cfd1 - ubiwebx.ubi.pt/~pjpo/cfd.pdf · 2005. 12. 23. · -4-&dstwxor ,qwurgxomr ,psruwkqfld grv...

165

Upload: others

Post on 27-Jan-2021

1 views

Category:

Documents


0 download

TRANSCRIPT

  • 81,9(56,'$'( '$ %(,5$ ,17(5,25

    0(&Æ1,&$ &20387$&,21$/

    3DXOR -RUJH GRV 6DQWRV 3LPHQWHO GH 2OLYHLUD

    127$6 ','È7,&$6

    'HSDUWDPHQWR GH (QJHQKDULD (OHFWURPHFkQLFD8QLYHUVLGDGH GD %HLUD ,QWHULRU

    ������

  • -1-

    ËQGLFH

    �� ,QWURGXomRÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ���� ,PSRUWkQFLD GRV IHQyPHQRV FRP IOXLGRV H FDORU ���� 1HFHVVLGDGH GH SHUFHEHU H SUHYHU IHQyPHQRV ItVLFRVÂÂÂÂÂÂÂ���� 1DWXUH]D GDV SUHYLV}HVÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ���� 2EMHFWLYR GD GLVFLSOLQD ���� 0pWRGRV GH SUHYLVmRÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ�

    �� 'HVFULomR PDWHPiWLFD GRV IHQyPHQRV ItVLFRV ���� (TXDo}HV GLIHUHQFLDLV GH SDUWLGDÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ�

    ����� 6LJQLILFDGR GH XPD HTXDomR GLIHUHQFLDO ������ &RQVHUYDomR GH XPD HVSpFLH TXtPLFDÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������� &RQVHUYDomR GD HQHUJLD ������� (TXDomR GD TXDQWLGDGH GH PRYLPHQWR ������� (TXDo}HV PpGLDV SDUD HVFRDPHQWRV WXUEXOHQWRV ÂÂ������� $ HTXDomR GLIHUHQFLDO JHUDO ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ��

    ��� 1DWXUH]D GDV FRRUGHQDGDV ������� (VFROKD GDV FRRUGHQDGDVÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������� &RRUGHQDGDV GH ��VHQWLGR H ��VHQWLGRV ��

    ��� $QH[R� (TXDo}HV GLIHUHQFLDLV ��

    �� 0pWRGR GH GLVFUHWL]DomR ����� 1DWXUH]D GRV PpWRGRV QXPpULFRV ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ����� 0pWRGRV SDUD GHGX]LU HTXDo}HV GLVFUHWL]DGDV  ��

    ����� 'LIHUHQoDV ILQLWDV ������� (OHPHQWRV ILQLWRVÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������� 9ROXPHV ILQLWRV ��

    ��� ([HPSOR GH GLVFUHWL]DomR XQLGLPHQVLRQDO ����� 3ULQFtSLRV JHUDLV ����� $V TXDWUR UHJUDV EiVLFDVÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ��

    �� &RQGXomR GH FDORU ����� 2EMHFWLYR ����� &RQGXomR GH FDORU HVWDFLRQiULD H XQLGLPHQVLRQDOÂÂÂÂÂÂÂÂÂÂÂÂÂ��

    ����� (TXDo}HV EiVLFDV ������� (VSDoDPHQWR GD PDOKD ������� &RQGXWLELOLGDGH QD IDFH GR 9& ������� 7UDWDPHQWR GH QmR�OLQHDULGDGHVÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������� /LQHDUL]DomR GR WHUPR IRQWHÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������� &RQGLo}HV IURQWHLUD ������� 5HVROXomR GR VLVWHPD GH HTXDo}HV OLQHDUHV ��

    ��� &RQGXomR QmR HVWDFLRQiULD XQLGLPHQVLRQDOÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ��

  • -2-

    ����� 'LVFUHWL]DomR GD HTXDomR JHUDO ������� (VTXHPDV GH GLVFUHWL]DomR QR WHPSR ������� $V HTXDo}HV GLVFUHWL]DGDV FRP HVTXHPD LPSOtFLWR ��

    ��� 6LWXDomR ELGLPHQVLRQDO H WULGLPHQVLRQDO ������� &DVR ��' ������� &DVR ��' ������� 6ROXomR GDV HTXDo}HV DOJpEULFDVÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ��

    ��� 6XEUHOD[DomR H VREUHUHOD[DomRÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ����� &RQVLGHUDo}HV JHRPpWULFDV ��

    ����� 7LSRV GH PDOKD ������� 2XWURV VLVWHPDV GH FRRUGHQDGDVÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ��

    ��� $QH[R� 7UDWDPHQWR GDV FRQGLo}HV IURQWHLUD FRP PDOKD % ��

    �� &RQYHFomR H GLIXVmR ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ����� ,QWURGXomRÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ����� &RQYHFomR H GLIXVmR HP UHJLPH HVWDFLRQiULR

    XQLGLPHQVLRQDOÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������� (VTXHPD GH GLIHUHQoDV FHQWUDLV �&'6� ������� (VTXHPD GH GLIHUHQoDV �8'6�ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ��XSZLQG����� (VTXHPD GH GLIHUHQoDV H[SRQHQFLDO �(;3� ������� (VTXHPD GH GLIHUHQoDV KtEULGDV �+'6� ��

    ��� 'LIXVmR QXPpULFD ������� (P SUREOHPDV XQLGLPHQVLRQDLV ������� 2UGHP GH FRQYHUJrQFLD GR HVTXHPD &'6 ������� (P SUREOHPDV PXOWLGLPHQVLRQDLV  ��

    ��� 7pFQLFD GH FRUUHFomR GLIHULGD ����� 3UREOHPDV PXOWLPHQVLRQDLV ����� (VTXHPDV GH RUGHP VXSHULRU �+26�ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ��

    ����� (VTXHPD �OLQHDU �/8'6� ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ��XSZLQG����� (VTXHPD �TXDGUiWLFR �48,&.�ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ��XSZLQG

    �� &iOFXOR GR FDPSR GH YHORFLGDGH ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ����� 1HFHVVLGDGH GH XP PpWRIR HVSHFLDO ��

    ����� 'LILFXOGDGH HVVHQFLDO ������� 0pWRGRV EDVHDGRV QD HTXDomR GD YRUWLFLGDGHÂÂÂÂÂÂÂ��

    ��� $OJXPDV GLILFXOGDGHV UHODFLRQDGDV ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������� 5HSUHVHQWDomR GR WHUPR GH JUDGLHQWH GH SUHVVmRÂ������� 5HSUHVHQWDomR GD HTXDomR GD FRQWLQXLGDGHÂÂÂÂÂÂÂÂÂÂ��

    ��� 6ROXomR� PDOKDV GHVORFDGDV� RX GHVIDVDGDV � � Â��VWDJJHUHG��� $V HTXDo}HV GD TXDQWLGDGH GH PRYLPHQWR ����� &RUUHFo}HV GH SUHVVmR H YHORFLGDGHÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ����� $ HTXDomR GD FRUUHFomR GH SUHVVmRÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ����� 2 DOJRULWPR 6,03/( ���

  • -3-

    ����� 6HTXrQFLD GH RSHUDo}HV �������� 'LVFXVVmR GD HTXDomR SDUD D FRUUHFomR GH

    SUHVVmRÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ�������� &RQGLo}HV IURQWHLUD SDUD D FRUUHFomR GH SUHVVmRÂÂÂ�������� 2XWUD IRUPD GH H[SOLFDU R 6,03/(ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ���

    �� 7pFQLFDV H DOJRULWPRV PDLV PRGHUQRV ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������ 6XEUHOD[DomR LQHUFLDO� DOJRULWPRV GH DYDQoR QR WHPSR ������ 2 DOJRULWPR 6,03/(& ���

    ����� $OJRULWPR 6,03/(& VHJXQGR IRUPXODomR GHDYDQoR QR WHPSR ���

    ��� $OJRULWPR 6,03/(5ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������ $OJRULWPR 3,62 ������ 0DOKDV QmR�GHVORFDGDV �� ��ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ���QRQ�VWDJJHUHG��� 0DOKDV QmR RUWRJRQDLVÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ���

    �� ([HPSORV GH DSOLFDomR ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������ 0RGHODomR GH XP IRUQR GH YLGUR LQGXVWULDO ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������ (VFRDPHQWR ODPLQDU HP H[SDQV}HV V~ELWDVÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������ (VFRDPHQWR ODPLQDU DR ORQJR GR HVSDoR DQXODU

    HQWUH FLOLQGURV H[FrQWULFRV ������ (IHLWR GR YHQWR VREUH HGLItFLRV UXUDLV ������ (VFRDPHQWRV ELIiVLFRV HP ELIXUFDo}HV HP �7� ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ������ 3URMHFWR GH FDEHoDV GH H[WUXVmR SDUD D SURGXomR

    GH SHUILV SOiVWLFRV  ������ &iOFXOR GH HVFRDPHQWRV GH IOXLGRV YLVFRHOiVWLFRVÂÂÂÂÂÂÂÂÂÂÂÂÂ������ 'HVSUHQGLPHQWR GH YyUWLFHV HP IOXLGR YLVFRHOiVWLFRÂÂÂÂÂÂÂÂÂ������ $SOLFDo}HV HP PHFkQLFD GRV VyOLGRV ���

    %LEOLRJUDILD ���

    2V SULPHLURV FDStWXORV GHVWDV QRWDV IRUDP ODUJDPHQWH EDVHDGRV QR OLYUR GH6�9� 3DWDQNDU �YHU %LEOLRJUDILD�� WHQGR LQFOXVLYH VLGR XVDGDV ILJXUDV REWLGDV GRPHVPR� 2V FDStWXORV � H � VmR QRYRV� H R FDSLWXOR � FRQWpP WDPEpP PDWHULDOQRYR UHODWLYDPHQWH DR OLYUR GH 6�9� 3DWDQNDU� 1R FDStWXOR � p IRUQHFLGR XP$QH[R FRP D GHGXomR PDLV FRPSOHWD GDV HTXDo}HV GH WUDQVSRUWH TXHLQWHUHVVDP SDUD HVWH HVWXGR� 1HVWDV QRWDV p GDGD rQIDVH VREUHWXGR DRVSUREOHPDV TXH HQYROYHP D PHFkQLFD GRV IOXLGRV H D WUDQVIHUrQFLD GH FDORU HPDVVD� PDV RV PHVPRV SULQFtSLRV SRGHP VHU DSOLFDGRV HP VLWXDo}HV GDPHFkQLFD GRV VyOLGRV�

  • -4-

    &DStWXOR �� ,QWURGXomR

    ��� ,PSRUWkQFLD GRV IHQyPHQRV FRP IOXLGRV H FDORU

    3URFHVVRV TXH QRV YmR LQWHUHVVDU� WUDQVIHUrQFLD GH FDORU H PDVVD HVFRDPHQWRV GH IOXLGRV UHDFo}HV TXtPLFDV RXWURV UHODFLRQDGRV

    2FRUUHP HP� HTXLSDPHQWR GH HQJHQKDULD QR DPELHQWH QDWXUDO HP RUJDQLVPRV YLYRV

    ([HPSORV PDLV FRQFUHWRV� FHQWUDLV WpUPLFDV GH SRWrQFLD �HOpFWULFD� FDORU� DTXHFLPHQWR H DU�FRQGLFLRQDGR LQG~VWULDV TXtPLFDV H PHWDO~UJLFDV� TXH XWLOL]DP HTXLSDPHQWRV FRPR�IRUQRV� SHUPXWDGRUHV GH FDORU� FRQGHQVDGRUHV� UHDFWRUHV� RQGHRFRUUHP SURFHVVRV WpUPLFRV H GH IOXLGRV

    DYLDomR H �URFNHWV� �SURSXOVmR� DHURGLQkPLFD� PiTXLQDV HOpFWULFDV H FLUFXLWRV HOHFWUyQLFRV� RQGH D WUDQVIHUrQFLD GHFDORU DSDUHFH FRPR R IDFWRU OLPLWDWLYR TXH YDL LQIOXHQFLDU R GHVLJQ

    KHPRGLQkPLFD QR VLVWHPD FLUFXODWyULR KXPDQR �SUHYHQomR GHGRHQoDV FDUGLRYDVFXODUHV�

    ��� 1HFHVVLGDGH GH SHUFHEHU H FRQVHJXLU SUHYHUIHQyPHQRV ItVLFRV

    8PD YH] TXH RV SURFHVVRV DFLPD HQXQFLDGRV WrP XPD LQIOXrQFLDGHWHUPLQDQWH QD YLGD KXPDQD� WHPRV GH VHU FDSD]HV GH RV SHUFHEHU H GH RVFRQVHJXLU SUHYHU� 6y DVVLP SRGHUHPRV PHOKRUDU R SURMHFWR GRV HTXLSDPHQWRVRQGH HVVHV SURFHVVRV RFRUUHP� GH IRUPD D SURGX]LU HTXLSDPHQWRV PDLVHILFD]HV �SRU H[HPSOR� XP IRUQR FRQVXPLU PHQRV FRPEXVWtYHO� RX JHUDUPHQRV SROXLomR����

    1RV IHQyPHQRV QDWXUDLV HVWD QHFHVVLGDGH GH SUHYLVmR WRUQD�VH DLQGD PDLVUHOHYDQWH� FRQWURODU IRJRV IORUHVWDLV RX LQFrQGLRV� SUHYHU PDUpV H LQXQGDo}HV�PHWHRURORJLD �WHPSHVWDGHV� IXUDF}HV�� HWF�

  • -5-

    ��� 1DWXUH]D GDV SUHYLV}HV

    %DVLFDPHQWH XPD SUHYLVmR FRQVLVWH QR FRQKHFLPHQWR GRV YDORUHV GDV GLYHUVDVYDULiYHLV H JUDQGH]DV TXH FRQWURODP R SURFHVVR TXH QRV LQWHUHVVD� 3RUH[HPSOR� D SUHYLVmR FRPSOHWD GH XPD FkPDUD GH FRPEXVWmR IRUQHFH�QRV RVYDORUHV� HP WRGRV RV SRQWRV� GH�

    YHORFLGDGH GRV JDVHV SUHVVmR WHPSHUDWXUD FRQFHQWUDomR GH HVSpFLHV TXtPLFDV �&2 � &2� 2 � 1 � 12�� � �

    'HYH DLQGD IRUQHFHU RV YDORUHV QDV IURQWHLUDV GD FkPDUD GH� WHQVmR GH FRUWH IOX[RV GH FDORU FDXGDLV PiVVLFRV

    8PD SUHYLVmR SRGH DLQGD LQIRUPDU FRPR p TXH FDGD XPD GHVWDV TXDQWLGDGHVYDL YDULDU HP UHVSRVWD D PRGLILFDo}HV GH SDUkPHWURV JHRPpWULFRV� FRQGLo}HVIURQWHLUD� HWF� (VWH DVSHFWR �� �� p PXLWR LPSRUWDQWH SRLVHVWXGR SDUDPpWULFRp DWUDYpV GH HVWXGRV SDUDPpWULFRV TXH RV PpWRGRV GH SUHYLVmR QXPpULFDFRPSOHWDP H VH VREUHS}HP DRV PpWRGRV H[SHULPHQWDLV�

    ��� 2EMHFWLYR GD GLVFLSOLQD

    'HVFUHYHU XPD PHWRGRORJLD GH SUHYLVmR FRPSOHWDPHQWH JHQpULFD� SDUDSUREOHPDV GH WUDQVIHUrQFLD GH FDORU H PDVVD� H GH GLQkPLFD GRV IOXLGRV� 'HIDFWR� D PHVPD PHWRGRORJLD SRGH VHU DSOLFDGD D SUREOHPDV GD PHFkQLFD GRVVyOLGRV� HQYROYHQGR HODVWLFLGDGH H SODVWLFLGDGH� 2 PpWRGR VHUi HQXPpULFRGR WLSR GH �YROXPHV ILQLWRV

    8PD YH] TXH D PHWRGRORJLD p JHQpULFD� YDL WHU D YDQWDJHP GH QmR QHFHVVLWDUGH UHFRUUHU D DSUR[LPDo}HV PXLWDV YH]HV XVDGDV SDUD VLPSOLILFDU XPSUREOHPD� WDLV FRPR�

    XQLGLPHQVLRQDO ���'� RX ELGLPHQVLRQDO ���'� DSUR[LPDo}HV GH �FDPDGD OLPLWH� SDUD HVFRDPHQWR GH IOXLGRV SURSULHGDGHV ItVLFDV FRQVWDQWHV �GHQVLGDGH� YLVFRVLGDGH� HWF

  • -6-

    ��� 0pWRGRV GH SUHYLVmR

    2V PpWRGRV XWLOL]DGRV QR HVWXGR GH SURFHVVRV GH FDORU H IOXLGRV SRGHPGLYLGLU�VH HP�

    D� LQYHVWLJDomR H[SHULPHQWDOE� LQYHVWLJDomR WHyULFD

    D� ,QYHVWLJDomR H[SHULPHQWDO2 PpWRGR PDLV ILiYHO SDUD REWHU LQIRUPDomR VREUH XP SURFHVVR ItVLFR p�QRUPDOPHQWH� DWUDYpV GH PHGLo}HV GLUHFWDV� ([LVWHP QR HQWDQWR DOJXPDVGLILFXOGDGHV�

    SUREOHPD HP HIHFWXDU PHGLo}HV j HVFDOD UHDO� SUREOHPD GH H[WUDSRODU PHGLo}HV HP PRGHORV UHGX]LGRV SDUD DHVFDOD UHDO �p QRUPDOPHQWH LPSRVVtYHO JDUDQWLU TXH WRGRV RVSDUkPHWURV DGLPHQVLRQDLV VH PDQWrP LJXDLV�� WHU HP FRQWD TXH DV PHGLo}HV QmR VmR IiFHLV H LQWURGX]HP HUURV�SRU H[HPSOR� PHGLU YHORFLGDGH RX WHPSHUDWXUD FRP R ILR�TXHQWH��

    E� ,QYHVWLJDomR WHyULFD5HVROYHP�VH DV HTXDo}HV GR �PRGHOR PDWHPiWLFR�� TXH UHSUHVHQWD DUHDOLGDGH ItVLFD� 1RUPDOPHQWH R PRGHOR PDWHPiWLFR FRQVLVWH QXP FRQMXQWR GHHTXDo}HV jV GHULYDGDV SDUFLDLV �HTXDo}HV GH JRYHUQR��

    0pWRGRV SXUDPHQWH Vy FRQVHJXHP REWHU VROXo}HV HPDQDOtWLFRVFDVRV PXLWR SDUWLFXODUHV �YHU SRU H[HPSOR XP OLYUR FOiVVLFR GH FRQGXomR GHFDORU�� (VVDV VROXo}HV VmR PXLWDV YH]HV GDGDV QD IRUPD GH VpULHV LQILQLWDV� RXHQYROYHP IXQo}HV WUDQVFHQGHQWHV� GH IRUPD TXH D REWHQomR GH YDORUHVQXPpULFRV p Vy SRU VL XPD WDUHID DSUHFLiYHO�

    0pWRGRV FRP R GHVHQYROYLPHQWR GRV FRPSXWDGRUHV� HQXPpULFRV�GRV SUySULRV PpWRGRV QXPpULFRV� H[LVWH KRMH D SRVVLELOLGDGH GH VH UHVROYHUPXLWRV GRV SUREOHPRV SDUD RV TXDLV QmR H[LVWHP VROXo}HV DQDOtWLFDV�

    $ LGHLD EiVLFD GRV PpWRGRV QXPpULFRV UHVLGH QD WUDQVIRUPDomR GDVHTXDo}HV jV GHULYDGDV SDUFLDLV HP HTXDo}HV DOJpEULFDV� TXH VmR UHVROYLGDVQXP Q~PHUR ILQLWR GH SRQWRV�

  • -7-

    1D )LJ� ��� p PRVWUDGD D PDOKD XWLOL]DGD SDUD VH REWHU RV YDORUHV GHWHPSHUDWXUD QXPD GDGD FRQILJXUDomR�

    )LJ� ��� ([HPSOR GH XPD PDOKD FRPSXWDFLRQDO SDUD R FiOFXOR GH XPSUREOHPD GH WUDQVIHUrQFLD GH FDORU�

    9DQWDJHQV GR FiOFXOR WHyULFR � �QXPpULFR � p R SRQWR PDLV LPSRUWDQWH� 1D PDLRU SDUWH GRV FDVRV%DL[R FXVWR

    R FXVWR GH XPD FRUULGD GH FRPSXWDGRU p YiULDV RUGHQV GH JUDQGH]D LQIHULRUDR FXVWR GH XPD LQYHVWLJDomR H[SHULPHQWDO� (VWH IDFWRU DXPHQWD FRP RDXPHQWR GD FRPSOH[LGDGH GR VLVWHPD DQDOLVDGR�

    � XPD LQYHVWLJDomR FRPSXWDFLRQDO SRGH VHU OHYDGD D FDER5DSLGH]PXLWR UDSLGDPHQWH� 8P HQJHQKHLUR SURMHFWLVWD SRGH HVWXGDU DV LPSOLFDo}HVGH FHQWHQDV GH YDULDo}HV GH XP SURMHFWR HP PHQRV GH XP GLD� H DVVLPHVFROKHU R GHVHQKR ySWLPR�

    � XPD VROXomR FRPSXWDFLRQDO SRVVXL WRGD D,QIRUPDomR FRPSOHWDLQIRUPDomR� XPD YH] TXH ILFDP D VHU FRQKHFLGDV WRGDV DV YDULiYHLV� HP WRGRVRV SRQWRV�

    &DSD] GH VLPXODU � QmR Ki QHFHVVLGDGH GH VHFRQGLo}HV UHDLVXVDUHP PRGHORV HP HVFDOD UHGX]LGD RX GH VH LQWURGX]LUHP VLPSOLILFDo}HVDGLFLRQDLV� 3RU H[HPSOR� QXP FDVR FRQFUHWR HQYROYHQGR WUDQVIHUrQFLD GH FDORUp GHVQHFHVViULR FRQVLGHUDU XPD VLWXDomR VLPSOLILFDGD RQGH HVVD WUDQVIHUrQFLDGH FDORU QmR VHMD FRQVLGHUDGD� 7RGRV RV IHQyPHQRV SRGHP VHU LQFOXtGRV�DOWDV H EDL[DV WHPSHUDWXUDV� IOXLGRV Wy[LFRV H LQIODPiYHLV� HWF�

    &DSD] GH VLPXODU � 3RGH WHU LQWHUHVVH QR HVWXGR GDFRQGLo}HV LGHDLVLQIOXrQFLD GH GHWHUPLQDGRV SDUkPHWURV� VHP HQYROYHU FRPSOH[LGDGHVDGLFLRQDLV� ([SHULPHQWDOPHQWH LVVR VHULD PXLWR GLItFLO GH FRQFUHWL]DU�

  • -8-

    'HVYDQWDJHQV GR FiOFXOR WHyULFR

    (VWi OLPLWDGR SHOD YDOLGDGH �JHQHUDOLGDGH� GR PRGHOR PDWHPiWLFR�ItVLFR TXHVH YDL UHVROYHU� 'LYLVmR HP GRLV JUXSRV�

    $� SUREOHPDV TXH GLVS}HP GH PRGHORV PDWHPiWLFRV DGHTXDGRV HSUHFLVRV �H[HPSORV� FRQGXomR GH FDORU� HVFRDPHQWRV ODPLQDUHV� FDPDGDOLPLWH WXUEXOHQWD VLPSOHV� HWF����

    %� SUREOHPDV TXH QmR GLVS}HP DLQGD GH PRGHORV PDWHPiWLFRVWRWDOPHQWH DGHTXDGRV �H[HPSORV� HVFRDPHQWRV WXUEXOHQWRV FRPSOH[RV�FHUWRV IOXLGRV QmR QHZWRQLDQRV� HVFRDPHQWRV ELIiVLFRV� HWF����

    1R FDVR $ QmR H[LVWHP GHVYDQWDJHQV� RFDVLRQDOPHQWH SRGH VHU PDLV FDURHIHFWXDU XP FiOFXOR QXPpULFR GR TXH OHYDU D FDER XPD H[SHULrQFLD �REWHUXPD GHWHUPLQDGD YDULiYHO QXPD JHRPHWULD FRPSOH[D��

    1R FDVR % VmR QHFHVViULRV GDGRV H[SHULPHQWDLV TXH VLUYDP SDUD YDOLGDomR� pQHFHVViULR DLQGD SURFHGHU DR GHVHQYROYLPHQWR GRV SUySULRV PRGHORVPDWHPiWLFRV GH IRUPD D UHSUHVHQWDUHP PHOKRU RV SURFHVVRV UHDLV�

  • -9-

    &DStWXOR �� 'HVFULomR PDWHPiWLFD GRV IHQyPHQRVItVLFRV

    3UHWHQGH�VH QHVWH FDStWXOR�

    0RVWUDU TXH DV HTXDo}HV TXH JRYHUQDP RV SURFHVVRV GH PHFkQLFDGH IOXLGRV� WUDQVIHUrQFLD GH FDORU H PDVVD� H RXWURV� VH SRGHP HVFUHYHU VREXPD IRUPD ~QLFD� YiOLGD SDUD WRGRV�

    )DPLOLDUL]DU R OHLWRU FRP D IRUPD GHVVDV HTXDo}HV H FRP R VLJQLILFDGR�ItVLFR� GRV VHXV WHUPRV�

    ��� (TXDo}HV GLIHUHQFLDLV GH SDUWLGD

    ����� 6LJQLILFDGR GH XPD HTXDomR GLIHUHQFLDO

    ([SULPHP XP FHUWR SULQFtSLR GH FRQVHUYDomR $V YDULiYHLV GHSHQGHQWHV QHVWDV HTXDo}HV VmR SURSULHGDGHV

    HVSHFtILFDV �SRU XQLGDGH GH PDVVD�� SRU H[HPSOR� YHORFLGDGH � IUDFo}HV""PiVVLFDV � HQWDOSLD � HWF� $ HTXDomR H[SUHVVD R EDODQoR HQWUH RV YiULRV& ��IDFWRUHV TXH LQIOXHQFLDP DV YDULiYHLV�

    �([HPSORV GH YiULRV WHUPRV

    ��� XP IOX[R �GXPD TXDQWLGDGH TXDOTXHU� �11WW �

    $ GLIHUHQoD HQWUH R IOX[R TXH VDL H HQWUD DWUDYpV GDV IDFHV SHUSHQGLFXODUHV D% QXP YROXPH GLIHUHQFLDO �YHU )LJ� ���� p GDGD SRU�

    > ?1 ] �%® ^ 1 _ �& �'% %��1%%

    DSyV PXOWLSOLFDomR SHOD iUHD GD IDFH� 'LYLGLQGR SHOR YROXPH H�= y �% �& �'ID]HQGR WHQGHU HVVH YROXPH SDUD ]HUR� REWpP�VH�

    §C1C%

    %

  • -10-

    )LJ� ��� 9ROXPH GH FRQWUROR GLIHUHQFLDO

    )D]HQGR R PHVPR SDUD DV RXWUDV GXDV GLUHFo}HV � H � REWHPRV R IOX[R& ' QHWTXH VDL GHVVH YROXPH GLIHUHQFLDO GH FRQWUROR� SRU XQLGDGH GH YROXPH�

    GLY �����C1 C1 C1C% C& C' C%

    C1% ' �&

    �] ] y y y c11 II 11WW WW WW

    3RUWDQWR� WHPRV TXH R RSHUDGRU GLYHUJrQFLD �GLY �� � UHSUHVHQWD R HIOX[R QHW�D VDLU� GD TXDQWLGDGH � SRU XQLGDGH GH YROXPH��

    ��� WHUPR GH YDULDomR QR WHPSR�

    C

    C!

    ��

    RQGH p XPD SURSULHGDGH HVSHFtILFD� $VVLP UHSUHVHQWD D FRUUHVSRQGHQWH� ��TXDQWLGDGH FRQWLGD QXP HOHPHQWR GH YROXPH XQLWiULR� (VWH WHUPRH[WHQVLYDUHSUHVHQWD D WD[D GH YDULDomR ORFDO GH � SRU XQLGDGH GH YROXPH��

    'HVWH PRGR� H HP JHUDO� XPD HTXDomR GLIHUHQFLDO p XPD FRPSLODomR GHWHUPRV GR WLSR DFLPD UHIHULGR� UHSUHVHQWDQGR XP EDODQoR RX FRQVHUYDomRGXPD GHWHUPLQDGD SURSULHGDGH� 7LSLFDPHQWH�

    $XPHQWR WHPSRUDO GH GHQWUR GR 9&��C

    C!

    ��y

    )OX[RV �FRQYHFWLYRV RX GLIXVLYRV� GH �SRVLWLYRV D HQWUDU� )RQWHVy ]QHW �GH �

  • -11-

    ����� &RQVHUYDomR GH XPD HVSpFLH TXtPLFD

    'HQRWDQGR SRU D IUDFomR PiVVLFD GD HVSpFLH TXtPLFD �SRU H[HPSOR� &2& �� �RX 2 �� WHPRV��

    �QXP FHUWR YROXPH�& y�PDVVD GH

    PDVVD WRWDO

    1D SUHVHQoD GH XP FDPSR GH YHORFLGDGH � D FRQVHUYDomR GH p H[SUHVVD""WW &�FRPR�

    GLY �����C &

    C!

    � � ] & ] ® y 9� "" 11WW WW��

    � �

    RQGH�

    � WD[D GH YDULDomR ORFDO GD PDVVD GD HVSpFLH TXtPLFD � SRUC &

    C!

    � � �

    XQLGDGH GH YROXPH >NJ�V P @��

    � IOX[R FRQYHFWLYR GD HVSpFLH � LVWR p� IOX[R WUDQVSRUWDGR SHOR�""WW& ��FDPSR GH YHORFLGDGH >NJ�V P @�""WW �

    � IOX[R GLIXVLYR� QRUPDOPHQWH GHYLGR j H[LVWrQFLD GH JUDGLHQWHV GH11WW��

    &� �D GLYHUJrQFLD GR IOX[R WRWDO FRQYHFWLYR�GLIXVLYR p R � WHUPR GDHTXDomR GLIHUHQFLDO� >NJ�V P @��

    � WD[D GH JHUDomR GD HVSpFLH SRU XQLGDGH GH YROXPH� GHYLGR D9 ��UHDFomR TXtPLFD� SRGH VHU SRVLWLYR �VH D UHDFomR SURGX]LU � RX&�QHJDWLYR �VH D UHDFomR FRQVXPLU �� VH QmR KRXYHU UHDFomR�& 9 y �� �>NJ�V P @��

    2 IOX[R GLIXVLYR HVWi UHODFLRQDGR FRP SURFHVVRV PROHFXODUHV �DJLWDomR WpUPLFDGHVRUGHQDGD GDV PROpFXODV� H p QRUPDOPHQWH H[SUHVVR SHOD OHL GH )LFN GDGLIXVmR�

    � � �����11WW WW�

    � � �y ^ &! JUDG

    RQGH p R FRHILFLHQWH GH GLIXVmR� 6XEVWLWXLQGR QD HTXDomR DFLPD� ILFD�!�

    GLY GLY �����C &

    C!

    � � ] & ® y & ® ® ] 9� !""WW WW� �� �JUDG

  • -12-

    ����� &RQVHUYDomR GD HQHUJLD

    1D IRUPD JHUDO HVWD HTXDomR p FRPSOLFDGD �YHU DQH[R�� &RPR R LQWHUHVVHDTXL p D IRUPD GD HTXDomR� H QmR RV GHWDOKHV� YDPR�QRV UHVWULQJLU DR FDVR GHHVFRDPHQWR HVWDFLRQiULR D EDL[D YHORFLGDGH H VHP GLVVLSDomR YLVFRVD� 1HVWHFDVR D HTXDomR ILFD�

    GLY GLY ����� �® y � ; ® ] :� ""WW WWJUDG �

    RQGH� HQWDOSLD HVSHFtILFD >-�NJ@� FRQGXWLELOLGDGH WpUPLFD >:�P .@� WHPSHUDWXUD >.@; WD[D GH JHUDomR GH FDORU SRU XQLGDGH GH YROXPH >:�P @�:� �

    2 WHUPR UHSUHVHQWD R IOX[R GH FDORU SRU FRQGXomR H YHP GD OHL GH� ;JUDGWW)RXULHU � � >:�P @�� 1R FDVR GH JDVHV LGHDLV� RX HP VyOLGRV RX��WW WWy ^ � ;JUDG �

    OtTXLGRV LQFRPSUHVVtYHLV� WHPRV�

    G G� y � ;�

    § � y � ;JUDG JUDGWW WW�

    SHOR TXH D HTXDomR ILFD�

    GLY GLY ����� �® y � ® ] :� ""WW WW���JUDG �

    6H R FDORU HVSHFtILFR D SUHVVmR FRQVWDQWH IRU XQLIRUPH �QR FDVR GH XP��VyOLGR RX OtTXLGR LQFRPSUHVVtYHO � FRQVWDQWH�� WHPRV H�� y � y � � y � ;� # �

    GLY GLY ����� ; ® y ; ® ] : «�� ""WW WW���JUDG � �

    3RUWDQWR D YDULiYHO GHSHQGHQWH SRGH VHU D HQWDOSLD � RX D SUySULD�WHPSHUDWXUD � R TXH� QD PDLRU SDUWH GRV FDVRV� p PDLV FRQYHQLHQWH� 3DUD;FRQGXomR GH FDORU HVWDFLRQiULD� WHPRV H D HTXDomR GD HQHUJLD UHGX]�"" ��WW yVH D�

    GLY �����§ � ; ® ] : y �JUDGWW �

    �HTXDomR GH 3RLVVRQ SDUD D FRQGXomR GH FDORU��

  • -13-

    ����� (TXDomR GD TXDQWLGDGH GH PRYLPHQWR

    3RGH VHU HVFULWD GD PHVPD IRUPD TXH D HTXDomR GD HQHUJLD PDV p PDLVFRPSOLFDGD� SRLV D UHODomR HQWUH DV WHQV}HV � � H D YHORFLGDGH � � p PDLV��BB

    ""WW

    FRPSOH[D TXH D OHL GH )RXULHU� 'H IDFWR� D OHL GH 6WRNHV� RX HTXDomRFRQVWLWXWLYD SDUD XP IOXLGR YLVFRVR QHZWRQLDQR� p GDGD SRU�

    GLY ������� ��B BB BJUDG JUDGy ] ® ^� �WW WW"" "" ""WW WW WW; ��

    RQGH p D YLVFRVLGDGH� p R WHQVRU XQLWiULR� H LQGLFD D WUDQVSRVWD �GR� ��BB;

    RSHUDGRU JUDGLHQWH�� 6H GHVLJQDUPRV SRU D FRPSRQHQWH GD YHORFLGDGH DR"ORQJR GH �LVWR p� R YHFWRU YHORFLGDGH p GHFRPSRVWR QDV VXDV �% ""WW

    FRPSRQHQWHV FDUWHVLDQDV� �� HQWmR D HTXDomR"" �� �� ��WW WWWW WWy " ] # ] $

    FRUUHVSRQGHQWH j FRQVHUYDomR GD TXDQWLGDGH GH PRYLPHQWR VHJXQGR SRGH%HVFUHYHU�VH FRPR�

    GLY GLY ������C "

    C! C%C��

    ] "® y "® ® ^ ] = ] �� � �""WW WWJUDG % %

    RQGH�SUHVVmR >1�P 3D@� y �

    RXWURV WHUPRV YLVFRVRV� QmR LQFOXLGRV HP GLY= y "®% � JUDGWWFRPSRQHQWH GDV IRUoDV H[WHULRUHV PiVVLFDV �WLSLFDPHQWH D� y %%

    DFHOHUDomR GD JUDYLGDGH� >P�V @�

    ����� (TXDo}HV PpGLDV SDUD HVFRDPHQWRV WXUEXOHQWRV

    1D PDLRU SDUWH GRV FDVRV SUiWLFRV HP HQJHQKDULD RV HVFRDPHQWRV VmRWXUEXOHQWRV� H QmR ODPLQDUHV� 'R SRQWR GH YLVWD GR HQJHQKHLUR Vy LQWHUHVVDFRQKHFHU R FRPSRUWDPHQWR PpGLR QR WHPSR GHVVHV HVFRDPHQWRV� H QmRVDEHU HP GHWDOKH� SRU H[HPSOR� FRPR YDULD QR WHPSR XPD FRPSRQHQWH GDYHORFLGDGH� REWLGD QXP GDGR SRQWR�

    $V HTXDo}HV GR EDODQoR GD TXDQWLGDGH GH PRYLPHQWR VmR REWLGDV D SDUWLU GDVHTXDo}HV YiOLGDV HP UHJLPH ODPLQDU� DSOLFDQGR�VH XPD PpGLD WHPSRUDO� �� 2EVHUYD�VH R DSDUHFLPHQWR GH XP WHUPR QRYR� UHODFLRQDGR" y " ] "^� � Z�FRP DV GHQRPLQDGDV WHQV}HV GH 5H\QROGV� RX WHQV}HV WXUEXOHQWDV� ����BB

    ! Z Zy ^ �"" ""WW WW

    3DUD VH FRQVHJXLU UHODFLRQDU HVWH WHUPR FRP RV YDORUHV PpGLRV GD YHORFLGDGH� �� TXH VmR DV YDULiYHLV GHSHQGHQWHV QDV HTXDo}HV PpGLDV� UHFRUUH�VH D XP""W^

  • -14-

    � �� 2V PRGHORV PDLV FRPXQV HP HQJHQKDULD XVDP RPRGHOR GH WXUEXOrQFLDFRQFHLWR GH YLVFRVLGDGH WXUEXOHQWD H GHVVH PRGR DV HTXDo}HV GD TXDQWLGDGHGH PRYLPHQWR ILFDP LGrQWLFDV jV DQWHULRUHV �SDUD UHJLPH ODPLQDU�� PDV FRPRV WHUPRV GLIXVLYRV EDVHDGRV QXPD YLVFRVLGDGH HIHFWLYD � �� � �HI y ]

    !

    >NJ�P�V 3D�V@�� TXH YDULD GH SRQWR SDUD SRQWR H TXH GHSHQGH GH RXWUDVYDULiYHLV PpGLDV�

    8P GRV PRGHORV GH WXUEXOrQFLD PDLV XWLOL]DGRV HP DSOLFDo}HV GH HQJHQKDULD pR PRGHOR N�HSVLORQ� 1HVWH PRGHOR DV YDULiYHLV PpGLDV TXH FDUDFWHUL]DP DWXUEXOrQFLD VmR D HQHUJLD FLQpWLFD GD WXUEXOrQFLD >P �V @� H D WD[D GH� � �

    GLVVLSDomR >P �V @� $ YLVFRVLGDGH WXUEXOHQWD p REWLGD SHOD UHODomR� � �

    ������� �! y *���

    RQGH p XPD FRQVWDQWH GR PRGHOR� 3DUD D GHWHUPLQDomR GH H WRUQD�VH* �� �QHFHVViULR UHVROYHU GXDV HTXDo}HV GH WUDQVSRUWH� DGLFLRQDOPHQWH jV HTXDo}HVGR PRYLPHQWR� $ HTXDomR SDUD � SRU H[HPSOR� HVFUHYH�VH��

    GLY GLY ������C �

    C!

    �] �® y �® ® ] . ^� ! � �""WW WW� JUDG

    RQGH p D WD[D GH JHUDomR GH HQHUJLD WXUEXOHQWD� TXH SRGH VHU UHODFLRQDGD.FRP RV JUDGLHQWHV GH YHORFLGDGH PpGLD� 1RYDPHQWH VH REVHUYD TXH DHTXDomR WHP D PHVPD IRUPD GDV HTXDo}HV GH WUDQVSRUWH DQWHULRUHV�

    ����� $ HTXDomR GLIHUHQFLDO JHUDO

    7RGDV DV HTXDo}HV GH WUDQVSRUWH UHIHULGDV DWp HVWH SRQWR WrP D VHJXLQWHIRUPD JHQpULFD� SDUD XPD YDULiYHO GHSHQGHQWH TXDOTXHU ��

    GLY GLY ������C

    C!

    ��] ® y ® ® ] :� � ! �""WW WW� �JUDG

    RQGH� FRHILFLHQWH GH GLIXVmR GH �! �� WHUPR IRQWH GH �:� �

    (VWD HTXDomR SRVVXL TXDWUR WHUPRV TXH VH LQWHUSUHWDP ILVLFDPHQWH FRPR�

  • -15-

    � WHUPR QmR HVWDFLRQiULR �DFXPXODomR GH GHQWUR GR YROXPHCC!

    ®�� �

    GH FRQWUROR�

    GLY � WHUPR FRQYHFWLYR �DXPHQWR GH GHQWUR GR YROXPH GH ®� � �""WWFRQWUROR GHYLGR DR WUDQVSRUWH SRU IOX[RV FRQYHFWLYRV�

    GLY � WHUPR GLIXVLYR �IOX[R GLIXVLYR QHW� D HQWUDU QR YROXPH ®! ��JUDGWW

    GH FRQWUROR DWUDYpV GD VXD IURQWHLUD�

    � WHUPR IRQWH �JHUDomR GH GHQWUR GR YROXPH GH FRQWUROR��:� �

    4XDOTXHU HTXDomR GLIHUHQFLDO GH WUDQVSRUWH VH SRGH HVFUHYHU GHVWD IRUPD�FRP XPD HVFROKD DGHTXDGD GH H � 3RU YH]HV RV IOX[RV GLIXVLYRV QmR VmR! :SURSRUFLRQDLV DRV JUDGLHQWHV GH � HVVH WLSR GH WHUPRV SRGH VHU�VLPSOHVPHQWH LQFOXLGR QR WHUPR IRQWH � 'HVWH PRGR R �WHUPR IRQWH� SRGH:QmR FRUUHVSRQGHU D XPD YHUGDGHLUD JHUDomR GH � GHYLGD SRU H[HPSOR D XPD�UHDFomR TXtPLFD RX RXWUD FDXVD ItVLFD�TXtPLFD FRQFUHWD� PDV FRQWHU WmR VyWHUPRV TXH QRV LQWHUHVVD Dt LQFOXLU�

    2 FDPSR GH YHORFLGDGH� DOpP GH REHGHFHU j HTXDomR GD TXDQWLGDGH GHPRYLPHQWR� WHP DLQGD GH REHGHFHU j HTXDomR GD FRQWLQXLGDGH�

    GLY ������C

    C!

    �] ® y �� ""WW

    (VWD SRGH WDPEpP VHU HVFULWD VRE D IRUPD JHUDO DQWHULRU� SDUD LVVR� EDVWDID]HU H �� y � : y ��

    0XLWDV YH]HV DR UHVROYHU�VH XP SUREOHPD FRQFUHWR p FRQYHQLHQWH XVDUYDULiYHLV DGLPHQVLRQDLV� $ HTXDomR JHQpULFD GDGD DFLPD SRGH VHU YLVWD FRPRHVWDQGR VRE D IRUPD DGLPHQVLRQDO GHVGH TXH VH IDoDP HVFROKDV DGHTXDGDVSDUD � � H �� � ! :

    6RE IRUPD WHQVRULDO FDUWHVLDQD� DV HTXDo}HV HVFUHYHP�VH�

    ������C C CC! C% C% C%

    C ® ] " ® y ® ] :�� � � !

    � � �� � �

    ������C

    C! C%C�

    ] " ® y ��� �

    FRP � � � H VRPDWyULR SDUD tQGLFHV UHSHWLGRV� SRU H[HPSOR�� y � � �

  • -16-

    CC% C% C% C% C% C& C'

    C " C " C " C " C # C $

    � � � �

    � � � " ® y ] ] y ] ]� �

    � � � � � �

    H

    �C C C CC% C% C% C% C% C% C% C%

    C C C C

    � � � � � � � � ® y ] ]! ! ! !

    � � � �

    $ YDQWDJHP GD IRUPD WHQVRULDO FDUWHVLDQD p TXH SHUPLWH REWHU LPHGLDWDPHQWHDV H[SUHVV}HV XQLGLPHQVLRQDLV� EDVWDQGR SDUD LVVR HOLPLQDU R tQGLFH ��

    7HP DOJXP LQWHUHVVH QRWDU TXH D HTXDomR GLIHUHQFLDO JHUDO IRL GH IDFWR REWLGDD SDUWLU GD VHJXLQWH HTXDomR LQWHJUDO�

    G G G GCC!

    = =

    �� �� ! �# ] y ® c ] : #I I

    "" cc �� ��WW WW WWWW� �JUDG

    RQGH p R YROXPH GR �YROXPH GH FRQWUROR�� D VXD iUHD VXSHUILFLDO H D= I ��WWQRUPDO XQLWiULD H[WHULRU� e DVVLP PDLV FRUUHFWR� SDUD XP PpWRGR GH YROXPHILQLWRV� FRQVLGHUDUPRV VHU HVWD HTXDomR LQWHJUDO R �SRQWR GH SDUWLGD� SDUD DREWHQomR GDV HTXDo}HV GLVFUHWL]DGDV�

    ��� 1DWXUH]D GDV FRRUGHQDGDV

    2 REMHFWLYR GHVWD VHFomR p GLVFXWLU DV SURSULHGDGHV GDV YDULiYHLVLQGHSHQGHQWHV� GXP SRQWR GH YLVWD FRPSXWDFLRQDO�

    (P JHUDO D YDULiYHO p IXQomR GH WUrV FRRUGHQDGDV HVSDFLDLV H GR WHPSR��

    � �y %¼ &¼ '¼ !®

    $ HVFROKD GDV YDULiYHLV LQGHSHQGHQWHV � � � � � p IXQomR GR SUREOHPD� 8P% & ' !SUREOHPD HP TXH D VROXomR GHSHQGD VRPHQWH GH XPD FRRUGHQDGD HVSDFLDO�GL]�VH XQLGLPHQVLRQDO� GD PHVPD IRUPD VH GHILQHP SUREOHPDV ELGLPHQVLRQDLVH WULGLPHQVLRQDLV�

    6H R SUREOHPD QmR GHSHQGHU GR WHPSR� GL]�VH HVWDFLRQiULR� FDVR FRQWUiULR pLQVWDFLRQiULR RX GHSHQGHQWH GR WHPSR �SRGH VHU WUDQVLHQWH RX SHULyGLFR��

  • -17-

    ����� (VFROKD GDV FRRUGHQDGDVe VHPSUH YDQWDMRVR OLPLWDU R Q~PHUR GH FRRUGHQDGDV LQGHSHQGHQWHV DRPtQLPR SRVVtYHO H LVVR SRGH VHU FRQVHJXLGR FRP XPD HVFROKD FULWHULRVD GDVPHVPDV� $OJXQV H[HPSORV LOXVWUDWLYRV GHVWH SRQWR VmR GDGRV GH VHJXLGD�

    ��� 2 HVFRDPHQWR HP WRUQR GXP DYLmR TXH VH PRYH D YHORFLGDGH FRQVWDQWH pLQVWDFLRQiULR� GR SRQWR GH YLVWD GXP VLVWHPD GH FRRUGHQDGDV HVWDFLRQiULR�IL[R QD WHUUD�� PDV p HVWDFLRQiULR UHODWLYDPHQWH D XP VLVWHPD TXH VHPRYH FRP R DYLmR�

    ��� 2 HVFRDPHQWR D[LVVLPpWULFR DR ORQJR GH XP WXER FLUFXODU SDUHFH VHUWULGLPHQVLRQDO QXP VLVWHPD GH FRRUGHQDGDV FDUWHVLDQDV� PDV pELGLPHQVLRQDO HP FRRUGHQDGDV FLOtQGULFDV � � � �� XPD YH] TXH� ' y �¼ '®� � �QmR GHSHQGH GH ��

    ��� 3RU YH]HV XPD WUDQVIRUPDomR GH FRRUGHQDGDV ID] GLPLQXLU R Q~PHUR GHYDULiYHLV LQGHSHQGHQWHV�

    �D� 8PD FDPDGD OLPLWH ELGLPHQVLRQDO VREUH XPD SODFD SODQD WHP XPDVROXomR GH VHPHOKDQoD� WDO TXH D YHORFLGDGH YHP � FRP" y " ® y �� �&«%�«� � 'HVWH PRGR XP SUREOHPD ELGLPHQVLRQDO WUDQVIRUPD�VH HPXQLGLPHQVLRQDO�

    �E� $ FRQGXomR QmR HVWDFLRQiULD QXP VyOLGR VHPL�LQILQLWR WHP %�GLVWkQFLD� H �WHPSR� FRPR YDULiYHLV LQGHSHQGHQWHV� 1R HQWDQWR� SDUD!GHWHUPLQDGDV FRQGLo}HV IURQWHLUD D VROXomR Vy GHSHQGH GH XPD YDULiYHO ��VHQGR D WHPSHUDWXUD GDGD SRU FRP �; y ; ® y *%«!� � �«�

    ��� 8PD PXGDQoD GD YDULiYHO GHSHQGHQWH SRGH WDPEpP OHYDU j UHGXomR GRQ~PHUR GH YDULiYHLV LQGHSHQGHQWHV� ([HPSORV�

    �D� (P HVFRDPHQWR FRPSOHWDPHQWH GHVHQYROYLGR HP FRQGXWDV DWHPSHUDWXUD GHSHQGH GH �FRRUGHQDGD DR ORQJR GR HVFRDPHQWR� H GH; %& �FRRUGHQDGD WUDQVYHUVDO�� &RQWXGR� HP UHJLPH FRPSOHWDPHQWHGHVHQYROYLGR WHUPLFDPHQWH� FRP XPD WHPSHUDWXUD GH SDUHGH ;$XQLIRUPH� D VHJXLQWH PXGDQoD GH YDULiYHO FRQGX] D XP SUREOHPDXQLGLPHQVLRQDO�

    � FRP �# # #y &® y;^;; ^;

    $

    � $

    �E� 3DUD XP MDFWR SODQR ELGLPHQVLRQDO D YHORFLGDGH p IXQomR GH GXDVFRRUGHQDGDV� � � PDV VH IRU GLYLGLGD SHOD YHORFLGDGH QD OLQKD" y "% &®

  • -18-

    FHQWUDO � R SUREOHPD ILFD XQLGLPHQVLRQDO� � FRP H" " y " ® " y "«"� �Z Z Z�� � � �y &« " %® %®� RQGH p D ODUJXUD GR MDFWR� 5HSDUH�VH TXH WDQWR FRPR�VmR IXQo}HV GH �%

    ����� &RRUGHQDGDV GH ��VHQWLGR H ��VHQWLGRV

    'HILQLomR�

    ��VHQWLGRV� DV FRQGLo}HV QXP SRQWR GHVVD FRRUGHQDGD VmR LQIOXHQFLDGDV SRUPXGDQoDV HP FRQGLo}HV HP DPERV RV ODGRV�

    ��VHQWLGR� DV FRQGLo}HV QXP SRQWR VmR LQIOXHQFLDGDV SRU PXGDQoD GHFRQGLo}HV Vy QXP ODGR�

    ([HPSORV�

    FRQGXomR GH FDORU XQLGLPHQVLRQDO QXPD EDUUD PHWiOLFD� VH D WHPSHUDWXUDHP TXDOTXHU GDV H[WUHPLGDGHV IRU PXGDGD� D WHPSHUDWXUD QXP SRQWRPXGD� ORJR D FRRRUGHQDGD HVSDFLDO p GH ��VHQWLGRV� QRUPDOPHQWH DV%FRRUGHQDGDV HVSDFLDLV VmR GH ��VHQWLGRV�

    DUUHIHFLPHQWR LQVWDFLRQiULR GXP VyOLGR� DV FRQGLo}HV SUHVHQWHV QmRGHSHQGHP GR IXWXUR� ORJR D FRRUGHQDGD WHPSRUDO p GH ��VHQWLGR�!

    R HVSDoR SRGH WDPEpP VHU GH ��VHQWLGR� HVFRDPHQWR WLSR FDPDGD OLPLWH�RX VHMD XP HVFRDPHQWR PXLWR IRUWH DR ORQJR GD FRRUGHQDGD � GH WDO%IRUPD TXH QHVVD GLUHFomR D FRQYHFomR VH WRUQD PXLWR VXSHULRU j GLIXVmR�1HVWH FDVR D FRRUGHQDGD p GH ��VHQWLGR H D FRRUGHQDGD �ODWHUDO� p GH% &��VHQWLGRV�

    (VWDV QRo}HV HVWmR LQWLPDPHQWH OLJDGDV jV KDELWXDLV QRo}HV GH �SDUDEyOLFR�� ��VHQWLGR� H �HOtSWLFR� � ��VHQWLGRV�� XVDGDV SDUD FDUDFWHUL]DU HTXDo}HV jVGHULYDGDV SDUFLDLV� $ FRUUHVSRQGHQWH WHUPLQRORJLD XVDGD HP PHFkQLFD GRVIOXLGRV p GHVLJQDU SRU HVFRDPHQWR WLSR �FDPDGD OLPLWH� DTXHOH TXH WHP XPDFRRUGHQDGD GH ��VHQWLGR� H HVFRDPHQWR FRP �UHFLUFXODomR� DTXHOH RQGH DVFRRUGHQDGDV HVSDFLDLV VmR GH ��VHQWLGRV�

    $ QRomR GH �KLSHUEyOLFR� UHIHUH�VH D HTXDo}HV GLIHUHQFLDLV RQGH H[LVWHPOLQKDV �FDUDFWHUtVWLFDV�� PDV RV PpWRGRV QXPpULFRV DTXL DSUHVHQWDGRV QmR DGLVWLQJXHP GD QRomR GH �SDUDEyOLFR�� FRUUHVSRQGHQGR DVVLP D XPDFRRUGHQDGD GH ��VHQWLGR�

  • -19-

    ,PSOLFDo}HV FRPSXWDFLRQDLV

    1XP SUREOHPD FRP XPD FRRUGHQDGD GH ��VHQWLGR R PpWRGR GH UHVROXomRGHYH WLUDU SDUWLGR GLVVR� SDUD FRQVHJXLU JUDQGHV SRXSDQoDV HP PHPyULD HWHPSR GH FRPSXWDomR� 3RU H[HPSOR� FRQVLGHUH�VH XP SUREOHPD ELGLPHQVLRQDOGH FRQGXomR GH FDORU HP UHJLPH QmR HVWDFLRQiULR� (P OXJDU GH XVDUPRV SDUDD WHPSHUDWXUD XP ��'� � � � �� EDVWD DUPD]HQi�OD GH IRUPD ��'�DUUD\ ; % & !; %¼ &® !� GDGR TXH D WHPSHUDWXUD QXP LQVWDQWH Vy p DIHFWDGD SHOR VHX YDORUQR WHPSR DQWHULRU� 8P PpWRGR GH DYDQoR VXFHVVLYR QR WHPSR p LQLFLDGR DSDUWLU GD WHPSHUDWXUD QXP WHPSR TXDOTXHU �DUPD]HQDGD QXP � � ��! ; % &®DUUD\H FDOFXOD R VHX YDORU SDUD R WHPSR VHJXLQWH � R FDPSR GH WHPSHUDWXUDV! ] !�QHVWH QRYR WHPSR p LPHGLDWDPHQWH HVFULWR �DUPD]HQDGR� VREUH R FDPSR QRWHPSR DQWHULRU�

    'D PHVPD IRUPD� XPD FDPDGD OLPLWH ELGLPHQVLRQDO SRGH VHU IiFLO HUDSLGDPHQWH FDOFXODGD� DWUDYpV GH XP PpWRGR GH DYDQoR DR ORQJR GH �%EDVWD DUPD]HQDU R FDPSR GH YHORFLGDGH HP XQLGLPHQVLRQDLV �D YDULDUDUUD\VHP ��&

  • -20-

    ��� $QH[R � (TXDo}HV GLIHUHQFLDLV

    'H IRUPD D FRPSOHWDU R H[SRVWR QHVWH FDStWXOR� ID]�VH DTXL XPD UHVHQKDGD GHGXomR GDV YiULDV HTXDo}HV XWLOL]DGDV QD PHFkQLFD GRV PHLRVFRQWtQXRV�

    7HRUHPD GH WUDQVSRUWH GH 5H\QROGVÉÉ

    3DUD XPD SURSULHGDGH JHQpULFD SRU XQLGDGH GH PDVVD � GHILQLGD QXP�YROXPH GH FRQWUROR �IL[R� H SDUD XP FDPSR GH YHORFLGDGHV � WHP�VH�= ""WW

    G G �$���''! C!

    C

    = =

    �� ��# y ] c ® #��

    II ""WW WW

    $ GHULYDGD VXEVWDQWLYD� RX GHULYDGD VHJXLQGR R PRYLPHQWR� p GDGD SRU�

    �$���'

    '

    � �

    ! C!C

    y ] c"" IIWW WW�

    (P FRRUGHQDGDV FDUWHVLDQDV� FRP QRWDomR LQGLFLDO� ILFD�

    �$���'

    '

    � � � � � � �

    ! C! C% C! C% C& C'C C C C C C

    y ] " ] " ] # ] $��

    RQGH � � � � VmR DV FRPSRQHQWHV GR YHFWRU YHORFLGDGH VHJXQGR RV HL[RV" # $� � � ��% & '

    (TXDomR GD FRQVHUYDomR GH PDVVD� RX HTXDomR GDÉÉFRQWLQXLGDGH�

    $ PDVVD GH XPD GHWHUPLQDGD SRUomR GH PHLR FRQWtQXR FRQVHUYD�VH� RXVHMD�

    G � � �$���' '' '! ! C!

    C� y # y § ] c y

    =

    � ��

    II ""WW WW

    RQGH VH XVRX R WHRUHPD GR WUDQVSRUWH GH 5H\QRGV FRP � 8VDQGR D� y �GHILQLomR GH ' ' � HVWD HTXDomR SRGH DLQGD HVFUHYHU�VH�« !

    �$���'

    '

    !y ^ c� II ""WW WW

    3DUD XP IOXLGR LQFRPSUHVVtYHO p FRQVWDQWH DR ORQJR GR PRYLPHQWR H D�HTXDomR GD FRQWLQXLGDGH ILFD�

  • -21-

    � �TXH WDPEpP SRGH VHU HVFULWD FRPR� GLY �� �$���II "" ""WW WW WWc y y

    (TXDomR GD FRQVHUYDomR GD TXDQWLGDGH GH PRYLPHQWR �RXÉÉGR �PRPHQWR OLQHDU

    $ VHJXQGD OHL GH 1HZWRQ GL] TXH D WD[D GH YDULDomR WHPSRUDO GDTXDQWLGDGH GH PRYLPHQWR � � p LJXDO jV IRUoDV DSOLFDGDV� 3DUD XPD�""WWSRUomR GH PHLR FRQWtQXR FRQWLGD QXP YROXPH � D OHL GH 1HZWRQ ILFD�=

    '

    '!G G G

    = =

    � �""WW WW WW# y ] #I

    7 I

    RQGH VmR DV IRUoDV GH VXSHUItFLH � p D VXSHUItFLH TXH HQYROYH � H p7 IWW WWI =D IRUoD SRU XQLGDGH GH PDVVD TXH DFWXD GHQWUR GH �SRU YH]HV=GHVLJQDGD IRUoD ³YRO~PLFD´ VHQGR GHYLGD D XP FDPSR GH IRUoDV H[WHUQR�HP FRQWUDVWH FRP DV IRUoDV GH VXSHUItFLH TXH VmR LQWHUQDV DR PHLR��QRUPDOPHQWH p D DFHOHUDomR GD JUDYLGDGH� � $ IRUoD DFWXDQGR QXPDI J 7WW WW WW

    VXSHUItFLH FRP QRUPDO XQLWiULD SRGH H[SULPLU�VH HP WHUPRV GR WHQVRUQGDV WHQV}HV FRPR���

    7 QWW WW �$���y c ��

    RX� HP WHUPRV GH FRPSRQHQWHV�

    7 Q Q �� � �� �� �y y� �

    SRLV p VLPpWULFR���

    $SOLFDQGR RV WHRUHPDV GH 5H\QROGV H GH *DXVV � G G ��

    : =

    QWW IIWWc y c #�� ��

    REWpP�VH�

    �$���C

    C!

    �""WW] c ® y c ]II "" "" IIWW WWWW WW

    WW� � I��

    TXH VH SRGH WDPEpP HVFUHYHU� XVDQGR D HTXDomR GD FRQWLQXLGDGH�

    �$���� �''

    ""WW

    !y c ]IIWW WW��

    I

  • -22-

    (P SUREOHPDV GH PHFkQLFD GRV IOXLGRV p XVXDO VHSDUDU R WHQVRU GDVWHQV}HV QXPD SDUWH GH SUHVVmR PDLV XPD SDUWH GH WHQV}HV YLVFRVDV�

    �$������ �� ��

    y ^ � ]

    � p R WHQVRU XQLWiULR� VHQGR �� VH � RX �� VH �� SHOR TXH��

    ��� y � � y � y �

    D HTXDomR GD FRQVHUYDomR GD TXDQWLGDGH GH PRYLPHQWR ILFD�

    �$����� �''

    ""WW

    !y ^ � ] c ]II IIWW WW

    WW��

    I

    3DUD XP IOXLGR QHZWRQLDQR �FRPR R DU� RX D iJXD� DV WHQV}HV YLVFRVDVVmR GDGDV SRU XPD HTXDomR FRQVWLWXWLYD OLQHDU QRV JUDGLHQWHV GHYHORFLGDGH� GR WLSR�

    �$������ ��

    y ] ® ^ c ®� �II"" II"" II ""WW WW WWWW WW WW

    7 �

    RQGH p D YLVFRVLGDGH GLQkPLFD H GHQRWD R WHQVRU WUDQVSRVWR�� 7

    6XEVWLWXLQGR QD (T� �$����� SDUD FRQVWDQWH� REWrP�VH DV HTXDo}HV GH�1DYLHU�6WRNHV TXH� FRQMXQWDPHQWH FRP D HTXDomR GD FRQWLQXLGDGH�JRYHUQDP R PRYLPHQWR GH XP IOXLGR QHZWRQLDQR LQFRPSUHVVtYHO�

    �$����� � �''

    ""WW

    !y ^ � ] I ]II ""WW WW

    WW� I

    �1RWD� p R RSHUDGRU ODSODFLDQR��II II IIWW WW� y c "

    (TXDomR GH FRQVHUYDomR GD HQHUJLD LQWHUQDÉÉ ,,

    $ SULPHLUD OHL GD WHUPRGLQkPLFD GL] TXH D WD[D GH YDULDomR GD HQHUJLDWRWDO GXP VLVWHPD p LJXDO DR WD[D GH WUDEDOKR H GH FDORU TXH HQWUDPDWUDYpV GD IURQWHLUD� ' ' � $ HQHUJLD WRWDO p, « ! y > ]8

    » »

    , y , ], ], y ] ]

    � � HQHUJLD LQWHUQD FLQpWLFD SRWHQFLDO� PDV QDGHGXomR TXH VH VHJXH D HQHUJLD SRWHQFLDO p FRQWDELOL]DGD VHSDUDGDPHQWHDWUDYpV GDV IRUoDV H[WHUQDV YRO~PLFDV � $SOLFDQGR HVWH SULQFtSLR D XPIWW

    YROXPH � H QmR HVTXHFHQGR GH FRQWDELOL]DU WRGDV DV IRUPDV GH SRWrQFLD=TXH DFWXDP VREUH � WHP�VH�=

    � G G G G G''!

    = = =

    � �� ] " « ® # y c ] c # ] ^ c ] � #» »W�

    #I I

    7 I QWW "" "" ��WW WWWW WW

    2 SULPHLUR WHUPR QR PHPEUR GLUHLWR GD HTXDomR UHSUHVHQWD D SRWrQFLD�IRUoD YH]HV YHORFLGDGH� GDV IRUoDV GH VXSHUItFLH �DTXHODV TXH DFWXDP QD

  • -23-

    VXSHUItFLH TXH URGHLD R YROXPH �� R VHJXQGR WHUPR UHSUHVHQWD DI =SRWrQFLD GDV IRUoDV YROXPLFDV� R WHUFHLUR WHUPR UHSUHVHQWD R IOX[R GHFDORU SRU FRQGXomR TXH HQWUD HP DWUDYpV GD VXSHUItFLH �R WHUPR p��»W = IQHJDWLYR SRUTXH D QRUPDO FRQVLGHUD�VH SRVLWLYD D VDLU GH �� R ~OWLPR=UHSUHVHQWD HYHQWXDLV IRQWHV YROXPpWULFDV GH FDORU �SRU H[HPSOR� SURGXomRLQWHUQD GH FDORU SRU HIHLWR GH -RXOH� RX SRU UHDFomR TXtPLFD� HWF��8WLOL]DQGR RV WHRUHPDV GH 5H\QROGV H GH *DXVV� D GHILQLomR GH SRU PHLR7WW

    GR WHQVRU GDV WHQV}HV� D HTXDomR GD FRQVHUYDomR GD TXDQWLGDGH GHPRYLPHQWR� H D OHL GH )RXULHU SDUD HVSHFLILFDU R IOX[R GH FDORU SRUFRQGXomR�

    �OHL GH )RXULHU SDUD FRQGXomR GH FDORU� �$������ IIWW»W y ^ � ;

    RQGH p D FRQGXWLELOLGDGH WpUPLFD H D WHPSHUDWXUD� REWpP�VH� ;ILQDOPHQWH D HTXDomR GD FRQVHUYDomR GD HQHUJLD LQWHUQD HVSHFtILFD� � ��� y , �

    �$����� ''

    �!

    y c � ; ® ] � ] »

    II II II ""WW WW WW WW# ��BB

    3DUD XP IOXLGR QHZWRQLDQR ILFD�

    �$����� )''

    �!

    y c � ; ® ] � ^ � c ® ]»

    II II II ""WW WW WW WW#

    RQGH D IXQomR GH GLVVLSDomR � � �FRP) �y ^ c ® « ® ++ ++ II "" ++ II""WW WWWW WW

    � ��

    ] ® GHVLJQDQGR R WHQVRU GD WD[D GH GHIRUPDomR� p XP WHUPRII""WW WW7

    VHPSUH SRVLWLYR TXH UHSUHVHQWD D GLVVLSDomR YLVFRVD �WUDQVIRUPDomR GHHQHUJLD LQWHUQD HP FDORU GHYLGR D LUUHYHUVLELOLGDGHV DVVRFLDGDV FRP IULFomRLQWHUQD SRU YLVFRVLGDGH�� (VWH WHUPR p SHTXHQR HP PXLWRV FDVRV SRGHQGRVHU GHVSUH]DGR� (P HVFRDPHQWRV D DOWD YHORFLGDGH WRUQD�VH LPSRUWDQWH�PDV SDUD DV YHORFLGDGHV XVXDLV Vy p LPSRUWDQWH TXDQGR D YLVFRVLGDGH GRIOXLGR p HOHYDGD� 3DUD IOXLGRV LQFRPSUHVVtYHLV D HTXDomR GD FRQWLQXLGDGHLPSOLFD TXH R WHUPR GLY VH DQXOD�^ � ""WW

    $ HTXDomR GH FRQVHUYDomR GD HQHUJLD LQWHUQD SRGH DLQGD H[SULPLU�VHHP WHUPRV GH HQWDOSLD�

    � y � ] �« § y ] ^� � �' '

    ' ' ' '

    ' '� �! ! ! !

    � ��

    ILFDQGR�

    �$����� )'' '

    '�! !

    �y c � ; ® ] � ] ]

    »II IIWW WW #

  • -24-

    5HOHPEUD�VH TXH SDUD XP JiV SHUIHLWR VH WHP�

    ' ' H ' '� y � ; � y � ;� #

    RQGH H VmR RV FDORUHV HVSHFtILFRV D SUHVVmR H YROXPH FRQVWDQWHV�� �� #UHVSHFWLYDPHQWH� 3DUD XP IOXLGR LQFRPSUHVVtYHO� RX XP VROLGR� WHP�VH� y � �� # �FDORU HVSHFtILFR��

    (TXDomR GH WUDQVSRUWH SDUD XPD YDULiYHO FRQVHUYDWLYDÉÉ ��

    $ HTXDomR GH WUDQVSRUWH SDUD XPD SURSULHGDGH TXH VH FRQVHUYD SRGH� HPJHUDO� HVFUHYHU�VH�

    G G G

    = =

    ® # y ^ c ] : # §C

    C!

    ��

    I

    11WW WW� �Q

    6 �$����C

    C!

    ��] c ® yII 11WW WW� �

    H[SULPLQGR R IDFWR TXH R DXPHQWR WHPSRUDO GD SURSULHGDGH GHQWUR GR�YROXPH UHVXOWD GR IOX[R WRWDO GH TXH HQWUD HP DWUDYpV GD VXSHUItFLH= =�I �OHPEUDU TXH R YHFWRU QRUPDO HVWi D VDLU GH � SRU LVVR R VLQDOQ =QHJDWLYR� PDLV HYHQWXDLV IRQWHV LQWHUQDV GH SRU XQLGDGH GH YROXPH� �� :�

    2 IOX[R WRWDO GH �SRU XQLGDGH GH iUHD H GH WHPSR� SRGH VHU�VHSDUDGR QXP IOX[R FRQYHFWLYR �WUDQVSRUWH SHOR PRYLPHQWR GR PHLRFRQWtQXR� SURSRUFLRQDO j YHORFLGDGH GHQVLGDGH� H QXP IOX[R GLIXVLYR_�WUDQVSRUWH SRU YLEUDo}HV D QtYHO PROHFXODU� SURSRUFLRQDO DR JUDGLHQWH GDTXDQWLGDGH WUDQVSRUWDGD�� DVVLP�

    �$����11 "" II 11 11WW WW WW WWWW� � � �y ® ] ^ ® ]� � ! ��� ��

    RQGH p R FRHILFLHQWH GLIXVLYR GH � 6XEVWLWXLQGR QD (T� �$����� D! ��HTXDomR JHUDO GH WUDQVSRUWH ILFD�

    � �$����C

    C!

    ��] c ® y c ® ] :II "" II IIWW WW WWWW� � ! �� �

    e GH UHSDUDU TXH TXDOTXHU GDV HTXDo}HV GDGDV DQWHULRUPHQWH SRGH VHUYLVWD FRPR UHVXOWDQWH GHVWD HTXDomR JHUDO GH WUDQVSRUWH� GHVGH TXH VHIDoD D HVFROKD DFHUWDGD GH � H � 3RU H[HPSOR� SDUD D HQHUJLD� !� �:LQWHUQD� EDVWD FRQVLGHUDU H H LQFRUSRUDU WRGRV RV� !y � ; y �«�# #�WHUPRV UHVWDQWHV QR WHUPR IRQWH �:�

  • -25-

    &DStWXOR �� 0pWRGR GH GLVFUHWL]DomR

    2 REMHFWLYR GHVWH FDStWXOR p H[SOLFDU DV OLQKDV JHUDLV GR PpWRGR SDUD DUHVROXomR QXPpULFD GD HTXDomR JHUDO �(T� ������

    GLY GLY �����C

    C!

    ��] ® y ® ® ] :� � ! �""WW WW� �JUDG

    1D H[SRVLomR YDL VHU DVVXPLGR R FDVR XQLGLPHQVLRQDO � SRU XPD TXHVWmR�%®GH VLPSOLFLGDGH� PDV DV LGHLDV JHQHUDOL]DP�VH IDFLOPHQWH SDUD PDLV GR TXHXPD YDULiYHO LQGHSHQGHQWH�

    ��� 1DWXUH]D GRV PpWRGRV QXPpULFRV

    $ LGHLD VXEMDFHQWH D XP PpWRGR QXPpULFR UHVXPH�VH QRV VHJXLQWHV SRQWRV�

    $ VROXomR QXPpULFD GH XPD HTXDomR GLIHUHQFLDO FRQVLVWH QXPFRQMXQWR GH Q~PHURV GRV TXDLV VH SRGH H[WUDLU D GLVWULEXLomR GH ��

    1HVVH VHQWLGR� H[LVWH XPD VHPHOKDQoD FRP XPD H[SHULrQFLD GHODERUDWyULR� QD TXDO D YDULiYHO HP FDXVD p PHGLGD VRPHQWH HP GHWHUPLQDGRVSRQWRV GR HVSDoR� (P DPERV RV FDVRV YDL H[LVWLU XP FRQMXQWR ILQLWR GHYDORUHV GD VROXomR�

    &RPR D GLVWULEXLomR FRQWtQXD GD VROXomR QR GRPtQLR GH FiOFXOR QmR pHVVHQFLDO� EDVWDQGR�QRV FRQKHFHU RV YDORUHV GH HP GHWHUPLQDGRV SRQWRV��LUHPRV QHFHVVLWDU GH XPD �SDUD GHILQLU D ORFDOL]DomRPDOKD FRPSXWDFLRQDOGHVVHV SRQWRV��

    &RQFHLWR GH GLVFUHWL]DomR�

    $ GLVWULEXLomR GH YDL VHU GLVFUHWL]DGD� LVWR p RV YDORUHV GH YmR VHU� �FRQKHFLGRV XQLFDPHQWH QXP Q~PHUR GLVFUHWR GH SRQWRV�

    e SUHFLVR SULPHLUDPHQWH WUDQVIRUPDU DV HTXDo}HV GLIHUHQFLDLV HPHTXDo}HV DOJpEULFDV� TXH YmR UHODFLRQDU R YDORU GH QXP SRQWR� FRP YDORUHV�HP SRQWRV YL]LQKRV�

    3DUD ID]HU LVVR� p SUHFLVR DVVXPLU XPD GHWHUPLQDGD YDULDomR GH ��GH SRQWR SDUD SRQWR SHUILO GH YDULDomR �SHUPLWH ID]HU ��§ LQWHUSRODo}HV

  • -26-

    e QRUPDOPHQWH PHOKRU XVDU XP SHUILO GH YDULDomR �ORFDO� § SHUILOVHJPHQWDGR � �� HP YH] GH SHUILO JOREDO�SLHFHZLVH

    &RQFHLWR GH GLVFUHWL]DomR HVSDFLDO� VXEGLYLVmR GR GRPtQLR GH FiOFXORHP SHTXHQRV HOHPHQWRV �YROXPHV GH FRQWUROR��

    &RQFHLWR GH GLVFUHWL]DomR WHPSRUDO� VXEGLYLVmR GH YDULDo}HV QRWHPSR HP SHTXHQRV SDVVRV �SDVVR RX DYDQoR QR WHPSR� ���!

    ��� 0pWRGRV SDUD GHGX]LU HTXDo}HV GLVFUHWL]DGDV

    ����� 'LIHUHQoDV ILQLWDV

    $V GHULYDGDV QD HTXDomR GLIHUHQFLDO VmR DSUR[LPDGDV SRU PHLR GH VpULHV GH7D\ORU WUXQFDGDV�

    )LJ� ��� 'LIHUHQoDV ILQLWDV HP PDOKD XQLIRUPH XQLGLPHQVLRQDO�

    XQLGLPHQVLRQDO� FRP PDOKD XQLIRUPH � ��([HPSOR "%

    $SUR[LPDomR HP VpULH GH 7D\ORU HP WRUQR GR SRQWR � �)LJ� �����

    � � "� �y ^ % ® ] ® ] c c cC CC% �

    %C%

    � �"� �

    � �

    � � "� �y ] % ® ] ® ] c c cC CC% �

    %C%

    � �"� �

    � �

    WUXQFDQGR GHSRLV GR � WHUPR H VXEWUDLQGR�

    �� � "� �^ y ^ � % ® § ® yC CC% C% � %

    ^� � � �

    "� �� �

    H[SUHVVmR TXH FRUUHVSRQGH j GLIHUHQoD FHQWUDO SDUD D SULPHLUD GHULYDGD� FRPHUUR GH � RUGHP� 6H VRPDUPRV DV GXDV H[SUHVV}HV DFLPD� REWHPRV�

  • -27-

    �� � � "� � �] y � ] % ® § ® y�

    � �

    C C

    C% C% %

    ] ^�� �

    � � �

    � � � � �

    "� � �

    RX VHMD� D IyUPXOD SDUD D GLIHUHQoD FHQWUDO GD VHJXQGD GHULYDGD�

    ����� (OHPHQWRV ILQLWRV

    3RGHP VHU EDVHDGRV HP PpWRGRV YDULDFLRQDLV� RQGH VH PLQLPL]D XPIXQFLRQDO� RX HP PpWRGRV GH UHVtGXRV SRQGHUDGRV �PpWRGR GH *DOHUNLQ��1HVWH FDVR XPD DSUR[LPDomR GD VROXomR GD HTXDomR GLIHUHQFLDO � p3 ® y ��HVFULWD FRPR

    �^

    y � %�� y �

    ��

    VHQGR R UHVtGXR GHILQLGR FRPR �VH � WHUtDPRV ��9 y 3 ® y 9 y �^ ^� � �(VFROKHP�VH YiULDV IXQo}HV GH SHVR GH IRUPD D PLQLPL]DU R UHVtGXR�$

    G$ 9 % y �R TXH Gi XP VLVWHPD GH HTXDo}HV SDUD R FiOFXOR GRV FRHILFLHQWHV � 0DLV��GHWDOKHV GHVWHV PpWRGRV SRGHP VHU HQFRQWDGRV HP OLYURV GD HVSHFLDOLGDGH�

    ����� 9ROXPHV ILQLWRV

    2 GRPtQLR GH FiOFXOR p GLYLGLGR QXP FHUWR Q~PHUR GH YROXPHV GH FRQWUROR�9&� DGMDFHQWHV� GH IRUPD D H[LVWLU XP 9& HP WRUQR GH FDGD SRQWR GD PDOKD�FHQWUR GRV 9&�� $ HTXDomR GLIHUHQFLDO p LQWHJUDGD HP FDGD 9&� VHQGRDVVXPLGR TXH D YDULDomR ORFDO GH VHJXH GHWHUPLQDGRV SHUILV VHJPHQWDGRV��2 UHVXOWDGR GHVWD RSHUDomR p D HTXDomR GLVFUHWL]DGD �XPD HTXDomRDOJpEULFD�� TXH FRQWpP D YDULiYHO GHSHQGHQWH QXP Q~PHUR OLPLWDGR �ORFDO��GH SRQWRV GD PDOKD� $ HTXDomR GLVFUHWL]DGD H[SUHVVD R SULQFtSLR GHFRQVHUYDomR GH TXH HVWDYD FRQWLGR QD HTXDomR GLIHUHQFLDO GH RULJHP �GH�IDFWR� SRGHU�VH�LD WHU SDUWLGR GLUHFWDPHQWH GDV HTXDo}HV LQWHJUDLV HVFULWDVSDUD XP 9& GLIHUHQFLDO��

    9DQWDJHP� R SULQFtSLR GH FRQVHUYDomR p PDQWLGR QXP 9&� H QXP FRQMXQWRTXDOTXHU GH 9&V �SRU H[HPSOR� QR GRPtQLR WRWDO� TXH QmR p PDLV TXH D VRPDGH WRGRV RV 9&V��

  • -28-

    1RWD� TXDOTXHU TXH VHMD R PpWRGR GH GLVFUHWL]DomR� WRGRV GHYHP FRQGX]LU jPHVPD VROXomR TXDQGR D PDOKD p UHILQDGD �LVWR p� TXDQGR � RQGH p D�S� �GLPHQVmR GD PDOKD�� (VVD VROXomR QXPpULFD REWLGD QR OLPLWH � p D VROXomR�S�GD HTXDomR GLIHUHQFLDO GH SDUWLGD�

    ��� ([HPSOR GH GLVFUHWL]DomR XQLGLPHQVLRQDO

    9DPRV FRQVLGHUDU R SUREOHPD GH FRQGXomR HVWDFLRQiULD GH FDORU D XPDGLPHQVmR�

    �����G GG G% %

    ; � ® ] : y �

    RQGH� FRQGXWLELOLGDGH WpUPLFD� WHPSHUDWXUD; WD[D GH JHUDomR LQWHUQD GH FDORU SRU XQLGDGH GH YROXPH�:

    � SDUD VH REWHU D HTXDomR GLVFUHWL]DGD YDL XVDU�VH3UHSDUDomR GR PpWRGRD PDOKD FRPSXWDFLRQDO PRVWUDGD QD )LJ� ����

    )LJ� ��� 0DOKD XQLGLPHQVLRQDO� QyV H YROXPHV GH FRQWUROR�

    2 SRQWR FHQWUDO� QR TXDO SUHWHQGHPRV GHWHUPLQDU D WHPSHUDWXUD� p R SRQWR7 Qy GD PDOKD� 2EYLDPHQWH GHSRLV SDVVDUHPRV SDUD RV SRQWRV YL]LQKRV�SHUFRUUHQGR VXFHVVLYDPHQWH WRGRV RV QyV GD PDOKD� 2V OLPLWHV GR YROXPH GHFRQWUROR HP VmR PDUFDGRV SRU OLQKDV D WUDFHMDGR �QHVWH FDVR ��'�� VHQGR7GHQRWDGRV FRP OHWUD PLQ~VFXOD� H � 2V QyV YL]LQKRV VmR H �SDUD� $ , > HVWHH � XWLOL]DQGR XPD QRWDomR GH FRPSDVVR�� 1HVWD DOWXUD D ORFDOL]DomRRHVWHH[DFWD GRV SRQWRV H QmR IRL DLQGD GHILQLGD� H[LVWHP YiULDV KLSyWHVHV TXH� $VHUmR DQDOLVDGDV PDLV j IUHQWH� 2 YROXPH GR 9& XQLGLPHQVLRQDO p= y %_ � _ �" � $ LQWHJUDomR GD (T� ����� QHVWH 9& UHVXOWD HP�

  • -29-

    G � ® ^ � ® ] : % y �G GG G

    ; ;% %� $

    $

    e SUHFLVR DJRUD HVFROKHUPRV XP SDUD D WHPSHUDWXUDSHUILO GH YDULDomR�LVWR HTXLYDOH D GHILQLUPRV XPD IyUPXOD GH LQWHUSRODomR�� 2V SHUILV PDLVVLPSOHV VmR �)LJ� �����

    �VHJPHQWDGR FRQVWDQWH

    2 LQFRQYHQLHQWH GHVWH SHUILO p TXH DV GHULYDGDV QDV IDFHV GR 9& QmR VmRGHILQLGDV �Ki XP VDOWR GD IXQomR��

    �VHJPHQWDGR OLQHDU

    1HVWH FDVR DV GHULYDGDV VmR EHP GHILQLGDV� SHOR TXH R YDPRV HVFROKHU SDUD RFiOFXOR GH G G � 2EWHPRV�;« %

    � ^ � ] : % y �^

    � $ 7

    ; ^; ® ; ^; ®

    % %, 7 7 >

    � $� �"

    RQGH p R YDORU PpGLR GD IRQWH QR 9& �RX VHMD� HP WHUPRV GH LQWHJUDomR:^

    QXPpULFD XVRX�VH D UHJUD GR SRQWR PpGLR��

    )LJ� ��� ([HPSORV GH SHUILV GH YDULDomR� �D� XQLIRUPH� �E� OLQHDU

  • -30-

    � SRU ILP HVFUHYHPRV D HTXDomR GLVFUHWL]DGD$JUXSDPHQWR GD HTXDomRFRPR�

    ������ ; y � ; ] � ; ] �7 7 , , > >

    FRP�

    � �RV FRHILFLHQWHV�� y � y, >� �% %� $

    � $� �

    � y � ] �7 , > �R FRHILFLHQWH FHQWUDO� �����

    �R WHUPR IRQWH��� y : %^ " 7

    &RPHQWiULRV�

    ��� $ HTXDomR GLVFUHWL]DGD HVWi QD IRUPD � IRUPD HVVD TXH LUi VHUVWDQGDUGVHPSUH DGRSWDGD� $ WHPSHUDWXUD QR SRQWR FHQWUDO HVWi QR PHPEUR GD7HVTXHUGD GD HTXDomR� H DV WHPSHUDWXUDV QRV SRQWRV YL]LQKRV H R WHUPR IRQWH� � HVWmR QR PHPEUR GD GLUHLWD� (P JHUDO LUHPRV HVFUHYHU��

    ������ ; y � ; ] �7 7 - -�-

    HP TXH R tQGLFH QR VRPDWyULR LUi SHUFRUUHU RV QyV GRV 9& YL]LQKRV DR 9&-HP � 2 Q~PHUR GH YL]LQKRV GHSHQGH GD GLPHQVmR GR SUREOHPD�7

    HP ��'� Pi[LPR- y �HP ��'� Pi[LPR- y �HP ��'� Pi[LPR- y

    ��� 8VRX�VH XP SHUILO OLQHDU SDUD G G � PDV SRGLD�VH PXLWR EHP WHU XVDGR;« %XP SHUILO GLIHUHQWH� SRU H[HPSOR� XP SHUILO SDUDEyOLFR GH IRUPD D UHSUHVHQWDUPHOKRU D FXUYDWXUD GD YDULDomR GH WHPSHUDWXUD� H DVVLP PHOKRUDU D SUHFLVmRGRV UHVXOWDGRV�

    ��� 1mR p QHFHVViULR XVDU R PHVPR SHUILO SDUD WRGRV RV WHUPRV� RX YDULiYHLV�'H IDFWR� QD HTXDomR ����� XVRX�VH SHUILO OLQHDU SDUD G G H SHUILO XQLIRUPH;« %SDUD R WHUPR IRQWH�

  • -31-

    ��� 3ULQFtSLRV JHUDLV

    �$� 5HDOLVPR ItVLFR

    2V UHVXOWDGRV GDV SUHYLV}HV GHYHP DSUHVHQWDU YDULDo}HV TXH HVWHMDP GHDFRUGR FRP OLPLWDo}HV LPSRVWDV SHOD �ItVLFD�� 3RU H[HPSOR� SDUD XP FDVR GHFRQGXomR GH FDORU VHP IRQWHV LQWHUQDV� D JDPD GH YDULDomR WHP GH HVWDUOLPLWDGD SHODV WHPSHUDWXUDV LPSRVWDV QD IURQWHLUD� p ILVLFDPHQWH LUUHDOLVWDTXH� VHP IRQWHV� D WHPSHUDWXUD SRVVD VHU VXSHULRU jV WHPSHUDWXUDVFLUFXQGDQWHV� $ )LJ� ��� LOXVWUD HVVD VLWXDomR�

    )LJ� ��� ([HPSOR GH VLWXDo}HV ILVLFDPHQWH LUUHDOLVWDV�

    �%� %DODQoR JOREDO

    (VWH SULQFtSLR LPSOLFD D FRQVHUYDomR LQWHJUDO GD SURSULHGDGH HP FDXVD QRGRPtQLR VROXomR� 2V GLIHUHQWHV IOX[RV GHYHP VHU FDOFXODGRV GH IRUPD DJDUDQWLU HVWH SULQFtSLR GH FRQVHUYDomR� $ SURSULHGDGH GHYH VHU FRQVHUYDGD DQtYHO JOREDO H QmR VRPHQWH QR OLPLWH �GLIHUHQFLDO� TXDQGR R Q~PHUR GH SRQWRVGD PDOKD WHQGH SDUD LQILQLWR �RX WHQGH SDUD ]HUR���

    7UDWDPHQWR GR WHUPR IRQWH

    1RUPDOPHQWH R WHUPR IRQWH GHSHQGH GD YDULiYHO GHSHQGHQWH� RX VHMD GDWHPSHUDWXUD� QR H[HPSOR DTXL FRQVLGHUDGR� (VVD GHSHQGrQFLD SRGH VHUFRPSOH[D� SRGHQGR H[LVWLU XPD UHODoDR QmR OLQHDU HQWUH H � 1R SUHVHQWH: ;

  • -32-

    PpWRGR HVVD GHSHQGrQFLD p FRQVLGHUDGD ORJR j SDUWLGD� H D SULPHLUD PHGLGD DWRPDU p OLQHDUL]DU R WHUPR IRQWH� VHQGR HVWH HVFULWR VRE D VHJXLQWH IRUPD�

    �����: y : ] : ;^ * 7 7

    RQGH� SDUWH FRQVWDQWH:* FRHILFLHQWH HP �: ;7

    )D]�VH QRWDU D QHFHVVLGDGH GD OLQHDUL]DomR� XPD YH] TXH D SUySULD HTXDomRJHQpULFD GLVFUHWL]DGD DSDUHFH VRE IRUPD OLQHDU �YLGH (T� ����� 0HVPR TXDQGRD GHSHQGrQFLD YHUGDGHLUD p QmR OLQHDU� p VHPSUH SRVVtYHO SURFHGHU�VH jOLQHDUL]DomR� 8P H[HPSOR LOXVWUD HVWD LGHLD� VHMD D IRQWH GH FDORU�: y � ^ �; �

    FRP H SRVLWLYRV� $ IRUPD OLQHDUL]DGD GDGD DFLPD REWpP�VH ID]HQGR� � : y �*H �: y ^ �;7

    &RP D OLQHDUL]DomR UHSUHVHQWDGD SHOD (T� ������ WHPRV D VHJXLQWH PRGLILFDomRQD GHILQLomR �(T� ���� GRV FRHILFLHQWHV GD HTXDomR JHUDO GH GLVFUHWL]DomR �(T������

    � y � ] � ^ :7 , > 7H �����

    �� y : %* "

    ��� $V TXDWUR UHJUDV EiVLFDV

    5HJUD ���� &RQVLVWrQFLD QDV IDFHV GRV YROXPHV GH FRQWUROR

    4XDQGR XPD IDFH p FRPXP D GRLV YROXPHV GH FRQWUROR� RV IOX[RV DWUDYpVGHVVD IDFH WrP GH VHU FDOFXODGRV SRU PHLR GH XPD H[SUHVVmR �~QLFD�� ,VWR p�RV IOX[RV QmR HVWmR DVVRFLDGRV DRV YROXPHV GH FRQWUROR DGMDFHQWHV� PDV VLPj IDFH�

    (VWD UHJUD YDL JDUDQWLU R SULQFtSLR JHUDO �%� UHIHULGR DFLPD� UHODWLYR DR EDODQoRJOREDO� 'H IDFWR� R IOX[R TXH VDL GR 9& HP WHP GH HQWUDU QR 9& HP �YHU7 ,)LJ� ����� 6H R IOX[R IRVVH FDOFXODGR GH IRUPD GLIHUHQWH TXDQGR UHIHULGR D 7RX D � HVVH SULQFtSLR VHULD YLRODGR�,

    ([HPSOR GH IRUPXODomR LQFRUUHFWD� IOX[R REWLGR DWUDYpV GH SHUILO TXDGUiWLFR��VHP FXLGDGR�� )LJ� ����

  • -33-

    e yEYLR GD ILJXUD TXH R IOX[R EDVHDGR QD GHULYDGD �LQFOLQDomR GD FXUYD�REWLGD GRV SRQWRV j GLUHLWD GD IDFH � HQWUH � p GLIHUHQWH GR IOX[R� 7 �,EDVHDGR QD LQFOLQDomR j HVTXHUGD�

    )LJ� ��� ([HPSOR GH YLRODomR GD 5HJUD � TXDQGR VH XVDP SHUILV GH YDULDomRTXDGUiWLFRV�

    2XWUR H[HPSOR GH SUiWLFD GHIHLWXRVD QR FiOFXOR GH XP IOX[R GH FDORU�� y ^ �

    G

    G

    ;%�

    6XSRQKD�VH TXH QD IDFH R IOX[R IRVVH REWLGR D SDUWLU GR YROXPH GH FRQWUROR�FHQWUDGR HP � FRPR�7

    � y ^ �� 7; ^;

    %, 7

    ��

    PDV TXH� D SDUWLU GR 9& HP � IL]HVVHPRV�,

    � y ^ �� ,; ^;

    %, 7

    ���

    e yEYLR TXH VH IRU GLIHUHQWH GH �FDVR GH FRQGXWLELOLGDGH WpUPLFD QmR� �7 ,XQLIRUPH�� LUHPRV WHU XPD YLRODomR GR SULQFtSLR GH FRQVHUYDomR�

  • -34-

    5HJUD ���� &RHILFLHQWHV SRVLWLYRV� � � ��� �� �� }},, >> 77

    $ QHFHVVLGDGH GHVWD UHJUD SRGH VHU HQWHQGLGD SHOR VHJXLQWH DUJXPHQWR� 2YDORU GD YDULiYHO GHSHQGHQWH HP p LQIOXHQFLDGR SHOR YDORU QRV SRQWRV j7YROWD� 6H DXPHQWDU� R TXH VH HVSHUD ILVLFDPHQWH p TXH WDPEpP� �, 7DXPHQWH � �� ,VWR LPSOLFD TXH RV FRHILFLHQWHV WrP GH WHU R� �, 7¢ § ¢PHVPR VLQDO H SRU FRQYHQomR DGRSWD�VH R VLQDO SRVLWLYR �VH IRVVHP QHJDWLYRVEDVWDYD PXOWLSOLFDU WRGD D HTXDomR SRU � SDUD TXH RV FRHILFLHQWHV ILFDVVHP^ �SRVLWLYRV��

    1RWD� D QRVVD HTXDomR GLVFUHWL]DGD �(TV� ��� H ���� HVWi GH DFRUGR FRP HVWDUHJUD �QRWH�VH TXH D FRQGXWLYLGDGH WpUPLFD� ILVLFDPHQWH� p SRVLWLYD�� 1RHQWDQWR H[LVWHP PXLWDV IRUPXODo}HV TXH YLRODP HVWD UHJUD� FRPR LUHPRV YHUPDLV DGLDQWH� VREUHWXGR TXDQGR VH FRQVLGHUDU D FRQYHFomR�

    5HJUD ���� /LQHDUL]DomR GR WHUPR IRQWH FRP LQFOLQDomRQHJDWLYD� :: || ��77

    6H UHSDUDUPRV QD (T� ����� YHPRV TXH D UHJUD DQWHULRU SRGHULD VHU YLRODGD VH:7 IRVVH SRVLWLYR �H VXILFLHQWHPHQWH HOHYDGR�� 3RU HVWD UD]mR GHYHPRVSURFXUDU XPD OLQHDUL]DomR GR WHUPR IRQWH TXH JDUDQWD XP FRHILFLHQWH :7QHJDWLYR �RX QXOR��

    (VWD UHJUD QmR p WmR DUELWUiULD FRPR SRGH SDUHFHU j SULPHLUD YLVWD� 'H IDFWR�QD PDLRU SDUWH GRV FDVRV UHDLV D UHODomR HQWUH R WHUPR IRQWH H D YDULiYHO HPFDXVD GHYH WHU XPD WD[D GH YDULDomR QHJDWLYD� SDUD HYLWDU VLWXDo}HV GHLQVWDELOLGDGH ItVLFD� 5HSDUH�VH QR FDVR GD HTXDomR TXH UHJH D FRQGXomR GHFDORU� 6H IRVVH SRVLWLYR� XP SHTXHQR DXPHQWR GH WHPSHUDWXUD �GHYLGR D:7XPD IOXWXDomR DOHDWyULD� LULD UHVXOWDU QXPD IRQWH GH FDORU PDLRU� R TXH SRUVXD YH] WHQGHULD D DXPHQWDU DLQGD PDLV D WHPSHUDWXUD� H DVVLPVXFHVVLYDPHQWH�

    5HJUD ���� &RHILFLHQWH FHQWUDO LJXDO j VRPD GRV YL]LQKRV��� yy OO�� OO77 --��

    --

    2 FRHILFLHQWH FHQWUDO GHYH VHU LJXDO j VRPD GR PyGXOR GRV FRHILFLHQWHV�7YL]LQKRV� VHPSUH TXH D HTXDomR GLIHUHQFLDO GHYD VHU VDWLVIHLWD SRU H SRU��] FRQVWDQWH� &DVR D UHJUD ��� VHMD VDWLVIHLWD� QmR p QHFHVViULR FRQVLGHUDU RPyGXOR�

    4XDQGR D HTXDomR GLIHUHQFLDO Vy FRQWpP WHUPRV HP GHULYDGD� R TXH DFRQWHFHDPtXGH TXDQGR QmR H[LVWHP IRQWHV �ItVLFDV�� HQWmR p yEYLR TXH DPEDV DV

  • -35-

    IXQo}HV H �FRP FRQVWDQWH� VDWLVID]HP D HTXDomR GLIHUHQFLDO� (VWD� �]* *SURSULHGDGH GD HTXDomR GLIHUHQFLDO GHYH VHU UHIOHFWLGD QD HTXDomRGLVFUHWL]DGD� 6HMD�

    � y � ] � ] �7 , >7 , >� � �

    ID]HQGR

    � �S ]*

    REWHPRV

    � ] *® y � ] *® ] � ] *® ] �7 , >7 , >� � �

    RX VHMD�

    � * y *� ] � ®7 , >

    R TXH LPSOLFD�

    �� y � ] �7 , >

    GHVGH TXH DV IRQWHV QmR GHSHQGDP GH GH IRUPD QmR OLQHDU �LVWR p� SDUD� �FRQVWDQWH��

    $ HTXDomR GLVFUHWL]DGD SDUD D FRQGXomR GR FDORU� TXDQGR QmR H[LVWHP IRQWHV�VDWLVID] HVWD UHJUD� TXH SRGH VHU LQWHUSUHWDGD FRPR VLJQLILFDQGR TXH DWHPSHUDWXUD QXP SRQWR p XPD PpGLD SRQGHUDGD GDV WHPSHUDWXUDV QRV7SRQWRV YL]LQKRV� 4XDQGR H[LVWH XPD IRQWH TXH GHSHQGH GD SUySULDWHPSHUDWXUD GH IRUPD QmR OLQHDU� D HTXDomR GLIHUHQFLDO Mi QmR p VDWLVIHLWD SRU� �H SRU �]*

    2XWUD LQWHUSUHWDomR� TXDQGR QmR Ki IRQWHV H DV WHPSHUDWXUDV YL]LQKDV VmR;-WRGDV LJXDLV� HQWmR D WHPSHUDWXUD QR SRQWR FHQWUDO GHYH UHVXOWDU LJXDO D;7; ; y ;- 7 -� 8PD GLVFUHWL]DomR TXH QmR JDUDQWD QHVWDV FRQGLo}HV HVWiILVLFDPHQWH LQFRUUHFWD�

  • -36-

    &DStWXOR �� &RQGXomR GH FDORU

    ��� 2EMHFWLYR

    2 TXH VH SUHWHQGH QHVWH FDStWXOR p H[SOLFDU WRGRV RV GHWDOKHV GR PpWRGRQXPpULFR TXH LUi VHU GHVHQYROYLGR SDUD UHVROYHU D HTXDomR JHUDO �(T� ����TXDQGR R WHUPR FRQYHFWLYR p RPLWLGR� 2 WUDWDPHQWR GHVWH WHUPR p UHPHWLGRSDUD R FDStWXOR VHJXLQWH� GH IRUPD D HYLWDU� SDUD Mi� FRPSOLFDo}HVPDWHPiWLFDV TXH QmR VmR HVVHQFLDLV QXPD SULPHLUD DERUGDJHP�

    &RPR FRQVHTXrQFLD� D HTXDomR GH SDUWLGD QHVWH FDStWXOR p GR WLSR GDHTXDomR TXH UHJH D FRQGXomR GR FDORU� PDV R PpWRGR SRGH DSOLFDU�VH DPXLWRV RXWURV IHQyPHQRV ItVLFRV�

    HVFRDPHQWR SRWHQFLDO �UHVXOWD HP HTXDo}HV GH /DSODFH� GLIXVmR GH PDVVD �GH IDFWR� D HTXDomR GHVWH FDStWXOR p XVXDOPHQWHFRQKHFLGD FRPR �HTXDomR GH GLIXVmR��

    HVFRDPHQWR DWUDYpV GH PHLRV SRURVRV DOJXQV HVFRDPHQWRV FRPSOHWDPHQWH GHVHQYROYLGRV WHRULD GR FDPSR HOHFWURPDJQpWLFR PRGHORV GH GLIXVmR SDUD UDGLDomR WpUPLFD WHRULD GD OXEULILFDomR

    7RGRV HVWHV IHQyPHQRV VmR UHJLGRV SRU HTXDo}HV GH GLIXVmR VHPHOKDQWHV jHTXDomR DTXL FRQVLGHUDGD�

    ��� &RQGXomR GH FDORU HVWDFLRQiULD H XQLGLPHQVLRQDO

    5HVWULQJLPR�QRV SULPHLUDPHQWH DR FDVR VLPSOLILFDGR HP TXH QmR Ki WHUPRWUDQVLHQWH H HP TXH D FRQGXomR GH FDORU VH SURFHVVD DR ORQJR GH �FDVR ��%'��

    ����� (TXDomR EiVLFD

    -i YLPRV �(TV� �������� TXH SDUD D HTXDomR GLIHUHQFLDO TXH UHJH D FRQGXomRGH FDORU XQLGLPHQVLRQDO�

    �����G GG G% %

    ;� ] : y �

    VH REWpP D VHJXLQWH HTXDomR GLVFUHWL]DGD�

  • -37-

    ������ ; y � ; ] � ; ] �7 7 , , > >

    FRP�H �� y � « % � y � « %, � � > $ $� �

    ������ y � ] � ^ : %7 , > 7 7"

    � y : %* 7"

    $OJXQV SRQWRV UHOHYDQWHV� $ ORFDOL]DomR H[DFWD GDV IDFHV � � H � � QmR IRL DLQGD GLVFXWLGD�� $ 2 WHUPR IRQWH IRL OLQHDUL]DGR FRPR �FRP ��: y : ] : ; : | �* 7 7 7 8VDUDP�VH RV VHJXLQWHV SHUILV GH YDULDomR�

    � OLQHDU�VHJPHQWDGR SDUD D GHULYDGD� G G;« %� XQLIRUPH�VHJPHQWDGR SDUD R WHUPR IRQWH� �:

    ����� (VSDoDPHQWR GD PDOKD

    1mR p QHFHVViULR TXH D PDOKD VHMD XQLIRUPH �LVWR p� HP JHUDO �� �% %� $

    'H IDFWR� p DWp FRQYHQLHQWH XVDU�VH XPD PDOKD QmR XQLIRUPH SDUD RSWLPL]DUR FXVWR FRPSXWDFLRQDO�

    � D PDOKD GHYH VHU HVSDoDGD RQGH YDULH SRXFR�;%®� D PDOKD GHYH VHU DSHUWDGD RQGH YDULH PXLWR �JUDGLHQWHV;%®HOHYDGRV��

    $ SUHFLVmR GRV UHVXOWDGRV HVWi OLJDGD DR Q~PHUR GH 9&V GD PDOKD HGHSHQGH GR SUREOHPD� ([SHULrQFLDV QXPpULFDV SUHOLPLQDUHV FRP PDOKDVJURVVHLUDV �GDt D QHFHVVLGDGH GH XP PpWRGR TXH IRUQHoD UHVXOWDGRV UHDOLVWDVPHVPR FRP PDOKDV JURVVHLUDV� SHUPLWHP YHULILFDU HP TXH UHJL}HV LUi VHUQHFHVViULR UHILQDU D PDOKD� 1RUPDOPHQWH H[LVWH j SDUWLGD DOJXPD LGHLD VREUHR DQGDPHQWR GD VROXomR�

  • -38-

    )LJ� ��� 'LVWkQFLDV XVDGDV QD LQWHUSRODomR SDUD D IDFH � � GXP 9&��

    ����� &RQGXWLELOLGDGH QD IDFH GR 9&

    $ TXHVWmR TXH VH S}H p FRPR FDOFXODU R H QD HTXDomR GLVFUHWL]DGD �(T�� �� $����� TXDQGR D FRQGXWLELOLGDGH QmR p XQLIRUPH� +i GXDV VROXo}HV��

    ,QWHUSRODomR OLQHDU

    'HILQLGD FRPR�

    � ������ y � � ] � ^ � ®�� , 7� �

    RQGH R IDFWRU GH LQWHUSRODomR p GDGR SRU �YHU )LJ� �����

    ������ y��

    %

    %�^

    1R FDVR SDUWLFXODU HP TXH HVWi VLWXDGR QR PHLR GH � HQWmR � GH� 7, � y �»�IRUPD TXH VH REWpP�

    � � ������ y�� ]�

    �, 7 PpGLD DULWPpWLFD

    (VWH HVTXHPD GH LQWHUSRODomR QmR IXQFLRQD EHP TXDQGR YDULD�DEUXSWDPHQWH� FRPR VH LUi YHU GH VHJXLGD�

    ,QWHUSRODomR JHRPpWULFD

    'H IDFWR� R TXH VH SUHWHQGH p FDOFXODU FRUUHFWDPHQWH R IOX[R GH FDORU SRUFRQGXomR QD IDFH� GDGR SRU�

  • -39-

    ������ y�� ; ^; ®

    %� 7 ,

    ��

    RQGH R QmR HVWi DLQGD GHILQLGR� 9DPRV FRQVLGHUDU TXH QR YROXPH GH��FRQWUROR WHPRV � H TXH HP � WHPRV �SRGHQGR VHU7 � y � , � y � �7 , ,EDVWDQWH GLIHUHQWH GH �� $SOLFDQGR XP UDFLRFtQLR LGrQWLFR DR XVDGR SDUD VH�7REWHU D H[SUHVVmR GR IOX[R GH FDORU DWUDYpV GH PDWHULDLV FRPSyVLWRV�VHPHOKDQoD WDPEpP FRP UHVLVWrQFLDV HOpFWULFDV HP VpULH�� REWHPRV�

    ������ y y § � y� �� ; ^; ® � ; ^; ® ; ^; ®

    % % ]

    7 7 � , � , 7 ,^�

    ] ]� %

    ^� �

    � �7 ,

    %� � � �

    RQGH R GHQRPLQDGRU GD ~OWLPD IUDFomR UHSUHVHQWD R LQYHUVR GD FRQGXFWkQFLDWpUPLFD HQWUH H � &RPSDUDQGR FRP D H[SUHVVmR LQLFLDO SDUD R IOX[R GH7 ,FDORU �LVWR p� LJXDODQGR ��� D ����� REWHPRV D GHILQLomR�

    ������ y��

    ]� �^�� �� �7 ,

    TXH UHSUHVHQWD XP WLSR GH PpGLD JHRPpWULFD �LQWHUSRODomR OLQHDU GR LQYHUVRGDV FRQGXWLELOLGDGHV WpUPLFDV�� 3DUD XPD IDFH VLWXDGD QR PHLR� �� y �»�WHPRV�

    ��� �PpGLD KDUPyQLFD� ������� � �� � � � ]�

    � �

    � 7 , 7 ,

    7 ,y ] ® § � y��

    5HSDUH�VH TXH SDUD FRQGXWLELOLGDGH XQLIRUPH� WHPRV H D PpGLD� y �7 ,KDUPyQLFD GH ������ p LJXDO j PpGLD DULWPpWLFD GH ������

    9HMDPRV DV YDQWDJHQV GHVWD IRUPXODomR� FRQVLGHUDQGR DOJXQV FDVRV OLPLWH�

    � R IOX[R GH FDORU QD LQWHUIDFH FRP XP PDWHULDO� S � § � S �, �LVRODQWH GHYH VHU QXOR� &RP D PpGLD DULWPpWLFD WHUtDPRV � GH� ��IRUPD TXH R IOX[R YLULD LQFRUUHFWDPHQWH QmR QXOR�

    � PDWHULDO DOWDPHQWH FRQGXFWLYR LPSOLFD� � § � S 77 , ���^�

    ,

    ; y ;� 7 � GH DFRUGR FRP HVWD IRUPXODomR �TXH UHVXOWD HP� y � ; ^ ; ®« %� , 7 , �

    ]� �� $ PpGLD DULWPpWLFD GDULD UHVXOWDGRV PXLWRHUUDGRV� FRP R YDORU GD FRQGXWLELOLGDGH QD IDFH EDVHDGR HP ��7

  • -40-

    (P FRQFOXVmR� D IRUPXODomR EDVHDGD QD PpGLD JHRPpWULFD SHUPLWH FDOFXODUFDVRV FRP PXGDQoDV DEUXSWDV GD FRQGXWLELOLGDGH� VHP UHFRUUHU D PDOKDVPXLWR ILQDV SHUWR GD GLVFRQWLQXLGDGH RQGH HVVD PXGDQoD RFRUUH�

    ����� 7UDWDPHQWR GH QmR�OLQHDULGDGHV

    $ HTXDomR GLVFUHWL]DGD JHUDO �(T� ���� p XPD HTXDomR DOJpEULFD OLQHDU� H RVLVWHPD FRQVWLWXtGR SRU HVVDV HTXDo}HV SDUD WRGRV RV YROXPHV GH FRQWUROR GDPDOKD SRGH VHU UHVROYLGR SRU TXDOTXHU PpWRGR SDUD VLVWHPDV GH HTXDo}HVOLQHDUHV�

    0XLWDV YH]HV DV VLWXDo}HV UHDLV VXEMDFHQWHV VmR QmR OLQHDUHV� 3RU H[HPSOR� DFRQGXWLELOLGDGH WpUPLFD SRGH GHSHQGHU GD WHPSHUDWXUD � RX R WHUPR�; ®IRQWH SRGH HVWDU UHODFLRQDGR FRP GXPD IRUPD QmR OLQHDU� 1HVWHV:; ® ;FDVRV RV FRHILFLHQWHV � � RX YmR GHSHQGHU GH � (VWDV VLWXDo}HV VmR� � � � ;, > 7UHVROYLGDV SRU �LWHUDomR

    2 SURFHVVR LWHUDWLYR FRQVLVWH HP�

    �� &RPHoDU FRP YDORUHV HVWLPDGRV SDUD HP WRGRV RV QyV �SRU;H[HPSOR� FRQVWDQWH��; y

    �� &DOFXODU RV FRHILFLHQWHV GD HTXDomR GLVFUHWL]DGD� EDVHDGRV QHVVDVWHPSHUDWXUDV HVWLPDGDV�

    �� 5HVROYHU R VLVWHPD UHVXOWDQWH� TXH p QRPLQDOPHQWH OLQHDU� DILP GHVH REWHU QRYRV ;

    �� 8VDQGR HVWHV QRYRV � YROWDU DR SDVVR � H UHSHWLU DWp TXH QmR KDMD;TXDOTXHU PXGDQoD VLJQLILFDWLYD GD WHPSHUDWXUD�

    4XDQGR VH DWLQJH XP HVWDGR ILQDO TXH QmR PXGD� GL]�VH TXH KiFRQYHUJrQFLD GR SURFHVVR LWHUDWLYR� $ VROXomR FRQYHUJLGD p D YHUGDGHLUDVROXomR GDV HTXDo}HV QmR OLQHDUHV� DSHVDU GH WHU VLGR REWLGD SHOD DSOLFDomRUHSHWLGD GH WpFQLFDV SDUD VLVWHPDV OLQHDUHV�

    e SRVVtYHO TXH R SURFHVVR QmR FRQYLUMD� D YDULiYHO GHSHQGHQWH SRGH RXRVFLODU LQGHILQLGDPHQWH� RX DXPHQWDU PRQRWRQDPHQWH �§ GLYHUJrQFLD

    $V � UHJUDV GDGDV DQWHULRUPHQWH �6HFomR ���� WHQGHP D SURPRYHU DFRQYHUJrQFLD� ([LVWHP DLQGD HVWUDWpJLDV SDUD HYLWDU D GLYHUJrQFLD� 2 PpWRGRSRGH DVVLP� HP SULQFtSLR� UHVROYHU SUREOHPDV QmR OLQHDUHV�

  • -41-

    ����� /LQHDUL]DomR GR WHUPR IRQWH

    &RPR VH YLX �6HFomR ��������� R WHUPR IRQWH p OLQHDUL]DGR GD VHJXLQWHIRUPD�

    � FRP ������: y : ] : ; : | �* 7 7

    (VWD OLQHDUL]DomR GHYH VHU XPD ERD DSUR[LPDomR GD YHUGDGHLUD YDULDomR GH:�

    (P SUREOHPDV QmR OLQHDUHV� H PXGDP GH LWHUDomR SDUD LWHUDomR�: :7 *

    'H VHJXLGD VmR GDGRV DOJXQV H[HPSORV TXH LOXVWUDP D IRUPD FRPR DOLQHDUL]DomR GHYH VHU IHLWD � GHQRWD XP YDORU DSUR[LPDGR GH � YLQGR GD; ;d

    LWHUDomR DQWHULRU� RX VHMD� p R YDORU H[LVWHQWH HP PHPyULD GD YDULiYHO ��;

    ([HPSOR �$�� : y ^ �;

    3RVVtYHLV HVFROKDV���� � H � p D PHOKRU RSomR� QHVWH FDVR D DSUR[LPDomR: y : y ^ �* 7

    VHJXH H[DFWDPHQWH D YDULDomR FRP GD IRQWH�;

    ��� H � SRGH UHVXOWDU VHQGR� SRU YH]HV� D ~QLFD: y ^ �; : y �* 77d

    RSomR SDUD IRQWHV FRPSOLFDGDV�

    ��� H � DTXL D DSUR[LPDomR � p PDLV: y ] �; : y ^ �� : ;* 7d7LQFOLQDGD GR TXH D GD IXQomR RULJLQDO� FRP D LPSOLFDomR GH GLPLQXLU D WD[D GHFRQYHUJrQFLD� 3RGH VHU ~WLO VH H[LVWLUHP RXWUDV QmR�OLQHDULGDGHV QR SUREOHPD�

    ([HPSOR �%�� : y � ] �;

    3RVVtYHLV HVFROKDV���� H � QmR p DFHLWiYHO SRLV LQGX] LQVWDELOLGDGH QXPpULFD�: y � : y �* 7

    VH IRU QHFHVViULR LWHUDU �GHYLGR D QmR�OLQHDULGDGHV�� SRGH RFRUUHU GLYHUJrQFLD�

    ��� H � SUiWLFD D VHJXLU TXDQGR QmR KRXYHU�: y � ] �; : y �* 77d

    QDWXUDOPHQWH� XP QHJDWLYR�:7

  • -42-

    ��� H � FULDomR DUWLILFLDO GXP QHJDWLYR� (P: y � ] ; : y ^ � :* 7 7d7JHUDO WHQGH D UHWDUGDU D FRQYHUJrQFLD �FRQYHUJrQFLD PDLV OHQWD PDLV§LWHUDo}HV SDUD VH REWHU D VROXomR FRQYHUJLGD��

    )LJ� ��� 9iULDV KLSyWHVHV GH OLQHDUL]DomR GXPD IRQWH �([HPSOR &��

    ([HPSOR �&�� �YHU )LJ� ����: y � ^ ; �

    3RVVtYHLV HVFROKDV���� H � DERUGDJHP �SUHJXLoRVD� TXH QmR: y � ^ ; ® : y �* 77

    d �

    DSURYHLWD D YDULDomR FRQKHFLGD GH FRP � ��: ; : ^ ; �

    ��� H � SDUHFH� j SULPHLUD YLVWD� VHU D: y � : y ^ ; ®* 7 7d �

    DERUGDJHP FRUUHFWD PDV� GH IDFWR� D LQFOLQDomR UHDO GD FXUYD p PDLRU�: ;(VWD OLQHDUL]DomR YDL QR VHQWLGR GD �LQVHJXUDQoD� H SRGH FRQGX]LU DGLYHUJrQFLD GR SURFHVVR LWHUDWLYR�

    ��� 0pWRGR UHFRPHQGDGR� OLQHDUL]DomR EDVHDGD HP GHVHQYROYLPHQWRHP VpULH GH 7D\ORU�

    : y : ] ® ; ^ ; ® y � ^ ; ® ® ^ �; ® ; ^ ; ®d d � �7 77 7 7 7d d d dG

    G

    :;

    YLQGR�

    H �: y � ] ��; ® : y ^ �; ®* 7d d7 7� �

  • -43-

    (VWD OLQHDUL]DomR UHSUHVHQWD D WDQJHQWH j FXUYD QR SRQWR �)LJ� �����: ; ; d7TXH p D PHOKRU RSomR�

    ��� H � HVWD OLQHDUL]DomR p PDLV: y � ] ��; ® : y ^ �; ®* 7d d7 7� �

    LQFOLQDGD TXH D FXUYD UHDO H YDL UHWDUGDU D FRQYHUJrQFLD�

    &RQFOXV}HV� $V OLQKDV TXH UHSUHVHQWDP D OLQHDUL]DomR QR GLDJUDPD WrP GH WHU: ^ ;LQFOLQDomR QHJDWLYD SDUD UHVSHLWDU D 5HJUD ��

    $ WDQJHQWH ORFDO p D PHOKRU HVFROKD�

    /LQKDV PDLV LQFOLQDGDV VmR DFHLWiYHLV PDV OHYDP D FRQYHUJrQFLD PDLV OHQWD�

    /LQKDV PHQRV LQFOLQDGDV QmR VmR GHVHMiYHLV SRLV QmR LQFRUSRUDP DYHUGDGHLUD WD[D GH GHFDLPHQWR GH FRP �YmR QR VHQWLGR GD LQVHJXUDQoD��: ;

    )LJ� ��� 0DOKD XQLGLPHQVLRQDO FRP YROXPHV GH FRQWUROR QD IURQWHLUD�

    ����� &RQGLo}HV IURQWHLUD

    $ )LJ� ��� UHSUHVHQWD XP FDVR XQLGLPHQVLRQDO�

    ([LVWH XPD HTXDomR SDUD FDGD YROXPH GH FRQWUROR LQWHUQR� GRLV GHVWHV� HVWmROLJDGRV D QyV QD IURQWHLUD �Qy QD SDUWH HVTXHUGD GD ILJXUD�� $V FRQGLo}HV)IURQWHLUD VmR LQWURGX]LGDV QR HVTXHPD GH VROXomR QXPpULFD DWUDYpV GRWUDWDPHQWR GDV WHPSHUDWXUDV H IOX[RV QHVVHV QyV GD IURQWHLUD�

    ([LVWHP WUrV WLSRV GH FRQGLo}HV IURQWHLUD HP FRQGXomR GH FDORU�

    �� WHPSHUDWXUD GDGD �FRQGLomR GH 'LULFKOHW��� IOX[R GH FDORU GDGR �FRQGLomR GH 1HXPDQQ�

  • -44-

    �� IOX[R HVSHFLILFDGR DWUDYpV GH XP FRHILFLHQWH GH WUDQVIHUrQFLD GHFDORU � � H WHPSHUDWXUD GR IOXLGR FLUFXQGDQWH � �� � y �; ^ ;®H[; yH[ WHPSHUDWXUD GR H[WHULRU��

    3DUD R WLSR � QmR Ki SUREOHPD QD LPSOHPHQWDomR GD FRQGLomR IURQWHLUD� 3RUH[HPSOR� FRQVLGHUDQGR D )LJ� ��� H VHQGR GDGR� D HTXDomR QR 9& SDUD R;)Qy p UHVROYLGD FRPR SDUD TXDOTXHU XP GRV RXWURV 9& LQWHUQRV� 2 SUREOHPD0RFRUUH TXDQGR QmR p GDGR� WRUQDQGR�VH QHFHVViULR QHVVH FDVR FRQVWUXLU;)XPD HTXDomR DGLFLRQDO SDUD R FiOFXOR GH �;)

    )LJ� ��� ,OXVWUDomR GR �PHLR YROXPH GH FRQWUROR� MXQWR D IURQWHLUD FRP IOX[RLPSRVWR�

    3DUD R DUUDQMR GH PDOKD PRVWUDGR QD )LJ� ���� D LQWHJUDomR GD HTXDomRGLIHUHQFLDO GH SDUWLGD p IHLWD QR PHLR 9& HP �D SRQWHDGR�� REWHQGR�VH�)

    � ^ � ] : ] : ; ® % y �) � * 7 ) )"

    FRP �� y ; ^ ; ®� ) 0�%�

    ��

    $ HTXDomR GLVFUHWL]DGD QD IURQWHLUD ILFD�

    ������� ; y � ; ] �) ) 0 0

    VHQGR RV FRHILFLHQWHV GHILQLGRV DEDL[R�

    3DUD GDGR �)LJ� ������)

    � � � ������� y � y � ^ : % � y : % ] �0 ) 0 7 ) * ) )�%�

    ��" "

    3DUD �� y �; ^ ; ®) )H[

    � � � ������� y � y � ^ : % ] � � y : % ] �;0 ) 0 7 ) * )�%�

    ��" " H[

  • -45-

    ����� 5HVROXomR GR VLVWHPD GH HTXDo}HV OLQHDUHV

    3DUD R FDVR XQLGLPHQVLRQDO D PHOKRU HVFROKD p R PpWRGR GH HOLPLQDomR GH*DXVV� XP PpWRGR GLUHFWR TXH QHVWH FDVR SDUWLFXODU ILFD H[WUHPDPHQWHHILFLHQWH� 2 DOJRULWPR FRUUHVSRQGHQWH p FRQKHFLGR SRU 7'0$ �DOJRULWPR SDUDPDWUL]HV WULGLDJRQDLV��

    6LVWHPD GH HTXDo}HV OLQHDUHV�

    � FRP � ������� ; y � ; ] � ; ] � � y �¼ � »»»¼5� � � �]� � �^� �

    RQGH RV SRQWRV H HVWmR QD IURQWHLUD� H H �� y � 5 � y � � y �� 5

    2 DOJRULWPR SURFHVVD�VH HP GRLV � XP DVFHQGHQWH SDUD SUHSDUDU RVORRSVDUUD\V DX[LOLDUHV�

    ������7 y��

    � ^� 7�

    � � �^�

    � SDUD ������ y � 5

    ������8 y�� ]� 8

    � ^� 7� � �^�

    � � �^�

    H RXWUR GHVFHQGHQWH SDUD REWHU� SRU UHFRUUrQFLD� D VROXomR�

    � SDUD ����� ������; y 7 ; ] 8 � y 5 �� � �]� �

    1RWDU TXH �7 y �5

    $R FRQWUiULR GRV PpWRGRV PDWULFLDLV XVXDLV� SDUD R 7'0$ D PHPyULD H WHPSRGH &38 VmR SURSRUFLRQDLV DR Q~PHUR GH HTXDo}HV �5

    ��� &RQGXomR QmR HVWDFLRQiULD XQLGLPHQVLRQDO

    ����� 'LVFUHWL]DomR GD HTXDomR JHUDO

    1D VHFomR DQWHULRU YLPRV FRPR OLGDU FRP D HTXDomR JHUDO VLPSOLILFDGDFRQWHQGR VyPHQWH WHUPRV GLIXVLYR H IRQWH� 9DPRV HVWXGDU DJRUD DVLPSOLFDo}HV GR WHUPR QmR HVWDFLRQiULR� $ HTXDomR GH SDUWLGD p DJRUD�

    ������� � y �C; C C;C! C% C%

  • -46-

    RQGH QmR VH FRQVLGHUD R WHUPR IRQWH �WUDWDPHQWR LJXDO DR GDGR DQWHV� H VHDVVXPH FRQVWDQWH �FRPSDUDU FRP (T� �������

    &RPR R WHPSR p XPD FRRUGHQDGD GH ��VHQWLGR� R SURFHVVR GH FiOFXOR ID]�VHSRU DYDQoR QR WHPSR� 3DUWH�VH GXP FDPSR LQLFLDO SDUD VH REWHU XP QRYR; �

    FDPSR � DSyV XP SDVVR QR WHPSR GH � 9DL XVDU�VH R tQGLFH SDUD; ! ��]� �LQGLFDU R QtYHO WHPSRUDO� FRP D QRWDomR�

    9DORUHV SUHVHQWHV �FRQKHFLGRV�� � �; ; ;� � �7 , >

    9DORUHV IXWXURV �GHVFRQKHFLGRV�� � �; ; ;�]� �]� �]�7 , >

    $ GLVFUHWL]DomR ID]�VH DJRUD SRU GXSOD LQWHJUDomR� QR HVSDoR �QR YROXPH GHFRQWUROR� H QR WHPSR �QR SDVVR QR WHPSR ���!

    G G G G� � ! % y � ! %

    $ $

    � �

    ! !

    ! ] ! ! ] !� �C; C C;C! C% C%

    2 WHUPR WHPSRUDO �WHUPR GH LQpUFLD� ILFD�

    G G ������� � "� ! % y � % ; ^ ; ®

    $

    !

    ! ] !� C;C! 7

    �]� �7 7

    RQGH VH DVVXPH XP SHUILO XQLIRUPH �FRQVWDQWH VHJPHQWDGR� GHQWUR GRYROXPH GH FRQWUROR�

    2 WHUPR GLIXVLYR� VHJXLQGR R TXH IRL IHLWR DQWHV� ILFD�

    G G G 6 7! !

    ! ] ! ! ] !

    $

    �� �

    � ® % ! y ^ !C C;C% C% % %

    � ; ^; ® � ; ^; ®� , 7 $ 7 >

    � $� �

    VHQGR DJRUD SUHFLVR HVFROKHU R SHUILO GH YDULDomR QR WHPSR� 9DPRV XVDU DVHJXLQWH IRUPD �OLQHDU��

    G ������ 6 7!

    ! ] !�

    ; ! y � ; ] � ^ �® ; !7 7�]� �

    7 �

    RQGH p XP IDFWRU GH LQWHUSRODomR TXH SRGH YDULDU HQWUH H � $ HVFROKD GH� � �� VHUi GLVFXWLGD PDLV j IUHQWH� $ HTXDomR ILFD�

  • -47-

    � "

    � � �

    � %

    ! % %

    � ; ^; ® � ; ^; ®7 � $�]� �]� �]� �]�, 7 7 >

    � $; ^ ; ® y � ^ ]�]� �

    7 7 @ A

    ] � ^ �® ^@ A� ; ^; ® � ; ^; ®% %� $� � � �, 7 7 >

    � $� �

    3DUD VLPSOLILFDU YDPRV HVFUHYHU �RV YDORUHV GHVFRQKHFLGRV; ;�]�

    GLVSHQVDP tQGLFH WHPSRUDO�� 5HDJUXSDQGR RV WHUPRV� D HTXDomR GLVFUHWL]DGDHVFUHYH�VH VRE D IRUPD XVXDO� FRPR�

    ������� ; y � �; ] � ^ �® ; ® ] � �; ] � ^ �® ; ® ] �7 7 , , > ,� �, ,

    FRP�H �� y � y, >

    � �% %� $

    � $� �

    ������

    H� y � � ] � � ] � � y7 , > � �7 7� "

    � %

    !7

    � y � ; ^ � ^ �® � ] � ® ;�7� �7 7, >

    ����� (VTXHPDV GH GLVFUHWL]DomR QR WHPSR

    $ LQWHJUDomR QR WHPSR SRGH VHU UHSUHVHQWDGD SHORV VHJXLQWHV HVTXHPDV �)LJ������

    � HVTXHPD GH (XOHU H[SOtFLWR �R YDORU DQWHULRU GH SUHYDOHFH�� y � ; �

    � HVTXHPD GH &UDQN�1LFROVRQ� y �» � HVTXHPD WRWDOPHQWH LPSOtFLWR �R QRYR YDORU SUHYDOHFH�� y �

    (VWHV HVTXHPDV VmR EHP FRQKHFLGRV HP HTXDo}HV jV GHULYDGDV SDUFLDLV�3'(� SDUDEyOLFDV�

    1R FDVR GR HVTXHPD H[SOtFLWR � D HTXDomR GLVFUHWL]DGD ILFD�� y �

    ������� ; y � ; ] � ; ] � ^ � ^ � ® ;� �7 77 , > , >� � �, , 7

    R TXH VLJQLILFD TXH QmR HVWi UHODFLRQDGR FRP DV RXWUDV LQFyJQLWDV H; ;7 ,;> � PDV SRGH VHU �H[SOLFLWDPHQWH� REWLGR HP WHUPRV GH YDORUHV FRQKHFLGRVGD WHPSHUDWXUD� � � � 4XDOTXHU HVTXHPD FRP p LPSOtFLWR� QR; ; ; � �� � �7 , >VHQWLGR TXH ILFD UHODFLRQDGR FRP H � R TXH UHTXHU D UHVROXomR; ; ;7 , >VLPXOWkQHD GH XP VLVWHPD GH HTXDo}HV�

  • -48-

    )LJ� ��� 9DULDomR GD WHPSHUDWXUD QXP SDVVR QR WHPSR � QR WH[WR�; y ;� �7 7; y ;� �]�7 7 ��

    2 HVTXHPD H[SOtFLWR SRGH VHU YDQWDMRVR� XPD YH] TXH p PXLWR PDLV VLPSOHV HQmR UHTXHU XP PpWRGR GH VROXomR GH HTXDo}HV OLQHDUHV �XP � ��� PDVVROYHUWHP XPD GHVYDQWDJHP LPSRUWDQWH� DQDOLVDGD GH VHJXLGD� $ 5HJUD � LPS}H�

    � ^ � ^ � { �7�

    , >

    RQGH p FRQYHQLHQWH SHQVDU HP FRPR XP YL]LQKR GH QD GLUHFomR; ;�7 7WHPSRUDO� (VWD LQHTXDomR� SDUD R FDVR GH XPD PDOKD XQLIRUPH �SRUVLPSOLFLGDGH�� LPSOLFD�

    ������� " � "

    � "

    � % � %

    ! % ����

    ^ { � § ! z��

    TXH GHILQH R � (P WHUPRV DGLPHQVLRQDLV� HVWHFULWpULR GH HVWDELOLGDGHFULWpULR SRGH VHU HVFULWR FRPR & � FRP R Q~PHUR GH &RXUDQW �GH� z �»GLIXVmR� ORFDO & � $V OLPLWDo}HV LPSRVWDV SHOR FULWpULR GH� �y !« %�� "HVWDELOLGDGH VmR QRWyULDV� TXDQGR VH GLPLQXL � SDUD PHOKRUDU D SUHFLVmR"%HVSDFLDO GRV UHVXOWDGRV� R YDORU GH WHP VHU FRQVLGHUDYHOPHQWH UHGX]LGR��!'HVWH PRGR VHUmR QHFHVViULRV PDLV SDVVRV QR WHPSR SDUD VH DWLQJLU D VROXomRFRQYHUJLGD�

    2 HVTXHPD GH &UDQN�1LFROVRQ p �LQFRQGLFLRQDOPHQWH HVWiYHO� R TXH VLJQLILFDTXH SRGHP DSDUHFHU RVFLODo}HV QRV UHVXOWDGRV� (VWD VLWXDomR p GH HVSHUDU

  • -49-

    SRLV R FRHILFLHQWH GH � SDUD � p GDGR SRU � 3DUD; � y �» � ^ � ] � ®«��7�7 , >

    VDWLVID]HU D 5HJUD �� WHPRV GH WHU�

    � " � "

    � "

    � % � %

    ! % ��

    ^ { � § ! z��

    'HVWH PRGR H[LVWH DLQGD XPD UHVWULomR SDUD TXH HVVD UHJUD VHMD VDWLVIHLWD�HPERUD QmR VHMD WmR IRUWH FRPR SDUD R HVTXHPD H[SOtFLWR� QR HQWDQWR�SRGHP RFRUUHU RVFLODo}HV VH R QmR IRU VXILFLHQWHPHQWH SHTXHQR��!

    )LVLFDPHQWH� R GHFDLPHQWR WHPSRUDO GD WHPSHUDWXUD p H[SRQHQFLDO �)LJ� ����H R HVTXHPD TXH PDLV VH DSUR[LPD GHVVD YDULDomR p R HVTXHPD WRWDOPHQWHLPSOtFLWR� 3RU RXWUR ODGR� SDUD TXH D 5HJUD � VHMD VHPSUH VDWLVIHLWD �WRGRV RVFRHILFLHQWHV SRVLWLYRV� WHPRV GH WHU � $VVLP� R HVTXHPD LPSOtFLWR p R� y �~QLFR TXH JDUDQWH VLPSOLFLGDGH H VROXomR ILVLFDPHQWH VDWLVIDWyULD� UHVSHLWDQGRDV � UHJUDV� VHQGR SRU LVVR R HVTXHPD HVFROKLGR�

    'H QRWDU TXH R HVTXHPD GH &UDQN�1LFROVRQ p PDLV SUHFLVR QR WHPSR �HUURSURSRUFLRQDO D � RX VHMD p XP HVTXHPD GH VHJXQGD RUGHP QR WHPSR���!�

    FRPSDUDWLYDPHQWH DR HVTXHPD LPSOtFLWR �HUUR ��6 !®�

    ����� $V HTXDo}HV GLVFUHWL]DGDV FRP HVTXHPD LPSOtFLWR

    )D]HQGR � REWHPRV�� y �

    � ; y � ; ] � ; ] �7 7 , , > >FRP� ������

    �� y � y, >� �% %� $

    � $� �

    �FRHILFLHQWH WHPSRUDO� RX LQHUFLDO�� y�7� "

    � %

    !7

    � y � ] � ] � ^ : %7 , > 7 7�7 "

    � y : % ] � ;* 7�7

    �7"

    'H QRWDU TXH VH � HVWDV HTXDo}HV WRUQDP�VH LJXDLV jV HTXDo}HV�!SBDQWHULRUHV YiOLGDV SDUD VLWXDo}HV HVWDFLRQiULDV � ��� y ��7

    &RPR R SULQFtSLR VXEMDFHQWH DR HVTXHPD WRWDOPHQWH LPSOtFLWR p TXH D QRYDWHPSHUDWXUD SUHYDOHFH GXUDQWH R DYDQoR QR WHPSR � QR FDVR GD; !7 �

  • -50-

    FRQGXWLELOLGDGH WpUPLFD GHSHQGHU GD WHPSHUDWXUD � WHPRV GH EDVHDU R�; ®VHX FiOFXOR QR QRYR YDORU GH � R TXH UHTXHU GHVGH ORJR LWHUDomR�;7

    )LJ� ��� 9ROXPH GH FRQWUROR ELGLPHQVLRQDO�

    ��� 6LWXDomR %LGLPHQVLRQDO H 7ULGLPHQVLRQDO

    $ JHQHUDOL]DomR GD DQiOLVH DQWHULRU SDUD FDVRV PXOWLGLPHQVLRQDLV pVXUSUHHQGHPHQWH IiFLO�

    ����� &DVR ��'

    $ HTXDomR GLIHUHQFLDO p�

    ������� � y � ] � ] :C; C C; C C;C! C% C% C& C&

    6 7 6 7VHQGR D PDOKD ELGLPHQVLRQDO FRPR UHSUHVHQWDGD QD )LJ� ����

    9DL DVVXPLU�VH TXH R IOX[R GH FDORU FDOFXODGR FRPR�

    � y�� ; ^; ®

    %� 7 ,

    ��

  • -51-

    SUHYDOHFH QD IDFH GR YROXPH GH FRQWUROR �FRP iUHD �� ,VWR HTXLYDOH D� & _ �"FRQVLGHUDU XP HVTXHPD GH LQWHJUDomR EDVHDGR QD UHJUD GR SRQWR PpGLR� $PHVPD DSUR[LPDomR p IHLWD SDUD DV UHVWDQWHV IDFHV GR 9&� 6HJXLQGR HVWHSURFHGLPHQWR� D HTXDomR GLVFUHWL]DGD ILFD VRE D IRUPD�

    � ; y � ; ] � ; ] � ; ] � ; ] �7 7 , , > > 5 5 : :

    FRP� ������

    � � �� y � y � y � y, > 5 :� & � &

    % % & &� %