007
2 WUHFKR GD P~VLFD DEDL[R DERUGD GXDV WHPiWLFDV TXH GHUDP D W{QLFD GRV GHEDWHV SROtWLFRV QR %UDVLO QR ILQDO
GR VpFXOR ;,; D HVFUDYLGmR H R WUDEDOKR OLYUH
6RUULVR 1HJUR
8P VRUULVR QHJUR
XP DEUDoR QHJUR
WUD] IHOLFLGDGH
QHJUR VHP HPSUHJR
ILFD VHP VRVVHJR
1HJUR p D UDL] GD OLEHUGDGH
>@
3257(/$ -RUJH H %$5%$'2 $GLOVRQ 'LVSRQtYHO HP KWWSZZZPYKSFRPEUWHUUDKWP! $FHVVR HP RXW 6REUH HVVDV WHPiWLFDV p FRUUHWR DILUPDU
D $ YLWyULD GR %UDVLO QD *XHUUD GR 3DUDJXDL H D FRQVHTHQWH WUDQTLOLGDGH TXH SDVVRX D UHLQDU QR PXQGR
SROtWLFR GHSRLV GHVVH WULXQIR DFDEDUDP DGLDQGR R GHEDWH GD TXHVWmR HVFUDYLVWD SRU QR PtQLPR YLQWH DQRV
E 2 SULQFLSDO REMHWLYR GD ,QJODWHUUD DR GHIHQGHU R ILP GR WUiILFR GH HVFUDYRV H HP FRQVHTrQFLD WDPEpP R
ILP GD HVFUDYLGmR HUD DPSOLDU R PHUFDGR FRQVXPLGRU WUDQVIRUPDQGR RV H[HVFUDYRV HP SULQFLSDLV
FRQVXPLGRUHV GRV VHXV SURGXWRV
F $ PDLRULD GD SRSXODomR GH QHJURV FDWLYRV GR SDtV SRU YROWD GH HVWDYD FRQFHQWUDGD QDV SURYtQFLDV GD
3DUDtED 3HUQDPEXFR H %DKLD TXH MXQWDV VRPDYDP FHUFD GH GRV HVFUDYRV HP LGDGH SURGXWLYD
G 2 VLVWHPD GH FRORQDWR HP TXH FDGD IDPtOLD GH LPLJUDQWHV UHFHELD XP SDJDPHQWR SURSRUFLRQDO DRV SpV GH
FDIp SRU HOD FXLGDGRV H SRGLD FXOWLYDU SURGXWRV GH VXEVLVWrQFLD IRL XPD GDV IRUPDV GH UHODomR GH WUDEDOKR
VXEVWLWXWLYDV GDV UHODo}HV HVFUDYLVWDV
H 2 FRORQDWR QmR HUD QRYLGDGH QR %UDVLO SRLV GHVGH R SHUtRGR FRORQLDO HVVD UHODomR GH WUDEDOKR WLSLFDPHQWH
FDSLWDOLVWD YLQKD VHQGR WHVWDGD QDV ]RQDV FDQDYLHLUDV GR 1RUGHVWH QDV ID]HQGDV GH FDIp GR (VStULWR 6DQWR
EHP FRPR QD UHJLmR GDV 0LQDV *HUDLV
2 IHGHUDOLVPR OLEHUDO GD FKDPDGD 5HS~EOLFD 9HOKD IRL FDUDFWHUL]DGR SHOR SRGHULR GDV ROLJDUTXLDV
HVWDGXDLV
D EDVHDQGRVH QR FRPDQGR GDV OLGHUDQoDV ORFDLV HVSHFLDOPHQWH GH ODWLIXQGLiULRV ² RV FRURQpLV ² TXH
FRQWURODYDP R HOHLWRUDGR VREUHWXGR UXUDO DWUDYpV GR ´YRWR GH FDEUHVWRµ
E DSRLDQGRVH QR YRWR XQLYHUVDO GR HOHLWRUDGR XUEDQR TXH HP pSRFD DQWHULRU DR GHVHQYROYLPHQWR GRV PHLRV
GH FRPXQLFDomR GH PDVVD LGHQWLILFDYDVH FRP R ORFDOLVPR GDV HOLWHV HVWDGXDLV
F PDQWHQGRVH DWUDYpV GR YRWR FHQVLWiULR TXH JDUDQWLQGR D FLGDGDQLD DSHQDV DRV SURSULHWiULRV OHYDYD D
SRSXODomR UXUDO D DSRLDU R ORFDOLVPR GDV HOLWHV HVWDGXDLV
G VXVWHQWDQGRVH QR YRWR XQLYHUVDO GRV KRPHQV OLYUHV TXH WHPHURVRV GR SRGHU GRV VHQKRUHV GH HVFUDYRV
DSRLDYDP RV OtGHUHV GD *XDUGD 1DFLRQDO
H IXQGDPHQWDQGRVH DWUDYpV GR YRWR VHFUHWR XQLYHUVDO QD IRUoD GR HOHLWRUDGR XUEDQR TXH HUD VROLGiULR j
SUiWLFD DQWLSDWULPRQLDOLVWD GDV HOLWHV HVWDGXDLV
$ 3ULPHLUD *XHUUD 0XQGLDO IRL XP GRV HYHQWRV PDLV WUDXPiWLFRV SDUD D (XURSD SDOFR SULQFLSDO GR
FRQIOLWR H SRU H[WHQVmR SDUD ERD SDUWH GR PXQGR TXH HQWmR VH HQFRQWUDYD VRE LQIOXrQFLD RX GRPtQLR GLUHWR
HXURSHX
6REUH HVVH HYHQWR VHXV FRQGLFLRQDQWHV H FRQVHTrQFLDV FRQVLGHUH DV SURSRVLo}HV DEDL[R DVVLQDODQGR FRP 9
DV YHUGDGHLUDV H FRP ) DV IDOVDV
$ SUHVHQoD GH DOWD WHFQRORJLD IRL XPD GDV PDUFDV LQRYDGRUDV GHVVH FRQIOLWR EpOLFR PDQLIHVWDGD QR XVR
VLVWHPiWLFR GH DUPDV TXtPLFDV DYL}HV GH ERPEDUGHLR ODQoDFKDPDV H VXEPDULQRV UHVXOWDQGR HP XPD
HVWLPDWLYD GH PLOK}HV GH PRUWRV H PLOK}HV GH IHULGRV HQWUH RV VROGDGRV H D SRSXODomR FLYLO
2 FUHVFLPHQWR H H[SDQVmR LQGXVWULDO GD $OHPDQKD HVEDUURX QR FRQWUROH JOREDO GRV PHUFDGRV FRQVXPLGRUHV
H SURGXWRUHV GH PDWpULDVSULPDV H[HUFLGR HVSHFLDOPHQWH SHOD *Um%UHWDQKD H SHOD )UDQoD TXH MXQWR FRP
D 5~VVLD IRUPDUDP D 7UtSOLFH (QWHQWH SDUD ID]HU IDFH DR FUHVFLPHQWR DOHPmR WDPEpP GHQWUR GD (XURSD
12
8)3%35* !#'
PSS-2007
$ ,WiOLD HUD XPD SRWrQFLD HXURSpLD LQVDWLVIHLWD FRP D SDUWLOKD GRV PHUFDGRV PXQGLDLV H GRV WHUULWyULRV
FRORQLDLV GD ÉIULFD H ÉVLD 3RU HVWD UD]mR DOLRXVH j $OHPDQKD H DR ,PSpULR $XVWUR+~QJDUR VHX H[
LQLPLJR H WUDGLFLRQDO SRWrQFLD GD (XURSD FHQWUDO IRUPDQGR D 7UtSOLFH $OLDQoD
2 HVWRSLP GR FRQIOLWR DSHVDU GDV GLVSXWDV JOREDLV IRL XP SUREOHPD LQWHUQR GD (XURSD R DVVDVVLQDWR GH
)UDQFLVFR )HUGLQDQGR KHUGHLUR GR WURQR GD ÉXVWULD+XQJULD HP 6DUDMHYR FDSLWDO GD %yVQLD+HU]HJyYLQD
SRU XP HVWXGDQWH VpUYLR $ TXHVWmR EDOFkQLFD GHVHQFDGHRX D JXHUUD GHYLGR j SROtWLFD GH DOLDQoDV HQWUH RV
SDtVHV HXURSHXV
2 7UDWDGR GH 9HUVDOKHV HVWDEHOHFHX SHVDGDV FDUJDV j $OHPDQKD H UHSUHVHQWRX R ILP GD /LJD GDV
1Do}HV VXEVWLWXtGD SHOD 2UJDQL]DomR GDV 1Do}HV 8QLGDV 2 UHVXOWDGR IRL D VHFXQGDUL]DomR HXURSpLD H R
DSDUHFLPHQWR GH GXDV VXSHUSRWrQFLDV RV (VWDGRV 8QLGRV H D 8QLmR 6RYLpWLFD TXH HQWmR GHUDP LQtFLR j
*XHUUD )ULD
$ VHTrQFLD FRUUHWD p
D
)9)9)
E
9)9)9
$V TXHVW}HV GH
F
D
999))
9999)
DSUHVHQWDP FRPR UHVSRVWD
$7(1d®2
DVVLQDODGRV QD )2/+$ '( 5(63267$6
G
H
99999
YDORUHV QXPpULFRV TXH GHYHP VHU
$ PDUFKLQKD GH &DUQDYDO FXMD OHWUD HVWi DEDL[R WUDQVFULWD IRL FRPSRVWD HP H ID] DOXVmR j YROWD GH *HW~OLR
9DUJDV DR SRGHU
5HWUDWR GR 9HOKR
%RWD R UHWUDWR GR YHOKR RXWUD YH]
%RWD QR PHVPR OXJDU
2 VRUULVR GR YHOKLQKR
)D] D JHQWH WUDEDOKDU
(X Mi ERWHL R PHX
( WX QmR YDL ERWDU"
-i HQIHLWHL R PHX
( WX YDLV HQIHLWDU"
2 VRUULVR GR YHOKLQKR
)D] D JHQWH WUDEDOKDU
/2%2 +DUROGR H 3,172 0DULQR 'LVSRQtYHO HP KWWSFLIUDQWLJDEORJVSRWFRPUHWUDWRGRYHOKRKWPO! $FHVVR HP RXW 6REUH R SHUtRGR FRQKHFLGR FRPR (UD 9DUJDV DQDOLVH DV SURSRVLo}HV D VHJXLU LGHQWLILFDQGR DV YHUGDGHLUDV
2 VHJXQGR JRYHUQR 9DUJDV p PDUFDGR SHOD LQFOXVmR SROtWLFD GRV PDLV GLYHUVRV VHWRUHV VRFLDLV
3DUWLFLSDYDP GR JRYHUQR HP VHXV GLYHUVRV PRPHQWRV GH FDPSRQHVHV D OtGHUHV UHFRQKHFLGDPHQWH
FRPXQLVWDV FRPR /XL] &DUORV 3UHVWHV
$ 8QLmR 'HPRFUiWLFD 1DFLRQDO 8'1 VXUJLX QR DXJH GR PRYLPHQWR ´TXHUHPLVWDµ (VVH SDUWLGR IRL R
SULQFLSDO UHVSRQViYHO SHOD GLIXVmR GDV LGpLDV GR WUDEDOKLVPR QR VHJXQGR JRYHUQR 9DUJDV
8PD GDV FDUDFWHUtVWLFDV PDUFDQWHV GR JRYHUQR 9DUJDV H TXH PXLWR R DMXGRX HP VXD WUDMHWyULD SROtWLFD IRL D
XWLOL]DomR GRV PHLRV GH FRPXQLFDomR HVSHFLDOPHQWH R 5iGLR (VWH HUD XWLOL]DGR SDUD HVWUHLWDU RV FRQWDWRV
FRP DV FDPDGDV SRSXODUHV
$ $OLDQoD 1DFLRQDO /LEHUWDGRUD D SULQFtSLR WLQKD R DSRLR GR JRYHUQR 9DUJDV H Vy SDVVRX D VHU SHUVHJXLGD
GHSRLV GR (VWDGR 1RYR DR FRQWUiULR GRV PLOLWDQWHV GD $omR ,QWHJUDOLVWD %UDVLOHLUD VHPSUH FRPEDWLGRV
SHOR JRYHUQR
2 (VWDGR 1RYR p LQVWDODGR QR %UDVLO HP HP FRQVRQkQFLD FRP D RQGD DXWRULWiULD YLYHQFLDGD HP
DOJXQV SDtVHV GD (XURSD QHVVH PHVPR SHUtRGR 1HVVD QRYD HWDSD GR SULPHLUR JRYHUQR 9DUJDV KRXYH
JUDQGH LQWHUYHQomR GR (VWDGR QD HFRQRPLD
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
13
8)3%35* !#'
PSS-2007
'HSRLV GH TXDVH PHLR VpFXOR GD 5HYROXomR &XEDQD DV LGpLDV VRFLDOLVWDV FRQWLQXDP FRQTXLVWDQGR PHQWHV
H FRUDo}HV GH LQWHOHFWXDLV QD $PpULFD /DWLQD FRPR PRVWUDP DV IUDVHV DEDL[R SURQXQFLDGDV QR )yUXP 6RFLDO
0XQGLDO ´'HPRFUDFLD H FDSLWDOLVPR VmR LQFRPSDWtYHLV )DODU HP GHPRFUDFLD FDSLWDOLVWD p R PHVPR TXH GL]HU ¶FtUFXOR
TXDGUDGR·µ
´9DPRV FRQVWUXLU R VRFLDOLVPR GR VpFXOR ;;, ( VHUi PDLV UiSLGR GR TXH VH SHQVDµ
$WtOLR %RUyQ
3OtQLR GH $UUXGD 6DPSDLR
6REUH DV H[SHULrQFLDV VRFLDOLVWDV QD $PpULFD /DWLQD H VXDV UHSHUFXVV}HV QRV GLYHUVRV SDtVHV DQDOLVH DV
SURSRVLo}HV DEDL[R LGHQWLILFDQGR DV YHUGDGHLUDV
$ 5HYROXomR &XEDQD IRL XP PDUFR IXQGDPHQWDO SDUD D $PpULFD /DWLQD 6XD IRUoD LGHROyJLFD IRL WmR JUDQGH
TXH FRQVWUXLX PLWRV H VtPERORV FDSD]HV GH LQFHQWLYDU XPD JHUDomR GH HVWXGDQWHV H LQWHOHFWXDLV j OXWD
DUPDGD
2V 6DQGLQLVWDV WRPDP R SRGHU QD 1LFDUiJXD HP MXOKR GH H Mi QR PrV VHJXLQWH GHFODUDP R SDtV XPD
5HS~EOLFD 6RFLDOLVWD (VVD RSomR SROtWLFD FRQWRX FRP WRWDO DSRLR GD ,JUHMD &DWyOLFD H GD PDLRULD GRV
HPSUHViULRV QLFDUDJHQVHV
2 &KLOH QR LQtFLR GRV DQRV GH LQDXJXURX D VpULH GH JROSHV PLOLWDUHV TXH PDUFDULDP D SROtWLFD ODWLQR
DPHULFDQD GDTXHOH SHUtRGR $ GHUUXEDGD GR 3UHVLGHQWH 6DOYDGRU $OOHQGH RFRUUHX GHYLGR D VXD
LQWUDQVLJrQFLD HP UHODomR DRV PRYLPHQWRV SRSXODUHV GH HVTXHUGD
$ LQIOXrQFLD QR %UDVLO GDV H[SHULrQFLDV VRFLDOLVWDV GD $PpULFD /DWLQD IRL PDUFDQWH DSHVDU GD TXHVWmR
LGLRPiWLFD &RP LVVR D TXHVWmR GD OXWD DUPDGD SDUD D WRPDGD GR SRGHU IRL SRVWD SRU YiULDV RUJDQL]Do}HV
SROtWLFDV GXUDQWH R UHJLPH PLOLWDU
2V UHYROXFLRQiULRV GH HVTXHUGD OLJDGRV DR 3DUWLGR 3HURQLVWD QD $UJHQWLQD WRPDUDP R SRGHU H
FRQWURODUDP R SDtV HQWUH H $V DWURFLGDGHV SRU HOHV FRPHWLGDV GXUDQWH HVVH SHUtRGR GHUDP
RULJHP DR PRYLPHQWR GDV 0mHV GD 3UDoD GH 0DLR
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
2 TXDGUR DEDL[R DSUHVHQWD R GHVHPSHQKR GD HFRQRPLD EUDVLOHLUD QR SHUtRGR FRQKHFLGR FRPR ´PLODJUH
HFRQ{PLFRµ GXUDQWH RV JRYHUQRV PLOLWDUHV
7D[D GH &UHVFLPHQWR GR 3URGXWR ,QWHUQR %UXWR 3,% HP $12
3,%
,1'Ó675,$
$*5,&8/785$
%5$6,/ ,%*(
6(59,d26
6REUH D WRPDGD GR SRGHU SHORV PLOLWDUHV H VREUH RV VHXV JRYHUQRV DQDOLVH DV SURSRVLo}HV D VHJXLU
LGHQWLILFDQGR DV YHUGDGHLUDV
2 PLQLVWUR 'HOILP 1HWR GXUDQWH R SHUtRGR GR ´PLODJUH HFRQ{PLFRµ LPSODQWRX XPD SROtWLFD GH OLEHUDomR
GH FUpGLWRV SDUD R VHWRU SULYDGR LQFHQWLYDQGR D GHPDQGD 1R HQWDQWR HVVD SROtWLFD QmR IRL HVWHQGLGD DRV
VDOiULRV TXH FRQWLQXDUDP DFKDWDGRV
2 DSRLR DR JROSH PLOLWDU GH ILFRX UHVWULWR jV FDPDGDV PDLV ULFDV GD SRSXODomR 2V VHWRUHV PpGLRV H
VREUHWXGR DV FDPDGDV SRSXODUHV FRORFDUDPVH FRQWUiULRV DR JROSH PDQWHQGRVH DVVLP DWp R WpUPLQR GR
UHJLPH H R LQtFLR GR SURFHVVR GH UHGHPRFUDWL]DomR
2V PLOLWDUHV QR LQtFLR GRV DQRV FRP R FUHVFLPHQWR HFRQ{PLFR FRORFDUDP HP SUiWLFD D SROtWLFD GH
UHGLVWULEXLomR GH UHQGD H HOLPLQDomR GD SREUH]D (VVD SUiWLFD SROtWLFD HQIUDTXHFHX RV PRYLPHQWRV GH
RSRVLomR H WRUQRX VHP VHQWLGR D UHSUHVVmR
2V VHWRUHV PDLV WUDGLFLRQDLV GD SROtWLFD EUDVLOHLUD D SULQFtSLR QmR SHUFHEHUDP D LQWHQomR GRV PLOLWDUHV GH
SHUPDQHFHUHP QR SRGHU 'Dt R DSRLR GRV SROtWLFRV FRQVHUYDGRUHV HP HVSHFLDO RV OtGHUHV GD 8'1 DR
JROSH PLOLWDU GH 2V PLOLWDUHV FRQVHJXLUDP SRU DOJXP WHPSR R DSRLR GH VHWRUHV LPSRUWDQWHV GDV FDPDGDV PpGLDV H
SRSXODUHV DOLDQGR UHVXOWDGRV SRVLWLYRV QD HFRQRPLD XPD ERD XWLOL]DomR GD PtGLD H DWp D HXIRULD SHOD YLWyULD
EUDVLOHLUD QD &RSD GR 0XQGR GH IXWHERO HP $ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
14
8)3%35* !#'
PSS-2007
$ UHODomR KLVWyULFD HQWUH YLROrQFLD H H[FOXVmR VRFLDO HVWi EHP H[SUHVVD QRV IUDJPHQWRV DEDL[R
2 WHPSR SDVVD OHQWR SUR QHJmR
TXHP VHJXUDYD FRP IRUoD D FKLEDWD
DJRUD XVD IDUGD
HQJDWLOKD D PDFDFD
HVFROKH R SULPHLUR
QHJUR SUD SDVVDU QD UHYLVWD
>@
7RGR FDPEXUmR WHP XP SRXFR GH QDYLR QHJUHLUR
7RGR FDPEXUmR WHP XP SRXFR GH QDYLR QHJUHLUR
! "
# # $%%&'
´>@ Ki SURYDV HVPDJDGRUDV GD tQWLPD YLQFXODomR GD WHQGrQFLD XQLYHUVDO SDUD XPD UDGLFDO OLEHUGDGH GR
PHUFDGR DR SURJUHVVLYR GHVPDQWHODPHQWR GR HVWDGR GH EHPHVWDU DVVLP FRPR HQWUH D GHVLQWHJUDomR GR
EHPHVWDU H D WHQGrQFLD D LQFULPLQDU D SREUH]Dµ
() *+,- . # # - # # #
/ 0 1 () *+,-
2 0DO(VWDU GD 3yV0RGHUQLGDGH 2 # 3
3
, *
"445 &%&"'
&RQVLGHUDQGR RV IUDJPHQWRV H VHXV FRQKHFLPHQWRV VREUH R WHPD DQDOLVH DV SURSRVLo}HV DEDL[R H LGHQWLILTXH DV
YHUGDGHLUDV
2 IHQ{PHQR GD YLROrQFLD XUEDQD WHPVH JHQHUDOL]DGR QR PXQGR JOREDOL]DGR VRE R LGHiULR GD OLEHUGDGH GH
PHUFDGR $ GLPLQXLomR GD FDSDFLGDGH GH FRQVXPR JHUD H[FOXVmR HP VRFLHGDGHV HP TXH D FLGDGDQLD p FDGD
YH] PDLV LGHQWLILFDGD FRP HVVD FDSDFLGDGH GH FRQVXPR ,VVR GHFRUUH GD GLPLQXLomR GR DFHVVR DRV VHUYLoRV
VRFLDLV H GR GHVHPSUHJR FU{QLFR GDV FDPDGDV SREUHV GD SRSXODomR DWLQJLQGR IRUWHPHQWH RV PLJUDQWHV
FRPR H[SUHVVR QRV FRQIOLWRV GH UXD GRV GRLV ~OWLPRV DQRV HP 3DULV
$ YLROrQFLD XUEDQD QR %UDVLO DWXDO HVWi OLJDGD DR SURFHVVR GH JOREDOL]DomR PDV VH DJUDYRX SRUTXH DV
IRUPDV QHROLEHUDLV GH H[FOXVmR VH VRPDUDP jV IRUPDV GH H[FOXVmR WUDGLFLRQDLV H FU{QLFDV JHUDGDV DR ORQJR
GH VpFXORV GH H[SORUDomR $V ´SHULIHULDVµ GH KRMH QDVFHUDP GRV PRFDPERV H IDYHODV TXH VH IRUPDUDP QDV
FLGDGHV GHVGH D FULVH GR HVFUDYLVPR H D DEROLomR GD HVFUDYDWXUD H FRQWLQXDUDP D FUHVFHU FRP R r[RGR UXUDO
H DV PLJUDo}HV UHJLRQDLV GHFRUUHQWHV GD LQGXVWULDOL]DomR FRQFHQWUDGD GR VpFXOR ;;
2V SURFHVVRV GH H[FOXVmR VRFLDO VmR HOHV PHVPRV IRUPDV GH YLROrQFLD TXH FULDP UHVSRVWDV YLROHQWDV HP
JUXSRV LQVDWLVIHLWRV GDt R EDQGLWLVPR 6H DWXDOPHQWH H[LVWHP R 3&& HP 6mR 3DXOR H YiULRV JUXSRV GR
FULPH RUJDQL]DGR QR 5LR GH -DQHLUR FRP UDPLILFDo}HV SHOR UHVWR GR SDtV Mi H[LVWLUDP DQWHV QD
H[SHULrQFLD KLVWyULFD EUDVLOHLUD RXWURV H[HPSORV FRPR RV JUXSRV GH FDQJDoR UHVXOWDQWHV GD H[FOXVmR
JHUDGD SHOR ODWLI~QGLR TXDQGR QR SDtV SUHGRPLQDYD D YLGD UXUDO
$ YLROrQFLD FRQWHPSRUkQHD WDPEpP p SDWURFLQDGD H SURWDJRQL]DGD SHORV (VWDGRV PDLV SRGHURVRV $
LQG~VWULD EpOLFD GRV SDtVHV ULFRV p D PDLRU EHQHILFLiULD GRV LQ~PHURV FRQIOLWRV DUPDGRV ORFDOL]DGRV D
H[HPSOR GDV JXHUUDV FLYLV ² FRPR D GR +DLWL ² H GD DomR GRV JUXSRV LQWHUQDFLRQDLV GH WUiILFR GH GURJDV
7DPEpP D VREHUDQLD GH SDtVHV SREUHV p YLRODGD SRU LQWHUHVVHV HFRQ{PLFRV D H[HPSOR GD LQYDVmR GR
,UDTXH SDUD FRQWURODU VXD ULTXH]D SHWUROtIHUD MXVWLILFDGD VRE R IDOVR DUJXPHQWR GH SUHVHQoD GH DUPDV
TXtPLFDV
2 WHUURULVPR FRQWHPSRUkQHR p IUXWR GD LQVDWLVIDomR KLVWyULFD GRV SDtVHV PXoXOPDQRV GR 2ULHQWH TXH
DOpP GD
ILQDQFLDUDP JUXSRV GH DWXDomR QD (XURSD FRPR R (7$ RUJDQL]DomR TXH OXWD SHOD
VHSDUDomR GRV 3DtVHV %DVFRV QD (VSDQKD H QD )UDQoD (P IXQomR GLVVR R FRQIOLWR IXQGDPHQWDO GR PXQGR
FRQWHPSRUkQHR QmR VH Gi HQWUH SDtVHV ULFRV H SDtVHV SREUHV PDV p XPD QRYD IRUPD GH XP YHOKR FRQIOLWR
HQWUH DV FLYLOL]Do}HV 2FLGHQWDO MXGDLFRFULVWm H 2ULHQWDO LVOkPLFD
. '
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
15
8)3%35* !#'
PSS-2007
2 0RYLPHQWR GRV 6HP7HUUD H DV GLVSXWDV HP WRUQR GRV VXEVtGLRV j DJULFXOWXUD QD 2UJDQL]DomR 0XQGLDO GR
&RPpUFLR 20& VmR H[SUHVV}HV GH TXH QD SDXWD GD VRFLHGDGH FRQWHPSRUkQHD GD HUD GD JOREDOL]DomR HQWUH
SHUPDQrQFLDV H PXGDQoDV D TXHVWmR DJUiULD FRQWLQXD VHQGR XP GHVDILR FHQWUDO
6REUH HVVH WHPD OHLD DV SURSRVLo}HV DEDL[R H LGHQWLILTXH DV YHUGDGHLUDV
$ HVWUXWXUD ODWLIXQGLiULD GD VRFLHGDGH EUDVLOHLUD p XPD FULDomR FRQWHPSRUkQHD j LQGXVWULDOL]DomR TXH UHWLURX
D PmRGHREUD FDPSRQHVD DWUDYpV GH SURFHVVR FRQKHFLGR SRU r[RGR UXUDO OHYDQGR j PHFDQL]DomR GR
FDPSR H j FRQFHQWUDomR GH WHUUDV SDUD D PDQXWHQomR GD SURGXomR DJURSHFXiULD
$ TXHVWmR DJUiULD QR %UDVLO p XPD ORQJD KLVWyULD GH UHDFRPRGDo}HV GD KHJHPRQLD GRV ODWLI~QGLRV 2
SULPHLUR UHJLPH GH SURSULHGDGH TXH PDUFD D FRORQL]DomR SRUWXJXHVD p R GH GRDomR GH VHVPDULDV 2
VHJXQGR IRL HVWDEHOHFLGR SHOD /HL GH 7HUUDV TXH VHUYLX SDUD OHJDOL]DU D JULODJHP GRV ODWLIXQGLiULRV
VREUH WHUUDV S~EOLFDV H GH SHTXHQRV SRVVHLURV
$ DomR SUHGDWyULD VREUH D QDWXUH]D PDUFD D H[SHULrQFLD EUDVLOHLUD QR WUDWR GD WHUUD H GRV KRPHQV TXH QHOD
YLYHP H WUDEDOKDP 1R SHUtRGR FRORQLDO R ODWLI~QGLR PRQRFXOWRU H[WHQVLYR IRL FULDGR VREUH WHUUDV YLUJHQV H
WRPDGDV GRV tQGLRV $WXDOPHQWH R DJURQHJyFLR GH DOWD WHFQRORJLD EDVHLD VXD SURGXWLYLGDGH QR XVR
LQWHQVLYR GH WUDQVJrQLFRV H DJURWy[LFRV DYDQoDQGR VREUH R TXH UHVWD GRV HFRVVLVWHPDV RULJLQDLV
$ DJULFXOWXUD EUDVLOHLUD DWXDO ² FDPSHm PXQGLDO GH H[SRUWDomR FRP VXD PRGHUQD WHFQRORJLD ² WHP PRVWUDGR
D SHUPDQrQFLD GH YHOKDV SUiWLFDV GRV ODWLI~QGLRV EUDVLOHLURV (P QRPH GD GLPLQXLomR GH FXVWRV HVVHV
ODWLI~QGLRV WrP XWLOL]DGR PmRGHREUD SUHFDUL]DGD H PHVPR D HVFUDYL]DomR GH WUDEDOKDGRUHV FRPR WrP
UHYHODGR D DomR GRV ILVFDLV GR 0LQLVWpULR GR 7UDEDOKR H DV GHQ~QFLDV QD LPSUHQVD
$V GLVSXWDV GD SDXWD GH DJULFXOWXUD QD 20& WrP RFRUULGR HP WRUQR GDV TXHVW}HV GH SURWHomR DRV
SURGXWRUHV HXURSHXV H QRUWHDPHULFDQRV H GR HVWDEHOHFLPHQWR GH EDUUHLUDV DOIDQGHJiULDV DRV SURGXWRV
DJUtFRODV RULXQGRV GRV SDtVHV SREUHV (VVHV HPEDWHV YrP VHFXQGDUL]DQGR RX VLPSOHVPHQWH
GHVFRQVLGHUDQGR RV SUREOHPDV HFROyJLFRV FDXVDGRV SHOD H[SDQVmR JOREDO GR PRGHOR GR DJURQHJyFLR
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
2V IUDJPHQWRV GH WH[WRV DEDL[R ID]HP SDUWH GDV RULHQWDo}HV SDUD R HQVLQR GH +LVWyULD QR (QVLQR 0pGLR
UHFHQWHPHQWH GLYXOJDGDV SHOR 0LQLVWpULR GD (GXFDomR H GLULJLGDV jV HVFRODV H DRV SURIHVVRUHV
´2V MRYHQV YLYHP H SDUWLFLSDP GH XP WHPSR GH P~OWLSORV DFRQWHFLPHQWRV TXH SUHFLVDP VHU FRPSUHHQGLGRV QD
VXD KLVWRULFLGDGH 1R HQWDQWR D FRPSUHHQVmR GD KLVWRULFLGDGH GRV DFRQWHFLPHQWRV WHP VLGR GLILFXOWDGD QmR Vy
SHOD TXDQWLGDGH H YDULHGDGH PDV WDPEpP SHOD YHORFLGDGH FRP TXH VH SURSDJDP SRU PHLR GDV WHFQRORJLDV GD
LQIRUPDomR H GD FRPXQLFDomRµ S ´e GHYHU GD HVFROD SURSLFLDU RV PHLRV SDUD TXH RV DOXQRV DGTXLUDP GH IRUPD FUtWLFD H DWLYD R FRQMXQWR GH
FRQKHFLPHQWRV VRFLDOPHQWH HODERUDGRV H FRQVLGHUDGRV QHFHVViULRV DR H[HUFtFLR GD FLGDGDQLDµ S ´e GH UHVVDOWDU R SDSHO FHQWUDO GD +LVWyULD SDUD DOLFHUoDU D SUiWLFD GD FLGDGDQLD HVSHFLDOPHQWH DR FRORFDU HP
HYLGrQFLD D GLYHUVLGDGH GDV FXOWXUDV TXH LQWHJUDP RV SRYRVµ S 0,1,67e5,2 GD (GXFDomR6HFUHWDULD GH (GXFDomR %iVLFD
2ULHQWDo}HV &XUULFXODUHV SDUD R (QVLQR 0pGLR
Y &LrQFLDV
+XPDQDV H VXDV 7HFQRORJLD &RQKHFLPHQWRV GH +LVWyULD %UDVtOLD S &RP EDVH QHVVHV IUDJPHQWRV H QRV VHXV FRQKHFLPHQWRV VREUH D UHODomR HQWUH *OREDOL]DomR &RQIOLWRV H
&LGDGDQLD QD DWXDOLGDGH WDQWR QR TXH VH UHIHUH DR FRQWH[WR PXQGLDO TXDQWR DR FRQWH[WR EUDVLOHLUR FRQVLGHUH DV
SURSRVLo}HV DEDL[R LGHQWLILFDQGR DV YHUGDGHLUDV
2 SURFHVVR GH *OREDOL]DomR YHP XQLYHUVDOL]DQGR D LQFOXVmR GLJLWDO DR SRVVLELOLWDU R DFHVVR GHPRFUiWLFR GH
DPSODV PDVVDV SRSXODFLRQDLV jV WHFQRORJLDV GH LQIRUPDomR H FRPXQLFDomR
$ *OREDOL]DomR KHJHP{QLFD SRU YH]HV XWLOL]D D EDQGHLUD GD XQLYHUVDOLGDGH GRV 'LUHLWRV +XPDQRV FRPR
IRUoD SROtWLFD DQWDJ{QLFD DRV PRYLPHQWRV GH GHIHVD H DILUPDomR GDV LGHQWLGDGHV FXOWXUDLV
$ PXQGLDOL]DomR HFRQ{PLFD YHP SURGX]LQGR IRUWHV LPSDFWRV VREUH R PHUFDGR GH WUDEDOKR DWLQJLQGR
VREUHWXGR DV FDPDGDV VRFLDLV GH EDL[D HVFRODULGDGH H TXDOLILFDomR SURILVVLRQDO
$ *OREDOL]DomR KHJHP{QLFD QD VXD GLPHQVmR FXOWXUDO YHP LPSRQGR SDGU}HV FLYLOL]DWyULRV FRP D
XQLIRUPL]DomRKRPRJHQHL]DomR GH KiELWRV GH FRQVXPR JRVWRV H YDORUHV TXH WHQGHP D HOLPLQDU GD
+LVWyULD GR SUHVHQWH DV GLYHUVLGDGHV FXOWXUDLV
$ GLQkPLFD GD *OREDOL]DomR GHYLGR D VHXV SUySULRV HIHLWRV VRFLRHFRQ{PLFRV H[FOXGHQWHV H GH
KRPRJHQHL]DomR FXOWXUDO YHP HQVHMDQGR QXPHURVRV PRYLPHQWRV GH H[SUHVVmR H GHIHVD GDV GLYHUVLGDGHV
FXOWXUDLV
$ VRPD GRV YDORUHV DWULEXtGRV jV SURSRVLo}HV YHUGDGHLUDV p LJXDO D
16
Download

Tipo de Combustível Consumo Médio Preço por litro a) I b