D?
LQIRUPD©¥R W«FQLFR FRPHUFLDO
&+1"/#"/È+ & 0 ")"1/,* $+Ç1& 0 [ &*-,/1Â+ & !,0 ,0 ")Ç1/& ,0 ,!,0 ,0 ".2&- *"+1,0 ")Ç1/& ,0 0Ã, #,+1"0 !" &+1"/#"/È+ & 0 !" 3Á/&,0 1&-,0 " +Ë3"&0: * $/ +!" - /1" !"00 0 &+1"/#"/È+ & 0 Ç "*&1&! -,/ ,0 ")Ç1/& ,0: / *&+&*&7 / "01" #"+Ð*"+, " '201 / , 0&01"* ,0 -/&+ Ë-&,0 ! ,*- 1& &)&! !" ")"1/,* $+Ç1& 8 ,)& ,0 !&0-,+& &)&7 2* $ * ,*-)"1 !" ,0 )&+! !,0: 8PD GDV PDLRUHV IRQWHV GH LQWHUIHU¬QFLDV HOHWURPDJQ«WLFDV V¥R RV GLVSRVLWLYRV HTXLSD GRV FRP LQYHUVRUHV YDULDGRUHV GH YHORFLGD GH QRV TXDLV D JUDQGH IUHTX¬QFLD GH DOWHUD ©·HV QD LQWHQVLGDGH GD FRUUHQWH HO«WULFD EHP FRPR D JUDQGH DPSOLWXGH GRV LPSXOVRV HO« WULFRV SURGX]HP LQWHUIHU¬QFLDV HOHWURPDJQ« WLFDV WUDQVPLWLGDV SDUD R DPELHQWH 3DUD IUHTX¬QFLDV LQIHULRUHV D 0+] DV LQWHUIHU¬QFLDV WUDQVPLWHP VH SULQFLSDOPHQWH DWUDY«V GRV FDPSRV HOHWURPDJQ«WLFRV JHUD GRV SRU HVVDV FRUUHQWHV VHQGR TXH SDUD YD ORUHV GH IUHTX¬QFLD VXSHULRUHV D 0+] HV WDV V¥R WUDQVPLWLGDV VRE D IRUPD GH UDGLD©¥R 3RU RXWUR ODGR DV IUHTX¬QFLDV LQWHUP« GLDV W¬P D VXD FRQWULEXL©¥R HP DPERV RV WLSRV GH HPLVV¥R 7HQGR HP OLQKD GH FRQWD TXH RV LQYHUVR UHV YDULDGRUHV GH YHORFLGDGH V¥R LPSUHVFLQ G¯YHLV QD UHJXOD©¥R GH TXDOTXHU WLSR GH SR W¬QFLD SRVVLELOLWDQGR XPD UHJXOD©¥R HIHWLYD H GLPLQXLQGR FRQVLGHUDYHOPHQWH R JDVWR GH HQHUJLD FRQVLGHUD VH SRU LVVR GH HVSHFLDO UH OHY¤QFLD RV FDERV GH DOLPHQWD©¥R XWLOL]DGRV $ DSOLFD©¥R GH FDERV EOLQGDGRV DSURSULD GRV GR SRQWR GH YLVWD GD TXDOLGDGH QD DOL PHQWD©¥R H WUDQVPLVV¥R GH GDGRV WHP XPD LQIOX¬QFLD QRW£YHO QD ͤDELOLGDGH GRV VLQDLV PHGLGRV QD VHJXUDQ©D GRV GDGRV WUDQVPLWL GRV H QD YHORFLGDGH GD SUµSULD WUDQVPLVV¥R 3DUD DO«P GLVVR JUD©DV D HVWH WLSR GH FDERV ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
EOLQGDGRV SRGHPRV HYLWDU D PRQWDJHP GH XPD LQVWDOD©¥R GH FRPDQGR VLQDO H RXWUD GH DOL PHQWD©¥R HP GRLV FDQDLV VHSDUDGRV (P YH] GH LQVWDODU RV FDERV VHSDUDGDPHQWH H DIDVWDGRV HP GLIHUHQWHV FDPLQKRV GH FDERV TXH SRU YH]HV SRGHP FKHJDU D Y£ULRV TXLOµPHWURV SRGH VH GHVWD IRUPD LQVWDODU RV FDERV GH VLQDO H DOLPHQWD©¥R ODGR D ODGR REWHQGR VH DVVLP XP PHQRU FXVWR GH LQVWDOD©¥R 2V FDERV 2OIOH[ EOLQGDGRV HP WUDQ©DV GH FREUH IRUDP HVSHFLDOPHQWH FULDGRV SDUD DSOLFD ©·HV GH DOLPHQWD©¥R GH VHUYRPRWRUHV $ FRQVWLWXL©¥R GHVWHV FDERV SHUPLWH Q¥R HPLWLU LQWHUIH U¬QFLDV LPSRVVLELOLWDQGR D VXD SDVVDJHP DRV FDERV LQVWDODGRV SUµ[LPRV GHVWHV
± V =
2/)/(; 6(592 <6/&< « XP FDER GH DOLPHQWD©¥R FRP EOLQGDJHP GXSOD SDUD WHQV¥R GH XWLOL ]D©¥R GH N9 (VWH FDER DSUHVHQWD XPD EDL[D LPSHG¤QFLD GD VXD EOLQGDJHP VHQGR LGHDO SDUD DOLPHQWDU HTXLSDPHQWRV FRP VHUYRPRWRUHV *DUDQWH D WUDQVPLVV¥R GH SRW¬QFLD VHP SHUGDV FRQVLGHU£YHLV TXDQGR FRPSDUDGR FRP FD ERV FRQYHQFLRQDLV (VWH WLSR GH FDER « R PDLV XWLOL]DGR HP DPELHQWHV FRP XP JUDQGH Q¯YHO GH LQWHUIHU¬QFLDV HOHWURPDJQ«WLFDV FRPR SRU H[HPSOR QD LQG¼VWULD DXWRPµYHO SDSHO PDGHLUD HQWUH RXWURV
V <;;
2/)/(; &/$66,& &< « XPD JDPD GH FDERV GH DOLPHQWD©¥R H FRPDQGR FRP EOLQGDJHP HP PDOKD GH FREUH TXH JDUDQWH D PDQXWHQ©¥R GD FRPSDWLELOLGDGH HOHWURPDJQ«WLFD (0& QHFHVV£ULD TXDQGR H[LVWH D SRVVLELOLGDGH GRV FDPSRV HOHWURPDJQ«WLFRV SRGHUHP LQWHUIHULU QD WUDQVPLVV¥R GH VLQDLV 1DV YHUV·HV GH VHF©·HV UHGX]LGDV RQGH VH WUDQVPLWHP FRUUHQ WHV GH PHQRU LQWHQVLGDGH DSURYHLWD VH D SDUWLFXODULGDGH GH VH REWHU XPD IRUWH UHGX©¥R GD LQIOX¬QFLD GH LQWHUIHU¬QFLDV H[WHULRUHV QRV VLQDLV WUDQVPLWLGRV TXDQGR VH XWLOL]DP HVWH WLSR GH FDERV 3RU«P QDV DSOLFD©·HV GH SRW¬QFLD FRP YDORUHV PDLV HOHYDGRV DSOLFD VH HVWH FDER SDUD FRPEDWHU R IHQµPHQR LQYHUVR RX VHMD OLPLWDQGR UDGLD©¥R GH LQWHUIHU¬QFLDV SDUD R H[WHULRU
V 9 9 *DUDQWLU FRPSOHPHQWDUPHQWH DRV FDERV H GH IRUPD D XPD SURWH©¥R HͤFD] FRQWUD LQWHUIHU¬Q FLDV H[LJH VH D OLJD©¥R ¢ WHUUD GD EOLQGDJHP GR FDER HP DPEDV DV H[WUHPLGDGHV 2V EXFLQV 6.,1723 06 6& SHUPLWHP XP FRQWDFWR HͤFD] FRP D EOLQGDJHP JDUDQWLQGR DVVLP D OLJD©¥R ¢ WHUUD GRV FDERV EOLQGDGRV H XPD HͤFD] SURWH©¥R FRQWUD DV LQWHUIHU¬QFLDV