&yPRXVDUODVFDUDFWHUtVWLFDVGHFRFFLyQOHQWD
SL]]DFDOHQWDPLHQWR\OHXGDGR
*($SSOLDQFHVFRP
&yPRFRQILJXUDUHOKRUQRLQIHULRUSDUDFRFFLyQOHQWD
/DFRFFLyQOHQWDHVWiGLVHxDGDSDUDSHUtRGRV
SURORQJDGRVGHFRFFLyQVLQDWHQFLyQ
3UHVLRQHHOERWyQ
6/2:&22.
FRFFLyQ
OHQWD
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
VHOHFFLRQDUODFRQILJXUDFLyQGHVHDGDSDUD
FDUQHGHDYH\SDUDFDUQHV8WLOLFH
&DUQHVVLQRVDEHELHQTXpFRQILJXUDFLyQ
XWLOL]DU
3UHVLRQHODVDOPRKDGLOODVQXPpULFDVSDUD
FRQILJXUDUHOWLHPSRGHFRFFLyQGHVHDGR(O
WLHPSRGHFRFFLyQGHEHVHUGHSRUORPHQRV
KRUDVKDVWDXQPi[LPRKRUDV
PLQXWRV
3UHVLRQHHOERWyQ
67$57
LQLFLDU
127$
6LRFXUUHXQFRUWHGHHQHUJtDGXUDQWH
ODFRFFLyQOHQWDODFRFLQDVHDSDJDUi
*XtDGHFRFFLyQOHQWD
&RQVHMRVVREUHODJXtD
(OSURJUDPDGHFRFFLyQOHQWDXWLOL]D
XQDVHULHFRPSOHMDGHFLFORVGHWHPSHUDWXUD
SDUDREWHQHUORVPHMRUHVUHVXOWDGRV
3RUHVWDUD]yQVHUHFRPLHQGDTXH
HOSURJUDPDGHFRFFLyQOHQWDIXQFLRQH
VLQFDQFHODFLRQHVQLUHLQLFLDFLRQHV6L
VHUHLQLFLDODFDUDFWHUtVWLFDGHFRFFLyQ
OHQWDPLHQWUDVVHHQFXHQWUDHQSURJUHVR
ODFDUQHSXHGHFRFLQDUVHGHPiV
3DUDFDUQHMXJRVD\WLHUQDHOLMDFRUWHV
GHFDUQHFRPRDVDGRGHFXDUWRGHODQWHUR
RXQDVDGRGHSDOHWDVLQKXHVR/RVFRUWHV
GHFDUQHPiVPDJURVFRPRHOFXDUWR
WUDVHURVXSHULRUVRQPiVVHFRV\SXHGHQ
QHFHVLWDUOtTXLGRDGLFLRQDO
8WLOLFHVyORSODWRVGHYLGULRRFHUiPLFD
/DVROODV\VDUWHQHVGHPHWDOWLHQGHQ
DWUDQVIHULUHOFDORUDORVDOLPHQWRV
GHPDVLDGRUiSLGR
$MXVWHODFDQWLGDGGHDOLPHQWRVDOWDPDxR
GHOUHFLSLHQWH/OHQHHOUHFLSLHQWHKDVWDô
SDUDPHMRUHVUHVXOWDGRV8QDROODPX\
JUDQGHGHMDHVFDSDUHOYDSRUORTXHVHFD
ORVDOLPHQWRV
6LHPSUHFXEUDODROODFRQXQDWDSDRFRQ
SDSHOGHDOXPLQLR
3XHGHXVDUVHXQDJDPDPiVDPSOLD
GHUHFHWDVFRQODFDUDFWHUtVWLFDGHFRFFLyQ
OHQWD3DUDPHMRUHVUHVXOWDGRVGHEHQ
UHDOL]DUVHDOJXQRVDMXVWHV3DUDUHFHWDV
GHWDPDxRVPiVSHTXHxRVFRPLHQFH
DFRQWURODUHQHOWLHPSRPtQLPR3DUD
UHFHWDVPiVJUDQGHVRFXDQGRGREOH
ODVFDQWLGDGHVGHODVUHFHWDVORVDOLPHQWRV
SXHGHQFRFLQDUVHSRUSHUtRGRVPiV
SURORQJDGRV
&XDQGRODFDUDFWHUtVWLFDGHFRFFLyQOHQWD
ILQDOL]DHOKRUQRFDPELDDXWRPiWLFDPHQWH
HOPRGR´ZDUPµPDQWHQHUFDOLHQWH6LVH
GHVHDWLHPSRDGLFLRQDOSDUDFRFFLyQOHQWD
HVWHPRGRGHPDQWHQHUFDOLHQWHSXHGH
XWLOL]DUVHSDUDREWHQHUWLHPSRH[WUD
5,(6*2'(,172;,&$&,Ï1$/,0(17$5,$3RUGHEDMRGHORV)&SXHGHSURGXFLUVH
FUHFLPLHQWRGHEDFWHULDVHQORVDOLPHQWRV
6LHPSUHHPSLHFHFRQDOLPHQWRVFDOLHQWHV1RXWLOLFHFRQILJXUDFLRQHV
GHPDQWHQHUFDOLHQWHSDUDFDOHQWDUDOLPHQWRVIUtRV
1RFDOLHQWHDOLPHQWRVSRUPiVGHKRUDV
1RVHJXLUHVWDVLQVWUXFFLRQHVSXHGHSURYRFDUHQIHUPHGDGHVWUDQVPLWLGDV
SRUORVDOLPHQWRV
$'9(57(1&,$
$OLPHQWR
&DQWLGDG
3RVLFLyQ
GHOD
EDQGHMD
&RQILJ
GHORV
DOLPHQWRV
RUDV
&RPHQWDULRV
&DUQHGHUHV
$VDGRGH
FXDUWR
GHODQWHUR
²
ø
OEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
$JUHJXHWD]DGH
OtTXLGR
&RVWLOODV
ø
²OEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
&RORTXHODVFRVWLOODV
HQXQDVRODFDSD
&DUQHGHDYH
3ROORHQWHUR
OEV
NJ
&
&DUQHGH
DYH
+,DOWD²KUV
/2EDMD²KUV
$JUHJXHWD]DGH
OtTXLGR
7UR]RVGHSROOR
WUR]RV
DSUR[
OEV>NJ@
&
&DUQHGH
DYH
+,DOWD²KUV
/2EDMD²KUV
0HMRUFRORTXHEDMR
XQDVDOVDSDUDTXH
QRVHVHTXH
&HUGR
$VDGRGH
SDOHWDVLQ
KXHVR
²OEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
$JUHJXH²WD]D
GHOtTXLGR
&KXOHWDVGH
FHUGRHVWLORGH
FDPSR
ø
²OEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
&RORTXHODVFRVWLOODV
HQXQDVRODFDSD
&KXOHWDVGH
FHUGR
²OEV
²NJ
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
&RORTXHODVFRVWLOODV
HQXQDVRODFDSD
6RSD
6RSDGHFDUQH
YHJHWDO
FXDUWRV
GHJDOyQ
OLWHUV
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
$VHJ~UHVHGHTXHORV
WUR]RVGHFDUQHHVWpQ
VXPHUJLGRV
&KLOH
FXDUWRV
GHJDOyQ
OLWHUV
&
&DUQHV
+,DOWD²KUV
/2EDMD²KUV
6XPHUMDORVIULMROHV
SDUDTXHQRVH
VHTXHQ
