Inversión extranjera directa: determinantes y su contribución a la competitividad: estudio del caso colombiano - Núm. 2, Diciembre 2010 - Revista Civilizar de Empresa y Economía - Libros y Revistas - VLEX 591130422

Inversión extranjera directa: determinantes y su contribución a la competitividad: estudio del caso colombiano

AutorCarlos Ronderos
Páginas126-149
@ABCDAE
@
@ ABCD@ EFCGHIJK@ LFDCDMND@ FDOPBEF@ DJ@
PQLEHCK@ ND@ JE@ RMODFBPSM@ ATCFEMUDFE@ VPFDHCE@
WRAVX@DM@JEB@LFPMHPLEJDB@OEFPEYJDB@ZID@E[DHCEM@
JE@ HKQLDCPCPOPNEN@ DM@ DJ@ HEBK@ ND@ ¥KJKQYPE]@
D" wudyflv" gh" hqwuhylvwdv" ¦" gdwrv" rÛfldohv" ¦"
NKHIQDMCENKB@ DBCD@ CFEYEUK@ LFDBDMCE@ DB^
shf·Ûfdphqwh"orv" ghwdoohv"gh" f”pr"odv" LHG"
PQLEHCE@DM@ EBLDHCKB@HKQK@JE@LFKNIHCPOPNEN̲@
JE@PMMKOEHPSM̲@JE@CFEMB[DFDMHPE@CDHMKJS̀PHE̲@DM@
JE@[KFQEHPSM@NDJ@ HELPCEJ@aIQEMK@b@DM@DJ@ [EH^
CKF@ND@HKQLDCDMHPE̲@[EHCKF@ ZID@DB@b@aE@ BPNK@
HJEOD@LEF E@ DJ@ EHCIEJ@ BP̀JK]@AMHKMCFEMNK@ ZID@
JE@ PMODFBPSM@ ZID@ DMCFE@ EJ@ LEGB̲@BD@ DMHIDMCFE@
HKMHDMCFENE@LFPMHPLEJQDMCD@DM@JKB@FDHIF BKB@
MECIFEJDB̲@ aDHaK@ZID@ aE@ C DMPNK@ JPQPCENK@ DJ@
PQLEHCK@DM@JE@ NDCDFQPMEHPSM@ND@JE@HKQLDCP^
CPOPNEN@¥KJKQYPEME]
FGBHIJKH
@ caPB@ LELDF@ FDOPDdB@ CaD@ PQLEHC@ K[@
VPFDHC@eKFDP̀M@ RMODBCQDMC^eVR@KM@ CaD@QEPM@
OEFPEYJDB@E[[DHCPM̀@HKQLDCPCPODMDBB@PM@CaD@HE^@
INVERSIÓN EXTRANJERA DIRECTA: DETERMINANTES Y SU CONTRIBUCIÓN A LA
COMPETITIVIDAD:
@ABCDEFGD@HGIJAFGIFHFKLEJMFG
INOPQRG SQTUVOQRW@
BD@K[@¥KJKQYPE]@caFKÌa@PMCDFOPDdB@ EMN@ K[^
Ûfldo"gdwd"wklv"zrun"hqwhuv" lqwr"vshflÛf"ghwdlo"
KM@ aKd@ eVR@ PQLEHCDN@ LFKNIHCPOPCb̲@ PMMKOE^
CPKM̲@CDHaMKJK̀PHEJ@CFEMB[DF̲@aIQEM@HELPCEJ@[KF^
QECPKM@ EMN@ HKQLDCPCPKM@ NIFPM̀@ CaD@ HIFFDMC@
fhqwxu¦/"Ûqglqj"wkdw"lqzdug"lqyhvwphqw/"zklfk"
HKMHDMCFECDN@QEPMJb@KM@MECIFEJ@FDBKIFHDB̲@aEB@
aEN@JPQPCDN@PQLEHC@ KM@OEFPEYJDB@ NDCDFQPMPM̀@
¥KJKQYPEM@HKQLDCPCPODMDBB]
LJMJGIJBNKMJOA
@ ¥KQLDCPCPOPNEN̲@ RMODFBPSM@ ATCFEMUDFE@
VPFDHCE]
PAQRSITB
@ ¥KQLDCPCPODMDBB̲@ eKFDP̀M@ VPFDHC@ RM^
ODBCQDMC]@
UVWX@efg̲@efh̲@igj]
@AB@DHKMKQPBCE@ND@ JE@kMPODFBPNEN@NDJ@lKBEFPK@ b@CPDMD@DBCINPKB@ND@LKBC̀F ENK@DM@aPBCKFPE@b@DHKMKQGE@ DM@JE@kMPODFBPNEN@ND@ mJEB̀Kd@WABHKHPEX]@
eID@LFK[DBKF@ND@aPBCKFPE@LKJGCPHE@b@DHKMSQPHE@ DM@JE@kMPODFBPNEN@nEODFPEME̲@b@ND@DHKMKQGE@PMCDFMEHPKMEJ@b@CDKFGE@DHKMSQPHE@DM@JEB@IMPODFBPNENDB@
iEHPKMEJ̲@NDJ@lKBEFPK@b@ATCDFMENK@ND@¥KJKQYPE]@AM@JE@EHCIEJPNEN@DB@LFK[DBKF@PMODBCP̀ENKF@DM@DJ@oFDE@ND@HKQDFHPK@PMCDFMEHPKMEJ@DM@JE@kMPODFBPNEN@
pDF̀PK@qFYKJDNE]@eID@pDHFDCEF PK@ND@mKYPDFMK̲@HKMHDUEJ@N D@rK̀KCo@b@QPMPBCFK@ ND@¥KQDFHPK@ATCDFPKF]@eID@LFDBPNDMCD@ NDJ@sKFJN@cFEND@¥DMCDF@
rK̀KCo@b@NPFDHCPOK@ND@sKFJN@cFEND@¥DMCDFB@qBBKHPECPKM@DM@iIDOE@tKFu]@¥KJEYKFS@DM@DJ@BILJDQDMCK@NKQPMPHEJ@ND@ AJ@cPDQLK@DBHFPYPDMNK@BKYFD@
CDQEB@DHKMSQPHKBv@aE@LIYJPHENK@EFCGHIJKB@DM@FDOPBCEB@DBLDHPEJPwENEB@DM@DHKMKQGE@b@DB@EICKF@ND@JEB@KYFEB@rK̀KCo̲@LDHENK@HELPCEJ@WxJEMDCE̲@gyyfX@
b@lDYDJPSM@b@EQMPBCGE@WxJEMDCE̲@fzzhX]
@AB
VBHANJIHYKCMSNZJKAN[JIHAN TAN¥EOABH¥]JK¥SEABNJTAMJEHJTJBN[SINAMNJCHSIN[JIJNS[HJIN[SINAMNHYHCMSN TANTSKHSINAENAKSESDYJ^N@AK¥G¥TSNAMN̲NTAǸCE¥SN
TANabcbNQNJ[ISGJTSNAMNdNTAǸCM¥SNTANabcb^
@ABCDEFGGHIA
@ AB@ CDEFEGHE@ IDHJKLBM@ EFHN@ OPQPOM@ EG@
KPGKM@FEKKPMGEF@PGKBLREGOM@EFHI@PGHDMOLKKPSGT@
UI@FEVLGOI@CMGE@ OE@CDEFEGHE@IBVLGIF@KMGFPW
OEDIKPMGEF@HESDPKIF@EG@HMDGM@I@BMF@HEXIF@OE@BI@
YGQEDFPSG@AZHDIG[EDI@ ¥PDEKHI@]YA¥^@R@BI@ KMXW
CEHPHPQPOIOT@UIF@FEKKPMGEF@HDEF̲@KLIHDM@R@KPGKM@
vh"uhÛhuhq"do"fdvr"frorpeldqr"dv·>"Od"whufhud"
FEKKPSG@EQPOEGKPI@ BI@FPHLIKPSG@ R@BI@ EQMBLKPSG@
OE@ BI@ KMXCEHPHPQPOIO@ OE@ ̀MBMXaPI@ EG@ aIFE@
I@ BMF@ DIGbPGV@ OE@ cMDM@ AKMGSXPKM@ dLGOPIB̲@
BI@KLID HI@FEKKPSG@IGIBPeI@BMF@EBEXEGHMF@ OE@BI@
HEMDJI@OE@BI@ IHDIKKPSG@OE@ BI@YA¥@ I@ BI@BLe@ OE@
BIF@KPfDIF@KMBMXaPIGIF@XPEGHDIF@BI@gLPGHI@FEKW
KPSG@PGOIVI@EB@ PXCIKHM@OE@EFI@YA¥@ FMaDE@BMF@
EBEXEGHMF@KMGFHPHLHPQMF@OE@BI@KMXCEHPHPQPOIOT@@
@ h@BM@BIDVM@OEB@HDIaI[M@gLE@LFI@KMXM@
fLEGHE@ PGfMDXIKPSG@ OE@ fLEGHEF@ CDPXIDPIF@ R@
EGKLEFHIF@ DEIBPeIOIF@ BJOEDEF@ EXCDEFIDPIBEF@ R@
OE@ EXCDEFI@ EG@ ̀MBMXaPI@ FE@ CDEHEGOE@ EQPW
OEGKPI@ KMXM@ BI@ EFHDLKHLDI@ R@ BMF@ QMBiXEGEF@
OE@ YA¥@ IfEKHIG@ EB@ DEKLDM@ jLXIGM̲@BI@ PGfDIW
EFHDLKHLDI̲@BMF@ IQIGKEF@ HEKGMBSVPKMF@ R@ MHDMF@
IFCEKHMF@ KDLKPIBEF@ OE@ BI@ KMXCEHPHPQPOIOT@ AB@
HDIaI[M@ EGKMGHDS@gLE@BIF@ KIDIKHEDJFHPKIF@CIDW
HPKLBIDEF@OE@ BI@ YA¥@EG@ ̀MBMXaPI@jIKEG@ gLE@
kFHI@jIRI@KMGHDPaLPOM@OE@XIGEDI@BPXPHIOI@I@BI@
KMXCEHPHPQPOIO@OEB@CIJFT
@ABCDEFGHIJKLGDEIFBMINJGLKFBOBPIQDHDRNSGLKFA
@ABCDEFGHIJ
@ UIF@ DIeMGEF@ gLE@ BBEQIG@ IB@ KICPHIB@
PGHEDGIKPMGIB@ I@ PGQEDHPD@ EG@ LG@ CIJF@ jIG@ FPOM@
IXCBPIXEGHE@EFHLOPIOIF@CMD@¥LGGPGV@]lmmn^@
R@EFHE@ ILHMD@BIF@EZCBPKI@ EG@CDPXEDI@PGFHIGKPI@
CMD@BI@KICIKPOIO@gLE@HEGVI@EFE@KICPHIB@OE@MaW
HEGED@QEGHI[IF@OEDPQIOIF@OE@BI@CDMCPEOIO̲@EGW
HEGOPkGOMFE@ CMD@ kFHI@ BI@ QEGHI[I@ HEKGMBSVPKI@
RoM@ BI@ OPfEDEGKPIKPSG@ DEFLBHIOM@ OE@ LG@ GMXW
aDE̲@XI DKI@ M@ OPFEpMq@ @ EG@ FEVLGOI@ PGFHIGKPI@
CMD@ BI@ BMKIBPeIKPSG@ gLE@ DEFIBHI@ BIF@ DIeMGEF@
CIDHPKLBIDEF@ OE@LGI@DEVPSG̲@gLE@jIKEG@ IHDIKW
HPQI@BI@PGQEDFPSGq@R@EG@ HEDKEDI@PGFHIGKPI@CMD@BI@
PGHEDGIKPMGIBPeIKPSG@I@BI@gLE@ EG@DIeSG@ OE@BI@
VBMaIBPeIKPSG@OEaEG@ DEFCMGOED@BIF@ EXCDEFIF@
HDIGFGIKPMGIBEFT@
@ ¥LGGPGV@FMFHPEGE@gLE@BIF@DIeMGEF@OE@
BI@CDMCPEOIO@ PXCBPKIG@gLE@ EG@EB@ CIJF@DEKECW
HMD@EZPFHI@IOEXNF@OE@BIF@KMGOPKPMGEF@[LDJOPKIF@
CIDI@ BI@CDMHEKKPSG@ OE@BI@CDMCPEOIO̲@BI@ PGfDIW
EFHDLKHLDI@ fJFPKI̲@ HEKGMBSVPKI@ R@ jLXIGI@ gLE@
CEDXPHI@EB@aLEG@OEFEXCEpM@OE@EFI@PGQEDFPSG@
BM@gLE@ CIDI@MHDMF@ ILHMDEF@FE@ KMGMKE@KMXM@
BI@ KICIKPOIO@ OE@ IaFMDKPSG@ OE@ EFE@ KICPHIB@
]rjIGV@ lmmn^@ ]UPX@ lmmn^@ M@ BI@ KMGVDLEGKPI@
HEKGMBSVPKI@ ]haDIXMQPHe@ nssm^T@AF@ CMD@ EBBM@
gLE@BI@ YA¥@FE@ MDPEGHI@EG@ FL@VDIG@XIRMDJI̲@I@
BMF@CIJFEF@XNF@OEFIDDMBBIOMF@ gLE@CMFEEG@EFI@
PGfDIEFHDLKHLDI@ fJFPKI@ R@ HEKGMBSVPKI@ ]̀AthU@
533
]uRFMGbPGFbI̲@nsvw^@BI@YA¥@ FE@MDPEGHI@jIKPI@
IgLEBBMF@CIJFEF@OMGOE@CLEOI@EZCBMHID@FEKHMW
DEF@OMGOE@EZPFHEG@QEGHI[IF@KMXCIDIHPQIF̲@LGI@
OE@BIF@KLIBEF@jI@OE@FED@BI@PGfDIEFHDLKHLDI@HEKW
GMBSVPKI@R@BI@KICIKPOIO@OE@IaFMDKPSG̲@@BM@gLE@
DEFLBHI̲@̲@EF@ gLE@BI@YA¥@ EG@CIJFEF@ KMXM@̀MW
BMXaPI̲@FE@ MDPEGHI@ fLGOIXEGHIBXEGHE@ I@ EZW
CBMHID@@FEKHMDEF@EG@BMF@KLIBEF@FLF@QEGHI[IF@EFW
HNG@@DEBIKPMGIOIF@KMG@BI@BMKIBPeIKPSG̲@@]HIXIpM@
OEB@XEDKIOM@OMXkFHPKM@ IXCBPIOM@XEOPIGHE@
eMGIF@OE@BPaDE@ KMXEDKPM^@R@KMG@ BI@EZPFHEGKPI@
OE@DEKLDFMF@GIHLDIBEFT
@ UIF@ KMGFPOEDIKPMGEF@ HESDPKIF@ @ DEBIW
KPMGIOIF@ @ KMG@ EB@ PXCIKHM@ gLE@ BI@ YA¥@ HPEGE@
FMaDE@ BI@ KMXCEHPHPQPOIO@ CIDHEG@ OE@ BI@ KMGW
KECKPSG̲@ gLE@ FMaDE@ BI@ KMXCEHPHPQPOIO@ HPEGE@
tMDHED@ ]nssm̲@ nssn̲@ nssv^T@ tMDHED@ LHPBPeI@ EB@
KMGKECHM@ OEB@ x¥PIXIGHEy@ KMXM@ PBLFHDIHPQM@
OE@LGI@ HEMDJI@OE@ BIF@xzEGHI[IF@̀MXCEHPHPQIF@
OE@BIF@{IKPMGEFy@]tMDHED@nssn^@gLE@DEBIKPMGI@
KLIHDM@EBEXEGHMF@gLE@IB@PGHEDIKHLID@VEGEDIG@
BI@OPGNXPKI@ KMXCEHPHPQIT@UMF@ EBEXEGHMF@gLE@
KMXCMGEG@BIF@ IDPFHIF@ OEB@x¥PIXIGHEy@FMG@BI@
]P^@BI@ OMHIKPSG@OE@BMF@fIKHMDEF̲@PGKBLREGOM@ EF@
EFHMF@ BMF@ HEKGMBSVPKMF@ R@ EB@ KICPHIB@ jLXIGM̲@
]PP^@BI@ DPQIBPOIO@ R@EFHDIHEVPI@ OE@BIF@EXCDEFIF̲@
+lll," od" vrÛvwlfdfl”q" gh" od" ghpdqgd" ¦" +ly," od"""""""""""""
EZPFHEGKPI@OE@PGOLFHDPI@DEBIKPMGIOIF@R@ KMGEZIF@
gLE@FE@ EZCBPKI@OE@ XIGEDI@XNF@ OEHIBBIOI@EG@
BI@ EZPFHEGKPI@ OE@ xKBiFHEDEFyT@ AB@ IBKIGKE@ OEB@
IGNBPFPF@OE@tMD HED@FPG@EXaIDVM@EF@ BPXPHIOM@IB@
XMXEGHM@OE@EZCBPKID@BI@ DEBIKPSG@EGHDE@KMXW
CEHPHPQPOIO@E@ YA¥@]¦MaKIGP̲@}IBPFaIFPK@R@˜IHPK̲@
lmmv^@ ]¦LVXIG@ R@zEDaEbE̲@ nssʼ^@ ]¥LGGPGV@
nssʼ^@ FPG@ EXaIDVM̲@EF@ OIaBE@ IGIBPeID@ EB@ PXW
CIKHM@OE@BI@ YA¥@FMaDE@BMF@EBEXEGHMF@ KMGFHPW
HLHPQMF@OEB@¥PIXIGHE@R@EFI@XEHMOMBMVJI@EF@BI@
gLE@IOMCHM@EFHE@HDIaI[M@EG@BI@FEKKPSG@KPGKMT@
KLMNOPKQLBNRCOSLTNOSBUKONVCSWBUNCNOXKLSLCNPBYBPZBV[LCOK¥ZVKQLBSB]SBV[X^NCKCKMKUSU
JKL
@ABCDEFGFHIJKLMNA
@ AB@CDEFGHIB@ JGE@KE@LMDNGOB@EO@ CDEP
KEHIE@IDBQBRM@ EK@KS@OB@TUV@EKIW@ SHXSYSEHYM@EH@
GHB@NERMDB@EH@ OB@XMNCEISISZSYBY@YE@[MOMNP
QSB¥@ OM@ JGE@ KGCMHE@ GHB@ CDEFGHIB@ KGQKSYSBP
uld" uhodflrqdgd" frq" od" lghqwlÛfdfl”q" gh" odv"
XBDBXIED]KISXBK@YE@ OB@TUV@ JGE@EO@CB]K@ EKIW@EH@
XBCBXSYBY@YE@ BQKMDQED^@VE@EKIB@CDEFGHIB@ KE@
YEKCDEHYE@GH@MQREISZM@CDSHXSCBO@JGE@XMHKSKIE@
EH@ ZBOMDBD@ OB@ NBHEDB@ EH@ OB@ XGBO¥@ OB@ TUV@ SHP
XSYE@EH@OMK@ EOENEHIMK@@YE@OB@ XMNCEISISZSYBY@
BHBOS̲BHYM@KG@ SNCBXIM@KMQDE@ @OB@XMNCEIEHP
XSB¥@OB@ SHHMZBXS̀H¥@OB@ LMDNBXS̀H@YE@ XOaKIEDEK¥@
OB@CDMYGXISZSYBY@ b@OB@ LMDNBXS̀H@YEO@ DEXGDKM@
cGNBHM¥@IMYMK@XEHIDBOEK@BO@NERMDBNSEHIM@YE@
OB@ XMNCEISISZSYBY@ YE@ GH@ CB]K^@dBDB@ OMFDBD@ EO@
MQREISZM@ CDMCGEKIM@ GH@ MQREISZM@ KGQKSYSBDSM@
hv"od"lghqwlÛfdfl”q"gh"od"qdwxudoh}d"gh"od"LHG"
JGE@cB@OOEFBYM@B@[MOMNQSB^@
@ AMK@ EOENEHIMK@ IÈDSXMK@ JGE@ EeCOSP
XBH@OBK@DB̲MHEK@JGE@OOEZBH@ B@OMK@ENCDEKBDSMK@
B@ DEBOS̲BD@ SHZEDKSMHEK@ EH@ EO@ EeIEDSMD@ fVGHP
HSHFg@b@ OMK@EOENEHIMK@EKEHXSBOEK@ YE@OB@IEMD]B@
YE@OBK@ZEHIBRBK@XMNCEISISZBK@fdMDIEDg@CED NSIE@
LMDNGOBD@ GHB@ cSC̀IEKSK@ EH@ EO@ KEHISYM@ JGE@ OB@
TUV@EH@[MOMNQSB@cB@ IEHSYM@GH@QBRM@SNCBXIM@
EH@OB@XMHKMOSYBXS̀H@YE@ZEHIBRBK@XMNCEISISZBK^
@
@ABCDCECABCF
@AB CDEFDGHEHB DGIJGKLGHBMGB NOB IEPQGLJLJRJMOMB
SENEPTJOKO
@ [GBHYM@KE@ EKIBQOEXE@OB@DEOBXS̀H@EHP
IDE@XMNCEISISZSYBY@ E@TUV¥@EK@HEXEKBDSM@ DEXBOP
XBD@JGE@ NSEHIDBK@[MOMNQSB@ HM@NGEKIDB@ GHB@
NERMD]B@KGKIBHXSBO@ EH@EO@ DBHhSHF@YE@XMNCEISP
ISZSYBY¥@B@CBD ISD@YEO@BiM@ jkkl@EO@CB]K@ cB@KSYM@
EeSIMKM@ EH@ BIDBED@ TUV@ b@ KG@ YEKENCEiM@ KE@
XMNCBDB@ YE@ NBHEDB@ NGb@ LBZMDBQOE@ XMH@ OBK@
XSLDBK@JGE@ DEFSKIDBH@MIDMK@CB]KEK@ YE@OB@DEFS̀H@
fmn[opV@jkkqg^
GHIJKLMNO
UVWXYZU[VBX¥]Y^V̲XY^B̀UYXS]^BXVBSabacdU^BeffgB^B@hhiBjcUbbaVXZBklm
Fuente; Banco de la República.
OMPHFNBQFRGDPFN
OPQ
@ABCDE@FAGCHIDJAKCDJGL@DCMIJNGLCICDO@AJAICEGPGEQGMRAID@SQM@FAGJGTJGMROUCI@I@B@LJL
@ ABCDE@BF@GHEIJEC@KFLMHF@NB@OLPQBR
SJSJTJNHN@NBF@ULGL@VWLEXPJWL@YZENJHF@[¥LGFN@
VWLELPJW@ULGZP]^@@FH@QL̲JWJXE@NB@OLFLPMJH@
BE@BF@̀ENJWB@NB@OLPQBSJSJTJNHN@KFLMHF@[aOK]^@
QH̲L@NBF@QZB̲SL@ bc@BE@BF@HdL@effgReffeA@HF@
QZB̲SL@cb@BE@BF@QBGhLNL@effeReffi^@QHGH@FZBCL@
WHBG@HF@QZB̲SL@bj@BE@BF@QBGhLNL@effkReffl@m@
Ûqdophqwh"do"sxhvwr":7"hq"ho" shu·rgr"533;0
effjn@ VF@ NB̲WBE̲L@ ̲B@ BoQFJWH@ Mp̲JWHPBESB@
QLG@ FH@ HQHGJWJXE@ NB@ EZBTH̲@ BWLELPhH̲@ Pp̲@
WLPQBSJSJTH̲^@BE@BF@GHEIJEC@NB@WLPQBSJSJTJNHNn@
VE@SqGPJEL̲@ NBF@QZESHrB@sZB@ LSLGCH@BF@ UVY^@
BE@efft@OLFLPMJH@LMSZTL@i^lb@m@B̲SB@WGBWJX@
H@ t^ft@ BE@ FL̲@ DFSJPL̲@ QBGhLNL̲@ effbReffk@
m@ effkReffln@VE@ BF@ GBQLG SB@ NB@ effjRefgf@
[¥VU@ effj]@ OLFLPMJH@ H̲WBENJX@ HF@ QZB̲SL@
bj@WLE@ZE@QZESHrB@t^fcn
@ABCDED
effgReffe
effeReffi
effiRefft
efftReffc
effcReffb
effbReffk
effkReffl
efflReffj
effjRefgf
FGHIJHK@@@
@@@@@@
bc
cb
bi
bt
ck
bt
bj
kt
bj
@LHMGNA
@@@@@@
R
R
R
i^lb
i^lt
t^ft
t^ft
t^ft
t^fc
@ABCADE
FOPQRPSTUVWTXPURYVTUVTYZ[@V¥R¥R]RUOUTSWZ^OWTVPTYZWZ[^RO
Fuente: World Economic Forum
@VF@hENJWB@PJNB@BF@QB̲L@QGLPBNJL@NBF@WLPQLGSHPJBESL@NB@FH̲@THGJHMFB̲@WLESBEJNH̲@BE@FL̲@uLWB@vJFHGB̲@@sZB@̲B@NBSHFFHE@BE@FH@̲JCZJBESB@QpCJEHn@
AVE@B̲SB@HdL@ FH@BWLELPhH@OLFLPMJHEH@wZB@ JEWFZJNH@BE@BF@GHEIJEC@m@ QLG@SHESL@EL@BoJ̲SBE@ GBWLGN̲@NB@HdL̲@HESBGJLGB̲n@VE@FL̲@ GBQLGSB̲@NBF@HdL@
533405335"¦"kdvwd"53390533:"ho"·qglfh"kdf·d""uhihuhqfld"do"Fuhflplhqwr"gh"od"Frpshwlwlylgdg"hq"wdqwr"txh"hq"d„rv"uhflhqwhv"vh"uhÛhuh"do"èqglfh"
KFLMHF@NB@OLPQBSJSJTJNHNn
" Od" sulphud" uhÜh{l”q" txh" vxujh" gh"
FH̲@WJwGH̲@ HESBGJLGB̲@B̲@sZB@ EL@QHGBWB@xHMBG@
ZEH@WLGGBFHWJXE@ QL̲JSJTH@BESGB@FL̲@JEWGBPBER
SL̲@ BE@ FH@ aVu@ m@ BF@ NB̲BPQBdL@ WLPQBSJSJTL@
NB@OLFLPMJH^@BE@ FL̲@SqGPJEL̲@BE@ FL@sZB@ FL@
PJNB@ BF@ ULGL@ VWLEXPJWL@ YZENJHFn@ AJ@ MJBE@
BESGB@FL̲@ QBGhLNL̲@effcReffb@ m@effbReffk@
BoJ̲SB@ZE@JEWGBPBESL@BE@BF@QZESHrB@sZB@̲B@FB@
H̲JCEX@H@OLFLPMJH^@FL̲@WGBWJBESB̲@TLFDPBEB̲@
NB@aVu@ BE@FL̲@ HdL̲@QL̲SBGJLGB̲@ EL@QHGBWBE@
xHMBG@SBEJNL@ZE@JPQHWSL@JEPBNJHSL@̲LMGB@FH@
ZMJWHWJXE@BE@BF@ranking.
@ VF@yBQLGSB@NB@OLPQBSJSJTJNHN@effj@
+ZHI"533 fodvlÛfdfl”q"¦"ho"sxqR
SHrB@QHGH@WHNH@ZEL@NB@FL̲@NLWB@vJFHGB̲@̲LMGB@
FL̲@WZHFB̲@̲B@WLE̲SG ZmBE@FL̲@hENJWB̲@NB@WLPR
QBSJSJTJNHNn
EFG
@ABCDEEFGDEHE
@ABCADEFEAGHIJKLMJENIJ
OPKQGJHEHCNEIGAJ
RPKQGSDTAJHDCNHCDT
UPKVJHTLEWEXTXKFTNDI
YPKZTWCXK[KAXCNTNE¥GK]DEFTDET
Lpsxovdgruhv"gh"od"hÛflhqfld
^PKVXCNTNE¥GKJC]ADEIDK[KAGHDAGTFEAGHI
91"HÛflhqfld"gho"phufdgr"gh"elhqhv
:1"HÛflhqfld"gho"phufdgr"oderudo
;1"VrÛvwlfdfl”q"gho"phufdgr"Ûqdqflhur
̲PK̀DA]TDTNE¥GKHANGIW¥aENT
ObPKcTFTdIKXAWKFADNTXI
Idfwruhv"gh"lqqrydfl”q"¦"vrÛvwlfdfl”q
441"VrÛvwlfdfl”q"gh"orv"qhjrflrv
ORPKQGGIeTNE¥G
IJKLMN
OKPMQKCHRRS
gU
ObO
gU
hR
hR
fY
hO
gg
hg
hg
ff
UO
fR
fb
fU
IJPMTUKC
OHGVS
YiO
YiO
UiY
UiR
Yif
^iU
YiO
Ui̲
Y
YiU
YiO
Uif
Yif
Uih
YiR
UiR
@ABCADE
WXYZXC[¥CBZX]@^@BXB@̲̀C[¥CZa]CHDCI@ZXb¥]C[¥ZC@BACIXbXCBaZacY@X
Fuente: The Global Competitiveness Report 2000-2010
K VWK ]CGHTjAK [K AWK rankingK AGK WIJK AWk
AFAGHIJKBCAK NIF]IGAGKWIJK ORK]EWTDAJK BCAK
CHEWElTK mVnK AeEXAGNETGK WTK JEHCTNE¥GK XAWK ]ToJPK
Ho" IHP" lghqwlÛfd" wuhv" hwdsdv" gho" ghvduuroor"
XAKWIJK]ToJAJpKCGTKAGKWTKNCTWKWIJKDABCADEFEAGk
HIJK LMJENIJK qSTNHIDAJrK JIGK AWK FIHIDK XAK WTK
ANIGIFoTiKCGTK AGKWTK NCTWKWIJK AWAFAGHIJK XAK
od" hÛflhqfld" glqdpl}dq" od" hfrqrp·d" ¦" xqd"
XAKFT[IDKXAJTDDIWWIKAGKWTK NCTWKWTKEGGIeTNE¥GK
AJKAWK STNHIDK BCAKEF]CWJTK WTKANIGIFoTPKVJHTJK
AHT]TJKAJHMGKDAWTNEIGTXTJKNIGKGEeAWAJKXAWKEGk
aDAJIK]ADKNM]EHTPK
K sIFIK ]CAXAK T]DANETDJAK AGK WTK
cTLWTK RK AGK WIJK ]EWTDAJK ]ADHAGANEAGHAJK TK WIJK
bKdJKQefeKPMNLC YgLehNLK sIWIFLETK INC]TK
AWK ]CAJHIK gUiKNIGK SID HTWAlTJK AGK WTK AJHTLEWEk
XTXKFTNDIK [KAGK WTKNILAD HCDTKXAK AXCNTNE¥GK
]DEFTDETK[K JTWCXK[KCGTKXALEWEXTXKAGK AWKSTNHIDK
EGJHEHCNEIGTWK[K ILHEAGAKCGK]CGHTjAK]DIFAXEIK
XAK YPOK BCAK AJK EaCTWK TWK aAGADTWK ]IGXADTXIPK
VGK TBCAWWIJK AWAFAGHIJK BCAK ]ADHAGANAGK TWK
AJHTXEIK AGK AWK NCTWK WTK HÛflhqfldK EF]CWJTK WTK
hfrqrp·d/" od" fodvlÛfdfl”q" hvw" sru" hqflpd"
gh" od" fodvlÛfdfl”q" wrwdo" plhqwudv" ho" sxqwdmh"
JAK CLENTK AGK AWK FEJFIK GEeAWK BCAK AWK ]CGHTjAK
aAGAkDTWPK VGK AJHAK aDC]IK XAJHTNTGK WIJK LTjIJK
]CGHTjAJK XAK WTK VXCNTNE¥GK ZC]ADEIDK qUP̲rK [K
XAKWTK ̀DA]TDTNE¥GKcANGIW¥aENTKqUPfrK BCAKJIGK
STNHIDAJKBCAKEGNEXAGKAGKWTKGTHCDTWAlTK XAKQVtK
BCAK ]CAXAK WWAaTDK TWK ]ToJPK mEGTWFAGHAK AGK AWK
XAJAF]AdIKXAK WIJK]EWTDAJK BCAKJAK DAWTNEIGAJK
NIGKWTK@PPNiThejPCNIFIKSTNHIDKEF]CWJTXIDKXAK
WTKANIGIFoTiK AJKEGHADAJTGHAK ILJADeTDK AWKTWHIK
sxqwdmh"hq"od"VrÛvwlfdfl”q" gh"orv"Qhjrflrv"¦"
AWKDAlTaIKAGKFTHADETKXAKQGGIeTNE¥GP
K VGK AWK HDTLTjIK XAK NTF]IK DATWElTXIK
FAXETGHAK DANIWANNE¥GK XAK XINCFAGHTNE¥GK [K
WTJKAGHDAeEJHTJK TKWoXADAJK XAWKJANHIDK ]DEeTXIK[K
AWKaILEADGIKJAK]IXDMKT]DANETDKAWKEF]TNHIKBCAK
WTKQVtKHEAGAKJILDAKNTXTKCGIKXAKAJHIJK]EWTDAJK[K
AWWIKAu]WENTKAGK]TDHAiK]IDBCAKFT[IDAJKGEeAWAJK
gh"LHG"qr" vh"kdq"uhÜhmdgr"hq"phmrudv" hq"od"
NIF]AHEHEeEXTXP
@ABCDEFGDHIJBDE
FGH
@ABCDEFGHIJBKIBDFHDEELMNBKIBOPQBINBRGSGTULDA
@ AB@ CDE@ FGBEHIJKDFHGBJE@ LJMKHFDE@ EJ@
dÛup”" txh" hq" Frorpeld" od" LHG" kd" oohjdgr"
NOE@DLKDPID@QGK@RDFLGKJE@KJCDFHGBDIGE@FGB@CD@
CGFDCHSDFHMBT@LDCJE@ FGNG@ CD@ JUHELJBFHD@ IJ@ VB@
NJKFDIG@ HBLJKBG@ WVJ@ FGNG@ QVJIJ@ GXEJKY
yduvh" hq" od" fodvlÛfdfl”q" gho" IHP" +Wdeod"5,"
GFVQD@JC@QVJELG@Z[@ FGB@VB@QVBLD¥J@IJ@]^̲T@̀@
D@CG@ FVDC@EJ@EVND@ JC@NJKFDIG@DNQCHDIG@ WVJ@
KJEVCLD@IJ@CGE@QKGFJEG@IJ@HBLJaKDFHMB@KJaHGBDC@
bcGNVBHIDI@dBIHBDeT@̀@ QGK@CD@ JUHELJBFHD@IJ@
KJFVKEGE@BDLVKDCJE@bcDKXMB@̀@QJLKMCJGe^@AELGE@
JCJNJBLGE@HBFHIJB@ CD@FGNQGEHFHMB@IJ@ CD@fAg@
txh"vh"yh"uhÜhmdgd"hq"ho"JuÛfr"51"
@ABCDEFGH
PVWXYRWYXZBQPB[ZBOPQBP¥BR][]^̲OZB̀aaaBbB̀aac
Fuente: Banco de la República
" Frpr"sxhgh" yhuvh"hq"od" JuÛfd"5/"
CD@fAg@JB@CD@ JUQCGLDFHMB@IJ@KJFVKEGE@BDLVK DY
CJE@KJQKJEJBLM@ JB@hiijT@ JC@]jk@ IJ@CD@ HBlJKY
EHMB@LGLDCT@EJaVHID@IJ@CDE@HBlJKEHGBJE@JB@EJFLGK@
vhuylflrv" +Ûqdqflhur/"pd¦rulvwdv"¦" frpxqlfdY
FHGBJEe@ ̀@ JB@ NJBGK@ QKGQGKFHMB@ CD@ HBIVELKHD@
NDBVRDFLVKDE@̀@GLKGE^
@ mD@fAg@JB@CGE@EJFLGKJE@IJ@QJLKMCJG@̀@
FDKXMB@JELO@HNQVCEDID@ QGK@VBD@FGNXHBDFHMB@
IJ@CD@JUHELJBFHD@IJ@KJFVKEGE@BDLVKDCJE@̀@CD@CJY
aHECDFHMB@@IJ@hiiZ@WVJ@RDlGKJFHM@CD@fAg^@mD@HBY
lJKEHMB@JB@EJK lHFHGE@BG@LKDBEDXCJE@FGNG@EGB@
CGE@ XDBFGET@CDE@ LJCJFGNVBHFDFHGBJE@ ̀@ CDE@ FDY
IJBDE@ND̀GKHELDET@JELO@KJCDFHGBDID@FGB@CD@JUY
QJFLDLHlD@IJ@JUQCGLDFHMB@IJC@NJKFDIG@CGFDC@̀@
DWVJCCD@HBlJKEHMB@WVJ@CCJaD@DC@EJFLGK@NDBVRDFY
LVKJKGT@XVEFD@DLJBIJK@LDBLG@CGE@NJKFDIGE@CGY
FDCJE@FGNG@CGE@ NJKFDIGE@KJaHGBDCJE@bcdneT@
WVJ@¥VJaDB@ VB@QDQJC@FGNQCJNJBLDKHG@ FGNG@
RVJKSD@IJLJKNHBDBLJ^@
@ABCDEDFGBHIJBKDLMNEIOPDHGBPGEGBIJIEIQRGBHIB
DRODPPSTQBKDODBUVWBXYIBZYMPDBEIOPDHGMA
@ oJapB@JC@cJBEG@ IJ@hiiqT@cGCGNXHD@
LHJBJ@VBD@QGXCDFHMB@FJKFDBD@D@CGE@]Z@NHCCGBJE@
IJ@rDXHLDBLJET@FGB@VB@HBaKJEG@QJK@FOQHLD@QDKD@
JC@DsG@hii̲T@IJ@touv^[ii@bXDEJ@wwweT@@CG@WVJ@
FGBELHLV̀J@VB@LDNDsG@IJ@NJKFDIG@NV̀@DLKDFY
LHlG@QDKD@CGE@HBlJKEHGBHELDE@WVJ@WVHJKJB@DQKGY
lJFrDK@JC@NJKFDIG@ HBLJKBG^@cGNG@ JCJNJBLG@
DIHFHGBDC@IJ@DLKDFFHMB@ IJ@fAgT@IJXJ@FGBEHIJY
KDKEJ@ CD@QKGLJFFHMB@ D@CD@ HBIVELKHD@IGNxELHFDT@
KJEVCLDIG@ IJ@ VBD@ QGCPLHFD@ IJ@ EVELHLVFHMB@ IJ@
HNQGKLDFHGBJET@ WVJ@ RVJ@ QDKFHDCNJBLJ@ JCHNHY
BDID@JB@[jj[T@QJKG@WVJ@NDBLHJBJ@BHlJCJE@DCY
LGE@IJ@QKGLJFFHMB@DKDBFJCDKHD@@QDKD@CGE@XHJBJE@
IJ@FGBEVNGT@FGB@DKDBFJCJE@WVJ@GEFHCDB@JBLKJ@
JC@[ik@̀@ JC@Zqk^@AELD@ HBIVELKHD@ bIGNxELHFDe@
aGSDT@DIJNOET@@IJ@DFFJEG@QKJRJKJBFHDC@D@QDPEJE@
lJFHBGE@FGNG@ KJEVCLDIG@IJ@ CD@ DaJBID@IJ@ CHY
XKJ@FGNJKFHG@ ̀@CDE@IHlJK EDE@HBHFHDLHlDE@IJ@ HBY
@cGBFJ¥G@wKHlDIG@IJ@cGNQJLHLHlHIDI^
wJLKMCJG@̀@NHBJKPD
yDBVRDFLVKD
cGNJKFHG@KJELDVKDBLJE
̀@rGLJCJE
fBEL^@RHBDBFHJKDE
zKDBEQGKLJT@DCNDFJBDNHJBLG
̀@FGNVBHFDFHGBJE
{LKGE
de
fce
̀̀e
ge
dde
dae
U[¥V]^U̲[BV̀C]a[bV]aBWU]VcCadBWVCV]eU[a[CV^BfB^gBch[C]UigcU̲[BaBjaBchekVCUCU¥UWaW
IJI
@ABCDEFGHI JKLMNI OPNI KLMI QRSTKUVWTNI
KXFYAIZIKAH@C[IL¥]CFED^̲
I S̀@[̀I@CÀIAYA¥AH@[̀I J@D¥Da[NIbC[c
@AEEFGHIZI ¥ACEDd[̀I CABF[HDYÀ^IXDHI ECADd[I
eHID¥fFAH@AI gDh[CDfYAIbDCDI D@CDACIiSjNIkeAI
fèEDI DbC[hAEXDCI I Y[̀I ¥ACEDd[̀I Y[EDYÀI ZI
CABF[HDYÀIZIkeAI geHdD¥AH@DY¥AH@ANIY[IXDEAI
DI@CDh]̀I dAIgèF[HÀI ZIDdkeF̀FEF[HÀ̲IlDIiSjI
XDICAA¥bYDmDd[IAYI EDbF@DYIY[EDYIAHIFHdè@CFD̀I
¥DHegDE@eCACD̀IfǹFED̀IJE[¥À@FfYÀNIfAfFdD̀I
ZIEFBDCCFYY[̀^IZIdAIE[H̀e¥[IdeCDfYAIJAYAE@C[c
d[¥]̀@FE[̀IZIDe@[¥GhFYÀ^IZIAHÌAChFEF[̀Iboc
fYFE[̀IJjLMS^̲
I LYBeH[̀IED̀[̀IdAIgèF[HÀIZIDdkeF̀Fc
flrqhv" vljqlÛfdwlyrv" sru" orv" prqwrv" lqyhuc
@Fd[̀NIXDHI ̀Fd[I AYI dAI YDI FHdè@CFDI EAC hAEACDNI
YDIEeDYI ̀AIgèF[HGIE[HI YDIVeCILgCFEDHDI VDffcI
RFYYACpIYDI [EeCCFdDIAHI YDIFHdè@CFDI dAYI@DfDE[I
E[HIYDI DdkeF̀FEFGHIb[CIbDC @AIdAI qXFYFb̀IR[c
CCF̀NIdAIYDIS¥bCÀDIK[Y[¥fFDHDIdAIrDfDE[pIYDI
DdkeF̀FEFGHIdAI hDCFD̀IFH̀@F@eEF[HÀI fDHEDCFD̀NI
keAIAHIDYBeH[̀IED̀[̀IACDHIdAIbC[bFAdDdIdAYI
À@Dd[pIZIAYIED̀[IdAIYDIFHdè@CFDIdAIYD̀I@AYAE[c
¥eHFEDEF[HÀNIAHIYDIEeDYÌAIXDHIDdkeFCFd[IE[HI
iSjIYD̀IE[¥bDasD̀IEAYeYDCÀNIkeAIDH@ACF[C¥AH@AI
bAC@AHAEsDHIIDYÌAE@[CIbCFhDd[IZIDI[bACDd[CÀI
dAI@AYAg[HsDIÀ@D@DYÀ̲I
I lDIiSjIAHIDYBeH[̀ÌAE@[CÀIFHdè@CFDc
YÀIkeAIfèEDfDI H[ÌGY[ID@AHdACIAYI¥ACEDd[I
E[Y[¥fFDH[ÌFH[I@D¥fF]HIDbC[hAEXDCIYD̀IhAHc
@DtD̀I dACFhDdD̀I dAI YDI CAg[C¥DI DYI ̀F̀@A¥DI dAI
FH@ABCDEFGHI CABF[HDYI DHdFH[I dAI Y[̀I Da[̀I uvI
JK[¥eHFdDdILHdFHD^NIkeAIbAC¥F@FGIYDI AwbDHc
̀FGHIdAYI @D¥Da[IdAYI ¥ACEDd[NIZI bC[h[EGIeHI
lqfuhphqwr"vljqlÛfdwlyrv"hq"orv"Üxmrv"gh" frc
¥ACEF[IFH@CDI ̀efCABF[HDYNIDYI beH@[IkeAIxAHAc
meAYDÌAI E[HhFC@FGI AHIAYÌABeHd[I dÀ@FH[IdAI
YD̀IAwb[C @DEF[HÀIE[Y[¥fFDHD̀I ZISEeDd[CI AYI
@ACEAC[̲IS̀@DI dFHn¥FEDIbeAdAI [f̀AChDC̀AI AHI
ho"JuÛfr"Qr16
I S̀@AIDeBAIdAYIE[¥ACEF[IFH@CD̀efCCAc
BF[HDYI XDI YYABDd[NIDYI ¥AH[̀I @A¥b[CDY¥AH@A NI
d" vx" Ûq/"hq" ud}”q" d" orv" sureohpdv" sro·wlfrv"
keAIXDHÌeCBFd[IAH@CAIK[Y[¥fFDIZIxAHAmeAYDI
ZI keAI XDHI YYAhDd[I DI À@AI oY@F¥[I bDs̀I DI F¥c
b[HACIeHIA¥fDCB[IE[¥ACEFDYIDIY[̀IbC[deE@[̀I
bC[EAdAH@ÀIdAIK[Y[¥fFD̲
@ABCDEFGH
@ABCDEFGHCI@JKGCLCMNHFIFJKFKLFKGFIKOKP@I@QR@LFSKTUUVWXYYZ[
Fuente: DANE
yRFYÀIdAIRFYY[HÀIdAIWVz
@ABCDEFGDHIJBDE
IHJ
@ A@BCDEF@GC@ DCF@HIE@HIJKI@EGHEICF E@
JLBCFMCNOEP@@ CQ@ RFCE@ GC@ QJSFC@ NTLCFNJT@ CIU
OFC@QTD@ BEVDCD@GC@QTD@ BEVDCD@GC@QE@ WAX@OHYT@
NTLT@FCDHQOEGT@ HI@NFCNJCIOC@ NTLCFNJTP@ZHC@
vh"uhÜhmd"hq"odv"h{sru wdflrqhv"txh"dsduhfhq"
hq" ho" JuÛfr" 61"Orv" surgxfwrv" h{sru wdgrv"
DTI@ CI@ DH@ LE[TFVE@ SJCICD@ LEIHMENOHFEGTD@
¥GC@ NTIDHLT@ GHFESQC]@ [@ EQ^HITD@ BFTGHNOTD@
EQJLCIOJNJTD@¥NEFIC P@QCN̲CP@GCFJYEGTDP@ÈaNEF]P@
ZHC@ ^FENJED@ E@ HIE@ OEFJME@ CbOCFIE@ GC@ BFTOCNU
NJKIP@QC@TOTF^EI@BFCMCFCINJED@E@WTQTLSJEP@ZHC@
̲ENC@ZHC@DHD@BFTGHNOTD@DCEI@LH[@NTLBCOJOJU
YTD@CI@CDOTD@LCFNEGTDcA@dbJDOC@HIE@BFCDCINJE@
MHCFOC@ GC@JIYCFDJKI@ CbOFEIeCFE@ GC@CLBFCDED@
ZHC@SHDNEI@ CDOTD@LCFNEGTD@[@ fDOE@CD@ ITOTU
FJE@ CI@ QE@ JIGHDOFJE@ EHOTLTOFJ̀@ ¥ghW@ [@ iCU
IEHQO]P@CI@ QE@QVICE@ GC@BFTGHNOTD@ EQJLCIOJNJTD@
¥XCDOQf]P@LCGJNELCIOTD@ ¥hCFNj]P@ CQCNOFTGTU
LfDOJNTD@¥hESC]P@SCQQC̀E@[@NTDLfOJNTD@¥dSCQ]P@
CIOFC@ TOFTDc@dDOED@ CLBFCDED@ ̲EI@ HOJQJ̀EGT@ E@
WTQTLSJE@NTLT@BQEOEMTFLE@BEFE@EOCIGCF@QTD@
LCFNEGTD@FC^JTIEQCDc
@ dI@ QE@ SaDZHCGE@ GC@ LCFNEGTD@ GTU
LfDOJNTD@ BEFE@ EOCIGCF@ QE@ GCLEIGE@ BTF@
DCFYJNJTDP@ QE@ kdl@ ̲E@ FCEQJ̀EGT@ TBCFENJTICD@
greenfieldB@CI@CQ@LTIOEeC@GC@NEGCIED@ GC@GJDU
OFJSHNJKI@ LJITFJDOEDc@ mED@^FEIGCD@ NTLBEnVED@
MFEINCDED@ WEFFCMTHF@ [@ WEDJITP@ QED@ W̲JQCIED@
oEQESCQQEP@pTGJLEN@[@QE@ ̲TQEIGCDE@hEjFT@̲EI@
NFCNJGT@DHD@IC^TNJTD@ GCDGC@NCFTP@^CICFEIGT@
HI@ JLBENOT@ IT@ DKQT@ CI@ CQ@ LCFNEGT@ GC@ LJU
qrulvwdv/"vlqr"wdpelflq"hq"ho"phufdgr"gh"Ûqfd"
FEV̀c@mE@CIOF EGE@GC@CDOED@ NEGCIED@̲E@ FCYTQHU
NJTIEGT@QE@ITNJKI@GCQ@LCFNEGCT@[@QED@BFRNOJU
NED@LJITFJDOED@NTLT@DC@YCFR@LRD@EGCQEIOCc
@ABCDEFGHIJKLIB MNBOIBMLPEFJLQLOLMIMB OIQFGIORBNOB
MNPIGGFOOFB MNB KFDENHNJKLIPRB OIB NMSKIKLTJB UB
KFPHFBOIQFGIO
@ mE@kdl@ ̲E@CIMFCIOEGT@HIE@ BEFEGTeE@
NTI@FCDBCNOT@E@QED@NTLBCOCINJED@GC@QE@MHCF̀E@
QESTFEQ@[@ QE@GJDBTIJSJQJGEG@ GC@LEIT@GC@ TSFE@
CIOFCIEGEP@BHCD@CI@QTD@IJYCQCD@CeCNHOJYTD@CbJDU
OC@ HI@ EQOT@ GCDEFFTQQT@ GC@ NTLBCOCINJED@ ZHC@
IT@ CbJDOCI@ CI@ CLBQCEGTD@ LCGJTD@ [@ SEeTDc@
lC@ENHCFGT@NTI@QTD@GJFCNOJYTD@GC@NTLBEnVED@
CbOFEIeCFED@ CI@ WTQTLSJEP@ QE@ MHCF̀E@ QESTFEQ@
CD@ NTLBFTLCOJGEP@ EBFCIGC@ FRBJGELCIOC@ [@
CI@OfFLJITD@ ^CICFEQCDP@OJCIC@HI@ GCDCLBCnT@
CbNCQCIOCP@ZHC@NTIOFJSH[C@GC@LEICFE@JLBTFU
wdqwh"frq" od"surgxfwlylgdg/"sru"or" txh"fdolÛU
NEI@QE@NEQJGEG@GC@QE@LEIT@GC@TSFE@BTF@CINJLE@
GC@QE@LCGJE@GC@BEVDCD@YCNJITDc@mED@NTLBCOCIU
NJED@^CFCINJEQCD@DTI@LH[@EBCOCNJGED@[@CI@TNEU
DJTICDP@^CFCIOCD@NTQTLSJEITD@ DTI@QQCYEGTD@ E@
GJFJ^JF@TBCFENJTICD@ MHCFE@GCQ@BEVDc@pJI@CLSEFU
^TP@CDOTD@LJDLTD@CeCNHOJYTD@BCFNJSCI@ZHC@CI@
EQ^HIED@RFCED@QE@GCLEIGE@BTF@LEIT@GC@ TSFE@
fdolÛfdgd" kd" hylghqfldgr" sureohpdv" hvwuxfU
OHFEQCD@ GCQ@DJDOCLE@ CGHNEOJYT@[@ QE@GJDBTIJSJU
QJGEG@GC@LEIT@ GC@TSFE@CI@NJCF OTD@IJN̲TD@GC@
LCFNEGT@CI@GTIGC@DC@FCZHJCFCI@̲ESJQJGEGCD@
¦"frpshwhqfldv"hvshflÛfdv/"hv"olplwdgd1
@ dQ@ DJDOCLE@ CGHNEOJYT@ TMFCNC@ HI@
IaLCFT@LH[@ QJLJOEGT@GC@ BFT^FELED@GC@ MTFU
LENJKI@ OfNIJNEP@DJ@ DC@ NTLBEFE@ NTI@ QTD@ BFTU
^FELED@GC@q@EnTD@ BEFE@NEFFCF ED@MTFLEQCDc@A@
DH@ YC̀P@CI@ fDOTD@ aQOJLTD@ QTD@ BFT^F ELED@ GC@
NJCINJED@ SRDJNED@ ¥JI^CIJCFVEP@ MVDJNEP@ ZHVLJNEP@
LEOCLROJNED]P@ DTI@ JIMCFJTFCD@ CI@ IaLCFTD@
E@ EZHCQQTD@ BFT^FELED@ GC@ NJCINJED@ DTNJEQCD@
¥lCFCN̲TP@CNTITLVEP@EGLJIJDOFENJKI]c
@ pC^aI@ CQ@ h JIJDOCF JT@ GC@ dGH NENJKI@
XENJTIEQP@CbJDOC @HI@ GCDMEDC@ CIOFC@ QTD@ BFTU
^FELE D@TMFCN JGTD@E@ IJYCQ@ GC@CGH NENJKI@ DHU
BCFJT F@[@QTD@ FCZHCFJLJ CIOTD@GC@ QE@JIGHDO FJEc@
Vh" kdq" lg hqwlÛfdgr" h mhpsorv" hvsh f·Ûfrv"
BTF@B EFOC@ GC@NTLBEn VED@CbOF EIeCFED@ NTLT@@
CQ@ GC@ QE @ CDNEDC̀@ GC @ JI^CIJCF TD@ [@ OfNIJN TD@
BEFE@ Q E@ JIGHDOF JE@ BCOFT QCFEP@ ZHC@ ̲E@ F CNJSJU
GT@ JLBT FOEIO CD@ JIYCF DJTICD@ BTF @ BEFO C@ GC@
CLBFCD ED@ CbOFEIe CFEDP@ [@ GC@ QE@ CD NEDC̀@ GC@
BCFDTIEQ@Of NIJNT@CDBCNJEQJ̀EG TP@N TI@CQ@ ZHC@
DC@̲E I@CIMFCIOE GT@QED@CLBFCDED@GC @NTLCFU
NJT@LJITFJDOE@ZH C@̲EI@EOF EVGT@@kdlc@dI@CDO C@
aQOJLT @ NEDTP@ QTD@ JIYCFD JTIJDOED@ C bOFEIeCF TD@
̲EI@ OCIJ GT@ ZHC@ TMF CNCF@ CIOFC IELJCIOT@ E Q@
@dQ@AFEINCQ@dbOCFIT@WTLaI@IT@EBQJNEI@E@OTGTD@QTD@BEVDCDr@dNHEGTF@[@sTQJYJE@GJDMFHOEI@GC@HI@Ff^JLCI@BFCMCFCINJEQP@@[P@LJCIOFED@WTQTLSJEP@tCIC̀HCQE@
[@dNHEGTF@OJCICI@HI@EFEINCQ@CDNEQTIEGTP@uCFa@OJCIC@HI@DJDOCLE@GC@EFEINCQCD@BQEITDc@
AmE@OEDE@CMCNOJYE@GC@BFTOCNNJKI@MFCIOC@E@BEVDCD@OCFNCFTD@GC@QTD@BFTGHNOTD@ZHC@CMCNOJYELCIOC@DC@NTLCFNJEI@EQ@JIOCFJTF@GC@̀TIE@GC@ QJSFC@NTLCFNJT@
CD@DHBCFJTF@vwxc@tCF@iyXldiypP@Wc@mED@CbBTFOENJTICD@NTQTLSJEIED@z{{¦Uvww¦c@dGc@}IJYCFDJGEG@pCF^JT@AFSTQCGEc@sT^TORr@vww˜c
BVh"frqrfhq" frpr"lqyhuvlrqhv"JuhhqÛhog"d txhoodv"txh"oohydq"lpso·flwr" od"frqvwuxffl”q"g h"xqd"qxhyd"lqvwdodfl”q" ¦"xqd"qxhyd" vrflhgdg"¦"vh"
glihuhqfld"gh"odv"rshudflrqhv"gh"lqyhuvl”q"txh"vh"pdqlÛhvwdq"phgldqwh"Ixvlrqhv"¦"Dgtxlvlflrqhv+Prrvd"5335,
CVWXYZC[VBX¥]Y^V̲XY^B̀CYXa]^bB̀X]XYcCV^V]XZBdBZeBafV]YCgeaC[VB^Bh^BafciX]C]CWC̀^̀
@AA
@ABCD @EDF GCF HIH F CJKDCHLH MFLF KC DHEALN F OICF
GCPCF CABDLDF LF EKCD LDF BCQAENER SLHF CAF CNF
TDCLF GC F LNJLQCALJ@C ABEMF @AUCABLD@EHF VF
EBDEHF GCFNERS HB@QLFVF WXYMFGCP@G EFLFNL FZLNBLF
GCFCABDCA LJ@CABEFLGCQIL GEFCAFNEHFQCABDEHF
GCFCGI QLQ@[A¥
F ]LHF G@HB @ABLHF @A@Q@L B@ULHF GCF QEJ^
KCB@B@ U@GLGFO ICF̲LAF C̀@HB@G EFCAF WENEJP@LMF
̲LAFCH BLPNCQ@GEFN LFACQCH@GLGFGCFCGIQLQ@[AF
BaQA@QLFVFC NFCABDCA LJ@CABEF QEJEFZL QBEDCHF
GCFQEJK CB@B@U@GLG MFKCDEFH[NEF̲LHBLFbc cdFCNF
WEAHCe EF fLQ@EAL NF GCF WEJKC B@B@U@GL GF QE^
JCAg[FL F@JKNCJCABLDFIALFKENSB @QLFGCFCGI ^
QLQ@[AFBaQA@ QLFVFBCQAEN[R@QL FQEAFLKEVEF@AH^
wlwxflrqdo"¦" uhfxuvrv"Ûqdqflhurv1@Ah NFLKEVEF
@AHB@BIQ@EALNF NEF̲LF PD@AG LGEFCN FihfjMF RDL^
Q@LHFLF IALFDCCHBD IQBIDLQ@[ AFGCFNLFCAB@ GLGMFVF
CNF Y@A@ HBCD@E F GCF hGIQL Q@[AMF OICF @A BDEGIeEF
CAF bccdF I AF KDERDLJL F KLDLF ZED BLNCQCDF N LF
CGIQLQ@[AFBaQA@QLFVFB CQAEN[R@QLFQ EAFIAFCH^
ZICDgEF G CF @AUCDH @[AF GCF k ilF mnF J@N NEACH¥BF
hNFdo¥pbqFGCFNEHFDCQI DHEHFGCNFKD EVCQBEFCH^
BTAF GCH B@ALGEHF F L NF ZEAGEF QE AQIDHL PNCF GCNF
QEJKEACABCFoF GCNFKDEVC QBEMFop¥bdqF LFNEHF
QCABDE HF DCR@EAL NCHF GCF CG IQLQ@[A F HIKCD@ EDF
QEJKEA CABCF GEHMF r¥nsq F LNF ZED BLNCQ@J@ CA^
BEF @AHB @BIQ@EALNF G CF NEHF EDR LA@HJEHF RIP CD^
ALJCABLNCHF CAQLDR LGEHF GCF NLF CG IQLQ@[AF
HIKCD @EDF VF n¥dnqF LF N LF LGJ@A@HBD LQ@[AF VF
RCHB@[ AF GCNF KDEVCQBE F VF LF NLF CULNIL Q@[AF VF
HCRI@J@CABEFGCNFJ @HJE¥CDF
F tLGEF OICF CNF JCDQLGEF NLPED LNF CHF
ylvwr"d"phqxgr"frpr"srfr"Üh{leoh/"odv"frp^
KLuSLHFALQ@EALNCHFVFNEHF@AUCDH@EA@HBLHFC̀BDLA^
mhurv"kdq"yhqlgr"wudqvÛulhqgr"gh"pdqhud"lq^
QDCJCABLNMFCNFD@CHREFGCD @ULGEFGCFCHBCF̲CQ̲EF
LF QEEKCDLB@ULHF OICF J LACeLAF NLF A[J@ALF LHSF
QEJEFNLFQEABDLBLQ@[AFGCFKCDHEALN¥
F ]LFQL DCAQ@LFGC FIALFJL AEFGCFEP DLF
LNBLJC ABCF QLKLQ@ BLGLF CAF TDCL HF BaQA@QLH F VF
BCQAEN[R@QLHMFF ̲LFGCB CDJ@ALGEF OICF CNFB@KEF
GCFv htFOICF ̲LFNNCRL GEFLFW ENEJP@LFHCLFCAF
@AGIHBD@LHFGCFPLeL F@AQEDKED LQ@[AFBCQAEN [R@^
QLMFQEJEFNEFLDR IJCABLDSLFNLFBC EDSLFGCFLBDLQ ^
Q@[AFGCFvhtFwtIAA@ARMFoxxoy¥
@ABCDEFGHDIDJDKLKBKMBNMOPNEGEBHLQPNLJMEA
F WENEJP@LFCHFIAFKLSHFD@QEFCAFDCQIDHEHF
ALBIDLNCHF VF ̲LF UCA@GEF C̀KEDBLAGEF KCBD[NCEF
gh"pdqhud"lpsruwdqwh"ghvgh"Ûqdohv"gho"vljor"
bcFVFGCF JLACDLFKDERDCH@ULFBLJP@aAF C̀KEDBLF
QLDP[AF VF ZCDDEASOICN¥FhNF KCBD[NCEF ̲LF H@GEF CNF
KDEGIQBEFGCF JLVEDFC̀KED BLQ@[AFCAF NEHFzNB@^
JEHFobF LuEHFwCAFoxxnF CNFKCBD[NCEFGCHKNLg[F
LNFQLZaF QEJEFKDEGIQBEF AzJCDEFIAEF GCFC̀^
KEDBLQ@[AyMFRDLQ@LHF LFNLHFC̀KNEBLQ@EACHFGCF NEHF
KEgEHFGCFWIH@LALFVFWIK@LRILMFOICFCAFoxxxFHCF
CAQEABDLPLAF CAFCNF K@QEFJT̀@JLF GCFKDEGIQ^
Q@[AFwjf{y¥
F {LHBLFb ccmFNLFKENS B@QLFKCBDE NCDLFGCF
CHBEHF L uEHF NCF EBE DRLPLF L F hQEKCBDE NMFQE J^
KLuSLF R IPCDALJCAB LNMF IALF KLDB @Q@KLQ@[AF
GCNF ncq F GCF BEGLHF N LHF EKCDL Q@EACHF GC F C̀^
KNEDL Q@[AFVF NLHFQEA QCH@EACHF LFNLHF CJKDCHLHF
C̀BDL AeCDLHF HCF CA BDCRLPLAF KE DF KCDSEGEHF
QED BEHMF KENSB @QLF OICF G CHCHB@ JIN[F NLF v htF CAF
CNF HCQB EDF KCBDENC DEMFGC F BLNF JLACD LF OICF CNF
AzJCDEF G CF AICUEHF KEgE HF CAF C̀KNED LQ@[AF
KLDLF K D@AQ@ K@EHF GCF H @RNEMF GCQDCQ @[F GDLJ TB@^
QLJCABCF LF JCAEHF GCF oc F KEDF LuE¥F kALF
qxhyd" sro·wlfd/"ghf uhwdgd"d" Ûqdohv"gho"5336"
wtCQDCB EF odsc^bc cmyF CF @JKN CJCABLGL F CAF
HIFB EBLN@GLGF GIDLABCFbccpF wtCQDCBEF bbrr^
bccpyMF LBD LeEF AICUEHF @AUCDH@EA@HBL HF OICF
U@A@CD EAF CAF RD LAF AzJCDE F LF PIHQLD F AICULHF
EKED BIA@GLGCH ¥
F
F ]LHF Q@ZDLHF GCF vhtF CAF NLF KCDZEDLQ@[AF
KCBDENCDLF JICHBDLAF IALF DCQIKCDLQ@[AF H@RA@^
Ûfdwlyd" d" sduwlu" gh" 5338" ¦" ¦d" sdud" ho" 533;/"
HCFCHBLPLAFLGCNLABLAGEF JTHFGCF bccFAICULHF
C̀KNEDLQ@EACH¥F jNF G@HJ@AI@DF NLF KLDB@Q@KLQ@[AF
RIPCDALJCABLNF VF KDENEARLDF NEHF KCDSEGEHF GCF
QEAQCH@[AMFHCFFNERD[F@AQDCJCABLDF NLFQEJKCB@^
B@U@GLGFKLDLFLBDLCDFvhtFLFA@UCNCHFH@J@NLDCHFLFNEHF
GCF¦DLH@NMFW̲@ALFVFjIHBDLN@L¥
@fEFHCFCAQEABDLDEAFOICFCHBIG@EHFOICFGEQIJCABCAFCNF@JKLQBEFGCFCHBLHFKENSB@QEHFCAFCHBEHFzNB@JEHFLuEH¥
BhHBCFKDEVCQBEF̲LF@ABDEGIQ@GEFKDERDLJLHFCGIQLB@UEHFCAFJ@ACDSLMFCNCQBD[A@QLMFNERSHB@QLFVFKNTHB@QEHFKLDLFCNFHCQBEDF@AGIHBD@LNMFKCHQLMFKENNEFVFZDIBLHFKLDLF
CNFHCQBEDFLRDSQENLFVFBID@HJEFVFHEZB}LDCFKLDLFCNFHCQBEDFHCDU@Q@EH¥FYhfFwbccdy˜FʼDEVCQBEFGCF\EDBLNCQ@J@CABEFGCFNLFhGIQLQ@[AFʻaQA@QLFVFʻCQAEN[R@QL¥
CDt@HKEA@PNCFCAFCNFN@A|~F̲BBK~¡¡C̀E¥IALP¥CGI¥QE¡h̀EfU¡LDQ̲@UEH¡YLAILN¢£KCDLB@UE¥KGZMFKTR¥Fbc
RLNJGEBSGHKMNGE
@AB
@ABCDEFEDCGH
IHAJKEJKLB
MEDCKJKFEJKLBNGBNCDEOEPA
QRDEJKLBNSGTNJABCDECA
UGVETWEH
IBCGH
@ABCDEFAGHIAJDKEAL
MBLCNOKAECOPDFKDGIAFGDLGNABCDEFA
HFKEDGDLGQRSGTGDLGURS
VWGOXAY
VRSGFDKA
QGHFRXH
ZNDFICOG[OICAFOLG¥DG]C¥EAIOEB^EAY
[AGDYGABLCNOKAECOGLOGOYAICOIC̲F
̀RRSGIAFKEOKOIC̲FG¥DGLOGIAPJOXaO
bAGc^DG¥^EDGLOGDdJLAEOIC̲F
eOECOBLDG¥DLGfSGOLGVUS
@ABCADE
@IYZ[¥]NMU[^@[MÌ̲]Ǹ^N̲INM¥̲ab[@INQ̀NM̀bUc̲̀¥Ǹ^N@¥̲¥YZ[IǸ^Ǹ̲NId¥Neffg
Fuente: Agencia Nacional de Hidrocarburos
G gDNhFG ^FG DYK^¥CAG EDOLCiO¥AG JAEG
ZEKj^EklG bCKKLDG mG gIAKCOG @EA^JG nVRRUoG YAp
BEDGLOGJDEIDJIC̲FG¥DGLAYGCFqDEYCAFCYKOYGOIDEIOG
¥DGLAYGKrE PCFAYGIAFKEOIK^OLDYGJOEOGLOG DdJLAp
wdfl”q" gh" shwu”ohr/"Frorpeld" ixh" fdolÛfdgd"
PDsAEGc^DGAKEAYG JOaYDYGJEA¥^IKAEDYG DFGbOp
KCFAGZPrECIOGTGDLGtOECBDk@@
G HFGLOG DdJLAKOIC̲FGTGDdJAE KOIC̲FG¥DGG
LOYGOIKCqC¥O¥DYGPCFDE OYGEDLOICAFO¥OYGIAFGIOEp
B̲FGTGuDEEAFac^DLvGLOG JALaKCIOGN^BDE FOPDFKOLG
IOPBC̲G ¥EwYKCIOPDFKDG ¥DY¥DG LOG ¥rIO¥OG ¥DG
LAYGFAqDFKOvGOLGJOYOEGDLGPOFDsAG¥DGPOFAYG¥DLG
NABCDEFAGOGLOGDPJEDYOGJE CqO¥OG¥DGIOJCKOLGDdp
wudqmhur/"frq"fdslwdohv" ¦"uhfxuvrv" vxÛflhqwhv"
JOEOG DdJOF¥CEG LOYG AJDEOICAFDYG nbDTG xfUG ¥DG
VRR̀okGHLGIOPBCAG¥DGJALaKCIOGJDEPCKC̲GLOGJOEKCICp
JOIC̲FG¥DLGPDEIO¥AGDFG¥AF¥DGOFKDECAEPDFKDG
jOBaOGJEAJCD¥O¥G¥DLGDYKO¥AGDGCF¥^YKECOYGEDN^p
LO¥OYGngwFIjDiGDKGOLvGVRRyvG¥CICDPBEDok
G tAPAG EDY^LKO¥AG ¥DG DYKDG JEAIDYAvG
LOYGDdJAEKOICAFDYG ¥DGIOEB̲FGO^PDFKOEAFGDFG
qAL^PDFGDFKEDG̀zzxGTGVRRzvGJOYOF¥AG¥DG VvUG
PCLLAFDYGOGPwYG¥DGWGPCLLAFDYG¥DGKAFDLO¥OYGDFG
VRRznWkRQzkUffG PCLLAFDYG ¥DG KAFDLO¥OYo@AG LAG
c^DGOT^¥O¥AGJAEGCFIEDPDFKAYGDFGLAYGJEDICAYG
CFKDEFOICAFOLDYvGJDE PCKC̲G c^DG YDG IAFqCEKCDEOG
DFGDLGYDN^F¥AGJEA¥^IKAGPwYGCPJAE KOFKDGDFG
LOGDdJAEKOICAFDYG¥DGtALAPBCOG¥DY¥DGVRR̀k
G
G bOGJECqOKCiOIC̲FG¥DGLOYGPCFOYG ¥DGIOEp
B̲FGOKEOsAG CFqDEYC̲FG¥DG LOYGIAPJOXaOYGP^LKCp
FOICAFOLDYG@LDFIAEDGTGlE^PPAF¥vGc^DGJOEOG
DLGOXAGVRRxGEDOLCiOEAFGPwYG¥DLGzRSG¥DLGKAKOLG
¥DGLOYG DdJAEKOICAFDYG ¥DGIOEB̲FG G ¥DLGJOaYG DG
CFCICOEAFGF^DqOYG DdJLAEOICAFDYGDdJOF¥CDF¥AG
Y^GJEA¥^IIC̲FkGlDGPOFDEOGYCPCLOEGLOGPCFOG¥DG
uDEEAFac^DLG¥DGtDEEAPOKAYAGu^DGqDF¥C¥OGJAEG
DLGNABCDE FAGOGLOG P^LKCFOICAFOLG{]¦G {CLLCFKAFvG
IAPJOXaOGc^DG¥DY¥DGDLGVRR̀GjOGPwYGc^DG¥^p
JLCIO¥AGLOGJEA¥^IIC̲Fk
G HLG uOIKAEG ¥DKDEPCFOFKDG DFG LOG OKEOIp
IC̲FG¥DG DYKOYGCFqDEYCAFDYG EDY^LKOG¥DG LOGDdCYp
KDFICOG¥DLGEDI^EYAGFOK^EOLGTG¥DGLOG¥DICYC̲FG¥DLG
NABCDEFAG ¥DG jOIDEG OKEOIKCqOG LOG CFqDEYC̲FG DFG
DYKAYGEDI^EYAYvGPD¥COFKDGJEAIDYAYG¥DGJECqOKCp
iOIC̲FGTGPDsAEDYGIAF¥CICAFDYG¥DGIAFIDYC̲FkG
G HFGI^OFKAGOGLOG}HlGDFGAKEOYGqDFKOsOYG
FOK^EOLDYG ¥DLG JOaYG DYKwG OYAICO¥OG IAFG LOYG Ddp
JLAKOICAFDYGONEaIALOYkGbOG}HlGDFGONECI^LK^EOGYDG
jOBaOGLCPCKO¥AG DFGDLGJOYO¥AvGOG LOYGJLOFKOICAp
qhv"gh"edqdqr/"shur"d"Ûqdohv"gh"orv"d„rv"<3"
B^YI̲GJOE KCICJOIC̲FGDFG DLGIEDICDFKDG FDNAICAG
gho" vhfwru" Ürulfxowru1"Whqlhqgr" hq" frqvlgh0
EOIC̲FGLOYG qDFKOsOYGKEAJCIOLDYG¥DGL^PCFAYC¥O¥G
¥^EOFKDGKA¥AGDLGOXAvGKDPJDEOK^EOYGY^OqDYGDFG
KCDEEOYGOLKOYGTGLOGuOICLC¥O¥G¥DLGKEOFYJAEKDGOrEDAvG
LAYG qOLLDYG IDEIOFAYG OG {ANAKwG TG ˜D¥DLLaFvGYDG
IAFqCEKCDEAFGDFGIDFKEAYGJOEOGDLG¥DYOEEALLAG¥DG
fxowlyrv"gh" Üruhv/"jhqhudqgr" h{sruwdflrqhv"
c^DGDFG DLGOXAGVRRzG OLIOFiOEAFGPwYG¥DG fRRG
PCLLAFDYG ¥DG ¥̲LOEDYG nfUfvGxxQvffzG PCLLAFDYG
¥DG ¥̲LOEDYov@BG ^FG FDNAICAG DFG DLG I^OLG lALDG
ʼLA\DEYGjOGqDFC¥AGNOFO¥AGJOE KCICJOIC̲FkG˜wYG
EDICDFKDPDFKDG DLG JOaYG jOG qDFC¥AG OKEOTDF¥AG
}HlGDFG EDuAEDYKOIC̲FGʻGIAFG^FOG F^DqOGLDNCYp
LOIC̲FGc^DGuOqAEDIDGDYKOGOIKCqC¥O¥pGTGDFGOIDCKDG
@@bAYGJOaYDYGCFIL^C¥AYGYAFG{EOYCLvGZENDFKCFOvGHI^O¥AEvG¦DEhGTG|ECFC¥O¥G|ABONAkG
@A~CYDEKEO¥D
@B~CYDEKEO¥D
@ABCDE@FAGCHIDJAKCDJGL@DCMIJNGLCICDO@AJAICEGPGEQGMRAID@SQM@FAGJGTJGMROUCI@I@B@LJL
FEG
@AB CDEFDB GHIB AEB JAKLJMNFNAIOHB @AEB NIOAJPKB
CHJB NIQAJKNHIAKB AIB AEB @AKDJJHEEHB @AB CEDIODKB
MAIAJD@HJDKB@ABRNHB@NAKAES
@ABCDEFFGHBIEBJGKEFFLBMLNLBEFBLOLPQEBIEBFLBQGRS
MEKTKTOTILI
B TDB GHFCEAUDB OHCHMJDVWDB XB EDB CHRJAB
NIQAJKNYIBAIBNIVJ DAKOJLGOLJDZB[DIBCLAKOHBLIDB
RDJJAJDB CDJDB AEB @AKDJJHEEHB @AB GDJ JAOAJDKB XB
HOJHKBFA@NHKB@ABOJ DIKCHJOASB¥AM]IBAEB^NINK̲
OJHB@AB̀JDIKCHJOAZ@AB UAVAB@ABEDBGDJOAJDB AIGDJ̲
MD@DB@AEB@AKDJJHEEHB@ABEDBNIVJ DAKOJLGOLJDBQNDEB
EDBMJDIB GHJ@NEEAJDB@AB EHKBaI@AKBKABKLR@NQN@AB
AIBOJAKB GHJ@NEEAJDKB FbKBCAcLAdDKZBcLAB [DGAB
FLXB @NVWGNEB FHQAJB EDB GDJMDB @AK@AB GNL@D@AKB
GHFHBeHMHObZB^A@AEEWIBXB fDENZBDBEHKBCLAJ OHKB
hq" ho" rfflghqwh/"wdqwr" hq" ho" sdf·Ûfr" +Exh̲
IDQAIOLJDgB GHFHB AIB AEB DOEbIONGHB heDJJDI̲
cLNEEDZB¥DIODB^DJ ODBXB fDJODMAIDgSBiAB [AG[HZB
KAM]IBEDBfbFDJDBfHEHFRNDIDB@ABjIVJDAKOJLG̲
OLJDZ@BBFLG[HKB@ABEHKBAKVLAJkHKBAIBGHIKOJLG̲
GNYIB@ABGDJJAOAJDKBKAB[DIBGHIGAIOJD@HBAIBEDB
GHIAGONQN@D@BJLJDEZB@AUDI@HBDOJbKBEDBIAGAKN@D@B
@AB@AKDJJHEEDJBNIVJDAKOJ LGOLJDBcLABCAJFNODBEDB
GHIAlNYIB@ABEHKB GAIOJHKB@ABCJH@LGGNYIBGHIB
EHKBCLAJOHKBXBDKWBFAUHJDJBEDBGHFCAONONQN@D@S
B mlNKOABLIBDOJDKHB[NKOYJNGHBAIBEDBGHIK̲
OJLGGNYIB @AB GDJJAOAJDKZB AIB AEB @AKDJJHEEHB @AB
od" qdyhjdfl”q"Üxyldo" ¦" hq" od" prghu ql}dfl”q"
XBDFCENDGNYIB @ABEDBJA@B VAJJHQNDJNDZBEHB cLAB[DB
NFCA@N@HB AEB DQDIGAB @AB LIHKB KNKOAFDKB @AB
OJDIKCHJOABFLEONFH@DEZBcLABCAJFNODIBGHIAG̲
ODJBEDBCJH@LGGNYIB@AEBNIOAJNHJB@AEBCDWKBGHIBEHKB
FAJGD@HKB NIOAJIDGNHIDEAKSB ¥AM]IB ¥DR̲^NEEAJB
@CBEHKB GHKOHKB@AB OJDIKCHJOAB @ABEDB GAJQAGAJDB
fHEHFRNDIDB eDQDJNDZBKHIB FbKB AEAQD@HKBcLAB
EHKB@ABGLDEcLNAJBHOJDBHCAJDGNYIBAIBAEBFLI@HB
@ABAKODB FLEONIDGNHIDESBTHKBNIQAJ KNHINKODKBAl̲
OJDIUAJHKB[DIBOAIN@HBcLABGHIKOJLNJBKLBCJHCNDB
NIVJDAKOJLGOLJDZB cLAB EAKB CAJFNODB OJDIKCHJ ODJB
KLKB RNAIAKB DB EHKB CLAJOHKZB CDJDB AlCHJODGNYISB
̀DEBAKB AEBGDKHB@AEB VAJJHGDJJNEBGHIKOJ LN@HBCHJB
EDB GHFCDdWDB GDJRHIWVAJDB iJLFFHI@ZB CDJDB
OJDIKCHJODJB AEBGDJRYIB@AK@AB EDKBFNIDKB[DKODB
KLB CJHCNHB CLAJOHB CJNQD@HSB jIQAJKNHIAKB KNFN̲
EDJAKBKAB[DIBJADENkD@HBCHJBCDJOAB@ABEDBNI@LK̲
OJNDBCAOJHEAJDBAIB@LGOHKBCAOJHEAJHKS
B TDKBAIOJAQNKODKBJADENkD@DKBCDJDBAEBCJA̲
KAIOABOJDRDUHBAQN@AIGNHBcLABODIOHBAEBMHRNAJIHB
frpr"ho" vhfwru"sulydgr" lghqwlÛfdq"frpr"xq"
AEAFAIOHBGEDQABCDJDBAIVJAIODJBAKODBKNOLDGNYIZB
EDBIAGAKN@D@B @ABOJDIKVHJFDJB EHKBOPJFNIHKBAIB
EHKBGLDEAKBKABEAKBHOHJMDIBEDKBGHIGAKNHIAKBCDJDB
AEB@AKDJJHEEHB@ABAKODBNIVJDAKOJLGOLJDZBXDBcLABAEB
KNKOAFDBDGOLDEB[DBD[LXAIOD@HBDBDEMLIHKBNIQAJ̲
KNHINKODKBAlOJDIUAJHKBXB[DBCLAKOHBJAKOJNGGNHIAKB
CDJDB cLABEHKBVHI@HKB @ABCAIKNHIAKB [DMDIBNI̲
QAJKNHIAKBAIBNIVJDAKOJLGOLJDS
B fDKHBGHIOJDJNHB AKBAEB@AB EDBNIQAJKNYIB
AIBNIVJDAKOJLGOLJDBAIBAIAJMWDBXBOAEAGHFLINGD̲
flrqhv"txh"vh"kd"ehqhÛfldgr"frq"od"ghvuhjx̲
EDGNYISBa]IBGLDI@HBEHKBINQAEAKB@ABCJAGNHKBCDJDB
EHKBLKLDJ NHKB@ABEHKB KAJQNGNHKB cLABCJAKODIB EDKB
GHFCDdWDKBGHIBjmiBCJAKAIOAKBAIBAKOHKBKAGOH̲
JAKZBKNMLAIBAKODI@HBCHJBAIGNFDB@ABEHKBINQAEAKB
NIOAJIDGNHIDEAKZBAKOHKB[DIB @AGJAGN@HBDB EDBQAkB
cLABEDBGDEN@D@B[DBFAUHJD@HS
B mKB GEDJHB @AB EDKB GHIKN@AJDGNHIAKB DI̲
OAJNHJAKB cLABEDBjmiB [DBEEAMD@HB AIBfHEHFRNDB
CDJDB AlCEHODJB FAJGD@HKB EHGDEAKB XB QAIODUDKB
@AJNQD@DKB @AB EDB @HODGNYIB @AB JAGLJKHKB XB AEEHB
DBCAKDJB@ABEDKBENFNODGNHIAKBAIB NIVJDAKOJLGOLJDB
[LFDIDBXBVWKNGDZBENFNODGNYIBcLABGHIB KAMLJN@D@B
[DBNIGN@N@HB AIBAEBONCHB@ABNIQAJKNYIB cLABEEAMDB
DEBCDWKSBTDBCJAMLIODBcLABGDRABVHJFLEDJKABAKBKNB
AKDBjmiB[DB OAIN@HBLIBNFCDGOHBKHRJABEDBGHF̲
CAONONQN@D@B@AEBCDWKSB
@ABCDEFGHIBJKBLFBCMNBKOBLFBPIDEKHQHQRQJFJA
B nONENkDI@HBNIVHJFDGNYIBJAGHMN@DBFA̲
@NDIOAB EDKB AIGLAKODKB JADENkD@DKB XB @HGLFAI̲
wdfl”q"rÛfldo" ¦"gh"odv" hpsuhvdv/"hq" hvwd"vhf̲
GNYIBKAB RLKGDB[DGAJB LIBRDEDIGAB @AEBNFCDGOHB
cLABEDBjmiB[DBOAIN@HB KHRJABEDBGHFCAONONQN@D@B
AIB fHEHFRNDSB oDJDB EHMJDJB AKOAB HRUAONQHB KAB
DIDENkDBAEB NFCDGOHBcLAB PKODB[DB OAIN@HBKHRJAB
AEB KAGOHJB AlOAJIHZBEHKB OAFDKB EDRHJ DEAKB XB @AB
JAFLIAJDGNYIZBEDBNIGHJCHJDGNYIB@ABOAGIHEHMWDZB
EDBAKOJLGOLJDB@AEBFAJGD@HBXB@ABEDBAGHIHFWDBXB
od"hÛflhqfld"hpsuhvduldo1
@AmIOJAQNKODBJADENkD@DBAEBFDJOAKBppB@ABDRJNEB@ABpqqr
@BmIOJAQNKODBJADENkD@DBAEBFDJOAKBpsB@ABDRJNEB@ABpqqrS
@CmIOJAQNKODBGHIBAEB¥AdHJBtDJEBTNCCAJZBuAJAIOAB@AB¥DR̲^NEEAJBAIBfHEHFRNDZB^NPJGHEAKBvqB@ABDRJNEBpqqrS
CLNFGHBUGPIENGH
@AB
@ABCDEDFGDBHIBJDKLMA
@ ABC@DEFGHIJBC@ KLM@NLCJBOEP@BHO BMO@FB@
QRS@MP@TEFEUNIB@VBP@JEPHOINLIWE@B@FB@MCHBNIX
FIWBW@ WM@ FB@ NBFBPYB@ WM@ DBZEC[@¥@ MC@ M]IWMPHM@
KLM@FBC@ OM^EOUBC@WM@̲̲̀̀@A"sxvlhurq"Ûq"d"od"
JOMMPJIB@KLM@FB@QRS@MOB@LPB@^LMPHM@WM@WOMPBaM@
WMF@JBDIHBFb@RP@MF@DMOGEWE@WM@WIMY@BcEC@WMCWM@
4< orv"Üxmrv"hqwudqwhv" gh"LHG"
^LMOEP@ def@ g̲bh̲̀@ UIFFEPMC@ WM@ WiFBOMC[@MP@
HBPHE@KLM@ FBC@LHIFIWBWMC@OMUIHIWBC@ BF@MjHMOIEO@
CLUBOEP@ def@ kgblmn@ UIFFEPMC@ WM@ WiFBOMC[@
JOMBPWE@LP@IUDBJHE@DECIHI]E@MP@FB@oBFBPYB@WM@
pBZEC@WM@def@̲nbq̲h@UIFFEPMCrsBNFB@ gttb@uE@
CiFE@MF@IPZOMCE@WM@QRS@ZBPi@LP@HMOOMPE@JEPX
CIWMOBNFM@MP@ FEC@vFHIUEC@ WIMY@BcEC[@CIPE@ KLM@
orv"Üxmrv"gh"fdslwdo"gh"LHG" frorpeldqd"kdfld"
MF@MjHMOIEO@JEUMPYBOEP@B@HMPMO@IUDEOHBPJIBb@
@AAM¥@̀@WM@̲̲̀̀@¥@wMCEFLJIiP@l̲@WMF@UICUE@BcEb
@ AB@IPHMOPBJIEPBFIYBJIiP@WM@FB@ MJEPEX
UGB@ VB@ FFM]BWE@ B@ JEUDBcGBC@ TEFEUNIBPBC@
B@ IP]MOHIO@ MP@ MF@ MjHMOIEO@ LP@ HEHBF@ WM@ def@
̲mbqxkUIFFEPMC@WLOBPHM@MCHM@ DMOIEWE[@ OMHEOX
PBPWE@ BF@ DBGC@ LHIFIWBWMC@ DEO@ def@ ̲bǹ̲UIX
oorqhv1"Frpr"vh"uhÜhmd"hq" od"Wdeod"7" "do" wrX
pdu" hq" fxhqwd" orv" Üxmrv/"wdqwr" gh" hqwu dgd"
JEUE@WM@ CBFIWB@WM@ FB@QRS@¥@ FEC@OMHEOPEC@ WM@
LHIFIWBWMC[@MF@IUDBJHE@ PMHE@WM@FB@ QRS@r̲̀̀qX
kmm̀t@^LM@WM@def@xbnh̲UIFFEPMCb@
@ ABC@JI^OBC@ ULMCHOBP@KLM@MF@UIMWE@ BF@
IUDBJHE@PMZBHI]E@WM@ FB@QRS@CENOM@ FB@oBFBPYB@
gh"Sdjrv" qr"hv" mxvwlÛfdeoh"¦" txh"sru" "frqX
HOBOIE[@ FB@ QRS@ VB@ B¥LWBWE@PE@ CiFE@ B@ FB@ ^EOX
UBJIiP@WM@JBDIHBF[@CIPE@ B@LPB@oBFBPYB@WM@ pBX
ZEC@DECIHI]Bb
RPHOBWB@QRS@MjHOBPaMOB
eBFIWB@WM@ZBPBPJIBC@¥@
WI]IWMPWEC
eBFIWB@WM@QRS
TEFEUNIBPB
RPHOBWB@WM@ZBPBPJIBC@¥@
WI]IWMPWEC
@AAB
f@kbqk̀
f@n̲
f@x̀n
f@gx
@AAA
f@̲blmq
f@Xkgx
f@̲̲n
f@l̀
CDDD
f@kbghn
f@nxg
f@̲̲n
f@h̲
CDD@EE
f@kblgk
f@̀hq
f@̲n
f@hq
CDDC
f@kb̲hg
f@̲bmxm
f@qlx
f@qq
CDDF
f@̲bxkm
f@̲blkl
f@̀hq
f@̲km
CDDG
f@hbm̲n
f@kbglh
f@̲gk
f@̲lk
CDDH
f@̲mbkgm
f@hblql
f@gbnnk
f@̲nn
CDDI
f@nbgng
f@gbnqq
f@̲bm̀q
f@hl̀
CDDJ
f@hbmkq
f@nblkh
f@hxm
f@gm̲
CDDB
f@kbqxg
f@̲bqgl
f@hqg
f@̲mx
CDDA
f@kblkq
f@̲bh̲̀
f@̲b̲nq
f@̲kh
KLKMN
f@g̲bh̲̀
f@kgblmn
f@̲mbqxk
f@̲b̀n̲
@ABCADE
ONPQLRESTKLREUTEVMWXKMNTREYTRPNKMSKTREUTENMEXTUETSKYMSKT
ZERMNXTSKTE@AAB[CDDA¥
Fuente: Banco de la República – Balanza de Pagos
yzIFFEPMC@WM@WiFBOMC
@ {HOBC@ IPKLIMHLWMC@ MjDOMCBWBC@ DEO@
FEC@WMHO BJHEOMC@WM@FB@ QRS@JEP@ OMCDMJHE@B@ FB@
oBFBPYB@WM@ pBZEC[@HIMPMP@ KLM@]MO@JEP@ MF@IUX
DBJHE@ PMZBHI]E@ OMCLFHBPHM@ WM@ IUDEOHBJIEPMC@
UBCI]BC@WM@UBHMOIBC@DOIUBC[@CIP@KLM@¦CHBC@OMX
CLFHMP@ MP@ UB¥EOMC@MjDEO HBJIEPMC@ BF@ UICUE@
HIMUDEb@AB@ QRS@MP@ TEFEUNIB@MCH}@ DOIPJIDBFX
UMPHM@ EOIMPHBWB@ B@ FBC@ BJHI]IWBWMC@ MjDEO HBX
WEOBC@ MP@ MF@ CMJHEO@ UIPMOE@ ¥@ BZOGJEFB[@ ¥@ MP@
UMPEO@UMWIWB@ B@BJHI]IWBWMC@UBPL^BJHLOMOBC@
KLM@WMUBPWBP@ IPCLUEC@ IUDEOHBWEC[@CIMPWE@
FB@ ZOBP@ MjJMDJIiP@ FB@ IPWLCHOIB@ BLHEUEHOIYb@
AB@ IP]MOCIiP@ MjHOBPaMOB@ MCH}@ DOMCMPHM@ MP@ MF@
vhfwru"shwurohur/"fdue”q/"ihuurq·txho/"Üruhv"¦"
NBPBPE[@HEWEC@DOEWLJHEC@KLM@]BP@B@ FEC@UMOX
JBWEC@IPHMOPBJIEPBFMCb@˜CG@UICUE[@ULJVBC@WM@
FBC@IPWLCHOIBC@KLM@HIMPMP@ QRS@VBP@BDOE]MJVBX
WE@ FEC@ UMOJBWEC@ OMZIEPBFMC@ IPJOMUMPHBPWE@
CLC@ DBOHIJIDBJIEPMC@ MP@ FBC@ MjDEO HBJIEPMC[@
JEUE@MC@MF@JBCE@ WM@]MVGJLFEC@¥@EHOEC@NIMPMC@
IPWLCHOIBFMC@KLM@CEP@ MjDEOHBWEC@B@ʼMPMYLMFB@
¥@RJLBWEO@rT˜utb@
NOPQRSNTOBQUVRWOXQRWBYNRQZVW[BYQVQR¥NOWOVQSB]BS^BZ̲OVRNC^ZNTOBWB̀WBZ̲¥JQVNVNPNYWY
FGH
51"Lqjuhvr"gh"Üxmrv"gh"LHG"¦"vx"hihfwr"vreuh"odv"
@ABABCDECFAGHIJ
@ AB@ BCDEFGEB@ HDI@ BJK@ LM@ HD@ IB@
hfrqrp·d" wdpelflq" vljqlÛf”" od" olehudol}dfl”q"
HD@ IB@ NKODHB@ B@ IB@ PDQ@ RGD@ SD@ DITNTOU@ DI@
VKOFEKI@HD@ VBNWTKSX@YI@ CBZS@[B@BHKCFBHK@GO@
ufljlphq"gh"wdvd"gh"fdpelr"Üh{leoh/"txh"shu¥
NTFD@BI@ ]BOVK@HD@IB@^DC̲WITVB@@TOFDE PDOTE@B@
̀BPKE@HD@IB@DSFBWTITHBH@HD@IB@]BIBOQB@HD@aBbKSc@
CBEB@DPTFBE@IB@PKIBFTITHBH@HD@VKEFK@CIBQK@HD@IB@
FBSB@HD@ VBNWTK@d@ BdGHBE@B@ NKHDEBE@IBS@PB¥
ETBVTKODS@HD@ IB@NTSNBc@RGD@B@ SG@PDQ@CGDHDO@
whqhu"lpsdfwr"vreuh" od"lqÜdfl”q1"Vxpdgr" d"
hvwd" Üh{lelolgdg/"rwurv" idfwruhv" frpr" od" hv¥
wdelolgdg"pdfurhfrq”plfd/"xqd"edmd"lqÜdfl”q"
d@BIFBS@@ FBSBS@HD@TOFDEeSc@[BO@BFEBZHK@OK@ SUIK@
LHG" vlqr" wdpelflq" Üxmrv" gh" fdslwdo" h{whuqr"
DO@CKEFB̀KITKSc@RGD@SGNBHKS@B@ IB@fYg@d@B@IBS@
EDNDSBS@DOPTBHBS@CKE@IKS@DNTbEBOFDS@VKIKN¥
WTBOKSc@[BO@DhDEVTHK@ CEDSTKODS@SKWED@ IB@FBSB@
HD@VBNWTKc@EDSGIFBOHK@ @GOB@ BCEDVTBVTUO@HDI@
CDSK@VKIKNWTBOKc@RGD@[B@STHK@NiS@DPTHDOFD@
HDSHD@jkklX
@ AB@EDPBIGBVTUO@HDI@HUIBE@mNDETVBOK@
B@CBEFTE@HD@jkkl@ OK@[B@ STHK@ GO@̀DOUNDOK@
RGD@B̀DVFD@HD@NBODEB@ DnVIGSTPB@B@oKIKNWTBc@
CDEK@ DS@ TNCKEFBOFD@ EDVKbDE@ DI@ FDNBc@ CGDS@
lqjuhvrv" vljqlÛfdwlyrv" gh" glylvdv" frpr" uh¥
SGIFBHK@ HD@ TOVEDNDOFKS@ DO@ IB@ fYgc@ CGDHDO@
bDODEBE@GO@ BWBEBFBNTDOFK@HD@ IB@HTPTSBc@K@GO@
DOVBEDVTNTDOFK@ HD@ IB@ NKODHB@ IKVBIc@IK@ RGD@
FDENTOB@ CKE@ HDFDETKEBE@ IB@ VKNCDFTFTPTHBH@
DnCKEFBHKEB@ HDI@CBZS@EDVDCFKE@HD@IB@fYg@DS¥
CDVTBINDOFD@DO@ DnCKEFBVTKODS@TOFDOSTPBS@ DO@
NBOK@HD@KWEB@VKO@BIFKS@ VKSFKS@DO@NKODHB@
IKVBIX
@ YI@ZOHTVD@ HD@IB@ FBSB@HD@ VBNWTK@EDBI@
VKOSFEGTHK@ CKE@ DI@ ]BOVK@ HD@ IB@ ^DC̲WITVBc@
NGDSFEB@ GOB@ HDPBIGBVTUO@ HDI@ CDSK@ oKIKN¥
WTBOK@RGD@SD@TOTVTB@DO@MLLL@d@RGD@VBGSU@RGD@
DO@DI@VKEFK@ CDEZKHK@ DOFED@MLLL@ pZOHTVD@DO@
MkMcLqr@ d@ NBEQK@ HD@ jkks@ pZOHTVD@ MlMcMtrc@
[GWTDSD@CDEHTHK@lku@HD@SG@PBIKEX@m@CBEFTE@HD@
jkks@SD@EDPDESU@IB@FDOHDOVTB@HDPBIGBVTKOTSFB@
d@CBEB@jkkL@DI@ ZOHTVD@PKIPTU@B@OTPDIDS@HD@VK¥
NTDOQKS@HDI@jkkk@pvOHTVD@MkLXMw@gTVTDNWED@
jkkLrc@A@DPTHDOVTBOHK@GOB@FDOHDOVTB@EDPBIGB¥
VTKOTSFB@RGD@ EDSCKOHZB@BI@TObEDSK@ NBSTPK@HD@
HUIBEDSX@YI@[DV[K@DS@ RGD@DI@wju@HDI@FKFBI@HD@
IB@ fYg@ DO@ IB@ HeVBHB@ MLLt¥jkkLc@IIDbU@ DO@ DI@
CDEZKHK@jkkj¥jkkL@VKOPTEFTeOHKSD@DO@GO@̀BV¥
FKE@TNCKEFBOFD@HD@IB@EDPBIGBVTUO@HDI@CDSKX
@ AB@ EDPBIGBVTUO@ STO@ DNWBEbKc@ OK@ [B@
EDHGVTHK@IB@VKNCDFTFTPTHBH@ HD@FKHBS@IBS@ Dn¥
CKEFBVTKODS@ VKIKNWTBOBSc@IBS@ VGBIDS@[BO@VED¥
VTHK@B@CBE FTE@HD@jkkl@VGBOHK@SD@TOTVTB@DI@CD¥
EZKHK@ HD@ EDPBIGBVTUO@ p^KOHDEKSc@jkktrX@ xK@
DnTSFD@HGHB@RGD@ IKS@NiEbDODS@HD@ GFTITHBH@ d@
IB@VKNCDFTFTPTHBH@DO@ TOHGSFETBS@TOFDOSTPBS@ DO@
pdqr" gh" reud" frpr" fdifl/" Üruhv" ¦" edqdqr/"
[BO@STHK@̀GDEFDNDOFD@B̀DVFBHBS@CKE@IB@EDPB¥
IGBVTUOc@CDEK@GO@HUIBE@NiS@WBEBFK@[B@EDSGIFBHK@
DO@IB@EDOKPBVTUO@HD@DRGTCKSc@NBdKEDS@TNCKE¥
FBVTKODS@HD@ WTDODS@HD@ VBCTFBI@D@ TOVEDNDOFKS@
DO@ IB@ CEKHGVFTPTHBHc@VKNCDOSBOHK@ VKO@ FDV¥
qrorj·d"¦" hÛflhqfld"odv"sfluglgdv" rfdvlrqdgdv"
CKE@IB@FBSB@HD@VBNWTKX@gD@[DV[Kc@HGEBOFD@IKS@
BJKS@HD@EDPBIGBVTUOc@IB@TNCKEFBVTUO@HD@WTDODS@
HD@VBCTFBI@ TOVEDNDOFU@SG@ CBEFTVTCBVTUO@ DO@DI@
FKFBI@HD@TNCKEFBVTKODS@HD@slu@pjkklr@B@swu@
pjkkwrc@CBSBOHK@HD@yz{@qXjsw@NTIIKODS@yz{@
MMXMq¦@NTIIKODSX@B@
@ YI@̀KE FBIDVTNTDOFK@HDI@ CDSK@oKIKN¥
eldqr"frpr" uhvxowdgr"gh" orv"Üxmrv" gh"fdsl¥
FBI@ [B@ KVBSTKOBHK@ IB@ EDDSFEGVFGEBVTUO@ HD@ IB@
CEKHGVVTUOc@RGD@ SD@[B@ PDOTHK@FEBOS̀KENBHK@
BI@ HDSTOVDOFTPBE@ IBS@ TOHGSFETBS@ TOFDOSTPBS@ DO@
pdqr" gh" reud/"¦" ehqhÛfldu" d" vhfwruhv" p v"
TOFDOSTPKS@DO@GSK@HD@VBCTFBI@d@ B@BIbGOKS@SDV¥
FKEDS@NKHDEOKS@HD@SDE PTVTKSX@YSFB@FEBOSTVTUO@
TNCBVFB@HD@ NBODEB@CKSTFTPB@ IB@CEKHGVFTPTHBH@
CEKNDHTK@HDI@CBZSX@
KLCMGNOEJCPCDEBAQQJOOJCDEOCQEFRQBJCSRGATJ
@ YSFD@VBNWTK@ B@TOHGSFETBS@ NiS@TOFDO¥
STPBS@DO@GSK@HD@VBCTFBI@d@SDEPTVTKS@ NKHDEOKSc@
EDRGTDED@CDE SKOBI@NiS@ DOFEDOBHK@d@ CDENTFD@
DI@ CBbK@ HD@ NDhKEDS@ SBIBETKSX@ YSFK@ [B@ STHK@
CBEFTVGIBENDOFD@ VTDEFK@DO@ IB@TOHGSFETB@NBOG¥
̀BVFGEDEBc@DO@HKOHD@IB@ CEKHGVVTUO@SD@HDSFTOB@
FBOFK@CBEB@DI@NDEVBHK@TOFDEOK@VKNK@CBEB@IKS@
NDEVBHKS@EDbTKOBIDSX@}B@STHK@FBNWTeO@DI@VBSK@
HDI@SDVFKE@SDEPTVTKSc@CETOVTCBINDOFD@HD@IKS@HD@
@A]BOVK@HD@IB@EDCGWITVB
@B]BOVK@HD@IB@^DC̲WITVB@˜@]BIBOQB@HD@aBbKSX@ʼʼʼXWBEDCXbKPXVK@
UAQOJBCVJTDEQJB
@AB
@ABCDEDF@G HIJKDEF@LGMAKG EFNABEDFG NDOFB D@PQG RG
MAG KQG JQOEQLGRG HFBG @SHSA@PFLGG MAG KQG NDOABTQG
FBDAOPQMQGQGKQGAUPBQEEDVOGRGAUHFB PQEDVOW
G XOGKQ@G AOPBACD@PQ@GEFOG MDBAEPDCF@GMAG
EFNHQYTQ@G KTMABA@G MAKG @AEPFBG NDOFBD@PQLG MAKG
EQBJVOGRGMAGHBFMSEPF@GMAGEFO@SNFLGZ@PF@GBA[
HFBPQBFOGKQGAUD@PAOEDQGMAG@QKQBDF@G¥SAG@AGSJD[
EQOGHFBGAOEDNQGMAKGHBFNAMDFGOQEDFOQKWG]FKTPD[
EQ@GMAG @QKQBDF@G AKACQMF@GEFNFG Q¥SAKKQ@G¥SAG
QOSOEDQBFOGKF@G@AEPFBA@GNQOS^QEPSBABF@GRGMAG
@ABCDEDF@GQGKF@GESQKA@G̲QGKKÀQMFGKQGaXbLGOFG@AG
̲QOGCD@PFGAOGAKGEQ@FGMAGKQGHBFMSEEDVOGQ̀BTEFKQG
DOPAO@DCQGAOGNQOFGMAGFJBQLGAOGMFOMAGKQGEFN[
HAPDPDCDMQMG@AGAOESAOPBQG ^BAESAOPANAOPAGAOG
KF@GJQcF@G@QKQBDF@LGEFNFGAKGEQ@FGMAGKQGDOMS@PBDQG
gho"edqdqr"¦"Üruhv1
G XOGKQGNAMDMQGAOG¥SAGKQGDOCAB@DVOGAU[
PBQOcABQG̲QGDOEBANAOPQMFG@SGHQBPDEDHQEDVOGAOG
DOMS@PBDQ@G Nd@G DOPAO@DCQ@G AOG EQHDPQKLGKQG EFN[
HAPAOEDQG̲QG FJKD̀QMFGQG KQ@GDOMS@PBDQ@G KFEQKA@LG
D̀SQKNAOPAGQG̲QEABGSOG S@FGNd@GDOPAO@DCFGMAKG
EQHDPQKLGKFG¥SAG ̲QGHBFCFEQMFGSOGDOEBANAOPFG
AOGKQGHBFMSEPDCDMQMGMAGKF@GPBQJQcQMFBA@LG@ÀIOG
KFG NSA@PBQG AKG TOMDEAG MAG HBFMSEPDCDMQMG MAKG
befXG¥SAGBÀD@PBQGHQBQGMD^ABAOPA@GEQPÀFBTQ@G
DOMS@PBDQKA@Gghiij[hiiklGSOGDOEBANAOPFGEFO[
@DMABQJKAGAOGKQG HBFMSEPDCDMQMGKQJFBQKGAOG @AE[
PFBA@GAOGMFOMAG̲QRGDOCAB@DVOGAUPBQOcABQW
G XKGS@FGMAGOSACQ@GPAEOFKF̀TQ@GQ@FEDQ[
MQ@GQGKQGAOPBQMQG QKGNABEQMFGMAGaXbGBA¥SDABAG
MAG NQOFG MAG FJBQG EQHQEDPQMQLG RG A@G HBAED@FG
EFOFEABGEVNFG KQ@GEFNHQYTQ@G EFOGHBA@AOEDQG
MAG aXbG EFOPBDJSRAOG QG KQG ^FBNQEDVOG MAG A@PQG
NQOFGMAG FJBQWGmQG@AG̲QG @AYQKQMFG¥SAGAKG AO[
PBAOQNDAOPFGQKGDOPABDFBGMAGKQ@GANHBA@Q@G@AG̲QG
EFOCABPDMFGAOGSOQGHBdEPDEQGBÀSKQBG AOGMDCAB[
@Q@GDOMS@PBDQ@GEFOGEQHDPQKG AUPBQOcABFGHFBG^QKPQG
SOQGF^AB PQGDMVOAQGMAGPZEODEF@GRGHBF^A@DFOQ[
KA@WGnQG EFNHQYTQ G QNABDEQOQG opG ̲QG KKACQMFG
AKG AOPBAOQNDAOPFG QG FPBFG ODCAKLGNAMDQOPAG KQG
DO@PQKQEDVOG AOG qF̀FPdG MAG SOG EAOPBFG MAG AO[
PBAOQNDAOPFLG EFOG SOQG DOCAB@DVOG MAG EDOEFG
NDKKFOA@G MAG MVKQBA@LG¥SAG ̲QG HABNDPDMFG NA[
cFBQBG KQ@G EFNHAPAOEDQ@G RG ̲QJDKDMQMA@G AOG KQG
^FBNQEDVOG PZEODEQG MAG NSE̲F@G PBQJQcQMFBA@G
CDOESKQMF@GQGA@PQGANHBA@QW
G eHQBPAG MAKG AOPBAOQNDAOPFG QKG DOPA[
BDFBG MAG KQ@G ANHBA@Q@LGKQ@G ANHBA@Q@G EFOG aXbG
̲QOGEFOPBDJSDMFGQGNAcFB QBGKF@GA@PdOMQBA@GMAG
hqwuhqdplhqwr" ¦" hgxfdfl”q" frq" d¦xgdv" Û[
OQOEDABQ@WGbAG̲AE̲FGKF@G qQOEF@GrQOPQOMABGRG
qqseLGEFOGEQHDPQKGHBAMFNDOQOPANAOPAGA@HQ[
YFKG̲QOG PBQJQcQMFGEFOcSOPQNAOPAG EFOGQ̀AO[
fldv"gho"jrelhuqr"hq"xq"surjudpd"sdud"Ûqdq[
EDQBGA@PSMDQOPA@G¥SAGDÒBA@QOGQGKF@GHBF̀BQNQ@G
MAGAMSEQEDVOG@SHABDFBW
G XKGBAPFGAMSEQPDCFGAO^BAOPQMFGHFBGAKG
HQT@GQGKQGKStG MAGNQRFBA@GODCAKA@GMAGaXbLGKKACVG
QKGpDOD@PABDFGMAG XMSEQEDVOGQGQMFHPQBGOSACF@G
NFMAKF@GAMSEQPDCF@G MA@MAGAKG QYFGhiiuLGJQ[
@QMFGAOGA@^SABtF@GEFFBMDOQMF@GEFOG KQGDOMS@[
PBDQWGrAGMA@QBBFKKQBFOGOSACF@GESBBTESKF@GEFOGAKG
QHFRFGRG@FHFBPAGMAGKQGDOMS@PBDQGAOGMD^ABAOPA@G
dBAQ@GMAKGEFOFEDNDAOPFGRGHFBGHBDNABQGCAtGA@[
PF@G HBF̀BQNQ@G @AG EFOCDBPDABFOG AOG HQB PAG MAG
KF@GA@^SABtF@GMAKG@D@PANQGMAGEFNHAPDPDCDMQMGRG
AKGrD@PANQGfQEDFOQKGMAGvFNHAPDPDCDMQMG@AG̲QG
EFOCABPDMFGAOGcS̀QMFBGDNHFB PQOPAW
@ABCDEFGHIJDKB EFLIMFEDKB DJB EFKB DNOMDKFKB GIJB
OMDKDJGHFBPDBQRSAB
G nQ@GBAKQEDFOA@G KQJFBQKA@GAOG vFKFN[
JDQG̲QOGNAcFBQMFGRGSOGDOMDEQPDCFGA@GKQGBAMSE[
EDVOG AOG AKG OINABFG MAG ̲SAK̀Q@LGHABFG @DNSK[
PdOAQNAOPAG @AG ACDMAOEDQG SOG MAJDKDPQNDAOPFG
MAGKF@G@DOMDEQPF@LG¥SAG@ÀIOG KF@GKTMABA@G@DOMD[
EQKA@GA@GAKGBA@SKPQMFGMAGSOQGHFKTPDEQGAOGEFOPBQG
MAKG@DOMDEQKD@NFLG¥SAGMAGNQOABQGHQBPDESKQBG̲QG
A@PQMFGDNHSK@QMQGHFBGKQ@GNSKPDOQEDFOQKA@GHBA[
@AOPA@GAOGAKGHQT@W
G XOG KQ@G AOPBACD@PQ@G BAQKDtQMQ@LGKQG EAB[
CAEABQG qQCQBDQG BAHFBPVG ¥SAG @VKFG wxG MAG @SG
^SABtQG KQJFBQKG HABPAOAEAG QG QK̀SOQG FB ̀Q[
ODtQEDVOGKQJFBQKLGRGAOG AKGEQ@FGMAGKQ@G DOMS@PBDQG
MAKG EQBJVOLG@AG ̲QG MQMFG KQG @DPSQEDVOG ¥SAG KF@G
PBQJQcQMFBA@G@DOMDEQKA@G ̲QOGMANQOMQMFGQGKQ@G
EFNHQYTQ@G QOPAG KQ@G EFBPAG AOG X@PQMF@G yOD[
MF@LG JQcFG KF@G EQB̀F@G MAG EFO@HDBQEDVOLG HQBQG
Q@A@DOQBGQGKTMABA@G@DOMDEQKA@WGeS̀S@PFGzDNZOAtLG
HBA@DMAOPAGMAGKQGbBSNNFOMLG^SAGQJ@SAKPFGMAG
PFMF@GKF@G EQB̀F@GAOGSOFGMAG A@PF@GHBFEA@F@G
cSMDEDQKA@WGrAG̲QOGHBA@AOPQMFGCQBDQ@GBAEKQNQ[
EDFOA@GHFBG HQBPAGMAKG ]QBPDMFGbANVEBQPQG AOG
AKG vFÒBA@FG eNABDEQOFLG @FJBAG KQG ^QKPQG MAG
HFKTPDEQ@GMAGHBFPAEEDVOGQGKF@G̀BSHF@G@DOMDEQKA@LG
̀AOABQKNAOPAGBAKQEDFOQMQ@GEFOG KQ@GANHBA@Q@G
PBQO@OQEDFOQKA@WGX@PAG]QB PDMFG̲QG MANQOMQMFG
HFKTPDEQ@G Nd@G EKQBQ@G AOG A@PAG PANQLGQOPA@G MAG
AOPBQBGQG MD@ESPDBGAKG{BQPQMFGMAG nDJBAGvFNAB[
flr"WOF"Ûupdgr"hqwuh" orv"Hvwdgrv"Xqlgrv" ¦"
QTURCVQWTBRXYCZT[RCZBSQCR¥YZ]BSRYRC^QTZTYRVB̲BV̀B¥aTYCQb̀¥QWTBZBcZB¥a^dRYQYQUQSZS
@AB
@ABACDEFGHIAJHKLKMNOEPAJHQKHBFJHKCRSKJFJHMATH
LHG"hqwuhylvwdgrv"dÛupdurq"txh"odv"uhodflrqhv"
BFDASFBKJHMATHBAJHOSFDFLFQASKJHTAHUFTHJEQAHNTH
ADJOVMNBAHRFSFHKBHQKJFSSABBAHQKHJNJHTKWAMEAJHTEH
RFSFHJNJHQKMEJEATKJHQKHETPKSJEXTG
@ABCDEFGHGIJKBDBLFFGMKENOF
H YTHBFHSKPEJEXTHQKHBFHDEDBEAWSFZ[FH¥HBFJH
OKAS[FJH JADSKH ]Y^̲H JKH KTMATOSXH ̀NKH BFH SKBFa
MEXTHKTOSKH]Y^H¥HOKMTABAW[FHTAHKJHFNOACVOEMFH
¥H ̀NKH bJOFH KJOVH CKQEFQFH RASH BFH TFONSFBKcFH
QKHBFHETPKS JEXTH¥HRASHBFH MFRFMEQFQHQKHFDJASa
MEXTHOKMTABXWEMFH ̀NKHOKTWFH KBHRF[JH SKMKROASH
deUFTWHfggh̲HIECfgg̲HiDSFCAPEOcHhjjgkGHIFJH
QEPKSJFJH ZASCFJHKTH ̀NKHJKHRNKQKH QFSHBFH FSa
OEMNBFMEXTHKTOSKH]Y^H¥HOKMTABAW[F̲HETMBN¥KTHKTH
RSECKSFH CKQEQFH BFH RAJEDEBEQFQH QKH FQKBFTOFSH
ETPKJOEWFMEXTH ¥H QKJFSSABBAH KTH KBH RF[JH SKMKRa
OASlHKTHJKWNTQFHCKQEQF̲HMACAHMATJKMNKTMEFH
QKH BAJH QKJDASQFCEKTOAJH OKMTABXWEMAJH dJREBBH
APKSJkHFJAMEFQAJH FHMFQKTFJH QKHJNCETEJOSA̲HFH
BFHCFWTEONQHQKHBFHSAOFMEXTHBFDASFBH¥HFBHKZKMOAH
QKCAJOSFMEXTH KTOSKH AOSAJlH KTH OKSMKSFH CKa
QEQF̲HFHOS FPbJHQKBHKZKMOAH QKHBFH MACRKOKTMEFmH
¥HKTH nBOECFHETJOFTMEFHRASH BFJHCKLASFJH KTHBAJH
JEJOKCFJH WKSKTMEFBH FJAMEFQFJH FH RSVMOEMFJH QKH
BFH]Y^G@AHoAHADJOFTOK̲HBFHMFRFMEQFQHQKH OSFTJa
ZKSESH OKMTABAW[FH QKRKTQKSVH QKH BFH MFRFMEQFQH
QKHFDJASMEXTHQKHBFHSKWEXTpRF[JHSKMKROASH¥HBAJH
P[TMNBAJH KTOSKH FMOEPEQFQKJH QKH KCRSKJFJH Kqa
OSFTLKSFJH¥HQACKJOEMFJHdrN̲HfggskG
H YJHNTH UKMUAH̀NKH BFH]TPKJOEWFMEXTH ¥H
^KJFSSABBAH d]t^kH BBKPFQFH FH MFDAH RASH JNDa
JEQEFSEFJHQKH BFJHOSFTJTFMEATFBKJHKTH@ABACDEF̲H
KJOVH KJH BECEOFQFH FH RKJFSH QKH JKSH RFSOKH QKH BFH
RAB[OEMFH ̀NKH KBH uADEKSTAH ̀NEKSKH ZACKTOFSGH
IFHQKQNMMEXTHQKH NTHhfvwHKTHBAJHECRNKJOAJH
JADSKH KBH PFBASH ETPKSOEQAH KTH ]TPKJOEWFMEXTH ¥H
^KJFSSABBAHH d]t^k@BHTAHUFHJEQAHETMKTOEPAHJNa
Ûflhqwh"sdud"od"LHG1"V”or"hq"dojxqrv"fdvrv"sxh0
QKHQAMNCKTOFS JKHBFHSKFBEcFMEXTH QKH]t^HRASH
RFSOKHQKHKCRSKJFJHKqOSFTLKSFJHKTH@ABACDEF̲HH
QKJOFMVTQAJKHKBHMFJAH QKBHuSNRAHiBKCVTHQKH
xFBNQH ryYxYo]zx̲H̀NKH UFH PKTEQAH QKJFSSAa
BBFTQAHKTJF¥AJH MB[TEMAJHKTH KBHRF[J̲HBAJH MNFBKJ̲H
UFTHFSSALFQAH MACAHSKJNBOFQAHTNKPAJH QKJMNa
eulplhqwr"flhqw·Ûfrv"hq"krvslwdohv"orfdohv1
H IAJHKJZNKScAJHSKFBEcFQAJHRASH BFJHNTEa
QFQKJHQKH]TPKJOEWFMEXTH¥H^KJFSSABBAHd]t^kHQKH
@ABMEKTMEFJH MATH BFH RFSOEMERFMEXTH QKH FBWNTFJH
KCRSKJFJHOSFTJTFMEATFBKJH ¥HBFJHNTEPKSJEQFQKJ̲H
UFTHSKJNBOFQAH KTH RSAQNMOAJHETTAPFQASKJHKTH
BFHETQNJOS EFHFNOACAOSEcGH{FBHKJH KBHMFJAH QKHBAJH
OFT̀NKJHQKHWFJHQKHRBVJOEMA̲HQKJFSSABBFQAJHRFSFH
yKTFNBOH MACAH RFSOKH QKH NTH MBnJOKSH FRA¥FQAH
RASH KBH WADEKSTA̲H KTH KBH ̀NKH RFSOEMERFTH BFJH
MACRF¦[FJHQKH FNOACXPEBKJ̲HBFJH NTEPKSJEQFQKJH
¥HBAJHRSAPKKQASKJHBAMFBKJGH}OS FJHFBEFTcFJH QKH
]TPKJOEWFMEXTH ¥H ^KJFSSABBAH d]t^kH FRA¥FQFJH
RASH @ABMEKTMEFJ̲HJKH KJOVTH QKJFSSABBFTQAH MATH
BFH ETQNJOSEFH QKBH MFSDXTH KTH FJAMEFMEXTH MATH BFH
MACRF¦[FH iNJOSFBEFTFaH ˜SEOVTEMFH uBKTMASKH ¥H
KTH BFH QEJOSEDNMEXTH QKH KBKMOSEMEQFQH KTH FBEFTcFH
MATHBFHKCRSKJFHKJRF¦ABFH@AQKTJFG
H YBH QKJFSSABBAH QKH MBnJOKSKJH ZACKTOFH
P[TMNBAJHMATHBFHETQNJOSEFHBAMFBH¥HMACAHSKJNBOFa
gr/"wudqvÛhuh"whfqrorj·d"txh" phmrud"od"frpa
RKOEOEPEQFQH QKH BFH KMATAC[FGHiQEMEATFBCKTOK̲H
FBH UFJOFH FUASFH KqEOAJAH MBnJOKSH ZASCFQAH RASH
RSAPKKQASKJHBAMFBKJH KTHBFH ETQNJOSEFHFNOACAa
OSEc̲HAOSAJHMBnJOKSKJHMATH PAMFMEXTHETTAPFQASFH
KJOVTH ARKSFTQAH KTH FJAMEAH MATH KCRSKJFJH
QACETFQFJHRASHHBFH]Y^HKTHKBHJKMOASHRKOSABKSAH
¥HKTH BFHETQNJOSEFH RKOSÀN[CEMF̲HKTH BFJHRBFTOFa
MEATKJHQKH RFBCFHQKHFMKEOKH ¥HMATHBFHETQNJOSEFH
QKHBFHMACEQFHRFSFHFTECFBKJG@@
H YTH KBH MNSJAH QKH BFH ETPKJOEWFMEXTH JKH
lghqwlÛf”" ho" ghvduuroor" gh" xq" fóvwhu" gh"
CKQEFTAH TEPKBH OKMTABXWEMAH KTH ETQNJOSEFJH QKBH
JKMOASH KBbMOSEMAH ¥H KBKMOSXTEMAH FJAMEFQAH MATH
BFH]Y^GHYBH QKJFSSABBAHQKH BFHETZS FKJOSNMONSFHQKH
OKBKMACNTEMFMEATKJHQKJFSSABBFQFH MATH]Y^̲HUFH
JEQAHMS NMEFBHRFSFH BAJHRSAPKKQASKJHBAMFBKJH QKH
OSFTJZASCFQASKJHKBbMOSEMAJHdYCRSKJFHz]ukH ¥H
rwurv"lqvxprv1"Xq"juxsr"gh"shtxh„dv"Ûupdv"
KTH KBH MFCRAH KBKMOSXTEMAH JKH SKNTEKSATH FBSKa
QKQASHQKBH@]^Y]̲HNTHMKTOSAHRFSFHETPKJOEWFMEXTH
OKMTABXWEMFHKTHBFHETQNJOSEFHKBKMOSXTEMF̲H¥Hix}a
@AzTHKJONQEAHKMATACbOSEMAHJADSKHxREBBAPKSJHHQKHBFH]Y^HJADSKHBFHETQNJOSEFHKTH@ABACDEFHCNKJOSFH̀NKHBAJHKZKMOAJHKTHRSAQNMOEPEQFQHJKHCNKJOSFTHCVJH
KTHBFHSKBFMEXTHETOKSETQNJOSEFH¥HMACAHSKJNBOFQAHQKHBFHMACRKOKTMEFH̀NKHKTHSFcXTHFHKTMFQKTFCEKTOAJH¥HSKBFMEATKJHETOSFETQNJOSEFlHdiOFBBFU̲HfggʼkHHH H
@BiSO[MNBAHhv\ahHYJOFONOAH{SEDNOFSEAHQKH@ABACDEFG
@@Ho"uhflhqwh"lqiruph"vreuh"frpshwlwlylgdg"gho"Frqvhmr"Sulydgr"gh"Frpshwlwlylgdg"+533¦"pdshd"orv"fóvwhuhv"gh"od"hqhuj·d"hoflfwulfd"
KTHiTOEÀNEF̲HKBHQKHsoftwareHKTHBFHSKWEXTH˜AWAOVH@NTQETFCFSMF̲HKBHRKOSÀN[CEMAHKTH˜AB[PFS̲HKBHQKHRKOSXBKAH¥HWFJHKTHxFTOFTQKSH¥HKBHDEAETQNJOSEFBHKBH
FcnMFSHKTHKBHʻFBBKHQKBH@FNMFGHIFHRFSOEMERFMEXTHQKHBFH]Y^HKTHBFHKJOSNMONSFHQKHKJOAJHMBnJOKSKJHKJHCFSWETFBG
PKQHGRBSGFTDQGR
@AB
@ABCDEFCFGCHICIGJKLIKLMNCOFCHICLNOEGPQLIRCSIQIC
TIKFQCSIQPFCOFCHICKIOFNICOFCSQJUFFOJQFGCOFC
FVSQFGIGC PQINGNIKLJNIHFGC JSFQINOJC FNC FHC
sd·v1"Rwur" fdvr" lghqwlÛfdgr" hq" hvwh" plvpr"
GFKPJQC FGC FHC QFGEHPINPFC OFC HJGC SQJKFGJGC OFC
PQINGWJQVIKLMNCXCFNGIVYHFCDEFCTICFVSQFNZ
OLOJC @LFVFNGRCDEFC GF[¥NC GEC IOVLNLGPQ IKLMNC
HJKIHRC KEFNPIC KJNC FHFUIOJGC NLUFHFGC OFC SQJZ
OEKPLULOIORCKJVJCQFGEHPIOJCOFCENICWEFQ]ICOFC
PQIYI^JCIHPIVFNPFC SQJOEKPLUICXCSQJUFFOJQFGC
FGSFKLIHL]IOJG̲
C ̀PQJGC @SLHHC ̀UFQGC OFC FVSQFGIGC
PQINGNIKLJNIHFGC EYLKIOIGC FNC FHC SIaGC GFC TINC
[FNFQIOJRCQFGEHPINOJCFNCPQINGWFQFNKLICOFCPFKZ
NJHJ[aICFNCULQPEOCICHJGCFGPbNOIQFGCLVSEFGPJGC
SJQCFGPIGCKJVSIcaIGC FNCFHCGFKPJQCOFC KJVFQZ
KLJCVLNJQLGPICICSQJUFFOJQFGCHJKIHFG̲CBIGCKIZ
OFNIGC VLNJQLGPIGC deLPJZC fIGLNJC KEFNPIC KJNC
VbGC OFC g̲hiiC SQJUFFOJQFGC HJKIHFGC XC PINPJC
fIQQFWEQRCjIkQJC XCJPQJGC QF[LGPQINCKIGJGCFeLZ
PJGJGRCKJVJC FHC OFC HIC FVSQFGIC OFC [IGFJGIGC
lmǹoC DEFC FVSF]MC IC GESHLQC IC jmpǹCFNC
fJHJVYLIC XC IKPEIHVFNPFC FGC SQJUFFOJQC OFC
PLFNOIGCjmpǹCFNC FHCFePFQLJQRCKEVSHLFNOJC
KJNCFGPbNOIQFGCLNPFQNIKLJNIHFG̲CqNICGLPEIKLMNC
GLVLHIQCGFCTICULGPJCKJNCENCSQJOEKPJQCHJKIHCOFC
KTJKJHIPFClBEkFQoRCDEFCTJXCGEVLNLGPQICICFGPIGC
KIOFNIGCFNCJPQJGCSIaGFG̲
C ANC HJGC KIGJGC FGPEOLIOJGC GFC FNKJNZ
PQIQJNCPQFGCVJOIHLOIOFGCVFOLINPFCHIGCKEIHFGRC
HIGCFVSQFGIGCPQINGNIKLJNIHFGCTINCPQINGWFQLOJC
ICFVSQFGIGCHJKIHFGCPFKNJHJ[aIC XCKJNJKLVLFNZ
PJrCL̲CjFOLINPFCIGLGPFNKLICPsKNLKIRCDEFCTICGLOJC
FHCKIGJC OFHCGFKPJQCIEPJVJPQL]̲CBIGC FVSQFGIGC
PQINGNIKLJNIHFGC SQJUFFNC FHC KJNJKLVLFNPJC XC
QFKJVLFNOINC HJGC FDELSJGC NFKFGIQLJGC SIQIC
KEVSHLQC KJNC HJGC QFDEFQLVLFNPJGC XC HJGC FGZ
PbNOIQFGCNFKFGIQLJGCFNC HJGCSQJKFGJGCOFCtuvwC
LL̲C jFOLINPFC FNKIOFNIVLFNPJGC DEFC HJ[QINC
SQJUFFOJQFGC OFC HIGC FVSQFGIGC PQINGNIKLJNIZ
HFGCPINPJCFNCHIGCIKPLULOIOFGCLNOEGPQLIHFGCKJVJC
KJVFQKLIHFGwC XC LLL̲C jFOLINPFC HIC LNPFQNIKLJNIZ
ol}dfl”q"gh"od"fxdo/"vh"kdq"ehqhÛfldgr" suryh0
FOJQFGCHJKIHFGCDEFCFVSLF]INCFNKIOFNbNOJGFC
HJKIHVFNPFCKJNCtAv̲C
C ANCHICFeSFQLFNKLIC KJHJVYLINICFGC FHC
ULNKEHJC FNPQFC HIC tAvC XC HIGC IKPLULOIOFGC OFC HIC
FKJNJVaIC OJVsGPLKIRC NJC GMHJC KJVJC QFGEHZ
PIOJC OFHC VFKINLGVJC IGJKLIOJC IC HIC KIOFNIC
OFC UIHJQC OFNPQJC OFC HIC LNOEGPQLIRC GLNJC KJVJC
QFGEHPIOJCOFCHJGCIUINKFGCPFKNJHM[LKJGCFNCHIGC
QFHIKLJNFGCLNPFQLNOEGPQLIRCSJQCSIQPFCOFCSQJUFZ
FOJQFGClpE[HFQRCxiiyo̲
C zIVYLsNCGFCTINCJYGFQUIOJCSQJKFGJGC
OFCLNNJUIKLMNCKJNCHICLNPQJOEKKLMNCOFCNEFUIGC
PFKNJHJ[aIGCFNCHIGCQFHIKLJNFGCLNPFQLNOEGPQLICFNC
FHCKIVSJC OFCHICFePQIKKLMNCOFCQFKEQGJG̲Cm¥NC
KEINOJCHICVLNFQaICOFCQFKEQGJGCNIPEQIHFGCSIQIC
FeSJQPIKLMNC SJQC SIQPFC OFCHIGC PQINGNIKLJNIZ
HFGCTIC GLOJCULGPICPQIOLKLJNIHVFNPFC KJVJCENIC
LNUFQGLMNCKJNC ENCLVSIKPJCHLVLPIOJCGJYQFCHIGC
IKPLULOIOFGCOFCHICFKJNJVaICOJVsGPLKIRCFHCKIQZ
YMNCTICSQJOEKLOJCFWFKPJGCGFKENOIQLJGCFNCHIGC
KJVSFPFNKLIGC PsKNLKIGRC KJVJC QFGEHPIOJC OFC
HICQJPIKLMNCHIYJQIHCFNCLNOEGPQLIGCQFHIKLJNIOIGC
KJVJCFHCPQINGSJQPFRCVINPFNLVLFNPJCOFCFDELZ
SJGC XC HIC LNOEGPQLIC VFPIHVFKbNLKI̲C vFGOFC FHC
SENPJCOFCULGPICOFCPFKNJHJ[aICFC LNNJUIKLMNRCXCC
OFYLOJCICHICWIHPICOFCLNWQIFGPQEKPEQICIOFKEIOIRC
KJVJC GFC VFNKLJNJC IQQLYIRC HIC VEHPLNIKLJNIHC
vQEVVJNOCKJNGPQEXMCGECHaNFICWsQQFICSIQICFHC
PQINGSJQPFC OFHCKIQYMNCOFGIQQJHHINOJCENICLNZ
WQIFGPQEKPEQICVJOFQNICOFCWFQQJKIQQLHCDEFCNJC
FeLGPaICFNCFHCSIaGCXCTICFNPQFNIOJCJSFQIOJQFGC
DEFC TINC IODELQLOJC KJNJKLVLFNPJGC PsKNLKJGC
DEFCITJQICGJNCEPLHL]IOJGCSJQCJPQIGCKJVSIcaIGC
FNCNF[JKLJGCGLVLHIQFG̲
C {IQPLKEHIQCLVSJQPINKLICFNCFHCKIGJCKJZ
HJVYLINJRCTICPFNLOJCHICPQINGWFQFNKLICOFCPFKZ
NJHJ[aICIGJKLIOICKJNCtAvCFNC HICFKJNJVaICOFC
GFQULKLJG̲CBICLNUFQGLMNCFNCKIOFNIGCKJVFQKLIHFGC
VLNJQLGPIGRCYINKICXCPQINGSJQPFRCTICPQIaOJCIHCSIaGC
LNNJUIKLJNFGCLVSJQPINPFGRCDEFCTINCPFNLOJCENC
LVSIKPJCSJGLPLUJC GJYQFCHICKJVSFPLPLULOIO̲CBIC
LNPQJOEKKLMNCOFCPFKNJHJ[aIGClOEQIGCXCYHINOIGoC
FNCHIC KIOFNICOFCSQJUFFOJQFGClfnjoRCFHCKJZ
VFQKLJCFHFKPQMNLKJRCSIQPLKEHIQVFNPFC¦}CPJCf˜RC
HJGCVINF^JGCOFCYIGFGCOFCOIPJGC XCENICVIXJQC
hÛflhqfld"hq"od"jhuhqfld"gh"orv"dopdfhqhv/"kdq"
GLOJCIH[ENJGC OFCHJGC LVSIKPJGCDEFCHICtAvCFNC
KIOFNIGCVLNJQLGPIGC KJVJCHICWQINKFGIC fIGLNJC
fIQQFWJEQCXC HIGCKTLHFNIGCʼIHHIYFHHICXC@JOLVIKC
TINCPFNLOJCGJYQFCHICFKJNJVaICOJVsGPLKI̲CvFC
VINFQIC GLVLHIQRC HJGC }INKJGC DEFC TINC HHF[IOJC
ICfJHJVYLIRCSIQ PLKEHIQVFNPFCHJGC YINKJGCFGZ
SIcJHFGC}}\mCXC@INPINOFQRCTINCLNKJQSJQIOJC
NEFUJGCFHFVFNPJGCOFC YINKICFHFKPQMNLKICDEFC
TINCGLOJCIOJSPIOJGCSJQC HICLNOEGPQLICYINKIQLIC
grpflvwlfd/"phmrudqgr"od"hÛflhqfld"gho"vhfwru/"
SFQJCDEFCOFGIWJQPENIOIVFNPFC NJCTICQFGEHZ
PIOJCFNCOLGVLNEKLMNCOFCHJGCKJGPJG̲
@ABCDE@FAGCHIDJAKCDJGL@DCMIJNGLCICDO@AJAICEGPGEQGMRAID@SQM@FAGJGTJGMROUCI@I@B@LJL
@A@
@ ABCB@DEF GHIJKB@KE@HJF@LJ MNHNKJKEF@
O@ PBCQEIERPNJF@SED ERPNJHEF@ JFBPNJKJ F@PBR@
HJ@TUV@WGE@LJR @CEXBDJK B@HJ@QDBK GPINYNKJKZ@
PNED IJF@NRKGFID NJF@M[FNPJF @O@KE@FEDYNP NBF@LJR@
CEXBD JKB@FG@PBCQE ININYNKJK¥@]JHEF@LJR@F NKB@
HBF@PJFBF @KE@^YNJRPJZ@HJ@H̲RE J@J̀DEJ@RJPNBRJ H@
WGE@ DEP NMNa@ NRYED FNaR @ EbIDJR XEDJ@ M DJFNH EDJZ@
HBSDJ RKB@KEFQG̀F @KE@CGPLBF@JcBF@KE@Q̀Dd
glgdv/"jdqdqfldv"hq" fdolgdg"gh"vhu ylflr"¦"hÛd
PNERPNJe@ KE@ HJ@ PBCQJc̲J @ PEDYEPEDJ@ f JYJDNJ@
WGE@FE@gGFNBRa@PBR@hJMMdiNHHED@O@WGE@FES jR@
orv"qxhyrv" lqyhuvlrqlvwdv"fduhf·d"gh"hÛflhqd
PNJ@ER@ FG@CJREXBZ@O@EH@ PJFB@KE@HJ@ JPED̲J@kJl@
KEH@ m̲BZ@W GE@ LJ@ CEXBDJK B@ EH@ QDEPNB@ KE@ FG@
JPPNaR@P BR@HJ@ERIDJKJ@KE@NRYED FNaR@NRIEDRJd
PNBRJH@O@GRJ@RGEYJ@EFIDGPIGD J@SEDERPNJH¥
" Hq"odv "hqwuhylvwdv" vh"lghqwl Ûf”"xqd"
EbQEDNERPN J@ KE@ NRRBYJPNaR@ NRIEDEFJRI E@ DEd
FGHIJKB@KEH@EgEPIB@WG E@INERE@HJ@PBCQEIERPNJ@
NRIEDRJPNB RJH@ FBMDE@ HJ@ NRKGF IDNJ@ HBPJH@ ER@ H J@
NRKGFIDNJ@ K EH@ PJHlJKB¥@ nJ@ TUV@ JFBPNJKJ @ J@ HJ@
KNFIDNMGPNa R@ KE@ PJHlJKB@ okJOHEFF@ hL BEpZ@LJ@
DEFGHIJKB@ ER@EH@KEFQHJlJCNERIB@KE@QDBKGPd
IBDEF@HBPJHEF@O@JRIE@EFIE@EFP ERJDNBZ@hIJRIBRZ@
GRB@KE@HBF@gJMDNPJRIEF@KE@lJQJIBF @C[F@IDJKNd
PNBRJHEFZ@ LJ@ FJHNKB@ KEH @ CEDPJKB@ SER̀DNPB@
KE@ PJHlJKB@ J@ MGF PJD@ RNPLBF@ KE@ CEDPJKB@
PBR@ QDBKGPIBF @ WGE@ NRPBDQBDJR @ IEPRBHBS̲J@
O@ KNFEcB@LEP LB@ER@ PJFJ@ QBD@FG@ RGEYB@ KEd
QJDI JCERIB@ KE@ TRYEFINSJPNa R@ O@ VEFJDDBHHBZ@
DEFGHIJRKB@ER@E H@KEFJDDBHHB@KE@KBF@QJI ERIEF@
WGE@ FE@ERPGERID JR@ER@ PGDFB¥@UFIE@ PJFB@D Ed
gGEDlJ@ EH@ JD SGCERIB@ WGE@ HJ@ NRRBYJ PNaR@ EF@
DEFGHIJKB@KE @HJ@PBCQEIERPNJ¥
" D"shvd u"gh"orv"f dvrv"lghqwlÛfdgrv/"
ER@ÌDCNR BF@SEREDJHEF@FE@QEDP NME@WGE@HJ@PJd
QJPNKJ K@WGE@LJ @IERNKB@ HJ@TUV@KE@IDJRFgEDND@
IEPRBH BS̲J@ ER@ ABH BCMNJ@ LJ@ FNK B@ HNCNIJKJ Z@
QEDB@ JP BDKE@ PBR@ H BF@ RNYEHE F@ IEPRBHa SNPBF@
KE@EFJ @NRYEDFNaR¥
@AB CDEFGHEGFIB JKLB MKFHIJNOB JKDKPQ KRNB SB
QFTHEUHIDBJKBVKWNH UND
@ qRJ@ KE@ HJF@ DJlBREF@ QD NRPNQJHEF@
QJDJ@ H J@ JQEDIG DJ@ KE@ HJ@ EPBR BC̲J@ ER@ HBF@
JcBF@rs@g GE@HJ@KE@gBCERI JD@HJ@PBCQEI ERPNJ@
otJYND NJ@ urrvp¥@ nJF@ QD NYJINlJPN BREF@ IER̲JR@
EFIE@ CNFCB@ BMXEINYB¥@ nBF@ PB RFGCNKBDEF@
EFIJMJ R@JFEKNJKBF @QBD@HBF@E HEYJKBF@QDE PNBF@
ER@GR BF@MNEREF@ KE@PBRFG CB@QDBIES NKBF@ER@
EH@ CEDP JKB@ NRIED RB@ PBR@ JHIB F@ JDJRPE HEF@ O@
KE@ GRBF@FED YNPNBFZ@ER@ HJ@ CJOBD̲J@KE@ HBF@ PJd
FBF@QDBQNE KJK@KEH@SBMNED RB@O@BQEDJKBF @gDEd
PGERIECERIE@ PBCB@CBRBQBHNBF@KE@CJREDJ@
lqhÛflhqwh"¦"fru uxswd1"Od"idowd"gh"frpshwhqd
PNJ@EbQHNPJMJ@ER@SDJR@ CEKNKJ@HJ@KNFCNRGPNaR@
KE@HJ@ PBCQEININYNKJK@ O@FE@EFQED JMJ@WGE@GRJ@
MJXJ@ER@HJF@MJDDEDJF@ JDJRPEHJDNJF@O @EH@NRSDEFB@
gh"LHG"Ûqdoph qwh"hvwlpxodudq"od"fr pshwhqd
PNJZ@CEXBDJRKB@HJ@Q DBKGPINYNKJK@O@QEDC NINERd
KB@GRJ@KNFCN RGPNaR@ER@HBF@QDEPNBF¥
@ wB@ EbNFIE@ KGKJ@W GE@@ HJ@DE KGPPNaR@@
ER@HBF@JDJRPE HEF@LJ@IDJ̲KB@CJOBD@PBCQEIE Rd
PNJ@ J@ HJ F@ PBCQJ c̲JF@ RJP NBRJHE FZ@O@ W GE@ FaHB@
HJF@C[F@gGE DIEF@LJR@FB MDEYNYNKB@J@EFI J@PBCd
QEIERPNJ¥@UFIE@RB@LJ@FNKB@FNECQDE@EH@PJFB@ER@
JHSGRJF@NRKGFIDNJF@ DEPEQIBD JF@KE @TUVZ@KJ KJ@
HJ@RJIGD JHElJ@KEH@FEP IBD@JH@WGE@FE@KND NSER@HBF@
DEPGD FBF¥@AEDPJ@KEH@ xsy@KE @HJ@ TUV@FE@EFI[@
KNDNS NERKB@ J@ DEPGD FBF@ RJIGDJHE F@ QJDJ@ Ebd
QBD IJPNaR@W GE@RB@S EREDJ@N CQJPIB@F BMDE@HJ@
PBCQEI ERPNJ@HBPJH Z@CNERID JF@WGE@GR@ zuy@YJ@
J@FEDYNPNB F@KE@ MJRPJ@ O@IEHEPBCGRNPJPN BREF@
WGE@ FBR@ JPINYNKJKE F@JHIJCERIE@ DESGHJKJF@ O@
WGE@BQED JR@MJXB@HNPE RPNJF@SGMED RJCERIJHEF ¥@
UR@CGPLBF@PJFBFZ@EFIJF@ jHINCJF@ NRYEDFNB REF@
DEFGHIJR@KEH@B IBDSJCNERI B@J@HJF @IDJRFRJ PNBd
RJHEF@ KEH@PBRID BH@FBMDE@ HBF@CBRB QBHNBFZ@FNR@
WGE@FE@QDBKGlPJR@ PJCMNBF@ER@HJ@EFIDG PIGDJ@
KE@HBF @CEDPJKBF@K E@HBF@FED YNPNBF@BgDEPNKBF¥
@ UH@ SD GEFB@ KE@ TUV @ ER@ FED YNPNBF@ KE@
IEHEPBCGRNPJPNaR@ QDBYNERE@K E@IDEF@ PBCQJd
c̲JF@ PEHGHJDEFZ@ HJ@ ECQDE FJ@ SGMEDRJ CERIJH@
]EHEPBC@ KE@nJD SJ@VN FIJRPNJ@ O@H J@IEHE YNFNaR@
QBD@ FGF PDNQPNa R¥@^jR@ PGJ RKB@ HJ@ HES NFHJPNaR@
DEPNERI E@KEH@i NRNFIEDNB@ KE@ABCGR NPJPNBREF@
QEDCN IE@ GR@ CJOBD@ JPP EFB@ J@ RGEYBF@ X GSJd
KBDEF@ER@EH@CEDPJKBZ@EFIB@IBKJY̲J@RB@FE@LJ@
KJKB@ O@HBF@NRYE DFNBRNFI JF@EbIDJ RXEDBF@SBl JR@
LJFIJ@ JLBDJ@KE@GRJ@EFIDG PIGDJ@BHNSBQaHNPJ¥@
@ qRJ@ NCJ SER@ PHJDJ@ KE@ P aCB@ PBRd
IDNMGOE @HJ@TUV@J@HJ @PBCQEIERPN J@O@QBD@IJRI B@
JH@ NRPD ECERIB@ KE@ HJ @ QDBKGPINYN KJKZ@ QGEKE@
EYJHGJ DFE@EFIGKN JRKB@HJF@xs@P BCQJc̲JF@C[ F@
SDJRK EF@ KE@ HJ@ EPBR BC̲J@ PBHBCM NJRJ¥@A@ nJ@
PBCQEI ERPNJ@ER@ EH@CED PJKB@HBPJH@ERIDE@ HJF@
PBCQJc̲JF@RJ PNBRJHEF@ O@HJF@AB DQBDJPNB REF@
@AmEYNFIJ@hECJRJ@ozss{p¦@nJF@xss@UCQDEFJF@i[F@tDJRKEF@ABHBCMNJZ@^MDNH@z{diJOBx¥
XIFLNDBYNVJKFND
@AB
@ABCD CBEFGC BHIDJ K L@MNJ IDJ IOFPICQIJ ICJ
HGDJ DIA OFEFGDJ PI J QIHIEGRSCFE BEFGCIDTJ ICJ
IHJ CIUG EFGJ PIJ EG RIAEFG J RFCGAF DQBJ VJ IC J HBJ
FCPSDQAF BJPIHJEIRICQGWJ@BRXFYCJIZFD QIJEGR[
¥IQICEFBJ ICQA IJ L@MDJ ICJ IHJ RIAEBPG J HGEBHJ
ICJHBJFCPSDQAFBJBSQGRG QAF]WJ^CJIHJEBDGJ PIJHBDJ
IR¥AIDBDJ PIJ DI AOFEFGDTJ B̲CJ ESBCPGJ IZFDQIJ
SCJ C̲RIAGJ PIJ IR¥ AIDBDJ CBEFGCBHIDJ ̀SCQGJ
EGCJBaSI HHBDJaSIJQFI CICJb^cTJYDQBDJCGJ EGR[
¥FQICJEGCJHBDJL @MJICJHGDJRFDRGDJRIAEBPG DJ
AIUFGCBHIDWJ cBQGDJ PIJ HB DJ deJ IR¥AIDBDJ KPIJ
HBDJ feeJ EGR¥Bg hBDJ RiDJ UABC PIDNJ RSIDQABCJ
aSIJ EGR¥BghBD J EGCJ b^cJ EGR¥FQICJ EG CJ HBDJ
EGR¥BghBDJ CBE FGCBHIDJ ICJ IHJ RIAEB PGJ HGEBHJ
VJAIUFG CBHJICJIHJ EBDGJPIJ IHIEQAGPGRYDQFEGDTJ
BDIGJ¥IADGCB HTJEGDRYQFEGDTJXIXFPBDJUBDIGDBDTJ
BSQGRjOFHIDTJ¥B¥IHJ IJFCPSDQAFBJkBAR BEYSQFEBW
J lBJ DFQSBEFjCJ ICJ IHJ DIEQGAJ XBCEBAFGJ
IDJPIJ BHUSCBJRBCIABJ DFRFHBAWJlGDJXBCEGDJ IZ[
QABC̀IAGDJ BPaSFAFIAGCJ HBJ ¥AG¥FIPBPJ PIJ XBC[
EGDJaSIJBCQIAFGARICQIJIA BCJPIHJIDQBPGJIJFC[
QAGPS̀IAGCJ RÌGABDJ QIECGHjUFEBDJ UICIABCPGJ
xq"lpsdfwr"srvlwlyr"vreuh" orv"qlyhohv"gh"hÛ[
EFICEFBJKLGCDÌGJ mAFOBPGJPIJLGR¥IQFQFOFPBPJ
533fxdqgr"hvwr"qr"vh"kd"uhÜhmdgr"hq"
SCBJAIPSEEFjCJPIHJRBAUICJPIJFCQIARIPFBEFjCJ
XBCEBAFGTJaSIJQFICPIJBJRBCQICIADIJ ICJSCJCF[
OIHJDFRFHBAJBHJPIJ HGDJXBCEGDJHGEBHIDWJ^DQIJEBDGJ
nBJDFPGJEGR̲CJCGJDjHGJICJLGHGRXFBJDFCGJICJ
HBDJIEGCGRhBDJPIJHBJRBVGAhBJPIJHGDJ¥BhDIDJlB[
QFCGJoRIAFEBCGDJ KpBAQhCI]J mIAIFABJqJ pGPVJ
reesNWJ tCBJ DFQSBEFjCJ PFkIAICQIJ EGCJ kSIAQIJ
EGR¥IQICEFBJPIJRIAEBPGJVJ¥AIEFGDJPIEAIEFIC[
QIDJ DIJ nBJ IZ¥IAFRICQBPGJ ICJ IHJ CIUGEFGJ PIJ
HGDJDIUSAGDWJ lBJICQABPBJ PIJL@MJ ICJIHJ RIA[
EBPGJHGEBHJnBJDFPGJBUAIDFOBJVJIDQiCJGkAIEFICPGJ
DIAOFEFGDJ PIJ BHQBJ EBHFPBPJ BJ RICGAIDJ ¥AIEFGDTJ
kGA]BCPGJBJ HB DJ EGR¥BghBDJ HGEBHIDJ BJ DIAJ RiDJ
hÛflhqwhv" ¦" frpshwlwlydv1"Dojxqrv" vhfwruhv"
FCPSDQAFBHIDJICJPGCPIJHBJb^cJnBJIDQFRSHBPGJHBJ
EGR¥IQICEFBJHGEBHJDIJRICEFGCBCJRiDJBXB̀GW
@ABCDEFGHIBJEBKLBMCNBEOBKLBCIGPQFGQPLBCFHORSTFL
J ^CJHBJ PYEBPBJaSIJ QABCDESAAFjJ ICQAIJ
fuuvJ VJ reevJ HBJ IDQASEQSABJ PIJ HBJ IEGCGRhBJ
EGHGRXFBCBJ nBJDSkAFPGJ EBRXFGDJICJ DSJEGR[
¥GDFEFjCJDIEQGAFBHW
J lBJoUAFESHQSABJ nBJOICFPGJ¥IAPFICPGJ
¥BAQFEF¥BEFjCJ ICJ IHJ mbwTJ ICJ QBCQGJ aSIJ HBJ FC[
PSDQAFBJ RBCSkBEQSAIABJ nBJ FCEAIRICQBPGJ DSJ
¥BAQFEF¥BEFjCJICJ RiDJPIJPGDJ¥SCQGDJ¥GAEIC[
QSBHIDWJ^HJ DIEQGAJ EGRSCFEBEFGCIDJ nBJ UBCBPGJ
FR¥GAQBCEFBJ EGRGJ QBRXFYCJ HGJ nBJ nIEnGJ IHJ
EGRIAEFGJ RFCGAFDQBJ VJ HBJ nGQIHIAhBWJ xIJ GX[
DIAOBJaSIJ HBJRFCIAhBTJaSIJFCEHSVIJIHJ¥IQAjHIGTJ
PID¥SYDJPIJ QGEBAJ¥FDGJICJfuuuJ EGRGJAIDSH[
QBPGJPIJHBJEAFDFDJPIJIDIJBgGTJDIJnBJRBCQICFPGJ
ICJ IHJ CFOIHJPIHJ syJ PIHJ mbw WJ^DJ EHBAGJ aSIJ HBDJ
UABCPIDJFCOIADFGCIDJICJ¥IQAjHIGJVJRFCIAhBJCGJ
vh"kdq" uhÜhmdgr"hq"pd¦ruhv" sduwlflsdflrqhv"
PIJIDQIJ DIEQGAJICJIHJ mbwTJ¥IAGJ DhJDIJGXDIA OBJ
SCBJEGAAIHBEFjCJ ICQAIJHBJFCOIADFjCJ ICJIHJDIE[
QGAJ RFCGAFDQBTJ RBCSkBEQSAIAGJ VJ PIJ EGRSCF[
EBEFGCIDJVJHBJ EAIEFICQIJFR¥GAQBCEFBJPIJ IDQGDJ
DIEQGAIDW
J cIJSCJQGQBHJPIJtxzJ{dWfs{JRFHHGCIDJ
PIJb^cJPSABCQIJ IHJ¥IAFGPGJreef[reevJK¥BABJ
IHJESBHJIHJwBCEGJPIJHBJ¦I¥̲XHFEBJICQAIUBJFCkGA[
RBEFjCJPIDUHGDBPBNTJtxzJ sWs}rJGJIHJ frTvdyJ
kSIJIHJAIDSHQBPGJPIJ UBCBCEFBDJAIFCOIAQFPBDJICJ
IHJ¥BhDTJ sdyJDIJ FCOFAQFjJICJ ¥IQAjHIGJVJ RFCI[
AhBTJRFICQABDJ aSIJ IHJ AIRBCICQIJ PIJ AIESADGDJ
PIJb^cJCSIOBJKsdTu{yNTJaSIJBHEBC]jJHBJ DSRBJ
PIJtxzJfsW{}sJ RFHHGCIDTJkSIJBJ GQAGDJDIEQG[
AIDWJcIJIDGDJGQAGDJDIEQGAIDTJDFIQIJDSXDIEQGAIDJ
FCPSDQAFBHIDJ AIEFXFIAGCJ IHJ vrTd˜yJ PIHJ EB¥FQBHJ
IZQABC̀IAGJ FCOIAQFPGJ VJ ICJ QGPGDJ HGDJ EBDGDTJ
IDQBDJ FCOIADFGCIDJ IDQiCJ BDGEFBPBDJ BJ kSDFGCIDJ
GJBPaSFDFEFGCIDJ PIJUABCPIDJEGR¥BghBDJIZFD[
QICQIDJICJIHJRIAEBPGJCBEFGCBHWJ^HJffTdyJPIJHBJ
CSIOBJb^cJkSIJ BHJDIEQGAJXBCEBAFGJPIJ RBCIABJ
txh"rfkr" vxevhfwruhv"hvshf·Ûfrv"uhflelhurq"
PIJEIAEBJPIHJ }dyJPIHJQGQBHJPIJ b^cJPFDQFCQGJBJ
¥IQAjHIGJVJRFCIAhBTJHGJaSIJIDJ FCPFEBQFOGJPIJHBJ
edmd"glyhuvlÛfdfl”q"gh"qxhyd"LHG"+Yhu"Wdeod"8,1
J tCJQIRBJFCQIAIDBCQIJIDJaSIJBPIRiDJ
PIJHBJ XBCEBTJBaSIHHGDJDIEQGAIDJ EGCJHBJ RBVGAJ
¥GAEFjCJPIJb^cJKPFkIAICQIJBJ¥IQAjHIGJVJRFCI[
AhBNTJ EGFCEFPICJ EGCJ HGDJ DIEQGAIDJ aSIJ IDQiCJ
UBCBCPGJ ¥BAQFEF¥BEFjCJ ICJ HBJ IDQA SEQSABJ PIHJ
MUVCWXMYUBCZ[W¥U]CW¥BNMWC^[¥̲BNC[CẀMU¥U[CXBaBXbB^cU[WMdb^MYUB¥Be¥B^c̀fC[M[MVMN¥N
@AB
@ABCDEFGH
@ABCADE@EFGHDI@JAKELMHNIMHCEOHNIH@AMABOELPHQRRSTUVVS
Fuente: Banco de la República-DANE
@ABCDEFBGHIFJA IBGKADFBG L@HKMNGOPGQJEFBAGRST
IBASQFUVGFJPJEBRDISEUESBIJQGWGPUGSICDQFASUGQBIG
PBQGFAJQGQJEFBAJQG XDJGYUIUABIG ZUAFSESZUES[IG
JIGJPG@HKGCDAUIFJGJPGZJASBCBGCJG¥]]^T¥]]̲GWG
QBIGFUR̀SaIGPUQG UEFSbSCUCJQGJEBI[RSEUQGEBIG
PUGRUWBAGZBAES[IGCJGHOcNG
G deIGEDUICBGJQGCSfgES PGJQFÙPJEJAGDIUG
AJPUES[IG EUDQ UG JfJEFBG JIFAJG JQFBQG fJI[ RJT
IBQVGJQGDIG hJEhBGXDJG PUGHOcGhUG EBIFAS̀DSCBG
CJG RUIJAUG SRZBAFUIFJG FUIFBG UGPUG SIbJAQS[IG
EBRBGPUGRJiBAUGCJGPUGZABCDEFSb SCUCGCJGJQFBQG
QJEFBAJQN
JAJLMHEIN
QPHWXYZY[¥[]^HZ̲̀¥Z]^Ha]Ybc]aXY[¥^
UPHC]XadZ]̲HeHfYb]ag¥
EINHAXa̲^Hb]X̲
BYb̲aY^X¥^
EGNWDJKEL
LZYf]bX̲^HeHh]hY[¥^
B¥bij¥̀Xia¥HeHf]X¥Z
Ca̲[ìX̲^H[]ZHX¥h¥̲̀
Ca̲[ìX̲^HkigfỲ̲^
Efla]^YdbHeHma¥h¥̀Ydb
@ABWGE@L@EAGID
nPHJ̲X¥ZH^]̀X̲a]^H^]Z]̀̀Y̲b¥[̲^
QoUonH
JAJLM
jGklN^mkV̲n
jGmNmn¥V^l
jG^lNo^̲V¥p
jG^mNknmVk̲
jGn]kVp
jGmNn^mVmn
jGp]kVp̲
jGkp]Vmk
jG¥̲kVpk
jG¥^]Vmn
jGkNk̲^Vl¥
jG^]Nmk̲Vnk
jGl]Nm¥kV̲p
pH[]ZHX̲X¥ZHEIN
^]]V]]q
^kV̲nq
mlV¥oq
m]Vokq
¥V¥oq
^kV̲]q
^V̲¥q
^V]kq
]V̲nq
]Vp]
oVloq
¥oV̲]q
nnV̲̲q
pH[]ZHEIN
b]X̲H̲Xa̲^
^]]V]]q
lVloq
]V]]q
kkVm̲q
mV¥]q
¥Vl^q
^Vo]q
^Vmp
¥kVmmq
̲¥Vlpq
CaYb̀Yl¥ZHji^Y̲b]^HeH
¥[kiY^ỲY̲b]^
KUbUASU
@UrGCJPGsgB
tBPFÙUEB
sJfSIJAgUGtUAFUYJIU
OPGuSJRZB
uJPJEBRGW
EBRZUvgUQGEJPDPUAJQ
IJKLJGM
EINHIGH@AMABOELqHNIDLrKIrLNLHCAKHDI@JAKIDHDIMI@@EAGLNADPH
JAJLMHUVVQTUVVS
Fuente: Construido con datos del Banco de la República
@ABCDEFGDHIJBDE
NHH
;1"Hihfwrv"wflfqlfrv" vreuh"od" hÛflhqfld="Surgxf@
ABCBDEDFFGFHIJAEKBLBDED
@ AB@CDEFGHI@JK@BF@LAM@ENKJK@OKP@QCOHI@
HFDRCST@ F@HPFQSO@ JK@BF@ PKTHFRCBCJFJ@U@ BF@ CDV
EIPHFTGCF@ JK@ BFO@ GIDEFWXFO@ KYHPFTZKP FO@ KT@
KB@ GITHKYHI@ TFGCITFB[@MK@ BFO@ ¥]@ GIDEFWXFO@
D^O@̲PFTJKO@̀DKJCJFO@EIP@ONO@LT̲PKOIO@aEKV
PFGCITFBKObc@ de@ OIT@ GIDEFWXFO@ KYHPFTZKPFO@@@@@@@@@
̀@fKDFTFc@d]]gc@FRPCB@dgVDFUI@¥b
@ABCDEFGEFHIFJABKILMI
NHBIJEOEPFQRSTA
UABJEH
VIWIDSI
QRRAOBACSH
XEHEYZOSJI
[EOEDIHF¥ATADP
NWSIOJI
UIDDEYA]D
U^EWDAOF̲ET̀
aAYIPIFbFcEOI]HT
dD]BBAOG
UAGEOPI
V̲FQRKHADITSAO
UIDCAOEPFUEDDEeZO
̲ETDACDIP
fAJAH
UEDDABITAPA
UUNF¥IgGI
QBhEPI
UEEDDEeZOF@ADTE
iJJSGEOTIHFUAH̀
UEBERFUAH̀
aAGSBIJ
¥AOABEDAP
iJJSGEOTIHFNOGSOI
@EPTHjFGEFUAH̀
kOWEDPSAOSPTIF
ERTDIOeEDA
hFOCTI
iKBDKY
fjklCBBKP
AYYIT
iKBmnTCGF
ol
fCTKP̲U
hFPPKmINP
hpKQPIT
qKTFNBH
MPNDDITJ
ATJKOF
k[r[
oCKTGIPK
rKHPIRPFO
lFNPKB@rPID
ksr@kCBBCTHIT
lFtJF
ATJKOF
oBKTGIPK
aYU
hKDKY
fIJCDFG
Lur
aYU
vKOHBS
iDShEOFkQd
wPFTGCF
lSYCGI
fNJ^mPCGF
AA[xx[
AOEFWF
AA[xx[
kPFOCB
wPFTGCF
AA[xx[
wPFTGCF
AA[xx[
AOEFWF
oPFT@kPKHFWF
fNCtF
kPFOCB
wPFTGCF
jNOHPFBCF
yFEnT
AOEFWF
fNCtF
AA[xx[
lSYCGI
hpCBK
uKTKtNKBF
AA[xx[
fNCtF
aEJTAD
lCTIPCOHF
iKBKGIDNTCGFGCITKO
kKRCJFO
rKHPnBKI
iKBKGIDNTCGFGCITKO
jNHIDIHPCt
jQCFGCnT
lCTIPCOHF
rKHPnBKI
jNHIDIHPCt
hFPRnT
fKPQCGCIO@rzRBCGIO
rKHPnBKI
hFPRnT
rKHPnBKI
rKHPnBKI
hIRPK
jNHIDIHPCt
fKPQCGCIO@rzRBCGIO
hFPRnT
rKHPnBKI
hKDKTHI
lCTIPCOHF
{NXDCGIO
rKHPnBKI@U@̲FO
kKRCJFO
cIOlSOh
d
¦
¥
e
}
g
˜d
˜ʼ
˜¦
˜e
˜g
˜\
d]
dd
dg
d\
ʼ]
ʼd
ʼʼ
ʼg
¦˜
¦¦
¦¥
¦}
¦g
@ABCADED
Ui¥̲NmnNaFUi@FkQdFQ@XcQFoNaFpqF¥raF[cN@dQaFdQFUioi¥VkN
Fuente: Semana. Separata Las 100 empresas más grandes de Colombia. Abril a mayo de 2008.
@ AOHFO@ de@ GIDEFWXFO@ PKGKEHIPFO@ JK@@
LAMc@ IRHNQCKPIT@ KB@ }dcgʼʻ@ JK@ BFO@ ̲FTFTGCFO@
IEKPFGCITFBKO@JK@BFO@EPCDKPFO@¥]c@KYGBNUKTJI@
AGIEKHPIBc@A@FzT@ GNFTJI@OnBI@PKEPKOKTHFT@ KB@
¥dʻ@ JKB@ ̲PNEI@ JK@ ¦\@ GIDEFWXFO[@ fK̲zT@ BF@
lqirupdfl”q" Ûqdqflhud" txh" vxplqlvwud" od" uhV
QCOHF@fKDFTF@ @BF@ PKTHFRCBCJFJ@JK@BF@ CTQKPOCnT@
JK@ GIDEFWXFO@ KYHPFTZKPFO@ KO@ DFUIP@ |NK@ BF@
PKTHFRCBCJFJ@JK@BFO@GIDEFWXFO@EPCQFJFO@TFGCIV
TFBKOc@EPIRFRBKDKTHK@GIDI@PKONBHFJI@JK@NTF@
DFUIP@ HKGTIBI̲XF[@ ~F@ ̲FTFTGCF@ IEKPFGCITFB@
HIHFB@OIRPK@ KB@QFBIP@TKHI@JK@BIO@FGHCQIO@EFPF@
@AAGIEKHPIB@KO@NTF@GIDEFWXF@̲NRKPTFDKTHFB@|NK@PKGCRK@CT̲PKOIO@EPIJNGHI@JKB@DITIEIBCI@KT@BF@KYEBIPFGCnT@JK@EKHPnBKI[
MNOPHQMRNFPSTHUNVPHUFWMHPXTUYFWPTPHZMNUNTPQF[FQ¥FX]NTHM^¥XMRNFUF̲UFX]Z̀PTMTMOMWUW
FGH
@ABCDEFGAHIABCJKLMANOJMABC PQJCRJCSTUVWXUCJNC
LANLECYQJCGAMAC@ABCDEFGAHIABCGMZ[ARABCNADZE¥
NA@JBCPQJCRJC]TU^̲X̀
C aJC @ABC DEFGAHIABC YQJC LZJNJNC bcaC
JNC @AC @ZBLAC RJC @ABCdeC FfBCgMANRJBUC@ABC GJLME@¥
JMABUC DAMhENIPJMABCiC RJC PJMMENIYQJ@UC GMERQDJNC
GAMACFJMDAREBCZNLJMNADZENA@JBUCLERABC@ABCRJFfBCCCCC
EPMJDJNC hZJNJBCiC BJM[ZDZEBCJNC J@CFJMDARECZN¥
LJMNEUCECJNCA@gQNEBCDABEBCA@CFJMDARECMJgZENA@̀
C jACbcaC NECBk@EClAC DENLMZhQZRECAC @AC
PEMFADZkNCRJCDAGZLA@UCBZNECYQJC lACAiQRARECAC
FJOEMAMC @ACJBLMQDLQMAC ZNRQBLMZA@C iC@ABC GMfDLZ¥
DABCgJMJNDZA@JB̀CjACDEFhZNADZkNCRJCJBLEBCREBC
J@JFJNLEBC lAC FJOEMAREC J@C RJBJFGJHEC RJC
AYQJ@@ABCDEFGAHIABCJNC@ABCYQJC@ABCmnoCJBLfNC
GMJBJNLJB̀
C cNC J@C GJMIEREC RJC BJZBC AHEBC See]¥
SeeTC FfBC RJC pqrC WUWC FZ@C FZ@@ENJBC PQJMENC
MJZN[JMLZREBCGEMC @ACDEFGAHIACDENCbcaCJNCBQC
sursld"lqiudhvwuxfwxud/"or"fxdo"vh"uhÜhmd"hq"od"
MJDEN[JMBZkNCRJC@ABCG@ANLABCZNRQBLMZA@JBCiCFJ¥
mrudplhqwr" hq" od" hÛflhqfld" gh" orv" qhjrflrv"
DEFGMAREBCA@CgEhZJMNECiCJFGMJBABC@EDA@JB̀
@ABCDEFBGHFIJKLMKNHB OEPBQRSB EOBNTPEJJHOOHB JTU
VKHFEOBNTOBWEXPY
C jAC bcaC JNC BJDLEMJBC RZPJMJNLJBC AC
GJLMk@JECiCFZNJMIACBJClACDENDJNLMARECJNCsE¥
gELfCiCJNC FJNEMCFJRZRACJNCtJRJ@@INCiC mA@ZUC
hfBZDAFJNLJC GEMYQJC @AC GMERQDDZkNC BJC lAC
RJBLZNARECA@C FJMDAREC@EDA@CiC JBLABCMJgZENJBC
LZJNJNC QNC GJBEC ZFGEMLANLJC JNC @AC RJFANRAC
ZNLJMNÀCu@gQNABCZN[JMBZENJBCJNCGJLMEYQIFZDAC
iC ELMABC EMZJNLARABC AC @AC JKGEM LADZkNC BJC lANC
QhZDAREC JNC @ABC MJgZENJBC DEBLJMABUCGM ZNDZGA@¥
FJNLJC JNC J@C BJDLEMC ZNRQBLMZA@C RJC tAFENA@C
JNCmAMLAgJNACiCJNCsAMMANYQZ@@ÀCcBLACDENDJN¥
LMADZkNCRJC@AC ZN[JMBZkNCJNC GEDABCMJgZENJBClAC
lJDlECYQJCJ@C ZFGADLECRJC@ACbcaCRZPJMJNLJCA@C
GJLMk@JECiC@AC FZNJMIACJNCJ@CRJBAMME@@EC MJgZE¥
NA@CBJAC@ZFZLARÈ
C cNCJ@CDABECRJCZN[JMBZENJBCJNCGJLMk@JEC
iCFZNJMIAUClAC BZRECACLMA[vBC RJC@ABCMJgA@IABC MJ¥
DZhZRABC GEMC @ABC ARFZNZBLMADZENJBC @EDA@JBUCYQJC
@ACbcaClACLJNZRECQNCgMANC ZFGADLECJNCJ@CRJBA¥
MME@@ECMJgZENA@CiC@ABC DEFQNZRARJBC@EDA@JB̀CcNC
mE@EFhZACJ@CBZBLJFACRJCMJgA@IABCJBLfCRZBJHAREC
GAMAC YQJC @EBC MJDQMBEBC RJMZ[AREBC RJ@C GAgEC
RJC MJgA@IABC GEMC @AC JKG@ELADZkNC RJC @AC FZNJMIAC
wBJDLEMC JNC J@C DQA@C lAiC QNC A@LEC DEFGENJNLJC
RJCbcaxCBJCRJBLZNAUCRZMJDLACECZNRZMJDLAFJNLJCAC
@EBCFQNZDZGZEBCiCMJgZENJBCRENRJCBJCBQDJRJC@AC
JKG@ELADZkN@ACECJNCAYQJ@@EBCRENRJCBJCQhZYQJNC
orv"sxhu wrv"pdu·wlprv" ¦"Üxyldohv" sru"grqgh"
BJC DEFJMDZA@ZDJNC hZJNJBC JKG@ELAREBC waoyUC
SeeTx̀C cBLEBC MJDQMBEBC LZJNJNC RJBLZNADZENJBC
hvshf·Ûfdv"sdu d"ho" vdqhdplhqwr"dpelhqwdo/"¦"
GMEgMAFABC BEDZA@JBCLJNRZJNLJBC ACFJOEMAMC @EBC
NZ[J@JBC RJC NJDJBZRARJBC hfBZDABC ZNBALZBPJDlABC
gh"orv"pxqlflslrv"¦"uhjlrqhv"ehqhÛfldgrv1
C jEBCMJDQM BEBCYQJC MJDZhJNC@EBC JNLJBC
LJMMZLEMZA@JBC GEMCJBLJC DENDJGLECBENC DQANLZE¥
BEBCiCJNCSeezCABDJNRZJMENCACpqCWddCFZ@@ENJBUC
@BC iC @AC PA@LAC RJC PEMLA@J{AC ZNBLZLQDZENA@C JNC @EBC
NZ[J@JBC@EDA@JBC iCMJgZENA@JBCiC @ACGMJBJNDZACRJC
PEDEBCDMJDZJNLJBC RJCDEMMQGDZkNC lANC@ZFZLAREC
J@CZFGADLECRJC JBLEBCMJDQMBEBCJNC J@ChZJNJBLAMC
RJC@ACDEFQNZRAR̀@CC
@ABCDEFGABHFI
C mE@EFhZAC lAC RJFEBLMAREC BJMC QNC
ZFGEMLANLJC MJDJGLEMCRJC bcaUCGJMEC @ABCDAMAD¥
LJMIBLZDABCGMEGZABC RJCBQCJDENEFIAClANC RJLJM¥
FZNAREC YQJC JBLfC ZN[JMBZkNC @@JgQJC GMZEMZLAMZ¥
AFJNLJCAC @EBCBJDLEMJBC GJLME@JMEBCiC FZNJMEBUC
iCJNCBJgQNRACZNBLANDZACACZNRQBLMZABCiCBJM [ZDZEBC
RJC FJRZANAC iC hAOAC LJDNE@EgIÀCcBLAC MJA@ZRARC
@ZFZLACRJBRJC J@CEMZgJNCFZBFEC RJC@ACZN[JMBZkNC
J@CZFGADLECYQJCJBLACZN[JMBZkNCGQJRACLJNJMCJNC
@ABC [AMZAh@JBC YQJC RJLJMFZNANC @AC DEFGJLZLZ[Z¥
RARCRJ@CGAIB̀
@AtJRZANLJCJ@CFJDANZBFECRJC¦JBDA@ENAFZJNLE}CBJCGJMFZLJCYQJC@EBCMJDQMBEBCRJCMJgA@IABCNECBJCDENDJNLMJNCJNC@EBCFQNZDZGZEBCiCMJgZENJBCRENRJCBJC
gd"od"h{sorwdfl”q"¦"sxhgd"ehqhÛfldu"d"pxqlflslrv"¦"uhjlrqhv"fhufdqdv"d"odv"h{sorwdflrqhv"+GQS"533:,
@BcBLACJBC@ACBQFACRJC@EBCMJDQMBEBCgZMAREBCGEMC@ACugJNDZACoADZENA@CRJC˜ZRMEDAMhQMEBUCiCGEMCbNgJEFZNABCwaoyxClLLGʼ\\ʻʻʻ̀RNG̀gE[̀DE\yEMLA@|Jh\
yMEgMAFAB\~JgA@IAB\bNPEMFADZkN\LAhZR\SeW\aJPAQ@L̀ABGK̀
@CjACmENLMA@EMIACoADZENA@ClACGQh@ZDARECRZ[JMBEBCZNPEMFJBCRJNQNDZANRECADLEBCRJCDEMMQGDZkNCiCFA@EBCFANJOEBCJNC@EBCRZNJMEBCRJC@ABCMJgA@IAB̀C¡JM
lLLGʼ\\ʻʻʻ̀DENLMA@EMZAgJǸgE[̀DEʼzez]\ZNLJMNJL\DAMLJ@JMA\uMDlZ[EB\V̲T̲\ZNPE¢NELZDZÀOBG£ZR⁄V̲T̲̀
QEJOHPBZHFNTJHP
JKL
@ AB@CDE@ FG@HFIFJBKLF@ FK@IB@ FGLHMNLMO
HB@ FPQHFGBHRBI@SFI@ QBTG@U@ IBG@NVPQBWTBG@NVK@
NBQRLBI@FXLHBKYFHV@ SVPRKBK@FKLHF@IBG@Z[@ P¥G@
]HBKSFG@ FK@ GFNLVHFG@ ^MF@ ̲BK@ ]BKBSV@ QBHO
LRNRQBNR̀K@FK@FI@aCbc@QFHV@KV@FXRGLF@FJRSFKNRB@
^MF@ FGLB@ PBUVH@ QBHLRNRQBNR̀K@ GF@ SFHRJF@ SF@
IB@@QHFGFKNRB@ SF@IB@CDEd@DI@RK]HFGV@PBGRJV@ SF@
NBQRLBIFG@QVH@NVKNFQLV@SF@CDE@̲B@QHVJVNBSV@
NBPeRVG@ FK@ IB@ LBGB@ SF@ NBPeRV@ ^MF@ ̲BK@ HFO
GMILBSV@FK@MK@ GFG]V@B@fBJVH@SF@ IBG@RKSMGLHRBG@
RKLFKGRJBG@SF@ NBQRLBIc@IV@^MF@ NVKLHReMRSV@B@IB@
PFYVHB@ SF@ IB@ QHVSMNLRJRSBS@ SFI@ QBTGd@ C]MBIO
PFKLF@ FGLVG@ RK]HFGVG@ ̲BK@ NVKLHReMRSV@ B@ RKO
NHFPFKLBH@IB@LBGB@SF@RKJFHGR̀Kd@
@ DK@LgHPRKVG@]FKFHBIFG@GF@QMFSF@NVKO
NIMRH@SF@IB@RKfVHPBNR̀K@U@ IVG@BK¥IRGRG@HFBIRhBSVG@
B@IV@IBH]V@SFI@LHBeBYV@^MF@IBG@FPQHFGBG@HFNFQO
LVHBG@SF@CDE@SMHBKLF@FI@QHFGFKLF@GR]IV@KV@̲BK@
NVKLHReMRSV@SF@PBKFHB@HFIFJBKLF@B@PFYVHBH@IVG@
FIFPFKLVG@^MF@GF]iK@IB@jFVHTB@SF@IBG@kFKLBYBG@
lVPQFLRLRJBG@SF@ aVHLFHc@ GVK@FGFKNRBIFG@ FK@ IB@
NVKGLHMNNR̀K@SF@NVPQFLRLRJRSBSd
@ mV@ FXRGLF@ FJRSFKNRB@ SF@ LHBKGfFHFKO
fld"vljqlÛfdwlyd" gh"whfqrorj·d"ql" frpr"uhvxoO
LBSV@ SF@ KMFJVG@ QHVNFGVG@ SF@ RKJFGLR]BNR̀K@
U@SFGBHHVIIV@KR@ NVPV@HFGMILBSV@ SF@spillovers
LFNKVÌ]RNVGd@mV@ FG@NIBHV@ ^MF@IBG@ FPQHFGBG@
NVK@CDE@ ̲BUBK@NVKLHReMRSV@IB@ fVHPBNR̀K@SF@
LgNKRNVG@ U@ QHVfFGRVKBIFG@ SF@ PBKFHB@ PBGRJBc@
U@PFKVG@BMK@^MF@IB@ QHFGFKNRB@SF@FGLVG@NBQRO
LBIFG@ ̲BUBK@ ]FKFHBSV@ KMFJVG@ QHVNFGVG@ SF@
frpshwhqfld"frqgxfhqwhv"d"pd¦ruhv"hÛflhqO
NRBG@FK@IB@FNVKVPTBd
@ABCDED
FGHGIJKLGMNOKNPMQKLRGMSNCHOTIJLGUNVNBTLGIQM
FGHGIJKLGMNOKNBLUHIWMLJK
CHIJGJTJMNAURGMHUXNOKNPMHRKIGMHKINCAPY
FGHGIJKLGMNOKNFGHUINVN@HKLZ[U
FGHGIJKLGMNOKNPMQTHGRURGMHKI
FGHGIJKLGMNOKN@OTRURG¥HNAURGMHUX
FGHGIJKLGMNOKNEZLGRTXJTLU
]TWKLGHJKHOKHRGUNOKN^TKLJMINVNBLUHIWMLJK
FGHGIJKLGMNOKN̲URGKHOU
DKWULJUQKHJMNAURGMHUXNOKN^XUHKURG¥H
̀UHRMNOKNXUNaKWbcXGRU
PMHIKdMN^LGeUOMNOKNPMQWKJGJGeGOUO
fKOKLURG¥HNAURGMHUXNOKNPUgKJKLMI
EIMRGURG¥HNAURGMHUXNOKNPMQKLRGMN@hJKLGML
EIMRGURG¥HNAURGMHUXNOKNCHOTIJLGUXKI
fKOKLURG¥HNAURGMHUXNOKNPMQKLRGUHJKI
PMHgKOKLURG¥HNOKNPiQULUINOKNPMQKLRGM
PiQULUNOKNPMQKLRGMNOKǸMZMJi
]GIJKQUNAURGMHUXNOKNPMQWKJGJGeGOUO
PMXRGKHRGUI
PiQULUNPMXMQcGUHUNOKNCHgLUKIJLTRJTLU
jMcKLHURG¥HNOKNEHJGMkTGU
]JUHJMHNlNCHOTIJLGUNOKNPUXmUOM
DLTQQMHONPMUXNPMLWMLUJGMH
^LMUHJGMkTGUNlNEZKHRGUNOKNGHeKLIG¥H
EXRUXO[UNOKNFKOKXX[H
̀UeULGUNnoN]ÈFGXXKLNpPKLeKmUq
CHeKIJNGHǸMZMJiNlNEZKHRGUNOKNGHeKLIG¥H
@ABa@rC]BEDY
nGFGVHFG@SFI@oRKRGLHV
oRKRGLHV
ERHFNLVH
oRKRGLHV
nGFGVHFG@SF@IB@oRKRGLHB
kRNFPRKRGLHV
nGFGVH@SFI@oRKRGLHV
pMQFHRKLFKSFKLF
oRKRGLHV
nGFGVH@SFI@ERHFNLVH
qFHFKLF
aHFGRSFKLF
nGFGVH@SF@aHFGRSFKNRB
aHFGRSFKLF
ERHFNLVH@RKJFGLR]BNRVKFG
aHFGRSFKLF
aHFGRSFKLF
nGFGVH@ERHFNLVH
lVKGFYFHV@aHFGRSFKNRBI
ERHFNLVH
aHFGRSFKLF
qVeFHKBSVH
aHFGRSFKLF
aHFGRSFKLF
nGFGVH
ERHFNLVH@SF@aIBKFBNR̀K
aHFGRSFKLF
ERHFNLVH
@ABCDEF
sC]BEND@N^@a]YAE]NtN@ABCDED@]N@ABa@rC]BE]NDuaEAB@N@sNBaÈEvYND@NPEF^Y
@ABCDE@FAGCHIDJAKCDJGL@DCMIJNGLCICDO@AJAICEGPGEQGMRAID@SQM@FAGJGTJGMROUCI@I@B@LJL
FGH
@ABACADEFGH
@ABCDEFGHIJKLKMNOOPQK@ABCDEFGHBIJKDLFHGMNDOPDQMRGISFNDTHMPMUOHDVNMWGBXYKRSETEDGS
K UTVWGBXJKYZMNQK[¥]N^NZ
@̲̀KMYPPaQbKTRGZ[OMD¥M]NCDQCNHCKHO^PD[CD̲P̀CNRO^PDCPDCaD¥CHGMNDQCGNMaCNMYDcdCeGICfEK¥EBK
K @BHgWBKhKiGHHedKjKLSEHGCKkBEW¥]
@HCeeCgJKL]KbC̀FaZFP[MDaFDGNFPRUORO^PD[CD¥KOaaM̀CNRD[CDaFD̲TcdDlTKdmHWfGEKfdK¥BEfWSHGFGfCfK¥CBCK
K nEeEDAGC]KLdBGdoKhdmCBBEeeEKXKmESGdfCf]KnRhRKpKlTGCTfdm]KqErEHsoKYPPt]
nR[@iKMYPPOQbKeFD̲P̀CNRO^PDTfGNFPgCNFDcONCHGFDCPDhUiNOHFDeFGOPFDjDCaDEFNO]CYKUTuEBDdKKYPPZ]K
K nETSdvEK[BGFCfEKfdKnED¥dHGHGFGfCfKMYPPOQbKUTuEBDdK̲CSGETCeKfdKnED¥dHGHGFGfCfK
K YPPO^YPNP]KiCKcWHCKCKiCK[BEm¥dBGfCfKnEedSHGFC]KqErEHs]
nETHBCeEBwCK̲CSGETCeKfdKiCKcd¥xAeGSCKMYPPZQK
D BGGKdkkWWWYHMPGNFaMNOFlCPYlM̀YHMdmnmokOPGCNPCGkHFNGCaCNFkhNHBÒMRkpqrqkOPsMtPMGO
D HOFYgRKuO[vpqrq
h̲[MYPPtQbBGGKdkkWWWY[PKYlM̀YHMkQMNGFaSC]kQNMlNFUFRkbClFawFRk̲PsMNUFHO^PkGF]O[kxny
hWTTGTrJKy]K̀]KMNOOzQ]K̲PGCNPFGOMPFaOzOPlDQMNGCN{RDcOFUMP[YDSecond Quarter ABI/INFORM GlobalK
K zzMYQ]K[¥]{^Nt]
hWTTGTrJKy]KMyWeXKYPPNQ]K¦BCDTHaCHGOHD¦}e̲˜DQFNF[OlUDMsD̲PGCNPFGOMPFaDQNM[ZHGOMPʼD¥CmHJK¥BdmdTHK
K CTfKuWHWBd]KInternational Journal of Economic Business. Abingdon, ZMYQK[¥]N{z^NOP]
}WK˜GCeEeCTKMYPP{QbKLMNCOlPDcONCHGD̲P̀CRGUCPG\Dh]RMNKGÒCDEFKFHOGjDFP[DbClOMPFaD̲PPM̀FGOMPD
D EFKF]OaOGOCRdDRFGfdTSdKuBEDKngGTC]KʼddHGTrKEuKR\¥dBHmKETKʻ}hUJdSgTEeErXKCTf
K nED¥dHGHGFdTdmm|Kl̲n¦@hKZ^O]
kCFGBGCJKn]KMNOO~Q]K[B¡eErE]KRToK̀EDDdmJKʼETHdTdrBEJKcEfC]KMdfmQK@ABCDEFGHIGBCJBKLBCFMCNIHIGOPC
C QBMBAKFCRKOASTUKOCVWWXYVWWZ[CʻMlMG|dDʼGTGmHdBGEKfdK̀CSGdTfCKXKnB¢fGHEK[xAeGSEK^
K hd¥CBHCDdTHEK̲CSGETCeKfdK[eCTdCSG¡T]
£WredBJKʼ]MYPPtQbK¥KOaaM̀CNRDsNMUDsMNCOlPD[ONCHGDOP̀CRGUCPGdDSOGBOPDMND]CGWCCPDOP[ZRGNOCRuYD
D TPdD~MZNPFaDMsDcC̀CaMKUCPGDTHMPMUOHRK⁄dTKewTdCƒ]K@rEmHEKYPPtJKEe]ZPJK̲EKYK⁄nGHCfEKdeK
K PaKfdKLd¥HGdDABdKfdKYPPOƒbK¥]~~~^~{{]KfEGoNP]NPNt¤v]vfdFdSE]YPPa]Pz]PPY
iGDJKR]k]KMYPPNQ]KcCGCNUOPFPGRDMs\DFP[DGBCDbCaFGOMPRDʻCGWCCP\DLMNCOlPDcONCHGD̲P̀CRGUCPGDFP[D
D VNMWGBdD@KLWDDCBXKEuKcdSdTHKiGHdBCHWBd ]KUʼ}K“EB«GTrK[C¥dBmK“[‹¤PN¤N{a
ʼCBHwTdIK[dBdGBCJKʼ]JK@mgE«CJKʼ]KMYPP~QbK̀O¥CNOGFU]AC^BGHUKUEBHUOACBA̲C̀BGaFHCbOAKFAHGBHUOA
C cTEBKHCQBAaCdEGFB̲efCRgU̲FAKFChGOTCiBHUACDTFGUKBPKyEWBTCeKEuKʼETdXJKnBdfGHKCTfKqCT«GTrJK
K nEeWDAWmJKyWTdKYPP~KztMzQ
ʼR̲KMYPP{QbKQNMjCHGMD[CDLMNGFaCHOUOCPGMD[CDaFDT[ZHFHO^PDAiHPOHFDjDACHPMa^lOHFY
ʼEEmCJKU]K@]KMYPPYQ]KNOGFU]ACjUGFKHCcAgFeHTFAHfCklFOG mnCRgU̲FAKFCBA̲C^GBKHUKF[K̲d›KEB«JK̲fiJKlL@oK
K [CerBCFdKʼCSDGeeCT
[EBHdBJKʼ]KMNOOZ]K̲EFGdDABd^fGSGdDABdQ]KbMIeHFGeCBA̲CklFCRKOAOTmCOhCbOTEFHUHUOA[KHar vard
Business Review .
bBGMOeCoOA̲FGOe
IJK
@ABCDBEFEGHIIJKELMBNAOMPBQRSTE@ABCDEFGBHIHIJBCKLJMNHMOBCEPCQMHIENRSCHarvard Business Review .
OOOOOOOTEGHIIHSTCTMCUBNHMVMCDEFGBHIHIJMCLBCWMRCQMXIENBRSEUVDWAXEYQBDXZE[M¥QDBE]DB^MBMÈ̲QCABT
OOOOOOOTEEGHIIaTEbA¥QDLPBDÒQcQDLPBDSTEDWYRHBZRCMNLC@ABC[XENEF¥CEPCDEFGBHIHIENSCHarvard Business
Review
debf̲degKEhEGiJJjSE@ABCDEFGHIAJKGLMBCNGOGPQKALABEHIIkOiJJkTÈ̲TElWQ¥DBXQ̀M̀EE E
E
E gDB^QAEYBPARD̀MTEUA^ACmZEiJJjT
dAPcMWQKEYTKEnMRQXPMXQcKEFTEoEpMCQcKEqTEGiJJaSTERSMCTGOMCGUCVGHMKWLCXKHMJICYLZMBIPMLICKLCTAKBKLWC
C [AIKGLAOCNGPFMIKIKZMLMBB¥CNase Gospodarstvo; 54, 1 / 2, ABI/INFORM Global pg 120.
dV^LMWKEYTFTEoE]DBPDrDKEYTEGHIIsStEVGHMKWLC]^BK̲KAHKMBCAL̲C̀^OIKLAIKGLAOC]IHAIMWKJC̀ALAWMPMLIaC
CYWE̲uCDWXQAWEMẀEhABBDcCQAWEAvE@ABCDBwXEgQW^RDEfQMLAẀExBMLDyABrZEManagement
International Review 33(2) ABI/INFORM Global
gmWczDNEhTYKE{Pm¦DNEeKEbDQNMEFKE}DME}VRVM^MEFEGiJJjStETMW^OAJKbLCMJGLbPKJACcCFGOdIKJAC̲MC
C JGPFMIMLJKACMLCMOCBMJIGHCJAHQGLdUMHGCJGOGPQKALGeE̲XCM̀AÈDREMBCDTEdD¥QXCMEhQ¥QRQNMBKE
E UA^ACmElWQ¥DBXQ̀M̀EgDB^QAEYBPARD̀MKEfDcDLPDBEEbATjEGHsSE˜˜THʼjOHjiTE
lbhpYfTEGiJJaSTE@ZMNRNMHIENMWCDEZGEZMHIENRCMNLCHABC]NPZMBRHZYXHYZBCDAMWWBNOBSCWorld Investment
Report.
\̲xTEGiJJIOiJHJSTEfOGQAOCNGPFMIKIKZMLMBBCTMFGHIeEʻDWER|WDM~EfQX˜AWQPRDEDWZ
E zCC˜Z¡¡yyyTyDvABVLTAB^¡˜̀v¡¢hdJI¡¢hdiJJIiJHJvVRRBD˜ABCT˜̀vTEhAWXVRCMZEʻiJJIKE
E M^AXC~
OOOOOOOTEGiJJaOiJJISTETMFGHIMC̲MCNGPFMIKIKZK̲A̲CfOGQAOCghhijghhkeCʻDWER|WDM~EfQX˜AWQPRDEDWZE
E zCC˜Z¡¡yyyTyDvABVLTAB^¡˜̀v¡¢hdJa¡¢hdJaT˜̀v
\oXArQWXrMEE}EGHIIaSZEYPFAJICGUCVGHMKWLCXKHMJICYLZMBIPMLICGLCDEFGHICNGPFMIKIKZMLMBB¥
CdVXXQMWEMWXE̲MXCE̲VBA˜DMWExQWMWcDEMẀEpBM̀DTE]AREsʼKEbAEʼTE@BA£VDXCTE
}zMW^E⁄{KEƒTKEoEgQLAWKE}TEGExMRREiJJjSTEfMGWHAFSKJCNSALWMBCKLCVGHMKWLCXKHMJICYLZMBIPMLICAL̲C
C YPFAJIBCGLCTMWKGLAOCDJGLGPKJCYLIMWHAIKGLCKLCNSKLA¥EO@dfEdD^QAWMRQNMCQAWTEChina
Review Proquest Asian Business References
]QU[^̲]̀QC[a@^KQb[^KCc]^[D@KdCc[@[^e]QKQ@[̲CfC̲gCDhQ@^]igD]̀QCKCTKCDhej[@]@]U]cKc
@AB

Para continuar leyendo

Solicita tu prueba

VLEX utiliza cookies de inicio de sesión para aportarte una mejor experiencia de navegación. Si haces click en 'Aceptar' o continúas navegando por esta web consideramos que aceptas nuestra política de cookies. ACEPTAR