(OHYDGRUGHOD(VWXID
HQPRGHORVFRQTXHPDGRUHVJHPHORVHVWiQGDU
/LPSLHHOiUHDGHEDMRGHODHVWXIDFRQ
IUHFXHQFLD/DVXFLHGDGDFXPXODGD
HVSHFLDOPHQWHODJUDVDVHSXHGHLQFHQGLDU
3DUDIDFLOLWDUODOLPSLH]DODHVWXIDSXHGHVHU
OHYDQWDGD
127$
1ROHYDQWHODHVWXIDHQPRGHORVFRQ
TXHPDGRUHVVHOODGRV/HYDQWDUODFRFLQD
SXHGHSURGXFLUGDxRV\XQIXQFLRQDPLHQWR
LQDSURSLDGRGHODHVWXID
3DUDOHYDQWDUODHVWXID
$VHJ~UHVHGHTXHORVFRQWUROHVGHOD
VXSHUILFLHHVWpQDSDJDGRV
5HWLUHODVSDUULOODVV
7RPHORVGRVTXHPDGRUHVIURQWDOHV\
OHYiQWHORV
/LPSLHGHEDMRGHODHVWXIDFRQDJXDFDOLHQWH\
MDEyQ\XQDWHODVHFD6LUHWLUyORVTXHPDGRUHV
GXUDQWHODOLPSLH]DDVHJ~UHVHGHTXHVH
HQFXHQWUHQFRUUHFWDPHQWHSRVLFLRQDGRVDO
UHHPSOD]DUORV
/XHJRGHODOLPSLH]DEDMHODHVWXIDHYLWH
SLQFKDUVHORVGHGRV
$OJXQRVPRGHORVFXHQWDQFRQ
YDUDVGHVRSRUWHGXDOTXH
VRVWHQGUiQODHVWXIDPLHQWUDV
OLPSLDVXSDUWHLQIHULRU
*($SSOLDQFHVFRP
3DUWH,QIHRUQR
/DSDUWHLQIHULRUGHOKRUQRSRVHHXQ
DFDEDGRGHSRUFHODQDHVPDOWDGD3DUD
IDFLOLWDUODOLPSLH]DSURWHMDHOIRQGRGHO
KRUQRGHGHUUDPHVH[FHVLYRVFRORFDQGR
XQDKRMDGHJDOOHWDVHQHOHVWDQWHTXH
HVWiGHEDMRGHOHVWDQWHVREUHHOFXDO
HVWiFRFLQDQGR(VWRHVSDUWLFXODUPHQWH
LPSRUWDQWHDOKRUQHDUXQDWDUWDGHIUXWD
XRWUDVFRPLGDVFRQDOWRFRQWHQLGRGH
iFLGR/RVUHOOHQRVGHIUXWDFDOLHQWHX
RWUDVFRPLGDVFRQDOWRFRQWHQLGRGHiFLGR
WDOHVFRPRWRPDWHFKXFUXW\VDOVDVFRQ
YLQDJUHRMXJRGHOLPyQSXHGHQRFDVLRQDU
ILVXUDV\GDxRVVREUHODVXSHUILFLHGH
SRUFHODQDHVPDOWDGD\VHGHEHUiQOLPSLDU
LQPHGLDWDPHQWH
3DUDOLPSLDUGHUUDPHVXVHDJXD\MDEyQXQ
OLPSLDGRUDEUDVLYRRXQDDOPRKDGLOODSDUD
IUHJDUOOHQDGHMDEyQ(QMXDJXHELHQSDUD
HOLPLQDUFXDOTXLHUUHVWRGHMDEyQDQWHVGHOD
IXQFLyQGHDXWROLPSLH]D
/HYDQWHOD3XRUQR
HQDOJXQRVPRGHORV
/DSXHUWDGHOKRUQRVHSXHGHUHWLUDUSHUR
HVSHVDGD(VSRVLEOHTXHQHFHVLWHD\XGD
SDUDUHWLUDU\UHHPSOD]DUODSXHUWD
3DUDUHWLUDUODSXHUWD
$EUDODPLVPDXQDVSXOJDGDVKDVWDOD
SRVLFLyQGHGHWHQFLyQHVSHFtILFDTXH
VRVWHQGUiODSXHUWDDELHUWD
6RVWHQJDODPLVPDGHPDQHUDILUPH
VREUHFDGDODGR\OHYDQWHODSXHUWDKDFLD
DUULED\DIXHUDGHODVELVDJUDV
127$
$VHJ~UHVHGHQRFRORFDUODVPDQRV
HQWUHODELVDJUD\HOPDUFRGHODSXHUWD
GHOKRUQR\DTXHODELVDJUDSRGUtDKDFHU
SUHVLyQEUXVFDPHQWH\ODVWLPDUORVGHGRV
3DUDUHHPSOD]DUODSXHUWD
$VHJ~UHVHGHTXHODVELVDJUDVVHHQFXHQ
WUHQHQODSRVLFLyQGHGHWHQFLyQHVSHFt
ILFD3RVLFLRQHODVUDQXUDVHQODSDUWH
LQIHULRUGHODSXHUWDGLUHFWDPHQWHVREUH
ODVELVDJUDV
+DJDGHVFHQGHUODSXHUWDGHIRUPDOHQWD
\SDUHMDVREUHDPEDVELVDJUDVDOPLVPR
WLHPSR6LODVELVDJUDVKDFHQSUHVLyQ
EUXVFDPHQWHVREUHHOPDUFRHPSXMHODV
PLVPDVKDFLDDIXHUD
/HYDQWHODSXHUWDKDFLD
DUULED\DIXHUDGHODV
ELVDJUDV
(VWDRUQR
7RGDVODVSDUULOODVGHOKRUQRVHSRGUiQ
OLPSLDUDPDQRFRQXQOLPSLDGRUDEUDVLYR
RYLUXWD/XHJRGHODOLPSLH]DHQMXDJXH
ODVSDUULOODVFRQDJXDOLPSLD\VHTXHFRQ
XQDWHODOLPSLD6HUiQHFHVDULRHQJUDVDU
WRGRVORVFRVWDGRVGHODSDUULOODGHOKRUQR
FRQXQDFDSDVXDYHGHDFHLWHYHJHWDO
OXHJRGHOLPSLDUODVDPDQRRHQHOKRUQR
(VWRD\XGDUiDTXHODVSDUULOODVVHSXHGDQ
GHVOL]DUFRQIDFLOLGDGIXHUDGHKRUQR
