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N   $SUHVHQWDomR                                                       


N   3UHIiFLR                                                           


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     $ 5HIRUPD GR (VWDGR                                            

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      3~EOLFDV                                                        

     $ /HL RPSOHPHQWDU 1º  GH                         

     $ 0DWpULD ULPLQDO                                             

     RQFOXVmR                                                      


N   $QH[R                                                             

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Lrf No Contexto Da Reforma Social Do Estado

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  • 8.
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  • 16. HODVWLFLGDGH FDSDFLGDGH GH SURGX]LU PDLRU UHQGD VH QHFHVViULR
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  • 20. j SUHYLGrQFLD VRFLDO H DR VLVWHPD WULEXWiULR EHP DVVLP D LPSOH PHQWDomR GD OHL FRPSOHPHQWDU SDUD UHJXODU DV GLVSRVLo}HV UHIHUHQWHV jV ILQDQoDV S~EOLFDV $ UHIRUPD GD RUJDQL]DomR GR (VWDGR HQYROYHULD D UHYLVmR H D FODUD GHILQLomR GRV HQFDUJRV DIHWRV j 8QLmR DRV (VWDGRV H DRV 0XQLFtSLRV H D TXHVWmR GD PXOWLSOLFLGDGH GH PXQLFtSLRV FULDGRV D JUDQHO QD YHUGDGH SDUD SURSLFLDU QRYRV PDQGDWRV OHJLVODWLYRV H H[HFXWLYRV H PDLV FDUJRV S~EOLFRV SDUD RV DSDQLJXDGRV GR SRGHU )DODVH KRMH HP PXQLFtSLRV SHQVLRQLVWDV
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  • 23. (PHQGDV GH 5HYLVmR PDLV GR TXH D ~QLFD RQVWLWXLomR QRUWHDPHULFDQD TXH QRV VHXV GX]HQWRV H YLQWH H WUrV
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  • 25. (PHQGDV 7DLV (PHQGDV LQWURGX]LUDP RX PRGLILFDUDP WUH]HQWRV
  • 26. SUHFHLWRV R TXH GHPRQVWUD D XP Vy WHPSR RV QXPHURVRV HUURV GH QRVVRV FRQVWLWXLQWHV H RV HVIRUoRV GR *RYHUQR H GR RQJUHVVR 1DFLRQDO SDUD FRUULJLORV PXLWR HPERUD QD GLUHomR HUUDGD LVWR p DFUHVFHQWDQGR PDLV UHJUDV DR H[WHQVR WH[WR FRQVWLWXFLRQDO HP OXJDU GH VXSULPLODV GH PRGR D TXH PXLWDV PDWpULDV YROWDVVHP D VHU REMHWR GD OHJLVODomR RUGLQiULD PDLV IOH[tYHO H DGDSWiYHO jV VXFHVVLYDV FRQMXQWXUDV 1R FRQFHUQHQWH DR 3RGHU -XGLFLiULR HVWi HP FXUVR XP SURMHWR GH HPHQGD FRQVWLWXFLRQDO FXMRV SRQWRV SULQFLSDLV VmR D LQVWLWXLomR GR FKDPD GR FRQWUROH H[WHUQR XPD LGpLD H[WUDYDJDQWH QD SUiWLFD FULDUVHLD XP SRGHU PRGHUDGRU
  • 27. H D DGRomR GDV V~PXODV YLQFXODQWHV SDUD UHGX]LU D TXDQWLGDGH GH UHFXUVRV (QWUHWDQWR QmR WUDWD GDV FDXVDV PDLRUHV GD VREUHFDUJD GR -XGLFLiULR D TXDQWLGDGH GHVPHGLGD GH IHLWRV MXGLFLDLV PLOKDUHV GH OLWLJtRV GHULYDP GH IDOKDV HUURV ODFXQDV H GHVPDQGRV OHJLVODWLYRV ² OHLV H PHGLGDV SURYLVyULDV
  • 28. SUREOHPD SDVVtYHO GH VROXomR PHGLDQWH PHGLGDV OHJLVODWLYDV DGHTXDGDV H DV SUiWLFDV SURFHVVXDLV H[FHVVLYDPHQWH IRUPDLV FRP LPHQVD JDPD GH UHFXUVRV H LQVWkQFLDV SUREOHPD SDVVtYHO GH VROXomR VHJXQ GR DV SURSRVWDV GRV SUySULRV 0DJLVWUDGRV FRP R TXH VH SRGHULD UHGX]LU R WDPDQKR GRV WULEXQDLV H[WLQJXLU PXLWDV YDUDV MXGLFLiULDV H VXVSHQGHU D FRQVWUXomR GH QRYDV VHGHV 5HODWLYDPHQWH j HVWUXWXUD GR ([HFXWLYR KRXYH XP QRWiYHO DYDQoR FRP R 3URJUDPD 1DFLRQDO GH 'HVHVWDWL]DomR TXH DOFDQoRX DPSOR VXFHVVR QRV VHWRUHV VLGHU~UJLFR SHWURTXtPLFR H GH WHOHIRQLD DEUDQJHX WRGR R VHWRU IHUURYLiULR D LD 9DOH GR 5LR 'RFH H RXWUDV HPSUHVDV H DYDQoD QRV VHWRUHV GH HQHUJLD HOpWULFD EDQFRV URGRYLDV H RXWURV )RUDP DSURYDGDV H SURPXO JDGDV HPHQGDV FRQVWLWXFLRQDLV SDUD H[WLQJXLU RV PRQRSyOLRV HVWDWDLV QRV VHWRUHV GR SHWUyOHR ( Q º
  • 29. VHUYLoRV WHOHI{QLFRV H WHOHJUiILFRV ( Qº
  • 31. H VHUYLoRV GH JiV FDQDOL]DGR ( Qº
  • 32. $SHVDU GLVVR R ([HFXWLYR YROWRX D FUHVFHU FRPR D ´IrQL[µ TXH UHQDVFH GDV FLQ]DV QmR Vy HP IDFH GR Q~PHUR H[DJHUDGR GH 0LQLVWpULRV FRPR WDPEpP HP IDFH GR ´IHVWLYDO GH DJrQFLDVµ SDUD XVDUVH D H[SUHVVmR TXH VHUYLX GH WtWXOR D XP DUWLJR GH DXWRULD GR 3UHVLGHQWH GD RQIHGHUDomR 1DFLRQDO GR RPpUFLR $QWRQLR 2OLYHLUD 6DQWRV -RUQDO GR %UDVLO GH
  • 33. RX VHMD D XWLOL]DomR GD LGpLD GH FULDomR GH DXWDUTXLDV HVSHFLDLV SDUD D UHJXODPHQWDomR GH VHUYLoRV S~EOLFRV WUDQVIHULGRV DR VHWRU SULYDGR PHGLDQWH FRQFHVV}HV D ILP GH GDU PDLV SRGHU H DXWRQRPLD D GLYHUVRV yUJmRV GD $GPLQLVWUDomR )HGHUDO TXH GHYHULDP SHUPDQHFHU QD HVWUXWXUD
  • 34. GRV QXPHURVRV 0LQLVWpULRV FRPR VHFUHWDULDV RX VXSHULQWHQGrQFLDV 2V (VWDGRV H 0XQLFtSLRV WDPEpP PDQWrP XP Q~PHUR H[DJHUDGR GH VHFUHWD ULDV DXWDUTXLDV H HPSUHVDV S~EOLFDV VHP TXH VH FRQKHoD TXDOTXHU LQLFLDWLYD GH *RYHUQDGRUHV H 3UHIHLWRV SDUD PRGLILFDU HVVH TXDGUR 1R TXH WDQJH DR H[HUFtFLR GD IXQomR H[HFXWLYD D VRFLHGDGH TXHU TXH VHMDP HQFRQWUDGDV VROXo}HV SDUD RV PDLV YDULDGRV SUREOHPDV FRPR RV GHVPDQGRV H R GHVSUHSDUR GH DXWRULGDGHV QDV WUrV HVIHUDV GH JRYHUQR DV DOWDV WD[DV GH GHVHPSUHJR H GD SREUH]D D LQVHJXUDQoD LQWHUQD GDGD D LQHILFLrQFLD GD SROtFLD H D LPSXQLGDGH GRV FULPLQRVRV D TXHVWmR KDELWDFLR QDO FXMD VROXomR HVEDUUD QDV WD[DV GH MXURV H HP LQFLGrQFLDV WULEXWiULDV 30) ,7%, H ,5
  • 35. H LQREVWDQWH GLYHUVDV Do}HV JRYHUQDPHQWDLV HILFD]HV H HILFLHQWHV DV GHILFLrQFLDV QRV FDPSRV GD VD~GH H GD HGXFDomR $ HVVH TXDGUR VRPDPVH DV SUHRFXSDo}HV FRP FHUWRV H[FHVVRV GR 0LQLVWpULR 3~EOLFR H GRV PHLRV GH FRPXQLFDomR D GHWHULRUDomR GRV FRVWXPHV D OLYUH H[SORUDomR GD Ip UHOLJLRVD HWF 7DPEpP SRGHP VHU FLWDGDV DV SUHRFXSDo}HV FRP D FRELoD H[WHUQD VREUH D $PD]{QLD D TXHVWmR GRV LQGtJHQDV H GR QDUFRWUiILFR D YXOQHUDELOLGDGH GH QRVVD IURQWHLUD QRUWH H R HQIUDTXHFLPHQWR GDV )RUoDV $UPDGDV $IRUD LVVR UHYHODVH LQGLVSHQViYHO j GHILQLWLYD HVWDELOL]DomR GD PRHGD QDFLRQDO H j FRQVROLGDomR GR IHVWHMDGR 3ODQR 5HDO D UHDOL]DomR GH XP DMXVWH ILVFDO RX VHMD XP DMXVWH QDV FRQWDV S~EOLFDV D FRQWHQomR GDV GHVSHVDV S~EOLFDV jV UHDLV SRVVLELOLGDGHV GD UHFHLWD WULEXWiULD QDWXUDOPHQWH OLPLWDGD SHOD FDSDFLGDGH FRQWULEXWLYD GDV SHVVRDV ItVLFDV H MXUtGLFDV 6HP HQFRQWUDU UHFHSWLYLGDGH QR RQJUHVVR 1DFLRQDO SDUD D UHIRUPD SROtWLFD R JRYHUQR HQTXDQWR GHVHQYROYH Do}HV SDUD VROXFLRQDU RV SUREOH PDV TXH OKH VmR DIHWRV WUDWRX GH SURPRYHU DV UHIRUPDV DGPLQLVWUDWLYD SUHYLGHQFLiULD H WULEXWiULD EHP DVVLP D LPSOHPHQWDomR GD UHIRUPD GDV ILQDQoDV S~EOLFDV $ 5HIRUPD $GPLQLVWUDWLYD IRL FRQFUHWL]DGD DWUDYpV GD (PHQGD RQV WLWXFLRQDO Q º GH H D 5HIRUPD 3UHYLGHQFLiULD DWUDYpV GD (PHQGD RQVWLWXFLRQDO Q º GH DV TXDLV LQWURGX]LUDP UHVSHFWLYDPHQWH VHWHQWD H QRYH
  • 37. QRYDV UHJUDV j RQVWLWXLomR GH PDV TXH QmR SURGX]LUDP RV UHVXOWDGRV HVSHUDGRV WDQWR DVVLP TXH DOJXQV GH VHXV SUHFHLWRV Mi VmR REMHWR GH QRYDV SURSRVWDV GH HPHQGDV
  • 38. 3RU VXD YH] D 5HIRUPD 7ULEXWiULD p REMHWR GH 3URSRVWD GH (PHQGD FRP 6XEVWLWXWLYR FXMR H[DPH VH HQFRQWUD SDUDOLVDGR QD kPDUD GRV 'HSXWDGRV SRU IDOWD GH FRQVHQVR HQWUH R JRYHUQR IHGHUDO H RV JRYHUQRV HVWDGXDLV H TXH QmR UHGX] PDV DR FRQWUiULR DJUDYD RV SUREOHPDV SULQFL SDLV GRV FRQWULEXLQWHV XPD YH] TXH HOHYD D FDUJD WULEXWiULD DXPHQWD R Q~PHUR GH WULEXWRV H DSURIXQGD D EXURFUDFLD ILVFDO $5()250$'$6),1$1d$63Ô%/,$6 1HVVH FRQWH[WR HP TXH D UHIRUPD SROtWLFD QmR DYDQoD DV UHIRUPDV DGPLQLVWUDWLYD H SUHYLGHQFLiULD QmR SURGX]LUDP RV UHVXOWDGRV HVSHUDGRV H D UHIRUPD WULEXWiULD QmR YHQFH DV GLYHUJrQFLDV HQWUH D 8QLmR H RV (VWDGRV H QmR DFHQD FRP PHOKRUHV SHUVSHFWLYDV SDUD RV FRQWULEXLQWHV D UHIRUPD GDV ILQDQoDV S~EOLFDV LQGLVSHQViYHO DR DMXVWH ILVFDO SDVVRX D PHUHFHU DWHQomR HVSHFLDO GR *RYHUQR H GR RQJUHVVR 1DFLRQDO e RSRUWXQR GHVWDFDU TXH QR PRGHOR GR (VWDGR IHGHUDO EUDVLOHLUR D SDUWLOKD GR SRGHU ILQDQFHLUR HQWUH D 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO H RV 0XQLFtSLRV SDUD DSURYDU RV RUoDPHQWRV LQVWLWXLU HOHYDU UHJXODU H DUUHFDGDU RV WULEXWRV H FRQWULEXLo}HV UHDOL]DU DV GHVSHVDV H FRQWUDLU RX DVVXPLU GtYLGDV H RXWUDV REULJDo}HV VXMHLWDVH DRV SULQFtSLRV YHGDo}HV QRUPDV H OLPLWHV HVWDEHOHFLGRV QD RQVWLWXLomR )HGHUDO H FRPR HVWD SUH FHLWXD HP OHLV FRPSOHPHQWDUHV H RUGLQiULDV LQFOXVLYH DV RUoDPHQWiULDV H DV WULEXWiULDV $ RQVWLWXLomR )HGHUDO WUDWD GDV )LQDQoDV 3~EOLFDV QR DStWXOR ,, GH VHX 7tWXOR 9, DEUDQJHQGR QD 6HomR , DV 1RUPDV *HUDLV H QD 6HomR ,, RV 2UoDPHQWRV HVWHV HQJOREDQGR DV OHLV UHODWLYDV DR SODQR SOXULDQXDO jV GLUHWUL]HV RUoDPHQWiULDV H DRV RUoDPHQWRV DQXDLV RQVRDQWH R DUW LQFLVR , FRQVWDQWH GD 6HomR , XPD OHL FRPSOH PHQWDU GHYH GLVSRU VREUH ILQDQoDV S~EOLFDV HP VHQWLGR ODWR H LQREVWDQWH D DPSOLWXGH GHVVH SUHFHLWR RV LQFLVRV ,, D 9,, HQIDWL]DP TXH WDO OHL FRPSOH PHQWDU GHYH UHJXODU GHWHUPLQDGDV PDWpULDV TXH LQWHJUDP D HVIHUD GDV ILQDQoDV S~EOLFDV $LQGD QD 6HomR , R DUW WUDoD UHJUDV SHUWLQHQWHV jV UHODo}HV ILQDQFHLUDV HQWUH R 7HVRXUR 1DFLRQDO H R %DQFR HQWUDO GR %UDVLO
  • 39. 1D 6HomR ,, HQFRQWUDPVH QmR Vy GLVSRVLWLYRV D UHVSHLWR GDV OHLV RUGLQiULDV GR SODQR SOXULDQXDO GH GLUHWUL]HV RUoDPHQWiULDV H GRV RUoD PHQWRV DUWV D
  • 40. PDV WDPEpP RXWURV SUHFHLWRV D VHUHP REMHWR GH OHL FRPSOHPHQWDU DUW
  • 41. WRGRV QR HQWDQWR SHUWLQHQWHV jV ILQDQoDV S~EOLFDV XPSUH VHMD DFHQWXDGR TXH D RQVWLWXLomR QmR H[LJH XPD OHL FRPSOH PHQWDU ~QLFD VREUH WRGDV HVVDV PDWpULDV 7DPEpP QmR H[LJH D VHSDUDomR º GDV PDWpULDV GR DUW H GR † GR DUW 'HVWDUWH QmR YHGD D UHJXODomR GHVVDV PDWpULDV PHGLDQWH GLYHUVDV OHLV FRPSOHPHQWDUHV $ HVFROKD GR PpWRGR p IXQomR GH PHUR FULWpULR SROtWLFR GR *RYHUQR H GR RQJUHVVR 1DFLRQDO $OpP GLVVR D RQVWLWXLomR QR VHX DUW DWULEXL FRPSHWrQFLD DR 6HQDGR )HGHUDO SDUD D
  • 42. DXWRUL]DU RSHUDo}HV H[WHUQDV GH QDWXUH]D ILQDQFHL UD GH LQWHUHVVH GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV E
  • 43. IL[DU SRU SURSRVWD GR 3UHVLGHQWH GD 5HS~EOLFD OLPLWHV JOREDLV SDUD R PRQWDQWH GD GtYLGD FRQVROLGDGD GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV H F
  • 44. GLVSRU VREUH OLPLWHV JOREDLV H FRQGLo}HV SDUD DV RSHUDo}HV GH FUpGLWR H[WHUQR H LQWHUQR GRV HQWHV S~EOLFRV OLPLWHV H FRQGLo}HV SDUD D FRQFHVVmR GH JDUDQWLD GD 8QLmR HP RSHUDo}HV GH FUpGLWR H[WHUQR H LQWHUQR H OLPLWHV H FRQGLo}HV SDUD R PRQWDQWH GD GtYLGD PRELOLiULD GRV (VWDGRV 'LVWULWR )HGHUDO H 0XQLFtSLRV RPR VH Yr D RQVWLWXLomR HVWDEHOHFH DV QRUPDV EiVLFDV SDUD D OHJLVODomR FRPSOHPHQWDU UHODWLYD jV ILQDQoDV S~EOLFDV 'HVVH PRGR D FKDPDGD UHIRUPD GDV )LQDQoDV 3~EOLFDV QmR GHSHQGLD GH HPHQGD FRQV WLWXFLRQDO PDV WmRVRPHQWH GD HGLomR GDV OHLV FRPSOHPHQWDUHV SUHYLVWDV QDTXHOD DUWD 3DUD HODERUDU XP DQWHSURMHWR GH OHL FRPSOHPHQWDU GH ILQDQoDV S~EOLFDV D ILP GH UHJXODU DV GLVSRVLo}HV FRQVWLWXFLRQDLV DQWHV UHIHULGDV R *RYHUQR RUJDQL]RX QR %DQFR 1DFLRQDO GH 'HVHQYROYLPHQWR (FRQ{PLFR H 6RFLDO %1'(6
  • 45. XP JUXSR GH HVWXGRV FRPSRVWR SRU HVSHFLDOLVWDV WHQGR j IUHQWH R FRPSHWHQWH H GHGLFDGR HFRQRPLVWD -RVp 5REHUWR $IRQVR 1HVVH H[DXVWLYR WUDEDOKR IRUDP FRQVLGHUDGRV RV HVWXGRV GHVHQYROYLGRV SRU RUJDQLVPRV LQWHUQDFLRQDLV FRPR R )0, R %,5' R %,' D 2'( H D (3$/ XQkQLPHV TXDQWR j QHFHVVLGDGH GH XPD GLVFLSOLQD ILVFDO UtJLGD FRPR FRQGLomR j HVWDELOLGDGH PRQHWiULD H j RUGHP HFRQ{PLFD H VRFLDO
  • 46. PXLWR HPERUD QmR KDMD HQWUH HOHV XP FRQVHQVR TXDQWR DR PRGHOR D VHU DGRWDGR HP IDFH GDV SHFXOLDULGDGHV H GD FXOWXUD GH FDGD SDtV 7DPEpP IRUDP WRPDGDV QD GHYLGD FRQWD DV UHJUDV GH GLVFLSOLQD ILVFDO DGRWDGDV SHOD 8QLmR (XURSpLD 7UDWDGR GH 0DDVWULFKW GH
  • 47. SHORV (VWDGRV 8QLGRV %XGJHW (QIRUFHPHQW $FW ² %($ GH
  • 48. H SHOD 1RYD =HOkQGLD )LVFDO 5HVSRQVDELOLW $FW GH HPHQGDGR HP
  • 49. HVWDV FRQVLGHUDGDV FRPR XP PRGHOR GH WUDQVSDUrQFLD ILVFDO 'HVVHV HVWXGRV H GD FRQWULEXLomR GH WpFQLFRV GH GLYHUVRV 0LQLVWpULRV H yUJmRV GH FHUFD GH VXJHVW}HV H HP HVSHFLDO GD SDUWLFLSDomR SHVVRDO GR 0LQLVWUR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR 'U 0DUWXV 7DYDUHV ² VHUYLGRU H[HPSODU ² UHVXOWRX R H[FHOHQWH DQWHSURMHWR GH OHL FRPSOHPHQWDU VXEPHWLGR DR RQJUHVVR 1DFLRQDO SHOR 3UHVLGHQWH GD 5HS~EOLFD FRP D 0HQVDJHP Q º GH H TXH VH UHYHODYD LQWHLUDPHQWH LQRYDGRU SRLV QmR VH IXQGDPHQWDYD HP TXDOTXHU WH[WR GD OHJLVODomR QDFLRQDO RX HVWUDQJHLUD 2 UHIHULGR SURMHWR WLQKD SRU REMHWR UHJXODU R DUW LQFLVRV , ,, ,,, H ,9 H R DUW GD RQVWLWXLomR GLVSRQGR VREUH RV SULQFtSLRV IXQGDPHQWDLV H DV QRUPDV JHUDLV GH ILQDQoDV S~EOLFDV H HVWDEHOHFHQGR R UHJLPH GH JHVWmR ILVFDO UHVSRQViYHO $ HVSLQKD GRUVDO GR SURMHWR UHVLGLD QD HQXPHUDomR GRV SULQFtSLRV IXQGDPHQWDLV GD JHVWmR UHVSRQViYHO GDV ILQDQoDV S~EOLFDV GHVGREUDGRV HP QRUPDV FRHUFLWLYDV SDUD SUHYHQLU H FRUULJLU RV HYHQWXDLV GHVYLRV GH FRPSRU WDPHQWR GDV DXWRULGDGHV UHVSRQViYHLV SHORV DWRV H Do}HV FRQFHUQHQWHV j JHUDomR H j UHDOL]DomR GD GHVSHVD S~EOLFD QRWDGDPHQWH QD iUHD GH SHVVRDO H GD VHJXULGDGH VRFLDO H RXWUDV GH GXUDomR FRQWLQXDGD H QDV VLWXDo}HV LPSUHYLVWDV EHP DVVLP DV SHUWLQHQWHV j UHDOL]DomR GH LQYHVWLPHQWRV j DVVXQomR GH GtYLGDV H RXWUDV REULJDo}HV H DR WUDWDPHQWR GDV GLVSRQLELOL GDGHV GH FDL[D H GDV VLWXDo}HV GH LQVXILFLrQFLD GHVWD 2V SULQFtSLRV IXQGDPHQWDLV GD JHVWmR ILVFDO UHVSRQViYHO VHULDP ,
  • 50. D SUHYHQomR GH GpILFLWV LPRGHUDGRV H UHLWHUDGRV ,,
  • 51. D OLPLWDomR GD GtYLGD D QtYHO SUXGHQWH DVVLP HQWHQGLGR R FRPSDWtYHO FRP D UHFHLWD WULEXWiULD HIHWLYD H R SDWULP{QLR OtTXLGR ,,,
  • 52. D JHVWmR DSURSULDGD GH FXVWRV H SUD]RV GH PDWXUDomR GD GtYLGD ,9
  • 53. D SUHVHUYDomR GR SDWULP{QLR OtTXLGR HP QtYHO DGHTXDGR 9
  • 54. D DGRomR GH SROtWLFD WULEXWiULD SUHYLVtYHO 9,
  • 55. D OLPLWDomR GRV JDVWRV FRQWLQXDGRV 9,,
  • 56. D FRPSHQVDomR GRV HIHLWRV GHFRUUHQWHV GR DXPHQ
  • 57. WR GXUDGRXUR GRV JDVWRV 9,,,
  • 58. D SUHYHQomR GH GHVHTXLOtEULRV HVWUXWXUDLV QDV FRQWDV S~EOLFDV ,;
  • 59. D DGPLQLVWUDomR SUXGHQWH GH ULVFRV ILVFDLV DVVLP HQWHQ GLGRV RV SDVVLYRV FRQWLQJHQWHV H RV HYHQWRV LPSUHYLVWRV ;
  • 60. D DGRomR GH SURFHVVR SHUPDQHQWH GH SODQHMDPHQWR ;,
  • 61. D WUDQVSDUrQFLD QD HODERUDomR H GLYXOJDomR GH GRFXPHQWRV ILVFDLV ;,,
  • 62. R DPSOR DFHVVR GD VRFLHGDGH jV FRQWDV S~EOLFDV H ;,,
  • 63. D DGRomR GH PHGLGDV FRUUHWLYDV H SXQLWLYDV GH HYHQWXDLV GHVYLRV RPR LQVWUXPHQWR UHOHYDQWH SDUD JDUDQWLU D ILHO H[HFXomR GDV QRUPDV GH JHVWmR ILVFDO H DVVHJXUDU D HIHWLYD WUDQVSDUrQFLD GDV FRQWDV S~EOLFDV R SURMHWR SUHYLD XPD GHFODUDomR GH JHVWmR ILVFDO UHVSRQViYHO D VHU ILUPDGD WULPHVWUDOPHQWH SHORV FKHIHV GRV WUrV 3RGHUHV H GR 0LQLVWpULR 3~EOLFR QDV HVIHUDV IHGHUDO HVWDGXDO H PXQLFLSDO 2 SURMHWR GH OHL FRPSOHPHQWDU HUD DFRPSDQKDGR GH XP SURMHWR GH OHL RUGLQiULD HVWDEHOHFHQGR QRYRV WLSRV SHQDLV GH FULPHV GH UHVSRQVDELOLGDGH H GH FULPHV FRQWUD DV ILQDQoDV S~EOLFDV 1D kPDUD GRV 'HSXWDGRV R WH[WR GR SURMHWR GR ([HFXWLYR IRL VXEVWDQFLDOPHQWH PRGLILFDGR FRP D VXSUHVVmR GH QXPHURVRV SUHFHLWRV H FDStWXORV LQWHLURV H R DFUpVFLPR GH RXWURV WHPDV GDQGR RULJHP D XP VXEVWLWXWLYR TXH DSURYDGR QD kPDUD H VHP HPHQGDV QR 6HQDGR )HGHUDO UHFHEHX QXP PRPHQWR KLVWyULFR D VDQomR GR 3UHVLGHQWH )HUQDQGR +HQ ULTXH DUGRVR FRP TXLQ]H YHWRV
  • 64. WUDQVIRUPDQGRVH DVVLP QD /HL RP SOHPHQWDU Q º GH TXH ´HVWDEHOHFH QRUPDV GH ILQDQoDV S~EOLFDV YROWDGDV SDUD D UHVSRQVDELOLGDGH QD JHVWmR ILVFDOµ 2 WH[WR DSURYDGR SHOR RQJUHVVR 1DFLRQDO DSULPRURX HP DOJXQV DVSHFWRV R SURMHWR GR ([HFXWLYR 1RXWUDV PRGLILFDo}HV WRGDYLD DWLQJLX WRGD D HVWUXWXUD GR SURMHWR GR JRYHUQR GHVFRQHFWDQGR H H[FOXLQGR SDUWHV HVVHQFLDLV GH XPD VLVWHPiWLFD GH FRQWUROH GD JDVWDQoD S~EOLFD WpFQLFD H PLQXFLRVDPHQWH HODERUDGD FRPR SRU H[HPSOR DV UHODWLYDV j SUXGrQFLD QD DGPLQLVWUDomR ILQDQFHLUD H SDWULPRQLDO j HVWUXWXUDomR GDV FRQWDV S~EOL FDV H jV QRUPDV FRHUFLWLYDV SDUD FRUUHomR GRV GHVYLRV ILVFDLV LQFOXVLYH RV HILFD]HV LQVWUXPHQWRV GR FRUWH DXWRPiWLFR GH GHVSHVD H GD GHVDWLYDomR WHPSRUiULD RX H[WLQomR GH yUJmRV XQLGDGHV RX VXEXQLGDGHV VHP DIHWDU R IXQFLRQDPHQWR GH VHUYLoRV HVVHQFLDLV $ QRYD OHL JXDUGD SRXFD VHPHOKDQoD FRP R WH[WR GR SURMHWR GH OHL VXEPHWLGR DR RQJUHVVR 1DFLRQDO SHOR 3UHVLGHQWH GD 5HS~EOLFD IDWR TXH
  • 65. SDUHFH WHU HVFDSDGR DR QRWLFLiULR GRV PHLRV GH FRPXQLFDomR H DRV FRPHQ WiULRV GRV DUWLFXOLVWDV H HVSHFLDOLVWDV 'H TXDOTXHU IRUPD D QRYD OHL DR SUHHQFKHU XPD ODFXQD QR FDPSR GDV ILQDQoDV S~EOLFDV H DR UHJXODU DV GLVSRVLo}HV FRQVWLWXFLRQDLV SHUWLQHQWHV UHSUHVHQWD XP QRWiYHO DYDQoR QD OLPLWDomR GR SURFHVVR DSDUHQWHPHQWH LQFRQWUROiYHO GD JDVWDQoD S~EOLFD QRV WUrV QtYHLV GH JRYHUQR H QRV WUrV SRGHUHV 1RXWUD RSRUWXQLGDGH QXP PHOKRU HVWiJLR GH QRVVD FXOWXUD SROtWLFD SRU FHUWR RV JRYHUQDQWHV SRU LQLFLDWLYD SUySULD RX SRU H[LJrQFLD GD FROHWLYLGDGH WUDWDUmR GH DSHUIHLoRDU D OHJLVODomR UHODWLYD j JHVWmR UHVSRQViYHO GDV ILQDQoDV S~EOLFDV GH PRGR D HOLPLQDU GHILQLWLYDPHQWH D ´EDGHUQD ILVFDOµ UHDOL]DGD LPSXQHPHQWH j FRQWD GR VRIULGR EROVR GRV FRQWULEXLQWHV EUDVLOHLURV SDUD DOoDU R %UDVLO DR JUXSR GRV SDtVHV FRPR RV GD 8QLmR (XURSpLD TXH ]HODP HIHWLYDPHQWH SHOR HPSUHJR GH FDGD FHQWDYR GD UHFHLWD S~EOLFD (QILP R SURMHWR GR ([HFXWLYR HUD XP EHOR LGHDO WpFQLFR DR QtYHO GDV QRUPDV GD 8QLmR (XURSpLD H GD 1RYD =HOkQGLD $ /HL RPSOHPHQWDU Q º p D UHDOLGDGH EUDVLOHLUD IDFWtYHO RQIRUPH D PHPRUiYHO REVHUYDomR GH -DPH GH $OWDYLOOD 2ULJHP GRV 'LUHLWRV GRV 3RYRV
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  • 110. 2 DWR TXH FULDU RX DXPHQWDU D GHVSHVD REULJDWyULD GH FDUiWHU FRQWLQXD GR QmR SRGHUi DIHWDU DV PHWDV GH UHVXOWDGRV ILVFDLV SUHYLVWDV QR $QH[R GH 0HWDV )LVFDLV GD OHL GH GLUHWUL]HV RUoDPHQWiULDV H RV VHXV HIHLWRV ILQDQFHLURV QRV H[HUFtFLRV VHJXLQWHV WHUmR GH VHU FRPSHQVDGRV SHOR ´DXPHQWR SHUPD QHQWH GH UHFHLWD RX SHOD UHGXomR SHUPDQHQWH GH GHVSHVDµ †
  • 111. º 3DUD HVVH ILP FRQVLGHUDVH ´DXPHQWR SHUPDQHQWH GH UHFHLWDµ WmRVR PHQWH R TXH IRU ´SURYHQLHQWH GD HOHYDomR GH DOtTXRWDV DPSOLDomR GD EDVH º GH FiOFXOR PDMRUDomR RX FULDomR GH WULEXWR RX FRQWULEXLomRµ †
  • 113. YHGDGR R DUWLItFLR GD PHUD ´SUHYLVmR GR DXPHQWR GH DUUHFDGDomRµ R HXIHPLV PR D TXH VHPSUH UHFRUUHUDP RV JRYHUQDQWHV SDUD GLVVLPXODU R GpILFLW GLVWRUFHU R RUoDPHQWR H YLRODU R SULQFtSLR GR HTXLOtEULR HQWUH UHFHLWDV H GHVSHVDV /HL Q º DUW DOtQHD E
  • 114. $ SURUURJDomR SRU TXDOTXHU PRWLYR GH GHVSHVD FULDGD SRU SUD]R GHWHUPLQDGR p FRQVLGHUDGD DXPHQWR GH GHVSHVD †
  • 115. º 6HomR ,, 'DV 'HVSHVDV FRP 3HVVRDO 8P GRV PDLV LPSRUWDQWHV GLVSRVLWLYRV GD QRYD OHL p R DUW TXH UHJXODQGR R GLVSRVWR QR FDSXW GR DUW GD RQVWLWXLomR DSURIXQGD DV UHJUDV GD /HL RPSOHPHQWDU Q º GH D FKDPDGD ´/HL DPDWDµ
  • 116. UHODWLYDV D OLPLWHV SDUD DV GHVSHVDV UHODWLYDV DR SHVVRDO DWLYR DRV LQDWLYRV H DRV UHVSHFWLYRV SHQVLRQLVWDV IL[DGRV PHGLDQWH SHUFHQWXDLV HP UHIHUrQFLD j UHFHLWD FRUUHQWH OtTXLGD $ FLWDGD / Q º IL[DYD RV OLPLWHV GH SDUD D 8QLmR SDUD RV (VWDGRV H 'LVWULWR )HGHUDO H SDUD RV 0XQLFtSLRV RQWXGR LQGX]LD j GLVSXWD HQWUH RV WUrV 3RGHUHV SRU XPD IDWLD PDLRU GHQWUR GR OLPLWH -i D / Q º PDQWpP RV SHUFHQWXDLV IL[DGRV SHOD / Q º PDV HVWDEHOHFH HP FDGD HVIHUD GH JRYHUQR IHGHUDO HVWDGXDO H PXQLFLSDO
  • 117. SHUFHQWXDLV SDUD FDGD 3RGHU H SDUD R 0LQLVWpULR 3~EOLFR VHQGR , ² QD HVIHUD IHGHUDO SDUD R /HJLVODWLYR LQFOXtGR R 7ULEXQDO GH RQWDV SDUD R -XGLFLiULR SDUD R 0LQLVWpULR 3~EOLFR GD 8QLmR H SDUD R ([HFXWLYR GRV TXDLV SDUD DV GHVSHVDV FRP SHVVRDO GR -XGLFLiULR 0LQLVWpULR 3~EOLFR 'HIHQVRULD 3~EOLFD SROtFLDV FLYLO H PLOLWDU FRUSR GH ERPEHLURV H VHUYLoRV S~EOLFRV GR 'LVWULWR )HGHUDO HVVH VXSHUSULYLOpJLR p SUHVFULWR SHOD RQVWLWXLomR DUW ;,,, H ;,9
  • 118. H SDUD R SHVVRDO GRV DQWLJRV 7HUULWyULRV GR $PDSi H GH 5RUDLPD DUW GD ( Q º
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  • 120. 8PD UHOHYDQWH GHFRUUrQFLD GD IL[DomR GH OLPLWHV SDUD DV GHVSHVDV UHODWLYDV D SHVVRDO GH FDGD 3RGHU p D GH TXH D HQWUHJD GH UHFXUVRV SHOR ([HFXWLYR DR /HJLVODWLYR DR -XGLFLiULR H DR 0LQLVWpULR 3~EOLFR FRQIRUPH SUHFHLWXD R DUW GD RQVWLWXLomR ² TXH OKHV DVVHJXUD D FKDPDGD DXWRQRPLD ILQDQFHLUD ² VHUi IHLWD PHGLDQWH D DSOLFDomR GRV PHQFLRQDGRV SHUFHQWXDLV VREUH D UHFHLWD FRUUHQWH OtTXLGD DTXHOHV H HVWD DSXUDGRV QR PrV HP UHIHUrQFLD FRP DV GRV RQ]H PHVHV LPHGLDWDPHQWH DQWHULRUHV DUW º †
  • 121. (VVD LQRYDomR HOLPLQDUi XPD FRQVWDQWH IRQWH GH DWULWRV H LQFRP SUHHQV}HV HQWUH DV DXWRULGDGHV GRV WUrV 3RGHUHV 6H DV GHVSHVDV FRP SHVVRDO HP FDGD 3RGHU RX QR 03 H[FHGHU D GR UHVSHFWLYR OLPLWH ILFDUmR YHGDGRV FRP DV UHVVDOYDV LQGLFDGDV D
  • 122. D FRQFHVVmR GH YDQWDJHP DXPHQWR UHDMXVWH RX DGHTXDomR GD UHPXQHUDomR D TXDOTXHU WtWXOR E
  • 123. D FULDomR GH FDUJR HPSUHJR RX IXQomR F
  • 124. R SURYLPHQWR GH FDUJR S~EOLFR H D DGPLVVmR RX FRQWUDWDomR GH SHVVRDO D TXDOTXHU WtWXOR H G
  • 125. D FRQWUDWDomR GH KRUDH[WUD DUW
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  • 127. 7DPEpP SRGHUmR VHU DGRWDGDV D UHGXomR GRV YDORUHV DWULEXtGRV DRV FDUJRV HP FRPLVVmR R TXH GHSHQGH GH OHL
  • 128. H D UHGXomR WHPSRUiULD GD MRUQDGD GH WUDEDOKR FRP DGHTXDomR GRV YHQFLPHQ WRV j QRYD FDUJD KRUiULD DUW FDSXW H †† º H º
  • 129. 1mR DOFDQoDGD D UHGXomR GR H[FHVVR GD GHVSHVD FRP SHVVRDO QR SUD]R OHJDO R HQWH S~EOLFR QmR SRGHUi UHFHEHU WUDQVIHUrQFLDV YROXQWiULDV GH UHFXUVRV REWHU JDUDQWLD GH RXWUR HQWH RX FRQWUDWDU RSHUDomR GH FUpGLWR DUW º †
  • 130. 6HomR ,,, 'DV 'HVSHVDV FRP D 6HJXULGDGH 6RFLDO 2 DUW UHSURGX] D QRUPD GR † º GR DUW GD RQVWLWXLomR GLVSRQGR TXH ´QHQKXP EHQHItFLR RX VHUYLoR UHODWLYR j VHJXULGDGH VRFLDO SRGHUi VHU FULDGR PDMRUDGR RX HVWHQGLGR VHP D LQGLFDomR GD IRQWH GH
  • 131. FXVWHLR WRWDOµ 7DO YHGDomR ² H[SOLFLWD R † º ² ´DSOLFDVH D EHQHItFLR RX VHUYLoR GH VD~GH SUHYLGrQFLD H DVVLVWrQFLD VRFLDO LQFOXVLYH RV GHVWLQDGRV DRV VHUYLGRUHV S~EOLFRV H PLOLWDUHVµ DStWXOR 9 'DV 7UDQVIHUrQFLDV 9ROXQWiULDV 2 DUW SHUPLWH D ´WUDQVIHUrQFLD YROXQWiULDµ GHILQLGD FRPR ´D HQWUHJD GH UHFXUVRV FRUUHQWHV RX GH FDSLWDO D RXWUR HQWH GD )HGHUDomR D WtWXOR GH FRRSHUDomR DX[tOLR RX DVVLVWrQFLD ILQDQFHLUD TXH QmR GHFRUUD GH GHWHUPL QDomR FRQVWLWXFLRQDO OHJDO RX RV GHVWLQDGRV DR 6LVWHPD ÔQLFR GH 6D~GHµ DWHQGLGDV DV FRQGLo}HV QHOH IL[DGDV (VVH GLVSRVLWLYR SRGH VHU WLGR FRPR LQFRQVWLWXFLRQDO SRLV DGPLWH D LQYDVmR GD HVIHUD GH FRPSHWrQFLD GRV (VWDGRV 'LVWULWR )HGHUDO H 0XQLFt SLRV FRPR WDPEpP DGPLWH D XWLOL]DomR GH UHFHLWDV GD 8QLmR RX GH XPD XQLGDGH GD )HGHUDomR SDUD DWHQGHU GHVSHVD GH RXWUR HQWH HVWDEHOHFLGD QD OHL RUoDPHQWiULD GHVWH 'HVWDUWH VXEYHUWH WDQWR D SDUWLOKD FRQVWLWXFLRQDO GR SRGHU ILQDQFHLUR FRPR D GLYLVmR GH HQFDUJRV HQWUH D 8QLmR (VWDGRV H 0XQLFtSLRV H PDQWpP D QHIDVWD SROtWLFD GH GHSHQGrQFLD GRV JRYHUQRV HVWDGXDLV H PXQLFLSDLV DR SRGHU FHQWUDO $FUHVFHQWHVH TXH D FRRSHUDomR ILQDQFHLUD HQWUH RV GLYHUVRV QtYHLV GH JRYHUQR ² DGPLWLGD SRU -HDQ $QDV WRSXORV HP VXD H[FHOHQWH REUD VREUH R IHGHUDOLVPR ILQDQFHLUR ² HVWi HQWUH QyV SUHVFULWD ² H LPSOLFLWDPHQWH OLPLWDGD ² SHOD RQVWLWXLomR DWUDYpV GDV WUDQVIHUrQFLDV GH UHFHLWDV WULEXWiULDV EHP DVVLP GH UHFXUVRV SDUD DV iUHDV GH HQVLQR H VD~GH 2 HVFRSR FRQVWLWXFLRQDO p R GH H[FHSFLRQDU D SDUWLOKD GR SRGHU ILQDQFHLUR HVWDEHOHFHQGR QHVVHV FDVRV D FRRSHUDomR HQWUH RV HQWHV GD )HGHUDomR DLQGD TXH GH PRGR REULJDWyULR HP IDFH GR LQWHUHVVH S~EOLFR 'HYH VHU DVVLQDODGR TXH R SURMHWR GR ([HFXWLYR DR FRQWUiULR H[SUHV VDPHQWH YHGDYD ´j 8QLmR H DRV (VWDGRV GHVWLQDU UHFXUVRV SDUD DWHQGHU jV GHVSHVDV FRP Do}HV H VHUYLoRV S~EOLFRV SUySULRV GRV GHPDLV HQWHV GD )HGHUDomRµ UHVVDOYDGDV DV GHVWLQDo}HV FRQVWLWXFLRQDLV QDV iUHDV GD VD~GH H GD HGXFDomR H RV FDVRV GH FDODPLGDGH S~EOLFD
  • 132. DStWXOR 9, 'D 'HVWLQDomR GH 5HFXUVRV SDUD R 6HWRU 3ULYDGR $ SDU GH HVWDEHOHFHU FRQGLo}HV TXDQWR j WUDQVIHUrQFLD GH UHFXUVRV SDUD R VHWRU SULYDGR D OHL HP VHX DUW LQFOXtGR QR 6XEVWLWXWLYR HODERUDGR QD kPDUD GRV 'HSXWDGRV YHLR H[SUHVVDPHQWH SHUPLWLU D XWLOL]DomR GH UHFXU VRV S~EOLFRV PHGLDQWH OHL HVSHFtILFD SDUD ´VRFRUUHUµ ² D H[SUHVVmR p GR WH[WR OHJDO ² LQVWLWXLo}HV GR 6LVWHPD )LQDQFHLUR 1DFLRQDO DLQGD TXH PH GLDQWH D FRQFHVVmR GH HPSUpVWLPRV GH UHFXSHUDomR RX ILQDQFLDPHQWRV SDUD PXGDQoD GH FRQWUROH DFLRQiULR R TXH LPSRUWD QR HQWHQGLPHQWR D FRQ WUiULR VHQVR GH TXH DV RSHUDo}HV GH ´VRFRUURµ D LQVWLWXLo}HV ILQDQFHLUDV DQWHULRUPHQWH UHDOL]DGDV QmR GLVSXQKDP GH SHUPLVVLYR OHJDO (VVD GLVSRVLomR FRQWUDULD RV SURSyVLWRV GD / Q º H p LPSHUWLQHQWH SRLV D OHL GR 6LVWHPD )LQDQFHLUR 1DFLRQDO ² GH TXH WUDWD R DUW GD RQVWLWXLomR ² p TXH SRGHULD GLVSRU VREUH D FRQFHVVmR GH HPSUpVWLPRV ² H QXQFD GH ´VRFRUURµ ² SHOR %DQFR HQWUDO D LQVWLWXLo}HV ILQDQFHLUDV LQVROYHQ WHV HP IXQomR GR LQWHUHVVH S~EOLFR QD SUHVHUYDomR GD SRXSDQoD SRSXODU DStWXOR 9,, 'D 'tYLGD H GR (QGLYLGDPHQWR D
  • 133. D GtYLGD S~EOLFD $ OHL GHILQH GtYLGD S~EOLFD FRQVROLGDGD GtYLGD S~EOLFD PRELOLiULD RSHUDomR GH FUpGLWR FRQFHVVmR GH JDUDQWLD H UHILQDQFLDPHQWR GD GtYLGD PRELOLiULD DUW
  • 134. PDV H[FOXL RXWUDV GHILQLo}HV H FODVVLILFDo}HV FRQVWDQWHV GR SURMHWR GR ([HFXWLYR WDLV FRPR GtYLGD H[WHUQD GtYLGD LQWHUQD GtYLGD IOXWXDQWH FRPSURPLVVRV DVVXPLGRV VHP DXWRUL]DomR OHJLVODWLYD SUpYLD H HVSHFtILFD ´UHVWRV D SDJDUµ GHSyVLWRV GH WHUFHLURV H VDOGRV GDV RSHUDo}HV GH FUpGLWR SRU DQWHFLSDomR GH UHFHLWD
  • 135. H GtYLGDV GH FXUWR H GH ORQJR SUD]R 2V PRQWDQWHV GD GtYLGD FRQVROLGDGD H GDV RSHUDo}HV GH FUpGLWR H[WHUQR H LQWHUQR GRV GLYHUVRV HQWHV GD )HGHUDomR HVWDUmR VXMHLWRV D ´OLPLWHV JOREDLVµ IL[DGRV SHOR 6HQDGR )HGHUDO PDV WDLV OLPLWHV VHUmR GHILQLGRV ´HP WHUPRV GH UHFHLWD OtTXLGDµ H ´SDUD FDGD HVIHUD GH JRYHUQRµ DUW †† ºH º
  • 136. 2 PRQWDQWH GD GtYLGD PRELOLiULD IHGHUDO VHUi IL[DGR HP OHL RUGLQiULD QRV WHUPRV GR GLVSRVWR QR LQFLVR ;,9 GR DUW GD RQVWLWXLomR HQTXDQWR RV UHIHUHQWHV j GtYLGD PRELOLiULD GRV (VWDGRV 'LVWULWR )HGHUDO H 0XQLFtSLRV
  • 137. VHUmR IL[DGRV SHOR 6HQDGR )HGHUDO 3DUD D KLSyWHVH GH D GtYLGD FRQVROLGDGD GH XP HQWH GD )HGHUDomR XOWUDSDVVDU R UHVSHFWLYR OLPLWH D OHL IL[D SUD]RV SDUD D FRUUHomR GHVVH GHVYLR ILVFDO H HVWDEHOHFH GLYHUVDV YHGDo}HV HQTXDQWR SHUGXUDU R H[FHVVR DUW
  • 138. ,QFXPELUi GRUDYDQWH DR 0LQLVWpULR GD )D]HQGD ² QDWXUDOPHQWH SRU LQWHUPpGLR GD 6HFUHWDULD GR 7HVRXUR 1DFLRQDO H GD 3URFXUDGRULD*HUDO GD )D]HQGD 1DFLRQDO HP IDFH GH VXDV FRPSHWrQFLDV OHJDLV H UHJLPHQWDLV ² R FRQWUROH GRV ´OLPLWHV H FRQGLo}HVµ GDV RSHUDo}HV GH FUpGLWR LQWHUQR H H[WHUQR GDV HQWLGDGHV IHGHUDLV HVWDGXDLV H PXQLFLSDLV LQFOXVLYH VXDV DXWDUTXLDV H HPSUHVDV HVWDWDLV DUW FDSXW
  • 139. 7DPEpP FDEHUi DR 0LQLVWpULR GD )D]HQGD HIHWXDU VHP SUHMXt]R GDV DWULEXLo}HV GR 6HQDGR )HGHUDO H GR %DQFR HQWUDO R ´UHJLVWUR HOHWU{QLFR FHQWUDOL]DGR H DWXDOL]DGR GDV GtYLGDV S~EOLFDV LQWHUQD H H[WHUQD JDUDQWLGR R DFHVVR S~EOLFRµ DRV UHVSHFWLYRV º GDGRV DUW †
  • 140. E
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  • 142. PDV IRUDP H[FOXtGDV DV UHJUDV GR SURMHWR GR ([HFXWLYR TXH H[SOLFLWDYDP R LQFLVR ,,, GR DUW GD RQVWLWXLomR VHJXQGR R TXDO R PRQWDQWH GHVVDV RSHUDo}HV QmR SRGH H[FHGHU R PRQWDQWH GDV GHVSHVDV GH FDSLWDO FRP DV UHVVDOYDV QHOH LQ GLFDGDV 2EMHWLYDQGR FRLELU D SUiWLFD DUGLORVD SRU SDUWH GH LQVWLWXLo}HV ILQDQFHL UDV GH RSHUDo}HV GH FUpGLWR FRP HQWHV S~EOLFRV HP GHVDFRUGR FRP DV QRUPDV OHJDLV DSOLFiYHLV D OHL SUHVFUHYH D QXOLGDGH GD RSHUDomR GH FUpGLWR UHDOL]DGD FRP LQIUDomR GH VXDV QRUPDV SURFHGHQGRVH DR VHX FDQFHODPHQ WR PHGLDQWH D GHYROXomR GR SULQFLSDO YHGDGRV R SDJDPHQWR GH MXURV H º GHPDLV HQFDUJRV ILQDQFHLURV DUW †
  • 143. 6HUmR HTXLSDUDGDV D RSHUDo}HV GH FUpGLWR H HVWmR YHGDGDV D
  • 144. D FDSWDomR GH UHFXUVRV D WtWXOR GH DQWHFLSDomR GH UHFHLWD GH WULEXWR RX FRQWULEXLomR FXMR IDWR JHUDGRU DLQGD QmR WHQKD RFRUULGR E
  • 145. R UHFHELPHQWR DQWHFLSDGR GH YDORUHV GH HPSUHVD HP TXH R SRGHU S~EOLFR GHWHQKD GLUHWD RX LQGLUHWDPHQWH D PDLRULD GR FDSLWDO FRP GLUHLWR D YRWR VDOYR OXFURV H GLYLGHQGRV QD IRUPD GD OHJLVODomR F
  • 146. D DVVXQomR GLUHWD GH FRPSURPLVVRV FRQILVVmR GH GtYLGD RX RSHUDomR DVVHPHOKDGD FRP IRUQHFHGRU GH EHQV
  • 147. PHUFDGRULDV RX VHUYLoRV PHGLDQWH DFHLWH RX DYDO GH WtWXOR GH FUpGLWR H G
  • 148. D DVVXQomR GH REULJDomR VHP DXWRUL]DomR RUoDPHQWiULD FRP IRUQHFHGRUHV SDUD SDJDPHQWR D SRVWHULRUL GH EHQV H VHUYLoRV DUW
  • 149. WRGDV SUiWLFDV DEXVLYDV FRQVWDQWHPHQWH FRPSURYDGDV RLELQGR XPD GDV GLVWRUo}HV PDLV QRFLYDV jV ILQDQoDV S~EOLFDV HP QRVVR 3DtV R DUW YHGD ´D UHDOL]DomR GH RSHUDomR GH FUpGLWR HQWUH XP HQWH GD )HGHUDomR GLUHWDPHQWH RX SRU LQWHUPpGLR GH IXQGR DXWDUTXLD IXQGDomR RX HPSUHVD HVWDWDO GHSHQGHQWH H RXWUR LQFOXVLYH VXDV HQWLGDGHV GD DGPLQLVWUDomR LQGLUHWD DLQGD TXH VRE D IRUPD GH QRYDomR UHILQDQFLD PHQWR RX SRVWHUJDomR GH GtYLGD FRQWUDtGD DQWHULRUPHQWHµ 3RU HVVH GLVSRVLWLYR VDQHDGRU ILFDP DILQDO YHGDGDV DV RSHUDo}HV GH DVVXQomR UHILQDQFLDPHQWR H QRYDomR GH GtYLGDV GRV (VWDGRV H 0XQLFtSLRV LPSRVWDV DR 7HVRXUR 1DFLRQDO SRU OHLV LQFRQVWLWXFLRQDLV VHMD SRU LPSRUWDU HP HPSUpVWLPRV FRPSXOVyULRV QmR DXWRUL]DGRV SHOD RQVWLWXLomR VHMD SRU YLRODU DV UHJUDV FRQVWLWXFLRQDLV UHODWLYDV j SDUWLOKD GR SRGHU ILQDQFHLUR HQWUH D 8QLmR RV (VWDGRV H RV 0XQLFtSLRV 3RU IRUoD GH WDLV OHLV IUXWR GD SUHVVmR SROtWLFD GH JRYHUQDGRUHV H SUHIHLWRV R 7HVRXUR 1DFLRQDO IRL REULJDGR D DVVXPLU R FXVWHLR GH GHVSHVDV TXH SHOD RQVWLWXLomR GHYHP VH DWHQGLGDV SHODV UHFHLWDV HVWDGXDLV H PXQLFLSDLV 7DPEpP ´p SURLELGD D RSHUDomR GH FUpGLWR HQWUH XPD LQVWLWXLomR ILQDQFHLUD HVWDWDO H R HQWH GD )HGHUDomR TXH D FRQWUROH QD TXDOLGDGH GH EHQHILFLiULR GR HPSUpVWLPRµ DUW
  • 150. $ YHGDomR FRQVWLWXFLRQDO j FRQFHVVmR GH HPSUpVWLPRV GR %DQFR HQWUDO º DR 7HVRXUR 1DFLRQDO DUW †
  • 151. UHVVDOYDGD D FRPSUD GH WtWXORV GH HPLVVmR GHVWH FRP R REMHWLYR GH UHJXODU D RIHUWD GH PRHGD RX D WD[D GH º MXURV DUW †
  • 152. p HVWHQGLGD D WRGRV RV HQWHV GD )HGHUDomR DEUDQJHQGR WDO SURLELomR QmR Vy DV RSHUDo}HV GH P~WXR PDV WDPEpP DV GH SHUPXWD GH WtWXORV GD GtYLGD S~EOLFD H D FRQFHVVmR GH JDUDQWLD DUW
  • 153. F
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