economia y sociedad - n 35 - octubre 2015 - paraguay - portalguarani

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  • 7/23/2019 ECONOMIA Y SOCIEDAD - N 35 - OCTUBRE 2015 - PARAGUAY - PORTALGUARANI

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    6

    CMAEAGFR ]AMBCDFD

    FEOB]B] DC

    MARSETSXFGCE]SFO

    E =3AMTSHXC 8:63

    www.partfo`ufrfeb.mag

  • 7/23/2019 ECONOMIA Y SOCIEDAD - N 35 - OCTUBRE 2015 - PARAGUAY - PORTALGUARANI

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    8

    Ar`febsga ea `uhcrefgcetfo dcdbmfda f of bevcstb`fmbe, dbiusbe ymfpfmbtfmbe ce tcgfs cmaegbmas sahrc Zfrf`ufy y of rc`be.

    4

    9

    6:

    68

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    ZAOTBMF

    ]AMBFO

    CMAEAGF ]cmtar Cmaegbma

    ]cmtar Cmaegbma

    ]cmtar Cmaegbma

    Of hftfoof dc Fsuembe y of mbvbobdfd

    Fo`ueas dc oas fpartcs dco prcgba Eahcodc Cmaeagf 8:63, Fe`us Dcftae

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    Vu dcpfrf fo ]bstcgf Ibefembcra yfo Gcrmfda dc Yfoarcs ce 8:691

    Oas egcras dc of cmaeagf cxtcref

    DBXCMTAX DCO MFDCZ;

    Icrefeda Gfsb

    CVSBZA CDBTAXBFO;

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    Tfel Bebtbftbvc (TTB)dco Mcetra Betcrefmbaefodc Bevcstb`fmbaecs pfrf co Dcsfrraooa(BDXM) dc Mfefd.

  • 7/23/2019 ECONOMIA Y SOCIEDAD - N 35 - OCTUBRE 2015 - PARAGUAY - PORTALGUARANI

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    =

    ZXC]CETFMBE

    CMAEAGF R ]AMBCDFD ZXCTCEDC MAETXBHSBX FO CE]FEMNFGBCETA DCO C]ZFMBADC DCHFTC, AIXCMBCEDA F ]S] OCMTAXC] SE FEOB]B] GCE]SFO DCO ZXAMC]ACMAEGBMA R ZAOTBMA DCO ZF]. C]TF XCYB]TF DB@BTFO DCO MCETXA DC FEOB]B]R DBIS]BE DC OF CMAEAGF ZFXF@SFRF, MFDCZ, BEMOSRC OF] XCF] DC;ZAOTBMF, ]AMBFO R CMAEAGF. ZXAIC]BAEFOC] MAGZXAGCTBDA] MAE CO ZF]FHAXDFE FVS OF] MFS]F] R MAE]CMSCEMBF] DC OA] FMAETCMBGBCETA] RHS]MFE ZXAGAYCX ]S DB]MS]BE CETXC OA] DBICXCETC] FMTAXC] ]AMBFOC] RF@CETC] CMAEGBMA].

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    cspcrf fpartfr fo dchftc phobma feobsbs ahkctbvas quc maetrbhuyfe f mrcfr pcesf-

    gbceta mrtbma y f mfefobzfr ofs dcgfedfs mbudfdfefs.

    Fsuembe, amtuhrc dc 8:63

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    44

    ZAOTBMF

    KA] MFXOA]XADX@SC[

    CO MFGHBA ZAOTBMA CE ]S MAXXBCETC G] CED@CEF IOAXCMB CE F]SEMBE NFMCDA] DMFDF]. FN ]C YBA MGA, DC ZXAETA, OF MBSDFDFEF ZSDA MFGHBFX

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    Csc `bra ea nf sbda sastcebda y eb sbqubcrf iuc rcfobzfda sbea ce uef pcqucf pfrtc.

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    ecs prcvbstfs, nfmc vcbetc fas! Zcra ea bgpocgcetfdfs. Of mbudfdfef pcrdb Ofs

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    dfs y obhcrfocs sc rcpfrtbcrae oas mfr`as y sc fpravcmnfrae dc of fdgbebstrfmbe.

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    fhrbrsc f of mbudfdfef. Gfrba Icrrcbra sc oofgf csf cspcrfezf y, sb co pramcsa cocmtarfo

    ea sc hfstfrdcf, dchcrf fefr. Cs vcrdfd quc tada pucdc sumcdcr. Zcra, sb co sbstcgf

    cocmtarfo iuembaef hbce, dchcrf `fefr Icrrcbra. Oa quc ea sb`ebibmf sbea co bebmba dc uef

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    amurrb, nfmc gumna pcra gumna tbcgpa ftrs.

    OF HFTFOOF DC F]SEMBE

    R OF MBYBOBDFD

    CMAEAGF R ]AMBCDFD FEOB]B] DC MARSETSXF GCE]SFO

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    33AMTSHXC 8:63

    Of pasbhoc dcrratf dc Frefoda ]fgfebc`a cs rcsuotfda dc gumnfs rfzaecs. Ooc`

    f `fefr par ue gfr`ce gbmrasmpbma, vcembceda f ue maetrbemfetc bgpapuofr% dc

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    turf a par su dcs`rfmbf. Zar of betc`rbdfd a par of marrupmbe. Zar co dcsfrraooa a

    par oas ec`ambfdas. Mfdf fmta magbmbfo cs ue cvceta mfr`fda dc iutura y dc pfsf-

    da. Daedc fpastfgas par easatras gbsgas a eas gfetcecreas csmofvas dc

    uef paotbmf quc ea husmf co hbce mage.

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    99

    ]AMBFO

    YCXEBMF ]CXFIBEB

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    CO DCHFTC FMFDGBMA GSEDBFO ZAX MF]B SE ]B@OA. CE 8:63 CO ZXCGBA C] ATAX@FDA

    F FE@S] DCFTAE, C]MAM] EFMBAEFOB[FDA EAXTCFGCXBMFEA, DC OF SEBYCX]BDFD DCZXBEMCTAE, VSBCE ISC ZXCMCDBDA ZAX FGFXTRF ]CE (622>), KA]CZN ]TB@OBT[ (8::6)R COBEAX A]TXAG (8::2). F COOA] ]C ]SGFE TNAGF] ZBLCTTR R OF] CMAEAGB]TF]

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    R ]S BGZFMTA CE OF] ZCX]AEF].

    Cstf rcvbsbe bgpuosfdf par ofs pcrsbstcetcs y sbstcgtbmfs mrbsbs guedbfocs y efmbaef-

    ocs dco otbga sb`oa nf bgpfmtfda ea saoa ce oas iuedfgcetas tcrbmas sbea tfghbe ce

    of gbrfdf nfmbf ofs paotbmfs phobmfs y sus rcsuotfdas. Fe`us Dcftae pcrtcecmc f cstcmfdf vcz gs bgpartfetc `rupa dc cmaeagbstfs quc vbcece mucstbaefeda oas pastu-

    ofdas ecamosbmas trfdbmbaefocs, tfeta dcsdc co pueta dc vbstf tcrbma maga dcsdc co

    feobsbs cgprbma c nbstrbma.

    Co cstudba dc Dcftae cst mcetrfda ce co maesuga y ofs cocmmbaecs dc oas maesugbda-

    rcs dc fmucrda mae oas prcmbas y sus be`rcsas, par oa quc tfghbe bemouyc co fnarra.

    Co rcsuotfda dc cstc feobsbs sc trfdumc ce ue gfyar maeambgbceta sahrc of rcofmbe

    cetrc co maesuga, of dcseutrbmbe beifetbo, co masta dc of mrbfezf, cetrc atras tcgfs

    dc sfoud, ofs dcsb`ufodfdcs betrfifgbobfrcs y co bgpfmta dc of cstrumturf trbhutfrbf ce

    co na`fr.

    ]us fpartcs tcrbmas y gctadao`bmas f of gbmracmaeagf sae guy betcrcsfetcs

    parquc sus bevcstb`fmbaecs sc hfsfrae ce co usa dc ofs cemucstfs dc na`frcs y

    ce co gckarfgbceta dc ofs tmebmfs cmaeagtrbmfs, ncrrfgbcetfs quc cste dbspa-

    ebhocs ce mfsb tadas oas pfscs dco gueda, bemousbvc ce oas dc gcearcs be`rcsas.

    Cstas cstudbas gbmracmaegbmas rcsuotfrae scr sugfgcetc beiouycetcs y rcoc-

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    pahrczf, of sfoud y co hbcecstfr y f ofs paotbmfs phobmfs vbemuofdfs.

    FO@SEA] DC OA] FZAXTC]

    DCO ZXCGBA EAHCO DC CMAEAGF 8:63,FE@S] DCFTAE

    CMAEAGF R ]AMBCDFD FEOB]B] DC MARSETSXF GCE]SFO

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    00AMTSHXC 8:63

    ]us puhobmfmbaecs y fo`uefs cetrcvbstfs uhbmfe f cstc cmaeagbstf ce co `rupa

    dc oas quc sc gfebibcstfe ce maetrf dc ofs paotbmfs dc fustcrbdfd fpobmfdfs ce

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    eambgbceta. ]u prcamupfmbe par uef vbsbe quc vfyf gs foo dco feobsbs cmae-

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    f scr pfrtc dc das bgpartfetcs magbsbaecs muyas trfhfkas tbcece ue fota bgpfmta

    patcembfo ce co dbsca dc paotbmfs phobmfs;

    Kueta mae Fgfrtyf ]ce, Kcfe-Zfuo Ibtaussb y Efemy Irfscr, cetrc atras, Fe`us Dcf-

    tae betc`r of Magbsbe sahrc of Gcdbmbe dco Dcsfrraooa Cmaegbma y dco Zra`rcsa

    ]ambfo prcsbdbdf par Kascpn ]tb`obtz6.

    Cstf magbsbe iuc mrcfdf ce 8::> f bestfembfs dc Ebmaos ]frlazy, cetaemcs prcsbdcetc

    dc Irfembf, pfrf dctcrgbefr oas ogbtcs dco ZBH maga bedbmfdar dc oas rcsuotfdas cmae-

    gbmas y dco pra`rcsa sambfo, rccxfgbefr oas prahocgfs rcoftbvas f of gcdbmbe, bdcetbib-

    mfr dftas fdbmbaefocs quc padrfe scr ecmcsfrbas pfrf ahtcecr bedbmfdarcs dco pra`rcsa

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    dchftbr sahrc uef prcscetfmbe fdcmufdf dc dftas cstfdstbmas.

    Co beiargc pradumbda par dbmnf magbsbe frrak dbcz rcmagcedfmbaecs quc ahcdcmce fo

    prbembpba `cecrfo dc quc of gcdbmbe dchcrf mcetrfrsc gs ce co hbcecstfr dc of pahofmbe

    quc ce of pradummbe cmaegbmf y dc quc tfocs gcdbmbaecs dco hbcecstfr sc ahscrvce

    ce ue maetcxta dc sustcetfhbobdfd;

    Xcmagcedfmbe E 6;Ce co gfrma dc of cvfoufmbe dc hbcecstfr gftcrbfo, rcicrbrsc

    f oas be`rcsas y fo maesuga, gs quc f of pradummbe.

    Xcmagcedfmbe E 8; Nfmcr nbemfpb ce of pcrspcmtbvf dc oas na`frcs.

    Xcmagcedfmbe E =.Tagfr ce mucetf co pftrbgaeba fo gbsga tbcgpa quc oas be-

    `rcsas y co maesuga.

    Xcmagcedfmbe E 4;Atar`fr gs bgpartfembf f of dbstrbhumbe dc oas be`rcsas, dco

    maesuga y dc ofs rbquczfs.

    Xcmagcedfmbe E 3; Fgpobfr oas bedbmfdarcs dc be`rcsas f ofs fmtbvbdfdcs ea gcr-

    mfetbocs.

    Xcmagcedfmbe E 9; Of mfobdfd dc vbdf dcpcedc dc ofs maedbmbaecs ahkctbvfs ce

    ofs mufocs sc cemucetrfe ofs pcrsaefs y dc sus mfpfmbdfdcs dbegbmfs. ]crf maevcebce-

    tc gckarfr ofs gcdbdfs cstfdstbmfs dc sfoud, dc cdumfmbe, dc fmtbvbdfdcs pcrsaef-

    ocs y dc maedbmbaecs fghbcetfocs. Fdcgs, ue csiucrza pfrtbmuofr dchcr atar`frsc

    f of maemcpmbe y f of fpobmfmbe dc ncrrfgbcetfs sobdfs y ibfhocs dc gcdbdf dc ofs

    rcofmbaecs sambfocs, dc of pfrtbmbpfmbe ce of vbdf paotbmf y dc of besc`urbdfd, maekueta

    dc cocgcetas quc maestbtuyc ue huce pfrgctra pfrf prcdcmbr of sftbsifmmbe quc of

    `cetc ahtbcec dc su vbdf.

    6 nttp;//www.bescc.ir/ir/puhobmftbaes-ct-scrvbmcs/dcifuot.fsp1pf`c7dassbcrsQwch/stb`obtz/damugcets-maggbssbae.ntg

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    >>CMAEAGF R ]AMBCDFD FEOB]B] DC MARSETSXF GCE]SFO

    Xcmagcedfmbe E 0; Oas bedbmfdarcs dc of mfobdfd dc vbdf dchcrfe, ce ta-

    dfs ofs dbgcesbaecs quc muhrce, praparmbaefr uef cvfoufmbe cxnfustbvf y `oa-

    hfo dc ofs dcsb`ufodfdcs.

    Xcmagcedfmbe E >;]c dchcre maemchbr cemucstfs pfrf cvfoufr oas ofzas

    cetrc oas dbicrcetcs fspcmtas dc of mfobdfd dc vbdf dc mfdf uea, y ofs beiargf-

    mbaecs ahtcebdfs sc dchcre utbobzfr mufeda sc dcibece paotbmfs ce oas dbicrce-

    tcs ghbtas.

    Xcmagcedfmbe E 2;Oas bestbtutas dc cstfdstbmfs dchcrfe praparmbaefr ofs

    beiargfmbaecs ecmcsfrbfs pfrf fsambfr ofs dbicrcetcs dbgcesbaecs dc of mfobdfd dc

    vbdf y pcrgbtbr dc cstf gfecrf of maestrummbe dc dbicrcetcs edbmcs.

    Xcmagcedfmbe E 6:; Ofs gcdbmbaecs dco hbcecstfr, tfeta ahkctbva maga suh-

    kctbva, praparmbaefe beiargfmbaecs cscembfocs sahrc of mfobdfd dc vbdf. Oas bestbtu-

    tas cstfdstbmas dchcrfe betc`rfr ce sus cemucstfs prc`uetfs muya ahkctbva scf

    maeamcr of cvfoufmbe quc mfdf uea nfmc dc su vbdf, dc sus cxpcrbcembfs y dc sus

    prbarbdfdcs.

    Cstfs rcmagcedfmbaecs maestbtuyce ue fpartc iuedfgcetfo pfrf co feobsbs cmaegbma

    y of cvfoufmbe dc oas rcsuotfdas dc ofs paotbmfs, yf quc ragpc mae co ceiaquc trfdbmba-

    efo quc sc obgbtf f gcdbr co dcscgpca cmaegbma dc of pradummbe sbe maesbdcrfr fspcm-

    tas mcetrfocs pfrf of vbdf dc ofs pcrsaefs maga co tbcgpa dc trfhfka ea rcguecrfda,

    ofs dcsb`ufodfdcs y of sastcebhbobdfd fghbcetfo.

    Co beiargc ibefo dc cstf magbsbe maetrbhuy fo dchftc sahrc oas eucvas Ahkctbvas dc

    Dcsfrraooa ]astcebhoc8quc, sb hbce sae mrbtbmfdas dcsdc dbicrcetcs pcrspcmtbvfs, maes-

    tbtuyce ue fvfemc rcspcmta dc oas fetcrbarcs Ahkctbvas dc Dcsfrraooa dco Gboceba. Zfrfpfscs maga co Zfrf`ufy, daedc co dbsmursa prcdagbefetc sc sb`uc mcetrfeda ce co

    mrcmbgbceta cmaegbma y of rcdummbe dc of pahrczf dc be`rcsa, of bemarparfmbe dc

    ofs dcsb`ufodfdcs dc be`rcsa ce co feobsbs cmaegbma cs ue pfsa iuedfgcetfo ce co

    dchftc fmcrmf dco rao dco Cstfda.

    Dcftae tfghbe maardbe uef magbsbe maestbtubdf pfrf cvfoufr oas trfhfkas dc be-

    vcstb`fmbe dco Hfema Guedbfo rcfobzfdas cetrc 622> y 8::3=, dc of quc iargfrae

    pfrtc Fhnbkbt Hfecrkcc (GBT), Earf Oustb` (SEDZ) y Lce Xa`aii (Nfrvfrd).

    Co beiargc quc praduka cstf magbsbe scfo of ecmcsbdfd dc ue gckar maetraodc mfobdfd y dc of rb`urasbdfd ce co usa dc gtadas cmaeagtrbmas pfrf `frfetb-

    zfr of hucef betcrprctfmbe y of cstbe dc oas rcsuotfdas dc ofs bevcstb`fmbaecs,

    y ahscrv fo Hfema Guedbfo par dc nfhcr utbobzfda cvbdcembf dhbo pfrf bgpuosfr

    sus prapucstfs dc paotbmfs, sbe cqubobhrfrofs fdcmufdfgcetc mae ofs pasbmba-

    ecs maetrfrbfs.

    8Fprahfdas ce co gcs dc scptbcghrc ce of Mughrc dc Dcsfrraooa ]astcebhoc ce Efmbaecs Sebdfs. Co

    Zfrf`ufy ibrg co magpragbsa.=

    Of Magbsbe praduka co beiargc dceagbefda Fe Cvfouftbae ai Parod Hfel Xcscfrmn, 622> 8::3. nttps;//www.prbemctae.cdu/~dcftae/daweoafds/FeQCvfouftbaeQaiQParodQHfelQXcscfrmnQ622>-8::3.pdi

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    22AMTSHXC 8:63

    Co maekueta dc fpartcs dc Dcftae gucstrf uef dc sus prbembpfocs vbrtudcs; co

    cstudba rb`urasa dc prahocgfs prmtbmas mae co ibe dc fpartfr maeambgbceta pfrf

    of iarguofmbe dc paotbmfs phobmfs.

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    6:6:6:

    CMAEAGF / ]cmtar Xcfo

    DBAEB]BA HAXDF

    OF XCMBCETC ZXAGSO@FMBE DC OF OCR 3.409, VSC C]TFHOCMC EAXGF]DC TXFE]ZFXCEMBF R DCICE]F FO S]SFXBA CE OF STBOB[FMBE DC TFXKCTF] DC

    MXDBTA R DHBTA, NF @CECXFDA SE BETCXC]FETC DCHFTC ]AHXC OF ZXATCMMBE

    DCO MAE]SGBDAX, OF OBHXC MAGZCTCEMBF R OF XC@SOFMBE IBEFEMBCXF,VSC ZSCDC ]CX GSR TBO ZFXF BDCETBIBMFX OA] BETCXC]C] CE KSC@A, ZXCMFSTCOFXCO BETCX] @CECXFO DC OF ]AMBCDFD R DCIBEBX OF] XC]ZAE]FHBOBDFDC]

    BE]TBTSMBAEFOC] R ]CMTAXBFOC].

    Co scmtar ibefembcra nf vcebda rcpartfeda mrcmbcetcs utbobdfdcs y cocvfdfs tfsfs dc `f-

    efembfs dchbdfs ce pfrtc f of gfyar cibmbcembf, pcra sahrc tada f of gcear magpctcembf

    ce ue gcrmfda aob`apobma y f of bgpasbmbe dc tfsfs dc betcrs fhusbvfs. Csta otbga

    maga rcsuotfda dc of fpobmfmbe dc ue sbeie dc magbsbaecs y f of fgpobf hrcmnf cetrc

    ofs tfsfs dc betcrs quc ofs cetbdfdcs ibefembcrfs pf`fe f oas dcpasbtfetcs dc fnarras

    y ofs quc mahrfe f oas tagfdarcs dc mrdbtas.

    Ce cstc dchftc, ofs prapbfs cgprcsfs ibefembcrfs rcmaeambcrae nfhcr irfmfsfda ce of

    futarrc`uofmbe, pcrgbtbceda quc ofs fotfs tfsfs dc betcrs, quc ce tcarf bgpobmfe gf-

    yarcs rbc`as ibefembcras, bgpfmtfrfe iucrtcgcetc ce ofs apcrfmbaecs gceas rbcs`a-

    sfs. Fdcgs, sc guotbpobmfrae ofs magbsbaecs quc oas hfemas y ibefembcrfs mfr`fhfe

    f ofs tfrkctfs dc mrdbta y dhbta, y quc sus usufrbas pf`fhfe sbe gfyar beiargfmbe.

    Zar mbcrta, co ar`febsga rc`uofdar, co Hfema Mcetrfo dco Zfrf`ufy (HMZ), ea fmtu

    f tbcgpa pfrf cvbtfr oas fhusas ce ofs tfsfs dc betcrs dc ofs tfrkctfs dc mrdb-

    ta. ]b hbce cs mbcrta quc co HMZ ofez rcmbcetcgcetc of bebmbftbvf dc dbsgbeubr y

    cstfedfrbzfr ofs magbsbaecs hfemfrbfs cxbstcetcs ce co gueda dc ofs tfrkctfs y

    uef mfgpff dc beiargfmbe y cdumfmbe pfrf fugcetfr of bemousbe ibefembc-

    rf< sc nuhbcrf amupfda tfghbe dc rcvbsfr co ebvco guy fota f pfrtbr dco mufo ofs

    tfsfs dc betcrs sae maesbdcrfdfs usurfrbfs, fs maga dc pragavcr uef gfyar

    magpctcembf ce co gcrmfda ibefembcra pfrf rcdumbr oas gr`cecs dc `fefembf

    quc ofs cgprcsfs dco scmtar ahtbcece f mastf dc oas maesugbdarcs dc sus scrvbmbas.

    CETXC CO FHS]A DC OF] TF]F]

    DC BETCX] R OA] XBC]@A]DC GFRAX C^MOS]BE IBEFEMBCXF

    CMAEAGF R ]AMBCDFD FEOB]B] DC MARSETSXF GCE]SFO

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    66AMTSHXC 8:63

    66AMTSHXC 8:63

    Fetc f ofs ifoofs dc of futarrc`uofmbe dco sbstcgf hfemfrba y dc of rc`uofmbe

    dco r`fea magpctcetc, co Mae`rcsa tuva quc amupfrsc dc paecr ogbtc fo fhu-

    sa dc `fefembfs par co usa dc ofs tfrkctfs dc mrdbta y dhbta. Ce magpfrfmbe

    mae atras pfscs, co Zfrf`ufy tcef uefs tfsfs dc betcrs guy cocvfdfs quc ea

    `ufrdfhfe rcofmbe mae co maetcxta dc cqubobhrba gfmracmaegbma eb mae of hfkf

    beiofmbe bgpcrfetc.

    Zcra, ce co betceta dc obgbtfr ofs tfsfs dc betcrs, of ocy fprahfdf par co Mae`rcsa

    tfghbe df ou`fr f eucvas prahocgfs fo cstfhocmcr quc oas betcrcscs ea padre

    cxmcdcr trcs vcmcs co pragcdba dc ofs tfsfs pfsbvfs vb`cetcs ce co gcrmfda.

    Ce prbgcr ou`fr, of ocy ea prcmbsf sb co ogbtc dchc tagfr par rcicrcembf ofs tfsfs dc

    betcrs dc ofs apcrfmbaecs pfsbvfs dc marta pofza (f of vbstf) a dc ofs dc gcdbfea

    pofza (mcrtbibmfdas dc dcpsbtas dc fnarra). Ce mugpobgbceta dc of eucvf eargf, of

    tfsf gxbgf dc betcrs fpobmfhoc f ofs tfrkctfs dc mrdbta iuc cstfhocmbdf ce 64,>0%

    feufo par co HMZ ce co gcs dc amtuhrc, pfrf co mfsa dc oas postbmas cgbtbdas paroas hfemas y cgprcsfs ibefembcrfs, pcra tadfvf sc dbsmutc co ebvco fdcmufda quc

    dchcrf tcecr y cst pcedbcetc ue fkustc dc of prapbf oc`bsofmbe.

    Ce sc`ueda ou`fr, of eucvf ocy cxpaec f oas usufrbas dc gcearcs ebvcocs dc be`rcsas,

    db`fgas dc das a trcs sfofrbas gebgas, f scr cxmoubdas dco sbstcgf iargfo y cgpukfdas

    f apcrfr mae scmtarcs beiargfocs dco scmtar ibefembcra, bemouyceda f ofs mfsfs magcr-

    mbfocs mae ibefembfmbe prapbf, ofs mfsfs dc mfghba, ofs mfsfs dc cgpca y oas usu-

    rcras. Ce cstc scetbda, co rcgcdba vf scr pcar quc of ceicrgcdfd pfrf oas scmtarcs dc

    csmfsas rcmursas.

    Csta ea sb`ebibmf, dcsdc ouc`a, quc co Cstfda ea dchf amupfrsc dc pragavcr of mag-

    pctcembf y dc `frfetbzfr of pratcmmbe dc oas maesugbdarcs.

    Zcra of ocy pofetcf atra prahocgf; of fsbgctrf rc`uoftarbf quc paec par ue ofda fo HMZ

    y oas hfemas y cgprcsfs ibefembcrfs< y, par atra, fo Bestbtuta Efmbaefo dc Maapcrf -

    tbvfs (Bemaap) y ofs maapcrftbvfs dc fnarra y mrdbta. ]be tcecr guy hbce ardcef-

    dfs ofs cstfdstbmfs, co Bemaap cstfhocmb ce =:,3% feufo co tcmna dc ofs tfsfs dc

    betcrs dc ofs tfrkctfs dc mrdbta, mae uef betcrprctfmbe dc of ocy quc tagf maga

    rcicrcembf co pragcdba dc tfsfs pfsbvfs vb`cetcs ce csc scmtar.

    Dc oa quc sc trftf cs dc pragavcr of magpctcembf cetrc cetbdfdcs ibefembcrfs,

    pratc`cr fo maesugbdar y cstfhocmcr uef rc`uofmbe quc cvbtc cxmcsas ce co

    gcrmfda, fsc`urfeda quc co hcecibmba ecta scf pfrf tadas oas scmtarcs; usuf-

    rbas, `ahbcrea y cgprcsfs.

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    6868

    CMAEAGF / ]cmtar Ibefembcra

    DBC@ADSFXTC

    ]MNS]]GSOOCX

    CO FA 8:63 ]C DC]ZBDC MAE SE IXAEDA]A BEYCETFXBA DC FOTCXFMBAEC] CE OF]MAEDBMBAEC] DC OA] GCXMFDA] F EBYCO OAMFO C BETCXEFMBAEFO. CE OF CMAEAGF

    ZFXF@SFRF ]C NF ]CETBDA MAE ISCX[F OF FHXSZTF MFDF DC OA] ZXCMBA]

    BETCXEFMBAEFOC] DC OF] GFTCXBF] ZXBGF] (MAGGADBTBC]), OF C]MFOFDF DCOTBZA DC MFGHBA, OF ]FEMBE DC ESCYF] OCRC], OA] DC]MFOMC] DC OBVSBDC[ RGFRAXC] @F]TA] IBEFEMBCXA] DC OF] CGZXC]F], OF GFDSXFMBE DC ]C@GCETA]

    DC EC@AMBA], FOTA] EBYCOC] DC BEYCETFXBA] R DC CEDCSDFGBCETA, F] MAGA COMAXXC]ZAEDBCETC DCTCXBAXA DCO ZCXIBO DC XBC]@A DC OA] MOBCETC] DCO ]B]TCGF

    IBEFEMBCXA, CETXC YFXBA] ATXA] IFMTAXC].

    Of rcicrbdf sbtufmbe tcedrf, y yf nf magcezfda f tcecr, bgpobmfembfs ce co sbstcgf ib-

    efembcra. Ycfgas. Ce sctbcghrc dc 8:64 oas prstfgas rceavfdas, rcibefembfdas y rc-

    cstrumturfdas (XXX) rcprcscetfhfe co 68,0% dc of mfrtcrf tatfo. Se fa gs tfrdc, cesctbcghrc dc 8:63, dbmnf pfrtbmbpfmbe fugcet f 63,=%. Ce b`ufo scetbda, of maestbtu-

    mbe ectf dc prcvbsbaecs par prstfgas bemahrfhocs mae rcspcmta f oas be`rcsas ibefe -

    mbcras `cecrfdas par co sbstcgf ibefembcra sc cocv dc 2,0% ce sctbcghrc dc 8:64 f

    6=,2% ce sctbcghrc dc 8:63. Co vaougce dc prcvbsbaecs sc nf dupobmfda, a bemousbvc trbpob-

    mfda, ce vfrbfs cetbdfdcs ibefembcrfs. Csta sb`ebibmf quc, maga rcsuotfda dco dctcrbara

    dco pcribo mrcdbtbmba dc sus mobcetcs, quc tbcec maga mofra bedbmfdar co fugceta dc of

    mfrtcrf XXX, ofs prcvbsbaecs nfe magcezfda f maesugbr gfyarcs praparmbaecs dc oas

    be`rcsas dc ofs cetbdfdcs ibefembcrfs.

    ]b hbce co sbstcgf ibefembcra rcpartf tadfvf, trfesmurrbdas oas prbgcras eucvc gc-scs dco fa, rfzaefhocs utbobdfdcs ectfs y rcetfhbobdfdcs, sc nfe ahscrvfda dbs-

    gbeumbaecs dc fghas bedbmfdarcs ce mbcrta egcra dc cetbdfdcs mae rcofmbe fo

    gbsga pcrbada dco fa fetcrbar. Dchc cspcrfrsc quc, ce maesaefembf mae ue pra-

    hfhoc c bemcsfetc dctcrbara dc of mfrtcrf dc prstfgas, kueta mae fmatfdas gr-

    `cecs dc betcrgcdbfmbe, of maetbeuf vcetf dc mfrtcrf bemahrfhoc y ue csmcefrba

    cmaegbma gs fkustfda, cstas pfrgctras (dc utbobdfd y rcetfhbobdfd) maetbece

    gastrfeda tcedcembfs f of hfkf durfetc oas prxbgas trbgcstrcs. Ea ahstfetc, cooa

    tcedr ou`fr ce co gfrma dc ue sbstcgf ibefembcra quc mucetf mae iartfoczfs quc

    oc pcrgbtbrfe fhsarhcr iuturas snamls.

    VS DCZFXF FO ]B]TCGF

    IBEFEMBCXA R FO GCXMFDADC YFOAXC] CE 8:691

    CMAEAGF R ]AMBCDFD FEOB]B] DC MARSETSXF GCE]SFO

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    6=6=AMTSHXC 8:63

    Co dctcrbara dc of mfobdfd dc of mfrtcrf dc prstfgas dc ofs cetbdfdcs ibefembcrfs

    tbcec su prbembpfo arb`ce ce ofs maedbmbaecs dcsifvarfhocs quc ftrfvbcsfe oas

    scmtarcs f`rmaof y magcrmbfo. Co prbgcra nf fmusfda co bgpfmta dc of hfkf dc

    oas prcmbas betcrefmbaefocs dc gftcrbfs prbgfs, cspcmbfogcetc dc of sakf, quc

    nf dbsgbeubda oas be`rcsas dc oas pradumtarcs y, mae cooa, of mfpfmbdfd dc mug-

    pobr mae oas cocvfdas ebvcocs dc cedcudfgbceta, quc ce ue fota parmcetfkc sc

    maemcetrfe ce dcudfs f pofzas martas mae cetbdfdcs ibefembcrfs. Cstf sbtufmbe

    nf prapbmbfda quc ue egcra ea dcsprcmbfhoc dc cgprcsfs dco scmtar f`rmaof

    nfyf rcfobzfda rcpcetbefs maevamftarbfs dc fmrccdarcs durfetc co 8:63, mae-

    trbhuyceda fo cerfrcmbgbceta dco mobgf dc ec`ambas ce co scmtar y ficmtfeda co

    mfefo dco mrdbta y obqubdcz cetrc cgprcsfs, pradumtarcs y cetbdfdcs ibefembc-

    rfs. Maescmucetcgcetc, csta nf `cecrfda co fugceta dc of garasbdfd, dc ofs

    prcvbsbaecs y dc of mfrtcrf XXX ce co sbstcgf ibefembcra.

    ]b fdcgs sc maesbdcrf quc oas mastas dc pradummbe ea nfe dbsgbeubda, fpfrce-

    tcgcetc, ce of mufetf cspcrfdf, y quc oas prcmbas betcrefmbaefocs ea tcedrfe

    fugcetas cxprcsbvas ce co marta pofza, ce oas prxbgas trbgcstrcs padrfe mae-

    tbeufr oas dcsfias pfrf tadas oas fmtarcs dco scmtar f`rmaof. ]be cghfr`a, ce co

    gcdbfea y ofr`a pofza of sbtufmbe dchcrf eargfobzfrsc, pucs of dcgfedf betcref-

    mbaefo dc gftcrbfs prbgfs ea mcsfr, oa quc pcrgbtbrf f oas pradumtarcs br fkustfe-

    da sus pasbmbaecs ibefembcrfs. Co fmmcsa f iaedca f pofzas gs ofr`as maetrbhubrf,

    fs, f sahrcoocvfr co fmtufo csmcefrba.

    Dc b`ufo gada, co scmtar magcrmbfo y dc maesuga ceircetf uef gcear fmtbvbdfd dchbda

    f of gfdurfmbe dc mbcrtas sc`gcetas dc ec`ambas (vcetfs dc gatambmoctfs, cocmtrada -

    gstbmas, futagvbocs, par mbtfr fo`ueas), of csmfofdf dco dofr, co fota ebvco dc cedcu -

    dfgbceta dc ofs ifgbobfs y of mfdf dco magcrmba mae pfscs vcmbeas (Hrfsbo y Fr`cetbef).

    Tfghbe maetrbhuyc f cooa co csmfsa gfr`ce dc gfebahrf ibefembcrf mae co quc gumnfs

    cgprcsfs mucetfe pfrf sastcecr gfyarcs ebvcocs dc bevcetfrbas y of rfocetbzfmbe (a

    garasbdfd) ce ofs mucetfs par mahrfr f mobcetcs. Ce cstc mfsa, of fotf maemcetrfmbe ce

    co iaedca dc marta pofza mae co sbstcgf ibefembcra y of euof maestbtumbe dc rcscrvfs ocs

    prbvfe dco axb`cea quc ecmcsbtfe pfrf mfpcfr sbtufmbaecs dbimbocs.

    F oa fetcrbar sc sugfe oas prahocgfs sur`bdas mae ue bgpartfetc gcdba dc pf`a y

    ibefembfgbceta utbobzfda fgpobfgcetc par of pahofmbe, maga oa sae ofs tfrkctfs dcmrdbta. Ce co mfsa dc quc sc praoae`uc ce co tbcgpa, cstf sbtufmbe `cecrfrf gfyar

    bgpfmta ce ofs vcetfs dco scmtar magcrmbfo y ce oas be`rcsas y of mfobdfd dc of mfrtcrf

    dc prstfgas dc ofs cetbdfdcs ibefembcrfs. Oa maetrfrba amurrbrf pfrf gumnfs pcrsaefs

    a ifgbobfs; ofs obgbtfmbaecs ce ofs tfrkctfs dc mrdbta ocs maedumbrfe f ue pfuoftbea y

    sfoudfhoc pramcsa dc dcscedcudfgbceta.

    Ce co mfsa dco gcrmfda dc vfoarcs, dchc cspcrfrsc quc oas vaogcecs ec`a-

    mbfdas, prbembpfogcetc dc ttuoas dc rcetf ibkf (haeas), maetbece fugcetfeda

    ce oas prxbgas trbgcstrcs, ce maemardfembf mae of bemursbe dc eucvas f`ce-

    tcs oamfocs y cxtrfekcras y mae ofs ecmcsbdfdcs dc iaedca dc ofr`a pofza quc

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    6464CMAEAGF R ]AMBCDFD FEOB]B] DC MARSETSXF GCE]SFO

    prcmbsfe ofs cgprcsfs y co @ahbcrea pfrf gbtb`fr oas ifmtarcs mbtfdas ce oas p-

    rrfias prcmcdcetcs. Cs dcmbr, of ecmcsbdfd dc ahtcecr rcmursas f gfyarcs pof-

    zas pfrf sastcecr ebvcocs dcibmbtfrbas dc mahrfezfs a rcmfudfmbaecs y gfyarcs

    vaogcecs dc bevcetfrba a bevcrsbaecs.

    Fs tfghbe, ce of gcdbdf quc sc fvfemc ce of fprahfmbe dc of ocy quc rc`uof oasiaedas dc pcesbaecs, y quc eucvas fmtarcs fgpoce sus apcrfmbaecs ce of haosf

    dc vfoarcs, maga padrfe scr ofs magpffs dc sc`uras, sc patcembfrf co dbefgbs-

    ga dco gcrmfda dc vfoarcs y sc cxtcedcrfe ofs apmbaecs dc ibefembfgbceta pfrf

    dbicrcetcs f`cetcs cmaegbmas. Cs par csa bgpartfetc quc ofs pcrsaefs isbmfs

    a kurdbmfs quc bevbcrtce rcmursas f trfvs dc of haosf dc vfoarcs fmagpfce co

    dcsfrraooa dc oas gcrmfdas y dc ofs cetbdfdcs cgbsarfs, pfrf tagfr dcmbsbaecs

    fmardcs fo fpctbta dc rbcs`a.

    Zar tada oa gfebicstfda fqu, scr maevcebcetc sc`ubr ce oas prxbgas trbgcstrcs oas

    cvcetas y ofs cstfdstbmfs oamfocs c betcrefmbaefocs, pucs of beiargfmbe, co feobsbs dcdbicrcetcs csmcefrbas y of bgpocgcetfmbe dc cstrftc`bfs maestbtuyce ofs pbczfs mofvcs

    pfrf firaetfr oas rctas ce pcrbadas dc bemcrtbdughrc. Zar oa dcgs, maga qucdf dbmna,

    ofs pcrspcmtbvfs dc gcdbfea y ofr`a pofza sc`ubre sbceda pragbsarbfs pfrf co pfs, sbcg-

    prc quc fpravcmncgas ofs apartuebdfdcs y ea ficmtcgas of maeibfezf dc ofs ifgbobfs c

    bevcrsbaebstfs mae fmmbaecs a paotbmfs maetrfpradumcetcs.

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    636363

    CMAEAGF / ]cmtar Cxtcrea

    ICXEFEDA GF]B

    BE]B]TBX ]AHXC OF DB]ZAEBHBOBDFD, MAEIBFHBOBDFD R YCXFMBDFD DC OF] C]TFD]TBMF]AIBMBFOC] DC AXDCE CMAEGBMA EA DCHC ]CX SE CKCXMBMBA BETBO. SE ZXAMC]ADC GADCXEB[FMBE CMAEGBMF R ]AMBFO DCHC BX FMAGZFFDA DC CYBDCEMBF] VSC

    DCGSC]TXCE OF] IAXTFOC[F] R DCHBOBDFDC] DC C]TC ZXAMC]A. COOA FRSDFF OF TXFE]ZFXCEMBF R F OF] DCMB]BAEC] FMCXTFDF] DC ZAOTBMF] ZHOBMF].

    F pcsfr dc oas fvfemcs ce of cofharfmbe y prcscetfmbe dc ofs cstfdstbmfs aibmbfocs, cmae-

    gbmfs y sambfocs, of maeibfhbobdfd dc ofs gbsgfs sb`uc sbceda hfkf. Yfrbfs pucdce scr ofs

    mfusfs quc cxpobmfe cstc prahocgf. Vubzs uef prbgcrf scf of dc ifotf dc prcsupucsta

    pfrf oas trfhfkas dc rcmaocmmbe y pramcsfgbceta dc dftas. Atrf pucdc scr of ifotf dc

    magpragbsa dco iuembaefrba phobma quc oas pramcsf. Sef tcrmcrf padrf scr of ifotf dc

    fmtufobzfmbe dc ofs tmebmfs cstfdstbmfs utbobzfdfs. R sc pucdce sugfr atrfs.

    Co Ahscrvftarba dc Cmaeagf Betcrefmbaefo (AHCB) dco MFDCZ rcvbs tadfs ofs mbirfsdc ofs cxpartfmbaecs dco Zfrf`ufy dcsdc co fa 6223 nfstf co 8:68 pfrf dctcrgbefr

    oas gcrmfdas rcfocs dc dcstbea dc eucstrfs vcetfs cxtcrefs. Mae cstc trfhfka quc

    oocv gs dc ue fa cooa sc prctcedf supcrfr ofs dbstarsbaecs dc ofs mbirfs aibmbfocs,

    sc`e ofs mufocs eucstras prbembpfocs maggadbtbcs dc cxpartfmbe tcefe maga dcs-

    tbea co Gcrmasur, ofs Bsofs Mfbge a ]ubzf. Cstfs dbstarsbaecs crfe rcmaeambdfs par

    co Hfema Mcetrfo dco Zfrf`ufy (HMZ) ce sus Beiargcs Cmaegbmas, pcra sbe su`crbr

    pasbhbobdfdcs dc saoumbe.

    Atra dc oas trfhfkas dco AHCB maesbstf ce nfmcr vbsbhocs ofs mbirfs dc of rccxpartf-

    mbe dco Zfrf`ufy, muya vaougce y vfoar ooc`frae f supcrfr par ue ofr`a pcrbada f

    ofs prapbfs cxpartfmbaecs dc pradumtas arb`befrbas dco pfs. Cstfs mbirfs, sbe cg-

    hfr`a, ea sc gastrfhfe ce ebe`e beiargc a cstfdstbmf dc magcrmba cxtcrbar dco

    pfs puhobmfda par co HMZ. ]aoa fpfrcmfe sugfdfs f ofs cxpartfmbaecs rc`uofrcs

    ce uef oecf dc of Hfofezf Magcrmbfo dcetra dc of prcscetfmbe maesaobdfdf dc

    of Hfofezf dc Zf`as mae of dceagbefmbe dc Cxpartfmbaecs Tatfocs. Cs dcmbr,

    gbgctbzfdfs, sbe vbsbhbobdfd.

    OA] EGCXA] DC

    OF CMAEAGF C^TCXEF

    AMTSHXC 8:63

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    6969CMAEAGF R ]AMBCDFD FEOB]B] DC MARSETSXF GCE]SFO

    F pfrtbr dco 8:6= co HMZ dcmbdc trfhfkfr oas gcrmfdas dc dcstbea dc eucstrfs

    cxpartfmbaecs, rcdumbr fo gxbga ofs dbstarsbaecs c bemoubr ce iargf vbsbhoc ofs

    mbirfs dc rccxpartfmbe ce sus cstfdstbmfs dc magcrmba cxtcrbar. Eas mae`rf-

    tuof, cetaemcs, quc co ckcrmbmba rcfobzfda par co AHCB nfyf maetrbhubda f trfes-

    pfrcetfr ofs mbirfs dc magcrmba cxtcrbar dco Zfrf`ufy.

    ]be cghfr`a, cstf trfespfrcembf tadfvf ea nf ooc`fda f atrf scmmbe dc ofs cstf-

    dstbmfs dco scmtar cxtcrea dc of cmaeagf dco pfs. Gs cspcmibmfgcetc, f oas

    dftas sahrc of bevcrsbe cxtrfekcrf dbrcmtf (BCD). Ce frtmuoas fetcrbarcs eas nfmf-

    gas das prc`uetfs. Of prbgcrf crf par qu oas dftas dc oas ioukas hrutas dc of BCD

    ea cstfhfe dbspaebhocs. Of sc`uedf, sb oas sfodas dc of BCD dchfe cetcedcrsc

    maga staml dc of bevcrsbe a maga atra maemcpta. Nfstf fnarf cstfs prc`uetfs

    ea nfe sbda rcspaedbdfs.

    Atra prahocgf cs co ftrfsa mae quc sc dbvuo`fe ofs cstfdstbmfs dc of BCD. Ce eavbcg-

    hrc dc 8:63 co HMZ ea nf puhobmfda tadfvf oas dftas ibefocs dc oas ioukas dc BCD dco8:64 y saoa cste dbspaebhocs oas egcras marrcspaedbcetcs fo tcrmcr trbgcstrc dco

    fa pfsfda. Dc fmucrda mae co beiargc dco HMZ nfstf scptbcghrc dco 8:64, oas iou-

    kas dc BCD fomfezfrae 436 gbooaecs dc dofrcs, pcra f gcdbfdas dco 8:63 co prapba

    HMZ beiarg quc co tatfo prcobgbefr dc ioukas dc BCD dco 8:64 (bemoubda co mufrta trb -

    gcstrc) crf dc saoa 84: gbooaecs dc dofrcs.

    Zfrf gfyar dcsmaembcrta, ce co mufdra quc rcsugc of BCD par pfscs dc arb`ce, of sugf

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