M
0DQXWHQ¾R LQWHOLJHQWH $ PDQXWHQ¾R GH DWLYRV HP TXDOTXHU VHWRU GH DWLYLGDGH Ä XP GHVDƬR
124
'H DFRUGR FRP R HVWXGR 0DQXWHQ¾R
HPSUHVD H RQGH DV DÂÐHV GH PD
WRGRV D QHFHVVLGDGH GH UHGX¾R GH
,QWHOLJHQWH s 3U¼WLFDV GH DQ¼OLVH
QXWHQ¾R SUHYHQWLYD V¾R HVSHFLDO
FXVWRV
GH GDGRV GD PDQXWHQ¾R HP 3RUWXJDO
PHQWH LPSRUWDQWHV
¾R GH FXVWRV PDV DR PHVPR WHPSR
PHVWUH GH SRGHPRV DJUXSDU RV
s HPSUHVDV FXMR SHVR GD PDQXWHQ
PDQWHU RX VXELU RV QÈYHLV GH TXDOLGDGH
GLIHUHQWHV VHWRUHV GH DWLYLGDGH HP
¾R DVVXPH JUDQGH LPSRUW½QFLD
GH VHUYLÂR GH PDQXWHQ¾R H[LVWHQWHV
JUDQGHV VHJPHQWRV
UHODWLYD QD HVWUXWXUD GH FXVWRV GD
FRPR WHP UHVROYLGR D VXD HPSUHVD HVWD
x
/LJKW PDLQWHQDQFH s HPSUHVDV
HPSUHVD H RQGH DV DÂÐHV GH PDQX
TXDGUDWXUD GR FÈUFXOR"
FXMR SHVR GD PDQXWHQ¾R DVVXPH
WHQ¾R FRUUHWLYD V¾R HVSHFLDOPHQWH
x
PHQRU LPSRUW½QFLD QD HVWUXWXUD GH
LPSRUWDQWHV
-R¾R 3HTXLWR 36( s 3URGXWRV H 6HUYLÂRV GH (VWDWÈVWLFD /GD
+HDY\
,QVRXUFLQJ &RUUHWLYH
x
5HGX]LQGR R LQYHVWLPHQWR HP HTXL SDPHQWRV H R FXVWR FRP PDWHULDLV"
x
FXVWRV GD HPSUHVD x
74
NOTA TÉCNICA
x
4XDQGR D FRQMXQWXUD REULJD » UHGX s
UHDOL]DGR SHOD 36( QHVWH SULPHLUR WUL
7UDQVIHULQGR R RXWVRXUFLQJ SDUD R
0DLQWHQDQFH LQWHQVLYH s HPSUHVDV
1D )LJXUD UHSUHVHQWDPRV RV VHWRUHV
LQVRXUFLQJ XWLOL]DQGR RV UHFXUVRV
FXMR SHVR GD PDQXWHQ¾R DVVXPH
GH DWLYLGDGH SHUWHQFHQWHV D FDGD XP
LQWHUQRV"
JUDQGH LPSRUW½QFLD UHODWLYD QD HV
GHVWHV JUXSRV
WUXWXUD GH FXVWRV GD HPSUHVD LQGH
¤ LQWHUHVVDQWH YHULILFDU TXH SDUD
(VWDV HVWUDWÄJLDV WÅP WLGR XP UHIOH
SHQGHQWHPHQWH GD HVWUDWÄJLD TXH
FDGD XP GHVWHV VHJPHQWRV SRGHP
[R LPHGLDWR XPD UHGX¾R GH FXVWRV
WHQKDP DGRWDGR
VHU GLIHUHQWHV DV SUHRFXSDÂÐHV s
FRP R DXPHQWR GH RFRUUÅQFLDV H GDV
+HDY\ 2XWVRXUFLQJ 3UHYHQWLYH s
GHVGH D QHFHVVLGDGH GH SUHYHU D
VROLFLWDÂÐHV GDV HTXLSDV LQWHUQDV
s HPSUHVDV FXMR SHVR GD PDQXWHQ
RFRUUÅQFLD GH IDOKDV DWÄ » RWLPL]D¾R
(P VXPD XP DXPHQWR GRV QÈYHLV GH
¾R DVVXPH JUDQGH LPSRUW½QFLD
H SODQHDPHQWR GH SURFHVVRV GH PD
ULVFR
UHODWLYD QD HVWUXWXUD GH FXVWRV GD
QXWHQ¾R s PDV H[LVWH XPD FRPXP D
0DV TXDO Ä R FXVWR GD LQGLVSRQLEL OLGDGH SDUD D VXD HPSUHVD" 4XDO Ä R SUÄPLR GH ULVFR GD PDQXWHQ¾R" 4XDO R FXVWR GD GLVSRQLELOLGDGH" &RPR UH
+HDY\ ,QVRXUFLQJ &RUUHFWLYH
0DLQWHQDQFH ,QWHQVLYH &DOÂDGR H &RXUR
3DSHO H 'HULYDGRV
,QIUDHVWUXWXUDV
VROYHU HVWD HTXD¾R" 7URFDQGR VHUYL ÂRV GH PDQXWHQ¾R SRU P¾R GH REUD LQWHUQD" ( DV HTXLSDV GH PDQXWHQ¾R"
3HVR GD PDQXWHQ¾R FRUUHWLYD
7ÅP P¾RV SDUD WRGDV DV RFRUUÅQFLDV TXH DXPHQWDUDP" &RUWDP VH [ GRV
6LGHUXUJLD H 0HWDORPHF½QLFD
+RVSLWDLV
FXVWRV" 2QGH"
2XWUD ,QGÕVWULD 7UDQVSRUWHV $XWRPÎYHO
4XÈPLFD
0XLWDV HPSUHVDV DGRWDUDP M¼ HVWUD WÄJLDV SUHYHQWLYDV VLVWHP¼WLFDV UHOH YDQWHV $OJXPDV WÅP M¼ WHFQRORJLDV H
$OLPHQWDU
DÂÐHV GH PDQXWHQ¾R SUHGLWLYD 0XL
9HVWX¼ULR
WDV WÅP LQFOXVLYH VLVWHPDV DYDQÂDGRV 0DGHLUD H &RUWLÂD
/LJKW 0DLQWHQDQFH
1D ¼UHD GD PDQXWHQ¾R V¾R PXL WRV RV SURJUHVVRV TXH WÅP VLGR IHLWRV
+HDY\ 2XWVRXUFLQJ 3UHYHQWLYH
GH DODUPHV 6HMD FRP PDLRU RX PHQRU VRƬVWL FD¾R WHFQROÎJLFD D PDQXWHQ¾R VDEH TXH R TXH Q¾R SRGH VHU PHGLGR Q¾R
3HVR GD PDQXWHQ¾R QD HVWUXWXUD GH FXVWRV
SRGH VHU JHULGR 2V JHVWRUHV GH PD QXWHQ¾R FRQKHFHP D LPSRUW½QFLD GH
)LJXUD
UHFROKHU GDGRV GH PDQXWHQ¾R