,QWHOLJrQFLD (PRFLRQDODQLHO *ROHPDQ2 HVDILR GH $ULVWyWHOHV4XDOTXHU XP SRGH ]DQJDUVH LVVR p IiFLO 0DV ]DQJDUVH FRP D SHVVRD...
GL]HP TXH HVWDYDP DSHQDV WHQWDQGR GLVFLSOLQDU R ILOKR  $V VXUUDV IDWDLV IRUDPSURYRFDGDV SRU LQIUDo}HV FRPR D FULDQoD ILFDU...
ORQJR GRV DQRV GHL[DQGR DV HPRo}HV FRPR XP FRQWLQHQWH HP JUDQGH SDUWH LQH[SORUDGRSHOD SVLFRORJLD FLHQWtILFD 1HVVH YD]LR GH...
0DLV LPSRUWDQWH DLQGD RV GDGRV QHXUROyJLFRV VXJHUHP XPD MDQHOD GH RSRUWXQLGDGH SDUDPROGDU RV KiELWRV HPRFLRQDLV GH QRVVRV ...
(VVH PRGHOR DPSOLDGR GR TXH VLJQLILFD VHU LQWHOLJHQWH S}H DV HPRo}HV QR FHQWUR GDVDSWLG}HV SDUD YLYHU$ 3DUWH 7UrV H[DPLQD ...
(P eWLFD D 1LF{PDQR LQTXLULomR ILORVyILFD GH $ULVWyWHOHV VREUH YLUWXGH FDUiWHU H XPD YLGDMXVWD VHX GHVDILR p FRQWURODU QRV...
HPRFLRQDO IRL DWHVWDGR JUDYDQGRVH HP QRVVRV QHUYRV FRPR WHQGrQFLDV LQDWDV HDXWRPiWLFDV GR FRUDomR KXPDQR8PD YLVmR GD QDWXU...
3DUD PHOKRU RX SLRU QRVVD DYDOLDomR GH FDGD HQFRQWUR SHVVRDO H QRVVDV UHVSRVWDV D HOHVmR PROGDGDV QmR DSHQDV SRU QRVVRV MX...
RP QRYRV PpWRGRV SDUD SHUVFUXWDU R FRUSR H R FpUHEUR RV SHVTXLVDGRUHVHVWmR GHVFREULQGR PDLV GHWDOKHV ILVLROyJLFRV GH FRPR ...
$R PHVPR WHPSR R FRUSR LPRELOL]DVH DLQGD TXH SRU XPPRPHQWR WDOYH] GDQGR WHPSR SDUD DYDOLDU VH VH HVFRQGHU QmR VHULD XPD PH...
0DV QmR RFRUUH QHQKXPD PXGDQoD SDUWLFXODU QD ILVLRORJLD D QmR VHU XPD WUDQTLOLGDGHTXH ID] R FRUSR UHFXSHUDUVH PDLV GHSUHV...
SURSRUFLRQDYD XPD YDQWDJHP FUXFLDO SDUD D VREUHYLYrQFLD D GLVSRQLELOLGDGH GH DPODVDXWRPiWLFDV SDUD JDURWRV GH WUH]H DQRV W...
$ GLFRWRPLD HPRFLRQDOUDFLRQDO DSUR[LPDVH GD GLVWLQomR SRSXODU HQWUH FRUDomR HFDEHoD VDEHU TXH DOJXPD FRLVD p FHUWD DTXL GH...
FRPXP GHL[D EDVWDQWH FODUR $ 5D]mR ID] D ~QLFD FRLVD TXH SRGH H EHUUD DWp ILFDU URXFDUHSHWLQGR IyUPXODV GH YLUWXGH HQTXDQW...
$ SDUWH PDLV SULPLWLYD GR FpUHEUR SDUWLOKDGD FRP WRGDV DV HVSpFLHV TXH WrP PDLV TXH XPVLVWHPD QHUYRVR PtQLPR p R WURQFR FH...
GR FpUHEUR FHUFD H OLPLWDVH FRP R WURQFR FHUHEUDO HUD FKDPDGD GH VLVWHPD OtPELFR  GHOLPEXV SDODYUD ODWLQD TXH VLJQLILFD RU...
HPRFLRQDO FRPR D FDSDFLGDGH GH WHU VHQWLPHQWRV VREUH QRVVRV VHQWLPHQWRV +i XPDPDLRU SURSRUomR GH QHRFyUWH[ SDUD VLVWHPD Ot...
(UD XPD WDUGH TXHQWH GH DJRVWR HP  R PHVPR GLD HP TXH R UHYHUHQGR 0DUWLQ/XWKHU .LQJ -U IH] R GLVFXUVR (X WHQKR XP VRQKR QX...
7DLV H[SORV}HV HPRFLRQDLV VmR VHTHVWURV QHXUDLV 1HVVHV PRPHQWRV VXJHUHP RVLQGtFLRV XP FHQWUR QR FpUHEUR OtPELFR SURFODPD ...
ILQDOPHQWH JDQKRXD QRV  PHWURV QDV 2OLPStDGDV GH ,QYHPR QD1RUXHJD VXD PXOKHU IRL WmR WRPDGD SHOD HPRomR H IHOLFLGDGH TXH W...
p XP IHL[H HP IRUPDGH DPrQGRD GH HVWUXWXUDV LQWHUOLJDGDV VLWXDGR DFLPD GR WURQFR FHUHEUDO SHUWR GD SDUWHLQIHULRU GR DQHO O...
VLQDO HPRFLRQDO H[FOXVLYR GRV VHUHV KXPDQRV VmR SURYRFDGDV SHOD DPtJGDOD H XPDHVWUXWXUD SUy[LPD D FLUFXQYROXomR FLQJXODGDV...
IXJLU PRELOL]D RV FHQWURV GH PRYLPHQWR H DWLYD R VLVWHPD FDUGLRYDVFXODURV P~VFXORV HRV LQWHVWLQRV2XWURV FLUFXLWRV GD DPtJG...
$ H[WHQVD UHGH GH OLJDo}HV QHXUDLV GD DPtJGDOD ,KH SHUPLWHGXUDQWH XPD HPHUJrQFLD HPRFLRQDO WRPDU H GLULJLU JUDQGH SDUWH GR...
IXQFLRQD JUDQGH RX D PDLRU SDUWH GR WHPSR  PDV /HRX[ GHVFREULX XP SHTXHQR IHL[H GHQHXU{QLRV TXH YDL GLUHWR GR WiODPR j DPt...
HVVH PRGR D DPtJGDOD SRGHGLVSDUDU XPD UHVSRVWD HPRFLRQDO DQWHV TXH RV FHQWURV FRUWLFDLV WHQKDP HQWHQGLGRSOHQDPHQWH 2 TXH V...
PXLWR FRQVLGHUDGR D HVWUXWXUDFKDYH GR VLVWHPD OtPELFR HVWi PDLV HQYROYLGR FRP RUHJLVWUR H D DWULEXLomR GH VHQWLGR DRV SDGU...
XP QHUYR TXH YDL GR FpUHEUR jV JODQGXODV VXSUDUHQDLV DFLPD GRV ULQV SURYRFD XPDVHFUHomR GRV KRUP{QLRV HSLQHIULQD H QRUHSLQ...
UHJLVWUDGRV PXLWR WHPSR DWUiV FRP SHQVDPHQWRV HPRo}HV H UHDo}HV DSUHQGLGRV HPUHVSRVWD D DFRQWHFLPHQWRV WDOYH] DSHQDV YDJDP...
0HX VDOWR GD FDPD PHLR DGRUPHFLGR TXH SRGHULD WHUPH VDOYR GH IHULPHQWRV VH IRVVHPHVPR R WHWR FDLQGR LOXVWUD R SRGHU GD DPt...
(VVHV UXGLPHQWDUHV HUURV HPRFLRQDLV EDVHLDPVH QR VHQWLPHQWR DQWHULRU D SHQVDPHQWR/HRX[ FKDPD LVVR GH HPRomR SUHFRJQLWLYD  ...
1mR DGPLUD TXH WHQKDPRV WmR SRXFD LQWXLomR GDV WUHYDV GH QRVVDV HPRo}HV PDLVH[SORVLYDV VREUHWXGR HQTXDQWR HODV DLQGD QRV P...
$ UHVSRVWD QHRFRUWLFDO p PDLV OHQWD HP WHPSR FHUHEUDO TXH R PHFDQLVPR GH VHTHVWURSRUTXH HQYROYH PDLV FLUFXLWRV 7DPEpP p P...
UHPRYLD SDUWH GRV ORERV SUpIURQWDLV RXVHFFLRQDYD GH RXWUR PRGR DV OLJDo}HV HQWUH R FyUWH[ SUpIURQWDO H R FpUHEUR LQIHULRU ...
R TXH TXHU$ FKDYH GH GHVOLJDU IXQGDPHQWDO GD HPRomR DIOLWLYD SDUHFH VHU R ORER SUpIURQWDOHVTXHUGR 1HXURSVLFyORJRV TXH HVWX...
HPRomR VmR HVVHQFLDLV SDUD ID]HUQRV QDYHJDU HP PHLR jV GHFLV}HV TXH PDLV FRQWDPQD YLGD+$5021,=$12 (02d­2 ( 3(16$0(172$V OL...
H R QHRFyUWH[ VmR RFHQWUR GDV EDWDOKDV RX WUDWDGRV GH FRRSHUDomR HQWUH D FDEHoD H R FRUDomR RSHQVDPHQWR H R VHQWLPHQWR (VV...
UHDo}HV HPRFLRQDLV D HOD DVVRFLDGDV QR SDVVDGR WXGR DVVXPH XPD QHXWUDOLGDGHFLQ]HQWD 8P HVWtPXOR VHMD XP ELFKLQKR GH HVWLPD...
R DSUHQGL]DGR HPRFLRQDO TXH D YLGD QRV GHX FRPR D OHPEUDQoD GH XPGHVDVWURVR LQYHVWLPHQWR RX XPD VHSDUDomR GRORURVD
QRV HQYLD VLQDLV TXH IDFLOLWDP DGHFLVmR HOLPLQDQGR DOJXPDV RSo}HV H GHVWDFDQGR RXWUDV QR LQtFLR $VVLP GL] R UDPDVLR R FpUH...
3RORJUXWR QR ODERUDWyULR GH ItVLFD HVIDTXHRXR QD FODYtFXOD DQWHV GH VHU GRPLQDGR QXPDOXWD8P MXL] GHGDURX -DVRQ LQRFHQWH WH...
H[FHo}HV TXDQWR RV FDVRV TXH VH HQFDL[DP QD UHJUD 1D PHOKRU GDV KLSyWHVHV R 4,FRQWULEXL FRP FHUFD GH  SRU FHQWR SDUD RV ID...
H[SHULrQFLD RX HGXFDomR PRVWUDUHL QD 3DUWH LQFR TXH DV DSWLG}HV HPRFLRQDLV GHFLVLYDVQD YHUGDGH SRGHP VHU DSUHQGLGDV H PHOK...
HQWUH 4O H QtYHO VRFLRHFRQ{PLFRDRV TXDUHQWD H VHWH DQRV 0DV DSWLG}HV GH LQIkQFLD FRPR FDSDFLGDGH GH OLGDU FRPIUXVWUDo}HV F...
LPSRUWkQFLD SDUD QRVVR GHVWLQR SHVVRDO $ YLGD HPRFLRQDO p XP FDPSR FRP R TXDO VHSRGH OLGDU FHUWDPHQWH FRPR PDWHPiWLFD RX O...
-XG VmR WDOHQWRV TXH XPD HGXFDomR GHYH PDLV DOLPHQWDU TXH LJQRUDU RX PHVPR IUXVWUDU(QFRUDMDQGR DV FULDQoDV D GHVHQYROYHUHP...
*DUGQHU UHFRQKHFH TXH VHWH p XP Q~PHUR DUELWUiULR SDUD D YDULHGDGH GH LQWHOLJrQFLDVQmR Ki QHQKXP Q~PHUR PiJLFR SDUD D PXOW...
PRVWUDUDP XPD YDULHGDGH GH SHUILV QDV GH] IRUoDV PHGLGDV SHOR WHVWH 6SHFWUXP 3RUH[HPSOR GDV FLQFR FULDQoDV PDLV LQWHOLJHQW...
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Presentation_1370606544514
Nächste SlideShare
Wird geladen in …5
×

Presentation_1370606544514

357 Aufrufe

Veröffentlicht am

0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
357
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
3
Aktionen
Geteilt
0
Downloads
2
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Presentation_1370606544514

  1. 1. ,QWHOLJrQFLD (PRFLRQDODQLHO *ROHPDQ2 HVDILR GH $ULVWyWHOHV4XDOTXHU XP SRGH ]DQJDUVH LVVR p IiFLO 0DV ]DQJDUVH FRP D SHVVRD FHUWD QD PHGLGDFHUWD QD KRUD FHUWD SHOR PRWLYR FHUWR H GD PDQHLUD FHUWD QmR p IiFLO$5,67Ï7(/(6 eWLFD D 1LF{PDFR(UD XPD WDUGH GH DJRVWR LQVXSRUWDYHOPHQWH VXIRFDQWH QD FLGDGH GH 1RYD ,RUTXH XPGDTXHOHV GLDV FDORUHQWRV TXH GHL[DP DV SHVVRDV PDOKXPRUDGDV H GHVFRQIRUWiYHLV (XYROWDYD SDUD XP KRWHO H DR HQWUDU QXP {QLEXV QD DYHQLGD 0DGLVRQ ILTXHL VXUSUHVR FRPR PRWRULVWD XP QHJUR GH PHLDLGDGH H ODUJR VRUULVR TXH PH DFROKHX FRP XP DPLVWRVR2L RPR YDL VDXGDomR IHLWD D WRGRV RV RXWURV TXH HQWUDUDP QR {QLEXV HQTXDQWRVHUSHiYDPRV SHOR GHQVR WUiILFR GR FHQWUR GD FLGDGH DGD SDVVDJHLUR VH VXUSUHHQGLDWDQWR TXDQWR HX PDV SUHVRV DR SpVVLPR FOLPD GR GLD SRXFRV ,KH UHWULEXtDP RFXPSULPHQWR¬ PHGLGD TXH R {QLEXV VH DUUDVWDYD SHOR TXDGULFXODGR WUDoDGR GD FLGDGH SRUpP IRLVHGDQGR XPD OHQWD RX PHOKRU XPD PiJLFD WUDQVIRUPDomR 2 PRWRULVWD PRQRORJDYDFRQWLQXDPHQWH SDUD QyV XP DQLPDGR FRPHQWiULR VREUH R FHQiULR TXH SDVVDYD j QRVVDYROWD KDYLD XPD OLTXLGDomR VHQVDFLRQDO QDTXHOD ORMD XPD H[SRVLomR PDUDYLOKRVDQDTXHOH PXVHX Mi VRXEHUDP GR QRYR ILOPH TXH DFDERX GH HVWUHDU QDTXHOH FLQHPD ORJRPDLV DGLDQWH QD TXDGUD 2 SUD]HU GHOH FRP D ULTXH]D GH SRVVLELOLGDGHV TXH D FLGDGHRIHUHFLD HUD FRQWDJLDQWH 4XDQGR DV SHVVRDV GHVFLDP GR {QLEXV Mi VH KDYLDP OLYUDGR GDFRQFKD GH PDX KXPRU FRP TXH WLQKDP HQWUDGR H TXDQGR R PRWRULVWD ,KHV GLULJLD XPVRQRUR $Wp ORJR WHQKD XP yWLPR GLD WRGDV ,KH GDYDP XPD UHVSRVWD VRUULGHQWH$ OHPEUDQoD GHVVH HQFRQWUR PH DFRPSDQKD Ki TXDVH YLQWH DQRV 4XDQGR YLDMHL QDTXHOH{QLEXV GD DYHQLGD 0DGLVRQ DFDEDUD GH FRQFOXLU PHX GRXWRUDGR HP SVLFRORJLD PDVSRXFD DWHQomR VH GHGLFDYD QD SVLFRORJLD GD pSRFD D H[DWDPHQWH FRPR SRGLD VH GDU XPDWDO WUDQVIRUUQDomR $ FLrQFLD SVLFROyJLFD SRXFR RX QDGD FRQKHFLD GRV PHFDQLVPRV GDHPRFmR ( QR HQWDQWR DR LPDJLQDU D SURSDJDomR GR YtUXV GH EHPHVWDU TXH GHYH WHUVHDODVWUDGR SHOD FLGDGH FRPHoDQGR SHORV SDVVDJHLURV GH VHX {QLEXV YL TXH DTXHOHPRWRULVWD HUD XPD HVSpFLH GH SDFLILFDGRU XUEDQR XPD HVSpFLH GH IHLWLFHLUR HP VHX SRGHUGH WUDQVPXWDU D VRWXUQD LUULWDELOLGDGH TXH IHUYLOKDYD QRV SDVVDJHLURV DPROHFHU H DEULU XPSRXFR VHXV FRUDo}HV(P JULWDQWH FRQWUDVWH DOJXPDV PDWpULDV GH MRUQDO GDTXHOD VHPDQD1XPD HVFROD ORFDO XP JDURWR GH QRYH DQRV FDXVD XPD GHYDVWDomR GHUUDPDQGR WLQWD QDVFDUWHLUDV FRPSXWDGRUHV H LPSUHVVRUDV H YDQGDOL]DQGR XP FDUUR QR HVWDFLRQDPHQWR GDHVFROD 0RWLYR DOJXQV FROHJDV GD WHUFHLUD VpULH R KDYLDP FKDPDGR GH ERQHFD H HOHTXLV LPSUHVVLRQiORV2LWR MRYHQV VDHP IHULGRV SRUTXH XP HQFRQWUmR LQYROXQWiULR QXPD PXOWLGmR GHDGROHVFHQWHV GLDQWH GH XP FOXEH GH UDS HP 0DQKDWWDQ OHYD D XPD WURFD GH HPSXUU}HVTXH Vy WHUPLQDP TXDQGR XP GRV JDURWRV RIHQGLGRV SDVVD D GLVSDUDU XPD SLVWRODDXWRPiWLFD FDOLEUH FRQWUD D PXOWLGmR $ QRWtFLD REVHUYD TXH HVVHV WLURWHLRV SRU RIHQVDVDSDUHQWHPHQWH PHQRUHV YLVWDV FRPR DWRV GH GHVUHVSHLWR VH WRUQDUDP FDGD YH] UQDLVFRPXQV HP WRGR R SDtV QRV ~OWLPRV DQRVDV YtWLPDV GH DVVDVVLQDWR FRP PHQRV GH GR]H DQRV GL] XPD QRWtFLD SRU FHQWR GRVDVVDVVLQRV VmR RV SUySULRV SDLV RX SDGUDVWRV (P TXDVH PHWDGH GRV FDVRV RV SDLV
  2. 2. GL]HP TXH HVWDYDP DSHQDV WHQWDQGR GLVFLSOLQDU R ILOKR $V VXUUDV IDWDLV IRUDPSURYRFDGDV SRU LQIUDo}HV FRPR D FULDQoD ILFDU QD IUHQWH GD 79 FKRUDU RX VXMDU WRDOKDV8P MRYHP DOHPmR p MXOJDGR SHOR DVVDVVLQDWR GH FLQFR PXOKHUHV H PHQLQDV WXUFDV QXPLQFrQGLR TXH DWHRX TXDQGR HODV GRUPLDP 0HPEUR GH XP JUXSR QHRQD]LVWD HOH GL] TXHQmR FRQVHJXH PDQWHU RV HPSUHJRV TXH EHEH H FXOSD RV HVWUDQJHLURV SRU VXD Pi VRUWH1XPD YR] PDO DOGtYHO LPSORUD 1mR SDUR GH ODPHQWDU R TXH IL]HPRV H PH VLQWRLQILQLWDPHQWH HQYHURQKDGR´$V QRWtFLDV GH WRGR GLD QRV FKHJDP SHMDGDV GH LQIRUPDo}HV VREUH D GHVLQWHJUDomR GDFLYLOLGDGH H GD VHJXUDQoD XPD RQGD GH LPSXOVR PHVTXLQKR TXH FRUUH GHVHQIUHDGD 0DVDV QRWtFLDV DSHQDV QRV UHIOHWHP GH YROWD HP PDLRU HVFDOD XP DUUHSLDQWH VHQVR GHHPRo}HV GHVFRQWURODGDV HP QRVVDV YLGDV H QDV GDV SHVVRDV TXH QRV FHUFDP 1LQJXpPHVWi SURWHJLGR GHVVD LQVWiYHO PDUp GH GHVFRQWUROH H DUUHSHQGLPHQWR TXH DOFDQoD QRVVDVYLGDV GH XPD PDQHLUD RX GH RXWUD$ ~OWLPD GpFDGD YLX XP FRQVWDQWH WURPEHWHDPHQWR GH LQIRUPDo}HV FRPR HVVDVUHWUDWDQGR R DXPHQWR GH LQpSFLD HPRFLRQDO GHVHVSHUR H LQTXLHWDomR HP QRVVDV IDPtOLDVFRPXQLGDGHV H HP QRVVDV YLGDV FROHWLYDV (VVHV DQRV HVFUHYHUDP D FU{QLFD GH XPDUDLYD H GHVHVSHUR FUHVFHQWHV VHMD QD FDOPD VROLGmR GDV FULDQoDV WUDQFDGDV FRP D 79HP YH] GH XPD EDEi QR VRIULPHQWR GDV FULDQoDV DEDQGRQDGDV HVTXHFLGDV RXYLROHQWDGDV RX QD GHVDJUDGiYHO LQWLPLGDGH GD YLROrQFLD FRQMXJDO 3RGHVH OHU D GRHQoDHPRFLRQDO DODVWUDQGRVH HP Q~PHURV TXH UHYHODP XP VDOWR GD GHSUHVVmR HP WRGR RPXQGR H QRV OHPEUHWHV GD UHSHQWLQD RQGD GH DJUHVVmR DGROHVFHQWHV FRP DUPDV QDVHVFRODV LQIUDo}HV GH WUkQVLWR QD HVWUDGD TXH WHUPLQDP HP WLURV H[HPSUHJDGRVGHVFRQWHQWHV TXH PDVVDFUDP DQWLJRV FROHJDV GH WUDEDOKR $EXVR HPRFLRQDO GULYHEVKRRWLQJ UDMDGDV GH WLURV GLVSDUDGDV GH XP FDUUR HP PRYLPHQWR@ H WHQVmR SyVWUDXPiWLFD HQWUDUDP QR Op[LFR FRPXP DPHULFDQR GD ~OWLPD GpFDGD HQTXDQWR R VORJDQ GRPRPHQWR SDVVRX GR DOHJUH 7HQKD XP ERP GLD SDUD R SHWXODQWH )DoD PHX GLD (VWH OLYUR p XP JXLD SDUD H[WUDLU VHQWLGR GR TXH QmR WHP RPR SVLFyORJR H QD ~OWLPDGpFDGD MRPDOLVWD GH 7KH 1HZ RUN 7LPHV YHQKR DFRPSDQKDQGR D HYROXomR GH QRVVDFRPSUHHQVmR FLHQWtILFD GR FDPSR GR LUUDFLRQDO HVVD SRVLomR FKDPDUDPPH D DWHQomRGXDV WHQGrQFLDV RSRVWDV XPD TXH UHWUDWD XPD FDODPLGDGH FDGD YH] PDLRU HP QRVVDYLGD HPRFLRQDO FRPXP RXWUD TXH RIHUHFH DOJXQV UHPpGLRV DXVSLFLRVRV325 48( (67( (;$0( $*25$ $ ~OWLPD GpFDGD DSHVDU GDV QRWtFLDV UXLQV WDPEpP DVVLVWLX D XPD H[SORVmR VHPSDUDOHORV GH HVWXGRV FLHQWtILFRV GD HPRomR 2 PDLV VHQVDFLRQDO VmR DV YLV}HV GR FpUHEURHP IXQFLRQDPHQWR SRVVLELOLWDGDV SRU PpWRGRV LQRYDGRUHV FRPR DV QRYDV WHFQRORJLDVSDUD REWHU LPDJHQV GHVVH yUJmR (ODV WRPDUDP YLVtYHO SHOD SULPHLUD YH] QD KLVWyULDKXPDQD R TXH VHPSUH IRL XPD IRQWH GH SURIXQGR PLVWpULR H[DWDPHQWH FRPR DJH HVVDLQWULFDGD PDVVD GH FpOXODV TXDQGR SHQVDPRV LPDJLQDPRV H VRQKDPRV (VVD LQXQGDomRGH GDGRV QHXURELROyJLFRV SHUPLWHQRV HQWHQGHU PDLV FODUDPHQWH TXH QXQFD FRPR RVFHQWURV QHUYRVRV QRV OHYDP j LUD RX jV OiJULPDV H FRPR SDUWHV PDLV DQWLJDV GR FpUHEURTXH QRV LQFLWDP D ID]HU D JXHUUD H R DPRU VmR FDQDOL]DGDV SDUD R PHOKRU RX R SLRU(VVD OX] VHP SUHFHGHQWHV VREUH RV PHFDQLVPRV GDV HPRo}HV H VXDV GHILFLrQFLDV S}HHP IRFR DOJXQV QRYRV UHPpGLRV SDUD QRVVD FULVH HPRFLRQDO FROHWLYD7LYH GH HVSHUDU TXH D FROKHLWD FLHQWtILFD HVWLYHVVH VXILFLHQWHPHQWH FRPSOHWD SDUDHVFUHYHU HVWH OLYUR (VVDV LQWXLo}HV VDHP WmR DWUDVDGDV HP JUDQGH SDUWH SRUTXH R OXJDUGRV VHQWLPHQWRV QD YLGD PHQWDO IRL VXUSUHHQGHQWHPHQWH GHVSUH]DGR SHOD SHVTXLVD DR
  3. 3. ORQJR GRV DQRV GHL[DQGR DV HPRo}HV FRPR XP FRQWLQHQWH HP JUDQGH SDUWH LQH[SORUDGRSHOD SVLFRORJLD FLHQWtILFD 1HVVH YD]LR GHVSHMRXVH XPD HQ[XUUDGD GH OLYURV GH DXWRDMXGD FRQVHOKRV EHPLQWHQFLRQDGRV EDVHDGRV QD PHOKRU GDV KLSyWHVHV HP RSLQL}HVFOtQLFDV PDV VHP PXLWD EDVH FLHQWtILFD VH DOJXPD H[LVWLD +RMH D FLrQFLD SRGH ILQDOPHQWHDERUGDU FRP DXWRULGDGH HVVDV TXHVW}HV XUJHQWHV H GHVRULHQWDGRUDV GD SVLTXH QR TXHHOD WHP GH PDLV LUUDFLRQDO SDUD PDSHDU FRP DOJXPD SUHFLVmR R FRUDomR KXPDQR(VVH PDSHDPHQWR SURS}H XP GHVDILR DRV TXH GHIHQGHP XPD YLVmR HVWUHLWD GDLQWHOLJrQFLD DILUPDQGR TXH R 4O p XP GDGR JHQpWLFR TXH QmR VH SRGH PXGDU FRP DH[SHULrQFLD GH YLGD H TXH QRVVR GHVWLQR p HP JUDQGH SDUWH GHWHPPLQDGR SRU HVVDVDSWLG}HV (VVH DUJXPHQWR LJQRUD D TXHVWmR PDLV GHVDILDQWH R TXH SRGHPRV PXGDU SDUDDMXGDU QRVVRV ILOKRV D VH GDUHP PHOKRU QD YLGD 4XH IDWRUHV HQWUDP HP MRJR SRUH[HPSOR TXDQGR SHVVRDV GH DOWR 4, PDORJUDP H DV GH 4, PRGHVWR VH VDHPVXUSUHHQGHQWHPHQWH EHP (X GLULD TXH D GLIHUHQoD PXLWDV YH]HV HVWi QDV DSWLG}HV DTXLFKDPDGDV GH LQWHOLJrQFLD HPRFLRQDO TXH LQFOXHP DXWRFRQWUROH ]HOR H SHUVLVWrQFLD H DFDSDFLGDGH GH QRV PRWLYDU D QyV PHVPRV( HVVDV DSWLG}HV FRPR YDPRV YHU SRGHP VHU HQVLQDGDV jV FULDQoDV SURSRUFLRQDQGROKHV XPD PHOKRU RSRUWXQLGDGH GH HPSUHJDU TXDOTXHU SRWHQFLDO LQWHOHFWXDO TXH ,KHV WHQKDGDGR D ORWHULD JHQpWLFD$OpP GHVVD SRVVLELOLGDGH VXUJH XP SUHPHQWH LPSHUDWLYR PRUDO (VWHV VmR WHPSRV HPTXH R WHFLGR VRFLDO SDUHFH HVJDUoDUVH FRP XPD UDSLGH] FDGD YH] PDLRU HP TXH RHJRtVPR D YLROrQFLD H D PHVTXLQKH] GH HVStULWR SDUHFHP HVWDU ID]HQGR DSRGUHFHU DERQGDGH GH QRVVDV YLGDV FRPXQLWiULDV $TXL D GHIHVD GD LPSRUWkQFLD GD LQWHOLJrQFLDHPRFLRQDO GHSHQGH GD OLJDomR HQWUH VHQWLPHQWR FDUiWHU H LQVWLQWRV PRUDLV +i FUHVFHQWHVLQGtFLRV GH TXH SRVLo}HV pWLFDV IXQGDPHQWDLV QD YLGD YrP GH DSWLG}HV HPRFLRQDLVVXEMDFHQWHV 3RU H[HPSOR R LPSXOVR p R YHtFXOR GD HPRomR D VHPHQWH GH WRGR LPSXOVRp XP VHQWLPHQWR H[SORGLQGR SDUD H[SUHVVDUVH HP DomR 2V TXH HVWmR j PHUFr GRVLPSXOVRV RV TXH QmR WrP DXWRFRQWUROH VRIUHP GH XPD GHILFLrQFLD PRUDO $ FDSDFLGDGHGH FRQWURODU RV LPSXOVRV p D EDVH GD IRUoD GH YRQWDGH H GR FDUiWHU -XVWDPHQWH SRU LVVRD UDL] GR DOWUXtVPR HVWi QD HPSDWLD D FDSDFLGDGH GH OHU HPRo}HV QRV RXWURV VHP XPVHQVR GD QHFHVVLGDGH RX GHVHVSHUR GR RXWUR QmR Ki HQYROYLPHQWR ( VH Ki GXDVSRVLo}HV PRUDLV TXH QRVVRV WHPSRV H[LJHP VmR SUHFLVDPHQWH HVWDV DXWRFRQWUROH HSLHGDGH1HVWH OLYUR HX DWXR FRPR XP JXLD QXPD YLDJHP SRU HVVDV LQWXLo}HV FLHQWtILFDV GDVHPRo}HV XPD YLDJHP TXH YLVD D OHYDU PDLRU FRPSUHHQVmR D DOJXQV GRV PDLV LQWULJDQWHVPRPHQWRV GH QRVVDV YLGDV H GR PXQGR TXH QRV FHUFD 2 ILP GD MRUQDGD p HQWHQGHU RTXH VLJQLILFD H FRPR OHYDU LQWHOLJrQFLD j HPRomR(VVD FRPSUHHQVmR HP VL PHVPD SRGH DMXGDU HP FHUWD PHGLGD R OHYDU FRJQLomR DRFDPSR GR VHQWLPHQWR WHP XP HIHLWR PHLR SDUHFLGR FRP R LPSDFWR GR REVHUYDGRU QR QtYHOGR TXDQWXP QD ItVLFD TXH DOWHUD R TXH REVHUYD1RVVD YLDJHP FRPHoD QD 3DUWH 8P FRP DV QRYDV GHVFREHUWDV VREUH DUTXLWHWXUDHPRFLRQDO GR FpUHEUR TXH RIHUHFHP XPD H[SOLFDomR GDTXHOHV PRPHQWRV PDLVGHVFRQFHUWDQWHV GH QRVVDV YLGDV TXDQGR R VHQWLPHQWR HVPDJD WRGD UDFLRQDOLGDGH $FRPSUHHQVmR GD LQWHUDomR GDV HVWUXWXUDV GR FpUHEUR TXH FRPDQGDP QRVVRV PRPHQWRVGH LUD H PHGR RX SDL[mR H DOHJULD UHYHODP PXLWD FRLVD VREUH FRPR DSUHQGHPRV RVKiELWRV HPRFLRQDLV TXH VRODSDP QRVVD PHOKRUHV LQWHQo}HV H WDPEpP R TXH SRGHPRVID]HU SDUD GRPLQDU QRVVRV LPSXOVRV HPRFLRQDLV PDLV GHVWUXWLYRV RX TXH Mi WUD]HP HP VLVXD SUySULD GHUURWD
  4. 4. 0DLV LPSRUWDQWH DLQGD RV GDGRV QHXUROyJLFRV VXJHUHP XPD MDQHOD GH RSRUWXQLGDGH SDUDPROGDU RV KiELWRV HPRFLRQDLV GH QRVVRV ILOKRV$ JUDQGH SDUDGD VHJXLQWH HP QRVVD YLDJHP D 3DUWH RLV GHVWH OLYUR PRVWUD FRPR RVGDGRV QHXUROyJLFRV DWXDP VREUH R LQVWLQWR EiVLFR SDUD YLYHU FKDPDGR LQWHOLJrQFLDHPRFLRQDO SRGHU SRU H[HPSOR FRQWHU R LPSXOVR HPRFLRQDO OHU RV VHQWLPHQWRV PDLVtQWLPRV GH RXWUHP OLGDU WUDQTLODPHQWH FRPUHODFLRQDPHQWRV FRPR GLVVH $ULVWyWHOHV D UDUD FDSDFLGDGH GH ]DQJDUVH FRP D SHVVRDFHUWD QD PHGLGD FHUWD QD KRUD FHUWD SHOR PRWLYR FHUWR H GD PDQHLUD FHUWD 2V OHLWRUHV TXH QmR VHQWHP DWUDomR SRU GHWDOKHV QHXUROyJLFRV WDOYH] SUHILUDP SDVVDUGLUHWR SDUD HVVD SDUWH
  5. 5. (VVH PRGHOR DPSOLDGR GR TXH VLJQLILFD VHU LQWHOLJHQWH S}H DV HPRo}HV QR FHQWUR GDVDSWLG}HV SDUD YLYHU$ 3DUWH 7UrV H[DPLQD DOJXPDV GLIHUHQoDV IXQGDPHQWDLV TXH ID] HVVD DSWLGmR FRPRHVVHV WDOHQWRV SUHVHUYDP QRVVRV UHODFLRQDPHQWRV PDLV YDOLRVRV RX FRPR D DXVrQFLDGHOHV RV FRUUyL FRPR D IRUoDV GH PHUFDGR TXH HVWmR UHPRGHODQGR QRVVD YLGDSURILVVLRQDO GmR XP YDORU VHP SUHFHGHQWHV j QRVVD LQWHOLJrQFLD HPRFLRQDO SDUD R r[LWR QRHPSUHJR H FRPR DV HPRo}HV QRFLYDV S}HP WDQWR HP ULVFR QRVVD VD~GH ItVLFD TXDQWRIXPDU XP FLJDUUR DWUiV GR RXWUR DVVLP FRPR R HTXLOtEULR HPRFLRQDO QRV DMXGD D DMXGD DSURWHJHU QRVVD VD~GH H EHPHVWDU1RVVD KHUDQoD JHQpWLFD QRV GRWD D FDGD XP GH XPD VpULH GH SRQWRVFKDYH TXHGHWHUPLQDP QRVVR WHPSHUDPHQWR 0DV RV FLUFXLWRV FHUHEUDLV HQYROYLGRV VmRH[WUDRUGLQDULDPHQWH PDOHiYHLV WHPSHUDPHQWR QmR p GHVWLQR RPR PRVWUD 3DUWH 4XDWURDV OLo}HV HPRFLRQDLV TXH DSUHQGHPRV QD LQIkQFLD HP FDVD H QD HVFROD PRGHODPFLUFXLWRV HPRFLRQDLV WRUQDQGRQRV PDLV DSWRV RX LQDSWRV QRV IXQGDPHQWRV GDLQWHOLJrQFLD HPRFLRQDO ,VVR VLJQLILFD TXH D LQIkQFLD H DGROHVFrQFLD VmR MDQHODV FUtWLFDV GHRSRUWXQLGDGH SDUD GHWHUPLQDU RV KiELWRV HPRFLRQDLV EiVLFRV TXH LUmR JRYHUQDU QRVVDVYLGDV$ 3DUWH LQFR H[DPLQD TXH ULVFRV DJXDUGDP DTXHOHV TXH DR FKHJDUHP j PDWXULGDGHQmR GRPLQDP R FDPSR HPRFLRQDO FRPR DV GHILFLrQFLDV HP LQWHOLJrQFLD HPRFLRQDODPSOLDP D JDPD GH ULVFRV GHVGH D GHSUHVVmR RX XPD YLGD GH YLROrQFLD DWp RV SUREOHPDVFRP FRPLGD H R YtFLR GDV GURJDV ( GRFXPHQWD FRPR HVFRODV SLRQHLUDV HVWmR HQVLQDQGRjV FULDQoDV DV DSWLG}HV HPRFLRQDLV H VRFLDLV TXH HODV QHFHVVLWDP SDUD PDQWHU D YLGD QRVWULOKRV7DOYH] R GDGR LQGLYLGXDO PDLV SHUWXUEDGRU GHVWH OLYUR YHQKD GH XPD PDFLoD SHVTXLVD FRPSDLV H SURIHVVRUHV UHYHODQGR XPD WHQGrQFLD PXQGLDO GD JHUDomR DWXDO GH FULDQoDV D VHUPDLV HPRFLRQDOPHQWH SHUWXUEDGD TXH D ~OWLPD PDLV VROLWiULD H GHSULPLGD PDLV UHYROWDGDH UHEHOGH PDLV QHUYRVD H SURSHQVD j SUHRFXSDUVH PDLV LPSXOVLYD H DJUHVVLYD6H Ki XP UHPpGLR DFKR TXH GHYH HVWDU HP FRPR SUHSDUDPRV QRVVRV MRYHQV SDUD D YLGD1R PRPHQWR GHL[DPRV D HGXFDomR HPRFLRQDO GH QRVVRV ILOKRV DR DFDVR FRPFRQVHTrQFLDV FDGD YH] PDLV GHVDVWURVDV 8PD GDV VROXo}HV p XPD QRYD YLVmR GR TXHDV HVFRODV SRGHP ID]HU SDUD HGXFDU R DOXQR WRGR MXQWDQGR PHQWH H FRUDomR QD VDOD GHDXOD 1RVVD YLDJHP WHUPLQD FRP YLVLWDV D FODVVHV LQRYDGRUDV TXH YLVDP D GDU jVFULDQoDV XPD EDVH GRV IXQGDPHQWRV GD LQWHOLJrQFLD HPRFLRQDO -i DQWHYHMR XP GLD HPTXH D HGXFDomR LQFOXLUi FRPR SUiWLFD GH URWLQD D LQVWLODomR GH DSWLG}HV KXPDQDVHVVHQFLDLV FRPR DXWRFRQVFLrQFLD DXWRFRQWUROH H HPSDWLD H GDV DUWHV GH RXYLU UHVROYHUFRQIOLWRV H FRRSHUDU
  6. 6. (P eWLFD D 1LF{PDQR LQTXLULomR ILORVyILFD GH $ULVWyWHOHV VREUH YLUWXGH FDUiWHU H XPD YLGDMXVWD VHX GHVDILR p FRQWURODU QRVVD YLGD HPRFLRQDO FRP LQWHOLJrQFLD1RVVDV SDL[}HV TXDQGR EHP H[HUFLGDV WrP VDEHGRULD RULHQWDP QRVVR SHQVDPHQWRQRVVRV YDORUHV QRVVD VREUHYLYrQFLD 0DV SRGHP IDFLOPHQWH FDLU HP HUUR H R ID]HP FRPGHPDVLDGD IUHTrQFLD RPR YLX $ULVWyWHOHV R SUREOHPD QmR HVWi QD HPRFLRQDOLGDGHPDV QD DGHTXDomR GD HPRomR H VXD PDQLIHVWDomR$ TXHVWmR p FRPR SRGHPRV OHYDU LQWHOLJrQFLD jV QRVVDV HPRo}HV FLYLOLGDGH jV QRVVDVUXDV H HQYROYLPHQWR j QRVVD YLGD FRPXQLWiULD3$57( 80 2 e5(%52 (02,20$/3DUD TXH 6HUYHP DV (PRo}HVe FRP R FRUDomR TXH VH Yr FRUUHWDPHQWH R HVVHQFLDO p LQYLVYHO DRV ROKRV$172,1( ( 6$,17(;83e5 2 SHTXHQR SUtQFLSH3HQVHP QRV ~OWLPRV PRPHQWRV GH *DU H 0DU -DQH KDXQFH XP FDVDO LQWHLUDPHQWHGHGLFDGR j ILOKD $QGUHD GH RQ]H DQRV FRQILQDGD D XPD FDGHLUD GH URGDV SRU XPDSDUDOLVLD FHUHEUDO $ IDPtOLD KDXQFH YLDMDYD QXP WUHP GD $PWUDN TXH FDLX QXP ULRGHSRLV TXH XPD EDUFDFD EDWHX H HQIUDTXHFHX XPD SRQWH IHUURYLiULD QD UHJLmR GRVSkQWDQRV GD /RXLVLDQD 3HQVDQGR SULPHLUR QD ILOKD R FDVDO IH] R TXH S{GH SDUD VDOYDU$QGUHD TXDQGR D iJXD LQYDGLX R WUHP GH DOJXP PRGR HOHV FRQVHJXLUDP HPSXUUiOD SRUXPD MDQHOD SDUD D HTXLSH GH UHVJDWH ( PRUUHUDP TXDQGR R YDJmR DIXQGRX$ KLVWyULD GH $QGUHD GH SDLV FXMR ~OWLPR DWR KHUyLFR p DVVHJXUDU D VREUHYLYrQFLD GH XPILOKR FDSWD XP PRPHQWR GH FRUDJHP TXDVH PtWLFD 6HP G~YLGD HVVHV LQFLGHQWHV GHVDFULItFLR SDWHUQR SHOD SUROH VH UHSHWLUDP LQ~PHUDV YH]HV QD KLVWyULD H SUpKLVWyULDKXPDQDV H LQ~PHUDV YH]HV PDLV QR FXUVR PDLRU GD HYROXomR GH QRVVD HVSpFLH9LVWR GD SHUVSHFWLYD GRV ELyORJRV HYROXFLRQLVWDV HVVH DXWRVDFULItFLR SDWHUQR HVWi DVHUYLoR GR VXFHVVR UHSURGXWLYR QD WUDQVPLVVmR GRV JHQHV D IXWXUDV JHUDo}HV 0DV GDSHUVSHFWLYD GH XP SDL TXH WRPD XPD GHFLVmR GHVHVSHUDGD QXP PRPHQWR GH FULVH QDGDPDLV p GR TXH DPRURPR XPD LQWXLomR GR REMHWLYR H IRUoD GDV HPRo}HV HVVH DWR H[HPSODU GH KHURtVPRSDWHUQR DWHVWD R SDSHO GR DPRU DOWUXtVWD H GH WRGDV DV RXWUDV HPRo}HV TXH VHQWLPRV QDYLGD KXPDQD ,QGLFD TXH QRVVRV VHQWLPHQWRV PDLV SURIXQGRV QRVVDV SDL[}HV H DQVHLRVVmR JXLDV HVVHQFLDLV H QRVVD HVSpFLH GHYH JUDQGH SDUWH GH VXD H[LVWrQFLD j IRUoD GHOHVQRV DVVXQWRV KXPDQRV (VVD IRUoD p H[WUDRUGLQiULD Vy XP DPRU SRGHURVR D XUJrQFLD GHVDOYDU XPD ILOKD TXHULGD OHYDULD XP SDL D YHQFHU R LPSXOVR GH VREUHYLYrQFLD SHVVRDO9LVWR GR LQWHOHFWR SRGH GL]HUVH TXH R DXWRVDFULItFLR GHOHV IRL LUUDFLRQDO YLVWR GR FRUDomRHUD D ~QLFD HVFROKD D ID]HU2V VRFLRELyORJRV LQGLFDP D SUHHPLQrQFLD GR FRUDomR VREUH D PHQWH QHVVHV PRPHQWRVFUXFLDLV TXDQGR LQGDJDP SRU TXH D HYROXomR GHX j HPRomR XP SDSHO WmR HVVHQFLDO QDSVLTXH KXPDQD 1RVVDV HPRo}HV GL]HP QRV JXLDP TXDQGR HQIUHQWDPRV SURYDo}HV HWDUHIDV GHPDVLDGR LPSRUWDQWHV SDUD VHUHP GHL[DGDV DSHQDV DR LQWHOHFWR R SHULJR D GRUGH XPD SHUGD D SHUVLVWrQFLD QXPD PHWD DSHVDU GDV IUXVWUDo}HV D OLJDomR FRP XPFRPSDQKHLUR D IRUPDomR GH XPD IDPtOLD DGD HPRomR RIHUHFH XPD GLVSRVLomR GLVWLQWDSDUD DJLU FDGD XPD QRV S}H QXPD GLUHomR TXH GHX FHUWR QR OLGDU FRP RV UHFRUUHQWHVGHVDILRV GD YLGD KXPDQD $ PHGLGD TXH HVVDV VLWXDo}HV VH UHSHWLUDP H UHSHWLUDP DRORQJR GH QRVVD KLVWyULD HYROXFLRQiULD R YDORU GH VREUHYLYrQFLD GH QRVVR UHSHUWyULR
  7. 7. HPRFLRQDO IRL DWHVWDGR JUDYDQGRVH HP QRVVRV QHUYRV FRPR WHQGrQFLDV LQDWDV HDXWRPiWLFDV GR FRUDomR KXPDQR8PD YLVmR GD QDWXUH]D KXPDQD TXH LJQRUD R SRGHU GDV HPRo}HV p ODPHQWDYHOPHQWHPtRSH 2 SUySULR QRPH +RPR VDSLHQV D HVSpFLH SHQVDQWH p HQJDQRVR j OX] GD QRYDDSUHFLDomR H RSLQLmR GR OXJDU GDV HPRo}HV HP QRVVDV YLGDV TXH QRV RIHUHFH KRMH DFLrQFLD RPR WRGRV VDEHPRV SRU H[SHULrQFLD TXDQGR VH WUDWD GH PRGHODU QRVVDVGHFLV}HV H Do}HV R VHQWLPHQWR FRQWD H[DWDPHQWH R PHVPR H PXLWDV YH]HV PDLV TXH RSHQVDPHQWR )RPRV ORQJH GHPDLV QD HQIDWL]DomR GR YDORU H LPSRUWkQFLD GR SXUDPHQWHUDFLRQDO GR TXH PHGH R 4, QD YLGD KXPDQD 3DUD R PHOKRU H R SLRU D LQWHOLJrQFLD QmR GiHP QDGD TXDQGR DV HPRo}HV GRPLQDP48$12 $6 3$,;®(6 0,1$0 $ 5$=­2)RL XPD WUDJpGLD GH HUURV 0DWLOGD UDEWUHH DQRV DSHQDV GHX XP VXVWR QR SDL VDOWRXGH GHQWUR GH XP DUPiULR H JULWRX %XX TXDQGR RV SDLV YROWDYDP j XPD GD PDQKm GHXPD YLVLWD D DPLJRV0DV %REE UDEWUHH H D PXOKHU DFKDYDP TXH 0DWLOGD HVWDYD HP FDVD GH DPLJDV QDTXHODQRLWH 2XYLQGR UXtGRV DR HQWUDU HP FDVD UDEWUHH EXVFRX VXD SLVWROD FDOLEUH H IRL DRTXDUWR GHOD LQYHVWLJDU 4XDQGR D ILOKD SXORX GR DUPiULR HOH ,KH GHX XP WLUR QR SHVFRoR0DWLOGD UDEWUHH PRUUHX GR]H KRUDV GHSRLV8P OHJDGR HPRFLRQDO GD HYROXomR p R PHGR TXH QRV PRELOL]D SDUD SURWHJHU QRVVDIDPtOLD FRQWUD R SHULJR HVVH LPSXOVR OHYRX UDEWUHH D SHJDU D DUPD H YDVFXOKDU D FDVDHP EXVFD GR LQWUXVR TXH SHQVDYD HVWDU URQGDQGR SRU DOL 2 PHGR LQFLWRXR D DWLUDU DQWHVGH UHJLVWUDU SHUIHLWDPHQWH QR TXH DWLUDYD PHVPR DQWHV GH UHFRQKHFHU D YR] GD ILOKD5HDo}HV DXWRPiWLFDV GHVVH WLSR JUDYDUDPVH HP QRVVR VLVWHPD QHUYRVR VXS}HP RVELyORJRV SRUTXH GXUDQWH XP ORQJR H FUXFLDO SHUtRGR QD SUpKLVWyULD KXPDQD GHFLGLDPHQWUH D VREUHYLYrQFLD H D PRUWH 0DLV LPSRUWDQWH DLQGD FRQWDYDP SDUD D SULQFLSDO WDUHIDGD HYROXomR D FDSDFLGDGH GH GHL[DU XPD SURJrQLH TXH SDVVDVVH DGLDQWH HVVDV PHVPDVSUHGLVSRVLo}HV JHQpWLFDV XPD WULVWH LURQLD HP YLVWD GD WUDJpGLD QD IDPtOLD UDEWUHH0DV HPERUD QRVVDV HPRo}HV WHQKDP VLGR ViELDV JXLDV QR ORQJR SHUFXUVR HYROXFLRQiULRDV QRYDV UHDOLGDGHV TXH D FLYLOL]DomR DSUHVHQWD VXUJLUDP FRP WDQWD UDSLGH] TXH D OHQWDPDUFKD GD HYROXomR QmR SRGH DFRPSDQKDU 1D YHUGDGH DV SULPHLUDV OHLV HSURFODPDo}HV GH pWLFD R yGLJR GH +DPXUDEL RV H] 0DQGDPHQWRV GRV KHEUHXV RVeGLWRV GR LPSHUDGRU $VKRND SRGHP VHU LQWHUSUHWDGDV FRPR WHQWDWLYDV GH FRQWHUVXEMXJDU H GRPHVWLFDU D YLGD HPRFLRQDORPR GHVFUHYHX )UHXG HP 2 0DO HVWDU QD LYLOL]DomR D VRFLHGDGH WHYH GH LPSRU GH IRUDUHJUDV GHVWLQDGDV D FRQWHU DV RQGDV GH H[FHVVR HPRFLRQDO TXH VXUJHP GHPDVLDGR OLYUHVGH GHQWUR$SHVDU GHVVDV SUHVV}HV VRFLDLV DV SDL[}HV UHSHWLGDV YH]HV HVPDJDP D UD]mR(VVH GDGR GD QDWXUH]D KXPDQD YHP GD DUTXLWHWXUD EiVLFD GD YLGD PHQWDO (P WHUPRV GRSODQR ELROyJLFR GRV FLUFXLWRV QHXUDLV EiVLFRV GD HPRomR DTXHOHV FRP RV TXDLVQDVFHPRV VmR RV TXH PHOKRU IXQFLRQDUDP SDUD DV ~OWLPDV JHUDo}HV KXPDQDVQmR DV ~OWLPDV H FHUWDPHQWH QmR DV ~OWLPDV FLQFR $V OHQWDV H GHOLEHUDGDV IRUoDV GDHYROXomR TXH PROGDUDP QRVVDV HPRo}HV WrP IHLWR VHX WUDEDOKR DR ORQJR GH XP PLOKmRGH DQRV RV ~OWLPRV DSHVDU GH WHUHP DVVLVWLGR DR UiSLGR VXUJLPHQWR GDFLYLOL]DomR KXPDQD H j H[SORVmR GHPRJUiILFD KXPDQD GH FLQFR PLOK}HV SDUD FLQFRELOK}HV TXDVH QDGD LPSULPLUDP HP QRVVRV JDEDULWRV ELROyJLFRV SDUD D YLGD HPRFLRQDO
  8. 8. 3DUD PHOKRU RX SLRU QRVVD DYDOLDomR GH FDGD HQFRQWUR SHVVRDO H QRVVDV UHVSRVWDV D HOHVmR PROGDGDV QmR DSHQDV SRU QRVVRV MXOJDPHQWRV UDFLRQDLV RX QRVVD KLVWyULD SHVVRDOPDV WDPEpP SRU QRVVR SDVVDGR DQFHVWUDO GLVWDQWH ,VVR QRV GHL[D FRP WHQGrQFLDV jVYH]HV WUiJLFDV FRPR DWHVWDP RV ODPHQWiYHLV IDWRV QD IDPtOLD UDEWUHH (P VXPD FRPGHPDVLDGD IUHTrQFLD HQIUHQWDPRV GLOHPDV SyVPRGHUQRV FRP XP UHSHUWyULR WDOKDGRSDUD DV XUJrQFLDV GR 3OHLVWRFHQR (VVH WUDQVH p D HVVrQFLD GH PHX WHPD,PSXOVRV j DomR1XP GLD GH LQtFLR GD SULPDYHUD HX DWUDYHVVDYD GH FDUUR XP SDVVR GH PRQWDQKD QRRORUDGR TXDQGR XPD UHSHQWLQD OXIDGD GH QHYH HQFREULX R YHtFXOR DOJXQV PHWURV jPLQKD IUHQWH 0HVPR IRUoDQGR D YLVWD HX QmR FRQVHJXLD GLVWLQJXLU QDGDD QHYH HP UHGHPRLQKR WRUQDUDVH XPD DOYXUD FHJDQWH $R SLVDU QR IUHLR VHQWL DDQVLHGDGH PH LQYDGLU R FRUSR H RXYL DV EDWLGDV VXUGDV GR FRUDomR$ DQVLHGDGH DYROXPRXVH HP SOHQR PHGR )XL SDUD R DFRVWDPHQWR HVSHUDU TXH D OXIDGDSDVVDVVH 0HLD KRUD GHSRLV D QHYH SDURX D YLVLELOLGDGH UHWRPRX H SURVVHJXL PHXFDPLQKR DSHQDV SDUD VHU SDUDGR DOJXPDV FHQWHQDV GH PHWURV DGLDQWH RQGH XPDHTXLSH GH DPEXOkQFLD VRFRUULD XP SDVVDJHLUR GH XP FDUUR TXH EDWHUD QD WUDVHLUD GHRXWUR PDLV OHQWR j IUHQWH D FROLVmR EORTXHRX D URGRYLD 6H HX WLYHVVH FRQWLQXDGR D GLULJLUQD QHYH FHJDQWH SURYDYHOPHQWH RV WHULD DWLQJLGR$ FDXWHOD TXH R PHGR PH LPS{V QDTXHOH GLD WDOYH] WHQKD VDOYR PLQKD YLGDRPR XP FRHOKR SDUDOLVDGR GH WHUURU DR VLQDO GD SDVVDJHP GH XPD UDSRVD RX XP SURWRPDPtIHUR HVFRQGHQGRVH GH XP GLQRVVDXUR SUHGDGRU IXL WRPDGR SRU XP HVWDGR LQWHULRUTXH PH REULJRX D SDUDU SUHVWDU DWHQomR H WRPDU FXLGDGR FRP XP SHULJR LPLQHQWH7RGDV DV HPRo}HV VmR HP HVVrQFLD LPSXOVRV SDUD DJLU SODQRV LQVWDQWkQHRV SDUD OLGDUFRP D YLGD TXH D HYROXomR QRV LQIXQGLX $ SUySULD UDL] GD SDODYUD HPRomR p PRYHUHPRYHU HP ODWLP PDLV R SUHIL[R H SDUD GHQRWDU DIDVWDUVH LQGLFDQGR TXH XPDWHQGrQFLD D DJLU HVWi LPSOtFLWD HP WRGD HPRomR 4XH DV HPRo}HV OHYDP D Do}HV p PDLVyEYLR REVHUYDQGRVH DQLPDLV RX FULDQoDV Vy QRV DGXOWRV FLYLOL]DGRV HQFRQWUDPRVWDQWDV YH]HV D JUDQGH DQRPDOLD QR UHLQR DQLPDO HPRo}HV LPSXOVRV DUUDLJDGRV SDUD DJLU GLYRUFLDGDV GH XPD UHDomR yEYLD(P QRVVR UHSHUWyULR HPRFLRQDO FDGD HPRomR GHVHPSHQKD XPD IXQomR ~QLFD FRPRUHYHODP VXDV GLVWLQWDV DVVLQDWXUDV ELROyJLFDV YHU GHWDOKHV VREUH HPRo}HV EiVLFDV QR$SrQGLFH $
  9. 9. RP QRYRV PpWRGRV SDUD SHUVFUXWDU R FRUSR H R FpUHEUR RV SHVTXLVDGRUHVHVWmR GHVFREULQGR PDLV GHWDOKHV ILVLROyJLFRV GH FRPR FDGD HPRFmR SUHSDUD R FRUSR SDUDXP WLSR GH UHVSRVWD PXLWR GLIHUHQWHÂ RP LUD R VDQJXH IOXL SDUD DV PmRV WRUQDQGR PDLV IiFLO SHJDU XPD DUPD RX JROSHDU XPLQLPLJR RV EDWLPHQWRV FDUGtDFRV DFHOHUDPVH H XPD RQGD GH KRUP{QLRV FRPR DDGUHQDOLQD JHUD XPD SXOVDomR HQHUJLD VXILFLHQWHPHQWH IRUWH SDUD XPD DomR YLJRURVDÂ RP PHGR R VDQJXH YDL SDUD RV P~VFXORV GR HVTXHOHWR FRPR RV GDV SHUQDV WRUQDQGRPDLV IiFLO IXJLU H ID] R URVWR ILFDU OtYLGR XPD YH] TXH R VDQJXH p GHVYLDGR GHOH FULDQGR DVHQVDomR GH TXH JHOD
  10. 10. $R PHVPR WHPSR R FRUSR LPRELOL]DVH DLQGD TXH SRU XPPRPHQWR WDOYH] GDQGR WHPSR SDUD DYDOLDU VH VH HVFRQGHU QmR VHULD XPD PHOKRU UHDomRLUFXLWRV QRV FHQWURV HPRFLRQDLV GR FpUHEUR GLVSDUDP D WRUUHQWH GH KRUP{QLRV TXH S}H RFRUSR HP DOHUWD JHUDO WRUQDQGRR LQTXLHWR H SURQWR SDUD DJLU H D DWHQomR VH IL[D QDDPHDoD LPHGLDWD SDUD PHOKRU FDOFXODU D UHVSRVWD D GDUÂ(QWUH DV SULQFLSDLV PXGDQoDV ELROyJLFDV QD IHOLFLGDGH HVWi XPD PDLRU DWLYLGDGH QR FHQWURFHUHEUDO TXH LQLEH RV VHQWLPHQWRV QHJDWLYRV H IDYRUHFH R DXPHQWR GD HQHUJLD H[LVWHQWH HVLOHQFLD DTXHOHV TXH JHUDP SHQVDPHQWRV GH SUHRFXSDomR
  11. 11. 0DV QmR RFRUUH QHQKXPD PXGDQoD SDUWLFXODU QD ILVLRORJLD D QmR VHU XPD WUDQTLOLGDGHTXH ID] R FRUSR UHFXSHUDUVH PDLV GHSUHVVD GR HVWtPXOR GH HPRo}HV SHUWXUEDGRUDV(VVD FRQILJXUDomR RIHUHFH DR FRUSR XP UHSRXVR JHUDO DVVLP FRPR GLVSRVLomR HHQWXVLDVPR SDUD TXDOTXHU WDUHID LPHGLDWD H SDUD PDUFKDU UXPR D XPD JUDQGH YDULHGDGHGH PHWDV $PRU VHQWLPHQWRV DIHWXRVRV H VDWLVIDomR VH[XDO LPSOLFDP HVWLPXODomR SDUDVVLPSiWLFD R RSRVWR ILVLROyJLFR GD PRELOL]DomR SDUD OXWDURXIXJLU SDUWLOKDGD SHOR PHGR H D LUD 2SDGUmR SDUDVVLPSiWLFR FKDPDGR GH UHVSRVWD GH UHOD[DPHQWR´p XP FRQMXQWR GH UHDo}HV HP WRGR R FRUSR TXH JHUD XP HVWDGR JHUDO GH FDOPD HVDWLVIDomR IDFLOLWDQGR D FRRSHUDomR 2 HUJXHU GDV VREUDQFHOKDV QD VXUSUHVD SHUPLWH D DGRomR GH XPD YDUUHGXUD YLVXDO PDLVDPSOD H WDPEpP PDLRU TXDQWLGDGH GH OX] D DWLQJLU D UHWLQD ,VVR RIHUHFH PDLV LQIRUPDomRVREUH R IDWR LQHVSHUDGR WRUQDQGR PDLV IiFLO SHUFHEHU H[DWDPHQWH R TXH HVWiDFRQWHFHQGR H FRQFHEHU R PHOKRU SODQR GH DomR (P WRGR R PXQGR D H[SUHVVmR GH UHSXJQkQFLD SDUHFH D PHVPD H HQYLD LGrQWLFDPHQVDJHP DOJXPD FRLVD GHVDJUDGD DR JRVWR RX DR ROIDWR UHDO R PHWDIRULFDPHQWH $H[SUHVVmR IDFLDO GH QRMR R OiELR VXSHULRU VH UHWRUFH SDUD R ODGR H R QDUL] VH HQUXJDOLJHLUDPHQWH VXJHUH XPD WHQWDWLYD SULPRUGLDO FRP REVHUYRX DUYLQ GH WDSDU DV QDULQDVFRQWUD XP RGRU QRFLYR RX FXVSLU IRUD XPD FRPLGD HVWUDJDGD 8PD GDV SULQFLSDLV IXQo}HV GD WULVWH]D p DMXGDU D DMXVWDUVH D XPD SHUGD VLJQLILFDWLYDFRPR D PRUWH GH DOJXpP RX XPD GHFHSomR LPSRUWDQWH $ WULVWH WUD] XPD TXHGD GHHQHUJLD H HQWXVLDVPR SHODV DWLYLGDGHV GD YLGD HP SDUWLFXODU GLYHUV}HV H SUD]HUHV HTXDQGR VH DSURIXQGD H VH DSUR[LPD GD GHSUHVVmR UHGX] D YHORFLGDGH PHWDEyOLFD GRFRUSR (VVH UHWUDLPHQWR LQWURVSHFWLYR FULD D RSRUWXQLGDGH SDUD ODPHQWDU XPD SHUGD RXXPD HVSHUDQoD IUXVWUDGD FDSWDU VXDV FRQVHTXrQFLDV SDUD D YLGD H TXDQGR D HQHUJLDUHWRUQD SODQHMDU QRYRV FRPHoRV (VVD SHUGD GH HQHUJLD EHP SRGH WHU PDQWLGR RV VHUHVKXPDQRV HQWULVWHFLGRV GRV H YXOQHUiYHLV SHUWR GH FDVD RQGH HVWDYDP HP PDLRUVHJXUDQoD(VVDV WHQGrQFLDV ELROyJLFDV SDUD DJLU VmR DLQGD PDLV PROGDGDV SRU QRVVD H[SHULrQFLD HFXOWXUD 3RU H[HPSOR D SHUGD GH XP VHU DPDGR SURYRFD XQLYHUVDOPHQWH WULVWH]D H OXWR0DV D PDQHLUD FRPR GHPRQVWUDPRV QRVVR SHVDU FRPR H[LELPRV RX FRQWHPRV DVHPRo}HV HP PRPHQWRV tQWLPRV p PROGDGD SHOD FXOWXUD FRPR WDPEpP R p D HVFROKD GHTXDLV SHVVRDV SDUWLFXODUHV HP QRVVDV YLGDV VH HQFDL[DP QD FDWHJRULD GH HQWHVTXHULGRV D VHUHP ODPHQWDGRV2 SURORQJDGR SHUtRGR GH HYROXomR HP TXH HVVDV UHVSRVWDV HPRFLRQDLV IRUPDUDP j IRUoDIRL VHP G~YLGD XPD UHDOLGDGH PDLV GXUD TXH D VXSRUWDGD SHOD PDLRULD GRV VHUHV KXPDQRVFRPR HVSpFLH DSyV R DOYRUHFHU GD KLVWyULD UHJLVWUDGD)RL XP WHPSR HP TXH SRXFDV FULDQoDV VREUHYLYLDP j LQIkQFLD H SRXFRV DGXOWRV DRVWULQWD DQRV TXDQGR RV SUHGDGRUHV DWDFDYDP D TXDOTXHU PRPHQWR TXDQGR DV LQFHUWH]DVGDV VHFDV H FKHLDV VLJQLILFDYDP D GLIHUHQoD HQWUH D IRPH H D VREUHYLYrQFLD 0DV FRP RDGYHQWR GD DJULFXOWXUD H DWp PHVPR GDV PDLV UXGLPHQWDUHV VRFLHGDGHV DVSRVVLELOLGDGHV GH VREUHYLYrQFLD FRPHoDUDP D PXGDU GH IRUPD VHQVDFLRQDO 1RV ~OWLPRVGH] PLO DQRV TXDQGR HVVHV DYDQoRV VH ILUPDUDP HP WRGR R PXQGR UHGX]LUDPVHVLJQLILFDWLYDPHQWH DV IHUR]HV SUHVV}HV TXH KDYLDP FRQWLGR D SRSXODomR KXPDQD(VVDV PHVPDV SUHVV}HV KDYLDP WRUQDGR QRVVDV UHVSRVWDV HPRFLRQDLV PXLWR YDOLRVDVSDUD D VREUHYLYrQFLD TXDQGR GHVDSDUHFHUDP R PHVPR VH GHX FRP D YDOLGDGH GH SDUWHVGH QRVVR UHSHUWyULR HPRFLRQDO (QTXDQWR QR SDVVDGR GLVWDQWH D LUD LQVWDQWkQHD
  12. 12. SURSRUFLRQDYD XPD YDQWDJHP FUXFLDO SDUD D VREUHYLYrQFLD D GLVSRQLELOLGDGH GH DPODVDXWRPiWLFDV SDUD JDURWRV GH WUH]H DQRV WRPRXD FRP GHPDVLDGD IUHTrQFLD XPD UHDomRGHVDVWURVD1RVVDV XDV 0HQWHV8PD DPLJD PH IDODYD GH VHX GLYyUFLR XPD GRORURVD VHSDUDomR 2 PDULGR DSDL[RQDUDVHSRU XPD PXOKHU PDLV MRYHP QR WUDEDOKR H GH UHSHQWH DQXQFLDUD TXH LD GHL[iOD SDUD YLYHUFRP D RXWUD 6HJXLUDPVH PHVHV GH EULJDV DPDUJDV VREUH FDVD GLQKHLUR H FXVWyGLD GRVILOKRV $JRUD SDVVDGRV DOJXQV PHVHV HOD GL]LD TXH VXD LQGHSHQGrQFLD ,KH DJUDGDYDTXH VH VHQWLD IHOL] HP HVWDU SRU FRQWD SUySULD 6LPSOHVPHQWH QmR SHQVR PDLV QHOH QD YHUGDGH QmR PH LPSRUWD0DV DR GL]HU LVVR VHXV ROKRV SRU XP LQVWDQWH VH LQXQGDUDP GH OiJULPDV$TXHOH PRPHQWR GH ROKRV PDUHMDGRV SRGHULD SDVVDU IDFLOPHQWH GHVDSHUFHELGR 0DV DFRPSUHHQVmR HPSiWLFD GH TXH RV ROKRV PDUHMDGRV GH XPD SHVVRD VLJQLILFDP TXH HODHVWi WULVWH DSHVDU GDV SDODYUDV HP FRQWUiULR p XP DWR GH FRPSUHHQVmR WmR VHJXUR FRPRD GHVWLODomR GR VHQWLGR GDV SDODYUDV QXPD SiJLQD LPSUHVVD 8PD p XP DWR GD PHQWHHPRFLRQDO D RXWUD GD UDFLRQDO 1XP VHQWLGR PXLWR YHUGDGHLUR WHPRV GXDV PHQWHV D TXHSHQVD H D TXH VHQWH(VVHV GRLV PRGRV IXQGDPHQWDOPHQWH GLIHUHQWHV GH FRQKHFLPHQWR LQWHUDJHP QDFRQVWUXomR GH QRVVD YLGD PHQWDO 8P D PHQWH UDFLRQDO p R PRGR GH FRPSUHHQVmR GHTXH WLSLFDPHQWH WHPRV FRQVFLrQFLD PDLV GHVWDFDGR QD FRQVFLrQFLD PDLV DWHQFLRVRFDSD] GH SRQGHUDU H UHIOHWLU 0DV MXQWR FRP HVVH H[LVWH RXWUR VLVWHPD GH FRQKHFLPHQWRLPSXOVLYR H SRGHURVR HPERUD jV YH]HV LOyJLFR D PHQWH HPRFLRQDO 3DUD XPD GHVFULomRPDLV GHWDOKDGD GDV FDUDFWHUtVWLFDV GD PHQWH HPRFLRQDO YHU R $SrQGLFH %
  13. 13. $ GLFRWRPLD HPRFLRQDOUDFLRQDO DSUR[LPDVH GD GLVWLQomR SRSXODU HQWUH FRUDomR HFDEHoD VDEHU TXH DOJXPD FRLVD p FHUWD DTXL GHQWUR GR FRUDomR´p XP WLSR GLIHUHQWH GH FRQYLFomR GH DOJXP PRGR XPD FHUWH]D PDLV SURIXQGD GR TXHDFKDU D PHVPD FRLVD FRP D PHQWH UDFLRQDO +i XPD DFHQWXDGD JUDGDomR QD SURSRUomRHQWUH FRQWUROH UDFLRQDO H HPRFLRQDO GD PHQWH TXDQWR PDLV LQWHQVR R VHQWLPHQWR PDLVGRPLQDQWH VH WRPD D PHQWH HPRFLRQDO H PDLV LQWHOHFWXDO D UDFLRQDO e XPD GLVSRVLomRTXH SDUHFH RULJLQDUVH GH HUDV H HUDV GD YDQWDJHP HYROXFLRQiULD GH WHUPRV DV HPRo}HVH LQWXLo}HV FRPR JXLDV GH QRVVD UHVSRVWD LQVWDQWkQHD QDV VLWXDo}HV HP TXH QRVVD YLGDHVWi HP SHULJR H QDV TXDLV SDUDU SDUD SHQVDU R TXH ID]HU SRGHULD QRV FXVWDU D YLGD(VVDV GXDV PHQWHV D HPRFLRQDO H D UDFLRQDO RSHUDP HP HVWUHLWD KDUPRQLD QD PDLRUSDUWH GR WHPSR HQWUHODoDQGR VHXV PRGRV GH FRQKHFLPHQWR SDUD QRV RULHQWDU QR PXQGR(P JHUDO Ki XP HTXLOtEULR HQWUH DV PHQWHV HPRFLRQDO H UDFLRQDO FRP D HPRomRDOLPHQWDQGR H LQIRUPDQGR DV RSHUDo}HV GD PHQWH UDFLRQDO H D PHQWH UDFLRQDO UHILQDQGRH jV YH]HV YHWDQGR R LQVXPR GDV HPRo}HV0DV VmR IDFXOGDGHV VHPLLQGHSHQGHQWHV FDGD XPD FRPR YHUHPRV UHIOHWLQGR RIXQFLRQDPHQWR GH FLUFXLWRV GLVWLQWRV PDV LQWHUOLJDGRV QR FpUHEUR(P PXLWRV RX QD PDLRULD GRV PRPHQWRV HVVDV PHQWHV VH FRRUGHQDP HVWUDQKDPHQWH RVVHQWLPHQWRV VmR HVVHQFLDLV SDUD R SHQVDPHQWR H YLFHYHUVD0DV TXDQGR VXUJHP DV SDL[}HV R HTXLOtEULR EDODQoD p D PHQWH HPRFLRQDO TXH WRPD RFRPDQGR LQXQGDQGR D UDFLRQDO 2 KXPDQLVWD GR VpFXOR GH]HVVHLV (UDVPR GH 5RWWHUGDPHVFUHYHX QXPD YHLD VDWtULFD VREUH HVVD SHUHQH WHQVmR HQWUH UD]mR H HPRomR-~SLWHU OHJRX PXLWR PDLV SDL[mR TXH UD]mR SRGHVH FDOFXODU D SURSRUomR HP SRU XP3{V GXDV WLUDQDV IXULRVDV HP RSRVLomR DR VROLWiULR SRGHU GD 5D]mR D LUD H D OX[~ULD $WpRQGH D 5D]mR SUHYDOHFH FRQWUD DV IRUoDV FRPELQDGDV GDV GXDV D YLGD GR KRPHP
  14. 14. FRPXP GHL[D EDVWDQWH FODUR $ 5D]mR ID] D ~QLFD FRLVD TXH SRGH H EHUUD DWp ILFDU URXFDUHSHWLQGR IyUPXODV GH YLUWXGH HQTXDQWR DV RXWUDV GXDV D PDQGDP SDUD R GLDER TXH DFDUUHJXH H WRUQDPVH FDGD YH] PDLV UXLGRVDV H LQVXOWDQWHV DWp TXH SRU ILP VXD*RYHUQDQWH VH H[DXUH GHVLVWH H UHQGHVH202 685*,8 2 e5(%523DUD PHOKRU HQWHQGHU R IRUWH GRPtQLR GDV HPRo}HV VREUH D PHQWH SHQVDQWH H SRU TXHVHQWLPHQWR H UD]mR HQWUDP WmR SURQWDPHQWH HP JXHUUD SHQVHP HP FRPR R FpUHEURHYROXLX 2V FpUHEURV KXPDQRV FRP VHX SRXFR PDLV GH XP TXLOR GH FpOXODV H KXPRUHVQHXUDLV VmR WUrV YH]HV PDLRUHV TXH RV GRV QRVVRV SULPRV QD HYROXomR RV SULPDWDV QmRKXPDQRV $R ORQJR GH PLOK}HV GH DQRV GH HYROXomR R FpUHEUR FUHVFHX GH EDL[R SDUDFLPD RV FHQWURV VXSHULRUHV GHVHQYROYHQGRVH FRPR HODERUDo}HV GH SDUWHV LQIHULRUHVPDLV DQWLJDVR FUHVFLPHQWR GR FpUHEUR QR HPEULmR KXPDQR UHID] PDLV RX PHQRV HVVH SHUFXUVRHYROXFLRQiULR
  15. 15. $ SDUWH PDLV SULPLWLYD GR FpUHEUR SDUWLOKDGD FRP WRGDV DV HVSpFLHV TXH WrP PDLV TXH XPVLVWHPD QHUYRVR PtQLPR p R WURQFR FHUHEUDO HP YROWD GR WRSR GD PHGXOD HVSLQKDO (VVHFpUHEURUDL] UHJXOD IXQo}HV YLWDLV EiVLFDV FRPR D UHVSLUDomR H R PHWDEROLVPR GRV RXWURVyUJmRV GR FRUSR H WDPEpP FRQWUROD UHDF}HV H PRYLPHQWRV HVWHUHRWLSDGRV1mR VH SRGH GL]HU TXH HVVH FpUHEUR SULPLWLYR SHQVD RX DSUHQGHDR FRQWUiULR p XP FRQMXQWR GH UHJXODGRUHV SUpSURJUDPDGRV TXH PDQWpP RIXQFLRQDPHQWR GR FRUSR FRPR GHYH H UHDJH GH PRGR D DVVHJXUDU D VREUHYLYrQFLD (VVHFpUHEUR UHLQRX VXSUHPR QD (UD GRV 5pSWHLV LPDJLQHP R VLELODU GH XPD VHUSHQWHFRPXQLFDQGR D DPHDoD GH XP DWDTXHD PDLV SULPLWLYD UDL] R WURQFR FHUHEUDO VXUJLUDP RV FHQWURV HPRFLRQDLV0LOK}HV GH DQRV GHSRLV QD HYROXomR GHVVDV iUHDV HPRFLRQDLV GHVHQYROYHXVH RFpUHEUR SHQVDQWH RX QHRFyUWH[ R JUDQGH EXOER GH WHFLGRV RQGXODGRV TXH IRUPD DVFDPDGDV VXSHULRUHV 2 IDWR GH TXH R FpUHEUR SHQVDQWH VH GHVHQYROYHX D SDUWLU GDVHPRo}HV PXLWR UHYHOD VREUH D UHODomR HQWUH SHQVDPHQWR H VHQWLPHQWRKDYLD XP FpUHEUR HPRFLRQDO PXLWR DQWHV GH XP UDFLRQDO$ PDLV DQWLJD UDL] GH QRVVD YLGD HPRFLRQDO HVWi QR VHQWLGR GR ROIDWR RX PDLVSUHFLVDPHQWH QR ORER ROIDWLYR DV FpOXODV TXH DEVRUYHP H DQDOLVDP R FKHLUR7RGD HQGGDGH YLYD VHMD QXWULWLYD YHQHQRVD SDUFHLUR VH[XDO SUHGDGRU RX SUHVD WHPXPD DVVLQDWXUD PROHFXODU GLVWLQWLYD TXH R YHQWR WUDQVSRUWD 1DTXHOHV WHPSRV SULPLWLYRV RROIDWR DSUHVHQWDYDVH FRPR XP VHQWLGR VXSUHPR SDUD D VREUHYLYrQFLDR ORER ROIDWLYR FRPHoDUDP D HYROXLU RV DQWLJRV FHQWURV GH HPRomR TXH DFDEDUDPWRPDQGRVH VXILFLHQWHPHQWH JUDQGHV SDUD HQYROYHU R WRSR GR WURQFR FHUHEUDO (P VHXVHVWiJLRV UXGLPHQWDUHV R FHQWUR ROIDWLYR FRPSXQKDVH GH SRXFR PDLV TXH WrQXHVFDPDGDV GH QHXU{QLRV UHXQLGRV SDUD DQDOLVDU R FKHLUR 8PD FDPDGD GH FpOXODV UHFHELD RTXH HUD FKHLUDGR H FODVVLILFDYDR QDV FDWHJRULDV UHOHYDQWHV FRPHVWtYHO RX Wy[LFRVH[XDOPHQWH DFHVVtYHO LQLPLJR RX FRPLGD 8PD VHJXQGD FDPDGD GH FpOXODV HQYLDYDPHQVDJHQV UHIOH[LYDV D WRGR R VLVWHPD QHUYRVR GL]HQGR DR FRUSR R TXH ID]HU PRUGHUFXVSLU DERUGDU IXJLU FDoDURP R DGYHQWR GRV SULPHLURV PDPtIHURV YLHUDP QRYDV FDPDGDV FKDYH GR FpUHEURHPRFLRQDO (VWDV HP WRUQR GR WURQFR FHUHEUDO OHPEUDYDP XP SRXFR XP SDVWHO FRP XPSHGDoR PRUGLGR HPEDL[R QR OXJDU RQGH VH HQFDL[D R WURQFR FHUHEUDO RPR HVVD SDUWH
  16. 16. GR FpUHEUR FHUFD H OLPLWDVH FRP R WURQFR FHUHEUDO HUD FKDPDGD GH VLVWHPD OtPELFR GHOLPEXV SDODYUD ODWLQD TXH VLJQLILFD RUOD (VVH QRYR WHUULWyULR QHXUDO DFUHVFHQWRX HPRo}HV SURSULDPHQWH GLWDV DR UHSHUWyULR GRFpUHEUR4XDQGR HVWDPRV VRE R GRPtQLR GH DQVHLRV RX I~ULD SHUGLGDPHQWH DSDL[RQDGRV RXWUDQVLGRV GH SDYRU p R VLVWHPD OtPELFR TXH QRV WHP HP VHX SRGHU¬ PHGLGD TXH HYROXtD R VLVWHPD OtPELFR IRL DSHUIHLoRDQGR GXDV SRGHURVD IHUUDPHQWDVDSUHQGL]DGR H PHPyULD (VVHV DYDQoRV UHYROXFLRQiULRV SRVVLELOLWDYDP D XP DQLPDO VHUPXLWR PDLV HVSHUWR QDV RSo}HV GH VREUHYLYrQFLD DSULPRUDU VXDV UHVSRVWDV SDUD DGDSWDUVH D H[LJrQFLDV DPELDQWHV HP YH] GH WHU UHDo}HV LQYDULiYHLV H DXWRPiWLFDV 6H XPDFRPLGD FDXVDYD GRHQoD SRGLD VHU HYLWDGD QD SUy[LPD YH]HFLV}HV FRPR VDEHU R TXH FRPHU H R TXH UHMHLWDU DLQGD HUDP HP JUDQGH SDUWHGHWHUPLQDGDV SHOR ROIDWR DV OLJDo}HV HQWUH R EXOER ROIDWLYR H R VLVWHPD OtPELFR DVVXPLDPDJRUD DV WDUHIDV GH HVWDEHOHFHU GLVWLQo}HV HQWUH FKHLURV H UHFRQKHFrORV FRPSDUDQGRXP DWXDO FRP RXWURV SDVVDGRV H GLVFULPLQDQGR DVVLP R ERP GR UXLP,VVR HUD IHLWR SHOR ULQHQFpIDOR OLWHUDOPHQWH R FpUHEUR GR QDUL] XPD SDUWH GD ILDomROtPELFD H D EDVH UXGLPHQWDU GR QHRFyUWH[ R FpUHEUR SHQVDQWH+i FHUFD GH PLOK}HV GH DQRV R FpUHEUR GRV PDPtIHURV GHX XP JUDQGH VDOWR HPFUHVFLPHQWR 3RU FLPD GR WrQXH FyUWH[ GH GXDV FDPDGDV DV UHJL}HV TXH SODQHMRXFRPSUHHQGHP R TXH p VHQWLGR FRRUGHQDP R PRYLPHQWR DFUHVFHQWDUDPVH QRYDVFDPDGDV GH FpOXODV FHUHEUDLV IRUPDQGR R QHRFyUWH[ (P FRQWUDVWH FRP R DQWLJR FyUWH[GH GXDV FDPDGDV R QHRFyUWH[ RIHUHFLD XPD H[WUDRUGLQiULD YDQWDJHP LQWHOHFWXDO2 QHRFyUWH[ GR +RPR VDSLHQV PXLWR PDLRU TXH R GH TXDOTXHU RXWUD HVSpFLH DFUHVFHQWRXWXGR R TXH p GLVWLQWDPHQWH KXPDQR 2 QHRFyUWH[ p D VHGH GR SHQVDPHQWR FRQWpP RVFHQWURV TXH UH~QHP H FRPSUHHQGHP R TXH RV VHQWLGRV SHUFHEHP $FUHVFHQWD D XPVHQWLPHQWR R TXH SHQVDPRV GHOH H QRV SHUPLWH WHU VHQWLPHQWRV VREUH LGpLDV DUWHVtPERORV LPDJHQV1D HYROXomR R QHRFyUWH[ SRVVLELOLWRX XP FULWHULRVR DSULPRUDPHQWR TXH VH G~YLGD WURX[HHQRUPHV YDQWDJHQV QD FDSDFLGDGH GH XP RUJDQLVPR VREUHYLYHU j DGYHUVLGDGH WRUQDQGRPDLV SURYiYHO TXH VXD SURJrQLH SRU VXD YH] SDVVDV DGLDQWH RV JHQHV TXH FRQWrP HVVHVPHVPRV FLUFXLWRV QHXUDLV $ YDQWDJHP SDUD D VREUHYLYrQFLD GHYHVH DR GRP GRQHRFyUWH[ GH FULDU HVWUDWpJLDV SODQHMDU ORQJR SUD]R H RXWURV DUWLItFLRV PHQWDLV $OpPGLVVR RV WULXQIRV GD DUWH FLYLOL]DomR H FXOWXUD VmR WRGRV IUXWRV GR QHRFyUWH[(VVD QRYD DGLomR DR FpUHEUR SHUPLWLX R DFUpVFLPR GH QXDQoDV j YLGD HPRFLRQDO 9HMDP RDPRU $V HVWUXWXUDV OtPELFDV JHUDP VHQWLPHQWRV GH SUD]HU GHVHMR VH[XDO DV HPRo}HVTXH DOLPHQWDP D SDL[mR VH[XDO 0DV R DFUpVFLPR GR QHRFyUWH[ H VXDV OLJDo}HV DRVLVWHPD OtPELFR SHUPLWLUDP D OLJDomR PmHILOKR TXH p D EDVH GD XQLGDGH IDPLOLDU H RFRPSURPLVVR D ORQJR SUD]R FRP D FULDomR GRV ILOKRV TXH WRUQD SRVVtYHO RGHVHQYROYLPHQWR KXPDQR (VSpFLHV TXH QmR WrP QHRFyUWH[ FRPR RV UpSWHLV FDUHFHPGH DIHLomR PDWHUQD TXDQGR VDHP GR RYR RV UHFpPQDVFLGRV WrP GH HVFRQGHUVH SDUDHYLWDU VHUHP FDQLEDOL]DGRV 1RV VHUHV KXPDQRV D OLJDomR GH SURWHomR HQWUH SDL H ILOKRSHUPLWH TXH JUDQGD SDUWH GR DPDGXUHFLPHQWR SURVVLJD SRU XPD ORQJD LQIDQFLD GXUDQWH DTXDO R FpUHEUR FRQWLQXD D GHVHQYROYHUVH¬ PHGLGD TXH VXELPRV QD HVFDOD ILORJHQpWLFD GR UpSWLO DR UKHVXV H DR VHU KXPDQR RVLPSOHV YROXPH GR QHRFyUWH[ DXPHQWD FRP HVVH DXPHQWR YHP XP DXPHQWR JHRPpWULFRQDV LQWHUOLJDo}HV GRV FLUFXLWRV FHUHEUDLV 4XDQWR PDLRU R Q~PHUR GHVVDV OLJDo}HV PDLRUD JDPD GH UHVSRVWDV SRVVtYHLV 2 QHRFyUWH[ SRVVLELOLWD D VXWLOH]D H RPSOH[LGDGH GD YLGD
  17. 17. HPRFLRQDO FRPR D FDSDFLGDGH GH WHU VHQWLPHQWRV VREUH QRVVRV VHQWLPHQWRV +i XPDPDLRU SURSRUomR GH QHRFyUWH[ SDUD VLVWHPD OtPELFR QRV SULPDWDV TXH QDV RXWUDV HVSpFLHV H LPHQVDPHQWH PDLV QRV VHUHV KXPDQRV VXJHULQGR SRU TXH SRGHPRV H[LELU XPD JDPDPXLWR PDLRU GH UHDo}HV jV QRVVDV HPRo}HV H PDLV QXDQoDV (QTXDQWR XP FRHOKR RX XPUKHVXV WrP XP FRQMXQWR UHVWULWR GH UHVSRVWDV WtSLFDV SDUD R PHGR R QHRFyUWH[KXPDQR PDLRU SRVVLELOLWD XP UHSHUWyULR PXLWR PDLV iJLO LQFOXVLYH OLJDU SDUD R WHOHIRQH GHHPHUJrQFLD GD SROtFLD 4XDQWR PDLV FRPSOH[R R VLVWHPD VRFLDO PDLV HVVHQFLDO p HVVDIOH[LELOLGDGH H QmR H[LVWH QHQKXP PXQGR VRFLDO PDLV FRPSOH[R TXH R QRVVR0DV HVVHV FHQWURV 6XSHULRUHV QmR FRQWURODP WRGD D YLGD HPRFLRQDO QRV SUREOHPDVFUXFLDLV GR FRUDomR H PDLV HVSHFLDOPHQWH QDV HPHUJrQFLDV HPRFLRQDLV SRGHVH GLHUTXH HOHV VH VXEPHWHP DR VLVWHPD OtPELFR RPR WDQWRV GRV FHQWURV VXSHULRUHV VHGHVHQYROYHUDP D SDUWLU GR kPELWR GD UHJLmR OtPELFD RX D DPSOLDUDP R FpUHEUR HPRFLRQDOGHVHPSHQKD XPD IXQomR GHFLVLYD QD DUTXLWHWXUD QHXUDO RPR UDL] GD TXDO VXUJLX RFpUHEUR PDLV QRYR DV iUHDV HPRFLRQDLV HQWUHODoDPVH DWUDYpV GH PLOKDUHV GH FLUFXLWRVGH OLJDomR FRP WRGDV DV SDUWHV GR QHRFyUWH[ ,VVR Gi DRV FHQWURV HPRFLRQDLV LPHQVRVSRGHUHV GH LQIOXHQFLDU R IXQFLRQDPHQW GR UHVWR GR FpUHEUR LQFOXLQGR VHXV FHQWURV GHSHQVDPHQWR $1$720,$ ( 80 6(48(6752 (02,21$/$ YLGD p XPD FRPpGLD SDUD RV TXH SHQVDP H XPD WUDJpGLD SDUD RV TXH VHQWHP+RUDFH:DOSROH
  18. 18. (UD XPD WDUGH TXHQWH GH DJRVWR HP R PHVPR GLD HP TXH R UHYHUHQGR 0DUWLQ/XWKHU .LQJ -U IH] R GLVFXUVR (X WHQKR XP VRQKR QXPD PDUFKD SHORV GLUHLWRV FLYLV HP:DVKLQJWRQ 1DTXHOH GLD 5LFKDUG 5REOHV XP ODGUmR FRQWXPD] TXH DFDEDUD GH VHUSRVWR HP OLEHUGDGH FRQGLFLRQDO GH XPD VHQWHQoD GH WUrV DQRV SRU PDLV GH XPD FHQWHQDGH DUURPEDPHQWRV TXH IL]HUD SDUD VXVWHQWDU R YtFLR GH KHURtQD GHFLGLX ID]HU PDLV XP4XHULD DEDQGRQDU R FULPH DOHJRX PDLV WDUGH PDV SUHFLVDYD GHVHVSHUDGDPHQWH GHGLQKHLUR SDUD D QDPRUDGD H D ILOKD GRV GRLV GH WUrV DQRV2 DSDUWDPHQWR TXH DUURPERX QDTXHOH GLD SHUWHQFLD D GXDV PRoDV -DQLFH :OLH GH YLQWHH XP DQRV SHVTXLVDGRUD QD UHYLVWD 1HZVZHHN H (PLO +RIIHUW YLQWH H WUrV SURIHVVRUDSULPiULD (PERUD 5REOHV KRXYHVVH HVFROKLGR R DSDUWDPHQWR QR OX[XRVR 8SSHU (DVW 6LGHGH 1RYD ORUTXH SDUD DUURPEDU SRU DFKDU TXH QmR KDYLD QLQJXpP Oi -DQLFH HVWDYD HPFDVD $PHDoDQGRD FRP XPD IDFD HOH D DPDUURX 4XDQGR LD VDLQGR HQWURX (PLO 3DUDJDUDQWLU D IXJD 5REOHV FRPHoRX D DPDUUiOD WDPEpP6HJXQGR FRQWD 5REOHV DQRV PDLV WDUGH HQTXDQWR DPDUUDYD (PLO -DQLFH :OLH DGYHUWLXR GH TXH QmR VDLULD LPSXQH GDTXHOH FULPH LD OHPEUDU R URVWR GHOH H DMXGDU D SROtFLD DORFDOL]iOR 5REOHV TXH SURPHWHUD D VL PHVPR VHU DTXHOH R VHX ~OWLPR DUURPEDPHQWRHQWURX HP SkQLFR FRP LVVR SHUGHQGR FRPSOHWDPHQWH R FRQWUROH 1XP IUHQHVL SHJRXXPD JDUUDID GH VRGD H EDWHX QDV PRoDV DWp GHL[iODV LQFRQVFLHQWHV GHSRLV WRPDGR GHUDLYD H PHGR UHWDOKRXDV H HVIDTXHRXDV UHSHWLGDV YH]HV FRP XPD IDFD GH FR]LQKD5HYHQGR DTXHOH PRPHQWR YLQWH H FLQFR DQRV GHSRLV 5REOHV ODPHQWDYD )LTXHL PDOXFR 0LQKD FDEHoD VLPSOHVPHQWH H[SORGLX$Wp KRMH WHP PXLWR WHPSR SDUD VH DUUHSHQGHU GDTXHOHV SRXFRV PLQXWRV GH I~ULDGHVHQIUHDGD (QTXDQWR HVFUHYR HOH FRQWLQXD QD SULVmR DOJXPDV GpFDGDV GHSRLV SHORTXH VH WRPRX FRQKHFLGR FRPR R $VVDVVLQDWR GDV ([HFXWLYDV
  19. 19. 7DLV H[SORV}HV HPRFLRQDLV VmR VHTHVWURV QHXUDLV 1HVVHV PRPHQWRV VXJHUHP RVLQGtFLRV XP FHQWUR QR FpUHEUR OtPELFR SURFODPD XPD HPHUJrQFLD UHFUXWDQGR R UHVWR GRFpUHEUR SDUD VHX SODQR GH XUJrQFLD 2 VHTHVWUR RFRUUH QXP LQVWDQWH GLVSDUDQGR HVVDUHDomR FUXFLDO PRPHQWRV DQWHV GH R QHRFyUWH[ R FpUHEUR SHQVDQWH WHU WLGR XPDRSRUWXQLGDGH GH YHU WXGR TXH HVWi DFRQWHFHQGR TXDQWR PDLV GH GHFLGLU VH p XPD ERDLGpLD $ PDUFD FDUDFWHUtVWLFD GHVVH VHTHVWUR p TXH DVVLP TXH SDVVD R PRPHQWR RVDVVLP SRVVXtGRV WrP D VHQVDomR GH QmR VDEHU R TXH GHX QHOHV(VVHV VHTHVWURV QmR VmR GH PRGR DOJXP LQFLGHQWHV LVRODGRV H KRUUHQGRV TXH OHYDP DFULPHV EUXWDLV FRPR R $VVDVVLQDWR GDV ([HFXWLYDV H IRUPD PHQRV FDWDVWUyILFD PDVQmR QHFHVVDULDPHQWH PHQRV LQWHQVD RFRUUHP FRQRVFR FRP PXLWD IUHTrQFLD /HPEUHPD ~OWLPD YH] HP TXH YRFrV SHUGHUDP R FRQWUROH H[SORGLUDP FRP DOJXpP R PDULGR RXILOKR RX TXHP VDEH R PRWRULVWD GH RXWUR FDUUR D WDO SRQWR TXH GHSRLV FRP XP SRXFR GHUHIOH[mR H YLVmR UHWURVSHFWLYD D FRLVD SDUHFHXOKHV LPSUySULD ,VVR FRP WRGDSUREDELOLGDGH IRUDP WDPEpP XP GHVVHV VHTHVWURV XPD WRPDGD GH SRGHU QHXUDO TXHFRPR YHUHPRV VH RULJLQD QD DPtJGDOD XP FHQWUR QR FpUHEUR OtPELFR1HP WRGRV RV VHTHVWURV OtPELFRV VmR DIOLWLYRV 4XDQGR XPD SLDGD SDUHFH D DOJXpP WmRKLODULDQWH TXH D ULVDGD p TXDVH H[SORVLYD WDPEpP LVVR p XPD UHVSRVWD OtPELFD )XQFLRQDLJXDOPHQWH HP PRPHQWRV GH LQWHQVD DOHJULD TXDQGR DQ -DQVHQ DSyV YiULRV IUXVWUDQWHVQD FRQTXLVWD GD PHGDOKD GH RXUR ROtPSLFD GH FRUULGD GH GH SDWLQV TXH SURPHWHUD j LUPmDJRQL]DQWH
  20. 20. ILQDOPHQWH JDQKRXD QRV PHWURV QDV 2OLPStDGDV GH ,QYHPR QD1RUXHJD VXD PXOKHU IRL WmR WRPDGD SHOD HPRomR H IHOLFLGDGH TXH WHYH GH VHU OHYDGD jVSUHVVDV DRV PpGLFRV GR SURQWRVRFRUUR QD EHLUD GR ULQTXH$ 6(( ( 72$ 3$,;­21RV VHUHV KXPDQRV D DPtJGDOD GD SDODYUD JUHJD SDUD DPrQGRD
  21. 21. p XP IHL[H HP IRUPDGH DPrQGRD GH HVWUXWXUDV LQWHUOLJDGDV VLWXDGR DFLPD GR WURQFR FHUHEUDO SHUWR GD SDUWHLQIHULRU GR DQHO OtPELFR +i GXDV DPtJGDODV XPD GH FDGD GD ODGR GR FpUHEUR LQVWDODGDVPDLV SDUD R ODGR GD FDEHFD $ DPtGDOD KXPDQD p UHODWLYDPHQWH JUDQGH HP FRPSDUDomRFRP D GH TXDOTXHU GRV QRVVRV SULPRV HYROXFLRQiULRV PDLV SUy[LPRV RV SULPDWDV2 KLSRFDPSR H D DPtJGDOD HUDP GXDV SDUWHVFKDYH GR SULPLWLYR QDUL] FHUHEUDO TXH QDHYROXomR GHX RULJHP DR FyUWH[ H GHSRLV DR QHRFyUWH[ $Wp KRMH HVVDV HVWUXWXUDVOtPELFDV VmR UHVSRQViYHLV SRU JUDQGH RX D PDLRU SDUWH GR DSUHQGL]DGR H GD PHPyULD GRFpUHEUR D DPtJGDOD p D HVSHFLDOLVWD HP TXHVW}HV HPRFLRQDLV 6H IRU FRUWDGD GR UHVWR GRFpUHEUR R UHVXOWDGR p XPD LPSUHVVLRQDQWH LQFDSDFLGDGH GH DYDOLDU R VLJQLILFDGRHPRFLRQDO GRV IDWRV HVVH PDO p jV YH]HV FKDPDGR GH FHJXHLUD DIHWLYD 6HP SHVR HPRFLRQDO RV HQFRQWURV SHUGHP VHX GRPtQLR 8P UDSD] FXMD DPtJGDOD IRUDFLUXUJLFDPHQWH UHPRYLGD SDUD FRQWURODU VpULRV DWDTXHV SHUGHX SRU FRPSOHWR R LQWHUHVVHSHODV SHVVRDV SUHIHULQGR VHQWDUVH LVRODGR VHP QHQKXP FRQWDWR KXPDQR (PERUD IRVVHSHUIHLWDPHQWH FDSD] GH FRQYHUVDU QmR UHFRQKHFLD PDLV DPLJRV tQWLPRV SDUHQWHV QHPPHVPR D PmH H ILFDYD LPSDVVtYHO GLDQWH GD DQJ~VWLD GHOHV FRP VXD LQGLIHUHQFD 6HP DDPtJGDOD SDUHFLD WHU SHUGLGR WRGD LGHQWLILFDomR GH VHQWLPHQWR DVVLP FRPR TXDOTXHUVHQWLPHQWR VREUH VHQWLPHQWRV $ DPtJGDOD DWXD FRPR XP GHSyVLWR GD PHPyULDHPRFLRQDO H SRUWDQWR GR SUySULR VLJQLILFDGR D YLGD VHP D DPtJGDOD p XPD YLGD SULYDGDGH VLJQLILFDGRV HPRFLRQDLV2 TXH HVWi OLJDGR j DPtJGDOD p PDLV TXH D DIHLomR WRGD SDL[mR GHSHQGH GHOD2V DQLPDLV TXH WrP D DPtJGDOD UHWLUDGD RX FRUWDGD QmR VHQWHP PHGR QHP UDLYD SHUGHPR LPSXOVR GH FRPSHWLU RX FRRSHUDU H QmR WrP PDLV QHQKXP VHQVR GR OXJDU TXH RFXSDPQD RUGHP VRFLDO GH VXD HVSpFLH D HPRomR ILFD HPERWDGD RX DXVHQWH $V OiJULPDV XP
  22. 22. VLQDO HPRFLRQDO H[FOXVLYR GRV VHUHV KXPDQRV VmR SURYRFDGDV SHOD DPtJGDOD H XPDHVWUXWXUD SUy[LPD D FLUFXQYROXomR FLQJXODGDVHU DEUDoDGR DOLVDGR RX GH RXWUR PRGR FRQIRUWDGR DFDOPD HVVDV PHVPDV UHJL}HVFHUHEUDLV 6HP DPtJGDOD QmR Ki OiJULPDV GH GRU SDUD DFDOPDU-RVHSK /HRX[ QHXURFLHQWLVWD GR HQWUR GH LrQFLD 1HXUDO GD 8QLYHUVLGDGH GH 1RYD,RUTXH IRL R SULPHLUR D GHVFREULU R SDSHOFKDYH GD DPtJGDOD QR FpUHEUR HPRFLRQDO (OHID] SDUWH GH XP QRYR WLSR GH QHXURFLHQWLVWDV TXH UHFRUUHP D WHFQRORJLDV H PpWRGRVLQRYDGRUHV UHVSRQViYHLV SRU XP QtYHO GH SUHFLVmR DQWHV GHVFRQKHFLGR QR PDSHDPHQWRGR FpUHEUR HP IXQFLRQDPHQWR H DVVLP SRGHP GHVYHQGDU PLVWpULRV GD PHQWH TXHJHUDo}HV DQWHULRUHV GH FLHQWLVWDV MXOJDYDP LPSHQHWUiYHLV 6XDV GHVFREHUWDV VREUH RVFLUFXLWRV GR FpUHEUR HPRFLRQDO SXVHUDP DEDL[R XPD QRomR Ki PXLWR H[LVWHQWH VREUH RVLVWHPD OtPELFR FRORFDQGR D DPtJGDOD QR FHQWUR GD DomR H RXWUDV HVWUXWXUDV OtPELFDV HPIXQo}HV PXLWR GLIHUHQWHV$ SHVTXLVD GH /HRX[ H[SOLFD FRPR D DPtJGDOD SRGH DVVXPLU R FRQWUROH VREUH R TXHID]HPRV TXDQGR R FpUHEUR SHQVDQWH R QHRFyUWH[ DLQGD WRPD XPD GHFLVmRRPR YHUHPRV R IXQFLRQDPHQWR GD DPtJGDOD H VXD LQWHUDomR FRP R QHRFyUWH[ HVWmR QRFHQWUR GD LQWHOLJrQFLD HPRFLRQDO$ $50$,/+$ 1(85$/2 PDLV LQWULJDQWH SDUD HQWHQGHU D IRUoD GDV HPRo}HV QD YLGD PHQWDO VmR DTXHOHVPRPHQWRV GH DomR DSDL[RQDGD GH TXH PDLV WDUGH QRV DUUHSHQGHPRV DVVLP TXH D SRHLUDDVVHQWRX D TXHVWmR p FRPR QRV WRPDPRV LUUDFLRQDLV WmR IDFLOPHQWH9HMDP SRU H[HPSOR XPD MRYHP TXH GLULJLX GXDV KRUDV DWp %RVWRQ SDUD WRPDU XP FDIpGD PDQKmDOPRoR H SDVVDU R GLD FRP R QDPRUDGR XUDQWH R GHVMHMXP HOH ,KH GHX XPSUHVHQWH TXH HOD YLQKD TXHUHQGR Ki PHVHV XPD JUDYXUD GLItFLO GH DFKDU WUD]LGD GD(VSDQKD 0DV VHX SUD]HU VH GLVVROYHX DVVLP TXH VXJHULX LUHP j PDWLQr GH XP ILOPH TXHTXHULD PXLWR YHU DSyV R GHVMHMXP H R DPLJR D FKRFRX GL]HQGROKH TXH QmR SRGLD SDVVDUR GLD FRP HOD SRLV WLQKD XP WUHLQR GH VRIWEDOO0DJRDGD H LQFUpGXOD HOD VH OHYDQWRX HP SUDQWRV GHL[RX D ODQFKRQHWH H QXP LPSXOVRMRJRX D JUDYXUD QD ODWD GH OL[R 0HVHV GHSRLV FRQWDQGR R LQFLGHQWH QmR p GH WHU VDtGRTXH HOD VH DUUHSHQGH PDV GD SHUGD GD JUDZUDe HP PRPHQWRV DVVLP TXDQGR XP VHQWLPHQWR LPSXOVLYR GRPLQD R UDFLRQDO TXH RUHFpPGHVFREHUWR SDSHO GD DPtJGDOD VH PRVWUD FUXFLDO 2V VLQDLV TXH YrP GRV VHQWLGRVSHUPLWHP TXH D DPtJGDOD IDoD XPD YDUUHGXUD GH WRGD H[SHULrQFLD HP EXVFD GHSUREOHPDV ,VVR D S}H QXP SRGHURVR SRVWR QD YLGD PHQWDO DOJXPD FRLVD VHPHOKDQWH DXPD VHQWLQHOD SVLFROyJLFD GHVDILDQGR FDGD VLWXDomR FDGD SHUFHSomR FRP DSHQDV XPWLSR GH SHUJXQWD HP PHQWH D PDLV SULPLWLYD e DOJXPD FRLVD TXH RGHLR ,VVR PH IHUH$OJXPD FRLVD TXH WHPR 6H IRU HVWH R FDVR VH R PRPHQWR HP TXHVWmR GH DOJXP PRGRHVERoD XP 6LP´D DPtJGDOD UHDJH LQVWDQWDQHDPHQWH FRPR XP ILR GH DUPDGLOKD QHXUDO WHOHJUDIDQGR XPDPHQVDJHP GH FULVH SDUD WRGDV DV SDUWHV GR FpUHEUR1D DUTXLWHWXUD GR FpUHEUR D DPtJGDOD FRORFDVH GH XP PRGR XP WDQWR VHPHOKDQWH DRDODUPH GH XPD HPSUHVD RQGH RSHUDGRUHV HVWmR D SRVWRV SDUD HQYLDU FKDPDGDV GHHPHUJrQFLD DR FRUSR GH ERPEHLURV SROtFLD H XP YL]LQKR VHPSUH TXH XP VLVWHPD GHVHJXUDQoD LQWHUQR Gi R VLQDO GH SHULJR4XDQGR VRD XP DODUPH GLJDPRV GH PHGR HOD HQYLD PHQVDJHQV XUJHQWHV D WRGDV DVSDUWHV SULQFLSDLV GR FpUHEUR GLVSDUD D VHFUHomR GRV KRUP{QLRV RUJkQLFRV SDUD OXWDURX
  23. 23. IXJLU PRELOL]D RV FHQWURV GH PRYLPHQWR H DWLYD R VLVWHPD FDUGLRYDVFXODURV P~VFXORV HRV LQWHVWLQRV2XWURV FLUFXLWRV GD DPtJGDOD HQYLDP VLQDLV SDUD D VHFUHomR GH JRWDV GH HPHUJrQFLD GRKRUP{QLR QRUDGUHQDOLQD SDUD DXPHQWDU D UHDWLYLGDGH GDV iUHDV FHUHEUDLV FKDYHLQFOXLQGR DV TXH WRUQDP RV VHQWLGRV PDLV DOHUWDV QD YHUGDGH GHL[DQGR R FpUHEUR QRSRQWR 2XWURV VLQDLV GD DPtJGDOD LQIRUPDP R WURQFR FHUHEUDO SDUD DIL[DU QR URVWR XPDH[SUHVVmR GH PHGR SDUDOLVDU PRYLPHQWRV QmR UHODFLRQDGRV TXH RV P~VFXORV WLQKDP HPDomR DFHOHUDU D SXOVDomR FDUGtDFD DXPHQWDU D SUHVVmR VDQJXtQHD H UHGX]LU R ULWPR GDUHVSLUDomR 2XWURV IL[DP D DWHQomR QD FDXVD GR PHGR H SUHSDUDP RV P~VFXORV SDUDUHDJLU GH DFRUGR 6LPXOWDQHDPHQWH VLVWHPDV GD PHPyULD FRUWLFDO VmR YDVFXOKDGRV HPEXVFD GH TXDOTXHU FRQKHFLPHQWR UHOHYDQWH SDUD D HPHUJrQFLD HP TXHVWmR SDVVDQGRDGLDQWH GRV RXWURV ILRV GH SHQVDPHQWR( HVVDV VmR DSHQDV SDUWH GH XPD FXLGDGRVDPHQWH FRRUGHQDGD VpULH GH PXGDQoDV TXH DDPtJGDOD RUJDQL]D TXDQGR UHFUXWD iUHDV GH WRGR R FpUHEUR SDUD XPD H[SOLFDomR PDLVGHWDOKDGD YHU $SrQGLFH
  24. 24. $ H[WHQVD UHGH GH OLJDo}HV QHXUDLV GD DPtJGDOD ,KH SHUPLWHGXUDQWH XPD HPHUJrQFLD HPRFLRQDO WRPDU H GLULJLU JUDQGH SDUWH GR UHVWR GR FpUHEUR LQFOXVLYH D PHQWH UDFLRQDO$ 6(17,1(/$ (02,21$/RQWD XP DPLJR TXH QXPDV IpULDV QD ,QJODWHUUD IH] XP GHVMHMXP UHIRUoDGR QXP FDIp jEHLUD GH XP FDQDO DQGR GHSRLV XP SDVVHLR SHORV GHJUDXV GH SHGUD TXH GHVFLDP SDUD RFDQDO YLX GH UHSHQWH XPD PRoD ILWDQGR D iJXD R URVWR WUDQVLGR GH PHGR $QWHV GH VDEHUEHP R PRWLYR HOH Mi SXODUD GH SDOHWy H JUDYDWD 6y HQWmR FRPSUHHQGHX TXH D PRoDILWDYD HP FKRTXH XPD FULDQFLQKD TXH FDtUD QD iJXD H TXH HOH FRQVHJXLX VDOYDU2 TXH R IH] SXODU QD iJXD DQWHV GH VDEHU SRU TXr $ UHVSRVWD PXLWR SURYDYHOPHQWH pIRL VXD DPtJGDOD1XPD GDV GHVFREHUWDV PDLV LPSUHVVLRQDQWHV VREUH HPRo}HV GD ~OWLPD GpFDGD R WUDEDOKRGH /HRX[ UHYHORX TXH D DUTXLWHWXUD GR FpUHEUR Gi j DPtJGDOD XPD SRVLomR SULYLOHJLDGDFRPR VHQWLQHOD HPRFLRQDO FDSD] GH VHTHVWUDU R FpUHEUR6XD SHVTXLVD PRVWURX TXH VLQDLV VHQVRULDLV GR ROKR RX RXYLGR YLDMDP QR FpUHEUR SULPHLURSDUD R WiODPR H GHSRLV SRU XPD ~QLFD VLQDSVH SDUD D DPtJGDODXP VHJXQGR VLQDO GR WiODPR p HQFDPLQKDGR SDUD R QHRFyUWH[ R FpUHEUR SHQVDQWH (VVDUDPLILFDomR SHUPLWH TXH D DPtJGDOD FRPHFH D UHVSRQGHU DQWHV GR QHRFyUWH[ TXH UXPLQDD LQIRUPDomR HP YiULRV QtYHLV GRV FLUFXLWRV FHUHEUDLV DQWHV GH SHUFHErOD SOHQDPHQWH HLQLFLDU SRU ILP VXD UHVSRVWD PDLV FXLGDGRVDPHQWH WDOKDGD$ SHVTXLVD GH /HRX[ p UHYROXFLRQiULD SDUD D FRPSUHHQVmR GD YLGD HPRFLRQDO SRU VHU DSULPHLUD D HVWDEHOHFHU FDPLQKRV QHXUDLV GH VHQWLPHQWRV TXH FRQWRUQDP R QHRFyUWH[(VVHV VHQWLPHQWRV TXH WRPDP D URWD GLUHWD GD DPtJGDOD HVWmR HQWUH RV QRVVRV PDLVSULPLWLYRV H SRGHURVRV HVVH FLUFXLWR PXLWR ID] SDUD DMXGDU D H[SOLFDU R SRGHU GD HPRomRSDUD HVPDJDU D UDFLRQDOLGDGH$ RSLQLmR FRQYHQFLRQDO QD QHXURFLrQFLD HUD TXH R ROKR RXYLGR H RXWURV yUJmRV VHQVRULDLVWUDQVPLWHP VLQDLV DR WiODPR H GH Oi SDUD DV jUHDV GH SURFHVVDPHQWR VHQVRULDO GRQHRFyUWH[ RQGH HOHV VmR UHXQLGRV HP REMHWRV FRPR QyV RV SHUFHEHPRV 2V VLQDLV VmRFODVVLILFDGRV SRU VLJQLILFDGRV SDUD TXH R FpUHEUR UHFRQKHoD R TXH p FDGD REMHWR H R TXHVLJQLILFD D VXD SUHVHQoD R QHRFyUWH[ GL]LD D DQWLJD WHRULD RV VLQDLV VmR HQYLDGRV SDUDR FpUHEUR OtPELFR HGH Oi D UHVSRVWD DSURSULDGD VH LUUDGLD SHOR FpUHEUR H R UHVWR GR FRUSR e DVVLP TXH
  25. 25. IXQFLRQD JUDQGH RX D PDLRU SDUWH GR WHPSR PDV /HRX[ GHVFREULX XP SHTXHQR IHL[H GHQHXU{QLRV TXH YDL GLUHWR GR WiODPR j DPtJGDOD DOpP GRV TXH VHJXHP SHOR FDPLQKR PDLRUGH QHXU{QLRV DWp R FyUWH[ (VVH FDPLQKR PHQRU H PDLV FXUWR FRPR XPD YLHOD QHXUDO SHUPLWH j DPtJGDOD UHFHEHU DOJXQV LQVXPRV GLUHWRV GRV VHQWLGRV H LQLFLDU XPD UHVSRVWDDQWHV TXH HOHV VHMDP SOHQDPHQWH UHJLVWUDGRV SHOR QHRFyUWH[(VVD GHVFREHUWD S}H DEDL[R LQWHLUDPHQWH D LGpLD GH TXH D DPtJGDOD WHP GH GHSHQGHULQWHLUDPHQWH GH VLQDLV GR QHRFyUWH[ SDUD IRUPXODU VXDV UHDo}HV HPRFLRQDLV $ DPtJGDODSRGH DFLRQDU XPD UHVSRVWD HPRFLRQDO SRU HVVD URWD GH HPHUJrQFLD QR PRPHQWR PHVPRHP TXH XP FLUFXLWR UHVVRQDQWH SDUDOHOR VH LQLFLD HQWUH D DPtJGDOD H R QHRFyUWH[ $DPtJGDOD SRGH ID]HUQRV ODQoDU j DomR HQTXDQWR R QHRFyUWH[ OLJHLUDPHQWH PDLV OHQWRSRUpP PDLV SOHQDPHQWH LQIRUPDGR WUDoD VHX SODQR GH UHDomR PDLV UHILQDGR/HRX[ S{V SRU WHUUD R FRQKHFLPHQWR SUHGRPLQDQWH VREUH RV FDPLQKRV SHUFRUULGRV SHODVHPRo}HV FRP VXD SHVTXLVD VREUH PHGR HP DQLPDLV 1XPD H[SHULrQFLD FUXFLDO GHVWUXLXR FyUWH[ DXGLWLYR GH UDWRV GHSRLV RV H[S{V D XP WRP VLPXOWkQHR D XP FKRTXH HOpWULFR 2VUDWRV ORJR DSUHQGHUDP D WHPHU R WRP DLQGD TXH R VRP GR WRP QmR IRVVH UHJLVWUDGR HPVHX QHRFyUWH[ (P YH] GLVVR R VRP WRPDYD D URWD GLUHWD GR RXYLGR DR WiODPR H jDPtJGDOD VDOWDQGR WRGRV RV WUDMHWRV PDLRUHV (P VXPD RV UDWRV DSUHQGHUDP XPDUHDomR HPRFLRQDO VHP QHQKXP HQYROYLPHQWR FRUWLFDO PDLRU D DPtJGDOD SHUFHEHXOHPEURX H RUTXHVWURX VHX PHGR GH PRGR LQGHSHQGHQWH $QDWRPLFDPHQWH R VLVWHPD HPRFLRQDO SRGH DJLU GH PRGR LQGHSHQGHQWH GR QHRFyUWH[GLVVHPH /HRX[ $OJXPDV UHDo}HV H OHPEUDQoDV HPRFLRQDLV SRGHP IRUPDUVH VHPDEVROXWDPHQWH QHQKXPD SDUWLFLSDomR FRQVFLHQWH H FRJQLWLYD$ DPtJGDOD SRGH DEULJDU OHPEUDQoDV H UHSHUWyULRV GH UHVSRVWDV TXH LQWHUSUHWDPRV VHPFRPSUHHQGHU EHP SRU TXH R ID]HPRV SRU TXH R DWDOKR GR WiODPR j DPtJGDOD FRQWRPDFRPSOHWDPHQWH R QHRFyUWH[ (VVD SDVVDJHP SDUHFH SHUPLWLU TXH D DPtJGDOD VHMD XPUHSRVLWyULR GH LPSUHVV}HV HPRFLRQDLV H OHPEUDQoDV TXH MDPDLV FRQKHFHPRV HP SOHQDFRQVFLrQFLD /HRX[ VXJHUH TXH p R SDSHO VXEWHUUkQHR GD DPtJGDOD QD PHPyULD TXHH[SOLFD SRU H[HPSOR XPD H[SHULrQFLD VXUSUHHQGHQWH HP TXH SHVVRDV DGTXLULUDPSUHIHUrQFLD SRU ILJXUDV JHRPpWULFDV GH IRUPDV HVWUDQKDV PRVWUDGDV HP ODPSHMRV WmRUiSLGRV TXH HODV QHP WLYHUDP TXDOTXHU FRQKHFLPHQWR FRQVFLHQWH GH WrODV YLVWR 2XWUD SHVTXLVD GHPRQVWURX TXH QRV SULPHLURV PLOpVLPRV GH VHJXQGR GH QRVVDSHUFHSomR GH DOJXPD FRLVD QmR DSHQDV FRPSUHHQGHPRV LQFRQVFLHQWHPHQWH R TXH pPDV GHFLGLPRV VH JRVWDPRV RX QmR GHOD R LQFRQVFLHQWH FRJQLWLYR DSUHVHQWD j QRVVDFRQVFLrQFLD QmR DSHQDV D LGHQWLGDGH GR TXH YHPRV PDV XPD RSLQLmR VREUH R TXH YHPRV1RVVDV HPRo}HV WrP XPD PHQWH SUySULD TXH SRGH WHU RSLQL}HV EDVWDQWH LQGHSHQGHQWHVGH QRVVD PHQWH UDFLRQDO2 VLQDO YLVXDO YDL SULPHLUR GD UHWLQD SDUD R WiODPR RQGH p WUDGX]LGR SDUD D OLQJXDJHP GRFpUHEUR $ PDLRU SDUWH GD PHQVDJHP VHJXH HQWmR SDUD 2 FyUWH[ YLVXDO RQGH p DQDOLVDGDH DYDOLDGD HP EXVFD GR VLJQLILFDGR H GD UHVSRVWD DGHTXDGD VH D UHVSRVWD p HPRFLRQDOXP VLQDO YDL SDUD D DPtJGDOD DWLYDU RV FHQWURV HPRFLRQDLV 0DV XPD SDUWH PHQRU GR VLQDORULJLQDO YDL GLUHWR GR WiODPR SDUD D DPtJGDOD QXPD WUDQVPLVVmR PDLV UiSLGD SHUPLWLQGRXPD UHVSRVWD PDLV SURQWD HPERUD PHQRV SUHFLVD
  26. 26. HVVH PRGR D DPtJGDOD SRGHGLVSDUDU XPD UHVSRVWD HPRFLRQDO DQWHV TXH RV FHQWURV FRUWLFDLV WHQKDP HQWHQGLGRSOHQDPHQWH 2 TXH VH SDVVD$ (63(,$/,67$ (0 0(0Ï5,$ (02,21$/(VVDV RSLQL}HV LQFRQVFLHQWHV VmR PHPyULDV HPRFLRQDLV ILFDP JXDUGDGDV QD DPtJGDOD $SHVTXLVD GH /HRX[ H RXWURV QHXURFLHQWLVWDV SDUHFH DJRUD VXJHULU TXH R KLSRFDPSR Ki
  27. 27. PXLWR FRQVLGHUDGR D HVWUXWXUDFKDYH GR VLVWHPD OtPELFR HVWi PDLV HQYROYLGR FRP RUHJLVWUR H D DWULEXLomR GH VHQWLGR DRV SDGU}HV SHUFHSWLYRV GR TXH FRP UHDo}HVHPRFLRQDLV $ SULQFLSDO FRQWULEXLomR GR KLSRFDPSR HVWi HP IRUQHFHU XPD SUHFLVDPHPyULD GH FRQWH[WR YLWDO SDUD R VLJQLILFDGR HPRFLRQDO p R KLSRFDPSR TXH UHFRQKHFH RVLJQLILFDGR GH GLJDPRV XP XUVR QR ]RROyJLFR RX HP QRVVR TXLQWDO(QTXDQWR R KLSRFDPSR OHPEUD RV IDWRV SXURV D DPtJGDOD UHWpP R VDERU HPRFLRQDO TXHRV DFRPSDQKD 6H WHQWDPRV XOWUDSDVVDU XP FDUUR QXPD HVWUDGD GH PmR GXSOD H SRUSRXFR HVFDSDPRV GH XPD EDWLGD GH IUHQWH R KLSRFDPSR UHWpP RV GHWDOKHV HVSHFtILFRVGR LQFLGHQWH FRPR HP TXH IDL[D GD HVWUDGD HVWiYDPRV TXHP HVWDYD FRQRVFR FRPR HUDR RXWUR FDUUR 0DV p D DPtJGDOD TXH GDt HP GLDQWH HQYLDUi XPD RQGD GH DQVLHGDGH TXHQRV SHUFRUUH R FRUSR WRGD YH] HP TXH WHQWDUPRV XOWUDSDVVDU XP FDUUR HP FLUFXQVWDQFLDVVHPHOKDQWHV RPR PH H[SOLFRX /HRX[ 2 KLSRFDPSR p FUXFLDO QR UHFRQKHFLPHQWR GH XP URVWR FRPR R GH VXD VREULQKD 0DV pD DPtJGDOD TXH DFUHVFHQWD TXH YRFr QD YHUGDGH QmR JRVWD GHOD2 FpUHEUR XVD XP PpWRGR VLPSOHV PDV DVWXWR SDUD UHJLVWUDU PHPyULDV HPRFLRQDLV FRPIRUoD HVSHFLDO RV PHVPtVVLPRV VLVWHPDV GH DODUPH QHXURTXtPLFRV TXH SUHSDUDP RFRUSR SDUD UHDJLU D HPHUJrQFLDV GH ULVFR GH YLGD FRP D UHVSRVWD GH OXWDURXIXJLUWDPEpP JUDYDP YLYLGDPHQWH R PRPHQWR QD PHPyULD6RE WHQVmR RX DQVLHGDGH RX SURYDYHOPHQWH DWp PHVPR LQWHQVD H[FLWDomR GH DOHJULD
  28. 28. XP QHUYR TXH YDL GR FpUHEUR jV JODQGXODV VXSUDUHQDLV DFLPD GRV ULQV SURYRFD XPDVHFUHomR GRV KRUP{QLRV HSLQHIULQD H QRUHSLQHIULQD TXH LQYDGHP R FRUSR SUHSDUDQGRRSDUD XPD HPHUJrQFLD (VVHV KRUP{QLRV DWLYDP UHFHSWRUHV QR QHUYR YDJR HPERUD HVWHWUDQVPLWD PHQVDJHQV GR FpUHEUR SDUD UHJXODU R FRUDomR WDPEpP WUDQVPLWH VLQDLV GHYROWD SDUD R FpUHEUR GLVSDUDGRV SHOD HSLQHIULQD H QRUHSLQHIULQD $ DPtJGDOD p R SULQFLSDOSRQWR QR FpUHEUR SDUD RQGH YmR HVVHV VLQDLV HOHV DWLYDP QHXU{QLRV GHQWUR GHOD TXHHQYLDP VLQDLV D RXWUDV UHJL}HV FHUHEUDLV D ILP GH IRUWDOHFHU D PHPyULD GR TXH HVWiDFRQWHFHQGR(VVH HVWtPXOR GD DPtJGDOD SDUHFH JUDYDU QD PHPyULD D PDLRULD GRV PRPHQWRV GHHVWtPXOR HPRFLRQDO GH PDLRU JUDX GH LQWHQVLGDGH SRU LVVR p TXH p PDLV SURYiYHO SRUH[HPSOR OHPEUDUPRV GH RQGH WLYHPRV XP SULPHLUR HQFRQWUR DPRURVR RX R TXH ID]tDPRVTXDQGR RXYLPRV D QRWtFLD GH TXH R {QLEXV HVSDFLDO KDOOHQJHU H[SORGLUD 4XDQWR PDLVLQWHQVR R HVWtPXOR GD DPtJGDOD PDLV IRUWH R UHJLVWUR DV H[SHULrQFLDV TXH PDLV QRVDSDYRUDP RX HPRFLRQDP QD YLGD HVWmR HQWUH QRVVDV OHPEUDQoDV LQGHOpYHLV ,VWRVLJQLILFD QD YHUGDGH TXH R FpUHEUR WHP GRLV VLVWHPDV GH PHPyULD XP SDUD IDWRVFRPXQV H RXWUR SDUD RV HPRFLRQDOPHQWH WH FDUUHJDGRV 8P VLVWHPD HVSHFLDO GHPHPyULDV ID] H[FHOHQWH VHQWLGR QD HYROXomRFODUR DVVHJXUDQGR TXH RV DQLPDLV WHQKDPOHPEUDQoDV SDUWLFXODUPHQWH YtYLGDV GR TXH RV DPHDoDYD RX DJUDGDYD 0DV DV PHPyULDVHPRFLRQDLV SRGHP VHU JXLDV LPSHUIHLWDV SDUD R SUHVHQWH$/$50(6 1(85$,6 $1$5Ð1,268PD GHVYDQWDJHP GHVVHV DODUPHV QHXUDLV HVWi HP TXH D PHQVDJHP XUJHQWH HQYLDGDSHOD DPtJGDOD p jV YH]HV VH QmR FRP PXLWD IUHTrQFLD DQDFU{QLFD VREUHWXGR QR IOXLGRPXQGR VRFLDO HP TXH QyV KXPDQRV YLYHPRV RPR UHSRVLWyULR GH PHPyULD HPRFLRQDO DDPtJGDOD H[DPLQD D H[SHULrQFLD FRPSDUDQGR R TXH DFRQWHFH DJRUD FRP R TXHDFRQWHFHX QR SDVVDGR 6HX PpWRGR GH FRPSDUDomR p DVVRFLDWLYR TXDQGR XP HOHPHQWRFKDYH GH XPD VLWXDomR SUHVHQWH p VHPHOKDQWH DR SDVVDGR SRGHVH GL]HU TXH VHFDVDP PRWLYR SHOR TXDO HVVH FLUFXLWR p IDOKR DJH DQWHV GH KDYHU XPD SOHQDFRQILUPDomR 2UGHQDQRV IUHQHWLFDPHQWH TXH UHDMDPRV DR SUHVHQWH FRP PHLRV
  29. 29. UHJLVWUDGRV PXLWR WHPSR DWUiV FRP SHQVDPHQWRV HPRo}HV H UHDo}HV DSUHQGLGRV HPUHVSRVWD D DFRQWHFLPHQWRV WDOYH] DSHQDV YDJDPHQWH VHPHOKDQWHV PDV DLQGD DVVLP REDVWDQWH SDUD DODUPDU D DPtJGDOD$VVLP XPD H[HQIHUPHLUD GR H[pUFLWR WUDXPDWL]DGD SHOR LQFHVVDQWH IOX[R GH IHULPHQWRVKRUUtYHLV GH TXH FXLGRX QD JXHUUD p DFRPHWLGD GH UHSHQWH SRU XPD PLVWXUD GH SDYRUUHSXJQkQFLD H SkQLFR XPD UHSHWLomR GH VXD UHDomR QR FDPSR GH EDWDOKD SURYRFDGDPDLV XPD YH] DQRV GHSRLV SHOR PDX FKHLUR TXDQGR DEUH D SRUWD GH XP DUPiULR HGHVFREUH TXH VHX ILOKR SHTXHQR HQILRX DOL XPD IUDOGD VXMD %DVWD TXH SRXFRV HOHPHQWRVHVSDUVRV GD VLWXDomR SDUHoDP VHPHOKDQWHV D DOJXP SHULJR GR SDVVDGR SDUD TXH DDPtJGDOD GLVSDUH VHX PDQLIHVWR GH HPHUJrQFLD 2 SUREOHPD p TXH MXQWR FRP DVOHPEUDQoDV HPRFLRQDOPHQWH FDUUHJDGDV TXH WrP R SRGHU GH SURYRFDU HVVD UHDomR GHFULVH SRGHP YLU GR PHVPR PRGR IRUPDV REVROHWDV GH UHVSRQGrOD¬ LPSUHFLVmR GR FpUHEUR HPRFLRQDO QHVVHV PRPHQWRV DFUHVFHQWDVH R IDWR GH TXHPXLWDV OHPEUDQoDV HPRFLRQDLV IRUWHV GDWDP GRV SULPHLURV DQRV GH YLGD QD UHODomR HQWUHD FULDQoD H DTXHOHV TXH FXLGDP GHOD ,VVR VH DSOLFD VREUHWXGR DRV DFRQWHFLPHQWRVWUDXPiWLFRV FRPR VXUUDV RX DEDQGRQR WRWDO XUDQWH HVVH SULPHLUR SHUtRGR GH YLGDRXWUDV HVWUXWXUDV FHUHEUDLV HP SDUWLFXODU R KLSRFDPSR TXH p FUXFLDO SDUD DV OHPEUDQoDVQDUUDWLYDV H R QHRFyUWH[ VHGH GR SHQVDPHQWR UDFLRQDO DLQGD QmR VH GHVHQYROYHUDPLQWHLUDPHQWH 1D PHPyULD D DPtJGDOD H R KLSRFDPSR WUDEDOKDP MXQWRV FDGD XPDUPD]HQD H FRQVHUYD LQGHSHQGHQWHPHQWH VXD LQIRUPDomR (QTXDQWR R KLSRFDPSR UHWpPD LQIRUPDomR D DPtJGDOD GHWHUPLQD VH HOD WHP YDOrQFLD HPRFLRQDO 0DV D DPtJGDOD TXHDPDGXUHFH PXLWR UiSLGR QR FpUHEUR LQIDQWLO HVWi PXLWR PDLV SUy[LPD GD IRUPD FRPSOHWDQR QDVFLPHQWR/HRX[ UHFRUUH DR SDSHO GD DPtJGDOD QD LQIkQFLD SDUD FRQILUPDU R TXH Ki PXLWR WHPSR pXPD GRXWULQD EiVLFD GR SHQVDPHQWR SVLFDQDOtWLFR TXH DV LQWHUDo}HV GRV SULPHLURV DQRVGH YLGD HVWDEHOHFHP XP FRQMXQWR GH OLo}HV HOHPHQWDUHV EDVHDGDV QD VLQWRQLD HSHUWXUEDo}HV QRV FRQWDWRV HQWUH D FULDQoD H RV TXH FXLGDP GHOD(VVDV OLo}HV HPRFLRQDLV VmR WmR SRGHURVDV H QR HQWDQWR WmR GLItFHLV GH HQWHQGHU GRSULYLOHJLDGR SRQWR GH YLVWD GD YLGD DGXOWD SRUTXH DFUHGLWD /HRX[ HVWmR DUPD]HQDGDVQD DPtJGDOD FRPR SODQRV EUXWRV VHP SDODYUDV SDUD D YLGD HPRFLRQDO RPR HVVDVSULPHLUDV OHPEUDQoDV HPRFLRQDLV VH HVWDEHOHFHP QXPD pSRFD DQWHULRU jTXHOD HP TXH DVFULDQoDV WrP SDODYUDV SDUD GHVFUHYHU VXD H[SHULrQFLD TXDQGR HVVDV OHPEUDQoDV VmRGLVSDUDGDV QD YLGD SRVWHULRU QmR Ki XP FRQMXQWR FRPELQDQWH GH SHQVDPHQWRV DUWLFXODGRVVREUH D UHVSRVWD TXH VH DSRGHUD GH QyV 8P GRV PRWLYRV SHORV TXDLV ILFDPRV WmRDWXUGLGRV FRP QRVVDV H[SORV}HV HPRFLRQDLV SRUWDQWR p TXH HODV PXLWDV YH]HVUHPRQWDP D XP WHPSR LQLFLDO HP QRVVDV YLGDV TXDQGR WXGR HUD GHVFRQFHUWDQWH H DLQGDQmR WtQKDPRV SDODYUDV SDUD FRPSUHHQGHU RV IDWRV 3RGHPRV WHU RV VHQWLPHQWRV FDyWLFRVPDV QmR DV SDODYUDV SDUD DV OHPEUDQoDV TXH RV IRUPDUDP48$12 $6 (02d®(6 6­2 5È3,$6 ( 6(17,0(17$,6(UD SRU YROWD GDV WUrV GD PDQKm TXDQGR XP LPHQVR REMHWR YDURX FRP XP HVWURQGR RWHWR QXP FDQWR DIDVWDGR GR PHX TXDUWR GHVSHMDQGR DOL GHQWUR FRLVDV TXH HVWDYDP QRVyWmR 1XP VHJXQGR VDOWHL GD FDPD H VDt FRUUHQGR GR TXDUWR QXP WHUURU GH TXH WRGR RWHWR GHVDEDVVH HSRLV SHUFHEHQGR TXH HVWDYD D VDOYR YROWHL SDUD HVSLDUFDXWHORVDPHQWH R TXH FDXVDUD DTXHOH HVWUDJR WRGR H GHVFREUL VLPSOHVPHQWH TXH R VRPTXH MXOJDUD VHU GR WHWR GHVDEDQGR IRUD QD YHUGDGH D TXHGD GH XPD SLOKD GH FDL[DV TXHPLQKD PXOKHU DPRQWRDUD QR FDQWR QD YpVSHUD TXDQGR DUUXPDYD R DUPiULR 1DGD FDtUDGR VyWmR QmR KDYLD VyWmR 2 WHWR HVWDYD LQWDWR DVVLP FRPR HX
  30. 30. 0HX VDOWR GD FDPD PHLR DGRUPHFLGR TXH SRGHULD WHUPH VDOYR GH IHULPHQWRV VH IRVVHPHVPR R WHWR FDLQGR LOXVWUD R SRGHU GD DPtJGDOD GH QRV LPSHOLU j DomR QDV HPHUJrQFLDVPRPHQWRV YLWDLV DQWHV GH R QHRFyUWH[ WHU WHPSR GH UHJLVWUDU SOHQDPHQWH R TXH QDYHUGDGH HVWi DFRQWHFHQGR $ URWD GH HPHUJrQFLD GR ROKR RX RXYLGR DR WiODPR H jDPtJGDOD p FUXFLDO SRXSD WHPSR QXPD HPHUJrQFLD TXDQGR VH H[LJH XPD UHDomRLQVWkQWDQHD 0DV HVVH FLUFXLWR GR WiODPR j DPtJGDOD WUDQVPLWH DSHQDV XPD SHTXHQDSDUWH GDV PHQVDJHQV VHQVRULDLV FRP D PDLRULD WRPDQGR R FDPLQKR SULQFLSDO DWp RQHRFyUWH[ $VVLP R TXH VH UHJLVWUD QD DPtJGDOD YLD HVVD URWD H[SUHVVD p QD PHOKRU GDVKLSyWHVHV XP VLQDO LQIRUPH VXILFLHQWH DSHQDV SDUD XPD DGYHUWrQFLD RPR REVHUYD/HRX[ QmR VH SUHFLVD VDEHU H[DWDPHQWH R TXH p XPD FRLVD SDUD VDEHU TXH SRGH VHUSHULJRVD$ URWD GLUHWD WHP XPD HQRUPH YDQWDJHP HP WHPSR FHUHEUDO TXH p FDOFXODGR HPPLOpVLPRV GH VHJXQGR $ DPtJGDOD GH XP UDWR SRGH LQLFLDU XPD UHVSRVWD XPD SHUFHSomR QXPD IUDomR PtQLPD GH GR]H PLOLVVHJXQGRV $ URWD GR WiODPR DRQHRFyUWH[ H j DPtJGDOD OHYD FHUFD GH GXDV YH]HV HVVH WHPSR $LQGD QmR VH IL]HUDPPHGLo}HV VHPHOKDQWHV QR FpUHEUR KXPDQR PDV D SURSRUomR JHUD SURYDYHOPHQWH VHFRQILUPDULD(P WHUPRV HYROXFLRQiULRV R YDORU GH VREUHYLYrQFLD GHVVD URWD GLUHWD WHULD VLGR JUDQGHSHUPLWLQGR XPD RSomR GH UHVSRVWD UiSLGD TXH FRUWDP DOJXQV FUtWLFR PLOLVVHJXQGRV QRWHPSR GH UHDomR D SHULJRV (VVHV PLOLVVHJXQGRV EHP SRGHQ WHU VDOYR D YLGD GH QRVVRVDQFHVWUDLV SURWRPDPtIHURV HP Q~PHUR WDO TXH HVTXHPD p KRMH FDUDFWHUtVWLFR GH WRGRFpUHEUR GH PDPtIHUR LQFOXLQGR RV VHXV H R PHX 1D YHUGDGH HPERUD HVVH FLUFXLWRGHVHPSHQKH XPD IXQomR UHODWLYDPHQWH OLPLWDGD QD YLGD PHQWDO KXPDQD UHVWULWD HPJUDQGH SDUWH D FULVHV HPRFLRQDLVD PDLRU SDUWH GD YLGD PHQWDO GH SiVVDURV SHL[HV HUpSWHLV JLUD HP WRUQR GHOH SRLV VXD VREUHYLYrQFLD GHSHQGH GH ORFDOL]DU FRQVWDQWHPHQWHSUHGDGRUHV RX SUHVD (VVH VLVWHPD FHUHEUDO SULPLWLYR PHQRU QRV PDPtIHURV p R SULQFLSDO VLVWHPD FHUHEUDOQRV QmR PDPtIHURV GL] /HRX[ 2IHUHFH XP PHLR PXLWR UiSLGR GH OLJDU HPRo}HV0DV p XP SURFHVVR UiSLGR H PDOIHLWR DV FpOXODV VmR UiSLGDV PDV QmR PXLWR SUHFLVDV(VVD LPSUHFLVmR GLJDPRV QXP HVTXLOR p yWLPD Mi TXH R OHYD D HUUDU GR ODGR GHVHJXUDQoDDIDVWDQGRVH DRV VDOWRV DR SULPHLUR VLQDO GH TXDOTXHU FRLVD TXH SRVVDDQXQFLDU R DSDUHFLPHQWR GH XP LQLPLJR RX VDOWDQGR VREUH TXDOTXHU VLQDO GH DOJXPDFRLVD FRPHVWtYHO 0DV QD YLGD HPRFLRQDO KXPDQD SRGH WHU FRQVHTrQ FLDV GHVDVWURVDVSDUD QRVVDV UHODo}HV SRLV VLJQLILFD IDODQGR GH PRGR ILJXUDGR TXH SRGHPRV VDOWDU HPFLPD RX IXJLU GD FRLVD RX SHVVRD HUUDGD 3HQVHQU SRU H[HPSOR QD JDUoRQHWH TXHGHUUXERX XPD EDQGHMD FRP VHLV MDQWDUHV TXDQGR YLX GH UHODQFH XPD PXOKHU GH FDEHORVUXLYRV RQGXODGRV H[DWDPHQWH LJXDLV DRV GDTXHOD SRU TXHP VHX PDULGR D GHL[DUD
  31. 31. (VVHV UXGLPHQWDUHV HUURV HPRFLRQDLV EDVHLDPVH QR VHQWLPHQWR DQWHULRU D SHQVDPHQWR/HRX[ FKDPD LVVR GH HPRomR SUHFRJQLWLYD XPD UHDomR EDVHDGD HP IUDJPHQWRVQHXUDLV GH LQIRUPDomR VHQVRULDO TXH QmR IRUDP FRPSOHWDPHQWH FODVVLILFDGRV H LQWHJUDGRVQXP REMHWR UHFRQKHFtYHO e XPD IRUPD PXLWR JURVVHLUD GH LQIRUPDomR VHQVRULDO PHLRVHPHOKDQWH HP WHUPRV QHXUDLV D XP SURJUDPD WLSR 4XDO p D 0~VLFD RQGH HP YH] GHMXOJDPHQWRV LQVWDQWkQHRV IHLWRV FRP EDVH QXPDV SRXFDV QRWDV WRGD XPD SHUFHSomR pFDSWDGD FRP EDVH QDV SULPHLUD SDUWHV LQGHILQLGDV 6H D DPtJGDOD FDSWD R VXUJLPHQWR GHXP SDGUmR VHQVRULDO LPSRUWDQWH VDOWD ORJR SDUD XPD FRQFOXVmR GLVSDUDQGR VXDV UHDo}HVDQWHV GH KDYHU FRQILUPDomR WRWDO GD SURYD RX DEVROXWDPHQWH FRQILUPDomR QHQKXPD
  32. 32. 1mR DGPLUD TXH WHQKDPRV WmR SRXFD LQWXLomR GDV WUHYDV GH QRVVDV HPRo}HV PDLVH[SORVLYDV VREUHWXGR HQTXDQWR HODV DLQGD QRV PDQWrP HVFUDYRV $ DPtJGDOD UHDJH QXPGHOtULR GH UDLYD RX PHGR DQWHV GH R FyUWH[ VDEHU R TXH HVWi DFRQWHFHQGR SRUTXH HVVDHPRomR EUXWD p GLVSDUDGD LQGHSHQGHQWHPHQWH GR SHQVDPHQWR H R DQWHFHGH2 $0,1,675$25 $6 (02d®(6$ ILOKD GH VHLV DQRV GH XPD DPLJD -HVVLFD SDVVDYD D SULPHLUD QRLWH IRUD HP FDVD GHXPD FROHJD H QmR HUD FODUR TXHP HVWDYD PDLV QHUYRVD FRP LVVR D PmH RX D ILOKD(PERUD D PmH WHQWDVVH GLVIDUoDU SDUD -HVVLFD D LQWHQVD DQVLHGDGH TXH VHQWLD VXDWHQVmR DWLQJLX R PDLV DOWR OLPLWH SRU YROWD GD PHLDQRLWH TXDQGR H SUHSDUDYD VHSUHSDUDYD SDUD GHLWDUVH H RXYLX R WHOHIRQH WRFDU /DUJDQGR D HVFRYD GH GHQWHV FRUUHX DWHV FRUUHX D DWHQGHU R FRUDomR GLVSDUDGR LPDJHQV GH -HVVLFD HP WHUUtYHO DIOLomRFRUUHQGROKH SHOD PHQWH$JDUURX R IRQH H H[SORGLX -HVVLFD( RXYLX XPD YR] GH PXOKHU GL]HU $K DFKR TXH GLVTXHL R Q~PHUR HUUDGRRP LVVR D PmH UHFXSHURX D VHUHQLGDGH H QXP WRP HGXFDGR FRPHGLGR SHUJXQWRX 4XH Q~PHUR YRFr GLVFRX(QTXDQWR D DPtJGDOD WUDEDOKD SUHSDUDQGR XPD UHDomR DQVLRVD H LPSXOVLYD RXWUD SDUWHGR FpUHEUR HPRFLRQDO SRVVLELOLWD XPD UHVSRVWD PDLV DGHTXDGD FRUUHWLYD $ FKDYH GRDPRUWHFHGRU FHUHEUDO GDV RQGDV UHSHQWLQDV GD DPtJGDOD SDUHFH ORFDOL]DUVH QD RXWUDSRQWD GH XP FLUFXLWR SULQFLSDO GR QHRFyUWH[ QRV ORERV SUpIURQWDLV ORJR DWUiV GD WHVWD 2FyUWH[ SUpIURQWDO SDUHFH DJLU TXDQGR DOJXpP HVWi DVVXVWDGR RX ]DQJDGR PDV VXIRFD RXFRQWUROD R VHQWLPHQWR SDUD WUDWDU FRP PDLV HILFiFLD GD VLWXDomR LPHGLDWD RX TXDQGR XPDUHDYDOLDomR H[LJH XPD UHVSRVWD FRPSOHWDPHQWH GLIHUHQWH FRPR QR FDVR GD PmHSUHRFXSDGD DR WHOHIRQH(VVD UHJLmR QHRFRUWLFDO GR FpUHEUR WUD] XPD UHVSRVWD PDLV DQDOtWLFD RX DGHTXDGD DRVQRVVRV LPSXOVRV HPRFLRQDLV PRGXODQGR D DPtJGDOD H RXWUDV iUHDV OtPELFDV(P JHUDO DV iUHDV SUpIURQWDLV JRYHUQDP QRVVDV UHDo}HV HPRFLRQDLV GHVGH R LQtFLR $PDLRU SURMHomR GH LQIRUPDomR VHQVRULDO GR WiODPR OHPEUHP QmR YDL SDUD D DPtJGDODPDV SDUD R QHRFyUWH[ H VHXV PXLWRV FHQWURV TXH D DEVRUYHP H GmR VHQWLGR DR TXH VHHVWi SHUFHEHQGR HVVD LQIRUPDomR H QRVVD UHVSRVWD D HOD VmR FRRUGHQDGDV SHORV ORERVSUpIURQWDLV R ORFDO GH SODQHMDU H RUJDQL]DU Do}HV SDUD XP REMHWLYR LQFOXLQGR RVHPRFLRQDLV 1R QHRFyUWH[ XPD VpULH HP FDVFDWD GH FLUFXLWRV UHJLVWUD H DQDOLVD HVVDLQIRUPDomR FRPSUHHQGHD H SRU PHLR GRV ORERV 3UpIURQWDLV RUJDQL]D XPD UHDomR 6HQR SURFHVVR VH H[LJH XPD UHVSRVWD HPRFLRQDO RV ORERV SUpIURQWDLV D GLWDP WUDEDOKDQGRHP FRPXP FRP D DPtJGDOD H RXWURV FLUFXLWRV QR FpUHEUR HPRFLRQDO(VVD SURJUHVVmR TXH SHUPLWH GLVFHUQLPHQWR QD UHVSRVWD HPRFLRQDO p R HVTXHPDSDGUmR FRP D VLJQLILFDWLYD H[FHomR GDV HPHUJrQFLDV HPRFLRQDLV4XDQGR XPD HPRomR GLVSDUD HP SRXFRV PRPHQWRV RV ORERV SUpIURQWDLV HIHWXDP RHTXLYDOHQWH D XP FiOFXOR GD SURSRUomR GH ULVFRYDQWDJHP GDV PLUtDGHV GH UHDo}HVSRVVtYHLV H DSRVWDP TXH XPD GHODV p PHOKRU 1RV DQLPDLV TXDQGR DWDFDU TXDQGR IXJLU( TXDQWR D QyV KXPDQRV TXDQGR DWDFDU TXDQGR IXJLUH WDPEpP TXDQGR DSD]LJXDUSHUVXDGLU DWUDLU VLPSDWLD IHFKDUVH HP FRSDV SURYRFDU FXOSD ODPHQWDUVH DVVXPLU XPDIDFKDGD GH EUDYDWD PRVWUDU GHVSUH]R H DVVLP SRU GLDQWH FRUUHQGR WRGR R UHSHUWyULR GHDUGLV HPRFLRQDLV
  33. 33. $ UHVSRVWD QHRFRUWLFDO p PDLV OHQWD HP WHPSR FHUHEUDO TXH R PHFDQLVPR GH VHTHVWURSRUTXH HQYROYH PDLV FLUFXLWRV 7DPEpP p PDLV FULWHULRVD H SRQGHUDGD SRLV PDLVSHQVDPHQWR DQWHFHGH R VHQWLPHQWR 4XDQGR UHJLVWUDPRV XPD SHUGD H ILFDPRV WULVWHV RXQRV DOHJUDPRV FRP XPD YLWyULD RX UHIOHWLUQRV VREUH DOJXPD FRLVD TXH DOJXpP GLVVH RXIH] H GHSRLV ILFDPRV PDJRDGRV RX ]DQJDGRV p R QHRFyUWH[ DJLQGRRPR DFRQWHFH FRP D DPtJGDOD VHP R IXQFLRQDPHQWR GRV ORERV SUpIURQWDLV JUDQGHSDUWH GD YLGD HPRFLRQDO GHVDSDUHFHULD VHP D FRPSUHHQVmR GH TXH DOJXPD FRLVD PHUHFHXPD UHVSRVWD HPRFLRQDO QmR YHP QHQKXPD 1HXURORJLVWDV VXVSHLWDYDP GHVVH SDSHO GRVORERV SUpIURQWDLV QDV HPRo}HV GHVGH R DGYHQWR QD GpFDGD GH GDTXHOH WUDWDPHQWRFLU~UJLFR XP WDQWR GHVHVSHUDGR H WULVWHPHQWH HQJDQRVR SDUD D GRHQoD PHQWDO DORERWRPLD SUpIURQWDO TXH PXLWDV YH]HV PDOIHLWD
  34. 34. UHPRYLD SDUWH GRV ORERV SUpIURQWDLV RXVHFFLRQDYD GH RXWUR PRGR DV OLJDo}HV HQWUH R FyUWH[ SUpIURQWDO H R FpUHEUR LQIHULRU 1RVGLDV DQWHULRUHV D TXDOTXHU PHGLFDomR HILFD] SDUD D GRHQoD PHQWDO D ORERWRPLD IRLVDXGDGD FRPR D UHVSRVWD SDUD D SHUWXUEDomR HPRFLRQDO JUDYH HUD Vy FRUWDU DV OLJDo}HVHQWUH RV ORERV SUpIURQWDLV H R UHVWR GR FpUHEUR TXH VH DOLYLDYD D DIOLomR GR SDFLHQWH,QIHOL]PHQWH R SUHoR HUD TXH D YLGD HPRFLRQDO GD PDLRULD GRV SDFLHQWHV SDUHFLD LUHPERUD WDPEpP HVWUXtUDVH R FLUFXLWRFKDYH6XS}HVH TXH RV VHTHVWURV HPRFLRQDLV HQYROYHP GXDV GLQkPLFDV R GLVSDUR GDDPtJGDOD H D QmR DWLYDomR GRV SURFHVVRV QHRFRUWLFDLV TXH HP JHUDO PDQWrP R HTXLOtEULRGD UHVSRVWD HPRFLRQDO RX XP UHFUXWDPHQWR GDV ]RQDV QHRFRUWLFDLV SDUD D XUJrQFLDHPRFLRQDO 1HVVHV PRPHQWRV D PHQWH UDFLRQDO p LQXQGDGD SHOD HPRFLRQDO 8PD GDVPDQHLUDV GH R QHRFyUWH[ DJLU FRPR HILFLHQWH DGPLQLVWUDGRU GD HPRomR DYDOLDQGR DVUHDo}HV DQWHV GH DJLU p DPRUWHFHU RV VLQDLV SDUD D DWLYDomR HQYLDGRV SHOD DPtJGDOD HRXWURV FHQWURV OtPELFRV DVVLP FRPR XP SDL TXH LPSHGH XP ILOKR LPSXOVLYR GH SHJDUXPD FRLVD H R PDQGD HP YH] GLVVR SHGLU GLUHLWR RX HVSHUDU
  35. 35. R TXH TXHU$ FKDYH GH GHVOLJDU IXQGDPHQWDO GD HPRomR DIOLWLYD SDUHFH VHU R ORER SUpIURQWDOHVTXHUGR 1HXURSVLFyORJRV TXH HVWXGDP KXPRUHV GH SDFLHQWHV FRP GDQRV HP SDUWHVGRV ORERV IURQWDLV GHWHUPLQDUDP TXH XPD GDV WDUHIDV GR ORER SUpIURQWDO HVTXHUGR p DJLUFRPR XP WHUPRVWDWR QHUYRVR UHJXODQGR HPRo}HV GHVDJUDGiYHLV 2V ORERV SUpIURQWDLVGLUHLWRV VmR XP ORFDO GH VHQWLPHQWRV QHJDWLYRV FRPR PHGR H DJUHVVmR HQTXDQWR RVHVTXHUGRV UHIUHLDP HVVDV HPRo}HV EUXWDV SURYDYHOPHQWH LQLELQGR R ORER GLUHLWR 1XPJUXSR GH SDFLHQWHV TXH VRIUHUDP GHUUDPH SRU H[HPSOR DTXHOHV FXMDV OHV}HV KDYLDPVLGR QR FyUWH[ SUpIURQWDO HVTXHUGR WLQKDP WHQGrQFLD D SUHRFXSDo}HV H PHGRVFDWDVWUyILFRV RV FRP OHV}HV QR GLUHLWR HUDP H[DJHUDGDPHQWH DQLPDGRV GXUDQWH RV H[DPHV QHXUROyJLFRV ID]LDP SLDGDV FRP WXGR H PRVWUDYDPVH WmRGHVFRQWUDtGRV TXH YLVLYHOPHQWH QHP VH SUHRFXSDYDP FRP FRPR VH KDYLDP VDtGR (GHSRLV KRXYH R FDVR GR PDULGR IHOL] XP KRPHP FXMR ORER SUpIURQWDO GLUHLWR IRUDSDUFLDOPHQWH UHPRYLGR QXPD FLUXUJLD SDUD FRUUHomR GH XPD PDOIRUPDomRGR FpUHEUR $ PXOKHU FRQWRX DRV PpGLFRV TXH GHSRLV GD RSHUDomR R PDULGR VRIUHUD XPDPXGDQoD UDGLFDO GH SHUVRQDOLGDGH SDVVDQGR D LUULWDUVH FRP PHQRV IDFLOLGDGH H HVWDYDIHOL] HP GL]HU WRUQDQGRVH PDLV FDULQKRVR2 ORER SUpIURQWDO HVTXHUGR HP VXPD SDUHFH ID]HU SDUWH GH XP FLUFXLWR QHXUDO TXH SRGHGHVOLJDU RX SHOR PHQRV DPRUWHFHU TXDVH WRGRV RV LPSXOVRV QHJDWLYRV PDLV IRUWHV GDHPRomR 6H D DPtJGDOD PXLWDV YH]HV DJH FRPR XP GLVSDUDGRU GH HPHUJrQFLD R ORERSUpIURQWDO HVTXHUGR SDUHFH ID]HU SDUWH GD FKDYH GH GHVOLJDU´D HPRomR SHUWXUEDGRUD D DPtJGDOD SURS}H R ORER SUpIURQWDO GLVS}H (VVDV OLJDo}HV SUpIURQWDOOtPELFDV VmR FUXFLDLV QD YLGD PHQWDO PXLWR DOpP GR VLPSOHV UHILQDPHQWR GD
  36. 36. HPRomR VmR HVVHQFLDLV SDUD ID]HUQRV QDYHJDU HP PHLR jV GHFLV}HV TXH PDLV FRQWDPQD YLGD+$5021,=$12 (02d­2 ( 3(16$0(172$V OLJDo}HV HQWUH D DPtJGDOD H HVWUXWXUDV OtPELFDV UHODFLRQDGDV
  37. 37. H R QHRFyUWH[ VmR RFHQWUR GDV EDWDOKDV RX WUDWDGRV GH FRRSHUDomR HQWUH D FDEHoD H R FRUDomR RSHQVDPHQWR H R VHQWLPHQWR (VVHV FLUFXLWRV H[SOLFDP SRU TXH D HPRomR p WmR FUXFLDOSDUD R SHQVDPHQWR HIHWLYR WDQWR QR WRPDU GHFLV}HV VHQVDWDV TXDQWR VLPSOHVPHQWHSHUPLWLQGR SHQVDU FRP FODUH]D9HMDP R SRGHU GDV HPRo}HV GH SHUWXUEDU R SUySULR SHQVDPHQWR 2V QHXURFLHQWLVWDVXVDP R WHUPR PHPyULD IXQFLRQDO SDUD D FDSDFLGDGH GH DWHQomR TXH JXDUGD QD PHQWHRV IDWRV HVVHQFLDLV SDUD FRQFOXLU XPD GHWHUPLQDGD WDUHID RX SUREOHPD VHMDP RVDVSHFWRV LGHDLV TXH EXVFDPRV QXPD FDVD TXDQGR H[DPLQDPRV YiULRV SURVSHFWRV VHMDPRV HOHPHQWRV GH XP SUREOHPD GH UDFLRFtQLR QXP WHVWH 2 FyUWH[ SUpIURQWDO p D UHJLmR GRFpUHEUR UHVSRQViYHO SHOD PHPyULD IXQFLRQDO 0DV RV FLUFXLWRV TXH YmR GR FpUHEUR OtPELFRDRV ORERV SUpIURQWDLV VLJQLILFDP TXH RV VLQDLV GH IRUWH HPRomR DQVLHGDGH LUD H DILQVSRGHP FULDU HVWiWLFD QHXUDO VDERWDQGR D FDSDFLGDGH GR ORER SUpIURQWDO GH PDQWHU DPHPyULD IXQFLRQDO e SRU LVVR TXH TXDQGR HVWDPRV HPRFLRQDOPHQWH 3HUWXUEDGRVGL]HPRV 6LPSOHVPHQWH QmR FRQVLJR SHQVDU GLUHLWR H SRUTXH D FRQWtQXD SHUWXUEDomRHPRFLRQDO FULD GHILFLrQFLDV QDV DSWLG}HV LQWHOHFWXDLV GD FULDQoD PXWLODQGR D FDSDFLGDGHGH DSUHQGHU(VVDV GHILFLrQFLDV TXDQGR PDLV VXWLV QHP VHPSUH DSDUHFHP HP WHVWHV GH 4, HPERUDVH UHYHOHP HP DYDOLDo}HV QHXURSVLFROyJLFDV PDLV GLULJLGDV EHP FRPR QD FRQWtQXDDJLWDomR H LPSXOVLYLGDGH GD FULDQoD 1XP HVWXGR SRU H[HPSOR GHVFREULXVH FRP HVVHVWHVWHV TXH PHQLQRV GH HVFROD SULPiULD FRP FRQWDJHQV GH 4, DFLPD GD PpGLD PDV GHIUDFR UHQGLPHQWR HVFRODU WLQKDP XPD GHILFLrQFLD QR IXQFLRQDPHQWR GR FyUWH[ IURQWDO7DPEpP HUDP LPSXOVLYRV H DQVLRVRV PXLWDV YH]HV SHUWXUEDGRUHV H GDGRV D PHWHUVH HPDSXURV VXJHULQGR XP IDOKR FRQWUROH SUpIURQWDO VREUH RV LPSXOVRV OtPELFRV $SHVDU GHVHX SRWHQFLDO LQWHOHFFWXDO VmR HVVDV FULDQoDV TXH FRUUHP PDLRUHV ULVFRV GH SUREOHPDVFRPR IUDFDVVR DFDGrPLFR DOFRROLVPR H FULPLQDOLGDGH QmR SRU GHILFLrQFLD LQWHOHFWXDO PDVSRUTXH R FRQWUROH TXH WrP VREUH VXD YLGD HPRFLRQDO p LQVXILFLHQWH 2 FpUHEUR HPRFLRQDOEDVWDQWH GLVWLQWR GDV UHJL}HV FRUWLFDLV UHYHODGDV SHORV WHVWHV GH 4, FRQWUROD LJXDOPHQWHLUD H SLHGDGH (VVHV FLUFXLWRV HPRFLRQDLV VmR HVFXOSLGRV SHOD H[SHULrQFLD GXUDQWH WRGD DLQIkQFLD H GHL[DPRV HVVD H[SHULrQFLDV DEVROXWDPHQWH DR DFDVR SDUD QRVVR ULVFR3HQVHP WDPEpP QR SDSHO GDV HPRo}HV PHVPR QD PDLV UDFLRQDO WRPDGD GH GHFLVmR1XP WUDEDOKR FRP LPSOLFDo}HV GH ORQJR DOFDQFH SDUD D FRPSUHHQVmR GD YLGD PHQWDO RU $QWRQLR DPDVLR QHXURORJLVWD GD )DFXOGDGH GH 0HGLFLQD GD 8QLYHUVLGDGH GH ,RZDIH] PHWLFXORVRV HVWXGRV VREUH R TXH H[DWDPHQWH HVWi FRPSURPHWLGR QRV SDFLHQWHV FRPGDQRV QR FLUFXLWR SUpIURQWDODPtJGDOD SURFHVVR GHFLVyULR GHOHV p PXLWtVVLPR IDOKR HQR HQWDQWR QmR UHYHODP DEVROXWDPHQWH QHQKXPD GHWHULRUDomR QR 4O RX HP TXDOTXHUFDSDFLGDGH FRJQLWLYD $SHVDU GD LQWHOLJrQFLD LQWDWD ID]HP HVFROKDV GHVDVWUYVDV QRVQHJyFLRV H QDV YLGDV SHVVRDLV H SRGHP PHVPR HQWUDU HP LQWHUPLQiYHO REVHVVmR VREUHXPD GHFLVmR WmR VLPSOHV FRPR TXDQGR PDUFDU XP HQFRQWUR2 U DPDVLR GL] TXH DV GHFLV}HV VmR WmR PDOIHLWDV SRUTXH HOHV SHUGHUDP DFHVVR D VHXDSUHQGL]DGR HPRFLRQDO RPR SRQWR GH HQFRQWUR HQWUH SHQVDPHQWR H HPRomR R FLUFXLWRSUpIURQWDODPtJGDOD p XPD HQWUDGD FUXFLDO SDUD R UHSRVLWyULR ULR GH SUHIHUrQFLDV HDYHUV}HV TXH DGTXLULPRV DR ORQJR GH XPD H[LVWrQFLD HVOLJDGR JDGR GD PHPyULDHPRFLRQDO QD DPtJGDOD TXDOTXHU FRLVD TXH R QHRFyUWH[ PHGLWH QmR PDLV GLVSDUD DV
  38. 38. UHDo}HV HPRFLRQDLV D HOD DVVRFLDGDV QR SDVVDGR WXGR DVVXPH XPD QHXWUDOLGDGHFLQ]HQWD 8P HVWtPXOR VHMD XP ELFKLQKR GH HVWLPDomR SUHIHULGR RX XP FRQKHFLGRGHWHVWDGR QmR GHVSHUWD PDLV DWUDomR QHP DYHUVmRHVVHV SDFLHQWHV HVTXHFHUDP WRGDV HVVDV OLo}HV HPRFLRQDLV SRUTXH QmR WrP PDLVDFHVVR DR OXJDU RQGH HODV HVWmR DUPD]HQDGDV QD DPtJGDOD,QGLFDo}HV FRPR HVVD OHYDP R U DPDVLR j SRVLomR DQWLLQWXLWLYD GH TXH RV VHQWLPHQWRVVmR WLSLFDPHQWH LQGLVSHQViYHLV QDV GHFLV}HV UDFLRQDLV S}HPQRV QD GLUHomR FHUWD RQGHD OyJLFD IULD SRGH HQWmR VHU GH PHOKRU XVR (QTXDQWR R PXQGR PXLWDV YH]HV QRV S}HGLDQWH GH XPD JDPD GLItFLO GH RSo}HV RPR LQYHVWLU D SRXSDQoD GD DSRVHQWDGRULD RPTXHP VH FDVDU
  39. 39. R DSUHQGL]DGR HPRFLRQDO TXH D YLGD QRV GHX FRPR D OHPEUDQoD GH XPGHVDVWURVR LQYHVWLPHQWR RX XPD VHSDUDomR GRORURVD
  40. 40. QRV HQYLD VLQDLV TXH IDFLOLWDP DGHFLVmR HOLPLQDQGR DOJXPDV RSo}HV H GHVWDFDQGR RXWUDV QR LQtFLR $VVLP GL] R UDPDVLR R FpUHEUR HPRFLRQDO HVWi WmR HQYROYLGR QR UDFLRFtQLR TXDQWR R FpUHEURSHQVDQWH$V HPRo}HV SRUWDQWR FRQWDP SDUD D UDFLRQDOLGDGH 1D GDQoD GH VHQWLPHQWR HSHQVDPHQWR D IDFXOGDGH HPRFLRQDO JXLD QRVVDV GHFLV}HV D FDGD PRPHQWR WUDEDOKDQGRGH PmRV GDGDV FRP D PHQWH UDFLRQDO H FDSDFLWDQGR RX LQFDSDFLWDQGR R SUySULRSHQVDPHQWR R PHVPR PRGR R FpUHEUR SHQVDQWH GHVHPSHQKD XPD IXQomR H[HFXWLYDHP QRVVDV HPRo}HV D QmR VHU QDTXHOHV PRPHQWRV HP TXH DV HPRo}HV HVFDSDP DRFRQWUROH H R FpUHEUR HPRFLRQDO FRUUH VROWR1XP FHUWR VHQWLGR WHPRV GRLV FpUHEURV GXDV PHQWHV H GRLV WLSRV GLIHUHQWHV GHLQWHOLJrQFLD UDFLRQDO H HPRFLRQDO 1RVVR GHVHPSHQKR QD YLGD p GHWHUPLQDGR SHODV GXDVQmR p DSHQDV R 4O PDV D LQWHOLJrQFLD HPRFLRQDO TXH FRQWD 1D YHUGDGH R LQWHOHFWR QmRSRGH GDU R PHOKRU GH VL VHP D LQWHOLJrQFLD HPRFLRQDO(P JHUDO D FRPSOHPHQWDULGDGH GH VLVWHPD OtPELFR H QHRFyUWH[ DPtJGDOD H ORERV SUpIURQWDLV VLJQLILFD TXH FDGD XP p XP SDUFHLUR LQWHJUDO QD YLGD PHQWDO4XDQGR HVVHV SDUFHLURV LQWHUDJHP EHP D LQWHOLJrQFLD HPRFLRQDO DXPHQWD H WDPEpP DFDSDFLGDGH LQWHOHFWXDO,VVR VXEYHUWH D YHOKD FRPSUHHQVmR GD WHQVmR HQWUH UD]mR H VHQWLPHQWR QmR p TXHTXHLUDPRV HOLPLQDU D HPRomR H S{U D UD]mR HP VHX OXJDU FRPR TXHULD (UDVPR PDV DRFRQWUiULR HQFRQWUDU R HTXLOtEULR LQWHOLJHQWH GDV GXDV 2 YHOKR SDUDGLJPD GHIHQGLD XP LGHDOGH UD]mR OLYUH GR SHVR GD HPRomR 2 QRYR QRV H[RUWD D KDUPRQL]DU FDEHoD H FRUDomR)D]HU LVVR EHP HP QRVVDV YLGDV LPSOLFD TXH SUHFLVDPRV SULPHLUR HQWHQGHU FRP PDLVH[DWLGmR R TXH VLJQLILFD XVDU LQWHOLJHQWHPHQWH D HPRomR3$57( 2,6 $ 1$785(=$ $ ,17(/,*Ç1,$ (02,21$/48$12 6(5 (63(572 e 6(5 %8552([DWDPHQWH SRU TXH DYLG 3RORJUXWR XP SURIHVVRU GH ItVLFD QR JLQiVLR IRL IHULGR GR FRPXPD IDFD GH FR]LQKD SRU XP GH VHXV PHOKRUHV DOXQRV DLQGD p GLVFXWtYHO0DV RV IDWRV DPSODPHQWH QRWLFLDGRV VmR RV VHJXLQWHV-DVRQ + XP VHJXQGDQLVWD TXH Vy WLUDYD $ QXP JLQiVLR GH RUDO 6SULQJV )OyULGD HVWDYDREFHFDGR FRP D LGpLD GH HQWUDU QD IDFXOGDGH GH PHGLFLQD 1mR QXPD IDFXOGDGH GHPHGLFLQD TXDOTXHU VRQKDYD FRP +DUYDUG 0DV 3RORJUXWR VHX SURIHVVRU GH ItVLFD GHXOKHXPD QRWD QXPD SURYD $FKDQGR TXH D QRWD XP % VLPSOHV SXQKD HP ULVFR R VHXVRQKR -DVRQ OHYRX XPD IDFD GH DoRXJXHLUR SDUD D HVFROD H QXPD GLVFXVVmR FRP
  41. 41. 3RORJUXWR QR ODERUDWyULR GH ItVLFD HVIDTXHRXR QD FODYtFXOD DQWHV GH VHU GRPLQDGR QXPDOXWD8P MXL] GHGDURX -DVRQ LQRFHQWH WHPSRUDULDPHQWH LQVDQR GXUDQWH R LQFLGHQWH XPFRQVHOKR GH TXDWUR SVLFyORJRV H SVLTXLDWUDV MXURX TXH HOH HVWDYD SVLFyWLFR GXUDQWH DEULJD -DVRQ DOHJRX TXH SHQVDUD HP VXLFtGLR SRU FDXVD GD QRWD QD SURYD H SURFXUDUD3RORJUXWR SDUD ,KH GL]HU TXH LD VH PDWDU SRU FDXVD GD QRWD UXLP 3RORJUXWR FRQWRX XPDKLVWyULD GLIHUHQWH$FKR TXH HOH WHQWRX PH PDWDU PHVPR FRP D IDFD SRLV HVWDYD IXULRVR FRP D QRWD UXLP$SyV WUDQVIHULUVH SDUD XPD HVFROD SDUWLFXODU -DVRQ IRUPRXVH GRLV DQRV GHSRLV QXP GRVSULPHLURV OXJDUHV GD WXUPD 8PD DSURYDomR SHUIHLWD QRV FXUVRV UHJXODUHV ,KH WHULD GDGRXP $ FRP PpGLD PDV HOH IL]HUD PXLWRV FXUVRV DYDQoDGRV SDUD HOHYDU VXD PpGLD D PXLWR DFLPD GR $ (PERUD -DVRQ VH KRXYHVVH IRUPDGR FRP R PDLV DOWR ORXYRU VHXDQWLJR SURIHVVRU GH ItVLFD DYLG 3RORJUXWR TXHL[DYDVH GH TXH HOH MDPDLV ,KH SHGLUDGHVFXOSDV QHP DVVXPLUD UHVSRQVDELOLGDGH SHOR DWDTXH$ TXHVWmR p FRPR DOJXpP FRP XPD LQWHOLJrQFLD WmR yEYLD ID] XPD FRLVD WmR LUUDHLRQDOWmR EXUUD PHVPR 5HVSRVWD D LQWHOLJrQFLD DFDGrPLFD SRXFR WHP D YHU FRP D YLGDHPRFLRQDO 2V PDLV EULOKDQWHV HQWUH QyV SRGHP DIXQGDU QRV UHFLIHV GH SDL[}HVGHVHQIUHDGDV H LPSXOVRV GHVJRYHUQDGRV SHVVRDV FRP DOWRV QtYHLV GH 4O VmR jV YH]HVSLORWRV LQFRPSHWHQWHV GH VXDV YLGDV SDUWLFXODUHV8P GRV VHJUHGRV GH 3ROLFKLQHOR GD SVLFRORJLD p D UHODWLYD LQFDSDFLGDGH GDV QRWDVPHGLo}HV GH 4O RX FRQWDJHQV GR 6$7 DSHVDU GH VXD PtVWLFD SRSXODU SUHGL]HUHP FRPFHUWH]D TXHP VHUi EHPVXFHGLGR QD YLGD ODUR Ki XPD UHODomR HQWUH R 4O H DVFLUFXQVWkQFLDV GH YLGD SDUD JUDQGHV JUXSRV FRPR XP WRGR PXLWDV SHVVRDV FRP tQGLFHVGH 4O PXLWR EDL[RV DFDEDP HP HPSUHJRV VHUYLV H DV GH DOWRV tQGLFHV WHQGHP D VH WRUQDUEHP SDJDV PDV GH QHQKXP PRGR VHPSUH+i LQ~PHUDV H[FHo}HV j UHJUD GH TXH R 4O SUHYr R VXFHVVR WDQWDV RX PDLV
  42. 42. H[FHo}HV TXDQWR RV FDVRV TXH VH HQFDL[DP QD UHJUD 1D PHOKRU GDV KLSyWHVHV R 4,FRQWULEXL FRP FHUFD GH SRU FHQWR SDUD RV IDWRUHV TXH GHWHUPLQDP R VXFHVVR QD YLGD RTXH GHL[D SRU FHQWR D RXWUDV IRUoDV RPR GL] XP REVHUYGRU $ YDVWD PDLRU SDUWH GDSRVLomR ILQDO GH DOJXpP QD VRFLHGDGH p GHWHUPLQDGD SRU IDWRUHV QmR UHODFLRQDGRV FRP R4O H TXH YDULDP GH FODVVH VRFLDO D VRUWH0HVPR 5LFKDUG +HUUQVWHLQ H KDUOHV 0XUUD FXMR OLYUR 7EH %HOO XUYH $ XUYD GR 6LQR@DWULEXL LUQSRUWkQFLD EiVLFD DR 4O UHFRQKHFHP LVVR FRPR REVHUYDP7DOYH] XP FDORXUR FRP XPD FRQWDJHP 6$7 WRWDO GH SRQWRV HP PDWHPiWLFD IL]HVVHPHOKRU QmR SHQVDQGR HP VHU PDWHPiWLFR PDV VH HP YH] GLVVR TXHU WHU VHX SU}SULRQHJyFLR WRUQDUVH VHQDGRU GRV (VWDGRV 8QLGRV RX JDQKDU XP PLOKmR GH GyOUHV QmR SRGHDEDQGRQDU HVVHV VRQKRV $ OLJDomR HQWUH HVVDV FRQWDJHQV GH SRQWRV H DTXHODVUHDOL]Do}HV p UHGX]LGD SHOD WRWDOLGDGH GH RXWUDV FDUDFWHUtVWLFDV TXH HOH WUD] SDUD D YLGD0LQKD SUHRFXSDomR p FRP XP FRQMXQWR IXQGDPHQWDO GHVVDV RXWUDV FDUDFWHUtVWLFDV DLQWHOLJrQFLD HPRFLRQDO WDOHQWRV FRPR D FDSDFLGDGH GH PRWLYDUVH H SHUVLVWLU GLDQWH GHIUXVWUDo}HV FRQWURODU LPSXOVRV H DGLDU D VDWLVIDomR UHJX ODU SUySULR HVWDGR GH HVStULWR HLPSHGLU TXH D DIOLomR LQYDGD D FDSDFLGDGH GH SHQVDU FULDU HQSDWLD H HVSHUDU $R FRQWUiULRGR 4O FRP VHXV TXDVH FHP DQRV GH KLVWyULD KLVWyULD GH SHVTXLVD FRP PLOKDUHV GHSHVVRDV D LQWHOLJrQFLD HPRFLRQDO p XP FRQFHLWR FHLWR QRYR 1LQJXpP SRGH DLQGD GL]HUH[DWDPHQWH DWp RQGH UHVSRQGH SHOD YDULDomR GH SHVVRD SDUD SHVVRD QR FXUVR GD YLGD0DV RV GDGRV TXH H[LVWHP VXJHUHP TXH HOD SRGH VHU WmR SRGHURVD H jV YH]HV PDLVTXDQWR R 4O ( HPERUD KDMD TXHP DUJXPHQWH TXH QmR VH SRGH PXGDU PXLWR R 4O FRP D
  43. 43. H[SHULrQFLD RX HGXFDomR PRVWUDUHL QD 3DUWH LQFR TXH DV DSWLG}HV HPRFLRQDLV GHFLVLYDVQD YHUGDGH SRGHP VHU DSUHQGLGDV H PHOKRUDGDV QDV FULDQoDV H QRV GHUPRV DR WUDEDOKRGH HQVLQiODV,17(/,*Ç1,$ (02,21$/ ( (67,12/HPEURPH GR FDPDUDGD HP PLQKD WXUPD QD 8QLYHUVLGDGH GH $PKHUVW TXH DOFDQoDUDFLQFR SHUIHLWRV QR 6$7 H HP RXWURV WHVWHV TXH IL]HUD DQWHV GH HQWUDU$SHVDU GH VXDVIRUPLGiYHLV DSWLG}HV LQWHOHFWXDLV HOH SDVVDYD D PDLRU SDUWH GR WHPSR VHP ID]HU QDGDILFDQGR DFRUGDGR DWp WDUGH H IDOWDQGR jV DXODV SRU GRUPLU DWp PHLRGLD /HYRX TXDVH GH]DQRV SDUD REWHU DILQDO VHX GLSORPD2 4O SRXFR RIHUHFH SDUD H[SOLFDU RV GLIHUHQWHV GHVWLQRV GH SHVVRDV FRP PDLV RX PHQRVLJXDLV SURPHVVDV HVFRODULGDGH H RSRUWXQLGDGH 4XDQGR VH DFRPSDQKDUDP XQLYHUVLWiULRV GH +DUYDUG GDV FODVVHV GD GpFDGD GH pSRFD HP TXH PDLV SHVVRDVFRP PDLRU tQGLFH GH 4O HVWXGDYDP QDV IDFXOGDGHV GH HOLWH GR TXH DFRQWHFH KRMH DWp DPHLDLGDGH RV KRPHQV FRP DV PHOKRUHV QRWDV QDV SURYDV QmR VH PRVWUDUDPSDUWLFXODUPHQWH EHPVXFHGLGRV HP FRPSDUDomR FRP RV FROHJDV GH QRWDV PHQRUHV HPWHUPRV GH VDOiULR SURGXWLYLGDGH RX VWDWXV HP VHX FDPSR 1HP WLQKDP PDLRU VDWLVIDomRQD YLGD H WDPSRXFR HUDP PDLV IHOL]HV QDV DPL]DGHV IDPtOLD H UHODFLRQDPHQWRVDPRURVRV$FRPSDQKDPHQWR VHPHOKDQWH DWp D PHLDLGDGH IRL IHLWR FRP JDURWRV D PDLRULD ILOKRVGH LPLJUDQWHV GRLV WHUoRV YLQGRV GH IDPtOLDV TXH YLYLDP GD SUHYLGrQFLD VRFLDO FULDGRV HP6RPHUYLOOH 0DVVDFKXVHWWV QD pSRFD XP FRUWLoR SHVWLOHQWR D DOJXQV TXDUWHLU}HV GH+DUYDUG 8P WHUoR GHOHV WLQKD 4O DEDL[R GH 3RUpP PDLV XPD YH] R 4O SRXFD UHODomRWHYH FRP R JUDX GH VXFHVVR TXH FRQVHJXLUDP QR WUDEDOKR RX QR UHVWR GH VXDV YLGDV SRUH[HPSOR SRU FHQWR GRV KRPHQV FRP 4OV LQIHULRUHV D ILFDUDP GHVHPSUHJDGRVGXUDQWH GH] RX PDLV DQRV PDV WDPEpP ILFDUDP SRU FHQWR GDTXHOHV FRP 4O DFLPD GH ODUR KDYLD XPD OLJDomR JHUDO FRPR VHPSUH Ki
  44. 44. HQWUH 4O H QtYHO VRFLRHFRQ{PLFRDRV TXDUHQWD H VHWH DQRV 0DV DSWLG}HV GH LQIkQFLD FRPR FDSDFLGDGH GH OLGDU FRPIUXVWUDo}HV FRQWURODU HPRo}HV H UHODFLRQDUVH FRP RXWUDV SHVVRDV FRQWDYDP PDLV9HMDP WDPEpP GDGRV GH XP HVWXGR HP DQGDPHQWR FRP RLWHQWD H XP RUDGRUHV GH WXUPDVGH HP HVFRODV GH VHJXQGR JUDX GH ,OLQRLV 7RGRV FODUR WLQKDP DV PDLV DOWDVPpGLDV GH QRWDV HP VHXV JLQiVLRV 0DV HPERUD FRQWLQXDVVHP D VH VDLU EHP QDIDFXOGDGH FRP H[FHOHQWHV QRWDV DR EHLUDUHP RV WULQWD DQRV KDYLDP DOFDQoDGR DSHQDVQtYHLV PHGLDQRV GH VXFHVVR H] DQRV DSyV D IRUPDWXUD GR JLQiVLR Vy XP HP TXDWUR VHDFKDYD HP QtYHO PDLV DOWR HQWUH RV MRYHQV GH LGDGH FRPSDUiYHO QD SURILVVmR TXH KDYLDPHVFROKLGR H PXLWRV WLQKDPVH GDGR EHP SLRU.DUHQ $UQROG SURIHVVRUD GH HGXFDomR QD 8QLYHUVLGDGH GH %RVWRQ XPD GDVSHVTXLVDGRUDV TXH DFRPSDQKDP RV RUDGRUHV H[SOLFD$FKR TXH GHVFREULPRV DV SHVVRDV FHUWLQKDV DV TXH VDEHP FRPR YHQFHU QR VLVWHPD0DV RV RUDGRUHV GH WXUPD FODUR WrP GH OXWDU WDQWR TXDQWR WRGRV QyV 6DEHU TXH XPDSHVVRD p XP RUDGRU GH WXUPD p VDEHU DSHQDV TXH HOD p PXLWtVVLPR ERD QR UHQGLPHQWRDYDOLDGR SRU QRWDV 1DGD QRV GL] GH FRPR HOD UHDJH jV YLFLVVLWXGHV GD YLGD( HVVH p R SUREOHPD D LQWHOLJrQFLD DFDGrPLFD QmR RIHUHFH SUDWLFDPHQWH QHQKXP SUHSDURSDUD R WRUYHOLQKR RX RSRUWXQLGDGH TXH WUD]HP DV YLFLVVLWXGHV GH YLGD $SHVDU GH XP DOWR4O QmR VHU QHQKXPD JDUDQWLD GH SURVSHULGDGH SUHVWtJLR RX IHOLFLGDGH QD YLGD QRVVDVHVFRODV H FXOWXUD FRQFHQWUDPVH QD FDSDFLGDGH DFDGrPLFD LJQRUDQGR D LQWHOLJrQFLDHPRFLRQDO XP FRQMXQWR GH WUDoRV DOJXQV FKDPDULDP GH FDUiWHU TXH WDPEpP WHP LPHQVD
  45. 45. LPSRUWkQFLD SDUD QRVVR GHVWLQR SHVVRDO $ YLGD HPRFLRQDO p XP FDPSR FRP R TXDO VHSRGH OLGDU FHUWDPHQWH FRPR PDWHPiWLFD RX OHLWXUD FRP PDLRU RX PHQRU WDOHQWR H H[LJHVHX FRQMXQWR H[FOXVLYR GH DSWLG}HV ( D PHGLGD GHVVDV QXPD SHVVRD p GHFLVLYD SDUD DFRPSUHHQVmR GR SRUTXr XPD SURVSHUD QD YLGD HQTXDQWR RXWUD GH LJXDO LQWHOHFWR HQWUDQXP EHFR VHP VDtGD D DSWLGmR HPRFLRQDO p XPD PHWDFDSDFLGDGH GHWHUPLQDQGR DWpRQGH SRGHPRV XVDU EHP TXDLVTXHU RXWUDV DSWLG}HV TXH WHQKDPRV LQFOXLQGR R LQWHOHFWREUXWRODUR Ki PXLWRV FDPLQKRV SDUD R VXFHVVR QD YLGD H PXLWRV FDPSRV HP TXH RXWUDVDSWLG}HV VmR UHFRPSHQVDGDV (P QRVVD VRFLHGDGH FDGD YH] PDLV EDVHDGD QRFRQKHFLPHQWR D DSWLGmR WpFQLFD p VHP G~YLGD XPD GHODV +i XPD SLDGD LQIDQWLO RPRVH FKDPD XP FKDWR GDTXL D TXLQ]H DQRV 5HVSRVWD KHIH 0DV PHVPR HQWUH RVFKDWRV D LQWHOLJrQFLD HPRFLRQDO RIHUHFH XPD YDQWDJHP H[WUD QR ORFDO GH WUDEDOKR FRPRYHUHPRV QD 3DUWH 7UrV 0XLWRV LQGtFLRV DWHVWDP TXH DV SHVVRDV HPRFLRQDOPHQWHFRPSHWHQWHV TXH FRQKHFHP H OLGDP EHP FRP RV SUySULRV VHQWLPHQWRV H OrHP HFRQVLGHUDP RV VHQWLPHQWRV GDV RXWUDV OHYDP YDQWDJHP HP TXDOTXHU FDPSR GD YLGD VHMDQDV UHODo}HV DPRURVDV H tQWLPDV VHMD DVVLPLODQGR DV UHJUDV WiFLWDV TXH JRYHPDP RVXFHVVR QD SROtWLFD RUJDQL]DFLRQDO$V SHVVRDV FRP SUiWLFD HPRFLRQDO EHP GHVHQYROYLGD WrP PDLV SUREDELOLGDGH GHVHQWLUHPVH VDWLVIHLWDV H VHUHP HILFLHQWHV HP VXDV YLGDV GRPLQDQGR RV KiELWRV PHQWDLVTXH IRPHQWDP VXD SURGXWLYLGDGH DV TXH QmR FRQVHJXHP H[HUFHU DOJXP FRQWUROH VREUH DYLGD HPRFLRQDO WUDYDP EDWDOKDV LQWHUQDV TXH VDERWDP VXD FDSDFLGDGH GH VH FRQFHQWUDUQR WUDEDOKR H SHQVDU FRP FODUH]D80 7,32 ,)(5(17( ( ,17(/,*Ç1,$3DUD R REVHUYDGRU FDVXDO -XG GH TXDWUR DQRV SDUHFHULD GHVORFDGD HQWUH RVFROHJXLQKDV PDLV JUHJiULRV 5HWUDLVH QD KRUD GDV EULQFDGHLUDV ILFDQGR PDLV j PDUJHPGRV MRJRV GR TXH PHUJXOKDQGR QR FHQWUR 0DV -XG p QD YHUGDGH XPD SHUVSLFD]REVHUYDGRUD GD SROtWLFD VRFLDO GH VXD WXPPD QR SUpSULPiULR WDOYH] D PDLV VRILVWLFDGDGRV PHQLQRV HP VHXV GLVFHUQLPHQWRV GRV YDLYpQV GRV VHQWLPHQWRV LQWHUQRV GRV RXWURV(VVD VRILVWLFDomR Vy VH WRUQD YLVtYHO TXDQGR VXD SURIHVVRUD UH~QH DV FULDQoDV GH TXDWURDQRV HP YROWD GH VL SDUD EULQFDU GR TXH FKDPDP GH -RJR GD 6DOD GH $XOD (VVDEULQFDGHLUD XPD UpSOLFD LQIDQWLO GD SUySULD VDOD GR SUpSULPiULR GH -XG FRODQGR ILJXUDVTXH WrP FRPR FDEHoDV SHTXHQDV IRWRV GRV DOXQRV H SURIHVVRUHV p XP WHVWH GHSHUFHSomR VRFLDO 4XDQGR D SURIHVVRUD GH -XG ,KH SHGH TXH SRQKD FDGD PHQLQD HPHQLQR QD SDUWH GD VDOD RQGH PDLV JRVWDP GH EULQFDU R FDQWLQKR GD DUWH R GH PRQWDUEORFRV H DVVLP SRU GLDQWH HOD R ID] FRP WRWDO SUHFLVmR ( TXDQGR ,KH SHGHP TXHSRQKD FDGD PHQLQD H PHQLQR FRP DV FULDQoDV FRP TXH PDLV JRVWDP GH EULQFDU HODPRVWUD TXH VDEH FRPELQDU RV PHOKRUHV DPLJRV GH WRGD D FODVVH$ SUHFLVmR GH -XG UHYHOD TXH HOD WHP XP SHUIHLWR PDSD VRFLDO GH VXD WXUPD XP QtYHO GHSHUFHSomR H[FHSFLRQDO SDUD XPD FULDQoD GH TXDWUR DQRV (VVDV VmR DSWLG}HV TXH QDYLGD SRVWHULRU SRGHP SHUPLWLU D -XG GHVDEURFKDU QXPD HVWUHOD HP TXDOTXHU GRV FDPSRVRQGH DV DSWLG}HV SHVVRDLV FRQWpP GHVGH YHQGDV H DGPLQLVWUDomR DWp GLSORPDFLD4XH R EULOKR VRFLDO GH -XG WHQKD VLGR LGHQWLILFDGR DLQGD WmR FHGR GHYHXVH DR IDWR GHHOD VHU DOXQD GD 3Up(VFROD (OLRW3HDUVRQ QR FDPSXV GD 8QLYHUVLGDGH 7XIWV RQGH R3URMHWR 6SHFWUXP XP FXUUtFXOR TXH LQWHQFLRQDOPHQWH FXOWLYD Yi ULRV WLSRV GH LQWHOLJrQFLDHUD HQWmR GHVHQYROYLGR 2 3URMHWR 6SHFWUXP UHFRQKH FH R UHSHUWyULR KXPDQR GH DSGG}HVYDL PXLWR DOpP GD HVWUHLWD IDL[D GH DSWLG}HV FRP SDODYUDV H Q~PHURV HP TXH VHFRQFHQWUDP DV HVFRODV WUDGLFLRQDLV 5HFRQKHFH TXH DSWLG}HV FRPR D SHUFHSomR VRFLDO GH
  46. 46. -XG VmR WDOHQWRV TXH XPD HGXFDomR GHYH PDLV DOLPHQWDU TXH LJQRUDU RX PHVPR IUXVWUDU(QFRUDMDQGR DV FULDQoDV D GHVHQYROYHUHP XPD FRPSOHWD JDPD GDV DSGG}HV D TXH QDYHUGDGH UHFRUUHUmR SDUD R VXFHVVR RX XVDUmR DSHQDV SDUD VH UHDOL]DU QR TXH ID]HP DHVFROD VH WRUQD XPD HGXFDomR HP DSWLG}HV SDUD D YLGD2 RULHQWDGRU YLVLRQiULR SRU WUiV GR 3URMHWR 6SHFWUXP p +RZDUG *DUGQHU SVLFyORJR GD(VFROD GH (GXFDomR GH +DUYDUGKHJRX D KRUD HOH PH GLVVH GH DPSOLDU QRVVD LGpLD GR HVSHFWUR GH WDOHQWRV $ PDLRUFRQWULEXLomR LVRODGD TXH D HGXFDomR SRGH GDU DR GHVHQYROYLPHQWR GH XPD FULDQoD pDMXGiOD D HQFDPLQKDUVH SDUD XP FDPSR RQGH VHXV WDOHQWRV VH DGDSWHP PHOKRU RQGHHOD VHUi IHOL] H FRPSHWHQWH 3HUGHPRV LVVR LQWHLUDPHQWH GH YLVWD (P YH] GLVVRVXMHLWDPRV WRGRV D XPD HGXFDomR HP TXH VH YRFr IRU EHPVXFHGLGR HVWDUi PDLV EHPFDSDFLWDGR SDUD VHU SURIHVVRU XQLYHUVLWiULR ( DYDOLDPRV WRGRV DR ORQJR GR SHUFXUVRVHJXQGR VDWLVID]HP RX QmR HVVH HVWUHLWR SDGUmR GH VXFHVVR HYtDPRV JDVWDU PHQRVWHPSR FODVVLILFDQGR FULDQoDV H PDLV WHPSR DMXGDQGRDV D LGHQWLILFDU VXDV DSWLG}HV H GRQVQDWXUDLV H D FXOWLYiORV +i FHQWHQDV H FHQWHQDV GH PDQHLUDV GH VHU EHPVXFHGLGR HPXLWDV PXLWDV DSWLG}HV GLIHUHQWHV TXH DV DMXGDUmR D FKHJDU Oi6H DOJXpP Yr DV OLPLWDo}HV GDV YHOKDV IRUPDV GH SHQVDU VREUH D LQWHOLJrQFLD p *DUGQHU(OH REVHUYD TXH RV GLDV GH JOyULD GRV WHVWHV GH 4O FRPHoDUDP GXUDQWH D 3ULPHLUD *XHUUD0XQGLDO TXDQGR GRLV PLOK}HV GH DPHULFDQRV IRUDP FODVVLILFDGRV SRU PHLR GR SULPHLURIRUPXOiULR HP PDVVD GR WHVWH GH 4, UHFpPFULDGR SRU /HZLV 7HUPDQ XP SVLFyORJR GH6WDQIRUG ,VVR OHYRX D GpFDGDV GR TXH *DUGQHU FKDUQD GH PRGR GH SHQVDU GR 4, 3HQVDU TXH DV SHVVRDV VmR LQWHOLJHQWHV RX QmR TXH QDVFHUDP DVVLP TXH QmR VH SRGHID]HU PXLWD FRLVD D UHVSHLWR H TXH RV WHVWHV SRGHP GL]HU VH D JHQWH p XP GRV LQWHOLJHQWHVRX QmR 2 WHVWH 6$7 SDUD DGPLVVmR HP XQLYHUVLGDGHV EDVHLDVH QD PHVPD LGpLD GH XPD~QLFD DSWLGmR TXH GHWHUPLQD QRVVR IXWXUR(VVH PRGR GH SHQVDU LPSUHJQD D VRFLHGDGH2 LQIOXHQWH OLYUR GH *DUGQHU )UDPHV RI 0tQG (VWDGRV GH (VStULWR@ GH IRL XPPDQLIHVWR FRQWHVWDQGR D YLVmR GR 4, SURSXQKD TXH QmR KDYLD XP WLSR ~QLFR PRQROtWLFRGH LQWHOLJrQFLD GHFLVLYD SDUD R VXFHVVR QD YLGD PDV DQWHV XP DPSOR HVSHFWUR GHLQWHOLJrQFLDV FRP VHWH YDULHGDGHVFKDYH (P VXD OLVWD HQWUDP RV GRLV WLSRV GHLQWHOLJrQFLDV DFDGrPLFDV SDGUmR D YLYDFLGDGH YHUEDO H D D PDWHPiWLFROyJLFD PDV HOHYDL DGLDQWH H LQFOXL D DSGGmR HVSDFLDO TXH VH Yr GLJDPRV QXP GHVWDFDGR SLQWRU RXDUTXLWHWR R JrQLR FLQHVWpVLFR H[LELGR QD IOXLGH] H JUDoD ItVLFDV GH XPD 0DUWKD *UDKDP RX0DJLF -RKQVRQ H RV GRQV PXVLFDLV GH XP 0R]DUW RX RR 0D $UUHPDWDQGR D OLVWD KiGXDV IDFHV GR TXH *DUGQHU FKDPD GH LQWHOLJrQFLDV SHVVRDLV DSWLG}HV LQWHUSHVVRDLVFRPR DV GH XP JUDQGH WHUDSHXWD FRPR DUO 5RJHUV RX XP OtGHU GH QtYHO PXQGLDO FRPR0DUWLQ /XWKHU .LQJ -U H D DSWLGmR LQWUDSVtTXLFD TXH SRGH VXUJLU GH XP ODGR QDVEULOKDQWHV LQWXLo}HV GH 6LJPXQG )UHXG RX FRP PHQRV EDUXOKR QD VDWLVIDomR LQWHULRU TXHYHP GD VLQWRQL]DomR GH QRVVD YLGD FRP QRVVRV YHUGDGHLURV VHQWLPHQWRV$ SDODYUD RSHUDFLRQDO QHVVD YLVmR GH LQWHOLJrQFLDV p P~OWLSOR R PRGHOR GH *DUGQHU YDLPXLWR DOpP GR FRQFHLWR SDGUmR GH 4, FRPR XP IDWRU ~QLFR H LPXWiYHO 5HFRQKHFH TXH RVWHVWHV TXH QRV WLUDQL]DUDP TXDQGR SDVVDPRV SHOD HVFROD GHVGH D UHDOL]DomR GDV SURYDVGH UHQGLPHQWR TXH QRV FODVVLILFDYDP HQWUH RV TXH VHULDP GHVYLDGRV SDUD DV HVFRODVWpFQLFDV H RV GHVWLQDGRV j XQLYHUVLGDGH DRV 6$7V TXH GHWHUPLQDYDP TXDO IDFXOGDGH VHIRVVH R FDVR SRGHUtDPRV IUHTHQWDU VH EDVHLDP QXPD QRomR OLPLWDGD GH LQWHOLJrQFLDXPD QRomR VHP OLJDomR FRP D YHUGDGHLUD JDPD GH WDOHQWRV H DSWLG}HV TXH FRQWDP SDUDD YLGD DFLPD H DOpP GR 4,
  47. 47. *DUGQHU UHFRQKHFH TXH VHWH p XP Q~PHUR DUELWUiULR SDUD D YDULHGDGH GH LQWHOLJrQFLDVQmR Ki QHQKXP Q~PHUR PiJLFR SDUD D PXOWLSOLFLGDGH GH WDOHQWRV KXPDQRV $ GHWHUPLQDGDDOWXUD HOH H VHXV FROHJDV KDYLDP HVWLFDGR HVVDV VHWH SDUD XPD OLVWD GH YLQWH DSWLG}HVGLIHUHQWHV $ ,QWHOLJrQFLD LQWHUSHVVRDO SRU H[HPSOR GHVGREURXVH HP TXDWUR DSWLG}HVGLVWLQWDV OLGHUDQoD D DSWLGmR GH PDQWHU UHODo}HV H FRQVHUYDU DPLJRV D GH UHVROYHUFRQIOLWRV H D GR WLSR GH DQiOLVH VRFLDO HP TXH -XG GH TXDWUR DQRV HUD H[FHOHQWH(VVD YLVmR PXOWLIDFHWDGD GD LQWHOLJrQFLD RIHUHFH XP TXDGUR PDLV ULFR GD FDSDFLGDGH H GRSRWHQFLDO GH XPD FULDQoD SDUD R VXFHVVR TXH R 4, SDGUmR4XDQGR RV DOXQRV GD 6SHFWUXP IRUDP DYDOLDGRV SHOD (VFDOD GH ,QWHOLJrQFLD 6WDQIRUG%LQHW RXWURUD R SDGUmR RXUR GRV WHVWHV GH 4, H PDLV XPD YH] SRU XPD EDWHULD GHVWLQDGDD PHGLU R HVSHFWUR GH LQWHOLJrQFLDV GH *DUGQHU QmR KRXYH QHQKXPD UHODomR VLJQLILFDWLYDHQWUH DV FRQWDJHQV REWLGDV QRV GRLV WHVWHV $V FLQFR FRP 4OV PDLV DOWRV GH D
  48. 48. PRVWUDUDP XPD YDULHGDGH GH SHUILV QDV GH] IRUoDV PHGLGDV SHOR WHVWH 6SHFWUXP 3RUH[HPSOR GDV FLQFR FULDQoDV PDLV LQWHOLJHQWHV VHJXQGR RV WHVWHV GH 4, XPD HUD IRUWHHP WUrV iUHDV WUrV WLQKDP IRUoDV HP GXDV iUHDV H XPD FULDQoD LQWHOLJHQWH WLQKD DSHQDVXPD IRUoD 6SHFWUXP (VVDV IRUoDV HUDP HVSDOKDGDV TXDWUR GDV IRUoDV GHVVDV FULDQoDVHUDP HP P~VLFD GXDV HP DUWHV YLVXDLV XPD HP FRPSUHHQVmR VRFLDO XPD HP OyJLFDGXDV HP OLQJXDJHP 1HQKXPD GDV FLQFR FULDQoDV GH DOWR 4, HUD IRUWH HP PRYLPHQWRQ~PHURV RX PHFDQLFD PRYLPHQWR H Q~PHURV IRUDP QD YHUGDGH SRQWRV IUDFRV SDUD GXDVGDV FLQFR$ FRQFOXVmR GH *DUGQHU IRL TXH D (VFDOD GH ,QWHOLJrQFLD 6WDQIRUG%LQHW QmR SUHYLXGHVHPSHQKR EHPVXFHGLGR GH SRQWD D SRQWD RX QXP VXEFRQMXQWR FRQVLVWHQWH GHDWLYLGDGHV 6SHFWUXP 3RU RXWUR ODGR DV FRQWDJHQV 6SHFWUXP GmR DRV SDLV XPD GDUDRULHQWDomR VREUH RV FDPSRV QRV TXDLV HVVDV FULDQoDV WHUmR XP LQWHUHVVH HVSRQWkQHR HRQGH VH VDLUmR EHP R EDVWDQWH SDUD GHVHQYROYHU SDL[}HV TXH SRGHUmR XP GLD FRQGX]LODVDOpP GD HILFLrQFLD DWp D PDHVWULD2 SHQVDPHQWR GH *DUGQHU VREUH D PXOWLSOLFLGDGH GD LQWHOLJrQFLD FRQWLQXD D HYROXLU 8QVGH] DQRV DSyV WHU SXEOLFDGR VXD WHRULD SHOD SULPHLUD YH] HOH IH] RV RV VHJXLQWHVVXPiULRV GDV LQWHOLJrQFLDV SHVVRDLV,QWHOLJrQFLD LQSHVVRDO p D FDSDFLGDGH GH FRPSUHHQGHU RXWUDV SHVVRDV R TXH DV PRWLYDFRPR WUDEDOKDP FRPR WUDEDOKDU FRRSHUDWLYDPHQWH FRP HODV 3HVVRDO GH YHQGDVSROtWLFRV SURIHVVRUHV FOtQLFRV H OtGHUHV UHOLJLRVRV EHPVXFHGLGRV SURYDYHOYDYHOPHQWHVmR WRGRV LQGLYtGXRV FRP DOWRV JUDXV GH LQWHOLJrQFLD LQWHUSHVVRDO $ LQWHOLJrQFLDLQWUDSHVVRDO p XPD DSWLGmR FRUUHODWD YROWDGD SDUD GHQWUR e XPD FDSDFLGDGH GH IRUPDUXP PRGHOR SUHFLVR YHUtGLFR GH VL PHVPR H SRGHU XViOR OR SDUD DJLU HILFD]PHQWH QDYLGD(P RXWUD YHUVmR *DUGQHU REVHUYRX TXH R kPDJR GD LQWHOLJrQFLD LQWHUSHVVRDO LQFOXL DFDSDFLGDGH GH GLVFHUQLU H UHVSRQGHU DGHTXDGDPHQWH DRV HVWDGRV GH HVStULWRWHPSHUDPHQWRV PRWLYDo}HV H GHVHMRV GH RXWUDV SHVVRDV 1D LQWHOLJrQ FLD LQWUDSHVVRDOFKDYH GR DXWRFRQKHFLPHQWR HOH LQFOXLX DFHVVR D QRVVRV SUy SULRV VHQWLPHQWRV H DFDSDFLGDGH GH GLVFULPLQiORV H XViORV SDUD RULHQWDU R FRPSRUWDPHQWR632. 96 $7$ 48$2 $ 3(5(3d­2 1­2 %$67$$V WHRUL]Do}HV GH *DUGQHU FRQWrP XPD GLPHQVmR GD LQWHOLJrQFLD SHVVRDO TXH pDPSODPHQWH DSRQWDGD PDV SRXFR H[SORUDGD R SDSHO GDV HPRo}HV 7DOYH] LVVR VH GrSRUTXH FRPR PH VXJHULX HOH SUySULR VHX WUDEDOKR p IRUWHPHQWH LQIRUPDGR SRU XP PRGHORPHQWDO GH FLrQFLD FRJQLWLYD $VVLP VXD YLVmR GHVVDV LQWHOLJrQFLDV HQIDWL]D D SHUFHSomR DFRPSUHHQVmR GH VL H GH RXWURV QDV PRWLYDo}HV QRV KiELWRV GH WUDEDOKR H QR XVR GHVVD

×