3$7==RQD&RVWLHUĆD0ĆULL1HJUH²6WUXFWXUDDFWLYLWĆĦLORU

8UEDQLVP
HFRQRPLFH‡&%XUWHD$&KLFRü,3HOHDQX




$1$/,=$$&7,9,7ąĥ,/25(&2120,&(Í1= 21$
&267,(5ą$0ą5,,1(*5(

&ULVWLQD%857($
&6,,,HFRQRPLVW,1&'85%$1,1&(5&6XFXUVDOD85%$1352,(&76HFĦLD
8UEDQLVPüL*HVWLXQHD/RFDOLWĆĦLORUHPDLOFULVWLQDEXUWHD#\DKRRFRP

$OLQD&+,&2û
&6,,,GUVRFLRORJ,1&'85%$1,1&(5&6XFXUVDOD85%$1352,(&7
6HFĦLD'H]YROWDUHüL&RH]LXQH7HULWRULDOĆHPDLOFKLFRVBDOLQD#\DKRRIU


,RQ3(/($18
&6,,,GUGDUKLWHFW,1&'85%$1,1&(5&6XFXUVDOD85%$1352,(&7ûHI
6HFĦLH'H]YROWDUHüL&RH]LXQH7HULWRULDOĆHPDLOLRQSHOHDQX#JPDLOFRP


$EVWUDFW 7KH6SDWLDO'HYHORSPHQW3ODQRIWKH5RPDQLDQ%ODFN6HD
&RDVWDO $UHD FRPPLWWHG E\ WKH 0LQLVWU\RI 5HJLRQDO 'HYHORSPHQW
DQG 7RXULVP IRU WKH 5RPDQLDQ %ODFN 6HD&RDVWDO $UHDLV PHDQW WR
SURYLGH WKH WHUULWRULDO SODQQLQJ IUDPHZRUN IRU WKH IXWXUH
LPSOHPHQWDWLRQRI,QWHJUDWHG&RDVWDO=RQH0DQDJHPHQW7KLVSDSHU
IRFXVHV RQ WKH DQDO\VLV RI WKH WHUULWRULDO VSUHDG RI HFRQRPLF
SHUIRUPDQFH LQ YDULRXV EXVLQHVV VHFWRUV DQG LQ SDUWLFXODU RI
DFWLYLWLHVOLQNHGWRWRXULVPDVRQHVLJQLILFDQWVRXUFHRIUHYHQXHLQWKH
DUHD 7KH DQDO\WLFDO PHWKRG XVHG SURYHV WR EH D XVHIXO WRRO WR
LGHQWLI\ WKH VSHFLILF VSDWLDO SDWWHUQ RI VWUXFWXUDO SURILOHV DQG
HPSOR\PHQW ZLWKLQ WKH QHWZRUN RI XUEDQ DQG UXUDO VHWWOHPHQWV
ZKLOHKLJKOLJKWLQJSDUWLFXODUVSDWLDOGLVSDULWLHVDVFRPSDUHGWRORFDO
UHVRXUFHV

.H\ ZRUGV FRDVWDO ]RQH VSDWLDO SODQQLQJ VXVWDLQDEOHWHUULWRULDO
GHYHORSPHQWHFRQRPLFSRWHQWLDOWRXULVP


6FRSXOüLQHFHVLWDWHDHODERUĆULL vQ FRQWH[WXO GH]YROWĆULL GXUDELOH üL vQ
GRFXPHQWDĦLHL FRQIRUPLWDWH FX OHJLVODĦLD VSHFLILFĆ GLQ
3ODQXO GH $PHQDMDUH D 7HULWRULXOXL =RQDO GRPHQLXGHWDOLHUHDRSĦLXQLORUVWUDWHJLFHGH
3$7= ² =RQD &RVWLHUĆ GRFXPHQWDĦLH
ILQDQĦDWĆ GH 0LQLVWHUXO 'H]YROWĆULL
5HJLRQDOH üL 7XULVPXOXL D YL]DW
LGHQWLILFDUHD GLVIXQFĦLRQDOLWĆĦLORU WHULWRULDOH
GLQ ]RQD FRVWLHUĆ D 0ĆULL 1HJUH SH ED]D
XQHL DQDOL]H PXOWLFULWHULDOH GHILQLUHD
UHODĦLLORU vQWUHORFDOLWĆĦLOH GLQDFHVWWHULWRULX

GH]YROWDUH GXUDELOĆ SH DFHDVWĆ XQLWDWH
WHULWRULDOĆ VSHFLILFĆ FX DFFHQW SH
YDORULILFDUHD SRWHQĦLDOXOXL HQGRJHQ üL
LGHQWLILFDUHDRSRUWXQLWĆĦLORUGHILQDQĦDUHGLQ
VXUVH FRPXQLWDUH HXURSHQH $SUHFLHUHD
IXQFĦLRQDOLWĆĦLL VLVWHPXOXL WHULWRULDO HVWH
HVHQĦLDOĆvQGHVFRSHULUHDVWUXFWXULORUPDL
 8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡




PXOW VDX PDL SXĦLQ IDYRUDELOH üL vQ 0HWRGRORJLD GH OXFUX D SUHVXSXV
HYDOXDUHDUDSRUWXOXLGLQWUHSRWHQĦLDOXOGH DJUHJDUHDFRGXULORU&$(1GXSĆPRGHOXO
GH]YROWDUH D DFHVWXLD üL FDSDFLWDWHD GH  UHYL]XLW  vQ FRQIRUPLWDWH FX QRUPHOH
YDORULILFDUHDSRWHQĦLDOXOXLUHVSHFWLY HXURSHQH OD QLYHO GH UDPXUL PDUL GH
 DFWLYLWDWH DVWIHO DJULFXOWXUĆ üL SHVFXLW
5HVXUVHOH RIHULWH GH ]RQD FRVWLHUĆ DVLJXUĆ LQGXVWULH FRQVWUXFĦLL FRPHUĦ WXULVP
SH GHR SDUWH VXSRUWXO SHQWUX DFWLYLWĆĦLOH WUDQVSRUW DOWH VHUYLFLL SXQkQGXVH XQ
DQWURSLFHGDUDVLJXUĆüLIXQFĦLDGHUHJODUH DFFHQW GHRVHELW SH WXULVP FD UHVXUVĆ
DWkW SHQWUX HFRVLVWHPHOH QDWXUDOH FkW üL LPSRUWDQWĆJHQHUDWRDUHGHYHQLW
SHQWUX FHOH DQWURSLFH 7UHEXLH UHPDUFDWH 
SRVLELOHOHSXQFWHGHDPSOLILFDUHüLGHEORFDM &RQWH[WXOVXSUDWHULWRULDODO]RQHLGHFRDVWĆ
DOH GH]YROWĆULL vQ YHGHUHD GHSLVWĆULL UHOLHIHD]Ć LPSRUWDQĦD HYROXĦLHL VDOH SULQ
PRGDOLWĆĦLORU SULQ FDUH DFHVWHD SRW IL SR]LĦLRQDUHD VWUDWHJLFĆ WHULWRULDOĆ DWkW vQ
vQFXUDMDWHVDXUHVSHFWLYDWHQXDWH FRQWH[WQDĦLRQDO FkWüLHXURSHDQ GHDFHHD
 HFRQRPLD=RQHL&RVWLHUHD0ĆULL1HJUHHVWH
3UHVLXQHD DVXSUD OLWRUDOXOXL D JHQHUDW üL XQXO GLQ IDFWRULL GHPD[LP LQWHUHV D FĆUXL
JHQHUHD]ĆvQFRQWLQXDUHDFWHüLGHFL]LLDOH HYROXĦLH YD DIHFWD PDL PXOW GHFkW VIHUD
DXWRULWĆĦLORU FHQWUDOH üL vQ PRG GHRVHELW ORFDOĆSODQüD
DOH DXWRULWĆĦLORUORFDOH DOH ORFXLWRULORU üL 
vQWUHSULQ]ĆWRULORU GLQ ]RQĆ FRQWUDUH ,QGLFDWRUXO SULQ LQWHUPHGLXO FĆUXLD VD
SUHYHGHULORUOHJLVODĦLHLvQYLJRDUH GHWHUPLQDWLPSRUWDQĦDUDPXULORUHFRQRPLFH
 vQ SURILO WHULWRULDO D IRVW FLIUD GH DIDFHUL
$PHQDMDUHDWHULWRULXOXLFDUHSULQFDUDFWHUXO FRQVLGHUDWĆFHDPDLLPSRUWDQWĆYDULDELOĆFH
VĆX LQWHJUDWRU YL]HD]Ć R SHUVSHFWLYĆ PĆVRDUĆUH]XOWDWHOHODQLYHOPLFURHFRQRPLF
VWUDWHJLFĆ üL IRUPXOHD]Ć RELHFWLYH FH
XUPĆUHVFSURJUHVXOGH]YROWDUHDUHJLXQLLvQ
DFRUG FX UHVXUVHOH GLVSRQLELOH vQ VFRSXO
GLPLQXĆULLIDFWRULORUUHVWULFWLYLüLPD[LPL]ĆULL
DWXXULORU XUPĆULQG SULQFLSLXO GH]YROWĆULL
GXUDELOHSRDWHüLWUHEXLHVĆILHRFRPSRQHQWĆ
HVHQĦLDOĆvQJHVWLRQDUHD]RQHORUFRVWLHUH
 3HQWUX WRDWH GRPHQLLOH SULQFLSDOH GH
/XFUDUHD üLD SURSXV VĆ VSULMLQH SULQ
PLMORDFHOH VSHFLILFH DPHQDMĆULL WHULWRULXOXL
IRUPXODUHD XQHL YL]LXQL GH GH]YROWDUH D
'REURWĆ

6D XUPĆULW WRWRGDWĆ LGHQWLILFDUHD FHORU
PDL FRPSHWLWLYH ORFDOLWĆĦL GLQ ]RQD GH
VWXGLX vQ IXQFĦLH GH YDORDUHD WRWDOĆ D
UH]XOWDWHORUREĦLQXWHGLQHFRQRPLDSURSULH

DFWLYLWDWH DQDOL]D D YL]DW R GHWDOLHUH D
DFWLYLWĆĦLORU HFRQRPLFH SHUIRUPDQWH OD
QLYHOXO 8QLWĆĦLORU $GPLQLVWUDWLY 7HULWRULDOH
DFWLYLWĆĦLORU]RQHLFRVWLHUHSHQWUXXQRUL]RQW 8$7 XUEDQH üL UXUDOH SHUIRUPDQĦD ILLQG
GHWLPSGHDQL DSUHFLDWĆSULQYROXPXOFLIUHLGHDIDFHULGLQ
 UHVSHFWLYXOGRPHQLXGHDFWLYLWDWHvQWRWDOXO
6WUXFWXUDüLHYROXĦLDDFWLYLWĆĦLORU
HFRQRPLFHWHUHVWUHüLSHPDUH
 
0HWRGRORJLDDQDOL]HL
6WUXFWXUD DFWLYLWĆĦLORU HFRQRPLFH OD
QLYHOXO]RQHLFRVWLHUHDYL]DWSULQFLSDOHOH
DFWLYLWĆĦL UHDOL]DWH GH ILUPH DSDUĦLQkQG
PHGLXOXL SULYDW GDU üL HYROXĦLD UHVXUVHL
XPDQHDQJUHQDWHvQDFHVWHDFWLYLWĆĦL
 
FLIUHLGHDIDFHUL&$UHDOL]DWHvQUHVSHFWLYD
XQLWDWHDGPLQLVWUDWLYĆ
3URILOXO HFRQRPLF DO ILHFĆUHL XQLWĆĦL
DGPLQLVWUDWLYH D IRVW UHDOL]DW GXSĆ FLIUD
GH DIDFHUL vQVXPDWĆ GH WRDWH ILUPHOH FX
VHGLXO vQ UHVSHFWLYD ORFDOLWDWH FKLDU GDFĆ
XQHOH ILUPH vüL GHVIĆüRDUĆ DFWLYLWDWHD
SURSULX]LVĆvQDOWHORFDOLWĆĦL
 3$7==RQD&RVWLHUĆD0ĆULL1HJUH²6WUXFWXUDDFWLYLWĆĦLORU
8UEDQLVP
HFRQRPLFH‡&%XUWHD$&KLFRü,3HOHDQX



1H LQWHUHVHD]Ć EHQHILFLLOH GLIX]H DOH
DFWLYLWĆĦLL XQHL ILUPH GDU DP FRQVLGHUDW
LPSRUWDQW ORFXO vQ FDUH DFHVWH YHQLWXUL
VXQWFRQWDELOL]DWHFRQWULEXLQGGLUHFWVDX
LQGLUHFWODFRQVWLWXLUHDEXJHWHORUORFDOH
 3URILOXOHFRQRPLFDOXQLWĆĦLORU
&RQGLĦLD GHWDOLHULL XQXL GRPHQLXOXL GH
DFWLYLWDWH SHQWUX UHDOL]DUHD XQXL SURILO
HFRQRPLF PDL ILGHO D IRVW FRQWULEXĦLD
UHVSHFWLYXOXL GRPHQLX FX FHO SXĦLQ 
OD &$ WRWDOĆ vQUHJLVWUDWĆ OD QLYHOXO XQHL
XQLWĆĦLDGPLQLVWUDWLYWHULWRULDOH
&RQIRUP FX DFHDVWĆ FODVLIL FDUH VD
UHDOL]DW SURILOXO HFR QRPLF DO XQLWĆĦLORU 
DGPLQLVWU DWLY WHULWRULDOH GLQ =RQD
&RVWLHUĆ

DGPLQLVWUDWLYWHULWRULDOHGLQ=RQD&RVWLHUĆ
8WLOL]kQG HOHPHQWHO H PHWRGRORJL FH 
DPLQWLWH PDL VXV D IR VW SR VLELOĆ
UHDOL]DU HDXQXLSUR ILOH FRQRPL FDO 8$7
GLQ =RQD &RVWLH UĆ FX XUP ĆWRDU HD
GLVWULEXĦLH 
 ï SURILO SULPDU  DJULFXOWXUĆ
3HQWUXDJULFXOWXUĆDFHDVWĆFRQGLĦLHDIRVW &HDPXUOLD GH -R V üL -XULORYFD vQ
vQGHSOLQLWĆ GHRUDüHOH 2YLGLX 0XUIDWODU MXGHĦXO 7XOFH D ,VWUL D 0H UHQL üL 
üL 1HJUX 9RGĆ 3HQWUX LQGXVWULH DFHDVWĆ 3H FLQHDJ DvQM XGHĦXO&RQVWDQĦD
FRQGLĦLH D IRVW vQGHSOLQLWĆ GH RUDüHOH ï SURILO SULP DUWHUĦLDU DJUL FXO WXU Ć
&RQVWDQĦD 0DQJDOLD 1ĆYRGDUL 2YLGLX VHUYL FLL &DVWHO X üL &RPDQD vQ
0XUIDWODUüL0HGJLGLD MXGHĦXO&RQVWDQĦD
 ï SURILO VH FXQGDU LQGXVWULH 
3HQWUX FRPHUĦ DFHDVWĆ FRQGLĦLH D IRVW 0DQJDOLD 1ĆYR GDUL /XPLQD üL 
vQGHSOLQLWĆ GH RUDüHOH &RQVWDQĦD 1LFRODH %ĆO FHVFX vQ MXGH ĦXO 
0XUIDWODU 0HGJLGLD (IRULH 7HFKLUJKLRO &RQVWDQĦD
1HJUX9RGĆ0DQJDOLDüL2YLGLX3HQWUX ï SURILO VH FXQGDU FRQVWUXFĦLL
WUDQVSRUW DFHDVWĆ FRQGLĦLH D IRVW 6DUL FKLRLvQM XGHĦXO7XO FH D
vQGHSOLQLWĆ GH RUDüHOH 2YLGLX üL 6XOLQD ï SURILO VHFXQGDUWHUĦLDU  LQGXVWULH
SODQüD FRPHUĦ 2YL GL X vQ MXGH ĦXO 
 &RQVWDQĦD
3URILOXO HFRQRPLF DO 8$7 GLQ =RQD ï SURILO VHFXQGDUWHUĦLDU  LQGXVWULH
&RVWLHUĆ D IRVW VWDELOLW vQ ED]D VHUYL FLL $JLJHD vQ MXGH ĦXO 
FHOHLFHORU PDL LPSRUWDQWH DFWLYLWĆĦL  &RQVWDQĦD
HFRQRPLFH FDOFXODWĆ vQ IXQFĦLH GH  ï SURILO WHUĦLDU FRPHU Ħ 6XOLQD vQ
SRQGHUH D FLIUHL GH DIDFHUL vQ WRWDO FLIUĆ MXGHĦXO 7XO FHD &RQVWDQĦD
GH DIDFHUL GXSĆ XUPĆWR DUHD 0H GJLGL D (IRULH  0XUIDWODU 1HJU X
PHWRGRORJLH 9RGĆ 7HFKLUJKLRO  $XJ XVW
ï SURILO SULPDU ² SHVWH  FLIUĆ GH  $P]DFH DvQM XGHĦXO&RQVWDQĦD
DIDFHUL GLQ DJULFXOWXUĆ VLOYLFXOWXU Ć ï SURILOWH UĦLDU VH UYLFLL &ULüDQ&$
SLVFL FXOWXUĆ 5RVHWWL 0XULJKLRO 6IkQWX
ï SURILOVHFXQGDU²SHVWH FLIUĆGH  *KHRUJ KH vQ MXGHĦXO 7XOFH D
DIDFHULGLQLQGXVWULHüLFRQVWUXFĦLL $OEHüWL &RUE X &RVWLQHüWL
ï SURILO WHUĦLDU ² SHVWH  FLIU Ć GH  &XPSĆQD /LPDQX 0LKDL 9LWH D]X
DIDFHULGLQFRPHUĦüLVHUYLFLL 0LKDLO .RJ ĆOQLFHDQX 3RDU WD $OEĆ
ï GLIHULWH FRPELQDĦLL DOH FHORU WUHL  vQMXGH ĦXO &RQVWDQĦD
VHFWRDU H vQ FRQGLĦLLOH vQ FDUH  ï SURILO WHUĦL DU FRPHUĦVHUYL FLL
SRQGHUH D XQXL  VH FWRU QX GH SĆüH üWH  %ĆU ĆJDQX &X]D 9RGĆ 6ĆFHOH
GLQFLIUDWRWDOĆGH DIDFHUL 7RSU DLVDU



 8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡




ï SURILO WHUĦL DU VH UYLFLL WUDQVSRUW 2ULHQWDUHD DFWLYLWĆĦLORU GLQ HFRQRPLD

7X]OD9DO XO XL7UDL DQ ]RQHL FĆWUH VHFWRUXO WHUĦLDU UHSUH]LQWĆ XQ
ï SURILO WHUĦLDU  SULP DU FRPHU Ħ VHPQDO EXQ vQ FHHD FH SULYHüWH XWLOL]DUHD
DJULFXOWXUD6IkQWX*KHRUJKH  DYDQWDMHORU FRPSHWLWLYH GH SH SODQ ORFDO
 FH RULHQWHD]Ć FĆWUH R GH]YROWDUH FX
$FWLYLWDWHD HFRQRPL FĆ FH DSDUH  vQWUH  SULRULWDWH D DFWLYLWĆĦLORU WXULVWLFH üL D
SDUDQWH]H VHPQL ILFĆ SUHSRQGHUHQĦD VHUYLFLLORUGHVXSRUW
DFHOHL UDPXUL HFRQRPLFH vQ VH FWRUXO  
LGHQWLILFDW 5H]XOWDWHOH H FRQRPLFH DOH DFHVWXL 
 GRPHQLX VH VLWXHD]Ć vQVĆ P XOW VXE 
$FROR XQGH H [LVWĆ FRPELQDĦLL DOH  SRVLELOLWĆĦLOH H[LVWHQWH   vQ  üL 
VHFWRDU HORU HFRQRPLFH VHPQXO YLUJXOĆ
HQXPHUHD]Ć RUGLQHD LPSRUWDQĦHL OD
IRUPDUHD DFWLYLWĆĦLL LDU EDUD VHPQLIL FĆ
SRQGHUH D HJDOĆ D LQGLFDWRU XOXL OD
IRUPDUHDDFWLYLWĆĦLL
 3RWHQĦLDOXO HFRQRPLF DO =RQHL &RVWLHUH
'HWHUPLQDUH D SURILOXOXL H FRQRPLF
VFRDWH vQHYLGH QĦĆIDSWXOFĆPDMRULWDWHD
XQLWĆĦLORU DGPLQLVWU DWLYWHULWRULDOH GLQ
=RQD &RVWLHUĆ DX XQ SURILO H FRQRPLF
WHUĦLDU FDUDFWHUL]DW vQ SULQFL SDO SULQ
SUHSRQGHUHQĦD DFWLYLWĆĦLORU GH VHUYLFLL 
üL D FHORU FRPHU FLDOH FX GR XĆ H [FHSĦLL 
7X]O D üL 9 DOX OXL 7UDL DQ SHQWU X FDUH 
HVWHHYLGH QWĆRVSHFLDOL]DUHvQDFWLYLWĆĦL 
GHWU DQVSRUW
 DFWLYLWĆĦLORUHFRQRPLFHvQSHULRDGD
ÍQ FHH D FH  SULYHüWH YDORULILFDUHD
UHVXUVHORUORFDOH H[LVWĆ FkWHY DORFDOLWĆĦL 
FH REĦLQ UH]XOWDWH H FRQRPLFH 
LPSRUWDQWH  SH VWH  GLQ FL IUD GH 
 vQ  GLQ &$ WRWDOĆ üL UH FODPĆ
DFĦLXQLGHUHVWUXFWXUDUHüLUHSR ]LĦLRQDUH 
YL]DYLGH PHGL XOFRQFXUHQĦLDO

3RWHQĦLDOXOHFRQRPLFDO=RQHL&RVWLHUH
HVWH GDW GH  UHVXU VHOH QDWXU DOH IXQFLDUH 
üL XPDQH H[LVWHQWH üL VXVĦLQXW GH 
LPSOLFDUHD IDFWRULORU GH GHFL]LH ORFDOL
GH PHGLXO GH DIDFHUL SUH FXP üL GH 
PRGXO vQ FDUH VXQW VXVĦLQXWH üL DWUDVH 
LQYHVWLĦLLOH

0HWRGRORJLD GH LGHQWLILFDUH D SRWHQ
ĦLDOXOXL HFRQRPLF DO =RQHL &RVWLHUH VH
ED]HD]Ć SH HYLGHQĦLHUHD WUHQGXOXL
 OD QLYHO GH 8$7 SULQ LQWHUPHGLXO
XQRU LQGLFDWRUL FH UHIOHFWĆ VLWXDĦLD
PHGLXOXL SULYDW üL DQXPH ² QXPĆUXO GH
ILUPH QXPĆUXO GH VDODULDĦL üL FLIUD GH
DIDFHUL WRWDOĆ D 8$7 GLQ H [SORDWDUHD DIDFHUL
UHVXUVHORUVSH FLIL FH]RQHLüLDQXPH 
ï H[SORDWDUHD UH VXUVHORU SLVFLFROH 2 SULYLUH GH DQVDPEOX DVXSUD VLWXDĦLHL
&ULüDQ  üL 6IkQWX *KHRUJKH  DFHVWRU LQGLFDWRUL UHOHYĆ GXSĆ FXP VH 
vQMXGHĦXO7XO FHD REVHUYĆ vQ JUDILFHOH XUPĆWRDUH R
ï H[SORDWDUHD UHVXU VHORU WXULVWL FH H[SDQVLXQH SHQWUX WRDWH YDULDELOHOH
0XULJKLRO  vQ M XGH ĦXO 7XOFH D FRQVLGHUDWHvQSHULRDGDGHDQDOL]Ć
(IRULH  üL &RVWLQHüWL  
vQM XGHĦXO&RQVWDQĦD (YROXĦLD QXPĆUXOXL GH ILUPH
 vQUHJLVWUHD]Ć XQ SOXV GH  vQ DQXO 
&XPHUDGHDüWH SWDWODUHDOL]DUHD FLIUHL   FRPSDUDWLY FX DQXO  )LJ
WRWDOH GH DIDFHUL GLQ WXULVP D =RQHL  $FHDVWĆ GXEODUH D QXPĆUXOXL GH ILUPH
&RVWLHUH FH D PDL PDUH  FRQWULEXĦLH  PDUFKHD]Ć R SHULRDGĆ GH FUHüWHUH
DSDUĦLQH  PXQL FLSLLORU &RQVWDQĦD HFRQRPLFĆ FRPSOHPHQWDUĆ FHOHL GH OD
üL0DQJDOLD QLYHOQDĦLRQDO
 
 3$7==RQD&RVWLHUĆD0ĆULL1HJUH²6WUXFWXUDDFWLYLWĆĦLORU
8UEDQLVP
HFRQRPLFH‡&%XUWHD$&KLFRü,3HOHDQX



'LQ FHOH  ILUPH SULYDWH vQUHJLVWUDWH
vQ   QX DYHDX GHSXV ELODQĦ
FRQWDELO GH XQGH UH]XOWĆ FĆ QXPĆUXO
XQLWĆĦLORU HFRQRPLFH DFWLYH D IRVW GH
 $FHDVWĆ YDORDUH UHSUH]LQWĆ 
GLQQXPĆUXOWRWDOGHXQLWĆĦLORFDOHDFWLYH
DOFĆWXLHVF =RQD &RVWLHU Ć FRQVL GHUĆP 
QHFHVDUSUHFL]DUHDXQRU GDWHUH IHULWRDUH 
OD UDWD GH  RFXSDUH D UHVXUVHORU GH 
PXQFĆvQFRQWH [WH [WLQV

GLQ MXGHĦHOH&RQVWDQĦD   üL 7XOFHD
$QXDU6WDWLVWLF,16



)LJ(YROXĦLDQXPĆUXOXLGHVDODULDĦLvQ=RQD
&RVWLHU ĆvQSHULRDGD
6XUVD²3UHOXFUĆULGXSĆED]DGHGDWH%RUJ'HVLJQ

 6D LGHQWLILFDW DVWIHO  FĆ vQ MXGH ĦXO 
)LJ(YROXĦLDQXPĆUXOXLGHILUPHvQ=RQD
&RQVWDQĦDODQLYHOXODQXOXL UDWDGH 
&RVWLHU ĆvQSHULRDGD
6XUVD²3UHOXFUĆULGXSĆED]DGHGDWH%RUJ'HVLJQ RFXSDUHDUHVXUVHORUXPDQHHUDGH 
 LDUvQM XGH ĦXO 7XOFHDDFHDVWD VH VLWXDOD
'LQ WRWDOXO ILUPHORU DFWLYH LGHQWLILFDWH XQ QLYHO GH  3HQWUX DFHODüL DQ
SHQWUX =RQD &RVWLHUĆ  DSDUĦLQ 5HJLXQHD 6XG(VW vQUHJLVWUD R U DWĆ GH 
ORFDOLWĆĦLORUGLQMXGHĦXO&RQVWDQĦD RFXSDUH D U HVXU VHORU GH  PXQFĆ GH 
  vQ WLPS FH PHGLD QDĦLRQDOĆ HUD
(YROXĦLD QXPĆUXOXL GH VDODULDĦL GH  $XGLW WHUULWRULDO DO 5HJLXQLL 
PDUFKHD]Ć R FUHüWHUH PDL PRGHVWĆ GH6XG(VW
FRPSDUDWLY FX QXPĆUXO GH ILUPH 
vQUHJLVWUkQGXVHXQSOXVGHQXPDL $QDOL]D LQIRUPDĦLLORU FX SULYLUH OD
vQIDĦĆGH UHVXUVHOHGHPXQFĆH[LVWHQWHJUDGXOGH 
 XWLOL]DUH DO DFHVWRUD üL IRUĦD GH PXQFĆ
$VWIHO vQ DQXO  vQ =RQD &RVWLHUĆ VDODULDWĆFRQGXFH OD FRQFO X]LD FĆH[LVWĆ
VDODULDĦLL GLQ PHGLXO SULYDW UHSUH]HQWDX GLIHUHQĦH vQ QLYHO XO GH GH ]YROWDUH DO 
 GLQ QXPĆUXO PHGLXO GH VDODULDĦL ORFDOLWĆĦLORU FH DSDU ĦLQ MXGHĦXO XL 7XO FHD
vQUHJLVWUDĦL vQ VWDWLVWLFD RILFLDOĆ üL  üL FHORU FH DSDUĦL Q MXGHĦXO XL &RQVWDQĦD
UDSRUWDWODSRSXODĦLDRFXSDWĆFLYLOĆ SH GH  R SDUWH SUH FXP üL vQ FHHD FH 
 SULYHüWH FRQWH [WXO MXGHĦH DQ FRPSDU DW
6H UHPDUFĆ IDSWXO FĆ PDUHD PDMRULWDWH D FXFHOUHJLRQDOüLQDĦLRQDO
VDODULDĦLORU GLQ ]RQD GH VWXGLX SUHVWHD]Ć 
PXQFĆ VDODULDWĆ üL DSDUĦLQ PHGLXOXL 6H UHPDUFĆ DVWIHO R  SR]LĦLH FRPSHWLWLYĆ
SULYDWFRQVLGHUDWDILFHOFHFRQWULEXLHOD vQ FHHD FH  SULYHüWH RFXSDUH D D
YDORDUHDDGĆXJDWĆvQHFRQRPLH ORFDOLWĆĦLORU GLQ MXGHĦXO &RQVWDQĦD vQ
 FRQWH[W UHJLRQDO vQVĆ LQIHULRDUĆ vQWUR 
ÍQ VFR SXO GH D HYLGHQĦLD PDL ELQH PLFĆ PĆVXUĆ FRPSDUDWLY FX QLYHOXO
VLWXDĦL D RFXSĆULL vQ OR FDOLWĆĦLOH FH  QDĦLRQDO


 8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡




6LWXDĦLD RFXSĆULL vQ FD]XO ORFDOLWĆĦLORU FH FLIUHL GH DIDFHUL REĦLQXWĆ GH PHGLXO 
DSDUĦLQ MXGHĦXOXL 7XOFHD GLQ =RQD SULYDWDDY XWvQDQXORSRQGH UHGH 
&RVWLHUĆ HYLGHQĦLD]Ć YDORUL VODEH DOH  GLQ FLIUD GH DIDFHUL D MXGHĦXOXL 
RFXSĆULL UHVXUVHORU GH PXQFĆ LQIHULRDUH &RQVWDQĦD  üL  GLQ YDORDUHD
QLYHOXOXLUHJLRQDOüLFKLDUPDLvQGHSĆUWDWH DFHOXLDüLLQGLFDWRUODQLYHOGHUHJL XQH
GHQLYHOXOQDĦLRQDO 

&LIUDGHDIDFHULWRWDOĆvQUHJLVWUDWĆvQ=RQD
&RVWLHUĆ vQ SHULRDGD  PDUFKHD]Ć
PDL PXOW GHFkW R GXEODUH D UH]XOWDWHORU
HFRQRPLFHREĦLQXWHvQFRQWH[WXOvQFDUHvQ
DQXO  VD REĦLQXW XQ SOXV GH 
FRPSDUDWLYFXDQXO

$FHDVWĆ HYROXĦLH VH vQWkPSOĆ SH IRQGXO
FUHüWHULLHFRQRPLFHJHQHUDOL]DWHüLDDYXW
FD HIHFW PXOWLSOLFDUHD LQYHVWLĦLLORU
FRQFUHWL]DWH GXSĆ FXP VD HYLGHQĦLDW 
)LJ(YROXĦLDFLIUHLGHDID FHULvQ=RQD&RVWLHUĆvQ
DQWHULRU vQ FUHüWHUHD QXPĆUXOXL GH ILUPH SHULRDGD
üL PDL SXĦLQ vQ FUHüWHUHD QXPĆUXOXL GH 6XUVD²3UHOXFUĆULGXSĆED]DGHGDWH%RUJ'HVLJQ
VDODULDĦL 
7DEHOXO&LIUDGHDIDFHULGLQ=RQD&RVWLHUĆvQ

FRQWH[WUHJLRQDOvQ
$FHVW IHQRPHQ PDUFKHD]Ć R FUHüWHUH
1LYHOWHULWRULDOGH &LIUDGHDIDFHULPLO
ED]DWĆ vQ SULQFLSDO SH FRQVXP üL PDL DQDOL]Ć OHL
SXĦLQ SH SURGXFĦLH üL vüL DUH UHVRUWXUL vQ 5HJLXQHD6XG(VW 
SROLWLFD GH FUHGLWDUH H[FHVLYĆ GXVĆ GH -XGHĦXO&RQVWDQĦD 
VLVWHPXOEDQFDUIDSWFHDFRQGXVXOWHULRU =RQD&RVWLHUĆ 
ODRFRQWUDFĦLHSXWHUQLFĆDHFRQRPLHL 6XUVD²6WDWLVWLFDUHJLRQDOĆüLMXGHĦHDQĆ
 SUHOXFUĆULGXSĆED]DGHGDWH%RUJ'HVLJQ
(VWH LPSRUWDQW GH SUH FL]DW SHQWU X 
DQDOL]D VLWXDĦLHL H [LVWHQWH FĆ 8$7 GLQ 7UHEXLH SUHFL]DW IDSWXO FĆ SHQWUX D VH
MXGH ĦXO&RQVWDQĦD SDUWL FLSĆODIRUP DUHD SXWHD UHDOL]D FRPSDUDĦLD FX QLYHOXO
FLIUHL GH DIDFHUL D =RQHL &RVWLHUH vQ MXGHĦHDQ üL UHJLRQDO VD VFĆ]XW GLQ FLIUD
SURSRUĦLHGH WRWDOĆGHDIDFHULD=RQHL&RVWLHUHFLIUDGH
 DIDFHUL GLQ DJULFXOWXUĆ  DVWIHO vQFkW
ÍQDFHVWFRQWH[WDPUHDOL]DWRFRPSDUDĦLH FRPSDUDĦLD VĆ VH UHDOL]H]H SHQWUX YDORUL
FXQLYHOXOMXGHĦHDQüLFHOUHJLRQDOvQFHHD
FH SULYHüWH SHUIRUPDQĦD HFRQRPLFĆ D
vQWUHSULQGHULORU vQ VFRSXO GH D VFRDWH vQ
HYLGHQĦĆ LPSRUWDQĦD FRYkUüLWRDUH vQ
HFRQRPLD MXGHĦXOXL D ]RQHL GH FRDVWĆ üL
LPSOLFDĦLLOH GH]YROWĆULL VDOH vQ FRQWH[W
RPRJHQH *UDILFXO GH PDL VXV )LJ
HYLGHQĦLD]Ć vQ YDORUL DEVROXWH VLWXDĦLD
LQGLFDWRUXOXLFLIUDGHDIDFHULWRWDOĆSHQWUX
DQLLüL

(YROXĦLD GH DQVDPEOX D HFR QRPLHL
UHJLRQDOSODQüD =RQHL &RVWLHUH UH IOHFWDWĆ vQ VLWXDĦLD
 LQGLFDWRULORU DQDOL]DĦL LGHQWLIL FĆ XQ
ÍQ DFH VW VH QV VD LGHQWLILFDW IDSWXO FĆ SRWHQĦLDO HFRQRPLF LPSRUWDQW vQ
SHUIRUPDQĦD H FRQRPLFĆ D =RQHL  VSH FLDO vQ FHHD FH SULYHüWH  SDU WHD
&RVWLHUH UHSUH]HQWDWĆ SUL Q YDORDUHD FRQVWĆQĦH DQĆDWHULWRUL XOXL

 
 3$7==RQD&RVWLHUĆD0ĆULL1HJUH²6WUXFWXUDDFWLYLWĆĦLORU
8UEDQLVP
HFRQRPLFH‡&%XUWHD$&KLFRü,3HOHDQX



$LFL VH UHPDUFĆ ÅPRWRUXOµ HFRQRPLF SHULRDGĆ vQDLQWH GH  VHSWHPEULH GDWD
FDSDELO VĆ VXVĦLQĆ GH]YROWDUH YLLWRDUH D RILFLDOĆGHvQFKHLHUHDVH]RQXOXL
]RQHL GH FRDVWĆ FX WRDWHLPSOLFDĦLLOH VDOH 
DVXSUDPRGXOXLGHXWLOL]DUHDWHUHQXULORU
üLH[WLQGHUHDVSDĦLLORUIXQFĦLRQDOH

'HüL GLVSXQH GH UHVXUVH QDWXUDOH
LPSRUWDQWH ]RQD GH FRDVWĆ D MXGHĦXOXL
7XOFHD QX vQUHJLVWUHD]Ć SURSRUĦLRQDO R
SHUIRUPDQĦĆ HFRQRPLFĆ GHRVHELWĆ LDU
FLIUHOH SULYLQG RFXSDUHD VXEOLQLD]Ć
GHFDODMXO GH GH]YROWDUH FRPSDUDWLY FX
]RQD FRVWLHUĆ DIHUHQWĆ MXGHĦXOXL 
&RQVWDQĦD )LJ3RQGHUHDWXULüWLO RUURPkQLüLVWUĆLQLvQ
6XUVD²3UHOXFUĆULGXSĆLQIRUPDĦLLGHOD
 $VRFLD ĦLD/,725$/'(/7$'81ą5,,
7XULVPXOvQ=RQD&RVWLHUĆ 
/DQLYHOXODQXOXLvQSHULRDGDLXOLH 6HUHPDUFĆIDSWXOFĆSHULRDGDGHILQDOGH
  VHSWHPEULH vQ VWDĦLXQLOH OLWRUDOXOXL VH]RQ HVWH SUHIHUDWĆ FHOHL GH vQFHSXW
FRQVWĆQĦHDQDIRVWvQUHJLVWUDWXQIOX[WRWDO vQUHJLVWUkQGXVH FX  PDL PXOĦL
GH  GH WXULüWL URPkQL üL VWUĆLQL WXULüWL OD ILQDO GH VH]RQ FRPSDUDWLY FX
LQGLFDWRU FDOFXODW SULQ vQVXPDUHD SHULRDGDGHvQFHSXW
vQUHJLVWUĆULORU ]LOQLFH D QXPĆUXOXL GH 
WXULüWLVRVLĦL 3HULRDGD GH YkUI D QXPĆUXOXL WRWDO GH
 WXULüWL FRLQFLGH FX SHULRDGD GH YkUI D
&RQVLGHUkQG XQ VHMXU PHGLX GH  ]LOH WXULüWLORU URPkQL vQUHJLVWUDĦL SH OLWRUDO üL
SHQWUX R SHUVRDQĆ FD]DWĆ vQ XQLWĆĦL GH DQXPHvQGDWDGHDXJXVW
FD]DUH RPRORJDWH VH LGHQWLILFĆ R 
SDUWLFLSDUH GH FFD  WXULüWL vQ
VH]RQXOHVWLYDO

ÍQFHHDFHSULYHüWHVXUVDLQWHUQĆVDXH[WHUQĆD
WXULüWLORUVHREVHUYĆRSRQGHUHPDMRULWDUĆD
WXULüWLORU URPkQL GXSĆ FXP SRDWH IL
YL]XDOL]DWvQJUDILFXOXUPĆWRU)LJ

7XULüWL VWUĆLQL DX UHSUH]HQWDW OD QLYHOXO
VH]RQXOXLQXPDLSHUVRDQHXQ
QXPĆU UHODWLY PLF DYkQG vQ YHGHUH
SRWHQĦLDOXOQDWXUDODO]RQHL
 
6LWXDĦLD QXPĆUXOXL GH WXULüWL vQ SHULRDGD
GH vQFHSXW vQ FHD GH YkUI üL OD ILQDOXO
VH]RQXOXL HVWLYDO HYLGHQĦLD]Ć XQ vQFHSXW
GH VH]RQ GHVWXO GH VODE XQ YkUI GH
SHULRDGĆVLWXDWODPLMORFXOOXQLLDXJXVWFX
R vQFĆUFDUH PD[LPĆ GH DSUR[LPDWLY 
)LJ1XPĆUXOGHWXULüWLODvQFHSXWXOYkUIXOüL
VIkUüL WXOVH]RQXOXLvQ
6XUVD²3UHOXFUĆULGXSĆLQIRUPDĦLLGHOD
$VRFLD ĦLD/,725$/'(/7$'81ą5,,
,QIRUPDĦLLOHUH IHULWRDUHODWXULüWLLVWUĆLQL 
HYLGHQĦLD]Ć R SHULRDGĆ GH Y kUI GL IHULWĆ
IDĦĆ GH FHH D ÅSUH IHUDWƵ GH WXULüWLL 
URPkQL üL DQXPH    LXOLH ÍQ DFH VW
LQWHUYDOWXULüWLL VWUĆLQL DXIOXFWXDWvQWUH 
   DFH VWH YDORUL UHSUH]H QWkQG
PLL GH WXULüWL )LJ üL XQ ILQDO GH XQPD[LPSH QWUXWRWVH]RQXO


 8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡




$QDOL]kQG WUHQGXO WXULüWLORU SH WRDWĆ LQFO XVLY VHU YLFLL ÅFXO WXU DOHµ GH 
SHULRDGD YHULL VH REVHUY Ć FUH üWHUL  UHFUHH UH H WF HOHPHQWH GHRVH ELW GH 
FLFOLFH  vQ SHULRDGHOH GH  VIkUüLW GH  LPSRUWDQWH vQDWUDJHUHDWXULüWLORU
VĆSWĆPkQĆ FX SURJUHVLH FĆWUH PLMORFXO  
OXQLL DXJ XVW XUPDWĆ GH R GHVFUH üWHUH 
DFFHQWXDWĆGXSĆDXJXVW

ÍQFHHD FHSULYHüWHSR QGHUH DQXPĆU XOXL 
WRWDO GH WXULüWL OD QLYHO GH 8$7 VH 
REVHUYĆ R DWUDFWLYLWDWH WXULVWLFĆ PDL 
PDUH D VWDĦL XQLORU 0DP DLD 1H SWXQ
&RVWLQHüWLüL (IRULH )LJ

&HOHODOWH ORFDOLWĆĦL GXSĆ FXP VH SRDWH  )LJ'L VWULE XĦLD WXU LüWL ORUVWU ĆLQ LvQ] RQ D
REVHUYD vQ JUDILFXO GH PDL MRV DX WXU LVWL FĆ&RQ VWDQ ĦDSH8$7v Q 
vQUHJLVWUDW LQGLYL GXDO PDL SXĦLQ GH  6XU VD ²3U HOXFUĆU LGXSĆL QIRUPD ĦL LGHO D
SURFHQWH GLQQXPĆU XOWRWDODO WXULüWLORU  $VRFLD ĦL D/,725$/' (/7$'8 1ą5 ,,
GHSHOLWRUDO 
 ,QGLFDWRULL DQDOL]DĦL UHOHYĆ WRWXüL R
DWUDFWLYLWDWH WXULVWLFĆ GHVWXO GH VFĆ]XWĆ D
]RQHL FRVWLHUH vQ VSHFLDO vQ FHHD FH 
SULYHüWH SUH]HQĦD WXULüWLORU VWUĆLQL ÍQ
DFHVW VHQV VH UHFRPDQGD R PDL EXQĆ
JHVWLRQDUH D UHVXUVHORUORFDOH üL FUHüWHUHD
FRPSHWLWLYLWĆĦLL ]RQHL SULQ vPEXQĆWĆĦLUHD
LQIUDVWUXFWXULL WXULVWLFH üL PDL DOHV D
VHUYLFLLORU RIHULWH GLYHUVLILFDUHD DFHVWRUD
 üLFRUHODUHDSDUDPHWULORUFDOLWDWHSUHĦ
)LJ'LVWULEXĦLDWXULüWLO RUvQ]RQDWXULVWL FĆ

&RQVWDQ ĦDSH8$7vQ
6XUVD²3UHOXFUĆULGXSĆLQIRUPDĦLLGHOD $FWLYLWDWHD WXULVWLFĆ D DJHQĦLORU HFRQRPLFL
$VRFLD ĦLD/,725$/'(/7$'81ą5,, DFWLYLDIRVWFRQVLGHUDWĆvQDQDOL]DWHULWRULDOĆ
 FD ILLQG FRPSXVĆ GLQDFWLYLWĆĦLOH DJHQĦLLORU
3RQGHUH D WXULüWLORU URPkQL vQ GHWXULVPGLQDFWLYLWDWHDILUPHORUFDUHRIHUĆ
VWDĦLXQLOH GH SH OLWRUDO XUPHD]Ć RSRUWXQLWĆĦL GH FD]DUH GLQ EDUXULOH üL
vQGH DSUR DSH WUH QGXOJ HQHU DO DYkQG vQ UHVWDXUDQWHOH H[LVWHQWH üL GLQDFWLYLWĆĦLOH GH
YHGHUH IDSWXOFĆDFH üWLDUH SUH ]LQWĆFFD GLYHUWLVPHQWüLUHFUHHUH
GL QWR WDO XOWXULüWLORUvQ 
 3HQWUX SURILOXO WHULWRULDO WXULVWLF UHDOL]DW
7XULüWLL VWUĆL QLDXSU HIHU DW vQ SUR SRUĦLH  ODQLYHOGHXQLWDWHDGPLQLVWUDWLYĆGHED]Ć
GH  VWDĦL XQH D 0DP DLD )LJ vQ FRPSRQHQWĆD]RQHLFRVWLHUHVDXOXDWvQ
WLPS FH  DSUR[LP DWLY  GLQ HL VDX FRQVLGHUDUHQXPĆUXOGHDJHQĦLHFRQRPLFL
FD]DWvQVWDĦLXQHD1H SWXQ FDUH GHVIĆüRDUĆ DFWLYLWĆĦLOH DPLQWLWH
 QXPĆUXO GH VDODULDĦL üL FLIUD QHWĆ GH
$FHVWH SUH IHULQĦH VXQW M XVWLILFDWH GH  DIDFHUL SHQWUX ILHFDUH DJHQW HFRQRPLF vQ
IDSWXO FĆ FHOH GRXĆ VWDĦL XQL RIHU Ć FHD SHUVSHFWLYĆ HYROXWLY FRPSDUDWLYĆ
PDL EXQĆ LQIUDVWU XFWXUĆ SH QWU X WXULVP  XWLOL]kQG FD UHSHUH ELODQĦXULOH GLQ DQLL
GLQ ]RQD OLWRU DOXO XL 0ĆULL  1HJU H üL

 
 3$7==RQD&RVWLHUĆD0ĆULL1HJUH²6WUXFWXUDDFWLYLWĆĦLORU
8UEDQLVP
HFRQRPLFH‡&%XUWHD$&KLFRü,3HOHDQX


7DEHOXO3ULQFLSDOLLLQGLFDWRULDLDJHQĦLORUHFRQRPLFLGLQWXULVPGLQ]RQDGHVWXGLXvQDQXO
FRPSDUDWLYFXDQXOUHSDUWL]DĦLSHWLSXULGHDFWLYLWĆĦLWXULVWLFH
&LIUDGHDIDFHUL
1XPĆUILUPH 1XPĆUVDODULDĦL
7LSGHDFWLYLWDWH PLOOHL
  

$FWLYLWĆĦLUHFUHDWLYH      

$JHQĦLLGHWXULVP      

&D]DUH      

%DUXULUHVWDXUDQWH      

$OWHVHUYLFLLGHWXULVP      

6XUVDGDWHORU%RUJ'HVLJQ/LVWDILUPHORUGLQ5RPkQLD

'H VSHFLILFDW FĆ vQ FD]XO ILUPHORU $VWIHOQXPĆUXOGHVDODULDĦLGLQDFHVWHILUPH
vQILLQĦDWHGXSĆFRPSDUDĦLDVHUHIHUĆ FXQRDüWH FHD PDL PDUH FUHüWHUH vQ DQXO
OD GLQDPLFD XQRU DFWLYLWĆĦL VSHFLILFH  FRPSDUDWLY FX FHOHODOWH DFWLYLWĆĦL
DFHVWXL GRPHQLX SHQWUX XQLWDWHD WXULVWLFHFXIDĦĆGHDQXO
WHULWRULDOĆ DQDOL]DWĆ üL QX OD HYROXĦLD vQ 
VLQHDDJHQĦLORUHFRQRPLFL ÍQ DFHHDüL SHULRDGĆ vQ DJHQĦLLOH GH WXULVP
 QXPĆUXO GH VDODULDĦL FUHüWH FX 
/D QLYHOXO vQWUHJLL ]RQH GH VWXGLX VH  3HULRDGDGHUHFHVLXQHHFRQRPLFĆFHDXUPDW
SRDWH FRQVWDWD FĆ EDUXULOH üL DQXOXL  D PDUFDW QHJDWLY DFWLYLWĆĦLOH
UHVWDXUDQWHOH DX GLQDPLFD FHD PDL  GLQ WXULVP üL D GHWHUPLQDW R FRQWUDFĦLH
DFFHQWXDWĆ GHRDUHFH QXPĆUXO GH ILUPH VXEVWDQĦLDOĆDLQGLFDWRULORUVSHFLILFL
FUHüWH vQ  FX  QXPĆU XO GH  
VDODULDĦL FUHüWH FX  LDU FLIUD GH  &RQFOX]LL
DIDFHULFXIDĦĆGH 3URGXFWLYLWDWHD HVWH VFĆ]XWĆ vQ
 DJULFXOWXUĆ ILLQG R DFWLYLWDWH GH
ÍQ DFHODüL ULWP FUHüWH üL QXPĆUXO GH ILUPH VXE]LVWHQĦĆ LDU VHUYLFLLOH DJULFROH VXQW
FDUHRIHUĆFD]DUHvQVĆQXPĆUXOVDODULDĦLORU vQFĆVODEGH]YROWDWH
DFHVWRUDVFDGH FX LDU FLIUD GH DIDFHUL 
FUHüWH FX GRDU PDL SXĦLQ GHFkW FHD D 3ULQFLSDOHOH SUREOHPH FX FDUH VH
EDUXULORUüLUHVWDXUDQWHORU FRQIUXQWĆ DJULFXOWXUD VXQW OHJDWH GH
 IUDJPHQWDUHD H[FHVLYĆ D WHUHQXULORU
&X WRDWH DFHVWHD FD]DUHDUHSUH]LQWĆ GLQ DJULFROHvQH[SORDWDĦLLLQGLYLGXDOHPLFLüL
SHUVSHFWLYD YHQLWXULORU UHDOL]DWH FHDPDL UHWLFHQĦDODDVRFLHUH
LPSRUWDQWĆ DFWLYLWDWH WXULVWLFĆ D ]RQHL 
FRQWULEXLQG vQ FHD PDL PDUH PĆVXUĆ OD 2ULHQWDUHD FHUHULL FĆWUH SURGXVH DJULFROH
UHDOL]DUHDFLIUHLGHDIDFHULGLQWXULVPDWkW HFRORJLFHüLVWLPXODUHDLQWHUHVXOXLSHQWUX
vQDQXOFkWüLvQDQXO DJURWXULVP DU SXWHD FUHüWH YHQLWXULOH GLQ
 DJULFXOWXUĆ
$JHQĦLLOH GH WXULVP DX OXDW DPSORDUH vQ 
SHULRDGD DQDOL]DWĆ vQVĆ ILUPHOH FDUHRIHUĆ 3HVFXLWXO FRQVWLWXLH R VXUVĆ GH YHQLWXUL
DFWLYLWĆĦL UHFUHDWLYH PHULWĆ R DWHQĦLH H[WUHP GH LPSRUWDQWĆ SHQWUX SRSXODĦLD
GHRVHELWĆGLQSHUVSHFWLYDDEVRUEĦLHLIRUĦHL GLQ DUHDOHOH UXUDOH FRVWLHUH üL FHOH GLQ
GHPXQFĆvQDFHVWWLSGHDFWLYLWDWHWXULVWLFĆ 'HOWD'XQĆULL


 8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡




$FWLYLWDWHD HFRQRPLFĆ GH SHVFXLW HVWH LQGXVWULDGHUHSDUDUHDQDYHORUüLEĆUFLORU

GLYHUVLILFDWĆ GDU QHSHUIRUPDQWĆ FX R üL DOWH PLMORDFH GH WUDQVSRUW YDJRDQH
FRQWULEXĦLH H[WUHP GH VODEĆ OD HFRQRPLD LQGXVWULDH[WUDFWLYĆLQGXVWULDDOLPHQWDUĆ
DUHDOXOXLVWXGLDW üLLQGXVWULDWH[WLOĆFXVFRSXOHYLGHQWGHD
 OHIDFHSURILWDELOHSULQUHGLPHQVLRQDUH
$FYDFXOWXUDHVWHRDFWLYLWDWHUHODWLYQRXĆ 
FXSHUVSHFWLYHPDULGHGH]YROWDUHüLHVWH 5HVWUXFWXUDUHD DFWLYLWĆĦLORU LQGXVWULDOH D
SUDFWLFDWĆ DWkW vQ DSHOH PDULWLPH GHWHUPLQDWDSDULĦLDXQRUVLWXULLQGXVWULDOH
&RQVWDQĦD üL 0DQJDOLD FkW üL vQ FHOH GLVSRQLELOH VSDĦLL FH QHFHVLWĆ UHDELOLWĆUL
GXOFL 2YLGLX &RQVWDQĦD 6XOLQD FRPSOH[H üL UHFRQYHUVLL FĆWUH DOWH WLSXUL
0XULJKLROüL-XULORYFD GHXWLOL]ĆUL
 
,QGXVWULD UHSUH]LQWĆ FHD PDL LPSRUWDQWĆ 6XVĦLQHUHDvQFRQWLQXDUHDDFWLYLWĆĦLORUGH
DFWLYLWDWH SURGXFĆWRDUH GH YDORDUH WLSLQGXVWULDOWUHEXLHVĆFRQVWLWXLHXQDGLQ
DGĆXJDWĆ vQ HFRQRPLD =RQHL &RVWLHUH HD SULRULWĆĦLOH GH ED]Ć DOH DFWLYLWĆĦLL GH
FRQWULEXLQGPDMRULWDUODFLIUDGHDIDFHULGH DPHQDMDUH D WHULWRULXOXL DYkQG vQ YHGHUH
DLFL =RQD PHWURSROLWDQD &RQVWDQWD üL FRQWULEXĦLD HVHQĦLDOĆ D DFHVWXL VHFWRU OD
SHULXUEDQĆ 0HGJLGLD ORFDOL]HD]Ć UH]XOWDWHOHHFRQRPLFHvQ]RQDGHFRDVWĆD
ÅPRWRUXOµ LQGXVWULHL üL FRQFHQWUHD]Ć FHD 5RPkQLHL
PDLPDUHSDUWHDDFWLYLWĆĦLORULQGXVWULDOHüL 
DRFXSĆULLvQGRPHQLXGLQDUHDOXOVWXGLDW 6HFWRUXO FRQVWUXFĦLLORU VD GH]YROWDW FX
 UDSLGLWDWHvQXOWLPLLDQLFXQRVFkQGFKLDUR
=RQD&RVWLHUĆVDVSHFLDOL]DWGHDOXQJXO SHULRDGH GH LPSRUWDQWĆ H[SDQVLXQH vQ
WLPSXOXLvQFkWHYDGRPHQLLLQGXVWULDOHFX FRQGLĦLLOH SHULRDGHL GH ERRP HFRQRPLF
LPSRUWDQĦĆ GHRVHELWĆ vQ SODQ UHJLRQDO üL 
WRWRGDWĆQDĦLRQDO 
 $WUDFWLYLWDWHD VHFWRUXOXL LPRELOLDU D
5DPXULOH LQGXVWULDOH FDUH FRQWULEXLH FHO vQGHPQDW QXPHURüL LQYHVWLWRUL LQWHUQL üL
PDLPXOW OD YHQLWXO ]RQHL VXQWLQGXVWULD H[WHUQL VĆüL SODVH]H EDQLL vQ SURLHFWH
SHWURFKLPLFĆ LQGXVWULD FRQVWUXFĦLLORU LPRELOLDUH DWkW vQ GRPHQLXO ORFXLQĦHORU
PHWDOLFH üL vQGHRVHEL D FRQVWUXFĦLLORU GH LQGLYLGXDOH üL FROHFWLYH FkW üL vQ FHO DO
QDYHüLDVWUXFWXULORUSOXWLWRDUHLQGXVWULD VSDĦLLORUSHQWUXELURXULüLQXQXPDL
HQHUJHWLFĆ LQGXVWULD H[WUDFWLYĆLQGXVWULD 
PDWHULDOHORU GH FRQVWUXFĦLL  LQGXVWULD =RQD &RVWLHUĆ D 0ĆULL 1HJUH D SUH]HQWDW
DOLPHQWDUĆüLWH[WLOĆ SULQFDUDFWHULVWLFLOHVDOHGHRVHELWHRPL]Ć
 LPSRUWDQWĆ vQ DWUDJHUHD DFHVWRU
(YROXĦLD HFRQRPLFĆ D VHFWRUXOXL LQYHVWLWRUL
LQGXVWULHL VHPQDOHD]Ć H[LVWHQĦD XQRU 
SUREOHPH GHWHUPLQDWH vQ PDUH SDUWH GH ÍQDFHVWHFRQGLĦLLvQLQWHUYDOXOGHFUHüWHUH
IOXFWXDĦLLOH SLHĦHORU VSHFLILFH üL GH HFRQRPLFĆ    QXPĆUXO
HODVWLFLWDWHD FHUHULL üL RIHUWHL SH DFHVWH VDODULDĦLORU GLQ GRPHQLXO FRQVWUXFĦLLORU
SLHĦH DSURDSH FĆ VH GXEOHD]Ć LDU FLIUD GH
 DIDFHUL VH PXOWLSOLFĆ GH SDWUX RUL vQ
1HDGDSWDUHD OD FRQGLĦLLOH SLHĦHL D DFHHDüLSHULRDGĆ
GHWHUPLQDW vQ XOWLPLL DQL UHFXUJHUHD OD 
PĆVXUL GH  UHVWUXFWXUDUH GH SHUVRQDO vQ 5HFHVLXQHD HFRQRPLFĆ FH D XUPDW DQXOXL
SULQFLSDO vQ LQGXVWULD SHWURFKLPLFĆ  D IĆFXW FD SLDĦD LPRELOLDUĆ VĆ
 
 3$7==RQD&RVWLHUĆD0ĆULL1HJUH²6WUXFWXUDDFWLYLWĆĦLORU
8UEDQLVP
HFRQRPLFH‡&%XUWHD$&KLFRü,3HOHDQX



FXQRDVFĆRFRQWUDFĦLHGHRVHELWĆFHHDFHD LQGLFHOH VFĆ]XW GH YDORULILFDUH D

GXVüLODRVFĆGHUHGUDVWLFĆDDFWLYLWĆĦLORU FDSDFLWĆĦLLGHFD]DUH
GHFRQVWUXFĦLLGRPHQLXFHVHDIOĆvQFĆvQ 
VFĆGHUH üL QHFHVLWĆ PĆVXUL VXSOLPHQWDUH 6WUXFWXULOH GH DJUHPHQW VXQW LQVXILFLHQW
GHWLSILVFDOSHQWUXUHYLJRUDUH GH]YROWDWHüLGLYHUVLILFDWH
 ,QIUDVWUXFWXUD GH DFFHV QHPRGHUQL]DWĆ
'H]YROWDUHD VHFWRUXOXL FRQVWUXFĦLLORU YD VSUH RELHFWLYHOH WXULVWLFH üL HFKLSDUHD
GHSLQGH SH YLLWRU GH GH]YROWDUHD WHKQLFR ² HGLOLWDUĆ GHILFLWDUĆ vQ ]RQHOH
HFRQRPLFĆ JHQHUDOĆ DFHVW VHFWRU DIOkQGX UXUDOH FX SRWHQĦLDO WXULVWLF ULGLFDW
VH vQWUR UHODĦLH GH GHSHQGHQĦĆ FODUĆ GH DIHFWHD]Ć GH]YROWDUHD DFWLYLWĆĦLORU
VHFWRDUHOH GLUHFW SURGXFWLYH DOH WXULVWLFH
HFRQRPLHL 
 5ĆPkQHUHDOD DFHODüL VWDWXV DO VHUYLFLLORU
$FWLYLWDWHDGHVHUYLFLLUHSUH]LQWĆVHFWRUXO HFRQRPLFH üL  VRFLDOH DO RELHFWLYHORU
FHOPDLGLQDPLFDOHFRQRPLHLFXFHOPDL XUPĆULWHSHQWUXVHUYLFLLOHGHWUDQVSRUWüL
PDUH QXPĆU GH ILUPH üL FHO PDL PDUH SHQWUX FHOH WXULVWLFH vQ VSHFLDO YD
QXPĆUGHVDODULDĦLGLQ=RQD&RVWLHUĆ FRQGXFH OD R VFĆGHUH D DWUDFWLYLWĆĦLL
 HFRQRPLFHüLWXULVWLFHD=RQHL&RVWLHUHFX
7XULVPXO üL WUDQVSRUWXO SH DSĆ VXQW LPSOLFDĦLL QHJDWLYH DVXSUD ÅEXQĆVWĆULLµ
DFWLYLWĆĦL FDUH FRQVWLWXLH XQ SRWHQĦLDO GH UHJLRQDOH
GH]YROWDUH D VHFWRUXOXL WHUĦLDU vQ 
HFRQRPLD UHJLXQLL üL FRQIHUĆ LGHQWLWDWH ,QH[LVWHQĦD XQRU PĆVXUL GH GH]YROWDUH
]RQHL VSHFLILFH VHFWRUXOXL WHUĦLDU SRW GHWHUPLQD
'LQ SHUVSHFWLYD YHQLWXULORU UHDOL]DWH FX R PDUH SUREDELOLWDWH XQ UHJUHV vQ
WUDQVSRUWXO PDULWLP UĆPkQH FHO PDL WUHQGXOHFRQRPLHL]RQDOH
LPSRUWDQWGLQWUHDFWLYLWĆĦLOHGHWUDQVSRUW 
'LVSDULWĆĦL PDUL vQWUH QLYHOXO GH 'H]YROWDUHD WXULVPXOXL WUHEXLH VĆ VH
GH]YROWDUH DO VHUYLFLLORU vQ PHGLXO UXUDO UHDOL]H]HvQ=RQDFRVWLHUĆSULQH[WLQGHUHD
IDĦĆ GH FHO GLQ PHGLXO XUEDQ LDU üL PRGHUQL]DUHD LQIUDVWUXFWXULL GH FD]DUH
PDMRULWDWHD ,00XULORU VXQW PLFUR üLDJUHPHQWüLSULQUHDOL]DUHDGHSDFKHWH
vQWUHSULQGHULFXFLIUHGHDIDFHULüLSXWHUH GHVHUYLFLLSHQWUXJUXSXULĦLQWĆvQIXQFĦLH
HFRQRPLFĆUHGXVH GH FDUDFWHUXO SURQXQĦDW VH]RQLHU DO
 DFWLYLWĆĦLL
6ROXĦLLOH HFRORJLFH SHQWUX GH]YROWDUHD 
DFWLYLWĆĦLORU HFRQRPLFH WUDGLĦLRQDOH üL &UHüWHUHD LQWHUHVXOXL OD QLYHO
XWLOL]DUHD HQHUJLLORU UHJHQHUDELOH LQWHUQDĦLRQDO SHQWUX WXULVPXO HFR
UHSUH]LQWĆ SULQFLSDOHOH RSĦLXQL SHQWUX R VXVWHQDELO üL FRQVHUYDUHD ELRGLYHUVLWĆĦLL
GH]YROWDUHHFRQRPLFĆGXUDELOĆ SHUPLWHvQSUH]HQWGH]YROWDUHDVHFWRUXOXL
 WXULVWLFFXUHVSHFWDUHDDULLORUSURWHMDWHGLQ
=RQD &RVWLHUĆ VH FRQIUXQWĆ FX R =RQD&RVWLHUĆ
FRPSHWLWLYLWDWH VFĆ]XWĆ D RIHUWHL WXULVWLFH 
ORFDOH FRPSDUDWLY FX DOWH ]RQH WXULVWLFH /DQLYHOXO=RQHL&RVWLHUHVDXPDQLIHVWDW
UHJLRQDOH HXURSHQH 3UREOHPHOH SULQFLSDOH vQ SHULRDGD DQDOL]DWĆ FUHüWHUL DOH
DOHDFWLYLWĆĦLLWXULVWLFHVHUHIHUĆODQLYHOXO UHVXUVHORU GH PXQFĆ üL DOH SRSXODĦLHL
LQVXILFLHQW GH PRGHUQL]DUH D ED]HL GH RFXSDWH SUHFXP üL FUHüWHUL DOH SRQGHULL
FD]DUH FDUH DUH vQFĆ XQ JUDG UHGXV GH SRSXODĦLHL RFXSDWH vQ VHFWRUXO WHUĦLDU vQ
FRQIRUW üL FDOLWDWH D VHUYLFLLORU GDU üL OD VSHFLDOvQDUHDOXO]RQHLPHWURSROLWDQH


 8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡




 
 3$7==RQD&RVWLHUĆD0ĆULL1HJUH²6WUXFWXUDDFWLYLWĆĦLORU
8UEDQLVP
HFRQRPLFH‡&%XUWHD$&KLFRü,3HOHDQX





$XGLWXO HFRQRPLF WHULWRULDO DO ]RQHL GH =RQD 'HOWHL 'XQĆULL GLQ QRUGXO =RQHL
FRDVWĆ DO 0ĆULL 1HJUH LGHQWLILFĆ H[LVWHQĦD &RVWLHUH HVWH SURIXQG UXUDOĆ FX R GHQVLWDWH
XQRULPSRUWDQWHGLVSDULWĆĦLWHULWRULDOHSHGH H[WUHP GH UHGXVĆ D SRSXODĦLHL üL ORFDOLWĆĦLORU
RSDUWHvQWUH]RQDGHQRUGüLFHDGHVXG FRQIUXQWkQGXVH üL FX IHQRPHQH GH GHFOLQ
 GHPRJUDILF ÍQ DFHVWH FRQGLĦLL üDQVHOH GH
ÍQ DFHVW VHQV DERUGDUHD XQRU GLUHFĦLL UHGUHVDUH VXQW IRDUWH PLFL vQ FRQWH[WXO OLSVHL
VWUDWHJLFH GH GH]YROWDUH WHULWRULDOĆ vQ XQXL SRO GH GH]YROWDUH SXWHUQLF 6XOLQD üL D
GRPHQLXO HFRQRPLF SUHVXSXQH XQXLPHGLXHFRQRPLFVWDELO
FRQFRPLWHQW SOLHUHD SH QHYRLOH üL 
FDUDFWHULVWLFLOHDFHVWRU]RQH (VWHQH FH VDU DVHU HDOL]DRFRU HODUH vQWUH 
 SROLWLFD GH DPHQDMDU H D WHUL WRULXO XL GH 
7RWRGDWĆ VH DUH vQ YHGHUH LQWHJUDUHD SH FRDVWĆ üL UHJOHP HQWĆULOH XUEDQL VWL FH GLQ
YHUWLFDOĆ üL RUL]RQWDOĆ FX GRFXPHQWHOH FDGU XO SODQXULORU GH XUE DQLVP OR FDOH vQ
VWUDWHJLFH üL SODQXULOH GH GH]YROWDUH GHMD FHHDFHSUL YHüWH]R QLIL FDUH DIXQFĦL XQLORU 
H[LVWHQWH OD QLYHO HXURSHDQ QDĦLRQDO XUEDQH DVWIHO vQFkW VĆ VH UHDOL]H]H R 
UHJLRQDO MXGHĦHDQ üL ORFDO GDU üL FX GLVWULEXĦLH  M XGL FLRDVĆ H FKLOLEU DWĆ D
VSHFLILFXOPDQDJHPHQWXOXLFRVWLHUFHDUHvQ DFWL YLWĆĦLORU H FRQRPL FH vQ WHULWRUL X üL 
YHGHUH SURWHFĦLD PHGLXOXL üL XWLOL]DUHD FX SULQ FDUH VĆ VH UHDOL]H ]H R GH]YROWDUH 
JULMĆDUHVXUVHORUOLPLWDWH WHULWRULDOĆGXU DELOĆ
 


 8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡




%,%/,2*5$),( %RUJ 'HVLJQ  /LVWD ILUPHORU GLQ 5RPkQLD &'

 SURIHVVLRQDO%XFXUHüWL
'REURWĆ 1  'LFĦLRQDU GH HFRQRPLH (GLWXUD  85%$1,1&(5& 6XFXUVDOD 8UEDQ 3URLHFW 
(FRQRPLFĆ%XFXUHüWL 0HWRGRORJLHSULYLQGHODERUDUHDüLFRQĦLQXWXOFDGUX
$JHQĦLD SHQWUX 'H]YROWDUH 5HJLRQDOD 6XG(VW DO  GRFXPHQWDĦLLORU  GH  DPHQDMDUH  D WHULWRULXOXL
$XGLWWHULWRULDO DO5HJLXQLLGH6XG(VW SHQWUX  ]RQHOH  FRVWLHUH 3ODQ  GH $PHQDMDUH D
KWWSZZZDGUVHUR'RFXPHQWH3ODQLILF 7HULWRULXOXL=RQDO²=RQD&RVWLHUĆD0ĆULL1HJUH
DUH0DVWHUSODQ$XGLWB7HULWRULDO B6( ID]HOH,,,üL,9KWWSZZZPGUWURXVHUILOHV
SGI 3$7=B]RQDBFRVWLHUDBID]D,,,SGI



3ULPLWDSULOLH‡$FFHSWDWvQIRUPDILQDOĆDSULOLH