$UWHHSROtWLFDXPHVWXGRVREUHDDWXDomRGR,QVWLWXWR%UDVLO(VWDGRV8QLGRVQR
FDPSRDUWtVWLFRFDULRFD
2,QVWLWXWR%UDVLO(VWDGRV8QLGRV,%(8IRLLQDXJXUDGRHPQR5LRGH-DQHLUR
FRP R REMHWLYR GH SURPRYHU XP LQWHUFkPELR FXOWXUDO HQWUH RV GRLV SDtVHV $SyV VXD
IXQGDomRRLQVWLWXWRIXQFLRQRXFRPRXPHVSDoRGHVWLQDGRDRHQVLQRGDOtQJXDLQJOHVD
HjGLYXOJDomRGHLQIRUPDo}HVYDULDGDVVREUHRV(VWDGRV8QLGRVSRUPHLRGRVEROHWLQV
ELPHVWUDLV TXH FLUFXODYDP LQWHUQDPHQWH DOpP GH WHU DEULJDGR H[SRVLo}HV GH DUWLVWDV
QRUWHDPHULFDQRV3RURXWURODGRRLQVWLWXWRWDPEpPVHGHVWDFRXSRUSDWURFLQDUPRVWUDV
GH DUWLVWDV EUDVLOHLURV TXH SURSXQKDP LQRYDo}HV HVWpWLFDV FRPR XPD IRUPD GH VH
OHJLWLPDU QR FDPSR DUWtVWLFR 7HQGR HP YLVWD R SDSHO TXH R ,%(8 GHVHPSHQKRX QR
LQFHQWLYR DRV YDORUHV QRYRV QD DUWH R REMHWLYR GHVWH WUDEDOKR p FRPSUHHQGHU FRPR R
LQYHVWLPHQWR HP DUWLVWDV TXH DLQGD QmR GHVIUXWDYDP GH SUHVWtJLR ID]LD SDUWH GH XPD
HVWUDWpJLD PRELOL]DGD SHORV DJHQWHV TXH DWXDYDP QR LQVWLWXWR GLDQWH GD FDUrQFLD GH
DX[tOLRQRUWHDPHULFDQRSDUDDUHDOL]DomRGHH[SRVLo}HVGHDUWH3DUDWDOVHUiDQDOLVDGD
DSURGXomRGLVFXUVLYDGHDUWLVWDVPHPEURVGDFRPLVVmRGHDUWHHRXWURVDJHQWHVOLJDGRV
DR LQVWLWXWR FRP YLVWDV D LGHQWLILFDU FRPR R ,%(8 VH SRVLFLRQDYD QR FRQWH[WR GH
HVWUHLWDPHQWRGRVODoRVHQWUH%UDVLOH(VWDGRV8QLGRVHRVYtQFXORVTXHIRUDPFULDGRV
HQWUHRLQVWLWXWRHRVDUWLVWDVPRGHUQRV
2 ,%(8 SDWURFLQRX VXD SULPHLUD H[SRVLomR GH DUWH HP PDV SDVVRX D
FRQWDU FRP XPD FRPLVVmR GH DUWH GHILQLWLYD DSHQDV HP 2V PHPEURV GHVVD
FRPLVVmR HVWDYDP LQFXPELGRV GH HVFROKHU D SURJUDPDomR FXOWXUDO GR LQVWLWXWR 'HQWUH
VHXVLQWHJUDQWHVpLPSRUWDQWHUHVVDOWDURWUDEDOKRGH0DUF%HUNRZLW]UHVSRQViYHOSHOD
FULDomRGDVH[SRVLo}HV$OJXQV1RYRVH25RVWRHD2EUDPRVWUDVHVWDVTXHVHWRUQDUDP
XPD PDUFD UHJLVWUDGD GR LQVWLWXWR 'H DFRUGR FRP R SUySULR %HUNRZLW] D
RULJHP GHVVD FRPLVVmR GH DUWH SRGH VHU H[SOLFDGD SHOD SUHRFXSDomR GR SULPHLUR
SUHVLGHQWH GR LQVWLWXWR $IUkQLR 3HL[RWR HP ID]HU D EDODQoD SHQGHU SURJUHVVLYDPHQWH
SDUD RV JUXSRV YLQFXODGRV j DUWH PRGHUQD $OpP GH %HUNRZLW] HVVD QRYD FRPLVVmR
FRQWRXFRPDSUHVHQoDGH$QD&DUROLQD0DQJLD$UQDOGR5HEHOOR$XJXVWR5RGULJXHV
&DUORV2VZDOG±TXHIRLRSULPHLURDUWLVWDDVHUSDWURFLQDGRSHOR,%(8±(VWKHU*DUFLD
/HmR0DULD)UDQFHOLQD)DOFmR2VFDU)HUQDQGHVH5HJLQD9HLJD9LDQQD
'XUDQWHRVSULPHLURVDQRVGHDWXDomRGR,%(8HQWUHRILQDOGDGpFDGDGH
H R ILQDO GD GpFDGD GH H[LVWLDP SRXFRV HVSDoRV GH H[SRVLomR YROWDGRV SDUD D
DUWHPRGHUQDRV0XVHXVGH$UWH0RGHUQDDLQGDQmRKDYLDPVLGRFULDGRVHDVSRXFDV
JDOHULDV DWXDQWHV QmR GXUDYDP PXLWR WHPSR 1HVVH SHUtRGR R HVSDoR GH H[SRVLomR
TXH JR]DYD GH PDLRU OHJLWLPLGDGH HUD R VDOmR DQXDO SURPRYLGR SHOD (VFROD 1DFLRQDO
GH %HODV $UWHV (1%$ TXH VH GHVWDFDYD SRU DSUHVHQWDU XPD DUWH OLJDGD DRV PROGHV
DFDGrPLFRV 2 6DOmR 1DFLRQDO GH %HODV $UWHV HUD R SULQFLSDO FDQDO GH GLYXOJDomR GD
SURGXomR GH DUWH QR %UDVLO HP XPD pSRFD HP TXH DV JDOHULDV DLQGD FRPHoDYDP D VH
HVWDEHOHFHU/8=
&ULDGRHPXPPRPHQWRHPTXHRPHUFDGRGHDUWHQRSDtVDLQGDHUDEDVWDQWHLQFLSLHQWH
H RV SRXFRV HVWDEHOHFLPHQWRV DUWtVWLFRV SULYLOHJLDYDP RV DUWLVWDV FRQVDJUDGRV
SULQFLSDOPHQWH RV DFDGrPLFRV R ,%(8 GHVWDFRXVH SRU VHU XP GRV SRXFRV HVSDoRV
GHVWLQDGRV j DUWH PRGHUQD 2V PHPEURV GD FRPLVVmR GH DUWH GR LQVWLWXWR IRUDP
$FRODERUDomRGH%HUNRZLW]MXQWRDR,%(8WHYHRULJHPTXDQGRGXUDQWHXPDYLVLWDDRLQVWLWXWRHOH
IRLFRQYLGDGRSHORSUHVLGHQWH$IUkQLR3HL[RWRSDUDIRUPDUXPDQRYDFRPLVVmRGHDUWHHP(OHMi
HVWDYDQR5LRGH-DQHLURGHVGHWUDEDOKDQGRFRPRWUDGXWRU±%HUNRZLW]HUDUXVVRHSRVVXtDIOXrQFLD
HPYiULDVOtQJXDVWDLVFRPRLQJOrVHIUDQFrV±HSRUFRQWDGHVVDDWLYLGDGHHVWDEHOHFHXYtQFXORVFRP
DHPEDL[DGDQRUWHDPHULFDQDRTXHSRVWHULRUPHQWHFRQWULEXLXSDUDVXDDSUR[LPDomRFRPR,%(8-i
LQVHULGRQRLQVWLWXWRHOHDVVXPLXDWDUHIDGHPROGDUDVHVWUDWpJLDVOLJDGDVDRLQFHQWLYRjVDUWHVSOiVWLFDV
ID]HQGRDEDODQoDSHQGHUSURJUHVVLYDPHQWHSDUDRVJUXSRVYLQFXODGRVjDUWHDEVWUDWD
UHVSRQViYHLV SHOD YLQFXODomR GD LPDJHP GR ,%(8 D XPD DUWH OLJDGD jV TXHVW}HV GR
VHXWHPSRHPERUDHOHVQmRDVVXPLVVHPH[SOLFLWDPHQWHDGHIHVDGHQHQKXPDFRUUHQWH
HVWpWLFD $ HVWUDWpJLD DGRWDGD SHOD FRPLVVmR GH DUWH FRQVLVWLD HP VH GHVWDFDU QmR SHOR
FDPLQKRVXSRVWDPHQWHPDLVIiFLOTXHVHULDDFRQVDJUDomRGRVMiFRQVDJUDGRVPDVSHOR
UHFRQKHFLPHQWRGDERDDUWHGRSUHVHQWH'DtRLQYHVWLPHQWRQRVDUWLVWDVUHSUHVHQWDQWHV
GRVYDORUHVQRYRVQDDUWHTXHQmRHUDPSULYLOHJLDGRVHPRXWURVHVSDoRVGHH[SRVLomR
FRPR p R FDVR GH DUWLVWDV FRPR ,YDQ 6HUSD ,EHUr &DPDUJR H $OPLU 0DYLJQLHU TXH
UHDOL]DUDPVXDSULPHLUDH[SRVLomRLQGLYLGXDOVRERDXVStFLRGRLQVWLWXWR
1HVVH VHQWLGR DR RSWDU SHORV DUWLVWDV TXH FDUHFLDP GH SUHVWtJLR RV PHPEURV
GD FRPLVVmR GH DUWH SXGHUDP UHIRUoDU R SDSHO HVSHFLDO GHVHPSHQKDGR SHOR ,%(8 QR
SURFHVVR GH UHQRYDomR DUWtVWLFD H VHX VXSRVWR SLRQHLULVPR 2V FULWpULRV SDUD D VHOHomR
GRV DUWLVWDV TXH JDUDQWLDP D VXSRVWD VLQJXODULGDGH GD DWXDomR GR LQVWLWXWR SDVVDYDP
QmRDSHQDVSHODLGHLDGHQRYLGDGHFRPRWDPEpPSHORUHIRUoRGDTXDOLGDGHGDVREUDV
H[SRVWDV $R LQYpV GH SULRUL]DU XPD WHQGrQFLD QD DUWH RV PHPEURV GHVVD FRPLVVmR
UHVVDOWDYDPVXDSUHRFXSDomRFRPDTXDOLGDGHGDSURJUDPDomRGR,%(8YDORUL]DQGRR
HFOHWLVPRFRPRIRUPDGHDJUHJDUOHJLWLPLGDGHFXOWXUDODRLQVWLWXWR
8PDYH]LGHQWLILFDGDDLPSRUWkQFLDGR,%(8QRSURFHVVRGHUHYLVmRGRVYDORUHV
OLJDGRV j SURGXomR DUWtVWLFD GHYHVH DLQGD GHVWDFDU TXH R LQVWLWXWR IRL FULDGR FRP
R REMHWLYR GH SURPRYHU R LQWHUFkPELR FXOWXUDO HQWUH R %UDVLO H RV (VWDGRV 8QLGRV
1HVVH SDUWLFXODU R ,%(8 WDPEpP VHULD UHVSRQViYHO SRU GLYXOJDU DV PDQLIHVWDo}HV
FXOWXUDLVHDUWtVWLFDVQRUWHDPHULFDQDVHSDUDWDOFRQWDULDFRPRDSRLRGHLQVWLWXLo}HV
DUWtVWLFDV ORFDOL]DGDV QRV (VWDGRV 8QLGRV SDUD SUHHQFKHU VXD SURJUDPDomR FXOWXUDO
FRPRR0XVHXGH$UWH0RGHUQDGH1RYD<RUN0R0$$UHODomRGR,%(8FRPHVVHV
HVWDEHOHFLPHQWRVDUWtVWLFRVQRHQWDQWRIRLPDUFDGDSHODDPELJXLGDGHQHPVHPSUHHUD
SRVVtYHOFRQWDUFRPHVVDVLQVWLWXLo}HVSDUDJDUDQWLURHPSUpVWLPRGHREUDVGRVDUWLVWDV
QRUWHDPHULFDQRV 1HVVH VHQWLGR HPERUD R LQVWLWXWR WLYHVVH FRPR XPD GH VXDV WDUHIDV
GLIXQGLU D SURGXomR FXOWXUDO GRV (VWDGRV 8QLGRV QR %UDVLO QHP VHPSUH HVVH REMHWLYR
VHUHDOL]DYDGHIDWRQDPDLRULDGDVYH]HVDFRPLVVmRGHDUWHSUHHQFKLDDSURJUDPDomR
FRPDUWLVWDVORFDLV
0HVPR DGPLWLQGR D LPSRUWkQFLD GR ,%(8 QR FDPSR DUWtVWLFR FDULRFD DR
SURPRYHU RV DUWLVWDV ORFDLV FRODERUDU SDUD D IRUPDomR GH XP S~EOLFR SDUD DV DUWHV
SOiVWLFDVHSDUD D LPSRVLomR GHQRYDVFODVVLILFDo}HVHVWpWLFDVQmRpSRVVtYHOHVTXHFHU
RIDWRGHTXHRLQVWLWXWRWDPEpPDX[LOLRXQDGLYXOJDomRGDFXOWXUDQRUWHDPHULFDQDQR
%UDVLO$FDGDGRLVPHVHVXPEROHWLPGRLQVWLWXWRFLUFXODYDLQWHUQDPHQWHGLYXOJDQGR
LQIRUPDo}HV VREUH WRGRV RV DVSHFWRV GR PRGR GH YLGD QRUWHDPHULFDQR $OpP GLVVR
HPERUDDFRQWULEXLomRGHLQVWLWXLo}HVDUWtVWLFDVRULXQGDVGRV(VWDGRV8QLGRVQmRIRVVH
UHJXODU DOJXPDV H[SRVLo}HV GH DUWLVWDV GHVWH SDtV IRUDP RUJDQL]DGDV SHOR ,%(8 HP
XP PRPHQWR HP TXH D UHDOL]DomR GH PRVWUDV FRP DUWLVWDV HVWUDQJHLURV QmR HUD PXLWR
FRPXPQR%UDVLO
'LDQWH GR SDSHO GHVHPSHQKDGR SHOR ,%(8 QD GLYXOJDomR GD SURGXomR FXOWXUDO
H DUWtVWLFD QRUWHDPHULFDQD HVWH WUDEDOKR SUHWHQGH LQYHVWLJDU D DWXDomR GR ,%(8 QR
FRQWH[WR GH HVWUHLWDPHQWR GRV YtQFXORV HQWUH R %UDVLO H RV (VWDGRV 8QLGRV D SDUWLU GD
GpFDGD GH $ RULJHP GR LQVWLWXWR UHPRQWD DR LQWHUHVVH QXWULGR SHORV GLULJHQWHV
QRUWHDPHULFDQRVGHVHDSUR[LPDUGRVSDtVHVODWLQRDPHULFDQRVSRUPHLRGHLQFHQWLYRV
jV DWLYLGDGHV FXOWXUDLV DUWtVWLFDV H HGXFDFLRQDLV $R LPSXOVLRQDUHP HVVDV DWLYLGDGHV
VHX REMHWLYR HUD DSDJDU D LPDJHP GH SDtV LQWHUYHQFLRQLVWD DWULEXtGD DRV (VWDGRV
8QLGRV SURPRYHQGR XP ³LQWHUFkPELR FXOWXUDO´ HQWUH RV SDtVHV LQWHUDPHULFDQRV 2
,%(8 IRL FULDGR MXVWDPHQWH QR PRPHQWR HP TXH RV (VWDGRV 8QLGRV PRGLILFDUDP VXD
SRVWXUDHPUHODomRDRVSDtVHVGD$PpULFD/DWLQDHVXDDWXDomRILFRXPDUFDGDSRUXPD
DPELJXLGDGHTXHHVWDYDSUHVHQWHQDVSROtWLFDVFXOWXUDLVQRUWHDPHULFDQDVRUDRLQVWLWXWR
IRLFRQVLGHUDGRXPPHGLDGRUGDVUHODo}HVFXOWXUDLVHQWUHR%UDVLOHRV(VWDGRV8QLGRV
RUDXPYHtFXORGHSURSDJDQGDGLUHWDGHVWHSDtV2FDUiWHUDPEtJXRGHVVDVSROtWLFDVQR
HQWDQWR SHUPLWLX TXH R LQVWLWXWR VH GHVHQYROYHVVH GH PDQHLUD UHODWLYDPHQWH DXW{QRPD
QR TXH VH UHIHUH DR LQFHQWLYR jV DUWHV SOiVWLFDV RV PHPEURV GD FRPLVVmR GH DUWH GR
,%(8FRQVWUXtUDPXPGLVFXUVRSUySULRVREUHDTXLORTXHGHYHULDVHUFRQVLGHUDGRDUWHGH
YDQJXDUGDQR%UDVLOHYDORUL]DUDPRVDUWLVWDVORFDLVTXHSULRUL]DYDPDLQRYDomRQDVXD
SURGXomRDUWtVWLFD
(VVH GLVFXUVR SURGX]LGR SHORV PHPEURV GD FRPLVVmR GH DUWH GR ,%(8 VREUH
R TXH GHYHULD VHU FODVVLILFDGR FRPR DUWH SRUWDGRUD GH YDORUHV QRYRV Vy SRGH VHU
FRPSUHHQGLGR WHQGR HP YLVWD R FRQKHFLPHQWR TXH HVVHV DJHQWHV SRVVXtDP GH XP
UHSHUWyULR GH SRVVLELOLGDGHV H[LVWHQWHV QR FDPSR DUWtVWLFR FDULRFD 'LDQWH GR YD]LR
GHL[DGR SHODV LQVWLWXLo}HV DUWtVWLFDV QRUWHDPHULFDQDV TXH GHYHULDP FRQWULEXLU SDUD
D UHDOL]DomR GH H[SRVLo}HV DUWtVWLFDV QR ,%(8 RV PHPEURV GD FRPLVVmR GH DUWH GR
LQVWLWXWR LQYHVWLUDP QRV DUWLVWDV TXH SURSXQKDP QRYDV H[SHULrQFLDV HVWpWLFDV ± FRPR
DTXHODV TXH HVWDYDP VHQGR GHVHQYROYLGDV QR FDPSR GD DEVWUDomR ± DJUHJDQGR
OHJLWLPLGDGHFXOWXUDODRLQVWLWXWR
2,%(8FRPRPHGLDGRUFXOWXUDOHYHtFXORGHSURSDJDQGD
2 ,%(8 IRL FULDGR FRP R REMHWLYR GH LQWHQVLILFDU DV UHODo}HV FXOWXUDLV HQWUH
R %UDVLO H RV (VWDGRV 8QLGRV GLIXQGLU R FRQKHFLPHQWR GD FXOWXUD QRUWHDPHULFDQD
H GD OtQJXD LQJOHVD QR %UDVLO H FRODERUDU FRP LQVWLWXLo}HV XQLYHUVLWiULDV H FXOWXUDLV
QR IRUWDOHFLPHQWR GRV ODoRV GH VROLGDULHGDGH HVSLULWXDO HQWUH QDo}HV GR FRQWLQHQWH
DPHULFDQR $ SUHVHQoD GR WHUPR ³VROLGDULHGDGH HVSLULWXDO´ QR HVWDWXWR GR ,%(8
WHUPR HVWH XWLOL]DGR GH IRUPD UHFRUUHQWH QRV GLVFXUVRV DVVRFLDGRV j 3ROtWLFD GD %RD
9L]LQKDQoD VXJHUH TXH D IXQGDomR GR LQVWLWXWR HVWHYH LQWLPDPHQWH UHODFLRQDGD DR
FRQWH[WRGHHVWUHLWDPHQWRGDVUHODo}HVLQWHUDPHULFDQDVDSDUWLUGDGpFDGDGH
2V SULPHLURV FRQWDWRV HVWDEHOHFLGRV SDUD D FULDomR GH XPD LQVWLWXLomR SULYDGD
YROWDGDSDUDRLQWHUFkPELRFXOWXUDOHQWUHR%UDVLOHRV(VWDGRV8QLGRVIRUDPWUDYDGRV
DLQGDQRLQtFLRGDGpFDGDGH1HVVHSHUtRGRRJRYHUQRQRUWHDPHULFDQRDLQGDQmR
HVWDYD WRWDOPHQWH HQYROYLGR FRP R LQYHVWLPHQWR HP XPD SROtWLFD FXOWXUDO H[WHUQD 1D
PDLRULDGDVYH]HVDVLQVWLWXLo}HVSULYDGDVILFDYDPFRPDWDUHIDGHLQFHQWLYDUDWLYLGDGHV
FXOWXUDLVDUWtVWLFDVHFLHQWtILFDVHPRXWURVSDtVHV$SHQDVHPGXUDQWHRJRYHUQR
GH)UDQNOLQ5RRVHYHOWXPDDJrQFLDOLJDGDDR'HSDUWDPHQWRGH(VWDGRIRLFULDGDFRP
R SURSyVLWR GH H[SDQGLU DV WURFDV HFRQ{PLFDV H FXOWXUDLV HQWUH RV SDtVHV GD $PpULFD
&KHILDGR SRU 1HOVRQ 5RFNHIHOOHU R 2IILFH RI &RPPHUFLDO DQG &XOWXUDO 5HODWLRQV
2SHUtRGRFRPSUHHQGLGRHQWUHDVGpFDGDVGHHIRLPDUFDGRSRUXPLQWHQVRGHEDWHHQWUH
RVSDODGLQRVGDDUWHILJXUDWLYDHGDDUWHDEVWUDWD1HVVHFRQWH[WRDVLQVWLWXLo}HVDUWtVWLFDVWDPEpP
VHSRVLFLRQDUDPHPUHODomRjVFRUUHQWHVHVWpWLFDVHQTXDQWRDPDLRULDGDVJDOHULDVGHDUWHLQYHVWLX
QRVDUWLVWDVMiFRQVDJUDGRVUHSUHVHQWDQWHVGRUHDOLVPRVRFLDOHQDDUWHDFDGrPLFDR,%(8RSWRXSHOR
DEVWUDFLRQLVPRTXHMiGHVSRQWDYDFRPRXPDWHQGrQFLDLQRYDGRUDQRFDPSRDUWtVWLFR
1RSUHVHQWHWUDEDOKRD³WHRULDGRVFDPSRV´GHVHQYROYLGDSRU3LHUUH%RXUGLHXSHUPLWLXSHQVDUQRV
DJHQWHVTXHDWXDPQDFULDomRGHFULWpULRVGHOHJLWLPLGDGHDUWtVWLFDGHQWURGHXPFDPSRUHODWLYDPHQWH
DXW{QRPRFRPRDTXHOHTXHFRPHoRXDVHGHOLQHDUQR5LRGH-DQHLURDSDUWLUGDGpFDGDGH(VVD
DXWRQRPLDUHODWLYDQmRVHUHIHUHjLQGHSHQGrQFLDGRFDPSRGDDUWHHPUHODomRDRVFDPSRVSROtWLFR
HHFRQ{PLFRHVLPDRJUDXGHFRQVDJUDomRLQWHUQDGRVPHPEURVTXHDWXDPQDTXHOHHVSDoRVRFLDO
HVSHFtILFR&I%RXUGLHX
(VVHVREMHWLYRVIRUDPGHILQLGRVQRHVWDWXWRGR,%(8TXHIRLDSURYDGRHPXPD$VVHPEOHLD*HUDO
([WUDRUGLQiULDQRGLDGHMXOKRGH
0HPEURGHXPDIDPtOLDDEDVWDGDOLJDGDDRUDPRGRSHWUyOHR1HOVRQGHVWDFRXVHSHODVXDDWXDomRFRPR
PHFHQDVHWDPEpPSRUVHUXPGRVIXQGDGRUHVGR0R0$
EHWZHHQ WKH $PpULFDQ 5HSXEOLFV IRL FULDGR HP H QR DQR VHJXLQWH SDVVRX D VH
FKDPDU2IILFHRIWKH&RRUGHQDWRURI,QWHU$PHULFDQ$IIDLUV2&,$$
2IDWRGHDRULJHPGR,%(8UHPRQWDUDXPSHUtRGRDQWHULRUjFULDomRGHXPD
DJrQFLD YROWDGD SDUD R LQFHQWLYR jV SROtWLFDV FXOWXUDLV LQWHUDPHULFDQDV FRQWULEXLX SDUD
TXH DTXHOHV TXH HVWDYDP HQYROYLGRV QRV HPSUHHQGLPHQWRV FXOWXUDLV GH LQWHUFkPELR
HQWUH R %UDVLO H RV (VWDGRV 8QLGRV UHIRUoDVVHP TXH DV UHODo}HV HQWUH RV GRLV SDtVHV
QmR HUDP DSHQDV XPD FRQVHTXrQFLD GH XP FRQWH[WR JHRSROtWLFR HVSHFtILFR PDV DOJR
TXH WHULD VH LQLFLDGR HP WHPSRV UHPRWRV $OpP GLVVR R YtQFXOR GR ,%(8 FRP XPD
LQVWLWXLomR SULYDGD ± R ,QVWLWXWH RI ,QWHUQDWLRQDO (GXFDWLRQ FXMR GLUHWRU 6WHSKHQ
'XJJDQ DLQGD HP DVVXPLX D WDUHID GH DX[LOLDU D FULDomR GH XPD HQWLGDGH
ELQDFLRQDOQR%UDVLO±WDPEpPIRLYLVWRFRPRXPLQGtFLRGHTXHRLQVWLWXWRQmRSRVVXtD
QHQKXPD OLJDomR FRP DV SROtWLFDV FXOWXUDLV LPSOHPHQWDGDV SHOR JRYHUQR GRV (VWDGRV
8QLGRVDSDUWLUGRILQDOGDGpFDGDGH
(VVHV DJHQWHV UHVSRQViYHLV SHOR LQWHUFkPELR HQWUH RV GRLV SDtVHV QmR IRUDP RV
~QLFRVUHVSRQViYHLVSRUGLVVHPLQDUHVVHGLVFXUVR'HDFRUGRFRP0RXUDS
RXWURVLQWHOHFWXDLVWDPEpPSUHJDUDPDLGHLDGHTXH³DVUHODo}HVEUDVLOHLURDPHULFDQDV
QmRHUDPXPDH[SHULrQFLDGHPRPHQWRPDVWLQKDPUDt]HVHPPXLWRVDQRVGHKLVWyULD´
(VVHGLVFXUVRTXHORFDOL]DYDRVODoRVHQWUHRVGRLVSDtVHVHPXPSDVVDGRGLVWDQWHIRL
SURGX]LGR FRP R LQWXLWR GH QmR LGHQWLILFDU D SHQHWUDomR FXOWXUDO QRUWHDPHULFDQD FRP
XP RSRUWXQLVPR SROtWLFR 1R GL]HU GH -RVp 7KRPDV 1DEXFR SRU RFDVLmR GR
DQLYHUViULRGHFLQTXHQWDDQRVGR,%(8
2,QVWLWXWR%UDVLO(8$IRLIXQGDGRHPEHPDQWHVSRUWDQWRGD6HJXQGD*XHUUD
0XQGLDO HP TXH OXWDUDP RPEUR D RPEUR EUDVLOHLURV H QRUWHDPHULFDQRV (OH VH
GHVWLQDYDDFRQWULEXLUSDUDXPDSROtWLFDWUDGLFLRQDOHVHFXODUHPQRVVRSDtVGHHVWUHLWD
DSUR[LPDomR FRP D VXD JUDQGH LUPm GR QRUWH e XPD SROtWLFD TXH QmR VH EDVHLD
HP RSRUWXQLVPRV RX DFDVRV GH PRPHQWR (OD VH SUHQGH YLVFHUDOPHQWH jV QRVVDV
SUySULDV UDt]HV QHVWH PXQGR QRYR 'HVGH R PRPHQWR HP TXH DV GXDV SRYRDo}HV
VH HVWDEHOHFHUDP QR VROR GR &RQWLQHQWH $PHULFDQR QDVFHX HQWUH HODV XP GHYHU GH
VROLGDULHGDGH H DSRLR UHFtSURFR HP GHIHVD GH VXD OLEHUGDGH H GD LQGHSHQGrQFLD GR
VRORFRQWLQHQWDO5RPSLGRVRVODoRVTXHOLJDYDPRVSRYRVDPHULFDQRVjVVXDVRULJHQV
HXURSpLDVHVVDSROtWLFDFRPHoRXUDSLGDPHQWHDWRPDUIRUPD
1HVVH GLVFXUVR p SRVVtYHO SHUFHEHU QR XVR GH WHUPRV FRPR ³VROLGDULHGDGH´
H³DSRLRUHFtSURFR´DVQRYDVHVWUDWpJLDVGDSROtWLFDH[WHUQDQRUWHDPHULFDQD6HGHVGHR
ILPGRVpFXOR;,;DWpRLQtFLRGRJRYHUQRGH)UDQNOLQ5RRVHYHOWHPHVVDSROtWLFD
HVWDYD SDXWDGD SULQFLSDOPHQWH QRV PpWRGRV FRHUFLWLYRV QR ILQDO GD GpFDGD GH HVVHVSURFHGLPHQWRVIRUDPVXEVWLWXtGRVSHODQHJRFLDomRGLSORPiWLFD0285$
&RP D VXEVWLWXLomR GD LQWHUYHQomR GLUHWD SHOD GLSORPDFLD QR HQWDQWR RV REMHWLYRV
QRUWHDPHULFDQRV FRQWLQXDYDP VHQGR RV PHVPRV ³LPSHGLU D LQIOXrQFLD H[WHUQD
HXURSHLDQD$PpULFDODWLQDJDUDQWLUDOLGHUDQoDDPHULFDQDQRKHPLVIpULRHHVWLPXODUD
HVWDELOLGDGHSROtWLFDQRVSDtVHVODWLQRDPHULFDQRV,GHPLELGHPS
1R TXH VH UHIHUH DR FRQWH[WR SROtWLFR EUDVLOHLUR D LQDXJXUDomR GR LQVWLWXWR
FRLQFLGLX FRP D LQVWDXUDomR GR UHJLPH GR (VWDGR 1RYR 2VZDOGR $UDQKD XP GRV
SULQFLSDLVQRPHVGRJRYHUQR9DUJDVIRLXPGRVSULQFLSDLVUHVSRQViYHLVSRULQFHQWLYDU
DFULDomRGHXPDHQWLGDGHFXOWXUDOELQDFLRQDO1DDWDGHLQDXJXUDomRGR,%(8DOpPGD
DVVLQDWXUDGH$UDQKDFRQVWDYDWDPEpPRQRPHGHRXWURVPHPEURVGRJRYHUQRFRPR
RVPLQLVWURV+pOLR/RERH0iULR3LPHQWHO%UDQGmR$SUHVHQoDGHVVDVILJXUDVS~EOLFDV
QR 3DOiFLRGR ,WDPDUDW\ RQGH IRLUHDOL]DGDD DVVHPEOHLD SDUD D IXQGDomRGR LQVWLWXWR
VXJHUHTXHRLQWHUHVVHQRGLiORJRHQWUH%UDVLOH(VWDGRV8QLGRVHUDDOJRTXHQmRSDUWLD
DSHQDVGHLQVWLWXLo}HVQRUWHDPHULFDQDVPDVTXHHVWDYDSUHVHQWHQDDJHQGDGRJRYHUQR
EUDVLOHLUR
6H D FULDomR GR ,%(8 QR HQWDQWR H[SUHVVD R LQWHUHVVH SRU SDUWH GRV GRLV
SDtVHV HP IXQGDU XPD LQVWLWXLomR ELQDFLRQDO DV PRWLYDo}HV GR JRYHUQR EUDVLOHLUR H
GRV DJHQWHV FXOWXUDLV QRUWHDPHULFDQRV QmR FRLQFLGLDP 3RU WHU VXUJLGR QR UHJLPH GR
(VWDGR1RYRFRPRDSRLRGHPHPEURVGRJRYHUQR9DUJDVpSRVVtYHODVVRFLDUR,%(8
DR LQYHVWLPHQWR TXH HVVH JRYHUQR SDVVRX D FRQFHGHU DRV DVVXQWRV UHODWLYRV j FXOWXUD
3RUpP SDUD RV QRUWHDPHULFDQRV R SDSHO TXH R ,%(8 SRGHULD GHVHPSHQKDU QR %UDVLO
QmR VH FRDGXQDYD FRP D H[LVWrQFLD GH XP UHJLPH DXWRULWiULR (P FDUWD HQYLDGD SDUD
-DFRE*UHHQEHUJPHPEURGR$VVRFLDWH6XSHULQWHQGHQW%RDUGRI(GXFDWLRQRIWKH&LW\
RI1HZ<RUNXPGRVGLUHWRUHVGR,%(8GL]
2 LQVWLWXWR GHVHPSHQKD XP SDSHO LPSRUWDQWH QD GLVVHPLQDomR GH LGpLDV DPHULFDQDV
H QDDSUHVHQWDomRGDFXOWXUDDPHULFDQDQR5LRGH-DQHLURHFRQVHTXHQWHPHQWHHP
WRGR%UDVLO$RUJDQL]DomRGHXPDVHOHomRFXLGDGRVDGHH[LELo}HVGHDUWHDPHULFDQD
FRQFHUWRVGHP~VLFDDPHULFDQDSRUP~VLFRVDPHULFDQRVHFRQIHUrQFLDVGHSURIHVVRUHV
DPHULFDQRV H EUDVLOHLURV FRPELQDGR FRP FXUVRV QRV (VWDGRV 8QLGRV SURYRFD XPD
FRPSUHHQVmR GD GHPRFUDFLD DPHULFDQD H GH VHX IXQFLRQDPHQWR HP XP SDtV RQGH D
GHPRFUDFLD HVWi FRPHoDQGR D GDU VHXV SULPHLURV SDVVRV DSyVVHU WROKLGR SRU TXLQ]H
DQRVGHGLWDGXUDWUDGXomRQRVVD
(VVD FDUWD HVFULWD DSyV R ILP GR (VWDGR 1RYR GHL[D SDWHQWH R LQWHUHVVH GRV QRUWH
DPHULFDQRV HP GLVVHPLQDU YDORUHV GHPRFUiWLFRV SRU PHLR GR LQFHQWLYR jV DWLYLGDGHV
FXOWXUDLVHDUWtVWLFDV2,%(8QRHQWDQWRIRLFULDGRHPLVWRpTXDQGRXPUHJLPH
DXWRULWiULR IRL LQVWDXUDGR QR %UDVLO 'LDQWH GHVVH SDUDGR[R p SRVVtYHO TXHVWLRQDU R
SDSHO TXH R LQVWLWXWR DVVXPLX GH IDWR FRPR HOH VHULD UHVSRQViYHO SRU FRQWULEXLU SDUD
DDILUPDomRGDGHPRFUDFLDQR%UDVLOVHHOHIRLLQDXJXUDGRHPSOHQDGLWDGXUDHFRPR
DSRLRGRVPHPEURVGRJRYHUQR9DUJDV"
,QLFLDOPHQWH R ,%(8 IRL FULDGR FRP R REMHWLYR GH DSUR[LPDU R %UDVLO H RV (VWDGRV
8QLGRV 1R FRQWH[WR GD 3ROtWLFD GD %RD 9L]LQKDQoD D DWXDomR GR LQVWLWXWR HVWHYH
DVVRFLDGD jV LGHLDV GH ³LQWHUFkPELR´ H ³WURFD´ H QmR KDYLD QHQKXPD UHIHUrQFLD DR
,%(8 FRPR SURSDJDGRU GH YDORUHV GHPRFUiWLFRV 3RUpP DSyV D 6HJXQGD *XHUUD D
LGHLD GH ³WURFD´ TXH DSDUHFLD QRV GLVFXUVRV SURGX]LGRV VREUH R LQVWLWXWR GHX OXJDU D
XPDYDORUL]DomRGR,%(8HQTXDQWRFDQDOGHGLYXOJDomRGDFXOWXUDQRUWHDPHULFDQDQR
%UDVLO
&RP HIHLWR DLQGD TXH DV QHJRFLDo}HV SDUD D FULDomR GR ,%(8 UHPHWDP j GpFDGD
GH ± TXDQGR DV LQLFLDWLYDV RILFLDLV SRU SDUWH GRV (VWDGRV 8QLGRV QD iUHD GD
FXOWXUD DLQGD QmR KDYLDP DGTXLULGR XP SDSHO UHOHYDQWH QD SROtWLFD H[WHUQD GHVVH
SDtV ± R LQFUHPHQWR SRVWHULRU GDV DWLYLGDGHV FXOWXUDLV GR LQVWLWXWR SRGH VHU DWULEXtGR
j LPSRUWkQFLD TXH RV HVSDoRV GH LQWHUFkPELR FXOWXUDO DVVXPLUDP QR FRQWH[WR GH
HVWUHLWDPHQWRGDVUHODo}HVLQWHUDPHULFDQDV2,%(8DOpPGHSURPRYHUH[SRVLo}HVGH
DUWLVWDV QRUWHDPHULFDQRV H FULDU XP FXUVR GH OtQJXD LQJOHVD WDPEpP IRL UHVSRQViYHO
SHOD SXEOLFDomR GH EROHWLQV ELPHVWUDLV TXH DOpP GH FRQWHUHP LQIRUPDo}HV VREUH R
LQVWLWXWRGLYXOJDYDPLQIRUPDo}HVYDULDGDVVREUHRV(VWDGRV8QLGRV
$ LPSRUWkQFLD GHVVHV EROHWLQV HUD WDPDQKD TXH HP R HQWmR GLUHWRU GR ,%(8
0XULOOR %HOFKLRU HVFUHYHX XPD FDUWD SDUD R YLFHSUHVLGHQWH GRV (VWDGRV 8QLGRV
2WH[WRHPOtQJXDHVWUDQJHLUDp³7KH,QVWLWXWHSOD\VDPRVWLPSRUWDQWSDUWLQWKHGLVVHPLQDWLRQRI
$PHULFDQLGHDVDQGWKHSUHVHQWDWLRQRI$PHULFDQFXOWXUHLQ5LRGH-DQHLURDQGWKHUHIRUHLQDOO%UD]LO
7KURXJKWKHRUJDQL]DWLRQRIFDUHIXOO\VHOHFWHGH[KLELW]RI$PHULFDQDUWFRQFHUWVRI$PHULFDQPXVLF
E\$PHULFDQPXVLFLDQVDQGOHFWXUHVE\$PHULFDQDQG%UD]LOLDQVFKRODUVFRPELQHGZLWKFRXUVHVRQWKH
8QLWHG6WDWHVLWEULQJVDERXWDQXQGHUVWDQGLQJRIDPHULFDQGHPRFUDF\DQGLWVIXQFWLRQLQJVLQDFRXQWU\
ZKHUHGHPRFUDF\LVMXVWEHJLQQLQJWRWDNHLWVILUVWIXEOHVWHSVDIWHUKDYLQJEHHQVKDFNOHGE\ILIWHHQ
\HDUVRIGLFWDWRUVKLS´&DUWDGH5D\PRQG6D\HUVSDUD-DFRE*UHHQEHUJ3DVWD3HVVRDO±
&RQILGHQFLDO$UTXLYRVGR,%(8
2VEROHWLQVLQIRUPDYDPDSURJUDPDomRGR,%(8DVGRDo}HVSDUDDELEOLRWHFDRVDYLVRVSDUDRV
DOXQRVGRFXUVRGHLQJOrVHLQIRUPDo}HVVREUHRVDUWLVWDVTXHSDUWLFLSDYDPGDVH[SRVLo}HVUHDOL]DGDVQR
LQVWLWXWR
5LFKDUG1L[RQLQIRUPDQGRVREUHDFLUFXODomRGHVVHVEROHWLQVQRLQVWLWXWR2LQWXLWRDR
HQYLDUHVVDFDUWDMXQWDPHQWHFRPXPH[HPSODUGREROHWLPHUDGHPRQVWUDUTXHR,%(8
HVWDYD GHVHPSHQKDQGR XPD IXQomR LPSRUWDQWH QD GLVVHPLQDomR GH LQIRUPDo}HV VREUH
RPRGRGHYLGDQRUWHDPHULFDQR(PXPWUHFKRGDFDUWD0XULOOR%HOFKLRUGL]³&DVR
YRFr VH LQWHUHVVH QyV HVWDPRV HQYLDQGR XPD FySLD GR EROHWLP GH VHWHPEUR TXH p
GLVWULEXtGRSDUDPDLVGHPHPEURVHSHVVRDVLQIOXHQWHVQDFLGDGH´WUDGXomRQRVVD
(P XP GRV EROHWLQV SXEOLFDGR HP IHYHUHLUR GH p SRVVtYHO YLVOXPEUDU
LQIRUPDo}HVYDULDGDVVREUHRV(VWDGRV8QLGRV(PXPDVHomRLQWLWXODGD³,QVWDQWkQHRV
GD $PpULFD´ DOJXQV ORFDLV WXUtVWLFRV VmR GHVWDFDGRV FRPR D SHQtQVXOD GH 0RQWHUH\
ORFDOL]DGD QR OLWRUDO FDOLIRUQLDQR Mi HP RXWUD VHomR XPD SHTXHQD ELRJUDILD GH -RKQ
6WHLQEHFN p DSUHVHQWDGD 1R PHVPR EROHWLP WDPEpP IRUDP GLYXOJDGDV DOJXPDV
LQIRUPDo}HV VREUH R 0R0$ SRU FRQWD GD GRDomR TXH R PXVHX IH] j ELEOLRWHFD GR
,%(8 $OpP GLVVR Ki XPD LQIRUPDomR VREUH D H[LVWrQFLD GH XP IDUWR PDWHULDO GH
HVWXGRQRPXVHXSDUDDTXHOHVTXHVHLQWHUHVVDPSRUDUWH
$V LQIRUPDo}HV VREUH R 0R0$ QmR VH HVJRWDP QHVVH EROHWLP (P QRYHPEUR GH
QD VHomR LQWLWXODGD ³$ %LEOLRWHFD ,QIRUPD´ D ORFDOL]DomR GR PXVHX H D GDWD GH
VXD IXQGDomR VmR QRYDPHQWH LQIRUPDGDV DR OHLWRU SRUpP D SULQFLSDO QRWtFLD p R IDWR
GH D ELEOLRWHFD GR ,%(8 WHU VH WRUQDGR VyFLD GR PXVHX $OpP GR GHVFRQWR HP OLYURV
GH DUWH SXEOLFDGR SHOR 0R0$ H R UHFHELPHQWR GH SXEOLFDo}HV JUDWXLWDV R LQVWLWXWR
WDPEpPSRGHULDFRQWDUFRPREROHWLPLQIRUPDWLYRGRPXVHXRQGHFRQVWDYDPWRGDVDV
LQIRUPDo}HVVREUHDVDWLYLGDGHVUHDOL]DGDVQHVVDLQVWLWXLomRDUWtVWLFD
$ GLYXOJDomR GH LQIRUPDo}HV VREUH R 0R0$ QRV EROHWLQV GR ,%(8 VXJHUH XPD
SUR[LPLGDGH HQWUH DV GXDV LQVWLWXLo}HV 2 PXVHX IRL UHVSRQViYHO WDQWR SHOR DX[tOLR
QD YLQGD GH H[SRVLo}HV HVWUDQJHLUDV SDUD R ,%(8 TXDQWR SHOD GRDomR GH OLYURV SDUD
ELEOLRWHFD GR LQVWLWXWR 6H D FRODERUDomR GR 0R0$ VXJHUH D SULQFtSLR XPD DWLWXGH
GHVLQWHUHVVDGD SRU SDUWH GD LQVWLWXLomR QR WUHFKR GHVWD FRUUHVSRQGrQFLD HQYLDGD SHOR
GLUHWRU GR 3URJUDPD ,QWHUQDFLRQDO GR 0R0$ 3HWHU 0FFUD\ SRU FRQWD GR HQYLR GH
SXEOLFDo}HV DR ,%(8 p SRVVtYHO HQWUHYHU TXH R LQWHUFkPELR HQWUH R PXVHX H LQVWLWXWR
HUD LPSRUWDQWH QmR VRPHQWH SDUD R ~OWLPR Mi TXH KDYLD XP LQWHUHVVH HP HYLGHQFLDU D
VLWXDomRGRV(VWDGRV8QLGRVTXDQGRRDVVXQWRHUDDUWH
(VVHV OLYURV VREUH DUWLVWDV HXURSHXV H DPHULFDQRV VmR RIHUHFLGRV FRPR XPD
HYLGrQFLDGDTXDOLGDGHGRVHVWXGRVGHDUWHQRV(VWDGRV8QLGRVHGRHVFRSR
GDVDWLYLGDGHVGRPXVHXHPUHXQLUHPH[LELo}HVWHPSRUiULDVDJUDQGHDUWH
GRVpFXOR;;HGHSHUtRGRVDQWHULRUHVUHODFLRQDGDVjDUWHPRGHUQDWUDGXomR
QRVVD
2WH[WRHPOLQJXDOHVWUDQJHLUDp³)RU\RXUSRVVLEOHLQWHUHVWZHDUHHQFORVLQJDFRS\RIRXUVHSWHPEHU
EXOOHWLQZKLFKLVGLVWULEXWHGWRZHOORYHURIRXUPHPEHUVDQGLQIOXHQWLDOSHRSOHLQWKHFLW\´&DUWD
GH0XULOOR%HOFKLRUSDUD5LFKDUG1L[RQ3DVWD&±,QWHUFkPELRFXOWXUDO±HVWDGLVWDV
$UTXLYRVGR,%(8
(VVDFROHomRFRQWLQKDTXLQ]HPLOYROXPHVHMXQWRFRPHODIRUDPHQYLDGRVVOLGHVILOPHVIRWRJUDILDVHWF
8PGDVGRDo}HVGR0R0$GHXRULJHPjDOLDQoDHQWUHR,%(8HR,QVWLWXWRGRV$UTXLWHWRVGR%UDVLO
,$%QDGpFDGDGH(VVDUHODomRHQWUHRVGRLVLQVWLWXWRVQDVFHXTXDQGRXPGRVPHPEURVGD
FRPLVVmRGHDUWHGR,%(80DUF%HUNRZLW]VXJHULXD2VFDU1LHPD\HU±PHPEURGD,$%±TXHHVWH
DFHLWDVVHDUHQGDREWLGDFRPDYHQGDGRVH[HPSODUHVGHOLYURVFRQFHGLGRVSHOR0R0$DR,%(8(P
WURFDR,$%RIHUHFHULDVHXHVSDoRSDUDIXQFLRQDUFRPRVHGHSURYLVyULDGDVDWLYLGDGHVRUJDQL]DGDVSHOR
LQVWLWXWR
2WH[WRHPOtQJXDHVWUDQJHLUDp³7KHVHPRQRJUDSKVRQGLVWLQJXLVKHG(XURSHDQDUWLVWVDVZHOODV
$PHULFDQVDUHRIIHUHGDVDQHYLGHQFHRIWKHTXDOLW\RI$UW6FKRODUVKLSLQWKH8QLWHG6WDWHVDQGWKHVFRSH
RIWKLVPXVHXP¶VDFWLYLWLHVLQDVVHPEOLQJIRUWHPSRUDU\H[KLELWLRQWKHJUHDWDUWRIWKHWKFHQWXU\DQG
HDUO\SHULRGVUHODWLQJWRPRGHUQDUW´&DUWDGH3HWHU0FFUD\SDUD7KRPDV'RZQH\&DGHUQR
$UTXLYRVGR,%(8
0HVPR FRQWDQGR FRP OLYURV H SXEOLFDo}HV RULXQGRV GH LQVWLWXLo}HV FRPR R
0R0$ QR TXH WDQJH DR DX[tOLR GHVVHV HVWDEHOHFLPHQWRV DUWtVWLFRV QD UHDOL]DomR GH
H[SRVLo}HVR,%(8QDPDLRULDGDVYH]HVFRQWDYDDSHQDVFRPVHXSUySULRHVIRUoRQD
GLYXOJDomR GD DUWH QRUWHDPHULFDQD 6H R LQVWLWXWR SDUWLFLSRX GD WHQWDWLYD GH
DSUR[LPDomRHQWUHR%UDVLOHRV(VWDGRV8QLGRVSRUPHLRGDGLVVHPLQDomRGDSURGXomR
FXOWXUDO H DUWtVWLFD GHVWH SDtV TXDQGR VH WHP HP YLVWD DV H[SRVLo}HV UHDOL]DGDV SHOR
LQVWLWXWR PHVPR DTXHODV TXH FRQWDYDP FRP REUDV GH DUWLVWDV QRUWHDPHULFDQRV
H[SUHVVDYDPXPLQWHUHVVHGRVPHPEURVGDFRPLVVmRGHDUWHGR,%(8HPGLYXOJDUHVVHV
DUWLVWDV LVWR p QmR VH WUDWDYD GH XPD LPSRVLomR H[WHUQD 1HVVH VHQWLGR RV PHPEURV
GHVVDFRPLVVmRWLQKDPOLEHUGDGHSDUDHVFROKHURVDUWLVWDVTXHVHULDPSULYLOHJLDGRVSHOR
LQVWLWXWR$SHVDUGHR,%(8WHUVLGRFULDGRFRPRREMHWLYRGHIDYRUHFHURLQWHUFkPELR
FXOWXUDO HQWUH %UDVLO H (VWDGRV 8QLGRV QmR IRUDP DSHQDV RV DUWLVWDV GHVWH SDtV TXH
PDUFDUDP SUHVHQoD QR LQVWLWXWR H DV FRUUHQWHV HVWpWLFDV TXH IRUDP YDORUL]DGDV SHOR
,%(8QmRFRLQFLGLDPFRPDTXHODVTXHHUDPGHVWDTXHQDVLQVWLWXLo}HVDUWtVWLFDVQRUWH
DPHULFDQDV
$DWXDomRGR,%(8QRFDPSRDUWtVWLFRFDULRFD
2DX[tOLRGHLQVWLWXLo}HVDUWtVWLFDVQRUWHDPHULFDQDVQDUHDOL]DomRGHDWLYLGDGHV
FXOWXUDLVQR%UDVLOQmRSRGHVHUFRPSUHHQGLGRVHPWHUHPYLVWDXPSURMHWRPDLVDPSOR
GRV GLULJHQWHV GRV (VWDGRV 8QLGRV TXH SUHYLD D GLVVHPLQDomR GD SURGXomR DUWtVWLFD
GHVWH SDtV FRP R REMHWLYR GH PRGLILFDU R HL[R GD LQIOXrQFLD FXOWXUDO QD $PpULFD
/DWLQD 2 SUrPLR GH YLDJHP RIHUHFLGR DQXDOPHQWH SHOR ,%(8 SRU H[HPSOR JDUDQWLD
DRYHQFHGRUXPDYLDJHPDRV(VWDGRV8QLGRVFRPRLQWXLWRGHID]HUFRPTXHXPDUWLVWD
EUDVLOHLUR WUDYDVVH FRQWDWR FRP R PXQGR DUWtVWLFR QRUWHDPHULFDQR &RQVLGHUDQGR TXH
RVSUrPLRVRIHUHFLGRVSHORV6DO}HVWLQKDPVHPSUH3DULVFRPRGHVWLQRDSUHPLDomRGR
,%(8 IH] SDUWH GH XPD HVWUDWpJLD TXH SUHYLD XPD PXGDQoD QDV KLHUDUTXLDV QR FDPSR
DUWtVWLFRFRPDSURJUHVVLYDVXEVWLWXLomRGDLQIOXrQFLDIUDQFHVDSHODQRUWHDPHULFDQD
$ LPSRUWkQFLD GD DUWH PRGHUQD SDUD RV (VWDGRV 8QLGRV FRPR JUDQGH VtPEROR
GRVYDORUHVGHPRFUiWLFRVSRGHVHUSHUFHELGDQDFULDomRGR3URJUDPD,QWHUQDFLRQDOGR
0R0$ HP TXH VHULD UHVSRQViYHO SHOD FLUFXODomR GH H[SRVLo}HV GR PXVHX HP
YiULRVSDtVHV1REROHWLPGR,%(8SXEOLFDGRHPIHYHUHLURGHRLQWHUFkPELRHQWUH
R 0R0$ H RXWUDV LQVWLWXLo}HV DUWtVWLFDV DWUDYpV GR HPSUpVWLPR GH REUDV p GHVWDFDGR
FRPR XPD DWLWXGH DOWUXtVWD SRU SDUWH GR PXVHX (VVH LQWHUFkPELR p UHVVDOWDGR
MXQWDPHQWH FRP RXWUDV FDUDFWHUtVWLFDV GR 0R0$ HP XPD WHQWDWLYD GH GLVVLPXODU R
LQWHUHVVHGHVVDLQVWLWXLomRHPH[SRUGHWHUPLQDGRVDUWLVWDVHHQYLDUREUDVGRVHXDFHUYR
SDUD RXWURV SDtVHV $R VHU GHILQLGR FRPR XP PXVHX HGXFDWLYR R 0R0$ QmR SRGHULD
VHU DFXVDGR GH LQIOXHQFLDU D SURGXomR DUWtVWLFD GRV RXWURV SDtVHV DWUDYpV GR VHX
3URJUDPD,QWHUQDFLRQDO
$QWHV PHVPR GD FULDomR GHVVH SURJUDPD QR HQWDQWR p SRVVtYHO SHUFHEHU D SUHVHQoD
GH DUWLVWDV QRUWHDPHULFDQRV HP H[SRVLo}HV UHDOL]DGDV QR ,%(8 (P R LQVWLWXWR
SDWURFLQRX XPD H[SRVLomR GH JUDYXUDV GH DUWLVWDV QRUWHDPHULFDQRV HP XP PRPHQWR
HP TXH DV H[SRVLo}HV GH DUWLVWDV HVWUDQJHLURV QmR HUDP WmR UHFRUUHQWHV QR SDtV -i HP
IRL UHDOL]DGD XPD H[SRVLomR GH DUWH PRGHUQD FRP DUWLVWDV QRUWHDPHULFDQRV H
EUDVLOHLURV QR 0XVHX 1DFLRQDO GH %HODV $UWHV VRE R SDWURFtQLR GR ,%(8 H GD JDOHULD
&RQWHPSRUDU\ $UWV GH 1RYD <RUN 1HVVD H[SRVLomR TXH IRL EDVWDQWH QRWLFLDGD
SHORV SULQFLSDLV MRUQDLV GD pSRFD FRPSDUHFHUDP UHSUHVHQWDQWHV GD HPEDL[DGD QRUWH
DPHULFDQD DOpP GH DXWRULGDGHV EUDVLOHLUDV FRPR *XVWDYR &DSDQHPD (P R
SUpGLRGR0LQLVWpULRGD(GXFDomRVHGLRXDH[SRVLomR3LQWRUHV&RQWHPSRUkQHRV1RUWH
$PHULFDQRVSDWURFLQDGDSHOR,%(8HSHODHPEDL[DGDQRUWHDPHULFDQD
&RPR p SRVVtYHO YHU DWUDYpV GHVVHV H[HPSORV DV H[SRVLo}HV GH DUWLVWDV QRUWH
DPHULFDQRV UHDOL]DGDV FRP R SDWURFtQLR GR ,%(8 FRQWDYDP FRP DSRLR GH GLYHUVDV
LQVWLWXLo}HVDUWtVWLFDVVHQGRTXHR0R0$DLQGDQmRKDYLDFRODERUDGRSDUDDUHDOL]DomR
GH QHQKXPD GHODV 6RPHQWH HP QD H[SRVLomR 7KH $PHULFDQ :RRGFXW 7RGD\ p
TXHRPXVHXHPSUHVWRXDOJXPDVREUDVSDUDDUHDOL]DomRGHXPDH[SRVLomR0HVPRDSyV
DFULDomRGR3URJUDPD,QWHUQDFLRQDOGR0R0$QRHQWDQWRPXLWDVGDVH[SRVLo}HVGH
DUWLVWDV RULXQGRV GRV (VWDGRV 8QLGRV RUJDQL]DGDV SHOR ,%(8 IRUDP UHDOL]DGDV FRP DV
REUDV GRV DUWLVWDV TXH SDUWLFLSDYDP GD %LHQDO FRPR p R FDVR GH H[SRVLomR LQWLWXODGD
*UDYXUDV 1RUWH$PHULFDQDV LQDXJXUDGD HP H GD PRVWUD FRP RV DUWLVWDV GD
GHOHJDomR QRUWHDPHULFDQD TXH SDUWLFLSDUDP GD ƒ %LHQDO GH 6mR 3DXOR UHDOL]DGD HP
0HVPR TXDQGR HUD SRVVtYHO FRQWDU FRP REUDV YLQGDV HVSHFLDOPHQWH SDUD DV
H[SRVLo}HVQR,%(8RLQVWLWXWRWLQKDTXHPRELOL]DURVUHFXUVRVSDUDVXDUHDOL]DomR(P
XPDFRUUHVSRQGrQFLDHQYLDGDSHORDVVLVWHQWHDGPLQLVWUDWLYRGR3URJUDPD,QWHUQDFLRQDO
GR 0R0$ *UDFH 'DYLV SDUD R GLUHWRU GR ,%(8 SRU FRQWD GD H[SRVLomR 7KH
$PHULFDQ:RRGFXW7RGD\IRLVROLFLWDGRTXHRLQVWLWXWRILFDVVHHQFDUUHJDGRGHEDQFDU
DV GHVSHVDV GR WUDQVSRUWH GDV REUDV HQWUH RV (VWDGRV 8QLGRV H R %UDVLO &DEHULD DR
0R0$HPSUHVWDUDVREUDVHFREULURVHJXURVHQGRDVRXWUDVGHVSHVDVUHVSRQVDELOLGDGH
GR LQVWLWXWR $ SDUWLU GHVVH H[HPSOR p SRVVtYHO TXHVWLRQDU R LQWHUHVVH GRV DJHQWHV
FXOWXUDLVGRPXVHXHPHPSUHVWDUREUDVGHVXDFROHomRSDUDHVWDEHOHFLPHQWRVDUWtVWLFRV
EUDVLOHLURV 1R FDVR GHVVD H[SRVLomR FRPR XPD SDUWH GRV FXVWRV ILFDULD SRU FRQWD GR
,%(8RLQWHUHVVHHPDEULJDUH[SRVLo}HVGHDUWLVWDVQRUWHDPHULFDQRVSDUWLDWDPEpPGD
FRPLVVmRGHDUWHGRLQVWLWXWRHQmRDSHQDVGR3URJUDPD,QWHUQDFLRQDOGRPXVHX
'HVVHPRGRHPERUDKRXYHVVHXPGLiORJRHQWUHR,%(8HR0R0$SRVWRTXH
R PXVHX HUD UHVSRQViYHO SRU HPSUHVWDU REUDV H HQYLDU SXEOLFDo}HV QHP VHPSUH HVVH
LQWHUFkPELR FXOWXUDO WHYH XP FDUiWHU SULRULWiULR SDUD R 0R0$ FRPR p SRVVtYHO YHU
QHVWD FDUWD HQYLDGD SHOR GLUHWRU GR ,%(8 -RKQ )UDQNHO SDUD R GLUHWRU GR 3URJUDPD
,QWHUQDFLRQDOGR0R0$5HQp'¶+DUQRQFRXUW
1RVTXLQ]HPHVHVTXHVHWUDQVFRUUHUDPGHVGHRLQtFLRGHVVDWURFDGHFDUWDV
QyV QmR UHFHEHPRV QHQKXP LWHP WDQJtYHO SDUD D H[LELomR QD QRVVD JDOHULD
QHPXPOLYURSDUDDQRVVDELEOLRWHFD
2 0R0$ GHVIUXWRX GH XPD HVWLPD PXLWR DOWD H GH ERD UHSXWDomR HQWUH RV
EUDVLOHLURV SULQFLSDOPHQWH HQWUH DTXHOHV TXH HVWmR DVVRFLDGRV MXQWR FRPLJR
QR ,%(8 (X ODPHQWR GL]HU TXH HVVH SUHVWtJLR HVWi HP ULVFR 7RGRV QyV ±
EUDVLOHLURV H DPHULFDQRV LJXDOPHQWH ± GR FRQVHOKR GR LQVWLWXWR H HP VXDV
YiULDV FRPLVV}HV VHUYLPRV YROXQWDULDPHQWH RIHUHFHQGR QRVVR WHPSR H
HVIRUoRSRUTXHQyVTXHUHPRVSURPRYHUXPLQWHUFkPELRFXOWXUDOHQWUHRVGRLV
SDtVHV1yVQmRWLYHPRVGLILFXOGDGHHPWUD]HUDUWHEUDVLOHLUDGHERDTXDOLGDGH
SDUD DSUHVHQWDU QD QRVVD JDOHULD PDV D WURFD p XP VHJXQGR FDPLQKR H QyV
SUHFLVDPRV GH DUWH QRUWHDPHULFDQD SDUD HTXLOLEUDU QRVVR SURJUDPD 6H QyV
QmRSRGHPRVFRQWDUFRPYRFrVSRUIDYRUGHL[HQRVVDEHUSDUDTXHSRVVDPRV
DFKDU RXWURV FDQDLV QRV (VWDGRV 8QLGRV SDUD VXSULU QRVVDV QHFHVVLGDGHV
WUDGXomRQRVVD
$LQGDTXHR3URJUDPD,QWHUQDFLRQDOGR0R0$WLYHVVHGHVHPSHQKDGRXPSDSHO
HVWUDWpJLFR DR GLYXOJDU D DUWH PRGHUQD SURGX]LGD QRV (VWDGRV 8QLGRV SDUD R UHVWR GR
PXQGR D GHPDQGD SHOD ³DUWH GH ERD TXDOLGDGH´ UHSUHVHQWDGD QD FROHomR GR PXVHX
QHPVHPSUHHUDVXSULGDSHORSURJUDPD1RFDVRGR,%(8QHPVHPSUHDVGRDo}HVGH
OLYURVHH[LELo}HVSURPHWLGDVVHFRQFUHWL]DYDPHRLQVWLWXWRPRQWDYDVXDSURJUDPDomR
GH DFRUGR FRP DV FRQGLo}HV LPSRVWDV SHOR FDPSR DUWtVWLFR ORFDO 6H QmR HUD SRVVtYHO
FRQWDU FRP D DUWH SURGX]LGD QRV (VWDGRV 8QLGRV FDELD DR ,%(8 LQYHVWLU QDTXLOR TXH
VHULDD³ERDDUWHEUDVLOHLUD´1HVVHVHQWLGRpLQWHUHVVDQWHQRWDUTXHHQTXDQWRR0R0$
SDVVRX D VH DVVRFLDU DR ([SUHVVLRQLVPR $EVWUDWR D SDUWLU GD GpFDGD GH DV REUDV
GRV SULQFLSDLV DUWLVWDV GHVVD FRUUHQWH QmR DSDUHFHP VHTXHU XPD YH] QDV H[SRVLo}HV
UHDOL]DGDVSHOR,%(8QRSHUtRGRFRPSUHHQGLGRHQWUHDGpFDGDGHH2ODSVR
HQWUH R TXH HUD FRQVLGHUDGR PRGHUQR DTXL H Oi HUD IODJUDQWH HQTXDQWR RV PHPEURV
GD FRPLVVmR GH DUWH GR ,%(8 GHILQLDP RV DUWLVWDV FRQFUHWRV FRPR SRUWDGRUHV GRV
YDORUHVQRYRVQRV(VWDGRV8QLGRVR([SUHVVLRQLVPR$EVWUDWRHUDVLQ{QLPRGHDUWHGH
YDQJXDUGD
$ SUHVHQoD GH DUWLVWDV QRUWHDPHULFDQRV HP H[SRVLo}HV UHDOL]DGDV SHOR ,%(8
HUD UHFRUUHQWH DLQGD TXH RV DUWLVWDV OLJDGRV DR ([SUHVVLRQLVPR $EVWUDWR QmR IRVVHP
UHSUHVHQWDGRVQHVVDVPRVWUDV3RUpPREVHUYDQGRDVH[SRVLo}HVGR,%(8FRPREUDV
GHDUWLVWDVRULXQGRVGRV(VWDGRV8QLGRVUHDOL]DGDVHQWUHHSHUFHEHVHTXH
D PDLRULD GHODV IRL FRPSRVWD GH JUDYXUDV $ GLILFXOGDGH GR 3URJUDPD ,QWHUQDFLRQDO
GR 0R0$ HP VXSULU RV SDtVHV GD $PpULFD /DWLQD GHYLGR DR LQWHUHVVH HP LQYHVWLU QD
(XURSD QR SHUtRGR GR SyVJXHUUD IRL UHVSRQViYHO SRU FULDU XPD KLHUDUTXLD HQWUH RV
SDtVHV HQTXDQWR RV HXURSHXV ILFDYDP FRP DV SLQWXUDV H DV REUDV PDLV LPSRUWDQWHV R
%UDVLOUHFHELDDVJUDYXUDVTXDQGRDVUHFHELD
6REUH HVVD UHODomR HQWUH R 0R0$ H R ,%(8 WDPEpP FDEH GL]HU TXH DV
HVWUDWpJLDV GH DWXDomR GDV GXDV LQVWLWXLo}HV HUDP GLVWLQWDV 'H DFRUGR FRP 6DQW¶$QQD
2WH[WRHPOtQJXDHVWUDQJHLUDp³,QWKHPRQWKVWKDWZHKDYHHODSVHGVLQFHWKDWEHJLQQLQJRIWKLV
H[FKDQJHRIOHWWHUVZHKDYHQRWUHFHLYHGRQHWDQJLEOHLWHPIRUWKHH[KLELWLRQLQRXUJDOOHU\QRUKDYHZH
UHFHLYHGRQHERRNIRURXUOLEUDU\7KHPRPDKDVHQMR\HGDYHU\KLJKHVWHHPDQGWKHJRRGZLOORIPRVW
LQWHUHVWHG%UD]LOLDQVHVSHFLDOO\WKRVHDVVRFLDWHGZLWKPHDWWKH,%(8,UHJUHWWRVD\WKDWWKLVSUHVWLJH
LVLQLPPHGLDWHMHRSDUG\$OORIXV±%UD]LOLDQVDQG$PHULFDQVDOLNH±RQWKHERDUGRIWKHLQVWLWXWRDQG
RQLWVYDULRXVFRPPLVVLRQVVHUYHYROXQWDULO\JLYLQJRXWWLPHDQGHIIRUWEHFDXVHZHZDQWWRSURPRWH
WKHFXOWXUDOLQWHUFKDQJHEHWZHHQRXUWZRFRXQWULHV:HKDYHKDGOLWWOHGLIILFXOW\JHWWLQJ%UD]LOLDQDUW
RIKLJKTXDOLW\WRVKRZLQRXUJDOOHU\EXWLQWHUFKDQJHLVDZD\VWUHHWDQGZHQHHGQRUWK$PHULFDQDUW
WREDODQFHRXUSURJUDP,IZHFDQQRWFRXQWRQ\RXSOHDVHOHWXVNQRZVRWKDWZHFDQWU\WRILQGRWKHU
FKDQQHOVLQWKH86WRVHUYHRXUQHHGV´&DUWDGH-RKQ)UDQNHOSDUD5HQp'¶+DUQRQFRXUW
'RFXPHQWDomR5HQp'¶+DUQRQFRXUW$UTXLYRVGR0XVHXGH$UWH0RGHUQDGH1RYD<RUN
1mRIRLjWRDTXHDVHGHGR,%(8QR)ODPHQJRIRLLQDXJXUDGDFRPDH[SRVLomR&ROHWLYDGH3LQWRUHV
%UDVLOHLURVH1RUWH$PHULFDQRVHP
2,%(8QmRIRLD~QLFDLQVWLWXLomRFXOWXUDOTXHWHYHGLILFXOGDGHVHPSUHHQFKHUVXDSURJUDPDomRFRP
DVREUDVGDFROHomRGR0R0$20$0FDULRFDWDPEpPSDVVRXSRUXPDVLWXDomRVHPHOKDQWH(PERUD
VHXPLWRGHRULJHPHVWHMDYLQFXODGRDRLQWHUHVVHGH1HOVRQ5RFNHIHOOHUQDIXQGDomRGHXP0XVHX
GH$UWH0RGHUQDQR%UDVLOLQWHUHVVHHVWHTXHWLQKDVXDVUDt]HVGD3ROtWLFDGD%RD9L]LQKDQoDDSyVD
LQDXJXUDomRGRPXVHXYiULRVFRQWDWRVIRUDPWUDYDGRVFRPLQVWLWXLo}HVDUWtVWLFDVQRUWHDPHULFDQDVPDV
WDOFRPRDFRQWHFLDQR,%(8QHPVHPSUHDVGHPDQGDVSRUUHFXUVRVRXGRDo}HVSDUDDFROHomRGRPXVHX
HUDPDWHQGLGDV6HQRPRPHQWRGDIXQGDomRGRPXVHXSDUHFLDKDYHUXPLQWHUHVVHSDWHQWHGH1HOVRQ
5RFNHIHOOHUHPWUDQVIRUPDUR0$0FDULRFDHPXPDILOLDOGR0R0$HVVDLQWHQomRQmRVHFRQFUHWL]RXH
HVVHVPXVHXVDFDEDUDPDGTXLULQGRFDUDFWHUtVWLFDVEHPGLVWLQWDV6$17¶$11$
R 0R0$ QmR GHVHPSHQKDYD R SDSHO GH FRQVDJUDU DUWLVWDV H PRYLPHQWRV
'HILQLQGRVH FRPR XPD LQVWLWXLomR HGXFDFLRQDO D SUHRFXSDomR GR PXVHX JLUDYD HP
WRUQRGDVDWLVIDomRGRS~EOLFRGDtPRQWDUVXDSURJUDPDomRFRPDVREUDVTXHMiKDYLDP
FRQTXLVWDGR UHFRQKHFLPHQWR -i QR ,%(8 GHVGH D GpFDGD GH RV PHPEURV GD
FRPLVVmRGHDUWHMiKDYLDPRSWDGRSRULQYHVWLUHPDOJXQVDUWLVWDVHFRUUHQWHVTXHQmR
GHVIUXWDYDP GH SUHVWtJLR 6H QmR HUD SRVVtYHO FRQWDU FRP DTXLOR TXH KDYLD GH PDLV
LQRYDGRU QD DUWH QRUWHDPHULFDQD D HVWUDWpJLD GRV PHPEURV GD FRPLVVmR GH DUWH GR
,%(8 SDVVRX SHOR LQYHVWLPHQWR QRV DUWLVWDV ORFDLV TXH UHDOL]DYDP QRYDV H[SHULrQFLDV
HVWpWLFDV &RPR H[HPSOR GHVVH LQYHVWLPHQWR p SRVVtYHO FLWDU D SULPHLUD H[SRVLomR
LQGLYLGXDO GH ,EHUr &DPDUJR UHDOL]DGD HP TXH FRQWRX FRP R SDWURFtQLR GR
LQVWLWXWR
$VHYLGrQFLDVGHVVDOLJDomRHQWUHR,%(8HHVVHVDUWLVWDVYmRVHWRUQDQGRPDLV
IRUWHVjPHGLGDTXHVHSHUFHEHDVUHGHVGHVRFLDELOLGDGHTXHHQYROYHUDPRVFULDGRUHV
DUWtVWLFRVRVPHPEURVGDFRPLVVmRGHDUWHGRLQVWLWXWRHRVFUtWLFRV0DUF%HUNRZLW]
SRU H[HPSOR XP GRV SULQFLSDLV LQFHQWLYDGRUHV GDV DWLYLGDGHV FXOWXUDLV GR ,%(8
DWXRXHPYiULDVYHUWHQWHVGRFDPSRDUWtVWLFR±RUDFRPRPHPEURGDFRPLVVmRGHDUWH
GR LQVWLWXWR RUD FRPR FUtWLFR GHDUWHHP MRUQDLV HUHYLVWDV ± H FRQWULEXLX SDUD TXH RV
DUWLVWDV DEVWUDWRV WLYHVVHP PDLRU YLVLELOLGDGH &RPR FUtWLFR GH DUWH HOH HVFUHYHX XPD
UHVHQKD EDVWDQWH IDYRUiYHO D ,YDQ 6HUSD DQWHV PHVPR GH HOH WHU JDQKDGR XP SUrPLR
QD %LHQDO GH 6mR 3DXOR $SyV HVFUHYHU HVVD FUtWLFD H DILUPDU TXH 6HUSD HUD XP GRV
PHOKRUHV SLQWRUHV MRYHQV EUDVLOHLURV %HUNRZLW] FRQYLGRX R DUWLVWD SDUD UHDOL]DU XPD
H[SRVLomRVRERSDWURFtQLRGR,%(8RTXHDFRQWHFHXHP
$RLQYHVWLUHPQRVDUWLVWDVDEVWUDWRVRVPHPEURVGDFRPLVVmRGHDUWHGR,%(8
FRQWULEXtUDPSDUDDDOWHUDomRGDVFODVVLILFDo}HVYLJHQWHVQRPXQGRGDDUWH$H[SRVLomR
GH $OH[DQGHU &DOGHU SRU H[HPSOR UHDOL]DGD FRP R SDWURFtQLR GR ,%(8 HP UHYHODYD D DSUR[LPDomR GRV PHPEURV GD FRPLVVmR GH DUWH GR LQVWLWXWR FRP RV QRYRV
YDORUHVUHVSRQViYHLVSHODFRQVDJUDomRHVWpWLFD2³HVStULWREULQFDOKmR´GRVPyELOHVGH
&DOGHUHVWDYDGHDFRUGRFRPRVQRYRVWHPSRVHPTXHDOLEHUGDGHHDFULDWLYLGDGHHUDP
FRQVWDQWHPHQWHH[LJLGDVGRDUWLVWD5(,1+(,0(5
(VVD H[SRVLomR GH &DOGHU FRQVLGHUDGD XP PDUFR SRU WHU GLYXOJDGR D DUWH
DEVWUDWDQRSDtVTXDQGRHODDLQGDQmRHUDWmRGLIXQGLGDUHYHODGRLVDVSHFWRVLPSRUWDQWHV
VREUH D DWXDomR GR ,%(8 VXD DSUR[LPDomR FRP RV (VWDGRV 8QLGRV H FRP RV DUWLVWDV
PRGHUQRV SRUWDGRUHV GRV QRYRV YDORUHV GD SURGXomR DUWtVWLFD (PERUD DOJXPDV REUDV
GHVVH HVFXOWRU Mi WLYHVVHP VLGR H[SRVWDV QR %UDVLO ± PDLV SUHFLVDPHQWH HP QD
JDOHULD,WiHP6mR3DXOR±HVVDIRLDSULPHLUDH[SRVLomRLQGLYLGXDOGRHVFXOWRUQRSDtV
(VVDH[SRVLomRDGTXLULXXPDLPSRUWkQFLDKLVWyULFDSRUWHUVLGRDSULPHLUDYH]HPTXH
XP JUDQGH DUWLVWD QRUWHDPHULFDQR SDUWLFLSDYD GH XPD H[SRVLomR LQGLYLGXDO QR %UDVLO
3('526$S
$ H[SRVLomR GH &DOGHU QR HQWDQWR QmR FRQWRX FRP QHQKXP DX[tOLR GH
HVWDEHOHFLPHQWRV DUWtVWLFRV QRUWHDPHULFDQRV (PERUD R ,%(8 IRVVH XP GRV FDQDLV
GH GLYXOJDomR GD ³ERD DUWH DPHULFDQD´ D UHDOL]DomR GH VXD H[SRVLomR QR %UDVLO
Vy IRL SRVVtYHO DWUDYpV GRV ODoRV GH DPL]DGH TXH XQLDP R HVFXOWRU D XP FtUFXOR GH
SHVVRDVUHVSRQViYHLVSRULQFHQWLYDUDVDWLYLGDGHVFXOWXUDLVHDUWtVWLFDVWDLVFRPR0DUF
%HUNRZLW] R DUTXLWHWR +HQULTXH 0LQGOLQ R FUtWLFR 0iULR 3HGURVD H 1LRPDU 0XQL]
6RGUp TXH HUD XPD GDV GRQDV GR MRUQDO &RUUHLR GD 0DQKm H WDPEpP IRL GLUHWRUD GR
0$0FDULRFDHQWUHH'HDFRUGRFRP3HGURVDS&DOGHU³YHLR
VHP QHQKXP EDIHMR RILFLDO GH VHX SDtV )D]LD HQWmR R JRYHUQR GH :DVKLQJWRQ XPD
SROtWLFDFXOWXUDOGHODLVVH]IDLUH4XHUGL]HUQmRWLQKDXPDSROtWLFDFXOWXUDOSUySULD>@
$DUWHGH&DOGHUHUDWRWDOPHQWHLJQRUDGDGRVPHLRVRILFLDLV´
1HVVHVHQWLGRDLQLFLDWLYDSDUDDH[SRVLomRGH&DOGHUQmRSRGHULDVHUDVVRFLDGD
D XPD SROtWLFD FXOWXUDO QRUWHDPHULFDQD $ HVFROKD GRV DUWLVWDV RULXQGRV GRV (VWDGRV
8QLGRVSDUDSDUWLFLSDUGHH[SRVLo}HVQR%UDVLOQmRSDVVDYDSRUXPDLPSRVLomRH[WHUQD
PDV HUD PHGLDGD H QHJRFLDGD SRU GHWHUPLQDGRV DJHQWHV FXOWXUDLV ORFDLV 3HGURVD SRU
H[HPSOR GHVHPSHQKRX XP SDSHO IXQGDPHQWDO QD GLYXOJDomR GH &DOGHU QR %UDVLO 2V
HQVDLRV TXH R FUtWLFR HVFUHYHX VREUH R HVFULWRU IRUDP FRQVLGHUDGRV XP PDUFR QD VXD
FRQYHUVmR j FDXVD GD DUWH DEVWUDWD $5$17(6 (VVHV ODoRV GH DPL]DGH TXH
XQLDP &DOGHU H XP FtUFXOR GH LQWHOHFWXDLV UHVSRQViYHLV SHOR SURFHVVR GH UHQRYDomR
DUWtVWLFDIRUDPUHVSRQViYHLVSRUXPDLQWHUSUHWDomRTXHGHVWDFDYDXPDDILQLGDGHHQWUHR
HVStULWREULQFDOKmRSUHVHQWHQDVREUDVGRHVFXOWRUHDLQIRUPDOLGDGHEUDVLOHLUD
$SHVDU GH VHU XP GRV UHSUHVHQWDQWHV GR DEVWUDFLRQLVPR D REUD GH &DOGHU QmR
WLQKD QHQKXPD UHODomR FRP R ([SUHVVLRQLVPR $EVWUDWR (PERUD HVVD FRUUHQWH WLYHVVH
JDQKDGRGHVWDTXHQRV(VWDGRV8QLGRVSULQFLSDOPHQWHDSDUWLUGDGpFDGDGHDSRQWR
GHVHULQFRUSRUDGDjFROHomRGR0R0$RVH[SUHVVLRQLVWDVDEVWUDWRVQmRYLQJDUDPQR
%UDVLO H HP RXWURV SDtVHV GD $PpULFD /DWLQD 'H DFRUGR FRP %XHQR LVVR
DFRQWHFHXSRUTXHQmRKRXYHXPHPSHQKRSRUSDUWHGRVQRUWHDPHULFDQRVQDGLYXOJDomR
GH VXD DUWH QRV SDtVHV GR &RQH 6XO &RQWUDULDQGR DV WHVHV TXH VXSHUYDORUL]DP D
SDUWLFLSDomR GR JRYHUQR QRUWHDPHULFDQR H GDV HPSUHVDV PXOWLQDFLRQDLV HP DOJXQV
HPSUHHQGLPHQWRV FXOWXUDLV H DUWtVWLFRV GXUDQWH D *XHUUD )ULD %XHQR FKDPD D DWHQomR
SDUDRIDWRGHTXHRV(VWDGRV8QLGRVQHVVHSHUtRGRWLQKDPRVROKRVYROWDGRVSDUDR
FRQWLQHQWHHXURSHX
6HR([SUHVVLRQLVPR$EVWUDWRQmRGHVIUXWRXQR%UDVLOGRPHVPRSUHVWtJLRTXH
DGTXLULX QRV (VWDGRV 8QLGRV LVVR QmR VH GHYH D XPD IDOWD GH LQWHUHVVH GRV DJHQWHV
FXOWXUDLV QRUWHDPHULFDQRV 2 SHUtRGR DSyV D 6HJXQGD *XHUUD PDUFRX XPD UHDomR DR
UHDOLVPRVRFLDOWDQWRQRV(VWDGRV8QLGRVDWUDYpVGR([SUHVVLRQLVPR$EVWUDWRTXDQWR
HPDOJXQVSDtVHVGD$PpULFD/DWLQD1R%UDVLORVFRQFUHWLVWDVIRUDPUHVSRQViYHLVSRU
FRORFDU HP GLVFXVVmR R UHDOLVPR SLFWyULFR YDORUL]DQGR D IRUPD HP GHWULPHQWR GR
FRQWH~GR QD REUD GH DUWH 0HVPR VHP HQFRQWUDU DSRLR QRV HVSDoRV GH H[SRVLomR TXH
SULYLOHJLDYDP RV DUWLVWDV Mi FRQVDJUDGRV HVVHV DUWLVWDV HQFRQWUDUDP UHVSDOGR HP XPD
LQVWLWXLomR FRPR R ,%(8 TXH VH SRVLFLRQDYD GH IRUPD IDYRUiYHO jV UHQRYDo}HV
HVWpWLFDV 'HVVH PRGR DOpP GH VH GHVWDFDU QR FDPSR DUWtVWLFR SRU FRQWULEXLU SDUD D
LPSRVLomRGHQRYRVYDORUHVDUWtVWLFRVRLQVWLWXWRWDPEpPDX[LOLRXQDFRQVDJUDomRGRV
DUWLVWDVILOLDGRVDR&RQFUHWLVPR
$ DWXDomR GR ,%(8 FKDPD D DWHQomR SRUTXH DSHVDU GH WHU GHVHPSHQKDGR XP
SDSHOGHPHGLDGRUFXOWXUDOQDUHODomRHQWUHR%UDVLOHRV(VWDGRV8QLGRVSRUQmRFRQWDU
FRPRDX[tOLRUHJXODUGHLQVWLWXLo}HVDUWtVWLFDVQRUWHDPHULFDQDVDFDERXSRULQYHVWLUHP
DUWLVWDV ORFDLV SDUD GLQDPL]DU VXDV DWLYLGDGHV 3RU WUiV GR GLVFXUVR GRV PHPEURV GD
FRPLVVmRGHDUWHGRLQVWLWXWRTXHUHVVDOWDYDXPDERDYRQWDGHHPUHODomRDRV³YDORUHV
QRYRV´ R DFROKLPHQWR GRV DUWLVWDV FRQFUHWRV VXJHUH D H[LVWrQFLD GH XPD HVFROKD
GHOLEHUDGDFRPRLQWXLWRGHVHLQVHULUQRFDPSRDUWtVWLFR(VVDHVFROKDQRHQWDQWRIH]
SDUWH GH XPD HVWUDWpJLD TXH QmR SDVVDYD SHOR ILOWUR GDV LQVWLWXLo}HV QRUWHDPHULFDQDV
WDQWR TXH DV FRUUHQWHV SULYLOHJLDGDV SHOR ,%(8 H 0R0$ QmR FRLQFLGLDP
'LIHUHQWHPHQWH GR 0R0$ TXH PDQWLQKD XPD SRVLomR QHXWUD HP UHODomR jV FRUUHQWHV
HVWpWLFDVHVyIRLVHILOLDUDR([SUHVVLRQLVPR$EVWUDWRTXDQGRHVVHPRYLPHQWRMiKDYLD
FRQTXLVWDGR FHUWR UHFRQKHFLPHQWR R ,%(8 GHVHPSHQKRX XP SDSHO IXQGDPHQWDO QD
FRQVDJUDomRGR&RQFUHWLVPRQR%UDVLO
(PERUD D UHODomR GR ,%(8 H GR 0$0 FRP LQVWLWXLo}HV DUWtVWLFDV QRUWH
DPHULFDQDV QmR IRVVH WmR HVWUHLWD TXDQWR SDUHFLD D SULQFtSLR PXLWRV HQFDUDUDP D
DWXDomRGRPXVHXHGRLQVWLWXWRVRERSULVPDGHXP³LPSHULDOLVPRFXOWXUDO´$UWLVWDVH
FUtWLFRV GH DUWH YLQFXODGRV DRV PRYLPHQWRV GH HVTXHUGD QmR YLDP FRP ERQV ROKRV D
DWXDomRGHLQVWLWXLo}HVQR%UDVLOTXHSRVVXtDPDOJXPDOLJDomRFRPRV(VWDGRV8QLGRV
SULQFLSDOPHQWHQRFRQWH[WRGD*XHUUD)ULD1HVVHVHQWLGR0DWKLOGH3HUHLUDGH6RXVD
DGPLQLVWUDGRUD GD JDOHULD GR ,%(8 UHFODPRX HP XPD FDUWD HQYLDGD D 7DUVLOD GR
$PDUDO TXH ³FHUWRV FUtWLFRV HVTXHUGLVWDV QmR ID]HP PHQRU UHIHUrQFLD j JDOHULD H jV
YH]HVSURFXUDPVDERWiODSRUFRQWDGDVUHODo}HVGRLQVWLWXWRFRPRV(VWDGRV8QLGRV´
3DUDFRPSOHWDUHODGL]TXH³DSROtWLFDQmRGHYHULDLQWHUIHULUFRPDDUWH´
6H SDUD 0DWKLOGH 3HUHLUD GH 6RXVD DUWH H SROtWLFD HUDP GRPtQLRV WRWDOPHQWH
GLVWLQWRV DOJXQV DUWLVWDV QmR FRPSDUWLOKDYDP GD PHVPD RSLQLmR 2 DUWLVWD $WKRV
%XOFmR SRU H[HPSOR DR VHU SHUJXQWDGR VREUH R SRUTXr GH R ,%(8 WHU SDWURFLQDGR
H[SRVLo}HVGHDUWHUHVSRQGH³3HQVRTXHDUD]mRHUDFODUDPHQWHSROtWLFDGHFRUUHQWHGD
3ROtWLFD GD %RD 9L]LQKDQoD RULXQGD GD 6HJXQGD *XHUUD 0XQGLDO´2 SLQWRU TXH
UHDOL]RXXPDH[SRVLomRLQGLYLGXDOQR,QVWLWXWRGRV$UTXLWHWRVGR%UDVLOHPVRER
SDWURFtQLR GR ,%(8 GLVVH WHU SHUGLGR R FRQWDWR FRP R ,%(8 SRUTXH PDQWLQKD XPD
SRVLomR SROtWLFD GH HVTXHUGD H HUD FRQWUiULR j FDoD DRV FRPXQLVWDV SUDWLFDGD SHOR
JRYHUQRQRUWHDPHULFDQR
(QGRVVDQGRDRSLQLmRGHDOJXQVDUWLVWDVHFUtWLFRVTXHQmRYLDPFRPERQVROKRV
DUHODomRHQWUHR%UDVLOHRV(VWDGRV8QLGRVQRkPELWRFXOWXUDOHDUWtVWLFRRFUtWLFRGH
DUWH)HUQDQGR3HGUHLUDGHQXQFLDDDWXDomRGR,%(8HD%LHQDOGH6mR3DXOR
(LV SRUTXH R ,QVWLWXWR %UDVLO(VWDGRV 8QLGRV PXOWLSOLFD H PHOKRUD DV VXDV
H[SRVLo}HVSUHWHQGHQGRWRUQDUVHXPFHQWURDUWtVWLFRHDWUDLURVDUWLVWDVSDUD
DVXDyUELWD(LVSRUTXHVmRRIHUHFLGRVDRVMRYHQVSLQWRUHVGD$PpULFD/DWLQD
FXUVRV GH VHLV PHVHV H PDLV QD WHUUD GR GyODU (LV SRUTXH ILQDOPHQWH VH
RUJDQL]DHVWDIDPRVD%LHQDOUHXQLQGRWRGRXPORWHGHHPSUHVDVHVWUDQJHLUDV
HQDFLRQDLVDHODVOLJDGDVTXHH[SORUDPPLVHUDYHOPHQWHRQRVVRSRYRHTXH
DJRUDSUHWHQGHPDSDUHFHUFRPRSURWHWRUDVGDQRVVDDUWH
0HVPRQXWULQGRDGHVFRQILDQoDGHDOJXQVPHPEURVGRFDPSRDUWtVWLFRGHYLGR
DR IDWR GH WHU VLGR FULDGR FRP R REMHWLYR GH IRUWDOHFHU RV ODoRV HQWUH R %UDVLO H RV
(VWDGRV 8QLGRV R ,%(8 QmR VH UHVXPLX D XP YHtFXOR GH SURSDJDQGD GRV YDORUHV
GHPRFUiWLFRVHGDSURGXomRDUWtVWLFDHFXOWXUDOGHVWHSDtV2LQVWLWXWRTXHIRLIXQGDGR
SDUD SDWURFLQDU DWLYLGDGHV FXOWXUDLV H SRVWHULRUPHQWH SDVVRX D VHU DVVRFLDGR DR FXUVR
GHLQJOrVGHVWDFRXVHSHORSRVLFLRQDPHQWRGLIHUHQFLDGRHPUHODomRDRXWURVHVSDoRVGH
H[SRVLomRQR5LRGH-DQHLURDRLQYpVGHVHFRQFHQWUDUQRVDUWLVWDVUHFRQKHFLGRVFRPR
ID]LDP RXWURV HVSDoRV TXH VH GHGLFDYDP RUD DRV DUWLVWDV DFDGrPLFRV RUD DRV DUWLVWDV
ILOLDGRVDRUHDOLVPRVRFLDORVPHPEURVGDFRPLVVmRGHDUWHQR,%(8UHYHODUDPQRYRV
DUWLVWDV TXH GHVHMDYDP SURSRU LQRYDo}HV QR FDPSR GD DUWH 1mR IRL j WRD TXH QR
SHUtRGR FRPSUHHQGLGR HQWUH D GpFDGD GH H TXDQGR R GHEDWH HP WRUQR GD
ILJXUDomR H GD DEVWUDomR HVWDYD QR DXJH R LQVWLWXWR VH GHVWDFRX SRU SDWURFLQDU
H[SRVLo}HV GH GLYHUVRV DUWLVWDV ILOLDGRV DR &RQFUHWLVPR $ OLJDomR FRP HVVHV DUWLVWDV
SRGHVHUHQWHQGLGDFRPRXPDSRVWXUDLQGHSHQGHQWHGR,%(8HPUHODomRjVLQVWLWXLo}HV
DUWtVWLFDV H SROtWLFDV FXOWXUDLV QRUWHDPHULFDQDV 0DLV GR TXH PHGLDGRU GDV UHODo}HV
FXOWXUDLVHQWUHR%UDVLOHRV(VWDGRV8QLGRVR,%(8FRQWULEXLXSDUDDGLQDPL]DomRGR
FDPSRDUWtVWLFRFDULRFDDRLQWURGX]LUQRYRVDUWLVWDVHYDORUHVHVWpWLFRV
%LEOLRJUDILD
$5$17(6 2WtOLD %HDWUL] )LRUL 0iULR 3HGURVD LWLQHUiULR FUtWLFR 6mR 3DXOR (GLWRUD
3iJLQD$EHUWD
&DUWDGH0DWKLOGH3HUHLUDGH6RXVDSDUD7DUVLODGR$PDUDO&DGHUQR$UTXLYRV
GR,%(8
'HSRLPHQWRGH$WKRV%XOFmR,%(8QDVDUWHVYLVXDLV±5LRGH-DQHLUR,%(8
%$37,67$ $QQD 3DROD $EVROXWDPHQWH PRGHUQRV" $ DUWH EUDVLOHLUD GDV %LHQDLV H
GRV 0$0V H RV GHVDILRV GH XPD FROHomR SDUWLFXODU 5HYLVWD %UDVLOHLUD GH 0XVHXV H
0XVHRORJLD5LRGH-DQHLURQS
%(5.2:,7=0DUFDQRVGDJDOHULD,%(85LRGH-DQHLUR,%(8&DWiORJR
GHH[SRVLomR
%285',(8 3LHUUH $V UHJUDV GD DUWH JrQHVH H HVWUXWXUD GR FDPSR OLWHUiULR 6mR
3DXOR&RPSDQKLDGDV/HWUDV
%8(12 0DULD /~FLD $UWHV SOiVWLFDV QR VpFXOR ;; PRGHUQLGDGH H JOREDOL]DomR
&DPSLQDV(GLWRUD8QLFDPS
/8= ÆQJHOD ÆQFRUD 2 6DOmR QDFLRQDO GH DUWH PRGHUQD WHQVmR H H[WHQVmR GD
PRGHUQLGDGH QR %UDVLO ± GpFDGD GH 5LR GH -DQHLUR 7HVH 'RXWRUDGR HP
+LVWyULD6RFLDO±,QVWLWXWRGH)LORVRILDH&LrQFLDV6RFLDLV8QLYHUVLGDGH)HGHUDOGR5LR
GH-DQHLUR5LRGH-DQHLUR
0285$*HUVRQ6XFHVVRVHLOXV}HVUHODo}HVLQWHUQDFLRQDLVGR%UDVLOGXUDQWHHDSyVD
6HJXQGD*XHUUD0XQGLDO5LRGH-DQHLUR)*9
BBBBBB7LR6DPFKHJDDR%UDVLO6mR3DXOR%UDVLOLHQVH
3('5(,5$)HUQDQGR$%LHQDOLPSRVWXUDFRVPRSROLWD)XQGDPHQWRV6mR3DXORQ
SDJR
3('526$0DULR0XQGRKRPHPDUWHHPFULVH6mR3DXOR3HUVSHFWLYD
5(,1+(,0(53DWULFLD$VLQJXODULGDGHFRPRUHJLPHGHJUDQGH]DQDomRHLQGLYtGXR
FRPRYDORUHVQRGLVFXUVRDUWtVWLFREUDVLOHLUR5LRGH-DQHLUR7HVH'RXWRUDGRHP
$QWURSRORJLD6RFLDO±8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR5LRGH-DQHLUR
6$17¶$11$ 6DEULQD &RQVWUXLQGR D PHPyULD GR IXWXUR XPD DQiOLVH GD IXQGDomR
GR PXVHX GH DUWH PRGHUQD GR ULR GH MDQHLUR 5LR GH -DQHLUR 7HVH 'RXWRUDGR
HP6RFLRORJLDH$QWURSRORJLD±,QVWLWXWRGH)LORVRILDH&LrQFLD6RFLDLV8QLYHUVLGDGH
)HGHUDOGR5LRGH-DQHLUR5LRGH-DQHLUR
Download

um estudo sobre a atuação do Instituto Brasil-Estados