LICENCIATURA PLENA EM PEDAGOGIA
ANDRÉA MACEDO MACHADO LAROCCA DE OLIVEIRA
RIO CLARO Outubro/2010
UNIVERSIDADE ESTADUAL PAULISTA ”JÚLIO DE MESQUITA FILHO” INSTITUTO DE BIOCIÊNCIAS - RIO CLARO
Andréa Macedo Machado Larocca de Oliveira
Brasil, Japão: Centenário de Interação Cultural e Sexual
Orientador: Profa. Dra. CÉLIA REGINA ROSSI
Trabalho de Conclusão de Curso apresentado ao Instituto de Biociências da Universidade Estadual Paulista “Júlio de Mesquita Filho” - Câmpus de Rio Claro, para obtenção do grau de Licenciada em Pedagogia.
Oliveira, Andréa
Brasil, Japão: centenário de interação cultural e sexual / Oliveira, Andréa. - Rio Claro : [s.n.], 2010
58 f. : il., figs., gráfs., tabs., mapas + 1 documento
Trabalho de conclusão de curso (licenciatura - Pedagogia) - Universidade Estadual Paulista, Instituto de Biociências de Rio Claro
Orientador: Célia Regina Rossi
1. Migração. 2. Construção identitária do nipo-brasileiro. 3. Dekassegui. 4. Transeunte. 5. Orientalismo. I. Título. 325.1
O48b
$*5$'(&,0(1726
¬PLQKDILOKDTXHpPLQKDIRQWHGHLQVSLUDomRPLQKDPRWLYDomRDSURVVHJXLU ¬ PLQKD PmH TXH VHPSUH PH DSRLRX H WHYH Ip TXH DV EDUUHLUDV VHULDP VREUHSXMDGDV
$RPHXYHUViWLOLUPmRTXHMiIH]jVYH]HVGHSDLPHXHGD$ODQD
$ PLQKD FXQKDGD .DULQD H D UHFpPQDVFLGD +HOOHQ VtPEROR GH UHQRYDomR H HVSHUDQoD
¬ PLQKD IDPtOLD SRU PH SURSLFLDU XPD HVIHUD GH DPRU SRU VHU UHIHUrQFLD (VSHFLDOPHQWH7LWLD$QD0DULDH[HPSORHPKXPDQLGDGHHDPRUH[HPSORGH SHGDJRJD
$PLQKDIDPtOLDDGRWLYD6{QLDPLQKDYL]LQKDSHODSDFLrQFLDHDFROKLGD-XOLDQD %R]D LUPm]LQKD GR FRUDomR $V DJUHJDGDV *LDQH )OiYLD DJUDGHoR R FRPSDQKHLULVPRHDSRLR
$RVFROHJDVHDOXQRVGDHVFROD$SRLR0LHDSURIHVVRUD&DWDULQDHPHVSHFLDO $RV PHXV DPLJRV SURIHVVRUHV H IXQFLRQiULRV GD 81(63 GH 5LR &ODUR (P HVSHFLDOPLQKDRULHQWDGRUD&pOLDSRUPHGDUXPQRUWH
$WRGRVTXHGLUHWDRXLQGLUHWDPHQWHFRRSHUDUDPSDUDUHDOL]DomRGHVWHVRQKR $YLGDTXHPHSUHVHQWHRXFRPDEXQGkQFLDHLQWHQVLGDGH
$VH[XDOLGDGHpRQRPHTXHVHSRGHGDUDXPGLVSRVLWLYRKLVWyULFR QmRjUHDOLGDGHVXEWHUUkQHDTXHVHDSUHHQGHFRPGLILFXOGDGHPDV j JUDQGH UHGH GD VXSHUItFLH HP TXH D HVWLPXODomR GRV FRUSRV D LQWHQVLILFDomRGRVSUD]HUHVDLQFLWDomRDRGLVFXUVRDIRUPDomRGRV FRQKHFLPHQWRV R UHIRUoR GRV FRQWUROHV H GDV UHVLVWrQFLDV HQFDGHLDPVHXQVDRVRXWURVVHJXQGRDOJXPDVJUDQGHVHVWUDWpJLDV GHVDEHUHGHSRGHU
0LFKHO)RFDXOWS
680È5,2
3iJLQD
,1752'8d2
6(575$16(817(1$3Ï602'(51,'$'(
2TXHpLGHQWLGDGH"
+LVWyULDVH[XDOLGDGHQRRULHQWH
³(66('(6&21+(&,'2-$32´
2ULHQWDOLVPR2QLSREUDVLOHLURHVWHUHRWLSDGR
8PROKDUVREUHRPDQJi
)HVWDGDIHUWLOLGDGH
$DUWHGHVHUJXHL[D
'(.$66(*8,$527$&2175È5,$
6LVWHPDHGXFDFLRQDOMDSRQrV
3URJUDPDVGHLQVHUomRSDUDLPLJUDQWHV
%UDVLOLGDGH¬YROWDSDUDFDVD
2'(6(192/9,0(172'$3(648,6$
$ERUGDJHPPHWRGROyJLFD
(VSDoRGDSHVTXLVD
&216,'(5$d®(6),1$,6
5()(5Ç1&,$6
,QWURGXomR
(VVH SURMHWR GH SHVTXLVD VH GHYH DRV PHXV YtQFXORV FRP R -DSmR QmR
VRPHQWHRVYtQFXORVELROyJLFRVSRLVDOpPGHVHUQLSREUDVLOHLUDWDPEpPUHVLGLQR
VXSUDFLWDGR SDtV QHVVD YLYrQFLD FRP XPD FXOWXUD WmR ULFD H DGYHUVD GD FXOWXUD
EUDVLOHLUD 0XLWDV IRUDP DV LQTXLHWDo}HV H RV DQVHLRV SRU PDLV FRQKHFLPHQWR H
DSURIXQGDPHQWR TXH EXVTXHL PDLV HVSHFLILFDPHQWH QR TXH FHUQH D TXHVWmR
HGXFDWLYD/HFLRQHLGXUDQWHXPDQRQR-DSmRPDLVSUHFLVDPHQWHQDFLGDGHGH7VXH
HPERUD D HVFROD IRVVH EUDVLOHLUD PXLWRV GH VHXV DOXQRV Vy D IUHTXHQWDYDP SDUD
DSUHQGHUHP D OtQJXD PDWHUQD RX VHMD R SRUWXJXrV HQWUHWDQWR PXLWRV DOXQRV
IUHTXHQWDYDPFRQFRPLWDQWHPHQWHDHVFRODMDSRQHVD
3DUD PHOKRU GHVHQYROYLPHQWR GR WUDEDOKR GH DOIDEHWL]DomR GHVVHV DOXQRV
ID]LDVHQHFHVViULRPDLRUFRQKHFLPHQWRGRVLVWHPDHGXFDWLYRMDSRQrVLQFOXLQGRDtD
FXOWXUD HVFRODU $R PH HQYROYHU FRP D FXOWXUD HVFROD MDSRQHVD DFDEHL SRU ROKDU
WDPEpPDHGXFDomRVH[XDOGHQWURGDLQVWLWXLomRHVFRODUGDTXHOHSDtVVHQGRHVWHR
IDWRU GHUUDGHLUR TXH VXVFLWRX WDO SHVTXLVD HQWHQGHU HVVH SURFHVVR HGXFDWLYR
MDSRQrV SHUPHDGR p FODUR HP VXD FXOWXUD H GH TXH PDQHLUD HOH DIHWD DRV
QLSREUDVLOHLURVLQFOXVLYHQRTXHWDQJHDVXDFRQVWUXomRLGHQWLWiULD
&RQIRUPH R DXWRU 6WXDUW +DOO XPD LGHQWLGDGH FXOWXUDO GL] UHVSHLWR D
DVSHFWRV UHODFLRQDGRV D QRVVD SHUWHQoD D FXOWXUDV pWQLFDV UDFLDLV OLQJXtVWLFDV
UHOLJLRVDVUHJLRQDLVHRXQDFLRQDLVHVXDVH[XDOLGDGH
$ HVFROD RQGH WUDEDOKHL H TXH DFDERX SRU VH WRUQDU ODERUDWyULR GH PLQKD
SHVTXLVD FKDPDVH $SRLR 0LH p XPD HVFROD EUDVLOHLUD TXH DWXD SHOR VLVWHPD
2EMHWLYR GH HQVLQR ILFD QD SURYtQFLD GH 0LH.HQ QD FLGDGH GH 7VX6KL 0DLRUHV
GLVSRQtYHLVQDTXDUWDSDUWHGHVWHWUDEDOKR
$ WXUPD SDUD TXDO HX OHFLRQDYD HUD XPD WXUPD GH TXDUWD VpULH GR HQVLQR
IXQGDPHQWDO,QRSHUtRGRGDPDQKmHSDUDWXUPDPLVWDLVWRpYiULDVIDL[DVHWiULDV
QDPHVPDVDODGHDXODHUDRIHUHFLGRRUHIRUoRHVFRODUGXUDQWHDWDUGHDEUDQJHQGR
SRUWDQWR D IDL[D HWiULD YDULDYD HQWUH WUrV H GH]HVVHLV DQRV 'XUDQWH R DQR OHWLYR
GHQWUH DV SULQFLSDLV LQGDJDo}HV VXVFLWDGDVSHORV HGXFDQGRV DPDLRULD YLQKDPGH
TXHVWLRQDPHQWRVUHODFLRQDGRVDVH[XDOLGDGHRTXHQDpSRFDPHFDXVRXHVSDQWR
SRLV QyV HQTXDQWR GRFHQWHV D WRGR LQVWDQWH QRV UHPHWHPRV D ³QRVVD pSRFD´ GH
HVWXGDQWHVSDUDWHUPRVFHUWRVSDUkPHWURVHFRQVLGHUDQGRTXHTXHVW}HVUHODWLYDVj
VH[XDOLGDGHHUDPUHGX]LGDVDRDWRVH[XDOHDVTXHVW}HVPHUDPHQWHELROyJLFDVHVy
HUDPDERUGDGDVQRDQWLJRJLQiVLRQDVDXODVGHELRORJLD6HQGRTXHDVH[XDOLGDGHp
PXLWRPDLVDPSODHFRPSOH[DpXPWHPDWUDQVYHUVDORXVHMDWRGRVJULIRPHXD
YLYHQFLDP HOD SHUPHLD WRGDV DV GLVFLSOLQDV H QR HQWDQWR p SRVWD GH ODGR RX
RXWRUJDGD DRV ELyORJRV TXH SRU VXD YH] DFDEDP FRQWHPSODQGR WmR VRPHQWH R
DVSHFWRELROyJLFR
2DXWRU(GJDU*UHJHUVHQDSRQWD
³1XPDGLVWkQFLDDLQGDPDLRUGDELRORJLDHOHJHURXWHPDVTXHSDVVDP DWUDYpVGDUHOLJLmRHGDDUWHHDVVLPSDUWLFLSDGHVLVWHPDVVLPEyOLFRV H[FHVVLYDPHQWHFRPSOH[RV´'HXPDIRUPDGHDGDSWDomRELROyJLFDHP WRGDVDVFXOWXUDVKXPDQDVRVH[RHYROXLXSDUDVHWRUQDUXPUHIHUHQFLDO GHFyGLJRVVRFLDLVHDWpPHVPRPRUDLVS
$VH[XDOLGDGHSHUPHLDQRVVDYLGDGHVGHDLQIkQFLDDEUDQJHQGRPXLWRPDLVTXHȀ
R DWR VH[XDO SURSULDPHQWH GLWR 6HQGR SRUWDQWR UHIHUHQFLDO FXOWXUDO VRFLDO
SDUWLFLSDQGRGDFRQVWUXomRGHLGHQWLGDGHGRVPDLVYDULDGRVJUXSRVpWQLFRVQHVVD
GH VH DSURIXQGDU QR HQWHQGLPHQWR GD VH[XDOLGDGH KXPDQD H VHXV FRPSOH[RV
FyGLJRVHVtPERORVUHVSRQViYHLVSHODFRQVWUXomRGRVHUVRFLDO
1RTXHWDQJHDVH[XDOLGDGHQRRULHQWHYHULILFDPRVFHUWDVGLIHUHQoDVHDWp
FHUWRV DQWDJRQLVPRV FRP UHODomR DR RFLGHQWH (P GLYHUVRV SDtVHV GR 2ULHQWH
LQFOXLQGRVH Dt ËQGLD &KLQD H -DSmR $ EXVFD GR SUD]HU SHOR SUD]HU VH Gi FRPR
SUiWLFDHVtPERORGHH[SHULrQFLDVHPTXDOTXHUUHIHUrQFLDDRVHXFDUiWHUOtFLWRRXGH
XWLOLGDGH)28&$8/7S&RQWUDULDPHQWHDR2FLGHQWHTXHSULRUL]DQRDWR
VH[XDODSURFULDomRVHJXLQGRPHFDQLVPRVGHFRQWUROHFULDGRVSHOD,JUHMD
3DUDPHOKRUHVFODUHFHUDVH[XDOLGDGHQRRULHQWHVHUiGHVFULWRQDVHJXQGD
SDUWH GR WH[WR XP EUHYH UHWURVSHFWR GD KLVWyULD GD VH[XDOLGDGH QR 2ULHQWH PDLV
HVSHFLILFDPHQWHQR-DSmRREMHWRGHVWDSHVTXLVDSRUVHWUDWDUGHXPDVVXQWRYDVWR
PDV SRXFR SHVTXLVDGR QR %UDVLO 6HUi DERUGDGR DLQGD R SURFHVVR EUXVFR GH
PXGDQoDTXHR-DSmRVRIUHXSDUDDGHTXDomRDRPXQGRRFLGHQWDOQRSURFHVVRGH
LQGXVWULDOL]DomR
2XWUR SRQWR SHUWLQHQWH GL] UHVSHLWR jV URWXODo}HV TXH RV FKDPDGRV ³JDLMLQ´
HVWUDQJHLUR PDV XVDGR FRP XPD FRQRWDomR SHMRUDWLYD VRIULDP HP HVSHFLDO
FULDQoDVHMRYHQVHPLGDGHHVFRODU6HH[LVWHREXOOLQJHQWUHRVFRPSDWULRWDVTXLoi
FRP RV HVWUDQJHLURV WDO DFRQWHFLPHQWR VH DFHQWXD GHYHUDV 6H QR %UDVLO RV
QLSREUDVLOHLURV VmR ³MDSDV´ H D LVVR YHP DWUHODGR XPD VpULH GH RXWUDV
FDUDFWHUtVWLFDV QR -DSmR DFRQWHFH H[DWDPHQWH R FRQWUiULR H UHFHEHP HQWmR
FDUDFWHUtVWLFDV QmR Vy GLIHUHQWHV PDV WDPEpP GLYHUJHQWHV GDV UHFHELGDV HP VXD
WHUUD QDWDO 'LVVR GHFRUUH R TXH SRGHPRV FKDPDU GH ³FULVH LGHQWLWiULD´ TXH VHUi
WUDWDGD QD WHUFHLUD SDUWH EHP FRPR D VXEMHWLYLGDGH H RXWUDV LQWHUIDFHV GD
JHUDLVSHFXOLDULGDGHVHFXULRVLGDGHVGDYLGDGRGHNDVVHJXL
1DTXDUWDSDUWHVHUiDERUGDGDDLQYHUVmRQDURWDLPLJUDWyULDPXLWRVMDSRQHVHV
YLHUDPDR%UDVLOSDUDHVFDSDUGDJXHUUDHWHQWDUXPDYLGDFRPPHOKRUHVFRQGLo}HV
2TXHVHYHULILFDQRVGLDVDWXDLVpRFRQWUiULRVHQGRFDGDYH]PDLRURQ~PHURGH
WUDEDOKDGRUHV EUDVLOHLURV QR -DSmR QXPD LQFUtYHO DGDSWDELOLGDGH FRQVLGHUDQGR DV
EUXVFDVGLIHUHQoDVHQWUHDVFXOWXUDVEUDVLOHLUDHMDSRQHVD
$ VXFHVVmR GH QRYRV DFRQWHFLPHQWRV H FRQKHFLPHQWRV LGLRPD FRVWXPHV
ORFDLVDOLPHQWDomRIHVWLYLGDGHVFOLPDHQILPHHVVH³RXWUR´WmRGLIHUHQWHGH³PLP´H
SDUDGR[DOPHQWH WmR SDUHFLGR e HP PHLR D HVVD IXVmR GH KiELWRV FRVWXPHV H
PRUDOLGDGHV TXH VH GHOLQHLD D YLGD GHNDVVHJXL e XP TXDGUR XP WDQWR TXDQWR
FRQWXUEDGR 3ULQFLSDOPHQWH QD YLGD GH FULDQoDV H MRYHQV FRQVLGHUDQGR VXD
SDVVDJHP SRU XP PRPHQWR WtSLFR GH GHVFREHUWDV FRQIOLWRV H LQTXLHWXGHV
FRQVWUXo}HV LGHQWLWiULDV PDLV DFHQWXDGDV QHVVD IDVH 1D TXLQWD SDUWH VHUi
FRQWHPSODGRRFDPLQKRPHWRGROyJLFRXWLOL]DGR
6HUWUDQVHXQWHQDSyVPRGHUQLGDGH
eLPSRUWDQWHTXHIDoDPRVDOJXPDVFRQVLGHUDo}HVDFHUFDGDSyVPRGHUQLGDGH
HPERUDQmRKDMDFRQVHQVRFRPUHODomRDRVHXVLJQLILFDGRHPOLQKDVJHUDLVVHULDD
LGHRORJLDFXOWXUDOHHVWpWLFDTXHSUHYDOHFHQRFDSLWDOLVPRTXHVHFRORFRXHPOXJDU
GDVLGHRORJLDVPRGHUQLVWDVDWpRILQDOGRVpF;;
/\RWDUG DILUPD TXH D SyVPRGHUQLGDGH p FDUDFWHUL]DGD SHOR ILP GDV
PHWDQDUUDWLYDV D ³FLrQFLD´ Mi QmR p IRQWH GD YHUGDGH D WRGD SRGHURVD H
LQTXHVWLRQiYHORXVHMDQDGDPDLVp³JDUDQWLGR´$PRGHUQLGDGHpTXHVWLRQDGDHP
VHXVSULQFLSDLVSLODUHV9HUGDGH5D]mRH3URJUHVVRD³SyVPRGHUQLGDGHYLULDHQWmR
SDUD ³DEULU RV KRUL]RQWHV´ VH RSRQGR D PRGHUQLGDGH IHFKDGD H FDWHJRUL]DQWH
SURSRQGR D PXOWLSOLFLGDGH H D IUDJPHQWDomR D GHVUHIHUHQFLDOL]DomR P~OWLSODV
GHVFRQVWUXo}HV%DXPDQVRFLyORJRSRORQrVLPSRUWDQWHDXWRUTXHSURSDJRX
D SyVPRGHUQLGDGH SUHIHUH QmR XWLOL]DU R WHUPR SyVPRGHUQLGDGH H VLP
³PRGHUQLGDGHOtTXLGD´DREMHWLYLGDGH³FDLSRUWHUUD´DUHDOLGDGHpG~ELDDPEtJXDH
SRGHWHUPXLWDVIRUPDV
-XVWR DILUPD TXH VmR FDUDFWHUtVWLFDV GD SRSXODomR EUDVLOHLUD D
PHVWLoDJHPPLJUDomRLPLJUDomRHUUkQFLDVHQVXDOLGDGHHSUD]HU&RQVLGHUDQGRDV
H[SODQDo}HV DFHUFD GDV GHVFRQVWUXo}HV RFDVLRQDGDV QD SyVPRGHUQLGDGH WDO
DILUPDomRpPXLWRSHUWLQHQWH1HVVHVHQWLGRRWUHFKRDVHJXLUGH-XVWRVyYHPD
HQULTXHFHUWDODILUPDomR
GHVWHUULWRULDOL]DomR LPSOLFD HP GLVSRVLomR SDUD SURPRYHU H YLYHQFLDU
VLWXDo}HV GH GHVHQFDL[HV H UHHQFDL[HV S
&RQIRUPH $XJp D PLJUDomR H D FRQGLomR GH WUDQVHXQWH SUySULRV GD
SyVPRGHUQLGDGH p EHP DVVLPLODGD SHOR EUDVLOHLUR TXH VH GHVORFD SDUD OXJDUHV
ORQJtQTXRVGHQWURHIRUDGRSDtVDH[HPSORGRTXHIL]HUDPVHXVDQWHSDVVDGRV(VVD
PDOHDELOLGDGH VH UHIOHWH WDPEpP HP VXDV YLQFXODo}HV VyFLRDIHWLYDV DOpP GDV
JHRJUiILFDV
(PFRQFRUGkQFLDFRPRTXHDILUPD%DXPDQWXGRVHWRUQDOtTXLGRIOXLGR
SULQFLSDOPHQWHDVUHODo}HVVXEMHWLYDVQRVUHYHODTXHYLYHPRVQXPFKDPDGR³WHPSR
UHDO´RQGHDVGLVWkQFLDVVHHQFXUWDPWRUQDQGRWXGRLPHGLDWDPHQWHSUHVHQWH1mRp
SUHFLVRDJXDUGDUUHWDUGDUDUHDOL]DomRGHXPGHVHMRXPJHVWR7DLVDFRQWHFLPHQWRV
H[SOLFDPRVPRYLPHQWRVPLJUDWyULRVYLYHQFLDGRVSRUQRVVRVDQFHVWUDLVQLS{QLFRVH
SRUQRVVDJHUDomRTXHIH]DLQYHUVmRGDURWDHTXHVHUiPDLVGHWDOKDGDQDTXDUWD
SDUWHGRWH[WR
2TXHpLGHQWLGDGH"
$ILQDOTXDQGRIDODPRVHPLGHQWLGDGHDTXHQRVUHIHULPRV"2TXHYHPDVHU
FRQVWUXomRLGHQWLWiULD"2DXWRU6WXDUW+DOOQRVIDODHPLGHQWLGDGHFXOWXUDOTXH
GL] UHVSHLWR D QRVVD SHUWHQoD D FXOWXUDV pWQLFDV UDFLDLV OLQJtVWLFDV UHOLJLRVDV
QDFLRQDLV(PYHUGDGHGHSHQGHPRVGR³RXWURV´SDUDVDEHUPRVTXHPVRPRVSDUD
QRV FRQVWLWXLUPRV HQTXDQWR VXMHLWR QD PHGLGD HP TXH VRPRV DILOLDGRV HRX
H[FOXtGRV GH XP JUXSR RX FXOWXUD+DOO IRFD SULQFLSDOPHQWH DV LGHQWLWDGHV
XPDHQWLGDGHSROtWLFDR(VWDGRpXPVLVWHPDGHUHSUHVHQWDomRFXOWXUDOJULIRGR
DXWRU1DTXDODVFXOWXUDVQDFLRQDLVSURGX]HPVHQWLGRVFRPRVTXDLVSRGHPRVQRV
LGHQWLILFDU JULIR GR DXWRU H FRQVWUXLQGR VXDV LGHQWLGDGHV 2 DXWRU IDOD GDV PHPyULDV LPDJHQV HVWyULDV TXH VHUYHP GH UHIHUrQFLD SDUD FRQVWLWXLomR GD
LGHQWLWDGH
&RQIRUPH +DOO GHYLGR DV WUDQVIRUPDo}HV RFRUULGDV QDV VRFLHGDGHV
PRGHUQDVSyVPRGHUQDVFRPRDGYHQWRGDJOREDOL]DomRRFRUUHKRMHXPD³FULVHGH
LGHQWLGDGH´$PRGHUQLGDGHIUDJPHQWDDLGHQWLGDGHSRLVDSDUWLUGRPRPHQWRHPTXH
DV HVWUXWXUDV H RV SURFHVVRV FHQWUDLV PXGDP RFRUUH XPD GHVHVWDELOLGDGH QRV
UHIHUHQFLDLV 2X VHMD FXOWXUDV GH FODVVH JrQHUR VH[XDOLGDGH HWQLD UDoD H
QDFLRQDOLGDGHQmRWrPPDLVXPSDUkPHWURVyOLGRQRTXDOVHEDVHDU9HULILFDPRVR
PHVPR FRP 6WHDUQV MXQWR FRP D LQGXVWULDOL]DomR PXLWR PDLV DFDERX VHQGR
JOREDOL]DGRFXOWXUDVHFRQRPLDVGRHQoDV
RVpFXOR;,;WHVWHPXQKRXDXPVyWHPSRWDQWRHVIRUoRVQRVHQWLGR GH UHIRUPDU YiULDV SUiWLFDV WUDGLFLRQDLV ± QD WHQWDWLYD GH DMXVWDU DV VRFLHGDGHVGHDFRUGRFRPDPRUDOLGDGHHXURSpLDRILFLDO±FRPRWDPEpP XPDDEHUWXUDFDGDYH]PDLRUDSURPLVFXLGDGHHYLGHQFLDGDSHODFODUD H[SDQVmR GD SURVWLWXLomR XP SURYiYHO DXPHQWR GD YLROrQFLD VH[XDO FRQWUDPXOKHUHVHQtYHLVGHILQLWLYDPHQWHLQpGLWRVGHGRHQoDVYHQpUHDV VtILOLV H JRQRUUpLD DIHWDQGR SUDWLFDPHQWH WRGDV DV SDUWHV GR PXQGR S
5HWURVSHFWLYDKLVWyULFDGDVH[XDOLGDGHQRRULHQWH
pLPSRUWDQWHID]HUDOJXPDVFRQVLGHUDo}HVDFHUFDGREUXVFRSURFHVVRGHPXGDQoD
SHOD TXDO R -DSmR SDVVRX SDUD VH DGHTXDU DR PXQGR RFLGHQWDO QR SURFHVVR GH
LQGXVWULDOL]DomR
6HJXQGR 5LDQ (LVOHU RV ULWRV VH[XDLV HUDP WLGRV FRPR VDJUDGRV H D
H[DOWDomRGRSUD]HUJULIRPHXHUDGHVXPDLPSRUWkQFLDQRVSHUtRGRVSDOHROtWLFRH
QHROtWLFRHVVDYDORUDomRGRSUD]HUIRLDFROKLGDSRUYiULRVSRYRVQRRULHQWHHVVD
VH[XDOLGDGH SULPLWLYD R -DSmR HVWi LQFOXVR R DWR VH[XDO SHOR SUD]HU VHP D
SUHRFXSDomRSUDJPiWLFDUHSURGXWLYDRFLGHQWDO
(LVOHUDSRQWDTXH
>@ QRVVRV DQFHVWUDLV H[DOWDYDP R VH[R QmR DSHQDV HP UHODomR DR QDVFLPHQWR H SURFULDomR PDV FRPR D IRQWH PLVWHULRVD ± H QHVWH VHQWLGRPiJLFD±WDQWRGRSUD]HUTXDQWRGDYLGD>@2VPLWRVHULWRV HUyWLFRV SUpKLVWyULFRV QmR HUDP DSHQDV H[SUHVV}HV GH DOHJULD H JUDWLGmRSHODGiGLYDGDYLGD>@PDVWDPEpPH[SUHVV}HVGHDOHJULDH JUDWLGmRSHODVGiGLYDVGRDPRUHGRSUD]HU±SDUWLFXODUPHQWHSHORPDLV LQWHQVRGRVSUD]HUHVItVLFRVRSUD]HUGRVH[RS
2DWRVH[XDOVHGiSHODEXVFDGRSUD]HU2FRQWUiULRGDSUiWLFDGHVHQYROYLGD
QRRFLGHQWH6HJXQGR)RXFDOWQRRFLGHQWHDFXOWXUDVH[XDOVHGiGHPDQHLUD
DFRQWURODURVFRPSRUWDPHQWRVDLPSRUFULWpULRVHVHSDUDUROtFLWRGRLOtFLWRHTXH
GHYH HVWDU GH DFRUGR FRP D FLrQFLD FRP RV FULWpULRV PpGLFRV (VVD
³LQVWLWXFLRQDOL]DomR´GRVFRQFHLWRVQRTXHWDQJHDFXOWXUDVH[XDOGHVHQFDGHRXHP
UHODo}HVGHGRPLQDomRHYLROrQFLD
6WHDUQVUHODWDTXH³2ILFLDOPHQWHRVSDGU}HVFDWyOLFRVYLVDYDPGHILQLUD
DWLYLGDGHVH[XDOFRPrQIDVHpFODURQRVH[RFRQMXJDOHXPIRUWHGHVWDTXHGDGRj
1LQJXpPILFRXLPXQHDVLQIOXrQFLDVHRSLQL}HVRFLGHQWDLVQHPPHVPRJUDQGHV
LPSpULRV ³LQGHSHQGHQWHV´ FRPR R RWRPDQR $V FUtWLFDV HUDP WHFLGDV DRV FKLQHVHV
DIHPLQDGRV D DPDUUDomR GRV SpV GDV FKLQHVDV H DV SUiWLFDV GRV KiUHQV HUDP
UHWUDWDGDV GHIRUPDPD[LPL]DGDV 2 -DSmR HVSHFLILFDPHQWH LQYHUVDPHQWH DR TXH
RFRUULDIRUDGRRFLGHQWHFRPHoRXVXDUHYROXomRLQGXVWULDODLQGDQRILQDOGRVpFXOR
;,; VRIUHQGR UXSWXUD HP VHXV SDGU}HV FXOWXUDLV H WDPEpP VH[XDLV &RP D
XUEDQL]DomRYHLRRDXPHQWRGDSURVWLWXLomRQDWHUFHLUDSDUWHQRVXEWtWXOR³JXHL[DVH
SURVWLWXLomR´WDODVSHFWRVHUiUHWUDWDGRFRPPDLVPLQ~FLDV
&RQIRUPH 6WHDUQV ³2 -DSmR HP SDUWLFXODU QRYDWR QRV FRQWDWRV FRP
WHQGrQFLDVJOREDLVSDVVRXSRUGUiVWLFRVDMXVWHVSDUDSHORPHQRVRILFLDOPHQWHILFDU
j DOWXUD GRV SDGU}HV GH UHVSHLWDELOLGDGH´ (PERUD R -DSmR FRQWLQXDVVH
LQGHSHQGHQWH SULQFLSDOPHQWH QD (UD 0HLML GHYLGR jV LQWHUDo}HV FRP R
RFLGHQWH DV SUHVV}HV H RSLQL}HV SDVVDUDP D WHU JUDQGH SHVR *UDQGH DOYR GH
FUtWLFDV HUDP DV FDVDV GH JXHL[DV TXH WDPEpP VHUi DERUGDGD QD WHUFHLUD SDUWH
'HQWUHRVPDOGDGRVFRPHQWiULRVTXHRRFLGHQWH³GHVWLODYD´HVWDYDPjWROHUkQFLDGR
-DSmR FRP UHODomR j KRPRVVH[XDOLGDGH H DR EDL[R YLJRU GD PDVFXOLQLGDGH
MDSRQHVDRTXHHUDRIHQVLYRFRQVLGHUDQGRTXHRSDtVWLQKDSUHGRPLQDYDHDLQGD
³(VVHGHVFRQKHFLGR-DSmR´
2HVWUDQKDPHQWRGR³RXWUR´pFDUDFWHUtVWLFRGRVVHUHVKXPDQRVSULQFLSDOPHQWH
TXDQGR HVWH RXWUR VH HQFRQWUD GR RXWUR ODGR GR PXQGR &RPR Mi DERUGDGR VmR
PXLWRVRVPLWRVHH[DJHURVTXHFHUFHLDPRLPDJLQiULRGHDPEDVDVSDUWHVPDVDV
GLIHUHQoDVWDPEpPVmRLQHJiYHLVVHQmRGLIHUHQoDVFHUWDVSHFXOLDULGDGHVPHUHFHP
VHUGHVWDFDGDV
$VVHJXLQWHVLQIRUPDo}HVVmRXPDVtQWHVHHHVWmRGLVSRQtYHLVQRVLWHRILFLDO
GD $VVRFLDomR %UDVLO -DSmR GH SHVTXLVDGRUHV FRP QRYD GHQRPLQDomR 6%31
6RFLHGDGH%UDVLOHLUDGH3HVTXLVDGRUHV1LNNHLV
2-DSmRpXPSDtVGDÈVLD2ULHQWDO/RFDOL]DGRQR2FHDQR3DFtILFR2VFDUDFWHUHVTXH FRPS}HP VHX QRPH VLJQLILFDPRULJHP GR 6RO UD]mR SHOD TXDO R -DSmR p jV YH]HV LGHQWLILFDGRFRPRD7HUUDGR6RO1DVFHQWH2SDtVpXPDUTXLSpODJRFRPSRVWRGH LOKDV 2 -DSmR SRVVXL D QRQD PDLRU SRSXODomR GR PXQGR FRP FHUFD GH PLOK}HV GH KDELWDQWHV &XMD FDSLWDO p 7yTXLR FRP PDLV GH PLOK}HV GH KDELWDQWHV 3HVTXLVDV DUTXHROyJLFDV LQGLFDP TXH SHVVRDV Mi YLYLDP QDV LOKDV MDSRQHVDV QR SHUtRGR 3DOHROtWLFR 6XSHULRU $ LQIOXrQFLD GR UHVWR GR PXQGR VHJXLGD SRU ORQJRV SHUtRGRV GH LVRODPHQWR WHP FDUDFWHUL]DGRVXDKLVWyULD'HVGHDVXDFRQVWLWXLomRHPR-DSmRVHPDQWHYHFRPRXPD PRQDUTXLD FRQVWLWXFLRQDO XQLWiULD FRP XP LPSHUDGRU H XP SDUODPHQWR HOHLWR 3RVVXL D VHJXQGDPDLRUHFRQRPLDGRPXQGReR~QLFRSDtVDVLiWLFRPHPEURGR*2SDtVPDQWpP XPD IRUoD GH VHJXUDQoD PRGHUQD H DPSOD XWLOL]DGD SDUD DXWRGHIHVD H SDUD IXQo}HV GH PDQXWHQomRGDSD]2-DSmRSRVVXLXPDOWRSDGUmR GHYLGDHPDLRUH[SHFWDWLYDGHYLGDGR PXQGR
$OJRFDUDFWHUtVWLFRQDDWXDOLGDGHpRIDVFtQLRGRVQLKRQMLQV SHORV PDQJiV
TXHH[LVWHPKiVpFXORVQRHQWDQWRDSyVRFRQWDWRFRPRRFLGHQWH JDQKRX QRYDV
FDUDFWHUtVWLFDVSULQFLSDOPHQWHFRPUHODomRDRVTXDGULQKRVSDUDDGXOWRVQRVTXDLV
DV SHUVRQDJHQV VmR H[DWDPHQWH SDUDGR[DLV DV PXOKHUHV QLS{QLFDV D SULPHLUD
FDUDFWHUtVWLFDTXHVHQRWDQDVSHUVRQDJHQVVmRRVHQRUPHVROKRVGHSRLVFXUYDV
EHP PDUFDGDV H HQRUPHV VHLRV FODUDPHQWH LQIOXrQFLD RFLGHQWDO $SHVDU GHVVDV
FDUDFWHUtVWLFDV PHUDPHQWH YROWDGDV DR HQWUHWHQLPHQWR PDVFXOLQR IRL DWUDYpV GR
6LWHRILFLDOGD$VVRFLDomR%UDVLO-DSmRGHSHVTXLVDGRUHVZZZSRUWDOMDSDRRUJEU
PDQJiTXHFHUWRVLGHDLVIHPLQLVWDVFRPHoDUDPDDSDUHFHUQRVUHGLVXRXUHGLFRPH
TXDGULQKRVSDUDPRoDVFRPRYHUHPRVSRVWHULRUPHQWH
2XWUDFXULRVLGDGHPDUFDQWHGL]UHVSHLWRjVIHVWLYLGDGHVPDLVHVSHFLILFDPHQWH
RIHVWLYDOGDIHUWLOLGDGH1mRSRGHULDGHL[DUGHPHQFLRQDUDVJXHL[DVSULQFLSDOPHQWH
GHYLGRjHTXLYRFDGDDVVRFLDomRTXHID]HPHQWUHDVPHVPDVHDSURVWLWXLomR
2ULHQWDOLVPR2QLSREUDVLOHLURHVWHUHRWLSDGR
&RPUHODomRiIRUPDomRGHLGHQWLGDGHH[SOLFDGDQRFDStWXORDQWHULRUpSUHFLVR
ID]HUFRQVLGHUDo}HVDFHUFDGRVHVWHUHyWLSRVTXHFHUFHLDPRVQLSREUDVLOHLURV4XHP
QmRFRQKHFHXP³MDSD´"%DVWDWHUDOJXPDFDUDFWHUtVWLFDIHQRWtSLFDTXHUHPHWDDRV
QLS{QLFRVSDUDUHFHEHUWDOWtWXOR0LQKDDYySDWHUQDHUDPHX~QLFRYtQFXORELROyJLFR
FRPRV³QLKRQMLQV´QRHQWDQWRGHVGHDSUpHVFRODHXHUD³DMDSRQHVLQKD´$WUHODGRD
LVVR YLQKDP RXWUDV YiULDV FDUDFWHUL]Do}HV TXH PH H[FOXtDP GD FRQGLomR GH VHU
EUDVLOHLUD SDUHFLD VHU REULJDWyULR WHU GLVFLSOLQD LQWHOLJrQFLD IULH]D REULJDomR GH
SDVVDU QRV PHOKRUHV YHVWLEXODUHV H VHPSUH WHU XP GHVHPSHQKR H[HPSODU QDV
LQVWLWXLo}HVGHHQVLQRWHUDVPHOKRUHVQRWDVVHPGLUHLWRDGLYHUVmRRXYLGDSHVVRDO
6HJXQGR6DLGDLGpLDGHRULHQWDOLVPRJULIRPHXROKDURFLGHQWDOVREUH
RULHQWH SURGX] LPDJHQV HVWHUHRWLSDGDV VHP FRQWH~GR VXSHUILFLDLV (VVD HUD
LPSHULDOLVWD QD TXDO TXDVH WRGDV DV UHJL}HV SDVVDUDP D LQWHUDJLU VXVFLWRX QRV
RFLGHQWDLVLGpLDVJULIRPHXPXLWDVYH]HVH[DFHUEDGDRXGLVWRUFLGDGHWXGRTXH
QmRHUDRFLGHQWDO6WHDUQVQRVUHODWDTXH
2VLQWRPDPDLVyEYLRpTXHRVMXt]RVJULIRPHXHXURSHXVVREUHRXWUDV VRFLHGDGHViVYH]HVUHIRUoDGRVSHORPHQRVHPSDUWHSHODVUHJUDVH LQWHUSUHWDo}HVLPSHULDLVDIHWDUDPRVFRPSRUWDPHQWRVHDXWRSHUFHSo}HV
&RPSDUWLOKDGHVVDRSLQLmRRXWURDXWRUTXHID]XVRGRWHUPRH[RWL]DomRSDUD
0DFKDGRDFRQVWUXomRGR³RXWUR´pFULVWDOL]DGDVROLGLILFDGDHVVHQFLDOL]DGD
&RPRGHNDVVHJXLWDOSURFHVVRRFRUUHHPGREUR6HDTXLVRPRV³MDSDV´HVWDQGRQR
-DSmR ORJR SHUFHEHPRV R ³TXmR EUDVLOHLUR´ VRPRV DRV ROKRV GRV MDSRQHVHV 1R
FLWDGRSDtVVRPRVEUDVLOHLURVSUHJXLoRVRVVHQVXDLVPDODQGURVSHVVRDVTXHQmR
VHVXEPHWHPDVUHJUDVHTXHSRUWDQWRVmRLQGLJQDVGHFRQILDQoD4XHQmRVHUYHP
SDUDXPERPFRQYtYLRVRFLDOPDUJLQDLV
&DVRDSUHVHQWHPFDUDFWHUtVWLFDVTXHOKHUHPHWDDRULJHPODWLQD³SDLUDVHQRDU
XPDEULVDGHGHVFRQILDQoD´RFRUUHRRSRVWRFDVRDSUHVHQWHFDUDFWHUtVWLFDVTXHOKH
UHPHWDDRVSDtVHVGHSULPHLURPXQGRFDVRIDOHLQJOrVSRUH[HPSORRWUDWDPHQWRp
GLIHUHQFLDGR Ki XPD FHUWD UHYHUrQFLD 7DLV VLWXDo}HV GH GHVWHUULWRULDOL]DomR
DFDEDPJHUDQGRXPVHQWLPHQWRGHSDWULRWLVPRRGHNDVVHJXLSDVVDHQWmRDGHVHMDU
H LGHDOL]DU D YROWD DR %UDVLO 2UD PDV YROWDQGR HOH p QRYDPHQWH YLVWR FRPR
³MDSRQrV´ (LV TXH VH SHUJXQWDP 6RPRV EUDVLOHLURV" -DSRQHVHV" ³1HQKXPD GDV
DQWHULRUHV´" 7RGDV HODV" (P TXH PRPHQWR SRGHPRV VHU QyV PHVPRV VHUHV
VLQJXODUHV"
8PROKDUVREUHRPDQJi
$RSomRSRUGHVHQYROYHU³XPROKDU´VREUHPDQJiQDSHVTXLVDGHYHXVHDRIDWR
GHTXHRPHVPRGL]PXLWRDUHVSHLWRGDLGHQWLGDGHFXOWXUDOH[SOLFDGDQRFDStWXOR
DQWHULRU QR -DSmR SULQFLSDOPHQWH QR TXH GL] UHVSHLWR D LGHQWLGDGH IHPLQLQD $
GHYiULRVVpFXORVFRQIRUPHSRQWXDP/HRQLH%UDQGmR
8PPRQJHEXGLVWDGRVpFXOR;,,HVFXOSLQGREORFRVGHPDGHLUDIH]XPD ViWLUDGDYLGDGHDOJXQVVDFHUGRWHVHQREUHVGR-DSmR1RHQWDQWRD IDPRVDDUWHGHGHVHQKDUHPKLVWyULDVFRPEDO}H]LQKRVVyIRLH[LVWLUQR ILQDOGRVpFXOR,;;FRPDLQIOXrQFLDGRVTXDGULQKRVRFLGHQWDLV S
(PERUDWHQKDKDYLGRHVVDIXVmRGHWpFQLFDVVmRPXLWDVDVGLIHUHQoDVHQWUHRV
TXDGULQKRVRULHQWDLVHRFLGHQWDLV/HRQLH%UDQGmRHOHQFDPWDLVGLIHUHQoDV
3UD FRPHoDU RV MDSRQHVHV SUHIHUHP ID]HU GH SHVVRDV FRPXQV JUDQGHV KHUyLV 'HSRLV YHP D GXUDomR GRV TXDGULQKRV TXH QR RULHQWHGmRPDLVYD]mRDRVWUDoRVHGHVHQKRVGLPLQXLQGRRVWH[WRV GHFDGDSiJLQD(SDUDWHUPLQDUDGLIHUHQoDDDXWRULDGRVPDQJDVp HP JUDQGH SDUWH GH PXOKHUHV ,VVR DFDUUHWD DV KLVWyULDV GRPDQJD
XPDYLVmRIHPLQLQDGDUHDOLGDGHPDVTXHQDPDLRULDGDVYH]HVVH DGDSWDDRJRVWRGRS~EOLFRPDVFXOLQRWDPEpPS
2PDQJiFDLXQRJRVWRMDSRQrVHKRXYHHQWmRXPUHILQDPHQWRHPWDODUWHXP
H[SRHQWHGHODp2VDPX7H]XNDTXHSDVVRXDGDUrQIDVHDRFDUiWHUSVLFROyJLFRGDV
SHUVRQDJHQVHXQLXDDUWHGRPDQJiDSURGXo}HVFLQHPDWRJUiILFDVpRTXHQRV
DSRQWD /HRQL H %UDQGmR 2 DSULPRUDPHQWR OHYRX D GLYLVmR GH JrQHUR H
S~EOLFR TXH VmRVKRQHQJDURWRVVKRMRJDURWDVVHLQHQUDSD]HVUHGLVXRX
UHGLFRPHPRoDVVHLMLQDGXOWRVSULQFLSDOPHQWHPDQJiVHUyWLFRVSDUDKRPHQV
1RPDQJi6DLORU0RRQUHWUDWDPSUREOHPDVIHPLQLQRVFRQIRUPHDSRQWD/HRQLH
%UDQGmR
6DLORU0RRQSDVVDDVHUPXLWRPDLVGRTXHDSHQDVXPTXDGULQKR
SDUD VHUYLU WDPEpP FRPR XPD UHSUHVHQWDomR VLPEyOLFD GD PXOKHU QD VRFLHGDGH2V SUREOHPDVIHPLQLQRV RV URPDQFHV VREUH D SHUVSHFWLYD GD PXOKHU H VREUHWXGR RV YDORUHV VRFLDLV GLVFXWLGRV GH DOWUXtVPR H RUGHP VRFLDO QHFHVViULD SDUD VH FULDU XPD VRFLHGDGH SDUDGLVtDFD H SHUIHLWD $ PXOKHU FDUDFWHUL]DGD FRP WRGRV RV VHXV DQWDJRQLVPRV VHQGRXPGRVDOLFHUFHVQHFHVViULRVjVRFLHGDGHpDSULPHLUDSLQFHODGD GD WHPDWL]DomR DPSODPHQWH H[SORUDGD SRU 1DRNR QHVVH PDQJD )HFKDQGR FRP DV DILUPDo}HV GH GHWHUPLQDGRV FRQFHLWRV VRFLDLV 8P WH[WRVHPSUHUHIOHWHXPDSRVWXUDVRFLDOYDORUHVVmRDILUPDGRVHRXWURV QHJDGRVGHQWURGRGLVFXUVR(P6DLORU0RRQEXVFDVHXPPXQGRLGHDO SHUIHLWR RQGH VH DILUPD D YLGD H VH QHJD D PRUWH H D FRQGLomR SDUD DOFDQoDUDFRPSHWrQFLDGHYLYHUHPWDOPXQGRpRDOWUXtVPR S
$ DXWRUD 6LOYD DWUDYpV GD DQiOLVH GR PDQJi 5RVD GH 9HUVDOKHV GH
5L\RNR <NHGD WUDWD GD LPSRUWkQFLD GR PDQJi HQTXDQWR LQVWUXPHQWR KLVWyULFR H
GLGiWLFRSURSLFLDQGRSHUWLQHQWHVGLVFXVV}HVWDLVFRPRDLQVHUomRGDVPXOKHUHVQR
PHUFDGR GH WUDEDOKR GHPDQGDV IHPLQLVWDV H RXWUDV TXHVW}HV VRFLDLV &RQIRUPH
VHJXH
KRPRVVH[XDOLGDGHIHPLQLQDHODpH[HPSODUHPRXWUDVHRIHUHFHSDUD VXDVOHLWRUDVGHXPDVyYH]RVRQKRGHXPUHODFLRQDPHQWRHTXLWDWLYR HQWUH KRPHQV H PXOKHUHV H R LQFHQWLYR SDUD TXH DV PHQLQDV WRPDVVHPDVUpGHDVGHVHXGHVWLQRFRPRDSHUVRQDJHPIH]DROXWDU SRU VXD FDUUHLUD PLOLWDU H DR GHFLGLUVH FRQWUD VXD FODVVH H VHXV GHYHUHV SRU $QGUp H WDPEpP SHOD 5HYROXomR )UDQFHVD S
)LJXUD2VFDUSDUWLFLSDGD5HYROXomR)UDQFHVDHpGHVHQKDGDSRU,NHGDLQFRUSRUDQGRRVVtPERORVGHVVH PRYLPHQWRFRPRDEDQGHLUDWULFRORU5L\RNR,NHGD$5RVDGH9HUVDOKHVYRO
)HVWDGDIHUWLOLGDGH
$IHVWDGDIHUWLOLGDGHID]SDUWHGDVFRPHPRUDo}HVUHOLJLRVDVMDSRQHVDV0RUL
HVWLPDVHTXHPDLVGHGDSRSXODomRMDSRQHVDVHMDEXGLVWDHJULIRPHX
[LQWRtVWD QXPD QXPD VLQFUHVLD HQWUH DPEDV
Ȁ
0DV HVVH Q~PHUR EDVHLDVH HPSHVVRDVTXHSRUTXDLVTXHUUD]mRVHOLJDPDDOJXPWHPSORQmRLQGLFDQGRFRQWXGR
TXH UHDOPHQWH SUDWLTXHP D UHOLJLmR VHQGR TXH VRPHQWH GD SRSXODomR VH
LGHQWLILFD FRPR SHUWHQFHQWH GH DOJXPD UHOLJLmR 0RUL QRV UHODWD TXH R
[LQWRtVPRLQFRUSRUDSUiWLFDVHVSLULWXDLVGHULYDGDVGHGLYHUVDVWUDGLo}HVSUpKLVWyULFDV
MDSRQHVDVMiREXGLVPRJUDGXDOPHQWHVHDGDSWRX
Ȁ
8PD GH VXDV SUiWLFDV HVWi HP KRQUDU H FHOHEUDU D H[LVWrQFLD GH.DPL H p
DVVRFLDGR FRP P~OWLSORV IRUPDWRV FRPSUHHQGLGRV SHORV ILHLV HP DOJXQV FDVRV
DSUHVHQWDPXPDIRUPDKXPDQDHPRXWURVDQLPtVWLFDHHPRXWURVpDVVRFLDGRFRP
IRUoDV PDLV DEVWUDWDV QDWXUDLV FRPR PRQWDQKDV YHQWR HWF $ UHOLJLmR [LQWRtVWD
FRPHPRUDXPJUDQGHQ~PHURGHIHVWDVFRPXPDJUDQGHYDULHGDGHGHFRVWXPHVH
GH PRWLYRV SDUD FHOHEUDU ,QFOXLQGR VH Dt D IHVWD GD IHUWLOLGDGH 2 EXGLVPR VH
DGDSWRX D HVVDV SUiWLFDV SDUD DWHQGHU DRV QLKRQMLQ &RQIRUPH PDWpULD GD UHYLVWD
0DGH LQ -DSDQ R IHVWLYDO .DPDQDUD p IDPRVR SRU OHYDU WRWHQV
[LQWRtVWDVHPIRUPDGHSrQLVjVUXDV$UHYLVWDQRVLQIRUPDTXHRIHVWLYDORULJLQRXVH
QDHUD(GRFRPSURVWLWXWDVTXHSHGLDPSURVSHULGDGHHSURWHomRFRQWUD
DV GRHQoDV VH[XDOPHQWHWUDQVPLVVtYHLV $ IHVWD VH SRSXODUL]RX H DSRSXODomRGH
PDQHLUD JHUDO SDVVRX D SHGLU SRU FDVDPHQWR EHP VXFHGLGR H ILOKRV VDXGiYHLV 2
IHVWLYDOFRQWDFRPDUWHIDWRVWRWHQV[LQWRtVWDVHYiULRVDUWHIDWRVHPIRUPDGHJHQLWiOLD
GHDPERVRVVH[RV
Ȁ
Ȁ
)RQWH5HYLVWD0DGHLQ-DSDQHGLomR
$DUWHGHVHUJXHL[D
Ȁ
ȦɏɎɔɅȚȀɗɗɗȎɃɕɌɔɕɒɁɊɁɐɏɎɅɓɁȎɃɏɍȎɂɒȀ
6DWR QRV DOHUWDȀKDYHU FRQIXV}HV TXDQWR D QDWXUH]D GD SURILVVmR GH
JXHL[DVVmRPXVLFLVWDVEDLODULQDVRXVHMDDUWLVWDVTXHUHFLWDPSRHPDVHQWUHWHP
VHXV FOLHQWHV GH PDQHLUD JHUDO $ JXHL[D SRGH DWp ID]HU ³MRJRV GH VHGXomR´ VHU
LQVLQXDQWH PDV QmR FKHJDP D FRQVXPDU R DWR VH[XDO e WtSLFR GD VRFLHGDGH
MDSRQHVDRVKRPHQVVHUHPVHGX]LGRVSRUHVVDLGpLDGHTXHQmRSRGHUDPFRQVXPDU
R DWR TXH p DOJR SURLELGR 6WHDUQV QRV UHPHWH DR IXQFLRQDPHQWH GDV FDVDV GH
JXHL[DV
$EHPGDYHUGDGHDVFDVDVGHJXHL[DVHQYROYLDPXPDYDULDGDJDPDGH HQWUHWHQLPHQWR FRP IRUWHV FRQRWDo}HV VH[XDLV PDV QmR QHFHVVDULDPHQWHFRQWDWRVH[XDOHIHWLYR$WUDGLomRGDVJXHL[DVGHIDWR HQYROYLD SUHVVXSRVLo}HV SRVLWLYDV VREUH D YDOLGDGH GR SUD]HU VH[XDO PDVFXOLQR H XPD DSUHFLDomR GD VH[XDOLGDGH IHPLQLQD TXH LDP LQHJDYHOPHQWH QD FRQWUDPmR GDV LGpLDV YLWRULDQDV FRQWHPSRUkQHDV
S
0XLWDVYH]HVFRQIXQGLVHJXHL[DVFRPDV2LUDQ$VJXHL[DVHDVRLUDQXVDP
XPYLVXDOSDUHFLGRPDVDVJXHL[DVXVDPRREL QDVFRVWDVHDVRLUDQQDIUHQWH6DWR
DILUPDTXHGXUDQWHDRFXSDomRPXLWDVSURVWLWXWDVYHQGHUDPVHDRVVROGDGRV
DPHULFDQRV FRPR JXHL[DV TXH OHYDUDP WDO LPDJHP GDV JXHL[DV SDUD RV (VWDGRV
8QLGRV
'HNDVVHJXLDURWDFRQWUiULD
1R ~OWLPR VpFXOR PXLWRV LPLJUDQWHV MDSRQHVHV YLHUDP DR %UDVLO IXJLQGR GD
JXHUUD H EXVFDQGR PHOKRUHV FRQGLo}HV GH YLGD 6HXV GHVFHQGHQWHV EUDVLOHLURV
ID]HPDJRUDRFDPLQKRLQYHUVRFRPRQRVUHYHOD6DVDNLH2OLYHLUD
Ȁ
ȥɓɔɒɁɎɇɅɉɒɏɓȀɎɏȀȪɁɐ]ɏȀɐɏɒȀɎɁɃɉɏɎɁɌɉɄɁɄɅȀɅɍȀȒȐȐȐȎȀȦɏɎɔɅȚȀȷɉɋɉɐ]ɄɉɁȚȀɅɎɃɉɃɌɏɐ]ɄɉɁȀɄɉɇɉɔɁɌȎȀ
+iFDGDYH]PDLVLPLJUDQWHVEUDVLOHLURVQR-DSmRR0LQLVWpULR GD-XVWLoDGR
-DSmRHVWLPRXRQ~PHURGHHVWUDQJHLURVHPTXDVHGRLVPLOK}HVGHVWHWRWDOHPWRUQR
GHWUH]HQWRVHGR]HPLOVmREUDVLOHLURV
)RQWH0LQLVWpULR'D-XVWLoDGR-DSmR
Ȁ-i D SRSXODomR QLSREUDVLOHLUD QR %UDVLO p GH TXDVH PLOKmR GH SHVVRDV
GDGRV GD )XQGDomR -DSmR HP 6mR 3DXOR IRUPDQGR D PDLRU FRO{QLD GH
RXF{QMXJHVWrPLPLJUDGRDR-DSmRHPEXVFDGHPHOKRUHVFRQGLo}HVGHYLGD&RPR
QRVGHVFUHYH(OLVD0DVVDH6DVDNL3LQKHLURVTXHpPHVWUHHP&LrQFLDV6RFLDLVSHOD
8QLFDPS 8QLYHUVLGDGH (VWDGXDO GH &DPSLQDV 6XD SHVTXLVD FRQFHQWUDVH QR
PRYLPHQWRGHNDVVHJXLHPLJUDo}HVLQWHUQDFLRQDLVHPWH[WRHGLWDGRSDUDIXQGDomR
-DSmRHP6mR3DXOR
1DV GXDV ~OWLPDV GpFDGDV GR VpFXOR ;; R %UDVLO DWp HQWmR YLVWR FRPR XP SDtV UHFHSWRU GH LPLJUDQWHV YLX D VXD SRSXODomR FRPHoDU D VH GLULJLU DR H[WHULRU 1mR VmR RV SREUHV TXH HPLJUDP PDV XPD FODVVH PpGLD WHQWDQGR PDQWHURXHOHYDURVHXSDGUmRGHYLGD'HQWUHRVGLYHUVRVGHVWLQRVR-DSmRp XP GRV TXH WrP UHFHELGR XP H[SUHVVLYR FRQWLQJHQWH GH EUDVLOHLURV SDUD WUDEDOKDU HP RFXSDo}HV GH EDL[D TXDOLILFDomR$V SULPHLUDV QRWtFLDV VREUH D LGD GH EUDVLOHLURV GH RULJHP MDSRQHVD SDUD WUDEDOKDU WHPSRUDULDPHQWH QR -DSmR VXUJLUDP HP PHDGRV GD GpFDGD GH (P JHUDO HOHV QmR WLYHUDP JUDQGHVSUREOHPDVEXURFUiWLFRVSDUDHQWUDUQRWHUULWyULRMDSRQrVSRLVWLQKDP DQFHVWUDOLGDGH QLS{QLFD (UDP GDV SULPHLUDV JHUDo}HV FKDPDGDV GH LVVHL SULPHLUD JHUDomR RX RV SUySULRV MDSRQHVHV QDVFLGRV QR -DSmR HRX QLVVHL VHJXQGD JHUDomR RX RV ILOKRV GRV PLJUDQWHV MDSRQHVHV QDVFLGRV IRUD GR -DSmR H PXLWRV WLQKDP QDFLRQDOLGDGH MDSRQHVD RX GXSOD QDFLRQDOLGDGH SRGHQGRLQJUHVVDUQR-DSmRFRPRMDSRQHVHVGLVSRQtYHOHPZZZIMVSRUJEU
1D DWXDOLGDGH QRWDVH FHUWDV PXGDQoDV QR SHUILO GHVVHV
WUDEDOKDGRUHV H XPD FRPSOH[LGDGH PDLRU QR GHVHQYROYLPHQWR GHVVH
PRYLPHQWR PLJUDWyULR $ PHVWUD (OLVD 0DVVDH 6DVDNL 3LQKHLURV UHODWD
TXH
UHVLGHQWHV QR -DSmR FDUiWHU PDLV IDPLOLDU GR TXH LQGLYLGXDO HVWDGLD PDLV SURORQJDGDV GRV EUDVLOHLURV QR -DSmR 'HVWDFDVH DLQGD D SUHVHQoD GRV µQmRQLNNHLV¶ HQWUH RV F{QMXJHV TXH WrP GLUHLWRV HVWHQGLGRV LVWR p DTXHOHV TXH PHVPR QmR WHQGR D DQFHVWUDOLGDGH MDSRQHVD SDVVDP D WHU RV PHVPRV GLUHLWRVTXHVHXVF{QMXJHVGHRULJHPQLS{QLFD1R-DSmRHOHVVmRLJXDOPHQWH FODVVLILFDGRV FRPR µQLNNHLMLQ¶ ± VHPSUH QD UXEULFD GH µHVWUDQJHLURV¶ GLVSRQtYHOHPZZZIMVSRUJEU Ȁ
6LVWHPD(GXFDFLRQDO-DSRQrV
0XLWRV EUDVLOHLURV FDVDP VH WHP ILOKRV QR -DSmR RX DLQGD PDWULFXODP VHXV
ILOKRVEUDVLOHLURVHPLGDGHHVFRODUHPHVFRODVMDSRQHVDVRTXHDFDEDVHQGRPXLWR
FRPSOH[RSRLVQDPDLRULDGDVYH]HVDHVFRODMDSRQHVDQmRLUiVHDGHTXDUDRDOXQR
HVWUDQJHLUR HVSHUDVH TXH RFRUUD R FRQWUiULR 3RUWDQWR VHUi DERUGDGR R VLVWHPD
HGXFDWLYRMDSRQrVGHTXHIRUPDHOHDWHQGHDRHVWUDQJHLUR$VLQIRUPDo}HVDVHJXLU
IRUDPUHWLUDGDVGHVLWHVRILFLDLVGRJRYHUQRMDSRQrV
*XLDGR6LVWHPD(GXFDFLRQDOGR-DSmR
6HFUHWDULDGH(GXFDomRGD3URYtQFLDGH0LH
, 6LVWHPD(GXFDFLRQDOGDV(VFRODV
)RQWHKWWSPLHSRUWDOPLHFRP
&217(Ò'2('8&$&,21$/
D&855Ë&8/2
2 FRQWH~GR GR FXUUtFXOR OHFLRQDGR QDV HVFRODV p SUpGHWHUPLQDGR H HGLWDGR SHOR
0LQLVWpULRGD(GXFDomR&LrQFLDH7HFQRORJLD
2V OLYURV GLGiWLFRV XWLOL]DGRV QDV HVFRODV SULPiULDV JLQDVLDLV H QDV HVFRODV GH
HGXFDomRHVSHFLDOVmRIRUQHFLGRVJUDWXLWDPHQWHSHOR*RYHUQR)HGHUDO
-i QDV HVFRODV FROHJLDLV H HVFRODV FROHJLDLV GH HGXFDomR HVSHFLDO GHYHP VHU
FRPSUDGRV
F$8;Ë/,2),1$1&(,52
$ IDPtOLD TXH WHP GLILFXOGDGH ILQDQFHLUD SDUD SDJDU D GHVSHVD HVFRODU GR HQVLQR
REULJDWyULRSRGHUHFHEHURDX[tOLRILQDQFHLUR&RPRKiUHVWULo}HVHFRQGLo}HVSDUD
VH UHFHEHU R EHQHItFLR FRQVXOWH VH HVWXGD HP HVFROD SULPiULD RX JLQDVLDO D
6HFUHWDULD GH (GXFDomR 0XQLFLSDO RX D 6HFUHWDULD GH (GXFDomR GD 3URYtQFLD VH
HVWXGDHPHVFRODSURYLQFLDO
,,±352&(',0(17263$5$$0$75Ë&8/$
0$75Ë&8/$2875$16)(5Ç1&,$3$5$(6&2/$35,0È5,$28*,1$6,$/
0$75Ë&8/$2875$16)(5Ç1&,$3$5$(6&2/$35,0È5,$28*,1$6,$/
E352&(',0(17261$6(6&2/$635,0È5,$6(*,1$6,$,6
3DUDTXHDYLGDHVFRODUGDFULDQoDVHMDDPDLVDJUDGiYHOSRVVtYHOVHUmRGLVFXWLGRV
VREUHRVVHJXLQWHVDVVXQWRV
Ο 9HULILFDomR GH FRPR VH SURQXQFLD H HVFUHYH R QRPH GD FULDQoD H GD GDWD GH
QDVFLPHQWR
Ρ(QGHUHoRDWXDO
0HLRGHFRPXQLFDomRHPFDVRGHHPHUJrQFLDORFDOGHWUDEDOKRLQWpUSUHWHHWF
Σ (GXFDomR UHFHELGD DQWHV GR LQJUHVVR LQFOXLQGR DQWHV H GHSRLV GD YLQGD DR
-DSmRVLWXDomRGRVHVWXGRVHWF
Τ3UHYLVmRGRSHUtRGRGHHVWDGLDGRVUHVSRQViYHLV
Υ&DSDFLGDGHQRLGLRPDMDSRQrVGRDOXQRHGDIDPtOLD
Φ&DUiWHUGRDOXQRHRVGHVHMRVGRIXWXUR
Χ&RQGLomRGHVD~GHGRHQoDFU{QLFDYLVmRDXGLomRDOHUJLDDDOLPHQWRVHWF
Ψ$PDQHLUDGDFULDQoDHGRVUHVSRQViYHLVSHQVDUHPVREUHDHGXFDomR
Ω2TXHGHVHMDGDHVFRODHRXFXLGDGRVTXHDHVFRODGHYHWRPDU
7RGRVSUHFLVDUmRSUHVWDURH[DPHGHVHOHomRSDUDLQJUHVVDUQR&ROHJLDO
)RQWHKWWSPLHSRUWDOPLHFRP
,,±&27,',$12'$(6&2/$
80',$(6&2/$5
)RQWHKWWSPLHSRUWDOPLHFRP
$V HVFRODV GR -DSmR LQLFLDP R DQR OHWLYR HP DEULO H WHUPLQDP HP PDUoR GR
GRLV SHUtRGRV 6mR PXLWR IRUPDLV FRP PXLWDV FHULP{QLDV LQFOXLQGR GH DEHUWXUD H
UHFHSomRDRVDOXQRVGRSULPHLURDQR8PGLIHUHQFLDODRVLVWHPDEUDVLOHLURVmRDV
YLVLWDVWDQWRDGRGRFHQWHDFDVDGHDOXQRVHRVUHVSRQViYHLVTXHREVHUYDPDDXOD
QXPDGDWDSUpGHWHUPLQDGD2VDOXQRVUHDOL]DPVRMLQDVVDODVSiWLREDQKHLURVHWF
2VFDPSHRQDWRVHVSRUWLYRVVmROHYDGRVDVpULR'HYLGRDRIDWRGRSDtVHVWDUPDLV
VXVFHWtYHO D FDWiVWURIHV QDWXUDLV p IHLWR WUHLQDPHQWR GH HYDFXDomR WDPEpP GH
SUHYHQomRSDUDLQFrQGLRHDFLGHQWHV
1DHVFRODVmRIHLWRVH[DPHVGHVD~GHHDYDOLDomRItVLFDSDUDDFRPSDQKDUR
GHVHQYROYLPHQWR ELROyJLFR 1R TXH WDQJH D DUWHV RV DOXQRV FRQWDP FRP VHOHWD
RSomRWHQGRDGLVSRVLomRP~VLFDWHDWURFRQFHUWRV'HPDQHLUDJHUDORVLVWHPD
QmR p WmR DGYHUVR DR VLVWHPD GH HQVLQR EUDVLOHLUR GDt D RSomR SRU GHVFUHYHU
SULQFLSDOPHQWH RV GLIHUHQFLDLV 1R JLQiVLR QD VHJXQGD VpULH RV DOXQRV ID]HP
HVWiJLRVHPFRPpUFLRHPSUHVDVHWF
4XDQWRDVUHJUDVVmRPXLWDVFRPUHODomRjYHVWLPHQWDHPDOJXPDVHVFRODV
SULPiULDV R YHVWXiULR p OLYUH RXWUDV H[LJHP XQLIRUPH TXH p H[LJLGR QDV GHPDLV
VpULHV e SURLELGR R XVR GH REMHWRV GHVQHFHVViULRV D DXOD H DFHVVyULRV FRPR
ELMXWHULDVHVPDOWHVHWF7DPEpPQmRVHSRGHFRQVXPLUGRFHVRXDOLPHQWRVTXHQmR
RVHUYLGRQDHVFROD
1DV VHFUHWDULDV GH HGXFDomR SURYLQFLDLV H[LVWH DWHQGLPHQWR HP SRUWXJXrV
EHPFRPRHPDOJXPDVSUHIHLWXUDV1R-DSmRWXGRpPXLWRSDGURQL]DGRRPHVPR
DFRQWHFH FRP RV PDWHULDLV HVFRODUHV XQLIRUPHV HWF 3RUWDQWR p H[LJLGR TXH R
PDWHULDOVHMDRHVSHFLILFDGRSDUDWDQWRH[LVWHLQFOXVLYHLPDJHQVGRVPHVPRVQRVLWH
JRYHUQDPHQWDOMDSRQrV
$SURYLQFLDOGH0LHSRVVXLXPDELEOLRWHFDFRPXPDFHUYRGHDSUR[LPDGDPHQWH
PLOOLYURVHPOtQJXDHVWUDQJHLUDHPVXDPDLRUSDUWHHPLQJOrVVHJXLGRVGHWtWXORV
HP HVSDQKRO H SRUWXJXrV UHVSHFWLYDPHQWH LQFOXVLYH LQIDQWLV$OpP GH OLYURV D
ELEOLRWHFDGLVS}HDLQGDGHRLWRWLSRVGHMRUQDLVHTXDUHQWDHFLQFRWLSRVGHUHYLVWDVHP
OtQJXD HVWUDQJHLUD FRPR SRU H[HPSOR D UHYLVWD ³9HMD´ $ ELEOLRWHFD SRVVXL VLWH
GLVSRQtYHOHPGLYHUVRVLGLRPDVLQFOXLQGRRSRUWXJXrV
2HVTXHPDDVHJXLUPRVWUDVXFLQWDPHQWHRVLVWHPDHGXFDFLRQDOMDSRQrVR tQGLFHGHLQJUHVVRDRHQVLQRPpGLRHQWUHRVMDSRQHVHVHGHPDLVGH
)RQWHKWWSPLHSRUWDOPLHFRP
ȀȀȀȀ
$R FRQFOXLU R HQVLQR JLQDVLDO FKXXJDNNRX DOXQR WHP DOJXPDV RSo}HV
FRQIRUPHRHVTXHPDDEDL[R
)RQWHKWWSPLHSRUWDOPLHFRP
1R -DSmR R DOXQR SRGH RSWDU SRU XPD GHVVDV WUrV IRUPDV GH HVWXGR GH
SHUtRGRLQWHJUDOSHUtRGRGLIHUHQFLDGRHSRUFRUUHVSRQGrQFLD$VIRUPDVVmRGLYLGLGDV
HPRXWURVWUrVJrQHURVHVFRODQRUPDOHVFRODWpFQLFDHHVFRODLQWHJUDGD$OJXPDV
HVFRODVTXHQmRVHSDUDPDVWXUPDVHPVpULHVVHQGRTXHDFRQFHLWXDomRGRVDOXQRV
p RUJDQL]DGD SRU PHLR GH DF~PXOR GH FUpGLWRV &RP UHODomR jV PDWpULDV VmR
VHOHFLRQDGDVFRQIRUPHDRSomRGRDOXQRFRQIRUPHVHJXH
(VFRODV QRUPDLV RXIXWVXXND
$ SDUWLFXODULGDGH GDV HVFRODV QRUPDLV HVWi QR IDWR GH VHX HQVLQR HVWDU FHQWUDGR QR HVWXGR GH GLVFLSOLQDV FRPXQV TXH VmR MDSRQrV JHRJUDILD H KLVWyULDHGXFDomRFtYLFDPDWHPiWLFDFLrQFLDVVD~GHHHGXFDomRItVLFDDUWHV OtQJXD HVWUDQJHLUD HGXFDomR GRPpVWLFD LQIRUPDomR H RXWUDV 2 DOXQR DGTXLUHDPSODLQVWUXomRFRPEDVHQRDSUHQGL]DGRIHLWRQRQtYHOJLQDVLDO
$JURQRPLD 9LVDIRUPDUDGPLQLVWUDGRUHVWpFQLFRVHRXWURVSURILVVLRQDLVGDiUHDDJU{QRPDDWUDYpV GR DSUHQGL]DGR H DTXLVLomR GH FRQKHFLPHQWRV H WpFQLFDV HVSHFLDOL]DGDV
(QJHQKDULD 9LVD IRUPDU WpFQLFRV DSWRV D DWXDUHP QR FDPSR GD HQJHQKDULD DWUDYpV GRHVWXGR H DTXLVLomR GH FRQKHFLPHQWRV H WpFQLFDV HVSHFLDOL]DGDV WDLV FRPR 6LVWHPD)$6LVWHPD&$'&$0LQIRUPiWLFDHWF
&RPpUFLR
$SUHQGL]DGR H DTXLVLomR GH FRQKHFLPHQWRV H WpFQLFDV HVSHFtILFDV SDUD HPSUHHQGLPHQWRVILQDQFHLURVDWUDYpVGRHVWXGRGHiUHDVHVSHFLDOL]DGDVFRPR LQIRUPDomR VHUYLoRV ILQDQoDVHWF +i WDPEpP DVVLVWrQFLD D DOXQRV TXH SUHWHQGHPLQJUHVVDUQDXQLYHUVLGDGH
3HVFDHDWLYLGDGHV PDULQKDV
9LVD IRUPDU SURILVVLRQDLV GD iUHD PDULQKD FRPR WUDEDOKDGRUHV GH QDYLRV SHVTXHLURVWpFQLFRV PDULQKRV H RXWURV SURILVVLRQDLV GHVVD iUHD DWUDYpV GD DTXLVLomRGHFRQKHFLPHQWRVHDSUHQGL]DGRGHWpFQLFDVHVSHFLDOL]DGDVGDiUHD GHSHVFDFXOWLYRPDULQKRLQG~VWULDPDULQKDLQVWLWXLo}HVSHVTXHLUDVHWF $WLYLGDGHV
'RPpVWLFDV
$SUHQGL]DGR GH FRQKHFLPHQWRV EiVLFRV UHODWLYRV DRV WUDEDOKRV GRPpVWLFRV H GH WpFQLFDV HVSHFLDOL]DGDV VREUH DOLPHQWDomR FRVWXUD FXLGDGRV LQIDQWLV EHPHVWDUVRFLDOHQWUHRXWUDVHVSHFLDOLGDGHV
(QIHUPDJHP 9LVD IRUPDU SURILVVLRQDLV GH HQIHUPDJHP DSWRV D DWXDUHP HP KRVSLWDLV HRXWUDV LQVWLWXLo}HV PpGLFDV DWUDYpV GR DSUHQGL]DGR GH FRQKHFLPHQWRV H WpFQLFDVHVSHFLDOL]DGDVGDiUHDGHHQIHUPDJHP
,QIRUPDomR
$TXLVLomR GH WpFQLFDV H FRQKHFLPHQWRV QHFHVViULRV QD DSOLFDomR SUiWLFD H FULDWLYD HP UHFXUVRV GH FULDomR FRQVHUYDomR H PDQXWHQomR GH VLVWHPDV GH UHGH H PXOWLPtGLD D ILP GH IRUPDU SURILVVLRQDLV DSWRV D DWXDUHP QD VXVWHQWDomRGDVRFLHGDGHLQIRUPDWL]DGD
6HUYLoRVRFLDO
9LVDIRUPDUSURILVVLRQDLVSDUDDWXDUHPQDiUHDGHEHPHVWDUVRFLDODWUDYpVGR DSUHQGL]DGR GH FRQKHFLPHQWRV H WpFQLFDV HVSHFLDOL]DGDV GR UDPR FRPR WpFQLFDV EiVLFDV GH FXLGDGRV FRP LGRVRV HVWXGR GRV VLVWHPDV GH DVVLVWrQFLD VRFLDOHWF
&LrQFLDVH[DWDV 9LVD DSULPRUDU D FDSDFLGDGH GH LQYHVWLJDomR FLHQWtILFD DWUDYpV GR HVWXGRDSURIXQGDGRGHGLVFLSOLQDVUHODWLYDVjVFLrQFLDVHjPDWHPiWLFD
(GXFDomRItVLFD
9LVDDSURIXQGDUFRQKHFLPHQWRVWpFQLFRVGHDOXQRVFRPLQWHUHVVHHVSHFLDOSDUD DWLYLGDGHV ItVLFDV H HVSRUWHV DSULPRUDQGR VXD FDSDFLGDGH ItVLFD H FRQGLFLRQDPHQWRQHFHVViULRVSDUDRGHVHQYROYLPHQWRHVSRUWLYRSRUPHLRGR DSUHQGL]DGRGHWpFQLFDVSDUDDTXLVLomRGHKDELOLGDGHVItVLFDVDYDQoDGDV
,QJOrV
9LVDDSULPRUDUDFDSDFLGDGHGHDXGLomRHIDODGRLGLRPDLQJOrVSRUPHLRGH HVWXGRV GH GLVFLSOLQDV HVSHFtILFDV FRPR ´([SUHVVmR HP ,QJOrVµ ´3UiWLFD GH &RPSXWHU//µHWF$SURIXQGDWDPEpPRHQWHQGLPHQWRUHODWLYRDGLIHUHQoDV FXOWXUDLV
5HODo}HV LQWHUQDFLRQDLV
HVWXGDP HVFROKHQGR DV GLVFLSOLQDV TXH PDLV OKHV LQWHUHVVDP RX TXH PDLV VH HQFDL[HP FRP VXDV DSWLG}HV 0HVPR RV DOXQRV TXH DLQGD QmR GHFLGLUDP R TXHID]HUGHSRLVSRGHPUHIOHWLUVREUHLVVRDWUDYpVGRDSUHQGL]DGRGHGLYHUVDV GLVFLSOLQDVRIHUHFLGDVSHODHVFROD
)RQWHKWWSPLHSRUWDOPLHFRP
$VGLVFLSOLQDVVmRPLQLVWUDGDVFRQIRUPHVHJXH
)RQWHKWWSPLHSRUWDOPLHFRP
$RFRQFOXLURHQVLQRIXQGDPHQWDO,,RVDOXQRVID]HPXPH[DPHSDUDDWHVWDU
TXHHVWHMDPDSWRVDSURVVHJXLUQRHQVLQRPpGLR
3URJUDPDVGHLQVHUomRGRGHNDVVHJXL
$VLQIRUPDo}HVDVHJXLUWrPFRPRIRQWHKWWSPLHSRUWDOPLHFRP6LWHRILFLDOGR
JRYHUQRGDSURYtQFLDGH0LH
3URPRomRGD6RFLHGDGHGH&RQYtYLRFRP(VWUDQJHLURV5HVLGHQWHV
2 Q~PHUR GH HVWUDQJHLURV UHJLVWUDGRV HP 0LH QR ILQDO GH DOFDQoDYD
DSUR[LPDGDPHQWHUHSUHVHQWDQGRPDLVGHGDSRSXODomRWRWDO6LJQLILFD
TXH D FDGD SHVVRDV XP p HVWUDQJHLUR $FRPSDQKDQGR R DXPHQWR GH
HVWUDQJHLURV H[LVWHP ORFDLV RQGH HVWmR VXUJLQGR SUREOHPDV HP YiULDV VLWXDo}HV
FRPRWUDEDOKRVD~GHHHGXFDomRGHYLGRjGLIHUHQoDQDOtQJXDFXOWXUDFRVWXPHV
HWF3RUHVVHPRWLYRHP0LHWUDEDOKDVHYLVDQGRDUHDOL]DomRGHXPDVRFLHGDGH
ORFDORQGHMDSRQHVHVHHVWUDQJHLURVSRVVDPFRPSUHHQGHUPXWXDPHQWHVXDVFXOWXUDV
H IRUPDV GH SHQVDU MXQWDPHQWH FRP R UHVSHLWR P~WXR H RQGH VH SRVVD YLYHU
SUD]HURVDHWUDQTXLODPHQWHRXVHMDXPDVRFLHGDGHGHFRQYtYLRPXOWLFXOWXUDO3DUD
LVVRGHVGHDOPHMDQGRXPDVRFLHGDGHGHFRQYtYLRPXOWLFXOWXUDOR³3URJUDPD
GH 3URPRomR 8UJHQWH GH XPD 6RFLHGDGH GH &RQYtYLR 0XOWLFXOWXUDO´ IRL FRORFDGR
FRPRXPGRVSURMHWRVSULRULWiULRVHHVWiVHQGRSURPRYLGRDWUDYpVGDLQWHUOLJDomRH
FRRSHUDomRHQWUHRVPRUDGRUHVORFDLVRUJDQL]Do}HVVHPILQVOXFUDWLYRVHPSUHVDVH
SUHIHLWXUDVYLVDQGRVROXFLRQDURVSUREOHPDVXUJHQWHVTXHRVHVWUDQJHLURVUHVLGHQWHV
HQIUHQWDP ,QFOXVLYH HVWmR LQWHUOLJDGRV H HPSHQKDGRV QHVWDV TXHVW}HV DV
SURYtQFLDVHFLGDGH3URYtQFLDVGH0LH$LFKLH*LIXH&LGDGHGH1DJR\DRQGHRV
*RYHUQDGRUHV H 3UHIHLWR DVVLQDUDP D ³'HFODUDomR GH $omR &RQMXQWD SDUD D
)RQWHKWWSPLHSRUWDOPLHFRP
6XSRUWHjV$WLYLGDGHVGH,QWHUFkPELR,QWHUQDFLRQDO'LYHUVLILFDGRV'LULJLGRVSHORV
&LGDGmRV
$3URYtQFLDGH0LHUHDOL]RXWUDWDGRVGHDPL]DGHHLUPDQGDGHHQWUHR(VWDGRGH6mR
3DXORQR%UDVLOHP
3URYtQFLDGH+HQDQQD&KLQDHP(VWDGRGH9DOrQFLDQD(VSDQKDHPH
FRP D 5HS~EOLFD GH 3DODX HP (VWDPRV SURPRYHQGR XPD DPSOD JDPD GH
DWLYLGDGHVGHLQWHUFkPELRVLQWHUQDFLRQDLV&RQWLQXDUHPRVDSRLDQGRYiULDVDWLYLGDGHV
DWUDYpVGHJUXSRVFLYLVHYROXQWiULRVSDUDFULDUXPDPELHQWHQRTXDOFDGDFLGDGmR
SRVVDVHVHQWLUHQFRUDMDGRDLPSOHPHQWDUSURJUDPDVSDUDSURPRYHURLQWHUFkPELR
LQWHUQDFLRQDO DWUDYpV GH YiULDV RSRUWXQLGDGHV FRPR WDPEpP DWLYDU LQWHUFkPELRV H
FRRSHUDo}HVLQWHUQDFLRQDLVGHQtYHOUHJLRQDO
)RQWHKWWSPLHSRUWDOPLHFRP
3URPRomRGD$MXGD,QWHUQDFLRQDO9DORUL]DQGRRV9DULDGRV5HFXUVRV1DWXUDLV
(P0LHHVWDPRVHPSHQKDGRVQDFRQVWUXomRGHXPDPELHQWHRQGHJUXSRVFRPR
RUJDQL]Do}HV QmRJRYHUQDPHQWDLV RUJDQL]Do}HV VHP ILQV OXFUDWLYRV HPSUHVDV RX
PHVPRSHVVRDVLQGLYLGXDOPHQWHSRVVDPDSURIXQGDUVXDFRPSUHHQVmRHLQWHUHVVH
FRPUHODomRjDMXGDLQWHUQDFLRQDOHFRPLVVRSURPRYHUHPFRQMXQWRDWLYLGDGHVGH
DMXGD LQWHUQDFLRQDO DWUDYpV GD IRUPDomR GH UHGHV GH WUDEDOKR P~WXR 1D SUiWLFD
HVWDPRV LQFHQWLYDQGR R DSUHQGL]DGR QDV HVFRODV SULPiULDV JLQDVLDLV H FROHJLDLV
VREUH D DMXGD LQWHUQDFLRQDO UHDOL]DQGR VHPLQiULRV SDUD XQLYHUVLWiULRV H DGXOWRV
HYHQWRVSDUDDSUHVHQWDUHVWHWHPDRIHUHFHQGRRSRUWXQLGDGHVSDUDDWHUFHLUDLGDGH
GHVHQYROYLPHQWRWpFQLFRGHHVWUDQJHLURVMXQWRDHPSUHVDVSULYDGDVHWF$OpPGLVVR
LUHPRVQRVGHGLFDULQWHQVDPHQWHjVDWLYLGDGHVGHDMXGDLQWHUQDFLRQDOHPFRRSHUDomR
FRPHQWLGDGHVUHODFLRQDGDVFRPRR&HQWURGH3URPRomRGD7HFQRORJLD&LHQWtILFDGD
3URYtQFLDGH0LHTXHGHVHQYROYHDWLYLGDGHVGHDOWDWHFQRORJLDQRFDPSRDPELHQWDO
DJUtFROD PDGHLUHLUD H SHVTXHLUD R &HQWUR ,QWHUQDFLRQDO SDUD 7UDQVIHUrQFLD GH
7HFQRORJLD $PELHQWDO ,&(77 DOpP GR *RYHUQR )HGHUDO $JrQFLD GH &RRSHUDomR
,QWHUQDFLRQDO GR -DSmR -,&$ R &RQVHOKR GH $XWRULGDGHV /RFDLV SDUD 5HODo}HV
,QWHUQDFLRQDLVHWF
)RQWHKWWSPLHSRUWDOPLHFRP
)XQGDomRGH,QWHUFkPELR
,QWHUQDFLRQDOGH0LH0,()
)XQGDGD HP PDLR GH FRP D FRRSHUDomR GD 3URYtQFLD PXQLFLSDOLGDGHV H
HPSUHVDV SDUD VHUYLU FRPR XPD RUJDQL]DomR FHQWUDO SDUD LQWHUFkPELRV
LQWHUQDFLRQDLV HP 0LH FRP R REMHWLYR GH LQFHQWLYDU DWLYLGDGHV GH LQWHUFkPELR H
FRRSHUDomR LQWHUQDFLRQDO GH PDQHLUD DPSOD YDORUL]DQGR D EHOD QDWXUH]D H D
FDUDFWHUtVWLFDFDORURVDGRSRYRGD3URYtQFLDGH0LH
1HVWHVpFXORRQGHVHDYDQoDRPXQGRVHPIURQWHLUDVHP0LHWDPEpPVHQRWD
XPD LQWHQVD PRYLPHQWDomR GH SHVVRDV HP QtYHO LQWHUQDFLRQDO FDGD YH] PDLV VH
YL]XDOL]D D UHDOLGDGH GH WHU XP HVWUDQJHLUR PRUDQGR FRPR YL]LQKR H VH EXVFD
FRQYLYHU QXPD VRFLHGDGH UHJLRQDO RQGH DV SHVVRDV DFHLWDP PXWXDPHQWH DV
GLIHUHQWHVFXOWXUDV>6,&@
,QFOXVLYHDSDUFHODGHDWXDomRGHYROXQWiULRV21*¶VH132¶VQDVRFLHGDGHORFDO
FLGDGmRVHPHOKRUDQGRDVIXQo}HVGH&HQWURGH6XSRUWHDR(VWUDQJHLUR5HVLGHQWH
FRRUGHQDomR GH 21*¶V H 132¶V FROHWD H WUDQVPLVVmR GH LQIRUPDo}HV
GHVHQYROYHUHPRV LQWHQVLYDPHQWH SURMHWRV YLVDQGR FDGD YH] PDLV D
LQWHUQDFLRQDOL]DomRHVWLPXODQGRDHYROXomRGRLQWHUFkPELRLQWHUQDFLRQDORFRQYtYLR
PXOWLFXOWXUDODVVLPFRPRDFRRSHUDomRLQWHUQDFLRQDO
)RQWHKWWSPLHSRUWDOPLHFRP
2 JRYHUQR GLVSRQLELOL]D XP EHQHItFLR FKDPDGR .RGRPR WHDWH EHQHItFLR
DX[tOLRFULDQoDQRYDORUGHWUH]HPLOLHQHVPRHGDMDSRQHVDPHQVDLVSRU
ILOKRSDJRHPWUrVYH]HVGXUDQWHRDQRSDUDFULDQoDVHPLGDGHHVFRODUUHFHEHPR
EHQHItFLRDWpRILPGRHQVLQRIXQGDPHQWDO7RGDSDUWHEXURFUiWLFDSRGHVHUWUDWDGD
QDV SUHIHLWXUDV VHQGR TXH D PDLRULD GHODV GLVS}H GH LQWpUSUHWHV 2V yUJmRV
JRYHUQDPHQWDLVUHIRUoDPDLQGDDWUDYpVGHLQIRUPHVRQOLQHHYLDFRUUHLRVREUHD
LPSRUWkQFLDGHPDQWHURVILOKRVHPLGDGHHVFRODUPDWULFXODGRVQXPDLQVWLWXLomRGH
HQVLQR 3DUD DV FULDQoDV HVWUDQJHLUDV TXH SUHWHQGDP HVWXGDU HP HVFRODV
MDSRQHVDV VmR RIHUHFLGRV FXUVRV GH MDSRQrV H HVFRODV HP OXJDUHV FRP Q~PHUR
H[SUHVVLYRGHEUDVLOHLURVWHPIXQFLRQiULRVELOtQJHV
$SyVDFULVHILQDQFHLUDPXQGLDOGHTXHQR-DSmRDIHWRXSULQFLSDOPHQWH
RV QLSRGHVFHQGHQWHV DV SUHIHLWXUDV FULDUDP SURJUDPDV H SDUFHULDV QR LQWXLWR GH
DWHQGHUHVVDSRSXODomR8PDGHVVDVSDUFHULDVVHGHXFRPDLQVWLWXLomR$SRLR0LH
QDTXDOOHFLRQHLHQTXDQWRUHVLGLQRSDtV$WUDQVPLVVRUDGHWHOHYLVmRORFDOFKDPDGD
,3&79 DILOLDGD GD UHGH *ORER QR -DSmR QRWLFLRX D UHIHULGD SDUFHULD &RQIRUPH
VHJXH
$OIDEHWL]DomRJUDWXLWDHP0LH
TXDUWDIHLUDGHMXOKRGH
$OXQRGHHVFRODMDSRQHVDDSUHQGHSRUWXJXrVHP7VX
'HVHJXQGDDVH[WDIHLUDDOXQRVGHHVFRODVMDSRQHVDVYmRSDUDR&ROpJLR$SRLRHP
7VX 0LH SDUD DSUHQGHU SRUWXJXrV 2 SURFHVVR YDL GHVGH D DOIDEHWL]DomR DWp D
LQWHUSUHWDomRGHWH[WRVSDVVDQGRSRUDWLYLGDGHVTXHYLVDPHQVLQDUWDPEpPDFXOWXUD
EUDVLOHLUD
0DVSDUDTXHPPRUDORQJHHQmRSRGHVHORFRPRYHUWRGRVRVGLDVDWpRFROpJLRD
HVFRODHPSDUFHULDFRP8QLYHUVLGDGHGH0LHRIHUHFHDXODVGHDOIDEHWL]DomRHGH
JHRJUDILDGR%UDVLOGHJUDoD$VDXODVDFRQWHFHPWRGRVRVViEDGRVHRQ~PHURGH
YDJDVpOLPLWDGR
3DUD PDLV LQIRUPDo}HV HQWUH HP FRQWDWR FRP D HVFROD DWUDYpV GR WHOHIRQH
)RQWHMSWYEORJLSFGLJLWDOFRPZSFRQWHQWXSORDGV
%UDVLOLGDGH¬YROWDSDUDFDVD
&RPDUHIHULGDFULVHRJRYHUQRMDSRQrVLQFHQWLYRXRUHWRUQRGRVGHNDVVHJXLDR
%UDVLO PXLWRV GHNDVVHJXL DOPHMDYDP D YROWD SDUD FDVD PDV DFDEDYDP DGLDQGR
SULQFLSDOPHQWHSRUUD]}HVILQDQFHLUDVRLQFHQWLYRJRYHUQDPHQWDOMDSRQrVLQFOXtDXP
DVVXPLVVHP XP FRPSURPLVVR HP QmR UHWRUQDU DR -DSmR DWp TXH R JRYHUQR
FRQVLGHUDVVHFDEtYHO8PDTXDQWLGDGHVLJQLILFDWLYDGHGHNDVVHJXLUHWRUQRX1DiUHD
HGXFDWLYDR3URMHWR.DHUX5HWRUQRHOXFLGDXPDVLWXDomRGHLQFHQWLYRQRUHWRUQR
&RQIRUPHVHJXHQDVLQIRUPDo}HVGLVSRQtYHLVHPVLWHRILFLDOJRYHUQDPHQWDO
3URMHWR.DHUX±$WHQGLPHQWR(GXFDFLRQDOD&ULDQoDV
6(59,d2'($7(1',0(172('8&$&,21$/¬6&5,$1d$6 -29(1648(5(7251$0'2-$32
$JRUDD6HFUHWDULDGH(VWDGRGD(GXFDomR±6((63HPSDUFHULDFRPR,QVWLWXWRGH
6ROLGDULHGDGH (GXFDFLRQDO H &XOWXUDO ± ,6(& RIHUHFH DWHQGLPHQWR HGXFDFLRQDO jV
FULDQoDV H MRYHQV TXH UHWRUQDP GR -DSmR H TXH IUHTHQWDP D UHGH HVWDGXDO GH
HQVLQR
2³3URMHWR.DHUX´YLVDX[LOLDUDVFULDQoDVMRYHQVTXHUHWRUQDPGR-DSmRDILPGH
VXSHUDUDVGLILFXOGDGHVGHDSUHQGL]DJHPGDOtQJXDSRUWXJXHVDGH
DGDSWDomRDRDPELHQWHVFRODUHjFXOWXUDEUDVLOHLUDEHPFRPRULHQWDUDVIDPtOLDVQR
kPELWRHGXFDFLRQDO>6,&@
2DWHQGLPHQWRpRIHUHFLGRjVFULDQoDVTXHUHWRUQDPRXDTXHODVTXHIRUDPGHL[DGDV
SRUVHXVSDLVQR%UDVLOTXHHVWXGDPQR(QVLQR)XQGDPHQWDORXQR(QVLQR0pGLR
6HUmR DWHQGLGRV WDPEpP SDUHQWHV WXWRUHV HGXFDGRUHV GD 5HGH (VWDGXDO GH
(QVLQR2VHUYLoRHGXFDFLRQDOVHVWHQGHjVIDPtOLDV GDVFULDQoDVTXHUHWRUQDPGR
-DSmR>6,&@
(QWUH DV DWLYLGDGHV GR 3URMHWR HVWmR SUHYLVWDV YLVLWD jV HVFRODV DWHQGLPHQWR
GHDQRVGHGHMXQKRGHDGHMXQKRGHKDYHQGRSRVLELOLGDGHGH
SURURJDomR>6,&@
'HVHPRGRTXHPSUHWHQGHUHWRUQDUDR%UDVLOHWHPD(GXFDomRFRPRXPDGHVXDV
SUHRFXSDo}HVSRGHUiREWHUPDLVLQIRUPDo}HVMXQWRDRV&RUGHQDGRUHV
GR3URMHWRQRVHQGHUHoRVDEDL[RLQGLFDGRV
6HFUHWDULDGH(VWDGRGD(GXFDomRGH6mR3DXOR±6((63
+LUR\XNL+LQR7HO UHPDLO
KLUR\XNLKLQR#HGXQHWVSJRYEU
(QG3UDoDGD5HS~EOLFD&HQWUR±6mR3DXOR63%UDVLO&(3
,QVWLWXWRGH6ROLGDULHGDGH(GXFDFLRQDOH&XOWXUDO±,6(&
.\RNR 1DNDJDZD 7HO HPDLO
LVHF#KRWPDLOFRPRX
N\RNR#XROFRPEU
(QG5XD6mR-RDTXLP/LEHUGDGH6mR3DXOR63%UDVLO
)RQWHKWWSPLHSRUWDOPLHFRP
³%UDVLOLGDGH´HVVDpDH[SUHVVmRFRQIRUPH2OLYHLUDH6DVVDNL
TXHWUDQVIRUPDHPSDODYUDVRGHVHMRGRGHNDVVHJXLHP³UHWRUQDUDFDVD´DLVVRVH
GHYH R IDWR GH YDORUDUHP WDQWR WXGR R TXH UHPHWD DR %UDVLO SDVVD D KDYHU XPD
2GHVHQYROYLPHQWRGDSHVTXLVD
&RQVLGHUDQGR TXH D SURSRVWD HUD HQWHQGHU R VLVWHPD HGXFDFLRQDO MDSRQrV
LQFOXVLYH QR TXH WDQJH D HGXFDomR VH[XDO FRPR VH DUWLFXOD FRP yUJmRV HRX
HQWLGDGHVEUDVLOHLUDVHGHTXHPDQHLUDLVVRFRUURERUDRXLQIOXHQFLDQDFRQVWUXomRGH
LGHQWLGDGHGRQLSREUDVLOHLURTXHSDVVDSHORIHQ{PHQRGHNDVVHJXL$SHVTXLVDIRL
LQLFLDGDDRORQJRGHPLQKDGRFrQFLDHUHVLGrQFLDQR-DSmRPDLVHVSHFLILFDPHQWHHP
0LH.HQ7VX6KLTXHRFRUUHXQRSHUtRGRTXHFRPSUHHQGHIHYHUHLURDGH]HPEURGH
HVHJXLXGXUDQWHPLQKDJUDGXDomRQD8QLYHUVLGDGH(VWDGXDO3DXOLVWD-~OLRGH
0HVTXLWD)LOKR5LR&ODUR
$QDOLVDQGR D R GHVHQYROYLPHQWR GD VH[XDOLGDGH QR RULHQWH YHULILFDPRV TXH
HPERUD SRU SULQFtSLR WDO VH[XDOLGDGH VH GHVVH GH PRGR D IRFDU ³R SUD]HU SHOR
SUD]HU´RFRQWDWRFRPRRFLGHQWHDOpPGHSURYRFDUXPD³FULVHLGHQWLWiULD´DFDERX
ID]HQGRFRPTXHVHXSDGUmRIRVVH³DFDWDGR´EHPFRPRHPPXLWRVRXWURVSDtVHV
HPQRPHGHXPDSROtWLFDGHERDVYL]LQKDQoDV
2V HVWXGRV QRV PRVWUDUDP DLQGD TXH VH RV SUySULRV MDSRQHVHV SDVVDP SRU
FRQWUDGLo}HVHSDUDGR[RVQDFRQVWLWXLomRGHVXDLGHQWLGDGHMXVWDPHQWHSHORFRQWDWR
FRPRRFLGHQWHSHODFREUDQoDGHYDORUHVHSDGU}HVTXHQmRHUDPVHXVLPDJLQHPR
TXDQWR LVVR H SRWHQFLDOL]DGR QD YLGD GRV QLSREUDVLOHLURV TXH UHFHEHP PXLWRV
HVWHUHyWLSRV RUD RV FRORFDQGR FRPR MDSRQHVHV RUD FRPR EUDVLOHLURV RUD FRPR
³QmRMDSRQHVHV´H³QmREUDVLOHLURV´
$WUDYpV GDV FRQVLGHUDo}HV DFHUFD GR PDQJi IRL SRVVtYHO REVHUYDU D FLWDGD
FRQWUDGLomR QD DWXDO FXOWXUD MDSRQHVD TXH PLVWXUD XPD VHQVXDOLGDGH LPSRUWDGD D
VHXV KiELWRV QRV PDQJiV DV SHUVRQDJHQV QmR WrP DV FDUDFWHUtVWLFDV IHQRWtSLFDV
4XDQWR DR VLVWHPD HGXFDWLYR SULQFLSDOPHQWH QR WRFDQWH D HGXFDomR VH[XDO
YHULILFRXVHXPDSRVWXUDDWpPDLVFRQVHUYDGRUDGRTXHQR%UDVLORQGHFRQIRUPHR
UHODWRGRVDOXQRVDOpPGHQmRKDYHUXPFXUUtFXORRXOHLTXHDLPSOHPHQWHDVVXQWRV
FKDYHGDHGXFDomRVH[XDOFRPRKRPRVVH[XDOLGDGHRXPDFKLVPRYLVWRTXHRSDtV
GDrQIDVHQRPDVFXOLQRVHTXHUVmRPHQVXUDGRVHXPDSRVWXUDXPWDQWRTXDQWR
WpFQLFDHIHFKDGDQmRGDDEHUWXUDDRGLiORJR(PHVPRDVTXHVW}HVELROyJLFDVTXH
DERUGDPDUHSURGXomRRXWUDQVIRUPDo}HVGRFRUSRVmRWUDWDGDVWDUGLDPHQWHHGH
PDQHLUD D QmR DEULU DR GLiORJR YLVWR TXH DV DXODV VHSDUDP SRU JrQHUR QmR VH
DGHTXDUDPDQHFHVVLGDGHGDDWXDOLGDGHRQGHDVFULDQoDVHQWUDPQDDGROHVFrQFLD
FDGD YH] PDLV FHGR SVtTXLFD H ELRORJLFDPHQWH 3RUWDQWR FRPHoDU D SDVVDU
LQIRUPDo}HV VREUH DV WUDQVIRUPDo}HVGR FRUSR DRV GR]H DQRVp WDUGLR YLVWR TXH
PXLWRVDGROHVFHQWHVWrPQDSUiWLFDWDLVWUDQVIRUPDo}HVDQWHVGHVVDIDL[DHWiULD
$ERUGDJHPPHWRGROyJLFD
$ DERUGDJHP PHWRGROyJLFD XVDGD IRL TXDOLWDWLYD GH FDUiWHU H[SORUDWyULR SRU
PHLR GH OHYDQWDPHQWR H UHYLVmR ELEOLRJUiILFD SURFXUDQGR PDSHDU DERUGDJHQV
WHyULFRPHWRGROyJLFDV GR HQVLQR GH HGXFDomR LQFOXLQGR VH[XDO SDUWLFXODUPHQWH
SDUD EUDVLOHLURV QR -DSmR (VVDV DQiOLVHV VH GHUDP HP OLYURV TXH SHUPLWLUDP
HQWHQGHU R GHVHQYROYLPHQWR GH VXD VH[XDOLGDGH HQWUHODoDGD D VXDV FXOWXUDV H
KiELWRV
-XQWRDyUJmRVRILFLDLVGRJRYHUQRMDSRQrVIRLSRVVtYHOYHULILFDUFRPRVHGiD
HGXFDomR QR -DSmR LQFOXVLYH QR WRFDQWH D SROtWLFDV YROWDGDV DRV HVWUDQJHLURV
QRSRUWXJXrVYLVWRVHUHPRVQLSREUDVLOHLURVRIRFRGDSHVTXLVD
2VUHODWRVGHH[SHULrQFLDLQFOXLQGRGDSHVTXLVDGRUDQRVSURSLFLRXXPDYLVmR
PDLV SUDJPiWLFDGDHGXFDomRQDV VDODV GH DXOD MDSRQHVDV SHUPLWLQGR DIHULU TXH
EHPFRPRQDPDLRULDGRVSDtVHVpQHFHVViULDDLPSOHPHQWDomRGHXPDHGXFDomR
VH[XDOTXHFRQWHPSOHDVQHFHVVLGDGHVGDVVRFLHGDGHVDWXDLVSHUPLWLQGRXPPDLRU
GLiORJRHQWUHDOXQRVHSURIHVVRUHVDOXQRVFRPDOXQRVHHQWUHFROHJDVGHWUDEDOKR
-iTXHDVH[XDOLGDGHSHUPHLDDYLGDGHWRGDVRFLHGDGH
(VSDoRGDSHVTXLVD
$V LQIRUPDo}HV D VHJXLU HVWmR GLVSRQtYHLV QR VLWH RILFLDO GR JRYHUQR GD
SURYtQFLDGH0LHKWWSPLHSRUWDOPLHFRP
+LVWyULDHFXOWXUDGH0LH
0LHFRPHoRXDVHUKDELWDGDKiPDLVGHDQRVDWUiVQRSHUtRGR3UpFHUkPLFD
1RVSHUtRGRVVXEVHTHQWHV-RǦPRQH<D\RLIRUDPIRUPDGDVFRPXQLGDGHVDJUtFRODV
HPEDFLDVGHULRVHiUHDVOLWRUkQHDV'HSRLVGRSHUtRGR.RIXQQRILQDOGRVpFXOR9,,
MXQWRFRPDHYROXomRGRVLVWHPDSROtWLFRDQWLJRSDUDTXHDSULQFHVD6DLRǦSXGHVVH
VHUYLUDR6DQWXiULRGH,VHIRLFRQVWUXtGDXPDPRQXPHQWDOVXFXUVDOGRJRYHUQRHR
6DLNXǦXPDUHVLGrQFLDLPSHULDORQGHKRMHpDFLGDGHGH0HLZD
1RSHUtRGR(GRD0LHIRLGLYLGLGDHPYiULRVFOmVSDUDRVTXDLVIRUDP
GHVLJQDGRVVHQKRUHVIHXGDLV)RUDPFRQVWUXtGDVUHGHVYLiULDVFRPRDVHVWUDGDVGH
VH GHVHQYROYHUDP HP WRUQR GH FDVWHORV FRPR 2Ǧ PLQDWR .XZDQD H $QRǦ WVX
6XUJLUDPLQG~VWULDVFRPRDGRDOJRGmRGDFLGDGHGH0DWVXVDNDHGH³.DWDJDPL´WHOD
GHSDSHOSDUDHVWDPSDULD
HPWHFLGRDVVLPFRPRHVWXGLRVRVHFLHQWLVWDVSURVSHUDQGRDFLrQFLDHDFXOWXUD
(QWUHRVFLGDGmRVFRPXQVSUHGRPLQRXQHVVDJHUDomRDSHUHJULQDomRDR6DQWXiULR
GH,VH'H0LHVXUJLUDPYiULRVSHUVRQDJHQVKLVWyULFRVFRPR%DVKRǦ0DWVXRHVFULWRU
GHYiULRVHQVDLRVGHYLDJHQVHSRHPDVGH+DLNXIDPRVRV7DNDWRVKL0LWVXLIXQGDGRU
GDHPSUHVDTXHIRUPRXR*UXSR0LWVXL=XLNHQ.DZDPXUDJUDQGHHPSUHViULRGR
LQtFLRGRSHUtRGR(GR1RULQDJD0RWRRULHVWXGLRVR GDOLWHUDWXUDFOiVVLFDMDSRQHVD
7DNHVKLUR 0DWVXXUD H[SORUDGRU TXH QRPHRX D SURYtQFLD GH +RNNDLGR .RǦGD\X
'DLNRNX\DTXHFKHJRXj5~VVLDGHSRLVGHQDXIUDJDU2]DNL<XNLRFRQVLGHUDGRR
'HXVGR*RYHUQR&RQVWLWXFLRQDO.RLFKL0LNLPRWRTXHREWHYHVXFHVVRHPFXOWLYDU
SpURODV5DQSR(GRJDZDPHVWUHHVFULWRUGHVXVSHQVHVHQWUHRXWURV
)RQWHKWWSPLHSRUWDOPLHFRP
/RFDOL]DomRGD3URYtQFLDGH0LH
0LHILFDVLWXDGDTXDVHQRFHQWURGDV,OKDV-DSRQHVDV(VWiYROWDGDSDUDR2FHDQR
3DFtILFRVHQGRVXDHFRQRPLD
HFXOWXUDLQIOXHQFLDGDVSHODVUHJL}HVGH&KXǦEXFHQWUDGDHP1DJR\DHSHODUHJLmR
GH.LQNLFHQWUDGDHP
2VDND
'HWUHPDFDSLWDO7VXILFDDDSUR[LPDGDPHQWHPLQXWRVGH1DJR\DKRUDVHPHLD
GH7RǦN\RǦKRUDHPHLD
DOpPGRDHURSRUWRGH.DQVDLH[LVWHDJRUDRDHURSRUWRGH&KXǦEXLQDXJXUDGRHP
)RQWHKWWSPLHSRUWDOPLHFRP
eQDGHVFULWDFLGDGH7VXQDSURYtQFLDGH0LHHPPHXSULPHLURFRQWDWRFRPD
GRFrQFLD QD HVFROD $SRLR 0LH TXH KRXYH R GHVSHUWDU GH DQJ~VWLDV TXH YLUDUDP
LQGDJDo}HVGHLQFHUWH]DVTXHVHWRUQDUDPREMHWRVGHSHVTXLVD$FDGDLQWHUURJDomR
&RQVLGHUDo}HV)LQDLV
8P JUDQGH TXHVWLRQDPHQWR TXH SHUPHRX R HVWXGR GL] UHVSHLWR D HGXFDomR
VH[XDOHDVH[XDOLGDGH2TXHVHREVHUYDpTXHDVH[XDOLGDGHHVWiSUHVHQWHHP
EDVLFDPHQWH WRGRVRV DVSHFWRV FRQWHPSODGRV QHVWH HVWXGR SRUTXH HVWi SUHVHQWH
HPWRGDVDVHVIHUDVGDYLGDVHMDHODRFLGHQWDORXRULHQWDO(QWUHWDQWRDHGXFDomR
VH[XDOHQJDWLQKDQDPDLRULDGDVVRFLHGDGHVHVSHFLILFDPHQWHQR-DSmRQmRH[LVWH
XP FXUUtFXOR HVSHFLILFDPHQWH YROWDGR j HGXFDomR VH[XDO D HVFROD FDPLQKD
WLPLGDPHQWHGHQWURGHVWDWHPiWLFD
)RLREVHUYDGRTXHRVMRYHQVSULQFLSDOPHQWHQmRWLQKDPVXDVLQGDJDo}HVFRP
UHODomR DR FRPSRUWDPHQWR VH[XDO DWHQGLGDV HP YHUGDGH HODV VHTXHU HUDP
DERUGDGDV QD HVFROD &RQVLGHUDQGR TXH HVVDV WUDQVIRUPDo}HV RFRUUDP FDGD YH]
PDLV FHGR HVVDV H[SODQDo}HV GHYHULDP VHU DQWHFLSDGDV SRVWR TXH FRPR Mi
GHVFULWR DV LQIRUPDo}HV ELROyJLFDV VmR LQLFLDGDV DRV DQRV QR VpWLPR DQR GR
HQVLQR IXQGDPHQWDO 1D WXUPD GH TXDUWD VpULH GR HQVLQR IXQGDPHQWDO SDUD TXDO
OHFLRQDYD XPD GDV JDURWDV PHQVWUXRX DRV QRYH DQRV GH LGDGH 6HP FRQWDU TXH
WHPDV FRPR KRPRVVH[XDOLGDGH PDFKLVPR GHQWUH RXWURV WHPDV SROrPLFRV H
LPSRUWDQWHVQmRVmRDERUGDGRV
$V DQiOLVHV GRFXPHQWDLV SHUPLWLUDP FRQVWDWDU TXH FRPR QD PDLRULD GDV
VRFLHGDGHV D JOREDOL]DomR PXGRX GH PDQHLUD GUiVWLFD DVVLP FRPR R
FRPSRUWDPHQWRVH[XDOGHWRGRV2-DSmRDSyVHVVHLQWHUFkPELRFRPRRFLGHQWHWHP
VHPRVWUDGRGHVHQFRQWUDGRQRTXHFHUQHDTXHVW}HVFXOWXUDLVVRFLDLVHVH[XDLV
5HOHPEUDQGR VXD KHUDQoD SULPLWLYD GR VH[R SHOR SUD]HU TXH DFDERX VHQGR
GLWDV VXSHULRUHV´ ,VVR UHIOHWH DWp KRMH QD HGXFDomR SRU TXH QmR D XP FXUUtFXOR
PtQLPRSDUDHGXFDomRVH[XDOGHQWURGDHVFROD
2TXHVHHVSHUDpTXHKDMDPDLRUGLiORJRGHQWURGRSUySULRFXUUtFXORHVFRODUD
FHUFDGDVH[XDOLGDGHTXHUHIOLWDRVDQVHLRVGHVHMRVLQTXLHWDo}HVHTXHSHUPLWDD
FRQVWUXomR H D GHVFRQVWUXomR VHPSUH TXH QHFHVViULR DX[LOLDQGR QD EXVFD GRV
DGROHVFHQWHV SDUD XP GHVYHODPHQWR SDUD D YLGD DGXOWD FRP PDLV TXDOLGDGH H
HQWHQGLPHQWRGDVXDVH[XDOLGDGH1DFRQVWLWXLomRVXEMHWLYDGHVHUHVVLQJXODUHVQmR
HP ³FDL[LQKDV´ ³RV MDSDV´ ³RV ELFKDV´ ³D PXOKHU]LQKD´ ³R JDLMLQ´ ³R DOHLMDGR´ ³R
QHUG´ &DGD VHU p ~QLFR R TXH R LGHQWLILFD RX GHYHULD LGHQWLILFDU p VHX QRPH p
VLPSOyULR FODVVLILFiOR FRPR ³LVWR RX DTXLOR´ HOH SRGH VHU ´LVWR´ ³DTXLOR´ ³LVWR H
DTXLOR´³LVWRHRXDTXLOR´³QHPLVWRQHPDTXLOR´DVSRVVLELOLGDGHVVmRLQILQLWDVRTXH
VH GHYH HVWLPXODU p TXH R SUySULR VXMHLWR VH GHVFXEUD H SRVVD GHVYHODU VXDV
YRQWDGHVGHVHMRVDQVHLRVLQTXLHWDo}HV
2RFLGHQWHQmRpPHOKRUQHPSLRUTXHRRULHQWHR%UDVLOQmRpPHOKRUQHPSLRU
TXH R -DSmR R -RmR QmR p PHOKRU QHP SLRU TXH D 0DULD VmR VLPSOHVPHQWH
GLIHUHQWHV FRP WRGDV DV VXDV SHFXOLDULGDGHV 2 TXH VH REVHUYD DR ORQJR GRV
VpFXORVpDWHQWDWLYDGHGRPLQDomRGHVXEMXJDU³RRXWUR´TXHpGLIHUHQWHGHPLP
FRPRQDFDQomRGHFRPSRVLomRGH&DHWDQR9HORVR
>@4XDQGRHXWHHQFDUHLIUHQWHDIUHQWHQmRYLRPHXURVWR &KDPHLGHPDXJRVWRRTXHYLGHPDXJRVWRPDXJRVWR eTXH1DUFLVRDFKDIHLRRTXHQmRpHVSHOKR
(jPHQWHDSDYRUDRTXHDLQGDQmRpPHVPRYHOKR 1DGDGRTXHQmRHUDDQWHVTXDQGRQmRVRPRVPXWDQWHV (IRVWHXPGLItFLOFRPHoR
$IDVWRRTXHQmRFRQKHoR
$SUHQGHGHSUHVVDDFKDPDUWHGHUHDOLGDGH
3RUTXHpVRDYHVVRGRDYHVVRGRDYHVVRGRDYHVVR>@
6DPSD&RPSRVLomR&DHWDQR9HORVR
6HULDPXLWRSHUWLQHQWHTXHRVFXUUtFXORVHVFRODUHVWDQWRQR%UDVLOTXDQWRQR
-DSmR H WRGDV DV SDUWHV GR PXQGR HQIDWL]DVVHP GH PDQHLUD PDLV SURIXQGD
TXHVW}HV DFHUFD VH[XDOLGDGH H p FODUR TXH RV SURIHVVRUHV GDV PDLV YDULDGDV
GLVFLSOLQDVWLYHVVHPQmRVyDOLEHUGDGHGHOLGDUFRPWDLVTXHVW}HVPDVWDPEpPR
SUHSDURSDUDID]rORFRPVHJXUDQoDVHPYDORUHVFULVWmREXGLVWDVHYDQJpOLFRVQHP
JXLDGRVSHODWYMRUQDOUHYLVWDPDVVLPFRPXPDIRUPDomRVyOLGDVXVWHQWDGDHP
UHIHUHQFLDO WHyULFR DGHTXDGR H FRQWH[WXDOL]DGR D FDGD FRPXQLGDGH 'HL[DQGR GH
ODGRSUHFRQFHLWRVURWXODo}HVWDEXVPLWRVPHGRVYHUJRQKDVUHODo}HVGHSRGHU
H[FOXVmRPHQLQRVYHUVXVPHQLQDVDILQDORTXHQRVID]FDPLQKDUpDEXVFDSHODV
5HIHUrQFLDV%LEOLRJUiILFDV
$8*e 01mR OXJDUHVLQWURGXomR D XPD DQWURSRORJLD GD VXSHU PRGHUQLGDGH &DPSLQDV3DSLUXV
%$80$1=0DOHVWDUGDSyVPRGHUQLGDGH5LRGH-DQHLUR=DKDU
%$80$1=\JPXQW$PRU/tTXLGR5LRGH-DQHLUR-RUJH=DKDU
%$80$1=\JPXQWeWLFDSyVPRGHUQD6mR3DXOR3DXOXV
%$80$1 =\JPXQW 0RGHUQLGDGH H $PELYDOrQFLD 5LR GH -DQHLUR -RUJH =DKDU EQJ
%$80$1=\JPXQW$0RGHUQLGDGH/tTXLGD5LRGH-DQHLUR-RUJH=DKDU
(,6/(55LDQH2SUD]HUVDJUDGRVH[RPLWRHDSROtWLFDGRFRUSR7UDGXomRGH$QD /XL]D'DQWDV%RUJHV5LRGH-DQHLUR5RFFR
)28&$8/70LFKHO+LVWyULDGDVH[XDOLGDGH,DYRQWDGHGHVDEHUHG7UDGXomR GH0DULD7KHUH]DGD&RVWD$OEXTXHUTXHH-$*XLOKRQ$OEXTXHUTXH5LRGH-DQHLUR (GLo}HV*UDDO
*5(*(56(1 (GJDU 3UiWLFDV VH[XDLV D KLVWyULD GD VH[XDOLGDGH KXPDQD 7UDGXomRGH$QWRQLR$OEHUWRGH7ROHGR6HUUDH(GVRQ)HUUHLUD6mR3DXOR/LYUDULD 5RFD
+$// 6WXDUW $ ,GHQWLGDGH &XOWXUDO QD 3yV0RGHUQLGDGH HG 5LR GH -DQHLUR '3 $(GLWRUD
,3&79 $ILOLDGD GD UHGH JORER QR -DSmR 'LVSRQtYHO HP MSWYEORJLSFGLJLWDOFRPZSFRQWHQWXSORDGV$FHVVRHP
-8672 - 6 &ULDWLYLGDGH QR PXQGR FRQWHPSRUkQHR ,Q 9$6&216(/26 0 6
/(21,7kPDUD&LQWUD%5$1'27DWLDQD/XGPLOD6DLORUPRRQ XPDDQiOLVHVHPLyWLFDGHPDQJD(VWXGRV6HPLyWLFRV1~PHUR6mR 3DXOR'LVSRQtYHOHPZZZIIOFKXVSEUGOVHPLRWLFDHV!
$FHVVRHP
/<27$5'-HDQ)UDQoRLV$FRQGLomRSyVPRGHUQD5LRGH-DQHLUR-RVp2O\PSLR
/<27$5' -HDQ)UDQoRLV 2 3yV0RGHUQR ([SOLFDGR jV &ULDQoDV /LVERD 'RP 4XL[RWH
0LQLVWpULR GD -XVWLoD GR -DSmR 5HJLVWUR GH HVWUDQJHLURV 'LVSRQtYHO HP ZZZPRMJRMS$FHVVRHP
025,.{LFKL³9LGD5HOLJLRVDGRV-DSRQHVHVHVHXVGHVFHQGHQWHVUHVLGHQWHV QR %UDVLO H 5HOLJL}HV GH 2ULJHP -DSRQHVD´ ,Q &RPLVVmR GH (ODERUDomR GD +LVWyULDGRV$QRVGD,PLJUDomR-DSRQHVDQR%UDVLOHG8PDHSRSpLDPRGHUQD DQRVGDLPLJUDFDRMDSRQHVDQR%UDVLO6mR3DXOR+XFLWHF6RFLHGDGH%UDVLOHLUDGH &XOWXUD-DSRQHVD
2/,9(,5$ $GULDQD &DSXDQR -DSRQHVHV QR %UDVLO RX EUDVLOHLURV QR -DSmR D WUDMHWyULDGHXPDLGHQWLGDGHHPXPFRQWH[WRPLJUDWyULR'LVVHUWDomRGH0HVWUDGRHP 6RFLRORJLD&DPSLQDV81,&$03
6$6$., (OLVD 2 MRJR GD GLIHUHQoD D H[SHULrQFLD LGHQWLWiULD QR PRYLPHQWR GHNDVVHJXL'LVVHUWDomRGHȀ 0HVWUDGRHP6RFLRORJLDQD8QLYHUVLGDGH(VWDGXDOGH &DPSLQDV
6$72&$*XHL[D0XVDGHXPPXQGRIOXWXDQWH6mR3DXOR'LVSRQtYHOHP KWWSZZZFXOWXUDMDSRQHVDFRPEU$FHVVRHP
6,/9$9)0DQJiIHPLQLQR5HYROXomR)UDQFHVDHIHPLQLVPR
6RFLHGDGH %UDVLOHLUD GH 3HVTXLVDGRUHV 1LNNHLV *HRJUDILD -DSmR 'LVSRQtYHO HP KWWSZZZSRUWDOMDSDRRUJEUPRGXOHV[WBFRQWHXGRLQGH[SKS"LG $FHVVR HP
$QH[R
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBB $QGUpD0DFHGR0DFKDGR/GH2OLYHLUD 3URID'UD&pOLD5HJLQD5RVVL