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DHOHD,QWHUQHW&DGD XPDGHODVWHYHJUDQGHLPSDFWR HPVXDpSRFD H
WRGDVVHP H[FHomRFRQWLQXDP DH[LVWLU HD H[HUFHUIRUWH SDSHOQDYLGD
FRWLGLDQD GDV SHVVRDV $R FRQWUiULR GR TXH PXLWRV SHQVDYDP QHQKXPD
VXSODQWRXWRWDOPHQWHDRXWUDHD,QWHUQHWFRPFHUWH]DQmRVHUiH[FHomR
jUHJUDHQHPVHUiD~OWLPDLQYHQomRKXPDQDQHVVDiUHD
1RWHVHTXHWRGRVHVVHVLQYHQWRVHVWmROLJDGRVjFRPXQLFDomR
SHVVRDO FRUSRUDWLYD H LQWHUJUXSDO0DVIRLVRPHQWHTXDWURVpFXORV
GHSRLV GH *XWHQEHUJ GHVHQYROYHU RV WLSRV PyYHLV GH LPSUHQVD TXH D
FRPXQLFDomRGHPDVVDWRPRXIRUPDHDVPtGLDVSDVVDUDPDRFXSDUXP
SDSHOSUHGRPLQDQWHQDVRFLHGDGH
³$ PLGLD FRQVWLWXL R PHOKRU VLVWHPD GH LQIRUPDomR TXH VH SRGH
FRQFHEHU8PDWUDPDFHUUDGDTXHFREUHDVXSHUItFLHGRJORER
FDSWD H WUDQVPLWH LPHGLDWDPHQWH R IDWR 3HVTXLVDGRUHV H
MRUQDOLVWDV PHUJXOKDP QRV SUREOHPDV TXH VXUJHP QR VHLR GDV
VRFLHGDGHV$WRGRLQVWDQWHWHPRVDSRVVLELOLGDGHGHYHUVDEHUR
TXHHVWiDFRQWHFHQGR3RGHPRVWHUGLDULDPHQWHFRQKHFLPHQWRGD
KLVWyULDTXHVHHVWiUHDOL]DQGR2SODQHWDWHUUDWRUQRXVHDODUDQMD
D]XOTXHSRGHPRVFRQWHPSODUDWRGRPXQGR´0RULQ
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HQRUPHHHVWiDVVRFLDGRDRGHVFREULPHQWRGRPXQGRHGHQRYDVIRUPDV
GHVRFLDELOLGDGHMiTXHRPXQGRH[WHULRU
H[HUFHXPLPSRUWDQWHSDSHOQD
IRUPDomRGHQRVVDLGHQWLGDGHTXHHVWiSUHVHQWHQRQRVVRLPDJLQiULRHp
WUDQVPLWLGDIXQGDPHQWDOPHQWHSRUPHLRGDFXOWXUD$LGHQWLGDGHpRTXH
QRV GLIHUHQFLD GRV RXWURV QRV FDUDFWHUL]D FRPR SHVVRD RX FRPR JUXSR
VRFLDO (OD p GHILQLGD SHOR FRQMXQWRGHSDSpLVTXHGHVHPSHQKDPRVHp
GHWHUPLQDGD SHODV FRQGLo}HV VRFLDLV GHFRUUHQWHV GD SURGXomR GD YLGD
PDWHULDO 8P PXQGR SODQHWiULR LQWHUOLJDGR SRU VDWpOLWHV FRPSXWDGRUHV
SURJUDPDV GH DXGLWyULR VDODV GH FRQYHUVD p KRMH R TXH FRQIRUPD R
FRWLGLDQRGDVVRFLHGDGHVGDVSHVVRDV
1HVVD SHUVSHFWLYD D LQIRUPDomR QRWLFLRVD LQWHUQDFLRQDO DVVXPH
SDSHO UHOHYDQWH QD YLGD FRWLGLDQD GH FDGD XP (OD QRV DSUR[LPD GH
PXQGRVGLVWDQWHVHQRVPRVWUDUHDOLGDGHVGLYHUVDVID]FRPTXHVHMDPRV
SDUWtFLSHV GH PRYLPHQWRV HPDQFLSDWyULRV QRV VROLGDUL]HPRV FRP
VLWXDo}HV FDyWLFDV UHSHQVHPRV QRVVD UHODomR FRP R SDtV H FRP DV
SHVVRDV&RPRLQWHJUDGRVGHVVDVUHDOLGDGHVDFDEDPRVGHFLGLQGRGHTXH
ODGR ILFDU TXHP DSRLDU H SRU TXHP VH VROLGDUL]DU 6mR DV FRQWUDGLo}HV
YLYLGDV HQWUH R ORFDO H R JOREDO 6H DQDOLVDUPRV SRU H[HPSOR RV
PRYLPHQWRVGRV7UDEDOKDGRUHV6HP7HUUDGR%UDVLOHGRV=DSDWLVWDVQR
0p[LFRYHUHPRVTXHHOHVVHDVVHPHOKDPDPERVHVWmRQDSHULIHULD
FDSLWDOLVWD H SDVVDP D FRQVWLWXLU PRYLPHQWRV FRP FRUSR HP VHXV
WHUULWyULRV ORFDLV H QDFLRQDLV FRP LPDJHP QRV HVSDoRV HOHWU{QLFRV GR
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PXQGRJOREDOHHPILQDVLQWRQLDFRPDVUHGHVTXHFRQHFWDPRORFDOHR
JOREDO
(WDOYH]DtHVWHMDXPGRVFHUQHVGRIOX[RLQIRUPDWLYRLQWHUQDFLRQDO
H VXD Mi FRQKHFLGD GHSHQGrQFLD GDV DJrQFLDV GH QRWtFLDV H VXD DJHQGD
QRWLFLRVD FRPR GHL[DU R PXQGR H[SRVWR DR ROKDU FXULRVR GR
OHLWRUHVSHFWDGRURXYLQWHVHPRFRQWUROHGDVLQIRUPDo}HVSXEOLFDGDV"2X
FRPR GLULD .QXGVRQ  VREUH DV DJrQFLDV LQWHUQDFLRQDLV ±
WUDWDQGRGRFDVRHVSHFtILFRGD%ROtYLD ³HODV WHQGHP D ROKDU R PXQGR
FRPRXPJLJDQWHVFRWULEXQDOFRPERQVHPDXVID]HQGRHGHVID]HQGR
LPSUHVV}HVQDGDUHDLV´
2EMHWRGHSHVTXLVD
2V HVWXGRV VREUH LQWHUQDFLRQDOL]DomR GD FRPXQLFDomR H GDV
PHQVDJHQV TXH HODWUDQVSRUWDWrPVLGRWHPDV FRQVWDQWHV GH SHVTXLVDV
HPERUD VXD SUROLIHUDomR VHMD LQWHQVLILFDGD QDV GpFDGDV GH  H  GR
VpFXOR;;VREGLIHUHQWHVDVSHFWRVHPXOWLSOLFLGDGHGHYDULDQWHV$
SULPHLUDSHVTXLVDVREUHDLQWHUQDFLRQDOL]DomRGDFRPXQLFDomRpDWULEXtGD
D /DVVZHO 
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pSRFD GH JXHUUD 1DV GpFDGDV VHJXLQWHV RV SHVTXLVDGRUHV WHQWDUDP
HQWHQGHU D FRPXQLFDomR DOpP GDV IURQWHLUDV QDFLRQDLV UHIOH[R GD QRYD
IRUPDGHFLGDGHVUHJL}HVHQDo}HV
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SDUWLUGD SRODUL]DomRGD GLVSXWDLGHROyJLFDHQWUH (VWDGRV8QLGRVH8QLmR
6RYLpWLFD
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GR VpFXOR SDVVDGR RV HVWXGRV VREUH FRPXQLFDomR LQWHUQDFLRQDO VH
FRQIXQGLUDP FRP D FRPXQLFDomR SDUD R GHVHQYROYLPHQWR GHYLGR jV
UHSHUFXVV}HV GR GHEDWH VREUH R SDSHO GD PtGLD QRV SDtVHV GR 7HUFHLUR
0XQGRSULQFLSDOPHQWHQD$PpULFD/DWLQD3HVTXLVDGRUHVFRPR0DWWHODUW
H 6FKLOOHU
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GRPXURGH%HUOLPHDEHUWXUDSROtWLFDGD8QLmR6RYLpWLFDHGHRXWURV
SDtVHV GR FKDPDGR EORFR VRFLDOLVWD RV WHUPRV ³PXOWLQDFLRQDO´ H
³WUDQVQDFLRQDO´IRUDPVXEVWLWXtGRVSRU³JOREDOL]DomR´
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DViUHDVGDHFRQRPLDjFXOWXUD
0DVVmRDVWHFQRORJLDVGHFRPXQLFDomRGHVHQYROYLGDVQRVpFXOR;;
D SDUWLU GD GpFDGD GH RLWHQWD H FRP PDLRU LPSXOVR QD GH QRYHQWD TXH
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VHULDGDRFDVRGDWHOHQRYHODEUDVLOHLUD&RPXQLFDomRDSUHVHQWDGDQR;;,9&21*5(662
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HFRQRPLVWDVGD PRGD SDUD GHVFUHYHUXP SURFHVVRDSUHVHQWDGRFRPRUHFHQWHPDVGH
IDWRH[LVWHQWHGHVGHR LQtFLRGRVpFXOR H TXHIRLGHVFULWRSRU/rQLQHPµ,PSHULDOLVPR
HVWiJLR 6XSUHPR GR FDSLWDOLVPR¶ &UHVFLPHQWR H SULPD]LDGDVH[SRUWDo}HVGHFDSLWDO
GHVHQYROYLPHQWR GD GLYLVmR LQWHUQDFLRQDO GR WUDEDOKR GRV WUXVWHV PXOWLQDFLRQDLV
LQWHUFRQH[mRGDVHFRQRPLDVGRVGLYHUVRVSDtVHVHWF (VWH QRPH VXUJH SHOR IDWR GHVWH
SURFHVVRWRPDUXPDDPSOLWXGHSDUWLFXODUGHVGHRVDQRVGRVpFXOR;;HPTXHD
GHVUHJXODPHQWDomRJHQHUDOL]DGDDFHOHUDDVFRQGLo}HVGDFRQFRUUrQFLDQRSODQRPXQGLDO
HRGHVHQYROYLPHQWRGRVPHLRVGHWUDQVSRUWHHWHOHFRPXQLFDo}HVVXSULPLUDPXPDXP
RVREVWiFXORVjGHVORFDOL]DomRGRVFHQWURVGHSURGXomR´
3DUD*LRYDQQHWWHH/DFHUGDRFRQFHLWRGL]UHVSHLWRDR³SURFHVVRDFHQWXDGR
QDV ~OWLPDV GpFDGDV GR VpFXOR SHOD DFHOHUDomRHSDGURQL]DomRGRVPHLRVWpFQLFRVD
LQVWDQWDQHLGDGHGDLQIRUPDomRHGDFRPXQLFDomRHDPXQGLDOL]DomRGDHFRQRPLDHTXH
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GmR XP VLJQLILFDGR GLIHUHQWH DR FRQFHLWR ³JOREDOL]DomR´
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SRGHVHUFRQVLGHUDGDRtFRQHGHVVHFRQFHLWR
%DJGLNLDQDILUPDTXH
DUHWyULFDFRQWHPSRUkQHDVXJHUHTXHQyVYLYHPRVHPXPPXQGR
XQLWiULR QR TXDO HVSDoR H WHPSR HQWUDUDP HP FRODSVR H D
H[SHULrQFLD GH GLVWkQFLD LPSORGLX SDUD VHPSUH 2V EORFRV
DQWDJRQLVWDVGR /HVWHH2HVWHHVWmR GDQGR OXJDU SDUDPHUFDGRV
PRHGDVHPtGLDVLQWHUQDFLRQDLV%DJGLNLDQ
2V DQWLJRV FRQFHLWRV H WHRULDV
QmRGmRPDLVFRQWDGHH[SOLFDUD
FRPSOH[LGDGH GD VLWXDomR $ UDSLGH] H FRPSOH[LGDGH GD PXGDQoD QR
SDQRUDPD GD PtGLD QHVWD SULPHLUD GpFDGD GR VpFXOR ;;, SDUHFHP
UHTXHUHUXPFRQMXQWRGHWHUPRVPDLVQRYRVGRTXHDTXHOHVRIHUHFLGRV
SHODVDQWLJDVSHUVSHFWLYDV TXHIUHTHQWHPHQWHSDUHFHPFRQJHODGDV HP
XPDHUDSDVVDGD
&RPRVXUJLPHQWRGD,QWHUQHWGHILQLGDFRPRXPFRQMXQWRGHUHGHV
GH WHOHFRPXQLFDo}HV LQWHUOLJDGDV FRP SURWRFRORV GH WUDQVPLVVmR
DGHTXDGRV SDUD D WURFD GH PHQVDJHQV H D FULDomR GD:RUOG :LGH :HE
ZZZ HVVD IRUPD GH FRPXQLFDomR HOHWU{QLFD WHYH DPSOLDGDV VXDV
SRVVLELOLGDGHV GH VH WUDQVIRUPDU QXPD PtGLD JOREDO $ LGpLD GH XPD
³DOGHLDJOREDO´HVWi FDGDYH]PDLV SUHVHQWHQRFRWLGLDQR GDVSHVVRDV$
JOREDOL]DomR GHL[RX GH HVWDU UHODFLRQDGD VRPHQWH FRP D HFRQRPLD H RV
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PXQGLDODSDUWLUGRFRQWUROHHUHJXODPHQWDomRGRVFHQWURVKHJHP{QLFRV´
1HVWD SHVTXLVD FRPSDUWLOKDPRV DV LGpLDV GH ,DQQL  H RXWURV SDUD TXHP D
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pTXHWrPTXHVHDGHTXDUjUHDOLGDGHSDUDJHUDUFRQKHFLPHQWR
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FRQFHLWRDGTXLULXFHQWUDOLGDGHQRVGHEDWHVHQDSHVTXLVDGHFRPXQLFDomR
QDGpFDGDGH
1RVDQRV0F/XKDQMiVHUHIHULDj³DOGHLDJOREDO´
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FRQFHLWR SDUD DSRQWDU DV PXGDQoDV TXH HVWDYDP RFRUUHQGR QD
FRPXQLFDomR H TXH WLYHUDP XPD UHSHUFXVVmR QDV GLVFXVV}HV VREUH RV
PtGLD
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UHGX]LQGRR jV SURSRUo}HV GH XPD DOGHLD RX WULER RQGH WXGR
DFRQWHFH D WRGD JHQWH DR PHVPR WHPSR WRGRV HVWmR D SDU GH
WXGRRTXHDFRQWHFHHSRUWDQWRQRPRPHQWRPHVPRGR
DFRQWHFLPHQWR´0F/XKDQ
2 VXUJLPHQWR H FRQVROLGDomR GD ,QWHUQHW VHQmR FRPR PtGLD PDV
FRPRXPPHLRGHFRPXQLFDomRLQIRUPDomRSRGHURVRTXHQmRFRQKHFH
IURQWHLUDV QRV OHYD D UHIOHWLU VH KRXYH PXGDQoDV QR IOX[R LQIRUPDWLYR
LQWHUQDFLRQDO H VH FRPR SDUDGLJPDWLFDPHQWH FRQVWD QR 5HODWyULR GD
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WHFQROyJLFRHVXDGLIXVmRWUDQVIRUPDULDPRSODQHWDQXPDLPHQVDDOGHLD
RQGHWRGRVSRGHULDPVDEHUWXGRDFHUFDGHWRGRVRVDVVXQWRVHPWHPSRV
SUy[LPRVVHQmRLJXDLV
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*UDGXDomR HP 6RFLRORJLD 3ROtWLFD GD 8QLYHUVLGDGH )HGHUDO GH 6DQWD
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MRUQDOLVWDVDSDUWLUGDLQIRUPDWL]DomRGDVUHGDo}HVHDERUGHLDOJXQVWHPDV
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GHFRPSXWDGRUHVD,QWHUQHW(VVD³UHYROXomR´PDQLIHVWDYDVHQR
FRQMXQWR GH QRYDV IRUPDV GH LQIRUPDomR H FRPXQLFDomR QRWDGDPHQWH
QRVFLUFXLWRVGDLQRYDomRQDHPSUHVDQDVUHGHVTXHYLQFXODPLQG~VWULDV
VHUYLoRV H SHVTXLVD FLHQWtILFD QD GHILQLomR GH XP QRYR FRQFHLWR GH
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VLGR DSURIXQGDGR HOH SHUPDQHFH PRWLYR GH LQTXLHWDomR H SUHRFXSDomR
DSRQWDGRVRQ]HSULQFtSLRVEiVLFRVSDUDDFRQVROLGDomRGHXPDQRYDRUGHPLQWHUQDFLRQDO
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GRPXQGRQXPD³DOGHLDJOREDO´
2V QRVVRV SUHVVXSRVWRV GH SHVTXLVD VH VLWXDP HP  GHWHUPLQDU
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IRUPDWRVHORFDOL]DGRVHPGHWHUPLQDGRVSDtVHVFXOWXUDVHHWQLDVQmR
JDQKDP PDLV GHVWDTXH QR IOX[R QRWLFLRVR LQWHUQDFLRQDO URWLQHLUR H
FRWLGLDQRHQXPUHFRUWHPHWRGROyJLFR EHPGHILQLGR YHULILFDUVHRV
YHtFXORVGHFRPXQLFDomREUDVLOHLURVDQDOLVDGRVUHIOHWHPHPDQDPDOyJLFD
FRQWHPSRUkQHDGRIOX[RLQWHUQDFLRQDOQRWLFLRVRLQGHSHQGHQWHGRDYDQoRH
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FRPRGHWHUPLQDGRVSDtVHV
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DFHUFD GHOHV
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KLVWyULFRVGHVVHIOX[RSDXWDPVXDFREHUWXUDGHIRUPDGLIHUHQWHSRUFDXVD
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SUREOHPD GH SHVTXLVD RSWDPRV SRU HVFROKHU DJHQWHV SURGXWRUHV H
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GLYXOJDGRUHVGHLQIRUPDomRQRWLFLRVDRXVHMDDJrQFLDVLQWHUQDFLRQDLVGH
QRWtFLDHVSHFLILFDPHQWHDLQJOHVD5HXWHUVDHVSDQKROD()(HR&HQWURGH
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HVFULWyULRVHFRPHVFULWyULRVUHJLRQDLVQRVSDtVHVPHPEURV3DUDID]HU
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(VWDGRGH6mR3DXORH-RUQDOGR%UDVLOQDVVXDVYHUV}HVRQOLQH
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VLWXDFLRQDLV  FRPR GHILQLU R FRUSXVGD,QWHUQHWYLQFXODGRDRIOX[R
LQIRUPDWLYR JOREDO VH QHOD DOpP GDV QRWtFLDV GLiULDV HQFRQWUDPRV XPD
LQILQLGDGHGHLQIRUPDo}HVTXHQmRVmRQRWLFLRVDVPDVTXHSRGHPDMXGDU
RMRUQDOLVWDQRFRWLGLDQR"FRPRDQDOLVDURIOX[RLQWHUQDFLRQDOGHQRWtFLDV
VHDVIURQWHLUDVJHRJUiILFDVHFXOWXUDLVSDVVDUDPDXPVHJXQGRSODQRD
SDUWLUGHSURFHVVRVFRPRDJOREDOL]DomR"HFRPRSHVTXLVDUWRGRVRV
SURGXWRUHVHGLVWULEXLGRUHVGHLQIRUPDomRQRWLFLRVDVHFDGDSDtVWHPHP
VXD HVWUXWXUD LQVWLWXFLRQDO UHGHV LQIRUPDWLYDV SUySULDV PXLWDV GHODV
FRORFDGDVjGLVSRVLomRQD,QWHUQHWHVHFDGDHPSUHVDRXFRUSRUDomRGH
FRPXQLFDomRVHXWLOL]DGD,QWHUQHWSDUDRIHUHFHUVHXVVHUYLoRVHSURGXWRV
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UHVSRQGHUDRSUREOHPDGHSHVTXLVDSURSRVWR
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SRUTXH HVWH SRVVLELOLWD GH DFRUGR FRP 0LQD\R H 'HVODQGHV  D
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SUREOHPDV GH SHVTXLVD $OpP GLVVR DX[LOLD D GHVHQYROYHU XPD
IRUPXODomRPDLVSUHFLVDGRPHVPR
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DSURIXQGDUFRQKHFLPHQWRVHVWHVDX[LOLDUDPQDGHILQLomRGHREMHWLYRVGD
WHVH H IRUPDUDP R UHIHUHQFLDO SDUD HODERUDU D IXQGDPHQWDomR GRV
UHVXOWDGRV e GHVFULWLYD SRLV SDUD MXVWLILFDU H PHOKRU FRPSDWLELOL]DU RV
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(VWUXWXUD GRV 3URJUDPDV GH 7HOHYLVmR H &LUFXODomR ,QWHUQDFLRQDO GH
3URJUDPDV RQGH DQDOLVDP R IOX[R GRV SURJUDPDV GH WHOHYLVmR HP 
SDtVHV$SHVTXLVDPRVWURXDKHJHPRQLDGRVSURJUDPDVGHRULJHPQRUWH
DPHULFDQDFDUDFWHUL]DQGRDVVLPGHIRUPDHPStULFDRVHQWLGRGRIOX[R
SDtVHVGHVHQYROYLGRVSDUDRVGHWHUFHLURPXQGR3DUD)DGXO³HVVD
SHVTXLVD p XP LPSRUWDQWH SRQWR GH SDUWLGD SDUD D GLVFXVVmR VREUH R
GHVHTXLOtEULRGRVIOX[RVLQIRUPDWLYRVQD81(6&2GDQGRHOHPHQWRVSDUDD
SURSRVWDGHXP1RYD2UGHPGD&RPXQLFDomR´
$OyJLFDFRPHoDDVHGHVHQKDUHpQROLYURRUJDQL]DGRSRU)HUQDQGR
5H\HV0DWWDSXEOLFDGRHP±QR%UDVLOHP³/DLQIRUPDFLyQHQ
HO OD QXHYD RUGHP LQWHUQDFLRQDOTXHFRQWpPDUWLJRVVREUHDHVWUXWXUD
WUDQVQDFLRQDOGHSRGHUHDLQIRUPDomRLQWHUQDFLRQDODHYROXomRKLVWyULFD
GDV DJrQFLDV GH QRWtFLDV H VXD LQVHUomR QRV SDtVHV SHULIpULFRV H R
GHVHQYROYLPHQWRGHWHFQRORJLDTXHHODVHDSUHVHQWDVHPPDTXLDJHPRX
VXEWHUI~JLRV

1R HQWDQWR R GRFXPHQWR PDLV LPSRUWDQWH VREUH R DVVXQWR p R
5HODWyULR 0F%ULGH UHVXOWDGR GR WUDEDOKR &RPLVVmR ,QWHUQDFLRQDO SDUD R
(VWXGRGRV3UREOHPDVGH&RPXQLFDomRFULDGDSHOD218SDUDDYDOLDUD
SRVVLELOLGDGHGDLPSOHPHQWDomRGHXPDQRYDRUGHPLQIRUPDWLYD±WDOTXDO
Mi KDYLD VLGR SURSRVWD QD HFRQRPLD

 2 5HODWyULR 8P PXQGR H PXLWDV
YR]HVDOLQKDYDSRQWRVFRQVLGHUDGRVIXQGDPHQWDLVSDUDD
GHPRFUDWL]DomRGRDFHVVRjVLQIRUPDo}HV
0DVRSUySULR6HDQ0F%ULGHDGPLWLDTXHDFRORFDomRHPSUiWLFDGRV
 SULQFtSLRV HUD XPD XWRSLD H TXH RV SUHFHLWRV QHOHV FRQWLGRV
FRPSXQKDP XP SURFHVVR KLVWyULFR TXH GHPDQGDYD HVIRUoR GH WRGDV DV
SDUWHV R TXH WDOYH] HVWLYHVVH HP GHVDFRUGR FRP DV IRUoDV PXQGLDLV
YLJHQWHV
³>@RVDVSHFWRVGHVVHSURFHVVRVHPRGLILFDUDPFRQVWDQWHPHQWH
PDVRVREMHWLYRVFRQWLQXDPVHQGRRVPHVPRVMXVWLoDLJXDOGDGH
PDLRU UHFLSURFLGDGH QR LQWHUFkPELR GH LQIRUPDo}HV PHQRU
GHSHQGrQFLD QDV UHODo}HV GH LQIRUPDomR PHQRU GLIXVmR GH
PHQVDJHQV YLQGDV GRV SDtVHV GHVHQYROYLGRV DXWRVXILFLrQFLD H
UHIRUoRGDVLGHQWLGDGHVQDFLRQDLV´

6HDXWRSLDGH0F%ULGHIUDFDVVRXHQmRVDLXGRSDSHORTXHVH
YHULILFD QD DWXDOLGDGH p TXH D DOGHLD JOREDO SUHFRQL]DGD SRU 0DUVKDOO
0F/XKDQ HVWi HP SOHQR IXQFLRQDPHQWR -i HP  R SHVTXLVDGRU
FDQDGHQVHYLVOXPEUDYDDVFRQIRUPDo}HVGRPXQGRDWXDO

(PD218GLVFXWHHPVXDVFRQIHUrQFLDVHDVVHPEOpLDVDSRVVLELOLGDGHGHXPD
QRYDRUGHPHFRQ{PLFD12(,

 3UyORJR GR 5HODWyULR GD &RPLVVmR ,QWHUQDFLRQDO SDUD R (VWXGR GRV 3UREOHPDV GD
&RPXQLFDomR 2 UHODWyULR FRQKHFLGR FRPR 5HODWyULR0F%ULGH RX 8P PXQGR H PXLWDV
YR]HVIRLSXEOLFDGRQR%UDVLOSHOD)XQGDomR*HW~OLR9DUJDVHP

³RV PHLRV HOHWU{QLFRV GH FRPXQLFDomR FRQWUDHP R PXQGR
UHGX]LQGRR jV SURSRUo}HV GH XPD DOGHLD RX WULER RQGH WXGR
DFRQWHFH D WRGD JHQWH DR PHVPR WHPSR WRGRV HVWmR D SDU GH
WXGRRTXHDFRQWHFHHSRUWDQWRQRPRPHQWRPHVPRGR
DFRQWHFLPHQWR´0&/8+$1H&$53(17(5
*UDoDVDRVSURJUHVVRVWpFQLFRV±VDWpOLWHV,QWHUQHWUHGHVGHGDGRV
HQWUHRXWURV±HjVJUDQGHVFRUSRUDo}HVHFRQ{PLFDVRVSDtVHVGRSODQHWD
HVWmRPDLVLQWHUGHSHQGHQWHVGRTXHQXQFD2FRQMXQWRGDVUHGHV
HOHWU{QLFDVWHPDWXDOPHQWHRSRWHQFLDOQHFHVViULRSDUDGHVHPSHQKDUXP
SDSHODQiORJRDRGHXPVLVWHPDQHUYRVRTXHDFRSOHFRPVXDV
LQWHUFRQH[}HVPLOK}HVGHFpUHEURVLQGLYLGXDLVQXPDHQRUPHLQWHOLJrQFLD
FROHWLYD
$VVLP QHVVD QRYD FRQILJXUDomR GH DFHVVR jV LQIRUPDo}HV FRPR
DILUPDU TXH D OyJLFD GR IOX[R LQIRUPDWLYR FHQWURSHULIHULD SHUPDQHFH"

4XHDVJUDQGHVDJrQFLDVGHLQIRUPDomRQmRVyDVQRWLFLRVDVVHXWLOL]DP
GHGDGRVQmRRILFLDLVTXHEXVFDPLQIRUPDo}HVHPVtWLRVDOWHUQDWLYRVH
PHVPR GH ³SRUWDYR]HV´ GH GHWHUPLQDGRV PRYLPHQWRV TXH SDXWDP R
DJHQGDPHQWRGHDVVXQWRVDSDUWLUGHRXWURVLQWHUHVVHVTXHQmRRVGR*
RXGDFRPXQLGDGHHXURSpLD"
2TXHVHYrpTXHDSHVDUGDVSRVVLELOLGDGHVGHDFHVVRERDSDUWH
GDVLQIRUPDo}HVDLQGDHVWiQDGHSHQGrQFLDGHTXHPDVFROHWDHGLVWULEXL
H GRV LQWHUHVVHV TXH HVWDV UHSUHVHQWDP 2V H[HPSORV VmR PXLWRV H
YDULDGRV$JXHUUDGRV (VWDGRV8QLGRVFRQWUDRV7DOLEmVQR $IHJDQLVWmR

*$/781*DILUPDTXHRPXQGRpIRUPDGRSRUQDo}HVGH&HQWURHGH3HULIHULD
3DUDRDXWRUDUHODomRDFRQWHFHTXDQGRQDo}HVGR&HQWURHPLWHPLQIOXrQFLDVSDUDDVGH
SHULIHULDUHVXOWDQGRHPEHQHItFLRSDUDDPEDV1HVVDUHODomRD3HULIHULDRIHUHFHPDWpULD
SULPDHR&HQWURRVEHQVGHFRQVXPR(OHOLVWDFLQFRWLSRVGHLPSHULDOLVPRHFRQ{PLFR

LQLFLDGDHPVyWHYHXPDYHUVmRGLIHUHQFLDGDjTXHODSUHVHQWHQRV
IOX[RVQRWLFLRVRVRFLGHQWDLVDVHPLVV}HVTXHVHHVSDOKDUDPSHORPXQGR
JUDoDV jV QRYDV WHFQRORJLDV H D ,QWHUQHW HP VL TXH DLQGD QmR FRQKHFH
FUHGR UHOLJLmR RX FXOWXUD ± GDV 79V $O-D]HHUD H $O$UDE\D ±
LQGHSHQGHQWHV H PXoXOPDQDV H PDLV UHFHQWHPHQWH D JXHUUD FRQWUD R
,UDTXHRQGHDSHVDUGDLQWHQVDFREHUWXUDHDIRUDRVDFRQWHFLPHQWRVPDLV
JULWDQWHVFRPRDVWRUWXUDVQDSULVmRGH$EX*UDLEHDH[HFXomRGHFLYLV
pD YLVmRGR EHPFRQWUD RPDX TXHVH LPS}H8P H[HPSORFDEDOGHVWD
DILUPDomRHVWiQDVSDODYUDVGRMRUQDOLVWDHJtSFLR+DQL6XNUDOODKHGLWRUGD
UHYLVWDVHPDQDO$O$KUDPUHVSRQGHQGRDXPDSHUJXQWDVREUHRLPSDFWR
GD$O-D]HHUDQDVRFLHGDGHiUDEH
³7HYH XP LPSDFWR DVVRPEURVR DEVROXWDPHQWH DVVRPEURVR >@
2V FDQDLV GH QRWtFLDV HVSHFLDOPHQWH D $O-D]HHUD VmR DJRUD
DVVLVWLGRV QRV ODUHV QRV HVFULWyULRVQRVFDIpV>@$VSHVVRDV
HVWmRPDLVHQJDMDGDV H PDLV LQIRUPDGDV 2ViUDEHV GHVFREULUDP
TXHPLOK}HVGHSHVVRDVDWpPHVPRGHQWURGRV(8$VDtUDPjUXD
SDUDSURWHVWDUFRQWUDDJXHUUDHQTXDQWRHOHVQDGDIL]HUDPSRUTXH
QmRSRGLDP(VVHIRLXPDOHUWDHWDPEpPUHSUHVHQWRXXP
GHVDILR´

3DUD7UDTXLQDDTXHVWmRHVWiDOpPGRDFHVVRj
LQIRUPDomR(VWiHPFRPRDVHPSUHVDVRVJRYHUQRVHRVMRUQDOLVWDV
ROKDPSDUDGHWHUPLQDGDVSDUWHVGRPXQGR
³VXEPHWLGRVDRVLPSHUDWLYRVGDUDSLGH]RVMRUQDOLVWDVHQFRQWUDP
XPPRGHORSURQWRXPPHFDQLVPR~WLOSDUDWUDQVIRUPDURV
DFRQWHFLPHQWRV HP QRWtFLD >@ DOpP GLVVR YLYHP QXP FRQWH[WR
FXOWXUDOHSROtWLFREHPSUHFLVRTXHFRPSDUWLOKDPFRPRV
SROtWLFR PLOLWDU GDV FRPXQLFDo}HV HFXOWXUDO 2 LPSHULDOLVPR GD FRPXQLFDo}HV OHYD DR
LPSHULDOLVPRFXOWXUDOSRLVR&HQWURFRQWURODRIOX[RLQIRUPDWLYR

'LVSRQtYHOHPKWWSZZZQRYDHLQIEUSHQVDGRUHVQRYDVBUHVLVWHQFLDVKWP$FHVVR
HPGHPDUoRGH

UHFHSWRUHV  DVVLP R PRGHOR SUpFRQFHELGR UHVSRQGH jV
H[SHFWDWLYDVGHVWHVPHVPRVUHFHSWRUHVSRUTXHMiGHXSURYDVGH
VXDFDSDFLGDGHGHVHUYHQGiYHO´7UDTXLQD

$VVLPDSHUVSHFWLYDGRVMRUQDOLVWDVpWDPEpPDGRPRGHORYLJHQWH
PHVPRHVWDQGRQDSHULIHULDRXWUDWDQGRGHOD3DUD*DOWXQJD
KHJHPRQLD GDV DJrQFLDV QD SURGXomR H GLVWULEXLomR GH QRWtFLDV SRU XP
ORQJR SHUtRGR IRUPRX YiULDV JHUDo}HV GH MRUQDOLVWDV TXH REVHUYDP R
PXQGR VRE D yWLFD GR &HQWUR H LVVR WUD] FRPR FRQVHTrQFLD D 3HULIHULD
FRQVXPLU PDLV QRWtFLDV VREUH R TXH DRV ROKRV GHOD p D SDUWH PDLV
LPSRUWDQWHGRPXQGRRXVHMDR&HQWURGHLPSHULDOL]DomRGHGHWHUPLQDGD
QDomRpPDLVOLGRYLVWRHFRPHQWDGRSHODQDomRLPSHULDOL]DGD
6RFLHGDGHLQIRUPDFLRQDOHJOREDOL]DomR
3DUDDXWRUHVFRPR/RMNLQH+DUYH\H5RVQD\
D VRFLHGDGH SDVVRX SRU XPD UHYROXomRQRPLQDGD GH LQIRUPDFLRQDO HP
IXQomRGHHODHVWDUFDOFDGDQDFRQYHUJrQFLDGHWHFQRORJLDVHQDVLQHUJLD
GHXPDVpULHGHODV
(VVDUHDOLGDGHSDUD&DVWHOOVLQDXJXUDXPDHUDGHLQIRUPDomRRXGR
FRQKHFLPHQWR (OH GLVWLQJXH DV QRo}HV GH ³VRFLHGDGH GD LQIRUPDomR´ H
³VRFLHGDGH LQIRUPDFLRQDO´ 6HJXQGR HOH D LQIRUPDomR VHPSUH IRL
LPSRUWDQWHQDKLVWyULDRXVHMDQmRVHGLULDQDGDGHQRYRFRPRSULPHLUR
FRQFHLWR -i ³VRFLHGDGH LQIRUPDFLRQDO´ LQGLFDULD XPD IRUPD HVSHFtILFD GH
RUJDQL]DomRVRFLDO³HPTXHDJHUDomRRSURFHVVDPHQWRHDWUDQVPLVVmR
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GDLQIRUPDomRVHFRQYHUWHPQDVIRQWHVIXQGDPHQWDLVGDSURGXWLYLGDGHH
GHSRGHU´&DVWHOOV
$LQGD SDUD &DVWHOOV  DV WUDQVIRUPDo}HV HP GLUHomR j
VRFLHGDGHLQIRUPDFLRQDOHPHVWiJLRDYDQoDGRQRVSDtVHVLQGXVWULDOL]DGRV
FRQVWLWXHPXPDWHQGrQFLDGRPLQDQWHPHVPRSDUDHFRQRPLDVPHQRV
LQGXVWULDOL]DGDV H GHILQHP XP QRYR SDUDGLJPD R GD WHFQRORJLD GD
LQIRUPDomR TXH H[SUHVVD D HVVrQFLD GD SUHVHQWH WUDQVIRUPDomR
WHFQROyJLFDHPVXDVUHODo}HVFRPDHFRQRPLDHDVRFLHGDGH
$VVLP SDUD HVVHV SHQVDGRUHV R TXH WHPRV p D SRVVLELOLGDGH GH
XPDWUDQVIRUPDomRVRFLDOGHWDOPRQWDVRPHQWHLJXDODGDjVVRIULGDVSHOD
KXPDQLGDGHQDWUDQVLomRGDVRFLHGDGHDJUiULDSDUDDVRFLHGDGHLQGXVWULDO
0DVVHQDVRFLHGDGHDJUiULDDVUHODo}HVGHSRGHUVHHVWDEHOHFLDPVREUH
D SURSULHGDGH GD WHUUD H QD VRFLHGDGH LQGXVWULDO VREUH R FRQWUROH GRV
PHLRV GH SURGXomR QHVVD QRYD VRFLHGDGH HVWDULDP QR
FRQKHFLPHQWRLQIRUPDomRHQHVVHVHQWLGRFRPTXHPRGHWpPHRSURGX]
:ROWRQTXHVWLRQD HVVD³QRYDVRFLHGDGH´HDILUPD TXH D
TXHVWmR DWXDO p ³FDVR VH FRQVLGHUH D ,QWHUQHW FRPR VtPEROR GDV QRYDV
WHFQRORJLDV VDEHU VH HVWD LQRYDomR YDL DR HQFRQWUR RX QmR GH XPD
HYROXomRVXEVWDQFLDOQRVPRGHORVFXOWXUDLVGDFRPXQLFDomRHGRVSURMHWRV
GHFRPXQLFDomR´(OHTXHVWLRQDDLQGDDSRVWXUDGHGLYHUVRVHVWXGLRVRV
LQFOXVLYH0F/XKDQ³SRLVVXS}HPTXHDWHFQRORJLDYDLPXGDUGLUHWDPHQWH
DVRFLHGDGHHRVLQGLYtGXRV´LELG5HYROXomRRXPRPHQWRDYHUGDGHp
TXHHPQHQKXPSHUtRGRGDKLVWyULDDKXPDQLGDGHYLYHXWDODFLUUDPHQWR
WHFQROyJLFRHWDPDQKDSRVVLELOLGDGHGHVLQHUJLD(WDPEpPHPQHQKXP
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RXWUR PRPHQWR D LQIRUPDomR HVWHYHWmRHPHYLGrQFLDHDRDOFDQFH
GDTXHOHVTXHGHWpPDVWHFQRORJLDV
'RZERU  YDL PDLV DOpP $ILUPD TXH WUDQVIRUPDo}HV
WHFQROyJLFDVDFHOHUDGDVRFRUUHPGHVGHDPHWDGHGRVpFXORSDVVDGRHTXH
RSURFHVVRGHJOREDOL]DomR±LQWULQVHFDPHQWHOLJDGRDHODVSRGHVHUYLVWR
GHVGHVHPSUH³1RHQWDQWRWHPRVGHUHFRQKHFHUTXHDLQWHQVLGDGHHR
ULWPR GH WUDQVIRUPDo}HV JHUDP XPD VLWXDomR TXDOLWDWLYDPHQWH QRYD
(QIUHQWDPRV XPD QRYD UHDOLGDGH RV SURFHVVRV VH DUWLFXODP GH RXWUD
IRUPD´'HIDWRjJOREDOL]DomRHVWmRYLQFXODGRVRVFRQFHLWRVUHYHODGRUHV
GDFRPSOH[LGDGHGRVSURMHWRVGHVRFLHGDGHHGDGLYHUVLGDGHGHLQWHUHVVHV
WUDGX]LGRV QDV GLVSXWDV GDV UHSUHVHQWDo}HV LGHROyJLFDV SROtWLFDV H
FXOWXUDLV TXH HVWmR HP FXUVR QR FRWLGLDQR GR PXQGR HP FDGD WHPSR H
OXJDUGDSUHVHQoDGDYLGD
*OREDOL]DomR WUDQVQDFLRQDOL]DomR PXQGLDOL]DomR
LQWHUQDFLRQDOL]DomR 9iULRV FRQFHLWRV TXH WHQWDP H[SOLFDU R PRPHQWR
FRQWHPSRUkQHR 3DUD DOJXQV DXWRUHV FDGD XP GHVVHV VH UHIHUH D XP
DVSHFWRGDYLGDSDUDRXWURVHOHVVmRVLPLODUHVHUHYHODPRSHQVDPHQWR
KHJHP{QLFR DWXDO XP PXQGR VHP IURQWHLUDV  VHMDP HODV JHRJUiILFDV
HFRQ{PLFDVRXFXOWXUDLV
9LOFKHVVHSDUDRVFRQFHLWRVQDPHVPDOLQKDGHSHQVDPHQWR
GH%DUEHURH2UWL]$ILUPDTXHDPXQGLDOL]DomRHVWiOLJDGDDRVSURFHVVRV
FXOWXUDLV TXH VXUJLUDP D SDUWLU GD UHYROXomR LQGXVWULDO H TXH URPSHUDP
FRP DV WUDGLo}HV VHFXODUHV H TXH D JOREDOL]DomR HVWi OLJDGD DR
GHVHQYROYLPHQWRGHXPPHUFDGRJOREDODRHVWDEHOHFLPHQWRGHDWLYLGDGHV
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HFRQ{PLFDV H LQGXVWULDLV HP WHUPRV JOREDLV H j LQWHUGHSHQGrQFLD GH
DWLYLGDGHVUHSDUWLGDVHPGLYHUVDViUHDV±LQFOXVLYHRVFRQJORPHUDGRVGH
FRPXQLFDomR
0DUN%URZQDGPLQLVWUDGRUGR3URJUDPDGDV1Do}HV8QLGDVSDUDR
'HVHQYROYLPHQWR +XPDQR 318' QR SUHIiFLR GR UHODWyULR GH 
DILUPDTXH
³DJOREDOL]DomRGDFXOWXUDGHPDVVDVGRVOLYURVILOPHV,QWHUQHWH
WHOHYLVmRFRORFDFODUDPHQWHDOJXPDVDPHDoDVVLJQLILFDWLYDVjV
FXOWXUDV WUDGLFLRQDLV 0DV WDPEpP DEUH RSRUWXQLGDGHV GHVGH R
VLJQLILFDGR OLPLWDGR GH JUXSRV SUHMXGLFDGRV FRPR RV DERUtJLQHV
DXVWUDOLDQRV RX RV HVTXLPyV iUWLFRV SHQHWUDQGR QRV PHUFDGRV
PXQGLDLV GH DUWH DWp R VLJQLILFDGR PDLV DPSOR GH FULDomR GH
VRFLHGDGHVPDLVYLEUDQWHVFULDWLYDVHHVWLPXODQWHV´218318'
3UHIiFLR
,DQQL p HQIiWLFR DR DILUPDU TXH R SURFHVVR GH JOREDOL]DomR QmR
SHUFHEH IURQWHLUDV HQWUH WUDGLomR FXOWXUDO H HFRQ{PLFD 3DUD HOH R
SURFHVVRFRPHoRXFRPDVJUDQGHVQDYHJDo}HVHIRLIXQGDPHQWDOSDUDR
VXUJLPHQWRGRFDSLWDOLVPR
³$FLGDGHJOREDOTXHVHWRUQDUHDOLGDGHHPILQVGRVpFXOR;;pD
TXH VH SURGX] FRPR FRQGLomR H UHVXOWDGR GD JOREDOL]DomR GR
FDSLWDOLVPR7RUQDVHXPDUHDOLGDGHSURSULDPHQWHJOREDOQDpSRFD
HP TXH R FDSLWDOLVPR YLVWR FRPR SURFHVVRFLYLOL]DWyULR LQYDGH
FRQTXLVWD DVVLPLOD GHVDILD UHFREUH FRQYLYH DFRPRGDVH RX
PHVPR UHFULD DV PDLV GLYHUVDV IRUPDV GH YLGD H WUDEDOKR HP
WRGRV RV FDQWRV GR PXQGR 8P SURFHVVR KLVWyULFD GH DPSODV
SURSRUo}HVTXHMiVHGHVHQYROYLDLUUHJXODUPHQWHFRPR
PHUFDQWLOLVPRFRORQLDOLVPRHRLPSHULDOLVPR´,DQQL
5REHUW 5REHUWVRQ  GL] TXH D JOREDOL]DomR FRQVLVWH QD
³FRPSUHVVmRGRPXQGRHQDLQWHQVLILFDomRGDFRQVFLrQFLDGRPXQGRFRPR
XP WRGR´ $VVLP FRPSUHHQGHVH D DILUPDomR GH DOJXQV DXWRUHV FRPR
*LGGHQV  +DUYH\  :DOWHUV  H ,DQQL  SDUD RV
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TXDLV D SUREOHPiWLFD GDV UHODo}HV VRFLDLV HVWHQGLGDV DWUDYpV GH XP
HVSDoRWHPSR FRPSULPLGR DWUDYHVVDQGR IURQWHLUDV H PRGHODQGR D YLGD
VRFLDOpXPGRVGHVDILRVGDVFLrQFLDVVRFLDLVQHVWHVpFXOR
5REHUWVRQ OHYDQWD WUrV TXHVW}HV LPSRUWDQWHV VREUH HVVH SURFHVVR
JOREDOL]DomR QmR p XP HVWDGR ³FRPSOHWDPHQWH QRYR´ PDV GH ORQJD
GXUDomRFXMDRULJHPUHPRQWDjVJUDQGHV QDYHJDo}HV H VH DFHOHUD QD
DWXDOLGDGHDSDUWLUGRGHVHQYROYLPHQWRGDVWHFQRORJLDVGHFRPXQLFDomR
TXHSHUPLWHPDDFHOHUDomRGHSURFHVVRVRFLDLVHFRQ{PLFRVHRILPGD
QRomRGHIURQWHLUDJHRJUiILFD'HSRLVRLPSDFWRTXHHODSURYRFDQDV
UHODo}HV VRFLDLV H FXOWXUDLV GH GLYHUVRV SRYRV TXH PHVPR DOLMDGRV GRV
EHQHItFLRVHFRQ{PLFRVHLQIUDHVWUXWXUDLVGRGLVFXUVRJOREDOQHPVHPSUH
HVWmR FRQVFLHQWHV GHOD ( ILQDOPHQWHXPSURFHVVRTXHLPSOLFD
IRUoRVDPHQWH QR HVWDEHOHFLPHQWR GH FRQWDWRV PDLV SUy[LPRV H R
UHFRQKHFLPHQWR GH GHSHQGrQFLDV P~WXDV HQWUH SRYRV H LQVWLWXLo}HV
GLIHUHQWHV R TXH JHUD LQWHUGHSHQGrQFLD QmR Vy HFRQ{PLFD PDV PRVWUD
XPD WHQGrQFLD j KRPRJHQHL]DomR FXOWXUDO H VRFLDO UHVXOWDQGR HP
HPEDWHV pWQLFRV H UHOLJLRVRV FRPR RV YLYLGRV QRV ~OWLPRV DQRV HP
GLYHUVRVSDtVHVGD(XURSDGR2ULHQWH0pGLDHPHVPRGD$PpULFD/DWLQD
$LGpLDGHXP³FHQWURGRPLQDUDSHULIHULD´QmRpUHDO)HDWKHUVWRQH
VDOLHQWDQRHQWDQWRTXHFRPRPXLWRVFHQWURVH[SOLFLWDPHQWH
RVSDtVHVGR*FRQFRUUHPHQWUHVLQDEXVFDGHPHUFDGRVDFDEDPSRU
IRUPDU QRYRV EORFRV UHJLRQDLV H D SDUWLU GDt QRYDV LQWHUGHSHQGrQFLDV
$VVLP p SRVVtYHO LGHQWLILFDU GRLV IDWRUHV TXH GHVHQFDGHDUDP D
JOREDOL]DomR HFRQ{PLFD  D OLEHUDOL]DomR GRV LQWHUFkPELRV GH EHQV H
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VHUYLoRV H  D PRELOLGDGH SUDWLFDPHQWH LOLPLWDGD GR FDSLWDO 3DUD R
DXWRUGHWHUPLQDURVTXHFRQWULEXLUmRSDUDDFKDPDGDJOREDOL]DomR
FXOWXUDO p PDLV FRPSOLFDGR ,PSOLFD HQWHQGHU GHVGH RV SURFHVVRV
PLJUDWyULRVGRVVpFXORV;,;H;;DWpDGHVLJXDOGDGHGHSRGHUQRVIOX[RV
FXOWXUDLVHGHFRPXQLFDomRHQWUHJUXSRVUHJL}HVHSDtVHVEHPFRPRRV
LPSDFWRVGLIHUHQFLDGRVFRQIRUPHRTXHVHWUDQVPLWHHTXHPRUHFHEH
1mRUHVWDPG~YLGDVTXHQDDWXDOLGDGHVmRDVJUDQGHVFRUSRUDo}HV
GHFRPXQLFDomRUHVSRQViYHLVSHORVIOX[RVFXOWXUDLVDVOHJLWLPDGRUDVGR
GLVFXUVRGDJOREDOL]DomR3DUD0RUDHV³QmRDSHQDVYHQGHPH
OHJLWLPDP R LGHiULR JOREDO PDV WUDQVIRUPDP R GLVFXUVR VRFLDO
KHJHP{QLFRLQFXWLQGRYLV}HVGHPXQGRHPRGRGHYLGDTXHWUDQVIHUHP
SDUD R PHUFDGR SDUD D UHJXODomR GDV GHPDQGDV FROHWLYDV´ +RMH GXDV
GH]HQDVGHFRQJORPHUDGRV
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GRPLQDPDiUHDGHFRPXQLFDomRQRPXQGR
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HP8+)HPLVVRUDVGHUiGLR$0GH)0HGXDVUiGLRVHP2QGD
7URSLFDO27DOpPGHMRUQDLVGLiULRV7RGRVDMXGDPDVXVWHQWDUH
DPSOLILFDUDSURJUDPDomRHDLGHRORJLDGDVFKDPDGDV³FDEHoDVGHUHGH´±
RVVLVWHPDV*ORER6%75HFRUG%DQGHLUDQWHV5HGH79H&17
0DV SDUD 0RUDHV DV DOWHUQDWLYDV GH FRQWUDKHJHPRQLD HVWmR QD
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³$ TXHVWmRFKDYH p SURSRU H FRQVROLGDU QRYRV PRGHORV GH
GHPRFUDFLD SDUWLFLSDWLYD GH GHVHQYROYLPHQWR FRPXQLWiULR H
GHPRFUDWL]DomRGRVPHLRVHWHFQRORJLDVGHFRPXQLFDomR
5HFRQKHFHU TXH YDPRV HVWDU OLJDGRV DR PXQGR PDV VRE
SULQFtSLRV´0RUDHV
0DV PHVPR TXH VH GLVFXWDP DV DOWHUQDWLYDV H TXH VH UHFRQKHoD
TXHXPDPDLRULQWHUDomRHQWUHRVSRYRVUHVXOWDUiHPGLVWULEXLomRGH
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SURFHVVR HP FXUVR QmR HVWi FRQGX]LQGR SDUD XPD VRFLHGDGH JOREDO
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2VLQGLFDGRUHVGD218SDUDPHGLURVQtYHLVGHGHVHQYROYLPHQWR
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JORER DVVRODGDV SRU JXHUUDV pWQLFDV H SHOR DFLUUDPHQWR GH SRVWXUDV
IXQGDPHQWDOLVWDV HP FRQWUDSRVLomR GR GLVFXUVR KHJHP{QLFR YLJHQWH GD
DOGHLDJOREDO
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DVREHUDQLDSOXUDOpDJRUDTXHRPXQGRVHWRUQRXXPDJUDQGH
DOGHLDJOREDOFRPOLQKDVGHWHOHIRQHHVWHQGLGDVGHXPH[WUHPR
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IRUPDXPSRXFREXUOHVFDDSOXUDOLGDGHWHPLPSOtFLWDHPVLTXH
SRXFR SRGHULD VHU DSURYHLWDGR FRPR XP ERP H[HPSOR SDUD R
UHVWR GR PXQGR SRLV RV (VWDGRV 8QLGRV WRUQDUDPVH D 8QLmR
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IHYHUHLURGH
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FRQWUDSRVLomRDR PXQGRYLVXDOHOLQHDUFDUDFWHUtVWLFRGDPtGLD LPSUHVVD
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SURJUHVVRWHFQROyJLFRUHGX]LXRSODQHWDjVLWXDomRGHXPDDOGHLDRXVHMD
j SRVVLELOLGDGH GH VH LQWHUFRPXQLFDU GLUHWDPHQWH FRP TXDOTXHU SHVVRD
TXHQHODYLYH1HVVDYLVmRXWySLFDWXGRVHRXYHHVHIDODWXGRHVWiHP
VLQWRQLD 2 SODQHWD HVWi LQWHUFRQHFWDGR H DV SHVVRDV OLJDGDV XPDV jV
RXWUDVSHORVPHLRVIUXWRVGDWHFQRORJLDVXDVH[WHQV}HV
³7RGRVRVPHLRVVmRSURORQJDPHQWRVGHDOJXPDIDFXOGDGHKXPDQD
±SVtTXLFDRXItVLFD$URGDpRSURORQJDPHQWRGRSp2OLYURpXP
SURORQJDPHQWRGRROKR$URXSDpXPSURORQJDPHQWRGDSHOH2V
FLUFXLWRVHOpWULFRVXPSURORQJDPHQWRGRVLVWHPDQHUYRVRFHQWUDO´
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LPSRUWDRFRQWH~GRGRTXHRVPHLRVGL]HPPDVRVPHLRVTXHSURGX]HP
QRYRVKiELWRVHDOWHUDPRFRWLGLDQR2VFUtWLFRVGRSHQVDGRUFDQDGHQVH
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PXQGLDOJUDoDVDRVVDWpOLWHVGHL[DQGRGHODGRRIDWRGHTXHQXPDDOGHLD
DFRPXQLFDomRpHVVHQFLDOPHQWHELGLUHFLRQDO$WHOHYLVmRSDUDRVPHVPRV
FUtWLFRVDSHQDVDGLFLRQRXDLQVWDQWDQHLGDGHHLPSURYLVRDRTXHMiVHYLD
QRFLQHPDHFODURWUD]LDHPVLDSRVVLELOLGDGHGHDVVLVWLODHPFDVD
HPERUDWHQKDVLGRXPHVWXGLRVRGDWHFQRORJLD0F/XKDQREOLWHUDTXHHOD
QmRVHGHVHQYROYHHH[SDQGHGHIRUPDKRPRJrQHDQRPXQGRFULDQGRXP
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RV FUtWLFRV VmR PRUGD]HV  HOH UHFRQKHFH TXH SRGHULR PLOLWDU H
HFRQ{PLFR SRGH VHU XWLOL]DGR SDUD D GLIXVmR GH WHFQRORJLDV
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PHQRVGHVHQYROYLGRVHFRQRPLFDPHQWHGHYDPSDUWLFLSDUGDVEHQHVVHVTXH
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WHFQRORJLDHTXHPGHVIUXWDGHOD8PH[HPSORFDUDFWHUtVWLFRGHVVDFDPDGD
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UHODFLRQDPDWUDYpVGHEORJVVLWHVHRXWUDVIRUPDVGHFRQYHUVDLPHGLDWD
DWUDYpVGD,QWHUQHWQDÈIULFDDIRUPDGHFRPXQLFDomRPDLVQRYDpR
UiGLRjFRUGD,QYHQWDGRSHORLQJOrV7UHYRU%D\OLVRUiGLRPRYLGRDFRUGD
pDDGDSWDomRGHXPPHFDQLVPRGHUHOyJLRDXPJHUDGRU%DVWDGDUFRUGD
DWp R ILQDO ± R TXH OHYD  VHJXQGRVHPPpGLD±SDUDGHVIUXWDUPHLD
KRUDGHP~VLFD
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KDELWDQWHV GR PXQGR YLYHP QD PLVpULD H HP VLWXDomR GH GHVLJXDOGDGH
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FDQDGHQVHFRQVWLWXHPXPDWDTXHDRSHQVDPHQWRUDFLRQDOXPDUHMHLomRGRKXPDQLVPRH
GDKLVWyULDGDKXPDQLGDGH
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 1XPD HQWUHYLVWD D UHVSHLWR GD JXHUUD GR 9LHWQm 0F/XKDQ p HQIiWLFR ³FRPR
SURJUDPDEUXWDOGHRFLGHQWDOL]DomRHLQVWUXomRDJXHUUDGR9LHWQmFRQVLVWHHPLQLFLDUR
2ULHQWHQRVPLVWpULRVGDWHFQRORJLDPHFkQLFDGDHUDLQGXVWULDO´

$RFRQWUiULRGDPDLRULDGRVLQYHQWRVDLGpLDQmRILFRXVyQRSDSHO'HSRLVGHVHU
DSUHVHQWDGR QXP SURJUDPD GD %%&7UHYRU FRQVHJXLX IXQGRV GH XPD LQVWLWXLomR7KH
/LEHUW\*URXSHRUiGLREDWL]DGRGH)UHHSOD\FRPHoRXDVHUSURGX]LGRQDÈIULFDGR6XO
HP1HVWHVRLWRDQRV7UHYRUYLURXXPDFHOHEULGDGHQD,QJODWHUUDHGRLVPLOK}HVGH
XQLGDGHV GR LQYHQWR Mi IRUDP YHQGLGDV 9HQFHGRU GH XP SUrPLR GH GHVLJQ GD %%& R
UiGLRjFRUGDMiSRGHVHUHQFRQWUDGRQXPDQRYDYHUVmRPDLVOHYHHFKDUPRVDHPORMDV

EUXWDO $ GLIHUHQoD HQWUH RV PDLV ULFRV H RV PDLV SREUHV SRGH VHU
YHULILFDGDDWUDYpVGDUHQGDSHUFDSLWDDGRVSDtVHVPDLVULFRVVXSHUD
86  PLO SRU DQR HQTXDQWR TXH QRV  SDtVHV PDLV SREUHV QmR
XOWUDSDVVD86PLOSRUDQR$7DQ]kQLDH6HUUD/HRDDSUHVHQWDPUHQGD
SHU FDSLWDLQIHULRUD86SRUDQR1RH[WUHPRRSRVWRHVWmRSDtVHV
FRPR &LQJDSXUD 6XtoD 1RUXHJD H (VWDGRV 8QLGRV 2 PHVPR UHODWyULR
PRVWUDTXHGRVKDELWDQWHVGRSODQHWDYLYHPHPSDtVHVGR7HUFHLUR
0XQGRHHPSDtVHVGHVHQYROYLGRV
$VGLIHUHQoDVVHDFLUUDPHPWHUPRVGHWHFQRORJLD6HQD1RUXHJD
SULPHLURFRORFDGR,'+HPFDGDJUXSRGHPLOSHVVRDVWrPDFHVVRD
WHOHIRQHHVmRXVXiULDVGH,QWHUQHWHP6HUUD/HRD~OWLPRFRORFDGR
RVQ~PHURVFDHPSDUDFLQFRHSRUPLO$VVLPQmRpGLItFLODIHULUTXHD
SUySULDLQIUDHVWUXWXUDGHLQIRUPDomRGHVVHVSDtVHVMRUQDLVHVWDo}HVGH
UiGLR H WHOHYLVmR VDWpOLWHV H OLJDo}HV LQWHUQDFLRQDLV H QDFLRQDLV GH
PLFURRQGDVDJrQFLDVGHQRWtFLDVLQVWLWXWRVGHWUHLQDPHQWRHFHQWUDLVGH
SURGXomR WHOHYLVLYD H FLQHPDWRJUiILFD ± p SHTXHQD H GLVSHUVD $OLiV
SRXFRV SDtVHV DOFDQoDP RV tQGLFHV PtQLPRV GR 318' SDUD DV PHWDV
PpGLDV
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GH GHVHQYROYLPHQWR KXPDQR QRV TXHVLWRV GH FRPXQLFDomR H
DFHVVRDHODTXHVmRGHGH]FySLDVGHMRUQDLVGLiULRVFLQFRDSDUHOKRVGH
UiGLRGRLVDSDUHOKRVGHWHOHYLVmRHGRLVOXJDUHVQRFLQHPDSDUDFDGD
JUXSRGHPLOSHVVRDV
FKLTXHV GD (XURSD H (VWDGRV 8QLGRV 6HXV FRPSUDGRUHV VmR TXDVH VHPSUH RV
HFRORJLFDPHQWHFRUUHWRVTXHSUHIHUHPGLVSHQVDURXVRGHSLOKDVSROXHQWHV
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 2 318' FODVVLILFD RV SDtVHV HP WUrV FDWHJRULDV tQGLFH GH GHVHQYROYLPHQWR DOWR
PpGLR H EDL[R $ FODVVLILFDomR VH Gi DWUDYpV GH LQGLFDGRUHV HP iUHDV GH VD~GH
HGXFDomRGLUHLWRVKXPDQRVSRGHULREpOLFRFRPXQLFDomRHKDELWDomR

'H DFRUGR FRP RV GDGRV GR 5HODWyULR GR 3URJUDPD GDV 1Do}HV
8QLGDV SDUD R 'HVHQYROYLPHQWR +XPDQR  DSHQDV XP ELOKmR GH
SHVVRDV WrP DFHVVR DR WHOHIRQH H GHVWDV DSHQDV  WrP DFHVVR j
,QWHUQHWVHQGR QD$PpULFDGR1RUWH(XURSD2FLGHQWDO
ÈVLD LQFOXLQGR R -DSmR  $PpULFD /DWLQD  (XURSD 2ULHQWDO
2ULHQWH0pGLRHDÈIULFDFRPDSHQDV$VHVWDWtVWLFDV
PRVWUDPWDPEpPTXHPDLVGHGRVSURYHGRUHVGH,QWHUQHWHVWmR
ORFDOL]DGRVQRSULPHLURPXQGR(VVHVQ~PHURVPRVWUDPTXHFRPDQRYD
LQIUDHVWUXWXUD GH LQIRUPDomR TXH VH H[SDQGH PXLWR PDLV UDSLGDPHQWH
HP GHWHUPLQDGDV SDUWHV GR SODQHWD FUHVFHUmR DLQGD PDLV DV GLIHUHQoDV
HQWUHUHJL}HVULFDVHSREUHV2VPDLVGHVHQYROYLGRVDOFDQoDQGRGLDDGLD
SDGU}HV PDLV HOHYDGRV GH SURGXWLYLGDGH H GH HGXFDomR H RV GHPDLV
FRQYLYHQGRFRPDLPSRVVLELOLGDGHGHGHVIUXWDUGRGHVHQYROYLPHQWRTXHDV
WHFQRORJLDVSRGHPSURSLFLDU
1RHQWDQWRFRPR OHPEUD&DVWHOOV pSUHFLVR HQWHQGHU TXH
Vy R DFHVVR jV PtGLDV RX WHFQRORJLDV QmR p VXILFLHQWH SDUD JDUDQWLU DRV
FLGDGmRVDHIHWLYDomRGHVHXVGLUHLWRVQRHQWDQWRpSUHFLVRDGPLWLUTXHR
QmRDFHVVRDJUDYDDLQGDPDLVRTXDGURGHGHVLJXDOGDGHVRFLDO
0F%ULGHDXWRSLDGHXPPXQGRSRVVtYHO
2 SUHVVXSRVWR TXH R DFHVVR DRV PHLRV GH FRPXQLFDomR H D
LJXDOGDGHQDGLVWULEXLomRHUHFHELPHQWRGHLQIRUPDo}HVVmRGHILQLGRUHVGH

XPQRYRTXDGURPXQGLDOGHLQFOXVmRVRFLDOHFRQ{PLFDHFXOWXUDOQmRp
QRYR$SUHRFXSDomRDSDUHFHHPGLYHUVRVGRFXPHQWRVGDV1Do}HV8QLGDV
±DWUDYpVGD8QHVFR0DVVHPG~YLGDRPDLVLPSRUWDQWHGHOHVpR
5HODWyULR0F%ULGHSXEOLFDGRHP
'HQRPLQDGR8PPXQGRH PXLWDVYR]HVHVVHUHODWyULRpUHVXOWDGR
GRWUDEDOKRGHXPD&RPLVVmR,QWHUQDFLRQDOFULDGDSHOD218SDUDDYDOLDU
D SRVVLELOLGDGH GD LPSOHPHQWDomR GH XPD QRYD RUGHP LQIRUPDWLYD ± WDO
TXDO Mi KDYLD VLGR SURSRVWD QD HFRQRPLD

 3UHVLGLGD SHOR HVFRFrV6HDQ
0F%ULGHD&RPLVVmRIRUPDGDSRULQWHJUDQWHVWLQKDUHSUHVHQWDomRGH
WRGRVRVFRQWLQHQWHVHHPVXDJUDQGHPDLRULDpFRPSRVWDSRUPHPEURV
YLQGRV GH SDtVHV GR WHUFHLUR PXQGR RX HP YLDV GH GHVHQYROYLPHQWR

LQFOXLQGR SHUVRQDOLGDGHV FRPR *DEULHO *DUFLD0DUTXH] -XDQ 6RPDYLD H
%HWW\=LPPHUPDP3DUD0F%ULGHDFRPSRVLomRGD&RPLVVmRFRQWHPSODYD
DGLYHUVLGDGHLGHROyJLFDSROtWLFDHFRQ{PLFDHJHRJUiILFDGRPXQGR
'HSRLVGHPDLVGHGRLVDQRVGHWUDEDOKR

HDFRQVWDWDomRGHTXHR
IOX[R GH LQIRUPDo}HV VH GDYD GH IRUPD RUGHQDGD H FRQFHQWUDGD QRV
VHQWLGRV 1RUWH6XO H /HVWH2HVWH ± H[SOLFLWDQGR D GLYLVmR GR PXQGR HP
WHUPRV GH SREUH]D H LGHRORJLD R 5HODWyULR 0F%ULGH IRL DSUHVHQWDGR j
FRPXQLGDGH PXQGLDO FRQWHQGR RQ]H SULQFtSLRV EiVLFRV WLGRV FRPR

(PD218GLVFXWLXHPVXDVFRQIHUrQFLDVHDVVHPEOpLDVDSRVVLELOLGDGHGHXPD
1RYD2UGHP(FRQ{PLFD12(,

$&RPLVVmR,QWHUQDFLRQDOSDUDRHVWXGRGRVSUREOHPDVGHFRPXQLFDomRHUDIRUPDGD
SRU6HDQ0F%ULGH*%5(OLH$EHO(8$+XEHUW%HXYH0pU\)UDQoD(OHEH0D(NRQ]R
=DLUH *DEULHO *DUFLD 0DUTXH]  &RO{PELD 6HUJHL /RVHY 8566 0RFKWDU /XELV
,QGRQpVLD0XVWDSKD0DVPRXGL7XQtVLD0LFKLR1DJDL-DSmR)UHG,VDDF$NSRUXDUR
2PX 1LJpULD %RJGDP 2VROQLN ,RJXVOiYLD *DPDO HO2WHLIL (JLWR -RKDQQHV 3LHWHU
3URQN +RODQGD -XDQ 6RPDYLD &KLOH %RREOL *HRUJHV 9HUJKHVH ËQGLD H %HWW\
=LPPHUPPDQ&DQDGi

IXQGDPHQWDLV SDUD D FRQVROLGDomR GH XPD QRYD RUGHP PXQGLDO GD
LQIRUPDomRILPGRVGHVHTXLOtEULRVHGHVLJXDOGDGHVTXHFDUDFWHUL]DPD
VLWXDomR YLJHQWH  HOLPLQDomR GRV HIHLWRV QHJDWLYRV GH GHWHUPLQDGRV
PRQRSyOLRV S~EOLFRVRXSULYDGRVH D H[FHVVLYD FRQFHQWUDomR GH SRGHU
UHPRomRGRVREVWiFXORVLQWHUQRVHH[WHUQRVSDUDXPOLYUHIOX[RHPDLV
DPSOD H HTXLOLEUDGD GLVVHPLQDomR GDV LQIRUPDo}HV H LGpLDV 
SOXUDOLGDGHGHIRQWHVHFDQDLVGHLQIRUPDomROLEHUGDGHGHLPSUHQVDHGH
LQIRUPDomROLEHUGDGHSDUDRVMRUQDOLVWDVHWRGRVRVSURILVVLRQDLVQRV
PHLRV GH FRPXQLFDomR FRP XPD  OLEHUGDGH LQVHSDUiYHO GD
UHVSRQVDELOLGDGH  SUHSDUDomR GRV SDtVHV HP GHVHQYROYLPHQWR SDUD
EXVFDUHP PHOKRUDV HP VXDV SUySULDV QDo}HV VREUHWXGR QR TXH GL]
UHVSHLWRDDTXLVLomRGHHTXLSDPHQWRVSUySULRVFDSDFLWDomRGH
SHVVRDO UHFXSHUDomR GD LQIUDHVWUXWXUD DOpP GH WRUQDUHP RV PHLRV GH
LQIRUPDomRHGHFRPXQLFDomRVLQWRQL]DGRVFRPDVVXDVSUySULDV
DVSLUDo}HV H QHFHVVLGDGHV  FRPSURPLVVR VLQFHUR GRV SDtVHV
GHVHQYROYLGRV SDUD DMXGDU RV GHPDLV D DOFDQoDU HVVHV REMHWLYRV 
UHVSHLWR j LGHQWLGDGH FXOWXUDO GH FDGD SRYR H DR GLUHLWR GH FDGD QDomR
SDUD LQIRUPDU R S~EOLFR PXQGLDO VREUH VHXV LQWHUHVVHV DVSLUDo}HV H
UHVSHFWLYRV YDORUHV VRFLDLV H FXOWXUDLV H  UHVSHLWR DRV GLUHLWRV GH
WRGRVRVSRYRVSDUDSDUWLFLSDUGHLQWHUFkPELRVGHLQIRUPDomREDVHDQGR
VH QD LJXDOGDGH MXVWLoD H EHQHItFLRV P~WXRV EHP FRPR UHVSHLWR DRV
GLUHLWRVGDFROHWLYLGDGHDVVLPFRPRGHJUXSRVpWQLFRVHVRFLDLVSDUDTXH
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SHVVRDVSRGHULDPLPDJLQDUTXHRVRXWURVGL]HP2XVHMDVHDOJXpPDFKD
TXHVXDRSLQLmRDUHVSHLWRGHGHWHUPLQDGRIDWRpPLQRULDRXGHVDJUDGD
VXD FRPXQLGDGH GH UHODo}HV WHQGH D QmR H[SUHVViOD SRU PHGR GH
UHSUHViOLDVWDQWRPRUDLVFRPRVRFLDLV
1RHOOH1HXPDQQ  FULRX DLQGD R FRQFHLWR ³FOLPD GH
RSLQLmR´ QR TXDO DV SHVVRDV WHQGHP LQLFLDOPHQWH DR WRPDUHP
FRQKHFLPHQWRGHGHWHUPLQDGRIDWRDDYDOLDUHPDUHDomRGHVHXV
SDUFHLURV VRFLDLV H D SDUWLU GDt PROGDUHP VXD RSLQLmR D UHVSHLWR RX
ILFDUHP TXLHWRV ,VVR JHUDULD VHJXQGR D SHVTXLVDGRUD XPD (VSLUDO GR
6LOrQFLR ³RQGH PXLWDV YH]HV R SHQVDPHQWR PDMRULWiULR DFHUFD GH
GHWHUPLQDGR DVVXQWR QmR R HUD IRL FRQVWUXtGR D SDUWLU GR PHGR GD
GHVDSURYDomR VRFLDO´ (VVD ³FRQVWUXomR´ p HP JUDQGH SDUWH SHOD PtGLD
³OXJDUSULYLOHJLDGRRQGHDVRFLHGDGHEXVFDLQIRUPDo}HVSDUDVHSRVLFLRQDU
DUHVSHLWRGHDOJR´
-RUQDOLVPRFtYLFRXPDQRYDSRVVLELOLGDGH"
2 FRQFHLWR GH ³-RUQDOLVPR &tYLFR´ IRL FULDGR SHOR HGLWRUFKHIH GR
:LFKLWD(DJOH'DYLG0HUULWQRDQRGHHP.DQVDV(8$DSyVXPD
SHVTXLVDTXHUHYHORXXPLQWHUHVVHGRS~EOLFROHLWRUSRUPDWpULDVYROWDGDV
SDUDTXHVW}HVVRFLDLV2MRUQDOLVPRFtYLFRSDUD(NVWHURZLF]p
SUREOHPDVVRFLDLVHSUHRFXSDo}HVS~EOLFD-iRV³HYHQWV´HVWDULDPUHODFLRQDGRVDWHPDV
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³XPDWHQWDWLYDGHOLJDURVMRUQDOLVWDVjVFRPXQLGDGHVQRLQWHULRUGDVTXDLV
RSHUDP FRORFDQGR D FRQWULEXLomR GRV FLGDGmRV QR FHQWUR GDV
SUHRFXSDo}HVMRUQDOtVWLFDV´
2MRUQDOLVPRFtYLFRRXGHVHUYLoRS~EOLFRFRPXQLWiULRS~EOLFR
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VH
FRQVROLGRX D SDUWLU GH  FRPR UHVSRVWD j FDPSDQKD HOHLWRUDO
DPHULFDQD PDUFDGD SRU GHEDWHV QHJDWLYRV H FREHUWXUD GH TXHVW}HV
VHFXQGiULDV $VVLP FRPR RXWURV HVWXGRVMiUHDOL]DGRVDQRYDWHRULD
FRPHoDVHGHVHQYROYHUDSDUWLUGDDYDOLDomRGRSDSHOGDPtGLDHGHVHXV
SURILVVLRQDLVQDFREHUWXUDSROtWLFD
³$SULPHLUDPDQLIHVWDomRQDVFHXGDIUXVWUDomRDFHUFDGDFREHUWXUD
SUHVLGHQFLDO0XLWRVDFUHGLWDUDPTXHDPtGLDIRLWUDQVIRUPDGD
SHODVWiWLFDVGHFDPSDQKDQHJDWLYDREFHFDGRVFRPDFREHUWXUD
GR WLSR FRUULGD GH FDYDORV H HVTXHFLGRV HP UHODomR jV TXHVW}HV
MXOJDGDVLPSRUWDQWHVSHORVHOHLWRUHV´7UDTXLQD
1R HQWDQWRHPERUDMi WHQKD XP VHP Q~PHURGHH[SHULrQFLDVHP
IXQFLRQDPHQWRGHDFRUGRFRP7UDTXLQD³PDLVGHSURMHWRV´
H GLYHUVDV LQVWLWXLo}HV LQYHVWLQGR ILQDQFHLUDPHQWH
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 R MRUQDOLVPR FtYLFR
HQFRQWUD FUtWLFDV 3DUD DOJXQV p ³PDUNHWLQJ´ XPD YH] TXH PLVWXUD
H[SHULrQFLDVHPStULFDVFRPURGDGDVGHSHVTXLVDHSDOHVWUDVDYDOLDomRGH
DXGLrQFLDHUHVSRVWDDTXHVW}HVFRPXQLWiULDVHVSHFtILFDV3DUDRXWURVpR
ILP GR SDUDGLJPD GD REMHWLYLGDGH MRUQDOtVWLFD TXH FRPSURPHWH D WHRULD
³PDLV GR TXH VLPSOHV REVHUYDGRUHV RV MRUQDOLVWDV HVWmR GLVSRVWRV D
FRQFUHWRVSUHYLVtYHLVRXQmRFRPRXPDFLGHQWHQDWXUDOXPMRJRGHIXWHEROHWF
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8PDLQILQLGDGHGHSHVTXLVDGRUHVHVWiHVWXGDQGRHVVDQRYDWHRULDHFDGDXPWHP
DSUHVHQWDGRXPDGHQRPLQDomRDVVLPMRUQDOLVPRFRPXQLWiULR&UDLJMRUQDOLVPR
GH VHUYLoR S~EOLFR 6KHSDUG  MRUQDOLVPR S~EOLFR 5RVHQ  0HUULW  H
MRUQDOLVPRFtYLFR/DPEHUWKH&UDLJ$38'75$48,1$
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DVVRFLDUVHQDFULDomRGHXPDFRPXQLGDGHEHPVXFHGLGDDFUHVFHQWDQGR
DFDSDFLGDGHFtYLFD1HVVHVHQWLGRHOHVSUySULRVVHWUDQVIRUPDPHP
DWRUHVSROtWLFRV´7UDTXLQD
3DUD7UDTXLQDRMRUQDOLVPRFtYLFRHVWiSRVVLELOLWDQGRXPD
GLVFXVVmR PDLV H[WHQVD VREUH YHOKRV SDUDGLJPDV H ³URWLQDV JDVWDV H
DVIL[LDQWHV´ 1R HQWDQWR p HQIiWLFR DR DILUPDU TXH R IXWXUR HVWi HP
³UHQRYiORHQmRSUHWHQGHUVHUXPDUXSWXUDFRPXPFDSLWDOMiDFXPXODGR
0DLVSDUDXPDUHIRUPDTXHUHYROXomR´$QRYDWHRULDSUHJDXPDIRUPD
GLIHUHQFLDGDQRID]HUMRUQDOtVWLFRHREYLDPHQWHDQRWtFLD³DLGpLDGR
SXEOLFMRXUQDOLVPpDXPHQWDUDFRQH[mRHDLQWHUDWLYLGDGHHQWUHDPtGLDH
RS~EOLFR HUHFRQKHFHU TXHSDUD WHUXPD PtGLD~WLO pQHFHVViULR TXHR
S~EOLFR WHQKD DFHVVR D HOD $ GLUHWRUD H[HFXWLYD GR ,QVWLWXWR GH
-RUQDOLVPR ,QWHUDWLYR GD 8QLYHUVLGDGH GH 0DU\ODQG H GR3HZ &HQWHU IRU
&LYLF-RXUQDOLVP-DQ6FKDIIHU
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GHIHQGHTXHDPtGLDDGRWHRVSULQFtSLRV
GR MRUQDOLVPR FtYLFR SDUD TXDOTXHU WLSR GH FREHUWXUD ± ORFDO RX
LQWHUQDFLRQDO6HJXQGRHODSDUDSUDWLFDURMRUQDOLVPRFtYLFRpQHFHVViULD
XPDQRYDGHILQLomRVREUHRTXHpQRWtFLDHSRUH[HPSORFREULUQmR
DSHQDVRVFRQIOLWRVPDVWDPEpPDVVROXo}HVPDQWHUFRQWDWRGLUHWRFRPD
FRPXQLGDGH SDUD LGHQWLILFDU RV DVVXQWRV GH LQWHUHVVH GR S~EOLFR H
HQFRQWUDUQRYDVIRUPDVGHWUDQVPLWLURVFRQWH~GRV
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 ,QVWLWXLo}HVFRPR R3R\QWHU,QVWLWXWH3HZ&HQWHU IRU&LYLF-RXUQDOLVP 3URMHFWRP
3XEOLF/LIHDQGWKH3UHVV
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&ULWpULRVGHQRWLFLDELOLGDGH
*RPLVLGHQWLILFDR³LPSRUWDQWH´HR³LQWHUHVVDQWH´FRPRGRLVYDORUHV
EiVLFRVGHQRWLFLDELOLGDGHHDILUPDTXHpSRVVtYHOTXHQHPWRGRVRVPHLRV
GH FRPXQLFDomR FRLQFLGDP QDV HVFROKDV 3DUD R DXWRU RV GRLV DGMHWLYRV
SRGHP VHU FRQVLGHUDGRV FRPR YDORUHV EiVLFRV QR PHUFDGR GD QRWtFLD
SRUTXHWrPFRQGLo}HVGHUHSUHVHQWDUDUHDOLGDGHVRFLDOHPTXHYLYHPRV
³2LQWHUHVVDQWHSRUTXHRLQWHUHVVHpRWHUPRPDLVIUHTHQWHR
PDLVXVDGRQDVGHILQLo}HVGDQRWtFLDVHXPIDWRQmRLQWHUHVVDDR
S~EOLFR WDPSRXFR FRQYpP DR PHLR LQFOXtOR HP VHX PHQX
LQIRUPDWLYR2LPSRUWDQWHSRUTXH GHVGH R DSDUHFLPHQWR GD
LPSUHQVDVHWHPFRQVLGHUDGRTXHVHRLPSRUWDQWHRFRUUHRXVHMD
VH DFRQWHFH DOJR TXH SRGH DIHWDU D SRSXODomR R IDWR GHYH VHU
FRPXQLFDGRQDIRUPDPDLVUiSLGDHSRSXODUGHFRQKHFLPHQWRTXH
H[LVWHDQRWtFLD´*RPLV
0RQWHLUR FRPSDUWLOKD D LGpLD GH TXH H[LVWHP YiULDV DQJXODo}HV
SRVVtYHLV SDUD FRQFHLWXDU QRWtFLD (QWUH HODV HVWmR DV TXH D YrHP QmR
FRPRXP³HVSHOKRGDUHDOLGDGH´PDVGHQWURGHXPRXWURFRQWH[WR
³8PDFRQVWUXomRGDUHDOLGDGHQDTXDORMRUQDOLVWDSURGXWRUGD
QRWtFLD WHRULFDPHQWH UHJLGR SHOD OyJLFD GD REMHWLYLGDGH H GD
LPSDUFLDOLGDGH SUHGRPLQDQWH QR ID]HU MRUQDOtVWLFR QD SUiWLFD p
DIHWDGRSRULQ~PHURVIDWRUHVTXHROHYDPDLQWHUDJLUVRFLDOPHQWH
H D UHDOL]DU XPD VpULH GH QHJRFLDo}HV GXUDQWH R SURFHVVR GH
SURGXomRGDQRWtFLD´0RQWHLUR
0DV FRPRGHWHUPLQDURTXH p ³LPSRUWDQWH´ RX ³LQWHUHVVDQWH´ SDUD
XPDDJrQFLDSURGXWRUDHGLVWULEXLGRUDXPUHGDWRURXXPMRUQDO"
8PDDQiOLVHIHLWDSRU6FKXGVRQLGHQWLILFDDOJXQVIDWRUHV
TXH LQIOXHQFLDP D VHOHomR QRWLFLRVD 3DUD HOH D FULDomR GH QRWtFLDV p
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$SHVTXLVDGRUDIH]DSDOHVWUDGHDEHUWXUDGRFRQJUHVVRDQXDOGD$VVRFLDomR1DFLRQDO
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VHPSUH D LQWHUDomR GH UHSyUWHU GLUHWRU HGLWRU FRQVWUDQJLPHQWRV GD
RUJDQL]DomRGDVDODGHUHGDomRQHFHVVLGDGHVGHPDQWHUUHODo}HVIRUWHV
FRP DV IRQWHV RV GHVHMRV GDV DXGLrQFLDV H DV SRGHURVDV FRQYHQo}HV
FXOWXUDLV H OLWHUiULDV GHQWUR GDV TXDLV RV MRUQDOLVWDV IUHTHQWHPHQWH
RSHUDPVHPDVSHQVDU
3RGH VHU TXHRVUHSyUWHUHVVHDSHUFHEDPGRVFRQIOLWRVHQWUHHOHV
SUySULRV H RV GLUHWRUHV SHOR FRQWUROHGDVUHSRUWDJHQV2TXHSDUHFH
PHQRVSURYiYHOpHOHVVHDSHUFHEHUHPTXHPXLWRGRSRGHUVREUHDV
UHSRUWDJHQVpFRQWURODGRSHORVFRQVWUDQJLPHQWRVGDRUJDQL]DomRVRFLDOH
SHODVWUDGLo}HVFXOWXUDLV
(UERODWRDYDOLDTXHRSULPHLURFULWpULRpTXDOQRWtFLDVHUiYHLFXODGD
XPD YH] TXH PLOKDUHV GH IDWRV DFRQWHFHP HP WRGR R PXQGR D FDGD
LQVWDQWH H QHQKXP YHtFXOR GH FRPXQLFDomR WHULD FRQGLo}HV GH FREULU
WRGDVDVQRWtFLDV"
³>@HVWmRRFRUUHQGRFDVDPHQWRVPRUWHVQDVFLPHQWRVIXUDF}HV
LQFrQGLRV LQXQGDo}HV GHVDVWUHV GH WUHQV {QLEXV GH DYL}HV
JXHUUDV >@ DVVDVVLQDWRV RX GHVPRURQDPHQWRV 3RGHULDP VHU
WRGRV SXEOLFDGRV" (YLGHQWHPHQWH QHQKXP MRUQDO QHP PHVPR
7KH1HZ<RUN7LPHVHPVXDVHGLo}HV GRPLQLFDLV WHULD HVSDoR
VXILFLHQWHSDUDUHJLVWUDUDLQGDTXHDSHQDVHPGXDVRXWUrVOLQKDV
SDUDFDGDXPWRGRVRVIDWRVGDYpVSHUD´(UERODWR
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D GHFLVmR GD YHLFXODomR RX QmR GH GHWHUPLQDGR IDWR (QWUH HOHV HVWmR
SUR[LPLGDGH FRQVHTrQFLD LQWHUHVVH SHVVRDO XWLOLGDGH H[SHFWDWLYD H
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GRV-RUQDLVQRGLDGHVHWHPEURGHHP6mR3DXOR%5
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QRWLFLDELOLGDGH FRPR D 7HRULD GR (VSHOKR RQGH DV FDUDFWHUtVWLFDV
SULQFLSDLVGHXPIDWRHVWDULDPQRSUySULRIDWRLQGHSHQGHQWHGDDWLYLGDGH
MRUQDOtVWLFDVHJXQGR)UDQFLVFDWR
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XP HVSHOKR UHIOHWLU D LPDJHP R HYHQWR SDUD XP S~EOLFR )RL
QHVWD FRPSUHHQVmR TXH VXUJLUDP DOJXPDV WLSRORJLDV GH QRWtFLDV
FRPR DV KDUG QHZV QRWtFLDV XUJHQWHV H LPSRUWDQWHV H VRIW
QHZVQRWtFLDVOHYHVHDJUDGiYHLV VHPR LPSHUDWLYRGDWHPSR
HPTXHDFDUDFWHUtVWLFDGRHYHQWR FRQGX]LD D FODVVLILFDomR H R
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SRVVtYHLVGHQRWLFLDELOLGDGH
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DomRLGHROyJLFDDVQRWtFLDVVmRRULJLQDGDVSRUIRUoDGHLQWHUHVVHVTXHGmR
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TXH FRQGLFLRQD TXHU DV SHUVSHFWLYDV TXH VH WHP GR PXQGR TXHU R
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TXHRORFDOHRJOREDOVHFRQIXQGHPHRVDVVXQWRVORFDLVJOREDLVDFDEDP
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LQWHUQDFLRQDOHPERUDQRFDVRGHVWDSHVTXLVDHVWHMDPRVWUDEDOKDQGRFRP
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JXHUUDV ERGDV UHDLV FRPSHWLo}HV HVSRUWLYDV H FDWiVWURIHV
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SDUDHOHVHULDXPDQRWtFLDGHLQWHUHVVHLQWHUQDFLRQDO
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HP SULQFtSLR LPSRUWDQWHV HPERUD DOJXPDV WHQKDP YLVLELOLGDGH
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WHUPRVPXQGLDLVVmRLPSRUWDQWHV HSLGHPLDV FRP VHXV HIHLWRV
KXPDQRVGHPRJUiILFRVHHFRQ{PLFRVHVWmRVHPSUHQDSDXWD+i
DLQGD HVVD LPSUHYLVLELOLGDGH TXH FRPRYH H TXH VmR DV WUDJpGLDV
LQHVSHUDGDV´1DWDOL
(PERUDUHGX]DVXDDQiOLVHjSUHVHQoDGRVFKDPDGRVSDtVHVSREUHV
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WDPEpPDYDOLDTXHHVWHVVyVmRQRWtFLDTXDQGRDOJRQmRSODQHMDGR
DFRQWHFH FDWiVWURIHV QDWXUDLV HQFKHQWHV WHUUHPRWRV YXOF}HV
DFLGHQWHVGHJUDQGHGLPHQVmRDpUHR PDUtWLPR WHUUHVWUHRXPHVPRGH
RUGHPWHFQROyJLFDSURFHVVRVVRFLDLVFRPRFULPHVEiUEDURVHSURWHVWRV
SROtWLFRVRXPHVPRDFRQWHFLPHQWRVLQXVLWDGRVHWF
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MRUQDOLVWDV SUHFLVDP HQFRQWUDU QRWtFLDV H QR FDVR GDV DJrQFLDV REMHWRV
GHVWD SHVTXLVD p QHFHVViULR LGHQWLILFDU TXDLV RV FULWpULRV XWLOL]DGRV SDUD
GHILQLURTXHpQRWtFLDHRVFULWpULRVGHQRWLFLDELOLGDGHGHFDGDXPD
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PHVPRTXHHODVLQIRUPHPDSHQDVXPDPXGDQoDGHFOLPD´
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HVFROKLGR 2V SUHVVXSRVWRV GHVWD SHVTXLVD GL]HP UHVSHLWR D HVWDEHOHFHU
SRUTXH GHWHUPLQDGRV DVVXQWRVQRWtFLDV FRUUHODFLRQDGRV D GLIHUHQWHV
YHtFXORV H IRUPDWRV H UHODFLRQDGRV D GHWHUPLQDGRV SDtVHV FXOWXUDV H
HWQLDVQmRJDQKDPGHVWDTXHHTXLYDOHQWHQRIOX[RQRWLFLRVRLQWHUQDFLRQDO
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VHRVPHLRVGHFRPXQLFDomREUDVLOHLURVDQDOLVDGRVUHIOHWHPHPDQDPHVVD
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DFHUFD GR WHPD SURSRVWR &DEH VDOLHQWDU TXH HVWH p XP HVWXGR
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HPGHIHYHUHLURGH
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LQWHUQDFLRQDLVDYLVmRSHODTXDORPXQGRpYLVWRpDGR3ULPHLUR
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5REHUWR0DULQKRGHILQHPHOKRUDYLVmRGRTXHVHMDQRWtFLDSDUDD5HGH
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2HGLWRUGH,QWHUQDFLRQDOGH2*ORER2QOLQHMRUQDOLVWD7RQL0DUTXHV
YDLDOpPHPRVWUDTXHR-RUQDOWHPXPDDJHQGDQRWLFLRVD
³7HPRVPDLVGHXPFULWpULRSDUDHVWDEHOHFHUVHXPIDWRpQRWtFLDH
VHHOHpQRWLFLiYHO&DOHQGiULR±HOHLo}HVYLVLWDV
SURQXQFLDPHQWRVDJHQGDSROtWLFDVHQGRSODWDIRUPDVSROtWLFDV
H[LWRVDVRXQmRFRPRpRFDVRUHFHQWHGDQDFLRQDOL]DomRGRJiV
QD%ROtYLD)DWRVLQHVSHUDGRV±DTXHOHVTXHMiVmRFRQVHQVR
FRPRFDWiVWURIHVQDWXUDLVSUR[LPLGDGHJHRSROtWLFD±TXHSRGH
LQWHUHVVDU DR %UDVLO H DRV EUDVLOHLURVH&XULRVLGDGHV(VVD
RUGHP QmR QHFHVVDULDPHQWH LQGLFD D SUHIHUrQFLD p Vy XP
EDOL]DGRUGRTXHSRGHVHUQRWtFLDSDUD2*ORER2QOLQH´
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(QWUHYLVWDFRP&DUORV3DYDQHGLWRUGH,QWHUQDFLRQDOGD$JHVWDGR5HDOL]DGDHP
GHDEULOGH
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([WUDtGRGR48(062026GLVSRQtYHOQRKWWSRJORERFRPEU!$FHVVRHPGH
MXQKRGH
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'LVFXUVRSURIHULGRQR;,&RQJUHVVRGD$VVRFLDomR1DFLRQDOGRV-RUQDLVUHDOL]DGRHP
%UDVtOLDHP
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(QWUHYLVWDFRPRHGLWRU GH ,QWHUQDFLRQDOGH2*ORER2QOLQH7RQL0DUTXHV UHDOL]DGD
HPGHPDUoRGH
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1R-RUQDOGR%UDVLORFULWpULRXWLOL]DGRVHJXQGRVHXHGLWRUGH
,QWHUQDFLRQDO$OH[DQGUH)RQWRXUD³pRLQWHUHVVHTXHDTXHODLQIRUPDomR
WHP VH FKDPD D DWHQomR GR S~EOLFR ( LQWHUQDPHQWH VH WHPRV D
SRVVLELOLGDGHGHFRQWH[WXDOL]DUHVVHDVVXQWR´
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(OHMXVWLILFDDTXHVWmRGDFRQWH[WXDOL]DomRQDVFDUrQFLDVGHSHVVRDO
HILQDQFHLUDVGR-%2QOLQH
³HPERUDRMRUQDOWHQKDXPDHGLWRULDGHLQWHUQDFLRQDOERD
SDUWH GR PDWHULDO FRORFDGR QD UHGH SURYpP GD HTXLSH GR MRUQDO
LPSUHVVRHRUHVWDQWHYHPGLUHWRGDVDJrQFLDV()(H5HXWHUV
VHQGRSXEOLFDGRVHPDOWHUDomRWH[WXDO´
$VVLP FRPR SHUFHEHPRV RV FULWpULRV GHQRWLFLDELOLGDGH GH QRVVRV
SHVTXLVDGRV HVWmR PXLWR PDLV YLQFXODGRV D DVSHFWRV RSHUDFLRQDLV GD
UHGDomRHRXSUDWLFLGDGHQDDSXUDomRGRTXHDDVSHFWRVGH³IRUPDomRGH
RSLQLmR´HFRQFHLWRVWHyULFRVVREUHRDVVXQWR
(VWDEHOHFHQGRXPDPHWRGRORJLD±RVFULWpULRVSDUDVHOHomRH
WUDWDPHQWRGRVGDGRVFROHWDGRV
$ SULPHLUD SUHRFXSDomRDQWHVGDFROHWDGH GDGRV IRL FRQILUPDU D
DOHDWRULHGDGH QRWLFLRVD H SRU LVVREXVFRXVHGHILQLUXPWHPSRSDUD
REVHUYDomR ,QLFLDOPHQWH IRUDP HVFROKLGRV DOHDWRULDPHQWH WUrV SHUtRGRV
GHGLDVFDGDGH]HPEURGHPDUoRGHHVHWHPEURGH
SDUDREVHUYDomRGDJUDGHQRWLFLRVDGRVSHVTXLVDGRV$VVLPGLDULDPHQWH
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(QWUHYLVWDFRP$OH[DQGUH)RQWRXUDHGLWRUGH,QWHUQDFLRQDOGR-%2QOLQH
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HUD IHLWD D OHLWXUD GR PDWHULDO H DQRWDGRV FDVRV SDUDGLJPiWLFRV TXH
SXGHVVHPGDUFRQVLVWrQFLDjVDILUPDo}HVSRVWHULRUHV
1RHQWDQWRRVWUrVSHUtRGRVVHPRVWUDUDPHOHVSUySULRV
SDUDGLJPiWLFRV TXDQWR j FREHUWXUD GDV DJrQFLDV H SXEOLFDomR QR %UDVLO
SRLVHPWRGRVDFRQWHFHUDPIDWRVLPSRUWDQWHVSDUDDDJHQGDPXQGLDODV
WVXQDPLTXHDWLQJLUDPDÈVLDDPRUWHGR3DSD-RmR3DXOR,,HRIXUDFmR
.DWULQDTXHGHYDVWRXRVXOGR(VWDGRV8QLGRV
)HLWDV DV SULPHLUDV REVHUYDo}HV H DQRWDo}HV RSWRXVH ILQDOPHQWH
SRU XP SHUtRGR PDLV FXUWR VHP TXDLVTXHU RFRUUrQFLDV DWtSLFDV GH
DFRPSDQKDPHQWRGRQRWLFLiULRHDQiOLVHTXDOLWDWLYDHTXDQWLWDWLYD±GH
D  GH PDUoR GH  HP WRGRV RV SHVTXLVDGRV VXILFLHQWH SDUD
DFRPSDQKDU RV IDWRV WHPSRUDOPHQWH PDV DR PHVPR WHPSR FDSD] GH
SHUPLWLUQRYDVLQIOH[}HVQRWLFLRVDVHRXWUDVUHSHUFXVV}HV±VHQGRSRVVtYHO
VH GHVWDFDU HQWmR GXDV VHPDQDV FRPSOHWDV SUySULDV SDUD GDU
GLVWDQFLDPHQWRGRLQtFLRGRIDWRDVXDFRQWLQXLGDGHQDPtGLD
5HVVDOWHVH WRGRRPDWHULDOIRL LPSUHVVR H GHSRLV OLGRHILFKDGRH
DVVLPFRPEDVHQRVEROHWLQVQRWLFLRVRV
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GLVWULEXtGRVSHOD5HXWHUV()(H
&HQWURGH,QIRUPDomRGD218VHIH]DYHULILFDomRGHTXDLVSDtVHVKDYLDP
VLGRQRWLFLDGRVHTXDLVRVTXDQWLWDWLYRV3DUDHVWDSULPHLUDTXDQWLGDGHGH
QRWtFLDVXWLOL]DPRVFRPRUHIHUrQFLDRVSDtVHVILOLDGRVj218
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DLQGDFRQVLGHUDPRVRXWURVWUrV9DWLFDQRTXHVHFRQILJXUDFRPRFLGDGH
HVWDGRHWUDWDGHDVVXQWRVOLJDGRVjUHOLJLmRRWHUULWyULROLYUHGD3DOHVWLQD
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([LVWHPGLYHUJrQFLDVTXDQWRDRWHUPREROHWLPQRWLFLRVRTXHpXWLOL]DGRSHOD()($
5HXWHUV XWLOL]D D GHQRPLQDomR ³GHVSDFKR QRWLFLRVR´ 7DQWR R2*ORER 2QOLQH TXDQWR R
-RUQDOGR%UDVLOXVDP³3DXWDGRGLD´3DUDSDGURQL]DomRXWLOL]DUHPRV³EROHWLPQRWLFLRVR´
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SHORPRQWDQWHGHLQIRUPDo}HVDFHUFDGHVVDiUHDGHFRQIOLWRVHD6pUYLD
0RQWHQHJURIRFDGDH[FOXVLYDPHQWHQDPRUWHGRH[SUHVLGHQWH6ORERGDQ
0LORVHYLF
)HLWD HVVD WULDJHP SDVVDPRV D FRPSDUDU D SUHVHQoD GHVWHV
FRQWH~GRV FRP RV EROHWLQV QRWLFLRVRV GRV SHVTXLVDGRV EUDVLOHLURV DLQGD
QRVTXDQWLWDWLYRV([HPSOLILFDQGRFRWHMDPRVHVHOHFLRQDPRVSDUDDQiOLVH
QRWtFLDV WLSR ³D IRPH QD ÈIULFD´ GLVWULEXtGDV SRU DOJXPD GDV DJrQFLDV
SHVTXLVDGRV H HYHQWXDOPHQWH SXEOLFDGDV SRU DOJXP GRV YHtFXORV
EUDVLOHLURV SHVTXLVDGRV &RP LVVR R YROXPH GH LQIRUPDo}HV GLPLQXLX
FRQVLGHUDYHOPHQWH VHQGR SRVVtYHO D SDUWLU GLVVR UHDOL]DU XPD DQiOLVH
TXDOLWDWLYDPDLVDSXUDGDHDSRLDGDQDWpFQLFDGH$&
7HPRV QHVWH SRQWR XP SULPHLUR FRQMXQWR GH GDGRV FDWHJRUL]DGRV
SDUD QRVVD DQiOLVH TXDQWLGDGH ³[´ GH QRWtFLDV YLQFXODGDV DR SDtV ´\´
GLVWULEXtGDV SHODVDJrQFLDV³]H7´HSXEOLFDGDVRQ OLQH QDV SiJLQDV GRV
YHtFXORV EUDVLOHLURV ³D´ HRX ³E´ HRX ³F´ (VWH FRQMXQWR UHVXOWRX HP
QRWtFLDVUHIHUHQWHVDSDtVHVGHWRGRVRVFRQWLQHQWHV
&RPR D WHVH GLVFXWH RV HIHLWRV GD WHFQRORJLD QD GLVWULEXLomR GH
LQIRUPDo}HV QRWLFLRVDV HVVH SULPHLUR FRQMXQWR GH GDGRV FDWHJRUL]DGRV
WDPEpPSUHFLVDYDHVWDEHOHFHUXPDFRUUHODomRFRPDYDULiYHOWHFQROyJLFD
HDIDFLOLGDGH GHDFHVVRD LQIRUPDo}HV1HFHVVLWiYDPRVDGLFLRQDU DOJXP
LQGLFDGRUGHDFHLWDomRJOREDOTXHSXGHVVHUHIOHWLUDRPHQRVHPSDUWHWDLV
HIHLWRV3DUDLVVREXVFDPRVR,'+
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GHFDGDSDtVDLQGDHVSHFLILFDPHQWH
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,QIRUPDomRFRQIHULGDHPPDLRGHQRVLWHKWWSRQXRUJEU!
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ËQGLFHGH'HVHQYROYLPHQWR+XPDQRDWULEXtGRDFDGDSDtVSHOD218DSDUWLUGH
FULWpULRVHVSHFtILFRVHPGLYHUVDViUHDV
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QR TXHVLWR ³DTXLVLomR GH FRQKHFLPHQWR´ ± RX VHMD DFHVVR D OLQKD
WHOHI{QLFD XVXiULRV GH ,QWHUQHW H RXWURV $ LGHQWLILFDomR GR ,'+ GRV 
SDtVHVQRWLFLDGRVHPQRVVDFDWHJRUL]DomRLQLFLDOQRVSHUPLWLXFODVVLILFDURV
SDtVHVHDVIDFLOLGDGHVHPREWHQomRGHLQIRUPDomRDFHUFDGRVPHVPRV
&RPLVVRREWLYHPRVXPDVHJXQGDFDWHJRUL]DomRGDPDVVDQRWLFLRVD
GLVWULEXtGDSHODVDJrQFLDVHSXEOLFDGDQRVSHVTXLVDGRVEUDVLOHLURVR
SRVLFLRQDPHQWR GR DFHVVR j WHFQRORJLD YLQFXODGR DRV SDtVHV QRWLFLDGRV
(VVHVHJXQGRFRQMXQWRQRVGiVXVWHQWDomRSDUDD$&DFHUFDGDLQIOXrQFLD
RXQmRGDV7,&¶VQDGHILQLomRHSXEOLFDomRGHQRWtFLDV
3DUD GDU FRQVLVWrQFLD DQDOtWLFD DR WUDEDOKR H HQUDL]DU QRVVRV
SUHVVXSRVWRVHSUREOHPDGHSHVTXLVDEXVFDPRVWHRULDVHDILUPDo}HVTXH
WUDWDPGRYDORUQRWtFLD  DDILUPDomRGH*DQV  SDUD TXHP
GXUDQWHPXLWRWHPSRRVSDtVHVGRWHUFHLURPXQGRVyHUDPQRWtFLDSDUDDV
JUDQGHVDJrQFLDVTXDQGRDOJRQmRSODQHMDGRDFRQWHFLD$VVLPRWHUFHLUR
PXQGRVHWUDQVIRUPDYDHPQRWtFLDHPFDVRVGHFDWiVWURIHVQDWXUDLV
HQFKHQWHVWHUUHPRWRV YXOF}HVDFLGHQWHVGHJUDQGHGLPHQVmR DpUHR
PDUtWLPR WHUUHVWUH RX PHVPR GH RUGHP WHFQROyJLFD SURFHVVRV VRFLDLV
FRPRFULPHVEiUEDURVHSURWHVWRVSROtWLFRVRXPHVPRDFRQWHFLPHQWRV
LQXVLWDGRVHWFFRQWUDSRPRVHVVDDILUPDomRFRPDSURSRVLomRGH
MRUQDOLVPRFtYLFRGLVFXWLGDSRU6FKDIIHU7UDTXLQD3HFNHRXWURVDXWRUHV
SDUD RV TXDLV VmR QHFHVViULDV QRYDV GHILQLo}HV VREUH R TXH p QRWtFLD H
SRU H[HPSOR FREULU QmR DSHQDV RV FRQIOLWRV PDV WDPEpP DV VROXo}HV
PDQWHUFRQWDWRGLUHWRFRPDFRPXQLGDGHSDUDLGHQWLILFDURVDVVXQWRVGH
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LQWHUHVVHGRS~EOLFRHHQFRQWUDUQRYDVIRUPDVGHWUDQVPLWLURVFRQWH~GRV
HFRPDWHRULDGR$JHQGDPHQWR³LPSRUVREUHRTXHIDODU´
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EROHWLQV HFRQ{PLFRV EROVD GH YDORUHV H YDORU GH PRHGD H EROHWLQV
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4XDQWR DRV SHVTXLVDGRV QR %UDVLO 2*ORER 2QOLQH SXEOLFRX 
QRWtFLDV -% 2QOLQH  H 2(VWDGR 2QOLQH  HP UHODomR jV GXDV
GLVWULEXLGRUDV ¬ H[FHomR GH 2(VWDGR 2QOLQH TXH SXEOLFD XP YROXPH
FRQVLGHUiYHOGD$VVRFLDWHG3UHVV $3SRU VHU VHXGLVWULEXLGRUH[FOXVLYR
QR%UDVLORYROXPHGHDSURYHLWDPHQWRGD5HXWHUVH()(pVHPHOKDQWHQRV
WUrVFDVRV4XDQWRjVQRWtFLDVSURYHQLHQWHVGD218VXDSXEOLFDomRp
HSLVyGLFDHHYHQWXDOXPDYH]TXHVHXFRQWH~GRQHPVHPSUHpIDFWXDOH
DSUHVHQWDPGHWHUPLQDGRFRQWH[WRTXDVHHPIRUPDWRGHUHSRUWDJHP
)LJXUD
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EFE REUTERS ONU To t a l Pe s q u is a d o
JB
OGLOBO
AGESTADO
)LJXUD±9ROXPHGHSXEOLFDomRSRUDJrQFLD
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eLQWHUHVVDQWH QRWDUTXHWDQWR2*ORER2QOLQHTXDQWR2(VWDGR WrP
IOX[RFRQWtQXRRXVHMDQmRLQWHUURPSHPRIRUQHFLPHQWRGHQRWtFLDV
GXUDQWH R SHUtRGR QRWXUQR H D PDGUXJDGD -i R -% 2QOLQH
FRQWUDGLWRULDPHQWH VH FRPSRUWD FRPR XP MRUQDO LPSUHVVR ± FRPHoD D
QRWLFLDUSRUYROWDGDVKRUDVGDPDQKmHHQFHUUDjVKRUDV
$ ()( GLYXOJRX QR SHUtRGR SHVTXLVDGR LQIRUPDo}HV GH  SDtVHV
ILOLDGRVj218HFLQFRQmRILOLDGRVWRWDOL]DQGR2VPDLVQRWLFLDGRVSHOD
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3DOHVWLQDFRPLQVHUo}HVH,VUDHOFRP$$JrQFLDH[SHGLXDSHQDV
XP ~QLFR EROHWLP QRWLFLRVR DFHUFD GH  SDtVHV HQWUH HOHV 4XrQLD
3DQDPi+RODQGD*UpFLD/tELDH-RUGkQLD
1D 5HXWHUV D GLIHUHQoD HVWi QD GLPLQXLomR GR Q~PHUR GH SDtVHV
QRWLFLDGRVILOLDGRVj218HWUrVQmRWRWDOL]DQGR4XDQWRDRYROXPH
GHLQVHUo}HVDGLVWULEXLomRILFRXDVHJXLQWH,UDTXHLQVHUo}HV(8$
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&RP DSHQDV XPD LQVHUomR ILJXUDP  SDtVHV HQWUH HOHV 6XpFLD $UiELD
6DXGLWDH5XDQGD$QH[R
1RWDPRV TXH QDV GXDV DJrQFLDV Ki FRLQFLGrQFLD HQWUH RV PDLV
QRWLFLDGRV±(VWDGRV8QLGRV,UDTXH3DOHVWLQDH,VUDHOVHQGRTXHWRGRV
HVWmRHQYROYLGRVHPFRQIOLWRVEpOLFRV
(PDPEDVDVDJrQFLDVDOJXQVSDtVHVWrPXPDLQVHUomRDOWDDFLPD
GHFRPRpRFDVRGD,WiOLD)HGHUDomR5XVVD)UDQoDH(VSDQKD1RWH
VHTXHQD()(HQD5(87(56WDQWRD,WiOLDFRPRD)UDQoDUHFHEHPXP
Q~PHURFRQVLGHUiYHOGHLQVHUo}HVQDSULPHLUD)UDQoDH,WiOLDH
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UHVSHLWRDSUDWLFDPHQWHXP~QLFRDVVXQWRFRQIOLWRVHPUHODomRjOHLGR
SULPHLURHPSUHJRHHOHLo}HVUHVSHFWLYDPHQWH
2DSURYHLWDPHQWRQRWLFLRVRSHORVSHVTXLVDGRVEUDVLOHLURVFRQILUPDD
RUGHPGHLQVHUomRGDVDJrQFLDVDVHTrQFLDGHSDtVHVpSUDWLFDPHQWHD
PHVPD$VVLPWHPRVHP2(VWDGRSDtVHVQRWLFLDGRVQR-RUQDOGR%UDVLO
 H HP 2*ORER 2QOLQH  $QH[R  2V PDLV QRWLFLDGRV VmR (VWDGRV
8QLGRV,UDTXH,VUDHOH3DOHVWLQD4XDGUR
4XDGUR±$SURYHLWDPHQWRQRWLFLRVRSHORVSHVTXLVDGRV
3DtVHVPDLVQRWLFLDGRVQRVSHVTXLVDGRVEUDVLOHLURV
2(VWDGR2QOLQH -RUQDOGR%UDVLO 2*ORER2QOLQH
,UDTXH   
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,VUDHO   
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1RWHVH TXH D OLVWD GH SDtVHV QRWLFLDGRV GLIHUH HQWUH XPD H RXWUD
SHVTXLVDGD VHQGR UDUD D FRLQFLGrQFLD GH SDtV H Q~PHUR GH LQVHUo}HV
FRPR p R FDVR GD ÈIULFD GR 6XO SUHVHQWH QDV WUrV FRP DSHQDV XPD
LQVHUomR
1RV FRPSDUDWLYRV VREUH R DSDUHFLPHQWR GH QRWtFLDV GH SDtVHV
FRQIRUPHRËQGLFHGH'HVHQYROYLPHQWR+XPDQRQRTXHVLWR³SRVVLELOLGDGH
GH DGTXLULU FRQKHFLPHQWR´ R TXH VH SHUFHEH p XPD VHPHOKDQoD PXLWR
JUDQGH HQWUH RV SHVTXLVDGRV QR %UDVLO 2V SDtVHV FRP DOWR JUDX GH
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H[SOLFDGR VH FRQVLGHUDUPRV TXH QR SHUtRGR SHVTXLVDGR (8$ )UDQoD
(VSDQKD H RXWURV HVWLYHUDP QD PtGLD LQWHUQDFLRQDO SRU IDWRV FRPR R
DFRUGRGHSD]HQWUHRJRYHUQRHVSDQKROHR(7$DVPDQLIHVWDo}HVGHUXD
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OHLGDLPLJUDomRQDTXHOHSDtV
-iRVSDtVHVFRPEDL[R,'+FRPRQRVPRVWUDPRVJUiILFRVDVHJXLU
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SRVVtYHO YLVXDOL]DU WrP SUDWLFDPHQWH RV PHVPRV tQGLFHV QRV WUrV
SHVTXLVDGRV $ H[SOLFDomR SDUD WDO SRGH HVWDU QD UHVSRVWD GR (GLWRU GH
,QWHUQDFLRQDO GH 2(VWDGR &DUORV 3DYDQ TXH DVVXPH TXH D $JrQFLD
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)LJXUD±2*ORER2QOLQH±3HUFHQWXDOGH,QVHUo}HV
6HOHFLRQDQGRSDtVHVSDUDHQWHQGHURSUREOHPD
3UHFLVDPRVVDEHUGHWXGRRTXHRFRUUHQRPXQGR"8PDHQFKHQWH
XP WHUUHPRWR XP DVVDVVLQDWR D JUDYLGH] GH XPD DWUL] IDPRVD H DWp D
PRUWHGHGRLVGHVFRQKHFLGRV"(VVDVHULDDYLVmRSHUIHLWDGDDOGHLDJOREDO
RQGHWRGRVVDEHPWXGRVREUHWRGRVRVDVVXQWRV"
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H[SOLFLWDPRV QR LWHP 
 QRVVD PDWUL] GH DQiOLVH VHUi D
FRPELQDomR GH DVVXQWRV H SDtVHV QRWLFLDGRV H D IUHTrQFLD TXH HVWHV
DSDUHFHP QR QRWLFLiULR GRV SHVTXLVDGRV EUDVLOHLURV 6DOLHQWDPRV TXH
HPERUD ,VUDHO (VWDGRV 8QLGRV 3DOHVWLQD H ,UDTXH VHMDP RV PDLV
QRWLFLDGRV QR SHUtRGR GH  D  GH PDUoR QD ()( 5HXWHUV 2*ORER
2QOLQH -% 2QOLQH H 2(VWDGR 2QOLQH HVVHV SDtVHV IRUDP GHVFDUWDGRV GD
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XQLYHUVR QRWLFLRVR H LVVR SRGHULD JHUDU GLVWRUo}HV QD SHVTXLVD 8P
H[HPSORGHVVDSRVVtYHOGLVWRUomRHVWiQRH[HPSORGH,VUDHO±QRSHUtRGR
D5HXWHUVGLVWULEXLXQRWtFLDVGHVVDVVREUHRFRQIOLWRFRPRViUDEHV
 VREUH DV HOHLo}HV OHJLVODWLYDV H VRPHQWH GXDV VREUH R FRWLGLDQR GR
SDtV ³+RVSLWDO VHTHVWUD FULDQoD SRLV IDPtOLD QmR WLQKD GLQKHLUR SDUD
SDJDUDFRQWD´
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3DUDHIHLWRGHDQiOLVHVHOHFLRQDPRVSDtVHVGHVFDUWDGRVRVDFLPD
FLWDGRV DVVLP GLVWULEXtGRV FLQFR PDLV QRWLFLDGRV FLQFR FRP LQVHUo}HV
PHGLDQDV H FLQFR PHQRV QRWLFLDGRV QDV DJrQFLDV GLVWULEXLGRUDV ()( H
5HXWHUV2&HQWURGH,QIRUPDo}HVGD218SRUFULWpULRPHWRGROyJLFRQmR
HQWURXQHVVDHVFROKDMiTXHVHXVEROHWLQVQRWLFLRVRVWUDWDPGHDVVXQWRVH
QmR GH SDtVHV HVSHFLILFDPHQWH $VVLPRVSDtVHVDQDOLVDGRVVHUmR
PDLVQRWLFLDGRV&KLQD)UDQoD,Um)HGHUDomR5XVVDH(VSDQKDFRP
LQVHUomRPHGLDQD$OHPDQKDËQGLD,WiOLD5HLQR8QLGRH-DSmRHRV
PHQRVQRWLFLDGRV&DPDU}HV/LEpULD9LHWQm6XpFLDH0p[LFR4XDGUR
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3XEOLFDGDQR2(VWDGR2QOLQHHPGHPDUoRGH
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3XEOLFDGDQR2(VWDGR2QOLQHHPGHPDUoRGH

4XDGUR3DtVHVHVFROKLGRVSDUDDQiOLVHHUHVSHFWLYDVLQVHUo}HV
5HXWHUV ()( 2(VWDGR
2QOLQH
2*ORER
2QOLQH
-%2QOLQH
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)UDQoD     
)HG5XVVD  
(VSDQKD
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$OHPDQKD  
ËQGLD  
,WiOLD   
-DSmR  
58QLGR     
&DPDU}HV
/LEpULD 
0p[LFR 
6XpFLD
9LHWQm
)RQWH%DQFRGHGDGRVGDSHVTXLVDGRUD
3DUD HQWHQGHU D DJHQGD LQWHUQDFLRQDO LQIRUPDWLYD p SUHFLVR XP
GHVHQKRGRVDVVXQWRVXPDXP2FUX]DPHQWRQRVGiXPPDSDQRWLFLRVR
EHP GLIHUHQFLDGR (QTXDQWR RV SDtVHV GR FKDPDGR SULPHLUR PXQGR WrP
OXJDU GH GHVWDTXH RXWURV HP GHVHQYROYLPHQWR HVXEGHVHQYROYLGRV VmR
UHOHJDGRVDRSODQRGRVDFRQWHFLPHQWRVWUiJLFRVHGRLQXVLWDGRFRPUDUDV
H[FHo}HV
2PHVPRPDSDQRVPRVWUDTXHHPTXDQWLGDGHGHQRWtFLDVHPERUD
DOJXQVSDtVHVWHQKDPGHVWDTXHQDJHRSROtWLFDHFRQRPLDPXQGLDOFRPRD
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)HGHUDomR5XVVDRXD5~VVLDVRPHQWH-DSmR&RUpLDGR6XOHRXWURVQmR
DSDUHFHP QR FHQiULR LQIRUPDWLYR HP FRUUHVSRQGrQFLD j VXD LPSRUWkQFLD
HFRQ{PLFD H SROtWLFD 2XWURV FRPR D 1RUXHJD 6XpFLD 'LQDPDUFD H
+RODQGDTXHQmRWrPLPSRUWkQFLDHFRQ{PLFDSROtWLFDPDVGHVIUXWDPGH
DOWRVtQGLFHVGHGHVHQYROYLPHQWRILFDPMXQWRVFRPRVGHWHUFHLURPXQGR
UHOHJDGRV D XP VHJXQGR SODQR $ 'LQDPDUFD SRU H[HPSOR DSDUHFH QR
SHUtRGRSHVTXLVDGR FRPGXDV LQVHUo}HVDPEDVDUHVSHLWRGDSXEOLFDomR
GDVFKDUJHVFRQWUDRLVOm
1RHQWDQWRQRWDPRVTXHGRVSULPHLURVPDLVQRWLFLDGRVQR
4XDGURjH[FHomRGR,UmWRGRVLQWHJUDPRFKDPDGRSULPHLURPXQGR
TXDQGR QmR LQWHJUDQWHV GR * 0DV R TXH H[SOLFD HVVD DJHQGD" $
JHRSROtWLFDRXDSRODULGDGHH[HUFLGDQDYLGDPXQGLDOSHORV(VWDGRV8QLGRV
DSDUWLUGDTXHGDGRPXURGH%HUOLPHGDDEHUWXUDVRYLpWLFD"9HULILFDPRV
TXHQRFUX]DPHQWRHQWUHDVVXQWRVHSDtVHVDDJHQGDHVWiGHDFRUGRFRP
DDJHQGDSROtWLFDHHFRQ{PLFDDPHULFDQDRXVHMDRFRPEDWHDRWHUURURV
LQWHUHVVHV GD SROtWLFD H[WHULRU DPHULFDQD QR FDVR GDV HOHLo}HV HP
GLYHUVDVSDUWHVGRSODQHWD±3HUX%ROtYLD,WiOLD,VUDHOH3DOHVWLQD±HQR
FDVRGDHFRQRPLDDDEHUWXUDGHQRYRVPHUFDGRV
8PPXQGRGHDVVXQWRV
$SDUWLUGDVWUrVJUDQGHVFDWHJRULDVGHILQLGDVQR&DStWXORYDPRV
DQDOLVDU R FHQiULR QRWLFLRVR LQWHUQDFLRQDO D SDUWLU GRV DVVXQWRV GH
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LQWHUHVVHGDPtGLDQRVFRQFHQWUDQGRQRSDtVHVVHOHFLRQDGRVSDUDD
SDUWLUGDtID]HUDIHULo}HVHSRVVLELOLWDUFRQFOXV}HV 3DUD DQiOLVH DV
QRWLFLDVIRUDPFDWHJRUL]DGDVSRUWHPDV
QRWtFLDV WHPiWLFDV  VD~GH  HGXFDomR  VRFLHGDGH 
HFRQRPLDYLGDSROtWLFDTXHVWmRQXFOHDUUHOLJLmRH
PHLRDPELHQWH
HYHQWRV QmR SURJUDPDGRV  GHVDVWUHV QDWXUDLV 
GHVDVWUHVWHFQROyJLFRVWHUURULVPRHFRQIOLWRVEpOLFRV
QmRHYHQWRVIDLWGLYHUVFHOHEULGDGHVHFXULRVLGDGHV
7DQWRQD5HXWHUVTXDQWRQD()(RVDVVXQWRVUHODFLRQDGRVDRVSDtVHV
DQDOLVDGRVVmRFRLQFLGHQWHVHHPSHUFHQWXDLVSUDWLFDPHQWHLJXDLV
$ GLVWULEXLomR GH DVVXQWRV WDO TXDO GH SDtVHV WDPEpP PRVWUD
FRQFHQWUDomRHSULYLOpJLRGHDOJXQV1RVSHVTXLVDGRVEUDVLOHLURVDSDUWLU
GDV FDWHJRUL]Do}HV SUpYLDV IRL SRVVtYHO LGHQWLILFDU RV DVVXQWRV PDLV
QRWLFLDGRVHUHODFLRQiORVFRPRVSDtVHVQRVTXDLVRVIDWRVDFRQWHFHUHP
2VJUiILFRVDVHJXLUGL]HPUHVSHLWRDRWRWDOQRWLFLDGRHQmRDRVSDtVHV
DQDOLVDGRV)LJXUDVD
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O
g
lobo
Terroris m o
2,886%
Inusitado
1,154%
Reli
g
ião
2,742%
Saúde
3,752%
Sociedade
11,111%
Meio ambiente
0,433%
Desastres tecnoló
icos
3,608%
Economia
9,524%
Celebridades
0,433%
Conflitos bélicos
27,128%
Vida Política
29,149%
Desastres naturais
4,185%
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A
g
estado
Desastres naturais
6,917%
Curiosidades
1,186%
Terrorismo
4,941%
Saúde
1,581%
Sociedade
11,660%
Questão nuclear
2,174%
Meio ambiente
0,395%
Desastres tecnoló
g
icos
4,545%
Economia
9,091%
Conflitos bélicos
27,075%
Vida Política
28,458%
)LJXUD±2(VWDGR2QOLQH'LVWULEXLomRGH$VVXQWRV

JB
Desastres naturais
3,279%
Vida Política
27,049%
Conflitos bélicos
25,410%
Celebridades
0,410%
Economia
7,377%
Desastres tecnoló
g
icos
4,713%
Meio ambiente
0,820%
Educa
ç
ão
0,205%
Questão nuclear
5%
Sociedade
10,861%
Saúde
5,738%
Reli
g
ião
4,303%
Inusitado
1,025%
Terroris m o
3,893%
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UHODo}HVLQWHUQDFLRQDLVDMXGDKXPDQLWiULDHWFWHPJUDQGHGHVWDTXHQRV
SHVTXLVDGRV EUDVLOHLURV EHP FRPR QDV GLVWULEXLGRUDV VHJXLGD GRV
FRQIOLWRVEpOLFRV± HVVHVFODURPDUFDGRV SHOD*XHUUDGR ,UDTXH HSHORV
FRQIOLWRVHQWUH,VUDHOH3DOHVWLQDHRXWURV pWQLFRVHPGLYHUVRVSRQWRV GR
SODQHWDFRPR8JDQGDËQGLDH1HSDO
2XWUDV FDWHJRULDV QRWLFLRVDV GH GHVWDTXH VmR D (FRQRPLD H DV
UHODFLRQDGDV HP 6RFLHGDGH HVWD FRP GHVWDTXH SDUD DVVXQWRV FRPR
LPLJUDomRLOHJDOHWUiILFRGHGURJDV1RWDPRVTXHQRSHUtRGRGDSHVTXLVD
D(GXFDomRIRLPHQRVQRWLFLDGDTXHDVFKDPDGDV&HOHEULGDGHV
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1DLQWHUVHFomRHQWUHDVVXQWRVHSDtVHVFRQILUPDPRVDWHQGrQFLDGH
WHPDV$QH[RHGRVSDtVHVQRWLFLDGRV
8PDDQiOLVHGRVDVVXQWRV
(FRQRPLDD&KLQDHPGHVWDTXH
'HVFDUWDGDVDVFRWDo}HVGHPRHGDHEROVDGHYDORUHVDHFRQRPLD
DSDUHFH QR FHQiULR QRWLFLRVR LQWHUQDFLRQDO GH YiULDV IRUPDV
SURWHFLRQLVPR VLWXDomR GDV GtYLGDV GRVSDtVHVHPUHODomRDR)0,HDR
%DQFR0XQGLDOFDVRGR8UXJXDLTXHDGLDQWRXRSDJDPHQWRGHSDUWHGD
GtYLGDSUHMXt]RVFRPDJULSHDYLiULDJUDQGHVFRUSRUDo}HVGHPLVVmRGH
PLOHPSUHJDGRVGHXPDPRQWDGRUDQRV(8$RXRVOXFURVGD0LFURVRIW
H WDPEpP RV LQWHUHVVHV GRV EORFRV HFRQ{PLFRV FRPR D 8QLmR (XURSpLD
$/&$H0(5&268/1RHQWDQWRYHULILFDPRVTXHRSDtVPDLVQRWLFLDGRQD
FDWHJRULD IRL D &KLQD H PDLV XPD YH] VH FRQILUPD TXH D WHQGrQFLD GDV
DJrQFLDVpVHSDXWDUSHODDJHQGDLQWHUQDFLRQDOQHVVHFDVRDDEHUWXUDGR
PDLRUPHUFDGRFRQVXPLGRUGRSODQHWD
³3XWLQFKHJDj&KLQDGLVSRVWRDUHIRUoDUFRRSHUDomRHQHUJpWLFD´
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³&KLQDSRGHFUHVFHUDWpDRDQRDYDOLDPHVSHFLDOLVWDV´
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³*RYHUQRFKLQrVYDLRIHUHFHUVXEVtGLRVDDJULFXOWXUD´
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3XEOLFDGDHPGHPDUoRGHQR-%2QOLQH
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3XEOLFDGDHP2*ORER2QOLQHHPGHPDUoRGH
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3XEOLFDGDHP2(VWDGR2QOLQHHPGHPDUoRGH
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1R-%2QOLQHRXWURVTXDWURVSDtVHVWLYHUDPLQVHUo}HVQDFDWHJRULD
HFRQRPLD)UDQoD(VSDQKD0p[LFRH5HLQR8QLGR(P2(VWDGR2QOLQH
DOpP GD &KLQD 5HLQR 8QLGR ,WiOLD )HGHUDomR 5XVVD H )UDQoD IRUDP
REMHWR GH QRWtFLD QD FDWHJRULD HFRQRPLD (P 2*ORER 2QOLQH &KLQD
(VSDQKD )HGHUDomR 5XVVD )UDQoD ËQGLD ,WiOLD 0p[LFR H 5HLQR 8QLGR
1RWDPRV TXH QRV WUrV SHVTXLVDGRV EUDVLOHLURV D ËQGLD TXH DSDUHFH
VRPHQWHHP2*ORER2QOLQHQRVGHPDLVRVRXWURVSDtVHVVHUHSHWHP
(GXFDomRHVVHDVVXQWRQmRLQWHUHVVD
(PERUDVHMDXPDiUHDSULPRUGLDOSDUDRGHVHQYROYLPHQWRKXPDQR
SDUDGR[DOPHQWHDVQRWtFLDVVREUH(GXFDomR QmR H[LVWHP QR LPDJLQiULR
PXQGLDO Mi TXH HODV VmR LJQRUDGDV SHODV DJrQFLDV LQWHUQDFLRQDLV H RV
SHVTXLVDGRV EUDVLOHLURV 'HVFDUWDQGRVH DV QRWtFLDV VREUH RV SURWHVWRV
HVWXGDQWLV QD )UDQoD DFHUFD GR SULPHLUR HPSUHJR VLWXDGDV 6RFLHGDGH
DSHQDV GRLV EROHWLQV IRUDP GHWHFWDGRV XP VREUH D DMXGD FXEDQD D
9HQH]XHODSDUDUHIRUPDFXUULFXODUHPRQWDJHPGHXPVLVWHPDLQWHJUDOGH
HQVLQR IRL QRWLFLDGR SHORV SHVTXLVDGRV EUDVLOHLURV H RXWUR D SROrPLFD
VREUH D YLROrQFLD QDV HVFRODV DOHPmV IRL GLVWULEXtGR SHOD 5HXWHUV
5HVVDOWHVH TXH GRV  EROHWLQV GLVWULEXtGRV SHOD 218  GL]LDP
UHVSHLWRDSROtWLFDVLQWHUQDFLRQDLVGHHGXFDomRDUHVXOWDGRVGHSURJUDPDV
S~EOLFRVHPDQGDPHQWRRXDRIHUHFLPHQWRGHDMXGDWpFQLFD
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$ JULSH DYLiULD p QR PRPHQWR R DVVXQWR GH 6D~GH PDLV WUDWDGR
SHODLPSUHQVD'LYHUVRVSDtVHVIRUDPQRWLFLDGRVHPIXQomRGRUHJLVWURGH
FDVRVFRPR(JLWR,VUDHO3RO{QLD3DOHVWLQD+RODQGDH1RUXHJD
6REUHRVSDtVHVSHVTXLVDGRVRTXHOHPRVQRSHUtRGRVREUHVD~GH
IRLDSURSDJDomRGRYtUXVGDJULSHDYLiULDQD(XURSD$VVLPHP2*ORER
2QOLQHVRPHQWHWUrVSDtVHVWLYHUDPGHVWDTXH$OHPDQKD)UDQoDH5HLQR
8QLGRFRPGXDVLQVHUo}HVUHVSHFWLYDPHQWHDFHUFDGDJULSHGRIUDQJRHR
~OWLPRPRVWUDQGRSUHRFXSDomRFRPRDYDQoRGD$LGVQDÈIULFD1R-%
2QOLQHRPDSDGDJULSHLQFOXLTXDWURSDtVHV$OHPDQKD)HGHUDomR5XVVD
)UDQoDH6XpFLD(P2(VWDGR2QOLQHWUrVSDtVHVIRUDPQRWLFLDGRV)UDQoD
6XpFLDH$OHPDQKDWDPEpPVREUHRPHVPRDVVXQWR
0RUWHGHFLVQHVVHOYDJHQVFRORFD$OHPDQKDHPDOHUWD
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)UDQoDFULDEDUUHLUDVVDQLWiULDVSDUDHYLWDUJULSHGRIUDQJR
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,QJODWHUUDH[SRUWRXVDQJXHFRPULVFRGHYDFDORXFD
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'LVWULEXtGDVHPHGHPDUoRSHOR&HQWURGH,QIRUPDo}HVGD218
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PDUoRGH
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2QOLQHH2(VWDGR2QOLQHHPGHPDUoRH
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2XWURVDVVXQWRVGH6D~GHWLYHUDPWUDWDPHQWRSRQWXDOFRPRD
GLYXOJDomR SHOD 218 GRV GDGRV VREUH D PRUWDOLGDGH GH PXOKHUHV H
FULDQoDVFRP$LGVQRFRQWLQHQWHDIULFDQRHDFDPSDQKDWDPEpPGD
2UJDQL]DomRSHODHUUDGLFDomRGDWXEHUFXORVHQRPXQGR
9LGDSROtWLFD
(OHLo}HVGHPLVV}HVGHPLQLVWURV FRUUXSomRQR JRYHUQRJROSHV GH
HVWDGR FULVHV H VROXo}HV GLSORPiWLFDV WRGD HVVD JDPD GH DVVXQWR IRL
GHVWDTXH QD DJHQGD QRWLFLRVD LQWHUQDFLRQDO QR SHUtRGR SHVTXLVDGR 6H
FRQVLGHUDUPRVTXHDYLGDSROtWLFDMXQWDPHQWHFRPDHFRQRPLDpRPRWRU
GDVVRFLHGDGHVPRGHUQDVHTXHpQDLQVWkQFLDGDSROtWLFDTXHVHUHVROYHP
RX VH FULDP FRQIOLWRV D YLGD SROtWLFD VHU D FDWHJRULD PDLV YROXPRVD QD
DQiOLVHHVWiGHQWURGDQRUPDOLGDGH
2XWURIDWRUpDLQVHUomRGD9LGD3ROtWLFDQDHVIHUDS~EOLFDRTXHHP
VLJHUDLQWHUHVVH3DUD&RVWD
³D IRUPDomR GDVHVIHUDV S~EOLFDVPRGHUQDV VH Gi KLVWRULFDPHQWH
GHIRUPDFRQFRPLWDQWHFRPDFRQVWLWXLomRGRV(VWDGRV1DFLRQDLVH
DGHILQLomRGDQDomRFRPRXPDFRPXQLGDGHSROtWLFDDXW{QRPDTXH
GHILQH VREHUDQDPHQWH VHXV GHVWLQRV e WDPEpP QR kPELWR
QDFLRQDO TXH UDGLFDP DV EDVHV GD FLGDGDQLD PRGHUQD FRQFHELGD
FRPRRFRQMXQWRGHGLUHLWRVHGHYHUHVFDEtYHLVjTXHOHVTXHID]HP
SDUWHGDQDomR´
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'LVWULEXtGDSHOD5HXWHUVHSXEOLFDGDSHOR2*ORER2QOLQHHPGHPDUoR
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'HQWUR GHVVD SHUVSHFWLYD DV GHFLV}HV H RV DVVXQWRV GH HVWDGR
LQWHUHVVDP DRV FLGDGmRV H SRUWDQWR DR PXQGR $ H[WUDSRODomR GHVVD
HVIHUDSDUDRMRUQDOLVPRVHGiQDPHGLGDHPTXHDVGHFLV}HVGRHVWDGR
LQWHUIHUHPGLUHWDPHQWHQDYLGDGRFLGDGmRHFRPRWDOFRQVWLWXHPIDWR
UHOHYDQWH
3DtVHV GH WRGRV RV FRQWLQHQWHV FRP SULYLOpJLR SDUD DOJXQV IRUDP
QRWtFLD$VVLPWHPRVGHVGHXPD~QLFDQRWDVREUHDVHOHLo}HVQR%HQLQ
DWp XPD H[WHQVD FREHUWXUD GR SURFHVVR HOHLWRUDO QD ,WiOLD ,VUDHO H
3DOHVWLQD±iUHDVGHLQWHUHVVHGRPXQGRSROtWLFRHHFRQ{PLFR
2V SHVTXLVDGRV EUDVLOHLURV SULYLOHJLDUDP DV HOHLo}HV QRV SDtVHV
YL]LQKRV 3HUX %ROtYLD H (TXDGRU GDQGR GHVWDTXH DRV FRQIOLWRV
GLSORPiWLFRV HQWUH $UJHQWLQD H 8UXJXDL 9HQH]XHOD H 3HUX H %ROtYLD H
&KLOH
2XWUDTXHVWmRSUHVHQWHIRLDFRUUXSomR'HQRYRGHXPH[WUHPRDR
RXWUR GR SODQHWD WHPRV DV DFXVDo}HV FRQWUD R SULPHLURPLQLVWUR LQJOrV
7RQ\%ODLUHDFULVHGLSORPiWLFDHQYROYHQGR6HUUD/HRD1LJpULDH/LEpULD
SRUFDXVDGDH[WUDGLomRGRH[SUHVLGHQWH&KDUOHV7D\ORU
6REUHRVSDtVHVHVFROKLGRVRTXHSHUFHEHPRVpXPDFRLQFLGrQFLD
TXDVH WRWDO HQWUH RV SHVTXLVDGRV H RV DVVXQWRV SXEOLFDGRV FRPR
GHPRQVWUDPRVQR4XDGUR
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'LVSRQtYHOHPKWWSZZZLQWHUWKHVLVFIKXIVFEULQWHUWKHVLVDUWLJRSGI!$FHVVDGR
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4XDGUR±5HODomR3DtV$VVXQWR
2*ORER2QOLQH -%2QOLQH 2(VWDGR2QOLQH $VVXQWRSULQFLSDO
$OHPDQKD $OHPDQKD $OHPDQKD $SRLRSROtWLFR
(VSDQKD (VSDQKD (VSDQKD $FRUGRFRP(7$
 )HG5XVVD 
$FRUGRGHSD]
)UDQoD )UDQoD  &ULVHVRFLDO
-DSmR   &RQVWLWXLomR
,Um ,Um ,Um 5HO2FLGHQWH
,WiOLD ,WiOLD ,WiOLD (OHLo}HV
/LEpULD /LEpULD /LEpULD &ULVHSROtWLFD
 0p[LFR 0p[LFR 9LVLWDGH%XVK
 5HLQR8QLGR 5HLQR8QLGR &ULVHSROtWLFD
6XpFLD 6XpFLD 6XpFLD 5HQ~QFLD
%ODLUDGPLWHGLQKHLURDQ{QLPRQDVXDFDPSDQKD
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([SUHVLGHQWHOLEHULDQR&KDUOHV7D\ORUpGHSRUWDGRj/LEpULD
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*RYHUQRGH0HUNHOUHLWHUDDSRLRjRSRVLomRHP%HODUXV
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$KPDGLQHMDGUHMHLWDSUHVVmRRFLGHQWDOVREUH,Um
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0LQLVWUDSHGHGHPLVVmRGHSRLVGRHVFkQGDORGDVFKDUJHV
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&ULVHDIHWDFUHGLELOLGDGHGRJRYHUQR&KLUDF
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3XWLQTXHUDFRUGRFRP&KHFKHQRV
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HPGHPDUoRGH
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3XEOLFDGDSHOR2(VWDGR2QOLQHHPHPDUoRGH'LVWULEXtGDSHOD5HXWHUV
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3UHVHQWHQRVWUrVSHVTXLVDGRVSXEOLFDGDVHQWUHHGHPDUoRGH
'LVWULEXtGDSRUDPEDVDVDJrQFLDV
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3XEOLFDGDSHOR-%2QOLQHHPHPDUoRGH'LVWULEXtGDSHOD5HXWHUV
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3XEOLFDGDSHOR2*ORER2QOLQHHPGHPDUoRGH'LVWULEXtGDSHOD()(
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3XEOLFDGDSHORVWUrVSHVTXLVDGRV'LVWULEXtGDSHOD5HXWHUVHPGHPDUoRGH
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'LVWULEXtGDSHOD()(HSXEOLFDGDSHOR2*ORER2QOLQHHPGHPDUoRGH
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3XEOLFDGDSHOR-%2QOLQHHPGHPDUoRGHHGLVWULEXtGDSHOD5HXWHUV
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&RPRVHSHUFHEHQDFDWHJRULD9LGD3ROtWLFDDDJHQGDQRWLFLRVDRX
RV FULWpULRV GH QRWLFLDELOLGDGH SDUD GHWHUPLQDGRV DVVXQWRV H SDtVHV VmR
H[WUHPDPHQWHSDUHFLGRVHQWUHRVSHVTXLVDGRVEUDVLOHLURV
4XHVWmRQXFOHDU±RPHGRGDERPEDDW{PLFD
0RWLYRGHSROrPLFDVWHPRUHVHPHVPRGHJXHUUD±DGR,UDTXHSRU
H[HPSORRVDVVXQWRVUHODWLYRVjSURGXomRHXVRGH(QHUJLD1XFOHDUWrP
VLGRFRQVWDQWHVQDPtGLDLQWHUQDFLRQDOEDVLFDPHQWHHPIXQomRGDVFULVHV
GLSORPiWLFDV HQYROYHQGR DOJXQV SDtVHV FRPR ,Um 3DTXLVWmR &RUpLD GR
1RUWHH(VWDGRV8QLGRV
$V QRWtFLDV GLVWULEXtGDV H SXEOLFDGDV GXUDQWH D SHVTXLVD VREUH R
DVVXQWR VH FHQWUDUDP QDV DUJXPHQWDo}HV GH DOJXQV SDtVHV DFHUFD GR
GLUHLWR GH FDGD XP SURGX]LU H HQULTXHFHU XUkQLR H WHU DFHVVR D DUPDV
DW{PLFDV
$ SROrPLFD HQWUH (VWDGRV 8QLGRV H ,Um FKDPD D DWHQomR GD PtGLD
PXQGLDOXPDYH]TXHRVDUJXPHQWRVDPHULFDQRVSDUDDTXHVWmRVmR
H[WUHPDPHQWHSDUHFLGRVFRPRVDQWHULRUHVIHLWRVQDFULVHFRPR,UDTXH
(O%DUDGHLGL]TXH,UmQmRpDPHDoDLPLQHQWH
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6XSHUSRWrQFLDVGL]HPTXH,UmGHYHRXYLUFKDPDGRGD218
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(QWUH RV SHVTXLVDGRV DV SUHVHQoDV FRLQFLGHQWHV GR ,Um &KLQD H
ËQGLD 2XWURV UHODFLRQDGRV $OHPDQKD -DSmR H )HGHUDomR 5XVVD FRP
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 3XEOLFDGD QR 2(VWDGR 2QOLQH H QR 2*ORER 2QOLQH HP  GH PDUoR GH 
'LVWULEXtGDSHOD5HXWHUV
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3XEOLFDGRQR2(VWDGR2QOLQHHPGHPDUoRGH'LVWULEXtGDSHOD5HXWHUV
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DVVXQWRV VHPHOKDQWHV DFRUGRV ELODWHUDLV SDUD XVR SDFtILFR GD HQHUJLD
DW{PLFD
&RQIOLWRVEpOLFRVFRQIOLWRPDWDPDLVHP8JDQGDTXHQR,UDTXH
³2 Q~PHUR GH PRUWHV YLROHQWDV QD JXHUUD WUDYDGD QR 1RUWH GH
8JDQGDpWUrVYH]HVPDLRUGRTXHQR,UDTXH>@1R1RUWHGH
8JDQGD FHUFD GH  SHVVRDV PRUUHP SRU VHPDQD HP PHLR D
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0DLVGHXPPLOKmRVDHPjVUXDVQD)UDQoD
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1RWHVHTXHIRUDËQGLD,UmH0p[LFRRVGHPDLVSDtVHVQRWLFLDGRV
QDFDWHJRULDHVWmRHQWUHDTXHOHVPDLVGHVHQYROYLGRVGRSODQHWDHJUDQGH
SDUWHORFDOL]DGRVQD(XURSDRQGHHQIUHQWDPSUREOHPDVFRPXQV
5HOLJLmR±$IppSDXWDTXDQGRPDWD
(PERUD H[LVWDP LQ~PHUDV UHOLJL}HV QR PXQGR
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SRXFDV VmR
GHVWDTXHQDLPSUHQVDLQWHUQDFLRQDO1RSHUtRGRSHVTXLVDGRDSHQDVGXDV
DSDUHFHPD&DWyOLFDHD0XoXOPDQD
$ &DWyOLFD DSDUHFH D SDUWLU GH PDQLIHVWDo}HV TXDVH RILFLDLV GR
9DWLFDQRHVHXVSRVLFLRQDPHQWRVDFHUFDGDVSROrPLFDVRXGDGRXWULQDGR
FDWROLFLVPR FRPEDWH DR KRPRVVH[XDOLVPR QHFHVVLGDGH GD RUDomR H Ip
SD](PRXWUDVDGLVFXVVmRVREUHDFDQRQL]DomRGRSDSD-RmR3DXOR,,
IDOHFLGRHPPDUoRGH
-i D 0XoXOPDQD DSDUHFH VHPSUH OLJDGD D DWRV WHUURULVWDV RX
FRQIOLWRV VRFLDLV HP GLYHUVDV SDUWHV GR PXQGR GHVGH R 1HSDO DWp D
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3XEOLFDGDQR-%2QOLQHQRGLDGHPDUoRGH'LVWULEXtGDSHOD5HXWHUV
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)UDQoD8PH[HPSORIRLDSXEOLFDomRGDVFKDUJHVFRQWUD0DRPp
RULJLQDOPHQWH QD 'LQDPDUFD $V PDQLIHVWDo}HV S~EOLFDV FRQWUD D
SXEOLFDomR IRUDP FRORFDGDV SHODV DJrQFLDV FRPR ³H[WUHPLVPR´ HPERUD
SDUWHGHODVWHQKDUHVXOWDGRHPPRUWHVHSURWHVWR7DQWRD'LQDPDUFD
FRPR D 6XpFLD DSDUHFHP UHODFLRQDGDV FRP HVVH HSLVyGLR H ILFD FODUD D
LQWHUVHFomRHQWUHUHOLJLmRHSROtWLFDDGHPLVVmRGDSULPHLUDPLQLVWUDGD
6XpFLD H R SHGLGR IRUPDO GH GHVFXOSDV GR JRYHUQR GLQDPDUTXrV j
FRPXQLGDGHPXoXOPDQD
(QWUH RV  SDtVHV DQDOLVDGRV WUrV WLYHUDP LQVHUo}HV QRWLFLRVDV
DFHUFDGHUHOLJLmRËQGLD,UmH5HLQR8QLGRHWRGDVDFHUFDGRPHVPR
DVVXQWR D SXEOLFDomR GH FKDUJHV FRQVLGHUDGDV RIHQVLYDV DR ,VOm H RV
FRQVHTHQWHVSURWHVWRVHPGLYHUVRVSDtVHV
,JUHMD$QJOLFDQDVHGHVFXOSDSRUFKDUJHVREUH0DRPp
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8PPRUWRHWUrVIHULGRVHPSURWHVWRUHOLJLRVR
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$TXHVWmRUHOLJLRVDDSDUHFHDLQGDQRSHUtRGRSHVTXLVDGRQRV
FRQIOLWRV DFHUFD GRV FyGLJRV GH YHVWXiULR QDV LQVWLWXLo}HV S~EOLFDV
IUDQFHVDV )RL DVVXQWRGH WRGDV DVDJrQFLDVRFDVR GH XPD DGROHVFHQWH
IUDQFHVDTXHJDQKRXRGLUHLWRGHIUHTHQWDUDHVFRODFRPDEXUNDQRWtFLD
FODVVLILFDGDHP(GXFDomR
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RUWRGR[DEXGLVWDVLNKSURWHVWDQWHHYDQJpOLFDHGH]HQDVGHRXWUDV
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3XEOLFDGDQRGLDGHPDUoRGHSHOR2*ORER2QOLQH'LVWULEXtGDSHOD5HXWHUV
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7HUURULVPR±XPDUHODomRVLPELyWLFDHQWUHRVPHLRV
2WHUURUVHPSUHIRLQRWtFLDQRHQWDQWRGHVGHRVDWHQWDGRVGHGH
VHWHPEUR H R DFLUUDPHQWR GH DOJXQV FRQIOLWRV WHP DVVXPLGR FDGD YH]
PDLVHVSDoRQRQRWLFLiULRLQWHUQDFLRQDO
$OVLQDWHPHQIDWL]DGRTXHDVDo}HVWHUURULVWDVHRVPHLRVGH
FRPXQLFDomRHVWDEHOHFHUDPXPDUHODomRVLPELyWLFDQDTXDO VHHYLGHQFLD
PDQLSXODomR GH DPERV RV ODGRV 3DUD R SHVTXLVDGRU RV WHUURULVWDV
PDQLSXODP RV PHLRV SRLV FRQVHJXHP YLVLELOLGDGH SDUD VXDV FDXVDV H
LGpLDV DWUDYpV GH Do}HV HVSHWDFXODUHV FKDQWDJHQV H YLROrQFLD H GHVVD
IRUPD FRQVHJXHP VH LQVHULU QD DJHQGD LQIRUPDWLYD -i RV PHLRV GH
FRPXQLFDomR LQFOXHP WDLV DWRV QDV VXDV DJHQGDV GH IRUPD D JDQKDU
S~EOLFRHJHUDUJDQKRVHFRQ{PLFRV
&RQFRUGDQGRRXQmRFRPRSHVTXLVDGRUHVSDQKROpFHUWRDILUPDU
TXHRWHUURUHVWiQDDJHQGDGRVPHLRVHSXOYHUL]DDDWHQomRSDUDGLYHUVRV
SDtVHVHFRQWLQHQWHV$VVLP WHPRVFDVRVGHWHUURUQDÈVLD,QGRQpVLDH
1HSDO (XURSD 'LQDPDUFD H 6XpFLD ± HP IXQomR GD SXEOLFDomR GDV
FKDUJHVFRQWUD0DRPp2ULHQWH0pGLR,UDTXH,UmH,VUDHO$PpULFD
/DWLQD%ROtYLDH$UJHQWLQDHÈIULFD8JDQGD
(QWUH RV SDtVHV DQDOLVDGRV VRPHQWH ,Um H ËQGLD WLYHUDP LQVHUo}HV
DFHUFDGHWHUURULVPRRXVHXVGHVGREUDPHQWRVQRSHUtRGR
,GHQWLILFDGRVDXWRUHVGHDWDTXHTXHPDWRX
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$WHQWDGRPDWDQR,Um$XWRULGDGHVFXOSDP(8$
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SHOD()(
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3XEOLFDGDHP2(VWDGR2QOLQHHPHPDUoRGH'LVWULEXtGDSHOD()(
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([SORVmRGHPLQDFRORFDGDSRUUHEHOGHVPDRtVWDVPDWDVHLVQDËQGLD
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&RPR p SRVVtYHO SHUFHEHU SHOR FRQWH~GR GHVVDV QRWtFLDV HODV
WDPEpP GL]HP UHVSHLWR j TXHVWmR GDV UHODo}HV HQWUH SDtVHV FRPR SRU
H[HPSOR R ,Um UHVSRQVDELOL]DU RV (8$ SHOR DWHQWDGR RX DFHLWDU GLDORJDU
VREUHDVSRVVLELOLGDGHVGHSD]QR2ULHQWH0pGLR
&XULRVLGDGHV±DOHYH]DQRQRWLFLiULR
6LWXDo}HV DEVXUGDV JHUDP QRWtFLDV 2V IDLWGLYHUV VHPSUH VHUmR
QRWtFLDV QmR LPSRUWDQGR VXD RULJHP DVVXQWR RX FRQIOLWRV TXH SRVVDP
SURYRFDU 6mR DV QRWtFLDV FRP FRQWH~GR LQXVLWDGR TXH GmR OHYH]D DR
QRWLFLiULR LQWHUQDFLRQDO GHL[DQGR D DJHQGD QRWLFLRVD GH ODGR SDUD VH
WUDQVIRUPDUHP HP SXEOLFDomR REULJDWyULD 7DQWR DV DJrQFLDV QRWLFLRVDV
GLVWULEXHP FRPR RV SHVTXLVDGRV QDFLRQDLV SXEOLFDP DV FKDPDGDV
³FXULRVLGDGHV´
2LQWHUHVVDQWHp TXHHQWUHRVSHVTXLVDGRV VRPHQWHHPGRLV GHOHV
RFRUUHUDP IDWRV ³LQXVLWDGRV´ QR SHUtRGR HQWUH  D  GH PDUoR FRP
PDLRULQFLGrQFLDQD&KLQD
)DOWDGHIrPHDVID]PDFDFRVVHUHEHODUHPHPSDUTXHFKLQrV
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+RPHPPDLVDOWRGRPXQGRSURFXUDQDPRUDGD
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+RPHPGL]GLYyUFLRWUrVYH]HVGXUDQWHVRQRH
pREULJDGRDVHVHSDUDUGDHVSRVD
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3XEOLFDGDQR-%2QOLQHHPGHPDUoRGH'LVWULEXtGDSHOD()(
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'LVWULEXtGDSHOD()(IRLSXEOLFDGDQDVWUrVSHVTXLVDGDVQRGLDGHPDUoRGH
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GHWHUPLQDGRV SDtVHV Vy DSDUHFHP QR QRWLFLiULR HP IXQomR GDV
FHOHEULGDGHVTXHRYLVLWDPSRGHVHUFRPSURYDGDQRFDVRGD1DPtELD$
DWUL]$QJHOLQD-ROLHFRORFRXRSDtVQRFHQiULRQRWLFLRVRPXQGLDO
UHFHQWHPHQWHHPERUDQmRVHMDDFRQGLomRSROtWLFDHFRQ{PLFDHVRFLDOGD
1DPtELDTXHHVWHMDHPGLVFXVVmR
$VFRQWUDGLo}HVGRPXQGRJOREDOL]DGR
2VGDGRVGR318'QRLWHPUHODWLYRjSRVVLELOLGDGHGHDGTXLULU
FRQKHFLPHQWRV $QH[R QRV GmRXPDYLVmR GD GLVSDULGDGH GD GLIXVmR
GDVWHFQRORJLDVQRPXQGR(PERUDFRQVLGHUHVRPHQWHWUrVLWHQVDFHVVRD
WHOHIRQHDFHVVRjWHOHIRQLDPyYHOHDFHVVRj,QWHUQHWpSRVVtYHODWUDYpV
GRUHODWyULRGD218WUDoDUXPSHUILOGDVSRVVLELOLGDGHVGHFLUFXODomRGH
LQIRUPDo}HV HP WRGRV RV FRQWLQHQWHV $OJXQV SDLVHV FRPR D 1RUXHJD
,UODQGD ÈXVWULD &DQDGi *UpFLD HPERUD FRP tQGLFHV DOWRV GH DFHVVR j
WHFQRORJLDWrPEDL[DQRWLFLDELOLGDGH2XWURVFRPR$QJROD/LEpULD&RQJR
H $QJROD TXH WrP tQGLFHV PXLWR EDL[RV GH DFHVVR WDPEpP WrP SRXFR
HVSDoRQDPtGLD(RXWURVFRQWUDGLWRULDPHQWHWrPEDL[RtQGLFHGHDFHVVR
HVmRDVVXQWRFRWLGLDQRWDOFRPRD&KLQD
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'LVWULEXtGDSHOD()(IRLSXEOLFDGDQR2(VWDGR2QOLQHH-%2QOLQHQRGLDGHPDUoR
GH
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'LVWULEXtGDSHOD5HXWHUVIRLSXEOLFDGDSHOR2*ORER2QOLQHHPGHPDUoRGH
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DVVXQWRVSDtVHVHGDGRVGR318'TXHVHSHUFHEHTXHDDJHQGD
LQIRUPDWLYD LQWHUQDFLRQDO QmR HVWi FRQGLFLRQDGD j WHFQRORJLD H VLP DRV
LQWHUHVVHV SROtWLFRV H HFRQ{PLFRV GDV JUDQGHV SRWrQFLDV H GDV JUDQGHV
UHGHVGHFRPXQLFDomR
2 HQIRTXH GDGR jV QRWtFLDV SRU YH]HV UHIOHWH LQWHUHVVHV GH XP
GHWHUPLQDGR JUXSR RX SDtV FRPR QRV FRQIOLWRV RFRUULGRV QR 2ULHQWH
0pGLRHQWUHLVUDHOHQVHVHSDOHVWLQRV ([LVWH XPD FRPSOH[D UHGH GH
LQWHUHVVHV GH LQYHVWLPHQWRV H GH SUHVV}HVSROtWLFDVTXHSRGHPH[HUFHU
LQIOXrQFLD QR kQJXOR GH GHWHUPLQDGD FREHUWXUD 2 IDYRUHFLPHQWR PXLWDV
YH]HVpVXWLOHSRGHVHUFDXVDGRDWpPHVPRSHODVXEMHWLYLGDGHGRSUySULR
FRUUHVSRQGHQWHTXHDSXURXDVLQIRUPDo}HVGHDFRUGRFRPDVVXDV
FRQYLFo}HVHDVXDYLVmRGRVIDWRV
+iTXHVHUHVVDOWDUQRHQWDQWRDOJXQVSRQWRVLPSRUWDQWHVGDV
FREHUWXUDVLQWHUQDFLRQDLV3RUYH]HVRTXHpFRQVLGHUDGRPDQLSXODomRRX
DWUHODPHQWRGHYHVHUDQDOLVDGRVREXPDySWLFDPDLV GHWDOKDGDOHYDQGR
HPFRQVLGHUDomRDDFHVVLELOLGDGHJHRJUiILFDHSROtWLFDDRVIDWRV
3DUD 7UDTXLQD  D FULVH QR $JHQGDPHQWR HQFRQWUDULD
VROXomR QR FKDPDGR -RUQDOLVPR &tYLFR RX VHMD XP MRUQDOLVPR
SUHRFXSDGRFRPRVLQWHUHVVHVGRVOHLWRUHV
³3DUHFHTXHRVMRUQDOLVWDVVyGmRLPSRUWkQFLDDRTXHRSUHVLGHQWH
GL]DRTXHXPOtGHUSROtWLFRGL]HHVTXHFHPSRUFRPSOHWRTXHKi
FLGDGmRVOHLWRUHVHTXHHVVHVOHLWRUHVWrPXPDDJHQGD4XDOpD
DJHQGDGHVVHVFLGDGmRV>@´7UDTXLQD

1R FDVR GDV QRWtFLDV LQWHUQDFLRQDLV H D $QiOLVH GR &RQWH~GR
GLVWULEXtGR SHODV DJrQFLDV SHUFHEHVH FODUDPHQWH TXH D LPSRVLomR GH
XPD DJHQGD HVWi GHQWUR GDV FDUDFWHUtVWLFDV GR$JHQGDPHQWR RX VHMD
LPSRU VREUH R TXH IDODU 2V LQWHUHVVHV HFRQ{PLFRV H SROtWLFRV GH
GHWHUPLQDGRVEORFRVVHLPS}HPVREUHRVLQWHUHVVHVGRVFLGDGmRV2GLWR
MRUQDOLVPR FtYLFR VH HQTXDGUDULD GHQWUR GRV PDWHULDLV GLVWULEXtGRV SHOD
218 H TXH WrP EDL[R DSURYHLWDPHQWR SHORV SHVTXLVDGRV QDFLRQDLV $
SHUJXQWDTXHILFDpPDVDRS~EOLFRRTXHLQWHUHVVD"

&216,'(5$d®(6),1$,6
³1mRTXHURTXHDPLQKDFDVD
VHMDFHUFDGDGHPXURVSRUWRGRVRVODGRV
QHPTXHDVPLQKDVMDQHODVVHMDPWDSDGDV
4XHURTXHDVFXOWXUDVGHWRGDVDVWHUUDV
VHMDPVRSUDGDVSDUDGHQWURGDPLQKDFDVD
RPDLVOLYUHPHQWHSRVVtYHO0DVUHFXVRPH
DVHUGHVDSRVVDGRGDPLQKDSRUTXDOTXHURXWUD´
0DKDWPD*DQGKL

$,QWHUQHWWURX[HQRYRVDUHVSDUDDFRPXQLFDomRHHPHVSHFLDOSDUD
R MRUQDOLVPR 6H RV GDGRV DSRQWDP SDUD XPD FULVH QRV PHLRV GH
FRPXQLFDomR GH PDVVD WUDGLFLRQDLV SRU FRQWD GH XPD VpULH GH IDWRUHV
LQFOXVLYHGHFUHGLELOLGDGHRXVRGD,QWHUQHWSDUDILQVLQIRUPDWLYRVFUHVFH
DFDGDDQR
3HVTXLVDU DV PXGDQoDV QR IOX[R LQIRUPDWLYR LQWHUQDFLRQDO D SDUWLU
GD FRQVROLGDomR GD ,QWHUQHW IRL R QRVVR GHVDILR $VVXPLPRV FRPR
SUHVVXSRVWRV  GHWHUPLQDU SRUTXH FHUWRV DVVXQWRV QRWtFLDV
FRUUHODFLRQDGRV D GLIHUHQWHV YHtFXORV H IRUPDWRV H ORFDOL]DGRV D
GHWHUPLQDGRV SDtVHV FXOWXUDV H HWQLDV QmR JDQKDP PDLV GHVWDTXH QR
IOX[R QRWLFLRVR LQWHUQDFLRQDO URWLQHLUR H FRWLGLDQR H QXP UHFRUWH
PHWRGROyJLFR EHP GHILQLGR  YHULILFDU VH RV YHtFXORV GH FRPXQLFDomR
EUDVLOHLURVDQDOLVDGRVUHIOHWHPHPDQDPDOyJLFDFRQWHPSRUkQHD GRIOX[R
119
- Disponível em http://www.bigardi.oi.com.br/filosofia/gandhi.html. Acesso em 21 de maio de 2006.

LQWHUQDFLRQDO QRWLFLRVR LQGHSHQGHQWH GR DYDQoR H LQIOXrQFLD GDV QRYDV
WHFQRORJLDVGHLQIRUPDomR
$ HVWUDWpJLD SDUD SHQVDU WDLV TXHVW}HV IRL HOHJHU XP DVSHFWR
FHQWUDOFRPRGHWHUPLQDGRVSDtVHVDSDUHFHPHPGHWHUPLQDGRVYHtFXORVH
TXDLVRVWHPDVQRWLFLDGRVDFHUFDGHOHV"1RVVRREMHWLYRIRLUHVSRQGHUDRV
SUREOHPDV GH SHVTXLVD  RV DYDQoRV WHFQROyJLFRV HP HVSHFLDO D
,QWHUQHW PRGLILFDUDP R IOX[R LQIRUPDWLYR LQWHUQDFLRQDO"  $V DJrQFLDV
QRWLFLRVDVFRPRPRWRUHVKLVWyULFRVGHVVHIOX[RSDXWDPVXDFREHUWXUDGH
IRUPDGLIHUHQWHSRUFDXVDGDWHFQRORJLD"
$FRQVWUXomRGDDJHQGDLQIRUPDWLYDLQWHUQDFLRQDORXVHMDDUHODomR
GHWHPDVTXHVmRFREHUWRVSRUDJrQFLDVMRUQDLVUHYLVWDVHPDLV
UHFHQWHPHQWH VXDV YHUV}HV RQ OLQH HVWi LQWLPDPHQWH OLJDGD DR SRGHU
HFRQ{PLFR H SROtWLFR H p LQVWUXPHQWR GH H[SDQVmR GR FDSLWDOLVPR $
SRODULGDGHQDGLVWULEXLomRLQIRUPDWLYDLQWHUQDFLRQDOPDUFDGDQDVGpFDGDV
GH  H  SHOD JXHUUD IULD HQWUH (VWDGRV 8QLGRV H 8QLmR 6RYLpWLFD
GHVDSDUHFHXGRFHQiULRPLGLiWLFRPXQGLDO+RMHRTXHYHULILFDPRVpXPD
IRUWH SUHVHQoD GRV DVVXQWRV GH LQWHUHVVH DPHULFDQRV QD PtGLD
LQWHUQDFLRQDOGHVGHDHFRQRPLDDRFRPEDWHDRWHUURULVPRHHPDOJXPD
PHGLGD DV TXHVW}HV GH LQWHUHVVH GD 8QLmR (XURSpLD HQTXDQWR EORFR
HPERUDHPPHQRUHVFDOD
$SUHVHQoDGHSUDWLFDPHQWHWRGRVRVFRQWLQHQWHVQDPtGLD
LQWHUQDFLRQDOVREIRUPDGHQRWtFLDVSRGHPRVDILUPDUpGHULYDGDGD
H[SDQVmRGRFDSLWDOLVPRHGRUHFUXGHVFLPHQWRGDSROtWLFDH[WHULRU

DPHULFDQD $VVLP SRU H[HPSOR R FRPEDWH DRV PDRtVWDV QR 1HSDO RV
FRUWHVGHDMXGDILQDQFHLUDDRVHVWDGRVSDOHVWLQRVDVVDQo}HVHFRQ{PLFDV
FRQWUD&XED&RUpLDGR1RUWHH,UmDLQWHUYHQomRQR,UDTXHH$IHJDQLVWmR
DV GLVSXWDV FRP RV QDFLRQDOLVWDV ODWLQRDPHULFDQRV GD 9HQH]XHOD 3HUX
%ROtYLDHPHVPR%UDVLOHVWmRLQWULQVHFDPHQWHOLJDGRVDHVVHVGRLVIDWRUHV
3RURXWURODGRDFREHUWXUDDFHUFDGHJUDQGHVFDWiVWURIHVVHGiSHOD
H[WHQVmRGDVPHVPDVHFRPDUHSHWLomRGDViUHDV$LPSUHQVDHPERUD
FRQGLFLRQDGD SRU IDWRUHV HFRQ{PLFRV H SROtWLFRV QmR SRGH LJQRUDU RV
HIHLWRVGDSUHVHQoDGRKRPHPQRSODQHWDHHPPXLWRVFDVRVDRPLVVmR
HVWDWDO
eLPSRUWDQWHVDOLHQWDUTXHRGHWHUPLQDQWH GR DJHQGDPHQWR VH
YHULILFD DR H[WUHPR QHVWHV FDVRV 6H HP MDQHLUR GH  R PXQGR
QRWLFLRVRYROWDYDVHXVROKRVSDUDDÈVLDH2FHDQLDSRUFDXVDGDVRQGDV
WVXQDPL H VXD GLPHQVmR ± WDQWR VRFLDO TXDQWR HFRQ{PLFD SDVVDGRV 
PHVHV D UHJLmR DIHWDGD QmR p PDLV QRWtFLD 1R LPDJLQiULR PXQGLDO WXGR
YROWRX j QRUPDOLGDGH (YHQWXDOPHQWH D UHJLmR YLUD QRWtFLD TXDQGR XPD
QRYD FDWiVWURIH DFRQWHFH QR HQWDQWR VHP TXH VHMD PHQFLRQDGD D
DQWHULRU
$VVLPWDPEpPVHGiFRPSDtVHVTXHHQIUHQWDUDPFRQIOLWRV
DUPDGRVQDKLVWyULDUHFHQWH7LPRU/HVWH%yVQLD+HU]HJRYLQD0DFHG{QLD
HRXWURVDSDUHFHPQDPtGLDFRPWHPDVGLIHUHQFLDGRVGRVFRQIOLWRVTXH
PDWDUDP PLOKDUHV GH SHVVRDV H PDUFDUDP D KLVWyULD GH FDGD SDtV 2
FRWLGLDQR GHVVDV UHJL}HV H SRYRV GHYDVWDGRV SHOD JXHUUD Vy LQWHUHVVD

TXDQGR R HYHQWR HVWi DFRQWHFHQGR (VVD VLWXDomR SRGH VHU DIHULGD
WDPEpPQRFDVRGR$IHJDQLVWmRTXHYROWRXjVSiJLQDVLQWHUQDFLRQDLVD
SDUWLU GR UHFUXGHVFLPHQWR GRV FDVRV GH WHUURULVPR H QmR FRPR SDtV
RFXSDGR H DLQGD HP JXHUUD FRP RV (VWDGRV 8QLGRV &RPR H[HPSOLILFD
/HmR 6HUYD  ³>@ D ORQJHYLGDGH GD JXHUUD FLYLO HP $QJROD GHVGH
ID]FRPHODQmRVHMDPDLVQRWtFLDHPVL4XDQGRQRHQWDQWRFRPR
RFRUUHX HP  H HP  HVWRXUDP QRYDV RQGDV H FRQIOLWR $QJROD
VXELWDPHQWHYLUDQRWtFLD´
(PERUD D HFRQRPLD PXQGLDO HVWHMD JOREDOL]DGD  SUHQ~QFLR
IHLWRSHORILPGDVIURQWHLUDVHFRQ{PLFDVHFRPHUFLDLVDSDUWLUGHDFRUGRV
FRPRRVGD8QLmR(XURSpLD$/&$H0(5&268/DUHVLVWrQFLDFXOWXUDO
SHUPDQHFH H VH DFLUUD (VVH FRQWH[WR UHYHOD WDPEpP TXH RV SULQFLSDLV
SUREOHPDVGDiUHDGHFRPXQLFDomRLQWHUQDFLRQDOFRQWLQXDPVHQGRRIOX[R
LQIRUPDWLYR LQFOXVLYH R GH QRWtFLDV H D DWXDomR GDV JUDQGHV UHGHV GH
FRPXQLFDomRFRPRSRUWDYR]HVGDLGHRORJLDVRFLDOYLJHQWHHFODURGHXP
PRGRGHYLGDHQmRDIDOWDGHWHFQRORJLDVTXHGrHPFRQWDGHWUDQVPLWLUR
³UHFDGR´ $QDOLVDQGR RV GDGRV GH H[FOXVmR VRFLDO H WHFQROyJLFD H
DFUHVFHQWDQGRDHOHVGDGRVGDFRQFHQWUDomRGRVPLGLDpGLItFLOLPDJLQDU
TXHXPDWHFQRORJLDHVSHFtILFDQRFDVRD,QWHUQHWSRVVDWHUPXGDGRXP
TXDGURKLVWyULFRHPERUDWHQKDPRVTXHUHFRQKHFHUTXHDFLUFXODomRHD
GLVSRQLELOLGDGH GH LQIRUPDo}HV VmR LPHQVDPHQWH PDLRUHV FRP D
LPSODQWDomRGHOD
(P QRVVD SHVTXLVD FRQVWDWDPRV TXH DV DJrQFLDV GH QRWtFLDV H
DJRUDFRPRVXSRUWHGDVJUDQGHVUHGHVGHWHOHYLVmR±FRPR&11)2;H

PHVPRD$O-D]HHUDFRQWLQXDPDGRPLQDURFHQiULRLQIRUPDWLYR±VHMD
DWUDYpV GH WH[WRV LPDJHQV IRWRV RX VRQV (VVD DILUPDomR HQFRQWUD
JXDULGDHPGRLVDUJXPHQWRVDVQRWtFLDVSXEOLFDGDVSHORVSHVTXLVDGRV
EUDVLOHLURVVmRQDPDLRULDGRVFDVRVRULXQGDVGHDJrQFLDVLQWHUQDFLRQDLV
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