75 ENSAYOS BREVES de ECONOMÍA CRÍTICA en HOMENAJE a BENJAMÍN BASTIDA HQVD\RVEUHYHVGHHFRQRPtDFUtWLFD HQKRPHQDMHD%HQMDPtQ%DVWLGD 3UHVHQWDFLy &RPDGHJDQDGHOD)DFXOWDWG¶(FRQRPLDL(PSUHVDGHOD8QLYHUVLWDWGH%DUFH ORQD HO FHQWUH RQ HO GRFWRU %HQMDPt%DVWLGD KD GHVHQYROXSDW OD VHYD YLGD SUR IHVVLRQDOpVXQKRQRUIHUODSUHVHQWDFLyG¶DTXHVWOOLEUHKRPHQDWJH(OQRPEUHL OD GLYHUVLWDW GH OHV FROÂODERUDFLRQV pV XQ LQGLFDGRU FODU GHO JUDX GH FRPSURPtV LGHGLFDFLyDODYLGDXQLYHUVLWjULDTXHHO'U%DVWLGDKDWLQJXWHQODVHYDWUDMHFWzULD GRFHQWLLQYHVWLJDGRUD 3HUVRQDDPEXQDOtQLDGHFRQGXFWD¿[DGHGLFDGDDOVHUYHLS~EOLFHQWHQHQWOD XQLYHUVLWDWFRPXQHVSDLGHOOLEHUWDWG¶HVWXGLLGHUHÀH[LyREHUWD%HQMDPt%DVWL GDKDHVWDWXQSURIHVVRUHVWLPDWSHOVVHXVDOXPQHVDGPLUDWSHOVVHXVGHL[HEOHVL DSUHFLDWSHOVVHXVFRPSDQ\V 9D FROÂODERUDU HQ HO JRYHUQ GH OD IDFXOWDW IRUPDQW SDUW GHOV HTXLSV GHOV GH JDQDWVGHO'U+RUWDOjLGHO'U$UJHPtDOVDQ\VYXLWDQWD,PSXOVRUGHODUHFHUFD VREUHOHVHFRQRPLHVVRFLDOLVWHVLODVHYDWUDQVLFLyDOFDSLWDOLVPHKDHVWXGLDWHOV SDwVRVGHO¶(VWLPpVUHFHQWPHQWHOFDVGHOD;LQD+DRUJDQLW]DWLGLULJLWHOGRFWR UDWHQ(FRQRPLD,QWHUQDFLRQDOGHOD8%D&XEDLD0q[LFLHOPjVWHUG¶(FRQRPLD 3~EOLFDLGHO'HVHQYROXSDPHQWD1LFDUDJXDDL[tFRPDOWUHVFXUVRVGHSRVWJUDXD OD8QLYHUVLGDG1DFLRQDO$XWyQRPDGH1LFDUDJXD/D[DU[DG¶DFDGqPLFVG¶DUUHX TXHYDWHL[LUWpHOVHXUHÀH[HQOHVFROÂODERUDFLRQVG¶DTXHVWOOLEUH 3HUzSHUGDPXQWGHWRW%HQMDPt%DVWLGDKDHVWDWXQFDWHGUjWLFGHODYHOODHVFR ODDTXHOODHQODTXHODGHGLFDFLyDODGRFqQFLDLDODUHFHUFDWHQLDXQURVWUHKXPj LHQODTXHHOVHQWLWGHSHUWLQHQoDDODLQVWLWXFLySUHYDOLDSHUGDPXQWGHOHVGLIHUqQ FLHVGHYLVLyVREUHODXQLYHUVLWDW7DQWGHERTXHOHVQRYHVJHQHUDFLRQVSXJXHP UHFXSHUDUO¶HVSHULWGHFRPSURPtVFRPSDQ\RQLDLVHQWLPHQWG¶RUJXOOGHIDFXOWDWGH ODJHQHUDFLyGHO'U%DVWLGDDTXHOODTXHHOODFROOLDDPEODVHYDERQKRPLDHQOHV FDOoRWDGHVDQXDOVHQXQPDVWDUUDJRQt (OLVHQGD3DOX]LH ËQGLFH ,QWURGXFFLyQ &DUWDGH0DULH/DYLJQH &DStWXOR/RVDQWLJXRVSDtVHVVRFLDOLVWDV\VXVRSRUWXQLGDGHV HQODJOREDOL]DFLyQ &DStWXOR/RVSDtVHVVXEGHVDUUROODGRVODFULVLVSHUPDQHQWH &DStWXOR/RVSDtVHVHPHUJHQWHV\WHPDVGHJOREDOL]DFLyQ &DStWXOR&ULVLVHFRQyPLFD\VXVIXQGDPHQWRV &DStWXOR+DFLDXQDQXHYDRUJDQL]DFLyQVLVWpPLFD $XWRUHVSRURUGHQDOIDEpWLFR ,QWURGXFFLyQ (VWH OLEUR KD VLGR FRQFHELGR FRPR XQ KRPHQDMH D %HQMDPtQ %DVWLGD HQ HO PRPHQWRGHVXMXELODFLyQ&RQpOTXHUHPRVUHFRQRFHUODKRQHVWLGDGGHVXE~V TXHGD\ODUHOHYDQFLDGHVXVKDOOD]JRVTXHKDQKHFKRGH%HQMDPtQXQGRFHQWHH LQYHVWLJDGRUGHUHFRQRFLGRSUHVWLJLR6XFXULRVLGDGLQWHOHFWXDO\VXFRPSURPLVR SHUVRQDOVHSODVPDQHQXQULFRDEDQLFRGHLQWHUHVHVSURIHVLRQDOHVTXHWLHQHQQR REVWDQWHXQGHQRPLQDGRUFRP~QVXDSUR[LPDFLyQVLHPSUHKXPDQD\KXPDQLVWD KDFLDORVWHPDVTXHKDDQDOL]DGR (QVXYHUWLHQWHFRPRGRFHQWHDWUDYpVGHVXFiWHGUDGH3ROtWLFD(FRQyPLFDKD DELHUWRXQDOtQHDGHHVWXGLRGHODDVLJQDWXUDTXHKDFUHDGRHVFXHODWUDQVPLWLHQGR DORVHVWXGLDQWHV\DORVSURIHVRUHV\SURIHVRUDVTXHKHPRVFUHFLGRFRQpOQRVyOR ORVFRQRFLPLHQWRVVLQRWDPELpQHOVDEHUKDFHU\HOVDEHUHVWDU(VSHFLDOLVWDHQ HVWLPXODUHOHVStULWXFUtWLFRHOVX\RSURSLR\HOGHTXLHQHVOHURGHDQVyORHQXQ DVSHFWRQRGHMDOXJDUDGXGDVHQ(FRQRPtDQRKD\FHUWH]DVWRGRGHSHQGH'HVGH HVWDDSUR[LPDFLyQOD3ROtWLFD(FRQyPLFDQRVHOLPLWDDOHVWXGLRGHODLQWHUYHQFLyQ GHO6HFWRU3~EOLFRVREUHOD(FRQRPtDHV³VREUHWRGR³XQDQiOLVLVGHOSRGHU (QVXYHUWLHQWHLQYHVWLJDGRUDVXVHVWXGLRVVREUHODVHFRQRPtDVOODPDGDVVR FLDOLVWDVVRQXQDUHIHUHQFLDREOLJDGDSDUDTXLHQHVVHDFHUFDQDOWHPDHQQXHVWUR SDtV(Q(VSDxDVLQWUDGLFLyQGHHVWXGLRGHODRUJDQL]DFLyQHFRQyPLFDGHWLSR VRYLpWLFRVXWHVLVIXHSLRQHUDDEULyFDPLQRDRWUDV\DOHQWyTXHQXHYRVHVWXGLR VRV VH LQWHUHVDVHQ SRU HO WHPD 6XV SHULRGRV GH LQYHVWLJDFLyQ DO ODGR GH 0DULH /DYLJQHHQ3DUtVOHGLHURQXQDEDVHVyOLGDVREUHODTXHFRQVWUXLUVXSURSLDOtQHDGH LQYHVWLJDFLyQ)XQGyHO*$7(*UXSRGH$QiOLVLVGHOD7UDQVLFLyQ(FRQyPLFD IRUPDQGRHVSHFLDOLVWDV\SDUWLFLSDQGRHQSUR\HFWRVGHLQYHVWLJDFLyQGHSUR\HF FLyQLQWHUQDFLRQDOHQHVWUHFKDFRODERUDFLyQFRQDFDGpPLFRVGHSDtVHVGHO(VWH\ GH2FFLGHQWH 9LDMHURLQIDWLJDEOHQRFHUUyODVIURQWHUDVGHVXLQWHUpVHQORVSDtVHVGHO(VWH 6XDIiQSRUHQWHQGHUODVFODYHVGHODHFRQRPtDPXQGLDOOHOOHYyDHMHUFHUVXDFWL YLGDGWDQWRGRFHQWHFRPRLQYHVWLJDGRUDHQSDtVHVGHOPXQGRVXEGHVDUUROODGRGH PDQHUDPX\HVSHFLDO\SRQLHQGRHOFRUD]yQHQHOORHQ1LFDUDJXD\&XED&XDQ GRODGHULYDJOREDOL]DGRUDGHORV~OWLPRVGHFHQLRVSXVRHODFHQWRHQORVSDtVHV HQVD\RVEUHYHVGHHFRQRPtDFUtWLFDHQKRPHQDMHD%HQMDPtQ%DVWLGD HPHUJHQWHVKL]RODPDOHWD\VHHPEDUFyHQHOHVWXGLRGHODHFRQRPtDFKLQDDOD TXHKDGHGLFDGRVXVPD\RUHVHVIXHU]RVHQORV~OWLPRVDxRVRIUHFLHQGRXQDYLVLyQ GLIHUHQWH\PDGXUDGHODH[SHULHQFLDGHHVWHJLJDQWHDVLiWLFR 6HJXURTXHVXOHJDGRQRVHTXHGDUiDTXt6HJXLUiEXVFDQGRKDVWDHQFRQWUDU ODVSURSXHVWDVGHSROtWLFDHFRQyPLFDTXHSHUPLWDQODFRQVWUXFFLyQGHXQPRGHOR GH RUJDQL]DFLyQ HFRQyPLFD TXH VHD ´VRFLDOPHQWHµ VRVWHQLEOH TXH GHÀHQGD ORV LQWHUHVHVGHORVGHVSRVHtGRV\TXHPHUH]FDODSHQDVRVWHQHU /RVTXHKHPRVVLGR\HVWDGRMXQWRDpOHQHVWDDYHQWXUDDSDVLRQDQWHKHPRV TXHULGRSRQHUQXHVWURJUDQLWRGHDUHQDFRQHVWHOLEUR/DFRQVLJQDGHWRGDVODV SDUWLFLSDFLRQHV³PiVGHVHWHQWD³KDVLGRODGHRIUHFHUFODYHVSDUDODE~VTXHGD GH HVH PRGHOR HFRQyPLFR DOWHUQDWLYR TXH HVWi HQ OD FDEH]D GH %HQMDPtQ \ GH PXFKRVGHQRVRWURV/DIRUPDGHH[SUHVDUORKDVLGRDWUDYpVGHEUHYHVDUWtFXORV GHRSLQLyQUHÁH[LRQHVLQDFDEDGDVTXHPiVTXHUHVROYHUHOSUREOHPDORSODQWHDQ SHURTXHWRPDGDVHQVXFRQMXQWRJXtDQDOOHFWRUSRUXQDVHQGDGHSHQVDPLHQWRFUt WLFR\DOWHUQDWLYRGHODTXHORVDXWRUHVHQVXPD\RUtDGHOPXQGRDFDGpPLFRSHUR WDPELpQGHRWURViPELWRVVRQFDPLQDQWHVH[SHULPHQWDGRV(VSHUDPRVTXHHVWH JUDQLWRGHDUHQDVLUYDD%HQMDPtQ\DRWURVSDUDDYDQ]DUHQHOREMHWLYRSURSXHVWR 6REUHODEDVHGHHVWHKLORFRQGXFWRUTXHKLOYDQDWRGRHOOLEURKHPRVDJUXSDGR ODVFRQWULEXFLRQHVHQFLQFRJUDQGHVFDStWXORV6LJXLHQGRHORUGHQHQTXHHOLQWHUpV GH%HQMDPtQVHKDLGRH[SDQGLHQGRHOSULPHURGHHOORVFRQWLHQHORVDUWtFXORVTXH YHUVDQVREUHHOSDSHOGHORVSDtVHVH[VRFLDOLVWDVHQHOFRQYXOVRPXQGRFDSLWDOLVWD TXHKDQDEUD]DGR(OVHJXQGRFDStWXORUHFRJHODVDSRUWDFLRQHVUHODFLRQDGDVFRQOD SDUWHGHOPXQGRHQFULVLVSHUPDQHQWHORVSDtVHVVXEGHVDUUROODGRV(OWHUFHUFDSt WXORVHDEUHDORVSDtVHVHPHUJHQWHV\DOPXQGRJOREDOL]DGRHQJHQHUDO(OFXDUWR FDStWXORVHFHQWUDHQODFULVLVHFRQyPLFDDFWXDO\ODFULVLVGHVXVIXQGDPHQWRV3RU ~OWLPRHQHOTXLQWRFDStWXORVHDYHQWXUDQDOJXQRVHOHPHQWRVGHHVDQXHYDRUJD QL]DFLyQVLVWpPLFDTXHYLVOXPEUDPRVQHFHVDULD 'HQWUR GH ORV FDStWXORV KHPRV SULPDGR HO REMHWLYR GH IDFLOLWDU OD E~VTXHGD SRUDXWRUSRUORTXHKHPRVUHVSHWDGRHORUGHQDOIDEpWLFRHQODDSDULFLyQGHORV DUWtFXORV &RPRSXHGHDSUHFLDUVHODWHPiWLFDDERUGDGDHVPX\DPSOLDFRPSUHKHQVLYD GHWRGRVORVWHPDVTXHDEDUFDHOiUHDGHLQWHUpVGH%HQMDPtQ(QUHDOLGDGVHKDEOD GHWRGRPHQRVGH%HQMDPtQ2HVRSUHWHQGtDPRVSRUTXHDOJXQRVQRKDQSRGLGR UHVLVWLUVH <ORHQWLHQGRSHUIHFWDPHQWH\DTXHPHKHUHVHUYDGRHVFULELUHVWDLQWURGXFFLyQ SDUDFRQFHGHUPHWDOSULYLOHJLR6HUiGLItFLOKDFHUOHOOHJDUODSURIXQGDDGPLUDFLyQ TXHVHQWLPRVSRUpOHVWRWDOPHQWHLPSHUPHDEOHDORVHORJLRVQLORVEXVFDQLORV UHJLVWUDSHURHQHVWDRFDVLyQQRPHYR\DSULYDUGHH[SUHVDUORV %HQMDPtQHVXQPDHVWUR6XVYDVWRVFRQRFLPLHQWRV\VXVDELGXUtDORVWUDQVPLWH VLQ HVFDWLPDU HVIXHU]RV 1R WLHQH SHUH]D SDUD H[SOLFDU SURIXVDPHQWH FXDQGR VH ,QWURGXFFLyQ OHSUHJXQWD&RPRSDUDpOQLQJXQDSUHJXQWDHVWRQWDSUXHEDGHOLQÀQLWRUHVSHWR TXHGHPXHVWUDSRUWRGDVODVSHUVRQDVTXHVHOHDFHUFDQWRPDVHULDPHQWHHQFRQ VLGHUDFLyQORTXHVHOHSODQWHD\VLQRWLHQHXQDUHVSXHVWDODEXVFD(VXQSODFHU DVLVWLUDVXUHEXVFDUHQORVHQWUHVLMRVGHODPHQWHKDVWDGDUFRQXQDUHVSXHVWDTXH OHFRQYHQ]DDpO\DTXLHQSUHJXQWD (VXQPDHVWURSRUTXHFXDQGROHEXVFDVVLHQWHVTXHSDUDpOHQHVHPRPHQWR W~HUHVORPiVLPSRUWDQWH$YHFHVLQFOXVRWHDWUHYHVDSUHJXQWDUOHHQHVHUDWRHQ HOTXHWRGRSURIHVRUQRHVWiSDUDQDGLHHVRVPRPHQWRVDQWHVGHDFXGLUDFODVH SRUTXHVDEHVTXHD~QHQWRQFHVWHHVFXFKDUiFRQFHQWUDGR\DWHQWR\WHRIUHFHUi XQDVROXFLyQ 1RHVXQFDWHGUiWLFRDOXVRTXHLPSRQHDOUHYpVWHDFHUFDVDpOFRQFRQÀDQ]D SRUTXHWHGHPXHVWUDHQWRGRPRPHQWRTXHFRQItDHQWLTXHFUHHHQWL/R~QLFR TXHLPSRQHHVVXLQWHJULGDGVXERQGDG\ODVLQFHUDDOHJUtDFRQTXHFRQWHPSODOD YLGD 6yORPHTXHGDGHFLUHQHVWDLQWURGXFFLyQTXHHOUHSDVRSRUWRGRVORVTXHVRQ\ KDQVLGRHQODYLGDSURIHVLRQDOGH%HQMDPtQKDVLGRREUDGHODPHPRULDGH7HUHVD 9LUJLOLDOPDGHHVWDHGLFLyQHQODTXHKDTXHULGRPX\GLVFUHWDPHQWHQRÀJXUDU 1RSRGHPRVVLQHPEDUJRRFXOWDUTXHVXLQWHUYHQFLyQKDVLGRGHFLVLYDHQODUH FRSLODFLyQGHODVFRQWULEXFLRQHV\HOPRQWDMHGHOOLEUR7DPELpQKDQFRODERUDGR PX\DFWLYDPHQWH$XUqOLD0Dxp³QXHVWURiQJHOLQIRUPiWLFR³\0DULVRO5RGUt JXH]$JUDGHFHPRVDVLPLVPRHODSR\RLQVWLWXFLRQDOTXHKHPRVUHFLELGRHQHVWH SUR\HFWRWDQWRSRUSDUWHGHOD)DFXOWDWG·(FRQRPLDL(PSUHVDFRPRSRUSDUWHGHO 'HSDUWDPHQWGH3ROtWLFD(FRQzPLFDL(VWUXFWXUD(FRQzPLFD0XQGLDO 3RU~OWLPRQXHVWURUHFRQRFLPLHQWRD0DULH/DYLJQHPDGUHGHORVHVWXGLRVHQ VRYLHWRORJtD\PHQWRUD\PDHVWUDGH%HQMDPtQTXHKDTXHULGRSDUWLFLSDUHQHVWH OLEURFRQODFDUWDTXHUHSURGXFLPRVDFRQWLQXDFLyQXQDDXWpQWLFDPHWiIRUDGHOD WUDQVLFLyQ6XVSDODEUDVGDQSDVRDODVFRQWULEXFLRQHVGHORVDXWRUHV &DUPHQGHOD&iPDUD &DStWXOR /RVDQWLJXRVSDtVHVVRFLDOLVWDV \VXVRSRUWXQLGDGHVHQODJOREDOL]DFLyQ (OWRWDOLWDULVPHOLEHUDOLODOOLEHUWDWVRFLDOLVWD $QQD$ODEDUWL0LTXHO&DPLQDO (OWRWDOLWDULVPHIRUPDSDUWGHODKLVWzULDG¶(XURSDLGHOPyQGHVGHOVDQ\VYLQW GHOVHJOHSDVVDW¿QVDOPRPHQWSUHVHQW/D3ULPHUD*XHUUD0XQGLDOYDHVFODWDU FRPDFRQVHTqQFLDGHODFRPSHWqQFLDHQWUHHOVYHOOVLPSHULVLHOVQRXVQDFLRQD OLVPHVLPSHULDOLVWHVSHOGRPLQLGHO¶HFRQRPLDPXQGLDO(OFDSLWDOLVPHMDKDYLD DUULEDWDXQJUDXGHGHVHQYROXSDPHQWJOREDOHQODFLUFXODFLyGHPHUFDGHULHVLGH FDSLWDO(OVHVWDWVPpVSRGHURVRVFRPSHWLHQSHULPSRVDUHOVVHXVLQWHUHVVRVHQHO PHUFDWPXQGLDOLHVSHFLDOPHQWHQOHVjUHHVHVWUDWqJLFDPHQWPpVGHWHUPLQDQWV FRPODJUDQjUHDGHOSHWUROLDO¶2ULHQW0LWMj9DVHUODSULPHUDJXHUUDPXQGLDO QDFLRQDOLVWDHQODTXDOODOOXLWDGHFODVVHVTXHGDYDUHHPSODoDGDSHOFRPEDWHQWUH HVWDWVQDFLRQDOLVWHV $L[tYDQpL[HUHOWRWDOLWDULVPHG¶HVWDWFDUDFWHULW]DWSHUO¶DQXOÂODFLyGHODLGHQWL WDWLODOOLEHUWDWSHUVRQDOVRWDHOMRXHVWDWDO4XLPLOORUTXHHOPDWHL[0XVVROLQLSHU D¿UPDUKRHQHOVHXSDPÀHW/DGRFWULQDGHOIHL[LVPH"©3HUDOIHL[LVPH WRWUHVLGHL[HQO¶(VWDWLUHVTXHVLJXLKXPjRHVSLULWXDOH[LVWHL[IRUDGHO¶(VWDW (QDTXHVWVHQWLWHOIHL[LVPHpVWRWDOLWDULLO¶(VWDWIHL[LVWDVtQWHVLLXQLWDWGHWRWV HOVYDORUVLQWHUSUHWDGHVHQYROXSDLLQFUHPHQWDWRWDODYLGDGHOSREOHª/D,WjOLD IHL[LVWDV¶KDYLDDYDQoDWHQODFRQGHPQDGHODGHPRFUjFLDLHQODFUHDFLyGHOVXE MHFWHFROÂOHFWLX(VWDWIHL[LVWDIRUDGHOTXDOQRKLKDYLDYLGD/DGHVHVWDELOLW]DFLyGH OHVGHPRFUjFLHVDV¿[LDGHVSHUODGLDOqFWLFDFRQWUDUHYROXFLyUHYROXFLyHQXQFRQ WH[WGHFULVLHFRQzPLFDPXQGLDOWHQLDXQDH[SOLFDFLyGHIRQVEjVLFDSHUFRPSUHQ GUHO¶DFWXDOLWDW(OOLEHUDOLVPHHFRQzPLFpVDQWLGHPRFUjWLFTXDQO¶RUGUHHFRQzPLF TXHVRVWpHQWUDHQFULVLLODSURSLHWDWSULYDGDFRUUHULVF(QXQHVFLUFXPVWjQFLHV GHGHVHVWDELOLW]DFLyHFRQzPLFDLSROtWLFDLQWHUQDFLRQDOVpVHOPDWHL[OLEHUDOLVPH HFRQzPLFHOTXHLPSXOVDVROXFLRQVWRWDOLWjULHV'¶DTXtO¶H[WHQVLyGHO¶LGHDULWRWD OLWDULDUUHXGHOPyQDOVDQ\VWUHQWDLHVSHFLDOPHQWD(XURSD /DUHVSRVWDUHYROXFLRQjULDTXHYDGRQDUOORFDOQDL[HPHQWG¶HVWDWVVRFLDOLVWHVDO OODUJGHOVHJOH;;DPEO¶8566DOFDSGDYDQWYDSDWLUXQJHQGHIHFWXyVG¶RULJHQHO PHQ\VSUHXGHODGHPRFUjFLD©SHUEXUJHVDª/DGHPRFUjFLDKDHVWDWPHQ\VWLQJXGD GXUDQWVHJOHVLTXDQYDWRUQDUDO¶HVFHQDSROtWLFDDSDUWLUGHOHVUHYROXFLRQVOLEHUDOV GHO;9,,,YDTXHGDUDWUDSDGDHQODGLDOqFWLFDFDSLWDOLVPHVRFLDOLVPH(QODPDWHL[D 'HFODUDFLyGHOV'UHWVGHO¶+RPHLGHO&LXWDGjV¶KLWUREDODFRQWUDGLFFLyGH HQVD\RVEUHYHVGHHFRQRPtDFUtWLFDHQKRPHQDMHD%HQMDPtQ%DVWLGD SDUWLGDeVIDOVDODLJXDOWDWHQWUHWRWVHOVFLXWDGDQVTXDQODOOHLTXHODSURFODPDDO PDWHL[WHPSVDVVHJXUDODSURSLHWDWSULYDGDG¶XQVSRFV/D¿FWtFLDLJXDOWDWMXUtGLFD GHOVSULPHUVHVWDWVGHGUHWYDSURYRFDUHOGHEDWLHOFRQÀLFWHDO¶HQWRUQGHODUHDO GHVLJXDOWDWHQWUHOHVSHUVRQHV4XDOVHYROGHPzFUDWDSHUSRFTXHKRVLJXLVDSTXH QRKLKDOOLEHUWDWVHQVHMXVWtFLD&RPHVSRWDYDQoDUFDSDXQDGHPRFUjFLDVLQR V¶DFRQVHJXHL[TXHODOOLEHUWDWODLJXDOWDWLODIUDWHUQLWDWSURFODPDGHVDOD5HYROX FLy)UDQFHVDHVYDJLQIHQWUHDOVLHIHFWLYHVSHUDWRWDODFLXWDGDQLD" (OOLEHUDOLVPHYDDFRQVHJXLUHQXQGHWHUPLQDWHVWDGLGHOGHVHQYROXSDPHQWFD SLWDOLVWD OD LQVWDXUDFLy G¶XQHV GHPRFUjFLHV ¿FWtFLHV HQ OHV TXDOV HO VXIUDJL XQL YHUVDOLOHVOOLEHUWDWVS~EOLTXHVVHUYLHQSHUOHJLWLPDUXQPRGHOGHVRFLHWDWEDVDW HQODGHVLJXDOWDWHFRQzPLFDLVRFLDODL[tFRPHQODGRPLQDFLyFXOWXUDO$O¶LQLFL GHO VHJOH ;; HUHQ PROW SRTXHV DTXHVWHV GHPRFUjFLHV EjVLFDPHQW HVWHVHV HQ HO PyQDQJORVD[y3HUDOPRYLPHQWREUHULFDPSHURODTXHVWHVGHPRFUjFLHVHUHQEXU JHVHVLHQHPLJXHVGHODLJXDOWDW(QWUHHOVGLYHUVRVFRUUHQWVLGHROzJLFVGLQVGHO PRYLPHQWVRFLDOLVWDHVYDDQDUSURGXLQWXQDGLYLVLyHQWUHHOVTXHQRFRQFHGLHQ FDSRSRUWXQLWDWQLFDSSRVVLELOLWDWGHFDQYLGLQVGHOVLVWHPDFDSLWDOLVWDIRVTXLQD IRVODIRUPDSROtWLFDTXHSUHQJXpVLHOVTXHFRQVLGHUDYHQTXHV¶REULDXQDQRYD HVWUDWqJLDGHFDQYLVRFLDOLVWDHQODXWLOLW]DFLyGHOHVLQVWLWXFLRQVGHODGHPRFUjFLD IRUPDO(QWUHHOVSULPHUVKLKDYLDDQDUTXLVWHVLFRPXQLVWHVHQWUHHOVVHJRQVOD VRFLDOGHPRFUjFLD 7DQPDWHL[ FDS QR YDORUDYD HO VHQWLW GH OD GHPRFUjFLD HQ Vt PDWHL[D/¶REMHFWLXHUDODGHVWUXFFLyGHOFDSLWDOLVPH(QDTXHVWFRQWH[WWULRPID OD5HYROXFLyG¶2FWXEUHHOTXHOOXQ\G¶DFDEDUDPEODGLYLVLyGHOPRYLPHQW REUHULQWHUQDFLRQDOO¶DFFHQWXDHVSHFLDOPHQWTXDQHOSRGHUVRYLqWLFTXHGDVRWDHO FRQWURODEVROXWGH6WDOLQ $L[tPHQWUHHOOLEHUDOLVPHHFRQzPLFXWLOLW]DLVRWPHWODGHPRFUjFLDHOVRFLD OLVPHUHDOPHQ\VWpODGHPRFUjFLD(QDSURSLDUVHGHODYHULWDWVRFLDOLVWDO¶8566 GH6WDOLQLGHVSUpVWRWVHOVDOWUHVHVWDWVVRFLDOLVWHVFRQWUDSRVHQDOPRGHOFDSLWDOLVWD XQDOWUHPRGHOHFRQzPLFLVRFLDOEDVDWHQODSURSLHWDWHVWDWDO/DIDOWDGHOOLEHUWDW LGHPRFUjFLDHQOHVQRYHVVRFLHWDWVGLWHVVRFLDOLVWHVYDPDQWHQLUODVXEPLVVLyGHOV FLXWDGDQVDXQDQRYDIRUPDGHGRPLQDFLy(OVJRYHUQDQWVGHOQRX(VWDWTXHV¶KDQ IHWDPEHOFRQWURODEVROXWGHO¶HFRQRPLDVyQODQRYDFODVVHGLULJHQWTXHSUH¿JXUD XQDDOWUDIRUPDG¶DSURSLDFLySULYDGDGHOVPLWMDQVGHSURGXFFLy/DFRQVWUXFFLy GHOVRFLDOLVPHKDHVWDWXQDGHOHVJUDQVPHQWLGHVGHOVHJOH;;TXHKDQVRIHUWOHV VRFLHWDWVRQDL[tHVYDSURFODPDU*UDQVEXURFUjFLHVHVWDWDOVYDQDSRGHUDUVHGHO FRQWURODEVROXWGHOSRGHUHFRQzPLFLSROtWLFDEHQH¿FLSURSLLPDQWHQLQWDODPD MRUSDUWGHODSREODFLyHQUqJLPG¶H[SORWDFLyLGHGRPLQDFLy/DFULVL¿QDOGHOD PDMRULDG¶DTXHVWVVLVWHPHVKDGRQDWOORFDXQFDSLWDOLVPHVDOYDWJHLFULPLQDOHQ TXqSDUWLPSRUWDQWGHOVQRXVJUDQVPDJQDWVSURFHGHL[HQGHOVOORFVGHGLUHFFLyGH OHVDQWLJXHVQRPHQNODWXUHV(OSRGHUVLJXLTXLQDVLJXLODIRUPDTXHSUHQJXLVHP SUHKDGHVHUFRQWURODWDPEODSRVVLELOLWDWGHUHYRFDUORSHUTXqWDOFRPGHLD/RUG (OWRWDOLWDULVPHOLEHUDOLODOOLEHUWDWVRFLDOLVWD $FWRQHOSRGHUWHQGHL[DFRUURPSUHLHOSRGHUDEVROXWFRUURPSDEVROXWDPHQW (OVHVWDWVVRFLDOLVWHVKDQHVWDWWDPEpHVWDWVWRWDOLWDULVHQHOVTXDOVHOVLQGLYLGXV H[LVWLHQHQIXQFLyGHO¶(VWDWLQRDO¶LQUHYpVHQHOVHQWLWG¶HVWDUGLVSRVDWVDWRWVHOV VDFUL¿FLVSHUDXQ©GHPjVRFLDOLVWDªSLQWDWFRPXQSDUDGtV/DGHJHQHUDFLyKHUH GLWjULDGHOUqJLPWRWDOLWDULGH&RUHDGHO1RUGQ¶pVO¶H[HPSOHPpVSDWqWLFGHSRUWDU ¿QVDO¶H[WUHPODXWLOLW]DFLyODPDQLSXODFLyLODGHVSHUVRQDOLW]DFLyGHWRWXQSREOH 7DQPDWHL[pVPpVSUHRFXSDQWHOFDVGHOD;LQDXQDGLFWDGXUDFRPXQLVWDEHQYLVWD SHOPyQRFFLGHQWDOPHQWUHHOVKDLQWHUHVVDWXQDGHPRVWUDFLyTXHDOHVPDOGLWHV GHPRFUjFLHVOLEHUDOVQRHOVKDLPSRUWDWPDLODGHPRFUjFLDQLOHVGLFWDGXUHVPpV HQOOjGHODUHODFLyFRVWEHQH¿FL $L[tGRQFVKDXUtHPGHVDOXGDUDPERSWLPLVPHHOGDOWDEDL[GHOHVGLFWDGXUHV VRFLDOLVWHVLTXHHOWRWDOLWDULVPHQD]LTXHYDDPHQDoDUHOPyQDOVDQ\VWUHQWDL TXDUDQWDVLJXLMDKLVWzULD/DPRUWGHOIDOVVRFLDOLVPHLGHOIHL[LVPHUHDOpVEHQ YLQJXGDLKDXULDG¶REULUODSRUWDGHO¶HVSHUDQoD3HUzQRKDHVWDWDL[tL¿QVLWRW HQFHUFOHVFRQVHUYDGRUVV¶HQ\RUDHOPyQGHOVGRVEORFVSHUTXqOHVGHPRFUjFLHV OLEHUDOVJXDQ\DYHQHQODFRPSDUDFLy$UDWRWVHOVJRYHUQDQWVDGRUHQHOQHROLEH UDOLVPH QR THVWLRQHQ HO FDSLWDOLVPH L YROHQ VHU YLVWRV FRP D GHPzFUDWHV (OV VLVWHPHVGHPRFUjWLFVV¶KDQPXOWLSOLFDWWRWLTXHFRQWLQXHQHVVHQWPDMRULDHOVVLV WHPHVDXWRULWDULV3HUzODGHPRFUjFLDMDQRpVHOPHQ\VGROHQWHQWUHHOVVLVWHPHV GHJRYHUQFRQHJXWVpVHOTXHKLKDLpVO¶~QLFTXHSRWKDYHUKLUHVSHFWDQWHOVGUHWV G¶XQSREOHOOLXUHeVDL[t" $TXHVWpVHOSUREOHPD4XDQODGHPRFUjFLDUHDOPHQWH[LVWHQWV¶DQDOLW]DDVL PDWHL[DLMDQRKLKDOORFSHUDODFRPSDUDFLyMXVWL¿FDGRUDGHOHVSUzSLHVGH¿ FLqQFLHVHVFODWHQOHVFRQWUDGLFFLRQVLOHVSDUDGR[HVGHVGHODGHPRFUjFLDFRQ WHPSRUjQLD PpV DQWLJD (8$ ¿QV D OHV PpV UHFHQWV 3HUz MD QR KHP GH FDXUH HQODWUDPSDG¶HWLTXHWDUOHVFRPDEXUJHVHVLSURPHWUHSDUDGLVRVVRFLDOLVWHVHQ FODXVRFLDOLVWDFRPXQLVWDRDQDUTXLVWD+HPGHSUHQGUHHOQRPLHOFRQWLQJXWGH OD GHPRFUjFLD KHP GH FRPEDWUH OD VHYD GHVQDWXUDOLW]DFLy OD VHYD IDOVL¿FDFLy +HPGHGHIHQVDUODFRPHOVLVWHPDGHJRYHUQTXHWRWDVRFLHWDWOOLXUHLVRFLDOLVWD KDGHWHQLU+HPGHOOXLWDUSHUHOODGLQVG¶HOODPDWHL[DMDTXHVyQPROWVHOVVHXV HQHPLFVLHQOORFGHODKLVWzULDHVWjHVFULWTXHQRHVSXJXLUHWURFHGLUFDSDUqJLPV GLFWDWRULDOV L WRWDOLWDULV /D GHPRFUjFLD HV GHIHQVD GHOV VHXV GHIHFWHV R Gq¿FLWV DPEPpVGHPRFUjFLD/HVHVTXHUUHVQRKDXUtHPGHUHGXLUPDLPpVODGHPRFUjFLD DXQVHQWLWLQVWUXPHQWDOHQODOOXLWDSHUFDQYLDULWUDQVIRUPDUODVRFLHWDWFDSLWDOLVWD FDSDOVRFLDOLVPH/DGHPRFUjFLDpVVRFLDOLVPHLOOLEHUWDW3HUWDQWpVO¶REMHFWLX SULQFLSDOpVODUDyGHVHUGHWRWDOOXLWDSHOVRFLDOLVPHSHUDXQDVRFLHWDWG¶KRPHV LGRQHVOOLXUHVLLJXDOV 7DQPDWHL[HOUHSWHTXHWHQHQOHVHVTXHUUHVHQO¶DFWXDOLWDWpVHYLWDUODFDWjV WURIHLPSHGLUODEDUEjULHPXQGLDOTXHWUHQWDDQ\VGHWRWDOLWDULVPHQHROLEHUDOKDQ SURPRJXW$TXHVWpVHOSULQFLSDOSUREOHPD(OQHROLEHUDOLVPHHFRQzPLFTXHGLUL HQVD\RVEUHYHVGHHFRQRPtDFUtWLFDHQKRPHQDMHD%HQMDPtQ%DVWLGD JHL[O¶HFRQRPLDLODSROtWLFDPXQGLDOVGHPDQHUDDEVROXWDpVHOPRQVWUHWRWDOLWDUL GHO¶LQLFLGHOVHJOH;;,/¶RSLQLyS~EOLFDGHOHVIDOVHVGHPRFUjFLHVHVWjGRPLQDGD LPDQLSXODGDSHUSRTXtVVLPVJUDQVJUXSVGHODFRPXQLFDFLyHOVTXDOVFRQWUROHQ O¶DJHQGDSROtWLFDGHOVHVWDWVHQFRQQLYqQFLDDPEHOVLQWHUHVVRVGHOHVJUDQVPXOWL QDFLRQDOVLHOVFHQWUHV¿QDQFHUVGHOPyQ/¶DXWRQRPLDGHOVJRYHUQDQWVpVFDGDFRS PpV¿FWtFLDLHVGHYHQHQVXEMHFWHVPDQDWVPpVTXHDPEFDSDFLWDWGHPDQDU(OV YXLWDQ\VGHODSUHVLGqQFLDGH*HRUJH:%XVKDOV(VWDWV8QLWVKDQ HVWDWXQDYtVPROWJUHXGHFRPWRWXQHVWDWWDQSRGHUyVSRWTXHGDUDOVHUYHLG¶XQD IDFFLyHQHOVHQWLWGHSRUWDUHOPyQDOOOLQGDUGHODFDWjVWURIH6KHOGRQ6:ROLQ XQGHOVPpVSUHVWLJLRVRVWHzULFVGHODGHPRFUjFLDKDGHQXQFLDWODLQYROXFLyWRWD OLWjULDGHOV(8$VRWDODSUHVLGqQFLD%XVKHOVXSRUWLODSURSDJDQGDTXHYDDEDVWDU JDLUHEpWRWVHOVJUDQVPLWMDQVGHFRPXQLFDFLyTXDQKLYDKDYHUODJXHUUDG¶,UDT(O VLOHQFLFzPSOLFHRO¶DYDOGHOHVXQLYHUVLWDWV(OPpVJUHXpVHOTXH:ROLQGHQRPLQD WRWDOLWDULVPHLQYHUWLW&RQVLVWHL[HQO¶DSURSLDFLyWRWDOGHO¶(VWDWDOVHUYHLG¶XQVLQ WHUHVVRVSULYDWVLG¶XQDIDFFLySROtWLFD$TXHVWWRWDOLWDULVPHEXVFDODGHVPRELOLW]D FLyLODGHVSROLWLW]DFLyGHODFLXWDGDQLDHQGHL[DUHOSRGHUGHO¶(VWDWVRWDHOFRQWURO DEVROXWG¶XQVSRFVTXHV¶DWULEXHL[HQODWRWDOUHSUHVHQWDFLyGHO¶LQWHUqVQDFLRQDO (O GHELOLWDPHQW SROtWLF GHOV HVWDWV OD UHGXFFLy GUjVWLFD GHO VHFWRU S~EOLF OD GHULYDFLyGHOSDSHUHVVHQFLDOGHO¶(VWDWDVHUVHQVHFDSYHUJRQ\DHOJXDUGLjGH ODVRFLDOLW]DFLyGHOHVSqUGXHVLGHODSULYDWLW]DFLyGHOVJXDQ\VVLJQL¿FDQRMDOD GHJUDGDFLyGHODGHPRFUjFLDVLQyTXHpVHO¿QDOGHO¶(VWDWGH'UHW4XLVHVHQW VHJXUGDYDQWGHODMXVWtFLDLGHOGUHWTXDQO¶HFRQRPLDQHROLEHUDOGLFWDHOV¿QVL ODSROtWLFDLQVWLWXFLRQDOSRVDHOVPLWMDQV"6LMDpVGLItFLOUHFRQqL[HUODGHPRFUjFLD SROtWLFD FRPSDWLEOH DPE OD GLFWDGXUD HFRQzPLFD TXH GH¿QHL[ HO IXQFLRQDPHQW GHOVLVWHPDFDSLWDOLVWDUHVXOWDMDLPSRVVLEOHDFFHSWDUFDSPHQDGHFUHGLELOLWDWHQ OHVLQVWLWXFLRQVSROtWLTXHVTXDQDTXHVWHVKDQSHUGXWWRWDDXWRQRPLDLDXWRULWDWHQ IURQWHOSRGHUHFRQzPLF8Q5RXVVHDXGHOVHJOH ;;,MDQRGLULDTXHHOVDQJOHVRV HVFUHXHQOOLXUHVTXDQGLSRVLWHQHOYRWSHUUHWRUQDUDODFRQGLFLyG¶HVFODXVGHOV UHSUHVHQWDQWVXQDYHJDGDKDSDVVDWHOEUHYtVVLPWHPSVGHO¶HPLVVLyGHOYRW$UD GLULDTXHQRVyQOOLXUHVQLTXDQHPHWHQHOYRW(OPyQQHROLEHUDOKDPXOWLSOLFDW OHVGHVLJXDOWDWVKDGHJUDGDWOHVGHPRFUjFLHVLHOVHXIXQFLRQDPHQWKDIRPHQWDWHO UDFLVPHLHOFRQÀLFWHHQWUHFLYLOLW]DFLRQV,HVWjGLVSRVDWDFRQGXLUDODKXPDQLWDW DODEDUEjULHPLWMDQoDQWODJXHUUDDJUDQHVFDOD 'DYDQW G¶DTXHVW SDQRUDPD QR KL KD DOWUD DOWHUQDWLYD TXH OD XQLy GH WRWV HOV FLXWDGDQVGHOPyQSHUIUHQDUO¶DYDUtFLDQHROLEHUDOSHULQVWDXUDUXQGUHWLQWHUQD FLRQDOYLQFXODQWEDVDWHQHOVGUHWVKXPDQVLODSDX+HPGHGHIHQVDUODTXDOLWDW GHOHVGHPRFUjFLHVFRPDVLVWHPHVGHJRYHUQTXHPDQHQVREUHO¶RUGUHHFRQzPLF LLPSXOVHQSROtWLTXHVG¶LJXDOWDWLVROLGDULWDWHQWUHWRWVHOVFLXWDGDQV$TXHVWpVHO VHQWLWGHODOOLEHUWDWVRFLDOLVWDXQDGHPRFUjFLDTXHIDGHODOOLEHUWDWXQFDPtFDSD ODLJXDOWDWLODIUDWHUQLWDWIHGHUDOHQWUHHOVSREOHVHQXQSODQHWDKDELWDEOH 5XVLDHQODWUDQVLFLyQFLQFRSDVRVKDFLDOD HFRQRPtDGHPHUFDGR *XHQQDGL\0iUW\XVKHY +DFLDPHGLDGRVGHORVDxRVRFKHQWDOD8QLyQ6RYLpWLFDVHFDQVyGHORSDVDGR \ORSUHVHQWH/DLQH¿FDFLDHFRQyPLFD\DGPLQLVWUDWLYDODFDUUHUDDUPDPHQWLVWD \ODJXHUUDHQ$IJDQLVWiQVXSRQGUtDQHO¿QGHODHFRQRPtDFHQWUDOL]DGD/DOOH JDGDDOSRGHUHQPDU]RGHGHOQXHYRVHFUHWDULRJHQHUDOGHO&RPLWp&HQWUDO GHO3&860LMDtO*RUEDFKRYGHVSHUWyFLHUWDVHVSHUDQ]DVGHVDQHDPLHQWRGHWDO VLWXDFLyQ8QSDUGHDxRVGHVSXpVHQODSROtWLFDHFRQyPLFDGHOSDtVDSDUHFLHURQ QXHYRVWpUPLQRVPiVVRFLDOLVPRHOVRFLDOLVPRFRQODFDUDKXPDQDHOVRFLDOLVPR GHPHUFDGRODSHUHVWURLND &RP~QPHQWHVHHVFULEHTXHODWUDQVLFLyQKDFLDXQDHFRQRPtDGHPHUFDGRHQ 5XVLDHPSH]yHQ3HURHQUHDOLGDGODFRQVWUXFFLyQGHOVRFLDOLVPRGHPHU FDGRVLUYLySDUDODIRUPDFLyQGHOHPEULyQGHODHFRQRPtDGHPHUFDGR\DGHVGH HODxR(OSULPHUSDVRHQHVWDGLUHFFLyQIXHODIRUPDFLyQGHFRRSHUDWLYDVGH SURGXFFLyQ\GHFRPHUFLRDVtFRPRSHTXHxDVHPSUHVDVIDPLOLDUHVRDGVFULWDVD ODVHPSUHVDVHVWDWDOHVFRQHOGHUHFKRGHXWLOL]DUXQDSDUWHGHODEDVHSURGXFWLYD \GHPDTXLQDULDGHHVDV~OWLPDVSDUDODSURGXFFLyQGHODPHUFDQFtDGHFRQVXPR \VHUYLFLRV8QDVHULHGH5HVROXFLRQHVGHO&RQVHMRGH0LQLVWURVWRPDGDVHQWUH HO GH DJRVWR GH \ HO GH VHSWLHPEUH GH VREUH OD IRUPDFLyQ GH FRRSHUDWLYDVHQYDULDVHVIHUDVGHSURGXFFLyQ\VHUYLFLRVFRQVROLGDGDVHQOD³/H\ GHFRRSHUDFLyQHQOD8566´Q;,GHGHPD\RGHIRUPDURQXQD EDVHMXUtGLFDSDUDQXHYDVDFWLYLGDGHVHFRQyPLFDVHQHOSDtV(QMXQLRGHVH DFXxyHOWpUPLQRGHSHUHVWURLNDFRPRFDPLQRGHODWUDQVLFLyQKDFLDXQDHFRQRPtD GHPHUFDGR 7RGDVHVWDVPHGLGDVLQWURGXFtDQHQODHFRQRPtDFHQWUDOL]DGDHOFDEDOORGH7UR \DFRQHOHPHQWRVGHXQDHFRQRPtDGHPHUFDGR$SDUWLUGHOGHHQHURGHVH OLTXLGyHOPRQRSROLRHVWDWDOGHOFRPHUFLRH[WHULRUPLQLVWHULRV\HPSUHVDV JUDQGHV REWHQtDQ HO GHUHFKR GH SDUWLFLSDU HQ ODV RSHUDFLRQHV GH H[SRUWDFLyQ H LPSRUWDFLyQ3RUOD³/H\GHODHPSUHVDDVRFLDFLyQHVWDWDO´GHVHSHUPLWLy 3URIHVRUWLWXODUGHOD8QLYHUVLGDGGHOD$PLVWDGGHORV3XHEORVGH5XVLD0RVF~JHQQPDUW\XVKHY# \DQGH[UX KWWSZZZVLEXSNQVNVX3XEOLF&KDLUVFBFRRSHU7HRU&RRS+LVWRU\JBKWP HQVD\RVEUHYHVGHHFRQRPtDFUtWLFDHQKRPHQDMHD%HQMDPtQ%DVWLGD FRQYHUWLUODVFXHQWDVDODRUGHQHQGLQHURFRQWDQWH(PSH]yODHVSHFXODFLyQGH PHUFDQFtDVVLQIUHQRVDGPLQLVWUDWLYRV\MXUtGLFRV\ODDFXPXODFLyQGHFDSLWDOHV SDUWLFXODUHVHQYRO~PHQHVVLJQL¿FDWLYRV(OSUHVXSXHVWRHVWDWDOVHTXHGyVLQODV SDUWLGDVGHLQJUHVRVPiVLPSRUWDQWHV6DOLHURQGHODFODQGHVWLQLGDGORVFDSLWDOHV JULVHVDFXPXODGRVHQORVDxRVVHWHQWD\ODSULPHUDPLWDGGHORVRFKHQWD /DpSRFDGHODVFRRSHUDWLYDVGHSURGXFFLyQ\VHUYLFLRVGXUyPX\SRFRKDVWD SHURGLRORVSULPHURVFDSLWDOLVWDVOHJDOHVUXVRV(QWUHORVFDSLWDOLVWDVVXU JLGRVGHODVHQWUDxDVVRYLpWLFDVVHHQFRQWUDEDQSHUVRQDVFX\RVQRPEUHVVRQELHQ FRQRFLGRVKR\$QGUpL)LHGRURYH,YiQ.LYHOLGL$UWLRP7DUiVRY\.DMD%HQGXNL G]H9ODGtPLU3RWDQLQ\9ODGtPLU*XVLQVNL9ODGtPLU%U\Q]WDORY\9ODGtPLU6H PDJR.RQVWDQWtQ%RURYR\\$OH[DQGU6PROHQVNLWULVWHPHQWHIDPRVRPiVWDUGH 6HUJXpL0DYURGL\QRPHQRVFRQRFLGR0LMDtO-RGRUNRYVNLTXHHPSH]yHQ FRQODIXQGDFLyQGHXQFHQWURMXYHQLOFLHQWt¿FR0HQDWHS%RUtV=RVLPRY\6WDV 1DPLQ0DUN0DVDUVNL\$OH[DQGU3DQLNLQ3HURHQODSULPHUDHWDSDLQLFLDOGH WUDQVLFLyQDOPHUFDGRGXUDQWHODSHUHVWURLNDQRVHSODQL¿FDED\QDGLHSRGtDLPD JLQDUVHVLTXLHUDODGHVWUXFFLyQGHWRGRHOVLVWHPDLQVWLWXFLRQDOGHODHFRQRPtD\OD RUJDQL]DFLyQVRYLpWLFDV7RGRHVWRVXFHGLyHQORVDxRVSRVWHULRUHV (OVHJXQGRSDVRGHODWUDQVLFLyQGH5XVLDDOPHUFDGRIXHPXFKRPiVVLJQL¿FD WLYR\PDVLYRHQHVWHFDVRWHyULFDPHQWHSDUWLFLSDURQWRGRVORVFLXGDGDQRVUXVRV LQFOXLGRVORVUHFLpQQDFLGRV'HVSXpVGHOFRODSVRGHOD8QLyQ6RYLpWLFDVHWUDWD GHODHWDSDGHSULYDWL]DFLyQHQ5XVLDSURSLDPHQWHGLFKD8QDHWDSDPX\HVWXGLDGD WDQWRGHQWURFRPRIXHUDGHOSDtV\GHQRPLQDGDODWHUDSLDGHFKRTXHTXHDEDUFDED GHVGHHOGHHQHURGHKDVWDHOGHMXOLRGH(VWiHVWUHFKDPHQWHOLJDGD DOQRPEUHGH(JRU*DLGDU\VHGLYLGHFODUDPHQWHHQGRVSHULRGRV 'HVGHODOLEHUDOL]DFLyQGHORVSUHFLRVHOGHHQHURGHKDVWDHOGH RFWXEUHGHOPLVPRDxR/RVSUHFLRVVHLQFUHPHQWDURQLQPHGLDWDPHQWHHQWUH\ YHFHVVXYDORU\FRQWLQXDURQFUHFLHQGRSRVWHULRUPHQWH(VWHIHQyPHQROOHYy DODGHVYDORUL]DFLyQGHORVGHSyVLWRVGHGHFHQDVGHPLOORQHVGHFLXGDGDQRVHQODV FDMDVGHDKRUUR(OQLYHOGHYLGDGHODPD\RUtDGHSREODFLyQGHOSDtVGLVPLQX\y EUXVFDPHQWH$FRVWDGHODHVSHFXODFLyQHQODHVIHUDGHOFRPHUFLROLEHUDOL]DGRVH SURGXMRVLPXOWiQHDPHQHXQDDFXPXODFLyQLQLFLDOGHOFDSLWDO (QYHUDQRGHVHDSUREyODLGHDGHODIRUPDFLyQGHVRFLHGDGHVDQy QLPDV\ODSULYDWL]DFLyQGHFKHTXHV7RGDODSURSLHGDGHVWDWDOGHVWLQDGDSDUDOD SULYDWL]DFLyQHQHVWDHWDSDVHFDOFXOyHQXQRVPLOPLOORQHVGHUXEORV/D HQWUHJDJUDWXLWDGHFKHTXHVYDXFKHUVDFDGDFLXGDGDQRHPSH]yHOGHRFWXEUH GH &DGD XQR GH ORV PLOORQHV GH FKHTXHV WHQtD XQ YDORU QRPLQDO GH UXEORV\QRHUDQRPLQDWLYR/DSREODFLyQUXVDFDUHQWHGHH[SHULHQFLDHQ KWWSZZZDOOPHGLDUXQHZVLWHPDVS"LG 5XVLDHQODWUDQVLFLyQFLQFRSDVRVKDFLDODHFRQRPtDGHPHUFDGR HOPHUFDGRGHYDORUHVQRWHQtDXQDLGHDGHOYDORUUHDOGHORVFKHTXHVUHFLELGRV\ VX YtQFXOR GLUHFWR FRQ OD SURSLHGDG (Q ODV FRQGLFLRQHV GH LQÀDFLyQ JDORSDQWH \GHOHPSHRUDPLHQWRGHODYLGDODJHQWHYHQGtDVXVFKHTXHVSRUSUHFLRVVLPEy OLFRV0XFKRVGHHVWRVFKHTXHVIXHURQFRPSUDGRVSRUGLUHFWRUHV\DGPLQLVWUDGR UHVGHODVHPSUHVDV(QHVWHFRPHUFLRSDUWLFLSDURQIXQFLRQDULRVGHO(VWDGRRJHQWH GHVXFRQ¿DQ]D\HOHPHQWRVFULPLQDOHV/DVDFFLRQHVVHDFXPXODEDQHQPDQRVGH JUXSRVUHGXFLGRVGHSURSLHWDULRVLQGHSHQGLHQWHPHQWHGHODVPRGDOLGDGHVGHSUL YDWL]DFLyQGHODVHPSUHVDV6HSXHGHGHFLUTXHGXUDQWHHVWHSHULRGRGHODVHJXQGD HWDSDODVXSXHVWD³SULYDWL]DFLyQSRSXODU´VHFRQYLUWLyUiSLGDPHQWHHQXQDVLPSOH DSURSLDFLyQ GH OD SURSLHGDG SRU SDUWH GH XQRV JUXSRV GHWHUPLQDGRV 6HJ~Q ORV GDWRVGHO&RPLWp(VWDWDOGH(VWDGtVWLFDKDFLDPHGLDGRVGHHUDQSULYDWL]DGDV FHUFDGHHPSUHVDVDOUHGHGRUGHGRVWHUFHUDVSDUWHVGHWRGDVXFDQWLGDG 3HURODSULYDWL]DFLyQPDVLYDGLRUHVXOWDGRVFRQWUDGLFWRULRV3RUXQODGRHQ5XVLD HPSH]DURQDHVWDEOHFHUVHUHODFLRQHVGHPHUFDGRSHURSRURWURODSULYDWL]DFLyQ SURYRFyODGHFDGHQFLDGHODHFRQRPtDXQDWUHPHQGDHVWUDWL¿FDFLyQGHODVRFLHGDG \DUHVXOWDVGHHOORXQDIXHUWHWHQVLyQVRFLDO 0LHQWUDVWDQWRHOJRELHUQRUXVRWRPyODGHFLVLyQGHHPSH]DUDSDUWLUGHOGH MXOLRGHXQDQXHYDHWDSDGHSULYDWL]DFLyQ(QHVWDRFDVLyQHOWHUFHUSDVR GHODWUDQVLFLyQDOPHUFDGRHUDODSULYDWL]DFLyQGHOGLQHUR(QXQDVFRQGLFLRQHV HFRQyPLFDV\¿QDQFLHUDVH[WUHPDGDPHQWHGLItFLOHV³VHSODQWHyODFHVLyQGHSD TXHWHVGHDFFLRQHVHVWDWDOHVHQIRUPDGHDYDODEDQFRVTXHFRQFHGLHVHQFUpGLWRV DO(VWDGR´$SDUWLUGHPDU]RGHVHHPSH]DURQORVWUDEDMRVSUHSDUDWLYRV\ RUJDQL]DWLYRVGLULJLGRVSRU¿JXUDVLPSRUWDQWHV$QDWROL&KXEDLVHQDTXHOWLHPSR HOVHJXQGRKRPEUHHQHOJRELHUQRGH9LNWRU&KHUQRP\UGLQ\MHIHGHO&RPLWpGH OD3URSLHGDG(VWDWDO\9ODGtPLU3RWDQLQSUHVLGHQWH\SURSLHWDULRGHGRVEDQFRV FRPHUFLDOHV2QHNVLPEDQN\&RPSDxtD,QWHUQDFLRQDOGH)LQDQ]DV&,)\XQR GHORVDUWt¿FHVGHODVOODPDGDV³VXEDVWDVHQHPSHxR´(OGHDJRVWRGH HOSUHVLGHQWH%RUtV<HOWVLQ¿UPyHOGHFUHWRQ³6REUHODVUHJODVGHHQWUHJDHQ HPSHxRGHODVDFFLRQHVGHODSURSLHGDGIHGHUDO´ (QODOLVWDGHHPSUHVDVHOHJLGDVSDUDODSULYDWL]DFLyQHQ\¿JXUD EDQHQWLGDGHVYLQFXODGDVSULQFLSDOPHQWHDODH[SRUWDFLyQGHPDWHULDVSULPDV SUHFLVDPHQWHODVPiVSURGXFWLYDV\GHPD\RUUHQGLPLHQWRHQDTXHOPRPHQWRGH OD HFRQRPtD UXVD (Q GLFLHPEUH GH VH OOHYDURQ D FDER XQDV VXEDVWDV GHHPSHxR/DSULYDWL]DFLyQHQHVWHFDVRVHUHDOL]DEDHQORVGHVSDFKRVGHIRUPD PiVFtQLFDVLQODSDUWLFLSDFLyQGHOSXHEOR\VLQVXFRQRFLPLHQWR (OFRQVRUFLRGHEDQFRVFRPHUFLDOHVGHEtDFRQFHGHUDOJRELHUQRXQFUpGLWRSRU XQRVPLOORQHVGHGyODUHV\UHFLELUHQHPSHxRSDTXHWHVGHFRQWUROGHHPSUH KWWSZZZULQUXJXLGHVKWPO 6È1&+(=$1'5e6$QWRQLR³3ROtWLFDHFRQyPLFD\FRQVWUXFFLyQGHXQDHFRQRPtDGHPHUFDGRHQ 5XVLD´HQ(FRQRPtDGH5XVLDHQWUDQVLFLyQXQDYLVLyQGHVGHHOH[WHULRU0RVF~S HQVD\RVEUHYHVGHHFRQRPtDFUtWLFDHQKRPHQDMHD%HQMDPtQ%DVWLGD VDVHVWDWDOHVSRUFDVLXQRVPLOORQHVGHGyODUHV6LHOJRELHUQRQRGHYROYtD ORVFUpGLWRVORVEDQFRVSDVDUtDQDVHUORVSURSLHWDULRVGHODVHPSUHVDV$PEDVSDU WHVVDEtDQPX\ELHQTXHHOFUpGLWRGHPLOORQHVGHGyODUHVQRLEDDUHVROYHU ORVSUREOHPDV¿QDQFLHURVGHO(VWDGRSXHVUHSUHVHQWDEDQVyORXQGHOSUH VXSXHVWRHVWDWDOGH$GHPiVHOJRELHUQRQLVLTXLHUDFRQWDEDFRQGHYROYHU HVWRVPLOORQHVGHGyODUHVDORVEDQFRV(OFDVRHUDPX\VLPSOH\WRWDOPHQWH HVSHFXODWLYR$QWHVGHOOHYDUDFDERODVVXEDVWDVGHHPSHxRHO0LQLVWHULRGH)L QDQ]DVKDEtDGLVWULEXLGRDPDQRVOOHQDVVXVPHGLRVGLVSRQLEOHVHQGLYLVDVHQWUH QXHYHEDQFRVFRPHUFLDOHV/RVEDQFRV0HQDWHS,PSHULDO%DQFR&DSLWROLQRGH $KRUURV2QHNVLPEDQN\DOJXQRVRWURVUHFLEtDQJHQHURVRVUHJDORVGHOJRELHUQR \OHFRQFHGLHURQXQFUpGLWRDpVWHFRQGLQHURGHOPLVPR£<RWHGR\SDUDTXHW~ PHGHV(OJRELHUQRGH5XVLDHQWUHJyODVPHMRUHVHPSUHVDV\FRPSDxtDVGHOSDtV DFDPELRGHVXSURSLRGLQHURHQRWUDVSDODEUDVJUDWXLWDPHQWH'HDKtVXUJLHURQ ORVSULPHURVROLJDUFDVUXVRV3RWDQLQ%HUH]RYVNL$EUDPyYLFK-RGRUNRYVNL$OH NSHURY'HULEDVND0RUGDVKRY\DOJXQRVRWURVTXHJDUDQWL]DURQODFRQWLQXDFLyQ GH%RUtV<HOWVLQHQHOSRGHUGHVSXpVGH +DVWDODFULVLV¿QDQFLHUDGH\DxRVPiVWDUGHHQODVFRQGLFLRQHVGHHVWD ELOL]DFLyQHFRQyPLFD\FRQVROLGDFLyQSROtWLFDHQ5XVLDFRQWLQXyHVWDDE\HFWDSUL YDWL]DFLyQSXHVSDUDOOHQDUDUFDVGHO(VWDGRHOJRELHUQRSODQL¿FDEDDQXDOPHQWH ODYHQWDGHDOJXQDVHPSUHVDVRFLHUWRVSDTXHWHVGHDFFLRQHVGHRWUDVHPSUHVDV (OFXDUWRSDVRVLJQL¿FDWLYRGHODSULYDWL]DFLyQHQ5XVLDHQHVWiYLQ FXODGRDODRIHUWDS~EOLFDLQLFLDO,32GHDFFLRQHVGHFRPSDxtDVHVWDWDOHVRFRQ FDSLWDOHVWDWDOHQVXEDVWDVGHYDORUHV(QVHRUJDQL]DURQ,32SRUXQDVXPD WRWDO GH XQRV PLOORQHV GH GyODUHV HQ IXHURQ ,32 SRU XQRV PLOORQHV\HQ,32SRUXQRVPLOORQHVGHGyODUHV/DSDUWHGHO OHyQGHOD~OWLPDVXPDGHFRUUHVSRQGtDDOD,32GHODFRPSDxtD5RVQHIW TXHUHFLELyXQRVPLOORQHVGHGyODUHV(QVXV,32YHQGtDQ6EHUEDQN \97%%DQNHOSULPHURSRUXQRVPLOPLOORQHVGHGyODUHV\HOVHJXQGRSRU XQRV PLO PLOORQHV (VWH SURFHVR VH FDUDFWHUL]y SRU GRV SDUWLFXODULGDGHV HVSHFt¿FDV3ULPHURDOUHFLELUHOGLQHURGHODYHQWDORVHPLVRUHVGH,32VHTXH GDURQFRQWRGR\QRHQWUHJDURQQDGDDO(VWDGR$OPLVPRWLHPSRODHPLVLyQGH ,32GLVPLQXtDEDVWDQWHODSDUWHGHO(VWDGRHQORVFDSLWDOHVGH6RFLHGDGHV$QyQL PDV6HJXQGRDSDUWHGHORVFRPSUDGRUHVFRUSRUDWLYRV\H[WUDQMHURVGHODV,32GH 5RVQHIW6EHUEDQN\97%%DQNKXERWDPELpQPXFKDVSHUVRQDVItVLFDVTXHDGTXL ULHURQHVWDVDFFLRQHV'XUDQWHODFULVLVTXHHVWDOOyHQORVHPLVRUHVGH,32 SHUGLHURQXQDSDUWHPX\LPSRUWDQWHGHVXFDSLWDOL]DFLyQ(VWRSURYRFySpUGLGDV GHGLQHURSDUDORVWLWXODUHVGHDFFLRQHVVREUHWRGRHQWUHODVSHUVRQDVItVLFDV8QD KWWSQDWLRQDOL]DWLRQUX3ULYDWɁȺɅɈɝɈȼɕȿȺɭ.=ɢɈɇɕKWP KWWSZZZNOHUNUXEDQNDUWLFOHV 5XVLDHQODWUDQVLFLyQFLQFRSDVRVKDFLDODHFRQRPtDGHPHUFDGR YH]PiVHVWHQXHYRLQWHQWRGHDEULUVHSDVRHQHOPHUFDGRVHFRQYLUWLySDUDHOODV HQXQDWUDPSDHFRQyPLFD (OTXLQWRSDVRGH5XVLDSDUDHQWUDUHQHOPHUFDGRFRQWLQ~DHQQXHVWURVGtDV (V WDPELpQ PX\ FRQWUDGLFWRULR (O SURFHVR GH SULYDWL]DFLyQ GH DOJXQDV SURSLH GDGHV GHO (VWDGR VLJXH DGHODQWH$O PLVPR WLHPSR VH GHVDUUROOD HO SURFHVR GH QDFLRQDOL]DFLyQIRUPDO\GHIDFWR'XUDQWHODFULVLVDFWXDOHOJRELHUQRDGTXLULy DOJXQRVSDTXHWHVGHDFFLRQHVGHYDULDVFRPSDxtDV\FRUSRUDFLRQHVVDOYiQGRODV DVtGHODTXLHEUD'HIDFWRHO(VWDGRIRUWDOHFLyVXLQÀXHQFLDHQHOFDSLWDOSULYDGR &RQWRGRHVWRQRERUUDORVUHVXOWDGRVGHORVSDVRVDQWHULRUHVGH5XVLDKDFLDXQD HFRQRPtDGHPHUFDGR(VWHQXHYRWLSRGHHFRQRPtDDGHVSHFKRGHWRGDVVXVGH ELOLGDGHVLQVX¿FLHQFLDV\GHIHFWRVUHDOPHQWHH[LVWHHQ5XVLD