Guía familiar

Anuncio
GH
HGXFDFLRQILQDQFLHUD
Banco
LWR
pG
FU
WDGH
7DUMH
]
Sp
/R
R
VF
FL
DQ
)U
ÌQGLFH
3UHVHQWDFLyQ
/DHVFDVH]\PLVQHFHVLGDGHV
¢4XpHVHOGLQHUR"
3UHVXSXHVWRPLVLQJUHVRV\PLVJDVWRV
(ODKRUUR\ODLQYHUVLyQ
¢&yPRIXQFLRQDODHFRQRPtD"
3URGXFWRV\VHUYLFLRVILQDQFLHURV
(O6LVWHPD)LQDQFLHUR0H[LFDQR
SiJ
¢
SiJ
UHVXSX
HVWR
,1
SiJ
*5
(6
2
6
SiJ
SiJ
SiJ
SiJ
¢
SiJ
3UHVHQWDFLyQ
7RGDYtDVRQPXFKDVODVSHUVRQDVTXHFUHHQTXHKDEODUGHHGXFDFLyQILQDQFLHUDHV
LQYROXFUDUVHHQXQPXQGRWpFQLFR\FRPSOHMRUHVHUYDGRSDUDXQRVFXDQWRV3RUHO
FRQWUDULRODHGXFDFLyQILQDQFLHUDQRVSHUPLWHGHVDUUROODUKDELOLGDGHV~WLOHVHQHOGtD
DGtDSUHVXSXHVWDUORVJDVWRVGHODFDVDLGHQWLILFDUODWDUMHWDGHFUpGLWRPiVEDUDWD
SURWHJHUQXHVWURSDWULPRQLRFRQXQVHJXURWHQHUXQIRQGRGHDKRUURSDUDHQIUHQWDU
LPSUHYLVWRV\SUHSDUDUQXHVWURUHWLURHQWUHRWUDVVLWXDFLRQHVIUHFXHQWHV
/RVSURGXFWRV\VHUYLFLRVILQDQFLHURVHVWiQFDGDYH]PiVSUHVHQWHVHQQXHVWUDYLGD
GLDULD/RVDYDQFHVHQODWHFQRORJtD\ODVQXHYDVIRUPDVGHKDFHUQHJRFLRVKDFHQ
SRVLEOHTXHODVLQVWLWXFLRQHVILQDQFLHUDVSXHGDQRIUHFHUVXVSURGXFWRV\VHUYLFLRVD
PHQRUHVFRVWRV\HQOXJDUHVUHPRWRV0XFKRVPH[LFDQRVTXHQXQFDKDEtDQWHQLGR
DFFHVRDpVWRVDKRUDSXHGHQFRQWUDWDUORV
1RREVWDQWHGHSRFRVLUYHWHQHUDFFHVRDHVWRV
VHUYLFLRVVLVHGHVFRQRFHQODVYHQWDMDVTXH
SXHGHQREWHQHUVHDOXVDUORV3RUHOORODWDUHD
GHOOHYDUHVRVVHUYLFLRVDPiVPH[LFDQRVGHEH
LUGHODPDQRFRQODGLIXVLyQGHFRQRFLPLHQ
WRVSUiFWLFRVTXHOHVSHUPLWDQDORVXVXDULRV
DGPLQLVWUDULQFUHPHQWDU\SURWHJHUVXSDWUL
PRQLRDVtFRPRWRPDUPHMRUHVGHFLVLRQHVHFR
QyPLFDVHQODVGLIHUHQWHVHWDSDVGHODYLGD
7UDQVPLWLUHVWRVFRQRFLPLHQWRVDWRGRVORVPH[LFD
QRVHVXQUHWRHQRUPHTXHUHTXLHUHORVHVIXHU]RV
FRQMXQWRVGHJRELHUQRRUJDQL]DFLRQHVVRFLDOHVH
LQVWLWXFLRQHVILQDQFLHUDV\HGXFDWLYDV1RREVWDQWH
HOKRJDUVLJXHVLHQGRHOSULPHU\SULQFLSDOHQWRUQR
HQHOTXHDGTXLULPRVFRQRFLPLHQWRV\KDELOLGDGHV
TXHXWLOL]DUHPRVWRGDODYLGD
4
3HQVDQGRHQHOOROD&RPLVLyQ1DFLRQDOSDUDOD3URWHFFLyQ\'HIHQVDGHORV8VXDULRV
GH6HUYLFLRV)LQDQFLHURV&RQGXVHIFUHyHVWD$QÏ=B=IEHE=N@AA@Q?=?EÔJťJ=J?EAN=TXH
WLHQHFRPRILQD\XGDUDTXHODVIDPLOLDVPH[LFDQDVPDQHMHQVXVILQDQ]DVSHUVRQDOHV
GHXQDPDQHUDPiVLQIRUPDGD\HILFLHQWHORTXHOHVOOHYDUiDYLYLUFRQPD\RUELHQHV
WDU\VHJXULGDG
/D*XtDKDVLGRGLVHxDGD\HVWUXFWXUDGDGHWDOIRUPDTXHWRGRVORVPLHPEURVGHOD
IDPLOLDSRGUiQFRQVXOWDUODăMXQWRVRLQGLYLGXDOPHQWH\ORFDOL]DUFRQIDFLOLGDGORV
FRQFHSWRVOHFWXUDVUHFRPHQGDFLRQHV\DOJXQDVDFWLYLGDGHVVXJHULGDVSDUDUHIRU]DUOD
FRPSUHQVLyQGHORVFRQWHQLGRV
/RVWHPDVTXHDERUGDYDQGHVGHFRQFHSWRV
HVHQFLDOHVGHHFRQRPtD\ILQDQ]DVSHUVRQDOHV
FRQVXPRLQWHOLJHQWHSUHVXSXHVWRDKRUUR
FUpGLWRVHJXURV\FXHQWDGHDKRUURSDUDHOUH
WLURKDVWDH[SOLFDFLRQHVVREUHODIRUPDHQTXH
IXQFLRQDHO6LVWHPD)LQDQFLHUR0H[LFDQR
&RQHVWHPDWHULDOHVSHUDPRVFRQWULEXLUDTXH
ORVKRJDUHVPH[LFDQRVDGPLQLVWUHQGHPH
MRUIRUPDVXVUHFXUVRV\XWLOLFHQGHPDQHUD
DGHFXDGDORVSURGXFWRV\VHUYLFLRVILQDQFLHURV
FRQHOILQGHTXHSXHGDQORJUDUVXVPHWDV\
PHMRUDUVXFDOLGDGGHYLGD
5
=@=QJK@AHKOPAI=OAOPÄ?KJBKNI=@KLKN?Q=PNK=L=NP=@KOĮ
)A?PQN=
%UHYHVUHODWRVTXHHQFRQWUDUiVDORODUJRGHHVWDJXtD'HVFULEHQVLWXDFLRQHVTXH
RFXUUHQHQXQKRJDUHOGHODIDPLOLD5DPtUH]$ERUGDQORVPHQVDMHV\FRQFHSWRVTXH
VHTXLHUHQWUDQVPLWLU
/AŦATEKJAO
3UHJXQWDVTXHHVWLPXODQODUHIOH[LyQVREUHORVWHPDVGHODJXtD
KJ?ALPKO
([SOLFDFLyQGHORVWpUPLQRVHFRQyPLFRV\ILQDQFLHURVTXHWHSHUPLWLUiQGHVDUUROODU
ODVKDELOLGDGHVSDUDWRPDUPHMRUHVGHFLVLRQHVFRQWXGLQHUR
?PERE@=@
(MHUFLFLRVVHQFLOORVTXHSXHGHVUHDOL]DULQGLYLGXDOPHQWHRFRQORVLQWHJUDQWHVGHWXIDPLOLD
:MKWUMVLIKQWVM["
)AAHOWHPDFRPSOHWRSDUDFRQRFHUORVFRQFHSWRV\DFWLYLGDGHVTXHVHSURSRQHQ
KIAJP=FRQWXIDPLOLDODVFRQFOXVLRQHVDODVTXHOOHJXHVGHVSXpVGHUHDOL]DU
ODVDFWLYLGDGHV
LNKRA?D=FDGDRSRUWXQLGDGSDUDSUDFWLFDUORTXHDSUHQGDVFRQHVWDJXtD3RQHO
HMHPSORDWXIDPLOLDSDUDTXHIRPHQWHVQXHYRV\PHMRUHVKiELWRVTXHDWRGRVOHVSHU
PLWLUiQWHQHUXQDVILQDQ]DVVDQDV
1KI=HVWDOHFWXUDFRPRDOJRUHFUHDWLYRQRFRPRXQDREOLJDFLyQ
6
/DHVFDVH]
\PLVQHFHVLGDGHV
2EMHWLYR
3URPRYHUODUHIOH[LyQDFHUFDGHOWUDEDMRTXHFXHVWDWHQHUODVFRVDVTXH
QHFHVLWDPRVSRUTXHpVWDVQRVRQJUDWLV\ORVUHFXUVRVSDUDDGTXLULUODV
VRQOLPLWDGRV
$SUHQGL]DMHHVSHUDGR
Ć&RPSUHQGHUTXHFDGDYH]TXHFRPSUDPRVXQSURGXFWRRVHUYLFLR
LPSOLFDUHQXQFLDUDRWURVFRVWRGHRSRUWXQLGDG
Ć5HFRQRFHUTXHODVQHFHVLGDGHVFDPELDQFRQODHGDGODRFXSDFLyQ\
ODVFRQGLFLRQHVGHYLGD
Nada es gratis.
Todo cuesta.
7
/HHHOVLJXLHQWHUHODWR
%LHQYHQLGRVDPLFDVD
¢&yPRVDWLVIDFHPRVQXHVWUDVQHFHVLGDGHV"
£+ROD6R\'LHJR5DPtUH]\WHQJRQXHYHDxRV+R\PLIDPLOLD\\RLUHPRVGHFRPSUDVFRQHO
GLQHURTXHJDQDURQPLSDSi\PLPDPiHQVXVWUDEDMRV0LSDSiVHOODPD*RQ]DOR\PLPDPi
1DWDOLD7HQJRXQDKHUPDQDGHFDWRUFHDxRVTXHVHOODPD5HJLQD
0LVSDSiVWUDEDMDQWRGRVORVGtDV\UHFLEHQGLQHURFRPRSDJRSRUODVDFWLYLGDGHVTXHUHDOL]DQ
0LSDSiPDQHMDXQWD[L\PLPDPiWLHQHXQQHJRFLRGHYHQWDGHSDVWHOHV&RQHOGLQHURTXH
JDQDQDGTXLHUHQODVFRVDVTXHQHFHVLWDPRVFRPRODURSDODFRPLGDORVFXDGHUQRVTXHXWLOL]DPRV
HQODHVFXHOD\ODVFRVDVGHODFDVD7DPELpQSDJDQODOX]SDUDYHUODWHOHHOJDVSDUDFRFLQDU\HO
WHOpIRQRSDUDKDEODUFRQQXHVWURVDEXHOLWRV
8
1XHVWURVSDSiVVHHVIXHU]DQSDUDJDQDUGLQHUR3RUHVRHVLPSRUWDQWHFXLGDUODVFRVDVTXHQRV
FRPSUDQ1DGDHVJUDWLVSDUDWRGRVHQHFHVLWDXQHVIXHU]R
7DPSRFRHVJUDWLVODHGXFDFLyQTXHUHFLELPRVHQODHVFXHODQLORVSXSLWUHVQLHOSL]DUUyQ
TXHXWLOL]DPRVDKt7RGRHVRVHFRPSUDFRQHOGLQHURGHODVSHUVRQDVTXHSDJDQLPSXHVWRV
3RUHVRDGHPiVGHFXLGDUORTXHWHQHPRVHQODFDVDGHEHPRVDSURYHFKDU\FXLGDUODV
FRVDVGHODHVFXHOD
7RGRVWHQHPRVUHVSRQVDELOLGDGHVORVDGXOWRVWUDEDMDQSDUDJDQDUGLQHUR\FRPSUDUODV
FRVDVTXHVHQHFHVLWDQHQHOKRJDU
/RVPHQRUHVHVWXGLDPRV\DSUHQGHPRVHQODHVFXHODWRGRVORVGtDV(VWXGLDUQRVSHUPLWLUi
FXDQGRVHDPRVJUDQGHVWUDEDMDU\JDQDUGLQHURSDUDREWHQHUORTXHQHFHVLWHPRV
Paola Espinosa
9
)K\Q^QLIL
7XVQHFHVLGDGHVFDPELDQDORODUJRGHODYLGD2EVHUYDDODJHQWHDWXDOUHGHGRU\KD]
XQDOLVWDGHFRVDVTXHQHFHVLWDQ
8QEHEp
8QQLxR
8QMRYHQ
8QDGXOWR
8QDGXOWRPD\RU
5HVSRQGHODVVLJXLHQWHVSUHJXQWDV
¢&XiOHVQHFHVLGDGHVVRQFRQVWDQWHVDORODUJRGHODYLGD"
¢&XiOHVFDPELDQ"¢3RUTXp"
¢4XLpQFRPSUDORTXHQHFHVLWDHOEHEp"
¢+D\QHFHVLGDGHVTXHORVQLxRVSXHGHQVDWLVIDFHUSRUVtPLVPRV"
¢&yPRVDWLVIDFHQVXVQHFHVLGDGHVORVDGXOWRVPD\RUHVTXH\DQRWUDEDMDQ"
EHE
QLx p
R
MRY
DG HQ
XOW
DG
XOW R
RP D\
RU
10
0DSDFRQFHSWXDO'R\SDUDUHFLELU
/RVELHQHV\VHUYLFLRVVH
SURGXFHQFRQHVIXHU]R
\FRQRFLPLHQWRV
$OUHDOL]DUXQWUDEDMR
ODVSHUVRQDVJDQDPRVGLQHUR
(VHGLQHURQRVSHUPLWH
FRPSUDUORVELHQHV\
VHUYLFLRVTXHQHFHVLWDPRV
LQWHUFDPELRFRPHUFLR
$
Susana
tas
/(&+(
lle
ga
FDMHWD
7RGDVODVSHUVRQDVVRPRV
FRPSUDGRUHV\YHQGHGRUHV
Ĭ-=N=MQA?KILN=@KNAOURAJ@A@KNAOC=JAJAJQJEJPAN?=I>EKÄOPA@A>AOAN
HE>NAURKHQJP=NEK
11
/HHHOVLJXLHQWHUHODWR
/RV;9DxRVGH5HJLQD
¢3RUTXpQRSRGHPRVWHQHUWRGRORTXHTXHUHPRV"
+DFHWUHVVHPDQDV5HJLQD5DPtUH]IXHDODILHVWDGHTXLQFHDxRVGHVXSULPD5RFtR'HVGH
HQWRQFHV5HJLQDQRKDFHRWUDFRVDTXHKDEODUGHFyPRTXLHUHTXHVHDODVX\DPHVHURVOXFHV
FRPLGDDGRUQRVIORUHV\P~VLFD/DTXLHUHHQXQMDUGtQJUDQGHSRUTXHSLHQVDLQYLWDUDWRGRV
VXVDPLJRVGHODFRORQLDFRPSDxHURVGHOVDOyQ\DVXVSULPRV,QFOXVRHPSH]yDRUJDQL]DUD
VXVDPLJDVSDUDPRQWDUODFRUHRJUDItD
²3HURVLIDOWDQGLH]PHVHVSDUDWXFXPSOHDxRV²FRPHQWyVXKHUPDQR'LHJR
²£(VSRFRWLHPSR²UHVSRQGLy5HJLQD²£GLH]PHVHVVHYDQUiSLGR\PLILHVWDWLHQHTXH
VHUODPHMRU
$ODVHPDQDVLJXLHQWH5HJLQDIXHDFDVDGHXQDDPLJDDKDFHUXQWUDEDMRGHODHVFXHOD'H
UHJUHVRDODKRUDGHODFHQDOHVGLMRDVXVSDGUHV
²+HGHFLGLGRTXHPLUHJDORSDUDPLVTXLQFHDxRVVHDXQDODSWRS
²¢(QWRQFHV\DQRYDVDTXHUHUILHVWD"²SUHJXQWy'LHJR
²6tFODURTXLHURPLILHVWDSHURGHUHJDORPHJXVWDUtDXQDFRPSXWDGRUD²FRQWHVWy5HJLQD
/RVSDSiVGH5HJLQDGRQ*RQ]DOR\GRxD1DWDOLDVHPLUDURQVRUSUHQGLGRV\SUHRFXSDGRVDQWH
ODVSHWLFLRQHVGHVXKLMD'RxD1DWDOLDFRPHQWy
²3HUR5HJLQD¢UHDOPHQWHQHFHVLWDVHVDFRPSXWDGRUD"
²&ODURPDPiPLSULPD5RFtRWLHQHXQD\VHHVWiQSRQLHQGRGHPRGDHQODHVFXHOD²FRQ
WHVWy5HJLQDLQPHGLDWDPHQWH
'RxD1DWDOLDUHSOLFy
²¢<WHHVPX\QHFHVDULDXQDODSWRSVL\DWHQHPRVXQDFRPSXWDGRUDHQFDVD"
5HJLQDVHTXHGySHQVDWLYD'RQ*RQ]DORHOSDGUHDSURYHFKyHOVLOHQFLRGH5HJLQD\DJUHJy
²7XPDPi\\RKDFHPRVXQJUDQHVIXHU]RSDUDRIUHFHUOHVDWL\DWXKHUPDQRORPHMRU
SRVLEOHSHURUHFXHUGDTXHHOGLQHURTXHJDQDPRVHVOLPLWDGR\GHEHPRVSHQVDUELHQHQTXpOR
JDVWDPRV3RUHMHPSORDKRUDWHQJRHOWD[LHQHOWDOOHU
'RxD1DWDOLDFRPHQWy
²/RTXHGLFHWXSDSiHVFLHUWRKLMDODPD\RUSDUWHGHQXHVWUDYLGDWHQGUHPRVTXHGHFLGLU
HQWUHGLIHUHQWHVDOWHUQDWLYDVSRUTXHORVUHFXUVRVVRQOLPLWDGRV7LHQHVTXHHOHJLUHQWUHODILHVWDR
ODODSWRS1RSRGHPRVGDUWHODVGRVFRVDV
5HJLQDOORURVDVHIXHFRUULHQGRDVXFXDUWR\FHUUyODSXHUWD
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢3RUTXpQRSXHGHWHQHU5HJLQD
ODVGRVFRVDVODILHVWD\ODODSWRS"
¢4XpOLPLWDODFRPSUDGH
ORTXHQHFHVLWDV"
¢4XpHVXQDQHFHVLGDG"
12
&RQFHSWRV
+A?AOE@=@ĥOAJO=?EÍJ
@AMQA=HCKJKOD=?A
B=HP=
/ODPDPRVJA?AOE@=@DODVHQVDFLyQGHTXHDOJRQRVKDFHIDOWD7RGRV
WHQHPRVQHFHVLGDGHVYLYLHQGDYHVWLPHQWDDOLPHQWDFLyQWUDQVSRUWH
GLYHUVLyQ3DUDVDWLVIDFHUHVDVQHFHVLGDGHVFRPSUDPRVELHQHV\SD
JDPRVVHUYLFLRVDOLPHQWRVFDVDOLEURVWUDQVSRUWHDXWRPyYLOWD[LR
FDPLyQTXHQRVOOHYHDODHVFXHOD
/DVQHFHVLGDGHVWDPELpQLPSOLFDQVDFLDUXQJXVWRDOJXQRVSXHGHQVHUFRQVLGHUDGRVVXSHUIOXRV
SRUPXFKRV(VLPSRUWDQWHTXHFDGDXQRWHQJDXQDHVFDODSDUDVDEHUORTXHQHFHVLWDRGHVHDFRQ
EDVHHQORVUHFXUVRVTXHWLHQH3RUHMHPSORFXDQGRWHQHPRVQHFHVLGDGGHFRPHUDOJRVLVRORTXH
UHPRVFRPHUWRUWDVGHSDYRHVDQHFHVLGDGVHFRQYLHUWHHQGHVHR
0LHQWUDVTXHQXHVWUDVQHFHVLGDGHV\GHVHRVVRQLOLPLWDGRVQXHVWURV
NA?QNOKOSDUDVDWLVIDFHUORVVRQHVFDVRVROLPLWDGRV/DAO?=OAVQR
QHFHVDULDPHQWHWLHQHTXHYHUFRQHOGLQHURVLWHLQYLWDQDGRVOXJDUHV
GLVWLQWRVHOPLVPRGtD\DODPLVPDKRUDWHQGUiVTXHGHFLGLUDFXiOLU
$VtFRPRQRSRGHPRVHVWDUHQGRVOXJDUHVDOPLVPRWLHPSRWDPSRFR
SRGHPRVFRPSUDUWRGRORTXHQRVJXVWDFRQHOGLQHURTXHWHQHPRV(V
QHFHVDULRHOHJLUODDOWHUQDWLYDTXHPiVQRVFRQYHQJD
/A?QNOKOĥ@EJANK
PEAILKK?Q=HMQEANKPNK
IA@EKMQAJKOLANIEPA
O=PEOB=?ANJQAOPN=O
JA?AOE@=@AO
$TXHOORDORTXHWHQHPRVTXHUHQXQFLDU\DVHDSRUIDOWDGHGLQHURRGHWLHPSRVHOHFRQRFHFRPR
?KOPK@AKLKNPQJE@=@
"O?=OAVĥEJOQň?EAJ?E=
@ANA?QNOKOL=N=O=PEO
B=?ANPK@=OJQAOPN=O
JA?AOE@=@AOU@AOAKO
(QHOHMHPSORGH5HJLQDHOODWLHQHXQDRSFLyQODILHVWDRODFRPSX
WDGRUDSXHVORVUHFXUVRVGHVXVSDGUHVQRVRQVXILFLHQWHVSDUDGDUOH
ODVGRVSRUORWDQWRWLHQHTXHHOHJLU6LHVFRJHODODSWRSWLHQHTXH
UHQXQFLDUDODILHVWD/DILHVWDHVHOFRVWRGHRSRUWXQLGDGSRUHOHJLU
ODFRPSXWDGRUD6LHVFRJHVXILHVWDGHTXLQFHDxRVODODSWRSVHUtDHO
FRVWRGHRSRUWXQLGDG
&XDQGRQRGHFLGLPRVDOJXLHQPiVGHFLGHSRUQRVRWURV1RKDFHU
QDGDHVGHFLGLU1RWRPDUXQDGHFLVLyQWDPELpQHVGHFLGLU
(QODVGLIHUHQWHVHWDSDVGHQXHVWUDYLGDWRPDUHPRVPLOHVGHGHFLVLR
QHVGiQGRQRVFXHQWDRQRGHELGRDTXHORVUHFXUVRVVRQOLPLWDGRV
KOPK@AKLKNPQJE@=@ĥ
=MQAH>EAJKOANRE?EK
=HMQANAJQJ?E=IKO=H
AHACENKPNK
13
)K\Q^QLIL
5HYLVDWXVQHFHVLGDGHV\WXVUHFXUVRV¢6LHPSUHFRPSUDVWRGRORTXHTXLHUHV"$OGH
FLGLUHQWUHXQDFRVD\RWUD¢KDVVDFULILFDGRDOJRLPSRUWDQWHSDUDWLRSDUDWXIDPLOLD"
(ODERUDXQDOLVWDGHFLQFRELHQHV\FLQFRVHUYLFLRVTXHPiVQHFHVLWHVVHJ~QHORUGHQ
GHXUJHQFLDRODSULRULGDGTXHOHGDQHQWXFDVD
%LHQHV
FRPLGD
FDVD
URSD
FRFKH
FRPSXWDGRUD
14
6HUYLFLRV
DJXD
OX]
JDV
WHOpIRQR
LQWHUQHW
¢4XpHVHOGLQHUR"
2EMHWLYR
6DEHUTXpHVHOGLQHUR\FXiOHVVRQVXVIXQFLRQHV
$SUHQGL]DMHHVSHUDGR
¢
¢
Ć$VLPLODUHOSDSHOGHOGLQHURHQODHFRQRPtDFRPREJOPNQIAJPK@A?=I
>EKIA@EK@AL=CKIA@E@=@AR=HKNAEJOPNQIAJPK@A=DKNNK
Ć&RPSUHQGHUHOFRQFHSWRIKJA@=ť@Q?E=NE=
¿Qué es
el dinero?
15
/HHHOVLJXLHQWHUHODWR
8QYHVWLGRXQSDVWHO
¢3DUDTXpVLUYHHOGLQHUR"
'RxD1DWDOLDUHJUHVDEDGHFRPSUDUORTXHQHFHVLWDEDSDUDVXQHJRFLRGHSDVWHOHVFXDQGRYLRHO
YHVWLGRHQXQDSDUDGRU1RHUDXQYHVWLGRFXDOTXLHUD
²¢4XLHUHYHUOR"3UXpEHVHORVLQFRPSURPLVR²GLMRGRxD0DUWDODFRVWXUHUD
'RxD1DWDOLDVHDQLPy
²/HTXHGDSHUIHFWR3DUHFHKHFKRDODPHGLGD²LQVLVWLyGRxD0DUWD
(UDFLHUWRHOYHVWLGROHTXHGDEDPX\ELHQDGRxD1DWDOLD(VWDEDGHFLGLGDDOOHYiUVHORSRU
TXHWHQtDODRFDVLyQLGHDOSDUDHVWUHQDUORHVWDEDLQYLWDGDDXQEDXWL]RHOViEDGR/RVFRORUHV
FODURVGHOYHVWLGRLEDQSHUIHFWRVSDUDXQDUHXQLyQDPHGLRGtD3HURWHQtDXQSUREOHPD\DQR
WUDtDGLQHURSXHVWRGRVHORKDEtDJDVWDGRHQORVPDWHULDOHVTXHQHFHVLWDEDSDUDVXQHJRFLRDVt
TXHGHMyODSUHQGDVREUHXQDVLOOD
²*UDFLDVGRxD0DUWD
²¢&yPRGRxD1DWL"¢1ROHJXVWy"
²6tPXFKR²UHVSRQGLyGRxD1DWDOLD²SHURODYHUGDGQRWUDLJRGLQHUR¢0HORItD\VHOR
SDJRDILQGHPHV"
²£+tMROH1RSXHGR1HFHVLWRTXHPHGpDKRULWDFXDQGRPHQRVODPLWDG0HXUJHHOGLQHUR
SDUDHOViEDGR
8QSRFRGHVDQLPDGD'RxD1DWDOLDVHIXHDVXFDVD$ORWURGtDPX\WHPSUDQRFRPHQ
]yDSUHSDUDUORVSDVWHOHVSDUDVXQHJRFLR6LWHQtDVXHUWHVHYHQGHUtDQUiSLGR\FRQVHJXLUtD
HOGLQHURSDUDFRPSUDUHOYHVWLGR
$OPHGLRGtDYLRTXHXQDPXFKDFKDREVHUYDEDXQRGHORVSDVWHOHVGHVXYLWULQD
²¢(QTXpSXHGRVHUYLUOH"
16
²0HJXVWDHVWH²GLMRODMRYHQVHxDODQGRXQSDVWHOJUDQGHGHOLPyQ
²ÈQGDOHPXFKDFKDOOpYDWHOR£(VWiPX\EXHQR
²3XHV«VtPHJXVWDSHUROHYR\DKDEODUFRQODYHUGDGPLVSDSiVQHFHVLWDQHOSDVWHOSDUD
XQDILHVWDSHURQRWLHQHQGLQHUR¢3RGHPRVSDJiUVHORGHVSXpV"
²+tMROHQR²GLMRGRxD1DWDOLD²PHXUJHHOGLQHUR
0LHQWUDVODMRYHQFDPLQDEDKDFLDODSXHUWDGRxD1DWDOLDSHQVyTXHQRSRGtDGHMDUSDVDUOD
RSRUWXQLGDGGHFHUUDUHOWUDWR\FRQVHJXLUGLQHURSDUDVXYHVWLGR
²$YHUPXFKDFKDKR\HVYLHUQHV6LWHOOHYDVHOSDVWHODKRULWD¢FXiQGRPHORSDJDUtDV"
²3XHVGpMHPHYHUSRGUtDPRVFRQVHJXLUHOGLQHURSDUDHQODQRFKH¢(VWiELHQ"6LTXLHUH
PLHQWUDVOHGHMRHVWDFDGHQLWDGHRURTXHPHUHJDOyPLPDPi«
²%XHQR²DFFHGLyGRxD1DWDOLDDFHSWDQGRODFDGHQD²/OpYDWHOR
(QFXDQWRVDOLyODFKLFDFRQHOSDVWHOGRxD1DWLIXHFRQODFRVWXUHUD\OHSLGLyTXHOHDSDUWD
UDHOYHVWLGRFRQODSURPHVDGHSDJiUVHORHVDQRFKH
²(VWiELHQGRxD1DWL3HURQRPHYD\DDIDOODU«
²<DYHUiTXHQRGRxD0DUWD
3RUODQRFKHGRxD1DWDOLDHVWDEDTXHHFKDEDUD\RVSRUORVRMRV/DPXFKDFKDQRKDEtDDSDUH
FLGRFRQHOSDJRGHOSDVWHO\SRUORWDQWRHOODQRSRGtDLUSRUHOYHVWLGR5HVROYLyKDFHUXQ~OWLPR
LQWHQWR\KDEODUFRQODFRVWXUHUD$FDPELRGHOYHVWLGROHRIUHFLyODFDGHQLWDGHODPXFKDFKD$O
ILQ\DOFDERUHVXOWDEDXQDRIHUWDWHQWDGRUD
²$KFDUD\²UHDFFLRQyODFRVWXUHUD²HVDFDGHQLWDODFRQR]FR£\RVHODUHJDOpDPLKLMD
$OOtVHDFODUyWRGRVLQVDEHUORGRxD1DWDOLD\GRxD0DUWDHVWDEDQLQYLWDGDVDODPLVPD
ILHVWDHOViEDGR/DFRVWXUHUD\VXHVSRVRHUDQORVSDGULQRVGHSDVWHOSDUDHVRQHFHVLWDEDQHOGL
QHURPLHQWUDVTXHGRxD1DWLORQHFHVLWDEDSDUDSDJDUHOYHVWLGRFRQHOTXHILQDOPHQWHDVLVWLyD
ODILHVWD<DHQHOEDXWL]RSODWLFDEDQGHORVXFHGLGRFRPRXQFDVRH[WUDRUGLQDULRSXHVUDUDYH]
QXHVWUDVQHFHVLGDGHV\ODVGHORVGHPiVFRLQFLGHQGHPRGRTXHSRGDPRVLQWHUFDPELDUORTXH
SURGXFLPRVSRUHVRQHFHVLWDPRVGLQHUR
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
6LQRH[LVWLHUDHOGL
QHUR¢FyPRSRGUtDV
FRQVHJXLUODVFRVDV
TXHQHFHVLWDV"
¢3DUDTXpVLUYHHO
GLQHUR"
¢3RUTXpFUHHVTXHHO
GLQHURWLHQHYDORU"
¢4XpHVPiVIiFLOREWHQHUOR
TXHQHFHVLWDVSRUPHGLRGH
WUXHTXHRFRQGLQHUR"
17
&RQFHSWRV
6DYLVWHTXHSDUDIDFLOLWDUODFRPSUDGHORVELHQHV\VHUYLFLRVTXHQHFHVLWDPRVUHTXHULPRVGH
GLQHUR\TXHHVHGLQHURORSRGHPRVREWHQHUFRQQXHVWURWUDEDMR¢3HURTXpHVHO@EJANK"
!EJANKĥEJOPNQIAJPKMQA
B=?EHEP=AHEJPAN?=I>EK@A
>EAJAOUOANRE?EKOLKNOAN
@A=?ALP=?EÍJCAJAN=H
+DFHPXFKRWLHPSRFXDQGRHOGLQHURD~QQRH[LVWtDODVSHUVR
QDVWHQtDQTXHFRQVHJXLUORVSURGXFWRVTXHQHFHVLWDEDQ\TXH
HOORVQRSURGXFtDQ,QWHUFDPELDEDQXQSURGXFWRSRURWUR3RU
HMHPSORFDPELDEDQXQVRPEUHURSRUFLQFRDJXDFDWHV$HVWROH
OODPDPRVPNQAMQA
(OWUXHTXHWLHQHPXFKDVOLPLWDFLRQHVTXLHQHVRIUHFHQVRPEUHURV
1NQAMQAĥEJPAN?=I>EK
QRVLHPSUHQHFHVLWDQDJXDFDWHVRTXLHQHVQHFHVLWDQDJXDFDWHVQR
@AQJLNK@Q?PKLKNKPNK
UHTXLHUHQGHXQVRPEUHUR$VtSXHVSDUDTXHHOWUXHTXHVHOOHYHD
FDERQRVRORHVQHFHVDULRHQFRQWUDUDTXLHQRIUH]FDORTXHQHFHVLWD
PRVWDPELpQHVSUHFLVRTXHDHVDSHUVRQDOHLQWHUHVHORTXHQRVR
WURVRIUHFHPRV1REDVWDFRQHVRSDUDTXHHOWUXHTXHVHUHDOLFHKD\TXHSRQHUVHGHDFXHUGRHQ
ODVSURSRUFLRQHVTXHFRUUHVSRQGHQDFDGDXQRGHORVSURGXFWRV6XFHGHTXHTXLHQRIUHFHXQ
VRPEUHURFUHHTXHpVWHHTXLYDOHDVLHWHDJXDFDWHV\DOUHYpVTXLHQYHQGHDJXDFDWHVSLHQVDTXH
GRVDJXDFDWHVYDOHQXQVRPEUHUR(VGLItFLOOOHJDUDXQDUUHJOR
6XUJHDVtODQHFHVLGDGGHFRQWDUFRQXQLQVWUXPHQWRTXHIDFLOLWHHOLQWHUFDPELRGHELHQHV\
VHUYLFLRV(VWDHVODIXQFLyQSULQFLSDOGHOGLQHURVHUXQEJOPNQIAJPK@A?=I>EK/DVPRQHGDV
\ELOOHWHVVRQGLQHURHQWDQWRODVDFHSWHQSDUDSDJDUORTXHFRPSUDPRV&XDQGRORVELOOHWHV
PRQHGDV\RWURVPHGLRVGHSDJRHQFLUFXODFLyQDXPHQWDQPiVUiSLGRTXHORVELHQHV\VHUYLFLRV
HQYHQWDORVSUHFLRVWLHQGHQDVXELU(OGLQHURQRHVEXHQRQLPDORHVVRORXQLQVWUXPHQWRGH
FDPELR6RQODVSHUVRQDVTXLHQHVORSXHGHQXVDUELHQRPDO
-NA?EKĥR=HKN@AQJ>EAJ
KOANRE?EKATLNAO=@K
AJ@EJANK
(OGLQHURHVWDPELpQXQIA@EK@AL=CKDWUDYpVGHOFXDOVHSXH
GHQFRPSUDUELHQHV\VHUYLFLRV\SDJDUGHXGDV(OLNA?EKGHXQ
ELHQUHSUHVHQWDVXYDORUH[SUHVDGRHQGLQHUR6LSDUDPtXQELHQ
WLHQHPXFKRYDORUSRUODUD]yQTXHVHDHVWDUpGLVSXHVWRDSDJDUXQ
SUHFLRDOWRSRUpO
(OGLQHURHVXQDIA@E@=@AR=HKNDFW~DFRPRODXQLGDGDWUDYpVGHODFXDOVHPLGH\H[SUHVDHO
YDORUGHWRGRVORVELHQHV\VHUYLFLRV
(QHOHMHPSORTXHXVDPRVORVDJXDFDWHVWLHQHQXQSUREOHPDDODKRUD
GHXWLOL]DUORVFRPRGLQHURVRQXQELHQSHUHFHGHURFRQHOWLHPSRVH
PDGXUDQ\VHHFKDQDSHUGHU3RUORVPDWHULDOHVFRQTXHHOGLQHURHVWi
KHFKRHVGXUDEOHVHSXHGHDFXPXODU\HVIiFLOGHWUDQVSRUWDU(VWDHV
RWUDIXQFLyQGHOGLQHURVHUXQEJOPNQIAJPK@A=DKNNK(VDVtTXHSR
18
&JOPNQIAJPK@A=DKNNKĥAH
@EJANKOALQA@ACQ=N@=N
U=?QIQH=NL=N=QPEHEV=NHK
AJQJBQPQNK
GHPRVJXDUGDUSDUWHGHQXHVWURGLQHURSDUDXWLOL]DUORHQXQIXWXUR
(OGLQHURHVXQDPHUFDQFtDTXHDFHSWDPRVSDUDLQWHUFDPELDUODSRU
RWUDVPHUFDQFtDVQRSDUDFRQVXPLUODGLUHFWDPHQWH
&RQFKDVPDULQDVVHPLOODVGHFDFDRSLH]DVGHiPEDUPDUILORMDGH
FXHQWDVRUQDPHQWDOHVFODYRVVDOJDQDGRRURRPHWDOHVSUHFLRVRV
VHXWLOL]DURQFRPRGLQHURHQHOSDVDGRSHURWRGDVHVWDVPHUFDQFtDV
WHQtDQDOJ~QLQFRQYHQLHQWHHUDQSHUHFHGHUDVHVFDVDVRGLItFLOHVGH
WUDQVSRUWDU6LKR\KDEODPRVGHVDODULRHVSRUTXHORVVROGDGRVGH
ODDQWLJXD5RPDUHFLEtDQVXSDJDHQVDO
*KJA@=ň@Q?E=NE=ĥ
=MQAHH=MQAPEAJA?KIK
?=N=?PANÈOPE?=AHOANAIE
PE@=LKNQJ==QPKNE@=@
Ĥ=J?K AJPN=H
OQR=HKN
OA>=O=AJH=?KJň=JV=
U=?ALP=?EÍJL=N=OAN
EJPAN?=I>E=@=LKN>EA
JAOUOANRE?EKO
&RQHOSDVRGHORVVLJORVVXUJLyHOSDSHOPRQHGDHVGHFLUORV
ELOOHWHVTXHSRUVHUGHSDSHOVRQPiVIiFLOHVGHWUDQVSRUWDU/RVELOOHWHV\PRQHGDVTXHKR\
XVDPRVVHFDUDFWHUL]DQSRUQRWHQHUXQYDORUHQVtPLVPRVSXHVHOFRVWRGHIDEULFDUORVQRWLH
QHUHODFLyQGLUHFWDFRQHOYDORUTXHUHSUHVHQWDQ(VWHGLQHURVHOODPDIKJA@=ť@Q?E=NE=+DV
WDQRKDFHPXFKRWLHPSRHOGLQHURTXHHPLWtDQODVDXWRULGDGHVGHXQSDtVHVWDEDUHVSDOGDGR
SRUXQDGHWHUPLQDGDFDQWLGDGGHRURRGHSODWDDKRUDHOGLQHURHVWiEDVDGRHQODFRQILDQ]D
ORDFHSWDQ\YDOHHQODPHGLGDTXHH[LVWDQELHQHV\VHUYLFLRVTXHVHSXHGDQFRPSUDUFRQpO
19
)K\Q^QLIL
,QYHVWLJDHQOLEURVHQLQWHUQHWRSUHJXQWDQGRFXiOHVPHUFDQFtDVVHKDQXVDGRDOR
ODUJRGHODKLVWRULDFRPRGLQHUR
6LWLHQHVHQFDVDPRQHGDVRELOOHWHVYLHMRVGH0p[LFRRGHRWURSDtVHQVpxDVHODVD
DOJ~QIDPLOLDU\MXQWRVDYHULJHQGHTXppSRFD\GHGyQGHVRQ
20
3UHVXSXHVWR
PLVLQJUHVRV
\PLVJDVWRV
2EMHWLYR
,QFXOFDUHOKiELWRGHHODERUDU\DSHJDUVHDXQSUHVXSXHVWR
$SUHQGL]DMHHVSHUDGR
Ć,GHQWLILFDUHOSUHVXSXHVWRFRPRXQDKHUUDPLHQWDTXHSHUPLWHVDEHU
FXiQWRVLQJUHVRVVHUHFLEHQHQTXpVHJDVWD\WRPDUPHMRUHVGHFLVLR
QHVFRQHOGLQHUR
*$
6
6
72
SUHVXS
XHVWR
,1
(
&+ /(&+(
/(
*5
(6
2
6
21
/HHHOVLJXLHQWHUHODWR
4XHQROHVSDVHORTXHPHSDVy
/DLPSRUWDQFLDGHKDFHUXQSUHVXSXHVWR
tas
ga
lle
reg
tas
reg
tas
ga
lle
ga
lle
/(&+(
alo
alo
/(&+(
/(&+(
lle
tas
reg
tas
reg
lle
alo
ga
alo
ga
alo
reg
s
lle
ta
ga
reg
tas
lle
ga
reg
alo
lle
tas
reg
/(&+(
tas
lle
ga
tas
lle
s
ga
lle
tas
tas
/(&+(
/(&+(
ga
FDMHWD
tas
FDMHWD
lle
FDMHWD
alo
ga
FDMHWD
reg
tas
FDMHWD
ga
tas
lle
ga
alo
ga
lle
FDMHWD
eta
alo
reg
reg
eta
ga
ll
FDMHWD
lle
/(&+(
alo
FDMHWD
22
FDMHWD
alo
/(&+(
s
alo
lle
tas
reg
alo
ga
ga
ll
alo
s
reg
eta
s
s
eta
reg
ga
ll
ga
reg
lle
ta
s
alo
FDMHWD
ga
/(&+(
FDMHWD
tas
FDMHWD
lle
/(&+(
/(&+(
reg
ga
lle
tas
ga
reg
s
eta
ga
ll
/(&+(
reg
reg
/(&+(
alo
s
ga
lle
ta
s
ga
lle
ta
s
s
ga
lle
ta
s
ga
lle
ta
FDMHWD
ga
lle
ta
s
FDMHWD
ga
lle
ta
FDMHWD
eta
s
/(&+(
FDMHWD
FDMHWD
alo
ga
ll
FDMHWD
lle
ta
FDMHWD
alo
ga
FDMHWD
alo
ga
ll
reg
FDMHWD
ga
ll
reg
eta
s
+RODVR\'LHJR5DPtUH]\OHVYR\DFRQWDUORTXHSDVyHORWURGtDTXHIXLFRQPLIDPLOLDDO
VXSHUPHUFDGR(QHOFDPLQRHOORVSODWLFDEDQ\GLVFXWtDQVREUHORTXHLEDQDFRPSUDUTXHVLHO
SDSHOGHEDxRODOHFKHORVFKLOHVWDPELpQODPDUFDGHOMDPyQHQILQKDEODEDQGHWDQWDVFRVDV
TXH\RPHLPDJLQDEDHOFDUULWROOHQR<RTXHUtDJDOOHWDVGHQXH]SHURHOORVQRPHKDFtDQFDVR
QDGDPiVGHFtDQTXHVtFRQODFDEH]DVLQSUHVWDUPHDWHQFLyQ
&XDQGROOHJDPRVDOVXSHUPHUFDGRFRUUtKDFLDGRQGHHVWDEDQORVFDUULWRV$OSULQFLSLRIXH
GLYHUWLGRSDSi\PDPiHVFRJtDQFRVDV\ODVSRQtDQHQHOFDUULWR<REXVFDEDHQORVSDVLOORVODV
JDOOHWDVGHQXH]TXHWDQWRPHJXVWDQ«0PPVRQWDQULFDVTXHVHPHKDFHDJXDODERFDFRQVROR
PHQFLRQDUODV7DPELpQSXVHXQMXJR0LSDSiPHSUHJXQWySDUDTXpORTXHUtD\\ROHGLMHODYHU
GDG«HVHMXJRQRPHJXVWDSHURHQODERWHOODYLHQHHOHVFXGRGHPLHTXLSRIDYRULWRGHIXWEROSRU
HVRTXLHUROOHYiUPHOR7DPELpQSXVHXQRVWHQLVTXHQHFHVLWRSDUDHOWRUQHRGHOPHVTXHHQWUD
(VWDEDHPRFLRQDGRSRUOROOHQRTXHVHYHtDHOFDUULWRSXHVWUDtDGHWRGROHFKHSDQMDPyQ
TXHVRMDEyQXQDHVFREDJHODWLQDVMXJRVGHYDULRVVDERUHVERWHOODVGHDJXDVHUYLOOHWDVHVSRQ
MDSDUDODYDUSODWRVIUXWDYHUGXUDSROORFHUHDO\FKRFRODWH(QORTXHDYDQ]DEDODILODPDPi
/(&
alo
alo
$
lle
FDMHWD
tas
FDMHWD /(&+(
reg
/(&+(
alo
ga
ga
lle
tas
Susana
reg
&+(
VHJXtDDJUHJDQGRDOFDUULWRFRVDVTXHHQFRQWUDEDFRPRUHYLVWDVXQDVWRDOODVTXHSRUFLHUWR\D
WHQHPRVXQPRQWyQHQFDVD
5HJLQDPLKHUPDQDWDPELpQDJUHJyFRVDVDOFDUULWRXQDFUHPDSDUDODFDUD\RWUDSDUD
ODVPDQRVDOJXQRVPDWHULDOHVSDUDODHVFXHODWDPELpQDJUHJyERPERQHVFRQFKRFRODWH
\GXOFHVGHWDPDULQGR6LHPSUHGLFHTXHQRSXHGHUHVLVWLUVHFXDQGRHVHWLSRGHFRVDVVH
DWUDYLHVDQHQVXFDPLQR
3DSiWDPELpQDJUHJyORVX\RXQRVDURPDWL]DQWHV\XQDFHUDHVSHFLDOSDUDHOWD[LERWDQDV
SDUDYHUHOIXWEROXQSDUGHUHYLVWDVGHPHFiQLFD\XQDGHGHSRUWHV7DPELpQFRPSUyXQDFDMD
QXHYDSDUDJXDUGDUVXVKHUUDPLHQWDV&UHRTXHVHOHROYLGyTXH\DWHQtDXQD
$OOOHJDUDODFDMDODVHxRULWDHPSH]yDSDVDUORVSURGXFWRV&XDQGR\DQRTXHGDEDQLXQ
SURGXFWRSRUPDUFDUODFDMHUDOHVGLMRDPLVSDSiVFXiQWRWHQtDQTXHSDJDU«\DTXtYLQROR
SHQRVR0LVSDSiVGLVFXWLHURQRWUDYH]TXHVLHOODWUDtDHOGLQHURTXHIDOWDEDTXHQRTXHPL
SDSiGHEHUtDGHWUDHUORWRGR«/DVSHUVRQDVGHDWUiVGHODILODHPSH]DURQDYHUQRVFRQFDUDGH
HQRMRSHUR\RQRHQWHQGtDSRUTXp/DFDMHUDFRPHQ]yDGHVHVSHUDUVH\OHSUHJXQWpDPDPi
TXpVXFHGtDSHURQRPHKL]RFDVR3DUDPLVRUSUHVDPDPiHPSH]yDUHJUHVDUSURGXFWRV£HQWUH
pVWRVPLVJDOOHWDVPLMXJR\PLVWHQLV/HSUHJXQWpSRUTXp\PHUHVSRQGLyTXHQRDOFDQ]DED
HOGLQHUR\SRUHVRWHQtDPRVTXHGHMDUDOJXQDVFRVDV«/DYHUGDGQRPHJXVWyORTXHGLMR
'HUHJUHVRHQODFDVDPLVSDSiVFRQWLQXDEDQGLVFXWLHQGRVREUHORTXHKDEtDSDVDGRSHUR\RVH
JXtDVLQHQWHQGHU\HVWDEDGHVLOXVLRQDGRSRUTXHKDEtDQUHJUHVDGRPLVJDOOHWDVPLMXJR\PLVWHQLV
alo
23
3DSiVHDFHUFyDPt\PHH[SOLFy
²'LHJRORTXHSDVyQRIXHWXFXOSDIXHGHQRVRWURVSRUTXHQRKLFLPRVXQSUHVXSXHVWR
GHODVFRVDVTXHGHEtDPRVFRPSUDUFRQHOGLQHURTXHWHQtDPRV
²¢<HVRTXpHV"²SUHJXQWp
²8QSUHVXSXHVWRHVDQRWDUQXHVWURVLQJUHVRV\JDVWRV6LUYHSDUDKDFHUXQDFRPSDUDFLyQ
DQWLFLSDGDHQXQODGRHVFULELPRVQXHVWURLQJUHVRTXHHVHOGLQHURFRQHOTXHFRQWDPRV\
HQHORWURODVFDQWLGDGHV\FRQFHSWRVSRUSDJDUTXHVRQORVJDVWRV3RUHMHPSORW~WLHQHV
SHVRVFRQORVTXHTXLHUHVFRPSUDUWXVJDOOHWDVHOMXJR\XQRVWHQLV
6yORTXHHOSDTXHWHGHWXVJDOOHWDVFXHVWDSHVRVHOMXJRSHVRV\ORVWHQLV(QWRWDO
¢FXiQWRHV"²PHSUHJXQWy
²6RQSHVRV²UHVSRQGt
²¢7HDOFDQ]DUtDFRQORTXHWLHQHV"
²1RPHIDOWDUtDQSHVRVSXHVQRPiVWHQJR²FRQWHVWp
²(QWRQFHVVLYDVDFRPSUDUVLQXQSUHVXSXHVWRHVSUREDEOHTXHQRWHDOFDQFH
3RUHVRHVLPSRUWDQWHKDFHUORSDUDVDEHUFXiQWRGLQHURWHQHPRV\FXiQWRSRGHPRVJDVWDU
'HVGHHVHGtDPLVSDSiVQXQFDYROYLHURQDLUGHFRPSUDVVLQKDFHUXQSUHVXSXHVWR«$Vt
QRKHPRVYXHOWRDSDVDUSRUXQDVLWXDFLyQWDQSHQRVDGHWHQHUTXHUHJUHVDUSDUWHGHORTXH
KDEtDPRVHVFRJLGR¢7HKDSDVDGRDOJRDVt"¢(QWXFDVDDFRVWXPEUDQKDFHUXQSUHVXSXHVWR"
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢4XpHVXQSUHVXSXHVWR"
¢6DEHVGHFXiQWRGLQHUR
GLVSRQHVDOPHV"
24
¢6DEHVHQTXpJDVWDV
PiVGLQHUR"
¢7HKDVXFHGLGRTXHWHTXHGDV
VLQGLQHUR\QRVDEHVHQTXpWH
ORJDVWDVWH"
&RQFHSWRV
-NAOQLQAOPKĥNACEOPNK
@AJQAOPNKOEJCNAOKO
UAJMQÄU?ÍIKHKO
C=OP=IKO
8QLNAOQLQAOPKHVDQRWDUHOGLQHURTXHWHQHPRV\ORTXHJDVWDPRV
HQXQSHULRGR3UHVXSXHVWDUQRVSHUPLWHVDEHUFRQFXiQWRFRQWDPRV
\DTXpGHVWLQDPRVFDGDSHVRGHQXHVWURVLQJUHVRV7DPELpQQRV
SHUPLWHLGHQWLILFDUVLJDVWDPRVPiVGHORTXHWHQHPRV
¢$OJXQDYH]KDVHVFXFKDGRDXQIDPLOLDURDPLJRTXHGLJD³<DVHPHDFDEyHOGLQHUR\QRVp
QLHQTXpPHORJDVWp´"8QSUHVXSXHVWRQRVRORVLUYHSDUDDQRWDUORTXH\DJDVWDPRVWDPELpQ
SDUDLGHQWLILFDUHQTXpGHEHPRV\SRGHPRVJDVWDUDQWHVGHHPSH]DUDFRPSUDU(VXQDKHUUD
PLHQWD~WLOSDUDRUJDQL]DUQXHVWURVEJCNAOKO\C=OPKO
&JCNAOKĥ@EJANKMQA
NA?E>EIKO?KIK
L=CKLKNQJPN=>=FK
KMQAJKO@=JJQAO
PNKOL=@NAO
(QXQSUHVXSXHVWRSRGHPRVDQRWDUORTXHTXHUHPRVFRPSUDUHQXQD
VHPDQDRHQXQPHVSDUDVDEHUFXiQWRGLQHURQHFHVLWDPRVSDUDFXEULU
OR\DSDUWDUHOGLQHURDQWHVGHHPSH]DUDJDVWDU
+D\TXLHQHVGLFHQTXHHVGLItFLODUPDUXQSUHVXSXHVWRSXHVVXVLQJUHVRV
QRVRQORVPLVPRVWRGRVORVPHVHVYDUtDQODVSURSLQDVTXHUHFLEHXQ
PHVHURORTXHJDQDXQWD[LVWD(QHVRVFDVRVHVFXDQGRPiVLPSRUWDQWHUHVXOWDHODERUDUXQSUHVX
SXHVWRSXHVQRKD\FHUWH]DGHORVLQJUHVRV\SRUORWDQWRWHQHPRVTXH
FXLGDUHQTXp\FXiQWRJDVWDPRV(VPHMRUVXSRQHUTXHORVLQJUHVRV
$=OPKĥ@EJANKMQA
YDQDVHUPiVEDMRVGHORTXHSXHGHQOOHJDUDVHUSDUDTXHQRQRVIDOWH
BBBBBBBB
WRWDOBBBBBBBBBB
/X]
*DV
$JXD
)UXWD
YHUGXUD
6DODULR
*$6726
,1*5(62
R
3UHVXSXHVW
QO=IKOL=N=?KILN=N
>EAJAOKOANRE?EKO
25
J=HEV=AHLNAOQLQAOPK@AH=B=IEHE=/=IÏNAVUH=O?=PACKNÏ=OMQAHK?KJBKNI=JĮ
-NAOQLQAOPK@AH=B=IEHE=/=IÈNAV
0AI=J=
0AI=J=
0AI=J=
0AI=J=
1N=JOLKNPA
HEIAJPKOBQAN=@A?=O=
0ANRE?EKOHQV=CQ=PAHÄBKJK
&JCNAOKO
$=J=J?E=O@AL=L½P=TE
$=J=J?E=O@AI=I½RAJP=L=OPAHAO
1KP=H@AEJCNAOKO
$=OPKO
HEIAJPKO
3EREAJ@=NAJP=
/A?NA=?EÍJ
0=HQ@IA@E?EJ=O
>KJKL=CK13?NÄ@EPK
1KP=H@AC=OPKO
0)!,EJCNAOKO…C=OPKO
26
1KP=H
@AHIAO
-KN?AJP=FA
$N=?E=O=HLNAOQLQAOPK
LK@AIKOO=>ANMQAH=
B=IEHE=/=IÈNAVC=OP=
OQOEJCNAOKO@A
@AH=OECQEAJPABKNI=ĥ
6HUYLFLRV
OX]DJXDWHOpIRQR
6DOXG
7UDQVSRUWH 5HFUHDFLyQ
9LYLHQGDUHQWD
$OLPHQWRV
IXHUDGHFDVD
$OLPHQWRV
$ERQRSDJR79
27
8QRGHORVREMHWLYRVGHHODERUDUXQSUHVXSXHVWRHVVDEHUVLWXVJDVWRVHVWiQVXVWHQWDGRVSRU
WXLQJUHVR&RPRHMHPSORDQDOL]DHOFRPSDUDWLYRHQWUHORVLQJUHVRV\ORVJDVWRVGHODIDPLOLD
5DPtUH]\GHVXVYHFLQRVODVIDPLOLDV+HUQiQGH]\*yPH]
-NAOQLQAOPKB=IEHE=NIAJOQ=H
#=IEHE=
/=IÈNAV
#=IEHE=
$ÍIAV
#=IEHE=
%ANJ½J@AV
1KP=H@AEJCNAOKO
1KP=H@AC=OPKO
0)!,EJCNAOKO…C=OPKO
%$
&
Q=J@KHKOEJCNAOKOOKJIAJKNAOMQAJQAOPNKOC=OPKO
AOP=IKOAJLNK>HAI=O1HFHVLWDPRVSHGLUSUHVWDGRHQ
GHXGDUQRVSDUDSDJDUWRGRORTXHFRPSUDPRV(QHOFDVR
GHODIDPLOLD+HUQiQGH]HVQHFHVDULRTXHJDVWHQPHQRVR
TXHEXVTXHQFyPRDXPHQWDUVXVLQJUHVRV
28
&
Q=J@KJQAOPNKOC=OPKOAEJCNAOKOOKJECQ=HAO?KIK
AJAH?=OK@AH=B=IEHE=/=IÏNAVPAJAIKOťJ=JV=O
AMQEHE>N=@=O1RREVWDQWHFXDOTXLHULPSUHYLVWRSXH
GHGHVEDODQFHDUODV\DOHMDUODVGHODVPHWDVTXHVHKDQ
WUD]DGR+KAOPÄI=HLANK?KJQJI=UKNAOBQANVKOA
LQA@AAOP=NIAFKNUPAJANIÄOPN=JMQEHE@=@
$
&#
Q=J@KHKOEJCNAOKOOKJI=UKNAOMQAJQAOPNKO
C=OPKOAOP=IKOAJQJAO?AJ=NEKO=JK/RV*yPH]
HVWiQIUHQWHDXQDH[FHOHQWHRSRUWXQLGDGSDUDDKR
UUDULQYHUWLUDXPHQWDUVXSDWULPRQLRRHQVXFDVR
HQIUHQWDUDOJ~QLPSUHYLVWR
29
)K\Q^QLIL
5HVSRQGHODVVLJXLHQWHVSUHJXQWDV
¢6DEHVHQTXpJDVWDVFDGDSHVRTXHUHFLEHV"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢$OJXQDYH]KDVWHQLGRTXHSHGLUSUHVWDGRDDOJXLHQ"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢/OHYDVDOJ~QWLSRGHUHJLVWURGHWXVLQJUHVRV\WXVJDVWRV"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢$QWHVGHHPSH]DUDJDVWDUSLHQVDVHQORTXHQHFHVLWDVFRPSUDUGXUDQWHODVHPDQDR
HOPHV\DSDUWDVHOGLQHURSDUDFRPSUDUOR"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
"HLNAOQLQAOPKLQA@AR=NE=N
LKNMQAJQAOPNKOEJCNAOKOU
C=OPKO?=I>E=J/ARÈO=HKLKN
HKIAJKO?=@=MQEJ?AJ=
30
'XUDQWHXQDVHPDQDDQRWDHQXQDOLEUHWDFDGDFRVDHQODTXHJDVWHVSRUSHTXHxDTXH
VHDODFDQWLGDG&XDQGRWHQJDVORVJDVWRVGHXQDVHPDQDFODVLItFDORVHQODVVLJXLHQWHV
FDWHJRUtDV
$OLPHQWDFLyQ
9LYLHQGD
2JLNAOQLQAOPKAOQJ
&RPLGDVIXHUDGHFDVD
ŀPN=FA=H=IA@E@=ˆMQA
6DOXG
R=AJBQJ?EÍJ@AHKO
7UDQVSRUWH
EJCNAOKOUJA?AOE@=@AO
6HUYLFLRVDJXDOX]WHOpIRQR
@A?=@=LANOKJ=
)KOEJCNAOKOUC=OPKO
$UWtFXORVHVFRODUHV
OKJ@EOPEJPKOAJQJKOU
9HVWLGR\FDO]DGR
KPNKOLKNHKMQA?=@=
5HFUHDFLyQ
LNAOQLQAOPKAO@EBANAJPA
3DJRGHGHXGDV
¢&XiQWRGLQHURGHVWLQDVDFDGDFDWHJRUtD"
¢&UHHVTXHHVWiVJDVWDQGRGHPDVLDGRHQDOJR\QRGHELHUDVHUDVt"
SDVDMHV
WLDQJXLV
SDSHOHUtD
D
JDVROLQ
FR
UHIUHV
WRUWD
31
&RQFHSWRV
KJOQIKEJPAHECAJPAĥ
LAJO=N=JPAO@A?KI
LN=N=HCKOENA=HIAJPA
JKOB=HP=U?KIL=N=N
LNA?EKOU?=HE@=@
(O?KJOQIKEJPAHECAJPAWLHQHTXHYHUFRQUD]RQDUQXHVWUDVGHFLVLRQHV
DQWHVGHFRPSUDU+D\TXHFRPSDUDUFDOLGDG\SUHFLR/DFDOLGDGHV
XQDFDUDFWHUtVWLFDPX\LPSRUWDQWHTXHGHEHPRVWRPDUHQFXHQWD3RU
HMHPSORLGHQWLILFDUFXiOSURGXFWRQRVGXUDUiPiVWLHPSR6LQHFHVLWD
PRVXQDFKDPDUUDVXFDUDFWHUtVWLFDHVHQFLDOHVTXHQRVSURWHMDGHOIUtR
TXHQRVTXHGHELHQ\QRVJXVWHQRVRORTXHVHDGHFLHUWDPDUFDRTXH
WHQJDHVWDPSDGDDOJXQDLPDJHQ
6HUXQFRQVXPLGRULQWHOLJHQWHQRVLJQLILFDFRPSUDUVLHPSUHORPiVEDUDWRVLQRDQDOL]DUFXiO
SURGXFWRRVHUYLFLRFRQUHODFLyQDVXSUHFLRQRVYDDVHUPiV~WLORGXUDUSRUPiVWLHPSR(O
FRQVXPLGRULQWHOLJHQWHDKRUUDHQORTXHFRPSUD\QRJDVWDGHPiVHQVHUYLFLRVWDOHVFRPRODOX]
HODJXDHOJDVRHOWHOpIRQR
(UHVXQFRQVXPLGRULQWHOLJHQWHFXDQGR
3LHQVDVVLYHUGDGHUDPHQWHYDVDXVDU
HODUWtFXORTXHGHVHDVFRPSUDU
&RPSDUDVSUHFLRVHQGLYHUVRVHVWD
EOHFLPLHQWRVDQWHVGHFRPSUDU
$KRUUDVHQHOFRQVXPRGHODJXDGHOD
OX]\GHOJDVHQWXFDVDVHUYLFLRV
&RPSUDVORTXHFRQVLGHUDVQHFHVDULR
&XLGDVODVFRVDVTXHXVDV
32
(ODKRUUR\
ODLQYHUVLyQ
2EMHWLYR
+DFHUFRQFLHQFLDGHTXHDKRUUDUHLQYHUWLUSHUPLWHHQIUHQWDUVLWXDFLRQHV
LQHVSHUDGDV\KDFHUFUHFHUHOSDWULPRQLR
$SUHQGL]DMHHVSHUDGR
Ć'LVWLQJXLUHQWUHDKRUURIRUPDOHLQIRUPDO
Ć'LIHUHQFLDUHQWUHDKRUUDUHLQYHUWLU
Ć(QWHQGHUHOSDSHOTXHWLHQHODYDULDFLyQGHORVSUHFLRVODLQIODFLyQ
HQHODKRUUR\ODLQYHUVLyQ
Ć&RPSUHQGHUODLPSRUWDQFLD\ODQHFHVLGDGGHODKRUUR\ODLQYHU
VLyQSDUDHOIXWXUR
33
/HHHOVLJXLHQWHUHODWR
/RV5DPtUH]KDFHQFXHQWDV
6LHPSUHVHSXHGHDKRUUDU
'HVSXpVGHSHQVDUORXQRVGtDV5HJLQDVHGHFLGLySRUODILHVWDDXQTXHHVRLPSOLFDUDUHQXQFLDUD
ODODSWRS/DGHFLVLyQHVWDEDWRPDGD$XQTXHODIXWXUDTXLQFHDxHUDVHYHtDIHOL]GRQ*RQ]DOR\
'LHJRVHQRWDEDQSUHRFXSDGRV'HVSXpVGHKDFHUHOSUHVXSXHVWRGHODIDPLOLDVHGLHURQFXHQWDGH
TXHQROHVDOFDQ]DEDSDUDFXEULURWURVJDVWRVFRPRORVWHQLVGH'LHJR\ODUHSDUDFLyQGHOWD[L
²(OWRUQHRGHIXWEROHPSLH]DHOPHVTXHHQWUD²VHODPHQWy'LHJR²QLDKRUUDQGRWRGRV
PLVGRPLQJRVPHDOFDQ]D«
²6LQHOWD[LQRSXHGRWUDEDMDU²DJUHJyGRQ*RQ]DOR
'RxD1DWDOLDIXHTXLHQHQFRQWUyODVROXFLyQ
²3RUVHSDUDGRVHYHGLItFLOHQIUHQWDUWRGRVORVJDVWRVSHURVLMXQWDPRVQXHVWURVDKRUURVGH
FDGDVHPDQDSRGHPRVKDFHUOHVIUHQWHXQRSRUXQR¢4XpHVORPiVXUJHQWH"²SUHJXQWy
²3XHV«VDFDUHOWD[LGHOWDOOHU'HDOOtVDOHSDUDORGHPiV²GLMRGRQ*RQ]DOR
²¢<OXHJR"
²0LVWHQLV²FRPHQWyDSUHVXUDGDPHQWH'LHJR²(OWRUQHRHPSLH]DHQXQPHV«
34
²0X\ELHQ9DPRVILMDQGRODVPHWDVTXHWHQHPRVSULPHURHOWD[LOXHJRORVWHQLV\GHVSXpV
ODILHVWDTXHHVGHQWURGHGLH]PHVHV$KRUDWHQHPRVTXHYHUHQTXpYDPRVDDKRUUDU²GLMR
GRxD1DWDOLD
²$PtVHPHRFXUUH²GLMR5HJLQD²TXHHQOXJDUGHTXHQRVGHQGLQHURSDUDFRPSUDUHQOD
HVFXHODODFRPLGDPHMRUQRVOOHYHPRVDOJRSUHSDUDGRHQFDVDPLSDSiSXHGHKDFHUORPLVPR
/XHJRGHGRVVHPDQDV5HJLQD'LHJR\VXVSDGUHVVHUHXQLHURQSDUDUHYLVDUFXiQWRKDEtDQ
DKRUUDGRHUDVXILFLHQWHSDUDVDFDUHOWD[LGHOWDOOHU(VRORVDQLPyDHQFRQWUDUQXHYDVIRUPDVGH
UHFRUWDUJDVWRV
²<RYR\DGHMDUGHIXPDU²GLMRGRQ*RQ]DOR
²<RSXHGROOHYDUDJXDGHODFDVDHQOXJDUGHFRPSUDUUHIUHVFRV²GLMR'LHJR
²5HQWDUHPRVSHOtFXODVHQYH]GHLUDOFLQH²DJUHJy5HJLQD
²<HQYDFDFLRQHVSRGHPRVLUDXQOXJDUPiVFHUFDQRRTXHGDUQRVHQODFLXGDG²UHPDWy
GRxD1DWDOLD
+DQSDVDGRVHLVPHVHVHQORVFXDOHVORVDKRUURVDXPHQWDURQSHUR\DVRORIDOWDQFXDWURSDUD
HOFXPSOHDxRVGH5HJLQD\WRGDYtDQROHVDOFDQ]DSDUDWRGRORTXHHOODTXLHUHHQVXILHVWD'RQ
*RQ]DORFLUFXODHQVXWD[LSRUODFLXGDG'LHJR\DMXJyHOWRUQHRFRQVXVWHQLVQXHYRVHKL]RXQ
EXHQSDSHOFRPRSRUWHUR5HJLQD\VXPDPiVLJXHQSODQHDQGRODILHVWDEXVFDQGRKDFHUDKR
UURVVLQTXHGHMHGHVHUXQHYHQWRERQLWR
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢4XpHQWLHQGHVSRUDKRUUDU"
¢3DUDTXpVLUYHDKRUUDU"
¢%DMDUOHDORVJDVWRVHV
LPSRUWDQWHSDUDDKRUUDU"
¢6RORORVTXHJDQDQ
PXFKRGLQHURSXHGHQDKRUUDU"
35
&RQFHSWRV
$KRUUDUHVJXDUGDUXQDSDUWHGHQXHVWURVLQJUHVRVSDUDXWLOL]DUODPiV
DGHODQWH(VLPSRUWDQWHGHVWLQDUDOJRGHQXHVWURGLQHURDODKRUUR3RGHPRV
XVDUHODKRUURHQWUHRWUDVFRVDVSDUDSDJDUXQDVYDFDFLRQHVFRPSUDUXQD
FRPSXWDGRUDHQIUHQWDUXQDHQIHUPHGDGRLQYHUWLUHQXQWD[L(VLPSRU
WDQWHGHILQLUODVPHWDVTXHTXHUHPRVDOFDQ]DUDVtVDEUHPRVFXiQWRGLQHUR
WHQHPRVTXHDKRUUDU\HQFXiQWRWLHPSRORSRGHPRVORJUDU
DKNNKĥD½>EPK@A
CQ=N@=NQJ=L=NPA@A
JQAOPNKEJCNAOKL=N=
?KJOACQENQJ=IAP=K
?NA=NQJBKJ@KMQAJKO
LANIEP=AJBNAJP=NQJ=
AIANCAJ?E=
+DFHUGHODKRUURXQKiELWRQRVD\XGDDWHQHUORTXHTXHUHPRV/RVREMHWLYRVGHDKRUURVRQGLIHUHQ
WHVHQFDGDSHUVRQD\FDPELDQGHDFXHUGRFRQODHGDG
DKNNKEJBKNI=HĥCQ=N
@=NJQAOPNK=DKNNK
@A>=FK@AH?KH?DÍJAJ
QJ==H?=J?È=KAJQJ=
P=J@=!AAO=BKNI=
JQAOPNK@EJANKOALQA
@ALAN@ANK=HCQEAJOA
HKLQA@AHHAR=N
$OJRTXHQRVD\XGDDDKRUUDUFXDQGRFRPSUDPRVHVVHUFRQVXPLGRUHVLQ
WHOLJHQWHVSHQVDU\FRPSDUDUDKNN=NHVHOKiELWRGHJXDUGDUXQDSDUWH
GHQXHVWURLQJUHVRSDUDFRQVHJXLUXQDPHWDHQXQIXWXURRSDUDFUHDU
XQIRQGRTXHQRVSHUPLWDHQIUHQWDUXQDHPHUJHQFLD$KRUUDULPSOLFD
GHMDUGHFRQVXPLUKR\XQDSDUWHGHQXHVWURLQJUHVRSDUDJDVWDUORHQ
HOIXWXUR&RPRHOILQGHODKRUURHVORJUDUXQDPHWDSUy[LPDRHQIUHQ
WDUDOJXQDHPHUJHQFLDQHFHVLWDPRVWHQHUHVRVUHFXUVRVGLVSRQLEOHV\
SURWHJLGRV(ODKRUURHVWDQLPSRUWDQWHTXHGHVGHQLxRVSRGHPRVDEULU
XQDFXHQWDHQHO%DQFRSDUDHVHILQ
0XFKDVSHUVRQDVDFRVWXPEUDQJXDUGDUVXDKRUURHQDOJ~QOXJDUGHVXKRJDUGHEDMRGHOFROFKyQHQ
XQDDOFDQFtDRLQFOXVRFRQILiUVHORDRWUDSHUVRQDSRUHMHPSORHQXQDWDQGD(VWDIRUPDGHJXDU
GDUHOGLQHURVHFRQRFHFRPR=DKNNKEJBKNI=H$KRUUDUGHHVDPDQHUDQRHVORPiVFRQYHQLHQWH
SRGHPRVSHUGHUQXHVWURGLQHURRDUULHVJDUQRVDTXHDOJXLHQORWRPH8QDPHMRUIRUPDGHJXDUGDU
QXHVWURVUHFXUVRVHVHQXQ%DQFRDWUDYpVGHXQDFXHQWDGHDKRUUR
*XDUGDUQXHVWURGLQHURHQXQDFXHQWDGHDKRUURWLHQHYDULDVYHQWDMDVHO
DKNNKBKNI=HĥCQ=N@=N
%DQFRHVXQDLQVWLWXFLyQILQDQFLHUDHVSHFLDOLVWDHQDGPLQLVWUDUHODKRUURGH
JQAOPNK@EJANKAJEJO
PLOORQHVGHSHUVRQDV\DOOtQXHVWURGLQHURHVWiSURWHJLGR\PiVVHJXUR$
PEPQ?EKJAO=QPKNEV=@=O
HVWDIRUPDGHDKRUUDUTXHHVPiVFRQYHQLHQWHVHOHFRQRFHFRPR=DKNNK
LKNAHCK>EANJK-KN
AFAILHKĥHKO=J?KO
BKNI=H(QFDVLWRGDVODVFXHQWDVGHDKRUURQXHVWURGLQHURHVWiGLVSRQLEOH
HQFXDOTXLHUPRPHQWR\SRGHPRVUHWLUDUORVLDFXGLPRVDXQDVXFXUVDOGHO
%DQFR$ODEULUODFXHQWDHQODPD\RUtDGHORVFDVRVHO%DQFRQRVHQWUHJDXQDWDUMHWDGHGpELWRTXH
QRVSHUPLWHSDJDUHQPXFKRVHVWDEOHFLPLHQWRV\UHWLUDUGLQHURHQORVFDMHURVDXWRPiWLFRV$GHPiV
ODPD\RUtDGHODVFXHQWDVGHDKRUURFXHQWDQFRQXQVHJXURGHGHSyVLWRGHO,QVWLWXWRSDUDOD3URWHF
FLyQDO$KRUUR%DQFDULR,3$%TXHSURWHJHHOGLQHURGHORVDKRUUDGRUHV3UHJXQWDDODLQVWLWXFLyQHQ
TXHGHSRVLWHVWXVDKRUURVVLORWLHQH
36
$FWLYLGDG
5HIOH[LRQDVREUHWUHVFRVDVTXHTXLHUDVFRPSUDU3DUDDOFDQ]DUODVGHEHVVHUUHDOLVWD
HOWLHPSRTXHWDUGDUiVHQFRPSUDUODVLUiHQIXQFLyQGHFXiQWRDKRUUHV/DFRQVWDQFLD
\GLVFLSOLQDHQHODKRUURVRQIXQGDPHQWDOHVSDUDORJUDUWXVPHWDV/OHQDHOVLJXLHQWH
FXDGURFRQWXVPHWDV
*AP=O
,>FAPERK
&RPSUDU
XQFHOXODU
ĸ Q½JPK?QAOP=
ĸ Q½JPK
LQA@K=DKNN=N
=H=OAI=J=
0AI=J=OMQA
P=N@=NÄAJ
HKCN=NHK
VHPDQDV
PHVHV
37
/HHHOVLJXLHQWHUHODWR
¢/HHQWURDODWDQGD"
/RVEHQHILFLRVGHODKRUURIRUPDO
/DILHVWDGHTXLQFHDxRVGH5HJLQD5DPtUH]UHVXOWyXQp[LWR1RVRORODIHVWHMDGDHVWXYRIHOL]
WDPELpQVXVSDGUHVGRQ*RQ]DOR\GRxD1DWDOLDVHVLQWLHURQPX\RUJXOORVRV&RQHOSODQGH
DKRUURTXHWRGDODIDPLOLDVHWUD]yDMXVWiQGRVHDVXSUHVXSXHVWR\SUDFWLFDQGRHOFRQVXPRLQ
WHOLJHQWHSXGLHURQKDFHUIUHQWHDORVJDVWRV3RFRVGtDVGHVSXpVGRxD1DWDOLDQRWDUGyHQGDUVH
FXHQWDGHTXHVLDGPLQLVWUDEDQELHQVXGLQHURFDGDVHPDQDOHVTXHGDUtDODPLVPDFDQWLGDG
TXHDQWHVDKRUUDEDQSDUDODILHVWD
²¢3RUTXpQRHQWUDDODWDQGDGRxD1DWL"£$QtPHVH²OHVXJLULyXQDYHFLQD
²1RVp¢TXLpQODRUJDQL]D"²SUHJXQWyLQGHFLVDGRxD1DWDOLD
²/DSULPDGHODYHFLQDGHOQXHYH²FRQWHVWyRWUD
²0PP«¢TXpWDOVLGHUHSHQWHQHFHVLWRHOGLQHUR"'HDTXtDTXHPHWRTXHODWDQGD«DGH
PiVQRFRQR]FRELHQDHVDVHxRUD
²3XHVTXpGHVFRQILDGD²GLMRRWUDYHFLQD²QLTXHIXHUDDOOHYiUVHOR
(OWLHPSRGLRPX\SURQWRODUD]yQDGRxD1DWDOLD\DTXHHQPHQRVGHWUHVVHPDQDVXQD
QRWLFLDFRUULySRUODFRORQLDODVHxRUDGHODWDQGDVHOOHYyHOGLQHUR/DVYHFLQDVVHGLHURQFXHQWD
GHTXHWRGRKDEtDVLGRXQDWUDPSDSXHVFRQH[FXVDVODPXMHUGHMyGHSDJDUORVSULPHURVQ~
PHURVGHODWDQGD
38
²8\«¢FyPRVXSRORTXHLEDDSDVDUGRxD1DWL"1RPHGLJDTXHHVDGLYLQD«
²$OFRQWUDULR²ULyODVHxRUD²IXLSUHFDYLGDSRUTXHQXQFDVHVDEH3UHIHUtDEULUXQD
FXHQWDHQHO%DQFRGRQGHFDGDPHVGHSRVLWRORVDKRUURVGHPLIDPLOLD\ORVWHQJRGLVSRQL
EOHVHQFXDOTXLHUPRPHQWR
'RxD1DWDOLDQRORPHQFLRQDEDSHURHOWHPDVHJXtDHQVXPHQWH¢DTXpLEDQDGHVWLQDU
ORVDKRUURV"¢&XiOVHUtDODPHMRUIRUPDGHDSURYHFKDUORV"
8QDQRFKHPLHQWUDVYHtDODVQRWLFLDVFRQODIDPLOLDFRPHQWyGHSURQWR
²¢<VLFRPSUDPRVXQDFDVD"
²¢<FRQTXpGLQHUR"²UHDFFLRQyGRQ*RQ]DOR
²1RGLMHTXHDKRUDYLHMRSRGHPRVLUMXQWDQGR$VtFRPRQRVRUJDQL]DPRVSDUDKDFHUOH
ODILHVWDD5HJLQDSRGHPRVKDFHUORPLVPRSDUDFRPSUDUQXHVWUDFDVD
²1RHVLJXDO¢6DEHVFXiQWRVDxRVWHQGUtDPRVTXHDKRUUDUSDUDMXQWDUORTXHYDOHXQDFDVD"
²'HDFXHUGRSHURQDGLHGLMRTXHODIXpUDPRVDSDJDUGHXQWLUyQSRGHPRVSHGLUXQ
FUpGLWR«<DWHQHPRVDOJXQRVDKRUURVHQHO%DQFR<VLVHJXLPRVFRQHVHULWPRFDOFXORTXH
SRGUHPRVMXQWDUSDUDHOHQJDQFKHHQXQRVGRVDxRV«¢$SRFRQRWHJXVWDUtDGHMDUGHSDJDU
UHQWD\WHQHUDOJRSURSLR"
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢4XpIRUPDVFRQRFHV
SDUDJXDUGDUHOGLQHUR"
¢&XiOHVODPHMRU
IRUPDGHJXDUGDUHO
GLQHUR"¢3RUTXp"
¢$KRUUDQHQWXFDVD"
¢4XpHVLQYHUWLU"
39
&RQFHSWRV
&JRANOEÍJĥAO@AOPE
J=NJQAOPNK@EJANK
=QJJACK?EKL=N=
D=?ANHK?NA?ANU
C=J=N@EJANK
8QDIRUPDGHKDFHUFUHFHUQXHVWURDKRUURHVDWUDYpVGHODEJRANOEÔJTXH
LPSOLFDFRPSUDUSURGXFWRVSDUDYHQGHURKHUUDPLHQWDV\PDTXLQDULD
SDUDXQWDOOHU&XDQGRLQYHUWLPRVEXVFDPRVLQFUHPHQWDUQXHVWURSDWUL
PRQLRHVGHFLUJDQDUSRUPHGLRGHXQQHJRFLR
&XDQGRYHPRVTXHHQQXHVWUDFDOOHVHDEULyXQDQXHYDSDSHOHUtDRXQDWLHQGLWDRTXHDOJXLHQ
FRPRGRQ*RQ]DORFRPSUyXQWD[LQXHYRORVGXHxRVHVWiQLQYLUWLHQGR'HVGHODVJUDQGHVHPSUH
VDVKDVWDXQSXHVWRHQXQPHUFDGRVRQLQYHUVLRQHVSXHVTXLHQHVGHVWLQDQVXGLQHURDpVWRVEXVFDQ
KDFHUFUHFHUVXSDWULPRQLRYHQGLHQGRSURGXFWRV\VHUYLFLRVDODFRPXQLGDG\DGHPiVJHQHUDQ
HPSOHRV'HEHPRVWHQHUSUHVHQWHTXHLQYHUWLULPSOLFDXQULHVJRSXHVQRVLHPSUHJDQDUHPRVGLQH
URDOJXQDVYHFHVSRGHPRVSHUGHU1RWRGRVORVQHJRFLRVWLHQHQYHQWDVEXHQDVWRGRVORVGtDV+D\
pSRFDVHQTXHVHYHQGHPHQRV\VHSLHUGHGLQHUR
1XHVWURGLQHURFUHFHFXDQGRFRQpOSRGHPRVFRPSUDUPiVSURGXFWRV\
&Jʼn=?EÍJĥ=QIAJPK
VHUYLFLRV$OJXQDVYHFHVDXQTXHQRVSDJXHQPiVHQQXHVWURWUDEDMRQR
CAJAN=HEV=@KU?KJPE
QHFHVDULDPHQWHSRGHPRVFRPSUDUPiV/DUD]yQHVTXHORVSUHFLRVGH
JQK@AHKOLNA?EKO@A
ODVFRVDVVXEHQHOSUHFLRTXHWHQtDXQOLWURGHOHFKHKDFHWUHVDxRVQRHV
>EAJAOUOANRE?EKO
HOPLVPRTXHWLHQHKR\$ODXPHQWRJHQHUDOL]DGR\FRQWLQXRGHORVSUH
FLRVGHELHQHV\VHUYLFLRVVHOHFRQRFHFRPREJŦ=?EÔJ\VHGHEHJHQHUDO
PHQWHDODHPLVLyQH[FHVLYDGHGLQHURRDOVREUHHQGHXGDPLHQWRGHXQJRELHUQRSDUDKDFHUIUHQWHD
JDVWRVTXHHVWiQSRUDUULEDGHVXVLQJUHVRV7DPELpQSXHGHKDEHULQIODFLyQFXDQGRODFDQWLGDGGH
ELHQHVTXHVHSRQHQDODYHQWDRIHUWDGLVPLQX\H\SRUORWDQWRKD\PHQRVSURGXFWRVSDUDODVSHU
VRQDVTXHWLHQHQGLQHURSDUDFRPSUDUORGHPDQGD+D\PXFKRVSURGXFWRVTXHVXEHQGHSUHFLR
SRUTXHKD\PHQRVHQHOPHUFDGRSRUHMHPSORDOJXQDVIUXWDV\YHUGXUDVIXHUDGHVXWHPSRUDGD
/DLQIODFLyQDIHFWDQXHVWURVDKRUURVSRUHVRFXDQGRDKRUUDPRVGHEHPRVEXVFDULQWHUHVHVSRU
DUULEDGHODLQIODFLyQRLQYHUWLUHQXQQHJRFLRTXHKDJDFUHFHUQXHVWURGLQHURSRUHQFLPDGHORTXH
FUHFHQORVSUHFLRV
(ODKRUUR\ODLQYHUVLyQQRVRQORPLVPRVRQFRPSOHPHQWDULRVHODKRUURQRVD\XGDUiDFXPSOLU
PHWDVHQIUHQWDUHPHUJHQFLDV\DWHQHUUHFXUVRVSDUDLQYHUWLU&RQODLQYHUVLyQTXHLPSOLFDSRQHU
XQQHJRFLRQXHVWURSDWULPRQLRSXHGHFUHFHUHQODPHGLGDTXHDOQHJRFLROHYD\DELHQ$VtFRPR
XQDSHUVRQDTXHTXLHUHHPSH]DUDFRUUHUSULPHURQHFHVLWDFDPLQDU\JDQDUFRQGLFLyQItVLFDXQD
SHUVRQDTXHTXLHUHLQYHUWLUSULPHURWLHQHTXHDKRUUDU
40
$FWLYLGDG
$FXGHDXQ%DQFRHLQYHVWLJDTXpVHUHTXLHUHSDUDDEULUXQDFXHQWDGHDKRUUR(QWUHRWUDV
SXHGHVIRUPXODUODVVLJXLHQWHVSUHJXQWDV
¢&XiQWRGLQHURQHFHVLWRSDUDDEULUXQDFXHQWDGHDKRUUR"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢&XiOHVVRQORVUHTXLVLWRVSDUDDEULUOD"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢4XpEHQHILFLRVPHRIUHFH"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢+D\TXHSDJDUDOJRSRUWHQHUHVWDFXHQWD"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Banco
JPAO@A=>NENPQ?QAJ
P=@A=DKNNKAOEILKN
P=JPAMQAPA=?H=NAJ
PK@=OPQO@Q@=O
41
0DSDFRQFHSWXDO$KRUURSDUDHVWDUELHQ
%$1&2
3RUPHGLRGHOWUDEDMR
REWHQHPRVGLQHUR
&,1(
8QDEXHQDIRUPDGH
SURWHJHUQXHVWURGLQHUR
HVDKRUUiQGRORHQXQD
LQVWLWXFLyQILQDQFLHUD
DXWRUL]DGD
6LUHDOL]DPRVXQFRQVXPR
LQWHOLJHQWHFRPSDUDU
SUHFLR\FDOLGDG
SRGHPRVDKRUUDUSDUD
WHQHUXQPHMRUIXWXUR
42
&RQHVHGLQHURSDJDPRV
ELHQHV\VHUYLFLRV
¢&yPRIXQFLRQD
ODHFRQRPtD"
2EMHWLYR
([SOLFDUHOGREOHSDSHOTXHWRGRVWHQHPRVSURGXFWRUHV\FRQVXPLGRUHV
$SUHQGL]DMHHVSHUDGR
Ć&RPSUHQGHUTXHODVHPSUHVDVSURGXFHQELHQHV\VHUYLFLRVTXH
YHQGHQDODVIDPLOLDV
Ć,GHQWLILFDUTXHSDUDREWHQHULQJUHVRVODVIDPLOLDVRIUHFHQDODV
HPSUHVDVVXWUDEDMRRSRQHQUHFXUVRVDVXGLVSRVLFLyQ
43
/HHHOVLJXLHQWHUHODWR
¢4XLpQKDFHODVFRVDV"
(OSURFHVRHFRQyPLFR
8QDQRFKHPLHQWUDVORV5DPtUH]FHQDEDQ'LHJRHOKLMRPHQRUODQ]yXQDSUHJXQWD
²3DSi¢TXLpQKDFHODOHFKH"
²$\'LHJR²VXVSLUyVXKHUPDQD5HJLQD²VLHPSUHFRQSUHJXQWDVREYLDV«
²'HSHQGHKLMR²DFODUyGRQ*RQ]DORVXSDSi²<DTXH5HJLQDSLHQVDTXHWXSUHJXQWDHV
REYLDGHMDUpTXHHOODFRQWHVWH
²£3XHVODVYDFDV¢4XLpQPiV"²GLMR5HJLQD
²¢6HJXUD"
²5HTXHWHVHJXUD²FRQWHVWyODPXFKDFKD
1RWHQtDGXGDVKDEtDHVFXFKDGRWRGDVXYLGDTXHODOHFKHSURYLHQHGHODVYDFDV,QFOXVRHO
HPSDTXHTXHHVWDEDVREUHODPHVDWHQtDHOGLEXMRGHXQDYDFD
²6XSRQJRTXHWDPELpQODHQYDVDQ\ODUHSDUWHQKLMD²GLMRVXPDGUHGRxD1DWDOLD²OR
TXHQRPHH[SOLFRHVFyPRKDFHQODOHFKHHQSROYR«
1LHODEXHORQLGRQ*RQ]DORSXGLHURQHYLWDUODULVD'LHJRPLUDEDDWRGRVSXHVVXGXGD
VHJXtDVLQUHVROYHUVH
²7XUHVSXHVWDHVFRUUHFWDSHURLQFRPSOHWD²H[SOLFyGRQ*RQ]DORD5HJLQD²ODOHFKH
DQWHVGHOOHJDUDWXYDVRSDVySRUXQODUJRSURFHVR/RPLVPRRFXUUHFRQPXFKDVGHODV
FRVDVTXHFRPSUDPRV
/(&+(
/(&+(
44
/(&+(
/(&+(
²0LUHQDVXDOUHGHGRU²FRPSOHWyHODEXHOR²FDVLWRGRORTXHYHQVHKL]RDSDUWLUGH
UHFXUVRVEiVLFRVTXHIXHURQWUDQVIRUPDGRV3RUHMHPSOR¢TXpVHQHFHVLWySDUDIDEULFDUODVDOD"
²0DGHUD²FRQWHVWy'LHJR
²«\WHODSHJDPHQWRFODYRVJUDSDVHVSXPD²DxDGLy5HJLQD
²3HURQRVRORHVR²GLMRGRxD1DWDOLD²DOJXLHQLPDJLQyHOGLVHxRRWURODFRQVWUX\y
DOJXLHQPiVODWUDQVSRUWyXQYHQGHGRUKL]RVXODERUSDUDTXHSDSi\\RODFRPSUiUDPRV«
8QDVDODHVSURGXFWRGHOWUDEDMRGHPXFKDVSHUVRQDVHQGLVWLQWRVPRPHQWRVQRGHXQDVROD
/RPLVPRSDVDFRQODOHFKHWUDHUODKDVWDDTXtLPSOLFyHOWUDEDMRGHPXFKDJHQWHJDQDGHURV
YHWHULQDULRVHPSUHVDULRVWUDQVSRUWLVWDVHPSDFDGRUHVWpFQLFRVSXEOLFLVWDVFRPHUFLDQWHV«
²$ORVHOHPHQWRVTXHVHQHFHVLWDQSDUDIDEULFDUDOJRORVOODPDPRVLQVXPRV²DJUHJyGRQ
*RQ]DOR²8QRGHHVRVLQVXPRVHVHOWUDEDMRTXHODVSHUVRQDVUHDOL]DQHQODVHPSUHVDVSDUD
SURGXFLUELHQHV
(QHVHPRPHQWROOHJyODWtD6LOYLDFRQXQDEXHQDQRWLFLD\DWHQtDWUDEDMRFRPRFDMHUDHQ
XQ%DQFR
²¢8Q%DQFRHVXQDHPSUHVD"²SUHJXQWy'LHJR
²6t²UHVSRQGLHURQDOPLVPRWLHPSRHODEXHORGRxD1DWDOLD\GRQ*RQ]DOR
²¢<TXpIDEULFDQDOOt"
²1RWRGDVODVHPSUHVDVIDEULFDQFRVDVRELHQHVPDWHULDOHV$OJXQDVVHGHGLFDQDSUHVWDU
VHUYLFLRVDFDPELRGHXQSDJR
²¢6HUYLFLRV"²LQTXLULyHOQLxR
²6tORVVHUYLFLRVQRVRQREMHWRVVLQRDFWLYLGDGHVTXHVDWLVIDFHQQXHVWUDVQHFHVLGDGHV/RV
%DQFRVORVKRVSLWDOHVODUDGLR\ODVHVFXHODVSRUHMHPSORVRQHPSUHVDVTXHEULQGDQVHUYLFLRV
\SDUDKDFHUORWDPELpQUHTXLHUHQLQVXPRV
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢4XLpQHVLQWHUYLHQHQHQOD
SURGXFFLyQGHODURSDGH
ORV]DSDWRV\GHORVOLEURV"
¢4XpKDFHHOIDEULFDQWH"
¢&XiOHVODIXQFLyQ
GHOWUDEDMDGRU"
¢4XpDSRUWDDOD
HFRQRPtDHO
FRPHUFLDQWH"
8QGRFWRU¢WHRIUHFH
XQELHQRXQVHUYLFLR"
¢&XiOHVODIXQFLyQ
GHOHPSUHVDULR"
45
b) Oferta y demanda
&RQFHSWRV
3DUDFXEULUQXHVWUDVQHFHVLGDGHVFRPSUDPRVELHQHV\VHUYLFLRV3RU
HMHPSORODOHFKHQRVD\XGDDVDWLVIDFHUQXHVWUDQHFHVLGDGGHDOLPHQWD
FLyQSHURFRPRODJUDQPD\RUtDQRWHQHPRVXQDYDFDHQFDVD\WDPSR
FRXQDPiTXLQDSDVWHXUL]DGRUDPHMRUODFRPSUDPRV\DSDVWHXUL]DGD\
HQYDVDGD
*AN?=@Kĥ@KJ@A?KEJ
?E@AJ@AI=J@=JPAOU
KBANAJPAO@ALNK@Q?
PKOUOANRE?EKO
$FXGLPRVDOWLDQJXLVDOVXSHUPHUFDGRDODWLHQGDHLQFOXVRDLQWHUQHWSDUDDGTXLULUORVELHQHV\
VHUYLFLRVTXHQHFHVLWDPRV'RQGHFRLQFLGHQ@AI=J@=JPAOFRPSUDGRUHV\KBANAJPAOYHQGHGR
UHVVHOHFRQRFHFRPRIAN?=@K
,BANP=ĥLKJAN=H=
RAJP==QJ@APANIE
J=@KLNA?EK>EAJAOU
OANRE?EKO
3DJDPRVSRUHVRVELHQHV\VHUYLFLRVFRQGLQHUR3RUHVRODVIDPLOLDV
QHFHVLWDQXQLQJUHVRSHUR¢FyPRREWLHQHQHVHLQJUHVR"/DPD\RUtDVH
JDQDQODYLGDPHGLDQWHODUHPXQHUDFLyQDVXWUDEDMRFRPRODWtD6LOYLD
TXLHQDKRUDRIUHFHVXHVIXHU]R\VXVFRQRFLPLHQWRVDO%DQFRHQHOTXH
WUDEDMD/DHPSUHVDOHSDJDXQVXHOGRSRUVXWLHPSR\VXVKDELOLGDGHV
/DPD\RUtDGHODVIDPLOLDVREWLHQHQLQJUHVRVSRUVXWUDEDMR+D\TXLH
QHVORVREWLHQHQUHQWDQGRXQLQPXHEOHRWUDEDMDQGRVXSURSLDPDTXL
QDULDTXHUHSUHVHQWDVXFDSLWDO2WUDIXHQWHGHLQJUHVRVRQORVLQWHUH
VHVTXHOHVSURGXFHQORVDKRUURVTXHWLHQHQHQHO%DQFR
$VXYH]ORV%DQFRVSUHVWDQHVHGLQHURDTXLHQORQHFHVLWH\SRUHOOR
FREUDQLQWHUHVHVSRUHMHPSORDXQHPSUHVDULRTXHTXLHUDFRPSUDU
PDTXLQDULDQXHYDSDUDDPSOLDUVXSURGXFFLyQ
!AI=J@=ĥOKHE?EP=N
>EAJAOUOANRE?EKO=QJ
@APANIEJ=@KLNA?EK
?KJNAOL=H@K@ALK@AN
@A?KILN=
(OWUDEDMRHVGHFLUHOHVIXHU]RDSOLFDGRDODSURGXFFLyQODWLHUUDUHFXUVRVQDWXUDOHV\PDWH
ULDVSULPDV\HOFDSLWDOODVKHUUDPLHQWDV\PDTXLQDULDVRQORVWUHVIDFWRUHVFODYHGHODSUR
GXFFLyQGHXQSDtV
(QODHFRQRPtDFDGDTXLHQFRQWULEX\HFRQDOJRODVHPSUHVDVSURGXFHQORTXHODVIDPLOLDVQHFH
VLWDQ\ODVIDPLOLDVORFRPSUDQDODVHPSUHVDVFRQHOGLQHURTXHUHFLEHQSRUVXHOGRV\VDODULRV
7DPELpQKD\PXFKDVSHUVRQDVTXHVRQDXWRHPSOHDGRVHVGHFLUYHQGHQORTXHSURGXFHQ2WURVVH
GHGLFDQDOFRPHUFLRRDOWUDQVSRUWH7RGRHVHLQWHUFDPELRHVFRQRFLGRFRPRSURFHVRHFRQyPLFR
46
8:7+-;7-+76Õ51+7
1FXJRUWJXFXTKWJHJSGNJSJX^
XJW[NHNTXVZJIJRFSIFSQFXKFRNQNFX
1FXJRUWJXFXWJHNGJSINSJWT
UTWQF[JSYFIJGNJSJX^XJW[NHNTX
5WTIZHHN´S
JRUWJXFX
)NXYWNGZHN´S
(TRJWHNTGFSHFYWFSXUTWYJ
(TSXZRT
KFRNQNFX
1FXKFRNQNFXWJHNGJSINSJWT
FHFRGNTIJXZYWFGFOT
1FXKFRNQNFXTKWJHJSJQYWFGFOTVZJ
IJRFSIFSQFXJRUWJXFX
47
$FWLYLGDG
$QDOL]DTXpKD\GHWUiVGHODIDEULFDFLyQGHXQOiSL]
Ć¢4XpVHQHFHVLWDSDUDIDEULFDUOR"
Ć¢4XLpQHVXVDQORVOiSLFHV"
Ć¢(QTXpD\XGDHOFRPHUFLDQWHSDUDTXHW~WHQJDVXQOiSL]"
48
3URGXFWRV\
VHUYLFLRVILQDQFLHURV
2EMHWLYR
&RQRFHUODVFDUDFWHUtVWLFDVGHORVSULQFLSDOHVSURGXFWRV\VHUYLFLRVILQDQFLHURV
HLGHQWLILFDUODVYHQWDMDVTXHVHSXHGHQREWHQHUDOXVDUORVFRUUHFWDPHQWH
$SUHQGL]DMHHVSHUDGR
Ć$VLPLODUORVSULQFLSDOHVFRQFHSWRVOLJDGRVDORVSURGXFWRVRVHU
YLFLRVILQDQFLHURVPiVXWLOL]DGRVFRPRODVFXHQWDVGHDKRUURORV
FUpGLWRVORVVHJXURV\ODVFXHQWDVGHDKRUURSDUDHOUHWLUR
Ć&RPSUHQGHUTXHODVGHFLVLRQHVUHODFLRQDGDVFRQHVWRVSURGXFWRV\
VHUYLFLRVGHEHQWRPDUVHHQIXQFLyQGHODVQHFHVLGDGHV\SRVLELOLGD
GHVGHFDGDSHUVRQDRIDPLOLD
49
/HHHOVLJXLHQWHUHODWR
¢9DPRVDGHVDSURYHFKDUODVSURPRFLRQHV"
(OFUpGLWRFXHVWLyQGHUHVSRQVDELOLGDG
8QDWDUGHGRxD1DWDOLDIXHDUHFRJHUDVXKLMR'LHJRDODHVFXHOD5XPERDFDVDVHGHWXYLHURQ
IUHQWHDXQDWLHQGDGHDUWtFXORVSDUDHOKRJDU
²0DPi£PLUDDKtHVWiODODSWRSTXHTXHUtD5HJLQD\HVWiHQSURPRFLyQDVHLVPHVHV
SDJiQGRODFRQWDUMHWDGHFUpGLWR¢/DFRPSUDPRVFRQWXWDUMHWD"(QHOODWLHQHVPXFKRGLQHUR
²GLMRHOQLxR
²1RKLMRODWDUMHWDGHFUpGLWRQRHVPLGLQHURHVXQSUpVWDPRGHO%DQFRTXHWHQJRTXH
SDJDUFRQLQWHUHVHV²UHVSRQGLyODVHxRUD
²¢,QWHUHVHV"²FXHVWLRQy'LHJR
²,QWHUpVHVHOGLQHURTXHHO%DQFRPHFREUDSRUSUHVWDUPHDWUDYpVGHODWDUMHWD
²$YHUQRPHFRQIXQGDV«¢WHDOFDQ]DSDUDODODSRQR"
²/RLPSRUWDQWHHVVDEHUVLSRGHPRVSDJDUHVDGHXGD«
²3HURVL\RHVFXFKpPX\FODURTXHOHGHFtDVDPLSDSiTXHFRQXQ
FUpGLWRSRGUtDPRVFRPSUDUKDVWDXQDFDVD«¢&yPRQRYDPRVD
SRGHUFRPSUDUODFRPSXWDGRUD"
²$VtHPSLH]DQORVSUREOHPDV'LHJRVLFRPSUDPRVPXFKDV
FRVDV\H[FHGHPRVORTXHQXHVWURVLQJUHVRVQRVSHUPLWHQGHVSXpV
QRSRGUHPRVSDJDU²GLMRGRxD1DWDOLD
²¢<TXp"'HWRGRVPRGRV\DWHQGUtDPRVODODSWRS«
²1RHVWDQVHQFLOOR(VFRPRFXDQGRODWtD(XJHQLDSLGLySUHV
WDGRDWRGRV\OXHJRQRSDJy¢UHFXHUGDV"
²8\Vt\DQDGLHOHSUHVWD+DVWDORVDEXHOLWRVVHHVFRQGHQ
GHHOOD&RPLHQ]RDHQWHQGHUSHUR¢YDPRVDGHVDSURYHFKDUOD
SURPRFLyQ"'LFHDKtTXHHVWiDPHVHVVLQLQWHUHVHV¢HVRTXLHUH
GHFLUTXHHO%DQFRQRWHYDDFREUDUSRUSUHVWDUWH"
²6t3HURVLQRSDJDPRVXQDGHODVPHQVXDOLGDGHVVtWHQGUtD
PRVTXHSDJDULQWHUHVHV3RUHVRDQWHVGHFRPSUDUODFRP
SXWDGRUDKD\TXHLUDFDVDWRPDUOiSL]\SDSHOSDUDFDOFXODU
QXHVWUDFDSDFLGDGGHSDJR
²£6iFDPHXQDWDUMHWDGHFUpGLWR$VtSRGUtDFRPSUDU
PXFKDVFRVDV²LQVLVWLy'LHJR
²1RHOFUpGLWRHVXQSUpVWDPRTXHGHEHVSDJDUSRU
HVRLPSOLFDUHVSRQVDELOLGDG3RGUiVWHQHUXQDWDUMHWDFXDQGR
VHDVPD\RUGHHGDG\WHQJDVXQLQJUHVRSRUWXWUDEDMRTXHWHSHUPLWD
SDJDUORTXHFRPSUHV
50
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢3DUDTXpVLUYH
HOFUpGLWR"
¢4XpSDVDVLSLGHVSUHVWDGR
\OXHJRQRSDJDV"
¢4XpHVOD
UHVSRQVDELOLGDG
FUHGLWLFLD"
¢4XpHVODFDSDFLGDG
GHSDJR"
¢(VPDORSHGLUSUHVWDGR"
&RQFHSWRV
NÄ@EPKĥLNÄOP=IKMQA
(O?NË@EPKHVXQDFDQWLGDGGHGLQHURTXHUHFLELPRVFRQODREOLJD
PAJAIKOMQAL=C=N?KJ
FLyQGHSDJDUODHQXQSOD]RGHWHUPLQDGRPiVRWUDFDQWLGDGSRU
EJPANAOAOAJQJLH=VK
FRQFHSWRGHLQWHUHVHV6HWUDWDGHXQDKHUUDPLHQWDTXHQRVSHUPLWH
@APANIEJ=@K
DGTXLULUELHQHV\VHUYLFLRVDOJXQRVGHORVFXDOHVQRSRGUtDPRV
DGTXLULUHQSRFRWLHPSRVLQXQFUpGLWR3RUHMHPSORHVPiVIiFLO
FRPSUDUXQDFDVDDFUpGLWRTXHGHFRQWDGRSXHVWHQGUtDPRVTXHDKRUUDUSRUPXFKRWLHPSR
SDUDFRPSUDUODHQXQVRORSDJR3HURORVFUpGLWRVWDPELpQSXHGHQPHWHUQRVHQSUREOHPDVVLVR
PRVLUUHVSRQVDEOHVFRQVXXVRVLDGTXLULPRVFUpGLWRVTXHQRSRGHPRVSDJDURVLQRSDJDPRVD
WLHPSRQXHVWUDVILQDQ]DVVHYHUiQDIHFWDGDV\QRVFHUUDUHPRVODVSXHUWDVSDUDREWHQHUQXHYRV
FUpGLWRVHQHOIXWXUR
=L=?E@=@@AL=CKĥ
?=JPE@=@@EOLKJE>HA
@AJQAOPNKOEJCNAOKO
@AOLQÄO@ANAOP=NPK@KO
JQAOPNKOC=OPKO
$QWHVGHVROLFLWDUXQFUpGLWRGHEHPRVHYDOXDUVLSRGHPRVSDJDUOR
3DUDHVRQHFHVLWDPRVVDEHUTXpSDUWHGHQXHVWURVLQJUHVRVSRGHPRV
GHVWLQDUDOSDJRGHOFUpGLWRHVGHFLUQXHVWUDFDSDFLGDGGHSDJR
3DUDFRQRFHUQXHVWUD?=L=?E@=@@AL=CKGHEHPRVUHVWDUQXHVWURV
JDVWRVDQXHVWURVLQJUHVRVLQFOX\HQGRODVFDQWLGDGHVGHVWLQDGDVD
SDJDURWUDVGHXGDV\DODKRUUR/RTXHQRVTXHGHVHUiODFDQWLGDG
Pi[LPDTXHSRGHPRVGHVWLQDUDOSDJRGHQXHYDVGHXGDVVLQULHVJR
GHLQFXPSOLUFRQORVSDJRV
$VtFRPRFRPSDUDPRVSUHFLRVDOFRPSUDUXQDWHOHYLVLyQDOFRQWUDWDUXQFUpGLWRHVFRQYHQLHQWH
FRPSDUDUGLVWLQWDVRSFLRQHV(OSUHFLRGHXQFUpGLWRHVVXP=O=@AEJPANËOeVWDHVHOGLQHURTXH
GHEHPRVSDJDUSRUUHFLELUXQFUpGLWR\HVDGLFLRQDODODFDQWLGDGTXHQRVSUHVWDURQ&XDQWRPiV
DOWDVHDODWDVDGHLQWHUpVPiVFDURVHUiHOFUpGLWR$QWHVGHFRQWUDWDUXQFUpGLWRHVLPSRUWDQWH
51
DQDOL]DUHLGHQWLILFDUFXiOQRVFREUDPHQRVLQWHUHVHV/DIRUPDHQTXH
SDJDPRVQXHVWURVFUpGLWRVTXHGDUHJLVWUDGDVLORKDFHPRVSXQ
WXDOPHQWHQRVUHWUDVDPRVRQRSDJDPRV$HVHUHJLVWURVHOHFRQRFH
FRPRDEOPKNE=H?NA@EPE?EKVLHVEXHQRQRVDEULUiODVSXHUWDVDIXWXURV
FUpGLWRVHQFDPELRXQPDOKLVWRULDOQRVFHUUDUiODVSXHUWDVSXHV
QDGLHSUHVWDDTXLHQQRSDJD
1=O=@AEJPANÄOĥLKN?AJ
P=FAMQA@A>AIKOL=C=N
=@E?EKJ=H=H=?=JPE@=@MQA
JKOLNAOP=NKJ Q=JPK
I½O=HP=OA=H=P=O=@A
EJPANÄOI½O?=NKAOAH
?NÄ@EPK
([LVWHQGLIHUHQWHVWLSRVGHFUpGLWR$OSUpVWDPRTXHSHGLPRVSDUD
LQYHUWLUHVGHFLUSDUDLQLFLDURKDFHUFUHFHUXQQHJRFLRVHOHOODPD
?NË@EPKAILNAO=NE=H8QFUpGLWRGHHVWDQDWXUDOH]DQRVSHUPLWHSRU
HMHPSORFRPSUDUSURGXFWRVSDUDDEULUXQDWLHQGDGHDEDUURWHVRFRPSUDUXQWD[L
%EOPKNE=H?NA@EPE?EKĥNACEO
PNK@AHKO?NÄ@EPKOMQA
DAIKOOKHE?EP=@K?ÍIK
U?Q½J@KHKODAIKO
L=C=@K
(O?NË@EPK=H=REREAJ@=RDELKPA?=NEKQRVSHUPLWHDGTXLULUXQD
FDVDRGHSDUWDPHQWR\SDJDUORSRFRDSRFRSXHVăFRPR\DGLML
PRVăHVPiVIiFLODGTXLULUXQDFDVDGHHVWDIRUPDTXHFRPSUDUOD
HQXQVRORSDJR&XDQGRGHVWLQDPRVHOFUpGLWRDFRPSUDUELHQHV\
VHUYLFLRVTXHVDWLVIDJDQQXHVWUDVQHFHVLGDGHVFRWLGLDQDVKDEODPRV
GH?NË@EPK=H?KJOQIK/RVWLSRVGHFUpGLWRPiVXWLOL]DGRVHQQXHV
WURSDtVVRQODWDUMHWDGHFUpGLWR\HOFUpGLWRGHQyPLQD
/DP=NFAP=@A?NË@EPKHVXQPHGLRGHSDJRFRQHOODSRGHPRVUHDOL]DUFRPSUDVHQHVWDEOHFLPLHQ
WRVFRPHUFLDOHVVLQFDUJDUHIHFWLYR&XDQGRFRQWUDWDPRVXQDWDUMHWDGHFUpGLWRHO%DQFRQRV
SUHVWDKDVWDXQDGHWHUPLQDGDFDQWLGDGOODPDGDOtQHDGHFUpGLWR
%$1&2
52
6LGLVSRQHPRVGHHVHGLQHURWHQGUHPRVTXHSDJDUORPiVORVLQWHUHVHVFRUUHVSRQGLHQWHV
(VPX\LPSRUWDQWHQRFRQIXQGLUODWDUMHWDGHFUpGLWRFRQODP=NFAP=@A@Ë>EPKDOXWLOL]DUHVWD
~OWLPDKDFHPRVXVRGHQXHVWURGLQHURTXHJXDUGDPRVHQXQDFXHQWDGHDKRUURGHQyPL
QDăGRQGHGHSRVLWDQQXHVWURVDODULRăRGHFKHTXHV&RQHVDWDUMHWDSRGHPRVUHWLUDUQXHVWUR
GLQHURRFRPSUDUELHQHV\VHUYLFLRV
LMKZuLQ\W"?KILN=O?KJAH@EJANK@AH=J?KĤLKNQO=NAOA?NÄ@E
PKPAJ@N½OMQAL=C=NH=?=JPE@=@MQAPALNAOP=NKJI½OEJPANAOAO
<IZRM\I[
LMLuJQ\W"?KILN=O?KJPQ@EJANKMQAOA@AO?QAJP=@AEJIA
@E=PK@AHKMQAPEAJAOAJPQ?QAJP=@A@ALÍOEPKĥ=DKNNKJÍIEJ=
K?DAMQAO
8Q?NË@EPK@AJÔIEJ=HVXQSUpVWDPRTXHWRPDFRPRUHVSDOGRHOVDODULRTXHUHFLELPRVSRUQXHV
WURWUDEDMR/RVSDJRVGHOFUpGLWRVHGHVFXHQWDQGLUHFWDPHQWHGHODFXHQWDHQODTXHQRVGHSRVLWDQ
QXHVWURVXHOGR6LELHQHVSRVLEOHGHVWLQDUHVWRVSUpVWDPRVDODFRPSUDGHGLVWLQWRVELHQHVRVHUYL
FLRVHVLPSRUWDQWHXWLOL]DUORVFRQUHVSRQVDELOLGDGSXHVăFRPRRFXUUHFRQRWURVWLSRVGHFUpGLWRă
SXHGHQVHUXQDJUDQKHUUDPLHQWD«RFRQYHUWLUVHHQXQSUREOHPD\DTXHVLQRSDJDPRVDWLHPSR
HQXQPHVQRVSXHGHQGHVFRQWDUXQDEXHQDSDUWHGHQXHVWURVXHOGRSRUXQDGHXGD7RGRGHSHQ
GHUiGHFyPRORVDGPLQLVWUHPRV(OXVRGHOFUpGLWRUHTXLHUHGHSUXGHQFLD\UHVSRQVDELOLGDG
MUXZM[IZQIT
+ZuLQ\W
ITI^Q^QMVLI
ITKWV[]UW
\IZRM\ILMKZuLQ\W
LMV~UQVI
53
$FWLYLGDG
&DOFXODWXFDSDFLGDGGHSDJR$QRWDORVLQJUHVRV\ORVJDVWRVTXHWHQJDVSRUXQPHV
KD]ODVXPDGHOWRWDOGHpVWRVOXHJRUpVWDOHDWXVLQJUHVRVORVJDVWRVSDUDDVtFRQRFHUVL
WLHQHVXQGpILFLWRXQVXSHUiYLW2EVHUYDHOVLJXLHQWHHMHPSOR
-NAOQLQAOPKB=IEHE=NIAJOQ=H
1KP=H@AEJCNAOKO
#=IEHE=
%ANJ½J@AV
#=IEHE=
/=IÈNAV
1KP=H@AC=OPKO
0)!,EJCNAOKO…C=OPKO
-NAOQLQAOPK@AH=B=IEHE=/=IÈNAV
&JCNAOKO
$=OPKO
1EAJAJQJOQLAN½REP
0AI=J=
0AI=J=
0AI=J=
0AI=J=
1KP=HIAO
!Äň?EPĤB=HP=JPA
ĥ?Q=J@K
C=OP=IKOLKN=NNE>=@A
JQAOPNKOEJCNAOKO
/DIDPLOLD+HUQiQGH]QRWLHQHFDSDFLGDGGHSDJRSXHVVXVJDVWRV
VRQPD\RUHVTXHVXVLQJUHVRVORFXDOLPSOLFDTXHQRGHEHQDGTXL
ULUXQFUpGLWRSXHVDFDEDUtDQLQFXPSOLHQGRFRQORVSDJRV$XQ
TXHORV5DPtUH]WLHQHQH[DFWDPHQWHORVPLVPRVLQJUHVRVTXHORV
+HUQiQGH]ORVJDVWDQGHRWUDIRUPD\WLHQHQXQH[FHGHQWHGH
6XSRQJDPRVTXHVXPHWDGHDKRUURHVGHDOPHVHVRTXLHUHGHFLU
0QLAN½REPĤAT?A@AJPA
ĥ
TXHGHVFRQWDQGRVXPHWDGHDKRUURWLHQHQXQDFDSDFLGDGGHSDJRGH
?Q=J@KJQAOPNKOEJCNA
PHQVXDOHV
OKOOQLAN=J=JQAOPNKO
C=OPKO
54
/HHHOVLJXLHQWHUHODWR
£*ROSHDYLVD
4XpVRQORVVHJXURV\SDUDTXpVLUYHQ
'RQ*RQ]DOR\VXKLMDUHJUHVDEDQHQVXWD[LDODFDVDFXDQGRVXIULHURQXQDFFLGHQWHRWURFRFKH
VHSDVyXQVHPiIRURHQURMR\IXHDHVWUHOODUVHFRQWUDHOORV(OYHKtFXORLQIUDFWRUVHIXJy
²£5HJLQD¢TXpWHSDVy"¢HVWiVELHQ"²H[FODPyGRQ*RQ]DOR
²£$\PLEUD]R£0HGXHOHPXFKR²OORUDEDODMRYHQ
²$JXDQWDKLMLWD9R\DSHGLUD\XGD«¢$OJXLHQVHILMyHQODVSODFDV"
4XLHQHVKDEtDQYLVWRHODFFLGHQWHQHJDURQFRQODFDEH]D«7RGRRFXUULyWDQUiSLGRTXH
QDGLHSHQVyHQHVR
8QSDUGHDJHQWHVGHWUiQVLWROOHJDURQHQXQDSDWUXOOD
²¢(VWiQELHQ"²SUHJXQWyXQRGHORVRILFLDOHV
'RQ*RQ]DORGLMRTXHVtSHURD~QVHVHQWtDDOJRDWXUGLGRSRUHOJROSH
²£0LUHQDGDPiVODSXHUWDGHVXFRFKHTXHGyWRGDWRUFLGD²GLMRHORWURDJHQWH¢<DOH
KDEOyDOVHJXUR"
²(K«SXHV«QRWHQJRVHJXUR²FRQIHVyGRQ*RQ]DOR
²£3DSiPLEUD]R²OORUDED5HJLQD
²8\TXpOiVWLPD«XVWHGYDDWHQHUTXHSDJDUODFRPSRVWXUDGHVXWD[L²GLMRXQRGH
ORVWHVWLJRV
0LQXWRVPiVWDUGH5HJLQD\VXSDSiHVWDEDQHQHOKRVSLWDODFRPSDxDGRVGHGRxD1DWDOLD\
'LHJR'RQ*RQ]DORWHQtDVRORXQSDUGHPRUHWRQHVSHURXQDUDGLRJUDItDFRQILUPyTXHHOEUD]R
GH5HJLQDHVWDEDIUDFWXUDGR(UDQHFHVDULRTXHVHORHQ\HVDUDQ/DHPHUJHQFLDQRWHUPLQDEDDOOt
²7HQGUHPRVTXHJDVWDUQRVORVDKRUURVSDUDSDJDUODFXUDFLyQGH5HJLQD\DUUHJODUHOWD[L²
DQXQFLyGRQ*RQ]DOR
²¢2VHDTXH\DQRWHQGUHPRVODSWRS"²SUHJXQWy'LHJR
²$KRUDVRORIDOWDTXHGLJDVTXHORKLFLPRVDSURSyVLWR«²GLMR5HJLQD
²8QDFFLGHQWHORWLHQHFXDOTXLHUDKLMR²LQWHUYLQRGRQ*RQ]DOR²¢WHDFXHUGDVFXDQGRWH
WRUFLVWHHOSLHMXJDQGRIXWERO"
²$TXHOQRIXHDFFLGHQWHSDSiIXHXQDIDOWDFODUtVLPD<ORSHRUHVTXHHOiUELWURQRODPDUFy
²'DORPLVPR'LHJR1RKDEODPRVGHIXWEROVLQRGHTXHORVDFFLGHQWHVDYHFHVRFXUUHQDXQ
TXHVHDPRVSUHFDYLGRV$TXHOODYH]WXYLPRVTXHHPSHxDUODWHOHYLVLyQSDUDSDJDUODFXHQWDGHO
KRVSLWDO¢1RWHDFXHUGDV"<DGHPiVWXYHTXHWUDEDMDUKRUDVH[WUD
²3XHVVt²UHFRQRFLyHOQLxR²0XJUHVDFFLGHQWHV«QRSRGHPRVHYLWDUORV£6LDOPHQRVKXELH
UDPRGRGHQRSDJDUSRUHOORV
²/RKD\²LQWHUYLQRHOPpGLFRTXHHVWDEDHQ\HVDQGRHOEUD]RGH5HJLQD
²¢/RKD\"²SUHJXQWDURQDOPLVPRWLHPSRORV5DPtUH]
(OPpGLFRDVLQWLyFRQODFDEH]D\OXHJRGLMR
²&XDQGRKDEODPRVGHDFFLGHQWHV\GHULHVJRVH[LVWHQGRVSDODEUDVFODYHSUHYHQFLyQ\VHJXURV
55
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢4XpHVXQ
ULHVJR"
¢6HSXHGHQHYLWDU
ORVDFFLGHQWHV"
¢+DVWHQLGRXQDFFLGHQWH"
¢'HTXpWLSR"
¢4XpWLSRVGH
VHJXURVWLHQHWXIDPLOLD"
¢&yPRWHLPDJLQDVTXH
IXQFLRQDXQVHJXUR"
&RQFHSWRV
8QNEAOCKHVODSUREDELOLGDGGHTXHRFXUUDXQDFFLGHQWHRLPSUH
YLVWRTXHGDxHQXHVWUDSHUVRQDIDPLOLDRSDWULPRQLR([LVWHQULHV
JRVDORVTXHHVWDPRVH[SXHVWRVSRUHMHPSORXQDFFLGHQWHFRPRHO
TXHOHVRFXUULyD5HJLQD\DVXSDSiXQDHQIHUPHGDGHOLQFHQGLRR
LQXQGDFLyQGHQXHVWURKRJDURLQFOXVRODPXHUWH
/EAOCKĥLNK>=>EHE@=@@A
MQAJKOK?QNN=QJ=??E
@AJPAKEILNAREOPKMQA
@=ËAJQAOPN=LANOKJ=
B=IEHE=KL=PNEIKJEK
3DUDSURWHJHUQRVGHORVULHVJRVSRGHPRVSUHYHQLUORV\WUDQVIHULUORV3UHYHQLUXQULHVJRHVWRPDU
ODVPHGLGDVSDUDHYLWDUXQDFFLGHQWHRLPSUHYLVWR6LVRPRVSUHFDYLGRVHQFDVRGHSUHVHQWDUVH
XQDFFLGHQWHODVFRQVHFXHQFLDVVHUiQODVPtQLPDVSRVLEOHV$OJXQDVPHGLGDVGHSUHYHQFLyQ
VRQDOLPHQWDUQRVELHQKDFHUHMHUFLFLRXVDUFLQWXUyQGHVHJXULGDGHYLWDUDFWLYLGDGHVSHOLJURVDV
HMHPSORFRUUHUHQSLVRVPRMDGRVHQWUHRWUDV
0ACQNKĥ?KJPN=PKAJ
MQAQJ=?KIL=ËÈ=
@AOACQNKO?Q>NA=H
=OACQN=@KL=NPA@AHKO
C=OPKOCAJAN=@KOLKN
QJ=??E@AJPALÄN@E@=K
AJBANIA@=@=?=I>EK
@AHL=CK@AQJ=LNEI=
56
/RVOACQNKOVRQLQVWUXPHQWRVILQDQFLHURVFRQORVTXHSRGHPRV
UHGXFLUORVJDVWRVHQFDVRGHDFFLGHQWHOODPDPRVDHVWRWUDQVIHULU
HOFRVWR/DFRPSDxtDGHVHJXURVFXEUHFRQXQPRQWRGHGLQHURD
ODSHUVRQDRQHJRFLRDVHJXUDGRHQHOPRPHQWRGHVXIULUXQGDxR
RXQDSpUGLGD/DVOACQN=@KN=OVRQHPSUHVDVTXHRIUHFHQORVVH
JXURVDFDPELRGHOSDJRGHXQDSULPDTXHHVHOSUHFLRGHOVHJXUR
6LORV5DPtUH]KXELHUDQWHQLGRXQVHJXURGHDXWRPyYLOQRVH
KDEUtDQSUHRFXSDGRWDQWRSRUSDJDUODUHSDUDFLyQGHOWD[LQLORV
JDVWRVPpGLFRV
+D\GRVWLSRVGHVHJXURVS~EOLFRV\SULYDGRV
(QWUHORVVHJXURVS~EOLFRVWHQHPRVORVTXHSURSRUFLRQDQHO
,QVWLWXWR0H[LFDQRGHO6HJXUR6RFLDO,066HO,QVWLWXWRGH6HJXUL
GDG\6HUYLFLRV6RFLDOHVSDUDORV7UDEDMDGRUHVGHO(VWDGR,6667(
\HO6HJXUR3RSXODU/RVVHJXURVS~EOLFRVFXEUHQSULQFLSDOPHQWH
JDVWRVPpGLFRV
OACQN=@KN=ĥAILNAO=
MQAJKOKBNA?AHKOOA
CQNKO=?=I>EK@AHL=CK
@AQJ=LNEI=
/DVHPSUHVDVSULYDGDVRIUHFHQ
Ć6HJXURGHYLGDHQFDVRGHTXHPXHUDHODVHJXUDGROD$VHJXUDGRUDOHVGDXQDFDQWL
GDGGHGLQHURDTXLHQHVpOGHVLJQHFRPREHQHILFLDULRV
Ć6HJXURGHJDVWRVPpGLFRVPD\RUHVFXEUHJDVWRVSRUDFFLGHQWHRHQIHUPHGDGLQGH
SHQGLHQWHPHQWHGHORVVHUYLFLRVGHVDOXGS~EOLFRV
Ć6HJXURGHDXWRPyYLOGHSHQGLHQGRGHOWLSRGHFREHUWXUDSDJDORVGDxRVRFDVLRQDGRV
DODVDOXGRDOYHKtFXORGHXQWHUFHUR\ORVGDxRVTXHQXHVWURDXWRPyYLO\VXVRFXSDQ
WHVSXHGDQVXIULU
Ć6HJXURGHGDxRVSDUDHOKRJDUFXEUHORVGDxRVHQQXHVWURKRJDUDFRQVHFXHQFLDGH
XQIHQyPHQRQDWXUDOHLQFOXVRGHXQURERRLQFHQGLR
$FWLYLGDG
,GHQWLILFDWUHVULHVJRVHQWXFDVD¢&yPRSXHGHVSUHYHQLUORV"
(MHPSOR
/EAOCK
&J?AJ@EK
ÍIKLNARAJENHK
‹/AREO=NH=OEJOP=H=?EKJAO@AC=O
‹+K@AF=NH=LH=J?D=LNAJ@E@=
‹+K?KJA?P=NIQ?DKO=L=N=PKO=H=IEOI=
PKI=@A?KNNEAJPA
0XFKRVGHORVDFFLGHQWHVTXHRFXUUHQHQFDVDHQHOWUDEDMRRHQODHVFXHODSXHGHQ
HYLWDUVHVLVRPRVSUHFDYLGRV
57
/HHHOVLJXLHQWHUHODWR
¢3RUTXpHODEXHOR\DQRWUDEDMD"
¢4XpHVXQD$IRUH\SDUDTXpVLUYH"
5HJLQDGHEtDHVWDUHQUHSRVRGXUDQWHXQPHVSDUDUHFXSHUDUVHGHODFFLGHQWH&XDQGRHODEXH
ORVHHQWHUyGHORRFXUULGRVHRIUHFLyDFXLGDUODSDUDTXHGRxD1DWDOLDSXGLHUDDWHQGHUVX
QHJRFLRGHSDVWHOHV
²0DPi¢SRUTXpHODEXHORPHYDFXLGDU"¢eOQRWUDEDMD"
²1R\DVHUHWLUy
²¢'HGyQGHVHUHWLUy"
²$VtVHGLFHFXDQGRODVSHUVRQDVGHMDQGHWUDEDMDUSRUVXDYDQ]DGDHGDG²UHVSRQGLy
GRxD1DWDOLD
²£$KFRPRODWtD(XJHQLD¢HOODHVWiUHWLUDGD"²SUHJXQWy5HJLQD
²1RHVGLIHUHQWHODWtD(XJHQLDHVWiGHVHPSOHDGDQRWLHQHWUDEDMRSHURORHVWiEXVFDQGR
SDUDFXEULUVXVJDVWRVGHOGtDDGtD7XDEXHOR\DQRQHFHVLWDXQWUDEDMRSXHVFXHQWDFRQXQD
SHQVLyQ7XWtDQRWLHQHSHQVLyQSRUHVRDQGDSLGLHQGRSUHVWDGR
²$KSXHVTXLHURXQDSHQVLyQ$VtQXQFDWHQGUpTXHWUDEDMDU²GLMR5HJLQD²¢&yPROH
KDJRSDUDFRQVHJXLUXQD"
²7UDEDMDQGR²UHVSRQGLyGRxD1DWDOLD²HOGLQHURGHXQDSHQVLyQSURYLHQHGHODKRUURTXH
FDGDWUDEDMDGRUDFXPXODDORODUJRGHORVDxRVVLHPSUH\FXDQGRFXPSODFRQFLHUWDVFRQGLFLR
QHVTXHHVWDEOHFHODOH\(VHGLQHURVHORGHVFXHQWDQPHVFRQPHVGHVXVDODULR
²£$K(QWRQFHVWHQJRTXHWUDEDMDUPXFKRVDxRVSDUDTXHPHGHQXQDSHQVLyQ
²1RVRORHVRWDPELpQWLHQHVTXHDKRUUDU²FRPHQWyGRxD1DWDOLD
(QHVRHVWDEDQFXDQGRVRQyHOWLPEUH5HJLQDIXHDDEULU
²£+LMLWD¢&yPRYDHVHEUD]R"²VDOXGyHODEXHOR
²%LHQDEXHORJUDFLDV\DTXLHURUHFXSHUDUPHSDUDSRGHUVDOLUFRQPLVDPLJDV
²/OHJDVWHMXVWRDWLHPSRSDSi²GLMRGRxD1DWDOLD²OHHVWDEDH[SOLFDQGRD5HJLQDTXpHV
XQDSHQVLyQ
²6tDEXHOR\R\DTXLHURFRPHQ]DUDDKRUUDU«$VtFXDQGRWHQJDWXHGDGQRPHSUHRFX
SDUpSRUHOGLQHUR
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢4XpHVXQDSHQVLyQ"
¢&XiOFUHHVTXHHVODPHMRU
HGDGSDUDHPSH]DUDDKRUUDU
SDUDHOUHWLUR"
58
¢3RUTXpVHUHWLUDOD
JHQWHGHOWUDEDMR"
&RQFHSWRV
/APENKĥAP=L=@AH=RE@=
/RVDGXOWRVPD\RUHVYLYHQXQDHWDSDTXHFRQRFHPRVFRPRNAPENK
TXHHVFXDQGRODVSHUVRQDVGHMDQGHWUDEDMDU6LELHQSDUHFLHUDXQD
IDVHPX\OHMDQDSDUDTXLHQHVQRKDQFRPHQ]DGRXQDYLGDODERUDO
HQWUHPiVSURQWRHPSHFHPRVDSODQHDUHOUHWLURWHQGUHPRVPiV
SRVLELOLGDGHVGHVHUHFRQyPLFDPHQWHLQGHSHQGLHQWHVFXDQGR\D
QRWUDEDMHPRV
AJH=MQAQJ=LANOK
J=@AF=@APN=>=F=NU
?KIEAJV==REREN@AOQ
LAJOEÍJUOQO=DKNNKO
¢&yPRFXEUHQVXVJDVWRVTXLHQHV\DQRWUDEDMDQ"&RQXQD
SHQVLyQ\FRQVXVDKRUURV8QDLAJOEÔJHVODFDQWLGDGGH
-AJOEÍJĥLNAOP=?EÍJA?K
GLQHURTXHGHIRUPDSHULyGLFDUHFLEHQORVWUDEDMDGRUHVFXDQGR
JÍIE?=MQANA?E>AJHKO
VHUHWLUDQSRUKDEHUDKRUUDGRXQDSDUWHGHVXVXHOGRGXUDQWH
PN=>=F=@KNAO?Q=J@KOA
WRGRVORVDxRVTXHWUDEDMDURQ(OGLQHURTXHORVWUDEDMDGRUHV
NAPEN=JUPEAJAJQJ=?QAJP= YDQDKRUUDQGRGXUDQWHVXYLGDODERUDOHVDGPLQLVWUDGRSRUXQ
AJQJ=BKNAKAOP½J
LQVWLWXWRGHVHJXULGDGVRFLDOGHOJRELHUQR,066R,6667(R
SRUODVBKNATXHVRQODV$GPLQLVWUDGRUDVGHORV)RQGRVSDUD
=ňHE=@KO=QJEJOPEPQPK@A
HO5HWLURGHORV7UDEDMDGRUHVDWUDYpVGHXQD?QAJP=EJ@ERE
OACQNE@=@OK?E=H
@Q=H(OWUDEDMDGRUSXHGHHOHJLUOD$IRUHTXHPiVOHFRQYHQJD
(ODKRUURSDUDHOUHWLURGHORVWUDEDMDGRUHVSURYLHQHGHODVDSRUWDFLR
QHVTXHGXUDQWHDxRVUHDOL]DQODHPSUHVDSDWUyQHOJRELHUQR\HO
SURSLRWUDEDMDGRU(VDVDSRUWDFLRQHVVRORVRQXQDSDUWHGHODKRUUR
SDUDHOUHWLURODRWUDVHSXHGHFRQIRUPDUFRQXQDKRUURDGLFLRQDO
YROXQWDULRTXHUHDOLFHHOWUDEDMDGRUDORODUJRGHVXYLGDODERUDO
QAJP=EJ@ERE@Q=Hĥ?QAJP=
ÒJE?=ULANOKJ=H@KJ@AOA
@ALKOEP=JHKO=DKNNKOL=N=
AHNAPENK@A?=@=PN=>=F=@KN
BKNAĥEJOPEPQ?EÍJMQA
=@IEJEOPN=HKO=DKNNKO
L=N=AHNAPENK@AHKOPN=>=
F=@KNAO
¢3RUTXpDKRUUDUHQXQD$IRUH"3RUTXHODV$IRUHQRVRORJXDUGDQORV
DKRUURVGHORVWUDEDMDGRUHVWDPELpQORVLQYLHUWHQ$VtFRQHOWLHPSR
HVHGLQHURJHQHUDOPHQWHLQFUHPHQWDVXYDORU&RPRHVXQDKRUURD
ODUJRSOD]RVLHOWUDEDMDGRUDKRUUDHQVX$IRUHGHIRUPDYROXQWDULD
SHTXHxDVFDQWLGDGHVDGLFLRQDOHVGHIRUPDFRQVWDQWHWHQGUiXQD
PHMRUSHQVLyQ\QLYHOGHYLGDHQVXUHWLUR
59
$FWLYLGDG
&RQWHVWDODVVLJXLHQWHVSUHJXQWDV
Ć¢7HSUHRFXSDWXUHWLUR"
Ć&XDQGRHPSH]DVWHDWUDEDMDU¢SHQVDVWHHQWXUHWLUR"
Ć¢7LHQHVXQDFXHQWDGH$IRUH"
(QFDVRGHTXHODWHQJDV
Ć¢6DEHVHQTXp$IRUHHVWiV"
Ć¢6DEHVFXiQWRWLHQHVDKRUUDGR"
Ć¢5HDOL]DVDSRUWDFLRQHVYROXQWDULDV"
Ć¢6DEHVFXiOHVEHQHILFLRVWHSXHGHGDUHVDFXHQWD"
Ć6LQRWLHQHV$IRUH¢FyPRSLHQVDVHQIUHQWDUWXUHWLUR"
+D\TXHFRPHQ]DUDDKRUUDUSDUDHOUHWLURDSHQDVHPSLHFHVDWUDEDMDUSXHVDVtWHQ
GUiVXQDYHMH]VLQWDQWDVSUHRFXSDFLRQHV
Paola Espinosa
60
(O6LVWHPD
)LQDQFLHUR0H[LFDQR
2EMHWLYR
([SRQHUODIXQFLyQGHORVGLVWLQWRVWLSRVGHLQVWLWXFLRQHVILQDQFLHUDVTXH
LQWHJUDQHO6LVWHPD)LQDQFLHUR0H[LFDQR
$SUHQGL]DMHHVSHUDGR
Ć,GHQWLILFDUFXiOHVVRQORVSULQFLSDOHVVHUYLFLRVTXHVHSXHGHQFRQWUDWDU
HQXQ%DQFRHQXQD$VHJXUDGRUDRHQXQD$IRUH
61
/HHHOVLJXLHQWHUHODWR
¢3DUDTXpPHVLUYHXQ%DQFR"
/DVLQVWLWXFLRQHVILQDQFLHUDV
(QORV~OWLPRVGtDV5HJLQDKDEtDQRWDGRTXHVXPDPiDFWXDEDUDUR$OPHQRVHVROHSDUHFtD
DHOOD¢2VHUtDTXHODVYDFDFLRQHVOHGHMDEDQGHPDVLDGRWLHPSROLEUHDODMRYHQ\TXHDGHPiV
WHQtDXQDLPDJLQDFLyQPX\YLYD"1RREVWDQWHVXVVRVSHFKDVSDUHFLHURQFRQILUPDUVHXQDPDxD
QDSRUTXHGRxD1DWDOLDOHSLGLyXQIDYRU
²+LMD~OWLPDPHQWHPHKDLGRPX\ELHQFRQODYHQWDGHSDVWHOHV1HFHVLWRTXHDPHGLRGtD
YD\DVDO%DQFR\OHSUHJXQWHVDWXWtD6LOYLDTXpQHFHVLWRSDUDSHGLUXQFUpGLWR<SRUIDYRUQR
ORFRPHQWHVFRQWXSDSi6HUiXQDVRUSUHVD
'RQ*RQ]DORWDPELpQVHSRUWDEDPLVWHULRVR$PHGLDPDxDQDODPDQGyOODPDU\OHGLMR
²+LMLWDWXYHXQSUREOHPDFRQHOWD[L1HFHVLWRTXHKR\PLVPRYD\DVDO%DQFR\OHHQWUH
JXHVDWXWtDHVWHGLQHUR<DKDEOpFRQHOOD/HGLFHVTXHSRUIDYRUKDJDHOGHSyVLWR\PHPDQGH
HOFRPSUREDQWH3HURQROHYD\DVDFRQWDUQDGDDWXPDGUH«QRTXLHURSUHRFXSDUOD
&DPLQRDO%DQFR5HJLQDVHVLQWLyFRQIXQGLGD\GHFLGLyDFODUDUODVFRVDVFRQVXWtDDQWHVGH
FXPSOLUORVHQFDUJRVGHVXVSDSiV
²7tDQRHQWLHQGRQDGD²OHGLMRDOOOHJDUDO%DQFR²DPLPDPiOHYDELHQFRQODYHQWDGH
SDVWHOHV\PHPDQGDDSHGLUSUHVWDGRDPLSDSiOHYDPDOFRQHOWD[L\PHPDQGDDKDFHUXQ
GHSyVLWR¢1RHVDOUHYpVQRSLGHXQRFXDQGROHYDPDO\GHSRVLWDFXDQGROHYDELHQ"
²$YHU5HJLQDODVFRVDVQRVLHPSUHVRQORTXHSDUHFHQ²FRQWHVWyODWtD²HVFLHUWRTXHORV
DKRUUDGRUHVGHSRVLWDQVXGLQHURHQORV%DQFRV\TXLHQHVWLHQHQSUREOHPDVHFRQyPLFRVVXHOHQ
SHGLUSUHVWDGR7~UHFXHUGDVTXH\RPLVPDORKDFtD«SHURQRVLHPSUHHVDVt7HH[SOLFRWX
PDPiTXLHUHXQFUpGLWRSRUTXHHVWiSHQVDQGRHQDPSOLDUVXQHJRFLR\QHFHVLWDGLQHURSDUD
FRPSUDUEDWLGRUDVKRUQRVFKDURODVPDVDWDPELpQSDUDSDJDUDTXLHQOHD\XGH«
²¢,QVXPRV"
²([DFWRLQVXPRV²UHVSRQGLyODWtD²$YHFHVXQSUpVWDPRD\XGDDTXHFUH]FDQXHVWUR
QHJRFLRRQXHVWURSDWULPRQLR&RQHOGLQHURGHOFUpGLWRWXPDPiHVSHUDWHQHUPiVYHQWDV\
JDQDQFLDV(OFUpGLWRQRHV~QLFDPHQWHSDUDFXDQGRQRVYDPDO
²¢<SDSi"¢3RUTXpPHSLGHTXHKDJDXQGHSyVLWR"
²3RUTXHWXSDSiFRQWUDWyXQVHJXURFRQXQD$VHJXUDGRUDTXHWLHQHFXHQWDHQHVWH%DQFR
+DFHXQUDWRFKRFyQRPX\IXHUWHDVtTXHQRWHSUHRFXSHV\ODFDQWLGDGTXHPHWUDMLVWHHV
HOGHGXFLEOHHVGHFLUORTXHOHWRFDSDJDUDpO3HURTXpGDWHWUDQTXLODODPD\RUSDUWHGHORV
JDVWRVGHODFFLGHQWHORVSDJDUiOD$VHJXUDGRUD6LVXWD[LQRHVWXYLHUDDVHJXUDGRORPiVSUR
EDEOHHVTXHVtWXYLHUDTXHSHGLUSUHVWDGRSDUDHQIUHQWDUHOSUREOHPDFRPROHVRFXUULyHODxR
SDVDGRFXDQGRW~\WXSDSiWXYLHURQHODFFLGHQWH¢WHDFXHUGDV"
62
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢7HKDWRFDGRHVWDUHQXQ
DFFLGHQWHHQHOTXHHOVHJXUR
KD\DFXELHUWRORVGDxRV"
¢(QTXpPHD\XGD
XQ%DQFR"
¢4XLpQHVSXHGHQVHU
FOLHQWHVGHXQ%DQFR"
&RQFHSWRV
/RV=J?KOVRQEJOPEPQ?EKJAOťJ=J?EAN=OTXHWLHQHQXQDGREOHIXQFLyQ &JOPEPQ?EÍJňJ=J?EAN=ĥ
SRUXQODGRJXDUGDQQXHVWURVDKRUURV\SRURWURQRVSXHGHQSUHVWDU
PK@=AILNAO=MQAKBNA
GLQHUR&DQDOL]DQHODKRUURGHODVIDPLOLDVKDFLDODVHPSUHVDV\DODV
?ALNK@Q?PKOUOANRE?EKO
SHUVRQDVTXHORVROLFLWHQDVHJXUiQGRVHGHTXHORYDQDSDJDUSXHVVL
?KJOE@AN=@KOLKNH=HAU
SUHVWDQDTXLHQQRSDJDSXHGHQWHQHUGLILFXOWDGHVSDUDGHYROYHUVX
?KIKňJ=J?EANKO
GLQHURDORVDKRUUDGRUHV
(VFRPSOLFDGRTXHXQDSHUVRQDTXHGHFLGHDKRUUDUFRLQFLGDFRQDOJXLHQTXHEXVFDXQFUpGLWR
(VWHHVHOSDSHOGHORV%DQFRVTXLHQHVDQWHVGHSUHVWDUGLQHURDDOJXLHQLQYHVWLJDQVLHVFRQILD
EOH\WLHQHFDSDFLGDGGHSDJR
=J?KĥEJOPEPQ?EÍJňJ=J?EAN=
MQA=@IEJEOPN=AH@EJANK@A
HKO=DKNN=@KNAOUHK?=J=HEV=
=MQEAJAOHKOKHE?EP=JIA
@E=JPA?NÄ@EPKO
/RV%DQFRVRIUHFHQDORVDKRUUDGRUHVLQWHUHVHVDFDPELRGHUHFLELU
VXVDKRUURVFRQHVRVDKRUURVRWRUJDQFUpGLWRVDTXLHQHVQHFHVLWDQ
GLQHURDFDPELRGHXQDWDVDGHLQWHUpV(QHVWHFDVRTXLHQSDJD
HOLQWHUpVHVTXLHQUHFLEHHOFUpGLWR
([LVWHQGLIHUHQWHVWLSRVGHLQVWLWXFLRQHVILQDQFLHUDVVHJ~QORV
VHUYLFLRVTXHRIUHFHQ
AHORRADORES
las personas
guardan dinero
%$1&2
el banco otorga
créditos
(presta dinero)
SOLICITANTES
DE CRÉDITO
el banco les paga
intereses
las personas
pagan el crédito
más los intereses
63
(QQXHVWURSDtVORV%DQFRVWLHQHQPD\RUSUHVHQFLDSRUHOPRQWRGHOGLQHURTXHDGPLQLVWUDQ
(QpVWRVSRGHPRV
Ć*XDUGDUQXHVWURVDKRUURVHQSURGXFWRVILQDQFLHURVTXHQRVSHUPLWDQWHQHUORVGLVSRQLEOHV
HQWRGRPRPHQWR
Ć,QYHUWLUQXHVWURVDKRUURVSDUDKDFHUORVFUHFHUGHIRUPDTXHQRSLHUGDQSRGHUDGTXLVLWLYR
Ć6ROLFLWDUFUpGLWRVTXHQRVIDFLOLWHQDGTXLULUSURGXFWRVTXHGLItFLOPHQWHSRGUtDPRVSDJDUGH
FRQWDGR
/DV =F=O@A=DKNNKUHDOL]DQIXQFLRQHVVLPLODUHVDODVGHORV%DQFRVSXHVHQpVWDVSRGHPRVDKRUUDU\
SHGLUSUHVWDGR+D\TXHDVHJXUDUQRVGHTXHGLFKDVLQVWLWXFLRQHVHVWpQGHELGDPHQWHDXWRUL]DGDV
/DVOACQN=@KN=OVRQLQVWLWXFLRQHVILQDQFLHUDVTXHQRVFXEUHQSDUWHGHO OACQN=@KN=ĥEJOPEPQ?EÍJ
ňJ=J?EAN=MQALNKPACA
FRVWRGHODVSpUGLGDVGHXQELHQRORVFRVWRVGHULYDGRVGHXQDHQIHUPH
JQAOPNKO>EAJAOAJ?=OK
GDGDFFLGHQWHRPXHUWHGHXQIDPLOLDUDFDPELRGHXQSDJROODPDGR
@ALÄN@E@=U=JQAOPN=
SULPD$XQTXHH[LVWHQPXFKRVWLSRVGHVHJXURVWRGRVWLHQHQHQFRP~Q
B=IEHE==?=I>EK@AH
HOFDUiFWHUSUHYHQWLYRHVGHFLUFXEULUORVULHVJRVTXHWRGRVWHQHPRVGH
L=CK@AQJ=LNEI=
VXIULUDOJ~QVLQLHVWUR
/DVBKNADGPLQLVWUDQHODKRUURSDUDHOUHWLURGHORVWUDEDMDGRUHV(V
BKNAĥEJOPEPQ?EÍJňJ=J
LPSRUWDQWHTXHORVPLHPEURVGHODIDPLOLDTXHWUDEDMDQVHSDQHQFXiO
?EAN=MQA?QE@=AH=DKNNK
$IRUHHVWiVXFXHQWDVLHVTXHODWLHQHQ(Q0p[LFRKD\YDULDV$IRUH
L=N=AHNAPENK@AHKO
WHQHPRVTXHHVFRJHUFXiOHVODTXHQRVFREUDPHQRVFRPLVLRQHV\OD
PN=>=F=@KNAO
TXHKDFHFUHFHUPiVQXHVWURGLQHUR
$QWHVGHFRQWUDWDUXQSURGXFWRRVHUYLFLRFRQXQ%DQFR$VHJXUDGRUD$IRUHR&DMDGHDKRUURHV
LPSRUWDQWHFRQRFHUORVHLQIRUPDUQRVVREUHORTXHQRVRIUHFHQ8QXVXDULRTXHSUDFWLFDHOFRQVXPR
LQWHOLJHQWHVHLQIRUPD\FRPSDUDDQWHVGHFRQWUDWDU/DVLQVWLWXFLRQHVILQDQFLHUDVWLHQHQODREOLJD
FLyQGHGDUQRVLQIRUPDFLyQSDUDTXHSRGDPRVHOHJLUFXiOHVSURGXFWRVILQDQFLHURVQHFHVLWDPRV\
FXiOHVVRQQXHVWURVGHUHFKRV\REOLJDFLRQHVDOFRQWUDWDUORV
$FWLYLGDG
3UHJXQWDHQWUHWXVIDPLOLDUHVRDPLJRV
Ć¢+DVDFXGLGRRXWLOL]DGRORVVHUYLFLRVGHXQ%DQFRXQD$VHJXUDGRUDXQD$IRUHR
XQD&DMDGHDKRUUR"
Ć¢+DVGHSRVLWDGRHQHOORVWXVDKRUURVKDVVROLFLWDGRXQFUpGLWRRTXpWLSRGHVHUYL
FLRWHKDQSURSRUFLRQDGR"
,GHQWLILFDXQDLQVWLWXFLyQILQDQFLHUDFHUFDGHWXFDVD9LVtWDOD\SUHJXQWDTXpVHUYLFLRV
RIUHFH&RPpQWDORFRQWXIDPLOLD
64
/HHHOVLJXLHQWHUHODWR
¢4XLpQSDJDORVVHUYLFLRVS~EOLFRVTXHUHFLELPRV"
/DLPSRUWDQFLDGHORVLPSXHVWRV
8QDWDUGHHODEXHORIXHDUHFRJHUD'LHJRDODHVFXHOD(OVROFRPHQ]DEDDRFXOWDUVH(QHVH
PRPHQWRVHHQFHQGLyHODOXPEUDGRS~EOLFR
ăă$EXHORODOX]HVXQVHUYLFLR¢QR"
ăă6tăăUHVSRQGLyHODEXHOR
ăă<ODVHPSUHVDVFREUDQSRUVXVVHUYLFLRV«
ăă$MiăăDVLQWLyHODEXHORDFRVWXPEUDGRDODVSUHJXQWDVGHOQLxR
ăă¢(QWRQFHVTXLpQSDJDSRUORVIRFRVTXHHVWiQHQODFDOOH"
ăă/RVTXHSDJDPRVLPSXHVWRV&RQHOGLQHURGHQXHVWURVLPSXHVWRVHOPXQLFLSLRSDJDHO
DOXPEUDGRS~EOLFRODSDYLPHQWDFLyQGHODVFDOOHVODUHFROHFFLyQGHEDVXUDODYLJLODQFLDGHORV
SROLFtDV7RGRVHVWRVVRQVHUYLFLRVS~EOLFRVTXHQRVEHQHILFLDQDWRGRV\ORVSDJDPRVHQWUHWRGRV
ăă¢(QWUHWRGRV"
ăă6t¢'HGyQGHFUHHVTXHVDOHHOGLQHURSDUDSDYLPHQWDUODVFDOOHVSDUDFRQVWUXLUHVFXHODV\
KRVSLWDOHVSDUDSDJDUERPEHURVSROLFtDV\PDHVWURV"
ăă3XHVHOSURIHGLMRHORWURGtDTXHDpOOHSDJDHOJRELHUQR
ăă<WLHQHUD]yQSHURVRORHQSDUWHFRPRWHGLMHHOJRELHUQRUH~QHHOGLQHUR\ORDGPLQLV
WUDSHURTXLHQHVDSRUWDPRVORVUHFXUVRVSDUDSDJDU
ORVVHUYLFLRVS~EOLFRVVRPRVORVFLXGDGDQRV\WRGDVODV
HPSUHVDVDWUDYpVGHORVLPSXHVWRV
ăă¢<FyPRVHGHFLGHHQTXpVHJDVWDHOGLQHURGHORV
LPSXHVWRV"3RUTXHHQPLFDVDVLHPSUHYRWDPRVSDUD
YHUDTXpYDPRVDGHVWLQDUORTXHDKRUUDPRV<VLHQWUH
FXDWURDYHFHVHVGLItFLOSRQHUQRVGHDFXHUGR£\DPH
LPDJLQRFyPRVHUiSRQHUGHDFXHUGRDWRGRHOSDtV
ăă(VPX\SDUHFLGR'LHJRăăOHFRQWHVWyHODEXHORăă
&RPRHQWXFDVDHQHOSDtVVHOOHYDXQSUHVXSXHVWR
TXHHVDSUREDGRHQOD&iPDUDGH'LSXWDGRVDOFXDO
VHWLHQHTXHVXMHWDUHOJRELHUQR/DHQFDUJDGDGHYHODU
TXHORVJDVWRVQRUHEDVHQORVLQJUHVRVHVOD6HFUHWDUtDGH
+DFLHQGD\&UpGLWR3~EOLFRTXHWDPELpQVHHQFDUJDGH
UHFDXGDUORVLPSXHVWRV
ăă£&RQUD]yQ
ăă¢&RQUD]yQTXp"ăăSUHJXQWyHODEXHOR
ăă(ORWURGtDGXUDQWHHOHQWUHQDPLHQWRGHIXWEROVH
QRVSRQFKyHOEDOyQ/RVGHOHTXLSRKDEODPRVFRQHO
GLUHFWRUSDUDYHUVLSRGtDFRPSUDUQRVRWUR
ăă¢<TXpOHVGLMR"
65
ăă4XHLEDDUHYLVDUHOSUHVXSXHVWRSRUTXHWDPELpQKDEtDTXHUHSRQHUXQDFRPSXWDGRUD\
FRPSUDUPDWHULDOSDUDORVODERUDWRULRV
ăă<DORVDEHV'LHJRODVQHFHVLGDGHVVRQLOLPLWDGDVORVUHFXUVRVOLPLWDGRV
(OQLxRVHTXHGySHQVDWLYR'RVFXDGUDVPiVDGHODQWHFRPHQWy
ăă6LGHSHQGLHUDGHPtPDQGDUtDLPSULPLUPXFKRVELOOHWHV\ORVUHSDUWLUtDDVtWRGRVVHUtD
PRVULFRV\SRGUtDPRVFRPSUDUORTXHTXLVLpUDPRV
ăă1RHVWDQIiFLOăăLQWHUYLQRHODEXHORăă'pMDPHGHFLUWHTXHFRQHVDPHGLGDOR~QLFRTXH
ORJUDUtDVHVTXHODVFRVDVVXELHUDQGHSUHFLRTXHKXELHUDLQIODFLyQ
ăă¢<HVRSRUTXpDEXHOR"
ăă3RUTXHHOGLQHURWDPELpQWLHQHVXVUHJODV(ORWURGtDKDEODPRVGHELHQHV\VHUYLFLRV\GH
TXHpVWRVVHFRPSUDQFRQGLQHUR,PDJtQDWHTXHQXHVWURSDtVSXGLHUDSURGXFLUFLQFREDORQHV\
TXHKXELHUDVRORTXLQLHQWRVSHVRV(QWDOFDVRFDGDEDOyQFRVWDUtDFLHQSHVRV¢4XpSDVDUtDVL
LPSULPLpUDPRVRWURVFLQFRELOOHWHVGHFLHQSHVRVSHURQRWXYLpUDPRVPiVEDORQHV"
ăă3XHV«SXHV«
ăă£([DFWRăăVHDGHODQWyHODEXHORăă/RVEDORQHVQRFRVWDUtDQFLHQSHVRVVLQRGRVFLHQWRVSHVRV
FDGDXQR7DOYH]WHQGUtDVHOGREOHGHELOOHWHVHQODEROVDSHURFDGDXQRYDOGUtDODPLWDG
'HVSXpVGHSHQVDUORXQRVPRPHQWRV'LHJRGLMR
ă4XpLQWHUHVDQWHDEXHOR(QORV~OWLPRVPHVHVKHDSUHQGLGRPXFKDVFRVDVTXHWLHQHQTXpYHU
FRQHOGLQHUR
ă6t'LHJR6REUHHVWRVWHPDVQXQFDVHWHUPLQDGHDSUHQGHUORPHMRUGHWRGRHVTXHVL
DSOLFDVORTXHKDVDSUHQGLGRVHUHIOHMDUiDORODUJRGHWRGDVODVHWDSDVGHWXYLGD\WHQGUiV
PD\RUELHQHVWDU
5HIOH[LRQHV
/AOLKJ@AH=OOECQEAJPAOLNACQJP=Oĥ
¢4XpRFXUULUtDVLQDGLH
SDJDUDLPSXHVWRV"
¢4XpSDVDUtDVLHOJRELHUQRHQOXJDUGH
FREUDULPSXHVWRVLPSULPLHUDELOOHWHV
SDUDSDJDUORVVHUYLFLRVS~EOLFRV"
¢4XpSDVDUtDVLHOJRELHUQRHQOXJDUGH
FREUDULPSXHVWRVVRODPHQWHSLGLHUDSUHVWDGR"
66
&RQFHSWRV
QPKNE@=@AOňJ=J?EAN=Oĥ
EJOPEPQ?EKJAONAOLKJO=>HAO
3DUDTXHODVLQVWLWXFLRQHVILQDQFLHUDVRSHUHQFRQIRUPHDODVQH
FHVLGDGHV\GHUHFKRVGHORVXVXDULRV\ODVOH\HVTXHODVUHJXODQ
H[LVWHQODV=QPKNE@=@AOťJ=J?EAN=OTXHVRQODVLQVWLWXFLRQHV
UHVSRQVDEOHVGHVXSHUYLVDUODV
@AOQLANREO=NH=OEJOPEPQ?EK
JAOňJ=J?EAN=O
/DVDXWRULGDGHVILQDQFLHUDVTXHH[LVWHQHQQXHVWURSDtVVRQOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR3~
EOLFR6+&3HO%DQFRGH0p[LFR%DQ[LFROD&RPLVLyQ1DFLRQDO%DQFDULD\GH9DORUHV&1%9OD
&RPLVLyQ1DFLRQDOGHO6LVWHPDGH$KRUURSDUDHO5HWLUR&RQVDUOD&RPLVLyQ1DFLRQDOGH6HJXURV
\)LDQ]DV&16)OD&RPLVLyQ1DFLRQDOSDUDOD3URWHFFLyQ\'HIHQVDGHORV8VXDULRVGH6HUYLFLRV
)LQDQFLHURV&RQGXVHI\HO,QVWLWXWRSDUDOD3URWHFFLyQDO$KRUUR%DQFDULR,3$%
/D0A?NAP=NÏ=@A%=?EAJ@=U NË@EPK-Ù>HE?Kĭ0% -
UHFDXGDLPSXHVWRVFRQIRUPHDORDSUREDGR
SRUHO&RQJUHVR&iPDUDGH'LSXWDGRV\6HQDGRUHV(OGLQHURUHFDXGDGRVLUYHSDUDTXHHOJRELHUQR
SXHGDFRQVWUXLUHVFXHODVKRVSLWDOHV\FDUUHWHUDVHQWUHRWURV7DPELpQFXLGDHOHTXLOLEULRSUHVXSXHV
WDOGHOJRELHUQRHVGHFLUSURFXUDTXHORVJDVWRVGHOJRELHUQRQRVHDQPD\RUHVTXHVXVLQJUHVRV
$GHPiVGLVWULEX\HHOSUHVXSXHVWRHQWUHODVGLYHUVDVVHFUHWDUtDVGHSHQGHQFLDVGHOJRELHUQRRUJDQLV
PRVGHVFHQWUDOL]DGRVHVWDGRV\PXQLFLSLRVFRQIRUPHORDSUXHEDQORVGLSXWDGRV
(O=J?K@A*ËTE?Kĭ=JTE?K
HVHO~QLFRUHVSRQVDEOHGHSURGXFLUELOOHWHV\PRQHGDVHQHOSDtV9HOD
SRUHOSRGHUDGTXLVLWLYRGHQXHVWUDPRQHGDHOSHVRHVGHFLUVXREMHWLYRHVTXHXQSHVRVLUYDSDUD
FRPSUDUSUiFWLFDPHQWHORPLVPRHQXQIXWXURFHUFDQRTXHQRKD\DLQIODFLyQ7DPELpQYLJLODTXHHO
SHVRPH[LFDQRVHPDQWHQJDHVWDEOH\WUDWDGHHYLWDUODVGHSUHFLDFLRQHVDEUXSWDVGHODPRQHGD
/D KIEOEÔJ+=?EKJ=H=J?=NE=U@A3=HKNAOĭ +3
DXWRUL]D\YLJLODDORV%DQFRVODV&DMDVGH
DKRUUR\&RRSHUDWLYDVHQWUHRWUDVLQVWLWXFLRQHVSDUDTXHPDQWHQJDQVDQDVVXVILQDQ]DV\KDJDQ
EXHQXVRGHORVDKRUURVGHODVSHUVRQDVDGHPiVFXLGDODIRUPDHQODTXHRWRUJDQFUpGLWRV
/D KIEOEÔJ+=?EKJ=H@AH0EOPAI=@ADKNNKL=N=AH/APENKĭ KJO=N
YLJLODDODV$IRUHTXH
DGPLQLVWUDQHOGLQHURTXHORVWUDEDMDGRUHVWLHQHQHQVXVFXHQWDVGHDKRUURSDUDHOUHWLUR6XSHUYL
VDTXHHVWDVFRPSDxtDVLQYLHUWDQFRUUHFWDPHQWHHVHGLQHURSDUDKDFHUORFUHFHU\TXHEULQGHQXQ
VHUYLFLRDGHFXDGR
/D KIEOEÔJ+=?EKJ=H@A0ACQNKOU#E=JV=Oĭ +0#
DXWRUL]D\YLJLODTXHODV$VHJXUDGRUDV
SURPXHYDQVHJXURVTXHSHUPLWDQDODVSHUVRQDV\DODVHPSUHVDVPLQLPL]DUODVFRQVHFXHQFLDV
HFRQyPLFDVGHXQDFFLGHQWHHQIHUPHGDGRFDWiVWURIHQDWXUDO
67
/D KIEOEÔJ+=?EKJ=HL=N=H=-NKPA??EÔJU!ABAJO=@AHKO2OQ=NEKO@A0ANRE?EKO#EJ=J?EANKO
ĭ KJ@QOAB
IRPHQWDODHGXFDFLyQILQDQFLHUDGHVDUUROODSURGXFWRV\KHUUDPLHQWDVTXHDSR\DQ
DVHVRUDQ\RULHQWDQDORVXVXDULRVGHVHUYLFLRVILQDQFLHURV$WLHQGHODVTXHMDVGHODVSHUVRQDV
UHVSHFWRDODVLQVWLWXFLRQHVILQDQFLHUDV2EOLJDDHVWDV~OWLPDVDWUDQVSDUHQWDUVXVSURGXFWRVHQ
XQDPELHQWHGHFRPSHWHQFLDSDUDTXHORVXVXDULRVVHSDQFXiQWRFXHVWDQLGHQWLILTXHQODDOWHU
QDWLYDPiVEDUDWD\ODTXHEULQGDXQPHMRUVHUYLFLR
(O&JOPEPQPKL=N=H=-NKPA??EÔJ@ADKNNK=J?=NEKĭ&-
SURWHJHDWUDYpVGHXQVHJXUR
GHGHSyVLWRHOGLQHURTXHORVDKRUUDGRUHVGHSRVLWDQHQORV%DQFRV(VWHVHJXURDFW~DHQ
FDVRGHTXHHO%DQFROOHJDUDDWHQHUSUREOHPDVILQDQFLHURV$QWHXQDVLWXDFLyQDVtLQFOXVRVL
HO%DQFRTXHEUDUDHO,3$%VHHQFDUJDUtDGHTXHORVDKRUUDGRUHVUHFXSHUDUDQXQGHWHUPLQD
GRPRQWRGHVXGLQHUR
$FWLYLGDG
&RQWHVWDODVVLJXLHQWHVSUHJXQWDV
Ć¢6DEHVTXLpQDSUXHEDORVLPSXHVWRVTXLpQORVDGPLQLVWUD\TXLpQHVORVJDVWDQ"
Ć¢$OJXQDYH]KDVWHQLGRDOJ~QSUREOHPDFRQ%DQFRV$VHJXUDGRUDV$IRUHVR
&DMDVGHDKRUUR"¢&yPRORVROXFLRQDVWH"
Ć¢6DEHVSRUTXpHVQHFHVDULRTXHH[LVWDTXLHQYLJLOHDORV%DQFRVODV$VHJXUDGR
UDV\ODV$IRUH"
Ć¢6DEHVTXpVHYLFLRVWHRIUHFHOD&RQGXVHI"
¢+DVUHFXUULGRDHOODSDUDXQDRULHQWDFLyQR
TXHMDDFHUFDGHDOJXQDLQVWLWXFLyQILQDQFLHUD"
68
5HODFLRQDODVVLJXLHQWHVFROXPQDV/DL]TXLHUGDPXHVWUDODVDXWRULGDGHVILQDQFLHUDVGH
QXHVWURSDtV\ODGHUHFKDVXVIXQFLRQHVRDFXiOHVLQVWLWXFLRQHVILQDQFLHUDVYLJLODQ$OJX
QDVDXWRULGDGHVILQDQFLHUDVSXHGHQDVRFLDUVHDPiVGHXQDUHVSXHVWD
)]\WZQLILM[
NQVIVKQMZI[
KJO=N
KJ@QOAB
+3
&-
0% +0#
=J?K@A
*ÄTE?K
§9]uPIKMV'
"OAHÒJE?KMQALQA@ALNK@Q?EN>EHHAPAOUIKJA@=O
AJAHL=ÈO
0QLANREO=MQAHKO=DKNNKOL=N=AHNAPENK@AHKO
PN=>=F=@KNAOOA=@IEJEOPNAJ?KNNA?P=IAJPA
OACQN=L=NPA@AH@EJANKMQA@ALKOEP=JHKO=DKNN=
@KNAOAJHKO=J?KO
/A?=Q@=EILQAOPKO
3ECEH=MQAHKO=J?KOUH=O =F=O@A=DKNNKD=C=J
>QAJQOK@AHKO=DKNNKO@AH=OLANOKJ=O
0QLANREO=H=OOACQN=@KN=O
3AH=LKNAHAMQEHE>NEKLNAOQLQAOP=H@AHCK>EANJK
/ACQH=H=OBKNA
PEAJ@AH=OEJ?KJBKNIE@=@AO@AH=OLANOKJ=O
NAOLA?PK=H=OEJOPEPQ?EKJAOňJ=J?EAN=O
0QLANREO=H=OňJ=JV=O@AH=OEJOPEPQ?EKJAOMQA
KPKNC=J?NÄ@EPKO
QE@=AHLK@AN=@MQEOEPERK@AJQAOPN=IKJA@=
/AOLQAOP=Oĥ
#KIAJP=H="@Q?=?EÍJ#EJ=J?EAN=
69
$PDQHUDGHFRQFOXVLyQ
ĸ-=N=MQÄPAOENRAH=A@Q?=?EÍJňJ=J?EAN=
-=N=O=>ANŒ
4XpHV\FyPRVHKDFHXQSUHVXSXHVWR
KHUUDPLHQWDTXHWHSHUPLWHLGHQWLILFDU
FXiQWRGLQHURJDQDVFDGDPHV\DTXp
GHVWLQDVFDGDSHVRGHWXVLQJUHVRV
&yPRFRQYHUWLUWHHQXQFRQVXPLGRU
LQWHOLJHQWHHVGHFLUHQDOJXLHQTXH
UD]RQDVXVGHFLVLRQHVDQWHVGHFRP
SUDU\TXHFXLGDODVFRVDVTXHXVD
3RUTXpHODKRUURHVHOSUL
PHUSDVRSDUDLQYHUWLU\
ORJUDUWXVPHWDV
70
p
EHE
&XiOHVVRQORVGLVWLQWRV
WLSRVGHFUpGLWR\DTXp
QHFHVLGDGHVUHVSRQGHQ
R
QLx
HQ
MRY OWR \RU
DGX OWRPD
DGX
&XiOHVVRQODVYHQWDMDVGH
JXDUGDUWXGLQHURHQLQVWLWX
FLRQHVIRUPDOHV\DXWRUL]DGDV
P
&XiOHVODPHMRUIRUPDGH
XWLOL]DUWXWDUMHWDGHFUpGLWR
&XiO$IRUHKDFHFUHFHUPiVHO
GLQHURTXHDSRUWDV\TXHWH
SHUPLWLUiXQPHMRUUHWLUR
&yPRLGHQWLILFDUORVVHJXURVTXH
PHMRUUHVSRQGHQDWXVQHFHVLGDGHV
GHSURWHFFLyQORTXHWHSHUPLWH
SURWHJHUWXSDWULPRQLRHQFDVRGH
DFFLGHQWHVURERVFDWiVWURIHVQDWX
UDOHV\RHQIHUPHGDGHV
&yPRREWLHQHHOJRELHUQR
HOGLQHURSDUDILQDQFLDUORV
VHUYLFLRVS~EOLFRV
4XpVHSDJDFRQORV
LPSXHVWRV
&XiOHVWXUHVSRQVDELOLGDGHQ
HOPDQHMRGHOFUpGLWR
4XpDXWRULGDGHVGHILHQGHQ
WXVGHUHFKRVIUHQWHDODV
,QVWLWXFLRQHV)LQDQFLHUDV
71
;QY]QMZM[UÉ[QVNWZUIKQÛV
[WJZMML]KIKQÛVNQVIVKQMZI
MV\ZIIV]M[\ZIXÉOQVI
___KWVL][MNOWJU`
LWVLMMVKWV\ZIZÉ[W\ZW[UI\MZQITM[
ML]KI\Q^W[[WJZMTW[\MUI[
XZM[MV\ILW[MVM[\IO]ÕI
!!! 
Descargar