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REULJDo}HV GD VRFLHGDGH
4XDQGR D OHL TXDOLILFD GH
³VROLGiULD´ D
UHVSRQVDELOLGDGH GH VyFLRV
² DR GHOLPLWDU D GRV
PHPEURV GD 1& && DUW
  GRV FRPDQGLWDGRV GD
&6 DUW   GRV
GLUHWRUHVGD&$ DUW
RX GRV GD OLPLWDGD HP
UHODomR j LQWHJUDOL]DomR GR
FDSLWDO VRFLDO DUW 
²HODVHUHIHUHjVUHODo}HV
HQWUHHOHVTXHUGL]HUVHXP
VyFLR GHVFXPSUH VXD
REULJDomR HVWD SRGH VHU
H[LJLGD GRV GHPDLV VH
VROLGiULRV
4XDQGR VH GL] SRUWDQWR
TXH D UHVSRQVDELOLGDGH GR
VyFLR SHODV REULJDo}HV GD
VRFLHGDGH p VXEVLGLiULD R
TXH VH WHP HP PLUD p
MXVWDPHQWHHVWDUHJUDGHTXH
VXD HYHQWXDO
UHVSRQVDELOL]DomR SRU
GtYLGDV VRFLDLV WHP SRU
SUHVVXSRVWR R LQWHJUDO
FRPSURPHWLPHQWR GR DWLYR
GR SDWULP{QLR VRFLDO e
VXEVLGLiULD QR VHQWLGR GH
TXH VH VHJXH j
UHVSRQVDELOLGDGH GD SUySULD
VRFLHGDGH (VJRWDGDV DV
IRUoDV GR SDWULP{QLR VRFLDO
p TXH VH SRGHUi SHQVDU HP
H[HFXWDU EHQV GR SDWULP{QLR
SDUWLFXODU GR VyFLR SRU
VDOGRV H[LVWHQWHV QR SDVVLYR
GDVRFLHGDGH
2 GLUHLWR EUDVLOHLUR GD
DWXDOLGDGH QmR FRQKHFH
QHQKXPD KLSyWHVH GH
OLPLWDomR GH
UHVSRQVDELOLGDGH SHVVRDO
$VVLP TXDQGR D VRFLHGDGH
HVWLYHU UHVSRQGHQGR SRU
REULJDomR VXD WHUi
UHVSRQVDELOLGDGH LOLPLWDGD
WDPEpP R VyFLR TXDQGR
UHVSRQGHUSRUDWRVHXDLQGD
TXH UHODFLRQDGR FRP D YLGD
VRFLDOWHUiUHVSRQVDELOLGDGH
LOLPLWDGD 6RPHQWH VH
FRQFHEHQRSUHVHQWHHVWiJLR
HYROXWLYR GR GLUHLWR
QDFLRQDO D OLPLWDomR GD
UHVSRQVDELOLGDGH
VXEVLGLiULD 2V VyFLRV
UHVSRQGHP DVVLP SHODV
REULJDo}HV VRFLDLV VHPSUH
GH PRGR VXEVLGLiULR PDV
OLPLWDGDRXLOLPLWDGDPHQWH
6HRDWLYRGRSDWULP{QLR
VRFLDOQmRIRLVXILFLHQWHSDUD
LQWHJUDO SDJDPHQWR GRV
FUHGRUHV GD VRFLHGDGH R
VDOGRGRSDVVLYRSRGHUiVHU
UHFODPDGR GRV VyFLRV HP
DOJXPDV VRFLHGDGHV GH
IRUPD LOLPLWDGD RX VHMD RV
FUHGRUHV SRGHUmR VDFLDU
VHXV FUpGLWRV DWp D WRWDO
VDWLVIDomR HQTXDQWR
VXSRUWDUHP RV EHQV GRV
SDWULP{QLRVSDUWLFXODUHVGRV
VyFLRV (P RXWUDV
VRFLHGDGHV RV FUHGRUHV
VRPHQWH SRGHUmR DOFDQoDU
GRV EHQV GRV SDWULP{QLRV
SDUWLFXODUHV XP GHWHUPLQDGR
OLPLWH DOpP GR TXDO R
UHVSHFWLYR VDOGR VHUi SHUGD
TXH GHYHUmR VXSRUWDU (P
XP WHUFHLUR JUXSR GH
VRFLHGDGHV DOJXQV GRV
VyFLRV WrP UHVSRQVDELOLGDGH
LOLPLWDGD H RXWURV QmR $
FODVVLILFDomR TXH VH YHUi D
VHJXLU WHQWD VLQWHWL]DU HVWH
TXDGUR
$V VRFLHGDGHV
HPSUHViULDV SRUWDQWR
VHJXQGR R FULWpULR TXH
FRQVLGHUD D
UHVSRQVDELOLGDGH GRV VyFLRV
SHODV REULJDo}HV VRFLDLV
GLYLGHPVHHP
D  6RFLHGDGH LOLPLWDGD
² HP TXH WRGRV RV VyFLRV
UHVSRQGHP LOLPLWDGDPHQWH
SHODV REULJDo}HV VRFLDLV 2
GLUHLWRFRQWHPSODXPVyWLSR
GH VRFLHGDGH GHVWD
FDWHJRULDTXHpDVRFLHGDGH
HPQRPHFROHWLYR 1& 
E  6RFLHGDGH PLVWD ²
HPTXHXPDSDUWHGRVVyFLRV
WHP UHVSRQVDELOLGDGH
LOLPLWDGD H RXWUD SDUWH WHP
UHVSRQVDELOLGDGH OLPLWDGD
6mR GHVWD FDWHJRULD DV
VHJXLQWHV VRFLHGDGHV HP
FRPDQGLWD VLPSOHV &6 
FXMR VyFLR FRPDQGLWDGR
UHVSRQGH LOLPLWDGDPHQWH
SHODV REULJDo}HV VRFLDLV
HQTXDQWR R VyFLR
FRPDQGLWiULR UHVSRQGH
OLPLWDGDPHQWHHDVRFLHGDGH
HP FRPDQGLWD SRU Do}HV
&$  HP TXH RV VyFLRV
GLUHWRUHV WrP
UHVSRQVDELOLGDGH LOLPLWDGD
SHODV REULJDo}HV VRFLDLV H
RV GHPDLV DFLRQLVWDV
UHVSRQGHPOLPLWDGDPHQWH
F 6RFLHGDGHOLPLWDGD²
HP TXH WRGRV RV VyFLRV
UHVSRQGHP GH IRUPD
OLPLWDGD SHODV REULJDo}HV
VRFLDLV 6mR GHVWD FDWHJRULD
D VRFLHGDGH OLPLWDGD /WGD
HDDQ{QLPD 6$ 
9DULDP GH XP WLSR
VRFLHWiULR SDUD RXWUR DV
UHJUDV GHGHWHUPLQDomR GR
OLPLWH GD UHVSRQVDELOLGDGH
GRVVyFLRV 7rP VH UHJUDV
SUySULDV SDUD D VRFLHGDGH
OLPLWDGD H SDUD R VyFLR
FRPDQGLWiULR GD VRFLHGDGH
HP FRPDQGLWD VLPSOHV GH
XPODGRHSDUDDVRFLHGDGH
DQ{QLPD H DFLRQLVWD QmR
GLUHWRU GD VRFLHGDGH HP
FRPDQGLWD SRU Do}HV GH
RXWUR ODGR (P UHODomR jV
GXDVSULPHLUDVKLSyWHVHVRV
VyFLRV UHVSRQGHP DWp R
OLPLWH GR WRWDO GR FDSLWDO
VRFLDO QmR LQWHJUDOL]DGR HP
UHODomR jV GXDV ~OWLPDV R
DFLRQLVWD UHVSRQGHUi DWp R
OLPLWH GR YDORU QmR
LQWHJUDOL]DGR GD SDUWH GR
FDSLWDO VRFLDO TXH HOH
VXEVFUHYHX
$R LQJUHVVDU QXPD
VRFLHGDGH HPSUHViULD
TXDOTXHU TXH VHMD HOD R
VyFLRGHYHFRQWULEXLUSDUDR
FDSLWDO VRFLDO 6H D
VRFLHGDGH HVWi HP
FRQVWLWXLomR RX VH KRXYH
DXPHQWR GR FDSLWDO VRFLDO
FRP QRYDV SDUWLFLSDo}HV R
LQJUHVVDQWHVXEVFUHYH XPD
SDUWH 2X VHMD HOH VH
FRPSURPHWH D SDJDU XPD
TXDQWLD GHWHUPLQDGD SDUD D
VRFLHGDGH FRQWULEXLQGR
DVVLPFRPRFDSLWDOVRFLDOH
OHJLWLPDQGR D VXD SUHWHQVmR
j SHUFHSomR GH SDUFHOD GRV
OXFURV JHUDGRV SHORV
QHJyFLRV VRFLDLV 3RGHUi
ID]rOR j YLVWD RX D SUD]R
1D PHGLGD HP TXH IRU
SDJDQGR R TXH HOH VH
FRPSURPHWHX D SDJDU QD
VXEVFULomRjVRFLHGDGHGL]
VH TXH HOH HVWi
LQWHJUDOL]DQGR D VXD
SDUWLFLSDomR VRFLHWiULD
4XDQGR WRGRV RV VyFLRV Mi
FXPSULUDP FRP DV
UHVSHFWLYDV REULJDo}HV GH
FRQWULEXLU SDUD D IRUPDomR
GD VRFLHGDGH R FDSLWDO
VRFLDO HVWDUi WRWDOPHQWH
LQWHJUDOL]DGR
2 VyFLR GD VRFLHGDGH
OLPLWDGDHRFRPDQGLWiULRGD
VRFLHGDGH HP FRPDQGLWD
VLPSOHV UHVSRQGHP SHODV
REULJDo}HV VRFLDLV DWp R
WRWDO GR FDSLWDO VRFLDO QmR
LQWHJUDOL]DGR RX VHMD DWp R
OLPLWHGRYDORUGRTXHDLQGD
QmR IRL LQWHJUDOL]DGR QR
FDSLWDO VRFLDO GD VRFLHGDGH
0HVPR TXH XP VyFLR Mi
WHQKD LQWHJUDOL]DGR
WRWDOPHQWH D VXD SDUWH VH
RXWURDLQGDQmRIH]RPHVPR
FRP D SDUFHOD TXH OKH
FDEHULD R SULPHLUR SRGHUi
VHU UHVSRQVDELOL]DGR SHODV
REULJDo}HVVRFLDLVGHQWURGR
OLPLWH GR YDORU TXH R VHX
VyFLRDLQGDQmRLQWHJUDOL]RX
e FODUR SRGHUi
SRVWHULRUPHQWHHPUHJUHVVR
UHVVDUFLUVH GR VyFLR
LQDGLPSOHQWH PDV
UHVSRQGHUi SHUDQWH D PDVVD
GRV FUHGRUHV GD VRFLHGDGH
SHOR WRWDO GR FDSLWDO QmR
LQWHJUDOL]DGR
-i RV DFLRQLVWDV GD
VRFLHGDGHDQ{QLPDRXRVGD
FRPDQGLWD SRU Do}HV FRP
UHVSRQVDELOLGDGH OLPLWDGD
UHVSRQGHP VRPHQWH SRU
DTXLOR TXH VXEVFUHYHUDP H
DLQGD QmR LQWHJUDOL]DUDP
(VWDVKLSyWHVHVGLIHUHQFLDP
VHGDVGXDVSULPHLUDVSRVWR
TXHRDFLRQLVWDQXQFDSRGHUi
VHU UHVSRQVDELOL]DGR SHOD
QmR LQWHJUDOL]DomR GD
SDUWLFLSDomR VRFLHWiULD
GHYLGDSRURXWURDFLRQLVWD
$QRWHVHTXHROLPLWHGD
UHVSRQVDELOLGDGHVXEVLGLiULD
GRV VyFLRV SRGH VHU ³]HUR´
9DOHGL]HUVHWRGRRFDSLWDO
VRFLDO Mi HVWLYHU
LQWHJUDOL]DGRRVFUHGRUHVGD
VRFLHGDGH QmR SRGHUmR
DOFDQoDU R DWLYR GR
SDWULP{QLR SDUWLFXODU GH
TXDOTXHU VyFLR FRP
UHVSRQVDELOLGDGH OLPLWDGD
'HYHUmR HP GHFRUUrQFLD
VXSRUWDURSUHMXt]R
e RSRUWXQR IULVDU
WDPEpP TXH DV UHJUDV GH
GHILQLomR GR OLPLWH GD
UHVSRQVDELOLGDGHVXEVLGLiULD
GRV VyFLRV GH
UHVSRQVDELOLGDGH OLPLWDGD
VmR DSUHVHQWDGDV SHOD OHL
FRP H[SUHVV}HV H FRQFHLWRV
GLYHUVRV GRV TXDLV VH
FXLGDUi QR PRPHQWR
RSRUWXQR 7UDWDVH DTXL
DSHQDV GH XPD IRUPD
GLIHUHQWH GH H[SOLFDU DV
UHODo}HV MXUtGLFDV VHP
PXGDQoD GH FRQWH~GR
LQGLVSHQViYHO j
VLVWHPDWL]DomR GD PDWpULD
VHP D DGRomR GH WHUPRV
PDLV JHQpULFRV TXH RV GRV
GLVSRVLWLYRV OHJDLV
DSOLFiYHLV D FDGD VyFLR GH
UHVSRQVDELOLGDGH OLPLWDGD
QmR VH SRGHULD FKHJDU D
FDWHJRULDV DEUDQJHQWHV GRV
GLIHUHQWHV WLSRV VRFLHWiULRV
HQYROYLGRVFRPDTXHVWmR

&ODVVLILFDomRTXDQWR
DRUHJLPHGHFRQVWLWXLomRH
GLVVROXomR
8PGHWHUPLQDGRFRQMXQWR
GH WLSRV VRFLHWiULRV WHP D
VXDFRQVWLWXLomRHGLVVROXomR
GLVFLSOLQDGDV SHOR &yGLJR
&LYLO RXWUR JUXSR GH WLSRV
VRFLHWiULRV UHJHVH QHVWH
DVVXQWRSHODVQRUPDVGD/HL
Q&DGDXPGHVVHV
JUXSRV DVVLP HVWi
UHODFLRQDGR FRP XP UHJLPH
FRQVWLWXWLYR H GLVVROXWyULR
HVSHFtILFR
6HJXQGR HVVH FULWpULR
WrPVH
D  6RFLHGDGHV
FRQWUDWXDLV ² FXMR DWR
FRQVWLWXWLYRHUHJXODPHQWDUp
R FRQWUDWR VRFLDO 3DUD D
GLVVROXomR GHVWH WLSR GH
VRFLHGDGH QmR EDVWD D
YRQWDGH PDMRULWiULD GRV
VyFLRV UHFRQKHFHQGR D
MXULVSUXGrQFLD R GLUHLWR GH
RV VyFLRV PHVPR
PLQRULWiULRV PDQWHUHP D
VRFLHGDGH FRQWUD D YRQWDGH
GD PDLRULD DOpP GLVWR Ki
FDXVDV HVSHFtILFDV GH
GLVVROXomR GHVWD FDWHJRULD
GHVRFLHGDGHVFRPRDPRUWH
RXDH[SXOVmRGHVyFLR6mR
VRFLHGDGHV FRQWUDWXDLV HP
QRPH FROHWLYR 1&  HP
FRPDQGLWD VLPSOHV &6  H
OLPLWDGD /WGD 
E  6RFLHGDGHV
LQVWLWXFLRQDLV ² FXMR DWR
UHJXODPHQWDU p R HVWDWXWR
VRFLDO (VWDV VRFLHGDGHV
SRGHP VHU GLVVROYLGDV SRU
YRQWDGH GD PDLRULD
VRFLHWiULD H Ki FDXVDV
GLVVROXWyULDV TXH OKHV VmR
H[FOXVLYDV FRPR D
LQWHUYHQomR H OLTXLGDomR
H[WUDMXGLFLDO 6mR
LQVWLWXFLRQDLV D VRFLHGDGH
DQ{QLPD 6$ HDVRFLHGDGH
HP FRPDQGLWD SRU Do}HV
&$ 
$ VRFLHGDGH FRQWUDWXDO
SRLV WHP VXD FRQVWLWXLomR H
GLVVROXomR UHJLGDV SHOR
&yGLJR&LYLODRSDVVRTXHD
VRFLHGDGHLQVWLWXFLRQDOUHJH
VHQHVWHSRQWRSHODVQRUPDV
HVSHFtILFDV GD /HL Q
 4XDQGR VH IL]HU R
HVWXGR PDLV GHWLGR GD
FRQVWLWXLomR H GLVVROXomR GH
XPD H RXWUD FDWHJRULD GH
VRFLHGDGHV VHUmR
HOXFLGDGDVDVFDUDFWHUtVWLFDV
SUySULDVGHFDGDFDWHJRULD

&ODVVLILFDomRTXDQWRjV
FRQGLo}HV GH DOLHQDomR GD
SDUWLFLSDomRVRFLHWiULD
+iVRFLHGDGHVHPTXHRV
DWULEXWRV LQGLYLGXDLV GR
VyFLR LQWHUIHUHP FRP D
UHDOL]DomRGRREMHWRVRFLDOH
Ki VRFLHGDGHV HP TXH QmR
RFRUUHHVWDLQWHUIHUrQFLD(P
DOJXPDV D FLUFXQVWkQFLD GH
VHU R VyFLR FRPSHWHQWH
KRQHVWR RX GLOLJHQWH WHP
UHOHYkQFLDSDUDRVXFHVVRRX
IUDFDVVR GD HPSUHVD DR
SDVVR TXH HP RXWUDV WDLV
FDUDFWHUtVWLFDV VXEMHWLYDV
GHFLGLGDPHQWH QmR LQIOXHP
Q RGHVHQYROYLPHQWR GR
REMHWRVRFLDO
1R SULPHLUR FDVR
TXDQGR DV SDUWLFXODULGDGHV
LQGLYLGXDLV GRV VyFLRV
SRGHP FRPSURPHWHU R
GHVHQYROYLPHQWRGDHPSUHVD
DTXHVHGHGLFDDVRFLHGDGH
RV LQWHJUDQWHV GHVWD GHYHP
WHUJDUDQWLDVDFHUFDGRSHUILO
GHTXHPSUHWHQGDID]HUSDUWH
GR TXDGUR DVVRFLDWLYR 1R
VHJXQGRFDVRRGLUHLWRSRGH
² H DWp FHUWR SRQWR GHYH
² GHVFXLGDUVH GLVWR SRVWR
TXH R SHUILO GR HYHQWXDO
QRYR VyFLR QmR UHSHUFXWLUi
QR VXFHVVR GR
HPSUHHQGLPHQWR
-XVWDPHQWH HP IXQomR
GHVVD UHDOLGDGH p TXH R
GLUHLWR FRPHUFLDO FULRX XP
JUXSRGHVRFLHGDGHVHPTXH
D DOLHQDomR GD SDUWLFLSDomR
VRFLHWiULD SRU XP GRV
VyFLRV D WHUFHLUR HVWUDQKR
GD VRFLHGDGH GHSHQGH GD
DQXrQFLD GRV GHPDLV VyFLRV
H XP RXWUR JUXSR HP TXH
HVVH QHJyFLR MXUtGLFR
LQGHSHQGH GD PHQFLRQDGD
DQXrQFLD
$SDUWLFLSDomRVRFLHWiULD
GHXPDVRFLHGDGHFRQWUDWXDO
pGHQRPLQDGD³FRWD´ TXHVH
SRGH JUDIDU WDPEpP
³TXRWD´  D GH XPD
VRFLHGDGH LQVWLWXFLRQDO p
GHQRPLQDGD³DomR´8PDRX
RXWUDVmREHQVGRSDWULP{QLR
GRVyFLR RX DFLRQLVWD  QmR
SHUWHQFHP j VRFLHGDGH
'HVVHPRGRRVHXWLWXODUR
VyFLR SRGH GLVSRU GD
SDUWLFLSDomR VRFLHWiULD
DOLHQDQGRD D H[HPSOR GD
GLVSRQLELOLGDGHTXHWHPGRV
GHPDLV EHQV GH VHX
SDWULP{QLR 2 DGTXLUHQWH GH
XPD FRWD RX DomR WRUQDVH
VyFLRGDVRFLHGDGHHSDVVDD
H[HUFHU RV GLUHLWRV TXH HVWD
FRQGLomR OKH FRQIHUH
1DTXHODVVRFLHGDGHVHPTXH
DV FDUDFWHUtVWLFDV VXEMHWLYDV
GRV VyFLRV SRGHP
FRPSURPHWHU R VXFHVVR GD
HPSUHVD OHYDGD D FDER SHOD
VRFLHGDGH JDUDQWHVH R
GLUHLWR GH YHWR DR LQJUHVVR
GH WHUFHLUR HVWUDQKR GR
TXDGUR DVVRFLDWLYR 'HVWD
IRUPD D DOLHQDomR GD
SDUWLFLSDomR VRFLHWiULD
FRQGLFLRQDVH j DQXrQFLD
GRVGHPDLVTXDQGRVHWUDWDU
GH DGTXLUHQWH QmR VyFLR -i
QDTXHODVVRFLHGDGHVHPTXH
QmR LQIOXHP QD UHDOL]DomR
GRREMHWRVRFLDORVDWULEXWRV
VXEMHWLYRV GH FDGD VyFLR D
FLUFXODomR GD SDUWLFLSDomR
VRFLHWiULD p OLYUH
LQFRQGLFLRQDGD j
FRQFRUGkQFLD GRV GHPDLV
VyFLRV
(P YLVWD GHVVH TXDGUR
GLYLGHPVH DV VRFLHGDGHV
QR WRFDQWH jV FRQGLo}HV GD
DOLHQDomR GD SDUWLFLSDomR
VRFLHWiULD QDV VHJXLQWHV
FDWHJRULDV
D  6RFLHGDGHV GH
SHVVRDV²HPTXHRVVyFLRV
WrP GLUHLWR GH YHWDU R
LQJUHVVR GH HVWUDQKR QR
TXDGURDVVRFLDWLYR
E 6RFLHGDGHVGHFDSLWDO
²HPUHODomRjVTXDLVYLJH
R SULQFtSLR GD OLYUH
FLUFXODELOLGDGH GD
SDUWLFLSDomRVRFLHWiULD
e FODUR TXH QmR H[LVWH
VRFLHGDGH FRPSRVWD
H[FOXVLYDPHQWH SRU
³SHVVRDV´RXH[FOXVLYDPHQWH
SRU ³FDSLWDO´ 7RGD
VRFLHGDGH VXUJH GD
FRQMXJDomR GHVVHV GRLV
HOHPHQWRV DPERV
LPSUHVFLQGtYHLV 2 TXH ID]
XPD VRFLHGDGH VHU ³GH
SHVVRDV´ RX ³GH FDSLWDO´ p
QD YHUGDGH R GLUHLWR GH R
VyFLR LPSHGLU R LQJUHVVR GH
WHUFHLURQmRVyFLRQRTXDGUR
DVVRFLDWLYR H[LVWHQWH QDV GH
SHUILO SHUVRQDOtVWLFR H
DXVHQWH QDV GH SHUILO
FDSLWDOtVWLFR
(P IXQomR GLVWR
MXVWDPHQWH p TXH DV FRWDV
VRFLDLV UHODWLYDV D XPD
VRFLHGDGH ³GH SHVVRDV´ VmR
LPSHQKRUiYHLV SRU GtYLGDV
SDUWLFXODUHV GR VHX WLWXODU
&ODUR HVWi TXH R GLUHLWR GH
YHWRDRLQJUHVVRGHWHUFHLURV
QmR VyFLRV p LQFRPSDWtYHO
FRP D SHQKRUDELOLGDGH GDV
FRWDV VRFLDLV 2 DUUHPDWDQWH
GDFRWDQDH[HFXomRMXGLFLDO
FRQWUD R VHX WLWXODU
LQJUHVVDULD QR TXDGUR
DVVRFLDWLYR
LQGHSHQGHQWHPHQWH GD
YRQWDGHGRVGHPDLVVyFLRV
(VWD VROXomR GD
LPSHQKRUDELOLGDGHGDVFRWDV
VRFLDLV GDV VRFLHGDGHV GH
SHVVRDV XPD FULDomR
MXULVSUXGHQFLDO HPERUD
UHVJXDUGH RV GLUHLWRV GRV
VyFLRV GR GHYHGRU QmR p
VDWLVIDWyULD HP UHODomR DRV
GR FUHGRU GR VyFLR 3HQVR
TXHVHULDSRVVtYHORLQJUHVVR
GR DUUHPDWDQWH QR TXDGUR
DVVRFLDWLYR HP VLWXDomR GH
VyFLR FRP PHURV GLUHLWRV
SDWULPRQLDLV VHP FRQGLo}HV
GH LQIOXHQFLDU QRV QHJyFLRV
VRFLDLV FRQFLOLDQGRVH
GHVWDUWH RV LQWHUHVVHV GRV
VyFLRV GR GHYHGRU H GR
H[HTXHQWH
2XWUD FRQVHTXrQFLD
HVSHFtILFD GD VRFLHGDGH ³GH
SHVVRDV´ p D GLVVROXomR
SDUFLDO SRU PRUWH GH VyFLR
TXDQGR XP GRV
VREUHYLYHQWHV QmR FRQFRUGD
FRP R LQJUHVVR GH VXFHVVRU
GRVyFLRIDOHFLGRQRTXDGUR
VRFLDO 4XDQGR D VRFLHGDGH
p ³GH FDSLWDO´ RV VyFLRV
VREUHYLYHQWHV QmR SRGHP
RSRUVH D WDO LQJUHVVR H D
VRFLHGDGHQmRVHGLVVROYH
$V VRFLHGDGHV
LQVWLWXFLRQDLV VmR VHPSUH
³GH FDSLWDO´ HQTXDQWR DV
FRQWUDWXDLV SRGHP VHU ³GH
SHVVRDV´ RX ³GH FDSLWDO´
$VVLP QD VRFLHGDGH
DQ{QLPD 6$  H HP
FRPDQGLWD SRU Do}HV &$ 
RV DFLRQLVWDV QmR WrP R
GLUHLWRGHLPSHGLURLQJUHVVR
GH WHUFHLUR QmR VyFLR QD
VRFLHGDGH DVVHJXUDGR R
SULQFtSLRGDOLYUHFLUFXODomR
GDV Do}HV /6$ DUW  
1HVWDV VRFLHGDGHV DV Do}HV
VmR VHPSUH SHQKRUiYHLV SRU
GtYLGD GH VyFLR H D PRUWH
QmR DXWRUL]D D GLVVROXomR
SDUFLDO VHMD D SHGLGR GRV
VREUHYLYHQWHV RX GRV
VXFHVVRUHV
1DVVRFLHGDGHVHPQRPH
FROHWLYR 1&  H FRPDQGLWD
VLPSOHV &6  D FHVVmR GDV
TXRWDV VRFLDLV GHSHQGH GD
DQXrQFLD GRV GHPDLV VyFLRV
&& DUW   UHJUD TXH
OKHV FRQIHUH QHVWH WySLFR
SHUILO SHUVRQDOtVWLFR 6XDV
TXRWDV VRFLDLV VmR DVVLP
LPSHQKRUiYHLV (P UHODomR
jV FRQVHTXrQFLDV GD PRUWH
GH VyFLR D VRFLHGDGH HP
QRPH FROHWLYR p ³GH
SHVVRDV´ PDV R FRQWUDWR
VRFLDO SRGHUi DWULEXLUOKH
SHUILO GLYHUVR VH DVVHJXUDU
DRVVXFHVVRUHVRLQJUHVVRQD
VRFLHGDGH && DUW 
,  H D VRFLHGDGH HP
FRPDQGLWD VLPSOHV RVWHQWD
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