HVWXGR UHDOL]DGR FRP FULDQoDV FRP LGDGH HQWUH H IRL FDSD] GH HYLGHQFLDU R

$5(/(9Ç1&,$'2&217(;72/,1*hÌ67,&21$$48,6,d®2'$ )212/2*,$(126'(69,26)212/Ð*,&26'2'(6(192/9,0(172 2(;(03/2'$3$/$7$/,=$d®2 &DUPHQ/~F...
Author: Bernice Wilcox
6 downloads 0 Views 162KB Size
$5(/(9Ç1&,$'2&217(;72/,1*hÌ67,&21$$48,6,d®2'$ )212/2*,$(126'(69,26)212/Ð*,&26'2'(6(192/9,0(172 2(;(03/2'$3$/$7$/,=$d®2 &DUPHQ/~FLD0DW]HQDXHU+HUQDQGRUHQD 8QLYHUVLGDGH&DWyOLFDGH3HORWDV (PWUDEDOKRDQWHULRUTXHDOLDYDDDTXLVLomRGDIRQRORJLDDRFRPSRUWDPHQWRGDVOtQJXDV QDWXUDLVQRVHQWLGRGHUHJLVWUDUDDVVLPLODomRFRPRXPDUHJUDGHDSOLFDomRIUHTHQWHREVHUYRX VH XPD GLIHUHQoD  HQTXDQWR D RFRUUrQFLD GD DVVLPLODomR QDV OtQJXDV p FRPXP QD IRUPD GH KDUPRQLD YRFiOLFD QR SURFHVVR GH DTXLVLomR GD IRQRORJLD p SUHGRPLQDQWH FRPR KDUPRQLD FRQVRQDQWDO 0DW]HQDXHU+HUQDQGRUHQD  S  2V GDGRV GH DTXLVLomR GD IRQRORJLD GR 3RUWXJXrV %UDVLOHLUR 3%  ² WDQWR HP VH WUDWDQGR GH GHVHQYROYLPHQWR QRUPDO FRPR GH GHVHQYROYLPHQWR FRP GHVYLRV ² WrP UHIHUHQGDGR TXH RV VHJPHQWRV FRQVRQDQWDLV VmR PDLV VXVFHWtYHLVjVLQIOXrQFLDVGRDPELHQWHOLQJtVWLFRGRTXHRVVHJPHQWRVYRFiOLFRV$VYRJDLVWrP R FRPSRUWDPHQWRIRQROyJLFRHVWDELOL]DGRHPHWDSDGHVHQYROYLPHQWDODQWHULRUjGD DTXLVLomR GR VLVWHPD FRQVRQDQWDO GD OtQJXD H RV GDGRV GD DTXLVLomR GR 3% HYLGHQFLDP TXH VmR VHJPHQWRVTXHGHVGHHVWiJLRVLQLFLDLVGDDTXLVLomRDSUHVHQWDPRVIHQ{PHQRVGHQHXWUDOL]DomR HGHKDUPRQLDGDYRJDOPpGLDSUHW{QLFDLGrQWLFRVDRVYHULILFDGRVQRVLVWHPDDOYR %LVRO 9LHLUD  $ SUHVHQoD GH DVVLPLODo}HV GXUDQWH R SURFHVVR GH DTXLVLomR GD IRQRORJLD GD OtQJXD p HYLGrQFLD GH TXH R FRQWH[WR OLQJtVWLFR VH PRVWUD FRQGLFLRQDGRU GR FRPSRUWDPHQWR GRV VHJPHQWRV HP GLIHUHQWHV HWDSDV GHVHQYROYLPHQWDLV 7HQGRVH XP H[HPSOR FODUR GHVVH FRQGLFLRQDPHQWRQDSDODWDOL]DomRRSUHVHQWHWUDEDOKRDSUHVHQWDWUrVSRQWRVIXQGDPHQWDLV D DFDUDFWHUL]DomRGDSDODWDOL]DomRGDVSORVLYDVFRURQDLV E DUHOHYkQFLDGRFRQWH[WROLQJtVWLFR QRFRPSRUWDPHQWRGDSDODWDOL]DomRDSUHVHQWDQGRGDGRVGDDTXLVLomRGDIRQRORJLDQRUPDOH FRPGHVYLRVH F DDERUGDJHPGRIHQ{PHQRGDSDODWDOL]DomRGDVSORVLYDVFRURQDLVFRPEDVH HPGLIHUHQWHVSURSRVWDVWHyULFDV 6HQGRLQFRQWHVWiYHOTXHDSDODWDOL]DomRGDVSORVLYDVFRURQDLVpFRQVHTrQFLDGHYRJDO DGMDFHQWH HVVH IHQ{PHQR SUHVHQWH HP YDULHGDGHV GR 3% IRL DOYR GH SHVTXLVD TXH EXVFRX YHULILFDU R SDSHO GR FRQWH[WR OLQJtVWLFR QR SURFHVVR GH DTXLVLomR GD IRQRORJLD GD OtQJXD 2 HVWXGR UHDOL]DGR FRP  FULDQoDV FRP LGDGH HQWUH  H  IRL FDSD] GH HYLGHQFLDU R FRQGLFLRQDPHQWR OLQJtVWLFR QR HPSUHJR GDV FRQVRDQWHV DIULFDGDV >W6@ H >G=@ GHFRUUHQWHV GD UHIHULGDSDODWDOL]DomR6XEPHWLGRVRVGDGRVDRSDFRWHFRPSXWDFLRQDO9$5%58/FRPSURYRX VHVHUHPDYRJDO>L@HRJOLGHFRURQDO>M@VHJXLQWHVjVSORVLYDVWHGRVGHWHUPLQDQWHVGD SDODWDOL]DomR7RPDQGRVHDVLWXDomRHVSHFtILFDGHWRVSHVRVUHODWLYRVGRUHIHULGRFRQWH[WR VHJXLQWHFRPRJDWLOKRVGDSDODWDOL]DomRIRUDP>L@>M@([HPSORVGDSDODWDOL]DomRGD SORVLYDFRURQDOWDSDUHFHPHP  FRPDH[SOLFLWDomRGDLGDGHGDFULDQoDHPDQRVPHVHV GLDV  OHLWH>¶OHW6L@ LGDGH WLURX>W6L·R@ LGDGH SUHVHQWH>¶]HW6L@ LGDGH LRJXUWH>X·JXW6L@ LGDGH 1

VRUYHWH>¶IHW6L@ LGDGH IRUWH>¶IoMW6L@ LGDGH ­ OX] GD )RQRORJLD $XWRVVHJPHQWDO D OLWHUDWXUD GD iUHD SDFLILFDPHQWH UHJLVWUD D SDODWDOL]DomRGDVSORVLYDVFRURQDLVFRPRGHFRUUHQWHGHDVVLPLODomRUHSUHVHQWDGDQHVVHPRGHOR SHOR HVSUDLDPHQWR GR WUDoR >FRURQDO@ GD YRJDO SDUD D SORVLYD 'HVVH HVSUDLDPHQWR UHVXOWD D IRUPDSDODWDOL]DGD>WM@ HPVHWUDWDQGRGDSORVLYDFRURQDO>VRQRUD@ DQWHVGHVHUFULDGDDIRUPD DIULFDGD >W6@ 3HOR IDWR GH WRGD YRJDO FRURQDO VHU >DQWHULRU@ R HVSUDLDPHQWR GHVVH WUDoR YRFiOLFRDFDUUHWDTXHRWUDoR>FRURQDO@GDDUWLFXODomRFRQVRQDQWDOGDSORVLYDWDPEpPVHWRUQH >DQWHULRU@3DUDSDVVDUVHGDFRQVRDQWHFRPSOH[D>WM@SDUDDDIULFDGD>W6@KiRGHVOLJDPHQWRGR WUDoRPHQRUVHFXQGiULR>FRURQDO@HRFRUUHDVXDFySLDVRERQy3RQWRGH&RQVRDQWHRTXH LPSOLFDDSURPRomRGRWUDoRVHFXQGiULR>FRURQDO@jDUWLFXODomRSULPiULD SDVVDDVHUGRPLQDGR GLUHWDPHQWH SHOR Qy 3RQWR GH &RQVRDQWH  H GHSRLV Ki D VXEVHTHQWH FLVmR GD FRQVRDQWH &OHPHQWV  &OHPHQWV  +XPH  %LVRO  +RUD   ID]HQGR VXUJLU D FRQVRDQWH DIULFDGD FRURQDO SDODWDO FRQVLGHUDGD SRU &OHPHQWV  +XPH   H SRU &DODEUHVH   FRQVRDQWHGHFRQWRUQRDSUHVHQWDQGRXPDERUGDFRPRWUDoR>FRQWtQXR@HRXWUDFRPRWUDoR >FRQWtQXR@FRQIRUPHPRVWUDDUHSUHVHQWDomR    

W6 X r r LAR

[− son] CO

CO

[− contínuo]

[+ contínuo] PC

[coronal ] [− anterior ] 2IDWRGHVHURVHJPHQWRYRFiOLFRVHJXLQWHRGHVHQFDGHDGRUGDSDODWDOL]DomRGDSORVLYD FRURQDO FRPSURYD D LQWHUUHODomR HQWUH DV PHORGLDV GH VHJPHQWRV HP VHTrQFLD      ² QHVVH FDVRKiDLQWHUDomRYRJDOFRQVRDQWH²HYLGHQFLDQGRHIHLWRVIRQpWLFRVGHFRDUWLFXODomR 0DV DOpP GR FRQWH[WR LPHGLDWDPHQWH VHJXLQWH j SORVLYD FRURQDO R WUDWDPHQWR HVWDWtVWLFRGRVGDGRVDSRQWRXDLQGDRXWURVJUXSRVGHIDWRUHVFRPRIRUWHVFRQGLFLRQDQWHVGD SDODWDOL]DomRDTXLUHIHULGDHYLGHQFLDQGRWDPEpPDLQWHUDomRFRQVRDQWHFRQVRDQWHQRSURFHVVR GH DTXLVLomR GD IRQRORJLD LQFOXLQGR D LQIOXrQFLD GD WRQLFLGDGH FRPR PRVWUDP RV GDGRV HP  

2



D &217(;726(*8,17( - SDODWDORQVHWGDVtODEDVHJXLQWH² ([UDWLQKR>D·W6LÄÚX@ LGDGH SDWLQKR>SD·W6LÄÚX@ LGDGH - VLELODQWHFRURQDORQVHWGDVtODEDVHJXLQWH² ([WHVRXUD>W6L·]RD@ LGDGH >W6L·]R5D@ LGDGH E &217(;7235(&('(17( - SDODWDORQVHWGDVtODEDSUHFHGHQWH² ([VWLWLD>W6L·W6LD@ LGDGH JHQWH>¶=(W6L@ LGDGH - VLELODQWHFRURQDORQVHWGDVtODEDSUHFHGHQWH² ([VSUHVHQWH>¶]HW6L@ LGDGH >SH·]HÄMÄQW6L@ LGDGH - VLELODQWHFRURQDOFRGDGDVtODEDSUHFHGHQWH² ([VHVWH>¶HVW6L@ LGDGH UHYLVWLQKD>UHYLV·W6LÄÚD@ LGDGH F 721,&,'$'( - SRVW{QLFDILQDOGHSDODYUD² ([VOHLWH>¶OHW6L@ LGDGH VRUYHWH>¶IHW6L@ LGDGH

$RYHULILFDUVHTXHFRQVRDQWHVSDODWDLVFRPRRQVHWGHVtODEDSUHFHGHQWHHRXVHJXLQWH IDYRUHFHP D SDODWDOL]DomR GDV SORVLYDV FRURQDLV j OX] GD )RQRORJLD $XWRVVHJPHQWDO SRGH HYLGHQFLDUVH D LQWHUDomR FRQVRDQWHFRQVRDQWH 'HVVD LQWHUDomR UHVXOWDP FRQVRDQWHV HP VHTrQFLDTXHSDVVDPDFRPSDUWLOKDURPHVPRSRQWRGHDUWLFXODomRIDWRTXHQHVVHPRGHOR WHyULFRpUHSUHVHQWDGRSHODLQWHUOLJDomRGHHVWUXWXUDVPHOyGLFDVFRQIRUPHpPRVWUDGRHP   HP GHFRUUrQFLD GR SULQFtSLR FRQKHFLGR FRPR 2&3 2EOLJDWRU\ &RQWRXU 3ULQFLSOH3ULQFtSLR GR &RQWRUQR 2EULJDWyULR  TXH SURtEH HOHPHQWRVDGMDFHQWHVLJXDLV FDXVDQGR RX R GHVOLJDPHQWR GHXPGHVVHVHOHPHQWRVRXRUHFRQKHFLPHQWRGHVXDXQLGDGHSHODLQWHUOLJDomRGRVHOHPHQWRV LGrQWLFRV 1D YHUGDGH HVVD p WDPEpP XPD IRUPD GH UHSUHVHQWDomR GH XP HIHLWR GH FR DUWLFXODomR 'HYHVDOLHQWDUVHTXHD)RQRORJLD$XWRVVHJPHQWDOpXPDWHRULDFRPEDVHHPUHJUDVH TXHXPDIRUPDTXHWHPGHUHVROYHURHIHLWRGHFRDUWLFXODomRpFRPR2&3TXHQDUHDOLGDGH pXPWLSRGHUHVWULomRDRRXWSXWOLQJtVWLFR6REHVVHkQJXORSRUWDQWRXPDVDtGDTXHHVVDWHRULD HQFRQWUD SDUD R UHIHULGR IHQ{PHQR p XP PHFDQLVPR TXH D WRUQD PLVWD RX VHMD TXH D ID] LQWHJUDUUHJUDVHUHVWULo}HVDRXWSXWV

3

 D SDODWDORQVHWGDVtODEDVHJXLQWH>SD·W6LÄÚX@ SDWLQKR >SDW6LÄÚX@ X

X

CO

CO PC

[coronal ] [− anterior ]

E SDODWDORQVHWGDVtODEDSUHFHGHQWH>¶=HW6L@ JHQWH 

>=HW6L@ X

X

CO

CO PC

[coronal ] [− anterior ]

eWDPEpPSRUHIHLWRGHFRDUWLFXODomRTXHVLELODQWHVFRURQDLVRQVHWGHVtODEDSUHFHGHQWH HRX VHJXLQWH EHP FRPR VLELODQWHV FRURQDLV FRGD GH VtODED SUHFHGHQWH IDYRUHFHP D SDODWDOL]DomR DTXL UHIHULGD 3RGHVH DILUPDU TXH R WUDoR >FRURQDO@ GH VHJPHQWRV YL]LQKRV j SORVLYDFRURQDOIDYRUHFHDSDODWDOL]DomRRXVHMDWRGDXPDVHTrQFLDFRURQDOFLUFXQGDQWHOHYD RWDPDQLIHVWDUVHFRPR>W6@FRPRUHVXOWDGRGHFRDUWLFXODomRVHQGRTXHDFRURQDOLGDGH GR >L@ VHJXLQWH GHVHQFDGHLD HVVD SDODWDOL]DomR 0DV VHQGR R UHVXOWDGR GD FRDUWLFXODomR UHSUHVHQWDGRQHVVHPRGHORSRUHVWUXWXUDVLQWHUOLJDGDVHPVHWUDWDQGRGHVVHFRQGLFLRQDPHQWR WHPGHVHUHJLVWUDURUHVXOWDGRGR2&3WDPEpPQRWLHUGRWUDoR>FRQWtQXR@FRQIRUPH  SRGH PRVWUDU 1HVVH FDVR p WUDoR >FRQWtQXR@ GDV VLELODQWHV FRURQDLV FRPSDUWLOKDGR 4

UHGXQGDQWHPHQWHSHODVYRJDLVTXHSDUHFHWDPEpPDWXDUIDYRUHFHQGRTXHDERUGDGLUHLWDGD SORVLYDFRURQDOVHWRUQH>FRQWtQXD@(VVHIDWRILFDHYLGHQWHTXDQGRDVLELODQWHFRURQDODSDUHFH FRPRRQVHWGDVtODEDVHJXLQWHFRPRPRVWUD    SDODWDORQVHWGDVtODEDVHJXLQWH>W6L·]R5D@ WHVRXUD >W6L]R5D@ X

[− contínuo]

X

X

CO

CO

CO

[+ contínuo]

PC

[coronal ] 0DV p LQWHUHVVDQWH REVHUYDU TXH QHVVH PRGHOR FRPR Ki XP SULQFtSLR GH ERD IRUPDomR TXH SURtEH R FUX]DPHQWR GH OLQKDV GH DVVRFLDomR R WLHU GR WUDoR >FRQWtQXR@  SRGH HVWDUIDYRUHFHQGRDSDODWDOL]DomRGHWVRPHQWHQRFRQWH[WRVHJXLQWHjSORVLYDXPDYH]TXHQR FRQWH[WR SUHFHGHQWH HP YLUWXGH GH >W6@ WHU D ERUGD HVTXHUGD >FRQWtQXD@ RV VHJPHQWRV >FRQWtQXRV@QHVVHWLHUQmRSRGHPDHOHLQWHUOLJDUVHSRUTXHKDYHULDFUX]DPHQWRGHOLQKDVGH DVVRFLDomR(QWmRVHULDSHUWLQHQWHDSHUJXQWDDFHUFDGHFRPRVHSRGHUHJLVWUDUQHVVHPRGHOR R IDYRUHFLPHQWR GD SDODWDOL]DomR GDV SORVLYDV FRURQDLV SHOD VLELODQWH FRURQDO HP FRQWH[WR DQWHULRUVHMDFRPRRQVHWVHMDFRPRFRGDGDVtODEDSUHFHGHQWH(VVHFRQGLFLRQDPHQWRVySRGH VHUFUHGLWDGRjSUHVHQoDGRWUDoR>FRURQDO@2WLHUGRWUDoR>FRQWtQXR@QRFRQWH[WRSUHFHGHQWH j DIULFDGD QmR SRGH HVWDU DWXDQGR IDYRUDYHOPHQWH j VXD UHDOL]DomR  ( SHORV GDGRV GH DTXLVLomRGDIRQRORJLDGR3RUWXJXrVFRPRVHYrHP   HFRPRVHSRGHFRQVWDWDUHP  p WmR IUHTHQWH R IDYRUHFLPHQWR SDUD R HPSUHJR GD SDODWDOL]DomR FRP R FRQWH[WR SUHFHGHQWH FRQVWLWXtGRGDVHTrQFLDYRJDOFRURQDOVLELODQWHFRURQDO FRGD GD VtODED DQWHULRU ² DV TXDLV WrP R WUDoR >FRQWtQXR@ ² TXH SDUHFHULD HVWDU WDPEpP HVVH WUDoR PLOLWDQGR D IDYRU GD UHDOL]DomRGH>W6@1RHQWDQWRSHODWHRULDFRPRMiVHGLVVHVRPHQWHRWUDoR>FRURQDO@HPVH WUDWDQGRGRFRQWH[WRSUHFHGHQWHSRGHHVWDUIDYRUHFHQGRDDIULFDGDSDODWDO  HVWH>¶HVW6L@ LGDGH VDERQHWH>VDYR·QHVW6L@ LGDGH UHYLVWLQKD>UHYLV·W6LÄÚD@ LGDGH WULVWH>¶W6LVW6L@ LGDGH >¶W5LVW6L@ LGDGH

5



3RGHULD DUJXPHQWDUVH TXH HVVH FRQGLFLRQDPHQWR OLQJtVWLFR GD SDODWDOL]DomR GDV SORVLYDVFRURQDLVVHUHVWULQJHDRIXQFLRQDPHQWRGDOtQJXDHPVHXSURFHVVRDTXLVLFLRQDOPDV QmRpRTXHDUHDOLGDGHPRVWUDXPDSHVTXLVDGH$OEDQR S FRQFOXLXTXHPHVPRHP GLDOHWRVGR3%QmRDIULFDGRUHVpSDODWDOL]DGDDSORVLYDFRURQDOGLDQWHGH>L@TXDQGRDVtODED DQWHULRUDSUHVHQWDYRJDOFRURQDOVHJXLGDGHVFRPRHP>¶HVW6L@>¶(VW6L@H>¶LVW6L@ 2VUHVXOWDGRVREWLGRVSHORWUDWDPHQWRHVWDWtVWLFRUHIHUHQWHPHQWHDRFRQWH[WRVHJXLQWH IDYRUHFHGRUGDSDODWDOL]DomRGDVSORVLYDVFRURQDLVPRVWUDGRVHP  HRVHXIXQFLRQDPHQWR UHSUHVHQWDGRHP  SRGHULDPHVWDUDWHVWDQGRDH[LVWrQFLDHIHWLYDGHXPDIDFH>FRQWtQXD@HGH RXWUD>FRQWtQXD@QDVSDODWDLVDIULFDGDVFRQILUPDQGROKHVRVWDWXVGHFRQVRDQWHVGHFRQWRUQR SDUHFHP PHVPR VHU VHJPHQWRV TXH FRQWrP GXDV UDt]HV FRP D VHTrQFLD >FRQWtQXR@  >FRQWtQXR@ VRE HVVDV UDt]HV FRPR SUHFRQL]DP &OHPHQWV  +XPH   H &DODEUHVH   6HQGR DVVLP D IRUPDOL]DomR HP   SDUHFH VHU D DGHTXDGD UHSUHVHQWDomR SDUD RV VHJPHQWRV DIULFDGRVSDODWDLV>W6@H>G=@TXHUHVXOWDPGDUHJUDGHSDODWDOL]DomRGDVSORVLYDVFRURQDLVDQWHV GH>L@HPPXLWDVYDULDQWHVGR3% 8PDHYLGrQFLDSDUDDWULEXLomRGHXPDERUGD>FRQWtQXD@SDUDRVVHJPHQWRVDIULFDGRV HDFRQILUPDomRGHVHXVWDWXVGHFRQVRDQWHVGHFRQWRUQRSRGHVHFROKLGDWDPEpPHPGDGRVGH DTXLVLomRGR,QJOrVFRPROtQJXDPDWHUQDMiTXHHVVDOtQJXDDSUHVHQWDDVDIULFDGDV>W6@H>G=@HP VHX VLVWHPD IRQROyJLFR HPERUD QHQKXP GRV DXWRUHV GH /tQJXD ,QJOHVD DTXL UHIHULGRV WHQKD DSUHVHQWDGR RV GDGRV FRP HVVD LQWHUSUHWDomR 1R SURFHVVR GH DTXLVLomR GR ,QJOrV FULDQoDV HPSUHJDP SORVLYDV RX DIULFDGDV FRUUHVSRQGHQGR D DOYRV IULFDWLYRV +i H[HPSORV GHVVH HPSUHJRHPYiULRVGDGRVSHVTXLVDGRVFRPR  DSUHVHQWD  D GDGRVGH$PDKO LGDGH² VHJXQGR6PLWK   ¶JRRVH·>JXWV@ ¶VHQG>WV(QG@ ¶IDWKHU·>IDG]@ ¶RWKHU·>¥G@a>¥G]@ ¶ZHDVHO·>ZLG]O@ ¶FORVHU·>NOXWV@ E GDGRVGH.HYLQ LGDGH² VHJXQGR(GZDUGV   ¶ILVK·>W,V@a>W]8V@ ¶VKRHV·>WVM8@ F GDGRVGH/LQGD LGDGH VHJXQGR(GZDUGV   ¶]HEUD·>¶G]LED@ $R HPSUHJDUHP FRQVRDQWHV SORVLYDV RX DIULFDGDV SRU VHXV VLVWHPDV QmR LQWHJUDUHP IULFDWLYDV HVVDV FULDQoDV HYLGHQFLDP R SUREOHPD GD LQVWDELOLGDGH QR HPSUHJR IRQROyJLFR GR WUDoR >FRQWtQXR@ 2 XVR GD DIULFDGD TXH WHP D ERUGD GLUHLWD >FRQWtQXD@ VH PRVWUD QHVVHV FDVRVFRPRXPHVWiJLRLQWHUPHGLiULRHQWUHDDTXLVLomRGDVSORVLYDV TXHVmR>FRQWtQXDV@ HD DTXLVLomRGDVIULFDWLYDV TXHVmR>FRQWtQXDV@ RTXHVHFRPSURYDSHORIDWRGHTXHDVFULDQoDV FXMRVGDGRVHVWmRDFLPDH[HPSOLILFDGRVHPOXJDUGHIULFDWLYDV>DQWHULRUHV@XVDUDPDIULFDGDV >DQWHULRUHV@²>WV@H>G]@²TXHQmRLQWHJUDPRVLVWHPDIRQROyJLFRGR,QJOrV 6

5HWRUQDQGRDRIDWRGDLQIOXrQFLDGRFRQWH[WRQDDTXLVLomRIRQROyJLFDYDOHUHIHULUTXH SHVTXLVDV VREUH FULDQoDV FRP GHVYLRV IRQROyJLFRV WDPEpP VmR FDSD]HV GH UHIHUHQGDU D LQIOXrQFLD GR FRQWH[WR QR XVR GH DIULFDGDV HP OXJDU GH SORVLYDV FRURQDLV   8P H[HPSOR DSDUHFHQRVGDGRVGH'PHQLQDGHDQRVHPrVTXHDSUHVHQWDSUHIHUrQFLDVLVWHPiWLFDSRU XP VRP W@HPRQVHWLQLFLDOGHSDODYUD HFRPR>W6@RX>G=@HPRQVHWiWRQRLQWHUYRFiOLFRRXVHMDHQWUHVHJPHQWRVTXHDSUHVHQWDPR WUDoR>FRQWtQXR@(P  HVWmRH[HPSORVGDSURGXomROLQJtVWLFDGH'  D RQVHWLQLFLDO FKDSpX>WD·S(Z@ MDQHOD>WD·Q(OD@ FKDYH>¶WDW6L@

E RQVHWLQWHUYRFiOLFR ELFKR>¶ELW6X@ UHOyJLR>UH·OoG=MX@ FDL[D>¶WDW6@

2V GDGRV GHVVD PHQLQD DWHVWDP R XVR GD DIULFDGD SDODWDO TXH WHP D ERUGD GLUHLWD >FRQWtQXD@  HP OXJDU GD SORVLYD HQWUH YRFyLGHV RX VHMD HQWUH VHJPHQWRV >FRQWtQXRV@ VHPSUHHPVtODEDViWRQDVSDUWLFXODUPHQWHSUHFHGHQGRYRJDLV>EDL[DV@ 1HVVH SRQWR p SRVVtYHO YHULILFDUVH TXH SRGHP VHU GHVWDFDGRV HQWUH WRGRV RV GDGRV DWp DTXL DSUHVHQWDGRV FLQFR IDWRV D  R HPSUHJR GDV DIULFDGDV SDODWDLV FRPR GHFRUUrQFLD GD SDODWDOL]DomR GDV SORVLYDV FRURQDLV p FRQVHTrQFLD GH SURFHVVR GH DVVLPLODomR RX GH FR DUWLFXODomR E  HVVD SDODWDOL]DomR p FRPR GL] D OLWHUDWXUD XP SURFHVVR GH FRURQDOL]DomR GHVHQFDGHDGRSHODYRJDOFRURQDO>L@RXSHORJOLGHFRURQDO>M@F HVVHSURFHVVRpIDYRUHFLGRSRU RXWURVVHJPHQWRVGRFRQWH[WROLQJtVWLFRFLUFXQGDQWHTXHFRPSDUWLOKDPRWUDoR>FRURQDO@G RXVRGDDIULFDGDSDODWDOpIDYRUHFLGRHPSRVLomRiWRQDjERUGDGLUHLWDGHXPSpWURTXHX RV UHVXOWDGRV UHODWLYRV j YDULiYHO WRQLFLGDGH HP   FRQILUPDP HVVH IDWR  H  D SDODWDOL]DomR p UHSUHVHQWDGD QR PRGHOR DXWRVVHJPHQWDO SHOR HVSUDLDPHQWR GR WUDoR FRURQDO GD YRJDO DOWD VHJXLQWHVHQGRTXHRIDYRUHFLPHQWRGDUHJUDSHORFRQWH[WRFLUFXQGDQWHpH[SOLFDGRFRPEDVH QR2&3TXHVHFRQVWLWXLHPXPDUHVWULomRDRRXWSXW (FRPRSRGHVHUYLVWRHVVHHIHLWRGHFRDUWLFXODomRHGHIDYRUHFLPHQWRGDUHDOL]DomR GDV DIULFDGDV SDODWDLV j OX] GH XP PRGHOR WHyULFR FXMD UHODomR HQWUH LQSXW H RXWSXW VH IDoD VRPHQWH FRP EDVH HP UHVWULo}HV H QmR FRP EDVH HP UHJUDV"  1D 7HRULD GD 2WLPLGDGH D HVFROKDGRRXWSXWyWLPRpUHDOL]DGDSHODDYDOLDomRGRVFDQGLGDWRVDRXWSXWDSDUWLUGDKLHUDUTXLD GHUHVWULo}HVHVWDEHOHFLGDSHORVLVWHPD$VUHVWULo}HVVmRXQLYHUVDLVHFRQVLVWHPHPUHTXLVLWRV HVWUXWXUDLV TXH SRGHP VHU VDWLVIHLWRV RX YLRODGRV QXPD IRUPD GH RXWSXW NDJHU  S $ YLRODomR jV UHVWULo}HV GHYH VHU PtQLPD RFRUUHQGR VRPHQWH SDUD HYLWDU YLRODo}HV D UHVWULo}HV PDLV DOWDV QD KLHUDUTXLD &RPR DV UHVWULo}HV VH PDQLIHVWDP QD IRUPD GH DVVHUo}HV VHMDP DILUPDWLYDV RX QHJDWLYDV R IHQ{PHQR GD DVVLPLODomR WHUi GH VHU DVVLP WDPEpP H[SUHVVR R LPSRUWDQWH p TXH WHUi GH FDSWDU R HVSDOKDPHQWR GH XP RX PDLV WUDoRV SRU GHWHUPLQDGR GRPtQLR$OLWHUDWXUDMiUHJLVWUDUHVWULo}HVGHVVDQDWXUH]D&RURQDOKLJK &2521$/$/72 .DJHU SRGHVHUHQWHQGLGDFRPRXPH[HPSORGHVVHWLSRGHUHVWULomR &RPR VLPSOHV H[HPSOR GR IXQFLRQDPHQWR GD WHRULD SURS}HVH DTXL R XVR GH WUrV UHVWULo}HV TXH DSDUHFHP HP   SDUD LOXVWUDU D RFRUUrQFLD GD SDODWDOL]DomR GDV SORVLYDV FRURQDLV 

7

D ,GHQW,2 FRU ²DHVSHFLILFDomRGRSRQWR>FRURQDO@GHXPVHJPHQWRGRLQSXWGHYHVHU SUHVHUYDGRQRRXWSXW E ,GHQW,2 FRQW  ² D HVSHFLILFDomR GR YDORU GR WUDoR >FRQWtQXR@ GH XP VHJPHQWR GR LQSXWGHYHVHUSUHVHUYDGRQRRXWSXW F &RURQDODOWR²FRQVRDQWHVFRURQDLVTXHDQWHFHGHPYRJDLVFRURQDLVDOWDVWDPEpPVmR DOWDV $V UHVWULo}HV  D  H E  TXH LQWHJUDP DV UHVWULo}HV GD IDPtOLD GH )LGHOLGDGH HQWUH LQSXWRXWSXWSUHVHUYDPDPDQXWHQomRGRSRQWR>FRURQDO@HGDSUHVHQoDGRWUDoR>FRQWtQXR@QR VHJPHQWRSDODWDOL]DGRDUHVWULomR F ID]DSORVLYDFRURQDOWRUQDUVHSDODWDO $ KLHUDUTXLD GHVVDV UHVWULo}HV FRQIRUPH DSUHVHQWD R WDEOHDX HP   PRVWUD FRPR RXWSXWyWLPRSDUDDSORVLYDFRURQDODQWHVGH>L@DIRUPDFRPDDIULFDGDSDODWDODSRQWDQGRFRPR VXEyWLPDDIRUPDQmRSDODWDOL]DGD>¶WLD@  WLD ¶WLD )¶W6LD ¶6LD ¶VDL ¶NLD 

,'(17,2 FRU

 

,'(17,2 FRQW

   

&25$/7 2 



2EVHUYHVHTXHHPERUDRVHJPHQWR>W6@DSUHVHQWHGRLVYDORUHVSDUDRWUDoR>FRQWtQXR@ QmRYLRODDUHVWULomR,'(17,2 FRQW SRUTXHVXDHVWUXWXUDLQWHUQDWDPEpPLQWHJUDRYDORU> FRQWtQXR@FRQWLGRQRVHJPHQWRW $SUHVHQoDGHRXWUDUHVWULomRQDKLHUDUTXLD²GDIDPtOLD$/,1+$0(172²GHYHUi UHIHULUDSUHIHUrQFLDGXUDQWHRSURFHVVRGHDTXLVLomRGDIRQRORJLDGDOtQJXDSHODSDODWDOL]DomR QD ERUGD GLUHLWD GR Sp WURTXHX $ LQFOXVmR GHVVH WLSR GH UHVWULomR QD KLHUDUTXLD p FDSD] GH UHSUHVHQWDUXPGRVDYDQoRVGD7HRULDGD2WLPLGDGHRWUDWDPHQWRVLPXOWkQHRGHIHQ{PHQRV GHQDWXUH]DPHOyGLFDFRPRVGHQDWXUH]DSURVyGLFD 8PD YDQWDJHP GHVVH PRGHOR VREUH R DQWHULRUPHQWH UHIHULGR p D FRQVLVWrQFLD FRQFHLWXDO XPD YH] TXH QmR PLVWXUD UHJUDV H UHVWULo}HV $OpP GLVVR FRQVHJXH UHXQLU D EDVH IRQpWLFD GR HIHLWR GH FRDUWLFXODomR HP XPD UHVWULomR HVWUXWXUDO FRPR D UHVWULomR &2521$/$/72 DTXL H[HPSOLILFDGD 0DV Ki RXWUD YDQWDJHP GHVVD SURSRVWD WHyULFD D FDSDFLGDGHGHJHQHUDOL]DomR$RXVDUVHSRUH[HPSORDUHVWULomR&2521$/$/72WHPVH TXHTXDOTXHUFRQVRDQWHFRURQDOWHQGHUiDSDODWDOL]DUVHDQWHVGDYRJDODOWD>L@'HVVDIRUPDp SRVVtYHOSUHYHUVHTXHVH]SRGHPUHDOL]DUVHFRPR>6@H>=@UHVSHFWLYDPHQWHDQWHVGH>L@ (pRTXHSRGHRFRUUHUQRSURFHVVRGHDTXLVLomRGDIRQRORJLDFRPRDWHVWDPSHVTXLVDVFRPR D GH 0DW]HQDHXU+HUQDQGRUHQD   H p WDPEpP R TXH RFRUUH QR ,QJOrV $PHULFDQR +\PDQ  WGVH]UHDOL]DPVHFRPR>W6@>G=@>6@H>=@UHVSHFWLYDPHQWHDQWHVGR JOLGHFRURQDO>M@(PUD]mRGRVHXSUySULRIRUPDOLVPRSRUWDQWRD7HRULDGD2WLPLGDGHDOpP GH DXWRPDWLFDPHQWH EORTXHDU RX SURPRYHU RXWSXWV SRVVtYHLV SRGH FDSWDU PDLRUHV JHQHUDOL]Do}HVPRVWUDQGRERDFDSDFLGDGHSUHGLWLYD

8

0DV VH RV HIHLWRV GR FRQWH[WR VmR IXQGDPHQWDLV SDUD D SDODWDOL]DomR p LPSRUWDQWH VHJXLUVH DLQGD RXWUR FDPLQKR XVDQGRVH XP PRGHOR GLQkPLFR FRPR D )RQRORJLD $UWLFXODWyULD $ )RQRORJLD $UWLFXODWyULD WHP R JHVWR DUWLFXODWyULR FRPR XQLGDGH I{QLFD DEVWUDWD FRQVLVWLQGR HVWH QR GL]HU GH $OEDQR    QXPD RVFLODomR TXH DIHWD VLPXOWDQHDPHQWHRFXUVRWHPSRUDOGHYiULRVSDUkPHWURVDUWLFXODWyULRVGHQRPLQDGRVYDULiYHLV GR WUDWR RV TXDLV GHWHUPLQDP SRU VXD YH] DV WUDMHWyULDV GRV DUWLFXODGRUHV &RP HVVH IXQGDPHQWRWHyULFRRIHQ{PHQRDTXLIRFRGHHVWXGRDGTXLUHRXWUDIHLomRHVHJXHH[SOLFDomR WDPEpPGLIHUHQWHQmRPDLVFRPEDVHHPXQLGDGHVFRPRRIRQHPDRVHJPHQWRRWUDoRRX TXDOTXHU DXWRVVHJPHQWR $V XQLGDGHV QmR VmR PDLV HVWiWLFDV HYROXHP QR WHPSR H VmR H[SHULPHQWDGDVHDQDOLVDGDVLQVWUXPHQWDOPHQWHSRLVFRPRGL]$OEDQR S XPJHVWR SRGH UHGX]LUVH LVWR p DWXDU FRPR XPD PROD PDLV FXUWD  RX GLIHUHQWHV JHVWRV SRGHP VREUHSRUVH LVWRpXPDRVFLODomRSRGHLQLFLDUVHGXUDQWHRFXUVRGHRXWUD 'HDFRUGRFRPD )RQRORJLD$UWLFXODWyULDWRGRVRVSURFHVVRVI{QLFRVGDVOtQJXDVGRPXQGRGHYHPVHjDomRRX LQWHUDomRGHVVHVGRLVPHFDQLVPRVDUHGXomRHDVREUHSRVLomR &RP HVVH HQWHQGLPHQWR SDUD $OEDQR   D SDODWDOL]DomR GDV SORVLYDV FRURQDLV FRPRRXWUDVDOWHUDo}HVVHJPHQWDLVTXHVHUHJLVWUDPQR3%QmRpXPDPXGDQoDFDWHJyULFDHP TXHWSDVVDSDUDDDIULFDGDSDODWDOpXPSURFHVVRJUDGXDOGHFRUUHQWHGHYDULDo}HVFRQWtQXDV GDH[WHQVmRHGRWHPSRUHODWLYRDRVPRYLPHQWRVDUWLFXODWyULRVHTXHSRULVVRpPXLWRPDLV DGHTXDGDPHQWHUHSUHVHQWDGRSRUXPPRGHORGLQkPLFRFRPRD7HRULDGD$omRTXHLQWHJUD IRQRORJLDHIRQpWLFDRGLVFUHWRHRFRQWtQXR$OEDQR RSFLW FRPSURYDFRPRVHVSHFWURVGD OLEHUDomRGDFRQVRDQWHSORVLYDWHPGLIHUHQWHVFRQWH[WRVTXHHPGHWHUPLQDGRVDPELHQWHV FRPRHP>¶LVW6L@²TXDQGRR>W@pVHJXLGRSRU>L@HSUHFHGLGRSRUYRJDOFRURQDOVHJXLGDGH>V@  HVVDSORVLYDVHWRUQDHPIDODQWHVGHGLDOHWRQmRDIULFDGRUWmRSDODWDOL]DGDFRPRDGHIDODQWHV DIULFDGRUHVFRPRVHYrHP E FRPSDUDQGRVHFRPDDIULFDGD>W6@HP D  1D YHUGDGH FRP HVVH H[HPSOR $OEDQR H[SOLFLWD WDPEpP D UHOHYkQFLD GR FRQWH[WR OLQJtVWLFR QR HPSUHJR GH VHJPHQWRV TXDQGR UHIHUH WH[WXDOPHQWH TXH ´ILFD FODUR TXH RV IDODQWHVGHGLDOHWRVQmRDIULFDGRUHVSUHFLVDPGHRXWURVIDWRUHVDOpPGHXP>L@VHJXLQWHSDUD GHVODQFKDU D SDODWDOL]DomRµ ( UHVVDOWD TXH ´TXDQGR HVVHV IDWRUHV VH DFXPXODP R SURFHVVR VXUSUHHQGHQWHPHQWH WRUQDVH DXGtYHOµ &RQFOXL SRUWDQWR TXH µR GLVFUHWR H R FRQWtQXR FRQYLYHPODGRDODGRµ S   (VSHFWURVGDOLEHUDomRGDFRQVRDQWHHP D >W6@D

9

E LV>W@H IDODQWHQmRDIULFDGRU

&RPSDUDQGRVH RV HVSHFWURV HP D  H E  YrVH TXH VmR H[WUHPDPHQWH VHPHOKDQWHV SRLV RV GRLV PRVWUDPVH FRPR UHVVDOWD $OEDQR  S  FRPSDFWRV H DVFHQGHQWHV 3DUD UHJLVWUDU D GLIHUHQoD FRP >W@ $OEDQR PRVWUD TXH R HVSHFWUR GHVVD FRQVRDQWH p DR FRQWUiULR GLIXVRHGHVFHQGHQWHFRPRVHYrHP    (VSHFWURGDOLEHUDomRGDFRQVRDQWHHP>W@D

&RP HVVH HVWXGR GL] $OEDQR  S  TXH D SDODWDOL]DomR RFRUUH JUDGLHQWHPHQWH HPGLDOHWRVQmRDIULFDGRUHVFRPVDOLrQFLDQRFRQWH[WRHPTXH>W@pVHJXLGRGH>L@HSUHFHGLGR GH YRJDO FRURQDO VHJXLGD GH >V@ SRUTXH ´D VHPHOKDQoD HQWUH YRJDLV GH VtODEDV DGMDFHQWHV IDYRUHFHDVXDVREUHSRVLomRID]HQGRFRPTXHDVFRQVRDQWHVFRURQDLVHPSXUUDGDVSRUDPERV RV JHVWRV YRFiOLFRV IOXWXHP VREUH DV YRJDLV DQWHULRUHV SDODWDOL]DQGRVHµ ( LVVR RFRUUH SUHGRPLQDQWHPHQWHHPVtODEDViWRQDVFRPRDSRVW{QLFDQmRILQDOQRYRFiEXOROLQJtVWLFDSRU H[HPSOR´SRUTXHDEDWLGDULWPLFDPHQWHIUDFDGRVSURSDUR[tWRQRVIDYRUHFHRGHVOL]DPHQWRGD FRQVRDQWHVREUHDFRGDGRJHVWRGDYRJDOW{QLFDHHVVDSRVLomRIDYRUHFHDUHGXomRGRJHVWR FRQVRQDQWDOSURYRFDQGRRHQIUDTXHFLPHQWRGDREVWUXomRµ$RFRQFOXLUHVVHFRPSRUWDPHQWR QmRVySDUDDVSORVLYDVFRURQDLVRSUHVHQWHPRGHORHVWiSUHYHQGRTXHDSDODWDOL]DomRWHQGHUi D DFRQWHFHU FRP RXWUDV FRQVRDQWHV FRURQDLV HP FRQWH[WR LGrQWLFR $ FDSDFLGDGH GH JHQHUDOL]DomRGDSURSRVWDSRUWDQWRpLQGLVFXWtYHO 2VH[HPSORVUHIHULGRVSRU$OEDQR  DWHVWDPFODUDPHQWHDLQIOXrQFLDGRDPELHQWH OLQJtVWLFRQDIRQRORJLDHDFRQVHTHQWHJUDGLrQFLDGHVXDPDQLIHVWDomRHPPXLWRVIHQ{PHQRV FRPR R GD SDODWDOL]DomR (YLGHQFLDP TXH HQWmR p IXQGDPHQWDOPHQWH D VHTrQFLD GD FRURQDOLGDGH TXH IDYRUHFH D SDODWDOL]DomR GD SORVLYD FRURQDO R TXH YHP HP FHUWR VHQWLGR FRQILUPDUDFRHUrQFLDGDVFRQFOXV}HVUHSUHVHQWDGDVHPHVWUXWXUDVDXWRVVHJPHQWDLVHP  HHP  HSHOD7HRULDGD2WLPLGDGHYHPFRUURERUDUDSHUWLQrQFLDGRIXQFLRQDPHQWRQDKLHUDUTXLD GHUHVWULo}HVGR3%GDUHVWULomR&2521$/$/72FRPR  HYLGHQFLD 2 WUDEDOKR OHYD D FRQFOXLUVH TXH QD EXVFD SHUPDQHQWH GH GHVFULo}HV DFXUDGDV H GH H[SOLFDo}HVFRQVLVWHQWHVSDUDRVIHQ{PHQRVGDDTXLVLomRGDIRQRORJLDHGHGHVYLRVIRQROyJLFRV GR GHVHQYROYLPHQWR DV SHVTXLVDV HVWmR DSRQWDQGR SDUD D QHFHVVLGDGH FUHVFHQWH GH DWHQomR 10

HVSHFLDO DRV FRQWH[WRV OLQJtVWLFRV GRV GDGRV HVWXGDGRV VHMD QD SURSRVLomR GH WHVWHV GH DYDOLDomR VHMD QD DQiOLVH GRV FRUSRUD REWLGRV $OpP GLVVR IXQGDPHQWDO p DWHQWDU SDUD R HPEDVDPHQWR WHyULFR GD DQiOLVH ² QHP WRGRV RV PRGHORV WHyULFRV WrP D PHVPD FDSDFLGDGH H[SODQDWyULDHSUHGLWLYD²HpEDVLODUOHPEUDUTXHRVHVWXGRVQmRWrPGHYLQFXODUVH RXQmR SRGHP  D XP ~QLFR PRGHOR GHYHQGRVH SURFXUDU PXLWDV YH]HV HP YLUWXGH GD UHDOLGDGH PXOWLIDFHWDGDGDOtQJXDPDLVGHXPDWHRULDQmRVHGHYHHVTXHFHUTXHDH[SUHVVmRH[WHUQDGD OLQJXDJHPpDUWLFXODGDHTXHSRUWDQWRIRQpWLFDHIRQRORJLDWrPGHVHUDOLDGDVQXPHVWXGRTXH VHTXLVHUFRPSOHWRSDUWLFXODUPHQWHHPVHWUDWDQGRGHDTXLVLomRGDOLQJXDJHPVHMDHPFDVRGH SURFHVVRFRQVLGHUDGRQRUPDORXHPFDVRGHGHVYLRGRGHVHQYROYLPHQWRIRQROyJLFR $*5$'(&,0(1726 $JUDGHoRDR&13TSHORDSRLRjSHVTXLVD3URFHVVRQž $JUDGHoR DR 3URI -RUJH :DOWHU GD 5RFKD (VSLJD SHOR DSRLR QD XWLOL]DomR GR SDFRWH 9$5%58/ $JUDGHoRjV%ROVLVWDVGH,QLFLDomR&LHQWtILFDGD8&3(/SHORDSRLRQRWUDWDPHQWRGRVGDGRV GDSHVTXLVD 5()(5È1&,$6%,%/,2*5É),&$6 $/%$12(&2JHVWRDUWLFXODWyULRFRPRXQLGDGHI{QLFDDEVWUDWDLQGtFLRVGDIDODLQIDQWLOH HYLGrQFLDV GD IDOD DGXOWD ,Q /$035(&+755 RUJ  $TXLVLomR GD OLQJXDJHP TXHVW}HV H DQiOLVHV3RUWR$OHJUH(',38&56 BBBBBB 2 *HVWR H VXDV %RUGDV ² HVERoR GH IRQRORJLD DF~VWLFRDUWLFXODWyULD GR 3RUWXJXrV %UDVLOHLUR&DPSLQDV0HUFDGRGH/HWUDV$/%)$3(63 %,62//+DUPRQL]DomRYRFiOLFD7HVHGH'RXWRUDGR5LRGH-DQHLUR8)5- %,62// +25$'GD3DODWDOL]DomRGDRFOXVLYDGHQWDOHIRQRORJLDOH[LFDO$FWDVGR,; (QFRQWURGD$VVRFLDomR3RUWXJXHVDGH/LQJt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

Suggest Documents