Buscar

Semiótica Tércio

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 3, do total de 49 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 6, do total de 49 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 9, do total de 49 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Prévia do material em texto

$� SDODYUD� GLUHLWR�� HP�SRUWXJXrV� �H� DV� FRUUHVSRQGHQWHV� QDV� OtQJXDV� UR��
PkQLFDV��� JXDUGRX�� SRUpP�� WDQWR� R� VHQWLGR� GR� MXV� FRPR� DTXLOR� TXH� p� FRQVD��
JUDGR�SHOD� -XVWLoD� �HP� WHUPRV�GH�YLUWXGH�PRUDO���TXDQWR�R�GH�GHUHFWXP� FRPR�
XP� H[DPH� GD� UHWLGmR� GD� EDODQoD�� SRU�PHLR� GR� DWR� GD� -XVWLoD� �HP� WHUPRV� GR�
DSDUHOKR� MXGLFLDO��� ,VVR�SRGH�VHU�REVHUYDGR�SHOR� IDWR�GH�TXH�KRMH� VH�XWLOL]D�R�
WHUPR� WDQWR� SDUD� VLJQLILFDU� R� RUGHQDPHQWR� YLJHQWH� �� �R� GLUHLWR� EUDVLOHLUR�� R�
GLUHLWR�FLYLO� EUDVLOHLUR�� ��� FRPR� WDPEpP�D�SRVVLELOLGDGH�FRQFHGLGD�SHOR�RUGH��
QDPHQWR� GH� DJLU� H� ID]HU� YDOHU� XPD� VLWXDomR� �� �GLUHLWR� GH� DOJXpP�� ��� QmR� SR��
GHQGR�VH� HVTXHFHU� DLQGD� R� XVR� PRUDO� GD� H[SUHVVmR�� TXDQGR� VH� GL]� �HX� WLQKD�
GLUHLWR�j�GHIHVD��PDV�D�OHL�QmR�PR�FRQFHGHX���&UX]������������
(VVDV�REVHUYDo}HV� LQLFLDLV� Mi� QRV�GmR�FRQWD�GH�TXH�FRPSUHHQGHU�R�TXH�
VHMD�R�GLUHLWR�QmR�p�WDUHID�IiFLO��1mR�Vy�p�XP�IHQ{PHQR�GH�JUDQGH�DPSOLWXGH�H�
PXLWDV� IDFHWDV�� PDV� WDPEpP� D� SUySULD� H[SUHVVmR� GLUHLWR� �H� VHXV� FRUUHODWRV��
SRVVXL� GLIHUHQoDV� VLJQLILFDWLYDV� TXH�QmR� SRGHP� VHU� GHVSUH]DGDV�� ,VVR� FRORFD� R�
WHyULFR�GLDQWH�GH�XP�SUREOHPD�FXMDV�UDt]HV�WrP�GH�VHU�HOXFLGDGDV�DQWHV�TXH�XP�
HQVDLR�GH�VROXomR�SRVVD�VHU�SURSRVWR��
����%86&$�'(�80$�&2035((16$2�81,9(56$/��
&21&(3d¯(6�'(�/Ì1*8$�(�'(),1,d®2�'(�
',5(,72�
2V� MXULVWDV� VHPSUH� FXLGDP� GH� FRPSUHHQGHU� R� GLUHLWR� FRPR� XP� IHQ{��
PHQR� XQLYHUVDO�� 1HVVH� VHQWLGR�� VmR� LQ~PHUDV� DV� GHILQLo}HV� TXH� SRVWXODP� HVVH�
DOFDQFH��1mR�p�R�FDVR�GH� UHSURGX]LU�VH� QXPD� VpULH�� FHUWDPHQWH� LQDFDEDGD��RV�
WH[WRV�TXH�HQVDLDP�HVVH�REMHWLYR��1mR�Vy�MXULVWDV��PDV�WDPEpP�ILOyVRIRV�H�FLHQ��
WLVWDV�VRFLDLV�PRVWUDP�RX�PRVWUDUDP�SUHRFXSDo}HV�VHPHOKDQWHV��
+i� DOJR� GH� KXPDQR��PDV� VREUHWXGR� GH� FXOWXUDO� QHVVD� EXVFD��$� SRVVL��
ELOLGDGH�GH�VH�IRUQHFHU�D�HVVrQFLD�GR�IHQ{PHQR�FRQIHUH�VHJXUDQoD�DR�HVWXGR�H�j�
DomR��8PD�FRPSOH[LGDGH�QmR�UHGX]LGD�D�DVSHFWRV�XQLIRUPHV�H�QXFOHDUHV�JHUD�
DQJ~VWLD�� SDUHFH� VXEWUDLU�QRV� R� GRPtQLR� VREUH� R� REMHWR�� 4XHP� QmR� VDEH� SRU�
RQGH� FRPHoDU� VHQWH�VH� LPSRWHQWH� H�� RX� QmR� FRPHoD�� RX� FRPHoD� VHP� FRQ��
YLFomR��
1D� WUDGLomR� FXOWXUDO� GR� 2FLGHQWH�� Ki� XP� HOHPHQWR� LPSRUWDQWH� TXH�
SHUPLWLUi� YLVXDOL]DU�R�SUREOHPD�GH�XP�GRV�PRGRV�FRPR�HOH�SRGH� VHU� HQIUHQ��
WDGR��5HIHULPR�QRV�j�FRQFHSomR�GD� OtQJXD�HP�VHX�UHODFLRQDPHQWR�FRP�D�UHD��
OLGDGH��$EVWUDomR�IHLWD�GRV�GLIHUHQWHV�PDWL]HV�TXH�GH�FDGD�FRQFHSomR�GD�OtQJXD�
SXGHVVH�VHU�DSUHVHQWDGD��QRWDPRV��VREUHWXGR�HQWUH�RV�MXULVWDV��XPD�FRQFHSomR�
FRUUHVSRQGHQWH� j� FKDPDGD� WHRULD� HVVHQFLDOLVWD�� 7UDWD�VH� GD� FUHQoD� GH� TXH� D�
OtQJXD�p�XP� LQVWUXPHQWR�TXH�GHVLJQD�D�UHDOLGDGH��GRQGH�D�SRVVLELOLGDGH�GH�RV�
FRQFHLWRV�OLQJtVWLFRV�UHIOHWLUHP�XPD�SUHVXPLGD�HVVrQFLD�GDV�FRL�
VDV��1HVVH�VHQWLGR��DV�SDODYUDV�VmR�YHtFXORV�GHVVHV�FRQFHLWRV��4XHP�GL]��PHVD��
UHIHUH�VH�D�XPD�FRLVD�TXH��HP�VXDV�YDULDo}HV�SRVVtYHLV��SRVVXL�XP�Q~FOHR� LQ��
YDULiYHO�TXH�SRVVLELOLWD�XP��FRQFHLWR�GH�PHVD��H�D� LGHQWLILFDomR�GDV�GLYHUVDV�
PHVDV��
(VVD�FRQFHSomR�VXVWHQWD��HP�JHUDO��TXH�GHYH�KDYHU��HP�SULQFtSLR��XPD�
Vy� GHILQLomR� YiOLGD� SDUD� XPD� SDODYUD�� REWLGD� SRU� PHLR� GH� SURFHVVRV� LQWH��
OHFWXDLV�� FRPR�� SRU� H[HPSOR�� D� DEVWUDomR� GDV� GLIHUHQoDV� H� GHWHUPLQDomR� GR�
Q~FOHR�� �PHVD��� DEVWUDomR� IHLWD� GR�PDWHULDO� �PDGHLUD�� IHUUR�� YLGUR��� GR�PRGR�
�UHGRQGD�� TXDGUDGD�� GH� TXDWUR� SpV�� OHYD�QRV� j� HVVrQFLD� �SRU� H[HPSOR�� REMHWR�
SODQR��D� FHUWD�DOWXUD�GR�FKmR��TXH� VHUYH�SDUD� VXVWHQWDU� FRLVDV���(VVH� UHDOLVPR�
YHUEDO��FRQWXGR��VRIUH�PXLWDV�REMHo}HV��$ILQDO��p�yEYLR�TXH��PHVD��QmR�p�DSHQDV�
HVWH�REMHWR�HP�FLPD�GR�TXDO�FRORFR�PHXV�SDSpLV��XP�FLQ]HLUR��DOJXPDV�IUXWDV��
PDV�p�WDPEpP�PHVD�GLUHWRUD�GRV� WUDEDOKRV��D�PHVD�TXH�D�HPSUHJDGD�DLQGD�QmR�
S{V��D�PHVD�SUyGLJD�GH�VLFUDQR��GD�TXDO�PXLWRV�GHVIUXWDP�HWF��&RPR��HQWmR��IDODU�
GD��HVVrQFLD��GHVLJQDGD"�
(VVDV�REMHo}HV� QmR�VmR�QRYDV��'HVGH�D�$QWLJLGDGH��HODV�FRQVWLWXHP�D�
SDXWD� GH� PXLWDV� GLVSXWDV�� (P� QRPH� GD� FRQFHSomR� HVVHQFLDOLVWD�� SRUpP�� IOR��
UHVFHUDP� GLIHUHQWHV� HVFRODV�� XPDV� DILUPDQGR�� RXWUDV� QHJDQGR�� WRWDO� RX� SDU��
FLDOPHQWH��D�SRVVLELOLGDGH�GH�VH�DWLQJLUHP�DV�HVVrQFLDV��'RQGH��SRU�H[HPSOR��D�
DILUPDomR�GR�UHODWLYLVPR��HP�VHXV�GLYHUVRV�PDWL]HV��TXDQWR�j�SRVVLELOLGDGH�GH�
R�KRPHP�FRQKHFHU�DV�FRLVDV��RV�REMHWRV�TXH�R�FHUFDP�RX��DR�PHQRV��FRQKHFr��
ORV�YHUGDGHLUDPHQWH��
2V� DXWRUHV� MXUtGLFRV��HP� VXD�PDLRULD�� WrP�XPD�YLVmR�FRQVHUYDGRUD�GD�
WHRULD�GD�OtQJXD��VXVWHQWDQGR��HP�JHUDO��QR�TXH�VH�UHIHUH�DRV�REMHWRV�MXUtGLFRV��
D� SRVVLELOLGDGH� GH� GHILQLo}HV� UHDLV�� LVWR� p�� D� LGpLD� GH� TXH� D� GHILQLomR� GH� XP�
WHUPR� GHYH� UHIOHWLU�� SRU� SDODYUDV�� D� FRLVD� UHIHULGD�� 3RU� LVVR�� HPERUD� QmR�
QHJXHP�R�FDUiWHU� YDJR�GR� WHUPR� GLUHLWR�� TXH�RUD�GHVLJQD�R�REMHWR�GH�HVWXGR��
RUD�p�R�QRPH�GD�FLrQFLD��SRU�H[HPSOR��D��&LrQFLD�GR�'LUHLWR�� HVWXGD�R��GLUHL��
WR���� RUD� R� FRQMXQWR� GH� QRUPDV�� RX� GDV� LQVWLWXLo}HV� �SRU� H[HPSOR�� R� GLUHLWR�
EUDVLOHLUR�SUHVFUHYH�SHQD�SDUD�R�FULPH�GH�PRUWH��R� GLUHLWR� QmR�GHYH�PDLV� DG��
PLWLU� D� SHQD� GH� EDQLPHQWR�� �� GLUHLWR� REMHWLYR� ��� RUD� p� GLUHLWR� QR� VHQWLGR� GLWR�
VXEMHWLYR� �PHX� GLUHLWR� IRL� YLRODGR��� WRGRV� HOHV� QmR� VH� IXUWDP� j� WHQWDWLYD� GH�
GHVFREULU�R�TXH�p��R�GLUHLWR�HP�JHUDO���(�Dt�HQWUDP�QXPD�SROrPLFD�GH�VpFXORV��
FXMDV� UDt]HV�� REYLDPHQWH�� HVWmR�� HQWUH� RXWURV� PRWLYRV�� HP� VXD� FRQFHSomR� GH�
OtQJXD��1LQR������������
(P�JHUDO��R�TXH�VH�REVHUYD�p�TXH�JUDQGH�SDUWH�GDV�GHILQLo}HV��UHDLV��GR�
GLUHLWR�� LVWR� p�� GR� IHQ{PHQR� MXUtGLFR� HP� VXD� �HVVrQFLD��� RX� VmR� GHPDVLDGR�
JHQpULFDV� H� DEVWUDWDV� H�� HPERUD� DSDUHQWHPHQWH� XQLYHUVDLV�� LPSUHVWiYHLV� SDUD�
WUDoDU�OKH�RV�OLPLWHV��RX�VmR�PXLWR�FLUFXQVWDQFLDGDV��R�TXH�ID]�TXH�SHUFDP�VXD�
SUHWHQGLGD�XQLYHUVDOLGDGH��([HPSOR�GR�SULPHLUR�FDVR�p�D�DILUPDomR�GH�TXH�R�
GLUHLWR�p�D�LQWHQomR�ILUPH�H�FRQVWDQWH�GH�GDU�D�FDGD�XP�R�TXH�p�VHX��QmR�OHVDU�
RV�RXWURV��UHDOL]DU�D�MXVWLoD��1R�VHJXQGR��WHPRV�DILUPDo}HV�GR�WLSR�
GLUHLWR� p� R� FRQMXQWR� GDV� UHJUDV� GRWDGDV� GH� FRDWLYLGDGH� H� HPDQDGDV� GR� SRGHU�
FRQVWLWXtGR��
$R� HQIRTXH� HVVHQFLDOLVWD� GD� OtQJXD� RS}H�VH� XPD� FRQFHSomR� FRQYHQ��
FLRQDOLVWD�� HP�JHUDO� GHIHQGLGD� KRMH� SHOD� FKDPDGD� ILORVRILD� DQDOtWLFD� �FI�� $\HU��
�������$�OtQJXD�p�YLVWD�FRPR�XP�VLVWHPD�GH�VLJQRV��FXMD�UHODomR�FRP�D�UHDOLGDGH�
p�HVWDEHOHFLGD�DUELWUDULDPHQWH�SHORV�KRPHQV��'DGR�HVVH�DUEtWULR��R�TXH�GHYH�VHU�
OHYDGR�HP�FRQWD�p�R�XVR��VRFLDO�RX�WpFQLFR��GRV�FRQFHLWRV��TXH�SRGHP�YDULDU�GH�
FRPXQLGDGH� SDUD� FRPXQLGDGH�� 'HVVH� PRGR�� D� FDUDFWHUL]DomR� GH� XP� FRQFHLWR�
GHVORFD�VH� GD� SUHWHQVmR� GH� VH� EXVFDU� D� QDWXUH]D� RX� HVVrQFLD� GH� DOJXPD� FRLVD�
�TXH�p�D�PHVD"��SDUD�D� LQYHVWLJDomR�VREUH�RV�FULWpULRV�YLJHQWHV�QR�XVR�FRPXP�
SDUD�XVDU�XPD�SDODYUD��FRPR�VH�HPSUHJD��PHVD�"���6H�QRV�DWHPRV�DR�XVR��WRGD�H�
TXDOTXHU� GHILQLomR� p� QRPLQDO� �H� QmR� UHDO��� LVWR� p�� GHILQLU� XP� FRQFHLWR� QmR� p� D�
PHVPD� FRLVD� TXH� GHVFUHYHU� XPD� UHDOLGDGH�� SRLV� D� GHVFULomR� GD� UHDOLGDGH�
GHSHQGH�GH�FRPR�GHILQLPRV�R�FRQFHLWR�H�QmR�R�FRQWUiULR��2X�VHMD��D�GHVFULomR�GD�
UHDOLGDGH� YDULD� FRQIRUPH� RV� XVRV� FRQFHLWXDLV�� 6H�� QR� XVR� FRUUHQWH� GD� OtQJXD�
SRUWXJXHVD��GHILQLPRV��PHVD��FRPR�XP�REMHWR�IHLWR�GH�PDWHULDO�VyOLGR��D�FHUWD�
DOWXUD�GR�FKmR��TXH�VHUYH�SDUD�S{U�FRLVDV�HP�FLPD��D�PHVD�GH�PDGHLUD��GH�TXDWUR�
SHUQDV��� D� GHVFULomR� GD� UHDOLGDGH� VHUi� XPD�� 6H� GHILQLPRV� FRPR� XP� REMHWR�
DEVWUDWR��UHIHUHQWH�j�TXDOLGDGH�GD�FRPL�GD�TXH�VH�VHUYH��D�ERD�PHVD�VDWLVIH]�RV�
FRQYLGDGRV���HQWmR�D�GHVFULomR�VHUi�RXWUD��
,VVR� QmR� LPSOLFD� XP� UHODWLYLVPR�� TXH� p� XPD� SRVLomR� TXH� SUHVVXS}H� D�
FRQFHSomR�HVVHQFLDOLVWD�SDUD�GHSRLV�QHJi�OD��3RLV�QmR�VH�DILUPD�TXH�D�HVVrQFLD�p�
LQDWLQJtYHO�� PDV� TXH� D� TXHVWmR� GD� HVVrQFLD� QmR� WHP� VHQWLGR�� $� �HVVrQFLD�� GH�
�PHVD��QmR�HVWi�QHP�QDV�FRLVDV�QHP�QD�SUySULD�SDODYUD��1D�YHUGDGH���HVVrQFLD��
p�DSHQDV��HOD�SUySULD��XPD�SDODYUD�TXH�JDQKD�VHQWLGR�QXP�FRQWH[WR�OLQJtVWLFR��GHSHQGH� GH� VHX� XVR�� 3DUD� RV� FRQYHQFLRQDOLVWDV� Vy� Ki� XP� GDGR� LUUHFXViYHO�� RV�
KRPHQV�FRPXQLFDP�VH��TXHU�TXHLUDP�TXHU�QmR��p�LPSRVVtYHO�QmR�VH�FRPXQLFDU��
SRLV� QmR� VH� FRPXQLFDU� p� FRPXQLFDU� TXH� QmR� VH� FRPXQLFD���(VVD� FRPXQLFDomR�
DGPLWH� YiULDV� OLQJXDJHQV� �IDODGD�� SRU� JHVWRV�� SLFWyULFD�� PXVLFDO� HWF���� (P�
FRQVHTrQFLD��D�GHVFULomR�GD�UHDOLGDGH�GHSHQGH�GD�OLQJXDJHP�XVDGD��H�HP�FDVRV�
FRPR� R� GD�P~VLFD� SRGH�VH� DWp� GL]HU� TXH� D� OLQJXDJHP� �PXVLFDO�� H� D� UHDOLGDGH�
�PXVLFDO��VH�FRQIXQGHP��
&LUFXQVFUHYHQGR�QRV� j� OLQJXDJHP� IDODGD�� EDVH� GH� WRGDV� DV� GHPDLV� IRU��
PDV�GH�FRPXQLFDomR�KXPDQD��SRGH�VH�GL]HU�TXH�R�FRQYHQFLRQDOLVPR�VH�SURS}H��
HQWmR��D�LQYHVWLJDU�RV�XVRV�OLQJtVWLFRV��6H�D�GHILQLomR�GH�XPD�SDODYUD�VH�UHSRUWD�
D�XP�XVR�FRPXP��WUDGLFLRQDO�H�FRQVWDQWH��IDODPRV�GH�XPD�GHILQLomR�OH[LFDO��(VVD�
GHILQLomR�VHUi�YHUGDGHLUD�VH�FRUUHVSRQGH�jTXHOH�XVR��3RU�H[HPSOR��VH�GHILQLPRV�
�PHVD��FRPR�XP�REMHWR�UHGRQGR�TXH�VHUYH�SDUD�VHQWDU�VH��D�GHILQLomR�p�IDOVD��$�
SDODYUD� QmR� VH� XVD� DVVLP� HP�SRUWXJXrV��'HILQLo}HV� OH[LFDLV� DGPLWHP�� SRLV�� RV�
YDORUHV�YHUGDGHLUR�IDOVR��1HP�VHPSUH��SRUpP��XPD�SDODYUD�VH�SUHVWD�j�GHILQLomR�
GHVVH�WLSR��2X�SRUTXH�R�XVR�FRPXP�p�PXLWR�LP�
SUHFLVR�� RX� SRUTXH� p� LPSUHVWiYHO�� SRU� H[HPSOR�� SDUD� XPD� LQYHVWLJDomR� PDLV�
WpFQLFD��1HVVHV�FDVRV��SRGHPRV�GHILQLU�GH�IRUPD�HVWLSXODWLYD�� LVWR�p��SURSRPRV�
XP�XVR�QRYR�SDUD�R�YRFiEXOR��IL[DQGR�OKH�DUELWUDULDPHQWH�R�FRQFHLWR��(�R�FDVR�
GD�SDODYUD�OHL�TXH��DGPLWLQGR�PXLWRV�XVRV��OHL�ItVLFD��OHL�VRFLDO��OHLV�GD�QDWXUH]D��
D� /HL� GH� 'HXV��� H[LJH� XPD� HVWLSXODomR� �SRU� H[HPSOR�� HQXQFLDGR� SUHVFULWLYR�
JHUDO�� HPDQDGR� SHOR� 3DUODPHQWR�� FRQIRUPH� RV� GLWDPHV� FRQVWLWXFLRQDLV���
GHYHQGR�VH� OHPEUDU� TXH�� REYLDPHQWH�� R� TXH� p� XVR� QRYR� KRMH� SRGH� WRPDU�VH�
DPDQKm�XVR�FRPXP��
4XDQGR� HVVD� HVWLSXODomR�� HP� YH]� GH� LQRYDU� WRWDOPHQWH� �SRU� H[HPSOR��
�HJR����VXSHUHJR���QD�SVLFDQiOLVH���HVFROKH�XP GRV�XVRV�FRPXQV��DSHUIHLoRDQGR��
R� �QRUPD� FRPR� SUHVFULomR� GH� XP� FRPSRUWDPHQWR�� GRWDGD� GH� VDQomR��� HQWmR�
IDODPRV� HP�UHGHILQLomR� �/DQWHOOD�� ����������$V� HVWLSXODo}HV�H� DV� UHGHILQLo}HV�
QmR�SRGHP�VHU�MXOJDGDV�SHOR�FULWpULR�GD�YHUGDGH��PDV�SRU�VXD�IXQFLRQDOLGDGH��R�
TXH� GHSHQGH�� REYLDPHQWH�� GRV� REMHWLYRV� GH� TXHP� GHILQH�� $VVLP�� XPD�
UHGHILQLomR� RX� HVWLSXODomR� GR� TXH� VH� HQWHQGD�SRU� �MXVWLoD�� VHUi� IXQFLRQDO� RX�
QmR�� FRQIRUPH� R� REMHWLYR� GR� GHILQLGRU� VHMD� DWHQGLGR�� (OD� SRGHUi� VHU� FODUD� H�
SUHFLVD�� PDV� QmR� IXQFLRQDO�� VH� R� REMHWLYR�� SRU� H[HPSOR�� p� SHUVXDGLU� XP�
HOHLWRUDGR� KHWHURJrQHR�D� YRWDU�FHUWDV�PHGLGDV� �TXDQGR��HQWmR��R�XVR�GH�YHULD�
VHU�GLIXVR�H�REVFXUR��SDUD�FRRSWDU�R�Pi[LPR�DSRLR���
8PD�SRVLomR�FRQYHQFLRQDOLVWD�H[LJH�DGHPDLV�TXH�VH�FRQVLGHUHP�RV�GL��
IHUHQWHV�kQJXORV� GH�XPD� DQiOLVH� OLQJtVWLFD��4XDQGR�GHILQLPRV�R� FRQFHLWR�GH�
GLUHLWR�p��SRLV�� LPSRUWDQWH� VDEHU� VH�HVWDPRV�SUHRFXSDGRV�HP� VDEHU� VH�VH� WUDWD�
GH�XP�VXEVWDQWLYR�RX�GH�XP�DGMHWLYR��RX�GH�XP�DGYpUELR�� WHQGR�HP�YLVWD�VHX�
UHODFLRQDPHQWR� IRUPDO� �JUDPDWLFDO�� QXPD� SURSRVLomR�� 2X� VH� HVWDPRV� SUHR��
FXSDGRV� HP� VDEHU� DTXLOR� TXH� TXHUHPRV� FRPXQLFDU� FRP� VHX� XVR�� RX� VHMD�� VH�
TXHUHPRV�VDEHU�VH�GLUHLWR�VH�UHIHUH�D�XP�FRQMXQWR�GH�QRUPDV�RX�D�XPD�IDFXO��
GDGH� RX� D� XPD� IRUPD� GH� FRQWUROH� VRFLDO�� 2X� DLQGD� VH� QRV� SUHRFXSD� D� UHSHU��
FXVVmR�GHVVH�XVR�SDUD�DTXHOHV�TXH�VH�YDOHP�GD�H[SUHVVmR�TXDQGR��SRU�H[HPSOR��
DOJXpP�SURFODPD���R�GLUHLWR�p�XPD�UHDOLGDGH�LPSHUHFtYHO���1R�SULPHLUR�FDVR��D�
DQiOLVH� p� VLQWiWLFD�� LVWR� p�� HVWDPRV� SUHRFXSDGRV� HP� GHILQLU� R� XVR� GR� WHUPR�
WHQGR� HP� YLVWD� D� UHODomR� IRUPDO� GHOH� FRP� RXWURV� YRFiEXORV� �SRU� H[HPSOR��
GLUHLWR� p� XPD� SDODYUD� TXH� TXDOLILFD� �DGMHWLYR�� XP� VXEVWDQWLYR�� GLJDPRV� R�
FRPSRUWDPHQWR� KXPDQR��RX�GLUHLWR�PRGLILFD� XP�PRGR�GH�DJLU� �� DJLU�GLUHLWR��
DGYpUELR���1R�VHJXQGR�FDVR��D�DQiOLVH� p� VHPkQWLFD�� LVWR�p��TXHUHPRV� GHILQLU�R�
XVR�GR�WHUPR�WHQGR�HP�YLVWD�D�UHODomR�HQWUH�HOH�H�R�REMHWR�TXH�FRPXQLFD��SRU�
H[HPSOR�� GLUHLWR� GHVLJQD� XP� FRPSRUWDPHQWR� LQWHUDWLYR� DR� TXDO� VH� SUHVFUHYH�
XPD�QRUPD���1R�WHUFHLUR��GHILQLPRV�R�XVR�GR�WHUPR�WHQGR�HP�YLVWD�D�UHODomR�
GR�WHUPR�SRU�TXHP�H�SDUD�TXHP�R�XVD�H��QHVVH�FDVR��D�DQiOLVH�p�SUDJPiWLFD��SRU�
H[HPSOR��D�SDODYUD�GLUHLWR�VHUYH�SDUD�SURYRFDU�DWLWXGHV�GH�UHVSHLWR��WHPRU���
2UD��R�WHUPR�GLUHLWR��HP�VHX�XVR�FRPXP��p�VLQWDWLFDPHQWH�LPSUHFLVR��SRLV�SRGH�VHU�
FRQHFWDGR�FRP�YHUERV��PHXV�GLUHLWRV�QmR�YDOHP���FRP�VXEVWDQ�
WLYRV��R�GLUHLWR�p�XPD�FLrQFLD���FRP�DGMHWLYRV��HVWH�GLUHLWR�p�LQMXVWR���SRGHQGR�
HOH� SUySULR� VHU� XVDGR� FRPR� VXEVWDQWLYR� �R� GLUHLWR� EUDVLOHLUR� SUHYr������ FRPR�
DGYpUELR��IXODQR�QmR�DJLX�GLUHLWR���FRPR�DGMHWLYR��QmR�VH�WUDWD�GH�XP�KRPHP�
GLUHLWR��� -i� GR� SRQWR� GH� YLVWD� VHPkQWLFR�� VH� UHFRQKHFHPRV� TXH� XP� VLJQR�
OLQJtVWLFR�WHP�XPD�GHQRWDomR��UHODomR�D�XP�FRQMXQWR�GH�REMHWRV�TXH�FRQVWLWXL�
VXD�H[WHQVmR���SRU�H[HPSOR��D�SDODYUD�SODQHWD�GHQRWD�RV�QRYH�DVWURV�TXH�JLUDP�
HP�WRUQR�GR�6RO��H�XPD�FRQRWDomR��FRQMXQWR�GH�SURSULHGDGHV�TXH�SUHGLFDPRV�D�
XP�REMHWR�H�TXH�FRQVWLWXHP�VXD�LQWHQVmR���FRP�V��HP�FRU�UHODomR�FRP�H[WHQVmR�
���SRU�H[HPSOR��D�SDODYUD�KRPHP� FRQRWD�R� VHU�UDFLRQDO��GRWDGR�GD�FDSDFLGDGH�
GH� SHQVDU� H� IDODU��� HQWmR� p� SUHFLVR� GL]HU� TXH� GLUHLWR� p�� FHUWDPHQWH�� XP� WHUPR�
GHQRWDWLYD� H� FRQRWDWLYDPHQWH� LPSUHFLVR�� )DODPRV�� DV�VLP�� HP� DPELJLGDGH� H�
YDJXH]D� VHPkQWLFDV�� (OH� p� GHQRWDWLYDPHQWH� YDJR� SRU�TXH� WHP� PXLWRV�
VLJQLILFDGRV� �H[WHQVmR���9HMD� D� IUDVH�� �GLUHLWR� p� XPD�FLrQFLD� ����TXH� HVWXGD�R�
GLUHLWR�����TXHU�QR�VHQWLGR�GH�GLUHLWR�REMHWLYR�������FRQMXQWR�GDV�QRUPDV����TXHU�
QR� GH� GLUHLWR� VXEMHWLYR� ���� �� IDFXOGDGHV��� (OH� p� FRQRWDWLYDPHQWH� DPEtJXR��
SRUTXH��QR�XVR�FRPXP��p�LPSRVVtYHO�HQXQFLDU�XQLIRUPH�PHQWH�DV�SURSULHGDGHV�
TXH� GHYHP� HVWDU� SUHVHQWHV� HP� WRGRV� RV� FDVRV� HP� TXH� D� SDODYUD� VH� XVD�� 3RU�
H[HPSOR�� VH� GHILQLUPRV� GLUHLWR� FRPR� XP� FRQMXQWR� GH� QRUPDV�� LVWR� QmR� FDEH�
SDUD� GLUHLWR� FRPR� FLrQFLD�� 2X� VHMD�� p� LPSRVVtYHO� XPD� ~QLFD� GHILQLomR� TXH�
DEDUTXH�RV�GRLV�VHQWLGRV��3RU�ILP��SUDJPDWLFDPHQWH��GLUHLWR�p�XPD�SDODYUD�TXH�
WHP� JUDQGH� FDUJD� HPRWLYD�� &RPR� DV� SDODYUDV� QmR� DSHQDV� GHVLJQDP�REMHWRV� H�
VXDV� SURSULHGDGHV�� PDV� WDPEpP� PDQLIHVWDP� HPRo}HV� �LQMXVWLoD��
WUDGLFLRQDOLVWD�� OLEHUDOyLGH���� p� SUHFLVR� WHU�VH� HP� FRQWD� LVWR� SDUD� GHILQL�ODV��$�
GLILFXOGDGH�TXH�GDt�GHFRUUH�HVWi�HP�TXH��DR�GHILQLU�GLUHLWR��SRGHPRV�PHOLQGUDU�
R�OHLWRU��VH�SURSRPRV��SRU�H[HPSOR��XPD�GHILQLomR�SUHWHQVDPHQWH�QHXWUD�FRPR��
GLUHLWR�p�XP�FRQMXQWR�GH�SUHVFULo}HV�YiOLGDV��QmR�LPSRUWD�VH�MXVWDV�RX�LQMXVWDV��
'DGDV�HVVDV�FDUDFWHUtVWLFDV�GR�XVR�GD�SDODYUD�GLUHLWR��p�HYLGHQWH�TXH��GR�
SRQWR� GH� YLVWD� GD� FRQFHSomR� FRQYHQFLRQDOLVWD� GD� OtQJXD�� XPD� GHILQLomR�
PHUDPHQWH� OH[LFDO�GR�FRQFHLWR�p�PXLWR�GLItFLO��5HVWDU�QRV�LD��SRLV��RX�R�FDPL��
QKR�GD�UHGHILQLomR�RX��HQWmR��GH�XPD�SXUD�HVWLSXODomR��(VWD�~OWLPD�WHUi�R�GH��
IHLWR��QXP�FRPSrQGLR�GH�,QWURGXomR��GH�FULDU�FHUWD�GLVWkQFLD�SDUD�FRP�RV�XVRV�
KDELWXDLV��JHUDQGR�XPD�LQFRPSUHHQVmR�SRU�SDUWH�GR�HVWXGDQWH��TXDQGR�WRSDVVH�
FRP� RV� XVRV� WUDGLFLRQDLV�� 3RU� LVVR�� RSWDUtDPRV� SHOD� UHGHILQLomR�� &RQWXGR��
WHQGR� HP� YLVWD� D� FDUJD� HPRWLYD� GD� SDODYUD�� p� SUHFLVR� VDEHU� TXH�� TXDO�TXHU�
GHILQLomR� TXH� VH� Gr� GH� GLUHLWR�� VHPSUH� HVWDUHPRV� GLDQWH� GH� XPD� GHILQLomR�
SHUVXDVLYD� �6WHYHQVRQ�����������,VVR�SRUTXH�p�PXLWR�GLItFLO��VHQmR�LPSRVVtYHO��
QR�SODQR�GD�SUiWLFD�GRXWULQiULD� MXUtGLFD��XPD�GHILQLomR�QHXWUD�� HP�TXH�D�FDUJD�
HPRWLYD� WLYHVVH� VLGR� WRWDOPHQWH� HOLPLQDGD�� &RPR� D� OtQJXD� p� XP� IHQ{PHQR�
FRPXQLFDWLYR�� PHVPR� TXH� WHQWiVVHPRV� XPD� WDO� GHILQLomR� �FRPR� D� SURFXURX�
.HOVHQ�� HP� VXD� 7HRULD� 3XUD� GR� 'LUHLWR��� D� GLVFXVVmR� WHyULFD� DFDEDULD� SRU�
UHVWDEHOHFHU�DTXHOD�FDUJD�HP�TXH�SHVH�D�LQWHQomR�GH�VHX�SURSRQHQWH��$VVLP��R�
Pi[LPR�TXH�REWHUHPRV�p�UHGHILQLU�R�VLJQLILFDGR�GR�WHUPR�GLUHLWR�� SURFXUDQGR�
PDQWHU�LQWDFWR�VHX�YDORU�HPRWLYR��7HQWDUHPRV�LVVR��SULPHL�UR�� QmR� HVFRQGHQGR� DTXHOD� FDUJD�� VHJXQGR�� VDOLHQWDQGR� TXH�� HP� IDFH� GD�
SURSRVWD�� Ki� WDPEpP� RXWUDV� DOWHUQDWLYDV�� H�� WHUFHLUR�� H[SOLFLWDQGR� R� PHOKRU�
SRVVtYHO� QRVVD� SUySULD� RSomR� HP� WHUPRV� YDORUDWLYRV�� R� TXH� QRV� FRQGX]LUi� j�
TXHVWmR�GD�LGHRORJLD��FRPR�YHUHPRV�SRVWHULRUPHQWH��
����352%/(0$�'26�',)(5(17(6�(1)248(6�
7(Ð5,&26��=(7e7,&2�(�'2*0É7,&2�
8PD�UHGHILQLomR�GR�WHUPR�GLUHLWR�HQYROYH�DOJXPDV�GLILFXOGDGHV�LQLFLDLV��
5HGHILQLU� p�XP�SUREOHPD�GH�QDWXUH]D�WHyULFD��PDV�WDPEpP�SUiWLFD��$�SURSRVWD�
GH�XP�FRQFHLWR�HQYROYH�VHX�FRQKHFLPHQWR��PDV�HVWH�FRQKHFLPHQWR�WHP�VHPSUH�
UHSHUFXVVmR� QD� SUySULD� YLGD� MXUtGLFD�� 1HVVH� VHQWLGR�� Mi� KRXYH� TXHP� GLVVHVVH�
�$VFDUHOOL�� TXH� D� �FLrQFLD� GR� GLUHLWR�� HYROXL� GH� PRGR� GLIHUHQWH� GDV� GHPDLV�
FLrQFLDV��SRLV� QmR� Ki�XPD� KLVWyULD� GD� FLrQFLD� MXUtGLFD� VHSDUDGD�GD� KLVWyULD� GR�
SUySULR� GLUHLWR��(QTXDQWR�� SRU� H[HPSOR�� DV� WHRULDV� ItVLFDV� VREUH� R�PRYLPHQWR��
GRV�JUHJRV�D�QRVVRV�GLDV��YmR�VH�XOWUDSDVVDQGR��j�PHGLGD�TXH�R� IHQ{PHQR�YDL�
FRQKHFHQGR� QRYDV� H[SOLFDo}HV� TXH� R� RUJDQL]DP� �OLQJLVWLFDPHQWH�� GH� PRGR�
GLIHUHQWH�� DV� WHRULDV� MXUtGLFDV� VREUH� D� SRVVH� ��VH� XOWUDSDVVDP�� DSHQDV� QXP�
VHQWLGR� ILJXUDGR�� ,VVR� SRUTXH�� HQTXDQWR� SDUD� DV� GHPDLV� FLrQFLDV� R� REMHWR� GH�
HVWXGR� p� XP�GDGR� TXH� R� FLHQWLVWD� SUHVVXS}H� FRPR� XPD� XQLGDGH�� R� REMHWR� GH�
HVWXGR� GR� MXULVWD� p�� SRU� DVVLP� GL]HU�� XP� UHVXOWDGR� TXH� Vy� H[LVWH� H� VH� UHDOL]D�
QXPD� SUiWLFD� LQWHUSUHWDWLYD�� $VVLP�� D� WHRULD� MXUtGLFD� GD� SRVVH� HYROXL� H�
WUDQVIRUPD�VH� j� PHGLGD� TXH� DWXD�� SRVLWLYD� RX� QHJDWLYDPHQWH�� VREUH� D� SUySULD�
SRVVH��QR�FRQYtYLR�VRFLDO��
(P� WHUPRV� GH� XPD� FRQFHSomR� FRQYHQFLRQDOLVWD� GD� OtQJXD�� GLUtDPRV��
HQWmR��TXH�WDQWR�R� ItVLFR�TXDQWR�R� MXULVWD� WrP�VXDV�GHILQLo}HV�JXLDGDV�SRU�FUL��
WpULRV� GH� XWLOLGDGH� WHyULFD� H� GH� FRQYHQLrQFLD� SDUD� D� FRPXQLFDomR�� (QTXDQWR��
SRUpP�� SDUD� R� ItVLFR� HVVD� FRPXQLFDomR� WHP�XP� VHQWLGR� HVWULWDPHQWH� LQIRUPD��
WLYR��SDUD�R�MXULVWD�HOD�FRPELQD�XP�VHQWLGR�LQIRUPDWLYR�FRP�XP�GLUHWLYR��8PD�
FRPXQLFDomR� WHP� VHQWLGR� LQIRUPDWLYR� TXDQGR� XWLOL]D� D� OLQJXDJHP� SDUD�
GHVFUHYHU� FHUWR� HVWDGR� GDV� FRLVDV�� 3RU� H[HPSOR�� �HVWD� PHVD� HVWi� TXHEUDGD���
7HP�VHQWLGR�GLUHWLYR�TXDQGR�D�OtQJXD�p�XWLOL]DGD�SDUD�GLULJLU�R�FRPSRUWDPHQWR�GH�
DOJXpP��LQGX]LQGR�R�D�DGRWDU�XPD�DomR��3RU�H[HPSOR���FRQVHUWH�D�PHVD���2UD��
TXDQGR�XP� ItVLFR�GHILQH�R�PRYLPHQWR�� SUHSRQGHUD�D� IXQomR� LQIRUPDWLYD�� 6XDV�
GHILQLo}HV�WHyULFDV�VXSHUDP�VH�j�PHGLGD�TXH�R�HVWDGR�GH�FRLVDV�UHIHULGR�PXGD��
RX� SRUTXH� VH� GHVFREUHP� QRYRV� DVSHFWRV� UHOHYDQWHV�� RX� SRUTXH� RV� DVSHFWRV�
DQWHV� WLGRV� SRU� UHOHYDQWHV� QmR�R� VmR�PDLV�� -i� TXDQGR�R� MXULVWD�GHILQH� D�SRVVH��
PHVFODP�VH�DV�GXDV� IXQo}HV��(OH� QmR� LQIRUPD�DSHQDV� VREUH�FRPR�VH�HQWHQGH� D�
SRVVH�� PDV� WDPEpP� FRPR� HOD� GHYH� VHU� HQWHQGLGD�� $VVLP�� VXDV� GHILQLo}HV�
WHyULFDV�VXSHUDP�VH�j�PHGLGD�TXH�GHL[DP�GH�VHU�JXLD�SDUD�D�DomR��1R
FD�Gi�SUHIHUrQFLD�� HP�~OWLPD� LQVWkQFLD�� j�FRPSUHHQVmR�GR�FRPSRUWDPHQWR�HP�
WHUPRV� QRUPDWLYRV�� HVWDEHOHFHQGR� UHODo}HV� GH� LPSXWDomR�� GDGD� D� FRQGXWD� [��
LPSXWD�VH� D� HOD� D� FRQVHTrQFLD� \�� $� FDWHJRULD� GD� LPSXWDomR� SHUPLWH� j� GRJ��
PiWLFD�DQDOtWLFD�FDSWDU�D�VRFLHGDGH�FRPR�UHGH�GH�H[SHFWDWLYDV�QRUPDWLYDV��LVWR�
p�� GH� UHJXODULGDGHV� QmR� DGDSWDWLYDV�� SRU� PDLV� TXH� VH� GLVVHPLQHP� DVVDOWRV� H�
FULPHV��R�MXULVWD�FDSWD�R�IHQ{PHQR�FRPR�FRQGXWD�SURLELGD��LPSXWDQGR�DR�IDWR�D�
JHQHUDOL]DomR� QRUPDWLYD�� p� SURLELGR� IXUWDU�� PDWDU�� VRE� SHQD� GD� VDQo}HV�� 2�
MXULVWD� VDEH� TXH� Ki� HQWUH� FDXVDOLGDGH� H� LPSXWDomR� FHUWD� LQWHUGHSHQGrQFLD�� GH�
XP�ODGR��DV�QRUPDV�UHIRUoDP�D�UHJXODULGDGH�HPStULFD��GH�RXWUR��VH�HVWD�QmR�VH�
YHULILFD�DEVROXWDPHQWH��SRGHPRV�FKHJDU�D�XPD�VLWXDomR�GH�DQRPLD��DV�QRUPDV�
QmR�VmR�UHVSHLWDGDV�HP�DEVROXWR�H�QmR�SRGHP�PDLV�VHU�UHFRQKHFLGDV�FRPR�WDLV��
QmR� HVWDELOL]DQGR� TXDLVTXHU� H[SHFWDWLYDV��� (P� UHJUD�� SRUpP�� VHX� HQIRTXH� p�
SUHGRPLQDQWHPHQWH� LPSXWDWLYR�� R� MXULVWD� SDUWH� GDV� QRUPDV� FRPR� GRJPDV��
WRPDGDV� FRPR� SUHPLVVDV� TXH� HOH� QmR� SRGH� WURFDU�� SRLV� VHX� VDEHU� GRJPiWLFR�
QmR� p� DGDSWDWLYR�� p� IXQGDPHQWDOPHQWH� SDUDSUHVFULWLYR�� $VVLP�� HOH� HQFDUD� RV�
IHQ{PHQRV�VRFLDLV�� DV� LQWHUDo}HV�� FRPR� FRQMXQWRV� QRUPDGRV�� LVWR�p��XQLGDGHV�
ILUPHV� H� SHUPDQHQWHV�� REMHWLYDV� H� FRQFUHWDV�� GRWD�GDV� GH� RUJDQL]DomR� H�
HVWUXWXUD�� 2� Q~FOHR� LGHQWLILFDGRU� GHVVDV� XQLGDGHV� �SRU� H[HPSOR�� D� IDPtOLD�� D�
HPSUHVD�� p� R� FHQWUR� JHRPpWULFR� GH� FRQYHUJrQFLD� GH� QRUPDV� TXH� FRQIHUHP�
GXUDELOLGDGH� jV� H[SHFWDWLYDV� QRUPDWLYDV� GRV� DJHQWHV�� (VVHV� DJHQWHV�� HOHV�
SUySULRV�� VmR� FHQWURV� JHRPpWULFRV� GH� QRUPDV�� LVWR� p�� SDSpLV� VRFLDLV�
QRUPDWLYDPHQWH� SUHVFULWRV� �R� SDL�� D� PmH�� RV� ILOKRV�� R� HPSUHJD�GRU�� R�
HPSUHJDGR��� 2� REMHWLYR� GR� FRQKHFLPHQWR� GRJPiWLFR�DQDOtWLFR� QmR� VmR�
SURSULDPHQWH�DV� SHVVRDV� FRQFUHWDV�� ILVLFDPHQWH� LGHQWLILFiYHLV��PDV�SDSpLV� WLSL��
ILFDGRV� SRU� QRUPDV� TXH� FRQILJXUDP� UHVSRQVDELOLGDGHV�� GHYHUHV�� IDFXOGDGHV��
SRGHUHV� HWF�� �YHU� SRU� H[HPSOR� D� ILJXUD� GR� SDL� QR� DUW�� ���� GR� &yGLJR� &LYLO�
%UDVLOHLUR���
������&DUiWHU�MXUtGLFR�GDV�QRUPDV��LQVWLWXLo}HV�H�
Q~FOHRV�VLJQLILFDWLYRV�
1HVWH� SRQWR� p� SUHFLVR� UHFRQKHFHU� TXH�� VHQGR� QRUPD� XP� FRQFHLWR� QX��
FOHDU�SDUD�D�GRJPiWLFD�DQDOtWLFD��R� MXULVWD� VH� Yr� jV� YROWDV�� QD�HVWUXWXUD� VRFLDO��
FRP�XPD�PXOWLSOLFLGDGH�GHODV��GHQWUH�DV�TXDLV�HVWmR�DTXHODV�TXH�OKH�LQWHUHVVDP�
SHFXOLDUPHQWH��DV�MXUtGLFDV��$VVLP��SRU�H[HPSOR��D�FRQILDQoD�p�IDWR�VRFLDO��TXH�
SRGH� H[LVWLU� RX� QmR� QDV� LQWHUDo}HV�� H� TXH� FRUUHVSRQGH� D� XP� PHFDQLVPR�
U H OD W LYR� GR� LQWHUFkPELR� GH� H[SHFWDWLYDV�� &RQILDU� VLJQLILFD� VHOHFLRQDU�
SRVVLELOLGDGHV� H� FRQWURODU� D� FRQWLQJrQFLD� GDV� H[SHFWDWLYDV� VHOHFLRQDGDV�� (OD�
WHP�EDVH�HP�H[SHFWDWLYDV�FRJQLWLYDV��DV�SHVVRDV� WHQGHP�D�PDQWHU� VXD�SUySULD�
LPDJHP��QmR�VmR� IDOVDV��H��VREUHWXGR��H[SHFWDWLYDV�QRUPDWLYDV��QHP�D�TXHEUD�
IDFWXDO� GD� FRQILDQoD� DOWHUD� D� H[LJrQFLD� GH� TXH� DV� SHVVRDV� GHYHP� PDQWHU� VXD�
SUySULD�LPDJHP���$V�QRUPDV�TXH�UHJXODP�D�FRQILDQoD�VmR�GH�YDULDGR
WLSR��IDODPRV�HP�QRUPDV�FRVWXPHLUDV��PRUDLV�� UHOLJLRVDV�HWF��3RUWDQWR��D�HVWUX��
WXUD�QRUPDWLYD�GD�FRQILDQoD�HQYROYH�YiULDV�QRUPDV�TXH�SRGHP��LQFOXVLYH��QmR�
VHU�FRPSDWtYHLV�XPDV�FRP�DV�RXWUDV��1D�YHUGDGH��DV�HVWUXWXUDV�VRFLDLV�HP�JHUDO�
PDQLIHVWDP� PDLV� QRUPDV� TXH� D� VRFLHGDGH� SRGH� VXSRUWDU�� $� H[SHFWDWLYD�
QRUPDWLYD� GH� $� �D� SDODYUD� GDGD� GHYH� VHU� FXPSULGD�� SRGH� FRQWUDSRU�VH� D�
H[SHFWDWLYD� QRUPDWLYD�GH�%� �D�SDODYUD�GDGD�GHYH� VHU� FXPSULGD��GHVGH�TXH� DV�
FRQGLo}HV�HP�TXH�IRL�GDGD�VHMDP�DV�PHVPDV���
6XUJHP�� DVVLP�� FRQIOLWRV� GDV� SURMHo}HV� QRUPDWLYDV� TXH� UHVXOWDP� GD�
VXSHUSURGXomR�GH�QRUPDV��(VVHV�FRQIOLWRV�QmR�VmR�D�H[FHomR��PDV�R�FRPXP�QD�
YLGD�VRFLDO��$�GRJPiWLFD�WHP�GH�VH�KDYHU�FRP�HVVH�SUREOHPD��2�SULQFtSLR�GD�
LQHJDELOLGDGH� GRV� SRQWRV� GH� SDUWLGD� H[LJH� D� SRVWXODomR� GH� QRUPDV� SUHSRQ��
GHUDQWHV� TXH��HP�FDVR�GH�FRQIOLWRV��GHYHP�SUHYDOHFHU��$� WHRULD�GRJPiWLFD�GR�
GLUHLWR� SUHVVXS}H� TXH� HVVDV� QRUPDV� SUHSRQGHUDQWHV� VmR� DV� FRQVLGHUDGDV� MXUt��
GLFDV��&RPR�LGHQWLILFi�ODV"�
(VVD�TXHVWmR�� LPSRUWDQWH�SDUD�D�GRJPiWLFD��WHP�XPD�UHOHYkQFLD�]HWpWL��
FD��PXOWLSOLFDP�VH� DV� KLSyWHVHV� H� R� SUREOHPD� SHUPDQHFH� HP� DEHUWR��7UDWD�VH�
GH�PDWpULD�WtSLFD�GD�ILORVRILD�GR�GLUHLWR��1mR�YDPRV�WUDWi�OD�HP�VXD�DPSOLWXGH��
3DUD� RV� REMHWLYRV� GHVWD� ,QWURGXomR�� YDPRV� OLPLWDU�QRV�� GLGDWLFDPHQWH�� D�
DSUHVHQWDU� XP�SRQWR� GH�YLVWD� TXH� VHUYLUi� GH� RULHQWDomR� SDUD� QRVVR� HVWXGR� GD�
GRJPiWLFD�DQDOtWLFD��
'R�SRQWR�GH�YLVWD�]HWpWLFR��REVHUYDPRV�TXH�D� LGHQWLILFDomR�GH�QRUPDV�
FRPR� MXUtGLFDV�� UHDOL]DGD�SHORV� MXULVWDV�� VH�Gi�FRQIRUPH�FULWpULRV�YDULiYHLV�QR�
HVSDoR� H� QR� WHPSR�� 1R� VpFXOR� ;9,,�� 3XIHQGRUI�� SRU� H[HPSOR�� GLVWLQJXLD� DV�
QRUPDV� MXUtGLFDV� �GLUHLWR� QDWXUDO�� GDV� QRUPDV�PRUDLV��SRU� VH� UHIHULUHP�DV�SUL��
PHLUDV� DR� VHQWLGR� H� j� ILQDOLGDGH� GDV� Do}HV� KXPDQDV� GHVWD�YLGD�� HQTXDQWR� DV�
VHJXQGDV� HUDP� UHIHUHQWHV� jV� Do}HV� GD� RXWUD� YLGD�� WRPDQGR�VH� SRU� FULWpULR� D�
GLVWLQomR� GDV� Do}HV� HP� LQWHUQDV� H� H[WHUQDV�� DVVXPLQGR�� SRLV�� TXH� R� TXH� SHU��
PDQHFLD� JXDUGDGR� QR� FRUDomR� KXPDQR� H� QmR� VH� PDQLIHVWDYD� H[WHULRUPHQWH�
GHYHULD�SHUWHQFHU�DR�kPELWR�PRUDO��1mR�REVWDQWH�D�GLILFXOGDGH�GH�XP�FULWpULR�
XQLYHUVDO�� VHP�� SRUWDQWR�� SHUGHU� GH� YLVWD� R� IDWR� GH� TXH�� KLVWRULFDPHQWH�� QmR�
UHFRQKHFHP� R� FDUiWHU� MXUtGLFR� GH� VXDV� QRUPDV� SHOR� PHVPR� FULWpULR�� YDPRV�
EXVFDU� QD� IRUPD�GH�XP�SRVWXODGR� WHyULFR� XP� kQJXOR� GH� DERUGDJHP� VXILFLHQ��
WHPHQWH� JHQpULFR�� FDSD]� GH� GDU� FRQWD� GR� SUREOHPD�� WHQGR� HP� YLVWD� D� QRUPD�
FRPR� FRPXQLFDomR�� 1HVVH� VHQWLGR�� SURSRPRV� TXH� R� FDUiWHU� GD� MXULVGLFLGDGH�
GDV� QRUPDV�HVWi� QR�JUDX�GH� LQVWLWXFLRQDOL]DomR� GD� UHODomR�HQWUH�R�HPLVVRU�H�R�
UHFHSWRU�GD�PHQVDJHP�QRUPDWLYD��
$R� H[DPLQDUPRV� D� QRomR� GH� QRUPD�FRPXQLFDomR�� YHULILFDPRV� TXH�� DR�
FRPXQLFDU�VH��R�KRPHP�R�ID]�HP�GRLV�QtYHLV��R�UHODWR��LVWR�p��D�PHQVDJHP�TXH�
HPDQDPRV� �VHQWDU�VH�� H� R� FRPHWLPHQWR�� D� PHQVDJHP� TXH� HPDQD� GH� QyV�� RX�
VHMD��D�VLPXOWkQHD�GHWHUPLQDomR�GD�UHODomR�HQWUH�RV�FRPXQLFDGRUHV���SRU�IDYRU ��
VHQWHP�VH�� RX� �VHQWHP�VH����� (� QHVVD� UHODomR� TXH� VH� ORFDOL]D� R� FDUiWHU�
SUHVFULWLYR�GDV�QRUPDV��(� QHOD�TXH�VH�SRGH�GHVFREULU�R�FDUiWHU�SUHVFULWLYR� MX��
UtGLFR�
(VVD� UHODomR�� QR� FDVR� GR� FRPHWLPHQWR� GDV� QRUPDV� RX� FRPXQLFDomR�
QRUPDWLYD�� p� EDVHDGD�QD�GLIHUHQoD� �HQWUH�RV�FRPXQLFDGRUHV��� H� p�XPD� UHODomR�
FRPSOHPHQWDU� �XP� PDQGD�� RXWUR� REHGHFH�� XP� UHFRPHQGD�� RXWUR� DFDWD�� XP�
FRRUGHQD��RXWUR�VH�HQTXDGUD�HWF����
$�UHODomR�FRPSOHPHQWDU�PDQLIHVWD�XPD�HVSpFLH�GH�FRQWUROH�GR�UHFHSWRU�
SHOR�HPLVVRU��(VVH�FRQWUROH��VRFLDOPHQWH��SRGH�RFRUUHU�GH�GLIHUHQWHV�PR�GRV�H�
SRU� GLIHUHQWHV� UD]}HV�� SHOR� XVR� GH� VXSHULRULGDGH� ILVLFD� �IRUoD��� SRU� VX��
SHULRULGDGH� FXOWXUDOPHQWH� GHILQLGD� �FRQKHFLPHQWR�� QD� UHODomR� PpGLFR� H�
SDFLHQWH���SRU�FDUDFWHUtVWLFD�DQWURSROyJLFD��UHODomR�SDLV�H� ILOKRV��HWF��(VVD�VX��
SHULRULGDGH� GR� HPLVVRU� VREUH� R� UHFHSWRU� GD� PHQVDJHP� p� GH� QDWXUH]D� KLHUiU��
TXLFD��R�HPLVVRU� VH�S}H�FRPR�DXWRULGDGH� SHUDQWH�R�UHFHSWRU��TXH�VH�HQTXDGUD�
FRPR� VXMHLWR�� $� UHODomR� �FRPHWLPHQWR�� TXH� FDUDFWHUL]D� TXDOTXHU� QRUPD� p� D�
UHODomR�DXWRULGDGH�VXMHLWR��
$�UHODomR�DXWRULGDGH�VXMHLWR�RX�UHODomR�GH�DXWRULGDGH�SRGH�VHU�GHVFULWD�
GH� YiULRV�PRGRV�� 3URSRPRV� HVFODUHFr�OD� WRPDQGR� FRPR� FULWpULR� DV� UHDo}HV� H�
FRQWUD�UHDo}HV� SRVVtYHLV� HQWUH� HPLVVRUHV� H� UHFHSWRUHV� GH� XPD� FRPXQLFDomR��
1R� kPELWR� GR� FRPHWLPHQWR�� D� PHQVDJHP� HPLWLGD� SRU� DOJXpP� VREUH� R� PRGR�
FRPR�D�UHODomR�HQWUH�HOH�H�VHX�UHFHSWRU�GHYH�VHU�SRU�HVWH�HQFDUDGD�DGPLWH�WUrV�
SRVVLELOLGDGHV��D�UHODomR�RX�p�FRQILUPDGD��RX�p�UHMHLWDGD��RX�p�GHVFRQILUPDGD��
6XSRQKDPRV�XP�FRPDQGR�GLULJLGR�SHOR�SURIHVVRU�DRV�DOXQRV���QmR�IXPHP�QD�
VDOD�GH�DXOD���2�UHODWR�RX�FRQWH~GR�GD�FRPXQLFDomR�p�D�DEVWHQomR�GH�IXPDU�QD�
VDOD��2�FRPHWLPHQWR�VH�SHUFHEH��GLJDPRV��QR�WRP�GD�YR]�RX�QR�XVR�GD�IRUPD�
LPSHUDWLYD�� FXMD� PHQVDJHP� p�� �DTXL� PDQGR� HX�� YRFrV� REHGHFHP��� (VVD�
PHQVDJHP� VREUH� D� UHODomR� p� FRQILUPDGD� TXDQGR� RV� DOXQRV�� DEVWHQGR�VH� GH�
IXPDU��QmR�PDQLIHVWDP��SRU�H[HPSOR��QHQKXP�SURWHVWR��(OD�VHUi�UHMHLWDGD�VH�RV�
DOXQRV�IXPDP��PDV�R�ID]HP�HVFRQGLGRV��R�TXH�VLJQLILFD�TXH�RV�DOXQRV��SRUTXH�
VH� HVFRQGHP�� UHFRQKHFHP� D� SRVLomR� GH� PDQGR�� PDV� D� QHJDP��� (OD� VHUi�
GHVFRQILUPDGD� VH� RV� DOXQRV�� RVWHQVLYDPHQWH�� S}HP�VH� D� IXPDU�� FRPR� VH�
QHQKXPD�RUGHP�WLYHVVH�VLGR�GDGD��$�FRQILUPDomR��SRUWDQWR��p�XPD�UHDomR�GH�
UHFRQKHFLPHQWR�GD�UHODomR��$�UHMHLomR�p�XPD�UHDomR�GH�QHJDomR�GD�UHODomR��$�
GHVFRQILUPDomR�p�XPD�UHDomR�GH�GHVFRQKHFLPHQWR�GD� UHODomR��2UD�� D� UHODomR�
GH� DXWRULGDGH� p� DTXHOD� HP� TXH� R� HPLVVRU� DFHLWD� D� FRQILUPDomR�� UHMHLWD� D�
UHMHLomR��LVWR�p��D�UHFRQKHFH�SDUD�QHJi�OD��H�GHVFRQILUPD�D�GHVFRQILUPDomR��LVWR�
p�� QmR� D� UHFRQKHFH� FRPR� WDO�� PDV� D� WRPD� FRPR� PHUD� QHJDomR�� 2X� VHMD�� D�
UHODomR� GH� DXWRULGDGH� DGPLWH� XPD� UHMHLomR�� PDV� QmR� VXSRU�WD� XPD�
GHVFRQILUPDomR�� $� DXWRULGDGH� UHMHLWDGD� DLQGD� p� DXWRULGDGH�� VHQWH�VH� FRPR�
DXWRULGDGH��SRLV�D�UHDomR�GH�UHMHLomR��SDUD�QHJDU��DQWHV�UHFRQKHFH��Vy�VH�QHJD�R�
TXH� DQWHV� VH� UHFRQKHFHX��� &RQWXGR�� D� GHVFRQILUPDomR� HOLPLQD� D� DXWRULGDGH��
XPD�DXWRULGDGH�LJQRUDGD�QmR�p�PDLV�DXWRULGDGH��
$� QRUPD�� HP� VHX� FRPHWLPHQWR�� LQVWDXUD� XPD� UHODomR� GH� DXWRULGDGH��
H[LJLQGR�� SRLV�� D� GHVFRQILUPDomR� GD� GHVFRQILUPDomR�� 3DUD� TXH� LVVR� RFRUUD��
SRUpP��p�SUHFLVR�TXH�R�HPLVVRU��HP�IDFH�GR�UHFHSWRU��VLQWD�VH�UHVSDOGDGR�SHOD
FRQILUPDomR� GH� WHUFHLURV�� LVWR� p�� GRV� RXWURV�� GDTXHOHV� TXH� QmR� SDUWLFLSDP� GD�
UHODomR��$� FRQILUPDomR� GH� WHUFHLURV� QmR� SUHFLVD� VHU� RVWHQVLYD�� QmR� SUHFLVD� R�
HPLVVRU�GH�VXD�PDQLIHVWDomR�FRQFUHWD��EDVWDQGR�OKH�VXS{�OD��$�VXSRVLomR�EHP��
VXFHGLGD� GD� FRQILUPDomR� GH� WHUFHLURV� �SRGHPRV� IDODU� HP� FRQVHQVR� VRFLDO��
VLJQLILFD� TXH� D� DXWRULGDGH� HVWi� LQVWLWXFLRQDOL]DGD�� $� LQVWLWXFLRQDOL]DomR� GR�
HPLVVRU� GD� QRUPD� HP� VHX� PDLV� DOWR� JUDX� QXPD� VRFLHGDGH� GDGD� QRV� SHUPLWH�
GL]HU�TXH�HVWDPRV�GLDQWH�GH�XPD�QRUPD� MXUtGLFD��4XH�XPD�LQVWLWXFLRQDOL]DomR�
RFRUUH� HP� VHX� PDLV� DOWR� JUDX� VLJQLILFD� TXH� R� SUHVXPLGR� FRQVHQVR� VRFLDO�
SUHYDOHFH� VREUH� TXDOTXHU� RXWUR� FRQVHQVR� UHDO� RX� VXSRVWR�� 3RU� H[HPSOR�� DLQGD�
TXH�SRVVDPRV�SUHVXPLU�FRQVHQVR�SDUD�XPD�QRUPD�TXH��HP�QRPH�GD�OLEHUGDGH�
QHJRFLDL��H[LMD�GH�XP�FRPSUDGRU�GH�GHWHUPLQDGD�PDUFD�GH�UHIULJHUDQWH�TXH�R�
WUDQVSRUWH�GDV�EHELGDV�SDUD�VHX�HVWDEHOHFLPHQWR�Vy�VH�IDoD�SHOD�WUDQVSRUWDGRUD�
GR� IDEULFDQWH�� VRE� SHQD� GH� R� UHIULJHUDQWH� QmR� OKH� VHU� YHQGLGR�� SUHYDOHFHUi� R�
FRQVHQVR�VRFLDO�SUHVXPLGR�SDUD�D�QRUPD�TXH�SURtEH�D�FKDPDGD�YHQGD�FDVDGD��
LVWR�p��SUHVXPLPRV�R�FRQVHQVR�SDUD�D�OHL�GR�(VWDGR�FRPR�GH�PDLV�DOWR�JUDX�TXH�
D� VLPSOHV� LPSRVLomR� GD� YRQWDGH� GH� XPD� SDUWH� VREUH� RXWUD� SDUWH�� D� OHL� FRPR�
LQVWLWXLomR��
'HFRUUH�GHVVD�H[SOLFDomR�TXH��VH�R�UHFRQKHFLPHQWR�GR�FDUiWHU� MXUtGLFR�
GH�XPD�QRUPD�GHSHQGH�GR�JUDX�GH�LQVWLWXFLRQDOL]DomR�GD�UHODomR�GH�DXWRULGDGH�
PDQLIHVWD�HP�VHX�FRPHWLPHQWR��R�IXQGDPHQWR�GR�GLUHLWR�QmR�HVWi�QD�IRUoD��YLV��
GH�RQGH�YLROrQFLD��� ,VVR�QmR�TXHU�GL]HU�TXH�R�GLUHLWR� QDGD� WHQKD� D� YHU�FRP�D�
IRUoD�� EDVH� SDUD� R� DWR� GH� FRDomR� TXH� H[HFXWD�� SRU� H[HPSOR�� XPD� VDQomR� GH�
SULVmR�RX�GH�SDJDPHQWR�FRPSXOVyULR�GH�XPD�PXOWD��(PERUD�R�DWR�GH�FRDomR�
�IRUoD�� IDoD�SDUWH� GR�GLUHLWR�� LVVR�QmR�TXHU�GL]HU�TXH�HOH� VHMD�UHVSRQViYHO�SRU�
VXD�H[LVWrQFLD��8P�DVVDOWDQWH�TXH��GH�DUPD�QD�PmR��H[LJH�D�HQWUHJD�GH�GLQKHLUR�
GH� VXD� YtWLPD�� WHP� GHVVD� HQWUHJD� XPD� H[SHFWDWLYD� QRUPDWLYD� �H[SUHVVD� QD�
SUHVFULomR���SDVVH�PH�R�GLQKHLUR�����3RU�PHGR�GH�VXD�YLROrQFLD��D�YtWLPD�SRGH�
DWp� HQWUHJDU�OKH� R� GLQKHLUR��0HVPR� QHVVH� FDVR�� SRUpP�� R� IXQGDPHQWR� GH� VXD�
SUHVFULomR� QmR� p� VXD� IRUoD�� PDV� R� JUDX� GH� LQVWLWXFLRQDOL]DomR� GD� UHODomR� GH�
VXMHLomR� TXH� VXD� RUGHP� PDQLIHVWD�� 6y� TXH� HVVH� JUDX� p� LQIHULRU� DR� JUDX� GH�
LQVWLWXFLRQDOL]DomR� GD� QRUPD� TXH� SURtEH� R� URXER�� LVWR� p�� R� FRQVHQVR� VRFLDO�
VXSRVWR�SDUD�HVVD�QRUPD�p�VXSHULRU�DR�GH�VXD�RUGHP��
2UD��R�TXH�YDL�GDU�FDUiWHU�MXUtGLFR�j�QRUPD�p�D�LQVWLWXFLRQDOL]DomR�GHVVD�
UHODomR� GH� DXWRULGDGH�� 2� FRPHWLPHQWR� MXUtGLFR� FRQVWUyL�VH� SRU� UHIHUrQFLD�
EiVLFD�GDV�UHODo}HV�HQWUH�DV�SDUWHV�D�XP�WHUFHLUR�FRPXQLFDGRU��SRU�H[HPSOR��R�
MXL]��R�FRVWXPH��R�OHJLVODGRU��(�SHOD�UHIHUrQFLD�D�HVVH�WHUFHLUR�FRPXQLFDGRU�TXH�
VH� LQVWLWXFLRQDOL]D�� QD� FRPXQLFDomR� QRUPDWLYD�� D� UHODomR� FRPSOHPHQWDU�
DXWRULGDGH�VXMHLWR�� $VVLP�� SRU� H[HPSOR�� D� QRUPD� ILUPDGD� HQWUH� GXDV� SDUWHV�
VHJXQGR� D� TXDO� R� QmR�SDJDPHQWR� GR� DOXJXHO� DWp� R� GLD� DSUD]DGR� LPSOLFD� XPD�
PXOWD�GH�����VREUH�R�YDORU�GD�SUHVWDomR�UHTXHU��SDUD�VHU� MXUtGLFD��R�FRQVHQVR�
SUHVXPLGR� GD� VRFLHGDGH�� GH� WHUFHLURV�� R� TXH� p� REWLGR� SRU� LQVWLWXLo}HV� FRPR� R�
FRQWUDWR��2�FRQWUDWR�p�XPD�LQVWLWXLomR�YLVWR�TXH�DV�SDUWHV�SRGHP�SUHVXPLUTXH�D�H[SHFWDWLYD�JOREDO�H�DQ{QLPD�GD�VRFLHGDGH�p�HVSHUDU�R�FXPSULPHQWR�GR�
TXH�IRL�SDFWXDGR�OLYUHPHQWH�QD�IRUPD�FRQWUDWXDO��
0RGHUQDPHQWH��D� LQVWLWXFLRQDOL]DomR�GH�QRUPDV�� LVWR�p��D�FRQILJXUDomR�
GR�FDUiWHU�MXUtGLFR�GH�VXD�UHODomR�GH�DXWRULGDGH��GHSHQGH�GD�LQVHUomR�GHODV�HP�
JUDQGHV� VLVWHPDV� GLVFLSOLQDUHV�� HP� WHUPRV� GHVWD� SRGHURVD� LQVWLWXLomR� FKDPDGD�
GH�(VWDGR��2EYLDPHQWH��R�(VWDGR�QmR�p�D�~QLFD�LQVWLWXLomR�D�JDUDQWLU�R�FRQVHQVR�
VXSRVWR� H� DQ{QLPR�GH� WHUFHLURV� SDUD� DV� QRUPDV� RX� FRPXQLFDo}HV� QRUPDWLYDV�
MXUtGLFDV�� 4XDQGR� IDODPRV� HP� GLUHLWR� FRVWXPHLUR�� LQYRFDPRV� SDUD� FHUWDV�
H[SHFWDWLYDV� QRUPDWLYDV� D� LQVWLWXFLRQDOL]DomR� FRQIHULGD� SHOD� IRUoD� YLQFXODQWH�
GH� XVRV� FRQVDJUDGRV� SHOR� WHPSR�� 1R� HQWDQWR�� JHQHULFDPHQWH�� DV� QRUPDV�
HQTXDQWR� H[SHFWDWLYDV� FRQWUDIiWLFDV� GH� FRPSRUWDPHQWR� VmR� MXULGLFDV� SRU� VHX�
JUDX� GH� LQVWLWXFLRQDOL]DomR�� GH� VXD� LQVHUomR� HP� VLVWHPDV� QRUPDWLYRV� TXH�
UHSUHVHQWDP�� SRU� SUHVVXSRVLomR�� R� FRQVHQVR� DQ{QLPR� H� JOREDO� GH� WHUFHLURV�
�OHLD��SRU�VXSRVLomR��GH�WRGD�VRFLHGDGH���
$V� LQVWLWXLo}HV� UHSRXVDP�� QD� YHUGDGH�� QmR� VREUH� DFRUGRV� IiWLFRV��PDV�
VREUH� VXSRVLo}HV� FRPXQV� D� UHVSHLWR� GD� H[SHFWDWLYD� FRPXP� GRV� RXWURV� �/XK��
PDQQ���������6XD�KRPRJHQHLGDGH�p��SRU�LVVR��YLVLYHOPHQWH�ILFWtFLD��7UDWD�VH�GH�
DEVWUDo}HV� VRFLDLV�� DSRLDGDV�HP�SURFHGLPHQWRV� FRPR�D�HOHLomR��D�GHFLVmR� HP�
DVVHPEOpLD��R�YRWR�VROHQH�H�S~EOLFR��2� MXULVWD�UHFRQKHFH�R�FDUiWHU� MXUtGLFR�GDV�
QRUPDV� SRU� VHX� JUDX� GH� LQVWLWXFLRQDOL]DomR�� LVWR� p�� SHOD� JDUDQWLD� GR� FRQVHQVR�
JHUDO� SUHVXPLGR� GH� WHUFHLURV� TXH� D� HODV� FRQIHUH� SUHYDOrQFLD�� 'Dt� D� EXVFD�� QR�
GLVFXUVR� GRV� MXULVWDV�� GD� FRQIRUPLGDGH� GDV� H[SHFWDWLYDV� QRUPDWLYDV� FRP� RV�
REMHWLYRV�GR� LQWHUHVVH�S~EOLFR�� GR� EHP� FRPXP�� GR�(VWDGR��'Dt�D� LPSRUWkQFLD� GH�
SURFHGLPHQWRV� LQVWLWXFLRQDOL]DGRV� �FRPR� R� SURFHVVR� FLYLO� H� FULPLQDO�� R� LQ��
TXpULWR�SROLFLDO�H�DGPLQLVWUDWLYR��D�HOHLomR�SROtWLFD�H�D�RUJDQL]DomR�SDUWLGiULD��R�
SURFHVVR� OHJLVODWLYR��SDUD� D� LGHQWLILFDomR� GH� QRUPDV� FRPR� MXUtGLFDV��$TXHOHV�
REMHWLYRV� H�RX� HVWHV� SURFHGLPHQWRV� JDUDQWHP� D� DOJXPDV� QRUPDV�� LVWR� p�� D�
DOJXPDV� H[SHFWDWLYDV� FRQWUDIiWLFDV�� HP� IDFH� GH� RXWUDV�� XP�JUDX� SUHYDOHFHQWH�
GH� LQVWLWXFLRQDOL]DomR�GH� VHX� FRPHWLPHQWR� �UHODomR�DXWRULGDGH�VXMHLWR���GH� WDO�
PRGR�TXH�D�FRPSOHPHQWDULGDGH�GH�UHODomR�ILFD�UHVVDOYDGD�GH�DQWHPmR��WRUQD��
VH�PHWDFRPSOHPHQWDULGDGH�� LPS}H�VH��YLQFXOD�DV�SDUWHV�j�FRPSOHPHQWDULGDGH��
0HWDFRPSOHPHQWDULGDGH� VLJQLILFD�� SRLV�� TXH� D� UHODomR� FRPSOHPHQWDU� GH�
DXWRULGDGH� HQWUH� DV� SDUWHV� HVWi� JDUDQWLGD� SRU� RXWUD� UHODomR� FRPSOHPHQWDU� GH�
DXWRULGDGH�TXH� WHP� D� SULPHLUD� SRU� REMHWR��$VVLP�� SRU� H[HPSOR�� QmR� REVWDQWH�
SRVVD�R�GHYHGRU�HQWUDU�QXP�DFRUGR�FRP�R�FUHGRU�SDUD�GLPLQXLU�ILFWLFLDPHQWH�R�
SUHoR�D� ILP�GH�TXH� VHMD�PHQRU�R� LPSRVWR� LQFLGHQWH��HVVD� QRUPD� HQWUH� DPERV�
QmR� SUHYDOHFH� FRQWUD� D� QRUPD� WULEXWiULD� TXH�� WHQGR� VLGR� SURFHGLGD� SHOT�
&RQJUHVVR��VDQFLRQDGD�H�SURPXOJDGD�� WHP�XP�JUDX�GH� LQVWLWXFLRQDOL]DomR�� LVWR�
p��GH�FRQVHQVR�SUHVXPLGR��JOREDO�H�DQ{QLPR��PXLWR�PDLRU��
e�YHUGDGH�TXH��SDUD�D�LGHQWLILFDomR�GH�QRUPDV�FRPR�MXULGLFDV��R�FULWp��
ULR� GR� JUDX� GH� LQVWLWXFLRQDOL]DomR� �� QXPD� GDGD� VRFLHGDGH� VmR� MXUtGLFDV� DV�
QRUPDV�GH�PDLRU�JUDX�GH�LQVWLWXFLRQDOL]DomR���SRGH�SDUHFHU�GHPDVLDGDPHQWH
IRUPDO��SRU�SDUHFHU�LJQRUDU�R�SUREOHPD�GRV�FRQWH~GRV��LVWR�p��GR�U HOD WR� QRUPD��
WLYR��$ILQDO�� HPERUD� SULPRUGLDO� SDUD� R� UHFRQKHFLPHQWR� GR� FDUiWHU� SUHVFULWLYR�
GDV� QRUPDV�� R� FRPHWLPHQWR� RX� UHODomR� DXWRULGDGH�VXMHLWR� QmR� HVJRWD� R� IHQ{��
PHQR�QRUPDWLYR��(� GH�VH�SHUJXQWDU�� HQWmR�� VH�RV�FRPHWLPHQWRV� LQVWLWXFLRQDOL��
]DGRV� VXSRUWDP� TXDOTXHU� FRQWH~GR�RX� DLQGD�� VH� D� UHODomR�PHWDFRPSOHPHQWDU�
LQVWLWXFLRQDOL]DGD� SRGH� FRQWHU� TXDOTXHU� UHODWR�� 3RU� H[HPSOR�� FRQTXDQWR�
PDQLIHVWH� XPD� UHODomR� DXWRULGDGH�VXMHLWR� GH� DOWR� JUDX� GH� LQVWLWXFLRQDOL]DomR��
SRGHULDPRV�SHUJXQWDU� VH�XPD�QRUPD� OHJDO�TXH� LQVWLWXtVVH� �FRPHWLPHQWR��D�HV��
WHULOL]DomR� VH[XDO� GH� ORXFRV� H� GH� FULPLQRVRV� LUUHFXSHUiYHLV� �FRQWH~GR�� VHULD�
DLQGD�MXUtGLFD��WHQGR�XP�UHODWR�GHVWH�WHRU��3RGHUtDPRV�DUJXPHQWDU��GH�XP�ODGR��
TXH�� VHQGR� OHL�� LVWR� p�� SURFHGLPHQWDGD� FRQIRUPH� DV� UHJUDV� EXURFUiWLFDV� GR�
(VWDGR� H�PDQLIHVWDQGR� SRU� LVVR� R�FRQVHQVR�SUHVXPLGR�� DQ{QLPR� H� JOREDO��GH�
WHUFHLURV��D�QRUPD�VHULD� MXUtGLFD��'H�RXWUR� ODGR��SRUpP��SRGHUtDPRV� LQYRFDU�R�
FRQWH~GR�SDUD�GHVHPSHQKDU�XP�SDSHO�TXH��HP�SULQFtSLR��QmR�OKH�FDEH��UHWRPDU�
�RX�FRQIHULU��MXULGLFLGDGH�j�QRUPD��
$XWRUHV� FKDPDGRV� SRVLWLYLVWDV�� FRPR� .HOVHQ�� SRU� H[HPSOR�� HQIUHQWDP�
HVVD� TXHVWmR�� OHPEUDQGR�TXH�RV� FRQWH~GRV� HP� VL� QmR� VmR� QHP� MXUtGLFRV� QHP�
DQWLMXUtGLFRV��VmR�QHXWURV��$VVLP��R�DWR�GH�PDWDU�DOJXpP��VH�FRQWH~GR�GH�XPD�
QRUPD� GH� SURLELomR� TXH� LPSRQKD� VDQomR� DR� DWR�� WRPD�VH� DOJR� LOtFLWR� H�
UHSURYiYHO��2�PHVPR�DWR��SRUpP��VH�REMHWR�GH�QRUPD�TXH�GLVFLSOLQH�D�REULJD��
omR� GR�PLOLWDU� HP� DomR� GH� HOLPLQDU� R� LQLPLJR�� WRPD�VH� XP�DWR� OtFLWR� H� DSUR��
YiYHO��3RUWDQWR��PDWDU��HP�VL��VHULD�MXULGLFDPHQWH�QHXWUR��
-i� DXWRUHV� FKDPDGRV� MXVQDWXUDOLVWDV�� TXH� GHIHQGHP� TXH� R� GLUHLWR� SR��
VLWLYR��SRVWR�SRU�DXWRULGDGH��GHYH� UHVSHLWDU�RV�GLWDPHV�GD�QDWXUH]D� KXPDQD��D�
QDWXUH]D� GDV� FRLVDV�� RV� SULQFtSLRV� pWLFRV� H� UHOLJLRVRV�� VRE� SHQD� GH� QmR� VHU�
GLUHLWR��UHFODPDP�SDUD�D� LGHQWLILFDomR�GD� MXULVGLFLGDGH�XP�HOHPHQWR�PDWHULDO��
GH� FRQWH~GR�� $VVLP�� QmR� EDVWDULD�� QRV� WHUPRV� GH� QRVVD� H[SRVLomR�� D� UHODomR�
LQVWLWXFLRQDOL]DGD�� R� FRPHWLPHQWR� DXWRULGDGH�VXMHLWR��PDV� VH� H[LJLULD� WDPEpP�
FHUWR�WLSR�GH�UHODWR�RX�FRQWH~GR��
$�SHQGrQFLD� HQWUH� SRVLWLYLVWDV� H� MXVQDWXUDOLVWDV�� HQWUH� DTXHOHV� TXH� QH��
JDP�H�RV�TXH� DFHLWDP�� DR� ODGR�GR�GLUHLWR� SRVLW LYR� �SRVWR�SRU�DXWRULGDGH��XP�
GLUHLWR� QDWXUDO� �QmR� SRVWR�� GDGR� SHOD� QDWXUH]D� H� UHFRQKHFLGR� SHOD� UD]mR� KX��
PDQD��p�DQWLJD��(OD�VH�WRPRX�SHFXOLDUPHQWH�SUREOHPiWLFD�GHVGH�R�DGYHQWR�GR�
IHQ{PHQR�GD�SRVLWLYDomR��QR�VpFXOR�0 �� 6mR�PXLWDV�DV�WHRULDV�ILORVyILFDV�TXH�
EXVFDP� XPD� H[SOLFDomR� SDUD� R� GLUHLWR� QDWXUDO�� SDUD� D� UHODomR� HQWUH� HOH� H� R�
GLUHLWR� SRVLWLYR�� HVWDEHOHFHQGR� XPD� VXERUGLQDomR� GR� VHJXQGR� DR� SULPHLUR��
7UDWD�VH� GH� XP� SUREOHPD� GH� ILORVRILD� GR� GLUHLWR��1mR� YDPRV� GLVFXWL�OR� DTXL��
&RQWXGR��QHP�SRU�LVVR�SRGHPRV�LJQRUDU�D�TXHVWmR�GR�FRQWH~GR�GDV�QRUPDV�HP�
IDFH�GD�LQVWLWXFLRQDOL]DomR�GR�FRPHWLPHQWR��GD�UHODomR�DXWRULGDGH�VXMHLWR��
5HFDSLWXOHPRV��3DUWLPRV�GD�LGpLD�GH�TXH�RV�VLVWHPDV�VRFLDLV�GHVHQYRO��
YHP�PHFDQLVPRV�FDSD]HV�GH�JDUDQWLU� GLQDPLFDPHQWH�FHUWD� HVWDELOLGDGH�jV� LQ��
WHUDo}HV�KXPDQDV��FXMD�VHOHWLYLGDGH�HVWi�VHPSUH�VXMHLWD�j�FRQWLQJrQFLD�
([SHFWDWLYDV� QRUPDWLYDV�� DVVLP�� JDUDQWHP�GXUDomR� jV� LQWHUDo}HV�� HP� IDFH� GD�
VLPSOHV� SDVVDJHP� GR� WHPSR�� TXH�PRGLILFD�� WRUQD� FRQWLQJHQWH� DV� H[SHFWDWLYDV�
HP� MRJR� QDV� LQWHUDo}HV� VRFLDLV��3DUD� JDUDQWLU� DTXHOD� HVWDELOLGDGH��SRUpP�� QmR�
EDVWDP�DV�H[SHFWDWLYDV�QRUPDWLYDV��SRVWR�TXH�VHPSUH�KDYHUi�PDLV�QRUPDV�GR�
TXH�R� VXSRUWiYHO��3RU� LVVR��HQFRQWUDPRV� QRV� VLVWHPDV�VRFLDLV�XP� VHJXQGR�PH��
FDQLVPR� HVWUXWXUDO�� D� LQVWLWXFLRQDOL]DomR�� TXH� FRQIHUH� D� FHUWDV� H[SHFWDWLYDV�
QRUPDWLYDV�XPD�SUHHPLQrQFLD��&RP�LVVR��D�FRQWLQJrQFLD�GH�YiULDV�H[SHFWDWLYDV�
QRUPDWLYDV� FRQWUDSRVWDV�� TXH� DIHWDP� D� HVWDELOLGDGH� GR� VLVWHPD�� RX� VHMD�� D�
H[LVWrQFLD�GH�P~OWLSORV�DJHQWHV�VRFLDLV�TXH�LPSULPHP�D�VXDV�Do}HV�RULHQWDo}HV�
QRUPDWLYDV� GLIHUHQWHV� H� FRQWUDSRVWDV�� p� FRQWURODGD� SRU� PHLR� GH� LQVWLWXLo}HV��
LVWR�p��H[SHFWDWLYDV�SUHVXPLGDV�D�UHVSHLWR�GDV�H[SHFWDWLYDV�JOREDLV�H�DQ{QLPDV�
GRV�RXWURV��GRV�WHUFHLURV�HP�IDFH�GDV�LQWHUDo}HV�TXH�RFRUUHP��&RQWXGR��FRPR�
DFDEDPRV� GH�YHU��RV�FRQWH~GRV�GDV� LQWHUDo}HV� LQVWLWXFLRQDOL]DGDV�PDQLIHVWDP�
YDULHGDGH�GH� VHQWLGR� TXH�WDPEpP�SUHFLVD� VHU�JDUDQWLGR�FRQWUD�D�FRQWLQJrQFLD��
$�PHUD�H[SHFWDWLYD�QRUPDWLYD�LQVWLWXFLRQDOL]DGD�QmR�Gi�FRQWD�GHVVD�WDUHID��
2V�VLVWHPDV�VRFLDLV�GHVHQYROYHP��QHVVHV�WHUPRV��PHFDQLVPRV�GH�HVWD��ELOL]DomR��FKDPDGRV�Q~FOHRV� VLJQLILFDWLYRV�� LVWR�p�� FHQWURV� LQWHJUDGRUHV�GH� VHQ��
WLGR� TXH� FRQIHUHP� j� YDULHGDGH� FHUWD� XQLGDGH� DFHLWiYHO� SDUD� DV� LQWHUDo}HV� VR��
FLDLV��/XKPDQQ���������4XDQGR�HVWDPRV�GLDQWH�GH�XPD�LQVWLWXLomR�GH�SHTXHQD�
FRPSOH[LGDGH��SRU�H[HPSOR�� XPD� IDPtOLD�� p� SRVVtYHO� LQWHJUDU�RV� VHQWLGRV� GRV�
FRQWH~GRV� GDV� LQWHUDo}HV� SRU� PHLR� GH� XPD� PHFDQLVPR� VLPSOHV�� D� SHVVRD��
3HVVRD� p�XP� IHL[H�GH�SDSpLV� VRFLDLV�GHVHPSHQKDGRV�SRU�XP� LQGLYtGXR�� SDSpLV�
HVWHV�FRPSRQGR�XPD�XQLGDGH��GH�WDO�PRGR�TXH�XP�SDSHO�GHVHPSHQKDGR�DIHWD�
RV�GHPDLV�SDSpLV��$VVLP��SDL�p�SDSHO�VRFLDO�TXH�R�LQGLYtGXR�GHVHPSHQKD��PDV�
WDPEpP�p�SDSHO� VRFLDO� VHU�SDJDGRU�GH� LPSRVWRV�� VHU�SURILVVLRQDO�� VHU�PHPEUR�
GH�XP�FOXEH�UHFUHDWLYR�HWF��&DGD�XP�GHVVHV�SDSpLV�VH�GHWHUPLQD�SRU�XPD�VpULH�
GH�TXDOLGDGHV�LQVWLWXFLRQDOL]DGDV��
2�SDL�p��SRU�H[HPSOR��D�ILJXUD�PDVFXOLQD��R�FRQVHOKHLUR��R�UHVSRQViYHO�
SHOD� JHUDomR� HWF�� 2� LQGLYtGXR�� DR� DJLU�� DJUHJD� D� HVVDV� TXDOLGDGHV� FDUDFWHUHV�
LGLRVVLQFUiWLFRV��SUySULRV���R�SDL�ERQGRVR��DXWRULWiULR��UHVSRQViYHO�HWF��4XDQGR�
LVVR� VH� UHGX]� D� XPD� XQLGDGH� H� HVVD� XQLGDGH� DIHWD� WDPEpP� RV� GHPDLV� SDSpLV�
H[HUFLGRV� �R� SURILVVLRQDO�� R� DPLJR�� R� PHPEUR� GR� FOXEH�� R� KRPHP� UHOLJLRVR�
HWF���� FRPSRQGR�XPD� XQLGDGH�GH�P~OWLSODV� SRVVLELOLGDGHV�� HVWDPRV� GLDQWH� GH�
XPD�SHVVRD��&RQKHFHU�D�SHVVRD� p��SRLV�� FRQKHFHU�D� VXD�KLVWyULD� SDUWLFXODU��RV�
FDUDFWHUHV�TXH�HOD� LPSULPH�D�WRGRV�RV�VHXV�SDSpLV�H�TXH�Gi�FRQVLVWrQFLD�D�VXD�
DomR�� $� LQWHJUDomR� GHVWH� FRPSOH[R� QXPD� XQLGDGH� SRGH� VHU� PDLV� RX� PHQRV�
FRHUHQWH��SRGHQGR�IDODU�VH��HQWmR��HP�GLYHUVRV�WLSRV�GH�SHUVRQDOLGDGH��4XDQGR�
p� SRVVtYHO�� QXPD� VLWXDomR� VRFLDO�� LGHQWLILFDU� D� SHVVRD�� HVWDPRV� GLDQWH� GH� XP�
PHFDQLVPR� FDSD]� GH� LQWHJUDU� R� VHQWLGR� FRQWH~GR�GD� DomR��$VVLP�� QD� UHODomR�
IDPLOLDU�� R� ILOKR� FRQKHFH� R� SDL� �SHVVRD�� H�� TXDQGR� HVWH� SURPHWH� GDU�OKH� XP�
SUHVHQWH��JHUD�XPD�H[SHFWDWLYD�QRUPDWLYD��TXH�WHP�FHUWR
JUDX� GH� LQVWLWXFLRQDOL]DomR� GR� FRPHWLPHQWR� �SURPHVVDV� GHYHP� VHU� FXPSUL��
GDV���PDV� WDPEpP�XP�FRQWH~GR�HVSHUiYHO��&RQKHFHQGR�D�SHVVRD��R� ILOKR� WHUi�
XP� PHFDQLVPR� LQWHJUDGRU�� HOH� VDEHUi� FRQIHULU� D� VXD� H[SHFWDWLYD� QRUPDWLYD�
LQVWLWXFLRQDOL]DGD� XP� FRQWH~GR� HVSHUiYHO� �QmR� VHUi� TXDOTXHU� FRLVD� TXH� FRQV��
WLWXLUi� R� FXPSULPHQWR� GD� SURPHVVD��� &RQWUROD�VH�� DVVLP�� D� FRQWLQJrQFLD� GRV�
FRQWH~GRV�QRUPDWLYRV��
2EYLDPHQWH�� LVVR� p�PXLWR� OLPLWDGR��$� DQRQLPLGDGH� FRPSOH[D� GDV� VR��
FLHGDGHV� H[LJH�� SRU� LVVR�� RXWURV� Q~FOHRV� VLJQLILFDWLYRV��PDLV� DEVWUDWRV�� WDOYH]�
PHQRV� FRQILiYHLV��PDV� TXH� VH� UHYHODP� FDSD]HV� GH� FXPSULU� VXD� IXQomR��(VWHV�
SRGHP� VHU�RV�SDSpLV� VRFLDLV� DQWHV� UHIHULGRV��4XDQGR�HVWDPRV�GRHQWHV� H�SUHFL��
VDPRV� VHU� RSHUDGRV�� SURFXUDPRV� XP� PpGLFR� H� QmR� XP� HQIHUPHLUR� �R� TXH�� p�
FODUR�� QmR� JDUDQWH� XPD� ERD� RSHUDomR�� DR� PHQRV� FRQIHUH� DR� FRQWH~GR� GD� H[��
SHFWDWLYD� FHUWD� HVWDELOLGDGH�� SUREOHPD� GD�PHGLFLQD� VRFLDOL]DGD� H� GHVSHUVRQD��
OL]DGD��� (P� WHUPRV� GH� H[SHFWDWLYDV� QRUPDWLYDV� LQVWLWXFLRQDOL]DGDV�� VH�� GLDQWH�
GH� XP� FRQWUDWR� GH� HPSUpVWLPR�� GH� XP� ODGR� HVWi� R� EDQTXHLUR�� GH� RXWUR�� R� WR��
PDGRU��R�SDSHO�VRFLDO�EDQTXHLUR�FRQIHUH�DR�FRQWH~GR�GD�WUDQVDomR�XP�VHQWL�GR�
TXH�SRGHPRV�JHQHUDOL]DU�� VDEHPRV��SHOR�FRQKHFLPHQWR�GR�SDSHO� VRFLDO��TXDLV�
VXDV� FDUDFWHUtVWLFDV� PDLV� JHUDLV�� 2� FRQWH~GR� GD� LQWHUDomR� WRPD�VH� PDLV�
FRQWUROiYHO��
(P� VLWXDo}HV� PDLV� FRPSOH[DV�� SRUpP�� QHP�PHVPR� RV� SDSpLV� IXQFLR��
QDP�D�FRQWHQWR��3RU�LVVR�RV�VLVWHPDV�VRFLDLV�FRQKHFHP�RXWURV�Q~FOHRV�VLJQLIL��
FDWLYRV��FRPR�RV�YDORUHV��7UDWD�VH�GH�FHQWURV�VLJQLILFDWLYRV�TXH�H[SUHVVDP�XPD�
SUHIHULELOLGDGH� �DEVWUDWD� H� JHUDO�� SRU� FHUWRV� FRQWH~GRV� GH� H[SHFWDWLYD�� RX�
PHOKRU�� SRU� FHUWRV� FRQMXQWRV� GH� FRQWH~GRV� DEVWUDWDPHQWH� LQWHJUDGRV� QXP�
VHQWLGR� FRQVLVWHQWH�� 3RU� H[HPSOR�� SRGHPRV� FRQILDU� TXH�� QXPD� LQWHUDomR�� D�
MXVWLoD� �YDORU� GR� MXVWR�� SUHYDOHFH�� SRGHQGR� VHU� HVSHUDGR� FRP� PDLRU� JDUDQWLD��
9DORUHV� VmR�� DVVLP�� VtPERORV� GH� SUHIHUrQFLD� SDUD� Do}HV� LQGHWHUPLQDGDPHQWH�
SHUPDQHQWHV��RX�DLQGD�� IyUPXODV�LQWHJUDGRUDV�H�VLQWpWLFDV�SDUD�D�UHSUHVHQWDomR�
GR�VHQWLGR�GH�FRQVHQVR�VRFLDO��1R�H[HPSOR�GDGR��p�SUHFLVR��SRLV��H[DPLQDU�VH�
D�HVWHULOL]DomR�VH[XDO�GH�ORXFRV�H�FULPLQRVRV�LUUHFXSHUiYHLV�p�XP�FRQWH~GR�TXH�
WHP�VHQWLGR�GR�MXVWR��GR�UHVSHLWR�j�YLGD�H�j�OLEHUGDGH�HWF��
&RPR� p� LQWXLWLYR�� VHQGR� RV� YDORUHV� Q~FOHRV� VLJQLILFDWLYRV� PXLWR� DEV��
WUDWRV��p�SUHFLVR�DLQGD�RXWUR�PHFDQLVPR�LQWHJUDGRU��FDSD]�GH�FRQIHULU�OKHV�XP�
PtQLPR� GH� FRQVLVWrQFLD� FRQFUHWD�� DLQGD� TXH� JHQpULFD�� ,VVR� p� IXQomR� GDV�
LGHRORJLDV��(VWDV�VmR�FRQMXQWRV�PDLV�RX�PHQRV�FRQVLVWHQWHV��~OWLPRV�H�JOREDLV�
GH� DYDOLDo}HV�GRV� SUySULRV� YDORUHV��$VVLP��HQTXDQWR�RV� YDORUHV��SRU� VXD�DEV��
WUDomR�� VmR� H[SUHVV}HV� DEHUWDV� H� IOH[tYHLV�� DV� LGHRORJLDV� VmR� UtJLGDV� H� OLPLWD��
GDV��(ODV�DWXDP��DR�DYDOLDU�RV�YDORUHV��QR�VHQWLGR�GH�WRPDU�FRQVFLHQWHV�RV�YD��
ORUHV��HVWLPDQGR�DV�HVWLPDWLYDV�TXH�HP�QRPH�GHOHV�VH�ID]HP��JDUDQWLQGR�DVVLP�
R�FRQVHQVR�GRV�TXH�SUHFLVDP�H[SUHVVDU�VHXV�YDORUHV��HVWDELOL]DQGR��DV�VLP��HP�
~OWLPD� DQiOLVH�� RV� FRQWH~GRV� QRUPDWLYRV�� 7HPRV�� SRLV�� D� MXVWLoD� QR� VHQWLGR�
OLEHUDO��FRPXQLVWD��IDVFLVWD�HWF��$V�LGHRORJLDV��SRUWDQWR��FRQMXJDP�RV
YDORUHV��KLHUDUTXL]DQGR�RV��SHUPLWLQGR�TXH�VH�RV� LGHQWLILTXH��TXDQGR�HP�FRQ��
IURQWR��TXH�VH�RSWH�SHOD� MXVWLoD�FRQWUD�D�RUGHP�RX�SHOD�RUGHP�FRQWUD�D� OLEHU��
GDGH��SHOD�GLJQLGDGH�FRQWUD�D�YLGD�HWF��
$R�FRQWUiULR�GRV�YDORUHV��TXH�VmR�Q~FOHRV�VLJQLILFDWLYRV�PDLV�DEVWUDWRV�H�
SRGHP��SRU�LVVR��UHSUHVHQWDU�PDLV�JHQHULFDPHQWH�R�VHQWLGR�GR�FRQVHQVR�VRFLDO��
DV�LGHRORJLDV�VmR�IDFKDGDV��GHOLPLWDGDV��QmR�GLDORJDP��PDV�SROHPL]DP�HQWUH�VL�
H� EXVFDP� D� KHJHPRQLD� GH� XPDV� VREUH� DV� RXWUDV�� +i�� FHUWDPHQWH�� LGHRORJLDV�
PDLV�RX�PHQRV�UtJLGDV��7RGDYLD��WRGDV��LQGLVWLQWDPHQWH��RS}HP�VH�HQWUH�VL�FRPR�
XQLYHUVRV� IHFKDGRV�� $VVLP�� XPD� LGHRORJLD� OLEHUDO� SRGH� DFHLWDU�� QD� YLGD�
SROtWLFD��D�SUHVHQoD�GH�XPD�LGHRORJLD�VRFLDOLVWD��GHVGH�TXH�HVWD�UHVSHLWH�R�YDORU�
Pi[LPR� GD� OLEHUGDGH� HQWHQGLGD� GH� IRUPD� OLEHUDO�� FRP� VXDV� FRQVHTrQFLDV�
VREUH� SURSULHGDGH�� DV� UHODo}HV� HFRQ{PLFDV� HWF�� (P� VXD� FRQWUDSRVLomR�
SROrPLFD�� DV� LGHRORJLDV� IXQFLRQDP��SRLV�� FRPR�PHFDQLVPR� HVWDELOL]DGRU��PDV�
WDPEpP� DWXDP� FRPR� PHFDQLVPR� GH� GHQ~QFLD� GH� RXWUDV� LGHRORJLDV�� 1R�
SULPHLUR�FDVR�� IDODPRV�GH� LGHRORJLD�FULWLFD��QR�VHJXQGR��GH�FULWLFD�GH� LGHROR��
JLD��7UDWD�VH�GH�XPD�IXQomR�~QLFD��YLVWD�GH�kQJXORV�GLIHUHQWHV��
(P� VXPD�� QmR� p� TXDOTXHU� FRQWH~GR� TXH� SRGH� FRQVWLWXLU� R� UHODWR� GDV�
FKDPDGDV� QRUPDV� MXUtGLFDV��PDV� DSHQDV� RV� TXH� SRGHP� VHU� JHQHUDOL]DGRV� VR��
FLDOPHQWH�� LVWR� p�� TXH�PDQLIHVWDP� Q~FOHRV� VLJQLILFDWLYRV� YLJHQWHV� QXPD� VRFLH��
GDGH��QRPHDGDPHQWH�SRU�IRUoD�GD�LGHRORJLD�SUHYDOHFHQWH�H��FRP�EDVH�QHOD��GRV�
YDORUHV�� GRV� SDSpLV� VRFLDLV� H� GDV� SHVVRDV� FRP� HOD� FRQIRUPHV�� $VVLP�� SRU�
H[HPSOR�� QD� FXOWXUD� RFLGHQWDO� GH� EDVH� FULVWm�� FRQWH~GRV� QRUPDWLYRV� TXH� GHV��
UHVSHLWHP� R� YDORU� GD� SHVVRD� KXPDQD� �GLUHLWRV� IXQGDPHQWDLV�� VHUmR� UHFKDoD��
GRV��FRPR� VHULD�R�FDVR�GH�QRUPD�TXH�DGPLWLVVH� D� WRUWXUD�FRPR� IRUPD�GH�RE��
WHQomR�GH�FRQILVVmR�SDUD�HIHLWRV�GH�SURFHVVR�GH�MXOJDPHQWR��
������1RUPD �MX UtG LFD ��XP�IHQ{PHQR�FRPSOH[R�
7HPRV�� DJRUD�� FRQGLo}HV� GH� H[DPLQDU� D� QRUPD� MXUtGLFD� HP� VXD� FRP��
SOH[LGDGH�HVWUXWXUDO��)DODPRV��HP�VtQWHVH��GH�H[SHFWDWLYDV�FRQWUDIiWLFDV��TXH�VH�
H[SUHVVDP�SRU�PHLR�GH�SURSRVLo}HV�GH�GHYHU�VHU��GHYH��p�REULJDWyULR��p�SURLELGR��
p� SHUPLWLGR�� p� IDFXOWDGR��� HVWDEHOHFHQGR�VH� HQWUH� RV� FRPXQLFDGRUHV� VRFLDLV�
UHODo}HV� FRPSOHPHQWDUHV� LQVWLWXFLRQDOL]DGDV� HP� DOWR� JUDX� �UHODomR� PHWD��
FRPSOHPHQWDU� GH� DXWRULGDGH�VXMHLWR��� FXMRV� FRQWH~GRV� WrP� VHQWLGR� JHQHUDOL��
]iYHO��FRQIRUPH�Q~FOHRV�VLJQLILFDWLYRV�PDLV�RX�PHQRV�DEVWUDWRV��
4XDQWR� D� HVWH� ~OWLPR� HOHPHQWR�� QDV� VRFLHGDGHV� FRPSOH[DV� GH� QRVVRV�
GLDV��REVHUYDPRV� IRUWH�SUHVHQoD�GD�LGHRORJL]DomR�GRV�FRQWH~GRV�QD� IRUPD�GH�
SURJUDPDV�FRQVLVWHQWHV�GH�DomR�HP�IDFH�GD�FUHVFHQWH�HVWDELOL]DomR�H�EXURFUDWL��
]DomR�GRV�VLVWHPDV�VRFLDLV��6H��DQWHV�GR�VpFXOR�;,;��R�VHQWLGR�GRV�FRQWH~GRV�
SRGLD� VHU� JHQHUDOL]DGR� FRQVLVWHQWHPHQWH� FRP� EDVH� HP� QRo}HV� GLIXVDV�� WHFQL��
FDPHQWH�PHQRV�HVSHFLDOL]iYHLV��FRPR�R�GLUHLWR�QDWXUDO��D�PRUDO��RV�FRVWXPHV�
R�GLUHLWR�FRQWHPSRUkQHR�SDUWLX�SDUD�XPD�SURJUDPDomR�GDTXHODV�SUHVFULo}HV�GH�
IRUPD� UDFLRQDOL]DQWH� H� WHFQLFDPHQWH� FRQWURODGD�� (� R� IHQ{PHQR� GR� FRQVWL��
WXFLRQDOLVPR�H�GR� OHJDOLVPR��TXH��GH�FHUWR�PRGR��SRVLWLYD��SRU�SURFHGLPHQWRV�
UHJXODGRV�� R� GLUHLWR� QDWXUDO�� D� PRUDO� H� R� FRVWXPH�� 6XSRPRV� TXH� HVWHV� VHMDP�
Q~FOHRV� VLJQLILFDWLYRV� H[SUHVVRV�� LQWHJUDGRUHV� GR� VHQWLGR� GH� WRGDV� DV� QRUPDV�
MXUtGLFDV�� QXPD� IRUPD� FRQVLVWHQWH�� HP� YLUWXGH�GRV� SURFHGLPHQWRV� TXH�RV� SR��
VLWLYDP�� 2� GLUHLWR�� FRPR� FRQMXQWR� GH� QRUPDV�� DGTXLUH�� DVVLP�� R� DFDEDPHQWR�
UDFLRQDO�GH�XP�SURJUDPD� IRUPDO� GH� DomR�� VH�HVWi� QD� FRQVWLWXLomR�RX� IRL� HVWD��
EHOHFLGR�SRU�OHL��p�XP�FRQWH~GR�MXUtGLFR��
2EYLDPHQWH�� HVVD� FRQVLVWrQFLD� QmR� p� XP� GDGR�� PDV� DOJR� FRQVWUXtGR��
1HVVD� FRQVWUXomR�� D� SUySULD� GRJPiWLFD� DQDOtWLFD� GHVHPSHQKD� XP� SDSHO� UHOH��
YDQWH��2V�GLIHUHQWHV�PHFDQLVPRV�UHIHULGRV��TXH�VH�LQWHJUDP�QD�QRUPD�MXUtGLFD��
QmR� VmR� QHFHVVDULDPHQWH� FRQJUXHQWHV� HQWUH� VL�� ([SHFWDWLYDV� FRQWUDIiWLFDV��
LQVWLWXFLRQDOL]Do}HV�� Q~FOHRV� VLJQLILFDWLYRV� SRGHP� HVWDU� FRQWLGRV� HP� XPD�
QRUPD��GH� IRUPD� D� VH� FRQWUDGL]HUHP�PXWXDPHQWH��3RU�H[HPSOR�� QXPD�QRUPD�
GH� WUkQVLWR�� D� H[SHFWDWLYD� FRQWUDIiWLFD� GH� TXH�� GLDQWH� GR� VHPiIRUR� YHUPHOKR��
GHYH�VH� SDUDU�� SRGH� HVWDU� HP� FRQWUDSRVLomR� FRP� D� LQVWLWXFLRQDOL]DomR��
FRQIRUPH�D�TXDO��QXPD�UXD�VHP�PRYLPHQWR��R�PRWRULVWD�GR�FDUUR�GH�WUiV�VXS}H�
R�FRQVHQVR�JHUDO�GH�TXH��QHVVD�FRQGLomR��GHYH�VH�LU�DGLDQWH��HOH�EX]LQD�H�LUULWD��
VH��1HP�VHPSUH�Ki�FRQJUXrQFLD�HQWUH�R�YDORU� LGHRORJL]DGR��FRQWH~GR��GH�TXH�
QR�WUkQVLWR�D� OLEHUGDGH�GH�XP� OLPLWD�VH�SHOD� OLEHUGDGH�GR�RXWUR�H�D� LQVWLWXLomR�
VHJXQGR�D� TXDO� VH�HVSHUD��GH� FDGD�XP��XP�FRPSRUWDPHQWR�DJUHVVLYR��1HVVHV�
WHUPRV��TXDQGR�GL]HPRV�TXH�R�VDEHU� MXUtGLFR�WUDEDOKD�FRP�QRUPDV�MXUtGLFDV��p�
SUHFLVR�UHFRQKHFHU�QHODV�XP�IHQ{PHQR�FRPSOH[R�TXH�D�FLrQFLD�GRJPiWLFD�GR�
GLUHLWR�� QXP� SULPHLUR� PRPHQWR�� UHFRUWD�� UHGX]� H� VLPSOLILFD�� SDUD� SRGHU�
GRPLQi�ODV� FRPR� REMHWR� GH� FRQKHFLPHQWR� �GRJPiWLFD� DQDOtWLFD��� SDUD� GHSRLV�
LQWHUSUHWi�ODV� �GRJPiWLFD� KHUPHQrXWLFD�� H� DSOLFi�ODV� �GRJPiWLFD� GD� GHFLVmR���
3RU� HVVD� UD]mR�� DR� UHGX]LU� H� VLPSOLILFDU� R� IHQ{PHQR� QRUPDWLYR�� D� GRJPiWLFD�
DQDOtWLFD�� YLVDQGR� j� FRQJUXrQFLD� GRV� PHFDQLVPRV� HVWDELOL]DGRUHV� QHOH�
FRQWLGRV��FULD�XPD� HVSpFLH� GH� LOXVmR� IXQFLRQDO� VREUH�D� UHDOLGDGH� IHQRPrQLFD��
LPXQL]DQGR� VHX�SUySULR� VDEHU�FRQWUD�RV� IDWRV�� HP� WHUPRV� GH��DWp�FHUWR�SRQWR��
SRGHU�DWXDU�GH�PRGR�LQGLIHUHQWH�HP�UHODomR�D�HOHV��LQGLIHUHQoD�FRQWURODGD��'Dt�
D� LPSUHVVmR� ��FRUUHWD���GH�TXH�R�FRQKHFLPHQWR�GRJPiWLFR�DQDOtWLFR�GLVWDQFLD��
VH�� SRU� DEVWUDomR�� GD� UHDOLGDGH�� SDVVDQGR� D� YHU� R� GLUHLWR� �� IHQ{PHQR� VRFLDO� ��
FRPR�FRQMXQWR�GH�QRUPDV��HODV�SUySULDV�FRQFHEL�GDV�FRPR�SUHVFULo}HV�JHUDLV�H�
DEVWUDWDV� TXH�� HP� VHX� FRQMXQWR�� GHYHP� PDQLIHVWDU� XP� VLVWHPD� FRQJUXHQWH� H�
UDFLRQDO�� $� QRUPD� MXUtGLFD�� GD� TXDO� IDOD� R� MXULVWD�� p�� SRUWDQWR�� YHUGDGHLUD�
FRQVWUXomR� WHyULFD� GD� SUySULD� FLrQFLD� MXUtGLFD�� HP� TXH� RV� GLIHUHQWHV�
PHFDQLVPRV� HVWDELOL]DGRUHV� PDQLIHVWDP�� LGHDOPHQWH�� XPD� FRQJUXrQFLD�
FRQVLVWHQWH�� (� LVVR� TXH� OKH� SHUPLWH� ID]HU� VXDV� FODVVLILFDo}HV�� VXDV� GLVWLQo}HV��
VXDV� VLVWHPDWL]Do}HV�� &RQWXGR�� SDUD� LVVR�� HOH� SUHFLVD� GH� XPD� OLQJXDJHP�
SUySULD�� FRP� FRQFHLWRV� RSHUDFLRQDLV� TXH� OKH� GrHP� FRQGLo}HV� GH� UHDOL]DU� R�
UHFRUWH�WHyULFR�GD�UHDOLGDGH�
3RVWR�LVWR��GR�SRQWR�GH�YLVWD�HVWUXWXUDO��SRGHPRV�GL]HU�TXH��HP�VtQWHVH��
HP� VXD� WRWDOLGDGH�� QRUPDV� MXUtGLFDV� VmR� H[SUHVV}HV� GH� H[SHFWDWLYDV� FRQ��
WUDIiWLFDV�� LQVWLWXFLRQDOL]DGDV� H� GH� FRQWH~GR� JHQHUDOL]iYHO�� &RPS}HP�VH�� GHV��
WDUWH�� GH�PHQVDJHQV�� HPLVVRUHV� H� DJHQWHV� UHFHSWRUHV��$V�PHQVDJHQV� RFRUUHP�
HP�GRLV�QtYHLV��R�GD�UHODomR�RX�FRPHWLPHQWR�H�R�GR�FRQWH~GR�RX�UHODWR��
2� FRPHWLPHQWR� QRUPDWLYR�� D� UHODomR� PHWDFRPSOHPHQWDU� RX� LQVWLWX��
FLRQDOL]DGD� HQWUH� DXWRULGDGH� H� VXMHLWR� H[SUHVVD�VH� YHUEDOPHQWH� SRU� PHLR� GH�
RSHUDGRUHV�OLQJtVWLFRV�FRPR��p�SURLELGR��p�YHGDGR��p� IDFXOWDGR��p�REULJDWyULR�� p�
SHUPLWLGR��GHYH�VH��SRGHUi��VHUi��RV�TXDLV�SRGHP�HVWDU�H[SOtFLWRV�RX� LPSOtFLWRV�
�jV�YH]HV��D�QRUPD�DSHQDV�GHVFUHYH�XPD�DomR�WLSR�H�DWULEXL�OKH�XPD�VDQomR��R�
FDUiWHU� SURLELWLYR� HVWi� LPSOtFLWR���2� FRPHWLPHQWR� SRGH� H[SUHVVDU�VH� WDPEpP�
DQDORJLFDPHQWH�� SRU� PRGRV� QmR� YHUEDLV�� R� ROKDU� VLOHQFLRVR� GD� PXOWL�GmR��
UHSURYDQGR�R�FRPSRUWDPHQWR�GH�XP�DGXOWR�TXH� HVSDQFD�XPD� FULDQoD�QD� UXD��
1R� GLUHLWR� PRGHUQR�� SUHYDOHFHP� DV� IRUPDV� YHUEDLV�� 0HVPR� DV� QRUPDV�
FRVWXPHLUDV�WHQGHP�D�WHU�YHUEDOL]DGRV�VHXV�FRPHWLPHQWRV��
2�UHODWR�RX�FRQWH~GR�QRUPDWLYR�p�FRQVWLWXtGR�SRU�GHVFULo}HV�GH�Do}HV��
GH�VXDV�FRQGLo}HV�H�VXDV�FRQVHTrQFLDV��
9DPRV� HQWHQGHU� SRU� DomR� �FI�� YRQ�:ULJKW�� ���������� D� LQWHUIHUrQFLD�
QHJDWLYD�RX�SRVLWLYD�GR�KRPHP�QR�FXUVR�GD�QDWXUH]D��$�LQWHUIHUrQFLD�SRVLWLYD�
FKDPD�VH� DWR� �SRU� H[HPSOR�� FRUWDU� XPD� iUYRUH��� $� LQWHUIHUrQFLD� QHJDWLYD�
FKDPD�VH� RPLVVmR� �SRU� H[HPSOR�� QmR� FRQVWUXLU� XPD� FDVD��� 2� FRQFHLWR� GH�
RPLVVmR�p�XP�SRXFR�GLItFLO�GH�FDSWDU��1D� OLQJXDJHP�FRPXP��RPLWLU�QmR�VLJ��
QLILFD� VLPSOHVPHQWH� QmR� ID]HU�� PDV� QmR� ID]HU� DOJR�� 6y� RPLWLPRV� R� TXH�GHYH��
PRV� RX� HVWDPRV� KDELWXDGRV� D� ID]HU�� 3RU� H[HPSOR�� QmR� DEULU� R� JXDUGD�FKXYD��
HVWDQGR�D�FKRYHU��$�RPLVVmR�DSDUHFH��SRLV�� FRPR�XPD�UHODomR�HQWUH�DOJR�TXH�
IRL� H� FRPR� SRGHULD� WHU� VLGR�� 3RU� LVVR� QHP� VHPSUH� p� IiFLO� GLVWLQJXLU� XP� DWR� H�
XPD�RPLVVmR��$VVLP�� VH� DOJXpP� HQWUD� QXP�TXDUWR� HVFXUR� H� DFHQGH� D� OX]�� Ki�
XP�DWR��GR�SRQWR�GH�YLVWD�GR�DJHQWH��(QWUHWDQWR��GR�SRQWR�GH�YLVWD�GH�TXHP�Oi�
HVWLYHVVH� DEULQGR� XPD�PiTXLQD� IRWRJUiILFD� SDUD� URGDU� R� ILOPH� SUHVR� SRU� XP�
GHIHLWR��R�DJHQWH�RPLWLX�GHL[DU�D�OX]�DSDJDGD��(P�VXPD��Do}HV�QmR�VmR�DSHQDV�
LQWHUIHUrQFLDV� QR� FXUVR� GD� QDWXUH]D�� PDV� LQWHUIHUrQFLDV� HP� UHODomR� D� FRPR�
SRGHULD� RX� GHYHULD� WHU� RFRUULGR� GR� SRQWR� GH� YLVWD� GRV� DJHQWHV�� HPLVVRUHV� H�
UHFHSWRUHV��
(VVD� FRQFHSomR� LPSOLFD� DGHPDLV� TXH� VH� SDUWH� GH� XP� HVWDGR� GH� FRLVDV�
TXH�PXGD�SDUD�RXWUR�HVWDGR�GH�FRLVDV��D�OX]�HVWi�DSDJDGD�SDUD�D�OX]�HVWi�DFHVD���
3DUD� TXH� D� DomR� RFRUUD�� p� SUHFLVR� DOJXPD� FRQGLomR� �SRU� H[HPSOR�� TXH� D� OX]�
HVWHMD� DSDJDGD�� SDUD� SDVVDU� D� HVWDU� DFHVD��� 'R� UHODWR� GDV� QRUPDV� ID]� SDUWH�
WDPEpP�D�GHVFULomR�GD�FRQGLomR��(VWD�SRGH�VHU�H[SOtFLWD��QR�GLD����GH�QRYHP��
EUR�� QmR� VHQGR� IHULDGR�� R� GHYHGRU� SDJDUi� D� TXDQWLD� GH����� RX� LPSOtFLWD� �PDWDU�
DOJXpP��R�TXH�ID]�VXSRU�D�FRQGLomR�GH�TXH�DOJXpP�HVWHMD�YLYR��QmR�Ki�FULPH�GH�
PRUWH�DWLUDQGR�VH�HP�DOJXpP�PRUWR���3RU�ILP��Ki�WDPEpP�D�GHVFULomR�GDV
FRQVHTrQFLDV�GD�DomR��SRU�H[HPSOR��VH�DOJXpP�PDWDU�DOJXpP��VHUi�SXQLGR�FRP�
D�VDQomR�GH�SULVmR�SRU�XP�Q~PHUR�GH�DQRV��
9HPRV�� DILQDO�� TXH� HVVD� DQiOLVH� GD� QRUPD� �FRPXQLFDomR�� UHYHOD�QRV�
GLYHUVRV�HOHPHQWRV�HP�FRUUHODomR��RV�DJHQWHV��D�UHODomR�HQWUH�HOHV��R�FRQWH~GR�
GDV� PHQVDJHQV�� $� GRJPiWLFD�DQDOtWLFD�� SDUD� FDSWi�ORV� MXULGLFDPHQWH�� GH��
VHQYROYH� XPD� VpULH� GH� FRQFHLWRV�� (P� SULPHLUR� OXJDU�� p� SUHFLVR� FRQFHLWXDU�
GRJPDWLFDPHQWH�D�QRUPD�MXULGLFD��DWp�DJRUD�WUDWDPRV�GH�VHX�FRQFHLWR�]HWpWLFR�H�GH�
TXDLV�VHXV�WLSRV���
$�GLIHUHQoD�p�LPSRUWDQWH��D�H[SUHVVmR�QRUPD�MXUtGLFD��SDUD�D�]HWpULFD�� p�
WRPDGD�FRPR�DOJR�TXH�VHMD�FRPXP�D�XPD�FODVVH�GH�QRUPDV�SRVWDV�HP�Yi�ULRV�
kPELWRV��R�GLUHLWR�EUDVLOHLUR��R�GLUHLWR�SRUWXJXrV��R�GLUHLWR� IUDQFrV�HWF���SDUD�D�
GRJPiWLFD��R�SUREOHPD�HVWi�HP�LGHQWLILFDU�QRUPD�MXUtGLFD�GHQWUR�GH�XP�kPELWR��
TXH�R�MXULVWD�UHFHEH�FRPR�XP�GDGR��3DUD�D�GRJPiWLFD��SRUWDQWR��QmR�p�SUHFLVR�GHILQL�OD�� EDVWD� TXH� VH� SRVVD� DVVLQDOi�OD�� 7HP�VH� GH� H[DPLQDU� VHX� FDUiWHU�
SUHVFULWLYR��SDUD�PRVWUDU�VH�VmR�DSHQDV�FRPDQGRV��VH�VmR�WDPEpP�SURSRVLo}HV�
TXDOLILFDWLYDV� GD� FRQGXWD�� VH� VmR� DLQGD� UHJUDV� RUJDQL]DFLRQDLV�� (P� VHJXQGR�
OXJDU�� TXH� WLSRV� GH� UHODo}HV� VH� HVWDEHOHFHP� HQWUH� RV� DJHQWHV� VRFLDLV�� TXDO� D�
GLIHUHQoD� HQWUH� UHODo}HV� MXUtGLFDV�� S~EOLFDV� H� SULYDGDV�� TXHP� VmR� RV� VXMHLWRV�
GHVVDV�UHODo}HV�H�FRPR�VH�TXDOLILFDP�GRJPDWLFDPHQWH��R�TXH�p�XP�VXMHLWR�GH�
GLUHLWR��R�TXH�p�SHVVRD��ILVLFD�H�MXULGLFD���(P�WHUFHLUR�OXJDU��FRPR�TXDOLILFDU�RV�
DWRV� H� DV� RPLVV}HV�� TXH� p� XP� DWR� OtFLWR�� TXH� p� XP� GHOLWR�� TXH� VmR� IDWRV�
MXULGLFDPHQWH� UHOHYDQWHV�� 3RU� ILP�� FRPR� VH� FRPSRUWD� D� QRomR� GH�
LPSRVLWLYLGDGH� GR� GLUHLWR� HP� IDFH� GD� OLEHUGDGH� KXPDQD�� 2EYLDPHQWH�� QD�
H[SRVLomR�TXH�VH�VHJXH��QmR�WUDWDUHPRV�GHVVHV�WHPDV�HP�VXD�DEUDQJrQFLD��PDV�
DSHQDV�HP�VXD�JHQHUDOLGDGH��
����7(25,$�'26�&217(Ô'26�1250$7,926�28�
'2*0É7,&$�'$6�5(/$d¯(6�-85Ì',&$6�������
&RQFHLWR�GRJPiWLFR�GH�QRUPD�MXUtGLFD�
$�RSLQLmR� SUHYDOHFHQWH� QD� GRXWULQD� GRJPiWLFD� p� GH� TXH� D� QRUPD� MXUt��
GLFD�p�XPD�HVSpFLH�GH�LPSHUDWLYR�GHVSVLFRORJL]DGR��LVWR�p��XP�FRPDQGR�QR�TXDO�
QmR� VH� LGHQWLILFD� R� FRPDQGDQWH� QHP�R� FRPDQGDGR�� SRVWR� TXH�� GH� XP� ODGR�� D�
ILJXUD�GR�OHJLVODGRU�RX�TXHP�TXHU�TXH�VHMD�R�HPLVVRU�GH�QRUPDV�SDUHFH�SHUGHU�
VXD�LPSRUWkQFLD�GHSRLV�GH�SRVWD�D�QRUPD�H��GH�RXWUR��RV�GHVWLQDWiULRV�GD�QRUPD�
QmR� VH� LGHQWLILFDP�� SRVWR� TXH� QRUPDV� MXUtGLFDV� VmR� FRPDQGRV� JHQpULFRV� H�
XQLYHUVDLV��+i�SRU�LVVR�TXHP�GLJD�QmR�VH�WUDWDU��HP�DEVROXWR��GH�XP�FRPDQGR��
,VVR�p�FRUUHWR��VH�HQWHQGHPRV�SRU�FRPDQGR�DSHQDV�XP�DWR�FRPXQLFDWLYR�
LQWHUSHVVRDO��1R�HQWDQWR��VDEHPRV�TXH��QD�VRFLHGDGH�FRQWHPSRUkQHD��D
'RJPiWLFD�+HUPHQrXWLFD�RX�D�
&LrQFLD�GR�'LUHLWR�FRPR�7HRULD�
GD�,QWHUSUHWDomR�
����352%/(0$�'$�,17(535(7$d®2��
80$�,19(67,*$d®2�=(7(7,&$�
$R�GLVFLSOLQDU� D�FRQGXWD� KXPDQD��DV� QRUPDV� MXUtGLFDV�XVDP�SDODYUDV��
VLJQRV� OLQJtVWLFRV�TXH�GHYHP�H[SUHVVDU�R� VHQWLGR�GDTXLOR�TXH�GHYH� VHU��(VVH�
XVR� RVFLOD� HQWUH� R� DVSHFWR� RQRPDVLROyJLFR� GD� SDODYUD�� LVWR� p�� R� XVR� FRUUHQWH�
SDUD�D�GHVLJQDomR�GH�XP�IDWR��H�R�DVSHFWR�VHPDVLROyJLFR�� LVWR�p��VXD�VLJQLILFD��
omR�QRUPDWLYD��2V�GRLV�DVSHFWRV�SRGHP�FRLQFLGLU��PDV�QHP�VHPSUH�LVWR�RFRUUH��
2� OHJLVODGRU�� QHVVHV� WHUPRV�� XVD� YRFiEXORV� TXH� WLUD� GD� OLQJXDJHP�FRWLGLDQD��
PDV�IUHTHQWHPHQWH�OKHV�DWULEXL�XP�VHQWLGR�WpFQLFR��DSURSULDGR�j�REWHQomR�GD�
GLVFLSOLQD� GHVHMDGD�� (VVH� VHQWLGR� WpFQLFR� QmR� p� DEVROXWDPHQWH� LQGHSHQGHQWH��
PDV�HVWi�OLJDGR�GH�DOJXP�PRGR�DR�VHQWLGR�FRPXP��VHQGR��SRU�LVVR��SDVVtYHO�GH�
G~YLGDV�TXH�HPHUJHP�GD�WHQVmR�HQWUH�DPERV��$VVLP��SRU�H[HPSOR��R�&yGLJR�
&LYLO� %UDVLOHLUR� GH� ������ HP� VHX� DUW�� ������� DR� HVWDEHOHFHU� DV� UHODo}HV� GH�
SDUHQWHVFR��IDOD�GH�SDUHQWHV�HP�OLQKD�UHWD�FRPR�DV�SHVVRDV�TXH�HVWmR�XPDV�SDUD�
DV�RXWUDV�QXPD�UHODomR�GH�DVFHQGHQWHV�H�GHVFHQGHQWHV��1R�DUW��������� IDOD�GH�
SDUHQWHV�HP�OLQKD�FRODWHUDO�FRPR�DV�SHVVRDV�TXH�SURYrP��DWp�R�TXDUWR�JUDX��GH�
XP� Vy� WURQFR�� VHP� GHVFHQGHUHP� XPD�GD�RXWUD�� 2EVHUYD�VH�� GH� LQtFLR�� TXH�R�
XVR�FRPXP�GD�SDODYUD�SDUHQWH�QmR�FRLQFLGH�FRP�R�OHJDO��SHOR�PHQRV�j�PHGLGD�
TXH� YXOJDUPHQWH� QmR� VH� ID]� D� OLPLWDomR� GR� DUW��������� TXH� FRQVLGHUD� SDUHQWH�
HP� OLQKD�FRODWHUDO�D�UHODomR�FRQVDQJtQHD�DWp�R�TXDUWR�JUDX� �SRU�H[HPSOR��RV�
WDWDUDQHWRV�Mi�QmR�VmR�FRQVLGHUDGRV�SDUHQWHV
Nativanguardista
Pessoal, aqui vocês podem fazer uma leitura seletiva: introdução do 5.1, 5.1.1, 5.1.5, 5.1.5.1, 5.1.5.3, 5.1.5.4 e 5.1.6
SHOD� OHL��TXDQGR�XP�GHVFHQGH�GH�XP� ILOKR�H�RXWUR��GH�RXWUR� ILOKR�GR� WDWDUDY{��
DLQGD�TXH��YXOJDUPHQWH��PDQWHQKDP�UHODo}HV�FRQVLGHUDGDV�GH�SDUHQWHVFR��VmR�RV�
SDUHQWHV��DIDVWDGRV��RX�SULPRV��GLVWDQWHV����$�OHL��QHVVH�FDVR��SUHVXPH��SDUD�RV�
HIHLWRV� GH� GHFLGLELOLGDGH�� TXH�� DOpP�GHVVH� OLPLWH�� �R� DIDVWDPHQWR� p� WmR� JUDQGH�
TXH�R�DIHWR�H�D�VROLGDULHGDGH�QmR�RIHUHFHP�PDLV�EDVH�SRQGHUiYHO�SDUD�VHUYLU�GH�
DSRLR� jV� UHODo}HV� MXUtGLFDV�� �0RQWHLUR�� ������ Y�� ������� R� FRPHQWiULR�� IHLWR� D�
SURSyVLWR�GR�&yGLJR�&LYLO�GH�������YDOH�DLQGD�SDUD�R�GH��������6XFHGH��DOpP�
GLVVR��TXH��QR�VHQWLGR�YXOJDU��D�SDODYUD�SDUHQWH�DSOLFD�VH�WDPEpP�jV�UHODo}HV�GH�
DILQLGDGH��SDUHQWHV�DILQV��JHQUR�H�VRJUR��QRUD�H�VRJUD���DR�SDVVR�TXH�R�&yGLJR��
QHVVHV�FDVRV��QmR�XVD�R�WHUPR�SDUHQWHVFR��PDV�YtQFXOR�GH�DILQLGDGH� �DUW����������
&RQWXGR��R�SUySULR�&yGLJR�jV� YH]HV�RVFLOD� HQWUH�R� VHQWLGR� WpFQLFR�H�R�YXOJDU��
WDQWR� TXH� QR� DUW�� ������ H� QR� DUW�� ������ DFDED�SRU� IDODU� HP�SDUHQWHV� DILQV�� 1mR�
REVWDQWH�DV�GLIHUHQoDV�H�DV�RVFLODo}HV�PHQFLRQDGDV��p�GH�HQWHQGHU�D�LPSRUWkQFLD�
GR� H[DWR� FRQKHFLPHQWR� GR� VHQWL�GR� GHVWDV� UHODo}HV�� SRVWR� TXH� WrP�
FRQVHTrQFLDV� SDUD� D� GLVWULEXLomR� GH� GLUHL�WRV�� REULJDo}HV� H� UHVWULo}HV�� TXH�
SRGHP�YDULDU�TXDQGR�GHFRUUHP�GR�YtQFXOR�FRQMXJDO��RX�GD�FRQVDQJLQLGDGH��RX�
GD�DILQLGDGH��YHMDP�VH��SRU�H[HPSOR��RV�LPSHGLPHQWRV�PDWULPRQLDLV��RV�GLUHLWRV�
VXFHVVyULRV�HWF����
$� GHWHUPLQDomR� GR� VHQWLGR� GDV� QRUPDV�� R� FRUUHWR� HQWHQGLPHQWR� GR�
VLJQLILFDGR� GRV� VHXV� WH[WRV� H� LQWHQo}HV�� WHQGR� HP� YLVWD� D� GHFLGLELOLGDGH� GH�
FRQIOLWRV�FRQVWLWXL�D� WDUHID�GD�GRJPiWLFD�KHUPHQrXWLFD��7UDWD�VH�GH�XPD�ILQDOL��
GDGH�SUiWLFD��QR�TXH�VH�GLVWLQJXH�GH�REMHWLYRV�VHPHOKDQWHV�GDV�GHPDLV�FLrQFLDV�
KXPDQDV��1D� YHUGDGH�� R� SURSyVLWR� EiVLFR� GR� MXULVWD� QmR� p� VLPSOHVPHQWH� FRP��
SUHHQGHU� XP� WH[WR�� FRPR� ID]�� SRU� H[HPSOR�� R� KLVWRULDGRU� DR� HVWDEHOHFHU�OKH� R�
VHQWLGR�H�R�PRYLPHQWR�QR�VHX�FRQWH[WR��PDV�WDPEpP�GHWHUPLQDU�OKH�D�IRUoD�H�R�
DOFDQFH�� SRQGR� R� WH[WR� QRUPDWLYR� HP� SUHVHQoD� GRV� GDGRV� DWXDLV� GH� XP�
SUREOHPD��2X�VHMD�� D� LQWHQomR�GR� MXULVWD�QmR�p�DSHQDV�FRQKHFHU��PDV�FRQKHFHU�
WHQGR�HP�YLVWD�DV�FRQGLo}HV�GH�GHFLGLELOLGDGH�GH�FRQIOLWRV�FRP�EDVH�QD�QRUPD�
HQTXDQWR�GLUHWLYR�SDUD�R�FRPSRUWDPHQWR��
1R� &DStWXOR� ��� RFXSDPR�QRV� GD� GRJPiWLFD� GH� PRGHOR� DQDOtWLFR�� FXMD�
WDUHID� JLUD� HP� WRUQR� GD� LGHQWLILFDomR� GR� GLUHLWR�� 3DUD� FXPSUL�OD�� HP� IDFH� GR�
SULQFtSLR� GD� LQHJDELOLGDGH� GRV� SRQWRV� GH� SDUWLGD�� XWLOL]D�VH� GH� XP� FRQFHLWR�
IXQGDPHQWDO�� D� YDOLGDGH�� (� SUHFLVR� UHFRQKHFHU� D� QRUPD� MXUtGLFD�� SRQWR� GH�
SDUWLGD� GR� VDEHU� GRJPiWLFR��$� GRXWULQD�� SRUpP�� FRPR� HVWDPRV� YHQGR�� QmR� VH�
OLPLWD�D� LGHQWLILFDU�R�GLUHLWR�� DSRQWDU�DV�FRQGLo}HV�SDUD�TXH�GHWHUPLQDGRV�DWRV�
LQVWLWXFLRQDOL]DGRV�FRQVWLWXDP�VXD�IRQWH��QHP�RUJDQL]DU�R�FRQMXQWR�GDV�UHODo}HV�
HQWUH� DV� QRUPDV� RX� HQWUH� VHXV� FRQWH~GRV� QD� IRUPD� GH� XP� VLVWHPD�� (� SUHFLVR�
WDPEpP� GHWHUPLQDU� VRE� TXH� FRQGLo}HV� R� GLUHLWR� LGHQWLILFDGR� VHUi� HQWHQGLGR��
&RQIRUPH� R� SULQFtSLR� GD� LQHJDELOLGDGH� GRV� SRQWRV� GH� SDUWLGD�� FXPSUH� DJRUD�
LQWHUSUHWDU�� LVWR� p�� IL[DU� XP� VHQWLGR� EiVLFR�� $VVLP�� SRU� H[HPSOR�� VH� XPD�
FRQVWLWXLomR�JDUDQWH�D�WRGRV�RV�FLGDGmRV�D� OLEHUGDGH�H�D�LJXDOGDGH�QR�H[HUFtFLR�
GR�WUDEDOKR��p�SUHFLVR�GL]HU�TXDO�R�VLJQLILFDGR�DWULEXtGR�D�FLGDGmR�
1XP�SULPHLUR�VHQWLGR��SRGHPRV�SHQVDU�HP�WRGRV�RV�TXH�QDVFHP�QR�SDtV�RX�VmR�
ILOKRV�GH�SDLV�TXH�Oi�QDVFHUDP��QDFLRQDOLGDGH�GD�FLGDGDQLD��1R�HQWDQWR��SRGHPRV�
WDPEpP� HVWHQGHU� R� VLJQLILFDGR�� GH� PRGR� TXH� YHQKD� D� DEUDQJHU� WDPEpP� RV�
HVWUDQJHLURV��GHVGH�TXH�YLYDP�QR�SDtV��9LYHU�QR�SDtV��SRUpP��SRGH�VLJQLILFDU�XPD�
SDVVDJHP� WHPSRUiULD� RX� SHUPDQHQWH�� $OpP� GLVVR�� PHVPR� QR� FDVR� GH�
SHUPDQrQFLD��Ki�RV�TXH�WrP�GXSOR�GRPLFLOLR��XP�QR�SDtV��RXWUR�QR�HVWUDQJHLUR��
+i� WDPEpP� DTXHOHV� TXH�� HPERUD� YLYDP�� VHMDP� GRPLFLOLD�GRV� DSHQDV� QR�
HVWUDQJHLUR�� YrP� DR� WHUULWyULR� QDFLRQDO� SDUD� WUDEDOKDU� FRPR� UHSUHVHQWDQWHV� GH�
ILUPDV� HVWUDQJHLUDV�� SHUPDQHFHQGR� SRU� GLDV� RX� VHPDQDV��1RWDPRV�� SRLV�� TXH� D�
GHWHUPLQDomR�GR�VHQWLGR�EiVLFR�HQYROYH�GLILFXOGDGHV�TXH�QmR�VH�UHVROYHP�DSHQDV�
FRP�D�LQYRFDomR�GD�QRUPD�UHFRQKHFLGD�FRPR�YiOLGD��)D]�PLVWHU��HQWmR��HQFRQWUDU�
UHJUDV�SDUD�D�GHWHUPLQDomR�GR�VHQWLGR�GDV�SDODYUDV�RX�VLJQRV�OLQJtVWLFRV��
������)XQomR�VLPEyOLFD �GD �OtQJXD�
9HMDPRV��HP�SULPHLUR�OXJDU��R�TXH�VmR�RV�VLJQRV�GRV�TXDLV�HVWDPRV� ID��
ODQGR��7RPHPRV�R�VHJXLQWH�WH[WR���6H�R�SDJDPHQWR�IRU�IRUD�GR�SUD]R�� LQFLGLUi�
PXOWD�GH������2�6U��)UHLWDV�SDJRX�IRUD�GR�SUD]R��ORJR�GHYH�D�PXOWD���$OJXPDV�
SDODYUDV�GHVWH�WH[WR�VLJQLILFDP�DOJR��$VVLP��SRU�H[HPSOR��SUD]R��PXOWD�SDJRX��6U��
)UHLWDV��6LJQLILFDU�p�DSRQWDU�SDUD�DOJR�RX�HVWDU�HP�OXJDU�GH�DOJR��6LJQR�p��SRLV��
XP�HQWH�TXH�VH�FDUDFWHUL]D�SRU�VXD�PHGLDWLGDGH�� DSRQWD�SDUD�DOJR�GLVWLQWR�GH�VL�
PHVPR�� $� IXQomR� VLJQLILFDWLYD� SRGH� VHU� H[HUFLGD� SRU� HPEOHPDV�� GLVWLQWLYRV��
URXSDV�HWF��2V�VLJQRV� OLQJtVWLFRV� WrP�SRU�EDVH�VRQV�RX� IRQHPDV��2� IRQHPD� p�
XP� VRP�TXH�� HP�GHWHUPLQDGR� FRQWH[WR�� VH� GLVWLQJXH�� SRU� H[HPSOR�&$�6$��$�
MXQomR� GRV� IRQHPDV� p� EDVH�� HP� SRUWXJXrV�� SDUD� XP� VLJQR�� R� VLJQR� QmR� VH�
FRQIXQGH� FRP� D� EDVH� IRQpWLFD�� HPERUD� VHMD� QHFHVViULR� VHPSUH� TXH� KDMD� XPD�
EDVH� PDWHULDO�� SHUFHEHPRV� LVVR� TXDQGR� REVHUYDPRV�� SRU� H[HPSOR�� D� EDVH�
IRQpWLFD�0$1�*$��TXH�VHUYH�WDQWR�SDUD�R�VLJQR�IUXWD��TXDQWR�SDUD�R�VLJQR�SDUWH�
GR�YHVWXiULR��3RU�RXWUR� ODGR��GRLV� VLJQRV��DEVWUDomR� IHLWD�GH�VXD�EDVH� IRQpWLFD��
SRGHP� WHU� D� PHVPD� RX� VHPHOKDQWH� VLJQLILFDomR�� 3RU� H[HPSOR��02�5$�',�$��
&$�6$��(PERUD� FRP� EDVHV� IRQpWLFDV� GLIHUHQWHV��SRGHPRV� GL]HU� TXH�RV� VLJQRV�
WrP� VLJQLILFDomR� VHPHOKDQWH�� &RVWXPD�VH� ID]HU� XPD� GLIHUHQoD� HQWUH� VLJQRV�
QDWXUDLV�H�DUWLILFLDLV��([HPSOR�GR�SULPHLUR�� D�XPLGDGH�GD� WHUUD�p� VLJQR�GH�TXH�
FKRYHX��2V�VLJQRV�DUWLILFLDLV�VmR�HODERUDGRV�SRU�VHUHV�KXPDQRV��SRU�H[HPSOR��D�
SUySULD� SDODYUD� XPLGDGH�� 2V� VLJQRV� DUWLILFLDLV� VmR� FKDPDGRV� GH� VtPERORV�� 2V�
VLJQRV�OLQJtVWLFRV��FRP�EDVH�IRQpWLFD��VmR�VtPERORV��
0XOWD��SUD]R��6U��)UHLWDV��SDJDU� VmR�VtPERORV��+i��SRUpP��XPD�GLIHUHQoD�
HQWUH� )UHLWDV� H� RV� GHPDLV�� )UHLWDV�� FRVWXPD�VH� GL]HU�� p� XP� QRPH�� LVWR� p�� XP�
VtPEROR�TXH�LQGLYLGXDOL]D�DTXLOR�SDUD�R�TXH�DSRQWD��2V�GHPDLV�VmR�SUHGLFDGRUHV��
LVWR�p��GHVLJQDP�HP�JHUDO��4XDQGR�WHPRV�D�QHFHVVLGDGH�GH�LQGLYLGXDOL�
]DU�� PDV� Vy� SRVVXtPRV� SUHGLFDGRUHV�� SUHFLVDPRV� GH� RXWURV� LQVWUXPHQWRV�� RV�
LGHQWLILFDGRUHV��FRPR�VmR�RV�SURQRPHV�GHPRQVWUDWLYRV��SRU�H[HPSOR��HVWH��HVWD��
DTXLOR�� DTXHOH� HWF���� $VVLP�� R� 6U�� )UHLWDV� GHYHUi� SDJDU� QmR� XPD� PXOWD�� PDV�
�DTXHOD� PXOWD�� TXH� GHFRUUH� GR� LQDGLPSOHPHQWR� GH� VXD� GtYLGD� QDTXHOH� SUD]R�
GHWHUPLQDGR�SHOD� QRUPD���(VVH�FRQMXQWR�LQGLYLGXDOL]D�D�PXOWD��DLQGD�TXH�SDUD�
HOD� QmR� WHQKDPRV� XP� QRPH� SUySULR�� (VVHV� FRQMXQWRV� LQGLYLGXDOL]D�GRUHV� GH�
SUHGLFDGRUHV�FKDPDP�VH�GHVFU Lo}HV��
2V� VtPERORV�� WRPDGRV� LVRODGDPHQWH�� QDGD� VLJQLILFDP�� $VVLP�� PHVD�
VLJQLILFD�TXDQGR�XVDGD��3DUD�TXH�XP�VtPEROR�VH� WRUQH�WDO��HOH�WHP�GH�DSDUHFHU�
QXP� DWR� KXPDQR�� R� DWR� GH� IDODU�� )DODU� p� DWULEXLU� VtPERORV� D� DOJR�� IDODU� p�
SUHGLFDU���,VWR�p�XPD�PHVD���8PD� OtQJXD��DVVLP��p�XP�UHSHU WyU LR� GH�VtPERORV�
LQWHU�UHODFLRQDGRV� QXPD� HVWUXWXUD� �DV� UHJUDV� GH� XVR��� 3RU� LVVR�� TXHP� ID]� XP�
GLFLRQiULR� FRVWXPD� FRORFDU�� SDUD� FDGD� VtPEROR�� RV� XVRV� TXH�GHOH� VH� ID]HP� DR�
IDODU��+i��SRLV��XPD�GLVWLQomR�D�ID]HU�HQWUH�OtQJXD�H�IDOD��RX�GLVFXUVR���$�OtQJXD�
p�XP�VLVWHPD�GH�VtPERORV�H�UHODo}HV��$�IDOD�UHIHUH�VH�DR�XVR�DWXDO�GD�OtQJXD��(P�
WHUPRV�GD� IDOD��RV� VtPERORV� VmR�HVTXHPDV�GH� DomR��GD�DomR�GH� IDODU�� FRPR�RV�
SDVVRV�GD�GDQoD�VmR�HVTXHPDV�GD�DomR�GH�GDQoDU��
&RPR�RV�VtPERORV��LVRODGDPHQWH��QDGD�VLJQLILFDP��SHUFHEHPRV�GHVGH�Mi�
TXH�QmR�WHP�PXLWR�VHQWLGR�D�SHUJXQWD��TXH�p�D�PHVD�HP�VL"�$�UHVSRVWD�WH�ULD�GH�
VHU��GHSHQGH�GR�XVR��LVWR�p��GRV�GLVFXUVRV�RX�IDODV�SRVVtYHLV��2UD��QRWD�PRV��QR�
FDVR�PHVD�� TXH� p� SRVVtYHO� GL]HU�� D�PHVD� HVWi� TXHEUDGD�� R� SUHVLGHQWH� GD�PHVD�
ILFRX� IXULRVR�� QDTXHOD� IDPtOLD� D� PHVD� p� IDUWD� HWF�� &RP� RV� PHVPRV� IRQHPDV��
H[SUHVVDPRV� VtPERORV� TXH� JXDUGDP� RX� QmR� FHUWD� SUR[LPLGDGH� HQWUH� VL�� 3DUD�
HQWHQGHU� FRUUHWDPHQWH� R� TXH� GL]� DOJXpP� TXDQGR� IRUPXOD� DOJXPD� GDTXHODV�
IUDVHV�� p�SUHFLVR�HVWDU�GH�SRVVH�GH�XP� LQVWUXPHQWR�TXH�QRV�SHUPLWD�GHFLIUDU� D�
SDODYUD�HP�VHX�FRQWH[WR��
3DUD� HQWHQGHU� FRPR� VH� RUJDQL]DP� DV� IDODV�� SRUWDQWR�� SDUWLPRV� GDV� VH��
JXLQWHV�SUHPLVVDV��
D�� RV�VtPERORV��QRPHV�RX�SUHGLFDGRUHV��QDGD�VLJQLILFDP�LVRODGD��
PHQWH��
E�� R�TXH�OKHV�FRQIHUH�VLJQLILFDomR�p�VHX�XVR��
F�� XPD�OtQJXD�DGPLWH�XVRV�GLYHUVRV�SDUD�RV�VtPERORV��
G�� D�PDLRULD�GRV�VtPERORV�GD�OtQJXD�QDWXUDO�p�VHPDQWLFDPHQWH�YDJD�H�
DPEtJXD��
H�� XP�VtPEROR�p�YDJR�TXDQGR�VHX�SRVVtYHO�FDPSR�GH�UHIHUrQFLD�p� LQ��
GHILQLGR��SRU�H[HPSOR��QD�SUHVFULomR��PDWDU�DOJXpP��SHQD�GH�[�DQRV�
GH�SULVmR���TXDOTXHU�MXULVWD�GLUi�TXH�D�SDODYUD�DOJXpP�p�XPD�YDULiYHO�
TXH� GHYH� VHU� SUHHQFKLGD� SRU� TXDOTXHU� SHVVRD�� QR� HQWDQWR�� TXDQGR�
WHPRV�XPD�SHVVRD"�R�IHWR�p�Mi�XPD�SHVVRD"�XP�FDGiYHU�p�DLQGD�XPD�
SHVVRD"� 2� H[HPSOR� PRVWUD� TXH� D� SDODYUD� p� YDJD�� SRLV� GHQRWD� XP�
FDPSR�GH�REMHWRV��H[WHQVmR��QmR�FODUDPHQWH�GHILQLGR�
TXDQGR�GHILQLPRV�R�FDPSR�GRV�REMHWRV�TXH�R� VtPEROR� GHQRWD�� WH��
PRV� XPD� GHILQLomR� GHQRWDWLYD� RX� GHILQLomR� SHOD� H[WHQVmR�� SRU�
H[HPSOR�� �SHVVRDV� VmR� WRGRV� RV� VHUHV� KXPDQRV�� GR�PRPHQWR� HP�
TXH�QDVFHP�DWp�TXDQGR�PRUUHP���
2�XP�VtPEROR�p�DPEtJXR�TXDQGR�p�SRVVtYHO�XVi�OR�SDUD�XP�FDPSR�GH�
UHIHUrQFLD� FRP� GLIHUHQWH� LQWHQVmR� �FRP� V� QmR� FRP� o��� LVWR� p��
PDQLIHVWDQGR� TXDOLGDGHV� GLYHUVDV�� SRU� H[HPSOR�� QD� SUHVFULomR�
�VHGX]LU�PXOKHU�KRQHVWD��SHQD�[���D�SDODYUD�KRQHVWD� WHP�XP�VHQWL��
GR� LQGHILQLGR�� SRLV� FRQRWD� YiULDV� VLJQLILFDo}HV�� TXDQGR� OKH�GHILQL��
PRV� R� VHQWLGR�� H� GHOLPLWDPRV� VXD� LQWHQVmR�� WHPRV� XPD� GHILQLomR�
FRQRWDWLYD�RX�SHOD� LQWHQVmR��SRU�H[HPSOR��HQWHQGH�VH�SRU�KRQHVWD�D�
PXOKHU� TXH� PDQLIHVWD� QR� FRPSRUWDPHQWR� DV� VHJXLQWHV� TXDOLGD��
GHV������
J�� PHVPR�TXDQGR�D�FRQRWDomR�H�D�GHQRWDomR�VmR�GHILQLGDV��R�XVR�GRV�
VtPERORV�H[LJH�XPD�FRUUHWD�FRPELQDWyULD�HQWUH�HOHV��QHP�WR�GRV�VH�
FRPELQDP� HQWUH� VL�� SRU� H[HPSOR�� p� SRVVtYHO� GL]HU� �PXOKHU�
KRQHVWD���PDV�QmR��PXOKHU�DGPLUDYHOPHQWH���SRLV�XP�DGYpUELR�QmR�
PRGLILFD�XP�VXEVWDQWLYR��RUD��DV�FRQH[}HV�VLQWiWLFDV�HQWUH�VtPERORV�
SRGHP� WUD]HU� GLILFXOGDGHV�� FRPR� p� R� FDVR� GR� GLVSRVLWLYR�� �6mR�
IDFXOWDGRV� D� LQWHUYHQomR� GR� (VWDGR� QR� GRPtQLR� HFRQ{PLFR� H� R�
PRQRSyOLR� GH� GHWHUPLQDGD� LQG~VWULD� RX� DWLYLGDGH�� PHGLDQWH� OHL�
IHGHUDO��TXDQGR�LQGLVSHQViYHO�SRU�PRWLYR�GH�VHJXUDQoD�QDFLRQDO�RX�
SDUD�RUJDQL]DU� VHWRU�TXH�QmR� SRVVD� VHU�GHVHQYROYLGR� FRP�HILFiFLD�
QR� UHJLPH� GH� FRPSHWLomR� H� GH� OLYUH� LQLFLDWLYD�� DVVHJXUDGRV� RV�
GLUHLWRV� H� JDUDQWLDV� LQGLYLGXDLV��� SRGH�VH� SHUJXQWDU� VH� R� DGMHWLYR�
JULIDGR�VH�UHIHUH�DSHQDV�D�PRQRSyOLR�RX�WDPEpP�D� LQWHUYHQomR��SRLV��
VH� GH� XP� ODGR� QmR� IOH[LRQD�� GH� RXWUR� QDGD� LPSHGH� TXH� VH� OHLD�
�TXDQGR��LVWR��RX�VHMD��DPERV��IRU��LQGLVSHQViYHO�HWF����
K�� SRU�~OWLPR��RV�VtPERORV�DGPLWHP�XVRV�GLIHUHQWHV�HP�WHUPRV�GH�TXH�
VmR� GLIHUHQWHV� VXDV� IXQo}HV� SUDJPiWLFDV�� LVWR� p�� VHUYHP� SDUD�
SURSyVLWRV�GLVWLQWRV��DVVLP��R�VHJXLQWH�WH[WR� ���DV�SUDLDV� VmR�GH�XVR�
FRPXP�� �� SRGH� VHU� PHUD� GHVFULomR� �XVR� GHVFULWLYR��� SRGH� HVWDU�
H[SUHVVDQGR�XP�VHQWLPHQWR��QXP�SURWHVWR�SROtWLFR��XVR� H[SUHVVLYR���
SRGH�VHU�XPD�UHJUD�JHUDO�GH�FRQGXWD��XVR�GLUHWLYR���RX�SRGH�VHU�XPD�
LQGLFDomR� SDUD� TXH� DOJXpP� UHWLUH� XPD� FHUFD� �XVR� RSHUDWLYR��� QR�
FRQWH[WR�SUDJPiWLFR��RV�VtPERORV�FRQWrP�XPD�FDUJD�HPRFLRQDO�TXH�
SRGH� SURGX]LU� DOWHUDo}HV� QD� VLJQLILFDomR�� DR� PRVWUDU� GLIHUHQoD� QD�
IXQomR�� DVVLP�� D� HQWRQDomR� FRP� TXH� VH� Or� XP� GLVSRVLWLYR��
�HQULTXHFLPHQWR� VHP� FDXVD��� VH� DFHQWXDPRV� �HQULTXHFL�PHQWR��
SRGHPRV� HVWDU� TXHUHQGR�GL]HU� TXH� R� HQULTXHFLPHQWR�� DQWHV� GH�PDLV�
QDGD��GHYH�VHU�VLJQLILFDWLYR��VH�DFHQWXDPRV��VHP
FDXVD���R�LPSRUWDQWH�p�TXH��VHMD�TXDO�IRU��R�HQULTXHFLPHQWR�VHMD�
LQMXVWLILFDGR��
2UD��GLDQWH�GHVVDV�SUHPLVVDV��TXH�GHYHPRV�HQWHQGHU�SRU� LQWHUSUHWDomR"�
'LVVHPRV� TXH� D� IDOD� VH� UHIHUH� DR� XVR� DWXDO� GD� OtQJXD�� )DODU� p� GDU� D� HQWHQGHU�
DOJXPD�FRLVD�D�DOJXpP�PHGLDQWH�VtPERORV� OLQJtVWLFRV��$� IDOD��SRUWDQWR��p�XP�
IHQ{PHQR�FRPXQLFDWLYR�� ([LJH� XP� HPLVVRU�� XP� UHFHSWRU� H� D� WURFD� GH�
PHQVDJHQV�� $Wp� R� GLVFXUVR� VROLWiULR� H� PRQROyJLFR� SUHVVXS}H� R� DXGLWyULR�
XQLYHUVDO� H� SUHVXPLGR� GH� WRGRV� H� TXDOTXHU� XP�� DR� TXDO� QRV� GLULJLPRV�� SRU�
H[HPSOR��TXDQGR�HVFUHYHPRV�XP�WH[WR�RX�TXDQGR�DUWLFXODPRV��HP�VLOrQFLR��XP�
GLVFXUVR��DR�SHQVDU��6HP�R�UHFHSWRU��SRUWDQWR��QmR�Ki�IDOD��$OpP�GLVVR��H[LJH�VH�
TXH�R�UHFHSWRU�HQWHQGD�D�PHQVDJHP��LVWR�p��VHMD�FDSD]�GH�UHSHWL�OD��
(VVD� p� XPD�GLIHUHQoD� LPSRUWDQWH� HQWUH� D� IDOD� H� RXWUDV� IRUPDV� FRPXQL��
FDWLYDV��FRPR�SRU�H[HPSOR��D�P~VLFD��(�SRVVtYHO�RXYLU�XPD�SHoD�DR�SLDQR��UH��
FHEHQGR�D�FRPXQLFDomR��VHP�TXH�R�RXYLQWH�GHYD�VHU�FDSD]�GH�UHSHWL�OD��,VWR�p��D�
FRPXQLFDomR�PXVLFDO�QmR�SUHVVXS}H�QR�UHFHSWRU�D�PHVPD�FDSDFLGDGH��,VVR�QmR�
RFRUUH�FRP�D�IDOD��6H�R�RXYLQWH�QmR�p�GRWDGR�GD�PHVPD�FDSDFLGDGH��R�GLVFXUVR�
QmR�RFRUUH���IDODU��HP�SRUWXJXrV�D�XP�FKLQrV�H�ROKDU�VHX�DU�GH�GHVDPSDUR�QmR�p�
IDODU��
3RU� LVVR�D� IDOD� p�XP�PRGR�FRPXQLFDULYR�HVSHFLDO�TXH�HQYROYH�PHQVD��
JHQV� FRPSOH[DV�� GLVWLQJXLQGR�VH� D� PHQVDJHP� TXH� HPDQDPRV� �� UHODWR� �� H� D�
PHQVDJHP�TXH�HPDQD�GH�QyV���FRPHWLPHQWR��2�UHODWR��SRU�H[HPSOR���VHQWH�VH���
p� VHPSUH� DFRPSDQKDGR�GH�XP�FRPHWLPHQWR� �� D�RUGHP� SDUD� VHQWDU�VH� TXH�� QD�
HVFULWD��VH�H[SUHVVD�SHOR�SRQWR�GH�H[FODPDomR��2UD��H[LJLQGR�D�IDOD�D�RFRUUrQFLD�
GR�HQWHQGLPHQWR��HVWH�QHP�VHPSUH�FRUUHVSRQGH�j�PHQVDJHP�HPDQDGD��2X�VHMD��
TXHP�HQYLD�D�PHQVDJHP�FRPXQLFD�XP�FRPSOH[R�VLPEyOLFR�TXH�p�VHOHFLRQDGR�
SHOR� RXYLQWH�� (VWH� HVFROKH�� SRU� DVVLP� GL]HU�� GR� FRPSOH[R�� DOJXPDV�
SRVVLELOLGDGHV� TXH� QmR� FRLQFLGHP� QHFHVVDULDPHQWH� FRP� D� VHOHWLYLGDGH� GR�
HPLVVRU�� 3RU� H[HPSOR�� R� HPLVVRU� GL]�� WLUH� D� PmR� GD� ERFD�� H� R� UHFHSWRU�
SHUPDQHFH� FRP� RV� GHGRV� URoDQGR� RV� OiELRV�� (VVD� QmR�FRLQFLGrQFLD� HQWUH� D�
VHOHWLYLGDGH�GR�HPLVVRU�H�D�GR�UHFHSWRU�FRQVWLWXL�D�FRQWLQJrQFLD�GXSOD��GH�ODGR�D�
ODGR��GD�IDOD��
3RGHPRV� FKDPDU� HVVD� VHOHWLYLGDGH� GH� LQWHUSUHWDomR�� ,QWHUSUHWDU�� SRU��
WDQWR�� p� VHOHFLRQDU� SRVVLELOLGDGHV� FRPXQLFDWLYDV� GD� FRPSOH[LGDGH� GLVFXUVLYD��
'L]HPRV� WDPEpP�� HP� FRQVHTrQFLD�� TXH� WRGD� LQWHUSUHWDomR� p� GXSODPHQWH�
FRQWLQJHQWH�� 2UD�� HVVD� FRQWLQJrQFLD� WHP� GH� VHU� FRQWURODGD�� RX� D� IDOD� QmR� VH�
UHDOL]D�� 3DUD� VHX� FRQWUROH� SUHFLVDPRV� GH� FyGLJRV�� LVWR� p�� VHOHWLYLGDGHV� IRUWDOH��
FLGDV� D� TXH� DPERV� RV� FRPXQLFDGRUHV� WrP� DFHVVR�� TXH� SRGHP� VHU� IUXWR� GH�
FRQYHQo}HV�LPSOtFLWDV�RX�H[SOtFLWDV��
2V�FyGLJRV��SRUpP��VmR��GH�QRYR��GLVFXUVRV�TXH�SUHFLVDP�LJXDOPHQWH�VHU�
LQWHUSUHWDGRV��7HPRV��DVVLP��FyGLJRV�VREUH�FyGLJRV��R�TXH�WRPD�D�IDOD
DLQGD�PDLV�FRPSOH[D��e�QHVVH�XQLYHUVR�GH�FRPSOH[LGDGHV��SRLV��TXH�VH�FRORFD�R�
SUREOHPD�GD�LQWHUSUHWDomR�MXUtGLFD��
2UD��GLDQWH�GHVVDV�REVHUYDo}HV��p�SRVVtYHO��SRLV��GL]HU�TXH��SDUD� LQWHU��
SUHWDU��WHPRV�GH�GHFRGLILFDU�RV�VtPERORV�QR�VHX�XVR��H�LVVR�VLJQLILFD�FRQKHFHU��
OKHV� DV� UHJUDV� GH� FRQWUROH� GD� GHQRWDomR� H� FRQRWDomR� �UHJUDV� VHPkQWLFDV��� GH�
FRQWUROH� GDV� FRPELQDWyULDV� SRVVtYHLV� �UHJUDV� VLQWiWLFDV�� H� GH� FRQWUROH� GDV�
IXQo}HV��UHJUDV�SUDJPiWLFDV���
������'HVDILR�NHOVHQLDQR��LQWHUSUHWDomR�DXWrQWLFD�H�
GRXWULQiULD�
$�LGpLD�GH�TXH�LQWHUSUHWDU� MXULGLFDPHQWH�p�GHFRGLILFDU�FRQIRUPH�UHJUDV�
GH�XVR�p��SRUpP��PXLWR�VLPSOHV�SDUD�VHU�DFHLWD�GHVWD�PDQHLUD��$ILQDO��QR�VHQWLGR�
GD� KHUPHQrXWLFD� MXUtGLFD�� HOD� FRQGX]�QRV� D� XP� DUELWUiULR� TXH� S}H� ILP� j�
VXFHVVmR�GH� LQWHUSUHWDo}HV�TXH�GHFRGLILFDP� LQWHUSUHWDo}HV�H�DVVLP�SRU�GLDQWH��
,VVR�FDUDFWHUL]D� D� LQWHUSUHWDomR�GRJPiWLFD� H�� DR�PHVPR� WHPSR�� FRQVWLWXL� VHX�
SUREOHPD�WHyULFR��LVWR�p��D�GLILFXOGDGH�EiVLFD�SDUD�D�WHRUL]DomR�GRJPiWLFD�VREUH�
D�LQWHUSUHWDomR��
(VVD� GLILFXOGDGH� SRGH� VHU� VHQWLGD� TXDQGR� WRPDPRV�� SRU� H[HPSOR�� XP�
DXWRU� FRPR�.HOVHQ�� FXMR� HVIRUoR� WHyULFR�� HP� VXDV� REUDV�� IRL� R� GH� FRQIHULU� j�
GRXWULQD��DR� VDEHU�GRJPiWLFR�� XP� HVWDWXWR� UHFRQKHFLGDPHQWH� FLHQWtILFR��.HO��
VHQ�FRORFD�D�TXHVWmR�GH�VDEHU�VH�p�SRVVtYHO�XPD� WHRULD�FLHQWtILFD�GD� LQWHUSUH��
WDomR� MXULGLFD� TXH� QRV� SHUPLWD� IDODU� GD� YHUGDGH� GH� XPD� LQWHUSUHWDomR�� HP�
RSRVLomR�j�IDOVLGDGH��
$R� ILQDO�GH�VHX�YROXPH�GHGLFDGR�j�7HRULD�3XUD�GR�'LUHLWR���������GH��
SRLV�GH�WHU�HQIUHQWDGR�R�SUREOHPD�GH�FRPR�HVWDEHOHFHU�RV�SDUkPHWURV�SDUD�XPD�
FLrQFLD� GR� GLUHLWR� HQTXDQWR� WHRULD� VLVWHPiWLFD� GDV� QRUPDV�� HQFRQWUDPRV� XPD�
H[SODQDomR� VREUH� D� LQWHUSUHWDomR� MXUtGLFD� TXH�� QR�HQWDQWR��QRV� IUXVWUD�� SRUTXH�
QmR�IRUQHFH�QHQKXPD�EDVH�SDUD�D�KHUPHQrXWLFD�GRJPiWLFD��
1HVVH� WH[WR�� VXUJH� D� GLVWLQomR� HQWUH� LQWHUSUHWDomR� DXWrQWLFD� H� GRXWUL��
QiULD�� $� SULPHLUD�� GL]� HOH�� p� D� TXH� p� UHDOL]DGD� SRU� yUJmRV� FRPSHWHQWHV� �QR�
VHQWLGR�MXUtGLFR�GD�H[SUHVVmR���$�VHJXQGD��SRU�HQWHV�TXH�QmR�WrP�D�TXDOLGDGH�
GH�yUJmRV��
3DUD�.HOVHQ��TXDQGR�XP�yUJmR�VH�SURQXQFLD� VREUH�R�FRQWH~GR�GH�XPD�
QRUPD��SRU�H[HPSOR��R�MXL]�TXDQGR�GHWHUPLQD�R�VHQWLGR�GH�XPD�OHL�QR�SURFHVVR�
GH� DSOLFDomR�� SURGX]� XP� HQXQFLDGR� QRUPDWLYR�� &RPR� TXDOTXHU� QRUPD�� HVVH�
HQXQFLDGR� p� YLQFXODQWH�� ,VVR� HVWi� QD� EDVH� GH� VXD�GLVFXVVmR� GD� KHUPHQrXWLFD��
$VVLP��D�FRQWUDULR�VHQVX�� WRGR�HQWH�TXH�QmR�p�yUJmR��DR� LQWHUSUHWDU�� DLQGD�TXH�
GLJD� TXDO� GHYD� VHU� R� VHQWLGR� GH� XPD� QRUPD�� QmR� SURGX]� XP� HQXQFLD�GR�
YLQFXODQWH��$TXHOH�GHYHU�VHU�QmR�WHP��SRLV��FDUiWHU�GH�QRUPD��(�R�FDVR�
SRU� H[HPSOR�� GH� XP� SDUHFHU� MXUtGLFR� RX� GH�XPD�RSLQLmR� GRXWULQiULD� H[DUDGD�
QXP�OLYUR��
([DPLQHPRV� PDLV� GH� SHUWR� R� DWR� LQWHUSUHWDWLYR�� 4XDQGR� VH� WUDWD� GH�
yUJmR�� RFRUUH� XPD� GHWHUPLQDomR� GR� VHQWLGR� GR� FRQWH~GR� GD� QRUPD�� H� HVVD�
GHWHUPLQDomR�p�YLQFXODQWH��2�yUJmR�LQWHUSUHWDQWH�GHILQH�OKH�R�VHQWLGR��'HILQLU��
GR� ODWLP� ILQLV�� VLJQLILFD� HVWDEHOHFHU� OLPLWHV�� IURQWHLUDV�� (VVD� GHILQLomR�� GL]�
.HOVHQ�� p�SURGXWR�GH�XP�DWR�GH�YRQWDGH��7UDWD�VH�GH�XP� �HX�TXHUR��H� QmR�GH�
XP� �HX� VHL��� (� VXD� IRUoD� YLQFXODQWH�� D� FDSDFLGDGH� GH� R� VHQWLGR� GHILQLGR� VHU�
DFHLWR� SRU� WRGRV�� UHSRXVD� QD� FRPSHWrQFLD� GR� yUJmR� �TXH� SRGH� VHU� R� MXL]�� R�
SUySULR� OHJLVODGRU�TXDQGR� LQWHUSUHWD�R�FRQWH~GR�GH�XPD�QRUPD�FRQVWLWXFLRQDO��
DV�SDUWHV� FRQWUDWDQWHV�� TXDQGR�QXP�FRQWUDWR� LQWHUSUHWDP� D� OHL� HWF����+DYHQGR�
G~YLGDV�VREUH�R�VHQWLGR�HVWDEHOHFLGR��UHFRUUH�VH�D�XPD�DXWRULGDGH�VXSHULRU�DWp�
TXH� XPD� ~OWLPD� H� GHFLVLYD� FRPSHWrQFLD� R� HVWDEHOHoD� GHILQLWLYDPHQWH�� $�
VHTrQFLD�p�GH�XP�DWR�GH�YRQWDGH�SDUD�RXWUR�GH�FRPSHWrQFLD�VXSHULRU��
.HOVHQ�� HYLGHQWHPHQWH�� QmR� GHVFRQKHFH� H� DWp� UHFRQKHFH�TXH� WDLV� DWRV�
GH�YRQWDGH�HVWHMDP�EDVHDGRV�HP�DWRV�FRJQLWLYRV��$Wp�SRU�GHYHU�GH�RILFLR��XP�
MXL]��SRU�H[HPSOR�� WHP�TXH� IXQGDPHQWDU� VXD� VHQWHQoD�H�GDU�j� IXQGDPHQWDomR�
XPD� FRHUrQFLD�� 3DUD� LVVR� FHUWDPHQWH� ID]� XVR� GH� VHXV� FRQKHFLPHQWRV� GRXWULQi��
ULRV��1mR�REVWDQWH��REVHUYD�.HOVHQ�� VH� KRXYHU�XP�GHVHTXLOtEULR�HQWUH�R�DWR�GH�
YRQWDGH� H� R� GH� FRQKHFLPHQWR�� SUHYDOHFH� DTXHOH� H� QmR� HVVH�� $VVLP�� VH� XPD�
VHQWHQoD� QmR� IRU� FODUD� RX� R� UDFLRFtQLR� LQWHUSUHWDWLYR� FRQWLYHU� HQJDQRV� RX�
FRQWUDGLo}HV�� KDYHQGR� UHFXUVR� SDUD� D� DXWRULGDGH� VXSHULRU�� D� UHGHILQLomR� GR�
VHQWLGR�DQWHV� LQWHUSUHWDGR�p�SURGXWR�GH�XP�QRYR�DWR�GH�YRQWDGH�H�QmR�GH�UD��
FLRFtQLR��0HVPR�R�UHFXUVR�H�VXD�IXQGDPHQWDomR�WHP�VXD�IRUoD�QmR�QR�FRQKH��
FLPHQWR��PDV� QR�GLUHLWR�� FRQIHULGR� SHOD� OHL� SURFHVVXDO�j�SDUWH� LQVDWLVIHLWD��GH�
UHFRUUHU�� 3RUWDQWR�� VHJXQGR�.HOVHQ�� DLQGD�TXH� VH� WLYHVVH� D� LPSUHVVmR� GH� TXH�
WXGR� JLUD� HP� WRPR� GH� DUJXPHQWRV� H� UDFLRFtQLRV� H� TXH� VmR� DWRV� GH� FRQKHFL��
PHQWR�TXH�FRQIHUHP��DILQDO��R�VHQWLGR�DFHLWR�SRU�WRGRV��HVWD�DFHLWDomR�WHP��QD�
YHUGDGH��VHX�IXQGDPHQWR�HP�DWRV�GH�YRQWDGH�FRPSHWHQWHV��
2� TXH� RFRUUH�� HQWmR�� TXDQGR� D� LQWHUSUHWDomR� p� PHUR� DWR� GH� FRQKH��
FLPHQWR"�1mR�VHULD�SRVVtYHO�GHVFREULU�OKH�XP�IXQGDPHQWR��SRU�H[HPSOR��D�YHU��
GDGH��TXH�OKH�SHUPLWLVVH�DGTXLULU�D�TXDOLGDGH�GH�REWHU�DTXHOD�DFHLWDomR�JHUDO"�
'H�SULQFtSLR��.HOVHQ�GL]�QRV�TXH�RV�FRQWH~GRV�QRUPDWLYRV��REMHWLYR�GH�
XPD� LQWHUSUHWDomR� GRXWULQiULD�� VmR�� SRU� VXD�

Outros materiais