,QIRUPDFLyQSDUDORVLQPLJUDQWHVVREUHHO6LVWHPD
$BSBDUFSrTUJDBTEFM4JTUFNB&EVDBUJWPEFM1BrT7BTDP
BW\_dWb_ZWZ[ZkYWj_lWX|i_YWZ[bW;ZkYWY_d
EXb_]Wjeh_W[i\Wleh[Y[h[bZ[iWhhebbe
f[hiedWbZ[bd_eoZ[bWd_WfWhWgk[i[
fei_X_b_j[ik_dYbki_dYeceY_kZWZWde%W[d
bWieY_[ZWZ[dbWgk[l_l[$
BW[ZkYWY_d[i"fehjWdje"kd[b[c[dje
YbWl[fWhWbe]hWhbW_dj[]hWY_dobW
WkjedecWZ[b_dZ_l_Zke$
;bi_ij[cW[ZkYWj_leZ[gk[dei^[cei
ZejWZe]WhWdj_pWgk[jeZeibeid_eiod_Wi
gk[^WX_jWd[dbW9eckd_ZWZ7kjdecWZ[b
FWiLWiYej_[d[dZ[h[Y^eWbW[ZkYWY_d
oWkdWfbWpW[iYebWh[d[bXWhh_eefk[Xbe
ZedZ[h[i_Z[de[d[bY[djhec|iY[hYWde[d
[bYWieZ[gk[Wgk[bYWh[pYWZ[Yeb[]_e$
/DHVFRODUL]DFLyQHVJUDWXLWDGHVGHORVDORVDxRV
\REOLJDWRULDDSDUWLUGHORVDxRV&RPSUHQGH
;dbeiY[djhei[iYebWh[iQLxRV\QLxDVHVWiQMXQWRV[dbWiYbWi[i$
(GXFDWLYRGHOD&RPXQLGDG$XWyQRPDGHO3DtV9DVFR
;dbeiY[djhei[iYebWh[iZ[
bW9eckd_ZWZ7kjdecW
Z[bFWiLWiYebW[di[WdpW
i[_cfWhj[WjhWliZ[Zei
b[d]kWiZ[Wfh[dZ_pW`[0
HXVNDUD\FDVWHOODQR$BWi
ZeiiedOHQJXDVRILFLDOHV[d
bW9eckd_ZWZ7kjdecW$
;n_ij[dPRGHORV
OLQJtVWLFRVGHHQVHxDQ]D0
Beijh[iceZ[bei_dYbko[d"WZ[c|ibW[di[WdpWZ[b_d]biZ[iZ[beiYkWjheWei$
;d[bfbWpeehZ_dWh_eZ[cWjh_YkbWY_d\[Xh[heiedbWi\Wc_b_WibWigk[[b_][d[bY[djhe[ZkYWj_leo[bceZ[beb_d]ij_Ye
fWhWiki^_`ei[^_`Wi$
0SHBOJHSBNB
EFM4JTUFNB
&EVDBUJWP7BTDP
;bWbkcdWZegk[ikf[hW
bW;ZkYWY_dI[YkdZWh_W
EXb_]Wjeh_WeXj_[d[[bjjkbe
Z[Ç=hWZkWZe[d;ZkYWY_d
I[YkdZWh_WEXb_]Wjeh_WÈ"
begk[b[f[hc_j[[ijkZ_Wh
XWY^_bb[hWjeeY_Ybei\ehcWj_lei
Z[]hWZec[Z_e$
BWif[hiedWigk[deikf[h[d
bW;ZkYWY_dI[YkdZWh_W
EXb_]Wjeh_WeXj_[d[d[b
Ç9[hj_\_YWZeZ[[ijkZ_eiÈgk[
b[ifei_X_b_jWWYY[Z[hWbei
Fhe]hWcWiZ[?d_Y_Y_WY_d
Fhe\[i_edWb$
.BUSJDVMBDJwOEFBMVNOPTBT
Beid_ei%WifWhWfeZ[hWi_ij_hWbeiY[djhei[iYebWh[iZ[X[di[hfh[l_Wc[dj[cWjh_YkbWZei$
,QIRUPDFLyQVREUHORVWUiPLWHVGHPDWULFXODFLyQ
3URFHVRGHPDWULFXODFLyQ
BWi\Wc_b_Wifk[Z[dl_i_jWh[bY[djhe[iYebWhc|ifhn_ceWb
Zec_Y_b_eoWgk[jeZeibeiY[djheiZ_ifed[dZ[_d\ehcWY_d
ieXh[beijh|c_j[iZ[cWjh_YkbWY_d$
BWcWjh_YkbWY_dZ[bWbkcdWZeZ[;ZkYWY_d?d\Wdj_b"Fh_cWh_WoI[YkdZWh_Wi[
h[Wb_pW^WX_jkWbc[dj[[d[bc[iZ[\[Xh[he$;dbW[di[WdpWfeijeXb_]hWjeh_W"Z[
',W'.Wei"i[bb[lWWYWXe[d[bc[iZ[WXh_b$
7Z[c|i"i[fk[Z[h[Ye][h_d\ehcWY_dieXh[bWicWjhYkbWi[d
bWi:[b[]WY_ed[iJ[hh_jeh_Wb[iZ[;ZkYWY_dZ[YWZWJ[hh_jeh_e
>_ijh_Ye$
BWi\[Y^Wii[ZWdWYedeY[h[d[bjWXbdZ[WdkdY_eiZ[beiY[djhei[iYebWh[io
[dbWi:[b[]WY_ed[iZ[;ZkYWY_d$
$UDED
IWdFhkZ[dY_e'.XW`e$&'&&+L?JEH?7#=7IJ;?P
J[b\ede0/*+&'-(&&
*LSX]NRD
7dZ_W')(&&&&*I7DI;87IJ?7D
J[b\ede0/*)&((.+&
%L]NDLD
=hWdLW.+*.&&'8?B87E
J[b\ede0/**&)'&&&
BWcWjhYkbWi[h[Wb_pW[d[bfhef_eY[djhe[iYebWh$7bbZ_ifed[dZ[kd_cfh[ie
[d[bgk[i[f_Z[dZWjeiX|i_YeiZ[bWbkcde%Wgk[i[lWWcWjh_YkbWh$;ijeiZWjei
iedYed\_Z[dY_Wb[i$
@kdjeW[ij[_cfh[ieYWZWY[djheik[b[f[Z_hWb]kdeiZeYkc[djei$Dei[d_[]WbW
fbWpW[iYebWhWdWZ_[fehYWh[Y[hZ[[bbei$
KdWl[p\_dWb_pWZe[bfbWpeZ[cWjhYkbWi[fkXb_YWbWb_ijWfhel_i_edWbZ[
WZc_j_Zei%Wi[d[bY[djhe$I_[bd_e%W[ij|[dbWb_ijWgk[ZWcWjh_YkbWZe$I_de
\_]khW[djh[beiWZc_j_Zei%Wi"fehde^WX[hik\_Y_[dj[ifbWpWi"i[fk[Z[^WY[hkdW
h[YbWcWY_d$
Beid_eiod_Wigk[bb[]Wd\k[hWZ[bfbWpeZ[cWjh_YkbWY_d#Z[ifkiZ[
\[Xh[he#fk[Z[dh[Wb_pWhbeijh|c_j[iZ[cWjhYkbW[dbeiY[djhei[iYebWh[io[d
bWi:[b[]WY_ed[iZ[;ZkYWY_d$
;dijWibj_cWii[h[l_iWdbWf[j_Y_dZ[bW\Wc_b_WobWifbWpWib_Xh[iZ[beiY[djhei
ieb_Y_jWZeioi[_dZ_YWWbW\Wc_b_WWgkY[djhe[iYebWhZ[X[WYkZ_hik^_`e%W$
0SHBOJ[BDJwOEFVODFOUSPEPDFOUF
7PDBCVMBSJPCgTJDP
$BMFOEBSJP
;bYkhie[iYebWh[cf_[pW[di[j_[cXh[
oj[hc_dW[d`kd_e$
>Wojh[if[heZeiZ[lWYWY_ed[i0
(TXLSRGLUHFWLYR0BeYecfed[dbWif[hiedWi[dYWh]WZWi
Z[][ij_edWh[bY[djhe$
1DYLGDG0[dZ_Y_[cXh[
6HPDQD6DQWD0[dcWhpeeWXh_b"
9HUDQR0Z[iZ[\_dWb[iZ[`kd_eWYec_[dpeiZ[i[j_[cXh[$
7Z[c|i"^WoWb]kdWi\_[ijWifkdjkWb[iZ[f[dZ_[dZeZ[b
YWb[dZWh_ebWXehWbZ[YWZWY[djhe$
;bWbkcdWZeZ[Fh_cWh_Wf[hcWd[Y[+
^ehWiZ_Wh_Wi[d[bY[djhe"Yed`ehdWZW
fWhj_ZW"[di[i_ed[iZ[cWWdWojWhZ[Yed
kdZ[iYWdieWbc[Z_eZWfWhWbWYec_ZW$
7XWRUD0;i[bfhe\[ieh%Wh[ifediWXb[Z[bWbkcdWZeZ[
kdWYbWi[$Ik[b[i[hbWf[hiedWgk[i[h[bWY_edWYed
bWi\Wc_b_WioZWYk[djWZ[bfheY[ieZ[Wfh[dZ_pW`[Z[
YWZWWbkcde%WWikYWh]e$
)PSBSJP
;bWbkcdWZeZ[I[YkdZWh_Wj_[d[,^ehWiZ[f[hcWd[dY_WZ_Wh_Wi"
gk[i[h[fWhj[d[di[i_ed[iZ[cWWdWoWb]kdWijWhZ[i$
;d[ijWi^ehWii[_dYbko[[bf[heZeZ[Z[iYWdie0h[Yh[e$
;ij[^ehWh_ei[WcfbWi_[bWbkcde%Wi[gk[ZW[d[bYec[Zeh
[iYebWh0Z[iZ[[b_d_Y_eZ[bWiYbWi[iWbWcWWdW^WijWbW
\_dWb_pWY_dZ[bWiYbWi[iZ[bWjWhZ[$
>ehWh_eieh_[djWj_lei0
&ODXVWURGHSURIHVRUHVDV0BeYecfed[djeZeibei
fhe\[ieh[i%WiZ[bY[djhe$JecWdZ[Y_i_ed[ih[bWj_lWi
WbeifheY[ieiZ[[di[WdpWoWfh[dZ_pW`[Z[b
WbkcdWZe$
$VRFLDFLyQGHSDGUHV\PDGUHV0BWYecfed[dbWi
\Wc_b_WiZ[bY[djhe$I[ik[b[[dYWh]WhZ[eh]Wd_pWh
WYj_l_ZWZ[i[njhW[iYebWh[i"Z[fehj_lWioYkbjkhWb[i
fWhW[bWbkcdWZe"WiYeceZ[WYj_l_ZWZ[i
h[bWY_edWZWiYedbW\ehcWY_dZ[fWZh[iocWZh[i$
BWfWhj_Y_fWY_d[d[ijWWieY_WY_d[ilebkdjWh_W$
3HUVRQDOQRGRFHQWH0IedbWif[hiedWi[dYWh]WZWiZ[bei
i[hl_Y_eideZeY[dj[i0Yec[Zeh"Yedi[h`[hW"i[hl_Y_eZ[
b_cf_[pW$
ÏUJDQRPi[LPRGHUHSUHVHQWDFLyQ205R
&RQVHMR(VFRODU0;dbfWhj_Y_fWdjeZeibei
[ijWc[djeiZ[bWYeckd_ZWZ[ZkYWj_lW0fWZh[i"
cWZh[i"fhe\[iehWZe"Z_h[YY_dWbkcdWZeo
f[hiedWbdeZeY[dj[$;i[bh]WdeZedZ[i[
Z[Y_Z[dbeiWif[Yjeic|i_cfehjWdj[iZ[bWl_ZW
Z[bY[djhe$
0USBTJOGPSNBDJPOFT
#FDBT
$PNFEPSFTDPMBS
7f[iWhZ[bW]hWjk_ZWZZ[bW[di[WdpW"i[Z[X[dfW]Wh
beib_XheiZ[j[nje"[bcWj[h_Wb[iYebWho[bYec[Zehi_
\k[hWd[Y[iWh_e$FWhWWokZWhWbWi\Wc_b_Wi[d[bfW]eZ[
[ijei]Wijei"YWZWWei[h[Wb_pWkdWYedleYWjeh_WZ[
WokZWi[Yedc_YWi"bbWcWZWiX[YWi$
"DUJWJEBEFTFYUSBFTDPMBSFT
I[Yedj[cfbWdbWii_]k_[dj[iWokZWi0
/LEURVGHWH[WR\PDWHULDOHVFRODU
BWcWoehWZ[beiY[djheiZ_ifed[Z[i[hl_Y_e
Z[Yec[Zeh][ij_edWZefeh[bfhef_eY[djhe$
&RPHGRU
BWYedleYWjeh_Wik[b[i[h[d[bc[iZ[eYjkXh[$BW
_d\ehcWY_dobWjhWc_jWY_dZ[[ijWiX[YWii[h[Wb_pW[d
[bY[djheZedZ[YkhiW[ijkZ_ei[bWbkcde%W$DeeXijWdj["
[bWbkcdWZe_dc_]hWdj[gk[i[_dYehfehWWbW[iYk[bWWbe
bWh]eZ[bYkhie[iYebWhfeZh|ieb_Y_jWhX[YWic|ijWhZ[$
IedWYj_l_ZWZ[igk[i[h[Wb_pWdWb\_dWb_pWhbW
`ehdWZW[iYebWh$Ik[b[dj[d[hYWh|Yj[hbZ_Ye"
Z[fehj_leeYkbjkhWboik[b[deh]Wd_pWhi[WjhWli
Z[bWWieY_WY_dZ[cWZh[iofWZh[iZ[bY[djhe$
BWcWoehWZ[bWil[Y[ii[YeXhWkdWYkejWfehbW
fWhj_Y_fWY_d[dbWiWYj_l_ZWZ[i[njhW[iYebWh[i$
W
4FSWJDJPEFUSBEVDDJwO
X
Beieb_Y_jW[bfhef_eY[djhe
WjhWliZ[b9ediehY_eZ[
;ZkYWY_d9ecf[diWjeh_WZ[
YWZWJ[hh_jeh_e>_ijh_Ye$
&EVDBDJwOQFSNBOFOUFEFBMVNOPT&1"
I[_cfWhj[dYbWi[iZ[;kia[hWo9Wij[bbWdeW_dc_]hWdj[icWoeh[iZ['.Wei$
0
