7HRULDFUtWLFDGHPRFUDFLD\HVIHUDS~EOLFDFRQFHSFLRQHVHXVRVHQ
$PpULFD/DWLQD
6pUJLR&RVWDH/HRQDUGR$YULW]HU
/DVOODPDGDVWHRUtDVGHODWUDQVLFLyQGHPRFUiWLFDFRQVWLWX\HURQFRPRVHVDEHXQDGH
ODVYHWDVPiVSURYHFKRVDVGH ODVFLHQFLDV VRFLDOHV HQ $PpULFD /DWLQD+DFLHQGR XQD DPSOLD
UDGLRJUDItDLQVWLWXFLRQDOGHORVSDtVHVTXHVHGHPRFUDWL]DEDQWUDEDMRVFRPRDTXpOHGLWDGRSRU
2¶'RQQHOO 6FKPLWWHUH :KLWHKHDG FRQVWLWX\HURQ SRU OR PHQRVKDVWD ORVDxRV OD
IRUPD SRU H[HOHQFLD GH HVWXGLDU H LQWHUSUHWDU HO DXWRULWDULVPR \ HO PRPHQWR HQ TXH OD
LQFHUWLGXPEUH VREUH ORV UHVXOWDGRV GHO MXHJR SROtWLFR \ OD IXHU]D UHJXODGRUD GH UHJODV
XQLYHUVDOHVVHLPSXVLHURQQXHYDPHQWHVREUHHOSRGHUGHXQDFWRU~QLFR± WDOODGHILQLFLyQGH
GHPRFUDWL]DFLyQ GH ODV WHRUtDV GH OD WUDQVLFLyQ (V PiV ODV WHRUtDV GH OD WUDQVLFLyQ
FRQVDJUDURQ OD UHFLpQ VXUJLGD FLHQFLD SROtWLFD TXH HQ OD PD\RULD GH ORV SDLVHV
ODWLQRDPHULFQDRVVRODPHQWHDSDUWLUGHORVDxRVVHDILUPDFRPRXQFDPSRGHLQYHVWLJDFLyQ
LQGHSHQGLHQWHFRQXQDPHWRGRORJtDSURSLD\SDUDGLJPDVGHDQiOLVLVGLVWLQWRV
$ OR ODUJR GH ORV DxRV VH YD FRQVROLGDQGR XQ QXHYR DERUGDMH GH OD
GHPRFUDWL]DFLyQ HVWH GH QDWXUDOH]D VRFLROyJLFD UHIXWD OD KRPRORJtD HQWUH ORV SURFHVRV GH
FRQVWUXFFLyQ LQVWLWXFLRQDO \ GH GHPRFUDWL]DFLyQ VRFLHWDO VREUHQWHQGLGD HQ ODV WHRUtDV GH OD
WUDQVLFLyQ /R TXH VH LQWHQWD PRVWUDU HV TXH DO ODGR GH OD FRQVWUXFFLyQ GH LQVWLWXFLRQHV
GHPRFUiWLFDVHOHFFLRQHVOLEUHVSDUODPHQWRDFWLYROLEHUWDGGHSUHQVDHWFODYLJHQFLDGHOD
GHPRFUDFLDLPSOLFDODLQFRUSRUDFLyQGHORVYDORUHVGHPRFUiWLFRVHQ³ODVSUiFWLFDVFRWLGLDQDV´
$YULW]HU (Q HVWH FDVR HO DQiOLVLV GH ORV SURFHVRV VRFLDOHV GH WUDQVIRUPDFLyQ
YHULILFDGRV HQ OD GHPRFUDWL]DFLyQ QR SRGUtD SHUPDQHFHU FRQILQDGR D OD HVIHUD LQVWLWXFLRQDO
GHEHUtD DO FRQWUDULR SHQHWUDU HO WHMLGR GH ODV UHODFLRQHV VRFLDOHV \ GH OD FXOWXUD SROtWLFD
JHVWDGDVHQHVHQLYHOUHYHODQGRODVPRGLILFDFLRQHVDKtREVHUYDGDV'HHVWDPDQHUDODFUtWLFD
VRFLROyJLFDDODVWHRUtDVGHODWUDQVLFLyQLQGLFDODQHFHVLGDGGHHVWXGLDUUHFRQVWUXFWLYDPHQWH
HO PRGHOR FRQFUHWR GH UHODFLRQDPLHQWR HQWUH HO HVWDGR ODV LQVWLWXFLRQHV SROtWLFDV \ OD
VRFLHGDG PRVWUDQGR TXH HQ HVDV LQWHUVHFFLRQHV KDELWD SUHFLVDPHQWH HO PRYLPLHQWR GH
FRQVWUXFFLyQGHODGHPRFUDFLD/DGHPRFUDWL]DFLyQHQHVWHFDVR\DQRHVPiVXQPRPHQWR
GHWUDQVLFLyQHVHOSURFHVRSHUPDQHQWH\QXQFDHQWHUDPHQWHDFDEDGRGHFRQFUHWL]DFLyQGHOD
VREHUDQtDSRSXODUYHU&RVWD2OYHUD
3DUD OD FRQVWUXFFLyQ GH WDO DERUGDMH VRFLROyJLFR GH OD GHPRFUDWL]DFLyQ OD
LQFRUSRUDFLyQ GH FRQFHSWRV FRPR VRFLHGDG FLYLO \ HVSDFLR S~EOLFR GHVDUUROODGRV PiV
DGHFXDGDPHQWH HQ RWURV FRQWH[WRV GHVHPSHxDQ XQD IXQFLyQ FODYH (OORV SHUPLWHQ OD
UHVLJQLILFDFLyQ GH OD LQPHQVD JDPD GH WUDEDMRV SDUWLFXODUHV TXH HQ XQD RSHUDFLyQ FDVL
HWQRJUiILFDKDEtDQHVWXGLDGRORVGLIHUHQWHVDFWRUHVVXUJLGRVDORODUJRGHODGHPRFUDWL]DFLyQ
\ VXV IRUPDV GH UHODFLRQDPLHQWR FRQ HO HVWDGR \ ODV LQVWLWXFLRQHV SHUPLWLHQGR TXH VHDQ
FRQWH[WXDOL]DGRVHQXQPDUFRWHyULFRDPSOLR&RVWD(VWDV FDWHJRUtDVQRREVWDQWHQR
VRQGHXVRH[FOXVLYRGHDTXpOFDPSRTXHDTXtVHGHQRPLQDGHWUDWDPLHQWRVRFLROyJLFRGHOD
GHPRFUDWL]DFLyQ (OODV SUHVHQWDQ SDUD GHFLU YHUGDG XVR P~OWLSOH \ GLYHUVR DVXPLHQGR HQ
FDGDDXWRUXQDFRQQRWDFLyQSURSLD'HVVDPDQHLUDDDGDSWDomRGHWDLVFRQFHLWRVDRFRQWH[WR
ODWLQRDPHULFDQR LPSOLFD D H[SOLFLWDomR GR VHQWLGR SUHFLVR TXH HOHV DVVXPHP 1R TXH GL]
UHVSHLWR j LGpLD GH VRFLHGDGH FLYLO SRGHVH GL]HU TXH VH SURFHVVRX QRV ~OWLPRV DQRV HP
FRQVRQkQFLD FRP XP GHEDWH PXQGLDO D FRQVWUXomR GH XPD WHRULD GD VRFLHGDGH FLYLO ODWLQR
DPHULFDQD H GH VHXV XVRV DQDOtWLFRV QR FRQWH[WR GH XPD LQWHUSUHWDomR VRFLROyJLFD GD
(VWHDUWLJRUHWRPDSDUWHVGHWUDEDOKRVDQWHULRUHVGRVDXWRUHVHPDLVQRWDGDPHQWHDUWLJRVHVFULWRVSDUDXP
GRVVLHUVREUHHVSDoRS~EOLFRSXEOLFDGRSHODUHYLVWD0HWDSROtWLFD$YULW]HU&RVWDHGRLVOLYURV
UHFHQWHV$YULW]HU&RVWD
GHPRFUDWL]DomR H GR FHQiULR SyVGHPRFUDWL]DomR YLGH HQWUH RXWURV $YULW]HU &RVWD
2OYHUDDOpPGRHVWXGRLQWHUUHJLRQDOVREUHVRFLHGDGHFLYLOHJRYHUQDQFHSXEOLFDGR
HP'DJQLQR3DQILFKL2OYHUD
-i D GLVFXVVmR GDV SRVVLELOLGDGHVGH XVRGRFRQFHLWRHVSDoRS~EOLFRQRFRQWH[WRGRV
HVWXGRVVREUHDGHPRFUDWL]DomRODWLQRDPHULFDQDVpPDLVUHFHQWHHDLQGDPXLWRLQFLSLHQWH2
SUHVHQWH DUWLJR SUHWHQGH FRQWULEXLU SDUD HVWH GHEDWH (P SULPHLUR OXJDU UHFRQVWUXtPRV
EUHYHPHQWH D WUDMHWyULD GR FRQFHLWR HVSDoR S~EOLFR QD WHRULD FUtWLFD PRVWUDQGR FRPR DV
GHILQLo}HV H XVRV GR FRQFHLWR YmR VH PRGLILFDQGR DR ORQJR GR WHPSR DWp FKHJDU j IRUPD
DVVXPLGD QRV DQRV GH XP PRGHOR GLVFXUVLYR GH HVSDoR S~EOLFR (P VHJXLGD MXQWDPRV
DOJXPDV FUtWLFDV UHFHQWHV D WDO PRGHOR D QRVVR YHU UHOHYDQWHV SDUD R HVWXGR GRV HVSDoRV
S~EOLFRV QD $PpULFD /DWLQD DOpP GH XP EUHYH H[FXUVR VREUH R FRQFHLWR HVSDoR S~EOLFR
PXQGLDO RX JOREDO DR TXDO PDOJUDGR YLU PHUHFHQGR XP XVR FDGD YH] PDLV IUHTXHQWH WDPEpPQD$PpULFDDWLQD± IDOWDPFRQVLVWrQFLDHSODXVLELOLGDGHWHyULFDV3RUILPEXVFDPRV
SDVVDU HP UHYLVWD FUtWLFD DOJXQV XVRV GR FRQFHLWR GH HVSDoR S~EOLFR QD $PpULFD /DWLQD
FRQFOXLQGRTXHDGDSWDo}HVHFRUUHo}HVDRPRGHORGLVFXUVLYRGHHVSDoRS~EOLFRSRGHPID]HU
GH WDO PRGHOR XPD IHUUDPHQWD ~WLO SDUD R HVWXGR GH WUDQVIRUPDo}HV UHFHQWHV QD $PpULFD
/DWLQD
7HRULDFUtWLFD\HVSDFLRS~EOLFR
'HODVRFLHGDGHGHPDVDVKDVWD6WUXNWXUZDQGHOGHUgIIHQWOLFKNHLW
(OFRQFHSWRGHHVIHUDS~EOLFDKDVLGRHOHOHPHQWRFHQWUDOGHOSURFHVVRGHUHFRQVWUXFFLyQGHOD
WHRULDFUtWLFDHQODVHJXQGDPLWDGGHOVLJORYHLQWH+DEHUPDV&DOKRXQ7KRPSVRQ
0HOXFFL+DUHSUHVHQWDGRODFRQWLQXDFLyQGHXQDWUDGLFLyQFUtWLFDVREUHODFXOWXUD
GHPDVDVLQLFLDGDSRUOD(VFXODGH)UDQNIXUW-D\\DOPLVPRWLHPSRKDSURGXFLGRXQ
JUDQFDPELRGHQWURGHHVWDWUDGLFLyQDDWUDYpVGHODUHFXSHUDFLyQGHXQIXQGDPHQWRQRUPDWLYR
TXHKDSHUPLWLGRHVWDEOHFHUXQDQXHYDUHODFLyQHQWUHODWHRUtDFUtWLFD\ODWHRUtDGHPRFUiWLFD
6RQ GRV GLIHUHQWHV GLPHQVLRQHV GHO FRQFHSWR GH HVIHUD S~EOLFD ODV TXH TXH KDQ SRVLELOLWDGR
TXHHVWHFRQFHSWRFXPSODODIXQFLyQGHSDUWHDJXDVHQWUHHODQiOLVLVGHODLQGXVWULDFXOWXUDOGH
$GRUQR \ +RUNKHLPHU \ ODV DSRUWDFLRQHV D OD WHRULD GHPRFUiWLFD FRQWHPSRUDQHD 'U\]HN
%HQKDELE *XWPDQ +DEHUPDV F (Q SULPHU OXJDU D WUDYpV GH HVWH
FRQFHSWR VH GHFXEULy HQ OD PRGHUQLGDG WHPSUDQD XQD HVIHUD SDUD OD LQWHUDFFLyQ OHJDO GH
JUXSRV DVVRFLDFLRQHV \ PRYLPLHQWRV OR FXDO DEULy XQ WHUFHU FDPLQR GHQWUR GH OD WHRUtD
GHPRFUiWLFD PiV DOOi GHO GHEDWH HQWUH HO HOLWLVPR GHPRFUiWLFR 6FKXPSHWHU 'RZQV
6DUWRUL\ORVGHPyFUDWDVSDUWLFLSDWLYRV3DWHPDQ+HOG,QWURGXMRDVt
ODSRVLELOLGDGGHÄXQDUHODFLyQDUJXPHQWDWLYDFUtWLFDFRQODRUJDQL]DFLyQSROtWLFDHQYH]GH
XQD UHODFLyQ SDUWLFLSDWLYD GLUHFWD³ &RKHQ S " < DVt DEULy HVSDFLR SDUD XQD QXHYD
IRUPD GH UHODFLyQ HQWUH UDFLRQDOLGDG \ SDUWLFLSDFLyQ /(2 $48, 7(0 80 352%/(0$
32548( $2 ),1$/ 6( )$= 2 (/2*,2 '$ 3$57,&,3$&$2 )$/7$ (;3/,&$5
7$/9(= 180$ 127$ 2 48( +$9,$ '( (55$'2 &20 $ '(02&5$&,$
3$57,&,3$7,9$
/DVHJXQGDGLPHQVLyQGHOFRQFHSWRGHHVIHUDS~EOLFDHVODWHQVLyQTXHHVWDEOHFLyHQWUH
OD DXWRQRPLD GH OD FUtWLFD FXOWXUDO \ OD FRPHUFLDOL]DFLyQ GHO SURFHVR GH SURGXFFLyQ FXOWXUDO
+DEHUPDV7KRPSVRQ7DOWHQVLyQODFXDOMXHJDXQSDSHOFHQWUDOHQODWHVLVGHOD
HVIHUD S~EOLFD GHFDH GHELGR D OD LQILOWUDFLyQ PXWXD HQWUH ODV HVIHUDV S~EOLFD \ SULYDGD
+DEHUPDV\UHSUHVHQWDODFRQWLQXDFLyQGHODQiOLVLVGH$GRUQR\+RUNKHLPHUVREUHOD
SpUGLGDGHDXWRQRPLDGHOFDPSRFXOWXUDO$GRUQR\+RUNKHLPHU
(OOLEURSXEOLFDGRRULJLQDOPHQWHHQHODQRHVWUDGXFLGRDQRVPiVWDUGHSDUDHOIUDQFHVHHO LWDOLDQR\
VRODPHQWHHOORVDQRVSDUDHOHVSDQRO+DEHUPDV\HOLQJOHV9HU6DEDWR
(OFRQFHSWRGHHVIHUDS~EOLFDGH+DEHUPDVFRQGXMRKDFLDHOGHVDUROORGHGRViUHDVGH
LQYHVWLJDFLyQ HQ OD WHRUtD VRFLDO PX\ SURGXFWLYDV \ VLQ HQEDUJR FRQWUDGLFWyULDV OD SULPHUD
LQFOX\HODVWHRUtDVVREUHPRYLPLHQWRVVRFLDOHV\VRFLHGDGFLYLO0HOXFFL.HDQH
&RKHQ \ *ROGIDUE \ $PEDV WHRUtDV DO PDUJHQ GH VXV
GLIHUHQFLDVVHLQVSLUDPHQODLGHDGHOGHVDUROORGHXQDHVIHUDGLDOyJLFDHLQWHUDFWLYDDODTXH
SHUWHQHQFHQ ORV PRYLPLHQWRV VRFLDOHV \ ODV DVRFLDFLRQHV YROXQWDULDV /D WHPDWL]DFLyQ GH
QXHYDVFXHVWLRQHV\HOHVWDEHOHFLPLHQWRGHFRUULHQWHVGHFRPXFQLFDFLyQJHQHUDURQXQHVSDFLR
S~EOLFRFRQVWLWXLGRSRUODDFFLyQFRPXQLFDWLYD+DEHUPDV\DHVGHFLUXQDIRUPD
GH DFFLyQ TXHVXVSHQGHHOFRQWH[WRGHXQDLQWHUDFFLyQHVSHFtILFDDILQ GHLQGDJDUODYDOLGH]
PRUDOGHORVDVXQWRVHQFXHVWLyQ(VHQUHODFLyQFRQHVWDIRUPDGHDFFLyQTXHODGHPRFUDFLD
KDVLGRHQIRFDGDGHQWURGHODWHRULDFUtWLFD
/D VHJXQGD iUHD GH GHVDUROOR GHQWUR GH OD WHRUtD FUtWLFD LPSXOVDGD SRU HO DQDOLVLV GH
+DEHUPDVHQ6WUXNWXUZDQGHOGHUgIIHQWOLFKNHLWHVHOHVWXGLRGHORVPHGLRVGHFRPXQLFDFLyQ
PDVLYD'HHW]7KRPSVRQ\6LQHPEDUJRDGLIHUHQFLDGHOSULPHUFDVRHO
GHVDUROOR GHO HVWXGLR GH ORV PHGLRV GH FRPXQLFDFLyQ PDVLYD EDVDGR HQ OD SUHVXQFLyQ GH
VLPLOLWXGHQWUHHOFRQVXPRGHELHQHVPDWHULDOHV\FXOWXUDOHV\HQODIDOWDGHDXWRQRPLDHQOD
UHFHSFLyQGHORVSURGXFWRVFXOWXUDOHVQRUHVXOWyHQXQSULPHUPRPHQWRVHUPX\SURGXFWLYRHQ
FXDQWRDODFUHDFLyQGHXQDQXHYDiUHDGHHVWXGLRV7DQWRpVYHUGDGTXHHOSUySULR+DEHUPDV
VH YH IXHU]DGR FRPR LQGLFDUHPRV DEDMR D UHYLVLRQDUHQ ORV VXV FRQVLGHUDFLRQHV VREUHOD
UHFHSFLyQGHORVPHGLRVPDVLYRV
(Q HO OLEUR 6WUXNWXUZDQGHO GHU gIIHQWOLFKNHLW +DEHUPDV SDUWH GHO DQiOLVLV GHO
GHVDUROOR GH FDSLWDOLVPR PHUFDQWLO HQ OD (XURSD GHO VLJOR ;9,, SDUD PXHVWUDU TXH HVWH
GHVDUROOR KD SURYRFDGR OD HPHUJHQFLD GH XQ HVSDFLR HQWUH OD HVIHUD SULYDGD \ HO (VWDGR
HVSDFLRFDUDFWHUL]DGRSRUODGLVFXVLyQOLEUH\UDFLRQDOHQHOHMHUFLFLRGHODDXWRULGDGSROtWLFD
3DUD+DEHUPDVKD\GRVFDPELRVIXQGDPHQWDOHVTXHVXE\DFHQDODHPHUJHQFLDGHHVWDHVIHUD
(O SULPHUR GH ORV FDPELRV HV OR TXH pO OODPD OD VHSDUDFLyQ HQWUH ORV LQWHUHVHV
LQYROXFUDGRVHQODHFRQRPtDGRPpVWLFD\ODVXEMHWLYLGDG$VtODIXHQWHSULPHLUDGHOFRQFHSWR
GH HVSDFLR SXEOLFR HV HO DOHMDPLHQWR GH OD FDSDFLGDG UHIOH[LYD GHO LQGLYLGXR UHVSHFWR GH OD
HVIHUD GH ORV LQWHUHVHV PDWHULDOHV /RV S~EOLFRV FXOWXUDOHV HVWiQ SRU HVR YLQFXODGRV QR VyOR
KDFLDODFLUFXODFLyQFRPHUFLDOGHODVLGHDVVLQRWDPELpQDOKHFKRGHTXHODIDPLOLDtQWLPDOD
VXEMHWLYLGDGDOVXSHUDUODGLPHQVLyQDUHQGWLDQDGHODVDWLYLGDGHVQRUHIOH[LYDVSHUPLWHDORV
LQGLYLGXRVHQWUDUHQUHODFLRQHVÄSXUDPHQWHKXPDQDV³ORVXQRFRQORVRWURV$UHQGW
/DVHJXQGDWUDQVIRUPDFLyQHQODDQWLJXD(XURSDEXUJXHVDVXEUD\DGDSRU+DEHUPDVHV
HO FDPELR HQ UHODFLyQ GH OD EXUJXHVLD FRQ HO SRGHU /D EXUJXHVtD HV OD SULPHUD FODVH
JREHUQDQWHFX\DIXHQWHGHGRPLQLRHVLQGHSHQGLHQWHGHOFRQWUROGHO(VWDGR\TXHVHORFDOL]D
HQHOQLYHOSULYDGR6XUHODFLyQFRQHOSRGHUHVHQHVWHVHQWLGRHVWUXFWXUDOHPHQWHGLIHUHQWHD
RWUDVFODVHVHQODKLVWRULDSRUTXHUHQXQFLDDRHMHUFLFLRGLUHFWRGHOJRELHUQR6HJ~Q+DEHUPDV
HO UHFODPR GH OD EXUJXHVtD HQ UHODFLyQ FRQ HO SRGHU QR LPSOLFy OD GLYLVLyQ GH ORV SRGHUHV
H[LVWHQWHV VLQR VyOR HO GHUHFKR D LQFRUSRUDU OD SXEOLFLWDFLyQ HQ ORV PHFDQLVPRV GH UHODFLyQ
HQWUH HO (VWDGR\ OD VRFLHGDG &RPRUHVXOWDGRGHOUHFODPRGHODEXUJXHVtDDODUHQGLFLyQGH
FXHQWDV HQ S~EOLFR HPHUJLy XQD HVIHUD FRQVWLWXtGD SRU LQGLYtGXRV SDUWLFXODUHV S~EOLFDPHQWH
UHXQLGRVSDUDVRPHWHUODVGHFLVLRQHVGHODDXWRULGDGHVWDWDODODFUtWLFDUDFLRQDO
/DGHVFULSFLyQGH+DEHUPDVGHODHPHUJHQFLDGHXQDHVIHUDS~EOLFDHQODPRGHUQLGDG
QR FRQVWLWX\H XQD UXSWXUD FRQ OD WHRUtD GH OD SULPHUD HVFXHOD GH )UDQNIXUW FRPR SRGUtD
SHQVDUVHHQXQSULPHUYLVWD]R6XDUJXPHQWRHVWDUHODFLRQDGRFRQODLGHLDGHODGHFDGHQFLDGH
+D\LPSRUWDQWHVGLIHUHQFLDVGHDQiOLVLVHQWUHODWHRULDGHORVPRYLPLHQWRVVRFLDOHV\ODWHRULDGHODVRFLHGDG
FLYLO/DPiVLPSRUWDQWHHVWiHQHOpQIDVLVTXHFDGDXQDGHHOODVSRQHHQGLIHUHQWHVPRPHQWRV\DVSHFWRVGHOD
DFFLyQFROOHFWLYD/RVWHyULFRVGHORVPRYLPLHQWRVVRFLDOHVVXEUD\DQÄHOPRPHQWRHQTXHODVUHODFLRQHVVRFLDOHV
QRKDQFULVWDOL]DGRD~QHQHVWUXFWXUDVVRFLDOHV³0HOXFFLS"/DWHRULDGHODVRFLHGDGFLYLOHQFDPELR
VXEUD\DODUHODFLyQHQWUHODVHVIHUDVLQWHUDFWLYDV\HOVLVWHPDSROtWLFRDWUDYpVGHOHVWDEOHFLPLHQWRGHXQDUHGGH
LQIOXHQFLD(QHVWHVHQWLGRDSHVDUGHODVSUHRFXSDFLRQHVFRPXQHVFDGDWHRUtDVXEUD\DGLPHQVLRQHVGLIHUHQWHV
GHODDFFLyQVRFLDO
ORPRGHUQRGHELGRDODPDQHUDHQTXHVHWHPDWL]DODVHSDUDFLyQHQWUHORS~EOLFR\ORSULYDGR
&RQ HO GHVDUROOR GH OD PRGHUQLGDG WDO VHSDUDFLyQ HV VXVWLWXLGD SRU XQD ÄVRFLHWDOL]DFLRQ
SURJUHVLYDGHO(VWDGR³\SRUXQDÄHVWDWL]DFLyQFUHVFLHQWHGHODVRFLHGDG³+DEHUPDV(O
LQWHQWR GH +DEHUPDV SRU ORFDOL]DU ODV FDUDFWHUtVWLFDV GH XQ S~EOLFR FXOWXUDO \ SROtWLFR HQ HO
SULPHUSHUtRGREXUJXpVDVtFRPRVXHQIDVLVHQODVDFWLYLGDGHVQRFRPHUFLDOHVGHORVS~EOLFRV
FXOWXUDOHV URPSH FRQ OD SRVLELOLGDGH GH FRQHFWDU HO GHVDUUROOR GH OD PRGHUQLGDG FRQ XQD
WHQVLyQHQWUHHOPHUFDGR\ODHVIHUDS~EOLFD6LQHPEDUJRORVGHVDUROORVPiVLPSRUWDQWHVGH
ODWHRUtDFUtWLFDDSXQWDUDQHQHVWDGLUHFFLyQSULQFLSDOPHQWHVREUHODFRQWLQXDLPSRUWDQFLDGH
ORVS~EOLFRVLQWHUDFWLYRVHQODVVRFLHGDGHVFRQWHPSRUiQHDV
/DFRQVWUXFFLyQGHOPRGHORGLVFXUVLYRGHHVIHUDS~EOLFD
'HVGHRLPSRUWDQWHSUHIiFLRjUHHGLomRDOHPmGH+DEHUPDV H[SOLFLWDDUHYLVmR
GDVWHVHVFHQWUDLVGHVHX6WUXNWXUZDQGHOGHUgIIHQWOLFKNHLWPRVWUDQGRTXHRHVSDoRS~EOLFR
FRQWLQXD HVWDEHOHFHQGR FRPR yUELWD LQVXEVWLWXtYHO GH FRQVWLWXLomR GHPRFUiWLFD GD RSLQLmRH
GDYRQWDGHFROHWLYDVDPHGLDomRQHFHVViULDHQWUHD VRFLHGDGHFLYLOGHXPODGRHR(VWDGRHR
VLVWHPDSROtWLFRSRURXWUR
$UHYLVmRDQDOtWLFDUHDOL]DGDQDTXHOHSUHIiFLRSRGHSDUDQRVVRVSURSyVLWRVSUHVHQWHV
VHUGHVGREUDGDHPWUrVPRPHQWRVGLVWLQWRV
ƒ$SDUWLUGDVQRYDVSHVTXLVDVGDVRFLRORJLDGDFRPXQLFDomRHGRFRPSRUWDPHQWRSROtWLFR
RDXWRUUHODWLYL]DDWHVHOLQHDUDQWHULRUGHTXHRVFLGDGmRVQDVRFLHGDGHGHPDVVDVWHULDPVH
WUDQVIRUPDGRGHSROLWLFDPHQWHDWLYRVHPSULYDWLVWDVGHDWRUHVGDFXOWXUDHPFRQVXPLGRUHV
GH HQWUHWHQLPHQWR 1mR VH GHYH VXEHVWLPDU VHJXQGR R DXWRU R SRWHQFLDO GH FUtWLFD H GH
VHOHomR GH XP S~EOLFR FDSD] GH SUHVHUYDU VXDV GLIHUHQFLDo}HV LQWHUQDV H VXD SOXUDOLGDGH D
GHVSHLWRGDSUHVVmRFXOWXUDOHSROLWLFDPHQWHKRPRJHQHL]DGRUDGDPtGLD
ƒ3DUWLQGRGRPRGHORHPGRLVQtYHLVGHVRFLHGDGHDGLIHUHQFLDomRHQWUHVLVWHPDHPXQGR
YLGD GHVHQYROYLGR HP VXD ³7HRULD GD $omR &RPXQLFDWLYD´ +DEHUPDV PRVWUD TXH D IRUoD
VyFLRLQWHJUDWLYDTXHHPDQDGDVLQWHUDo}HVFRPXQLFDWLYDVYROWDGDVSDUDRHQWHQGLPHQWRHTXH
WrPOXJDUQRPXQGRGDYLGDQmRPLJUDPLPHGLDWDPHQWHSDUDRSODQRSROtWLFRSDFLILFDQGRDt
DV GLIHUHQoDV GH LQWHUHVVHVH GLVSXWDVGH SRGHUH[LVWHQWHV5HFXVDVHDIyUPXODURXVVHDXtVWD
VHJXQGRDTXDODYLUWXGHFtYLFDGRVFLGDGmRVLQGLYLGXDLVSURSRUFLRQDUiSHUVH DFRQVWLWXLomR
GHXPFRQMXQWRGHFLGDGmRVRULHQWDGRVSDUDREHPFRPXP$IRQWHGDOHJLWLPLGDGHSROtWLFD
QmR SRGH VHU FRQIRUPH +DEHUPDV D YRQWDGH GRV FLGDGmRV LQGLYLGXDLV PDV R UHVXOWDGR GR
SURFHVVRFRPXQLFDWLYRGHIRUPDomRGDRSLQLmRHGDYRQWDGHFROHWLYDeHVVHRSURFHVVRTXH
RSHUDGR GHQWUR GD HVIHUD S~EOLFD HVWDEHOHFH D PHGLDomR HQWUH R PXQGR GD YLGD H R VLVWHPD
SROtWLFRSHUPLWLQGRTXHRVLPSXOVRVSURYLQGRVGRPXQGRGDYLGDFKHJXHPDWpDVLQVWkQFLDV
GHWRPDGDVGHFLVmRLQVWLWXtGRVSHODRUGHPGHPRFUiWLFDSV
ƒ 6HJXHVH D SHUFHSomR GH XPD DPELYDOrQFLD FRQVWLWXWLYD GD HVIHUD S~EOLFD QHOD
GHVHPERFDPWDQWRRVIOX[RVFRPXQLFDWLYRVRULJLQDGRVQRPXQGRGDYLGD SRUWDQWRJHVWDGRV
HP UHODo}HV YROWDGDV SDUD R HQWHQGLPHQWR TXDQWR RV HVIRUoRV GH XWLOL]DomR GRV PHLRV GH
FRPXQLFDomR SDUD D SURGXomR GH OHDOGDGH SROtWLFD H SDUD LQIOXHQFLDU DV SUHIHUrQFLDV GH
FRQVXPR$FDQDOL]DomRGRVIOX[RVFRPXQLFDWLYRVSURYLQGRVQRPXQGRGDYLGDSDUDDHVIHUD
S~EOLFD FDEH IXQGDPHQWDOPHQWH DR FRQMXQWR GH DVVRFLDo}HV YROXQWiULDV GHVYLQFXODGDV GR
PHUFDGRHGR(VWDGRDTXHVHGHQRPLQDVRFLHGDGHFLYLO$VFKDQFHVGHWDLVDVVRFLDo}HVGHVH
FRQWUDSRQGRDRVDWRUHVVLVWrPLFRVLQIOXHQFLDUHIHWLYDPHQWHDHVIHUDS~EOLFDPDUFDQGRDFRP
VHXVWHPDVSHUPDQHFHPJUDQGH]DDVHUHPFDGDFDVRDYDOLDGDVHPSLULFDPHQWHSVV
(PWUDEDOKRVVXEVHTXHQWHV+DEHUPDVDGHVHQYROYHULDHDPSOLDULDDFRQFHSomR
DTXLEUHYHPHQWHGHOLQHDGDSURFXUDQGRGHWDOKDURSDSHOGHXPDHVIHUDS~EOLFDµSROLWLFDPHQWH
LQIOXHQWH¶ GHQWUR GH VXD FRQFHSomR WHyULFRGLVFXUVLYD GD GHPRFUDFLD 1HVVHV WUDEDOKRV R
DXWRUGHWDOKDDIRUPDFRPRQRVFRQWH[WRVGHPRFUiWLFRVRVSURFHGLPHQWRVOHJDLVHSROtWLFRV
LQVWLWXFLRQDOL]DGRV DVVHJXUDP TXH RV SURFHVVRV HVSRQWkQHRV GH IRUPDomR GH RSLQLmR VHMDP
FRQVLGHUDGRV QDV LQVWkQFLDV GHFLVyULDV $VVLP D IRUoD VyFLRLQWHJUDWLYD GD VROLGDULHGDGH
DVVHQWH QRV LPSXOVRV FRPXQLFDWLYRV GR PXQGR GD YLGD FRQWUDEDODQoDULD RV RXWURV GRLV
UHFXUVRV TXH VXSUHP D ³FDUrQFLD GH LQWHJUDomR H FRRUGHQDomR´ GDV VRFLHGDGHV PRGHUQDV D
VDEHURGLQKHLURHRSRGHU+DEHUPDVE
&DEHDRVDWRUHVGDVRFLHGDGHFLYLOQHVVHPRGHORGLVFXUVLYRGHGHPRFUDFLDXPSDSHO
GXSOR GH XP ODGR HOH VmR UHVSRQViYHLV SHOD SUHVHUYDomR H DPSOLDomR GD LQIUDHVWUXWXUD
FRPXQLFDWLYDGRPXQGRGDYLGDHSHODSURGXomRGHPLFURHVIHUDVS~EOLFDVDVVRFLDGDVjYLGD
FRWLGLDQD$RPHVPRWHPSRWDLVDWRUHVFDQDOL]DPRVSUREOHPDVWHPDWL]DGRVQDYLGDFRWLGLDQD
SDUD D HVIHUD S~EOLFD WUDWDQGR GH ³DSUHVHQWDU QRYDV FRQWULEXLo}HV SDUD D VROXomR GH
SUREOHPDV GH RIHUHFHU QRYDVLQIRUPDo}HVHGHFRUURERUDURVERQVPRWLYRVGHQXQFLDQGRRV
PDXV GH IRUPD D LQWURGX]LU XP LPSXOVR QRV kQLPRV FDSD] GH DOWHUDU RV SDUkPHWURV
FRQVWLWXFLRQDLVGDIRUPDomRGDYRQWDGHSROtWLFDHGHSUHVVLRQDURVSDUODPHQWRVRVMXGLFLiULRV
HRVJRYHUQRVHPIDYRUGHGHWHUPLQDGDVSROtWLFDV+DEHUPDVD
$RPHVPRWHPSR+DEHUPDVLQVLVWHQDQHFHVVLGDGHGHDXWROLPLWDomRGDLQIOXrQFLDGRV
DWRUHV GD VRFLHGDGH FLYLO VRE GRLV DVSHFWRV IXQGDPHQWDLV 2 SULPHLUR GL] UHVSHLWR j
FRPSOH[LGDGH TXDO VHMD SDUD TXH SRVVDP IXQFLRQDU FRPR FDWDOL]DGRUDV GRV SURFHVVRV
HVSRQWkQHRV GH IRUPDomR GD RSLQLmR DV RUJDQL]Do}HV GD VRFLHGDGH FLYLO QmR SRGHP VH
WUDQVIRUPDUHPHVWUXWXUDVIRUPDOL]DGDVGRPLQDGDVSHORVULWXDLVEXURFUiWLFRV'HRXWUDIRUPD
R JDQKR GH FRPSOH[LGDGH SRGHULD VLJQLILFDU D UHQGLomR DRV LPSHUDWLYRV RUJDQL]DFLRQDLV H R
FRQVHTXHQWH GLVWDQFLDPHQWR GD EDVH +DEHUPDV $ VHJXQGD DXWROLPLWDomR GL]
UHVSHLWR GLUHWDPHQWH j TXHVWmR GR SRGHU 3DUD +DEHUPDV RV DWRUHV GD VRFLHGDGH FLYLO QmR
SRGHP H[HUFHU R SRGHU DGPLQLVWUDWLYR ,VWR p D LQIOXrQFLD GHVWHV VREUH D SROtWLFD QDV
PHQVDJHQV TXH SHUFRUUHQGR RV PHFDQLVPRV LQVWLWXFLRQDOL]DGRV GR (VWDGR FRQVWLWXFLRQDO
DOFDQoDP RV Q~FOHRV GHFLVyULRV 'HVVD IRUPD SURFXUDVH DIDVWDU D LGpLD GH TXH D VRFLHGDGH
FLYLOSRVVDDVVXPLUIXQo}HV TXHFDEHPDR(VWDGR
&RUUHFFLRQHV \ FRPSOHPHQWDFLRQHV DO PRGHOR GLVFXUVLYR QHZ SXEOLFV FRXQWHU SXEOLFV
GLDVSRULFSXEOLFVGHOLEHUDWLYHSXEOLFV
$LQGD TXH FRQVWLWXD FRP ODUJD PDUJHP R PRGHOR WHyULFR GH HVSDoR S~EOLFR PDLV
GHWDOKDGR H DFXUDGR SUHVHQWH QR GHEDWH FRQWHPSRUkQHR D FRQFHSomR GLVFXUVLYD GH HVIHUD
S~EOLFD FRQIRUPH GHVHQYROYLGD SRU +DEHUPDV DR ORQJR GRV DQRV PHUHFHX FUtWLFDV H
FRPSOHPHQWDo}HVLPSRUWDQWHVDVTXDLVQRVSDUHFHPUHOHYDQWHVFRQVLGHUDUTXDQGRVHSUHWHQGH
XVDUWDOPRGHORIRUDGHVHXEHUoRGHRULJHPQD(XURSD
$SULPHLUDFRPSOHPHQWDomRYHPGH&RKHQ$UDWRDXWRUHVTXHGHVHQYROYHP
VXD WHRULD GD VRFLHGDGH FLYLO QR FRQWH[WR GH XP LQWHQVR GLiORJR FRP R DXWRU GD 7HRULD GD
$omR &RPXQLFDWLYD &DEH GHVWDTXH j UHIHUrQFLD GH &RKHQ $UDWR DR GHVHQYROYLPHQWR
KLVWyULFR GRV FKDPDGRV QHZSXEOLFV&RQIRUPHPRVWUDPRVDXWRUHVDRODGRGRFUHVFLPHQWR
LQFRQWURODGRGDJUDQGHPtGLDHGDSHQHWUDomRGDFXOWXUDSHODVOyJLFDVGRGLQKHLURHGRSRGHU
TXHGHOHGHFRUUHYHULILFDVHXPSURFHVVRFRHWkQHRGHGHVSURYLQFLDOL]DomRHPRGHUQL]DomRGR
PXQGR GD YLGD TXH FXOPLQD FRP D FULDomR H H[SDQVmR GH QRYRV S~EOLFRV H QRYRV ORFL GH
UHDOL]DomR GH IRUPDV FUtWLFDV GH FRPXQLFDomR ± FRQWH[WRV GH GLIXVmR GH VXEFXOWXUDV
PRYLPHQWRV VRFLDLV PLFURHVSDoRV DOWHUQDWLYRV HWF 7UDWDVH DTXL GH PLOLHXV FXOWXUDLV
PDUFDGRV SHOD SURGXomR H FLUFXODomR GH LGpLDV H IRUPDV GH YLGD SyVWUDGLFLRQDLV DV TXDLV
FDWDOL]DPGLQkPLFDVGHLQRYDomRFXOWXUDOHFRQWHVWDomRGRVSDGU}HVVRFLDLVHVWDEHOHFLGRVQR
SODQRSRUH[HPSOR GDVUHSUHVHQWDo}HVGHJrQHURGDVUHODo}HVpWQLFDVHWF
$V IRUoDV GH UHQRYDomR H WUDQVIRUPDomR PRELOL]DGDV SHORV QRYRV S~EOLFRV QmR VH
UHVWULQJHPjHVIHUDGDFXOWXUDRXGRFRPSRUWDPHQWRWDLVS~EOLFRVSUHVVLRQDPSRUPXGDQoDV
QRSDGUmRGDFRPXQLFDomRS~EOLFDHSRGHPJHUDUHIHLWRVGXUDGRXURVPHVPRVREUHDSROtWLFD
LQVWLWXFLRQDOL]DGD
³HQTXDQWRRQ~FOHRGDHVIHUDS~EOLFDSROtWLFDFRQVWLWXtGDSRUSDUODPHQWRVHDJUDQGHPtGLD
PDQWpPVHDQWHVPDVQmRGDPHVPDIRUPDHPWRGDVDVSDUWHVIHFKDGDHLQDFHVVtYHOXPD
SOXUDOLGDGH GH S~EOLFRV DOWHUQDWLYRV GLIHUHQFLDGD PDV LQWHUUHODFLRQDGD UHYLYLILFD GH WHPSRV
HPWHPSRVRVSURFHVVRVHDTXDOLGDGHGDFRPXQLFDomRS~EOLFD&RPDHPHUJrQFLDGHQRYRV
WLSRV GH RUJDQL]DomR SROtWLFD DWp PHVPR D GLVFXVVmR S~EOLFD QRV SDUODPHQWRV H QDV
FRQYHQo}HVSDUWLGiULDVWHQGHDVHUDIHWDGD´&RKHQ$UDWR
2 DUJXPHQWR GH &RKHQ $UDWR JDQKD FRQWXQGrQFLD QD FUtWLFD GH )UDVHU DR PRGHOR
KDEHUPDVLDQR H QR DSHOR SHOR UHFRQKHFLPHQWR GD LPSRUWkQFLD GRV FKDPDGRV ³VXEDOWHUQ
FRXQWHUSXEOLFV´ )UDVHU 3DUD D DXWRUD D LGpLD GH XPD HVIHUD S~EOLFD QDFLRQDO
~QLFD H DEUDQJHQWH QmR FRQVLGHUD DV UHODo}HV DVVLPpWULFDV GH SRGHU TXH PDUFDP
KLVWRULFDPHQWH RV SURFHVVRV GH FRQVWLWXLomR GDV HVIHUDV S~EOLFDV FRQWHPSRUkQHDV 2X VHMD
HPVXDSUySULDIRUPDomRDHVIHUDS~EOLFDDSUHVHQWDPHFDQLVPRVGHVHOHomRTXHLPSOLFDPD
GHILQLomRSUpYLDGHTXHPVHUmRRVDWRUHVTXHHIHWLYDPHQWHWHUmRYR]S~EOLFDHTXDLVVHUmRRV
WHPDV TXH HIHWLYDPHQWH VHUmR WUDWDGRV FRPR S~EOLFRV 1HVVH FRQWH[WR PLQRULDV pWQLFDV
JUXSRV GLVFULPLQDGRV H PXOKHUHV VmR H[FOXtGRV D SULRUL GD HVIHUD S~EOLFD RX PHUHFHP QHOD
XPOXJDUVXERUGLQDGR
2V FRQWUDS~EOLFRV VXEDOWHUQRV DR GHQXQFLDU RV ³YtFLRV GH RULJHP´ GRV HVSDoRV
S~EOLFRV QDFLRQDLV FRQVWLWXHP SRU LVVR IRUoDV QmR GH GHVHVWDELOL]DomR PDV GH
GHPRFUDWL]DomRHDPSOLDomRGDSROtWLFDQDFLRQDO
*LOUR\DFUHVFHQWDXPHOHPHQWRLPSRUWDQWHjFUtWLFDGH)UDVHUDRHVWXGDUXPD
IRUPDGHPDQLIHVWDomRGDTXLORTXHJRVWDUtDPRVGHFKDPDUDTXLGHGLDVSRULFSXEOLFV7UDWDVH
GD UHIHUrQFLD DR FKDPDGR HVSDoR FXOWXUDOGR $WOkQWLFR1HJUR HQWHQGLGR FRPR XP FRQWH[WR
GH DomR WUDQVQDFLRQDO IRUPDGR QR kPELWR GD GLiVSRUD DIULFDQD LQFLDGD FRP D HVFUDYLGmR
PRGHUQD H D LPLJUDomR IRUoDGD GD ÈIULFD SDUD DV $PpULFDV $ DOXVmR DR $WOkQWLFR 1HJUR
LPSOLFD PDLV TXH UHLYLQGLFDU D LJXDOGDGH GH GLUHLWRV H SRVVLELOLGDGHV GH SDUWLFLSDomR QD
SROtWLFD FRQWHPSRUkQHD H QR kPELWR GD HVIHUD S~EOLFD EXUJXHVD 7UDWDVH HP FRQVRQkQFLD H
FRPSOHPHQWDUPHQWH DTXLOR TXH IL]HUDP DV ILOyVRIDV IHPLQLVWDV GH FRORFDU HP GLVFXVVmR R
SUySULR SURFHVVR GH FRQVWUXomR GD SROtWLFD PRGHUQD HQTXDQWR HVSDoR SULYLOHJLDGR GH
UHSUHVHQWDomRGRVLQWHUHVVHVHGDVYLV}HVGHPXQGRGRKRPHPEUDQFR$VVLPQDPHGLGDHP
TXH D SROtWLFD FRQWHPSRUkQHD UHJHVH SHOR LPSpULR GD SDODYUD SHOD LPSRVLomR GD VHSDUDomR
HQWUH pWLFD H HVWpWLFDSHUIRUPDQFH H UDFLRQDOLGDGH GHFLGHVH SUHYLDPHQWH RMRJRSROtWLFRHP
IDYRU GDTXHOHV TXH SRU IRUoD GH VXD LQVHUomR QD KLVWyULD PRGHUQD SXGHUDP FRQWURODU RV
PHFDQLVPRV GH SURGXomR H UHSURGXomR GRV GLVFXUVRV GH SRGHU FRQVLGHUDGRV OHJtWLPRV HP
FDGD(VWDGRQDomRSDUWLFXODU
$ KLVWyULD GDGLiVSRUDDIULFDQDDRFRQWUiULRVHGHVHQYROYHIRUDGDyUELWDGDSROtWLFD
IRUPDOVHYDOHQGRIXQGDPHQWDOPHQWHGDSHUIRUPDQFHGDGDQoDHGDP~VLFDFRPRIRUPDGH
VXDFRQVWLWXLomR3RURXWURODGRGHVGHVXDRULJHPDGLiVSRUDDIULFDQDQmRS{GHVHUUHGX]LGD
H UHWUDGX]LGD QD GLQkPLFD QDFLRQDO GD SROtWLFD FRQWHPSRUkQHD $R FRQWUiULR VHPSUH VH
YHULILFRXXPDWHQVmRHQWUHDEXVFDGHKRPRJHQHLGDGHpWQLFDQRFRQWH[WRGHQDo}HVPRGHUQDV
H D SUHVHQoD GH HVFUDYRV QHJURV H GHSRLV GH VHXV GHVFHQGHQWHV WUDWDGRV FRPR LQIHULRUHV H
DPHDoDV DRV SURMHWRV QDFLRQDLV 'HFRUUH GHVVD SRVLomR SDUWLFXODU DTXLOR TXH 3DXO *LOUR\
UHIHULQGRVH D 'X %RLV FKDPD GH GXSOD FRQVFLrQFLD GRV QHJURV QR kPELWR GD PRGHUQLGDGH
7UDWDVH GH XPD LQVHUomR DPELYDOHQWH QD KLVWyULD FDUDFWHUL]DGD SRU XP ODGR SHOD LQFOXVmR
HIHWLYDQRSURFHVVRGHFRQVWUXomRGDPRGHUQLGDGHHSRURXWURSHODH[FOXVmRVLVWHPiWLFDGD
YLGDSROtWLFDQRkPELWRGRV(VWDGRVQDomR
$ VXJHVWmR GH *LOUR\ p TXH VH WRPH D FRQWUDFXOWXUD GR %ODFN $WODQWLF QmR
VLPSOHVPHQWHFRPRPDLVXPUHSHUWyULRGHPDQLIHVWDo}HVDUWtVWLFDVHFXOWXUDLVGLVVRFLDGDVGD
SROtWLFD PDV FRPR XP GLVFXUVR ILORVyILFR TXH UHLQWHUSUHWD D PRGHUQLGDGH H UHFRQWD VXD
KLVWyULDDSDUWLUGDSHUVSHFWLYDGHTXHPVHPSUHHVWHYHIRUDGDVQDUUDWLYDVQDFLRQDLVFRPVHXV
KHUyLVEUDQFRV
$V FUtWLFDV GH )UDVHU H *LOUR\ UHSUHVHQWDP SDUD R PRGHOR GLVFXUVLYR FRP VHX HORJLR
LPSOtFLWR GDV SRVVLELOLGDGHV GR GLiORJR H GR XQLYHUVDOLVPR XPD FRUUHomR LPSRUWDQWH (OHV
LPSOLFDP D QHFHVVLGDGH GH FRQVWUXLU HVWUXWXUDV HVSHFtILFDV GH FDSWomR GRV LQWHUHVVHV H
S~EOLFRVVXEDOWHUQRVDOpPGHDOHUWDUHPSDUDRULVFRLPSOtFLWRQDrQIDVHGRPRGHORGLVFXUVLYR
QD FRPXQLFDomR YHUEDO&RPHIHLWRVHRHVSDoRS~EOLFRQmRVHPRVWUDUSRURVRSDUDDIRUoD
H[SUHVVLYDQmRDSHQDVGRVDUJXPHQWRVPDVWDPEpPGDSHUIRUPDQFHHGDVIRUPDVQmRYHUEDLV
GH FRPXQLFDomR HVWH SRGH SUHVWDUVHLQGHILQLGDPHQWHj UHSURGXomR GR SRGHU GDTXHOHVTXH
KLVWRULFDPHQWHGRPLQDUDPRSURFHVVRGHSURGXomRGRGLVFXUVRYHUEDO
8P~OWLPDFUtWLFDDRPRGHORGLVFXUVLYRUHODFLRQDVHFRPDQHJOLJrQFLDGH+DEHUPDV
SDUD FRP DV SRVVLELOLGDGHV H D QHFHVVLGDGH GH DPSOLDomR GRV PHFDQLVPRV
LQVWLWXFLRQDOL]DGRV GH IRUPDomR GD YRQWDGH SROtWLFD FRQIHULQGRVH SRGHUHV HIHWLYRV DRV
GHOLEHUDWLYH SXEOLFV 'H IDWR D SUHRFXSDomR GH +DEHUPDV FRP D GHIHVD GR FDUiWHU
LQVWLWXFLRQDOFRQVWLWXFLRQDOGR(VWDGRGH'LUHLWRHDKHUDQoDGDWHRULDSDUVRQLDQDTXHHQIDWL]D
D GLVWLQomR H QHFHVVLGDGH GH SUHVHUYDomR GH FyGLJRV GH FRRUGHQDomR HVSHFtILFRV QRV
GLIHUHQWHV VLVWHPDV VRFLHGDGH FLYLO SURGX] LQIOXrQFLD SROtWLFD PDV QmR GHFLGH QHP
LPSOHPHQWDSROtWLFDVOHYDRDXWRUDVXEHVWLPDUFRPSOHWDPHQWHDVHVWUXWXUDVGHSDUWLFLSDomR
S~EOLFD'HVVDPDQHLUDHPWRGDVXDGLVFXVVmRVREUHHVSDoR S~EOLFRIDOWDTXDOTXHUUHIHUrQFLD
j QHFHVVLGDGH GH KRUL]RQWDOL]DU RV SURFHVVRV GHFLVyULRV 6FKPDO]%UXQV RX j
QHFHVVLGDGHGHSURPRYHUSURFHVVRVGH³DOIDEHWL]DomRSROtWLFD´TXHSHUPLWHPQRQtYHOORFDO
DYLYrQFLDGDQRomRGHSRGHU(SSOH*ODVVV
9iULRV DXWRUHVWrPEXVFDGR SUHHQFKHU WDO ODFXQD QR PRGHORGLVFXUVLYRLQVLVWLQGRQD
QHFHVVLGDGH GHFRQHFWDURVSURFHVVRVGHGLVFXVVmRHGHOLEHUDomRS~EOLFDGHVRUWHDSHUPLWLU
TXH R GHEDWH SROtWLFR JHUH QmR DSHQDV SRVVLELOLGDGHV GH FRQVHQVR PDV WUDQVSDUrQFLD QR
H[HUFtFLRGRSRGHU'HVVDIRUPD³XPVLVWHPDSROtWLFROHJtWLPRGHYHSURPRYHUDGHOLEHUDomR
DXPHQWDQGR DVVLP DV SRVVLELOLGDGH GH GHFLV}HV FRUUHWDV RX YiOLGDV MXVWDV RX YHUGDGHLUDV´
%RKPDQQYLGHWDPEpP$YULW]HUVV
(VSDFLRS~EOLFRPXQGLDO%UHYHH[FXUVRVREUHXQFRQFHSWRHTXLYRFR
2VXUJLPHQWRGDHVIHUDS~EOLFDHPVHXVHQWLGRPRGHUQRpLQVHSDUiYHOGRSURFHVVRGH
FRQVWLWXLomRGRV(VWDGRV1DomRHGDIRUPDomRGDVFRPXQLGDGHVQDFLRQDLVFRPRXPS~EOLFR
LQWHJUDGR TXH HP JHUDO IDOD R PHVPR LGLRPD ± Ki REYLDPHQWH D H[FHVVmR GDV QDo}HV
PXOWLOLQJXHV± HFRPSDUWLOKDHPDOJXPDPHGLGDXPFRWLGLDQRRXPXQGRGDYLGDFRPXPH
XPD FXOWXUD SROtWLFD FRQVWUXtGD FROHWLYDPHQWH ¬ FRQVWUXomR LQVWLWXFLRQDO GR (VWDGR1DomR
FRUUHVSRQGH SRUWDQWR QR SODQR FXOWXUDO D IRUPDomR GDV HVIHUDV S~EOLFDV QDFLRQDLV QR
LQWHULRUGDVTXDLVVmRSURGX]LGRVHUHSURGX]LGRVRVVLJQRVLGHQWLWiULRVTXHGHILQHPDQDomR
7DOSURFHVVRGHFRQVWUXomRVLPEyOLFDGDQDomRVHGiFRQIRUPH%KDEKDFRPEDVH
QD WHQVmR HQWUH XPD DomR SHGDJyJLFD H RXWUD SHUIRUPDWLYD $ DomR SHGDJyJLFD WRPD D
FRPXQLGDGH QDFLRQDO FRPR REMHWR GRV GLVFXUVRV TXH HQIDWL]DP D RULJHP FRPXP H RV ODoRV
VXSRVWDPHQWH SULPRUGLDLV TXH XQHP RV GLIHUHQWHV PHPEURV GD QDomR $WUDYpV GD DomR
SHUIRUPDWLYD RV VtPERORV QDFLRQDLV VmR DWXDOL]DGRV H UHLQWHUSUHWDGRV ID]HQGR FRP TXH RV
PHPEURVGDQDomRVHWRUQHPDVVLPVXMHLWRVGDUHSRVLomRYLYDHSHUPDQHQWHGRTXHVHDFUHGLWD
VHU R GHVWLQR FRPXP GD FRPXQLGDGH QDFLRQDO (VVD GXSOD RSHUDomR GLVFXUVLYD FRQIHUH
UHDOLGDGH j FRPXQLGDGH QDFLRQDO LPDJLQDGD HVWDEHOHFHQGR DR PHVPR WHPSR VHX VHU H VHX
SRUYLUD HVVrQFLD TXH D HOD YLQFXOD XP SRYR XPD FXOWXUD HXPWHUULWyULRHRPRYLPHQWRD
WUDQVIRUPDomR 1HVVH FRQWH[WR D HVIHUD S~EOLFD FRQVWLWXL D DUHQD YLYD H GLQkPLFD QD TXDOR
SHUPDQHQHQWHSURFHVVRGHFRQVWUXomRGHVFRQVWUXomRHUHFRQVWUXomRGLVFXUVLYDHVLPEyOLFDGD
QDomRWHPOXJDU
$ IRUPDomR GDV HVIHUDV S~EOLFDV PRGHUQDV VH Gi KLVWRULFDPHQWH SRUWDQWR GH IRUPD
FRQFRPLWDQWH FRP D FRQVWLWXLomR GRV (VWDGRV 1DFLRQDLV H D GHILQLomR GD QDomR FRPR XPD
FRPXQLGDGHSROtWLFDDXW{QRPDTXHGHILQHVREHUDQDPHQWHVHXVGHVWLQRVeWDPEpPQRkPELWR
QDFLRQDOTXHUDGLFDPDVEDVHVGDFLGDGDQLDPRGHUQDFRQFHELGDFRPRRFRQMXQWRGHGLUHLWRVH
GHYHUHVFDEtYHLVjTXHOHVTXHID]HPSDUWHGDQDomR
2 SDSHO GHPRFUiWLFR H GHPRFUDWL]DQWH DVVXPLGR SHOD HVIHUD S~EOLFD QR kPELWR GDV
IURQWHLUDV QDFLRQDLV QD SROtWLFD FRQWHPSRUkQHD WHP OHYDGR DOJXQV DXWRUHV D SRVWXODU TXH Vy
PHVPR D FRQVWLWXLomR GH XPD HVIHUD S~EOLFD PXQGLDO SRGHULD FRQVWUXLU DV EDVHV GH XPD
GHPRFUDFLDJOREDO)UDVHU%UXQNKRUVW1RkPELWRGRVSURFHVVRVGHIRUPDomRGRV
EORFRV UHJLRQDLV VHMD QD (XURSDVHMD QDV$PpULFDV D SRVVLELOLGDGH GH FRQVWLWXLomR GH XPD
HVIHUD S~EOLFD WUDQVQDFLRQDO FRPR UHVSRVWD GHPRFUiWLFD j LQWHJUDomR HFRQ{PLFD WHP
LJXDOPHQWHRFXSDGROXJDULPSRUWDQWHQDVGLVFXVV}HV
2 SUySULR +DEHUPDV DR GLVFXWLU D XQLILFDomR HXURSpLD DSRQWD D QHFHVVLGDGH GH
FRQVWLWXLomR GH XPD HVIHUD S~EOLFD FRQWLQHQWDO FDSD] GH IXQFLRQDU FRPR SODWDIRUPD GD
FRQVWUXomR GH XPD LGHQWLGDGH FXOWXUDO HXURSpLD 6H KLVWRULFDPHQWH VH REVHUYD TXH ³D FDGD
QRYRLPSXOVRPRGHUQL]DQWHDEUHPVHRVPXQGRVGDYLGDFRPSDUWLOKDGRVLQWHUVXEMHWLYDPHQWH
SDUD >GHSRLV@ VH UHRUJDQL]DUHP H QRYDPHQWH VH IHFKDUHP´ +DEHUPDV WDPEpP
+DEHUPDVID]VHQHFHVViULRHQFRQWUDUQRYDVIRUPDVGHDFRPRGDomRVRFLDOFRPSDWtYHLV
FRP D YHUWLJLQRVD DPSOLDomR GH KRUL]RQWHV SHVVRDLV H VRFLDLV SURSRUFLRQDGD SHOD
JOREDOL]DomR'DPHVPDPDQHLUDTXHDLGHQWLGDGHQDFLRQDOVHVXSHUS{VDRORQJRGDKLVWyULD
jV OHDOGDGHV UHOLJLRVDV RX ORFDLV IRUQHFHQGR XPD SODWDIRUPD SDUD D LQWHJUDomR VRFLDO
FRQGL]HQWH FRP R FRQWH[WR PRGHUQR SyVWUDGLFLRQDOH VHFXODUL]DGRVHULDPQHFHVViULDVKRMH
QRYDV SRVVLELOLGDGHV GH UHFRQVWLWXLomR GRV ODoRV GH LQWHJUDomR H VROLGDULHGDGH VRFLDO TXH
H[WUDSRODQGR DV IURQWHLUDV QDFLRQDLV FRUUHVSRQGDP j GLQkPLFD HFRQ{PLFD WUDQVQDFLRQDO
H[LVWHQWH
0HVPR QR kPELWR HXURSHX D SURSRVWD GH +DEHUPDV GH FRQVWLWXLomR GH XPD HVIHUD
S~EOLFDFRQWLQHQWDOWHPHQIUHQWDGRFUtWLFDVVHYHUDV0XLWRVDXWRUHVWrPPRVWUDGRTXHQmRKi
SODXVLELOLGDGH HPStULFD QD SURSRVWD QmR Ki LQGtFLRV SDOSiYHLV GH TXH XPD HVIHUD S~EOLFD
HXURSpLD HQFRQWUHVH HP IRUPDomR (GHU $UJXPHQWDVH DLQGD TXH D GLYHUVLGDGH GDV
RULJHQV GRV KDELWDQWHV GD (XURSD FRQWHPSRUkQHD LPSHGH R UHFXUVR j KLVWyULD FRPXP FRPR
IRQWH GH FRQVWLWXLomR GH XPD LGHQWLGDGH FXOWXUDO HIHWLYDPHQWH DEUDQJHQWH H PHVPR TXH VH
FKHJDVVH D FRQVWLWXLU DOJR FRPR XPD LGHQWLGDGH FRPXP HVWD LPSOLFDULD R SHUPDQHQWH
HVWDEHOHFLPHQWR GDV IURQWHLUDV VLPEyOLFDV GH XPD HXURSHDQ PHPEHUVKLS H RV SURFHVVRV GH
H[FOXVmRGDtGHFRUUHQWHVYHU&RVWD
&RQIRUPHDLQYHVWLJDomRGR(GHUYHULILFDVHQRV~OWLPRVDQRVQRHVSDoRJHRJUiILFR
HXURSHX D FRQVROLGDomR GH GLYHUVRV HVSDoRV FRPXQLFDWLYRV SDUD DOpP GDV IURQWHLUDV
QDFLRQDLV RV TXDLV QmR HQFRQWUDPVH DSRLDGRV HP PXQGRV GD YLGD FRPSDUWLOKDGRV QHP
WDPSRXFR QD SHUWHQoD DEVWUDWD D XP SRYR HXURSHX 6HJXQGR HOH DLQGD TXH D FODVVH
WUDEDOKDGRUD H RV SURGXWRUHV UXUDLV SHUPDQHoDP XP IHQ{PHQR QDFLRQDO DV FODVVHV PpGLDV
HXURSpLDVWHULDPVHWUDQVQDFLRQDOL]DGRMiH[LVWHVHJXQGRRDXWRUXPDFXOWXUDWUDQVQDFLRQDO
GHPRYLPHQWRVVRFLDLVGHHPSUHViULRVHGHMRYHQVTXHVHFRPXQLFDPDWUDYpVGDP~VLFDRX
GR DSUHQGL]DGR GH LGLRPDV QD ,QWHUQHW 7DPEpP R FRWLGLDQR GRV WXULVWDV H GD FRPXQLGDGH
FLHQWtILFD PRVWUDPRVXUJLPHQWRGHHVSDoRVGHVRFLDELOLGDGHHGHFRPXQLFDomRSyVQDFLRQDLV
6HJXQGR(GHUD YLVmR GD FRPXQLGDGH FRPXQLFDWLYD FRPR D GH XP SRYR TXH IDODRPHVPR
LGLRPD UHSUHVHQWD DSHQDV XP FDVR SDUWLFXODU GD WHRULD PDV QmR XP ³UHTXLVLWR VLVWHPiWLFR´
,VWR p R FROHWLYR QDFLRQDO GRWDGR GH XPD LGHQWLGDGH FXOWXUDO DLQGD TXH DSUHVHQWHVH
SDUWLFXODUPHQWHEHPSURYLGRGHFDSLWDOVRFLDOSDUDDFRPXQLFDomRUHSUHVHQWDDSHQDVXPD GDV
P~OWLSODV WHLDV FRPXQLFDWLYDV TXH SRGHP VH IRUPDU $ FRPXQLFDomR WUDQVQDFLRQDO DVVXPH
IRUPDV GLYHUVDV H VH HIHWLYD HP FRQWH[WRV YDULDGRV ³QR OXJDU GD OtQJXD QDFLRQDO DSDUHFHP
PHWDIRUL]Do}HV SROLVVrPLFDV GR WUDoR FRPXP QRYDV PHWDQDUUDWLYDV SURFHVVDGDV DWUDYpV GH
FRQFHLWRV FRPR µFLWL]HQVKLS¶ µFRPXQLGDGH GH YDORUHV¶ RX VRFLHGDGH GD LQIRUPDomR ´
(GHU
(QWUH DV GLIHUHQWHV IRUPDV GH FRPXQLFDomR H VRFLDELOLGDGH WUDQVQDFLRQDO DTXHODV
HVWDEHOHFLGDV SHODV DUWLFXODo}HV GH PRYLPHQWRV VRFLDLV GH GLIHUHQWHV RULJHQV JHRJUiILFDV
SDUHFHP VHU DV PDLV YLVtYHLV SXEOLFDPHQWH 9HULILFDVH DTXL HIHWLYDPHQWH D FLUFXODomR GH
WHPDV H DUJXPHQWRV UHODFLRQDGRV FRP D HTXLGDGH GH JrQHUR GLUHLWRV KXPDQRV RX SURWHomR
DPELHQWDO GH IRUPD VLPXOWkQHD HP FRQWH[WRV QDFLRQDLV GLYHUVRV &RQWXGR QmR VH WUDWD GD
IRUPDomRGHXPDHVIHUDS~EOLFDWUDQVQDFLRQDOTXHFRORFDVVHHPFRQWDWRRVGLIHUHQWHVS~EOLFRV
QDFLRQDLV WHPVH QD YHUGDGH IyUXQV WUDQVQDFLRQDLV GLYHUVRV VHJPHQWDGRV H GHVDUWLFXODGRV
HQWUH VL &RP HIHLWR GLVFXWLGDV WUDQVQDFLRQDOPHQWH SRU XP JUXSR UHVWULWR GH DWLYLVWDV p
DWUDYpVGDVHVWUXWXUDVGDVHVIHUDVS~EOLFDVQDFLRQDLVTXHDVTXHVW}HVWUDWDGDVQHVVHVFRQWH[WRV
FRPXQLFDWLYRV WUDQVQDFLRQDLV JDQKDP UHSHUFXVVmR DSUHVHQWDQGR HP FDGD SDtV XPD OyJLFD
QDFLRQDO SUySULD 2X VHMD RV GHVHQYROYLPHQWRV REVHUYDGRV DWp R PRPHQWR DSRQWDP SDUD R
IDWRGHTXHQmRKiDFRQGHQVDomRGHQDGDTXHOHPEUHXPDHVIHUDS~EOLFDPXQGLDOQRVPROGHV
HPTXHIRUDPFRQVWLWXtGDVDVHVIHUDVS~EOLFDVQDFLRQDLV4XDQGRSRURFDVLmRSRUH[HPSORGH
XPD FRQIHUrQFLD GH F~SXOD GHWHUPLQDGRV WHPDV HQWUDP VLPXOWDQHPDQHWH QDV DJHQGDV GDV
HVIHUDV S~EOLFDV QDFLRQDLV R TXH VH YHULILFD QmR p XP LQWHUFkPELR FRPXQLFDWLYR HQWUH DV
SRSXODo}HVGDVGLIHUHQWHVUHJL}HV+iQHVVHVFDVRVXPDWURFDGHLQIRUPDo}HVHH[SHULrQFLDV
HQWUHXPFRQMXQWRUHGX]LGRGHDWLYLVWDVSROtWLFRVTXHVHLQFXPEHPHQWmRGHID]HUFRPTXHRV
WHPDV GLVFXWLGRV FRP RV FROHJDV GH GLIHUHQWHV SDtVHV FLUFXOHP QDV UHVSHFWLYDV HVIHUDV
S~EOLFDVQDFLRQDLV$IRUPDFRPRWDLVWHPDVVmRGLVFXWLGRVLQWHUQDPHQWHHPFDGDSDtVVHJXH
XPDGLQkPLFDSUySULDGHILQLGDSRUIDWRUHVQDFLRQDLV FRPRRQtYHOGHDUWLFXODomRGRVDWRUHV
VRFLDLV UHVSRQViYHLV SHOD GLIXVmR GR WHPD R JUDX GH LQWHJUDomR LQHUQDFLRQDO GD PtGLD
QDFLRQDORX R LQWHUHVVHGRJRYHUQRQDFLRQDOHPLQFRUSRUDURWHPDHPTXHVWmRjVXDDJHQGD
&RVWD&DS
8VRVHQ$PHULFD/DWLQD
(O XVR PDV LPSRUWDQWH H JHQHUDOL]DGR GHO FRQFHSWR GH HVSDFLR SXEOLFR HQ $PHULFD
/DWLQD RFXUUH HQ OD LQYHVWLJDFLRQHV VREUH ORV PHGLRV PDVLYRV 3UHGRPLQD DTXt OD YLVLyQ
KHUHGDGD GH OD VRFLRORJtD GH OD VRFLHGDG GH PDVDV \ GH OD UHFHSFLyQ WDUGLD GHO FRQFHSWR GH
LQGXVWULDFXOWXUDOFRQIRUPHIXHHODERUDGRSHODSULPHUDJHQHUDFLyQGHOD(VFXHODGH)UDQNIXUW
$VLVHHVER]DODLPDJHQGHXQS~EOLFRDWRPL]DGR\GLVSHUVRTXHGHSURGXFWRUHVFUtWLFRVGHOD
FXOWXUDVHWUDQVIRUPDURQHQHOQ~FOHRGHOSURFHVRPLVPRGHFRQVWLWXFLyQGHODVRFLHGDGGH
PDVDVHQFRQVXPLGRUHVSDVLYRVGHORVFRQWHQLGRVGHORVPHGLRV
/RV DXWRUHV TXH VLJXHQ HVWH PDUFR WHyULFR YHU HQWUH RWURV %UXQQHU *DUFtD
&DQFOLQLFRQVWDWDQTXHWRGRVORVGHVDUUROORVKLVWyULFRVVXSXHVWDPHQWHQHFHVDULRVSDUD
OD WUDQVLFLyQ D OD PRGHUQLGDG FRPR OD UHIRUPD UHOLJLRVD ODV UHYROXFLRQHV EXUJXHVDV HWF
(VWXGDQGRDVUHGHVGHDWRUHVVRFLDLVQRFRQWH[WRODWLQR DPHULFDQR6FKHUHU:DUUHQREVHUYRX
TXH YiULDV GHODV WRUQDUDPVH IyUXQV UHJXODUHV GH WURFD VLVWHPiWLFD GDV H[SHULrQFLDV GH DJHQWHV
SURYLQGRVGHGLIHUHQWHVUHJL}HVGRFRQWLQHQWHGLIHUHQFLDQGR VHHFRQVWLWXLQGRVXDVLGHQWLGDGHVDWUDYpV
GRVWHPDVTXHWUDWDPGHVWDFDQGR VHDTXLLUHGHVILODQWUySLFDVGHGLFDGDVjVROLGDULHGDGHPDWHULDOLL
UHGHVKXPDQLWiULDVHVSHFLDOL]DGDVQDGHIHVDGRVGLUHLWRVKXPDQRVHGHPLQ RULDVLLLUHGHVLGHQWLWiULDV
LQWHJUDGDV D SDUWLU GD GHIHVD FRPXP GH LGHQWLGDGHV GH JrQHUR pWQLFDV HWF LY UHGHV GH Do}HV
HGXFDWLYDV DUWLFXODGDV D SDUWLU GH SURMHWRV HGXFDFLRQDLV FRP SUHPLVVDV FRPXQV GHVHQYROYLGRV HP
SDUWHVGLVWLQWDVGRFRQWLQHQWHY UHGHVGHGHIHVDWUDQVQDFLRQDOGDFLGDGDQLDTXHVHDUWLFXODPVREUHWXGR
HPWRUQRGDVDo}HVGHRSRVLomRDRVSURFHVVRVGHLQWHJUDomRHFRQ{PLFDQRFRQWLQHQWH$OYDUH]
SRUVHXWXUQRGRFXPHQWDDWUDQVQDFLRQDOL]DomRGRPRYLPHQWRGHPXOKHUHVQDUHJLmR
KDEUtDQ IDOWDGR HQ $PpULFD /DWLQD 3RU OR WDQWR OD PRGHUQLGDG VH GD HQ HO VXEFRQWLQHQWH
WDUGLDPHQWH FDUDFWHUL]DQGR OD FRQVWLWXFLyQ GH XQ SODVPD FXOWXUDO KtEULGR HQ HO FXDO ODV
UHPLQLVFHQFLDV GH IRUPDV FXOWXUDOHV WUDGLFLRQDOHV YDQ VXFXPELHQGR D OR ODUJR GHO UiSLGR
SURFHVRGHXUEDQL]DFLyQ\IUDJPHQWDFLyQGHODVLGHQWLGDGHVSUHH[LVWHQWHVIUHQWHDORVYDORUHV
GHOLQGLYLGXDOLVPR\GHOGHVHRGHVHUPRGHUQRGHORV³S~EOLFRVHGXFDGRV´/RVYHKtFXORVGH
FRPXQLFDFLyQ GH PDVD VHUtDQ FRQIRUPH HVWD YLVyQ ORV SULPHURV LQVWUXPHQWRV SDUD OD
RSHUDFLyQ GH WDO SpUGLGD GH OD WUDGLFLyQ GH ODV VRFLHGDGHVODWLQRDPHULFDQDV 'LIHUHQWHPHQWH
QRREVWDQWHGHORVFRQWH[WRVHXURSHRVGRQGHODIUDJPHQWDFLyQXUEDQD\ODVRFLHGDGGHPDVDV
KDEUtDQSURGXFLGRODSDXODWLQDH[WLQFLyQGHOD³HVIHUDS~EOLFDEXUJXHVD´H[LVWHQWHORVSDtVHV
ODWLQRDPHULFDQRVVHUtDQFDUDFWHUL]DGRVSRUODLQH[LVWHQFLDSUHYLDGHWDOHVSDFLRFRPXQLFDWLYR
6HUtDQORVPHGLRVGHFRPXQLFDFLyQTXHRFXSDUtDQGHVGHODFRQVROLGDFLyQGHODXUEDQL]DFLyQ
HQ $PpULFD /DWLQD HO OXJDU GH ODV PHGLDFLRQHV VRFLDOHV HVWDEOHFLHQGR ³XQD QXHYD
GLDJUDPDFLyQGHORVHVSDFLRVHLQWHUFDPELRVXUEDQRV´*DUFtD&DQFOLQL
'H HVWD FRQFHSFLyQ GH XQ HVSDFLR S~EOLFR GRPLQDGR HQ WRGRV VXV UHFRGRV SRU ORV
PHGLRV GH FRPXQLFDFLyQ GH PDVD VH GHULYDQ FRQVHFXHQFLDV QHFHVDULDV SDUDOD FRPSUHQVLyQ
GHORTXHHVODSROtWLFD(VWDYHUtDYDFLDUVHVXVFRQWHQLGRVVXVWDQWLYRVSDUDWRUQDUVHUHKpQGH
OD PDQHUD GH FRPXQLFDFLyQ GH ORV PHGLRV HQ ORV FXDOHV QR FDEHQ YHUGDGHV PDWL]DGDV ORV
SURSLRV ³SHUVRQDMHV SROtWLFRV QR EXVFDQ GLVWLQJXLUVH SRU VX H[SHULHQFLD R VX FDSDFLGDG GH
OLGHUD]JR VLQR SRU OD VLPSDWtD TXH VXV SXEOLFLVWDV VRQ FDSDFHV GH VXVFLWDUHQWUH ORVJUDQGHV
DXGLWRULRV´'HODUEUH
$VDQiOLVHVGDUHODomRHQWUHHVSDoRS~EOLFRHGHPRFUDWL]DomRGHPRFUDFLDQD$PpULFD
/DWLQD PRVWUDP XP JDS QD FRQVLGHUDomR GH DVSHFWRV LPSRUWDQWHV TXH PDUFDP D SROtWLFD QR
VXEFRQWLQHQWH2VSUREOHPDVVHPDQLIHVWDPMiQDDPSODUHFHSomRGDWHRULDGDPRGHUQL]DomR
DWp R FRPHoR GRV DQRV H LPSOLFDP D DVVXQomR GH WUrV SUHPLVVDV EiVLFDV GH WDO WHRULD
TXDLVVHMDPRSRVWXODGRGDHQGRJHQLDVHJXQGRRTXDODVVRFLHGDGHVQDFLRQDLVFRQVLWXHPXP
XQLYHUVR IHFKDGR QR TXDO VH Gi LQHTXLYRFD H OLQHDUPHQWH D WUDQVIRUPDomR FRQGX]LGD SHODV
HOLWHVPRGHUQDV D VXSRVLomRGHXPDUHODomRGHVXERUGLQDomRGDVWUDQVIRUPDo}HVSROtWLFDVH
FXOWXUDLVjVPXGDQoDVHFRQ{PLFDVHDUHSUHVHQWDomRDQWLQ{PLFDHQWUHWUDGLomRHPRGHUQLGDGH
YLGH .Q|EO 1HVVH VHQWLGR D PRGHUQL]DomR UHSUHVHQWDULD HP FDGD XPD GDV
VRFLHGDGHV QDFLRQDLV QD $PpULFD /DWLQD R SURFHVVR OLQHDU TXH OHYDULD j WUDQVIRUPDomR GDV
HVWUXWXUDV VRFLDLV H HFRQ{PLFDV GH WUDGLFLRQDLV D PRGHUQDV HQWHQGLGDV FRPR PRGHUQDV DV
IRUPDV H[LVWHQWHV QDV VRFLHGDGHV RFLGHQWDLV GH LQGXVWULDOL]DomR SLRQHLUD SDUD XP FDVR
H[HPSODU YLGH *HUPDQL 7DO LQWHUSUHWDomR GR SURFHVVR GH PRGHUQL]DomR RULJLQD XPD
FRQFHSomR HYROXFLRQLVWD GD SROtWLFD H GR HVSDoR S~EOLFR WUDWDVH IXQGDPHQWDOPHQWH GD
H[SHFWLYD GH TXH D PRGHUQL]DomR FRQVWUXLULD SHU VH HVWUXWXUDV GH GLVFXVVmR S~EOLFD H
QHJRFLDomR GH FRQIOLWRV TXH VH DSUR[LPDVVHP SURJUHVVLYDPHQWH GR VLPLODU ³RFLGHQWDO´
$YULW]HUVV
$WHRULDGDGHSHQGrQFLDFRUULJHDWHRULDGDPRGHUQL]DomRQXPSRQWRIXQGDPHQWDODR
PRVWUDUTXH QR OXJDUGD PRGHUQL]DomRXQLOLQHDUQRLQWHULRUGHXPDVRFLHGDGHLVRODGDPHQWH
Ki TXH VH FRQVLGHUDU LQWHUQDPHQWHD PXOWLSOLFLGDGH GH IRUoDV SURH FRQWUDPRGHUQL]DomRH
H[WHUQDPHQWH D LQVHUomR GH FDGD VRFLHGDGH QR FRQWH[WR GDV UHODo}HV GH GHSHQGrQFLD HQWUH
FHQWUR H SHULIHULD QR SODQR PXQGLDO &DUGRVR )DOHWR (P VHX HQWHQGLPHQWR GD GLQkPLFD
HQWUHHFRQRPLDHSROtWLFDSRUXPODGRHGDUHODomRHQWUHWUDGLomRHPRGHUQLGDGHSRURXWURD
0LVPRODVDERUGDMHQVPDVGLIHUHQFLDGDVFRQVWDWDQXQDWHQGHQFLDLQHTXLYRFD\XQLODWHUDOGHREOLWHUDFLyQGHODV
SRVVLELOLGDGHVGHFRPXQLFDFLyQS~EOLFD(OWHyULFREUDVLOHxRPiVFRQRFLGRGHODFRPXQLFDFLyQVRFLDO0RQL]
6RGUpSRUHMHPSORUHFRQRFHTXHKD\OtPLWHVDOSRGHUGHORVPHGLRVGHFRPXQLFDFLyQGHPDVDPRVWUDQGR
TXH³ODVVLQJXODUHVHVWUDWpJLDVGHQHJRFLDFLyQVLPEyOLFDTXHPDQWLHQHQFRQVXS~EOLFRQRGHMDQTXHVH
WUDQVIRUPHQHQPHFiQLFDVFDMDVGHUHVRQDQFLDGHODVHPSUHVDV\GHOHVWDGR´1RREVWDQWHQRDEDQGRQDODV
SUHPLVDVGHODVWHRUtDVGHODVRFLHGDGGHPDVDVDOPRVWUDUTXHORVPHGLRV³VHDSRUODFUHDFLyQGHXQDUHDOLGDG
VRFLDOGHVSROLWL]DGD6HDSRUODHVWLPXODFLyQGHWpFQLFDVSOHELVFLWDULDVGHVRQGHRGHODRSLQLyQS~EOLFDRHQWRQFHV
SRUODVLPSOHFRQYHUVLyQGHODVFDPSDxDVHOHFWRUDOHVHQWiFWLFDVGHPHUFDGR´PLQDQODVEDVHVFRQVWLWX\HQWHVGH
ODHVIHUDS~EOLFD\GHODSROtWLFDUHSUHVHQWDWLYD
WHRULDGDGHSHQGrQFLDUHSHWHRVSUREOHPDVGDWHRULDGDPRGHUQL]DomR&RPHIHLWRRVWHyULFRV
GD GHSHQGrQFLD GHSUHHQGHP RV DWRUHV SROtWLFRV H[FOXVLYDPHQWH GD GLQkPLFD HFRQ{PLFD H
DFUHGLWDP TXH DV WUDQVIRUPDo}HV QD $PpULFD /DWLQD VH GmR QXP PRYLPHQWR FLFOR QXP
SULPHLUR PRPHQWR RV DXWRUHV DFUHGLWDYDP TXH D PRGHUQL]DomR H D FRQVHTXHQWH
GHPRFUDWL]DomR VHULDP FRQGX]LGDV H[FOXVLYDPHQWH SHOD PmRV GDV HOLWHV SURJUHVVLVWDV TXH
QXP VHJXQGR PRPHQWR LQFOXLULDP QR SURMHWR GD QDomR Mi PRGHUQL]DGD R FRQMXQWR GD
SRSXODomR
2VWHyULFRVGDWUDQVLomRHGDFRQVROLGDomRGHPRFUiWLFDDSURIXQGDPDUXSWXUDFRPD
WHRULDGDPRGHUQL]DomRRSHUDGDSHODWHRULDGDGHSHQGrQFLDQDPHGLGDHPTXHPRVWUDPTXH
DVHOLWHVQmRVmRSRUGHILQLomRSRUWDGRUDVGHYDORUHVPRGHUQRVHGHPRFUiWLFRV'DtDrQIDVH
TXH RV DXWRUHV FRORFDP QR SDSHO GHPRFUDWL]DQWHV GDV LQVWLWXLo}HV TXH GHYHP DVVHJXUDU D
SUHYDOrQFLD GDV LQFHUWH]DV GR MRJR SROtWLFR PHVPR FRQWUD D YRQWDGH GH HOLWHV DQWL
GHPFRUiWLFDV2¶'RQQHO6FKPLWWHU:KLWHKHDG'LDPRQG/LQ] /LSVHW(P
FRQWUDSDUWLGD R SDSHO GD HVIHUD S~EOLFD QD FRQVWUXomR GD GHPRFUDFLD QmR p DGHTXDGDPHQWH
OHYDGR HP FRQWD R TXH JHUD QR QRVVR HQWHQGLPHQWR SHOR PHQRV GRLV HUURV DQDOtWLFRV
UHFRUUHQWHVGDVWHRULDVGDWUDQVLomR
2SULPHLURSUREOHPDGL]UHVSHLWRDR SDSHOGRVQRYRVDWRUHVVRFLDLVTXHHPHUJHPQR
FRQWH[WR GD GHPRFUDWL]DomR PRYLPHQWRV VRFLDLV DVVRFLDo}HV GH YL]LQKRV 21*V HWF $R
PHVPR WHPSR HP TXH UHFRQKHFHP D LPSRUWkQFLD SROtWLFD GH WDLV DWRUHV WUDGX]HP R SDSHO
GHVWHVVREDOHQWHHOLWHPDVVDVGRHOLWLVPRGHPRFUiWLFRRTXHOHYDRVWHyULFRVGDWUDQVLomRD
VXEVXPLUWDLVDWRUHVDRMRJRSROtWLFRHQWUHDVHOLWHV,VWRpD~QLFDFRQWULEXLomRGHWDLVDWRUHV
VHULDIRUWDOHFHUDSRVLomRGDVHOLWHVGHPRFUiWLFDVQRMRJRGDSROtWLFDLQVWLWXFLRQDO~QLFDDUHQD
QDTXDODFRQVWUXomRGDGHPRFUDFLDHIHWLYDPHQWHDFRQWHFH
2 VHJXQGR SUREOHPD GL] UHVSHLWRjVUHODo}HVHQWUHSROtWLFDHFXOWXUDHQWHQGLGDSHORV
WHyULFRV GD WUDQVLomR FRPR XPD FDXVDOLGDGH VLPSOHV RX VHMD DV PXGDQoDV SROtWLFR
LQVWLWXFLRQDLVHDYLWyULD QRMRJRSROtWLFRFRPSHWLWLYRGDVHOLWHVGHPRFUiWLFDVSURGX]LULDPGH
LPHGLDWRRHQUDL]DPHQWRGHYDORUHVHSUiWLFDVGHPRFUiWLFDVQRVHLRVRFLHWiULR0HVPRTXDQGR
FRQVWDWD Mi QRV DQRV QR kPELWR GH VXD UHIOH[mR VREUH D ³GHPRFUDFLD GHOHJDWLYD´ TXH D
LQVWLWXFLRQDOL]DomRGDGHPRFUDFLDQDVQRYDVSROLDUTXLDVODWLQRDPHULFDQDVQmRKDYLDDEROLGR
DVSUiWLFDV³FOLHQWHOLVWDV´HR³SDUWLFXODULVWDV´2¶'RQQHOOUHPHWHWDLVSUREOHPDV
D YtFLRV GD HOLWH $YULW]HU VV )DOWD QR FDVR GH DPERV SUREOHPDV XP FRQFHLWR
VXEVWDQWLYRGHHVSDoRS~EOLFRTXHSHUPLWLVVHQRSULPHLURFDVRHQWHQGHUFRPRQHVVDHVIHUD
VHFRQVWURHPSHODFRPXQLFDomRS~EOLFDDOHJLWLPLGDGHHRSRGHUHIHWLYRTXHFRQTXLVWDPRV
QRYRV DWRUHV VRFLDLV H QR VHJXQGR FDVR PRVWUDU FRPR D H[LVWrQFLD RX LQH[LVWrQFLD GH XPD
HVIHUD S~EOLFD SROLWLFDPHQWH DWXDQWH WHP SDSHO IXQGDPHQWDO QD FRQVWUXomR GH XPD FXOWXUD
GHPRFUiWLFD H QD FRQVWLWXLomR GH PHFDQLVPRV GH ILVFDOL]DomR S~EOLFD TXH LQLELVVHP R
FOLHQWHOLVPRHRSDUWLFXODULVPR
8QDRXWUDPDQHUDHTXLYRFDGDGHWUDWDUHVHVQXHYRVDFWRUHVHVDTXHOODOHJDGDSRUXQDFRPSUHHQVLyQGHOD
GHPRFUDFLDFRPRXQPHUFDGRSROtWLFR(OODVHPDQLILHVWDSRUHMHPSORHQODFUtWLFDGH5HLVDODWHRUtD
GLVFXUVLYDGHODGHPRFUDFLD3DUD5HLVHOHVSDFLRS~EOLFRFRQVWLWX\HODDUHQDGHGLVSXWD\DILUPDFLyQGH
LQWHUHVHVVRFLDOHVSDUWLFXODUHVVLQTXHKD\DHQHVHMXHJRFXDOTXLHUDFWRUVRFLDODOWUXLVWDRFDSD]GHUHSUHVHQWDU
FXHVWLRQHVUHOHYDQWHVSDUDHOFRQMXQWRGHODVRFLHGDG
³6L VH FRQVLGHUD HO FDUiFWHU HVWUDWpJLFR GH ORV PRYLPLHQWRV VRFLDOHV \ VX E~VTXHGD GH DILUPDFLyQ GH
REMHWLYRV SURSLRV FRQWUD ODV GLVSRVLFLRQHV GH RWURV DFWRUHV HV EDVWDQWH FODUR TXH HOORV FRPSDUWHQ HQ
DOJXQDPHGLGDFRQORVJUXSRV GHLQWHUpVHOFDUiFWHUGHXQSDUWLFXODULVPRWHQGHQFLDOPHQWHDpWLFR´S
3DUD5HLVSRUORWDQWRHOHVSDFLRS~EOLFRHVSDUWHFRQVWLWXWLYDGHXQPHUFDGRSROtWLFRHQHOFXDOORV
GLIHUHQWHVJUXSRVGHLQWHUpVGLVSXWDQODVDWHQFLRQHVS~EOLFDVLPSRQLpQGRVHQRSRUODIXHU]DPRYLOL]DGRUDGHORV
DUJXPHQWRVTXHWUDHQDOX]VLQRSRUVXSRGHUGHFRQWURODUODVHVWUXFWXUDVFRPXQLFDWLYDVS~EOLFDV
&RQFOXV}HVHVIHUDS~EOLFDHDVQRYDVGHPRFUDFLDVODWLQR DPHULFDQDV
$V WUDQVIRUPDo}HV UHFHQWHV SRUTXH SDVVD D HVIHUD S~EOLFD QD PDLRU SDUWH GRV SDtVHV
ODWLQRDPHULFDQRV QR ERMR GDTXLOR TXH 'DJQLQR FKDPRX GH FRQYHUJrQFLD SHUYHUVD
TXDO VHMD D FRLQFLGrQFLD HQWUH RV FLFORV GH GHPRFUDWL]DomR H GH UHIRUPDV QHROLEHUDLV VmR
P~OWLSODV H DPELYDOHQWHV 'H XP ODGR REVHUYDVH TXH XPD LQWHQVD SOXUDOL]DomR VRFLHWiULD
DFRPSDQKDDOLEHUDOL]DomRGRVPHUFDGRVHD FRQVROLGDomRGDLQWHJUDomRGD$PpULFD/DWLQDQR
FRQWH[WRPXQGLDO$RPHVPRWHPSRFRPRFRQVHTXrQFLDGDVGpFDGDVGHFUHVFLPHQWRXUEDQR
GHVSODQHMDGR H GRV FRUWHV GH LQYHVWLPHQWR VRFLDO LPSRVWRV SHORV SURJUDPDV GH DMXVWH
HVWUXWXUDO DVVLVWHVH D XPD IUDJPHQWDomR VHP SDUDOHOR GRV HVSDoRV S~EOLFRV ORFDLV TXH
VXFXPEHPIUHQWHDRDYDQoRGDYLROrQFLDHGDLQVWUXPHQWDOL]DomRGDVUHODo}HVEDUULDOHVSHODV
UHGHVGRFULPHRUJDQL]DGR
'R SRQWR GH YLVWD SROtWLFR RV SURFHVVRV GH UHIRUPD GR (VWDGR TXH LPS}HP FRUWHV
RUoDPHQWiULRV HP iUHDV YLWDLV FRLQFLGHPFRP SURJUDPDVHIHWLYRV GH LQRYDomRLQVWLWXFLRQDO
FDSD]HVGHGDUWUDQVSDUrQFLDDRSURFHVVRSROtWLFRHGHDEULUHVIHUDVGR(VWDGRjSDUWLFLSDomRH
GHOLEHUDomRS~EOLFDV
1RFDPSRGRVPHLRVGHFRPXQLFDomRRVGHVHQYROYLPHQWRVVmRLJXDOPHQWHDPEtJXRV
3RU XQ ODGR ORV SURFHVRV UHFLHQWHV GH FRQFHQWUDFLyQ GH OD SURSLHGDG \ ORV PHFDQLVPRV
KLVWRULFDPHQWH SUHYDOHFLHQWHV HQ OD GLVWULEXFLyQ GH ODV OLFHQFLDV GH RSHUDFLyQ QRV OOHYD D
UHFRQRFHUTXHORVPHGLRVFRQIRUPDQXQFDPSRHQHOFXDOIRUPDVWUDGLFLRQDOHVSRSXOLVWDVGH
FRQTXLVWD GH OHDOWDG SROtWLFD VH PH]FODQ D QXHYDV HVWUDWHJLDV GH FRQTXLVWD GH DSR\R GH ODV
PDVDV3HURVLPXOWDQHDPHQWHORVPHGLRVSUHVHQWDQXQFRQMXQWRGHFDPELRVSRVLWLYRVSDUDOD
H[SDQVLyQGHODGHPRFUDFLD1RKD\GXGDTXHHOFDPSRGHODHVIHUDS~EOLFDFRQWURODGR SRUORV
PHGLRVKDPRVWUDGRXQDUHODWLYDSRURVLGDGSDUDDEVRUYHU\SURFHVDUORVWHPDVFRORFDGRVSRU
ORV DFWRUHV GH OD VRFLHGDG FLYLO $GHPiV GHVDUUROORV FRPR OD GLIXVLyQ GH XQ HVWLOR GH
SHULRGLVPRLQYHVWLJDWLYR\ODSURSLDSUHVHUYDFLyQGHOHVSDFLRGHDILUPDFLyQGHODDXWRQRPtD
GHORVTXHSURGXFHQHOPDWHULDOGLYXOJDGRSRUORVPHGLRVSHULRGLVWDVSURGXFWRUHVFXOWXUDOHV
HWF KDFHQ GH ORV PHGLRV GH FRPXQLFDFLyQ DFWRU LPSRUWDQWH HQ OD FRQVWUXFFLyQ GHO HVSDFLR
S~EOLFR7DOHVFDPELRVQRVRQDGHFXDGDPHQWHSHUFHELGRVSRUODVFRQFHSFLRQHVEDVDGDVHQOD
VRFLRORJLDGHODVVRFLHGDGHVGHPDVDVKHJHPRQLFDVHOODLQYHVWLJDFLyQGHORVPHGLRVPDVLYRV
HQ$PHULFD/DWLQD
$V WHRULDV GD WUDQVLomR SRU VXD YH] VH PRVWUDP LJXDOPHQWH GHVSURYLGDV GH
LQVWUXPHQWRVSDUDLGHQWLILFDURSRWHQFLDOGHPRFUiWLFRWDQWRGDSOXUDOL]DomRVRFLHWiULDUHIHULGD
TXDQWRGRVQRYRVFDQDLVGHFRPXQLFDomRHQWUHDVRFLHGDGHFLYLOGHXPODGRHR(VWDGRHR
VLVWHPD SROtWLFR GH RXWUR 7DLV GHVHQYROYLPHQWRV FRQFRUUHP SDUD D FRQVWUXomRGDTXLORTXH
VHJXLQGRDWUDGLomRGDWHRULDFUtWLFDGHVFULWDDFLPDFKDPDPRVGHHVIHUDS~EOLFD0DOJUDGRD
PHWiIRUDHVSDFLDOTXHVXJHUHHTXLYRFDGDPHQWHDH[LVWrQFLDGHXPDORFDOL]DomRHVSHFtILFDQD
WRSRJUDILDVRFLDODHVIHUDS~EOLFDGL]UHVSHLWRPDLVSURSULDPHQWHDXP FRQWH[WRGHUHODo}HV
GLIXVR QR TXDO VH FRQFUHWL]DP H VH FRQGHQVDP LQWHUFkPELRV FRPXQLFDWLYRV JHUDGRV HP
GLIHUHQWHVFDPSRVGDYLGDVRFLDO7DOFRQWH[WRFRPXQLFDWLYRFRQVWLWXLXPDDUHQDSULYLOHJLDGD
SDUDTXHVHREVHUYHDtDPDQHLUDFRPRRVFkPELRVVRFLDLVVH SURFHVVDPRSRGHUSROtWLFRVH
UHFRQILJXUDHRVQRYRVDWRUHVVRFLDLVFRQTXLVWDPUHOHYkQFLDQDSROtWLFDFRQWHPSRUkQHD
6HPTXHUHUDEUHYLDUDRFRQWUiULRFRPRLQWXLWRGHHVWLPXODUXPGHEDWHTXHDSHQDVVH
LQLFLDJRVWDUtDPRVGHFRQFOXLULQVLVWLQGRTXHRXVRGHXPFRQFHLWRHQIiWLFRGHHVSDoRS~EOLFR
QD $PpULFD /DWLQD LPSOLFD OHYDU DGHTXDGDPHQWH HP FRQWD DV FRUUHo}HV IHLWDV DR PRGHOR
GLVFXUVLYRTXDLVVHMDP
$ LQFRUSRUDomR GRV QHZ SXEOLFV 6DOWD DRV ROKRV D GLYHUVLILFDomR FXOWXUDO H VRFLHWiULD
REVHUYDGD QD $PpULFD /DWLQD UHFHQWHPHQWH 2EVHUYDVH D HPHUJrQFLD GH XPD
PXOWLSOLFLGDGH GH QRYRV DWRUHV XUEDQRV QRYDV VXEFXOWXUDV QRYDV HWQLFLGDGHV TXH
FRQWUDVWDP FRP D LPDJHP GDV QDo}HV KRPRJHQHDPHQWH PHVWLoDV FRQVWUXtGDV
KLVWRULFDPHQWH6RFLDOPHQWHDKHWHURJHQHL]DomRSDUDREHPHSDUDRPDOQmRpPHQRU
2V PRGHORV LQVWLWXtGRV GH IDPtOLD RV PRGHORV WUDGLFLRQDLV GH UHODo}HV GH JrQHUR DV
RSo}HV³FRQYHQFLRQDLV´GHVH[XDOLGDGHHWFYHPVHQGRFUHVFHQWHPHQWHFRQIURQWDGDVFRP
QRYDVIRUPDVGHYLGDHFRPSRUWDPHQWR
$ UHOHYkQFLD GRV VXEDOWHUQ FRXQWHUSXEOLFV &DEHOHYDUHP FRQWD R SDSHOGDTXHOHVDWRUHV
VRFLDLV TXH UHSUHVHQWDP JUXSRV WUDGLFLRQDOPHQWH H[FOXtGRV GR HVSDoR S~EOLFR H TXH DR
PHVPR WHPSR GHQXQFLDP RV OLPLWHV GR HVSDoR SROtWLFR HVWDEHOHFLGR H UHLYLQGLFDP VHX
GLUHLWR GH SDUWLFLSDU QHOH $V PDGUHV GH OD 3OD]D GH 0DLR R 0RYLPHQWR 6HP 7HUUD QR
%UDVLO RX R (MHUFLWR =DSDWLVWD GH /LEHUWDFLyQ 1DFLRQDO VmR H[HPSORV GH WDLV FRQWUD
S~EOLFRV
$ HPHUJrQFLD GH GLDVSRULF SXEOLFV 2V QRYRV DWRUHV GLiVSRULFRV QmR VH IRUPDP DSHQDV
QDTXHOHVHQWLGRRULJLQDOGHVFULWRSRU3DXO*LOUR\UHIHULQGRVHjGLiVSRUDDIULFDQD'HIDWR
RV DWRUHV TXH UHFODPDP D KHUDQoD DIULFDQD H DSUHVHQWDPDR HVSDoR S~EOLFR QDFLRQDO VXD
HVWpWLFD GHVDILDGRUD GDTXLOR TXH VH FRQVWLWXLX KLVWRULFDPHQWH FRPR UHSUHVHQWDomR
QDFLRQDOJDQKDPLPSRUWkQFLDHPYiULDVUHJL}HVHFRPHVSHFLDOUHOHYRQD&RO{PELDHQR
%UDVLO 1mR REVWDQWHD LGpLD GH S~EOLFRV GLDVSyULFRV FRQWHPSOD WRGRVRVQRYRVS~EOLFRV
TXHDSUHVHQWDPXPDLQVHUomRDPELYDOHQWHQRHVSDoRS~EOLFRQDFLRQDODRPHVPRWHPSR
TXH SDUWLOKDP GHOH FRPSDUWLOKDP GH UHGHV WUDQVQDFLRQDLV H VH FRQVWLWXHP DVVLP FRPR
DJHQWHV SHUPDQHQWHV GH LQWURGXomR GH LQRYDo}HV VRFLDLV QR FRQWH[WR QDFLRQDO (VWHV VmR
RV FDVRV GDV UHGHV GH PRYLPHQWRV WUDQVQDFLRQDLV GH PRYLPHQWRV VRFLDLV GH LPLJUDQWHV
HWF 5HFRUGHVH TXH QmR VH WUDWD DTXL GD IRUPDomR GH XP HVSDoR S~EOLFR WUDQVQDFLRQDO
PDV GH FRQWH[WRV FRPXQLFDWLYRV WUDQVQDFLRQDLV P~OWLSORV H QmR QHFHVVDULDPHQWH
LQWHUOLJDGRV $V FRQVLGHUDo}HV VREUH RV FRXQWHSXEOLFV H RV GLDVSRULF SXEOLFV DGHPDLV
FKDPDP D DWHQomR SDUD D QHFHVVLGDGH GH FRQVLGHUDU DV IRUPDV QmR YHUEDLV GH
FRPXQLFDomR QHJOLJHQFLDGDV SHOR PRGHOR GLVFXUVLYR 1HJURV LQGtJHQDV H RXWURV JUXSRV
TXH FRQVWURHP VXD LGHQWLGDGH QXPD UHODomR DPELYDOHQWH FRP R ³QDFLRQDO´ WrP QD
SHUIRUPDQFH H QD HVWLOL]DomR GH VHX SUySULR FRUSR XP LQVWUXPHQWR YDOLRVR GH
FRPXQLFDomRHFRQYHQFLPHQWR
$ PXOWLSOLFDomR GRV GHOLEHUDWLYH RXSDUWLSDWRU\SXEOLFV2PRGHORGLVFXUVLYRGHHVSDoR
S~EOLFR LQVLVWH QD QHFHVVLGDGH GH VHSDUDomR FODUD GH IXQo}HV HQWUH D VRFLHGDGH FLYLO H D
VRFLHGDGHSROtWLFDHQDDXWROLPLWDomRGRVDWRUHVFLYLV$VUHVHUYDVVmRFRPSUHHQVtYHLVVH
VHFRQVLGHUDTXHRPRGHORIRLIRUPXODGRSRUUHIHUrQFLDHPStULFDDXPFRQWH[WRHPTXHKi
PHFDQLVPRV HIHWLYRV GH FRQWUROH GRV FLGDGmRV VREUH R (VWDGR RV SDUWLGRV SROtWLFRV D
GHVSHLWR GR GHVHQFDWDPHQWR GRV ~OWLPRV WHPSRV DLQGD IXQFLRQDP FRPR HVWUXWXUDV
HILFLHQWHVGHLQWHUPHGLDomRHQWUHDVRFLHGDGHFLYLOHRVLWHPDSROtWLFR1D$PpULFD/DWLQD
FRQWXGR RV SDUWLGRV VH FRQVWLWXtUDP KLVWRULFDPHQWH D SDUWLU GH PiTXLQDV SDUWLGiULDV
FDSD]HV GH GLVWULEXLU SULYDGDPHQWH H SRU PHLR GH DFRUGRV FOLHQWHOLVWDV EHQHItFLRV
S~EOLFRV1HVVHVHQWLGRGHYHFDEHUXPDrQIDVHGLVWLQWDjVDUWLFXODo}HVHQWUHRVSURFHVVRV
GHGHOLEHUDomRS~EOLFDHWRPDGDGHGHFLVmRQD$PpULFD/DWLQDeSUHFLVRTXHQRVHLRGH
XPDHVIHUDS~EOLFDSRURVDHSXOVDQWHWHPDVSRVLo}HVHDUJXPHQWRVWUD]LGRVSHORVQRYRV
DWRUHV VRFLDLV HQFRQWUHP IRUPDV LQVWLWXFLRQDLV GH SHQHWUDU R (VWDGR H SRU HVVD YLD
GHPRFUDWL]iORWRUQDQGRRREMHWRGRFRQWUROHGRV FLGDGmRV
%LEOLRJUDILD
(SSOH*DVV5³9RONVVRXYHUDQLWlWVWDWW6\VWHPOHJLWPLHUXQJ³:LGHUVSUXFK
$GRUQR7\0+RUNKHLPHU7KH'LDOHFWLFRI(QOLJKWHQPHQW1XHYD<RUN+HUGHU
+HUGHU
)UDVHU1³7UDQVQDWLRQDOL]LQJWKH3XEOLF6SKHUH´1XHYD<RUNPDQXVFULWRLQpGLWR
6FKPDO]%UXQV 5 ³=LYLOH *HVHOOVFKDIW XQG UHIOH[LYH 'HPRNUDWLH´
)RUVFKXQJVMRXUQDO 16%
$UHQGW+7KH+XPDQ&RQGLWLRQ&KLFDJR&KLFDJR8QLYHUVLW\3UHVV
%HQKDELE6'HPRFUDF\DQG'LIIHUHQFH&RQWHVWLQJWKH%RXQGDULHVRIWKH3ROLWLFDO
&DPEULGJH0,73UHVV
&DOKRXQ&+DEHUPDVDQGWKHSXEOLF6SKHUH&DPEULGJH0,73UHVV
&RKHQ-³6WUDWHJ\RU,GHQWLW\1HZ7KHRUHWLFDO3DUDGLJPVDQG&RQWHPSRUDU\6RFLDO
0RYHPHQWV´6RFLDO5HVHDUFKYROQRSS
'HHW] 6 'HPRFUDF\ LQ WKH $JH RI &RUSRUDWH &RORQL]DWLRQ 1XHYD <RUN 6XQQ\
8QLY3UHVV
'RZQV$$Q(FRQRPLF7KHRU\RI'HPRFUDF\1XHYD<RUN+DUSHU
'U\]HN-'LVFXUVLYH'HPRFUDF\&DPEULGJH&DPEULGJH8QLY3UHVV
*RGIDUE-$IWHUWKH)DOO1XHYD<RUN%DVLF%RRNV
*XWPDQ$0XOWLFXOWXUDOLVP3ULQFHWRQ3ULQFHWRQ3UHVV
.HDQH-&LYLO6RFLHW\DQGWKH6WDWH/RQGUHV9HUVR
-D\07KH'LDOHFWLFDO,PDJLQDWLRQ%RVWRQ/LWWOH%URZQ
0HOXFFL $ ³7KH 6\PEROLF &KDOOHQJH RI &RQWHPSRUDU\ 0RYHPHQWV´ 6RFLDO
5HVHDUFK9ROQR
0HOXFFL$1RPDGVRI3UHVHQW)LODGHOILD7HPSOH8QLY3UHVV
0HOXFFL$&KDOOHQJLQJ&RGHV&DPEULGJH&DPEULGJH8QLY3UHVV
0HOXFFL$³,QWHUYLHZWR/HRQDUGR$YULW]HUDQG7LPR/LUD´7KHVLV(OHYHQQR
3DWHPDQ & 3DUWLFLSDWLRQ DQG 'HPRFUDWLF 7KHRU\ &DPEULGJH &DPEULGJH 8QLY
3UHVV
6DUWRUL*7KH7KHRU\RI'HPRFUDF\5HYLVLWHG1XHYD-HUVH\&KDWKDP3XE
6FKXPSHWHU-&DSLWDOLVP6RFLDOLVPDQG'HPRFUDF\1XHYD<RUN+DUSHU
7RPSVRQ-,GHRORJ\DQG0RGHUQ&XOWXUH&DPEULGJH3ROLW\3UHVV
7KRPSVRQ-0HGLDDQG0RGHUQLW\&DPEULGJH3ROLW\3UHVV
+HOG'0RGHOVRI'HPRFUDF\ 6WDQIRUG6WDQIRUG8QLY3UHVV
%RKPDQ-3XEOLF'HOLEHUDWLRQ3OXUDOLVP&RPSOH[LW\DQG'HPRFUDF\&DPEULGJH
0$0,73UHVV
Download

Cached arquivo - Plataforma Democrática