Você está na página 1de 96

SIRLENE DE LIMA CORRÊA CRISTÓFANO

O ITINERÁRIO SIMBÓLICO EM A BOLSA AMARELA


DE
LYGIA BOJUNGA
“Fantasiar para Incluir”

DISSERTAÇÃO DE MESTRADO EM ESTUDOS


LITERÁRIOS, CULTURAIS E INTERARTES

2009
O ITINERÁRIO SIMBÓLICO EM A BOLSA AMARELA
DE
LYGIA BOJUNGA
“Fantasiar para Incluir”

Sirlene de Lima Corrêa Cristófano

Dissertação de Mestrado em Estudos


Literários, Culturais e Interartes, apresentada à
Faculdade de Letras da Universidade do Porto,
sob orientação da Prof. Doutora Maria do
Nascimento Carneiro.

PORTO
2009
Dedicatória

Ao Marcos, minha alma gémea que


transcende a definição de marido.

À Sheila e Raphaella, minhas obras-prima.

À minha mãe, pelas lições diárias de amor,


força e determinação.

Em memória, ao meu pai, pelo exemplo de


dignidade e responsabilidade.
Agradecimentos

Às vezes algumas pessoas surgem em nosso caminho e


responsabilizamos o acaso, mas, com o convívio, percebemos pela
afinidade que não há acaso e sim uma força maior que coloca as
pessoas certas em nossa vida. Portanto, agradeço…

À Deus,
Por ter me ajudado a criar dentro de mim forças para lutar.

À Professora Doutora Maria do Nascimento Carneiro,


Pela orientação e pela confiança. Não foi apenas uma relação de
mestre e discípula, mas também de amizade, respeito e carinho.

A meu marido Marcos, meu parceiro na vida,


Por todo o amor, incentivo e oportunidade dada à realização de
um sonho.

À Fernando Barroso, simplesmente “Paz”,


Pelo apoio, generosidade e amizade incondicional manifestada nos
momentos complicados desta minha jornada.

Às minhas irmãs, Elaine e Cinthia,


Pela presença constante, mesmo estando em continente distante.

À amiga Rosa Sílvia Lopes,


Pelos livros emprestados, pelas primeiras sugestões e pela
fantástica sabedoria compartilhada.

Aos queridos Téia, Dê e Bisa,


Por acreditar em minha capacidade.

Aos meus mestres que ao longo da minha trajectória,


alimentaram o meu amor
Pela Literatura.
A imaginação não é um estado.
É toda a existência humana.

William Blake
RESUMO

Cristófano, Sirlene de Lima Corrêa; Carneiro, Maria do Nascimento. O


ITINERÀRIO SIMBÓLICO EM A BOLSA AMARELA DE LYGIA
BOJUNGA: “Fantasiar para Incluir” – Porto, 2009, 96p. Tese de Mestrado –
Departamento de Estudos Portugueses e Estudos Românicos, Faculdade de Letras da
Universidade do Porto- FLUP.

Esta pesquisa pretende abordar algumas questões que se prendem com a literatura
infantil, no que ela tem de atraente e sugestivo, mas também mostrar que ela é
susceptível de promover a inclusão social. De facto, este tipo de literatura desperta a
possibilidade no jovem leitor de fantasiar, actividade que lhe poderá permitir melhorar
as suas potencialidades de inclusão social e afectiva, dada a diversidade de arquétipos e
de símbolos que compõem este tipo de narrativa. Ela abre espaços para o
desenvolvimento e para a reflexão e dá “voz” às crianças socialmente excluídas.
Este trabalho propõe-se investigar o modo como a literatura infanto-juvenil
interfere no desenvolvimento do pensamento e da linguagem de seus leitores,
particularmente a partir da interacção destes, com a obra de Lygia Bojunga Nunes.
Nesta autora existe uma preocupação evidente com o crescimento e amadurecimento da
criança já que questiona os modelos impostos, valoriza o indivíduo com as suas
diferenças, possibilita o reconhecimento de si próprio, permite que este se observa tal
qual é, ou seja permite-lhe constituir-se para além das aparências. Estes aspectos tornam
proveitosa a leitura destas obras literárias pois permitem ao jovem leitor descobrir-se e,
ao mesmo tempo, descobrir o outro.
A facilidade de Lygia Bojunga em dialogar directamente com o imaginário infantil
torna-se evidente. Além do mais, ela respeita a perspectiva do leitor, estimula interesses
e, deste modo, a leitura age como trampolim para o autoconhecimento, de mola
impulsionadora para um amadurecimento intelectual, ajudando ao desenvolvimento e à
evolução psíquica da criança.

Palavras-chave: Literatura; Imaginário Infantil; Inclusão.


ABSTRAT

Cristófano, Sirlene de Lima Corrêa; Carneiro, Maria do Nascimento. THE WAY


SIMBOLIC THE LIGYA BOJUNGA’S A BOLSA AMARELA: “Dress to
Includ” – Porto, 2009, 96p. Doc. Dissertation – Departamento de Estudos
Portugueses e Estudos Românicos, Faculdade de Letras da Universidade do Porto-
FLUP.

This research aims to address some issues which are linked to children's literature,
in what it has of attractive and suggestive, but it also shows how it is likely to promote
social inclusion. In fact, this type of literature raises the possibility of the young reader
to fantasize, this being an activity which may enable for an improvement of potential
social inclusion and emotion, given the diversity of archetypes and symbols that make
up this type of narrative. It opens up opportunities for development and reflection and
gives "a voice to socially excluded children.
This paper proposes to investigate how children's literature can interfere with the
development of thought and the language of their readers particularly with their
interactions on Lygia Bojunga Nunes’s novel. This author is an obviously concerned
with the child’s growth and maturing ,as she questions the imposed models, values the
individual for their differences, allows for self- recognition ,allowing for one to
observed them self as they are, or in other words allows for one to go beyond
appearances. These aspects make the reading of these literary works useful because they
allow for the young reader to discover themselves and at the same time, discover others.
Lygia Bojunga’s ease to dialogue directly with the child's imagination becomes
evident. Furthermore, she respects the reader's perspective, stimulates interests and as
such acting as a reading trampoline for ones self-recognition, a stimulating spring for
intellectual maturity, aiding the child’s development and psychological evolution.

Keywords: Literature; Imaginary; Inclusion.


,1752'8d­2


$HStJUDIHHVFROKLGDSDUDHVWHWUDEDOKR³$LPDJLQDomRQmRpXPHVWDGReWRGD
D H[LVWrQFLD KXPDQD´ GH :LOOLDP %ODNH VLJQLILFD HP QRVVR HQWHQGHU TXH GHQWUR GH
FDGD XP GH QyV H[LVWHP KLVWyULDV PDUDYLOKRVDV H TXH FRP HODV SRGHPRV PHOKRUDU D
QRVVDYLGDHWDPEpPDGDVSHVVRDVTXHYLYHPDRQRVVRUHGRU0DUDYLOKDVHQFRQWUDGDV
QRV FRQWRV PDUDYLOKRVRV HYRFDP UHFRUGDo}HV H SURYRFDP DOHJULDV H WULVWH]DV TXH
IDEXORVDPHQWHGHVDILDPRQRVVRLQWHOHFWRDRPHVPRWHPSRTXHWUDQVERUGDPSDUDIRUD
GH QyV GH PDQHLUD ³PDUDYLOKRVD´ VH DVVLP R SHUPLWLUPRV«e TXH HVVDV KLVWyULDV
PDUDYLOKRVDV SRGHP DMXGDUQRV D HQIUHQWDU DV GLILFXOGDGHV GD YLGD H FRQWULEXLU SDUD D
IRUPDomRGHXPDKXPDQLGDGHHGHXPPXQGRPHOKRUHVJUDoDVjLPDJLQDomR«
'HVGHFULDQoDTXHDVQDUUDWLYDVPDUDYLOKRVDVFDWLYDPDDWHQomRGHVSHUWDQGRXP
HYLGHQWH IDVFtQLR 2ULJLQiULD GR ODWLP D SDODYUD IDVFLQXP VLJQLILFD ³HQFDQWDPHQWR´
³IHLWLoR´ R TXH GHVGH ORJR SDUHFH EDVWDQWH HORTXHQWH SDUD GHVLJQDU D IDVFLQDomR TXH
GHVSHUWDDOHLWXUDGHWH[WRV
$VVLPVHH[SOLFDHPWUDoRVJHUDLVDHVFROKDIHLWDSRUQyVSDUDHVWXGDURWH[WR
GH/\JLD%RMXQJD1XQHVGHQRPLQDGD$%ROVD$PDUHODRTXDOWHPDVVXPLGRXPSDSHO
IXQGDPHQWDOQRVLVWHPDHGXFDWLYRLQIDQWRMXYHQLO
1mRQRVLQWHUHVVDRHVWXGRGDREUDHQTXDQWRHVWUXWXUDPDVHQTXDQWRVHQKDGH
DFHVVR D XP PHOKRU DXWRFRQKHFLPHQWR 2 UHIHULGR WH[WR QmR IRL HVFROKLGD SRU DFDVR
$FRQWHFHTXHGHSRLVGHWHUPRVOLGRHGHWHUPRVGHL[DGRDQDUUDWLYDHFRDUGHQWURGHQyV
IRPRVH[WUDLQGRGHODRVVHJUHGRVH[SHULPHQWDQGRRVGHVHMRVHDQVHLRVGDSURWDJRQLVWD
DWUDYpVGDSUiWLFDGHDOJXQVH[HUFtFLRVGHLPDJLQDomR
)RL WDPEpP IDFWRU GH PRWLYDomR D TXHVWmR GD XWLOL]DomR GD OLWHUDWXUD LQIDQWLO
HQTXDQWR UHFXUVR H SRVVLELOLGDGH GH HGXFDU SDUD ³LQFOXLU´ VHUYLQGR DVVLP FRPR XPD
DODYDQFDSDUDDLQWHJUDomRSVLFRVRFLDOGROHLWRUHSRUSHUPLWLUFRPSDUDo}HVHUHIOH[}HV

 

 :LOOLDP %ODNH SRHWD SLQWRU LQJOrV 9LYHX QXP SHUtRGR VLJQLILFDWLYR GD KLVWyULD PDUFDGR SHOR
,OXPLQLVPR H SHOD 5HYROXomR ,QGXVWULDO QD ,QJODWHUUD %ODNH HVFUHYHX H LOXVWURX PDLV GH YLQWH OLYURV
LQFOXLQGR2OLYURGH-yGD%tEOLD$'LYLQD&RPpGLDGH'DQWH$OLJKLHULWUDEDOKRLQWHUURPSLGRSHODVXD
PRUWH  DOpP GH WtWXORV GH JUDQGHV DUWLVWDV EULWkQLFRV GH VXD pSRFD 0XLWRV GH VHXV WUDEDOKRV IRUDP
PDUFDGRVSHORVVHXVIRUWHVLGHDLVOLEHUWiULRVSULQFLSDOPHQWHQRVSRHPDVGROLYUR6RQJVRI,QQRFHQFHDQG
RI([SHULHQFHRQGHHOHDSRQWDYDDLJUHMDGD,QJODWHUUDHDDOWDVRFLHGDGHFRPRH[SORUDGRUHVGRVIUDFRV

 ϴ
VREUHDVGLIHUHQoDVHVLPLODULGDGHVH[LVWHQWHVQRVHUKXPDQRHVWHWLSRGHQDUUDWLYDDFWXD
FRPRXPHOHPHQWRIDFLOLWDGRUQDSURPRomRGDLQFOXVmRVRFLDO
$QRVVDLQWHQomRDRUHDOL]DUHVWDSHVTXLVDpTXHHODSRVVDVHU~WLOSRUXPODGR
SDUD R HVWXGR GD OLWHUDWXUD FRQRWDGR FRP R PDUDYLOKRVR H SRU RXWUR ODGR SDUD R
FRQKHFLPHQWRGDOLWHUDWXUDLQIDQWLOGHXPDPDQHLUDJHUDO
3DUD LVVR FRQVWLWXtPRV FRPR REMHFWLYRV GHVWH WUDEDOKR DQDOLVDU H DGLYLQKDU R
GLiORJRPDQLIHVWRHVHFUHWRTXHDHVFULWRUDHVWDEHOHFHFRPDHVWUXWXUDQDUUDWLYDTXHVH
HQFRQWUDUHSOHWDGHVLPERORJLDHRQGHRPDUDYLOKRVRVHGHVYHODDWUDYpVGRLPDJLQiULR
3UHWHQGHVH UHDOoDU R PRGR FRPR /\JLD %RMXQJD DWUDYpV GD VXD QDUUDWLYD
SRVVLELOLWD DV SULQFLSDLV GHVFREHUWDV TXH FULDQoDV H MRYHQV UHDOL]DP SRU PHLR GR VHX
LPDJLQiULRHGRVVHXVGHYDQHLRVHGHQWURGHXPDOLQKDSVLFDQDOtWLFDQRTXHGL]UHVSHLWR
jHYROXomRSVLFROyJLFDHLQWHOHFWXDOGDFULDQoDDSRQWDURVFDPLQKRVSDUDDIRUPDomRGH
XPIXWXURHTXLOLEUDGRFRQVFLHQWHHFRPDXWRQRPLD
$ OLWHUDWXUD LQIDQWLO H MXYHQLO SRGH VHU XP HOHPHQWR LPSRUWDQWH SDUD D LQFOXVmR
YLVWR SRGHU SURSRUFLRQDU DRV OHLWRUHV XPD LGHQWLILFDomR FRP RV SUREOHPDV ItVLFRV
VRFLDLVHHPRFLRQDLVGDVSHUVRQDJHQVHQYROYLGDVQDVDFo}HVRX DFRQWHFLPHQWRV$OpP
GROHLWRUSRGHUVHQVLELOL]DUVHHHQYROYHUVHQDKLVWyULDQDUUDGDpHVWLPXODGRWDPEpPD
DFWXDU PDLV VROLGDULDPHQWH $ QDUUDWLYD SRGH SRUWDQWR SURYRFDU VHQWLPHQWRV H
UHIOH[}HVTXHGRXWUDIRUPDGLILFLOPHQWHRFRUUHULDP
2 SUHVHQWH WUDEDOKR SUHWHQGH GHVFREULU RV FDPLQKRV WUDoDGRV SHOD HVFULWRUD
DWUDYpV GHVWD QDUUDWLYD SDUD DMXGDU DV FULDQoDV H RV MRYHQV D GHVFREULUHP D VXD
LGHQWLGDGHDEULQGROKHVFDPLQKRVSDUDRDXWRFRQKHFLPHQWRHSURFXUDQGRDVVLPVDQDU
VHXV FRQIOLWRV LQWHULRUHV VRFRUUHQGRVH SDUD WDO GH XPD IDFXOGDGH GHQRPLQDGD
LPDJLQDomR
)RL IDFWRU GH PRWLYDomR SDUD D UHDOL]DomR GHVWD SHVTXLVD D WUDQVSDUrQFLD H D
FRPSHWrQFLD GD DXWRUD GHPRQVWUDGDV QHVWH WLSR GH WH[WRV FRQRWDGRV FRP D OLWHUDWXUD
PDUDYLOKRVD H HPSHQKDGRV HP H[SORUDU D FRPSOH[LGDGH SVtTXLFD H RV FRQIOLWRV
KXPDQRVFRPRXPDSURSRVWDGLGiFWLFDSDUDXPDHGXFDomRHVSHFLDO
$ %ROVD $PDUHOD GH /\JLD %RMXQJD p FRPR XP HVSHOKR PiJLFR DWUDYpV GR
TXDO D FULDQoD p FRQYLGDGD D PHUJXOKDU D ILP GH VH UHFRQKHFHU H GH SHUFHEHU D
H[LVWrQFLD GRV VHXV SUySULRV FRQIOLWRV LQWHULRUHV 6H FRQVHJXLU YHUVH H UHFRQKHFHUVH
QHVVHV FRQIOLWRV H DQVHLRV QHVVH ³HVSHOKR GH YHUGDGH´ TXH D OHLWXUD GRV FRQWRV
SURSRUFLRQDSRGHUiFRQWHPSODUDVYHUGDGHLUDVEHOH]DVTXHKDELWDPQRVHXLQWHULRU

 ϵ
(P $ %ROVD $PDUHOD HQFRQWUDPRV PDLV GR TXH HQVLQDPHQWRV HQFRQWUDPRV
XPD YHUGDGHLUD LQLFLDomR $ REUD p ULFD HP VtPERORV H HP HQLJPDV FXMDV UHVROXo}HV
GHYHPVHUSURFXUDGDVQRLQWHULRUGHFDGDOHLWRU
$SHVTXLVDHQJOREDGRLVPRPHQWRVHVSHFLDLVGHFRUSRUDRFRUSXVGRFXPHQWDO
HRFRUSXVGHDQiOLVH
$VVLPQXPSULPHLURPRPHQWRDSUHVHQWDUHPRVRVREMHFWLYRVRFRUSXVRWHPD
HDHVWUXWXUDGDSHVTXLVD
1XP SULPHLUR FDStWXOR GHVEUXoDUQRHPRV VREUH /\JLD %RMXQJD H VXD REUD
1HVWH SUHWHQGHPRV FRQWH[WXDOL]DU D HVFULWRUD QR VHX WHPSR H QR VHX HVSDoR OLWHUiULR
1XPDpSRFDSROtWLFDHPTXHR%UDVLOYLYLDQDGLWDGXUDDHVFULWRUDHPSHQKDYDVHQDOXWD
LGHROyJLFD7DPEpPQmRSRGHUHPRVHVTXHFHUDVFDXVDVTXHHVWLYHUDPQDRULJHPGHVWD
REUD 3DUD DOpP GLVWR UHIOHFWLUHPRV VREUH XP GRV WHPDV LPSRUWDQWHV GHVWD QDUUDWLYD
DTXHOHTXHWUDWD GRVSUREOHPDVH[LVWHQWHVQDV UHODo}HVKXPDQDV9HUHPRVTXHRWH[WR
IDFXOWDXPDFUtWLFDFRQWXQGHQWHjUHDOLGDGHVRFLDO
1XP VHJXQGR FDStWXOR D TXH FKDPDUHPRV GH'HILQLo}HV H )URQWHLUDV p QRVVD
LQWHQomR WHFH EUHYHV FRQVLGHUDo}HV VREUH iUHDV TXHVH WRFDP FRPR IDQWiVWLFR R FRQWR
PDUDYLOKRVR WUDGLFLRQDO H R FRQWR PDUDYLOKRVR FRQWHPSRUkQHR ,VWR SHUPLWLUQRVi
GHVWDFDU DOJXQV GHVVHV HOHPHQWRV SUHVHQWHV QD REUD $ %ROVD $PDUHOD $ QRVVD
SHUVSHFWLYD VHUi DTXL HVVHQFLDOPHQWH GLDFUyQLFD PXLWR HPERUD UHFRUUHQGR D DOJXP
VXSRUWHWHyULFR
$ERUGDUHPRVWDPEpPDLPSRUWkQFLDGRLPDJLQiULRFRPRLPSRUWDQWHUHFXUVRGH
DXWRFRQKHFLPHQWRRXVHMDDTXLORTXHSHUPLWHjVFULDQoDVVXSHUDUHPDVVXDVGLIHUHQoDV
HDVVXDVGLILFXOGDGHVJUDoDVjOHLWXUDGHVWHVWH[WRV
1XPWHUFHLURFDStWXORDQDOLVDUHPRVRVtPERORQXPDYHUWHQWHWHyULFD$VVLP
FRPEDVHHPGLYHUVDVDERUGDJHQVDWHQWDUHPRVSULQFLSDOPHQWHQRFRQFHLWRMXQJXLDQR
GH³LQGLYLGXDOL]DomR´UHODFLRQDQGRRQmRVyFRPDDXWRUDGH$%ROVD$PDUHODFRPR
WDPEpPH[SOLFDUHPRVRSHUFXUVRGHGLYHUVDVDFHSo}HVVLPEyOLFDVXWLOL]DGDVSHODDXWRUD
QDOJXQV HOHPHQWRV GD QDUUDWLYD FRPR XP SURFHVVR XWLOL]DGR SDUD TXH D FULDQoD VH
HQFRQWUHFRQVLJRSUySULD
1XPTXDUWRFDStWXORSURFXUDUHPRVDSUHVHQWDUDTXHODVTXHFRQVLGHUDPRVVHUDV
FRQFOXV}HVTXHGHVWHWUDEDOKRSRGHPVHUUHWLUDGDV




 ϭϬ
 /\JLD%RMXQJD1XQHVHVXDREUD 
      
$DXWRUDHDVXDSURGXomROLWHUiULD

$HVFULWRUDEUDVLOHLUD/\JLD%RMXQJD1XQHVQDVFHXHP3HORWDVQR5LR*UDQGH
GR6XOQRGLDGH$JRVWRGHHFUHVFHXQXPDID]HQGD$RVRLWRDQRVGHLGDGHIRL
SDUD R 5LR GH -DQHLUR RQGH HP  VH WRUQRX DFWUL] QXPD FRPSDQKLD GH WHDWUR TXH
YLDMDYD SHOR LQWHULRU GR %UDVLO $ SUHGRPLQkQFLD GR DQDOIDEHWLVPR TXH WHVWHPXQKRX
QHVVDV YLDJHQV OHYRXD D FULDU XPD HVFROD QR LQWHULRU GR SDtV SDUD FULDQoDV SREUHV
HVFRODHVVDTXHDGPLQLVWURXGXUDQWHFLQFRDQRV
7DPEpP WUDEDOKRX GXUDQWH PXLWR WHPSR SDUD D UiGLR H WHOHYLVmR DQWHV GH VH
HVWUHDUFRPRHVFULWRUDGHOLYURVLQIDQWLVHP
$ DXWRUD FRQVWUyL DV VXDV QDUUDWLYDV XWLOL]DQGR D LQIkQFLD FRPR WHPD SULQFLSDO
3DUDDOpPGLVWRDVXDREUDpFDUDFWHUL]DGDSRUXPDPDUFDQWHLQIUDFomRGRVOLPLWHVHQWUH
UHDOLGDGHHIDQWDVLDRTXHSRGHUiSURSRUFLRQDUjFULDQoDXPFDPLQKRSDUDDPDWXULGDGH
HSDUDDEXVFDGDVXDLGHQWLGDGH&RQIRUPHUHIHUH-DFTXHOLQH+HOG

>«@GDUjFULDQoDRJRVWRSHORFRQWRpDOLPHQWiODFRP
QDUUDo}HV IDQWiVWLFDV VH HVFROKLGDV FRP GLVFHUQLPHQWR
p DFHOHUDU HVVD PDWXUDomR FRP PDQLSXODomR IOH[tYHO H
O~FLGDGDUHDOLGDGHUHDOLPDJLQiULR


( DVVLP SHOR PRWLYR GH YLYHU QXP FRQWLQHQWH FRQKHFLGR SHORV VHXV FRQWRV
IDQWiVWLFRV H UHDOLVPR PiJLFR HWHUQL]RX HVWHV YDORUHV R TXH D WRUQRX QXPD H[FHOHQWH
UHSUHVHQWDQWH GD OLWHUDWXUD LQIDQWRMXYHQLO 1DV VXDV QDUUDWLYDV UHSOHWDV GH DJUDGiYHLV
IDQWDVLDV TXH WrP SRU IXQGDPHQWR HOHPHQWRV H[WUDtGRV GR UHDO D DXWRUD GHEDWH RV
SUREOHPDV VRFLDLV UHVXOWDQWHV GD LGHRORJLD GRPLQDQWH VHP GHL[DU QR HQWDQWR GH VH
SUHRFXSDUFRPDIXQomRO~GLFD
/\JLD%RMXQJDUHYHODVHQDiUHDGDOLWHUDWXUDLQIDQWRMXYHQLOTXHFRPRHVWiLPSOtFLWRp
GHGLFDGDDRVMRYHQVSUpDGROHVFHQWHVHDGROHVFHQWHVWHQGRWLGRXPDERDUHFHSomRWDQWR
SHORVOHLWRUHVMXYHQLVTXDQWRSHODFUtWLFD/\JLD%RMXQJDVHUiDFODPDGDFRPRXPDGDV
PDLV UHSUHVHQWDQWHV DXWRUDV GD OLWHUDWXUD LQIDQWRMXYHQLO H RV VHXV OLYURV VHPSUH IRUDP
REMHFWRVGHGHVWDTXHQR%UDVLO9HMDPRVDOJXPDVFUtWLFDVjHVFULWRUD

 

+(/'-DFTXHOLQH2LPDJLQiULRGRSRGHUDVFULDQoDVHDOLWHUDWXUDIDQWiVWLFD6mR3DXOR6XPPXV
S

 ϭϭ
>«@ /\JLD %RMXQJD p XPD DXWRUD PDLRU HP QRVVD
OLWHUDWXUD LQIDQWRMXYHQLO 6HXV OLYURV VHPSUH VH
GHVWDFDUDPQRFHQiULRQDFLRQDO

>«@ +i PXLWRWHPSR /\JLD %RMXQJD YHP URPSHQGRR
OLPLWH HQWUH OLWHUDWXUD LQIDQWRMXYHQLO H OLWHUDWXUD WRXW
FRXUW 4XHP QmR SHUFHEHX LVVR HVWi SHUGHQGR FRQWDWR
FRPXPDGDVJUDQGHVDUWLVWDVGDSDODYUD

>«@ 6H Ki DOJXpP QD QRVVD OLWHUDWXUD LQIDQWRMXYHQLO
TXH GLVSHQVD DSUHVHQWDomR HVVH DOJXpP p /\JLD
%RMXQJDVHPIDYRUDPDLVDOWDH[SUHVVmRQRJpQHURQR
%UDVLO


6HXV FDWRU]H OLYURV SXEOLFDGRV HQWUH  D  UHFHEHUDP SUpPLRV H
UHIHUrQFLDV HVWDQGR WUDGX]LGRV HP IUDQFrV DOHPmR HVSDQKRO QRUXHJXrV VXHFR
KHEUDLFRLWDOLDQRE~OJDURFKHFRHLVODQGrV$DXWRUDSRVVXLOLYURVSXEOLFDGRVHPYLQWH
LGLRPDV
$ HOD VH GHYHP REUDV FRPR 2V FROHJDV $QJpOLFD $ %ROVD $PDUHOD $ FDVD
0DGULQKD &RUGD EDPED 2 6RIi (VWDPSDGR 2 PHX $PLJR 3LQWRU 7FKDX 1yV WUrV
7FKDX /LYUR XP HQFRQWUR FRP /\JLD %RMXQJD )D]HQGR $QD 3D] 3DLVDJHP 6HLV
9H]HV/XFDV2$EUDoR)HLWRjPmR$&DPD25LRHHX&DUROLQD$XODGH,QJOrV
6DSDWRGH6DOWR'RV9LQWH

 

$%5$029,&+)DQQ\LQ)ROKDGH6mR3DXOR


0$&+$'2/XL]5DXOLQ-RUQDO5LRV$UWHV 


%(/,1.<7DWLDQDLQ(VWDGRGH6mR3DXOR


2V&ROHJDV5LRGH-DQHLUR-RVp2O\PSLR
$QJpOLFD5LRGH-DQHLUR$*,5(GLWRUDO
$%ROVD$PDUHOD5LRGH-DQHLUR$*,5(GLWRUD
$&DVDGD0DGULQKD5LRGH-DQHLUR$*,5(GLWRUD
&RUGD%DPED5LRGH-DQHLUR5LRGH-DQHLUR&LYLOL]DomR%UDVLOHLUDO
26RIi(VWDPSDGR5LRGH-DQHLUR&LYLOL]DomR%UDVLOHLUD
20HX$PLJR3LQWRU5LRGH-DQHLUR-RVp2O\PSLR
1yV7UrV5LRGH-DQHLUR$*,5(GLWRUD
7FKDX6mR3DXOR$*,5(GLWRUD
/LYURXPHQFRQWURFRP/\JLD%RMXQJD5LRGH-DQHLUR$*,5(GLWRUD
)D]HQGR$QD3D]5LRGH-DQHLUR$*,5(GLWRUD
3DLVDJHP5LRGH-DQHLUR$*,5(GLWRUD
6HLV9H]HV/XFDV5LRGH-DQHLUR$*,5(GLWRUD
2$EUDoR5LRGH-DQHLUR$*,5(GLWRUD
)HLWRj0mR5LRGH-DQHLUR$*,5(GLWRUD
$&DPD5LRGH-DQHLUR$*,5(GLWRUD
25LRHHX6mR3DXOR6DODPDQGUD
5HWUDWRVGH&DUROLQD5LRGH-DQHLUR(G&DVD/\JLD%RMXQJD/WGD
$XODGH,QJOrV5LRGH-DQHLUR(G&DVD/\JLD%RMXQJD/WGD
6DSDWRGH6DOWR5LRGH-DQHLUR(G&DVD/\JLD%RMXQJD/WGD

 ϭϮ
)RL JDODGRDUGD FRP YiULRV SUpPLRV HQWUH HOHV R 3UpPLR -DEXWL HP  2
,%%< ©,QWHUQDWLRQDO %RDUG RQ %RRNV IRU <RXQJ 3HDSOHª FRQIHULXOKH HP  R
3UpPLR &KULVWLDQ $QGHUVHQ VHQGR /\JLD %RMXQJD D SULPHLUD HVFULWRUD IRUD GR HL[R
(XURSD(8$ D JDQKDU XP GRV PDLRUHV SUpPLRV GD OLWHUDWXUD LQIDQWRMXYHQLO (VWH p
FRQVLGHUDGR XP SUpPLR ³QREHO´ GD OLWHUDWXUD LQIDQWRMXYHQLO (P  JDQKRX R
3UpPLRGD/LWHUDWXUD5DWWHQIDQJHU2XWURJUDQGHSUpPLRIRLR$/0$ ©$VWULG/LQGUHQ
0HPRULDO$ZDUGªHPRPDLRUSUpPLRLQWHUQDFLRQDOQXQFDDWULEXtGRDQWHVQDiUHD
GD OLWHUDWXUD SDUD R S~EOLFR MXYHQLO 4XDQGR /\JLD %RMXQJD IRL HOHLWD SDUD UHFHEHU D
PHGDOKD D DSUHFLDomR GRV GLYHUVRV MXUDGRV H DV FUtWLFDV LQWHUQDFLRQDLV GR SUpPLR
$QGHUVHQ IRUDP QDUUDGDV QR -RUQDO GR %UDVLO QXP DUWLJR GH $QD 0DULD 0DFKDGR QD
pSRFDPHPEURGRM~UL

>«@eXPGRVDXWRUHVPDLVRULJLQDLVTXHMiWLYHPRVD
RSRUWXQLGDGH GH OHU 7HP XPD OLQJXDJHP
DEVROXWDPHQWH SUySULD TXH SUHQGH R OHLWRU ( FDGD
IUDVHWHPXPDPHQVDJHPVXEMDFHQWH>«@DDXVrQFLDGH
IURQWHLUDV HQWUH R UHDOLVPR H D IDQWDVLD ID] GH VHXV
OLYURV XP PXQGR IDVFLQDQWH >«@ $ ULTXH]D GH VXDV
PHWiIRUDVpHVSDQWRVDEHPFRPRRVHXGRPtQLRWpFQLFR
QD HODERUDomR GDV QDUUDWLYDV H QD SHUIHLWD IXVmR GR
VRFLDOFRPRLQGLYLGXDO>«@$LQGDTXHSURIXQGDPHQWH
ILHO jV IRQWHV EUDVLOHLUDV WHP XPD UHVVRQkQFLD
XQLYHUVDO>«@


$SyVRSUpPLR$QGHUVHQDREUDGH/\JLD%RMXQJDHVSDOKRXVHSHORPXQGRHD
DXWRUDWHPOLYURVSXEOLFDGRVHPYLQWHLGLRPDV
$OpPGRGRPGDQDUUDWLYDHVFULWDDHVFULWRUDSRVVXLWDPEpPRGRPGDQDUUDWLYD
RUDOHFRVWXPDDSUHVHQWDUVHHPS~EOLFRFRPPRQyORJRVGUDPiWLFRV
%RMXQJDDGDSWRXDOJXQVGRVVHXVWH[WRVGHILFomRDRWHDWURFRPRSRUH[HPSOR
HPDSHoDWHDWUDO23LQWRUEDVHDGDQRVHXOLYUR20HX$PLJR3LQWRUHRXWUDSHoD
HPGHQRPLQDGD1yVWUrVEDVHDGDQROLYURFRPRPHVPRWtWXOR
    
'RV9LQWH5LRGH-DQHLUR(G&DVD/\JLD%RMXQJD/WGD


 $QD0DULD0DFKDGRMRUQDOLVWDSURIHVVRUDSLQWRUDHHVFULWRUDEUDVLOHLUD)RLXPDGDVIXQGDGRUDVHP
GDSULPHLUDOLYUDULDLQIDQWLOQR%UDVLOD0DODVDUWHV QR5LRGH-DQHLUR TXHH[LVWHDWpKRMH1HVVD
GpFDGDHODSXEOLFRXPDLVGHTXDUHQWDOLYURVHHPUHFHEHXR3UpPLR&DVDGH/DV$PpULFDVFRPR
OLYUR 'H 2OKR QDV 3HQDV 2 UHFRQKHFLPHQWR PXQGLDO GDV REUDV GH $QD 0DULD 0DFKDGR DFRQWHFHX HP
TXDQGRUHFHEHXR3UpPLR+DQV&KULVWLDQ$QGHUVHQRPDLVLPSRUWDQWHSUpPLRGHOLWHUDWXUDLQIDQWLO


0$&+$'2$QD0DULDLQ-RUQDOGR%UDVLO

 ϭϯ
1DVQDUUDWLYDVRUDLV DWyQLFDHVWiPXLWDVYH]HV QDSUySULDQDUUDWLYDTXH XWLOL]D
WRQV SRpWLFRV H KXPRUtVWLFRV H QD VHQVDomR GH OLEHUGDGH TXH EURWD DWUDYpV GR
³PDUDYLOKRVRHGRIDQWiVWLFR´PXQGRRQGHWXGRpSRVVtYHO$PDQHLUDFRPRDHVFULWRUD
GHL[DDVFRUHVH[SULPLUHPHPRo}HVFRQWULEXLIRUWHPHQWHSDUDDVHQVDFLRQDOEHOH]DGDV
VXDVQDUUDWLYDV
&RPrQIDVHPDUFDQWHDHVFULWRUDGHPRQVWUDQRVHXOLYUR20HX$PLJR3LQWRU
  FRPR XP PHQLQR WHQWD VXSHUDU D VXD WULVWH]D FRP D DMXGD GDV FRUHV H GH XP
UHOyJLR ± REMHFWR PDUDYLOKRVR TXH DR WRFDU DV KRUDV ILFD DPDUHOR FRU SUHIHULGD GH
/\JLD%RMXQJDHTXHHVWiUHODFLRQDGDFRPDDOHJULDGDYLGD(VWHWHPDVHUiXPGRVVHXV
SUHIHULGRVGHVGH2V&ROHJDV  VXDSULPHLUDREUD(P2V&ROHJDVDHVFULWRUDFULD
XP GRV VHXV JUXSRV PDLV IDPRVRV GH SHUVRQDJHQV VHUHV DEDQGRQDGRV YLYHQGR j
PDUJHP GD YLGD PDV TXH XPD YH] UHXQLGRV SRU DFDVR GHVFREUHP D DPL]DGH D
VROLGDULHGDGHHXPDLQWHQVDDOHJULDGHYLYHU1ROLYUR$QJpOLFD  DDXWRUDLQVHUH
QXP GRV FDStWXORV XPD SHoD FRPSOHWD GH WHDWUR H TXH D H[HPSOR GH DOJXQV GRV VHXV
OLYURVDQWHULRUHVIRLDOYRGHLPSRUWDQWHVSUpPLRV
1R WHUFHLUR OLYUR GH /\JLD %RMXQJD $ %ROVD $PDUHOD   HQFRQWUDPRV R
VHPSUH H[LVWHQWH ODGR LOXVyULR QDV VXDV QDUUDWLYDV 1HVWH WH[WR DWLQJH FRP SHUIHLomR R
HTXLOtEULRLGHDOHQWUHDOLEHUGDGHHDVOLPLWDo}HVGRUHDO-iHP$&DVDGD0DGULQKD
  FRQVLGHUDGD D PDLV EHOD GDV VXDV QDUUDWLYDV D HVFULWRUD DWUDYHVVD R UHDOLVPR
TXRWLGLDQR H D IDQWDVLD PDQLIHVWDQGR D GLItFLO UHDOLGDGH GD VREUHYLYrQFLD QD FLGDGH
JUDQGH PDV GHL[DQGR VHPSUH XP HVSDoR SDUD D LPDJLQDomR H SDUD R VRQKR (VWD
QDUUDWLYDGH/\JLD%RMXQJDUHYHODVHFRPRXPDEHODPHWiIRUDHGDEXVFDGDOXWDGRVHU
KXPDQRSDUDFRQTXLVWDUXPDYLGDPHOKRUJUDoDVjIDQWDVLD(P&RUGD%DPED  D
HVFULWRUD FRQFHEH D QDUUDWLYD QXPD OLQKD SVLFROyJLFD DERUGDQGR D PRUWH H RV VHXV

 
ϵ
 7UDGX]LGRHPYiULRVLGLRPDV20HX$PLJR3LQWRUIRLWHDWUDOL]DGRSRU/\JLD%RMXQJDHOHYDGRjFHQD
SRU%LD/HVVDDUUHEDWDQGRRVGRLVPDLVLPSRUWDQWHVSUpPLRVWHDWUDLVGDpSRFD3UpPLR0ROLqUHH3UpPLR
0DPEHPEH


 $ %ROVD $PDUHOD UHFHEHX R ³6HOR GH 2XUR´ GD )XQGDomR 1DFLRQDO GR /LYUR ,QIDQWLO H -XYHQLO GDGR
DQXDOPHQWH DR OLYUR FRQVLGHUDGR 2 0HOKRU SDUD D &ULDQoD H R &HUWLILFDGR GH +RQUD GR ,%%<
,QWHUQDWLRQDO %RDUG RQ %RRNV IRU <RXQJ 3HRSOH  H WDPEpP WUDGX]LGR HP YiULRV LGLRPDV DVVLP FRPR
HQFHQDGRQRVWHDWURVGR%UDVLOH6XpFLD

ϭϭ
 $ &DVD GD 0DGULQKD JDQKRX RV VHJXLQWHV SUpPLRV ³ 2 0(/+25 3$5$ 2 -29(0´ )XQGDomR
QDFLRQDO GR /LYUR ,QIDQWLO H -XYHQLO ³26 0(/+25(6 3$5$ $ -89(178'(´ 6HQDGR GH %HUOLP
³5$77(1)$1*(5/,7(5$78535(,6´3UpPLRFULDGRQD$OHPDQKDSDUDFRPHPRUDURVDQRVGD
FpOHEUHOHQGD2)ODXWLVWDGH+DPHOL7UDGX]LGRHPYiULRVLGLRPDV$&DVDGD0DGULQKDIRLHQFHQDGRQRV
WHDWURVGR%UDVLOH6XpFLD


 ϭϰ
HVWLJPDV 1HVWDQDUUDWLYDHFRPXPKXPRULQRYDGRU FRQGX]D FULDQoD OHLWRUDDYLYHU
FRPDSHUGDDWUDYpVGHLQWHQVRVGLiORJRVHQWUHRFRQVFLHQWHHDUHDOLGDGH
1R 2 6RIi HVWDPSDGR   FRP R UHFXUVR D SHUVRQDJHQV SLWRUHVFDV H DR
KXPRUHFULDWLYLGDGH/\JLD%RMXQJDID]XPDFUtWLFDVRFLDOQDUUDQGRDSDL[mRGHXPWDWX
SRUXPDJDWDDQJRUi-iHP1yVWUrV  DDXWRUDQDUUDXPDSDL[mRWUiJLFD
3RU YH]HV D HVFULWRUD HVFROKH SHUPDQHFHU QD UHDOLGDGH H DWUDYpV GR VHX ROKDU
SVLFROyJLFR WRFDQWH GHEUXoDVH VREUH WHPDV TXH DERUGDP SUREOHPiWLFDV FRPR DV
UHODo}HVKXPDQDV(P6HLV9H]HV/XFDV  DVVLPFRPRWDPEpPHP7FKDX  
UHIHUH D GHVOHDOGDGH H RV FRQIOLWRV PDWULPRQLDLV DR H[SORUDU D DFomR GRV DGXOWRV
XWLOL]DQGRDVVLPDVXDJUDQGHDSWLGmRSDUDGHILQLUHUHSUHVHQWDUDVWULVWH]DVGDDOPDHP
KLVWyULDVIiFHLVGHFRPSUHHQGHU
$V WUrV REUDV GH %RMXQJD FRQKHFLGDV FRPR ³WULORJLD GR OLYUR´ UHWUDWDP D VXD
HVVrQFLDOLWHUiULD(/LYUR±XPHQFRQWURFRP%RMXQJD  HODWUDQVPLWHQRVGHXP
PRGRFULDWLYRRVVHXVVHQWLPHQWRVPDLVtQWLPRVHRVHXUHODFLRQDPHQWRFRPDOHLWXUD(
HP)D]HQGR$QD3D]  UHFULDDVXDKLVWyULDGHYLGDDWUDYpVGDVPHPyULDVH[WUDtGDV
GH IRWRJUDILDV H iOEXQV DQWLJRV UHFXSHUDQGR XP SDVVDGR TXH D HVFULWRUD QHFHVVLWD
UHVJDWDU HP 3DLVDJHP   D DXWRUD HQWUHODoD RV GRLV PRPHQWRV GR SURFHVVR GD
HVFULWDRGDFULDomRHRGD UH FULDomR
7DPEpPQRXWUDQDUUDWLYD)HLWRj0mR  /\JLD%RMXQJDUHYHODQRVPXLWRV
DVSHFWRVOLJDGRVDRWUDEDOKRGDHVFULWD$TXLRWH[WRPRVWUDFRPRDDXWRUDVHGHQRPLQD
XPDDUWHVmHRPRWLYRSHODTXDOPHVPRVHQGRXPDDSDL[RQDGDSHODFLGDGHGR5LRGH
-DQHLUR SDVVD XPD ERD SDUWH GD VXD YLGD HP /RQGUHV (P $ &DPD   HOD FULDUi
YiULDV SHUVRQDJHQV FXMRV GHVWLQRV VH FUX]DP QD GLVSXWD GH XPD FDPD R REMHFWR TXH
SDVVD D VHU D SHUVRQDJHP SULQFLSDO GD REUD H ~QLFR EHP PDWHULDO TXH UHVWRX D XPD
IDPtOLDQmRPDLVDEDVWDGDJHUDQGRDVVLPPXLWRVFRQIOLWRVRUDQXPWRPFyPLFRRUD
QXPWRPGUDPiWLFR
7DPEpP QD REUD 2 5LR H (X   D DXWRUD ID] GR 5LR GH -DQHLUR XPD GDV
SHUVRQDJHQV H WUDQVPLWHQRV R VHX SHUIHLWR GRPtQLR GD SDL[mR TXH DWp KRMH WHP SHOD
&LGDGH0DUDYLOKRVD
$WUDYpV GD DEXQGkQFLD GH PHWiIRUDV EHP FRPR SHOR VHX SHUIHLWR GRPtQLR GD
WpFQLFD QD FRQVWUXomR GD QDUUDWLYD H D H[FHOHQWH XQLmR GR LQGLYLGXDO H VRFLDO D DXWRUD
 
ϭϮ
7FKDXJDQKRXRSUpPLR20(/+253$5$2-29(0)1/,- )XQGDomR1DFLRQDOGR/LYUR,QIDQWLO
H -XYHQLO  H IRL LQFOXtGR QD VHOHFomR GRV PHOKRUHV OLYURV GD %,%/,27(&$ ,17(51$&,21$/ '$
-89(178'(0XQLTXH$OHPDQKD


 ϭϱ
LQYHQWD XP QRYR ³PRGHOR´ QD OLWHUDWXUD LQIDQWRMXYHQLO 2V OLYURV LQRYDP QD FUtWLFD
O~GLFDHDERUGDPDUHDOLGDGHVRFLDOFRPRLQWXLWRGHPRVWUDUDROHLWRUTXHDYLGDQmR
HVWiSUpRUGHQDGD
2 UHDOLVPR PiJLFR H D SVLFRORJLD UH~QHPVH QXPD REVHVVmR SHOR VRFLDO H SHOD
GHPRFUDFLD$HVFULWRUDTXHLQLFLRXDVXDDFWLYLGDGHTXDQGRDLQGDQR%UDVLOYLJRUDYDD
GLWDGXUD IRL XPD DFWLYLVWD GD UHVLVWrQFLD (VWD OXWD VXUJH GHSRLV WUDQVSRVWD SDUD R
GRPtQLR GD OLWHUDWXUD LQIDQWLO Mi TXH VHJXQGR D HVFULWRUD RV JHQHUDLV QmR OLDP OLYURV
GHVWLQDGRV D FULDQoDV H DGROHVFHQWHV 1HVWDV QDUUDWLYDV HQFRQWUDPRV SHUVRQDJHQV
PDUDYLOKRVRVTXHVHLQVXUJHPFRQWUDDGHVLJXDOGDGHHQWUHRVVH[RVHWDPEpPFRQWUDD
GLIHUHQoD VRFLDO 3RUpP /\JLD %RMXQJD QXQFD XWLOL]D XP GLVFXUVR GH DGPRHVWDomR Mi
TXHRLPSRUWDQWHpDWRPDGDGHFRQVFLHQFLDOL]DomRHHVWDpVHPSUHIHLWDGHXPDPDQHLUD
³PDUDYLOKRVDPHQWH´EHPKXPRUDGD
3DUDDDXWRUDRGLDDGLDRTXRWLGLDQRHQFRQWUDPVHUHSOHWRGHHQFDQWDPHQWRH
GHERPKXPRU1HOHGHVSHUWDPRVGHVHMRVWmRLQWHQVRVTXHQmRpSRVVtYHOVXVWHQWiORV
1HOHSHUVRQDJHQVFRPRDOILQHWHVHJXDUGDFKXYDVGLDORJDPWmRFRQYLQFHQWHPHQWHFRPR
RVSH}HVHDVERODVQHOHDQLPDLVHREMHFWRVYLYHPYLGDVWmRGLYHUVLILFDGDVHYXOQHUiYHLV
FRPRDVGDVSHVVRDV
(P 5HWUDWRV GH &DUROLQD   XPD GDV VXDV PDLV UHFHQWH REUDV GRPLQD R
WRP VpULR 1HVWH OLYUR D DXWRUD DFRPSDQKD D YLGD GD SURWDJRQLVWD GHVGH RV  DRV 
DQRVQDUUDQGRRGLDjGLDGDSHUVRQDJHPHDVGHVFREHUWDVTXHHVWDID]DRORQJRGHYLGD
2PHVPRVXFHGHHPTXDQGR/\JLD%RMXQJDODQoDGRLVQRYRVWtWXORV$XOD
GH ,QJOrV H 6DSDWR GH VDOWR QDUUDWLYDV TXH UHWUDWDP FRQIOLWRV VH[XDLV DPRURVRV H
IDPLOLDUHVWHPDVTXHGLILFXOWDPDYLGDGRVDGROHVFHQWHVHGRVDGXOWRV
$ PDLV UHFHQWH REUD GHVWD DXWRUD 'RV 9LQWH    p SXEOLFDGD SHOD HGLWRUD
&DVD/\JLD%RMXQJD1HODUH~QHPDVPDLVIDPRVDVSHUVRQDJHQVIDQWiVWLFDVGHVHXV
OLYURV $RV OHLWRUHV p GDGD DVVLP D SRVVLELOLGDGH GH VH DSUR[LPDUHP DLQGD PDLV GR
LPDJLQiULRHIpPHURGHVWDLQFRPSDUiYHOFULDGRUD
$ VXD REUD VHPSUH SOHQD GH SDUWLFXODULGDGHV H VREUHWXGR ULFD HP LPDJHQV
VLPEyOLFDV H SHUVRQDJHQV IDQWiVWLFDV WRUQD SRVVtYHLV QRYDV LQWHUSUHWDo}HV GH DFRUGR
FRPDSHUVSHFWLYDHDVQHFHVVLGDGHVGHFDGDOHLWRUHHYLGHQFLDDVVLPDVXDFRQFHSomR
LQRYDGRUD




 ϭϲ
$%ROVD$PDUHODGRPXQGRUHDODRPXQGRLPDJLQiULR

(QWUH RV DXWRUHV FRQWHPSRUkQHRV TXH HVFUHYHP SDUD FULDQoDV H MRYHQV D HVFULWRUD
/\JLD %RMXQJD GHVWDFDVH SRU FRQILUPDU HP WRGD D VXD REUD XPD FHUWD SHFXOLDULGDGH
OLWHUiULD 7DO FRPR RXWUDV DXWRUDV HVWD HVFULWRUD HQFRQWUDVH LQWHQVDPHQWH OLJDGD j
OLEHUWDomRGDPXOKHUHHVWDVPHQVDJHQVGHOXWDYDPRVHQFRQWUiODVLQFOXVLYHQRVOLYURV
LQIDQWRMXYHQLV1RVHVFULWRVGH/\JLD%RMXQJDDOpPGHDVVXQWRVTXHVXJHVWLYDPHQWH
QRVUHPHWHPSDUDRXQLYHUVRIHPLQLQRHVWiSUHVHQWHRWHPDGDSUySULDLQIkQFLD'HVWH
PRGR DV VXDV QDUUDWLYDV HQFKHPVH GH IDQWDVLDV FRP D ILQDOLGDGH GH GLVFXWLU
FRPSRUWDPHQWRVVRFLDLVIUXWRVGHFRQYLFo}HVGRPLQDGRUDVHWXGRLVWRVHPFRORFDUGH
ODGRDIXQomRO~GLFD
$HVWHUHVSHLWRUHFRUGHPRVDVSDODYUDVGH/tJLD&DGHUPDUWRUL

2 PXQGR ILFFLRQDO GH /\JLD %RMXQJD VHDUPD D SDUWLU
GDLQIkQFLDPDVDWLQJHWHPDVDGXOWRVFRPRDVUHODo}HV
GH SRGHU H D UHSUHVVmR j OLEHUGDGH GH H[SUHVVmR QR
FRQWH[WR VRFLDO 3URSLFLDQGR DR SHTXHQR OHLWRU D
LGHQWLILFDomR FRP VLWXDo}HV TXH DIHFWDP DV
SHUVRQDJHQV LQIDQWLV H TXH SRU HQFRQWUDUHP HFR QD
YLYrQFLDVGDFULDQoDTXHOrSHUPLWHPDGHVmRDRPXQGR
ILFFLRQDO>«@


 $ ILQDOLGDGH GH /\JLD %RMXQJD FRQVLVWH HP GLVFXWLU QDV VXDV QDUUDWLYDV
FRPSRUWDPHQWRV VRFLDLV H DVVLP SURSRUFLRQDU DR OHLWRU ³R FRQKHFLPHQWR GR PXQGR´ H
WDPEpP R ³FRQKHFLPHQWR GR VHX SUySULR VHU´ 3RGHPRV GL]HU TXH QDV VXDV QDUUDWLYDV
HQFRQWUDPRV D IXQomR KXPDQL]DGRUD D TXDO SHUPLWH UHSUHVHQWDU FRJQLWLYD RX
VXJHVWLYDPHQWH D UHDOLGDGH VRFLDO H WDPEpP D IDQWDVLD $ UHVSHLWR GHVWD IXQomR
KXPDQL]DGRUD$QWyQLR&kQGLGRUHVVDOWDTXH

>«@ VH IRVVH SRVVtYHO SHQVDU QDV SDODYUDV FRPR WLMRORV
GH XPD FRQVWUXomR HVVHV WLMRORV UHSUHVHQWDULDP XP
PRGRGHRUJDQL]DomRGDPDWpULDVHQGRHVWHRSULPHLUR
QtYHO KXPDQL]DGRU SRLV HQTXDQWR RUJDQL]DomR
H[HUFHULDP XP SDSHO RUGHQDGRU VREUH QRVVD PHQWH
VHQWLPHQWRVHYLV}HVGHPXQGR6HQGRDOLWHUDWXUDRFDRV
 
ϭϯ
/\JLD )DJXQGHV 7HOOHV &HFtOLD 0HLUHOOHV 5DFKHO GH 4XHLUR] &ODULFH /LVSHFWRU HQWUH RXWUDV
FRQWHPSRUkQHDVIHPLQLQDV

ϭϰ
&$'(0$5725,/tJLD2TXHpOLWHUDWXUDLQIDQWLO6mR3DXOR%UDVLOLHQVHS


 ϭϳ
RUJDQL]DGRHPIRUPDGHSDODYUDVHVVHFDUiFWHUGHFRLVD
RUJDQL]DGD RUJDQL]DULD QRVVR FDRV LQWHULRU H QRV
KXPDQL]DULD 'H DFRUGR FRP R FUtWLFR ³WRGD REUD
OLWHUiULDSUHVVXS}HHVWDVXSHUDomRGRFDRVGHWHUPLQDGD
SRU XP DUUDQMR HVSHFLDO GDV SDODYUDV H ID]HQGR XPD
SURSRVWDGHVHQWLGR>«@

 
 3RGHPRV GL]HU TXH D FRQMXQomR HQWUH IDQWDVLD H UHDOLGDGH FRQWLGD HP $ %ROVD
$PDUHOD FRQVWUyL XP PXQGR FRHUHQWH UDFLRQDO H VLPXOWDQHDPHQWH DOLPHQWDVH GD
IDQWDVLD H GR LPDJLQiULR GH /\JLD %RMXQJD 'HVWD IRUPD FRQFLOLD D UDFLRQDOLGDGH GD
OLQJXDJHP FRP D ILFomR H DR PHVPR WHPSR TXH UHJH D FULDomR LPDJLQiULD QmR VH
DIDVWDGRFRQWDFWRFRPDUHDOLGDGH'HYLGRDHVWDFDUDFWHUtVWLFDDPELYDOHQWHDQDUUDWLYD
SURYRFDXPHIHLWRWDPEpPGXSORQROHLWRUDFFLRQDDVXDLPDJLQDomRHDVXDIDQWDVLDH
GHVHQFDGHLD XP SURFHVVR LQWHOHFWXDO $R DFWXDU WDQWR QR kPELWR LQGLYLGXDO FRPR QR
VRFLDOWUDQVSRUWDRSDUDXPPXQGRTXHSRUPDLVORQJHTXHHVWHMDGRTXRWLGLDQROHYDR
DUHIOHFWLUHDHQULTXHFHUDVXDYLYrQFLDHDVXDH[SHULrQFLD'HVWHPRGRDOHLWXUDGHVWH
WH[WR SHUPLWH TXH R OHLWRU VRFLDOL]H D VXD H[SHULrQFLD GH OHLWXUD D FRPSDUWLOKDU FRP
RXWURVOHLWRUHVSDUDSRGHUDVVLPDWURFDULGHLDVHRSLQL}HV
3RUWDQWRSRGHPRVGL]HUTXHRVFRQWRVLQIDQWRMXYHQLVHQWUHHOHV$%ROVD$PDUHOD
UHFRQILJXUDPRPXQGR
$%ROVD$PDUHODGH/\JLD%RMXQJDpXWLOL]DGDFRPRGLVSRVLWLYRSDUDRGHVSHUWDUH
R FRQWULVWDU GD FRQVFLrQFLD SDUD D H[SDQVmR GD FDSDFLGDGH H LQWHUHVVH GH DQDOLVDU R
PXQGR
/HPEUDQGRRHQUHGR5DTXHOpDILOKDPDLVMRYHPGRFDVDOSRUWDQWRD~QLFDTXHp
FULDQoDDLQGD8PDGLIHUHQoDGHGH]DQRVDVHSDUDGRVVHXVLUPmRVSRULVVRHOHVQmROKH
GDYDPDWHQomRGHYLGD(OHVFRQVLGHUDYDPTXHDVFULDQoDVQmRVDELDPJUDQGHFRLVD3RU
VH VHQWLU PXLWR Vy H RSULPLGD 5DTXHO FRPHoD D HVFUHYHU SDUD RV VHXV DPLJRV
LPDJLQiULRV FRP RV TXDLV FRPSDUWLOKDYD WUrV JUDQGHV GHVHMRV VHU XP UDSD] FUHVFHU
UDSLGDPHQWHHVHUXPDHVFULWRUD
&HUWRGLD5DTXHOJDQKRXXPDEROVDDPDUHODTXHIRLHQYLDGDQXPSDFRWHRIHUHFLGR
SHODWLD%UXQLOGD(GHVWDIRUPDDEROVDSDVVRXDVHUVLPEROLFDPHQWHRUHI~JLRLGHDO
GDVVXDVLQYHQo}HVHGDVVXDVYRQWDGHV7XGRVHDFRPRGDYDOiGHQWUR$EROVDDPDUHOD

 

 &$1','2 $QWyQLR 'LUHLWRV KXPDQRV H OLWHUDWXUD LQ )(67(5 $QWyQLR &DUORV 5LEHLUR 'LUHLWRV
KXPDQRVH6mR3DXOR©&RPLVVmRGH-XVWLoD3D]GH6mR3DXORª%UDVLOLHQVHS

 ϭϴ
DFDERX SRU VHU D FDVD GH GRLV JDORV GH XP JXDUGDFKXYDPXOKHU GH XP DOILQHWH GH
VHJXUDQoDHGHPXLWRVSHQVDPHQWRVHKLVWyULDVLQYHQWDGDVSHODFULDQoD
5DTXHO DWUDYpV GDV VXDV KLVWyULDV FRQWDQRV IDFWRV GR VHX TXRWLGLDQR
PLVWXUDQGR R PXQGR UHDO GD IDPtOLD DR PXQGR FULDGRSHOD VXD LPDJLQDomR UHSOHWR GH
DPLJRVVHFUHWRVHGHIDQWDVLDV3RUWDQWRDRPHVPRWHPSRTXHDFRQWHFHPIDFWRVUHDLVH
IDQWiVWLFRVXPDDYHQWXUDHVSLULWXDOVHSURFHVVD HDSURWDJRQLVWDYDLGHHQFRQWURjVXD
DILUPDomRFRPRSHVVRD
1R HQUHGR FRQFHELGR FRP EDVH HP HVWHUHyWLSRV IHPLQLQRV VXUJH WDPEpP D
TXHVWmR UHODFLRQDGD FRP R IHPLQLQR H FRP D VXD SRVLomR QD VRFLHGDGH $SHUFHEHPR
QRV GHVWD TXHVWmR ORJR QD SULPHLUD SiJLQD GD QDUUDWLYD RQGH D YRQWDGH GH 5DTXHO HP
VHUXPUDSD]QRVGiRQRUWHTXHVHJXLGDPHQWHHQFRQWUDUHPRVDRORQJRGRHQUHGR(VWD
YRQWDGHYHPFRPSOHPHQWDGDGHRXWURVIRUWHVGHVHMRVDGHFUHVFHUHGHL[DUSRUWDQWRGH
VHUFULDQoDPDVWDPEpPRGHVHUXPDHVFULWRUD
0DV GRV WUrV GHVHMRV GH 5DTXHO WHUmR XPD SRVLomR GRPLQDQWH H FRQVWDQWH QD
QDUUDWLYD GH %RMXQJD GRLV GHOHV R GH VHU PXOKHUHVFULWRUD H R FRQIOLWR GD UHODomR
PDVFXOLQRIHPLQLQR 'H IDFWR 5DTXHO QmR VH FRQIRUPD HP QmR SRGHU GHVHPSHQKDU
WDUHIDVTXHVyHUDPDWULEXtGDVDRVUDSD]HVHGHVHMDDVVLPOLEHUWDUVHGH XPDUTXpWLSR
GHSURFHGLPHQWRVTXHOKHIRUDPLPSXWDGRV

6HHXTXHURMRJDUXPDSHODGDTXHpRWLSRGRMRJRTXH
HXJRVWRWRGRPXQGRID]SRXFRGHPLPHGL]TXHpFRLVD
SUDKRPHPVHHXTXHURVROWDUSLSDGL]HPORJRDPHVPD
FRLVD e Vy D JHQWH EREHDU H ILFD EXUUD WRGR PXQGR Wi
VHPSUH GL]HQGR TXH YRFrV WrP TXH PHWHU DV FDUDV QR
HVWXGR TXH YRFrV p TXH YmR VHU FKHIH GH IDPtOLD TXH
YRFrVpTXHYmRWHUWXGR$WpSDUDUHVROYHUFDVDPHQWR±
HX QmR WH YHMR ± D JHQWH ILFD HVSHUDQGR YRFrV
GHFLGLUHP


 2 GLVFXUVR GD SURWDJRQLVWD YHP GH HQFRQWUR jV SUHRFXSDo}HV H DR GHEDWH GDV
PXOKHUHV QD GpFDGD GH VHWHQWD TXDQGR R PRYLPHQWR KLSSLH WHQGR SRU LGHDO LGHLDV GH
%HWW\)ULHGPDQOXWDSHODLJXDOGDGHHQWUHRVVH[RVTXDOTXHUTXHIRVVHDVXDUDoDVH[R
RX FRU 1R HQWDQWR QR ILQDO GD KLVWyULD 5DTXHO DEULX D EROVD DPDUHOD H UHWLURX D VXD
YRQWDGH GH VHU JDURWR H GH VHU JUDQGH R TXH SURYD TXH D SURWDJRQLVWD DVVXPLX D VXD

 
ϭϲ
181(6/\JLD%RMXQJD$%ROVD$PDUHOD6mR3DXOR$JLUS


 ϭϵ
LGHQWLGDGHIHPLQLQDHSRULVVRSRGHUiFUHVFHUQRUPDOPHQWH3RURXWURODGRWDPEpPD
PHQLQD REWpP JUDoDV j HVFULWD D FRQFUHWL]DomR TXH EXVFD QD YLGD UHDO 2 PXQGR GD
IDQWDVLDSDVVDDRFXSDUXPOXJDULPSRUWDQWHQDVXDYLGDSRLVDYRQWDGHGHHVFUHYHUpD
~QLFDTXHSUHYDOHFHFRPRSRGHPRVREVHUYDU

(DWXDYRQWDGHGHFUHVFHU"
$KHVVDHXQmRYRXVROWDU0DVVDEH"(ODDJRUDQmR
SHVDPDLVQDGDDJRUDHXHVFUHYRWXGRTXHHXTXHURHOD
QmRWHPWHPSRGHHQJRUGDU


 5DTXHO UHLYLQGLFD GHVWH PRGR R VHX GLUHLWR j HVFULWD H QRWDPRV TXH HVWD p
WDPEpP XPD GDV TXHVW}HV OHYDQWDGDV SHOD HVFULWRUD QD QDUUDWLYD 1DTXHOD pSRFD D
PXOKHU GHIURQWDYDVH FRP D SHVDGD KHUDQoD GR PLWR GR HVFULWRU PDVFXOLQR (P
(VFULWRUD(VFULWDV(VFULWXUDV1RUPD7HOOHVUHODWDDGLILFXOGDGHGDPXOKHUHPSDVVDU
GHSRHWLVDDHVFULWRUDXPDYH]TXHHVWDIXQomRHUDDWULEXtGDDRVKRPHQV$PXOKHUSDUD
VHDVVXPLUFRPRHVFULWRUDGHYHULD

>«@ PDWDU R DQMR GR ODU D GRFH FULDWXUD TXH VHJXUD R
HVSHOKR GH DXPHQWR H WHULD TXH HQIUHQWDU D VRPEUD R
ODGR GR DQMR R PRQVWUR GD UHEHOGLD RX GD
GHVREHGLrQFLD


 $ SURWDJRQLVWD DR PHVPR WHPSR TXH DGTXLUH D VXD LGHQWLGDGH IHPLQLQD
DFUHVFHQWDWDPEpPRVHXODGRLPDJLQDWLYRHPRVWUDTXHpSRVVtYHOVHUPXOKHUFULDGRUD
FRQVHJXLQGR OLEHUWDUVH GR SDSHO LQVLJQLILFDQWH GHVWLQDGR j PXOKHU QD HVFULWD $LQGD
QHVWHFRQWH[WRGHLGHQWLGDGHPDVFXOLQDIHPLQLQDH[LVWHRXWUDSHUVRQDJHPXWLOL]DGDSRU
/\JLD %RMXQJD HP $ %ROVD $PDUHOD SDUD WUDWDU HVWH WHPD 5HIHULPRQRV DR JDOR
$IRQVR SHUVRQDJHP FRQRWDGR FRP D YLVmR PDVFXOLQD H TXH H[SUHVVD D VHJXLQWH
SUREOHPiWLFDVHDVPXOKHUHVSRVVXHPUHDOPHQWHYRQWDGHGHVHUGRQDVGHVLSUySULDVRX
VHMDVHVmRFDSD]HVGHYLYHURVHXSUySULRGHVWLQR"9HMDPRV

(QWmR HX FKDPHL PLQKDV TXLQ]H JDOLQKDV H SHGL SRU
IDYRU SUD HODV PH DMXGDUHP ([SOLTXHL TXH YLYLD PXLWR
 
ϭϳ
181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS

ϭϴ
,ELGS

ϭϵ
7(//(61RUPD+LVWyULDGDV0XOKHUHVQR%UDVLO6mR3DXOR&RQWH[WRS


 ϮϬ
FDQVDGR GH WHU TXH PDQGDU H GHVPDQGDU QHODV WRGDV DV
QRLWHHGLD0DVHODVIDODUDP©9RFrpQRVVRGRQR9RFr
p TXH UHVROYH WXGR SUD JHQWHª 6DEH 5DTXHO HODV QmR
ERWDYDPXPRYRQmRGDYDPXPDFLVFDGLQKDQmRID]LDP
FRLVD QHQKXPD VHP YLU SHUJXQWDU ©(X SRVVR"ª ( HX
UHVSRQGLD©2UDPLQKDILOKDRRYRpVHXDYLGDpVXD
UHVROYHYRFrFRPRYRFrDFKDUPHOKRUªHODVGHVDWDYDPD
FKRUDU QmR TXHULDP PDLV FRPHU HPDJUHFLDP DWp
PRUULDP (ODV DFKDYDP TXH HUD PHOKRU WHU GRQR
PDQGDGR TXH WHU TXH UHVROYHU TXDOTXHU FRLVD 'L]LDP
TXHSHQVDUGiPXLWRWUDEDOKR


 (VWDSUREOHPiWLFDUHIOHFWHFRPDOJXPDQLWLGH]RFRQWH[WRVRFLDOGDpSRFDHR
OXJDU GD PXOKHU TXH QmR WLQKD VLGR LQVWUXtGD SDUD RV QRYRV GHVDILRV TXH OKH HUDP
FRORFDGRV (P $ %ROVD $PDUHOD ³5HL´ p R QRPH GR JDOR TXH QmR TXHU PDQGDU H
³7HUUtYHO´ p R JDORGHEULJD TXH TXHU D SD] $TXL YHPRV DOJXQV H[HPSORV TXH VH
FUX]DP QD QDUUDWLYD GH %RMXQJD TXH WH  PDWL]D DVTXHVW}HV GH EXVFD SRU XPD PDUFD
SUySULD D GLVFXVVmR GH XPD GLUHFomR D FRQWHVWDomR GRV SDSpLV SUpHVWDEHOHFLGRV DV
LQMXVWLoDVFRPHWLGDVFRQWUDRV³GLIHUHQWHV´ 
2 GRPtQLR GHVFULWLYR GH /\JLD %RMXQJD WDPEpP DEUDQJH WHPDV UHODFLRQDGRV
FRPSRGHUHDUHMHLomRHFRPDOLEHUGDGHGHPDQLIHVWDomRHPFRQWH[WRVRFLDO$DXWRUD
GiDUJXPHQWRVDROHLWRUSDUDVHLGHQWLILFDUFRPDVFRQGLo}HVVHQWLPHQWRVHDFo}HVTXH
HQFRQWUDPRV QDV SHUVRQDJHQV (OD FULD XP FOLPD GH LGHQWLILFDomR FRP RV IDFWRV GH
IRUPD D SUHQGHUOKHV D DWHQomR H D GHVSHUWDOKHV FXULRVLGDGH H LPDJLQDomR 6HJXQGR
%UXQR %HWWHOKHLP SDUD TXH XPD KLVWyULD SRVVD YHUGDGHLUDPHQWH SUHQGHU D DWHQomR H
HQULTXHFHUDSHUVRQDOLGDGH

>«@WHPGHHVWLPXODUDVXDLPDJLQDomRWHPGHDMXGiOD
D GHVHQYROYHU R VHX LQWHOHFWR H HVFODUHFHU DV VXDV
HPRo}HV WHP GH HVWDU VLQWRQL]DGDV jV VXDV DQJ~VWLDV H
DV VXDV DVSLUDo}HV WHP GH UHFRQKHFHU SOHQDPHQWH DV
VXDV GLILFXOGDGHV H DR PHVPR WHPSR VXJHULU VROXo}HV
SDUDRVSUREOHPDVTXHDSHUWXUEDP>«@SUHFLVDGHHVWDU
VLPXOWDQHDPHQWH UHODFLRQDGD FRP WRGRV RV DVSHFWRV GD
VXD SHUVRQDOLGDGH >«@ H GDQGROKH FRQILDQoD HP VL
SUySULDHQRIXWXUR



 
ϮϬ
181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS

Ϯϭ
%(77(/+(,1%UXQR$SVLFDQiOLVHGRV&RQWRVGHIDGDV/LVERD(GLWRUD%HUWUDQGS

 Ϯϭ
e D SDUWLU GD KLVWyULD GH 5DTXHO XPD SHUVRQDJHP TXH VH DSUHVHQWD HP FRQIOLWR
FRQVLJRPHVPDHFRPDIDPtOLDGDGRRIDFWRGHVWDUHSULPLUDVVXDVYRQWDGHV TXHVH
HQTXDGUDDRSRVLomRjHVWUXWXUDIDPLOLDUDQFHVWUDO(HVVDPHQLQDDIHFWLYDHVRQKDGRUD
FRQWDQRV R VHX GLDDGLD RQGH R PXQGR UHDO H R PXQGR FULDGR SHOD VXD LPDJLQDomR
SRYRDGRGHDPLJRVRFXOWRVHIDQWDVLVWDVVHLQWHUOLJDPDRPHVPRWHPSR TXHRVIDFWRV
UHDLV H RV IDQWiVWLFRV VH FUX]DP QXPD DYHQWXUD ~QLFD H tQWLPD ( DVVLP 5DTXHO TXH
VHJXHUXPRjVXDDXWRDILUPDomRFRPRSHVVRD
$VVLP$%ROVD$PDUHODSUHILJXUDHVXJHUHXPDSRVWXUDGHLQVXEPLVVmRGDFULDQoD
IDFHjVUHJUDVLPSRVWDVSHORVDGXOWRV5DTXHOpGHFHUWDIRUPDXPMRJXHWHXPREMHFWR
LQIDQWLOQDVPmRVGRVVHXVIDPLOLDUHVSRULVVRYDLFRQWURODQGRRVVHXVGHVHMRVGHQWURGD
EROVD1DQDUUDWLYDRVSUpMXOJDPHQWRVFRQWUDDVFULDQoDVHFRQWUDDPXOKHULPSRVWRV
SHORV DGXOWRV YmR VHQGR TXHVWLRQDGRV SHOD SURWDJRQLVWD H HYLGHQFLDGRV DWUDYpV GDV
DFo}HV
(VWDQDUUDWLYDUHYHVWHVHSRLVGHJUDQGHXWLOLGDGHDRDEULUSLVWDVGHUHIOH[mRVREUHR
SDSHOGRVHUKXPDQRQDVRFLHGDGHHDSHODDFDGDOHLWRUSDUDTXHWRPHFRQVFLrQFLDGD
VXDLGHQWLGDGHSUySULDHSDUDTXHHVFROKDRFDPLQKRFRUUHFWRVHPROKDUjVGLIHUHQoDV
VHPSUHFRQFHLWRVHVHPGLVFULPLQDomR
&KDPDVH WDPEpP D DWHQomR SDUD R IDFWR GH IUHTXHQWHPHQWH KDYHU QDV REUDV GH
/\JLD %RMXQJD D SUHVHQoD GH QDUUDWLYDV HQFDL[DGDV GHYLGR j DSDULomR GH QRYDV
SHUVRQDJHQV2XVHMDKi³KLVWyULDVGHQWURGDKLVWyULD´HHVVDVKLVWyULDVHQFDL[DGDVVmR
GD UHVSRQVDELOLGDGH GRV QRYRV SURWDJRQLVWDV DRV TXDLV YmR VHQGR GDGD D RSRUWXQLGDGH
GH UHODWDUHP DV VXDV KLVWyULDV GH YLGD R TXH H[SOLFD R ³HX HVWRX DTXL DJRUD´ GD QRYD
SHUVRQDJHP
3RGHPRVGL]HUSRLVTXHHVVDV³KLVWyULDVGHQWURGDVKLVWyULDV´IXQFLRQDPFRPRXP
HVSDoR GH FRQVFLHQFLDOL]DomR SDUD DV SHUVRQDJHQV TXH HVFXWDP YLVWR TXH p DWUDYpV
GHODV TXH RV FRQIOLWRV DSUHVHQWDGRV QR HQUHGR LUmR HQFRQWUDU RV VHXV GHVIHFKRV 'H
DFRUGR FRP 7]YHWDQ 7RGRURY ³p D QDUUDWLYD TXH LPSRUWD SDUD R GHVHQYROYLPHQWR
XOWHULRUGDLQWULJD´
(VWDpPDLVXPUHFXUVRO~GLFRGDHVFULWRUDTXHGHVWDIRUPDVXJHUHDRVOHLWRUHVTXH
DV QDUUDWLYDV QDVFHP GH RXWUDV QDUUDWLYDV ([HPSORV GHVWH DUWLItFLR QDUUDWLYR VmR
HQFRQWUDGRVHQWUHRXWUDVREUDVGH/\JLD%RMXQJDQDREUDHPHVWXGR$%ROVD$PDUHOD

 
ϮϮ
72'25297]YHWDQ$VHVWUXWXUDVQDUUDWLYDV6mR3DXOR(G3HUVSHFWLYDS


,ELGS

 ϮϮ
1HVWDDHVWUXWXUDGDQDUUDWLYDpRUJDQL]DGDFRPEDVHQXPDQDUUDWLYDSULQFLSDORQGHVH
YrP HQFDL[DU RXWUDV QDUUDWLYDV TXH FRP HOD VH YmR FUX]DQGR $ KLVWyULD QDUUDGD p
SDXWDGDSRUDQDOHSVHSRUHSLVyGLRVGRSDVVDGRUHPHPRUDGRV

>«@(UDWmRERPTXDQGRHXPRUDYDOiQDURoD$FDVD
WLQKD XP TXLQWDO FRP PLOK}HV GH FRLVDV WLQKD DWp
JDOLQKHLUR (X FRQYHUVDYD FRP WXGR R TXH HUD JDOLQKD
FDFKRUURJDWRODJDUWL[D>«@7LQKDiUYRUHSUDVXELUULR
SDVVDQGR QR IXQGR WLQKD FDVD HVFRQGHULMR TXH D JHQWH
SRGLDILFDUHVFRQGLGDDYLGDWRGD>«@0HXSDLHPLQKD
PmHYLYLDPULQGRDQGDYDPGHPmRGDGDHUDXPDFRLVD
PXLWROHJDOGDJHQWHYHU>«@


 $OpP GDV DQDOHSVHV QD $ %ROVD $PDUHOD WDPEpP DV SUROHSVH SURMHFWDP RV
GHVHMRVHSODQRVIXWXURV

>«@$FKRTXHR~QLFRMHLWRp>«@YROWDUSUyTXLQWDO>«@
/iRSHVVRDODQGDGHPmRQmRWHPEULJDQmRWHPFDUD
DPDUUDGD H DLQGD SRU FLPD WHP JDWR ULR JDOLQKHLUR H
DSRVWRTXHDWpFRHOKRWHP>«@(QWmRLQYHQWHLDYLDJHP

1DQDUUDWLYDSULQFLSDOKiDKLVWyULDGH5DTXHOHDVKLVWyULDVTXH5DTXHOYDLFULDQGR
R TXH SHUPLWH TXH QmR Vy j SURWDJRQLVWD FRPR WDPEpP DRV RXWURV SHUVRQDJHQV GH VH
³OLEHUWDUHP´ GRV SDSpLV TXH OKH VmR LPSRVWRV H HVWD SUiWLFD SUHVHQWH QD QDUUDWLYD
SDUHFHVHUXPFRQYLWHDROHLWRUSDUDID]HUSDUWHGHVWH³OLEHUWDU´HGHVWH³GHVFREULU´FRPR
VXMHLWRGDVVXDVDFo}HV

 

 $QDOHSVH WHUPR PDLV XWLOL]DGR HP OLWHUDWXUD p D LQWHUUXSomR GH XPD VHTXrQFLD FURQROyJLFD QDUUDWLYD
SHODLQWHUSRODomRGHHYHQWRVRFRUULGRVDQWHULRUPHQWHeSRUWDQWRXPDIRUPDGHDQDFUyQLFDRXVHMDXPD
PXGDQoDGHSODQRWHPSRUDO,Q5(,6&DUORV'LFLRQiULRGH1DUUDWRORJLD&RLPEUD$OPHGLQDS



181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS


³3UROHSVH´pXPDILJXUDGHVLQWD[HRQGHRFRUUHRGHVORFDPHQWRGHXPWHUPRGHXPDRUDomRSDUDRXWUD
TXHDSUHFHGHFRPRTXHDGTXLUHH[FHSFLRQDOYDORU$RFRQWUiULRGH³$QDOHSVH´DSUROHSVHpXPUHFXUVR
QDUUDWLYR DWUDYpV GR TXDO VH SRGH GHVFUHYHU R IXWXUR XP DFWR IXWXUR SUHYHU R IXWXUR HWF ,Q 5(,6
&DUORV'LFLRQiULRGH1DUUDWRORJLDHGFLWS


181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS



 Ϯϯ
$HVFULWRUDDRXWLOL]DUDWpFQLFDGDV³QDUUDWLYDVHQFDL[DGDV´FRQVWUyLDVXDREUDHP
GRLVSODQRVRSODQRKRUL]RQWDOHPTXHVHGHVHQYROYHPDVDFo}HVVHTXHQFLDLVYLYLGDV
SHORV SHUVRQDJHQV H R SODQR YHUWLFDO QR TXDO D QDUUDWLYD VH YROWD SDUD RV FRQIOLWRV
LQWHULRUHVGHFDGDXPGRVSHUVRQDJHQV
/\JLD %RMXQJD DR LQYHQWDU 5DTXHO SHUVRQDJHP ³HVFULWRUD´ SDUHFH SUHWHQGHU
YDORUL]DURDFWRGHQDUUDUYLVWRVHUXPDWDUHIDTXHRIHUHFHHPRWLYDXPDWUDQVIRUPDomR
WURFDUYLYrQFLDVHH[SHULrQFLDVQHJDWLYDV(WDOFRPRDWDUHIDGH³HVFUHYHU´DWDUHIDGH
³OHU´pWDPEpPXPDFWRGHFULDomRHGHWUDQVIRUPDomR



























 Ϯϰ
 'HILQLo}HVH)URQWHLUDV

2)DQWiVWLFRHR0DUDYLOKRVR

$V PDLV DQWLJDV QDUUDWLYDV GD KXPDQLGDGH VmR IDQWiVWLFDV EDVWD SHQVDU QRV
PLWRVQDVHSRSHLDVHQRVFRQWRVSRSXODUHV6yPXLWRVVpFXORVGHSRLVpTXHDOLWHUDWXUD
SDVVRXDSURGX]LUXP³UHDOLVPRVpULR´RXVHMDXPWH[WRYHURVtPLO
 ([LVWHP SRUpP JUDXV GH DIDVWDPHQWR 1RV FRQWRV GH IDGDV R PXQGR GD
UHDOLGDGHpGHL[DGRGHODGRSDUDGDUOXJDUDRVLVWHPDHVSLULWXDOGHFUHQoDVHDRHQVLQDU
GH VLWXDo}HV TXH FRQILJXUDP XP PXQGR ³RXWUR´ $ UHDOL]DomR GH GHVHMRV RV SRGHUHV
VHFUHWRV D DQLPDomR GH REMHFWRV LQDQLPDGRV HQILP WRGRV RV HOHPHQWRV FRPXQV DRV
FRQWRVGHIDGDVDMXGDPDDEULUFDPLQKRVDHVVHVPXQGRVLQDFHVVtYHLV
 8PDRXWUDFDWHJRULDGHFRQWRTXHVHDIDVWDDLQGDGRUHDOPDVRQGHDIDQWDVLDMi
QmRpWmRLPSRVVtYHOSHUPLWHTXHRVVHUHVKXPDQRVYLYDPQXPXQLYHUVRGLWR³QRUPDO´
HFRQYLYDPFRPVHUHVVREUHQDWXUDLV(VVHVVHUHVVmRJHUDOPHQWHLQVHULGRVQDQDUUDWLYD
PDV REMHFWR GH TXHVWLRQDPHQWR SRU SDUWH GDV SHUVRQDJHQV TXH YLYHP DV KLVWyULDV H j
SDUWLGDGRSUySULROHLWRUGDILFomR0DVROHLWRUGHIURQWDVHFRPGXDVRUGHQVDQWLWpWLFDV
DGDUD]mRHRGD GHV UD]mRDQDWXUDOHDGRVREUHQDWXUDO
 (VWH WLSR GH ILFomR ID] QDVFHU XP GHEDWH HQWUH R UHDO H R LUUHDO H p
SDUWLFXODUPHQWHIHFXQGRQRFRQWRIDQWiVWLFRTXHGHVDEURFKRXDSDUWLUGRVpFXOR;9,,,
(VVHpWDPEpPRWLSRGHWH[WRIDQWiVWLFRTXHRVpFXOR;,;YDLSULYLOHJLDU
 $UYqUH%DULQHHVFUHYHUHIHULQGRVHDRVpFXOR;,;

1RVVR VpFXOR IRL IDYRUiYHO j OLWHUDWXUD IDQWiVWLFD 1HOH
HOD HQFRQWURX VHX UHQDVFLPHQWR GR TXDO QyV QmR YLPRV
VHQmRDDXURUD$KRQUDGHVVDQRYDIORUDomRWHPRULJHP

 

 e LPSRUWDQWH OHPEUDU TXH R IDQWiVWLFR GDV SULPHLUDV QDUUDWLYDV H QXPD SHUVSHFWLYD WHyULFD RX QXPD
GHILQLomRPDLVULJRURVDGHYHVHUFKDPDGRGH³PDUDYLOKRVR´

9HURVtPLOVHPHOKDQWHjYHUGDGH7HRULFDPHQWHVHULDDTXHOHTXHFRQYHQFHROHLWRUSRUVXDILGHOLGDGHj
QDWXUH]D

)UHXGPRVWUDQRVTXHH[LVWHXPPDUDYLOKRVRDEVROXWRTXHpRPXQGRGRID]GHFRQWDHPVLDILFomR
PDLVUDGLFDORXVHMDQRFRQWRGHIDGDVH[LVWHFRQWUDULHGDGHSDUDRDUWLItFLRILFFLRQDOXPVLVWHPDDQLPLVWD
GHFUHQoDVpRGRPtQLRGDSURVRSRSHLDDVFRLVDVWrPDOPDDVSODQWDVIDODPRVDQLPDLVSDUWLFLSDPGD
YLGD GR VHU KXPDQR WXGR LVWR VHP FDXVDU HVWUDQKH]D DR OHLWRU H HVWH QmR TXHVWLRQD VREUH D
YHURVLPLOKDQoDQHVWHXQLYHUVRILFFLRQDO


 Ϯϱ
SURYDYHOPHQWHQDFLrQFLD>«@$FLrQFLDWRUQDVH>«@D
DOLDQoD H PDLV DLQGD D LQVSLUDGRUD GR HVFULWRU
IDQWiVWLFRHODRHQFRUDMDDVRQKDUPXQGRVLPDJLQiULRV
DRIDODUOKHVHPFHVVDUGHPXQGRVLJQRUDGRV


 &RPRVDEHPRVRIDQWiVWLFRFRPRJpQHUROLWHUiULRVXUJHQRVpFXOR;9,,,FRP
-DFTXHV&D]RWWH3DUDGR[DOPHQWHHOHVXUJH HP SOHQRVpFXORGDVOX]HV RXVHMDQXP
PRPHQWRGDDILUPDomRGRHPSLULVPRHGDUHMHLomRGHWRGDPHWDItVLFDUHOLJLRVDRXQmR
 (VWH JUDQGH PRYLPHQWR GH UDFLRQDOL]DomR VHJXQGR DOJXQV DXWRUHV p
LQDXJXUDGRUGD0RGHUQLGDGH2,OXPLQLVPRGH9ROWDLUHGH0RQWHVTXLHXRX'LGHURW
DFDED SRU QmR GDU FRQWD GD VLQJXODULGDGH H GD FRPSOH[LGDGH GR SURFHVVR GH
LQGLYLGXDOL]DomR
 2 QRYR JpQHUR IDQWiVWLFR HVSHFLDOPHQWH QR VpFXOR ;9,,, H ;,; H[SORUD R
FKRTXH HQWUH D QDWXUH]D H D VREUHQDWXUH]D $ DPELYDOrQFLD GD QDUUDWLYD IDQWiVWLFD GR
VpFXOR;9,,,UHHQYLDROHLWRUjKRPyORJDDPELYDOrQFLDH[LVWHQWHQDVRFLHGDGHGDpSRFD
GDV OX]HV TXHU TXDQWR jV WHRULDV GR FRQKHFLPHQWR TXHU TXDQWR jV VXDV FUHQoDV 1mR
GHYHPRVGHL[DUGHFRQVLGHUDUTXHQmRVHGHYHDQDOLVDURIDQWiVWLFRGHXPSRQWRGHYLVWD
IRUPDOVHPWHUHPYLVWDRVHXHQUDL]DPHQWRVRFLDO
7]YHWDQ 7RGRURY FRQVWUyL XP PRGHOR VLVWpPLFR WHyULFR GR IDQWiVWLFR EDVHDGR
QXPD HQXQFLDomR VLPSOHV D GD LQGHFLVmR GR OHLWRU TXH VH GHYH PDQWHU DWp R ILQDO GD
QDUUDWLYD

2IDQWiVWLFRpDKHVLWDomRH[SHULPHQWDGDSRUXPVHUTXH
QmRFRQKHFHDVOHLVQDWXUDLVGLDQWHGHXPDFRQWHFLPHQWR
DSDUHQWHPHQWHVREUHQDWXUDO


2UHIHULGRDXWRUGHL[DFODURTXHTXDQGRXPDFHUWDDPELJXLGDGHVHPDQWpPDWp
R ILP GH XPD DYHQWXUD VHP TXH VH HVFODUHoD H VH GLVWLQJD VH p XP VRQKR RX XPD
UHDOLGDGHVRPRVFRQGX]LGRVDRkPDJRGRIDQWiVWLFR
 

%$5,1($UYqGH3RqWHVHWQpYURVHVHG3DULV+DFKHWWHS

 -DFTXHV &D]RWWH HVFULWRU IUDQFrV FRQYLYHX FRP D FRUWH GH /XLV ;9, 2FXSRXVH GH RFXOWLVPR H IRL
H[HFXWDGR FRPR FRQVSLUDGRU PRQDUTXLVWD 2 URPDQFH GH &D]RWWH 2 'LDER $SDL[RQDGR VHUYLX GH
LQVSLUDomR H GH LQWHUWH[WR D DOJXQV DXWRUHV $V QRYHODV GH 0DXSDVVDQW HQWUH RXWURV VmR GLVVR XP ERP
H[HPSOR


$XWRUHVTXHSUHWHQGHPRIHUHFHUHPXPDH[SOLFDomRUDFLRQDOHOyJLFDGRPXQGRHGDKLVWyULD

72'25297]YHWDQ$VHVWUXWXUDVQDUUDWLYDVHGFLWS

 Ϯϲ
 6HJXLQGR R SHQVDPHQWR GH 7]YHWDQ 7RGRURY VH DR VREUHQDWXUDO p GDGD XPD
H[SOLFDomRUDFLRQDORWH[WRGHL[DGHVHUIDQWiVWLFRSDUDVHLQFOXLUQXPJpQHURSUy[LPR
³HVWUDQKR´$VVLPVHRVREUHQDWXUDOpDFHLWHVHPTXHVWLRQDPHQWRHVWDPRVQRGRPtQLR
GR³PDUDYLOKRVR´2DXWRUDILUPDDLQGDTXHXPJpQHURVHGHILQHVHPSUHHPUHODomRDRV
JpQHURVTXHOKHVmRYL]LQKRVFRPRRHVWUDQKRRXRPDUDYLOKRVR
 4XDQWR DR PDUDYLOKRVR VDEHPRV TXH p XPD FDWHJRULD SRpWLFD TXH WHP D VXD
RULJHPQRVWH[WRVGRVULWRVPiJLFRV7RGDVDVFLYLOL]Do}HVWLYHUDPVHXVULWXDLVPiJLFRV
TXH FHOHEUDYDP DV FUHQoDV UHVSHFWLYDV 1HOO\ 1RYDHV &RHOKR YDL DLQGD PDLV ORQJH
GHIHQGHQGRTXH

>«@ RV FRQWRV PDUDYLOKRVRV WrP RULJHP RULHQWDO H
GLIHUHQWHPHQWH GRV FRQWRV GH IDGDV OLGDP FRP XPD
³WHPiWLFD VRFLDO´ R KHUyL RX DQWLKHUyL TXH p XPD
SHVVRD GH RULJHP KXPLOGH RX TXH SDVVD SRU JUDQGHV
SULYDo}HVWULXQIDDRFRQTXLVWDUULTXH]DHSRGHU



    


ϯϱ
 2 IDQWiVWLFR H[LJH WUrV FRQGLo}HV e QHFHVViULR TXH R HQUHGR H[LMD GR OHLWRU D FRQVLGHUDU RSODQR GDV
SHUVRQDJHQVFRPRXPPXQGRGHSHVVRDVYLYDVHKHVLWDUHQWUHPDH[SOLFDomRRQDWXUDOHRVREUHQDWXUDO
GRVIDWRVHYRFDGRV(VVDKHVLWDomRGHYHVHUVHQWLGDQmRVySHOROHLWRUPDVWDPEpPSHORSHUVRQDJHP2
OHLWRUGHYHUiDGRSWDUXPDDWLWXGHHPUHODomRDRWH[WRUHFXVDQGRDLQWHUSUHWiORDOHJRULFDPHQWHHWDPEpP
SRHWLFDPHQWH 2 JpQHUR IDQWiVWLFR QRV UHPHWH D WHPDV FRP HOHPHQWRV VREUHQDWXUDLV FRPR R LQFHVWRR
DPRU KRPRVVH[XDO R DPRU D YiULRV D QHFURILOLD D VHQVXDOLGDGH H[FHVVLYD RX VHMD XPD LQILQLGDGH GH
WHPDVSURLELGRVHVWDEHOHFLGDSHODFHQVXUDHWDPEpPTXHUHLQDDSVLTXHGRVDXWRUHV3RGHPRVHQWmRDVVLP
GL]HUTXHIDQWiVWLFRpXPPHLRGHFRPEDWHFRQWUDDFHQVXUD

ϯϲ
6HGHFLGLUTXHDVOHLVGRUHDOFRQWLQXDPLQDWDVHGmRXPDH[SOLFDomRDRIDWRSRGHPRVGL]HUTXHDREUD
VHWUDWDGRJpQHURHVWUDQKReFRQVLGHUDGRDTXHOHHPTXHRVDFRQWHFLPHQWRVSDUHFHPVHUVREUHQDWXUDLV
SRUpP DR ORQJR GD KLVWyULD UHFHEH XPDV H[SOLFDo}HV UDFLRQDLV TXH FRQGX] R OHLWRU H D SHUVRQDJHP
DFUHGLWDU QD LQWHUIHUrQFLD GR VREUHQDWXUDO GHQRPLQDGR ³VREUHQDWXUDO H[SOLFDGR´ ([ RV PLODJUHV DV
FRLQFLGrQFLDVRVRQKRDLQIOXrQFLDGDVGURJDVDLOXVmRGRVVHQWLGRVHSRUILPDORXFXUD $OpPGHVVHV
FDVRVWDPEpPKiR³HVWUDQKRSXUR´QRTXDODVREUDVSHUWHQFHQWHVDHVVHJpQHURUHODWDPIDWRVTXHVmR
H[SOLFiYHLVSHODOHLGDUD]mRSRUpPVmRFRQVLGHUDGRVIDWRVFKRFDQWHVLQVyOLWRVHLQFUtYHLV3RGHPRVGL]HU
TXHRHVWUDQKRWHPGXDVIRQWHVDVFRLQFLGrQFLDVHRVREUHQDWXUDO

ϯϳ
6HROHLWRURXDSHUVRQDJHPGHFLGHTXHGHYHDGPLWLUQRYDVOHLVGDQDWXUH]DFRQVLGHUDGDVLQH[SOLFiYHLV
HQWUDPRVQRJpQHURPDUDYLOKRVR 2 ³IDQWiVWLFRPDUDYLOKRVR´ FRQWpP HOHPHQWRV TXH WHUPLQDP QR
VREUHQDWXUDO 6mR QDUUDWLYDV TXH VH DSUR[LPDP GR ³IDQWiVWLFRSXUR´ SHOR IDWR QmR WHU VLGR H[SOLFDGR
UDFLRQDOL]DGR SRU LVVR QRV VXJHUH D H[LVWrQFLD GR VREUHQDWXUDO 4XDQGR RV DFRQWHFLPHQWRV SRGHP WHU
XPD H[SOLFDomR UDFLRQDO p MXVWLILFDGD SHOR ³VRQKR´ H FRP DV LOXV}HV GH VHQWLGR 2 PDUDYLOKRVR SXUR
WDPEpP QmR WHP OLPLWHV QtWLGRV DVVLP FRPR R HVWUDQKR 1R FDVR GR PDUDYLOKRVR RV HOHPHQWRV
VREUHQDWXUDLV QmR SURYRFDP UHDFomR ~QLFD QDV SHUVRQDJHQV H QHP QR OHLWRU LPSOtFLWR (VVD QmR p XPD
FDUDFWHUL]DomR GR PDUDYLOKRVR PDV VLP GD SUySULD QDWXUH]D GRV IDWRV ([ RV FRQWRV GH IDGDV D ILFomR
FLHQWtILFDVmRYDULHGDGHVGRPDUDYLOKRVRSRUpPQRVOHYDPSDUDORQJHGRIDQWiVWLFR

ϯϴ
&2(/+21HOO\1RYDHV2&RQWRGH)DGDV6mR3DXORÈWLFD'LVSRQtYHOHP
ͨKWWSSWZLNLSHGLDRUJZLNL&RQWRVBPDUDYLOKRVRVªDFHVVRHPVHW

 Ϯϳ
'H DFRUGR FRP $QWyQLR *HUDOGR &XQKD R WHUPR ³PDUDYLOKRVR´ p GHULYDGR GH
³PDUDYLOKD´ TXH YHP GR ODWLP PLUDELOLD XP QRPLQDWLYR QHXWUR SOXUDO GH PLUDELOLV
5HIHUHVHDDFWRSHVVRDRXFRLVDDGPLUiYHORXSURGtJLR3RUpPQDWHRULDOLWHUiULDp
XPWHUPRKLVWRULFL]DGR
1R PDUDYLOKRVR DFHLWDVH D LQWHUIHUrQFLD GH GHXVHV RX GH VHUHV VREUHQDWXUDLV
IDGDVDQMRVHWF 7DPEpPID]HPSDUWHGRPDUDYLOKRVRRVHOHPHQWRVSDJmRVFHOWDVSRU
H[HPSOR RX HOHPHQWRV FULVWmRV QRPHDGDPHQWH D LQWHUIHUrQFLDV GH VHUHV PLUDFXORVRV
FRPR RV DQMRV RV GHPyQLRV H RV VDQWRV $V OLWHUDWXUDV JUHJDV ODWLQDV H D pSRFD GR
5HQDVFLPHQWR HVWmR UHSOHWDV GH HOHPHQWRV SHUWHQFHQWHV DR PDUDYLOKRVR SDJmR 1D
OLWHUDWXUD PHGLHYDO SRU H[HPSOR SUHGRPLQD R PDUDYLOKRVR FULVWmR PLVWXUDGR FRP
WySLFRV FHOWDV /HPEUDPRV TXH QR ILQDO GD ,GDGH 0pGLD Mi 'DQWH Mi XWLOL]DYD R
PDUDYLOKRVRSDJmRJUHFRODWLQRjPLVWXUDFRPRFULVWmR
 'HDFRUGRFRP1HOO\1RYDHV&RHOKRRPDUDYLOKRVRpXPDGDVIRUPDVOLWHUiULDV
PDLV LPSRUWDQWHV SRU PRVWUDU TXH D IDQWDVLD H D LPDJLQDomR VmR HVVrQFLDV j FRQGLomR
KXPDQD $ILUPDQRV DLQGD TXH R PDUDYLOKRVR IRL D IRQWH R PRGHOR GRQGH QDVFHULD D
OLWHUDWXUDLQIDQWLO
 7]YHWDQ7RGRURYGHILQHR³IDQWiVWLFRPDUDYLOKRVR´FRPR

>«@ D FODVVH GD QDUUDWLYD TXH VH DSUHVHQWD FRPR
IDQWiVWLFD H TXH WHUPLQD QR VREUHQDWXUDO 6mR HVVDV DV

 

&81+$$QWyQLR*HUDOGRGD'LFLRQiULR(WLPROyJLFR1RYD)URQWHLUDGDOtQJXDSRUWXJXHVD5LRGH
-DQHLUR1RYD)URQWHLUD
ϰϬ
 2V UHODWRV PDUDYLOKRVRV VmR DTXHOHV TXH PHVPR VLWXDGRV IRUD GR PXQGR GD UHDOLGDGH QDUUDP
DFRQWHFLPHQWRV RFRUULGRV QXP SDVVDGR FURQRORJLFDPHQWH LQGHWHUPLQDGR 2 QDUUDGRU p RPQLVFLHQWH H
DSUHVHQWDVHXUHODWRGHWDOIRUPDTXHQmRKiHVSDoRSDUDTXHVWLRQDUVXDKLVWyULDFRHUHQWHHPVLPHVPD
(QWUH HVVHV UHODWRV VH HQFRQWUDP RV FRQWRV IROFOyULFRV H GH IDGDV TXH ILJXUDP HQWUH D SULPHLUDV
PDQLIHVWDo}HV OLWHUiULDV QmR HVFULWDV 8PD GDV FRPSLODo}HV PDLV LPSRUWDQWHV GHVVH WLSR GH UHODWR p
DWULEXtGDDRVLUPmRV*ULPP1ROLYUR.LQGHUXQG+DVPlUFKHQ  UHFROKHUDPJUDQGHQ~PHUR
GHQDUUDWLYDVGDWUDGLomRSRSXODUDOHPm'HQWURGRPDUDYLOKRVRVHLQFOXHPRXWUDVPRGDOLGDGHVQDUUDWLYDV
GHJUDQGHGLIXVmRWDLVFRPRRURPDQFHSDVWRULOLQLFLDGRSHORLWDOLDQR-DFRSR6DQQD]]DURFRP$UFiGLD
  R URPDQFH EL]DQWLQR TXH FRPHoRX D VHU HVFULWR DLQGD QR PXQGR KHOpQLFR D DOHJRULD RFXOWLVWD
PHGLHYDO H DV KLVWyULDV GH FDYDODULD LQLFLDGDV FRP DV OHQGDV GR UHL $UWXU 2V FDYDOHLURV GD 7iYRUD
5HGRQGD H D EXVFD GR 6DQWR *UDDO $R PDUDYLOKRVR SHUWHQFHP DLQGD REUDV FRPR *XOOLYHU
V 7UDYHOV
 GH-RQDWKDQ6ZLIW:RQGHUIXO:L]DUGRI2]GH)UDQN%DXP'LHXQHQGOLFKH*HVFKLFKWH  
GH 0LFKDHO (QGH H 7KH /RUG RI WKH 5LQJV   QR TXDO R DXWRU - 5 5 7RONLHQ DR PHVPR
WHPSR HP TXH WUDWD WHPDV FRPR R SRGHU DPELomR JXHUUD H PRUWH QXPD GLPHQVmR PXLWDV YH]HV pSLFD
FRQFUHWL]DXPDGDVPDLRUHVFULDo}HVPLWROyJLFDVGDOLWHUDWXUDGHWRGRVRVWHPSRV

ϰϭ
 &2(/+21HOO\1RYDHV$/LWHUDWXUD,QIDQWLO+LVWyULD 7HRULD$QiOLVH6mR3DXOR(GLWRUD*OREDO
S


 Ϯϴ
QDUUDWLYDVPDLVSUy[LPDVGRIDQWiVWLFRSXURSRLVHVWH
SHOR SUySULR IDFWR GH DOJXPDV DFo}HV QmR WHUHP
H[SOLFDomR RX UD]mR VXJHUHQRV D H[LVWrQFLD GR
VREUHQDWXUDO 2 OLPLWH HQWUH RV GRLV VHUi R LQFHUWR
HQWUHWDQWRDSUHVHQoDRXDXVrQFLDGHFHUWRVSRUPHQRUHV
QRVSHUPLWLUiVHPSUHGHFLGLU


$SyV HVWHV HVFODUHFLPHQWRV p QHFHVViULR GLIHUHQFLDU R FRQWR PDUDYLOKRVR GR
FRQWRGHIDGDVSRLVDVGXDVFDWHJRULDVID]HPSDUWHGRPDUDYLOKRVRHQTXDQWRJpQHUR
2VFRQWRVGHIDGDVGHRULJHPFHOWDDSUHVHQWDPXPDSUREOHPiWLFDH[LVWHQFLDOR
KHUyL QHFHVVLWD GH YHQFHU REVWiFXORV SDUD DOFDQoDU D VXD DXWRUHDOL]DomR ( FRPR Mi
UHIHULPRV RV FRQWRV PDUDYLOKRVRV GH RULJHP RULHQWDO DSUHVHQWDP XPD SUREOHPiWLFD
VRFLDO R KHUyL RX DQWLKHUyL HQFRQWUDUi VXD DXWRUHDOL]DomR QD FRQTXLVWD GH EHQV H GH
SRGHU1RUPDOPHQWHDDYHQWXUDRXEXVFDGHDOJRSDUWHJHUDOPHQWHGDQHFHVVLGDGHGH
VREUHYLYrQFLDGRVSURWDJRQLVWDV
eLPSRUWDQWHUHVVDOWDUPRVTXHWRGRRFRQWRGHIDGDVpXPµFRQWRPDUDYLOKRVR¶
PDV SRUpP HVWH QHP VHPSUH p XP FRQWR GH ³IDGD´ 1HOO\ 1RYDHV &RHOKR GiQRV D
VHJXLQWHGHILQLomRGHFRQWRPDUDYLOKRVRFRPR

>«@ D QDUUDWLYD TXH GHFRUUH HP XP HVSDoR IRUD GD
UHDOLGDGH FRPXP HP TXH YLYHPRV H RQGH RV
IHQyPHQRVQmRREHGHFHPjVOHLVQDWXUDLVTXHUHJHP
1R LQtFLR GRV WHPSRV R 0DUDYLOKRVR IRL D IRQWH
PLVWHULRVD H SULYLOHJLDGD GH RQGH QDVFHX D
/LWHUDWXUD


(PERUDSHUWHQFHQGR DPEDVDR JpQHURPDUDYLOKRVRRFRQWRGHIDGDVHRFRQWR
PDUDYLOKRVR UHYHODP DWLWXGHV PXLWR GLIHUHQWHV GLDQWH GD YLGD 2 FRQWR GH IDGDV HVWi
PDLVOLJDGRDRLGHDODRVYDORUHVHWHUQRVDRHVStULWRDRSDVVRTXHRFRQWRPDUDYLOKRVR
UHIOHFWH SULQFLSDOPHQWH R VHQVRULDO R FRQFUHWR D YLGD SUiWLFD 8PD GDV FDUDFWHUtVWLFDV
SULQFLSDLV GR FRQWR PDUDYLOKRVR p D SUHVHQoD GR ³REMHFWR PiJLFR´ TXH SHUPLWH DRV
KHUyLVDUHDOL]DomRGHWDUHIDVGLItFHLVRXLPSRVVtYHLV
 

 2 ³HVWUDQKR SXUR´ p HQFRQWUDGR QDV REUDV QDV TXDLV VmR UHODWDGRV DFRQWHFLPHQWRV TXH SRGHP
SHUIHLWDPHQWHVHUH[SOLFDGRVSHODVOHLVGDUD]mRPDVTXHVHFDUDFWHUL]DPSHORVHXFDUiFWHUH[WUDRUGLQiULR
H VLQJXODU $ GHVFULomR GRV IDFWRV QDUUDGRV QR ³HVWUDQKR SXUR´ PRVWUDP D SUHVHQoD GH DOJXPD FRLVD
HVWUDQKDPDVH[SOLFiYHORXVHMDKiVHPSUHXPFDUiFWHUH[WUDRUGLQiULRQDVLWXDomRSRUpPWXGRSRGHVHU
H[SOLFDGRSHODVOHLVGDUD]mR

72'25297]YHWDQ$VHVWUXWXUDVQDUUDWLYDVHGFLWS

&2(/+21HOO\1RYDHV$/LWHUDWXUD,QIDQWLO+LVWyULD7HRULD$QiOLVHHGFLWS
ϰϰ

 Ϯϵ
2 UXVVR :ODGLPLU 3URSS TXH HVWXGRX D PRUIRORJLD GR FRQWR DSUHVHQWD FLQFR
FDUDFWHUtVWLFDVSULQFLSDLVHPTXHDVVHQWDPRVFRQWRVPDUDYLOKRVRVHWDPEpPRVFRQWRV
GH IDGD 6mR HODV D DVSLUDomR D YLDJHP RV REVWiFXORV D PHGLDomR H D FRQTXLVWD GR
REMHFWLYR 
 1R FDVR GR PDUDYLOKRVR RV HOHPHQWRV VREUHQDWXUDLV QmR SURYRFDP UHDFo}HV
PXLWRSDUWLFXODUHVTXHUjVSHUVRQDJHQVTXHUDRVOHLWRUHV3RUWDQWRQmRpDDWLWXGHIDFH
DRV DFRQWHFLPHQWRV QDUUDGRV TXH FDUDFWHUL]D R PDUDYLOKRVR PDV DQWHV D SUySULD
QDWXUH]DGRVIDFWRV
$ QDUUDWLYD SDUWH VHPSUH GH XPD VLWXDomR LQLFLDO GH HTXLOtEULR PDV HVWH p
TXHEUDGRSHODLQWURGXomRGHXPHOHPHQWRPiJLFRRXSHORIDOHFLPHQWRHRXDIDVWDPHQWR
GHXPDGDVSHUVRQDJHQV(VWDTXHEUDGHHTXLOtEULRJHUDXPFRQIOLWRHGHVWHPRGRWRGD
D QDUUDWLYD VH GHVHQYROYH QD EXVFD GH XPD VROXomR5HVROYLGR R FRQIOLWR R HTXLOtEULR
UHVWDEHOHFLGRQmRVHUiPDLVRPHVPRPHVPRTXHSRVVDVHUSDUHFLGRFRPRLQLFLDO
6HJXQGR7RGRURYWHPRV

>@ GRLV WLSRV GH HSLVyGLRV QXPD QDUUDWLYD RV TXH
GHVFUHYHPXPHVWDGRGHHTXLOtEULRRXGHVHTXLOtEULRHRV
TXH GHVFUHYHP D SDVVDJHP GH XP HVWDGR D RXWUR 2
SULPHLURWLSRVHUiUHODWLYDPHQWHHVWiWLFRHSRGHVHGL]HU
LWHUDWLYR R PHVPR WLSR GH DFo}HV SRGHULD VHU UHSHWLGR
LQGHILQLGDPHQWH 2 VHJXQGR HP FRPSHQVDomR VHUi
GLQkPLFRHVyVHSURGX]HPSULQFtSLRXPD~QLFDYH]


 1HVWH DVSHFWR D $ %ROVD $PDUHOD DSUHVHQWDQRV GRLV HTXLOtEULRV VHPHOKDQWHV
PDVQmRLGrQWLFRV1RFRPHoRGDQDUUDWLYDKiXPDVLWXDomRHVWiYHO$SURWDJRQLVWDYLYH
QRVHLRGDVXDIDPtOLDSDUWLFLSDQXPDPLFURVRFLHGDGHTXHWHPDVVXDVOHLVSUySULDV
6REUHYpP GH VHJXLGD DV VXDV YRQWDGHV TXH YmR HQJRUGDQGR RX VHMD DOJR TXH
URPSH D FDOPD TXH LQWURGX] XP GHVHTXLOtEULR RX SRGHPRV WDPEpP GL]HU XP
HTXLOtEULR QHJDWLYR 3RU HVWD UD]mR 5DTXHO DWUDYpV GR VHX LPDJLQiULR GRV VHXV
GHYDQHLRV GHL[D SRU DOJXPD UD]mR D VXD FDVD 1R ILQDO GD QDUUDWLYD GHSRLV GH WHU
VXSHUDGR PXLWRV REVWiFXORV 5DTXHO DVVXPLQGR DJRUD FRQVFLHQWHPHQWH RV VHXV
VHQWLPHQWRV H WHQGR RUJDQL]DGR RV VHXV FRQIOLWRV UHLQWHJUDUi R ODU 2 HTXLOtEULR
 


35233:ODGLPLU0RUIRORJLDGRFRQWRPDUDYLOKRVR5LRGH-DQHLUR)RUHQVH8QLYHUVLWiULD


72'25297]YHWDQ$VHVWUXWXUDVQDUUDWLYDVHGFLWS

 ϯϬ
UHVWDEHOHFLGRQmRpRPHVPRGRFRPHoRSRLV5DTXHOQmRpDPHVPDFULDQoDLQVHJXUDH
UHYROWDGD PDV VLP XPD MRYHP TXH SDVVRX D FRPSUHHQGHUVH PHOKRU H D FRPSUHHQGHU
WDPEpPRVDGXOWRV$VVLVWLPRVDVVLPQDQDUUDWLYDjSDVVDJHPGRGHVHTXLOtEULRSDUDR
HTXLOtEULRHPRFLRQDO
2V DFRQWHFLPHQWRV VREUHQDWXUDLV IUXWR GRV VHXV GHYDQHLRV GRV VHXV VRQKRV
GLXUQRV LQWHUYrP SDUD URPSHU R GHVHTXLOtEULR PHGLDQR H SURYRFDU D ORQJD GHPDQGD
HP EXVFD GR HTXLOtEULR HPRFLRQDO 2V HOHPHQWRV GH WHRU PDUDYLOKRVR DSDUHFHP QRV
HSLVyGLRVGDQDUUDWLYDTXHID]HPHVVDWUDQVLomRRXSDVVDJHPGHXPHVWDGRSDUDRXWUR
(VVH p R HOHPHQWR PDUDYLOKRVR TXH PHOKRU SUHHQFKH D IXQomR SUHFLVD GH
GHVSHUWDU XPD PRGLILFDomR GD VLWXDomR H URPSHU R GHVHTXLOtEULR 'H IDFWR QRV FRQWRV
PDUDYLOKRVRV p R HOHPHQWR VREUHQDWXUDO TXH PRGLILFD R HTXLOtEULR DQWHULRU &RPR
7]YHWDQ7RGRURYDILUPD

>«@DIXQomRVRFLDOHDIXQomROLWHUiULDGRVREUHQDWXUDO
VmR ~QLFD WUDWDVH GD WUDQVJUHVVmR GH XPD OHL 6HMD QR
LQWHULRUGDYLGDVRFLDORXQDQDUUDWLYDDLQWHUYHQomRGR
HOHPHQWR PDUDYLOKRVR FRQVWLWXL VHPSUH XPD UXSWXUD QR
VLVWHPD GH UHJUDV SUHHVWDEHOHFLGDV H DFKD QLVVR VXD
MXVWLILFDomR

 
 (VWHV HOHPHQWRV GLVWLQWLYRV OHYDPQRV D TXH FRQVLGHUDU TXH $ %ROVD $PDUHOD
QmR p FRPR XP FRQWR PDUDYLOKRVR SXUR SHOR IDFWR GHVWD QDUUDWLYD QmR FRQWHU FHUWRV
HOHPHQWRV FDUDFWHUtVWLFRV H IXQGDPHQWDLV GR FRQWR PDUDYLOKRVR $VVLP VH UHSDUDUPRV
QR IRFR QDUUDWLYR HP $ %ROVD $PDUHOD YHPRV TXH HOH p DVVXPLGR SHOD  SHVVRD RX
VHMDSRUXPDJHQWH³LQWHUQR´$QDUUDGRUDpXPHXTXHHVWiGHQWURGRVIDFWRVQDUUDGRV
HSRUWDQWR³VXEMHFWLYR´7XGRIOXLDSDUWLUGHVVHHX

(X WHQKR TXH DFKDU XP OXJDU SUD HVFRQGHU DV PLQKDV
YRQWDGHV1mRGLJRYRQWDGHPDJUDQHPSHTXHQLQDTXH
QHP WRPDU VRUYHWH D WRD KRUD GDU VXPLoR GD DXOD GH
PDWHPiWLFD FRPSUDU XP VDSDWR QRYR TXH QmR DJXHQWR
PDLVRPHX9RQWDGHDVVLPWRGRPXQGRSRGHWHUTXHQmR
W{ OLJDQGR D PtQLPD 0DV DV RXWUDV ± DV WUrV YRQWDGHV
 

 0XQGR FULDGR SHOD LPDJLQDomR SRYRDGR GH DPLJRV VHFUHWRV DQLPDLV H REMHFWRV TXH IDODP SHQVDP
VHQWHPHH[HUFHPDFo}HVQDVIDQWDVLDVGH5DTXHO


0HVPRTXHVHMDSRUGHYDQHLRVGLXUQRVRXQRFWXUQRV

72'25297]YHWDQ$VHVWUXWXUDVQDUUDWLYDVHGFLWS

 ϯϭ
TXHYmRFUHVFHQGRHHQJRUGDQGRDYLGDWRGD±DKHVVDV
HXQmRTXHURPDLVPRVWUDU


'HVWHPRGRSHUFHEHPRVTXHVDtPRVGRFLUFXLWRKDELWXDOGRFRQWRPDUDYLOKRVR
MiTXHQHVWHRIRFRQDUUDWLYRpJHUDOPHQWHQDSHVVRD0DVpH[DFWDPHQWHJUDoDVDR
MRJR QDUUDWLYR RX DR IRFR QD  SHVVRD TXH UHVXOWD D YDULDGD HVWUXWXUD GD KLVWyULD TXH
QDUUDDDYHQWXUDFULDGDSHODLPDJLQDomRGDSURWDJRQLVWD'HDFRUGRFRP1HOO\1RYDHV
&RHOKR QR FRQWR PRGHUQR D  SHVVRD SHQGH SDUD XPD GLPHQVmR GLDOpFWLFD TXH p
VHPSUHXPDHVSpFLHGHGLiORJRFRPDOJXpP±ROHLWRU³YLUWXDO´
 7DPEpP JUDoDV j OLQJXDJHP TXH FKDPD YLYDPHQWH D DWHQomR HP $ %ROVD
$PDUHOD Ki DVVRFLDo}HV GH DOJXPDV SDODYUDV H GH WHUPRV FDUDFWHUtVWLFRV GD RUDOLGDGH
EUDVLOHLUDGHVID]HQGRVHDVVLPRVSDGU}HVWUDGLFLRQDLVGDOLQJXDJHPVLPSOHVHGLUHFWD
GRPDUDYLOKRVRSXUR

4XDQGR R SHVVRDO PH YLX FDUUHJDQGR DTXHOH SHVR HOHV
GLVVHUDP TXH WDYD PDOXFD HX QmR SRGLD LU SUy DOPRoR
OHYDQGRXPDEROVDHQRUPHULGtFXODGHJHQWHJUDQGHH
QmR VHL TXH PDLV >«@ (X JXDUGR DTXL GHQWUR XPDV
FRLVDVPXLWRLPSRUWDQWHV8PDVFRLVDVTXHHXDLQGDQmR
W{SRGHQGRQHPTXHUHQGRPRVWUDUSUDQLQJXpP



1RPDUDYLOKRVRSXUR D DFomRVHJXHXPDVHTXrQFLDOLQHDU jTXDOREHGHFHXPD
RUGHPFURQROyJLFDHXPDUHODomRGHFDXVDOLGDGH3DUDDOpPGLVVRRWHPSRpLQGHILQLGR
H H[WUD WHPSRUDO $ IUDVH LQWURGXWyULD ³(UD XPD YH]«´ OHYDQRV D XP SDVVDGR
ORQJtQTXRHDXPDLQGHWHUPLQDomRWHPSRUDORTXHpXPDTXDOLGDGHTXDQGRVHWUDWDGR
PDUDYLOKRVRWUDGLFLRQDO
-i QD QDUUDWLYD HP HVWXGR R WHPSR QmR VHJXH XPD RUGHP VHTXHQFLDO H D
RPLVVmRWHPSRUiULDGHGDGRVID]FRPTXHVHDXPHQWHRSRGHUVXJHVWLYRGDREUDRTXH

 
ϱϬ
181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS
ϱϭ
&2(/+21HOO\1RYDHV$/LWHUDWXUD,QIDQWLO+LVWyULD7HRULD$QiOLVHHGFLWS
ϱϮ
181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS

 ϯϮ
PRELOL]DQDFRQVFLrQFLDGROHLWRUDLPDJLQDomRGHKLSyWHVHVSDUDRSUHHQFKLPHQWRGH
YD]LRV
2VHVSDoRVUHIHUHQFLDGRVHP$%ROVD$PDUHODVmRHVSDoRVDEHUWRVFRPRDSUDLD
H R PDU 0DV WDPEpP H[LVWHP HVSDoRV IHFKDGRV D EROVD R EDUFR D FDVD HVFROD H
WDPEpP Ki HVSDoRV GH IURQWHLUDV FRPR DV SRUWDV H DV MDQHODV $OpP GHVWHV H[LVWHP
LJXDOPHQWH HVSDoRV XUEDQRV QDWXUDLV H VRFLDLV SDUD DOpP GH HVSDoRV VLPEyOLFRV H
IDQWiVWLFRV(VVHVHVSDoRVDXWRUL]DPOHLWXUDVVLPEyOLFDVGHSHQGHQGRGDVFRQGLo}HVTXH
DSHUVRQDJHPHVWiYLYHQGR1LVVRGHGLIHUHQFLDGRPDUDYLOKRVRSXURHPTXHRHVSDoRp
LQGHWHUPLQDGRKDJLRJUiILFRHWDPEpPH[WUDHVSDFLDO
8PDRXWUDFDUDFWHUtVWLFDPDUFDQWHGRPDUDYLOKRVRSXURpTXHHVWHSRGHRSWDURX
QmR FRPR Mi UHIHULPRV SHOD LQWHUIHUrQFLD GH GHXVHV GH VHUHV VREUHQDWXUDLV RX SHOD
SUHVHQoDGHIDGDVTXHIDUmRXVRGHPDJLDHGHHQFDQWDPHQWRV1DQDUUDWLYDDQDOLVDGDD
SURWDJRQLVWDXPDPHQLQDGHDQRVGHLGDGHHVSHUWDHFULDWLYDHTXHDJHSRUVXDFRQWD
H VH PRYLPHQWD VHP D DMXGD GH XP DJHQWH H[WHULRU RX VHMD XWLOL]D DSHQDV D VXD
LPDJLQDomRHVHXVGHYDQHLRVSDUDVHGHVORFDUGHXPODGRSDUDRRXWUR$SURWDJRQLVWD
QmR GHSHQGH GH HQFDQWDPHQWRV RX GH PDJLDV SDUD R ID]HU PDV XVD VRPHQWH RV VHXV
GHYDQHLRV 2 ~QLFR DUWLItFLR XWLOL]DGR SDUWH GD VXD LPDJLQDomR $ HVFULWRUD QHVWD
QDUUDWLYDGLVSHQVDRUHFXUVRDPDJLDVHDHQFDQWDPHQWRVHVXEVWLWXLRVSHODLPDJLQDomR
FULDWLYD GH 5DTXHO TXH FRQVWUXL HOD SUySULD DV RXWUDV SHUVRQDJHQV RV VHXV DPLJRV
LPDJLQiULRVKXPDQRVHQmRKXPDQRV
(P $ %ROVD $PDUHOD RV DVSHFWRV O~GLFRV HQFRQWUDPVH HP SHUIHLWR HTXLOtEULR
HQWUH D OLEHUGDGH GR LPDJLQiULR H DV UHVWULo}HV GR UHDO 0DV DR PHVPR WHPSR TXH VH
VXFHGHP HSLVyGLRV UHDLV H IDQWiVWLFRV XPD DYHQWXUD HVSLULWXDO VH SURFHVVD H D
SURWDJRQLVWDVHJXHUXPRjVXDDILUPDomR/\JLD%RMXQJD1XQHVFRQFLOLDGHVWHPRGRR
UHDOHRPDUDYLOKRVRDIDVWDQGRVHDVVLPGDHVWUXWXUDWUDGLFLRQDOGRPDUDYLOKRVRSXUR
,PSRUWD UHIHULU SRLV TXH HP QRVVR HQWHQGHU WHQGR HP FRQVLGHUDomR DV VXDV
UHVSHFWLYDVILQDOLGDGHVSVLFROyJLFDV$EROVD$PDUHODQmRpXPFRQWRHVSHFLILFDPHQWH
GHVWLQDGRSDUDFULDQoDVPDVDQWHVSDUDXPDFDPDGDMXYHQLOPDLVDGXOWDSRLVFRQIRUPH
DILUPD%iUEDUD9DVFRQFHORVGH&DUYDOKR


 

$1'20DUWD<XPL2VOXJDUHVYD]LRVQRVRIiOHLWXUDVHUHOHLWXUDVGDREUDO\JLDQD'LVSRQtYHOHP
©KWWSSHULyGLFRVXHPEURMVtQGH[SKS$FWDV6FL+XPDQ6RF6FLDUWLFOHYLHQZ)LOHª$FHVVRHP
GH]

 ϯϯ
1D OLWHUDWXUD LQIDQWRMXYHQLO VmR >DV ILQDOLGDGHV
SVLFROyJLFDV@ TXH YLVDP j IRUPDomR GD FRQGXWD RX
FDUiFWHU DWUDYpV >«@ GD VHQVLELOLGDGH HVWpWLFD QmR Vy
HPUHODomRDRVYDORUHVOLWHUiULRVPDVWDPEpPDWRGRVRV
GHPDLVYDORUHVKXPDQRV


$ HVWH SURSyVLWR QmR SRGHPRV HVTXHFHU TXH D REUDIRL SXEOLFDGD QD pSRFD GD
GLWDGXUD H TXH VREUHWXGR D SURWDJRQLVWD ID] XPD FUtWLFD FRQWXQGHQWH j VRFLHGDGH H j
IDPtOLD FUtWLFDV HVWDV TXH QR FRQWR WUDGLFLRQDO QmR DWRUPHQWDP RV KHUyLV 3DUD DOpP
GLVVR D HVFULWRUD XVD XP GLiORJR WUDQVSDUHQWH DSUR[LPD D OLQJXDJHP HVFULWD GD
OLQJXDJHP IDODGD SURSLFLD XPD HVSpFLH GH SDFWR HQWUH QDUUDGRU OHLWRU H SHUVRQDJHQV
8PD OLQKD TXDVH LPSHUFHSWtYHO HQWUH R UHDO H R LPDJLQiULR ID] FRP TXH R OHLWRU
PHUJXOKHHPHPRo}HVHVHQVDo}HVTXHSRGHULDPVHUYLYHQFLDGDVQRTXRWLGLDQR
 'LIHUHQWHPHQWH DLQGD GR FRQWR PDUDYLOKRVR WUDGLFLRQDO HOD FRQYLGD R OHLWRU D
UHQXQFLDUjLQGLYLGXDOLGDGHHPQRPHGHXPLGHDOFROHFWLYR$%ROVD$PDUHODGHVWLQD
VHFRPRDWUiVPHQFLRQDPRVDXPDFDPDGDGHOHLWRUHVMXYHQLVHVWLPXODQGRDDDMXVWDU
VHjVFLUFXQVWkQFLDVDVHUFUtWLFRVHDEXVFDUDSUySULDIHOLFLGDGH
 6HQRFRQWRPDUDYLOKRVRWUDGLFLRQDORVYDORUHVHVWmRGHDQWHPmRHVWDEHOHFLGRVH
FRQVDJUDGRVQmRKDYHQGROXJDUSDUDTXHVWLRQDPHQWRVHP$%ROVD$PDUHODRVFyGLJRV
LPSRVWRV VmR UHMHLWDGRV H D SHUVRQDJHP RXVD SURFXUDU D OLEHUGDGH D DXWHQWLFLGDGH D
FULDWLYLGDGHRXVHMDDEXVFDGHVLPHVPR2FRQWRPDUDYLOKRVRWUDGLFLRQDOHVWLPXODR
OHLWRUDVHJXLUUHJUDVSDUDVHUIHOL]HQTXDQWRTXHHVWHFRQWRDFRQVHOKDGHPDQHLUDPXLWR
GLUHFWD R OHLWRU D FRQTXLVWDU D VXD LGHQWLGDGH VHP PHGRV RX UHFHLRV QD EXVFD GD
IHOLFLGDGH



$ QDUUDWLYD PDUDYLOKRVD FRPR XP WUDPSROLP SDUD D LQWHJUDomR SVLFR
VRFLDOGDFULDQoD

$GHILQLomRGHOLWHUDWXUDLQIDQWLOVHJXQGR%iUEDUD9DVFRQFHORVGH&DUYDOKRp


 
ϱϰ
&$59$/+2%iUEDUD9DVFRQFHORVGH/LWHUDWXUD,QIDQWLO6mR3DXOR(GLWRUD(GDUWS


 ϯϰ
>«@WXGRDTXLORTXHGHSRLVGHVXDDFHLWDomRVHIL[RX
H VH LPRUWDOL]RX DWUDYpV GHOD >«@ p XPD IyUPXOD RX
XPDIRUPDVLQWpWLFD>«@pSRUWDQWRDTXHODTXHQHP
VHPSUH HOD D HOHJH DFRQWHFHQGR QmR UDUR R
FRQWUiULR


$ RULJHP GD OLWHUDWXUD LQIDQWLO GHYHVH j QHFHVVLGDGH LQWUtQVHFD GR KRPHP HP
FRQWDU KLVWyULDV GHVGH R PRPHQWR HP TXH VHQWLX R GHVHMR GH WUDQVPLWLU D RXWUHP DV
VXDVH[SHULrQFLDVFRPDOJXPVLJQLILFDGRSDUDDYLGD6mRRVFRQWRVPDUDYLOKRVRVHRV
FRQWRV GH IDGDV DTXHODV QDUUDWLYDV TXH PDLV HQVLQDPHQWRV WUD]HP SDUD R XQLYHUVR
LQIDQWLO
&RPRVXUJLPHQWRGD/LWHUDWXUDRKRPHPGHVFREULXTXHDSDODYUDSRVVXLDOJR
GH PiJLFR TXH HOD WHP XP SRGHU H[WUDRUGLQiULR (OD FRQGLFLRQD FRPSRUWDPHQWRV
LQWLPLGDQGRRUGHQDQGRLQIRUPDQGR$OLWHUDWXUDLQIDQWLOVXUJHGXUDQWHQRVpFXOR;9,,
FRP FDUDFWHUtVWLFDV SUySULDV SRLV HUD VREUHWXGR GHVWLQDGD jV FULDQoDV ILOKDV GD
EXUJXHVLD $V KLVWyULDV HUDP XP LQVWUXPHQWR GD SHGDJRJLD ( DVVLP p D SDUWLU GHVWD
pSRFDTXHDVFULDQoDVSDVVDPDVHUFRQVLGHUDGDVFRPRVHUHVGLIHUHQWHGRDGXOWRHFRP
QHFHVVLGDGHVSUySULDVUHFHEHQGRXPDHGXFDomRHVSHFtILFDHPRUGHPjVXDSUHSDUDomR
SDUDDYLGDDGXOWD
'H DFRUGR FRP D UH  GHVFREHUWD GD /LWHUDWXUD ,QIDQWLO 1HOO\ 1RYDHV &RHOKR
DILUPDTXH

2FDPLQKRSDUDDUHGHVFREHUWDGD/LWHUDWXUD,QIDQWLOHP
QRVVR VpFXOR IRL DEHUWR SHOD 3VLFRORJLD ([SHULPHQWDO
TXH UHOHYDQGR D LQWHOLJrQFLD FRPR R HOHPHQWR
HVWUXWXUDGRU GR XQLYHUVR TXH FDGD LQGLYtGXR FRQVWUyL
GHQWURGHVLFKDPDDDWHQomRSDUDRVGLIHUHQWHVHVWiJLRV
GR VHX GHVHQYROYLPHQWR GD LQIkQFLD j DGROHVFrQFLD  H
VXD LPSRUWkQFLD IXQGDPHQWDO SDUD D HYROXomR H
IRUPDomR GD SHUVRQDOLGDGH GR IXWXUR DGXOWR 5HYHORX
DLQGDTXHFDGDHVWiJLRFRUUHVSRQGHQWHDXPDFHUWDIDVH
GHLGDGH$VXFHVVmRGDVIDVHVHYROXWLYDVGDLQWHOLJrQFLD
RXHVWUXWXUDVPHQWDLV pFRQVWDQWHHLJXDOSDUDWRGRV$
³LGDGH´ FRUUHVSRQGHQWH D FDGD XPD GHODV SRGH PXGDU
GHSHQGHQGRGDFULDQoDRXGRPHLRHPTXHYLYH



 

&$59$/+2%iUEDUD9DVFRQFHORVGH/LWHUDWXUD,QIDQWLOHGFLWS


&2(/+21HOO\1RYDHV$/LWHUDWXUD,QIDQWLO7HRULD±$QiOLVH±'LGiFWLFD6mR3DXOR(GÈWLFD
S

 ϯϱ
( DVVLP QR UDPR GD OLWHUDWXUD WHQWDVH HTXDFLRQDU D ³QDWXUH]D´ GD PDWpULD
OLWHUiULD jV IDL[DV HWiULDV FRQVLGHUDQGRVH TXH D VHTXrQFLD GDV IDVHV HYROXWLYDV GD
LQWHOLJrQFLD p FRQWtQXD H LJXDO SDUD WRGRV SRUpP DV LGDGHV p TXH SRGHP YDULDU
GHSHQGHQGRGDFULDQoDRXGRPHLRHPTXHYLYH
$ IXQomR GD OLWHUDWXUD LQIDQWRMXYHQLO DWp D GpFDGD GH  WLQKD SRU REMHFWLYR
HGXFDU H GLVFRUUHU FRP R LQWXLWR GH HQVLQDU QRUPDV GH FRQGXWD j FULDQoD +RMH
SRGHPRVGL]HUTXHDXWLOL]DomRGDOLWHUDWXUDpFRQVLGHUDGDFRPRXPUHFXUVRLGHDOSDUD
OHYDU R KRPHP D GHVFREULU R PXQGR HP TXH YLYH D VXD UHODomR FRP RV RXWURV QXP
FOLPDGH³UHVSRQVDELOLGDGH´
(LV SRUTXH GL]HPRV TXH D OLWHUDWXUD LQIDQWLO p XPD ³DEHUWXUD´ SDUD D IRUPDomR
GH XPD QRYD PHQWDOLGDGH +RMH PXLWRV HVFULWRUHV HVWmR FRQVFLHQWHPHQWH XWLOL]DQGR D
OLWHUDWXUD LQIDQWLO FRPR HVWtPXOR RX VXJHVWmR SDUD QRYRV FRPSRUWDPHQWRV LGHLDV H
VHQWLPHQWRVVHQGRSRVVtYHLVGHGDUIRUPDDRPXQGRGHDPDQKm 
6HJXQGR1HOO\1RYDHV&RHOKRDOLWHUDWXUDYHPDRORQJRGRVDQRVWRUQDQGRVH
³QXP GRV PDLV HILFD]HV LQVWUXPHQWRV GH IRUPDomR GD FULDQoD´ 1HVWH kPELWR HOD p
DSRQWDGDFRPRFHQiULRGHPRFUiWLFRGHSHUVRQDJHQVHOLQJXDJHQVGLIHUHQWHVHVHUYHGH
DERUGDJHP D YiULRV DVSHFWRV GR TXRWLGLDQR 0XLWDV QDUUDWLYDV UHFXSHUDP DVSHFWRV
KLVWyULFRV GLVFXWHP pWLFD FLGDGDQLD D LPSRUWkQFLD GR PHLR DPELHQWH RXWUDV DLQGD
VHUYHP GH FLUFXODomR SDUD SHQVDPHQWRV ILORVyILFRV RV TXDLV SHUPLWHP XPD
FRQVFLHQFLDOL]DomRHXPDDQiOLVHVREUHRVYDORUHVGDYLGD([LVWHPDLQGDDVQDUUDWLYDV
LQIDQWLVTXHSRGHPVHUYLUFRPRXPWUDPSROLPSDUDDLQWHJUDomRSVLFRVRFLDOGROHLWRU
SRLV SHUPLWHP FRPSDUDo}HV H UHIOH[}HV 6mR GHVWH PRGR XP HOHPHQWR IDFLOLWDGRU QD
SURPRomRGDLQFOXVmRVRFLDO6HJXQGR5RPHX.DVXPL6DVVDNLDLQFOXVmRVRFLDOp

>«@ R SURFHVVR SHOR TXDO D VRFLHGDGH VH DGDSWD SDUD
SRGHU LQFOXLU HP VHXV VLVWHPDV VRFLDLV JHUDLV SHVVRDV
FRPQHFHVVLGDGHVHVSHFLDLVHVLPXOWDQHDPHQWHHVWDVVH
SUHSDUDP SDUD DVVXPLU VHXV SDSHLV QD VRFLHGDGH $
LQFOXVmRVRFLDOFRQVWLWXLHQWmRXPSURFHVVRELODWHUDOQR
TXDO DV SHVVRDV DLQGDH[FOXtGDV H D VRFLHGDGH EXVFDP
HP SDUFHULD HTXDFLRQDU SUREOHPDV GHFLGLU VREUH
VROXo}HV H HIHFWLYDU D HTXLSDUDomR GH RSRUWXQLGDGHV
SDUDWRGRV

 
ϱϳ
&2(/+21HOO\1RYDHV$/LWHUDWXUD,QIDQWLO+LVWyULD7HRULD$QiOLVHHGFLWS

ϱϴ
6$66$.,5RPHXNDVXPL,QFOXVmR&RQVWUXLQGRXPDVRFLHGDGHSDUDWRGRV5LRGH-DQHLUR:9$
S


 ϯϲ
2 OHLWRU DR YLYHQFLDU H DR LGHQWLILFDUVH FRP R SDSHO GD SHUVRQDJHP SRGHUi
SDVVDU D FRQVLGHUD TXH D YLGD p GLJQD GH VHU YLYLGD $ KLVWyULD FRQGX]LORi GHVFREULU
FRLVDV QRYDV D GHVHQYROYHU DWLWXGHV H D FRQKHFHU DV VXDV SUySULDV SRWHQFLDOLGDGHV $
OLWHUDWXUD PDUDYLOKRVD DOpP GH HQWUHWHU H GLYHUWLU HVWLPXOD D LPDJLQDomR WUDEDOKD DV
HPRo}HVHHQULTXHFHDYLGDGRVOHLWRUHV
1XPD SHUVSHFWLYD SVLFDQDOtWLFD %UXQR %HWWHOKHLP GHFODUDVH IDYRUiYHO j
OLWHUDWXUD LQIDQWLO SULQFLSDOPHQWH DRV FRQWRV GH IDGDV SRUTXH HOD DMXGD DR SOHQR
GHVHQYROYLPHQWR SVtTXLFR H j FRPSUHHQVmR GRV FRQIOLWRV QD IDVH LQIDQWLO 2 DXWRU
GHIHQGHTXHRVHOHPHQWRVSUHVHQWHVQHVWDVQDUUDWLYDVGHVHQFDGHLDP³LPDJHQVjFULDQoD
FRP DV TXDLV HOD HVWUXWXUD VHXV GHYDQHLRV H GLUHFFLRQDP VXD D YLGD´ 0DV GH XP
PRGRDLQGDPDLVSHFXOLDUHVWHWLSRGHOLWHUDWXUDWRUQDVHDLQGDPDLV~WLODXPJUXSRGH
FULDQoDV TXH JHUDOPHQWH VH GHQRPLQD FRPR ³FULDQoDV HVSHFLDLV´ SRU FRQWULEXLU SDUD D
IRUPDomRGHVXDLGHQWLGDGH'L]RDXWRU

>«@ RV FRQWRV GH IDGDV >«@ RULHQWDP D FULDQoD QR
VHQWLGR GH GHVFREULU D VXD LGHQWLGDGH H YRFDomR H
VXJHUHP WDPEpP TXDLV DV QHFHVViULDV H[SHULrQFLDV
SDUDPHOKRUGHVHQYROYHURVHXFDUiFWHU>«@


 2 SDSHO PHGLiWLFR GD OLWHUDWXUD VHUi HQWmR QmR Vy R GH ©WHVWHPXQKDUª XPD
UHDOLGDGH PDV WDPEpP GH D WUDGX]LU H GH D UHFULDU QR LQWXLWR GH PHOKRUDU
FRPSRUWDPHQWRVHDWLWXGHV$VVLPDOLWHUDWXUDDILJXUDVHQRVXPFDPLQKRSULYLOHJLDGR
SDUDRDXWRFRQKHFLPHQWRDRFRPXQLFDUSUREOHPDVGDYLGDGRTXRWLGLDQRRTXHDWRUQD
QXP HOR LPSRUWDQWH HP UHODomR j (GXFDomR ,QFOXVLYD (OD WUD] j WRQD RV FRQIOLWRV
SVtTXLFRVHIXQFLRQDFRPRXPDSRUWDTXHVHDEUHSDUDGHWHUPLQDGDVYHUGDGHVKXPDQDV
(VWDV FDUDFWHUtVWLFDV FRQIHUHP j OLWHUDWXUD LQIDQWRMXYHQLO SRGHUHV PXLWR YiOLGRV SRLV
DSRQWDPSDUDSRVVLELOLGDGHGHVHSHQVDUD³GLIHUHQoD´VREYiULRVDVSHFWRV
 
ϱϵ
%(77(/+(,0%UXQR$SVLFDQiOLVHGRV&RQWRVGHIDGDVHGFLWS

ϲϬ
,ELGS

ϲϭ
 $ FKDPDGD ³(GXFDomR ,QFOXVLYD´ WHYH LQtFLR QRV (VWDGRV 8QLGRV DWUDYpV GD /HL 3~EOLFD  GH
 H DFWXDOPHQWH Mi VH HQFRQWUD QD VXD VHJXQGD GpFDGD GH LPSOHPHQWDomR 3DVVRX D VHU YLVWD D
³HGXFDomR SDUD WRGRV´ FRPR SODWDIRUPD EiVLFD SDUD R VLVWHPD HGXFDFLRQDO VHJXQGR D SURSRVWD QD
'HFODUDomR GH 6DODPDQFD HP  3RU HGXFDomR LQFOXVLYD VH HQWHQGH R SURFHVVR GH LQFOXVmR GRV
SRUWDGRUHV GH QHFHVVLGDGHV HVSHFLDLV RX GH GLVW~UELRV GH DSUHQGL]DJHP QD UHGH FRPXP GH HQVLQR HP
WRGRV RV VHXV JUDXV ,Q &21)(5Ç1&,$ 081',$/ 62%5( 1(&(66,'$'(6 (0 ('8&$d­2
(63(&,$/ $ GHFODUDomR GH 6DODPDQFD VREUH SULQFtSLRV 3ROtWLFDV H 3UiWLFDV HP (GXFDomR (VSHFLDO
81(6&2


 ϯϳ
'HVWHPRGRFRQFHGHU j OLWHUDWXUDXPDIXQomRWHUDSrXWLFDpXP IDFWRU DWHUHP
FRQWDSRUTXHVHMDTXDO IRUDLGDGHRXFRQGLomRVRFLDORDSURYHLWDPHQWRGHVWDYHP DR
HQFRQWUR GD QHFHVVLGDGH GH IDQWDVLD TXH WRGR R VHU KXPDQR SRVVXt $ IDQWDVLD HVWi
OLJDGD j UHDOLGDGH H SRU LVVR D OLWHUDWXUD HVWi OLJDGD i YLGD H D IRUPDomR GR KRPHP
3RUWDQWRDOLWHUDWXUDDOpPGHHQVLQDUDFWXDWDPEpPDQtYHOGDIRUPDomRGDFULDQoDHp
HVWD UHODomR H[LVWHQWH HQWUH FULDQoD H OLWHUDWXUD TXH DVVHJXUD XPD IRUPDomR HILFD]
*UDoDVDRVUHFXUVRVILFFLRQDLVHPMRJRRWH[WROLWHUiULRYDLDRHQFRQWURGDUHDOLGDGHH
GRTXRWLGLDQRGROHLWRU
$R WUDWDU H DR GHVSHUWDU R ³GLIHUHQWH´ /tJLD $PDUDO   UHFRQKHFH TXH D
OHLWXUD GHVWHV FRQWRV GHVHQFDGHLD QD FULDQoD D FRPSUHHQVmR GDV GLIHUHQoDV H GDV
GHVLJXDOGDGHVDWUDYpVGDUHIOH[mRVREUHRVSUHFRQFHLWRVRVHVWHUHyWLSRVRVHVWLJPDVDV
VXSHUDo}HVHRVFRQIOLWRVSURSLFLDGRVSRUPHLRGHXPDOHLWXUDFUtWLFDGHVWHVFRQWRV
$VFULDQoDVQHFHVVLWDPGHOHUKLVWyULDVTXHVHMDPFDSD]HVGHDVFRQGX]LUHP
SDUD XP RXWUR XQLYHUVR XP PXQGR PiJLFR H OLWHUDOPHQWH IDEXORVR /HU XP FRQWR p
GHVWHPRGRIDYRUHFHUjVFULDQoDVFRQGLo}HVSDUDVHWRUQDUHPDGXOWRVPDLVVHJXURVGRV
VHXV VHQWLPHQWRV YLVWRTXH R LPDJLQiULR LQIDQWLO RV HQULTXHFH 'H DFRUGR FRP 0DULVD
/DMRORDQDUUDWLYDPDUDYLOKRVDH[HUFHDVHJXLQWHIXQomR

 2VWH[WRVTXHDWUDGLomRUHVHUYDRQRPHGHOLWHUDWXUD
HPERUDQDVFHQGRGHXPDHOLWHHDHODGLULJLGRVQmR
FRVWXPDP FRQILUPDUVH jV URGDV TXH GHWrP SRGHU
7UDQVERUGDP GDt H FRPR SHGUD ODQoDGD jV iJXDV
VHXV ~OWLPRV FtUFXORV YmR DWLQJLU DV PDUJHQV RX
TXDVH 6HXV HIHLWRV D LQTXLHWDomR TXH SURYRFDP
SRGHP UHSHUFXWLU HP FDPDGDV PDLV PDUJLQDOL]DGDV
PDLVGLVWDQWHVGRVFtUFXORVGDFXOWXUD


4XDQGRDFULDQoDRXYHXPFRQWRGHIDGDV RXTXDOTXHURXWURWH[WRGDiUHD SHOD
VXD FDUJD VLPEyOLFD HVWH SRGH VHU XWLOL]DGR FRPR SURSXOVRU GH SHUFHSomR GH IRUoDV
LPSXOVRV SDL[}HV SULPiULDV FRPR DPRU yGLR FL~PH DPELomR LQYHMD HQWUH RXWURV
VHQWLPHQWRVYLYLGRVSHODKXPDQLGDGHGHVGHDVXDRULJHP2VVtPERORVQHOHVH[LVWHQWHV
 
ϲϮ
 /$-2/2 0DULVD 2 TXH p /LWHUDWXUD" &ROHFomR SULPHLURV 3DVVRV 6mR 3DXOR (GLWRUD %UDVLOLHQVH
S

ϲϯ
 2V VtPERORV GHVHPSHQKDP SDSHO LPSRUWDQWH QD YLGD LPDJLQDWLYD (OHV UHYHODP RV VHJUHGRV GR
LQFRQVFLHQWH FRQGX]HP D DFomR SRU FDPLQKRV TXH jV YH]HV QmR VmR SHUIHLWDPHQWH FODURV 2V VtPERORV
DOpPGHUHSUHVHQWDUHPXPDLGHLDWUDQVFHQGHPDGLPHQVmRSXUDPHQWHFRJQLWLYD2©VLJQLILFDGRªGHXP
VtPERORWUDQVERUGDDVIURQWHLUDVGRUDFLRQDOSRLVDWLQJHDVFDPDGDV PDLVSURIXQGDVGDSVLTXHKXPDQD
,Q(367(,1,VDDF26LJQR6mR3DXOR(GÈWLFDS


 ϯϴ
YmR GLUHFWR DR LQFRQVFLHQWH SDUD ³WUDEDOKDU´ VHXV FRQWH~GRV H UHVROYHU XP HYHQWXDO
SUREOHPD2OHLWRUSHUFHSFLRQDLQ~PHUDVRXWUDVIRUPDVGHHQWHQGHUHGHYHURPXQGR
GH SHUFHEHU VXDV SUySULDV FDUDFWHUtVWLFDV H GH VH DFHLWDU WDO TXH p DOpP GH DSUHQGHU D
FRQYLYHU PHOKRU FRP R ³RXWUR´ H FRP DV GLIHUHQoDV H[LVWHQWHV QR VHU KXPDQR 'L]
%UXQR%HWWHOKHLP

3DUDGRPLQDURVSUREOHPDVSVLFROyJLFRVGRFUHVFLPHQWR
 VHSDUDU GHFHSo}HV QDUFLVLVWDV GLOHPDV HGtSLFRV
ULYDOLGDGHV IUDWHUQDV VHU FDSD] GH DEDQGRQDU
GHSHQGrQFLDV LQIDQWLV REWHU XP VHQWLPHQWR GH
LQGLYLGXDOLGDGH H GH DXWRYDORUL]DomR H XP VHQWLGR GH
REULJDomRPRUDODFULDQoDQHFHVVLWDHQWHQGHURTXHVH
HVWi SDVVDQGR GHQWUR GH VHX HX LQFRQVFLHQWH >«@ D
FULDQoD DGHTXD R FRQWH~GR LQFRQVFLHQWH jV IDQWDVLDV
FRQVFLHQWHVRTXHDFDSDFLWDDOLGDUFRPHVWHFRQWH~GR
eDTXLTXHRVFRQWRVGHIDGDVWrPXPYDORULQLJXDOiYHO
FRQTXDQWR RIHUHFHP QRYDV GLPHQV}HV j LPDJLQDomR GD
FULDQoD TXH HOD QmR SRGHULD GHVFREULU YHUGDGHLUDPHQWH
SRUVLVy


3RUWDQWR R WH[WR OLWHUiULR HGXFD SDUD LQFOXLU SRUTXH D JUDQGH GLYHUVLGDGH GH
OLQJXDJHQVVLPEyOLFDVTXHXWLOL]DJUDoDVjVFDUDFWHUtVWLFDVHTXDOLGDGHVDVVXPLGDVSHODV
YiULDVSHUVRQDJHQVILFFLRQDLVDEUHGHVYHODPjFULDQoDOHLWRUDRFRQKHFLPHQWRGHPXLWDV
RXWUDV UHDOLGDGHV $VVLP j OLWHUDWXUD FDEH XPD LPSRUWDQWH IXQomR VRFLDO TXH p D GH
HGXFDUGHFRQVFLHQFLDOL]DUHDGHLQFOXLU1HVVHVHQWLGR&ODULVVH&DOGLQDILUPDTXH

 >«@ D IXQomR VRFLDO GD OLWHUDWXUD p IDFLOLWDU DR
KRPHP FRPSUHHQGHU ± H DVVLP HPDQFLSDUVH ± GRV
JUDQGHV GRJPDV TXH D VRFLHGDGH OKH LPS}H >«@
'HVVD PDQHLUD DV KLVWyULDV FRQWHPSRUkQHDV DR
DSUHVHQWDUHP DV G~YLGDV GD FULDQoD HP UHODomR DR
PXQGR HP TXH YLYH DEUHP HVSDoR SDUD R
TXHVWLRQDPHQWR H D UHIOH[mR SURYHQLHQWHV GD
OHLWXUD


 $OHLWXUDGRWH[WRLQIDQWLODFWXDWDPEpPFRPRXPDSRVVLELOLGDGHGRVHGXFDQGRV
YLYHQFLDUHP QRYDV H[SHULrQFLDV SHOR IDFWR GH SRGHUHP DJLU FRPR SURWDJRQLVWDV GDV

 
ϲϰ
%(77(/+(,0%UXQR$SVLFDQiOLVHGRV&RQWRVGHIDGDVHGFLWS

ϲϱ
 &$/',1 &ODULFH )RUNDPS $ IXQomR VRFLDO GD OHLWXUD QD OLWHUDWXUD 5HYLVWD (OHFWUyQLFD
%LEOLRWHFRQRPLD ± (QFRQWUR GH ELEOLRWHFiULRV )ORULDQySROLV ± 6& 1 MDQMXQ  S 'LVSRQtYHO
HP©KWWSZZZHQFRQWURVELEOLXIVFEU(GLFDRBFDOGLQIXQFDRVRFLDOSGIª$FHVVRHPXW


 ϯϵ
KLVWyULDV H DVVLP JDQKDUHP H[SHULrQFLD H DXWRQRPLD 6H SHQVDUPRV HP HODERUDU XP
WUDEDOKR FRQVFLHQWH H FUtWLFR WHQGR SRU EDVH D HGXFDomRLQFOXVmR SDUD FULDQoDV FRP
QHFHVVLGDGHV HVSHFLDLV WHUHPRV SRUWDQWR GH UHFRUUHU D HVWXGRV TXH SULYLOHJLDP D
OLWHUDWXUDFRPRXPUHFXUVRIXQGDPHQWDO
(VWHWLSRGHQDUUDWLYDpXPH[FHOHQWHPHLRSDUDHOLPLQDUUHSUHVHQWDo}HVVRFLDLV
UHODFLRQDGDVFRPDGHILFLrQFLDHFRPDGLIHUHQoDSRUTXHDFWXDFRPRXPDQHFHVVLGDGH
EiVLFDSDUDDIRUPDomRGDFULDQoDHJDUDQWHXPDH[SHULrQFLDIXQGDPHQWDOGDH[LVWrQFLD
KXPDQD&RPRUHIHUHP6LQDUD=DUGRH6RUDLD)UHLWDV


 >«@ D /LWHUDWXUD LQIDQWLO SRGH VHU R FHUQH GD
FRQVWUXomRGHXPDHGXFDomRLQFOXVLYDSRLVRSHUDQGR
D SDUWLU GH VXJHVW}HV IRUQHFLGDV SHOD IDQWDVLD H
LPDJLQDomR VRFLDOL]D IRUPDV TXH SHUPLWHP D
FRPSUHHQVmR GRV SUREOHPDV H GHPRQVWUDVH FRPR
SRQWR GH SDUWLGD SDUD R FRQKHFLPHQWR UHDO H D
DGRSomR GHXPD DWLWXGH TXH YDORUL]H DV GLIHUHQoDV H
DVSDUWLFXODULGDGHV


-DEXU DILUPD PHVPR TXH FRPR R QRVVR FRUSR QHFHVVLWD GH FRPLGD R QRVVR
HVStULWR SUHFLVD GH OHLWXUD H TXH HVWD GHYH VHU FRQVLGHUDGD WDPEpP FRPR RXWUD
LPSRUWDQWHQHFHVVLGDGHEiVLFDSDUDDIRUPDomRGDFULDQoD
3RUVHXWXUQR0DUtOLD3HUHLUDQRVHXWUDEDOKRVREUHFULDQoDVFRPQHFHVVLGDGHV
HVSHFLDLV H VHP FRQWHVWDU DV SRVLo}HV DSUHVHQWDGDV GHIHQGH D XWLOLGDGH GHVWDV OHLWXUDV
FRPR³XPUHFXUVRLPSRUWDQWHSDUDDHYROXomRSVLFRVVRFLDOGHFULDQoDVFHJDVYLVWRD
OHLWXUDOKHVIRUQHFHUDRSRUWXQLGDGHGHGHVHQYROYHUHPDSWLG}HVHLQWHOHFWR´
$VFULDQoDVFRQVLGHUDGDV³HVSHFLDLV´VmRDTXHODVTXHDSUHVHQWDPGLILFXOGDGHVQD
DSUHQGL]DJHP GHVRUGHQV GH FRQGXWD SUREOHPDV HPRFLRQDLV PDV WDPEpP SRGHP WHU
SHUGD GD IXQomR SVLFROyJLFD ILVLROyJLFD RX DQDWyPLFD $OpP GH FDULQKR SDFLrQFLD
DWHQomR H DPRU D FULDQoD ³HVSHFLDO´ SUHFLVD GH GLYHUVmR YLVWR HVWD GHVHPSHQKDU XP
SDSHOLPSRUWDQWHQRSURFHVVRGR³DSUHQGHU´,VWRpDSUHQGHGLYHUWLQGRVHeQHFHVViULR
TXH HVWDV FULDQoDV ³HVSHFLDLV´ UHFHEDP DWHQomR SVLFROyJLFD DWUDYpV GD SVLFRWHUDSLD
 
ϲϲ
 =$5'2 6LQDUD 3RORP )5(,7$6 6RUDLD 1DSROHmR $ OLWHUDWXUD LQIDQWLO FRPR DX[tOLR SHGDJyJLFR
SDUD XPD HGXFDomR LQFOXVLYD 5HYLVWD 3DUWHV ± 5HYLVWD YLUWXDO GR OHLWRU 6mR 3DXOR $QR ,9 1
MXQ'LVSRQtYHOHPKWWSZZZSDUWHVFRPEUHGHGXFDFDRDVS$FHVVRHPVHW

ϲϳ
3(5(,5$0DUtOLD0HVTXLWD*XHGHV$ELEOLRWHUDSLDHOHLWXUDFUtWLFDSDUDDIRUPDomRGDFLGDGDQLDFRP
RVDOXQRVGR,QVWLWXWRGRVFHJRVGD3DUDtED³$GDOJLVD&XQKD´LQ3URFHHGLQJV;,;&RQJUHVVR%UDVLOHLUR
GH%LEOLRWHFRQRPLDH'RFXPHQWDomR5LR*UDQGHGR6XO(GLWRUDGD38&S


 ϰϬ
O~GLFDRTXHLQFOXLHQWUHRXWURVRWUDEDOKRFRPDH[SORUDomRGRLPDJLQiULRJUDoDVjV
QDUUDWLYDV PDUDYLOKRVDV 2 O~GLFR HVWi OLJDGR WDO FRPR D OLWHUDWXUD j OLQJXDJHP GR
SUD]HU H ³FRQWUDVWD´ IRUWHPHQWH FRP R XVR HILFLHQWH GD OLQJXDJHP YROWDGR SDUD ILQV
LPHGLDWRVSUiWLFRV´
$FUHGLWDPRVTXHDOLWHUDWXUDJUDoDVDRXVRGHXPGLVFXUVRGHVSUHWHQVLRVRTXH
UHSUHVHQWD D VRFLHGDGH H D UHDOLGDGH SRGH VHU XP DSURSULDGR UHFXUVR SHGDJyJLFR
HVFODUHFHQGR FRQFHSo}HV D SDUWLU GR O~GLFR TXH FRP FHUWH]D WHP XPD UHFHSWLYLGDGH
PDLRUHQWUHRVVXMHLWRVOHLWRUHVSRLVOKHVSHUPLWHDRSRUWXQLGDGHGHVHHQWHQGHUHPFRP
RWH[WRDWUDYpVGDVXDYLYrQFLD
$IXQomRWHUDSrXWLFDGDOHLWXUDSRVVLELOLWDDMXVWDUHPRo}HV HDVVLPYDL DFWXDU
QD FULDQoD OHLWRUD H RXYLQWH FRPR XP WUDQTXLOL]DQWH $ OLWHUDWXUD IXQFLRQD FRPR XPD
WHUDSLD Ki TXHP GHVLJQH HVWH WLSR GH LQWHUYHQomR FRPR XPD ELEOLRWHUDSLD WHUPR
SURYHQLHQWHGHGRLVWHUPRVJUHJRVELEOLRQTXHVLJQLILFDOLYURHWKHUDSHLDTXHVLJQLILFD
WHUDSLD $OLFH %U\DQ DVVLP FRPR RXWURV LQYHVWLJDGRUHV UHDOoDP RV REMHFWLYRV GHVWD
ELEOLRWHUDSLD 6HJXQGR %U\DQ DSXG 6+52'(6   ELEOLRWHUDSLD VHULD WRGR R
GLVSRVLWLYR GD OLWHUDWXUD LQIDQWLO TXH DMXGD D GHVHQYROYHU D PDWXULGDGH H D QXWULU H D
PDQWHUDVD~GHPHQWDOGDFULDQoD
$ SHVTXLVDGRUD /RXLVH 5RVHQEODWW DSXG 6+52'(6   UHFRQKHFH D
OLWHUDWXUD ILFFLRQDO FRPR XP DX[LOLDU QR SURFHVVR GH LQWHJUDomR VRFLDO H SHVVRDO (OD
GHIHQGHTXHDOLWHUDWXUDLPDJLQDWLYDpLPSRUWDQWHSRUTXHFRQVHJXHTXHDFULDQoDDVVXPD
RV VHXV FRQIOLWRV H TXH D UHIOH[mR REWLGD SRU LQWHUPpGLR GD OHLWXUD DFWXDU FRPR XPD
LQWURGXomRSDUDDDFomR2DFWRGHOHLWXUDGRVFRQWRVFRQWULEXLSDUDXPDGLDOpFWLFDHQWUH
RPXQGRGRWH[WRHRPXQGRGROHLWRUGHVDJXDQGRQDFRPSUHHQVmRGHVLPHVPR
 5HVWDUiGL]HUSRUILPTXHDDTXLVLomRGHOLYURVGHOLWHUDWXUDLQIDQWLOSRVVXLXPD
LPSRUWDQWHIXQomRQDLQVWLWXLomRHVFRODUYLVWRTXHHODQmRpVyXPDHVWUDWpJLDGHHQVLQR
PDVWDPEpPQXPUHFXUVRIXQGDPHQWDOSDUDHQVLQDUDSUHQGHUHLQFOXLUDVGLIHUHQoDV
$V QDUUDWLYDV GH /\JLD %RMXQJD H SDUWLFLSDQWH HQWUH HODV D REUD VHOHFFLRQDGD
SDUDDQiOLVHFRQIHUHPXPSDSHOSURHPLQHQWHDRS~EOLFRLQIDQWRMXYHQLODRDERUGDUHP
GLYHUVRV WHPDV WDLV FRPR LGHQWLGDGH SUHFRQFHLWR D YHUGDGH DV UHODo}HV IDPLOLDUHV
HWF3RULVVRQDVVXDVQDUUDWLYDVKiXPUHFXUVRjH[SHULrQFLDYLYLGDHPHVPRTXDQGRD

 
ϲϴ
25/$1',(QL3XOFLQHOL$OLQJXDJHPHVHXIXQFLRQDPHQWRDVIRUPDVGRGLVFXUVR&DPSLQDV3RQWHV
HGS



 ϰϭ
IDQWDVLD WRPD FRQWD GR HQUHGR HVWH QXQFD p FRQVWUXtGR SDUD DOLHQDU PDV DQWHV SDUD
DGTXLULU H[SHULrQFLDV ID]HQGR FRP TXH D FULDQoD OHLWRUD FRPSUHHQGD DV VLWXDo}HV H
DSUHQGDDOLGDUFRPHODV
3RGHPRV FODVVLILFDU $ %ROVD $PDUHOD FRPR XPD QDUUDWLYD GR WLSR UHDOLVPR
PDUDYLOKRVRFRQFHLWRTXH1HOO\1RYDHV&RHOKRGHILQHGRVHJXLQWHPRGR

>«@ GHFRUUHP GR PXQGR UHDO TXH QRV p IDPLOLDU RX
EHP FRQKHFLGR H QR TXDO LUURPSH GH UHSHQWH DOJR
PiJLFR RX PDUDYLOKRVR RX GH DEVXUGR  H SDVVDP D
DFRQWHFHUFRLVDVTXHDOWHUDPSRUFRPSOHWRDVOHLVRX
UHJUDVYLJHQWHVQRPXQGRQRUPDO


$OLQJXDJHPXWLOL]DGDQDQDUUDWLYDSURSRUFLRQDWURFDGHH[SHULrQFLDVjFULDQoD
OHLWRUD p JUDoDV DRV HOHPHQWRV IDQWiVWLFRV GD REUD D OHLWXUD WRUQDVH XP PRPHQWR GH
SUD]HU -DFTXHOLQH +HOG GHVWDFD D LPSRUWkQFLD GD OLQJXDJHP QDUUDWLYD PHWDIyULFD H
DILUPDQRV TXH HVWD p VHP G~YLGD D PDLV DGHTXDGD SDUD H[SUHVVDU D GXSOD
LQWHQFLRQDOLGDGHGDOLWHUDWXUDDOpPGHGLYHUWLUWDPEpPHQVLQD

>«@ D PDJLD GD SDODYUD QDVFH GR XVR LPSUHYLVWR
3DODYUD >«@ VDtGD GR FRQWH[WR H GD VLJQLILFDomR
/LQJXDJHPDFDPLQKRTXHVHFULDHTXHFULD3RLVQR
IDQWiVWLFR >«@ D SDODYUD Gi YLGD ID] D FRLVD H[LVWLU
>«@


6H SHQVDUPRV QR WH[WR TXH FRQVWLWXL REMHFWR GH QRVVD DQiOLVH YHPRV TXH HVWH
WHPDSDUWLFXODULGDGHGHXVDULQ~PHUDVGDVPHWiIRUDVFDUUHJDGDVGHVLPEROLVPR

 $EROVDWLQKDVHWHILOKRV (XVHPSUHDFKHLTXHEROVR
GHEROVDpILOKRGDEROVD >«@3HJXHLQRPHVTXHHX
YLQKD MXQWDQGR H ERWHL QREROVR GDVDQIRQD 2 EROVR
FRPSULGR HX GHL[HL YD]LR HVSHUDQGR XPD FRLVD EHP

 
ϲϵ
 6mR QDUUDWLYDV TXH QmR H[FOXHP RV UHDOLD UHDO QR EDL[R ODWLP  HQWUHWDQWR RV PDUDELOLD PDUDYLOKD 
QHODV VH LQVWDXUDP VHP VROXomR GH FRQWLQXLGDGH H VHP FULDU WHQVmR RX TXHVWLRQDPHQWR FRPR QR
IDQWiVWLFR ,Q52'5,*8(66HOPD&DODVDQV2)DQWiVWLFR6mR3DXOR(GÈWLFDS

ϳϬ
&2(/+21HOO\1RYDHV$/LWHUDWXUD,QIDQWLO+LVWyULD7HRULD$QiOLVHHGFLWS

ϳϭ
+(/' -DFTXHOLQH 2 ,PDJLQiULR QR 3RGHU DV FULDQoDV H D OLWHUDWXUD IDQWiVWLFD 6mR 3DXOR (G
6XPPXVS


 ϰϮ
PDJUD SDU HVFRQGHU Oi GHQWUR 1R EROVR EHEp HX
JXDUGHLXPDOILQHWHGHIUDOGDTXHHXWLQKDDFKDGRQD
UXD H QR EROVR GH ERWmR HVFRQGL XQV UHWUDWRV GR
TXLQWDOGHPLQKDFDVDXQVGHVHQKRVTXHHXWLQKDIHLWR
H XPDV FRLVDV TXH HX DQGDYD SHQVDQGR $EUL XP
]LSHU HVFRQGL IXQGR PLQKD YRQWDGH GH FUHVFHU
IHFKHL $EUL RXWUR ]LSHU HVFRQGL PDLV IXQGR PLQKD
YRQWDGHGHHVFUHYHUIHFKHL1RRXWUREROVRGHERWmR
HVSUHPLDYRQWDGHGHWHUQDVFLGRJDURWR HODDQGDYD
PXLWR JUDQGH H IRL XP FXVWR SUy ERWmR IHFKDU 
3URQWR $ DUUXPDomR WLQKD ILFDGR OHJDO 0LQKDV
YRQWDGHV WDYDP SUHVDV QD EROVD DPDUHOD QLQJXpP
PDLVLDYHUDFDUDGHODV


1D REUD GH /\JLD %RMXQJD DEUDQJHQGR WHPDV FRPR D H[FOXVmR DV UHODo}HV GH
SRGHUHGDUHSUHVVmRHDOLEHUGDGHGHH[SUHVVmRQRFRQWH[WRVRFLDO$DXWRUDJUDoDVDR
UHDOLVPRPDUDYLOKRVR SHUPLWH TXH D FULDQoD VH LGHQWLILTXH FRP DV VLWXDo}HV GR
TXRWLGLDQR*UDoDVDRGHVHQURODUGRVDFRQWHFLPHQWRVHDRGHVIHFKR DOHLWXUDIXQFLRQD
FRPRXPDFDWDUVHHXPDGHVFDUJDHPRFLRQDO
$SyV D OHLWXUD D FULDQoD SRGHUi ODQoDU XP QRYR ROKDU VREUH R PXQGR TXH D
URGHLD GHVFRQVWUXLQGR H UHDYDOLDQGR D VXD UHDOLGDGH $ %ROVD $PDUHOD SURSRUFLRQD j
FULDQoDOHLWRUDXPDLGHQWLILFDomRHXPDH[SHULPHQWDomRGRVVHXVFRQIOLWRVSHVVRDLV
'RVYiULRVWHUPRVLPSRUWDQWHVTXHSRGHUtDPRVH[SORUDUQHVWDREUDVDOLHQWDPRV
SULPHLUDPHQWH D UHODomR DGXOWRFULDQoD $TXL 5DTXHO QXP GHVDEDIR FRP R VHX DPLJR
LPDJLQiULRHVFUHYH³1mRDGLDQWD>«@JHQWHJUDQGHQmRHQWHQGHDJHQWH´HUHODWDVHU
LQFRPSUHHQGLGDSHORVDGXOWRVSHORIDFWRGHVHUXPDFULDQoD´
8P RXWUR WHPD H[SORUDGR QD REUD p R GD H[FOXVmR IDPLOLDU 'H IDFWR 5DTXHO
VHQWHVHH[FOXtGDGRFtUFXORIDPLOLDUHUHMHLWDGDYLVWRQmRWHUVLGRXPILOKRSURJUDPDGR
'L]HOD

7{VREUDQGR>«@-iQDVFLVREUDQGR>«@0DVVHHOD
>D PmH@ QmR TXHULD PDLV WHU ILOKR SRU TXH p TXH HX
QDVFL">«@D JHQWH Vy GHYHULDQDVFHU TXDQGR D PmH
TXHUDJHQWHQDVFHQGR>«@



 
ϳϮ
181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWSS


,ELGS


181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS


 ϰϯ
 5DTXHO VLQWHWL]D DGPLUDYHOPHQWH D IDOWD GH DWHQomR H GH FDULQKR TXH DWRUPHQWD
PXLWDVFULDQoDV$VVLPDSHUVRQDJHPYDLFRPSDUWLOKDUFRPRVVHXVDPLJRVLPDJLQiULRV
R VHQWLPHQWR GH VROLGmR 0DV p HVVH VHQWLPHQWR VROLGmR TXH LPSXOVLRQRX 5DTXHO D
LQYHQWDUDPLJRVSDUDDVVLPSRGHUFRPSDUWLOKDUFRPHOHVDVXDFDUrQFLD

>«@3UH]DGR$QGUpDQGRTXHUHQGREDWHUSDSR0DV
QLQJXpPWiDILP(OHVGL]HPTXHQmRWHPWHPSR0DV
ILFDPYHQGRWHOHYLVmR>«@

 
*UDoDVjVYLYrQFLDVGH5DTXHOXPRXWURWHPDpDERUGDGRRWHPDGRSUHFRQFHLWR
FRQWUDDPXOKHURTXH5DTXHOYDLFRQWHVWDUDRORQJRGDREUD1HVWDSHUVSHFWLYDQDVFH
QHODRGHVHMRpGHVHUXPUDSD]SRLVSDUDDSURWDJRQLVWDpPXLWRPHOKRUVHUKRPHPGR
TXH PXOKHU 3RUWDQWR QXP GLiORJR FRP VHX LUPmR HOD UHLYLQGLFD RV VHXV GLUHLWRV
IHPLQLQRV

9RFrVSRGHPXPPRQWHGHFRLVDVTXHDJHQWHQmRSRGH
2OKDOiQDHVFRODTXDQGRDJHQWHWHPTXHHVFROKHUXP
FKHIH SUDV EULQFDGHLUDV HOH p VHPSUH XP JDURWR 4XH
QHP FKHIH GH IDPtOLD p VHPSUH KRPHP WDPEpP 6H HX
TXHURMRJDUXPDSHODGDTXHpWLSRGHMRJRTXHHXJRVWR
WRGR PXQGR ID] SRXFR GH PLP H GL] TXH p FRLVD GH
KRPHP VH HX TXHUR VROWDU SLSD GL]HP ORJR D PHVPD
FRLVD


5DTXHOH[SULPHDTXLRVHXVHQWLPHQWRGHLQIHULRULGDGHHGHYXOQHUDELOLGDGHSHOR
IDFWRGHVHUPXOKHU
$OpP GR GHVHMR GH WHU QDVFLGR UDSD] 5DTXHO H[SULPH LJXDOPHQWH WDPEpP D
YRQWDGHGHFUHVFHUUDSLGDPHQWHSRUTXH³JHQWHJUDQGHWiVHPSUHDFKDQGRTXHFULDQoD
WiSRUIRUD´$XPGRVVHXVDPLJRVLPDJLQiULRVHODUHIHUHFODUDPHQWH

>«@PLQKDLUPmPDLVPRoDQHPWUDEDOKDHQHPHVWXGD
HQWmRWRGDDKRUDDJHQWHHVEDUUDXPDQDRXWUD6DEHR
TXHHODGL]"4XHpHODTXHPDQGDHPPLPYrVHSRGH
1mR SRVVR WUD]HU QHQKXPD FROHJD DTXL HOD FLVPD TXH
FULDQoD ID] EDJXQoD HP FDVD 1mR SRVVR QXQFD LU QD
FDVDGHQLQJXpP>«@
 

181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS

ϳϲ
,ELGS


181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS

 ϰϰ
 2FRQIOLWRIDPLOLDUYLYHQFLDGRSRU5DTXHOpQRVGLDVGHKRMHFRPXPQDYLGD
GH FULDQoDV $VVLP 5DTXHO YLYH PRPHQWRV GH DQJ~VWLD SRU SUHVHQFLDU DV EULJDV GRV
SDLV 'LVVR VH TXHL[D j VXD DPLJD LPDJLQiULD /RUHODL H DR HVFUHYHUOKH XPD GDV VXDV
FDUWDV

>«@(UDWmRERPTXDQGRHXPRUDYDOiQDURoD>«@PHX
SDL H PLQKD PmH YLYLDP ULQGR DQGDYDP GH PmR GDGD
HUD XPD FRLVD OHJDO GD JHQWH YHU $JRUD Wi WXGR
GLIHUHQWH HOHV YLYHP GH FDUD IHFKDGD EULJDP j WRD H
GLVFXWHPSRUTXDOTXHUFRLVD(GHSRLVWRFDWRGRPXQGRD
ILFDUHPEXUUDGR

 
&RQWXGR5DTXHOHQFRQWUDUiVROXo}HVSDUDHQFDUDUHVVDWULVWHUHDOLGDGHHDVVLP
DRUHIXJLDUVHQRVHXPXQGRHDRLQWHULRUL]DUXPPXQGRPDLVEHORpFDSD]GHOLGDUFRP
D UHDOLGDGH GR TXRWLGLDQR ( p H[DFWDPHQWH LVWR R TXH D REUD GH /\JLD %RMXQJD QRV
RIHUHFH R GH SURSLFLDU jV FULDQoDV OHLWRUDV XP WHVWHPXQKR H XPD VDtGD SDUD DV FULVHV
XPFDPLQKRDEHUWRSDUDDYLGD
$ DXWRUD DWUDYpV GH VXD QDUUDWLYD GHQXQFLD H GHVPLVWLILFD WHPDV FRPR R
SUHFRQFHLWRDLQGLIHUHQoDHDVGLIHUHQoDVJUDoDVjVVLWXDo}HVYLYHQFLDGDVHP$%ROVD
$PDUHODDWUDYpVGDSHUVRQDJHP5DTXHO
$ QDUUDWLYD p SRLV XP LQVWUXPHQWR O~GLFR TXH GHVFRQVWUyL HVWHUHyWLSRV
GLIXQGLGRVQRPHLRVRFLDOHID]UHSHQVDUQRUPDVHYDORUHVSUpHVWDEHOHFLGRV
2DUJXPHQWRXWLOL]DGRSHODSHUVRQDJHP5DTXHOQRILQDOGDQDUUDWLYDDRDFHLWDUD
GLIHUHQoDGHVHUD~QLFDFULDQoDGDVXDIDPtOLDHDFHLWDURVHXHVWDWXWRGHPXOKHUPRVWUD
TXH WRGD FULDQoD p SDVVtYHO GH HYROXLU H GH YLYHU EHP FRP VXDV GHILFLrQFLDV H
LQVHJXUDQoDV
( DVVLP YHULILFDVH TXH JUDoDV jV LGHLDV FRQWLGDV QR FRQWR WDPEpP R OHLWRU
SRGHUiVHUDMXGDGRDOLGDUPHOKRUFRPVHXVSUREOHPDVSVLFROyJLFRV
2 WH[WR DOpP GH VHU DWUDHQWH UHYHOD TXDOLGDGHV GLGiFWLFDV DR RULHQWDU PHGRV
GHVHMRV H GLIHUHQoDV H DR GLIXQGLU LGHLD TXH HVWHV VmR IDFWRUHV QRUPDLV H DFHLWiYHLV
GHL[DQGRSRUWDQWRGHVHUPRWLYRSDUDYHUJRQKDRXGHGLVFULPLQDomR
1RIXQGRFRPRMiGLVVHPRVDREUDOLWHUiULDFRQGX]RVSHTXHQRVOHLWRUHVDXPD
DSUHQGL]DJHP(OHVVHUmROHYDGRVDHQFDUDUDVVLWXDo}HVFRQIOLWXRVDVGHXPDIRUPDPDLV

    




181(6/\JLD%RMXQJD$%ROVD$PDUHODHGFLWS

 ϰϱ
VDXGiYHO $ DXWRHVWLPD GD FULDQoD VDL UHIRUoDGD SRU YHQFHU RV VHXV PHGRV DV VXDV
YHUJRQKDVHDQJ~VWLDV
3RUWDQWR D OLWHUDWXUD LQIDQWRMXYHQLO FRQFHGHQGR JUDQGH LPSRUWkQFLD DRV
VtPERORV H DUTXpWLSRV DMXGD R OHLWRU D UH  HODERUDU SHUGDV H FRQVWUXLU QRYRV
VLJQLILFDGRV SDUD DVVLP UHLQWHUSUHWDU R SUySULR PXQGR 7XGR LVWR VHUYLGR SRU XPD
OLQJXDJHPFULDWLYDHEHPKXPRUDGD$VSHUGDVUHHODERUDPVHQRSODQRVLPEyOLFRHQmR
DPHDoDPDHVWUXWXUDUHDOTXHSRVVLELOLWDXPHTXLOtEULRHQWUHDDQVLHGDGHHDDVSLUDomR
(VWH SURJUHVVR GH RUGHP FRJQLWLYD FRQWULEXL SDUD D LQFOXVmR H SDUD D DFHLWDomR (OH
IXQFLRQD FRPR UHFRQVWUXomR GD DXWRHVWLPD GDTXHOHV TXH HVWmR HRX VHQWHPVH
H[FOXtGRV
$ QDUUDWLYD GH /\JLD %RMXQJD SHUPLWH TXH R OHLWRU HQWHQGD PHOKRU R PXQGR
FRPSOH[RHTXHYLYHRVSUREOHPDVGRVHUKXPDQR(OHDMXGDDFRORFDU³RUGHPQRVVHXV
VHQWLPHQWRV´ ( FRP HVVD WRPDGD GH FRQVFLrQFLD D FULDQoD HQFDPLQKDVH SDUD XPD
VLWXDomRGHLQFOXVmRVRFLDO
(VWH WH[WR GH /\JLD %RMXQJD p GHVWH PRGR XPD QDUUDWLYD H[HPSODU H ULFD GH
SUREOHPiWLFDVTXHHVWHWUDEDOKRSUHWHQGH


 2FRQWRLQIDQWLOjOX]GDSVLFDQiOLVH

e QRVVR LQWXLWR QHVWH FDStWXOR UHIOHFWLU VREUH D LPSRUWkQFLD GR LPDJLQiULR
HQTXDQWR UHFXUVR XWLOL]DGR QR GHVHQYROYLPHQWR SVLFROyJLFR GD FULDQoD RX VHMD D
XWLOL]DomRGHQDUUDWLYDVFRQRWDGDVFRPRPDUDYLOKRVRDVTXDLVSRGHUmRDMXGDUDVXSHUDU
DV GLIHUHQoDV H DV GLILFXOGDGHV VHQWLGDV 3DUD WDO UHFRUUHUHPRV D DOJXPDV WHRULDV GD
3VLFDQiOLVH

 

 $ 3VLFDQiOLVH p XPD GLVFLSOLQD IXQGDGD SRU )UHXG R TXDO HPSUHJRX RV WHUPRV DQjOLVH DQjOLVH
SVtTXLFD DQiOLVH SVLFROyJLFD DQiOLVH KLSQyWLFD HP ³$V 3VLFRQHXURVHV GH 'HIHVD´ HP  6RPHQWH
PDLVWDUGHLQWURGX]LXRWHUPRSV\FKRDQiO\VHQXPDUWLJRVREUHDHWLRORJLDGDVQHXURVHV2XVRGRWHUPR
©SVLFDQiOLVHªFRQVDJURXRDEDQGRQRGDFDUWDVHVREKLSQRVHHGDVXJHVWmRHRUHFXUVRH[FOXVLYRjUHJUD
GDDVVRFLDomROLYUHSDUDREWHURPDWHULDO HODERUDomRGRVGDGRVEUXWRVIRUQHFLGRVSHORVSDFLHQWHV )UHXG
GHXYiULDVGHILQLo}HVGHSVLFDQiOLVHHQWUHHODV³XPPpWRGRGHLQYHVWLJDomRTXHFRQVLVWHHVVHQFLDOPHQWH
QDHYLGHQFLDomRGRVLJQLILFDGRLQFRQVFLHQWHGDVSDODYUDVGDVDFo}HVGDVSURGXo}HVLPDJLQiULDV VRQKRV
IDQWDVPDVGHOtULRV ´DVVLPFRPRWDPEpP³DRWUDEDOKRSHORTXDOOHYDQWDPRVjFRQVFLrQFLDGRGRHQWHR
SVtTXLFRUHFDOFDGRQHOH´,Q/$3/$1&(-RQHV9RFDEXOiULRGD3VLFDQiOLVH/LVERD0RUDHV(GLWRUHV
S


 ϰϲ
6pUJLR;LPHQHVQRVHX0LQLGLFLRQiULRGD/tQJXD3RUWXJXHVDGHILQHDSDODYUD
LPDJLQDomR ³FRPR D IDFXOGDGH FULDWLYD H[HUFLGD SHOD FRPELQDomR GH LGHLDV >ORJR@
LPDJLQiULRpVyRTXHH[LVWHQDLPDJLQDomR´
2 UHFXUVR DR PDUDYLOKRVR p VHP G~YLGD XP HOHPHQWR LPSRUWDQWH SDUD R
GHVHQYROYLPHQWRSVtTXLFRHSDUDRDPDGXUHFLPHQWRHPRFLRQDOGDFULDQoD2SUD]HUHDV
HPRo}HV TXH HVWDV QDUUDWLYDV SURSRUFLRQDP R VLPEROLVPR LPSOtFLWR QDV SDODYUDV QR
HQUHGR QDV DFo}HV GDV SHUVRQDJHQV H DV ³SURGXo}HV LPDJLQiULDV´ DJHP QR
LQFRQVFLHQWH GR LQGLYtGXR DMXGDQGRR D UHVROYHU RV VHXV FRQIOLWRV LQWHULRUHV e HVWD D
FRQFOXVmRGHDOJXQVHVWXGLRVRVGRkPELWRSVLFDQDOtWLFRDRGHFODUDUTXH

>«@RVVLJQLILFDGRV VLPEyOLFRV GRV FRQWRV PDUDYLOKRVRV
HVWmROLJDGRVDRVHWHUQRVGLOHPDVTXHRKRPHPHQIUHQWD
DR ORQJR GH VHX DPDGXUHFLPHQWR HPRFLRQDO 2 TXH VH
SURFHVVD GHVGH D IDVH QDUFLVLVWD RX HJRFrQWULFD LQLFLDO
HP TXH GRPLQD R HX LQFRQVFLHQWH SULPLWLYR H LQVWLQWLYR
,G  GXUDQWH D TXDO VHJXQGR -XQJ D HQHUJLD SVtTXLFD
SULPiULD  TXH UHJXOD WRGD D YLGD KXPDQD ± p GLULJLGD
H[FOXVLYDPHQWHSDUDRSUySULRHXDWpDIDVHILQDO « GH
WUDQVFHQGrQFLDGDSUySULDKXPDQLGDGHSRUXPHXLGHDO
(QWUH HVVDV GXDV IDVHV SRODUHV GiVH D HYROXomR PDLV
VLJQLILFDWLYD GR VHU KXPDQR SDVVDJHP GRHJRFHQWULVPR
SDUDRVRFLRFHQWULVPRDGRHXSDUDRQyVDIDVHGRHX
FRQVFLHQWH  (JR ± UHDO DIHFWLYR LQWHOLJHQWH TXH
UHFRQKHFHHYDORUL]DRRXWURFRPRHOHPHQWRFKDYHSDUD
DVXDSUySULDDXWRUHDOL]DomR


&RPRGHFRUUHUGRVpFXORFUHVFHXDFUHGLELOLGDGHHPUHODomRDLPSRUWkQFLDHj
LQIOXrQFLD GRV FRQWRV GH IDGDV QR LPDJLQiULR LQIDQWLO 2V HVWXGLRVRV JDUDQWHP H
VXEOLQKDP D LPSRUWkQFLD SDUD D FULDQoD HP RXYLU KLVWyULDV (VWDV JDUDQWHP R
 

;,0(1(66pUJLR0LQLGLFLRQiULRGD/tQJXD3RUWXJXHVDžHG6mR3DXOR(GLRXURS


 $ QRomR GR ©LPDJLQiULRª XPD GDV SULPHLUDV HODERUDo}HV WHyULFDV GH /DFDQ D UHVSHLWR GD ³IDVH GR
HVSHOKR´FRPDLGHLDGHTXHRHJR UHVXOWDGRGHXPDQRomRSUHVHQWHGHVGHDRULJHPGRVSHQVDPHQWRV GD
FULDQoDVHFRQVWLWXLDSDUWLUGDLPDJHPGRVHXVHPHOKDQWH

&2(/+21HOO\1RYDHV$/LWHUDWXUD,QIDQWLO+LVWyULD7HRULD$QiOLVHHGFLWS


'HRULJHP&HOWDRVFRQWRVGHIDGDVVXUJLUDPFRPRSRHPDVTXHUHYHODUDPDPRUHVHWHUQRVHVWUDQKRVH
DWpPHVPRIDWDLV1RLQtFLRRVFRQWRVGHIDGDV±SRHPDV±HUDPLQGHSHQGHQWHVSDVVDQGRSRVWHULRUPHQWH
j VHU FRQVLGHUDGRV FRPR FLFOR QRYHOHVFR H LGHDOLVWD YROWDGR DRV YDORUHV KXPDQRV 2V FRQWRV FOiVVLFRV
QDVFLGRVHP)UDQoDQRVpFXOR;9,,DWUDYpVGH&KDUOHV3HUUDXOWSDUDIDODUGRVDGXOWRV+iIRQWHVRULHQWDLV
H FpOWLFDV DQWHV GR QDVFLPHQWR GH &ULVWR HQFRQWUDGDV SRU HVWXGLRVRV H TXH D SDUWLU GD ,GDGH 0pGLD
IRUDPGHQRPLQDGDVFRPRIRQWHVHXURSHLDV6XUJLUDPFRPRIRUPDGHSURGXomRHRUJDQL]DomRVRFLDOSUp
FDSLWDOLVWDVHUHSUHVHQWDPHPVHXVSHUVRQDJHQVYDORUHVEXUJXHVHVTXHVXUJLUDPHVHFRQVROLGDUDPHQWUH
RVVpFXORV;9,,H;,;


 ϰϳ
GHVHQYROYLPHQWR GD LGHQWLGDGH GD FULDQoD YLVWR VHU DWUDYpV GHODV TXH VH DEUHP
SRVVLELOLGDGHV SDUD TXH HODV WUHLQHP H H[SHULPHQWHP RV VHXV SDSpLV QD VRFLHGDGH 2V
FRQWRV WUDQVSRUWDPQDV SDUD VLWXDo}HV UHDLV H FRORFDPQDV GHQWUR GDV DYHQWXUDV
QDUUDGDV $VVLP DV FULDQoDV FRQVWURHP D VXD VDEHGRULD GHVHQYROYHP UHIOH[}HV
VHQWLPHQWRV H LPDJLQDomR H SRU RXWUR ODGR FRQWDFWDP FRP VLWXDo}HV TXH Vy
YLYHQFLDULDPQDYLGDDGXOWD6HJXQGR%UXQR%HWWHOKHLPDVDEHGRULD

>«@ p FRQVWUXtGD SDVVR D SDVVR D SDUWLU GDV RULJHQV
PDLV LUUDFLRQDLV 6y QD LGDGH DGXOWD p TXH XPD
FRPSUHHQVmR LQWHOLJHQWH GR VHQWLGR GD H[SHULrQFLD GH
FDGD XP QHVWH PXQGR VH SRGH REWHU D SDUWLU GDV
H[SHULrQFLDVYLYLGDV


 3DUD DOpP GR SUD]HU H GRV DVSHFWRV O~GLFRV RV FRQWRV GH IDGDV HRX FRQWRV
PDUDYLOKRVRV WrP XP SDSHO GH JUDQGH LPSRUWkQFLD VLPEyOLFD YLVWR SURSRUFLRQDUHP R
GHVHQYROYLPHQWRFULDWLYRHXPDSHUVRQDOLGDGHVDXGiYHOQDFULDQoD(VWHWLSRGHFRQWRV
PDUDYLOKRVRVVmRSRLVPXLWRLPSRUWDQWHVGDGRTXH

>«@ R TXH QHOHV SDUHFH DSHQDV LQIDQWLO GLYHUWLGR RX
DEVXUGRQDYHUGDGHFDUUHJDPXPDVLJQLILFDWLYDKHUDQoD
GHVHQWLGRVRFXOWRVHHVVHQFLDLVSDUDDQRVVDYLGD


2VWUDGLFLRQDLVFRQWRVGHIDGDVGHVSHUWDPHPRo}HVHGHIRUPDO~GLFDWUDWDPDV
DQJ~VWLDV H[LVWHQFLDLV FRPR SRU H[HPSOR D QHFHVVLGDGH GH VHU DPDGR WDO FRPR QR
3DWLQKR )HLR $ ULYDOLGDGH H D FRPSHWLomR FRP D PmH EHP H[SUHVVDV HP %UDQFD GH
1HYH 2 DEDQGRQR H D VROLGmR HP -RmR H 0DULD 2V FDPLQKRV H RV GHVFDPLQKRV QR
SURFHVVRGHKXPDQL]DomRFRPRSRGHPRVYHUHP3LQyTXLR$PHQLQDSURYRFDGRUDTXH
VHGHIURQWDFRPRPXQGRHP&KDSHX]LQKR9HUPHOKRHWF
3RGHPRV GL]HU TXH HVVDV QDUUDWLYDV SURMHFWDP DFRQWHFLPHQWRV H SUREOHPDV
SVLFROyJLFRVYHLFXODGRVJUDoDVjVLPDJHQVHjVDFo}HV(VWDVVmRFDSD]HVGHDX[LOLDUR

 

%(77(/+(,0%UXQR$SVLFDQiOLVHGRV&RQWRVGHIDGDVHGFLWS


&2(/+21HOO\1RYDHV$/LWHUDWXUD,QIDQWLO+LVWyULD7HRULD$QiOLVHHGFLWS


 2V FRQWRV GH IDGDV DERUGDP SURFHVVRV SVLFROyJLFRV WDLV FRPR LGHQWLILFDomR SURMHFomR GHSHQGrQFLD
LQIDQWLODPELYDOrQFLDFRQWH~GRODWHQWHWUDQVIHUrQFLDULYDOLGDGHHGtSLFDHULYDOLGDGHIUDWHUQDSDVVDJHP
GRDPRULQIDQWLOSHORSDLSDUDRDPRUJHQLWDOPDGXURFDVWUDomRHQWUHRXWURV(VWDVQDUUDWLYDVWUDQVPLWHP
jPHQWHFRQVFLHQWHSUpFRQVFLHQWHHLQFRQVFLHQWHGDFULDQoDDVGLYHUVDVPHQVDJHQVQHOHVHPEXWLGDV

 ϰϴ
OHLWRUDFRPSUHHQGHUHDSUHQGHUDOLGDUFRPRTXHVHSDVVDGHQWURGHVHXLQFRQVFLHQWHR
TXH GH RXWUR PRGR QmR FRQVHJXLULD SRU PHLR GH H[SOLFDo}HV UDFLRQDLV &DGD FRQWR
DERUGDXPWHPDUHODFLRQDGRFRPDYLGDSVtTXLFDHSDUWLFXODUGDFULDQoD
$VSHUVRQDJHQVGHVWHVFRQWRVSRGHPDVVXPLULQ~PHUDVIXQo}HVPDVDRPHVPR
WHPSR TXH GLYHUWHP WDPEpP GHQXQFLDP TXHVWLRQDP H HVWLPXODP D FULDQoD D UHIOHFWLU
VREUHGLYHUVRVYDORUHVHFRQGXWDV$OJXPDVSHUVRQDJHQVQRVFRQWRVVLPEROL]DPSDUDD
FULDQoD R ERP VHQVR H D LQWHOLJrQFLD PHVPR TXDQGR YtWLPD GD DXWRULGDGH VRFLDO H
IDPLOLDUFRPRDFRQWHFHHP$%ROVD$PDUHOD
/LDQD 7ULQGDGH H )UDQoRLV /DSODWLQH DILUPDP TXH D LPDJLQDomR SRGH VHU
HQWHQGLGDFRPRWXGRRTXHQmRpUHDORXVHMDXPPXQGRRSRVWRjUHDOLGDGHFRQFUHWD
SURGXWRUD GH GHYDQHLRV H GH LPDJHQV TXH H[SOLFDP H SHUPLWHP D HYDVmR IRUD GR
TXRWLGLDQR
$ QHFHVVLGDGH GH FRPSUHHQGHUPRV D UHDOLGDGH DVVHQWD QD YHUGDGH H WDO p
SRVVtYHO DWUDYpV GD LPDJLQDomR 3RGHPRV GL]HU TXH R LPDJLQiULR UHFRQVWUyL R UHDO H
DFWXDFRPRXPD³LPDJLQDomRFRQWUDYHQWRUD´GRSUHVHQWH
(QHVWHFDPSRDOLWHUDWXUDpVHPG~YLGDXPDGDVPDLVYDOLRVDVFRQTXLVWDVGR
KRPHP SRLV DWUDYpV GHOD SRGH FRQKHFHUVH WUDQVPLWLUVH H FRPXQLFDU D DYHQWXUD GD
SUySULDH[LVWrQFLDKXPDQD
( FRPR TXHU TXH VHMD RV FRQWDFWRV TXH D FULDQoD HVWDEHOHFH HVVH PXQGR VmR
PHGLDGRV DWUDYpV OLQJXDJHP (VWD WRUQDVH SRUWDQWR XP IDFWRU LPSRUWDQWH SDUD D
LQVWDXUDomRGDFRQVFLrQFLDeJUDoDVjHODTXHDUHDOL]DomRVRFLDOVHSURGX]JDQKDYLGD
H LGHQWLGDGH -DFTXHOLQH +HOG DQDOLVD D PDJLD SULPLWLYD GD LQIkQFLD H D OLEHUWDomR GD
PHVPDSHODIDQWDVLDGDOLQJXDJHP$VVLPHODUHIHUHTXH

$ OLQJXDJHP DQWHV GD LQWHUYHQomR QRUPDWLYD DGXOWD p
UHFHELGDFRPRPLVWHULRVDPXOWLIRUPHSOiVWLFD0DWHULDO
SDUD IRUPDU GHIRUPDU FRQVWUXLU UHFRQVWUXLU
LQGHILQLGDPHQWH $WLWXGH TXH R SRHWD RX JHUDOPHQWH
TXDOTXHU HVFULWRU TXHFULD XP IDQWiVWLFR GDOLQJXDJHP
GHYHUi XP GLD GXUDPHQWH HQFRQWUDU ID]HU UHVVXUJLU
(VVDDWLWXGHDFULDQoDDWHP6HSDUDHODXPDSDODYUD
LJXDOD RXWUD FRLVD WDOYH] YiULDV FRLVDV FRQIRUPH R
KXPRU GH FDGD PRPHQWR p R UHVXOWDGR FHUWDPHQWH GH
LJQRUkQFLD SRLV PDV p WDPEpP R UHVXOWDGR GH VXD

 

/$3/$7,1()UDQoRLV75,1'$'( /LDQD2TXHpLPDJLQiULR"&RO3ULPHLURV3DVVRV6mR3DXOR
(GLWRUD%UDVLOLHQVH


 ϰϵ
OLEHUGDGH GH LPDJLQDomR LQLFLDO GH VXD DWLWXGH GH MRJR
>«@


 e DWUDYpV GD OLWHUDWXUD LQIDQWLO TXDO XP FDPLQKR PiJLFR TXH FRQGX]LPRV D
LQWHOLJrQFLD H D VHQVLELOLGDGH GD FULDQoD H DVVLP IDYRUHFHPRV D VXD IRUPDomR 1HVVH
FDPSRFRPRQmRUHFRUGDURJUDQGHHVFULWRUXQLYHUVDOHLPRUWDO$QGHUVHQ
 $VVROLFLWDo}HVGRPHLRFRQVWLWXHPVHPSUHIRUWHVDSHORVSDUDDFULDQoDRVTXDLV
YmR DFWXDU FRPR RULHQWDomR QRV LQWHUHVVHV GD VXD YLYrQFLD H GD VXD FXULRVLGDGH
LQWHOHFWXDO3RGHPRVGL]HUTXHDFULDQoDpFRPR

>«@ XP ³ID] GH FRQWD´ QD IXJD GR TXRWLGLDQR SDUD D
FRQVWUXomR GR VHX PXQGR LGHDO ³(UD XPD YH]´« p R
DEUHWHVp]DPRQDKLVWyULDGDYLGDGRKRPHP


 3RUWDQWRSULYDUDFULDQoDGRHQFDQWRGDIDQWDVLDHGRLPDJLQiULRpVXSULPLUWRGD
DULTXH]DGRVHXPXQGRLQWHULRU3DUDTXHWDOQmRDFRQWHoDpQHFHVViULRVDEHUHVFROKHUR
TXH RIHUHFHU jV FULDQoDV TXH OrHP RX RXYHP KLVWyULDV H SDUD LVWR WRUQDVH
LPSUHVFLQGtYHOTXHRDGXOWRFRQKHoDDOLWHUDWXUDTXHPHOKRUVHLGHQWLILFDFRPHODV
 $VVLPVHQGRGHYHPRVSUHRFXSDUQRVFRPDVLQIOXrQFLDVTXHRVFRQWRVLQIDQWLV
H[HUFHPVREUHDPHQWHGDFULDQoDHWDPEpPFRPDVUHVSHFWLYDVFRQVHTXrQFLDVTXHGDt
SRGHUmRDGYLUTXDQGRDGXOWDV 
 3RUpP p QHFHVViULR DGYHUWLU TXH DSHVDU GH RV FRQWRV VHUHP IXQGDPHQWDLV
SRGHP VHU WDPEpP XP UHFXUVR SHULJRVR VH QmR KRXYHU XP JUDQGH FXLGDGR QD VXD
VHOHFomR YLVWR SRGHUHP LQIOXHQFLDU QHJDWLYDPHQWH &RPR Mi GLVVHPRV HVWHV VmR
IRUPDGRUHVGDSHUVRQDOLGDGHWDOFRPROHPEUD-DFTXHOLQH+HOG

>«@GDUjFULDQoDRJRVWRSHORFRQWRHDOLPHQWiODFRP
QDUUDo}HV IDQWiVWLFDV VH HVFROKLGDV FRP GLVFHUQLPHQWR
H DFHOHUDU HVVD PDWXUDomR FRP PDQLSXODomR  IOH[tYHO H
O~GLFDGDUHODomRUHDOLPDJLQiULR



 

+(/'-DFTXHOLQH2LPDJLQiULRGR3RGHU$VFULDQoDVHDOLWHUDWXUDIDQWiVWLFDHGFLWS


&$59$/+2%iUEDUD9DVFRQFHORV/LWHUDWXUD,QIDQWLOHGFLWS


+(/'-DFTXHOLQH2,PDJLQiULRQR3RGHUDVFULDQoDVHDOLWHUDWXUDIDQWiVWLFDHGFLWS


 ϱϬ
 $ FULDQoD SHOR IDFWR GH VHU PXLWR FULDWLYD QHFHVVLWD GH PDWHULDO VDGLR H EHOR
SDUDDVVLPSRGHURUJDQL]DURVHX³LPDJLQiULR´HRVHXXQLYHUVRPiJLFROXJDURQGHHOD
FRQVWUyLFULDHGHVWUyLRXVHMDRQGHUHDOL]DWXGRDTXLORTXHGHVHMD$FULDQoDDWUDYpV
GRVHXLPDJLQiULR TXHRVFRQWRVLQIDQWLVGHVSHUWDP WHPDFDSDFLGDGHGHFRUULJLUWXGR
R TXH FRQVLGHUD HUUDGR $ LPDJLQDomR TXDQGR VXSHULRUPHQWH FRQGLFLRQDGD UHYHODVH
XPDIRQWHGHOLEHUWDomRXPDPDQHLUDHILFD]GHSHUPLWLUHFRQTXLVWDUDOLEHUGDGH
$OLWHUDWXUDQDVFHXGHVHQYROYHXVHHFUHVFHXFRPRKRPHPHpXWLOL]DGDGHVGH
D RULJHP FRPR LQVWUXPHQWR GH WUDQVPLVVmR GH YDORUHV 7DLV YDORUHV SRUTXH 
HVVHQFLDOPHQWH DEVWUDFWRV  GLILFLOPHQWH VmR FRPSUHHQGLGRV 'Dt D LPSRUWkQFLD TXH D
OLQJXDJHPOLWHUiULDDVVXPLXSDUDRVKRPHQVGHVGHRVSULPyUGLRVGDFLYLOL]DomR

>«@ p D OLQJXDJHP GD UHSUHVHQWDomR OLQJXDJHP
LPDJtVWLFD TXH FRPR QHQKXPD RXWUD WHP R SRGHU GH
FRQFUHWL]DU R DEVWUDWR H WDPEpP R LQGL]tYHO DWUDYpV GH
FRPSDUDo}HV LPDJHQV VtPERORV DOHJRULDV
>LPDJLQDomR@>«@


5HYHODGR DR PXQGR RIHUHFLGR DWUDYpV GD ILFomR TXH DR FULDU GLVSRQLELOLGDGHV
SDUDRVHXSUySULRFRQKHFLPHQWRVHHVWiDYDORUL]DUHpDWUDYpVGD/LWHUDWXUDTXHHOH
YDLFULDUHVVDVGLVSRQLELOLGDGHV

( VH GH WRGDV DV IRUPDV GH H[SUHVVmR GH TXH R KRPHP
GLVS}H SDUD GDU IRUPD jV VXDV YLYrQFLDV H H[SHULrQFLDV
«  D /LWHUDWXUD p D GDV PDLV HORTXHQWHV GHYLGR D
DPSOLWXGH GH VHXV UHFXUVRV H[SUHVVLRQDLV (OD QmR Vy
SRGH GDU SHUHQLGDGH DR JHVWR RX DR DWR IXJD] GH YLYHU
FRPR SULQFLSDOPHQWH VH FRQFUHWL]D HP XPD PDWpULD
IRUPDO TXH FRUUHVSRQGH jTXLOR TXH GLVWLQJXH R KRPHP
GRV GHPDLV VHUHV GR UHLQR DQLPDO D SDODYUD D
OLQJXDJHPFULDGRUD


 $ ILFomR LQIDQWLO SHUPLWH j FULDQoD FRPELQDU LPDJHQV H UHIRUPXOiODV FRP VXD
FDSDFLGDGHLQWXLWLYDHVXEMHFWLYDDOLWHUDWXUDID]GDFULDQoDXPDYHUGDGHLUDSRHWLVD'R
 

7DQWRRKRPHPUXGLPHQWDUFRPRDFULDQoDPDQLIHVWDPXPDFRQVFLrQFLDKLVWyULFDGDUHDOLGDGHHPTXH
HVWmRVLWXDGRVSRLVQmRFRPSUHHQGHPDYLGDVHQmRRSUHVHQWHHRFRQKHFLPHQWRUHVXOWDGDH[SHULrQFLD
LQWHOHFWXDORXGDWpFQLFDH[SHULPHQWDO


+(/'-DFTXHOLQH2,PDJLQiULRQR3RGHUDVFULDQoDVHDOLWHUDWXUDIDQWiVWLFDHGFLWS


&2(/+21HOO\1RYDHV$OLWHUDWXUD,QIDQWLO+LVWyULD7HRULDH$QiOLVHHGFLWS


 ϱϭ
PHVPRPRGRTXHWRGRRDGXOWRWHPGHQWURGHOHXPDFULDQoDVXIRFDGDSHODYLJLOkQFLDGD
FHQVXUD
$OLWHUDWXUDLQIDQWLOpSRLV³OLWHUDWXUDGDFULDQoD´RXVHMDQHODHVWiSUHVHQWHXPD
VpULH GH LPDJHQV H GLUHFWUL]HV FDSD] GH H[SORUDU R LPDJLQiULR LQIDQWLO GD FULDQoD $RV
SHQVDUPRVQDVKLVWyULDVGH3HUUDXOWSRGHPRVGL]HUTXHIRLH[DFWDPHQWHFRPHVWHDXWRU
TXHHVWHWLSRGHOLWHUDWXUDWHYHRVHXLQtFLRYLVWRRVVHXVFRQWRVWHUHPWLGRWDQWRHFRQDV
FULDQoDVHWHUHPVHPDQWLGRDWpKRMHFRPRXPDIRQWHGHTXHVWLRQiYHOLQWHUHVVH$OpPGH
XQLU D HVWpWLFD H D GLGiFWLFD HVWH HVFULWRU FDSWD D FULDQoD HP IRUPDomR SDUD D YLGD
VXSHULRUGRHVStULWRTXHpXPGRVREMHFWLYRVIXQGDPHQWDLVGDOLWHUDWXUDLQIDQWLO
&RQYpP VDOLHQWDU DTXL TXH R LPSRUWDQWH QD OLWHUDWXUD LQIDQWLO p GHVSHUWDU D
FULDQoD SDUD WRGRV RV DVSHFWRV GHVGH R LQWHOHFWXDO DR HPRFLRQDO SDVVDQGR SHOR
SVLFROyJLFRHSHORVRFLDOHQWUHRXWURV(pDWUDYpVGRFRQWRLQIDQWLOTXHVHUHIOHFWHWRGD
HVVDFRPSOH[LGDGH0XLWRHPERUDRFRQWRVHMDKRMHUHFULDGRFRPSUREOHPiWLFDVDFWXDLV
HOHFRQVHUYDDVVXDVIRQWHVWUDGLFLRQDLVHpXPWUDPSROLPSDUDDIRUPDomRGDFULDQoD
JUDoDVjLQIOXrQFLDGRVLQJUHGLHQWHVGDiUHDGRPDUDYLOKRVR
$VVLP VH KRMH GLVWLQJXLPRV QD OLWHUDWXUD LQIDQWLO D YHUWHQWH ³FOiVVLFD´ H D
YHUWHQWH ³PRGHUQD´ QR HQWDQWR TXHU QXPD TXHU QRXWUD GDV YHUWHQWHV DV FULDQoDV
HQFRQWUDP Dt XPD PDQHLUD GH UHDOL]DUHP RV VHXV GHVHMRV UHSULPLGRV JUDoDV D HVVHV
PXQGRV³RXWURV´RQGHLPSHUDDOLEHUGDGHDLPDJLQDomRHDIDQWDVLD
$FWXDOPHQWHPXLWRVGHVVHVDVSHFWRVVXVFLWDPLQWHUHVVHVHSHVTXLVDVSRUSDUWHGH
YiULRV HVWXGLRVRV $ SVLFDQiOLVH WDO FRPR D KHUPrXWLFD GH WH[WR SHUPLWH DR VXMHLWR
UHYHU RV VHXV FRQKHFLPHQWRV VHX PRGR GH YHU H GH HVWDU QR PXQGR FRQGX]LQGRR D
XPDEXVFDSHOR³UHFRQVWUXLUGHQRYR´
&RPRDFHQWXD%UXQR%HWWHOKHLP


 

 &OiVVLFD FRPSUHHQGHQGR RV JpQHURV OtULFR GUDPiWLFR GLGiFWLFR H pSLFR UHVSHFWLYDPHQWH FRPR RV
FRQWRV WUDGLFLRQDLV HP SURVD RX YHUVR DV SRHVLDV H FDQo}HV R WHDWUR H WtWHUHV H RXWUDV PRGDOLGDGHV D
IiEXODHRXWUDVH[SUHVV}HVGHFRQWH~GRGLGiFWLFRDYHQWXUDGHKHUyLVGHIHLWRVHQWUHRXWUR0RGHUQDj
TXDO VH DFUHVFHQWD WRGR R FRQGLFLRQDPHQWR DFWXDO FRPR SRU H[HPSOR FRQWRV GH H[SORUDomR FLHQWtILFD
VREUHDFRQWHFLPHQWRVHIDWRVUHDLVUHYLVWDVFLQHPDWHOHYLVmRHWF2WHPSRPRGHUQRDWUDYpVGDWpFQLFD
GD³RPQLSUHVHQoD´SHUGHDGLPHQVmRGHSHUVSHFWLYDGRWHPSRHQIUDTXHFHQGRDPDJLDGDH[SUHVVmR³(UD
XPD YH]´ TXH HPERUD YDJD H DWHPSRUDO HVWDEHOHFLD FHUWD FRQRWDomR FRP XP WHPSRYLUWXDO RQGH VH
VLWXDPIDFWRVHVHUHV(VVHWHPSRIRLVXSHUDGRSHODSUHVHQoDGRVDFRQWHFLPHQWRVTXHQXPDLQYHUVmRGH
FDXVDOLGDGHDRLQYpVGDSHUVSHFWLYDTXHHVWLPXODDLPDJLQDomRHOHVHDSUHVHQWDHPFRQFRPLWkQFLDFRP
RVIDFWRVIUXVWUDQGRRSURFHVVRLPDJLQDWLYR


 ϱϮ
$ 3VLFDQiOLVH IRL FULDGD SDUD KDELOLWDU R KRPHP D
DFHLWDUDQDWXUH]DSUREOHPiWLFDGDYLGDVHPVHUYHQFLGR
SRUHODRXVHPVHHQWUHJDUjIXJDVLVWHPiWLFD



'H DFRUGR FRP D SVLFDQiOLVH QR LQFRQVFLHQWH JHUDVH XPD GXDOLGDGH SVtTXLFD
TXH DV SHODV DQJ~VWLDV H VDWLVIDo}HV UHIOHFWHP $ LQWHUSUHWDomR WRUQDVH DVVLP XP
SURFHVVR SVLFROyJLFR HP TXH R VtPEROR SRVVXL OXJDU GH GHVWDTXH 'HVWH PRGR VH
HVWDEHOHFH XPD SRQWH FRP DV FLrQFLDV FRJQLWLYDV YLVWR TXH D FRJQLomR SRGH
FRUUHVSRQGHUDRWUDWDPHQWRGHLQIRUPDomRWHQGRHPFRQWDDPDQLSXODomRGRVVtPERORV
1RVFRQWRVHVWmRSUHVHQWHWUrVDVSHFWRVIXQGDPHQWDLVRVDJUDGRRLQLFLiWLFRHR
FLHQWtILFR 2V HVWXGLRVRV GD 3VLFRORJLD YmR EXVFDU DV VXDV RULJHQV ULWXDLV PtVWLFDV
LQLFLiWLFDVQRVYHOKRVPLWRV
2V HOHPHQWRV PDWHULDLV GR PLWR VmR WUDQVSRUWDGRV SDUD RV FRQWRV GH IDGDV H
PHVPR VHQGR Dt REMHFWR GH WUDQVIRUPDo}HV DLQGD DVVLP FRQVHUYDP R VHX SRGHU
VLPEyOLFRHDVXDHVVrQFLDSVLFROyJLFD
1RV PLWRV RULHQWDLV QyUGLFRV H HVFDQGLQDYRV HQFRQWUDPRV WRGD XPD ULTXH]D
VLJQLILFDWLYD QRV VtPERORV H DWUDYpV GHOHV HQFRQWUDPRV HQVLQDPHQWRV KLVWyULFRV
FLHQWtILFRVPHWDItVLFRVHSVLFROyJLFRV1RVFRQWRVGHIDGDVQyUGLFRVSRUH[HPSORHP
FDGD VtPEROR LPDJHP SDODYUD RX PHVPR HP FDGD VLWXDomR HQFRQWUDPRV R VHQWLGR
SURIDQRHLQLFLiWLFRREHGHFHQGRj³OyJLFDGRPDUDYLOKRVR´
2VVtPERORVVmRUHSUHVHQWDo}HVGRLQFRQVFLHQWHHRVSVLFDQDOLVWDVSUHRFXSDPVH
HP QmR SHUGHU GH YLVWD RV FRQWRV GH IDGDV YLVWRV HVWHV VHUHP FRPR TXH R
SURORQJDPHQWR H FRQWLQXLGDGH GRV DQWLJRV PLWRV e TXH RV VtPERORV UHYHODP R
LQFRQVFLHQWH H R FRQVFLHQWH WHQGR HVWHV XPD YDOLRVD LPSRUWkQFLD QR QRVVR SVtTXLFR
(OHVUHIOHFWHPDGXDOLGDGHGDDOPDKXPDQDQDVVXDVDQJ~VWLDVLQVDWLVIDo}HVHWULVWH]DV
PDVWDPEpPQRVVHXVSUD]HUHVQDVVXDVDOHJULDVRXVHMDD³DPELYDOrQFLD´KXPDQD2V
HVWXGLRVRV GHVWH UDPR GH VDEHU DILUPDP SRU RXWUR ODGR WDPEpP TXH R VHU KXPDQR
FDUUHJD QR VHX LQWHULRU WRGDV DV OHPEUDQoDV GH DFo}HV H GH LPDJHQV SDVVDGDV $V
H[LVWrQFLDVGHWDLVILJXUDo}HVQRLQFRQVFLHQWHILFDUDPFRQKHFLGDVFRPR³UHPLQLVFrQFLDV
DQFHVWUDLV´

 

%(77(/+(,0%UXQR$SVLFDQiOLVHGRV&RQWRVGHIDGDVHGFLWS


26DJUDGROLJDGRjVQRUPDVTXHUHJHPRGHVWLQRGRKRPHPDRVULWRVjPtVWLFDUHOLJLRVDR,QLFLiWLFR
UHSUHVHQWDGRSHORVDVSHFWRVSROtWLFRVHpWLFRVHR&LHQWtILFRLGHQWLILFDGRFRPD3VLFRORJLDH3VLFDQiOLVH

 ϱϯ
2V FRQWRV GH IDGDV GD WUDGLomR PtWLFRIROFOyULFD GRV WHPSRV PDLV UHPRWRV
FRPR SRU H[HPSOR QDV DGDSWDo}HV GH 3HUUDXOW FRQWrP XP ULFR PDQDQFLDO GH
LQWHUSUHWDo}HVSDUDDSVLFDQiOLVH
$YLGDGDFULDQoDpPXLWDVYH]HVFRQIXVDHSRULVVRDFULDQoDQHFHVVLWDGHDOJR
TXH OKH Gr SRVVLELOLGDGH GH VH FRPSUHHQGHU D HOD SUySULD H FRPSUHHQGHU R PXQGR
FRPSOH[RHPTXHYLYH3DUDLVVRpSUHFLVRGDUOKHFRQGLo}HVSDUDTXHHODHQFRQWUHXP
VHQWLGR FRHUHQWH SDUD RV VHXV VHQWLPHQWRV H p DWUDYpV GRV FRQWRV GH IDGDV TXH
FRQVHJXLUi DWLQJLU WDO IHLWR VHUYLQGROKH HVWHV GH PRGHOR ( PDLV XPD YH] p %UXQR
%HWWOKHLPTXHQRVGL]TXH

>@ DSOLFDQGR R PRGHOR SVLFDQDOtWLFR GD SHUVRQDOLGDGH
KXPDQD RV FRQWRV GH IDGDV VmR SRUWDGRUHV GH
PHQVDJHQV LPSRUWDQWHV SDUD R SVLTXLVPR FRQVFLHQWH
SUpFRQVFLHQWHTXDOTXHUTXHVHMDRQtYHOTXHIXQFLRQH



 2VFRQWRVPDUDYLOKRVRVDVVXPHPVHFRPRXPDYLDJHPDRLQWHULRUGRHVStULWRGD
FULDQoD H DRV DELVPRV GR VHX LQFRQVFLHQWH 1HVWH WLSR GH ILFomR ORJR GH LQtFLR VRPRV
ODQoDGRV HP DFRQWHFLPHQWRV IDQWiVWLFRV &RQWXGR DR FRQGX]LU D FULDQoD SDUD XPD
YLDJHP DR PXQGR PDUDYLOKRVR R ILQDO GD QDUUDWLYD GHYROYH R OHLWRU j UHDOLGDGH GH
IRUPDWUDQTXLOL]DQWH
$FULDQoDDWUDYpVGHGHYDQHLRVFULDUHFULDHGHVWUyLXVDQGRDIDQWDVLDHDWUDYpV
GHVVH MRJR OLEHUWD DV WHQV}HV GH VHX LQFRQVFLHQWH ( DVVLP RV FRQWRV PDUDYLOKRVRV
UDVJDPQDLPDJLQDomRGDFULDQoDQRYDVSHUVSHFWLYDVTXHVHULDPLPSRVVtYHLVGHVFREULU
GHRXWURPRGR2FRQWH~GRGHVWHVFRQWRVPDUDYLOKRVRVGHVSHUWDQDFULDQoDLPDJHQVTXH
SRGHPHVWUXWXUDURVVHXVGHYDQHLRV$VFULDQoDVDTXHIDOWDHVWHWLSRGHPDWHULDOILFDUmR
jSDUWLGDPHQRVFULDWLYDVSRUTXHRVFRQWRVDDX[LOLDPQDVDVXSHUDUGLILFXOGDGHV
(VWH WLSR GH QDUUDWLYD VHJXQGR D LQWHUSUHWDomR SVLFDQDOtWLFD IRL VHPSUH XP
PDWHULDOLPSRUWDQWHSDUDRGHVHQYROYLPHQWRVyFLRPRUDOHDIHFWLYRGHVWHWLSRGHOHLWRU
0XLWRV FRQWRV PRGHUQRV GHVWLQDGRV D FULDQoDV HYLWDP RV SUREOHPDV
H[LVWHQFLDLV PHVPR TXDQGR HVWHV VHMDP TXHVW}HV FUXFLDLV %UXQQR %HWWOKHLP DGYHUWH
 

%(77(/+(,0%UXQR$SVLFDQiOLVHGRV&RQWRVGHIDGDVHGFLWS


(QWHQGLGDPRUDOLGDGHHGHVHQYROYLPHQWRPRUDODQGDQGRHPWRUQRGRMXVWRHGRLQMXVWRGREHPHGR
PDOGRTXHGHYHVHURXQmRGHYHID]HUVH3RUPDLVSROpPLFDVTXHVHMDPDFDWHJRULDGREHPMXQWDPHQWH
FRPDVFDWHJRULDVGRYHUGDGHLURHGREHORVmRFDWHJRULDVILORVyILFDVIXQGDPHQWDLVHVHPHODVWHQGHULDD
FHVVDUDLQTXLHWDomRHDEXVFDGHVHQWLGR


 ϱϰ
QRV TXH WRGD D FULDQoD QHFHVVLWD WHU UHIHUrQFLDV PHVPR TXH VHMD GH XPD IRUPD
VLPEyOLFDRTXHOKHSRGHUiIRUQHFHUHOHPHQWRVGHFRPROLGDUFRPHVWHVSUREOHPDVSDUD
FKHJDU j PDWXULGDGH FRP XP PtQLPR GH ULVFR ( DLQGD QD ySWLFD GH %HWWOKHLP D
FULDQoDQHFHVVLWDGHPRGHORVSDUDRUJDQL]DURVVHXVVHQWLPHQWRV1HVVDEDVHHOHUHIHUH
TXHSDUDDFULDQoDFRQVHJXLUGDUVHQWLGRjVXDYLGDQHFHVVLWDGH

>«@ XPD HGXFDomR PRUDO HP TXH FRP VXD VXEWLOH]D
DSHQDV VH OKH WUDQVPLWDP DV YDQWDJHQV GH XP
FRPSRUWDPHQWR PRUDO QmR DWUDYpV GH FRQFHLWRV pWLFRV
DEVWUDFWRV PDV DWUDYpV GR TXH SDUHFH SDOSDYHOPHQWH
DFHUWDGRHSRUWDQWRFRPVHQWLGRSDUDDFULDQoD


7DQWRREHPTXDQWRRPDOHQFRQWUDPVHRPQLSUHVHQWHVQRVFRQWRVPDUDYLOKRVRV
DR FRQWUiULR GR TXH DFRQWHFH HP DOJXQV FRQWRV PRGHUQRV LQIDQWLV ( HVVD GLFRWRPLD
VHJXQGR%UXQR%HWWHOKHLPpLQGLVSHQViYHO

>«@HPWRGRVRVFRQWRVGHIDGDVREHPHRPDODSDUHFHP
VRE D IRUPD GH DOJXPDV SHUVRQDJHQV H VXDV DFo}HV WDO
FRPR R EHP H R PDO HVWmR RPQLSUHVHQWHV QD YLGD H DV
SURSHQV}HVSDUDDPERVVHHQFRQWUDPHPFDGDKRPHPÊ
HVWDGXDOLGDGHTXHS}HXPSUREOHPDPRUDOHH[LJHXPD
OXWDSDUDUHVROYHU


1D QDUUDWLYD LQIDQWLO FRQWHPSRUkQHD DOJXQV DXWRUHV WDO FRPR /\JLD %RMXQJD
HVWDEHOHFHP XPD FRPXQLFDomR QDWXUDO FRP DV FULDQoDV QRPHDGDPHQWH DWUDYpV GD
OLQJXDJHPFRORTXLDO
2V DXWRUHV SRVVLELOLWDP FRP QDWXUDOLGDGH D IRUPDomR DIHFWLYD FRJQLWLYD H
HPRFLRQDO GD FULDQoD PDV QXQFD D SULYDGR GH XWLOL]DU D IDQWDVLD $V SHUVRQDJHQV
LQIDQWLV TXDQGR DJHQWHV GD QDUUDWLYD SRVVXHP R GRP GH GHVHQFDGHDU XPD UHDOLGDGH
LPDJLQiULD H GH YHLFXODUHP D UHYHODomR GH VHXV FRQIOLWRV LQWHULRUHV JHUDQGRVH GHVWH
PRGRXPDFXPSOLFLGDGHFRPRMRYHPOHLWRU 
$ FULDQoD DR RXYLUOHU FRQWRV PDUDYLOKRVRV UHFULDSRU PHLR GRV IDFWRV TXH OKH
VmR QDUUDGRV OHPEUDQoDV VRQKRV GHVHMRV PHGRV SHUVRQDJHQV H DVVRFLDo}HV GRV
IDFWRV 3RUpP FDEHQRV UHVVDOWDU TXH LPDJLQDU QmR p VRPHQWH SHQVDU UHODFLRQDU IDFWRV

 

%(77(/+(,0%UXQR$SVLFDQiOLVHGRV&RQWRVGHIDGDVHGFLWS


,ELGS͘


 ϱϱ
RX PHVPR DQDOLVDU DV VLWXDo}HV DWUDYpV GH VXDV VLPERORJLDV PDV VLJQLILFD WDPEpP
SHQHWUDUHH[SORUDUIDFWRV
 $R HQWUDU QR XQLYHUVR LPDJLQiULR D FULDQoD SRGH GRPLQDU RV VHXV FRQIOLWRV
LQWHULRUHVRVVHXVSUREOHPDVHPRFLRQDLVHVHUFDSD]GHXOWUDSDVVDUGHSHQGrQFLDLQIDQWLO
FDPLQKDQGRDVVLPSDUDXPDYDORUL]DomRSHVVRDOHLQGLYLGXDO2VFRQWRVPDUDYLOKRVRV
DSDUHFHPGHVWDIRUPDFRPR

>«@ SRUWDGRUHV  GH PHQVDJHQV LPSRUWDQWHV SDUD R
SVLTXLVPR FRQVFLHQWH SUpFRQVFLHQWH RX LQFRQVFLHQWH
TXDOTXHUTXHVHMDRQtYHOHPTXHIXQFLRQH/LGDQGRFRP
RVSUREOHPDVKXPDQRVXQLYHUVDLVHVSHFLDOPHQWHRVTXH
SUHRFXSDP R HVStULWR GD FULDQoD DV KLVWyULDV IDODP DR
VHX HJR QDVFHQWH HQFRUDMDQGR R VHX GHVHQYROYLPHQWR
HQTXDQWR DR PHVPR WHPSR DOLYLDP WHQV}HV SUp
FRQVFLHQWHVRXFRQVFLHQWHVÈPHGLGDTXHDVKLVWyULDVVH
YmRGHVYHQGDQGRHODVGmRFUpGLWRHFRUSRFRQVFLHQWHVjV
WHQV}HV GR LG PRVWUDP RV FDPLQKRV SDUD VDWLVID]HU DV
TXH HVWmR DOLQKDGDV FRP DV H[LJrQFLDV GR HJR H GR
VXSHUHJR


 1HVWD IDVH GD SDVVDJHP GR HJRFHQWULVPR SDUD R VRFLRFHQWULVPR GR HX SDUD R
QyV D FULDQoD LQLFLD D OXWD SHOD GHIHVD GD VXD YRQWDGH H GHVHMR GH LQGHSHQGrQFLD HP
UHODomRDRSRGHUGRVSDLVRXjULYDOLGDGHFRPRVLUPmRVRXDPLJRV(QHVWHSHUtRGR
LQLFLDGR QD LQIkQFLD  RV FRQWRV PDUDYLOKRVRV SRGHP VHU GHFLVLYRV SDUD D UHODomR GD
FULDQoD FRQVLJR PHVPD H FRP R PXQGR j VXD YROWD /HPEUHPRV DV SDODYUDV GH 1HOO\
1RYDHV&RHOKR

>«@DFULDQoDpOHYDGDDVHLGHQWLILFDUFRPRKHUyLERP
H EHOR QmR GHYLGR j VXD ERQGDGH H EHOH]D PDV SRU
VHQWLU QHOH D SUySULD SHUVRQLILFDomR GH VHXV SUREOHPDV
LQIDQWLVVHXLQFRQVFLHQWHGHVHMRGHERQGDGHHGHEHOH]D
H SULQFLSDOPHQWH VXD QHFHVVLGDGH GH VHJXUDQoD H
SURWHFomR ,GHQWLILFDGD FRP RV KHUyLV H KHURtQDV GR
PXQGR PDUDYLOKRVR D FULDQoD p OHYDGD
LQFRQVFLHQWHPHQWH D UHVROYHU VXD SUySULD VLWXDomR
VXSHUDQGRRPHGRTXHDLQLEHHDMXGDQGRDHQIUHQWDURV
SHULJRV H DPHDoDV TXH VHQWH j VXD YROWD H DVVLP
JUDGDWLYDPHQWHSRGHUDOFDQoDURHTXLOtEULRDGXOWR
 
ϭϬϭ
%(77(/+(,0%UXQR$SVLFDQiOLVHGRV&RQWRVGHIDGDVHGFLWS


$IDVHQDUFLVtVWLFDRXHJRFrQWULFDLQLFLDO


&2(/+21HOO\1RYDHV$/LWHUDWXUD,QIDQWLO+LVWyULD7HRULD$QiOLVHHGFLWS


 ϱϲ

 (P VXPD DV QDUUDWLYDV PDUDYLOKRVDV JUDoDV j WRGD XPD VLPERORJLD GH TXH
ID]HPXVRVmRIRUWHVLQVWUXPHQWRVGLGiFWLFRVHGHHQVLQDPHQWRGHYDORUHVTXHDMXGDPD
VXSHUDU DV GLILFXOGDGHV GD YLGD UHDO SRLV p LPSHULRVR TXH VH HVWHMD SUHSDUDGR SDUD
HQIUHQWDU JUDQGHV GLILFXOGDGHV ( QHVWH VHQWLGR HVWH WLSR GH QDUUDWLYD Gi WDPEpP
VXJHVW}HV GH FRUDJHP H RSWLPLVPR DV TXDLV VHUmR ~WHLV j FULDQoD SDUD DWUDYHVVDU H
YHQFHUDVLQHYLWiYHLVFULVHVGHFUHVFLPHQWR
$VVLP DWUDYpV GD LQWXLomR D FULDQoD FRPSUHHQGHUi TXH DV QDUUDWLYDV
PDUDYLOKRVDVHPERUDLUUHDLVQmRVmRIDOVDVSRLVRVIDFWRVDtQDUUDGRVDVVHPHOKDPVH
DRVTXHHODHQIUHQWDQRTXRWLGLDQRHQDVVXDVH[SHULrQFLDVSHVVRDLV'HVWDIRUPDTXHU
DV QDUUDWLYDV GH Ki VpFXORV DWUiV TXHU DV PDLV FRQWHPSRUkQHDV WrP XP LPSRUWDQWH
SDSHODGHVHPSHQKDUQRGHVHQYROYLPHQWRGDFULDQoD7RGDVHODVDDX[LOLDPHDDMXGDP
DHQFRQWUDURYHUGDGHLURVLJQLILFDGRGDYLGD
(PUHVXPRQXPDSHUVSHFWLYDSVLFDQDOtWLFDRVFRQWRVPDUDYLOKRVRVVHUYHPSDUD
TXH D FULDQoD HQVDLH D FRQVWUXomR GH XPD SHUVRQDOLGDGH VDGLD (OHV DMXGDP j
VRFLDELOL]DomRjWURFDGHH[SHULrQFLDVHjLQVHUomRQRJUXSR


 ϱϳ
 6tPERORVHDVXD6LPERORJLDHP$%ROVD$PDUHOD

2VVtPERORV>«@QmRPRUUHPHYDGHPVHFRPRKRPHP
9HOKRV FRPR R PXQGR QDVFLGRV GH XPD HPRomR RX
PHVPRGHXPDLQVSLUDomRHFULDGRVjPHGLGDH[DFWDGR
KRPHPHOHVVHUHIXJLDPQRLQFRQVFLHQWH
 
%iUEDUD9DVFRQFHORVGH&DUYDOKR


'HEUXoDUQRVHPRV QHVWH FDStWXOR VREUH D SUREOHPiWLFD GRV VtPERORV H GD
VLPERORJLD VHQGR QRVVR LQWXLWR QXPD IDVH SRVWHULRU SURFHGHU DR OHYDQWDPHQWR GH
©DOJXQVª HOHPHQWRV VLPEyOLFRV H GDt SDUWLU SDUD UHIOH[}HV PDLV SURIXQGDV H
FRQWH[WXDOL]DGDVQDREUDTXHSURSRPRVHVWXGDU

2TXHp6tPEROR"

1RWRFDQWHDRVtPERORFRPHoDUtDPRVSRUUHDOoDUTXHHVWHSRGHDSDUHQWHPHQWH
DSUHVHQWDU GLYHUVRV DVSHFWRV H HVWDU SUHVHQWH QRV FRQWRV VRE WUrV FRQILJXUDo}HV R
VDJUDGROLJDGRjVQRUPDVTXHUHJHPRGHVWLQRGRKRPHPDRVULWRVjPtWLFDUHOLJLRVD
R LQLFLiWLFR UHSUHVHQWDGR SHORV DVSHFWRV SROtWLFRV H pWLFRV H R FLHQWtILFR LGHQWLILFDGR
FRPD3VLFRORJLDHD3VLFDQiOLVH
'HVWDVWUrVPRGDOLGDGHVUHIHULGDVSDUDD DQiOLVH GRVtPERORDTXHODTXH YDPRV
SULYLOHJLDUVHUiDFLHQWtILFDLGHQWLILFDGDFRPD3VLFRORJLDH3VLFDQiOLVHRXVHMDDTXHOD
TXHpFRQKHFLGDFRPR³FUtWLFDSVLFDQDOtWLFD´'HDFRUGRFRP&DUORV5HLV

>«@ WRGR R WUDEDOKR GH DSUHHQVmR H LQWHUSUHWDomR GH
VRQKRVFRPSOH[RVRXQHYURVHVSRGHOHJLWLPDPHQWHVHU
HQFDUDGR FRPR VHPHOKDQWH j DQiOLVH GR GLVFXUVR
OLWHUiULR>«@DRVLPSXOVRLQFRQVFLHQWHVGLVIDUoDGRVSRU
H[HPSORVREDDSDUHQWHLQFRHUrQFLDGRGLVFXUVRRQtULFR
QD OHLWXUD GD PHQVDJHP OLWHUiULD >«@ RV VtPERORV RX
PHWiIRUDV DV LPDJHQV RX FRQIOLWRV GUDPiWLFRV VXUJHP
VREUHWXGR FRPR PHWDPRUIRVHV PDLV RX PHQRV
VRILVWLFDGDVVHVHQWLGRVSURIXQGRVTXHKiTXHDWLQJLU


1HVWHVHQWLGR&DUORV5HLVDFHQWXDDLQGDTXH

 

&$59$/+2%iUEDUD9DVFRQFHORV/LWHUDWXUD,QIDQWLO(VWXGRVHGFLWS

5(,6&DUORV7pFQLFDVGH$QiOLVH7H[WXDO&RLPEUD/LYUDULD$OPHGLQDS

 ϱϴ

>«@HP)UHXGHQFRQWUDPRVDFKDYHTXHSHUPLWHRDFHVVR
DXPWLSRGHFUtWLFDTXHWHQGRSUHVHQWHVRVHQVLQDPHQWRV
GD SVLFDQDOtWLFD YDORUL]D RV HOHPHQWRV HVWpWLFRV TXH
HQWUDPQDFRPSRVLomRGDREUDOLWHUiULD>«@


'HDFRUGRFRPRUHIHULGRDXWRU)UHXGVXJHUHDQDOLVDURWH[WROLWHUiULRFRPRXP
³VRQKR GHVSHUWR FRPR PLVWLILFDomR RX GLYHUWLPHQWR TXH UHHQYLD j FDSDFLGDGH
LQYHQWLYDGDEULQFDGHLUDLQIDQWLO´
3DUD )UHXG D FULDomR OLWHUiULD FRQWULEXL GH PRGR VLJQLILFDWLYR SDUD H[SUHVVDU R
FLWDGR SURFHVVR GH GLVVLPXODomR RX VHMD DWUDYpV GD PHWiIRUD GR VtPEROR RX GD
LPDJHP
*LOEHUW'XUDQGSUHIHUHDH[SUHVVmR³LPDJLQiULR´HPYH]GDSDODYUDVLPEROLVPR
XPDYH]TXHSDUDHOHRVtPERORVHULDDIRUPDGHPDQLIHVWDURLPDJLQiULR2DXWRUGHILQH
LPDJLQiULR>RVLPEROLVPR@FRPR³RFRQMXQWRGDVLPDJHQVHUHODo}HVGHLPDJHQVTXH
FRQVWLWXL R FDSLWDO SHQVDGR GR KRPR VDSLHQV´ QmR VHQGR HVWH DSHQDV XPD IDQWDVLD
DOXFLQDGDHGHVSURYLGDGHYDORU
$WHRULDGH*LOEHUW'XUDQGVREUHRLPDJLQiULRFRQVWLWXLVHFRPEDVHQRPpWRGR
GDKDUPRQLDLVWRpRVVtPERORV UH DJUXSDPVHHPWRUQRGHkPDJRVRUJDQL]DGRUHVRV
TXDLV VmR HVWUXWXUDGRV SRU XPD UHODomR GH HTXLYDOrQFLD LVWR p TXH GL]HP UHVSHLWR j
MXQomRGDVLPDJHQV2VVtPERORVDJORPHUDPVHSRUTXHVmRRUJDQL]DGRVDSDUWLUGHXP
PHVPRDUTXHWtSLFRVmRSRLVYDULDo}HVVREUHXPDUTXpWLSR
2 ³6tPEROR´ VLJQLILFD DVVLP ³XP PRYLPHQWR TXH ©MXQWDª TXH ©UH~QHª
HOHPHQWRVDQWHULRUPHQWHVHSDUDGRVXQVGRVRXWURV´
1HVWDOLQKDSULPHLUDGHVLJQLILFDomRGRVtPERORHYLGHQFLDVHHHQFRQWUDVHDVXD
FDUJDSROLVVpPLFDGDGRTXHQHQKXPIDFWRWHPDSHQDVXPVHQWLGRSRLVWRGDVDVFRLVDV
HVWmRVDWXUDGDVGHXPDGLYHUVLGDGHVLPEyOLFD
 +DUU\6KDZFRPSUHHQGH©VtPERORªFRPRVHQGR


 

5(,6&DUORV7pFQLFDVGH$QiOLVH7H[WXDOHGFLWS

,G,ELG

'85$1*LOEHUW$VHVWUXWXUDV$QWURSROyJLFDVGR,PDJLQiULR6mR3DXOR0DUWLQV)RQWHVS

,ELGS

 ϱϵ
8PD FRLVD TXH VH XVD RX VH FRQVLGHUD FRPR
UHSUHVHQWDWLYD GRXWUD FRLVD 0DLV HVSHFLILFDPHQWH XP
VtPEROR p XPD SDODYUD XPD IUDVH RX TXDOTXHU RXWUD
IRUPD GH H[SUHVVmR j TXDO VH DVVRFLD XP FRPSOH[R GH
VLJQLILFDGRV QHVWH VHQWLGR FRQVLGHUDVH TXH R VtPEROR
WHPYDORUHVGLIHUHQWHVGDTXLORTXHpVLPEROL]DGR

 
 1DOLQKDGHVWHHVWXGLRVR$UPLQGR0HVTXLWDQRWDTXHRVVtPERORVPDQWrPFRP
DVSDODYUDVXPDUHODomR©DUELWUiULDª(DLQGDDILUPDTXH

2 VXEVWDQWLYR VtPEROR GHVLJQD ©ODWR VHQVXª WRGR R
FRQFHLWRGH©UHXQLmRªGH©FRQMXQomRªGH©FRQWUDWRªGH
©SDFWRª WRPDQGR FRPR FHUWLILFDGR HWLPROyJLFR XP
REMHFWR FRUWDGR HP GRLV UHSDUWLGR SRU GXDV SHVVRDV
SDUDVHUYLUGH©VLQDOGHUHFRQKHFLPHQWRª


 -HDQ&KHYDOLHUH$ODLQ*KHHUEUDQWFRPSUHHQGHPGHLJXDOIRUPDRVtPERORPDV
YmR PDLV ORQJH (QILOHLUDQGR QR FDUiFWHU GXSOR GR PHVPR ³2 VtPEROR p SRLV PXLWR
PDLV GR TXH XP VLPSOHV VLJQR WUDQVSRUWD SDUD Oi D VLJQLILFDomR GHSHQGH GD
LQWHUSUHWDomRHHVWDGXPDFHUWDSURSHQVmR´$ILUPDPDLQGDTXHHQTXDQWRRVLJQR
pGHVLJQLILFDomRDMXVWDGDHFRPELQDGDRVtPERORHVWiUHSOHWRGH

$IHFWLYLGDGH H GLQDPLVPR >«@ FRP R VLJQR
SHUPDQHFHUHPRV QXP FDPLQKR FRQWtQXR H VHJXUR R
VtPERORSUHVVXS}HXPDUXSWXUDGHSODQRXPDSDVVDJHP
DRXWUDRUGHP


3RUWDQWRFRPRVDOLHQWDPDLQGD


>«@ p QD SDVVDJHP GR FRQKHFLPHQWR SDUD R
GHVFRQKHFLGRGRH[SUHVVRSDUDRLQHIiYHOTXHRYDORUGR
VtPEROR VH DILUPD 6H DOJXPD YH] R WHUPR RFXOWR VH
WRUQDU FRQKHFLGR R VtPEROR PRUUHUi >«@ D SHUFHSomR
GR VtPEROR H[FOXL SRUWDQWR D DWLWXGH GR VLPSOHV
 

6+$:+DUU\'LFLRQiULRVGH7HUPRV/LWHUiULRV/LVERD3XEOLFDo}HV'RP4XL[RWHS


 3267,& 0DUFHO 2 LPDJLQiULR QD 5HODomR 3HGDJyJLFD 5LR GH -DQHLUR -RUJH =DKDU (GLWRU 
S


 &+(9$/,(5 -HDQ *+((5%5$17 $ODLQ 'LFLRQiULR GRV 6tPERORV  HG 5LR GH -DQHLUR -RVp
2O\PSLRSS


 &+(9$/,(5 -HDQ *+((5%5$17 $ODLQ 'LFLRQiULR GRV 6tPERORV  HG 5LR GH -DQHLUR -RVp
2O\PSLRSS


 ϲϬ
HVSHFWDGRUHH[LJHXPDSDUWLFLSDomRGHDFWRU2VtPEROR
VyH[LVWHQRSODQRGRVXMHLWR
26tPERORDFWXDFRPRPHGLDGRUSDUDPDQLIHVWDURFXOWDQGRRPLWLUUHYHODQGRH
DRPHVPRWHPSRLQFLWDUjDFWXDomRTXHHPERUDFRPLPSHGLPHQWRVHREVWiFXORVILFD
IDFLOLWDGD
 ([LVWH XPD UHODomR GH FRQVHQVR UHODWLYDPHQWH DR VtPEROR (OH p DPELYDOHQWH
PDVWDPEpPSDUDGR[DO

2 VtPEROR SURFXUD DWDU QR PHVPR ©Qyª R LOLPLWDGR
QXPD UHODomR HIHFWLYD HILFD] DLQGD TXH
LQGHVFULWLYHOPHQWH H MDPDLV FRPSOHWDPHQWH DFHVVtYHO j
XUGLGXUD OyJLFD TXH D QmR HQWHQGH +i QHOH XP
SURSyVLWR H[SUHVVR GH WRUQDU SHUFHSWtYHO DTXLOR PHVPR
TXH RV VHQWLGRV QmR DOFDQoDP GH PDWHULDOL]DU R TXH p
LPDWHULDO H IRUPDOL]DU R TXH QmR WHP IRUPD VHQVtYHO $
QDWXUH]DGRVtPERORpWDOTXHQHOHQmRVHSURFXUDWDQWR
XPDFRPXQLFDomRFRPRXPDFRPXQKmRHDVXDYRFDomR
p QmR GHVFUHYHU PDV UHYHODU >«@ 8P GRV WUDoRV
HVVHQFLDLVGRVtPERORFRQVLVWHH[DFWDPHQWHHPSRVWXODU
GHPRGRFRQVWDQWHXPD©FRLQFLGrQFLDGRVRSRVWRVª

 
 2 VtPEROR p HQWmR GXDO FRQVFLHQWH H LQFRQVFLHQWH 1DV SDODYUDV GH -RmR
0HQGHV p PRGHUDGRU HVWi YROWDGR SDUD R LQFRQVFLHQWH GR PXQGR YLVtYHO H SDUD R
LQFRQVFLHQWHGHDUTXpWLSRVSRGHQGRDVVLPDVVXPLUIXQo}HVGHPHGLDGRU
 1DySWLFDGRDXWRUUHIHUHQFLDGRRVtPERORYLYHGD

&DUJDPLVWHULRVDHGRDSHORGRLQFRQVFLHQWHFROHFWLYRH
DR PHVPR WHPSR GDV LPDJHQV FRQVFLHQWHV TXH D
UHDOLGDGHRIHUHFH>«@6HPRKDORGHVXJHVW}HVHDSHORV
PLVWHULRVRV GR LQFRQVFLHQWH R VtPEROR UHGX]VH D PHUR
VLQDO GHVLJQDWLYR j SURVD GRV ©LVPRª RX FDL QDV
LPDJHQVOH[LFDOL]DGDV

 

,G,ELGSS

ϭϭϱ
 3267,&0DUFHO2LPDJLQiULRQD5HODomR3HGDJyJLFD5LRGH-DQHLUR-RUJH=DKDU(GLWRUS



(VFUHYH/LPD)5(,7$6QDPHVPDREUDTXHRVtPEROR³pXPDHQWLGDGHSDUDGR[DOTXHUH~QHHPVLR
GLDFUyQLFR HRVLQFUyQLFR H FXMDVLJQLILFDomR pVHPSUH LQGLUHFWD H LQHVJRWiYHOVXVFLWDQGR XP WUDEDOKR
VHPILPGHLQWHUSUHWDomR´,Q)5(,7$6/LPDGH©1DWXUH]DH3URSULHGDGHGR6tPERORª5HYLVWD1RYD
5HQDVFHQoD9RO,;-RVp$XJXVWR6HDEUD-XOGHS


,G,ELGS


0(1'(6-RmR7HRULD/LWHUiULD/LVERD9HUERS


 ϲϭ

 'XPp]LO HVPL~oD R VtPEROR QXPD YHUWHQWH VRFLROyJLFD UHJLVWDQGR TXH R KRPR
VDSLHQVpVHPSUHXPKRPHPV\PEROLFXV
 /DFXQDU VHULD QmR UHIHUHQFLDU QHVWD QRVVD YLVmR UHVXPLGD *LOEHUW 'XUDQG TXH
IRUWHPHQWH HQIRUPDGR SHORV HVFULWRV GH -XQJ GHIHQGH TXH WRGR R VHU KXPDQR p
SURSHQVR SDUD D VLPERORJLD DSULVLRQDGR HQWUH ©D OX] H D VRPEUDª RX SRVWR GH PRGR
GLIHUHQWH HQWUH DUTXpWLSRV FROHFWLYRV ©GLXUQRV H QRFWXUQRVª 1D YHUGDGH HVWDV GXDV
FRPSRQHQWHV DSyV R FRQIURQWR GD DOHJULD H GD VDWLVIDomR FRP D GRU H R VRIULPHQWR
KDUPRQL]DPVHQRTXH-XQJGHVLJQDSRU©SURFHVVRGHLQGLYLGXDOL]DomRª

0LUFHD(OLDGHFRQVLGHUDTXH

$ IXQomR GH XP VtPEROR p MXVWDPHQWH UHYHODU XPD
UHDOLGDGH WRWDO LQDFHVVtYHO DRV RXWURV PHLRV GH
FRQKHFLPHQWR>RTXHQmRVLJQLILFDTXH@QmRVHGHYHFUHU
TXH D LPSOLFDomR VLPEyOLFD DQXOD R YDORU FRQFUHWR H
HVSHFtILFR GH XP REMHFWR RX GH XPD RSHUDomR >«@ R
SHQVDPHQWR VLPEyOLFR ID] ©H[SORGLUª D UHDOLGDGH
LPHGLDWD PDV VHP GLPLQXtOD RX GHVYDORUL]iOD QD VXD
SHUVSHFWLYDRXQLYHUVRQmRpIHFKDGRQHQKXPREMHFWRp
LVRODGRHPVXDSUySULDH[LVWHQFLDOLGDGHWXGRSHUPDQHFH
MXQWRDWUDYpVGHXPVLVWHPDSUHFLVRGHFRUUHVSRQGrQFLDV
HDVVLPLODo}HV

(&DUO-XQJDILUPDTXH

>@ RV VtPERORV QDWXUDLV VmR GHULYDGRV GRV FRQWH~GRV
LQFRQVFLHQWHV GD SVLTXH H UHSUHVHQWDP XP Q~PHUR
LPHQVRGHYDULDo}HVGDVLPDJHQVDUTXHWtSLFDVHVVHQFLDLV
>«@


2PHVPRDXWRUFRQFHEHRVDUTXpWLSRVFRPR

0RGRV GH FRPSRUWDPHQWRV XQLYHUVDO WtSLFR TXH
FRUUHVSRQGHP D IRUPDV GH FRQGXWD ELROyJLFD D
SULQFtSLRV UHJXODPHQWDGRUHV RX DLQGD D IRUPDV GH D
©SULRULªGDH[SHULrQFLD2VDUTXpWLSRVVmRGHVWHPRGR
 

0(1'(6-RmR7HRULD/LWHUiULD/LVERD9HUERS


(/,$'(0LUFHD,PDJHQVH6tPERORV±(QVDLRVREUHR6LPEROLVPR0iJLFR5HOLJLRVR6mR3DXOR
0DUWLQV)RQWHVSS


-81*&DUO*2+RPHPHVHXVVtPERORV5LRGH-DQHLUR1RYD)URQWHLUDS


 ϲϮ
QHFHVVDULDPHQWHLQFRQVFLHQWHVIRUPDVGLQkPLFDVTXHVH
LPS}HPjVLPDJHQVSDUWLFXODUHV0DVRDUTXpWLSRQmRp
XPDLPDJHP


5HVXPLQGRVHPSUHTXHDVVLPLODPRVRVtPERORGHYHPRVWHUFXLGDGRHPDQDOLVi
OR LVRODGDPHQWH SRLV HVWH ³Vy H[LVWH QR SODQR GR VXMHLWR PDV WHQGR EDVH R SODQR GR
REMHFWR´ SRGHQGR FRPR DQWHULRUPHQWH PHQFLRQiYDPRV JDQKDU FRQWRUQRV H
YDULDo}HVHPH[WHQVRVQ~PHURVFDPSRVGRVDEHU
5HOHPEUDQGRDVSDODYUDVGH0LUFHD(OLDGHTXDQGRHVFUHYHTXH³$VLPDJHQVRV
PLWRV H RV VtPERORV HVWmR OLJDGRV jV PDLV VHFUHWDV PRGDOLGDGHV GR VHU´
SURFHGHUHPRVDROHYDQWDPHQWRHDQiOLVHGH©DOJXQVªVtPERORVQD$%ROVD$PDUHODGH
/\JLD%RMXQJD1XQHV
1DQDUUDWLYDPDUDYLOKRVDRVtPERORSRGHUiVHUSRUH[HPSORXPDSHUVRQDJHP
TXHLUiHQULTXHFHUDLGHQWLGDGHGDFULDQoDSRUTXHFRPHODHVWDDSUHQGHURXWUDVIRUPDV
GHVHUHGHSHQVDU
2VtPERORSRVVLELOLWDDPSOLDUDVVXDVFRQFHSo}HVVREUHRPHLRSRLVDWUDYpVGR
LPDJLQiULR D FULDQoD GHVHQYROYH H YLYHQFLD GLYHUVRV SDSpLV VRFLDLV DSUHQGHQGR FRP
FDGDXPGHOHVHSRGHQGRDVVLPUHSURGX]LURTXHHQFRQWUDQDOHLWXUD
&RQVFLHQWHV GD LPSRUWkQFLD GRV VtPERORV QmR SRGHUHPRV QXQFD HVWXGiORV GH
IRUPD GHVFRQWH[WXDOL]DGD PDV DQWHV FRPR HVFUHYtDPRV DQWHULRUPHQWH WHQGR VHPSUH
SUHVHQWHDHVSHFLILFLGDGHGRLPDJLQiULRGDSHUVRQDJHPIHPLQLQDHP$%ROVD$PDUHOD
REUDGH/\JLD%RMXQJD

(OHPHQWRV6LPEyOLFRVHP$%ROVD$PDUHOD

2VtPERORpXPDUHSUHVHQWDomR
TXHID]SDUHFHUXPVHQWLGRFRQFUHWR
pDHSLIDQLDGHXPPLVWpULR

*LOEHUW'XUDQG

 

*5,0$/3LHUUH'LFLRQiULRGD0LWRORJLD*UHJDH5RPDQD©9LFWRU-DERXLOOH&RRUGHQDGRUGDHGLomR
SRUWXJXHVDªHG/LVERD',)(/S,;


$'$0-HDQ0LFKHO/HVW\OHGDQVODODQJXHXQHUHFRQFHSWLRQGHODVW\OLVWLTXH/DXVDQQH'HODFKDX[
1LHVWOp

ϭϮϰ
(/,$'(0LUFHD,PDJHQVH6tPERORVHGFLWS


'85$1*LOEHUW$,PDJLQDomR6LPEyOLFD/LVERD(GLo}HVS

 ϲϯ
 &RPR UHIHULPRV DQWHULRUPHQWH DERUGDUHPRV QHVWH FDStWXOR DOJXQV DVSHFWRV
VLPEyOLFRV GD REUD QD WHQWDWLYD GH PHOKRU FODULILFDUPRV D YHUGDGHLUD ULTXH]D H DV
YLUWXDOLGDGHVGHVWDQDUUDWLYD
 $LPDJHPVLPEyOLFDpVHJXQGR*LOEHUW'XUDQG

>«@ D WUDQVILJXUDomR GH XPD UHSUHVHQWDomR FRQFUHWD
DWUDYpVGHXPVHQWLGRSDUDVHPSUHDEVWUDFWR


$ QRomR GH VLPEROLVPR HVWi OLJDGD j SVLFDQiOLVH $V SDODYUDV ³VLPEyOLFR´
³VLPEROL]DU´ H ³VLPEROL]DomR´ VmR DV PXLWDV YH]HV XWLOL]DGDV H FRP YDULDGDV
FRQRWDo}HV
$RXWLOL]DUPRVDSDODYUD©VtPERORªUHWRPDPRVXPDGLVWLQomRDSRQWDGD)UHXGH
QDTXDO-RQHV/DSODQFKHVHDSRLD

>«@(PVHQWLGRODWRPRGRGHUHSUHVHQWDomRLQGLUHFWDH
ILJXUDGD GH XPD LGHLD GH XP FRQIOLWR GH XP GHVHMR
LQFRQVFLHQWHV QHVWH VHQWLGR SRGHPRV HP SVLFDQiOLVH
FRQVLGHUDU VLPEyOLFD TXDOTXHU IRUPDomR VXEVWLWXWLYD
>«@ (P VHQWLGR UHVWULWR PRGR GH UHSUHVHQWDomR TXH VH
GLVWLQJXHSULQFLSDOPHQWHSHODFRQVWkQFLDGDUHODomRHQWH
VtPEROR H VLPEROL]DGR LQFRQVFLHQWH HVVD FRQVWkQFLD
FRQFHQWUDVH QmR DSHQDV QR PHVPR LQGLYtGXR H GH XP
LQGLYtGXRSDUDRXWURPDVQRVGRPtQLRVPDLVGLYHUVRV
HQDViUHDVFXOWXUDLVPDLVGLVWDQWHVHQWUHVL

 
3RUWDQWR HPSUHJDVH GH XPD IRUPD PDLV JHUDO R WHUPR ©VLPEyOLFRª SDUD
GHVLJQDU D UHODomR TXH XQH R FRQWH~GR PDQLIHVWR GH XP FRPSRUWDPHQWR GH XPD
SDODYUDGHXPSHQVDPHQWRDRVHXVHQWLGRODWHQWH 
 3DUD )UHXG R VRQKR p XPD LPSRUWDQWH IRQWH GH HOHPHQWRV VLPEyOLFRV H HVWH
GHILQHVHGDVHJXLQWHIRUPD

    


'85$1*LOEHUW$,PDJLQDomR6LPEyOLFD/LVERD(GLo}HVS


0LWRUHOLJLmRIROFORUHOLQJXDJHPHQWUHRXWURV

/$3/$1&(-RQHV9RFDEXOiULRGD3VLFDQiOLVH/LVERD0RUDHV(GLWRUHVS

 1HVWD SHUVSHFWLYD R VLPEROLVPR HQYROYH WRGDV DV IRUPDV GH UHSUHVHQWDomR LQGLUHFWD VHP
GHVFULPLQDomR PDLV GHILQLGD HQWUH HVWH RX DTXHOH PHFDQLVPR GHVORFDPHQWR FRQGHQVDomR VXSHU
GHWHUPLQDomRHILJXUDomR


 ϲϰ
>«@ DSDUHFHP QD LQWHUSUHWDomR GR VRQKR FRPR
©HOHPHQWRV PXGRV >«@ $ HVVrQFLD GR VLPEROLVPR
FRQVLVWH QXPD ©UHODomR FRQVWDQWHª HQWUH XP HOHPHQWR
PDQLIHVWR H D VXD RX VXDV WUDGXo}HV >«@ R FDPSR GR
VLPEROL]DGR p PXLWR OLPLWDGR >«@ 2 VHQWLGR GRV
VtPERORV HVFDSD j FRQVFLrQFLD PDV HVWD FDUDFWHUtVWLFD
LQFRQVFLHQWHQmRpH[SOLFiYHOSHORVPHVPRVPHFDQLVPRV
GRWUDEDOKRGRVRQKR>«@


2V GHVHMRV GH 5DTXHO TXH VH PDQLIHVWDP DWUDYpV GD FULDomR GH ILJXUDV RX
FRPSRUWDPHQWRVHDFo}HVUHYHODPRVVHXVGHVHMRVRVVHXVFRQIOLWRVHWFeLPSRUWDQWH
UHVVDOWDUPRV TXH RV PHFDQLVPRV GH ³EULQFDGHLUD´ TXH 5DTXHO SUDWLFD DWUDYpV GDV VXDV
IDQWDVLDVHGDVXDLPDJLQDomRVmRFRPSDUiYHLVDR©VRQKRGLXUQRª)UHXGGiHVWHQRPHD
XPHQUHGRLPDJLQDGRQRHVWDGRGHYLJtOLDVXEOLQKDQGRDVVLPDDQDORJLDTXHXQHHVWHV
GRLVFRPSRQHQWHV3DUD)UHXG

2V VRQKRV GLXUQRV FRQVWLWXHP FRPR R VRQKR QRFWXUQR
UHDOL]Do}HVGH GHVHMR RVVHXV PHFDQLVPRV GH IRUPDomR
VmR LGrQWLFRV FRP R SUHGRPtQLR GD HODERUDomR
VHFXQGiULD



2 VRQKR GLXUQR  RX GHYDQHLR p GH JUDQGH LPSRUWkQFLD SRLV IDYRUHFH D
FRQVWLWXLomR GH XPD FOLYDJHP QR FDPSR GD FRQVFLrQFLD )UHXG LQWHUHVVRXVH SHORV
VRQKRV GLXUQRV DR FRPSDUDU D JpQHVH FRP R VRQKR H YHULILFRX TXH RV GHYDQHLRV
SDUWLOKDPWDPEpPFRPRVVRQKRVQRFWXUQRVYiULDVFDUDFWHUtVWLFDVHVVHQFLDLV

 

&RUSRSDLVHVDQJXtQHRVQDVFLPHQWRPRUWHQXGH]HVREUHWXGRVH[XDOLGDGH yUJmRVVH[XDLVDFWR
VH[XDO 

/$3/$1&(-RQHV9RFDEXOiULRGD3VLFDQiOLVHHGFLWS

,ELGS

)UHXGXWLOL]DDH[SUHVVmRIDQWDVPDRXIDQWDVLDGLXUQDHP$,QWHUSUHWDomRGR6RQKR  

([SUHVVmRXVDGDSRU)UHXGSDUDGHVLJQDUXPIHQyPHQRPXLWRSDUWLFXODUTXHHOHYrRSHUDUVREUHWXGR
QR IHWLFKLVPR H QDV SVLFRVHV D FRQVFLrQFLD QR VHLR GR HJR GH GXDV DWLWXGHV SVtTXLFDV SDUD FRP D
UHDOLGDGH H[WHULRU QD PHGLGD HP TXH HVWD YHP FRQWUDULDU XPD H[LJrQFLDSXOVLRQDO XPD WHP HP FRQWD D
UHDOLGDGH D RXWUD QHJD D UHDOLGDGH HP FDXVD H FRORFD HP VHX OXJDU XP SURGXWR GR GHVHMR (VWDV GXDV
DWLWXGHVSHUVLVWHPODGRDODGRVHPVHLQIOXHQFLDUHPUHFLSURFDPHQWH


 ³e VDELGR TXH R VRQKR IRL SDUD )UHXG R FDPLQKR SRU H[FHOrQFLD GD GHVFREHUWD GR LQFRQVFLHQWH 2V
PHFDQLVPRV GHVORFDPHQWR FRQGHQVDomR VLPEROLVPR  HYLGHQFLDGRV QR VRQKR HP $ ,QWHUSUHWDomR GRV
6RQKRV HP  >«@ HTXLYDOHQWHV DRV VLQWRPDV SHOD HVWUXWXUD GH FRPSURPLVVRV H SHOD VXD IXQomR GH
©UHDOL]DomRGHGHVHMRª´,Q /$3/$1&(-RQHV9RFDEXOiULRGD3VLFDQiOLVH/LVERD 0RUDHV(GLWRUHV
S


 ϲϱ
7DOFRPRRVVRQKRVVmRUHDOL]Do}HVGHGHVHMR>«@WDO
FRPR RV VRQKRV EHQHILFLDP SDUD DV VXDV FULDo}HV GH
XPD FHUWD LQGXOJrQFLD SRU SDUWH GD FHQVXUD >«@
UHODWLYDPHQWH jV UHFRUGDo}HV GH LQIkQFLD D TXH VH
UHIHUHP>«@


$V IDQWDVLDV GLXUQDV GH 5DTXHO SDUWLOKDP FRP R VRQKR QRFWXUQR DOJXQV
HOHPHQWRV LPSRUWDQWHV 'H DFRUGR FRP )UHXG RV GHYDQHLRV SRGHP GH IRUPD PDLV
HVSHFtILFD IRUQHFHU j HODERUDomR VHFXQGiULD HP HQUHGR FRPSOHWDPHQWH PRQWDGR D
©IDFKDGDGRVRQKRªFRPRQRVPRVWUDRWH[WRGH$%ROVD$PDUHOD

>«@ 8PD QRLWH HX VRQKHL TXH HVWDYD QD SUDLD VROWDQGR
SLSD$FRUGHLHIDOHLSUy$IRQVR
6DEH"'LVVHUDPTXHHXQmRSRGLDVROWDUSLSD
3RUTXr"
)DODUDPTXHHUDFRLVDGHJDURWR
8p
 7i YHQGR" )DODUDP TXH WDQWD FRLVD HUD FRLVD SUD
JDURWR TXH HX DFDEHL DWp SHQVDQGR TXH R MHLWR HUD
PHVPR QDVFHU JDURWR 0DV DJRUD HX VHL TXH R MHLWR p
RXWUR9DPRVOiSUDSUDLDVROWDUSLSD"


2IDQWDVPDRXIDQWDVLDHVWiHPHVWUHLWDUHODomRFRPRGHVHMRTXH5DTXHOVXEOLPD
JUDoDV j HVFULWD )UHXG UHFRUUH j QRomR GH VXEOLPDomRSDUD WHQWDU H[SOLFDU DOJXPDV
DFWLYLGDGHV DOLPHQWDGDV SRU XP GHVHMR TXH QmR YLVD GH IRUPD PDQLIHVWD XP DOYR
VH[XDOHTXHpFDSD]GHGDURULJHPDRXWURDOYRVRFLDOPHQWHYDORUL]DGR
 2VRQKRHVWiSRLVUHSOHWRGHVLPEROLVPRWDOFRPRDFULDomROLWHUiULD(P/\JLD
%RMXQJDRSUySULRWtWXOR$%ROVD$PDUHODpMiXPHOHPHQWRLPSRUWDQWHQHVWHGRPtQLR
3URSRPRQRVH[SRUDOJXPDVGHVVDVVLPERORJLDVTXHQRVDMXGDUmRDSHUFHEHURXQLYHUVR
PHWDIyULFRGRFRQWR


2³QRPH´H³DVYRQWDGHV´GDSURWDJRQLVWD

 

/$3/$1&(-RQHV9RFDEXOiULRGD3VLFDQiOLVHHGFLWS͘
ϭϯϳ
%2-81*$/\JLD$%ROVD$PDUHODHGFLWS

³ 2 WHUPR ©VXEOLPDomRª LQWURGX]LGR SRU )UHXG HP SVLFDQiOLVH HYRFD DR PHVPR WHPSR R WHUPR
©VXEOLPHª HVSHFLDOPHQWH XVDGR QR GRPtQLR GDV EHODVDUWHV SDUD GHVLJQDU XPD SURGXomR TXH VXJLUD D
JUDQGH]DDHOHYDomR´LQ/$3/$1&(-RQHV9RFDEXOiULRGD3VLFDQiOLVHHGFLWS


 ϲϲ
/RJRQRLQtFLRGHSDUDPRQRVFRPDQDUUDGRUDHDRPHVPRWHPSRSURWDJRQLVWD
5DTXHOTXHDWUDYpVGHXPDFRQILVVmRYDLUHYHODQGRDOJXQVSUREOHPDVFRPRVTXDLVVH
GHEDWH

>«@ (X WHQKR GH HQFRQWUDU XP OXJDU SDUD HVFRQGHU
PLQKDVYRQWDGHV>«@


5HSDUHVH GHVGH ORJR TXH R QRPH 5DTXHO GH RULJHP KHEUDLFD VLJQLILFD
³FDOPD FRPR RYHOKD´ PDV DR PHVPR WHPSR HQFHUUD LJXDOPHQWH R VLJQLILFDGR GH
DOJXpP TXH IUHTXHQWHPHQWH VH VHQWH YtWLPD GH XPD VLWXDomR IDPLOLDU RX VRFLDO 1D
HVFROKDGRQRPHSUySULRGDSURWDJRQLVWDMiVHUHYHODDVVLPDLQWHQomRGDHVFULWRUD2
QRPH5DTXHOLQVLQXDMiVHQWLPHQWRVGHYtWLPDHGHUHYROWDVHQWLPHQWRVHVVHVDVVXPLGRV
SHODKHURtQDDRORQJRGDQDUUDWLYD
³$VYRQWDGHV´GHVHUJDURWRGHFUHVFHUHGHVHUHVFULWRUDVmRYRQWDGHV³TXHYmR
FUHVFHQGRHHQJRUGDQGR´HTXHJHUDPFRQIOLWRVHQWUHDSURWDJRQLVWDHDVXDIDPtOLD$
5DTXHO QmR p GDGD YR] HP FDVD QmR SRVVXL GLUHLWRV GH HVFROKHU RX GH GLVFRUGDU
3RGHPRV GL]HU TXH SRU VHU DLQGD XPD FULDQoD RV VHXV GHVHMRV RX ³9RQWDGHV´ VmR
GHVYDORUL]DGRVSHORVVHXVSDLVHLUPmRVHSRUWDQWRHQFRQWUDPRVDTXLVLPEROLFDPHQWH
UHSUHVHQWDGD D LGHRORJLD GH XPD VRFLHGDGH TXH VH UHFXVD D HQFDUDU D FULDQoD FRPR
XP VHU GLDORJDQWH FRP SUREOHPDV HVSHFtILFRV H SUySULRV GD LGDGH FRP VHXV GUDPDV
VHXVLGHDLVHVHXVGHYDQHLRV
$ SDUWLU GHVWDV YRQWDGHV JHUDVH SRUWDQWR XP FLFOR IDVFLQDQWH GH LQYHQomR GH
MRJRHQWUHRUHDOHRLPDJLQiULR(VVDHVSHFLILFLGDGHGHXPDPHQWHTXHPLVWXUDRUHDOH
D IDQWDVLD MXVWLILFD R XVR GH XPD OLQJXDJHP H TXH PHWDIyULFD PLVWXUD R O~GLFR H R
PDUDYLOKRVR
8PD GDV PDLV IRUWHV YRQWDGHV GH 5DTXHO SUHQGHVH FRP R LQWHUHVVH SHOD
SURILVVmRGHHVFULWRUD(VDEHVHTXHHVFUHYHUHLQYHQWDUUHYHODXPDIXJDjUHDOLGDGHTXH
VH YLYH $ HVFULWD SHUPLWHOKHLD UHFULDU XP PXQGR ILFFLRQDO XP PXQGR QRYR

 

%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


 6LJQLILFDGR H RULJHP GR QRPH 'LVSRQtYHO HP ©KWWSZZZVLJQLILFDGRRULJHPQRPEUQRPHVBUª
$FHVVRHPVHW

1mRSRGHPRVUHOHJDUTXHDQDUUDWLYDSXEOLFDGDHPpSRFDGDGLWDGXUDDSDUHFHFRPRXPDFUtWLFD
jVRFLHGDGH(VVDFUtWLFDIRLUHDOL]DGDQXPFRQWRLQIDQWLOSRUTXHVHJXQGR/\JLD%RMXQJDRVJHQHUDLVQmR
OLDPOLYURVLQIDQWRMXYHQLV


 ϲϳ
FRQGXFHQWH D XPD PHOKRU FRPSUHHQVmR H XPD QRYD UHODomR FRP R XQLYHUVR UHDO
6HJXQGR<XQJDIDQWDVLDSUHVHQWHQDOLWHUDWXUDFRQVWLWXLXPD

>«@DDFWLYLGDGHFULDWLYDQDTXDOSRGHPRVHQFRQWUDUDV
UHVSRVWDV SDUD WRGDV DV SHUJXQWDV TXH SRGHP VHU
UHVSRQGLGDV HOD FRQVWLWXL D RULJHP GH WRGDV DV
SRVVLELOLGDGHVGRYLYHU>«@

%DFKHODUGIDODGHVVHVMRJRVFRPRVHQGR

>«@ OD IRQFWLRQ SV\FKLTXH GX UpHO HW GH OD IRQWFWLRQ GH
O¶LUUpHO TXL VH PXOWLSOLHQW HW VH FURLVHQW SRXU SURGXLUH
PHUYHLOOHV SV\FKRORJLTXHV GH O¶LPDJLQDWLRQ GH
O¶KXPDLQ

 
 $WUDYpVGDLPDJLQDomRRXIDQWDVLDHQWUDPHPDFomRUHFXUVRVFRPRPHPyULDD
YLVmR H D HVSHUD 'H IDFWR 5DTXHO YDL GHVHQURODQGR R ILR QDUUDWLYR UHFRUGDQGR H
LQYHQWDQGRIDFWRV

)D]WHPSRTXHHXWHQKRYRQWDGHGHVHUJUDQGHHGHVHU
KRPHP 0DV IRL Vy QR PrV SDVVDGR TXH D YRQWDGH GH
HVFUHYHU GHX SUD FUHVFHU WDPEpP >«@ 8P GLD ILTXHL
SHQVDQGRRTXHHXLDVHUPDLVWDUGH5HVROYLTXHLDVHU
HVFULWRUD (QWmR Mi IXL ILQJLQGR TXH HUD 6y SUD WUHLQDU
&RPHFHLDHVFUHYHYHQGRXPDVFDUWDV>«@


$FDUWDGHQWURGRVDSDWR

5DTXHO SDWHQWHLD FRP WRGD D QLWLGH] GXDV YRQWDGHV IXQGDPHQWDLV D YRQWDGH GH
VHU UDSD] H WDPEpP D GH VH WRUQDU DGXOWD PDV FRQVFLHQWH GD LPSRVVLELOLGDGH GD
UHDOL]DomRGDVPHVPDVQRHVWDGRDFWXDOGDVFRLVDVVyDSUiWLFDGHHVFUHYHURXVHMDGH

 

-81*&*6tPERORVGHWUDQVIRUPDFLyQ%XHQRV$LUHV3DLGRV


%$&+(/$5'*DVWRQ/D3RpWLTXHGHOD5rYHULH3DULV38)S


3DXO5LFRHXUFDUDFWHUL]DDWHPSRUDOLGDGHQDREUDQDUUDWLYDGRVHJXLQWH PRGR³/HSUpVHQWGXSDVVp
F¶HVWOPpPRLUHOHOHSUpVHQWGXSUpVHQWF¶HVWODYLVLRQOHSUpVHQWGXIXWXUF¶HVWO¶DWWHQWH´5,&2(85
3DXO7HPSVH5pFLW7RPH3DULV6HXLOS


%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


 ϲϴ
VHUHVFULWRUDDFRQGX]LULDDXPDQRYDYLGDHDXPPXQGRQRYR3DVVDHQWmRDUHGLJLU
ELOKHWHV H FDUWDV DRV DPLJRV LPDJLQiULRV RX VHMD D SHUVRQDJHQV GD VXD RXWUD YLGD D
FRPSDQKHLURVGDVXDLPDJLQDomRTXHFRPHODLQWHUDJHPQDVXDQRYDYLYrQFLD$VVLPH
HP UHVSRVWD j VXD SULPHLUD FDUWD HVFULWD SDUD $QGUp XP GHVVHV VHXV DPLJRV
LPDJLQiULRV HQFRQWURXXPELOKHWLQKRGHQWURGRVHXVDSDWR
6H DWHQWDUPRV QHVWD SUREOHPiWLFD YHPRV TXH HVWDPRV GLDQWH GH XP FHQiULR
LQWHUWH[WXDOYLVWRHVWHQRVID]HUSHQVDUQRFRQWRGH$%HOD$GRUPHFLGD HVVHFRQWRGH
IDGDV GRV WHPSRV PDLV UHFXDGRV GR LPDJLQiULR KXPDQR  H PDLV FRQFUHWDPHQWH QD
SHUVRQDJHPGH&LQGHUHOD
$TXL R VDSDWR VLPEROL]D D YLDJHP SDUD RXWUR PXQGR 0DV HVVD QmR p D VXD
~QLFDVLJQLILFDomR2VDSDWRUHSUHVHQWDWDPEpPDLGHQWLILFDomRDPDUFDGDVXDSHVVRDH
HVWD p R REMHFWLYR SHOR TXDO D SHUVRQDJHP YLDMD SDUD R PXQGR LPDJLQiULR D EXVFD GD
LGHQWLGDGH
2XWURDVSHFWRLPSRUWDQWHUHODFLRQDGRFRPDVFDUWDVUHGLJLGDVSRU5DTXHOpTXH
HVWDV VmR VHPSUH HQGHUHoDGDV D DPLJRV LPDJLQiULRV PDLV YHOKRV TXH HOD DOpP GH TXH
VmRQDVXDQDJUDQGHPDLRULDGRVH[RPDVFXOLQR3RGHPRVSHUFHEHUQLWLGDPHQWHDTXL
TXHDSURWDJRQLVWDDRH[SORUDURVHXLPDJLQiULRHVFUHYHSDUDVLPHVPDHFDGDDPLJR
³LQYHQWDGR´UHSUHVHQWDDTXLORTXHDJDURWDJRVWDULDGHVHUQDUHDOLGDGHKRPHPHDGXOWR

2SDSHO2SmR

¬IUXVWUDomRGH5DTXHOHDRVHXVHQWLPHQWRGHUHMHLomRUHVSRQGHH[DFWDPHQWHR
WDPDQKRItVLFRDVVXDVYRQWDGHVJUDQGHVHJRUGDV
&RQVLGHUHPRVHVVHVHQWLPHQWRGHUHMHLomRGH5DTXHODRHVFUHYHUD$QGUp


 

&LQGHUHODpXPGRVFRQWRVGHIDGDVPDLVSRSXODUHVGDKXPDQLGDGH6XDRULJHPWHPGLIHUHQWHVYHUV}HV
$ YHUVmR PDLV FRQKHFLGD p D GR HVFULWRU IUDQFrV &KDUOHV 3HUUDXOW GH EDVHDGD QXP FRQWR LWDOLDQR
SRSXODUFKDPDGR$*DWD%RUUDOKHLUD


-HDQ &+(9$/,(5 H $ODLQ *+((5%5$17 HVFUHYHP TXH R VDSDWR p R VtPEROR GD LGHQWLGDGH 2
VDSDWRTXH&LQGHUHODDEDQGRQRXQRSDOiFLRGRSUtQFLSHTXDQGRIXJLXjPHLDQRLWHVHLGHQWLILFDYDFRPD
PRoD $VVLP FRPR WDPEpP JUDQGH IRL D VXUSUHVD TXDQGR &LQGHUHOD WLURX GR EROVR R VLQDO GH
UHFRQKHFLPHQWR D SURYD LUUHIXWiYHO R RXWUR VDSDWLQKR TXH FRORFRX QR Sp D SURYD GD LGHQWLGDGH GD
SHVVRD>«@,Q&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


 ϲϵ
>«@7{VREUDQGR$QGUp-iQDVFLVREUDQGR>«@

'RLVGLDVGHSRLVFKHJRXDUHVSRVWDHVFULWDQRFDQWLQKRGRSDSHOTXHHPEUXOKDYD
RSmR1HVWDGLDOpFWLFDHQWUHRSDSHOHRSmRUHFRQKHFHPRVRSRGHUGDHVFULWDFRPRD
EXVFD SDUD D VROXomR H SDUD XPD UHVSRVWD DRV SUREOHPDV GD SURWDJRQLVWD 3UREOHPDV
UHODFLRQDGRV FRP D VXD FDUrQFLD DIHFWLYD H SHOR VHQWLPHQWR GH SXUD UHMHLomR 2 SmR p
HYLGHQWHPHQWHR³VtPERORGRDOLPHQWRHVVHQFLDO´SDUDDYLGDHRVLPEROLVPRGRSDSHO
HVWiOLJDGRjHVFULWDTXHHOHUHFHEHRXVHMDpXPIDFWRUGHFRPXQLFDomRHGHHYLGHQWH
VRFLDOL]DomR
 5DTXHOSHUVRQDJHPVROLWiULDHVRIUHQGRDPDUJDPHQWHFRPHVVDVROLGmRWDPEpP
VHVHQWHRSULPLGDSRUTXHDOpPGRVVHXVSDLVWUDEDOKDUHPRGLDWRGRRVVHXVLUPmRVSRU
VHUHP PDLV YHOKRV VHQWHPVH FRP DXWRULGDGH VXILFLHQWH SDUD DVVLP QD DXVrQFLD GRV
SDLVVHVXEVWLWXtUHPDHOHVHUHSULPLUHPDVVXDVLGHLDVHYRQWDGHV
 2 IDFWR GH VHU GR VH[R IHPLQLQR H GH VHU FULDQoD p SDUD 5DTXHO VLQyQLPR GH
UHMHLomR H GH PDUJLQDOL]DomR 'H IDFWR DR GLVFXWLU FRP R VHX LUPmR MXVWLILFD D VXD
YRQWDGHGHVHUKRPHPDRDILUPDUTXH

>@ DFKR PXLWR PHOKRU VHU KRPHP GR TXH PXOKHU
9RFrV >KRPHQV@ SRGHP XP PRQWH GH FRLVD TXH D JHQWH
>PXOKHUHV@QmRSRGH>«@


(YLGHQFLDVH DTXL TXH SDUD D QDUUDGRUD VHU PXOKHU H VHU FULDQoD VmR GXDV
JUDQGHVOLPLWDo}HVLPSRVWDVSHORPHLRVRFLDOHIDPLOLDU6XMHLWDDLQ~PHUDVSURLELo}HV
HODVQmROKHSHUPLWHPYLYHUHVHUSOHQDPHQWHIHOL]
$ DXWRUD PDQLIHVWD GHVWD PDQHLUD JUDoDV j 5DTXHO D VXD GLVFRUGkQFLD H
UHODo}HVDFHUWRVSUHFRQFHLWRVHDXPDpSRFDHDXPDVRFLHGDGHTXHQmRGmRDXWRQRPLD
QHPYR]jPXOKHUHjFULDQoD


$YLDJHP2TXLQWDO

 
ϭϰϴ
%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS

ϭϱϬ
%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


 ϳϬ
 5DTXHO QXPD FDUWD GLULJLGD D XPD RXWUD DPLJD LPDJLQiULD ³/RUHODL´ GL] HVWDU
GHFLGLGDDIXJLUFRPHODSDUDRTXLQWDOORFDORQGH³RSHVVRDODQGDGHPmRGDGDQmR
WHPEULJDQmRWHPFDUDDPDUUDGDHDLQGDSRUFLPDWHPJDWRULRJDOLQKHLUR´@
2 TXLQWDO UHSUHVHQWD GHVWH PRGR R HVSDoR VLPSOHV DWUDHQWH H DEHUWR DRV
HOHPHQWRVTXHUHSUHVHQWDPXPDLQIkQFLDIHOL](VWHHVSDoRQmRpVyR³SHTXHQRPXQGR´
GH5DTXHOPDVWDPEpPRSRQWRGHUHIHUrQFLDHRUHJUHVVRDRVPRPHQWRVIHOL]HVHRVHX
UHI~JLRFRQWUDDLQFRPSUHHQVmRHDUHSUHVVmR
3HUDQWH HVWDV VLWXDo}HV 5DTXHO LQYHQWRX XPD YLDJHP RX IXJD SDUD R TXLQWDO
FRP /RUHUDL 'H DFRUGR FRP -HDQ &KHYDOLHU H $ODLQ &KHHUEUDQW R VLPEROLVPR GD
YLDJHPUHVXPHVHQDEXVFDGDYHUGDGH

(P WRGDV DV OLWHUDWXUDV D YLDJHP VLPEROL]D SRUWDQWR
XPDDYHQWXUDHXPDSURFXUDTXHUVHWUDWHGHXPWHVRXUR
RX GH XP VLPSOHV FRQKHFLPHQWR FRQFUHWR RX HVSLULWXDO
0DVHVVDSURFXUDQRIXQGRQmRSDVVDGHXPDEXVFDHQD
PDLRULDGRVFDVRVXPDIXJDGHVLPHVPR


 $ SURWDJRQLVWD HQFRQWUDUi DVVLP DWUDYpV GD IHLWXUD GH XP URPDQFH XPD
DOWHUQDWLYDSDUDDVXD³YLDJHP´FRPGHVWLQRjLPDJLQDomR*UDoDVjHVFULWDHODVHQWHVH
OLYUH SDUD FULDU VHXV DPLJRV VXDV HVWyULDV H YLYHU D VXD SUySULD DYHQWXUD SRUTXH
VHJXQGR5DTXHO³QLQJXpPPDLVYDLSRGHUILFDUFRQWUDPLPSRUTXHWRGRPXQGRVDEH
TXHURPDQFHpFRLVDPDLVLQYHQWDGDGRPXQGR´(DSDUWLUGHVWHLQVWDQWHDYRQWDGH
GDSURWDJRQLVWDHPVHUHVFULWRUDGHVDWRXDHQJRUGDUFRPRDVRXWUDVGXDVYRQWDGHV
 $ YLDJHP LPDJLQiULD FRUUHVSRQGH D XPD LQLFLDomRUHYHODomR (LV FRPR
-DFTXHOLQH+HOGFDUDFWHUL]DRYDORUGHVWH³DOLPHQWRLPDJLQiULR´

>«@F¶HVWSDUFHTXHOHUpFLWGHO¶DpGHGXEDUGHGXJULRW
GH WRXW FRQWHXU OH VRLU GH YHLOOpH H[SULPH HW QRXV IDLW
UHMRLQGUH OHV EHVRLQV SULPRUGLDX[ GH O¶KXPDQLWp
O¶DSSUHQWLVVDJH GH OD TXrWH LQFHVVDQWH OD JUDQGH
DYHQWXUH KXPDLQH ,O HVW WRXMRXUV QRXUULWXUH
HVVHQWLOHOOH

 

%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


+(/'-DFTXHOLQH/¶LPDJLQDLUHDX3RXYRLU3DULV/HV(GLWLRQV2XYULqUHVS


 ϳϭ
2JDOR

5DTXHO DR SDUWLU SDUD D ³VXD YLDJHP LPDJLQiULD´ GHFLGH HQWmR HVFUHYHU D
KLVWyULDGHXPJDORTXHIRJHGRJDOLQKHLURSRUHVWDUUHYROWDGRFRQWUDDVQRUPDVTXHDt
LPSHUDP'HDFRUGRFRP-HDQ&KHYDOLHUH$ODLQ*KHHUEUDQWRJDORp

6tPERORGDOX]QDVFHQWH>«@pDRPHVPRWHPSRRVLJQR
GDYLJLOkQFLDHRGRDGYHQWRGDOX]LQLFLiWLFD>«@


1mR p SRU DFDVR TXH D SURWDJRQLVWD LQVHUH XP JDOR QDV VXDV KLVWyULDV 1HVWD
ILJXUD HQFRQWUDPRV SDUD DOpP GD DXWRLGHQWLILFDomR GH 5DTXHO FRP R HOHPHQWR
PDVFXOLQR HVVD RXWUD IDFHWD TXH 5DTXHO SHUILOKD D VLWXDomR GH UHYROWD H D EXVFD SHOD
OLEHUGDGH'HIDFWRWDPEpPRJDORVHVHQWHVXIRFDGRSHODVUHJUDVTXHOKHVmRLPSRVWDV
/\JLD%RMXQJDDWUDYpVGDVLPERORJLDGHVWDSHUVRQDJHPPRVWUDQRVTXH5DTXHO
EXVFD FRQKHFHUVH D VL PHVPD DWUDYpV GD IDQWDVLD $VVLP FRPR R JDOR FRQVLGHUDYD
WRGDVDVJDOLQKDVGRJDOLQKHLURHVTXLVLWDVHUHVROYHSRUWDQWRIXJLUWDPEpP5DTXHOSRU
FRQVLGHUDURPHVPRGHVXDIDPtOLDUHVROYHIXJLUGDUHDOLGDGH
3RGHPRVQRWDUDWUDYpV GDLPDJHP ³HYRFDWLYR´ GRJDOLQKHLUR DYDORUL]DomRGD
KLHUDUTXLD SRLV R JDOR HQFRQWUDVH QXPD SRVLomR GH VXSHULRULGDGH HP UHODomR jV
JDOLQKDVTXHFRPHOHFRDELWDPQRPHVPRHVSDoRItVLFRRTXHFHUWDPHQWHFRUUHVSRQGH
WDPEpPjSRVLomRGHVXSHULRULGDGHGRKRPHPjPXOKHU
5DTXHO VH Yr VLPEROLFDPHQWH QD ILJXUD GR JDOR SRLV HVWD SHUVRQDJHP
SUREOHPDWL]D D PXGDQoD QRV SRGHUHV 5DTXHO WDO FRPR R JDOR TXH WHP SRGHU QR
JDOLQKHLUR  FRQVHJXHP VROXFLRQDU R VHX FRPSOH[R GH LQIHULRULGDGH H VXEPLVVmR HP
UHODomRjVXDIDPtOLDjVRFLHGDGHHjVVXDVUHVSHFWLYDVUHJUDV
0DV DV KLVWyULDV GD SURWDJRQLVWD VmR GHVFREHUWDV SHOD IDPtOLD H PDLV XPD YH]
FHQVXUDGDV4XHVWLRQDGDSHORVVHXVSDLVHVWHVID]HPFRPTXHDIXJDLPDJLQiULDTXHOKH
WURX[H DOtYLR SHUFD D VXD YDOLGDGH e QHVWH PRPHQWR GD QDUUDWLYD TXH VXUJH D EROVD
DPDUHODDSUHVHQWDGDFRPRXPREMHFWRPiJLFRHVHFUHWRHSDVVDDVHUYLVWDSRU5DTXHO

 

2JDORpFRQKHFLGRFRPRRHPEOHPDGDDOWLYH]DUURJkQFLDGRRUJXOKRGDVREHUED,Q&+(9$/,(5
-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWSH


 ϳϮ
FRPR XPD RSRUWXQLGDGH SDUD HVFRQGHU RV VHXV DPLJRV RV LPDJLQiULRV H DV VXDV
YRQWDGHV


$EROVDDPDUHOD

8P GDGR FXULRVR p TXH DR YHU R GHVHQKR QD FDSD GD REUD SHQVDPRV TXH D
QDUUDWLYDWUDWDUiHVSHFLILFDPHQWHGHXPDEROVDRXHQWmRTXHHODGHVHPSHQKDUiRSDSHO
SULQFLSDOQRFRQWR'HIDFWRRREMHFWRDEROVDpGRWDGRGHXPLPSRUWDQWHSDSHO
3RGHPRV UHODFLRQDU D VLPERORJLD GD EROVD GH 5DTXHO FRP D EROVD G¶iJXD
SRLVDVVLPWDOFRPRHVWDH[HUFHDIXQomRGHSURWHFWRUDHWDPEpPVHDSUHVHQWDFRPRXP
VLJQR GH YHQWXUD SDUD R UHFpPQDVFLGR GD PHVPD PDQHLUD SRGH HQWHQGHUVH TXH D
EROVDGD5DTXHOGiDHVWDDVHJXUDQoDHRUHI~JLRSDUDWRGRVRVGHVHMRVPDLVVHFUHWRV
3RUWDQWRDEROVDDPDUHODDSUHVHQWDVHFRPRXPVtPERORXPWDOLVPmGHIHOLFLGDGHSDUD
D5DTXHO
$ EROVD GD SHUVRQDJHP p FRPR XP YHQWUH PDWHUQR OXJDU GH UHI~JLR GH
SURWHFomR H GH WUDQVIRUPDomR $ EROVD DPDUHOD Gi D SURWDJRQLVWD D SRVVLELOLGDGH GH
SURWHJHURVVHXVVRQKRVHGHVHMRVHDRPHVPRWHPSRpRORFDORQGHDVVXDVYRQWDGHV
UHSULPLGDVVHUmRWUDQVIRUPDGDVHPGHVFREHUWDVHDXWRYDORUL]DomRGHVHXVVHQWLPHQWRV
'HDFRUGRFRP-HDQ&+(9$/,(5H$ODLQ*+((5%5$17RYHQWUHp

6tPEROR GD PmH >«@ UHIOHFWLQGR SDUWLFXODUPHQWH XPD
QHFHVVLGDGH GH WHUQXUD H GH SURWHFomR >«@ /RFDO GDV
WUDQVIRUPDo}HV >«@ 2 FDORU GR YHQWUH IDFLOLWD DV
WUDQVIRUPDo}HV>«@2YHQWUHpUHI~JLR


$ EROVD UHSUHVHQWD VHP G~YLGD R LQWHULRU GD SHUVRQDJHP OXJDU RQGH D
SURWDJRQLVWD JXDUGD H HVFRQGH RV VHXV GHVHMRV H RV VHXV VHJUHGRV SURWHJHQGRRV GD
LQWHUIHUrQFLDGRVDGXOWRVTXHVHUHFXVDPDFRPSUHHQGrOD
$EROVDGHWpPWDPEpPXPDLPSRUWDQWHHHVSHFLDOVLPERORJLDDGDPXOKHUIRUWH
HVWDEHOHFLGDQDVRFLHGDGHSDSHOTXHLQFRQVFLHQWHPHQWH5DTXHOGHVHMDDVVXPLU
 

2LQYyOXFURGHOtTXLGRDPQLyWLFRTXHDSUHVHQWDVHFRPRXPVLJQRGHYHQWXUDGHERDVRUWHSDUDR
UHFpP±QDVFLGR

&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


,ELGS


 ϳϯ
 $FRUGDEROVDDPDUHODWDPEpPHYRFDRXWURVVHQWLGRVTXHDSUySULDQDUUDGRUD
DFHQWXD

>«@ SUD PLP DPDUHOR p D FRU PDLV ERQLWD TXH H[LVWH


0DV QmR HUD XP DPDUHOR VHPSUH LJXDO jV YH]HV HUD
IRUWHPDVGHSRLVILFDYDIUDFR>@MiUHVROYHQGRTXHVHU
VHPSUHLJXDOpPXLWRFKDWR>«@

0HWDIRULFDPHQWH D FRU DPDUHOD UHSUHVHQWD D PXWDomR TXH D PHQLQD HVWi


YLYHQGR$LQGDVHJXQGR-HDQ&KHYDOLHUH$ODLQ*KHHUEUDQWDFRUDPDUHODp

>«@ D PDLV DUGHQWH GDV FRUHV GLItFLO GH DWHQXDU H TXH
H[WUDYDVD VHPSUH GRV OLPLWHV>«@ HVWi DVVRFLDGD DR
PLVWpULRGD5HQRYDomR>«@


2XVHMDDEROVDGHFRU DPDUHODPDQWpPXPDUHODomRVLPEyOLFDFRPRLQWHULRU
GH 5DTXHO 1HOD D KHURtQD SURFXUD IRUoD H DXWRQRPLD SDUD DV VXDV YRQWDGHV SDUD
HQIUHQWDU DV UHSURYDo}HV GD IDPtOLD H D FHQVXUD GD VRFLHGDGH DOpP GH WDPEpP
UHSUHVHQWDURVHXDPDGXUHFLPHQWR


$PiVFDUDSUHWD

1RFDStWXOR,,,QRPHDGR³2JDOR´VHUiUHDVVXPLGDDILJXUDFULDGDSRU5DTXHO
6LPEROLFDPHQWH R JDOR GLVIDUoDVH XWLOL]DQGR XPD PiVFDUD SUHWD $ PiVFDUD p
DOJR TXH SHUPLWH FDPXIODU WUDQVILJXUDU RX VHMD H DWp PHVPR XVDU RXWUD LGHQWLGDGH
HVFRQGHQGRSRUWDQWRDYHUGDGHLUD(VWDSHUVRQDJHPDVVXPHIDFHWDVLPSRUWDQWHVGHQWUR
GD QDUUDWLYD DOJXPDV YH]HV R JDOR SDUHFH DSHQDV ID]HU SDUWH GR LQFRQVFLHQWH GD
QDUUDGRUDRXWUDVYH]HVDFWXDFRPRXPDQLPDOUHDO3RUWDQWRDIURQWHLUDHQWUHRUHDOHR
LUUHDO HQFRQWUDVH GLOXtGD H OXGLFDPHQWH D SURWDJRQLVWD WUDQVILJXUD R UHDO HP
PDUDYLOKRVR


 

%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


 ϳϰ
>«@ $EUL D EROVD FRUUHQGR >«@ R JDOR VDLX GH Oi GH
GHQWUR>«@(XHVWDYDGHERFDDEHUWDQXQFDWLQKDYLVWR
XPJDORXVDQGRPiVFDUD(HOHXVDYD3UHWD


$ FRU SUHWD UHSUHVHQWD R DVSHFWR IULR H QHJDWLYR /RJR D FRU GD PiVFDUD
XWLOL]DGDSHORJDORVLPEROL]DDDQJ~VWLDHRLQFRQVFLHQWHGDSURWDJRQLVWD'RSRQWRGH
YLVWD SVLFROyJLFR QRV VRQKRV GLXUQRV RX QRFWXUQRV R SUHWR p FRQVLGHUDGR FRPR
DXVrQFLDGHWRGDDFRUGHWRGDDOX]

>«@ DEVRUYH D OX] H QmR UHVWLWXL >«@ (YRFD R FDRV R
QDGDRFpXQRFWXUQRDVWUHYDVWHUUHVWUHGDQRLWHRPDO
DDQJ~VWLDRLQFRQVFLHQWHHD0RUWH



$QHOD]XO$QHOYHUPHOKR

 $OpP GH HVWDU XVDQGR XPD PiVFDUD R JDOR DSUHVHQWDYD WDPEpP GRLV DQpLV QD
SHUQDXPD]XOHRXWURYHUPHOKR
2 DQHO QHVWD QDUUDWLYD UHIRUoD R HQYROYLPHQWR GH 5DTXHO FRP R SHUVRQDJHP
JDOR SRUTXH DPERV VH HQFRQWUDP OLJDGRV SHORV PHVPRV LGHDLV R GH OXWDU SRU VXDV
LGHLDVFRQWUDRDXWRULWDULVPRKLHUiUTXLFRHDUHSUHVVmR
2 DQHO D]XO FRQVWLWXL GH FHUWD IRUPD XP HOHPHQWR GH LGHQWLILFDomR H GH
FRPSURPLVVRHSHUPLWHRDFHVVRDRFDPLQKRGDIDQWDVLDYLVWRDFRUD]XOVLPEROL]DU

>«@RFDPLQKRGRLQILQLWRRQGHRUHDOVHWUDQVIRUPDHP
LPDJLQiULR >«@  R FDPLQKR GD GLYDJDomR >«@ R
SHQVDPHQWR FRQVFLHQWH >«@TXH YDL SRXFR D SRXFR
FHGHQGROXJDUDRLQFRQVFLHQWH>«@


2DQHOYHUPHOKRWUDGX]DIRUoDJXHUUHLUDGRJDORDYRQWDGHGH³OXWDUSHODVVXDV
LGHLDV´ $ FRU YHUPHOKD SRU VHU XQLYHUVDOPHQWH FRQVLGHUDGD FRPR R VtPEROR

 

%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


,ELGS


&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


 ϳϱ
IXQGDPHQWDOGRSULQFtSLRGDYLGDFRPDVXDIRUoDHSRGHUDVVLPGHDFRUGRFRP-HDQ
&KHYDOLHUH$ODLQH*KHHUEUDQW

>«@ XPD UHIHUrQFLD j FDSDFLGDGH JXHUUHLUD >«@ p
SHUSHWXDPHQWHROXJDUGDEDWDOKD


 5DTXHODWUDYpVGHVHXLPDJLQiULRUHDSURSULDVHGRLGHDOGRJDORHMXQWRVXQLGRV
QRPHVPRFRPEDWHOXWDUmRFRQWUDDRSUHVVmR
2DQHOVHUYHSRUWDQWRHVVHQFLDOPHQWHSDUDLQGLFDURHORHQWUHDVSHUVRQDJHQVH
SDUDYLQFXODUHVVDXQLmR

>«@ HP QXPHURVRV FRQWRV >«@ R DQHO VHUYH FRPR PHLR
GHUHFRQKHFLPHQWRVtPERORGHXPDIRUoDRXGHXPODoR
TXHQDGDSRGHURPSHU>«@



2JDOR5HL2QRPH$IRQVR

3RU QmR DJXHQWDU DV LPSRVLo}HV GH VHXV GRQRV R JDOR IRJH GR JDOLQKHLUR H DR
IXJLU UHIXJLDVH QD EROVD DPDUHOD $t p EDSWL]DGR SRU 5DTXHO FRP R QRPH GH 5HL
3RUpP HOH UHFXVDR Mi TXH QR LPDJLQiULR LQIDQWLO QmR H[LVWH DLQGD R VHQWLGR GDV
KLHUDUTXLDVVRFLDLV2UD pLVVRTXHD ILJXUDGR UHLUHSUHVHQWD'HIDFWRSDUD DFULDQoD
WRGRVVmRLJXDLVORJRWRGRVWrPRVPHVPRVGLUHLWR
2UHLpVLPEROLFDPHQWHFRPRXPDSURMHFomRGR³HX´VXSHULRURLGHDODUHDOL]DU
HDLQGD

>«@ WRUQDVH XP YDORU pWLFR H SVLFROyJLFR 6XD LPDJHP
FRQFHQWUDVREUHVLRVGHVHMRVGHDXWRQRPLDGHJRYHUQR
GH VL PHVPR GH FRQKHFLPHQWR LQWHJUDO GD FRQVFLrQFLD
>«@

2 JDOR QHVWD QDUUDWLYD p MXVWDPHQWH SRUWDGRU GHXP SDSHO GLDOpFWLFR HVWH VHU
³GRPLQDGR´ SHORV VHXV GRQRV WHP FRQFRPLWDQWHPHQWH FRPR IXQomR GH ³GRPLQDU´ R

 

&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS

ϭϲϳ
,ELGS


&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


 ϳϲ
JDOLQKHLUR3RULVVRDSHUVRQDJHPQmRVHQGRFDSD]GHFRQYLYHUFRPDVDQWLQRPLDVHGH
SDFWXDUFRPXPUHJLPHGLWDWRULDOUHVROYHXDILUPDUVHHFHGHQGRDRVVHXVLPSXOVRVGH
OLEHUGDGHHGHQmRVXMHLomRUHDOL]RXRVHXLGHDO

>«@ 3HQVHL SUD EXUUR $FDER UHVROYHQGR TXH LD OXWDU
SHODVPLQKDVLGHDO


1DRSLQLmRGH0DULH /RXLVH9RQ)UDQ]QXPFRQWRLQIDQWLODILJXUDGH XPUHL
LQFDUQD D GRPLQDQWH GR FRQVFLHQWH FROHFWLYR D LPDJHP FHQWUDO TXH UHJH D
FROHFWLYLGDGH
2 JDOR SDVVD HQWmR D FKDPDUVH $IRQVR RXWUR QRPH PDVFXOLQR R TXH
DFRPRGD D YRQWDGH GD SURWDJRQLVWD HP VHU KRPHP 2 QRPH $IRQVR GH RULJHP
WHRWyQLFD VLJQLILFD ³JXHUUHLUR SUHSDUDGR´ R TXH VLPEROL]D ³SURQWR SDUD FRPEDWH´ H
SUHRFXSDGRFRPREHPHVWDUGRVRXWURVSURFXUDQGRDMXGDUWRGRVRVTXHVHHQFRQWUDP
HPGLILFXOGDGHVeQRIXQGRPRVWUDQGRVHUXPLGHDOLVWDTXHFRORFDDMXVWLoDDFLPDGH
WXGR
2QRPH$IRQVRYHLFXODXPDPHQVDJHP(OHpRJDORTXHDRIXJLUGRJDOLQKHLUR
OHYDFRQVLJRDDPELomRGHOXWDUSHODVVXDVLGHLDVHSHORVVHXVLGHDLV(VWHIDFWRGHYHVHU
UHODFLRQDGR FRP R PRPHQWR TXH 5DTXHO YLYH UHODWLYDPHQWH j VXD WUDQVIRUPDomR RX
VHMD DV WDLV DPELo}HV GD SHUVRQDJHP JDOR VmR QD UHDOLGDGH RV TXHVWLRQDPHQWRV H RV
YDORUHVHPTXH5DTXHODFUHGLWD


2DOILQHWH2*XDUGDFKXYD

&HUWD YH] 5DTXHO HQFRQWUD SHUGLGR QD UXD XP SHTXHQR DOILQHWH GH IUDOGD 1mR
SRGHPRVGHL[DUGHUHODFLRQDUHVWHSHTXHQRREMHFWRFRPRHVStULWRGDLQIkQFLDRXVHMD
WXGRDTXLORTXHpPDLVLQJpQXRHLQIDQWLOHP5DTXHO2³DOILQHWHGHIUDOGD´SHUGLGRH
 

%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


)5$1=0DULH/RXLVH9RQ/D9RLHGH/¶,QGLYLGXDWLRQGDQVOHV&RQWHVGH)pHV3DULV/D)RQWDLQH
GH3LHUUHS


$SDODYUDWHXWyQLFRpjVYH]HVXWLOL]DGDFRPRVLQyQLPRGHJHUPkQLFR


6LJQLILFDGRHRULJHPGRQRPH³$IRQVR´'LVSRQtYHOHP
©KWWSZZZVLJQLILFDGRRULJHPQRPEUQRPHVBDª$FHVVRHPVHW


 ϳϳ
ODUJDGRQDUXDVLPEROL]DWDPEpPHPQRVVRHQWHQGHUWRGDVDVLQIkQFLDVHVTXHFLGDVDV
FULDQoDVDEDQGRQDGDVHDLQMXVWLoDVRFLDOGHTXHVmRDOYR
'HWRGRVRVDPLJRVLPDJLQiULRVGH5DTXHOR~QLFRTXHDSURWDJRQLVWDJXDUGDUi
pRDOILQHWHSDUDTXHXPGLDPHVPRTXDQGRIRUDGXOWDHQFRQWUHDVXDQDWXUH]DSXUDH
LQIDQWLO
1R FDStWXOR ³$ YROWD GD HVFROD´ QRV p DSUHVHQWDGR XP RXWUR SHUVRQDJHP XP
JXDUGDFKXYD TXH $IRQVR HQFRQWUD H FRP R TXDO YDL SUHVHQWHDU 5DTXHO (VWD
SHUVRQDJHP DOXGH DRV HOHPHQWRV IHPLQLQRV XWLOL]DGRV SRU /\JLD %RMXQJD QD VXD
QDUUDWLYD 2 REMHFWR DSHOLGDGR SRU 5DTXHO GH ³$ JXDUGDFKXYD´ UHHQYLDQRV SDUD XPD
FRQFRUGkQFLD HQWUH D SURWDJRQLVWD H R VHX VH[R $ DOpP GLVWR DFWXD FRPR XP DEULJR
XPDSURWHFomRRXVHMDXPDVHJXUDQoDTXHDPHQLQDHVWiJDQKDQGR
6HJXQGR -HDQ &KHYDOLHU H $ODLQH *KHHUEUDQW D VLPERORJLD GR JXDUGDFKXYD
SRGHGHVHPSHQKDUDIXQomR

>«@GRDFROKLPHQWRGDSURWHFomR>«@6LPEROLFDPHQWHp
XPDIXJDGDVUHDOLGDGHVHGDVUHVSRQVDELOLGDGHV>«@


¬ HVWUXWXUD RX VHMD D PHFkQLFD GR JXDUGDFKXYD WDPEpP FRUUHVSRQGH XPD
VLPERORJLD D PHQLQD FRPSUHHQGHUi TXH QmR WDUGDUi D WUDQVIRUPDUVH QD DGXOWD TXH
LGHDOL]D VHU H TXH DR WRUQDUVH PXOKHU H QmR R KRPHP TXH GHVHMDUD VHU  WDPEpP WHUi
FRQGLo}HV GH VHU WmR IRUWH H LQGHSHQGHQWH FRPR TXDOTXHU SHVVRD GR VH[R PDVFXOLQR
0DV LQGHSHQGHQWH GR TXH DOPHMD VHU LQFRQVFLHQWHPHQWH FRQWLQXDUi VHPSUH D WHU
VHPSUHDHVVrQFLDSXUDHLQIDQWLOGHDJRUD

2JDOR7HUUtYHO/LQKD)RUWH

 2XWUDSHUVRQDJHPTXHDUUDVWDFRQVLJRWDPEpPXPDVLPERORJLDQDQDUUDWLYDpR
JDORGHEULJDGHVHXQRPH7HUUtYHOSULPRGRJDOR$IRQVR7HUUtYHOFXMRSHQVDPHQWR
IRLFRVWXUDGRSRUXPD/LQKD)RUWHJDQKDWDPEpPHOHXPVLJQLILFDGRPXLWRLPSRUWDQWH
GDGDDVXDUHODomRFRPRSRGHU

 
ϭϳϯ
&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


 ϳϴ
2JDOR7HUUtYHOTXHIRLHQVLQDGRDGHWHVWDUHDQmRDFHLWDUGHUURWDVWHPVRPHQWH
XPSHQVDPHQWR~QLFROLYUHH³GHVFRVWXUDGR´³SHQVDUHPEULJDUH JDQKDUGHWRGRVRV
VHXVDGYHUViULRV´FRQIRUPHVHOrQRWH[WR

>«@'HVGHSHTXHQLQRTXHUHVROYHUDPTXHHOHLDVHUJDOR
GH EULJD VDEH" >«@ 9RFr VDEH FRPR p HVVH SHVVRDO
TXHUHP UHVROYHU WXGR SUD JHQWH ( Dt FRPHoDUDP D
WUHLQDUR7HUUtYHO%RWDUDPQDFDEHoDGHOHTXHHOHWLQKD
TXH JDQKDU GH WRGR PXQGR 6HPSUH 'LVVHUDP DWp QmR
VHL VH p YHUGDGH p FDSD] GH LQYHQomR TXH FRVWXUDP R
UHVWRGRSHQVDPHQWRGHOHFRPXPDOLQKDEHPIRUWH3UD
QmR DUUHEHQWDU ( SUD HOH Vy Vy SHQVDU ©HX WHQKR TXH
JDQKDUGHWRGRPXQGRªHPDLVQDGD>«@


-XOJDPRV HVWDUHP DTXL H[SUHVVDV DOJXPDV GDV FUtWLFDV GH /\JLD %RMXQJD j
VRFLHGDGHGRVHXWHPSRSRLVQRXQLYHUVRFDSLWDOLVWDRTXHLPSRUWDPHVPRpJDQKDU
VHPSUH p ³R OXFUR´ 2 JDOR GH EULJD SUHRFXSDVH H[FOXVLYDPHQWH FRP RV OXFURV H
JDQKRV SDUD R VHX GRQR GD PHVPD IRUPD TXH D FODVVH WUDEDOKDGRUD UHSUHVHQWD ³R
JDQKR´³ROXFUR´SDUDDFODVVHHPSUHVDULDOHPWURFDGHXPSHTXHQRVDOiULR
$DXWRUDXWLOL]DDSHUVRQDJHP7HUUtYHOTXHSHORVHXSHQVDPHQWRFRVWXUDGRpD
PHWiIRUDGRFLGDGmRPpGLRHVFUDYL]DGRSRUXPVLVWHPDTXHFRQWURODRSHQVDPHQWR
$ /LQKD )RUWH TXH FRVWXUD RV SHQVDPHQWRV GR 7HUUtYHO p QD UHDOLGDGH XPD
DQDORJLD j ³OLQKD GXUD´ GR UHJLPH WRWDOLWiULR 6LPEROLFDPHQWH HOH UHSUHVHQWD R UHJLPH
PLOLWDU RX VHMD D FRQMXQWXUD SROtWLFD EUDVLOHLUD HP  DQR HP TXH D REUD IRL
SXEOLFDGD (LV DTXL R PpULWR GD REUD GH /\JLD %RMXQJD SRLV GLILFLOPHQWH XPD RXWUD
REUD FRQVHJXLULD XWLOL]DU PHWiIRUDV WmR FULDWLYDV SDUD GHQXQFLDU RV SURFHVVRV GD
GLWDGXUD
6HJXQGR-HDQ&KHYDOLHUH$ODLQH*KHHUEUDQW

>«@DOLQKDUHFWLOtQHDWRUQRXVHRVtPERORRXRWUDoDGR
GDULJLGH]LQWHOHFWXDOHPRUDO>«@



$SUDLD2EDUFR

 
ϭϳϰ
%2-81*$/\JLD$%ROVD$PDUHODHGFLWS

ϭϳϱ
&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


 ϳϵ
 1HVWDQDUUDWLYDDSUDLDUHSUHVHQWDRHVSDoRGRHQFDQWDPHQWRGDUHYHODomRHGR
HQFRQWUR5DTXHODRGHVFUHYHUD3UDLDGDV3HGUDVFRPRXPOXJDUTXHHVWiVHPSUHYD]LR
FRPHoD D GHVHQKiOD FRPR XP HVSDoR GH UHYHODomR GH VLOrQFLR GH TXLHWXGH H GH
OLEHUGDGHQmRFRQWURODGD

>«@ )RL SRU LVWR TXH R SHVVRDO IH] EULJD Oi >«@ HOHV
VDELDP TXH EULJD GH JDOR p SURLELGR >«@ PDV HOHV
VDELDP WDPEpP TXH ID]HQGR EULJD GH QRLWH Oi QD 3UDLD
GDV3HGUDVQLQJXpPLDYHU>«@


 7HUUtYHO DR ID]HU ³XPD IRUoD GDQDGD´ DWp ³UHEHQWDU´ DV VXDV LGHLDV FRVWXUDGDV
FRP/LQKD)RUWHIH]FRPTXHRVVHXVSHQVDPHQWRVGHVFRVWXUDVVHP

>«@ $Wp TXH GH UHSHQWH ± SOi 'H WDQWR ID]HU IRUoD
UHEHQWRX>«@%HVWHLUDHXPRUUHUQHVWDSUDLDVySRUTXH
HOHVFLVPDPTXHHXWHQKRTXHEULJDU>«@(VHPDQGRX
&RUUHXSUyPDU


 $ SHUVRQDJHP 7HUUtYHO YLX RXWURV SHUVRQDJHQV DSUR[LPDUHPVH H HQWURX DLQGD
PDLVSHORPDUGHQWUR1RPDUFRPHoDVHDHVERoDUVHXPDWUDQVIRUPDomRHILQDOPHQWH
7HUUtYHO GHVYLQFXODVH GRV SHQVDPHQWRV FRVWXUDGRV H UHYROWDVH DWLWXGH TXH SRGH
VLJQLILFDUDUHEHOGLDFRQWUDRVLVWHPDTXHLQVWLWXtGR
)XJLUi HQWmR QXP EDUFR DFWR HVWH TXH QRV UHPHWH SDUD D SUREOHPiWLFD GD
YLDJHP GD WUDYHVVLD RX VHMD WDPEpP SDUD R GHVSHUWDU GD FRQVFLrQFLD H GD OXFLGH]
PHQWDO SDUD XPD DEHUWXUD GH IURQWHLUDV SDUD QRYRV FRPSRUWDPHQWRV H XPD QRYD
UHODomRFRPDH[LVWrQFLD
3RGHUtDPRV YHU DLQGD DTXL JUDoDV j LPDJHP GR EDUFR XPD DOXVmR DR H[tOLR
RXWRUJDGR D WRGRV FRQVLGHUDGRV DJLWDGRUHV UHEHOGHV QD pSRFD GD GLWDGXUD EUDVLOHLUD
pSRFDHPTXHFRPRMiGLVVHPRV/\JLD%RMXQJDHVFUHYHXDREUD
 
ϭϳϲ
%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


,ELGS


2H[tOLRpRHVWDGRGHHVWDUORQJHGDSUySULDFDVDVHMDFLGDGHRXQDomRHSRGHVHUGHILQLGRFRPRD
H[SDWULDomR YROXQWiULD RX IRUoDGD GH XP LQGLYtGXR 7DPEpP SRGHVH XWLOL]DU DV SDODYUDV EDQLPHQWR
GHVWHUURRXGHJUHGR$OJXQVDXWRUHVXWLOL]DPRWHUPRH[LODGRQRVHQWLGRGHUHIXJLDGR'XUDQWHDGLWDGXUD
PLOLWDU PXLWRV EUDVLOHLURV GHL[DUDP R SDtV H VHJXLUDP SDUD R H[WHULRU (UD R LQtFLR GR H[tOLR 3RUpP
GLIHUHQWHGRVYL]LQKRVODWLQRDPHULFDQRVRH[tOLREUDVLOHLURQmRIRLHPPDVVD2XVHMDQmRUHSUHVHQWRX
XP JUDQGH IOX[R GH SHVVRDV VDLQGR GR SDtV 2 H[tOLR DWLQJLX DSHQDV XPD SHTXHQD SDUWH GD SRSXODomR
EUDVLOHLUD IRUPDGD VREUHWXGR SRU XPD FODVVH PpGLD LQWHOHFWXDOL]DGD R ODGR GDV SULV}HV H GRV
DVVDVVLQDWRV FRP PRWLYDomR SROtWLFD R H[tOLR WHYH D IXQomR GH DIDVWDU RV RSRVLWRUHV GR QRYR UHJLPH

 ϴϬ
$³&DVDGRV&RQVHUWRV´

 1R FDStWXOR ,; QR HSLVyGLR LQWLWXODGR D ³ $ FDVDGRV FRQVHUWRV´ HQFRQWUDPRV
XPVHQWLGRDPEtJXRVH QRVLPS}HSDUD DSDODYUD³FRQVHUWR´1HODSRGHPRVHQFRQWUDU
GRLV VHQWLGRV RX VtPERORV 'H IDFWR D SDODYUD ³FRQVHUWR´ SRU VHU XPD SDODYUD
KRPyIRQDSRGHUHPHWHUSDUDXPDGXSORVLJQLILFDGR
$VVLP D LPDJHP GD ³&DVD GRV &RQVHUWRV´ GHVFULWD FRPR XP HVSDoR TXH VH
GLYLGLDHPTXDWURSDUWHVUHPHWHQRVSDUDDLGHLDGHHQFRQWURGHXQLmRHGHKDUPRQLD
SULQFtSLRVTXHDSURWDJRQLVWDGHVHMDULDWHUHQWUHWRGDVSHVVRDVTXHID]HPSDUWHGDVXD
IDPtOLDVHXSDLVXDPmHVHXVLUPmRV

1D SULPHLUD >SDUWH@ WLQKD XPD PHQLQD DVVLP GD PLQKD
LGDGH QD RXWUD WLQKD XP KRPHP QD RXWUD WLQKD XPD
PXOKHUHQDRXWUDXPYHOKR


1HVWH OXJDU ³PDUDYLOKRVR´ DV WDUHIDV VmR RUJDQL]DGDV SHORV PRUDGRUHV TXH VH
YmR UHYH]DQGR RX VHMD FDGD XP GRV FRPSRQHQWHV GD IDPtOLD WHP D SRVVLELOLGDGH GH
ID]HU XP SRXFR GH FDGD WUDEDOKR 7RGRV WrP D SRVVLELOLGDGH GH GDU RSLQLmR VREUH DV
PHVPDVQXPFOLPDGHKDUPRQLDGHVDWLVIDomRHVHPKLHUDUTXLDV)XQFLRQDSRLVFRPR
XPD VRFLHGDGH LGHDO QD TXDO WRGRV GHVHPSHQKDP TXDOTXHU WLSR GH WDUHID H HVWDV WHP
WDPEpPRPHVPRJUDXGHLPSRUWkQFLDLQGHSHQGHQWHPHQWHGHTXHPDH[HFXWD
$TXL D HVFULWRUD H[SUHVVD H FRQILJXUD D SHUIHLWD RUJDQL]DomR IDPLOLDU H VRFLDO
RQGH WRGRV WrP R SRGHU GH GHFLVmR H WrP WDPEpP FRQGLo}HV GH H[HFXWDU DV PHVPDV
WDUHIDV LQGHSHQGHQWH GD LGDGH RX VH[R 7RGRV SHQVDP GmR VXDV RSLQL}HV WRPDP
GHFLV}HVLQFOXVLYHQDVTXHVW}HVVRFLDLVRXSROtWLFDV


    


LQVWDODGR HP  1HP WRGRV FRQWXGR HQTXDGUDUDPVH QHVVH FDVR $OJXQV H[LODGRV VLPSOHVPHQWH
UHVROYHUDPGHL[DURSDtVTXDQGRRSUHVLGHQWH-RmR*RXODUWIRLGHSRVWR)RUDPSDUDRH[WHULRUOHJDOPHQWH
HDWpPHVPRVHPXPDYLVmRFUtWLFDVREUHDUHDOLGDGHEUDVLOHLUD


&RQVHUWR3HUWHQFHjFODVVHJUDPDWLFDOGRVVXEVWDQWLYRVFRPRVLJQLILFDGRUHSDURPRGLILFDomRSDUD
TXH YROWH DR HVWDGR RULJLQDO DVVLP WDPEpP FRPR SHUWHQFH j FODVVH JUDPDWLFDO GRV YHUERV FRP R
VLJQLILFDGR GH UHSDUDU WUDEDOKR UHDOL]DGR SDUD TXH YROWH DR HVWDGR RULJLQDO $ SDODYUD ³FRQVHUWR´ p
FODVVLILFDGD FRPR XPD SDODYUD KRPyIRQD GD SDODYUD ³FRQFHUWR´ H HVWD WHP FRPR VLJQLILFDGR D
DSUHVHQWDomRPXVLFDOGHRUTXHVWUDRXTXDOTXHUJUXSRGHSHVVRDOLJDGDjP~VLFD


%2-81*$/\JLD$%ROVD$PDUHOD5LRGH-DQHLURHGFLWS


 ϴϭ
>«@ $ PXOKHU FR]LQKDYD FDQWDQGR EDL[LQKR >«@ $
PHQLQDHVWDYDID]HQGRRPDSDGRPXQGR>«@2KRPHP
ERWRX R UHOyJLR QR RXYLGR H ILFRX WRGR VDWLVIHLWR  $K
DJRUDVLPRWLTXH±WDTXHWiERP>«@2YHOKRHVSLRXQR
IXQGRGDSDQHODHIDORX9RXVROGDUHVVDSDQHOD>«@


1HVWDGLQkPLFDHTXLWDWLYDWDPEpPDVYRQWDGHVGH5DTXHOYmRVHQGR³UHSDUDGDV
H YROWDP DR HVWDGR RULJLQDO´ H DVVLP DR GLPLQXLU HVVDV YRQWDGHV RV VHXV DPLJRV
LPDJLQiULRVMiHVWmRSURQWRVSDUDSDUWLU1HVWDIDVHGRFRQWRRJDOR$IRQVRFRQFOXtTXH
DLGHLDSHODTXDOWHUiTXHOXWDUpDGHQmRGHL[DUTXHFRVWXUHPVHXVSHQVDPHQWRVFRPR
IL]HUDPFRP7HUUtYHO

>«@ 9RX VDLU SHOR PXQGR OXWDQGR SUD QmR GHL[DUHP
FRVWXUDURSHQVDPHQWRGHQLQJXpP


 0DV D FDVD GRV FRQVHUWRV WDPEpP QRV UHPHWH SDUD RXWUD VLPERORJLD HOD
UHSUHVHQWD R ORFDO RQGH VH Gi XPD DSUHVHQWDomR PXVLFDO IHLWD SRU XP GR JUXSR GH
SHVVRDV

>«@(UDXPUHOyJLRJUDQGmR>«@(EDWLDKRUDWRFDQGR
P~VLFD>«@PDVQmRHUDP~VLFDDQWLJDQmRHUDP~VLFD
WmR TXHQWH TXH WRGR PXQGR ILFRX ORJR OLJDGR H GHL[RX
WXGRTXHHVWDYDID]HQGRSUDLUSURPHLRGDVDODGDQoDU
)D]LDPXQVSDVVRVEDFDQDVULDPFDQWDP>«@RUHOyJLR
WRFDYD FDGD YH] PDLV JRVWRVR >«@ R UHOyJLR EDWLD
FHUWLQKRFRPDP~VLFD>«@


 $OpPGHGHVHQFDGHDUXP³FRQFHUWR´RUHOyJLRHVWDEHOHFHXPDUHODomRIRUWHFRP
RWHPSRVLPEROL]DGRSHORVHXPRYLPHQWRJLUDWyULR(OHHYRFDRFLFORGDYLGD/\JLD
%RMXQJDDWUDYpVGHVWHHSLVyGLROHPEUDQRVTXHKiWHPSRSDUDWRGRRWLSRGHFRQVHUWR

>«@WRGRGLDWHPKRUDGHUHVROYHUFRLVD4XHQHPDLQGD
KiSRXFRWHYHKRUDGHEULQFDU$JHQWHVHQWDDtQDPHVD
H UHVROYH WXGR TXH SUHFLVD 5HVROYH VH YDL EULQFDU PDLV
GR TXH WUDEDOKDU RX HVWXGDU PDLV GR TXH EULQFDU
 

%2-81*$/\JLD$%ROVD$PDUHOD5LRGH-DQHLURHGFLWS


,ELGS


,ELGS


&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


 ϴϮ
UHVROYH R TXH p TXH YDLFRPHU TXDQWR p TXH YDL JDVWDU
HP URXSD HP FRPLGD HP OLYUR UHVROYH HVVDV WUDQVDV
WRGDV&DGDXPGiDVXDLGHLD(ILFDUHVROYLGRRTXHD
PDLRULDDFKDPHOKRU


$SDODYUDFRQVHUWRpSRLVXPDSDODYUDSROLVVpPLFDYLVWRUHPHWHUQmRVySDUDD
DFomR GH UHSDUDU DOJR FRPR WDPEpP SDUD ³R DUUDQMR H SDUD D KDUPRQLD´ $VVLP D
HVFULWRUDDEUHSRVVLELOLGDGHVSDUD³FRQVHUWDU´HFRQVWUXLUXPDRXWUDRUJDQL]DomRIDPLOLDU
HVRFLDOLGHDORQGHWRGRVLQGHSHQGHQWHPHQWHGHLGDGHRXGRVH[RWHULDPYR]HGLUHLWR
GHGHFLVmR

2VRQKR2PDU
 
 1R UHJUHVVR jV DXODV 5DTXHO VHQWLDVH PHOKRU FRP DV VXDV YRQWDGHV Mi PDLV
PDJUDVGDQGRDLPSUHVVmRTXHLULDPVXPLUVH$SURWDJRQLVWDSHUFHELDTXHDVXDYLGD
HVWDYDDPHOKRUDU2UDHODWHYHXPVRQKR6RQKRXTXHHVWDYDQDSUDLDVROWDQGRSLSDV
5HILUDVHTXH

2 VRQKR p D H[SUHVVmR RX UHDOL]DomR GH XP GHVHMR
UHSULPLGR >«@ p D DXWRUHSUHVHQWDomR HVSRQWkQHD H
VLPEyOLFDGDVLWXDomRDFWXDOGRLQFRQVFLHQWH


3RGHPRVDILUPDUTXHRVRQKRpXPGRVPHOKRUHVDJHQWHVGHLQIRUPDomRVREUHR
HVWDGR SVtTXLFR GH TXHP VRQKD 5DTXHO DR VRQKDU UHYHODQRV XP TXDGUR GD VXD
VLWXDomR H[LVWHQWH H SUHVHQWH YLVWR R VRQKR VHU SDUD TXHP VRQKD XPD LPDJHP
IUHTXHQWHPHQWH LQVXVSHLWDGD GH VL PHVPR H p GHVWH PRGR XP UHYHODGRU GR HJR H GR
VHOI
5DTXHOUHJUHVVDDWUDYpVGRVRQKRSDUDDSUDLDHILFDDROKDUSDUDRPDU$IRQVR
DEULDDVDVDVSDUDYRDUEHPDOWR$VDVDVVtPERORVGROHYDQWDUYRRGRDOLJHLUDUGHXP
SHVR GH GHVPDWHULDOL]DomR H GH OLEHUDomR UHPHWHP SDUD D LGHLD GD DXWRFRQILDQoD
FRQTXLVWDGDSRU5DTXHOJUDoDVjSHUVRQDJHP$IRQVR$VDVDVVHJXQGR-HDQ&KHYDOLHU
H$ODLQ*KHHUEUDQW
 

%2-81*$/\JLD$%ROVD$PDUHODHGFLWS


&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


,ELGS


 ϴϯ

>«@H[SULPHPJHUDOPHQWHXPDHOHYDomRDRVXEOLPHXP
LPSXOVR SDUD WUDQVFHQGHU D FRQGLomR KXPDQD >«@
LQGLFDPXPDOLEHUDomRHYLWyULD

4XDQWR DR YHQWR QHOH SRGHPRV UHFRQKHFHU YiULRV DWULEXWRV 'HVWH PRGR HOH
UHYHODVHFRPR
>«@ VtPEROR GD YDLGDGH GH LQVWDELOLGDGH GH
LQFRQVWkQFLD 4XDQGR R YHQWR DSDUHFH QRV VRQKRV
DQXQFLD TXH XP HYHQWR LPSRUWDQWHHVWi SDUD DFRQWHFHU
XPDPXGDQoDVXUJLUi


$ PXGDQoD VXJHULGD SHOR VtPEROR GR YHQWR p D WUDQVIRUPDomR TXH 5DTXHO


VRIUHUi D SDUWLU GR XQLYHUVR FULDGR H JUDoDV DR VHX SRGHU LPDJLQDWLYR 0XGDQoD HVWD
UHIHULGDQDYR]GDSHUVRQDJHP$IRQVR

>«@ HX QmR SUHFLVR PDLV WHU PHGR GH YRDU DOWR >«@
FKHJRX D KRUD GH VDLU SHOR PXQGR OXWDQGR SHOD PLQKD
LGHLD

6RQKDUFRPRPDUVXJHUHXPDWUDQVIRUPDomRSRLVRPDUDLQGDGHDFRUGRFRP
-HDQ&KHYDOLHUH$ODLQ*KHHUEUDQWWHPSRUVtPERORDGLQkPLFDGDYLGD

>«@ 7XGR VDL GR PDU H WXGR UHWRUQD D HOH OXJDU GRV
QDVFLPHQWRV GDV WUDQVIRUPDo}HV H GRV UHQDVFLPHQWRV
ÈJXD HP PRYLPHQWR R PDU VLPEROL]D XP HVWDGR
WUDQVLWyULR HQWUH DV SRVVLELOLGDGHV DLQGD LQIRUPHV DV
UHDOLGDGHVFRQILJXUDGDVXPDVLWXDomRGHDPELYDOrQFLD
TXHpDGHLQFHUWH]DGHG~YLGDGHLQGHFLVmR>«@




 

&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWS


,ELGS


,ELGS

,ELGS


 ϴϰ
2 VRQKR SHUPLWLX HVWDEHOHFHU QR SVLTXLVPR GD SURWDJRQLVWD XPD HVSpFLH GH
HTXLOtEULR FRPSHQVDGRU SRLV FRPR VH VDEH R VRQKR DFHOHUD R SURFHVVR GH
LQGLYLGXDOL]DomRTXHUHJHDHYROXomRGHDVFHQVmRHGDLQWHJUDomRGRKRPHP


(QWmRHQWUHLQRPDUGHXQLIRUPHVDSDWREROVDDPDUHOD
H WXGR )XUHL XPD RQGD H PHUJXOKHL IXQGR >«@ SHOD
SULPHLUDYH]QDPLQKDYLGDDFKHL5DTXHOXPQRPHOHJDO
$FKHLTXHQmRSUHFLVDYDGHRXWURQRPHQHQKXP$EULD
EROVDWLUHLWXGRTXDQWRpQRPHTXHHXJXDUGDYDQREROVR
VDQIRQD >«@ HX WLYH TXH VDLU GR PDU >«@ DJRUD HX
HVFUHYRWXGRRTXHTXHURHOD>DYRQWDGH@QmRWHPWHPSR
GHHQJRUGDU>«@$EROVDDPDUHODWDYDWmRYD]LD>«@(
HX WDPEpP JR]DGR HX WDPEpP HVWDYD PH VHQWLQGR XP
ERFDGROHYH

5DTXHOWUDQVIRUPRXVHDSDUWLUGRPXQGRTXHFULRXHTXHRVVHXVGHYDQHLRVHD
VXD LPDJLQDomR SHUPLWLUDP $ SURWDJRQLVWD HQFRQWURXVH H FRPSUHHQGHXVH FRPR
FULDQoD 6HQWLQGRVH IHOL] FRQVLJR SUySULD HQFRQWURX D VXD YHUGDGHLUD QDWXUH]D H
LGHQWLGDGH1mRQHFHVVLWDYDPDLVGDVGXDVYRQWDGHVGRPLQDQWHVHREVHVVLYDVDGHVHU
XPKRPHPHDGHVHUXPDGXOWR
$ ~QLFD YRQWDGH TXH JXDUGRX FRQVLJR IRL D GH VHU HVFULWRUD SRLV DVVLP
FRQWLQXDULD D FRQVWUXLU RV VHXV PXQGRV RV VHXV DPLJRV RV VHXV VRQKRV
LQGHSHQGHQWHPHQWHGDLGDGHTXHWLYHVVH3RGHULDFXPSULUXPDLPSRUWDQWHIXQomRVRFLDO
FRPRHVFULWRUDGHFRQWRVPDUDYLOKRVRVGHQXQFLDUDRSUHVVmRDH[FOXVmRRSUHFRQFHLWR
HPRVWUDUDVQRUPDLVGLIHUHQoDVH[LVWHQWHVHQWUHDVSHVVRDVFRQWULEXLQGRDVVLPSDUDD
LQFOXVmRVRFLDO







 
ϭϵϮ
&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6tPERORVHGFLWSϴϰϲ͘

ϭϵϯ
%2-81*$/\JLD$%ROVD$PDUHODHGFLWS



 ϴϱ
 &RQFOXVmR


1XPDDOWXUDHPTXHVHGHYHUmRDSRQWDUDVSULQFLSDLVOLQKDVWULOKDGDVDRORQJR
GHVWHWUDEDOKRGHYHPRVFRPHoDUSRUUHIHULUTXHIRLQRVVRLQWXLWR³HVJRWDU´TXDVHDWpj
H[DXVWmR WRGDV DV LQIRUPDo}HV 6H HVSRUDGLFDPRV GHL[DPRV R QRVVR HQWXVLDVPR
WUDQVSDUHFHU QR WH[WR SDUHFHQRV TXH HOH IRL VHPSUH VHFXQGDGD SRU OHLWXUDV
HIHFWXDGDV
'HIHQGHQGR D LGHLD GR FRQWR PDUDYLOKRVR FRPR WUDPSROLP SDUD R DXWR
FRQKHFLPHQWRSURFXUDPRVFDSWDUHP$%ROVD$PDUHODXPDHVSpFLHGHHVSHOKRPiJLFR
FDSD]GHRSHUDUFRPRXPDLPDJHPILHOGRXQLYHUVRGRVYDORUHVLQIDQWLV
 1DYHUGDGHRVFRQWRVPDUDYLOKRVRVVmRUHJLVWRVVLPEyOLFRVDWUDYpVGRVTXDLVD
SVLTXH VH PDQLIHVWD SRGHQGR DVVLP FRQWULEXLU SDUD D IRUPDomR KDUPRQLRVD GR OHLWRU
VHMDHOHFULDQoDRXMRYHP2WH[WROLWHUiULRHVSHFLILFDPHQWHRFRQWRGHIDGDVVHJXQGR
%UXQR%HWWHOKHLPIDYRUHFHRGHVHQYROYLPHQWRSVtTXLFRHDFRPSUHHQVmRGRVFRQIOLWRV
H[LVWHQWHV QR OHLWRU JUDoDV DRV HOHPHQWRV SUHVHQWHV TXH SURPRYHP LPDJHQV FRP DV
TXDLVHOHSRGHHVWUXWXUDUVHXVGHYDQHLRVHFRPHVWHVGDUPHOKRURULHQWDomRjVXDYLGD
 ,VVR PHVPR HVWDUi H[SOLFLWDGR DLQGD GH TXH IRUPD UHVXPLGD QR WtWXOR TXH
DWULEXtPRV DR QRVVR WUDEDOKR 2 LWLQHUiULR VLPEyOLFR HP $ %ROVD $PDUHOD GH /\JLD
%RMXQJD³)DQWDVLDUSDUD,QFOXLU´
 $R SUREOHPDWL]DU D HVSHFLILFLGDGH GHVWD REUD WHQWDPRV WHU VHPSUH SUHVHQWH D
LGHRORJLDHSRFDOYLJHQWH
 $ VXD DQiOLVH OHYDQRV D FRQFOXLU TXH HVWH WLSR GH WH[WR UHVSRQGH D XPD
QHFHVVLGDGH GRV MRYHQV OHLWRUHV YLVWR FRQWULEXLU SDUD D IRUPDomR GD VXD LGHQWLGDGH
DEULQGR FDPLQKRV SDUD D UHIOH[mR H HTXLOtEULR LQWHULRU $ OLWHUDWXUD PDUDYLOKRVD DR
HQFHQDU D FRPSOH[LGDGH GRV SUREOHPDV GD YLGD WRUQDVH XP PRGHOR H[HPSODU SDUD
UHYHODUDVFRQH[}HVHQWUH/LWHUDWXUD,QIDQWLOH(GXFDomRVHHQWHQGHUPRVTXHIRUPXODD

 

 &DEH QHVWH QRVVR SHUFXUVR KHUPHQrXWLFR UHIHULU TXH QmR QRV FRLELPRV GH FLWDU RV PDLV GLYHUVRV
DXWRUHVFRQVFLHQWHVGHTXHRIL]HPRVSDUDPHOKRUQRVH[SULPLUPRVHDLQGDSDUDQDVSDODYUDVGH(XJpQLR
/LVERD³GDUDRQRVVRWH[WRXPDRXWUDIRUPDHRXWUDVHGXomR´1DYHUGDGH³VyRLJQRUDQWHWHPPHGRGH
FLWDo}HVVREUHWXGRSRUWHPHUDIRUoDSRUHODDFUHVFHQWDGDDRWH[WRTXHDLQWHJUD>«@FLWDUpHPVXPD
SDUWLOKDURTXHVHGHVFREULXFRPTXHPDLQGDQmRGHVFREULX´/,6%2$(XJpQLR2SHFDGRGHFLWDULQ
-RUQDOGH/HWUDV$UWHVH,GHLDVQžGHGH0DUoRDGH$EULOGHS

ϭϵϱ
%(77(/+(,0%UXQR$SVLFDQiOLVHGRV&RQWRVGHIDGDVHGFLWS


 ϴϲ
GLVFXVVmRGRVFRQIOLWRVKXPDQRVGHXPPRGRVLJQLILFDWLYRIXQFLRQDQGRDVVLPFRPR
XPD³SRUWDTXHVHDEUHSDUDGHWHUPLQDGDVYHUGDGHVKXPDQDV´
 $SHVDU GDV FLUFXQVWkQFLDV H[WHUQDV GDV FRQMXQWXUDV VyFLRSROtWLFRHFRQyPLFDV
H[LVWHPVDtGDVSDUDRVHUKXPDQRQmRDSHQDVDSDUWLUGDFROHFWLYLGDGHPDVWDPEpPD
SDUWLU GDV PXGDQoDV H WUDQVIRUPDo}HV GH FDGD XP R FDPLQKR D TXH -XQJ GHQRPLQRX
³SURFHVVR GH LQGLYLGXDOL]DomR´ 2 OHLWRU DR RXYLU RX OHU $ %ROVD $PDUHOD SRGH YHU
UHIRUoDGR R VHX ³HX´ DSRLDQGRVH QD GLQkPLFD SUySULD GRV FRQIOLWRV Dt QDUUDGRV H GDV
VDtGDVTXHSDUDHVWHVOKHVmRDSUHVHQWDGRVQDQDUUDWLYD
$%ROVD$PDUHODYDLGHHQFRQWURjOLEHUWDomRGRHXSHODSRVVLELOLGDGHGHH[LVWLU
HQWUHDVSHUVRQDJHQVHROHLWRUGHXPDPHVPDYLYrQFLDVXEMHFWLYD
 3RGHVH GL]HU TXH D QDUUDWLYD GH /\JLD %RMXQJD WDO FRPR RXWUDV QDUUDWLYDV GR
JpQHURSDVVDDVHUDLOXVWUDomRGDKLVWyULDGHFDGDOHLWRUSRLVFRPDVXDFDUDFWHUtVWLFD
PDUFDQWHGHFRQWRPDUDYLOKRVRPHVPRVHQGRXPFRQWRPDUDYLOKRVRQmRSXURSHOD
VXD YDVWD VLPERORJLD H SHOD DFomR GH WRGDV DV SHUVRQDJHQV H GRV VHXV UHVSHFWLYRV
FRQIOLWRVLQWHULRUHVROHLWRUpFRQGX]LGRDVXSHUDURVVHXVWUDXPDVDVVXDVREVHVV}HVRV
SUHFRQFHLWRVVRFLDLV
)RLQRVSRVVtYHOFRQFOXLUTXHHVWDREUDWHPSRUREMHFWLYRGHVSHUWDUUHFRUGDo}HV
HVLWXDo}HVFRQIOLWXRVDVGRSHUtRGRGDLQIkQFLDRXGDDGROHVFrQFLDHFRQGX]LUFDGDOHLWRU
DH[SHULPHQWiODHS{ODHPDFomRRULHQWDQGRDVSDUDDFULDWLYLGDGHHSDUDXPDUHODomR
VDGLDHQWUHRKRPHPHRPXQGR














 ϴϳ
5()(5Ç1&,$6%,%/,2*5È),&$6

$%5$029,&+)DQQ\LQ)ROKDGH6mR3DXOR

$'$0 -HDQ0LFKHO /H VW\OH GDQV OD ODQJXH XQH UHFRQFHSWLRQ GH OD VW\OLVWLTXH
/DXVDQQH'HODFKDX[ 1LHVWOp

$1'20DUWD<XPL2VOXJDUHVYD]LRVQRVRIiOHLWXUDVHUHOHLWXUDVGDREUDO\JLDQD
'LVSRQtYHOHP©KWWS
SHULyGLFRVXHPEURMVtQGH[SKS$FWDV6FL+XPDQ6RF6FLDUWLFOHYLHQZ)LOHª
$FHVVRHPGH]

$0$5$/ /tJLD $VVXQomR 3HQVDU QDV GLIHUHQoDVGHILFLrQFLDV %UDVtOLD
&RRUGHQDGRULDGD3HVVRD3RUWDGRUDGHGHILFLrQFLD

%$&+(/$5'*DVWRQ$WHUUDHRVGHYDQHLRVGRUHSRXVR6mR3DXOR0DUWLQV)RQWHV


%$&+(/$5'*DVWRQ/D3RpWLTXHGHOD5rYHULH3DULV38)

BBBBBBBBBBB/D3RpWLTXHGHO¶(VSDFH3DULV38)HG

%$5,1($UYqGH3RqWHVHWQpYURVqVqG3DULV+DFKHWWH

%(/,1.<7DWLDQDLQ(VWDGRGH6mR3DXOR

%(1-$0,1:DOWHU³5XDGHPmR~QLFD´,Q5HIOH[}HVVREUHDFULDQoDREULQTXHGRH
DHGXFDomRHG6mR3DXOR'XDV&LGDGHV

%(77(/+(,0 %UXQR $ SVLFDQiOLVH GRV FRQWRV GH IDGDV /LVERD (GLWRUD %HUWUDQG


%528*e5(*LOOHV%ULQTXHGRH&XOWXUD6mR3DXOR(G&RUWH]

&$'(0$5725,/tJLD2TXHpOLWHUDWXUDLQIDQWLO"6mR3DXOR%UDVLOLHQVH

&$/',1&ODULFH)RUNDPS$IXQomRVRFLDOGDOHLWXUDQDOLWHUDWXUD5HYLVWD
(OHFWUyQLFD%LEOLRWHFRQRPLD±(QFRQWURGHELEOLRWHFiULRV)ORULDQySROLV±6&1
MDQMXQS'LVSRQtYHOHP
©KWWSZZZHQFRQWURVELEOLXIVFEU(GLFDRBFDOGLQIXQFDRVRFLDOSGIª$FHVVRHP
XW

&$1','2 $QWRQLR 'LUHLWRV KXPDQRV H OLWHUDWXUD LQ )(67(5 $QWyQLR &DUORV
5LEHLUR 'LUHLWRV KXPDQRV H 6mR 3DXOR ©&RPLVVmR GH -XVWLoD 3D] GH 6mR 3DXORª
%UDVLOLHQVH

&$51(,520DULDGR 1DVFLPHQWR2)DQWiVWLFRQRVFRQWRVGHÈOYDURGR&DUYDOKDO
/LVERD,QVWLWXWRGH&XOWXUDH/tQJXD3RUWXJXHVD

&$59$/+2%iUEDUD9DVFRQFHORVGH/LWHUDWXUD,QIDQWLO(VWXGRV6mR3DXOR(GLWRUD
(GDUW

&(17(12 <YHWWH 'RV SURIHWDV j WHOHYLVmR LQ 'LiORJRV )LORVyILFRV H $OTXtPLFRV
9LFWRU0HQGDQKD RUJ žHG/LVERD(GLo}HV3HUJDPLQKR

&+(9$/,(5-HDQH*+((5%5$17$ODLQ'LFLRQiULRGRV6LPERORVHG5LRGH
-DQHLUR-RVp2O\PSLR

&2(/+2 1HOO\ 1RYDHV $ /LWHUDWXUD ,QIDQWLO +LVWyULD 7HRULD $QiOLVH 6mR 3DXOR
(GLWRUD*OREDO

BBBBBBBBBBB2&RQWRGH)DGDV6mR3DXORÈWLFD'LVSRQtYHOHP
©KWWSSWZLNLSHGLDRUJZLNL&RQWRVBPDUDYLOKRVRVªDFHVVRHPVHW


BBBBBBBBBBB$/LWHUDWXUD,QIDQWLO7HRULD±$QiOLVH±'LGiFWLFD6mR3DXOR(GÈWLFD


&21)(5Ç1&,$ 081',$/ 62%5( 1(&(66,'$'(6 (0 ('8&$d­2
(63(&,$/ $ GHFODUDomR GH 6DODPDQFD VREUH SULQFtSLRV 3ROtWLFDV H 3UiWLFDV HP
(GXFDomR(VSHFLDO81(6&2

&255(,$-RmR&DUORV5LFRHXUHD([SUHVVmR6LPEyOLFDGR6HQWLGR%UDJD)XQGDomR
&DORXVWH*XOEHQNLDQH)XQGDomRSDUD&LrQFLDHD7HFQRORJLD

'85$1 *LOEHUW $V HVWUXWXUDV $QWURSROyJLFDV GR ,PDJLQiULR 6mR 3DXOR 0DUWLQV
)RQWHV

BBBBBBBBBBB$,PDJLQDomR6LPEyOL
&81+$ $QW{QLR *HUDOGR GD 'LFLRQiULR (WLPROyJLFR 1RYD )URQWHLUD GD OtQJXD
SRUWXJXHVD5LRGH-DQHLUR1RYD)URQWHLUD
FD/LVERD(GLo}HV

(/,$'(0LUFHD,PDJHQVH6tPERORV±(QVDLRVREUHR6LPEROLVPR0iJLFR5HOLJLRVR
6mR3DXOR0DUWLQV)RQWHV

BBBBBBBBBBBBBBB0LWRHUHDOLGDGH7UDG3ROD&LYHOOL6mR3DXOR3HUVSHFWLYD

(51(67 3(5(,5$ $UDF\ 5(  LQYHQWDQGR FRQWRV GH IDGDV XP HVWXGR VREUH R
IHQyPHQRGDH[FOXVmR $QSROO±*7±$QiOLVHGRGLVFXUVR 'LVSRQtYHOHP
©KWWSZZZJHRFLWHVFRPJWBDGDQDOLVHGRGLVFHQVLQRKWPOª >&RQVXOWDGR HP  VHW
@

(367(,1,VDDF26LJQR6mR3DXOR(GÈWLFD

)$5,$ 0DULD $OLFH &RPR XVDU D OLWHUDWXUD ,QIDQWLO QD VDOD GH DXOD 6mR 3DXOR
(GLWRUD&RQWH[WR

)5$1=0DULH/RXLVH9RQ/D9RLHGH/¶,QGLYLGXDWLRQGDQVOHV&RQWHVGH)pHV3DULV
/D)RQWDLQHGH3LHUUH

)5(,7$6/LPDGH1DWXUH]DH3URSULHGDGHGR6tPERORLQ5HYLVWD1RYD5HQDVFHQoD
9RO,;-RVp$XJXVWR6HDEUD GLU -XOGH


)5(8'6LJPXQG2HVWUDQKRLQ(GLomR6WDQGDUGGDV2EUDV3VLFROyJLFDV&RPSOHWDV
GH6LJPXQG)UHXG±9ROXPHV5LRGH-DQHLUR,PDJR


*5,0$/ 3LHUUH 'LFLRQiULR GD 0LWRORJLD *UHJD H 5RPDQD 9LFWRU -DERXLOOH
&RRUGHQDGRUGDHGLomRSRUWXJXHVD HG/LVERD',)(/


+(/' -DFTXHOLQH 2 ,PDJLQiULR QR 3RGHU DV FULDQoDV H D OLWHUDWXUD IDQWiVWLFD 6mR
3DXOR(G6XPPXV

BBBBBBBBBBB/¶LPDJLQDLUHDX3RXYRLU3DULV/HV(GLWLRQV2XYULqUHV


-$%85 050 6LQGyQLR 0XUDOKD XP SRHWD SRUWXJXrV QD OLWHUDWXUD LQIDQWLO
EUDVLOHLUD'LVVHUWDomR 0HVWUDGR ±81(63$UDUDTXDUD


-$5',0 0DULD $QWyQLD 'D +HUPHQrXWLFD j eWLFD HP 3DXO 5LFRHXU 3RUWR
8QLYHUVLGDGH)HUQDQGR3HVVRD


-289(9LFHQW/D/LWWpUDWXUH6HORQ%DUWKHV3DULVOHVeGLWLRQVGH0LQXLW

-81*&DUO*2+RPHPHVHXVVtPERORV5LRGH-DQHLUR1RYD)URQWHLUD


BBBBBBBBBBBB6tPERORVGHWUDQVIRUPDFLyQ%XHQRV$LUHV3DLGRV


BBBBBBBBBBB6LQFURQLFLGDGH5LRGH-DQHLUR(GLWRUD9R]HV


/$&$1 -DFTXHV /H VWDGH GX PLURLU FRPPH IRUPDWHXU GH OD IRQFWLRQGX -H H
/¶DJUHVVLYHYLWpHQSV\FKDQDO\VHLQeFULWV3DULV/H6HXLO


/$-2/20DULVD2TXHp/LWHUDWXUD"&ROHFomRSULPHLURV3DVVRV6mR3DXOR(GLWRUD
%UDVLOLHQVH


/$3/$1&(-RQHV9RFDEXOiULRGD3VLFDQiOLVH/LVERD0RUDHV(GLWRUHV


/$3/$7,1( )UDQoyLV 75,1'$'( /LDQD 2 TXH p LPDJLQiULR" &RO 3ULPHLURV
3DVVRV6mR3DXOR(GLWRUD%UDVLOLHQVH


/,6%2$(XJpQLR2SHFDGRGHFLWDULQ-RUQDOGH/HWUDV$UWHVH,GHLDVQžGH
GH0DUoRDGH$EULOGH

/23(= 5RVD 6tOYLD 2 3RGHU 0iJLFR GD 3DODYUD 6mR 3DXOR 'HYLU $UWH H &LrQFLD



0$&+$'2 ÈOYDUR 0DQXHO 'D /LWHUDWXUD &RPSDUDGD j 7HRULD GD /LWHUDWXUD
/LVERD(GLo}HV


0$&+$'2$QD0DULD,Q-RUQDOGR%UDVLO


0$&+$'2/XL]5DXO,Q-RUQDO5LRV$UWHV 


0$57,16-6$VRFLHGDGHDEHLUDGRDELVPR3HWUySROLV9R]HV


0(//2$QD0DULD/LVERDGH3RHVLDHLPDJLQiULR3RUWR$OHJUH(GLSXFUV


0(1'(6-RmR7HRULD/LWHUiULD/LVERD(G9HUER


181(6/\JLD%RMXQJD$%ROVD$PDUHOD5LRGH-DQHLUR$JLU

BBBBBBBBBBB$&DPD5LRGH-DQHLUR$*,5(GLWRUD

BBBBBBBBBBB$&DVDGD0DGULQKD5LRGH-DQHLUR$*,5(GLWRUD

BBBBBBBBBBB$QJpOLFD5LRGH-DQHLUR$*,5(GLWRUDO

BBBBBBBBBBB$XODGH,QJOr5LRGH-DQHLUR(G&DVD/\JLD%RMXQJD/WGD

BBBBBBBBBBB&RUGD%DPED5LRGH-DQHLUR&LY%UDVLOHLUDO

BBBBBBBBBBB'RV9LQWH5LRGH-DQHLUR(G&DVD/\JLD%RMXQJD/WGD

BBBBBBBBBBB)D]HQGR$QD3D]5LRGH-DQHLUR$*,5(GLWRUD

BBBBBBBBBBB)HLWRj0mR5LRGH-DQHLUR$*,5(GLWRUD

BBBBBBBBBBB/LYURXPHQFRQWURFRP/\JLD%RMXQJD5LRGH-DQHLUR$*,5

BBBBBBBBBBB1yV7UrV5LRGH-DQHLUR$*,5(GLWRUD

BBBBBBBBBBB2$EUDoR5LRGH-DQHLUR$*,5(GLWRUD

BBBBBBBBBBB20HX$PLJR3LQWRU5LRGH-DQHLUR-RVp2O\PSLR

BBBBBBBBBBB26RIi(VWDPSDGR5LRGH-DQHLUR&LYLOL]DomR%UDVLOHLUD

BBBBBBBBBBB25LRHHX6mR3DXOR6DODPDQGUD

BBBBBBBBBBB2V&ROHJDV5LRGH-DQHLUR-RVp2O\PSLR

BBBBBBBBBBB3DLVDJHP5LRGH-DQHLUR$*,5(GLWRUD

BBBBBBBBBBB5HWUDWRVGH&DUROLQD5LRGH-DQHLUR(G&DVD/\JLD%RMXQJD/WGD

BBBBBBBBBBB6DSDWRGH6DOWR5LRGH-DQHLUR(G&DVD/\JLD%RMXQJD/WGD

BBBBBBBBBBB6HLV9H]HV/XFDV5LRGH-DQHLUR$*,5(GLWRUD

BBBBBBBBBBB7FKDX6mR3DXOR$*,5(GLWRUD


25/$1', (QL 3XOFLQHOL $ OLQJXDJHP H VHX IXQFLRQDPHQWR DV IRUPDV GR GLVFXUVR
&DPSLQDV3RQWHVHG


3$/2 0DULD -RVp ' 2/,9(,5$ 0DULD 5RVD /LWHUDWXUD ,QIDQWLO YR] GH FULDQoD
6pULH3ULQFtSLRV6mR3DXOR(GLWRUDÈWLFD6$


3(5(,5$ 0DUtOLD 0HVTXLWD *XHGHV $ ELEOLRWHUDSLD H OHLWXUD FUtWLFD SDUD D IRUPDomR
GD FLGDGDQLD FRP RV DOXQRV GR ,QVWLWXWR GRV FHJRV GD 3DUDtED ³$GDOJLVD &XQKD´ LQ
3URFHHGLQJV ;,; &RQJUHVVR %UDVLOHLUR GH %LEOLRWHFRQRPLD H 'RFXPHQWDomR  5LR
*UDQGHGR6XO(GLWRUDGD38&


3267,& 0DUFHO 2 LPDJLQiULR QD 5HODomR 3HGDJyJLFD 5LR GH -DQHLUR -RUJH =DKDU
(GLWRU


35233 :ODGLPLU 0RUIRORJLD GR FRQWR PDUDYLOKRVR 5LR GH -DQHLUR )RUHQVH
8QLYHUVLWiULD


5(,6&DUORV'LFLRQiULRGH1DUUDWRORJLD&RLPEUD$OPHGLQD


BBBBBBBBBBB7pFQLFDVGH$QiOLVH7H[WXDO&RLPEUD/LYUDULD$OPHGLQD


5,&2(853DXO7HPSVH5pFLW7RPH3DULV6HXLO


52'5,*8(66HOPD&DODVDQV2)DQWiVWLFR6mR3DXOR(GÈWLFD


6$66$., 5RPHX NDVXPL ,QFOXVmR &RQVWUXLQGR XPD VRFLHGDGH SDUD WRGRV 5LR GH
-DQHLUR:9$


6+$: +DUU\ 'LFLRQiULRV GH 7HUPRV /LWHUiULRV /LVERD 3XEOLFDo}HV 'RP 4XL[RWH



6+52'(6 &DUROLQH %LEOLRWKHUDS\ D WKHRUHWLFDO DQG FOLQLFDOH[SHULPHQWDO VWXG\
I 'LVVHUWDWLRQ 'RFWRU RI 3KLORVRSK\ LQ (GXFDomR 8QLYHUVLGDGH RI &DOLIRUQLD
%HUNHOH\


62$5(6 )UDQFLVFR 3RUWXJDO 5D]mR H 0LVWpULR ± 1RWDV HP WRUQR GH XP
SRVLFLRQDPHQWR LQ $QWyQLR 4XDGURV /LVERD ,QVWLWXWR GH )LORVRILD /XVR%UDVLOHLUD



7(//(61RUPD+LVWyULDGDV0XOKHUHVQR%UDVLO6mR3DXOR&RQWH[WR


72'25297]YHWDQ$VHVWUXWXUDVQDUUDWLYDV6mR3DXOR(G3HUVSHFWLYD


;,0(1(6 6pUJLR 0LQLGLFLRQiULR GD /tQJXD 3RUWXJXHVD žHG 6mR 3DXOR (GLRXUR



=$5'26LQDUD3RORP)5(,7$66RUDLD1DSROHmR$OLWHUDWXUDLQIDQWLOFRPRDX[tOLR
SHGDJyJLFRSDUDXPDHGXFDomRLQFOXVLYD5HYLVWDSDUWHV5HYLVWDYLUWXDOGROHLWRU6mR
3DXOR±$QR,9QžMXQ
'LVSRQtYHOHPKWWSZZZSDUWHVFRPEUHGHGXFDFDRDVS$FHVVRHPVHW


=,/%(50$1 5HJLQD $ OLWHUDWXUD LQIDQWLO QD HVFROD >HG@ 6mR 3DXOR *OREDO



















Ë1',&(

,QWURGXomR
       
 /\JLD%RMXQJD1XQHVHDVXDREUD
$DXWRUDHDVXDSURGXomROLWHUiULD
$%ROVD$PDUHODGRPXQGRUHDODRPXQGRLPDJLQiULR
    
 'HILQLo}HVH)URQWHLUDV
2)DQWiVWLFRHR0DUDYLOKRVR
$QDUUDWLYDPDUDYLOKRVDFRPRWUDPSROLPSDUDLQWHJUDomRHIRUPDomRSVLFR
VRFLDOGDFULDQoD
2FRQWRLQIDQWLOjOX]GDSVLFDQiOLVH

 6tPERORVH6LPERORJLDHP$%ROVD$PDUHOD
2TXHp6tPEROR"
(OHPHQWRVVLPEyOLFRVHP$%ROVD$PDUHOD
 2³QRPH´H³DVYRQWDGHV´GDSURWDJRQLVWD
 $FDUWDGHQWURGRVDSDWR
 2SDSHO2SmR
 $YLDJHP2TXLQWDO
 2JDOR
 $EROVDDPDUHOD
 $PiVFDUDSUHWD
 $QHOD]XO$QHOYHUPHOKR
 2JDOR5HL2QRPH$IRQVR
 2DOILQHWH2*XDUGDFKXYD
 2JDOR7HUUtYHO/LQKD)RUWH
 $SUDLD2EDUFR
 $³&DVDGRV&RQVHUWRV´
 2VRQKR2PDU

      
 &RQFOXVmR

 5HIHUrQFLDV%LEOLRJUiILFDV







Você também pode gostar