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OLQKDDQWHULRUPHQWHDSUHVHQWDGDQRVHQWLGRGHTXHVHDOLPHQWDPGHFRQFHLWRVPHWD
KLVWyULFRVHYLGrQFLDPXGDQoDVLJQLILFkQFLDDOpPGHFRQFHLWRVVXEVWDQWLYRVHTXH
VmR WDPEpP HVVHQFLDOPHQWH GH QDWXUH]D GHVFULWLYD H TXDOLWDWLYD :LQHEXUJ
/HYVWLN %DUWRQ &RQWXGR DOJXQV GHVWHV DXWRUHV GLYHUJHP QXP RXWUR
DVSHFWRDVVHQWDPDDQiOLVHGRVGDGRVQDH[SORUDomRGHLGHLDVSRUJUXSRVFXOWXUDLVVHP
DVVLWXDUHPSHORPHQRVH[SOLFLWDPHQWHHSRUUD]}HVyEYLDVHPQtYHLVKLVWRULFDPHQWH
PDLVRXPHQRVHODERUDGRV
3RU FRQWUDVWH FRP RV HVWXGRV GH EDVH FXOWXUDOLVWD SRGHPRV UHDOoDU R HVWXGR GD
LQYHVWLJDGRUD &HUFDGLOOR VREUH LGHLDV GH DOXQRV HVSDQKyLV H LQJOHVHV HP
WRUQR GD VLJQLILFkQFLD KLVWyULFD (VWD LQYHVWLJDGRUD D SDUWLU GRV UHVXOWDGRV GH GXDV
WDUHIDVFRORFDGDVDRVDOXQRVEDVHDGDVHPSHUVSHFWLYDVGLIHUHQWHVVREUHDVWHPiWLFDV
©$UPDGD,QYHQFtYHOªH©,PSpULRGH$OH[DQGUH0DJQRªFULRXXPVRILVWLFDGRPRGHOR
GH SURJUHVVmR FRQFHSWXDOHP TXH YDULDGRV WLSRV GH VLJQLILFkQFLD FRQWHPSRUkQHD
FDXVDOSDGUmRVLPEyOLFDHGHUHODomRSUHVHQWHIXWXURVmRFRPELQDGRVFRPRXWURV
LQGLFDGRUHV OLJDGRV D FULWpULRV KLVWyULFRV QRPHDGDPHQWH D FRQVLGHUDomR GH XPD
VLJQLILFkQFLD IL[D RX YDULiYHO (QWUH RV YiULRV UHVXOWDGRV &HUFDGLOOR FRQFOXLX TXH
RV DOXQRV PDLV QRYRV WHQGHUDP D VLWXDUVH QXPD DWULEXLomR GH VLJQLILFkQFLD FDXVDO
HSDGUmRIL[DRXYDULiYHOHRVPDLVYHOKRVDOFDQoDUDPHPPDLRUSURSRUomRQtYHLV
GH VLJQLILFkQFLD YDULiYHO GHQWUR GH WLSRV GH VLJQLILFkQFLD PDLV HODERUDGD GR TXH
D FDXVDO 1HVWD EDVH SRGHP WLUDUVH LODo}HV VREUH D QHFHVVLGDGH GH XP HQVLQR GH
+LVWyULD TXH DFHLWH GHVGH FHGR GLVFXWLU YiULDV SHUVSHFWLYDV PHVPR HP WRUQR GD
GLYHUVDV LGHQWLGDGHV R TXH SHUPLWLUi XOWUDSDVVDU DOJXQVGLOHPDV FXUULFXODUHV VREUH
TXHFRQWH~GRVHTXDOGRVSRQWRVGHYLVWDLQWHJUDUQRHQVLQRGD+LVWyULD2(QVLQRGD
+LVWyULDQD,UODQGDGR1RUWHTXH%DUWRQH0F&XOO\WrPLQYHVWLJDGRUHJHVH
DFWXDOPHQWHSRUWDLVSUHVVXSRVWRVDSDUHQWHPHQWHFRPVXFHVVRSHUPLWLQGRTXHMRYHQV
GHYiULRVFRQWH[WRVFXOWXUDLVHHPDOJXQVFDVRVDQWDJyQLFRVFRQVWUXDPXPTXDGUR
GD+LVWyULDPDLVHTXLOLEUDGRGRTXHDTXHOHTXHSRUYHQWXUDOKHVpIRLWUDQVPLWLGRSHODV
VXDVFRPXQLGDGHVGHRULJHP
1HVWD DERUGDJHP TXH Gi rQIDVH j QDWXUH]D VLWXDGD GD DSUHQGL]DJHP QmR ID]
VHQWLGR D LPSRUWDomR DXWRPiWLFD SDUD XPD GDGD UHDOLGDGH GH SULQFtSLRV FRJQLWLYRV
LQIHULGRV HP RXWURV FRQWH[WRV 3RU LVVR HP 3RUWXJDO HQWUH D GpFDGD GH H
LQtFLRV GD GpFDGD GH HQFHWRXVHWDPEpP D LQYHVWLJDomR VREUH FRQFHSo}HV GH
DOXQRVHSURIHVVRUHVSRUWXJXHVHVHPHDFHUFDGD+LVWyULDFRPSUHVVXSRVWRVWHyULFRV
YLQGRV GD SUySULD +LVWyULD WHQGR HP FRQWD DV H[SHULrQFLDV GH YLGD H GH HQVLQR H
DSUHQGL]DJHP FRQFUHWDV (VWD OLQKD TXH DUUDQFRX FRP RV SULPHLURV GRXWRUDGRV
H XP PHVWUDGR QD iUHD HVSHFtILFD WHP DOLPHQWDGR XP FRQMXQWR GH SHVTXLVDV HP
WRUQR GH FRQFHSo}HV DFHUFD GH H[SOLFDomR REMHFWLYLGDGH HYLGrQFLD VLJQLILFkQFLD
PXGDQoD QDUUDWLYD H PDLV UHFHQWHPHQWH FRQVFLrQFLD KLVWyULFD GHQWUR GR TXDGUR

inicio
Isabel Barca
HSLVWHPROyJLFRGHEDWLGRSRU-5VHQ&RPRSULQFLSDLVFDUDFWHUtVWLFDV

DVVXPLGDVQHVWHVWUDEDOKRVSRGHPDSRQWDUVHDVVHJXLQWHV
³0HWRGRORJLDVGHQDWXUH]DGHVFULWLYDHVVHQFLDOPHQWHTXDOLWDWLYDFRPDQiOLVHVHP
SURIXQGLGDGHVHPGHL[DUGHTXDQWLILFDUDVFDWHJRULDVGDVUHVSRVWDVHQFRQWUDGDV
³(QTXDGUDPHQWR WHyULFR GH EDVH HSLVWHPROyJLFD DVVHQWH QD +LVWyULD H
LQYHVWLJDWLYDGRFDPSRGHFRJQLomRKLVWyULFD
³'HVHQKRGHWDUHIDVGHVDILDQWHVSDUDRVDOXQRVVREUHWHPiWLFDVKLVWyULFDVTXH
JHUDOPHQWHID]HPSDUWHGRVSURJUDPDVFXUULFXODUHV
³%XVFD GH XP VHQWLGR GD SURJUHVVmR FRQFHSWXDO GRV DOXQRV FRP D FRQVWUXomR
GH XP FRQMXQWR GH FDWHJRULDVTXH YmR GHVGH DV TXH FRUUHVSRQGHP D SHUILV
DKLVWyULFRV FRQIXVmR IUDJPHQWDomR SUHVHQWLVPR VHQVR FRPXP DWp DV TXH
FRQVLGHUDPRFRQWH[WRKLVWyULFRGDVLWXDomRGHkPELWRUHVWULWRRXDODUJDGR
³5HIOH[mRVREUHDVLPSOLFDo}HVGDFDWHJRUL]DomRSRUQtYHLVGHSURJUHVVmRQDVXD
UHODomRFRPDDYDOLDomRGDVDSUHQGL]DJHQVGRVDOXQRVGDGLDJQRVHjDYDOLDomR
VXPDWLYDHPHWDFRJQLWLYD
³$SRVWDQXPSHUILOGHSURIHVVRULQYHVWLJDGRUVRFLDOTXHSRVVLELOLWHXPDDQiOLVH
FRQVLVWHQWH GDV LGHLDV GRV DOXQRV H D VXD DSOLFDomR IOH[tYHO PDV FRHUHQWH j
DYDOLDomRFRQWtQXDGDVDSUHQGL]DJHQV
³'HVHQYROYLPHQWRGHXPPRGHORGHDXODGHLQVSLUDomRFRQVWUXWLYLVWDIOH[tYHOH
GLYHUVLILFDGR%DUFDD©DXODWDOOHUª
&RPHVWDDJHQGDGHLQYHVWLJDomRHIRUPDomRWHPVLGRSRVVtYHODYDQoDUFRPXP
RSWLPLVPR PRGHUDGR QD LPSOHPHQWDomR GH XP HQVLQR GH +LVWyULD PDLV FRQVLVWHQWH
³HPERUDSDUDMiVHUHFRQKHoDTXHH[LVWHPDSHQDVDOJXPDVEROVDVGHFRQFUHWL]DomR
HIHFWLYD $ DOLPHQWDU HVWD IDVH GH LPSOHPHQWDomR HVWi XP FRQMXQWR GH WUDEDOKRV
LQYHVWLJDWLYRV TXH QRV WHP IRUQHFLGR DOJXPD OX] DFHUFD GR SURFHVVR GH DSURSULDomR
FRQFHSWXDO GRV MRYHQV HP +LVWyULD HP WRUQR GH YiULRV FRQFHLWRV 5HILUDPVH DTXL
DOJXQVGHOHV³VREUHHYLGrQFLDH[SOLFDomRPXOWLSHUVSHFWLYDVLJQLILFkQFLDQDUUDWLYD
HRULHQWDomRWHPSRUDOFRQVLGHUDGRVEDVLODUHVHQTXDQWRFRPSHWrQFLDVHVVHQFLDLVGHXP
VDEHUKLVWyULFRJHQXtQRHDFWXDOL]DGR
(678'2662%5(,'(,$6'($/8126(0+,67Ð5,$
(YLGrQFLD
2XVRSHORVDOXQRVGHIRQWHVGLYHUVLILFDGDVTXDQWRDRWHRUGDVPHQVDJHQVHVWDWXWRV
H IRUPDWRV TXH OKHV SHUPLWDP HVWDEHOHFHULQIHUrQFLDV VXVWHQWDGDV VREUH R SDVVDGR
LQWHUSUHWDomR KLVWyULFD FRQVWLWXL XPD FRPSHWrQFLD HVVHQFLDO GR VDEHU KLVWyULFR HP
FRQVWUXomR$ LQWHUSUHWDomR GR PXQGR KXPDQR H VRFLDO ¶j PDQHLUD GR KLVWRULDGRU·
DVHUGHVHQYROYLGDSHORVDOXQRVGRHQVLQREiVLFRHVHFXQGiULRIRUQHFHUiDRVMRYHQV

inicio
IHUUDPHQWDV LQWHOHFWXDLV DYDQoDGDV SDUD PHOKRU VH VLWXDUHP QXPD 6RFLHGDGH GH
,QIRUPDomRHPTXHWXGRVHGL]HFRQWUDGL]WXGRVHGHVQXGDHVHHVFRQGHRQGHWRGRV
SDUHFHPWHUUD]mRPDVDILQDOSRGHUiQmRVHUEHPDVVLP(QWUHRVHVWXGRVSRUWXJXHVHV
TXH DQDOLVDUDP DV LQIHUrQFLDV IHLWDV SHORV DOXQRV D SDUWLU GHXP FRQMXQWR GH IRQWHV
YDULDGDV UHILUDVH R GH$QD &DWDULQD 6LPmR TXH VRE LQVSLUDomR GR PRGHOR
GH LGHLDV GRV DOXQRV HP WRUQR GD HYLGrQFLD KLVWyULFD SURSRVWR SRU 5RVDO\Q$VKE\
DQDOLVRX RV GDGRV GH XPD DPRVWUD GH DOXQRV D IUHTXHQWDU R DQR SHQ~OWLPR
DQR GR HQVLQR EiVLFR H R DQR SHQ~OWLPR DQR GR HQVLQR VHFXQGiULR UHODWLYRV D
XPDWDUHIDFRPIRQWHVVREUHR,PSpULR5RPDQR'DVXDDQiOLVHLQGXWLYDUHVXOWRXXPD
FDWHJRUL]DomR GDV UHVSRVWDV GRV DOXQRV HP QtYHLV FRQFHSWXDLV (YLGrQFLD FRPR
&ySLD GR SDVVDGR (YLGrQFLD FRPR ,QIRUPDomR (YLGrQFLD FRPR 7HVWHPXQKR
RX&RQKHFLPHQWR(YLGrQFLDFRPR3URYD(YLGrQFLD5HVWULWD(YLGrQFLDHP
&RQWH[WR
1RQtYHOFRQVLGHUDUDPVHUHVSRVWDVHPTXHHPERUDRWUDEDOKRGHLQWHUSUHWDomR
GRVDOXQRVVHFHQWUDVVHDSHQDVQXPDRXGXDVIRQWHVHPHUJLDDFRQVFLrQFLDGRFDUiFWHU
LQIHUHQFLDO GD HYLGrQFLD KLVWyULFD SDUD DOpP SRUWDQWR GD YHUGDGH RX PHQWLUD GDV
IRQWHVDRVHUUHFRQKHFLGDDYDOLGDGHGRSRQWRGHYLVWDGRVDXWRUHV([HPSORGLVVRVmR
DOJXPDVUHVSRVWDVGD0DULDQDDOXQDGRDQRTXDQWRjVLQWHQo}HVGHFRQTXLVWDGHXP
YDVWRLPSpULRSHORVURPDQRVHVREUHDVUD]}HVSDUDDGLYHUJrQFLDHQWUHDVPHQVDJHQV
GHGXDVGDVIRQWHVFRPTXHWUDEDOKRX>IRQWH$GH7iFLWRHIRQWH%GH7LWR/tYLR@'L]
D0DULDQD
©$V PRWLYDo}HV TXH HVWmR QD EDVH GH WmR JUDQGLRVD FRQTXLVWD VmR HVVHQ
FLDOPHQWH D VHGH GH JOyULD ULTXH]D H SRGHU 0RWLYDGRV SHOD DPELomR RV
URPDQRVFRQVHJXLUDPHGLILFDUHIRUWDOHFHUXPLPSpULRTXHSHODVXDIRUoDVH
PDQWHYHYLYRGXUDQWHXPFRQVLGHUiYHOSHUtRGRGHWHPSRª
©2V GRFXPHQWRV >$ H %@ QmR HVWmR GH DFRUGR QD VXD WRWDOLGDGH SRUTXH
HQTXDQWRRGRFXPHQWR$UHSUHVHQWDDYR]GRSRYRFRQTXLVWDGRHVXEPHWLGRj
DXWRULGDGHGH5RPDRGRFXPHQWR%WUDQVPLWHR©SRQWRGHYLVWDªGRSUySULR
SRYRFRQTXLVWDGRUª
$R QtYHO GD (YLGrQFLD HP &RQWH[WR D FRQVFLrQFLD GD KLVWRULFLGDGH GDV IRQWHV
DGTXLUHXPkPELWRPDLVDEUDQJHQWHFRPRSDUHFHVHURFDVRGDUHVSRVWDGD0DUWDQR
DQR
©2VGRFXPHQWRVQmRHVWmRGHDFRUGRSRUTXHSULPHLURGDWDPGHTXDVH
DQRVGHGLIHUHQoDVHJXQGRQRGRFXPHQWR%HVWmRDVSDODYUDVGHXPKLVWR
ULDGRU URPDQR FXMD YLVmR VREUH 5RPD VHULD TXDVH REULJDWRULDPHQWH D GR
LPSpULRSHUIHLWRRGRFXPHQWR$SRUVHXWXUQRpEDVHDGRQDVSDODYUDVGH
XPJRYHUQDGRUGD%UHWDQKDRXVHMDGHDOJXpPTXHVRIUHGHSHUWRRVWRUPHQ
WRVFDXVDGRVSHORVURPDQRVª

inicio
Isabel Barca
2VQtYHLVLQWHUPpGLRVLQIRUPDomRWHVWHPXQKRRXFRQKHFLPHQWRSURYDREWLYHUDP

PDLRUIUHTXrQFLDQRJOREDOGDDPRVWUDDPDLRULDGRVDOXQRVGRDQRVLWXDUDPVH
QRV QtYHLV GH XVR GD HYLGrQFLD FRPR FySLD H FRPR LQIRUPDomR QtYHLV H H RV
GR DQR QR XVR GD HYLGrQFLD FRPR WHVWHPXQKR RX FRQKHFLPHQWR H FRPR SURYD
QtYHLVH$FUHVFHQWHVHTXHDOJXQVDOXQRVGRDQRVHVLWXDUDPQRQtYHO
HYLGrQFLDUHVWULWDHGRLVDOXQRVGRDQRDSUHVHQWDUDPUHVSRVWDVFRQVLGHUDGDVQR
QtYHOQtYHOHYLGrQFLDHPFRQWH[WRWDOFRPRVXJHULGRQRVH[HPSORVGHUHVSRVWD
DFLPDDSUHVHQWDGRV
2XWURV HVWXGRV WrP WDPEpP H[SORUDGRD DFWLYLGDGH GH LQWHUSUHWDomR KLVWyULFDSRU
DOXQRVFRPHQIRTXHVHVSHFtILFRVGLIHUHQFLDGRVFRPRSRUH[HPSORRGDLQWHUSUHWDomR
GHREMHFWRVDUTXHROyJLFRV5LEHLUR)HUQDQGHVQDOLQKDGH&RRSHU
6FKPLGWH*DUFLDRXVREUHVtWLRVSDWULPRQLDLV3LQWRHPTXHDV
YHUEDOL]Do}HVGRVDOXQRVIRUDPDQDOLVDGDVVHJXQGRDVFDWHJRULDVSURSRVWDVSRU$JXLOHUD
H9LOODOED8PUHVXOWDGRSDUFHODUQHVWDVSHVTXLVDVVREUHXVRGDHYLGrQFLDSRU
DOXQRVpTXHFRQWUDDLGHLDIHLWDGHTXHRVDOXQRVWrPVREUHWXGRGLILFXOGDGHVGHOHLWXUD
HHVFULWDpQDLQWHUSUHWDomRGHIRQWHVHVFULWDVHPGHWULPHQWRGDVLFRQRJUiILFDVHPTXH
HOHVPDLVVHDSRLDPSDUDDVVXDVLQIHUrQFLDV
(;3/,&$d®2
([LVWHP Mi DOJXQV HVWXGRV TXH QRV SHUPLWHP HQWHQGHU D IRUPD FRPR RV MRYHQV
OLGDP FRP D H[SOLFDomR KLVWyULFD XP FRQFHLWR TXH VH DOLPHQWD GDV GLVFXVV}HV
ILORVyILFDV WHQGR HP FRQWD XP HOHPHQWR SHFXOLDU GH ©FDXVDOLGDGH LQWHUQDª RX
H[SOLFDomR LQWHQFLRQDO H[SOLFDomR GDV LQWHQo}HV REMHFWLYRV H FRQVHTXrQFLDV GDV
DFo}HV GRV DJHQWHV H GRV JUXSRV DOHP GH FRQGLo}HV H[WHUQDV DSUHVHQWDGDV SRU
DXWRUHV TXH QRV DMXGDP D DSURIXQGDU D FRPSUHHQVmR GH FDUDFWHUtVWLFDV HVSHFtILFDV
GR VDEHU KLVWyULFR : 'UD\ HQWUH RXWURV 7DLV HVWXGRV FRQGX]LGRV VHJXQGR D
OyJLFD GH SHUFHEHU SDGU}HV H[SOLFDWLYRV GRV MRYHQV FRP PDLRU RX PHQRU JUDX GH
HODERUDomR UHYHODP XPD GLYHUVLGDGH GH QtYHLV TXH YmR GHVGH LGHLDV LQFRHUHQWHV
IUDJPHQWDGDVRXFRHUHQWHVPDVFHQWUDGDVDSHQDVQDGHVFULomRDWpQtYHLVFODUDPHQWH
H[SOLFDWLYRV 1HVWH ~OWLPR FDVR D H[SOLFDomR SRGH VHU YLVWD FRPR UHVWULWD VH
IRFDOL]DGDQXPRXGRLVIDFWRUHVRXHPRVFLODomRFRPXPVLPSOHVUHODWRGHVFULWLYR
RXWUDVYH]HVDH[SOLFDomRVXUJHPDLVHODERUDGDVHLQWHJUDGDQXPDQDUUDWLYDFRPXPD
WUDPDGHVFULWLYDH[SOLFDWLYD'LDV2SDGUmRGHSHQVDPHQWRPDLVIUHTXHQWH
HPDOXQRVGHILQDOGRHQVLQREiVLFRDQRHGRHQVLQRVHFXQGiULRDQRTXH
SDUWLFLSDUDPHPYiULRVHVWXGRVFRPHVWHHQIRTXHpRGHYDORUL]DomRDEHUWDGHXPD
H[SOLFDomR PXOWLIDFWRULDO PDV QHP VHPSUH LQWHJUDGD QXPD QDUUDWLYD FRHUHQWH 2V
UHVXOWDGRVGRVHVWXGRVTXHH[SORUDPDVQDUUDWLYDVGRVDOXQRVHP+LVWyULDFRQYHUJHP
FRPHVWHVQRVHQWLGRHPTXHRVDOXQRVPDLVQRYRVWHQGHPDDSUHVHQWDUSURGXo}HV
PDLV GHVFULWLYDV HQTXDQWR RV PDLV YHOKRV DSUHVHQWDP PDLV IUHTXHQWHPHQWH
QDUUDWLYDVGHVFULWLYRH[SOLFDWLYDV(VWHVUHVXOWDGRVLQGLFLDPTXHRHQVLQRQDDXODGH

inicio
+LVWyULDHP3RUWXJDOHRVPDQXDLVDVVLPRVXJHUHPWDPEpPOHYDIRUWHPHQWHHP

FRQWDDQDWXUH]DH[SOLFDWLYDHPXOWLIDFWRULDOGD+LVWyULD
0XOWLSHUVSHFWLYD
(P+LVWyULDDFRPSUHHQVmRHTXLOLEUDGDGHXPGDGRSDVVDGRLPSOLFDDFRQVLGHUDomR
GHGLIHUHQWHVSHUVSHFWLYDVRXVRGHIRQWHVGLYHUVLILFDGDVQDVVXDVPHQVDJHQVSDUD
TXHVHGLVWLQJDGDSURSDJDQGDHDWpGDMiLQDFHLWiYHO©JUDQGHQDUUDWLYDª(VWHFULWpULR
GH ©QHRREMHFWLYLGDGHª LPSUHJQD D +LVWyULD GH HOHYDGD SURYLVRULHGDGH QDV VXDV
©FRQFOXV}HVªVHQGRFRPHVWHSUHVVXSRVWRTXHVHWrPH[SORUDGRDVLGHLDVGHDOXQRV
SRUWXJXHVHVGHVGHRDRDQRGHHVFRODULGDGHDFHUFDGDYDULHGDGHGHSHUVSHFWLYDV
VREUHRSDVVDGR
2 SULPHLUR HVWXGR VREUH FRQFHSo}HV GH DOXQRV SRUWXJXHVHV DFHUFD GD QDWXUH]D
PXOWLSHUVSHFWLYDGDGD+LVWyULDIRLGHVHQYROYLGRFRPFHUFDGHDOXQRVGRH
DQRVGHHVFRODULGDGHTXHUHDOL]DUDPXPFRQMXQWRGHWDUHIDVHPWRUQRGHTXDWUR
YHUV}HV DOJR FRQWUDGLWyULDV HQWUH VL VREUH FRPR IRL SRVVtYHO D H[LVWrQFLD GH XP
©LPSpULRSRUWXJXrVQR2ULHQWHªQRVpF;9,%DUFD1HVWHHVWXGR
³2VDOXQRVGRDQRWHQGHUDPDDSUHVHQWDUXPUDFLRFtQLRPHUDPHQWHVXEVWDQWLYR
©DHVWyULDªDOJXQVGHOHVDILUPDQGRDWpQmRKDYHUGLIHUHQoDVGHLGHLDVHQWUHDV
TXDWUR YHUV}HV HQWUH HVWHV DOXQRV PDLV QRYRV SRUpP XP GHOHV UHFRQKHFHX H
GLVFXWLXGLIHUHQWHVSHUVSHFWLYDVPDUFDGDVSHORFRQWH[WRGRVVHXVDXWRUHV
³2V DOXQRV GR DQR QD VXD PDLRULD DFHLWDUDP OLPLQDUPHQWH D H[LVWrQFLD GH
YiULDV H[SOLFDo}HV QtYHLV GH ©H[SOLFDomR UHVWULWDª H GH ©TXDQWR PDLV IDFWRUHV
PHOKRUª$V YiULDV YHUV}HV GHYLDPVH VHJXQGR HOHV DR ©SRQWR GH YLVWD GR
DXWRUªRX©jPHQWDOLGDGHªDGLIHUHQWHVQtYHLVGHFRQKHFLPHQWRHRXDRFRQWDFWR
FRP GLIHUHQWHV IRQWHV DOJXQV SRXFRV DUJXPHQWDUDP H[SOLFLWDPHQWH FRQWUD D
H[LVWrQFLDGRSRQWRGHYLVWDGRKLVWRULDGRUH[LJLQGRDFRQYHUJrQFLDGHLGHLDVSDUD
VHDWLQJLUHPDV©YHUGDGHLUDVFRQFOXV}HVªVREUHRSDVVDGRQtYHOGH©FRQVHQVRª
³$OJXQV SRXFRV DOXQRV GR DQR ~OWLPR DQR GH HVFRODULGDGH SUHVHQWH QD
DPRVWUD PRVWUDUDP FRPSUHHQGHU TXH DV LQWHUSUHWDo}HV KLVWyULFDV SRGHP VHU
VLPXOWDQHDPHQWHFLHQWtILFDVHGLIHUHQWHVHQWUHVLPHVPRSDUWLQGRGDVPHVPDV
IRQWHVHTXHYiULDVYHUV}HVSRGHPPDQWHUVHDEHUWDVjFRQILUPDomRHUHIXWDomR
QRVHLRGDFRPXQLGDGHGRVKLVWRULDGRUHVQtYHOGH©SHUVSHFWLYDª
1XPRXWURHVWXGRVREUHFRQFHSo}HVGHDOXQRVPDLVQRYRVDIUHTXHQWDURHR
DQRRVSDGU}HVGHLGHLDVVXJHULUDPXPVHQWLGRDQiORJRDRGRHVWXGRDQWHULRUGHVGH
XPDQmRGLVFULPLQDomRHQWUHUHODWRVGHVHQWLGRGLIHUHQWHDWpXPDLGHLDPDLVVRILVWLFDGD
GH UHFRQKHFLPHQWR GD GLYHUVLGDGH GH YHUV}HV XPD YH] TXH FDGD DXWRU WHP RV VHXV
SUHVVXSRVWRVHSRGHFRPXQLFDUGHIRUPDGLIHUHQWHDVVXDVFRQFHSo}HVVREUHRSDVVDGR
FRQIRUPHDVDXGLrQFLDV*DJR

inicio
Isabel Barca
6LJQLILFkQFLD
(QWUHRVHVWXGRVTXHWrPSURFXUDGRFRPSUHHQGHUDVLJQLILFkQFLDDWULEXtGDj+LVWyULD
SRUDOXQRVUHILUDVHRGH&DVWURTXHDQDOLVRXRWLSRHQtYHOGHVLJQLILFkQFLD
DWULEXtGD SRU DOXQRV GR HQVLQR VHFXQGiULR D GXDV VLWXDo}HV KLVWyULFDV GLIHUHQFLDGDV
XPD GH GLiORJR LQWHUFXOWXUDO HQWUH 3RUWXJXHVHV H -DSRQHVHV QR VpF ;9, RXWUD GH
FRQIOLWR GH SHUVSHFWLYDV HQWUH 3RUWXJXHVHV H )UDQFHVHV QR SHUtRGR GDV ,QYDV}HV
)UDQFHVDV6HQDDUJXPHQWDomRHPWRUQRGDSULPHLUDVLWXDomRDOJXQVMRYHQVLQWHJUDUDP
FRQFHLWRV DYDQoDGRV GH UHODomR LQWHUFXOWXUDO H HPSDWLD KLVWyULFD QD VHJXQGD WDO QmR
DFRQWHFHXFHQWUDQGRVHDUHIOH[mRGRVPHVPRVMRYHQVHPLGHLDVPDUFDGDVSHODQRomR
GHGLIHUHQoDHQWUHSRYRVVHPSUREOHPDWL]DURSRQWRGHYLVWD¶GRRXWUR·6REXPRXWUR
kQJXORQRSODQRGDVLJQLILFkQFLDDWULEXtGDDSHUVRQDJHQVGD+LVWyULD&KDYHV
LQGDJRXDVPRWLYDo}HVHYDORUHVTXHVXUJHPQDEDVHGDVHVFROKDVGH¶KHUyLVKHURtQDV
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