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&DUORV$OEHUWRGL)UDQFR0LWRGHUUHWHQGR_#336

&DUORV$OEHUWRGL)UDQFR
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FRUUXSWRVFULVH'LOPDHVFkQGDORHVWDGmRODYD
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2V GHIHLWRV SHVVRDLV H DV OLPLWDo}HV KXPDQDV GRV KRPHQV


S~EOLFRV LQHYLWiYHLV H UHFRUUHQWHV FRPR DV FKXYDV GH YHUmR QmR
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$ YLGD S~EOLFD FRP UDUDV H FRQWDGDV H[FHo}HV WUDQVIRUPRXVH
QXP HVSDoR PDILRVR QXPD DYHQLGD WUDQVLWDGD SRU JRYHUQDQWHV
FRUUXSWRVSROtWLFRVFtQLFRVHJDQJXHVHVSHFLDOL]DGDVQRDVVDOWRDR
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1mREDVWDVVHWXGRLVVRHQmRpSRXFRR%UDVLOIRLWRPDGRSRUXP
JUXSR GLVSRVWR D LPSRU j VRFLHGDGH XP PRGHOR LGHROyJLFR
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SURGXomR H GH IOH[LELOL]DomR GR FUpGLWR SRSXODU SDUD HVWLPXODU
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RV SURJUDPDV GH LQYHVWLPHQWR GH PDWXUDomR PDLV OHQWD HP EHQV
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H RXWURV REMHWRV GH FRQVXPR PDV TXDQGR VDHP SRUWD DIRUD DV
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KWWSZZZSSVRUJEUFDUORVDOEHUWRGLIUDQFRPLWRGHUUHWHQGR





&DUORV$OEHUWRGL)UDQFR0LWRGHUUHWHQGR_#336

DGHTXDGDHQILPRVEHQVVRFLDLVTXHVmRPXLWRPDLVHVVHQFLDLVD
XP SDGUmR GH YLGD GLJQR GR TXH RV EHQV GH FRQVXPR TXH OKHV
RIHUHFHPDLOXVyULDVHQVDomRGHSURVSHULGDGH
2EROLYDULDQLVPRWXSLQLTXLPHVWUDWHJLFDPHQWHLPSODQWDGRSRU/XOD
UHQGHX ERQV UHVXOWDGRV DRV VHXV OtGHUHV PXLWR SRGHU H PXLWR
GLQKHLUR 1mR FRQWDUDP QR HQWDQWR FRP WUrV IDWRUHV
FRPSOLFDGRUHV D IRUoD LQHVFDSiYHO GD UHDOLGDGH HFRQ{PLFD R
SDSHOGDOLEHUGDGHGHLPSUHQVDHDLQGHSHQGrQFLDGDVLQVWLWXLo}HV
$ SROtWLFD HFRQ{PLFD SRSXOLVWD TXH FRPR KRMH VH FRQVWDWD QmR
WLQKD SRVVLELOLGDGH GH VH VXVWHQWDU SURYRFRX D FDWDVWUyILFD FULVH
TXH PDOWUDWD R %UDVLO UHGX]LX D Sy R FDSLWDO SROtWLFR GR 37 H
WUDQVIRUPRX /XOD QXP QiXIUDJR TXH VH DJDUUD j PLUDJHP GH VXD
FDQGLGDWXUD HP  1mR YDL IXQFLRQDU /XOD p XP PDQLSXODGRU
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GRVIDWRVQRGHVSHQKDGHLURGDGHFHSomR
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LPRELOLiULRV GR H[SUHVLGHQWH FDUUHJDGDV GH IODJUDQWHV
LQFRHUrQFLDV Vy UHIRUoDP DV VXVSHLWDV FRQWUD /XOD H D VXD
SURPLVFXLGDGH FRP HPSUHViULRV FRUUXSWRV $ SRSXODomR HVWi
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FRUUHGRUHV GD PRUWH GR 686 5HFHQWH SHVTXLVD GR ,QVWLWXWR ,SVRV
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VXFHVVLYRV H UDLYRVRV DWDTXHV j PtGLD EDODQFHDGRV FRP
GHFODUDo}HV IRUPDLV GH DGHVmR j GHPRFUDFLD QmR FRQVHJXHP
KWWSZZZSSVRUJEUFDUORVDOEHUWRGLIUDQFRPLWRGHUUHWHQGR





&DUORV$OEHUWRGL)UDQFR0LWRGHUUHWHQGR_#336

PDLVHVFRQGHUVHXVGUDJ}HVLQWHULRUHV/XODHVWiGHVHVSHUDGRFRP
RDYDQoRGD/DYD-DWR
2V EUDVLOHLURV WUDEDOKDGRUHV H KRQUDGRV ROKDP FRP FUHVFHQWH
HVSHUDQoD SDUD DV LQVWLWXLo}HV GD 5HS~EOLFD /XOD H 'LOPD
IUHTXHQWHPHQWHH[DOWDPRPpULWRGRJRYHUQRGHHVWDULQYHVWLJDQGR
D FRUUXSomR SHOD SULPHLUD YH] QD +LVWyULD GR %UDVLO &LQLVPR
HPEOHPiWLFR
(P SULPHLUR OXJDU DPLJR OHLWRU R JRYHUQR QmR HVWi DSXUDQGR
QDGD$RFRQWUiULR(VWiVHQGRLQYHVWLJDGR$2SHUDomR/DYD-DWR
YDLFRPSRQGRXPTXDGURGHFRUUXSomRTXHDUUDQKRXJUDYHPHQWH
D KLVWyULD D VD~GH ILQDQFHLUD D PDUFD H R IXWXUR GH XP tFRQH GR
%UDVLOD3HWUREUiV/XODH'LOPDTXHLUDPRXQmRHVWmRQRROKRGR
IXUDFmR
2 SDQRUDPD GH DPSOD JHUDO H LUUHVWULWD EDQGDOKHLUD HVFDQFDUDGR
SHODGLYXOJDomRGLiULDGHQRYDVHHVFDQGDORVDVSLOKDJHQVDFRUGRV
H FKDQWDJHQV FRORFD R %UDVLO GLDQWH GR ULVFR GD EDQDOL]DomR GD
VDIDGH]D TXH SRGH PDWDU D LQGLJQDomR GHVWUXLU D HVSHUDQoD H
JHUDU XP LQGHVHMiYHO IDWDOLVPR e LVVR FDUR OHLWRU TXH D
EDQGLGDJHP TXHU 0DV p LVVR TXH YRFr EUDVLOHLUR KRQUDGR QmR
SRGHDFHLWDU
$FULVHHFRQ{PLFDHSROtWLFDpJUDYtVVLPD0DVDVXDUDL]ppWLFDH
PRUDO 2 HVSDoR S~EOLFR p XP GHVHUWR GH SULQFtSLRV GH YDORUHV H
GH JUDQGH]D 9LUDU R MRJR QmR GHSHQGH GH VDOYDGRUHV GD SiWULD
PDVGHWUDEDOKRKRQHVWLGDGHHFRPSHWrQFLD$GHPRFUDFLDWHPR
PHOKRUUHPpGLRRYRWR2%UDVLOYDLJDQKDURMRJR 2(VWDGRGH6
3DXOR

KWWSZZZSSVRUJEUFDUORVDOEHUWRGLIUDQFRPLWRGHUUHWHQGR



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