2‹Š#
$$3366,,&&2
5
'((5
2//ÌÌ'
'2
*,,$$'
2*
2//2
0]c^]X^<T]TVWTccX
7UDGXomRGH9HUD/XFLD5RGHJKHULH0/XLVD$QGUHROD
6REUHR$XWRU
$1721,2 0(1(*+(77, 1$6&(8 1$ ,7È/,$ (0 e 3+' (0 ),/262),$
7(2/2*,$ 62&,2/2*,$ ( 36,&2/2*,$ e 2 )81'$'25 '$ &,Ç1&,$ 217236,&2/Ï*,&$
35(6,'(17( '$ $662&,$d­2 ,17(51$&,21$/ '( 217236,&2/2*,$ $&$'Ç0,&2 ( 9,&(
35(6,'(17('$$&$'(0,$,17(51$&,21$/'(,1)250$7,=$d­2 21*218$ 662&,$7('
0(0%(5(0(0%52'$$&$'(0,$,17(51$&,21$/'$&8/785$&206('((0%5$6Ë/,$
5(&(17(0(17()25$0/+(&21)(5,'2626 7Ë78/26'( *5$1''2&725(0
&,Ç1&,$6 36,&2/Ï*,&$6 ( 2 '( *5$1' '2&725 (0 ),/262),$ ( 2 '( 3+' (0
&,Ç1&,$60e',&$63(/2*29(512'$)('(5$d­25866$
62%5($',*,7$/,=$d­2'(67$2%5$
6(26/,95267,9(66(035(d26$&(66Ë9(,6 72'2632'(5Ë$026&2035È/26$
',*,7$/,=$d­2 '(67$ 2%5$ e 80 3527(672 &2175$ $ (;&/86­2 &8/785$/ ( 325
&216(4hÇ1&,$ 62&,$/ &$86$'$6 3(/26 35(d26 $%86,926 '26 /,9526 (',7$'26 (
38%/,&$'2612 %5$6,/$66,0 e727$/0(17(&21'(1È9(/$9(1'$'(67((/,952 (0
48$/48(5&,5&8167Æ1&,$',675,%8$2/,95(0(17(
³3DUDWRGRVRV³)DQFLXOOL´TXHFRPRHXFRQWHVWDPDVSULQFLSDLVLGpLDVGHVWD³REUD´
0?A4B4=C0p«>
(P $QWRQLR 0HQHJKHWWL DILUPDYD ´1HVWH SRQWR
HX LQLFLDUHL TXDVH XP DEDQGRQR GH LQWHUHVVDUPH SHOR PDO SHOD
SVLFRWHUDSLD GH FXUD SDUD DEULU XP RXWUR FDPLQKR DTXHOH GD
DSUHQGL]DJHPGDHQHUJLDSULPiULDGDYLGDTXHpDLQWHOLJrQFLD
+RMHQRPXQGRGLVFXWHVHVREUHRSHWUyOHRRFDUERQR
RXUkQLRHWFHLVVRQRVSUHRFXSDPDVDHQHUJLDEDVHTXHIXQGD
WRGDVDVRXWUDVpDLQWHOLJrQFLD8PSRYRXPDHVFRODTXHVDLEDP
JHULU HVVH HQRUPH SRGHU GD LQWHOLJrQFLD SRVVXHP D HQHUJLDEDVH
TXH SRGH FRQWURODU TXDOTXHU RXWUD HQHUJLD 7UDWDVH GH HQWUDU
GLUHWDPHQWH QR PpULWR GH FRPR VH IDFLOLWD D LQWHOLJrQFLD GH
HQVLQDU jV LQVWLWXLo}HV FRPR VHUHP SURGXWRUDV GH LQWHOLJrQFLD
QmR GH HVWLORV GH FRVWXPHV GH PRUDLV RX UHJUDV PDV GH
LQWHOLJrQFLDHPVLHSRUVL
'DGD XPD VLWXDomR GHWHUPLQDVH XP Vy SRQWR RWLPDO
TXHDUHVROYHHFROKHUFRQVWDQWHPHQWHHVWHSRQWRpRPi[LPRGH
LQWHOLJrQFLD &RQVHQWLGD D DSUHQGL]DJHP GR SRQWR RWLPDO H D
UHDOL]DomRLQWHUQDHH[WHUQDDFDGDLQGLYtGXRHQWmRVHGHWHUPLQD
WDPEpPXPDKXPDQLGDGHPDUDYLOKRVDµ
&RPR RV SHQVDGRUHV GR KXPDQLVPR WDUGLR HVIRUoDUDP
VH HP LQIRUPDU VHXV SULQFtSLRV DRV UHIRUPDGRUHV SROtWLFRV H
VREUHWXGR´RSUtQFLSHµSDUDIRUPDUOKHDFRQVFLrQFLDKXPDQDH
GHVHQKDUOKHDILJXUDLGHDOROtGHUHQWHQGLGDFRPR´RPRPHQWR
SURYLGHQFLDLGRHVStULWRQRPXQGRµWRUQDVHRSHUQRFHQWUDOGR
SHQVDPHQWRHGDREUDGH$QWRQLR0HQHJKHWWL
$ WHRULD H D SUiWLFD GD OLGHUDQoD WRUQDPVH XPD
YHUGDGHLUD H SUySULD ILORVRILD GH YLGD GD TXDO GHULYD XPD YLVmR
SROtWLFDFLHQWtILFDHVRFLDOGRPXQGR
'DTXHOHPRPHQWRGHL[DQGRSDUDWUiVDYDVWDH[SHULrQFLD
PDWXUDGD QR HQVLQR XQLYHUVLWiULR H VREUHWXGR QD SUi[LV
SVLFRWHUiSLFDFRPPLOKDUHVGHFOLHQWHVRDXWRUHQGHUHoDD´DokR
SRQWDµ GD VXD RQWRSVLFRORJLD j DXWHQWLFDomR GR SRWHQFLDO
LQWHOHFWLYR H FULDWLYR GRV OtGHUHV GH WRGDV DV SDUWHV GR PXQGR
RSHUDQWHVQDSROtWLFDQDHFRQRPLDQDVSURILVV}HVHQDDUWH
$ IyUPXOD SUHIHULGD SHOR SURIHVVRU 0HQHJKHWWL SDUD DV
VXDVLQWHUYHQo}HVGHDOWDIRUPDomRpDGR5HVLGHQFHXPHVWiJLR
UHVLGHQFLDO FRP GXUDomR YDULiYHO HQWUH WUrV H QRYH GLDV
GHVHQYROYLGR HP OXJDUHV HFRORJLFDPHQWH SXURV H GH UDUD EHOH]D
QRVTXDLVRVPHOKRUHVFRQIRUWRVQmRH[FOXHPRVSDUWLFLSDQWHVGH
XPD FRUURERUDQWH UHODomR PHWDEyOLFD FRP XPD QDWXUH]D TXH
FRQVHQWHWUDQVSDUrQFLDLQWHULRU
(VWH YROXPH QDVFH GD WUDQVFULomR FRRUGHQDGD GH
FRQIHUrQFLDV UHDOL]DGDV GXUDQWH RV UHVLGHQFH GHVHQYROYLGRV QRV
~OWLPRVDQRVHPDOJXQVSDtVHVGDH[8QLmR6RYLpWLFDQD$PpULFD
/DWLQDQD(XURSDHQD&KLQD
25HVLGHQFHGHGHVHQYROYLPHQWRGHOLGHUDQoDPDQWHQGR
DOJXQV DVSHFWRV JHUDLV FRQVWDQWHV p DGDSWDGR FDGD YH] jV
FDUDFWHUtVWLFDVHVSHFtILFDVGRVSDUWLFLSDQWHVGHDSHVVRDV
2 FULWpULR TXH QRV JXLRX QD HVFROKD GDV GLYHUVDV
FRQWULEXLo}HV TXH FRPS}HP R WH[WR p R GD JHQHUDOLGDGH GH
LQWHUHVVHVSHODVWHPiWLFDVWUDWDGDV
&RPR R SUySULR $XWRU VXEOLQKD HVWD p XPD ´HVFROD
YLYDµLVWRp´XPFRQKHFLPHQWRTXHJHUDYLGDXPDLQLFLDomRTXH
OHYDSDUDGHQWURGRSULQFtSLRjVFDXVDVTXHDWLYDPRUHDOµ
1R FXUVR GHVWH WUDWDGR VREUH R OtGHU R $XWRU H[S{V
DOJXPDVUHJUDVHOHPHQWDUHVTXHSRGHPVHUXWLOL]DGDVHPTXDOTXHU
FDPSRGHVXSHULRU´PDQDJHPHQWµVHMDHFRQ{PLFRFLHQWtILFRRX
SROtWLFR
1R HVWLOR GH FULDWLYLGDGH FRQWtQXD TXH GLVWLQJXH D REUD
GR 3URIHVVRU 0HQHJKHWWL HVWH WH[WR QmR VH SURS}H FRPR
FRQWULEXLomR GHILQLWLYD j IRUPDomR GR OtGHU PDV TXHU VHU XPD
SULPHLUD FRQWULEXLomR j IRUPDOL]DomR GH XPD SUi[LV Mi
GHPRQVWUDGD FRPR LQVWUXPHQWR HILFD] GH DXWHQWLFDomR SDUD
OtGHUHVSURWDJRQLVWDV
6HQWLPRV QmR SRGHU ID]HU XPD UHIHUrQFLD QHP PHVPR
HPVtQWHVHjYLVmRRQWRSVLFROyJLFDFXOWXUDFRPSOHWDPHQWHQRYD
jTXDOR$XWRUID]FRQVWDQWHUHIHUrQFLD3RULVVRpLQGLVSHQViYHO
UHPHWHUVH DRV YiULRV WH[WRV Mi SXEOLFDGRV 3DUD EUHYLGDGH GH
FRQKHFLPHQWR LQGLFDPRV R YROXPH ´0DQXDO GH
2QWRSVLFRORJLDµ
1RWDV
0(1(*+(77,$QWRQLR/
,Q6pGHOO
8RPRHG5RPD
3VLFRORJLFD(GLWULFH
0(1(*+(77,$QWRQLR,O5HVLGHQFH2QWRSVLFROyJLFRHG
5RPD 3VLFRORJLFD (GLWULFH 3DUD XP TXDGUR GH UHIHUrQFLD FRPSOHWR
GDPHWRGRORJLDDSOLFDGDQR5HVLGHQFHHGDVXDDUWLFXODomRLQWHUQD
0(1(*+(O7, $QWRQLR 0DQXDOH GL 2QWRSVLFRORJLD
5RPD3VLFRORJLFD(GLWULFH
8=CA>3Dp«>
$ TXLOR TXH IRUPDOL]DUHL QHVWH WH[WR p DEVROXWDPHQWH
QRYR QR PXQGR GD FLrQFLD H GR ´EXVLQHVVµ )RUQHFHUHL DV
FRRUGHQDGDVGHVHQWLGRGHVLJQLILFDGRHOHPHQWDUHFLHQWtILFRFRP
UHIHUrQFLDDRSURWDJRQLVWD´OtGHUµ´EXVLQHVVPDQµH´PDQDJHUµ
$ PLQKD H[SRVLomR PRYHUVHi DWUDYpV GH XPD WUtSOLFH
PHGLGD GH REVHUYDomR H GH FRQVWLWXLomR R SDUkPHWUR GD
SVLFRORJLDFLHQWtILFDRSDUkPHWURGD H[SHULrQFLD HFRQ{PLFD H R
SDUkPHWUR GD GHVFREHUWD IXQGDPHQWDO TXH D 2QWRSVLFRORJLD
LPSOLFD HP WRGDV DV VXDV DSOLFDo}HV H DQiOLVHV $ YLVmR
RQWRSVLFROyJLFDpXPDQRYLGDGHDEVROXWDTXHDQWHFLSDGHPRGR
GHILQLWLYRTXDOTXHUFRQKHFLPHQWRUDFLRQDOKXPDQR$RVPDLRUHV
WUDWDGRV GH HFRQRPLD H jV PHOKRUHV HVFRODV GH SVLFRORJLD GH
WRGRV RV WHPSRV HVWD DQH[D XPD FDUWD D PDLV TXH Gi YDQWDJHP
VHJXUDDWRGDVDVDWLYLGDGHVFRJQRVFLWLYDVHRSHUDWLYDV
$ 2QWRSVLFRORJLD p XP FRQKHFLPHQWR UDGLFDO TXH
IXQGDPHQWD WRGRV RV RXWURV FRQKHFLPHQWRV GR KRPHP $ VXD
DQiOLVHEDVH SRGH VHU DSOLFDGD QRV FDPSRV HFRQ{PLFR PpGLFR
DUWtVWLFR SHGDJyJLFR HWF (P XP SULPHLUR PRPHQWR Gi R
FRQKHFLPHQWR VXEVWDQFLDO GH FRPR HVWmR DV FRLVDV HP VHJXLGD
VHJXQGRRHVFRSRHRREMHWRHVSHFtILFRGDSHVTXLVDGRRSHUDGRU
GiRPpWRGRFHQWUDGRQRVXFHVVRH[DWR
J(VWDFLrQFLDGHVFREULXRGHVHQKRDIRUPDEDVHTXHD
YLGD PHVPD RSHUD QR LQWHULRU GDV SUySULDV FpOXODV GDV SUySULDV
LQGLYLGXDo}HVeXPFRQKHFLPHQWRFLHQWtILFRTXHHQWUDQRQ~FOHR
GRSULPHLURID]HUVHGDLQWHOLJrQFLDGRKRPHP
2GHVHQYROYLPHQWRGHVWHWHPDVREUHDOLGHUDQoDHVREUHD
IRUPDomRGROtGHUFRQVWDGHWUrVPRPHQWRV
DQiOLVH H DSUHVHQWDomR GD ILJXUD GR OtGHU TXHP p" R
TXHGHYHULDVHU"TXDLVFRQKHFLPHQWRVGHYHULDWHU"
FRPR VH SRGH DX[LOLiOR SVLFRORJLFDPHQWH 1HVWD
VHJXQGDIDVH VHUmR H[SRVWRV TXDLV VmR RV SHULJRV RV HOHPHQWRV
TXHHOHWHPFRQWUDVLQDYLGDTXRWLGLDQDGHPDQHLUDTXHVHSRVVD
SUHPXQLUHSRVVDVHUYHQFHGRUQDWHUUtYHOGLDOpWLFDTXHYLYHDFDGD
GLD
DSOLFDomRSUiWLFDFRPXPILOPHIDPRVRVREUHRPXQGR
GR´EXVLQHVVµ´:DOO6WUHHWµ$WUDYpVGHVWHVHUiSRVVtYHOID]HUD
DQiOLVHGHXPJUDQGHKRPHPGHQHJyFLRVHFRPSUHHQGHUSRUTXH
DOJXQVYHQFHPHRXWURVSHUGHP
2V WUrV SRQWRV VHUmR DSUR[LPDGRV FRQVWDQWHPHQWH GH
H[HPSORVFRQFUHWRVFRPDILQDOLGDGHGHPRVWUDUTXHDTXLORTXH
HQVLQRQmRpSXUDWHRULDPDVpYLYLGRFRQVWDQWHPHQWHSHOROtGHU
3RUWDQWRVHUiXPDHVFRODYLYD
1RWD
4XHUR UHFRUGDU TXH VRX XP KRPHP ULFR VHL FRPR VH ID] R
GLQKHLURHFRPRXViODSRULVVRVRXXPSUiWLFRGRGLQKHLURQmRXPWHyULFR
>?A>1;4<0345D=3>
+i FHUFD GH VHWHQWD DQRV HP WRGD D (XURSD VXUJLX XP
HQGHUHoR GH SHQVDPHQWR FKDPDGR ´H[LVWHQFLDOLVPRµ 8P
H[LVWHQFLDOLVPR QHJDWLYR RX SHOR PHQRV QLLOLVWD 2V PDLRUHV
HVFULWRUHV DUWLVWDV H ILOyVRIRV QHVVH SHUtRGR H[SUHVVDUDP D
GLPHQVmR HVTXL]RIUrQLFD GR KRPHP 3RU H[HPSOR &KDJDOO
FRPHoRX D GDU LPDJHQV HVWUDQKDV TXH HVFROKLD QR PXQGR GRV
VHXV VRQKRV (OH KDYLD FRPSUHHQGLGR TXH GR KRPHP QmR VH
FRPSUHHQGLDPDLVQDGDHHQWmRVHGLYHUWLDFRORFDQGRHPDUWHRV
VtPERORV LQIDQWLV GH XPD HVW~SLGD PHQVDJHP DTXHODV GRV
VRQKRV 3LFDVVR FRPHoD D TXHEUDU WRGDV DV ILJXUDV D
HVTXL]RIUHQLD SXUD H[SUHVVD QDV LPDJHQV GD DUWH ,VVR DFRQWHFH
HPTXDVHWRGDDDUWHLQIRUPDO
*HRUJH2UZHOOHVFUHYH VHX IDPRVR URPDQFH ´µDR
TXDO SUHYr D VLWXDomR GH HVTXL]RIUHQLD FROHWLYD TXH VH YHULILFRX
HPWDQWRVSDtVHV0DUWLQ+HLGHJJHUDILUPDTXHWRGDDH[LVWrQFLDp
XP YLYHU SDUD D PRUWH 8P JUDQGH HVFULWRU LWDOLDQR *LRYDQQL
3DSLQL HVFUHYH VHX PDLV IDPRVR URPDQFH LQWLWXODGR ´8P
+RPHP $FDEDGRµ &DPXV HVFUHYH ´$ 3HVWHµ QR TXDO GHOLQHLD
TXH WRGR R GHVWLQR GR KRPHP DFDED HP XPD LQ~WLO GRHQoD
$OH[LV&DUUHOOJUDQGHELyORJRHSUrPLR1REHOHVFUHYHXPOLYUR
LQWLWXODGR ´2 +RPHP HVWH 'HVFRQKHFLGRµ 0DXULFH %ORQGHO
HVFUHYH´2+RPHP&RQWUDR+XPDQRµ3RGHULDFRQWLQXDUFRP
PXLWtVVLPRVH[HPSORVGHOLWHUDWXUDGHDQiOLVHGHVRFLRORJLDQRV
TXDLV p FRQVWDQWHPHQWH GHPRQVWUDGD D IUDJPHQWDomR D UXSWXUD
GRVHQWLGRXQLWiULRGRKRPHP
$LQGDKRMHWRGDDSURGXomRFLQHPDWRJUiILFDGHTXDOTXHU
SDUWH GR PXQGR QmR H[SULPH RXWUD FRLVD VHQmR D HVTXL]RIUHQLD
2V PDLRUHV ILOPHV VmR HVFULWRV SRU SVLTXLDWUDV TXH H[WUDHP DV
SHUVRQDJHQV GRV GRHQWHV PHQWDLV TXH KRVSHGDP QRV VHXV
PDQLF{PLRV 2 H[WUDRUGLQiULR p TXH HVVHV ILOPHV DJUDGDP
SRUWDQWRTXHUGL]HUTXHUHIOHWHPDOJRGHtQWLPRGHUHDOHPWRGRV
RVHVSHFWDGRUHV
7DPEpPQRVGHVHQKRVGDVFULDQoDVGHWRGRRPXQGRRV
WHPDVFRQVWDQWHVVmRDDJUHVVLYLGDGHDJXHUUDRYDPSLULVPRRV
DOLHQtJHQDVHRVVtPERORVGRPRQLWRUGHGHIOH[mR
6RPRVILOKRVGHVVDFXOWXUDPDVWDPEpPVHYROWDVVHPRV
DWUiVSDUDDVRXWUDVJHUDo}HVGHPLOrQLRVSDUDQyVVHULDGHWRGR
PRGRGLItFLO UHFXSHUDU R KRPHP VHJXQGR D LQWHQomR R SURMHWR
GDQDWXUH]D
6XEVWDQFLDOPHQWHTXDOTXHUFLrQFLDHFLYLOL]DomRSHUGHUDP
D GLPHQVmR GR KRPHP VHJXQGR R SURMHWR RULJLQiULR GD YLGD
8PDYH]TXHRVHUKXPDQRpFDUHQWHGDSUySULDYHUGDGHLQWHULRU
FRQIRUPH R SURMHWR GD QDWXUH]D HOH HQFRQWUDVH GLVSHUVR H
FDyWLFR 1HQKXP KRPHP VDEH PDLV R TXH p FHUWR H R TXH p
HUUDGR FDGD XP TXDQGR GHYH HPLWLU XP MXt]R GH EHP RX PDO
LPHGLDWDPHQWH XQLIRUPL]D D SUySULD PHQWH jTXLOR TXH DSUHQGHX
QD IDPtOLD jTXLOR TXH GL] D VRFLHGDGH RX jTXLOR TXH SUHJD XPD
UHOLJLmR
$ PXOWLSOLFLGDGH GDV PRUDLV GDV ILORVRILDV GDV WUDGLo}HV
VmR R HVSHOKR GRV HVWHUHyWLSRV TXH D FLYLOL]DomR KXPDQD
FRQVWUXLX DR ORQJR GRV VpFXORV 3RUpP HVVDV PRUDLV VmR WRGDV
RSLQL}HV LPSRVWDV WDPEpP FRP YLROrQFLD SHOD OHL QmR VmR
IRUPDVGHYLGD
$V PRUDLV VmR XPD IRUPD GH HFRQRPLD QR LQWHULRU GRV
JUXSRV VRFLDLV XPD HFRQRPLD SROtWLFD VRFLDO GH H[LVWrQFLD GH
UHODo}HVSRUWDQWRXPDRUGHPGHFRQYLYrQFLD
1R kPELWR GD QRVVD VRFLHGDGH RFLGHQWDO H[LVWHP
YDULDo}HVQRUPDWLYDV(PSVLFRORJLDHSVLFRWHUDSLDTXDQGRVHGL]
TXHXPILOKRGHYHDXWRQRPL]DUVHGDLQIOXrQFLDDIHWLYDGDIDPtOLD
H HP PRGR SDUWLFXODU GD PmH SDUHFH XP HVFkQGDOR FRQWUD DV
ERDV UHJUDV GD VRFLHGDGH 3RU RXWUR ODGR WRGRV RV MRYHQV QD
LGDGHGHGH]RQ]HDQRVTXHGHFLGHPVHJXLUDFDUUHLUDVDFHUGRWDO
GHVGHSHTXHQRVGHYHPGHL[DUDIDPtOLDHYLYHUQRFROpJLRSDUD
VHUHP EUDYRV PRQJHV RX VDFHUGRWHV D VHUYLoR GD UHOLJLmR 3RU
LVVR QmR YrHP PDLV R SDL H D PmH PDV GHYHP SHQVDU Vy QD
IRUPDUHOLJLRVDHLVWRpFRQVLGHUDGRPDUDYLOKRVDPHQWHVDQWR
8PJUDQGHILOyVRIR(GPXQG+XVVHUOVHGiFRQWDGHTXH
DFLrQFLDSHUGHXRFRQFUHWRGDYHUGDGHGRKRPHPVREUHRSODQR
HFRQ{PLFR PpGLFR PRUDO SROtWLFR H VREUHWXGR SVLFROyJLFR
'HSRLV GH WHU GHPRQVWUDGR D LJQRUkQFLD GH WRGDV DV QRVVDV
FLrQFLDV HXURSpLDV HOH VXVWHQWD TXH R FDPLQKR SDUD UHFXSHUDU D
SRVVLELOLGDGHGDH[DWLGmRFLHQWtILFDpDSVLFRORJLD
4XDQGRGLJR´H[DWLGmRFLHQWtILFDµQmRpSUHFLVRSHQVDUVy
QRiWRPRQDPDWHPiWLFDQDItVLFDQDTXtPLFDPDVWDPEpPQR
SUREOHPDGHFRPRHVFROKHUDSUySULDYLGDDTXLHDJRUD3RUWDQWR
H[DWLGmR WDPEpP HP UHIHUrQFLD DR FULWpULR D VHU XVDGR SDUD
HQIUHQWDU EHP D SUySULD YLGD H D WHU D E~VVROD H[DWD QD YLDJHP
TXRWLGLDQDGDSUySULDH[LVWrQFLDWDQWRHPQtYHOLQGLYLGXDOFRPR
QRVQHJyFLRV
+XVVHUO QmR p SVLFyORJR PDV FRQKHFH D SVLFDQiOLVH GH
)UHXG GH -XQJ GH $GOHU D SVLFRORJLD GH 9\JRWVNLM D
SVLFRSHGDJRJLD GH 3LDJHW R FRPSRUWDPHQWDOLVPR GH :DWVRQ D
SVLFRORJLD UHIOH[ROyJLFD GH 3DYORY :XQGW 0HVPHU H RXWURV H
DILUPD TXH QmR VmR HVWDV SVLFRORJLDV TXH SRGHP UHFXSHUDU R
FULWpULR GH H[DWLGmR GD YLGD D ~QLFD SVLFRORJLD FDSD] GH
UHHQFRQWUDU R FULWpULR GH H[DWLGmR GH YHUGDGH GH UHDOLGDGH p
DTXHODTXHHVWiHPFRQGLo}HVGHHQWUDUQRPXQGRGDYLGDLVWRp
DTXHOD FLrQFLD TXH FRQVHJXLU SHUSDVVDU WRGDV DV RSLQL}HV H DV
WUDGLo}HVHDFHVVDUGLUHWDPHQWHDRID]HUVHGDVFRLVDVVHJXQGRDV
OHLVHWHUQDVGRXQLYHUVR
7DPEpPWRGRRYDVWRSHQVDPHQWRGH*XUGLMHIIPRWLYD
VHVREUHDFRQYLFomRGHTXHSDUDDOpPGDVDSDUrQFLDVSDUDDOpP
GDV RSLQL}HV SDUD DOpP GDV FLrQFLDV H[LVWH DOJR GH FRPXP GH
XQLYHUVDO HP WRGRV DTXHOHV TXH SDUWLFLSDP GD YLGD GD QDWXUH]D
7RGRVRVJUDQGHVSHQVDGRUHVVDEHPTXHH[LVWHDSRVVLELOLGDGHGD
YHUGDGHQRtQWLPR~OWLPRGRKRPHP
$V QRVVDV PDWHPiWLFDV VmR H[DWDV DWp FHUWR SRQWR DOpP
GR TXDO QmR VmR PDLV 7DPEpP RV QRVVRV PHGLFDPHQWRV
IXQFLRQDP HP XP FHUWR kPELWR HP XPD FHUWD SURSRUomR PDV
IRUDGHVWDQmRWHPRVH[DWLGmRQRFDPSRTXtPLFR
0XLWRV IRUDP RV WUDWDGRV HVFULWRV VREUH D FRQGXomR GH
XPD HPSUHVD VREUH FRPR GHYH VHU R ´PDQDJHUµ PDV QHQKXP
DWpKRMHGHPRQVWURXVHH[DWR,PPDQXHO.DQWTXDQGRDIURQWDR
SUREOHPDVHRKRPHPpFDSD]GDH[DWLGmRGDYHUGDGHFRORFDVH
QRGHYHUGHUHVSRQGHUFRPD´&UtWLFDGD5D]mR3XUDµTXHQmRp
SRVVtYHO 2X VHMD R KRPHP EDVHDGR QR WLSR GH UD]mR TXH p
XVDGD QmR SRGH WHU R FULWpULR GD H[DWLGmR GD YHUGDGH
6XEVWDQFLDOPHQWH .DQW FRQFOXL TXH QmR SRGHPRV FRQKHFHU
FLHQWLILFDPHQWHDYHUGDGHSRUpPVRPRVYHUGDGHHSUDWLFDPHQWHD
SRVVXtPRV 4XDQGR YHMR R FpX HX VHL TXH H[LVWH DOJR GH
H[WUDRUGLQiULRFRPRGHXVTXDQGRREVHUYRDPLQKDFRQVFLrQFLD
VHLTXHH[LVWHRPLVWHULRVRTXHpGHXVPDVQmRSRVVRGHPRQVWUi
OR4XDQGR&ULVWRDILUPD´2UHLQRGRVFpXVHVWiGHQWURGHYyVµ
QLQJXpPFRPSUHHQGHRTXHHQWHQGHRUHLQRGRVFpXVpRFULWpULR
GHH[DWLGmR
+XVVHUOVXVWHQWDTXHDYHUGDGHHVWiQRPXQGRGDYLGDHp
SRVVtYHO jTXHOD SVLFRORJLD FRQVHJXLU DOFDQoDU R PXQGR GD YLGD
3RUpP DFUHVFHQWD TXH p SUHFLVR VXSHUDU GLYHUVDV ´HSRFKpµ GD
IHQRPHQRORJLD GLYHUVRV YpXV GLYHUVRV IHQ{PHQRV ,VWR p p
SUHFLVR ID]HU DWR FRQVWDQWH GH WUDQVFHQGrQFLD GH WRGRV RV
HVWHUHyWLSRV
2 PXQGR GD YLGD p D LQWXLomR SXUD D LQWXLomR H[DWD $
HVFROD RQWRSVLFROyJLFD HQFRQWURX D SDVVDJHP SDUD FKHJDU j
IRUPDOL]DomR GHVWD LQWXLomR SXUD TXH R VXMHLWR SRVVXL SRU
QDWXUH]D2VHXJUDQGHPpULWRHVWiQRWHUGHVFREHUWRRPpWRGR
WpFQLFR SDUD DFHVVDU DR QDVFLPHQWR GD LQWXLomR SXUD ,VWR p D
2QWRSVLFRORJLDFRQVHJXLXLVRODURIRUPDOGHVWDLQWXLomRSXUDTXH
GHILQH´(PVL{QWLFRµ
1RLQWHULRUGDQRVVDFRQVFLrQFLDOyJLFDH[LVWHPIDQWDVLDV
H[SHULrQFLDV RSLQL}HV FHUWH]DV PDV TXDO p D HVFROKD UHDOPHQWH
FRQFUHWD H YHQFHGRUD" e LPSRUWDQWH VDEHU D DWLWXGH D HVFROKD
UHVVDOWDGDSHODLQWXLomRGR(PVL{QWLFR
2 (P VL {QWLFR XVD TXDOTXHU SDODYUD DV GLQkPLFDV S VRHV RV LQVWLQWRV D IDQWDVLD R VRQKR R FRUSR D GRHQoD SDUD
GHILQLU R VHQWLGR GR VHX GLVFXUVR 1mR p LPSRUWDQWH LQGLYLGXDU
WRGDVDVSDODYUDVPDVYHUTXHVHQWLGRWHPXPGLVFXUVR(TXDOp
RYHWRUEDVHDWRGRXPFRPSOH[RHQHUJpWLFR
$5HDOLGDGHGR+RPHP
)LJXUD
$UDGLFDOLGDGHGDUHDOLGDGH´$µpR(PVL2PXQGRGRV
VRQKRV HVWi VLWXDGR QHVWD UHDOLGDGH ´%µ p D ]RQD FRQVFLHQWH
YROXQWiULD SRVVtYHO GH VHU FRQVFLHQWL]DGD 4XDQGR QyV OHPRV D
IHQRPHQRORJLDGHVWHQtYHOFRPDPHPyULDDYRQWDGHRGHVHMR
RSURJUDPDpGLItFLOGHVFREULUDOLQKDGLUHWDDXWrQWLFDGR(PVL
{QWLFR SRUTXH D PHQVDJHP FKHJD FRQIXVD H GHVYLDGD 7DPEpP
TXDQGRDJUDILDGRVRQKRVXEOLQKDDOJXPDVLPDJHQVQRLQWHULRU
GHVWDVH[LVWHFRQWHPSRUDQHDPHQWHRHQJDQR
3DUDVDEHURQGHHVWiRPHXLUUHSHWtYHOFULWpULRYHQFHGRU
GHYR UHHQFRQWUDU D SDUWLGD UDGLFDO GD FRPXQLFDomR GR (P VL
{QWLFR e D SUHVHQoD RX DXVrQFLD GR (P VL TXH GLVFULPLQD
UHVSHFWLYDPHQWHD YLGD RX D PRUWH(VWH HVWi SUHVHQWH HP WXGR
DTXLOR TXH ID] PDLV YLGD PDLV FUHVFLPHQWR PDLV VD~GH D VXD
SHUGDGHWHUPLQDGRHQoDGRU
3DUDUHDOL]DURHJRtVPRYLWDOGRVXMHLWRR(PVL{QWLFRp
XP UDGDU LQIDOtYHO SRUTXH SDUWLFLSD GD LQWHOLJrQFLD FyVPLFD
5HHQFRQWUDGD GH PRGR FLHQWtILFR D HPDQDomR UDGLFDO DXWrQWLFD
GHVWH(PVLWHPVHDLQIDOLELOLGDGH(PTXDOTXHUVLWXDomRTXHR
VXMHLWR VH HQFRQWUH R VHX (P VL DVVLQDOD VHPSUH R SRQWR
YHQFHGRU R SRQWR GH VXFHVVR R SRQWR YLWDO 2 (P VL p
WUDQVFHQGHQWH D WRGDV DD PRUDLV D WRGDV DV UHOLJL}HV D WRGDV DV
FXOWXUDVSRUTXHSDUWLFLSDGDOHLHWHUQDGDRUGHPFyVPLFDpHWHP
DLGHQWLGDGHGDOyJLFDGDYLGDHPVL4XDOYLGD"1mRWRGDDYLGD
PDV D PLQKD YLGD 2 (P VL VH LQWHUHVVD VRPHQWH SRU PLP HX
GHQWURGDYLGD
$ GLILFXOGDGH VRE R SODQR GH DQiOLVH HVWi QR VDEHU
GLVWLQJXLUDSXOVmRGR(PVLGDVSXOV}HVFRPSOH[XDLVGDVSXOV}HV
GH FDPSRV VHPkQWLFRV DOKHLRV H GDV SXOV}HV GRV ULJLGLVPRV
PHQWDLVGDLQIkQFLD
2 (P VL GH PRGR DQDOyJLFR p WDPEpP SDUWLFLSDomR
VXEVWDQFLDOGDGLYLQGDGH(VWHSRUpPQmRpUHOLJLRVRQmRWHPIp
RXVHMDHVWiFHQWUDGRVREUHRSRQWRSUHFLVRQRTXDOGHYHVHUSRU
OHL XQLYHUVDO QDTXHOH PRPHQWR e R ROKR GD H[DWLGmR GLYLQD QR
KRPHPPDVQmRFUrHPQHQKXPGHXVHPQHQKXPD LJUHMD HP
QHQKXPDPRUDOeVLPSOHVH[DWLGmR
'R LQWHULRU UDGLFDO GR LQGLYtGXR R (P VL WHP D
SRVVLELOLGDGH GH SRODUL]DU D VXD DQiOLVH HP TXDOTXHU FDPSR GH
LQYHVWLPHQWR GR VXMHLWR H GH FRQVWHODUOKH RV GLYHUVRV VHWRUHV
6DEHUXVDUHVVHSULQFtSLRVLJQLILFDSRGHUFRQWURODUDSUySULDYLGD
HP TXDOTXHU FDPSR &HQWHQDV GH JUDQGHV ´EXVLQHVVPHQµ
DPHULFDQRVHHXURSHXVWrPGHVFREHUWRTXHHVWHFULWpULRpLQIDOtYHO
WDPEpPQRLQGLFDURQGHHVWiRJDQKRHRQGHHVWiDSHUGD
1RWDV
0(1(*+(77, $QWRQLR ,O 0RQLWRU GL 'HIOHVVLRQH QHOOD
3VLFKH8PDQD5RPD3VLFRORJLFD(GLWULFH
&IH 2863(16.< 3' )UDPPHQWL GL XQ ,QVHJQDPHQWR
6FRQRVFLXWR
!0586DA03>;Ä34A
&RPRWHUPR´OtGHUµHQWHQGR R KRPHPFRP UHIHUrQFLD
DR REMHWR GR GLQKHLUR R GLQKHLUR FRPR SRGHU QD YLGD 6HP
G~YLGD R GLQKHLUR p R PHGLDGRU FRPXP GH WRGDV DV UHODo}HV
HFRQ{PLFDV QHVWH SODQHWD (VWH p JDUDQWLD GH OLEHUGDGH H GH
SHUVRQDOLGDGHpXPSUrPLRDTXHPYHQFH
)DODQGRGROtGHUpIXQGDPHQWDODQWHVGHWXGRDSHVVRD
2 YHUGDGHLUR OtGHU p R PRPHQWR SURYLGHQFLDL GR HVStULWR QR
PXQGR FRPR PmR GH DX[tOLR SDUD PXLWRV (OH p R KRPHP TXH
DWUDYpVGRSUySULRHJRtVPRUHDOL]DWDPEpPR LQWHUHVVH S~EOLFR
8P JUDQGH OtGHU TXDQGR GHVHQYROYH RV VHXV QHJyFLRV GHVORFD
EHQV LQWHUHVVHV Gi WUDEDOKR D FHQWHQDV GH SHVVRDV HVWLPXOD D
VRFLHGDGH D YLWDOL]D LPS}H XPD GLDOpWLFD TXH Gi LPSXOVR GH
SURJUHVVR
3RU H[HPSOR KRMH HP WRGR R PXQGR FDQWDPVH DV
PHVPDV FDQo}HV HVWDPRV LQIRUPDGRV VREUH DV PHVPDV FRLVDV
WHPRVPDLVRXPHQRV DV PHVPDV URXSDV RV PHVPRV SHUIXPHV
WXGRLVVRpXPSURGXWRGHXQLILFDomRTXH¢VOtGHUHVHFRQ{PLFRV
RSHUDPHPGLYHUVDVSDUWHVGRPXQLGR FULDQGR XPD XQLGDGH GH
SVLFRORJLD GH PHUFDGR GHLQWHUHVVHV H ID]HQGR GH WRGD D
KXPDQLGDGHXPVySRYR1mRTXHURGL]HUTXHR´EXVLQHVVPDQµ
pXPKRPHP TXH OHYD VRPHQWH YDORUHV H[LVWHP WDPEpP WDQWRV
SHULJRVFRQH[RVFRPDOLGHUDQoDQRVQHJyFLRVPDVVHPG~YLGD
pXPHVWLPXODGRUGHSURJUHVVR(OHRIHUHFHRVPHLRVDULTXH]D
FRLVDV PHOKRUHV D WRGRV 'HSRLV p XP SUREOHPD LQWHULRU
LQGLYLGXDOFRPRXViORV
2 OtGHU p XP SURGXWRU GH SDUDtVR H[WHUQR QmR
QHFHVVDULDPHQWH GH YDORUHV PRUDLV LQWHULRUHV 0DV WDPEpP R
SDUDtVR H[WHUQR p DOJR TXH ID] SDUWH GR SUD]HU GD YLGD $OpP
GLVVRpXPHVWLPXODGRUGHLQWHOLJrQFLDHGHGLDOpWLFDTXHLPS}H
XPD DFHOHUDomR j H[LVWrQFLD SRU LVVR VXEVWDQFLDOPHQWH p XP
HVWLPXODGRU GH VXSHUKRPHQV e XP KRPHP TXH FRPSUHHQGHX
TXH ´RX GRPLQDV RX pV GRPLQDGRµ e XPD FDSDFLGDGH H XPD
HVFROKD
3UHFLVHPRV DJRUD HVWHV WUrV WHUPRV ´PDQDJHUµ
´EXVLQHVVPDQµ´OtGHUµ
´0DQDJHUµVLJQLILFD´DOJXpPTXHPDQREUDDo}HVµ
´0DQDJHUµ p XPD SDODYUD GH RULJHP LQJOHVD PDV D VXD
HWLPRORJLDpODWLQD´PDQXVDJHUHµ´PDQLEXVDJHPµLVWRp´ID]HU
FRP DV PmRVµ &RP HVWH WHUPR HQWHQGR D SHVVRD TXH VH SRGH
GHILQLU RSHUDGRU HFRQ{PLFR HFRQRPLD QR VHQWLGR GH GLQKHLUR
LVWRpGHVORFDREMHWRVFRLVDVHVLWXDo}HVVHPSUHFRPUHIHUrQFLD
DRGLQKHLUR3RGHVHUHQWHQGLGDQDIRUPDSULYDGDRXS~EOLFD
´%XVLQHVVPDQµ OLWHUDOPHQWH VLJQLILFD ´R KRPHP GH
QHJyFLRVµ ´R KRPHP SDUD R QHJyFLRµ 'HILQRR FRPR
´RSHUDGRU GH XWLOLGDGHV HFRQ{PLFDVµ $ GLIHUHQoD HQWUH
´PDQDJHUµH´EXVLQHVVPDQµpTXHRSULPHLUR p GH WRGR PRGR
XP RSHUDGRU FRP LQWHUHVVHV HFRQ{PLFRV PDV QmR
QHFHVVDULDPHQWH UHIHUHQWH DR OXFUR DR LQYpV R ´EXVLQHVVPDQµ
DJHVRPHQWHVHH[LVWHROXFURHSDUDROXFUR
´/tGHUµSURSULDPHQWHLQGLFDRGLULJHQWHDSHVVRDYHWDU
DSHVVRDTXHFRQWURODDVRSHUDo}HVeXPDFDSDFLGDGHGHVtQWHVH
GHXPFRQWH[WRGHUHODo}HVeRFHQWURRSHUDWLYRGHPDLVYLDo}HV
H IXQo}HV 2 WHUPR RWLPDO SDUD GHILQLOD p ´KLHUDUFDµ GR JUHJR
KLHUi VDFUDV IXQo}HV DUFKiV SULQFtSLR SULQFtSLR GR ID]HU
SULQFtSLRGDDomR6XEVWDQFLDOPHQWHpXPKLHUDUFDGHIXQo}HVDV
FRQVWUyL DV FRQWUROD DV GHVHQYROYH DV GLULJH VHPSUH FRP
UHIHUrQFLDDXPHVFRSRGHILQLGR´&HQWURRSHUDWLYRµQmRVLJQLILFD
TXH p XP LQGLYtGXR TXH VH FRORFD VREUH RV RXWURV H FRPDQGD
HVWD p XPD SURMHomR LQIDQWLO 2 OtGHU p DOJXpP TXH FRQVWUyL D
IXQomRDDSDUDTXDQGRQHFHVViULRHDDSHUIHLoRDSRUWDQWRpXP
DUWHVmReDOJXpPTXHVDEHID]HUDVUHODo}HVFRPYDQWDJHPFRP
JDQKR e XP YHWDU SURSRUFLRQDO GH PDLV SRQWRVIRUoD e XPD
SHVVRD TXH SUpIL[DGR XP HVFRSR EXVFD H FULD RV PHLRV H DV
SHVVRDV IXQFLRQDLV DR HVFRSR 7RGDV DV UHODo}HV TXH GHSHQGHP
GHOH VmR VRPHQWH LQVWUXPHQWRV FDXVDLV RX FDXVDV LQVWUXPHQWDLV
GH WXGR R TXH DFRQWHFH HP UHIHUrQFLD DR VHX FRQWH[WR HOH
SHUPDQHFH D PHQWH e D PHQWH RSHUDGRUD GH IXQo}HV D XP
HVFRSR &HQWUR RSHUDWLYRµ VLJQLILFD WDPEpP TXH R OtGHU p R
HVWUDWHJLVWDHFRQ{PLFRGRVPHLRVSDUDDWLQJLURHVFRSR
2 OtGHU QmR ID] SDUWH GD PpGLD QRUPDO GRV VHUHV
KXPDQRVPDVpXPGLIHUHQWHXPVXSHULRU3RVVXLHPVLPHVPR
DOJRTXHVHSRGHGHILQLU´YRFDomR{QWLFDµ3RUXPGHWHUPLQDGR
DVSHFWRHOHQDVFHMiFRPDSUHGLVSRVLomRFRPDDWLWXGHWHPXP
GRWHQDWXUDO'HSRLVDWUDYpVGDYLGDHGDHVFRODDSUHQGHRRItFLR
2 OtGHU SRUWDQWR VH GLIHUHQFLD GD PDLRULD GRV VHUHV KXPDQRV
SRUTXH WHP D FDSDFLGDGH GH VHU YHWRU GH IXQo}HV YHWRU GH
YDORUHV FRQGXWRU GH PDLV WHUPRV 1mR p R UHVXOWDGR GH XPD
FDUUHLUD GH DQRV PDV p XPD SUHGLVSRVLomR GH QDWXUH]D TXH
YHPDSHUIHLoRDGD DWUDYpV GD H[SHULrQFLD 3RUWDQWR HP XP FHUWR
VHQWLGROtGHUVHQDVFHPDVWDPEpPVHWRUQD
6HXPLQGLYtGXRQDVFHOtGHUPDVQmRpFDSD]GHWRUQDUVH
LVWR p QmR VDEH DGTXLULU DTXHOD FXOWXUD DTXHOD H[SHULrQFLD QmR
VDEH ID]HU DTXHOHV VDFULItFLRV QmR VDEH DWLQJLU DTXHODV WpFQLFDV
TXHVmRSUySULDVGROtGHUHOHWHUPLQDGRHQWHHVTXL]RIUrQLFRRX
QHXUyWLFR PDLV GR TXH RV RXWURV 0XLWRV HVTXL]RIUrQLFRV H
QHXUyWLFRV VmR DVVLP SRUTXH QmR IRUDP FDSD]HV SRU PHLRV H
YRQWDGH GH DSHUIHLoRDU H FRQFUHWL]DU D VXD FDSDFLGDGH QDWLYD
3RUpPROtGHUWRPDVHGRHQWHVyVHDVXDLQFDSDFLGDGHpGHYLGDD
VXDFXOSDSVLFROyJLFD6HDRLQYpVROtGHUQDWXUDOpLPSHGLGRSRU
FDXVDV H[WHUQDV REMHWLYDV HOH QmR DGRHFH PDV LJXDOPHQWH VH
DSHUIHLoRDHPXPDVXSHULRULGDGHPRUDOHVSLULWXDOHSROtWLFD
8PD YH] TXH D QDWXUH]D Gi D FDSDFLGDGH Gi D YRFDomR
SDUD VHUPRV GH XP PRGR VXSHULRU p QHFHVViULR UHVSRQGHU 2
OtGHUWHQGRUHFHELGRPDLVGDYLGDTXDQGRpMRYHPDWpRV
DQRVGHYHVRIUHUPXLWR6RIUHSRUTXHHVWiFRQVWUXLQGRDLQGDD
VL PHVPR HVWi FRQVWUXLQGR HP XP SODQR VXSHULRU D SUySULD
SHUVRQDOLGDGHDSUySULDFDSDFLGDGHWpFQLFDGHVHUPHQWHGHPDLV
IXQo}HV2OtGHUpSRVWRSHODQDWXUH]DSDUDVHUXPDIXQomRSDUD
PXLWRV e XPD QHFHVVLGDGH GD QDWXUH]D QmR p XPD FRQVWUXomR
VRFLDO
$QDOLVDQGRDIXQGRDYLGDGHWRGRVRVDQLPDLVFRQVWDWD
VH TXH R DQLPDO TXH QDVFH OtGHU HYLGHQFLDVH LPHGLDWDPHQWH HP
UHODomRDRDQLPDOTXHQDVFHVyVDGLR1RVJUXSRVGHDQLPDLVGH
TXDOTXHU HVSpFLH HVWDEHOHFHVH LQVWLQWLYDPHQWH XPD KLHUDUTXLD
QDWXUtVWLFD 3ULPHLUR VH HVWDEHOHFH D KLHUDUTXLD GR OtGHU H Vy
GHSRLVRVLQGLYtGXRVGDTXHOHJUXSRFRPHPODYDPVHDFDVDODP
VH$SULPHLUDUHJUDLQIOH[tYHOGDQDWXUH]DpHVWDEHOHFHUTXHPpR
OtGHU
1yVVRPRVXPFRPSRVWRSOXULRUJkQLFRFHOXODUSRUpPR
FpUHEUR p R FHQWUR IXQFLRQDO GHVWH PXQGR SOXULFHOXODU 1D
VRFLHGDGH KXPDQD VH IDOWD R OtGHU GHVHQFDGHLDVH D JXHUUD FLYLO
2 OtGHU p H[DWDPHQWH DTXHOH TXH DWUDYpV GD LQWHOLJrQFLD VDEH
JDUDQWLUDIXQomRDWRGRV1mRpXPTXHVXIRFDTXHLQTXLUHTXH
GHVWUyL(VWHFRQFHLWRGHOLGHUDQoDpLQIDQWLO2OtGHUpDTXHOHTXH
VDEH VHUYLU TXH VDEH ID]HU IXQFLRQDU TXH VDEH FRQVWUXLU D
KDUPRQLD GDV UHODo}HV HQWUH WRGRV SDUD TXH H[LVWD XP QtYHO
Pi[LPRGHSURGXomRGHYDORUHVHGHFRLVDVeDOJXpPFDSD]TXH
VDEHVDOYDUHVDEHVHUIXQFLRQDODWRGDVDVSDUWHVDWpTXHWRGDVDV
SDUWHV HVWHMDP KDUPRQL]DGDV D XPD SURGXomR GH XQLGDGH VLP
SOHV
3RGH FRPDQGDU VRPHQWH DTXHOH TXH VDEH VHUYLU PDLV GR
TXHRVRXWURV8PYHUGDGHLUROtGHUUHFRQKHFHXPRXWUROtGHUQR
PRGR QR TXDO HVWH ~OWLPR VDEH VHUYLU H REHGHFHU PDLV GR TXH
WRGRV TXDQGR HQWUD QR WHUULWyULR GH XP RXWUR e XP OtGHU
MXVWDPHQWHSRUTXHVDEHID]HUPDLVGRTXHRVRXWURV(OHpSRVWR
SHOR6HUDVHUYLoRGDYLGD
2OtGHUpDTXHOHTXHVDEHLQGLYLGXDUD´GLYLQDSURSRUomRµ
D SURSRUomR GH FRPR HVWi D UHDOLGDGH GH FRPR VH PRYHP DV
UHODo}HVGHHQFKLDGDYLGDHVDEHPRPHQWRDPRPHQWRVLWXDomR
D VLWXDomR DSOLFDU D ´IyUPXODµ FHUWD GH PRGR D GDU D VROXomR
YHQFHGRUDeXPH[DWRIRUPDOL]DGRUGH´IyUPXODVGHYLGDµXP
VROXFLRQDGRUGHIXQo}HVGHH[LVWrQFLD
1R VHX ID]HU DJLU DEVROYHU HOH WHP WDPEpP D
SRVVLELOLGDGHSUiWLFDIDFWLYDFRQFUHWDGRID]HUFULDWLYR$GLYLQD
SURSRUomR GH IDWR QmR Vy UHVROYH WRPD HYLGHQWH R 6HU PDV p
WDPEpPDYLDGHDFHVVRDRPXQGRGDVFDXVDVDVVLQDODDSDVVDJHP
GRIHQ{PHQRDRQ~PHQR(QLVWRUHYHODDRKRPHPDOHLHWHUQD
GDKDUPRQLDQDTXDODFRQVFLrQFLDVHDQXODSDUDGHL[DUHVSDoRj
YLVmRGD2QWRSVLFRORJLDVHDFHVVDj2QWR$UWH
1RFXUVRGDH[SRVLomREDVHDUPHHLQR´EXVLQHVVPDQµ
PDVRTXDQWRIRUPDOL]DUHLSRGHVHUDPSOLDGRDR´PDQDJHUµHDR
OtGHU'HIDWRXPYHUGDGHLUROtGHUGHYHVHUXP´EXVLQHVVPDQµGR
VHX JUXSR LVWR p XP SURGXWRU GH SURJUHVVR GH XWLOLGDGHV GH
OXFURVSDUDVLSUySULRHSDUDWRGRV
8PD YH] TXH VH GHOLQHRX D VXSHULRU FDSDFLGDGH H
LQGLYLGXRX R HVFRSR RV PHLRV VXEVWDQFLDLV H H[LVWHQFLDLV GD
SHUVRQDOLGDGHGROtGHUVmRWUrVFRQVWDQWHVDIRUPDomRFXOWXUDOD
WUDQVFHQGrQFLD GRV HVWHUHyWLSRV H R FRQKHFLPHQWR GR
LQFRQVFLHQWHGRVFDPSRVVHPkQWLFRVHGR(PVL{QWLFR
)250$d®2&8/785$/
(VWH SULPHLUR QtYHO VH DUWLFXOD HP WUrV DVSHFWRV FXOWXUD
JHUDOFXOWXUDHVSHFtILFDH[SHULrQFLDQDVUHODo}HVGLSORPiWLFDV
D&XOWXUD*HUDO2´EXVLQHVVPDQµGHYHVHUXPKRPHP
LQIRUPDGR VREUH D FXOWXUD GR VHX SDtV H GR VHX DPELHQWH e
VXILFLHQWHXPDFXOWXUDPpGLDGHXQLYHUVLGDGH
'HYH VDEHU XP SRXFR GH WXGR H EHP DUWH P~VLFD
SVLFRORJLD HWF SRUTXH VHQGR XP RSHUDGRU QR LQWHULRU GRV
LQWHUHVVHVKXPDQRVGHYHFRQKHFrORV
E &XOWXUD (VSHFtILFD 1R FDPSR RSHUDWLYR SUp
HVFROKLGR GHYH VHU XP Pi[LPR ´H[SHUWµ 8P FRPHUFLDQWH GH
VHGDSRUH[HPSORGHYH VDEHU WXGR VREUH D VHGD VHXV SRVVtYHLV
PRGRV GH SUHSDUDomR H PDQXIDWXUD $ LQWHOLJrQFLD QR SUySULR
VHWRUpDJDUDQWLDSDUDSURJUHGLUHFRQRPLFDPHQWH
(OH GHYH WHU XPD FXOWXUD WHyULFD H SUiWLFD ´3UiWLFDµ
VLJQLILFDTXHGHYHFRQKHFHUGHPRGRPDQXDOFRQFUHWRRREMHWR
GR VHX WUDEDOKR 6H SRU H[HPSOR ID] SHoDV GH YHVWXiULR QmR
GHYH VHU ´H[SHUWµ Vy HP UHODomR DR PDWHULDO PDV WDPEpP QR
PRGR RX WLSR GH FRVWXUD GH SUHFLVmR TXDO ILR TXDLV ERW}HV
TXDLVSURSRUo}HVTXDOFRUWHSRUTXHLVVRID]DHQRUPHGLIHUHQoD
GH XP SDOHWy RX GH XPD FDOoD TXDQGR VmR DSUHVHQWDGRV j
FRQFRUUrQFLDGHPHUFDGR
2SULQFtSLRGDVSHVVRDVVXSHULRUHVQDYLGDpGHWHUPLQDGR
SHORV PDLV LQWHOLJHQWHV QR VHX FDPSR HVSHFtILFR 1mR p D
SUHFLRVLGDGHGRREMHWRTXHTXDOLILFDRVXFHVVR
PDVpDVXSHULRULGDGHGHSUHSDUDomRGRRSHUDGRULVWR
ppDLQWHOLJrQFLDGRKRPHPRSHUDGRUTXHID]RREMHWRSUHFLRVR
$SULPHLUDHFRQRPLDGHWRGRRXQLYHUVRpVHPSUHDLQWHOLJrQFLD
eDLQWHOLJrQFLDGDSHVVRDTXHFRQVWUyLDULTXH]DRGLQKHLURRV
PHLRV RV YDORUHV HVWH p R IXQGDPHQWR H R UHDO SULQFtSLR GH
TXDOTXHU EHPHVWDU 9DOH GL]HU TXH VH DV FRLVDV QmR YmR EHP
FRPHUFLDOPHQWHpRRSHUDGRUTXHpLQFDSD]
$ DOWD FXOWXUD QR SUySULR VHWRU GHYH VHU DGTXLULGD SHOR
OtGHU SURJUHVVLYDPHQWH ID]HQGR XPD DFXUDGD VHOHomR GDV
´HVFRODVµHGDVH[SHULrQFLDV
F ([SHULrQFLD QDV 5HODo}HV 'LSORPiWLFDV 'HYH VHU XP
DUWLVWDQRVDEHURUTXHVWUDUDVUHODo}HVFRPRVGLYHUVRVDJHQWHVGR
VHXFRQWH[WR
2 DVSHFWR GLSORPiWLFR HOHV FRQVWUyLVH DWUDYpV GDV
UHODo}HV FRP DV SHVVRDV p SUHFLVR VDEHU JDQKDU DV SHVVRDV VH
TXHUHPJDQKDURVHXGLQKHLURHDTXLORTXHHODVWrP
(VWHpRSRQWRIXQGDPHQWDOGHXPRSHUDGRUHFRQ{PLFR
GHXP´EXVLQHVVPDQµGHXPJUDQGHSVLFyORJRVDEHUJDQKDUDV
SHVVRDV QmR VH SRGH SUHWHQGHU TXH VHMDP HODV D UHFRQKHFHU D
QRVVDJUDQGH]D&RORFDURVRXWURVHPREULJDomRGHFRPSUHHQGHU
pXPDSUHWHQVmRLQIDQWLOVLJQLILFDVHUSHUGHGRU'HYHVHSRVVXLUD
DUWH GH VDEHU WHU UHODo}HV FRP DV SHVVRDV FHUWDV DTXHODV TXH
FRQWDP$GLSORPDFLDpDDUWHVXSHULRUHHVWiQDEDVHGRVPDLRUHV
JRYHUQRV 2V SRYRV ID]HP DV JXHUUDV PDV QR ILQDO YHQFHP
DTXHODVQDo}HVTXHWrPDGLSORPDFLDPDLVLQWHOLJHQWH $ PHOKRU
GLSORPDFLDGRPXQGRIRLDTXHODGR9DWLFDQR2VHXSHUGXUDUSRU
GRLV PLO DQRV QmR p HP UHIHUrQFLD j JUDQGH]D GH &ULVWR p
VLPSOHVPHQWHSRUXPDHVWUDWpJLDGHLQWHOLJrQFLDHVSHFtILFDQDDUWH
GD GLSORPDFLD GRV FDUGHDLV SDSDV HWF TXH WrP VDELGR
´WUDEDOKDUµEHPDSVLFRORJLDKXPDQD
4XDOTXHU RSHUDGRU ´PDQDJHUµ ´EXVLQHVVPDQµ H
VREUHWXGR R OtGHU FRPR SULPHLUR GRP GHSRLV GD VXD
PDWXULGDGH GHYH WHU D FDSDFLGDGH GH VDEHU SURGX]LU SHVVRDV
IXQFLRQDLV DR VHX HVFRSR 'HYH FRQVWUXtODV SRUTXH QmR VH
HQFRQWUDP Mi SURQWDV e XP SUREOHPD TXH FDGD OtGHU GHYH
UHVROYHUVR]LQKR
!!CA0=B24=3À=2803>B4BC4A4ÈC8?>B
2 VHJXQGR QtYHO GL] UHVSHLWR j QHFHVVLGDGH GH WHU XPD
PDWXULGDGH FDSD] GH WUDQVFHQGrQFLD GRV HVWHUHyWLSRV
´7UDQVFHQGrQFLDµVLJQLILFDFRORFDUVHDQWHVFRORFDUVHDFLPDGDV
SDUWHV 1HVVH FRQWH[WR XVR R WHUPR ´WUDQVFHQGrQFLDµ SDUD
LQGLFDU D FDSDFLGDGH UDFLRQDO GR ´EXVLQHVVPDQµ GH HVWDU DFLPD
GDVPRUDLVHGDVFXOWXUDVFRUUHQWHV'RPRPHQWRTXHRHVFRSR
GD VXD DojR VmR RV OXFURV HP UHODomR D HVWHV HOH GHYH WHU D
FDSDFLGDGH GH RUJDQL]DU GLYHUVDV FRLVDV GLYHUVDV LGpLDV GLYHUVDV
VLWXDo}HVGLYHUVDVLGHRORJLDVQmRVHHQULMHFHQGRHPXPDPRUDO
HPXPDFXOWXUDHPXPDWUDGLomRIL[DTXHRSUHRULHQWD3RUWDQWR
´WUDQVFHQGrQFLDµ FRPR DWLWXGH D FRORFDUVH DFLPD GH
GHWHUPLQDGRVYDORUHVSDUDUHDOL]DURHVFRSRGRJDQKRRHVFRSR
GRSRGHU
(VWHDVSHFWRGHYHHVWDUVHPSUHGHDFRUGRFRPRSULPHLUR
QtYHOLVWRpFXOWXUDHGLSORPDFLDSRULVVRQmRVHSRGHRIHQGHUDV
SHVVRDV QHP VH GHYH GHVWUXLU RV YDORUHV KXPDQtVWLFRV
LGHROyJLFRV SROtWLFRV HWF p SUHFLVR WUDQVFHQGrORV 2
´EXVLQHVVPDQµ GHYH WHU XPD LQWHOLJrQFLD HFRQ{PLFD
WUDQVFHQGHQWHDRVHVWHUHyWLSRV
´(VWHUHyWLSRµpXPDFRQGXWDXPKiELWRJHUDOXPPRGR
PHQWDOFRPXPDXPDVRFLHGDGHRXDXPJUXSR6mRHVWHUHyWLSRV
R FRQVWLWXLU IDPtOLD R PRGR QR TXDO D PmH GHYH FRPSRUWDUVH
FRP R ILOKR XP PRGR UHOLJLRVR XP PRGR FXOWXUDO XP PRGR
SROtWLFRXPWLSRGHEXURFUDFLDLVWRpWRGDVDTXHODVFRQGXWDVTXH
RVVHUHVKXPDQRVHPFDGDVRFLHGDGHFRQVLGHUDPDEVROXWDV
7UDJRHVWHH[HPSOR1R%UDVLOHP6DOYDGRUQRPHUFDGR
PDLV LPSRUWDQWH KDYLD XP FRPHUFLDQWH PXLWR LQWHOLJHQWH R
PHOKRU DQWLTXiULR GR QRUWH GR %UDVLO TXH YHQGLD REMHWRV
UHOLJLRVRVtFRQHVHVWDWXHWDVGHQRVVDVHQKRUDFULVWRVHWDPEpP
GLYLQGDGHV DIULFDQDV PDFXPED VLQFUHWLVPR DIURFXEDQR
WUDQTLODPHQWH WRGRV MXQWRV H WUDQTXLODPHQWH IUHQWH D WRGR R
S~EOLFR3DUDQyVFDWyOLFRVpLPSRUWDQWHD9LUJHP,PDFXODGDD
VXEOLPDomRDIRUPDGHVHSDUDomRGRVLQVWLQWRVHGHWXGRDTXLOR
TXHHVWiFRQH[RFRPHOHVDRLQYpVGLVVRSDUDDVUHOLJL}HVSDJmVp
LPSRUWDQWH D IHUWLOLGDGH GR LQVWLQWR $OJXQV GHXVHV SDJmRV VmR
LPSRUWDQWHVSHODJUDQGH]DGRVVHXVJHQLWDLVSRUTXHpGRVJHQLWDLV
TXHVHGiDULTXH]DGDYLGDGDWHUUDGDPXOKHUSRULVVRRGHXVp
JDUDQWLD GH JUDoD H GH JUDQGH]D VRPHQWH VH p JDUDQWLD GH
JHQLWDOLGDGH 1R ILQDO JUDoD p WDQWR XP FRPR R RXWUR WXGR p
UHODWLYR $TXHOH DQWLTXiULR VH SUHRFXSDYD VRPHQWH FRP TXH RV
tGRORV H DV HVWiWXDV IRVVHP HVFXOSLGRV FRP SHUIHLomR QmR OKH
LPSRUWDYDGHTXHUHOLJLmRIRVVHP3URYDYHOPHQWHSDUDVLSUySULR
QDVXDYLGDSULYDGDQDVXDSVLFRORJLDSHVVRDOWLQKDXPDUHOLJLmR
PDV QR FRPpUFLR HUD FDSD] GH WUDQVFHQGHU DRV HVWHUHyWLSRV GD
VRFLHGDGHHPTXHYLYLDSRULVVRH[SXQKDMXQWRVD9LUJHP0DULD
HXPYHOKRFDEULWRFRPGHVPHVXUDGDHUHomR
7RUQHPRV R H[HPSOR GD YHQGD GH DUPDV 4XHP IDEULFD
DUPDV H TXHP DV YHQGH QmR VH VHQWH UHVSRQViYHO SHODV JXHUUDV
QHPSHORVDVVDVVLQDWRVTXHDFRQWHFHPQRPXQGR1DVXDyWLFDR
UHVSRQViYHOQmRpTXHPDVYHQGHPDVTXHPDVXVD1XPFHUWR
VHQWLGR p YHUGDGH SRUTXH VH SHQVDUPRV QD IiEULFD TXH ID] DV
IDFDV TXH GHSRLV QyV XVDPRV QD FR]LQKD SDUD R DOLPHQWR D
LQWHQomRQmRpDGHID]HUDUPDVDVVDVVLQDVRUHVSRQViYHOpTXHP
FRPSUDDIDFDGHSHQGHGRXVRTXHHOHID]3RUWDQWRTXHPID]D
IDFD p WUDQVFHQGHQWH DR XVR TXH IDUmR RV DGTXLUHQWHV 3RGHPRV
DIURQWDU GLUHWDPHQWH WDPEpP R WHUUtYHO SUREOHPDGD GURJD
/XFLGDPHQWHHXDILUPRDPHVPDFRLVDTXHGLVVH SDUD DV DUPDV
SDUDDVHVWiWXDVHSDUDDVIDFDV$GURJDGHSHUVLpXPHOHPHQWR
TXtPLFRRUHVSRQViYHOpTXHPDXVDGHPRGRSHUYHUVR$QWHVGH
GDU D Pi[LPD FXOSD D TXHP D SURGX] H DRV FRPHUFLDQWHV
FRQVLGHUR PDLRU FXOSDGR TXHP D XVD GH PRGR KDELWXDO H
GLVWRUFLGR &RP LVVR QmR TXHUR MXVWLILFDU PDV VLPSOHVPHQWH
H[SOLFDURTXHpDWUDQVFHQGrQFLDGRVHVWHUHyWLSRV
8P´EXVLQHVVPDQµGHYHWHUHVWDOyJLFDWUDQVFHQGHQWHGH
RXWUR PRGR QmR SRGH UHDOL]DU XP FHUWR WLSR GH FRPpUFLR 1R
IXQGR R IDWR GH D GURJD HVWDU VHJXLQGR R PHVPR LWLQHUiULR GR
iOFRRO QRV DQRV GHVHQFDGHRX D pSRFD GD SURLELomR FRPR
DWXDOPHQWHDGURJDPDVKRMHDSURGXomRGRiOFRROpOLYUHHVH
UHPHWHjUHVSRQVDELOLGDGHGHTXHPRGHVIUXWDVHXViODHFRPR
XViOD
$WDUHIDGRSVLFyORJRpDTXHODGHID]HUFRPSUHHQGHUTXH
p QHFHVViULR DOLPHQWDU D UHVSRQVDELOLGDGH QDV SHVVRDV QmR QRV
SURGXWRUHVGHPDVVDSRUTXHRVSURGXWRUHVGHPDVVDVmRHIHLWRV
FRQVHTXHQWHVGDVHVFROKDVTXHID]HPRVLQGLYtGXRVQRLQWHULRUGH
XPDVRFLHGDGHSRULVVRRPpULWRRXDFXOSDSHUPDQHFH VHPSUH
QD SHVVRD 7DPEpP R PDU p SHULJRVR DVVDVVLQD PLOKDUHV GH
SHVVRDV4XHPYDLSDUDiJXDHQmRVDEHQDGDUVHDIDJDPDVQHP
SRULVVRRPDU p DVVDVVLQR SRU SULQFtSLR GHSHQGH VH DV SHVVRDV
WrP RX QmR D PDWXULGDGH GH SRGHU JR]DU R PDU GH XP FHUWR
PRGR$QWHVDLQGDGDVRFLHGDGHTXHPGiDFDWHJRULDGHYDORUHVp
RLQGLYtGXR$PRUDOpUHODWLYDDRVXMHLWRjSHVVRD
4XDQGR XP MRYHP VH DSUHVHQWD SDUD R WUDEDOKR D XP
JUDQGH´EXVLQHVVPDQµDSULPHLUDFRLVDTXHHVWHID]pDDQiOLVHGD
SHVVRD1mRYHULILFDTXDQWRGLQKHLURWHPPDVVREUHWXGRVHWHP
FDSDFLGDGH YHQFHGRUD H GH DXWRFRQWUROH FRQVWDQWH $YDOLD VXD
KLVWyULD VHX SDVVDGR WRGR VHX F¢¢¢FXOXP PDV GHSRLV D
DQiOLVH TXH Gi R VLP RX R QmR p DTXHOD GR SVLFyORJR 1mR p R
SVLFyORJR GH XQLYHUVLGDGH RX GR HVWDGR PDV XP SVLFyORJR
HPLQHQWH SRUTXH QLQJXpP SRGH FRQILDU XPD HQRUPH IRUWXQD D
XPDFDEHoDTXDOTXHU3RUWDQWRVHREVHUYDVHDSHUVRQDOLGDGHGR
DVSLUDQWH HVWi HP FRQGLo}HV GH WUDQVFHQGHU WRGDV DV H[LJrQFLDV
GRVKRPHQVFRPXQV
2V HVWHUHyWLSRV GR KRPHP FRPXP VmR VH[R
DJUHVVLYLGDGHDPRUIDPtOLDILOKRVPXOKHURXKRPHPWHQGrQFLD
DR DOFRROLVPR RX j GURJD QHFHVVLGDGH GH DPLJRV 6H XP
LQGLYtGXRFRQVHJXHVXSHUDUSHORPHQRVWRGRVHVVHVHVWHUHyWLSRVp
MiXPYHQFHGRUVHJXURFDSD]GHDGPLQLVWUDUHQRUPHVULTXH]DV
2V HVWHUHyWLSRV TXH SDUDOLVDP RV FRPXQV PRUWDLV VmR
VREUHWXGR WUrV VH[R DPRU R ´SDUWQHUµ RV ILOKRV HWF H YtFLR
SDUWLFXODU ([LVWHP PXLWRV KRPHQV TXH VmR FDSD]HV GH
WUDQVFHQGHU R VH[R H R DPRU SRUpP WrP R SHULJR QD HVSHFtILFD
PDQLD LQWURYHUWLGD SDUWLFXODUHV LQWHUHVVHV RX DPRUHV SRU XP
FHUWR WLSR GH REMHWRV GH URXSD GH GURJD GH PHGLFDPHQWR GH
HVWDWXHWD GH UHOLJLRVLGDGH XPD PDQLD GH YR\HXULVPR GH
FRPSRUWDPHQWR QHXUyWLFR RX HVTXL]RIUrQLFR HP UHIHUrQFLD D
DOJR GH SDUDSVtTXLFR GLDEyOLFR $V LQWHOLJrQFLDV H[WUDRUGLQiULDV
QmR WrP R YtFLR FRPXP GD PDVVD PDV HVSHFtILFRV YtFLRV
LQWURYHUWLGRVSUySULRVGDTXHOHQtYHOGHLQWHOLJrQFLD
8P JUDQGH ´PDQDJHUµ GHYH WHU D FDSDFLGDGH GH VHU
DXW{QRPR GHVVHV WUrV HVWHUHyWLSRV TXDVH TXH XQLYHUVDLV ¢DV
SHVVRDVGHLQWHOLJrQFLDVXSHULRU0XLWRVFKHIHVGHSROtFLDPXLWRV
MXt]HVPXLWRVVDFHUGRWHVDUWLVWDVILOyVRIRVFLUXUJL}HVSVLTXLDWUDV
HVWmRHPFRQGLo}HVGHVHUHPDXW{QRPRVHLPXQHVDRVH[RHDR
´SDUWQHUµ PDV TXDVH QXQFDHVWmR LPXQHV DR WHUFHLUR WLSR GH
HVWHUHyWLSRDHVTXL]RIUHQLDVXSHULRULQWURYHUWLGDHODWHQWH
([LVWHPGLYHUVRVQtYHLVGHDPELomR8PKRPHPFRPXP
SRGH VHU IHOL] WDPEpP FRP XP TXRFLHQWH GH UHDOL]DomR ´GH]µ
HQTXDQWRTXHTXHPQDVFHFRPXPDDWLWXGHD´PLOµGHYHUHDOL]DU
´PLOµ SDUD WHU D SD] &DGD XP UHDOL]D D VL PHVPR WDQWR TXDQWR
VDEHGDUjSUySULDDPELomR
2 KRPHP FRPXP WHP XP FHUWR WLSR GH SUREOHPD
HQTXDQWR R KRPHP VXSHULRU WHP RXWUR JrQHUR QmR WHP WHPSR
SDUDTXHVW}HVFRPRRGLQKHLURRVH[RRFRPHUDIDPtOLD7HP
XPD RXWUD HVSHFLILFLGDGH SUREOHPiWLFD 7RPHPRV DR QtYHO GH
DUWLVWDPXVLFDO%HHWKRYHQ3DUDXPP~VLFRTXDOTXHUpVXILFLHQWH
VHU XP KDELOLGRVR SLDQLVWD H[HFXWDU RX HQWmR XP GLVFUHWR
FRPSRVLWRUSDUDVHUIHOL]$RLQYpVGLVVRDPHQWHGH%HHWKRYHQp
LQTXLHWD QmR WHP SD] SRUTXH GHYH UHDOL]DU D IRUPDOL]DomR QD
YLVmR H[LVWHQFLDO GDTXLOR TXH p SXUD LQWXLomR GHYH LQGLYLGXDU R
IHQ{PHQR PDLV SUHFLVR SDUD GDU UHYHODomR jTXHOD YLVmR GH
WUDQVFHQGrQFLD GH SXUD IRUPD PHWDItVLFD 3RU LVVR R EUDYR
SLDQLVWD WDOYH] UHVROYD D VXD VDWLVIDomR DUWtVWLFD PDV R JUDQGH
%HHWKRYHQ QmR DOFDQoD D VXD SD] 6mR XQLYHUVRV GH VHQWLGR
GLIHUHQWHV,JXDOPHQWHDFRQWHFHQRPXQGRGR´EXVLQHVVµ
1RTXHVHUHIHUHjIDPtOLDHDRVILOKRVRWLSRGHUHODomR
SDUD FRP HOHV GHSHQGH GH TXDO p R QtYHO GH LQWHOLJrQFLD TXH VH
TXHU RSHUDU SDUD XP ´EXVLQHVVPDQµ QRUPDO EDVWD XP
DIDVWDPHQWR SVLFROyJLFR SDUD XP ´EXVLQHVVPDQµ GH H[WUHPD
IRUPDVXSHULRURDIDVWDPHQWRQDVXDPHQWHGHYHVHUWRWDO
2VHJXQGRQtYHOGDIRUPDomRGROtGHUQmRVHDSUHQGHQD
XQLYHUVLGDGH RX QD DFDGHPLD PDV VRPHQWH QHVWHV FDPLQKRV
H[SHULrQFLD SVLFRWHUDSLD GH DXWHQWLFDomR H PHVWUHV GH YLGD ,VVR
SHUWHQFHDRVJUDQGHV´EXVLQHVVPHQµQmRDRVSHTXHQRVKRPHQV
SRUTXHSDUDR JUDQGH ´EXVLQHVVPDQµ R GLQKHLUR p VRPHQWH XP
PHLR XPD RFDVLmR GH H[HUFtFLR GH LQWHOLJrQFLD VXSHULRU 2
PHVPRSULQFtSLRTXHPRWLYDSRUH[HPSORDWRPDUVHXPJUDQGH
VDFHUGRWH DUWLVWD RX ILOyVRIR $ UHOLJLmR D DUWH H D ILORVRILD QmR
VmR R HVFRSR GH VXDV YLGDV R VHX REMHWLYR p D DXWRUHYHODomR
VXSHULRU TXH SRGHP DWLQJLU DWUDYpV GD LQVWUXPHQWDOL]DomR OyJLFD
GDUHOLJLmRGDDUWHHGDILORVRILD
$SULPHLUDH[LJrQFLDDVHGHFRQVWDQWHTXHWHPXPJUDQGH
´EXVLQHVVPDQµpDVXSHULRULGDGHGDLQWHOLJrQFLDHGDPRUDO(OH
RUJDQL]D MRJD DGPLQLVWUD DV GLPHQV}HV H RV LQWHUHVVHV GRV
KRPHQV FRPXQV DJH H UHDJH VREUH R PHUFDGR GR SHWUyOHR GD
PDGHLUD GR GLQKHLUR GR RXUR PDV R VHX FRUDomR HVWi RQGH R
VXSUHPR GR VHU VH IXOFUD e XPD PHQWH TXH PDLV GR TXH DV
RXWUDVVHLQWHUHVVD HP VDEHU ´TXHP pµ ´GH RQGH YHPµ H ´SDUD
RQGHYDLµ1RVYiULRVJUDQGHV´EXVLQHVVPHQµTXHHQFRQWUHLHUD
SULRULWiULRFDWHJyULFRFDUQDOVDQJtQHRRVLJQLILFDGRGRVHUGD
YLGD4XDQGRRJUDQGH´EXVLQHVVPDQµWRFDSUREOHPiWLFDVPHWD
ItVLFDV VHQWHPVH GLPHQV}HV TXkQWLFRV GH VHQWLGR TXH VH
GHVORFDP 8P YHUGDGHLUR JUDQGH ´PDQDJHUµ OtGHU RX
´EXVLQHVVPDQµ QmR SUHJD GHXV QmR FUr HP GHXV PDV
VLPSOHVPHQWHRDX[LOLD
!"2>=7428<4=C>>=C>?B82>;È682>
7HUFHLUR DVSHFWR GHVWD SUHSDUDomR JOREDO GD XQLGDGH GH
DomR GR ´EXVLQHVVPDQµ p R FRQKHFLPHQWR GR LQFRQVFLHQWH GRV
FDPSRV VHPkQWLFRV H GR (P VL {QWLFR 6XEVWDQFLDOPHQWH p R
FRQKHFLPHQWRRQWRSVLFROyJLFR
(
P GLYHUVDV FXOWXUDV RXYHVH GLVFRUUHU DFHUFD GD
H[LVWrQFLD GR LQFRQVFLHQWH GDTXLOR TXH p SUHWHUQDWXUDO GDTXLOR
TXH p FRQKHFLPHQWR LQWXLWLYR SDUDPtVWLFR SDUDSVtTXLFR $
UHDOLGDGHGRLQFRQVFLHQWH FRPSUHHQGH WXGR TXDQWR HVWi FRQWLGR
QRFRQKHFLPHQWRFLHQWtILFRHQmRFLHQWtILFRPDVLJXDOPHQWHUHDO
QDH[SHULrQFLDKXPDQD
2 LQFRQVFLHQWH p XPD SDUWH GD YLGD H GD LQWHOLJrQFLD GR
KRPHP XPD SDUWH GLYLQD FRQWHPSRUDQHDPHQWH HVSLULWXDO H
DQLPDO DQMR H PRQVWUR )UHTHQWHPHQWH QD VXD YLGD XP
LQGLYtGXR HQFRQWUDVH D DIURQWDU VLWXDo}HV QDV TXDLV JRVWDULD GH
WHUFHUWH]DVHDTXHOH´EXVLQHVVµVHUiDIRUWXQDGRRXVHDRLQYpV
WUDUiSHUGD$UHVSRVWDHVWiMiQRLQFRQVFLHQWHGHTXHPRSHUD
´,QFRQVFLHQWHµ p R TXkQWLFR GH YLGD GH LQWHOLJrQFLD
DWUDYpV GR TXDO H[LVWLPRV PDV QmR FRQKHFHPRV GR TXDO QmR
WHPRV QHQKXPD UHIOH[mR FRQVFLHQWH 7RGRV RV JUDQGHV
SVLFyORJRVQHXURORJLVWDVSVLTXLDWUDVDILUPDPTXHRKRPHPXVD
GHGH]DYLQWHSRUFHQWRGRSUySULRSRWHQFLDO
(OHV VDEHP TXH JUDQGH SDUWH GRV QHXU{QLRV LQDWRV GR
QRVVR FpUHEUR SHUPDQHFHP LQXWLOL]DGRV H VmR SHUGLGRV 7RGR R
TXkQWLFRQmRXWLOL]DGRSHUWHQFHj]RQDGRLQFRQVFLHQWH
$SVLFRWHUDSLDGHDXWHQWLFDomRpRSURFHVVRGH´WUDLQLQJµ
GH IRUPDomR TXH FRQVHQWH DR VXMHLWR UHFXSHUDU HP WRWDO
FRQVFLrQFLDRTXkQWLFRGHLQWHOLJrQFLDTXHp2WRGRKROtVWLFRGR
VHU KXPDQR FRQVFLrQFLD H LQFRQVFLHQWH p HVStULWR H ELRORJLD
MXQWRVWRGDYLDRHVStULWRQmRRYHPRVPDVVDEHPRVTXHH[LVWH
HQTXDQWR TXH RV QHXU{QLRV H R FRUSR VmR D IHQRPHQRORJLD
IRUPDOGDFDXVDOLGDGHSVtTXLFDTXHpHVSLULWXDO2LQFRQVFLHQWHp
LQWXLomR SHUFHSomR H[WUDVHQVRULDO PDJLD HVSLULWXDOLGDGH OyJLFD
LQWHOHFWLYD
'RV WHPSRV DQWLJRV DR PXQGR GRV VRQKRV jTXHOH GRV
DQLPDLVHGDQDWXUH]DRY{RGRVSiVVDURVRPRYHUVHGDViJXDV
R YHQWR VHPSUH H[LVWLX D DUWH GLYLQDWyULD 0XLWDV YH]HV QRV
HQFRQWUDPRV D LQGDJDU RV VLQDLV RV IHQ{PHQRV SDUD
FRPSUHHQGHURQGHHVWiDGLUHomRGRERPUHVXOWDGR
2 LPSpULR GH &RQVWDQWLQR IRL GHFLGLGR SRU XPD
LPDJRJLD 7RGR LPSHUDGRU VHPSUH WHYH SUy[LPRV D VL PDJRV
FXUDQGHLURV H RUiFXORV 7DPEpP &RQVWDQWLQR WLQKD RV VHXV
)L]HUDPQR UHDOL]DU XPD HVSpFLH GH LPDJRJLD UiSLGD H LQWHQVD
&RQVWDQWLQR WHYH D LPSUHVVmR GH TXH UHSHQWLQDPHQWH QR FpX
VREUHPXLWDVFDEHoDVDSDUHFLDXPVLQDOVLPLODUDXPDFUX]HXPD
YR]RXLQWXLomRGLVVHVVH´,QKRFVLJQRYLQFHVµFRPHVWHVtPEROR
YHQFHUiV2TXHVLJQLILFDYD"
&RQVWDQWLQRWLQKDFRQWUDVLDPHOKRUSDUWHGRH[pUFLWRRV
SUHWRULDQRVSRUTXHRVHXDQWDJRQLVWD0DVVHQ]LRHUDRIDYRULWR
R PDLV IRUWH 0DVVHQ]LR SRVVXtD DV PHOKRUHV OHJL}HV H D JUDQGH
5RPDDVHXODGRHQTXDQWR&RQVWDQWLQRHUDXPFRPDQGDQWHTXH
DLQGD GHYHULD HYLGHQFLDUVH $ &RQVWDQWLQR IRL H[SOLFDGR SHORV
VHXV´H[SHUWVµTXHSROLWLFDPHQWHGHYHULDIRUPDURH[pUFLWRFRP
DV SHVVRDV TXH DFUHGLWDYDP QDTXHOH VtPEROR TXH HUDP RV
FULVWmRV $ HVWUDWpJLD SROtWLFD D VHU XVDGD HUD HVWD GDU D
SRVVLELOLGDGHDWRGRVRVMRYHQVSHUWHQFHQWHVjVIDPtOLDVFULVWmVGH
WRUQDUHPVHVROGDGRVWDPEpPSRUTXHMiHHVWDPRVHPG&
R FULVWLDQLVPR FRPHoDYD D GLIXQGLUVH 7UDQVIRUPDQGR HP
H[pUFLWR HVWH HQRUPH SRYR TXH DLQGD HUD SHUVHJXLGR H QmR
FRQKHFLGRHOHOKHVGDYDOHJDOLGDGH3RUWDQWRIRUPRXXPJUDQGH
H[pUFLWRTXHWLQKDRPi[LPRLQWHUHVVHHPYHQFHUSRUTXHSDUDRV
FULVWmRVWUDWDYDVHGHDGTXLULURSRGHUDOLEHUGDGHDOHLHPWRGRR
LPSpULR1HVVH FDVR GH XPD LPDJHP GH XP JUiILFR IDQWDVLRVR
HVSRQWkQHR GR VHX LQFRQVFLHQWH GHFRGLILFDGR FRUUHWDPHQWH
&RQVWDQWLQRWRPDWUDQTLODPHQWHDYLWyULDQDPmR
17,PDJRJLDpXPLQVWUXPHQWRHVSHFtILFRGD2QWRSVLFRORJLD
$ FpOXOD SRVWD HP XP FRQWH[WR GH HOHPHQWRV TXtPLFRV
DVVLPLODUi VRPHQWH DTXHOHV F{QVRQRV j VXD HVWUXWXUD DXWrQWLFD H
UHMHLWDUi DTXHOHV QmRF{QJUXRV j VXD HVWUXWXUD QDWXUDO &RPR D
FpOXODMiIRLGRWDGDSHODYLGDQRPRGRDWUDYpVGRTXDOPDQWHUH
GHVHQYROYHUDVXDLGHQWLGDGHGHQDWXUH]DDVVLPRKRPHPFpOXOD
GR XQLYHUVR p GRWDGR GH XPD LQWHOLJrQFLD LQIDOtYHO SDUD
HVWDEHOHFHUDVLQWHUDo}HVGHYDQWDJHPQRVHXDPELHQWH
3RU PXLWRV IDWRUHV KLVWyULFRV R VHU KXPDQR SHUGHX ERD
SDUWH GD VXD LQWXLomR H LQWHOLJrQFLD QDWLYDV UHFXSHUDQGR HVWD
LQWHJULGDGH p SRVVtYHO R FRQKHFLPHQWR SDUD DTXLOR TXH GL]
UHVSHLWRDRVVHXVLQWHUHVVHV
$ HVFROD RQWRSVLFROyJLFD GHSRLV GH )UHXG H GH WDQWRV
RXWURV HVWXGRV FRQVHJXLX HQFRQWUDU D IRUPD TXH JDUDQWH D
H[DWLGmRGHFRQKHFLPHQWR
1RWD
&IHSDUSDJ
"2><>0?B82>;>680?>3409D30A>;Ä34A
&RP R FRQKHFLPHQWR RQWRSVLFROyJLFR XP LQGLYtGXR
DQWHV GH WXGR HVWi HP FRQGLo}HV GH FRPSUHHQGHU D HVWUXWXUD
WRWDO JHUDO GR SUySULR LQFRQVFLHQWH TXH p D PHOKRU SDUWH GR
SUySULRTXkQWLFRGHLQWHOLJrQFLDGHYLGD(PVHJXQGROXJDUSRGH
FRQKHFHU RV LPSXOVRV DV GLQkPLFDV H RV GHWHUPLQLVPRV TXH R
VXMHLWR LQFRQVFLHQWHPHQWH RSHUD QDV SHVVRDV H FRP DV SHVVRDV
TXH HVWmR QR VHX DPELHQWH (QILP SRGH WHU D VHQVLELOLGDGH HP
UHODomRjVLQWHUIHUrQFLDVTXHDVRXWUDVSHVVRDVID]HPVREUHDVXD
YLGD VREUH D VXD UHDOLGDGH HP kPELWR LQFRQVFLHQWH 3RUWDQWR
SRGHFRQKHFHUDVDWLYLGDGHVRVPyGXORVTXkQWLFRVTXHRSHUDRX
VRIUH GH PRGR LQFRQVFLHQWH $ 2QWRSVLFRORJLD Gi R
FRQKHFLPHQWR GHVVHV YHWRUHV GH SRWrQFLD TXH VmR RV FDPSRV
VHPkQWLFRV
$WUDYpVGDLQVWUXPHQWDomRRQWRSVLFROyJLFDXPRSHUDGRU
SRGH FRQKHFHU D RUGHPEDVH D ´DUFKpµ IRUPDO H GLQkPLFD GH
WRGRRLQFRQVFLHQWHHGHWRGRRDPELHQWHHPTXHYLYH2TXHHX
GLVVH DWp DJRUD SRGH SDUHFHU Vy WHRUL]DomR LQFRPSUHHQVtYHO H
DEVROXWDPHQWH QRYD 2 SUREOHPD p TXH WDPEpP VH R VHU
KXPDQR QmR FRPSUHHQGH D GLQkPLFD IRUPDO GRV HYHQWRV p
REULJDGRDYLYrORVFRPRHIHLWR4XHWLSRGHUHDOLGDGHWUDQVPLWH
DTXHPOKHHVWiSUy[LPRjSHVVRDFRPDTXDOWUDWDXPQHJyFLR
RXWUDEDOKDRXWHPXPDUHODomRGH´IHHOLQJµ"(TXDOpDUHDOLGDGH
TXHRRXWURWUDQVPLWHDHOH"2XDFRQKHFHHDFRQWURODRXVHQmR
DFRQKHFHLQHYLWDYHOPHQWHDVRIUH
2GLVFXUVRGDVGHWHUPLQDQWHVSVtTXLFDVLQFRQVFLHQWHVQmR
p OLPLWDGR H[FOXVLYDPHQWH DR kPELWR PLFURVFySLFR GR PXQGR
LQGLYLGXDO PDV VH HVWHQGH WDPEpP DRV IHQ{PHQRV
PDFURVFySLFRV VRFLDLV $ PDLV VpULD DQiOLVH RQWRSVLFROyJLFD Mi
YHULILFRXTXHVHMDQRDOFRROLVPRQDGURJDRXQDVRXWUDVGRHQoDV
GHPDVVDDFDXVDQmRpHQFRQWUDGDQRHOHPHQWRTXtPLFRHPVL
PDVVLPHPXPDH[LJrQFLDSVLFROyJLFDGHVYLDGDGRVXMHLWRRTXDO
VH QmR HQFRQWUDVVH D GURJD XVDULD XP VXEVWLWXWLYR R iOFRRO DV
OkPLQDVRSHWUyOHRHWF
6H TXLVHUPRV YHUGDGHLUDPHQWH DX[LOLDU RV LQGLYtGXRV
GHYHUHPRV HQFRQWUDU D JrQHVH SVLFROyJLFD QmR R LQVWUXPHQWR
DWUDYpVGRTXDOSDVVDDSDWRJrQHVH7RGDDSDWRJrQHVHVHFODULILFD
SHOD SVLFRJrQHVH $TXL HVWi R SRQWR 6RPHQWH DQDOLVDQGR
FRPSUHHQGHQGR H PXGDQGR D SVLFRJHQHVH SRGHPRV HOLPLQDU
TXDOTXHUSDWRJrQHVH$2QWRSVLFRORJLDLQGDJDH[FOXVLYDPHQWHQR
FRQWH[WR SVLFRJHQpWLFR SRUTXH VDEH TXH WRGR R UHVWR p
LQGLIHUHQWHQmRpFDXVDRWLSRGHGRHQoDpVRPHQWHRFDVLRQDO$
PDQLIHVWDomR GR PDO H D VXD FDXVD HVSHFtILFD HVWmR ORFDOL]DGDV
VRPHQWHQRFDPSRSVtTXLFR
$ FDXVDOLGDGH SVtTXLFD SRGH WHU GLYHUVDV YDULDQWHV
IHQRPrQLFDV GURJD GHOLQTrQFLD SVLFRVVRPiWLFD DOFRROLVPR
QHXURVHVXLFtGLRHWFWHQGRLQGLIHUHQWHPHQWHXPDVDtGDGHXP
PRGRRXGHRXWUR,VVRVLJQLILFDWDPEpPTXHFXUDQGRRVXMHLWR
QDTXHOH VLQWRPD SRGHPRV WROKHU R IHQ{PHQR PDV D
SUHGLVSRVLomR D XP RXWUR DVSHFWR SDWROyJLFR SHUPDQHFHUi
LQWDFWD 1mR p VXILFLHQWH FXUDU R VLQWRPD p SUHFLVR FXUDU H
DXWHQWLFDUDSHVVRD
$ GLIHUHQoD HQWUH D DERUGDJHP PpGLFD H DTXHOD
RQWRSVLFROyJLFDHVWiMXVWDPHQWHQLVWRRPpGLFRFXUDRVLQWRPD
VHJXQGR D VHPLyWLFD FRP D TXDO VH DSUHVHQWD R RQWRSVLFyORJR
WUDQVFHQGH D IHQRPHQRORJLD GR VLQWRPD PDV GHVWD RFDVLmR YDL
GLUHWDPHQWH HP EXVFD GR PRYHQWH GD UD]mR tQVLWD QD
SVLTXLFLGDGH GR SDFLHQWH 3RU H[HPSOR D LQVkQLD QmR p XPD
GRHQoD PDV p XPD PRWLYDomR GR LQWHUQR SVtTXLFR GR VXMHLWR H
SDUDUHVROYrODpSUHFLVRFKHJDUjH[DWDUD]mRSHODTXDORVXMHLWR
VRIUHGHLQV{QLD
1DH[SOLFDomRGHFRPRRKRPHPpFRQVWLWXtGRDHVFROD
RQWRSVLFROyJLFD LQWURGX] D QRomR GH ´(P VL {QWLFRµ TXH p
H[DWDPHQWH DTXLOR TXH RV DQWLJRV FKDPDYDP ´DOPDµ 7HQGR
UHYHODGR D HVWUXWXUD D RUJDQL]DomR H D IRUPDOL]DomR D
2QWRSVLFRORJLD HVWi HP FRQGLo}HV GH XVDU HVWH XOWHULRU
FRQKHFLPHQWR
" 2><>B4AD<;Ä34A458284=C4
3DUD VHU XP GLULJHQWH HILFLHQWH XP LQGLYtGXR GHYH 7HU
XPD SURSRUomR HQWUH TXDWUR GLPHQV}HV D HVIHUD LQGLYLGXDO
SHVVRDO D HVIHUD IDPLOLDU SRUWDQWR D DIHWLYD D HVIHUD GRV
FRODERUDGRUHVRVHWRUVRFLDO
)LJXUD
$ HVIHUD LQGLYLGXDO SHVVRDO FRPSUHHQGH R VXMHLWR HP
VHQWLGR ItVLFR DEVROXWR GH H[LVWrQFLD $ HVIHUD DIHWLYD p
FRQVWLWXtGD SHOR DPELHQWH GH UHIHUrQFLD DIHWLYD HPRWLYD VH[XDO
GH DPRU DV VXDV UHIHUrQFLDV GH YDORU DEVROXWR $ HVIHUD GRV
FRODERUDGRUHVFRPSUHHQGHDVSHVVRDVItVLFDVDWUDYpVGDVTXDLVR
OtGHU RSHUD RV PHGLDGRUHV GH DWLYLGDGH HFRQ{PLFD OHJDO HWF
(QILP WHPRV D HVIHUD GD DWLYLGDGH FRQFUHWD GD DWLYLGDGH QR
PXQGR GRV QHJyFLRV GR DPELHQWH GD H[SOtFLWD DWLYLGDGH
HFRQ{PLFDUHODo}HVGLSORPDFLDHWRGRRYDVWRPXQGRTXHDDUWH
GR OtGHU FRPSUHHQGH $TXHOD UHSUHVHQWDGD QD ILJXUD p D
HVWUXWXUD ItVLFRUHDO GH TXDOTXHU VHU KXPDQR 1D RUGHP GD
SUREOHPiWLFD GR VXMHLWR TXDQGR DOJR QmR YDL EHP HP SULPHLUD
OLQKD QD SHUFHSomR VXEMHWLYD FRQVFLHQWH YHP FRORFDGD D HVIHUD
GR VHWRU VRFLDO 6HJXHP QD RUGHP RV FRODERUDGRUHV D
UHVSRQVDELOLGDGH IDPLOLDU H DIHWLYD H HP ~OWLPD SRVLomR RX
WDPEpPQXQFDDVLSUySULRV6HJXQGRDyWLFDUHDOLVWDGDVFRLVDV
WDO SRVLomR p HUUDGD D IDOrQFLD D IUXVWUDomR QR UHVXOWDGR
HFRQ{PLFR GHQXQFLDP XPD FDUrQFLD QR tQWLPR GR VXMHLWR FXMD
FDXVDpSHVTXLVDGDHQWUHRVSULPHLURVWUrVVHWRUHVQDSVLFRJrQHVH
GRV FRODERUDGRUHV QD HVIHUD DIHWLYD RX QD LQGLYLGXDO 4XDOTXHU
HUUR HP XPD GDV SULPHLUDV WUrV HVIHUDV DOWHUD D FDSDFLGDGH
IXQFLRQDOGR(XTXHpRSULPHLURLQVWUXPHQWRGHLQWHOLJrQFLDGR
QHJyFLR&RQVHTXHQWHPHQWHSHORHIHLWRTXHUHVXOWDVRERSODQR
H[WHUQR D FDXVD p SHVTXLVDGD QR LQWHUQR GR PXQGR SHVVRDO GR
OtGHU 3RU H[HPSOR XP PpGLFR FRQVWDWD HP VL PHVPR XPD
GRHQoD YHQpUHD HVSHFtILFD H D H[SOLFD FRP R IDWR GH FXUDU DV
GRHQoDV YHQpUHDV SRUWDQWR FRQVLGHUD WHU VLGR VHP G~YLGD
LQIHFWDGRSRUXPGHVHXVGRHQWHV7RPDDVGHYLGDVSUHFDXo}HV
DIDVWDVHGRWUDEDOKRSRUpPDGRHQoDQmRREVWDQWHRVFXLGDGRV
SHUVLVWHSRUTXHHOHDQDOLVDWRGRVPDVQmRDQDOLVDDDPDQWHRXD
PXOKHU2XHQWmRXPKRPHPTXHWHPXPWUDEDOKRGHVJDVWDQWH
TXH FRPSRUWD PXLWD WHQVmR j QRLWH VHJXLGDPHQWH VRIUH GH
LQVkQLD (OH SHQVD TXH D LQV{QLD GHSHQGH GD WHQVmR H GRV VHXV
FRODERUDGR GHSHQGHU GLUHWDPHQWH GD PXOKHU H GD ILOKD 2V
SUREOHPDV GRV TXDLV HOH VH ODPHQWD QmR VmR GHWHUPLQDGRV SHOR
VHXWUDEDOKRRXHOR V VHXV FRODERUDGRUHV PDV SHODV VXDV
UHIHUrQFLDV GH DIHWR DEVROXWDV 8PD IUDVH GD %tEOLD UHFLWD ´1H
PLHLKRPLQLVGRPHVWLFLHLXVµ
$LQV{QLDHR´VWUHVVµWrPXPDFDXVDHPFRPXPTXHVH
RULJLQDQRSURIXQGRGRVXMHLWR2´VWUHVVpRH[HUFtFLRQRYD]LR
GHXPP~VFXORGHXPyUJmRGHXPDPHQWH
´$WLYLGDGHDRYD]LRµ TXHU GL]HU TXH VH FRORFDP MXQWRV
PHLRVÃVLWXDo}HVHHVFRSRVQmRDGHTXDGRVHQWUHHOHV3RUWDQWR
R ´VWUHVVµ QmR QDVFH MDPDLV GH WUDEDOKR ILQDOL]DGR D XP HVFRSR
SUHFLVR PDV GH XPD VLWXDomR QD TXDO R VXMHLWR ID] FRLVDV VHP
DWHUVHDRUHVXOWDGR3RUH[HPSOR XP GLULJHQWH UHVSRQViYHO SRU
FHPSHVVRDVSRGHHQWUDUHP´VWUHVVµQmRSRUTXHGHYDFRRUGHQDU
WRGRDTXHOHSHVVRDOPDVSRUTXHRJHUHQFLDPDO3URYDYHOPHQWH
SURFXUDID]HURSHTXHQRSDLSDUDWRGRVHGHVVDVXDSRVWXUDQDVFH
R FDRV 2 GLULJHQWH GHYH GHFLGLU GHYH HVFROKHU H D FDGD SHVVRD
GHYHGL]HUTXDOpDVXDIXQomR
6DOYDDGHPRFUDFLDHDVERDVUHODo}HVDWpTXHpSRVVtYHO
PDV QR PRPHQWR HP TXH p GLULJHQWH GHYH FRRUGHQDU H ID]HU
KLHUDUTXLDGHRXWURPRGRQmRUHDOL]DRSUySULRHVFRSRHYDLGH
HQFRQWUR DR ´VWUHVVµ HQTXDQWR RV GHSHQGHQWHV ID]HP D VXD
GHPRFUiWLFD DQDUTXLD 2 ´VWUHVVµ SRGH VXUJLU Vy SRU GRLV
PRWLYRVRXRGLULJHQWHHUUDRHVFRSRLVWRpID]PDORSURMHWR
RX PHVPR WHQGR HVFROKLGR R HVFRSR DGHTXDGR QmR UH~QH RV
PHLRVGHPRGRRSRUWXQR
2´VWUHVVµpHVWtPXORSHUVLVWHQWHGHDWLYLGDGHSVtTXLFDRX
VRPiWLFD QmRHVSHFtILFD DR HVFRSR 9ROLomR FRQVWDQWH GH XP
HVFRSRVHPDVPHGLDo}HVSRVVtYHLVMiHVWUXWXUDGDVSHODQDWXUH]D
RXSRUOHLVEDVHSUHFHGHQWHV
(VWDpDH[SHULrQFLDVHPH[FHomRTXHWHQKRKiDQRV
GHVGH TXDQGR UHDOL]R HP WRGR R PXQGR VHPLQiULRV SDUD
´EXVLQHVVPDQµ
4XDQGR H[LVWH XP UHVXOWDGR HUUDGR FRPR ID]HPRV SDUD
VDEHU RQGH HVWi R HUUR HP TXDO HVIHUD VH HQFRQWUD FRPR H HP
TXH PRPHQWR DJH" $TXL VXUJH D H[DWLGmR GD 2QWRSVLFRORJLD
FXMDV DVVHUWLYDV QmR VmR WHRULD KXPDQLVWD PDV SURSRUo}HV
JHRPpWULFRPDWHPiWLFDV GH SHUFXUVRV DW{PLFRV FHOXODUHV 3RU
LVVRDWUDYpVGDFRPSUHHQVmRGD2QWRSVLFRORJLDSRGHVHDGTXLULU
D DUWH GR SRGHU D LQWHOLJrQFLD GH UHDOL]DU RV SUySULRV HVFRSRV
VHMDPH[LVWHQFLDLVVHMDPFRPHUFLDLV
)DoDPRVRH[HPSORGHXPDSHVVRDYJUiILFRILJ´=µ
QmR LPSRUWD VH KRPHP PXOKHU FDVDGR FRPHUFLDQWH SROtWLFR
HWF 1DV GHFLV}HV GDV SUySULDV HVWUDWpJLDV R VXMHLWR FDOFXOD DV
YiULDVSRVVLELOLGDGHVHQDWXUDOPHQWHTXHUUHDOL]DUFRPVHJXUDQoD
6XSRQKDPRVTXH´=µVHHQFRQWUDQDSRVVLELOLGDGHGHWUrV
VLWXDo}HV$%&FDGDXPDGHVVDV LPSOLFD XP FHUWR FRQWH[WR H
XP FHUWR ´EXVLQHVVµ 2 VXMHLWR HQFRQWUDVH QR GHYHU GH GHFLGLU
TXDO p D PHOKRU SDUD VL PHVPR DTXHOD TXH SRGH FRQVHQWLUOKH
PDLRUVXFHVVRFRPRVDWLVIDomRHUHDOL]DomR
7RUQHPRV D KLSyWHVH TXH VH GLULMD j HVFROKD ´$µ /RJR
TXH R VXMHLWR HVFROKH GHFLGH H RSHUD DFRQWHFH XPD UHDomR HP
WRGR R VHX PXQGR LQFRQVFLHQWH RUJDQtVPLFR $ HVWD VLWXDomR R
LQFRQVFLHQWHYLEUDFRPXPDPHQVDJHPWUDQVPLWHXPJUiILFR6H
DRLQYpVRVXMHLWR´=µWRPDDGLUHomR´%µRLQFRQVFLHQWHHPLWH
XP RXWUR JUiILFR VH GHFLGH D VLWXDomR ´&µ R JUiILFR VHUi
XWHULRUPHQWH GLYHUVR 3RU LVVR ´=$µ Gi XP JUiILFR ´=%µ ´
XPRXWURDLQGD2LQFRQVFLHQWHGRVXMHLWRWHPUHDo}HVSUHFLVDVD
FDGD HVFROKD HP DQWHFLSDomR j DomR FRQVHTHQWH j GHFLVmR
RSHUDGD3DUDFRQKHFHUDHVFROKDFHUWDYLWDOpSUHFLVRVDEHUOHUR
VXEOLPDGR R UHVXOWDGR GDV UHDo}HV GR LQFRQVFLHQWH QDTXHOD
FLUFXQVWkQFLD ItVLFD $ 2QWRSVLFRORJLD GHVFREULX D OLQJXDJHP
GHVWHV JUiILFRV TXH VmR RV VRQKRV SRUWDQWR VDEHVH FRPR
GHFRGLILFiORV
2EVHUYHP GH PRGR FUtWLFRFLHQWtILFR HVWH H[SHULPHQWR
PXLWR VLPSOHV >2 3URI 0HQHJKHWWL FKDPD GXDV PXOKHUHV H Gi
XPDIROKDDFDGDXPD$PEDVRROKDPGHSRLVXPDGDVGXDVVH
GHVORFD DWp R IXQGR GD VDOD SHJD D SUySULD EROVD H OHYDD DR
SURIHVVRU@'HLDOJXQVVLQDLVDXPDSHVVRDHHODQmRUHDJLXGHLRV
D XPD RXWUD H HVWHV VLQDLV GHVORFDUDP HVWD SHVVRD TXH IRL DR
IXQGRGDVDODHYROWRXDTXLWUD]HQGRXPDEROVDLVWRpIH]Do}HV
EDVHDGDQHVVHVVLQDLVVLPSOHVJUiILFRV2VRQKRpXPJUiILFRTXH
DQRVVDFRQVFLrQFLDWUDGX]HPLPDJHQV1DIROKDTXHOKHGHLQmR
H[LVWHQHQKXPDLPDJHPGHXPDPXOKHUTXHFDPLQKDRXGHXPD
EROVD SRUpP HOD IH] D DomR SUHFLVD FRLQFLGHQWH FRP HVVD
VLQDOL]DomRTXHpDSURMHomRIRUPDOHQHUJpWLFDGHXPDXQLGDGHGH
DomR$XQLGDGHGHDomRpRVXMHLWRDSHVVRD6HDQRVVDXQLGDGH
GH DomR D QRVVD UHDOLGDGH H[LVWHQFLDO ItVLFD HVFUHYH ID] SURMHWRV
UHDLV WRGD D QRVVD FDSDFLGDGH FRQVFLHQWH FLHQWLILFDPHQWH GHYH
VDErORV OHU SRUTXH VH QmR RV VDEH OHU SHUPDQHFH SDUDOLVDGD
FRPR IH] XPD GDV GXDV PXOKHUHV TXH QmR FRQKHFHQGR DTXHOH
FyGLJR QmR IH] QDGD SRUpP R FyGLJR DJLD 3RUWDQWR p
LPSRUWDQWH FROKHU R FyGLJR GH LQWHUSUHWDomR GRV VLQDLV RQtULFRV
2Q~FOHRGHDWLYLGDGHHGHLQWHUSUHWDomRGHTXDOTXHU IHQ{PHQR
HVWi QR LQWHULRU GR VXMHLWR 4XDQGR DV FRLVDV QmR YmR EHP p
SUHFLVRDQDOLVDURSUySULRLQGLYtGXRDSDWRJrQHVHVHYHULILFDSHOD
SVLFRJrQHVH 1R LQWHULRU GR LQGLYtGXR HVWi WXGR HVFULWR $
DWLYLGDGH RQtULFD p R H[SRVWR FRQWtQXR GDV YDULiYHLV GR VXMHLWR
QRVVHXVLQWHUHVVHVIXQGDPHQWDLV2VRQKRpXPDVXEDWLYLGDGHGD
FRQVFLrQFLD 6HPSUH WDPEpP DJRUD D DWLYLGDGH RQtULFD HVWi HP
DomRVyTXHpLQFRQVFLHQWH
%DVWDWDPEpPXPVHJXQGRSDUDWHUXPDLPDJHPRQtULFD
GD TXDO SRGHPRV WHU XPD LQIRUPDomR FRPSOHWD FRPR SDUD XP
FLUXUJLmRFDSD]EDVWDXPDVyUDGLRJUDILDSDUDVDEHUDVLWXDomRGRV
yUJmRVLQWHUQRVGRFRUSR7UDWDVHVRPHQWHGHVDEHURRItFLRGH
WHURFRQKHFLPHQWRFLHQWtILFRGHFRPRVHOr
6HXPDSHVVRDQmRWHPXPVRQKRSRGHVHWDPEpPID]r
ODFULDUXPDHVWyULDRXID]HUXPGHVHQKRHVSRQWkQHR$IDQWDVLD
QmRpOLYUHPDVFRQGLFLRQDGDSHORVFRPSOH[RVGRLQGLYtGXR
4XDQGR XP VXMHLWR QmR FRQVHJXH UHFRUGDU RV VRQKRV
VLJQLILFDTXHRSUREOHPDpPDLRUDLQGDHTXHMiSDUDQmR
VRIUHU
DRQtYHOFRQVFLHQWHFRORFRXXPDSHGUDVREUHDYLVmRGRSUySULR
LQFRQVFLHQWH 0DV LVVR VLJQLILFD TXH D VLWXDomR p SLRU VREUH R
SODQRIXQGDPHQWDOGDVXDYLGD4XDQGRRVVRQKRVGHVDSDUHFHP
VLJQLILFD TXH R VXMHLWR VH WRUQRX GHPDVLDGR REMHWR WHP PXLWD
UHDOLGDGHPDVSRXFDSHUVRQDOLGDGH1RVHQWLGR RSRVWR H[LVWHP
WDPEpP DTXHODV SHVVRDV TXH GRV VRQKRV ID]HP XPD REVHVVmR
SRULVVRVmRQHXUyWLFDVSHQVDPVRPHQWHQRVRQKRHHVTXHFHPD
UHDOLGDGHeSUHFLVRWHUXPSRQWRGHHTXLOtEULR
$ UHDomR GR JUiILFR GR LQFRQVFLHQWH WHP D VHJXLQWH
KLHUDUTXLD (P SULPHLUR OXJDU FRORFD D VD~GH D LQWHJULGDGH
ItVLFRELROyJLFDGRVXMHLWR$ VD~GHp R SULPHLUR EHP GR TXDO R
VRQKR LQGLFD D VLWXDomR 6XSRQKDPRV TXH XPD PXOKHU VRQKH
FRP XPD LJUHMD WRGD IHFKDGD SRUpP FRQWRUQDGD SRU SHVVRDV
6LJQLILFDTXHVXDLQWLPLGDGHIHPLQLQDELROyJLFDHVWDHPSHULJRHp
QHFHVViULR YHU TXHP p D SHVVRD TXH IHFKRX WRGDV DV SRUWDV GD
LJUHMD $ LJUHMD IHFKDGD p XP ~WHUR FRPSOHWDPHQWH EORTXHDGR
´%ORTXHDGRµSRGHVLJQLILFDUSRUH[HPSORTXHSRUXPSHUtRGR
D PXOKHU QmR SRGH WHU DV PHQVWUXDo}HV QRUPDLV 2 SHULJR HVWi
QDVLPSURYLVDGDVPDQLIHVWDo}HVSDWROyJLFDVTXHSRGHPYHULILFDU
VHDRQtYHOVRPiWLFRFRPRXPDLQH[SOLFiYHOHHQRUPHSHUGDGH
VDQJXH 'R SRQWR GH YLVWD PpGLFR 2 GLItFLO FRPSUHHQGHU R
SULPHLURPRPHQWRGRIHQ{PHQRSRUpPH[LVWHRIDWRGHTXHHVWH
PDOHVWDUVXUJHTXDQGRD´PDQDJHUµLQLFLDDOJRPXLWRLPSRUWDQWH
DRQtYHOGHUHODo}HVS~EOLFDV
6HDPXOKHUYrDLJUHMDWRGDIHFKDGDH SHVVRDV HVWUDQKDV
HPWRUQRVLJQLILFDTXHHODpYtWLPDGHFDPSRVVHPkQWLFRVDOKHLRV
H VXFHVVLYDPHQWH ID]HQGR D DQiOLVH SUHFLVD SRGH VH LQGLYLGXDU
GH TXH SDUWH FKHJDUDP RV YHWRUHV VHPkQWLFRV TXH DOWHUDP D VXD
VD~GH
4XDQGR VXFHGH XP PDO GHSRLV GH VL PHVPR p SUHFLVR
VHPSUHDQDOLVDUDVHJXQGDHVIHUDDVSULPHLUDVUHIHUrQFLDVDIHWLYDV
HGHVHJXUDQoDGRVXMHLWRRPDULGRDPXOKHURVILOKRVDPmHD
DPLJD R PRWRULVWD LVWR p DV SHVVRDV PDLV OLJDGD ILVLFDPHQWH D
QyV
(P WHUFHLUR OXJDU FRORFD DV SHVVRDV QDV TXDLV R VXMHLWR
FRQILD QR WUDEDOKR H QR HVWXGR (QILP Gi D DQiOLVH GD HVIHUD
VRFLDOGRVQHJyFLRVHFRQ{PLFDSROtWLFDHWF
3RUWDQWR D JUiILFD RQtULFD DVVLQDOD R HUUR RX R VXFHVVR
VHJXQGR XPD KLHUDUTXLD TXH SDUWH GR LQGLYtGXR SURVVHJXH SHOD
HVIHUDGDIDPtOLDHGRVFRODERUDGRUHVHQRILQDOWUDWDGDVUHODo}HV
H[WHUQDV
2H[SRVWRRQtULFRpLQIDOtYHOGHWHUPLQLVWD6RPHQWHFRP
R PpWRGR RQWRSVLFROyJLFR R VRQKR WRUQDVH D FKDYH GH DQiOLVH
SDUDTXDOTXHUIHQ{PHQRGHVD~GHHGHQHJyFLRVGRVXMHLWR
&DGD XP GH QyV H[LVWH SHQVD H UHIOHWH R SURFHVVR GH
H[LVWLUHUHIOHWLUpXPDFDWHJRULDHVSHFtILFDGRVHUKXPDQR7RGR
R SUREOHPD GD HVTXL]RIUHQLD HVWi HP XPD LQWHUSUHWDomR HUUDGD
GRVJUiILFRVSRUSDUWHGRVLVWHPDFRQVFLHQWH4XDQGRRROKRYr
XP PLFURIRQH SRU H[HPSOR DR FpUHEURQmR FKHJD D LPDJHP
JUiILFDGRPLFURIRQHPDVVLQDLV2ROKRROKDRREMHWRH[LVWHR
VXFHGHUVHGHGLYHUVDVSHUFHSo}HVHXPSURFHVVRGHFRPXQLFDomR
XPD FpOXOD FRPXQLFD D RXWUD QR WpUPLQR GR TXDO DR FpUHEUR
FKHJDPVRPHQWHVLQDLVTXHVmRUHGXo}HVHOpWULFDVWDOYH]FKHJXHP
GRLVULVTXLQKRVHXPSRQWR(VVHVGRLVWUDFLQKRVHXPSRQWRVmR
UHJLVWUDGRVGHFRGLILFDGRVHRFpUHEURRUJDQL]DDUHDomR4XDQGR
FKHJDDUHDomRRKRPHPUHIOHWHRWRGRGRREMHWRPDFURVFySLFR
$ QRVVD FDSDFLGDGH GH UHIOHWLU p XPD OyJLFD IXQFLRQDO
LQWUtQVHFDGDRUJDQL]DomRQHXU{QLFD$QRVVDQDWXUH]DFRPRIRL
HVWUXWXUDGD SHOD PHQWH GD YLGD WHP Mi XPD OLQKD VXD XPD OHL
SUySULD XP IDWR VHX QmR HOLPLQiYHO SRUTXH ID] SDUWH GDV OHLV
HWHUQDVGRXQLYHUVR
$ 2QWRSVLFRORJLD HQFRQWURX R PRGR FRPR D QDWXUH]D
HVFUHYHID]RSURMHWRHSURMHWDDUHIOH[mRGRIDWRRVSHUFXUVRVGH
DWLYLGDGHHLQIRUPDomRTXHDQDWXUH]DXVDQRLQWHULRUGDVSUySULDV
LQGLYLGXDo}HV
$2QWRSVLFRORJLDWRPDRVHQWLGRGHH[DWLGmRGDLGrQWLFD
OyJLFD TXH D QDWXUH]D XVD QR LQWHULRU GR SUySULR VLVWHPD
VXEDW{PLFRFHOXODU
1mR p VXILFLHQWH VHQWLUVH EHP GXUDQWH R VRQKR SDUD
SRGHUMXOJDUTXHWXGRHVWiHPRUGHPeSUHFLVRYHUVHJXQGRTXH
FULWpULR R VRQKDGRU GL] HVWDU EHP FULWpULR PpGLFR FULWpULR
HFRQ{PLFR FULWpULR HPRWLYR FULWpULR VRFLDO" 3ULPHLUR GHYHVH
YHULILFDUVHRVXMHLWRWHPXPDFRQVFLrQFLDWRWDOH[DWDQRUHIOHWLUD
UHDOLGDGH4XDQGRRVXMHLWRGL]TXHVHVHQWHEHPRID]VHJXQGR
DV FRQYLFo}HV D VLQFHULGDGH GH VXD FRQVFLrQFLD 0DV D VXD
FRQVFLrQFLD UHIOHWH FRP H[DWLGmR R HVWDGR GH QDWXUH]D FRQFUHWD
GRVXMHLWRWRWDO"
(P SVLFRWHUDSLD QR FOLHQWH PXGDVH D FRQVFLrQFLD
SRUTXHQmRpDUHDOLGDGHGRVHXLQFRQVFLHQWHTXHHVWiHUUDGDPDV
p R PRGR FRPR HOH SHQVD D VL SUySULR R TXDO FUr FHUWR 2
SVLFRWHUDSHXWD FDSD] GHYH FRUULJLU D FRQVFLrQFLD EDVHDGR QD
YDOLGDGHGRVXMHLWR
$FRQVFLrQFLDpUHODWLYDHQmRpVXILFLHQWHSDUDQRVGDUR
FULWpULR GD UHDOLGDGH GDV FRLVDV 6H SHUJXQWiVVHPRV D TXDOTXHU
HVTXL]RIUrQLFR FRPR HVWi HOH UHVSRQGHULD TXH HVWi PXLWR EHP
VmRRVRXWURVTXHHVWmRPDOHRGLULDGHPRGRFRQYLFWR
1HQKXP GH QyV SRGH HVWDU FHUWR EDVHDQGRVH VRPHQWH
QRV SDUkPHWURV GD FRQVFLrQFLD UDFLRQDO 6mR QHFHVViULRV RXWURV
FULWpULRV,VVRQmRDFRQWHFHSRUXPHUURGDQDWXUH]DPDVSRUTXH
KRXYHDLQWHUYHQomRGRPHFDQLVPRGRPRQLWRUGHGHIOH[mRTXH
Ki PXLWRV PLOrQLRV DOWHURX RV SURFHVVRV SVtTXLFRV GD UDoD
KXPDQD
$WUDYpVGRPpWRGRRQWRSVLFROyJLFRVHHVWiHPFRQGLo}HV
GHGLVWLQJXLURPRQLWRUHRVFRPSOH[RVPDVWDPEpPRVLQDOGR
(PVL{QWLFRHRQGHHVVHVHID]SUHVHQWH
1R VRQKR UHYHODVH TXDOTXHU tQWLPR GD SHVVRD e XP
YLVLRQDUFRPDWHQomRHWUDQVSDUrQFLDTXDOTXHUUHODomRTXDOTXHU
SDVVDGRTXDOTXHULQWHQomRUHDOGRVXMHLWR3DUDSRGHUVHUOLYUHp
QHFHVViULRFRPSUHHQGHUFRPRIRPRVIHLWRVFRPRDQDWXUH]DQRV
FRQVWLWXLX HVWi DTXL R SRGHU SRUTXH GHVWH FRQKHFLPHQWREDVH
VDEHPRVFRPRXVDUDQyVPHVPRV
"!03Ä034
2FRQFHLWRGHGtDGHpDOJRQmRHOLPLQiYHOQDUHDOLGDGHGR
VHU KXPDQR e XP WHUUtYHO H PDUDYLOKRVR FRQFHLWR DR TXDO p
SUHFLVRGDUDWHQomRSRUTXHXPVHUKXPDQRID]DUHODomRGHWRGD
DVXDYLGDGHWRGDVDVVXDVDPL]DGHVGHWRGDVDVVXDVUHODo}HV
EDVHDGR QD PDWUL] GHWHUPLQDGD QD LQIkQFLD SHOD GtDGH 1R
LQWHULRU GD SULPHLUD UHODomR IXQGDPHQWDO LQGLYtGXRIDPtOLD
UHODomR ItVLFD UHODomR TXtPLFD UHODomR OLQJXtVWLFD D PmH D
IDPtOLD H D VRFLHGDGH HVWDEHOHFHP R WLSR GH FRPSRUWDPHQWR QR
VXMHLWRRXQLIRUPL]DP(VVDPDWUL]GiDGLUHomRQmRHOLPLQiYHOH
QmRYDULiYHOSDUDWRGDDH[LVWrQFLDGRLQGLYtGXR4XDVHVHPSUHVH
HYLGHQFLD FRPR FRPSOH[R GRPLQDQWH GR VXMHLWR ´'RPLQDQWHµ
SRUTXH SUHYDOHFH VREUH WRGDV DV HQWUDV SRVVLELOLGDGHV GH
FRPSRUWDPHQWRSRU LVVR QD YLGD HOH HVFROKHUi VRPHQWHDTXHOH
WLSR GH PXOKHU H VRPHQWH DTXHOH WLSR GH KRPHP SDUD UHDOL]DU
QHJyFLRVFLrQFLDSROtWLFDHWFeFRPRVHDGtDGHLPSXVHVVHXPD
OtQJXDPmHXPDHGXFDomREDVHHVRPHQWHDVSHVVRDVDVFRLVDVH
DV VLWXDo}HV TXH VmR FRQIRUPH D HVVD OLQKDEDVH SRGHP VHU
HVFROKLGDVSHORVXMHLWRDVRXWUDVQmRVmRYLVWDV
(QTXDQWRR(PVL{QWLFRpLQWHOLJrQFLDHFRQ{PLFDDEHUWD
SRU LVVR HVFROKH DTXHODV VLWXDo}HV TXH VmR PDLV FRQYHQLHQWHV
PDLV YLWDLV PDLV HILFLHQWHV SDUD R VXMHLWR D GtDGH RUJDQL]D XP
FRPSOH[R GRPLQDQWH SRU LVVR R VXMHLWR SRGH GHVHQYROYHUVH
VRPHQWHVREUHDTXHODWLSRORJLDGHHVSDoRGHDomRGHHQFRQWURV
GHHFRQRPLDHWF
(PWRGDDKLVWyULDGR´EXVLQHVVPDQµHQFRQWUDVHVHPSUH
XPPRGRIL[RXPFDUiWHUGHYLYHUHGHID]HUDVFRLVDV
1R FRQMXQWR GD PLQKD H[SHULrQFLD QXQFD HQFRQWUHL XP
´EXVLQHVVPDQµ TXH WLYHVVH HUUDGR QRV VHXV QHJyFLRV QD VXD
SURILVVmRSHTXHQDRXJUDQGHTXHIRVVHQRTXDUWR VHWRU DTXHOH
GRHQFRQWURVRFLDOVHWLQKDH[DWRVRVWUrVSULPHLURVPRPHQWRV
FRODERUDomRIDPtOLDHLQGLYtGXR4XDOTXHUHUURHFRQ{PLFRRXGH
UHODomRGHSHQGHVHPSUHGHXPDUHODomRQRLQWHULRUGRLQGLYtGXR
TXHVHGHVHQYROYHQRVHWRUDIHWLYRHQDTXHOHGRVFRODERUDGRUHVH
HQILPH[SORGHQRVHWRU HFRQ{PLFR 2 SUREOHPD GH WHU VXFHVVR
RXHUUDUpVHPSUHXPDIHQRPHQRORJLDGDFDXVDOLGDGHLQWHUQDGD
HVWUXWXUDGR´EXVLQHVVPDQµ
7UDJR XP H[HPSOR UHDO 8P JUDQGH SURGXWRU
FLQHPDWRJUiILFR GLULJHVH D PLP SRUTXH VH HQFRQWUD HP XPD
FDWiVWURIHHFRQ{PLFD GH IDWR GH PXLWD ULTXH]D WLQKD WHUPLQDGR
HP HQRUPHV GpELWRV DR SRQWR GH QmR WHU PDLV QHQKXP GyODU
SDUDFRPHU$X[LOLHLR D UHVROYHU HVVD VLWXDomR H GHSRLV GH GRLV
DQRV UHWRPRX D XP HOHYDGR QtYHO GH ULTXH]D H GH EHPHVWDU
'XUDQWHHVVHWHPSRHOHWLQKDGHL[DGRDVXDIDPtOLDXPDPXOKHU
H GRLV ILOKRV H XPD VHFUHWiULD SDUWLFXODU TXH WLQKD VHPSUH
SUy[LPD D VL 'H IDWR YHULILFRXVH HVWD FRLQFLGrQFLD D ULTXH]D
YROWRX TXDQGR HOH VH OLEHUWRX GR ´HQWRXUDJHµ GDV VXDV UHODo}HV
DIHWLYDV (QTXDQWR LVVR KDYLD HQFRQWUDGR XPD RXWUD PXOKHU
PXLWRYiOLGDHLQWHOLJHQWHXPDPXOKHUTXHRDX[LOLRXWDPEpPD
UHID]HU D VXD ULTXH]D (OH QmR YHLR PDLV jV HQWUHYLVWDV H WXGR
DQGRXWUDQTLOR4XDQGRVHHQFRQWURXHPQRYDULTXH]DHQRYRV
SUREOHPDV WRPRX D PH SURFXUDU SRUTXH TXHULD DSUHQGHU D QmR
HUUDU PDLV HP UHODomR D VXD YLGD &RQWRXPH HVWH VRQKR
HQFRQWUDYDVH HP XPD VDOD RQGH YLD XPD ERQHFD TXH SHUGLD
VDQJXHGRFRUDomRGHSRLVYLXXPDPLJRVHXTXHWRFDYDYLROmRH
SUy[LPRDHOHWLQKDXPDPXOKHUTXHGLULJLDXPJUDQGH VDOmR GH
HVWpWLFD YLD HVWH DPLJR TXH WRFDYD PDUDYLOKRVDPHQWH FDQo}HV
QDSROLWDQDV HQTXDQWR HVWD PXOKHU SURSULHWiULD GR VDOmR
WUDEDOKDYD WUDQTLODPHQWH FRP VHXV FOLHQWHV VHXV FUHPHV HWF
3HUJXQWHLOKH´PDVWXDJRUDWHQVXPDRXWUDPXOKHUWHQVILOKRV
FRPHOD"µ33URGXWRU´6LPWHQKRGRLVILOKRVUHFRPHFHLXPD
QRYDYLGDTXHURXPDQRYDIDPtOLDSDUDWHUDH[SHULrQFLDGHXP
QRYR KRPHP $VVLP FRPR FRPSUHHQGL TXH D IDPtOLD TXH HX
KDYLD FRQVWUXtGR HUD WRGD HUUDGD KRMH TXH FRPSUHHQGR PXLWR
PDLV FRLVDV TXLV UHFRPHoDU WDPEpP XPD QRYD JHUDomR GH PLP
PHVPRSRULVVRHVWRXMXQWRFRPHVVDPXOKHUTXHHVWLPRPXLWRH
FRP HOD WLYH XP PHQLQR H XPD PHQLQDµ $0 ´&RPR HVWi D
PHQLQD VRE R SODQR FDUGtDFR"µ 3 ´([LVWHP SUREOHPDV FRP R
FRUDomR H GH WHPSRV HP WHPSRV p SUHFLVR OHYiOD D 3DULV HP
YLVLWD
PpGLFDWDPEpPSDUDSUHSDUDUVHDXPDFLUXUJLDSRUTXH
Ki XPD Pi IRUPDomRFDUGtDFDµ $0 ´2 ID] DJRUD DTXHOH WHX
DPLJRTXHYLVWHQRVRQKRFDQWDQGRIHOL]FDQo}HVQDSROLWDQDV"µ3
´2 PHX DPLJR HVWi EHP 7RFiYDPRV MXQWRV HX WRFDYD SLDQR H
HOHJXLWDUUDpXPDERDSHVVRDµ
$0 ´0DV TXDQWR GLQKHLUR HOH WHP"µ 3 ´1DGD p
VXVWHQWDGR FRPSOHWDPHQWH SHOD VXD PXOKHUµ $0 ´% IDUiV R
PHVPR ILP H WHUiV VHPSUH FRQWtQXRV SUREOHPDV FRP D PHQLQD
SRUTXHpSHTXHQDHHVWiPDOHWXDWUDYpVGDGRHQoDGDWXDILOKD
VHUiV FRQVWDQWHPHQWH VROLFLWDGR D LQWHUHVVDUWH SHORV SUREOHPDV
GHOD VHUiV WLUDGR GR WHX WUDEDOKR H SHUGHUiV D SRVVLELOLGDGH GH
LQWHUHVVDUWHSHORVWHXVJUDQGHVDID]HUHVHFRQ{PLFRVVRERSODQR
LQWHUQDFLRQDOµ(VWHKRPHPSHUGHXWXGR$JRUDDVXDPXOKHU R
HVWiDX[LOLDQGRDUHFXSHUDUDFRQILDQoDGRVEDQFRVSDUDDEULUXP
QRYR FUpGLWR D ILP GH TXH SRVVD UHFRPHoDU QRYDPHQWH +i XP
PrV PH SHGLD DMXGD H HX UHVSRQGL TXH QmR SRVVR ID]HU QDGD
SRUTXHQmRVHSRGHGDUDIRUWXQDDTXHPQmRPXGDMDPDLVRVHX
FRPSOH[REDVHGDLQIkQFLD(VWHpXPH[HPSORGHLQILQLWRVFDVRV
QDH[SHULrQFLD2QWRSVLFROyJLFD
0XLWRV FUrHP TXH TXDQGR GHYHP WUDWDU QHJyFLRV H
UHODo}HVFRPSHVVRDVDVXDLQWHOLJrQFLDVHMDVXSHULRUHLQWDFWDHP
UHODomRDRV IDWRV SHVVRDLV 1R VHU KXPDQR p XP FRQWtQXR VHMD
QREHPFRPRQRPDOeRSUySULRVXMHLWRTXHVDEHFRQVWUXLUQR
LQtFLRHGHSRLVGHVWUyLRFRPSOH[RGLiGLFRGDLQIkQFLDpFLUFXODU
p UHSHWLWLYR UHVWULQJH R VXMHLWR D QmR FUHVFHU 7DPEpP PXLWDV
GRHQoDVVmRRUHVXOWDGRGHXPDFRDomRDUHSHWLomRLPSRVWDSHOR
FRPSOH[RGLiGLFRGRVXMHLWR,VVRSRGHVHUFRQVWDWDGRDWUDYpVGD
DQiOLVH SVLFROyJLFD GRV VRQKRV H GH RXWURV HOHPHQWRV GD
SHUVRQDOLGDGH
8P KRPHP TXH TXHU LQYHQWDU TXHU FULDU HP SULPHLUR
OXJDUGHYHJDQKDUD WRWDOLGDGH GH VL PHVPR GHSRLV GLVVR SRGH
ID]HUDTXLORTXHTXLVHUSRUTXHDYLGDRVIDWRVOKHVmRDPLJRV
"! 03Ä034=>±1DB8=4BB<0=²
2´EXVLQHVVPDQµGHKRMHGHYHOLEHUDUVH GR HVWHUHyWLSR
GLiGLFR GD IDPtOLD HP WRGRV RV VHQWLGRV $ IDPtOLD p DOJR
VLPSiWLFRPDVQmRpRHVFRSRGDYLGD1mRVHSRGHFRORFDUHP
SULPHLUROXJDUQDKLHUDUTXLDGRVYDORUHVRVILOKRVHR´SDUWQHUµ
HQTXDQWR VmR DVSHFWRV VHFXQGiULRV QR JUDQGH MRJR GD YLGD
7DPEpP SRUTXH R ´SDUWQHUµ H D IDPtOLD QmR DMXGDUmR MDPDLV R
OtGHU2YHUGDGHLUROtGHUHVWiVHPSUHVyPDVMXQWRFRPRVHU
$OyJLFDSURIXQGD GR SRGHU GR (P VL {QWLFR p VRPHQWH
HVWD´RPQLDPHFXPWHFXPµWXGRDTXLORTXHpPHXWXGRDTXLOR
TXHpLPSRUWDQWHSDUDPLPHVWiVRPHQWHFRQWLJRHXHRVHUHXH
DYLGDHXHRWRGR2UHVWDQWHp
VHFXQGiULR6HIRUPRVFDSD]HV
GH VDOYDU HVWD OyJLFD VXSHULRU WHUVHj R UHVWDQWH HP
VXSHUDEXQGkQFLD3RUWDQWRRSULPHLURPRPHQWRpDOLEHUDomRD
FDWDUVHGHWXGRDTXLORTXHpRLQVWLWXFLRQDOLVPR´IDPLOtVWLFRµ2
YHUGDGHLUR´EXVLQHVVPDQµQmRGHYHWHUXPDSVLFRORJLDGHFLJDQR
RXGHODGUmRGHYHVHUXPFRQVWUXWRUGHULTXH]DFXOWLYDUUHODo}HV
GHYDORUFRPDTXHODVSHVVRDVTXHVmRSRUWDGRUDVGHULTXH]D1R
JUDQGH PDU GR PHUFDGR QmR p SUHFLVR JDQKDU RQGH HVWmR RV
REMHWRV PDV RQGH HVWmR DV SHVVRDV YHQFHGRUDV GHQWUR GH XP
FRQWH[WR $OpP GLVVR WUDWDVH GH HVWXGDU DV SHVVRDV
WUDQVFHQGHQGRRVVHXVHVTXHPDVSDUDFRPSUHHQGHUSDUDRQGHVH
GLUHFLRQDUmRGHQWURGHDOJXQVPHVHVRXDQRV3RUWDQWRDSUHQGHU
XPD OyJLFD GH DQWHFLSDomR HP UHODomR DR PHUFDGR 8P
´EXVLQHVVPDQµ GHYH FRQVLGHUDU TXH WDPEpP RV RXWURV
HVSHFLDOPHQWHDTXHOHVTXHWrPRGLQKHLURVmRLQWHOLJHQWHVWDOYH]
PDLVLQWHOLJHQWHVGRTXHHOH3RUWDQWRQmRSRGHHQJDQiORVHWHU
XP VLVWHPD GH EDL[R PHUFDGR 'HYH DSUHQGHU FRPR VHUYLORV
FRPR SRGH FRQWULEXLU SDUD DOJR TXH D HOHV YHUGDGHLUDPHQWH
LQWHUHVVD 'HYHVH FRORFDU HP DWLWXGH GH VHUYLoR GH IXQomR GH
UHVSRVWD LQWHOLJHQWH QmR SRGH DSUR[LPDUVH WUDWDQGR R RXWUR
FRPR REMHWR GD VXD LQWHOLJrQFLD GD VXD HVSHUWH]D GR VHX
PHUFDGR (P .HUVRQ XP ´EXVLQHVVPDQµ PH GL]LD TXH QR
´EXVLQHVVµ Ki WDPEpP ULVFR H TXH VH RV HXURSHXV TXLVHVVHP
ID]HU QHJyFLRV FRP D 8FUkQLD GHYHULDP HQIUHQWiOD 5HEDWL TXH
QmRHUDHOHTXHGHYHULDHQVLQDUDRRXWURFRPRID]HURPHUFDHUD
SUHFLVRTXHFRPHoDVVHHOHPHVPRDID]rOR3RUWDQWRRWHUFHLUR
PRPHQWRpDTXHOHGHQmRGHVYDORUL]DUR´SDUWQHUµRRXWURFRPR
VLWXDomRGRSUySULRPHUFDGR
17)DPLOtVWLFRpXPWHUPRXVDGRSHORDXWRUSDUDVLJQLILFDUDV
UHODo}HVIDPLOLDUHVSDWROyJLFDVRXTXHJHUDPSDWRORJLD
"">4<?A4BÁA8>34E830
+RMH R TXH FRQWD p D SHVVRD HVWH p R ~QLFR SRQWR
YHQFHGRU1yVSDUWLPRVGRUHDOL]DURLQWHUHVVHLQGLYLGXDO
LVWRp
GR DSUHQGHU D DUWH GH VHU EUDYR SDUD VL PHVPR SDUD D SUySULD
HILFLrQFLD
4XDOTXHULGpLDJHULGDSRUSHVVRDVVXSHULRUHVSRGHUHDOL]DU
WXGR QHVWD VRFLHGDGH $ LGpLD R SURMHWR QR LQtFLR p à XPD
YLUWXDOLGDGH p XPD SRVVLELOLGDGH TXH VH IHLWD SRU KRPHQV
VXSHULRUHV SRGH UHDOL]DU WDPEpP XPD VRFLHGDGH VXSHULRU 1mR
SDUDGRPLQDUPDVSDUDHOHYDUWRGRRVRFLDO
8PD SHVVRD GHYH VHPSUH PRYHUVH QD VXD LQWHULRULGDGH
QD VXD LQGLYLGXDOLGDGH WHQGR XPD UHIHUrQFLD FXOWXUDO TXH HOD
PHVPD HVFROKH VHJXQGR R FULWpULR GH Pi[LPD HILFLrQFLD $
2QWRSVLFRORJLD DOpP GH VHU XPD SVLFRWHUDSLD DOpP GH VHU XPD
FXOWXUDQDUHDOLGDGHpXPLQVWUXPHQWRGHSRGHUGHLQWHOLJrQFLD
eXPDH[WUDRUGLQiULDUHYROXomR 2 (P VL {QWLFR pXP FRQFHLWR
YXOFkQLFRGRKHUyLVHPPLWRVeFRPRGL]HUTXHHPFDGDKRPHP
H[LVWHDFHQWHOKDGHGHXV3RULVVRQmRH[LVWHSDWUmRpRVXMHLWR
TXHP GHYH VDEHU H FRPSUHHQGHU DTXHOD FHQWHOKD GH PRGR
UDFLRQDOFLHQWtILFRKLVWyULFRHQmRFRPR´FUHQWHµ$TXHOHUHLQR
H[LVWH DTXHOH SRGHU H[LVWH PDV p SDUD RV IRUWHV p SDUD RV
JUDQGHV SDUD DTXHOHV TXH VmR FDSD]HV GH DWXDU FRP FRHUrQFLD
FRP UDFLRQDOLGDGH FRP SUXGrQFLD FRP HTXLOtEULR XPD
LQILQLGDGH GH HVWUDWDJHPDV e XP SRGHU TXH p YiOLGR VRPHQWH
SDUDTXHPVDEHFRQGX]LORFRPJUDQGH]DGHRXWURPRGRDTXHOH
SRGHUQDPmRGHLQIHULRUHVUHGX]DVHURYHOKDO
m
SDUD
RXWURV 'HXV QmR GHYH VHU SUHJDGR PDV RSHUDGR IHLWR
H[HUFLWDGRFRPXPDWRWDOHDEVROXWDUHVSRQVDELOLGDGH
+DYLD XP KRPHP TXH GHL[DYD DOJXQV ILOKRV (OH GL]LD
´DJRUDHXPRUURYRXPHHHOHVRTXHID]HP" e SUHFLVR TXH RV
DMXGHµ$VVLPGLVVHDHOHV´HVFXWDLHXHVFRQGLXPJUDQGHWHVRXUR
QRQRVVRFDPSR-DPDLVGLVVHDDOJXpPIL]GHFRQWDWDPEpPTXH
HUD SREUH 3URFXUDLR H UHVROYHUHLV TXDOTXHU SUREOHPD YRVVRµ
0RUWRRSDLRVLUPmRVFRPHoDUDPDHVFDYDUUHYH]DQGRVHPDV
RWHVRXURQmRIRLHQFRQWUDGR1RILQDOGHFLGLUDPMRJDUDOJXPDV
VHPHQWHV 2 FXOWLYR REVWLQDGR D IXQGR QR UHYROYHU R K~PXV
FRPRDFUpVFLPRGDVVHPHQWHVGHXVHDPHOKRUFROKHLWDGHWRGD
D UHJLmR 'DFROKHLWD HVVHV FRPHUDP YHQGHUDP H FRPHoDUDP D
FRPSUHHQGHU TXDO HUD R WHVRXUR TXH HVWDYD HVFRQGLGR QDTXHOH
FDPSR
2 FDPSR p D YLGD H DOL HVWi R WHVRXUR PDV GHSHQGH GH
FRPR R WUDEDOKDV QmR p JUDWXLWR 'H DFRUGR FRPR DJHV
HQFRQWUDVRWHXWHVRXUReHVWHRVHQWLGR´DYLGDpEHODVHWXD
VDEHV ID]HU EHOD 3RGHV QmR WHU D WpFQLFD HVSHFtILFD PDV TXH D
YLGD QmR WHQKD R VHX WHVRXUR p DEVXUGR 'H DFRUGR FRPR
WUDEDOKDVDSDUHFHWDPEpPDTXLORTXHQXQFDHVSHUDVWHTXHQXQFD
KDYLDVVRQKDGRµ
3RUWDQWR WUDWDVH GH DGRWDU D FDGD SDVVDJHP D UHJUD
FHUWD2HVFRSRpSDUDFDGDXPDTXHOHGHUHDOL]DUDVLPHVPRp
HVWHRSUREOHPDGHIXQGRGDYLGDHSDUDYHQFHUpSUHFLVRPRYHU
VH PRPHQWR D PRPHQWR VHJXQGR XPD PHGLGD VHJXUD
&RORFDGDV DV SUHPLVVDV RSRUWXQDV LQHYLWDYHOPHQWH GDUVHmR RV
UHVXOWDGRV &DVR VH PDQWHQKD D KDVWH SRUWDGRUD D VROLGH] GD
HPSUHVD HQWmR WRGDV DV RXWUDV FRLVDV TXH LQWHUHVVDP R ILOKR D
PXOKHUDFDVDHWFSRGHVHWHUHPVXSHUDEXQGkQFLD
([LVWH R Q~FOHR H R PRYLPHQWR SRUpP QR PRYLPHQWR
QmR VH GHYH GHVHTXLOLEUDU R FHQWUR 0DQWHQGR LQWDFWR R Q~FOHR
WUDWDVHGHID]HUSURWXEHUkQFLDVVRODUHVLVWRpVHVDLHVHUHWRUQD
SRUpPTXDQGRVHUHWRUQDGHYHWHUSDUDQyVXPDFUpVFLPR
´(Xµ p D FRQVFLrQFLD D SHVVRD ´FRUSRµ p D VD~GH R
EHPHVWDU YLWDO ´&RUSR 6RFLDOµ p R ´VWDWXV TXRµ R FRQMXQWR
GDTXHOHVYDORUHVTXHHVWmREDVHDGRVQRGLQKHLURUHODo}HVHVWLPD
WUDQTLOLGDGH OHJDO HQWHQGHVH D HFRQRPLD R OHJDOLVPR H DV
UHODo}HV 2 ´FRUSR HFRQ{PLFRµ p D EDVH R Q~FOHR ,VWR p D
LQWHOLJrQFLD GHVWD VROLGH] FRUUHVSRQGH j HILFLrQFLD GRV TXDWUR
HOHPHQWRVHXFRUSRFRUSRVRFLDOFRUSRHFRQ{PLFRTXHGHYHP
HVWDU VHPSUH EHP FRHVRV H GHVHQYROYLGRV 2 PRYLPHQWR GR
FHQWUR p UHSUHVHQWDGR QR JUiILFR VDL TXDQGR VDL R FtUFXOR VH
UHVWULQJH SRUpP GHYH VHU XPD VDtGD TXH GHSRLV UHWRPD
DPSOLDQGR R FHQWUR 3RGHP H[LVWLU SDUD QyV WHPSRV KLVWyULFRV
WUrV DQRV FLQFR DQRV HWF SRUpP R VXMHLWR QmR GHYH MDPDLV
DIDVWDUVH GR FRQMXQWR GRV TXDWUR HOHPHQWRV HX FRUSR FRUSR
VRFLDOHFRUSRHFRQ{PLFRVHLVWRpHILFLHQWHPDQWpPVHRSRGHU
QmR WHP QLQJXpP TXH SRVVD FRQGLFLRQDU e DTXL TXH UHVLGH R
SRGHU D HILFLrQFLD GR VXMHLWR QR HPSUHHQGLPHQWR KLVWyULFR
HFRQ{PLFR VRFLDO GR VHX WHPSR 6H SRU XP VHJXQGR QRV
GLVWUDtPRVSHQVDQGRVRPHQWHQDFDVDQDIDPtOLDQDPXOKHUQR
DPLJRRQ~FOHRFRPHoDDIUDJLOL]DUVHLVWRpIUDJLOL]DVHDUHVHUYD
HRVXMHLWRSHUGHWXGR3RUH[HPSORH[LVWHPDOJXQVVXMHLWRVTXH
WrP QHFHVVLGDGH GH XPD FHUWD UHIHUrQFLD QmR SRUTXH VmR
GHSHQGHQWHV PDV SRU XPD IRUPD GH FRPSOHPHQWDULHGDGH TXH
QmR p D EDVH VH[XDO GH DPRU RX HPRWLYD PDV p XPD
FRPSOHPHQWDULHGDGHIXQFLRQDODRVXMHLWR,VWRjVYH]HVSRGHVH
YHULILFDUFRPXPDLUPmFRPXPLUPmRFRPXPDPmHFRPXPD
PXOKHU p LQGLIHUHQWH D IXQFLRQDOLGDGH p R TXH FRQWD ,VWR p R
VXMHLWR IXQFLRQD VH WHP DTXHOH FRPSOHPHQWDU VHP DTXHOH
FRPSOHPHQWDU R VXMHLWR QmR IXQFLRQD 4XDQGR QmR H[LVWH
IXQFLRQDOLGDGHpPHOKRUURPSHUDLODomRSRUTXHpGHVYLR
$SHVVRDFRPRHPSUHHQGLPHQWRGHKLVWyULDHVWiEDVHDGD
H[FOXVLYDPHQWHQDHILFLHQWHDomRKLVWyULFDGRHX$HILFLrQFLDGD
DomR KLVWyULFD GR HX VH ID] DWUDYpV GH GLYHUVRV DVSHFWRV
FRRUGHQDGRVHQWUHHOHV´&RUSRVRFLDOµVLJQLILFDPDQWHUXPDUHGH
GH HILFLrQFLD GH UHODo}HV VHP MDPDLV SURVWLWXLUVH 8PD YH]
HVFROKLGR R PHX HVSDoR VRFLDO XPD YH] HVWDEHOHFLGD XPD PHWD
GHYRHVFROKHURVPHXVSDUHVSDUDDTXHODPHWDLVWRpQmRSRVVR
DQGDU FRP WRGRV SRUTXH RV LQIHULRUHV GH TXDOTXHU IRUPD
RSHUDP OHYDP j GLPLQXLomR ´&RUSR HFRQ{PLFRµ HQWHQGHVH D
HILFLrQFLD D FRQVLVWrQFLD GR GLQKHLUREDVH TXH HP TXDOTXHU
RFRUUrQFLD ORJR UHVSRQGH SURYLVLRQD SiUD HWF 2 IXQGR
HFRQ{PLFR VRPHQWH R VXMHLWR FRQKHFH QmR R GHYH VDEHU QHP
PHVPRREDQFRQLQJXpPRGHYHVDEHUHDTXLFRPHoDDLQG~VWULD
GD SHVVRD VXSHULRU LVWR p PRYHUVH FRP DEVROXWD HVSHUWH]D QR
´KRQHVWR OHJDOµ 7UDWDVH GH VDEHU XVDU D OHL SDUD VXSHUDU D OHL
VHPFRQWUDGL]rOD(QWmRpSUHFLVRWHUHVWHWLSRGHVROLGH]VHQmR
VHSRVVXLGHYHVHDSUHQGHUFRPRIRUPiOD3RUWDQWRDVROLGH]GH
XPDHPSUHVDHVWiEDVHDGDQDHILFLrQFLDGHVWHVTXDWURHOHPHQWRV
DSRVVHGRHXDVD~GHDGLJQLGDGHDFRQILDQoDGDTXDORVXMHLWR
JR]DHDEDVHHFRQ{PLFD
"#0B0C8CD34B5D=28>=08B
*RVWDULD GH GHVFUHYHU QXP FHUWR HVWDGR GH FRQVFLrQFLD
TXH p SUHOLPLQDU D XP FDUUHWR PRGR GH SHQVDU (P FDGD VHU
KXPDQRpSRVVtYHOHQFRQWUDUDVDWLWXGHVIXQFLRQDLVGHVFULWDVQR
JUiILFRVHJXLQWH
6HQVRULDOLGDGH
(PRomR
0HPyULD
&RQVFLrQFLD
0RQLWRUGHGHIOH[mR
(PVL{QWLFRQDWXUtVWLFR
(PVL{QWLFRFRQWHPSODWLYR
$ VHQVRULDOLGDGH p D SHUFHSomR H[SHULPHQWDO GH IDWRV
TXH DFRQWHFHP DR QRVVR UHGRU SRU H[HPSOR HVWDPRV DQGDQGR
SRUXPDHVWUDGDHQXPFHUWRPRPHQWRKiXPEXUDFRRXHQWmR
KiXPFmRTXHODWH$VHQVRULDOLGDGHGiDSHUFHSomRGHUHDOLGDGH
TXH SRGH GHSRLV LPSOLFDU XPD YDULDomR GH FRPSRUWDPHQWR GH
DomRRXUHDomRSRUSDUWHGRVXMHLWR
(PRomRpTXDOTXHUSHQVDPHQWRTXDOTXHUUHDOLGDGH
TXH
FRQVHJXH DWLQJLU R tQWLPR LVWR p ´ PRYH D PLPµ (QTXDQWR D
VHQVRULDOLGDGH p D SHUFHSomR GH XPD UHDOLGDGH H[WHUQD TXH
SHUPDQHFH WDO H SHOD TXDO R VXMHLWR SRGH WHU R PDLV DEVROXWR
GHVLQWHUHVVH D HPRomR DFRQWHFH TXDQGR R IDWR D PHPyULD R
SHQVDPHQWR R WRFDP R FHQWUDP H SRU WDQWR R DJHP
SURYRFDQGRVHQWLPHQWRVGHGRUyGLRDOHJULDHWF
$ PHPyULD UHSUHVHQWD XP SDVVDGR TXH VXFHVVLYDPHQWH
YHP UHFRQILJXUDGR GH DOJXP PRGR 3RUWDQWR p XP UHSHWLU XP
UHSURSRUDVLPHVPRH[SHULrQFLDVMiYLYLGDV
&RQVFLrQFLDVLJQLILFDVLPSOHVPHQWHUHIOHWLURMiRFRUULGR
2RFRUULGRHPRWLYRIDFWXDORXGHPHPyULD$DomRGHWRFDUXP
PHWDOpXPIDWRVHQVyULRQmRWHPQHQKXPDHPRomRGHSRLVHX
SRVVRUHFRUGiODHDPLQKDFRQVFLrQFLDSRGH UHYHU WDQWR R IDWR
GHPHPyULDFRPRDVXDSHUFHSomR3RUWDQWRDFRQVFLrQFLDpXPD
IRUPD GH UHIOH[R H VH Gi QD PHPyULD QD VHQVRULDOLGDGH QD
HPRomRQR(XOyJLFRpXPSyVWXPR
2 PRQLWRU GH GHIOH[mR p D HVWDELOL]DomR GH WRGDV DV
FRRUGHQDGDVGDWUDQVPLVVmRGDWUDGLomRPRUDOHWXGRDTXLORTXH
LPSOLFDRVXSHUHJRPRUDOWUDGLomRGHYHUHWF
2 HX OyJLFR p R PRPHQWR QR TXDO D DWLYLGDGH SVtTXLFD
WUDQVFHQGH WRGRV RV IDWRV SVLFROyJLFRV RV IDWRV GH PHPyULD RV
IDWRV GH VHQVRULDOLGDGH LVWR p VXSHUDRV TXDVH FRP LQGLIHUHQoD
RV PHGH RV MXOJD RV VLQWHWL]D H RV IRUPDOL]D e R FULWpULR GH
FRQWUROH R FULWpULR GH PHGLGD TXH R VXMHLWR WHP VREUH TXDOTXHU
H[SHULrQFLDGDVXDYLGD
2 (P VL {QWLFR QDWXUtVWLFR p R IHL[H GRV LQVWLQWRV
SRVLWLYRV D YRQWDGH GH EULQFDU D YRQWDGH GH FRPHU H GH WRGRV
DTXHOHVGHVHMRVTXHVmRWRWDLVHLQRFHQWHV8PH[HPSORH[SOtFLWR
SRGHVH YHU QRV DQLPDLV VDGLRV H QDV FULDQoDV R VHX PRGR GH
H[SRUVHGHOLPSDUVHGHDJUHGLUpWRGR(PVLQDWXUtVWLFRLVWRp
XP (P VL RUJDQtVPLFR TXH VH H[SOtFLWD QD IHQRPHQRORJLD GRV
FRPSRUWDPHQWRV VRPiWLFRV HPRWLYRV LQWHQFLRQDGRV D DWDV
EUHYHVFXMRILPH[FOXVLYRpXPDIRUPDGHQDUFLVLVPRLVWRpXPD
IRUPDSUD]HLURVDGRIDWRGHH[LVWLU
2 (P VL {QWLFR FRQWHPSODWLYR VH Gi TXDQGR R (P VL
{QWLFRWUDQVFHQGHTXDOTXHUIHQRPHQRORJLDGR H[LVWLU H VH FHQWUD
QR6HUVXSUHPRQR6HUHPVLGDVFRLVDVeRFULWpULR~OWLPRGR
VXMHLWRIUHQWHDRVHU
$HVVDVDWLWXGHVIXQFLRQDLVSRGHUVHLDDJUHJDURLQVWLQWR
WDPEpPVHRLQVWLQWRVHJXQGRDVFRRUGHQDGDVTXHFRUUHVSRQGH
SRGHVHUH[SUHVVmRWDQWRGR(PVL{QWLFR FRPR GR PRQLWRU GH
GHIOH[mR6HRLQVWLQWRpOLYUHSDUDTXDOTXHUIXQomRHQWmRpIRUoD
HSUD]HU6HHVWiVXEPHWLGRDRPRQLWRUGHGHIOH[mRpSHULJRVRp
QRFLYR DR VXMHLWR H DRV RXWURV VH DR LQYpV HVWi j GLVSRVLomR
H[FOXVLYDGR(PVL{QWLFRpH[HUFtFLRGHLQWHOLJrQFLD7DPEpPR
(XOyJLFRSRGHVHUFROLJDGRFRPR(PVL{QWLFRFRPRPRQLWRU
GHGHIOH[mRRXFRPDPHPyULD
$V GXDV OLQKDV LQGLYLGXDP D SHUIHLomR GH XP KRPHP
PDGXUR TXH RSHUD QD RWLPDOLGDGH GD UHODomR HQWUH (X OyJLFR H
(PVL{QWLFRFRQWHPSODWLYReHVWHRFULWpULRPi[LPRGRTXDOR
VHUKXPDQRGLVS}H
8PD SHVVRD WHP PXLWDV DWLWXGHV VXEVWDQFLDOPHQWHWHP
WDPEpP PLO SUHRFXSDo}HV R YHVWLU R FRPHU R WUDEDOKR R
DPDQKmDVUHODo}HVHWF(QWmRSDUDDSUHQGHUDFHQWUDUDYLGDp
SUHFLVR GH WHPSRV HP WHPSRV VDEHU HQWUDU HP GLYHUVRV RiVLV
H[LVWHXPPRPHQWRGR(PVLQDWXUtVWLFRH[LVWHRPRPHQWRGR
(P VL {QWLFR H[LVWH R PRPHQWR GR (X OyJLFR HWF 9LYHU GH
VLWXDo}HV H[FOXVLYDV GR (P VL {QWLFR QDWXUtVWLFR SURSLFLD
QRYDPHQWH D YLUJLQGDGH SURSLFLD QRYDPHQWH DWLWXGHV VDGLDV
SURSLFLDQRYDPHQWHRYLJRUQDWXUDODWRGRVRVQRVVRVSURFHVVRV
IXQGDPHQWDLVWDQWRGR(PVL{QWLFRFRPRGR(XOyJLFR7UDJRR
H[HPSOR GR MRJR GHVWD PDQKm QD SUDLD (X QmR MRJXHL SRU XP
VHQWLGRGHUHVSRQVDELOLGDGHVHJXQGRXPFiOFXORSDUDHVWDEHOHFHU
XPD ERD LQWHUDomR JUXSDO FRPR DQLPDGRUSVLFRWHUDSHXWD
6LPSOHVPHQWH PH GLYHUWL VHJXQGR R LQVWLQWR PRPHQWR D PR
PHQWR HUD XP ´WRXUµ GH SUD]HU QDGD PDLV 3RUWDQWR VLJQLILFD
TXH HX UHDOPHQWH ULD EULQFDYD PH HPRFLRQDYD SHQVDQGR
VRPHQWH QDTXLOR TXH HVWDYD ID]HQGR 7LQKD R FpUHEUR OLYUH
´ILORVRILDµ ´RQWRSVLFyORJRµ ´UHVSRQViYHO SHOR UHVLGHQFHµ
QDTXHOH PRPHQWR QmR HUD QDGD GLVVR (UD XP MRJDU OLYUH FRP
DPLJRVTXHPHDJUDGDYDPQDTXHOHPRPHQWR*RVWRSHORJRVWR
/LYUHV IRUD GH TXDOTXHU OHL GH TXDOTXHU UHFDWR GH TXDOTXHU
UHVSRQVDELOLGDGH 6XEVWDQFLDOPHQWH YLYL GXDV KRUDV GH (P VL
QDWXUtVWLFR LVWR p H[HUFLWHL XP LQVWLQWR OLYUH FRPR KRPHP
FRUSR OLYUH VREUH D SUDLD FRP R PDU 9HQFHU WUDQTLODPHQWH R
DSDUHQWHSHULJRGDVRQGDVGHSRLVEXVFDURDSDUHQWHFRQIOLWRFRP
R DPLJR SDUD H[HUFLWDU VLPSOHVPHQWH R SUySULR QDUFLVLVPR GH
IRUoD R SUySULR QDUFLVLVPR GH WHU XP DPLJR $V VHQKRUDV PH
GHVFXOSDUmR VH DEUR DTXL XP SHTXHQR SDUrQWHVH XP KRPHP
IXQGDPHQWDOPHQWH QD VXD LQIkQFLD SULPHLUR EXVFD XP DPLJR D
PXOKHUpXPDVSHFWRSRVWHULRULVWRpSDUDXPPDFKRSRVVXLUXP
DPLJR p XP SRQWR YHQFHGRU QD YLGD $ PXOKHU p XP SUD]HU H
XPD GLQkPLFD XP DPLJR DR LQYpV SRGH VHU XPD VDWLVIDomR
LQWHOHFWXDOPDVWDPEpPXPDIRUoDTXHDX[LOLDTXHSRWrQFLD
8PDPLJRQmRVHHQFRQWUDJUDWXLWDPHQWHWXGiVDOJXPDV
FRLVDVHHOHGiDOJXPDVFRLVDVDWLHQDSDVVDJHPpSUHFLVRHVWDU
VHPSUH PXLWR DWHQWR H PRYHUVH FRP IUDQTXH]D VHP MDPDLV
RIHQGHU RV OLPLWHV GD GLJQLGDGH GR RXWUR 'H TXDOTXHU PRGR
SDUD FKHJDU D XPD DPL]DGH YHUGDGHLUD SULPHLUR p SUHFLVR WHU
FRPRPHOKRUHVDPLJRVDVLSUySULRV
$OpP GLVVR D YHUGDGHLUD DPL]DGH WHP QHFHVVLGDGH GH
FUHVFLPHQWRFRQMXQWRWX
FUHVFHVQRWHXFDPLQKRHHXFUHVoRQR
PHX1mRpXPDILGHOLGDGHELROyJLFDpXPFRQMXQWRHYROXWLYRQR
TXDO FDGD XP SRGH ID]HU GLDOpWLFD QR SUySULR FDPSR WX pV XP
H[tPLRFRQWDGRUHXVRXXPERPDGYRJDGRLVWRpWRGRVFDYDORV
YHQFHGRUHVFDGDXPFRPRVHXWHPSHUDPHQWRFDGDXPFRPR
VHX HVWLOR p QHFHVViULR WDPEpP LVWR (P SULPHLUR OXJDU
SHUPDQHFHRLQWHUHVVHGRHJRtVPRLQGLYLGXDO2SULPHLURYDORUp
VHPSUH R SUySULR VXMHLWR (QWmR R DPLJR GHYH VHU XPD SHVVRD
YiOLGD XPD SHVVRD TXH ID] GH RXWUR PRGR ILFDPRV
GHVDFUHGLWDGRV ´GLJDPH FRP TXHP DQGDV H GLUWHHL TXHP pVµ
´VHDQGDVFRPRPDQFRDSUHQGHVDPDQFDUµeSUHFLVRSRUWDQWR
XPD FHUWD SDULGDGH GH YDORUHV GH DomR XPD FHUWD SDULGDGH GH
VXFHVVR VRFLDO (QWmR SRGHUVHLD GL]HU WX pV DPLJR SRU
LQWHUHVVH"6LPHXVRXDPLJRVRPHQWHSHORPHXLQWHUHVVHSRUTXH
DWUDYpVGHVWHHXHVWRXQDLQWLPLGDGHGRVHUFDVRFRQWUiULRWRUQD
VH F~PSOLFH GH GRHQoD F~PSOLFH GH FRPSOH[R F~PSOLFH GH
HVWHUHyWLSRF~PSOLFHGRPRQLWRUGHGHIOH[mRLVWRpHQWUDVHQR
FLUFXLWRSDWROyJLFR
$FRQVHOKRYRV D QmR FRQVHQWLU D QmR SHUPLWLU QHQKXP
FRQWDWRTXHSRVVDLPSOLFDUKRPRVVH[XDOLGDGHHUyWLFDeSRVVtYHO
H p QRUPDO VHQWLU R FRQWDWR GDV HPRo}HV HUyWLFDV FRP R RXWUR
KRPHP FRP R RXWUR DPLJR 9ROXQWDULDPHQWH EORTXHiOD QmR
SRUTXHDKRPRVVH[XDOLGDGHHPVLpXPPDOPDVSRUTXHDWUDYpV
GDKRPRVVH[XDOLGDGHYHULILFDVHQLYHODPHQWRGLVIXQFLRQDO3RGH
VHSRUWDQWRSURYDUPRPHQWRVGHSDUWLFXODULQWLPLGDGHHPRWLYD
FDUQDO FRP R DPLJR RX FRP DTXHOH DPLJR PDV EORTXHLHPQD
ORJR (VWH WLSR GH VH[XDOLGDGH SRGH VH VXEOLPDU QD EULQFDGHLUD
QR MRJR QR WUDEDOKR FRQMXQWR SHUPDQHFHQGR VHPSUH HP
GLDOpWLFDGHSUD]HU
3RUWDQWR QD YLGD p LPSRUWDQWH WHU PRPHQWRV GH (P VL
QDWXUtVWLFR9RFrVQXQFDYLUDPDVJDLYRWDVTXDQGRHVWmRVREUHDV
RQGDV" (VWmR DOL ID]HQGR R TXr" )D]HQGRVH HPEDODU SHOD iJXD
1mRHVWmRDOLSDUDSHVFDUPDVSDUDID]HUVHHPEDODUQRVEUDoRV
GR YHQWR e LPSRUWDQWH HQWUDU QXPD SHUFHSomR GR SHQVDPHQWR
QDTXDOVHJR]DDYLGDVHJR]DDSHOHVHJR]DDiJXDVHJR]DR
SDODWR VH JR]D R LQVWLQWR VH JR]DP RV SpV DV PmRV VH JR]D D
FRUULGD VHP WHU QDGD HP PHQWH VHP WHU XP SURJUDPD VHP WHU
PHPyULDVHPWHU(XOyJLFR$IDQWDVLDGRMRJRSHORMRJRWRPDU
H FRPHU SHQVDU WRFDU GHSRLV XP RXWUR SHQVDPHQWR ILQD IORU
6HQWLUVHVHPFDEHoDVHPFpUHEURYLYHUFRPXPDHSLGHUPHTXH
VRSUDFRPRYHOXGRVREUHDVFRLVDVTXHHVWmRHPWRUQR3RGHVHU
R IXPDU XP FKDUXWR FDVR HVWHMD QR OXJDU FHUWR GHSRLV XPD
IDQWDVLDGLVWDQWHTXHSHQHWUDFRPRVROKRVGHQWURRFpX´HVWRX
SHQHWUDQGR RV ROKRV QR D]XO HVWRX VHQWLQGR R FKDUXWR TXH PH
ID] D FRUWH TXDQGR D IXPDoD PH FLUFXQGDµ ,VWR p DSUHHQGHU
HVWH HVWDGR GH LQRFrQFLD GH (P VL QDWXUtVWLFR QR TXDO QmR Ki
UDFLRQDOLGDGH QmR Ki SURJUDPD QmR Ki VRFLHGDGH QmR Ki
PRQLWRUGHGHIOH[mRH[LVWHVRPHQWHHVWH(PVLRUJDQtVPLFRTXH
JR]DDYLGDRUJDQLVPLFDPHQWH
2EYLDPHQWH HVWH HVWDGR GHYHVH FRQTXLVWDU GHYHVH
SUHRUJDQL]DU QmR VH SRGH ID]rOR VHPSUH 4XDQGR H[LVWH XPD
RUGHPRXXPFRQWUDWRDUHDOL]DUpSUHFLVRHVWDUGHVSHUWRTXDQGR
Ki XP PRPHQWR QR TXDO H[LVWHP FRLVDV VpULDV D VHUHP IHLWDV
VpULDVVHJXQGRDVRFLHGDGHGHYHVHID]rODV(VWHVVmRRVMDUGLQV
GD SUySULD JUDoD TXH SRGH VHU YLYLGD FXMR ~QLFR HVFRSR p D
HILFLrQFLD GR VHU D HILFLrQFLD GR H[LVWLU $TXL QmR Ki XPD
PHPyULDQmRKiHXOyJLFRQmRKiRPRQLWRUGHGHIOH[mRQmRKi
WRGD D EDJDJHP GR SDVVDGR eV XP SHTXHQR PHQLQR FRPR
PXLWRV XP PHQLQR GHQWUR GD YLGD XP PHQLQR TXH WHP D
SRVVLELOLGDGH GH JR]DU D YLGD e EHOtVVLPR SRUTXH VHQWH WRGD D
RQGDGDYLGDGR(PVL{QWLFRTXHVHUHQRYDGHQWURTXHVHWRUQD
YLUJHP QRYDPHQWH VH UHFRQVWLWXL H Gi XPD IRUPD GH
WUDQVFHQGrQFLDVXSHULRUGHVXSHULRULQGLIHUHQoDDWRGDVDVFRLVDV
LQ~WHLVGHWRGDVDVFRLVDVTXHSRGHPDQJXVWLDUTXHSRGHPOHYDU
DR´VWUHVVµ
e SUHFLVR WHU HVWD FXOWXUD GD JUDoD GH H[LVWLU VHP QHP
PHVPRRWHPSRGHID]HUVHXPDSRHVLDVREUHHODSRUTXHHVWDp
Mi R (X OyJLFR TXH SURFXUD FROKHU R LQVWDQWH IXJD] 3RUWDQWR
DXWRSHUFHEHURLQVWDQWHHPTXHVHHVWiID]HQGR(VWHVPRPHQWRV
VmRDVEDVHVGHXPDHILFLrQFLDJHUDOTXHGHSRLVUHYLJRUDTXDQGR
IRU R PRPHQWR GD PHPyULD TXDQGR IRU R PRPHQWR GR (X
OyJLFR TXDQGR IRU R PRPHQWR GD OXWD HWF 6mR HVWDV DV EDVHV
UHDLV RV FHQWURV TXH SRGHP JDOYDQL]DU QR PRPHQWR GR
SUREOHPD 3RUWDQWR HQWUDU HP IpULDV ID]HU XP ´YD]LRµ QR TXDO
QmR H[LVWH DomR DomR OHJDO DomR VRFLROyJLFD DomR GH
UHVSRQVDELOLGDGH (QWUDU HP XP SHUIHLWR yFLR TXH p D
FRQWHPSODomRGRIDWRGHH[LVWLUQRPHLRGDYLGDQDWXUDO
1DWXUDOPHQWHHVWHVVmRSRQWRVGHFKHJDGD5HIXJLDUVHQD
EXVFD GHVWD LUUHVSRQVDELOLGDGH VHULD LQIDQWLOLGDGH VHULDHYDGLUVH
GRDSHORGDLQH[RUiYHOSURYRFDomRGDYLGD4XDQGRRVXMHLWRID]
WXGR DTXLOR TXH GHYHULD ID]HU HP UHODomR j VRFLHGDGH D VL
PHVPR DRV VHXV FRPSURPLVVRV HWF ID] R ´SRQWR ]HURµ
VLPSOHVPHQWH SDUD H[LVWLU 'HSRLV GRV GHYHUHV GHILQLGRV SDUD
DTXLORTXHFRQFHUQHDRWHPSRKLVWyULFRHQWUDUQHVWHDWRYLUJHP
QHVWDDXWRJrQHVHGDH[SHULrQFLDQDWXUtVWLFDDWUDYpVGDTXDOR(P
VL{QWLFRUHSULQFLSLDUHFRQVWLWXL UHFULD UHQRYD RV SRVWXODGRV GD
DomR SRUTXH DSHQDV VH UHVROYHX D XUJrQFLD KLVWyULFD R ILP GR
(PVL{QWLFRpRSUD]HU)D]HUIpULDVpXPSRQWRGHFKHJDGDQmR
XPD DPQpVLD GH XUJrQFLDV TXH GH DOJXP PRGR QRV DSHLDP
3RUWDQWR FKHJDU D HVWHV PRPHQWRV DXWRJHQpWLFRV GR (P VL
QDWXUtVWLFRpXPDHVFDODGDpXP´WUDLQLQJµpXPSURFHVVR3RGH
VHID]HUXPGRVPRPHQWRVSVLFROyJLFRV8PDYH]RUJDQL]DGDVDV
FRLVDV SRGHPRV QRV SHUPLWLU XP FHUWR WLSR GH IpULDV IpULDV
HVWXGRHHVWHpRPDLVGLItFLORXHQWmRSRGHVHID]HUjQRLWHKiD
WXDVDODDWXDODUHLUDRWHXWRFDGLVFRRWHXMDQWDUKiDTXHODIHVWD
FRP RV DPLJRV RX HQWmR XP HQFRQWUR *R]DV DV FRLVDV TXH
IL]HVWH R TXDGUR TXH FRPSUDVWH WH LPHUJHV QR PXQGR QD
KLVWyULDTXHFRQVWUXtVWHVHUSDUDVHU2XHQWmRSRGHVHID]HULVVR
TXDQGR VH YLDMD HP XP PRPHQWR QR TXDO QmR VH SRGH ID]HU
QDGD VXSRQKDPRV TXH QmR VHMD R FDVR GH WHOHIRQDU GH SRGHU
ID]HUFRQWDWRVQRVHQFRQWUDPRVSRUFLUFXQVWkQFLDGHQWURGHXP
{QLEXV e LQ~WLO ILFDU D SHQVDU QHVVD RFDVLmR p LPSRUWDQWH
VREUHYLYHU(QWmRQRVGLVSXVHPRVFRPRXPSDFRWHSRVWDOHQRV
HQFDQWDPRV FRPR XP REMHWR ROKDQGR FRPR HVWUDQKRV DTXHOD
PXOWLGmRDTXHODVFRLVDVDTXHOHVXQLIRUPHVDTXHODVSDODYUDVLVWR
pQRPRPHQWRTXHSRUVLWXDomRVRFLDOVHpIRUoDGRDVHUREMHWR
SRGHVH YLYHU HYDV}HV GH DOPD H LVWR UHFRQVWLWXL D LQWHOLJrQFLD
UHFRQVWLWXL D IRUoD H QRV WRUQD DOKHLRV GR PRQLWRU j FO IO mR
SRUTXH XPD GH VXDV FDUDFWHUtVWLFDV p D GH jH HOH H[mR SRU
LQWHQVLILFDU R ´VWUHVVµ GR GHYHU SRU LVVR TXDQGR FKHJDPRV DR
SRQWRWHPRVRFpUHEURFRQVXPDGR3RUWDQWRDJLUTXDQGRIRUR
PRPHQWR GH DJLU TXDQGR QmR VH SRGH DJLU SRU UD]}HV
FLUFXQVWDQFLDLVHQWUDUWUDQTXLORVQR(PVLQDWXUtVWL&2
1mRpIiFLOYHUEDOL]DUDGDQoDVHPSDODYUDH VHP IRUPD
GR (P VL QDWXUtVWLFR 1mR p IiFLO HQVLQDU FRP DV SDODYUDV XP
PXQGRVHPSDODYUDV2PRQLWRUGHGHIOH[mRHQWUDVHPSUHRQGH
H[LVWHP WDPEpP DV IRUPDV VHP IRUPDV HVWH QmR SRGH
H[HPSOLILFDUVH
"$0?B82>;>6800?;82030=>8=C4A=>3>B
?A>24BB>B306A0p0
1R LQWHUQR GD SURFHVVXDOLGDGH GD FRQVFLrQFLD GR
LQGLYtGXRH[LVWHRSULPHLURSURMHWRRSULPHLURGDUVHGDPHQWH
6XFHVVLYDPHQWHGmRVHDVHVWUXWXUDo}HVHIHWXDLVDVFRRUGHQDGDV
GH WHPSR HVSDoR FLUFXQVWkQFLDV PHLRV 3RUWDQWR GiVH D
UHDOL]DomR GRV GLYHUVRV VHWRUHV GHVWD LGpLDSURMHWR TXH LPSOLFD
REYLDPHQWH XPD ´JHVWDOWµ $&RQVWDQWH +
HQWUD HP HODERUDomR
GR SURMHWR H[LVWHQFLDO 8PD YH] TXH HVWD HODERUDomR GR SURMHWR
H[LVWHQFLDO VH LQGLYLGXD HP XP FLUFXLWR GH GLYHUVRV LPSOLFD R
JUDQGHMRJRGDVSDUWHV
'HSRLV GD HVSRQWDQHLGDGH GDTXLOR TXH QXP SULPHLUR
PRPHQWRSRGHPRVFKDPDU´FLFORELROyJLFRµSDUDYLUDVHUQR
kPELWRGRFLFORSVtTXLFRVmRQHFHVViULDVDOJXPDVHVFROKDV,VWRp
R VXMHLWR FRPHoD D VHU R FULDGRU GH VL PHVPR H SRUWDQWR ID]
DXWRSRVLomR DXWyFWLVH KLVWyULFD (VWH QmR p GDGR SRU QDWXUH]D
GHYHVHID]rODDWUDYpVGHHVFROKDVGLIHUHQFLDGDVHSURJUHVVLYDV
2 LQGLYtGXR DWUDYpV GR ´KDELWDWµ PXQGDQR p
FRQVWDQWHPHQWHFDXVDHHIHLWReDXWRSRVLomRFULDWLYD
3DUDDPDLRULDHQWUDUQRFLFORGDQDWXUH]DMipXPSRQWR
GHFKHJDGD3RUpPGHSRLVVHHQFRQWUDDTXHODIUDVHWUHPHQGDTXH
HVWiQDVRULJHQVGDKXPDQLGDGH´5HFRUGDWHKRPHPTXHpVSy
HDRSyUHWRUQDUiVµ
3RUpP D EtEOLD GHVFUHYH WDPEpP DV H[SHULrQFLDV GR
SULUQHLUR KRPHP H GD SULPHLUD PXOKHU D RUGHP GD YLGD D
SULPHLUD OLEHUGDGH GH DomR D SRVVLELOLGDGH GH VHU FRQVWUXomR
DXWrQWLFDHGHJR]DUFRQVWDQWHPHQWHIDFHDIDFHFRPGHXVRTXH
HYLGHQFLDRFRQWtQXR FRQWDWR {QWLFR ,VWR p $GmR H (YD QD VXD
H[LVWrQFLD QR HQIUHQWDU DV VXDV SUREOHPiWLFDV UHDJLDP
FRQVWDQWHPHQWH HP VLPELRVH FRP R VHU 6HU H YLU D VHU VH
LGHQWLILFDYDP R KRPHP H[SHULPHQWDYD R DEVROXWR HQWUH R (X
OyJLFRKLVWyULFRHR(PVL{QWLFR
2(PVL{QWLFRUHSUHVHQWDDpWLFDGDYLVmRGLUHWDGDTXLOR
TXHVHGHILQH´GHXVµ
$ SHUGD GR (P VL {QWLFR D H[SXOVmR GR ´3DUDtVR
WHUUHVWUHµLVWRpDVDtGDGRKRUL]RQWHGRVHUHRVHUMRJDGRVDR
Sy ID] DWR YDL HP SHUFXUVR OLYUH FRPR HIHLWR GD FDXVD TXH R
KRPHP WLQKD SRVWR D VL PHVPR $ YHUJRQKD GD SUySULD QXGH]
GHUURWDDFRQVFLrQFLDGHWHUMiSHUGLGRDFDSDFLGDGHGDTXHODJUDoD
GDTXHODWHQVmRDDWLQJLUDTXLORTXHGRKRPHPpFHQWURSRULVVR
VHGHYHVRIUHUDFLVmRHSRUFRQVHTrQFLDWRUQDUDRSy´pVSyH
DRSyUHWRUQDUiVµ
2 r[RGR GR Sy DWXDVH H[FOXVLYDPHQWH DWUDYpV GD
DXWRFWLVHKLVWyULFDHPLQWHQFLRQDOLGDGH{QWLFD
8PD YH] DGHQWUDGRV QR FLFOR SVtTXLFR H[LVWHP
SDUWLFXODUHVGLILFXOGDGHVH[LVWHPRXWUDVFRORFDGDVHPMRJRHSRU
FRQVHTrQFLDRXWUDVHVWUDWpJLDV8PDFRLVDpDWiWLFDGHVDLUVHGR
FiUFHUHHXPDRXWUDpFRPRVHUOtGHUQDGLDOpWLFDGDDomRVRFLDO
(P WRGDV DV SHVVRDV TXH ID]HP FRQWLQXDPHQWH D VL
PHVPDV H HVWmR GLVFUHWDPHQWH EHP QRWR FRPR FRQVWDQWH XPD
IRUPDGHUHSHWLomR,VWRpDWLQJLUXPFHUWREHPHVWDUHFRQVXPi
OD 8PD YH] FRQVXPDGR R EHPHVWDU R VXMHLWR HQFRQWUD D
FRQVXPDomR 1RV GRLV PLWRV JUHJRV WDQWR 6tVLIR FRPR 7kQWDOR
QmR FRQVHJXHP MDPDLV DWLQJLU VXDV PHWDV 2X VHMD XP QmR
FRQVHJXH DWLQJLU R iSLFH GD PRQWDQKD H R RXWUR QmR FRQVHJXH
EHEHUDiJXD1mRVHWUDWDGHXPDPDOGLomRPDVGHXPKiELWRe
XPD FXOSD TXH R VXMHLWR WHP QRV FRQIURQWRV GH VL PHVPR
6LJQLILFD TXH TXDQGR GHSRLV GH VDFULItFLRV HVWXGR H DWHQo}HV
FRQWtQXDV FKHJDVH D XP SRWHQFLDO GLVSRQtYHO DR DWR DR
LQYHVWLPHQWR H[LVWHQFLDO VH R GHL[D HVWiWLFR ,VWR p XPD YH]
YHULILFDGDXPDIRUoDSRVLWLYD XPD FHUWD SOHQLWXGH GH VL PHVPR
VHSHUPDQHFHSDUDGRSDUDXVXIUXLUGHVWHEHPHVWDU&RPRSDVVDU
GR WHPSR LVWR LPSOLFD XPD UHSHWLomR QD TXDO D QDWXUH]D VH
DGDSWD SRU LVVR VH GHWHUPLQD UHJUHVVmR 2QGH D QDWXUH]D p
SDUDGD VH IL[D H SRUWDQWR VH DQTXLORVD TXDQGR D QDWXUH]D VH
DGDSWDSDUDRVXMHLWRVHLQLFLDDVHQLOLGDGHXPDVHQLOLGDGHFDOPD
QmRGRORURVDVHDRLQYpVRVXMHLWRFRUUHID]PXLWDVFRLVDVERDV
SDUD VL PHVPR DWLQJH XPD SOHQLWXGH XP DFUpVFLPR H SHUFHEH
UHDOPHQWH XP SOXVYDORU (P UHODomR DR FRVWXPHLUR WRP
H[LVWHQFLDO HOH SHUFHEH XPD VXSHUDEXQGkQFLD H XPD XUJrQFLD
&RQH[D FRP R SOHQR GD YLGD QR LQWHUQR GH XPD SHTXHQD RX
JUDQGH´SHDNH[SHULHQFHµH[LVWHWDPEpPXPDXUJrQFLDeVREUH
HVWH SRQWR D PHX MXt]R TXH 0DVORZ QmR HQFRQWURX D VDtGD
SRUTXHD´SHDNH[SHULHQFHµIRLVHPSUHYLYLGDFRPRXPSRQWRGH
FKHJDGD XP SRQWR GH r[WDVH HP FRQWHPSODomR $ ´SHDN
H[SHULHQFHµ p XPD H[SHULrQFLD GH SOHQLWXGH GH WRWDOLGDGH GH
SUD]HUFRQIRUPHDTXHOHPRGRGHH[LVWLUGRVXMHLWRPDVQmRpD
SOHQLWXGHGR~OWLPRSRVVtYHOGRVXMHLWRQRVHXSURFHVVRKLVWyULFR
(QWmR QR LQWHULRU GH XPD H[SHULrQFLDSRQWD GH WRWDOLGDGH p
SUHFLVRFROKHUDXUJrQFLDTXHOKHHVWiFRQH[D$XUJrQFLDFRQH[D
p XPD IRUPD GH YHWRULDOLGDGH QRYD HP EXVFD GH QRYLGDGH
H[LVWHQFLDO,VWRVLJQLILFDTXHGHXPIHQRTXHVHDWLQJHGHYHVH
LQYHQWDUXPRXWURFDPLQKReTSUHFLVRGDUXPDKLVWyULDQRYDD
VLPHVPRjVSUySULDVHVFROKDVDRVPRGRVGR SUySULR WUDEDOKR
DRV PRGRV GD DIHWLYLGDGH ­ QRYLGDGH GH IRUoD QRYLGDGH GH
KLVWyULD 3DUD TXHP TXHU PDLV GDV VXDV HVFROKDV QR LQWHUQR GD
´SHDN H[SHULHQFHµ H[LVWHP WUrV FULWpULRV D REVHUYDU (VWH SRGHU
HVFROKHU QRV FRQVWLWXL ILOKRV GH QyV PHVPRV 0HVPR KDYHQGR
QDVFLGR GR JUDQGH SDL 6HU VH GHVHQYROYHUPRV R MRJR
FRPSOHWDPHQWH GHVFREULUHPRV TXH QRV HUDPRV VR]LQKRV 1R
ILQDO GR MRJR R VXMHLWR GHVFREUH JHUD R ´7X pV $TXHOHµ $R
LQYpVSDUDTXHPHUUDRMRJR´pVSyHDRSyUHWRUQDUiVµ(VVHV
WUrVFULWpULRVSDUDDHVFROKDYHQFHGRUDUHSUHVHQWDPXPDIRUPDGH
SVLFRORJLDDSOLFDGDQRLQWHULRUGRVSURFHVVRVGDJUDoD
2SULPHLURFULWpULRpDTXHOHGDPDQXWHQomRGRTXDQWR
MiIRLHVWUXWXUDGRSRVLWLYDPHQWHDWpKRMH1mRVHSRGHID]HUXPD
HVFROKD FRORFDQGR HP ULVFR R TXDQWR Mi VH FRQVWUXLX 'HYHVH
PDQWHU D VROLGH] D FHUWH]D R VXFHVVR Mi DWLQJLGR 7DPEpP
PXGDQGR PXLWDV FRLVDV GHYH SHUPDQHFHU LQWDFWR R TXDQWR GH
PLP PHVPR IRL FRQVWUXtGR HP UHODomR DR VRFLDO DR GLQKHLUR j
VD~GH HWF 7UDWDVH VXEVWDQFLDOPHQWH GH LQYHVWLU D SDUWH GH
JDQKR VHP DOWHUDU R FDSLWDOEDVH 3URJUHVVLYDPHQWH WUDWDVH GH
DJLUXPDQRYLGDGHREMHWLYDGRVHUQRH[LVWLU
2 VHJXQGR FULWpULR FRQVLVWH QR QmR SRVWHUJDU (VVH
VHQWLGR GH FULDomR p IHLWR VHQGR VpULRV H FRQWHPSRUDQHDPHQWH
DOHJUHV )D]HPVH HVFROKDV QDV TXDLV FDGD XP p SURIXQGDPHQWH
Vy1mRVHSRGHREWHUJDUDQWLDVGRVRXWURVSRUTXHFDVRVHWHQKD
D JDUDQWLD GRV RXWURV QmR VH JDQKD D VL PHVPR JDQKDVH R
VLVWHPD1RLQWHULRUGRVLVWHPDSRGHVHVRPHQWHPXGDUGHOXJDU
QmR VH SRGH REWHU XP YLU D VHU XP LQFUHPHQWR GH YDORUHV 2
LQFUHPHQWR GH YDORUHV p SURGXWR GH XPD DWLYLGDGH LQWHULRU GR
VXMHLWR
3RUWDQWR WUDWDVH GH ID]HU XP LQYHVWLPHQWR ´DG H[WUDµ
SRUTXH WRGD D ´SHDN H[SHULHQFHµ p XP HIHLWR ´DG LQWUDµ e XP
IHQ{PHQR LQWHULRU TXH Gi XPD HQRUPH IRUoD TXH GHYH VHU
SURMHWDGD QR LQYHVWLPHQWR KLVWyULFRREMHWLYR VHJXQGR RV PHLRV
SRVVtYHLV(VVHFULWpULRQmRVHLQGLYLGXDFRPEDVHQDDEXQGkQFLD
GRSUD]HURXQDLQWHQVLGDGHGRSRWHQFLDOQDTXHOHPRPHQWRPDV
DWUDYpV GD UDFLRQDOLGDGH R VXMHLWR HP VLWXDomR 9DOH GL]HU TXH R
GHVHQYROYLPHQWR GHVVH SOHQR GHYH VHU SRVLFLRQDGR VHJXQGR DV
FRRUGHQDGDV DWLQHQWHV DR VXMHLWR GH PRGR KLVWyULFR MXUtGLFR
HFRQ{PLFR VRFLDO SVLFROyJLFR DIHWLYR 'HYHVH ID]HU XPD
HVFROKDTXHVHMDGHWRGRPRGRXP¶DPDLVµPDVVHPSUHFRHUHQWH
FRP RV PHLRV TXH VH WHP QDTXHOH PRPHQWR 'HYHVH VRPHQWH
DJLURSRVVtYHOGRDTXLHDJRUD2VHJXQGRFULWpULRLPSOLFDXPD
VDJD]UDFLRQDOLGDGHFRPEDVHQRVPHLRVTXHVHWHPQmRDTXHOHV
TXH VH SRGHULD WHU HP UHODomR DR ILP SRVVtYHO e SUHFLVR ROKDU
EHP DTXHOHV PHLRV TXH QR FLUFXQVWDQFLDO GR VXMHLWR QDTXHOH
PRPHQWR VmR DGHTXDGRV j SXOVmR 1mR VH GHYH WRPDU WRGD D
IRUoD PDV VH GHYH DJLU FRP GLVFULomR IRUoDQGR VHJXQGR D
XUJrQFLD 7UDWDVH GH WHU FRUDJHP H GH WROKHU D SUHJXLoD D
LQGROrQFLD $ LQGROrQFLD ´DFFLGLDµ GR ODWLP ´DFFLGHUHµ
´DFFLGHQVµpXPDIRUPDGHHVWDUSUy[LPRVVHPPRYHUVHVHP
FDPLQKDUDLQGROrQFLDWROKHDWHPSHUDDSRQWDGRFUHVFLPHQWR
2WHUFHLURFULWpULRFRQVLVWHQRWHUXPDIRUPDGH´YLVWD
VHFUHWDµ (QTXDQWR VH OHYD DGLDQWH WRGRV RV SUySULRV
FRPSURPLVVRV GH PRGR VyOLGR FDUUHWR UDFLRQDO GHVFREHUWR R
ODGR SDUD RQGH VH HVWi LPSXOVLRQDQGR R SDVVR RQGH VH HVWi
FRQVWUXLQGRXPFDPLQKRQRYRGHYHVHUYLJLDGRHPVLOrQFLRFRP
DPRU DSDUHQWHPHQWH LQGLIHUHQWH PDV VHFUHWDPHQWH HP SOHQR
ULWPR 1R WHUFHLUR QtYHO Ki D FULDWLYLGDGH H MXVWDPHQWH SRUTXH
HVWDPRV FULDQGR QmR p SUHFLVR ID]HU XP LQYHVWLPHQWR WRWDO
GHVFREHUWRUDFLRQDOeXPDVSHFWRTXHQRVGHYHDSDUHFHUFRPR
XPD IRUPD SRVVtYHO TXH SRGH VHU DEDODGD SRU DGYHUVLGDGHV
UHFRUGDQGR TXH DOL HVWDPRV LQYHVWLQGR D PHOKRU HQHUJLD LVWR p
XPDHQHUJLDGHVRQGDJHPeDHQHUJLDGR~OWLPRSRQGHUiYHOGH
QyVPHVPRVHSRUWDQWRpGHOLFDGtVVLPDpXPDSRQWDGLiIDQDTXH
QmR GHYH VHU DQTXLORVDGD FRP DV UHJUDV TXH XVDPRV QR QRVVR
VyOLWR FRWLGLDQR (QTXDQWR HVWRX DSDUHQWHPHQWH HPSHQKDGR HP
ID]HU R PHX VyOLWR YHQFHGRU FRWLGLDQR DPSOLR R UDLR GD DomR
8PD SHVVRD YDOH SHOR TXDQWR p YDVWR R VHX UDLR GH DomR QR
kPELWRKLVWyULFR(QTXDQWRXPVXMHLWRSRGHVHUSHTXHQRFRPRR
VHXFRPSOH[RXPRXWURSRGHVHUJUDQGHFRPRWRGDXPDpSRFD
SVLFROyJLFD (VVH WHUFHLUR FULWpULR GHYH VHU DSOLFDGR XP SRXFR
VREUHRSULQFtSLR´4XHQmRVDLEDDWXDPmRGLUHLWDDTXLORTXHID]
D HVTXHUGDµ ,VWR p HQTXDQWR VH ID] EHP HVWH QRYR FDPLQKR
GHYHVHUYLJLDGRFRPXPDGHOLFDGH]DGHLQWHOLJrQFLDLQWXLWLYDVHP
XVDUPXLWRDUDFLRQDOLGDGHSRUTXHGHRXWURPRGRpGHVWUXtGDe
XPD HQHUJLD QRYD TXH HVWi QDVFHQGR SRUWDQWR GHYH VHU FROKLGD
FRP GHOLFDGH]D 4XDQGR VH ODQoD HVWD DomR FRPHoDVH GDU
HQFDUQDomR KLVWyULFD D HVVD LQWHQFLRQDOLGDGH DLQGD LQJrQXD p
SUHFLVR VHJXUiOD SHOD PmR GHIHQGrOD H GHSRLV GHL[iOD DQGDU
YHQGRFRPRDPHELFDPHQWHFRPHoDDID]HUDVXDREUD
1R PHX SDUHFHU HVWH ~OWLPR DWR QmR GHYHULD VHU QHP
PHVPRPDWHULDOGHSVLFRWHUDSLDGHDXWHQWLFDomR'HYHVHURUDLR
FULDWLYR GR VXMHLWR $ PHQRV TXH QmR VH WHQKD D IRUWXQD GH
UHDOL]DUXPHQFRQWURFRPR0HVWUHSRUTXH HOH VDEH HQWUDU VHP
ID]HUVH UD]mR p FDSD] GH YHU VHP FRQWDWDU 2 PHVWUH p XPD
IRUPD GH DXVrQFLD FDSD] GH FRQVHQWLU D HVWUXWXUDomR GR VXMHLWR
VHPID]HUVHHPQHQKXPPRGRSUHVHQWH3RUHVVDUD]mRHOHWHP
D SRVVLELOLGDGH GH YHU LPHGLDWDPHQWH HVVD EUDQFD SXOVmR LQWHUQD
VHPDJUHJDUVHGHPRGRDOJXP2YHUGDGHLURPHVWUHVHPHQWUDU
QRPpULWRGDFRLVDGL]RQGHHVWiRGHIHLWRWpFQLFRGRVXMHLWRTXH
VH HVWi PRYHQGR HP XPD FHUWD GLUHomR H FRPR FRQVHQWLU D
HILFLrQFLDGDTXLORTXHHVWiQDVFHQGR
&RPR DVSHFWR FLHQWtILFR GR TXDQWR GLWR WHPRV R PRGR
GH SUHVHQFLDU GR LQFRQVFLHQWH $WUDYpV GRV VRQKRV HVWH UHYHOD
RQGH HVWi D VROXomR GR SUREOHPD H RQGH p SUHFLVR ID]HU
LQYHVWLPHQWR 2 LQFRQVFLHQWH HQTXDQWR VXVWHQWDGR SRU HVWD
GLQkPLFD YLWDO GR (P VL QR LQWHUQR GH TXDOTXHU SUREOHPiWLFD
LQGLFDRQGHHVWiRREVWiFXORGHSRLVQRLQWHUQRGHVWHREVWiFXOR
GL]RQGHpDLQGDSRVVtYHODVROXomRHLQGLFDWDPEpPRFDPLQKR
GHVDtGDGDTXHOHREVWiFXOR$WpDTXLpSVLFRWHUDSLD
1RLQWHUQRGHXPDSUREOHPiWLFDGDTXDOpSUHFLVRUHDOL]DU
Rr[RGRLVWRpID]HULQYHVWLPHQWRGHQRYLGDGHGHVHURVVRQKRV
WrP XPD OLQJXDJHP PXLWR PDLV VXWLO p FRP UHIHUrQFLDV
WUDQVFHQGHQWDLV
(OLPLQDURVGHIHLWRVHOLPLQDURVHVWDGRVSVLFRVVRPiWLFRV
RVHVWDGRVGHHUURRVHVWDGRVFRPSOH[XDLVQmRpVXILFLHQWHSDUD
FUHVFHU
2FUHVFLPHQWRVHUHDOL]DTXDQGRRSOHQRGHXPPRPHQWR
GD ´SHDN H[SHULHQFHµ p LQYHVWLGR HP DWLYLGDGH KLVWyULFD HP
LPDJHPHVHPHOKDQoDGRVXMHLWRDJHQWH
6HQGR DVVLP p SUHFLVR GHVID]HU WDQWRV FDPLQKRV SUp
FRQVWLWXtGRVFRPYDQWDJHPHLQYHQWDUQRYLGDGHGHKRUL]RQWHV2
ULVFRpFRQWtQXR R MRJR p DEHUWR PDV R JDQKR p LQILQLWR 6H VH
WRUQDFRPRVHHVFROKH
'HSRLV GH WHU FRQVROLGDGR FHUWRV GHYHUHV p SUHFLVR
UHDOL]DU D LQWHQomR SXUD VHP GHVPHQWLU R FRQWDWR FRP R UHDO $
PHQWHGHXPJUDQGHFLHQWLVWDRXGHXPJUDQGHHPSUHViULRpXP
LQYHVWLPHQWRXQLYHUVDOSRUTXHKRMHHVWDPRVDQGDQGRHPGLUHomR
D XP PXQGR RQGH R VDEHU p R YHUGDGHLUR SRGHU 4XDQWR PDLV
KRXYHU DPSOLDomR WHFQROyJLFD PDLV H[LVWLUmR SUREOHPiWLFDV GRV
SRYRVHPDLVVHUiLQGLVSHQViYHORVDEHU
2VHUpXPDFRUULGDVHPILP3DUDRSUySULREHPSDUDD
SUySULD VDWLVIDomR FRPR D iJXD GHYHVH FRUUHU VHPSUH PDV
TXDQWR PDLV VH FRUUH PDLRU p R SUD]HU PDLRU p D DXWHQWLFLGDGH
PDLRUpWXGR
(VWDV LQGLFDo}HV VmR ~WHLV SDUD TXHP XPD YH] VDtGR GR
W~QHOFRPHoDDPRYHUVHQDOX]
2 SULPHLUR SDVVR p VDLU GR W~QHO PDV GHSRLV p SUHFLVR
PRYHUVHQDOX]2 HUUR GH PXLWDV SHVVRDV p TXH TXDQGR HVWmR
EHP VH GHL[DP LU FRPR VH WXGR Mi HVWLYHVVH GHVFRQWDGR WXGR
JDUDQWLGR 8PD YH] VDtGRV GR W~QHO VH p ´JXHUUHLURV QD OX]µ p
SUHFLVR VDEHU PRYHUVH VDEHU DJLU FRP SHUtFLD VDEHU ID]HUVH
SRUTXHDTXHOHpRPXQGRGRVGHXVHVRQGHVHH[LJHLQWHOLJrQFLD
VXSHULRU
$FRQWUDGLomRpVHPSUHSRVVtYHOHPTXDOTXHUQtYHO&DGD
UHDOGDYLVmR{QWLFDLPSOLFDRSRVVtYHOVLPLODUSHUYHUVR
1RWDV
0(1(*+(77, $QWRQLR /D &RVWDQWH + FRPH &ULWHULR
$QWURSRORJLFRHG$OWUL6DJJL3VLFRORJLFD(GLWULFH5RPD
0(1(*+(77, $QWRQLR 4XDGHUQL GL 2QWRSVLFRORJLD Q
FDS´ÊVVHUHHGHVLVWHQ]Dµ3VLFROyJLFD(GLWULFH5RPD
0(1(*+(7I,$QWRQLR´/D*UD]LDOD/yJLFDGHL'RQG
3VLFROyJLFD(GLWULFH5RPD2WHPDGDJUDoDHGDOyJLFDGRGRPIRL
DERUGDGR SHOR SURIHVVRU 0HQHJKHWWL HP XP FLFOR GH FRQIHUrQFLDV UHXQLGDV
QHVVHYROXPH
#5>A<0p«>3>;Ä34A
$ SVLFRORJLD QmR SRGH VXEVWLWXLU D FDSDFLGDGH GH
LQWHOLJrQFLDRSHUDWLYDGHXP´EXVLQHVVPDQµRXGH XP GLULJHQWH
8PSVLFyORJRQmRSRGHHQVLQDUFRPRVHID]´EXVLQHVVµQmRpR
VHX RItFLR H QmR WHP XPD LQWHOLJrQFLD DGHTXDGD ([DWDPHQWH
FRPR XP SVLFyORJR QmR SRGH HQVLQDU D XP JUDQGH SLORWR GH
)yUPXODFRPRVHJXLDXPDXWRPyYHO
2 ´EXVLQHVVPDQµ WHP XPD HVSHFLDOLGDGH SUySULD SRU
QDWXUH]DHSRUIRUPDomRWHPMiXPDSUHSDUDomRSRUQDWXUH]DH
XPD SUHSDUDomR WpFQLFD VREUH FRPR VH ID] R GLQKHLUR H DV
UHODo}HV SHVVRDLV 3RUpP R SVLFyORJR SRGH DX[LOLiOR PXLWR
HQTXDQWR VREUHWXGR VH p IRUPDGR QD SUi[LV RQWRSVLFROyJLFD
SRGH ID]HU D DQiOLVH H YHULILFDU VH R VXMHLWR p FRPSOHPHQWH
IXQFLRQDO VH D VXD HVWUXWXUD GH DWLYLGDGH WtSLFD GH LQWHOLJrQFLD p
RUGHQDGDVDGLDFDSD]GHYHQFHU([DWDPHQWHFRPRXPPpGLFR
GR HVSRUWH RX XP FDUGLRORJLVWD QmR HVWmR HP FRQGLo}HV GH
HQVLQDUFRPRWRUQDUVHFDPSHmRROtPSLFRPDVSRGHPUHDOL]DUD
DQiOLVHHFRQFOXLUVHRFDPSHmRHVWiYHUGDGHLUDPHQWHHPIRUPD
VHJXQGRDVH[LJrQFLDVGRHVSRUWHTXHTXHUID]HU
J2´EXVLQHVVPDQµpXPDSHUVRQDOLGDGHjSDUWHpXP
WLSRXPSRXFRHVSHFLDOWHPFDSDFLGDGHVGHVtQWHVHHLQWXLo}HVQR
kPELWRFRPSOH[RGRPHUFDGRTXHHOHPHVPR
QmRDSUHQGHXe
SUySULR GR VHX WLSR GH LQWHOLJrQFLD D FDSDFLGDGH GH UHXQLU DV
FRLVDV H GH H[WUDLU XP JDQKR 2 JUDQGH SVLFyORJR p DTXHOH TXH
VDEH DXWHQWLFDU DV YDQWDJHQV DV IXQo}HV RV FUHVFLPHQWRV GH
SHUVRQDOLGDGH 2 ´EXVLQHVVPDQµ p DTXHOH TXH HP TXDOTXHU
VLWXDomRVDEHUHXQLUDVFRLVDVHUHFRQKHFHUTXDOpRFDPLQKRGH
VDtGDFRPOXFUR2SURWDJRQLVWDGRGLQKHLURQDEDVHpWDPEpP
XPDJUDQGHSHUVRQDOLGDGH
*RVWDULD GH UHFRUGDU R H[HPSOR GH XP IHQ{PHQR
HFRQ{PLFRSROtWLFRFROHWLYRPXLWRGLIXQGLGRQD,WiOLDQRSHUtRGR
GD RSRVLomR FRPXQLVWD 2V FRPXQLVWDV WLQKDP GXDV IRUoDV D
JUHYH H D RFXSDomR GD IiEULFD 6HJXLGDPHQWH TXDQGR H[LVWLD
WHQVmR H QmR VH YHULILFDYD XP DFRUGR HQWUH R SDWUmR H RV
RSHUiULRVRFRUULDTXHRSDWUmRHQWUHJDYDDIiEULFDGHPRGROHJDO
H HFRQ{PLFRFRPSOHWR DRV RSHUiULRV GHL[DQGR TXH D JHULVVHP
1mR KRXYH MDPDLV XP FDVR QR TXDO D IiEULFD XPD YH] SDVVDGD
DRV RSHUiULRV WHQKD WLGR XP GHVHQYROYLPHQWR DFDEDYD ORJR
&HP PLO FDEHoDV QmR HUDP FDSD]HV GH ID]HU DTXLOR TXH XPD
FDEHoD ID]LD QRUPDOPHQWH 2 ´EXVLQHVVPDQµ p XPD PHQWH
SDUWLFXODUTXHVDEHVHUIXQomRSDUDPXLWRVRXWURVLQGLYtGXRV
7RGRRYDORUHDLPSRUWkQFLDGHXP´EXVLQHVVPDQµHVWi
QD VXD SHUVRQDOLGDGH (P WRGDV DV JUDQGHV PDQLIHVWDo}HV QD
FLrQFLDQDP~VLFDQDDUWHQDVDOWDVILQDQoDVpGHWHUPLQDQWHR
JrQLR2JrQLRpVHPSUHLQGLYLGXDOMDPDLVFROHWLYR
,QGLFDo}HV SUiWLFDV SDUD IRUPDU XPD FDSDFLGDGH
HFRQ{PLFDVXSHULRU
8PJUDQGH ´EXVLQHVVPDQµ QmR GHYH MDPDLV HQJDQDU H
ID]HUDo}HVGHVRQHVWDV TXH GLPLQXLULDP D VXD LPDJHP(OH GHYH
WHU XPD GLJQLGDGH PRUDO WUDQVFHQGHQWH QD DUWH GR FRPpUFLR
SRUTXH WDPEpP R GLQKHLUR WHP VXD VDFUDOLGDGH 8P JUDQGH
KRPHPQmRSRGHWUDSDFHDUSRUHVVrQFLDGHQDWXUH]DHHVWLORGH
LQWHOLJrQFLD
(P WRGRV RV LQWHUFkPELRV GHYHP H[LVWLU XPD LQWUtQVHFD
KRQHVWLGDGH H XPD SURSRUomR HQWUH DV SDUWHV GH RXWUR PRGR
VHULD XPD UHODomR LQIDQWLO H GHVRQHVWD 3RUWDQWR R JUDQGH
´EXVLQHVVPDQµ GHYH VHU XP H[HUFtFLR GD LQWUtQVHFD KRQHVWLGDGH
GRJDQKR
2 ´EXVLQHVVPDQµ GHYH WHU XPD PHQWDOLGDGH GH
DEVROXWR SDWUmR FRQKHFHGRU GH WDQWDV FRLVDV TXH Vy HOH VDEH H
QLQJXpP GHYH VDEHU D PHQRV TXH WHQKD XP VyFLR SRUTXH DRV
YHUGDGHLURV VyFLRV GHYHVH GL]HU WXGR 2V PDLRUHV SURMHWRV H
JDQKRV QDVFHP VHPSUH GR VLOrQFLR GD PHQWH GR OtGHU 4XDVH
VHPSUHDVFRLVDVGLWDVDRVIDPLOLDUHVHDRVFRODERUDGRUHVYmRPDO
2OtGHUGHYHGDUPDLRUDWHQomRDRV HVW~SLGRV GR TXH
DRVGHVRQHVWRVHDRVODGU}HV2HVW~SLGRpWDOQRID]HUDVFRLVDV
ERDV PDV PXLWDV YH]HV p JHQLDO QR GHVWUXLU FRLVDV SHUIHLWDV 2
HVW~SLGR MDPDLV GHYH VHU PHQRVSUH]DGR H GHYH VHU PDQWLGR R
PDLVSRVVtYHOIRUDGDYLGDSULYDGDHGRWUDEDOKR
2 ´EXVLQHVVPDQµ GHYH FXOWLYDU D SUySULD
SHUVRQDOLGDGH R SUySULR PRGR GH IDODU R SUySULR PRGR GH
YHVWLU4XDQGRGRLVOtGHUHVVHDSUHVHQWDPFDGDXPROKDRRXWURH
R H[DPLQD WDPEpP QR PRGR FRPR VH YHVWH H IDOD 7XGR VHUYH
SDUDYHULILFDUVHDTXHOHTXHVHWHPGHIURQWHpSHVVRDLQWHOLJHQWHH
KRQHVWDTXHPDQWpPDTXLORTXHSURPHWHHJDUDQWLDSUiWLFDGR
QHJyFLRTXHVHTXHUUHDOL]DU
$SULPHLUDWiWLFDTXDQGRVHTXHUUHDOL]DUXPQHJyFLR
TXH LQWHUHVVD QmR p DTXHOD GH DJUDGDU DR RXWURÅ PDV D GH
FRPSUHHQGHUTXDLVVmRRVVHXVLQWHUHVVHVHDVVXDVQHFHVVLGDGHV
eLQ~WLOTXHHXWHQKDXPDEHOtVVLPDPHUFDGRULDVHDRRXWURQmR
LQWHUHVVD 3RUWDQWR GHYHVH LQGLYLGXDU RQGH HVWi R LQWHUHVVH GR
´SDUWQHUµFRPRTXDOVH
TXHULQLFLDUERQVQHJyFLRV
-DPDLVFRORFDURVH[RQRVQHJyFLRVQmRIXQFLRQDSDUD
R JDQKR 8PD PXOKHU SRGH XVDU R VHX ´ORRNµ H D VXD
IHPLQLOLGDGHXPDYH]TXHRIDoDFRPHVWLORQDHOHJkQFLDH´QD
LQWHOLJrQFLD'HYHVHUXPDHPDQDomRGHVXSHULRULGDGHGHEHOH]D
H GH LQWHOLJrQFLD HQWmR VH WRUQD SRGHU WDPEpP QRV QHJyFLRV
7DPEpP R KRPHP VH p EHOR SRGH XVDU R IDVFtQLR GH VXD
SHUVRQDOLGDGHPDVVHPSUHFRPRIHQRPHQRORJLDGHLQWHOLJrQFLD
1RkPELWRGRVQHJyFLRVTXDQGRVXUJHRVH[RRDPRURX
DHPRomRWXGRDFDED2´EXVLQHVVµpXPDUHODomRGHFRLVDVGH
TXkQWLFRVHFRQ{PLFRVSRULVVRQmRWHPVHQWLGRFRORFDUQRPHLR
RVILOKRVDIDPtOLDRVH[RDHPRomR2´EXVLQHVVµpLQWHOLJrQFLD
GHSURSRUo}HVHFRQ{PLFDV
4XDQWR FXVWD XP SHUVRQDJHP WDPEpP VRE R SODQR
HFRQ{PLFR"eDSHVVRDTXHWHPRPi[LPRSUHoRQmRpDFRLVD
&RPRVSUHVHQWHVHRJUDWXLWRQmRVHFUHVFH6HXPDSHVVRDTXHU
D JUDQGH LGpLD R QHJyFLR GHYH SDJiOD 2 JUDQGH QmR TXHU
SUHVHQWHVSDJDVHPSUHDVXDJUDQGH]D6mRHVVDVSHVVRDVTXHGmR
DJDUDQWLDGR´EXVLQHVVµFRPRVERQVUDSD]HVHDERDYRQWDGHVH
SHUGHWHPSRHQmRVHFRQVWUyL
2´EXVLQHVVPDQµpXPDSHVVRDUHILQDGDQRFRPHUQR
YHVWLU QD VXD YLGD SULYDGD QD P~VLFD 0RYHVH HP WRGRV RV
QHJyFLRV FRP XPD IRUPD GH LQWHOLJrQFLD WUDQVFHQGHQWH H
VXSHULRU WHP XP HVWLOR SDUD R PLODJUH 6DEH TXH H[LVWHP
PRPHQWRV QRV TXDLV GHYH GDU VREUHWXGR QR LQtFLR SRUTXH
GHSRLVUHFROKHUiVHPG~YLGDHGLVVRVDEHID]HUSUHYLVmRH[DWD
2 YHUGDGHLUR ´PDQDJHUµ QXP SULPHLUR PRPHQWR
GHYH VDEHU VHUYLU 3RUTXH SDUD JDQKDU p SUHFLVR VDEHU VHUYLU
7UDJR XP H[HPSOR 8PD YH] IXL D XPD SHTXHQD FLGDGH LWDOLDQD
FRPSUDUXPDWRUWDSDUDR1DWDO$ORMDHVWDYDIHFKDGDHQWmRIXL
GLUHWDPHQWH j IiEULFD $OL HVWDYDP WULQWD TXDUHQWD SHVVRDV TXH
WUDEDOKDYDPXPDVHQKRUDDSUR[LPRXVHHVHUYLXPHFRPRVHHX
IRVVHRGRQRGHWXGR(VWDYDYHVWLGDFRPRXPDRSHUiULDSRUpP
IDODYDFRPRXPDPXOKHULQWHOLJHQWHHHUDPXLWRJUDFLRVDHSUHFLVD
QR VHUYLUPH 4XDQGR QR ILQDO UHFHEL D WRUWD GLVVH TXH VHQWLD
PXLWRHPQmRSRGHUGHL[DUOKHDJRUMHWDSDUWLQGRGRSULQFtSLRGH
TXH HOD HUD XPD SURSULHWiULD H QmR XPD RSHUiULD $ VHQKRUD
PDUDYLOKDGD SHUJXQWRXPH FRPR HX KDYLD FRPSUHHQGLGR LVVR
5HVSRQGL TXH HUD HYLGHQWH SHOD LQWHOLJrQFLD FRP D TXDO VDELD
VHUYLU(VWHpRHVWLORDVXSHULRULGDGHGHXP´EXVLQHVVPDQµDR
FRQWUiULR RV SREUHV RV RSHUiULRV PDQGDP H GHVSUH]DP R
FOLHQWH
2 YHUGDGHLUR GLULJHQWH p DTXHOH TXH VDEH VHUYLU e XPD
RXWUDPHQWDOLGDGHXPDRXWUDGLPHQVmR1mRpLPSRUWDQWHWHUD
PHOKRU PHUFDGRULD PDV WHU JDUER H VHU UHILQDGR QR VHUYLU R
FOLHQWH GHYHVH KRQUDU D SHVVRD TXH YHP FRPSUDU 2
´EXVLQHVVPDQµVDEHFXOWLYDUHPDQWHURVFOLHQWHVSRUWRGDDYLGD
2FOLHQWHQmRFRPSUDXPDYH]VyVHIRLEHPWUDWDGRFRQWLQXDD
FRPSUDU SRU DQRV H WUD] RV ILOKRV D QDPRUDGD R PDULGR 2
FOLHQWHpRSULPHLUR´SDVVHSDUWRXWµGRPHUFDGR6HQmRSDJDp
XP RXWUR GLVFXUVR QmR H[LVWH PLVHULFyUGLD QR ´EXVLQHVVµ R
´EXVLQHVVPDQµQmRpXPFHQWURDVVLVWHQFLDO
$ Pi[LPD GR OtGHU p DTXHOD GH UHDOL]DU R UHVXOWDGR
PDLVJUDWLILFDQWHSDUDVLPHVPRDWUDYpVGRJDQKRTXHRV RXWURV
REWrP GRV TXDLV VH VHUYH H ID] DJLU $V FRLVDV QR PXQGR
IXQFLRQDP VH H[LVWHP OtGHUHV TXH FRPDQGDP HVWHV SURYrHP D
WRGRVVmRDSURYLGrQFLDHPDWRTXHID]PRYHUHJHULUWDPEpPRV
GHVSURYLGRV
# ?A>94C>É=C82>48=38E83D0p«>78BCÈA820
2 H[SHULPHQWR FRP D SUySULD H[LVWrQFLD DGYpP HP XP
VLQFURQLVPRGHHVWHUHyWLSRVFRQVXPLVWDV&RQVXPLVWDVHQTXDQWR
QmROHYDPRVXMHLWRDFRQVXPDUDYLGDPDVVmRHVWHVHVWHUHyWLSRV
TXH FRQVXPDP D YLGD GR VXMHLWR ([LVWH D SHVVRD VHQVtYHO TXH
DWUDYpV GDV H[SHULrQFLDV SHUFHEH RXWUDV SRVVLELOLGDGHV RXWURV
KRUL]RQWHVHVHGiFRQWDGHTXHQmRRVDWLQJHSRUpPWDPEpPQR
LQWHULRU GHVWD GRU H[LVWH Mi XPD HOHYDomR GH FRQVFLrQFLD ,VWR
DFRQWHFH D WRGDV DV SHVVRDV TXH FRQVHJXHP YLVOXPEUDU R MRJR
PiJLFRPiJLFRSDUDDOJXQVHIDOLPHQWDUSDUDRXWURVGDYLGD$
GRUHVWiHPSDULGDGHFRPDFRQVFLrQFLDGRTXDQWRSHUGLGRQmR
UHDOL]DGR$GRUH[LVWHQFLDOQmRpXPDSURMHomRGHFRPRDVFRLVDV
HVWmR HP VL SRUTXH TXDQGR VH SURYD D GRU VH H[SHULPHQWD D
SHUGDRGHVIDOTXHRIUDFDVVR3RUWDQWRWHPVHDFRQVFLrQFLDGH
VDEHUTXHH[LVWHPDLVeMXVWDPHQWHDFRQVFLrQFLDGR´DPDLVµTXH
Gi D GRU GR TXDQWR IDOWD 2V DQLPDLV DV SODQWDV QR VHX FLFOR
ELROyJLFRQmRH[SHULPHQWDPGRUSRUTXHDJHPSHORTXDQWRVmR
EXVFDPWDQWRTXDQWRWrPXPDFRLVDSURGX]DRXWUD7DPEpPR
JRUMHDUFRQWtQXRTXHQHVWDHVWDomRGHSULPDYHUDSDUHFHP~VLFD
SDUDRVSiVVDURVpXPVLQFURQL]DUVHELROyJLFRpDXWRPDWLVPRGD
YLGD(QWmRDGRUDWULVWH]DTXHVmRWtSLFRVGRVHUKXPDQRHP
PXLWRVDVSHFWRVUHSUHVHQWDPDFRQVFLrQFLDGHDOJRSHUGLGRTXH
WRGDYLD H[LVWH ,VWR p D UHDOLGDGH GD EHOH]D GD YLGD QmR Vy p
FRQILUPDGDSRUDTXHOHVTXHDDWLQJHPPDVWDPEpPSRUTXHPD
SHUGH (P HVVrQFLD FHQWUDU D YLGD VLJQLILFD WHU UHVROYLGR WXGR
YLYHUFRPSRGHU(VWHpRQRVVRWHPDFHQWUDO$2QWRSVLFRORJLD
QDVFHX SDUD FRPSUHHQGHU D YLGD H VXEVWDQFLDOPHQWH WRGR R
PXQGR GD YLGD R PXQGR GH XP VXMHLWR SRGHVH UHVXPLU DR
JUiILFR
5HDILUPR TXH TXDQGR IDOR GD YLGD HQWHQGR D YLGD GH
FDGDXP
7RGD D 2QWRSVLFRORJLD SRGHVH UHGX]LU D HVWD VtQWHVH $
XQLGDGHGHDomR´KRPHPµDXQLGDGHGHDomR´(XµRQ~FOHRR
iWRPRGHYLGDTXHFDGDXPGHQyVpHQFRQWUDVHHPXPLQILQLWR
FRQMXQWRFRPWDQWRVRXWURViWRPRVRXP{QDGDV0{QDGDpXP
WHUPR FULDGR SRU XP ILOyVRIR GH /HLEQL] 0RQDV XQR
,VWRpWRGDVDVIRUPDVGHYLGDVmRPXQGRV~QLFRVHPVLPHVPRV
PHVPR WHQGR DOJR TXH RV UHJXOD QR FRQMXQWR 2 FRQFHLWR GH
P{QDGDHPILORVRILDSRGHVHUDSOLFDGRSDUDFRPSUHHQGHUFHUWRV
DVSHFWRVGD2QWRSVLFRORJLD
$2QWRSVLFRORJLDDQDOLVDQGRRFRPSRUWDPHQWRRPRGR
GH H[LVWLU GHVWD P{QDGD GHVFREUH TXH HVWD DR LQYpV GH DJLU
VHJXQGR XPD UHJXODPHQWDomR LQWHUQD VHJXQGR XP SURMHWR
QDWXUDO LQWUtQVHFR XP SURMHWR VDGLR IRUWH FRORFDGR HP WXGR
DTXLORTXHH[LVWHQRXQLYHUVRQD UHDOLGDGH VRIUH D LQWHUIHUrQFLD
GH XP Q~FOHR VXSHUILFLDO DJUHJDGR 6H REVHUYDPRV D QRVVD
UHDOLGDGH ItVLFD YHPRV XPD HVWUXWXUD XP FRPSRVWR JHQpWLFR
´*HQpWLFRµ VLJQLILFD TXH p SUpSRVWR SHODV HVWUXWXUDVEDVH GD
ELRORJLD GD QRVVD UDoD 1yV VRPRV FRQVWLWXtGRV VRPRV
RUJDQL]DGRV
1R LQWHUQR GR Q~FOHR ´2 (P VL RQWLFRµ H[LVWH Mi XP
SURJUDPD XP SURMHWR VLQFURQL]DGR D GRLV HVFRSRV D DXWR
VXILFLrQFLDGHVLPHVPRHDHYROXomRPHWDEyOLFD3RUH[HPSOR
TXDQGR FRPHPRV WUDQVIRUPDPRV HOHPHQWRV LGHQWLILFDQGRRV D
QRVVD HVWUXWXUD 'H PRGR PDFURVFySLFR FDGD VXMHLWR WRPD
RXWURVREMHWRVHRVLGHQWLILFDRVDVVLPLODDVLPHVPR&RPRID]D
FpOXOD SULPHLUR HOHPHQWR ELROyJLFR TXH YLYH DVVLPLODQGR GR
DPELHQWH FLUFXQGDQWH DTXLOR TXH OKH p VLPLODU H HQTXDQWR
DVVLPLODVHGHVHQYROYHVHPDWXUDFUHVFH
3RUWDQWR D SHVVRD WHP HVVH SURMHWR LQWUtQVHFR TXH
SURFHGHVHJXQGRPRGXODo}HVGHIUHTrQFLDDVTXDLVHVWUXWXUDP
FRGLILFDPIRUPDOL]DPVHJXQGRXPDRUGHPFRQH[D&DGDXPGH
QyVWHPXPFRUSRIHLWRGHXPGHWHUPLQDGRPRGRSRULVVRH[LVWH
FRPXPDILVLRQRPLDTXHRLGHQWLILFDHRGLIHUHQFLD,VVRpGHYLGR
D XPD PRGXODomR HVWiYHO GH IUHTrQFLD TXH FRQVWLWXL D
IHQRPHQRORJLD GR VXMHLWR 1R ILQDO TXDOTXHU DQiOLVH PpGLFD
TXtPLFD HWF HQFRQWUDVH FRP XPD RUJDQL]DomR SVtTXLFD LVWR p
XPDVHTrQFLDHPVLPHVPRLQYLVtYHOTXHHVWDEHOHFH SRUpP GH
PRGR SUHFLVR FRQWtQXR XPD GHWHUPLQDGD IHQRPHQRORJLD
UHYHODVH XPD RUGHP FDXVDO TXH HVWi HP FRQGLo}HV GH FRGLILFDU
TXDOTXHU IHQRPHQRORJLD GD PDWpULD $TXL UHWRUQD D H[SHULrQFLD
TXH FDGD XP GH QyV WHP TXDQGR SHQVD D VL PHVPR FRPR
RUJDQL]DU D URXSD R WUDEDOKR R MRJR 1R LQtFLR WXGR SDUWH GH
XPDFDXVDOLGDGHSVtTXLFDLQYLVtYHO$VGHFLV}HVTXHWRUQDPRVRV
SURMHWRV TXH GHILQLPRV QDVFHP GH RQGH H GR TXr" ([LVWH XP
Q~FOHR DWLYRSHQVDQWH TXH SRGHPRV GHILQLU ´(P VLµ DOPD
SVLTXrLQWHOLJrQFLDLVWRpDOJRTXHFRQVWLWXLDRUGHPDSULRULFDGR
VXMHLWR KRPHP &UHLR TXH D FLrQFLD WRUQDUi PXLWR D IDODU GD
FpOXOD H VHJXQGR TXDQWR YLUi FRPSUHHQGLGR GH PRGR SHUIHLWR
GHVVD SRGHUVHi FRPSUHHQGHU WDPEpP R KRPHP 6y TXH SDUD
FRPSUHHQGHURKRPHPpSUHFLVRVHUFRPSHWHQWHVQmRVRPHQWH
HPELRORJLDHPDWHPiWLFDPDVWDPEpPHPILORVRILDSRUTXHQR
ILQDO D YHUGDGHLUD ILORVRILD p R ~QLFR LQVWUXPHQWR UDFLRQDO TXH
WHPRVSDUDDFHVVDUDRVPyGXORVGHVVDVVHTrQFLDVTXHFRGLILFDP
D YLGD PDWHULDO D YLGD FRQFUHWD $ ILORVRILD SRVVXL FULWpULRV TXH
SRGHP ID]HU LQWHUORFXomR QR PXQGR GDV FDXVDV TXH JHUD HVWDV
SDODYUDV FRQVWLWXLQWHV HVWDV PHQVDJHQV HVWHV ULWPRV
IRUPDOL]DQWHVGRIHQ{PHQR
$ 2QWRSVLFRORJLD GHVFREUH TXH H[LVWH XP UHSHWLGRU TXH
DOWHUD R PRQLWRU GH GHIOH[mR
1R LQWHULRU GDV PHQVDJHQV GDV
FRPXQLFDo}HV H[LVWHP VLQDLV TXH OHYDP UHDOPHQWH DTXHOD
PHQVDJHP SRUpP VH QR FUX]DPHQWR GRV DSDUHOKRV GH
WUDQVPLVVmRWHOHIRQHUiGLRUDGDUUDLRV HWF QR FRQWH[WR GHVWD
UHGH GH FRPXQLFDomR LQVHUHVH XP UHSHWLGRU DOWHUDGRU XP
GHVYLDGRUHVWHSRGHVXSULPLUR VLJQLILFDGR R FRPXQLFDGREDVH
(P WRGRV RV VHUHV KXPDQRV HYLGHQFLDVH HVWH UHSHWLGRU
GHVYLDGRU GD SHUFHSomR GD PHQVDJHPEDVH SRU SDUWH GD QRVVD
FRQVFLrQFLD 4XDQGR D FpOXOD DGRHFH p SRUTXH VRIUH XPD
PHQVDJHP GHVYLDGRUD 3RU VXD LQWUtQVHFD QDWXUH]D D FpOXOD QmR
SRGHDGRHFHUPDVTXDQGRVRIUHDSUHSRQGHUkQFLDGHXPDRXWUD
PHQVDJHP TXH p IRUoDGD D UHFHEHU GHYH DJLU SRU FRQVHTrQFLD
,VWRpRVHUKXPDQRDRLQYpVGHSHUFHEHURPXQGRRDPELHQWH
R VH[R DV DPL]DGHV R VHX ´EXVLQHVVµ FRWLGLDQR D VXD UHGH
HFRQ{PLFD GH UHODo}HV H R YDVWR PXQGR GRV VHXV LQWHUHVVHV
VHJXQGR R FyGLJR GH XPD UHDOLGDGH F{QJUXD SUy[LPD EHQpILFD
SDVVtYHO GH VHU DVVLPLODGD SDUD VHX FUHVFLPHQWR VHJXQGR DV
IXQo}HV GH PDQXWHQomR GD SUySULD LGHQWLGDGH H H[SDQVmR
HYROXWLYDHVFROKHXPGLYHUVRLPSUySULR
1HVWH PRPHQWR SRVVR SHQVDU HP XP +LWOHU RX HP XP
6WiOLQ HVVHV KRPHQV YLYHUDP D VXD YLGD RX YLYHUDP R UHVXOWDGR
GH XPD HVTXL]RIUHQLD FROHWLYD TXH WLQKD SRU OHL PDWHPiWLFD D
LQWUtQVHFD QHFHVVLGDGH GH XP SRQWR SLUDPLGDO" 4XDQGR VH ID]
XPDSLUkPLGHDXPFHUWRPRPHQWRpQHFHVViULDDSHGUDF~VSLGH
D SHGUD SRQWD H DTXHOD SHGUD WRUQDVH R SRQWR TXH GHILQH R
TXDQWRMiIRLIRUPDOL]DGRWRUQDVHDJHVWmRWRWDOLWiULDGREORFR
3RUWDQWRRPRQLWRUGHGHIOH[mRHVWHUHSHWLGRUDOWHUDGRU
SRGHPRV WDPEpP LPDJLQiOR FRPR R UHSHWLGRUGDV
UHWUDQVPLVV}HVWHOHYLVLYDVH[LVWHD IRQWH GH HPDQDomR
H GHSRLV
H[LVWHP RV GLYHUVRV UHSHWLGRUHV TXH GHYHULDP WUDQVPLWLU R VLQDO
DVVLP FRPR R UHFHEHUDP DR LQYpV VH R UHSHWLGRU HVWi DOWHUDGR
LQVHUHVHXPRXWURSURJUDPDSRULVVRTXHPROKDDWHOHYLVmRHP
FDVD UHFHEH D PHQVDJHP GH TXHP PDQLSXORX 2 GHIHLWR
SRUWDQWRQmRHVWiQDUHGHGDVFRPXQLFDo}HVHPVLPDVHPDOJR
TXHXVRXHVWDUHGHGHFRPXQLFDo}HVDOWHUDQGRDGHWDOPRGRTXH
R UHFHSWRU HVWi FRQYLFWR GH WHU D WUDQVPLVVmR GLUHWD GD YLGD D
WUDQVPLVVmR GLUHWD GH VHX HJRtVPR GD VXD VDQLGDGH GRV VHXV
LQWHUHVVHV H DR LQYpV WHP D WUDQVPLVVmR GH XP RXWUR LQWHUHVVH
QmRSUySULR
2HVFRSRGRUHVLGHQFHpRGHGDUXPHQGHUHoRSUiWLFRGH
FRPRFHQWUDURMRJRGRVXFHVVRSDUWLQGRQRYDPHQWHGRHJRtVPR
FHQWUDOGR(PVL{QWLFRSHVVRDO&HQWUDUR(PVL{QWLFRHFHQWUi
OD SOHQDPHQWH VLJQLILFD WHU FHQWUDGR R JUDQGH MRJR GD YLGD
3RUWDQWRYDPRVWHQWDUHVWDEHOHFHUXPDIRUPDGH FRPSURPLVVR
LVWRpFRPRMRJDURPRQLWRUGHGHIOH[mRHPSUR[LPLGDGHDR(P
VL{QWLFRSRUTXHGHSRLVQHVWDYLGDQHVWHSODQHWDRFRPSURPLVVR
p LQGLVSHQViYHO 3RUWDQWR FRPR OHYDU DGLDQWH HP SDUDOHOR HVWD
G~SOLFHH[LJrQFLDSDUDID]HURSUySULRLQWHUHVVH´)D]HURSUySULR
LQWHUHVVHµ VLJQLILFD ´)D]HU D RUGHP GR SUySULR tQWLPR VHUµ
(QWmR WUDWDVH GH FRPR RUJDQL]DU D SUySULD YLGD DR VXFHVVR
SUiWLFR VHJXQGR R SUySULR LQWHUHVVH e yEYLR TXH R SUySULR
LQWHUHVVH QmR p UHSUHVHQWDGR VRPHQWH SHOR DVSHFWR HFRQ{PLFR
PDV FRPSUHHQGH WRGR R DUFR GDV FRLVDV TXH VmR PDLV
FRQVLGHUDGDV HP XPD SHVVRD RV VHQWLPHQWRV RV DIHWRV DV
UHODo}HVVRFLDLVHWF
7UDWDVHGHYLYHUDSUySULDOLEHUGDGHQmRREVWDQWHRIDWR
GHWHUPRVQDVFLGRHGHYLYHUPRVQRLQWHULRUGHXPHVTXHPD
#!8=CD8p«>É=C8204?AÁG8B78BCÈA820
6XEVWDQFLDOPHQWHWUDWDVHGHLQGLYtGXDURJrQLRSRWHQFLDO
GD QDWXUH]DHP XP VXMHLWR DWp TXH HVWH VXMHLWR H[HUFLWH GHSRLV
FRP YDQWDJHP XPD SUi[LV H[LVWHQFLDO XPD SUi[LV HFRQ{PLFD
XPDSUi[LVSROtWLFD
eSUHFLVRUHFRQVWLWXLUVHQDVIRQWHVGRVHUHQTXDQWRHVWi
GHPRQVWUDQGRTXHTXDOTXHUWHRULDHPTXDOTXHUWHPSRpVHPSUH
D FRQVWUXomR SURYLVyULD GH XP FRQWH[WR GH FXOWXUD (QTXDQWR
TXHDRLQYpVVHQyVFRQVHJXLUPRVUHID]HUPRQRVQDVIRQWHVGR
VHUHQWmRHVWDPRVJDUDQWLGRVWDPEpPSRUTXHHVWDVIRQWHVGRVHU
FRQGX]HPGDHWHUQLGDGHRVGLYHUVRVPRGRVGDYLGDQRXQLYHUVR
4XDQGR HX LQLFLDYD D SHVTXLVD VREUH FRPR HUD IHLWR R
KRPHPLQGRVHPSUHPDLVDIXQGRYLVOXPEUHLXPSRQWR´2(P
VL{QWLFRTXHpDTXLORTXHRVDQWLJRVFKDPDYDPDOPDHVStULWRH
TXHDVUHOLJL}HVGHILQLDPFRPRRSRQWRGHUHODomRFRPR6HUe
XPIHUPHQWRTXHWHPQHFHVVLGDGHGHVHUVHPSUH PRYLPHQWDGR
SRUTXHVRPHQWHGHVWHPRGRSURGX]TXDOTXHUFRLVD
6REUH R WHUPR ´RQWRORJLDµ IDoR XPD SUHFLVmR
HWLPROyJLFD'RJUHJRDQWLJR´2QWRµpRSDUWLFtSLRSUHVHQWHGR
YHUERVHU´2Q2QWRVµ ´HVVHQWHµ´DTXLORTXHpµ
$ SULPHLUD FRLVD TXH GHYHPRV FRPSUHHQGHU UHIHUHQWH D
TXDOTXHUREMHWRpVHH[LVWHRXQmRH[LVWH
2YHUERVHUpDSULPHLUDUDL]GHTXDOTXHUSDODYUDGLVFXUVR
RXOyJLFDeRWHUPRFDWHJyULFRXQLYHUVDOGHTXDOTXHUH[LVWrQFLD
R KRPHP p GHXV p D FDGHLUD p $OpP GR YHUER VHU H[LVWH
VRPHQWHRQDGDSRULVVRHVWDSDODYUDpUDGLFDODWRGDVDVRXWUDV
OyJLFDV H REMHWRV 3RUWDQWR D RQWRORJLD p XPD VXEGLYLVmR GD
ILORVRILDTXHWUDWDDVOyJLFDVDVFDUDFWHUtVWLFDVGRVHU
´2QWRSVLFRORJLDµ YHP GH WUrV SDODYUDV DQ DQWDV VHU
SVLTXr DOPDPHQWHORJR FLrQFLD
$WUDYpVGHXPDFLrQFLDJOREDO WRWDOHP VHQWLGR UDFLRQDO
DQDOLVDQGR D PHQWH RV SURFHVVRV SVtTXLFRV H SRUWDQWR D
FRQVFLrQFLD DV HPRo}HV R FRPSRUWDPHQWR H WDPEpP WXGR
DTXLOR TXH p HVSLULWXDO H LQWHOLJrQFLD QR KRPHP QRV
DSHUFHEHPRVTXHWXGRLVVRpIHQ{PHQRGHXPDFDXVDOLGDGHTXHp
{QWLFDSRULVVRRSDWUmRRIXOFURpR6HU
(LV SRU TXH D 2QWRSVLFRORJLD GHSRLV GH WHU
FRPSUHHQGLGR R IXQFLRQDPHQWR GRV SURFHVVRV SVtTXLFRV GiVH
FRQWDGHTXHH[LVWHXPDUDL]TXHFRQGX]WXGR
6HSRUH[HPSORHXFRPHoRDDQDOLVDUDFpOXODELROyJLFD
YHMRTXHIXQFLRQDFRPFHUWDVFDUDFWHUtVWLFDVHQmRIXQFLRQDFRP
RXWUDV DQDOLVDQGRD GRXPH FRQWD GH TXH H[LVWH XPD RUGHP H
TXH GHVWD RUGHP WUDQVFHQGHQWH D FpOXOD p Vy XPD
IHQRPHQRORJLD2'1$H[SOLFDDWpXPFHUWRSRQWR(QWmRSDUD
H[HUFLWDUHID]HUSUi[LVGHSVLFRORJLDDSOLFDGDpSUHFLVRTXHXPD
SVLFRORJLDVXSHULRUDWLQMDDVPRWLYDo}HVGRVHU
4XDQGR DQDOLVR XPD SHVVRD ROKR D VXD FXOWXUD D VXD
FLYLOL]DomR RV VHXV SRQWRV GH YLVWD DV VXDV WUDGLo}HV RV VHXV
HVWHUHyWLSRVDQDOLVRDVGLQkPLFDVHVWUXWXUDLVGDVXDSHUVRQDOLGDGH
LQGLYLGXDO HPRo}HV SURFHVVRV SVtTXLFRV FRPSOH[RV H WRGR R
YDVWRPXQGRGDSVLTXr'HSRLVFRQIURQWR WRGRV HVWHV DVSHFWRV
FRP D LQWHQomR UDGLFDO GR VHU FRP R SURMHWR GD PHQWH
$QDOLVDQGR R KRPHP YHMR TXH WHP XP (P VL {QWLFR H SDUD
DWLQJLU R VHX EHPHVWDU GHYR OHU R IXOFUR {QWLFR &RP D OHLWXUD
GHVWHFULWpULRHXWHQKRRSULQFtSLRGDFHUWH]DHSRVVRGL]HUTXH
HP DQRV GH DWLYLGDGH FDGD YH] TXH OL HVWH FULWpULR GR
LQGLYtGXRQXQFDHUUHL7DQWRSDUDFXUDUILVLFDPHQWHXPWXPRURX
TXDOTXHU WLSR GH GRHQoD FRPR WDPEpP XP FRPSRUWDPHQWR
PHQWDO GR VXMHLWR (VWH p R HQTXDGUH GH WRGD D 2QWRSVLFRORJLD
3RULVVRWDPEpPTXDQGRIDORDSDUHQWHPHQWHGR6HURXGHGHXV
VRX UDFLRQDOLVWD ODLFR VREUH FRPR DV FRLVDV HVWmR LVWR p IDoR D
OHLWXUDLQWUtQVHFDGRVIDWRV
1RWD
0(1(*+(OO
, $QWRQLR ,O 0RQLWRU GL 'HIOHVVLRQH 1HOOD
3VLFKH8PDQD3VLFRORJLD(GLWULFH5RPD
$0qC8203>;Ä34A
,
&RQILJXUDU H GHOLQHDU R FDUiWHU R HVWLOR GH YLGD H D
UHJrQFLD GR SRGHU GH XP OtGHU DXWrQWLFR QmR p GLItFLO SRU VL
PHVPRHQTXDQWRWUDWDVHGHFROKHUDVLPSOLFLGDGHGHXPSURMHWR
XQLYHUVDOTXHDQDWXUH]DMiSUHFRQVWLWXLFRPRYLUWXDOLGDGHDWUDYpV
GR(PVL{QWLFRHVSHFtILFRGRLQGLYtGXRSUpHVFROKLGR2GLItFLOp
WUDGX]LU HVVD SURSRUomR GH DomR R OtGHU SDUD DTXHOHV TXH
LQIDQWLOPHQWHDDVSLUDPPDVQmRWrPRVSUHVVXSRVWRVSDUDVrOD
2 OtGHU p XPD SHVVRD TXH SRGH H VDEH DGPLQLVWUDU R SRGHU GR
SUySULR FRUSR VRFLDO JDUDQWLQGR D HVVH LGHQWLGDGH IXQFLRQDO H
SRU FRQVHTrQFLD FUHVFLPHQWR 3RGH SRUTXH p GRWDGR GH
UHVSRVWDVHILFLHQWHVjVH[LJrQFLDVGHRUGHPHGHVHQYROYLPHQWRGR
SUySULR FRUSR VRFLDO 3RGHUVHLD HQWHQGHU WDPEpP FDULVPD H
SUHSDUDomRKLVWyULFRFXOWXUDOHPUHODomRj VLWXDomR 2 OtGHU VDEH
SRUTXH LQWXL H UDFLRQDOL]D D VROXomR LQGLVSHQViYHO DR FRQWH[WR
DQWHV TXH VXUMD D GHVYDQWDJHP 2 SRGHU p TXDOTXHU SRWHQFLDO
GLVSRQtYHO QR PRPHQWR SVLFROyJLFR HPRWLYR SROtWLFR
HFRQ{PLFROHJDO
&RUSRVRFLDOpDiUHDGDSVLFRORJLD WHUULWRULDO TXH R OtGHU
SRODUL]D GH IDWR FUpGLWR LGHRORJLD FRODERUDGRUHV
RUJDQL]DomR
LQGLYtGXRVHVHWRUHVGHXPLQWHUHVVHTXHGHIDWRHVSHFLILFDHXQH
R OtGHU (VVrQFLD RX PRWLYR GR OtGHU p D FDSDFLGDGH GH PHGLDU
IXQFLRQDOLGDGHDRJUXSRRXDRFRQWH[WR0HGLDUDIXQFLRQDOLGDGH
GR FRUSR VRFLDO VLJQLILFD SURWHJHU H GHIHQGHU SRU LQWHLUR D
LGHQWLGDGHGHH[LVWrQFLDHYDORUGRJUXSRHVREUHWXGRJDUDQWLUR
FUHVFLPHQWRTXDOLWDWLYRHH[WHQVLYRGDDomRGRFRUSRVRFLDOeD
WLSRORJLDGHLQWHUHVVHGRJUXSRTXHVHOHFLRQDHHVSHFLILFDROtGHU
1D PHGLGD HP TXH R OtGHU JDUDQWH D HQWLGDGH H D TXDOLGDGH GR
LQWHUHVVHFROHWLYRHOHMipWDO$VRULJHQVGROtGHUVmRRUGLQiULDVH
DFRQMXQWXUDKLVWyULFDRUHYHOD'HILQLGRXPFDPSRGHWHQV}HV
FRPWHQGrQFLDDGHVLQWHJUDUVHHPGLUHomRDRLQWHULRUDFHQWXDVH
XPSRQWRTXHVHGHILQHFRQYHUJrQFLDHYHWDUSURJUHVVLYRGHWRGR
R FDPSR WRUQDQGRVH R LVVR HVWDELOL]DGRU TXH DVVLPLOD FRPR
SUySULDWRGDDHQHUJLDVLPLODUHSUy[LPD(TXLOLEUDQGRFDGDSDUWH
j FRQYHUJrQFLD FHQWUDO FRQVWLWXtGD H GHILQLGD SHOR OtGHU HOH
IRUPDOL]D LQWHQVLGDGH H LQWHQFLRQDOLGDGH GR WRGR j HYROXomR
SURJUHVVLYD
,,
1mR LPSRUWD D VXD FRQVWLWXLomR ItVLFD VH HFWRPRUIR
HVRPRUIRRXHQGRPRUIRSRVLomRJHQHDOyJLFDLGDGHRXSRVLomR
HFRQ{PLFD 'HSRLV GD VXD YDOLGDGH GH LQWXLomR H YROLomR D
SRVLomR QDV UHODo}HV p GHWHUPLQDQWH e LPSRUWDQWH TXH HOH VH
HQFRQWUHQRPRPHQWRHOXJDUSUHFLVRVRQGHDVUHODo}HVLQWHUQDV
GR FRQWH[WR DFXVDP FRQWHPSRUDQHDPHQWH WHQVmR H UHIHUrQFLDV
RX VHMD R SRQWR FUtWLFR RQGH VH URPSH D VLWXDomR PDV H[LVWHP
WDPEpP RV ~OWLPRV OLDPHV TXH DLQGD GmR XQLmR DR FRQWH[WR GR
FRUSR GD DomR 7DPEpP QR FDVR HP TXH R OtGHU p XP SURGXWR
OHQWRH´LQLFLiWLFRµGRFRUSRVRFLDODVXDUHYHODomRpGHWHUPLQDGD
VHPSUHSRUXPPRPHQWRHXPSRQWRGHUXSWXUDGRVLVWHPDTXH
SURMHWDRFDPSRGHSURGXomRGHVHXLQWHUHVVHHVSHFtILFR2OtGHU
QXQFDpJHQpULFRVHPSUHpHVSHFtILFR7DPEpPVHDVXDLQWXLomR
YROLWLYD DSUHVHQWD DV FDUDFWHUtVWLFDV VXSHULRUHV GH XP GLULJHQWH
VHJXQGRDSURMHomRGDVOHLVGDQDWXUH]D2OtGHUFRPRGLULJHQWH
WHP RV VHJXLQWHV GRWHV YLVmR LPHGLDWD GR FRQWH[WR GRV
FROLJDPHQWRV RX UHODo}HV GR FRQWH[WR ORFDOL]DomR GR SRQWR GH
UXSWXUD H SRQWR SDUD UHWRPDGD GR PRYLPHQWR GD XQLGDGH GR
FDPSR LPSXOVR GH GHFLVmR FHQWUDGR VREUH D ´FRQWHQomRµ
SURYLVyULD H UHDomR j SUHVVmR GH IUDWXUD HOLPLQDomR GR
SRWHQFLDOYHWDU HP DQWtWHVH DR FRUSR H UHVWDEHOHFLPHQWR GDV
SURSRUo}HVHPHTXLOLEULRFRPRYHWRURXHVFRSREDVHGRFRUSR
17,VR,Q6p2QWLFR6LJQLILFDLJXDO,JXDODRFULWpULR
GHQDWXUH]D
,,,
$TXLORTXHFDUDFWHUL]DRFRPSRUWDPHQWRGROtGHUpDVXD
UDFLRQDOLGDGH HILFLHQWH DR HVFRSR GR FRUSR VRFLDO VHJXQGR
HVSHFLILFLGDGHV TXH SRGHP GHVWDFDU D VXD XQLFLGDGH SHVVRDO RX
LQGLYLGXDO 3HVVRDO VH UHIHULGR j VXD LQWHOLJrQFLD LQGLYLGXDO VH
UHIHULGRjLPDJHP SVLFRItVLFD5DFLRQDOLGDGH HILFLHQWH DR HVFRSR
HQWHQGHVHDFDSDFLGDGHGHFRRUGHQDURVPHLRVQHFHVViULRVHGH
UHIRUoR µ SDUD D UHDOL]DomR IXQFLRQDO GR FRUSR VRFLDO VREUH D
XUJrQFLDKLVWyULFD
(OHpGHWHUPLQtVWLFRDRHVFRSRIXQFLRQDOHSUpHVFROKLGR
YDULDQGRRVPHLRVFRPUDFLRQDOLGDGHHFRQ{PLFD
2VHX´HWKRVµpDomRDRILP3UREOHPDVPRUDLVFXOWXUDLV
LGHROyJLFRV VmR FRQVLGHUDGRV SDUD VHUHP LQVWUXPHQWDOL]DGRV RX
FRQWRUQDGRV7DQWRQXPTXDQWRQRRXWURFDVRVDEHID]rORFRP
WDPDQKD DUWH TXH SDUHFH XP GHIHQVRU GDTXHOHV YDORUHV TXH GH
IDWROHVD
$ H[SUHVVmR ´R ILP MXVWLILFD RV PHLRVµ VH HQWHQGLGD
FRUUHWDPHQWH p H[DWD 2X VHMD VH DTXHOH ILP p LQGLVSHQViYHO j
VREUHYLYrQFLDGRFRUSRHRFRUSRpYHUGDGHLUDPHQWHLPSRUWDQWH
HQWmR RV PHLRV LQGLVSHQViYHLV D WDO HVFRSR VmR MXVWRV H
QHFHVViULRV6HDRLQYpVDTXHOHQmRpRILPIXQFLRQDOHOyJLFRRX
HQWmR VH RV PHLRV WrP RXWUDV HTXLYDOrQFLDV RX YDULiYHLV GH
SURFHVVRHLGHQWLGDGHQHVWHFDVRDIUDVHpRSLQLmR
,9
2OtGHUWHPXP(PVL{QWLFRHVSHFLDOSRUQDWXUH]D
2 (P VL {QWLFR p R SULQFtSLR IRUPDO TXH HVWUXWXUD R
RUJkQLFR SVLFRELROyJLFR GR LQGLYtGXR KXPDQR (OH JDUDQWH H
LGHQWLILFD D H[DWLGmR RX QmR GD XQLGDGH GH DomRKRPHP HP
SURFHVVRKLVWyULFR2(PVL{QWLFRpXPVHPLQDOYLUWXDO
(VSHFLDOSRVVXLXPYLUWXDOPDLRUGRTXHDQRUPDHFRP
DWLWXGH D HVSHFLILFDUVH HP PDLV PRGRV e XP (P VL FRP
IDFXOGDGHV PDLV HVSHFtILFDV D WRUQDUVH KLVWyULD FRP GLQkPLFDV
HOHYDGDVGHLQWHOLJrQFLDYRQWDGHHYLWDOLGDGH
(P DOJXQV FDVRV D QDWXUH]D DEUH R SRWHQFLDO GR VXSHU
KRPHP WRGDV DV VXDV IDFXOGDGHV VmR DXPHQWDGDV D XP QtYHO
HOHYDGR
3RUpPMXQWR j HVSRQWDQHLGDGH SURYLGHQFLDL GD QDWXUH]D
p LQGLVSHQViYHO D DFXOWXUDomR HP XPD iUHD PXQGDQD (VVD
DFXOWXUDomRFRQVHQWHDHVSHFLILFDomRPHWDEyOLFDGR(PVL{QWLFR
TXH QHVVH FDVR SRGH HVSHFLILFDU WRGDV DV IHQRPHQRORJLDV
SUySULDV H VREUHWXGR R QDVFLPHQWR GR (X FRPR (X OyJLFR
KLVWyULFRIXQFLRQDOHVXSHULRU
/tQJXD FRVWXPHV FLrQFLD SUi[LV H[SHULrQFLDV
GLIHUHQFLDGDV H GH HVSHFLDOL]DomR VmR LQGLVSHQViYHLV SDUD GDU
SUHFLVmRjLQWHUYHQomRWpFQLFDGROtGHU(OHGHYHVHUFDSD]GHDomR
HVSHFLILFDGD 3RU LVVR WHP QHFHVVLGDGH GH XPD SUHSDUDomR
WpFQLFRHVFROiVWLFDH[LVWHQFLDOVXSHULRUjPpGLDSDUDDSUHQGHURV
LQVWUXPHQWRV D ILP GH RSHUDU KLVWRULFDPHQWH D DXWRJrQHVH GD
TXDOHOHpSRQWD
&DVRFRQWUiULRWHUVHiXPHVTXL]RIUrQLFRXPIDOLGRXP
UHMHLWDGRGDKLVWyULD
,QIHOL]PHQWHDPDLRULDGRVJrQLRVSRWHQFLDLV p GHVWUXtGD
DQWHV GD VXD PDWXUDomR KLVWyULFD SHOR PRQLWRU GH GHIOH[mR
DWUDYpVGHDGHTXDGDVHVWHUHRWLSLDVVyFLRIDPLOtVWLFDV
´3URYLGHQFLDLµ QmR VLJQLILFD TXH XP HQWH RX DJHQWH
H[WHUQR LQWHUYpP DR DFDVR RX GH LPSURYLVR VREUH R PRGR GH
YLYHU GH XPD SDUWH RX GH XP FRQMXQWR 6H IRVVH DVVLP
SURFHGHQGR SHOD OyJLFD GR UHDO {QWLFR VHULD LQFRQFLOLiYHO FRP
DTXLORTXHpDDXWRQRPLDHWHUQDGRUHDOHPVLRXGR6HUHPVL
26HUVHLGHQWLILFDVREUHFDGDFRLVDTXHGHDOJXPPRGR
RIHQRPHQL]DSRULVVRHPQDGDFRQWUDGL]DVLPHVPR
(QWmRSURYLGHQFLDLVLJQLILFDTXHDLQWHOLJrQFLDIRU
PDO
GRFRQWH[WRRXGDVLWXDomRpFDSD]GHUHODQoDUXP
UHIRUoRGH
LGHQWLGDGH IXQFLRQDO TXDQGR R FRQWH[WR HVWi HP FULVH TXH VH
HVSHFLILFD HP LPXQLWiULRV DXWRJHQpWLFRV TXH HOLPLQDP D FULVH
UHJUHVVLYDRXDOLHQDQWH
3RUWDQWR SURYLGrQFLD VLJQLILFD UHIRUoR IXQFLRQDO j
LGHQWLGDGH GD XQLGDGH GH DomR ( LVVR p GRP LQWUtQVHFR GR
SRWHQFLDOH[LVWHQFLDOGRFRQWH[WR
2OtGHUpDIHQRPHQRORJLDSRQWDGHWDOUHIRUoR
9
$ DomR GH SURYLGHQFLDOLGDGH GH QDWXUH]D QmR p
GHWHUPLQiYHO SRU TXDOTXHU FRQWH[WR PDV VRPHQWH SRU DTXHOH
OXJDUGHFRQYHUJrQFLDTXHGiSURSRUomRDRJHUDOGRVFRQWH[WRV
,VVRVLJQLILFDTXHQmRH[LVWHQHQKXPDQHFHVVLGDGHGHVDOYDUWRGRV
RVFRQWH[WRVRXiUHDVGHDomRHWDQWRPHQRVRVGLYHUVRVFRUSRV
VRFLDLV
$SURYLGHQFLDOLGDGHKLVWyULFDVHH[HUFLWDHVHIHQRPHQL]D
FRP EDVH QRV SRQWRV HTXLOLEUDQWHV GD HFRQRPLD KLHUiUTXLFD GR
WRGR 2 WRGR SDUD QyV KXPDQRV p R SODQHWD 7HUUD SRU
HQTXDQWR
3DUD HVWH SODQHWD VHJXQGR RV SURFHVVRV H GHQVLGDGHV
HVWUDWpJLFDVGDVSUHVV}HVGHLQWHQFLRQDOLGDGHSVtTXLFDGHWHUPLQD
VHDHLVVHLGDGHKLVWyULFDGRDFRQWHFLPHQWRGROtGHUSURYLGHQFLDL
,VVR p H[SRVWR SRU H[FOXVLYD IXQomR GH PDQXWHQomR H HYROXomR
GDTXHOH FRQWH[WR PXQGDQR TXH VXFHVVLYDPHQWH GHWHUPLQD R
HTXLOtEULRKLVWyULFRELROyJLFRRXVyFLRELROyJLFRGRFRQMXQWRGRV
FRQWH[WRVPXQGDQRV
9,
2 TXH Mi IRL FRORFDGR SHUPLWH DILUPDU TXH QHP WRGR R
FRQWH[WR p LQGLVSHQViYHO PDV VRPHQWH DTXHOH FRQWH[WR TXH p
IXQFLRQDOjHFRQRPLDGRFRQMXQWRpGHWRGRPRGRVDOYR VH R
FRQMXQWR R KXPDQR WHUUHVWUH PDQWpP DLQGD XPD PDUJHP GH
DXWRVXILFLrQFLD HP UHODomR j FRQVWHODomR SVtTXLFD ELROyJLFD H
HQHUJpWLFDTXHRPDQWpP
2VPHLRVRXDVSDUWHVVmRMXVWLILFDGDVQDPHGLGDH[FOXVLYD
GHTXHPRXGDTXLORTXHRVPDQWpP
3RU LVVR QmR H[LVWH QHQKXPD QHFHVVLGDGH SDUD D VR
EUHYLYrQFLDHWHUQDGRSODQHWDHPXLWRPHQRVSDUDTXDOTXHUPHJD
HVWUXWXUD VyFLRHFRQ{PLFD SVLFRLGHROyJLFD RX KLVWyULFRSROtWLFD
GHVWHSODQHWD
&RPDVSURSRUo}HVDGHTXDGDVSRGHPVHID]HURSRUWXQDV
LODo}HVVREUHTXDOTXHUFRQVWHODomRGRXQLYHUVRRXJHQHDORJLDGD
FRQVWDQWH+QRXQLYHUVR
2 MRJR H D WHQVmR VH H[DXUHP QD HLVVHLGDGH GH FDGD
LQGLYtGXRKRPHPTXHH[LVWHQHVWHPXQGR
7DPEpPRPRQLWRUGHGHIOH[mRDGPLQLVWUDDVXDUHDOLGDGH
HLQIOXrQFLDDWpTXHWHQKDRVXSRUWHGRYLWDOH[LVWHQFLDOKXPDQR
RXQmR
HLVVHLGDGH eRtQWLPRGRTXHp(P6LeDOJRTXHVHpSRUHYLGrQFLDH
SURFHGHGR6HUQG(
9,,
(P UHODomR DR PRQLWRU GH GHIOH[mR R OtGHU QmR WHP
QHQKXPD FRPSUHHQVmR H IUHTHQWHPHQWH p HVWLPXODGR RX DWp
PHVPR LQVWUXPHQWDOL]DGR SRU HVWH 3RUpP R OtGHU WRPD DOJXQV
HVWHUHyWLSRVEDVH
GHVWH
TXH
Yr
UHJLVWUDGRV
QR
FRPSRUWDPHQWDOLVPR GH PDVVD (OH LQWXL TXH PXLWDV SRVWXUDV H
HVFROKDVGHYLGDVmRIDOLPHQWDUHVHSRUWDQWRDVHYLWDRXHQWmR
HPDOJXQVFDVRVDVXVDSDUDILQV´VXSHULRUHVµ6XEVWDQFLDOPHQWH
HOHDIHUUDHPJUDQGHSDUWHRVPyGXORVGHIUHTrQFLDGRPGG
VLPELRWL]DGRV HP VXMHLWRV KXPDQRV H SRU FRQFOXVmR QRV VHXV
HIHLWRVRVHYLWDRXRVFRPEDWH
0DVRPHFDQLVPRHPVLDORMDGRQDVVLQDSVHVQHXU{QLFDV
GD iUHD FHUHEUDO HOH QmR R LPDJLQD 6H WHP FXOWXUD RQWR
SVLFROyJLFDHQWmRpGLIHUHQWH
9,,,
&RQKHFHQGRRPGGROtGHUWHPXPDHQRUPHYDQWDJHP
QD GLDOpWLFD GR FRWLGLDQR KLVWyULFR ( VH HOH PDQWpP D YLJLOkQFLD
VREUHFDGDYDULDomRVHPkQWLFDHPWDOFDVRDOFDQoRXRRQLVFLHQWH
SRGHUGDYLGDQRTXHOKHGL]UHVSHLWR
,;
2LQGLYtGXRTXHQDVFHSUHGLVSRVWRDVHUXPGLULJHQWHVH
QmRpSUHFRFHPHQWHLQWHUIHULGRDQWHVGRVYLQWHDQRV
SRU
GHVYLRV IDPLOtVWLFRSDWROyJLFRV H HQFRQWUDU XPD FXOWXUD PpGLD
LQHUHQWH j SUySULD H[LVWrQFLD KLVWyULFRVRFLDO FRPHoDUi D UHDJLU
FRPHJRFHSWLYLGDGHHVSHFLDODRLPSDFWRFUtWLFRGHXPSUREOHPD
(QTXDQWRRSUREOHPDID]UXSWXUDHPDOJXPFRPSRQHQWH
RX IXQomR GR FRQWH[WR iUHD VHWRU SDSHO H QLQJXpP
LQWHUQDPHQWHQHVWDVLWXDomRVDEHUHVROYHURXUHSDUDUROtGHUWmR
ORJR OKH VHMD FRQVHQWLGD D RFDVLmR WUDQTLODPHQWH FRORFD HP
HTXLOtEULRPHLRVHRUJDQL]DomRQRkPELWRGRKLVWyULFRSRVVtYHOH
QmR VRPHQWH UHWRPD D IXQomR H QHP VHPSUH j LQVWLWXLomR RX
HVWHUHyWLSRPDVIDFLOLWDRFUHVFLPHQWRGRFRQWH[WR
1XPSULPHLURPRPHQWRHOHpXPSUHJXLoRVRHFRQVLGHUD
TXHRVRXWURVVDLEDPID]HUEHPWRGDVDVH[LJrQFLDVWpFQLFDV
4XDQGR SHUFHEH TXH RV RXWURV HUUDP RX VmR LQFDSD]HV
VRPHQWH HQWmR VH SRVLFLRQD H VH H[S}H FHQWUDQGRVH
H[FOXVLYDPHQWHVREUHRVIDWRV
/HQWDPHQWHDEDQGRQDWRGRVRVPLWRVGRKLVWyULFRVRFLDO
HVHID]SUi[LVGHLQWHOLJrQFLDIXQFLRQDO
2V SUREOHPDV VmR R FRUULPmR SDUD
SURJUHVVLYDPHQWHRr[LWRQRFDPSRSUpHVFROKLGR
DJXoDU
1mRpDPELFLRVRPDVWHPXPDXUJrQFLDPDLVDJXGDSDUD
ID]HUUHDOL]DomRVXSHULRU
(OHSRVVXLDWHFQRORJLDGDVIXQo}HVHDRDSOLFiODVDWLVID]
DVLPHVPR
5HDOL]DRSUySULRHJRtVPRQRVHUHID]HUIXQomRVXSHULRU
DRFRQWH[WRRQGHDFRQWHFHHVHHVSHFLILFD
PGG PRQLWRUGHGHIOH[mR
;
$ WULORJLD GR OtGHU $omR 3UD]HU 7ySLFD (VWHV WUrV
YDORUHVHVWmRHPUHODomRKLHUiUTXLFD
$$omRpFRPRDLQWHOLJrQFLD(PVL{QWLFRH(XOyJLFR
KLVWyULFRHVSHFLILFDRVHUHPVLWXDomRHPIXQomRGDLGHQWLGDGHH
FUHVFLPHQWR GR YHWDU GR FRUSR VRFLDO HFRQ{PLFR KLVWyULFR
HWF2GLULJHQWHHVSHFLILFDRVHUQRGHYLUHLVVHLFR3RUWDQWRHOHp
RPHGLDGRU{QWLFRQDKLVWyULDHPHGLDGRUGHIXQomRQDH[LVWrQFLD
FRQILJXUDGD
$ DomR YHQFHGRUD p R SULPHLUR WRGR GR OtGHU 7RGR R
UHVWRpPHLR
2 3UD]HU p HVWDU FRP SD] VREUH R SRQWR SRUWDGRU GDV
IXQo}HV TXH UHDOL]DP HVSHFtILFDV SURSRUo}HV GR FRQWH[WR HP
HTXLOtEULR SURYLVyULR 2 GHYLU QmR FRQVHQWH XPD IXQomR IL[D RX
HVWiWLFD SRU LVVR FDGD IXQomR QD H[LVWrQFLD p DWXDOL]DGD H
LQYHQWDGDFRQWLQXDPHQWH
$TXLROtGHUUHFRORFDHPHTXLOtEULRDSUySULDSVLFRORJLDH
SRVLFLRQDPHQWR UHQRYDGR D DomR (OH SRGH HQWUDU HP XPD
FLUFXODULGDGHGHVLPHVPRHGHVIUXWDUWRGRVRVSUD]HUHVGRVTXDLV
p FDSD] GD FRQWHPSODomR DR QDUFLVLVPR GD DUWH GR ERP JRVWR
HP FDGD DVSHFWR GD VXD YLGD SULYDGD DR HURWLVPR VHQVRULDO TXH
UHYLJRUD GH DOPD R FRUSR GRV ´KREELHVµ SUHGLOHWRV jV UHODo}HV
PDLVTXHULGDVGHSHVVRDVHVFROKLGDVHIRUPDGDVGXUDQWHRWHPSR
2 WHPSR GH SUD]HU p ULWPDGR SHORV LQWHUYDORV GH $omR
(VVHVLQWHUYDORVGHYHPVHUEXVFDGRVDTXDOTXHUFXVWRHYLYLGRV
SRUTXH QHVVHV D IRUoD ID] D SUySULD DXWRJrQHVH ( VREUHWXGR
SRUTXH QHVWH ´WpGLR GR yFLRµ SRGHVH HQWUDU QD H[SHULrQFLD
SRQWDGRPHWDItVLFRSRVVtYHO
2 PHWDItVLFR p LQGLVSHQViYHO QD YLGD GR OtGHU SRUTXH D
SDUWLUGDtWRGRVRVHVFRSRVGHDomRVHLOXPLQDPHWrPOyJLFD
$ 7ySLFD p R SHGDoR GH WHUUD RQGH R FHGUR GR /tEDQR
SODQWD RV VHXV SpV SDUD DEULU RV VHXV SUDGRV QR FpX H DEULU XP
XQLYHUVRGHYLGD
2OtGHUGHYHWHUXPDFRQVWDQWHFLUFXQVSHFomROHJDOHItVLFD
VREUHWXGRDTXLORTXHRFRQILJXUDQRWDEXOHLURGH[DGUH]EDVHGR
VRFLDO RQGH RSHUD &DVD IDPtOLD RX UHODo}HV SDUWLFXODUHV FOXEH
SDVVDSRUWHFRQWDEDQFiULDGHSHQGHQWHVGLUHWRVRXItVLFRVILVFR
SURSULHGDGHVGLUHWDVRXLQGLYLGXDLVOHJLVODomRFLYLOHWF
7XGRLVVRpDSRUomRGHWHUUDILUPH RQGH R OtGHU VDOYD H
JDUDQWH D VL PHVPR FRPR LQGLYtGXR IUHQWH DR VRFLDO TXH R
FRQWpP -DPDLV VXEHVWLPDU HVVD WiEXD GH VDOYDomR 6HP HOD R
VRFLDO ItVLFR SUy[LPR QRV UHGX] DR YD]LR GH HQWLGDGH KLVWyULFR
RSHUDWLYDHSRUWDQWRVHpGHUURWDGRHPTXDOTXHULQLFLDWLYD3RU
HVVD WySLFD VH p UHDO VRFLDOPHQWH VHP HOD VLPSOHVPHQWH VH p
LQFULPLQDGR
;,
$ 5HJrQFLD GR SRGHU 8PD YH] TXH R OtGHU DOFDQoRX R
SRGHU GR FRUSR VRFLDO GHYH DQWHV GH WXGR SHUFHEHU LVVR e
LQGLVSHQViYHO SDUD GDU XQLGDGH GH DomR QD PDQXWHQomR H
GHVHQYROYLPHQWR GH WRGD D VXD REUD IXQFLRQDO $ H[WHQVmR GR
SRGHUpVDOYDJXDUGDGRSHORUDLRGRVHXFRQKHFLPHQWR
$UD]mRGRVHXSRGHUHVWiFRQH[DFRPDOyJLFDGRYHWRU
GRPLQDQWHGRFRUSRVyFLRHFRQ{PLFR3RUWDQWRVRPHQWHDTXLOR
TXHpPHLRHPRGRDRYHWRUpLQGLVSHQViYHOHFDWHJyULFR
e yEYLR TXH R YHWDU p LPSRUWDQWH QD PHGLGD HP TXHp
HVFROKLGRHDGPLUDGRSHORtQWLPRGROtGHU3RUTXHDFRQGXomRGR
YHWRU p HILFLHQWH QD PHGLGD HP TXH R OtGHU D LGHQWLILFD FRPR
DXWRJHVWmR GR SUySULR HJRtVPR H[LVWHQFLDO 'HILQLWLYDPHQWH
WDPEpP D IXQomR GH TXDOTXHU YHWRU HVWi FRUUHODFLRQDGD j
UHDOL]DomR H HYROXomR GR PHOKRU QR TXDO D YLGD VH GLVWLQJXH
VXSHULRU
6HPSUH D YLGD RX R SULQFtSLRPHQWH TXH D LQWHQFLRQD
H[DOWD DTXHODV LQGLYLGXDo}HV TXH PDLV D IHQRPHQL]DP 3RU LVVR
HODWHQGHVHPSUHjSUySULDJOyULDHTXHPTXHU
TXHVHMDFDSD]
GHVVDIXQomRGHVIUXWDGHWDOJOyULD
2 OtGHU DPD VRPHQWH TXHP RX DTXLOR TXH p DomR
HVSHFtILFDGRSURMHWRHPDWRQRWHPSRHQDPHGLGDHPTXHFRP
HOHFRQWULEXL
;,,
2VHXHVWLORGHYLGDpFRHUrQFLDGHLQWHQFLRQDOLGDGHVREUH
WXGRDTXLORTXHKLVWRULFDPHQWHpRILPSULPiULR(OHDUWLFXODFDGD
HVWUDWpJLDSDUDGDUSUi[LVKLVWyULFDDRSUySULRHJRtVPRWHUULWRULDO
SHUPDQHFHQGR SDUD VL PHVPR HP FRQWtQXD WUDQVFHQGrQFLD
6HQGR D VROXomR SRWHQFLDO SDUD TXDOTXHU FULVH QD TXDO p
HVSHFtILFRGHWHPSRVHPWHPSRVHOHHVWUXWXUDDWpFQLFDWH[YQ
TXH GHVHQYROYH D FULVH HP IXQomR DWXDOL]DGD DR HYHQWR 0DV
QHVVH SURFHVVR HOH WRUQD YHUGDGHLUR FRQWLQXDPHQWH D VL PHVPR
HP WUDQVFHQGrQFLD PHWDItVLFD GR GDGR H GD KLVWyULD 6DEH TXH
GHYHGDUVHFRPRSURJUHVVRFRQVWDQWHSDUDRWXDOyWURSRVHTXHU
RHQFRQWURSDULWiULRFRPR6HU
$ VXD IXQomR p D VROXomR FRQVWDQWH VHP GHWHUVH QR
VROXFLRQDGR$VXDVROXomRH[LVWHQFLDOpWUDQVFHQGHQWDO
6H GHL[D D SUySULD WUDQVFHQGrQFLD LQLFLD D SUySULD
HVTXL]RIUHQLD H[LVWHQFLDO H REYLDPHQWH WRUQDVH GHVWUXWLYR GR
FRUSRVRFLDO
e JHQHURVR ERP DPDQWH MDPDLV YLQJDWLYR e
LQWUDQVLJHQWHHREVWLQDGRRXFLUFXQVSHFWRVREUHFDGDGHWDOKHHP
DQWHFLSDomRRXIUHQWHjVGLILFXOGDGHVLQFXPEHQWHVRXLPLQHQWHV
6XSHUDGDDFRQMXQWXUDQmRVHYROWDMDPDLVSDUDWUiV
&RQKHFHDH[SHULrQFLDGDKLVWyULDVREUHRVHXVHWRUPDV
SUHIHUH UHYHU WXGR GHVGH R LQtFLR WRGD YH] TXH D DSRULD VH
DSUHVHQWD e VHPSUH FULDWLYR SRUTXH VDEH DSUHQGHU HP FDGD
´JHVWDOWµH[LVWHQFLDO
4XDQGR QmR H[LVWHP GLILFXOGDGHV DPSOLD DomR H
LQWHUHVVHV UHIRUoDQGR R Q~FOHR RX HL[R SRUWDQWH GR SUySULR
SRGHUHGDTXHOHGRFRUSR
;,,,
$ UHJrQFLD GR OtGHU FDGHQFLDVH VREUH R ULWPR H D
KLHUDUTXLDGRVTXLQ]HDVSHFWRVTXHFDUDFWHUL]DPR(PVL{QWLFR
(OH GHYH VDEHU WXGR 'HYH VDEHU VREUHWXGR DV QRWtFLDV FRP
DQWHFLSDomRWRGDVDTXHODVTXHVmRGHDOJXPPRGRLQHUHQWHVDR
HVFRSR H HILFLrQFLD GR FRUSR VRFLDO 'HYH YLJLDU VHPSUH D
SVLFRORJLD GH UHIOH[R RX UHODo}HV GH TXDOTXHU FRPSRQHQWH
SUy[LPRRXFDSD]GH LQWHUIHULU GLUHWD RX LQGLUHWDPHQWH VREUH D
HILFLrQFLDHRHVFRSRGRFRUSR
'HYH VDEHU VHP LQWHUIHULU 6DEHQGR GHWHUPLQDGDV
LQIRUPDo}HV SRGH UHJLVWUDU PHOKRU D SUySULD HVWUDWpJLD RX HP
FDVRQHJDWLYRSRGHGHL[DUHPFXUVROLYUHDVOyJLFDVGHVDJUHJDQWHV
DWp TXH QmR WHQKDP XPD FRQVLVWrQFLD SUHFLVD GH DQWtWHVH RX
GHVDJUHJDomR FRQWUD D HILFLrQFLD GR OtGHU RX GR FRUSR 1HVWH
SRQWRROtGHUIH]DH[SRVLomRHDGHPRQVWUDomRHUDFLRQDOPHQWH
DV H[SXOVD GR FRQWH[WR 2X HQWmR GHSRLV GH WrODV SUHYLVWR ID]
FKHJDUVXDVLQIRUPDo}HVGHVYLDGRUDVHDVID]FDLUQRYD]LRRXHP
UHGtFXORPDQLIHVWR
$ GHPRFUDFLD HP VHQWLGR FRQWHPSRUkQHR QmR WHP
PXLWD LPSRUWkQFLD VHQmR DTXHOD GH PHOKRU IRUPDOL]DU D
GLSORPDFLDGDVUHODo}HV
(P FLrQFLD HP HFRQRPLD HP ILORVRILD RQWROyJLFD HOD
QmRWHPQHQKXPVHQWLGRSRUVL$GHPRFUDFLDFRQWHPSRUkQHDp
VRPHQWHYLROrQFLDGRQ~PHURTXDQGRFRQVHJXHDILUPDUVHFRPR
RSLQLmRGHPDVVD
0LOK}HV GH LJQRUDQWHV TXDQGR VH XQHP UHIRUoDP D
LJQRUkQFLDFRPWRGDVDVVXDVFRQVHTrQFLDV
6RPHQWH HP SROtWLFD D GHPRFUDFLD ID] GH IDWR R VHX
YHUGDGHLURSDSHOHDVXDRSLQLmRGHYHVHUFDOFXODGD
2 OtGHU HQTXDQWR IXQomR j HILFLrQFLD H HYROXomR GR
FRUSRMXVWLILFDVHH[FOXVLYDPHQWHSHODFDSDFLGDGHGRVUHVXOWDGRV
3RU LVVR GHYH HVFXWDU H VDEHU WXGR SDUD GHSRLV
GLVFULPLQDU H GHFLGLU VR]LQKR 4XDQGR DFHLWD D GHPRFUDFLD D
KLVWyULDSRGHMXVWLILFiORPDVDYLGDRFRQVLGHUDXPSHUGLGR
$YLGDVHDSHLDGDIXQomRHPFUHVFLPHQWRSDUDRHWHUQR
7RGR R UHVWR p RSLQLmR SDUD DTXHOHV TXH QmR HVWDUmR SUHVHQWHV
RQGHR6HUVHID]SUHVHQoD
)UHQWHDR(PVL{QWLFRHDRUHDOROtGHUQmRWHPSHUGmR
RX MXVWLILFDWLYD VH VXEVWLWXL D SUySULD LQWXLomR SHOD RSLQLmR GR
FROHWLYR $ VXD PHQWH VH QmR IRL PDQLSXODGD WHP LQWUtQVHFD D
IXQomRGRUHDO
2 VLQDO GD VXD LQHILFLrQFLD p GDGR SHOD HVWDELOLGDGH
´6WDQGDUGµ RX SLRU DLQGD SHOD GLPLQXLomR GRV UHVXOWDGRV TXH
YDOHP 1HVVH SRQWR R OtGHU RX VH UHWRPD VR]LQKR FRP
LQWURVSHFomR RQWRSVLFROyJLFD RX GHYH UHWLUDUVH H GHL[DU R
PDQGDWRGRFRUSR6HQmRVHGHPLWHVHUiIDJRFLWDGRSHORFRUSR
TXHWDQWRDPRXHSHORTXDOWDQWRIRLH[DOWDGR
6H DR LQYpV R OtGHU PDQWpP R SXOVR VHJXUR VREUH R
WLPmRGHYHOHYDUHPFRQWDDRSLQLmRPDLVRXPHQRVGHPRFUiWLFD
GDIRUPDH[FOXVLYDGHLQVWUXPHQWDOL]iODRXFDOFXOiODSDUDMRJDUD
SUySULD DomR VREUH R WDEXOHLUR GH [DGUH] GR FRQGLFLRQDGRU
SVLFROyJLFR GR DPELHQWH XVDU D pWLFD GRJUXSR SDUD IDYRUHFHU D
pWLFDGRUHDOHPVLWXDomR
7XGR LVVR SRGHUi SDUHFHU GHDD WRGR GHVDJUDGiYHO 'H
IDWR R OtGHU p WDO H p SURYLGrQFLD KLVWyULFD QD PHGLGD HP TXH p
IXQomR GR UHDO HVSHFtILFR GR FRUSR GR TXDO p UHVSRQViYHO GD
JHVWmR GH XPD HPSUHVD jV SURSRUo}HV GH PDLV FRQVWHODo}HV GH
SRYRV
e yEYLR TXH WRGR WUDoDGR GHVWH SDUiJUDIR VREUH D
UHJrQFLD GR OtGHU MXVWLILFDVH QD UDFLRQDOLGDGH H[FOXVLYD GH
FRQVHQWLU R HTXLOtEULR IXQFLRQDO GDTXHOD GHPRFUDFLD OLYUH
UHVSyQViYHOHIXQFLRQDOGHWRGRVRVFRPSRQHQWHVGRFRUSR
3DUD VL PHVPR R OtGHU p WHQVmR FRQVWDQWH VHJXQGL D
SURSRUomRLQGLYLGXDODREHORDRYHUGDGHLURDRVDGLR$RUHDOL]DU
LVVRHOHpUHVSRVWDjYLGDjVRFLHGDGHDVLPHVPR
$ 0E>20p«>É=C820
2OtGHUpXPDWLYDGRUGHYDORUHV´9DORUµRTXHVLJQLILFD"
´$TXLOR TXH ID] PDLVµ 0DLV HP TXH VHQWLGR" $TXLOR ´ TXH ID]
PDLV VHU TXDOTXHU IHQRPHQRORJLD TXH GHILQLWLYD PHQWH
SURGX] SDVVDJHQV GH PDLRU LQYHVWLPHQWR {QWLFR ID] VHU PDLV p
LQGLIHUHQWH TXH VHMD GLQKHLUR DIHWR UHODo}HV SROtWLFDV HWF 1R
VHUPDLVTXDOLILFDPVHWRGRVRVRXWURVGRWHVDVD~GHDEHOH]DD
LQWHOLJrQFLD 2 YDORU HP VHQWLGR GHVFULWLYR SRGH VHU GHILQLGR
FRPRXPDDWLWXGHXPDRSHUDomRXPFRPSRUWDPHQWRXPPRGR
GHID]HUTXHSURGX]LGHQWLGDGHHHYROXomRGRVXMHLWR,GHQWLGDGH
SRUTXH R HJRtVPR GL] ´HXµ LVWR pDJUDGDPH ID]HU VH VRX HX R
SURWDJRQLVWD YHQFHGRU &RPR D FpOXOD TXH p YLWDO HQTXDQWR ID]
PHWDEROLVPR H UHIRUoD D VL PHVPD FRPR LGHQWLGDGH GH IRUPD
3RUWDQWRID]HUTXDOTXHUFRLVDTXHFRQVROLGHRPHXDTXLHDJRUDH
TXHGrVLJQLILFDGRLPSRUWkQFLDTXHPRWLYHFRPYDORURPHX´VHU
DTXLµ 4XDQGR GLJR ´D YLGDµ ´R VHUµ HQWHQGR GHILQLWLYDPHQWH
´HXµ ´PLPµ R PHX ´VHU DTXLµ SRUWDQWR R H[LVWHQFLDOLVPR D
SUi[LV GH WXGR DTXLOR TXH p D 2QWRSVLFROyJLD 7DPEpP TXDQGR
IDOR GH WUDQVFHQGrQFLD QmR HQWHQGR ´R VHU DOpPµ FRPR ID] D
UHOLJLmRPDVR´VHUDTXLµ3RUWDQWRVHU´HXµROXJDUGDSHUIHLomR
GRVHU26HUPHWDItVLFRR6HUWRWDOVHDILUPDVHGRFXPHQWDVH
SUHVHQFLDDWUDYpVGRPHXDTXLHDJRUDDVVLP
2 OtGHU SDUD VHU DWLYDGRU GH YDORUHV GHYH SDVVDU
FRQVWDQWHPHQWHDWUDYpVGR´WXµ(XPHWRUQR´HXµQDPHGLGDHP
TXH VHL PHGLDU R ´WXµ 2 ´WXµ p R RXWUR p R ´SDUWQHUµ p D
HPSUHVD D VRFLHGDGH D QDWXUH]D LVWR p ´R RXWURµ TXH QmR VRX
HX(XLQYHQWRFULRDPLPPHVPRDWUDYpVGHXPDLQWHUDomRLVWR
p VRX HX QD PHGLGD HP TXH H[HUFLWR D IXQomR VRFLDO 3RUWDQWR
UHDOL]R R PHX HJRtVPR QD PHGLGD HP TXH VHL VHU IXQomR GH
YDORUHV VDFLDV SRUpP D UHIHUrQFLD R PRWLYR H R HVFRSR VRX
VHPSUH HX D VRFLHGDGH p XP PHLR ,VWR p SDUD UHDOL]DU R VHX
HJRtVPRSDUDJUDWLILFDUDVLPHVPRROtGHUGHYHSDVVDUDWUDYpVGR
XWLOLWiULRGRVRXWURV3RUH[HPSORGHYHID]HUXPDIiEULFDHQWmR
OKHVHUYHPWDQWDVPmRVFRORFDSHVVRDVDWUDEDOKDUFRPHOHOKHV
GiGLQKHLURHXPWUDEDOKRTXHVR]LQKRVQmRVDEHULDPSURGX]LU
2 OtGHU p XPD FDXVDOLGDGH GD QDWXUH]D QmR p GDGR SRU
OLQKD JHQpWLFD 3RU QDVFLPHQWR GiVH XP SRWHQFLDO SRUpP HVVH
SRWHQFLDO VH QmR p DMXGDGR SHOR DPELHQWH QmR FKHJD D
PDQLIHVWDUVH )DoR VHJXLGDPHQWH R H[HPSOR GDV VHPHQWHV GH
XPDJUDQGHiUYRUHDVVHPHQWHVYrPWRGDVGDPHVPDiUYRUHPDV
TXDQGR VHUmR SODQWDGDV QR WHUUHQR HP GLYHUVRV OXJDUHV QmR
H[LVWLUmR GXDV iUYRUHV LJXDLV DVVLP FRPR XPD iUYRUH QmR WHP
GXDV IROKDV LJXDLV 3RU LVVR p XPD GLDOpWLFD HQWUH QDWXUH]D H
DPELHQWH KLVWyULFR (QWmR H[LVWH XP SULPHLUR GDUVH GR (P VL
{QWLFRHVSRQWkQHRGDYLGDHGHSRLVH[LVWHXPDDXWyFWLVHKLVWyULFD
$XWyFWLVHYHPGRJUHJR´$XWRVµVLJQLILFDPLPPHVPR
´FWL]Rµ VLJQLILFD ID]HU FRQVWUXLU DXWRSRUVH (QWmR WHPVH D
HVSRQWDQHLGDGHGDQDWXUH]DH DXWRFRQVWUXomR LQGLYLGXDO RV GRLV
DVSHFWRV VmR LQVFLQGtYHLV 0XLWRV QmR VDEHP FRQVWUXLUVH PDV D
QDWXUH]DGiRSRWHQFLDODWRGRVSRUTXHGiDWRGRVRHJRtVPRR
LQVWLQWRGHVHURPHOKRUGRPXQGR ,QVWLQWLYDPHQWH QLQJXpP p
VHJXQGR D XP RXWUR $ WRGRV p GDGR R LQVWLQWR GR SULPDGR
GHSRLVpSUHFLVRVDEHUUHDOL]iOR
1R SULQFtSLR R 6HU p VREHUDQR D VL PHVPR 3RUWDQWR
H[LVWH XPD YRFDomR {QWLFD XPD FKDPDGD PHWDItVLFD DQWHULRU DR
QDVFLPHQWR ´$QWHV TXH WXD PmH WH JHUDVVH HX Mi WH KDYLD
HVFROKLGRHFKDPDGRµ&DGDXPGHQyVID]SDUWHGRKRUL]RQWHGR
6HUGHSRLVH[LVWHDIHQRPHQRORJLDDFRQVFLrQFLDQyVVRPRVRV
DUWLVWDV SDUD ID]HU D QRVVD H[LVWrQFLD (X LQVLVWR PXLWR VREUH D
UHVSRQVDELOLGDGHDUWtVWLFDGHFRPRFULDUDQRVVDH[LVWrQFLD1mRp
SUHFLVRVHUPRVIDWDOLVWDVQmRpSUHFLVRVHUPRVFUHQWHVpSUHFLVR
ID]HUPRVDYLGD´2IXWXURH[LVWHFRQIRUPHWXRFRQVWUyLVKRMHµ
ePDWHPiWLFDFRQVHTrQFLDOHVWDPRVQDVQRVVDVPmRV
$OJXQVQDVFHPGLIHUHQWHVSRUpPLVVRWRUQDVHPpULWRVH
SRUFRQVHTrQFLDHOHVVRXEHUHPFRQVWUXLU6HRVXMHLWRWHPXPD
FRQGXWDLQGROHQWHLQIDQWLOGHVWUyLWXGRDTXLORTXHIRLRSURMHWR
SRWHQFLDO 1mR EDVWD VHUPRV FKDPDGRV GH PRGR VXSUHPR GH
PRGR H[FHSFLRQDO D QRVVD JUDQGH]D HVWi QR PRGR FRPR
UHVSRQGHPRV6RPHQWHQDUHVSRVWDQyVSRGHPRVVHURXQmRVHU
SRUTXHQDUHVSRVWDHXVRXFRQVWUXWRUHXIDoRRVHU2´+RPR
IDEHUµ R ´KRPHP SURPHWHLFRµ p DTXL R QRVVR SRQWR D QRVVD
JUDQGH]DRQRVVRYDORU2JrQLRQDVFHDWUDYpVGDVXDOLEHUGDGH
$!8=BCAD<4=C0;8I0A0<>A0;78BCÈA820?0A060A0=C8A
08=C4=28>=0;830343>4<B8É=C82>
2 SDQR GH IXQGR GD PLQKD FRQFHSomR PRUDO
VXEVWDQFLDOPHQWH HQWHQGH D QHFHVVLGDGH GH GXDV PRUDLV PRUDO
{QWLFR H PRUDO VRFLDO 2 ViELR QmR SRGH WHU XPD Vy PRUDO 2
WtWXOR GHVWD DEHUWXUD GH VHQWLGR p ´1mR p PDLV WHPSR SDUD RV
DQMRVµ
1R kPELWR GDTXHOD PDWXULGDGH LQWHULRU GH XP KRPHP
VXILFLHQWHPHQWHHYROXtGRVHMDVRER SODQR SVLFROyJLFR VRFLDO RX
MXUtGLFRQmRH[LVWHHVSDoRSDUDDVLPSOLFLGDGHDQJHOLFDO
3DUD UHDOL]DU R VHU QR H[LVWLU FRWLGLDQR p WHPSR GH VHU
VREUHWXGR ´FREUDµ 4XDOTXHU DWLWXGH GH FDUiWHU SLHWLVWD
PLVHULFRUGLRVRDVVLVWHQFLDO RX HQFRQWUR GH SDVVLYLGDGH p XPD
GHWHUPLQDomR D FRQVHQWLU GH PRGR IDFWtYHO RX F~PSOLFH j
UHJUHVVmRGRKXPDQRVHMDSDUDVLPHVPRVHMDSDUDRRXWURVHMD
QRFRQWH[WRGHVWHSODQHWD
1mR p WHPSR GR GHXV ´IDQFLXOORµ GR ´SXHU DHWHUQXVµ
GDSRPEDDODGDeH[FOXVLYDPHQWHWHPSRGDOX]GRILRGHEDUED
eWHPSRGDSUXGrQFLDGDFREUD1mRpSRVVtYHOVHUPRVPDGXURV
QmRpSRVVtYHOVHUPRVFRQVWUXWRUHVGHYLGDRSHUDGRUHVGHYDORU
VRFLDO VH SHUVLVWLUPRV QD WUDGLomR QRV HVWHUHyWLSRV GR SDVVDGR
SHORPHQRVGHXPFHUWRSDVVDGRTXHQRVHPERWDDWRGRV
6H TXHUHPRV VHU REMHWLYRV FRQFUHWRV FRQVWUXWRUHV GH
KLVWyULD FULDWLYD SDUD R KXPDQR p SUHFLVR WHU D SURQWLGmR H D
SUXGrQFLDPXLWRFLUFXQVSHFWDVREUHWRGRVRVSDUWLFXODU
QRVTXDLV
QRV HQFRQWUDPRV KRUD SRU KRUD QD QRVVD YLGD 2 IRUWH R
SHUIHLWRRDPLJRFULDWLYRRYLWDOpXPDOLQJXDJHPGR´VLPVLPµ
´QmRQmRµpXPDOLQJXDJHPGHVHU,VWR
pRXDVFRLVDVVmRFRPR
GHYHPVHURXpPHOKRUTXHQmRVHMDP´$XWVtQWXWVXQWDXWQRQ
VtQWµ
2KRPHPTXHTXHUVHUOtGHUGHYDORUGHYHVHQVLELOL]DUVH
SDUDHQWUDUQRYLWDOVRFLROyJLFR VHPSUH FRP tQWHJUD SURQWLGmR
FRP tQWHJUD VDJDFLGDGH GR KROtVWLFR GLQkPLFR &RQVWDQWHPHQWH
QR PRPHQWR HP TXH HVWDPRV QR EDU QR Å PRPHQWR HP TXH
HVWDPRV QD FDPD FRP QRVVR ´SDUWQHUµ QR PRPHQWR HP TXH
HVWDPRV j PHVD QR FRQYtYLR IDPLOLDU QR PRPHQWR HP TXH
HVWDPRVFRPRDPLJRRFDVLRQDOQRPRPHQWRHPTXHHVWDPRVD
GLVFRUUHUXPLQVWDQWHFRPRSRUWHLURRXHQWmRFRPRSDVVDJHLUR
RFDVLRQDO QR HOHYDGRU HP WRGDV HVVDV RFDVL}HV GHYHPRV WHU
VHPSUH XPD ´SHUIRUPDQFHµ GH GLUHomR ,VWR p SRGHPRV GL]HU
DTXHODV PHLDVIUDVHV GH FRQGHVFHQGrQFLD GH DFRUGR GH VHPL
LJXDOGDGHDWpXPFHUWRSRQWR([LVWHXPDPpGLDDOpPGDTXDOVH
D VXSHUDPRV SDUD VHUPRV JHQWLV SDUD HVWDUPRV GH DFRUGR
LPHGLDWDPHQWH GHWHUPLQDPRV D UHJUHVVmR GR QRVVR (P VL
RUJDQtVPLFR3RUFRQVHTrQFLDUHWURFHGHPRVHVRPRVLQIHULRUHV
jTXLOR TXH p D XQLYHUVDO YRFDomR GR KRPHP OLYUH GR KRPHP
JUDQGH GR KRPHP ILOKR GR VHU 6H FDGD KRPHP HQTXDQWR
RSHUDGRU GH YLGD HQTXDQWR OtGHU GH YDORU p IHQRPHQRORJLD GR
HVStULWR LVVR VLJQLILFD TXH QR VHX GLDDGLD QR VHX DTXL H DJRUD
RQGHRLQGLYtGXR H[LVWH GHYH VHU VHPSUH FRQVFtHQWL]DGR GH TXH
DTXHOHPRPHQWRpXPDPHGLDomR,VWRpTXDOTXHUDomRRFDVLRQDO
RX H[SRVWD p VHPSUH XP PHLRWHUPR XPD LQWHUDomR RQGH
GHWHUPLQDVHDPHGtDQLFLGDGHGRVHU
(P TXDOTXHU PRPHQWR FDGD XP GH QyV VH SURS}H QR
PRGHOR GD PDVVD QR PRGHOR GRV HVWHUHyWLSRV QR PRGHOR GR
´WRGRV ID]HP DVVLPµ QR SUHVVXSRVWR JHQpULFR GR
´FRQIRUPLVPRµ QyV GHWHUPLQDPRV D DEHUUDomR D SHUYHUVmR GD
QRVVDHVWUXWXUDtQWLPDHQRVRSRPRVDRVHQWLGRHGrQLFRGDYLGD
2ILQJLUDDGDSWDomRpSRVVtYHOPDVDDGDSWDomRFRQYLFWDPHVPR
SURYLVyULDMDPDLVpSRVVtYHO
)DQFLXOOR DOPDTXHSRUSULQFtSLRDLQGDpSXUD
2ILQJLUpQHFHVViULRTXDQGRQmRpLPSRUWDQWHH[WHUQDUR
YHUGDGHLUR tQWLPR GH VL PHVPR DR RXWUR 8VDU GHWHUPLQDGDV
PiVFDUDV DWp TXH R RXWUR FUHLD GH XP GHWHUPLQDGR PRGR VHP
ID]HU XP GHVSHUGtFLR GD SUHFLRVD HFRQRPLD GH QRVVD DOPD FRP
RXWURV TXH QmR VDEHP RX TXH QmR TXHUHP VDEHU p GHYHU GH
HFRQRPLDH[LVWHQFLDO(PTXDOTXHUPRGRGDDSDUrQFLDQRILQJLU
GRXVRRFDVLRQDOGDPiVFDUDQmRGHYHPRVSHUPLWLUDFRUUXSomR
GD DXWHQWLFLGDGH GR QRVVR VHU LQWHULRU ( VH LVWR DGYpP
VXFHVVLYDPHQWHGHYHVHSDJDURFRQVHTXHQWHFDUPDHPVLOrQFLRH
KXPLOGDGHDWpTXDQGRRYLUWXDO{QWLFRUHWRUQHDRHVWDGRDQWHULRU
j TXHGD ,VWR p R HVStULWR D WUDQVFHQGrQFLD GR VHU QmR TXHU
LPSOLFDo}HV FRP DTXLOR TXH p SHUYHUVR RX HUU{QHR FRP DTXLOR
TXHHPVXDHVVrQFLDGHWHUPLQLVWLFDPHQWHSURFHGHDRQDGD2VHU
pVHPSUHLQWDFWRSHUIHLWRVLPSOHVLPDFXODGRpDWRWRWDOHPVLH
SRU VL 2 YHUGDGHLUR ViELR YLYH GH SHUIHLomR FRQWtQXD VHMD
TXDQGR GRUPH VHMD TXDQGR YDL DR ´WRLOHWWHµ VHMD DR EDU VHMD
TXDQGREULQFD(VWiVHPSUHHPXPDIRUPDGHRQLSUHVHQoDIUHQWH
DRFKDPDGRGRVHU´3DUDPLPDTXLHDJRUDTXDOpDDomRRWLPDO"
(XDTXLHDJRUDDSHVDUGHHVWDUXVDQGRHVWDIHQRPHQRORJLDHVWH
HVWHUHyWLSRHVWDDGDSWDomRRQGHVRXFKDPDGR"µ
$ FDGD LQGLYtGXR TXH VH GHWHUPLQD QR VHX (P VL
RUJDQtVPLFRHDOLSHUPDQHFHDEVROXWDPHQWHILHOVHPKHVLWDomRp
GDGDDH[WUDRUGLQiULDH[DWLGmRGRMXt]RRQGHDYLGDFDPLQKDFRP
VHXFDQGRUDOHJUHHHILFD]
$ PDOtFLD D LQWHOLJrQFLD GRV SHUYHUVRV GRV GLDEyOLFRV p
QDGDHPFRQIURQWRFRPDSHUVSLFiFLDH[WUDRUGLQiULDTXHRViELR
SRVVXL4XDQGRRViELRDSDUHQWHPHQWHGHL[DID]HUVLJQLILFDTXH
VH HVWi GLVWDQFLDQGR TXH GHL[D SUHFLSLWDU TXH GHL[D R RXWUR
GHVWUXLUVHVR]LQKR(OHVDEHSHUIHLWDPHQWHTXHQmRpWHPSRGRV
DQMRVQmRp PDLV R WHPSR SDUD RV ´IDQFLXOOLµ HP XP SODQHWD Mi
VLVWHPDWLFDPHQWHGHVYLDGR
&DGDXPGHQyVpXPSURMHWRHWHUQRPDVpEHPVXFHGLGR
VHHVVHSURMHWRpDWXDGRHDDWXDomRGHVVHSURMHWRHWHUQRLPSOLFD
DVLWXDomRPXQGDQDGHKRMHMiTXHHVWDPRVWRGRVFRHQYROYLGRV
QRVLVWHPDFtYLFRQRVLVWHPDMXUtGLFR+RXYHXPWHPSRHPTXH
RViELRWLQKDRVHXHVSDoRQDWXUDORQGHYLYLDHJHULDRVHXWHPSR
QRVHXOXJDUH[DWDPHQWHFRPRSURJUHVVLYDHQFDUQDomRGRVHUQR
OXJDUTXHHOHLGHQWLILFDYDFRPRH[LVWrQFLDKXPDQD+RMHLVVRQmR
pPDLVSRVVtYHO SRLV HVWDPRV WRGRV HQYDVLOKDGRV QR VLVWHPLVPR
HSDUDSRGHUJR]DUQDFRQVWDQWHUHYROXomRLQWHULRURViELRQmR
GHYHMDPDLVSHUPLWLUVHXPPRPHQWRGHLQJHQXLGDGH
3RUpP WHPRV XP SDUkPHWUR WpFQLFRFLHQWtILFR UDFLRQDO
TXHSRGHVHUDHVSDGDH[WHUQDGHGHIHVD26LVWHPD-XUtGLFRpD
HVSDGD2ViELRGHYHFRQKHFHUDOHLRVFyGLJRVFLYLVRVFyGLJRV
SHQDLV PHOKRU GR TXH WRGRV PHOKRU GR TXH RV DGYRJDGRV
PHOKRUGRTXHRVMXt]HVPHOKRUGRTXHQLQJXpP'HYHFRQKHFHU
DOHLHDSDUWHGRFyGLJRDWLQHQWHVDRkPELWRGDVXDDWLYLGDGH(P
FDVR GH QHFHVVLGDGH SRGH XViOR FRPR GHIHVD )HOL]PHQWH
YLYHPRVHPXP(VWDGRRQGHDOHLUDFLRQDOpEHPIHLWDHFRQVHQWH
XP HVSDoR GH DXWRQRPLD GH OXWD 2 ViELR GHYH XVDU D OHL QmR
FRPR VREUHYLYrQFLD PDV HP DQWHFLSDomR $ QRUPD MXUtGLFD p
XPDyWLPDHVSDGDWHPSRUkQHDXPDyWLPDGHIHVDHVWUDWpJLFDPDV
GHYH VHU FRQKHFLGD H XVDGD FRP SUXGHQWH LQWHOLJrQFLD 7HPRV
XPDLQILQLGDGHGHOHLVTXHHPFLUFXQVWkQFLDVSDUWLFXODUHVSRGHP
VHU XVDGDV HP GHIHVD GR SUySULR YDORU GR SUySULR SURJUHVVR
1mR VH WUDWD GH KDYHU XPD YLROrQFLD H[WHUQD ([LVWHP VLWXDo}HV
QDV TXDLV p QHFHVViULR HPSUHHQGHU GHWHUPLQDGD DomR VH D
DVVLQDODVHDFRQILJXUDHVHDFRORFDHPFRQILJXUDomRGHFyGLJRV
FRORFDVH GHQWUR GD PiTXLQD H D PiTXLQD WUDEDOKD VR]LQKD
3RUWDQWR D PDJLVWUDWXUD D SROtFLD HWF VmR WRGRV REMHWLYDGRV
VLVWHPLFDPHQWHSDUDHODERUDUHFRORFDUVHHPIXQomRDORWUySLFD
1mRpWHPSRSDUDRVDQMRVQmRpWHPSRGHSHUGHUVHHP
DJUHVVLYLGDGH
2V QRVVRV FRPSOH[RV GH VHQWLPHQWR GH FXOSD GH
LQIHULRULGDGHLQGLYLGXDOHVRFLDOQRVDVVRODPDWDOSRQWRTXHQRV
GLVFULPLQDP H QRV FRORFDP HP XPD VLWXDomR GH JHUDU XP
SURJUHVVLYR PDVRTXLVPRMXUtGLFRVRFLDO D SLRUDU WRGD D QRVVD
DWXDomR H FRQVHQWLU DRV LQIHULRUHV D FUXHOGDGH QD YLWDOLGDGH
KXPDQD
2 ViELR p R EHP PDLRU GD YLGD 4XDQGR R VLVWHPD QmR
SHUPLWHPDLVDSUHVHQoDGRViELRGRKRPHPPDGXURGRKRPHP
YHUGDGHLURFRQVWUXWRUGHYLGDGDTXHOHTXHDFHOHUDHGHVHQYROYH
YDORUHV SHUGHPRV WXGR H HQWmR QmR SRGHPRV LQYRFDU
LQVWLWXLo}HV DFDGHPLDV RX ID]HU DVVRFLDo}HV e SUHFLVR TXH R
JrQLR VR]LQKR VDLED DUPDUVH H UDFLRQDOPHQWH VDLED XVDU D
PiTXLQDGRVLVWHPLVPRVRFLDOSDUDYROWDUWXGRFRQWUDDTXLORTXH
RTXHULDLQTXLULU,VVRVLJQLILFDHGXFDUDVRFLHGDGHVLJQLILFDID]HU
SHGDJRJLDVRFLDO
1D PHGLGD HP TXH QyV FUHVFHPRV H[LVWH D GHIHVD
SHUVRQROyJLFD GRV QRVVRV YDORUHV H HVWD DXWRGHIHVD QmR p IHLWD
VRPHQWH HP SHUVSHFWLYD SVLFROyJLFD YHUEDO PDV HP FHUWRV
PRPHQWRVpRSRUWXQRID]rODWDPEpPHPSHUVSHFWLYDMXUtGLFD$
GLPHQVmR MXUtGLFD ID] VR]LQKD WUDQTLODPHQWH 1mR D YLQJDQoD
PDVDOLEHUGDGHGHFUHVFHU
7RGDDYH]TXHTXHUHPRVDPDUXPDSHVVRDQmRID]HPRV
VDPDULWDQLVPR SURILVVLRQDO Mi TXH R ERP VDPDULWDQR GR
HYDQJHOKR DMXGRX SRUTXH DTXHOH HUD XP PRULEXQGR 'HSRLV
UHWRUQRXHJRLVWLFDPHQWHjVXDYLDJHP(OHRDWHQGHXHGHSRLVQmR
ILFRX DOL VH ID]HQGR GH DQILWULmR LQGHILQLGDPHQWH ,VWR p QmR
GHYHPRV SHUPDQHFHU FXOWLYDQGR D GHILFLrQFLD QmR GHYHPRV
PDQWHURGRHQWH1mRVHSRGHRIXVFDUDSUySULDLQWHOLJrQFLDSRU
SLHGDGHHPUHODomRDR RXWUR e VHPSUH XP FiOFXOR GH H[DWLGmR
´6LPVLPQmRQmRµ)D]HUFDULGDGHDXPSREUHVLJQLILFDUHIRUoDU
VHX HVWHUHyWLSR 3RGHVH DMXGiOR XPD YH] RFDVLRQDOPHQWH
4XDQWR PDLV OKH GRX HVPROD PDLV R FDUDFWHUL]R QDTXHOH QtYHO
,VWRQmRpDPRUUHDOpFRUUXSomR
3RUWDQWR QmR p WHPSR SDUD RV DQMRV p WHPSR SDUD D
FREUD &DVR VH HVWi HP G~YLGD GiVH PDV TXDQGR VH WHP D
HYLGrQFLDGHTXHDRGDUVHLQVHPLQDVHUHJUHVVmRRXFRQVHQWHVH
RHVWHUHyWLSRGDPHGLRFULGDGHVHpFRQWULEXLQWHGDSHUYHUVmRH
SRUWDQWRVHpFLQGLGRGHLQWHOLJrQFLDGDYLGDeSHUYHUVRYHVWLUVH
GH HVSHUDQoD QmR VH SRGH REVWUXLU FRP D HVSHUDQoD RX
UHSDVVDQGR D UHVSRQVDELOLGDGH DR RXWUR SRUTXH D
UHVSRQVDELOLGDGHGRRXWURQmRVXEVWLWXLDSUySULD
2 ViELR FRPR WDO HVWi VHPSUH VR]LQKR IUHQWH DR VHU e
XPD HVFROKD (VWD p D JUDQGH HVWUDGD PHVWUD LQWUDQVLJrQFLD QD
SHUHQH DGHTXDomR 0HVPR ID]HQGR LQILQLWDV DGDSWDo}HV QmR VH
GHYHMDPDLVVRPEUHDURLPDFXODGRSXGRULQIOH[tYHOGRVHU
eXPDUHJUDGXUDTXHYDOHVRPHQWHGHQWUReXPDOXFLGH]
LQWHULRUTXHGHSRLVVHXVDH[WHUQDPHQWHFRPERDGLSORPDFLD
$">B8BC4<8B<>;460;
+REEHVHVFUHYHX´+RPRKRPLQLOXSLVµ´2KRPHPpR
ORERGRKRPHPµ)DODVH VHJXLGDPHQWH GRV SHULJRV TXH SRGHP
HQYROYHURKXPDQRHSLGHPLDVLQYDV}HVH[WUDWHUUHVWUHVIRPHQR
PXQGR SREUH]D TXH GHSRLV SURYRFDP D UHYROXomR GRV SREUHV
FRQWUDRVULFRVRXHQWmRXPWLSRGHUHOLJLmRIXQGDPHQWDOLVWDD
FDUrQFLD HFROyJLFD QR SODQHWD R EXUDFR GH R]{QLR HWF 1D
UHDOLGDGH R YHUGDGHLUR SHULJR p TXH TXDQWR PDLV DYDQWH VH YDL
YrVHWRPDUFRUSRRVLVWHPLVPROHJDOTXHQLQJXpPQRWDHDQWHV
WRGRVDMXGDPPDVTXHGHSRLVLPSURYLVDGDPHQWHJROSHLDRVPDLV
DWLYRV 7RGRV RV OLYURV GH ILFomR FLHQWtILFD TXDQGR TXHUHP
LPDJLQDUXPDVLWXDomR´ILQDOµSDUDDKXPDQLGDGHYrHPVHPSUHR
´0RORFKµ GR VLVWHPD TXH Mi SUHQGH D WRGRV &DGD XP GH QyV
WUDEDOKDSHORPHQRVXPWHUoRGDMRUQDGDSDUDR(VWDGRQmRPH
UHILURjVWD[DVDRILVFRTXHFDGDXPSDJDLVWRVHULDEDQDOPDVDR
´VLVWHPLVPRµ3RUH[HPSORTXDQGRVHYDLFRPSUDUDOJRpSUHFLVR
HVSHUDUTXHRQHJRFLDQWHSUHHQFKHUWRGDDQRWDILVFDORVSUHoRV
DTXLOR TXH YDL SDUD R LPSRVWR DTXLOR TXH YDL SDUD D HPSUHVD
GHSRLV GH WHU FRPSUDGR XP DXWRPyYHO p SUHFLVR SURWRFRODU
GLYHUVDVFRLVDVWRGRRPrVH[LVWHPREULJDo}HVDUHVSHLWDU,VWRp
VRPRV VLVWHPDWLFDPHQWH FRORFDGRV QR DELVPR GRV SDSpLV 2
IDPRVR PRQVWUR GR $SRFDOLSVH R /HYLDWDQ R DQWLFULVWR p R
VLVWHPLVPR
2 6LVWHPLVPR QXP SULPHLUR PRPHQWR SDUHFH XPD
YDQWDJHP HP IDYRU GH WRGRV 7RUQHPRV R GLQKHLUR (VWDPRV
WRGRVLQGRHPGLUHomRDRVFDUW}HVGHFUpGLWRPDVQRILQDOVHUi
XPD YDQWDJHP" $QWHV GH WXGR R VLVWHPD SRGH FRQWURODU WRGD D
QRVVD UHDOLGDGH HFRQ{PLFD 8P GLD GH LPSURYLVR SRU XPD
PXOWDTXDOTXHUSRUXPGHOLWRTXDOTXHUYHUGDGHLURRXVXSRVWR
pUHWLUDGR R ´FDUWmRµH R VXMHLWR QmR VDEHUi RQGHFRPHU FRPR
YLYHU HWF ,PDJLQHP H[LVWLU VHP FDUWHLUD GH LGHQWLGDGH VHP
SDVVDSRUWHpLPSRVVtYHOLPHGLDWDPHQWHVRPRVGHOLQTHQWHV
6RPRVQyVKXPDQRVTXHHVWDPRVFULDQGRLQGLUHWDPHQWH
GLDDGLDXPPRQVWURTXHSRGHGHVWUXLUFDGDXPGHQyV'HSRLV
FRORFDPRV D FROHLUD GHVVH PRQVWUR QDV PmRV GH SHVVRDV QmR
HYROXtGDV IUXVWUDGDV 6H H[DPLQDUPRV GRV SROLFLDLV DRV MXt]HV
YHUHPRV TXH VmR SHVVRDV TXH SHUPDQHFHP GHQWUR GR 6XSHUHJR
GRVLVWHPDSDUDSRGHUYLYHU
(QWmRVHMDPRVSROLFLDLV VHMDP RV MXt]HV H WRGR R YDVWR
FDQDOGDEXURFUDFLDDWUDYpVGRTXDOVHH[HUFLWDRFRUSRItVLFRGR
(VWDGRVmRVXEVWDQFLDOPHQWHSHVVRDVIUXVWUDGDVQDVVXDVYLGDV
H TXDQGR WrP XP FLGDGmR YHQFHGRU j VXD IUHQWH p LPSRVVtYHO
VHUHP MXVWRV $ YLQJDQoD SVLFROyJLFD p PXLWR IRUWH QHOHV (VWH
VLVWHPLVPR OHJDO SRGH VHU DWLYDGR SRU TXDOTXHU HVWXSLGR SRU
TXDOTXHU FDO~QLD 3RGH VHU DWLYDGR SRU TXDOTXHU SHVVRD XP
HVWUDQKR TXDOTXHU R SUySULR SROLFLDO JUDWXLWDPHQWH 4XDQGR
DSDUHFHP QRV VRQKRV LPDJHQV GD SROtFLD GRV MXt]HV VLJQLILFD
TXHRVXMHLWRVHHQFRQWUDHPJUDYHGHVJUDoDRXHQWmRHPJUDYHV
FRPSOH[RVGHUHJUHVVmR
$SROtFLDpVHPSUHXPDSDUWHGDKXPDQLGDGHSRUWDQWRp
XPDSDUWHGHQyVPDVRSRQWRRQGHTXHURFKHJDUpTXHpSUHFLVR
WHUPXLWDSUXGrQFLDSRUTXHQRILQDOTXHPPDQLSXODRVILRVpR
VLVWHPD8POtGHUpRSULPHLURH[SRVWRHRSULPHLURSURFXUDGR
SHORVLVWHPDOHJDO1D$PpULFD/DWLQDH[LVWHDLQGDXPSRXFRGH
OLEHUGDGHPDVQRV(VWDGRV8QLGRVHQD(XURSDQmRH[LVWHPDLV
2VGHOLQTHQWHVHVWmREDVWDQWHOLYUHVHQmRGmRSUHRFXSDo}HV$R
FRQWUiULR R VLVWHPD OHJDO DYHULJ~D FRQVWDQWHPHQWH R RSHUDGRU
KRQHVWR R OtGHURSHUDGRU GH TXDOTXHU GLPHQVmR VRFLDO 6HWHQWD
SRU FHQWR GD SROtFLD HVWi VHPSUH D YHULILFDU R TXH RV JUDQGHV
ID]HPFRPDGHVFXOSDGDGURJDHFRPHVVDGHVFXOSDVHHVWiVRE
LQTXpULWR &RP D GHVFXOSD GD GURJD FRP D GHVFXOSD GR ILVFR
LQYHVWLJDPVHWRGRVRVFLGDGmRVGDVFRQWDVEDQFiULDVjVOLJDo}HV
WHOHI{QLFDV+RMHHPWRGDD(XURSDQHQKXPKRPHPLQWHOLJHQWH
XVDRWHOHIRQHRXRID[7XGRpIHLWRjYLYDYR]KiSHORPHQRV
WUrVDQRV2WHOHIRQHSRUWiWLOpDLQGDPDLVH[SRVWR(VVDUHGHGH
FRUUXSomR GD TXDO RXYLUDP IDODU WHP XP SRXFR GH rQIDVH GH
H[DJHUR SRUpP WRGRV IRUDP SUHVRV DWUDYpV GD LQWHUFHSWDomR
WHOHI{QLFD (VWDPRV HQWUDQGR HP XPD VLWXDomR GH HVWDGR
SVLFRSROLFLDO (VVH HVWDGR GH SVLFRSROtFLD WHQGH D DWLQJLU RV
OtGHUHV RV PHOKRUHV RV YHQFHGRUHV RV RSHUDGRUHV GH JUDQGHV
DWLYLGDGHVVRFLDLV3RXFRDSRXFRpFRPRVHHVVHPHFDQLVPRGD
SROtFLDVHWRUQDVVHDXW{QRPRQmRHVWiVRERFRQWUROHGHQHQKXP
SROtWLFRSRUTXHVHDVVLPIRVVHVHULDXPDFRLVDERD2SUREOHPD
pTXHFRPHoDDVHUDXW{QRPR$WpPHVPRXPFKHIHQRLQWHULRU
GD SROtFLD GHYH HVWDU DWHQWR D TXDOTXHU RXWUR SRLV H[LVWH XP
HVWDGRGHPHGRWDPEpPHQWUHHOHV
2 VLVWHPLVPR p XP PHFDQLVPR DXW{QRPR p R FRUSR
VRFLDO GR PRQLWRU GH GHIOH[mR (X FUHLR TXH VH RV OtGHUHV
SHUFHEHVVHPLVVRPXLWDVFRLVDVFRPHoDULDPDPXGDUHPWRGDD
KXPDQLGDGH e LQ~WLO TXH RV JUDQGHV WUDEDOKHP SUHRFXSHPVH
TXDQGR GHSRLV R SRGHU HVWi QDV PmRV GD PDVVD GH EXURFUDWDV
GDYLROrQFLDGRHVWDGRRXGDSUHSRQGHUkQFLDPLQLVWHULDOEDQFiULD
ILVFDO MXGLFLiULD HWF 3RUWDQWR DWHQomR D HVVH PRQVWUR OLYUH H
DXW{QRPR TXDQWR PDLV OHYDPRV DGLDQWH D WHFQRORJLD PDLV QRV
DOJHPDPRV VR]LQKRV (QWmR R PHX FRQVHOKR p R GH VDEHU
WUDEDOKDU FRP PXLWDDVW~FLD WHU VHPSUH R ROKR QHVVH PRQVWUR
DXW{QRPR TXH SRGH VHU DWLYDGR SRU TXDOTXHU SHVVRD SRU XP
ILOKRXPLUPmRXPDPXOKHUXP SDGUH SRU TXDOTXHU PHGtRFUH
TXHWHPRVSUy[LPRDWpPHVPRSHORSRUWHLUR
(VVHPRQVWURSRURXWURODGRWHPWRGRRDSRLRGDPtGLD
UiGLRWHOHYLVmRMRUQDO'HIDWRRVMRUQDOLVWDVFRQVWLWXHPDSDUWH
SVLFROyJLFD GHVVH VLVWHPLVPR OHJDO 2 MRUQDOLVWD HVWi VHPSUH GR
ODGRGDPDVVDGRVLQIHULRUHVWDPEpPSRUTXHRMRUQDOLVWDSRUVL
pXPIUXVWUDGRSRUTXHpREULJDGRDIDODUGRVRXWURVHQXQFDGH
VL PHVPR e DOJXpP KLSHUFUtWLFR TXH SURFXUD JDQKDU D VXD
JUDQGH]DFULWLFDQGRTXHPID]2OtGHUSDJDGiWUDEDOKRDWRGRV
LQFOXVLYHDRVMRUQDOLVWDVHQmRSHUFHEHTXHFULDLQLPLJRVLQWHUQRV
HRVPDQWpP$WHQomRDWRGDVDTXHODVSDVVDJHQVRQGHVHWHPR
TXHID]HUFRPSHVVRDVTXHQmRID]HP1RLWHHGLDHOHVGHVHMDPR
QRVVR WLSR GH YLGD H D LQFDSDFLGDGH GH DOFDQoDUQRV RV WRUQD
DJUHVVLYRV RV WRUQD DVVDVVLQRV DSDUHQWHPHQWH LQRFHQWHV PDV
LQWHQFLRQDOPHQWHFRQVFLHQWHV
3RUWDQWRGHYHVHWHUXP ROKR LQGLYLGXDO QmR EDVWD QHP
PHVPR R DGYRJDGR QHP PHVPR R FRPHUFLDQWH SRUTXH R
DGYRJDGRWDPEpPYHQFHHJDQKDVHRFOLHQWHHVWiHPGHVJUDoDH
TXDQWR PDLRU D GHVJUDoD PDLRU p R VHX JDQKR 0HVPR R
DGYRJDGRVHQGRXPDPLJRpVHPSUHXPDGYRJDGR
2JUDQGHVRERSODQRGRWUDEDOKRQmRWHPYHUGDGHLURV
DPLJRV QmR SRGH WrORV XPD YH] TXH p VXSHULRU $V FRLVDV
IXQFLRQDP HP WRUQR GHOH HQTXDQWR HOH VH GHPRQVWUD VXSHULRU H
VDEHFRQWURODUFRPr[LWRGHSRGHUWRGDVDVFRLVDVTXHOKHGL]HP
UHVSHLWR $V UHODo}HV S~EOLFDV QmR DFUHVFHQWDP D SXEOLFLGDGH
DMXGD XP SRXFR QD LPDJHP PDV QR PRPHQWR GHFLVLYR HVVDV
QmR GmR R DWLYR DR OtGHU &RQVLGHUR VXILFLHQWH WHU FRORFDGR HVVD
VXVSHLWD SDUD TXH FDGD XP SHQVH VR]LQKR FRPR REVHUYDU
DWHQWDPHQWHDRVHXUHGRU
$MXVWLoDpXPDTXHVWmRVRPHQWHQDWXUDO1RILOPH´:DOO
6WUHHWµ p R SDL TXHP DUUXtQD DTXHOH ILOKR SRUTXH OKH Gi
QRYDPHQWHRFRQFHLWRGHMXVWLoDLVWRpDOyJLFDGRVVHQWLPHQWRV
TXH QmR WHP QDGD D YHU FRP D OyJLFD GRV QHJyFLRV $TXHOH SDL
QmRSHUFHEHTXHQDVXDLQIHULRULGDGHGHVWUyLXPILOKRDULTXH]DH
QmR VDOYD D IiEULFD VDOYD VRPHQWH D VXD GRHQoD H R VHUYLoR DR
HVWDGRGHSROtFLD'HYHPRVDSUHQGHUDFROKHURTXDQWRYDOHXPD
FRLVDSHORVUHVXOWDGRVSRLVDSDUWLUGHVVHVpTXHVHYrTXDOpD
YHUGDGH 2V SULQFtSLRV GHYHP VHU IOH[tYHLV $ YLGD R VHU VH
PHGHPSHORVUHVXOWDGRVHQmRSHORVSULQFtSLRV
2OtGHUpDSURYLGrQFLDGDYLGDDSURYLGrQFLDGHGHXVpD
PmRSURYLGHQFLDLSDUDWRGDVDVQHFHVVLGDGHVGRKRPHP2OtGHUp
R PLODJUH YHQFHGRU GD YLGD SRU LVVR FRQVLGHUR TXH GHYD VHU
UHYLVWR TXH GHYD WRUQDUVH DVWXWR 'HYH VHU DPDGXUHFLGR
SURILVVLRQDOPHQWH SDUD QmR GHVDEDU VRE HVWHUHyWLSRV VRE
LQVWLWXLo}HVTXHVmRDXWRQRPDPHQWHDVVDVVLQDV
2 OtGHU GHYH VDEHU PDQWHU PXLWDV FRLVDV SDUD FKHJDU DR
SUySULR HJRtVPR $WUDYpV GR SUySULR HJRtVPR HOH DWXD XPD
IXQomRGHYLGD$ROtGHUDJUDGDVHUJHQHURVRFRPDYLGDSRUTXHD
YLGD IRL JHQHURVD SDUD FRP HOH 7RGRV DTXHOHV TXH UHDOL]DUDP
VHPSUH FRQWUDGLVVHUDP DV UHJUDV 'HVGH &ULVWR 6yFUDWHV -~OLR
&pVDU 1DSROHmR WRGRV FRQWUDGLVVHUDP DV UHJUDV GR PRPHQWR
PXGDQGRRXQLYHUVRGDVUHJUDVeSUHFLVRFKHJDUDFRPSUHHQGHU
R MRJR ([LVWHP GXDV PRUDLV XPD p DTXHOD LQWHUQD R HTXLOtEULR
FRP D YLGD DV UHODo}HV SURIXQGDV KRQHVWDV FODUDV (VVHV QmR
GHYHPVHUWUDtGRVMDPDLVVmRYDORUHVLQWHULRUHV'HSRLVH[LVWHD
PRUDOH[WHUQDTXHpVRPHQWHWpFQLFD
2 VLVWHPD p YHQFHGRU FRP D PDVVD PDV QmR FRP RV
JUDQGHV2VJUDQGHVRVIRUWHVRVKHUyLVHPVHQWLGRGHOLGHUDQoD
VmR GHUURWDGRV SHOR VLVWHPD 6yFUDWHV EHEHX D FLFXWD SRUTXH Mi
HVWDYDFDQVDGR3RVVRGL]HUTXHFKHJDXPPRPHQWRQDYLGDHP
TXH GHSRLV TXH VH IH] PXLWR p QHFHVViULD D PRUWH TXH p YLVWD
FRPRXPFDPLQKRGHOLEHUDomRHGHWULXQIR4XHPFUHVFHFKHJD
D FRPSUHHQGHU TXH HVVH p XP GRV PDLRUHV EHQV TXH R VHU
KXPDQRWHYH3DUDWRGRVDPRUWHpXPPDVVDFUHSDUDRJUDQGHp
XP UHQDVFLPHQWR 6H R MRJR GD YLGD p EHP IHLWR DWp PHVPR D
YHOKLFHpXPSRQWRGHFKHJDGDDVIDFXOGDGHVVHWUDQVIRUPDPD
LQWHOLJrQFLD FROKH GLIHUHQWHPHQWH RV JRVWRV RV SUD]HUHV VH
DILQDPRSUySULRXQLYHUVRPXGD
$#>2A8CqA8>30A0I«>?A>?>A28>=0;
$Wp KRMH TXDQGR HX IDODYD GR FRQFHLWR GH GXSOD PRUDO
SURYDYHOPHQWH HUD FRPSUHHQGLGR FRPR XP DFRPRGDU DV FRLVDV
VHJXQGR XP HVFRSR VROLSVtVWLFR XP DSDUHQWH LQWHUHVVH
H[WUHPLVWD0DVQmRpQHVVHVHQWLGRTXHHQWHQGRDGXSODPRUDO
SRUTXH XVDQGR GRLV SULQFtSLRV R VXMHLWR HQWUD HP UXSWXUD RX
VHMDLQHYLWDYHOPHQWHHQWUDHPFROLVmR'HVFUHYLGXDVPRUDLVGXDV
HVWUDGDV GRLV PRGRV PDV R SULQFtSLR p VHPSUH R PHVPR
6XEVWDQFLDOPHQWHHXHQWHQGRLVWR´VDEHUGDUD&pVDURTXHpGH
&pVDUHDGHXVDTXLORTXHpGHGHXVµ1LQJXpPSRGHVHUYLUDGRLV
SDWU}HVXPGHYHVHURSDWUmRXPpRSULQFtSLR2QHXUyWLFRR
HVTXL]RIUrQLFR VmR GRHQWHV MXVWDPHQWH SRUTXH SURFXUDP XVDU
GRLVSULQFtSLRVDTXHOHGDDSDUHQWHYHUGDGHHDTXHOHLQIDQWLOtVWLFR
2GRHQWHILQJHID]HUDVFRLVDVPDVQDUHDOLGDGHQmRDJH4XDQGR
VH WUDWD GH WUDEDOKDU GH ID]HU GH PXGDU GH DIURQWDU DV
GLILFXOGDGHV SURIXQGDV HOH PDQGD GHWHUPLQDGDV LPDJHQV
GHWHUPLQDGDV DFRPRGDo}HV XVD GHWHUPLQDGRV PRGHORV GH
FRPSRUWDPHQWRTXHQmRHVWmRjDOWXUDGRSUREOHPDJHUDOGDYLGD
$WXDU XP Vy SULQFtSLR HP GXDV HVWUDGDV VLJQLILFD XVDU R
SDUkPHWUR GD UDFLRQDOLGDGH R FULWpULR GD SURSRUomR GD PHGLGD
UHVXOWDQWHGRFRQWH[WRGRVREMHWRVGRVLQGLYtGXRVGDVVLWXDo}HV
HVFROKHQGR D OLQKD YHQFHGRUD D OLQKD PHVWUD HQWUH WDQWDV
SRVLo}HV ,VVR VLJQLILFD XVDU R FULWpULR GD SURSRUomR WDQWR HP
SHUVSHFWLYD {QWLFD FRPR HP SHUVSHFWLYD VRFLROyJLFD WDQWR QD
SHUVSHFWLYD GR (P VL {QWLFR FRPR QD GH DGDSWDomR DR VLVWHPD
WHFQROyJLFR GD VRFLHGDGH 2 VXMHLWR GHYH DSUHQGHU D XVDU D
YHUGDGH HP GXDV OtQJXDV H GRLV PRGRV WUDWDVH GH DGDSWDU R
FULWpULR GH LQWHOLJrQFLD j SURSRUomR GR FRQWH[WR ([LVWH XP
FULWpULR GH SURSRUomR SDUD R (P VL {QWLFR H H[LVWH XP FULWpULR
SURSRUFLRQDO SDUD R PRQLWRU GH GHIOH[mR TXH HVWUXWXUD WRGD D
VRFLHGDGH2XVDUHLGL]HUTXHSDUDYLYHUEHPQRVGLDVGHKRMHp
SUHFLVRGDUDGHXVDTXLORTXHpGHGHXVHDRGLDERDTXLORTXHpGR
GLDER$GHXVDTXLORTXHpDYHUGDGHSURIXQGDDYLGDDRGLDER
WXGR DTXLOR TXH HVWi ´DWUDYHVVDGRµ LQFOXVLYH D OHL D OHWUD TXH
LPSHGH R HVStULWR 3DUD D UHJUD GD YLGD H[LVWH VRPHQWH XP
SULQFtSLRWDPEpPVHpXPSULQFtSLRDPpELFRTXHVHDGDSWDHP
PLO IRUPDV $ WHFQRORJLD VRFLDO DR FRQWUiULR VH FRQILJXUD HP
GLYHUVRV PRGHORV EDQFiULR PpGLFR ILVFDO HWF $EVROXWDPHQWH
QmRpIiFLOVHUJUDQGHVHUViELRSRUTXHFDVRVHWRPHDHVWUDGDGD
DGDSWDomR VRFLDO QmR VH WHP D SD] D IHOLFLGDGH D JUDQGH]D
GHQWUR WHPVH WXGR H QmR VH p QDGD &DVR VH WRPH D RXWUD
HVWUDGD VH p WXGR PDV FRQWLQXDPHQWH VH WHP R SHVR GD
FKDQWDJHPGRWHU6REUHWXGRTXHPpPDLVYLYRTXHPpPHOKRU
GHYH HVWDU DWHQWR jV UHJUDV UREyWLFDV SRUTXH D KLVWRULDOL]DomR
GDTXLORTXHpRPRQLWRUGHGHIOH[mRpFRQFUHWDPHQWHDUWLFXODGR
QR DOYpROR GH WRGDV DV WHLDV GH DUDQKD GD QRVVD VRFLHGDGH p R
DQWLFULVWR LPDQHQWH SRU ´&ULVWRµ HQWHQGHPRV R (P VL {QWLFR
DTXLORTXHpYHUGDGHLURRDQWLFULVWRpRSDUDVLWiULRTXHFRH[LVWH
$ UXtQD GH TXHP p PDLV YLWDO p GHWHUPLQDGD VHPSUH SHOR DFDVR
SHOD ERDIp SHOR DPRU HP UHODomR D TXHP p LQIHULRU 1XQFD p
RXWURJUDQGHTXHOKHIDUiPDOSRUTXHHVWHQmRWHPQHFHVVLGDGH
3RUWDQWRQmRpSUHFLVRIHFKDUVHQDWUDQTLOLGDGHGH WHU IHLWR DV
FRLVDVHPERDIpGHQmRWHUIHLWRPDODQLQJXpPHSRULVVRRV
RXWURV QmR QRV IDUmR PDO 4XHP p R PHOKRU HP XP FRQWH[WR
GHYHVHPSUHHVWDUDWHQWRQmRH[LVWHQDGDTXHJDUDQWDGHVWHMRJR
GHFRPSHQVDomRGHGHYHUHOLPLQDURXGLPLQXLURRXWUR6HLVVR
QmRpSRVVtYHOQRMRJRGDYLGDpXVDGRQRMRJRGDWHFQRORJLDGR
PRQLWRUGHGHIOH[mR,VVRDFRQWHFHGHLQILQLWRVPRGRVDPiVFDUD
GDHVWXSLGH]pDDUPDGHDVVDVVtQLRGHWRGRPHGtRFUHHPUHODomR
D XP JUDQGH 3DUD DOpP GD FXOWXUD GD GHVJUDoD H[LVWHP ´RV
VDFHUGRWHV GD SHUItGLDµ RV TXDLV RSHUDP DWUDYpV GR VLVWHPD
6R]LQKRVQmRVmRQDGDPDVXPDYH]TXHHQWUHPQRVLVWHPDGDV
WD[DV GD SROtFLD GR MRUQDO VH SRWHQFLDP R YHUPH VH WRUQD
JLJDQWH GH IHUUR QHVVH SRQWR SRGH GDU DERUUHFLPHQWRV DR IRUWH
YHQFHGRU2YHQFHGRUpWRGRDTXHOHTXHQXPFRQWH[WRFRQGX]
EHP VXDV FRLVDV H UHDOL]D EHP R VHX LQWHUHVVH H[LVWHQFLDO D VXD
FDVDRVHXHVFULWyULRRVVHXVDPLJRVRVVHXVDPRUHVRVHXFDUUR
DVXDYLDJHP(PTXDOTXHUFRQWH[WRH[LVWHVHPSUHDOJXpPTXHp
RPHOKRUDTXHOHpRYHQFHGRU2PHOKRUHPFDGDFRQWH[WRGHYH
HVWDU DWHQWR DRV RXWURV TXH QmR DYDQoDP TXH QmR JDQKDP D VL
PHVPRV3UDWLFDPHQWHpSUHFLVRVHPSUHWHUPHGRGHTXHPQmR
ID] ERQV QHJyFLRV SDUD VL PHVPR GH TXHP SHUPDQHFH VHPSUH
LJXDOHDWpPHVPRUHJULGH2PHGtRFUHpXPSHULJRSRUTXHWmR
ORJRVHGrDRFDVLmRGHFDUiWHUVRFLROyJLFRHOHVHPG~YLGDVHUi
FRQWUD 7DPEpP FRP RV GHSHQGHQWHV p SUHFLVR HVWDU PXLWR
DWHQWR VH JDQKDP DR HVWDU FRQRVFR SRGHVH FRQILDU FDVR
FRQWUiULRpSUHFLVRVHDIDVWDUSRUTXHVHFRORFDPQXPDSRVWXUD
GHVWUXWLYDHPUHODomRjHPSUHVD$VIRQWHVGHSHULJRVmRLQILQLWDV
$HVSDGDGH´'DPRFOHµpFRQVWDQWHHPWRGDVDVFRLVDV3DUDVHU
JUDQGH VH UHTXHU XPD FDSDFLGDGH GH YLJLOkQFLD H[WUDRUGLQiULD
VREUH LQILQLWRV IDWRUHV FDVR VH TXHLUD R UHQGLPHQWR GHYHVH
YLJLDUWXGRGREHGHODRVHFUHWiULRSRLVQRFDVRGHXPLQFLGHQWH
RV JUDQGHV HQWUDP HP FRQIOLWR HQTXDQWR R LQFDSD] TXH R
SURYRFRX QmR p WRFDGR 2 UHVSRQViYHO p R HPSUHViULR H QmR
DTXHOHTXHID]DDomRRRSHUiULR
6XEVWDQFLDOPHQWH SDUD WHU R JDQKR GD YLGD p SUHFLVR
YHQFHUDVDUPDGLOKDVGDYLGD(DVDUPDGLOKDVVmRDTXHODVtQWLPDV
DIHWLYDVGHPDLVFRQILDQoDeSRULVVRTXHDSDUHFHPQRVVRQKRV
TXHPQRVHVWiPDLVSUy[LPRDIHWLYDPHQWHSRUTXHRUDGDUTXHGi
WRGD D JDUDQWLD j YLGD FDSWD R VXMHLWR TXH WHP D PDLRU
SRVVLELOLGDGH GH LQWHUIHUrQFLD QR QRVVR WUDEDOKR H[LVWHQFLDO 3RU
LVVRDRVHHYLGHQFLDUXPFDPSRVHPkQWLFRQHJDWLYRVLJQLILFDTXH
DTXHOHVXMHLWRWHPYRQWDGHGHQRVDUUXLQDUPDVSDUDID]rORGHYH
WHUXPLQVWUXPHQWRXPDSDVVDJHPXPDRFDVLmR(QWmRpLQ~WLO
PDQWrOD QD HPSUHVD PHVPR VH H[WHUQDPHQWH QmR IH] QDGD GH
PDO 'HYH VHU HOLPLQDGR FRP XP DWR HGXFDWLYR XP DWR
EXURFUiWLFR e SUHFLVR WHU FRUDJHP GH PDWDU GH HOLPLQDU WRGRV
DTXHOHVTXHVHHVFRQGHPQRFRUGHLURDIHWLYRSRLVGHRXWURPRGR
ROtGHUDFDEDSHUGHQGR
$YLGDpIHLWDSHOR&ULDGRUQmRSHODRSLQLmRGDOHL
eFRPRTXDQGRVHMRJDPFDUWDVQmRVHSRGHMRJDUFRP
PLVHULFyUGLD
­V YH]HV RV JUDQGHV GL]HP TXH D YLGD p XP JUDQGH
HQJDQR SRUTXH HYLWDUDP DV JUDQGHV DUPDGLOKDV GR 6LVWHPD
YHQFHUDP DV ´ROLPStDGDVµ PDV SHUGHUDP D GLVWkQFLD HQWUH D
FDGHLUD H D PHVD )RUDP WUHLQDGRV SDUD YHQFHU DOFDQoDUDP DV
PHGDOKDVGHRXURHGHSRLVTXHEUDUDPRSHVFRoRQRVGHJUDXVRX
HQWmRQDVDtGDGREDQKHLURSRUTXHDOLWXGRpWUDQTLOR,VWRpR
SUySULRVXMHLWRSRGHVHURVHXSLRULQLPLJR
&RP R ~QLFR SULQFtSLR PRUDO p QHFHVViULR DSUHHQGHU D
DGDSWDomR VHMD VREUH XPD FDWHJRULD VHMD VREUH D RXWUD 3RU
H[HPSORWDPEpPQDSROtWLFDQmRVHSRGHGL]HUVHPSUHDYHUGDGH
SRUTXHDQWHVVHGHYHJDQKDUD FRQYLFomR GRV SUySULRV HOHLWRUHV
'HSRLV GH WHU FKHJDGR DR SRGHU GD FRQYLFomR HVWDEHOHFHVH D
WHRULD QmR p SRVVtYHO R FRQWUiULR (QWmR D DUWH GH XP JUDQGH
SROtWLFR p DTXHOD GH FRUUHVSRQGHU j RSLQLmR GRV VHXV HOHLWRUHV
'HSRLV VH p YHUGDGHLUDPHQWH JUDQGH IDUi FRPR HOH FRQVLGHUD
FHUWRSDUDWUDGX]LUDLQIRUPDomRVHJXQGRDRSLQLmRGRVHOHLWRUHV
$ SULPHLUD HPSUHVD p D QRVVD YLGD 9DL GR EHPHVWDU
SHVVRDOjSUySULDFDVDDRFDUURjVIpULDV2XVHMDRLPSRUWDQWHp
RHJRtVPRLQGLYLGXDOLVWDH[LVWHQFLDORXRHJRtVPR{QWLFRSRUTXH
p D ~QLFD FRQGXomR H[DWD TXH SRGH GDU R r[LWR VHJXQGR DV
SURSRUo}HVGRVXMHLWR
,QIHOL]PHQWH KRMH HP TXDOTXHU FRLVD TXH IDoDPRV
HVWDPRV D WUrV HX R RXWUR H D VRFLHGDGH &RP R RXWUR
UDFLRFLQDPRVHPUHODomR{QWLFDFRPRQRVHQWLPHQWRQRDPRUD
VRFLHGDGHDRLQYpVUDFLRFLQDFRPEDVHQRPRQLWRUGHGHIOH[mR
2 YHQFHGRU HVWi PDLV HP SHULJR SRUTXH WHP PDLRU
JDQKR H R ULVFR p VHPSUH SURSRUFLRQDO 'H TXDOTXHU PRGR VH
WHP XPD FRQVFLrQFLD HILFLHQWH SRGH FRQWURODU WXGR H UHVROYHU
FRPYDQWDJHPSUySULD
,VWR TXH HVWRX HQVLQDQGR p D PHQWH GH FRPR ID]HU R
FRPpUFLRVREUHRLQWHUHVVHWRWDOGDSUySULDH[LVWrQFLDPDVDQWHVp
SUHFLVR DSUHQGHU D HVFROD HOHPHQWDU GD HPSUHVD D DUWH GR
´EXVLQHVVµ
$$0CD0p«>B>280;4<4C01>;8I0p«>8=CA>E4AC830
$QDOLVDQGR R FRPSRUWDPHQWR GDV SHVVRDV PDLV
LQWHOLJHQWHVTXHDOFDQoDUDPDJUDQGHDSRWHRVHRJUDQGHWULXQIR
IUHTHQWHPHQWH HQFRQWUDPRV SHUGD GHUURWD GHVLOXVmR GD YLGD
'HSRLV H[LVWHP RXWURV TXH VRE R SODQR GD LQWHOLJrQFLD UHDJHP
DWUDYpV GH XPD IRUPD LQWHULRU QmRH[SRVWD QR WHDWUR PXQGDQR
XPFHUWRWLSRGHPtVWLFRGHUHOLJLRVRGH
SHQVDGRU
GH
DUWLVWD SRUpP WRGRV VmR GLULJLGRV DR SUD]HU 1mR FUHLDP TXH R
VDQWREXVFRXDUHOLJLmRSDUDVRIUHU(OHVRIUHSDUDGHSRLVWHUr[LWR
ILQDOSRUWDQWRUHWRUQDRFRQFHLWRGHHJRtVPRLQGLYLGXDOGDYLGD
$QDOLVDQGR D IXQGR WRGRV RV JUDQGHV QLQJXpP YLYHX UHDOPHQWH
SDUD RV RXWURV FDGD XP SDVVRX DWUDYpV GRV RXWURV DWUDYpV GR
GHYHU SDUD DOFDQoDU XP QtYHO PDLV HOHYDGR FRP YDQWDJHP
H[FOXVLYDGHVLPHVPR´'HTXHYDOHRKRPHPJDQKDURPXQGR
WRGR VH GHSRLV SHUGH D VXD DOPD"µ 0XLWDV FRQVLGHUDo}HV GH
~OWLPDIURQWHLUDSVLFROyJLFDVmRLJXDLVDFHUWDVDILUPDo}HVDFHUWDV
VtQWHVHVGDVJUDQGHVUHOLJL}HV
5HFHQWHPHQWH HP 6mR 3DXOR HQFRQWUHL GRLV OLYURV QD
JDYHWD XP HUD R OLYUR VDFUR GH %XGD R RXWUR HUD R 1RYR
7HVWDPHQWR R (YDQJHOKR GH &ULVWR 3URFXUHL OHU XP SRXFR GH
XPHXPSRXFRGRRXWURHDFKHLVXSHULRURGH%XGDWDPEpPVH
VXEVWDQFLDOPHQWH SRVVXLQGR R FULWpULREDVH GD YLGD DPERV VmR
FODURV 1HP PHVPR p LPSRUWDQWH D GLIHUHQoD GDV FXOWXUDV
HQTXDQWRDGLQkPLFDTXHGHWHUPLQDDXQLYRFLGDGHGDYLGDR(P
VL{QWLFRUHVSRQGHDXPDOLQJXDJHPXQLYHUVDO0XGDDSRVLomR
PDV D OLQJXDJHP p XQD 2 VHQWLGR D DVSLUDomR p XPD VHMD QR
(YDQJHOKR TXH QR OLYUR GH %XGD 2 WH[WR EXGLVWD p VXSHULRU
SRUTXH IRL HVFULWR SRU PRQJHV TXH WLQKDP HVFXWDGR JUDQGHV
PHVWUHV H HVFUHYHUDP GH PRGR OLYUH HQTXDQWR R (YDQJHOKR IRL
PXLWDVYH]HVILOWUDGRSRUTXHPGHWLQKDRSRGHU1DWXUDOPHQWHD
DXWRULGDGHFRQVWLWXtGDFRRUGHQDDVFRLVDVHPUHODomRDVLPHVPD
QmRSHODUHDOLGDGHGDTXLORTXHRPHVWUHIDORX2PHVWUHpIXQomR
jYLGDDDXWRULGDGHpIXQomRDXPS~EOLFRDXPDSURYtQFLDDXP
VHWRU 8PD IUDVH GR OLYUR GH %XGD PH LPSUHVVLRQRX ´%XGD p
RQLSUHVHQWHQRLQWHULRUGHWRGDVDVOLQJXDJHQVµ7DPEpPGHQWUR
GRHUURHVWiVHPSUHSUHVHQWHD VXD YLVmR 6LJQLILFD TXH FDVR VH
HVWHMD HP XPD VLWXDomR GLItFLO HP TXDOTXHU FRQWH[WR TXH VH
HQFRQWUH H[LVWH VHPSUH R (P VL {QWLFR TXH GL] TXDO p D YLD GH
VDtGD ´'HXV QmR WHP QHFHVVLGDGH GH VH SUHVHQFLDU GH VH
GHVGREUDU GH WL HOH H[LVWH RQGH WX H[LVWHVµ $ FRHUrQFLD FRP D
RUGHP {QWLFD DSULyULFD TXH UDGLFDOL]D H Gi FRQVLVWrQFLD DR VHU
KXPDQR HVWDEHOHFH D RQLYLGrQFLD GR GHXV &RPR R HQJHQKHLUR
HVWi QR SURMHWR GD HVWUXWXUD GD GLQkPLFD GR FDUUR TXH
FRUUHVSRQGH DR HVFRSR GD IXQomR R LQWUtQVHFR GR HQJHQKR
PHFkQLFR GLQkPLFR p D YHUGDGHLUD PHQWH GR HQJHQKHLUR GR
PHVPRPRGRQRKRPHPUHWRUQDLQFHVVDQWHDUHFXSHUDomRGHVVD
YR]TXHpR(PVL{QWLFR
$UHDOL]DomRGDYLGDHVWiQRJDQKDUHPLQYHVWLPHQWRVHP
PHWDEROL]Do}HV FRQWtQXDV GH SUD]HU QR JDQKR FRQWtQXR GD
SUySULD DOPD TXH p IHLWR GH GXDV FRLVDV FRQWHPSRUDQHDPHQWH
HYROXomRSVLFROyJLFDFRQWtQXDGHVLPHVPRFRPSUD]HUPXQGDQR
FRQH[RSRUTXHQyVVRPRVIHLWRVGHKLVWyULDGHFRUSRGHIRPH
GH VHGH GH R[LJrQLR GH VHQWLPHQWRV GH HPRo}HV GH
FRPRGLGDGHV LVWR p HVVHV GRLV DVSHFWRV GHYHP SURFHGHU
LQWULQVHFDPHQWH
$ SVLFRORJLD ~OWLPD GH XPD SHVVRD TXH YHQFH R SUrPLR
´2VFDUµ p D UHIHUrQFLD D XP tQWLPR GH FDVD GH DPLJRV D XP
tQWLPR SULYDGtVVLPR RQGH VH REWpP D DGRUDomR DIHWLYD D
UHDOL]DomRDSD]DDOHJULDLVWRpDJOyULDTXHVH
WRUQDPSUD]HU
HQFDUQDGR QR SUySULR DPELHQWH TXH p IHLWR GH WDQWDV FRLVDV
DSUD]tYHLVHFRQYLYrQFLDV$JOyULDpXPDLPDJHPSDUDRVRXWURV
PDVHSDUDPLP"(LVRQGHIRLRHUURGHPXLWRVJUDQGHVTXHQmR
FDOFXODUDP D LUUHPHGLiYHO XQLFLGDGH GH VXD YLGD GH VXD DOPD
3HQVDUDPQRH[WHUQRQRH[WUDPDVQHQKXPGHOHVVRXEHDFHQDU
DRHJRtVPRLPHGLDWRLQGLYLGXDO'HSRLVRFRUUHTXHTXDVHVHPSUH
R JUDQGH FDPSHmR p GHL[DGR SRU WRGRV 0XLWRV GLWRV JUDQGHV
GHSRLVGRPRPHQWRGDYLWyULDVmRIDJRFLWDGRVSHORVLVWHPDTXH
GHSRLV GH WrORV FULDGR RV XVD H XPD YH] FRQVXPLGRV RV MRJD
IRUD
(P WRGDV DV FRLVDV TXH ID]HP SURFXUHP YLYHU VHPSUH
WDPEpPRKRMHGHQWURGRTXHpSRVVtYHO6HDYLGDGXURXXPGLD
RX FHP DQRV DR PHQRV HP FDGD GLD YRFrV FROKHUDP
1DWXUDOPHQWH LVVR GHYH VHU FRQVWUXtGR p SUHFLVR LQWHOLJrQFLD p
SUHFLVR XPD DUWH UHILQDGD SDUD VHU DUWLVWD GD SUySULD H[LVWrQFLD
'HSRLV GR JUDQGH PXQGR GD FHQD GR WHDWUR p SUHFLVR WHU D
UHWDJXDUGD YiOLGD 'RV JUDQGHV H[pUFLWRV GD KLVWyULD YHQFHUDP
VRPHQWH DTXHOHV TXH WLQKDP XPD UHWDJXDUGD HILFLHQWH 3RGHVH
SHUGHU TXDOTXHU EDWDOKD PDV TXDQGR VH WHP XPD UHWDJXDUGD
HILFLHQWH D YLWyULD HVWDUi VHPSUH DR VHX ODGR 2V H[HPSORV VmR
PXLWRV $QtEDO SHUGHX SRUTXH QmR WLQKD XPD UHWDJXDUGD
HILFLHQWH 1DSROHmR YHQFH GH DVVDOWR PDV QmR WHP XPD
UHWDJXDUGD HILFLHQWH SRU LVVR D YLWyULD ILQDO p GRV UXVVRV
3UDWLFDPHQWH SRGHUVHLD ID]HU XP WUDWDGR VREUH D DUWH EpOLFD
WRGRVHVWmRQRDWDTXHPDVDUHWDJXDUGDRUHIRUoRHDIRUoD"
2VXMHLWRVHDOLPHQWDDWUDYpVGRVVHXVSUD]HUHV&DGDXP
GHYHFRP
SUHHQGHU R SUySULR PXQGR LQWHULRU SDUD ID]HU
DTXHODVFRLVDVTXHFRQVWURHP XPD YLGDDJUDGiYHO 3RU H[HPSOR
GHSRLVGHWHUWUDEDOKDGRPXLWRXPHQFRQWURQRMDQWDUFRPXPD
SHVVRDDJUDGiYHOQXPDPELHQWHUHFRQVWLWXLQWHHHVWpWLFRUHID] D
DOPD 3RUpP SDUD FKHJDU D LVVR GHYHVH JDQKDU RV PHLRV p
QHFHVViULR GLQKHLUR OLEHUGDGH H WHPSR 2X VHMD p SUHFLVR
RUJDQL]DU EHP R WHPSR 'HYHUVHtD ID]HU GRLV WHUoRV SDUD D
VRFLHGDGH H XP WHUoR SDUD VL PHVPR FDVR VH WUDEDOKH SRU XP
ELOKmRFHPPLOK}HVVmRSDUDVLPHVPRGXDVRXWUrVYH]HVDRDQR
ID]HPVH YLDJHQV FXOWXUDLV RX HQWmR VH ID] XP UHVLGHQFH QR
H[WHULRU FRP R HVFRSR GH SUD]HU FXOWLYDVH XPD DPL]DGH XP
DPRU2VH[RQmREDVWDpSUHFLVRFODVVHEHOH]DIDVFtQLRFXOWXUD
2VH[RpVRPHQWHXPPHLRELROyJLFRPDVVHTXHUHPRVWDPEpP
XP FRQMXQWR GH YDORUHV FRQFUHWRV R SUD]HU GH HVWDU FRP XPD
SHVVRD FRP D TXDO ID]HPRV DPSOH[R GH LQWHOLJrQFLD GH
VHQWLPHQWR GH DomR GH FRQWHPSODomR GH FRQVRODomR p
QHFHVViULR XP FRQWRUQR GH HVSLULWXDOLGDGH GH SHUVRQDOLGDGH GH
SHUIXPH GH SHVVRD RX VHMD XP FRQWRUQR QR TXDO H[LVWD XPD
LQWHOLJrQFLDTXHUHVSLUHYLGDHSUD]HU
$TXHOHPLULFLVPRFRWLGLDQRIHLWRGHSHTXHQDVFRLVDVTXH
QmRLQWHUHVVDPDRVRXWURVPDVID]HPRVHXSUD]HUpYLVWRFRPR
SHULJRFRPRDOJRDGHVWUXLUHSRUWDQWRGHYHVHUPXLWRVHFUHWR
SULYDGtVVLPR $ SHVVRD GHYH VDOYDJXDUGDU R VHX LQWHUHVVH GH
PRGR VLOHQFLRVR FDOPR SRUTXH GHVWH PXQGR SULYDGR DEUHVH R
KRUL]RQWH LQILQLWR R 6HU R SRGHU R PLODJUH D IRUoD D SD] D
VDWLVIDomR D UHWRPDGD GR FHQWUR GD YLGD e WRGR GHVVH tQWLPR
SRUpP XP tQWLPR YLYLGR KLVWRULFDPHQWH FDUQDOPHQWH
HPRWLYDPHQWH YROXQWDULDPHQWH GUDVWLFDPHQWH HVSLULWXDOPHQWH
'DTXLUHDOL]DVHRLPSXOVRQRGHQWURGR6HUGDTXLLQFHQWLYDVHR
(PVL{QWLFRTXHGHSRLVID]DUHFRQFLOLDomRFRPDWRWDOLGDGHGR
6HUeHVWHRVHJUHGRSULYDGtVVLPRPXQGRGRLQGLYtGXR
'HSRLV GH WHU UHFROKLGR DOJXQV SUD]HUHV DOJXPDV
VDWLVIDo}HV H[WHUQDV GHSRLV GH ´JDQKDU D PHGDOKDµ GHYHVH
LQYHVWLUSDUDVLPHVPR(LVTXHHQWmRUHWRUQDD´FR]LQKDYLYDµ
H
WRGRDTXHOHPRGRGHSUD]HUGHHURWLVPREUDQFRGHFXOWXUDGH
HVWpWLFDH[LVWHQFLDOGHVLPHVPRIHLWRGDTXHODVSHTXHQDVSRXFDV
FRLVDVTXHYDOHPHPPRGRVXSUHPR(XPmHRXSDLGHIDPtOLD
HGXFRRVILOKRVQmRGHL[RIDOWDUQDGD´GRXD&pVDU R TXH p GH
&pVDUµPDVGHSRLVGHYRSHQVDUQDPLQKDHQWLGDGHDFDPLQKRRX
VHMD GHYR SURVVHJXLU R PHX YHUGDGHLUR SUD]HU H QmR SRVVR PH
FRORFDUGHSRLVGDIDPtOLD'HYRID]HUSRUTXHVRXFDSD]SRUTXH
GHFLGLHPHDJUDGDDPiORVSRUpPGHSRLVH[LVWHXPPXQGRQR
TXDO WHQKR QHFHVVLGDGH GH XP FHUWR SUD]HU 'HYR QXWULUPH GH
XPD FHUWD VDWLVIDomR SDUD FRQWLQXDU XPD JUDQGH]D PLQKD H
WDPEpP SDUD VHU XPD IXQomR SDUD RV RXWURV FRPR SDL RX
VHJXQGR R SDSHO TXH WHQKR PpGLFR HPSUHHQGHGRU DUTXLWHWR
HWFSDUDVHURPHOKRUSURILVVLRQDO3RUWDQWRpXPDVDWLVIDomRGH
FDSDFLGDGH SRUpPDSyV LVVR GHYR FKHJDU DR JDQKR H[LVWHQFLDO
GHYR FKHJDU DR SUD]HU VHJXQGR R PpULWR LVWR p D RXWUD RX R
RXWURPHptQWLPRFRPDGRUDomRFRPSUD]HUpXPJDQKRQmR
VHSRGHFRPSUiORPDVVHGHYHPHUHFrODFRPDSUySULDDUWHGH
YLYHUDUWHGHVHUHQWmRVHID]FHQWURQDYLGD
1RPXQGRGRVH[RGHYHVHHQWUDUMiTXDOLILFDGRQmRVH
SRGH HQWUDU FRPR XP FDQGLGDWR D VHU GHYHVH VHU Mi XP
GLSORPDGRSHODYLGDHQWmRpXPSDUDtVR3RUWDQWRID]HQGRXPD
YLGDGHFRUUHVSRQGrQFLDjRUGHPDRSURMHWRTXHHVWiLQVHULGRQR
(PVL{QWLFRVRPRVDFRLQFLGrQFLDWDPEpPFRPDYRQWDGHGH
GHXV$SDVVDJHPpVLPSOHVQmRH[LVWHQHFHVVLGDGHGHXPRXWUR
GHXVSRLVVHFRPSUHHQGHDTXHOH
8P H[HPSOR KLVWyULFR &LQFLQDWR HUD XP DJULFXOWRU TXH
JRVWDYDGRVVHXVERLVGDVXDWHUUDPHVPRVDEHQGRTXHHUDXP
JUDQGH FKHIH 4XDQGR RV 0DUVL DWDFDUDP 5RPD H YHQFHUDP RV
ViELRV R FKDPDUDP SRUTXH HOH QmR YLQKD GD DUWH EpOLFD PDV GD
DUWHGDYLGD'HSRLVGHJUDQGHYLWyULDFRQWUDRV0DUVLHOHUHMHLWRX
RSRGHUGHFKHIHGH5RPDHTXLVUHWRUQDUDRVHXFDPSR7LQKD
IHLWR RV VHXV FiOFXORV H VDELD SHUIHLWDPHQWH TXH GH RXWUR PRGR
QmR WHULD PDLV DV VXDV RYHOKDV R VHX YLQKHGR TXH SURGX]LD R
PHOKRUGHWRGRVRVYLQKRV(UDXPKRPHPIHLWRDVVLPWLQKDRV
VHXV DPRUHV DV VXDV FRLVDV H KDYLD VDOYR D VXD SiWULD 6HULD
QHFHVViULRWHUXPSRXFRGHVWH&LQFLQDWR´SURFXUDVHUFDSD]QR
WHX MRJR VRFLDO TXDQGRHVWiV FRP &pVDU ID]HR YHQFHU SURFXUD
VHUDWHXPRGRXPGLULJHQWHRPHOKRUSRUTXHREULOKRRERP
QRPHDRSLQLmRGRVRXWURVWHIDFLOLWDGHSRLVQRVIDWRVSULYDGRV
'HSRLVGLVVRUHWRUQDVDRPXQGRGH&pVDUHQWUDVQRLQWHULRUGR
PRQLWRU GH GHIOH[mR FRPR XP URE{ ILFWtFLR SRUpP FRPDQGDV
MRJDVRVFDYDORVFRPVXSHULRULGDGHHYHQFHVDFRUULGD$VVLPpV
FDSD]HPDPERVRVFDPSRVµ
$YLGDUHVSRQGHTXDQGRDFHQWUDVWHFQLFDPHQWHeFRPR
XP WHFODGR QDV PmRV GH XP LQFDSD] SURGX] UXPRU R PHVPR
LQVWUXPHQWR QDV PmRV GD SHVVRD FHUWD SURGX] XP FRQFHUWR
$VVLP p D YLGD GHYHVH DFHUWDU WHFQLFDPHQWH 1mR FDEHP DV
VXEOLPDo}HVILORVyILFDVUHOLJLRVDVRXSVLFROyJLFDV
$ YLGD WHP XP SURMHWR 1D PHGLGD HP TXH FHQWUHV R
HVFRSRWHUHVSRQGHDIXQomR7HFQLFDPHQWHLVVRVLJQLILFDWRPDU
DYLGDHVDEHURUGHQiODVDEHUGHVIUXWiOD'HYHVHVHUWpFQLFRGD
DOPD WpFQLFR GDV SXOV}HV GDV UHODo}HV HPRo}HV 7UDWDVH GH
PRYHUDTXHODXQLGDGHGHDomRVHJXQGRRFRQWH[WRTXHMiHVWiQR
SURMHWR QDTXHOD YLUWXDOLGDGH ´&HQWUDUµ VLJQLILFD DWXDU R HVFRSR
GRSUySULR(PVL{QWLFR([LVWHPPXLWDVHVWUDGDVFDGDXPGHYH
VDEHUFHQWUDUDTXHODTXHROHYDDVXD YHUGDGHLUD FDVD SRUTXH VH
SHUFRUUHXPDRXWUDHVWUDGDHQFRQWUDUiDFDVDGHXPHVWUDQKRGH
XPD RXWUD HQWLGDGH RQGH FDGD FRLVD QmR OKH FRUUHVSRQGH $R
LQYpV VH R VXMHLWR FHQWUD WHFQLFDPHQWH D HVWUDGD WXGR OKH
FRUUHVSRQGHDYLGDOKHpIDPLOLDUOKHpDPLJDOKHpVHUYD1mRVH
WUDWDGHYLYHUDYLGDVREUHPLVWLFLVPRPDVVREUHDVFRLVDV
4XDQGR QD YLGD QmR VH REWrP RV UHVXOWDGRV p HP
IXQomRGHXPHUURWpFQLFR$VLGHRORJLDVQmRVmR YHUGDGHLUDVD
DUWHQmRpYHUGDGHLUDQDGDpYHUGDGHLUR$2QWRSVLFRORJLDQmRp
YHUGDGHLUD VH D FRPSUHHQGHPR GH PRGR GLVWRUFLGR $
2QWRSVLFRORJLDpPDUDYLOKRVDVRPHQWHSRUTXHpXPDWpFQLFDTXH
FRQVHQWH YLVXDOL]DU RV SRVWXODGRV GR (P VL {QWLFR &ROKLGDV DV
H[LJrQFLDVDVLQWHQo}HVRVSURMHWRVGR(PVL{QWLFRFRRUGHQDVH
DHVVDVWRGDDIHQRPHQRORJLDH[LVWHQFLDO
7HQGR GHVFREHUWR FRPR VH YLVXDOL]D R SURMHWREDVH GD
H[LVWrQFLD LQGLYLGXDGD GHVFUHYR VRPHQWH D IULD ´DEVROXWtVWLFDµ
WpFQLFD GD YLGD 2 XQLYHUVR GHVOL]D VREUH OHLV WHFQLFDPHQWH
SHUIHLWDVVHJXLQGRHVVDVQyVREWHPRVRHVFRSRTXHpRSUD]HUR
JRVWR D H[XEHUkQFLD D JOyULD D DomR R WULXQIR D H[DOWDomR
SRUTXHDYLGDQmRVHUHDOL]DHP´VWUHVVµPDVFRPEDVHHPXPD
OHL HFRQ{PLFD GH DXWRPDQXWHQomR SDUD D SUySULD LGHQWLGDGH H
HYROXomRHPDFUpVFLPRHTXDOLILFDomR
3RUWDQWR GHYHPRV VHU WpFQLFRV FDSD]HV GH FRUUHODFLRQDU
HPDSDUHQWHQmRUHDOVLQFURQLVPRDOHLVRFLDOPXQGDQDHDOHLGR
(P VL {QWLFR $ SDUWLU GR PRPHQWR HP TXH QRV HQFRQWUDPRV
HQFDUFHUDGRVSHORVHVWHUHyWLSRVSVLFRVVRFLDLVGHVWHSODQHWD7HUUD
GHYHPRV FRQWRUQDU GLILFXOGDGHV VXSHULRUHV SDUD ID]HU HVVH
SURMHWR VREUHYLYHU &DGD XP GH QyV p XPD HVSpFLH GH 0RLVpV
VDOYRGDViJXDVpXPDHVSpFLHGH-HVXVPHQLQRTXHGHYHHVFDSDU
GH+HURGHV2XVHMDFDGDXPGHQyVQDUHDOL]DomRGRVHXEHPp
XP SHUVHJXLGR XP SHUVHJXLGR SROtWLFR FLHQWtILFR UHOLJLRVR HWF
eQHFHVViULRVDEHUHQFRQWUDUDSUySULDWHUUDRPRGRGHUHDOL]DU
WHFQLFDPHQWHRSUySULRSURMHWRHHQWmRDYLGDQRVSUHHQFKHGR
VHXSUD]HUGRVHXDPRUHWF
1DWXUDOPHQWHQHVVHSURFHVVRp SUHFLVR VDEHU FRRUGHQDU
DV GLYHUVDV FRLVDV 8PD YH] TXH H[LVWH VRPHQWH DTXLOR TXH
IXQFtRQDGHYHPRVVDEHUHQFRQWUDURVHVWUDWDJHPDVTXHIDoDPRV
GLYHUVRVFRPSRQHQWHVIXQFLRQDUGHWDOPRGRTXHQmRHQWUHPHP
FROLVmR P~WXD QHP GDQLILTXHP D QyV PHVPRV 3RGHVH YLYHU
TXDOTXHU SDOFR TXDOTXHU PiVFDUD TXDOTXHU LQIHUQR TXDOTXHU
SDUDtVR FRP D VXSHULRULGDGH GR KRPHP TXH FHQWUD
WHFQLFDPHQWHDYLGD$UD]mRRWLPDOpVRPHQWHXPDQmRH[LVWHP
GXDV $ YLGD WHP LQILQLWDV SRVVLELOLGDGHV PDV D SDUWLU GR
PRPHQWRHPTXHFRORFDXPDXQLGDGHGHDomRID]RXQRGHVVH
XQRVHID]WRGRRUHODWLYRHVHSRGHFROLJDUVRPHQWHjTXLORTXHp
FRHILFLHQWHGHGHVHQYROYLPHQWR
3RUWDQWRWUDWDVHGHFRPSUHHQGHUDOyJLFDGDSURSRUomR
D OyJLFD GR HTXLOtEULR QR LQWHULRU GR ´IHHOLQJµ WpFQLFR GD YLGD
0RPHQWR D PRPHQWR WUDWDVH GH FROKHU R iSLFH R GLYLVRU GH
iJXDV GDV SURSRUo}HV FHQWUDQGR D HILFLrQFLD GR SURMHWR
FRQIRUPHDHFRQRPLDGRVFRPSRVWRV
$V LQVWLWXLo}HV S~EOLFDV VmR PHLRV TXH GmR HILFLrQFLD
WpFQLFDGHSRLVRPRGHORGHFRPSRUWDPHQWRGHYHVHULQYHQWDGR
SHOR VXMHLWR QmR OKH p GDGR QHP SHOD XQLYHUVLGDGH QHP SHOD
,JUHMD $WUDYpV GD SVLFRWHUDSLD LQGLYLGXDO FHQWUDVH D
HVSHFLILFLGDGHGRSUySULRSURMHWRH[LVWHQFLDOXPDYH]FHQWUDGRR
SURMHWRRVXMHLWRGHYHDWXiOR&HQWUDURSUREOHPDpVLPSOHVSDUD
XP PHFkQLFR GD DOPD TXH FRQKHFH R SURMHWREDVH e FRPR
QXPDRUTXHVWUDRQGHRJUDQGHUHJHQWHRXYHDP~VLFDHGL]´2
WURPERQH
HDIODXWDHVWmRIRUDGRWHPSRµ3RGHGL]rORSRUTXH
FRQKHFH R SURMHWREDVH GH FRPR GHYH VHU D SURSRUomR
KDUP{QLFD e WpFQLFD QmR GRQV SUHWHUQDWXUDLV H D WpFQLFD VH
DGTXLUH3RUWDQWRpSUHFLVRDSHUIHLoRDUXPDWpFQLFDHPSUHVDULDOj
UHDOL]DomRGDSUySULDH[LVWrQFLDLQGLYLGXDGD
$%B014A30A?0A0B4A
1D DUWH GH YLYHU SDUD FHQWUDU R VHQWLGR GD YLGD p
GHWHUPLQDQWHVDEHUGDUSDUDVHU
1mR WHP QHQKXPD GDV PXLWDV IRUPDV GH YLGD TXH
H[LVWHPTXHSUHQGDHGHSRLVVHHVWDELOL]HGHIRUPDHVWiWLFD&DGD
FRLVDpYLYHQWHQDPHGLGDHPTXHPHWDEROL]DHUHFLFODWRPDHGi
QRYDPHQWH 3RUpP p XP GDU YDULDGR GLULD ´SHUVRQDOL]DGRµ 2V
YLYHQWHV ELROyJLFRV DEVRUYHP GD WHUUD PDV GHSRLV UHVWLWXHP j
WHUUD HQULTXHFHQGRVH FRQWLQXDPHQWH 2X VHMD D QDWXUH]D p
H[WUHPDPHQWHHFRQ{PLFDXWLOL]DHPGHVHQYROYLPHQWRTXDOTXHU
HOHPHQWR 3RU H[HPSOR D YDFD FRPH D HUYD H SURGX] R OHLWH
DEVRUYH R R[LJrQLR EHEH D iJXD SRUpP UHVWLWXL GH LQ~PHURV
PRGRV HQWUH RV TXDLV R DJORPHUDGR IHFDO TXH WHP XPD VXD
XWLOL]DomR SDUD R FLFOR ELROyJLFR GD YLGD 2 H[HPSOR GD YDFD p
HPEOHPiWLFR SHOH RVVRV FDUQH OHLWH FDORU QXPD pSRFD RV
DQLPDLVHUDPXVDGRV WDPEpP FRPR UDGLDGRUHV WpUPLFRV LVWR p
HUDP FRORFDGRV HPEDL[R GDV FDVDV SDUD TXH VHX FDORU DV
DTXHFHVVH 1DWXUDOPHQWH D YDFD p XP DQLPDO TXH FRUUHVSRQGH
H[WUHPDPHQWH jV QRVVDV H[LJrQFLDV PDV FDGD DQLPDO QD VXD
HVSHFLILFLGDGHWHPXPDOyJLFDSUySULDGHYLWDOLGDGHHSURGXomR
1RkPELWRGRWHPD´VDEHUGDUSDUDVHUµRGDUQmRpXP
H[FHGHQWH QmR p FRPR D UHOLJLmR ID]DFUHGLWDUDOJR GH KHUyLFR
GHH[FHSFLRQDOpVLPSOHVPHQWHDOJRGHFRQVHTXHQFLDODRIDWRGH
H[LVWLU TXDQWR PDLRU XPD SHVVRD p PDLV HOD VDEH GDU TXDQWR
PHQRUpPHQRVVDEHGDU
8P JUDQGH TXDQGR WHP DOJR SDUD GDU GHYH GiOD e
FRPR XP PHFDQLVPR TXH SURGX] XPD H[XEHUkQFLD GH HQHUJLD
GHYH GDU SRUTXH D H[WUDSRVLomR p QHFHVViULD SDUDHTXLOLEUDU D
SRWrQFLDHPLWHQWHHFRQVHQWLUXPDFLUFXODULGDGHGHDomR
'HSRLV GH WHU SULPDULDPHQWH SURYLGR D VL PHVPR QHVWH
FRQMXQWRHJRtVWLFRH[LVWHDFRODWHUDOLGDGHDFRPSOHPHQWDULHGDGH
jIXQomR´DGH[WUDµ
5HWRPHPRV R H[HPSOR GD YDFD 2 TXH DV YDFDV ID]HP"
4XDQGR HVWmR QR SDVWR GHVIUXWDP R DU FRORFDP R IRFLQKR
FRQWUDRYHQWRGHVIUXWDPRVROFRPHPTXDQGRWrPYRQWDGHH
VHHVWmROLYUHVYmRHVSRQWDQHDPHQWHWRPDUEDQKRVQRPDU$OpP
GLVVRUHSURGX]HPDVXDHVSpFLHGDDEXQGkQFLDGHVWDHVSpFLHGmR
FRPLGD DRV KRPHQV FRP D SHOH YHVWHP DQWHV D VL PHVPDV H
GHSRLV DRV KXPDQRV GR VHX SHTXHQR PRPHQWR GH H[LVWrQFLD
SURGX]HP XP LQWHLUR DPELHQWH GH DOLPHQWDomR GLULD TXDVH XP
´VXSHUPHUFDGRµ1RVSDtVHVIULRVFRPDVIH]HVGDYDFDVHID]HP
DV FDVDV R IRJR R OHLWR H LVVR WXGR VRPHQWH FRP DV IH]HV
,PDJLQHPRV GHSRLV WRGR R UHVWR 3HUPDQHFHQGR QR HVWUHLWR
kPELWRELROyJLFRPDWHULDOGRPHVPRPRGRID]HPDVRYHOKDVRV
FDYDORV RV ELVRQWHV $OpP GLVVR D YDFD WUDEDOKD 3URGX] QD
PHGLGDHPTXHHVWiEHPTXHHVWiVDWLVIHLWDQDVVXDVH[LJrQFLDV
QRVVHXVLQVWLQWRVTXDQWRPDLVHVWiVDWLVIHLWDPDLVSURGX]PDLVp
D VL PHVPD H PDLV WHP SURGXWLYLGDGH QR GRP H QmR R ID] SRU
DPRUDGHXVRXDRSUy[LPRQmRRID]QHPSRUDPRUDRVILOKRV
RX j IDPtOLD 2 DQLPDO GR VHX HVWDGR GH EHPHVWDU SURGX]
LQHYLWDYHOPHQWHLQFUHPHQWRSDUDWRGRRDPELHQWHFLUFXQVWDQWHH
RID]DSDUWLUGRVHXQDUFLVLVPRHJRtVWLFR
1yV VHUHV KXPDQRV TXH HVWDPRV HP XPD HVFDOD
VXSHULRU TXH QRV GHILQLPRV UDoD GR HVStULWR QmR SRGHPRV QRV
H[LPLUGDQHFHVVLGDGHGHGDUSDUDVHUDQyVPHVPRVPDVQmRXP
GDU SRU PLVHULFyUGLD QR TXDO VH GHVSURYr D VL PHVPR H QRV
ID]HPRVF~PSOLFHGRGpELWRGRVRXWURV
1XPD HQWUHYLVWD FROHWLYD UHDOL]DGD HP 6mR 3DXOR GL]LD
TXHpXPDVVDVVtQLRGDLQWHOLJrQFLDGRKRPHPLQVLVWLUQRDX[LOLi
OD FRP R DVVLVWHQFLDOLVPR GDQGR GLQKHLUR SmR PHGLFDPHQWRV
6XEVWDQFLDOPHQWHFRQWLQXDUD´GDURSHL[HVHPHQVLQDUDSHVFDUµ
p XP DVVDVVtQLR j HYROXomR GR KRPHP j HGXFDomR p XP
DVVDVVtQRFRQWUDRSURFHVVRGHUHVSRQVDELOL]DomR,VWRpPDWDVH
SDUWHGRGLUHLWRGDOLEHUGDGHGDSHVVRDLPSHGLQGRDGHHYROXLU
GH FUHVFHU GH UHVSRQVDELOL]DUVH GH WRUQDUVH XP (X KLVWyULFR
GLDOpWLFR $Wp TXH DVVLVWR PDWR R RXWUR PDQWHQKRR LQIHULRU
FRUWROKH D HVWUDGD SDUD VH WRUQDU FRPSHWLWLYR GLDOpWLFR SDUD
FRPLJR TXH VRX R PDLV IRUWH SRU LQWHOLJrQFLD SRU HVWXGRV SRU
EHPHVWDU SRU H[SHULrQFLD HWF 3RVVR DMXGDU R GHILFLHQWH
WHPSRUiULRPDVQmRDTXHOHTXHRpVLVWHPDWLFDPHQWH
&DGD KRPHP TXH DOFDQoD D SUySULD UHDOL]DomR FULD XPD
FHQWUDOGHDomR
2V PRGRV GH VDEHU GDU VmR LQILQLWRV XPD SDVVDJHP GH
GLQKHLUR GH FRQILDQoD GH VHQWLPHQWR 6DEHU GDU p VLQ{QLPR GH
VXSHULRULGDGH SRU LVVR p SUHFLVR HVWDU DWHQWR j IRUPD GH
EORTXHDUVH HQIHUUXMDUVH 3RUWDQWR WUDWDVH GH PDQREUDU
FRQVWDQWHPHQWHRWHUSDUDDPSOLDURVHU6HWHUXPDFDVDID]PH
ILFDU SDUDGR H YHQGrOD ID]PH ID]HU PDLV GHYR YHQGrOD e
SUHFLVR VHPSUH ID]HU DTXHODV FRLVDV TXH HQULTXHFHP R SRWHQFLDO
GHDomRGRVXMHLWR1XQFDVHGHL[DUOHYDUSHODIRUPDIHWLFKLVWDGR
REMHWR GD SRVVH GR WHU PDV SHJDU VHPSUH DTXHODV FRLVDV TXH R
TXDOLILFDPFRPRVXMHLWRGHDomRTXHFRQVHQWHPPDLRUOLGHUDQoD
HPXPFRQWH[WR7HUDTXHODTXDQWLGDGHGHGLQKHLURTXHSHUPLWD
TXH HX PH PRYD TXH VHMD PDLV OLYUH SDUD DOFDQoDU RXWUDV
VLWXDo}HVHYHQGHUDVFRLVDVTXHHVWmRSDUDGDV
$ QDWXUH]D IDYRUHFH D TXHP FRQVHJXH GDU PDLRU
FLUFXODomRjVFRLVDVQmRIDYRUHFHTXHPDOFDQoDHSiUDPDVTXHP
DOFDQoD H LQYHVWH TXHP VH PRYH FRQWLQXDPHQWH FRP D PHGLGD
DTXHOHTXHp´SURSRUomRGLQkPLFDµ
1DWXUDOPHQWH SDUD FKHJDU D GDU p SUHFLVR DQWHV WHUVH
WRUQDGRGHRXWURPRGRVHGiRSUySULRPHGR$FDSDFLGDGHGH
VDEHUGDUpGRPTXHFRQVROLGDWRGDVDVRXWUDVYLUWXGHVDVD~GHD
VDWLVIDomR HP WRGDV DV FRLVDV R SULPDGR QD DPL]DGH 3RGHVH
WDPEpP VHU REMHWR GH XPD HQRUPH LQYHMD ´TXDQWR PDLV WHQV
PDLV GHYHV HVWDU DWHQWRµ SRUpP p VHPSUH XP FDOLEUH GH
VXSHULRULGDGH TXH SHUPDQHFH LQFRQWHVWiYHO ´4XDQWR PDLV R
PHGtRFUHWHDWDFDWDQWRPDLRUpVLJQLILFDGRGDGLIHUHQoDµ
(QWmR´DYHUGDGHpFRPRWXDVDEHVID]HUµRVHUpFRPR
RVDEHVID]HU'DUSRUGDUpVRPHQWHXPDDEHUUDomR2GDUSDUD
VHU p FRUUHVSRQGrQFLD j LQWHQFLRQDOLGDGH GH QDWXUH]D p XPD
QHFHVVLGDGHLQWUtQVHFDGDHQHUJLDGHH[LVWLU3RULVVRWDQWDVUHJUDV
WDQWDVUHOLJL}HVQRVGHVYLDUDPQRVWROKHUDPGRUHDOLVPRVLPSOHV
GD QHFHVVLGDGH GR GRP p SUHFLVR ID]HU SDUD VHU 'DU VHP
GHVSURYHUVHGRSUySULROHJtWLPRHJRtVPR
$YDFDEHEHDWpTXDQGRWHPQHFHVVLGDGHWRPDDTXLORTXH
pVHXSRUTXHVHQmRWHPROHJtWLPRTXHOKHpSUySULRQmRSRGH
GDUDIXQomRGHQDWXUH]D$YDFDQmRUHQXQFLDDVXDiJXDSDUDGDU
D XPD RXWUD YDFD PHVPR VHQGR SDUD XP EH]HUULQKR 'H RXWUR
PRGRTXHPGDUiROHLWHDREH]HUULQKR"eXPDOHLGHQDWXUH]D2
OHJtWLPR DSUHQGHVH GD SURSRUomR LQWHULRU GD SURSRUomR GR
SUySULR HVWDGR LQWUtQVHFR GH HJRtVPR LQGLYLGXDO OHJtWLPR QmR p
DTXLOR TXH RV RXWURV GL]HP SRUWDQWR UHWRUQD R HTXLOtEULR HQWUH
(PVL{QWLFRH(XOyJLFR
1HVVD DWLWXGH SUyGLJD H[LVWH WDPEpP R DVSHFWR
FRPSHQVDWLYR LVWR p XP VXMHLWR TXH QmR FRQVHJXH GDU D VL
PHVPRRGHVORFDHRGiDRVRXWURV3RULVVRDVXDLQFDSDFLGDGH
GHPRQVWUDGDHJRLFDPHQWHWRUQDVHYHQHQRGRHQoDWDPEpPSDUD
RVRXWURV­VYH]HVLVVRGHSHQGHGHXPDFDUrQFLDGHXPDIDOWD
GHHVWUXWXUDGR(XSRULVVRRRXWURSUHYDOHFHHVHpREULJDGRD
GDU6HpLQVWUXPHQWDOL]DGRSHODPLVpULDGRVRXWURVSHODGRHQoD
GRVRXWURVHGDQGRVHSHUGHGHXPODGRHGHRXWUR
(QWUHWDQWDVFRLVDVpSUHFLVRGDUDTXHPVDEHUHFHEHUD
TXHPQmRTXHUVHULQIHULRUjTXHOHGRP2YHUGDGHLURGRPVHGi
VRPHQWH D TXHP VDEH UHFHEHU 3DUD TXHP UHFHEH VHUi XP GHYHU
QDTXHOH PRPHQWR VHUi XPD FDSDFLGDGH VXD VDEHU UHVWLWXLU FRP
YDORU3RUWDQWRGHYHVHVDEHUGDUFRPLQYHVWLPHQWR2REMHWLYR
~OWLPRQmRpDTXHOHGHGDUDRVRXWURVPDVpRGHID]HUHILFLHQWHH
IHOL]DVLPHVPR
/RJR TXH R VXMHLWR HVWHMD HP IRUPD H FUHVFH WHP
LQHYLWiYHO FDULVPD ´&DULVPDµ p XP FRTXHWHO GH EHPHVWDU XP
FRTXHWHOGH YLWDOLGDGH p IHLWR GH VLPSDWLD GH VH[R GH DPRU GH
DGPLUDomRLVWRppDJUDGiYHODWUDLSRUTXHRVXMHLWRTXHWHROKD
TXH VH UHIHUH D WL HQFRQWUD XP DXPHQWR XPD DPSOLWXGH GH VL
PHVPR &DULVPD ´FDULVµ JUDoD e DOJR TXH H[FHGH
JUDWXLWDPHQWH GD SRVWXUD GD WXD SHUVRQDOLGDGH (QWmR XPD
SHVVRD TXH HVWi QR DWR GH FDULVPD p SURGXWLYD ID] QHJyFLRV
SRUpPGHYHHVWDUDWHQWDSDUDTXHRVHXFDULVPDUHHQWUHQDyWLFD
GD VXD HILFLrQFLD GR VHX LQWHUHVVH 3RUTXH VH R VHX FDULVPD p
GHVYLDGR SHOR LQWHUHVVH GH XP RXWUR HQWUD LPHGLDWDPHQWH HP
UHFXRQHJDWLYRSRUTXHDYLGDOKHGL]´HXWHGHLLVWRSDUDTXHWX
VHMDV D PDLVµ 'H TXDOTXHU PRGR D YLGD p IHLWD DVVLP $ YLGD p
XP GRP H[WUDRUGLQiULR H D HILFLrQFLD GH VL PHVPD p R EHP
VXSUHPRGDYLGD
1RWDV
&IH $WRV GR ;9, &RQJUHVVR ,QWHUQDFLRQDO GH 2QWRSVLFRORJLD
´/H&RVWHOOD]LRQL0HWDVWRULFKHµ3VLFRORJLFD(GLWULFH5RPD
&IH $WRV GR ;9, &RQJUHVVR ,QWHUQDFLRQDO GH 2QWRSVLFRORJLD
´3UHVXSSRVWL H 7pFQLFD GHOLD &UHDWLYLWj LQGLYLGXD]LRQH IRUPD]LRQH H
VYLOXSSRµ3VLFRORJLFD(GLWULFH5RPD
0(1(*+(OOO $QWRQLR ´/
,Q Vq GHOO
8RPRµ &DS ´&KH
FRV
q/
,QVqRQWLFRµ3VLFRORJLFD(GLWULFH,,,(GLomR
0(1(*+(O7, $QWRQLR 3VLFRWHUDSLD H 6RFLHWj &DS /D
'RSSLD0RUDOH,QGLVSHQVDELOHDO6DJJLR3VLFRORJLFD(GLWULFH5RPD
0(1(*+(OO
, $QWRQLR /D &XFLQD 9LYD 3VLFRORJLFD
(GLWULFH5RPD
´$WUiVGRLPSXOVRGHFDGDLQVWLQWRH[LVWHXPDYROLomRGR6HUSDUD
VHWRUQDUSUiWLFRQHVWDKLVWyULDµµ$&R]LQKD 9LYDµ p SRUWDQWR D DUWH GH
QXWULUVH FRP SUD]HU DWUDYpV GH VtQWHVHV FULDWLYDV GHILQLWLYDPHQWH TXH
FRQILUPDP D IXQFLRQDOLGDGH RUJkQLFD D H[DOWDomR HFRELROyJLFD H D
WUDQVSDUrQFLDGHVHQWLGRVHWpULFRV
%4B@D8I>5A4=80834>;È6820>D34<4A203>4
834=C830345D=28>=0;3>±<0=064A²>D;Ä34A
$ FXOWXUD RQWRSVLFROyJLFD p XPD FDUWD D PDLV QR FDPSR
VRFLDO 1mR VRPHQWH PHOKRUD DTXLOR TXH Mi VH FRQKHFH PDV
WDPEpPXQHXPDyWLFDKLSHUFUtWLFDTXHGiVHJXUDQoDHYDQWDJHQV
H VREUHWXGR SUHSDUD XP PXQGR IXWXUR TXH HVWi PXGDQGR
YHOR]PHQWHFRPWDOLQWHQVLGDGHTXHMiH[LVWH XPD GHIRUPLGDGH
VXEVWDQFLDOHPUHODomRjJHUDomRSUHFHGHQWH1RHVSDoRGHXPD
JHUDomR Mi WHPRV WUrV FXOWXUDV H HVWDPRV LQGR HP GLUHomR j
TXDUWD WHPRV XPD TXDGULPHQVmR RQGH FDGD FXOWXUD QmR
FRPSUHHQGH D VXFHVVLYD ,VVR DFRQWHFH HP WRGR R PXQGR 2
PHWDEROLVPRFXOWXUDOHGHSRVWXUDHPUHODomRDRPXQGRpUiSLGR
H DSDUHQWHPHQWH FRQWUDSRVWR HP WRGDV DV FLYLOL]DoRHV ÉIULFD
$PpULFD/DWLQD&KLQDHWF8PDIRUPDGHSDOLQJrQHVHFRPRD
TXHHVWiVHYHULILFDQGRKRMHQXQFDDFRQWHFHXQDKLVWyULD9LDGH
UHJUD XPD JHUDomR WHP VHPSUH FRPSUHHQGLGR SHUIHLWDPHQWH D
RXWUDH[LVWLDPPDLVRXPHQRVGLVVDERUHVPDVVXEVWDQFLDOPHQWH
KDYLDXPDFRQVLGHUDomRVREUHRSDVVDGRHVREUHDFXOWXUDFOiVVLFD
GRV DYyV +RMH QmR VRPHQWH RV MRYHQV QmR WrP GHVSUH]R QHP
LQWHUHVVH PDV WrP WRWDO QmRH[LVWrQFLD H QmRLQWHUIHUrQFLD VREUH
HVVD FXOWXUD QmR REVWDQWH D FRH[LVWrQFLD GH WDO TXDGULPHQVmR
FXOWXUDOVLPELyWLFRQRLQWHULRUGHFDGDFXOWXUD
(VVHTXDGULPHQVmRpFRQVWLWXtGRSRUJHUDo}HVTXHQmRVH
FRPSUHHQGHPjEUHYHGLVWkQFLDGHXPGHFrQLRHQWUHXPDHRXWUD
H[LVWHXPDLGHRORJLDXPULWPRXPWLSRGHP~VLFDXPDILORVRILD
XPH[LVWHQFLDOLVPRTXHVHLQYHQWDGLIHUHQWHPHQWHGHGHFrQLRHP
GHFrQLReXPSHUPDQHFHUIRUDGDVFXOWXUDVTXHSURYrPGHXP
PRQROLWLVPRSROtWLFRFXOWXUDOSRUH[HPSORREORFRVRYLpWLFRHR
EORFR FKLQrV RV TXDLV WLYHUDP XPD HVSpFLH GH SDUDGD GH
JHUDo}HVVRERSODQRGHWUDQVPLVVmRFXOWXUDO
&RPHVVDVFRQVLGHUDo}HVTXHURFRPHoDUDOHYiORVDXPD
PHQWDOLGDGH IXWXUD TXH Mi p LPLQHQWH 7RGD D FXOWXUD
RQWRSVLFROyJLFD QmR QDVFHX SDUD FXUDU D QHXURVH RX DV YiULDV
RXWUDV IRUPDV GH SDWRORJLDV PDV SDUD SUHSDUDU XPD QRYD
FRQVFLrQFLD SDUD XPD KXPDQLGDGH IXWXUD +DYLD SUHYLVWR HVVDV
PXGDQoDVHWLQKDFRPSUHHQGLGRTXHRVJUDQGHVEORFRVFXOWXUDLV
WHULDPDFDEDGRMiQRVDQRVTXDUHQWD$WpSRGLDVHLU
DRV FDPSRV PLODQHVHV YrQHWRV RX GR VXO H HQFRQWUDU
WUDQTXLODPHQWH DFDVD 7DPEpP QD$OHPDQKD /HW{QLD $PpULFD
/DWLQD H[LVWLDP RV PHVPRV FDUURV D PHVPD DGPLQLVWUDomR
SDWULDUFDO D PHVPD DSDUHOKDJHP DUWHVDQDO 2 JUDQGH HYHQWR GR
TXDO VH IDODYD HUD D SULPHLUD JXHUUD PXQGLDO D VHJXQGD JXHUUD
PXQGLDOHUDXPHStJRQRLQHYLWiYHOMiGHWHUPLQDGRFRPRILPGD
JXHUUDGH&RPDVHJXQGDJXHUUDPXQGLDOFRQFOXLVHWRGRR
SHUtRGR HXURSHX GH $V YDULiYHLV HUDP SRXFDV
VXEVWDQFLDOPHQWH H[LVWLD XP HVTXHPD TXH VHUYLD GH WHFLGR
FRPXPVHMDQDIRUPDDQiUTXLFDVHMDQDIRUPDUHOLJLRVD
$TXHGDGHWRGRVRVPRQROLWLVPRVGRSDVVDGRUHOLJLRVR
PRUDO SROtWLFR H D HQRUPH PXGDQoD VmR DWULEXtYHLV D GRLV
HYHQWRV R ´VWUHVVµ TXH D WHFQRORJLD FLHQWtILFD HVWi LPSRQGR
LVWR p D PiTXLQD HVWi LPSRQGR ULWPRV DRV TXDLV R KRPHP QmR
HVWi KDELWXDGR Ki VpFXORV H[LVWH XPD LQWHUIHUrQFLD
H[WUDSODQHWiULD TXH HVWi FDOLEUDQGR QRYRV LQWHUHVVHV H QRYDV
yWLFDV
$JRUDVHHVWiGHWHUPLQDQGRRLQGLYLGXDOLVPRpDHSRSpLD
GDSHVVRD1mRREVWDQWHVHTXHLUDPDQWHURFOmIDPLOLDUHDVOHLV
EXURFUiWLFRHVWDWDLVLQVLVWHPVREUHRQ~FOHRGDIDPtOLDGHIDWRD
HYLGrQFLD PXQGDQD UHIRUoD TXH D IDPtOLD VH H[LVWH H[LVWH j
VRPEUD GR LQGLYtGXR H QmR YLFHYHUVD FRPR DOLiV RFRUUHX DWp
KRMH
1D&KLQDSRUH[HPSORH[LVWHDGLVSRVLomRQRUPDWLYDGH
TXHXPDPXOKHUQmRSRGHJHUDUPDLVGHXPILOKR3RULVVRWHQGR
WLGRXPILOKRQRSULPHLURPDWULP{QLRVRIUHDHVWHUHOL]DomR$OpP
GLVVRWRGRVRVGHILFLHQWHVVmRHVWHULOL]DGRVSDUDQmRJHUDUILOKRV
$VRFLHGDGHGHYHSURYHUDVLPHVPDQmRSRGHDODUJDUVH
DWUDYpVGRDVVLVWHQFLDOLVPR´FtQLFRµRXGHSVHXGRMXVWLoD VRFLDO
SDUD GHSRLV IDYRUHFHU R SDUDVLWLVPR VRFLDO (VWDPRV IUHQWH D
VRFLHGDGHV DV TXDLV SHUFHEHP TXH FRP XP DVVLVWHQFLDOLVPR
SURORQJDGRDLQGLYtGXRVQmRSURGXWLYRVQDUHDOLGDGHPDQWrPVH
PLOKDUHVHPLOKDUHVGHSDUDVLWDVGHWRGRVRVPRGRVQmRVHWUDWD
VRPHQWH GH XPD WLSRORJLD GH GHILFLHQWHV PDV WDPEpP GH
EXURFUDWDV YD]LRV GH GRHQWHV FU{QLFRV GH GUDJDGRV HWF ([LVWH
XPDFRQVFLrQFLDGHTXHDHVSpFLHpXPEHPVXSHULRUHGHYHVHU
FRQVHUYDGDFRPWRGRVRVSRVVtYHLVSDUkPHWURVFRQVHQWLGRVSHOD
SUHFDXomR H SHOD UDFLRQDOLGDGH MXUtGLFD 3URFXUDVH IDYRUHFHU D
UHVSRQVDELOLGDGHLGHROyJLFRFXOWXUDODUHVSRQVDELOLGDGHGRFRUSR
HGRJUXSR8PLQGLYtGXRpSDUWHGHXPWRGRHFDGDLQGLYtGXR
GHYHVHQWLUVHSURGXWLYRHSRUWDQWRUHVSRQViYHO
7XGR LVVR HVWi QDVFHQGR HVSRQWDQHDPHQWH QmR H[LVWHP
LGHRORJLDV SUHFLVDV SURYHQLHQWHV GR SDVVDGR 7DOYH] VHMD
VLPSOHVPHQWH D LQWHOLJrQFLD GH XPD FRQVWHODomR SVtTXLFD RX D
LQWHOLJrQFLDGHXPSRYRTXHTXHUVDOYDUDVDQLGDGHGDVSUySULDV
UDt]HV SDUD VREUHYLYHU 3RUWDQWR YHULILFDVH XPD HVSpFLH GH
VHOHomR GHWHUPLQtVWLFD GRV LQGLYtGXRV SDUD SURWHJHU R JrQLR GD
HVSpFLH
'HUHVWRQyVPHVPRVTXDQGRDOJRQRQRVVRFRUSRQmR
IXQFLRQDRLVRODPRVHVHQHFHVViULRRHOLPLQDPRVVHXPGHGR
HVWi FRP JDQJUHQD p DPSXWDGR VH R LQWHVWLQR WHP VpULRV
GLVW~UELRVHVWUXWXUDLV ID]VHXPDLQWHUYHQomRFLU~UJLFD6REUH R
SULQFtSLR GD pWLFD GH VDQLGDGH GR FRUSR RUJDQtVPLFR SRGHPRV
DSUHQGHUDPRUDOSDUDRFRUSRVRFLDO1HQKXPGHQyVVHVHQWLULD
PRUDOPHQWHEHPVHSDUDPDQWHURWRGRVDOYDJXDUGDVVHXPFLVWR
RXXPWXPRU
$WXDOPHQWHQD,WiOLDDVVLVWLPRVjGHFDSLWDomRVLVWHPiWLFD
GHTXHPTXHUTXHWHQGDDHOHYDUVHHPXPSURWDJRQLVPRSROtWLFR
RXHFRQ{PLFR3HQVDVHSRUH[HPSORHP'H*DVSDUL$QGUHRWWL
HPDLVUHFHQWHPHQWHHP%HUOXVFRQL$VVLVWLPRVDHVWHIDWRWmR
ORJR XPD ´FDEHoDµ VH HOHYH IRUPDVH XP HVWUDQKR WUDYHVVHLUR
LQWHUPHGLiULR HQWUH LPSUHQVD SRGHU MXGLFLiULR H LQWHUIHUrQFLD GH
RXWURV (VWDGRV &RP &RP WRGRV HVVHV MRJRV SURFXUDVH
UHGLPHQVLRQDURYHQFHGRUDILPGHPDQWHUXPFRUSRGHFODVVH
JRYHUQDPHQWDO HFRQ{PLFR XP JUXSR GH SRGHU 'HL[DVH GH
GHVWUXLUDTXHOHSHUVRQDJHPTXDQGRMiIRLGHVWURQDGRGRSRVVtYHO
iSLFH GH HOHYDUVH GRV FRPXQV TXH WrP SRGHU MXUtGLFR
LQIRUPDWLYRRXHFRQ{PLFR)RUPDVHXP´WUXVWµXPDHVSpFLHGH
PXOWLQDFLRQDO HP PLQLDWXUD TXH FRQWUROD SDUD TXH QLQJXpP VHMD
PXLWR JUDQGH e XP JUXSR FRUSRUDWLYR GH SRGHU QR TXDO RV
LQGLYtGXRV FRPSHWHP SDUD TXH QLQJXpP VHMD PDLRU GR TXH R
FRQMXQWR RX GH FDGD XP GHOHV PDV WRGRV SRVVDP WHU DFHVVR j
PHVDGRSRGHUHGLVFULPLQDURVSUySULRVLQWHUHVVHV
7DPEpPHVVHIDWRGHPRQVWUDTXHQmRHVWiSUHYDOHFHQGR
XPDGHPRFUDFLDQHPDSRVVLELOLGDGHGHXPDGLWDGXUDRXGHXPD
QRYDROLJDUTXLDPDVDOHLGRLQGLYLGXDOLVPR7DOWHQGrQFLDHVWiVH
REVHUYDQGR HP WRGR R PXQGR p XPD IRUPD GH PXOWLQDFLRQDO
LQGLYLGXDO RQGH VH PDQWpP R SRVVtYHO SRGHU GH JUXSR H RQGH
FDGDXPpSDUDVLPHVPR
8PD YH] WDOYH] IRVVH SRVVtYHO TXH DOJXpP HPHUJLVVH
QmRSRUTXHUHDOPHQWHIRVVHXPJrQLRPDVHQTXDQWRRJUXSRQmR
HUD VXILFLHQWHPHQWH HYROXtGR 2 TXH SRWHQFLD R JUXSR KRMH p D
WHFQRORJLDDPiTXLQDDPiTXLQDpRWHOHIRQHFHOXODUpRVDWpOLWH
WRGD D PtGLD $ PiTXLQD QmR WHP SURWDJRQLVPR p VHUYLoR H
LQVWUXPHQWR$WUDYpVGDVXDIXQomRHPXPPRPHQWRDWUDYpVGR
VLVWHPD GLJLWDO SRGHPRV HVWDU SUHVHQWHV HP TXDOTXHU SDUWH GR
JORER SRGHPRV VHU LQIRUPDGRV H LQWHUYLU LPHGLDWDPHQWH $
WHFQRORJLDHVWiDYDQoDQGRDRPi[LPRQtYHOGHLQIRUPDomRDTXDO
Gi FRQWHPSRUDQHLGDGH GH SUHVHQoD D WRGRV RV LQGLYtGXRV XPD
DomRTXDOTXHUGHXPLQGLYtGXRHPTXDOTXHUSDUWHGRSODQHWDp
LPHGLDWDPHQWH UHJLVWUDGD 3RUWDQWR FRQVHQWH D UHDomR GDTXHOHV
TXHWRUQDPFRQKHFLPHQWRHSRGHPLQWHUYLUEDVHDGRVQRVVHXV
LQWHUHVVHVSRQWRVGHYLVWDHSRVVLELOLGDGHVSDUDFRQWURODUDTXHOH
IHQ{PHQR
$ LQIRUPDWL]DomR HP EUHYH QRV OHYDUi j
WHOHYLVmRKRORJUDPiWLFD DWUDYpV GD TXDO VHUi GHVHQYROYLGR R
FRQKHFLPHQWRFLEHUHVSDFLDOEDVHDGRQR´ELSµHQmRQRViWRPRV
2´ELSµpDOJRTXHFRPHoDDDSUR[LPDUVHDRFDPSRVHPkQWLFR
H DWUDYpV GH WDO WLSR GH FRPXQLFDomR XP LQGLYtGXR SRGH VHU
LQIRUPDGR GLUHWDPHQWH PHGLDQWH XP PHFDQLVPR GH FRQWUROH GDTXLORTXHVHSHQVD2XHQWmRSRGHPRVHPLWLUXPFDERJUDPD
FLERUHVSDFLDO TXH VLQDOL]D D SUHVHQoD GR KRPHP QDTXHOH
FRQWH[WR (VVHV FRQKHFLPHQWRV LUmR UHIOXLU QDTXLOR TXH p D
LQIRUPiWLFD GR PRQLWRU GH GHIOH[mR R TXDO HQUHGD FDGD
LQGLYtGXRFRORFDQGRRHPXPWDEXOHLURGH [DGUH] ORJtVWLFR 'H
TXDOTXHU PRGR TXH VH TXHLUD DJLU VRPRV VHPSUH SUpFRQWLGRV
DQWHFLSDGRVHSUHYLVWRVHPFDGDHIHWXDOLGDGHSRVVtYHO
$ WUDQVGXomR LQIRUPiWLFD Mi p XPD UHDOLGDGH WmR
IXOPLQDQWHHTXDVHFRQWHPSRUkQHDTXHVLQFURQL]DDVLQIRUPDo}HV
GR 0GG H DV YHWRULDOLGDGHV VHPkQWLFDV GD LQWHQFLRQDOLGDGH
SVtTXLFD
2 OtGHU FRPR ILJXUD SRVLWLYD p SRVVtYHO QR VHX kPELWR
SULYDGR QmR p PDLV SRVVtYHO XP OtGHU GH DILUPDomR QR FROHWLYR
PHVPRVHHOHFRQWURODXPFRUSRVRFLDOHpDVROXomRHPTXDOTXHU
FDPSR e XP KRPHP TXH UHDOL]D D KLVWyULD D VRFLHGDGH D
LQIRUPiWLFDRLQWHUHVVHGRFROHWLYRSHUPDQHFHQGRWUDQVFHQGHQWH
DR FROHWLYR WUDQVFHGHQWH DRV HIHLWRV TXH SURGX] H SRUWDQWR
FHQWULSHWDGRDRSUySULREHPHVWDUHHJRtVPRYLWDOILHODRSUySULR
SURMHWR LQVHLFR $ VLWXDomR SRUWDQWR p TXH R KRPHP QDR
REVWDQWH R SHULJR GD PiTXLQD TXH HVWi XQLILFDQGR R PXQGR GHYHFUHVFHUSDUDQmRVHUREMHWLILFDGRSDUDQmRHQFRQWUDUVHHP
XP HVSDoR FRPSOHWDPHQWH FRQWURODGR SHOD PiTXLQD RQGH R
KRPHPVHULDVRPHQWHXPDPHGLDomRGLJLWDO
1RV GLDV GH KRMH R KRPHP GHYH GHVHQYROYHU R (P VL
{QWLFR DR Pi[LPR QtYHO 'DOL VXUJH WRGD OX] WRGD IRUoD WRGR
r[LWRWRGRFUHVFLPHQWRWRGDUHDOL]DomRHJRtVWLFDHVREUHWXGRD
SRVVLELOLGDGH GR KRPHP SURWDJRQLVWD HP XPD WUDQVFHQGrQFLD
HQWUH D H[LVWrQFLD H R 6HU 2 (P VL {QWLFR p PHGLkQLFR HQWUH D
H[LVWrQFLD H R VHU SRUWDQWR R KRPHP SRGH DIHUUDU GLVFXUVRV
LQWHUSODQHWiULRV H FRQWHPSRUDQHDPHQWH r[RGRV GR GHILQLGR
PDWpULFR SDUD LQVWDXUDUVH QDTXLOR TXH p D WUDQVFHQGrQFLD SXUD
RULJLQiULDGR6HUQRSULQFtSLRGDYLGDRXQDVSULPHLUDVFDXVDVGD
YLGD H WDPEpP SDUD HVWDU SURQWR D SUHSDUDU D PHOKRU
KXPDQLGDGH SDUD XP r[RGR LQWHUHVSDFLDO SDUD IXQGDU RXWURV
PXQGRVPHVPRVHQGRHVWHSODQHWDPDUDYLOKRVR
1mR p YHUGDGH WXGR DTXLOR TXH VH GL] D SURSyVLWR GR
´VPRJµ H GD FRQWDPLQDomR e SUHFLVR ID]HU PDLV FLUFXQDYH
JDo}HVQHVWHSODQHWDSDUDYHUTXDQWRpJUDQGHD7HUUDTXDQWRp
GHVDELWDGDHTXDQWRpULFD$LQGDGHYHVHUWRGDGHVFREHUWD
6mRWDQWDVDVPRWLYDo}HVTXHVHSRGHPFULDUSDUDDILUPDU
YLV}HVFDWDVWUyILFDVLQFOXVLYHDTXHODGHYHQGHUPHOKRUXPLRJXUWH
RXXPFHUWRWLSRGHGHWHUJHQWH6HOHPRVDOJXQVHVFULWRUHVGRDQR
DQWHV GR )UDQFLVFDQLVPR HQFRQWUDPRV SHVDGRV VHUP}HV
QRV TXDLV VH DILUPDYD TXH R PXQGR HVWDYD SDUD DFDEDU H DV
SURYDV HUDP TXH GR FpX HVWDYD FKRYHQGR HQ[RIUH DUHLD TXH R
LQIHUQR ODQoDYD VREUH D KXPDQLGDGH 7DLV HVFULWRUHV LQTXLULDP
VHXVILpLVSDUDREULJiORVDVHFRQYHUWHUHPVHJXQGRDVXDLGpLDGH
'HXVHDVXDHVTXL]RIUHQLDSUHYHQGRFDWDFOLVPDV
(VWHSODQHWDpPXLWRLQWHQVRHPXLWRMRYHP 9RDQGRDR
UHGRUDRUHGRUGRPXQGRYrHPVHHQRUPHVHVSDoRVGHVDELWDGRV
VHPFRQWDURVRFHDQRVVRPHQWHPtQLPDVSDUWHVVmRFXOWLYDGDVH
KDELWDGDV H[LVWHP IRUWHV FRQFHQWUDo}HV VRPHQWH HP JUDQGHV
FLGDGHVFRPR&KLFDJR1RYD,RUTXH7yTXLR5RPD0LOmRHWF
(VWDPRVHPXPDpSRFDQDTXDOVHHVWiID]HQGRGHIRUPD
PDLVSHUVLVWHQWHDPHGLDomRHQWUHPDLVFLYLOL]Do}HVQmRVRPHQWH
WHUUHVWUHVPDVWDPEpPH[WUDWHUUHVWUHV(VVDVFRPXQLFDo}HVFRP
WUDQVSRUWH GH PHUFDGRULDV H GH SHVVRDV Mi HVWmR DFRQWHFHQGR
FRPFRQFHQWUDo}HVGHYDVWRVFDPSRVRSHUDWLYRVVHPHOKDQWHVDRV
QRVVRV DHURSRUWRV FRP QDYHV HVWXGDGDV SDUD ID]HU YLDJHQV
JDOiFWLFDV RX H[WUDJDOiFWLFDV ([LVWHP RV DVVLP FKDPDGRV
´DOLHQtJHQDVµ TXH WUDEDOKDP QR QRVVR SODQHWD FRP LQWHUHVVHV
SUySULRV(PDOJXQVHVFULWRVHXIDORGHVVDVIRUPDVGHYLGDFRPR
QHJDWLYDV PDV H[LVWHP WDPEpP HQWUH RV KXPDQRV LQGLYtGXRV
TXHVmRSDUDVLWDVHYDPSLURVHPSUHMXt]RGHRXWURV1DUHDOLGDGH
H[LVWHP WDPEpP H[WUDWHUUHVWUHV FRP IRUPDV SUHVHQoDV H
FLYLOL]Do}HVPXLWRHYROXtGDV6RPRVWRGRVILOKRVGDJUDQGHYLGDH
GR LGrQWLFR HVStULWR HP HVSpFLHH PRGRV GLYHUVRV 1mR VLJQLILFD
TXHHVVDVJUDQGHVSUHVHQoDVDMXGHPRKRPHPPDVHODVWDPEpP
WrP QHFHVVLGDGH GH ID]HU ERQV QHJyFLRV FRP RV KXPDQRV SDUD
JDUDQWLUXPXQLYHUVRVHXXPDVREUHYLYrQFLDHXPDHYROXomRVXD
$ 2QWRSVLFRORJLD QDVFHX FRPR YLVmR H FRPR WHFQRORJLD
KXPDQtVWLFD TXH SUHSDUD R KRPHP SDUD VHU SURWDJRQLVWD GH
PHGLDoRHV FXOWXUDLV LQWHUSODQHWiULDV 1D FLrQFLD RQWRSVLFROyJLFD
MiKiWHPSRH[SOLFDPVHDVSUHPLVVDVGDRULJHPGDUDoDKXPDQD
GDFRQVWDQWH+HVXVWHQWDVHTXHDUDoDKXPDQDQmRHVWiVRPHQWH
QHVWH SODQHWD PDV HVWi GLVWULEXtGD WDPEpP HP RXWUDV ]RQDV GR
XQLYHUVR
3RU H[HPSOR QXPD ]RQD GD 6LEpULD RQGH H[LVWHP
HQRUPHVTXDQWLGDGHVGHPLQHUDLVHDVPDLRUHVDFHULDVGHWRGRR
PXQGR IRUDP IHLWRV PXLWRV H[SHULPHQWRV H YrHPVH HVWUDQKDV
IRUPDVIDORXVHGHERPEDVHGHDVWHUyLGHVPDVRIDWRDLQGDQmR
IRLH[SOLFDGR
'XUDQWH XP UHVLGHQFH TXH GHVHQYROYL IDOHL VREUH FRPR
DMXGDU D RUJDQL]DU SODQRV GH DWHUULVVDJHP H GH ODQoDPHQWR FRP
RXWUDV FLYLOL]Do}HV )DODVH GH HQRUPHV GHVORFDPHQWRV 6mR
LQWHUHVVHV HFRQ{PLFRV QR FDPSR GH XPD HQHUJLD EDVHDGD HP
DOJXQV PHWDLV RX HP RXWUDV IRUPDV GH GHVHQYROYLPHQWR
ELROyJLFR TXH VmR LQWHUHVVHV GH GLYHUVDV UDoDV 1D RFDVLmR
SUHRFXSHLPHHPIRUPDUXPDLQWHOLJrQFLDFRRUGHQDGRUDVXSHULRU
HP SUHSDUDU DOJXQV VHUHV KXPDQRV SDUD HVWDUHP SURQWRV SDUD
LQVWDXUDUFRQWDWRVGHFRODERUDomRWDPEpPFRPWURFDVQRSODQR
GDSHVTXLVDFLHQWtILFD
2 SODQHWD p SHTXHQR PDV QmR HVWi SDUD DFDEDU e
SHTXHQRSRUTXHVmRSUHPHQWHVRXWUDVIRUPDVGHFLYLOL]DomRHGH
LQWHUHVVHV H SRUTXH HVWDPRV QRV DEULQGR D RXWUDV FRQYLYrQFLDV
XQLYHUVDLV $ PHOKRU WHUUD p DTXHOD RQGH XP KRPHP FRQVWUyL D
VXD SD] FLYLO RV VHXV SUD]HUHV H RV VHXV LQWHUHVVHV 3RUpP DR
KRPHPTXHTXHUVHUOtGHUDJUDGDHQWUDUQDTXLORTXHpDHYROXomR
SVtTXLFDHSRUWDQWRWUDQVFHQGHURSODQRELROyJLFR(OHGHYHWHU
XPDPHQWDOLGDGHUDFLRQDOLQWHOLJHQWHSUHSDUDGDHGLVSRQtYHOSDUD
DPDGXUHFHU SDUD DOpP GH DOJXPDV SURJUDPDo}HV OyJLFR
DOIDEpWLFDV
'HYHPRV HVWDU DWHQWRV DR GHILQLWLYR GD LQIRUPDomR GD
PiTXLQD 2 SHULJR QmR HVWi WDQWR QRV H[WUDWHUUHVWUHV PDV QRV
QRVVRVFRPSOH[RVGRPLQDQWHVTXHSRGHULDPGHWHUPLQDUQRVQR
LQWHULRUGRVFDERJUDPDVGRPRQLWRUGHGHIOH[mR
+RMH R PXQGR QHVWH SODQHWD SDUHFH VHU YHULILFDGR HP
GRLVPRGRV
2 PRGR GRV ViELRV 3DUD RV ViELRV FDGD ]RQD GR
SODQHWDpXPSUD]HUQmRH[LVWHPGLYHUVLGDGHV$PHQWDOLGDGHGH
XP ViELR YDL GH XP SRYR D RXWUR H UHGHVFREUH RVDQWLJRV
SULQFtSLRV TXH IHFXQGDUDP D RULJHP GDV FRQVWHODo}HV UDFLDLV
FRQVWHODo}HV SVtTXLFDV PHWDKLVWyULFDV SRUWDQWR GH SDVVDGRV
ORQJtQTXRVTXHVmRiODFUHVGHIHUPHQWRSDUDRIXWXURPHVPRVH
SURYrP GH PLOrQLRV SUHFHGHQWHV DR LQtFLR GD YLGD TXDQGR HVVD
HUD FRQILDGD PDLV D KRPHQV ViELRV GR TXH D GHWHUPLQLVPRV GH
SHVVRDVVRPHQWHPDWHULDLV
(VWH SODQHWD p EHOR H VDQWR $TXL VH YLYH EHP H p XPD
SpURODGRXQLYHUVR([LVWHDLQGDXPWLSRGHXQLGDGHQDWXUDOTXH
QXQFDIRLDUUXLQDGD
2 PRGR GD PiTXLQD -XQWR j XQLGDGH QDWXUDO H[LVWH
XPD RXWUD XQLGDGH FRQWHPSRUkQHD TXH p IRUPDOL]DGD SHOD
PiTXLQD $ PiTXLQD XQLILFD RV VHUHV KXPDQRV HP GRHQoDV
FRPSOH[RVHDQDJUDPDVLGrQWLFRV7XGRDTXLORTXHpRSURFHVVR
SDWROyJLFRGHTXDOTXHURULJHPQmRWHPQRYLGDGH$RFRQWUiULRD
QRYLGDGHFRQVWDQWHpR(PVL{QWLFRQHVVHKiFULDWLYLGDGH
(VWD VHJXQGD XQLGDGH SUHVHQWH QR SODQHWD p UHDOL]DGD
SHORV PDLRUHV VLVWHPDV GH LQIRUPDo}HV (QTXDQWR DV UHOLJL}HV
IDOLUDPQDVXDWDUHIDGHXQLILFDomRDPiTXLQD´VXSHURXµDWRGRV
3RU´PiTXLQDµHQWHQGRDWHFQRORJLDSRUH[HPSORDMDSRQHVDD
QRUWHDPHULFDQDPDVVREUHWXGRDGHRULJHPHXURSpLD
2V(VWDGRV8QLGRVUHJLVWUDUDPRSULPDGRHFRQ{PLFRGR
GyODU H OKH GHUDP XPD JHVWmR WHUULWRULDO (VWDPRV DQGDQGR GH
IDWRHPGLUHomRDXPPXQGRTXHSDUHFHXQLILFDUVHQDLPDJHP
GR GyODU 2 \HQ MDSRQrV SRU TXDQWR HFRQRPLFDPHQWH SRWHQWH
QmRpDFHLWRSVLFRORJLFDPHQWHQHPSHOR2FLGHQWHQHPSHOR,VOm
QHP SHOR 6LRQLVPR QHP SHOD &KLQD 2 PDUFR p SRWHQWH IRL
´HVIULDGRµ HP GLYHUVDV JXHUUDV D SULPHLUD H D VHJXQGD JXHUUD
PXQGLDOHDQWHVDLQGDFRP%LVPDUFN2GyODUQmRpVRPHQWHD
PRHGD GRV (VWDGRV 8QLGRV PDV p R FRUSR H[SRVWR GR SRGHU
GDTXHODV PXOWLQDFLRQDLV WHFQROyJLFRILQDQFHLUDV TXH SRVVXHP D
SURSULHGDGHGHVWHSODQHWD2RXURRVGLDPDQWHVHRSHWUyOHRVmR
PHUFDGRULDV GH WURFD SHVDGDV DR LQYpV GLVVR R VLPEROLVPR GR
SDSHOPRHGDpPDLVUiSLGRHPDLVSUiWLFR$WUDYpVGRVLPEROLVPR
GR SDSHO RX GR FRPSXWDGRUL]DGR p PDLV IiFLO SDUD R OtGHU
REMHWLYDURSRGHUSHVVRDOVREUHRPXQGR
2 PHVPR DFRQWHFH SDUD D OtQJXD (X GHILQR R LQJOrV
FRPR ´D OtQJXD GDV PiTXLQDVµ SRUTXH VmR DV PiTXLQDV TXH
ID]HPHYROXLUDDSOLFDomROLQJtVWLFDGRLQJOrVHPWRGRRPXQGR
PHVPRVHpXPDOtQJXDTXHQLQJXpPDPD
(VWDWHFQRORJLDH[HPSOLILFDVHQDVJUDQGHVPDUFDVFRPR
0HUFHGHV 2OLYHWWL ,%0 )RUG 2SHO 6RQ\ <DPDKD %HQHWWRQ
HWF JUDQGHV ILUPDV GH IULJRUtILFRV RX GH SQHXPiWLFRV $V TXH
FRQKHFHPRVQD,WiOLDVmRDVPHVPDVTXHHVWmRHPTXDOTXHURXWUD
SDUWH GR PXQGR $ PiTXLQD H R FRQVXPLVPR WHFQROyJLFR H
OLQJXtVWLFRXQLILFDUDPWRGRRSODQHWD
2SHULJRSDUDRKRPHPVXSHULRUpRGHVHUDEDWLGRSHOD
PiTXLQD H FDLU HVFUDYR GR VLVWHPD 2 VLVWHPD KRPRORJDVH
DWUDYpVGHWXGRDTXLORTXHpHVWDEHOHFLGRSHORSUySULRVLVWHPDR
XQLIRUPHDSROtFLDRILVFRRVLPSRVWRVHHPJHUDOWXGRRTXHp
D MXULVSUXGrQFLD H D UHOLJLmR 3DUD QmR LQFRUUHU HP WXGR LVVR p
SUHFLVRDQWHFLSDUDXQLGDGHPiTXLQD TXH UHIRUoD R VLVWHPLVPR
LGHROyJLFR H LQYHVWLJD D HVWUDWpJLD SVLFRFULDWLYD GR VXMHLWR OtGHU FRP XP FUHVFLPHQWR HYROXWLYR GR FLFOR SVtTXLFR FRQWtQXR
DWXDGR FRWLGLDQDPHQWH 2 REMHWLYR p WHU D DomRSRQWD HP SOHQD
DWLYLGDGHQRkPELWRGRSUySULRFRUSRVRFLDOGHQWURGRTXDOFDGD
XPWHPRVHXVHWRUHVSHFLDOtVWLFRHGHSRLVYLYHUHLQFUHPHQWDUR
RiVLV DXWRJHQpWLFR RX WySLFD GH DXWRJrQHVH D SUySULD FDVD R
SUySULR PRGR GH YHVWLU R SUySULR WLSR GH P~VLFD R SUySULR
LVRODPHQWR YROXQWiULR QR TXDO VH FXOWLYDP RV SUD]HUHV F{QJUXRV
DRSUySULRRUJDQLVPR
$VVLPWUDQVFHQGHVHTXDOTXHUFRUSRVRFLDOFRQYLYHVHQD
SUySULD LQGLYLGXDO HGrQLFD VDQWLGDGH H WRUQDVH FRQWHPSRUkQHR
jTXLORTXHpDWUDQVFHQGrQFLDFRQVWDQWHGR6HU2KRPHPVXSHUD
WRGRVRVPLWRVHID]VHWUDQVSDUrQFLDGR6HUQDSUySULDREMHWLYD
LQGLYLGXDO H[LVWrQFLD R LQGLYtGXR FRPR SHVVRD 1D H[LVWrQFLD
GHYHVH DGRWDU TXDOTXHU HVWUDWpJLD YHQFHGRUD SDUD VHU
SURWDJRQLVWDQR6HU
+RMH WXGR LVVR p SRVVtYHO QmR REVWDQWH D YLGD WHU VLGR
XQLILFDGD SHOD PiTXLQD e VXILFLHQWH TXH VH OLJXH D WHOHYLVmR HP
TXDOTXHU SDUWH GR PXQGR SDUD YHU DV PHVPDV LPDJHQV H RV
PHVPRV GLVFXUVRV $Wp PHVPR SDUD R HVSRUWH QmR H[LVWH PDLV
OLEHUGDGHWXGRHVWiFRQYHQFLRQDGR$PiTXLQDHVWiHQYROYHQGR
WDPEpP RV DVSHFWRV GD SRHVLD GR KRPHP D P~VLFD D DUWH HWF
3RUHP R HVSDoR ]rQLFR RX HVSDoR {QWLFR GR LQGLYtGXR HVWi
DFDEDQGR SDUD TXHP p LQFDSD] SDUD TXHP QmR VDEH
FRPSUHHQGHU
7DPEpPRKRPHP´PDQDJHUµpXPLQVWUXPHQWREDQDOGH
XP VLVWHPD TXH Mi DQWHFLSD WXGR Mi HVWi FRQYHQFLRQDGR H
SURJUDPDGR DWp R DWD~GH 0DV LVVR QmR VLJQLILFD TXH GHYHPRV
UHQXQFLDUeSUHFLVRWHUDSURQWLGmRGHVHUSURWDJRQLVWDGDPRUDO
VLVWrPLFD WUDQVFHQGHQWH VREUH R SODQR LGHROyJLFR HP VHQWLGR
{QWLFR (VVD p D HVWUDGD TXH D 2QWRSVLFRORJLD HVWi FRQVWUXLQGR
7RGDD2QWRSVLFRORJLDpRSOHURPD{QWLFRQRTXDOVHLQFHQWLYDH
VHFULDRKRPHPVHPPLWRV
(VVDJUDQGH]DpSRVVtYHOPDVpSUHFLVRVHUFRQVWUXWRUH
RSHUDGRU GH XPD VXSHULRULGDGH LQWHULRU HP VHQWLGR HVSLULWXDO
UDFLRQDO SUiWLFR PXQGDQR HFRQ{PLFR 'HYH VH VDEHU SLORWDU
EHP R VLVWHPD HP WRGRV VHXV DVSHFWRV GR EDQFiULR DR
LQIRUPiWLFR H XVDU WUDQTLODPHQWH DV JUDQGHV PiTXLQDV H RV
JUDQGHV VLVWHPDV GH LQIRUPDomR SHUPDQHFHQGR SRUpP
WUDQVFHQGHQWHVMRJDUQDUROHWDPDVFRQKHFHURMRJRGHWDOPRGR
DSRGHUYDULDURtPmHJLUDURSLmRRQGHQyVRHVSHUDPRV
$RQWRSVLFRORJLDSRUWDQWRSUHGLVS}HRKXPDQRDVHUXP
SURWDJRQLVWDSUHSDUDGRGHXPXQLYHUVRHPWUDQVIRUPDomR
+RMH WXGR p PHUFDGR QHJyFLR 1mR H[LVWH QHQKXPD
LGHRORJLD TXH VHMD VDOYDJXDUGDGD SHOR SRGHU DTXLVLWLYR GR
GLQKHLUR SRUTXH R GLQKHLUR Gi D OLEHUGDGH GH FRPXQLFDomR GH
LPSUHQVDGHRUJDQL]DomR
(P WXGR LVVR D H[LVWrQFLD GR YHUGDGHLUR KRPHPOtGHU p
LQGLVSHQViYHO HQTXDQWR HOH p D ~QLFD VDOYDJXDUGD H R ~QLFR
IHUPHQWRTXHSRGHJDUDQWLURKXPDQRDXWrQWLFRDKXPDQLGDGH
2 PRQLWRU GH GHIOH[mR LQVWDXUDVH QR LQWHULRU GD
WHFQRORJLD LQIRUPiWLFD 7mR ORJR ID]HPRV FRQWDWR FRP RV
HVWHUHyWLSRVGDFRPXQLFDomRDWUDYpVGRUiGLRMRUQDLVWHOHYLVmR
HWF R PRQLWRU GH GHIOH[mR VH UHIRUoD 3DUD SRGHU FRQYLYHU H
GLDORJDUDFRQWHFHTXHQXPFHUWRPRPHQWRVRPRVURERWL]DGRV
IDODPRVHPFLIUDVVHJXQGRILFKDVFRGLILFDGDV6RPRVREULJDGRVD
XVDUPyGXORVGHIUHTrQFLDTXHFRQYHQo}HVLGHROyJLFDVSUiWLFDV
GH HVWHUHRWLSLD UDFLRQDO H FRQYHQLrQFLDV PXOWLQDFLRQDLV
HVWDEHOHFHUDP
2 PRQLWRU GH GHIOH[mR HVWi LQVHULGR HP WRGRV RV
PHFDQLVPRV GD VLQWD[H KXPDQD XVDGD SHOD XQLGDGH WHFQROyJLFD
VLVWrPLFDSRUpPRKRPHPFRPEDVHQRVHX(PVL{QWLFRSRGH
VHUDUWtILFHGRSUySULRSURWDJRQLVPRHGRSUySULRVXFHVVRHGDU
XPD FRQWULEXLomR GH YLWDOLGDGH {QWLFD QR FRQWH[WR HP TXH VH
HQFRQWUD
$ PiTXLQD QmR GHYH VHU FRPEDWLGD SRGH VHU XVDGD H
SRGHVHID]HUGHODRSUySULRSHGHVWDOPDVpSUHFLVRWHUXP(PVL
{QWLFRDXWrQWLFRHVHULPXQHjTXLORTXHpDHWLRORJLDSOXULIDWRULDO
IDPLOtVWLFD GD QHXURVH H HVTXL]RIUHQLD 3DUD FKHJDU D VHU
SURWDJRQLVWD p SUHFLVR VXSHUDU D GtDGH 6HU OtGHU KRMH p XPD
WDUHID GH VXSHUKRPHP QR SDQRUDPD GHVWH PXQGR TXH QR
LQWHULRU GH XPD Vy JHUDomR Mi FRORFRX DV TXDWUR PDUFKDV
GLIHUHQFLDGDVXPDGDRXWUD
3RGHPVH HQIUHQWDU HYHQWRV LQWHUSODQHWiULRV VRPHQWH
HVWDQGR SURQWRV SDUD R SUySULR KRMH 6H R LQGLYtGXR FRQVHJXH
GHVYLQFXODUVH GH XPD UD]mR IXQGDGD VREUH XP (X OyJLFR
KLVWyULFRDQHVWHVLDGRSHORVFRPSOH[RVHFRQVHJXHUHWRPDURLVR
GHQDWXUH]DFRPR(PVL{QWLFRHQWmRHOHDFHVVDLQWLPDPHQWHD
TXDOTXHU FRQKHFLPHQWR H D TXDOTXHU FRQWH[WR ,VVR FRQVHQWH D
SRVLomR H[DWD GD VLWXDomR HP TXH VH HQFRQWUD H
FRQWHPSRUDQHDPHQWHOKHLQGLFDDTXLORTXHGHYHID]HU2(PVL
{QWLFRpXPDLQWHOLJrQFLDXQLYHUVDOHQHVWHSODQHWDRSHUDVHPSUH
FRQIRUPH D YDQWDJHP GD LQGLYLGXDomR 6HJXLQGR D VXD
LQWHQFLRQDOLGDGH R VXMHLWR QmR UHJULGH MDPDLV HOH HUUD H SHUGH
VRPHQWHTXDQGRXVDRVHXPDQXVFULWR
3RUH[HPSORWRUQHPRVXPDFULDQoDHWmRORJRDSUHQGDD
OtQJXD D FRORFDPRV D UHFLWDU XPD SDUWH HP XP WHDWUR SRU
H[HPSORDSDUWHGRSUtQFLSHHODFRQWLQXDUiDUHFLWDURSUtQFLSHH
YDLFUHUYHUGDGHLUDPHQWHVrOR6HDRLQYpVDQWHV GD SDUWH OKH
GDPRV D FRQVFLrQFLD GH TXH p XP VHU KXPDQR H SRGH UHFLWDU
WDPEpP RXWUDV SDUWHV HQWmR HOH p FDSD] GH HVFROKrODV H GH
IRUPDP~OWLSODVHTXLVHU3RUpPpLPSRUWDQWHTXHVDLEDVHUXP
´SDVVHSDUWRXWµDTXDOTXHUWLSRGHPDQXVFULWR(LVVRpSRVVtYHO
SRUTXH FRQVFLHQWL]D GH HVWDU GH WRGR PRGR QR IXOFUR
WUDQVFHGHQWHWRGDVDVSDUWHVjVTXDLVGiVXSRUWH,VWRpHVWiQHVWH
PXQGRPDVQmRpGHVWHPXQGR
2 (X OyJLFRKLVWyULFR QRV IL[D URWLQHLUDPHQWH HP XP
PRGHOR2(PVL{QWLFRDRLQYpVpDEHUWRHFRQIRUPHRQGHVH
HQFRQWUD LPHGLDWDPHQWH UHJLVWUD TXDO p R SRQWR YHQFHGRU GH
QHJyFLRVRXGHIXJD
1mR QRV WRUQDPRV JUDQGHV HP UHODomR jV JUDQGHV
H[SHULrQFLDVH[WHUQDV2ViELRRJUDQGHFRQKHFHGRUpDTXHOHTXH
MiHVWiSURQWRMiVHWRUQRXGHQWURGHVLPHVPRSRULVVRpFDSD]
GH UHJLVWUDU D SUySULD DXWHQWLFLGDGH QR PLULFLVPR FRWLGLDQR
$FHUWDQGRRVIDWRVGRSUySULRGLDpFDSD]GHLGHQWLILFDUHUHDOL]DU
SURMHWRVH[WUDWHUUHVWUHVHWUDQVFHQGHQWHV
&RQFOXLQGR
2 HVFRSR H[LVWHQFLDO GR OtGHU GHYH VHU D UHVSRVWD j
YRFDomR{QWLFDIHQ{PHQRGDXUJrQFLDGR(PVL{QWLFR
2 OtGHU GHYH WHU XPD HVWUDWpJLD IXQFLRQDO HVSHFtILFD
FRLQFLGrQFLD HQWUH (X OyJLFRKLVWyULFR H (P VL {QWLFR $
HYROXomR GHYH VHU FRQVWDQWHPHQWH UHJLVWUDGD HP KDUPRQLD
SURSRUFLRQDO HQWUH H[LJrQFLD GH HLVVHLGDGH PXQGDQD GR (X
OyJLFRKLVWyULFRHSXOVmRWUDQVFHQGHQWHGR(PVL{QWLFR
2 OtGHU GHYH WHU XPD FDSDFLGDGH DQDOtWLFD HQWUH
RSLQDWLYRHIXQFLRQDOSULQFtSLRGDGXSODPRUDO
3RUWDQWR FRQFUHWDPHQWH PRPHQWR D PRPHQWR R OtGHU
GHYH SURSRUFLRQDU H IDYRUHFHU DTXHOH JHUDO TXH VH
ID]GHQRPLQDGRU FRPXP PtQLPR RX Pi[LPR GH WRGRV RV
SURFHVVRVGRUHDOTXHVHOKHFRQILJXUDPVREUHHOHRXHPWRUQR
4XDOLGHDO"4XDOYDORU"2TXHpFHUWR"2TXHFRQYpP"2
SRQWR HVWi H H[LVWH VRPHQWH RQGH R PRYLPHQWR D GLQkPLFD D
WHQVmRRGHVHMRYHHPHQWHVmRMXVWLILFDGRVFRPRSURSRUomRHQWUH
QHFHVVLGDGH H UHVXOWDGR (QWmR QR DF~PXOR GH GHVSURSRUo}HV
LGHROyJLFDVHSURJUDPDo}HVVyFLRHFRQ{PLFDVRXLQGLYLGXDOtVWLFR
H[LVWHQFLDLV SDUD TXH XPD OyJLFD GH YDORU VHMD WDO H SRUWDQWR
FRQILUPDGD FRPR SURFHVVR H DWXDomR p LQGLVSHQViYHO XPD
UHIHUrQFLD XP DSRLR TXH VHMD R IXOFUR GH VXVWHQWR RX UHDOLGDGH
IXQFLRQDOHFRLQFLGrQFLDHQWUHRSURFHVVRRXFRUULGDHRDOFDQFH
KROtVWLFRGRTXkQWLFRHPDomR
(QWmR TXDOTXHU GLDOpWLFD WHRULD RX KLSyWHVH p
GHPRQVWUDomR H HYLGrQFLD GH UHDOLGDGH IXQFLRQDO H SRUWDQWR
GLVWLQWD GR RSLQiYHO DVVRFLDGR FLQGLGR GR UHDO VRPHQWH VH R
PpWRGR R SURFHVVR UDFLRQDO D WHRULD D GLDOpWLFD HVWUXWXUDP DV
DQJXODo}HVRXSURMHo}HVGDVTXLQ]HIHQRPHQRORJLDVGHVFULWDVGR
(P VL {QWLFR (VVHV VmR RV FULWpULRV TXH IXQGDP MXVWLILFDP H
HYLGHQFLDP R IXQFLRQDO GR UHDO GD yWLFD GR SRQHQWH VXEMHWLYR
VHMDHOHLQGLYtGXRRXJUXSR
% 0B2>>A34=030B3>?>34A42>=É<82>
$ 2QWRSVLFRORJLD p D DQiOLVH H D OHLWXUD GD VLPSOLFLGDGH
FRQFUHWDItVLFDGRUHDO8PDYH]LGHQWLILFDGRID]RSRVVtYHOSDUD
FRQWULEXLU FRP EDVH QD HVSHFLILFLGDGH GR HJRtVPR LQGLYLGXDO
TXHFRQILUPDRLVRGHQDWXUH]DGRPHXLVRHXHVSHFLILFRRLVRGD
QDWXUH]D jTXHOD SDOLQJrQHVH RQGH R SULQFtSLR DXWHQWLFD R
UHWRUQRGDTXLORTXHRKRPHPWLQKDLQLFLDGRFRPRPRWLYDomR
'HVWD SUHPLVVD PXLWR VHFD H VLQWpWLFD ILFD HYLGHQWH TXH
WRGD D 2QWRSVLFRORJLD VH GLULJH DR OtGHU DR RSHUDGRU VRFLDO DR
KRPHP TXH p FDSD] GH YLGD DR FRPSDQKHLUR GD FULDomR (P
WXGR LVVR QmR H[LVWH QHQKXPD QHFHVVLGDGH PDV PRWLYDomR DR
EHORHDRSUD]HUVXSHULRUGHPRGRJUDGXDO
$ SUHPLVVD Gi R QtYHO TXH TXDOLILFD R YDORU SDUD WXGR
DTXLORTXHFRQFHUQHjSVLFRORJLDGROtGHU1mRpXPDDGDSWDomR
GH XPD SVLFRORJLD H XP VLVWHPD GH SRGHU GH ´EXVLQHVVµ H GH
FDSLWDOLVPRSHVVRDOPHQWHLQFHQWLYRDSVLFRORJLDGROtGHUSRUTXH
p XPD yWLFD QDWXUtVWLFD VLPSOtVVLPD GDTXLOR TXH p R SURMHWR GD
FULDomRHPDWRHPWXGRDTXLORTXHDYLGDSUHVHQFLDHLGHQWLILFD
,QWHUYLQGR VREUH D LQWHOLJrQFLD H D UDGLFDOLGDGH GD
HFRQRPLDD2QWRSVLFRORJLDSDUWHGRFRQKHFLPHQWRGDTXLORTXHp
D FRPSHWLomR D GLDOpWLFD HQWUH RV JUXSRV GH SRGHU VyFLR
HFRQ{PLFRSROtWLFRV R VLRQLVPR R IXQGDPHQWDOLVPR D H[
SVLFRORJLDGRGyODU
2GLQKHLURYDLRQGHHVWmRRVYHQFHGRUHVQmRpXPSRGHU
OHJDO KHUHGLWiULR p XP SRGHU TXH VH FROLJD VRPHQWH FRP RV
FDSD]HV ,VWR p R SRGHU SHUWHQFH VRPHQWH jTXHOHV FDSD]HV GH
HVSHFLILFDUDDomRGHSRWrQFLDVREWRGRVRVSRQWRVGHYLVWD
$VFRRUGHQDGDVGHSRGHUHFRQ{PLFRQRPXQGRDWXDOVmR
DVVHJXLQWHVDJOREDOL]DomRGRPHUFDGREWHFQRORJLDGLJLWDOHF
FDSLWDOKXPDQR2SHULJRpXPDQRYDDQDOIDEHWL]DomR
$3DUDDOpPGDVOtQJXDVGDVILORVRILDVGDVSROtWLFDVKRMH
pSURHPLQHQWHpGHWHUPLQDQWHDJOREDOL]DomRGRPHUFDGR1mRp
LPSRUWDQWH VHU LWDOLDQR EUDVLOHLUR UXVVR FKLQrV MDSRQrV
*OREDOL]DomR GR PHUFDGR VLJQLILFD TXH RQGH TXHU TXH VH
HYLGHQFLH R GLQKHLUR H[LVWHP DTXHOHV SURGXWRV VDSDWRV UiGLR
WHOHYLVmRWHOHIRQHFDUURV3RUH[HPSORD0HUFHGHVQmRpDOHPm
PDV ID] SDUWH GD JOREDOL]DomR GR PHUFDGR H DVVLP WDPEpP D
2OLYHWWL D YRGFD R FDYLDU SRU LVVR p VXILFLHQWH WHU GLQKHLUR
(VWDQGRQDVLOKDV&DQiULDVQD=kPELDRXQDÉIULFDGR6XOWHQKR
DV PHVPDV P~VLFDV RV PHVPRV ´FRPSDFW GLVNµ RV PHVPRV
FDQDLV GH WHOHYLVmR DV PHVPDV QRWtFLDV R PHVPR PHUFDGR GH
IXWHEROGHGURJDHWF$TXLORTXHHRPi[LPRQRFRQWH[WRGHXP
SDtVpRJHUDOQRFRQWH[WRGRPHUFDGRLQWHUQDFLRQDO,VWRpQmRp
LPSRUWDQWH JLUDU R PXQGR SDUD VDEHU R TXH R PXQGR SURGX]
&RP D JOREDOL]DomR GR PHUFDGR WHPRV RV PHVPRV SURGXWRV H
LGHQWLGDGHGHSURFHVVRVGHGLQKHLURGHSVLFRORJLD,VVRVLJQLILFD
TXHFDGDXPTXHTXHLUDHQWUDUQRSURFHVVRGR´PDUNHWLQJµRXGR
PHUFDGRGHYHFRPSUHHQGHUHVWDSVLFRORJLDJOREDOFDVRFRQWUiULR
pXP SHUGHGRU 1mR Ki WHPSR SDUD RV QDFLRQDOLVPRV p SUHFLVR
VHU LQWHOLJrQFLDV FDSD]HV j JOREDOLGDGH LQWHOLJrQFLDV JHVWiOWLFDV
FDSD]HV GH PDQREUDU R ´EXVLQHVVµ QR LQWHULRU GDV HVWUXWXUDV GD
JOREDOL]DomR LQWHUQDFLRQDO(VVH p XP IDWR p XPD H[SHULrQFLD p
XPDUHDOLGDGHSDUDTXHPTXHUFRQKHFHU$OLQJXtVWLFDDVUHODo}HV
GHPHGLGDVmRXQLYHUVDLV
XPD YH] SRGH SUHYDOHFHU R GyODU RXWUD YH] D OLEUD
HVWHUOLQDRRXURRPDUFRpLQGLIHUHQWH-iWHPRVRVSURFHVVRVD
PiTXLQDJOREDOL]RXRPHUFDGRGRVSURGXWRVKXPDQRV
% 7HFQRORJLD GLJLWDO +RMH R PXQGR p GH TXHP VDEH
GLJLWDU D LQIRUPDomR WHOHIRQHV FRPSXWDGRU WHOHYLVmR VDWpOLWH
HWF3RUWDQWRWUDWDVHGHWHUDFDSDFLGDGHGHFRQWUROHGRPXQGR
GDLQIRUPDomRSDUDWHU DFHVVR DRV SRQWRV QHYUiOJLFRV GR SRGHU
´'LJLWDUµ p XPD SDODYUD ODWLQD XQLYHUVDOPHQWH DFHLWD QD
OLQJtVWLFDLQWHUQDFLRQDOUREyWLFDHWHFQROyJLFD6LJQLILFDTXHFRP
FLQFRPRYLPHQWRVGDPmRSRVVRPRYHUELOK}HVGHLQIRUPDo}HV
3RU H[HPSOR VH TXHUR PRYLPHQWDU RV GyODUHV TXH WHQKR HP
&DUDFDV SDUD LQYHVWLU QD DTXLVLomR GH SHWUyOHR QD $UiELD p
VXILFLHQWHGLJLWDUDLQIRUPDomRDRPHXDJHQWHMXQWRjTXHOHEDQFR
HP &DUDFDV H HP YLQWH H TXDWUR KRUDV WRGR R PHX GLQKHLUR
HVWDUiQROXJDUTXHGHVLJQHLSDUDFRPSUDU1mRpQHFHVViULRQHP
PHVPR R WHOHIRQH 2 QRYR PXQGR GR FDSLWDO VH DUWLFXOD VREUH
HQJHQKRV VREUH UHODo}HV H[WUHPDPHQWH HVVHQFLDLV QDV TXDLV VH
HOLPLQDDUHODomRKXPDQDGHFRQKHFLPHQWRH[LVWHXPVLVWHPDGH
FRPSXWDGRU WDO TXH TXDQGR XPD SHVVRD GLJLWD XP FHUWR
FRPDQGR TXH WHP XP FyGLJR FRQKHFLGR VRPHQWH SRU TXHP R
SRVVXL DUWLFXOD R FyGLJR H LQIRUPD R UHODWLYR GHVVD IRUPD
SRGHPVH GHVORFDU HQRUPHV FDSLWDLV ELOK}HV GH XP PHUFDGR D
RXWURQRHVSDoRGHSRXFDVKRUDV$VVLPXP3DtVSRGHWRUQDUVH
ULFRHPXPVyGLDHHPRXWURSRGHWRUQDUVHQDGD,VVRpRTXH
HXGHILQRFRPRRSRGHUGDWHFQRORJLDGLJLWDO
1mR LQWHUHVVD R TXH RV MRUQDLV R UiGLR RX RV SROtWLFRV
GL]HPRSRGHUGLJLWDOGHIDWRpDSULyULFRQRVLVWHPDHFRQ{PLFR
LQWHUQDFLRQDO H SUHFHGH TXDOTXHU GHFLVmR GDV FkPDUDV GRV
SDUODPHQWRV GR IXQGDPHQWDOLVPR iUDEH GR VLRQLVPR HWF 2
SRGHUGLJLWDOGHXPSHTXHQRKRPHPRXGHGH]KRPHQVSRGHGDU
SREUH]DRXULTXH]DDXPSDLVHQmRDRXWUR5HWRUQDRSRGHUGD
PDTXLQDTXHGHVFUHYRQRVPHXVHVFULWRV2PRQLWRUGHGHIOH[mR
HXPJLJDQWHHQRUPHFRPH[WUDRUGLQiULDSRWrQFLD(VWHXQLYHUVR
Mi HVWi PXLWR PDLV HYROXtGR GR TXH DV YRVVDV FRJQLo}HV SRGHP
UHFHEHU
$2QWRSVLFRORJLDQDVFHGHXPDH[SHULrQFLDFRQVFLHQWHGD
UHDOLGDGH GDTXLOR TXH p D JOREDOL]DomR GR PHUFDGR D WHFQRORJLD
GLJLWDO DYDQoDGD (VWH p R YHUGDGHLUR IDWR TXH FRQVWLWXL D
RQLSRWrQFLDQRPXQGR3RUHVVHSULQFtSLRQmRSRGHPDFRQWHFHU
JXHUUDVLQWHUQDFLRQDLVFRPRDSULPHLUDHDVHJXQGDSRUTXHQmRp
<HOWVLQ &OLQWRQ RX &KLUDFT TXH GHFLGHP HQTXDQWR QmR GHWrP
PDLV R SRGHU ,VWR p RV UHDLV DFLRQLVWDV GR SRGHU HFRQRPLFR
H[LVWHQWHQHVWHSODQHWDVmRRVPHVPRVTXHFRPEDVHQHVVDUHGH
GH FRPXQLFDomR GD WHFQRORJLD GLJLWDO FRQWURODP WRGR R SRGHU
HFRQ{PLFR H SRUWDQWR GHVORFDP YDULDP j VXD GLVFULomR H
FRQYHQLrQFLD 4XHP SRGH LQWHUIHULU QLVVR WXGR" 6RPHQWH R
FDSLWDO KXPDQR 2 FDSLWDO KXPDQR SRGHULD FRQWURODU HVVDV GXDV
HVIHUDV D UHDOLGDGH GD *OREDOL]DomR GR PHUFDGR H DTXHOD GD
WHFQRORJLDGLJLWDO
& 2 FDSLWDO KXPDQR p R TXRFLHQWH GH LQWHOLJrQFLD
6XEVWDQFLDOPHQWH p DTXHOH SRWHQFLDOEDVH TXH R DU TXDOTXHU
WHFQRORJLD TXDOTXHU JOREDOLGDGH FRP D FRQGLomR GH TXH VHMD
HVSHFLILFDPHQWH HYROXtGR 6H p FRDomR D UHSHWLomR GH Q~PHUR
ELROyJLFRVDEHPRVMiTXHRKXPDQRVHUYHjPDTXLQD$RLQYpVD
PiTXLQDHVWiQDVPmRVGHTXHPVDEHJHULODFRPLQWHOLJrQFLDe
LQGLIHUHQWH TXH VHMD XPD LQWHOLJrQFLD KXPDQD WHUUHVWUH RX
H[WUDWHUUHVWUH TXHP WHP R FRQWUROH LQWHOLJHQWH GD PiTXLQD SRU
PiTXLQD QHVWH FDVR HQWHQGR WDQWR D JOREDOLGDGH GR PHUFDGR
TXDQWRDWHFQRORJLDGLJLWDOWHPRSRGHUGRXQLYHUVRHID]SDUWH
OHJDOQDFRQFHSomRHSURMHomRGDYLGD$2QWRSVLFRORJLDLQVHUHVH
MXVWDPHQWH QD DXWHQWLFDomR QR HVWLPXODU H DR GDU XP HQRUPH
LPSXOVRDWpTXHRKRPHPVHUHVSRQVDELOL]HRVFDSD]HVIDoDPVHX
GHVWLQRHVDLEDPDQWHFLSDUHVWDVGXDVUHDOLGDGHV 3RU HVVD UD]mR
GLULJHVH DR OtGHU DR FDSD] DWp TXH QR ILQDO D PiTXLQD QmR
SHUPDQHoDVREHUDQDPDVTXHVHMDVREHUDQR R QDWXUDO SDWUmR GD
PiTXLQD 1HVVH FDVR D PiTXLQD p GH HQRUPH IXQFLRQDOLGDGH
WDPEpPSDUDRVKXPDQRV*OREDOL]DomRHWHFQRORJLDLUmRSDUDDV
PmRVGHTXHPWHUiD DomR HVSHFtILFDDYDQoDGD GDTXLOR TXHp R
FDSLWDOKXPDQRRXVHMDDJUDQGHLQWHOLJrQFLD7XGRDTXLORTXHHX
IDoRQDSVLFRORJLDGROtGHUpLQGLYLGXDUDOLPHQWDUDSRVVLELOLGDGH
GDTXLORTXHpDLQGLYLGXDomRGRFDSLWDOKXPDQR&DVRFRQWUiULR
H[LVWH R SHULJR GD QRYD DQDOIDEHWL]DomR 2 PXQGR WHFQROyJLFR
GRV PHOKRUHV HVWi H[XEHUDQWH SHOD UHDOLGDGH KXPDQD RX SRU
LQWHUDomRH[WUDWHUUHVWUH(PXPVpFXOROHYDPRVDYDQWHRPXQGR
WHFQRORJLFDPHQWH$QRYDDQDOIDEHWL]DomRpDHQRUPHPDVVDGRV
LJQRUDQWHV GD WHFQRORJLD LQIRUPiWLFD (QWmR H[LVWLUi R JUDQGH
FRQWUDVWH D PDVVD GRV DQDOIDEHWRV GD WHFQRORJLD GLJLWDO H D
SRWrQFLD GD WHFQRORJLD GLJLWDO 6XUJLUi XPD QRYD JXHUUD TXH
LQWHUHVVDUi QRYDPHQWH WRGR R SODQHWD" 1mR VDEHPRV
&HUWDPHQWHDPiTXLQDFRQILDGDVRPHQWHDVLPHVPDpGHVWUXWLYD
VH FRQWURODGD SHOR SDWUmR FDSD] p IXQFLRQDO &RP FHUWH]D D
PDVVD ELROyJLFD QmR YHQFHUi (P ~OWLPD LQVWkQFLD YHQFHUi D
LQWHOLJrQFLDFDSD]GHFRQWURODUDWHFQRORJLDGLJLWDOFDVRFRQWUiULR
KDYHUi D GHVWUXLomR GR SODQHWD SRUTXH D PiTXLQD QmR SRGH VHU
GHWLGDRXVHFRQWURODRXVHGHVWUyLQmRpSRVVtYHOSDUiOD
2 FDPSR GD SHVTXLVD RQWRSVLFROyJLFD SUHWHQGH
SRUWDQWR YDORUL]DU DPSOLDU R FDSLWDO KXPDQR QmR SUHWHQGH GDU
IRUPDomRGLGiWLFDVjVPDVVDV3HVVRDOPHQWHHVFROKLHVVDHVWUDGD
2 SURSyVLWR SUHFLVR GD 2QWRSVLFRORJLD p DTXHOH GH VHQVLELOL]DU
UHVSRQVDELOL]DU R QRYR FDSLWDOLVPR ROLJDUTXLFR GD WHFQRORJLD
GLJLWDO (P FDVR FRQWUiULR R SUREOHPD GHVDSDUHFH GD PHVPD
IRUPDSRUWDQWRQmRHLPSRUWDQWH
3RUpP p EHOR YHQFHU R PXQGR D YLGD QmR SRGHP VHU
GDGRV D PHGtRFUHV UHSHWLGRUHV $ UHDOLGDGH GR XQLYHUVR p
FRQILDGD DRV FDSD]HV TXH VDEHP GDU SHUIHLomR HVSHFLILFDomR
SURJUHVVLYDjTXLORTXHpFULDomRHPDWR
1RWDV
0(1(*+(77, $ / $UWH GH 9LYHUH GHL 6DJJL
3VLFRORJLFD(GLWULFH5RPD
&IH $WRV GR ;,9 R ;,9 &RQJUHVVR ,QWHUQDFLRQDO GH
2QWRSVLFRORJLD ´/H &RVWHOD]LRQL 0HWDLVWzULFKHµ 3VLFVLFRORJLFD (GLWULFH
5RPD
,YL&IHSDUH
,ELGHPSDU
,ELGHPSDU
0(1(*+(77, $QWRQLR ´/
,Q 6q 'HOO 8RPR
3VLFRORJROLFD(GLWULFHHG5RPD
2V V (VWDGRV 8QLGRV LPSXVHUDP D VXD OLGHUDQoD SRUTXH QRV
DQRV WLQKDP JUDQGHV LQWHOLJrQFLDV GH ´&DUQHVKµ HP GLDQWH TXH
GHSRLVSHUGHUDP
&28=4C4A0?80±F0;;BCA44C´
´:DOO 6WUHHWµ p XP ILOPH FRP TXH SDUWLOKR DPSODPHQWH
QD GLUHomR QRV DWDUHV H QD WHPiWLFD FRPR H[FHOHQWH RFDVLmR GH
HVWtPXORjFUtWLFDjDQiOLVHHjYHULILFDomRSHUVRQROyJLFD1mRTXH
HVVHILOPHVHMDDYHUGDGHPDV SDUD DOpP GR GLYHUWLPHQWR H GD
FRVWXPHLUD H[SHULrQFLD GH FLQHWHUDSLD RQWRSVLFROyJLFD p GH
TXDOTXHUPRGRXPDSDVVDJHPSDUDLQFHQWLYDUQRVHVSHFWDGRUHV
XPDFDSDFLGDGHFUtWLFDDFHUFDGDH[LVWrQFLDLQGLYLGXDODWUDYpVGD
DQiOLVH GD H[LVWrQFLD GRV SURWDJRQLVWDV GR ILOPH VH p EHP
HVWUXWXUDGD RX QmR H SRUTXH p EHP RX PDO HVWUXWXUDGD HP
UHIHUrQFLDDRVXFHVVRVRFLDOHFRQ{PLFRHSROtWLFR
eXPILOPHTXHFRORFDHOHPHQWRVVXILFLHQWHPHQWHFUtWLFRV
SDUDFRQVHQWLUDFDGDXPGH´WHVWDUµDSUySULDFDSDFLGDGHFUtWLFD
GHFRPSUHHQVmR3RUWDQWRVHDOJXQVVXMHLWRVYHQFHPWUDWDVHGH
YHU SRU TXH YHQFHP H VH RXWURV SHUGHP SRU TXH SHUGHP 2
HVFRSR GHVWD FLQHWHUDSLD p HYLGHQFLDU DV PRWLYDo}HV ´D SULRULµ
SHODV TXDLV VH GHWHUPLQD D DIHWXDOLGDGH ~OWLPD D IDOrQFLD R
FiUFHUHRXRWULXQIR
$LQWHOLJrQFLDLQHUHQWHjHFRQRPLDQmRpXPDFDSDFLGDGH
H[WHUQDLQGLIHUHQWHDRUHVWRGDSHUVRQDOLGDGH
2 GLQKHLUR p XPD SUi[LV KLVWyULFD XPD UHDOLGDGH GH
YDQWDJHQV VHP FRQWURYpUVLDV 2 GLQKHLUR VHMD TXDO IRU D
FLUFXQVWkQFLD GH PRGR HVWiYHO H SURJUHVVLYR HVWi VHPSUH FRP
TXHP YHQFH QXQFD FRP TXHP SHUGH 1DV DQWLJDV SiJLQDV GD
%tEOLD IDODVH VHPSUH GD ULTXH]D FRPR GRP GR GHXV -HRYi HP
UHFRPSHQVDDRVVHXVVHUYRVILpLV
$PHXMXt]RH[FHWRRVJUDQGHVTXHUHDOPHQWHUHDOL]DUDP
H QXQFD HVFUHYHUDP QLQJXpP FRPSUHHQGHX D SVLFRORJLD GDV
DOWDV ILQDQoDV 7RGRV RV HFRQRPLVWDV TXH VH LQWHUHVVDUDP HP
GHOLQHDUXPDSVLFRORJLDIXQFLRQDODRUHRUGHQDPHQWRHUHQRYDomR
GRV TXDGURV GR SURFHVVR SURGXWLYR HWF QmR HUDP YHUGDGHLURV
SVLFyORJRV 3RU LVVR IL]HUDP LQGXo}HV H FRORFDUDP SUHPLVVDV
PDVQmRGHUDPVROXo}HVFRQFUHWDVHRSHUDWLYDV
$OJXQVYHQFHPHRXWURVSHUGHPSRUpPH[LVWHDVDtGDD
YLGDHVWiVHPSUHFRPDTXHOHVTXHYHQFHPHpFHUWRTXHRSRGHU
HVWiFRPTXHPpLQWHOLJHQWHHVHVLQFURQL]DFRPDRUGHPOyJLFD
GDLQWHQFLRQDOLGDGHGHQDWXUH]D(VVHpRSRQWR
2 IDWRUKRPHP p XPD FDXVD FRQWtQXD H KROtVWLFD
SRUWDQWR QmR VH ID] QR DUFR GH XP DQR GH XP PrV RX GH XP
FRQWUDWR R KRPHP DFHUWD DTXHOH SDUWLFXODU SRU H[HPSOR XP
FRQWUDWR SRUTXH WHP WRGD D VXD YLGD DFHUWDGD &DGD DWR R
~OWLPRDWRpVHPSUHRFRQMXQWRGHTXDQWRRVXMHLWRRUJDQL]RXH
DPDGXUHFHXQDVXDFDSDFLGDGHRSHUDWLYDWRWDO
'H IDWR D PDLRULD GRV VHUHV KXPDQRV p ´LPEHFLOµ HP
UHODomRDRJrQLRGRSUySULRLQFRQVFLHQWH2LQFRQVFLHQWHWUDEDOKD
R LQGLYtGXR FRPR OKH SDUHFH D LQWHOLJrQFLD VXSUHPD GD YLGD
QXQFDFDLQRYD]LRPDVVDOYDVHVHPSUHeRVXMHLWRTXHPSHUGH
&RPRH[SHULrQFLDFOtQLFDILFRDGPLUDGRI
UHQWH j REUDSULPD
GR LQFRQVFLHQWH TXH HVWi HP FDGD LQGLYtGXR FRPR HVFROKH D
VLWXDomRRGHL[DHUUDUHGHSRLVRID]SDJDUFRPSOHWDPHQWHSHOR
HUUR
2 LQFRQVFLHQWH VHPSUH WHP D SRVVLELOLGDGH GH UHVROYHU
SRUpPDFKDYHH[WHUQDHVWiGHSRVVHGR(XOyJLFRFRQVFLHQWH2
LQFRQVFLHQWHUHVROYHGHTXDOTXHUPRGRFRPXPWXPRUFRPXP
DFLGHQWH HWF 2 RQWRSVLFyORJR p XP FLHQWLVWD TXH FRQKHFH
SHUIHLWDPHQWH D DUTXLWHWXUD GD DWLYLGDGH SVtTXLFD p GDOL TXH HOH
DSUHQGHDGDUDYLWyULDDRFOLHQWHHOHpRWpFQLFRTXHVDEHOHUR
GLDJUDPDHLQGLYLGXDUDVROXomR
&RPEDVHQDPLQKDH[SHULrQFLDFOtQLFDHH[LVWHQFLDODLQGD
GHYR HQFRQWUDU XPD SHVVRD TXH QmR SRVVD VXSHUDUVH WRGDV
SRGLDP PDV QmR TXLVHUDP e LQGLIHUHQWH VH QmR TXLV SRU
FRPSOH[R SRU QHXURVH SRU PRQLWRU GH GHIOH[mR SRU
HVWHUHyWLSRV2VXMHLWRpRDWDUGRVHXEHPHGRVHXPDO-iVHULD
XP JUDQGH SDVVR FRQVHJXLU OHYDU XP VHU KXPDQR D HVVD
UHVSRQVDELOLGDGH
$Wp PHVPR QRV VLVWHPDV SXOVLRQDLV GR LQFRQVFLHQWH R
LQGLYtGXR HODERUD HVWUDWDJHPDV SDUD DWXDU DTXLOR TXH
YROXQWDULDPHQWH HVWHUHRWLSLFDPHQWH ORJLFDPHQWH WHPH UHMHLWD H
FRPEDWHHOHPHVPRpRWUDQTLORRSHUHPSWyULRHRLQH[RUiYHO
FDXVDQWH
3RUWDQWR DWUDYpV GHVWD FLQHWHUDSLD GHYHVH FDSWDU RQGH
HVWiRILRYHQFHGRUGDSUySULDVLWXDomRRQGHIRLSDUWLGRHRQGH
VH SRGH UHWRPiOD 'H PRGR FRQFUHWR VLJQLILFD FRPR WHU r[LWR
QDTXHOHHQFRQWURIDPLOLDUQDTXHOHHQFRQWURSROtWLFRQDUHGDomR
GH XP OLYUR QR DUTXLWHWDU H QR SURJUDPDU D SUySULD YLGD R
SUySULR´EXVLQHVVµDSUySULDOLEHUGDGH(SUHFLVRFRPSUHHQGHU
QmREDVWDTXHUHU
-i QDV SULPHLUDV LPDJHQV GR ILOPH HQFRQWUDPRQRV HP
SOHQR PRQLWRU GH GHIOH[mR 6HJXQGR DV UHJUDV GD FLQHWHUDSLD DV
SULPHLUDV LPDJHQV GmR D FDWHJRULD R WHPD ORJtVWLFR GH WRGR R
ILOPH 1D UHDOLGDGH WRGD D QRVVD H[LVWrQFLD HQFRQWUDVH QR
LQWHULRU GD WHLD GH DUDQKD GRV PRGHORV GRV HVWHUHyWLSRV GR
PRQLWRUGHGHIOH[mRGRVFRPSOH[RVHWF(VWDPRVVREFDWiORJR
$V GLDOpWLFDV QR LQWHULRU GR ILOPH VmR P~OWLSODV SROtWLFD
VRFLDOHFRQ{PLFDGR´EXVLQHVVµGHDIHWRGHDPRUIDPLOLDUHGR
SDVVDGR
2SURWDJRQLVPRGHWRGRRILOPHHVWiQDVPmRVGRVIRUWHV
4XHP PRYH DV SHGUDV VmR RV ´*HNNRµ RX DTXHOHV FRPR HOH
6RPHQWHHOHVGmRDLPDJHPGHDomRGHHFRQRPLDGHSROtWLFDDRV
VLQGLFDWRVDRVRSHUiULRVDRVMXt]HVDRVMRUQDOLVWDV2VMRUQDOLVWDV
VmRRVSUySULRVFROHJDVGRUDSD]RSDWUmRRUGHQD´%OXH6WDUµH
QLQJXpPYHULILFDDV´FRPDGUHVµHQWUDPHPFDGHLD2SULPHLURD
VXJHULUpXPGDTXHOHVFRPR´*HNNRµ
$ YHUGDGH p R Pi[LPR GH RSRUWXQLGDGH $ SHVVRD
LQWHOLJHQWHQmRXVDGURJDQmRURXEDQHVWHPRPHQWRQmRDFHLWD
DVWDQJHQWHVQmRSRUVHUKRQHVWDPDVSRUTXHpXPDRSRUWXQLVWD
ID]HU DTXHOD DomR QmR FRQYpP 2V MRYHQV ID]HP DV UHYROXo}HV
FRQWUDVWDPRVLVWHPDHQmRSHUFHEHPTXHVmRHOHVSUySULRVTXH
HQJRUGDP R VLVWHPD 3RU XP SRXFR GH GURJD ID]HP VXUJLU D
SROtWLFDDGHOHJDFLDRVMXt]HVHDLPSUHQVD$YHUGDGHHVWiVHPSUH
RQGHH[LVWHDPi[LPDRSRUWXQLGDGH2(PVL{QWLFRpHFRQ{PLFR
HPGXSORVHQWLGRKLVWyULFRHWUDQVFHGHQWH
*HNNR QXQFD KRXYH XP PRPHQWR GH SHUGD &RP D
´%OXH 6WDUµ TXHULD JDQKDU VHVVHQWD PLOK}HV GH GyODUHV H ILFRX
LUULWDGRSRUTXHJDQKRXVRPHQWHGH]PLOK}HVGHTXDOTXHUPRGR
QmRUHJUHGLX(VVDVHULDXPDGDTXHODVDo}HVQDVTXDLVHOHSDUHFH
PHGtRFUH'RPRGRFRPRDFRQWHFHRILOPH´*HNNRµVHPSUHp
YHQFHGRU
2LQFDSD]DFUHGLWDUHID]HUVHJUDYDQGRXPDILWDSDUDGDU
jSROtFLDPDVTXDQWRYDOHPDTXHODVSDODYUDVQRSODQRMXUtGLFR"
$EVROXWDPHQWH QDGD 4XHP FRPHWHX R FULPH " ´*HNNRµ VDEH
TXH QR ILQDO H[LVWHP VHPSUH RV DEXWUHV RV MXt]HV RV SROLFLDLV
HWFHTXHQmRVHSRGHHUUDUQRSODQRGDGLDOpWLFDIXQGDPHQWDOGR
´EXVLQHVVµGDHFRQRPLDH[LVWHQFLDO
7XGRFRPHoDTXDQGRRUDSD]GHYHSDJDU XPD GtYLGD GH
FLQTHQWDPLOGyODUHV$GtYLGDpRFDUPD2´JULORIDODQWHµLVWR
p R DQFLmR FROHJD GR MRYHP QmR WUD] Pi VRUWH QmR VHPDQWL]D
VLPSOHVPHQWH FDGHQFLD R ULWPR GRV HUURV GR UDSD] $ IUDVH
´3RGHVFRQILDUVRPHQWHQDTXLORTXHWXFRQVWUXtUHVµOKHpUHSHWLGD
WDPEpPSHORSDL
6XEVWDQFLDOPHQWHDTXHOHUDSD]FKHJDjJUDQGH]DGHPRGR
GHVRQHVWR HP VHQWLGR WpFQLFR OHJDO H VRFLDO LVWR p VHJXQGR R
PRGRGRPRQLWRUGHGHIOH[mRTXHSULPHLURID]SUDWLFDURHUURH
GHSRLV GHVWUyL 3RU RXWUR ODGR HVVH UDSD] WUDEDOKD VHPSUH HP
IUHQWHDRPRQLWRU´*HNNRµDRFRQWUiULRQXQFDWUDEDOKDIUHQWH
DR PRQLWRU 6HJXLQGR DV LPDJHQV HVVHFLDLV FDWHJyULFDV GD DomR
SRQWXDOL]DGD SHOD 2QWRSVLFRORJLD TXHP HVWi HP IUHQWH DR
PRQLWRUHVWiGHVWLQDGRDSHUGHU
2UDSD]FRPHWHPXLWRVHUURV$FDSDFLGDGHGHVXVWHQWDUR
HVWLOR GH XPD SRVLomR VXSHULRU QmR p GHVWLQDGD D WRGRV e
QHFHVViULDXPDVpULHGHUHTXLVLWRVWpFQLFRV8PGRVHUURVTXHID]
pDTXHOHGHLUSDUDDFDPDFRPDSULPHLUDPXOKHUTXH´*HNNRµ
OKHRIHUHFHeXPGRVHUURVPDLVHVW~SLGRVGHYHULDFRPSUHHQGHU
TXHHODIRUDPDQGDGDSDUDDWUDtOR
2UDSD]VHTXHUGXYLGDSDUDSHUJXQWDUVHFRPRHOH KDYLD
IHLWRSDUDFKHJDUjTXHOHWLSRGHPXOKHU´*HNNRµOKHSDVVDDVXD
~QLFD H YHUGDGHLUD DPDQWH SRUTXH FRQKHFH D UHODomR GH
GHWHUPLQDGRVYDORUHV(PFHUWRVQtYHLVQmRVHGLVFXWHPFL~PHVH
SRVVHVVLYLGDGH PDV VH DYDOLD TXDQWR YDORU VH FROKH TXDQWDV
IRUPDOL]Do}HV GH SRGHU GH VHU TXDQWD UHDOL]DomR GH LQWHUHVVHV
´*HNNRµ OKH ID] FRPSUHHQGHU TXH XPD PXOKHU FRPR +DULHO
VLJQLILFDXPXQLYHUVRGHVHQWLGRHGHYLGD0HVPRDPDQGRRHOD
GL]DRUDSD]´'HVDJUDGDPHTXHSHUFDV
*HNNR
´(TXDQGRHOH
OKH Gi R ´DXWDXWµ HOD HVFROKH 6DELD TXH VH HUUDVVH VHULD
FRQGHQDGDSRUTXHQmRHQWUDULDPDLVQRMRJRGHLQWHOLJrQFLDGH
´EXVLQHVVµGHYDQWDJHQVGDYLGD$TXHOHUDSD]pR HPEOHPD GD
PXOWLGmRRQGHHQFRQWUDUXPDRXWUDPHQWHFRPRDGH´*HNNRµ"
+DULHOTXHULDUHDOL]DUVH1mRDPDYD´*HNNRµGHPRGRSHGDQWH
GHSHQGHQWH IHWLFKLVWD DSHQDV HVWDEHOHFHX XP SDFWR GH
LQWHOLJrQFLDTXHYDLDOpPGRDPRU4XDQGRVHIDODGHDPRUQHVWD
VRFLHGDGH TXDO DPRU VH HQWHQGH" $TXHOH GRV FDVDLV DTXHOH GR
VH[R DTXHOH GD IDPtOLD" 6HULD DTXHOH R DPRU" 7RGDV DV
SVLFRWHUDSLDV QR PXQGR QmR VRPHQWH D 2QWRSVLFRORJLD QmR
ID]HPRXWUDFRLVDTXHFXUDURVPDOHVFDXVDGRVSHODIDPtOLDTXHR
VXMHLWR HVWUXWXURX H VRPDWL]RX DTXHOD LQIHFomR IDPLOtVWLFD TXH
FRQWLQXDPHQWH p DWLYD H DSUHVHQWDGD FRPR DPRU ´*HNNRµ p
DOJXpP TXH MRJD TXDOTXHU FRLVD WHQGR FRPR REMHWLYR D
LQWHOLJrQFLD 1XPD FHQD XP SHUVRQDJHP JULWDOKH ´4XDQGR
DFDEDUi"µ$FDEDUiORJRFDVRVHHVWHMDHQWUHDTXHOHVTXHSHUGHP
QmRDFDEDUiMDPDLVVHDRLQYpVVHHVWiHQWUHDTXHOHVTXHYHQFHP
SRUTXH H[LVWH VHPSUH XP RXWUR KRUL]RQWH 1R IXQGR ´*HNNRµ
DPDYD HVWH UDSD] H R DGPLUDYD SRUTXH FRQVHJXLUD FRQTXLVWDU D
VXDVHFUHWiULD$OJXpPFRPRHOHYLVWDDVLWXDomRDFHLWDRMRJR´
9HMDPRVRTXHVDEHVID]HU(XHVWRXGLVSRVWRPDVWXpVFDSD]"µ
3URYDYHOPHQWH D ERIHWDGD TXH OKH Gi QR ILQDO p XPD YHOKD
VDWLVIDomR TXH TXHULD WHU WLGR GHVGH D SULPHLUD YH] TXDQGR R
UDSD] WHQWDYD EXUOiOD VREUH D HVFULYDQLQKD 0XLWRV MRYHQV WrP
HVVD IRUPD GH DU UHEHOGH SRUTXH WrP R PXQGR LQWHLUR FRPR
HVSHUDQoD PDV DLQGD GHYHP GHPRQVWUDU TXH VmR FDSD]HV GH
FDPLQKDU FRP R SUySULRV SpV $ EDQDO WUDJpGLD GR UDSD] HVWi
IXQGDGDVREUHXPDILGHOLGDGHVHUYLODRHVWHUHyWLSR GD IDPtOLD$
PmH p VHPSUH WHVWHPXQKD H[WHUQD D ~QLFD TXH QXQFD SDUWLFLSD
HPRWLYDPHQWHQHPQDVOXWDVVLQGLFDLVQHPQRLQIDUWRGRPDULGR
QHP TXDQGR OHYDP R ILOKR SDUD D SULVmR e D ~QLFD TXH
DSDUHQWHPHQWHILFDjPDUJHPFRPRDYHOKLQKDHP´3V\FKRµp
VHPSUHDPHVPDHVWUDWpJLD2SDLHUDXPSHUGHGRUXP´YHJHWDOµ
GHXPDIiEULFDTXHHQWUHRXWUDVFRLVDVHVWDYD´DIXQGDQGRµ6HR
MRYHP SHUPDQHFHVVH MXQWR D ´*HNNRµ WDOYH] R SDL WLYHVVH
PRUULGRDFDXVDGDVVXDVIL[Do}HVVLQGLFDLVHFRQ{PLFDVHDIHWLYDV
GD LQIkQFLD (OH TXHULD PDQWHU D FRPSDQKLD DpUHD GR PRGR QR
TXDO KDYLD VLGR IXQGDGD ´URPDQWLVPRV SRpWLFRVµ TXH QmR
FRQWDPQDGDQRSODQRGDFRQFRUUrQFLDHFRQ{PLFD1DUHDOLGDGH
DTXHOH SDL DVVDVVLQD R ILOKR QR SODQR VRFLDO QmR VDOYD R ´%OXH
6WDUµ SRUTXH R RXWUR TXH D FRPSUD QR ILQDO D WUDQVIRUPD GR
PHVPRPRGRSURMHWDGRSRU´*HNNRµHQmRVHFXUDGRPDOTXH
WLQKD 3RUWDQWR VDOYD D PRUDO GR HVWHUHyWLSR PDV DVVDVVLQD D
IDPtOLD D VL PHVPR H D FRPSDQKLD DpUHD 4XHP PRYLPHQWD R
VRFLDO p ´*HNNRµ (OH p D GLQkPLFD GD VRFLHGDGH e R KRPHP
SRQWDGHDomR QHVVH FRQWH[WR ,VVR QmR VLJQLILFD TXH VHMD R
Pi[LPR PDV SHOR PRGR FRPR VH GHVHQYROYHX R MRJR HOH p R
~QLFRTXHSHUPDQHFHXHPFDPSR(XPQHJRFLDQWHHGL]VHPSUH
FODUDPHQWHTXDOpDVXDWHRULD´2GLQKHLURpVHPSUHYHQFHGRU
ID] VRPHQWH PXGDQoDV SDVVD GH WL D XP RXWUR PDV p VHPSUH
YHQFHGRUHWXGHYHVHVWDUjDOWXUDGDLQWHOLJrQFLDGRGLQKHLURµ
2 GLVFXUVR TXH ID] TXDQGR DFXVD WRGD D EXURFUDFLD GRV
YLFHSUHVLGHQWHV GH XPD JUDQGH HPSUHVD p PDWHPiWLFD GH
´EXVLQHVVµ 4XDQGR GLJR TXH D YHUGDGH p R Pi[LPR GH
RSRUWXQLGDGH VLJQLILFD D HVFROKD RWLPDO HP FDGD PRPHQWR H
OXJDUSRUWDQWRRFDPLQKRGR(PVL8PDGDVFRQIXV}HVTXHRV
VHUHV KXPDQRV ID]HP p DTXHOD GH VDFUDOL]DU SUHkPEXORV GR
VXSHUHJRpVDQWRTXHPPRUUHSHODEDQGHLUD$RFRQWUiULRSDUDD
YLGDpVDQWRTXHPYHQFHDEDWDOKDHUHWRUQDIHOL]SDUDFDVD
2GHVSURYLGRUDSD]HQWUDHPXPMRJRGHJLJDQWHVFRPR
DYDOGHXPJUDQGHTXHRFRORFDFRPHQRUPHJUDoDHPXPVHWRU
GHLQWHOLJrQFLDGH´EXVLQHVVµPDVLQIHOL]PHQWHHOHMiWLQKDHPVL
RUHJLVWURSHUHQHGDLQIDQWLOLGDGH
3RURXWURODGRQmRVDEHPRVVHDMXVWLoDIRLFKDPDGDSRU
HOHVHYHLRVR]LQKDRXVHIRLRLQJOrV3DUDHVWH~OWLPRGHIDWR
DTXHOHHUDRERPPRPHQWRSDUDDWDFDU1DWXUDOPHQWHPHGLDQWH
DFDXVDLQVWUXPHQWDORUDSD]SRUTXHVDELDTXH´*HNNRµMDPDLV
RWHULDGHIHQGLGR4XHPWHULDSDJRDILDQoD"$~QLFDFRLVDTXHRV
SDLVVDEHPID]HUpOHYiODDRFiUFHUH´&RUDJHPPHXILOKROHYDU
WHHPRV DR FiUFHUH QR IXQGR QDVFHVWH SDUD LVVRµ e D WUDJpGLD
TXHRVHUKXPDQRYLYHFRWLGLDQDPHQWHWHUQDVFLGRSDUDVRIUHU2
UDSD]WHUiPDPmHHSDSDLTXHFRQWLQXDUmRDTXHUHUOKHEHP HQTXDQWRYLYHUHPHRHORJLDUmRSRUWHUUHSHWLGRRHVWLORGHVXD
PLVpULD
4XDQGR ID]HPRV GHWHUPLQDGDV LGHRORJLDV GHWHUPLQDGRV
GLVFXUVRVXVDPRVDOJXPDVGHVFXOSDV´eXPDPLJRGHYLDDMXGi
ODµ e XPD HVFROKD PDV p D HVFROKD OyJLFD" e XPD HVFROKD
LGHROyJLFD QmR XPD HVFROKD GH YDORU $R DX[LOLDU R RXWUR TXH
HVWi HP ´GHILFLWµ WHUVHi R DSODXVR GRV SHUGHGRUHV H SDUD RV
RXWURVDRLQYpVLQWHUHVVDRDSODXVRGRVYHQFHGRUHV$TXLORTXH
HVWRXDILUPDQGRSDUDPXLWRVpRSLQLmR7RGRVRVQRVVRVPRGRV
GHGL]HUVmRRSLQL}HVSRUpPRSRQWRpTXHDYLGDQmRFRQKHFH
RSLQL}HV
1R IXQGR R GLUHWRU QDV HQWUHOLQKDV SURS}H XPD
HVWDJQDomRDWRGRVSRUTXHHQTXDQWRGiDOLGHUDQoDjPDVVDGRV
RSHUiULRVHGRVVLQGLFDWRVFRQFOXLTXHWUDEDOKDUmRVHPSUHFRPR
LQIHULRUHV SRUTXH QR PRPHQWR HP TXH HVFROKHUDP IDWRUHV
HUU{QHRVQmRVmRFDSD]HV
´*HNNRµ WUDQVFHQGH WRGRV RV YDORUHV SHORV TXDLV RV
RXWURVVHFUXFLILFDP2EVHUYDRVWRGRVPDVHVWiVHPSUHDWHQWRj
DomRTXHXUJHQDTXHOHPRPHQWR7HPXPDIDPtOLDWHPXPILOKR
WRGDYLDYLYHVR]LQKRDWUDQVFHQGrQFLDSXUDGDHFRQRPLD
4XDQGR QD DomR GD EROVD GH YDORUHV GD ´%OXH 6WDUµ GL]
SDUDYHQGHURRXWURDFUHGLWDWHUYHQFLGR1DUHDOLGDGH´SDUDTXH
VHUYH WHU R PRUWR TXH H[DOD PDX FKHLURµ" 2 MRJR DFDERX PDO
SRUWDQWR p PHOKRU GHVID]HUVH GD PHUFDGRULD SRUTXH FDVR VH
FRORFDVVH D FRPSHWLU FRP R RXWUR WHULD FDtGR QD PHVPD
HVWXSLGH]
0HVPRTXHWHQKDUDLYDTXDQGRWRFDPDVXDPmHRXVHMD
XPDSDUWHGDVXDGLJQLGDGHQHPSRULVVRSHUGHDFRRUGHQDomRGD
OyJLFDGRQHJyFLR3RGHVHVHUHPRWLYRPDVGHSRLVpDOyJLFDGR
XWLOLWDULVPRGDYLGDTXHGHYHIXQFLRQDU
1mRVHVDEHVH´*HNNRµDLQGDWLQKDXPSDLRXXPDPmH
2ILOPHQmRIDODGLVVRHHOHQmRGL]QDGD6mRYLVWRVDPXOKHUR
ILOKR RV DPLJRV SRUTXH VmR XP GDGR GH UHDOLGDGH PDV QXQFD
QRPHLDQHQKXPDVLWXDomRGRSDVVDGRjSDUWHDVUHIHUrQFLDVDRV
VHXVSULPHLURVQHJyFLRV
´*HNNRµpXPKRPHPTXHQDVFHFRQVLJRPHVPRHSDUD
VLPHVPR
´*HNNRµ VDEH VHU VHP SLHGDGH $ SLHGDGH FRPR p
FRQKHFLGD LPSOLFD R HUUR 4XDQGR DR LQYpV D SLHGDGH p
XWLOLWDULVPRHQWmRpFRQKHFLPHQWR
$ ~QLFD SHVVRD FRP TXHP ´*HNNRµ IDOD p +DULHO $
PXOKHUORLUDHUDVXDDPDQWHtQWLPDDVXDDPLJD([LVWHXPPRGR
GH YLYHU R DPRU SDUD DOpP TXH QmR p XP DOpP HP VHQWLGR
UHOLJLRVR PDV XP DOpP RQGH VH WHP XP SRQWR TXH HVWi HP
DEXQGkQFLDDWRGRVRVRXWURVSRQWRV6HHODRWLYHVVHGHL[DGRHOH
WHULDHQFRQWUDGRXPDRXWUD$TXHOHKRPHPSRGHFRQVWUXLUDTXLOR
TXHOKHVHUYH6HHOHDPDQWpPpSHODVXDLQWHOLJrQFLDHSRUTXH
QDVXDH[SHULrQFLDQmRHQFRQWURXRXWUDPXOKHUPDLVYiOLGDXPD
YH]TXH+DULHOSRVVXtDXPDDYLGH]SHODYHUGDGH
1R SODQR HFRQ{PLFR DTXLOR TXH R UDSD] RIHUHFH VmR
FRLVDVHVW~SLGDVVmRSURJUDPDVTXHQmRSRGLDPWHUHILFLrQFLDGH
JrQHUR DOJXP 9HQGLD LOXV}HV GDV TXDLV HVWDYD FRQYHQFLGR PDV
QR SODQR GD JHVWmR HFRQ{PLFD H VLQGLFDO HUD XPD ´EROKD GH
VDEmRµ´*HNNRµKDYLDDQDOLVDGRSHUIHLWDPHQWHHKDYLDFKHJDGRD
FRQFOXVmRGHTXHD~QLFDXWLOLGDGHSDUDVLHSDUDRVRSHUiULRVHUD
DTXHODGHFRUWDURERORHGDUXPDERDIDWLDDWRGRV2VRSHUDULRV
QmRWHULDPLGRj´FDL[DGHLQWHJUDOL]DomRµ PDV WHULDP XPD
yWLPD DSRVHQWDGRULD HQTXDQWR TXH VH D ´%OXH 6WDUµ WLYHVVH
FRQWLQXDGR D H[LVWLU QR PRGR RULJLQiULR WHULD HQWUDGR HP
IDOrQFLDH RV RSHUiULRV SURJUHVVLYDPHQWH WHULDP LGR j ´FDL[D GH
LQWHJUDOL]DomRµ
´*HNNRµ VHJXQGR RV VHXV FDOFXORV WHULD JDQKDGR
VHVVHQWDPLOK}HV3RUWDQWRDRPHQRVFRPRYHPDSUHVHQWDGRR
GLVFXUVR HUD OyJLFR ´/yJLFRµ VLJQLILFD TXH DTXHOH VLVWHPD QmR
VRPHQWH HUD D ~QLFD YLD GH VDtGD PDV WDPEpP D ~QLFD HVWUDGD
SDUDUHVROYHURSUySULRHJRtVPRHLQWHUHVVHGRVRXWURV
172UJDQLVPRTXHHPFDVRGHUHGXomRWHPSRUiULDGH
WUDEDOKR D HPSUHVD IRUQHFH DRV IXQFLRQiULRV XPD SDUWH GR
VDOiULR
$Pi[LPDGROtGHUpUHDOL]DURUHVXOWDGRPDLVJUDWLILFDQWH
SDUDVLPHVPRDWUDYpVGRJDQKRGRVRXWURVGRVTXDLVVHVHUYHH
ID] DJLU MDPDLV VXEWUDLQGR RX GHVWUXLQGR $ H[FHomR HVWi QRV
JUDQGHV´EXVLQHVVµSRUTXHDTXHODpXPDOXWDRQGHDPERVMRJDP
SDUDYHQFHUHFRQKHFHPDVUHJUDV8PJUDQGHQXQFDGLUiTXHR
RXWUR p GHVRQHVWR SRUTXH SRU VXD YH] HOH WDPEpP VHUi
´MRJDGRµ3DUDRVJUDQGHVQmRH[LVWHSHUGmR
$V FRLVDV QR PXQGR IXQFLRQDP VH H[LVWHP OtGHUHV TXH
FRPDQGDPHOHVSURYrHPDWRGRVVmRDSURYLGrQFLDHPDWRTXH
ID] PRYHU H GLULJLU WDPEpP RV GHVSURYLGRV $WUDYpV GR
HPSUHViULRGHDOWRQtYHODYLGDSURYrDWRGRVeHOHTXHRSHUDD
YHUGDGHLUD SROtWLFD VRFLDO &RP D IiEULFD TXH IHFKD QD ,WiOLD H
UHDEUH HP +RQJ .RQJ SRLV RV FXVWRV VmR QRWDYHOPHQWH
LQIHULRUHV WROKH R WUDEDOKR GH FHP RSHUiULRV LWDOLDQRV PDV Gi
WUDEDOKRDFLQFRPLORSHUiULRVGHRXWURSDtV
2 OtGHU VDEH TXH SDUD REWHU R Pi[LPR UHVXOWDGR p
SUHFLVRVDOYDUWRGRVRVIDWRUHVVHPGHVWUXLUQHQKXPDSHVVRD
´*HNNRµpXPKRPHPTXHWHPDOLEHUGDGHHDDXWRULGDGH
GH GHFLGLU UHWLUDUVH H ID]HU DPRU QR DYLmR e XP VHQKRU SRGH
ID]rORSRUTXHRDYLmRpVHXHH[LVWHXPDFRQYHQomRGHVH[RFRP
D PXOKHU DPERV UHDOL]DP R VHX QHJyFLR 2 UDSD] DR LQYpV
FRQKHFHXVRPHQWHSURVWLWXWDV'HSRLVGHLPSURYLVRVXUJHXPD
PXOKHU TXH R OHYD HP XP ´5ROOV 5R\FHµ PDV HOH QmR UHIOHWH
VREUHDJUDWXLGDGHGRGRP
7DPEpPRDWRGH´*HNNRµQRDYLmRp XP RSRUWXQLVPR
GDYLGDHOHSHUFHEHTXHHVWDYDGLDORJDQGRFRPDOJXpPTXHQmR
FRPSUHHQGHQDGDHDRLQYpVGHSHUGHUWHPSRSUHIHUHJR]DUXPD
EHOtVVLPD IORU TXH OKH Gi ´pODQµ YLWDO 3RUpP D HVVDV
SRVVLELOLGDGHVGHYHVHFKHJDUDPDGXUHFLGR6LJQLILFDTXHDTXLORp
QDWXUDOHGHYLGRSHORPRGRFRPRVHYLYHXHVHFRQGX]LXRMRJR
GDYLGD2SDUDtVRH[LVWHPDVpSUHFLVRVDEHUFRQVWUXLURVYDORUHV
$ PLQKD SHGDJRJLD QmR p IiFLO HVWi HVFULWD QR (P VL {QWLFR GR
LQFRQVFLHQWHGHFDGDKRPHP
6HRVXMHLWRQmRpFDSD]GHUHDOL]DUDSUySULDYDQWDJHPp
SRUTXH HVWi IL[DGR VREUH IDWRUHV tQILPRV SRUTXH HUURX RV
FiOFXORV SRU LVVR D VXD FRQVFLrQFLD QmR Yr PDLV DV OyJLFDV GR
PRYHUVH GD YLGD 1mR p GHILFLHQWH SRU QDWXUH]D PDV FRPR
UHVXOWDGR GR DPELHQWH GD HGXFDomR GRV HVWHUHyWLSRV GD
ILGHOLGDGHGDFXOWXUDLVWRpGHWRGRRUHVXOWDGRGRVPRGHORVTXH
RVXMHLWRYLYH
´*HNNRµ WLQKD XPD Vy IUDTXH]D 6DELD TXH WLQKD XP
ILOKR HVW~SLGR H XPD PXOKHU TXH QmR YDOLD SRUWDQWR WHULD WLGR
SUD]HUHPFULDUXPVXFHVVRUXPILOKRGDLQWHOLJrQFLD
1R IXQGR HOH QmR TXHULD LQVWUXPHQWDOL]DU DTXHOH UDSD]
PDV HGXFiOR SDUD GDUOKH D SDVVDJHP VXFHVVyULD 8P JUDQGH
KRPHPFHGRRXWDUGHSURFXUDVHPSUHDOJXpPDTXHPSDVVDUR
VHX JrQLR D VXD ULTXH]D R VHX SRGHU XP ILOKR GD LQWHOLJrQFLD
TXHQXQFDpRILOKRELROyJLFR3RUWDQWRDUDLYDGH´*HNNRµHP
UHODomRDHOHQmRpSRUTXHRID]SHUGHUGLQKHLURPDVSRUTXHHVWH
UDSD]IDOLXVREUHDRUGHPGDLQWHOLJrQFLD(VERIHWHiODQRILQDOp
WDPEpPXPGHVDEDIRGHDPRU
([LVWHXPSUD]HUHPHQVLQDUDOJRGHJUDQGHDXPRXWUR
DILPGHTXHHVWHROHYHDGLDQWHID]HQGRRHYROXLUFDGDYH]PDLV
e HVWH R VHQWLGR GD SDWHUQLGDGH H GD PDWHUQLGDGH HVSLULWXDO
HQVLQDU D LQWHOLJrQFLD 0DV DTXHOH SHTXHQR SUHWHQFLRVR QmR
FRPSUHHQGH p XP GRV PXLWRV MRYHQV FRP DPELomR
GHVSURSRUFLRQDGDVHPFDSDFLGDGHLQWUtQVHFDRXFRHUrQFLDOyJLFD
WRUQDVH LPSURYLVDGDPHQWH KRQHVWR GHSRLV GH WHU GHYDVWDGR
GXDVRXWUDVIiEULFDV
(VVH UDSD] WHP XP SRXFR GH SURWDJRQLVPR SRUTXH
HQFRQWUD DOJXpP JUDQGH TXH R DPD H R HVFROKH VHP HOH p
VRPHQWHPDVVD0DVTXDQGRHQFRQWUDRJUDQGHHOHVHUHYHODSRU
DTXLORTXHpHHUUDFRPHWHHUURVWUDLGLFLRQDLVGHVHQWLPHQWRGH
DPRU GH LQFRPSUHHQVmR ID] D DomR LOHJDO 7HULD VLGR PXLWR
PHOKRU SDUD HOH MDPDLV WHU HQFRQWUDGR R JUDQGH 4XDQGR XP
KRPHP TXH HQFRQWUD XPD IRUWXQD XPD LQIRUPDomR XPD
UHYHODomRXPDFXOWXUDDWUDYpVGDTXDOSRGHUHDOL]DUDJUDQGH]DGR
VHUHQmRpFRHUHQWHFRPDHVFROKDDJUDQGH]DSRVVtYHOVHUHYROWD
FRPRPRVWURUHWURDWLYR
2 HQVLQDPHQWR TXH VH SRGH H[WUDLU GH WXGR LVVR p TXH
QDTXHOHSHTXHQRHVSDoRTXHFDGDXPWHPGHYHFRPHoDUDWHQWDU
VR]LQKR QmR HQWUDQGR HP VRQKRV PHJDORPDQtDFRV EDVWD HVWDU
EHPHWHUDSUySULDFRPRGLGDGH$WHQWRVSHQVDGRUHVGL]HPTXHD
2QWRSVLFRORJLD p XPD FLrQFLD SHULJRVD SRUTXH SRGH LOXGLU GH
JUDQGH]DDOJXQVSLJPHXVLQFDSD]HVeYHUGDGH
$ YLGD LQGLYLGXDO p VHPSUH R UHVXOWDGR GDTXLOR TXH IRL
SUpFRORFDGR e LQ~WLO FXOSDU GHXV RX D VRFLHGDGH $
UHVSRQVDELOLGDGH p VHPSUH GR VXMHLWR SRLV WRGD YH] TXH QmR
HQFRQWURX R FDPLQKR GH VDtGD IRL SRUTXH HVFROKHX GLIHUHQWH
3RGHID]rODQmRKiQHQKXPSUREOHPDSRUpPTXHPSDJDpHOH
3DUDFKHJDUDXPDVXSHULRULGDGHGHYHVHFRPHoDUGHVGHD
PDQKm TXDQGR YDLVH DR EDQKR 1mR VH SRGH SUHWHQGHU TXH VH
SRVVDGHLPSURYLVRVHUXP´*HNNRµWHPVHDSDVWDRHVWLORGH
´*HNNRµ"6HVDEHIDODUHWHURVFRQKHFLPHQWRVFHUWRV"´*HNNRµ
DRDPDQKHFHUHVWiQDSUDLDSDUD´ODYDUµRFpUHEURMRJD´VTXDVKµ
SDUDID]HU PRYLPHQWR ItVLFR DPDD QDWXUH]D H D YLGD VDEH TXH
SDUD WHU DTXHOH QtYHO VXSHULRU GH LQWHOLJrQFLD p SUHFLVR YLYHU GH
IRUPD GLIHUHQWH &RPR GHVIUXWD GH VHXV SUD]HUHV FRPR YLYH R
VH[RDVDPL]DGHVFRPRpUHILQDGRFRPRFRPHFRPRpVHPSUH
OHDOQDFRQFRUUrQFLD
3RUWDQWR p SUHFLVR VHU UHDOLVWD DR FRPHoDU GR SHTXHQR
FRWLGLDQR6HQmRVHYHQFHDOLpPHOKRUGHL[DUGHODGRDVRXWUDV
LOXV}HV 'RV SHTXHQRV ILRV GR FRWLGLDQR SRGHVH FRQVWUXLU
TXDOTXHUHGLItFLR
$ YHUGDGH p RSRUWXQLVPR R TXDQWR VH JDQKD GH
H[LVWrQFLDGHDXWyFWLVHKLVWyULFD"$QWHVRXGHSRLVGHYHVHYHUR
SUHFLSLWDGRTXkQWLFR
7UDWDVH GH ID]HU XPD SHTXHQD UHYROXomR LQWHULRU VH
LQWHUHVVD6HDOJXpPTXHUXPDHVFROKDVXSHULRUGHYHTXDOLILFDUVH
VHULDPHQWH 0XLWRV QmR FRPSUHHQGHP RV OLYURV GH
2QWRSVLFRORJLD SRUTXH QmR GHFLGLUDP PXGDU RV SUySULRV
FRVWXPHV 6H DOJXQV YDORUHV SHUPDQHFHP DEVROXWRV DTXHOH
DPELHQWHDTXHODHVFRODDTXHODPmHHWFSRGHPILFDUVREUHHOHV
GH PDQKm j QRLWH PDV DTXHOHV HVFULWRV SHUPDQHFHUmR VHPSUH
FRPR FRLVDV LPSRVVtYHLV FDL[DV IHFKDGDV TXH GDUmR LQF{PRGR
(VVHV OLYURV IDODP SDUD TXHP FDPLQKD SRUWDQWR SDUD
FRPSUHHQGrORVpSUHFLVRWHUXPDYDULDomRH[LVWHQFLDO
2LPSRUWDQWHpTXHRVXMHLWRFUHLDQDTXHOH´DOJRµQRTXDO
YLYHHUHDOL]DRSRQWRGHSD]'HYHVHOXWDUSRUDTXHOHXQLYHUVR
TXHVHHVFROKHX$SURYDGHTXHDHVFROKDpH[DWDpTXHVHDOFDQoD
RSRQWRGHSURSRUomRXPDGtDGHGHYDORUSURJUHVVLYR
6H SRU H[HPSOR TXHUVH DPSOLDU D HPSUHVD D IDPtOLD
SDVVD DR VHJXQGR SODQR 6H DR LQYpV SUHIHUHVH DV IHULDV D
IDPtOLD FRPHoDVH D VDLU IRUD GRV ELQiULRV GD LQWHOLJrQFLD GRV
YpUWLFHV FDSD]HV GH DomR VRE R SODQR QDFLRQDO H LQWHUQDFLRQDO
([LVWH XP HVWLOR ´*HNNRµ ID] DV VXDV IpULDV HP XP VHJXQGR
GXUDQWHDYLDJHPDpUHDRXHQWmRTXDQGRHQFRQWUDRJUDQGHULYDO
([LVWHP VDWLVIDo}HV VRE R SODQR ORJtVWLFR GD HFRQRPLD GR
QHJyFLRTXHVmRH[DOWDomROtULFDHPRomRHVWpWLFDSXUtVVLPDRQGH
VHHQWUDQDEHOH]DLPDFXODGDGDDOPD
$ PDWXULGDGH H D JUDQGH]D GRV LQWHQVRV YDORUHV PRUDLV
UHTXHUHP XPD HVWUDGD FRPSOHWDPHQWH GLIHUHQWH GDTXHOD GR
KRPHPFRPXP´%XVFDRUHLQRGRVFpXVHWRGRRUHVWRWHVHUi
GDGR D PDLVµ (VVH p R RSRUWXQLVPR GD YHUGDGH 2 UHLQR GRV
FpXVpDRUGHPGRSRGHUDRUGHPRQGHVHIDFLOLWDRFUX]DPHQWR
GRVYDORUHV
'HYHVHFRPHoDUFRPSURIXQGDKXPLOGDGHHPUHODomRD
VL PHVPR (VFROKHU R SUySULR PXQGR RV SUySULRV DPLJRV 2
LPSRUWDQWH p DFUHGLWDU H OXWDU FRP YHUGDGH XWLOLWDUtVWLFD RX
XWLOLWDULVPR GD YHUGDGH 4XHP p FDSD] GHSRLV GH DOJXQV DQRV
GHYH FKHJDU DR IUXWR PDGXUR F{QJUXR GD SUySULD IHOLFLGDGH e
LVVR TXH Gi D SURSRUomR GD SD] R VXMHLWR HVWi EHP WHP D VL
PHVPRHRSUySULRPXQGR
&DVR VH WHQKD XP GHVHMR D PDLV GHYH VHU FRQVWUXtGR
SRUTXHDQDWXUH]DQmRLQWHQFLRQDQXQFDXPDWHQVmRH[DVSHUDGD
2 GRHQWH R HVTXL]RIUrQLFR R IDOLGR WrP VHPSUH XPD WHQVmR
LPSUySULD IDWRUHV HUU{QHRV GHVHTXLOtEULRV 1mR REVWDQWH WXGR
LVVRDREUDSULPDFRQVWDQWHTXHYHMRQDPLQKDYLGDpDH[DWLGmR
FRPTXHRVHUKXPDQRIRLFULDGR
$ YLGD QXQFD p GHPRFUiWLFD $ GHPRFUDFLD H[LVWH QD
SROtWLFDQRVVLQGLFDWRVQDVLQVWLWXLo}HVS~EOLFDVPDVQDFLrQFLD
QDYLGDQDHFRQRPLDQmRH[LVWHGHPRFUDFLD
& >C4BC430?0C>;>680=08=C4;86À=2803>BD948C>
$ RQWRSVLFRORJLD QD SUiWLFD FOtQLFD QD SUiWLFD GH
DXWHQWLFDomRHQDSUiWLFDHPSUHVDULDOpDFLrQFLDFDSD]GHFROKHU
R FULWpULREDVH GR LQFRQVFLHQWH 8PD YH] LQGLYLGXDGD HVWD
JHQLDOLGDGHQDWXUDOGHODVHDSUHQGHPRVPyGXORVGHFRQGXWDGR
VXMHLWR 2 LQFRQVFLHQWH QD VXD JHQLDOLGDGH VHPSUH WHP R
´GHVLJQµGRVXFHVVRGDDXWRFRQVWUXomRYHQFHGRUD
$ HVFROD RQWRSVLFROyJLFD p XP H[HUFtFLR GH FRPR VDEHU
GHFLIUDU R SURMHWR GD QDWXUH]D LQGLYLGXDO GR VHU KXPDQR DQWHV
TXH D IDPtOLD D VRFLHGDGH R FDUPD LQWHUYHQKDP FRQVWLWXLQGR
WDQWRV HUURV e D EXVFD GR SDUDtVR SHUGLGR R TXDO
FRWLGLDQDPHQWH HVWi HP DWR PDV WUDWDVH GH VDErOD GHVWLODU H
WRUQiOR DomR R TXH YHQGHU R TXH FRPSUDU FRP TXHP DQGDU
FRPTXHPDVVRFLDUVHRTXHSHQVDURTXHDGPLUDU
2 DFDVR QmR H[LVWH 7RGD D YH] TXH VH YHULILFD XP
LQIRUW~QLR XPD GRHQoD RX XPD GHILFLrQFLD QD YLGD GR VXMHLWR
VLJQLILFDTXHHOHDPDDSUySULDSDWRORJLDGHRXWURPRGRpLOyJLFR
HUUDU H ILFDU PDO 3RUWDQWR GHYHVH HQWUDU QHVVD KXPLOGDGH
IUDQFLVFDQDHGRFXPHQWDGDGHGHVPHQWLUDV SUySULDV VHJXUDQoDV
OyJLFDVHUHDSUHHQGHUPRPHQWRDPRPHQWRGHVGHRLQtFLRHVVH
JrQLRGRVHUTXHH[LVWHHPFDGDXP
2 UDSD] GR ILOPH QD UHDOLGDGH p LQWHOLJHQWtVVLPR PDV
HVWUXWXUD VXD LQWHOLJrQFLD HP YDQWDJHP HJyLFD H IXQFLRQDO 3RU
TXr"3RUTXHVHGHVWUyL"
$UHDOLGDGHGRVHVWHUHyWLSRVGDIDPtOLDQmRpXPDFRLVD
IiFLO GH FRPSUHHQGHU $ IDPtOLD Gi D PLQLDWXUD GHSRLV D
VRFLHGDGHID]DWXPED3RUTXHRJUDQGH´*HNNRµHVFROKHDTXHOH
UDSD]"­SDUWHDQHFHVVLGDGHGLDOpWLFDGRILOPHVXEVWDQFLDOPHQWH
´*HNNRµQmRHVFROKHSRUDFDVR1RVSULPHLURVFRQWDWRVFRPD
VXDLQVLVWrQFLDHREVWLQDomRRUDSD]TXDVHFRQVHJXHGHPRQVWUDUD
WRGRVTXHVHWLYHVVHVRPHQWHFLQFRPLQXWRV2VXEFyGLJRTXHR
UDSD]PDQGDD´*HNNRµpHVWH´'rPHVRPHQWHFLQFRPLQXWRVH
PRVWUR FRPR PXGR D WXD YLGDµ (OH FRQVHJXH WUDQVSRUWDU HVVD
PHQVDJHP HP WRP GH GHVDILR GH WDO PRGR TXH R JUDQGH
´*HNNRµQmRSRVVDGL]HUTXHpXPLJQRUDQWH´*HNNRµQmRWHP
D DUJXPHQWDomR RUGLQiULD SDUD GHPRQVWUDU TXH R UDSD] p XP
LQIHULRUSRUTXHQRSULPHLURPRPHQWRHVWHVDEHGHPRQVWUDUTXH
p SRVVtYHO H VH HOH JUDQGH GHVFXLGDVVH GHVVD RFDVLmR VHULD XP
HVW~SLGRRXXPFLXPHQWRGDVXDJHQLDOLGDGH([LVWHPPRPHQWRV
QDYLGDHPTXHXPJUDQGHKRPHPPHVPRVHQmRFUrGHYHGDUD
RFDVLmRKLVWyULFDDXPSHTXHQRSRUTXHQDTXHOHPRPHQWRHVWH
~OWLPRWHPDSDUWLGDYHQFHGRUD2UDSD]SRVVXLDTXHOHQ~PHURGH
FDUWDVFRPDVTXDLVWHPGLUHLWRjSDUWLGDHRJUDQGHKRPHPGHYH
DFHLWDU SDUD QmR VHU LPRUDO HP UHODomR D VL PHVPR 2 JUDQGH
KRPHPWHPXPDPRUDOGLIHUHQWHHFRQWUDULDPHQWHjTXLORTXHFUr
D PDLRULD WHP DOJXQV FyGLJRV H FRQGXWDV TXH UHTXHUHP XPD
YLJLOkQFLD FRQWtQXD (OH VDEH TXH SRGH HOLPLQDU WRGRV PHQRV D
YLGDQmRSRGHWUDLUQHQKXPVtPERORGDYLGD2JUDQGHKRPHP
GHYH DFHLWDU TXDQGR R RXWUR QDTXHOH PRPHQWR WHP DV
FUHGHQFLDLVWHPRFDUWmRGHFUpGLWRGDYLGDPHVPRVHQREDQFR
VHXVDOGRpGHYHGRU0HVPRVXVSHLWDQGRRJUDQGHKRPHPGHYH
DFHLWDU R WtWXOR QmR SDUD ´GDU XPD PmRµ DR RXWUR PDV SRU
ILGHOLGDGHDXPDOyJLFDGHYLGD6DEHTXHRRXWURFDLUiPDVSRU
HQTXDQWR GHYH GDUOKH D SRVVLELOLGDGH 'HSRLV GHYH HOLPLQiOD
LPHGLDWDPHQWHTXDQGRHUUDUGHWDOPRGRTXHQRILQDOGRMRJR
SRVVDGL]HUOKH´&RPSUHHQGHVTXHQmRpVFDSD]"&RPSUHHQGHV
TXHQmRTXLVHVWH"$JRUDMiVDEHVµ
3RUWDQWR R UDSD] FRQVHJXH HQWUDU QR MRJR FRP DOJXQV
WtWXORVSVLFROyJLFRV3DUDRJUDQGH p FRPR YHU XP SXURVDQJXH
TXHSRGHYHQFHUDFRUULGDPHVPRVDEHQGRTXHRVSXOP}HVQmR
VXSRUWDUmR (VWD p D OyJLFD TXH PXLWRV SHTXHQRV KRPHQV QmR
VDEHP TXDQGR VH DSUR[LPDP GR JUDQGH 2 YHUGDGHLUR JUDQGH
KRPHPMiVDEHTXHDTXHOHFDLUiQmRHP GRLV DQRV PDV WDOYH]
HPGH]VHQmRPXGDU
3RU TXH R UDSD] QmR p HJRtVWD" $ VXD PRWLYDomR
SVLFROyJLFD p D PHVPD TXH FDGD XP WHP TXDQGR QmR YHQFH $
H[SOLFDomR D FKDYH GH OHLWXUD GR IDWR p GDGD SHOR PyGXOR
HOHPHQWDUGD2QWRSVLFRORJLD2HUURGiVHVHPSUHSRUTXHH[LVWH
XPIXQGRGHHVWHUHRWLSLDH[LVWHQFLDOTXHFRQGLFLRQDRVXMHLWRHP
LQIHULRULGDGH $ UHVLVWrQFLD p XP GDQR SDUD R SHTXHQR KRPHP
TXH D DWXD QmR SDUD R JUDQGH $ UHVLVWrQFLD GR MRYHP QHVWH
DFRQWHFLPHQWRItOPLFRFRQFOXLVHFRPDVXDIDOrQFLD
$~QLFDSHVVRDDXVHQWHLPDFXODGDpDPmH&RPSDUHFH
DOJXPDVYH]HVDRDFDVRPDVMDPDLVGLVFXWHQmRHQWUDQRPpULWR
p DTXHOD TXH VRIUH PHQRV SRUpP DR ILQDO HVVH SDL H HVVD PmH
OHYDP R ILOKR j SULVmR &RORFDU XP ILOKR QR PXQGR H FRQFOXLU
OHYDQGRRjSULVmRQmRpGHIDWRDPRU
2 UDSD] p YHUGDGHLUDPHQWH LQWHOLJHQWH H VH Yr LVVR SHOD
PDQREUDTXHLQYHQWDSDUDSRGHUGHVWUXLU´*HNNRµ3RUTXHQmR
XVRX D PHVPD LQWHOLJrQFLD SDUD FRQVWUXLU D VL PHVPR" 4XDQGR
XP SHTXHQR KRPHP HQFRQWUD XP JUDQGH D VXD LQWHOLJrQFLD
UHYHODVHDRDMXGiORSULPHLURRJUDQGHOKHGiDHVWUDGDHGHSRLV
R OHYD D XPD SRVLomR WDO TXH R SHTXHQR VH GHVWDFD SRUTXH
WDPEpP VH WRUQRX JUDQGH 1LQJXpP SRGH VH WRUQDU JUDQGH
DWDFDQGRXPRXWURJUDQGHKRPHP
$R FRQWUiULR RV HVW~SLGRV QD SULPHLUD RFDVLmR YmR
FRQWUD R GLULJHQWH FRQWUD R YHQFHGRU (VVH p R WHVWH
LQHTXLYRFiYHOGDSDWRORJLDGDLQWHOLJrQFLDGRVXMHLWR
4XDQGR H[DPLQDYD FRPSDQKLDV HPSUHVDULDLV D SULPHLUD
FRLVD TXH DQDOLVDYD HUD R QtYHO HP TXH VH YHULILFDYD D DQWtWHVH
FRQWUDRGLULJHQWHTXHSURGX]LDQmRFRQWUDRFKHIHEXURFUiWLFR
$PDUJHPGHUHVLVWrQFLDFRQWUDRGLULJHQWHpRtQGLFHGHSDWRORJLD
FRQWUDRSUySULRHJRtVPR2VXMHLWRHPUHVLVWrQFLDpGHWDOPRGR
LPEHFLO TXH GHWXUSD D JHQLDOLGDGH GR SUySULR LQFRQVFLHQWH H D
FRQVRPH SDUD GHVWUXLU XP RXWUR DR LQYpV GH FRQVWUXLU D VL
PHVPR(VWUXWXUDDSUySULDLQWHOLJrQFLDSDUDGHFDSLWDUXPRXWUR
SHUGHQGRRJDQKRHJRtVWLFR$XPJUDQGHDMXGDVH$VSHVVRDVH
VREUHWXGRRVJUDQGHVXVDVHVmRDIRUWXQDVmRDSURYLGrQFLDGD
YLGD
3RUWDQWR R UDSD] VH GHVWUyL SRUTXH D VXD YLGD p
PDQREUDGD SHOD PDWUL] UHIOH[D GD LQIkQFLD ([LVWH XPD FHQD HP
TXH HOHFRPHoDD IDODU GH PRUDOFRPR VH ´*HNNRµ WLYHVVH VLGR
XPGHVRQHVWR$RLQYpVpRUDSD]TXHDQWHULRUPHQWHYLYHXFRP
R GLQKHLUR GRV SDLV GHSRLV HQFRQWUD DOJXpP D TXHP HOH ID] GH
SDLGHTXHPHOHWRPDDPXOKHUHJHUDXPDGHVRUGHP6HH[LVWH
DOJXpPLPDFXODGRVHJXQGRXPFHUWRSULQFtSLRHVWHp´*HNNRµ
3DUDSHUFRUUHUDHVWUDGDGDJUDQGH]DpQHFHVViULRXPHVWLORIHLWR
GH LQILQLWRV DVSHFWRV 2 UDSD] p GH WDO IRUPD GHVWUXtGR TXH D
~QLFD YH] HP TXH VH WRUQD LQWHOLJHQWH FRORFDVH FRQWUD TXHP R
WLQKDHGXFDGR
$FXVDU´*HNNRµGHVHUXPYDPSLURGDTXHODSREUHJHQWH
p F{PRGR SDUD MXVWLILFDU SUHJXLoD YDPSLULVPR PRQLWRU GH
GHIOH[mR H PDWUL]HV UHIOH[DV e XPD YHUGDGH TXH IXQFLRQD
VRPHQWHSDUDGHWXUSDUDGLJQLGDGHGRKRPHP4XDQGRRVXMHLWR
HVWi IL[DGR VREUH XP SHTXHQR FLUFXLWR QmR SRGH SUHWHQGHU R
KRUL]RQWHGDYLGD2UDSD]ID]SDUWHSURIXQGDPHQWHGRVLVWHPD
1XPDFHQDGRILOPH´*HNNRµGL]D+DULHO´'HL[HRHPSD]HOH
DLQGDQmRVDLXGREHUoRµ´*HNNRµDRLQYpVpOLYUHHVWiIRUDGR
VLVWHPD $ JDUDQWLD H RV YHUGDGHLURV JHVWRUHV GR VLVWHPD VmR RV
GHVSURYLGRV
2 SRQWR p HVWH VH R LQGLYtGXR QmR PXGD R SUySULR
FRPSOH[R VH QmR ID]YHUGDGHLUD PHWDQyLDp GHVWLQDGR D SHUGHU
HPTXDOTXHUVLWXDomRHPTXHVHHQFRQWUH$YHUGDGH~OWLPDGHVWD
FLQHWHUDSLDpTXHRUDSD]ID]DJHSRUpPWUD]GHQWURGHVLXPD
VLWXDomRTXHRID]SHUHQHSHUGHGRU
1D SDUiEROD GRV WDOHQWRV -HVXV &ULVWR FRQFOXL FRP XPD
OHLGDYLGD´$TXHPWHPVHUiGDGRHPDEXQGkQFLDPDVDTXHP
QmRWHPVHUiWLUDGRWDPEpPDTXLORTXHWHPµ$YLGDYDLVHPSUH
RQGHHVWiRPi[LPRGHRSRUWXQLGDGH´3HUGRDUµVLJQLILFDUHDOL]DU
DTXHOD DomR TXH WHP R Pi[LPR GH RSRUWXQLGDGH $ YHUGDGH p
VHPSUHDOyJLFDGRPi[LPRLQWHUHVVH2VYDORUHVYmRHYrPVmR
FULDGRV SHOD RSLQLmR GR SRYR SHODV WUDGLo}HV VHJXQGR R JUXSR
YHQFHGRUGHWHUPLQDVHDKLHUDUTXLDGRVYDORUHV0DVDYLGDWHP
DEVROXWDPHQWH RXWURV YDORUHV D YHUGDGH HVWi FDGD YH] RQGH
H[LVWH R Pi[LPR LQWHUHVVH 3RU LVVR PXLWDV YH]HV R PH[LPR
LQWHUHVVH p VDEHU SHUGRDU QmR YROWDUVH SDUD WUiV H ID]HU R PDO
PDVUHDOL]DUVHPSUHDTXHODDomRGHOXWDRXGHDPRURQGHDYLGD
FRQILJXUDDOyJLFDGRPi[LPRLQWHUHVVH
1RWD
'LUHomR GH 2OLYHU 6WRQH LQWpUSUHWHV 0LFKDHO 'RXJODV &KDUOLH
6KHHQ0DUWLQ6KHHQ'DUU\O+DQQDK1DFLRQDOLGDGH86$
&RO
A>C48A>181;8>6AÁ582>34>=C>?B82>;>680
&RQKHFLPHQWR%DVH
Ã&LQFR/Lo}HVVREUH2QWRSVLFRORJLD²HGLomRHVJRWDGD
Ã,QWURGXomRD2QWRSVLFRORJLDHGLomRHVJRWDGD
à 3UROHJRPHQRV
2QWRSVLFROyJLFD
+LVWyULFR&XOWXUDLV
j
&LrQFLD
à 2 0RGHOR 2QWRSVLFROyJLFR QD 7HRULD H QD 3UiWLFD
&OtQLFD
Ã/Lo}HVGH/HQLQJUDGRHPSRUWXJXrV
Ã$$UWHGH9LYHUGRV6iELRVHPSRUWXJXrV
à 9RFiEXORV GH 3VLFRORJLD (OHPHQWDU HGLomR
HVJRWDGD
Ã2QWRSVLFRORJLD&OtQLFD
Ã3HGDJRJLD2QWRSVLFROyJLFDHPSRUWXJXrV
Ã21DVFLPHQWRGR(XHPSRUWXJXrV
Ã20RQLWRUGH'HIOH[mRQD3VLTXH+XPDQD
Ã&DPSR6HPkQWLFRHPSRUWXJXrV
&RQKHFLPHQWR)LORVyILFR
Ã2QWRSVLFRORJLD)LORVyILFDH(SLVWHPRORJLD(YDQJpOLFD
Ã$&RQVWDQWH+FRPR&ULWpULR$QWURSROyJLFRQRSUHOR
Ã2(P6LGR+RPHPQRSUHOR
Ã6LVWHPDH3HUVRQDOLGDGHHPSRUWXJXrV
&RQKHFLPHQWR(VWpWLFR
Ã2QWR$UWH
Ã6HPLQiULRVREUHD&ULDWLYLGDGH
Ã2(P6LGD$UWHžHGLomRHVJRWDGD
Ã3RHVLDV
Ã$0~VLFDFRPR2UGHPGH9LGD
HGLomRHVJRWDGD
Ã2QWR$UWHRV3ULPHLURV$QRV
Ã$&R]LQKD9LYDQRSUHOR
0HWRGRORJLD2QWRSVLFROyJLFD
à 2 0RGHOR 2QWRSVLFROyJLFR QD 7HRULD H QD 3UiWLFD
&OtQLFD
Ã$&LQHWHUDSLD
Ã$0XVLFRWHUDSLD
Ã3URQWXiULR,PDJyJLFRHPSRUWXJXrV
Ã25HVLGHQFH2QWRSVLFROyJLFR
Ã(X2GHLRR7UDQVIHUWQRSUHOR
Ã$,PDJHP$OIDEHWRGD(QHUJLD
Ã$3VLFRVVRPiWLFD
à 'HOLQHDPHQWRV 7HyULFR 3UiWLFRV GD 3HGDJRJLD
2QWRSVLFROyJLFD
Ã3HGDJRJLDH3ROtWLFD
Ã3VLFRSDWRORJLDH$WLWXGH6H[XDO
Ã&DVRV&OtQLFRVQRSUHOR
Ã,PDJHPH,QFRQVFLHQWH
$SURIXQGDPHQWR3VLFROyJLFR
Ã3VLFRWHUDSLDH6RFLHGDGH
Ã5HYLVWD1RYD2QWRSVLFRORJLD
Ã&DGHUQRVGH2QWRSVLFRORJLDHPSRUWXJXrV
à $WRV GR 9 ,, 9,,, ( ;,,, &RQJUHVVR ,QWHUQDFLRQDO GH
2QWRSVLFRORJLD
Ã2&LQHPDHR,QFRQVFLHQWH
(P EUHYH VHUmR ODQoDGDV DV GHPDLV REUDV Mi WUDGX]LGDV
SDUD R SRUWXJXrV H UHODQoDGDV DV REUDV TXH VH HQFRQWUDP
HVJRWDGDV