Bomba, kanga, makamba

Transcrição

Bomba, kanga, makamba
%RPEDNDQJDPDNDPED
HRXWURVDIULFDQLVPRV
OH[LFDLVQRSDSLDPHQWX
FRPSDUDo}HVFRPR
SRUWXJXrVGR%UDVLOHR
HVSDQKROXUXJXDLR
7KRPDV-RKQHQ
8QLYHUVLGDGHGH(VWRFROPR6XpFLD
8P GRV REMHWLYRV PDLV DPSORV GR SURMHWR $IUR/DWLQ /LQJXLVWLFV p
FRQWULEXLU SDUD R PDSHDPHQWR GRV DIULFDQLVPRV OH[LFDLV QDV OtQJXDV GDV
$PpULFDV 1HVWD SHUVSHFWLYD LQWHUHVVD FRPSDUDU RV DIULFDQLVPRV GH GRLV
WHUULWyULRV TXH SRVVXHP XP HOR KLVWyULFR H OLQJtVWLFR FRP R %UDVLO H TXH
UHFHEHUDPWDPEpPHPPRPHQWRVKLVWyULFRVGLIHUHQWHVHVFUDYRVRULXQGRVGR
%UDVLO SDUD &XUDoDR YHU *RRGPDQ H %DUWHQV SDUD
8UXJXDLYHU&ROOFRPPDLVUHIHUrQFLDVELEOLRJUiILFDV
$ LOKD GH &XUDoDR VLWXDGD QR &DULEH DR QRUWH GD 9HQH]XHOD )LJXUD SRGHVHUFRQVLGHUDGDFRPRREHUoRGRSDSLDPHQWXTXHpXPDOtQJXDFULRXOD
GHEDVHOH[LFDOLEHURURPkQLFDVHJXQGR/HQ]0DGXUR
H%DUWHQVPDLVGHGRYRFDEXOiULRpGHRULJHPHVSDQKRODH
SRUWXJXHVD 1R PRPHQWR KLVWyULFR DWXDO p D ~QLFD OtQJXD FULRXOD GH EDVH
OH[LFDOLEHURURPkQLFDTXHSRVVXLXPHVWDWXWRRILFLDOHPERUDDVLOKDVRQGH
VH IDOD SDSLDPHQWX QmR VmR VHMDP LQGHSHQGHQWHV $UXED H &XUDoDR VmR
HVWDGRV GR 5HLQR GRV 3DtVHV %DL[RV %RQDLUH SRVVXL R HVWDWXWR GH XP
PXQLFtSLRHVSHFLDOQR(VWDGRGH3DtVHV%DL[RV
$JUDGHoRD67,17SHORDSRLRILQDQFHLURDRSURMHWR$IUR/DWLQ/LQJXLVWLFVTXHSRVVLELOLWRX
RVHQFRQWURVGRJUXSRGRVSHVTXLVDGRUHVDVVRFLDGRVHD7kQLD$ONPLP/DXUDÈOYDUH]/ySH]
-XDQLWR $YHODU 9LUJLQLD %HUWRORWWL /LOLDQ %RUED 0DJGDOHQD &ROO H $PSDUR )HUQiQGH]
*XHUUDSHODVGLVFXVV}HVIUXWtIHUDV
2XWUDVLQLFLDWLYDVQHVWHVHQWLGRVmR3DUNYDOOQRSUHORHOLPLWDGRDRVEDQWXtVPRV&DVWUR
161
)LJXUD6LWXDomRJHRJUiILFDGH&XUDoDR
$UXED
&XUDoDR
%RQDLUH
3DtVHV%DL[RV
(VWDWXWRQR
5HLQRGRV
3DtVHV%DL[RV
(VWDGR/DQG
(VWDGR/DQG
0XQLFtSLR
(VSHFLDOQR
(VWDGRGH3DtVHV
%DL[RV
(VWDGR/DQG
3RSXODomR
(VWDWXWRGR
SDSLDPHQWXHQVLQR
3RUFHQWDJHP
GHIDODQWHVGH
SDSLDPHQWX
$Wp(QVLQR
EiVLFRHPpGLRSDUD
ILOKRVGHIDODQWHVGH
SDSLDPHQWX
&RRILFLDOHQVLQR
&RRILFLDOHQVLQR
&RRILFLDOHQVLQR
7DEHOD)DODQWHVGRSDSLDPHQWXVHJXQGRWHUULWyULRSRUFHQWDJHQVVHJXQGR9HGGHU
H.RRN
2HORGH&XUDoDR±LOKDDGTXLULGDHPGRVHVSDQKyLVTXHDRFXSDUDP
GHVGH SHOD &RPSDQKLD GDV ËQGLDV 2FLGHQWDLV QHHUODQGHVD ± FRP R
%UDVLO QmR VH GHYH FRPR QR FDVR GR 8UXJXDL D XPD KLVWyULD FRQMXQWD GH
GRLVWHUULWyULRVYL]LQKRVPDVDRIDWRGHTXHDSDUWLUGHKRXYHXPDLPL
JUDomRD&XUDoDRGHMXGHXVSRUWXJXHVHVTXHIXJLUDPGR1RUGHVWHGR%UDVLO
HPSDUWHYLD&D\HQDH3DUDPDULERYHU6HUHEUHQLFN9LQN
GHSRLV TXH RV SRUWXJXHVHV UHFRQTXLVWDUDP RV WHUULWyULRV EUDVLOHLURV
DQWHV FRQWURODGRV SHOD &RPSDQKLD GDV ËQGLDV 2FLGHQWDLV YHU 0HOOR -XQWDPHQWHFRPRVMXGHXVSRUWXJXHVHVFKHJDUDPD&XUDoDRWDPEpPHVFUD
YRVDIULFDQRVRULXQGRVGR%UDVLO%DUWHQVUHVVDOWDTXHDWp
DSHQDV RV MXGHXV SRUWXJXHVHV WLQKDP D DXWRUL]DomR GH WHU HVFUDYRV 8PD
SURYDOLQJtVWLFDGRHORHQWUH&XUDoDRHR%UDVLOpDSUHVHQWDGDSRUYDQ3XWWH
KWWSGHZLNLSHGLDRUJZLQGH[SKS"WLWOH 'DWHL&XUDFDRBLQBLWVBUHJLRQVYJILOHWLPHVWDPS !
162
DRFRPSDUDUDULPDLQIDQWLOEUDVLOHLUD'HGRPLQGLQKRFRPD YHUVmR
HPSDSLDPHQWX'HGHSLNLxDTXHPDQWpPDWpRVHOHPHQWRVSRUWXJXHVHVTXH
QmR VmR FRPSUHHQVtYHLV SRU XP IDODQWH GH SDSLDPHQWX $OpP GLVVR D
SUHVHQoD GR WXSLQLVPR SDSLDPHQWX EDNRED ³EDQDQD FRPHVWtYHO QR HVWDGR
FUX´SRUWXJXrVSDFREDWXSLSD
NRXDGLILFLOPHQWHSRGHVHUH[SOLFDGDVHP
HVWDOLJDomRYHU-RKQHQQRSUHOR
2V HVFUDYRV IRUDP OHYDGRV SDUD &XUDoDR HP JUDQGH SDUWH GDV PHVPDV
UHJL}HVDIULFDQDVTXHRVGR%UDVLOPDVHPGLIHUHQWHVSURSRUo}HV'HYLGRDR
FOLPDiULGR&XUDoDRQmRWHYHJUDQGHVSODQWDo}HVGHDo~FDUSRUpPWRUQRX
VH D SDUWLU GD VHJXQGD PHWDGH GR VpFXOR ;9,, XP OXJDU LPSRUWDQWH SDUD R
WUiILFRGHHVFUDYRVSRLVGH&XUDoDRRVHVFUDYRVFDWLYRVSHORVQHHUODQGHVHV
HUDPYHQGLGRVjVFRO{QLDVHVSDQKRODVHGHPDLVLOKDVGR&DULEH6HJXQGRRV
FiOFXORVGH3DUNYDOOSRUFHQWRGRVHVFUDYRVHUDPGD&RVWD
GRV(VFUDYRVHUDPEDQWXGD&RVWDGR2XURHDSHQDVGH6HQ
HJDPELD PDV KRXYH pSRFDV HP TXH D PDLRULD HUD EDQWX H QD SULPHLUD
PHWDGH GR VpFXOR ;9,,, D PDLRU SDUWH HUD RULXQGD GD &RVWD GR 2XUR
3DUNYDOO2VHVFUDYRVTXHSHUPDQHFHUDPQDVLOKDVWUDEDOKDYDP
QDVFDVDVFDQRDQR%DUWHQVRXQDVSODQWDo}HVNDW
LEX GL NXQXNX SDUD D SURGXomR ORFDO GH DOLPHQWRV FXLGDQGR GRV DQLPDLV
SDUD SURGXomR GH FDUQH H OHLWH RX WUDEDOKDQGR QDV VDOLQDV SDUWLFXODUPHQWH
HP%RQDLUH$OOHQ'HSRLVGDLQWURGXomRPDVVLYDGHHVFUDYRV
QD VHJXQGD PHWDGH GR VpFXOR ;9,, D SRUFHQWDJHP GD SRSXODomR QmR
HXURSpLDXOWUDSDVVRXRV$OOHQ*UDQW&XP
SUHDVVLQDODUTXHQmRKRXYHTXLORPERVQDVWUrVLOKDVHPTXHVWmRSRUIDOWDGH
HVFRQGHULMRV DSWRV9DOH PHQFLRQDUWDPEpP TXH DOpP GR SDSLDPHQWX TXH
VXUJLX GHVWD FRQYLYrQFLD GRV DIULFDQRV HVFUDYL]DGRV GH QHHUODQGHVHV H VH
IDUGtSRUWXJXHVHVH[LVWLXXPDOtQJXDVHFUHWDFRPHOHPHQWRVDIULFDQRVTXHRV
HVFUDYRVXVDUDPSRUPXLWRWHPSRSDUDDFRPXQLFDomRLQWHUQDRJXHQL0DU
WLQXV
)LJXUD6LWXDomRJHRJUiILFDGR8UXJXDL
KWWSGHZLNLSHGLDRUJZLQGH[SKS"WLWOH 'DWHL8UXJXD\BRQBWKHBJOREHB6RXWKB$PHUL
FDBFHQWHUHGVYJILOHWLPHVWDPS !
163
)LJXUD6LWXDomRJHRJUiILFDGH$UXED&XUDoDR%RQDLUH ,QWHUHVVD SRLV FRPSDUDU RV DIULFDQLVPRV OH[LFDLV QDV WUrV YDULHGDGHV GH
OtQJXDVTXHHVWmRQRIRFRGHVWDDQiOLVHSHODOLJDomRKLVWyULFDFRPR%UDVLOH
SRUTXH DV FRQYHUJrQFLDV H GLYHUJrQFLDV QD SUHVHQoD GRV DIULFDQLVPRV H QD
VXD HYROXomR VHPkQWLFD VmR D EDVH SDUD D UHFRQVWUXomR GRV HOHPHQWRV
GHWHUPLQDQWHVGRVSURFHVVRVFRPXQLFDWLYRVQRHQFRQWURLQWHUFXOWXUDOIRUoDGR
HQWUH DIULFDQRV HXURSHXV H LQGtJHQDV QDV $PpULFDV SHOD GHSRUWDomR H
FDWLYDomRPDVVLYDGRVSULPHLURVSHORVVHJXQGRV
1HVWH DUWLJR FRQFHQWUDUQRVHPRV QXPD DQiOLVH PDLV GHWDOKDGD GRV
DIULFDQLVPRV OH[LFDLV GR SDSLDPHQWX FRJQDWRV GRV GH XPD OLVWD GH
DIULFDQLVPRVTXHIRLHVWDEHOHFLGDSHODVFRRUGHQDGRUDVGRSURMHWR$IUR/DWLQ
/LQJXLVWLFV YHU D ³,QWURGXomR´ GHVWH YROXPH H R $QH[R &RPSOHWDUHPRV
GHSRLVHVWDOLVWDSRUXPDFRPSDUDomRGRVHWQ{QLPRV
$IULFDQLVPRVQRSDSLDPHQWXDOJXPDVFRQVLGHUDo}HVLQLFLDLV
1DOLWHUDWXUDVREUHRSDSLDPHQWXpXPOXJDUFRPXPDILUPDUTXHDPHVPD
VHULDDOtQJXDFULRXODFRPDSRUFHQWDJHPPHQRUGHDIULFDQLVPRVFI%DUWHQV
DVVLPDDILUPDomRGH.UDPHUSRGHVHUFRQVLG
HUDGDUHSUHVHQWDWLYDSDUDDVRSLQL}HVVREUHDRULJHPGROp[LFRGRSDSLDPHQ
WX GH TXHGRLV WHUoRV GR YRFDEXOiULRVHULDP GH RULJHP LEHURURPkQLFDHV
SDQKROHSRUWXJXrVHXPWHUoRGRQHHUODQGrVVHQGRDSRUFHQWDJHPGROp[L
KWWSXSORDGZLNLPHGLDRUJZLNLSHGLDFRPPRQVEE1HWKHUODQGVB$QWLOOHVBEHIRUHBS
QJ!
'R JUHJR ȑșȞȠȢ ³UDoD QDomR WULER´ %DLOO\ ȩȞȠȝĮ ³QRPH´ %DLOO\ 2WHUPRHWQ{QLPRpXVDGRQDOLQJtVWLFDSDUDWHUPRVGHVLJQDWLYRVGHJUXSRVpWQLFRV
3DUD D TXHVWmR GRV HWQ{QLPRV DIULFDQRV QR SRUWXJXrV GR %UDVLO H GR HVSDQKRO XUXJXDLR YHU
WDPEpPÈOYDUH]/ySH]QHVWHYROXPH
164
FRHGDVH[SUHVV}HVLGLRPiWLFDVGHRULJHPDIULFDQDPtQLPDSRGHVHUFRQVLG
HUDGDUHSUHVHQWDWLYDVREUHDRULJHPGROp[LFRGHVWDOtQJXDFULRXOD
(P -RKQHQ QR SUHOR DSRQWDPRV SDUD R IDWR TXH WRGRV RV HVWXGRV TXH
DILUPDP R Q~PHURLQVLJQLILFDQWH RXDDXVrQFLD GH DIULFDQLVPRV OH[LFDLV QR
SDSLDPHQWX EDVHLDPVH FRPR .UDPHU QRV OHYDQWDPHQWRV GH /HQ]
H0DGXURTXHDQDOLVDUDPSRUIDOWDGHDOWHUQDWLYDVQDpSRFD
REUDVOH[LFRJUiILFDVUXGLPHQWDUHVTXHQmRFRQVLGHUDUDPFDPSRVOH[LFDLVGD
FXOWXUDDIURDQWLOKDQDSRUH[HPSORQDP~VLFDHQDUHOLJLmRFDPSRVOH[LFDLV
FRP PXLWRV DIULFDQLVPRV QR SRUWXJXrV GR %UDVLO H QR HVSDQKRO XUXJXDLR
$SRQWDPRV HP -RKQHQ QR SUHOR WDPEpP SDUD R IDWR TXH PHVPR QHVWHV
OHYDQWDPHQWRV D SRUFHQWDJHP GR YRFDEXOiULR GH RULJHP QmR HXURSHLD pPDLRUGRTXHDVRPDGDSRUFHQWDJHPGRVJDOLFLVPRVHGRVDQJOLFLVPRV
2 TXH IDOWD VmR HVWXGRV EHP IXQGDPHQWDGRV H PDLV DEUDQJHQWHV GR TXH RV
OHYDQWDPHQWRV GH /HQ] H 0DGXUR 2 FUX]DPHQWR GRV GDGRV
REWLGRV FRP RV UHVXOWDGRVGH SHVTXLVDV VREUH RXWUDV OtQJXDV FULRXODVWUDQV
DWOkQWLFDV3DUNYDOOQRSUHORHYDULHGDGHVGRSRUWXJXrVHGRHVSDQKROHP
YH]GHUHSHWLUDGLQILQLWXPRVUHVXOWDGRVGH/HQ]H0DGXURSRGH
FRQWULEXLU SDUD PRGLILFDU R TXDGUR SDUWLFXODUPHQWH SRUTXH JUDoDV DRV
GLFLRQiULRVGH3XWWHGH:LQGWH3XWWHHGH-RXEHUWGLVSRPRV
KRMH GH REUDV OH[LFRJUiILFDV DEUDQJHQWHV FRP PDLV GH HQWUDGDV RU
JDQL]DGRV SRU DXWRUHVFRP IRUPDomR HP OLQJtVWLFDHQTXDQWR /HQ] WHYHGHVHDSRLDUQRJXLDGHFRQYHUVDomRGH+R\HUFRPXPOp[LFRGH
PHQRV GH HQWUDGDV TXH DOpP GLVVR SDUHFH WHU VLGR JXLDGR SHOD SUH
RFXSDomR GHDSUHVHQWDU RSDSLDPHQWXFRPR XPD ³OtQJXD GH FXOWXUD´ DVSLU
DQGRDRPHVPRSUHVWtJLRGDVOtQJXDVHXURSpLDVFRPRPRVWUDPRVHP-RKQHQ
QRSUHOR
$IULFDQLVPRVOH[LFDLVQRSDSLDPHQWXFRQYHUJrQFLDVFRPRSRUWXJXrVGR
%UDVLOHRHVSDQKROXUXJXDLR
$PDLRULDGRVDIULFDQLVPRVGRSDSLDPHQWXLGHQWLILFDGRVSRUQyVQmRSRVVXL
FRJQDWRV QR SRUWXJXrV GR %UDVLO QHP QR HVSDQKRO XUXJXDLR 6H Ki
FRQYHUJrQFLDVWUDWDVHGHSDODYUDVGHRULJHPEDQWX'DOLVWDGHDIULFDQLVPRV
GRHVSDQKROXUXJXDLRTXHVmRFRPSDUWLGRVHPJUDQGHSDUWHSHORSRUWXJXrV
GR%UDVLODSHQDVGH]ID]HPSDUWHGRYRFDEXOiULRGRSDSLDPHQWX
$OpPGHVWHVOH[HPDVKiDLQGDQRSDSLDPHQWXGRLVOH[HPDVFRPXPDVHPHOKDQoDIRQpWLFD
FRPRVGDOLVWDPHQFLRQDGDQDLQWURGXomRGHVWHYROXPHFI$QH[R7UDWDVHGRSDSLDPHQWX
IXOD³VHQWLU´QHHUODQGrVYRHOHQ³VHQWLU´HGRSDSLDPHQWXNDFKDVD³IOHXPD´2SDSLDPHQWX
IXOD SRVVXL FODUDPHQWH RXWUD HWLPRORJLD GR TXH R HVSDQKRO SRUWXJXrV IXOD 1R FDVR GR
SDSLDPHQWX NDFKDVD3XWWHGH :LQGW H 3XWWH LQGLFDP XPD RULJHP VHIDUGt VHP
LGHQWLILFDURpWLPR3ULQFLSDOPHQWHSRGHULDVHUXPDSDODYUDGHULYDGDGRKHEUDLFRSRUpPQmR
SXGHPRV LGHQWLILFDU XPD UDL] ʱʹʫ RX ʱʹʷ 8PD OLJDomR VHPkQWLFD FRP SRUWXJXrV FDFKDoD
H[LVWH QR HQWDQWR VH FRQVLGHUDUPRV R VHQWLGR ILJXUDGR GH SRUWXJXrV ³IOHXPD´ ³SURGXWR
165
3DSLDPHQWX
3RUWXJXrVGR%UDVLO
(VSDQKROXUXJXDLR
ERPEDVXEVWDQWLYR
DSHQDV GHULYDGRV
ERPEHDUYE
NDFKLPEDVXEVWDQWLYR
FDFKLPERVXEVWDQWLYR
FDFKLPEDVXEVWDQWLYR
NDQJDYHUER
FDQJDVXEVWDQWLYR
FDQJDVXEVWDQWLYR
NRQJDVXEVWDQWLYR
FRQJDVXEVWDQWLYR
FRQJDVXEVWDQWLYR
GHQJXHVXEVWDQWLYR
GHQJXHVXEVWDQWLYR
GHQJXHVXEVWDQWLYR
PDULPEDVXEVWDQWLYR
PDULPEDVXEVWDQWLYR
PDULPEDVXEVWDQWLYR
0DQGLQJDWRS{QLPR
PDQGLQJDVXEVWDQWLYR
PDQGLQJDVXEVWDQWLYR
PRQGRQJRVXEVWDQWLYR
PRQGRQJRVXEVWDQWLYR
PRQGRQJRVXEVWDQWLYR
WDQJRVXEVWDQWLYR
WDQJRVXEVWDQWLYR
WDQJRVXEVWDQWLYR
]DPEDVDPEDVXEVWDQWLYR
VDPEDVXEVWDQWLYR
]DPEDVDPEDVXEVWDQWLYR
FRPR ERPERVXEVWDQWLYR
PDQ]LQJDDGMHWLYR
7DEHOD &RQYHUJrQFLDV QRV DIULFDQLVPRV OH[LFDLV HQWUH SDSLDPHQWX SRUWXJXrV GR
%UDVLOHRHVSDQKROXUXJXDLR
3HOR PHQRV WUrV GHVWHV OH[HPDV SRGHP VHU FRQVLGHUDGRV FRPR
LQWHUQDFLRQDOLVPRVPXQGLDLVGHRULJHPDIULFDQDGHQJXHWDQJRHVDPEDSRU
H[LVWLUHP QR YRFDEXOiULR GH PXLWDV OtQJXDV 1DGD LQGLFD TXH VH WUDWH QR
SDSLDPHQWXGHHPSUpVWLPRVGLUHWRVGHOtQJXDVDIULFDQDV
DLQGDFRPLPSXUH]DVTXHVHREWpPGHXPDSULPHLUDGHVWLODomRGRVXPRIHUPHQWDGRGDFDQD
GHDo~FDU GD EHWHUUDED GH PRVWRV HWF´ +RXDLVV H 9LOODU TXH GHVLJQD SRUWDQWR XP
SURGXWRQDFDGHLDGHSURGXomRGHFDFKDoD3RUpPVHPXPHVWXGRDSURIXQGDGRQmRSRGHPRV
MXOJDUVHHVWDOLJDomRQmRSDVVDGHXPDPHUDFRLQFLGrQFLD 6HJXQGRRFRUSXVGLDFU{QLFRGR
HVSDQKRO &25'( YHU 5HDO $FDGHPLD (VSDxROD %DQFR GH GDWRV &25'( >HQ OtQHD@
&RUSXVGLDFUyQLFRGHOHVSDxRORGRFXPHQWRPDLVDQWLJRHPHVSDQKROTXHFRQWrPFDFKD]Dp
GHPDVQRVHQWLGRDOLiVWDPEpPDWHVWDGRSDUDRSRUWXJXrVDQWLJRGHFDFKDoD³SRUFD
JRUGDFHYDGD´0RUHLUDYHUWDPEpP%XHQRTXHDYHQWXUDDKLSyWHVHGH
TXHRVHQWLGRGHVLJQDWLYRGHXPDEHELGDDOFRyOLFDpGHYLGRDRXVRGHiOFRROSDUDDPROHFHUD
FDUQH 2 VHQWLGR SDUHFLGR FRP ³IOHXPD´ HVWi GRFXPHQWDGR HP &25'( D SDUWLU GR VpFXOR
;9,,,3RGHPRVFRQFOXLUGHVWHVGDGRVTXHQmRpWRWDOPHQWHH[FOXtGRTXHSDSLDPHQWXFDFKD]D
VHMDXPDIULFDQLVPRPDVSDUDSRGHUDILUPiORPDLVSHVTXLVDVID]HPVHQHFHVViULDV
2 OH[HPD GHQJXH SRU H[HPSOR H[LVWH HQWUH RXWURV HP FDWDOmR FKHFR IUDQFrV LWDOLDQR
QHHUODQGrVQRUXHJXrVRFFLWDQRHUXVVRȾȿɇȽȿ(PRXWUDVOtQJXDVGHQJXHID]SDUWHGHXP
VLQWDJPDPDLRUHPUHJUDJHUDOFRPXPHOHPHQWRGHVLJQDWLYRGH³IHEUH´SRUH[HPSORHP
166
3XWWHGH :LQGW H 3XWWH DFUHVFHQWDP QR YHUEHWH GH VDPED
FRPR QRWD H[SOLFDWLYD ³%UD]LOLDDQVH GDQVPX]LHN´ P~VLFD GH GDQoD
EUDVLOHLUD 8PD QRWD DQiORJD LQH[LVWH QRV YHUEHWHV GH WDQJR H GH GHQJXH
3RUpPQRVHVWXGRVGHFXQKRDQWURSROyJLFR%UHQQHNHU$OOHQH
GHHWQRPXVLFRORJLD5RVDOLDjGLIHUHQoDGHRXWUDVGDQoDVRWDQJRQmR
p PHQFLRQDGR FRPR XPD GDQoD WUDGLFLRQDO 1R FDVR GH GHQJXH FKDPD
DWHQomR D DXVrQFLD GH SDODYUDV GHULYDGDV QR SDSLDPHQWX TXH VmR WmR
QXPHURVDV QR SRUWXJXrV GR %UDVLO YHU +RXDLVV H 9LOODU GHQJR
GHQJXLFH GHQJRVR GHQJRVLGDGH GHQJXHLUR H QR HVSDQKRO $OpP GLVVR R
VLJQLILFDGR GH GHQJXH HP SDSLDPHQWX p UHVWULWR j GRHQoD HQTXDQWR QR
SRUWXJXrV GR %UDVLO H QR HVSDQKRO XUXJXDLR Ki WDPEpP RXWUDV DFHSo}HV
FRPR ³PHOLQGUH PDQKD GHOLFDGH]D´ /D\WDQR E 3HUHGD 9DOGpV
%ULWRV6HUUDW&DVWUR
2WHUPRLQWHUQDFLRQDOLVPRPXQGLDOGHRULJHPDIULFDQDQRVSDUHFHSRLVR
PDLV DGHTXDGR SDUD GHVLJQDU XQLGDGHV OH[LFDLV GH RULJHP DIULFDQD
GRUDYDQWH 8/2$ TXH YLHUDP D ID]HU SDUWH GR Op[LFR GH OtQJXDV
JHQHWLFDPHQWHQmRUHODFLRQDGDVHSRVVXHPXPDGLVWULEXLomRJHRJUiILFDTXH
XOWUDSDVVHXPDUHJLmRGHWHUPLQDGDYHUWDPEpP%DEXã\WơTXH
GLVWLQJXH HQWUHLQWHUQDFLRQDOLVPR GLVWULEXLomR PXQGLDOH HXURSHLVPR GLVWULEXLomRHPSHORPHQRVWUrVOtQJXDVHXURSpLDVTXHQmRVHMDPGRPHVPR
UDPR 2XWUR FULWpULR p D VHPHOKDQoD IRQpWLFD H VHPkQWLFD QDV GLIHUHQWHV
OtQJXDV
,QWHUQDFLRQDOLVPR QHVWH VHQWLGR QmR p XPD FDWHJRULD LQWUD RX
PRQROLQJXDO PDV LQWHUOLQJXDO LVWR p TXH QmR VH SRGH FRQVWDWDU TXH XPD
FHUWD XQLGDGH OH[LFDO QXPD GHWHUPLQDGD OtQJXD VHMD XP LQWHUQDFLRQDOLVPR
VHPID]HUFRPSDUDo}HVFRPRXWUDVOtQJXDVYHUWDPEpP6FKDHGHU
1D LQWHUOH[LFRORJLD LQWHUHVVD SRLV D GLVWULEXLomR GH XP LQWHUOH[HPD HP
P~OWLSODVOtQJXDVGDtDGHILQLomRGHHXURSHtVPRFRPRXQLGDGHOH[LFDOFRP
XPDGLVWULEXLomRHPOtQJXDVTXHSHUWHQFHPDUDPRVRXIDPtOLDVGLIHUHQWHV
3DUD QRVVRV ILQV D GLIHUHQFLDomR HQWUH RV 8/2$ TXH QmR VmR
LQWHUQDFLRQDOLVPRV PXQGLDLVH 8/2$ TXH VmRLQWHUQDFLRQDOLVPRV PXQGLDLV
GH RULJHP DIULFDQD QRV SDUHFH DSUHVHQWDU D YDQWDJHP GH SRGHU GLIHUHQFLDU
HQWUH WDLV 8/2$ TXH IRUDP HPSUHVWDGDV SRU XPD GHWHUPLQDGD OtQJXD QR
FRQWDWR GLUHWR FRP IDODQWHV GH XPD OtQJXD DIULFDQD FRPR SRU H[HPSOR
FRFKLODUQRSRUWXJXrVGR%UDVLOHWDLV8/2$TXHVmRHPSUpVWLPRVLQGLUHWRV
DOHPmREDKDVDLQGRQpVLDEDKDVDPDODLDGLQDPDUTXrVHVORYHQRILQODQGrVK~QJDURLQJOrVH
YLHWQDPLWD (P KHEUDLFR Ki ʩʢʰʣ >GHQJL@ HP E~OJDUR VpUELR ȾȿɇȽȺ HP SRORQrV H FURDWD
GHQJDHVSHUDQWRGHQJR
0ROLQHU HQXPHUD RV GHULYDGRV GHQJXH GHQJRVR GHQJXHDU GHQJXHUtD GHQJRVR
2UWL]2GHULJRSDUDRHVSDxROULRSODWHQVHGHQJRGHQJRVRHGHQJXHUR
3DUDXPDWLSRORJLDGRVLQWHUQDFLRQDOLVPRVOH[LFDLVLQFOXVLYHGHVXIL[RVHSUHIL[RVYHUSRU
H[HPSOR $NXOHQNR 3DUD XPD KLVWRULRJUDILD GD SHVTXLVD VREUH
LQWHUQDFLRQDOLVPRVGHVGHDSULPHLUDPHWDGHGRVpFXOR;;YHU.ROZD
167
DWUDYpVGHRXWUDVOtQJXDVHTXHIRUDPGHVWDPDQHLUDLQFRUSRUDGRVQROp[LFR
GHPXLWDVOtQJXDVFRPRSRUH[HPSORJRULOD
2VLQWHUQDFLRQDOLVPRVPXQGLDLVGHRULJHPDIULFDQDVmRFDUDFWHUL]DGRVSRU
XPD JUDQGH KRPRJHQHLGDGH VHPkQWLFD QDVOtQJXDV TXH RVLQFRUSRUDUDP QR
VHXOp[LFRFRPRpRFDVRSRUH[HPSORGHWDQJRHVDPED
2XWUR DVSHFWR UHOHYDQWH GHVWD VROXomR WHUPLQROyJLFD p TXH D SUySULD
GHILQLomR GH LQWHUQDFLRQDOLVPR SHUPLWH GLVWLQJXLU PXLWDV GDV XQLGDGHV
OH[LFDLVTXHIRUDPHPSUHVWDGDVGLUHWDPHQWHGDVOtQJXDVDIULFDQDVXPDYH]
TXHHVWDVSRGHPFRPRQRFDVRGHGHQJXHQRSRUWXJXrVEUDVLOHLURHHVSDQKRO
XUXJXDLRWHUDLQGDRXWUDVDFHSo}HVTXHVmRVHPDQWLFDPHQWHPDLVSUy[LPDV
DRVHXpWLPRHQmRSRVVXHPXPDGLVWULEXLomRJHRJUiILFDGHHVFDODODUJD+i
TXH GLVWLQJXLU GHVWH FDVR R FDVR GH HYROXomR VHPkQWLFD D SDUWLU GR
VLJQLILFDGR GR LQWHUQDFLRQDOLVPR TXH SRGH VHU XPD HYROXomR LQWHUQD H
LGLRVVLQFUiWLFDGHXPDGDGDOtQJXD
$SUHVHQWDUHPRV D VHJXLU SULPHLUR RV UHVWDQWHV VHWH DIULFDQLVPRV GR
SDSLDPHQWX TXH VmR FRJQDWRV RX HWLPRORJLFDPHQWH UHODFLRQDGRV D
DIULFDQLVPRVGDOLVWDGR$QH[RGRSUHVHQWHYROXPH
%RPED
2 VXEVWDQWLYR GR SDSLDPHQWX ERPED ³FDSDWD]´ TXH H[LVWH FRP R PHVPR
VLJQLILFDGR WDPEpP HP QHJHUKROODQGV p UHODFLRQDGR FRP R YHUER
SRUWXJXrV ERPEHDU QDV DFHSo}HV LQGLFDGDV SHOR GLFLRQiULR +RXDLVV FRPR
UHJLRQDOLVPRV GH 3HUQDPEXFR H GR 5LR *UDQGH GR 6XO ³YLJLDU RXVHJXLU D
SLVWD GH DOJXpP GH TXHP VH GHVFRQILD RX GH TXHP VH HVSHUD DOJR´ H
³HVSLRQDU R FDPSR LQLPLJR´ +RXDLVV H 9LOODU YHU QHVWD DFHSomR
WDPEpP /D\WDQR E FRP R SRUWXJXrV SRPER QR VHQWLGR
LQGLFDGR SRU +RXDLVV H 9LOODU FRP ³IHLUD OLYUH PHUFDGR´ FRP R
SRUWXJXrV SRPEHLUR ³PDVFDWH FRPHUFLDQWH TXH DQGD SHOR LQWHULRU GR SDtV
QHJRFLDQWH RX HPLVViULR TXH DWUDYHVVDYD D ÈIULFD PHULGLRQDO FRPHUFLDQGR
SRU HVFUDYRV´ &DVWUR H WDPEpP FRP R HVSDQKRO ULRSODWHQVH
ERPEHDU³SUHMXGLFDUDOJXpPRXDUUXLQDUVHXVSODQRV´³YLJLDUXPDSHVVRDRX
XP DQLPDO´ H ³REVHUYDU OLJHLUDPHQWH DOJR SDUD YHULILFDU XP HVWDGR GH
FRLVDV´ H ERPEHUR ³HVStD JXHULOOHUR GHVWDFDGR SDUD REVHUYDU ORV
PRYLPLHQWRV\DFFLRQHVGHOHQHPLJR´2UWL]2GHULJRYHUWDPEpP
&I +HVVHOLQJ -RQJ LQGLFD SDUD R QHJHUKROODQGV DOpP GH ERPED
WDPEpPDIRUPDEXPED
9HU +DHQVFK :HUQHU 2UWL] 2GHULJR %ULWRV 6HUUDW /DJXDUGD7ULDVFRQVLGHUDERPEHDUHERPEHURQRHVSDQKROULRSODWHQVHFRPRDIUR
EUDVLOHLULVPRV GL]HQGR OLWHUDOPHQWH ³6H WUDWD SRU FRQVLJXLHQWH GH YRFHV DIURQHJUDV
PRGLILFDGDVHQHO%UDVLOODVXVDGDVHQHO3ODWDVRQVLPSOHVFDOFRVGHHVRVDIUREUDVLOHxLVPRV´
/DJXDUGD7ULDV
168
%ULWRV 6HUUDW .KO GH 0RQHV PHQFLRQD SDUD R HVSDQKRO
XUXJXDLRFRORTXLDOHUXUDOVLJQLILFDGRVTXHHYROXtUDPVHPDQWLFDPHQWHSDUD
³SHUMXGLFDU D µDOJXLHQ¶ R DUUXLQDU VXV SODQHV´ FRORTXLDO H ³REVHUYDU
FDXWHORVDPHQWHDµDOJXLHQ¶RDOJR´
¬SULPHLUDYLVWDDUHODomRHQWUHHVWHVVLJQLILFDGRVQmRSDUHFHyEYLD3RU
HVVDUD]mRH[LVWHPWHQWDWLYDVEDVWDQWHGLYHUJHQWHVGHH[SOLFDUDVGLIHUHQWHV
DFHSo}HV $ PDLV FRQYLQFHQWH DSUHVHQWD %DO QD EDVH GH
IRQWHV SRUWXJXHVDV QHHUODQGHVDV H IUDQFHVDV VREUH D UHJLmR GR &RQJR QR
VpFXOR ;9, 2 DXWRU LQGLFD FRPR pWLPR R WRS{QLPR 0SXPER TXH p
UHODFLRQDGRDRHWQ{QLPRGH:XXPEXHDSOLFDGRjVWUrVUHJL}HVRFXSDGDVSRU
HVWDHWQLDQRVpFXOR;9,QRHQWmR&RQJR%DO(VWHVWHUULWyULRVR
.ZDQJR ,QIHULRU D UHJLmR GRV FRQIOXHQWHV GR .ZDQJR H GD :DPED EHP
FRPR GR 3RRO 0DOHER HUDP UHJL}HV GH XP FRPpUFLR LQWHQVR H SRU HVVD
UD]mRRWRS{QLPRWRUQRXVHVLQ{QLPRGH³OXJDUGHIHLUD´%DO2V
FRPHUFLDQWHVSRUWXJXHVHVTXHIUHTXHQWDYDPHVWDVIHLUDVUHFHEHUDPVHJXQGR
%DO R QRPH GH SRPEHLUR &RQIRUPH %DO IRUDP
FKDPDGRV GH SRPEHLURV WDPEpP RV HPLVViULRV GRV FRPHUFLDQWHV TXH
SRGHULDPVHULQFOXVLYHHVFUDYRVRXH[HVFUDYRVOLEHUWDGRV$OLJDomRFRPR
VHQWLGR GH SDSLDPHQWX ERPED ³FDSDWD]´ SDUHFH HYLGHQWH VH FRQVLGHUDUPRV
TXHHVWHVFRPHUFLDQWHVHUDPHPJUDQGHQ~PHURWUDILFDQWHVGHHVFUDYRVHSRU
LVVR RV SUySULRV FRPHUFLDQWHV RX VHXV HPLVViULRV DIULFDQRV YLJLDYDP RV
HVFUDYRV GHVGH D FRPSUD DWp D UHYHQGD $ UHODomR FRP R VLJQLILFDGR GH
³HVSLmR´ GR SRUWXJXrV ERPEHLUR H GR HVSDQKRO ERPEHUR WRUQDVH HYLGHQWH
XPD YH] TXH R FDSDWD] WHP SRU IXQomR YLJLDU RV HVFUDYRV 6DUDLYD >@DSRQWDQDGLUHomRGH%DOPHQFLRQDQGRTXH SRPEHVHULD
³XVDGRQRUHLQRGH$QJROD´GHVLJQDQGR³DSHVVRDTXHYDLDRVHUWmRQHJRFLDU
DFRPSUDGRVHVFUDYRV´
(P SDSLDPHQWX R VXEVWDQWLYR ERPED QmR HUD VRPHQWH D GHQRPLQDomR
SDUDRFDSDWD]PDVWRUQRXVHWDPEpPXPDSHODWLYRHLQFOXVLYHXPWtWXORH
QRPHSUySULR%UHQQHNHU1RVUHODWRVGH%UHQQHNHU
VmRPHQFLRQDGRVFRPRH[HPSORVSDUDRXVRGHERPEDFRPRWtWXORQRPH
%RPED0DVKLYDQ6DQ-XDQH%RPED7MVDGR
(QTXDQWR /RSHV FRQVLGHUD R SRUWXJXrV ERPEHDU ³HVSLRQDU´ H R SRUWXJXrV
ERPEHLUR ³HVSLmR´ XP HPSUpVWLPR LQGLUHWR GR TXLPEXQGR SRPER ³HVSLmR´ DWUDYpV GR
HVSDQKRO ULRSODWHQVH ERPEHDU R PHVPR DXWRU FRQVLGHUD R SRUWXJXrV ERPEHLUR ³YHQGHGRU
DPEXODQWH´ XP HPSUpVWLPR GLUHWR GR TXLPEXQGR SRPER QD DFHSomR GH ³PHQVDJHLUR´
&RURPLQDVH[SOLFDDUHODomRHQWUHRVHQWLGRGRHVSDQKROERPED³PiTXLQDSDUDHOHYDU
DJXD´HRVHQWLGRGHERPEHDU³HVSLDU´DQiORJRDRLQJOrVWRSXPS³VRQDFDUDOJXQR´³REWHQHU
GDWRVGHDOJXLpQLQWHUURJiQGROH´HGRLQJOrVSXPS³PiTXLQDGHHOHYDUDJXDERPED´0DGXUR
FRQVLGHUDRSDSLDPHQWXERPERXPDGHULYDomRUHJUHVVLYDGRHVSDQKRODERPEDGR
0DVHPXPWUDEDOKRSRVWHULRURDXWRUSHUFHEHXPDUHODomRFRP RLQJOrVMDPDLFDQR ERPPD
³SHVVRD TXH FRRUGHQD RV FDQWRVGH WUDEDOKRGRV HVFUDYRV´ 0DGXUR 3DUNYDOO QR
SUHORPHQFLRQDDH[LVWrQFLDGHERPED³DEOXVWHULQJRYHUEHDULQJSHUVRQ´QRFULRXORGHEDVH
OH[LFDOLQJOHVDGDV,OKDV9LUJHQVHYrXPDUHODomRFRPIRQEXPED³VWURQJ´
169
6HJXQGR%UHQQHNHURVERPEDVHUDPHPUHJUDJHUDOHVFUDYRV
PDV KRXYH WDPEpP FDVRVGH SHVVRDV OLYUHVWHUHP WUDEDOKDGR FRPR ERPED
2V HVFUDYRV TXH H[HUFLDP HVWD IXQomRWLQKDP R SULYLOpJLR GH QmR SRGHUHP
VHU FDVWLJDGRV FRUSRUDOPHQWH 6HJXQGR R PHVPR DXWRU DWp GHSRLV GD
DEROLomR GD HVFUDYLGmR RV FDSDWD]HV GDV SODQWDo}HV FRQWLQXDUDP D VHU
FKDPDGRVGHERPED
.DFKLPED
2 VXEVWDQWLYR GR SDSLDPHQWX NDFKLPED SRVVXL R PHVPR VHQWLGR GR VHX
FRJQDWRQRSRUWXJXrVFDFKLPERQDVXDDFHSomRSULQFLSDOGH
>@ XWHQVtOLR SDUD IXPDU IHLWR GH PDGHLUD EDUUR RX RXWURV PDWHULDLV TXH
FRQVLVWH QXP WXER GHOJDGR TXH WHP QXPD GDV H[WUHPLGDGHV XP UHFLSLHQWH
IRUQLOKRRQGH VH FRORFDH VH ID]DUGHUWDEDFRRXRXWURSURGXWRHQD RXWUD
H[WUHPLGDGHXPD DEHUWXUD RXERFDOSRURQGHVH DVSLUD DIXPDoD+RXDLVVH
9LOODU
&RPR pWLPR &DVWUR LQGLFD R TXLFRQJR TXLPEXQGR NXVKLPSD
NXVKLPED ³IXPDU´ 2XWURV HYRFDP WDPEpP D SRVVLELOLGDGH GD RULJHP GR
TXLPEXQGX NL[LPD 5RXJp +RXDLVV H 9LOODU RX NDKXPD
³LQVWUXPHQWR SDUD IXPDU´ +RXDLVV H 9LOODU VHUHP R pWLPR GH
FDFKLPER
1RHVSDQKROULRSODWHQVHVmRGXDVDVIRUPDVFRJQDWDV
· FDFKLPER YHU 3HUHGD 9DOGpV %ULWRV 6HUUDW 2UWL] 2GHULJR .KO GH 0RQHV FRQIRUPH 7HMHUD
YROH5DPRV*XpGH]WDPEpPQRHVSDQKRO
YHQH]XHODQR Ki HVWD IRUPD H VHJXQGR 3DUNYDOO QR SUHOR QR
HVSDQKRO GRPLQLFDQR RQGH VH IRUPRX DOpP GLVVR R YHUER
GHQRPLQDO FDFKLPEi ³OOHQDU HO FDFKLPER GH WDEDFR´ 'HPRUL]L
H
· FDFKLPED IRUPD FRPSDUWLGD FRP R HVSDQKRO SHQLQVXODU LQIRUPDO
FDFKLPEDYHU+DHQVFKH:HUQHU0ROLQHUYRO
*XDUQLHULH.KOGH0RQHVPHQFLRQDPSDUDR
8UXJXDLFDFKLPEDDSHQDVQRVHQWLGRGH³SRoRQDWXUDORXDUWLILFLDO
GHiJXD´
6HJXQGR3DUNYDOOQRSUHORKi NDFKLPEDHFRJQDWRVGH NDFKLPEDWDPEpP
HP RXWURV FULRXORV DWOkQWLFRV 2 DXWRU PHQFLRQD RV FULRXORV MDPDLFDQR
9DOH UHVVDOWDU TXH FDFKLPER WDPEpP QR SRUWXJXrV HXURSHX p D ~QLFD IRUPD XVDGD SDUD
GHVLJQDUHVWHUHIHUHQWHYHUSRUH[HPSOR7DYDUHVHWDO
170
KDLWLDQR H SULQFLSHQVH FRP R PHVPR VHQWLGRDOpP GLVVR R SDOHQTXHUR H R
HVSDQKRO FRORPELDQR FDFKXPED ³WDEDFR YHOKR´ H FDFKLPED ³FKHLUR GH
WDEDFR´ ³FDER GH WDEDFR´ /DQJ H 5RXJp PHQFLRQDP ND[LQEX SDUD R NDEXYHUGLDQX GH 6DQWLDJR 5RXJp WDPEpP NLQW[LED SDUD R OXQJ
LH H NLQW[LPRQ SDUD R IRUUR DOHJDQGR TXH
NLQW[LEDSRGHVHUHPSUHVWDGRGLUHWDPHQWHGRTXLPEXQGR
3DUD R SDSLDPHQWX 3XWWHGH :LQGW H 3XWWH LQGLFDP TXH R
SDSLDPHQWX NDFKLPED VHULD DQWLTXDGR 3XWWH H 3XWWHGH :LQGW LQGLFDP FRPR HTXLYDOrQFLD GR QHHUODQGrV SLMS ³FDFKLPER´ HP SULPHLUR
OXJDU R SDSLDPHQWX SLSD H FRPR IRUPD DQWLTXDGD NDFKLPED 1DV
HTXLYDOrQFLDVHPSDSLDPHQWXGRVFRPSRVWRVQHHUODQGHVHVSLMSURNHQ³IXPDU
FDFKLPED´ H SLMSWDEDN ³WDEDFR GH FDFKLPED´ QmR VH LQGLFD NDFKLPED PDV
SLSD KXPD SLSD H WDEDNX GL SLSD 'LMNKRII PHQFLRQD QR VHX
GLFLRQiULR PRQROtQJXH GH SDODYUDV GR SDSLDPHQWX GH $UXED GH WHPSRV
DQWLJRV FDFKLPED FRP R VLJQLILFDGR GH ³SLSD SD KXPD´ -RXEHUW SRUpP QmR LQGLFD R SDSLDPHQWX NDFKLPED FRPR DQWLTXDGR PHVPR
XVDQGR HVWD PDUFDomR GLDFU{QLFD HP RXWUDV HQWUDGDV $OpP GLVVR FRQVWD
NDFKLPED QD OLVWD GH RUWRJUDILD GH SDODYUDV GR SDSLDPHQWX UHFHQWHPHQWH
HGLWDGD)XQGDVKRQSD3ODQLILNDVKRQGL,GLRPD
.DQJD
(QWUH R YHUER GR SDSLDPHQWX NDQJD ³DUUHJDoDU´ H R VXEVWDQWLYR SRUWXJXrV
FDQJDQDDFHSomRGH³UHWkQJXORRXWULkQJXORGHWHFLGRTXHVHHQURODJHUGD
FLQWXUDSDUDEDL[RSRUFLPDGDURXSDGHEDQKRVDtGDGHSUDLD´+RXDLVVH
9LOODU SDUHFH KDYHU XPD UHODomR HWLPROyJLFD XPD YH] TXH R
VLJQLILFDGR GR YHUER SDSLDPHQWX NDQJD p SUy[LPR GR YHUER TXLFRQJR
QNDQJDNDQJD³DPDUUDU´TXH&DVWURLQGLFDpWLPRGRSRUWXJXrV
FDQJD6HJXQGR&DVWURRRXWURVLJQLILFDGRGHQNDQJDp³WHFLGR
FRPTXHDVPXOKHUHVVXVWHQWDPDFULDQoDDPDUUDGDHPYROWDGRFRUSR´
0DGXURH:RRGFRQVLGHUDPRSDSLDPHQWXNDQJD
FRPR XP HPSUpVWLPR GR LQJOrV LQJOrV NLQN\ SRU FDXVD GH XP DOHJDGR
VHQWLGR SUy[LPR GR LQJOrV NLQN\ FRP R SDSLDPHQWX NDQJD QD FRORFDomR
NDQJD VD\D ³DUUHJDoDU D VDLD´ 2 DGMHWLYR LQJOrV NLQN\ TXH VLJQLILFD QD
DFHSomR SULQFLSDO ³UHWRUFLGR HQURVFDGR FKHLR GH FRFDV RX GREUDV´
:HLV]IORJ SRVVXL UHDOPHQWH DOJXQV VHPHV HP FRPXP FRP R
2XWURV FULRXORV GR &DULEH QmR FRPSDUWHP HVWD HWLPRORJLD SDUD R OH[HPD GHVLJQDWLYR GH
³FDFKLPER´ 3RU H[HPSOR 6UDQDQWRQJR SHLSL SLSD %ODQNHU H 'XEEHOGDP QHJHUKROODQGVSLSD-RQJHFULRXORJXDGDOXSHQVHSLS7RXUQHX[H%DUERWLQ
9HU WDPEpP 0DLD TXH LQGLFD SDUD SRUWXJXrV DPDUUDU HP TXLFRQJR NDQJD
FRPRXPDGDVDOWHUQDWLYDVGHWUDGXomR
171
SDSLDPHQWX NDQJD HP UHODomR FRP RV HIHLWRV GD DomR 3RUpP HVWD
HWLPRORJLD DOHJDGD SRU 0DGXUR H :RRG SDUHFH PXLWR
LPSURYiYHO 2 SDSLDPHQWX WHULD TXH WHU GHVHQYROYLGR XP YHUER GH DomR D
SDUWLU GH XP VHPD GH DGMHWLYR TXH GHVLJQD DSHQDV R UHVXOWDGR GHVWD DomR
VHP FRQVLGHUDU DV PXGDQoDV IRQpWLFDV 3DUHFH PXLWR PDLV SODXVtYHO TXH R
pWLPRGRSDSLDPHQWXNDQJDVHMDRTXLFRQJRNDQJDFRPR&DVWUR
DOHJDSDUDRSRUWXJXrVGR%UDVLO
2XWUDVDFHSo}HVHPSRUWXJXrVHQRHVSDQKROULRSODWHQVHFRPRFDQJDQR
VHQWLGRGH³MXJRSHoDGHPDGHLUDXVSDUDSUHQGHUMXQWDGHERLVDFDUURRX
DUDGR´ +RXDLVV H 9LOODU RX ³SDOR HQ IRUPD GH KRUTXHWD FX\RV
H[WUHPRVVXSHULRUHVVHVXMHWDQDOFXHOORGHODQLPDOYDFXQRSDUDHYLWDUFUXFH
DWUDYpVGHODODPEUDGRTXHFHUFDXQFDPSR´+DHQVFKH:HUQHU
RX³7UDEDKHFKDFRQWUHVSDORVFUX]DGRVIRUPDQGRXQWULiQJXORRFRQ
XQ SDOR HQ IRUPD GH KRUTXHWD TXH VH VXMHWD DO FXHOOR GH XQ DQLPDO SDUD
HYLWDU TXH FUXFH D WUDYpV GHO DODPEUDGR TXH GHOLPLWD XQ FDPSR´ .KO GH
0RQHV VmR WUDGLFLRQDOPHQWH FRQVLGHUDGRV FRPR HPSUpVWLPRV GR
FpOWLFR+RXDLVVH9LOODU0H\HU/ENH$DFHSomRGH
FDQJD ³MXJR GH ERL´ H[LVWH WDPEpP QDV ,OKDV &DQiULDV YHU 2¶6KDQDKDQ
H QD SHQtQVXOD LEpULFD .UJHU (P 2UHQVH SRU
H[HPSORGHVLJQDXPWLSRHVSHFLDOGHMXJRTXHOLJDRVERLVQDQXFD.UJHU
$OpPGLVVR.UJHULQIRUPDTXHQRHVSDQKROUHJLRQDO
GH 6DODPDQFD FDQJD VLJQLILFD ³DUDGR GLVSXHVWR SDUD XQD VROD FDEDOOHUtD´
6HJXQGR0H\HU/ENHQD*DOL]DHQRQRUWHGH3RUWXJDOFDQJD
SRGH VLJQLILFDU WDPEpP ³YLJD´ RX WDPEpP ³FDPLQKR HVWUHLWR HQWUH GXDV
URFKDV´&RURPLQDVH3DVFXDOFRQVLGHUDPFDQJDQRVHQWLGRGH³MXJR´
FRPRIRUPDWtSLFDGRJDOHJRSRUWXJXrVPDVPHQFLRQDPWDPEpPTXHRFRUUH
HP $QGDOX]LD QR VHQWLGR GH ³MXQWD GH DQLPDLV´ 6HULD SUHFLVR H[SOLFDU D
SUHVHQoD GH FDQJD QD DFHSomR GH ³MXJR´ QHVWDV UHJL}HV GD (VSDQKD H GH
3RUWXJDOQDVTXDLVIRLDWHVWDGDSDUDSRGHUDILUPDUFRPFHUWH]DDEVROXWDTXH
QRFDVRGHFDQJD³MXJR´VHWUDWDGHXPDIULFDQLVPR'RXWURODGRVHIRUXP
FHOWLVPR GR QRURHVWH GD SHQtQVXOD LEpULFD ID]VH PLVWHU H[SOLFDU SRUTXH
MXVWDPHQWH HVWD IRUPD UHJLRQDO SDVVRX DVHU XVXDO QR %UDVLOH QDUHJLmRGR
5LRGD3UDWD
$DUJXPHQWDomROLQJtVWLFDGH0H\HU/ENHTXHFDQJDVHULD
XPFHOWLVPRWDPSRXFRpPXLWRFRQYLQFHQWHSRUTXHUHFHEHSRXFRDSRLRHP
IDWRV DSUHVHQWDGRV SHOR DXWRU FRPR DOLiV UHVVDOWDP WDPEpP &RURPLQDV H
9HUWDPEpP/DJXDUGD7UtDV%ULWRV6HUUDW2UWL]2GHULJR
/DJXDUGD7UtDVDYHQWDDKLSyWHVHTXHHPTXLPEXQGRVHULDXPHPSUpVWLPRGR
SRUWXJXrV6HDKLSyWHVHGRFHOWLVPRIRUFRUUHWDDSUHVHQoDGHFDQJDQR5LRGD3UDWDSRGHULD
VHU H[SOLFDGD SHOD SUHVHQoD GRV LPLJUDQWHV JDOHJRV VHJXQGR 0DJGDOHQD &ROO FRPXQLFDomR
SHVVRDO
172
3DVFXDO XPD YH] TXH D IRUPD FHOWD FDQJD p DSHQDV XPD
UHFRQVWUXomR QmR GRFXPHQWDGD (QTXDQWR 0H\HU/ENH GHVFDUWDXPDOLJDomRFRPRJDOrVFDPELFD³PDGHLUDFXUYDGD´DOHJDQGRTXH
HVWD IRUPD SRGH VHU XPD HYROXomR GR JDOrV FDPELWD ³MDQWH´ &RURPLQDV H
3DVFXDO DUJXPHQWDP D IDYRU GR FHOWD FDPELFD FRPR GHULYDGR GH
FDPERV³FXUYD´$QRVVRYHUXPDOLJDomRVHPkQWLFDFRPXPDIRUPDFHOWD
FDPER³FXUYD´'HODPDUUHH[LVWHQDIRUPDVHQGRRMXJRGHERL
WDPEpP FXUYDGR PDV D SUR[LPLGDGH VHPkQWLFD FRP D LGpLD GH ³DPDUUDU´
QRVSDUHFHPDLVyEYLDeLQWHUHVVDQWHTXH0H\HU/ENHH&RURPLQDV
H3DVFXDOQHPVHTXHUHYRFDPDKLSyWHVHGHXPDHWLPRORJLDDIULFDQD
HLVVRHPERUDRIDWRGHTXHDSULPHLUDGRFXPHQWDomRGHFDQJDHPHVSDQKRO
GDWD VHJXQGR &RURPLQDV H 3DVFXDO GH H HP SRUWXJXrV
VHJXQGR+RXDLVVH9LOODUGRVpFXOR;,9
(PSDSLDPHQWXDOpPGRYHUERNDQJDKiFRORFDo}HVHGHULYDo}HVGHVWH
YHUER $ FRORFDomR NDQJD VD\D SRVVXL VHJXQGR 3XWWHGH :LQGW H 3XWWH
GXDVDFHSo}HV³DUUHJDoDUDVDLD´H³[LQJDUYRFLIHUDU´
2 DGMHWLYR NDQJD VLJQLILFD VHJXQGR 3XWWHGH :LQGW H 3XWWH ³SREUH VHP PHLRV´ R DGMHWLYR NDQJi ³]DQJDGR LUULWDGR´ VHQGR VHX XVR
UHVWULWRjLUULWDomRIHPLQLQD3XWWHGH:LQGWH3XWWH
$ SDUWLU GD VHJXQGD DFHSomR GH NDQJD VD\D IRUPDUDPVH DLQGD RV
VXEVWDQWLYRVGHYHUEDLVNDQJDGyGLVD\D+RHWLQNHND\DPHQWXGL
VD\D 0DUXJJ $ UHODomR VHPkQWLFD HQWUH DV GXDV DFHSo}HV GH
NDQJDVD\DWRUQDVHHYLGHQWHSHODH[SOLFDomRGDFRORFDomRGDGDSRU0DUXJJ
³+LVDVD\DQDODULDLWUqNHVWHLIURQGyGLDWUDV*HVWRNXVLHUWR
PXKpQDQWiKDVLRUDQDQ]XQGUD´/HYDQWDUDVDLDDRDUID]HQGRPRYLPHQWR
FLUFXODUSDUDWUiVFRPRVHXHQJRPDGR*HVWRFRVWXPHLURGHFHUWDVPXOKHUHV
TXDQGRYRFLIHUDPWUDGXomRQRVVD+RHWLQNGHILQHNDQJDGyGH
VD\DFRPR³PXOKHUTXHpXPDH[SHUWDQR[LQJDPHQWRFRQVHJXLQGRJUDoDVD
HVWDKDELOLGDGHLQJUHVVRVRFDVLRQDLV´WUDGXomRQRVVD2DXWRULQIRUPDTXH
KDYLD DQWLJDPHQWH R FRVWXPH GH FRQWUDWDU HP FDVR GH FRQIOLWRV PXOKHUHV
TXH H[HUFLDP R SDSHO GH [LQJDGRUD 2 VLJQLILFDGR GR DGMHWLYR NDQJi
³]DQJDGRLUULWDGR´H[SOLFDVHIDFLOPHQWHDSDUWLUGRJHVWRHGDSURILVVmRD
SDUWLU GHVWD ~OWLPD WDOYH] WDPEpP R VLJQLILFDGR GH NDQJD ³SREUH VHP
PHLRV´$OpPGLVVRH[LVWHRWRSyQLPR.DQJDQDLOKDGH&XUDoDR
&DEH PHQFLRQDU SDUD RV OHLWRUHV TXH VmR PHQRV IDPLOLDUL]DGRV FRP RV HVWXGRV GH
HWLPRORJLD TXH R DVWHULVFR TXH DQWHFHGH XPD IRUPD VLJQLILFD TXH QmR Ki GRFXPHQWDomR
KLVWyULFD SDUD D PHVPD PDV TXH VH WUDWD DSHQDV GH XPD UHFRQVWUXomR YHU SRU H[HPSOR
(QGUXVFKDWH6FKPLGW5DGHIHOGW'HODPDUUH:DUWEXUJ6FKPLWW
%UDQGW
9HU YDQ %XXUW 6HJXQGR %UHQQHNHU XP EDLUUR GH UHVLGrQFLD QR
VXGHVWHGH6DQWD0DULDDQWLJDPHQWHXPDSODQWDomR
173
.RQJD
(P SDSLDPHQWX NRQJD VLJQLILFD R PHVPR TXH QR SRUWXJXrV FRQJD QD
DFHSomRGH³WLSRGHWDPERU´3XWWHGH:LQGWH3XWWH+RXDLVVH
9LOODU (P SDSLDPHQWX HVWH p R ~QLFR VLJQLILFDGR PHQFLRQDGR QD
OH[LFRJUDILD H NRQJD QmR p PHQFLRQDGR HP *DQVHPDQV FRPR
LQVWUXPHQWRGDFXOWXUDDIURDQWLOKDQDHP$UXED%RQDLUHH&XUDoDR
$OpP GD DFHSomR GHVLJQDWLYD GH XP LQVWUXPHQWR PXVLFDO R GLFLRQiULR
+RXDLVV PHQFLRQD TXH FRQJD GHVLJQD XPD GDQoD DIURFXEDQD EHP FRPR D
P~VLFDTXHDFRPSDQKDHVWDGDQoD+RXDLVVH9LOODU/RSHV
FRQVLGHUDRVXEVWDQWLYRSRUWXJXrVFRQJDFRPRXPHPSUpVWLPRGRHVSDQKRO
FXEDQR HYRFDQGR DV SRVVLELOLGDGHV TXH FRQJD QHVWD YDULHGDGH GR HVSDQKRO
VHMD XP HPSUpVWLPR GR TXLFRQJR QNXQJD ³FDQWR FDQomR´ RX GR WRS{QLPR
&RQJR
1RSRUWXJXrVKiDLQGDDGHULYDomRFRQJDGDGHVLJQDWLYDGHXPDGDQoDH
P~VLFD DIUREUDVLOHLUD TXH GHYH WHU D PHVPD HWLPRORJLD 3DUD R HVSDQKRO
XUXJXDLR%HUWRORWWLQHVWHYROXPHDWHVWDWDPEpPXPXVRFRPRHWQ{QLPR
.KOGH0RQHVPHQFLRQDSDUDRHVSDQKROXUXJXDLRDSHQDVRVHQWLGR
³MXHJRGHQDLSHVHQHOTXHSDUWLFLSDQYDULRVMXJDGRUHVFRQVLHWHFDUWDVXQR\
TXHFRQVLVWHHQIRUPDUHVFDOHUDV\SLHUQDV´.KOGH0RQHV
0DQGLQJD0DQ]LQJD
$ SDODYUD 0DQGLQJD H[LVWH HP SDSLDPHQWX DSHQDV FRPR WRS{QLPR 2
%XUDFXGL0DQGLQJDpVHJXQGR%UHQQHNHUXPDFRYDQD5RQGH
.OLS FDYDGD SRU HVFUDYRV VHJXQGR D WUDGLomR RUDO 9DQ %XXUW LQGLFD DOpP GLVVR R WRS{QLPR 6HUX GL 0DQGLQJD GHVLJQDWLYR GH XPD
PRQWDQKDWDPEpPQDVFHUFDQLDVGD5RQGH.OLS
0DQ]LQJDVHJXQGR3XWWHGH:LQGWH3XWWHpHPSDSLDPHQWX
XPDGMHWLYRTXHVLJQLILFD³JUDQGHHIRUWH´([LVWHWDPEpPDFRORFDomRWRUR
PDQ]LQJD TXH QR ULWXDO GR 6pX IHVWD GH DomR GH JUDoDV SHODV FROKHLWDV
GHVLJQD R WRXUR DGXOWR TXH p YHQFLGR QXPD OXWD FRP R WRXUR MRYHP WRUR
PDQFHER SHOR ~OWLPR YHU 3XWWHGH :LQGW H 3XWWH 9DQ %XXUW
LQIRUPD TXH HVWD WUDGLomR EDVHLDVH QXP FRQWR WUDGLFLRQDO GH
0DQ]LQJD XP WRXUR PDOYDGR TXH p YHQFLGR SHOR VHX SUySULR ILOKR
0DQFHER
7DPEpP QR FDVR GH FRQJD WUDWDVH GH XP LQWHUQDFLRQDOLVPR PXQGLDO GH RULJHP DIULFDQD
SRLV Ki FRQJD SHOR PHQRV HP QHHUODQGrV LQJOrV DOHPmR LWDOLDQR IUDQFrV EDKDVD PDODLR
FDWDOmR JDOpV JDOHJR QRUXHJXrV H VXHFR &I WDPEpP EDVFR NRQJDN SRORQrV NRQJL
GLQDPDUTXrV FRQJDWURPPHU ILQODQGrV FRQJDUXPPXW E~OJDUR PDFHG{QLR UXVVR ɤɨɧɝɚ
XFUDQLkQRɤɨɧʉɚKHEUDLFRʤʢʰʯʷʩʴʯʺ
0DGXURLQGLFDWDPEpPDYDULDQWHPD]LQJD
174
9DQ%XXUWFRQVLGHUD PDQ]LQJDFRPRVXEVWDQWLYRGHVLJQDQGR
XP VHU PDOYDGR RX R GLDER XP VLJQLILFDGR WDPEpP XVXDO SDUD R FRJQDWR
PDQGLQJD QR HVSDQKRO YHQH]XHODQR 5DPRV *XpGH] DUJHQWLQR
+DHQVFKH:HUQHUHXUXJXDLR.KOGH0RQHV0DGXUR
LQGLFD FRPR HWLPRORJLD R HWQ{QLPR PDQGLQJD &DVWUR SRUpP SURS}H SDUD PDQGLQJD HP SRUWXJXrV GXDV HWLPRORJLDV
GLIHUHQWHV 3DUD D DFHSomR ³EUX[DULD DUGLO´ D DXWRUD SURS}H FRPR pWLPR R
TXLFRQJRTXLPEXQGR PD]LQJD ³DomR GH FRPSOLFDU GH LPSHGLU WDPEpP SRU
IHLWLoR´ SDUD R HWQ{QLPR D DXWRUD SURS}H FRPR pWLPR R HWQ{QLPR
FRUUHVSRQGHQWHGDOtQJXDPDQGr
0DULPEDH0DUtPEXOD
0DULPED H[LVWH QR SDSLDPHQWX QR PHVPR VHQWLGR GR SRUWXJXrV H GR
HVSDQKRO ³LQVWUXPHQWR GH SHUFXVVmR FRQVWLWXtGR SRU SODFDV GH PDGHLUD
IRUPDQGR XP WHFODGR SHUFXWLGDV SRU GXDV EDTXHWDV WHQGR FDEDoDV FRPR
UHVVRDGRUHV´ +RXDLVV H 9LOODU TXLFRQJR TXLPEXQGR PDGLPED
XPEXQGRRPDOLPEDYHU&DVWURHVHSRGHDQRVVRYHUWDPEpP
FRQVLGHUDU FRPR XP LQWHUQDFLRQDOLVPR PXQGLDO GH RULJHP DIULFDQD 9DQ
%XXUWQRHQWDQWRFODVVLILFD PDULPEDHPSDSLDPHQWXQmRFRPR
LQWHUQDFLRQDOLVPR PDV FRPR DIULFDQLVPR JHQXtQR GR SDSLDPHQWX FRPR
UHVXOWDGRGRFRQWDWRGLUHWRFRPOtQJXDVEDQWXMXQWRFRPPDUtPEXODTXHYDQ
%XXUW FRQVLGHUD HWLPRORJLFDPHQWH UHODFLRQDGR FRP PDULPED
PHVPR VH WUDWDQGR GH GRLV LQVWUXPHQWRV GLIHUHQWHV FRPR GHL[DP FODUR DV
GHILQLo}HVGDGDVHP3XWWHGH:LQGWH3XWWH
PDULPED VXV PX] PDULPED GH V
! [\ORIRRQ PHW NODQNEXL]HQ RQGHU GH
DQJHVODJHQ SODWHQ [\OyIRQR FRP UHVVRDGRUHV DEDL[R GDV OkPLQDV WUDGXomR
QRVVD3XWWHGH:LQGWH3XWWH
PDUtPEXOD >PDUtPEROD $>UXED@ VXV EHSDDOG VRRUW /DWLMQV$PHULNDDQV
PX]LHNLQVWUXPHQW EHVWDDQGH XLW HHQ NODQNNDVW PHW GDDURS PHWDOHQ YHUHQ
JHPRQWHHUG GHWHUPLQDGR WLSR GH LQVWUXPHQWR ODWLQRDPHULFDQR TXH FRQVLVWH
HP XPD FDL[D GH UHVVRQkQFLD FRP OkPLQDV PHWiOLFDV PRQWDGDV DFLPD GD
FDL[DWUDGXomRQRVVD3XWWHGH:LQGWH3XWWH
6HJXQGR 5RXJp p PDQGLQJD HP *XLQp%LVVDX H QD &DVDPDQFH DSHQDV XP
HWQ{QLPRQRNDEXYHUGLDQRGH6DQWLDJRVHULDXPYHUERVLJQLILFDQGR³ILFDUORXFR´H³DPXDU
VH´>GHYHQLUIRXERXGHU@(PIRUURGH6mR7RPpPDQGMLQNDVLJQLILFD³FROpULFRIXULRVR´
0DULPEDKiSHORPHQRVHPDOHPmREDL[RVD[mRFDWDOmRFKHFRGLQDPDUTXrVHVORYHQR
HVWRQLDQR ILQODQGrV IUDQFrV IUtVLR JDOHJR LQJOrV LWDOLDQR OLPEXUJXrV OHWmR QHHUODQGrV
QRUXHJXrV SRORQrV URPHQR WXUFR QD JUDILD ɦɚɪɢɦɛɚ HP E~OJDUR UXVVR H XFUDQLDQR QD
JUDILDʤʡʮʩʸʮ HPKHEUDLFR
3XWWHGH:LQW H 3XWWH GHILQHP FRQWXGR DSHQDV PDUtPEXOD FRPR IRUPD TXH
GHVLJQDXPLQVWUXPHQWRODWLQRDPHULFDQR
175
%DVHDQGRVH QDV SHVTXLVDV GH *DQVHPDQV YDQ %XXUW UHIHUHTXHDUDL]LPEDHPPXLWDVOtQJXDVEDQWXpUHODFLRQDGDDRFDQWRRXj
PHORGLD 0DULPED PDGLPED SOXUDO GH GLGLPED ³WHFOD´ VLJQLILFD
VHJXQGRHVWDDQiOLVHOLWHUDOPHQWH³WHFODV´1RFDVRGHPDUtPEXODRVXIL[R
XOD VLJQLILFDULD ³DOJXpP ID] DOJR SDUD DOJXpP´ SRUWDQWR R VLJQLILFDGR
RULJLQDO GH PDUtPEXOD VHULD ³WRFDU D PDULPED HP KRQUD GH DOJXpP´
*DQVHPDQVQRHQWDQWRLQIRUPDTXH PDULPEDHPDUtPEXODVmR
XVDGDV HP $UXED FRPR VLQ{QLPRV HQTXDQWR TXH HP %RQDLUH SUHGRPLQD
PDUtPEXOD2PHVPRDXWRU*DQVHPDQVFDOFXODTXHRLQVWUXPHQWR
IRLLQWURGX]LGRQDV$QWLOKDV1HHUODQGHVDVDSHQDVQRFRPHoRGRVpFXOR;;
PDVDSRQWDWDPEpPSDUDRIDWRGHTXHRQ~PHURGHOkPLQDVHP%RQDLUHH
$UXED VmR OLPLWDGRV DR Q~PHUR GH D HQTXDQWR HP &XED H 3RUWR 5LFR
SRGHP VHU RX PDLV *DQVHPDQV 3DUD PDULPED QR HVSDQKRO
XUXJXDLRYHMDVH)HUQiQGH]*XHUUDQHVWHYROXPHTXHDSRQWDSDUDXPXVR
PDLVDPSORTXDQWRDRVWLSRVGHLQVWUXPHQWRVGHVLJQDGRVSHOROH[HPD
0RQGRQJR
2VLJQLILFDGREiVLFRGHPRQGRQJR³WULSDV´pRPHVPRHPSDSLDPHQWXHP
SRUWXJXrV H QR HVSDQKRO (P SDSLDPHQWX GLVWLQJXHVH HQWUH WULSD ³WULSDV
KXPDQDV´ H PRQGRQJR ³WULSDV DQLPDLV´ 5DFK (VWH VHQWLGR GH
EDVH FRQYHUJH FRP R pWLPR TXH &DVWUR LQGLFD ³.LN PXQJXQJX
PXQGXQJX YHLDV WHQG}HV PHPEUDQDV QHUYRV ItJDGR H FRUDomR GH FHUWRV
DQLPDLVHVVHV~OWLPRVRIHUHFLGRVHPVDFULItFLRDXPJUDQGHFKHIHRXDXP
LQTXLFH´&DVWUR
$VRSLQL}HVVREUHDHWLPRORJLDGHPRQGRQJRFRQWXGRQmRVmRXQkQLPHV
0H\HU/ENHVHJXH%DLVWHVXS}HXPDUHODomRFRP
RHVSDQKRODOEyQGLJDHRSRUWXJXrVDOPyQGHJDiUDEHEXQG~JD³EROLQKDGH
FDUQH´ &RURPLQDV H 3DVFXDO UHMHLWDP HVWD KLSyWHVH H DYHQWDP TXH
PRQGRQJR p XPD GHULYDomR GR HVSDQKRO EDQGXOOR ³YHQWUH FRQMXQWR GDV
WULSDV´iUDEHEDWQ6HJXQGRHVWDKLSyWHVH³/DVIRUPDVFRQPVHH[SOLFDQ
ELHQSRUDVLPLODFLyQGHXQDEDODQDVDOVLJXLHQWH\VyORODVIRUPDVHQEVH
KDOODQHQOD(GDG0HGLD/XHJRHVSODXVLEOHSDUWLUGH EDWQ>«@ELHQGRFX
PHQWDGR HQ HO iU FOiVLFR \ HQ HO YXOJDU GH (VSDxD´ &RURPLQDV H 3DVFXDO
'H IDWR PRQGRQJR H[LVWH WDPEpP QR SRUWXJXrV HXURSHX QR
&I 9LOODU TXH LQGLFD SDUD R SRUWXJXrV HXURSHX PRQGRQJR FRP DV VHJXLQWHV
DFHSo}HVPL~GRVGHDOJXQVDQLPDLVSRUFRERLHWFSHVVRDVXMDGHVPD]HODGDWUDSRV
IUDQJDOKRV $OpP GLVVR Ki VHJXQGR 9LOODU QR SRUWXJXrV HXURSHX R VXEVWDQWLYR
IHPLQLQR PRQGRQJD FRP DV DFHSo}HV GH PXOKHU TXH OLPSD RV PRQGRQJRV PLXGRV GH
SRUFR H GH ERL PXOKHU VXMD GHVPD]HODGD IHPLQLQR GH PRQGRQJR 2XWUDV SDODYUDV
UHODFLRQDGDV QR SRUWXJXrV HXURSHX VmR VHJXQGR9LOODU PDQGRQJD >%HLUD %DL[D@
³PXOKHUVXMDGHVPD]HODGDPXOKHUGHDVSHFWRUHSXJQDQWHKRUUHQGRPRVWUHQJDHPDQGURQJD
PXOKHUSUHJXLoRVD´
176
JDOHJR QR HVSDQKRO SHQLQVXODU QR FDWDOmR &RURPLQDV H QR EDVFR
RQGH VLJQLILFD ³FKRXULoR GH VDQJXH´ 6H PRQGRQJR IRU XP DIULFDQLVPR
ID]VHPLVWHUH[SOLFDUVXDSUHVHQoDHPWRGDVDVOtQJXDVGDSHQtQVXODLEpULFD
&RPRYLPRVQRH[HPSORGRSRUWXJXrVFDFKLPERKiWDPEpPQDVYDULHGDGHV
SHQLQVXODUHVGDVOtQJXDVLEpULFDVHPSUpVWLPRVGHOtQJXDVDIULFDQDVTXHQmR
VmR LQWHUQDFLRQDOLVPRV PXQGLDLV GH RULJHP DIULFDQD $V GDWDo}HV GH
PRQGRQJR HP HVSDQKRO &RURPLQDV H 3DVFXDO R DQR H
HPSRUWXJXrV+RXDLVVH9LOODURDQRVmREHPSRVWHULRUHVDRV
SULPHLURV FRQWDWRV GRV SRUWXJXHVHV FRP RV SRYRV EDQWX PDV IDUVHLD
QHFHVViULR WDPEpP H[SOLFDU SRUTXH MXVWDPHQWH R VLJQLILFDGR GH ³WULSDV GH
FHUWRV DQLPDLV´ IRL HPSUHVWDGR GR TXLFRQJR SHOR SRUWXJXrV HXURSHX SHOR
HVSDQKRO SHQLQVXODU H SHOR FDWDOmR 2UWL] HYRFD XPD UHVSRVWD
SRVVtYHODRSRQGHUDUDSRVVLELOLGDGHGHPRQGRQJRVHUXPDIULFDQLVPRFRPR
UHVXOWDGRGRFRQWDWRHQWUHDIULFDQRVHHVSDQKyLVHP$QGDOX]LD
0RQGRQJR HV RULJLQDULDPHQWH XQ DQGDOXFLVPR SHUR SHUPtWDVHPH HO DWUHYL
PLHQWRELHQSXGLHUDGHULYDUVHGHOÈIULFDGHOOHQJXDMHGHORVHVFODYRVQHJURV
WDQH[WHQGLGRVHQ$QGDOXFtDDXQDQWHVGHOGHVFXEULPLHQWRGH$PpULFD(OKH
FKL]RQGRQJRUHVLGHVLHPSUHHQHOHVWyPDJRGHODVSHUVRQDVKHFKL]DGDV\WR
GDV ODV HQIHUPHGDGHV GHO HVWyPDJR VH DWULEX\HQ DO QGRQJR ¢1R SRGUtDQ ORV
HVFODYRVDIURDQGDOXFHVKDEHUOOHYDGRD6HYLOODHVDYR]\OXHJRKDEHUVHH[WHQ
GLGRSRUWRGDOD$PpULFDSRUORVFRORQL]DGRUHVSUHFLVDPHQWHSDUDIDFLOLWDUVX
LQWHOLJHQFLDFRQORVHVFODYRV"1RKD\SRUTXpGXGDUGHODLQIOXHQFLDGHOKDEOD
QHJUD HQ ODV H[SUHVLRQHV YXOJDUHV HQ $QGDOXFtD HQ FLHUWD pSRFD \D OHMDQD
2UWL]
$OpP GLVVR YDOH UHVVDOWDU TXH QD $PpULFD /DWLQD PRQGRQJR p JHUDOPHQWH
YLVWR FRPR OLJDGR j FXOWXUD FXOLQiULD DIURDPHULFDQD (VWH IDWRU FRPR
WDPEpP R IDWR GH TXH R OH[HPD GR TXLFRQJR PXQGXQJX IRQHWLFDPHQWH p
PDLV SUy[LPR D PRQGRQJR GR TXH R iUDEH EDWQ PHVPR VH VH FRQVLGHUDU
EDQGXOOR FRPR IRUPD LQWHUPHGLiULDQmR VmR WRPDGRV HP FRQVLGHUDomRSRU
$OpPGRVXEVWDQWLYRH[LVWHWDPEpPFRPRDGMHWLYRFRPRVLJQLILFDGRGH³EUDQGRPROHQ
HVSHFLDOUHIHULGRDSHVFDGR´)HL]y&LGYRO
0H\HU/ENH H[FOXL D SRVVLELOLGDGH TXH PRQGRQJR VHMD XP HPSUpVWLPR GR
EDVFRSRUVHUHVWDXPDIRUPDLVRODGDQHVWHLGLRPD/|SHOPDQQQmRWUDWDGDHWLPRORJLD
GHPRQGRQJR$XOHVWLDLQGLFDRVLJQLILFDGRGHPRQGRQJRHPEDVFRFRP³ODUJH
VDXVDJH´ $]NXH YRO FRP ³PRUFLOORQ ERXGLQ´ H PHQFLRQD FRPR IRUPD
VHFXQGiULDPRQGURQJR
6HJXQGR&25'(DGRFXPHQWDomRPDLVDQWLJDpGRILQDOGRVpFXOR;9,HPXPDREUDGH
*yQJRUD ³(Q YLHQGR XQD QXWULD GHVWDVFRQ GXSOLFDFLyQ GH EDUEDVSRQJR PL VRPEUHUR HQ
FREURSRUTXHSLHQVRTXHHVWDUDVFD0RQGRQJXHUDGHSODoXHODHVXQDJRUGDDVHQWDGD\D
VXPRQGRQJROHVLUYHODEDUULJDGHWLQDMDEDUULJDVD\FRQDOIRU]DV\DVVtFRQYQDJRUGD
]DFRQHVFDOHUDGHDUUXJDVSXHGHQFROJDUXQDVDOD´*yQJRUD\$UJRWH/XLVGH
HP&25'(
9HU SRU H[HPSOR SDUD 9HQH]XHOD 5DPRV *XpGH] ÈOYDUH] H
6RSHQDSDUD&RORPELD6DQWDPDULDWRPR
177
&RURPLQDVH3DVFXDOH0H\HU/ENHTXHQHPVHTXHUHYRFDP
DSRVVLELOLGDGHGHXPpWLPRDIULFDQR
2XWURIDWRUDHVFODUHFHUVmRRVVLJQLILFDGRVTXHVHGHVHQYROYHUDPDSDUWLU
GR VHQWLGR EiVLFR (P SDSLDPHQWX PRQGRQJR GHVLJQD DOpP GDV WULSDV GH
DQLPDLVWDPEpPXPSUDWRGHGREUDGLQKDVERYLQDVHQRVHQWLGRILJXUDGRR
LQWHULRU SVtTXLFR GH XPD SHVVRD 3XWWHGH :LQGW H 3XWWH $OpP
GLVVRH[LVWHXPDULFDIUDVHRORJLDWDPEpPUHODFLRQDGDDHVWD~OWLPDDFHSomR
FRPRHP
QREHQGHERPRQGRQJRNXWXUKHQGH±YHUWURXZMHJHKHLPHQQLHWDDQLHGHUHQ
WRH 3XWWHGH :LQGWH 3XWWH QmRYHQGD VHX PRQGRQJRSDUD WRGR
PXQGRLHQmRFRQILHVHXVVHJUHGRVDWRGRPXQGRWUDGXomRQRVVD
2XWUDVXQLGDGHVIUDVHROyJLFDVVmRUHODFLRQDGDVjDFHSomRFXOLQiULDFRPRQD
FRORFDomR VRSL GL PRQGRQJR ³VRSD GH PRQGRQJR´ RX DR VHQWLGR EiVLFR
FRPRHP
QRSRUVDNDPRQGRQJRKLQND\HUEDGLEDQDQD±KHWKHPGLVQDGHUGDQGHURN
3XWWHGH :LQGW H 3XWWH QmRSRGHQGR WLUDU PRQGRQJR SHJXH GD
SODQWDGHEDQDQDLHSX[DUDEUDVDSDUDVXDVDUGLQKDWUDGXomRQRVVD
$LQGD RXWUDV PRVWUDP XPD FRQYHUJrQFLD FRP R VHQWLGR ULRSODWHQVH GH
³SDQoD´FRPR
D PRQGRQJR GL OREL ± EROOH EXLN 3XWWHGH :LQGW H 3XWWH PRQGRQJRUHGRQGRLHEDUULJDSDQoXGDEDUULJXGDWUDGXomRQRVVD
EPDQHUDJXHQJRVLQPRQGRQJR±]RPDJHUDOVHQODWFRPRXPFDPDUmR
VHPPRQGRQJRLHPDJURFRPRXPSDOLWRWUDGXomRQRVVD3XWWHGH:LQGWH
3XWWH
F JXHSL VLQ PRQGRQJR ± EURRGPDJHU LHPDQG ]DPEDLRUROLoR > W\ORVXUXV
FURFRGLORV@VHPPRQGRQJRLHDOJXpPPXLWRPDJURWUDGXomRQRVVD3XWWH
GH:LQGWH3XWWH
8P WUDoR VHPkQWLFR TXH GHX RULJHP D HYROXomR VHPkQWLFD HP XQLGDGHV
IUDVHROyJLFDV p >UXJRVR@ GD HVWUXWXUD UXJRVD GD VXSHUItFLH GR PRQGRQJR
FRPRHPVqUEqWHGLPRQGRQJR³WRDOKDIHOSXGD´1mRKiHPSDSLDPHQWXRV
VLJQLILFDGRVOLJDGRVDLGHLDGHVXMHLUDTXHKiHPSRUWXJXrV
9HUDVHJXQGDDFHSomRIRUPXODGDGHPDQHLUDLGrQWLFDHP+DHQVFKH:HUQHUH
.KOGH0RQHV³9LHQWUHGHXQDSHUVRQDHVSHFLDOPHQWHFXDQGRHVDEXOWDGR´$
SURHPLQrQFLDEDUULJDOQDH[SUHVVmRXUXJXDLDWHQHUPRQGRQJRpODWHUDODJUDGHoR0DJGDOHQD
&ROOSRUHVWDLQIRUPDomR
1R HVSDQKRO GR 8UXJXDL Ki WDPEpP D FRPSDUDomR FRP D HVWUXWXUD GH XPD WRDOKD
FRPXQLFDomRSHVVRDOGH0DJGDOHQD&ROO1RFULRXORGD*XLDQDIUDQFHVDPRQGRQJVLJQLILFD
³DVSpULWpUXJRVLWpVDLOOLH´-DGIDUG
9HU DOpP GDV DFHSo}HV GR SRUWXJXrV HXURSHX DV DFHSo}HV PHQFLRQDGDV SHOR GLFLRQiULR
+RXDLVV³LQGLYtGXRGHDSDUrQFLDGHVPD]HODGDVXMDPDOWUDSLOKR´+RXDLVVH9LOODU
178
(WQ{QLPRVGHRULJHPDIULFDQDOXDQJRJXHQLPDFDPED
(P SDSLDPHQWX FRPR QRSRUWXJXrV GR %UDVLO H QR HVSDQKRO XUXJXDLR YHU
ÈOYDUH]/ySH]QHVWHYROXPHKiHWQ{QLPRVGHRULJHPDIULFDQD3RUpPQmR
VmR RV PHVPRV FRPR YLPRV QR H[HPSOR GH SDSLDPHQWX PDQ]LQJD TXH
HYROXLX HP SDSLDPHQWX SDUD XP DGMHWLYR GLPHQVLRQDO SHUGHQGR WRGD
FRQRWDomR HWQRQtPLFD &RQWXGR YDOH PHQFLRQDU D H[LVWrQFLD GH WUrV
HWQ{QLPRV DQWLJRV LPSRUWDQWHV GH RULJHP DIULFDQD OXDQJX JXHQL H
PDFDPED 2V SULPHLURV GRLV UHIHUHPVH jV GXDV SULQFLSDLV PDFURUHJL}HV
GDVTXDLVRVHVFUDYRVIRUDPOHYDGRVJXHQLSDUDÈIULFD2FLGHQWDOHOXDQJX
SDUD /XDQJR H $QJROD (VWHV HWQ{QLPRV HUDP XVDGRV WDQWR FRPR DXWR
TXDQWR FRPR KHWHURHWQ{QLPR 2 WHUFHLUR HWQ{QLPR PDNDPED p XP
KHWHURHWQ{QLPR SDUD GHVLJQDU RV FRORQL]DGRUHV LH RV KRODQGHVHV 2V
HWQ{QLPRVGHRULJHPDIULFDQDQRHVSDQKROXUXJXDLRHQRSRUWXJXrVGR%UDVLO
WUDWDGRV SRU ÈOYDUH] /ySH] QHVWH YROXPH LH EHQJXHOD FDELQGD FDIUH
FDOHQJR FDPXQGD FDVDQFKH FRQJR IXOD OXDQGD OXEROR PDJL PLQD H
PR]DPELTXH QmR FRQVWDP QD REUD OH[LFRJUiILFD PDLV FRPSOHWD GR
SDSLDPHQWXTXHpRGLFLRQiULRGH3XWWHGH:LQGWH3XWWH3RUpPKi
XP LQWHUHVVH HP LQFOXLU QHVWH HVWXGR RV WUrV HWQ{QLPRV GR SDSLDPHQWX
PHQFLRQDGRV DFLPD OXDQJX JXHQL PDNDPED SRU GHPRQVWUDUHP
GHVHQYROYLPHQWRV VHPkQWLFRV SUySULRV GR SDSLDPHQWX TXH VXEOLQKDP D
GLIHUHQoDFRPRSRUWXJXrVGR%UDVLOHFRPRHVSDQKROXUXJXDLRDSHVDUGHDV
PDFURUHJL}HV GH RQGH RV HVFUDYRV IRUDP GHSRUWDGRV SDUD &XUDoDR SDUD R
%UDVLO H SDUD R 8UXJXDL H[FHWR 0RoDPELTXH WHUHP VLGR DV PHVPDV
/XDQJX/XDQJR
1R SDSLDPHQWX FRQWHPSRUkQHR OXDQJX VLJQLILFD FRPR DGMHWLYR ³PXLWR
FRORULGRFRPFRUHVFKDPDWLYDV´3XWWHGH:LQGWH3XWWHHFRPR
VXEVWDQWLYR ³DOJXpP TXH VH YHVWH PXLWR FRORULGR´ 3XWWHGH :LQGW H 3XWWH
±VHJXQGR-RXEHUWOXDQJXQHVWHVHQWLGRSRVVXLXPD
FRQRWDomR QHJDWLYD SRLV QmR Vy GHVLJQD XPD SHVVRD TXH p YHVWLGD FRP
1D RQRPiVWLFD GLVWLQJXHVH HQWUH WHUPRV TXH XP JUXSR pWQLFR XVD SDUD VH GHVLJQDU D VL
PHVPRRTXHFKDPDPRVDTXLGHDXWRHWQ{QLPRHWHUPRVFRPTXDLVXPDGHWHUPLQDGDHWQLD
p GHVLJQDGD SRU RXWUDV HWQLDV R TXH FKDPDPRV DTXL GH KHWHURHWQ{QLPR $ WHUPLQRORJLD
UHIHUHQWH D HVWHV FRQFHLWRV QmR p XQLIRUPH :LWNRZVNL H =JXVWD XVDPRVWHUPRVDXWHWQ{QLPR$XWKHWQRQ\PHPDOHPmRHDXWHWKRQ\PHPLQJOrVYHUVXVDOR
HWQ{QLQRPR$OHWKQRQ\PHPDOHPmRHDOOHWKQRQ\PHPLQJOrV%URPOH\GLVWLQ
JXH HQWUH HQGRHWQ{QLPR HWQ{QLPR GH DXWRLGHQWLILFDomR H[RHWQ{QLPR HWQ{QLPR GDGR D
XPD HWQLD SRU RXWUDV HWQLDV H SROLW{QLPR WHUPR SDUD WRGRV RV FLGDGmRV TXH YLYHP QDV
IURQWHLUDVGHXPSDtVRXGHXPDRXWUDRUJDQL]DomRVRFLDO±XPH[HPSORKLVWyULFREHPFODUR
GHXPSROLW{QLPRVHULDVRYLpWLFR6NXWQDEE.DQJDVXVDRVWHUPRVDXWRYHUVXV
KHWHURHWQ{QLPR
179
URXSDV PXLWR FRORULGDV PDV WDPEpP TXH HVWDV FRUHV QmR FRPELQDP
6HJXQGR YDQ %XXUW H +RHWLQN QHVWH VHQWLGR SHMRUDWLYR
OXDQJX SRGH WDPEpP VHU XVDGR HP FDVRV TXH QmR FRQFHUQHP R YHVWXiULR
FRPRQDVH[SUHVV}HVHNROyQDQWiNHGD/XDQJR³HVWDVFRUHVILFDPOXDQJR´
WUDGXomR QRVVD %XXUW H KHQGH OXDQJX ³SHVVRDV FRP XP JRVWR
SRXFRVRILVWLFDGR´WUDGXomRQRVVD+RHWLQN
/XDQJX VH UHIHUH jUHJLmRDIULFDQD /XDQJR RQGH RV EDQWXOHYDGRV SDUD
&XUDoDRIRUDPHVFUDYL]DGRVHFRPHUFLDOL]DGRV6HJXQGR3RVWPD
HPEDUFDUDP GH /XDQJR HQWUH H GRV HVFUDYRV GD
&RPSDQKLD GDV ËQGLDV 2FLGHQWDLV QHHUODQGHVD :,& XP Q~PHUR TXH VH
HOHYRX QD GpFDGD GH D H EDL[RX QD ~OWLPD GpFDGD GHVWH
SHUtRGR SDUD 6HJXQGR $OOHQ D :,& XVRX HP &XUDoDR
HVFUDYRV RULXQGRV GH /XDQJR SDUD FXLGDU GRV HVFUDYRV UHFHQWHPHQWH
FKHJDGRV3RUpPVXUJLUDPWDPEpPXVRVGHOXDQJXFRPFRQRWDomRQHJDWLYD
FRPRQRGLWDGR
3Xxi SD OXDQJX EDNRED SD PDNDNX 3XWWHGH :LQGW H 3XWWH SXQKDOSDUDOXDQJREDQDQDSDUDPDFDFRLHID]HUJDWRHVDSDWRGHDOJXpP
WUDGXomRQRVVD
RXQRHQXQFLDGRVHJXLQWHDQRWDGRSRUXPSDGUHQHHUODQGrVHP
%HVWLDTXLFRERWDFDUGDIHUGLXQGDERDYLQLODGURQ/XDQJR(QXQFLDGR
SRU3XWQDPQXPDFDUWDDRVVHXVSDLVGHGHPDUoRGHFLWDGRVHJXQGR
$OOHQ$QLPDORTXHpTXHYRFrOHPEUDGHRQGHYRFrYHLRODGUmR
OXDQJXWUDGXomRQRVVD
9DQ%XXUWPHQFLRQDTXHOXDQJXWDPEpPVHXVDYDSDUDRVHVFUDYRV
UHFpPFKHJDGRVQRGHFRUUHUGRWHPSRQRHQWDQWRUHFHEHXRVLJQLILFDGRGH
³SHVVRDV GD ÈIULFD´ R TXH GHPRQVWUD R VHJXLQWH WUHFKR GH XPD HQWUHYLVWD
FRPXPLQIRUPDQWHTXHQDVFHXHP
5$
&(
'LNRQD\DPDQDQ
/XDQJX
"
3DVy QDQ QR WDEDWD KHQGH GMDNL 1DQ D ELQL GL XQ SDUWL GL $IULND
$OOHQ5$ 3RU TXH HUDP FKDPDGRV /XDQJR
" &(
3RUTXH HOHV QmRHUDP JHQWHGDTXL (OHV YLHUDPGH DOJXPD SDUWHGD
ÈIULFDWUDGXomRQRVVD
+i RXWURV SURYpUELRV TXH GHPRQVWUDP TXH RV HVFUDYRV TXH YLYHUDP RX
QDVFHUDPHP&XUDoDRVHQWLDPVHVXSHULRUDRVUHFpPFKHJDGRVHTXHOXDQJX
QHVWHFRQWH[WRpXVDGRQRVHQWLGRGH³ERoDO´QDDFHSomRGH³UHIHUHQWHDRX
HVFUDYRQHJURUHFpPFKHJDGRGDÈIULFD>@´+RXDLVVH9LOODU
3DUDXPDKLVWyULDFRQFLVDGH/XDQJRFI'HQQHWW
180
(VNXERZHODOXDQJXDVLxDERDZHGLPLNULR\RDVLxDPLD\HUDNDED$OOHQ
2TXH D VXD DYyOXDQJXWHHQVLQRX KRMHD PLQKDDYyFULRXOD PH
HQVLQRXRQWHPWUDGXomRQRVVD
1D OLWHUDWXUD RUDO DIURFXUDoDRHQVH KDYLD R JrQHUR GRV .XHQWD GL /XDQJR
UHODWDQGRREVHUYDo}HVGDYLGDFRWLGLDQDGXUDQWHDHVFUDYLGmRPDVWDPEpP
HVWyULDV IDQWiVWLFDV FRPR DV TXH FRQWDP TXH QR FDVR GH GHVFRQWHQWDPHQWR
FRP DV FRQGLo}HV GH YLGD FRPR HVFUDYRV RV OXDQJX SRGLDP YRDU GH YROWD
SDUD ÈIULFD VRE D FRQGLomR GH QmR WHUHP FRPLGR VDO YHU SRU H[HPSOR
%UHQQHNHU$OOHQ
&RPRQRHVSDQKROYHQH]XHODQR5DPRV*XpGH]³OXDQJRV
DGM OHQJXD HVWURSDMRVD´ OXDQJX SRGH VHU HP SDSLDPHQWX WDPEpP
UHODFLRQDGR j OtQJXD RX PHOKRU D XPD PDQHLUD GH IDODU GLILFLOPHQWH
HQWHQGtYHO 6HJXQGR /DWRXU D H[SUHVVmR SDSLD OXDQJR
VLJQLILFD³IDODUFRLVDVVHPVHQWLGR´
/XDQJR ID] SDUWH WDPEpP GH DOJXQV WRS{QLPRV GH &XUDoDR FRPR 3R]
/XDQJR HP :LOLERUGXV H 6HUNi /XDQJX $OOHQ $OpP GLVVR p
OXDQJX SDUWH GR QRPH GH XPD HUYD XVDGD HP SUiWLFDV GH EUXD D IHLWLoDULD
EDVHDGD HP FUHQoDV UHOLJLRVDV DIURFXUDoDRHQVHV 7UDWDVH GD HUYD
GHQRPLQDGD3XWD/XDQJRXVDGDSDUDWUDQVIRUPDUXPDPXOKHU KRQUDGDHP
XPDSURVWLWXWDGHUXD%UHQQHNHURXSDUDVHJXUDURDDPDQWHHP
FDVD0DUXJJ
&DVWUR PHQFLRQD SDUD R SRUWXJXrV D H[LVWrQFLD GR OH[HPD
OXDQJRQDOLQJXDJHPUHOLJLRVDGR&DQGRPEOpFRPRWtWXORSDUD³=D]LTXHp
LGHQWLILFDGR FRPR 6mR 3HGUR H HTXLYDOHQWH GH;DQJ{ YHOKR´ &DVWUR &RPR pWLPR D DXWRUD SRUpP QmR LQGLFD R HWQ{QLPR OXDQJR PDV R
TXLFRQJROXQDQJX³YHQWRIRUWHIRUMDGRU´
1R HVSDQKRO XUXJXDLR ORDQJR OXDQJR RX ORDQJD VmR HWQ{QLPRV
GHVLJQDWLYRVGHDIULFDQRVRULXQGRVGR5HLQRGH/XDQJR%ULWRV6HUUDW
FRQIXQGH SRUpP /XDQJR FRP /XDQGD QR HVSDQKRO YHQH]XHODQR
VLJQLILFD FRPR PHQFLRQDGR DQWHULRUPHQWH ³OHQJXD HVWURSDMRVD GLItFLO GH
HQWHQGHU SHUVRQD TXH QR SURQXQFLD ELHQ VX OHQJXD FLHUWR DSHOOLGR´
0HJHQQH\ YHU WDPEpP ÈOYDUH] 0HJHQQH\ DYDQoD D KLSyWHVH TXH HVWH VLJQLILFDGR VH GHYH DR IDWR GH TXH RV
HVFUDYRV RULXQGRV GH &XUDoDR TXH FKHJDUDP D 9HQH]XHOD IDODYDP
SDSLDPHQWX TXH HUD GH GLItFLO HQWHQGLPHQWR SDUD RV YHQH]XHODQRV &RPR
HWQ{QLPR OXDQJR WDPEpP p GRFXPHQWDGR QR HVSDQKRO FXEDQR 2UWL] *DUFtD *RQ]iOH] H 9DOGpV $FRVWD H QR SDOHQTXHUR
6FKZHJOHU
181
*XHQL
3XWWHGH :LQGW H 3XWWH LQGLFDP FRPR VHQWLGR GH JXHQL ³JXLQpX´
DSHQDVDDFHSomRGHVLJQDWLYDGHXPDOtQJXDIDODGDDQWLJDPHQWHSRUHVFUDYRV
GHRULJHPDIULFDQDHVHXVGHVFHQGHQWHV
*XHQL *XLQHHV KHW! HHUWLMGV WDDO JHVSURNHQ GRRU XLW $IULFD DINRPVWLJH
VODYHQ HQ KXQ QDNRPHOLQJHQ 3XWWHGH :LQGW H 3XWWH OtQJXD
IDODGD DQWLJDPHQWH SRU HVFUDYRV GH RULJHP DIULFDQD H VHXV GHVFHQGHQWHV
WUDGXomRQRVVD
'HIDWRpHVVHRXVRPDLVFRPXPKRMHHPGLD2JXHQLVREUHYLYHXDWpKRMH
HP IUDJPHQWRV GH P~VLFDV DV NDQWLNDV GL JXHQL FDQWLJDV GH JXHQL (VWDV
HUDP RULJLQDOPHQWH P~VLFDV FDQWDGDV GXUDQWH R WUDEDOKR YHU %UHQQHNHU
2V FDSDWD]HV jV YH]HV FKHJDUDP DWp D SURLELU RV HVFUDYRV GH
FDQWDUHPHPJXHQLSRUTXHRVWHPDVSULQFLSDLVGHVWDVFDQo}HVHUDPDYLGD
FRPRHVFUDYRRFDSDWD]HOHPHVPRRXRGRQRGRVHVFUDYRV$VNDQWLNDVGL
JXHQL IRUDP WDPEpP FDQWDGDV HP ULWXDLV H RUDo}HV SRU H[HPSOR DQWHV GR
DWRGHFRUWDUXPDiUYRUHDQWLJDTXDQGRRFRUWHGDPHVPDHUDLQHYLWiYHOYHU
%UHQQHNHU 3RU PXLWRV JXHQL p VLPSOHVPHQWH D OtQJXD GRV VHXV
DQFHVWUDLVFRPRPRVWUDRVHJXLQWHWUHFKRGHXPDHQWUHYLVWD
(OHQJDQRVWDELVDQRVWDZHODWDELVDQRVWDWDWDELVDWDOHQJDGLJXHQL:qO
QLXQ GL QRV QR NRQRVp H KHQGHQDQ NX D SDSLD H OHQJD HL 1RV D WHQGH
VRODPHQWHNXQDQWDEDWDELEDGHQHPXQGXDNtSURPpNXQRVDELQELEDDNt
>«@ $ZRU QRV WD NDQWD H NDQWLNDQDQ QD JXHQL SHUR H WHPSXQDQ HL QDQ QR
WDEDWD NDQWD H NDQWLNDQDQ VR QDQ WDEDWD SDSLD JXHQL PDQHUD QRV Wi SDSLD
SDSLDPHQWX DZRU $OOHQ $ OtQJXD QyV GL]HPRV QRVVR DY{ GL]
QRVVRSDLGL]pDOtQJXDJXLQp%RPQLQJXpPGHQyVFRQKHFHDVSHVVRDVTXH
IDODYDPHVWDOtQJXD1yVRXYLPRVDSHQDVGL]HUTXHHOHVYLYLDPQHVWHPXQGR
DTXL DQWHV GH QyV WHUPRV YLQGR D YLYHU DTXL >@ $JRUD QyV FDQWDPRV DV
FDQo}HV HP JXLQp PDV QDTXHOHV WHPSRV HOHV QmR VRPHQWH FDQWDYDP DV
FDQo}HV PDV WDPEpP IDODYDP JXLQp GD PHVPD PDQHLUD TXH QyV IDODPRV
SDSLDPHQWXDJRUDWUDGXomRQRVVD
(VWD FRQYLFomR TXH R JXHQL HUD D OtQJXD FRWLGLDQD GRV HVFUDYRV p WDPEpP
GHIHQGLGD SRU OLQJXLVWDV FRPR 0DUWLQXV 1D VXD WHVH GH GRXWRUDGR
0DUWLQXV WHQWD UHFRQVWUXLOR D SDUWLU GH IUDJPHQWRV FRQVHUYDGRV QDV
NDQWLNDVGLJXHQL
2VLJQLILFDGRFRPRHWQ{QLPRQRHQWDQWRTXHpRULJHPGDGHVLJQDomRGD
OtQJXD QmR HVWi IRUD GH XVR $OOHQ FRPR PRVWUD R WUHFKR GD
HQWUHYLVWDDQWHULRUPHQWHFLWDGDFRPXPLQIRUPDQWHGHDQRV
(QWUHYLVWDFRP(GXDUGR7RNDDLQDVFLGRHPIHLWDSRU0DU\5RVH$OOHQQRGLDGH
VHWHPEURGHFLWDGDVHJXQGR$OOHQ
182
&(0
DODQWDNRQRVpXQVHxRUDNXWDEDWDELEDQD0RQWDxD(WDEDWDNDEHVGL
H ODEDGHQDQ GL 1HZSRUWXJXrV ( WDEDWD \X GL XQ JXHQL 6X WDWD WDEDWD XQ
JXHQL´$OOHQ4XDQGRHUDMRYHPFRQKHFLXPDPXOKHUTXHYLYLDQD
PRQWDQKD (OD HUD D FKHIH GDV ODYDGRUDV GR SRUWR GH 1HZSRUWXJXrV (OD HUD
ILOKDGHXPJXLQpX6HXSDLHUDXPJXLQpXWUDGXomRQRVVD
2TXHGHPRQVWUDHVWHH[HPSORpTXHRIDODQWHFRPRREVHUYD$OOHQ
XVD D GHVLJQDomR JXHQL DSHQDV SDUD SHVVRDV QDVFLGDV QD ÈIULFD H QmR
SDUDVHXVGHVFHQGHQWHVMiQDVFLGRVQDLOKDGH&XUDoDR
2XWURLQIRUPDQWHGH$OOHQUHODFLRQDRJXHQLFRPROtQJXDFRP
DFDWHJRULDGHUDoDXVDQGRSDSLDPHQWXUDVDQRVHQWLGRGHHWQLD
6HJXQGR 2UWL] 2GHULJR KDEODU JXLQHR KDEODU HQ JXLQHR H
KDEODU D OR JXLQHR HP HVSDQKRO H IDOD JXLQp EHP FRPR IDODU JXLQp HP
SRUWXJXrV HUDP FRORFDo}HV XVXDLV QRV VpFXORV ;9,;9,, SDUD UHIHULUVH j
OLQJXDJHP DIURKLVSDQD QD (VSDQKD H DIURSRUWXJXHVD HP 3RUWXJDO 2UWL]
2GHULJR
$OpP GLVVR QR SRUWXJXrV GR %UDVLO JXLQp p XP VXEVWDQWLYR IHPLQLQR
GHVLJQDWLYR GH XPD ³KHUEiFHD WLGD FRPR GLXUpWLFD H XVDGD SDUD DIDVWDU RV
PDXVHVStULWRV´&DVWUR$PHVPDDXWRUDFRQVLGHUDHVWHOH[HPD
FRPRXPDIRUPDomREUDVLOHLUDDSDUWLU GRSRUWXJXrV*XLQpFRPRWRS{QLPR
GHVLJQDWLYR GH ³WRGD D FRVWD RFLGHQWDO GD ÈIULFD QR VpFXOR ;9,´ &DVWUR
RTXHYDOHWDPEpPSDUDHVSDQKRO*XLQHD2UWL]2GHULJR
$ RULJHP GH *XLQp p REVFXUD PDV QHQKXPD GDV WHRULDV GLVFXWLGDV
2WHUROHYDQWDXPDKLSyWHVHGHRULJHPQmRDIULFDQD
1RSRUWXJXrVGR%UDVLOIDODGRHP3HUQDPEXFRKiWDPEpPXPDDFHSomR
GH JXLQp GHVLJQDWLYR GD JDOLQKDG
DQJROD 1XPLGD PHOHDJULV +RXDLVV H
9LOODU &DVWUR SRUpP QmR UHVWULQJH R XVR GH JDOLQKDGH
JXLQpD3HUQDPEXFR
0DFDPED
8PHWQ{QLPRTXHpXVDGRDSHQDVFRPRKHWHURHWQ{QLPRpPDFDPED3XWWH
GH:LQGWH3XWWHPHQFLRQDPSDUDRSDSLDPHQWXFRQWHPSRUkQHR
DVVHJXLQWHVDFHSo}HV
0DNDPEDVXEVWDQWLYR 1HGHUODQGHU +ROODQGHU QHHUODQGrV KRODQGrV
WUDGXomRQRVVD
+LPDQWRSXVKLPDQWRSXVVWHOWNOXXWSHUQLORQJRWUDGXomRQRVVD
$OpP GLVVR PHQFLRQDVH R PDNDPED PDULQLU &KDHWRGRQ FDSLVWUDWXV XP
SHL[HOLVWUDGRGHSUHWRHEUDQFRTXHYLYHHPUHFLIHVGHFRUDLV
$ HWLPRORJLD GH PDNDPED p FODUD TXLFRQJRTXLPEXQGR PDNDPED
³FDPDUDGD FRPSDQKHLUR´ YHU &DVWUR /RSHV YDQ
183
%XXUW&RPHVWHVLJQLILFDGRHVLJQLILFDGRVSUy[LPRVDSDODYUD
H[LVWH WDPEpP QR HVSDQKRO XUXJXDLR H QR SRUWXJXrV GR %UDVLO 6HJXQGR
%ULWRV 6HUUDW R HVSDQKRO PDFDPED ³FRPSDxHUR FDPDUDGD
DPLJR´SHUWHQFHQRHVSDQKROXUXJXDLRjOLQJXDJHPQHJUDDUFDLFD6HJXQGR
2UWL]2GHULJRHUDXVDGRHPWRGDUHJLmRGR5LRGD3UDWDSHORV
³DQFLDQRV DIURUULRSODWHQVHV´ 2UWL] 2GHULJR 1R SRUWXJXrV GR
%UDVLOpXVDGRQDOLQJXDJHPSRSXODUSUy[LPRjVHPkQWLFDGRVHXpWLPRQR
VHQWLGR GH ³FDPDUDGD FRPSDQKHLUR IUHJXrV´ &DVWUR 2
GLFLRQiULR +RXDLVV PDUFD PDFDPED FRPR UHJLRQDOLVPR UHVWULQJLGR DR 5LR
GH-DQHLURHFRPRGLDFURQLVPRFRPDVDFHSo}HVGH
QRPH SHOR TXDO RV HVFUDYRV VH FKDPDYDP XQV DRV RXWURV TXDQGR
SHUWHQFHQWHVDXPPHVPRGRQR
DSHOLGRGDGRSHODVTXLWDQGHLUDVDVHXVIUHJXHVHVHFOLHQWHV
DPXOKHUFRPRpGHVLJQDGDQDVHLWDFDEXOD+RXDLVVH9LOODU
0LQJDV PHQFLRQD D IRUPD FDPED ³DPLJR´ TXLPEXQGR
GLNDPED LH VHP SUHIL[R FODVVLILFDGRU FRPR HPSUpVWLPR GR TXLPEXQGR
SDUD R SRUWXJXrV GH /XDQGD 1R HVSDQKRO XUXJXDLR FDPED H[LVWH QD
OLQJXDJHPFRORTXLDOPDVFRPXPVLJQLILFDGRGLIHUHQWHTXH.KOGH0RQHV
GHILQHFRPR³3HUVRQDTXHYLYHVLQSULYDFLRQHVJR]DQGRORVSODFHUHV
GH VX SRVLFLyQ DFRPRGDGD´ &RQWXGR .KO GH 0RQHV FRQVLGHUD
FDPED FRPR LQYHUVmR VLOiELFD GH EDFiQ GH PDQHLUD TXH QmR Yr QHQKXPD
OLJDomRHWLPROyJLFDFRPXPDOtQJXDDIULFDQD1RSRUWXJXrVGR%UDVLOH[LVWH
DIRUPDDUFDLFDFDPEiSDUDGHVLJQDUVROGDGRVQHJURVQDJXHUUDGR3DUDJXDL
QR VpFXOR ;,; &DVWUR 7DQWR R HVSDQKRO XUXJXDLR .KO GH
0RQHV TXDQWR R SRUWXJXrV GR %UDVLO &DVWUR SRVVXHP D
IRUPD GHULYDGD FDPEDGD 1R HVSDQKRO XUXJXDLR FRP R VLJQLILFDGR GH
³FRQMXQWRRJUXSRGHSHUVRQDVDGLQHUDGDVGHDOWDVRFLHGDGTXHYLYHQFRPR
EDFDQHV´ .KO GH 0RQHV 1R SRUWXJXrV GR %UDVLO KRXYH XPD
H[WHQVmR VHPkQWLFD DOpP GR WUDoR >KXPDQR@ ³FRUMD DJUXSDPHQWR GH
SHVVRDV SHQFD HQILDGD GH FRLVDV SHQGXUDGDV QR PHVPR JDQFKR FRUGHO´
&DVWUR $OpP GHVWDV DFHSo}HV +RXDLVV H 9LOODU PHQFLRQDPXPDRXWUDPDUFDGDFRPREUDVLOHLULVPR³JUXSRGHSHVVRDVFRP
DOJXPDFDUDFWHUtVWLFDHPFRPXPSH[GDPHVPDFODVVHVRFLDORXIDPtOLD
RX TXH WrP D PHVPD IXQomR HWF´ TXH VH DSUR[LPD GR VLJQLILFDGR QR
HVSDQKROXUXJXDLR
(P SDSLDPHQWX D VHPkQWLFD GH PDFDPED WHPVH DIDVWDGR PXLWR GR VHX
pWLPR6REUHDTXHVWmRVHKiXPDUHODomRHWLPROyJLFDHQWUHDVGHVLJQDo}HV
SDUD R +LPDQWRSXV KLPDQWRSXV H R &KDHWRGRQ FDSLVWUDWXVSRGHULDPRV
DSHQDV p SRVVtYHO HVSHFXODU UD]mR SHOD TXDO QmR QRV GHWHUHPRV D HVWD
TXHVWmR1mRpH[FOXtGRTXHVHWUDWHGHKRP{QLPRVFRPRWDPEpPSDUHFHVHU
R FDVR HP SRUWXJXrV GD SDOPHLUD +\SKDHQH WKHEDLFD TXH QR SRUWXJXrV GR
%UDVLO p FRQKHFLGD FRP RV QRPHV GH PDFDPED H PDFDPEHLUD +RXDLVV H
184
9LOODU EHP FRPR R WHUPR EDLDQR PDFDPED SDUD D UDL] 0DQLKRW
HVFXOHQWD+RXDLVVH9LOODU&DVWUR
8PD RXWUD TXHVWmR LQWHUHVVDQWH p &RPR XPD SDODYUD GHVLJQDWLYD GH
³FDPDUDGDFRPSDQKHLUR´SRGHFKHJDUDVHURKHWHURHWQ{QLPRGHVLJQDQGRRV
FRORQL]DGRUHVHHVFUDYDJLVWDV"
9DQ %XXUW DYDQoD D KLSyWHVH GH TXH PDFDPED VLJQLILFDYD
LQLFLDOPHQWH ³DPLJR´ ³HVWUDQJHLUR DPLJR´ ³QHJUR GD ÈIULFD´ H SDVVRX D
VLJQLILFDU ³HVWUDQJHLUR EUDQFR´ H GHSRLV ³KRODQGrV QHHUODQGrV´ 0DUWLQXV
$ULRQ IRUQHFH XPD H[SOLFDomR KLVWyULFD TXH ORFDOL]D R
QDVFLPHQWR GR VLJQLILFDGR ³KRODQGrV´ Mi QD $QJROD GRV DQRV GR VpFXOR
;9,, TXDQGR R HQWmR UHL GH 1JROD HVFROKHX RV QHHUODQGHVHV FRPR DOLDGRV
FRQWUDRVSRUWXJXHVHV
7DPEpP DTXL VHP XP HVWXGR GH IRQWHV DSHQDV p SRVVtYHO HVSHFXODU 2
IDWR pTXHD H[WHQVmR GH PDNDPED SDUHFH QmR VHU UHVWULWDDRVQHHUODQGHVHV
HPJHUDOHPDLVHVSHFLILFDPHQWHDRVKRODQGHVHV$VVLPUHODWD/DWRXU
TXHFRP PDNDPED VH GHVLJQD WDPEpP RV HVWUDQJHLURV FRP XP
IHQyWLSRSDUHFLGRDRGRVKRODQGHVHVPHVPRVHQGRFRQKHFLGRTXHVHWUDWDGH
VXtoRVRXDOHPmHV $OpPGLVVRRDXWRUPHQFLRQDTXHVROGDGRVDPHULFDQRV
TXH IL]HUDP HVFDOD HP &XUDoDR HUDP FKDPDGRV GH PDNDPED DPHULNDQR
/DWRXU DILUPD TXH PDNDPED QmR p LQMXULDQWH RX
LQVXOWXRVR SRUpP Ki FRQVWUXo}HV IUDVHROyJLFDV FRP PDNDPED TXH R VmR
FRPR D GHVLJQDomR LQMXULDQWH PDNDPED NXOX EqUGp SDUD RV KRODQGHVHV H
SDUWLFXODUPHQWH SDUD RV VROGDGRV RULXQGRV GHVWH SDtV TXH 3XWWHGH:LQGW H
3XWWH PDUFDP FRPR DQWLTXDGR H PDNDPED VWLQNL ³QHHUODQGrV
KRODQGrVIHGRUHQWR´TXHVHJXQGRRVPHVPRVDXWRUHV3XWWHGH:LQGWH3XWWH
pXPLQVXOWRLQWHQFLRQDO(P$UXEDpXVDGDDLQGDDGHVLJQDomR
LQVXOWXRVDPDNDPEDNDFKLNDPELWR3XWWHGH:LQGWH3XWWH
+i XVRV GH PDNDPED HP FRQVWUXo}HV IUDVHROyJLFDV TXH PRVWUDP DLQGD
RXWUDVDFHSo}HVFRPR
NDQWLNDPDNDPED³FDQo}HVHPOtQJXDVHFUHWD
JXHQL
FDQWDGDVSHORVHVFUDYRV
QD RFDVLmR GD IHVWD GH DomR GH JUDoDV SHOD VDIUD VH~
´ 3XWWHGH :LQGW H
3XWWHWUDGXomRQRVVDYHUWDPEpP$OOHQ
QRWDNRVGLNDQWDPDNDPED³LVVRQmRpQDGDHVSHFLDO´YDQ%XXUW
WUDGXomRQRVVD
HVLWXDVKRQILQDQVLHURQRWDNRVGLFDQWDPDNDPED³DVLWXDomRILQDQFHLUDQmR
pWmRERDTXHSXGHVVHHVFUHYHUVREUHHODQDFDUWDSDUDFDVD´3XWWHGH:LQGW
3XWWHWUDGXomRQRVVD
SDSLD PDNDPED ³IDODU XPD OtQJXD LQFRPSUHHQVtYHO´ YDQ %XXUW WUDGXomRQRVVD
7RGDVHVWDVFRQVWUXo}HVIUDVHROyJLFDVUHIHUHPVHDXPDOtQJXDGLIHUHQWHGD
OtQJXD YHUQiFXOD H QR FDVR GH NDQWD PDNDPED H NDQWLND PDNDPED j
185
YDULHGDGH GH JXHQL $R PHVPR WHPSR VmR HVWDV H[SUHVV}HV UHODFLRQDGDV D
PRPHQWRV GH VRFLDOL]DomR HP IHVWDV H QD P~VLFD 1HVWH DVSHFWR GH
³PRPHQWRVRFLDOTXHFULDXPVHQWLPHQWRGHJUXSRHGHXQLmR´KiVLPXPD
UHODomRFRPRVLJQLILFDGRGRpWLPR
&RQFOXVmR
2 UHVXOWDGR GHVWH OHYDQWDPHQWR TXH WHYH FRPR REMHWLYR DYHULJXDU TXDLV
DIULFDQLVPRVOH[LFDLVGHXPDOLVWDGHDIULFDQLVPRVHPJUDQGHSDUWHFRPXQV
DR SRUWXJXrV GR %UDVLO H DR HVSDQKRO XUXJXDLR WDPEpP SRGHP VHU
YHULILFDGRVQRSDSLDPHQWXHFRPRQRFDVRGRHVSDQKROXUXJXDLRVHSRGH
FRQVWDWDUQRFDVRGHDOJXQVGHVWHVOH[HPDVXPDOLJDomRFRPRSRUWXJXrVGR
%UDVLO
'DV SDODYUDV UHJLVWUDGDV QDV IRQWHV PHQFLRQDGDV QD ³,QWURGXomR´ GHVWH
YROXPH YHU WDPEpP $QH[R DSHQDV SXGHUDP VHU LGHQWLILFDGRV QR
SDSLDPHQWX WUrV GHVWHV GHQJXH VDPED H WDQJR SRGHP VHU FRQVLGHUDGRV
FRPRLQWHUQDFLRQDOLVPRVPXQGLDLVGHRULJHPDIULFDQDTXHH[LVWHPWDPEpP
HPPXLWDVRXWUDVOtQJXDVQDVPHVPDVDFHSo}HVVHPkQWLFDVGRVFRJQDWRVHP
SDSLDPHQWX (YHQWXDOPHQWH SRGHVH DFUHVFHQWDU D HVWHV LQWHUQDFLRQDOLVPRV
FRQJD TXH p XP LQVWUXPHQWR PXVLFDO LQWURGX]LGR HP &XUDoDR
SURYDYHOPHQWHDSDUWLUGRVFRQWDWRVFRP&XED
'RV VHLV DIULFDQLVPRV TXH UHPDQHVFHP XP GHOHV PRQGRQJR QmR p
FRQVLGHUDGR FRPR DIULFDQLVPR SHODV REUDV GH UHIHUrQFLD QD HWLPRORJLD GDV
OtQJXDV URPkQLFDV 0H\HU/ENH EHP FRPR &RURPLQDV H 3DVFXDO
0HVPRVHKiIRUWHVDUJXPHQWRVFRQWUDHVWDYLVmRWUDGLFLRQDOD
TXHVWmR GH FRPR R OH[HPD FKHJRX j SHQtQVXOD LEpULFD ILFD SRU VHU
HVFODUHFLGD
2XWURDIULFDQLVPRGDOLVWDPHQFLRQDGDQD³,QWURGXomR´GHVWHYROXPHYHU
WDPEpP $QH[R PDQGLQJDH[LVWHHPSDSLDPHQWXDSHQDVFRPRWRS{QLPR
PDVKiXPDGMHWLYRPDQ]LQJDGHULYDGRGHPDQGLQJD
&RQVWDWDPRVFRQYHUJrQFLDVFRPRSRUWXJXrVGR%UDVLOHFRPRHVSDQKRO
XUXJXDLR QRV FDVRV GRV DIULFDQLVPRV OH[LFDLV GR SDSLDPHQWX ERPED
NDFKLPED NDQJD PDQ]LQJD H PDULPED $ FRQYHUJrQFLD PDLRU p HQWUH R
SDSLDPHQWX NDFKLPED H R SRUWXJXrV HVSDQKRO FDFKLPER TXH SRVVXHP R
PHVPR UHIHUHQWH (P SDSLDPHQWX PDULPED SRVVXL XP VLJQLILFDGR PDLV
HVWULWR GR TXH QR HVSDQKRO XUXJXDLR PDV p XP LQVWUXPHQWR XVDGR HP
&XUDoDRPHVPRSRGHQGRVHUGHGDWDPDLVUHFHQWH
1RFDVRGRSDSLDPHQWXNDQJDpLQWHUHVVDQWHREVHUYDUTXHRSDSLDPHQWX
FRQVHUYRXDFODVVHGHSDODYUDGRVHXpWLPR YHUERHQTXDQWRQRSRUWXJXrV
GR%UDVLOSDVVRXDVHUXPVXEVWDQWLYR
8P FDVR RQGH QR SDSLDPHQWX KRXYH XPD HYROXomR WDQWR GH FODVVH GH
SDODYUDTXDQWRVHPkQWLFDpRSDSLDPHQWXPDQ]LQJD(YROXLXGHVXEVWDQWLYR
186
GHVLJQDWLYRGHXPHWQ{QLPRSDUDXPDGMHWLYRGLPHQVLRQDOTXHFDUDFWHUL]DR
GHWHUPLQDGR
1RFDVRGRSDSLDPHQWXERPEDpGHVHFRQVWDWDUXPDHVSHFLDOL]DomRSDUD
³FDSDWD]´ H XPD HYROXomR SDUD XPD IRUPD QRPLQDO GH WUDWDPHQWR 1HVWH
H[HPSOR p SRVVtYHO YHULILFDU TXH RV VLJQLIFDGRV GH ERPED H DV IRUPDV
GHULYDGDVQRSRUWXJXrVGR%UDVLOQRHVSDQKROXUXJXDLRHQRSDSLDPHQWXVmR
HYROXo}HV RX HVSHFLDOL]Do}HV D SDUWLU GRV XVRV DWHVWDGRV QD ÈIULFD SRU %DO
(VWDHYROXomRSUySULDWDPEpPVHPDQLIHVWDQRVHWQ{QLPRVGRSDSLDPHQWX
JXHQLHOXDQJR,QWHUHVVDQWHWDPEpPpRFDVRGRSDSLDPHQWXPDNDPEDTXH
SDVVRX D VHU XP HWQ{QLPR GHVLJQDWLYR GR FRORQL]DGRU D SDUWLU GH XP
VXEVWDQWLYRGHVLJQDWLYRGHXPDUHODomRSHVVRDOGHODoRVDIHWLYRV
5HVXPLQGRSRGHPRVFRQFOXLUGHVWHHVWXGRTXHQmRVHSRGHFRQVWDUQRV
H[HPSORV DQDOLVDGRV XPD OLJDomR KLVWyULFD OLQJtVWLFD FRP R %UDVLO $V
FRQYHUJrQFLDVSDUHFHPDQWHVGHWXGRVHUGHYLGDVjRULJHPFRPXPDIULFDQD
$VHYROXo}HVSUySULDVHDFRQVHUYDomRGHFODVVHVGHSDODYUDVRULJLQDLVFRPR
QRFDVRGRSDSLDPHQWXNDQJDDSRQWDPSDUDHVWHUHVXOWDGRRTXHQmRpGHVH
DGPLUDUXPDYH]TXHDOLJDomRKLVWyULFDHQWUHR%UDVLOH&XUDoDRpUHVWULWDD
XP GDGR PRPHQWR KLVWyULFR OLPLWDGR QR LQtFLR GD FRORQL]DomR GH &XUDoDR
SHOD&RPSDQKLDGDVËQGLDV2FLGHQWDLVQHHUODQGHVD
187
5HIHUHQFLDVELEOLRJUiILFDV
$FDGHPLD 1DFLRQDO GH /HWUDV GHO 8UXJXD\ 'LFFLRQDULR GHO (VSDxRO GHO
8UXJXD\0RQWHYLGHR(GLFLRQHVGHOD%DQGD2ULHQWDO
$FHYHGR 'tD] (GXDUGR D >@ 1DWLYD %LEOLRWHFD $UWLJDV &ROHFFLyQ GH
&OiVLFRV8UXJXD\RV0RQWHYLGHR0LQLVWHULRGH,QVWUXFFLyQ3~EOLFD\3UHYL
VLyQ6RFLDO
$FHYHGR'tD](GXDUGRE>@*ULWRGH*ORULD%LEOLRWHFD$UWLJDV&ROHF
FLyQGH&OiVLFRV8UXJXD\RV0RQWHYLGHR0LQLVWHULRGH,QVWUXFFLyQ3~EOLFD
\3UHYLVLyQ6RFLDO
$FHYHGR'tD](GXDUGR>@/DQ]D\6DEOH%LEOLRWHFD$UWLJDV&ROHFFLyQ
GH &OiVLFRV 8UXJXD\RV 0RQWHYLGHR 0LQLVWHULR GH ,QVWUXFFLyQ 3~EOLFD \
3UHYLVLyQ6RFLDO
$FHYHGR 'tD] (GXDUGR >@ ,VPDHO %LEOLRWHFD $UWLJDV &ROHFFLyQ GH
&OiVLFRV8UXJXD\RV0RQWHYLGHR0LQLVWHULRGH,QVWUXFFLyQ3~EOLFD\3UHYL
VLyQ6RFLDO
$FUHH :LOOLDP ³-DFLQWR 9HQWXUD GH 0ROLQD $ %ODFN /HWUDGR LQ D :KLWH
:RUOGRI/HWWHUV´/DWLQ$PHULFDQ5HVHDUFK5HYLHZ
$FUHH:LOOLDP%RUXFNL$OH[HGV-DFLQWR9HQWXUDGH0ROLQD\ORVFDPL
QRVGHODHVFULWXUDQHJUDHQHO5tRGHOD3ODWD0RQWHYLGHR/LQDUGL\5LVVR
$FUHH:LOOLDP%RUXFNL$OH[HGV /RVFDPLQRVGHODHVFULWXUDQHJUDHQ
HO5tRGHOD3ODWD0DGULG,EHURDPHULFDQD9HUYXHUW
$KDURQLiQ &RUL~Q 0~VLFDV SRSXODUHV HQ HO 8UXJXD\ 0RQWHYLGHR &RPL
VLyQ6HFWRULDOGH(GXFDFLyQ3HUPDQHQWH8QLYHUVLGDGGHOD5HS~EOLFD
$MD\L$GHHG+LVWyULD*HUDOGDÈIULFD9,ÈIULFDGRVpFXOR;,;jGpFDGD
GH%UDVtOLD8QHVFR
$NXOHQNR 9DOHULM 9RSURV\ LQWHUQDFLRQDOL]DFLM VORYDUQRJR VRVWDYD MD]\ND
.KDU¶NRY,]GDWHO¶VWYR.KDU¶NRYVNRJRXQLYHUVLWHWD
$ODGUpQ*DEULHO³$VFHQVmRVRFLDO H LQVHUomRHFRQ{PLFD GH H[HVFUDYRVR
FDVR GR OLEHUWR 3HGUR *RQoDOYHV 5LR *UDQGH GR 6XO VpFXOR ;,;´ 1XHYR
0XQGR0XQGRV1XHYRVKWWSQXHYRPXQGRUHYXHVRUJ!
$OHQFDU-RVpGH>@2GHP{QLRIDPLOLDUFRPpGLDHPDWRV&DPSLQDV
(GLWRUDGD8QLFDPS
$OHQFDU-RVpGHVLQIHFKD>@$YLXYLQKDKWWSZZZGRPLQLRSXEOLFRJRYEU
GRZQORDGWH[WREYSGI!
$OHQFDU -RVp GH VLQ IHFKD >@ 2 WLO 5RPDQFH EUDVLOHLUR D HG 6mR 3DXOR
0HOKRUDPHQWRV KWWSZZZGRPLQLRSXEOLFRJRYEUGRZQORDGWH[WREY
SGI!
$OHQFDU -RVp GH VLQ IHFKD >@ 2 JDUDWXMD 6mR 3DXOR )RUPDU KWWS
ZZZGRPLQLRSXEOLFRJRYEUGRZQORDGWH[WREYSGI!
$OHQFDU -RVp GH VLQ IHFKD >@ 2 VHUWDQHMR 6mR 3DXOR 0HOKRUDPHQWRV
KWWSZZZGRPLQLRSXEOLFRJRYEUGRZQORDGWH[WREYSGI
!
189
$OH[DQGUH 3LHUUH ³6RPH SUREOHPV RI $IULFDQ RQRPDVWLFV WRSRQ\P\ DQ
WKURSRQ\P\DQGHWKQRQ\P\´HQ5HSRUWVDQGSDSHUVRIWKHPHHWLQJRIH[SHUWV
RUJDQL]HGE\8QHVFRLQ3DULV-XO\3DULV8QHVFR
$ONPLP7DQLD³/LQJXDJHPGHHVFUDYRVHPEXVFDGHUHJLVWURVKLVWyULFRV´
(VWXGRV3RUWXJXHVHVH$IULFDQRV
$ONPLP7DQLD³$YDULHGDGHOLQJtVWLFDGHQHJURVHHVFUDYRVXPWySLFRGD
KLVWyULDGRSRUWXJXpVQR%UDVLO´HQ0DWWRVH6LOYD5RVD9LUJtQLDRUJ 3DUD
D+LVWyULFDGR3RUWXJXrVEUDVLOHLUR9RO,,7RPR,,±3ULPHLURVHVWXGRV6mR
3DXOR+XPDQLWDV))&+863
$ONPLP 7DQLD ³$ IDOD FRPR PDUFD HVFUDYRV QRV DQ~QFLRV GH *LOEHUWR
)UHLUH´6FULSWD
$ONPLP 7DQLD ³)DODV H FRUHV XP HVWXGR VREUH R SRUWXJXpV GH QHJURV H
HVFUDYRV QR %UDVLO GR VpFXOR ;,;´ HQ 6WRO]H /LPD ,YDQD GR &DUPR /DXUD
RUJV +LVWyULD VRFLDO GD OtQJXD QDFLRQDO 5LR GH -DQHLUR (GLo}HV &DVD 5XL
%DUERVD
$ONPLP7DQLDÈOYDUH]/ySH]/DXUD³5HJLVWURVGDHVFUDYLGmRDVIDODVGH
SUHWRVYHOKRV H GH 3DL -RmR´ 6WRFNKROP 5HYLHZ RI /DWLQ $PHULFDQ 6WXGLHV $ONPLP7DQLD3HWWHU0DUJDULGD³3DODYUDVGDÈIULFDQR%UDVLOGHRQWHPH
KRMH´ HQ 3HWWHU 0DUJDULGD )LRULQ -RVp /XL] HGV ÈIULFD QR %UDVLO D
IRUPDomRGDOtQJXDSRUWXJXHVD6mR3DXOR(GLWRUD&RQWH[WR
$OOHQ5RVH0DU\'LNLPDQHUD"$6RFLDO+LVWRU\RI$IUR&XUDoRDQV
3URHIVFKULIW7HVLVGRFWRUDO8QLYHUVLWHLW8WUHFKW
$OSHUV(GZDUG,YRU\DQG6ODYHVFKDQJLQJSDWWHUQRILQWHUQDWLRQDOWUDGHLQ
(DVW&HQWUDO$IULFDWRWKHODWHUQLQHWHHQWKFHQWXU\ %HUNHOH\DQG/RV$QJHOHV
8QLYHUVLW\RI&DOLIRUQLD3UHVV
$OSHUV(GZDUG³¶0RoDPELTXHV¶LQ%UD]LODQRWKHUGLPHQVLRQRIWKH$IULFDQ
'LDVSRUD LQ WKH $WODQWLF :RUOG´ HQ &XUWy -RVp 6RXORGUHOD )UDQFH 5HQpH
HGV $IULFD DQG WKH $PHULFDV LQWHUFRQQHFWLRQV GXULQJ WKH VODYH WUDGH
/DZUHQFHYLOOH1-$IULFD:RUOG3UHVV
ÈOYDUH]$OH[DQGUD0DODEt0DWLFXODPEtHVWXGLRVDIURFDULEHxRV0RQWHYL
GHR0RQWH6H[WR
ÈOYDUH]/ySH]/DXUD $OtQJXDGH &DP}HVFRP,HPDQMi)RUPDH IXQo}HV
GDOLQJXDJHPGRFDQGRPEOp7HVLVGRFWRUDO8QLYHUVLGDGGH(VWRFROPR
ÈOYDUH]/ySH]/DXUD³8QEUHYHHMHPSORGHOPXQGRDIURODWLQR¢DVtKDEOD
EDQORVDIURXUXJXD\RV"´0RGHUQD6SUnN
ÈOYDUH] /ySH] /DXUD ³)RQWHV HVFULWDV FRPR GRFXPHQWDomR GR SRUWXJXrV
IDODGR SRU DIULFDQRV H DIURGHVFHQGHQWHV QR %UDVLO´ HQ *RQoDOYHV &DUORV $
/HLWmRGH $OPHLGD0DULD/RUJV /tQJXDSRUWXJXHVDLGHQWLGDGHGLIXVmRH
YDULDELOLGDGH5LRGH-DQHLUR$,/38)5-
ÈOYDUH] /ySH] /DXUD ³µ&DQWR SDWULyWLFR GH ORV QHJURV¶ UHJLVWUR GH XQD
SUiFWLFD OLQJtVWLFD DIURXUXJXD\D´ 5HYLVWDGH OD$FDGHPLD1DFLRQDOGH /HWUDV
$QGUHZV*HRUJH5HLGD³$IUR:RUOG$IULFDQ'LDVSRUD7KRXJKWDQG3UDF
WLFHLQ0RQWHYLGHR8UXJXD\´7KH$PHULFDV
$QGUHZV*HRUJH5HLGE %ODFNQHVVLQWKH:KLWH1DWLRQ$+LVWRU\RI$IUR
8UXJXD\&KDSHO+LOO8QLYHUVLW\RI1RUWK&DUROLQD3UHVV
$QGUHZV *HRUJH 5HLG 1HJURV HQ OD QDFLyQ EODQFD KLVWRULD GH ORV DIUR
XUXJXD\RV0RQWHYLGHR/LQDUGL\5LVVR
$QLJQLNLQ6\OYDLQ³+LVWRLUHGHVSRSXODWLRQV0DKL¬SURSRVGHODFRQWUR
YHUVHVXUO¶HWKQRQ\PHHWOHWRSRQ\PHµ0DKL¶´&DKLHUG¶eWXGHVDIULFDLQHV
;/
190
$SSULOO &KULVWRSKH ³/´HQWUHGHX[ ³DUJHQWLQ´ GX WDQJR´ HQ 'L 7XOOLR
ÈQJHOD .DLOXZHLW 5ROI HGV (O HVSDxRO ULRSODWHQVH OHQJXD OLWHUDWXUD H[
SUHVLRQHV FXOWXUDOHV 0DGULG )UDQNIXUW DP 0DLQ ,EHURDPHULFDQD 9HUYXHUW
$XOHVWLD*RUND%DVTXH±(QJOLVK'LFWLRQDU\5HQR/DV9HJDV8QLYHUVLW\
RI1HYDGD3UHVV
$\HVWDUiQ/DXUR/DP~VLFDHQHO8UXJXD\0RQWHYLGHR62'5(
$\HVWDUiQ/DXUR>@(OIRONORUHPXVLFDOXUXJXD\R0RQWHYLGHR$UFD
$\OLII-RKQ 7KH.DILU/DQJXDJH /RQGRQ6ROGDWWKH:HVOH\LDQ0LVVLRQ
+RXVH%LVKRSVJDWH6WUHHW:LWKLQ
$]HYHGR$OXtVLR>@2FRUWLoR6mR3DXORÈWLFDKWWSZZZGRPLQLR
SXEOLFRJRYEUGRZQORDGWH[WREYSGI!
$]HYHGR $UWXU >@ $ FDSLWDO IHGHUDO 6mR 3DXOR (GLRXUR KWWS
ZZZGRPLQLRSXEOLFRJRYEUGRZQORDGWH[WREYSGI!
$]HYHGR0LOWRQ9R]HVHPEUDQFRHSUHWR6mR3DXOR(GXVS
$]NXH5HVXUUHFFLyQ0DUtDGH'LFFLRQDULRYDVFR±HVSDxRO±IUDQFpV'LF
WLRQQDLUH EDVTXH ± HVSDJQRO ± IUDQoDLV YROV %LOEDR (G GD DXWRUD 3DULV
*HXWKQHU
%DEXã\Wơ 'LDQD ³:DV LVW HLQ (XURSlLVPXV" 6SUDFKZLVVHQVFKDIWOLFKH
$VSHNWHVHLQHU'HILQLWLRQ´.DOEDLU.RQWHNVWDL
%DLOO\$QDWROH>@'LFWLRQQDLUHJUHF±IUDQoDLV3DULV+DFKHWWH
%DLVW*RWWIULHG ³(WLPRORJLVFKHV´=HLWVFKULIWIU5RPDQLVFKH 3KLORORJLH
%DO:LOO\$IURURPDQLFDVWXGLD$OEXIHLUD3RVHLGRQ
%DOLQW=DQFKHWWD-DTXHOLQH³/RVJDOLFLVPRVHQODVOHWUDVGHWDQJRUHSUHVHQ
WDFLyQ\VLPEROLVPRGHDOJXQDVYRFHVGHRULJHQIUDQFpV´HQ'L7XOOLRÈQJHOD
.DLOXZHLW 5ROI HGV (O HVSDxRO ULRSODWHQVH OHQJXD OLWHUDWXUD H[SUHVLRQHV
FXOWXUDOHV0DGULG)UDQNIXUWDP0DLQ,EHURDPHULFDQD9HUYXHUW
%DUERVD5XL>@2EUDV6HOHWDV'LiULRGH1RWtFLDV9RO0LQLVWpULRGD
&XOWXUD )XQGDomR %LEOLRWHFD 1DFLRQDO 'HSDUWDPHQWR 1DFLRQDO GR /LYUR
KWWSZZZGRPLQLRSXEOLFRJRYEUGRZQORDGWH[WREQSGI
!
%DUULRV3LQWRV$QtEDO³+LVWRULDVSULYDGDVGH ODHVFODYLWXGXQSURFHVRFUL
PLQDO HQ WLHPSR GH OD &LVSODWLQD´ HQ %DUUiQ -RVp 3HGUR &DHWDQR *HUDUGR
3RU]HFDQVNL7HUHVDHGV+LVWRULDVGHODYLGDSULYDGDHQHO8UXJXD\0RQWH
YLGHR7DXUXV
%DUWHQV$QJHOD'LHLEHURURPDQLVFKEDVLHUWHQ.UHROVSUDFKHQ)UDQNIXUWDP
0DLQ3HWHU/DQJ
%DWWDJOLD 6DOYDWRUH *UDQGH 'L]LRQDULR 'HOOD /LQJXD ,WDOLDQD 7RPR ;
0((027,7RULQR8QLRQH7LSRJUDILFR(GLWULFH7RULQHVH87(7
%HDXUHSDLUH5RKDQ9LVFRQGHGH>@'LFLRQiULRGHYRFiEXORVEUDVLOHLURV
6DOYDGRU/LYUDULD3URJUHVVR
%HFFR +RUDFLR -RUJH 1HJURV \ PRUHQRV HQ HO FDQFLRQHUR ULRSODWHQVH
%XHQRV$LUHV6RFLHGDG$UJHQWLQDGH$PHULFDQLVWDV
%HQWDQFXU$UWXUR$SDULFLR)HUQDQGR$PRV\HVFODYRVHQHO5tRGHOD3OD
WD0RQWHYLGHR3ODQHWD
%HUD]D$JXVWtQ³$PRV\HVFODYRV´(QFLFORSHGLD8UXJXD\D
%HUP~GH] :DVKLQJWRQ 3 %HUP~GH] 6HUJLR : VG FD ± LQpGLWR
/HQJXDMHGHO5tRGHOD3ODWD&RQVXOWDGRHQOD$FDGHPLD1DFLRQDOGH/HWUDV
%HUWLQ(QLOGHFH³&RQVWUXLQGRQRYDVLGHQWLGDGHVDHPDQFLSDomRGRVDIULFD
QRVOLYUHV´SRQHQFLDHQHO(QFRQWUR(VFUDYLGmRH/LEHUGDGHQR%UDVLO0HUL
191
GLRQDO GH PD\R GH KWWSZZZODEKVWFXIVFEULYHQFRQWURSGIV
FRPXQLFDFRHV(QLGHOFH%HUWLQSGI!
%HUWRORWWL9LUJLQLD³1RWDVVREUHHOFKH³/H[LV
%HUXWH *DEULHO 6DQWRV 'RV HVFUDYRV TXH SDUWHP SDUD RV SRUWRV GR 6XO
FDUDFWHUtVWLFDVGRWUiILFRQHJUHLURGR5LR*UDQGHGH6mR3HGURGR6XOF
F7HVLVGHPDHVWUtD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR6XO
%ODQFKDUG3HWHU³7KH/DQJXDJHRI/LEHUDWLRQ6ODYHV9RLFHVLQWKH:DUVRI
,QGHSHQGHQFH´+LVSDQLF$PHULFDQ+LVWRULFDO5HYLHZ
%ODQFKDUG3HWHU8QGHUWKHIODJVRIIUHHGRP6ODYHVROGLHUVDQGWKH:DUVRI
LQGHSHQGHQFH LQ 6SDQLVK 6RXWK $PHULFD 3LWWVEXUJK 8QLYHUVLW\ RI 3LWWVEXUJK
3UHVV
%ODQNHU -&0 'XEEHOGDP -DDS >@ 3ULVPD ZRRUGHQERHN 6UDQDQ
WRQJR3ULVPD ZRUWXEXNX IX 6UDQDQWRQJR 6UDQDQWRQJR ±1HGHUODQGV 1HGHU
ODQGV±6UDQDQWRQJRDHG+RXWHQ8QLHERHN$QWZHUSHQ+HW6SHNWUXP
%OXWHDX5DSKDHO9RFDEXODULRSRUWXJXH]ODWLQRDXOLFRDQDWRPLFR
DUFKLWHFWRQLFR YROV &RLPEUD &ROOHJLR GDV $UWHV GD &RPSDQKLD GH -HVX
KWWSZZZEUDVLOLDQDXVSEUGLFLRQDULRHGLFDR!
%RQYLQL (PLOLR ³3DODYUDV GH RULJHP DIULFDQD QR SRUWXJXpV GR %UDVLO GR
HPSUpVWLPR j LQWHJUDomR´ HQ 1XQHV -RVp 3HWWHU 0DUJDULGD RUJV +LVWyULD
GRVDEHUOH[LFDOHFRQVWLWXLomRGHXPOp[LFREUDVLOHLUR6mR3DXOR+XPDQLWDV±
))/&+863
%RQYLQL (PLOLR ³2V YRFiEXORV GH RULJHP DIULFDQD QD FRQVWLWXLomR GR
SRUWXJXrVIDODGRQR%UDVLO´HQ3HWWHU0DUJDULGD)LRULQ-RVpRUJVÈIULFDQR
%UDVLO±DIRUPDomRGDOtQJXDSRUWXJXHVDQR%UDVLO6mR3DXOR&RQWH[WR
%RUED)UDQFLVFRGD 6LOYD 'LFLRQiULRGH XVRVGRSRUWXJXrVGR%UDVLO6mR
3DXORÈWLFD
%RUXFNL$OH[³(QWUHHODSRUWHDODLGHQWLGDGQDFLRQDO\ODUHLYLQGLFDFLyQGH
ODVPLQRUtDV$SXQWHVVREUHORV$IURGHVFHQGLHQWHV\ODHVFODYLWXGHQODKLVWRULR
JUDItDXUXJXD\D´+LVWyULD8QLVLQRV
%RUXFNL $OH[ $EROLFLRQLVPR \ WUiILFR GH HVFODYRV HQ 0RQWHYLGHR WUDV OD
IXQGDFLyQUHSXEOLFDQD0RQWHYLGHR%LEOLRWHFD1DFLRQDO
%RUXFNL $OH[ )URP 6KLSPDWHV WR 6ROGLHUV (PHUJLQJ %ODFN ,GHQWLWLHV LQ
0RQWHYLGHR7HVLVGRFWRUDO(PRU\8QLYHUVLW\
%RUXFNL $OH[ &KDJDV &DUOD 6WDOOD 1DWDOLD >@ (VFODYLWXG \ WUDEDMR
8Q HVWXGLR VREUH ORV DIURGHVFHQGLHQWHV HQ OD IURQWHUD XUXJXD\D 0RQWHYLGHR0DVWHUJUDI
%RUXFNL $OH[ &KDJDV .DUOD 6WDOOD 1DWDOLD ³'HEDWHV \ SUREOHPDV VREUH
ORVHVWXGLRVUHFLHQWHVHQWRUQRDODHVFODYLWXGHQHO5tRGHOD3ODWD´
HQ 6HJXQGDV -RUQDGDV GH +LVWRULD 5HJLRQDO &RPSDUDGD 3RUWR $OHJUH
3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO>&'520@
%RUXFNL $OH[ &KDJDV .DUOD 6WDOOD 1DWDOLD (VFODYLWXG \ 7UDEDMR 8Q
HVWXGLRVREUHORVDIURGHVFHQGLHQWHVHQODIURQWHUDXUXJXD\D0RQ
WHYLGHR3XOPyQ
%RWWDUR 0DUFHOLQR >@ ³5LWXDOV DQG µ&DQGRPEHV¶´ HQ &XQDUG 1DQF\
HG1HJURDQDQWKRORJ\1HZ<RUN/RQGRQ&RQWLQXXP
%RXWRQ 5REHUWR >@ /D YLGD UXUDO HQ HO 8UXJXD\ 0RQWHYLGHR (GL
FLRQHVGHOD%DQGD2ULHQWDO(GLFLRQHV%LEOLRWHFD1DFLRQDO
%R\FH:LOOLDP$*UDPPDURIWKH.DILU/DQJXDJH6HFRQGHGDXJPHQWHG
ZLWK YRFDEXODU\ DQG H[HUFLVHV E\ :LOOLDP - 'DYLV /RQGRQ SULQWHG IRU WKH
:HVOH\DQ0LVVLRQDU\6RFLHW\
192
%UHQQHNHU3DXO6DPEXPEXYRONVNXQGHYDQ&XUDoDR$UXEDHQ%RQDLUH
&XUDoDR(GGHODXWRU
%UHQQHNHU3DXO%UXD&XUDoDR(GGHODXWRU=MR]MROL
%ULWRV 6HUUDW $OEHUWR $QWRORJtD GH SRHWDV QHJURV XUXJXD\RV 7RPR ,,,
0RQWHYLGHR(GLFLRQHV0XQGR$IUR
%ULWRV6HUUDW$OEHUWR *ORVDULRGH $IURQHJULVPRV8UXJXD\RV0RQWHYLGHR
(GLFLRQHV0XQGR$IUR(O*DOHyQ
%URPOH\<XOLDQ7KHRUHWLFDOHWKQRJUDSK\0RVFRZ1DXND
%XFKHOL 0DULVD &DEHOOD :DQGD (O SHUILO GHPRJUiILFR \ VRFLRHFRQyPLFR
GH OD SREODFLyQ XUXJXD\D VHJ~Q VX DVFHQGHQFLD UDFLDO 0RQWHYLGHR ,QVWLWXWR
1DFLRQDOGH(VWDGtVWLFD,QIRUPHWHPiWLFR
%XHQR6LOYHLUD³,QIOXrQFLDVGDVOtQJXDVDIULFDQDVQRSRUWXJXrVGR%UDVLO´
-RUQDOGH)LORORJLD
%XXUW *HUDUG YDQ ³$IULNDDQVH ZRRUGHQ LQ KHW 3DSLDPHQWX OLMVW YHUVLH
´.ULVWzI
&DEUHUD6XVDQD/DVHVFODYDVGHO5LQFyQ0RQWHYLGHR)LQGH6LJOR
&iFHUHV-XDQ&DUORV7DQJRQHJUR/DKLVWRULDQHJDGDRUtJHQHVGHVDUUROOR
\DFWXDOLGDGGHOWDQJR%XHQRV$LUHV3ODQHWD
&DHWDQR*HUDUGR5LOOD -RVp +LVWRULD&RQWHPSRUiQHDGHO8UXJXD\ 0RQ
WHYLGHR&/$(+)LQGH6LJOR
&DPLQKD$GROIRVLQIHFKD>@ 2ERPFULRXOR0LQLVWpULRGD&XOWXUD)XQGD
omR%LEOLRWHFD1DFLRQDO'HSDUWDPHQWR1DFLRQDOGR/LYURKWWSZZZGRPLQLR
SXEOLFRJRYEUGRZQORDGWH[WREQSGI!
&DPSDJQD(UQHVWR³/DSREODFLyQHVFODYDHQFLXGDGHVSXHUWRVGHO5tRGHOD
3ODWDHVWUXFWXUD\GLQiPLFDGHPRJUiILFDHQ0RQWHYLGHR´HQ+LV
WyULD H 3RSXODomR HVWXGRV VREUH D $PpULFD /DWLQD 6mR 3DXOR &HQWUR GH
(VWXGRVGH'HPRJUDItD+LVWyULFDGD$PpULFD/DWLQD
&DPSUD 5RVDOED ³5HODFLRQHV LQWHUWH[WXDOHV HQ HO VLVWHPD FXOWRSRSXODU
SRHVtD\WDQJR´+LVSDPpULFD
&DUiPEXOD5XEpQ 1HJUR\ 7DPERU3RHPDVSUHJRQHV GDQ]DV\ OH\HQGDV
VREUH PRWLYRV GHO IRONORUH DIURULRSODWHQVH 0RQWHYLGHR (GLWRULDO )RONOyULFD
$PHULFDQD
&DUYDOKR1HWR 3DXOR GH (O QHJUR XUXJXD\R KDVWD /D DEROLFLyQ 4XLWR
(GLWRULDOXQLYHUVLWiULD
&DVWUR <HGD 3HVVRD GH ³(WQ{QLPRV DIULFDQRV H IRUPDV RFRUUHQWHV QR
%UDVLO´$IURÈVLD
&DVWUR<HGD3HVVRDGH )DODUHVDIULFDQRVQD%DKLD8PYRFDEXOiULRDIUR
EUDVLOHLUR5LRGH-DQHLUR$FDGHPLD%UDVLOHLUDGH/HWUDV7RSERRNV
&DVWUR<HGD3HVVRDGH³7RZDUGVDFRPSDUDWLYHDSSURDFK RI%DQWXLVPVLQ
,EHURDPHULFD´ HQ 3KDI5KHLQEHUJHU ,QHNH 3LQWR 7LDJR GH 2OLYHLUD HGV
$IULF$PHULFDV LWLQHUDULHV GLDORJXHV DQG VRXQGV 0DGULG )UDQNIXUW ,EHUR
DPHULFDQD9HUYXHUW
&KDJDV .DUOD 0RQWDxR 2VFDU 6WDOOD 1DWDOLD &XOWXUDV $IURXUXJXD\DV
0RQWHYLGHR&RPLVLyQGHO3DWULPRQLR&XOWXUDOGHOD1DFLyQ
&KDJDV .DUOD6WDOOD1DWDOLD 5HFXSHUDQGRODPHPRULD$IURGHVFHQGLHQWHV
HQODIURQWHUDXUXJXD\REUDVLOHxDDPHGLDGRVGHOVLJOR;;0RQWHYLGHR0DV
WHUJUDI
&KDOKRXE 6LGQH\ $ IRUoD GD HVFUDYLGmR ,OHJDOLGDGH H FRVWXPH QR %UDVLO
RLWRFHQWLVWD6mR3DXOR&RPSDQKLDGDV/HWUDV
&KDPEHUV 'RXJODV ³(WKQLFLW\ LQ WKH 'LDVSRUD 7KH VODYHWUDGH DQG WKH
FUHDWLRQRI$IULFDQµQDWLRQV¶LQWKH$PHULFDV´6ODYHU\DQG$EROLWLRQ
193
&KDWHODLQ+pOL³*HRJUDSKLFQDPHVRI$QJROD:HVW$IULFD´-RXUQDORIWKH
$PHULFDQ*HRJUDSKLFDO6RFLHW\RI1HZ<RUN
&KDWHODLQ +pOL VLQ IHFKD >@ *UDPPDWLFD (OHPHQWDU 'R .LPEXQGX 2X
/LQJXD'H$QJROD*HQHEUD7\S'H&KDUOHV6FKXFKDUGW
&KLOGV*ODGZ\Q³7KHSHRSOHVRI$QJRODLQWKHVHYHQWHHQWKFHQWXU\DFFRUG
LQJWR&DGRUQHJD´7KH-RXUQDORI$IULFDQ+LVWRU\
&KLOGV*ODGZ\Q³7KH.LQJGRPRI:DPEX+XDPER$WHQWDWLYHFKURQR
ORJ\´7KH-RXUQDORI$IULFDQ+LVWRU\
&KLOGV *ODGZ\Q ³7KH &KURQRORJ\ RI WKH 2YLPEXQGX .LQJGRPV´ 7KH
-RXUQDORI$IULFDQ+LVWRU\
&KLOGV7XFNHU$QLQWURGXFWLRQWR$IULFDQODQJXDJHV$PVWHUGDP3KLODGHO
SKLD3$-RKQ%HQMDPLQV
&KUpWLHQ -HDQ3LHUUH 3UXQLHU *pUDUG GLU /HV HWKQLHV RQW XQH KLVWRLUH
3DULV.DUWKDOD
&ROO0DJGDOHQD(OKDEODGHORVHVFODYRVDIULFDQRV\VXVGHVFHQGLHQWHVHQ
0RQWHYLGHRHQORVVLJORV;9,,,\;,;UHSUHVHQWDFLyQ\UHDOLGDG0RQWHYLGHR
$FDGHPLD1DFLRQDOGH/HWUDV
&ROO0DJGDOHQD³/DVIRUPDVGHWUDWDPLHQWRQRPLQDOHVXVDGDVSRU\SDUDOD
SREODFLyQ GH RULJHQ DIULFDQR HQ 0RQWHYLGHR HQ ORV VLJORV ;9,,, \ ;,;´ HQ
/RSHV &pOLD 5HJLQD GRV 6DQWRV 5HEROOR &RXWR /HWLFLD RUJV $V IRUPDV GH
WUDWDPHQWR HP SRUWXJXrV H HP HVSDQKRO YDULDomR PXGDQoD H IXQo}HV
FRQYHUVDFLRQDLV5LRGH-DQHLUR(GLWRUDGD8))
&RURPLQDV -RDQ 'LFFLRQDULR FUtWLFR HWLPROyJLFR GH OD OHQJXD
FDVWHOODQDYROV%HUQD)UDQFNH
&RURPLQDV-RDQ'LFFLRQDULHWLPROzJLFLFRPSOHPHQWDULGHODOOHQJXD
FDWDODQD YROV %DUFHORQD &XULDO (GLFLRQV &DWDODQV &DL[D GH 3HQVLRQV ³/D
&DL[D´
&RURPLQDV -RDQ 3DVFXDO -RVp 'LFFLRQDULR FUtWLFR HWLPROyJLFR
FDVWHOODQRHKLVSiQLFRYROV0DGULG*UHGRV
&RUUHD (OLDV $OH[DQGUH GD 6LOYD >@ +LVWyULD GH $QJROD 9ROV ,,,
/LVERD(GLWRULDOÈWLFD
&XQKD (XFOLGHV GD VLQ IHFKD >@ 2V VHUW}HV FDPSDQKD GH &DQXGRV
0LQLVWpULR GD &XOWXUD )XQGDomR %LEOLRWHFD 1DFLRQDO 'HSDUWDPHQWR 1DFLRQDO
GR /LYUR KWWSZZZGRPLQLRSXEOLFRJRYEUGRZQORDGWH[WREQSGI
!
'DYLHV 0DUN )HUUHLUD 0LFKDHO &RUSXV GR 3RUWXJXrV PLOK}HV GH
SDODYUDVVpFV;,9;;KWWSZZZFRUSXVGRSRUWXJXHVRUJ!
'HODPDUUH ;DYLHU 'LFWLRQQDLUH GH OD ODQJXH JDXORLVH XQH
DSSURFKHOLQJXLVWLTXHGXYLHX[FHOWLTXHFRQWLQHQWDODHG3DULV(UUDQFH
GH0DUtD,VLGRUR>@0RQWHYLGHR$QWLJXRWUDGLFLRQHV\UHFXHUGRV
7RPRV0RQWHYLGHR0LQLVWHULRGH,QVWUXFFLyQ3~EOLFD\3UHYLVLyQ6RFLDO
'HPDVL &DUORV ³)DPLOLD \ (VFODYLWXG HQ HO 0RQWHYLGHR GHO 6LJOR ;9,,,´
HQ%HKDUHV/XLV&XUHV2ULEH6RFLHGDG\&XOWXUDHQHO0RQWHYLGHR&RORQLDO
0RQWHYLGHR)+&(,00
'HPRUL]L(PLOLR'HOYRFDEXOiULRGRPLQLFDQR6DQWR'RPLQJR7DOOHU
'HQQHWW 5 ( ³$ IHZ QRWHV RQ WKH KLVWRU\ RI /XDQJR 1RWKHUQ FRDVW RI
&RQJR&RDVW´-RXUQDORIWKH5R\DO$IULFDQ6RFLHW\
'LDJQH3DWKp³,QWURGXFWLRQWRWKHGLVFXVVLRQRIHWKQRQ\PVDQGWRSRQ\PV´
HQ$IULFDQHWKQRQ\PVDQGWRSRQ\PV5HSRUWVDQGSDSHUVRIWKHPHHWLQJRIH[
SHUWVRUJDQL]HGE\8QHVFRLQ3DULV-XO\3DULV8QHVFR
'tD] GH *XHUUD 0DUtD 'RFXPHQWDFLyQ UHODWLYD D HVFODYRV HQ HO 'HSDUWD
PHQWRGH0DOGRQDGRVLJORV;9,,,\;,;0RQWHYLGHR,0&2
194
'LFFLRQDULR LQWHJUDO GHO HVSDxRO GH OD $UJHQWLQD 5HGDFFLyQ \ VXSHUYLVLyQ
OH[LFRJUiILFDGH0DUtD/DXUD5RGUtJXH]%XHQRV$LUHV7LQWD)UHVFD
'LF85 VLQ IHFKD %DVH GH GDWRV SDUD OD HODERUDFLyQ GHO 'LFFLRQDULR GHO HVSDxRO
GHO8UXJXD\0DWHULDOLQpGLWR$FDGHPLD1DFLRQDOGH/HWUDVGHO8UXJXD\
'LJJV ,UHQH ³7KH 1HJUR LQ WKH 9LFHUR\DOW\ RI WKH 5LR GH OD 3ODWD´ 7KH
-RXUQDORI1HJUR+LVWRU\
'LMNKRII0DULR3DODEUDGLDQWDxR2UDQMHVWDG$UXED812&$
(OL]DLQFtQ$GROIR³6REUHODOH[LFRJUDItDFRPRHMHUFLFLRLQWHOHFWXDO(OFDVR
GH :DVKLQJWRQ \ 6HUJLR %HUP~GH] \ VX /HQJXDMH GHO 5tR GH OD 3ODWD´ HQ
&RPSDQ\ &RPSDQ\ &RQFHSFLyQ HG (O HVSDxRO HQ $PpULFD 'LDWRStD GLD
FURQtDHKLVWRULRJUDItD+RPHQDMHD-RVp*0RUHQRGH$OED0p[LFR8QLYHU
VLGDG1DFLRQDO$XWyQRPDGH0p[LFR
(QF\FORS GLD %ULWDQQLFD (QF\FORS GLD %ULWDQQLFD 2QOLQH $FDGHPLF (GL
WLRQ(QF\FORS GLD%ULWDQQLFD,QF:HEKWWSZZZVXEVXVH
(%FKHFNHGWRSLF.DIIUDULD!
(QGUXVFKDW $QQHWWH 6FKPLGW5DGHIHOGW -UJHQ (LQIKUXQJ LQ GLH
SRUWXJLHVLVFKH6SUDFKZLVVHQVFKDIWDHG7ELQJHQ1DUU
(TXLSR LQWHUGLVFLSOLQDULR GH UHVFDWH GH OD PHPRULD GH $QVLQD $QVLQD PH
OODPDQ$QVLQDVR\0RQWHYLGHR5RVHEXG
)HL[y&LG;RVpHG'LFFLRQDULRGDOtQJXDJDOHJDYROV9LJR,U,QGR
)HUQiQGH] *XHUUD $PSDUR (O ³RWUR´ OHMDQR \ SUy[LPR 5HFRUULGR SRU OD
OH[LFRJUDItDXUXJXD\DDSDUWLUGHODFRPSDUDFLyQGHGHILQLFLRQHVHQGLFFLRQD
ULRVXUXJXD\RVpGLWRVHLQpGLWRV6LJORV;,;\;;7UDEDMRPRQRJUiILFR0RQ
WHYLGHR)DFXOWDGGH+XPDQLGDGHV\&LHQFLDVGHOD (GXFDFLyQ8QLYHUVLGDGGH
OD 5HS~EOLFD KWWSZZZKLVWRULDGHODVOHQJXDVHQXUXJXD\HGXX\"SDJHBLG !
)HUUHLUD/XLV(O0RYLPLHQWR1HJURHQ8UXJXD\0RQWHYLGHR
(GLFLRQHVeWQLFDV
)HUUpV&DUORVeSRFDFRORQLDO/DDGPLQLVWUDFLyQGHMXVWLFLDHQ0RQWHYLGHR
0RQWHYLGHR%DUUHLUR
)ORUHQWLQR0DQROR (PFRVWDVQHJUDVXPDKLVWyULDGRWUiILFRGHHVFUDYRV
HQWUHDÈIULFDHR5LRGH-DQHLURVpFXORV;9,,H;,;6mR3DXOR&RPSDQKLD
GDV/HWUDV
)ORUHQWLQR0DQROR9LHLUD5LEHLUR$OH[DQGUH'RPLQJXHVGD6LOYD'DQLHO
³$VSHFWRVFRPSDUDWLYRVGRWUiILFRGH DIULFDQRVSDUD R%UDVLOVpFXORV;9,,,H
;,;´$IURÈVLD
)RGRU,VWYiQ,QWURGXFWLRQWRWKHKLVWRU\RI8PEXQGX/0DJ\DU¶VUHFRUGV
DQGWKHODWHUVRXUFHV%XGDSHVW$NDGpPLDL.LDGy
)RQWDQHOODGH:HLQEHUJ0DUtD%HDWUL]³9DULHGDGHVOLQJtVWLFDVXVDGDVSRU
ODSREODFLyQQHJUDULRSODWHQVH´$QXDULRGH/LQJtVWLFD+LVSiQLFD
)UHJD$QD³&DPLQRVGHOLEHUWDGHQWLHPSRVGHUHYROXFLyQ/RVHVFODYRVHQ
OD 3URYLQFLD 2ULHQWDO $UWLJXLVWD ´ HQ %HQWDQFXU $UWXUR %RUXFNL
$OH[)UHJD$QD FRPSV (VWXGLRVVREUH ODFXOWXUDDIURULRSODWHQVH 0RQWH
YLGHR)+&(
)UHJD$QD&KDJDV&DUOD0RQWDxRÏVFDU6WDOOD1DWDOLD³%UHYHKLVWRULD
GHORVDIURGHVFHQGLHQWHVHQHO8UXJXD\´HQ6FXUR6RPPD/XFtDFRRUG3R
EODFLyQ DIURGHVFHQGLHQWH \ GHVLJXDOGDGHV pWQLFRUDFLDOHV HQ 8UXJXD\ 0RQWH
YLGHR318'
)UHLUH *LOEHUWR 2 HVFUDYR QRV DQ~QFLRV GH MRUQDLV EUDVLOHLURV GR VpFXOR
;,;5HFLIH,PSUHQVD8QLYHUVLWiULD
)XQGDVKRQGL3ODQLILNDVKRQGL,GLRPD2UWRJUDILDLOLVWDGLSDODEUD3DSLD
PHQWX.zUVRX)XQGDVKRQGL3ODQLILNDVKRQGL,GLRPD
195
*DOODUGR-RUJH8QWHVWLPRQLRVREUHODHVFODYLWXGHQ0RQWHYLGHR/DPHPR
ULDGH/LQR6XiUH]3HxD%XHQRV$LUHV,GHD9LYD
*DQVHPDQV -RV 9RONVPX]LHNLQVWUXPHQWHQ JHWXLJHQ HQ UHVXOWDDW YDQ HHQ
LQWHUWQLVFKH VDPHQOHYLQJHHQRUJDQRORJLVFKH VWXGLHPHW EHWUHNNLQJWRW$UXED
%RQDLUHHQ&XUDoDR7HUYXHUHQ.RQLQNOLMN0XVHXPYRRU0LGGHQ$IULND
*DUFtD*RQ]iOH]-RVp9DOGpV$FRVWD*HPD³5HVWRVGHOHQJXDVEDQWXHVHQ
OD5HJLyQ&HQWUDOGH&XED´,VODV
*HOHU/HD*X]PiQ)ORUHQFLDFRRUGV$FWDVGHODV6HJXQGDV-RUQDGDVGH
(VWXGLRV$IURODWLQRDPHULFDQRVGHO*($/$%XHQRV$LUHV(GLWRULDO0QHPRV\
QH>3XEOLFDFLyQ0XOWLPHGLD&'@
*REHOOR -RVp /HWUDV GH WDQJR 6HOHFFLyQ (GLFLyQ SUyORJR \
JORVDULRGH-RVp*REHOORDHG%XHQRV$LUHV1XHYR6LJOR
*REHOOR-RVp3D\HW/XFLDQR%UHYHGLFFLRQDULROXQIDUGR%XHQRV$LUHV$
3HQD/LOOR
*ROGPDQ*XVWDYR £6DOYH %DOWDVDU/DILHVWDGH UH\HVHQHO%DUULR6XUGH
0RQWHYLGHR0RQWHYLGHR)21$0
*ROGPDQ *XVWDYR &DQGRPEH £6DOYH %DOWDVDU /D ILHVWD GH 5H\HV HQ HO
%DUULR6XUGH0RQWHYLGHR0RQWHYLGHR3HUUR$QGDOX]
*ROGPDQ *XVWDYR /XFDPED KHUHQFLD DIULFDQD HQ HO WDQJR 0RQWHYLGHR3HUUR$QGDOX]
*RPHV)OiYLRD³$IULFDQVDQGSHWLWPDUURQDJHLQ5LRGH-DQHLURFD±
´/XVR%UD]LOLDQ5HYLHZ
*RPHV )OiYLR E ³$JDVVL] H DV µUDoDV SXUDV¶ DIULFDQDV QD FLGDGH DWOkQWLFD´
HQ +XYHU 6DVKD 0DFKDGR 0DULD +HOHQD 37 RUJV 5DVWURV H 5DoDV GH
/RXLV $JDVVL] )RWRJUDILD FRUSR H FLrQFLD 6mR 3DXOR ([SUHVVmR H $UWH
(GLWRUD
*RRGPDQ 0RUULV ³7KH 3RUWXJXHVH HOHPHQW LQ WKH $PHULFDQ FUHROHV´ HQ
*LOEHUW*OHQ*HG3LGJLQDQG&UHROH/DQJXDJHVHVVD\VLQPHPRU\RI-RKQ
(5HLQHFNH+RQROXOX8QLYHUVLW\RI+DZDLL3UHVV
*RUWi]DU$OHMDQGUR³'HODXOOLGRDODHVFULWXUD9RFHVQHJUDVHQHOLPDJLQD
ULRQDFLRQDO´HQ$FKXJDU+XJRFRRUG 'HUHFKRVGHPHPRULD1DFLyQHLQ
GHSHQGHQFLDHQ$PpULFD/DWLQD0RQWHYLGHR)+&(
*RUWi]DU $OHMDQGUR ³0LUDGDV FUX]DGDV $SXQWHV VREUH ORV GLVFXUVRV GHO
DSRUWH DIULFDQR HQ 8UXJXD\ ±´ HQ %HQWDQFXU $UWXUR %RUXFNL
$OH[)UHJD$QD FRPSV (VWXGLRVVREUH ODFXOWXUDDIURULRSODWHQVH 0RQWH
YLGHR)+&(
*RUWi]DU$OHMDQGUR(OOLFHQFLDGRQHJUR-DFLQWR9HQWXUDGH0ROLQD0RQ
WHYLGHR7ULOFH
*RUWi]DU$OHMDQGURHG -DFLQWR9HQWXUDGH0ROLQD$QWRORJtDGH0DQXV
FULWRV0RQWHYLGHR)+&(&6,&
*UDQDGD'DQLHO>@9RFDEXODULRULRSODWHQVHUD]RQDGR%LEOLRWHFD$UWL
JDV &ROHFFLyQ GH &OiVLFRV 8UXJXD\RV 0RQWHYLGHR 0LQLVWHULR GH ,QV
WUXFFLyQ3~EOLFD\3UHYLVLyQ6RFLDO
*UDQGD*HUPiQGH³2QRPiVWLFD\SURFHGHQFLDDIULFDQDGHHVFODYRVQHJURV
HQODVPLQDV'HOVXUGHODJREHUQDFLyQGH3RSD\iQVLJOR;9,,,´ 5HYLVWDHVSD
xRODGHDQWURSRORJtDDPHULFDQD
*UDQGH 'LFLRQiULR +RXDLVV GD /tQJXD 3RUWXJXHVD >HQ OtQHD@ KWWSKRXDLVV
XROFRPEU!
*UDQW$QWKRQ\³$FRQVWUXFWLYLVWDSSURDFKWRWKHHDUO\KLVWRU\RISDSLDPHQ
WX´ HQ )DUDFODV 1LFRODV 6HYHULQJ 5RQQLH :HLMHU &KULVWD HGV /LQJXLVWLF
VWXGLHV RQ 3DSLDPHQWX &XUDoDR )XQGDVKRQ SD 3ODQLILNDVKRQ GL ,GLRPD 196
*ULQEHUJ .HLOD ³6ODYHU\ PDQXPLVVLRQ DQG WKH ODZ LQ QLQHWHHQWKFHQWXU\
%UD]LOUHIOH[LRQVRQWKHODZRIDQGWKHµSULQFLSOHRIOLEHUW\¶RQWKHVRXWK
HUQIURQWLHURIWKH%UD]LOLDQ (PSLUH´ (XURSHDQ5HYLHZRI+LVWRU\ *XDQFKH-HV~V>@$IULFDQtD\HWQLFLGDGHQ&XED/D+DEDQD(GLWRULDO
GH&LHQFLDV6RFLDOHV
*XDUQLHUL-XDQ&DUORV'LFFLRQDULRGHOOHQJXDMHULRSODQWHQVH0RQWHYLGHR
',6$
*XLPDUmHV %HUQDUGR VLQ IHFKD >@ ³8PD KLVWyULD GH TXLORPERODV´ HQ
*XLPDUmHV%HUQDUGR/HQGDVHURPDQFHV5LRGH-DQHLUR3DULV+*DUQLHU
+DHQVFK*QWKHU:HUQHU5HLQKROG'LFFLRQDULRGHO(VSDxROGH$UJHQWLQD
(VSDxROGH$UJHQWLQD±(VSDxROGH(VSDxD0DGULG*UHGRV
+DOO *ZHQGRO\Q ³$IULFDQ HWKQLFLWLHV DQG WKH PHDQLQJV RI µ0LQD¶´ HQ
/RYHMR\3DXO7URWPDQ'DYLGHGV 7UDQV$WODQWLFGLPHQVLyQRIHWKQLFLW\ LQ
WKH$IULFDQGLiVSRUD/RQGRQ1HZ<RUN&RQWLQXXP
+DOO *ZHQGRO\Q ³&UX]DQGR R $WOkQWLFR HWQLDV DIULFDQDV QDV $PpULFDV´
7RSRL
+DQGOHU -HURPH ³'HWHUPLQLQJ $IULFDQ ELUWK IURP VNHOHWDO UHPDLQV D QRWH
RQWRRWKPXWLODWLRQ´+LVWRULFDO$UFKDHRORJ\
+HLQW]H%HDWUL[³+LVWRULFDO1RWHVRQWKH.LVDPD RI$QJROD´ 7KH-RXUQDO
RI$IULFDQ+LVWRU\
+HLQW]H%HDWUL[)RQWHVSDUDDKLVWyULDGH$QJRODGRVpFXOR;9,,6WXWWJDUW
)UDQ]6WHLQHU9HUODJ:LHVWHVWUDGHQ*0%+
+HVVHOLQJ 'LUN +HW 1HJHUKROODQGV GHU 'HHQVH $QWLOOHQ ELMGUDJH WRW GH
JHVFKLHGHQLVGHU1HGHUODQGVH7DDOLQ$PHULND/HLGHQ$:6LMWKRII
+H\ZRRG/LQGD³3RUWXJXHVHLQWR$IULFDQ7KH(LJKWHHQWK&HQWXU\&HQWUDO
$IULFDQ %DFNJURXQG WR $WODQWLF &UHROH &XOWXUHV´ HQ +H\ZRRG /LQGD HG
&HQWUDO $IULFDQV DQG &XOWXUDO 7UDQVIRUPDWLRQV LQ WKH $PHULFDQ 'LDVSRUD
&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
+H\ZRRG/LQGD7KRUQWRQ-RKQ&HQWUDO$IULFDQV$WODQWLF&UHROHVDQGWKH
)RXQGDWLRQ RI WKH $PHULFDV 1HZ <RUN &DPEULGJH 8QLYHUVLW\
3UHVV
+RHWLQN +HUPDQQXV (QF\FORSHGLH YDQ GH 1HGHUODQGVH $QWLOOHQ
$PVWHUGDP%UXVVHO(OVHYLHU
+RXDLVV $QWRQLR 9LOODU 0DXUR GH 6DOOHV 'LFLRQiULR +RXDLVV GD OtQJXD
SRUWXJXHVD5LRGH-DQHLUR2EMHWLYD
+RXDLVV $QW{QLR 9LOODU 0DXUR GH 6DOOHV FRDXW 'LFLRQiULR +RXDLVV GD
OtQJXDSRUWXJXHVD5LRGH-DQHLUR2EMHWLYD
+R\HU :LOOHP 0 >@ :RRUGHQOLMVW HQ VDPHQVSUDDN +ROODQGVFK ±
3DSLDPHQWVFK±6SDDQVFKDHG:LOOHPVWDG6OX\WHU
+UEHN,YDQ³$OLVWRI$IULFDQHWKQRQ\PV´HQ$IULFDQHWKQRQ\PVDQGWRS
RQ\PV 5HSRUWV DQG SDSHUV RI WKH PHHWLQJ RI H[SHUWV RUJDQL]HG E\ 8QHVFR LQ
3DULV-XO\3DULV8QHVFR
,EixH]5REHUWR³3UyORJR´HQ$FHYHGR'tD](GXDUGR ,VPDHO%LEOLRWHFD
$UWLJDV &ROHFFLyQ GH &OiVLFRV 8UXJXD\RV 0RQWHYLGHR 0LQLVWHULR GH ,QV
WUXFFLyQ3~EOLFD\3UHYLVLyQ6RFLDO9,,/;9
,VROD(PD/DHVFODYLWXGHQHO8UXJXD\GHVGHVXVFRPLHQ]RVKDVWDVXH[WLQ
FLyQ0RQWHYLGHR3XEOLFDFLyQGHOD&RPLVLyQ1DFLRQDOGH+RPH
QDMHGHO6HVTXLFHQWHQDULRGHORV+HFKRV+LVWyULFRVGH
-DGIDUG5RVHOLQH.UpzOJXLGHSUDWLTXHGHFRQYHUVDWLRQHQFUpROHJX\DQDLV
DYHFXQPLQLGLFWLRQQDLUHGHPRWV.RXURX,ELV5RXJH
197
-LPpQH]$VGU~EDO%RFDVGHO4XHEUDFKR0RQWHYLGHR(GLFLRQHV&LXGDGHOD
-RKQHQ 7KRPDV HQ SUHQVD ³%DNRED SD PDNDNX 6REUH D SUREOHPiWLFD GRV
DIULFDQLVPRV QD OH[LFRJUDILD GRSDSLDPHQWXFRPSDUDo}HV FRPRSRUWXJXrVGR
%UDVLO H R HVSDQKRO XUXJXDLR´ HQ $ONPLP 7kQLD $YHODU -XDQLWR %RUED
/LOLDQGR5RFLRHGV'LQkPLFDV$IUR/DWLQDV/tQJXDVH+LVWyULDV
-RKQVWRQ +DUU\ ³7KH )XODV DQG 7KHLU /DQJXDJH´ -RXUQDO RI WKH 5R\DO
$IULFDQ6RFLHW\
-RQJ -DQ 3HWUXV 'H -RVVHOLQJ +HW KXLGLJH 1HJHUKROODQGV WHNVWHQ HQ
ZRRUGHQOLMVW $PVWHUGDP .RQLQNOLMNH $NDGHPLH YDQ :HWHQVFKDSSHQ WH
$PVWHUGDP
-RXEHUW 6LGQH\ 'LNVKRQDULR 3DSLDPHQWX ± +XODQGHV +DQGZRRUGHQERHN
3DSLDPHQWV±1HGHUODQGVDHG:LOOHPVWDG)XQGDVKRQGL/HNVLNRJUDILD
.DQGDPH1pVWRU&ROHFFLyQGHDQXQFLRVVREUHHVFODYRV'HVGHHOFRPLHQ]R
GHO0RQWHYLGHRGHOD*XHUUD*UDQGHHQKDVWDODDEROLFLyQSDUFLDOGH
ODHVFODYLWXGHOGHGLFLHPEUHGH0RQWHYLGHR
.DUDVFK 0DU\ 6ODYH OLIH LQ 5LR GH -DQHLUR 3ULQFHWRQ 1-
3ULQFHWRQ8QLYHUVLW\3UHVV
.D\6WHSKHQ7UDYHOVDQG5HVHDUFKHVLQ&DIIUDULD'HVFULELQJWKHFKDUDFWHU
FXVWRPV DQG PRUDO FRQGLWLRQ RI WKH WULEHV LQKDELWLQJ WKDWSRUWLRQ RI 6RXWKHUQ
$IULFDZLWKKLVWRULFDODQGWRSRJUDSKLFDOUHPDUNVZLWKKLVWRULFDODQGWRSRJUDSK
LFDOUHPDUNVLOOXVWUDWLYHRIWKHVWDWHDQGSURVSHFWVRIWKH%ULWLVKVHWWOHPHQWLQLWV
ERUGHUVWKHLQWURGXFWLRQRI&KULVWLDQLW\DQGWKHSURJUHVVRIFLYLOL]DWLRQ1HZ
<RUN+DUSHUDQGEURWKHUV
.LGG\(OLVDEHWK³:KR,VWKH.LQJRI&RQJR"$1HZ/RRNDW$IULFDQDQG
$IUR%UD]LOLDQ .LQJV LQ %UD]LO´ HQ +H\ZRRG /LQGD HG &HQWUDO $IULFDQV
DQG &XOWXUDO 7UDQVIRUPDWLRQV LQ WKH $PHULFDQ 'LDVSRUD &DPEULGJH &DP
EULGJH8QLYHUVLW\3UHVV
.ROZD $QGUHD ³=XU *HVFKLFKWH GHU ,QWHUQDWLRQDOLVPHQ)RUVFKXQJ´ HQ
%UDXQ3HWHU6FKDHGHU%XUNKDUG9ROPHUW-RKDQQHVHGV,QWHUQDWLRQDOLVPHQ
,, 6WXGLHQ ]XU LQWHUOLQJXDOHQ /H[LNRORJLH XQG /H[LNRJUDSKLH 7ELQJHQ
1LHPH\HU
.UDPHU ,RKDQQHV ³'H RULJLQH HOHPHQWLVTXH OLQJXDH &UHRODH TXD LQFRODH
LQVXODUXP %DWDYDUXP LQ PDUL &DUDLELFR VLWDUXP XWXQWXU´ HQ *UR‰H 6\ELOOH
6FK|QEHUJHU$[HOHGV'XOFHHWGHFRUXPHVWSKLORORJLDPFROHUH)HVWVFKULIW
IU 'LHWULFK %ULHVHPHLVWHU ]X VHLQHP *HEXUWVWDJ 9RO %HUOLQ 'RPXV
(GLWRULD(XURSHD
.UJHU)ULW]*HJHQVWDQGVNXOWXU6DQDEULDVXQGVHLQHU1DFKEDUJHELHWH(LQ
%HLWUDJ ]XU VSDQLVFKHQ XQG SRUWXJLHVLVFKHQ 9RONVNXQGH +DPEXUJ
)ULHGHULFKVHQ
.UJHU)ULW] ³'LHQRUGZHVWLEHULVFKH9RONVNXOWXU´:|UWHUXQG6DFKHQ
.KOGH0RQHV8UVXODFRRUG1XHYRGLFFLRQDULRGHXUXJXD\LVPRV6DQWD
IpGH%RJRWi,QVWLWXWR&DUR\&XHUYR
/DJPDQRYLFK'DYLG³3RHVtD \ P~VLFD HQHOWDQJRDUJHQWLQR´HQ+HLQHQ
9DOpULH *UXQZDOG 6XVDQQH +DPPHUVFKPLGW &ODXGLD 1LOVVRQ *XQQDU
FRRUGV 3DVDMHV 3DVVDJHV 3DVVDJHQ KRPHQDMH D &KULVWLDQ :HQW]ODII
(JJHEHUW6HYLOOD8QLYHUVLWlW]X.|OQ8QLYHUVLGDGGH6HYLOOD8QLYHUVLGDGGH
&iGL]
/DJXDUGD7UtDV5RODQGR³$IURQHJULVPRVULRSODWHQVHV´6HSDUDWDGHO%ROHWtQ
GHOD5HDO$FDGHPLD(VSDxROD7RPR;/,;&XDGHUQR&/;;;9,
/DQJ-UJHQHG'LFLRQiULRGR&ULRXORGD,OKDGH6DQWLDJR&DER9HUGH
FRP HTXLYDOHQWHV GH WUDGXomR HP DOHPmR H SRUWXJrV :|UWHUEXFK GHV .UHROV
198
GHU ,QVHO 6DQWLDJR .DSYHUGH LQ SRUWXJLHVLVFHU 6SUDFKH PLW GHXWVFKHQ XQG
SRUWXJLHVLVFKHQhEHUVHW]XQJVlTXLYDOHQWHQ7ELQJHQ1DUU
/DUD6LOYLD+XQROG³/LQJXDJHPGRPtQLRVHQKRULDOHLGHQWLGDGHpWQLFDQDV
0LQDV *HUDLV GH PHDGRV GR VpFXOR ;9,,,´ HQ %DVWRV &ULVWLDQD $OPHLGD
0LJXHO 9DOH GH )HOGPDQ%LDQFR %HOD RUJV 7UkQVLWRV FRORQLDLV GLiORJRV
FUtWLFRVOXVREUDVLOHLURV&DPSLQDV(GLWRUDGD8QLFDPS
/DWRXU 0 ' ³2RUVSURQJ HQ EHWHNHQLV YDQ KHW ZRRUG PDFDPED´
:HVW,QGLVFKH*LGV
/DZ5RELQ³(WKQLFLWLHVRIHQVODYHG$IULFDQVLQWKH'LDVSRUDRQWKHPHDQ
LQJVRIµ0LQD¶DJDLQ´+LVWRU\LQ$IULFD
/D\WDQR'DQWHGHD2VDIULFDQLVPRVGRGLDOHWRJD~FKR6HSDUDWDGD5HYLVWD
GR,QVWLWXWR+LVWyULFRH*HRJUiILFRGRULR*UDQGHGR6XO
/D\WDQR 'DQWH GH E 2V DIULFDQLVPRV GR GLDOHWR JDXFKR H[WUDtGR GR OLYUR
LQpGLWR1HJURVVXOULRJUDQGHQVHV3RUWR$OHJUH*ORER
/HQ]5RGROIR (OSDSLDPHQWRODOHQJXDFULROODGH &XUD]DRODJUDPiWLFD
PDVVHQFLOOD6DQWLDJRGH&KLOH%DUFHOOV&R
/LSVNL -RKQ ³(O HVSDxRO DIURSHUXDQR HVODEyQ HQWUH ÈIULFD \ $PpULFD´
$QXDULRGH/LQJtVWLFD+LVSiQLFD
/LSVNL -RKQ D ³3DQRUDPD GHO OHQJXDMH DIURUULRSODWHQVH YtDV GH HYROXFLyQ
IRQpWLFD´$QXDULRGH/LQJtVWLFD+LVSiQLFD
/LSVNL -RKQ E ³3HUVSHFWLYDV VREUH HO HVSDxRO ER]DO´ HQ 3HUO 0DWWKLDV
6FKZHJOHU$UPLQHGV ÈIULFDQHJUD3DQRUiPLFDDFWXDOGHORVHVWXGLRVOLQ
JtVWLFRVVREUHYDULHGDGHVKLVSDQDVSRUWXJXHVDV\FULROODV)UDQNIXUWDP0DLQ
0DGULG9HUYXHUW,EHURDPHULFDQD
/LUD /XFLDQR (O 3DUQDVR 2ULHQWDO R *XLUODQGD 3RpWLFD GH OD 5HS~EOLFD
8UXJXD\D7RPR,5HLPSUHVLyQIDFVLPLODU0RQWHYLGHR%LEOLRWHFD$UWLJDV
/RFNKDUW:DVKLQJWRQ³/DHVFODYLWXGHQ6RULDQR´+R\HV+LVWRULD,,,
/RKVH 5XVHOO ³6ODYHWUDGH QRPHQFODWXUH DQG $IULFDQ HWKQLFLWLHV LQ WKH
$PHULFDV HYLGHQFH IURP HDUO\ HLJKWHHQWKFHQWXU\ &RVWD 5LFD´ 6ODYHU\ DQG
$EROLWLRQ
/RSHV 1HL 1RYR GLFLRQiULR EDQWR GR %UDVLO FRQWHQGR PDLV GH SURSRVWDV HWLPROyJLFDV DFROKLGDV SHOR 'LFLRQiULR +RXDLVV 5LR GH -DQHLUR
3DOODV
/ySH]%ODQTXHW0DULQD8UXJXD\LVPRV0RQWHYLGHR0RQWHYHUGH
/XVDNDODOX 3HGUR ³/DQJXDJH DQG JORVVRQ\PLF XQLWV FRQWULEXWLRQ WR WKH
DVVHVVPHQW RI WKH OLQJXLVWLF GLYHUVLW\ RI $QJROD DQG 1DPLELD´ $IULNDQLVWLVFKH
$UEHLWVSDSLHUH
/|SHOPDQQ 0DUWLQ (W\PRORJLVFKHV :|UWHUEXFK GHU EDVNLVFKHQ 6SUDFKH
'LDOHNWHYRQ/DERXUG1LHGHU1DYDUUDXQG/D6RXOHYROV%HUOLQGH*UX\WHU
0DFHGR 6RDUHV $QW{QLR - GH >@ 'LFLRQiULR %UDVLOHLUR GH
/tQJXD3RUWXJXHVDYROV5LRGH-DQHLUR0(&,1/
0DFHGR -RDTXLP 0DQXHO GH VLQ IHFKD >@ $V YtWLPDVDOJR]HV TXDGURV GD
HVFUDYLGmR)XQGDomR%LEOLRWHFD1DFLRQDOKWWSZZZGRPLQLRSXEOLFRJRYEU
GRZQORDGWH[WREQSGI!
0DFKDGRGH$VVLV-RDTXLP0DULD>@³9LUJLQLXV´HQ'XDUWH(GXDUGR
GH $VVLV RUJ 0DFKDGR GH $VVLV DIURGHVFHQGHQWH HVFULWRV GH FDUDPXMR
DQWRORJLDHGUHYDPSO%HOR+RUL]RQWH5LRGH-DQHLUR&ULViOLGD3DOODV
0DFKDGRGH$VVLV-RDTXLP0DULDVLQIHFKD>@ 0HPyULDVSyVWXPDVGH%UiV
&XEDV )XQGDomR %LEOLRWHFD 1DFLRQDO KWWSZZZ GRPLQLRSXEOLFRJRYEU
GRZQORDGWH[WREQSGI!
199
0DFKDGR-XDQSHGUR³7UDQVIRUPDFLRQHVGHOGLVFXUVRGHORVDIURXUXJXD\RV´
HQ %HQWDQFXU $UWXUR %RUXFNL $OH[ )UHJD $QD FRPSV (VWXGLRV VREUH OD
FXOWXUDDIURULRSODWHQVH0RQWHYLGHR)+&(
0DGXUR $QWRLQH (QVD\R SD \HJD QD XQ RUWRJUDILD XQLIRUPH SD QRV
SDSLDPHQWX&XUDoDR06/0DGXUR
0DGXUR$QWRLQH$OJXQDQRWDVKRQPDVWRNDQWHQRVOHQJDLRXWURDVXQWRQDQ
.zUVRXVG
0DKR-RXQL³%DQWX DUHDWRZDUGVFOHDULQJ XSD PHVV´ $IULFD $VLD 0DKR-RXQL³7KHRQOLQHYHUVLRQRIWKH1HZ8SGDWHG*XWKULH/LVWDUHIHU
HQWLDO FODVVLILFDWLRQ RI WKH %DQWX ODQJXDJHV´ KWWSJRWRJORFDOQHWQHWPDKR
SDSHUVQXJORQOLQHSGI!
0DLD$QWyQLRGD 6LOYD 'LFLRQiULRFRPSOHPHQWDUSRUWXJXrV ±NLPEXQGX ±
NLNRQJR OtQJXDV QDWLYDV GR FHQWUR H GR QRUWH GH $QJROD /XDQGD (GLWRULDO
0LVV}HV&XFXMmHV
0DPLJRQLDQ %HDWUL] ³ÈIULFD QR %UDVLO PDSD GH XPD iUHD HP H[SDQVmR´
7RSRL
0DQHVV\ *DEULHO ³/DQJXHV HW QDWLRQV´ HQ +D]DsO0DVVLHX[ 0DULH
&KULVWLQH 5RELOODUG 'LGLHU HGV &RQWDFWV GH ODQJXHV FRQWDFWV GH FXOWXUHV
FUpROLVDWLRQ3DULV/
+DUPDWWDQ
0DQQ5REHUW-DPHV³7KH.DIILU5DFHRI1DWDO´7UDQVDFWLRQVRIWKH(WKQR
ORJLFDO6RFLHW\RI/RQGRQ
0DUWLQH]0RQWHUR+RUDFLR³/D(VFODYLWXGHQHO8UXJXD\´5HYLVWD1DFLR
QDO,
0DUWLQH]0RQWHUR+RUDFLRD³/D(VFODYLWXGHQHO8UXJXD\´5HYLVWD1DFLR
QDO,,
0DUWLQH]0RQWHUR+RUDFLRE³/D(VFODYLWXGHQHO8UXJXD\´5HYLVWD1DFLR
QDO,,,
0DUWLQH]0RQWHUR+RUDFLR³/D(VFODYLWXGHQHO8UXJXD\´5HYLVWD1DFLR
QDO,9
0DUWLQXV>$ULRQ@)UDQN³3DSLDPHQWXWKHURDGWRHPDQFLSDWLRQ´HQ)RGRU
,VWYiQ +DJqJH &ODXGH HGV /DQJXDJH 5HIURP +LVWRU\ DQG )XWXUH /D Up
IRUPHVGHVODQJXHVKLVWRLUHHWDYHQLU6SUDFKUHIRUP*HVFKLFKWHXQG=XNXQIW
9RO9+DPEXUJ%XVNH
0DUWLQXV >$ULRQ@ )UDQN 7KH NLVV RI D VODYH 3DSLDPHQWX
V :HVWDIULFDQ
FRQQHFWLRQ7HVLVGRFWRUDO$PVWHUGDP8QLYHUVLWHLWYDQ$PVWHUGDP
0DUWLQXV$ULRQ)UDQN³7KH*XHQH.ULROHRIWKH1HWKHUODQGV$QWLOOHV
LWV WKHRUHWLFDO DQG SUDFWLFDO FRQVHTXHQFHV IRU EHWWHU XQGHUVWDQGLQJ 3DSLDPHQWR
DQGRWKHU3RUWXJXHVHEDVHGFUHROHV´$QDOHVGHO&DULEH
0DUXJJ 7LS 8Q SULQVLSLR SD XQ GLNVKRQDULR HUzWLNR SDSLDPHQWX .zUVRX
6FKHUSHQKHXYHO
0HJHQQH\ :LOOLDP $VSHFWRV GHO OHQJXDMH DIURQHJURLGH HQ 9HQH]XHOD
)UDQNIXUW0DGULG9HUYXHUW,EHURDPHULFDQD
0HOOR (YDOGR &DEUDO 2 %UDVLO KRODQGrV 6mR 3DXOR 3HQJXLQ
&ODVVLFV
0HQGRQoD5HQDWR>@$LQIOXrQFLDDIULFDQDQRSRUWXJXrVGR%UDVLO5LR
GH-DQHLUR&LYLOL]DomR%UDVLOHLUD
0HR =LOLR *LRYDQQL ³*HQRYHVLVPRV HQ HO HVSDxRO ULRSODWHQVH´ 1XHYD
UHYLVWDGHILORORJtDKLVSiQLFD
0H\HU/ENH :LOKHOP 5RPDQLVFKHV HW\PRORJLVFKHV :|UWHUEXFK D HG
+HLGHOEHUJ:LQWHU
200
0LOOHU-RVHSK.LQJVDQG.LQVPHQ(DUO\0EXQGX6WDWHVLQ$QJROD2[IRUG
&ODUHQGRQ3UHVV
0LOOHU -RVHSK :D\ RI 'HDWK PHUFKDQW FDSLWDOLVP DQG WKH $QJRODQ 6ODYH
7UDGH0DGLQVRQ7KH8QLYHUVLW\RI:LVFRQVLQ3UHVV
0LOOHU-RVHSK³&HQWUDO$IULFD'XULQJWKH(UDRIWKH6ODYH7UDGHFV
V´ HQ +H\ZRRG /LQGD HG &HQWUDO $IULFDQV DQG &XOWXUDO 7UDQVIRU
PDWLRQV LQ WKH $PHULFDQ 'LDVSRUD &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV
0LQJDV$PpOLD,QWHUIHUrQFLDGRNLPEXQGRQRSRUWXJXrVIDODGRHP/ZDQGD
3RUWR&DPSRGDV/HWUDV
0ROLQHU0DUtD'LFFLRQDULRGHXVRGHOHVSDxROYROV0DGULG*UHGRV
0RQHJDO-RVp&XHQWRV0RQWHYLGHR/LEUHUtD%OXQGL
0RQHJDO-RVp(O7URSHUR0DFDEUR\RWURVFXHQWRV0RQWHYLGHR(GLFLRQHV
GHOD%DQGD2ULHQWDO
0RQWDxR 2VFDU ³%UHYH UHVHxD GHO DSRUWH DIULFDQR HQ OD IRUPDFLyQ GH OD
SREODFLyQ XUXJXD\D´ HQ 0DUWtQH] 0RQWLHO /X] HG 3UHVHQFLD DIULFDQD HQ
6XGDPpULFD0p[LFR&RQVHMR1DFLRQDOSDUDOD&XOWXUD\ODV$UWHV
0RQWDxR2VFDU8PNKRQWR+LVWRULDGHODSRUWHQHJURDIULFDQRHQODIRUPD
FLyQGHO8UXJXD\0RQWHYLGHR5RVHEXG
0RQWDxR 2VFDU <HQLQ\DQ\D 8PNRQWR ,, +LVWRULD GH ORV DIURXUXJXD\RV
0RQWHYLGHR0XQGR$IUR
0RQWDxR2VFDUD+LVWRULD$IUR8UXJXD\D7RPR0RQWHYLGHR,032
0RQWDxR 2VFDU E +LVWRULD $IURXUXJXD\D 7RPR , D HG 0RQWHYLGHR
0DVWHUJUDI
0RQWHF~FFROR-RmR$QW{QLR&DYD]]LGH 'HVFULomRKLVWyULDGRVWUrVUHLQRV
GR&RQJR0DWDPEDH $QJROD7UDGXomRQRWDVH LQGLFHVSHOR*UDFLDQR0DULD
GH/HJX]]DQRLQWURGXomRELRELEOLRJUDILFDSRU)/HLWHGH)DULDYROV/LVERD
-XQWDGH,QYHVWLJDomRGR8OWUDPDU
0RUDHV 6LOYD $QWRQLR >@ 'LFFLRQDULR GD OLQJXD SRUWXJXH]D
5HFRPSLODGR GRV YRFDEXODULRV LPSUHVVRV DWH DJRUD H QHVWD VHJXQGD HGLomR
QRYDPHQWH HPHQGDGR H PXLWR DFUHVFHQWDGR SRU $QWRQLR GH 0RUDHV 6LOYD
/LVERD7\SRJUDSKLD/DFHUGLQDKWWSZZZEUDVLOLDQDXVSEUGLFLRQDULRHGLFDR
!
0RUHLUD=HQyELD&ROODUHV'LFLRQiULRGDOtQJXDSRUWXJXHVDDUFDLFD1DWDO
(GLWRUDGD8)51
1RYR'LFLRQiULR$XUpOLR9HUVmR'LFLRQiULRHOHWU{QLFRDHG&XULWLED
(GLWRUD3RVLWLYR
2EDOGtD-RVp0DUtD(OKDEODGHOSDJR0RQWHYLGHR%DQGD2ULHQWDO
2OLYHLUD0DULD,QrV&{UWHVGH³4XHPHUDPRVµQHJURVGD*XLQp¶"$RULJHP
GRVDIULFDQRVQD%DKLD´$IURÈVLD
2OLYHUD 7RPiV 9DUHVH -XDQ /RV FDQGRPEHV GH 5H\HV /DV OODPDGDV
0RQWHYLGHR(O*DOHyQ
2¶1HLOO+HQU\³2QWKH&RDVW/DQGVDQG6RPH5LYHUVDQG3RUWVRI0R]DP
ELTXH´3URFHHGLQJVRIWKH5R\DO*HRJUDSKLFDO6RFLHW\DQG0RQWKO\5HFRUGRI
*HRJUDSK\
2UR$UL3HGUR³5HOLJL}HVDIUREUDVLOHLUDVGR5LR*UDQGHGR6XOSDVVDGRH
SUHVHQWH´(VWXGRV$IUR$VLiWLFRV
2UWL]2GHULJR1pVWRU'LFFLRQDULRGHDIULFDQLVPRVHQHOFDVWHOODQRGHO5tR
GHOD3ODWD&DVHURV(GLWRULDOGHOD8QLYHUVLGDG1DFLRQDOGH7UHVGH)HEUHUR
2UWL])HUQDQGR*ORVDULRGHDIURQHJULVPRV+DEDQD(O6LJOR;;
2UWL])HUQDQGR>@*ORVDULRGHDIURQHJULVPRV/D+DEDQD3HQVDPLHQWR
&XEDQR
201
2¶6KDQDKDQ$OIRQVR*UDQGLFFLRQDULRGHOKDEODFDQDULD6O&HQWURGHOD
&XOWXUD3RSXODU&DQDULD
2VyULR +HOHQ ³)URQWHLUD HVFUDYLGmR H SHFXiULD 5LR *UDQGH GR 6XO QR
SHUtRGRFRORQLDO´HQ6HJXQGDVMRUQDGDVGH+LVWyULDUHJLRQDOFRPSDUDGD3RU
WR$OHJUH38&56
2WHUR (GJDUGR (O RULJHQ GH ORV QRPEUHV GH ORV SDtVHV GHO PXQGR \ GH
PXFKDVLVODVTXHpVWRVSRVHHQDHG%XHQRV$LUHV'H/RV&XDWUR9LHQWRV
3DL[mR&RUWHV-& )ROFORUH JD~FKRIHVWDVEDLOHVP~VLFDH UHOLJLRVLGDGH
UXUDO3RUWR$OHJUH&((&RUDJ
3DOHUPR(GXDUGR³9HFLQGDGIURQWHUD \HVFODYLWXGHQHO QRUWH XUXJXD\R \
VXUGH%UDVLO´HQ0HPRULDVGHOVLPSRVLRµ/D5XWDGHO(VFODYRHQHO5tRGHOD
3ODWDVXKLVWRULD\VXVFRQVHFXHQFLDV¶0RQWHYLGHR81(6&2
3DUpV /XLV1LFRODX $IRUPDomRGR&DQGRPEOpKLVWyULDHULWXDOGDQDomR
MHMHQD%DKLD&DPSLQDV(GLWRUDGD8QLFDPS
3DUNYDOO0LNDHO2XWRI$IULFD$IULFDQLQIOXHQFHVLQ$WODQWLF&UHROHV/RQ
GRQ%DWWOHEULGJH
3DUNYDOO 0LNDHO HQ SUHQVD $IUROH[ $IULFDQ OH[LFDO LQIOXHQFHV LQ &UHROHV DQG
WUDQVSODQWHG(XURSHDQODQJXDJHV/RQGRQ%DWWOHEULGJH
3DWURFtQLR -RVp GH VLQ IHFKD >@ 0RWD FRTXHLUR RX SHQD GH PRUWH
KWWSZZZGRPLQLRSXEOLFRJRYEUGRZQORDGWH[WRELSGI
!
3HOIRUW-RUJH$EROLFLyQGHODHVFODYLWXGHQHO8UXJXD\0RQWHYLGHR'HOD
3OD]D
3HUHGD9DOGpV,OGHIRQVR(OQHJURULRSODWHQVH\RWURVHQVD\RV0RQWHYLGHR
&ODXGLR*DUFtDFtD
3HUHGD9DOGpV,OGHIRQVR/tQHDGHFRORU6DQWLDJRGH&KLOH(UFLOOD
3HUHGD9DOGpV,OGHIRQVR1HJURVHVFODYRV\QHJURVOLEUHV(VTXHPDGHXQD
VRFLHGDGHVFODYLVWD\DSRUWHGHOQHJURHQQXHVWUDIRUPDFLyQQDFLRQDO0RQWHYL
GHR0LQLVWHULRGH,QVWUXFFLyQ3~EOLFD
3HUHGD9DOGpV,OGHIRQVR(OQHJURHQHO8UXJXD\3DVDGR\3UHVHQWH5HYLV
WDGHO,QVWLWXWR+LVWyULFR\*HRJUiILFRGHO8UXJXD\;;9
3HUHLUD(GLPLOVRQGH $OPHLGD*RPHV 1~ELD3HUHLUDGH 0DJDOKmHV 2XUR
3UHWR GD 3DODYUD 1DUUDWLYDV GH SUHFHLWR GR &RQJDGR GH 0LQDV *HUDLV %HOR
+RUL]RQWH(GLWRUD38&0LQDV
3HUO0DWWKLDV6FKZHJOHU$UPLQHGV $PpULFDQHJUD3DQRUiPLFDDFWXDO
GH ORV HVWXGLRV OLQJtVWLFRV VREUH YDULHGDGHV KLVSDQDV SRUWXJXHVDV \ FULROODV
0DGULG)UDQNIXUWDP0DLQ,EHURDPHULFDQD9HUYXHUW
3HVVL %UXQR 6WHOPDFK FRRUG 'RFXPHQWRV GD HVFUDYLGmR LQYHQWiULRV R
HVFUDYR GHL[DGR FRPR KHUDQoD 3RUWR $OHJUH &RPSDQKLD 5LRJUDQGHQVH GH
DUWHVJUiILFDV
3HWLW0XxR](XJHQLR1DUDQFLR(GPXQGR7UDLEHO1HOFLV-RVp /DFRQGL
FLyQMXUtGLFDVRFLDOHFRQyPLFD\SROtWLFDGHORVQHJURVGXUDQWHHOFRORQLDMHHQ
OD%DQGD2ULHQWDO0RQWHYLGHR7DOOHUHV*UiI
3HWWHU 0DUJDULGD 7DGGRQL ³$ SUHVHQoD GH OtQJXDV DIULFDQDV QD $PpULFD
/iWLQD´/LQJtVWLFD
3LQWR (GLWH 3LPHQWHO 2 SRUWXJXrV GR %UDVLO WH[WRV FUtWLFRV H WHyULFRV ,
5LRGH-DQHLUR6mR3DXOR/LYURV7pFQLFRVH&LHQWtILFRV(GLWRUD
GD8QLYHUVLGDGHGH6mR3DXOR
3LQWR /XL] 0DULD GD 6LOYD 'LFFLRQDULR GD /LQJXD %UDVLOHLUD 3RU /XL]
0DULDGD6LOYD3LQWRQDWXUDOGD3URYLQFLDGH*R\D]1D7\SRJUDSKLDGH6LOYD
3RUWD(OLVHR6DOYDGRU&RQODUDt]DOVRO0RQWHYLGHR$VLU
202
3RUWR$OHJUH$SROLQiULRVLQIHFKD>@ 2YDTXHDQRKWWSZZZGRPLQLRSX
EOLFRJRYEUGRZQORDGWH[WREYSGI!
3RU]HFDQVNL 7HUHVD 6DQWRV %HDWUL] +LVWRULDV GH YLGD 1HJURV HQ HO
8UXJXD\0RQWHYLGHR(GLFLRQHV3RSXODUHVSDUD$PpULFD/DWLQD
3RVWPD -RKDQQHV 0HQQH >@ 7KH 'XWFK LQ WKH $QWODQWLF 6ODYH 7UDGH
&DPEULGJH1HZ<RUN&DPEULGJH8QLYHUVLW\3UHVV
3XWWH )ORULPRQ YDQ ³'HGH SLNLxD GH %UD]LOLDDQVH FRQQHFWLH HQ GH \D\D´
.ULVWzI
3XWWH )ORULPRQ YDQ 3XWWHGH :LQGW ,JPD YDQ 'LNVKRQDULR +XODQGHV
3DSLDPHQWX *URRW ZRRUGHQERHN 1HGHUODQGV3DSLDPHQWV =XWSKHQ :DOEXUJ
3HUV
3XWWHGH :LQGW ,JPD 3XWWH )ORULPRQ YDQ 'LNVKRQDULR 3DSLDPHQWX ±
+XODQGHV:RRUGHQERHN3DSLDPHQWV±1HGHUODQGV=XWSKHQ:DOEXUJ3HUV
5DFK *HUROG /LVWD GL GHVNULSVKRQ GL HQIHUPHGDW DQDPQHVHOLMVW /HLGHQ
6WLFKWLQJ$QWLOODDQVH0HGLVFKH6WXGHQWHQ
5DLPXQGR -DFTXHV 2 HOHPHQWR DIURQHJUR QD OtQJXD SRUWXJXHVD 5LR GH
-DQHLUR5HQDVFHQoD(GLWRUD
5DPD&DUORV/RV$IURXUXJXD\RV0RQWHYLGHR(O6LJOR,OXVWUDGR
5DPD&DUORV³7KHSDVVLQJRIWKH$IUR8UXJXD\DQVIURP&DVWH6RFLHW\LQWR
&ODVV 6RFLHW\´ HQ 0|UQHU 0DJQXV HG 5DFH DQG &ODVV LQ /DWLQ $PHULFD
1HZ<RUN&ROXPELD8QLYHUVLW\3UHVV
5DPRV *XpGH] -RVp 0DUFLDO &RQWULEXFLyQ D OD KLVWRULD GH ODV FXOWXUDV
QHJUDVHQ9HQH]XHODFRORQLDO&DUDFDV,QVWLWXWR0XQLFLSDOGH 3XEOLFDFLRQHV ±
$OFDOGtDGH&DUDFDV
5HDO$FDGHPLD(VSDxROD'LFFLRQDULRGHOHQJXDHVSDxROD>HQOtQHD@HG
0DGULG5HDO$FDGHPLD(VSDxRODKWWSZZZUDHHV!
5HDO$FDGHPLD(VSDxROD17//>HQOtQHD@1XHYRWHVRUROH[LFRJUiILFRGHODOHQ
JXDHVSDxRODKWWSZZZUDHHV!
5HDO $FDGHPLD (VSDxROD %DQFR GH GDWRV &25'( >HQ OtQHD@ &RUSXV GLDFUyQLFR
GHOHVSDxROKWWSZZZUDHHV!
5HDO$FDGHPLD(VSDxROD%DQFRGHGDWRV&5($>HQOtQHD@&RUSXVGHUHIHUHQFLD
GHOHVSDxRODFWXDOKWWSZZZUDHHV!
5HDOL /DXUD /D9R]GHORV+LVWRULDGRUHV$QtEDO%DUULRV3LQWRV 0RQWHYL
GHR)DFXOWDGGH+XPDQLGDGHV\&LHQFLDVGHOD(GXFDFLyQ
5HLV-RmR-RVp0DPLJRQLDQ%HDWUL]³1DJ{DQG0LQD7KH<RUXED'LDVSR
UDLQ%UD]LO´HQ)DOROD7R\LQ&KLOGV0DWWHGV7KH<RUXED'LDVSRUDLQWKH
$WODQWLF:RUOG%ORRPLQJWRQ,QGLDQDSROLV,QGLDQD8QLYHUVLW\3UHVV
5LEHLUR $QD +LVWRULD H KLVWRULDGRUHV QDFLRQDOHV 'HO HQVD\R
VRFLROyJLFRDODKLVWRULDGHODVPHQWDOLGDGHV0RQWHYLGHR(GLFLRQHVGHOD3OD
]D
5LEHLUR -XOLR >@ $ &DUQH 6mR 3DXOR 0DUWLQ &ODUHW KWWSZZZ
GRPLQLRSXEOLFRJRYEUGRZQORDGWH[WREYSGI!
5LFKDUG5HQDXGHG'LFFLRQDULRGH+LVSDQRDPHULFDQLVPRVQRUHFRJLGRV
SRU OD 5HDO $FDGHPLD IRUPDV KRPyQLPRV SROLVpPLFDV \ RWUDV GHULYDFLRQHV
PRUIRVHPiQWLFDV0DGULG&iWHGUD
5RGQH\:DOWHU³8SSHU*XLQHDDQGWKHVLJQLILFDQFHRIWKHRULJLQVRI$IUL
FDQVHQVODYHGLQWKH1HZ:RUOG´7KH-RXUQDORI1HJUR+LVWRU\
5RGUtJXH]0RQHJDO(PLUD³3UyORJR´HQ$FHYHGR'tD](GXDUGR 1DWLYD
%LEOLRWHFD$UWLJDV&ROHFFLyQGH&OiVLFRV8UXJXD\RV0RQWHYLGHR0LQLVWH
ULRGH,QVWUXFFLyQ3~EOLFD\3UHYLVLyQ6RFLDO9,,;/9,,,
203
5RGUtJXH]0RQHJDO(PLUE³3UyORJR´HQ$FHYHGR'tD](GXDUGR*ULWRGH
*ORULD%LEOLRWHFD$UWLJDV&ROHFFLyQGH&OiVLFRV8UXJXD\RV0RQWHYLGHR
0LQLVWHULRGH,QVWUXFFLyQ3~EOLFD\3UHYLVLyQ6RFLDO9,,;;;,;
5RGUtJXH]0RQHJDO(PLU³3UyORJR´HQ$FHYHGR'tD](GXDUGR /DQ]D\
6DEOH %LEOLRWHFD $UWLJDV &ROHFFLyQ GH &OiVLFRV 8UXJXD\RV 0RQWHYLGHR
0LQLVWHULRGH,QVWUXFFLyQ3~EOLFD\3UHYLVLyQ6RFLDO9,,;/,9
5RGUtJXH]$GROIR(QULTXH>HQOtQHD@'LFFLRQDULROXQIDUGR/H[LFyQKWWSZZZ
WRGRWDQJRFRPVSDQLVKELEOLRWHFDOH[LFRQLQWURDVS!
5RGUtJXH] 5RPHUR -RUJH 5DFLVPR \ GHUHFKRV KXPDQRV HQ 8UXJXD\
0RQWHYLGHR(GLFLRQHVeWQLFDV
5RGUtJXH]5RPHUR-RUJH 0EXQGR0DOXQJRDPXQGHOH +LVWRULDGHOPRYL
PLHQWRDIURXUXJXD\R\VXVDOWHUQDWLYDVGHGHVDUUROOR0RQWHYLGHR5RVHEXG
5RPDQR (GXDUGR 6REUH SRHVtD SRSXODU DUJHQWLQD %XHQRV $LUHV &HQWUR
(GLWRUGH$PpULFD/DWLQD
5RVDOLD 5HQH 9LQFHQWH 5HSUHVKRQ GL NXOWXUD H OXFKD GL WDPE~ .zUVRX
,QVWLWXWR6WULSDQ
5RVHOO$YHQLU³(OµGLFFLRQDULR¶GHORV%HUP~GH]´%ROHWtQGHOD$FDGHPLD
1DFLRQDOGH/HWUDV6HJXQGDpSRFD9,
5RVVL9LFHQWH>@&RVDVGHQHJURV%XHQRV$LUHV7DXUXV
5RXJp-HDQ/RXLV 'LFWLRQQDLUHpW\PRORJLTXHGHVFUpROHVSRUWXJDLVG
$IUL
TXH3DULV.DUWKDOD
5XL] 5RVD ³(O DSRUWH GH OD &XOWXUD 1HJUD HQ HO 'HSDUWDPHQWR GH &HUUR
/DUJR´+R\HV+LVWRULD;
6DOD GH 7RXUyQ /XFtD 'H /D 7RUUH 1HOVRQ 5RGULJXH] -XDQ (VWUXFWXUD
HFRQyPLFRVRFLDOGHODFRORQLD0RQWHYLGHR(GLFLRQHV3XHEORV8QLGRV
6DQWDPDULD)UDQFLVFR'LFFLRQDULRJHQHUDOGHDPHULFDQLVPRVYROV0pML
FR3HGUR5REUHGR
6DQWRV0RULOOR$QWRQLR¢4XLpQWHORYH]yDGHFLU"(OKDEODGHQHJURHQOD
OLWHUDWXUDGHO;9,LPLWDFLyQGHXQDUHDOLGDGOLQJtVWLFD7RPR,,,7HVLVGRF
WRUDO8QLYHUVLGDGGH6HYLOOD
6DUDLYD)UDQFLVFRGH6DQ/XL]@*ORVVDULRGHYRFDEXORVSRUWXJXH]HV
GHULYDGRV GDV OtQJXDV RULHQWDHV H DIULFDQDV H[FHSWR D DUDEH $PVWHUGDP
2ULHQWDO3UHVV
6DVWXUDLQ -XDQ ³+RPHUR ([SyVLWR HO OHWULVWD GHO FXDUHQWD´ HQ %HQDUyV
/HyQ0DUWLQL5HDO-XDQ&DUORV0DQXHO3DPStQGLUV /DKLVWRULDGHOWDQJR
/RVSRHWDV9ROXPHQ%XHQRV$LUHV&RUUHJLGRU
6FKDHGHU %XUNKDUG ³1HXHUOLFKHU 9HUVXFK HLQHU WKHRUHWLVFKHQ XQG
PHWKRGLVFKHQ *UXQGOHJXQJ GHU ,QWHUQDWLRQDOLVPHQ)RUVFKXQJ´ HQ %UDXQ
3HWHU 6FKDHGHU %XUNKDUG 9ROPHUW -RKDQQHV HGV ,QWHUQDWLRQDOLVPHQ ,,
6WXGLHQ]XULQWHUOLQJXDOHQ/H[LNRORJLHXQG/H[LNRJUDSKLH7ELQJHQ1LHPH\HU
6FKiYHO]RQ'DQLHO%XHQRV$LUHVQHJUD%XHQRV$LUHV(PHFp
6FKHUHU -RYDQL GH 6RX]D ([SHULrQFLDV GH EXVFD GD OLEHUGDGH DOIRUULD H
FRPXQLGDGHDIULFDQDHP5LR*UDQGH7HVLVGH0DHVWUtD8QLYHUVLGDGHGR9DOH
GR5LRGRV6LQRV
6FKPLWW%UDQGW 5REHUW (LQIKUXQJ LQ GLH ,QGRJHUPDQLVWLN 7ELQJHQ
%DVHO)UDQFNH
6FKZHJOHU $UPLQ ³&KL PD NRQJR´ OHQJXD \ ULWR DQFHVWUDOHV HQ (O
3DOHQTXH GH 6DQ %DVLOLR &RORPELD YROV )UDQNIXUW DP 0DLQ 9HUYXHUW
0DGULG,EHURDPHULFDQD
6FXUR /XFtD FRRUG 3REODFLyQ DIURGHVFHQGLHQWH \ GHVLJXDOGDGHV pWQLFR
UDFLDOHVHQ8UXJXD\0RQWHYLGHR318'
204
6HJRYLD /LVDQGUR 'LFFLRQDULR GH DUJHQWLQLVPRV QHRORJLVPRV \ EDUEDULV
PRV FRQ XQ DSpQGLFH VREUH YRFHV H[WUDQMHUDV LQWHUHVDQWHV %XHQRV $LUHV
,PSUHQWD&RQL+HUPDQRV
6HOD (QHLGD 0DULD 0HUFDGDQWH 0RGRV GH VHU PRGRV GH YHU &DPSLQDV
(GLWRUDGD8QLFDPS
6HUHEUHQLFN6DORPmR³$SrQGLFHV{EUHD+LVWyULDGRV-XGHXVQR%UDVLO´HQ
5RWK &HFLO 3HTXHQD KLVWyULD GR SRYR MXGHX 9RO 6mR 3DXOR
)XQGDomR)ULW]3LQNXVV&RQJUHJDomR,VUDHOLWD3DXOLVWD
6HUUD -RDTXLP $ FDSDQJDGD SDUyGLD PXLWR VpULD 5LR GH -DQHLUR
7\SRJUDILDGD5HIRUPD
6LOYD 1HWR 6HUDILP >@ ,QWURGXomR DR HVWXGRGD OtQJXDSRUWXJXHVD QR
%UDVLO5LRGH-DQHLUR,1/0(&
6LOYHLUD5HQDWRGD³1DomR$IULFDQDQR%UDVLOHVFUDYLVWDSUREOHPDVWHyULFRV
HPHWRGROyJLFRV´$IURÈVLD
6NXWQDEE.DQJDV 7RYH /LQJXLVWLF JHQRFLGH LQ HGXFDWLRQ ± RU ZRUOGZLGH
GLYHUVLW\DQGKXPDQULJKWV"0DKZDK1HZ-HUVH\(UOEDXP
6OHQHV5REHUW³0DOXQJX1JRPD9HPÈIULFD(QFREHUWDH'HVFREHUWDQR
%UDVLO´&DGHUQRVGR0XVHXGD(VFUDYDWXUD
6RDUHV 0DUL]D GH &DUYDOKR ³)URP *EH WR <RUXED (WKQLF FKDQJH DQG WKH
0LQD QDWLRQ LQ 5LR GH -DQHLUR´ HQ )DOROD 7R\LQ &KLOGV 0DWW ' HGV 7KH
<RUXED 'LDVSRUD LQ WKH $WODQWLF :RUOG %ORRPLQJWRQ ,QGLDQDSROLV ,QGLDQD
8QLYHUVLW\3UHVV
6RSHQD 5DPRQ HG $PHULFDQLVPRV GLFFLRQDULR LOXVWUDGR %DUFHORQD
5DPRQ6RSHQD
6XiUH]3HxD/LQR/DUD]DQHJUDHQHO8UXJXD\1RYHODKLVWyULFDGHVXSDVR
SRUODHVFODYLWXG0RQWHYLGHR0RGHUQD
6XWWRQ-RKQ³7RZDUGVD/HVV2UWKRGR[+LVWRU\RI+DXVDODQG´7KH-RXUQDO
RI$IULFDQ+LVWRU\
7DXQD\ 9LVFRQGH GH >@ ,QRFrQFLD 6mR 3DXOR ÈWLFD KWWSZZZ
GRPLQLRSXEOLFRJRYEUGRZQORDGWH[WREYDSGI!
7DYDUHV -RDTXLP ) 6DQWRV &RUEHLO -HDQ&ODXGH $UFKDPEDXOW $ULDQH 'LFLRQiULRYLVXDO9HUERSRUWXJXrV±IUDQFrV±LQJOrVDHG/LVERD9HUER
7HMHUD 0DUtD - 'LFFLRQDULR GH YHQH]RODQLVPRV YROV &DUDFDV
$FDGHPLD9HQH]RODQDGH/D/HQJXD8QLYHUVLGDG&HQWUDOGH9HQH]XHOD
7KRUQWRQ -RKQ >@ $IULFDQ DQG $IULFDQV LQ WKH PDNLQJ RI WKH $WODQWLF
:RUOGDHGDXPHQWDGD1HZ<RUN&DPEULGJH8QLYHUVLW\3UHVV
7RXUQHX[+HQU\%DUERWLQ'LFWLRQQDLUHSUDWLTXHGXFUpROHGH*XDGHORXSH
0DULH*DODQWHVXLYLG
XQLQGH[IUDQoDLV±FUpROH3DULV.DUWKDOD$&&7
7ULDQD \ $QWRUYH]D +XPEHUWR /p[LFR GRFXPHQWDGR SDUD OD KLVWRULD GHO
QHJUR HQ $PpULFD VLJORV ;9 D ;,; 7RPR ,, $& %RJRWi ,QVWLWXWR &DUR \
&XHUYR
81(6&20HPRULDVGHO6LPSRVLR/DUXWDGHOHVFODYRHQHO5tRGHOD3ODWD
VXKLVWRULD\VXVFRQVHFXHQFLDV0RQWHYLGHR81(6&2
9DUVLGH/ySH]%UHQGD/HQJXDMHIURQWHUL]RHQREUDVGHDXWRUHVXUXJXD\RV
(OLVHR 6DOYDGRU 3RUWD $UWLJDV $JXVWtQ 5DPyQ %LVLR 5LYHUD -RVp 0RQHJDO
&HUUR/DUJR0RQWHYLGHR1RUGDQ&RPXQLGDG
9HGGHU3DXO.RRFN+HWW\³3DSLDPHQWX´HQ([WUD5XXV5XLWHU-DQ-DDS
GH HGV %DE\ORQ DDQ GH 1RRUG]HH QLHXZH WDOHQ HQ 1HGHUODQG $PVWHUGDP
%XODDT
9LGDUW 'DQLHO >@ (O 7DQJR \ VX PXQGR 0RQWHYLGHR (GLFLRQHV GH OD
%DQGD2ULHQWDO
205
9LODULxR,GHD/DVOHWUDVGHWDQJR/DIRUPDWHPDV\PRWLYRV%XHQRV$LUHV
(GLWRULDO6FKDSLUH
9LODULxR,GHD³(OWDQJRFDQWDGR´7H[WR&UtWLFR
9LOODU 0DXUR GH 6DOOHV 'LFLRQiULR FRQWUDVWLYROXVREUDVLOHLURDOJXQV
OXVLVPRV EUDVLOHLULVPRV UHJLRQDOLVPRV H[SUHVV}HV LGLRPiWLFDV RUWRJUDILDV
RUWRpSLDV SDUWLFXODULGDGHV JUDPDWLFDLV UHJHQFLDLV IRQrPLFDV WRSRQtPLD H
RXWUDVSDUWLFXODULGDGHVFRQIURQWDGRVRXH[SOLFDGRV5LRGH-DQHLUR*XDQDEDUD
9LQN :LHNH &UHROH -HZV 1HJRWLDWLQJ FRPPXQLW\ LQ FRORQLDO 6XULQDPH
/HLGHQ.,7/93UHVV
9LVFD $UWXUR 6HUJLR D ³(GXDUGR $FHYHGR 'tD]´ HQ 2UHJJLRQL $OEHUWR
GLU1XHYR'LFFLRQDULRGH/LWHUDWXUD8UXJXD\D7RPR,0RQWHYLGHR%DQGD
2ULHQWDO
9LVFD $UWXUR 6HUJLR E ³,OGHIRQVR 3HUHGD 9DOGpV´ HQ 2UHJJLRQL $OEHUWR
GLU1XHYR'LFFLRQDULRGH/LWHUDWXUD8UXJXD\D7RPR,,0RQWHYLGHR%DQGD
2ULHQWDO
9RFDEXOiULR VXOULRJUDQGHQVH > @ 5H~QH TXDWUR
REUDV HP XP ~QLFR GLFLRQiULR GH YRFiEXORV ULRJUDQGHQVHV 5LR GH -DQHLUR
3RUWR$OHJUH6mR3DXOR(GLWRUD*ORER
9R\DJHV 'DWDEDVH 9R\DJHV 7KH 7UDQV$WODQWLF 6ODYH 7UDGH 'DWDEDVH
KWWSZZZVODYHYR\DJHVRUJ!
:DUWEXUJ:DOWKHUYRQ>@eYROXWLRQHWVWUXFWXUHGHODODQJXHIUDQoDLVH
DHG%HUQH)UDQFNH
:HLV]IORJ :DOWHU HG 0LFKDHOLV PRGHUQR GLFLRQiULR LQJOrV LQJOrV ±
SRUWXJXrVSRUWXJXrV±LQJOrVDHG6mR3DXOR0HOKRUDPHQWRV
:LOOLDPV -RKQ +R\W ³2EVHUYDWLRQV RQ %ODFNV DQG %RQGDJH LQ 8UXJXD\
´7KH$PHULFDV
:LWNRZVNL 7HRGROLXV ³3UREOHPH GHU 7HUPLQRORJLH´ HQ (LFKOHU (UQVW
%XUNKDUGW $UPLQ 8QJHKHXHU*HUROG:LHJDQG+HUEHUW (UQVW6WHJHU+XJR
%ULQNHU .ODXV HGV 1DPHQIRUVFKXQJ HLQ LQWHUQDWLRQDOHV +DQGEXFK ]XU
2QRPDVWLN%HUOLQ1HZ<RUNGH*UX\WHU
:RRG 5LFKDUG ³3DQ&DULEEHDQ /H[LFRQ´ $PHULFDQ 6SHHFK :ULJKW 'RQDOG ³¶:KDW GR \RX PHDQ WKHUH ZHUH QR WULEHV LQ $IULFD"¶
7KRXJKWVRQERXQGDULHV±DQGUHODWHGPDWWHUV±LQSUHFRORQLDO$IULFD´+LVWRU\
LQ$IULFD
=JXVWD /DGLVODY ³1DPHV DQG WKHLU VWXGLHV´ HQ (LFKOHU (UQVW %XUNKDUGW
$UPLQ 8QJHKHXHU *HUROG :LHJDQG +HUEHUW (UQVW 6WHJHU +XJR %ULQNHU
.ODXV HGV 1DPHQIRUVFKXQJ HLQ LQWHUQDWLRQDOHV +DQGEXFK ]XU 2QRPDVWLN
%HUOLQ1HZ<RUNGH*UX\WHU
=XELOODJD &DUORV +LVWRULD H +LVWRULDGRUHV HQ HO 8UXJXD\ GHO 6LJOR ;,;
0RQWHYLGHR /LEUHUtD GH OD )DFXOWDG GH +XPDQLGDGHV \ &LHQFLDV GH OD (GXFD
FLyQ
=XP)HOGH$OEHUWR3URFHVRLQWHOHFWXDOGHO8UXJXD\0RQWHYLGHR&ODULGDG
206
8QD KLVWRULDVLQIURQWHUDV
Op[LFRGHRULJHQDIULFDQRHQ8UXJXD\\%UDVLO
HGLWDGRSRU
/DXUDÈOYDUH]/ySH]\0DJGDOHQD&ROO
7KLV YROXPH ZDV PDGH SRVVLEOH WKDQNV WR ILQDQFLDO VXSSRUW SURYLGHG E\
67,17 7KH 6ZHGLVK )RXQGDWLRQ IRU ,QWHUQDWLRQDO &RRSHUDWLRQ LQ UHVHDUFK
DQG+LJKHU(GXFDWLRQ
8QDKLVWRULDVLQIURQWHUDV
Op[LFRGHRULJHQDIULFDQRHQ8UXJXD\\%UDVLO
HGLWDGRSRU/DXUDÈOYDUH]/ySH]\0DJGDOHQD&ROO
©The authors and Acta Universitatis Stockholmiensis 2012
ISSN 0557-2657
ISBN 978-91-86071-97-4
Front picture: © Arotxa
Printed in Sweden by US-AB, Stockholm 2012
Distributor: Stockholm University Library
&RQWHQLGR
Introducción ……………………………………………………………………………………………….7
Laura Álvarez López , Magdalena Coll, Tania Alkmim
1. Uruguay, Historia y Afrodescendientes: apuntes tras una larga
invisibilidad……………………………………………………………………………………………….13
Alex Borucki
2. Lubolos, mandingas y otros “nombres de nación” de origen
africano en Montevideo y Rio Grande do Sul…………………………………….35
Laura Álvarez López
3. Léxico de origen africano en el portugués de Brasil y en el
español del Uruguay: historias de encuentros y desencuentros…..71
Tania Alkmim, Lilian do Rocio Borba, Magdalena Coll
4. Presencia de vocablos de origen africano en El lenguaje del Río
de la Plata………………………………………………………………………………………………….97
Amparo Fernández Guerra
5. Palabras de origen africano y representaciones literarias de
afrodescendientes en las novelas históricas de Eduardo Acevedo
Díaz…………………………………………………………………………………..……………………..119
Alejandra Rivero
6. Las letras de tango: evidencia de una sociedad multilingüe…. 141
Virginia Bertolotti
7. Bomba, kanga, makamba e outros africanismos lexicais no
papiamentu: comparações com o português do Brasil e o espanhol
uruguaio………………………………………………………………………………………………….161
Thomas Johnen
Referências bibliográficas…….………………………………………....................189
Anexo: africanismos de Pereda Valdés (1937, 1965) y Laguarda
Trías (1969)………………………….………………………………………....................207

Documentos relacionados

Chagas de Souza (2000) - alternância causativa, defaults, léx

Chagas de Souza (2000) - alternância causativa, defaults, léx (VWD WHVH DQDOLVD D DOWHUQkQFLD FDXVDWLYD QR SRUWXJXrV GR %UDVLO H RXWUR WySLFR HVWUHLWDPHQWH UHODFLRQDGR D HOD RV SDGU}HV GH GHULYDomR GH YHUERV D SDUWLU GH RXWUDV FDWH...

Leia mais

ANGLICISMOS NO PORTUGUÊS Neste trabalho tentarei descrever

ANGLICISMOS NO PORTUGUÊS Neste trabalho tentarei descrever UHGX]VH WDQWR TXH DWp SRGH QmR VHU SURQXQFLDGR GH PDQHLUD TXH D YRJDO SHUGH D VXD IXQomR GH IDFLOLWDU D SURQ~QFLD 1DV SDODYUDV QmR DGDSWDGDV TXH DSDUHFHP GR GLFLRQiULR FRP D WUDQVFULomR DSDUHQ...

Leia mais