Você está na página 1de 143

 

3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(6­23$8/2
38&63



0iUFLD&DPSRV(XULFR





48(67­25$&,$/(6(59,d262&,$/
XPDUHIOH[mRVREUHRUDFLVPRLQVWLWXFLRQDOHRWUDEDOKRGR
DVVLVWHQWHVRFLDO









0(675$'2(06(59,d262&,$/



6­23$8/2



 


3217,)Ë&,$81,9(56,'$'(&$7Ï/,&$'(6­23$8/2
38&63



0iUFLD&DPSRV(XULFR





48(67­25$&,$/(6(59,d262&,$/
XPDUHIOH[mRVREUHRUDFLVPRLQVWLWXFLRQDOHRWUDEDOKRGR
DVVLVWHQWHVRFLDO



'LVVHUWDomRDSUHVHQWDGDFRPRH[LJrQFLDSDUFLDOSDUDD
REWHQomR GR JUDX GH PHVWUH HP 6HUYLoR 6RFLDO SHOD
3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GH 6mR 3DXOR VRE
RULHQWDomRGD3URI'U0DULD/~FLD6LOYD%DUURFR
ÈUHDGHFRQFHQWUDomR&LrQFLDV6RFLDLV$SOLFDGDV









6­23$8/2



ERRATA

PÁGINA PARÁGRAFO LINHA ONDE SE LÊ LEIA-SE

19 citação 10º 102 125

AMMA-PSIQUE E NEGRITUDE
50 3º 3º DFID/PNUD (2005: 06)
QUILOMBHOJE (2008)

63 2º 2º ser se

79 4º 3º encerram encerra

DFID/PNUD. Programa de Combate ao racismo


131 4º 1º
institucional no Brasil. Brasília: 2005.
EURICO, Márcia Campos. QUESTÃO RACIAL E SERVIÇO SOCIAL: uma reflexão sobre o racismo institucional e o
trabalho do assistente social. São Paulo: 2011.
 


$XWRUL]RDUHSURGXomRHGLYXOJDomRWRWDORXSDUFLDOGHVWHWUDEDOKRSRUTXDOTXHUPHLR
FRQYHQFLRQDO RX HOHWU{QLFR SDUD ILQV GH HVWXGR RX SHVTXLVD GHVGH TXH FLWDGD D
IRQWH
(VWHWUDEDOKRIRLUHYLVDGRVHJXQGRDVQRUPDVGDQRYDJUDPiWLFDEUDVLOHLUDHPYLJRU
DSDUWLUGH-DQHLURGH

























&DWDORJDomRQDSXEOLFDomR
6HUYLoRGH'RFXPHQWDomR(GXFDFLRQDO
3URJUDPDGH6HUYLoR6RFLDOGD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGH6mR3DXOR

(XULFR0iUFLD &DPSRV  
 
48(67­2 5$&,$/ ( 6(59,d2 62&,$/ XPD UHIOH[mR VREUH R UDFLVPR 
LQVWLWXFLRQDOHRWUDEDOKRGRDVVLVWHQWHVRFLDO0iUFLD&DPSRV(XULFR 
2ULHQWDGRUD0DULD/~FLD6LOYD%DUURFR±6mR3DXOR 
S 
 
'LVVHUWDomR 0HVWUDGR 3URJUDPDGH3yV*UDGXDomRHP6HUYLoR6RFLDO 
ÈUHDGHFRQFHQWUDomR&LrQFLDV6RFLDLV$SOLFDGDV 


5DFLVPR,QVWLWXFLRQDOeWLFD3URILVVLRQDO4XHVWmR5DFLDO6HUYLoR6RFLDO

 


 
















%$1&$(;$0,1$'25$




BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB








 



































 
'HGLFR HVWH WUDEDOKR DRV PHXV ILOKRV +HQULTXH H
*XVWDYR EUDYRV JXHUUHLURV TXH GXUDQWH R SHUFXUVR
DFDGrPLFR HQWUH DOHJULDV H GLVVDERUHV H DSHVDU GD WHQUD
LGDGHVRXEHUDPYDORUL]DURPHXSURMHWRSURILVVLRQDO


 


$*5$'(&,0(1726


 $ WDUHID GH H[SUHVVDU HP SRXFDV SDODYUDV PLQKD JUDWLGmR jV SHVVRDV TXH
GLUHWDRXLQGLUHWDPHQWHFRQWULEXtUDPSDUDDUHDOL]DomRGHVWHWUDEDOKRpIDVFLQDQWH
 2VPRPHQWRVGHG~YLGDVTXHVWLRQDPHQWRVUHDOLQKDPHQWRVFRQFHLWXDLVHGH
QRYDV GHVFREHUWDV SHUPDQHFHP YLYRV QD PHPyULD R TXH PH OHYD D DJUDGHFHU
LQLFLDOPHQWHjTXHODVSHVVRDVTXHGLYLGLUDPFRPLJRDVLQTXLHWDo}HVFRWLGLDQDVTXHD
SHVTXLVD VXVFLWRX SRUWDQWR QmR SRGHULD GHL[DU GH FLWDU PLQKD DPLJD 0DUFHOD
VHPSUH GLVSRQtYHO SDUD D OHLWXUD H SUREOHPDWL]DomR GD WHPiWLFD j 5REHUWD SRU PH
DSUHVHQWDU&OyYLV0RXUDHROLYUR$GLDOpWLFDUDGLFDOGR%UDVLOQHJURj5RVHOL5RFKD
PXOKHU QHJUD H SHVTXLVDGRUD FDULRFD TXH VRXEH FRPSDUWLOKDU RV FRQKHFLPHQWRV
DFHUFD GD WHPiWLFD UDFLDO GHVGH R QRVVR SULPHLUR FRQWDWR YLD LQWHUQHW FRPR VH Mi
I{VVHPRVDPLJDVGHORQJDGDWDj'HLVH)HUQDQGHVFRPSDQKHLUDGHOXWDDPLJDH
LUPm j 0DEHO $VVLV TXH FRP VXD IRUoD H VHQVLELOLGDGH DEDORX PLQKDV FRQYLFo}HV
SHUPLWLQGRDPSOLDURROKDUVREUHRUDFLVPRQR%UDVLODRTXHULGRDPLJRHSURIHVVRU
1HL SRU VXD VLPSOLFLGDGH H VDEHGRULD j 6LOYDQD &DYLFKLROL SHOD IRUoD H FRUDJHP j
&iVVLD0D]]HWWLSRUVXDDXWHQWLFLGDGHHFDULQKRQRVPRPHQWRVGHLPHQVDVG~YLGDV
j ,OND &XVWyGLR SHODDPL]DGH TXH VHIRUWDOHFH D FDGD GLD H SHODV SRQGHUDo}HV QD
UHWD ILQDO GR SURFHVVR GH SHVTXLVD H j 'DJPDU & 6DQWRV SRU PH DSUHVHQWDU RV
SUD]HUHVGDGRFrQFLD
 $ 3URI 'UD 0DULD /~FLD 6LOYD %DUURFR SHOD SRVVLELOLGDGH GH PH GHEUXoDU
VREUHWHPiWLFDWmRLPSRUWDQWHSDUDDPLQKDIRUPDomRSHVVRDOHSURILVVLRQDO
 $3URI'UD0DULD/~FLD0DUWLQHOOLSRUVXDFDSDFLGDGHGHROKDUFDGDVXMHLWR
QDVXDPDLVSURIXQGDVLQJXODULGDGH
 $R 3URI 'U $FiFLR 6LGLQHL $OPHLGD 6DQWRV SHOD FRQWULEXLomR tPSDU QD
HODERUDomRWHyULFDDJUHJDQGRQRYRVHOHPHQWRVDRGHEDWH
 $JUDGHFLPHQWRHVSHFLDODRVPHXVSDLV-RYHOLQDH9LFHQWHSHORSRUWRVHJXUR
TXH PH SHUPLWH YRDU DWUiV GRV PHXV REMHWLYRV H UHWRUQDU SDUD R DFRQFKHJR GD
IDPtOLD$WRGDDPLQKDIDPtOLDH[SUHVVmRGHP~OWLSODVFRQWUDGLo}HVRQGHDYLGDVH
UHSURGX] FRP WDPDQKD LQWHQVLGDGH ( DRV DPLJRV GH SHUWR H GH ORQJH TXH VH
DOHJUDPFRPPLQKDVFRQTXLVWDV




 


5(6802

$FRPSOH[LGDGHGDVUHODo}HVUDFLDLVQR%UDVLOUHYHODRFDPSRGHGLVSXWDVHPTXHR
6HUYLoR 6RFLDO p FKDPDGR D LQWHUYLU SRLV R SURMHWR pWLFRSROtWLFR TXH RULHQWD R
WUDEDOKR SURILVVLRQDO GR DVVLVWHQWH VRFLDO p SRUWDGRU GH XPD GLUHomR VRFLDO QD
SHUVSHFWLYDGDHPDQFLSDomRGRVVXMHLWRVFROHWLYRV2SUHVHQWHWUDEDOKRpUHVXOWDGR
GD SHVTXLVD H GD UHIOH[mR VREUH R UDFLVPR LQVWLWXFLRQDO H R WUDEDOKR GR DVVLVWHQWH
VRFLDO %XVFDVH LQYHVWLJDU D SHUFHSomR GRV SURILVVLRQDLV DFHUFD GR UDFLVPR GR
SUHFRQFHLWR H GD GLVFULPLQDomR UDFLDO QR VHX WUDEDOKR FRWLGLDQR D SDUWLU GD IRUPD
FRPR DV LQVWLWXLo}HV HVWmR RUJDQL]DGDV 8PD GDV KLSyWHVHV p TXH R WUDEDOKR
SURILVVLRQDO VRIUH LQWHUIHUrQFLDV GR UDFLVPR LQVWLWXFLRQDO TXH IRUWDOHFH D
QDWXUDOL]DomR H D FXOSDELOL]DomR GD SRSXODomR QHJUD SRU VXD SHUPDQrQFLD
PDMRULWiULD QDV FDPDGDV PDLV YXOQHUiYHLV GD VRFLHGDGH EUDVLOHLUD GLILFXOWDQGR D
SURSRVLomR GH Do}HV TXH PRGLILTXHP HVVD UHDOLGDGH $ SHVTXLVD GHVYHORX D
GLILFXOGDGHGHDUWLFXODomRHQWUHpWLFDSURILVVLRQDOHRWUDEDOKRFRWLGLDQRGRDVVLVWHQWH
VRFLDO 2 UDFLVPR SHUPDQHFH FRPR R UDFLVPR GR RXWUR H R 6HUYLoR 6RFLDO WDPEpP
UHSURGX]RVLOrQFLRTXHLPSHUDQDVRFLHGDGHTXDQWRjQHFHVVLGDGHGHFRQVLGHUDUDV
HVSHFLILFLGDGHV GD SRSXODomR QHJUD 3HUFHEHPRV TXH R SRVLFLRQDPHQWR pWLFR
SROtWLFRHPUHODomRjTXHVWmRUDFLDOSDVVDQHFHVVDULDPHQWHSHORFRQKHFLPHQWRHRX
HQJDMDPHQWR QD OXWD WUDYDGD SHORV GLYHUVRV PRYLPHQWRV VRFLDLV FRQWUD D
GLVFULPLQDomR HP WRGDV DV VXDV IRUPDV VHMD SRU UDoDHWQLD RULHQWDomR VH[XDO
RSomRUHOLJLRVDHWF3RUWXGRRTXHIRLH[SRVWRQmRpPDLVWROHUiYHOQDDWXDOLGDGHD
IDOWDGHFRPSURPLVVRSURILVVLRQDOFROHWLYRHPUHODomRjTXHVWmRUDFLDOVHMDSRUTXH
Ki XP DPSOR GHEDWH QD VRFLHGDGH VREUH D SURPRomR GD LJXDOGDGH UDFLDO ± DLQGD
TXH KLVWRULFDPHQWH RV JUXSRV GRPLQDQWHV FRQWLQXHP WHQWDQGR GHVTXDOLILFDU D OXWD
FROHWLYD ± VHMD SRUTXH R SURMHWR pWLFRSROtWLFR SURILVVLRQDO GR 6HUYLoR 6RFLDO
H[SOLFLWDGR QR &yGLJR GH eWLFD GH  UHFRQKHFH D OLEHUGDGH FRPR YDORU pWLFR
FHQWUDO SURS}H D GHIHVD LQWUDQVLJHQWH GRV GLUHLWRV KXPDQRV R HPSHQKR QD
HOLPLQDomRGHWRGDVDVIRUPDVGHSUHFRQFHLWRHDQmRGLVFULPLQDomRFRPRSULQFtSLRV
pWLFRVIXQGDPHQWDLV

3DODYUDVFKDYH 5DFLVPR ,QVWLWXFLRQDO eWLFD 3URILVVLRQDO 4XHVWmR 5DFLDO 6HUYLoR
6RFLDO



 


$%675$&7


7KHFRPSOH[LW\RIWKHUDFLDOUHODWLRQVKLSVLQ%UD]LOUHYHDOVWKHEDWWOHILHOGLQZKLFKWKH
VRFLDO VHUYLFH LV FDOOHG RXW WR LQWHUYHQH EHFDXVH WKH HWKLFDOSROLWLFDO SURMHFW WKDW
JXLGHV VRFLDO ZRUNHU
V SURIHVVLRQDO ZRUN LV EHDUHU RI D VRFLDO PDQDJHPHQW LQ WKH
SHUVSHFWLYHRIWKHFROOHFWLYHIHOORZV
HPDQFLSDWLRQ7KHSUHVHQWZRUNLVDUHVXOWRIWKH
UHVHDUFKDQGUHIOHFWLRQRQWKHLQVWLWXWLRQDOUDFLVPDQGVRFLDOZRUNHU
VGXW\,WVHHNVWR
LQYHVWLJDWHSURIHVVLRQDOV
SHUFHSWLRQFRQFHUQLQJWKHUDFLVPSUHMXGLFHDQGWKHUDFLDO
GLVFULPLQDWLRQ LQ WKHLU HYHU\GD\ ZRUN  IURP WKH ZD\ WKH LQVWLWXWLRQV DUH RUJDQL]HG
2QH RI WKH K\SRWKHVHV LV WKDW WKH SURIHVVLRQDO ZRUN VXIIHUV LQWHUIHUHQFHV RI WKH
LQVWLWXWLRQDO UDFLVP ZKLFK VWUHQJWKHQV WKH QDWXUDOL]DWLRQ DQG FXOSDELOLW\ RI WKH EODFN
SHRSOH IRU LWV PDMRU SHUPDQHQFH LQ WKH PRVW YXOQHUDEOH OD\HUV RI WKH EUD]LOLDQ
VRFLHW\FRPSOLFDWLQJWKHSURSRVLWLRQRIDFWLRQVWKDWPRGLI\WKLVUHDOLW\7KHUHVHDUFK
XQYHLOHG WKH GLIILFXOW\ RI DUWLFXODWLRQ EHWZHHQ SURIHVVLRQDO HWKLFV DQG WKH VRFLDO
ZRUNHU
V HYHU\GD\ ZRUN 7KH UDFLVP UHPDLQV DV WKH UDFLVP IURP WKH RWKHU DQG WKH
VRFLDOVHUYLFHDOVRSURGXFHVWKHVLOHQFHWKDWUHLJQVLQWKHVRFLHW\UHJDUGLQJWKHQHHG
WRFRQVLGHUWKHVSHFLDOWLHVRIWKHEODFNSRSXODWLRQ:HUHDOL]HWKDWWKHHWKLFDOSROLWLFDO
SRVLWLRQLQJ LQ UHODWLRQ WR UDFLDO PDWWHU SDVVHV WKURXJK WKH NQRZOHGJH DQGRU
HQJDJHPHQWLQWKHILJKWE\WKHVHYHUDOVRFLDOPRYHPHQWVDJDLQVWWKHGLVFULPLQDWLRQ
LQDOOLWVIRUPVLWEHLQJUDFHVH[XDORULHQWDWLRQUHOLJLRXVFKRLFHHWF)RUDOOWKDWKDV
EHHQ VDLG QRZDGD\V WKH ODFN RI SURIHVVLRQDO FRPPLWPHQW LQ UHODWLRQ WR WKH VRFLDO
PDWWHULVQRWWROHUDEOHDQ\PRUHZKHWKHUWKHUH
VDZLGHGHEDWHLQWKHVRFLHW\RQWKH
SURPRWLRQRIWKHUDFLDOHTXDOLW\ DOWKRXJKKLVWRULFDOO\WKHGRPLQDQWJURXSVFRQWLQXH
WU\LQJ WR GLVTXDOLI\ WKH FROOHFWLYH ILJKW  RU EHFDXVH WKH SURIHVVLRQDO HWKLFDOSROLWLFDO
SURMHFWRIWKHVRFLDOVHUYLFHH[SOLFLWLQWKH(WKLFV&RGHRIUHFRJQL]HVIUHHGRP
DV FHQWUDO HWKLFDO YDOXH LW SURSRVHV WKH XQFRPSURPLVLQJ GHIHQVH RI WKH KXPDQ
ULJKWV WKH HOLPLQDWLRQ RI  DOO  SUHMXGLFH IRUPV DQG WKH QRQ GLVFULPLQDWLRQ DV
IXQGDPHQWDOHWKLFDOSULQFLSDOV

.H\ZRUGVLQVWLWXWLRQDOUDFLVPSURIHVVLRQDOHWKLFUDFLDOPDWWHUVRFLDOVHUYLFH





 






























³4XDQGR GLJR  6RX QHJUR´ HQWHQGRPH HP WRGD GLPHQVmR


KXPDQD GD SDODYUD QDVFLPHQWR DVFHQGrQFLD FUHVFLPHQWR
QDFLRQDOLGDGH PRUWH PHPyULD H FRP LVVR WRGD VRUWH GH
VHQWLPHQWRVHPRo}HVUD]}HVHH[SHULrQFLDVH[LVWHQFLDLV TXH
HQFHUUD VLWXDo}HV SDVVDGDV SUHVHQWHV H IXWXUDV YLYLGDV SHOR
PHXSRYR(XQHOH 6,/9$ 



6,/9$/ &XWL &DGHUQRV1HJURV6mR3DXOR(GGRV$XWRUHV


 


680È5,2


,1752'8d­2 
   
&$3Ë78/2,±$48(67­25$&,$/12%5$6,/ 
$IRUPDomRGDVRFLHGDGHEUDVLOHLUDHDVRULJHQVGRUDFLVPR 
5HODo}HVUDFLDLVHTXHVWmRVRFLDO 
0RYLPHQWRVGHUHVLVWrQFLDQHJUD 
$FRQVROLGDomRGRUDFLVPRQR%UDVLO 
'HVYHODQGRRVGLVFXUVRVHRVFRQFHLWRV 
2ROKDUVREUHDPXOKHUQHJUD 
 
&$3Ë78/2 ,, ± $),50$d­2 ( 1(*$d­2 '2 5$&,602 
3266,%,/,'$'(6+,67Ï5,&$6 
7UDEDOKRGLVFULPLQDomRUDFLDOHYLGDFRWLGLDQD 
 5DFLVPR ,QVWLWXFLRQDO D H[DFHUEDomR GD GHVLJXDOGDGH 
VRFLDO 
$o}HVDILUPDWLYDVGLULJLGDVjSRSXODomRQHJUD 
,QGLFDGRUHVVRFLDLVQDHGXFDomRHDo}HVDILUPDWLYDV 
,QGLFDGRUHVVRFLDLVQDVD~GHHDo}HVDILUPDWLYDV 
2(VWDWXWRGD,JXDOGDGH5DFLDO 
 
&$3Ë78/2 ,,, ± 'LUHLWRV +XPDQRV eWLFD H 6HUYLoR 6RFLDO 
HQIUHQWDPHQWRGRUDFLVPR 
 'LUHLWRV+XPDQRVXPDEUHYHFRQWH[WXDOL]DomRKLVWyULFD 
 $OLEHUGDGHFRPRYDORUpWLFRSROtWLFRFHQWUDO 
 9LGDFRWLGLDQDHVXMHLWRpWLFRPRUDO 
 2FRWLGLDQRFRPROXJDUGHVXSHUDomRGRSUHFRQFHLWR 
 26HUYLoR6RFLDOHRGHEDWHVREUHDTXHVWmRUDFLDO 
 
&$3Ë78/2,9±$0HWRGRORJLDGD3HVTXLVD 
$3HVTXLVDHP6HUYLoR6RFLDO 


 
 

  
¬*8,6$'(&21&/86®(6 
 
%,%/,2*5$),$ 
 
$3Ç1',&(6 
 




























 !



- *
G 
 +   




 
 
*

  
 
 


 + 

 


 )H 

 




   

    
 G 
B
8 

 G 

 

  
 


  G  
*
 
  
   *   H 


 =*
 

 
 
   *
 

 


I
G
B

+  

    G  @M21



 
)
 
    
 )



 
 
 
      
 *

" * 
      H 





   
  

 

  

 



   

 *


    



  H 

 )
(   H  *.    G + 
 
  * I 

 
    G
    
 
V  
 W    
  


VW 8 
    
 
)
 
+ 
F
+

%
(   
   


 
 

 
  
 H  

  
   = 
 

 
 
 
 
 
 
. 

   

  . 



8
*  )  

  
 
+   

    
 
  H 
 

  + 
 
 V
W +     
  *    X  K

 +

 
* 
   
  

  
 +

  H 
%  +    
  +







 8  
  
 . 


  +H  

+  

 
 
F

 *
 
 ) ( +
     
   


*
  
  
         X 
H 

   

 
I
  
  



I


  

 
* 
 
  H G 
B
  
    +   
  
  H 

G  

  

 
 +    
 
  F
 



8 
 
      + 

  
 +



 
   )     

 
  
  
: 
   
*
 .
   
 I


* 
 
F 
H *   




    
.



   

 

*

(

 +  

% G   
  




  
 


  
. 


  
 
B 
+  

 F

 
   
  

  *

K  G 
G
YY


 

 

    H 
   TXHVWmRVRFLDO0  * 

 .

      

)  
*
   
 
 
  




-


8    
 
     X  H

 
+ 
 
 +      . 

 G   ,
 
( 
 + 
)   
 G


0
³26HUYLoR6RFLDOWHPQDTXHVWmRVRFLDODEDVHGHVXDIXQGDomRFRPRHVSHFLDOL]DomRGRWUDEDOKR
4XHVWmR VRFLDO DSUHHQGLGD FRPR R FRQMXQWR GDV H[SUHVV}HV GDV GHVLJXDOGDGHV GD VRFLHGDGH
FDSLWDOLVWDPDGXUDTXHWHPXPDUDL]FRPXPDSURGXomRVRFLDOpFDGDYH]PDLVFROHWLYDRWUDEDOKR
WRUQDVH PDLV DPSODPHQWH VRFLDO HQTXDQWR D DSURSULDomR GRV VHXV IUXWRV PDQWpPVH SULYDGD
PRQRSROL]DGDSRUXPDSDUWHGDVRFLHGDGHDSURGXomRIUXWRGHXPWUDEDOKRFDGDYH]PDLVFROHWLYR
FRQWUDVWDQGRFRPDGHVLJXDOGLVWULEXLomRGDULTXH]DHQWUHJUXSRVHFODVVHVVRFLDLVQRVYiULRVSDtVHV
RTXHVRIUHDGHFLVLYDLQWHUIHUrQFLDGDDomRGR(VWDGRHGRVJRYHUQRV´ 3:

 @MMM' 0Z4 





 
   )  *  *  
) 
  


+    
H   

 
  
3K
 011T4
K

I
 

 
      :I   
G  @MN1


 
      H
 TXHVWmRVRFLDO 
)  
  
[  +


  
   

. 
(



   
 TXHVWmRVRFLDO 


 
  


 H 


)  ) +  H  

  H 
 F V

W 
  
H  
;. 
H   H 
B* 

  


 
  G  @M21N      


   .

   *   +     


 

  

  

K
 
  

 
  
H   
  


B

 
 






 


 

 H 
  

 .


 I


 +
*. 
*

  

J  F 
H      *
B     B



    
 
I
 
.
      
 
 
:

3@MMM4  

 
G
B

+


  

   
 
   *

8 
 D 

 
(  
  

@MMN G





 


 +  
)  +


 


     
    :
   

  
X   F G  
 
 *

 
 

I

G


  
 
 @MM1  

 
 
 
 
 
  +
G 
=
8 

  

 
  G  

 


 
 
     *
 8  
  


 

 
         



 )

 


   )   .  .


N
(   3@MMT4 K
301104  :

3@MMM4 





   ) 



'    
   +
G 
B 3% 
 011Z4
(  
G  

 *
+
    

  
 
      

 

 
  ) 

I
   
  3%

 011\4

 
 
 
 
  G 
 
 *
 


 )    
 
 I
     
 
 + 
   
    $   H   
+

   +
 =   

 
  

 3;    011Z4


- + 
 . +  
*

  
 
TXHVWmR UDFLDO    

 


 -  J*

 

  
 + I  
 TXHVWmR UDFLDO



'
$DWXDomRSURILVVLRQDOQDViUHDVVRFLDLVHKXPDQDVVmRDVTXHPDLV
HYLGHQFLDP D QHFHVVLGDGH GH XPD LQWHUDomR KXPDQD PDLV FUtWLFD H
FRQVHTXHQWH FRP D SRSXODomR HP JHUDO H QHJUD HP SDUWLFXODU QD
PHGLGDHPTXHRFRUSRQHJURIRLFRQVLGHUDGRQRILQDOGRVpFXOR;,;
H LQtFLR GR VpFXOR ;; SRUWDGRU GH GHJHQHUDomR SRU SDUWH GDV
LQVWLWXLo}HV FXOWXUDLV H GD LQWHOHFWXDOLGDGH EUDVLOHLUDV HTXtYRFR HVWH
DLQGDPXLWRSUHVHQWHQDDWXDOLGDGHQRLPDJLQiULRGHJUDQGHSDUWHGD
SRSXODomR EUDVLOHLUD H TXH IRL FRQVWUXtGR D SDUWLU GH LQWHUHVVHV
KHJHP{QLFRVGHGHWHUPLQDGRVJUXSRVHPXPGHWHUPLQDGRPRPHQWR
KLVWyULFR2HTXtYRFRVREUHDGHJHQHUDomRELROyJLFDGRFRUSRQHJUR
p DJUDYDGR DR VHU HVWDEHOHFLGD D VXD UHODomR FRP D VXSRVWD
LQFDSDFLGDGHLQWHOHFWXDOHFXOWXUDOGRSRYRQHJURDLQGDSUHVHQWHQD
VRFLHGDGHEUDVLOHLUD3 J*
A 011\'@Z4

8    
+  

H 
  . 
 

 
  
 
 
  


 )
+   
  


A
8 

 /
G %
   J*
G *

   
 
  )
 

  +    

     

 
  
 


    J J   +  %
    K 
)
  @MA2  0110 ³)RUDPHQFRQWUDGDVPRQRJUDILDVGHILQDOGHFXUVR(PUHODomRjTXHVWmR
UDFLDORXGRQHJURQDVRFLHGDGHEUDVLOHLUDRUHVXOWDGRIRLPXLWRDTXpPGRHVSHUDGR(QWUHRVDQRV
 D  RX VHMD HP  DQRV H WUrV PRPHQWRV SROtWLFRV GLVWLQWRV 'HPRFUiWLFR  
$XWRULWiULR  'HPRFUiWLFR   DSHQDV VHLV 7&&V HQWUH RV  H[DPLQDGRV RX
GRWRWDOWUDWDPGHVGHWHPD´ 3 J*
' 0112' 1N4






 




I
 
G 
  
 +
 TXHVWmRUDFLDO







 
 
 

'
eFRPRPRYLPHQWRGRUHDOTXHWHPRVGHDSUHQGHUDGLDORJDUpHP
GLUHomR D HOH TXH SUHFLVDPRV ODQoDU QRVVR ROKDU DJXoDU QRVVD
UD]mR HVWLPXODU QRVVD FRQVFLrQFLD FUtWLFD GH IRUPD TXH VH SRVVD
GHVYHQGiOR ODQoDQGR DV UDt]HV GD SRVVLELOLGDGH GH FRQVWUXomR GH
SUiWLFDVVRFLDLVP~OWLSODVSOXUDLVFDSD]HVGHFRQWULEXLUHIHWLYDPHQWH
SDUDDSURGXomRGRQRYR3"  011T' Z@4

-
  

 
  

 
 
  *
  H  B 
 . H  

 
 *
 8
   
 +H  H  


B


+


 
 $   H  TXHVWmR VRFLDO 
    

 
 
  TXHVWmRUDFLDO
  G 
  .
 G 
 I 

    H 
      
 
 *

 
)
 
 
 
  
I
  
  

3%

 01124  
    +
*




   H   
  

 

  *  
> 
 
 


   



 .


 G  @M21=@MM1> 


 

 
   $  

   
 +
 


%>   *.   
    


  .  +  
 

   +   
TXHVWmRUDFLDO
 
  
 

]
K    
    H

$

*



 )
 

 +
 
 I

  G  +

8 

     
 '

 
 F
 +  
 

 
   
   

 

   F 

 I
 
 


.
F
 

K
 
: 
)
  

 
    



 

  G    


 


 
  

 +
 
 
   



   






8  
::      . 
  
 +





  
+  


 
 *
 
 


J  @M22
( 
  
  
 G        

G    





 
   H  



 
 
  


 * 
 

  
  


 $  



 
-  + 
 
  
 

 
 

  
 

 

     
 
 
+



 
  
 
-
 :
9

 

 F  

%
K
 
:::  
  
    
 
 *
  
G   


I
G
B




 + 
 + 
  
G
  
   
 
 *
 


    
 

 
 *

K  
 

  
  
   
  


      



  
X 
 .
   

  

  +

 
  
  



 + G    
 
   
  

  
H   


 
  



  TXHVWmRUDFLDO
%
8  
:;     +  
   

*

  
     
 I
 +
 K

  

F

    
 H
  +


  

    
   



 
 
 + 

   
  

 

 ( +)  + B   

  

 
*


  



 


 
H
J   
    
H F   


 G 

* 
 
 +  
,  + B
 +  *

  
  

 
 
 





 
 
  
  

  
 ( 

      
 
  


 
  

 
H     H
H $  

H +

    +
    
 G    *   +

  G  
    
  
  

.
8  *
  * F
    ) +  
 



D 

  *     *  G  

 *
    )

    





 






  
0-

48(67­25$&,$/

1 

0-0

$A'
,
#,,#
(%#
#

B#)
,



2PLWR±QmRRVIDWRV±SHUPLWHLJQRUDUD
HQRUPLGDGH GD SUHVHUYDomR GH
GHVLJXDOGDGHV WmR H[WUHPDV H
GHVXPDQDVFRPRVmRDVGHVLJXDOGDGHV
UDFLDLVQR%UDVLO
J
 J  

8    
    
 



%    

     


 



 (  . *     
  


%  H 
    
  
 
 



  
F


8 





 
 


  (G   
G
Y;
)    

 


 
 
 
+  

  


.
   
 .  
 
 


   

   
 


   

    
 
 G 
  
   
  3"

@MMA4 
&RPSOLFDGRU pWQLFR SRUTXH LQWURGX]LX FRPSXOVRULDPHQWH QDV iUHDV
FRORQL]DGDV ± $PpULFD GR 1RUWH &DULEH $PpULFD GR 6XO ± R
FRPSRQHQWH DIULFDQR TXH YHLR QmR DSHQDV GLQDPL]DU
GHPRJUDILFDPHQWH HVVDV iUHDV PDV WDPEpP LQYROXQWDULDPHQWH
FRQVROLGDU FRP R VHX WUDEDOKR R HVFUDYLVPR QHVVDV FRO{QLDV
0XWLODGRUHHVWUDQJXODGRUFXOWXUDOSRUTXHLPS{VSHODYLROrQFLDGLUHWD
RXLQGLUHWDRVVHXVSDGU}HVFXOWXUDLVHYDORUHVVRFLDLVXVDQGRSDUD
LVWRGHVGHDPRUWHHDWRUWXUDDWpDFDWHTXHVHUHILQDGDFKDPDGDGH
HYDQJHOL]DomR SDUD GRPLQDU RV SRYRV HVFUDYL]DGRV 3"
 @MMA'
@104

(   

 
  )  GB   
BB

 + . 


  & 8 



K

" 
. 


   H +       



 


    + 

 



 

,


T
J-9K(K- J  



K


' 
)' (
 (

 @M2M'
@Z 





-  
%  
    

 
  





 

+ 


  
   
 

          
 
 )
\


 
     
K


   *.   
 
G + 

 F
 
 

    

    . 

  
  
  

%
 
  

    
        
)






 
 F 

 
 
(  


 
   
  +   
 +  

% 
   "
 3@MMA4  +  



 
 
 )
  



 


 X  
   

    
  
  (  
  

 
 
 )

 
 
    
    *     

   

   
 
  

8  
Z 

G   

     
    
 



   
  
 *. 
I
 )
  )



 
    
:I  

 
 V
 W   
 
 

   9
 
 
G
Y;: 



 *. 


 





 
 + * 

  
  
 


  ).B

(+  H  

 301114  +   . 
   


 




  




 


 


'
3RURXWURODGRVHQGRRVLQFUHWLVPRXPPRYLPHQWRTXHVHGiDSDUWLU
GRFDQGRPEOppGHOHTXHSDUWHDLQLFLDWLYDGHGHILQLURTXHHRFRPR


\
K + 




=   +
 
 F



  
( 



= )
= 


I
  
8= 
= + 
 
% .  

 
=  



=   *    *    G  

Z
³4XDQGRRVWUDoRVFXOWXUDLVRULJLQiULRVHHVWUDQJHLURVVHFRPELQDPWmRLQWLPDPHQWHTXHUHVXOWDXP
WRGR FXOWXUDO QRYR QR PRVDLFR FXOWXUDO FRP UHFRQFLOLDomR FRPSOHWD GR JUXSR´ 39
 @MA0' @14

 

 



%
B  +   
 


. 
  
 

+ 
 

 
 
  +   








VLQFUHWL]DU D SDUWLU GD IDFH TXH R FDWROLFLVPR OKH PRVWUD 'HVWH


PRGR SRGHPRV VXSRU TXH QHP WRGDV DV FUHQoDV H SUiWLFDV QHOH
FRPSUHHQGLGDV WHQKDP VH GHVWLQDGR D FXPSULU R SDSHO GH LOXGLU R
VHQKRUEUDQFRHPUHODomRDRFDWROLFLVPRGRQHJURHVFUDYRFRPRVH
FRVWXPD UDFLRFLQDU VREUHWXGR GLDQWH GD DVVRFLDomR GH VDQWRV H
RUL[iV VXD IDFH PDLV SRSXODU $VVRFLDo}HV PHQRV YLVtYHLV GH
FRQKHFLPHQWR H[FOXVLYR GRV LQLFLDGRV H TXH HVFDSDP D HVWD
LQWHUSUHWDomR SRGHP WHU VLGR WDPEpP FRQVWUXtGDV 3

 0111'
1N4

(  
       TXHVWmR UDFLDO
 )B
.
  

 

  
   



 '
 

    
 



  . 
  F  +
  


   H * +
 

G YY: 
   



M +  011\ 
 AMT^ 

 
.
F
+) 
  
) 3(:Y78  (9;(K8 01124 (



      


 *



 


 $    


 *
   

    
  
+




_


  


 
 +    
%
         
 
 -

 
  
    

+

 +   G 
*+)

  
X    
  



  




  

 
F


B  +   


 .

   G 
 I G 

+

. 
 
 
 




  

   *
    +)
  H *

  
 
 G 
= K



V
*
W .
 
 
  
  
  
 5DFLVPR QR
%UDVLOpXPDPHQWLUD
( H   
     


2


 .   

 
$
  
 






 
O
.  I*
 @M2N  
 ? %* 8K896- / C  


 )
] 8  
      : 6 ? 9 
"  (
Y::: K N\


' -" 0111 
M
 
 






5HODWyULRDQXDOGDVGHVLJXDOGDGHVUDFLDLV
   
 +  +
   
  
= 
  ( 

IB
+ *.   
 
  
 
  
H 







 +
  
+       

 
 ( 

 

 


 



 
 +  
 $
 )
 G

 



@1
- . 
   +
  
 
 G
I
  
 
    *

 
 
   

 

 
-
    
(
  ? -(

 

 
   



 F

 
  .  $ 
 

 *
    
 
$  

K 
 
  




 VH 
W 


  G   
 
* +  
 .  
    
   *      
(
  * 3011Z4  

  
 
  F 
 


  

 
  

 

% (


   +      

 
+   
 
G  
    
 
  V*

W  
 





6DEHPRVWRGRVTXHVRPRVXPSRYRQRYRIRUPDGRSHODPLVWXUDGH
WUrV UDoDV YDORURVDV RV FRUDMRVRV tQGLRV RV HVWyLFRV QHJURV H RV
EUDYRV H VHQWLPHQWDLV OXVLWDQRV 4XHP GH QyV LJQRUD TXH GD
PHVWLoDJHPQDVFHXRVDPEDQRTXDOVHH[SULPHPDHQHUJLDtQGLDR
ULWPR QHJUR H D PHODQFROLD SRUWXJXHVD"   D PHVWLoDJHP p
UHVSRQViYHO SRU QRVVD JLQJD   SRU VHUPRV PHVWLoRV
GHVFRQKHFHPRV SUHFRQFHLWR GH UDoD FRU FUHGR H FODVVH" $ILQDO
1RVVD6HQKRUDTXDQGRHVFROKHXVHUQRVVDSDGURHLUDQmRDSDUHFHX
QHJUD"3* 011Z'\4

8 
   G 



 
    

 
  
   
 
 




  



 
 (  *
I
%  
  
   I
 
I  
)

 
 
     + 
  






@1
5 

 
 
  F  
 
 
 -
  
  (G 
 



 
  
 $
 

)

 9
 # L  
   G

' 5RVD 3DUNV QmR j GLVFULPLQDomR UDFLDO 

 
* K

)

 "
 %
 



 (.
  (  
 





8  

G 

 
   
  8
V*
  
W 
   
   
 
  VW

   G  

 
     )



 

 

)
  
    + *  .

X  
   
  
 H +    
  
  )
  
 
     H
  + 

G 
 
   

  +

   H 

 ++ 
  G   (
 H +    

 
   

   
+ 
   
 

  
 

  

    

8 
G 


  
  
     + 

  .    F . 
 



. 


 
 

 




     

I 
 

5 
F 
 
   *.  
 

   EXOD SDSDO +  
  
  . 




8 



B  
  

G 



 
  
 
 
 +

  &   

+
  * F   3

 01114 8 

)


 ) 
  +  
)
 
 )
  
 

  
  *

     



    

  
( 
 H  
 


 
 



 G

Y;:: Y;:::  Y:Y 
    G
 
  & 3U  )
011\4 I GB
H  

 

   

* 

 
 

* 



   ( & G   


 
    *
  )H     '  KLVWyULD G

 

    9HOKR 0XQGR +   

 

> 

G I


  )  
    * (
 *      
 
.
    
"X 



@@
% 5RPDQXV3RQWLIH[  12  I 
 @ATA  
  K
 ; 








  )

8

 
 +  

 H 
% G

 


  
      *

  
 

   )

  
   -

   
 )   .

)  
 
$   H +
      
   
 .  


 


%
 
 
 
 G 


 R 3011Z4 
 .  
 *  *  
    


    H   
 
 

 

2VHOHPHQWRVFXOWXUDLVHDIRUPDGHRUJDQL]DomRVRFLDOGRVLPSpULRV
EL]DQWLQRV H SHUVDV (VWDGRV HVFUDYLVWDV LQIOXHQFLDUDP
SURIXQGDPHQWH DV SRVWXUDV PpWRGRV H SUiWLFDV DGRWDGRV SHOR
,PSpULR PXoXOPDQR HP H[SDQVmR   2 VLVWHPD HVFUDYLVWD
GHVHQYROYLGRGXUDQWHVHWHVpFXORVSHORViUDEHVPXoXOPDQRVHOHJHX
R FRQWLQHQWH DIULFDQR SDUWLQGR GD ÈIULFD GR 1RUWH FRPR R FHQWUR
IRUQHFHGRUGDPHUFDGRULDTXHVHEXVFDYD±HVFUDYRVQHJURVSDUD
VHUHP VXEPHWLGRV DRV WUDEDOKRV GRPpVWLFRV VHUYLoR GH DUPD R
WUDEDOKR DJUtFROD H VHUHP XWLOL]DGRV FRPR PRHGD LQWHUQDFLRQDO  
(VVHGHVHQYROYLPHQWRDYDVVDODGRUGRFRPpUFLRGHHVFUDYRVFKHJRX
DWp D (XURSD TXH VH WRUQRX KHUGHLUD GR VLVWHPD HVFUDYLVWD
VRILVWLFDQGR D FXOWXUD GD HVFUDYLGmR DVVLP FRPR IL]HUDP RV iUDEHV
TXDQGR R KHUGDUDP GRV JUHJRV H EL]DQWLQRV 3R  011Z'
\Z\24

- 
 
 
  *  
G  
 G

    
  
 
'

&RP HIHLWR GHVGH VHX LQtFLR QD $QWLJXLGDGH R UDFLVPR VHPSUH IRL
XPD UHDOLGDGH VRFLDO H FXOWXUDO SDXWDGD H[FOXVLYDPHQWH QR IHQyWLSR
DQWHVGHVHUXPIHQ{PHQRSROtWLFRHHFRQ{PLFRSDXWDGRQDELRORJLD
2 IHQyWLSR p XP HOHPHQWR REMHWLYR UHDO TXH QmR VH SUHVWD j
QHJDomRRXFRQIXVmR3R  011Z' @@4

(
     .  
 (G R 3011Z4
 +          
  
  

+    *   ) 

  

   I   )
   
  UDoDHWQLD@0


@0
( 

 

 UDoD  HWQLD  *
 IB      

 +

   
 


   - 
F
UDoD
*
 
B  
 

8.
:  3@MM04  ( 

G
C  3@MMM4
+  

  

  


5DoDG  

   


  )  ) F 

  
  TXHVWmRUDFLDO
 
  )

HWQLD





( .  )
 
BB
   
  


  
     
,    
.

 
BB
 
 

B     
+     

( 
  

 + 
    

  


  

  

*      
H +   


   

3"
 @MMA4

0-.
#%AG#

#
TXHVWmRVRFLDO

( H pWQLFRUDFLDLV
%

    


 


   '
 


( H 
  

H   
   
  

 
 


 
) 
 
 

 I 
  

 )  
   
 

 
 
 

H 
     ,   
 
   TXHVWmR
UDFLDO  F TXHVWmRVRFLDO
%
K  . 
  

% "
 3@MMA4  + 
    


  
.
 
 
,



 (  


3 
   @TT1 G @2T14
    +


 

     


 
    '  *
  
 -   



3@2T@ G @2224     
 
     



 
   




  
   *
   
 (   

+

 G
 
    
 
   

  ) + 
 


  
 )
 
 
 )
  
  



 





   *
  % 
301114 
  
   
   

 

+  
  
*   
 
*  

   +

  
  3    
  
  4  






  

   
      

 


  
.
   

UDoDHWQLD  


*






3DUDVHFRPSUHHQGHUDUDFLRQDOLGDGHTXHVHGHVHQYROYHDWUDYpVGD
GRPLQDomR HFRQ{PLFD H H[WUDHFRQ{PLFD QR PRGR GH SURGXomR
HVFUDYLVWDWHPRVGHGLULJLUDQRVVDyWLFDQmRSDUDRFRPSRUWDPHQWR
ERP RX PDX GRV VHXV DJHQWHV SULQFLSDLV ± VHQKRUHV H HVFUDYRV
PDV SDUD D WRWDOLGDGH GR FRPSRUWDPHQWR GRV FRPSRQHQWHV GH VXD
HVWUXWXUD LVWR p YDORUHV VRFLDLV H LQVWUXPHQWRV PDWHULDLV TXH
JDUDQWLDP R VHX HTXLOtEULR DWUDYpV GD FRHUomR H[WUDHFRQ{PLFD
FRPR R WURQFR D JDUJDOKHLUD R DQMLQKR R DoRLWH   H SRU RXWUR
ODGR RV IDWRUHV H[WUDOHJDLV GH GHVHTXLOtEULR GHVVD UDFLRQDOLGDGH
FRPRDGHVREHGLrQFLDGRHVFUDYRDPDODQGUDJHPRDVVDVVtQLRGH
VHQKRUHV H IHLWRUHV D IXJD LQGLYLGXDO D IXJD FROHWLYD 3"
 @MMA'
0N4

( H 

  
 

  
X  8 


 

    G + 
 
 
 

 


  
  
  *
  
 
 )

 

 

  

(


 +  
 


   
 
 
 


  
     
  

     8 
 +  )     


)
 VWDWXV  


  
H . 

+
 

VWDWXV TXR    
 .


  

 
 

$ ILFomR GH TXH SHVVRDV WRUQDYDPVH ³FRXVDV´ SURGX]LD
FRQWUDGLo}HV LQFRHUrQFLDV WLGRV FRPR SURSULHGDGH QRV kPELWRV GR
GLUHLWRFLYLOHFRPHUFLDORVFDWLYRVUHVSRQGLDPSOHQDPHQWHSRUVHXV
DWRV QD MXVWLoD FULPLQDO (UDP MXOJDGRV H SXQLGRV SRU KRPLFtGLR
DJUHVVmRURXER0XLWRVRIRUDPDWpSHORGHOLWRGH³IXUWDUHVFUDYRV´
RX VHMD SHOR DWR GH ³VHGX]LU´ RX FRQYHQFHU XP FRPSDQKHLUR GH
FDWLYHLUR D ERWDU R Sp QD HVWUDGD SDUD WURFDU GH VHQKRU 3**

011\' NM4

(  

  .     *
I  
 
U
  
 F


 

 

 



 
 
 $ 
X
 I
 


* 
 
    H   



  


  
  

 

K


*.
 
. 
  
 H
  
      


 
 


   ( 
 
  
 
,
 +
   

 





 
  

G
  
   
   

 
8   
 )
%  



    
 8 


     . 
, 
 

 $    

  

   
  )

. 




  .
(
  

        

I 
 
   


 X 
 + G  



(   


 

 G  



G

Y:Y       +B 


 

 
 
*
 
 (


 *
 
+
 +   

    


*

 )


  

    
 V W 
*

 
     



   



( # -G
 5
) 
  @2T1 

.
  

 
  
  
  


(   
   G +  

% ³FRPRFODVVHHTXHQmR
SRGLD GHVHPSHQKDU DTXHODV IXQo}HV GLQDPL]DGRUDV DWULEXtGDV D XPD EXUJXHVLD
FOiVVLFDQRVPROGHVHXURSHXV´3"
 @MMA' AZ4
( 

 
 )
 G    

 

 , 
  
    +
 G 
    




    +  
  

.

  
I)
 


 
   (
 

  

 

G
*.
 * 
    

+ 
 

 
  
 

 
  G 
%
 "
 3@MMA4 *.   




   
 



  +
%    

 #  6  @2T1 
¬PHGLGDTXHVHDIDVWRXRSRGHUS~EOLFRGRGHYHUVRFLDOGHGRDUDRV
H[HVFUDYRV TXDQGR VDtVVHP GR FDWLYHLUR  SDUFHODV GH WHUUDV jV
TXDLV WLQKDP GLUHLWR ³SRU VHUYLoRV SUHVWDGRV´ H QDV TXDLV SXGHVVHP
LQWHJUDUVH FRPR SURSULHWiULRV QD FRQFOXVmR GR SURFHVVR
DEROLFLRQLVWD FULRX DV SUHPLVVDV GD VXD PDUJLQDOL]DomR VRFLDO
3"
 @MMA' Z@4

( #  6   +  *  

 
 

 
-

 
  
 
H  
 .B 








  
 
   
 



K

" 


 
B   

 
  *
  
.






0-9
@#)*
,#
#*H)
)#B


(   H 
 )

 

 
 
   
    
  

 
 8

+ B 

 
+ 
  
 
+


  
 *
 
  
 X 
 
( 
 
      
 

)

G @2T1 

I
 
* 
 
 

 )
 
 






 +
 
 


I
 


   G 
)
 "
 3@MMA4
 "
  
    
   

H    + 
 
    
 
 
  


 
 
    



)
 

 G
  
(
 
       
 +

)





 

 "
 3@MMA4  +  


 )  
.

     

X  +

 
   *
 
       
(
  

     
   
F   


)
   
   ( 
  



 )  H   
  


 *. 

 

  
    

0XLWRV HVFUDYRV XVDUDP D YLROrQFLD FRQWUD VHXV VHQKRUHV H
IDPLOLDUHV VHP PRWLYR DSDUHQWHPHQWH MXVWLILFiYHO GH DFRUGR FRP RV
YDORUHV GD VRFLHGDGH HVFUDYLVWD 1R HQWDQWR HVVHV DWRV HUDP D
FRQFOXVmR GH XP ORQJR SHUtRGR GH PXWLODomR LQWHULRU GR VHX
SHQVDPHQWRTXHSURWHVWDYDPHVPRLQWXLWLYDPHQWHFRQWUDDVLWXDomR
QDTXDOVHHQFRQWUDYD3"
 @MMA'@MM4

8

/
+ K
   @22N +  

 

   



  ( 
  

   

   
.

    
    + 





 
 *
         + 
    

 *  
)  
    
*



*
 3()
 011\4
  
  

.   
 F 

 
  
  



G
Y:Y 
   

8 
 )
    

I
   + 
  

 
   
   *

  H 
  


[+ +
    
    
  
   


3RUWDQWRVHSDUDDEROLFLRQLVWDVFRPR-RDTXLP1DEXFRDVFKDPDGDV
³OHLVDEROLFLRQLVWDV´SURPXOJDGDVQR3DUODPHQWRHUDPXPDIRUPDGH
UHGHQomRGRHVFUDYRSDUDRXWURVFRPRRVSUySULRVHVFUDYRVHVVDV
PHVPDVOHLVSRGLDPVHUHQWHQGLGDVFRPRFRQTXLVWDVGHGLUHLWRVTXH
IRUDP QD YHUGDGH DUUDQFDGRV GRV OHJLVODGRUHV ± REULJDGRV D
UHFRQKHFHU QD OHWUD GD OHL GLUHLWRV FRVWXPHLURV TXH YLQKDP VHQGR
UHFODPDGRV KDYLD PXLWR WHPSR QRV WULEXQDLV GH MXVWLoD 3()

011\' N04

-  
 G
  
 
   *
  




 
  
 

 + 
   



 
  


 

    



()
3011\4  + 
 F I 
  
  *
 
 
     G  H  (H I 


 *
 
    I
 
  

 

 
 *
     

(G 
 
G
Y:Y  
 
 

 

   . 
 
 

 K

 
 +  

  


  +
    
 
    


  
   
 






 
   

 
 .


8 


  


 


    

    F 

 
I 


 H
   

 +     
   

 





(    # &  @222  


 


%
G
,  )    
  
 
 

( 




     
 
 

 
++ 

-
+
   
   


 
  
  
)
' 
 
  

*
  X 
 
 
 



 +

 *
  



    *   

 
   
   
   


%   * 
 

   
G
Y;:
( (

 -
G      


 

 .
.    

 
  . 8 I
 


 
 +  '


    
  )

   
 
 
 
 



(   G 
   
  
 + 


      .   
 


 )
 
  

*

%
- 

 
  
  & 





' ³IDOWDGHOLEHUGDGHVXMHLomRGHSHQGrQFLDVXEPLVVmRVHUYLGmR5HJLPH
VRFLDO GH VXMHLomR GR KRPHP H XWLOL]DomR GH VXD IRUoD H[SORUDGD SDUD ILQV
HFRQ{PLFRV FRPR SURSULHGDGH SULYDGD´ 3J 011T' 0\A4    
    
   
*
   *   
 
*  

)    
 

  




 G
 G     

K    
   
    
    


     
+    

 
%
-  
  LPLJUDomR G   ,
+

  

  
    *
 
H     *

 

 + 
    
    H
  H

 

 




 8  
    
F 


 



  $   *
 











 
 

  G
 .
 
 
 

H
( 
 +  TXHVWmRUDFLDO .  
  TXHVWmRGHFODVVH
B
 
 
 
 *
  +   
  

 
+   
  


8
 
 
 
  
   *
I
    


   
 
  
    


8 %  
F
 H   G
 + )



 $
 
 
$
 
 

 
  

-  


 F

  VW   



3 J*
 011\4
8 GB
   
  
 

 +



 
 
  




 *

 )
+ 
    *   G 
G
YY
 
   

 


  
  


 I)
 
 
 
   ( 

 
 )

  F    +    
    



   

   [

  * 
 G


 
 
   F  V
W  




 
    

1HVWH FRQWH[WR D GHVXPDQL]DomR QDWXUDOL]DGD VRIULGD SHOR QHJUR
HVFUDYR p WUDQVIRUPDGD HP GHVTXDOLILFDomR LQFDSDFLGDGH
LQIHULRULGDGH PDUJLQDOLGDGH LGHRORJL]DGD GR QHJUR FLGDGmR 3
J*
 011\' NA4

  


    + 
 .  + 
 
 B
  +  
 
   F



%  *
I

   *
 3 
 01114 -
  *         
    +

    

 


 
*

 
+ 
 
)
G 
  

  

 
G
YY .    
 





+  


   (   


 
)
   
  G 
B'  
  






*   
 G 
 
 
> 

 


 + 
  
B 

>   
 + 
  

 VW  
V 
W + *  
 3C  01114

(   
 
 
 G 
  .  * 
3@M224 +
   





  *
   


 
 
     

VFRLVDV GH PHQRU LPSRUWkQFLD FDVRV GH
SROtFLD H GH FDSLWmRGRPDWR SRLV DV UHEHOGLDV QHJUDV QmR LQIOXHP QD µJUDQGH
KLVWyULD¶´3' ZN4 - 


   )
 


%   )

 
 
 

  I



  
 
 
 )
  
 

e HYLGHQWH TXH R QHJUR UHVLVWH ( OXWD 3RGH UHVLVWLU SHOD LQpUFLD
FRPRRVTXHVHLPRELOL]DPHFDWDWRQLFDPHQWHHVSHUDPDPRUWH2X
SHORVXLFtGLRFRPXP2XRDERUWRIRUoDGRSHODVPmHVQHJUDVSDUD
QmR OHJDUHP ILOKRV j FUXHOGDGH EUDQFD HODV TXH PXLWDV YH]HV
VRIULDPRDERUWRSURYRFDGRSHORVVHQKRUHVSDUDTXHQmRGHL[DVVHP
GHWUDEDOKDUSRUFDXVDGDJUDYLGH](WDPEpPRFULPHHPUHSUHViOLD
PDWDQGR VHQKRUHV H VHXV SDUHQWHV $ UHVLVWrQFLD PDQLIHVWRXVH
VREUHWXGR QRV TXLORPERV FRQVWUXLQGR XPD QRYD VRFLHGDGH RQGH
SRGHULDP VREUHYLYHU ORQJH GR VLVWHPD RSUHVVRU 3* 
 @M22'
ZZ4

8 +

 
 
 )
    
   



 (   

   H   *




 

 
  
  

  +




 
36 011\4
8 
 
       
 
+
  )
  
 B
  .  
%
   
 
  
  
  
9
 / 

 
 $  
  
  . 
  
 )H  
 
   
 

   
 


*



 

 
   (

 F 

  + G 
 F  

 

 
 
 
 3"
 @MMA4
:   
 )H
   *


    
 
 
 
    ) 
 H  
 

 
  

 -   
  + 

H   
  

 ) 

 )H





(   

  B G 

  .

   . 
 
 B


 *
 
 G 
G
YY 8 
 
  
*
 


  

*

( 
 
 *
  
 B

 
  

G  H  

. 
% J  8 G G 



  
 

    


  
 8 *

G
      G
 

I
   *        

3 011\4
(     *
 
 
 

  
 
  

     
)
(
  




       
 
 
 

 (  G  
  H      F 
  


I
  $YR]GDUDoD 
+   
 H

 J  K % ? JK%   @MN@ 3 011\4
( JK%      
 
   


 )
     
 9  

 





  *    011  

G  @MNZ    

 



 C$
; 
 


 
 
 




  JK% 
     


   
 



 )
36 011\4 - @MAA ( 
K 
  
  

 
 )
  

6
-   
K
36-K4 

I

 

 

 
)
 
 *
  


)
     .   
 
 



K G  @M\1 *.    
 
 
3C  01114 
 
)


 

+     
  
 




 

%    + 
 
 
   

   
    @M\A     
  
  
 
 
 
 G  G  @MZ1 + 


 



     
  
 - 


G   


 



  
 + 
.
 

%     

 


 
   
 K







 ` 
  G



*   
   

     B
 01 




V K
 

  KW 36 011\4

(PRPRYLPHQWRILQDOPHQWHDWLQJLXDLPSRUWkQFLDTXHEXVFDUD
DWp HQWmR (P DWR S~EOLFR FRQWUD D PRUWH SRU WRUWXUD GH XP
WUDEDOKDGRU QHJUR R DVVDVVLQDWR GH XP RSHUiULR PHVWLoR SRU XP
SROLFLDO H R LPSHGLPHQWR GH DWOHWDV QHJURV HQWUDUHP QR &OXEH GH
5HJDWDV 7LHWr GLYHUVRV JUXSRV QHJURV DWp HQWmR HVSDOKDGRV SHOR
SDtV UHXQLUDPVH QDV HVFDGDULDV GR 7HDWUR 0XQLFLSDO HP 6mR
3DXOR %DWL]DGR FRPR 0RYLPHQWR 1HJUR 8QLILFDGR 018  R JUXSR
EUDGDYD SHOR UHFRQKHFLPHQWR GH VHXV GLUHLWRVH SHOD FULPLQDOL]DomR
GRUDFLVPR36 011\' M04

8  
  



"K 
 



 )H     



    




  

 
 
 
   
 
 




 
 
.
 
      

K G  @MZ1

 

  
  


 ( 

 G  
  V
 W  


I


   
   
     3C 
01114
( 




 UDoD G      
 .

  
 3C  01114   G  H + 
 
UDoDV  $  FXOWXUDV  + 
  
  
.  
   
  

  8  


V
W 
V
W 
  

   

H 
  

   
     

(     
 


%




  *       *   (  

 
    
 
% +   G



 
 
 
   

 (H   
* 

  

     +



 

 

   
  
 

(
  * 




   
   
) 

  
   *
 
  
 

 



% 
   +
  (

 -
   





 

       
 
 

  

  
 
  




 
  
 
K 
( 


 
 @N  "
? (

 -

 01
 K

?   
  K  
F  



% G  
 J   3@M2M4 + 
 +  (

  




   ³DUWLPDQKDSHODTXDORVHVFUDYRVVRIUHUDPD
~OWLPD HVSROLDomR´ 3' NN4 6B    * 
 


    


    .
   





 

  H 

     # & 
  
 
 


   
+ 
 

 G
  

]
  
   
 
)

%   
 
 G  


 
 
 )
>  



 
  G
$

 
 


  

 
>   
 

 
       
*  
> 
 


 
 


 

 

 +

  
( 

     

 

 



 01 




   
   


%    +  

 
  I 
B* 


 
    
G  .
   


 
     G 
       .


 
  *  + 
  
8   
  K  F   


*   $  
 



   

  
     ` G   


 I
 +
I 


 3J   @M2M4
 $    

 


 .


 
 G   + 
  
 
   






  
'  # a Z ANZ  01  )
 @M2T +     

 H  


 UDoD  
>  # a Z Z@\  1T  I 

 @M2M 3# 4 +  
     

 UDoD  
> 





# a @1 \NM  1M  I 


 011N +  


   
 


  . 
  *   
B>  
    # @0 022  01  I*
 01@1 + 
-
 :
9

0-;

)%,A'
,

)
1%

( TXHVWmR UDFLDO
%  
 
   
   
 


( 
  TXHVWmR UDFLDO  TXHVWmR VRFLDO .   

 
 
 *


* 

  

    

 G

 

 
  

  


 
   +
    +  



  

  G

+      



  





  
 


8 
  
B  
 

 
   
B*  
 




 

 
    H 
 

  
  * 

%
( 
 

 TXHVWmR UDFLDO   
 
-




  
  
   
 I

F
 $


 
     
 


   .  
  H 
  + 



%'

x #
%##)*
F 

 @20A B  


 
+  
 

( :     
%



     

 8 

 

    
 
 


 @20A      


  . 
*



   
  

F 
 





F  

)
(  



 

    
 
 )
  +   



  






'XUDQWH RV WUrV VpFXORV H PHLR GH HVFUDYLGmR QR %UDVLO D FDGD PLO
HVFUDYRVDSHQDVXPHUDDOIDEHWL]DGR2VLVWHPDHVFUDYLVWDSURLELDR
HQVLQRGDVSULPHLUDVOHWUDVDRVHVFUDYRVPHVPRTXHDHVFRODIRVVH
DGPLQLVWUDGD SRU SDUWLFXODUHV 3RXFRV QHJURV URPSHUDP HVVH
EORTXHLR PDV H[LVWLUDP H[FHo}HV FRPR D (VFUDYD (VSHUDQoD
*DUFLD GR 3LDXt R SRHWD DIUREDLDQR /XtV *DPD TXH SRGHP VHU
FRQVLGHUDGRV FDVRV H[FHSFLRQDLV GH TXHP DSUHQGHX D OHU DLQGD
HVFUDYR2VVXEOHYDGRVQDJ{VHKDXoiV PXLWRVGHOHVDOIRUULDGRV GD
5HEHOLmRGRV0DOrVHP6DOYDGRUGHFDUDFWHUL]DPXPFDVRGH
DOIDEHWL]DomRFROHWLYDRVTXDLVDSUHQGLDPDOHUSHOR$OFRUmR 39

 %
 3
4 0112'M\4

8 *


    
 

 
 
 


   

 
 

I
   
 .



+     
 
  
 

 
  H 

 ( 
  + 
 


)
  


  + 
  



 
 8 
   
   
       H


+ + 

  I
  



%

x
#
I(
,#
#J
 @2T1

(  

.
 
    
 +  



 )
   
   

     K


   
 
 
   
 
 
    

V2V
HVFUDYRVDSUHHQGLGRVVHULDPUHH[SRUWDGRVSRUFRQWDGRJRYHUQRSDUDRVSRUWRVGH
RULJHPRXTXDOTXHURXWURSRUWRIRUDGR,PSpULR´3
 @M2\' 0M4 (   




  
) 

 
   
  
G
( 
  :  

  
  


     
,
5 
F

  
 


%  
 
 .  
  G

 :


 
      

 




   +

,


@N
6B 

    + 
          

 *
     H  
   
  
H F  
H

 
 9:%-:98  %(9%8( 3
4 &DGHUQRV 1HJURV WUrV GpFDGDV'  


 

 

' 5
*
I' -:9 0112  MT 





x
#
,
#
? @2T1

(
   

 
% 

 
 "

3@MMA4  +      )  
, 

 

8 
 

G
 

F 
 
 
 

  
 + 

 +  
 F 

 (  
@2T1 *.  
  

  

 #  6 +
  +  $     +   
  
B 




  

   *
 
  

 

 
  
-

 
 

6
  ++ 

 )   
  G 

    :
   +  
 

  *  


  G 
 
    
 
H
      


     
 +   

   
 
K 
 I   G
*



G      


  

*
   )
 +

  

x
3#
,
B  @2\AB@2Z1

K  



 
   
  
 *
 

     V4XDQGRDJXHUUDHFORGHR,PSpULRSUDWLFDPHQWHQmRWHP
H[pUFLWR (OH p IRUPDGR UDSLGDPHQWH FRPSRVWR SHOR PHQRV HP  SRU FHQWR SRU
VROGDGRVQHJURV´3* 
 @M22' 2N4
- @2\A
% 
 
 
 *H  + * 
  

)

   C 
 *
    *

+ * 
  
 )
 
  
 +  



*.

  
 +  
 
 )
  

( 


       
 B
 
$

 *


  

 
  
   G
 6B 
 




)
F   
 3* 
 @M224
(

 


  
      
. 
 +
 


  
 
  
   

     )





(
G
+ 
  


  

  I
  
3"
 @MMA4





:
   +  


 
 )



    
  *
    
*
  8

    
 
 
 
    
   

  
 
 

 
  + 

. 

 )


   
%  C 
 )


I

 
 
    B  
 I


x
#
,
#)*#
@# ? @2Z@

  
          + 
 


 (  G    . 8    
 
     

   K  X + 


 
  
 ] (
 
.
    


   
 
    
  

-


 
 
.




  

*
      

*

  
  
 

-

8 
 


 ) 
  VW    G
 12 

  *      )

-



  

*

V
 .
W 

+    
 12 
 0@ 
 


F

 

3
 @M2\4

x #
,
#&B#) ? @22T

7RUQD OLYUHV RV QHJURV HVFUDYL]DGRV DR FRPSOHWDU VHVVHQWD DQRV GH LGDGH
GHVREULJDQGR RV SURSULHWiULRV H R SUySULR (VWDGR GH TXDOTXHU LQGHQL]DomR D HVVD
SRSXODomR 3
 @M2\' \M4 - 
  $    

 X 
 


 

   

   
 

K .   
 +
  
   
 B
 


 
H  

 
 
(    +   


*


*
 
  




  )
+   
    


 B  
  

 B

x
#
4# ? @222     

%
     

% ³QDYHUGDGHDDEROLomROLEHUWRXR
KRPHP EUDQFR GRV HVFUDYRV´ 3* 
@M22' 2N4 (  
 +




 


 




     I.
* 

         
 
@A
8 $
 
  

I  
  +
 


+
   



 

  
  V


W
 
    

  



 )
     
% (H  
 



)     $ (   

)
 +
V+W  F    
   
  

  


  *
  
.

  

x
##*
7.8

@2M1         






( 
 





 + 
)

   



   


    
 

 8 I

  + 
 
   G      

   *
 
 +
      UDoDV VXSHULRUHV
 

³LQFHQWLYRV D WRGRV RV ID]HQGHLURV TXH TXLVHVVHP LQVWDODU LPLJUDQWHV
HXURSHXVHPWHUUDV´ 36*


 0112' NT4 ( 

  
 





 G @M02
8 
 

     
   

   

   



 
  +   
*
   
% (  
 
  

 V$ 
W 
     

 *
   

 
  .
 + 
  
 
  

)



    


2 PHUFDGR GH WUDEDOKR OLYUH QR %UDVLO IRL DVVLP PROGDGR SRU XPD
SROtWLFDGHLPLJUDomRFXMDSHUVSHFWLYDHUDPDLVGRTXHXPDVLPSOHV
HVWUDWpJLD GH VXEVWLWXLomR GD PmRGHREUD $ LPLJUDomR IDYRUHFLGD
SRUWD[Do}HVHVXEYHQo}HVHPGHWULPHQWRGDPmRGHREUDQDFLRQDO
HUD SDUWH GH XP SURMHWR GH QDomR TXH WLQKD QR HPEUDQTXHFLPHQWR
XPD GH VXDV PDLV LPSRUWDQWHV HVWUDWpJLDV 1R SDtV TXH FRQYLYH H

@A
   
     


% 
 
 
U:(;-K(68 / / (  



' 
V
 
W   
 

' "
 
@M22 





YLYHGDGHVLJXDOGDGHRQHJURDRSHUGHUROXJDUFHQWUDOQRPXQGRGR
WUDEDOKRQmRGHL[RXGHH[HUFHUXPSDSHOVRFLDOFRPRRQ~FOHRPDLRU
GRV SREUHV SUHVWDGRUHV GH VHUYLoRV DRV TXDLV DV FODVVHV PpGLDV
UHFRUUHPRVWHQVLYDHVLVWHPDWLFDPHQWH36*


 0112' NM A14

( G 
 + 
G .    

  



 I 
  
³1mR p FXVWRVR UHIRUoDU TXH D SURPRomR GD
LPLJUDomR HUD FODUDPHQWH DVVHQWDGD QD LGHRORJLD GR EUDQTXHDPHQWR´ 36*



0112' NT4
( 
 



   G 
G


B
  


  

+   
  

+   



(    +  


%  
G 
G
YY G 
    
 G
  
 +

 K  9
 G
 +
 B 
 
 
 
   +  
   + 



 
&

 (    V W 


 
 
 

  G  
 


G
/

%  # +

@T 
)

:


   9  #
 B@M@@  
 + 
K
 '
9tFLRVGHOLQJXDJHPYtFLRVGHVDQJXHFRQFHSo}HVHUUDGDVVREUHD
YLGD H D PRUWH VXSHUVWLo}HV JURVVHLUDV IHWLFKLVPR LQFRPSUHHQVmR
GH WRGR VHQWLPHQWR HOHYDGR GH KRQUD H GH GLJQLGDGH KXPDQD
VHQVXDOLVPREDL[RWDOpDKHUDQoDPHGtRFUHTXHUHFHEHPRVGDUDoD
QHJUD3# @M@@'@04

  
   
  
  

 +

  
 
 
  

    
B  )  


8 
 
 .    ) + G  
 
 8 
 

 
 

   

  


 
  

 
      H G   
#

G 

     +  


  


*
 [ UDoD  G   
      





3# @M@@4    
H    

G
  @M@@ 
    +'


@T
#(-9(>
/ % @M@@ 6XU OHV PpWLV DX %UpVLO 
b    9  : 

 
  * '==PPP *  =


=01=1T=01@1 





$QWHV GH XP VpFXOR SURYDYHOPHQWH D SRSXODomR GR %UDVLO VHUi


UHSUHVHQWDGD HP VXD PDLRU SDUWH SRU LQGLYtGXRV GD UDoD EUDQFD
ODWLQD H QR PHVPR SHUtRGR R QHJUR H R tQGLR WHUmR VHP G~YLGD
GHVDSDUHFLGR GHVWD SDUWH GD $PpULFD 8P IXWXUR EULOKDQWH HVWi
UHVHUYDGR DR %UDVLO TXH VH WRUQDUi D SULQFLSDO HVWDomR RQGH DUDoD
ODWLQDYLUiUHYLJRUDUVHUHMXYHQHVFHUVHQD$PpULFDGR6XOWDOFRPR
RV (VWDGRV 8QLGRV WHP VLGR QD $PpULFD GR 1RUWH SDUD D UDoD
VD[{QLFD3# @M@@' 0M4

(
  
    
 G I 

 G
 *



 #    
   
 
 +    01@0 
   

 
 


 (    . 
 
) 
 9
+
 
 # 3@M@04 
 +

   


 UDoD  

% 


 +

    
  
  
    
  
 

(   G  @MN1 
 

 
  +







 8 
    + 
 *  G   

(* 9
 G
 
  G   
 
  
  + *.   
  +     K

V8 

W      +
 
 
   


+  
 
  
 . - 

 
 

 
 

2HVWXGRGDVUHODo}HVUDFLDLVQR%UDVLOHVWiIXQGDPHQWDGRHPGXDV
JUDQGHV FRUUHQWHV $ SULPHLUD FRP rQIDVH QD PHVWLoDJHP RX
PLVFLJHQDomR FRPR LQVWUXPHQWR GH LQWHJUDomR H GDV UHODo}HV
FRUGLDLV HQWUH RV GLIHUHQWHV HQWUH DV UDoDV (VVD FRUUHQWH HVWi
IXQGDPHQWDOPHQWHEDVHDGDQRVHVWXGRVGH)UH\UHDSDUWLUGH
36    011\'NN4 

 




  +
 
 
  H 

% 
.
 

 C  c  ) 
 @MNN 
C
JO K  


 B +   

 *
    )      K

G   



 

   
 

 )
>  H 


 H    
  
>  
 +   


%    .
 
   
)
 H

$ VHJXQGD FRUUHQWH FRPHoD FRP DV SHVTXLVDV GH )ORUHVWDQ QD





GpFDGD GH  PRVWUDQGR DV GHVLJXDOGDGHV UDFLDLV QD VRFLHGDGH


EUDVLOHLUDGHVLJXDOGDGHVTXHVHULDPVHJXQGRHOHVXSHUDGDVFRPR
DYDQoRGRFDSLWDOLVPR36    011\'NN4

K G  @MT1



9
 %  
  



 
 

   
    

 -
@MT@   I   
 J
 J    

 
+  
   K-8 38 )
 KH    
-
      4 
  TXHVWmRUDFLDO
% ( + 

 G  
     
   





  (

 



  
  
 
 

    
  


(  + G  K-8 
   




UDoD 


 JUXSRVpWQLFRV ( 


 
    
 
 
 
 

I    
  I.

 ++ X 

-  
  )


UDoD B 


HWQLD B .
   *

+   
 + UDoD 
    

 


 

 F  

% 





 
  +  
  

"
 
K


  G  @MZ1 

 

   

  )  )
F 

  
  TXHVWmR UDFLDO

+
  

 



8 
 

          



   
  


   H (

 )

 
 
       

-


+  G  @MM1    
 F



6RE D SUHVVmR GRV PRYLPHQWRV QHJURV R JRYHUQR )HUQDQGR
+HQULTXH&DUGRVRLQLFLRXSXEOLFDPHQWHRSURFHVVRGHGLVFXVVmRGDV
UHODo}HV UDFLDLV EUDVLOHLUDV HP  DGPLWLQGR RILFLDOPHQWH SHOD
SULPHLUDYH]QDKLVWyULDEUDVLOHLUDTXHRVQHJURVHUDPGLVFULPLQDGRV
0DLVGRTXHLVVRUDWLILFRXDH[LVWrQFLDGHGLVFULPLQDomRUDFLDOFRQWUD
RV QHJURV QR %UDVLO GXUDQWH R VHPLQiULR LQWHUQDFLRQDO
³0XOWLFXOWXUDOLVPRHUDFLVPRRSDSHOGDDomRDILUPDWLYDQRV(VWDGRV
GHPRFUiWLFRV FRQWHPSRUkQHRV´ RUJDQL]DGR SHOR 0LQLVWpULR GD
-XVWLoDHP 3 
 011T' @Z4





-
  

   TXHVWmR UDFLDO 
     0111




) H 
   
 )



 
  &RQIHUrQFLD0XQGLDOGH'XUEDQ
K 

      G 
    

TXHVWmRUDFLDO   
 
  
      

%   


 
 


 +
*.

 

0-;-0
#@#%),

,
#

)#*

$VVLP p R UDFLVPR EUDVLOHLUR VHP FDUD 7UDYHVWLGR HP URXSDV
LOXVWUDGDV XQLYHUVDOLVWDV WUDWDQGRVH D VL PHVPR FRPR DQWL
UDFLVPR3DUDHVWHUDFLVPRRUDFLVPRpDTXHOHTXHVHSDUDQmRR
TXHQHJDDKXPDQLGDGHGHRXWUHPGHVVHPRGRUDFLVPRSDUDHOHp
RUDFLVPRGRYL]LQKR RUDFLVPRDPHULFDQR 3C  @MMM' TZ4


 


 

' DIURGHVFHQGHQWH EUDQTXLWXGH GLVFULPLQDomR
UDFLDO HWQLD QHJUR SUHFRQFHLWR UDFLDO UDFLVPR UDFLDOLVPR UDoDd (  
+

  
] 8 % G  


  
   
 
 ]
(  .     
@\ 
  H 
%
    

 +
 



 




  


   


 




         

VWDWXVTXR
    H $  + 





 




   +   
 
 
*

8   
 )  

 H 


-
  
  (G  
  
      



  UDoDV 

     
% (
  +




 
*


V/ 
PW   
 H

 
 

 
 

 
  
  
 
  
 +
        


% 8  
 +   )
G +'


@\
 +


  
 


  H  
 
 
  
 
  
 )
   J  

' &RQVFLrQFLD 1HJUD GR
%UDVLORVSULQFLSDLVOLYURV%
U
)
' ")) -H 0110 






2PRGHOREUDVLOHLURDRFRQWUiULRPRVWUDYDXPDUHILQDGDHWLTXHWDGH
GLVWDQFLDPHQWR VRFLDO H XPD GLIHUHQFLDomR DJXGD GH VWDWXV H GH
SRVVLELOLGDGHV HFRQ{PLFDV FRQYLYHQGR FRP HTXLGDGH MXUtGLFD H
LQGLIHUHQFLDomR IRUPDO XP VLVWHPD FRPSOH[R H DPEtJXR GH
GLIHUHQFLDomRUDFLDOEDVHDGRVREUHWXGRHPGLIHUHQoDVIHQRWtSLFDVH
FULVWDOL]DGRQXPYRFDEXOiULRFURPiWLFR 3C  @MMM' NM4

K * 
 

 *.    
  
 





   

 

 
+     + 
 I 
 
   


 

 





     

 
  
 

  )


 I  

 
@Z 
  
  


  
  




$ DWULEXLomR GH FRU DRV LQGLYtGXRV SUiWLFD FRPXP QR %UDVLO H TXH
IXQGDPHQWD D FRQVWUXomR GH JUXSRV GH FRU SHORV VRFLyORJRV ORQJH
GH SUHVFLQGLU GD QRomR GH ³UDoD´ SUHVVXS}H XPD LGHRORJLD UDFLDO H
XPUDFLVPRPXLWRSHFXOLDUHV3C  @MMM'014

5+ 




%   
  
 +
+

G  

 
     
 
- G    ) 
   * 
% 
 
   

 
3C  @MMM4
 


 C  3@MMM4
UDFLVPR

 + 

 *



 UDoDV
  

 
 
 )
 3



 
  
4 

  

 


  
,



 
  

$&RQYHQomR,QWHUQDFLRQDOSDUDD(OLPLQDomRGHWRGDVDV)RUPDVGH
'LVFULPLQDomR 5DFLDO GD 218 HP VHX DUWLJR SULPHLUR GL] TXH D
GLVFULPLQDomR UDFLDO ³VLJQLILFD TXDOTXHU GLVWLQomR H[FOXVmR UHVWULomR
RXSUHIHUrQFLDEDVHDGDQDUDoDFRUDVFHQGrQFLDRULJHPpWQLFDRX
QDFLRQDO FRP D ILQDOLGDGH RX R HIHLWR GH LPSHGLU RX GLILFXOWDU R
UHFRQKHFLPHQWRHRXH[HUFtFLRHPEDVHVGHLJXDOGDGHDRVGLUHLWRV
KXPDQRVHOLEHUGDGHVIXQGDPHQWDLVQRVFDPSRVSROtWLFRHFRQ{PLFR
VRFLDOFXOWXUDORXTXDOTXHURXWUDiUHDGDYLGDS~EOLFD´3:  
L
011A' 014



@Z
-
' B    )
   



 

 

  
   
 
 
 8 
 G 
  




 
  

 $

   
 _ 
  
+ 


  


 
     



 *
  % 
301114 





(  
   

GLVFULPLQDomR UDFLDO + 

 
   
 
  
  +
     

  +
  

 )
 F G  UDoD ( 



  

 G
  



 



  

( GLVFULPLQDomR UDFLDO . 
 
SUHFRQFHLWR UDFLDO + G 
 


  
I)
 
 
  



 
I

2SUHFRQFHLWRSRGHVHULQGLYLGXDORXVRFLDO2KRPHPSRGHHVWDUWmR
FKHLR GH SUHFRQFHLWRV FRP UHODomR D XPD SHVVRD RX LQVWLWXLomR
FRQFUHWD TXH QmR OKH IDoD DEVROXWDPHQWH IDOWD D IRQWH VRFLDO GR
FRQWH~GR GR SUHFRQFHLWR &RVWXPDPRV SXUD H VLPSOHVPHQWH
DVVLPLOiORV GH QRVVR DPELHQWH SDUD GHSRLV DSOLFiORV
HVSRQWDQHDPHQWH D FDVRV FRQFUHWRV DWUDYpV GH PHGLDo}HV 3U
@MZ1' AM4

8 UDFLVPR
%  + 
 


B* ) 



SUHFRQFHLWR   GLVFULPLQDomR UDFLDO  
I)
 F

 
   

         
   


 9
B    
  GB   B  

   


 +       
 


 H 
 )   H   
 3#
  5 
 011Z4
( )



 UDoD    
  
 
   .
 
 +   +

 D 
 
  

 
 
B
   

  





       ³7UDWDVH GH XP VLVWHPD GH
PDUFDVItVLFDV SHUFHELGDVFRPRLQGHOpYHLVHKHUHGLWiULDV DRTXDOVHDVVRFLDXPD
µHVVrQFLD¶ TXH FRQVLVWH HP YDORUHV PRUDLV LQWHOHFWXDLV H FXOWXUDLV´ 3C 
@MMM' 024 
8 % 
 

  UDoD  
 +
 
V
W    
       + 


  
' 

  
 
  
  
+ 
    
   
 
B
 
 


   
)
 
 3C  @MMM4
(

 


 UDoD IB 








%
 
 )

 
 
.
 
F






 
 K   


 
 :  3@MM04'

$V UDoDV VmR FDWHJRULDV KLVWyULFDV WUDQVLWyULDV TXH VH FRQVWLWXHP
VRFLDOPHQWH D SDUWLU GDV UHODo}HV VRFLDLV QD ID]HQGD HQJHQKR
HVWkQFLD VHULQJDO IiEULFD HVFULWyULR HVFROD IDPtOLD LJUHMD TXDUWHO
HVWUDGDVUXDVDYHQLGDVSVFDPSRVHFRQVWUXo}HV(QWUDPHP
OLQKDGHFRQWDFDUDFWHUHVIHQRWtSLFRV0DVRVWUDoRVUDFLDLVYLVtYHLV
IHQRWtSLFRVVmRWUDEDOKDGRVFRQVWUXtGRVRXWUDQVIRUPDGRVQDWUDPD
GHUHODo}HVVRFLDLV 3' @014

D    H 
 +  TXHVWmR UDFLDO  *   

 



   +) 
  
) 

 H 

    

 *

   
   G   
  +     *



   

8 

 HWQLD B   
 + 
 *  * 

      
 
(WQLD B   

  G    


  
   
 + 

)
*  
 +
    


    
   

     


G 
 B  G    *.   

  
    

 

 

 *
 
% 
'

8P JUXSR SRVVXLGRU GH DOJXP JUDX GH FRHUrQFLD H VROLGDULHGDGH
FRPSRVWR SRU SHVVRDVFRQVFLHQWHV DRPHQRV HP IRUPD ODWHQWH GH
WHUHP RULJHQV H LQWHUHVVHV FRPXQV 8P JUXSR pWQLFR QmR p PHUR
DJUXSDPHQWR GH SHVVRDV RX XP VHWRU GD SRSXODomR PDV XPD
DJUHJDomR FRQVFLHQWH GH SHVVRDV XQLGDV RX SUR[LPDPHQWH
UHODFLRQDGDV SRU H[SHULrQFLDV FRPSDUWLOKDGDV 3*
  % 

0111' @M\4





B   +
 

 UDoD  HWQLD

 , 

 
  
 
  
H G 
  

 


UDoDHWQLD -  
 + UDoD 
    +
  

 
 

HWQLD 


   

    + 



 F UDoD #




 
) 
TXHVWmRUDFLDO   
 = 
 G  
   QHJUR   
  

    

% 
) 

 
 
  
+ +    +  

 8 
 





 


  I
 + 

  * 


 + 


 3C
 @MMT4  1HJUR G  
 ) 

 


 
     + 
 

   
  + 

  UDoD    




 
  G
    
 
 

 *
  % 
301114  +



  
)
    
G
Y;::     
  G

 
  

B 
 

 V


W K  
  
     
 ) 


 H


( 

      

=


 H

 
    
  
 G
  

 *   (  .  +
  *



 
   .  

   
 G
X
 H

 +  
  
  
 


%UDQTXLWXGH  1D SUiWLFD VHU EUDQFR H[LJH SHOH FODUD IHLo}HV
HXURSpLDV FDEHOR OLVR VHU EUDQFR QR %UDVLO p XPD IXQomR VRFLDO H
LPSOLFD GHVHPSHQKDU XP SDSHO TXH FDUUHJD HP VL XPD FHUWD
DXWRULGDGH RX UHVSHLWR DXWRPiWLFR SHUPLWLQGR WUkQVLWR HOLPLQDQGR
EDUUHLUDV6HUEUDQFRQmRH[FOXL³WHUVDQJXHQHJUR´RXLQGtJHQD3:
 
L 011A' @M4

 
 


 

 
   G



 DIUREUDVLOHLUR'

$IUREUDVLOHLUR VXUJH HQWUH  H  HP OLQKDV GH SHQVDPHQWR
GLVWLQWDV GDV DWXDLV $OpP GH TXH DIUREUDVLOHLUR ID] SDUWH GH XP
SHUtRGRQRTXDORVJUXSRVGHLQWHOHFWXDLVEUDVLOHLURVHUDPWRWDOPHQWH
GHVLQIRUPDGRV SDUD QmR GL]HU LJQRUDQWHV VREUH D KLVWyULD DIULFDQD
1XWULDPWHRULDVUDFLVWDVVREUHDFXOWXUDGHEDVHDIULFDQD9HMDPTXH
QHVWD pSRFD *LOEHUWR )UH\UH H RV VHXV VHJXLGRUHV FRQVLGHUDYDP D
FXOWXUDDIULFDQDLQIHULRUjHXURSpLD3 * /  9

 011T' 0TN4

- DIURGHVFHQGHQWH  +  


).B
 

  
  '

2 SOHQR FRQKHFLPHQWR GR SDVVDGR DIULFDQR QDVFH VREUHWXGR HP
GHFRUUrQFLD GHVWH FRQKHFLPHQWR H GD QHFHVVLGDGH GH UHODFLRQDU R
SDVVDGRDIULFDQRFRPDKLVWyULDGR%UDVLO3 * /  9

 011T'
0TN4

K    

 
  TXHVWmR UDFLDO








)


B  >   +  *  G

 
  

H 
 
     +
 
   
   

 
    
  


   G 
B  




    





 


 

   
 


 

 

   + 




  TXHVWmRUDFLDO
%
( 


           

 
B 
   
  
 
B 



 

+ 

 *

 
 $

  
 

 
(   
 + 
B   G  
  

 +
 


+ +     +


 

 
 
 
     
H 
 
 +  

  TXHVWmR UDFLDO
 
  

(          


  
   
+
  
  



 
  
 +  
 $

  TXHVWmR
UDFLDO      $ G  H 
 



 $


 
 
B    
   
   



 

   
-
 

   
   
    

   
+ + 
 H  
  (
 



*+)   
  
B
  

    H

$VVLP QR %UDVLO R LPHQVR JUDX GH PDWL]HV FURPiWLFRV IRUPDGRV
FULRX HP FRQWUDSDUWLGD XPD HVFDOD FODVVLILFDWyULD FRQVLGHUDQGRVH
RLQGLYtGXRRXJUXSRWDQWRPDLVYDORUL]DGRVRFLDOPHQWHTXDQWRPDLV
SUy[LPR HVWLYHVVH GR LGHDO WLSR pWQLFR LPSRVWR SHOR FRORQL]DGRU
LQLFLDOPHQWH H SHODV HOLWHV GH SRGHU HP VHJXLGD R EUDQFR (VVD
GLQkPLFD GLVFULPLQDWyULD IRL DFRPSDQKDGD SRU XPD GLQkPLFD GH
MXOJDPHQWR VRFLDO TXH D FRPSOHWDYD SHOD TXDO j PHGLGD TXH HVVH
SURFHVVRGLVFULPLQDWyULRVHDSURIXQGDYDHDSRSXODomRGLYHUVLILFDYD
VH FURPDWLFDPHQWH YLD PLVFLJHQDomR FULDYDVH HP FRQWUDSDUWLGD
XP MXOJDPHQWR GH YDORU SDUD FDGD XPD GHVVDV GLIHUHQoDV 3"

@MMA'@T14







 

% *.   
*+)

 
     
  
  +  



 

G   

    +  
 
   


  



 *
 


 


 
  G

 
3"
 @MMA4
8 

G 

  +H +
 G

  
  (  G .


  
    

    
)   H  
   G )
(
 )
 TXHVWmRUDFLDO       
  


 +

     H 
    )

 



- 


  
)



 F

$ 
  



 
 
 + 
 
(""(B:5- - K-C9:6- 5:#8"%U8/- 301124  
'

)UDFDVVR GDV LQVWLWXLo}HV H RUJDQL]Do}HV HP SURYHU XP VHUYLoR
SURILVVLRQDOHDGHTXDGRjVSHVVRDVGHYLGRjVXDFRUFXOWXUDRULJHP
UDFLDO RX pWQLFD (OH VH PDQLIHVWD HP QRUPDV SUiWLFDV H
FRPSRUWDPHQWRV GLVFULPLQDWyULRV DGRWDGRV QR FRWLGLDQR GR WUDEDOKR
RV TXDLV VmR UHVXOWDQWHV GD LJQRUkQFLD GD IDOWD GH DWHQomR GR
SUHFRQFHLWRRXGHHVWHUHyWLSRVUDFLVWDV(PTXDOTXHUFDVRRUDFLVPR
LQVWLWXFLRQDO VHPSUH FRORFD SHVVRDV GH JUXSRV UDFLDLV RX pWQLFRV
GLVFULPLQDGRV HP VLWXDomR GH GHVYDQWDJHP QR DFHVVR D EHQHItFLRV
JHUDGRV SHOR (VWDGR H SRU GHPDLV LQVWLWXLo}HV H RUJDQL]Do}HV
3 @14


I
  
  
  
   
)



 I *  
     
 H F

    
 
8 

   +      
) 


    H   F  +
 
  
 

 ( 
)

 
+
 


  )


 
     + 

  $  

 
 

(  . 
 
 

    



 

 


* 

  
 + 
  

    UDoDHWQLD 
 I







2 UDFLVPR H D GLVFULPLQDomR ± QmR LPSRUWD FRPR VmR GHILQLGRV H


FDUDFWHUL]DGRV ± FRQVWLWXHP YLRODo}HV GH GLUHLWRV KXPDQRV 2
UDFLVPR QmR p XPD UHODomR LQWHUSHVVRDO ´(X QmR JRVWR GH QHJURV
PDV HX QmR GLVFULPLQR´ H[SUHVVD XP VHQWLPHQWR TXH SRGH QmR VHU
FRUUHWR0DVRUDFLVPRHDGLVFULPLQDomRQmRVmRDSHQDVKiELWRVGR
FRUDomR 6mR TXHVW}HV TXH HVWmR LQFRUSRUDGDV jV SUiWLFDV H
FRPSRVLo}HVLQVWLWXFLRQDLVTXHOHYDPXPJUXSRGHXPDUDoDRXFRU
DHVWDUHPGHVYDQWDJHPHRXWURDJR]DUGHSULYLOpJLRV 3C  
U O 0111'@T4


0-7


%+
(#

%+#
)#B

2WHXFDEHORQmRQHJD
0XODWD
3RUTXHpVPXODWDQDFRU
0DVFRPRDFRUQmRSHJD
0XODWD
0XODWDTXHURRWHXDPRU

/DPDUWLQH%DERH,UPmRV9DOHQoD



  

  +  


 #  %
 :

;  G  
 * *    -  @M0M   *
I )


 I
  
 ( *    
G
I
    

   
  
8 
*

VWDWXV 
I
 I

  
  +
I
I
  

  .
(  .  

  
F *   

     JrQHUR  

  +  

  

  +




 
 

+ .
-  
 



* 
  
 *  
B 

 

G
B




+
 )  
  


 
      H 

U. +  
 +

   
   


   *  
 
*
   

  +    

  

 
  *  

*
  

+   



    
  

  =
  





C
JO 
 &DVD*UDQGH 6HQ]DOD  

 

 G 
  

 ' 

   ) 

   



 
.
 
  *
( *
     

H   
 

  
 
 *

(  *.
 
    
  
 
 

 

 

( *  
     
'   
I

I

*
  

K 
  


 
   
  
      
   
  
  
  . 


 X
    

    

 


8 

   +  
%
 

    

 8 

 

 

 


= )
=
  
  
 

 

 
 
 
  

8 *
 
    H 

   
  
)
    

   

 
 


* $ + 
F 
    ) 3JO @MNN4

(



 G

 
 

 


  

  *      *
 
 . 

 .

    
 
)    )

  
   
  
( I  *      
  
  ( 

  
 
    

  *+)  
G
 F *  +
    


    
) *  
  ) + 

*  
8 *
   +  *     

  )  ³D PXOKHU QHJUD HVWi SUHVHQWH HP
SUDWLFDPHQWHWRGRVRVWLSRVGHWUDEDOKRGHVFULWRVSHORVYLDMDQWHVQDPLQHUDomRQD
DJULFXOWXUD QR WUDEDOKR GRPpVWLFR QD PDQXIDWXUD H QR FRPpUFLR´ 3#  
 
 011\' AZ4
(
 

 
$
  * 

  
H

  
  
 
 
  * 
% (  






       
 
  *
  H  * F
  
  
 
K 

+ 


 
@2    * 


    

    




 
B

 

        *

    
 (
*      
        
 *

)
    


K
 
    

      

 $  TXHVWmR UDFLDO   

  ) + 
 
 


   
  

 

  

#
  ).B
 
   



  


   F  

 @M  
   (


  * I   
     
*    




I


   










B   +  *    



 +     
 $ 

* 
$   H +    
 

 TXHVWmR UDFLDO G
   
 I
 + 
   


   


 
 
* 
 
 *   
  



 
 

(

.

D    .



*  *  
    

  




 
 $   H + 
   

  
-   
 *  G   
 JrQHUR G 


   TXHVWmR UDFLDO
   
 + 
 

* 
 

@2
J-9K(K- J 6LJQLILFDGR GR SURWHVWR QHJUR 

' 
) -
 @M2M' TTB\A>
(9K-:98   (VWUHODV FRP OX] SUySULD : 9 U ; ? 6 %
  
K N 

' -

 011\' A\BT@>
@M
 
3011\4 ' #) "*  
     
  
> 9
 "
-  



      > 6    
   
 
 F  *, > "  (  * 
.  

) 
 
G 9
 %
 301124   - -   C 
 
  
  

 

 

  
 +

+  
      
   





 .  

  
H GB

  
 

 G
  


  


 )


 
 9
 # L   

 

 -
  
  (G    I 
 

 
  
  I  
  
VWDWXV TXR' V0LQKD
UHYROWDPHDMXGDYDDFUHVFHUFRPGLJQLGDGH(UDFRPRXPDDPLJDTXHPHFRQKHFH
SURIXQGDPHQWHHFRPTXHPSRVVRFRQYHUVDU(XDWLQKDKHUGDGRGHYRY{'L]LD
PHSDUDQXQFDPHFXUYDUGLDQWHGRVEUDQFRV´3K
 011M' @T4





  
.-
 !

 3 !

 "

1  
< 



.-0
(%+>
,)A'
%
#
@,
*,)

( +
    
I

 $ + 
 
   
    
 
 
  
  
.     

 $  
  
 +

 

 


 F  

  
 
 
-

  
   
  
      



 5  
 

 .  H   
]
5 G
    


 

]
 
  . 
  H . -

  
   $       
-


  @MMZ K +  
   $   



 011M

 
  * 

  
 8
? 
5 
F  
 

 @MMZ
 
 / 


:  
 3-/:#4  


K
 

 

U
  8 
 (

 
% 38(%=4 
: 

K

 %     


%  


:    
 U
 3:U4   
 



 
  F  $   
  


 
 ( G  )
 




   *
 
 ( G  )   
 
 
 
01

      
G 


01
8  

  
9
a \\=1\ ? "G

 ( G  ) ? % 0@ 


 011\  :U' V 

 
.
    0  
 @MMZ   *

(  C "
   ) 
I
  e( J
*  

f I
    


-
 

    

 G  + 
 

   
    
G
  
 +  *  
 

 
   6
 

* 

 $ 
   
 ( G  ) 
 
$

 
    
B 

  
 
(    *
 " 6) B

  
  (    
 
    
  

 
  
    +  



    
 
  
 +

 *
 +
 
 
W 3:U 011\'  @@4 ; 
 
   

 * '==PPP *
=  =011\
=%9(:# 





 $ 
 F 


K
 8 
 (

 
% 



  
  *  

 
 QRWLWLD FULPLQLV I 
  

   9
8  +G

 
  
     $    

 
 

 


 
. (   






 



/)  
8 " G
$

 
  10    

+ 




/)  



        
+'

1mR VH ORJURX DSXUDU QRV DXWRV TXH $SDUHFLGD *LVHOH WHQKD
SUDWLFDGR TXDOTXHU DWR TXH SXGHVVH FRQVWLWXLU FULPH GH UDFLVPR
SUHYLVWR QD /HL « H TXH QmR KDYLD QRV DXWRV« TXDOTXHU
EDVHSDUDRRIHUHFLPHQWRGHGHQ~QFLD 3:U 011\'  @N4

-   
 

-


    

    $    
 
 ( G  ) 8 


+
*
 

F I )
 +
 
   



:    
 U

[  +
  .
 
 
  
 H   


 
 *
    

J  @M22   
Ta


 

  

   F      
 
 ++ )   H 
H  

 


+
 
 
   
  

   


 *

8    
 

Ta  +' Y::: ? G 


++ *



 

    +H 

 + 
 > Y#: ?    . ++  
  
 
 
   >  Y#:: ?  . 


    . 
 
  .   $   

:    
 U
 B
:U
 +  + 

   I 

 
  
   

   I   ( 
 
G



  
   G 
  + 
 



  
  
   

 



   
 

% )  


  
 





  
$
  H  
  





   

 G    
 



 


-
 
* +
% .  
     



   
 
   
 
  
  

 
  + 
  
I 
 H  
 
 
 
  
      :U  + + 
     G  , 
   ( G +  I
 G 
   
  .   
   


G 
 



-  :U    



 
'

2 UDFLVPR LQVWLWXFLRQDO p XP REVWiFXOR j DSOLFDELOLGDGH GD OHL
DQWLUUDFLVPR QR %UDVLO 'D SURYD WHVWHPXQKDO SDVVDQGR SHOR
LQTXpULWRQDSROtFLDDWpDGHFLVmRGR-XGLFLiULRKiSUHFRQFHLWRFRQWUD
R QHJUR 2V WUrV QtYHLV VmR LQFDSD]HV GH UHFRQKHFHU R UDFLVPR
FRQWUDRQHJUR 3:U 011\'  2A4

(    . 

 :U   
-

  

   
 H' 
*    

  
  


 
 *
> 
    ) 
 

  
.
  I  
     H +
 +  
  H



  
 


    $    
  
> 
 
 


  
   )   
  

  
> 
 
 " G
 $
 -  

 


 $ - - )

 
  

  
> 

   * . 
 
 
 


K
 

  
 H 
 
+  +
    

  
 


 

  F 
  

  
( +


F  G 
G +  
   
 

  G 
/
  8 -
 

0@   






0@
V2 VHJXUDQoD H WpFQLFR HP HOHWU{QLFD -DQXiULR $OYHV GH 6DQWDQD GH  DQRV IRL DJUHGLGR SRU
VHJXUDQoDVGRVXSHUPHUFDGR&DUUHIRXUHP2VDVFRQD*UDQGH6mR3DXOR(OHIRLFRQIXQGLGRFRP
ODGU}HVHFRQVLGHUDGRVXVSHLWRGHURXEDUVHXSUySULRFDUURXP(FR6SRUW2FDVRIRLUHJLVWUDGRQRž
'3 GH 2VDVFR W 3/
 ' 8 -
  
 @M=12=011M4 
 
* '==PPP 

  






  
  
 ;I  *  G $FXVDGR GH
URXEDUVHXFDUURFOLHQWHpHVSDQFDGRHPPHUFDGR
8 I
  G   
  
 
  

V
 
W 
 H  

 
 
  

  

( G  +     
 
 
 pWQLFRUDFLDLV 
 


  
 
 +     



 

  
  
 + 
    


) 
  


 

   
  
 
 

 
G 


 
   
 I
   
 
F H 
 
;I   
    
    (   : 


"G  B (J989-00' ³+RPHP QHJUR HVSDQFDGR QR &DUUHIRXU DFXVDGR GH WHQWDU
URXEDURSUySULRFDUUR´

7RPDGR SRU VXVSHLWR GH XP FULPH LPSRVVtYHO ± R URXER GR VHX
SUySULRFDUURXP(FR6SRUWGD)RUG±RIXQFLRQiULRGD863-DQXiULR
$OYHV GH 6DQWDQD  DQRV IRL VXEPHWLGR D XPD VHVVmR GH
HVSDQFDPHQWRV FRP GLUHLWR D VRFRV FDEHoDGDV H FRURQKDGDV SRU
FHUFDGHFLQFRVHJXUDQoDVGR+LSHUPHUFDGR&DUUHIRXUQXPDVDOLQKD
SUy[LPDjHQWUDGDGDORMDGD$YHQLGDGRV$XWRQRPLVWDVHP2VDVFR
(QTXDQWR DSDQKDYD D PXOKHU XP ILOKR GH FLQFR DQRV D LUPm H R
FXQKDGRID]LDPFRPSUDV³9RFrWHPFDUDGHTXHWHPSHORPHQRV
WUrV SDVVDJHQV 3RGH IDODU 1mR QHJD &RQIHVVD TXH QmR WHP
SUREOHPD´ WHULD FRPHQWDGR 3LQD DVVLP TXH FKHJRX SDUD DWHQGHU D
RFRUUrQFLD'HSRLVGHFRORFDUHPG~YLGDDVXDYHUVmRGHTXHHUDR
GRQR GR SUySULR FDUUR D 3ROtFLD R GHL[RX QR HVWDFLRQDPHQWR FRP D
IDPtOLD VHP SUHVWDU VRFRUUR UHFRPHQGDQGR TXH VH TXLVHVVH
SURFXUDVVHD'HOHJDFLDSDUDSUHVWDUTXHL[D 3(  (J989-


@N=2=011M4

- 
  
  

 +
 

 
   
 


%
   
  8 
 I  
   
  


  

  (  + 


  



  G 
  
.
 

J   
  +


   +
     )  + .
 D



F $ 
+ 


00

  * '==PPP 
 
=
 





( +
G 

  +
 
 
*


V


W
V W   
 +
     
  -   +
    
I   
   B


 G 


  

  K
  
 V
W 
  * 

  G G **

  +






*  ++  

.-.

)**)%"

#&#(A'
,
,#B%,,#
%


2UDFLVPRFRQWLQXDVHQGRXPDLPSODFiYHOHGHSULPHQWHTXHVWmRGRV
QRVVRV WHPSRV 6mR SRXFRV RV WHPDV VH p TXH Ki RXWURV TXH
GHPDQGDPWDQWDDWHQomRHHVIRUoRFRPWmRSRXFRVIUXWRV7RGDYH]
TXH ³EDL[DPRV D JXDUGD´ XPD QRYD GHVFREHUWD UHYHOD D
FRPSOH[LGDGH D YLUXOrQFLD H D DEVROXWD REVWLQDomR GDTXLOR TXH
QRWDGDPHQWH WRUQRXVH R SUREOHPD GR VpFXOR ;; 3*
 
% 
 0111' @@4

 


G 
   H 
 
  
   
     
) 
  
 

G
YY:
5 


 


  H  

 B  
 
   )
8 
 
0N B F
H  ,    

   H 
H
 
 
   3*
 
% 
 01114 8 

 F  +

G  
)

    H 
 

  

 


  -   

F 
 

 *
 

   

 $ + 
   
    

 .      H

 


 

   H      


' 

B 
.    H   
 5 
F
 


B 
.

 ) +  
    H +



 ³2 HPSUHJR GR FRQFHLWR GH GLVFULPLQDomR LQGLUHWD RX UDFLVPR LQVWLWXFLRQDO SDUD D SURPRomR GH
SROtWLFDV GH HTXLGDGH UDFLDO Mi p XWLOL]DGR GHVGH R ILQDO GRV DQRV  HP GLYHUVRV SDtVHV 1RV
(VWDGRV 8QLGRV SRU H[HPSOR R FRQFHLWR VXUJH QR FRQWH[WR GD OXWD SHORV GLUHLWRV FLYLV H FRP D
LPSOHPHQWDomRGHSROtWLFDVGHDo}HVDILUPDWLYDV1D,QJODWHUUDRFRQFHLWRSDVVDDVHULQFOXtGRFRPR
LQVWUXPHQWR SDUD D SURSRVLomR GH SROtWLFDV S~EOLFDV QD GpFDGD GH  FRPR UHVXOWDGR GR
FUHVFLPHQWR GD SRSXODomR QmREUDQFD H GDV GLILFXOGDGHV REVHUYDGDV SHOR SRGHU MXGLFLiULR HP
UHVSRQGHU jV GHPDQGDV GDTXHOD SRSXODomR 1R %UDVLO D SDUWLU GH PHDGRV GRV DQRV  HVVH
FRQFHLWR FRPHoD D VHU DSURSULDGR SDUD D IRUPXODomR GH SURJUDPDV H SROtWLFDV GH SURPRomR GD
HTXLGDGHUDFLDO´ 3/
 0112' @A@4 





   

   
 

 $  
)  

 

  

  


. 
    
    (  
 H
  
    H    
  *

  *
  *
   *
  .
    .

*
        3(""(B:5- -
K-C9:6- 5:#8"%U8/- 01124
8 
* 
 + *.  



   H
   
 

+
 
    

 
 G    

8   

    
 + +
    *   H 

    

 





+ 
 
  


 

 
'         
  F 


8 
 
)
  $ G   
 + 




  
 F
 $ .

+G 
+ 
 K  G   + 


. I
     
  

 
 

 
)
    
K
X
 
 B
   
 
 $


   H   
 B 
 ) +   




+
F 
    
 G 
B  
  

 
*
 
 

- 

 
G   


 
 3#
  5 
 011Z4
( 

   


  
 
9

: 
 39:4   

         :::

  "  

9
   
9  Y

  

 J
 
  : 
X  )  011@     
& 
 3#
  5 
 011Z4
8 9: *     
 

 


   
 
 

) +
 
 
 
  
  
 






( 
  
 +

G  

*   H

 +   




 +) 

 


 

 
   H 
  ::: 
  "   
 

9
  
9 Y

  : 
X  


 
 ? & 
  011@

(  
 
 
 



 

   H

 @ZN         


   
 
+ 
$
 
.  
 
   
  . 
 

  
 

   
X  

  

   


   
 + *. 

   

)  

  
 

) 8    
 +H  H  
 

G
B



  H 
³UHFRQKHFLPHQWR GH TXH D SDUWLFLSDomR LJXDOLWiULD GH WRGRV RV
LQGLYtGXRV H SRYRV QD IRUPDomR GH VRFLHGDGHV MXVWDV HTXLWDWLYDV GHPRFUiWLFDV H
LQFOXVLYDVSRGHFRQWULEXLUSDUDXP PXQGROLYUHGRUDFLVPRGDGLVFULPLQDomRUDFLDO
GD[HQRIRELDHGHLQWROHUkQFLDFRUUHODWD´ 39%(K 011@' 1N4
K 



   
 
 

H  


 
 *
 
.
 


)
 


 



 
  
   + ³DHVFUDYLGmRH
R WUiILFR HVFUDYR LQFOXLQGR R WUiILFR GH HVFUDYRV WUDQVDWOkQWLFR IRUDP WUDJpGLDV
WHUUtYHLV QD KLVWyULD GD KXPDQLGDGH VmR FULPHV FRQWUD D KXPDQLGDGH H DVVLP
GHYHPVHPSUHVHUFRQVLGHUDGRV´ 39%(K 011@' 1Z4
8 
  H 

   
  
)  


  

 -
 + 
  
  
  


 


 I.
0A  


  

  
 
  >    *      
    
 ,

  
*


SHUILO
UDFLDO + 
    . 
   
  

  
.


. 
  
       

  UDoD

0A
³2VLVWHPDMXGLFLiULRpXPHVSDoRSULYLOHJLDGRGHFRQWUROHGR(VWDGRRQGHFRWLGLDQDPHQWHVXUJHP
QRYDVGHPDQGDVTXHH[LJHPXPDUHIOH[mRVREUHDVIXQo}HVVRFLDLVGDPDJLVWUDWXUDHFRORFDSDUDR
6HUYLoR 6RFLDO R GHVDILR GH WUDEDOKDU D SDUWLU GDV µQHFHVVLGDGHV VRFLDLV WUDGX]LGDV QDV GLPHQV}HV
FROHWLYDVGDTXHVWmRVRFLDOWDLVFRPRVHH[SUHVVDPQDYLGDGRVLQGLYtGXRVVLQJXODUHVHVXDIDPtOLDV´
3:

: .


' J&;-98 - 6 > "-#78 " / 9 > /89C- " 9 6 3
4 26HUYLoR
6RFLDO H D 3VLFRORJLD QR -XGLFLiULR' 
 
 
+ 

 

' 
)
0112'014






FRU    




 G  



 I 
 
   


       
.  


 
 39%(K 011@4
8 
 
G   
  
 ) 


 
  


  
  $  
 

  
     ) (  




    
 $     
)

 
 
 

   
    
 +
  

     

 + 
 
 
 H 

  
 


 )   .
 

 
 
301124  +

  
 

  
% 
9
(  
 9 ? 99 011Z=0112
8 9
 
  


  
 
 
  
 

 FRU
 UDoD  

% (   
 )
 
 +

 

   . 
     


(   


 
 

  
 
 .  
  
    
   



    

(
 
+
UDoDFRU *. +  
 +
 



 


  V

W
 I
 
I

  

      
     

'
         ( 
   +


 
 
I   




  
* 
  
G 
B    . 
 
 *. +  
 G
 



     
 + 


+
.
3
 
 01124

7DPSRXFR D DQiOLVH ILFDUi SUHMXGLFDGD SHOR UHFRQKHFLPHQWR GR IDWR
GH TXH QHP WRGRV RV QHJURV DWXDLV VH LGHQWLILFDP FRP VXD RULJHP
DQFHVWUDOGHOXWDVFRQWUDDHVFUDYLGmRRUDFLVPRHDOLEHUGDGH,VVR
WmRVRPHQWHH[SUHVVDRTXDQWRGHSHUQLFLRVDpDLGHRORJLDUDFLVWDj
EUDVLOHLUDID]HQGRFRPTXHRVRSULPLGRVVHVHQWLQGRLQFDSD]HVGD
UHIOH[mR FUtWLFD VREUH VXDV WUDMHWyULDV SUHVHQWH H SDVVDGD DFDEHP
RSHUDQGR FRPR HVSpFLHV GH F~PSOLFHV GH VXD SUySULD FRQGLomR
3
 
 0112' @Z4






 
 




QHJUR
99 011Z=0112   

 +  +
   
  FRUUDoD 
  (

IB 
   

' 4 *.   
 

 
 
  
H> 4
 
 


   
     
  
   
 


 
  
  > 4    

"
 

K
 +
 
 ) 

     
> 4

 
 
 )




+  + *.  


  
 
 


 3
 
 01124
:
 
 +   + + +  
 
 
+ 
 *
   


 
* 

QHJURV 
 
 +
   




,


   


 
      
  

 
301124 
H   
+ 
F  

   
G  (  B F+ H  +

 

  
       ? 
   

 
 
? 
 

 
 (  
G 
 
)

 + 
 

     


 G     
  
 
+
 

   -
   
   

 

 , 


 G 
 
  + 
 (  

 


 
  

 G  
 )  


 
 
99 011Z=0112 

   



  FRU
 UDoD
%      
'  @MMT 



 
 @T0 NZA \1N *  
 + 20 20\ ZM2 
EUDQFRV  \2 \NT AN2 *   SUHWRV H SDUGRV>  011\ 
)
@2N TT1 T0\    M0 A1\ \0@ EUDQFRV  2M Z0\ TMT SUHWRVHSDUGRV 

   

      
- 011\ 

EUDQFD  
%   AMZ^  


 SUHWRV SDUGRV  AMT^ 8  *    

 UDoD   
31N^4   

 UDoD  31T^4 5 
F

 

 UDoD SUHWDH
SDUGD  
    H 
. 


 





  
'  
  I
 
K
 
) 
NMN^
  
 
 NA\^ 3
 
 01124
(  +
 
 
 

   
  

 +      


  
 
.  
  
   

  
 +
    

 -G      



 
 
 



 


  

 
  


.-.-0
AG#
$*@
,B,
K
%A'
)#B


$V Do}HV DILUPDWLYDV SRGHP VHU GHILQLGDV FRPR XP FRQMXQWR GH
SROtWLFDV S~EOLFDV H SULYDGDV GH FDUiWHU FRPSXOVyULR IDFXOWDWLYR RX
YROXQWiULRFRQFHELGDVFRPYLVWDVDRFRPEDWHjGLVFULPLQDomRUDFLDO
GH JrQHUR SRU GHILFLrQFLD ItVLFD H GH RULJHP QDFLRQDO EHP FRPR
SDUD FRUULJLU RX PLWLJDU RV HIHLWRV SUHVHQWHV GD GLVFULPLQDomR
SUDWLFDGDQRSDVVDGRWHQGRSRUREMHWLYRDFRQFUHWL]DomRGRLGHDOGH
HIHWLYDLJXDOGDGHGHDFHVVRDEHQVIXQGDPHQWDLVFRPRDHGXFDomR
HRHPSUHJR3C
   
 011T' T\4

 

I
  *

 
 
 
 

 F


% ( 
 G 
 +

*
 
 
      
 

 


G

 

 
 
  " (  C'

1R LQtFLR GR 6pFXOR ;; HVWDEHOHFHVH XPD SUHIHUrQFLD KLHUiUTXLFD
SHOR WUDEDOKDGRU LPLJUDQWH GHSRLV SHOR WUDEDOKDGRU QDFLRQDO H SRU
~OWLPRRH[HVFUDYR&RPRDGYHQWRGDLQGXVWULDOL]DomRDSDUWLUGH
DSROtWLFDYDUJXLVWDSDVVDDJUDGXDOPHQWHDSURYHLWDUDPmRGH
REUD QHJUD (P GH]HPEUR GH  R 3UHVLGHQWH *HW~OLR 9DUJDV
HGLWDR'HFUHWR/HLLQVWLWXLQGRDQDFLRQDOL]DomRGRWUDEDOKRHD
SURWHomRGRWUDEDOKRQDFLRQDOHVWDEHOHFHQGRDUHVHUYDGH GRLV
WHUoRV  GD WRWDOLGDGH GR TXDGUR GH HPSUHJDGRV GDV HPSUHVDV SDUD
WUDEDOKDGRUHV EUDVLOHLURV SULPHLUR IDWR KLVWyULFRMXUtGLFR GH DomR
DILUPDWLYD3C  " G
 $ 011T'T@  T04

( H 
    

 
I 
 
 
 + 

I
    
   

+  

    
 
  


(
  
    
 

 

+
 
 H 
 
  +  
+   




 




 F





 $     .  
 $  *
   

  

  8 

 
G 

+
 

 *.
  

 
 )
  
 

 





3RU ILP DV Do}HV DILUPDWLYDV FXPSULULDP R REMHWLYR GH FULDU DV
FKDPDGDVSHUVRQDOLGDGHVHPEOHPiWLFDV1RXWUDVSDODYUDVDOpPGDV
PHWDV DFLPD PHQFLRQDGDV HODV FRQVWLWXLULDP XP PHFDQLVPR
LQVWLWXFLRQDO GH FULDomR GH H[HPSORV YLYRV GH PRELOLGDGH VRFLDO
DVFHQGHQWH (P VXPD FRP HVVD FRQRWDomR DV Do}HV DILUPDWLYDV
DWXDULDP FRPR PHFDQLVPR GH LQFHQWLYR j HGXFDomR H DR
DSULPRUDPHQWR GH MRYHQV LQWHJUDQWHV GH JUXSRV PLQRULWiULRV TXH
LQYDULDYHOPHQWH DVVLVWHP DR EORTXHLR GH VHX SRWHQFLDO GH
LQYHQWLYLGDGH GH FULDomR H GH PRWLYDomR DR DSULPRUDPHQWR H DR
FUHVFLPHQWRLQGLYLGXDOYtWLPDVGDVVXWLOH]DVGH XPVLVWHPDMXUtGLFR
SROtWLFR HFRQ{PLFR H VRFLDO FRQFHELGR SDUD PDQWrORV HP VLWXDomR
GHH[FOXtGRV 3C
   
 011T' TM\14


 J+   

   
 
 
 


 



 F H  :  
  +  H    
 

J 
@M22'
B (
Na' 

I
     9 $ J 

%' : ? 
  
  I  .> ::  

 
 

> ::: ?  
)    )
 ) 
 
  
>  :; ? 


  

 


 
 UDoD 
 
   ++
 
 
 

B (
Ta' 6

 
       
 ++
)   
B  


 
 
  
 
 
 

F  F  F  F    F

 -
.
Y#: ?    . ++  
  


     > Y#:: ?  . 


 
  .    I
F    

 
  
8 
* 

  
-
 + 

   
 

 .  ++ 
   
  

 
H 
%  

 
  
 8
-
 
  )
  
  )
 
 


   

 

 
 I 






8  
  TXHVWmRUDFLDO   H  
F 



   
 G    
 
 (
 
  
    $     

 $


X

     
 
 
  


I.
  
  G 
   
  



 ,    
    


  )

 
 

 



    


.-.-.
),,#

)
#,A'
#
AG#
$*@

(

 +  
G  
   + 




  
)  

      

 

9
(    9 ? 99
011Z=0112     
 
        

 .
  

I   



 +     UDoDHWQLD
8 
   
  
 + 
F  


    
 
  

 
   G

 
'
- 011\
    
 
 
  
 @T 
 
   @AN *H 
 + A\ *H   
  MZ *H 

 c 
 8 99 011Z=0112 G  +  011\
 

 
  
  


   
  @0A\ ^ 
 


  
 3
 
 01124
5 
F   )
 
 + 
  
 


   
  @T 
  +  * 
+


 

  

 
  @MMT  011\


   

$

 
  
  
          
 

 c 
 - 
  

 
  
  \A  21

  011\ I.  
 
 c 
 *
   
 AN  \0 

 
 ³$VVLPQRDQRGHDPpGLDGHHVFRODULGDGHGRVSUHWRV SDUGRV
DLQGDQmRFKHJDYDDRHQVLQRIXQGDPHQWDOFRPSOHWR´3
 
 0112' @2N4





(  . 
 
G

   

 
   
 I
   
 U.  
 
 
 I
  

c 
 
 
 
'

1RHQVLQRPpGLRGHDDVWD[DVGHDGHTXDomRSRUSDUWH
GD SRSXODomR GH  D  DQRV WDPEpP FUHVFHUDP PDV
SHUPDQHFHUDP EDL[DV $VVLP HQWUH RV MRYHQV EUDQFRV SDVVRX GH
 SDUD  1R FDVR GRV MRYHQV SUHWRV  SDUGRV HVVH
LQGLFDGRU VDOWRX GH LUULVyULRV  SDUD  3
 

0112' @2A4

    +

 I
   
  

 
G
.


 
 +  
 I
  
 c 
 G
   

      
 +   
 F 
 
 I
  
  

K
%


 @MMT  011\
$

   
 .
  
   
  @T1 *H  A1N *H
+
    
 @\2N^ -   
  

 UDoD  c 


 
 +

   
  NA@0A   @Z\ *H 
011\
 I *
   
 A@T1^

9HULILFDVH TXH R IRUWH SURFHVVR GH H[SDQVmR GR HQVLQR GH QtYHO
VXSHULRUQR%UDVLOWHYHFRPRPDLRUUHVSRQViYHORVLVWHPDSULYDGR
(VWH SHUILO WHYH HIHLWR VREUH RV SUHWRV  SDUGRV TXH WHP QDV
XQLYHUVLGDGHV SDUWLFXODUHV R VHX SULQFLSDO DFHVVR SDUD D IRUPDomR
DFDGrPLFD 3
 
 0112' 204

(  . 
 
 
 



 @MMT  011\ 
 
 
   



 
+      
 

 c 

 
 
³$WD[DEUXWDGHHVFRODULGDGHQR
HQVLQRVXSHULRUGDSRSXODomREUDQFDSDVVRXGHSDUD-iQDSRSXODomR
SUHWD SDUGDSDVVRXGHLUULVyULRVHPSDUDHP´ 3


 0112' @2A4
8 
 
 
 
 
 
   
  

 G     F  +'

0T
³(VVD WD[D UHIOHWH R SHUFHQWXDO GH FULDQoDV H MRYHQV TXH IUHTXHQWDP D HVFROD GHQWUR GD VpULH
HVSHUDGDFRQIRUPHVXDVLGDGHV$VVLPSHORPHQRVDWpHQTXDQWRVHHVSHUDTXHRLQJUHVVRQR
VLVWHPDVHULDGRGHWRGRRSDtVSDVVHDVHUDRVVHLVDQRVGHLGDGHXPDFULDQoDGHVHWHDQRVGHYHULD
HVWDU QR SULPHLUR DQR GR IXQGDPHQWDO DVVLP VXFHVVLYDPHQWH DWp RV GH]HVVHWH DQRV RQGH GHYHULD
HVWDUIUHTXHQWDQGRRWHUFHLURDQRGRPpGLR´ 3
 
 0112' ZZ4






&RQWXGR HP  GR WRWDO GH MRYHQV EUDQFRV FRP LGDGH HVSHUDGD
SDUD LQJUHVVDU QR HQVLQR VXSHULRU XP HP FDGD FLQFR HVWDYD QD
XQLYHUVLGDGH -i HQWUH RV MRYHQV SUHWRV  SDUGRV GHVVD IDL[D HWiULD
PDLVGHHVWDYDPIRUDGDXQLYHUVLGDGH JULIRVQRVVRV IRVVH
HOD S~EOLFD RX SULYDGD 1mR VH WUDWD GH WLUDU R PpULWR GRV DYDQoRV
REVHUYDGRVPDVVLPGHSRQGHUiORVGHQWURGDSHUVSHFWLYDGRPXLWR
TXHDLQGDWHPTXHVHUDOFDQoDGR 3
 
 0112' @2T4

5 
F H   .  
  + )

9 
J  

#

 
 $  -9/ 



 
 
 +    
  
0\ 


 
 
 
 

 
H
  

+ 
 
    

   
 8
 
 

   
  
 
  

$  
 
   3
 
 01124

  + 

 
G       

    $
  
.
 



U
   +   
G 
   H 
$
+
   I
  G  $
)
+   

 
  




 
  


 
3


' 01124

K 

 

 H   





  

I
     
 

 
  +   
+    


 *

- 


   
 
 
 
 
 
H   
 

G -  



  
     



-
%  
  I
 
 *   B
 

 
   


 .
 
  
  
  (  
"
 
K


0\


 
 
301124    )  

   


 
 

%


X
  H ' 8 
  
 6

 ? 98K: ? 
  
   
 I      

   .
  
  
    
 
        G
 .
 
 


  
  
    
 G   


 
     


  F   
   
 

-  011T  011\ 

  
 
 N@^  
 8  
 J   


-   K  
 ? J:- ?
  @MMM 
  G T1^    
 
 (   




   
 
 $
 
011A
   
 + 

 
J:-   

 01^
  












 
  + 

 $  
% 
H   .
  $ F  +
 I
  
  

  
 
 

 *
+
   G 
    




  

   



*


 


   
  
  

 TXHVWmRUDFLDO   
*

 -
 
    
)
 

.  


  
  +
  

 
   


  
 


8 
V( +
 UDoD   
  #%  @M\@ F #
@1 \NM  011NW  # 9
   
X 
 )
 9

3011T4

  #  )  %  -
K
 a A 10A=\@ 
 + 
.  
  

 
 

&RQWXGRREVHUYDPRVTXHHVVDGLPHQVmRRFXSRXSDSHOVHFXQGiULR
VHUYLQGR PDLV FRPR UHFXUVR GLVFXUVLYR 2X VHMD DR GHIHQGHU XP
HQVLQR SDUD WRGRV QmR LJQRUDYDP HVVHV HGXFDGRUHV TXH DOpP GD
FODVVH D GLPHQVmR UDoD HUD IDWRU GH GLIHUHQFLDomR QR SURFHVVR GH
HVFRODULGDGH 0DV QmR VH IDODYD H[SOLFLWDPHQWH QD pSRFD VH D
SRSXODomR QHJUD HUD D GHVWLQDWiULD SULQFLSDO GD HVFROD S~EOLFD H
JUDWXLWD 3 TN4

- 
    T TA1=\2  T \M0=Z@ 
     
I 



 


  
- 
 
 
- 

 
= 
     
  
  
 

F TXHVWmRUDFLDO
( 

  MNMA=M\ 
      
)H 


X
 
 
  


 
)


 
  .
 (

 -  @M22 
 N11 
 
"
  ` 
   @MMT G     


 ( TXHVWmR UDFLDO      +     
+
 
 U 
% .  
  
H   
 UDoDV      





 
 

 
 


   


   .  



    

    
   

J 
@M22 39

 011T4






   011N  .  *  
 .

 
 
 

 # a @1 \NM +  


  9  - 



  . gU   (
B%g

 
   
    G

  
(   +

$

.
 +    .


U  &  
 (
   
 

%   
 

 

 
 
  
 






 . 
 
, 
    F U 
%>
    

 .

 
 01 



V
K
  
  K W
D 
  
 +   

 # @1 \NM=1N 

.


  *    

  & 
%   


  
    
 


 G   .

   
 I 


% 




 
  
   
 
 

 


$ + 

 

.-.-9
),,#

)
L,#
#
AG#
$*@


 
F $

@M\  

J  @M22 
+'

$ 6D~GH p GLUHLWR GH WRGRV H GHYHU GR (VWDGR JDUDQWLGR PHGLDQWH
SROtWLFDV VRFLDLV H HFRQ{PLFDV TXH YLVHP j UHGXomR GR ULVFR GH
GRHQoDV H GH RXWURV DJUDYRV H DR DFHVVR XQLYHUVDO H LJXDOLWiULR jV
Do}HVHVHUYLoRVSDUDDVXDSURPRomRSURWHomRHUHFXSHUDomR

(
  $
%      
  
  
 
)
 
 h 
 $ B '  
  +  )


B  
 
=

 


5 

 
G  $ 


 
 
$

  
 )
 0111 
:%C- 

 
 



 .  H  
  

% (  
 UDoD FRU  HWQLD 
    


 

   
(  . 
 
 G 
 +  *  . 
 
      
 *  
   ) + 





*  >     


 
 
   
 
 
>    .  I
 
 
 
  +

 
 3
 K
  $ :   

K 011Z4

 

 
  
 B + 

EUDQFD
PDVFXOLQD 
 


 011T  
   





  
 *

 
) 
0MN^ 

  
 -  

  
 
 @Z\^   
     
 @T^


  
 - 
 KRPHQVSUHWRV SDUGRV  
   


     +      +
*
   


 011T -  
   
  
 *


 +
 FDXVDV PDO GHILQLGDV K 
 
  
 

B +

 011T  + 
  *
   

02@^ 
   
 
   
 
 c 

 
*
  A\N^ 3
 
 01124
K  . 
 
  
 

   
 



  011T B +    *        




 
  
 *


) 
NA\^  

   
  
 *
 
-   PXOKHUHV SUHWDV 
SDUGDV     
 
  
  
 *

 
  
   
   
     3


 01124
8 
   

    
    
 


 h 
 $  


%  ) +


  F $    
    
 


   

 )
  
 .  $ G
  
I


 h 
 $ ? 
+ 
   

  

+ F  +   
 


  

I  

 
 

 
  
 
 
   


(  
  







   

F $ (     +

JrQHUR   UDoDHWQLD      


 

  

 $





3RUWDQWRRUHFRUWHUDFLDOpWQLFRQDVD~GHpXPGDGRHSLGHPLROyJLFR
HVVHQFLDO2FRQFHLWRGHGRHQoDVUDFLDLVpWQLFDVQmRpVLQ{QLPRGH
³GRHQoDJHQpWLFD´GHIDWDOLVPRJHQpWLFRHQHPGHGRHQoD³WtSLFD´RX
³HVSHFLDO´ GH QHJURV HOH VH UHIHUH D GRHQoDV TXH LQHJDYHOPHQWH
VmR SUHYDOHQWHV H GHYLGR D FDXVDV PXOWLIDWRULDLV FXUVDP QD
SRSXODomR QHJUD GH PRGR VLQJXODU $ WDO UHDOLGDGH DJUHJDVH XP
SRWHQFLDOHQRUPHGHP~OWLSORVDJUDYRVHPJUDQGHSDUWHGHFRUUHQWHV
KLSRWHWLFDPHQWHGDYLYrQFLDGRUDFLVPRGDFRQGLomRGHPXOKHUHGH
SREUH]D,VWRpGDLQWHUDomRGDVYDULiYHLVVH[RJrQHUR[UDoDHWQLD[
FODVVHVRFLDO38 011N' MT4 

(  
   3+     
   

  4      3 $
 


 +  
 


4    
   




   
 3
 
 01124   H 

  

 
 
 


8    $  

K G  
 
  

 
 
  H 
  + .  
 + 
  . +    G  

 




$ GLYHUVLGDGH JHQpWLFD KXPDQD p WmR LQFRPHQVXUiYHO TXH p
FLHQWLILFDPHQWHLPSRVVtYHOIDODUHPUDoDVKXPDQDV,VVRYHPVHQGR
UHFRQILUPDGR SHODV PDLV UHFHQWHV SHVTXLVDV HP JHQpWLFD DV TXDLV
GHPRQVWUDP TXH D HVSpFLH KXPDQD p XPD Vy H TXH QD HVSpFLH D
YDULDELOLGDGH JHQpWLFD LPS}H FRPR R SDGUmR GH QRUPDOLGDGH GD
QDWXUH]D D UHDOLGDGH GH TXH FDGD VHU KXPDQR p JHQHWLFDPHQWH
~QLFR 38 011N' MT4

( G     

 

 + 
 
301124

H  
 TXHVWmRUDFLDO  $ 8 


B*
 
)
  
   


    


   . 
+
 $ 



( 
 
   $    


 


 +  $  

    
H    

 *
 *
 )   
.
  

  

H . 

   G 
=  H
 
 
-


K  .   + 
 ) +   .


   
   .   $  X   
 
 

 
 
 

    



  






.-9

***
,
B%,,#
%


(  


   
  





*

 
   

   
  + 
) 
  

 
   



8 -
 : 9 B # a @0 022  01  I*
 01@1


   (   B     
  


    
 
 

 F GLVFULPLQDomR UDFLDO0Z  F
02    JrQHUR +   

   

 
 
 $    H  
 

-

8  
   
-
 : 9  

 
$  
 H   
 +




  B 
  
    I 


     
   

%
(
  H   .  
 
   
  
   H $   
 


  
 
 
   G  


   G
 * 
+

 
  

-
 : 9
   



  TXHVWmR UDFLDO
%  G . F  +
 
 

 
  
 
  
 

 

0M

  

  )


0Z
6
  
 
 

      
   




 G  +  *

I
 
  

* 
 
)

 
 
  
H  
 *
     
 




,
 
 
  ++


  $
  
02
H   
 
 
)
   
 

    $
  
0M
(  
B 
 ( K 
 M\ 


 
 

"
 
K

%
   



 0N  I*
 01@1    (J989-

 
  H 
  


-
 : 9  
)







 +

 

  

'
³ $ VDQomR GR (VWDWXWR QRV WHUPRV QHJRFLDGRV QmR PH LQVSLUD TXDOTXHU VHQVDomR GH DOHJULD
HXIRULDHXIDQLVPRH PXLWRPHQRVGHYLWyULD7RGRV QyVVDEHPRVTXH QRSURFHVVRGHQHJRFLDomR
GRWH[WRSUHYDOHFHXRSHVRGHIRUoDVFRQWUiULDVDRSRQWRGHGHVFDUDFWHUL]iORGHIRUPDVLJQLILFDWLYD
(PDVSHFWRVHVSHFtILFRVVHXVGLVSRVLWLYRVHVWmRDTXpPGRDOFDQFHGHDo}HVMiH[LVWHQWHV)LFDPRV
FRP XP FRQMXQWR GH SULQFtSLRV JHUDLV HQXQFLDGRV HP OLQJXDJHP GH QRWiYHO FRQIXVmR FRQFHLWXDO e
PDLVGRTXHWtQKDPRVDQWHVVLPpXPDUHIHUrQFLDMXUtGLFDQRYDVLP0DVRJDQKRptQILPRGLDQWH
GDVMXVWDVGHPDQGDVGDSRSXODomRQHJUDHGLDQWHGRVSUySULRVDYDQoRVTXHRPRYLPHQWRVRFLDOMi
FRQVHJXLXFRQVWUXLU$VXEVWLWXLomRGDSDODYUD³UDFLDO´SHODSDODYUD³pWQLFD´HPWRGRRWH[WRUHIOHWHD





 8 


  F 
  
   H
$   
 
    
G 


) N1 




   +       +
  


     


 
 
 

 

  TXHVWmR UDFLDO>
X
 $

+ 

 
  $    

 
 
>  
  @1^     



 

   

    

 G 
  

(  

   

*
 
 


    

 +     
 
 

    

 '
@ 8 

 


I
  + 
 





  

 I 


  * 
 





( * 
 
 
  
 )
 
 


  

  )
   

0 ( 






 

 
   

  +     
 

N 8 

 UDoD G 



 HWQLD 
 
 
H +



 I. 
)  *

A -   



I  
  


 $
  
 F 


   8 
 


*. 

 $ 
 
$


(    *. +  
 +   

   
  

   



 
 
6B     
  
 +
 
   

 

 +     


WULVWH SHUPDQrQFLD GD LGHRORJLD UDFLDO TXH QRV RSULPH Ki PHLR PLOrQLR $UDXWRV GD FRQWLQXDomR GH
SULYLOpJLRVUDFLDLVHQFDVWHODGRVSRUPHLRGDGLVFULPLQDomRKRMHLQYHQWDPXPDEVXUGRLPDJLQiULRHP
TXHRVDOYRVGHVVDGLVFULPLQDomRVHWRUQDUDPFXOSDGRVGHXPVXSRVWRUDFLDOLVPR2VLQYHQWRUHVGH
WDOLPDJLQiULRPDQLSXODPRLQJrQXRVHQVRFRPXPHSRSXODUGHLJXDOLWDULVPRWmRHTXLYRFDGRTXDQWR
p FDUR j LGHQWLGDGH QDFLRQDO´ (J989--
$EGLDV UHEDWH WHQWDWLYD GH PDQLSXODomR
N@=Z=01@1

  * '==PPP 
 
=
#  ]i0N11
N1
(  


 
I
3# @21=124 +     
   
 G  
 
 
     
 



 
 
 





(        . 


 )
  
 

  

   

 
  TXHVWmRUDFLDO 
  
  
*

 
  8 UDFLVPR  
GLVFULPLQDomR UDFLDO 


 
 )
 
  + 

 
 
  
      

 $

















  
9-
 
<  >
?

  !
 "

   

 

9-0
#*
<)"
)*#&*%JA'
+*M


* 

  

 
     
 )

)    
 
 + V  W
 
  
 (     

 F 
 
I   
 
    


 )'
 

  
 *


 .
  


 
  + 
 
  
  
  
 

   

 
 
'

$UHDOLGDGHWHPHYLGHQFLDGRFDGDYH]PDLVIRUWHPHQWHTXHWRGRVRV
GLUHLWRV VmR FRWLGLDQDPHQWH GHVUHVSHLWDGRV LQFOXVLYH FRP D
FRQFRUGkQFLD GH SDUWH GD VRFLHGDGH EUDVLOHLUD 1HVVH FRQWH[WR GH
SURFHVVRV GHVXPDQL]DQWHV RQGH D SUySULD H[LVWrQFLD KXPDQD QmR p
JDUDQWLGD HP kPELWR PXQGLDO D TXHVWmR GRV 'LUHLWRV +XPDQRV
DVVXPH VXD LPSRUWkQFLD FRPR HVSDoR GH GHQ~QFLD GH UHVLVWrQFLD H
GHUHIOH[mR3%

 % 0110' 1N4

(   
 
 *

  
   



 
  
 H G 
B     

     H  + 
 
I
. 


  .  
 

 
 *
   
 

H

 


 *   



 


+ 
  
H     
 I   
H


B* 
 +     
8 
 *

  * 
 +
         
 36 '
01104
-
  


+   
*
 



*
 I 
  
 
  
G
Y;:::
 


 * 
      
*G

 
8  
 

 
 
   

   
 

 
 
  

   

 B 





*
 
   
    
 
   *

8 *

 - / U
P 
    


 





  
  @Z2M  @2A2 ?    
H ?  + 

H

  -
  +  
 



 
V  

W'  

    9

J 
8 

 
 

    
 

 *  *    
*
  
 

.
  .


 *
  
 
 *
  
  + 
  


 F 9

J   I


  

  U
P 3@MZZ4
 +'

6LJQLILFDTXHDXPDFHUWDDOWXUDGDGpFDGDGHHSHODSULPHLUD
YH]QDKLVWyULDGDKXPDQLGDGHIRUDPUHWLUDGRVRVJULOK}HVGRSRGHU
SURGXWLYR GDV VRFLHGDGHV KXPDQDV TXH GDt HP GLDQWH VH WRUQDUDP
FDSD]HV GD PXOWLSOLFDomR UiSLGD FRQVWDQWH H DWp R SUHVHQWH
LOLPLWDGDGHKRPHQVPHUFDGRULDVHVHUYLoRV1HQKXPDVRFLHGDGH
DQWHULRUWLQKDVLGRFDSD]GHWUDQVSRURWHWRTXHXPDHVWUXWXUDVRFLDO
SUpLQGXVWULDO XPD WHFQRORJLD H XPD FLrQFLD GHILFLHQWHV H
FRQVHTXHQWHPHQWH R FRODSVR D IRPH H D PRUWH SHULyGLFDV
LPSXQKDPjSURGXomR3U
P @MZZ' T14

( 

  
  
H . 
. 

 

   
  


*
  
   
  8  
  
 


  .   
)  + 
H 






 
  
 
  
       
   
 
  G  @2N1

6XDV PDLV VpULDV FRQVHTXrQFLDV IRUDP VRFLDLVD WUDQVLomR GD QRYD
HFRQRPLD FULRX D PLVpULD H R GHVFRQWHQWDPHQWR RV LQJUHGLHQWHV GD
UHYROXomR VRFLDO ( GH IDWR D UHYROXomR VRFLDO HFORGLX QD IRUPD GH
OHYDQWHV HVSRQWkQHRV GRV WUDEDOKDGRUHV GD LQG~VWULD H GDV
SRSXODo}HV SREUHV GDV FLGDGHV SURGX]LQGR DV UHYROXo}HV GH 
QR FRQWLQHQWH H RV DPSORV PRYLPHQWRV FDUWLVWDV QD *Um%UHWDQKD
3U
P @MZZ' \A4
8   
G
Y;::: G 

  
 *
 


  -
    
,
 (      

G
  
+  

  

 
 

 


 
   
) + 
 
  
  

$
 
  
  
  
   





+

     
     *

 

  


6H D HFRQRPLD GRPXQGR GR VpFXOR ;,;IRL IRUPDGD SULQFLSDOPHQWH
VRE D LQIOXrQFLD GD UHYROXomR LQGXVWULDO EULWkQLFD VXD SROtWLFD H
LGHRORJLD IRUDP IRUPDGDV IXQGDPHQWDOPHQWH SHOD 5HYROXomR
)UDQFHVD $ )UDQoD IRUQHFHX R YRFDEXOiULR H RV WHPDV GD SROtWLFD
OLEHUDO H UDGLFDOGHPRFUiWLFD SDUD D PDLRU SDUWH GR PXQGR $
LGHRORJLD GR PXQGR PRGHUQR DWLQJLX DV DQWLJDV FLYLOL]Do}HV TXH
WLQKDPDWpHQWmRUHVLVWLGRjVLGpLDVHXURSpLDVLQLFLDOPHQWHDWUDYpVGD
LQIOXrQFLD IUDQFHVD (VWD IRL D REUD GD 5HYROXomR )UDQFHVD
3U
P @MZZ' 2N4

8 

*
 +  )  9

J  
  

H .    


 
    
 G


.
 
 

 
  

      

 
 

    




.+



8   G
 G  
 )

  + 
H 


  
 

  
    

I

 
 
   
   

 (  

.


)  
 
 
 
  
    

+
   
  

 
 
 
  
   
( 

 
 
U
  


  @Z2M
  
 


.

 J    

( 

9  
B     


  G
 

)  

- 

 
     


 

 

-

G  G
N@  +
  
 


 F 

 
 36  01104
5 
F  6  301104 
 
   

 @Z2M  

.
      *
   *




  
 +  


 .
 + G

8   
  
+
  

 

   :
   +  @ZMA  
  

 
 )

U  J  
  
6


N@
8 

 .
>
  

+  
 


 
 
> G


 
  
    F G 
  F (G
K
 





 
 
  G @210 + 
K

%
   

 
,    36  01104
      
 
  

F (G 
        
   



)  9

J  + 
  
    @ZM@
K
 $ TXHVWmR MXGDLFD " 301104     
  



 
 *
    
H    @ZMN  @ZMT
K 

 @ZMN
 
 *
  


 
   
   


F LJXDOGDGH F OLEHUGDGH F VHJXUDQoD  F
SURSULHGDGH
5HJLVWUHPRV DQWHV GH PDLV QDGD R IDWR GH TXH RV FKDPDGRV
GLUHLWRV KXPDQRV RV GURLWV GH O¶KRPPH DR FRQWUiULR GRV GURLWV GX
FLWR\HQ QDGD PDLV VmR GR TXH GLUHLWRV GR PHPEUR GD VRFLHGDGH
EXUJXHVDLVWRpGRKRPHPHJRtVWDGRKRPHPVHSDUDGRGRKRPHP
HGDFRPXQLGDGH 3" 0110' NA4

5 



  G   




 ) 

+
+ I  +
I+
 
     

     
 *
    

' 
 G 
 


F
  
  J
 
G  + ³DDSOLFDomRSUiWLFDGRGLUHLWRKXPDQRGDOLEHUGDGHpRGLUHLWRKXPDQR
jSURSULHGDGHSULYDGD´ 3" 0110' NT4

 
  
       
B 
   )  
  8 
*
F

  

 

        



 *
  )
    
( 

 @ZMT   + *.  + 


   

   



  
 
  >  +   



  
 
   

  

 
  F 

     
  

  3" 01104




B  +  9

J  
  *




  
  
   

  *


    
  

  
 
 


    
  

N0

 







&RP HIHLWR Mi D FRQVWLWXLomR GR PXQGR EXUJXrV HQYROYH HP SODQR
KLVWyULFRXQLYHUVDO XP GHFLVLYR FRQIURQWR GH FODVVHV 1RV SULPHLURV
FLQTXHQWD DQRV GR VpFXOR  HVWH HQIUHQWDPHQWR YHP j OX] FRP
FODUH]D PHULGLDQD DV LQVXUUHLo}HV SUROHWiULDV GH  H VXD
UHSUHVVmR SHOD EXUJXHVLD DVVRFLDGD j QREUH]D TXH HOD YLHUD D
GHUURFDU  OLTXLGDUDP DV³LOXV}HV KHUyLFDV´ GD 5HYROXomR )UDQFHVD H
SXVHUDPDQXRFDUiWHURSUHVVRUGDRUJDQL]DomRVRFLDOGHODGHULYDGD
3K
 011\' @04

  


G
Y:Y  -
    



, 

   

 


 


 

 
 
(




 

 
        

       *
 
 


  
 
  )



  
(  @2@T
B      
 

 
  



 *
+  
  

 




)
   
 

.  -
  + 
G @2A2 3U
P @MZZ4'

$R FRQWUiULR GDV UHYROXo}HV GR ILQDO GR VpFXOR ;9,,, DV GR SHUtRGR
SyVQDSROH{QLFR IRUDP LQWHQFLRQDLV RX PHVPR SODQHMDGDV 3RLV R
PDLVIRUPLGiYHOOHJDGRGDSUySULD5HYROXomR)UDQFHVDIRLRFRQMXQWR
GH PRGHORV H SDGU}HV GH VXEOHYDomR SROtWLFD TXH HOD HVWDEHOHFHX
SDUD XVR JHUDO GRV UHEHOGHV GH WRGDV DV SDUWHV GR PXQGR 1mR
TXHUHPRV GL]HU FRP LVVR TXH DV UHYROXo}HV GH  IRUDP D
VLPSOHV REUD GH DOJXQV DJLWDGRUHV GHVFRQWHQWHV (ODV RFRUUHUDP
SRUTXH RV VLVWHPDV SROtWLFRV QRYDPHQWH LPSRVWRV j (XURSD HUDP
SURIXQGDPHQWHHFDGDYH]PDLVLQDGHTXDGRVQXPSHUtRGRGHUiSLGD
PXGDQoD VRFLDO SDUD DV FRQGLo}HV SROtWLFDV GR FRQWLQHQWH H SRUTXH
RV GHVFRQWHQWDPHQWRV HFRQ{PLFRV H VRFLDLV IRUDP WmR DJXGRV D
SRQWR GH FULDU XPD VpULH GH HUXSo}HV YLUWXDOPHQWH LQHYLWiYHLV
3U
P@MZZ' \N4


  
 
 
  *  
  
 

 
)    

     U
P'

2 YHUGDGHLUDPHQWH QRYR QR PRYLPHQWR RSHUiULR GR SULQFtSLR GR
VpFXOR ;,; HUD D FRQVFLrQFLD GH FODVVH H D DPELomR GH FODVVH 2V
³SREUHV´ QmR PDLV VH GHIURQWDYDP FRP RV ³ULFRV´ 8PD FODVVH
HVSHFtILFD D FODVVH RSHUiULD WUDEDOKDGRUHV RX SUROHWDULDGR
HQIUHQWDYDDGRVSDWU}HVRXFDSLWDOLVWDV$5HYROXomR)UDQFHVDGHX
FRQILDQoD D HVWD QRYD FODVVH D UHYROXomR LQGXVWULDO SURYRFRX QHOD
XPD QHFHVVLGDGH GH PRELOL]DomR SHUPDQHQWH 3U
P @MZZ'
0M@4

8 

  @2N1  @2A2 G 

 
H 
. 

  
  -
 (H + 

     





 ) + G 


 

 :
 
 






.
     


 
    


(  
   + 
 )

 *

 
 
I
  B F 
  

  -
 
 


   ++  
+ 

+  + 


8 

 


    

   
    )

. 

.
  H 

) 

 
    



 

  



  
 
 

 (  
 B 

 
   
  
 
 *
NN
(  

 
       
 +
 
  


  



 +   )

   
     
 ) 
 H 
 
  


 


.
 
  

 + I 

   *+
 
  
  
5 
  *
 
* +     

 
 
  
 *

 )
  
  
 
 
 *
 
  
  G 

.
      
  
 6   +   . 


 
 

I


  *
    




 *
  



I
'
¬PHGLGDTXHSDVVDUDGHUHYROXFLRQiULDDFRQVHUYDGRUDDEXUJXHVLD
LPSXVHUD GHVGH R WULXQIR GH  D VXD YHUVmR GH FODVVH GRV '+
(VVDYHUVmRHPEXWLDDFRQWUDGLomRyEYLDHQWUHDOLEHUGDGH EXUJXHVD 
HDLJXDOGDGHFRQIHULQGRDRV'+DIXQomRVRFLDOGHSUHVHUYDomRGR
QRYRGRPtQLR1mRWDUGDULDSDUDTXHLVVRIRVVHSHUFHELGRHIRUPXODGR
QR SODQR FRQFHLWXDO 0DV SULPHLUDPHQWH HVVD LQTXLHWDomR VH
PDQLIHVWRX QR WHUUHQR GD SUiWLFD VRFLDO GH PRGR FRQIXVR PRYLGRV
PDLV SHOR GHVHVSHUR GR TXH SRU XPD FRQVFLrQFLD VRFLDOPHQWH
RUJDQL]DGD R SUROHWDULDGR HPHUJHQWH GD 5HYROXomR ,QGXVWULDO H DV
FDPDGDV VRFLDLV TXH OKH HUDP SUy[LPDV FRPHoDUDP D HQJHQGUDU
FDPLQKRVSUySULRVGHDXWRGHIHVD36  0110' @@Z4 


NN
  . 
 
  

 
V"
 
 U
W 

 "D`&98 : )LORVRILD LGHRORJLD H FLrQFLD VRFLDO  
  
 
6

#

 6

-K-Y=J(#-=J"C 

' - 
 @MMN







(  


     





 G 
H     

 
BB
  
I
      H   
 
) 





 
8 

    *
 


 
 

 
  H   
   


 


  


 

 

$ LQIOH[mR KLVWyULFD GH  FLUFXQVFUHYHQGR R HVSDoR VRFLRSROtWLFR
GD EXUJXHVLD H H[SOLFLWDQGR D QDWXUH]D GH FODVVH GD VXD GRPLQDomR
VHORX D VRUWH GR EORFR FXOWXUDO SURJUHVVLVWD VXDV FRQTXLVWDV IRUDP
DSURSULDGDV SHORV UHYROXFLRQiULRV H LVVR EDVWRX SDUD TXH RV
UHSUHVHQWDQWHV GD RUGHP UHFKDoDVVHP D VXD LQIOXrQFLD $ SDUWLU GDt
RV LGHyORJRV EXUJXHVHV SDUD UHVSRQGHU DR PRYLPHQWR RSHUiULR H
FRPEDWHU D SHUVSHFWLYD GD UHYROXomR UHFRUUHP FDGD YH] PDLV DR
DUVHQDO GH LGpLDV FRQWLGDV QDV SURSRVWDV UHVWDXUDGRUDV H URPkQWLFDV
3K
 011\' @A4
8 
 *
 
  


 
 + 
F
 

 


 
 *
 


,
B

+ 
F   



 *
  *
 
H  
36  01104

   
 
 *

G
YY G )

 6 
301104 

    H 
* 


 
 
 


 
 
 
         :I 

   
  
 
   C "   

   ) 
     C " 

(VVH SHUtRGR SURGX]LX FRP EUXWDOLGDGH QXQFD DQWHV LPDJLQDGD D
VHJXQGD JUDQGH FULVH GRV GLUHLWRV KXPDQRV  1mR SRUTXH HVVHV
GLUHLWRV HVWLYHVVHP DWp HQWmR VHQGR UHVSHLWDGRV e DSURSULDGR
FRQWXGR IDODUVH QXPD JUDQGH FULVH GRV GLUHLWRV KXPDQRV QHVVD
pSRFD WDQWR SHOD H[WHQVmR LQWHQVLGDGH H DWURFLGDGH GDV YLRODo}HV
RFRUULGDV FRPR SHOD DILUPDomR GH XPD SRVWXUD GH QHJDU YDOLGDGH j
WLWXODULGDGH GRV GLUHLWRV KXPDQRV SDUD WRGRV RV VHUHV KXPDQRV
36  0110' @2N4

(     C "  
   @MAT  8 )

KH   ? 8K 



  

 
 *
 (
  
  )     


  
  



    

 
  
 
 U


  (G C  KH    @MA2





( 
  
 
 U
 
 
 
 
    

       

 (
 

 

 +  *   
 

G
Y;::: 



 
 
,
 
    
 

 

.


 G
 Y:Y  YY
-  

  
  
 

 
 *



I

  


  
X  F   F 


) 
+         
 

2SUREOHPDQmRUHVLGHQRFRQFHLWRPDVQDUHDOLGDGH¬PHGLGDTXH
DFRQWUDGLomRQmRIRUVXSHUDGDQDSUySULDVRFLHGDGHHPTXHYLYHP
DV SHVVRDV UHDLV VHUi SUHFLVR DWHQWDU FRP FXLGDGR VH DTXHOD
IyUPXOD FRQFHLWXDO XQLILFDGRUD DTXLHVFLGD KRMH SRU SUDWLFDPHQWH
WRGRVRV(VWDGRVQmRVHFRQYHUWHUiHPQRYRHVWUDWDJHPDGHLOXVmR
VRFLDO 36  0110' @MT4




     
H


 

  



  

G  


*


 
-
   
 

            

   36  01104

$ SROtWLFD VRFLDO DSDUHFH QR FDSLWDOLVPR FRQVWUXtGD D SDUWLU GDV
PRELOL]Do}HVRSHUiULDVVXFHGLGDVDRORQJRGDVSULPHLUDVUHYROXo}HV
LQGXVWULDLV $ SROtWLFD VRFLDO FRPSUHHQGLGD FRPR HVWUDWpJLD
JRYHUQDPHQWDO GH LQWHUYHQomR QDV UHODo}HV VRFLDLV XQLFDPHQWH
S{GHH[LVWLUFRPRVXUJLPHQWRGRVPRYLPHQWRVSRSXODUHVGRVpFXOR
;,; 3; 011Z' @A14

K 


  
   
  
 

 
   

   *
 


I
 

 
  G 

. 
   
     
 


  

  

+
 
    


 
 
,
B
   
 
  


(    )
  *
   
 .




 
 
 
  

 
  -
 


-
NA    

 G  

 
 + 

 

 *  R NT + )   


 )  

  

 
 
    



NA
  
   


  
-
 
 "
j
 
301@14 
NT
8 
 + 


  


 

  + 


 
 

 
LO 
B
 
  

 %*   %
* 





( H 
 
 


 

  + 
      

6B
 
 




 )

 
 + 


      C "    
-
 


B 
 

 

 


3ROtWLFD VRFLDO DVVLP LGHQWLILFDGD LQWHJUD XP FRPSOH[R SROtWLFR
LQVWLWXFLRQDOGHQRPLQDGRVHJXULGDGHVRFLDO LQDXJXUDGRQD,QJODWHUUD
QDGpFDGDGH RTXDOSRUVXDYH]FRQVWLWXLDEDVHFRQFHLWXDOH
SROtWLFD GR (VWDGR GH %HP(VWDU RX GR :HOIDUH 6WDWH FRPR p
LQWHUQDFLRQDOPHQWHFRQKHFLGR 3 @MM2' \@4

-     




 


 @MA1 
@MZ1 
  
 

 
 
     

  
 
    
 +  

   *
 
H   3 @MM24
K G  @M21
   


 
 
 
 

  
 H  

  
  
+

.

  
   

    
)

-

 
F     


 (
 
 
R  
   




 +  
 I 

  
 

-

 
 



   IB  
H  
 


)
    
  
F   
 


  

 *
 
.
   


  


  
     

    

 
  

 
   -




 
-   +
 

  
)

  




  
      @M21  
 

*
 


  + 
  

 
  




   
  +
' ³3DUD FLWDU RV DXWRUHV PDLV FRQKHFLGRV YHU )ORUD H
+HLGHQKHLPHU   (VSLQJ$QGHUVHQ   *RXJK   0LVKUD   5RVDQYDOORQ  
'XPRQW   0XUDUG   )LOJXHLUD   2V SULQFLSDLV DXWRUHV D DGRWDUHP H XWLOL]DUHP D
H[SUHVVmRQR%UDVLOVmR'UDLEHH$XUHOLDQR  9LDQD  ´ 3011Z' M\4 





-  .

F   
)

 
 


  
  

  
 
   )


  
   
   )

)

6HP D GHYLGD DSUHHQVmR GRV YtQFXORV VRFLDLV TXH VXVWHQWDP DV
UHODo}HVGRVLQGLYtGXRVQRWHFLGRVRFLDORVHQVRFRPXPHDVWHRULDV
TXHDGRWDPFRPRIXQGDPHQWRDQHJDomRGHVWHVYtQFXORVRFXOWDPD
UHODomR HQWUH RV LQGLYtGXRV VRFLDLV H VXD FRQGLomR GH FODVVH VXD
LQVHUomRQRPXQGRGRWUDEDOKRQHJDQGRVXDFDSDFLGDGHGHIRUMDUR
DPDQKm 2 GLVFXUVR XQLYHUVDO DEVWUDWR GRV GLUHLWRV KXPDQRV
HYLGHQFLDGRSHODLGHRORJLDQHROLEHUDOpDIRUPDGHSHQVDUGRPLQDQWH
GHVVHFRQWH[WR 3%

 0112' \4

( 

 
    
 

       
 
  

   
  
 
+

X

 
 *
 (
)    


    
  
,   + 

  
 
 +
  
 

(
 
 

  
  )    

 (  X  
 )
  *
  ) 
  
   
    
*

5 
     
 .
G    

( H 
     G  @M01  
  
 +  

  

 *

 ( TXHVWmR
VRFLDO G 
 



N\      


 
-


 

        



NZ  
     @M22  

J
 )  

 


 
 
 .' $   
 
(  
   +  
 

  
    

 I+  

   
+
 


 F


+   
   
    




N\
³(P VH WUDWDQGR GH MXVWLoD VRFLDO R SHQVDPHQWR PDLV SUHYDOHFHQWH QR %UDVLO UHVXPHVH QR
VHJXLQWHµDTXHVWmRVRFLDOpXPDTXHVWmRGHSROtFLD¶ 'DOODULYSFI
 ´ 3; 011Z' ZZ4 
NZ

 

 
 
 %*   %
* 3011Z4> ; 3011Z4> J

3@M224>  3@MM24> "
 3  4 011Z 






9-.-

%(#,,#

@%
I*%N*
#)*%

2V YDORUHV H SULQFtSLRV XQLYHUVDLV H[SUHVVDP YDORUHV REMHWLYRV TXH


VHGHVHQYROYHPGHPRGRGHVLJXDOQRLQWHULRUGHGDGDVRFLHGDGHH
HP UHODomR DR GHVHQYROYLPHQWR KLVWyULFR GR VHU VRFLDO 3%


0112' Z14 
5 
F  G   +  
)
   

G
  9

J  6B   
 *
B
 G
+ G 




 
 

*
 
 


$ OLEHUGDGH SRU H[HPSOR XPD FDWHJRULD RQWROyJLFD IXQGDPHQWDO
WRUQRXVH XP YDORU pWLFR H SROtWLFR GHVGH D VRFLHGDGH DQWLJD PDV
VXDWUDMHWyULDKLVWyULFDpFRQVWLWXtGDSRUXPORQJRSURFHVVRGHSHUGDV
H JDQKRV UHODWLYRV 1D HQWUDGD GD HUD EXUJXHVD SDVVD D VH
FRQILJXUDU FRPR DXWRQRPLD QR VHLR GR SURMHWR EXUJXrV GH
HPDQFLSDomRGRLQGLYtGXR3%

 0112' Z@4

-   

      
  


 
 +
*
 
  
   )   
  
  
.B  

 
* (     
 

* 

I   
 


4XDQGRRKRPHPSULPLWLYRHVFROKHGHXPFRQMXQWRGHSHGUDVXPD
TXHOKHSDUHFHPDLVDSURSULDGDDRVVHXVILQVHGHL[DRXWUDVGHODGR
pyEYLRTXHVHWUDWDGHXPDHVFROKDGHXPDDOWHUQDWLYD0HGLDQWH
D REVHUYDomR H D H[SHULrQFLD LVWR p PHGLDQWH R UHIOH[R H VXD
HODERUDomR QD FRQVFLrQFLD GHYHP VHU LGHQWLILFDGDV FHUWDV
SURSULHGDGHVGDSHGUDTXHDWRUQDPDGHTXDGDRXLQDGHTXDGDSDUD
DDWLYLGDGHSUHWHQGLGD3#L. @MZ\' @24

8 *
 G   


 
* 
 
 


 

  





+    


I
  
  ) + 
 

    


I

 


6
 .N2 3
* 4  H  
* 
G

 +  +  
 8    G +    



*
 
 $   H  
H +
+

     I

   

  


N2
8 

 .    %

' ³6HJXQGR 9i]TXH] µDomR GR KRPHP VREUH D
PDWpULDHFULDomR±DWUDYpVGHODGHQRYDUHDOLGDGHKXPDQL]DGD¶ 9i]TXH] 2FRQFHLWR
GH SUi[LV p H[WUHPDPHQWH FRPSOH[R QmR VHQGR SRVVtYHO QR kPELWR GHVVH WUDEDOKR H[SOLFLWiOR HP
WRGDVXDULTXH]DHQDGLYHUVLGDGHGHLQWHUSUHWDo}HVTXHUHFHEH,QGLFRSDUDFRQVXOWDRVHVWXGRVGH
/HIHEYUH   .RVLN   9i]TXH]   %HUPXGR   H )UHGHULFR  H  ´
3%

 011\' 0\4






'HVVH PRGR FRPR 0DU[ DGYHUWLX R WUDEDOKR QmR VH UHDOL]D VHP D
FDSDFLGDGHWHOHROyJLFDGRKRPHPRXVHMDVHPDSURMHomRLGHDOGH
ILQDOLGDGH H GRV PHLRV SDUD VXD HIHWLYDomR VHP XP GHWHUPLQDGR
JUDX GH FRRSHUDomRGH FHUWDV IRUPDV VRFLDLV GH FRPXQLFDomR WDO
FRPR D OLQJXDJHP DUWLFXODGD VHP XP QtYHO GH FRQKHFLPHQWR H GH
GRPtQLRVREUHDQDWXUH]DHQWUHRXWURVDVSHFWRV 3%

 0112' 0A4

(  +    
   
    $ 
 H 

*
 G   V+ . 
W
  

I  +  *


   
( 
      
      


 
 ( 
 



   


 
  
 

 
  
 
= 

=
 
=
     
 
H  
*   

    

  


*
B G
K +
  
  
  

*
  


  
  H 
   
+ 
 )
  


  

%  
   
 
  
    


  
    
 
  8 
   
   
 
+ )


   
  


K 

 

. 
 

 
 
  
  

 
G
+   ) 
  
 
   
*
B G 8 *
 .  
 
   


*
B G + 

 
      


  

   * )
 H 
 ?

 ?  + 

 F .

3RLV D OLEHUGDGH SDUD 0DU[ QmR FRQVLVWH QD FRQVFLrQFLD GD
OLEHUGDGH RX GDV HVFROKDV PDV QD H[LVWrQFLD GH DOWHUQDWLYDV H QD
SRVVLELOLGDGHFRQFUHWDGHHVFROKDHQWUHHODV$VVLPDOLEHUGDGHQmR
p DSHQDV XP YDORU RX XP HVWDGR GH SHUIHLomR DEVROXWD PDV XPD
FDSDFLGDGH KLVWRULFDPHQWH GHVHQYROYLGD H LQVHSDUiYHO GD DWLYLGDGH
TXHDREMHWLYD 3%

 0112' 0\4

(    

*
  
 
 
  
 
   )   ( * G 
 
 
   
 


  

 )
     (  


 *
 G  
 





7RGDYLD D SDUWLU GR PRPHQWR HP TXH D EXUJXHVLD VH WRUQD FODVVH
GRPLQDQWHHTXHILFDHYLGHQWH±SHODVFRQGLo}HVGHYLGDUHDLV±TXH
RV YDORUHV DSURSULDGRV SHORV LQGLYtGXRV FRPR YDORUHV XQLYHUVDLV
OLEHUGDGHLJXDOGDGHHWF QmRSRGHPVHXQLYHUVDOL]DUQDVRFLHGDGH
EXUJXHVD HOHV RV YDORUHV  VH WRUQDP SRWHQFLDOLGDGHV LGHDLV
UHIHUrQFLDVXQLYHUVDLVDEVWUDWDV3%

 0112' Z@4

( 9

J  G     )   )  



 
   
  

G
 
 

+ 
  *
 
 
   H   




I
 
 (   )
      

I 
 
  

.


K 
 
 



G

 + 


* 
  + 
  -    



  
 B  
 
    

 K 

  G         
*    



 G   I
  H 
I
G

 
8 
 
 
*
   
    
)  

    
 *.
  
 K 
   I

  
 , 

 
 
 )  *
 
 

*I  
I 

  
 
   + +  

   



  

8 
 
 
      


 
) 

 
 
 

  

  

H 
 
  F  
*
B G

(          


+
 
 
 
    
 
  

 


  
   
)

I
 + 
  
  +


 ) 
*  )  
   
.
(

  
     



  + 
 *
   
  
  
 I 
 
  + 
  
  
 

  
K  . 
  I 


%
B  
 
      + 

     



  H  
 

 B +   







    



B       
F

     

 
 
   

 
  
   
  
  


 +


  
   
*


 
  
 

    


 G
 
 
 
)


  

   G
 



 + 

I
    *  
     
.B

$ UHIOH[mR pWLFD WHP SRU REMHWLYR D YLGD FRPR WRWDOLGDGH
SUHWHQGHQGR SRLV FRQWULEXLU SDUD WRUQiOD PDLV ULFD H YLJRURVD HP
VXDV REMHWLYDo}HV H H[LJrQFLDV $ DSUHHQVmR KLVWyULFD H FUtWLFD GD
UHDOLGDGH SRGH GHVYHODU DV IRUPDV GH VHU pWLFRPRUDLV RV PRGRV
IHWLFKL]DGRV GD PRUDO H GD pWLFD URPSHQGR FRP YLV}HV
SUHFRQFHLWXRVDV PHFDQLFLVWDV XQLODWHUDLV DPSOLDQGR DV
SRVVLELOLGDGHV GH HQULTXHFLPHQWR GDV H[LJrQFLDV pWLFDV 3%


0112' 0@\4

8 
 D 
(  
 ? 9

J- 0ZN=@MMN  

   
    
*  OLEHUGDGH 


 G
 

 
 
  

   
     

  


>  
 

*


   ++ 
 
GLVFULPLQDomR
8

+ F   
 
IB 


I
  +
  
 
 
 
X  

   



  
  
  

  



*
)
   

 


   
     

   
           
 
  G   )

 I)
 

  

 

 * 

9-9
,
*,)
#
O#*
I*%

K
 
' V     
 W K
3011Z4    .
 
 

 



   + 

 
    + 
   
     

+ 

 
  "
  
    +)  

 C
 #L. 

+ VD RQWRORJLD GR VHU VRFLDO FRQFUHWL]DGD LQLFLDOPHQWH QD LQYHVWLJDomR VREUH D





FRWLGLDQLGDGHpXPPRQXPHQWRWHyULFRQRTXHWRFDDRUHVJDWHHjUHHODERUDomRGH
FDWHJRULDVKLVWyULFRVLVWHPiWLFDV W 3K
 011Z' \\4
K  L 
 
  


*. *
 
 
 
 
  
  G   . D 
   +

     
  
    



   *
   

 
  
 
   
 *
(  H     
    

L  
'  KHWHURJHQHLGDGH  
   
 > 
LPHGLDWLFLGDGH +     
     
 



 

 
 



>   VXSHUILFLDOLGDGH H[WHQVLYD


 
 
   

 

 
   

  H +
   3K
 011Z4
(  
    B 

 
 
  

  
      ( 
       
 
  

 
  F   
*
B G  )
+  H

  
     

2UD R DFHVVR j FRQVFLrQFLD KXPDQRJHQpULFD QmR VH UHDOL]D QHVWH
FRPSRUWDPHQWR Vy VH Gi TXDQGR R LQGLYtGXR SRGH VXSHUDU D
VLQJXODULGDGH TXDQGR DVFHQGH DR FRPSRUWDPHQWR QR TXDO MRJD QmR
WRGDV DV VXDV IRUoDV PDV WRGD VXD IRUoD QXPD REMHWLYDomR
GXUDGRXUD PHQRV LQVWUXPHQWDO PHQRV LPHGLDWD  WUDWDVH HQWmR GH
XPD PRELOL]DomR DQtPLFD TXH VXVSHQGH D KHWHURJHQHLGDGH GD YLGD
FRWLGLDQD ± TXH KRPRJHQHt]D WRGDV DV IDFXOGDGHV GR LQGLYtGXR H DV
GLUHFLRQD QXP SURMHWR HP TXH HOH WUDQVFHQGH D VXD VLQJXODULGDGH
QXPDREMHWLYDomRQDTXDOVHUHFRQKHFHFRPRSRUWDGRUGDFRQVFLrQFLD
KXPDQRJHQpULFD 3K
 011Z' \M4


    
 X   
  

 
*
 

   
  
*
B G
   
 


   ,

 
:
   +    H

  
  
  
 

F  
  K 
 



G

 
   
 
+    (  



NM
³$REMHWLYDomRpDIRUPDQHFHVViULDGRVHUJHQpULFRQRPXQGR±HQTXDQWRVHUSUiWLFRHVRFLDOR
KRPHP Vy VH PDQWpP FRPR WDO SHODV VXDV REMHWLYDo}HV SHOR FRQMXQWR GDV VXDV Do}HV SHOD VXD
DWLYLGDGHSUiWLFDHQILP´ 3K
 @M2@' T\4






  *
B G
  

   F
 

  

K  
    
A1 G  
  
    

 
'
I
 I
-  
    
    

I

*
+        ) 



 )
  
 
B  
  >   

H 
 +   . *
 
   .
 
 )    
  
 


3K
 011Z4
( 
 

 
  
'

$UHSHWLomRDFUtWLFDGRVYDORUHVVXDDVVLPLODomRUtJLGDGRVSUHFHLWRV
H PRGRV GH FRPSRUWDPHQWR VHX SHQVDPHQWR UHSHWLWLYR H
XOWUDJHQHUDOL]DGRU1RFDPSRGDPRUDODDOLHQDomRGDYLGDFRWLGLDQD
VH H[SUHVVD HVSHFLDOPHQWH SHOR PRUDOLVPR PRYLGR SRU
SUHFRQFHLWRV 3%

 011\' A\4

 )     
   
G  


 *
+
     
  ³DPSOLDQGR DV SRVVLELOLGDGHV GH RV
LQGLYtGXRVVHUHDOL]DUHPFRPRLQGLYLGXDOLGDGHVOLYUHVHFRQVFLHQWHVW 3%

 011\'
TT4
³$ UHIOH[mR pWLFD p FRQVWUXtGD KLVWRULFDPHQWH QR kPELWR GD ILORVRILD WHQGR
SRUREMHWRDPRUDO´3%

 011\' TA4   
A@ 
 


 




   
 
   
6 

  
 

 
   

  
 
 
 G 
 

    

+H I

$ pWLFD UHDOL]D VXD QDWXUH]D GH DWLYLGDGH SURSLFLDGRUD GH XPD
UHODomR FRQVFLHQWH FRP R KXPDQRJHQpULFR TXDQGR FRQVHJXH
DSUHHQGHU FULWLFDPHQWH RV IXQGDPHQWRV GRV FRQIOLWRV PRUDLV H
GHVYHODU R VHQWLGR H GHWHUPLQDo}HV GH VXDV IRUPDV DOLHQDGDV
TXDQGRDSUHHQGHDUHODomRHQWUHDVLQJXODULGDGHHDXQLYHUVDOLGDGH
GRV DWRV pWLFRPRUDLV TXDQGR UHVSRQGH DRV FRQIOLWRV VRFLDLV

A1
³$ DOLHQDomR FRPSOH[R VLPXOWDQHDPHQWH GH FDXVDOLGDGHV H UHVXOWDQWHV KLVWyULFRVRFLDLV
GHVHQYROYHVH TXDQGR RV DJHQWHV VRFLDLV SDUWLFXODUHV QmR FRQVHJXHP GLVFHUQLU H UHFRQKHFHU QDV
IRUPDVVRFLDLVRFRQWH~GRHRHIHLWRGDVXDDomRHLQWHUYHQomRDVVLPDTXHODVIRUPDVHQROLPLWHD
VXDSUySULDPRWLYDomRjDomRDSDUHFHPOKHVFRPRDOKHLDVHHVWUDQKDV´ 3K
 @M2@' ZA4
A@
³$ PRUDO RULJLQDVH GR GHVHQYROYLPHQWR GD VRFLDELOLGDGH UHVSRQGH j QHFHVVLGDGH SUiWLFD GH
HVWDEHOHFLPHQWR GH GHWHUPLQDGDVQRUPDVHGHYHUHV WHQGRHPYLVWDDVRFLDOL]DomRH DFRQYLYrQFLD
VRFLDO )D] SDUWH GR SURFHVVR GH VRFLDOL]DomR GRV LQGLYtGXRV UHSURGX]LQGRVH DWUDYpV GR KiELWR H
H[SUHVVDQGR YDORUHV H SULQFtSLRV VRFLRFXOWXUDLV GRPLQDQWHV QXPD GHWHUPLQDGD pSRFD KLVWyULFD
3RVVLELOLWDTXHRVLQGLYtGXRVDGTXLUDPXP µVHQVR¶PRUDO UHIHULGRDYDORUHVSRUH[HPSORDMXVWLoD 
RXVHMDWRUQHPVHFRQVFLHQWHVGHYDORUHVHSULQFtSLRVpWLFRV$RVHUHPLQWHUQDOL]DGRVWUDQVIRUPDP
VH HP RULHQWDomR GH YDORU SDUD R SUySULR VXMHLWR H SDUD MXt]RV GH YDORU HP IDFH GRV RXWURV H GD
VRFLHGDGH´ 3%

' 011\' A04 





UHVJDWDQGR RV YDORUHV JHQpULFRV TXDQGR DPSOLD D FDSDFLGDGH GH


HVFROKDFRQVFLHQWHVREUHWXGRTXDQGRLQGDJDUDGLFDOPHQWHVREUHDV
SRVVLELOLGDGHV GH UHDOL]DomR GD OLEHUGDGH VHX SULQFLSDO IXQGDPHQWR
3%

 011\' T\4

:
   +   
 
G     K
 .  
  G
  + *.  
 

  
+  
 
    

  
HWKRV
 
 F
 
  
K  
   
*   +
) 
+ 

 
 
 

     5 

   G 
*   
*  
   

   I 
 
 3%

 01124

2VXMHLWRpWLFRPRUDOpVRFLDOPHQWHFRQVLGHUDGRFDSD]GHUHVSRQGHU
SRU VHXV DWRV HP WHUPRV PRUDLV R TXH VLJQLILFD VHU FDSD] GH
GLVFHUQLUHQWUHYDORUHV FHUWRHUUDGRERPPDXHWF TXHpRPHVPR
TXH WHU VHQVR RX FRQVFLrQFLD PRUDO 8PD DomR PRUDO FRQVFLHQWH p
DTXHOD HP TXH R VXMHLWR DVVXPH TXH R V  RXWUR V  SRGH P  RX QmR
VRIUHU DV FRQVHTXrQFLDV SRU VHXV DWRV SRU LVVR D PRUDO VXS}H R
UHVSHLWR DR RXWUR DOWHULGDGH  H D UHVSRQVDELOLGDGH HP UHODomR DRV
UHVXOWDGRV GDV Do}HV SDUD RXWURV LQGLYtGXRV JUXSRV H SDUD D
VRFLHGDGHHPJHUDO 3%

 0112'T24

5 
 
   H 
      
  



I
G
B
  )  ) 
* 
   

 +  
H
     


 I
 

 
)
  
 
;  
+     
  G   


X 
  
  G  

 
   
     



&RP LVVR TXHUHPRV GL]HU TXH D PRUDO HVWi YLQFXODGD ±
FRQWUDGLWRULDPHQWH ± DR GHVHQYROYLPHQWR KXPDQRJHQpULFR H j VXD
DOLHQDomRSRLVDVIRUPDVGHUHSURGXomRGHYDORUHVpWLFRPRUDLVVmR
RULHQWDGDV SRU YDORUHV H SULQFtSLRVVRFLDLV H KXPDQRJHQpULFRV LVWR
pXQLYHUVDOPHQWHOHJLWLPDGRVPDVTXHSRGHPQmRWHUFRQGLo}HVGH
VH XQLYHUVDOL]DU HP GHWHUPLQDGDV FRQGLo}HV VRFLDLV 1HVVH FDVR
SHUPDQHFHPFRPRXQLYHUVDLVDEVWUDWRV7RUQDVHLGHRORJLDSRUTXH
VHUYHjGRPLQDomRQRSURFHVVRGHOXWDVRFLDO3%

 0112'Z@4





   
B F  + *.   

H  

 
 
  
     
 B






  


I
G
B
 G .
  

 
(   
I
   .   F  
  ' ³ DXWRGRPtQLRDXWRFRQWUROHGDVSDL[}HVHPIXQomRGDYRQWDGHHGD
UD]mR   OLEHUGDGH DXWRQRPLD    FRQVFLrQFLD PRUDO DOWHULGDGH   
UHVSRQVDELOLGDGH FRQVWkQFLDRXSHUPDQrQFLD´3%

' 0112' ZT4 ('

&RPR FUtWLFD VLVWHPiWLFD j DOLHQDomR PRUDO D pWLFD p FUtWLFD j YLGD
FRWLGLDQD HP VHXV DVSHFWRV PRUDLV LVWR p j GLVFULPLQDomR DR
SUHFRQFHLWR DR PRUDOLVPR DR LQGLYLGXDOLVPR DR HJRtVPR PRUDO
HQWHQGLGRVFRPRIRUPDVGHH[SUHVVmRGDVUHODo}HVVRFLDLVIXQGDGDV
QD H[SORUDomR GR WUDEDOKR H QD DSURSULDomR SULYDGD GD ULTXH]D
VRFLDOPHQWHFRQVWUXtGDSHORJrQHURKXPDQR 3%

 0112' 2A4


9-;

*,)

%B
,#
#A'
,
#)#*

8 

G 
 
  
 


 



 
  



     . 
 
 
 
 
  3U @MZ14
8   



 



 )B
 

 )

 I   I)


+    

 



     

 F+
+ 
 
I

(  )
.     
  
 ) + 


   
 
  
 
 + 
 H 

 
 


      
(  


 
H 
 


 
  
   3U
@MZ14

 I)
 



  
  

  

    :
   +   

 I)
 






  .
 

  
   
$   H
(  
  
           
 

-   

   +
+ G 
 


5 

I)


 B  
*
B )


 
  



  


 
  


 
 
 
  K
X
 H 
 





+
G 
 
   
 


 
 )H  

 +  .  
3U @MZ14




B   +
 I)
 

 I
 


* 
 

   .  
  +  
 
    


  
  )

B 




 3U @MZ14
( 
 
 

 

)
 
 
 
   +
I    

     ( 


 


  F     
    
 
) 
B

   *
B G
3U @MZ14

 
+  

 
    
 
 .
 
 
    
  
 +  





  

 

 
 pWQLFRUDFLDLV 

 
8 

   
 I  G  
+ 

 
G



 
 
 





Ta  

J  @M22'

F  F  F
   F 
 (
 

.
 *+)
  




   H $
G  
    

 

 + 



%
8 
 )



G 
 
 *  * 

+    
   
 +   G


+   

  
)
 
   



     



2KRPHPSUHGLVSRVWRDRSUHFRQFHLWRURWXODRTXHWHPGLDQWHGHVLH
R HQTXDGUD QXPD HVWHUHRWLSLD GH JUXSR +i GXDV FRLVDV TXH R
KRPHPSUHGLVSRVWRQXQFDpFDSD]GHID]HUFRUULJLURMXt]RSURYLVyULR
TXH IRUPXORX VREUH XP JUXSR EDVHDQGRVH HP VXD H[SHULrQFLD
SRVWHULRU H LQYHVWLJDU DFHUFD GD SURIXQGLGDGH GD LQWHJUDomR GRV
LQGLYtGXRVHPVHXVUHVSHFWLYRVJUXSRV3U @MZ1' TZ4

8 


       

   
*
B G
   
  


    *  3U @MZ14
-   
 
  I
   
 , 

I 


  
B
   

  
   
   


 
I
 
 
     










   
 
   
 
 


³0DV p SRVVtYHO HP WURFD HOLPLQDU D RUJDQL]DomR GRV SUHFRQFHLWRV HP
VLVWHPD VXD ULJLGH] H ± R TXH p PDLV HVVHQFLDO ± D GLVFULPLQDomR HIHWLYDGD SHORV
SUHFRQFHLWRV´ 3U @MZ1' TM4
   X  
 
 B 
     

     
 H 
   

 U 3@MZ14 
+


     
*
   

 
*

 
G I 

 
 

 
 

 

   
   + I



*
  
H 

*  
B

 (  


 




   
 
  
   
*
(
*
 .  )   
 

 + 

 

     
   
H + 
 


 

 
 ) 
  
 8  
 
  

  
  


*
B G

(  H  
  

   

  


 
   
)    
  
    (     
 

 I
  H    
   



*
B
 G

 +

  
H   
   TXHVWmRUDFLDO 
      
     8  
    
 
   
    *   
 

 
   

 
 
    
 

  
) 
H 
 -   



F 
   


 5 
 +  
  H   + . 
 



 
 
    

 


&RQVLGHUDU R SDSHO DWLYR GD FRQVFLrQFLD QDV Do}HV KXPDQDV QmR
VLJQLILFD HQWHQGHU TXH R SURGXWR GD SUi[LV VHMD ± VHPSUH H
GLUHWDPHQWH±RUHVXOWDGRGHXPDGHOLEHUDomRFRQVFLHQWHRXGHXPD
SURMHomR LGHDO $ UHDOLGDGH p GLQkPLFD ORJR QmR H[LVWH XPD UHODomR
GHFDXVDHHIHLWRQDVDo}HVKXPDQDV2VKRPHQVVmRRVSURGXWRUHV
GH VXD FRQVFLrQFLD PDV R SURGXWR GH VXD SUi[LV QmR SRGH VHU
FRQVLGHUDGRXPDFRQVHTXrQFLDFDXVDOGHVXDSURMHomRLGHDOSRUTXH
DV FLUFXQVWkQFLDV VRFLDLV HP TXH HOH p SURGX]LGR XOWUDSDVVDP D
GHWHUPLQDomR VXEMHWLYD GRV LQGLYtGXRV FRQVLGHUDGRV LVRODGDPHQWH
3%

 0112' 004





9-7

#@A
%
#

,#(*#
(#

TXHVWmRUDFLDO


8    
 +   


   


      

 F 
  
 
 
D

  
 +   

 H G 
B



 
 
B    

 

+



 
 
  + 
 

+ 
)


  G
B



  *
  *




 
+ 
 

  
  
  

 
VpWLFD EDVHDGD HP 0DU[ >TXH@ WHP SRU IXQomR RULHQWDU XPD UHIOH[mR LQWHUHVVDGD
YROWDGD j UHDOL]DomR GD OLEHUGDGH QR KRUL]RQWH GD HPDQFLSDomR KXPDQD H GD OXWD
VRFLDO´3%

 0112' 0@T4 
D 


 H  
 *
 
 




  
 G (  


    
. 
 
 *
  
 G         G

(PRXWUDVSDODYUDVGHDFRUGRFRPRVSUHVVXSRVWRVGHQRVVRFRPSURPLVVR
SURILVVLRQDOHVRFLDOQmRQRVFDEHILFDUDVVLVWLQGRj EDUEiULHFRPRVHFDGD
XP GH QyV QmR WLYHVVH QDGD D YHU FRP LVVR (QWHQGHPRV TXH HVVD p XPD
TXHVWmRpWLFDHSROtWLFDGDPDLRULPSRUWkQFLDRSRVLFLRQDPHQWRGHFDGDXP
H GH WRGRV D FDGD GLD HP IDFH GR SRVVtYHO PHVPR TXH HOH SRVVD SDUHFHU
tQILPRSHUWRGRTXHJRVWDUtDPRVTXHIRVVH %DUURFR 

8I   

  
     

H 
 


F 
 
    
 




 
 
 
 
 )
  *
  

I


 + 

   
 
  
 
+


   
   
   3%

 01124
 %


    
 
     
  

 *
  


([LVWHP REMHWLYDPHQWH SURMHWRV KXPDQRV PRYLPHQWRV KLVWyULFRV KRPHQV H
PXOKHUHVVXMHLWRVVRFLDLVTXHSHQVDPHDJHPpWLFDHSROLWLFDPHQWHGHIRUPD
FRQWUDKHJHP{QLFD QmR SHUPLWLQGR TXH R LGHDO HPDQFLSDWyULR SHUFD VXD
DWXDOLGDGH HP IDFH GD EDUEiULH H[LVWHQWH EXVFDQGR FRQVWUXLU IRUPDV GH
VXSHUDomRGHVVDUHDOLGDGH3%

 0112' 0@M4

K





 
G
  

 
 

    +
*



   H  
 (  
       
  F








 


   
   
     





- + 

 

 G 
  .
 G

 I 
    H 
      


 *
  
)
 
 
 
  
I

     

3%

 01124 (  .
 



  
³HVSDoRGDOXWDLGHROyJLFDRFDPSRGHFRH[LVWrQFLDH
FRQIURQWRHQWUHDVpWLFDVHDVSROtWLFDVGHFODVVH´ 3%

 0112' 0N14
K G  @MM1


  

 
  G 


 

 
 
     *
A0 -

 G
B

    
 G
 


 

 
   
    $   
 
 

 
   
  
 
   
  + 

      *

8 
I
G
B




 

     
 
 

 

)
 
 
 +



 G 
 


-



 

 
  G 

  
  

  G

  
+   

 
I
 
 ( 
 

X  G

       

 
   +  
   
 



8  
  

  

 
    
    


 )

 


  
)   .  .    )  

' 
 
H
 

*

 $  
   


B*
    
 H   
 =   


3%   011Z4




B   + *.  ³HVIRUoR FROHWLYR QD FRQVWUXomR GDV


A0
8 
I


   

X




  

X  


I
    - 
 

G 


 D


 
 (  
  

 @MMN 
  H  
) 

H J- a 0M1=MA  0MN=MA>  )   @MM\   # +  

-


 


 ? # 2 \\0  @MMN 

 
  #
@0 N@Z  0\  

 01@1 + 

Tk  # 2\\0=@MMN +   
 
 
  
' V 

*

(  
 G  N1 3 4 *
  





QHFHVViULDV PHGLDo}HV HQWUH DV DQiOLVHV WHyULFDV VREUH DV GHWHUPLQDo}HV VRFLDLV
PDLV DPSODV H DV H[SUHVV}HV GH VXDV SDUWLFXODULGDGHV QR HVSDoR GH DWXDomR
SURILVVLRQDO´ 3%   011Z' TN4



I
 
)
   
 TXHVWmR UDFLDO 



  + 
   
*



+
  




  



* 

 .
 K  .   
H        
H

B

 



%

 +
  

 
   F TXHVWmRUDFLDO
  F   
 
  

.
F
 $  
    

-  
 +   . + 
  .
X





 
 
   
     
 
I  
.
-  


  
  + 


 


.  


   
  

     
   (   

  %
V)
W
 H 
 
I
  )
   





      
    
*
  

3 J*
 011\4
- 
  
 V
W
 
  TXHVWmR UDFLDO G
 )
  ) +   

 
 . 
+ 
 

  
 +   

 
   
 3 J*

011\4
(
  TXHVWmR VRFLDO 


I
   
  

G



 . G +  
    


.      


 

  

    G     
 G
  


%  F 
H    

 + *



 

F +) 
  
)  
  


  
 
  
 +
 


 
  +
   

 I  

 
V
 
W 
%   
 ' 

  





  
I
 


] 5 H 
 
 

]
- 

  

    
  +
)
   *
3011T4 +

)
 V&  
 
W

V# *  +W
 
  B
+    F
TXHVWmRUDFLDO
X



 G 011A
5 
 +  
 
 
 


 -
 6.

 +     Z\1   H  


 @MM2 
0110 I 

 
  BC
 .  


B
+

V-  C 
 8 
W   NT 
H
+
   A\1^  


 






 

G
   +  )   F TXHVWmRUDFLDO  ) + 
 



 

AN

AN
(   
)
  H +  

  
 
 
TXHVWmRUDFLDO ;  +  +    

  
H  


X

 
  B
 

' #-"-K6- "  $V SROtWLFDV
DILUPDWLYDVHHGXFDomRVXSHULRUQR%UDVLO  

  
  
= 



      
-
 %* 
 "
   J 
 
 011T> 86( (  4XHVWmR eWQLFR5DFLDO  





 "
  9
C  
 011T> C#l9:( "   3ROtWLFDV GH DomR
DILUPDWLYD SDUD QHJURV QRYDV UHVSRVWDV SDUD DQWLJRV SUREOHPDV 
 "
  



   J 
9
 / 
 9
 / 
 011\> C:"(97- 9 
(GXFDomR VXSHULRU WUDEDOKR H FLGDGDQLD GD SRSXODomR QHJUD
+ 
 

  

   
 GB 
 .
 
    .
  H
  =9
   
  
] 6  


 

   
9
 / 
 9
 / 
 011Z> C:9(#-##: 9 6HU QHJUD QD
SUHFDULHGDGH GDV UHODo}HV GH WUDEDOKR 
 "
   - 
/$
 "+ J*
 J  011\> (8 ( U : 5HIOH[mR DFDGrPLFD H DIURGHVFHQGrQFLD'
 
 

  $
  +    
9
 / 


   
 +



% 
 "
 
  
 
9
 / 
 9
 / 
 011\> 9(:"K8 ; / eSUHFLVRWHUUDoD  
 

 )H  



 *    %
  8


"
   J   
 011N 9:%-:98 " *rQHURHUDoDQR2UoDPHQWR
3DUWLFLSDWLYR 6DQWR$QGUp
 "
 
     


 @MMM> (K68 - " 5DoD H FODVVH QR HQVLQR VXSHULRU'  
 
.
 H 
%        


F  
$ 
 "
  


   J J   9

/ 
 011\> :#;( - # 3ROtWLFDVS~EOLFDVHGLYHUVLGDGHpWQLFDFXOWXUDO'  
 
 
   
 "=9K 
 "
   J 
9
C 

K
 K' 011N> :#;( /  $ 0XOKHU 1HJUD H R *HOHGpV      



    
 "
 
     

 @MMZ>
:#;-:9( ( " 3DUWLFXODULGDGHV GD $GRomR ( 5
 -  
 "


     

 0110> 8( 6  ; &RPDSDODYUDRPRYLPHQWR
QHJUR
 


  
 
  
 "
  



   J   
-
 
 
' :K68 - ( 2VHUYLoR
VRFLDOHDTXHVWmRpWQLFRUDFLDOXPHVWXGRGHVXDUHODomRFRPXVXiULRVQHJURV 

' 6
" -
 011N> :#;( J:#U8 / % 8 6HUYLoR 6RFLDO H D TXHVWmR GR QHJUR QD VRFLHGDGH
EUDVLOHLUD9
 / 
' "+  011\





8 

 -
 6.
 
 
I
  + 
 
 



 011@  011N 
) Z@M 
H K  .


$
.



  + V-  C 
 8 

W 

 TT 
I
 
) 
Z\A^  





  
   
 +

 

8 
  
X  


 
    

 UDoDHWQLD


 011@  011N 
   1T 
H 


 000 
H 3  *
 011T4
-  *  

  
  
X >  
  
> 


  
  *
 
 
 
    3011@  011N4
 




    UDoDHWQLD   @1\^ 

 
. +  


    +
 *




6G

 
  + 
  

 

 
   +      
   
 

 

    
F +    *
3011T4
(
   

 5HYLVWD ³6HUYLoR 6RFLDO´ + 
  J J   B JJ     @MNM  @MTA
 J*
301124 
 +


B  ³XPD SXEOLFDomR PXLWR
FRQVHUYDGRUD QD SUHVHUYDomR GRV YDORUHV FULVWmRV H QD EXVFD GD KDUPRQLD (P
QHQKXPGRVH[HPSODUHVHQFRQWUDGRVQD%LEOLRWHFD&HQWUDOGD8))DTXHVWmRGR
QHJURQR%UDVLOpWLGDFRPRGLJQDGHUHJLVWUR´ 3' 1A4
5 
F 5HYLVWD ³7HPSRUDOLV´   +  
 
I
 I

  
  +
 


 


  *


B


  
 J*
    
  
H 


  +


 
  
 
a T
 0110 


' V$'LVFXVVmReWLFDGDV$o}HV$ILUPDWLYDV3UREOHPDWL]DQGRR
3ULQFLSLR GD ,JXDOGDGH HODERUDGR SRU 0,5,$0 2/,9(,5$ ,1È&,2 ± RQGH D DXWRUD
GHEDWHDTXHVWmRGDVFRWDVSDUDQHJURVQDHGXFDomRHQRWUDEDOKR´ 30112' 1T4
( 

 5HYLVWD 6HUYLoR 6RFLDO  6RFLHGDGH 
  
 "
8)        
   
+   

    @MZM - + 
  
)



B   ³HVSDoR TXH LQVWLJD H HVWLPXOD D LQWHUORFXomR QR LQWHULRU GR
6HUYLoR6RFLDOHFRPRXWUDViUHDVGRFRQKHFLPHQWR´ 3 011M' \1@4





K

   
 
  M0T G  

   H 


B

  
 


8 


 

  3011T4 
  
 
  @MZM 
@M2M + 

 
)
 0TZ 
  
   +  *

 *
 B   F TXHVWmRUDFLDO
%
 F UDoDHWQLD
8  


)

  @MM1  @MMM    
 + 
TXHVWmRUDFLDO G
   
 0T2  

8 


 0111  011M     +   
 


  .    
 
   
   
  

+ 


 
 1N *
AA

'

 (  .  (
   9 6HUYLoR6RFLDO 6RFLHGDGH a 2@
  + V
%  +

       -
 
+  

 G     
 
  



.
 + I
  +  
    
W 3011T'
T24
-

 
)
 
     .  
  
  

   $ G
%  
 )

  TXHVWmR UDFLDO   

  
 

 
  
    


  

 


 (


 
    
  
 


  



I

  H    


)   .  


 
 
  TXHVWmRUDFLDO 
 + +     
 3(
 011T4
8
 

    

 (
3011T4 B 
 I


+
UDoDFRU 
 

    
 8    
VQHFHVVLGDGHGHQmREDQDOL]DUPRVRHPSUHJRHRPDQHMRGHXPLQGLFDGRUFRPRD


AA
9:%-:98 " $V DERUGDJHQV pWQLFRUDFLDLV QR 6HUYLoR 6RFLDO : 9 

 c

 (
YY; Z2 

' 
) 011A> ("(98  $ TXHVWmR UDFLDO QD $VVLVWrQFLD
6RFLDO     : 9 

 c 
 (
YY;: 2@ 

'

) 011T> 98U( 9 J $TXHVWmRpWQLFRUDFLDOQRSURFHVVRGHIRUPDomRHP6HUYLoR6RFLDO :
9 

 
 (
YYY MM 

' 
) 011M





HWQLDFRU TXH VH UHIHUH D TXHVW}HV FRPSOH[DV UHODWLYDV D VWDWXV LGHQWLGDGH


SHVVRDOHLGHQWLGDGHVRFLDO´ 3011T' Z04
³$V ODFXQDV H[LVWHQWHV DFHUFD GHVVD GLVFXVVmR H HP TXH PHGLGD HODV
FRPSURPHWHP D FDSDFLWDomR WHyULFRPHWRGROyJLFD H pWLFRSROtWLFD QD DSUHHQVmR
FUtWLFD GRV SURFHVVRV VRFLDLV QXPD SHUVSHFWLYD GH WRWDOLGDGH´ 39
* 011M' TA14


I
  .

 
V( +
G 
B





 

W  9 6HUYLoR6RFLDO 6RFLHGDGH a MM
 

 
H  

  . G 
B   


 D 

      
  

 



  .    
X    
 .



 





$QDOLVDUDLQVHUomRGDWHPiWLFDpWQLFRUDFLDOQRSURFHVVRGHIRUPDomR
SURILVVLRQDOGH6HUYLoR6RFLDOHVXDUHOHYkQFLDSDUDDFRQVROLGDomRGR
SURMHWR pWLFRSROtWLFR GD SURILVVmR FRQILJXUDVH XP GHVDILR
3ULPHLUDPHQWH SRUTXH Ki SRXFD SURGXomR WHyULFD DFHUFD GHVVD
WHPiWLFDQR6HUYLoR6RFLDO2XWURGHVDILRGL]UHVSHLWRjDSURSULDomR
GHVVD FDWHJRULD ± UDoDHWQLD ± FRPR YDULiYHO LPSRUWDQWH H
LPSUHVFLQGtYHO SDUD XPD DQiOLVH FUtWLFD GDV UHODo}HV VRFLDLV VRE D
SHUVSHFWLYDGDWRWDOLGDGHVRFLDO 39
* 011M' TTZ4

8 


 " 9
  
$VDERUGDJHQVpWQLFRUDFLDLV
QR6HUYLoR6RFLDO3011A4  9 6HUYLoR6RFLDO 6RFLHGDGH a Z2    

 


   +
G 
= 9
  




   

 
F .  


 
 

 
 


 $  


  

- $



 B    .
 

 + 
  @MM\  9 6HUYLoR 6RFLDO  6RFLHGDGH    
.  
 
 G
  
 
  * 
 

 
  TXHVWmR UDFLDO $ .  
   
 
 B 
*


  F   
 + I 

) N2MZ^  

 


AT
³$WtWXORGHH[HPSORSDUDGHPRQVWUDUDFRPSOH[LGDGHGRDWRGHUHVSRQGHUjSHUJXQWDGHTXHFRU
YRFr p" R FHQVR GH  UHFHEHX PDLV GH RLWHQWD UHVSRVWDV GLIHUHQWHV HQWUH HVWDV DPDUHOR
TXHLPDGRPRUHQLQKRPRUHQRHVFXUREURQ]HDGR2TXHHVWiSRUWUiVGHVVDVHYDVLYDVpRPHGRGD
DVVRFLDomRFRPRVHVWHUHyWLSRVKLVWRULFDPHQWHLPSRVWRVDRVDIURGHVFHQGHQWHV5HFRQKHFHURTXmR
SUHQKH GH VLJQLILFDGRV p HVVD FRQGLomR GH H[SRVLomR GH VL p QR QRVVR HQWHQGLPHQWR R SULPHLUR
SDVVR SDUD XPD DERUGDJHP UHVSHLWRVD H WROHUDQWH QD UHODomR HQWUH SURILVVLRQDO H XVXiULR´ 3(

011T' Z04 





8 

  +

 

 %
  ( 

 ? %( G
I
  .  /

   "+ / 



 
4XHVWmR5DFLDOH6HUYLoR6RFLDO  .   



 




;: %( )
 @MM@ 
     

  .  8 ;:: %(


 @MM0  




*
 
  TXHVWmR UDFLDO 

  M1     "+ /$ 

 +  

  

.
V8 

 
"
 


6*
  
 W +  


 

B



   
)   


 +  

K
;::: 

 )
 @MMT 

.
   

  
  TXHVWmR UDFLDO 
 
 01T     1N 
 
  +



(  
:Y 

%
 (  
 3@MM24 
  H  F 
  
 

  ,   H 

 

 ³(WQLD H *rQHUR´  + 
    


M@

 H
  +    10 
  H   
 @1\
, 

       +
 3"+ /$ 
4
K
Y 

%
 (  
 3011@4 

  TTM

 H
  +
    1N 
H 
 
 2Z
,   
  *   . K
Y: 

%

(  
 
)

 *
   
 H
  ,
8 
   
  .    
 

 

  *
  

 

G
B

 



       
 
 *
 K $ G  +

  TXHVWmR UDFLDO 
+
   

  



  B
 


+ 
  
)

 
  
H   

   
 



.
F
 $
-  
 
 + 
 F TXHVWmR UDFLDO
   

 
  
 
F 


 





  


 
+ 
   G
+ 









 G 

)

  



 
 
 ) 
  
 ( +    

 
  B
    + +H +  I
   
H     

  
 

 H G 
B
D   + 
       


 


 

( TXHVWmR UDFLDO
.    
. 



    G
 
 
     
 



 +

+ 

  
  
U.  
 
   +  
     
  *H  
 + 
 
 
   


  
  +  )  )  H ?

  B   


  


8
 

  
  
  I *
 011M 
 C

6.
  +  (

%  - 
 +  


 3(%-4 

 

 
 
   
 


 

 

 
 
* 

X




  .        X  
 8 

.
 
 
   .    +  
B  
+

 ³&ODVVH6RFLDO*rQHUR5DoD(WQLD*HUDomR'LYHUVLGDGH6H[XDOH6HUYLoR
6RFLDO´ 


 VD 
  

W 

 (%- 3011M4


      +
 
  . 
 

*

+   
 +   
 .
 

G  
 TXHVWmRUDFLDO K + )
   *

3011T4  . GLUHLWRVKXPDQRV       @^  





   G  @MM1 5 
F 9 6HUYLoR 6RFLDO H 6RFLHGDGH


  

 3 011M4 
 +  @MZM  @M2M
*. 


 
 *

 +
  @MM1  @MMM  @0 
 


 *
   * 
  .   0111  011M 
 NM

 
 
 *
  1N 
 +
 ( H   
  M\  011M 
 1@ 

 
 *
   * 
 
. 
(   
 +   . 
      



%   
   .
 

*
  






H  
 + . 
 
      

 )   
 
 I
 
   . 

* 


  +    I 
   






  
;-


 3

  

;-0

#C
#
#@A
%


( 
   H 
% 
)
  

 
 

    +


 G *
  
 + 
   


   
 ( 


I

G
B

+
 
*


 
  
 G

 
 

       

 I

(
 
B

 +    .   
  

 

 
 +  
  

*
  + 
  .


'
3URGX]LQGRVHDVLPHVPRDWUDYpVGHVXDVREMHWLYDo}HV DSUi[LVGH
TXH R SURFHVVR GH WUDEDOKR p R PRGHOR SULYLOHJLDGR  H RUJDQL]DQGR
DVVXDVUHODo}HVFRPRVRXWURVKRPHQVHFRPDQDWXUH]DFRQIRUPH
R QtYHO GH GHVHQYROYLPHQWR GRV PHLRV SHORV TXDLV VH PDQWpP H
UHSURGX]HQTXDQWRKRPHP3K
 011Z' ZT4

( +  

    


  
B ³QD
FHQWUDOLGDGHGRVXMHLWRQRPRGRGHSHVTXLVDUQDpWLFDQDFLUFXODomRHUHVWLWXLomR
GDVLQIRUPDo}HVHHVSHFLDOPHQWHQRKRUL]RQWHGDLQWHUYHQomRTXHRULHQWDVHPSUH
RVQRVVRVSURFHGLPHQWRVLQYHVWLJDWLYRV´ 3"  011T' @@24
K 

I
+   
 F 
  
 

    
H 


 
 +    *  
 
 
 
 
 
  


3K
 011Z4
8   *

H   .    + + 
 

     
   


 

 

  *


  +
8  
 
 

I
 F     
 
      
 

+

  


* 
  H 
  

 
  
 
=
   F 
   3" 
011T4
  +
  
 B
  
 D


 +  

 
   
   
VH[HUFtFLR GR 6HUYLoR
6RFLDO VHP VHU GLVFULPLQDGR QHP GLVFULPLQDU SRU TXHVW}HV GH LQVHUomR GH FODVVH
VRFLDOJrQHURHWQLDUHOLJLmRQDFLRQDOLGDGHRSomRVH[XDOLGDGHHFRQGLomRItVLFD´





39-B 011Z'AN4 
 



    
 

* 
 
 
   +H
      

  

   + 


 
 
  H
*

  

  *  G +
*


 
  
 

   

 
 + 
  )
 
 )



     I
.  
  .  
  
 


 H + 
+
     
(  
H 
 

 
   


I
      
 H 
  
 +
 
 
 
 
 




    
   
  
F TXHVWmR UDFLDO   
 

 
   
    
 I
 +   
   H
  
   + 
I

K  

 

  *     +   



 " O
301104      '

(P XP DPELHQWH UHIOH[LYR TXH FRPELQH DWLWXGH GLUHWLYD SDUD LQIRUPDo}HV
JHUDLV HVFXWD DWHQWD PDV QmR SDVVLYD SDUD DSURIXQGDPHQWR GH WHPDV
UHOHYDQWHV H H[SORUDomR GDV OyJLFDV FRQWUDGLWyULDV SRU PHLR GH SHUJXQWDV
TXHSRVVDPHQULTXHFHUDVQDUUDWLYDV 3" O
 0110' @TM4

( *     .      
X
  

 
    + .  
*


  +

  
   
  
*
34A\ I
 *
 

 

  . 
/.

  $
( 
*
   
  .  $  
 I.

IB  X   +AZ  . + 


  
G 
B 


  
 F
 $


A\
³$UHSUHVHQWDWLYLGDGHGRJUXSRQDIDODGRLQGLYtGXRSRUWDQWRRFRUUHSRUTXHWDQWRRFRPSRUWDPHQWR
VRFLDO FRPR R LQGLYLGXDO REHGHFH D PRGHORV FXOWXUDLV LQWHULRUL]DGRV DLQGD TXH DV H[SUHVV}HV
SHVVRDLVDSUHVHQWHPVHPSUHYDULDo}HVHPFRQIOLWRFRPDVWUDGLo}HV´ 3" O
 0110' 0124 
AZ
R(:-#J:` / / "   ;
  01@@'
 I
  
% 

' : 
  01@@

  PPP  
 
 > :%C- 6LVWHPD ,%*( GH 5HFXSHUDomR $XWRPiWLFD 
6,'5$ 
  * '==PPP   
 > 3ROtWLFD1DFLRQDOGH6D~GH,QWHJUDOGD3RSXODomR
1HJUD -   
  


 : 9 ? -:9 %' 011Z

  * '==  
 > #8- J > 5:K6:#:(K8 9 5DFLVPR ,QVWLWXFLRQDO H R
'LUHLWR+XPDQR j 6D~GH 
 ; NA I = 011Z 
  * '==PPP  >
6U-8898 " 389C4 $V SROtWLFDV S~EOLFDV H D GHVLJXDOGDGH UDFLDO QR %UDVLO  DQRV DSyV D
DEROLomR %' :-( 0112 





    H  


 
  
 
=
 
 
   X   
 
   =
 
  
 

(  .   
H 


      
 


      
+  

  

    
 
 I
  


I
=
I
  +
   


 
 
 
H  

*



  
   TXHVWmRUDFLDO    
 

  
 

 

  

H + 
  
 
( 
   
 

  
 +

   . 
 ' eWLFD 3URILVVLRQDO 5DFLVPR H 6HUYLoR 6RFLDO 5DFLVPR ,QVWLWXFLRQDO 
0RYLPHQWRV6RFLDLV

³$~QLFDFRLVDTXHHOHVWLYHUDPGHWUDoRVGDFRLVDQHJUDpRFDEHORVDEHTXH
pRFDEHORUXLPYDPRVGL]HUDVVLP´ 39
X 4

³$TXHVWmRUDFLDOWUD]LDDOJXQVFRPSOLFDGRUHVSDUDRDGROHVFHQWHLQFOXVLYHQD
LQVHUomRHVFRODUSRUTXHHOHHUDFRQVLGHUDGRXPPHQLQRIHLRDVVXVWDGRU´3( 4

³(UDXPDQHJUDERQLWDPDVHUDXPDQHJUDTXHHVWDYDOi´3/ 4

( 
   
  
 +



.  
 
   G    
   
'

³2 SUREOHPD HVWi QR UHIOH[R GD VRFLHGDGH RV DVVLVWHQWHV VRFLDLV VmR SDUWH
GHVWD VRFLHGDGH TXH HPSXUUD SDUD GHEDL[R GR WDSHWH D GLVFXVVmR UDFLDO
+iXPDQHJDomRGHTXHH[LVWHUDFLVPRQR%UDVLO6HQmRKiUDFLVPRQR%UDVLOQmR
Ki SRUTXH GL]HU TXH SUHFLVD WHU XPD GLIHUHQoD XP ROKDU GLIHUHQWH SDUD R SRYR
QHJUR´3;4







?*
$)%

( + 
    
  G 

 

*



  
 %
B  
 
 +

 





* 
 

I
G
B




 


  
 
 

I


 

  TXHVWmRUDFLDO
   

 +  G 

    + 

 
  

 G  

 
 
 
 +
 
*

  
'

³eWLFD R TXH YHP SDUD PLP p D pWLFD SURILVVLRQDO 2V SURILVVLRQDLV DWp
FRQKHFHPR&yGLJRGHeWLFDPDVQHPVHPSUHFXPSUHPRTXHHVWiOi1mRpIDOWD
GHFRQKHFLPHQWRiVYH]HVHXSHQVRPHVPRTXHpXPDTXHVWmRGDSHUVRQDOLGDGH
GDSHVVRDQmRSRUTXHGHVFRQKHFH3/ 4

³$JRUD FRPSOLFRX $pWLFDR FRPSURPLVVR EXVFDUD RULHQWDomRGR XVXiULR
FRQVFLHQWL]DomR TXDQWR DRV GLUHLWRV GHYHUHV GH FRPR FRQVHJXLU RQGH SURFXUDU
$FKR TXH DTXL QmR WHP SUREOHPDV WXGR p WmR HQFDL[DGR SRUTXH p XPD HTXLSH
SHTXHQD2WUDWDPHQWRTXHHODVWrPFRPRXVXiULRHVVDDILQLGDGHpWmRSUy[LPR´
39
X 4

(
   
 

 
 +
 

*


 .        
 + G


    


 
   

 * 

 
= .'

³6mR WDQWRV D SURILVVmR DYDQoRX PXLWR H DFUHGLWR TXH R TXH PDUFD PXLWR D
WUDMHWyULDGDSURILVVmRpDGHIHVDGHGLUHLWRV0XLWDVYH]HVQmRpDLQVWLWXLomRPDVp
R WUDEDOKR GR DVVLVWHQWH VRFLDO TXH DFDED GHVHQFDGHDQGR DGHIHVD H RGLUHLWR GRV
XVXiULRV SRU PDLV TXH HOH WHQKD TXH HQIUHQWDU WRGR R DSDUDWR LQVWLWXFLRQDO $
GHIHVD GRV GLUHLWRV GD OLEHUGDGH GR GLUHLWR GH HVFROKD GR UHVSHLWR j GLJQLGDGH
LQGHSHQGHQWHGHTXDOTXHUDomRTXHHOHWHQKDIHLWRpXPWUDEDOKRTXHPDUFDPXLWRD
FDWHJRULDSURILVVLRQDO>(QWUHWDQWR@RSURMHWRpWLFRSROtWLFRPXLWDVYH]HVVXUJHFRPR
VHIRVVHXPDHQWLGDGHVXSHULRUHDSUiWLFDFDPLQKDQGRVR]LQKDFRPVXDURWLQD2





DVVLVWHQWH VRFLDO QmR FRQVHJXH ID]HU D UHODomR GH TXH R SURMHWR pWLFRSROtWLFR
WDPEpPSUHFLVDHVWDUSUHVHQWHQDH[HFXomRGRWUDEDOKR´3( 4

 5 
 
 
   H 
 
 
 




  

.

 

  + 
  
   )B   

 
*
 
  

I
   

(  .         
 





      

  +  
    
 
 I.

8 
 
  

 F   






  

 %

3011\4  F 


 

G
B


 
   

G 
  '

³3RGH LQWHUIHULU QHJDWLYDPHQWH SRUTXH QD YHUGDGH R DVVLVWHQWH VRFLDO QmR
SRGHWHUMXt]RVGHYDORUHVSDUWLQGRGHXPUHIHUHQFLDOTXHpRYDORUGRPLQDQWH2
MXOJDPHQWRPRUDOSULQFLSDOPHQWHTXDQGRVHWUDWDGHFRQGXWDFRPSRUWDPHQWRVRFLDO
p PXLWR IRUWH H QyV WHPRV 4XDQGR UHDOL]DPRV D OHLWXUD GH XP SURFHVVR FULDPRV
MXt]RV FULDVH XPD LPDJHP GDTXHOH DGROHVFHQWH GR TXH DFRQWHFHX FRP HOH
3RUTXH QmR KRXYH UHVSDOGR IDPLOLDU" 4XDQGR RFRUUH D HQWUHYLVWD QyV
UHFRQVLGHUDPRV SRUTXH H[LVWHP RXWURV IDWRUHV HQYROYLGRV H TXH LQIOXHQFLDUDP
DTXHOHPHQLQRDTXHODPmHHQmRHVWDYDPSUHVHQWHVQRSURFHVVR1RSURFHVVRR
PHQLQR DSDUHFH FRPR XP Q~PHUR FRPR PDLV XP LQGLYtGXR DQWLVVRFLDO 0XLWRV
DVVLVWHQWHV VRFLDLV LQFRUSRUDP HVVD YLVmR DQDOLVDP R DGROHVFHQWH H ID]HP
UHODWyULRVDSDUWLUGRVVHXVYDORUHVPRUDLVUHOLJLRVRVGHVHXVFRQFHLWRVIDPLOLDUHVH
DFDEDPH[SUHVVDQGRQRUHODWyULRXPDIDOVDLGpLDRXXPDLGpLDEHPSUHFRQFHLWXRVD´
3( 4

³1mR GHYHULD LQWHUIHULU PDV LQWHUIHUH $ TXHVWmR GR VLJLOR D FRQGXWD GR
SURILVVLRQDO FRPR HOH WUDWD R XVXiULR jV YH]HV WUDWD FRP VXSHULRULGDGH FRP
DUURJkQFLDDFKRTXHVmRFRLVDVTXHLQWHUIHUHP0DVWHPDYHUFRPDSDUWHPRUDO"
1mRVHL7HP"$FKRTXHWHP$SHVVRDGHL[DVHLQIOXHQFLDUHQHVVHVHQWLGRDFDED
LQWHUIHULQGR´39
X 4





(    TXHVWmR UDFLDO     


 
    
 
 I
 

 .  


*

 

 -    +
   
B F X   



  + 
 H
 


 ) 
     *
 H  
 

=

 


³(XDFKRTXHVLP3RUTXHDJHQWHWUDEDOKDFRPSHVVRDVQDTXHVWmRVRFLDOD
JHQWHWUDEDOKDQDIRUPDomRWDPEpPQDIRUPDomRHQDLQIRUPDomRGDVSHVVRDV(X
DFKRTXHpLPSRUWDQWH´ -XOLDQD 

³$ TXHVWmR UDFLDO DSDUHFH PDV QmR FRPR DOJR VLVWHPiWLFR $ GLVFXVVmR
pWQLFRUDFLDODSDUHFHQRERMRGDFRPSUHHQVmRGHXPDVRFLHGDGHGHFODVVHV1HVVD
VRFLHGDGH GH FODVVH QD FODVVH WUDEDOKDGRUD HQFRQWUDVH XP SHUFHQWXDO JUDQGH GH
QHJURV PDV GR SRQWR GH YLVWD GD GLVFXVVmR GR UDFLVPR ID]HPRV PXLWR SRXFR´
3( 4

V(OHV HVWmR VHPSUH IDODQGR GD LJXDOGDGH GD FRQVFLHQWL]DomR GD FRQTXLVWD
GRVGLUHLWRVGDTXHVWmRUDFLDOTXHDFKRTXHpXPDOXWDTXHR6HUYLoR6RFLDOHVWi
VHPSUH EXVFDQGR HVWi VHPSUH IDODQGR (P WRGRV RV VHQWLGRV QD TXHVWmR UDFLDO´
39
X 4

(  



 D  @MMN 
  

B
 

 =  +   
  + G .




B   +

.    

 


( 


       

  

  
-   +


*   


 G
   
     
 
 *

 
  TXHVWmRUDFLDO  


  *
     
 
= V  F W 

 G   )   
 

G
B

 
 



 
+ 

+ I
  


 G 


 

 
.  
 F   






³(XQmRDFKRTXHVHMDXPDFRLVDIiFLODSHVDUGHVHU6HUYLoR6RFLDO$WpSHOD
LGHQWLILFDomR GRV SURILVVLRQDLV FRP R DVVXQWR ÈV YH]HV QHP WRGR PXQGR HVWi
SUHRFXSDGRFRPLVVRSHORIDWRGHQmRVHUQHJURµ(XQmRVRXQHJURSRUTXHHXYRX
GLVFXWLU LVVR" ¶ 3RU LVVR TXH DFDED QmR VHQGR XPD FRLVD PXLWR DPSOD ¬V YH]HV R
LQWHUHVVHGDSHVVRDQmRpHVVH$VSHVVRDVTXHVHLGHQWLILFDPPDLVDPDLRULDVmR
QHJUDV´3/ 4

³eXPDGLVFXVVmRTXHPHUHFHGHVWDTXHPDVDTXLQDQRVVDHTXLSHQmRWHP
HVVH GHVWDTXH DSHVDU GH XPD GDV DVVLVWHQWHV VRFLDLV VHPSUH SUREOHPDWL]DU D
TXHVWmRUDFLDOQmRWHPRVQHQKXPWUDEDOKRUHOHYDQWHQHVVDiUHD´ 3( 4

8 
* 
  TXHVWmR UDFLDO 
F G  + 

G  
 

     . 

 

  

I

5 
     * 
  

 
   
H   
   

  


 B     ( 

         



  G 
B +
 

 

G

)

³(X VHL TXH WHP GHOHJDFLDV SDUD SHVVRDV TXH VRIUHP GLVFULPLQDo}HV 6H
DOJXpP YLHVVH SURFXUDU LULD DWUiV SDUD RULHQWDU H HQFDPLQKDU HVVD SHVVRD SRUTXH
HXVHLTXHWHP(XLDSURFXUDUQDLQWHUQHWRXDWpPHVPRQRQRVVROLYURGHUHFXUVRV
QR 6HUYLoR 6RFLDO (X DFUHGLWR TXH QR QRVVR OLYUR GH UHFXUVR GHYD WHU 2X OLJDU QD
GHOHJDFLDGDPXOKHUSHGLULQIRUPDomR´ 3/ 4

³1XQFD DFRQWHFHX QR WHPSR TXH HX HVWRX DTXL 1mR FKHJRX DWp PLP (X
IDODULD TXH HX LD YHULILFDU H GHSRLV GDU XPD UHVSRVWD SRUTXH HX QmR VDEHULD (X
FRQVXOWDULD QD LQWHUQHW 1R *RRJOH SURFXUDULD UDFLVPR H RV yUJmRV TXH FXLGDP´
39
X 4

8
   +    

  * 
  +
       

+
)  
F 



   
 

  F  
  

  (G 
   . 
  G 





 
 
 
 
 
    H   

 

   

 

 
 

(   

*



* 
  
H 

   
 + *.
  

 


 
 G 

 %

3011\4  F   
 I
 
     
+ +
*

  


³$HQWUHYLVWDFRPDDVVLVWHQWHVRFLDOPXLWDVYH]HVpD~QLFDSRVVLELOLGDGHGR
DGROHVFHQWH VH FRORFDU GLDQWH GR TXH HOH HVWi VHQGR VXSRVWDPHQWH DFXVDGR ( R
6HUYLoR 6RFLDO GHIHQGH D DQiOLVH LQGLYLGXDO GR DGROHVFHQWH YLQFXODGD jV FRQGLo}HV
GH YLGD j VXD WUDMHWyULD PDWHULDO H R TXDQWR LVVR LQIOXHQFLD VLJQLILFDWLYDPHQWH D
VLWXDomR DSUHVHQWDGD 2 QRVVR WUDEDOKR VH GHVHQYROYH QR VHQWLGR GH PRVWUDU D
JrQHVH GHVWD VLWXDomR TXH QmR p XPD VLWXDomR SDWROyJLFD PDV GHFRUUHQWH GD
DXVrQFLDGHSROtWLFDVVRFLDLVDRORQJRGDYLGDGHVWHDGROHVFHQWH´ 3( 4

³1yV WUDEDOKDPRV SULPHLUR FRP FRLVDV VpULDV H JUDYHV HQWmR UHDOPHQWH
SUHFLVDPRVGHXPHVSDoRItVLFRDGHTXDGR1yVFXLGDPRVSDUDTXHQmRKDMDHVFXWD
H[WHUQD e SRVVtYHO PLQLPDPHQWH QmR p R OXJDU LGHDO DLQGD SUHFLVDULD GH PDLV
LVRODPHQWRDF~VWLFRPDVGHTXDOTXHUIRUPDFRQVHJXLPRVDWHQGHUFRPSULYDFLGDGH´
3;4



#
#@A
%

(     


* 

  
     TXHVWmR
UDFLDO
% G          
 +  
)
 

 
     
  


 ) 
 . 
  +
 
  
 
 
 +     

   

  
 +
     

 G

 ) + 

 

  

 
8    .   

 
      

   

 
    

 +   
   
 8 + 
  
X    

 

 TXHVWmRUDFLDO  
   


  ) + 
 

     
 


  +  





 


  
 



 

 
J*
301124
(
   
 
 
   TXHVWmRVRFLDO   TXHVWmR
UDFLDO
%      
 
 +   
 )

I

  

 


³$ TXHVWmR GD GHVLJXDOGDGH WHP XPD UHODomR FRP D TXHVWmR GD FRU 1R
HPSUHJRDSHVVRDQHJUDID]HQGRRPHVPRSDSHOUHFHEHPHQRVWHPRSRUWXQLGDGHV
TXHQmRDFHLWDPFRUQHJUD0HOKRURXPDVDLQGDWHPHVVDTXHVWmR6HXPDSHVVRD
QHJUD WHP XPD FRQGLomR PHOKRU LVVR UHGX] DV SRVVLELOLGDGHV GH VHU YtWLPD GH
UDFLVPR SRUTXH HOD WHP XPD FRQVFLHQWL]DomR H SRGH VH LPSRU FRPR XP FLGDGmR
FRPXP 2 QtYHO GH FRQKHFLPHQWR PDLRU GH HVWDU QXPD SRVLomR PDLRU YDL WUD]HU
PHQRVSUREOHPDVFRPUHODomRDFRU(ODVHLQVHUHPHOKRUQRDPELHQWHGRTXHXPD
SHVVRD TXH WHP XPD EDL[D UHQGD H p GH FRU $ IDOWD GH DXWRHVWLPD GH
FRQKHFLPHQWRSRUTXHjVYH]HVRSUySULRQHJURVHVHQWHLQIHULRU(QWmRQmRpVyR
DPELHQWH QmR p Vy D VRFLHGDGH p HOH WDPEpP TXH DFDED VH VHQWLQGR LQIHULRU´
39
X 4

( I    
 G  
     


 +  
  

 V*  W


'

³8PDDVVLVWHQWHVRFLDOTXHWUDEDOKRXFRPLJRTXDQGRHXHQWUHLQRKRVSLWDOHOD
HUD QHJUD H WLQKD RXWUDV DVVLVWHQWHV VRFLDLV (OD QmR QDPRUDYD KRPHQV EUDQFRV
(ODWLQKDYHUJRQKD(ODWLQKDTXHQDPRUDUVyQHJURV(UDXPDSHVVRDGRPHVPR
QtYHOVyTXHHODDFKDYDTXHQmRHDFDERXFDVDQGRFRPXPQHJUR(QWmRpFRPRD
SHVVRDVHYr´39
X 4

-
  
+  
I. *

 

   
  

+  +


.    
 
  
I
G 
.
+

   

   G  +  H 

    * 
 


B* 
 


³-i PHOKRURXPXLWRKRMHYRFrYrPXLWRVEUDQFRVFDVDQGRFRPQHJURV0DV
VH IRU SHQVDU H[LVWH SUHFRQFHLWR" ([LVWH 3RUTXH D SUySULD VRFLHGDGH YDL GL]HU
µDTXHOD PHQLQD EUDQFD FDVRX FRP XP QHJUR RX DTXHOH EUDQFR FDVRX FRP XPD




QHJUD¶(QWmRH[LVWHRSUHFRQFHLWRSRUPDLVTXHWXGRWHQKDPHOKRUDGR$LQGDH[LVWH
HWDPEpPWHPHVVDTXHVWmRGHFRPRDSHVVRDVHVHQWH´ 39
X 4

 
 +  
 
  

 
  + 




  

]

³eFRPRHXIDOHLDFKRTXHKRMHHOHYDLVHUDPHQL]DGR0DLVSDUDIUHQWHSRGH
VHU FRPEDWLGR 4XLQKHQWRV DQRV R UDFLVPR 'HSRLV GH] DQRV YLQWH DQRV QmR VHL
RQGHFRPHoRXDVHSHQVDUeXPLQtFLRKRMHDPHQL]DPDVDFKRTXHDWHQGrQFLDp
DWp DV SROtWLFDV GDTXL SDUD IUHQWH VHU FDGD YH] PDLV GH FRPEDWH DR UDFLVPR DWp
FKHJDU DR SRQWR TXH DV SHVVRDV YmR VH DFKDU LJXDLV HX DFUHGLWR QLVVR´
39
X 4

( 
  

 
B
*


 + 
 
   
 
 
)

 * 3011Z4  )


  F 
  *

    
 I


³e OHQWR YDL JHUDU PXLWDV GLVFXVV}HV FRPR Mi JHURX PDV Oi SDUD IUHQWH
PXLWRV DQRV Oi SDUD IUHQWH YDL FRPEDWHU 3ULQFLSDOPHQWH SRUTXH FDGD YH] PDLV
QHJURV H EUDQFRV HVWmR VH XQLQGR H HVWmR QDVFHQGR FULDQoDV TXH YmR VHU p
PHVWLoRTXHIDODYmRQDVFHUFULDQoDVPHVWLoDV´ 5RVkQJHOD 

- G
 *
] ( 


    

  

 G 
]

³eGHEUDQFRVHQHJURVYDLVHUWDQWRTXHYDLDFRQWHFHULVVR8PDSRSXODomR
SUDWLFDPHQWH PHVWLoD H YDL WHU SRXFRV Vy EUDQFRV SRXFRV Vy QHJURV H TXDQGR
FKHJDUQHVVHSRQWRRUDFLVPRMiYDLHVWDUEHPVXSHUDGRSRUTXHDPDLRULDYDLVHU
HVVDSRSXODomR(XYLXPDSHVTXLVDVREUHLVVRDTXLQR%UDVLOQmRVHLGDTXLTXDQWR
WHPSR RV EUDQFRV YmR VHU D PLQRULD H YDL VXUJLU HVVD SRSXODomR TXH p D PLVWXUD
(QWmRLVVRFDGDYH]PDLVYDLIDFLOLWDUDTXHVWmRGDQmRGLVFULPLQDomR´ 5RVkQJHOD 

-  *  
 
     G  +

 



% . 

   F 
   K  
G  

 
 + + 
 
    
  






 - *.  G      +  







 + G  
 




 
  


 
 
8  


 
  # Z ANZ 
* 

#  +  
   
 H    .  
    


=
> 
  # @1 \NM + 
 

  
   
  
 G

 
 U  &   




 
  



%>  

-
 : 9

+ 

U.  
  
X  + 

  
  +   
 
.      
   +   


 
  
 
 
 



.
 *. +  
 +
  
  G 

+   
  

 
 I
 
 
 * 
I +
  



 I
  
  
$   H + 

 


³3UHWD 6RX SUHWD (X GLJR TXH VRX SUHWD UDoD QHJUD PDV D FRU p SUHWD
$VVXPLGDPHQWH SUHWD VHP QHQKXP VXEWHUI~JLR +i PXLWRV DQRV HX Mi WUDEDOKR D
TXHVWmR UDFLDO e yEYLR TXH D JHQWH H HX TXH HVWRX j EHLUD GD DSRVHQWDGRULD
ID]HQGR TXDUHQWD DQRV GH WUDEDOKR Mi VHL D GRU H D GHOtFLD FRPR GL] R SRHWD GD
JHQWHVHURTXHp´3;4

(    

 


  H 
 


 
 U 3@MZ14 G      
 +

 )   .  
) 


'

³(XHVWRXDFRPSDQKDQGRXPDSHVVRDQHJUDTXHHVWiPRYHQGRXPSURFHVVR
FRQWUDXPDFROHJDGHFODVVHTXHPDQGRXGH]HQRYHHPDLOVSDUDHOD6HYRFrIL]HUD
OHLWXUD GRV HPDLOV YRFr FKRUD (X FKRUHL e GH XPD GHVTXDOLILFDomR WRWDO (OD
WUDWRX GHVGH DSDUrQFLD ItVLFD R Sp D XQKD R FDEHOR R FRUSR HOD GHVTXDOLILFRX D
SHVVRD1mRpVyDTXHVWmRUDFLDOPDVpGHXPDFUXHOGDGHWDPDQKD2QHJURHVWi
QD FDUD (QWmR p HVVD D GLIHUHQoD QyV YLYHPRV XPD VRFLHGDGH GH DSDUrQFLDV R
QHJUR QmR SRGH GLVIDUoDU ( WHP XPD FRLVD GD LQYLVLELOLGDGH TXH IXQFLRQD QD KRUD
HPTXHRRXWURTXHUVHUUDFLVWDRQHJURILFDLQYLVtYHO1mRpVyXPDGLVFULPLQDomR
GHFODVVHpRWHPSRWRGR´3;4





³(XDWHQGLXPMRYHPTXHMiKDYLDDWLQJLGRDPDLRULGDGHPDVHVWDYDKiFLQFR
DQRVQRXQLYHUVRLQIUDFLRQDOYiULRVDWRVLQIUDFLRQDLVHIRLDJUDYDQGRDVLWXDomR(OH
IDORXXPDFRLVDTXHPHPDUFRXGHPDLVHFRORTXHLQRPHXUHODWyULRµ3X[DPDVHXMi
IXLSHGLUHPSUHJRHPYiULRVOXJDUHVHDVSHVVRDVIDODPS{QHJmRFRPHVVDFDUD
GH EDQGLGR TXH YRFr WHP YRFr TXHU TXH HX WH Gr XP HPSUHJR¶ (QWmR D TXHVWmR
UDFLDOWUD]LDDOJXQVFRPSOLFDGRUHVSDUDRDGROHVFHQWHLQFOXVLYHQDLQVHUomRHVFRODU
SRUTXH HOH HUD FRQVLGHUDGR XP PHQLQR IHLR DVVXVWDGRU (QWmR VLQ{QLPR GH TXH
QHJUR DLQGD SUHIHUHQFLDOPHQWH p DTXHOH LQGLYtGXR TXH p PDLV YLROHQWR p PDLV
SHULJRVR(HOHWLQKDHVVDQRomR´3( 4

³2WDQWRGHMRYHQVQHJURVTXHPRUUHPVHPH[SOLFDomR$VPmHVGHPDLRGH
HODVVDEHPSRUTXHRVILOKRVGHODVPRUUHUDPVHPWHUSDVVDJHQVSHODSROtFLD
(HXWDPEpPFRPRPXOKHUQHJUDHPmHGHMRYHPQHJURSXORPLXGLQKRHPRUURGH
PHGR e XPD FRLVD TXH DV PmHV VHPSUH YmR WHU PHGR LQGHSHQGHQWH GD FODVVH´
3;4

³$ FDWHJRULD SURILVVLRQDO SUHFLVD VH GHEUXoDU VREUH D WHPiWLFD UDFLDO SRUTXH
HOD VXUJH FRPR FRDGMXYDQWH j GLYLVmR GH FODVVH D GHVLJXDOGDGH VRFLDO H GHSRLV D
FRUeSUHFLVRFRQHFWDUDVGXDVTXHVW}HVRXSHORPHQRVVHLQWHUURJDUSRUTXHTXHD
PDLRULDGDFODVVHWUDEDOKDGRUDHPVLWXDomRGHSREUH]DpQHJUD"´3( 4


)**)%

    



  
+ +




 
   



 + 
 TXHVWmR UDFLDO  



 *
   
   
H 

+
=

( + 
 +   G 
B G 
 
  + 
  

 
     

 

* 
 

 
 


³2V DGROHVFHQWHV YrP GH XPD FDPDGD EHP HPSREUHFLGD GD FODVVH
WUDEDOKDGRUD D PDLRULD VmR QHJURV (QWmR WHP XP FRUWH GH FODVVH GRV PDLV
GHVDIRUWXQDGRV H XP FRUWH GH FRU D PDLRULD p QHJUD ( WRGRV HOHV VH SDUHFHP




SDVVDPGHPROHWRPD]XOHPILOD>SDUDDXGLrQFLD@WRGRVFRPDFDEHoDUDVSDGD$
LGHQWLGDGHGRDGROHVFHQWHQyVGHVYHODPRVQRDWHQGLPHQWRLQGLYLGXDO$SREUH]DD
IRUPD FRPR p YLVWR H VXD IDPtOLD HPSREUHFLGD p FRPR VH IRVVH XP HVWRUYR 'H
DOJXPD IRUPD R (VWDGR SUHFLVD FRQWHUHVVHV LQGLYtGXRV H ID] D FRQWHQomR PHVPR
SRUTXHGHVTXDOLILFDGHVDJUHJDRJUXSRIDPLOLDU$LQGDH[LVWHXPHVWHUHyWLSRGHTXH
DIDPtOLDHVWUXWXUDGDpDTXHODTXHWHPSDLPmHILOKRVHWXGRWRWDOPHQWHRUJDQL]DGR
VHP FRQIOLWRV ( R DJUDYDQWH p TXH HVWHV DGROHVFHQWHV VRIUHP HVVH WLSR GH
FRQVWUDQJLPHQWR SRUTXH HOHV QmR WrP GHIHVD (PERUD WHQKDP GLUHLWR DGHIHQVRULD
DR DGYRJDGR S~EOLFR QmR VmR UHFRQKHFLGRV FRPR VXMHLWRV GH GLUHLWR SRU VHUHP
SREUHVSRUVHUHPQHJURVHSRUTXHFRPHWHUDPXPDWRLQIUDFLRQDO´3( 4

³3DUD RQGH YDL D HGXFDomR GR SRYR QHJUR TXH HVWi VXSHU GHIDVDGD" $
KHUDQoDFXOWXUDO"2%UDVLOFDPLQKDSDUDDHUDGDWHFQRORJLDRVHPSUHJRVVHUmRQD
iUHDGDDOWDWHFQRORJLDHDFULDQoDQHJUDHVWiVHQGRJHQWLOPHQWHFRQYLGDGDDVDLUGD
HVFROD &DGD GLD TXH SDVVD D HGXFDomR EiVLFD HVWi PDLV GHIDVDGD H TXHP p
H[FOXtGR GD HVFROD EDVLFDPHQWH p D SRSXODomR QHJUD 4XDQWR j FRQGLomR
HFRQ{PLFDHXGLULDTXHpXPDPDUFDDTXHVWmRGDSREUH]DHPXPDGLPHQVmR
PDLVDPSODLQFOXLQGRDFXOWXUDHWXGRPDLV&ODVVHPpGLDpPXLWRSRXFRQmRILFD
9RFr SRGH YHU TXH QmR ILFD  (VVHV PHQLQRV TXH QmR UHFHEHP SHQVmR JUDQGH
SDUWH SDVVDP SRU DTXL e UDUR R FDVR HP TXH D JHQWH SHUJXQWD VH R SDL SDJD D
SHQVmRHDPmHGL]SDJD$GLIHUHQoDHQWUHDTXDQWLGDGHGHSURFHVVRVTXHHQWUDP
QD9DUDGD)DPtOLDHDTXDQWLGDGHGHKRPHQVTXHVmRSUHVRVSRUQmRSDJDUSHQVmR
pHQRUPHÊXPUHIOH[RGDVRFLHGDGHRKRPHPWHPXPDSURWHomRPDLRUHOHSDVVD
LPSXQHHOHEXUODDMXVWLoDHOHQmRSDJDSHQVmR´3;4

5 
F
   

    
 
 



*



 
 
    


   
  

 
 
 ++ .   

 TXHVWmRUDFLDO
6
  

        
 
 

 
  
 

G 
*  

.
 )


 



 + 
G  + 
 
        
 
   
 









  .
 
+

   
* 



 

*


  
 .
(  .        +

 

   H'

³7HQKR XP DPLJR TXH HVFUHYHX VREUH R WUDEDOKR H D TXHVWmR UDFLDO HOH
SXEOLFRXXPOLYURUHFHQWHTXHHOHIDODTXHVHRQHJURIRVVHGHL[DGRjSUySULDVRUWH
FRPR)ORUHVWDQ)HUQDQGHVIDODYD6HWLYHVVHVLGRGHL[DGRjSUySULDVRUWHMiHVWDYD
ERPPDVHOHSHUGHXWUrVFRLVDVEiVLFDVTXHpRTXHID]WRGRVHUKXPDQRDVFHQGHU
VRFLDOPHQWHTXHpRGLUHLWRjSURSULHGDGHRGLUHLWRjHGXFDomRSULQFLSDOPHQWHHR
DFHVVRjFLGDGH(VWDVWUrVFRLVDVpTXHRFDVLRQDUDPXPDFLVmRFODUDQDVRFLHGDGH
EUDVLOHLUD(QWmRpSRUDtTXHDJHQWHFRORFDTXHKiUDFLVPRHTXHQyVWHPRVTXH
OXWDUSHODLJXDOGDGHHPWRGRVRVOXJDUHV W 3;4

³(VWHV WUrVHOHPHQWRV FRQILJXUDPVH QD PRUWH VRFLDO VHU SREUHVHU QHJUR H
FRPHWHU DWR LQIUDFLRQDO TXH GHQRWDP SDUD D MXVWLoD TXH R LQGLYtGXR QmR WHP
FRQGLo}HVGHYLYHUHPVRFLHGDGH´3( 4

³1yVSHUFHEHPRVPDLVSHORYLpVHFRQ{PLFRPDVpXPDFRLVDJULWDQWHDILQDO
VmRSRXFRVEUDQFRVQD)XQGDomR&DVD(RXoRPXLWDVPmHVGL]HUHPµ3X[DPDVR
RXWURVDLX6HUiTXHSRUTXHHOHHUDPDLVFODULQKR"¶$LQGDH[LVWHDTXHOHMXt]RGHTXH
RQHJURpSRWHQFLDOPHQWHSHULJRVR´ 3( 4

  

 
 )
   

(""(B:5-
- K-C9:6- 5:#8"%U8/- 301124  
 +



 HB 
  H  '

(
,#)'
%N*B*
   








X
 H  
 
 

   

 
   

 


³3UHVHQFLDPRV YLRODo}HV GH GLUHLWR VHPSUH (P TXDVH WRGRV RV
DWHQGLPHQWRV QyV ILFDPRV LQFRQIRUPDGRV FRP D LQWHUQDomR SRUTXH SDUWLPRV GR
SULQFtSLRGHTXHVyDFRQWHQomRVHPQHQKXPWUDEDOKR FDUDFWHUtVWLFDGD)XQGDomR
&DVD  p SURIXQGDPHQWH GDQRVD SDUD R DGROHVFHQWH (X Mi DWHQGL FDVRV GH





DGROHVFHQWHV TXH WHQWDUDP R VXLFtGLR GXDV WUrV YH]HV PmHV TXH WHQWDUDP VH
HQIRUFDUFRPILRHOpWULFRGRFKXYHLURHPUD]mRGDLQWHUQDomRGRILOKR$GROHVFHQWHV
TXH VRIUHP YLROrQFLD ItVLFD GHQWUR GD LQVWLWXLomR FRQVWUDQJLPHQWR PRUDO 6HPSUH
LGHQWLILFDPRVHVVHWLSRGHVLWXDomRHDYLRODomRGRVGLUHLWRV3( 4

³6H QmR Ki R FRQKHFLPHQWR KLVWyULFR GD TXHVWmR UDFLDO QR %UDVLO R
DGROHVFHQWHpDXWRPDWLFDPHQWHPDLVSXQLGRSRULVVR(QWmRHOHILFDPDLVWHPSRQD
LQVWLWXLomR PHVPR TXH D LQIUDomR GHOH VHMD PHQRU 8PD PmH VR]LQKD TXH IRL
YLWLPL]DGD QD LQIkQFLD H TXH KRMH p YLWLPL]DGD GH QRYR H R ILOKR DQWHV GH VHU XP
LQIUDWRU IRL YtWLPD WDPEpP (QWmR DV KLVWyULDV PDLV HVFDEURVDV H D PmH QmR Gi
FRQWDGDVUHVSRVWDVTXHDLQVWLWXLomRµSUHFLVD¶SDUDOLEHUDURPHQLQR´3;4

-




I 
 

  
+  
  + +    


     

 
 +   + G    .  +

 VI
W

³$ GLVFXVVmR pWQLFRUDFLDO Vy DSDUHFH TXDQGR p SDUD PDQGDU SDUD D FDGHLD
SDUDLQWHUQDomR$SHVDUGHR6LVWHPD-XGLFLiULRDSUHVHQWDUDLPDJHPVLPEyOLFDGH
TXHQmRYrQmRRXYHHQmRIDODHTXHWRGRVVmRLJXDLVHPGLUHLWRVHGHYHUHVQmR
WHP GLVFULPLQDomR GH FRU -XULGLFDPHQWH VLP GR SRQWR GH YLVWD FLYLO VLP PDV QD
HIHWLYDomRGDYLGDLVVRQmRpYHUGDGH2VDGROHVFHQWHVQHJURVVRIUHP PDLVHVmR
SXQLGRVSRUVHUHPQHJURVHSREUHV´3( 4

³( IDODQGR GLVVR R -XGLFLiULR QmR p GLIHUHQWH (QWmR QR SURFHVVR WHP YiULDV
IRUPDVGHDERUGDUHHQTXDQWRDVVLVWHQWHVRFLDODJHQWHFRQWULEXLVLJQLILFDWLYDPHQWH
SDUDLVVRTXDQGRQmRFRQVHJXHSHUFHEHUTXHWHPXPDGHVLJXDOGDGHGHHGXFDomR
GH PRUDGLD FRQWULEXL QD KRUD TXH HVVH PHQLQR p PXLWR PDLV SREUH ILFD SRXFR QD
HVFROD D IDPtOLD GHOH HVWi VHPSUH FRP R µSp QD FDVFD GH EDQDQD¶ H HOH
WDPEpP´ 3;4

³4XDQGRDOpPGRODXGRGRSVLFyORJRHGRDVVLVWHQWHVRFLDOWHP RODXGRGR
SVLTXLDWUD H R WUrV VmR GLYHUJHQWHV R MXL] YLD GH UHJUD FRQVLGHUD R ODXGR
SVLTXLiWULFRSHODSUySULDFDUDFWHUtVWLFDGRMXGLFLiULR2FULPHSUHFLVDVHUSXQLGRFRP





XPD MXVWLoD UHWULEXWLYD 6H R DGROHVFHQWH FRPHWHX XPD LQIUDomR HOH SUHFLVD VHU
SXQLGR FRP XPD VHQWHQoD TXH VHMD VHPHOKDQWH j GRU TXH HOH SURYRFRX 3RUWDQWR
DTXHODVFRQGLo}HVGHYLGDREMHWLYDVRMXL]FRQVLGHUDPDVHOHDFUHGLWDSHORSUySULR
HVStULWR SRVLWLYLVWD GD OHL TXH H[LVWHP PXLWRV RXWURV DGROHVFHQWHV TXH HVWmR QD
PHVPDVLWXDomRGHSUHFDULHGDGHPDWHULDOHQmRFRPHWHUDPQHQKXPDWRLQIUDFLRQDO
(QWmRpVHPSUHXPDUHODomRGHFRPSDUDomRGRVKiELWRV´ 3( 4



    +   
   


 
 G       
 + *

/.
8 +
   
   ) 
*
 

  
  
 
  + 
   
 


 

(   
  .  $      

  
   

 ++ 
   

   +  + 
   

F $  
+
  
. 

 
 
  .
"
* 

   
   *  


  ' ³1D YHUGDGH GRV  GH DWHQGLPHQWRV D PHX YHU  HVWi
HQWUHDVFULDQoDVHRVDGROHVFHQWHVRVRXWURVILFDPDVPXOKHUHVVmRPXLWDV
FULDQoDV´ 3/ 4    
  +
 
 G

 

 * 

 

5 
F
,#)'
,
#%AG#
)*##>
   

    H   
  + G  
  

  
 .
 + 


 +  


³1R 6HUYLoR 6RFLDO VRPRV GH] DVVLVWHQWHV VRFLDLV H GXDV TXH SRGHP VH
FRQVLGHUDUQHJUDVPDVDRXWUDDLQGDpPDLVFODULQKD1HJUDPHVPR$VVLPVHULD
HX 6y TXH HX SHUFHER TXDQGR R XVXiULR SURFXUD R VHWRU TXH WHP GXDV WUrV TXH
VmREUDQFDVHHXHVWRXOiQRPHLRHOHQXQFDYHPVHGLULJLUDPLP(jVYH]HVHX
HVWRX DTXL QD IUHQWH H HOH SHGH SDUD IDODU FRP D DVVLVWHQWH VRFLDO ( DOJXpP
UHVSRQGHµDTXLVRPRVWRGDVDVVLVWHQWHVVRFLDLV¶HOHSDVVDSRUPLPHYDLIDODUFRP
DRXWUDeDTXHODFRLVDGHDFKDUTXHDVVLVWHQWHVRFLDOSDUDVHUDOJXpPWHPTXH
VHU EUDQFD ÈV YH]HV SHOR IDWR GH VHU QHJUD WHP HVVH TXHVWLRQDPHQWR VH VRX





DVVLVWHQWH VRFLDO 7HP KRUD TXH HX ILFR DWp LUULWDGD H HX IDOR 3RU TXr" 6RX
DVVLVWHQWHVRFLDO´3/ 4

K H   
 
  +  G     +
*.


 )    +  VW 
 

  
  
 
  *
'

³1DVUHXQL}HVGHHTXLSHQmRWHPSVLFyORJDQHJUDQmRWHPPpGLFDQHJUDHX
VRXD~QLFDTXHIDoRSDUWHGHVVDPHVDGHUHXQLmR4XDQWRDRJUXSRHXQmRWHQKR
SUREOHPD QHQKXP PHX FRRUGHQDGRU p PXLWR OHJDO $FKR TXH HX Mi VXSHUHL SRLV
SHOR PHQRV DV DVVLVWHQWHV VRFLDLV TXH WUDEDOKDP FRPLJR VmR PXLWR OHJDLV´
3/ 4

(  
 H   
 
       


  
 .
   
)   =   
 
   +       5 
 
  

F 
     
  
 .  
 
*  
 
 .'

³1mR SRUTXH WUDEDOKDPRV Vy FRP D TXHVWmR GD YLROrQFLD VH[XDO H TXDQGR
WUDEDOKDPRVDTXHVWmRGDVPXOKHUHVHGDYLROrQFLDVH[XDO>DTXHVWmRUDFLDOQmRp
LPSRUWDQWH SRUTXH@ D PDLRULD GRV DEXVDGRUHV p GHVFRQKHFLGD $V TXH ILFDP
FRQRVFRHYmRSDUDRDPEXODWyULRRDXWRUGDYLROrQFLDpGHVFRQKHFLGR3/ 4


K 
 


 + 
    



I    / 


  +
   
 +

     
 
  G 
 

 
 ( G 


. ) 
 


  
) 
      
   













&
%N*


(  + 
 +

  










 G  
)
 
+    
 + 
F
  
    

 (  
+
  + 
    )



V W 
 

  

 
  
 

³µ3URIHVVRUD VDEH SRU TXH HX HVWXGHL DVVLP" 3RUTXH PHX SDL GL]LD (X QmR
TXHURTXHYRFrVHMDXPDQHJUDTXDOTXHU¶(ODIRLFULDGDSDUDVHUDPHOKRUSDUDVH
DILUPDUHQTXDQWRJHQWHSHORVDEHUSRUTXHGRSRQWRGHYLVWDGDLJXDOGDGHHQTXDQWR
VHUHODQmRVHULDFRQVLGHUDGD'RSRQWRGHYLVWDFXOWXUDOPXLWDVYH]HVDLQVHUomR
HFRQ{PLFDXPERPHPSUHJRXPERPVDOiULRQmRVHWUDGX]HPHPLQVHUomRVRFLDO
GH VHU FRQVLGHUDGR XP LQGLYtGXR 9RFr DLQGD p YLVWR FRPR QHJUR EHP VXFHGLGR
PDVQHJUR W 3( 4


 
   +  
 
 



  * 
 
 + 
. 
  
  

 )   
 


    
  



8   TXHVWmR UDFLDO +  
 


 F  + 
.       
       

 
  

 + 
*.   $   
) 


³$JRUD HX WHQKR XPD FROHJD DVVLVWHQWH VRFLDO TXH WUDEDOKD HP RXWUR
PXQLFtSLR H Oi D GLVFXVVmR p JUDQGH 'LD GD &RQVFLrQFLD 1HJUD WHP HYHQWR D
VHPDQD LQWHLUD (OD WUDEDOKD FRP YLROrQFLD GRPpVWLFD VmR TXDWUR FDVDV GH
DWHQGLPHQWRjVPXOKHUHV(QWmRRPXQLFtSLRGiPXLWDrQIDVHjTXHVWmRGHJrQHURH
UDoDHWQLD $TXL HX YHMR HVVD GLVFXVVmR DSDUHFHU PXLWR SRU H[HPSOR TXDQGR
FKHJDSUy[LPRGR'LD,QWHUQDFLRQDOGD0XOKHU´ 3/ 4

³1yVWHPRVPXLWDVGLILFXOGDGHVHPUHODomRjTXHVWmRUDFLDOHODpKLVWyULFD2
EUDVLOHLUR p XP UDFLVWD FRUGLDO R EUDVLOHLUR QmR DGPLWH TXH p UDFLVWD PDV R SRYR





QHJURTXHRGLJDHGLJDDVGLILFXOGDGHV1R6HUYLoR6RFLDODOpPGHWXGRQyVWHPRV
XPD JUDQGH SRUFHQWDJHP GH DVVLVWHQWHV VRFLDLV QHJUDV H D QRVVD SRSXODomR D
SRSXODomR XVXiULD DWHQGLGD SHOR 6HUYLoR 6RFLDO p PDMRULWDULDPHQWH QHJUD (QWmR
HVVHUHFRUWHpQHFHVViULRID]HURDSURIXQGDPHQWR W 3;4


 +


 
G
B




  
F
TXHVWmRUDFLDO    

* 
=
  I 
 
 
 
 
 
 
 
   
  
  

 I
 = 
 



 

³(XDFKRTXHR%UDVLOWHPHYROXtGRPDVDTXHVWmRUDFLDODJHQWHHVWiVHPSUH
FRPHoDQGR(XYRXSRQWXDUQR&HQWHQiULRGD$EROLomRHXWUDEDOKDYDQD)(%(0H
WRGDV DV LQVWLWXLo}HV FULDUDP *UXSRV GH 7UDEDOKR VREUH D TXHVWmR UDFLDO 9HMD HP
 ± &HQWHQiULR GD $EROLomR HP  ±  DQRV H HP  ±  DQRV GD
$EROLomR&RPR(VWDWXWRGD,JXDOGDGH5DFLDOQyVHVWDPRVFRPHoDQGRRXWUDYH]2
HVWDWXWR HVWi Oi D OHL  TXH WUDWD GR HQVLQR GD ÈIULFD H GD FRQWULEXLomR GRV
SRYRV DIULFDQRV H GD VXD FXOWXUD HVWi Oi PDV QmR LPSODQWD 2 GHEDWH VREUH D
TXHVWmRUDFLDOHXFRPHFHLTXDQGRHXWRPHLFRQVFLrQFLDHPTXDQGRFRPHoRX
R0RYLPHQWR1HJUR8QLILFDGR´ 3;4

³$ TXHVWmR UDFLDO SUHFLVD GH OXWD OXWD FROHWLYD 2 IDWR GH R SRYR QHJUR WHU
DFHVVR j HGXFDomR HOH TXH YDL WHU TXH VHU R DJHQWH WUDQVIRUPDGRU 2 TXH YDL j
XQLYHUVLGDGHSRUPDLVLQGLYLGXDOLVWDTXHHOHVHMDWHPPXLWRPDLVSRVVLELOLGDGHVGH
YLU D VHU XP DJHQWH GH WUDQVIRUPDomR (X TXHUR FLWDU XP H[HPSOR TXH HX ILTXHL
PXLWRRUJXOKRVDPHVPRVHQGRXPDSHVVRDTXHDWXDQRPRYLPHQWRQHJURHXQmR
WLQKDDGLPHQVmRQmRWLQKDDQRomR3RUH[HPSORHXIXLj)HLUD3UHWDHYHUDTXHOH
&HQWURGH&RQYHQo}HVORWDGRGHSURGXomRWDQWRLQWHOHFWXDOFRPRGHFRQVXPRHP
WRGDV DV iUHDV HX SDUWLFXODUPHQWH ILTXHL PXLWR RUJXOKRVD (UD D SURGXomR HUD R
WUDEDOKR GR SRYR QHJUR WDQWR GR SRQWR GH YLVWD LQWHOHFWXDO WLQKD XPD VLJQLILFDWLYD
SURGXomRLQWHOHFWXDOGHQHJURVLQFOXVLYHHXIXLHPYLUWXGHGDPLQKDSURGXomR±H
QDVDWLYLGDGHVFXOWXUDLVKDYLDPXLWDJHQWH´ 3;4

-       



  
 
 



     
 

' 
 )

 





   
      
 
 
 

(


  + 

 

 G
 
 
 

 
  

 
.



 
  
 


 

 
 

 
    
'

³(VWRX QD FRRUGHQDomR GH XP JUXSR GH DVVLVWHQWHV VRFLDLV QHJUDV TXH
WUDEDOKDP D TXHVWmR UDFLDO R *UXSR GH (VWXGRV eWQLFR5DFLDLV H 6HUYLoR 6RFLDO
*(5(66  QRV HQFRQWUDPRV XPD YH] SRU PrV GLVFXWLQGR DV TXHVW}HV H VHPSUH
FRQYLGDPRV DOJXpP SDUD GHEDWHU 1yV DFKDPRV TXH WHP TXH WHU XP JUXSR
HVSHFtILFR H HVWDPRV IXQFLRQDQGR Ki WUrV DQRV 1RVVD ILORVRILD p QR FDPSR GD
HVTXHUGDHWRGRVTXHDSRLDUHPDTXHVWmRUDFLDOHVWDPRVMXQWRV´ 3;4

( +

B 
  
 

 +



 
  
)
+ 
 TXHVWmR UDFLDO
% * 
H         ?  *
  
B


  "
 3@MMA4    I 


 

 

 
  
 
























D
3 

 E 



( + 
 +  TXHVWmR UDFLDO    
 

I 
 
 

 -  
 
 G 
 
 

   
 

 D 




    
 

     . 


 
   



    *  





+ 
  
 
  TXHVWmR UDFLDO
 

 
G  
 





 G  G  @M21
-  
    
+ * 

I
G
B


   

 D  @MMN    


  
 +

*

  
 G   
G

 8 
 

 
  F  

 +H 
=         TXHVWmR UDFLDO
    

 H  +
 + 


  
 

8 + +
  ) G +   TXHVWmRUDFLDO
   
 
 
 H 
B* +  

)
  
 

 G
   



 + 
     




( +
 
   +  H 


 
G
B

  

  
  



 *
  

 
     


   
    ) 
+  
  



 

 
  
 +  


   
 G

 
 
 *
   


   

8   
 ³QmR WHP PXLWR FODUR DV GLPHQV}HV KLVWyULFRSROtWLFR
VRFLDLV GD TXHVWmR pWQLFRUDFLDO H HP WHUPRV SUiWLFRV DWXD GH IRUPD LQGHYLGD FR
SDUWLFLSDQGRGHXPVLVWHPDGHH[SORUDomRHGLVFULPLQDomR´3 
 011N' MZ4
( 


 D  @MMN + 

* 

+
   
    
I
 *
   *






    
 
   
(

    I
   

  
   
 
   H  
 

  

        H 

 $      .  $ 
   

*
     
(     


%   
  
.
 

*
   
H  
 + . 


      
  )   
 
 I
 

   I 
   

U.    ) F 
  
G 
B   
H 
  
  
    


V
 W  


+ G   


 
+ 
 

  
 )
  

 )


 3 
 011N4
( 
*
)
 

 G   

  

I
 

 +


  
 
    TXHVWmRUDFLDO
    
   H * +
 

.


F
 
 $
5 


I
G
B




 G     +
 
 H  

 
I      G
 I 
 I
 +
) 
  

 

*

  
 
 HB  $    
 .     + 


 

 


 
 .    )    H 

 F   
 
 
  ++ 
   

(  
  H 

 
   
+


 
 . 

 
. 
  






( H   
   
 
     
 
 )    


 

   
) 
.  


( +
 

 
 
     
 + 



* 
 
X   
 


> 








 H +    

+
=

   
)
 
  
+    

 
>  




    



 +   
+ 

>

  + 

 

 *
   

 I 
 I
    



  F     
> 
     
 

 
  TXHVWmRUDFLDO 
   



  
       
 


8 +
 
 +

   F H 



     
   



 
  .
 
  TXHVWmRUDFLDO>  

 
* 

   "




 B


>

 

   H
$  >    



  

 


 


 
  



I
F   ) 

>        


  
 . 
  
 +  


 G 
* 
 

+
   TXHVWmRUDFLDO
%

 

+ 
 


G  
.     

 



 

 
F TXHVWmR UDFLDO I
+ *. 
 
  
 
  


   ?   +
*
 
 
 
   
    
+  

 ? I
+

I
G
B



 



 


 D  @MMN 
*   


 G

  
H       
 
 *

  *

 
 
  
  

 
 


  

G
   

e SRU LVVR TXH D KXPDQLGDGH Vy VH SURS}H DV WDUHIDV TXH SRGH
UHVROYHU SRLV VH VH FRQVLGHUD PDLV DWHQWDPHQWH VH FKHJDUi D
FRQFOXVmR GH TXH D SUySULD WDUHID Vy DSDUHFH RQGH DV FRQGLo}HV
PDWHULDLV GH VXD VROXomR Mi H[LVWHP RX SHOR PHQRV VmR FDSWDGDV
QRSURFHVVRGRVHXGHYLU3" @MZ2' @N14







113 




(%- $$%(366HR)RUWDOHFLPHQWRGD3HVTXLVDQDÈUHDGH6HUYLoR6RFLDO
G 
 C
 6.
  + 3C64 % 011M 
* '==PPP  
 =

(%9(":- " %  > (%9(# "  9 2QRYRVLQGLFDOLVPRHR6HUYLoR6RFLDO


' 
) @MMT

("(98  $ TXHVWmR UDFLDO QD $VVLVWrQFLD 6RFLDO     


 c 
 a 2@ 

' 
) 011T

(""(B:5- - K-C9:6- 5:#8"%U8/- *RVWDQGR PDLV GH QyV PHVPRV
   
 
  
B  +
 

' C 
@MMM

EEEEEEEE ,GHQWLILFDomRHDERUGDJHPGRUDFLVPRLQVWLWXFLRQDO % 0112

(9(h/8 - $VJHQWHVGR%UDVLO : # "
  
+ % (
0 K$

@\ ? K

0112

(`-;-8 - /XL]*DPD     9 U ; ? 6 %

  K N 

' -

 011\

%(9988 " #  eWLFD H 6HUYLoR 6RFLDO   



 A  


' 
) 011\

EEEEEEEE eWLFD'   
 
B*
 

' 
) 0112

EEEEEEEE> %9:6- "  1~FOHR GH (VWXGRV H 3HVTXLVD HP eWLFD H 'LUHLWRV
+XPDQRV : 6
 
::: T I 
 I *
 0110 %' (%-
0110





%(6:- 9 %UDVLO'   


 \  6 " :  5
)


' :J-# @MZT

%-U9:KC - 9 > %8U-66: : 3ROtWLFD VRFLDO   
  * 0  


' 
) 011Z

%9:6-  " > (#- " ( D  . 

 
  
G
    
 J- C
0110=011T 0  %' 011Z

(9K-:98  (VWUHODV FRP OX] SUySULD : 9 U ; ? 6
%
   K N 

' -

 011\

(U"89- - > %(K68K " 3  4 'LFLRQiULRGHUHODo}HVpWQLFDVHUDFLDLV 6
 * S 

' 
K
 0111

U(#U8%  ([FOXVmR H &LGDGDQLD 9 U ; ? 6 %

  K N 

' -

 011\

U(m " %UDVLO
 
  
 
. Z  

' J 

 (
 011Z

U:(;-K(68 / / $VOXWDVGRSRYREUDVLOHLUR' 
V
 
W   
 


' "
  @M22

8K896- / C 6LQFUHWLVPRRXDIULFDQL]DomR" 8  
      :
6 ? 9 
"  (
Y::: K N\ 

' -" 0111

86( - ; $$EROLomR 0  

' C
 @M2\

9-B 8K-#U8 9-C:8K(# - -9;:<8 8:(# 8 -6(8 - 78
(#8 M! 9
/HJLVODomR %UDVLOHLUD SDUD R 6HUYLoR 6RFLDO 

' 8

*
 011Z





98U:S / # 3UHFRQFHLWR 


  

' 98%- @MMZ

> J-9K(K- "  RQVFLrQFLD 1HJUD GR %UDVLO
    
 %

U
)
' ")) -H 0110 


 
  (


  ::: 
  "   


9
  
9  
9 Y

  : 
X 

 &RQIHUrQFLDGH'XUEDQ N@  

 2  
 011@  ?
& 
  * '==PPP 
 

-8  &RPRVHID]XPDWHVH 00  

'   011M

J(#-:98 ;  2TXHpSROtWLFDVRFLDO

' %  @M22

J&;-98 - 6 > "-#78 " / 9 > /89C- " 9 6 3
4 2 6HUYLoR 6RFLDO H D
3VLFRORJLD QR -XGLFLiULR' 
 
 
+ 

 

'

) 0112

J-9K(K- J $LQWHJUDomRGRQHJURQDVRFLHGDGHGHFODVVHV

 
   @ 

' & @MZ2

EEEEEEEE ( LQWHJUDomR GR QHJUR QD VRFLHGDGH GH FODVVHV
  

  0 

' & @MZ2

EEEEEEEE 6LJQLILFDGRGRSURWHVWRQHJUR 

' 
) @M2M

J-99-:9( ( % U 'LFLRQiULR $XUpOLR %iVLFR GD /tQJXD 3RUWXJXHVD 

'
K
 J
 011T

J9-n9- C &DVD*UDQGH 6HQ]DOD 9
 / 
' "  * @MNN

C8"- K # $ PXOKHU QHJUD TXH YL GH SHUWR %
U
)
' ")) -H
@MMT





C:"(97- (  ( 5DFLVPR H DQWLUDFLVPR QR %UDVLO 



' -
 NA
@MMM

EEEEEEEE> UK6#-n # 7LUDQGRDPiVFDUD 
 



% 


' )  6 0111

U-##-9 ( 2FRWLGLDQRHDKLVWyULD 

' )  6@MZ1

U-9K(K-` # # $LQYHQomRGDÈIULF 9 U ; ? 6 %

  K N 

' -

 011\

U8%%(R" - / $ HUD GDV UHYROXo}HV -
 @Z2MB@2A2 6 " 6)
#
 6  "
  * 9
 / 
' )  6 @MZZ

:("("868 " ; 2 6HUYLoR 6RFLDO QD &RQWHPSRUDQHLGDGH *
 




 0  

' 
) @MMM

EEEEEEEE 5HQRYDomRH&RQVHUYDGRULVPRQR6HUYLoR6RFLDO 
 
 M -


' 
) 011Z

EEEEEEEE > (9;(#U8 9 5HODo}HV6RFLDLVH6HUYLoR6RFLDOQR%UDVLO


   
*
B

 @A  

' 
) -#(6
3#B$4 011@

:(KK: 8 $LGpLDGH%UDVLOPRGHUQR 

' %  @MM0

EEEEEEEE &DSLWDOLVPRYLROrQFLDHWHUURULVPR 9
 / 
' )
%
011A

EEEEEEEE 5DoDVHFODVVHVVRFLDLVQR%UDVLO 9
 / 
' )
%
@MZ0

:%C- 6LVWHPD ,%*( GH 5HFXSHUDomR $XWRPiWLFD  6,'5$  
* '==PPP   
 =





:KJ8:o-  
"  
 


* '==    
 = 


:9(: K > 8;:S # 'LiORJRVFRQWUDRUDFLVPR )=011A

/(8- # 2 FRPEDWH DR UDFLVPR H j GHVLJXDOGDGH



$  


   : 6U-8898 " 389C4 $V SROtWLFDV
S~EOLFDVHDGHVLJXDOGDGHUDFLDOQR%UDVLODQRVDSyVDDEROLomR %' :-(
0112

#(-9(>
/ % @M@@ 6XUOHVPpWLVDX%UpVLO 
b    9 
:  
  * '==PPP *  =




EEEEEEEEE
2 &RQJUHVVR 8QLYHUVDO GDV 5DoDV UHXQLGR HP /RQGUHV  '
 
 
 .
 9
 / 
' " K
 J9/ @M@0 
* '==PPP
  
 I 

#8- J > 5:K6:#:(K8 9 5DFLVPR ,QVWLWXFLRQDO H R 'LUHLWR +XPDQR j 6D~GH

 ; a NA I = 011Z  * '==PPP  =

#S& C 3DUD D RQWRORJLD GR VHU VRFLDO ± R WUDEDOKR  :
6

"

-
3HU/¶2QWRORJLD'HOO¶HVVHUH6RFLDOH9
' 9  @MZ\
 * '==PPP  


"(95- /hK:89 /  4XHVWmR 5DFLDO H 6HUYLoR 6RFLDO'   .  



   * '==PPP IB



 =+=+
EI

=1T=1@=01@@

"(96:K-##: " # 2V PpWRGRV QD SHVTXLVD $ SHVTXLVD TXDOLWDWLYD 6

9  (

%  - 
 +  

 ?
(%-=+  
* 
 

 -  .  J-
9 
T MI =I 011T





EEEEEEEE 3HQVDU D LGHQWLGDGH HLV D WDUHID   



   


  

  S* h 3
 4 -
 


' %
 
  :: 

' - 011T

"(9Y S $ TXHVWmR MXGDLFD 6 

) * A  

'
 
 0110 

EEEEEEEE 0DQXVFULWRV (FRQ{PLFR)LORVyILFRV H RXWURV WH[WRV HVFROKLGRV
6H  /
G 
 %  3  4 0  

' (  @MZ2

"-K8K<( # J " 0RYLPHQWR 1HJUR     
  F


   G  

 @MM\ 6 3"
4 B  

( 


  J  J

 #    U   




"D`&98 : )LORVRILDLGHRORJLDHFLrQFLDVRFLDO 
  
 

6
#

 6

-K-Y=J(#-=J"C 

' - 

@MMN

":K(n8 "   2GHVDILRGRFRQKHFLPHQWR + +  $ 


' U 0110

":K:6D9:8 ( (h- 3"4 3URJUDPD (VWUDWpJLFR GH $o}HV $ILUPDWLYDV'


K  (: % J 011T  * '==PPP  
 

"8K6(p8  > 9:C-668 " # (VWDGRFODVVHHPRYLPHQWRVRFLDO 

'

) 01@1

"866( ( - 3  4 3
4 6HUYLoR 6RFLDO H 6D~GH' 

 *



 

' 8( 8" " G
 $ 011Z

"89(  'LDOpWLFD5DGLFDOGR%UDVLO1HJUR 

' (  @MMA

EEEEEEEE 2VTXLORPERVHDUHEHOLmRQHJUD \ 

' %  @M2\





K-668 /  &DSLWDOLVPRH5HLILFDomR 

'   U  @M2@

EEEEEEEE &DSLWDOLVPR0RQRSROLVWDH6HUYLoR6RFLDO A  

' 
) 011T

EEEEEEEE 'LWDGXUDH6HUYLoR 6RFLDOXPD DQiOLVH GR 6HUYLoR 6RFLDO QR %UDVLO SyV
 \  

' 
) 0110

EEEEEEEE 2TXHp0DU[LVPR 

' %  011\

BBBBBBBB3DUDDFUtWLFDGDYLGDFRWLGLDQD : ' (9;(#U8 "  % > K-668 / 
&RWLGLDQR' 
* 
  Z  

' 
) 011Z

K:"98 5RVD3DUNV'
F  
 6 "
 %


'
-H " 011M

8#:;-:9( J 6D~GH GD SRSXODomR QHJUD' % 
011@ %' 8 )

 B(   $ 011N

(:Y78 "> (9;(K8 # " 3
4 5HODWyULR DQXDO GDV GHVLJXDOGDGHV UDFLDLV
 9
 / 
' C
 0112

-9-:9(  (  $SROtWLFDVRFLDOQRFRQWH[WRGD6HJXULGDGH6RFLDOHGR:HOIDUH
6WDWH      
 : 9 

 c 

(
Y:Y T\ 

' 
) @MM2

:KSn / $HVFUDYLGmRQR%UDVLO 

' -
 

 011@

EEEEEEEEE > -#J # K %UDVLOHLUR D  p DVVLP PHVPR'    


N  

' 

 @MM\

:K68 - ( 26HUYLoR6RFLDOHDTXHVWmRpWQLFRUDFLDO 
  


 .
 
 

' 6 " 011N

3ROtWLFD 1DFLRQDO GH 6D~GH ,QWHJUDO GD 3RSXODomR 1HJUD  -  






  


 : 9 ? -:9 %' 011Z 
* '==  
 

9("8 ( $$FXOWXUDomR1HJUDQR%UDVLO 

' 
  * -
 K

@MA0

9 U ; ? 6 %
 3UHVHQoD1HJUD N 

' -


011\

9 "&69:(' $HPDQFLSDomRGDPXOKHU % C.  -
 % (
\
;
 @ K\ -
0112

9 + J(-' &LrQFLDH7HFQRORJLDQR%UDVLO 

'  -

 C. 8
0112 @T0

9:%-:98 - > %(9%8( " 3
4 &DGHUQRV 1HJURV WUrV GpFDGDV'  


 

 

' 5
*
I' -:9 0112

9:%-:98 " $V DERUGDJHQV pWQLFRUDFLDLV QR 6HUYLoR 6RFLDO : 9 


 c 
 (
YY; Z2 

' 
) 011A

98U( 9 J $TXHVWmRpWQLFRUDFLDOQRSURFHVVRGHIRUPDomRHP6HUYLoR6RFLDO
 9 

  
 (
YYY MM 

' 
) 011M

98"78 / 3
 4 +LVWyULD GD (GXFDomR GR 1HJUR H RXWUDV KLVWyULDV %'
" G
 -
   -

  ()

 011T

(JJ:86: U : % 2SRGHUGRPDFKR @0  

' "
  @M2Z

(K68  ( 3
4 $o}HV $ILUPDWLYDV H &RPEDWH DR 5DFLVPR QDV $PpULFDV
%' " G
 -
' K-8 011T





(R(:( % 3
4 $V $UWLPDQKDV GD ([FOXVmR  . 

  G 
 
 T  
' ;
) 011A

-:9=8K(:9 
 j,,&RQIHUrQFLD1DFLRQDOGH3URPRomRGD,JXDOGDGH
5DFLDO %' 011M

-;-9:K8 ( / 0HWRGRORJLD GR 7UDEDOKR &LHQWtILFR 00  

' 
)
0110

:#;( # 34 &DGHUQRV1HJURVQ 

' - 
 (
 @M2T

:#;( " K 1HPSDUDWRGRVpDFLGDGH' 
     


% J' J 
  011\

:#;( " 8  7ULQWD $QRV GD 5HYLVWD 6HUYLoR 6RFLDO  6RFLHGDGH' 
H
  


 
 




% : 9


  
 @11 

' 
) 011M

EEEEEEEE> (9;(#U8  % % 3
4 6HUYLoR6RFLDOSyVJUDGXDomRHSURGXomRGH
FRQKHFLPHQWRQR%UDVLO 

' 
) 011T

:#;( J:#U8 / % 8 6HUYLoR6RFLDOHDTXHVWmRGRQHJURQDVRFLHGDGHEUDVLOHLUD
9
 / 
' "+  011\

EEEEEEEE 2 QHJUR H R FXUVR GH 6HUYLoR 6RFLDO GD 8)) : 9 & 
(  (
: 0 0112  PPP   


6(;(9- / $ FRU GD LQGLJQDomR 9 U ; ? 6 %

  K N 

' -

 011\

6U-8898 " 389C4 $VSROtWLFDVS~EOLFDVHDGHVLJXDOGDGHUDFLDOQR%UDVLO
DQRVDSyVDDEROLomR %' :-( 0112

6U:8##-K6 " 0HWRGRORJLDGD3HVTXLVD$omR Z  

' 
) @MM\





69:K(- /  # +LVWyULD 6RFLDO GRV 'LUHLWRV +XPDQRV 



' 

0110

;:-:9( - 2VGLUHLWRVHDSROtWLFDVRFLDO 0  

' 
) 011Z

;:K(C9- " > -9-:9( 6 "  eWLFD H 'LUHLWRV +XPDQRV : 

 
D  (  " 
 
 A 0  %' J-
011Z

R(K-9#-n # - R $TXHVWmRVRFLDOQRFRQWH[WRGDJOREDOL]DomR'


B

  *
: %-#J:89-B R(K-9#-n "> %lC #> n(%-S "
   +

 

' - 0111

R--9%9K  " 2 5DFLVPR DWUDYpV GD KLVWyULD    F



  : 
O* 011Z o 
 "

 R

n(%-S "  > "(96:K-##: " # > 9(:U-#: 9 26HUYLoR6RFLDOEUDVLOHLURHP


PRYLPHQWR
 
 

   
 : 9 


 
 (
YY:Y MT 

' 
) 0112

n(`%-S "  )XQGDPHQWRVKLVWyULFRVHWHyULFRPHWRGROyJLFRVGR6HUYLoR6RFLDO
: 

' 
 
  
   

 %'
J-=(%- 011M










F 



H),#
0

#
,#
)#)*#)*
@#
#
%#,

O#*
,#
#C"

$V/'Bc0KC4W/'/KN4d0'0C4W'
 



 
 
*

  


#C,"

". 
 -
3"   

  
  
  

? =4
#)*,"

" #$  %



3

  

  
  
  

? =4


+"J
 '
- 
I
 + B
   
 *
 

 


 
    

  
 I 


  
 ( 

 G  



  
 

 
   "
 

 

X

*


  


$ ,

 ; '
:   

   +  +   
  
( +
 B    *     + .  
   
 
  
 
  
.  

*


 
  


 
 
 


  + + +

X



 IB 

     
 
      
 .   ) 
   
+ I .     . 
 
  @*N1


 


C  '
;
    
    F   +    F

  
+    



 +
.
++ 

 I)

6
   
H 
 
*
 
 
 
  

 
 
  +
 ;

.   
 * 

 
  +
  


 

  
  
  




  
+
 
 *
   G 

 
 *
  *



8d
". 
 -



(
)
'



 EEEEE  EEEEEEEE  01@@

K
 
34   'EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

Ka 9-'EEEEEEEEEEEEEEEEEEEEEEE


( 'EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

















H),#
.

9

  '
 

5
,#)*$A'
,
#)*#@*,

K
'
:' 
' 

'
9=
 3

4'
9=
 3G
 :%C-' 
 
  
     
4'

 

5
*#JA'
)**)%

K
  : 
'
9
 
'





   
'

H  *

  
' 3 

 




 )
      
? 
 
X   

*
  
B     
   
  4


   
   *

  
  

 


  +  G ]
 

5
L(%
%@

5 

 I
 + 
  
 3
H 


,

 
 
 = 4]

5    ) 

]

5 
   
       ] -


]

 

5

*,)
)
)**A'

    


 + 
 
   

*

 

  
'

U.  
  
  

   
  
  
 
 

  


 G    
]





;
 I.  
 H

 
 *
 
 

]
  


 
  
 ]

(96- ; ? 8 *

  

5 

 
 +
 
*

  
]

8 
 
 
  

  
  

.
]

;
 
 +


  H  

+  





I
G
B




]

- + 
F . G 
B 
 
    




] - 
 H 

 + 
    
]

(  H  +


%
     
  +
]