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GRV HVWUDWRV PDLV DOWRV GR SRGHU HFRQ{PLFR H SROtWLFR GR SDtV QR SURFHVVR GH
PRGHUQL]DomR EUDVLOHLUD VXVFLWRX SRU PXLWR WHPSR GHEDWHV HP EXVFD GR VHQWLGR GHVVD
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0LFHOL H 'DQLHO 3pFDXW $R SDVVR TXH R SULPHLUR WUDEDOKD FRP D QRomR GH
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GHOD DGYLQKDP 2 IXQGDPHQWDO VHULD R IDWR GH TXH R LQWHOHFWXDO ³>@ WLQKD GH HVWDU j
DOWXUD GD FRQVWUXomR GD QDomR SRUWDGRU TXH HUD GD LGHQWLGDGH QDFLRQDO H DOpP GLVVR
GHWHQWRU GR VDEHU UHODWLYR jV OHLV GD HYROXomR KLVWyULFD >@´ 3e&$87 S
3RUWDQWR DSUHVHQWHL DOJXQV GRV SULQFLSDLV LQWHOHFWXDLV -RVp GH $OHQFDU )UDQFLVFR $GROIR GH 9DUQKDJHQ -RDTXLP 1DEXFR 5XL %DUERVD 6tOYLR 5RPHUR
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EXURFUiWLFRV D IRUPD GH JRYHUQR PDLV DGHTXDGD SDUD R SDtV R DEROLFLRQLVPR D
LPSRUWkQFLD GD VD~GH S~EOLFD GD HGXFDomR GD QHFHVVLGDGH GH EUDQTXHDU R %UDVLO GH
GHVHQYROYHU D HFRQRPLD QDFLRQDO H D YDORUL]DomR GR HOHPHQWR SRSXODU FRPR R SRUWDGRU
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HIHWXHL D H[SRVLomR GD SURGXomR KLVWRULRJUiILFD GR DXWRU H GH IRUPD PDLV GHWLGD GDV
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'H LPHGLDWR YHULILTXHL TXH QmR Ki H[SOLFLWDGR HP VHX HQVDLR GH HVWUpLD XP
SURMHWR SROtWLFR 9HULILFDVH HQWUHWDQWR XP SURSyVLWR SROtWLFR TXDO VHMD RULHQWDU R
SUROHWDULDGR EUDVLOHLUR SDUD D HPLQHQWH UHYROXomR SRSXODU 7DQWR &DLR 3UDGR TXDQWR RV
FRPXQLVWDV EUDVLOHLURV HP JHUDO YLDP QD FRQMXQWXUD H[WHUQD H LQWHUQD GRV DQRV R
PRPHQWR DGHTXDGR SDUD D HPSUHLWDGD UHYROXFLRQiULD $R SDVVR TXH HP (3%
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DJRUD VLP IRL SRVVtYHO LGHQWLILFDU XPSURMHWR SROtWLFR TXDO VHMD SURFHGHU j FRQFOXVmR GD
SDVVDJHP GH XPD HFRQRPLD FRORQLDO DWHQGHU DR PHUFDGR H[WHUQR SDUD XPD HFRQRPLD
QDFLRQDO FRQVROLGDU R PHUFDGR LQWHUQR RX HP RXWUDV SDODYUDV FRQFOXLU D SDVVDJHP
GD VLWXDomR FRORQLDO SDUD D QDFLRQDO GHVYLQFXODUVH SRUWDQWR GD GHSHQGrQFLD GRV
SDtVHV FHQWUDLV GR FDSLWDOLVPR 7DO SURMHWR RX PHOKRU R JUDQGH REVWiFXOR EUDVLOHLUR
HVWi H[SOLFLWDGR QR SUySULRVHQWLGR GD FRORQL]DomR 6HQWLGR FRPR VH VDEH GH DEDVWHFHU
R PHUFDGR H[WHUQR FRP SURGXWRV SULPiULRV GHL[DQGR GHVWD IRUPD GH DWHQGHU DRV
LQWHUHVVHV GD SRSXODomR EUDVLOHLUD
3RUWDQWR R REMHWLYR GHVWD 7HVH p GDU XP SDVVR DGLDQWH ODUJR H IXQGDPHQWDO
SDUD R HQWHQGLPHQWR GH &DLR 3UDGR -~QLRU H GH VHX PDU[LVPR H QDFLRQDOLVPR
FRQVWDWDGR TXH R FRQMXQWR GH VXD REUD KLVWyULFRSROtWLFRHFRQ{PLFD DSUHVHQWD XPD
SDSpLV SROtWLFRHFRQ{PLFRV HOH DWULEXLX jV FODVVHV VRFLDLV EUDVLOHLUDV H DR (VWDGR HP
VHX UHIHULGR SURMHWR 3ULYLOHJLR GHVVD PDQHLUD XP DVSHFWR GD REUD GH &DLR 3UDGR DLQGD
QmR DERUGDGR SHORV LQ~PHURV DQDOLVWDV GH VHX SHQVDPHQWR 4XHUR GL]HU QmR p
SRVVtYHO FRPSUHHQGHU VDWLVIDWRULDPHQWH SURMHWR H SURJUDPDV SROtWLFRHFRQ{PLFRV ± GH
TXDOTXHU DXWRU LQGHSHQGHQWH GH VXD ILOLDomR SROtWLFD ± VHP TXH VH DSUHVHQWHP RV
DWRUHV UHVSRQViYHLV SHOD VXD H[HFXomR
2 TXH PXLWR VH HVFUHYHX DWp KRMH VREUH &DLR 3UDGR HVWHYH FHQWUDGR ± FRPR
DGLDQWHL QDV OLQKDV DFLPD ± PDLV HP DVSHFWRV KLVWRULRJUiILFRV GR TXH SROtWLFRV VDOYDV
DV LQWHUSUHWDo}HV UHDOL]DGDV D SDUWLU GH PHDGRV GD GpFDGD GH (VWDV QR HQWDQWR DR
YLQFXODUHP REUD H SROtWLFD HP &DLR 3UDGR GHL[DUDP FRQWXGR GH ODGR D LQGLFDomR GH TXHP VHULD D WDUHID GH HIHWLYDU D QDomR 6DEHVH QR HQWDQWR TXH QRV WH[WRV PDU[LVWDV
H PDU[LDQRV RV DWRUHV GD WUDPD VRFLDO HFRQ{PLFD H SROtWLFD VHPSUH HVWmR
HYLGHQFLDGRV LVWR p WUDWDVH GH HOHPHQWRV LQGLVSHQViYHLV SDUD TXH VH VDLED TXHP VmR
RV yELFHV H RV H[HFXWRUHV GDV WUDQVIRUPDo}HV UHTXHULGDV
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FRQVLGHUDo}HV D SULPHLUD XPD DSUR[LPDomR FRP R DXWRU HP TXHVWmR DWUDYpV GH XP
VREUHY{R HP VXD ELRJUDILD 1HFHVVLGDGH TXH VH UHYHOD SHOR IDWR IXQGDPHQWDO GH VHU XP
SHQVDGRU VRFLDO RULXQGR GRV PDLV DOWRV HVWUDWRV GD EXUJXHVLD EDQGHLUDQWH H ILFDU SDUD D
KLVWyULD FRPR R PDLV LPSRUWDQWH KLVWRULDGRU PDU[LVWD EUDVLOHLUR GR VpFXOR ;; 4XHU GL]HU
XPD ELRJUDILD PDUFDGD SRU XPD UXSWXUD GH FODVVH H XPD FRQVHTHQWH WUDMHWyULD
LQWHOHFWXDO YLQFXODGD DR PDU[LVPR D VHJXQGD TXHVWmR TXH VH OHYDQWD p D QHFHVViULD
GLVWLQomR GH SURMHWR SROtWLFR GH SURJUDPD SROtWLFR LVWR p GHPRQVWUDU TXH DV SUiWLFDV
REMHWLYR ~OWLPR GR SURMHWR FRQVWUXtGR H OHJLWLPDGR QR FDVR HP TXHVWmR SHOD
SHUVFUXWDomR GR SDVVDGR FRORQLDO EUDVLOHLUR WHQGR FRPR PpWRGR GH DQiOLVH R
PDWHULDOLVPR KLVWyULFR H XP REMHWLYR SROtWLFR SUpHVWDEHOHFLGR &RP HIHLWR p D SUySULD
WHRULD PDU[LVWD GD KLVWyULD TXH HVWi HP TXHVWmR TXDQGR OHYDPRV HP FRQWD DV
WHPSRUDOLGDGHV H[LVWHQWHV QD DQiOLVH GR SDVVDGR QD FRQVWDWDomR GRV SUREOHPDV GR
SUHVHQWH H QDV SURSRVLo}HV SDUD XP IXWXUR GHWHUPLQDGR QHVWH FDVR D FRQFOXVmR GD
QDomR $ WHUFHLUD H ~OWLPD FRQVLGHUDomR SHUSDVVD PDLV XPD YH] R GHEDWH VREUH R
PDU[LVPR GH &DLR 3UDGR $JRUD R LPSRUWDQWH p XPD DSUR[LPDomR FRP DV FODVVHV
VRFLDLV H VHXV SDSpLV QDV WUDQVIRUPDo}HV SURSRVWDV (P RXWUDV SDODYUDV XPD
DSUR[LPDomR FRP D IRUPD FRP TXH R PDU[LVPR HQFDUD DV FODVVHV VRFLDLV QRV SURFHVVRV UHYROXFLRQiULRV SRVVLELOLWDQGR FRP HIHLWR D FRPSUHHQVmR D VHU DOFDQoDGD
QRV FDStWXORV GHVWD7HVH GR DOFDQFH GR PDU[LVPR GH 3UDGR -~QLRU
,QLFLDU DV GLVFXVV}HV HVSHFtILFDV D HVWH WUDEDOKR SHOD ELRJUDILD GH &DLR GD 6LOYD
3UDGR -~QLRU SRGH SDUHFHU DGHQWUDU SRU XPD SRUWD ODWHUDO IXJLU GR REMHWLYR FHQWUDO 2
SURSyVLWR HQWUHWDQWR p PXLWR VHPHOKDQWH SUHWHQGHQGR FRPR HVWRX HVFODUHFHU RV
SDSpLV SROtWLFRHFRQ{PLFRV DWULEXtGRV SRU &DLR 3UDGR jV FODVVHV VRFLDLV EUDVLOHLUDV QRV
VHXV SURMHWR FRQFOXLU D SDVVDJHP GD FRO{QLD j QDomR DWUDYpV GD FRQVROLGDomR GD
HFRQRPLD QDFLRQDO H SURJUDPDV SROtWLFRV ± R TXH H[LJH XPD VpULH GH Do}HV D VHUHP
GLVFXWLGDV SRVWHULRUPHQWH VXD ELRJUDILD QRV PRVWUD HP OLQKDV JHUDLV p YHUGDGH R
SDSHO SROtWLFR HVSHUDGR SDUD XP OHJtWLPR UHSUHVHQWDQWH GD PDLV DOWD EXUJXHVLD SDXOLVWD
TXH DR LQYpV FRUUHVSRQGHU jV H[SHFWDWLYDV FRPR DGLDQWHL HP IXQomR GH XPD RSomR
SHVVRDO URPSH FRP VXD FODVVH GH RULJHP &RQFRPLWDQWHPHQWH D ELRJUDILD GH &DLR
3UDGR UHYHOD DV SULQFLSDLV OXWDV H PRGLILFDo}HV SROtWLFDV HFRQ{PLFDV FXOWXUDLV H VRFLDLV
GHVGH R LQtFLR GD 5HS~EOLFD DWp DV SULPHLUDV GpFDGDV GD VHJXQGD PHWDGH GR VpFXOR
;; FRPR GH LPHGLDWR H HP IXQomR GLVVR WUDQVPLWH D FHUWH]D GH TXH HVVH SHQVDGRU
VRFLDO IRL XP KRPHP GR VHX WHPSR RX PHOKRU XP LQWHOHFWXDO GD HOLWH SDXOLVWD
FRQYHQFLGR GH VXD IXQomR GH GHVFRUWLQDU R IXWXUR GD QDomR EUDVLOHLUD
0LOLWDQWH SROtWLFR SROtWLFR KLVWRULDGRU H HPSUHViULR FXOWXUDO H DJUtFROD &DLR
3UDGR WHP XPD WUDMHWyULD GH YLGD TXH SRGH VHU GLYLGLGD HP GRLV PRPHQWRV EDVWDQWH
GLVWLQWRV HPERUD QR VHJXQGR VREUHYLYDP DLQGD PDUFDV GR SULPHLUR UHVXOWDGR GH XP
DFRQWHFLPHQWR TXH YLULD D GHWHUPLQDU WRGD D VXD YLGD SHVVRDO SROtWLFD H LQWHOHFWXDO VXD ILOLDomR HP DR 3DUWLGR &RPXQLVWD %UDVLOHLUR 3&%
)LOKR GH &DLR GD 6LOYD 3UDGR H $QWRQLHWWD 3HQWHDGR GD 6LOYD 3UDGR &DLR GD
6LOYD 3UDGR -~QLRU QDVFHX HP 6mR 3DXOR HP GH IHYHUHLUR GH 3HUWHQFHQWH D
XPD GDV PDLV ULFDV H LQIOXHQWHV SROtWLFD H FXOWXUDOPHQWH IDPtOLDV GH 6mR 3DXOR
&DLR 3UDGR WHYH XPD IRUPDomR LQWHOHFWXDO GLVSRQtYHO jTXHOD pSRFD DSHQDV DRV PDLV
DEDVWDGRV
3DUD 6LULQHOOL p SRVVtYHO GHVWDFDU GXDV DFHSo}HV GH LQWHOHFWXDO ³>@ XPD DPSOD H VRFLRFXOWXUDO HQJOREDQGR RV FULDGRUHV H µPHGLDGRUHV¶ FXOWXUDLV >H@ RXWUD PDLV HVWUHLWD EDVHDGD QD QRomR GH HQJDMDPHQWR´ 9DOH GHVWDFDU TXH SDUD R UHIHULGR DXWRU HVVDV GXDV QRo}HV QmR VmR H[FOXGHQWHV DQWHV DWp VH FRPSOHPHQWDP
&RPXQJDP GHVVD RSLQLmR )UDQFLVFR ,JOHVLDV )HUQDQGR 1RYDLV H )ORUHVWDQ )HUQDQGHV 3DUD 3DXOR +HQULTXH 0DUWLQH] DOpP GD ILOLDomR GH &DLR 3UDGR DR 3&% RXWURV PRPHQWRV IXQGDPHQWDLV SDUD D IRUPDomR SROtWLFRLQWHOHFWXDO GR DXWRU DQWHULRU jTXHOH IRUDP VHXV HVWXGRV QR &ROpJLR 6mR /XtV H VXD IRUPDomR SHOD )DFXOGDGH GH 'LUHLWR GR /DUJR 6mR )UDQFLVFR 9HU PDLV HP 0DUWLQH] 9HU VREUH D LQIOXrQFLD H D DWXDomR GRV 6LOYD 3UDGR QRV HVSDoRV FXOWXUDLV SDXOLVWDV GD 5HS~EOLFD 9HOKD )HUUHLUD
,QLFLRX VHXV HVWXGRV HP FDVD FRP SURIHVVRUHV SDUWLFXODUHV ,QWHJUDOL]RX VXD
IRUPDomR VHFXQGiULD QR WUDGLFLRQDO FROpJLR MHVXtWLFR 6mR /XtV HP 6mR 3DXOR 3RU XP
DQR IUHTHQWRX QD ,QJODWHUUD R &KHOPVIRUG &ROOHJH HP (DVWERXUQ 'H D
HVWXGRX QD )DFXOGDGH GH 'LUHLWR GR /DUJR 6mR )UDQFLVFR IRUPDQGRVH EDFKDUHO
HP &LrQFLDV -XUtGLFDV H 6RFLDLV (QWUH H IUHTHQWRX R FXUVR GH *HRJUDILD H
+LVWyULD GD )DFXOGDGH GH )LORVRILD &LrQFLDV H /HWUDV GH 6mR 3DXOR WHQGR HQWUH VHXV
SURIHVVRUHV )HUQDQG %UDXGHO 1R VHX H[tOLR QD )UDQoD WRUQRXVH DOXQR
GD 6RUERQQH SRU EUHYH SHUtRGR (P GHIHQGHX D WHVH GH /LYUH'RFrQFLD QD
)DFXOGDGH GH 'LUHLWR GD 863 FRP R WtWXOR 'LUHWUL]HV SDUD XPD SROtWLFD HFRQ{PLFD
EUDVLOHLUD )RL DSURYDGR H QR HQWDQWR QmR DVVXPLX D FiWHGUD GH (FRQRPLD 3ROtWLFD (P HP SOHQR UHJLPH PLOLWDU LQVFUHYHVH SDUD DVVXPLU D FiWHGUD GH +LVWyULD GR %UDVLO
QD 863 QR OXJDU GH 6pUJLR %XDUTXH GH +RODQGD FRP D WHVH +LVWyULD H
GHVHQYROYLPHQWR (QWUHWDQWR VHX FRQFXUVR p FDQFHODGR VHX WtWXOR GH OLYUHGRFrQFLD
FDVVDGR H DSRVHQWDGR SRU GHFUHWR
(P FRQFRPLWkQFLD j VXD IRUPDomR HVFRODUDFDGrPLFD &DLR 3UDGR IRL DWXDQWH
DLQGD QRV HYHQWRVHVSDoRV FXOWXUDLV VXUJLGRV GD SUySULD FULVH GH GRPLQDomR
ROLJiUTXLFD DLQGD QRV DQRV GH H DSyV D 5HYROXomR GH QRV HVSDoRV
FXOWXUDLV TXH HP ~OWLPD DQiOLVH FRQIURQWDYDP D QRYD RUGHP HVWDEHOHFLGD $RV
DQRV GH LGDGH SDUWLFLSD GD 6HPDQD GH $UWH 0RGHUQD GH (P WRUQDVH VyFLR
GR &OXEH GRV $UWLVWDV 0RGHUQRV (VWi DLQGD HQWUH RV PDLV DWLYRV PHPEURV GD
$VVRFLDomR GRV *HyJUDIRV %UDVLOHLURV D SDUWLU GH )DWR UHOHYDQWH p D IXQGDomR
6pUJLR 0LFHOL QRV PRVWUD TXH p GD FLVmR GD HOLWH SDXOLVWD HP WRUQR GR SUHGRPtQLR SROtWLFR GR 353 TXH VXUJHP HVSDoRV FXOWXUDLV H SXEOLFDo}HV GHVWLQDGDV D ID]HU RSRVLomR D HVVD GRPLQDomR (QWUH HOHV D
SRU &DLR 3UDGR H 0RQWHLUR /REDWR HP GD (GLWRUD %UDVLOLHQVH WHQGR VXDV
SULPHLUDV SXEOLFDo}HV GHVWLQDGDV jV REUDV GDV PDLV GLYHUVDV HVSHFLDOLGDGHV H DLQGD
GH SURIHVVRUHV FRPXQLVWDV GD 8QLYHUVLGDGH GH 6mR 3DXOR (P ODQoD D 5HYLVWD
%UDVLOLHQVH SXEOLFDomR HPLQHQWHPHQWH QDFLRQDOLVWD TXH SHUGXUDUi DWp
1R FDPSR SROtWLFR 3UDGR -~QLRU LQLFLD VXD DWXDomR QR3DUWLGR 'HPRFUiWLFR 3'
HP SDUWLGR TXH WHP HQWUH VHXV SULQFLSDLV IXQGDGRUHV VHX WLRDY{ $QW{QLR 3UDGR
1D 5HYROXomR GH FRODERUD DR ODGR GD $OLDQoD /LEHUDO WUDEDOKDQGR SRVWHULRUPHQWH
QR *RYHUQR 3URYLVyULR GH *HW~OLR 9DUJDV QD FLGDGH GH 5LEHLUmR 3UHWR LQWHULRU GH 6mR
3DXOR (P DEDQGRQD RV YLWRULRVRV GD UHYROXomR H YDL ILOLDUVH DR 3DUWLGR
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p R SUHVLGHQWH GD VHomR GH 6mR 3DXOR 'HYLGR j ,QWHQWRQD &RPXQLVWD ± PHVPR GHOD
QmR WHQGR SDUWLFLSDGR ± p SUHVR QR 5LR *UDQGH GR 6XO H WUD]LGR SDUD 6mR 3DXOR
3HUPDQHFHUi GHWLGR DWp PHDGRV GH 1HVVH PHVPR DQR H[LODVH QD )UDQoD
RQGH DWXD QR 3DUWLGR &RPXQLVWD )UDQFrV3&) H QD FDXVD GD *XHUUD &LYLO (VSDQKROD
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6HX SDL WDPEpP HUD DGYHUViULR GR 353 3RGHVH HYLGHQWHPHQWH DWULEXLU D ILOLDomR GH &DLR 3UDGR DR 3' WDQWR j LQIOXrQFLD IDPLOLDU TXDQWR jV FRQVWDWDGDV IUDXGHV UHDOL]DGDV SHOR 353 QDV HOHLo}HV PXQLFLSDLV GH
)DWR LQXVLWDGR IRL D SULVmR GH &DLR 3UDGR ± D SULPHLUD GH XPD VpULH GHODV HP SRU GDU YLYDV D *HW~OLR 9DUJDV HP XPD UHFHSomR RILFLDO DR FDQGLGDWR D SUHVLGHQWH SHOR 353 -~OLR 3UHVWHV
7UDWDVH HYLGHQWHPHQWH GH XPD DOXVmR DR OLYUR2 VLOrQFLR GRVYHQFLGRV GH (GJDUG GH 'HFFD 7XGR LQGLFD TXH D DWXDomR GH &DLR 3UDGR QD $1/ HVWLYHVVH UHVWULWD D DWLYLGDGHV LQWHOHFWXDLV XPD YH] TXH SDUWH GH 3UHVWHV D UHFRPHQGDomR GH TXH VHQGR YLWRULRVRV QD HPSUHLWDGD UHYROXFLRQiULD GH VHULD R PLOLWDU 0LJXHO &RVWD R FKHIH GR JRYHUQR SRSXODU HP 6mR 3DXOR H QmR &DLR 3UDGR )DWR LOXVWUDWLYR p TXH ILFD D FDUJR GH &DLR 3UDGR D UHGDomR GR SURJUDPD GD$1/ 9HU PDLV HP 9LDQQD
3HUPDQHFH QD )UDQoD DWp jV YpVSHUDV GD ,, *XHUUD 0XQGLDO (P HOHJHVH
GHSXWDGR HVWDGXDO HP 6mR 3DXOR SHOR 3&% &RP R FDQFHODPHQWR GR UHJLVWUR GH VHX
SDUWLGR VHX PDQGDWR p FDVVDGR (P p QRYDPHQWH SUHVR (QWUH H
ID] GLYHUVDV YLDJHQV D SDtVHV VRFLDOLVWDV FRPR 7FKHFRVORYiTXLD 3RO{QLD H &XED
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H QR PHVPR DQR YROWD SDUD R SDtV SDUD VHU MXOJDGR SHOR 7ULEXQDO 0LOLWDU )LFD SUHVR DWp
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XQLYHUVLWiULD LQFLWDQGR R S~EOLFR j *XHUUD H j VXEYHUVmR GD RUGHP SROtWLFRVRFLDO
'HVGH PHDGRV GD GpFDGD GH &DLR 3UDGR YDL SDXODWLQDPHQWH VH DIDVWDQGR GD
PLOLWkQFLD SROtWLFD PDLV LQWHQVD H GHGLFDQGRVH j SURGXomR LQWHOHFWXDO )DOHFH HP GH QRYHPEUR GH GHSRLV GH ILFDU SRU PXLWRV DQRV JUDYHPHQWH GRHQWH
2 TXH VH YLVXDOL]D DVVLP p D FRQVWUXomR GH XP LQWHOHFWXDO TXH WHP QR VHX
SHUFXUVR GH YLGD XP FDPLQKR WUDoDGR D SULRUL RX HP RXWUDV SDODYUDV FRQIRUPDGR SHOD
VXD RULJHP EXUJXHVD HP TXH D IRUPDomR HGXFDFLRQDOSROtWLFD HVWDYD GLUHFLRQDGD SDUD D
IRUPDomR GH TXDGURV GLULJHQWHV HVWDGXDO RX QDFLRQDO HP XP HVWDGR GD IHGHUDomR TXH
SUDWLFDPHQWH GHWLQKD R SRGHU SROtWLFR GD QDomR H HP TXH RV HVSDoRV FXOWXUDLV YmR VH
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