Está en la página 1de 194

              1RWH&XHOHV5HVSHWDOD)LOD

$PLJR(ROR &DVD(ROR6/ 3RUWDGDH,OXVWUDFLRQHV,YiQ0DUJR  3XEOLFD\HGLWD &DVD(ROR6/ 3HGUR$UQDO&DYHUR +XHVFD (VSDxD   ,6%1    ZZZFDVDHRORFRP HPDLOHROR#FDVDHRORFRP   5HVHUYDGRVWRGRVORVGHUHFKRV 6H DXWRUL]D OD GLIXVLyQ \ UHSURGXFFLyQ GH HVWD REUD VLHPSUH TXH VH UHVSHWH tQWHJUDPHQWHVXFRQWHQLGR\VHFLWHQH[SUHVDPHQWHHODXWRUODHGLWRULDO\ODIXHQWH GRQGHVHSXHGHGHVFDUJDU ZZZFDVDHRORFRP 

(VWHOLEURHVXQDHGLFLyQGLJLWDOJUDWXLWDTXHSXHGHVREWHQHUHQ ZZZFDVDHRORFRP 6L OR GHVHDV SXHGHV HIHFWXDU XQD DSRUWDFLyQ HFRQyPLFD DO SUR\HFWR SRQLpQGRWH HQ FRQWDFWR FRQ QRVRWURV SRU PDLO7HGHMDPRVTXHSRQJDVHOSUHFLR  6LWHLQWHUHVDWDPELpQSXHGHVDGTXLULUXQHMHPSODUHQIRUPDWR ItVLFR    (VFRUWHVtDGHOD)XQGDFLyQ%ROVNDQ   /D)XQGDFLyQ%ROVNDQWLHQHFRPRILQDOLGDGRULJLQDOFRQWULEXLU DODPHMRUDGHODVFRQGLFLRQHVGHYLGDGHSHUVRQDVFRQGLVFDSDFLGDG SHURWDPELpQGHWRGRWLSRGHSHUVRQDVHQULHVJRGHH[FOXVLyQVRFLDO 3DUD HOOR GHVDUUROOD XQ SDSHO DFWLYR HQ SURJUDPDV \ DFFLRQHV GH LQVHUFLyQ ODERUDO \D TXH OD SOHQD LQWHJUDFLyQ HQ HO WUDEDMR HV XQ LQVWUXPHQWR IXQGDPHQWDO SDUD OD FRPSOHWD UHDOL]DFLyQ GH ODV SHUVRQDV  (O SUR\HFWR &DVD D( (ROR HV XQD GH VXV LQLFLDWLYDV GHVWLQDGD SRU XQDSDUWHDGDUVDOLGDDODVLQTXLHWXGHVDUWtVWLFDV\OLWHUDULDVGHORV FROHFWLYRV REMHWR GH VX LQWHUpV SRU RWUD D FRQWULEXLU D FUHDU \ GLIXQGLU FRQWHQLGRV DGDSWDGRV D WRGR WLSR GH GHVWLQDWDULRV \ ILQDOPHQWH FRQ HO SURSyVLWR GH FUHDU SXHVWRV GH WUDEDMR $Vt QDFH HO SRUWDO GH FUHDFLyQ \ GLIXVLyQ GH FRQWHQLGRV &DVD (ROR ZZZFDVDHRORFRPTXHWHLQYLWDPRVDYLVLWDU  6LWLHQHVLQTXLHWXGHVDUWtVWLFDVROLWHUDULDV\TXLHUHVGDUVDOLGD D WXV FUHDFLRQHV R VL EXVFDV XQ OXJDU GRQGH KDOODU WRGR WLSR GH REUDV SDUD WX VROD] HVSDUFLPLHQWR R DQVLD GH VDEHU HVD VHUi WX FDVD 9LVtWDQRV 7DPELpQ VHUi WX SXQWR GH HQFXHQWUR FRQ RWUDV SHUVRQDVTXHFRPSDUWHQWXVDILFLRQHV 

 

4XHULGRDPLJR   1XHVWUD YLGD VH GHVDUUROOD SHUPDQHQWHPHQWH HQ FRQWDFWR FRQ RWUDV SHUVRQDV 3RU TXp GHVDSURYHFKDU OD RSRUWXQLGDG GH GLVIUXWDU HVWRVPRPHQWRVWRGRVORVPRPHQWRV"  &DVLFXDOTXLHUPRPHQWRGHHVWDYLGDQRVRIUHFHRSRUWXQLGDGHV GHKDFHUXQSRFRPiVIHOLFHVDORVGHPiV6HWUDWDWDQVyORGHSRQHU XQ SRFR GH FDULxR HQ ODV FRVDV TXH KDFHPRV 6LPSOHPHQWH DGRSWDQGR XQD DFWLWXG SRVLWLYD FRPSUHQVLYD \ DPDEOH KDFLD ORV GHPiVSRGHPRVD\XGDUOHVDVHUPiVIHOLFHV\DFRQWDJLDUQRVGHVX IHOLFLGDG  (Q HVWH SHTXHxR OLEUR VH UHFRJHQ XQ FRQMXQWR GH LGHDV \ GH DFWLWXGHV TXH TXHUHPRV FRPSDUWLU FRQWLJR +HPRV YLVWR TXH FRQ PX\ SRFR HVIXHU]R SRGHPRV DSRUWDU PXFKR D ORV GHPiV < WH DQLPDPRVDHOOR  &RQILDPRVHQTXHDGHPiVWHGLYLHUWDVFRQVXOHFWXUD<VLQR VHFRQYLHUWHHQHOOLEURGHFDEHFHUDHQODPHVLOODGHQRFKHDOPHQRV TXHVHHQFXHQWUHFHUFDGHWLSDUDUHSDVDUORGHYH]HQFXDQGR  (VSHUDPRV TXH GLVIUXWHV GHO OLEUR TXH WH GLYLHUWD \ TXH OH VDTXHVHOPi[LPRSDUWLGR5HFLEHXQFRUGLDOVDOXGR    )XQGDFLyQ%ROVNDQ


ZZZDGRPLJXHOVHUYHWFRP

ZZZIXQGDFLRQEROVNDQHV

+ROD FUHHV PX\ OLVWR SRU VDOWDUWH OD FROD

SURYHHGRUHV\HQILQWRGRVORVTXHSDVDQSRUODFDOOHVRQ HOORDWRGDODKXPDQLGDG"7HFRQVLGHUDVXQJUDFLRVR\HO

HO WUDEDMR" 7H FUHHV TXH ORV MHIHV FRPSDxHURV FOLHQWHV XQRVLQ~WLOHV\GHGLFDVWRGDWXHQHUJtDDKDFHUSDUWtFLSHGH

GHVFDUDGDPHQWH"7HFRQVLGHUDVXQJHQLRGHOHVFDTXHRHQ

7H

FHQWUR GH DWHQFLyQ SRU GHVSRWULFDU GH WRGR HO PXQGR VLQ

FDSD] GH LQYHQWDU FXDOTXLHU EXOR VLQ VXVWDQFLD \ HQFLPD JUDFLDVDWL\VyORDWL\TXHQDWXUDOPHQWHFXDQGROHVGDV KDVWDOOHJDUDFUHpUWHOR"<HQFLPDWHFUHHVTXHWHUtHQODV

GHPiV"(UHVXQILJXUDGHODLPD JLQDFLyQ\FUHDWLYLGDG\

WRQ QL VRQ" &UHHV TXH ODV QRUPDV VRQ VyOR SDUD ORV

ODHVSDOGDVLJXHV VLHQGR VX tGROR \ FHQWUR GH DGPLUDF LyQ \W~HUHVHOPiVOLVWR3HURFRQGLIHUHQFLD3XHV 9DVGDGR  +DOD 0HQRV PDO TXH WLHQHV OD RSRUWXQLGDG GH 2VHDTXHWRGRVSHURORTXHVHGLFHWRGRVVRQXQRVWRQWRV

PHMRUDU XQ SRFR WX YLGD \ D\XGDU D PHMRUDU OD GH ORV EXHQR HV TXH HV PX\ IiFLO 6LQ JUDQGHV DVSDYLHQWRV QL SUHWHQVLRQHV (Q OD VHQFLOOH] HVWi HO JXVWR HQ HO SHTXHxR GHWDOOH  


GHPiV 6LPSOHPHQWH GHMDQGR GH KDFHU HO ULGtFXOR /R

SXHGHVFRQWULEXLUDKDFHUPiVIHOLFHVDORVGHPiV\DVHUOR WXPLVPR 

RIUHFH 6LJXLHQGR XQRV VHQFLOORV FRQVHMRV YHUiV FyPR

WLHQHV PiV TXH DSURYHFKDU WRGRV ORV PRPHQWRV TXH WH

3DUD GLVIUXWDU GH XQD YLGD PiV SOHQD \ PHMRU QR

GH VLWXDFLRQHV TXH WH SHUPLWLUiQ VDFDU OR PHMRU GH WL GLVIUXWDUSOHQDPHQWHGHFDGDPRPHQWRGHHOOD  

(Q HVWH GLYHUWLGR PDQXDO HQFRQWUDUiV XQ FRPSHQGLR

PLVPR SHUFLELU GH XQD PDQHUD PiV SRVLWLYD WX YLGD \ GH

FRQPLJR SRU SRQHUWH HQ HYLGHQFLD 3HUR PHMRU VHUi TXH HQIUHQWDUWHDOUHSURFKHRGHVSUHFLRHQODFDOOH2SHRUD~Q

KDFLHQGR KDVWD DKRUD \ D OR PHMRU KDVWD WH FDEUHDV

$ OR PHMRU WH GDV FXHQWD GHO ULGtFXOR TXH KDV HVWDGR

UHIOH[LRQHV HQ HO LQWHULRU G H WX DOFRED TXp SRpWLFR  TXH

VyORTXHW~HUHVXQR\HOUHVWRVRQLQILQLW RV 

HVWiQULHQGRGHWtDWXVHVSDOGDV FRPRW~KDFHVGHHOORV 

DODLJQRUDQFLD3RUTXHQRORGXGHVQLSRUXQPRPHQWRVH

WLHPSR 

9HQJD LJQRUDQWH \ SUHWHQFLRVR 7RGDYtD HVWiV D

1RSLHUGDVQLXQPRPHQWRGHHOOD 

'DXQJLURGHDOHJUtDDWXYLGD 

   

 



  

 8Q PDQXDO GH WUXFRV \ UHFHWDV SDUD VHU PiV IHOL]IDFLOLWDQGRODYLGDDORVGHPiV 

127(&8(/(6 5(63(7$/$),/$

 
  

3RU$0,*2(2/2

(O DPLJR (ROR TXLHUH FRPSDUWLU FRQWLJR DOJXQDV UHIOH[LRQHV LGHDV \ WUXFRV TXH KD LGR DSUHQGLHQGR D OR ODUJR GH VX H[LVWHQFLD \ FRPSDUWLHQGR OD GH ORV GHPiV 3DUHFH PHQWLUD TXH DVXPLHQGR HQ QXHVWUD IRUPD GH VHU XQRV VHQFLOORV KiELWRV \ FRVWXPEUHV SRGDPRV OOHJDU D PHMRUDU WDQWR QXHVWUD FDOLGDG GH YLGD \ DFHUFDUQRV D OD IHOLFLGDG  6t  D OD YHUGDGHUD IHOLFLGDG TXH QR HV QDGD PiV TXH HVH HVWDGR HQ TXH QRV HQFRQWUDPRV FXDQGR HVWDPRVVDWLVIHFKRVFRQQRVRWURVPLVPRV

        

,1',&(

6HDEXHQR<VHUiPiVIHOL]   %LHQYHQLGRDODVHQGDGHODIHOLFLGDG )HOLFLGDGHVSRUWHQHUHVWHOLEUR  (OSXQWRGHSDUWLGD6RPRV~QLFRV  (PSH]DQGRSRUHOSULQFLSLR   (OELHQHVHOPRWRU      /DIHOLFLGDG\HOELHQHVWDU    (OVHQWLGRGHOELHQ     /DIyUPXODGHODIHOLFLGDG    (VPX\IiFLO7RGRVSRGHPRV   1XHVWURFtUFXORSHUVRQDO    $WUDEDMDU       &RQYLYHQFLD\YLGDVRFLDO    &RURODULRHLQFHQWLYRDODOHFWXUD  8Q~OWLPRHVWtPXOR $PRGRGHDSpQGLFH   

              

 

6($%8(12<6(506)(/,= 

GLItFLO GLVIUXWDU GH XQD YLGD SOHQD FRPSURPHWLGD \ FUHDWLYD" 4XH QXHVWUD H[LVWHQFLD D YHFHV SDUHFH LQVXOVD SREUH FDUHQWH GH LQWHUpV H LUUHOHYDQWH" 1DGDGHHVR  4XH KDFH IDOWD RFXSDU XQ OXJDU GHVWDFDGR HQ OD VRFLHGDG SDUD KDFHU JUDQGHV FRVDV" 4XH QR VRQDSOLFDEOHVDQXHVWUDYLGDORVJUDQGHVUHWRVQL ODV JUDQGHV OHFFLRQHV GH FRPSRUWDPLHQWR" (Q DEVROXWR  (VFDUEDQGR HQ FXDWUR LGHDV EiVLFDV OR YHUHPRV<DYHUiFyPRHQWRGRPRPHQWRVHSXHGHQ KDFHUFRVDVLPSRUWDQWHV/DVRSRUWXQLGDGHVVXUJHQ HQ WRGR PRPHQWR QR KD\ TXH FRPSOLFDUVH OD YLGD EXVFDQGR JUDQGHV REMHWLYRV QL PDUFDQGR DPELFLRVRVUHWRV$WHQGLHQGRDORVVHQFLOORVGHWDOOHV TXHQRVVXUJHQDORODUJR GHOGtD\D YHUiFyPRVX YLGD SXHGH PHMRUDU QRWDEOHPHQWH 6LPSOHPHQWH OOHQDQGR GH FRQWHQLGR QXHVWUD YLGD SRGUHPRV VHU IHOLFHV < HVR VH KDFH GH XQD PDQHUD WDQ VHQFLOOD FRPR YLYLHQGR FRQ LQWHQVLGDG FDGD LQVWDQWH GLVIUXWDQGRGHFDGDXQRGHHOORV 

4XH HV PX\ FRPSOLFDGR VHU IHOL]" 4XH HV



< HV TXH VH WUDWD VLPSOHPHQWH GH FXHVWLyQ GH DFWLWXG<DYHUiTXpVHQFLOOR  6yORKD\TXHDFHSWDUGRVLGHDV  Y +D\ TXH DGPLWLU OD ERQGDG FRPR HO SULQFLSLR PRWRU GH QXHVWUDV YLGDV \ REUDU VLHPSUH FRQ FRUUHFFLyQ  Y +D\TXHYLYLUFRQLQWHQVLGDG\FRQYLFFLyQWRGRV\ FDGDXQRGHORVPRPHQWRVGHODPLVPD



%,(19(1,'2$/$6(1'$'(/$)(/,&,'$'  $ TXH SDUHFHXQ SRFR SUHWHQFLRVR HOWtWXOR GH HVWD SUHVHQWDFLyQ" 3XHV WDO YH] /D YHUGDG HV TXH QRUHVXOWDWDQVHQFLOORDVHJXUDUOHDQDGLHHOFDPLQR KDFLD HO p[LWR QL KDFLD OD IHOLFLGDG QL HQ UHDOLGDG KDFLD QLQJ~Q VLWLR 3HUR GHVGH OXHJR Vt TXH HV FLHUWR TXH OR TXH YDPRV D PRVWUDU HV XQ FDPLQR SRU QR GHFLU TXH HO ~QLFR < SHVH D VX REYLHGDG \ VHQFLOOH]DEVROXWDPHQWHHILFD]  5HVXOWD WDQ DEUXPDGRUDPHQWH VLPSOH TXH SXHGH UHVXOWDU KDVWD FKRFDQWH H LQFUHtEOH 3HUR OD UHDOLGDG HV TXH ORV SULQFLSLRV GH OD IHOLFLGDG VRQ HYLGHQWHVVLPSOHV\VHHQFXHQWUDQDODOFDQFHGHOD PDQR GH FXDOTXLHUD 'HVGH OXHJR TXH GHSHQGH GH FyPR ORV DIURQWH FDGD XQR SHUR GH HVR WDPELpQ KDEODUHPRV  1R KHPRV LQYHQWDGR QDGD VLQR TXH WDQ VyOR QRV OLPLWDPRV D FRQVWDWDU OD REYLHGDG GH OD HYLGHQFLDXQSDUGHPHQVDMHVFODURVXQDDVXQFLyQ GH ORV PLVPRV SRU VX SDUWH \ XQ FRPSURPLVR SRU DFDWDUORV \ VX SHUFHSFLyQ GH OD YLGD FDPELDUi 1R KDFHQIDOWDPLOHVGHSiJLQDVQLFRPSOHMRVWUDWDGRV QLMXVWLILFDFLRQHVWHGLRVDVQLFRPSHQGLRVGHUHJODV R LQVWUXFFLRQHV TXH HQFLPD KD\D TXH UHFRUGDU DSXQWDU R UHIUHVFDU GLDULDPHQWH 6yOR XQD FRQYLFFLyQ \ XQ FRPSURPLVR SRU FDPELDU OD IRUPD


GH YHU ODV FRVDV \ DGRSWDU XQD QXHYD DFWLWXG 4XH GLFKRDVtQRSDUHFHVXSRQHUQLQJ~QHVIXHU]RQROH SDUHFH"  < GHVGH OXHJR OD UD]yQ GHO WtWXOR WHQtD FRPR SURSyVLWR QL PiV QL PHQRV TXH OODPDUOH OD DWHQFLyQ SDUD DO PHQRV GDUOH OD RSRUWXQLGDG GH DQLPDUOHDFRQWLQXDUODOHFWXUD



)(/,&,'$'(63257(1(5(67(/,%52  %XHQR R DO PHQRV SRU KDEHU HPSH]DGR D OHHUOR 7DO YH] DOJXLHQ OH DSUHFLD \ HVD HV OD UD]yQ SRUODTXHWLHQHXQHMHPSODUGHHVWDHGLFLyQHQVXV PDQRV (VR HV XQD EXHQD VHxDO \ XQ EXHQ FRPLHQ]R  %LHQYHQLGRSXHVDODOHFWXUDGHHVWHOLEURTXH HVSHUR OH D\XGDUi D VHU PiV IHOL] \ HQ WRGR FDVR D SDVDUXQUDWRHQWUHWHQLGRFRQVXOHFWXUD  0L VDWLVIDFFLyQ VHUiHO VDEHUTXH OH KD VLGR GH XWLOLGDG6HORGHFLPRVVLQFHUDPHQWH  (QRFDVLRQHVHOWRQRGHOWH[WRSXHGHUHVXOWDUOH DOJRLQIRUPDOHLQFOXVRMRFRVRSHURHVRREHGHFHWDQ VyOR D OD OLFHQFLD OLWHUDULD TXH PH FRQFHGR FRQ OD ILQDOLGDG GH UHVXOWDU PiV LQFLVLYR &RQIRUPH YD\D OH\HQGR VH GDUi FXHQWD GH TXH OD VHULHGDG SURIXQGLGDG\XWLOLGDGGHORVFRQWHQLGRVQRWLHQHQ QDGDTXHYHUFRQODIRUPDHQTXHVHH[SUHVDQ6L HV DGHFXDGD FODUR  4Xp OH YDPRV D KDFHU FDGD XQRWLHQHVXSURSLRHVWLOR  $QWHVTXHQDGDUHIOH[LRQHPRVXQSRFR7LHQH VHQWLGR HVFULELU XQ PDQXDO PiV TXH SRGUtD LQLFLDOPHQWHFDWDORJDUVHGHQWURGHORVFDOLILFDGRV\D WUDGLFLRQDOPHQWH HQ OD OLWHUDWXUD FRPR GH


DXWRD\XGD \ TXH KDQ GDGR OXJDU D XQD SUROtILFD FDQWLGDGGHVHULHV\FROHFFLRQHV"3XHVPHDWUHYRD GHFLUOH TXH Vt QR OH GHEH FDEHU OD PHQRU GXGD $O PHQRV D Pt QR PH DVDOWD QL OD PiV PtQLPD WHQWDFLyQGHKDFHUOR  3DUD HPSH]DUHQ FXDOTXLHU FDVR OD OHFWXUD GH XQ WH[WR GLJQDPHQWH HVFULWR VLHPSUH VXSRQH XQ LQWHUHVDQWH HMHUFLFLR GH SUiFWLFD TXH IDYRUHFH OD FDSDFLGDG GH H[SUHVLyQ \ FRQWULEX\H D OD SUiFWLFD GH OD RUDWRULD < OR TXH VHJXUR TXH FRQVLJXH HV SHUPLWLUOHSDVDUXQUDWRHQWUHWHQLGRTXHWDOYH]VHD HQHOYHVWtEXORGHODHVWDFLyQGHODHURSXHUWRRHQHO FRUUHVSRQGLHQWH PHGLR GH WUDQVSRUWH DO TXH VH DFFHGHGHVGHFDGDXQRGHHVWRVOXJDUHV'HKHFKR HV EDVWDQWH SUREDEOH TXH HVWH HMHPSODU OR KD\D DGTXLULGRHQXQRGHHOORV  3RU FLHUWR XQD GH ODV UD]RQHV GH OD H[WHQVLyQ GHO WH[WR SHUIHFWDPHQWH GLVHxDGD \ PHGLWDGD REHGHFH D TXH SXHGD VHU OHtGR FRPSOHWR HQ HO SHULRGR GH WLHPSR FRPSUHQGLGR HQWUH HO PRPHQWR HQTXHORDGTXLHUHHQODOLEUHUtD\HOTXHDEDQGRQD HO FRUUHVSRQGLHQWH PHGLR GH WUDQVSRUWH DO ILQDOL]DU HO UHFRUULGR (O WLHPSR PHGLR GH HVSHUD HQ HO DHURSXHUWR FRPSHQVD DSUR[LPDGDPHQWH OD PD\RU GXUDFLyQ GHO YLDMH HQ WUHQ QDWXUDOPHQWH GH ODUJR UHFRUULGR DXQTXH DGPLWR TXH QR VLHPSUH VHD GH DOWD YHORFLGDG  1R VH OR FUHD (V EURPD (UD


SUHFLVR UHIOHMDU XQD VHULH GH FRVDV \ RFXSDQ OD H[WHQVLyQ TXH KH FUHtGR FRQYHQLHQWH QL PiV QL PHQRV /R TXH VXFHGH HV TXH HQ HIHFWR ODV LGHDV TXH FRQWLHQHQ PHQVDMHV FODURV VXHOHQ VHU OR VXILFLHQWHPHQWH SUHFLVDV SDUD TXH SXHGDQ H[SUHVDUVHHQSRFDVOtQHDV  'H KHFKR ODV PHMRUHV OHFFLRQHV \ FRQVHMRV VREUHODYLGDVHHQFXHQWUDQHQORVUHIUDQHV\HQODV SDUiERODV \ HQ QLQJXQR GH DPERV FDVRV QRV HQFRQWUDPRVIUHQWHDYROXPLQRVRVWUDWDGRV  &RPR GHFtDPRV EDVWD FRQ TXH JUDFLDV D OD OHFWXUDGHHVWHOLEURREWHQJDDOJXQDEXHQDLGHDOH VXVFLWH XQD PRWLYDGRUD UHIOH[LyQ OH VXJLHUD OD LQVSLUDFLyQ QHFHVDULD SDUD DFRPHWHU FRQ PiV VHJXULGDG XQD LQPHGLDWD UHXQLyQ R OH D\XGH D HQWUDU PiV DOHJUH HQ VX FDVD DO DWDUGHFHU SDUD TXH KD\D VLQ GXGD PiV TXH DPRUWL]DGR VX FRPSUD$XQTXHVHDSRUXQDVRODYH]  1RSUHWHQGRKDFHUGHpOXQFRPSHQGLRVREUHOD ILORVRItD GH OD YLGD QL XQ PDQXDO GH LQVWUXFFLRQHV VREUH FyPR OOHYDUOD D FDER < HVR TXH H[LVWHQ PXFKRV OLEURV TXH DVt OR SUHWHQGHQ 3HUR GHVGH OXHJR WRGR OR TXH LQWHQWR WUDQVPLWLU HV YHUGDG GD EXHQ UHVXOWDGR \ VHJXUR VHJXUR TXH OH UHVXOWD GH DOJXQD XWLOLGDG DXQTXH VHD WDQ VyOR OD TXH



KXPLOGHPHQWH DSXQWiEDPRV GH SURSRUFLRQDUOH XQ FRQIRUWDEOHPRPHQWRGHDVXHWR  6L HV DILFLRQDGR D ORV OLEURV GH HVWH HVWLOR VH GDUi FXHQWD GH TXH VXHOHQ JLUDU DOUHGHGRU GH ODV PLVPDV LGHDV /RV SULQFLSLRV TXH GHILHQGHQ DVt FRPRORVFRQVHMRVTXHSUHFRQL]DQHVWiQLQVSLUDGRV HQ ODV PLVPDV IXHQWHV \ ODV SURSXHVWDV FRQFUHWDV VRQ PX\ VHPHMDQWHV 3XHV FODUR QR SRGUtD VHU GH RWUD PDQHUD (VR HV EXHQR TXLHUH GHFLU TXH UHDOPHQWH YDPRV WRGRV HQ OD PLVPD GLUHFFLyQ TXH VHJXUDPHQWH DOJXQDV GH GLFKDV SUHVXQWDV UHDOLGDGHV OR VRQ HIHFWLYDPHQWH \ TXH KDVWD IXQFLRQDQ (V FLHUWR TXH HQ FDGD FDVR VH RIUHFH XQD RULHQWDFLyQ OHYHPHQWH GLIHUHQWH TXH QRUPDOPHQWH VH HQFXHQWUD HQ IXQFLyQ GHO GHVWLQDWDULR REMHWLYR GH FDGD WH[WR &LHUWDPHQWH KR\ HQ GtD HVWiQ PiV GH PRGD ORV RULHQWDGRV D IDYRUHFHU \ SRWHQFLDU HO p[LWR SURIHVLRQDO SHUR QR VRQ SRFRV ORV TXH OR KDFHQ H[WHQVLYR D RWURV iPELWRVGHODYLGD3HURVLUHVXOWDTXHHVQRUPDO ORV SULQFLSLRV EiVLFRV VRQ YiOLGRV SDUD WRGRV ORV DVSHFWRVGHODYLGD  $VtTXHDORODUJRGHOWH[WRFRPRQRSRGtDVHU GH RWUD PDQHUD QRV HQFRQWUDUHPRV FRQ SULQFLSLRV DPSOLDPHQWH FRPSDUWLGRV FRQWLQXDPHQWH GLIXQGLGRV \ UHLWHUDGDPHQWH VXJHULGRV FRQ PiV R



PHQRV LQWHQVLGDG SHUR UDUDPHQWH SXHVWRV HQ GXGD  /R TXH Vt SRGHPRV HIHFWXDU SDUD HPSH]DU HV XQD SHTXHxD UHIOH[LyQ VREUH GHWHUPLQDGRV DVSHFWRV /DV LGHDV TXH GHWHUPLQDQ HO p[LWR \ OD VDWLVIDFFLyQ HQ HVWD YLGD VRQ PX\ VLPSOHV ODV YDPRV D HPSH]DU D YHU HQ VHJXLGD 6X PDQLIHVWDFLyQ FRQFUHWD GHVGH OXHJR GHSHQGH GHO iPELWR DO TXH VH DSOLTXHQ < SRU VXSXHVWR VH SXHGH OOHJDU D DILQDU PXFKR HQ OD H[SRVLFLyQ GH WpFQLFDV HVSHFtILFDV HVSHFLDOPHQWH DSWDV SDUD GHWHUPLQDGDVVLWXDFLRQHVFRPRORHVHQHOFDVR\D DSXQWDGR GH OD JHVWLyQ R PiV ELHQ GLUHFFLyQ HPSUHVDULDO R SDUD DVXQWRV FRPR ORV UHODFLRQDGRV FRQHOOLGHUD]JRRYHQWDV  'H WRGDV PDQHUDV D DOJXQR OH VRQDUi HO UHFXHUGR GH PDJQtILFRV PDQXDOHV GHVWLQDGRV D EULOODQWHV IXWXURV HMHFXWLYRV FDUJDGRV GH FRQWHQLGRV \ FRQVHMRV VLQ GXGD H[FHOHQWHV SHUR GLItFLOPHQWH DSOLFDEOHV SRUTXH UDUD YH] YDPRV D WHQHU OD RSRUWXQLGDG GH SRQHUORV HQ SUiFWLFD &XiQWRV GH 8GV GLVSRQHQ GHO SRGHU GH XQ FRQVHMHUR GHOHJDGR SDUD SURGXFLU ORV EULOODQWHV FDPELRV D TXH VLQ GXGD VH YH PRWLYDGR WUDV OD OHFWXUD GH XQ PDJQtILFR PDQXDO VREUH OLGHUD]JR" 3XHVQRFUHD3RUTXHWRGRVVDEHPRVGHDOJ~QFDVR HQHOTXHVHKDUHJDODGRDFDVLWRGRVORVHPSOHDGRV


GH XQD JUDQ HPSUHVD DOJ~Q OLEULWR GH HVWH HVWLOR FRPR SDUWH GH OD SROtWLFD GH SHUVRQDO \ EOD EOD +RPEUHDORVHMHFXWLYRVGHFLHUWRQLYHOSDVHSHUR DO ~OWLPR GH OD ILOD TXp GHPRQLRV OH LPSRUWD GHVSHUWDU HO HVStULWX GH HTXLSR OD FDSDFLGDG GH LQLFLDWLYD R QR VH TXp PiV VL QL WDQ VLTXLHUD VH OH GDUiRSFLyQDHVFULELUHQHOEX]yQGHVXJHUHQFLDVR SDUWLFLSDU HQ OD FRQYHQFLyQ DQXDO GH HMHFXWLYRV FODUR " 'H KHFKR \D YHUHPRV PiV DGHODQWH FyPR HVWH WLSR GH DFWXDFLRQHV QRV DSDUHFHQ FRQ FLHUWD IUHFXHQFLD GHQWUR GH XQD GH ODV FDWHJRUtDV GH WRUSH]DPiVKDELWXDOHV  /R TXH YDPRV D H[SORUDU HQWUD HQ OD FDWHJRUtD GH XQ SHUILO PiV RULHQWDGR D OD JHQHUDOLGDG GH ODV FRVDVDORVSULQFLSLRVIXQGDPHQWDOHVDODUHDOLGDG LQPHGLDWD OR TXH QR VLJQLILFD OD H[LVWHQFLD GH XQ PHQRU SRWHQFLDO SHUR Vt GH PDV UHDOLVPR \ VHJXUR TXHPD\RUXWLOLGDG  8QDFXHVWLyQTXHPHSUHRFXSDEDDODKRUD GH UHGDFWDU HO OLEUR HUD GHFLGLU HO HVWLOR HQ TXH GHEtD HVFULELUOR (O SURSyVLWR REYLR HUD TXH SHUPLWLHUD WUDQVPLWLU HO PHQVDMH FRQ OD PD\RU HIHFWLYLGDG SRVLEOH  8QD GH ODV IyUPXODV PiV HILFDFHV TXH VH QRV RIUHFHQ SDUD HOOR HVWi FRQVWLWXLGD VLQ GXGD SRU OD XWLOL]DFLyQGHKLVWRULHWDVRODUHFUHDFLyQGHIiEXODV


DFXGLHQGR SDUD HOOR DO XVR GH SHUVRQDMHV QRUPDOPHQWH SLQWRUHVFRV 'HVGH OXHJR HO UHFXUVR DO XVR GH DQLPDOLWRV UHVXOWD VXPDPHQWH HILFD] \ UHDOPHQWH HQWUDxDEOH 3HUR OD PD\RU SDUWH GH ORV TXHPHJXVWDEDQTXHVXHOHQFRLQFLGLUFRQORVTXH WDPELpQORKDFHQDOJUXHVRGHODJHQWHHVWDEDQ\D FRJLGRV DVt TXH VyOR TXHGDED DFXGLU D OD UHXWLOL]DFLyQGHDOJXQRVGHHOORVFRQHOULHVJRGHQR HVWDUDODDOWXUDGHODVFLUFXQVWDQFLDVRELHQYHUPH REOLJDGR D UHFXUULU D RWURV PHQRV DWUDFWLYRV $O ILQDO SHVH D OOHJDU D WRPDU HQ VHULD FRQVLGHUDFLyQ DOJ~QWLSRGHOpPXUWRUWXJDVNRDODVRYHUVLRQHVGH GLQRVDXULRVKHRSWDGRSRUGHVFDUWDUHVWDRSFLyQ  ([LVWH RWUD IyUPXOD PX\ VHQFLOOD TXH HV OD SURGXFLGD PHGLDQWH OD UHFUHDFLyQ GH VLWXDFLRQHV UHDOHV FXDQWR PiV IDPLOLDUHV PHMRU < VL UHVXOWDQ IiFLOPHQWH LGHQWLILFDEOHV \ UHFRQRFLEOHV WDQWR PHMRU+HRSWDGRSRUXQDRSFLyQPiVRULHQWDGDHQ HVWD GLUHFFLyQ $Vt TXH OR YDPRV D KDFHU PHGLDQWH XQRVVHQFLOOtVLPRVHMHPSORV  'HVGH OXHJR QR UHFRJHQ QL PXFKR PHQRV WRGDV ODV VLWXDFLRQHV SRVLEOHV QL WDO YH] ODV PiV VLJQLILFDWLYDV SRUTXH OD LPSRUWDQFLD TXH OHV SXHGH RWRUJDUFDGDSHUVRQDSXHGHYDULDUVXVWDQFLDOPHQWH VHJ~Q VX SURSLD DSUHFLDFLyQ \ VXV YLYHQFLDV 3HUR VH WUDWD GH VLWXDFLRQHV GH OR PiV FRP~Q HQ DOJXQRV FDVRV DEVROXWRV HVWHUHRWLSRV OR TXH OHMRV


GH GHVFDUWDU VX YDOLGH] OHV FRQILHUHHO SRWHQFLDO GH XQ PD\RU LPSDFWR  \ DEVROXWDPHQWH JUiILFDV 6HJXUR TXH VH YH UHIOHMDGR HQ YDULDV GH HOODV /D YHUGDGHVTXHUHVXOWDODIRUPDPiVMXJRVD\JUiILFD GHH[SRQHUDOJXQRVFDVRV  $GPLWLHQGR SXHV TXH XQD GH ODV PHMRUHV PDQHUDV GH LOXVWUDU ODV LGHDV HV DFXGLHQGR DO UHFXUVR GH HMHPSORV OR TXH YDPRV D KDFHU HV SURSRQHUXQDVVLWXDFLRQHVVHQFLOODVSHURUHDOPHQWH SDUDGLJPiWLFDV D SDUWLU GH ODV FXDOHV H[WUDHUHPRV XQDV UHFHWDV VLPSOHV EXHQR VL TXLHUH OOiPHODV PRUDOHMDV $VtSXHVYHUHPRVUHFHWDVLOXVWUDWLYDVD PRGRGHHMHPSOR 



(/38172'(3$57,'$620261,&26  /D UHDOLGDG SULQFLSDO HV TXH FDGD XQR GH QRVRWURV QDFH FRQ XQD VHULH GH FDUDFWHUtVWLFDV ItVLFDV \ PHQWDOHV ODV FXDOHV SXHGHQ LU VXIULHQGR PRGLILFDFLRQHV HVSRUiGLFDV HQ HO WUDQVFXUVR GH OD SURSLD H[LVWHQFLD 3HUR XQD YH] DVXPLGD HVWD UHDOLGDG\DSDUWLUGHGLFKRSXQWRGHRULJHQODYLGD GH FDGD SHUVRQD OD FRQVWUX\H HOOD PLVPD 6RPRV FDGD XQR GH QRVRWURV TXLHQHV OH YDPRV LPSULPLHQGRODRULHQWDFLyQIXQGDPHQWDOGHILQLPRV OD GLUHFFLyQ FODYH HVFRJHPRV QXHVWUR FDPLQR \ HQ GHILQLWLYDODYDPRVHGLILFDQGRSRFRDSRFR$OILQDO HV OD VXPD GH ODV YLYHQFLDV GH ORV UHFXHUGRV \ GH ODVDFFLRQHVTXHKHPRVOOHYDGRDODSUiFWLFDORTXH OHGRWDGHVXFRQWHQLGR  (VWi FODUR TXH HO TXH QR KD QDFLGR HVSHFLDOPHQWHGRWDGRSDUDODVPDWHPiWLFDVWHQGUi DOJXQD GLILFXOWDG HQ OOHJDU D VHU ItVLFR QXFOHDU R LQJHQLHUR GH FXDOTXLHU HVSHFLDOLGDG SHUR WDPELpQ TXHXQLQYLGHQWHGHQDFLPLHQWRRSRUDFFLGHQWHQR SRGUi SLORWDU EyOLGRV GH IyUPXOD XQR R TXH XQ GLVOp[LFRWHQGUiPHQRVSRVLELOLGDGHVGHFRQYHUWLUVH HQXQEULOODQWHSROtWLFR VHJXUR" RWDOYH]OLWHUDWR 6LQ HPEDUJR HVWR QR VRQ PiV TXH FRQGLFLRQHV GH FRQWRUQR &RQVWLWX\HQ WDQ VROR HO FRQMXQWR GH FLUFXQVWDQFLDV TXH FRQGLFLRQDQ TXH LPSRQHQ XQ SXQWR GH SDUWLGD XQ PDUFR GH UHIHUHQFLD R FRPR


TXHUDPRVOODPDUORSHURHQGHILQLWLYD\DTXHHVWiQ DOOt SRGHPRV FRQVLGHUDUODV FXHVWLRQHV PHUDPHQWH FLUFXQVWDQFLDOHV  8QSULPHUSDVRKDFLDHOp[LWRSHUVRQDOFRQVLVWH HQ GHVWHUUDU GHVGH HO SULQFLSLR HO XVR GH ORV WpUPLQRVOLPLWDFLRQHVRFDUHQFLDV'HEHPRVEXVFDU OR SRVLWLYR OR TXH VH SXHGH KDFHU DSURYHFKDU DTXHOODV KHUUDPLHQWDV GH TXH GLVSRQHPRV SDUD GHVHPSHxDU OD YLGD 1R H[LVWH XQ HVWiQGDU GH SURSLHGDGHV QL GH DWULEXWRV QL GH FDUDFWHUtVWLFDV QLGHGRQHVTXHGHILQDQDOVHUKXPDQRQLGHWLSR ItVLFR QL PHQWDO $O FRQWUDULR FDGD XQR HV ~QLFR \ HVRVHSRQHGHPDQLILHVWRHQODDEVROXWDGLIHUHQFLD HQWUH WRGRV QRVRWURV (VD HV OD JUDQGH]D GHO VHU KXPDQR  /H VXHQD UDUR" 3XHV SiUHVH D SHQVDU HQ VX HQWRUQRPiVSUy[LPRDYHUVLUHDOPHQWHWRGRVVXV FRQRFLGRV UHVSRQGHQ DO PLVPR SDWUyQ GH DVSHFWR ItVLFR R LQWHOHFWXDO SRU PXFKR TXH /HRQDUGR GD 9LQFL GHFLGLHUD HQ VX GtD FXiO HV HO YHUGDGHUR SDWUyQ GH SHUIHFFLyQ KXPDQD UHIOHMDGR HQ VX IDPRVR KRPEUH GH 9LWUXELR 7RGDV ODV SHUVRQDV WLHQHQODPLVPDHVWDWXUD\HOPLVPRSHVRVRQLJXDO GH EHOODV R DWUDFWLYDV SRVHHQ ORV PLVPRV GHIHFWRV ItVLFRV \ GLVIUXWDQ GH VHPHMDQWHV QLYHOHV GH LQWHOLJHQFLD PHPRULD VLPSDWtD FDSDFLGDG GH SDODEUDVHQWLGRGHOKXPRUHWFDTXHQR"3XHV


HQWRQFHV SDUD TXp KHPRV GH EXVFDU UHIHUHQWHV R HVWDEOHFHU FRPSDUDFLRQHV FRQ XQ PRGHOR TXH QR SXHGHH[LVWLU\DTXHODHYLGHQFLDGHPXHVWUDTXHHO JUDGR GH GLVSHUVLyQ HV PX\ HOHYDGR" < HQFLPD H[LVWHQ GLIHUHQWHV UD]DV TXH SRVHHQ JUXSRV GH UDVJRV GLVWLQWLYRV SHU VH 3RU HVD UD]yQ UHFXHUGH TXH ORV SDWURQHV GH EHOOH]D VRQ PX\ GLVWLQWRV QR VyOR HQWUH UD]DV VLQR HQWUH GLIHUHQWHV FXOWXUDV \ DGHPiVYDQHYROXFLRQDQGRFRQHOWLHPSR  /D HVWDGtVWLFD D HVWRV HIHFWRV VH QRV PXHVWUD HVFDVDPHQWH~WLODVHPHMDQ]DGHOFRQRFLGRFDVRHQ HOTXHHVWDQGRFRQODFDEH]DHQHOKRUQR\ORVSLHV HQ HO FRQJHODGRU DPERV HQFHQGLGRV  OD WHPSHUDWXUD PHGLD GHO FXHUSR HV OD RSWLPD ,PDJtQHVHGHYHUGDGFXiOVHUtDHOSDWUyQySWLPRGH EHOOH]DEDVDGR VyORHQFRQVLGHUDFLRQHVHVWDGtVWLFDV DOJXQD SHOtFXOD PRUERVD GH WHUURU VHJXUR TXH OH YLHQHDODPHQWH   5HVXOWD TXH HVR HQFLHUUD HQ Vt PLVPR XQD REYLHGDG FDGD XQR GH QRVRWURV VRPRV VHUHV H[FHSFLRQDOHV /D FXHVWLyQ OR YHUGDGHUDPHQWH LPSRUWDQWHHVFyPRLQWHUSUHWDPRV\YDORUDPRVHVD H[FHSFLRQDOLGDG  $OILQ\DOFDER8GQRYDDSRGHUGHMDUGHVHU TXLHQ HV SRU PXFKR TXH VH HPSHxH $Vt TXH YDPRV D VDFDUOH SDUWLGR D OR TXH WHQHPRV TXH QR


OR GXGHHV PXFKR 3RUTXH 8G HV TXLHQHV\ QR OH Gp PiV YXHOWDV 6X YLGD JLUD HQ WRUQR D Vt PLVPR HVOD~QLFDGHTXHGLVSRQH\HVGHO~QLFRGHTXLHQ GHSHQGH TXH VHD SURYHFKRVD \ PDUDYLOORVD <D OR YHUiDGHPiVHVPX\IiFLO  (PSLHFHSRUVRQUHtUHQHVWHPLVPRPRPHQWR\ DSHQVDUHQODVXHUWHTXHWLHQH\ORIHOL]TXHSXHGH VHU3DVHORTXHSDVH\VHHQFXHQWUHHQODVLWXDFLyQ HQ TXH VH HQFXHQWUH VLHPSUH SXHGH HMHUFHU XQD LQIOXHQFLDSRVLWLYDHQVXYLGD6yORGHSHQGHGHXQR PLVPR\GHFyPRSHUFLEHVXH[LVWHQFLD  3RU FLHUWR OD YLGD HV XQD VXFHVLyQ GH PRPHQWRV WRGRV HOORV VRQ LPSRUWDQWHV 9LYD FDGD XQR GH HOORV FRQ LQWHQVLGDG GHVGH \D PLVPR 8Q LQVWDQWH TXH KD SDVDGR \D QR OR YROYHUi D KDFHU \ ODYLGDHQHOIRQGRQRHVPDVTXHODDFXPXODFLyQ GH HVRV PRPHQWRV \ GH VXV YLYHQFLDV +DJD OR TXH KDJD KiJDOR FRQ LOXVLyQ DXQTXH VROR VHD SRU VHQWLGR FRP~Q TXp PiV OH GD SRQHU EXHQD FDUD TXHQRVLWRWDOYDDVHUORPLVPR"3XHVQRVHxRU &XDOTXLHU FRVD SRU QLPLD TXH VHD KHFKD FRQ XQ SRTXLWR GH FRQFLHQFLD \ DOHJUtD QR QHFHVDULDPHQWH YD D VDOLU PHMRU GHVGH OXHJR QR VDOGUi SHRU  SHUR WHQJD VHJXUR XQD FRVD OH YD D EHQHILFLDU \ OH YD D KDFHU PiV IHOL] 8Q SULPHU FRQVHMR OD DOHJUtD VH FRQWDJLD 


%XHQR SXHV UHVXOWD TXH WRGRV WHQHPRV XQ SURSyVLWR HQ HVWD YLGD <D SXHGH FRQYHQFHUVH GH HOOR /R GLItFLO HV DYHULJXDU FXiO HV 1R HVFDWLPH HVIXHU]RV HQ LQWHQWDU FRQVHJXLUOR SRUTXH XQD YH] TXH OR KD\D KHFKR SRGUi RULHQWDUVH HQ HVD GLUHFFLyQ \ HVWDUi PX\ FHUFD GH DOFDQ]DUOR 'H OR FRQWUDULR VL QR VDEH D GRQGH TXLHUH OOHJDU VHJXUR TXHQROOHJDSRUTXHFyPRYDDVDEHUFXDQGRORKD KHFKR"  3DUHFHGHSHURJUXOORSHURQRWHQHPRVPiVTXH XQD YLGD OD QXHVWUD OD GH FDGD XQR GH QRVRWURV \ ORTXHQRKDJDPRVHQHOWUDQVFXUVRGHHOOD\DQROR KDUHPRV1RYDPRVDHQWUDUHQFRQVLGHUDFLRQHVGH FDUiFWHU HVSLULWXDO R UHOLJLRVR VREUH HO VHQWLGR HO YDORU \ HO SURSyVLWR TXH UHSUHVHQWD OD YLGD \ TXH YDUtDQ VHJ~Q FDGD FRQIHVLyQ DVt FRPR FXDO HV OD ILQDOLGDGGHODH[LVWHQFLDSHURVHJXURTXHHQWRGRV ORV FDVRV OR TXH GHFLPRV FREUD WRGR HO VHQWLGR GHO PXQGR 3RU HMHPSOR SDUD ORV UHHQFDUQDFLRQLVWDV WDQVyORVHWUDWDUiGHKDFHUH[WHQVLYRHOSHULRGRGH YLGDItVLFDDOD DFXPXODFLyQGHWRGDVODV VXFHVLYDV H[LVWHQFLDV $XQTXH QR VH SXHGH QHJDU TXH OD SRVHVLyQ GH XQDV SURIXQGDV FUHHQFLDV UHOLJLRVDV SUREDEOHPHQWHIDFLOLWHQXQDVLQWRQtDPiVSURIXQGD FRQORTXHGLJDPRV  /DFODYHGHOp[LWRFRQVLVWHHQGHVWLQDUWRGRVORV HVIXHU]RV D DOFDQ]DU QXHVWUR SURSyVLWR 6L HO


SURSyVLWR HV QREOH QRV HQFRQWUDUHPRV RUJXOORVRV GH SHUVHJXLUOR \ PXFKR PiV GH FRQVHJXLUOR < VL HQFLPD GLVIUXWDPRV PLHQWUDV DQGDPRV HQ SRV GH pO PXFKR PHMRU 3HUR IiFLOPHQWH OR KDUHPRV FRQ HVWDLOXVLyQVLHVWDPRVSOHQDPHQWHFRQYHQFLGRVGH HOOR   o &DGDXQRVRPRVXQVHU~QLFR\H[FHSFLRQDO o $FpSWHVHWDO\FRPRHV(VPDJQtILFR o 0HMRUHDSDUWLUGHTXLHQHV8GWDO\FRPRHV o 7RGRVWHQHPRVXQSURSyVLWRHQHVWDYLGD (QFXHQWUHHOVX\R o 6HDDOHJUH\FRQWiJLHOR    



(03(=$1'2325(/35,1&,3,2  &RUURERUDQGR OR TXH KHPRV GLFKR UHVSHFWR D TXHODVLGHDVVHQFLOODVUiSLGDV\FRQWXQGHQWHVVRQ ODVYHUGDGHUDPHQWHHILFDFHVWRGRHOHMHDUJXPHQWDO TXH VHJXLUHPRV SLYRWD DOUHGHGRU GH XQD LGHD PX\ VHQFLOOD$OILQDOUHVXOWDTXHHVWRYDDVHUFRPRORV GLH]PDQGDPLHQWRVTXHVHUHGXFHQDGRV  Y +D] D ORV GHPiV OR TXH WH JXVWDUtD TXH WH KLFLHUDQDWL7UDWDDORVGHPiVFRPRTXLHUHVTXH WHWUDWHQDWL  Y 1R OH KDJDV DO RWUR OR TXH QR WH JXVWDUtD TXH WH KLFLHUDQ D Wt 1R WUDWHV D ORV GHPiV FRPR QR TXLHUHVTXHWHWUDWHQDWL  4XH HQ UHDOLGDG VH SRGUtDQ UHGXFLU DO SULPHUR GHHOORV  (Q HIHFWR VL WXYLpUDPRV TXH UHVXPLU SRGUtDPRVOOHJDUDXQDVHQFLOODFRQFOXVLyQ(OWUXFR HV PX\ IiFLO SDUD VHU IHOL] VyOR KD\ TXH KDFHU XQD FRVD LQWHQWDU KDFHU IHOLFHV D ORV GHPiV (VD HV OD UHFHWD (VR JHQHUD XQ FtUFXOR YLFLRVR HQ HO TXH FRPR QRV HQFRQWUDPRV LQPHUVRV QRVRWURV PLVPRV YDDOLPHQWiQGRVH\HQJUDQGHFLpQGRVHDVtPLVPR$ SDUWLUGH\DHPSLHFHDSHQVDUHQHVWR\DDFWXDUHQ FRQVHFXHQFLD


 

  o 7UDWHDORVGHPiVFRPRTXLHUDTXHOHWUDWHQD 8G  o ,QWHQWHKDFHUIHOLFHVDORVGHPiV  o 3DUDVHUIHOL]KDJDIHOLFHVDORVGHPiV

   



(/%,(1(6(/02725  (O PXQGR SURJUHVD JUDFLDV D ODV EXHQDV LGHDV \VREUHWRGRSRUODVEXHQDVSHUVRQDVTXHODVOOHYDQ DODSUiFWLFD(OFRQRFLPLHQWRGHODQDWXUDOH]D\ODV OH\HVTXHODULJHQDVtFRPRVXDSOLFDFLyQHVORTXH SHUPLWH EHQHILFLDUVH D OD UD]D KXPDQD GH ORV UHFXUVRV GH OD 7LHUUD (VWDV OH\HV VH HQFXHQWUDQ DOOt SRU OD UD]yQ TXH VHD \ JR]DPRV GH OD FDSDFLGDG JUDFLDV DO LQWHOHFWR GH SRGHU LQWHUSUHWDUODV \ DSURYHFKDUODV 1DWXUDOPHQWH GHSHQGLHQGR GHO XVR TXH VH KDJD GH HOODV VH REWHQGUiQXQRVUHVXOWDGRVXRWURV  6RQODVSHUVRQDVODVTXHGHFLGHQ\GHWHUPLQDQ HQ ~OWLPD LQVWDQFLD VX XVR \ VX ILQDOLGDG \ TXLHQHV FRQ VXV LQWHUYHQFLRQHV GHVHQFDGHQDQ ORV UHVXOWDGRV 'HVGH OXHJR SDUD TXH VH SURGX]FD XQ DYDQFH HV SUHFLVR TXH OD DFFLyQ KXPDQD VHD HIHFWLYD TXH OD SHUVRQD HMHU]D DOJ~Q WLSR GH OLGHUD]JR DGRSWH XQD SRVWXUD DFWLYD JHQHUH SURGX]FD\PRWLYHHOFDPELR  (VWi FODUR SXHV TXH SDUD TXH H[LVWD XQ DYDQFH GHEH SURGXFLUVH XQD DFFLyQ \ XQ LPSXOVR 3HUR IDOWD XQ GHWDOOH SDUD TXH UHDOPHQWH VHD ~WLO \ FRQWULEX\D DO SURJUHVR GH OD KXPDQLGDG 1R KD\ PiV YXHOWD GH KRMD HVWD VH KDOOD HQ OD ERQGDG LQWUtQVHFD GH ODV DFFLRQHV 3RGUtDPRV SHQVDU TXH


HQ UHDOLGDG OR TXH LPSRUWD HV OD ERQGDG GHO UHVXOWDGR HVSHUDGR SHUR  SDUD TXp YDPRV D HPSHxDUQRVHQVHUWDQILQRVVHSDUDQGRFRQFHSWRV $GPLWDPRV\DGHVGHHOLQLFLRXQSULQFLSLRHVHQFLDO OR TXH HVWi ELHQ HVWi ELHQ \ SXQWR 1R EXVTXHPRV H[FXVDVSDUDOLPLWDUODDFFLyQRDFRWDUREMHWLYRV  (O SURJUHVR VH SURGXFH HQ FRQMXQWR SDUD WRGD OD VRFLHGDG \ FRPR PLHPEURV GH HOOD QRV YHPRV EHQHILFLDGRV LQGLYLGXDOPHQWH 6RPRV JUHJDULRV DXQTXH QR SUHFLVDPHQWH OD HVSHFLH TXH OR HV HQ PD\RUPHGLGD\OD~QLFDSRVLELOLGDGGHVREUHYLYLU\ SURVSHUDU FROHFWLYD H LQGLYLGXDOPHQWH HV FUHFLHQGR HQFRQMXQWR  /DSUXHEDGHTXHODERQGDG\ODFRUUHFFLyQGH ORVDFWRVHVHOPRWRUPiVHILFD]SDUDHODYDQFHHQOD FRQVHFXFLyQ GHO ELHQHVWDU VH KDOOD HQ HO KHFKR GH TXHWRGRVORVJUDQGHVGHVDUUROORV\SURJUHVRVGHOD KXPDQLGDG KDQ VLGR GHELGRV D SHUVRQDV GH UHFRQRFLGD FRUUHFFLyQ PRUDO \ TXH SURIHVDEDQ QREOHVSULQFLSLRV1RKDKDELGRQDGDTXHKD\DVLGR UHDOPHQWH FRQVLGHUDGR FRPR EXHQR VL QR VH KD HMHFXWDGR EDMR HVWRV SULQFLSLRV 6LQ GXGD D HOOR FRQWULEX\HHOKHFKRGHTXHODIXHU]DGHODYROXQWDG \XQDFRQYLFFLyQSURIXQGDFRQVWLWX\HQORVPHMRUHV HVWtPXORVSDUDJHQHUDUHOHVIXHU]RQHFHVDULR(OVHU PH]TXLQR \ UXLQ LQWHUHVDGR VyOR HQ Vt PLVPR GLItFLOPHQWH SXHGH HQFRQWUDU HVWtPXOR VXILFLHQWH


SDUD HVIXHU]RV DOJR SHQRVRV \ GHVIDOOHFH HQ HO LQWHQWR DO IUDFDVDU VXV LQQREOHV SURSyVLWRV 4Xp VDELDHVODQDWXUDOH]D  &RQRFH 8G DOJ~Q GLFWDGRU R JHQRFLGD TXH FRQ HO SDVR GHO WLHPSR ILJXUH HQ HO HOHQFR GH ORV SHUVRQDMHV KLVWyULFRV PiV DGPLUDGRV" &RPR PXFKR HQ DOJXQRV FDVRV VX PHPRULD SHUGXUD EUHYHPHQWH HQ ODV PHQWHV LQWHUHVDGDV GH DOJXQRV VHJXLGRUHV R FREDUGHV RSRUWXQLVWDV KDVWD TXH HO LQWHUpV R HO PLHGR GHVDSDUHFHQ FD\HQGR UiSLGDPHQWH DO ILQDO HQ HO IRVR GHO ROYLGR R HQ HO PD\RU GH ORV GHVFUpGLWRV 4XH QR HVFDUPLHQWDQ \ VLJXH DSDUHFLHQGR GH YH] HQ FXDQGR DOJ~Q LOXPLQDGR TXH HQFLPD SUHWHQGH DUURSDU VXV LQWHQFLRQHVEDMRODDSDULHQFLDGHFRQYHUWLUVHHQXQ JUDQ OtGHU PXQGLDO SRU VXSXHVWR DO VHUYLFLR GH OD KXPDQLGDG GH XQD IRUPD WRWDOPHQWH DOWUXLVWD \ EOD EOD EOD" 3XHV TXp OH YDPRV D KDFHU (O SUREOHPD HV VX\R < DO ILQDO QR OR ROYLGH ORV REMHWLYRV TXH SHUVLJXHQ HVWRV HOHPHQWRV VRQ WDQ VyOR VX SURSLR EHQHILFLR R FRPR PXFKR DXWRVDWLVIDFFLyQ DXQTXH VH WUDWH VLPSOHPHQWH GH DOLPHQWDUVXVLQGXGDDIHFWDGR\HQIHUPL]RHJR  o 5HFRQR]FDTXHHOELHQHVHOPRWRUGHOSURJUHVR o 1RGXGHGHTXHORTXHHVWiELHQHVWiELHQ  


/$)(/,&,'$'<(/%,(1(67$5  (VWiFODURTXHODVVRFLHGDGHVPRGHUQDVVREUH WRGR ODV RFFLGHQWDOHV KDQ DOFDQ]DGR XQ QLYHO GH YLGD FRQVLGHUDEOH /D PD\RU SDUWH GH ODV QHFHVLGDGHV VH HQFXHQWUDQ VDWLVIHFKDV SHUR SRU RWUDSDUWHFDGDYH]VHLQFUHPHQWDPiVODFDQWLGDG GH YLVLWDV D SVLFROyJRV \ SVLTXLDWUDV \ SDUHFH VHU TXHHOQLYHOJHQHUDOGHVDWLVIDFFLyQRODFDQWLGDGGH SHUVRQDV TXH VH GHFODUDQ UHDOPHQWH IHOLFHV QR VH KDLQFUHPHQWDGRHQORV~OWLPRVDxRV/DGHSUHVLyQ VHHVWiFRQYLUWLHQGRHQXQDHQIHUPHGDGGHPDVLDGR FRP~Q1RSDUHFHPX\OyJLFRTXHGDGRHOJUDGRGH ELHQHVWDU DSDUHQWH GH TXH GLVIUXWDPRV QR VHDPRV FDSDFHVGHDOFDQ]DUODIHOLFLGDG  &RPR QR SRGtD VHU GH RWUD PDQHUD OD H[SOLFDFLyQ VH HQFXHQWUD HQ QRVRWURV PLVPRV < OD YHUGDG HV TXH ODV UHFHWDV VRQ PX\ VHQFLOODV VLHPSUH OR KDQ VLGR \ VH HQFXHQWUDQ GHWUiV GH OD PD\RU SDUWH GH ODV ILORVRItDV FHQWUDGDV HQ HO KRPEUH \ HQ HO HVStULWX KXPDQR D OD TXH GHVGH OXHJR QR VRQ DMHQDV SRU DOJR VHUi  ODV PiV LPSRUWDQWHVUHOLJLRQHVFUHHQFLDVRILORVRItDV  6RQVLQGXGDODVSUHRFXSDFLRQHV ODKLSRWHFD OD LQVHJXULGDG ODERUDO OD SUHVLyQ VRFLDO HO HVWUpV ODERUDOODLQFHUWLGXPEUHHWF ODVTXHQRVDFRVDQ \ DPRUGD]DQ SHUR OD YHUGDGHUD FDXVD GHO LPSDFWR


TXH SURGXFHQ VH HQFXHQWUD HQ QRVRWURV PLVPRV < DOOt HV GRQGH GHEHPRV HQFRQWUDU OD UHVSXHVWD \ OD VROXFLyQDODVPLVPDV  1R LPSRUWD OD UHDOLGDG VLQR OD SHUFHSFLyQ TXH WHQHPRV GH HOOD (Q UHDOLGDG ODV FRVDV VRQ WDO \ FRPR ODV SHUFLELPRV $Vt TXH SUREDEOHPHQWH VH WUDWH WDQ VyOR GH PHMRUDU HVWD SHUFHSFLyQ 4XLHUH HVWR GHFLU TXH QR H[LVWH XQD UHDOLGDG REMHWLYD" $O FRQWUDULR OR TXH SDVD HV TXH DGHPiV GLVSRQHPRV GH XQD FDSDFLGDG PXFKR PD\RU GH OR TXH QRV SDUHFH SDUD LQIOXLU HQ ODV FLUFXQVWDQFLDV 'HVGH OXHJRQRSRGUHPRVFDPELDUODOH\GH1HZWRQSHUR Vt SRGUHPRV EHQHILFLDUQRV GH HOOD 3XHGH TXH QR QRV JXVWH TXH ODV FRVDV FDLJDQ DO VXHOR \ TXH LQFOXVR QRV IDVWLGLH 3HUR R QRV DJXDQWDPRV \ VXIULPRVHVDHVSDQWRVDFRQWUDULHGDGWRGDODYLGDR LQYHQWDPRV FRQ UHJRFLMR OD SROHD SDUD HOHYDU ODV FRVDV KDFLD DUULED \ DGHPiV VL FRPSRQHPRV XQ SROLSDVWRFRQLQJHQLRSRGUHPRVL]DUSHVRVHQRUPHV FRQXQSHTXHxRHVIXHU]R3HURHQFLPDHVTXHVLOR TXHKDFHPRVHVHPSXMDUODVFRVDVKDFLDDEDMRQRV FDQVDUHPRVPHQRV  /R TXH Vt HVWD FODUR HV TXH GHEHPRV GHVWHUUDU ODLGHDGHTXHODDEXQGDQFLDGDODIHOLFLGDG EXHQR DGPLWDPRV TXH VH WUDWD GH XQ WySLFR SHUR UHVXOWD TXHHVYHUGDG (VODVXILFLHQFLDORTXHHQUHDOLGDG OD SURSRUFLRQD 1L WDQ VLTXLHUD WHQHU OD YLGD


UHVXHOWDHVVLQyQLPRGHIHOLFLGDG(QHIHFWRVHWUDWD GH VDWLVIDFHU ODV H[SHFWDWLYDV SHUR HVWDV QR VRQ LQPXWDEOHVVLQRTXHH[SHULPHQWDQYDULDFLRQHVFRQ HO SDVR GHO WLHPSR \ ODV FLUFXQVWDQFLDV < GHVGH OXHJR QR VRQ WDQ VyOR GH FDUiFWHU PDWHULDO 3RU VXSXHVWR HVWR VLJQLILFD TXH OD IHOLFLGDG HQWUD GHQWUR GH OD HVIHUD GH OR tQWLPR \ SHUVRQDO \ SRU WDQWR HOOD PLVPD VHUi DOJR tQWLPR \ SHUVRQDO &ODUR TXH VL VH WUDWD GH DOFDQ]DU ODV H[SHFWDWLYDV OR SULPHUR TXH KDFHU IDOWD HV VDEHU FXiOHV VRQ HVWDV<ODH[SHFWDWLYDHVLOXVLyQ  $ OR PiV TXH QRV SRGUtDPRV DSUR[LPDU FRQ FDUiFWHU JHQHUDO HV D XQD SULPHUD WHQWDWLYD GH OR TXH SXHGH FRQVLGHUDUVH XQD SHUVRQD IHOL] SUREDEOHPHQWH HVWHPRV GH DFXHUGR HQ TXH VH WUDWDUi GH DTXHOOD TXH GLVIUXWD GH EXHQD VDOXG WLHQHFXELHUWDVVXVQHFHVLGDGHVEiVLFDVUHDOL]DXQ WUDEDMR TXH OH JXVWD \ SRVHH XQ FRQMXQWR GH UHODFLRQHV IDPLOLDUHV \ VRFLDOHV VDWLVIDFWRULDV $GHPiV SRGUtDPRV DxDGLU D HIHFWRV SUiFWLFRV TXH GLVIUXWD GH VX WLHPSR OLEUH \ HVWi VDWLVIHFKR GH VX FRPSRUWDPLHQWRSHUVRQDODQLYHOSULYDGR\S~EOLFR $KRUD ELHQ OOHQDU GH FRQWHQLGR FRQFUHWR FDGD XQD GH HVWDV SDUFHODV GHSHQGH GH FDGD XQR GH QRVRWURV([FHSWRHQORUHODFLRQDGRFRQHOWHPDGH ODVDOXG\ODVQHFHVLGDGHVEiVLFDVGHDOLPHQWDFLyQ ODV SUHIHUHQFLDV SXHGHQ DGPLWLU LQILQLWDV YDULDFLRQHV


3RUVXSXHVWRFDEHODWHQWDFLyQGHVXJHULUXQD IRUPD SDUWLFXODU GH DOFDQ]DU OD IHOLFLGDG \ HV PHGLDQWHHOFRQVXPRGHGURJDVSHURHVWDYtDQROD YDPRV QL D PHQFLRQDU HQWUH RWUDV FRVDV SRUTXH DXQTXH IXHUD PRUDOPHQWH DFHSWDEOH TXH QR OR HV UHVXOWD SDVDMHUD \ D PHGLR SOD]R SHUMXGLFLDO < GH WRGDV PDQHUDV DOJXLHQ VH FUHH TXH UHDOPHQWH SURSRUFLRQDQ HVWH EHQHILFLR" &RPR PXFKR XQ OLJHURELHQHVWDURSODFHUSXQWXDO             /D E~VTXHGD GH OD ULTXH]D QR GD OD IHOLFLGDG (Q UHDOLGDG QL VLTXLHUD OD SURSLD REWHQFLyQ GH OD PLVPDORKDFH$GPLWRTXHHVWHHVXQRGHORVPLWRV PiVH[WHQGLGRV\VLQGXGDFDVLFDXVDKLODULGDGDO UHSHWLUOR3HURQRORGXGHQRKD\QDGDPiVFLHUWR \HYLGHQWH 



1R TXHUHPRV GHFLU FRQ HVWR TXH OD E~VTXHGD GH OD ULTXH]D VHD PDOD SRU Vt PLVPD (V HO DIiQ HQIHUPL]RSRUDOFDQ]DUODDWRGDFRVWDORUHDOPHQWH QHJDWLYR /DV OHJtWLPDV DVSLUDFLRQHV SRU SURVSHUDU VRQ MXVWDV \ GH KHFKR VH HQFXHQWUDQ HQ JUDQ PHGLGDHQODEDVHGHOSURJUHVR(VORTXHVHKDFH FRQODULTXH]DREWHQLGDORTXHFDWDORJDVXERQGDG \ XWLOLGDG SDUD DOFDQ]DU OD IHOLFLGDG < GHO PLVPR PRGRHVODIRUPDHQODTXHVHEXVFD\ORV PHGLRV FRQ TXH VH KDFH OR TXH OH FRQILHUH YDORU VHQWLGR H LQFOXVRVXSURSLDOHJLWLPLGDG  1R VyOR VH WUDWD GH OD VLPSOH E~VTXHGD GH OD ULTXH]D VLQR GH OD DPELFLyQ \ HO SRGHU 6L QR UHPLWiPRQRV D ODV SUXHEDV *UDQ SDUWH GH ODV SHUVRQDV PiV SRGHURVDV DSDUHQWHPHQWH  TXH KDQ DOFDQ]DGRODIDPDHOSRGHURODULTXH]DUHVXOWDQD OD SRVWUH VHU ODV PiV GHVJUDFLDGDV 6L DVSLUDPRV D XQD IDPLOLD HVWDEOH XQHQWRUQR KRJDUHxR DSDFLEOH HOUHFRQRFLPLHQWRGHORVDPLJRVHWFHQFXDQWDV RFDVLRQHV HVWRV DSDUHQWHV WULXQIDGRUHV VXIUHQ GLYRUFLRV GHVWUXFFLyQ GH VXV IDPLOLDV FRQIOLFWRV FRQVXVFtUFXORVGHDPLVWDGHVSUREOHPDVODERUDOHV \ HQ QR SRFR WLHPSR VH YHQ FRQGHQDGRV DO PiV DEVROXWR RVWUDFLVPR \ ROYLGR SRU SDUWH GHO HQWRUQR HQ TXH VH PRYtDQ" $EVROXWDPHQWH OD JORULD HV HItPHUDVLHVWiEDVDGDHQEDQDOLGDGHV 



3DUDOHODPHQWH ODV SHUVRQDV TXH SHUPDQHFHQ HQ OD PHPRULD GH OD KXPDQLGDG TXH VRQ UHFRUGDGDVDGPLUDGDV\UHVSHWDGDVVRQDVLPLVPR ODV TXH UHFRQRFHQ KDEHU VLGR PiV IHOLFHV \ KDEHU YLYLGR ILHOHV D VXV SULQFLSLRV TXH QDWXUDOPHQWH VLHPSUHVRQEXHQRV  1LQJ~Q GLFWDGRU SRU SRGHURVR TXH VHD R KD\D VLGRQLFULPLQDOQLHPSUHVDULRFUXHORGpVSRWDHV UHFRUGDGR SRU OD KLVWRULD FRQ KRQRU VLPSDWtD R UHFRQRFLPLHQWR$OFRQWUDULRVLORVRQHVFRPRXQD DXWpQWLFDYHUJHQ]D \ HMHPSOR GH HVFDUPLHQWR /DV JUDQGHV ILJXUDV TXH KDQ VLGR UHFRQRFLGDV FRPR WDOHV SRU OD KXPDQLGDG VRQ VLQ H[FHSFLyQ SHUVRQDVEXHQDVTXHGHVWDFDQSRUVXFRQWULEXFLyQ DDOJRUHDOPHQWHSRVLWLYRRHOUHFRQRFLPLHQWRGHVXV FRQWHPSRUiQHRV SRU VX FRPSRUWDPLHQWR QREOH \ ERQGDGRVR  o 1RVHGHMHDEUXPDUSRUORVGHWDOOHVR SUHRFXSDFLRQHVFRWLGLDQDV o 6HDSRVLWLYR3HUFLEDODVFRVDVVLHPSUHFRQ RSWLPLVPR o (QWRGDVLWXDFLyQVLHPSUHSXHGHLQWHUYHQLU SDUDPHMRUDUOD1RLPSRUWDORTXHHVVLQRORTXH SDUHFH o 1RVHREVHVLRQHFRQODE~VTXHGDGHODULTXH]D (VVyORXQPHGLRSDUDDOFDQ]DUODIHOLFLGDG o 6HDDPELFLRVRSODQWpHVHFRPRREMHWLYRVHUIHOL]


(/6(17,'2'(/%,(1  $ HVWDV DOWXUDV \D SDUHFH PHULGLDQDPHQWH HYLGHQWHTXHODFODYHGHOELHQHVWDUGHODIHOLFLGDG\ GHO SURJUHVR VH HQFXHQWUD HQ HO ELHQ TXH VH FRQYLHUWH HQ HO DXWpQWLFR PRWRU \ OD IXHU]D LPSXOVRUD WDQWR GH ODV SHUVRQDV LQGLYLGXDOHV FRPRGHODVRFLHGDGFRPRFROHFWLYR  $KRUDELHQ4XpHVOREXHQR"\TXHHVORTXH HVWiELHQ"  3HUR HV TXH DFDVR H[LVWHQ GXGDV UHVSHFWR D HOOR" 5HVXOWD VHJXUDPHQWH IiFLO MXVWLILFDU VLWXDFLRQHV GH GHVFRQFLHUWR R FHGHU D OD WHQWDFLyQ GH PDQLIHVWDU HQFRQWUDU H[FXVDV SDUD GXGDU HQWUH OR TXH HV FRUUHFWR \ OR TXH QR OR HV 3HUR QR QRV YDOH VRQ VLPSOHV H[FXVDV (Q WRGDV ODV FLUFXQVWDQFLDV UHVXOWD SUiFWLFDPHQWH REYLR OR TXH HVWi ELHQ \ OR TXH QR (V HO FRUD]yQ HQ ~OWLPD LQVWDQFLDTXLHQQRVGDUiODLQGLFDFLyQRSRUWXQD6L GLVSRQH GH XQD SHUVRQDOLGDG ELHQ IRUPDGD \ XQRV SULQFLSLRV pWLFRV FRQVROLGDGRV HQ WRGR PRPHQWR VDEUiHQFRQWUDUODRSFLyQDGHFXDGD  &XLGDGR QR HV TXH VLHPSUH WHQJD TXH VHU OD PLVPD RSFLyQ QL WDQ VLTXLHUD TXH HQ FDGD FDVR H[LVWDXQD~QLFDRTXHLQFOXVRVHDODPHMRU3HURVt TXH VHD FRUUHFWD \ TXH OH SHUPLWD DGPLWLU FRQ


VDWLVIDFFLyQ TXHHVWi REUDQGRELHQ 6L SHVHD WRGR VH HTXLYRFD FRPR OD EXHQD YROXQWDG VH HQFXHQWUD GHWUiV GH VXV DFWRV SRGUi IiFLOPHQWH FDPELDU OD LQWHQFLyQ\DTXHQROHVXSRQGUiQLQJ~QUHTXLHEUR PRUDO 6LHPSUH HO ULHVJR GH QR UHFWLILFDU HV SHRU TXHODSURSLDHTXLYRFDFLyQ  'LFKR HVWR XWLOL]DU OD VRFRUULGD H[FXVD GH OD GXGD R LQFHUWLGXPEUH SDUD QR REUDU R SDUD HYLWDU WRPDU SDUWLGR HQ FXDOTXLHUD TXH VHD OD VLWXDFLyQ VH WRUQD HQ DEVROXWDPHQWH LQYiOLGR H LQDFHSWDEOH 5HFXHUGH TXH VH SHFD GH REUD SHUR WDPELpQ GH SDODEUD SHQVDPLHQWR R GH RPLVLyQ < GH SXUD RPLVLyQ SXHGH FRQVLGHUDUVH HO QR GHGLFDU VXILFLHQWH HVIXHU]R D HVWXGLDU \ DQDOL]DU XQD VLWXDFLyQ FRQ HO GHELGR LQWHUpV \ ULJRU SDUD SRGHU HVFRJHUGHVSXpVHQWUHODVDOWHUQDWLYDVGLVSRQLEOHV            


5HFXHUGH WDPELpQ TXH HO TXH KDFH OR TXH SXHGHQRHVWiREOLJDGRDPiVSHURHOTXHQRVH PROHVWD HQ SHQVDU XQ SRTXLWR PiV QR HVWi KDFLHQGR WRGR OR TXH SXHGH < VL VH OR WRPD FRQ LQWHUpV \D YHUi FRPR DO ILQDO VH HQFRQWUDUi VDWLVIHFKR DXQTXH HO UHVXOWDGR REWHQLGR QR KD\D VLGR HO ySWLPR 3RU OD VHQFLOOD UD]yQ GH TXH HVWDUi FRQYHQFLGRGHTXHKDREUDGRFRUUHFWDPHQWH  1R ROYLGH QXQFD HYLWDU YHUVH DUUDVWUDGR SRU RWUD GH ODV PiV WtSLFDV H[FXVDV +DFHU ELHQ ODV FRVDV VLJQLILFD KDFHUODV FRPR GHEHQ KDFHUVH \ FXDQGR GHEHQ KDFHUVH \ HVR VLJQLILFD DKRUD HQ FDGDPRPHQWR5HFXHUGHGHQXHYRTXHVHSHFDGH SDODEUDREUD\RPLVLyQ(OQRKDFHUODVFRVDVHQHO PRPHQWR RSRUWXQR R WDQ VyOR HO KHFKR GH QR WRPDUVHHOLQWHUpVGHFRQVLGHUDUODVHVWDQQHIDVWR\ WDQFXOSDEOHFRPRKDFHUODVPDO$OILQ\DOFDERVH WUDWD GH KDFHU ODV FRVDV ELHQ \ VL QR VH KDFHQ DVt QR HV SRVLEOH DGPLWLU PiV TXH XQD LQWHUSUHWDFLyQ HVTXHVHKDQKHFKRPDO  0pWDVHHVWRHQODFDEH]DODVFRVDVRVHKDFHQ ELHQRPDOHOUHVWRVRQH[FXVDV   o 2EUHVLHPSUHELHQ6XFRQFLHQFLD\VXFRUD]yQ OHGDUiQODVSLVWDVTXHOHKDJDQIDOWD



  

o -DPiVSRQJDH[FXVDVSDUDQRWRPDU GHFLVLRQHV6LHPSUHVHUiFDSD]GHHQFRQWUDU HOHPHQWRVGHMXLFLRHQTXHVXVWHQWDUODV PLVPDV6LHPSUHHVSRVLEOHGLVWLQJXLUHQWUHOR TXHHVWiELHQRPDO o 7yPHVHWRGDVODVFRVDVFRQHOGHELGRLQWHUpV 1RKDFHUORHVXQRGHSULQFLSDOHVSHFDGRV (VIXpUFHVHHQHVWXGLDUODVVLWXDFLRQHVFRQHO GHELGRULJRU\DFW~HVLHPSUH o 5HFXHUGHTXHVHSHFDGHREUDSHURWDPELpQGH SDODEUDSHQVDPLHQWR\GHRPLVLyQ1RFDLJDHQ HVWDEDMRQLQJ~QFRQFHSWR o (VWpVLHPSUHFRQWHQWR\FRQIRUPHSRUKDEHU REUDGRFRUUHFWDPHQWH



/$)508/$'(/$)(/,&,'$'  %XHQR \ DKRUD YDPRV D SDVDU D OD SDUWH SUiFWLFD TXH QRV YD D SHUPLWLU FRQVROLGDU PHQWDOPHQWH HVWDV FRVDV WDQ VHQFLOODV H LQGLVFXWLEOHV TXH KHPRV H[SXHVWR KDVWD DKRUD 3DUDTXHYHDORIiFLOTXHHV  /R LPSRUWDQWH HV FRPSUHQGHU TXH OD IHOLFLGDG HV XQ HVWDGR SHUVRQDO TXH VH GLVIUXWD HQ FDGD PRPHQWR \ SRU WDQWR QR SXHGH VHU PiV TXH HO UHIOHMRGHGRVFRVDVHOFRQMXQWRGHODVVHQVDFLRQHV YLYLGDVFRQDQWHULRULGDGKDVWDODIHFKDSUHVHQWH\ TXHVHKDOODQDVHQWDGDVHQQXHVWURFHUHEUR\DOPD MXQWR FRQ ORV DFWRV TXH UHDOL]DPRV HQ FDGD PRPHQWR IUXWR GH ODV GHFLVLRQHV FRQFUHWDV WRPDGDV HQ HVH LQVWDQWH /D VDWLVIDFFLyQ \ OD VHQVDFLyQ TXH VH JHQHUHQ HQWRQFHV GHEHQ SURSRUFLRQDUQRVODIHOLFLGDG\HVRVyORVHSURGXFLUi VLKDFHPRVHQFDGDPRPHQWRORFRUUHFWRRVHDQRV SRUWDPRVELHQ  &RPRQRVHWUDWDGHHIHFWXDUXQFRPSHQGLRQL XQ DQiOLVLV GH ODV FDXVDV QL HIHFWRV GH OD IHOLFLGDG HQ JHQHUDO QL GH PRVWUDU QLQJ~Q WLSR GH VLWXDFLRQHV SDUWLFXODUHV GHVGH XQ SXQWR GH YLVWD DFDGpPLFRSURIHVLRQDORFOtQLFRVHUHPRVSUiFWLFRV 9DPRV D GDU XQDV LGHDV TXH UHVXOWDQ GH SUREDGR p[LWR VRQ WDQ VHQFLOODV TXH QR VH ODV YD D FUHHU


SHUR HV TXH UHVXOWD TXH VRQ YHUGDG EXHQR OR TXH QR VH YD D FUHHU HV HO YHUGDGHUR HIHFWR TXH WLHQHQ XQDVUHFHWDVWDQVLPSOHV 1RSRUUHLWHUDGDVGHMDQ GHVHUYiOLGDV  /D QDWXUDOH]D GHPXHVWUD TXH SXHGH OOHJDU D VHU PX\ FRPSOHMD \ SURSRUFLRQDU IRUPDV \ FRQVWUXFFLRQHV PX\ GLYHUVDV \ SHUIHFWDV SHUR HQ HVHQFLD WRGDV HOODV HVWiQ FRPSXHVWDV GH SHTXHxRV HOHPHQWRV PX\ VLPSOHV TXH VH UHSLWHQ VLVWHPiWLFDPHQWH \ FX\D FRQMXQFLyQ DUPRQLRVD HV ORTXHSURSRUFLRQDHOUHVXOWDGRILQDO/DQDWXUDOH]D HVEHOOD\VLPSOHDVXYH]/RPLVPRVXFHGHFRQOD IHOLFLGDG OD EDVH HQ TXH VH VXVWHQWD HV PX\ VHQFLOOD  %XVTXHPRV OD IyUPXOD VHQFLOOD TXH \D QRV KD LGRDVRPDQGRFRQDQWHULRULGDG&RPRQRSRGtDVHU PHQRV GHEH WUDWDUVH GH XQ FRQMXQWR FRQVWLWXLGR SRUPX\SRFDVFRVDVItMHVHTXHSRFDVSHURQR QR PHMRU YDPRV D KDFHU RWUD FRVD YDPRV D SURSRQHUXQDIyUPXODSUiFWLFD\SRUVXSXHVWRPX\ VLPSOH TXH UHVXOWH GH DSOLFDFLyQ LQPHGLDWD \ TXH UHFRMD HVWRV SULQFLSLRV $O ILQ \ DO FDER TXHUHPRV TXHVHDGHDSOLFDFLyQLQPHGLDWD\OHVLUYDSDUDDOJR 3XHV UHVXOWD TXH VH WUDWD GH OD FRQVHFXHQFLD LQPHGLDWDGHORTXHKHPRVGLFKRDQWHVWUDVODGDGR GLUHFWDPHQWH D OD H[SHULHQFLD FRWLGLDQD TXH HV HQ ORTXHFRQVLVWHUHDOPHQWHQXHVWUDYLGD


3XHGH UHVXOWDU GHPDVLDGR VLPSOH SHUR HQ HO IRQGR VH WUDWD WDQ VyOR GH XQD FRVD 9DPRV D LQVLVWLU 5HVXPLHQGR OD FODYH HV KDJDPRV ELHQ WRGDV ODV FRVDV WRPiQGRQRVODV FRQ HO GHELGR LQWHUpV \ WUDWDQGR D ORV GHPiV FRPR TXLVLpUDPRV TXH QRV WUDWDUDQ D QRVRWURV (VWD IUDVH WDQ EUHYH UHFRJH XQD JUDQ YHUGDG \ HV OD EDVH SDUD DOFDQ]DU ODIHOLFLGDG  &yPR OOHYDPRV HVWR D OD SUiFWLFD" 3XHV HV PX\VHQFLOOR/DYHUGDGHVTXHSRGHPRVVLPSOLILFDU LQWHQWDQGR HQFRQWUDU XQ SDU GH HOHPHQWRV EiVLFRV HQ TXH VXVWHQWDUOR 5HVXOWD TXH DO ILQDO SRGHPRV HPSH]DUSRUUHGXFLUORDGRVSULQFLSLRVHOHPHQWDOHV TXH FRQVWLWX\HQ SRU Vt PLVPRV XQRV WUXFRV PX\ YDOLRVRV  8QR 6RQUtD FRQWLQXDPHQWH (V OD PHMRU PDQHUD GHVHUIHOL]SRUXQRPLVPR/DIHOLFLGDGSURSRUFLRQD DOHJUtD\HVRVHUHIOHMDHQQXHVWURURVWUR(VWDUHPRV GH DFXHUGR HQ TXH FXDQGR HVWDPRV FRQWHQWRV R VHD IHOLFHV QRV GDQ JDQDV GH UHLU \ VRQUHLU 3XHV UHVXOWD TXH D OR PHMRU DO UHYpV VH SURGXFH XQ HIHFWR LQGXFLGR LQYHUVR DVt TXH UtDVH TXH OH KDUi IHOL] R DO PHQRV OH D\XGDUi D VHUOR /RV PLVPRV PpGLFRV UHFRQRFHQ TXH OD ULVD D\XGD DO ELHQHVWDU IDYRUHFH OD WRQLILFDFLyQ PXVFXODU VH PXHYHQ XQ PRQWyQ GH P~VFXORV FRQ OD FDUFDMDGD  \ OD FLUFXODFLyQ $GHPiV OD ULVD HV FRQWDJLRVD <D VDEH


TXH VH SXHGH PDWDU D XQ LQGLYLGXR GH ULVD 8Q DWDTXH GH ULVD HV XQD GH ODV PHMRUHV PDQHUDV GH QHXWUDOL]DU DO FRQWULQFDQWH DQXOD WRGD SRVLELOLGDG GHUHDFFLyQHLQPRYLOL]DHQJUDQSDUWHVXYROXQWDG 4XH FRQVWH TXH OR GLJR HQ VHULR 3LHQVH HQ DOJXQD VLWXDFLyQ HQ OD FXDO 8G R DOJXLHQ SUy[LPR VH KD YLVWR DTXHMDGR SRU XQ DWDTXH GH ULVD \ YHUi FyPR SDVDEDQGRVFRVDVTXHHOVXMHWRULHQWHHUDLQFDSD] GHSDUDU DTXHOHKDSDVDGRDOJXQDYH]FRQDOJ~Q ULHQWH FRPSXOVLYR HQ HO FLQH R WHDWUR"  \ TXH DGHPiVDUUDVWUDWUDVGHVtHQHOMROJRULRDORVTXH OHURGHDQ   *UDWLILTXH VLHPSUH FRQ XQD VRQULVD D ORV GHPiV 6L QR VH OR PHUHFHQ TXH VH DJXDQWHQ 7DPSRFRSDVDQDGD$8GVLHPSUHOHYHQGUiELHQ\ DGHPiV VH SXHGH SHUPLWLU HO JXVWD]R GH PRVTXHDU DOLQWHUIHFWRPDOLFLRVRVLHVHOFDVR(QUHVXPHQVL FDXVD XQ EXHQ HIHFWR HVWXSHQGR D OR PHMRU QRV D\XGD D PHMRUDU XQD VLWXDFLyQ \ VL QR DO PHQRV SXHGH FRQWULEXLU D GHVDUPDU DO FRQWUDULR <D VDEH TXHVHJ~QHOGLFKRQRKD\PD\RUGHVSUHFLRTXHQR KDFHU DSUHFLR 3HUR WRGDYtD HV PHMRU GDUVH HO JXVWD]R GH UHDFFLRQDU FRPR PHQRV VH OR HVSHUDQ $~Q D ULHVJR GH VHU XQ SRFR PDOLFLRVR H LQFOXVR LU XQ SRFR HQ FRQWUD GH ORV SULQFLSLRV TXH HVWDPRV GHIHQGLHQGR YDPRV D WUDWDU GH YHUOR SRU HO ODGR EXHQR 1RUHVXOWDXQSURIXQGRJR]RYHUODFDUDGH


KDEDV TXH VH OH TXHGD D XQ FRQWULQFDQWH FXDQGR HQ FRQWUD GH FRPR SUREDEOHPHQWHHVWiHVSHUDQGR QR UHDFFLRQDPRV DLUDGDPHQWH D VXV H[DEUXSWRV R DPHQD]DV GHMiQGROH FRPR FRQVHFXHQFLD GHVDUPDGR \ VLQ FDSDFLGDG GH UHDFFLyQ" (O UHIOHMR GHVXYHUJHQ]D VLODWLHQH \VHQVDFLyQGHGHUURWD SXHGH FRQYHUWLUVH HQ XQ DUJXPHQWR PiV D QXHVWUR IDYRU  < GRV QR VH HQIXUH]FD QXQFD $O ILQ \ DO FDER VDOYR SDUD JHQHUDU XQ SRFR PiV GH DGUHQDOLQD LQFUHPHQWDUODDWHQFLyQ\IXHU]DSXQWXDO TXHQRHV SRFR  VLUYH SDUD SRFR PiV $O ILQDO LQFOXVR WH FDQVDV PiV \ WH VDOHQ PiV DUUXJDV 2EVHUYH OD GLIHUHQFLD HQWUH OD WHQVLyQ \ HO HIHFWR TXH VH SURGXFH HQ ORV P~VFXORV IDFLDOHV FRPR FRQVHFXHQFLDGHXQJHVWRGHIUXQFLPLHQWRGHOFHxR SRUHQIDGRIUHQWHDODGLVWHQVLyQJHQHUDGDGXUDQWH XQIUDQFRDWDTXHGHULVD  'H QXHYR UHVXOWD TXH VL HO FRQWHQGLHQWH VH OR PHUHFH R HV HO FXOSDEOH GH DOJXQD VLWXDFLyQ HO HQIXUHFLPLHQWR VyOR VLUYH SDUD HQFRQDU PiV ODV FRVDV FRQ OR FXDO D HIHFWRV SUiFWLFRV QR UHSRUWD QLQJXQD XWLOLGDG VLHQGR TXH DGHPiV SDUD GHPRVWUDU ILUPH]D H[LVWHQ RWURV PHFDQLVPRV PiV
 7pUPLQR QR H[LVWHQWH HQ HO GLFFLRQDULR FRPR WDO SHUR TXH XWLOL]R SRUTXH UHIOHMD
FRQVXPD SUHFLVLyQODFRPSRVLFLyQIDFLDOTXHVHSURGXFHHQXQLQGLYLGXRFXDQGR VH YH VRPHWLGR D XQ LPSDFWR VRUSUHVLYR DQWH HO FXDO QR SXHGH UHDFFLRQDU 1RUPDOPHQWH SURGXFH XQD VHQVDFLyQ GH JR]R VDWLVIDFFLyQ H LQFOXVR RFXOWD KLODULGDGHQHOLQWHUORFXWRUFDXVDQWHGHGLFKRHIHFWR



HILFDFHV 0X\ SRFRV FDVRV FRQRFHUi HQ ORV TXH XQ WRQR PiV HOHYDGR GH YR] VHD SRU Vt PLVPR XQ DUJXPHQWR YiOLGR HQ XQ GHEDWH 9DPRV \R QR FRQR]FR QLQJXQR &RPR PXFKR HV XQD SUXHED GH OD LQFDSDFLGDG SDUD HODERUDU DUJXPHQWRV YiOLGRV SRUVtPLVPRV  (Q HIHFWR HVWH FDVR REHGHFH D XQ SULQFLSLR EiVLFR GHO SURFHVR GH FRPXQLFDFLyQ PHGLDQWH HO FXDO HO UXLGR TXH DSDUHFH HQ FXDOTXLHU HWDSD LPSLGH TXH GLFKR SURFHVR VH OOHYH D EXHQ WpUPLQR (VR HV OR TXH SDVD FXDQGR VH HOHYD HO WRQR GH OD YR] 2 VHD TXH SRU GHILQLFLyQ HO TXH PiV JULWD VXHOH KDFHUOR SRUTXH FDUHFH GH RWURV UHFXUVRV FRQ OR TXH D SULRUL HVWi SRQLHQGR GH PDQLILHVWR VX UHFRQRFLPLHQWRGHTXHKDSHUGLGROD SDUWLGDRVHD TXH HO TXH YD JDQDQGR HV 8G 6L QR VH OR FUHH DFXGD D XQ FXUVR GH WpFQLFDV GH QHJRFLDFLyQ R GH RUDWRULD\YHUiFyPROHGLFHQDOJRSDUHFLGRDHVWR  < DGHPiV HV TXH HQIDGDUVH QR VLUYH SDUD QDGD /D DOWHUDFLyQ HPRFLRQDO UHGXFLUi VX FDSDFLGDG GH DQiOLVLV \ UHVSXHVWD FRQ OR TXH LQFLGLUi GLUHFWDPHQWH HQ OD SRVLELOLGDG GH UHVROYHU HO FRQIOLFWR \ SRU HQGH GH GHVHQIDGDUVH 3DUDOHODPHQWH WHQGUi XQ HIHFWR SVLFROyJLFR SHUYHUVR VREUH 8G PLVPR $ TXH FRLQFLGLPRV HQ TXH FXDQGR HVWDPRV HQIDGDGRV VRPRV LQIHOLFHV" 3XHV KDJDPRV WDPELpQ DO UHYpV FRQWLQXHPRV


GDQGR OD YXHOWD D OD FLUFXQIHUHQFLD \ GHVHQIDGpPRQRVSDUDVHUPiVIHOLFHV  /D YHUGDG HV TXH HVWH HV HO SULPHU SDVR GH OD VHFXHQFLD GH GRV \D TXH HO VLJXLHQWH SDVR OyJLFR QRVFRQGXFHDSURIHULUXQDVRQULVDDFRQWLQXDFLyQ (OPHMRUEiOVDPRFRQWUDHOHQIDGR  (O SRGHU GH OD DOHJUtD HV LQPHQVR $FDVR FRQFHELPRV OD UHDOL]DFLyQ GH XQD PDOD DFFLyQ PLHQWUDV HVWDPRV PDQLIHVWDQGR XQD VLWXDFLyQ GH IUDQFDDOHJUtD\IHOLFLGDGMDORQDGD SRU XQD VRQULVD R FDUFDMDGD VDQD" $O FRQWUDULR HO REUDU DGHFXDGDPHQWH OOHYD DVRFLDGD HVWD VDWLVIDFFLyQ \ VXV PDQLIHVWDFLRQHV GH JR]R GH XQD PDQHUD SUiFWLFDPHQWHQDWXUDO  4Xp GLIHUHQWHV GH ODV PDOLFLRVDV \ SHUYHUVDV FDUFDMDGDV GH ORV YiQGDORV \ VLQLHVWURV SHUVRQDMHV GH SHOtFXOD PDOYDGRV YLOODQRV TXH FRQVWLWX\HQ OD FDUD RSXHVWD GH OR DQWHULRU \ VLUYHQ FRPR HMHPSOR GHOSRGHUGHODDFWLWXG\ORVJHVWRVUHDILUPDQGRGH SDVRORDQWHGLFKR  0H YLHQH D OD PHPRULD XQD HQWUDxDEOH IiEXOD FX\D SURFHGHQFLD UHDO GHVFRQR]FR SHUR TXH FRQ FLHUWD IUHFXHQFLD DSDUHFH HQ GHWHUPLQDGRV IRURV H LQFOXVR FDGHQDV GH GLVWULEXFLyQ HQ LQWHUQHW \ TXH SRUVXVHQFLOOH]UHDOLVPR\PHDWUHYHUtDDGHFLUTXH


SRUHQFDQWRPHSHUPLWRUHSURGXFLU \SRUVXSXHVWR SRUTXH D Pt PH UHVXOWD PX\ HPRWLYD \ PH JXVWD  (V OD GH DTXHO SHUULOOR TXH HQ XQD QRFKH RVFXUD IUtD \ OOXYLRVD VH HQFXHQWUD GHDPEXODQGR SRU ODV FDOOHV \ HQFXHQWUD XQD FDVD DEDQGRQDGD6H FXHOD SRU XQD UHQGLMD FRQWHQWR SRU KDOODU FRELMR \ DSDUHFHIUHQWHDXQDVDODOHYHPHQWHLOXPLQDGDDOD TXH VH DVRPD FRQ FDXWHOD &XiO QR VHUi VX DOHJUtD FXDQGR VH HQFXHQWUD IUHQWH D XQ PRQWyQ GH SHUULWRV VRQULHQWHV \ IHOLFHV PRYLHQGR OD FROD D PRGRGHVDOXGRDORVTXHGHFLGHXQLUVH0iVWDUGH RWURSHUULWRVHLQWURGXFHHQODFDVD\DODVRPDUVHD RWUDKDELWDFLyQVHHQIUHQWDDXQDMDXUtDGHSHUURV LUDFXQGRV FRQ ORV TXH GHFLGH QR HQIUHQWDUVH \ GHFLGHVDOLUDODIUtD\K~PHGDFDOOHSDUDFRQWLQXDU FRQ VX GHVHVSHUDGR SHUHJULQDU 6DEpLV TXp SRQtD HQXQFDUWHODODSXHUWDGHODFDVD"%LHQYHQLGRVD ODFDVDGHORVPLOHVSHMRV  $Vt TXH \D OR VDEHPRV (O HQWRUQR PXFKDV YHFHV HV WDQ DWUDFWLYR X KRVWLO FRPR QRVRWURV TXHUDPRV YHUOR \ D FX\D FRQILJXUDFLyQ FRQWULEXLPRV  4Xp VXFHGH FXDQGR XQ DXWpQWLFR WRUSH FRODSVD XQD HVWUHFKD FDOOH SRUTXH UHVXOWD LQFDSD] GH DSDUFDU XQ PLQ~VFXOR FRFKH HQ XQ DPSOLR HVSDFLR HQ HO TXH FDEHQ VREUDGDPHQWH XQ SDU GH WUDLOHUV" 1DWXUDOPHQWH WHQHPRV OD RSRUWXQLGDG


MXVWD VLQ GXGD  GH GHVJDxLWDUQRV LQVXOWiQGROH R GHVSHOOHMiQGRQRV ORV GHGRV GH WDQWR DSUHWDU HO FOD[RQ DFWLWXG D OD TXH VLQ GXGD VH VXPDUiQ HQ HVH WUDGLFLRQDO HVStULWX VROLGDULR ORV TXH QRV DFRPSDxHQ HQ OD SRUWHQWRVD FROD TXH \D VH HVWDUi IRUPDQGR 3HUR HO UHVXOWDGR SUiFWLFR HV TXH QRV FDEUHDUHPRV \ SRFR PiV (O LQVLGLRVR LQWHUIHFWR VH SRQGUiQHUYLRVR SRUTXHHQHVWHFDVRQRVpVLVHKD GDGR FXHQWD SHUR SUREDEOHPHQWH QR HVWi REUDQGR GHPDODIH GLVPLQXLUiVXFDSDFLGDGGHUHDFFLyQ\ SUHVXPLEOHPHQWH EXHQR PiV ELHQ FRQ DEVROXWD VHJXULGDG  WDUGDUi PiV HQ ILQDOL]DU VX RGLVHD GH DSDUFDPLHQWR &RQ OR FXDO ORV SULPHURV SHUMXGLFDGRV KDEUHPRV VLGR ORV H[SHFWDQWHV GH OD FROD TXH KHPRV HPSHRUDGR QXHVWUD VLWXDFLyQ SRU QXHVWUDSURSLDFXOSD  6HPHRFXUUHXQDLGHDQRVHUtDPHMRUDFWXDU WUDQTXLODPHQWH VLQ FRQWULEXLU D SRQHUOH QHUYLRVR LQFOXVR DQLPiQGROH VL QRV YH FRQ XQD VRQULVD R XQ JHVWR GH iQLPR TXH OH WUDQTXLOLFH" FRQ OR FXDO FRQVHJXLPRV HO HIHFWR H[DFWDPHQWH FRQWUDULR DO GHO FDVR DQWHULRU /R ~QLFR TXH SXHGH SDVDU HV TXH FRQVLJDDSDUFDUDQWHVTXHQRVRWURVQRVHQIDGHPRV PHQRV \ TXH HO LQVLGLRVR WDPELpQ 7UHV HIHFWRV VL QR DEVROXWDPHQWH SRVLWLYRV DO PHQRV QR SHUQLFLRVRV < FXDQGR ILQDOPHQWH OH UHEDVHPRV REVpTXLHOH FRQ XQD VRQULVD FRPSDVLYD HVR Vt  GH SHUGyQ TXH VHJXUR TXH OR DJUDGHFHUi 6L VH GD


FXHQWD KDEUHPRV KHFKR XQD EXHQD DFFLyQ 'H SDVRWDOYH]OHKD\DPRVDKRUUDGRDOJ~QEROORDORV GHVDIRUWXQDGRV FRFKHV HQWUH ORV TXH VH KDEtD HPSHxDGR HQ HMHUFHU VXV KDELOLGDGHV QXHVWUR SURWDJRQLVWD UHFXHUGH TXH HQ HVWH PRPHQWR GH OD KLVWRULDSUREDEOHPHQWH\DORKD\DFRQVHJXLGR   1R SRGHPRV WHUPLQDU VLQ KDEODU GH OD VXHUWH &XDQWDVYHFHVKHPRVSHQVDGRHQODH[LVWHQFLDGH OD EXHQD R GH OD PDOD VXHUWH" 5HVXOWD WHQWDGRU UHFRQRFHU TXH KD\ SHUVRQDV TXH KDQ QDFLGR FRQ HVWUHOOD PLHQWUDV TXH RWUDV OR KDQ KHFKR HVWUHOODGDV 7RGRV FRQRFHPRV SHUVRQDV D ODV TXH LQFOXVR VLQ TXH SDUH]FDQ PHUHFHUOR OD YLGD OHV VRQUtH FRQWLQXDPHQWH 3DUDOHODPHQWH RWUDV VH FRQYLHUWHQ HQ DXWpQWLFRV GHFKDGRV GH GHVJUDFLDV YDPRVHQYHUGDGHURVJDIHV(VWRORDFKDFDPRVDOD VXHUWH  3XHV ELHQ UHDOPHQWH OD VXHUWH H[LVWH R PiV ELHQ OD EXHQD VXHUWH HQWHQGLGD FRPR OD REWHQFLyQ GHXQUHVXOWDGRIDYRUDEOHRODVRQULVDFRQ TXHQRV REVHTXLDODYLGD/DPDWHULDOL]DFLyQGHODVXHUWHVH FRQYLHUWHHQODH[SUHVLyQGHODIHOLFLGDG%LHQVHDHO UHVXOWDGR GH OD LQWHUYHQFLyQ GLYLQD SDUD ORV FUH\HQWHV PRQRWHtVWDV GH ODV GLYHUVDV SOp\DGHV GH GLRVHVSDUDORVSROLWHtVWDVIUXWRGHODFRQMXQFLyQGH ODV HVWUHOODV R OD PHUD OyJLFD GH ODV OH\HV



LQPXWDEOHV GH OD QDWXUDOH]D HO FDVR HV TXH OD VXHUWHH[LVWH  /D QDWXUDOH]D PXHVWUD XQD FODUD WHQGHQFLD D SURSRUFLRQDUGHWHUPLQDGRVUHVXOWDGRV\IDYRUHFHUD XQDV SHUVRQDV IUHQWH D RWUDV /R SULPHUR TXH REVHUYDPRV HV TXH HQ HIHFWR OD VXHUWH HV XQD FRQGLFLyQ DVRFLDGD D ODV SHUVRQDV XQDV SDUHFHQ VHU PiV DIRUWXQDGDV TXH RWUDV (VWi FODUR TXH HO PHUR KHFKR GHO QDFLPLHQWR FRQ ODV FDUDFWHUtVWLFDV SHUVRQDOHV FRQ TXH QRV REVHTXLD HV HO SULPHU HOHPHQWR GHWHUPLQDQWH GH QXHVWUD VXHUWH \ GH ODV SRVLELOLGDGHV TXH QRV YD D RIUHFHU OD YLGD 3HUR D SDUWLU GH DOOt VH DEUH XQD DEDQLFR LQPHQVR GH SRVLELOLGDGHV  (O KRPEUH HV OLEUH SRU QDWXUDOH]D \ SXHGH HVFRJHU VX GHVWLQR < OR TXH SXHGH KDFHU HV FRQYRFDU D OD VXHUWH 3RUTXH HVWD QR FRQVLVWH PiV TXH HQ DGRSWDU XQD DFWLWXG SRVLWLYD \ DELHUWD SDUD IDYRUHFHU VX OOHJDGD 1R VH SXHGH JDQDU OD ORWHUtD XQVRUWHRRDFHUWDUXQDTXLQLHODVLQRVHDGTXLHUHQ ORV Q~PHURV R VH UHOOHQD HO EROHWR < QR VH SXHGH DSUREDUXQH[DPHQVLQRVHSUHVHQWDDOPLVPRGHO PLVPRPRGRTXHHVLPSRVLEOHOOHJDUDODPHWDVLQR VHWRPDODVDOLGD&XDQWRVPiVEROHWRVVHUHOOHQHQ GpFLPRV VH DGTXLHUDQ YHFHV VH SUHVHQWH D XQ H[DPHQ X RFDVLRQHV SDUWLFLSH HQ XQD FDUUHUD PiV



IiFLOHVTXHREWHQJDODUHFRPSHQVDHVSHUDGD(VDVt GHVLPSOH  /D VXHUWH HQ HVWD YLGD FRQVLVWH WDQ VyOR HQ IDYRUHFHUODVRSRUWXQLGDGHVSDUDTXHHVWDDSDUH]FD 7DQ IiFLO FRPR LQFUHPHQWDU HO QXPHUR GH FDVRV UHDOHV VREUH HO GH FDVRV SRVLEOHV TXH HV ILMR WDO \ FRPR QRV LQGLFDQ ODV OH\HV HOHPHQWDOHV GH OD HVWDGtVWLFD 3DUD HOOR GHEHPRV HVWDU DFWLYRV \ HQ JXDUGLD VHU FRQVWDQWHV WUDEDMDU \ SHUPDQHFHU DWHQWRV SDUD DSURYHFKDU ODV RSRUWXQLGDGHV /DV FRVDV QXQFD VXFHGHQ SRU FDVXDOLGDG VLQR FRPR FRQVHFXHQFLD GH XQD VXFHVLyQ OyJLFD GH DFRQWHFLPLHQWRV 6RQ ODV UHJODV GH OD QDWXUDOH]D 3LHQVHHQHOOR(VDEVROXWDPHQWHFLHUWR  8QD FRQVHFXHQFLD OyJLFD HV TXH SRGHPRV DSUHQGHU GH ORV HUURUHV 'H KHFKR OD SULQFLSDO IXHQWHGHDSUHQGL]DMHSHUVRQDOHVWiFRQVWLWXLGDSRU ORV IUDFDVRV 8QD YH] LGHQWLILFDGDV ODV FDXVDV GH HVWRVVHFRQYLHUWHQHQXQLPSUHVLRQDQWHFDXGDOGH FRQRFLPLHQWRV SDUD HYLWDUUHSHWLUORV QDWXUDOPHQWH VLVHREUDFRQVHQVDWH]$XQTXHFODURHOKRPEUHHV HO~QLFRDQLPDOTXHWURSLH]DGRVYHFHVHQODPLVPD SLHGUD6LHVDVtFyPRQRYDDWHQHUPDODVXHUWH" /R TXH WLHQH HV HO MXVWR FDVWLJR D VX  IDOWD GH GLVFLSOLQD\FRQVHFXHQFLDGHLJQRUDUODRSRUWXQLGDG GH HVFDUPHQWDU TXH VH OH SUHVHQWD (V TXH VH



SXHGH DFKDFDU D OD PDOD VXHUWH HO LQFXUULU GRV YHFHVHQHOPLVPRHUURU"  $VtSXHVEXVTXHODVXHUWH\SUHSDUHHOFDPLQR SDUDTXHOHVRQUtD

 o 5HFRQR]FDTXHODIHOLFLGDGHVXQHVWDGR SHUVRQDO\TXHORFRQVWUX\H8GPLVPR o &RQVWUX\DHQFDGDPRPHQWRODIHOLFLGDG LQVWDQWiQHD3DUDHOORREUHVLHPSUHELHQHQ FDGDLQVWDQWHKDJDORTXHWHQJDTXHKDFHU 7HQJDODVDWLVIDFFLyQGHTXHORHVWiKDFLHQGR DVt o 0XHVWUHVLHPSUHXQDVRQULVD&RQWiJLHOD5tDVH ORPiVSRVLEOH o 1RVHHQIXUH]FDQXQFD o %XVTXHODVXHUWH(VWpSUHSDUDGRSDUDUHFLELUOD \VLHPEUHHOFDPLQRSDUDTXHOHDFRMD

 



(608<)&,/72'2632'(026  <D VDEHPRV TXH QR YDOHQ ODV H[FXVDV 7RGRV SRGHPRV KDFHU FRVDV \ GHEHPRV KDFHUODV 1L OD DXVHQFLDGHWLHPSRGHHVSDFLRQLGHUHFXUVRVQRV YDQDYDOHUFRPRMXVWLILFDFLyQDOILQ\DOFDERRWURV ORKDFHQ<VLQR\DVDEHTXH8GPLVPRHQFXHQWUD WLHPSR SDUD OR TXH TXLHUH $ TXH VL" $GHPiV \D VDEHPRV TXH FDGD XQR VRPRV GLIHUHQWHV \ HVSHFLDOHV\GHEHPRVREUDUHQFRQVHFXHQFLD  1DWXUDOPHQWH TXH \R PLVPR VHUtD FDSD] GH UHVROYHU WRGRV ORV SUREOHPDV GH OD KXPDQLGDG VL IXHUDSUHVLGHQWHGHOJRELHUQR\PiVD~QVLORIXHUD GHO SDtV PiV SRGHURVR GH OD 7LHUUD H LQFOXVR VHFUHWDULR JHQHUDO GH OD 218 < VHJXUR TXH 8G WDPELpQ3HURPHGDODLPSUHVLyQGHTXHQRYDPRV DOOHJDUDWHQHUHVDRSRUWXQLGDG'HWRGDVPDQHUDV QRLPSRUWDVHJXURTXHHVWDPRVGHVWLQDGRVDKDFHU RWUDV FRVDV LJXDO GH LPSRUWDQWHV DXQTXH HV YHUGDGTXHWDOYH]QRVHQRWHWDQWR   4XH FRQVWH TXH DGHPiV ORV TXH Vt RFXSDQ UHDOPHQWHHVDVSRVLFLRQHVGHSRGHUSUREDEOHPHQWH QR VH SUHRFXSHQ HQ OHHU HQVD\RV FRPR HVWH TXH EXHQD IDOWD OHV KDUtD 3UREDEOHPHQWH PiV TXH D QRVRWURV 



3RU FLHUWR GHEH VDEHU TXH QR HV SUREDEOH TXH VHDQPiVIHOLFHVTXH8G\\R UHIOH[LRQHVREUHHVWR TXHYDPX\HQVHULR   <D KHPRV GLFKR TXH FDGD XQR GH QRVRWURV WHQHPRV XQD PLVLyQ LPSRUWDQWH SRUTXH HV OD QXHVWUD\HVLUUHHPSOD]DEOHDXQTXHDSDUHQWHPHQWH QR VHD PX\ YLVWRVD QL WHQJD XQD JUDQ SUR\HFFLyQ /RTXHFXHQWDHVVXYHUGDGHURYDORU\HOVLJQLILFDGR TXHWLHQHSDUDQRVRWURV<VLQRItMHVHHQHMHPSORV FRPR HO FDVR GH ORV LQYHQWRUHV GH XQRV DUWLOXJLRV WDQ VLPSOHV FRPR ORV FOLSV OD IUHJRQD HO SRVWLW \ PXFKRV RWURV LQYHQWRV FX\RV DXWRUHV SHUPDQHFHQ HQ HO PiV DEVROXWR DQRQLPDWR SHUR TXH KDQ EHQHILFLDGR D PLOORQHV GH SHUVRQDV \ KDQ FRQWULEXLGR GH XQD PDQHUD GHFLVLYD D PHMRUDU QXHVWUD FDOLGDG GH YLGD < TXp GHFLU GH QXPHURVRV PHGLFDPHQWRVFRPEXVWLEOHVDOLPHQWRVHWF  6RQ ODV SHTXHxDV FRVDV ODV TXH UHDOPHQWH WLHQHQ YDORU 8QD VXPD GH PXFKRV SRFRV KDFH XQ JUDQGH1RVHWUDWDGHHMHFXWDUJUDQGHVKD]DxDVQL DOFDQ]DU HVSHFWDFXODUHV ORJURV TXH HQ UHDOLGDG QR VXHOHQ VHU PiV TXH DSDULHQFLDV EDVDGDV HQ FRQYHQFLRQDOLVPRV  /D YHUGDG HV TXH HVR HVWD GHVWLQDGRDXQRVSRFRV3HURWRGRVSRGHPRVKDFHU SHTXHxDVFRVDV\FRQWULEXLUDFRQVWUXLUXQPXQGR PHMRU VREUH ORV GHWDOOHV HQ QXHVWUD YLGD \ HQ HO WUDWR FRQ ORV GHPiV 8Q IDOOR HQ OD SLH]D PiV


LQVLJQLILFDQWH GH XQ WUDQVERUGDGRU HVSDFLDO SXHGH KDFHU IUDFDVDU OD PLVLyQ PiV LPSRUWDQWH \ RFDVLRQDU XQD DXWpQWLFD FDWiVWURIH (V TXH HO UHVSRQVDEOH GH VX LQVSHFFLyQ \ FRUUHFWR IXQFLRQDPLHQWR QR GHEH HVWDU PiV RUJXOORVR GH VX DSRUWDFLyQ DO SUR\HFWR R DO PHQRV LJXDO TXH HO GLUHFWRUGHOPLVPR"  4XLpQHV VRQ ORV KpURHV HQ XQ SHOLJURVR UHVFDWHHQPRQWDxDRHQXQDFDWiVWURIHQDWXUDO"< TXLpQFUHHTXHVHVLHQWHPiVIHOL]\UHFRQRFLGRFRQ VX LQWHUYHQFLyQ" (O EULOODQWH SROtWLFR R SODQLILFDGRUGHXQDUHGGHHPHUJHQFLDVRHOPDQGR MHUiUTXLFR GHO HTXLSR HO DJHQWH R YROXQWDULR TXH ILQDOPHQWH UHFRJH DO GDPQLILFDGR \ OH VDOYD OD YLGD UHDOPHQWH HQ HO ~OWLPR PRPHQWR" $ TXLpQ FUHH TXH VH OR YD D DJUDGHFHU HVWH UHVFDWDGR" (QWUH TXLpQHV YD D VXUJLU HO UHFRQRFLPLHQWR \ WDO YH] OD IXWXUDDPLVWDG"  /DVHPLOODGHODERQGDGDQLGDHQFDGDXQR GH QRVRWURV 2WUD FRVD HV TXH UHDOPHQWH VH GHQ ODV FRQGLFLRQHV SDUD KDFHUOD JHUPLQDU \ GHVGH OXHJR IORUHFHU 3HUR SRU OR PHQRV VDEHPRV TXH H[LVWH \ HVHHVHOSULQFLSLRGHSDUWLGD<SXHGHVHUORGHXQD PDQHUD YLJRURVD 5HVXOWD VRUSUHQGHQWH FyPR HQ PRPHQWRV GLItFLOHV VRPRV FDSDFHV GH DFWXDU FRPR DXWpQWLFRV KpURHV H LQFOXVR DUULHVJDU OD YLGD SRU QXHVWURV VHPHMDQWHV (Q OD UHFLHQWH PHPRULD


FROHFWLYD HQFRQWUDUHPRV DFRQWHFLPLHQWRV TXH DVt QRVORGHPXHVWUDQFRPRFDWiVWURIHVRWUDJHGLDVGH FLHUWDHQYHUJDGXUD  &yPR HV SRVLEOH TXH SHUVRQDV TXH VRQ FDSDFHV GH PRVWUDU HQ GHWHUPLQDGDV RFDVLRQHV FRPSRUWDPLHQWRV QR VyOR LPSHFDEOHV VLQR LQFOXVR KHURLFRV SXHGDQ FRPSRUWDUVH FRPR DXWpQWLFRV HQHUJ~PHQRV HQ VX YLGD FRWLGLDQD SLWDQGR HQ ORV DWDVFRV VDOWiQGRVH ORV VHPiIRURV DSDUFDQGR HQ GREOH ILOD PDQWHQLHQGR OD SXHUWD GHO DVFHQVRU DELHUWD FROiQGRVH HQ XQD ILOD GHVDWHQGLHQGR R GHVSUHFLDQGR D XQ FOLHQWH R FLXGDGDQR HWF" (V TXH DFDVR HO VHU XQ SDWiQ WLHQH TXH YHU FRQ ODV FLUFXQVWDQFLDV GHO HQWRUQR" &LHUWDPHQWH OD UHVSXHVWD HV TXH HQ JUDQ PHGLGD Vt 3HUR QR VH WUDWD GH TXH HQ UHDOLGDG OR VHD VLQR GH TXH VH FRPSRUWHFRPRXQR<HOVHUHVSHUPDQHQWHSHURHO FRPSRUWDPLHQWRHVSXQWXDO  5HVXOWD GHVDOHQWDGRU WRPDU FRQFLHQFLD GH FyPRODVFLUFXQVWDQFLDVGHOHQWRUQRLQIOX\HQGHWDO PDQHUD HQ OD VHQVLELOLGDG \ HO FRPSRUWDPLHQWR LUUDFLRQDO GH ODV SHUVRQDV /D SDUWH SRVLWLYD VH HQFXHQWUD HQ HO UHFRQRFLPLHQWR GH TXH VH WUDWD GH XQD FXHVWLyQ PHUDPHQWH FLUFXQVWDQFLDO \ TXH HO JHUPHQGHODERQGDGUHDOPHQWHH[LVWHTXHWHQHPRV OD FDSDFLGDG GH H[SORWDUOR SRU FLHUWR LOLPLWDGD  \



TXH FRQ HO DSUHQGL]DMH \ OD SUiFWLFD SRGHPRV DGTXLULUHOKiELWR  9DPRV D HPSH]DU SRU OR IiFLO OR GH WRGRV ORV GtDV SXHVWR TXH QR KDFH IDOWD HVSHUDU D HQFRQWUDUQRV HQ XQD VLWXDFLyQ H[FHSFLRQDO SDUD GHPRVWUDUQRVGHORTXHVRPRVFDSDFHV  $VtVXVSULPHUDVJUDQGHVDSRUWDFLRQHVSXHGHQ VHU WDQ VHQFLOODV FRPR DWHQGHU D XQRV VLPSOHV FRQVHMRVFRPXQtTXHVHPiVFRQODVSHUVRQDVKDEOH FRQ OD JHQWH VDOXGH D WRGR HO PXQGR GpOHV FRQYHUVDFLyQ Gp ODV JUDFLDV VLHPSUH DXQTXH QR KD\DPRWLYR7RWDOQRFXHVWDQDGD\KDFHXQJUDQ ELHQ  <DKRUDVLQPiVYDPRVDSDVDUDHMHPSOLILFDU PHGLDQWH XQD VHULH GH FRPSRUWDPLHQWRV OR TXH KHPRV GLFKR (V WDQ IiFLO FRPR DSOLFDU D OD YLGD GLDULDORVSULQFLSLRVTXHKHPRVGHIHQGLGR9HUiTXp IiFLO \ VLQ HPEDUJR VHJXUR TXH VH VRUSUHQGH GH OR GHVFXLGDGR TXH VXHOH VHU 8G PLVPR HQ VX DSOLFDFLyQ  /D PHMRU PDQHUD GH DSUHQGHU FXDOTXLHU GLVFLSOLQD YLHQH GDGD PHGLDQWH HO HMHUFLFLR \ OD SUiFWLFDGHORVFRQRFLPLHQWRVRWpFQLFDVDDGTXLULU +DJDPRV OR PLVPR &RPR QR SRGHPRV KDFHU XQ FXUVRSUiFWLFRORPiVHILFD]HVSURSRQHUOHFDVRVGH


ODYLGDFRWLGLDQD(VDHVODILORVRItDGHHQVHxDQ]D\ GHDSUHQGL]DMHTXHYDPRVDVHJXLU3RGUtDPRVFLWDU LQILQLGDG GH HMHPSORV SHUR UHVSHWDQGR OD ILORVRItD GH TXH VH SXHGD OHHU HO OLEUR GH XQ WLUyQ VHUp GLVFUHWR \ FRPHGLGR SDUD QR DEXVDU 1RV FHQWUDUHPRV HVR Vt HQ ORV HMHPSORV PiV VLJQLILFDWLYRV \ WDO YH] DOJXQRV FLHUWDPHQWH KLVWULyQLFRVSHURSUHFLVDPHQWHSRUHOORFDSDFHVGH DSRUWDUXQDYLVLyQPiVLOXVWUDWLYD\HGXFDWLYD  3RU FLHUWR QR VH DYHUJHQFH FXDQGR VH YHD UHIOHMDGR HQ DOJXQR GH ORV FDVRV 4XH VH YHUi 4Xp WLHQH TXH KDFHU VL HV DVt" SULPHUR QR VH HQIDGH FRQPLJR QL FRQVLJR \ VHJXQGR VRQUtD $Vt VH YD SUHSDUDQGR SDUD OR VLJXLHQWH TXH HV GHVGH OXHJRFDPELDUVXFRPSRUWDPLHQWRVLHQGREXHQR   o 1RSRQJDQXQFDH[FXVDVSDUDQRKDFHUORTXH GHEDKDFHU o 7yPHVHWRGDVODVFRVDVFRQHOPi[LPRLQWHUpV\ GHGLFDFLyQ o (VIXpUFHVHHQODVFRVDVSHTXHxDV7RGDVVRQ LPSRUWDQWHV o &RPXQtTXHVHFRQODVSHUVRQDVKDEOHFRQOD JHQWH'pVLHPSUHODVJUDFLDV   


18(6752&5&8/23(5621$/  /D DFWLYLGDG FRWLGLDQD HV HO SULPHU UHIHUHQWH FRQ TXH QRV HQFRQWUDPRV \ PX\ HQ SDUWLFXODU OR TXH SRGUtDPRV HQFXDGUDU FRPR GHQWUR GH OD YLGD SHUVRQDO \ IDPLOLDU 'H KHFKR ORV iPELWRV HQ TXH QRV PRYHPRV KDELWXDOPHQWH VRQ EiVLFDPHQWH OD IDPLOLD HO WUDEDMR \ FRPSOHPHQWDULDPHQWH RWUR FRQMXQWR GH UHODFLRQHV SHUVRQDOHV VREUH WRGR FRQ ODVDPLVWDGHVSRUORTXHODVDVLPLODUtDPRVDODVGH WLSR DIHFWLYR PiV SUy[LPDV D ODV IDPLOLDUHV TXH D RWUDV  6L DWHQGHPRV D OD GLVWULEXFLyQ GHO WLHPSR RFXSDGR FDGD GtD YHULILFDPRV HVWD UHDOLGDG DOJR PiV GH XQD WHUFHUD SDUWH HVWi GHGLFDGD DO WUDEDMR LQFOX\HQGR GHVSOD]DPLHQWRV  RWUD WHUFHUD SDUWH DO GHVFDQVR \ OD UHVWDQWH D OD YLGD IDPLOLDU R FRPSOHPHQWDULD  (Q FyPSXWR VHPDQDO H[LVWHQ OLJHUDV YDULDFLRQHV DXPHQWDQGR HVWD ~OWLPD VX SHVR  3RU VXSXHVWR OD YLGD IDPLOLDU HV OD PiV LPSRUWDQWH\DTXHHVHOOXJDUQDWXUDOGHGHVDUUROOR SHUVRQDO H LQFOXVR HO VXVWHQWR \ EDVH GH OD VRFLHGDG (O REMHWLYR GH WRGD SHUVRQD HV FRQVWLWXLU XQD XQLGDG IDPLOLDU VyOLGD \ HVWDEOH LQGHSHQGLHQWHPHQWH GH FyPR HVWp FRQVWLWXLGD \ FXiQWRV \ FyPR VHDQ VXV PLHPEURV (VD HV OD WHQGHQFLD QDWXUDO \ SRU WDQWR HO UHIHUHQWH GH QXHVWUDH[LVWHQFLD


(VWH HQWRUQR VH FRPSOHWD FRQ ORV GHPiV iPELWRV HQ TXH VH SURGXFHQ ODV UHODFLRQHVTXHHQ HOIRQGRWLHQHFRPRILQDOLGDG~OWLPDVHUYLUGHDSR\R SDUDTXHODIDPLOLDIXQFLRQH ODDFWLYLGDGODERUDOQR HVQDGDPiVTXHODIXHQWHSDUDQXWULU\PDQWHQHUD OD IDPLOLD \ HO UHVWR GH UHODFLRQHV VRFLDOHV QR VRQ PiV TXH XQD SUR\HFFLyQ SDUD TXH HVWD HQFXHQWUH DFRPRGR HQ XQD HVWUXFWXUD RUJDQL]DGD \ TXH JDUDQWLFHVXVXSHUYLYHQFLD    (V IiFLO SHQVDU TXH ODV UHODFLRQHV HQWUH ORV LQWHJUDQWHV GH HVWRV JUXSRV REHGH]FDQ D SDWURQHV PX\ VHPHMDQWHV 3DUD HPSH]DU UHFRUGHPRV TXH OD DUPRQtD \ IHOLFLGDG VH FRQVLJXHQ DGDSWiQGRVH DO PHGLRHQTXHVHYLYH\HVR\DVDEHPRVTXHDOILQDO VLJQLILFDREUDUFRQERQGDG  (Q FXDOTXLHU HQWRUQR H[LVWH XQD UHJOD EiVLFD TXH FRQILJXUD HO FRQMXQWR GH ODV UHODFLRQHV (V LPSUHVFLQGLEOH SDUD TXH HVWDV VHDQ VyOLGDV \ SHUPDQH]FDQHVWDEOHV\ILDEOHVHQHOWLHPSR(VWDQ VHQFLOOR FRPR HPSH]DU SRU FXPSOLU ODV SURPHVDV /DV UHODFLRQHV HVWiQ EDVDGDV HQ OD FRQILDQ]D SXHVWRTXHDVtQRVHQFRQWUDPRVHQFRQGLFLRQHVGH DVHJXUDUORTXHSRGHPRVHVSHUDUHQFDGDPRPHQWR GH ORV GHPiV (V HO DXWpQWLFR FyGLJR GHO KRQRU UHJODEiVLFDGHFRQGXFWDHQPXFKDVVRFLHGDGHV6H WUDWD GH QR IDOODU D QDGLH FXDQGR VH DVXPH XQ


FRPSURPLVR HVWH GHEH VHU UHVSHWDGR \ DVt UHVSRQGHU D ODV H[SHFWDWLYDV SXHVWDV HQ QRVRWURV (Q FRQWUDSDUWLGD HQFRQWUDUHPRV OD DFRJLGD \ HO VRSRUWHPHUHFLGRGHQWURGHOJUXSR  /D PHMRU IyUPXOD SDUD VDEHU OR TXH GHEHPRV KDFHU HQ FDGD PRPHQWR HV SRQHUQRV HQ OXJDU GH ORVGHPiV$VtFRPSUHQGHUHPRVORTXHVLHQWHQSRU TXp DFW~DQ GH OD IRUPD HQ TXH OR KDFHQ \ DSUHQGHUHPRV D YDORUDU PHMRU ODV FRVDV 1R KDJDV ORTXHQRTXLHUDVTXHWHKDJDQDWL\SyUWDWHFRQORV GHPiVFRPRTXLHUDVTXHWHWUDWHQDWL9D\DUHFHWD PiVVLPSOH\DQWLJXD\VLQHPEDUJRFRQVWLWX\HXQ DXWpQWLFRSULQFLSLRYLWDO  4Xp HV OR TXH PiV QRV JXVWD H[SHULPHQWDU FXDQGR WUDWDPRV FRQ RWUDV SHUVRQDV" 4XH QRV HVFXFKHQ\QRVKDJDQFDVRTXHQRVVRQUtDQ\QRV WUDWHQ FRQ FDULxR 3XHV \D HVWi 9DPRV D KDFHU OR PLVPR 6HJXUR TXH VL HPSH]DPRV QRVRWURV VH OHV FRQWDJLDDORVGHPiV+DJDPRVVLHPSUHJDODGHXQ XVRH[KDXVWLYRGHODDPDELOLGDG\HOEXHQWUDWR  +DEOH UHODFLyQHVH /D FDUDFWHUtVWLFD IXQGDPHQWDOGHOVHUKXPDQR\ORTXHQRVGLIHUHQFLD HVHQFLDOPHQWHGHORVDQLPDOHVHVTXHVRPRVVHUHV FRPXQLFDWLYRV6LQGXGDHVHHVHOVDOWRFXDOLWDWLYR PiV LPSRUWDQWH TXH GHWHUPLQD QXHVWUD HYROXFLyQ FRPRHVSHFLHLQWHOLJHQWH<VLQRREVHUYHPRVFyPR


HVWDUHPRVGHDFXHUGRHQTXHODVHVSHFLHVDQLPDOHV TXH FRQVLGHUDPRV PiV GHVDUUROODGDV \ DGPLUDEOHV VRQ ODV TXH PiV DYDQ]DGDV VH HQFXHQWUDQ HQ HVWH DVSHFWR  (O GLiORJR \ OD FRQYHUVDFLyQ QR VyOR FRQVWLWX\HQ OD IyUPXOD EDVH SDUD OD GLDOpFWLFD \ HO SURJUHVRSRUODYtDGHODGLVFXVLyQ\HOGHEDWHVLQR TXH VRQ ORV HOHPHQWRV EiVLFRV GH FRPSDUWLFLyQ GH GLiORJRGHUHODFLyQ\HQVXPDDWUDYpVGHORVTXH VHDUWLFXODWRGDQXHVWUDDFWLYLGDGQRUPDO  8QD EXHQD FRPXQLFDFLyQ QR VyOR D\XGD D GHVHQWUDxDU \ UHVROYHU SUREOHPDV VLQR TXH FRQWULEX\HDFUHDUFRUULHQWHVDIHFWLYDV\DIDYRUHFHU HOHVWDGR DQtPLFR SXHVWR TXH SHUPLWH FRPSDUWLUHO WLHPSR \ HO HVSDFLR +DEOH FRQ VX IDPLOLD FRQ VXV DPLJRV FRQ VXV FRPSDxHURV GH WUDEDMR \ FRQ OD JHQWH HQ OD FDOOH SDUTXHV VLWLRV S~EOLFRV WLHQGDV HWF  FRQ IUDQTXH]D DPDELOLGDG \ FRUWHVtD 1R GHVHVWLPHQXQFDODRSRUWXQLGDGGHXQLQWHUFDPELR YHUEDO8QDFRQYHUVDFLyQSRULQVXOVDLUUHOHYDQWHR H[WHPSRUiQHD TXH SDUH]FD QXQFD VHUi WLHPSR SHUGLGR DO PHQRV OH SHUPLWLUi SDVDU HO UDWR HVWDEOHFHURSURIXQGL]DUHQORVOD]RVSHUVRQDOHV  5HFXHUGH DOJXQDV Pi[LPDV HOHPHQWDOHV $OJXQD GH HOODV TXH QR SRU REYLD GHMD GH VHU PHPRUDEOH HV TXH QR RIHQGH TXLHQ TXLHUH VLQR


TXLHQ SXHGH $Vt TXH QR VH SUHRFXSH SRU ORV TXH LQWHQWDQ RIHQGHUOH R PROHVWDUOH VLQ PiV 6L WLHQH DOJR GH OR TXH DUUHSHQWLUVH OD PHMRU PDQHUD GH KDFHUOR HV UHFRQRFHUOR \ SLGLHQGR SHUGyQ D TXLHQ KD\D UHVXOWDGR SHUMXGLFDGR /D IyUPXOD PiV HILFD] GH UHVROYHU XQ SUREOHPD DUUHJODU XQD VLWXDFLyQ R FRUUHJLUXQGHVDJXLVDGRHVLGHQWLILFDUORDVXPLUOR\ DFRPHWHU VX VROXFLyQ KRQHVWDPHQWH 0HGLDQWH OD FRODERUDFLyQ HQWUH WRGRV ORV SHUMXGLFDGRV VHUi SRVLEOHDOFDQ]DUODPHMRUVROXFLyQSRVLEOH\DGHPiV DFDEDUHPRVWRGRVFRQWHQWRV3DUDTXpVLUYHHQWUDU HQ XQD GLQiPLFD GH UHSURFKHV GHVFDOLILFDFLRQHV LQVXOWRV R HQWRUSHFLPLHQWRV" 3XHV VyOR SDUD XQD FRVD SDUD QR OOHJDU D QLQJXQD SDUWH 6L OD YLUWXG GHO UHFRQRFLPLHQWR \ GHO DUUHSHQWLPLHQWR HV IXQGDPHQWDOODGHOSHUGyQWRGDYtDORHVPiV  (Q SDUDOHOR FXDQGR DOJXLHQ QR HVWi GLVSXHVWR DRWRUJDUHOEHQHILFLRGHODGXGDODFRPSUHQVLyQ R GHOSHUGyQHOSUREOHPDQRVHKDOODHQHOKHFKRHQ FRQFUHWR TXH OH GLR RULJHQ VLQR HQ VX LQFDSDFLGDG SDUD FRPSRUWDUVH FRPR XQ VHU JHQHURVR \ FDUJDGR GHKXPDQLGDG$VtTXHQRVHYHD8GFRPSURPHWLGR QL RIHQGLGR VLPSOHPHQWH SRUTXH RWURV VH OR LQWHQWHQ KDFHU YHU DVt (O ~QLFR FRPSURPLVR HV HO TXHGHEHPRVWHQHUFRQQRVRWURVPLVPRV\ QXHVWUD FRQFLHQFLD HV OD ~QLFD JXtD \ YDUD GH PHGLU %DVWDQWHSHQDWLHQHHOLQWHUIHFWRTXHHVLQFDSD]GH FRPSUHQGHUDORVGHPiV3RUTXHDFDVRQRVHYHUi


8G PiV DJUDGHFLGR REOLJDGR \ FRPSURPHWLGR D SDUWLUGHDKRUDVLKDREWHQLGRVXSHUGyQ"  $VtSXHVODRIHQVDQRHVHQODPD\RUSDUWHGH ORV FDVRV VLQR XQD VLPSOH PDQLIHVWDFLyQ GH OD LQGHIHQVLyQHLQFDSDFLGDGSRUSDUWHGHTXLHQDVtVH FRPSRUWD SDUD KDFHU IUHQWH D VXV SURSLRV SUREOHPDV (V FLHUWR TXH HQ RWUDV RFDVLRQHV REHGHFH D DJXGDV HVWUDWHJLDV GH DWDTXH SHUVLJXLHQGR XQD LQWHQFLyQ GH GHVJDVWH \ FRQ OD ILQDOLGDG GH UHODMDU ODV GHIHQVDV GHO FRQWUDULR %XHQR SXHV VL VH WUDWD GH HVWH FDVR HO UHFRQRFLPLHQWR GH VX IXWLOLGDG WDPELpQ QRV SHUPLWLUiQRVXFXPELUDQWHODPLVPD\JHQHUDUiOD GLVSRVLFLyQSDUDSUHSDUDUODPHMRUGHIHQVDSRVLEOH $OILQ\DOFDERQRKD\PHMRUGHIHQVDTXHXQEXHQ DWDTXH\HQHVWHFDVRVHPDQLILHVWDDGPLWLHQGRTXH QRKD\PD\RUGHVSUHFLRTXHQRKDFHUDSUHFLR  1DWXUDOPHQWH KHPRV VDFDGR OD FRQFOXVLyQ GH TXHQRGHEHPRVRIHQGHUDORVGHPiV6LQHPEDUJR D YHFHV HV SRVLEOH TXH LQFXUUDPRV HQ FRPSRUWDPLHQWRV QR GHPDVLDGR GHOLFDGRV DEVROXWDPHQWH FDUHQWHV GH WRGD PDOD LQWHQFLyQ SHUR TXH SRU LJQRUDQFLD R GHVFXLGR FDXVHQ FLHUWD GHVD]yQ HQ ORV GHPiV (VWR VH SURGXFH FRQ IUHFXHQFLD FXDQGR QRV PRVWUDPRV GHPDVLDGR LQIOH[LEOHV HQ OD GHIHQVD GH ODV LGHDV LQGHSHQGLHQWHPHQWH GH OD UD]yQ TXH QRV DVLVWD  R


ELHQ TXH OD UDSLGH] FRQ TXH VH GHVHQFDGHQDQ ODV VLWXDFLRQHV QRV LPSLGD UHIOH[LRQDU VREUH OR TXH GHFLPRV (VWR VXFHGH VL QR SUHVWDPRV DWHQFLyQ D ORVGHPiVHQHOWUDQVFXUVRGHODFRQYHUVDFLyQ  'HVGHOXHJRHVWHWLSRGHUHDFFLRQHVVHSXHGHQ SURGXFLU DOHQWDGDV SRU XQ HVWDGR GH H[DOWDFLyQ GHULYDGRGHODLQWHQVLGDGHPRFLRQDO TXHDFRPSDxH DO GHEDWH \ QR HV GHPDVLDGR LQIUHFXHQWH (V SXHV PX\ LPSRUWDQWH DFRVWXPEUDVH D HVFXFKDU FRQ DWHQFLyQ\DREVHUYDUORVJHVWRVGHORVSDUWLFLSDQWHV HQ OD PLVPD 'HEHPRV FRPSUREDU VL QRV HQFRQWUDPRV WRGRV FyPRGRV \ HQ XQ DPELHQWH UHODMDGRTXHLQFLWHDODFRQILDQ]D/D~QLFDPDQHUD GH SHUFLELU HVWH HVWDGR HV REVHUYDU \ VREUH WRGR HVFXFKDUFRQDWHQFLyQ  3RU FLHUWR OD WHQGHQFLD D PRQRSROL]DU XQD FRQYHUVDFLyQ HV XQR GH ORV HUURUHV PiV JUDYHV HQ TXH VH SXHGH LQFXUULU HQ XQ GHEDWH < SRU SXUD OyJLFD 6L OD LQWHQFLyQ HV UHFRJHU LGHDV \ WUDEDMDU VREUHHOODVSDUDOOHJDUDXQDFRQFOXVLyQRVROXFLyQ SDUHFH REYLR TXH GHEHPRV EXVFDUODV HQ RWUDV IXHQWHV HVGHFLUORVRWURVLQWHUORFXWRUHV \DTXHOR TXHQRVRWURV\DORVDEHPRVSXHVUHVXOWDTXH\DOR VDEHPRV6LQRGDPRVRSFLyQDORVGHPiVSDUDTXH DSRUWHQ VXV LGHDV MDPiV ODV FRQRFHUHPRV \ SRU WDQWR QR QRV HQULTXHFHUHPRV FRQ HOODV /D PHUD GHIHQVDQXPDQWLQDGHRSLQLRQHVUDUDPHQWHOOHYDD


QLQJXQDRFDVLyQTXHSURSLFLHHODSUHQGL]DMH3LHQVH TXH ODV GRV PHMRUHV PDQHUDV GH QR DGTXLULU QXHYDV LGHDV VRQ LPSHGLU TXH ORV GHPiV VH H[SUHVHQ R QR HVFXFKDUOHV FRQ OR TXH HQ DPERV FDVRV SHUGHUHPRV OD RSRUWXQLGDG GH FRQRFHUODV GLUHFWDPHQWH  1R GXGH SRU FLHUWR TXH ODV PHMRUHV LGHDV DSDUHFHQ GH GRQGH PHQRV VH ODV HVSHUD \ SRU VXSXHVWR FXDQGR PHQRV VH ODV HVSHUD 3DUD SRGHU DSURYHFKDUODV VyOR KDFHQ IDOWD GRV FRVDV HVWDU HQ HO OXJDU RSRUWXQR GRQGH DSDUHFHQ \ WHQHU OD PHQWH DELHUWD \ GLVSXHVWD SDUD LGHQWLILFDUODV UHFRQRFHUODV \ HYLWDU DVtTXHVHQRVHVFDSHQ  $Vt SXHV VHD IOH[LEOH 6LHPSUH VH SXHGH DSUHQGHU GH ORV GHPiV &DPELDU GH RSLQLyQ QR HV PDORDOFRQWUDULRVLQRSDUDTXpVHGLVFXWH"1R HQFXHQWUD TXH XQD GLVFXVLyQ TXH VH SURGXFH VLHPSUH HQ ORV PLVPRV WpUPLQRV WHUPLQD SRU UHVXOWDU VXPDPHQWH DEXUULGD" 1R H[LVWH PD\RU VDWLVIDFFLyQ TXH DGPLWLU TXH VH KD DYDQ]DGR HQ HO HQULTXHFLPLHQWR GHO FRQRFLPLHQWR SHUVRQDO \ PXFKDV YHFHV HVWH FRQVLVWH WDQ VyOR HQ GHVWHUUDU YLHMDV LGHDV R DO PHQRV SDVD HQ FLHUWD PHGLGD SRU HOOR 


1R HV PiV OLVWR HO TXH FRQVLJXH LPSRQHU VXV LGHDV VLQR HO TXH HV FDSD] GH GDUVH FXHQWD GH ORV HUURUHV R GHILFLHQFLDV GH ODV VX\DV \ DGPLWH XQ FDPELRHQHOODV  (V QHFHVDULR HVFXFKDU H LQWHQWDU FRPSUHQGHU VLHPSUH D ORV GHPiV 1R VH WUDWD GH TXH WHQJDPRV TXH DVXPLU VXV SXQWRV GH YLVWD QL RWRUJDUOHV OD UD]yQ GHVGH OXHJR 3HUR OD HOHJDQFLD \ OD FRUWHVtD REOLJDQ D SUHVWDUOHV DWHQFLyQ OR TXH VLQ GXGD DJUDGD D QXHVWUR LQWHUORFXWRU \ IDYRUHFH VX LQFOLQDFLyQ KDFLD HO PDQWHQLPLHQWR GH XQD EXHQD UHODFLyQ (V OR TXH DPERV GHVHDPRV 3RQJiPRQRV GH QXHYRHQ VX OXJDU SDUD FRPSUHQGHUHVWR 3RFDV FRVDV FDXVDQ WDQ JUDWD VDWLVIDFFLyQ FRPR HO VDEHU TXHVHQRVHVWiKDFLHQGRFDVR  3HUR SRU RWUD SDUWH DSUHQGD D GHFLU QR 6L VH GD FXHQWD HQ QR SRFDV RFDVLRQHV WHQGHPRV D RWRUJDUODUD]yQRFXDQGRPHQRVDDVHQWLUDQWHODV RSLQLRQHV GH QXHVWURV LQWHUORFXWRUHV ELHQ VHD SRU QR FRQWUDULDUOHV R SRU QR TXHUHU HQWUDU HQ XQD GLVFXVLyQ LQFyPRGD (VSHFLDOPHQWH GHOLFDGR HV HO FDVR GH FLHUWDV SHUVRQDV TXH WLHQHQ WHQGHQFLD D GHFLU TXH Vt D WRGR H LQFOXVR D DFHSWDU HO KDFHU FXDOTXLHU IDYRU TXH VH OHV VROLFLWH VLQ DERUGDU OD GHELGD UHIOH[LyQ SUHYLD 0XFKR FXLGDGR FRQ HVWR SRUTXH SXHGH REHGHFHU WDQ VyOR D OD SRVHVLyQ GH XQDHVFDVDDXWRHVWLPDGHULYDGDGHODQHFHVLGDGGH


JDQDUQRV HO DIHFWR \ HO IDYRU DMHQR 6H FRQYLHUWH HQWRQFHVHQXQUHIOHMRGHODGHELOLGDGGHFDUiFWHU\ HVR QR HV EXHQR HQ DEVROXWR 'HEHPRV D\XGDU \ IDYRUHFHUDORV GHPiVSHURVLHPSUHSRUFRQYLFFLyQ \ GH XQD PDQHUD DFWLYD QR FRPR XQ PHUR PHFDQLVPR GH DXWRGHIHQVD SVLFROyJLFD 6L QXHVWUR LQWHUORFXWRU HV VHQVDWR \ H[LVWHQ UD]RQHV MXVWLILFDGDV SDUD QHJDUQRV D KDFHU OR TXH SLGH OR FRPSUHQGHUi \ QR VH VHQWLUi PROHVWR $O FRQWUDULR PiVELHQDSUHQGHUiDYDORUDUQXHVWUREXHQFULWHULR <ILQDOPHQWHORDJUDGHFHUi  (V XQ VtQWRPD GH FREDUGtD QR DVXPLU ORV HUURUHV SHUR WDPELpQ OR HV FHGHU VLQ PiV HQ FXDOTXLHU VLWXDFLyQ R DQWH FXDOTXLHU FRQWUDULHGDG 7DQWR SDUD XQD FRVD FRPR SDUD OD RWUD OR YDOLHQWH HV DGRSWDU \ GHIHQGHU ODV SRVWXUDV FRPR IUXWR GH XQD VHQVDWD UHIOH[LyQ \ FRQ XQD FRQYLFFLyQ KRQHVWD 2WUDFRVD HV TXH OXHJR KD\D TXH UHVSHWDU ORVDFXHUGRVDORVTXHQRVKD\DPRVFRPSURPHWLGR FRPRIUXWRGHODGLVFXVLyQ  2MR 3RUTXH HVWR YLHQH D FXHQWR SDUD LQWURGXFLU XQD SHTXHxD UHIOH[LyQ \ SRU QR GHMDU HVFDSDUODRSRUWXQLGDGGHKDFHUXQDEUHYHPHQFLyQ D ORV SURFHVRV GH QHJRFLDFLyQ HQ ORV TXH VH SUHWHQGH FRPR UHVXOWDGR ILQDO OOHJDU D XQ DFXHUGR HQWUH YDULDV SDUWHV (Q PRGR DOJXQR HVWDPRV GLFLHQGR TXH VH GHED UHQXQFLDU DO QREOH \


VRILVWLFDGR DUWH GH OD QHJRFLDFLyQ FRQ VXV HODERUDGDV WpFQLFDV \ HQ ORV TXH VLHPSUH GHEH SUHYDOHFHU OD KRQHVWLGDG \ HO UHVSHWR PXWXR SRU PX\GXURTXHUHVXOWHHOSURFHVR<SRUVXSXHVWRD HVWDV KRUDV \D HVWDUi FODUR /D QHJRFLDFLyQ SXHGH VHU WDQ GXUD FRPR VHD QHFHVDULR VLHPSUH TXH VHD KRQHVWD SHURXQDYH]FHUUDGDORVFRPSURPLVRVVH UHVSHWDQ D UDMDWDEOD (V WDQ REYLR TXH QL VLTXLHUD YROYHUHPRVVREUHHOOR  8QD UHIOH[LyQ PiV (VFXFKH OHD \ DSUHQGD OR PiV SRVLEOH (O EXHQ MXLFLR \ HO FULWHULR SURYLHQHQ GHODQiOLVLVSDXVDGR\PHGLWDGRGHODVVLWXDFLRQHV SHURSDUDHOORHVQHFHVDULRGLVSRQHUGHLQIRUPDFLyQ \ GDWRV VXILFLHQWHV VREUH ORV TXH HIHFWXDU HO DQiOLVLV




'LItFLOPHQWH FRQ XQ HVFDVR FRQRFLPLHQWR VH SXHGHQ WHQHU HOHPHQWRV GH MXLFLR VXILFLHQWHV SDUD HPLWLU XQD RSLQLyQ QR \D FXDOLILFDGD VLQR VLPSOHPHQWH VHQVDWD < SRU IDYRU VL QR VDEH GH DOJRQRRSLQH1RKD\QDGDSHRUTXHHPSHxDUVHHQ VDEHUGHWRGR\HQWHQHUVLHPSUHODUD]yQ5HFXHUGH TXHDQWHVVHSLOODDXQPHQWLURVRTXHDXQFRMR2 HVTXHVHFUHHTXHORVGHPiVVRQWDQLGLRWDVTXHQR VH GDQ FXHQWD GH FXiQGR 8G QR WLHQH QL LGHD GH XQD FRVD < OR PDOR HV TXH XQD YH] TXH SDVH SRU HPEXVWHUR R SUHVXQWXRVR QR VH TXLWDUi HO VDPEHQLWR QXQFD PiV <D VDEH SRU XQ SHUUR TXH PDWpPHOODPDURQPDWDSHUURVSXHVHVWpVHJXURGH TXHVHOROODPDUiQ  &ODUR TXH PH SXHGH GHFLU TXH HVR HV OR TXH SDVD FRQ DIDPDGRV WHUWXOLDQRV R FRPHQWDULVWDV GH UDGLR R WHOHYLVLyQ FDSDFHV GH KDEODU FRQ OD PLVPD DXWRULGDGGHJHQpWLFDRGHELRWHFQRORJtDTXHGHORV ~OWLPRV GHVFXEULPLHQWRV HQ ItVLFD FXiQWLFD R GH SVLFRORJtD DSDUWH GH SRU VXSXHVWR HFRQRPtD SROtWLFD\VRFLHGDG3HURHQILQDXQTXHDGPLWRTXH SXHGDQ JHQHUDU FLHUWD HQYLGLD H LQFOXVR VXVFLWDU DGPLUDFLyQ QR SRGHPRV DGPLWLU TXH VHDQ VLHPSUH HOPRGHORDLPLWDUQLPXFKtVLPRPHQRVHMHPSORGH FRPSRUWDPLHQWRpWLFRTXHHVHQHOIRQGRGHORTXH KDEODPRV 



'pVH FXHQWD TXH HO REMHWLYR GH PXFKRV GH HVWRV VXSXHVWRVGHEDWHV\GHVXVSDUWLFLSDQWHVQRHVHQ PRGR DOJXQR OOHJDU D QLQJXQD FRQFOXVLyQ QL DOFDQ]DUQLQJ~QWLSRGHDFXHUGRVLQRVLPSOHPHQWH SURGXFLU XQ HVSHFWiFXOR QRUPDOPHQWH FyPLFR R HVSHUSpQWLFR GHO FXDO VH FRQYLHUWHQ HQ PHURV DFWRUHVGHHVFDVDSUHSDUDFLyQDXQTXHQRVLHPSUH GHWDQEDMRFDFKpFRPRHQMXVWLFLDFRUUHVSRQGHUtD   o 3yQJDVHHQHOOXJDUGHORVGHPiV o (VFXFKHDORVGHPiVKiJDOHVFDVR\UHVSHWH VXVLGHDV6HDIOH[LEOH6RQUtDOHV o 1RRIHQGDDQDGLHMDPiV&RPRPXFKR LJQyUHOH o 6HDILUPHHQVXVFRQYLFFLRQHVSHURHVFXFKH\ UHVSHWHDORVGHPiV o 1RGXGHHQFDPELDUGHRSLQLyQFXDQGRORYHD FODUR o $SUHQGDDGHFLUQR\DKDFHUOR o ,QIyUPHVH\DSUHQGDFRQWLQXDPHQWH 0DQWpQJDVHDOGtD 



$75$%$-$5  1RV SDVDPRV XQD JUDQ SDUWH GH QXHVWUD YLGD WUDEDMDQGR 0H UHILHUR QDWXUDOPHQWH D OR TXH FRQVLGHUDPRV WtSLFDPHQWH FRPR DFWLYLGDG ODERUDO 'HKHFKRHOWUDEDMRHVHPDO QHFHVDULRQRV RFXSD PiV R PHQRV OD WHUFHUD SDUWH GHO GtD TXH VL FRQVLGHUDPRV ORV GHVSOD]DPLHQWRV \ SHULRGRV LQWHUPHGLRV FRPR GHVFDQVRV R FRPLGDV  VXSRQHQ ODSDUWHPiVMXJRVDGHODMRUQDGD  9DOH SRU VL DFDVR DGPLWR TXH SXHGH HQWHQGHUVHTXHDORTXHUHDOPHQWHQRVUHIHULPRVHV DO KHFKR GH HQFRQWUDUVH HQ OR TXH GHQRPLQDPRV WUDEDMR\TXHSXHGHUHGXFLUVHDOKHFKRGHHMHUFHU DFWR GH SUHVHQFLD HQ XQ OXJDU SUHYLDPHQWH GHOLPLWDGR R D OD DSDULHQFLD GH HVWDU RFXSDQGR XQ UHIHUHQWH HVSDFLRWHPSRUDO PiV R PHQRV GHWHUPLQDGR\SUHFLVDGRSRUORTXHVHHVWLSXODHQOR GHQRPLQDGRFRPRFRQWUDWRGHWUDEDMR3HUREXHQR HQ HO IRQGR WRGRV VDEHPRV GH OR TXH HVWDPRV KDEODQGR  1RUPDOPHQWHHVHOOXJDUGRQGHVHHVWDEOHFHQHO PD\RU Q~PHUR GH UHODFLRQHV \ GRQGH VXUJHQ QXPHURVDV RSRUWXQLGDGHV GH FRPXQLFDFLyQ LQWHUSHUVRQDO $Vt TXH KDEUi TXH WUDWDUODV DGHFXDGDPHQWHQRHVDVt" 


/R SULPHUR TXH GHEHPRV WHQHU HQ FXHQWD \ DGPLWLU GH XQD PDQHUD LQHTXtYRFD HV TXH HV SUHFLVRKDFHUELHQQXHVWURWUDEDMR<SXQWR3DUHFH GHSHURJUXOORSHURQRFUHDTXHHVWDQREYLR$TXH QR" < VL QR VHJXUR TXH HVWDUi GH DFXHUGR HQ TXH H[LVWH PXFKD JHQWH TXH HV FDSD] GH SRQHUOR HQ GXGD LQFOXVR GH GHFLUOR \ HQFLPD QR VH OHV FDH OD FDUDGHYHUJHQ]DDOKDFHUOR3HUREXHQRHVRQRYD FRQQRVRWURV  (V XQ SULQFLSLR HOHPHQWDO GH pWLFD SURIHVLRQDO \ SHUVRQDO  TXH VL RFXSDPRV XQ GHWHUPLQDGR SXHVWRGHWUDEDMRVHDSRUODUD]yQTXHVHDORTXH KHPRV KHFKR KD VLGR DVXPLU XQ FRPSURPLVR FODUR DGHPiV GH OHJDO SRU FLHUWR  SDUD HIHFWXDU XQD WDUHDTXHSRUVXSXHVWRGHEHKDFHUVHELHQ  6LQ HPEDUJR FXHVWD DGPLWLU D YHFHV TXH VH GHEH GHGLFDU XQD HVSHFLDO DWHQFLyQ \ FDULxR SDUD DOFDQ]DU XQ HVSHFLDO GHVHPSHxR 1R VH WUDWD GH WUDEDMDU VLPSOHPHQWH SRU FXPSOLU 'HEHPRV HQWHQGHU TXH FRQ QXHVWUD DSRUWDFLyQ HVWDPRV FRQWULEX\HQGRDKDFHUXQPXQGRPHMRU<DVpTXH DYHFHVFXHVWDDGPLWLUHVWR\HVPiVTXHSUREDEOH TXH VX MHIH R VX PLVPD HPSUHVD X RUJDQL]DFLyQ D OD TXH SHUWHQH]FD  QR VH OR PHUH]FDQ GHVGH XQ SXQWR GH YLVWD REMHWLYR 3HUR SLHQVH TXH QR HV DVXQWR QL FXOSD VX\D \ OH DVHJXUR TXH HQ WRGR FDVR D~Q VHUi SHRU VL 8G DxDGH DO FRQMXQWR VX


PDO KDFHU (Q WRGR FDVR SLHQVH TXH VH FRPSRUWD FRPR XQ SURIHVLRQDO \ TXH OR KDFH SRU 8G \ SRU OD VRFLHGDGQRSRUQDGLHPiVHQFRQFUHWR$TXHOTXH DFRVWXPEUD D KDFHU OR TXH GHEH OR KDFH VLHPSUH 6L IORMHDPRV HQ DOJXQD DFWLYLGDG GHO WLSR TXH VHD FRPR HV HVWH FDVR GHO WUDEDMR  HV SUREDEOH TXH WDPELpQ OR KDJDPRV HQ RWUDV $Vt SXHV QR QRV GHMHPRVDUUDVWUDUSRUORVKiELWRVDFRPRGDWLFLRV  2VHDTXHYDPRV DDFRVWXPEUDUQRVDWUDEDMDU ELHQ 3DUD HOOR VyOR KDFH IDOWD DSOLFDU HO VHQWLGR FRP~Q $GHPiV UHVXOWD TXH EHQHILFLDUHPRV D PXFKDV RWUDV SHUVRQDV 6L VH SDUD XQ SRFR D SHQVDU OD PD\RU SDUWH GH ODV WDUHDV TXH VH GHVDUUROODQ HQ OD DFWLYLGDG ODERUDO WLHQHQ FRPR RULJHQ R GHVWLQR RWUDV SHUVRQDV R VXV UHVSHFWLYDV WDUHDV 3RU WDQWR HO KDFHU ELHQ R PDO ODV TXH QRV FRUUHVSRQGHQ UHSHUFXWH GH XQD PDQHUD SRVLWLYD R QHJDWLYD HQ VXV UHVSHFWLYRV WUDEDMRV \ SRU WDQWR KDFHTXHOHVUHVXOWHQPiVIiFLOHVRPiVGLItFLOHV  1DWXUDOPHQWH H[LVWHQ SURIHVLRQHV FX\D UHSHUFXVLyQ H LPSDFWR HQ OD YLGD VRFLDO VRQ PiV HYLGHQWHVYLVLEOHVHLQFOXVRUHFRQRFLGRV<DOJXQRV VLQGXGDHMHUFHQXQDHQRUPHLQIOXHQFLDHQJUXSRV QXPHURVRV GH SHUVRQDV (V HYLGHQWH TXH SURIHVLRQHVFRPRODVGHSROLFtDERPEHURPDHVWURR SLORWRGHDYLyQWLHQHQXQLPSDFWRPD\RUHQODYLGD GHPXFKDVPiVSHUVRQDVTXHODVGHXQIRQWDQHUR


3HUR WDO YH] HVWD HYLGHQFLD OR VHD VyOR HQ XQD SULPHUD DSUR[LPDFLyQ \ SXHGD GHVYDQHFHUVH FRQ UDSLGH]6LXQGHVFXLGRGHHVWHIRQWDQHURRFDVLRQD XQD DYHUtD HQ XQD SUHVD TXH JHQHUD XQ IDOOR HQ XQDYiOYXODTXHDOILQDOGHVHQFDGHQDHQODURWXUD GH QR VH TXp GLVSRVLWLYR TXH D VX YH] RFDVLRQD HO GHUUXPEH GH OD SUHVD TXH DUUDVD XQD FLXGDG D OR PHMRU FDPELDPRV GH LGHD D TXH \D HV PiV LPSRUWDQWH" /R PLVPR SRGHPRV SHQVDU VL VH SURGXFH XQ OHYH GHVFXLGR GH XQ PHFiQLFR TXH SXHGH OOHJDU D RFDVLRQDU HO HVWDOOLGR GH XQ WUDQVERUGDGRUHVSDFLDO  7DQWR HQ XQ FDVR FRPR HQ RWUR ODV FRQVHFXHQFLDV VH GHULYDQ WDQ VROR GH QR KDFHU ODV FRVDV ELHQ \ FRQ HO GHELGR FDULxR $FXpUGHVH SRU FLHUWR GHO FRQRFLGR HIHFWR PDULSRVD TXH SXHGH D\XGDUQRV D DILDQ]DU HVWD SHUFHSFLyQ UHFXHUGH HV DTXHO HMHPSOR SRU HO TXH HO OHYH DOHWHR GH XQD PDULSRVD HQ $XVWUDOLD SRGUtD GHVHQFDGHQDU XQ WHUUHPRWRHQ0DGULGRDOJRSDUHFLGR   < VL GHVFHQGHPRV DO FDStWXOR GH ODV UHODFLRQHV PiV SUy[LPDV HQ TXH VH PDQLILHVWD OD DFWLYLGDG ODERUDO GHVGH OXHJR TXH KD\ SURIHVLRQHV TXH VH SUHVWDQPiVTXHRWUDVDOPHQRVHQDSDULHQFLDDOD RSRUWXQLGDG GH GLVSHQVDU XQ WUDWR DIDEOH \ HVWDEOHFHU UHODFLRQHV PiV HQULTXHFHGRUDV GHVGH HO SXQWR GH YLVWD SHUVRQDO &RQGXFWRUHV GH DXWRE~V


WD[LVWDV\WRGRWLSRGHSHUVRQDVTXHHVWiQGHWUiVGH XQ PRVWUDGRU R YHQWDQLOOD FRPR GHSHQGLHQWHV WHQGHURV R YHQGHGRUHV \ PXOWLWXG GH IXQFLRQDULRV <DOJXQDVRWUDVSURIHVLRQHVTXHDGHPiVJR]DQGH XQD PD\RU HVWLPD R HVWDWXV VRFLDO 3HUR FODUR QR WRGRV SRGHPRV VHU ERPEHURV SROLFtDV R JXDUGLDV FLYLOHV1LPDHVWURVRHGXFDGRUHV3DUHFHFODURTXH HVWDV SURIHVLRQHV VRQ PiV SURFOLYHV D IDYRUHFHU HO HVWDEOHFLPLHQWR GH UHODFLRQHV PiV KXPDQDV SHUR HQPRGRDOJXQRHVH[FOXVLYRGHHOODVQLPXFKtVLPR PHQRV6HUtDXQDOiVWLPDFRQVLGHUDUODVH[FOXVLYDV (VPiVSRUHVDUD]yQWRGDYtDGHEHUtDPRVVHUPiV H[LJHQWHV FRQ HOORV HQ FXDQWR D VX FDSDFLGDG GH DSRUWDUPiV  < QR GHEHUtDPRV FDHU HQ OD WHQWDFLyQ GH LQWHQWDU SURFHGLPHQWDU FXHVWLRQHV FRPR HO FRPSRUWDPLHQWR GH WRGRV HOORV GH FDUD DO S~EOLFR QLPXFKRPHQRVHYDOXDUVXUHQGLPLHQWRHQWRUQRD SDUiPHWURV FRPR OD FRQVDELGD SURGXFWLYLGDG OR TXH SRU FLHUWR VH HVWi WHQGLHQGR D KDFHU HQ QXPHURVRV VLWLRV /HV SXHGR DVHJXUDU TXH OD HIHFWLYLGDG \ OD FDOLGDG GH XQ EXHQ VHUYLFLR GH DXWREXVHV XUEDQRV HVWi EDVWDQWH PiV OHMDQD GHO VLPSOH FRPSURPLVR GH FXPSOLPLHQWR GH KRUDULRV GH OR TXH SDUHFHQ FUHHUVH DOJXQRV EULOODQWHV JHVWRUHVPRGHUQRVTXHHVDORTXHWDPELpQSDUHFH TXH GHGLFDQ VREUH WRGR VXV HVIXHU]RV 8Q VLVWHPD TXHLQFHQWLYDHOFXPSOLPLHQWRGHKRUDULRVHVWLPXOD


OD YHORFLGDG JHQHUD XQ PD\RU ULHVJR HQ HO WUiILFR IDOWD GH UHVSHWR D RWURV FRQGXFWRUHV OD FD]D \ FDSWXUDGHOFDUULOOLEUH XRFXSDGRSRUDOJXLHQPiV GpELO  DJUHVLYLGDG \ IDOWD GH IOH[LELOLGDG GHO FRQGXFWRU/HKDQSUHJXQWDGRDOFLXGDGDQRTXpHV OR TXH SUHILHUH" 3RUTXH SDUHFH TXH YDPRV GH H[WUHPR D H[WUHPR VXVWLWXLPRV OD LQFRPSHWHQFLD HQ OD HOHFFLyQ GH UXWDV HO HVWDEOHFLPLHQWR GH YtDV DOWHUQDWLYDVXRWURVHOHPHQWRVGHFRQWUROGHOWUiILFR SDUD WUDVODGDU OD UHVSRQVDELOLGDG D TXLHQ PHQRV SXHGHKDFHUSRUHYLWDUORHOFRQGXFWRU  'HILQLWLYDPHQWH H[LVWHQ QXPHURVRV HMHPSORV TXH QRV SXHGHQ UHVXOWDU PX\ LOXVWUDWLYRV SDUD GHPRVWUDU OR TXH SRGHPRV KDFHU HQ QXHVWUD DFWLYLGDG ODERUDO < WRGRV HQ FXDOTXLHUD TXH VHD QXHVWURWUDEDMRSRGHPRV\GHEHPRVKDFHUDOJR  'H WRGDV PDQHUDV WHQJDPRV FODUD XQD FRVD DQWHVTXHQDGD6LQRVSDVDPRVODPD\RUSDUWHGHO GtD WUDEDMDQGR OR PHMRU VHUi TXH LQWHQWHPRV VHU IHOLFHV GXUDQWH WRGR HVH SHULRGR SRUTXH DVt OR KDEUHPRV VLGR XQD SDUWH LPSRUWDQWH GH QXHVWUD YLGD'LVIUXWHPRVGHWRGRHVHWLHPSRTXHQRVRIUHFH ODDFWLYLGDGODERUDO\VDTXpPRVOHHOPi[LPRSDUWLGR SDUD HQULTXHFHU QXHVWUDV YLGDV (V VLPSOH SHUR REYLR 



&RPR KD\ TXH HPSH]DU SRU DOJ~Q VLWLR OR KDUHPRV SRU XQR TXH VHD IiFLOPHQWH UHFRQRFLEOH SRUWRGRHOPXQGR3RFDVSURIHVLRQHVH[LVWHQFX\R GHVDWHQGLGRHMHUFLFLRSXHGHRFDVLRQDUWDQWRGDxR\ SHUMXLFLRFRPRORVFRQGXFWRUHVGHDXWRE~VXUEDQR 1DGD PiV IiFLO TXH FRODSVDU WRGD XQD FLXGDG FUX]DQGR XQ DXWRE~V HQ XQD LQWHUVHFFLyQ LQGHSHQGLHQWHPHQWH GHO FRORU GHO VHPiIRUR  KDFLHQGRFDVRRPLVRDORVGHPiVDOILQ\DOFDERHO WDPDxR HV XQR GH ORV PiV JUDQGHV DUJXPHQWRV VREUH WRGR FXDQGR QR VH SXHGH DFXGLU D RWUR (Q PXFKDPHQRUPHGLGDHQFXDQWRDVXFDSDFLGDGGH PROHVWLD VH HQFXHQWUD HO DVDOWR DEXVLYR DSHODQGR DO PLVPR DUJXPHQWR  D RWURV FDUULOHV PHGLDQGR R QRHOXVRGHOLQWHUPLWHQWH   7RGD OD GLQiPLFD TXH WUDQVFXUUH DOUHGHGRU GHO WUDQVSRUWH XUEDQR HV VXPDPHQWH H[FLWDQWH \ HQULTXHFHGRUD'HVGHOXHJRVHUtDQRVyORGHVHDEOH VLQR LPSRQLEOH HO DVHJXUDU XQD SULRULGDG DEVROXWD DHVWRVPHGLRVGHWUDQVSRUWHRDOPHQRVTXHFDODUD HQODSREODFLyQODFXOWXUDGHSULRUL]DUVXXVRFRQ DOJR WDQ IiFLO FRPR DVXPLU VX SULRULGDG GH SDVR \ UHVSHWDQGR ODV ]RQDV GH SDUDGDV SRU VXSXHVWR  3HURHVRHVRWUDKLVWRULD  0XFKR FXLGDGR HVR Vt FRQ ODV LPSRVLFLRQHV TXH QRV FRQVWD VH KDFHQ HQ FLHUWDV FLXGDGHV SRU SDUWH GH ODV FRPSDxtDV H[SORWDGRUDV FRQ OD


ILQDOLGDG GXGRVDPHQWH HIHFWLYD SRU FLHUWR  GH FXPSOLU KRUDULRV SDUD OR TXH VH VRPHWH D XQD SUHVLyQ LUUDFLRQDO D ORV FRQGXFWRUHV TXH GHEHUtD VHUREMHWRGHUHIOH[LyQ  (QHO GHOLFDGR DVXQWR GHO WUDWR D ORV XVXDULRV KD\ TXH LQVLVWLU HQ OD QHFHVLGDG GH PRVWUDU XQ HVPHUDGR \ H[TXLVLWR UHVSHWR KDFLD ORV PLVPRV DFWLWXG OHMDQD D YHFHV GH OD GH DOJXQRV DXWpQWLFRV HQHUJ~PHQRV TXH  FDUHQWHV GH WRGD SURIHVLRQDOLGDGKDQGHFLGLGRTXHHQYH]GHIUHQWHD UHVSHWDEOHV FLXGDGDQRV VH HQFXHQWUDQ FRQ DXWpQWLFRVUHEDxRV GHJDQDGRDORV TXHWUDWDQFRQ GHVSUHFLRHLQVROHQFLD  <D VDEHPRV TXH H[LVWHQ SHUVRQDV FRQ FLHUWDV GLILFXOWDGHV GH PRYLOLGDG LQGHSHQGLHQWHPHQWH GH TXH H[LVWDQ YHKtFXORV DGDSWDGRV D FLHUWDV GLVFDSDFLGDGHVRDFFHVLELOLGDGDFDUULWRVGHQLxRVR VLOODVGHUXHGDV\TXHHQRFDVLRQHVQRWLHQHSRUTXp H[LVWLU OD REOLJDFLyQ GH DWHQGHU VHJ~Q TXp UHTXHULPLHQWRV 3HUR TXp GDxR KDFH VHU XQ SRFR FRQGHVFHQGLHQWH \ DPDEOH FRQ TXLHQ VLPSOHPHQWH FRQ XQ SRFR GH D\XGD SXHGH WHQHU UHVXHOWR XQ SUREOHPD" 1R VH FUHD TXH SRU SHUGHU XQ SRFR GH WLHPSR HQ D\XGDU D DOJXLHQ D VXELU DO DXWRE~V HVSHUDUOHXQUDWRRDFRPSDxDUOHSRUHOLQWHULRUVH YDQDFDEUHDUORVGHPiVXVXDULRVYDQDPRQWDUHQ FyOHUD \ YDQ D FUXFLILFDU DOOt PLVPR DO FRQGXFWRU


H[LJLHQGR VXV GHUHFKRV D OOHJDU D WLHPSR D YpWH D VDEHUGyQGH  (V PiV HVH FRPSRUWDPLHQWR SXHGH WHQHU XQ HIHFWR HGXFDWLYR PX\ LPSRUWDQWH FRQ HO UHVWR GH FLXGDGDQRV TXH VHJXUR TXH VH YROFDUiQ HQ D\XGDUQRV D HFKDU XQD PDQR $ YHU VL GH SDVR VH OHVHPSLH]DDFDHUODFDUDGHYHUJHQ]DSRUKDFHUVH ORV GRUPLGRV FXDQGR DSDUHFHQ XQRV DEXHOLWRV FRQ EDVWyQ XQD HPEDUD]DGD R XQ HVFD\RODGR R HVFD\RODGD7RGRSDUDQROHYDQWDUVHGHODVLHQWR  $Vt TXH VL 8G HV FRQGXFWRU GH DXWRE~V VH HQFXHQWUD HQ XQD GH ODV SRVLFLRQHV PiV SURFOLYHV SDUD FRQWULEXLU D IDFLOLWDU OD YLGD GH XQ JUDQ Q~PHUR GH FLXGDGDQRV 8QD DFWLWXG SRVLWLYD FRQVWUXFWLYD HGXFDGD \ FRUWHV XQD VLPSOH VRQULVD HV XQD FRQWULEXFLyQ LQPHGLDWD \ TXH SXHGH JHQHUDU XQ JUDQ EHQHILFLR SDUD RWURV FRQGXFWRUHV\SDVDMHURV,QVLVWRHQVXLPSRUWDQFLD SRUTXH HV XQD SURIHVLyQ HQ FX\R HMHUFLFLR HO Q~PHUR GH SHUVRQDV D ODV TXH DIHFWD HV HQRUPH &ODUR TXH HV GLItFLO SHUR SRFDV FRPR HOOD RIUHFHQ HVWD RSRUWXQLGDG GH DOHJUDU D WDQWD JHQWH GXUDQWH XQDMRUQDGDODERUDO  (O FDVR GH ORV WD[LVWDV DGPLWDPRV TXH GHVGH HO SXQWR GH YLVWD GH ORV SDVDMHURV RIUHFH PHQRV SRVLELOLGDGHV SRU VHU VX RFXSDFLyQ UHGXFLGD HQ


FDGD VHUYLFLR (Q FXDQWR D OD DIHFFLyQ DO WUiILFR WDPELpQ HV PHQRU SHUR GDGR TXH VH WUDWD GH XQ FROHFWLYR PX\ QXPHURVR \ DGHPiV XQ YHUGDGHUR UHIHUHQWH SRGUtDQ HMHUFHU XQ LPSRUWDQWH FRPSRQHQWH SUHVFULSWLYR \ HGXFDWLYR $Vt TXH PH SHUPLWR VXJHULU OR LPSRUWDQWH TXH HV DGRSWDU XQD SRVWXUDPRGpOLFD\SRUVXSXHVWRUHVSHWXRVDFRQODV QRUPDV GHWUiILFRSHURPiV D~QFRQYLUWLpQGRVHHQ HOUHIHUHQWHGHODHGXFDFLyQ\ODFRUWHVtDDOYRODQWH  'HWRGDVPDQHUDVVLHPSUHSRGHPRVHQFRQWUDU HMHPSORV GH VLWXDFLRQHV HQ ODV TXH FRPSRUWDUVH GH XQDIRUPDXQSRFRGHWDOOLVWDSXHGHQHYLWDUDOJXQDV PROHVWLDVRDOPHQRVIDFLOLWDUXQSRFRODYLGDGHORV GHPiV < VL QR WDQ GLItFLO UHVXOWD VHU XQ SRFR FXLGDGRVR DO SDUDU SDUD UHFRJHU R GHMDU XQ FOLHQWH HYLWDQGR HQWRUSHFHU OR PiV SRVLEOH HO WUiILFR GH ORV TXHOHVVLJXHQ"  5HFXHUGHQ D ORV FDPLRQHURV 'RQGH HVWi DTXHO HOHJDQWH FyGLJR GH FRQGXFWD TXH KDFtD WDQ DPDEOH \ JUDWLILFDQWH OD FRQGXFFLyQ VREUH WRGR QRFWXUQD D EDVH GH VDOXGRV \ DYLVRV FRQ LQWHUPLWHQWHVWRTXH GH ERFLQDV R UiIDJDV GHOXFHV DFRPSDxDGRV FRQ FRUWHVHV FHVLRQHV GH SDVR" &ODURTXHODPDVLILFDFLyQKDGDGRSDVRDOWHGLR\OD QHFHVLGDG GH FRQYLYHQFLD GHVDSDUHFH QR HV XQD SHQD"3URIHVLyQHOHJDQWH\VROLGDULDGRQGHODVKD\D \ TXH KD SHUGLGR JUDQ SDUWH GH HVH HVStULWX GH


FRQYLYHQFLD \ VROLGDULGDG 1R GHEHUtDPRV UHVFDWDU XQ SDFWR SDUD UHFXSHUDU XQD HVSHFLH GH FyGLJRGH FRQGXFWD D OD DQWLJXD XVDQ]D" 9DOH SHUR WHQJD FXLGDGR FRQ TXH OD *XDUGLD &LYLO QR LQWHUSUHWH ODV VHxDOHVFRPRDYLVRVLQDGHFXDGRV\OHVFRQYLHUWDHQ ILUPHV FDQGLGDWRV DO FRUUHVSRQGLHQWH FDVWLJR 4Xp ODVWLPD $GPLWR TXH DYLVDU GH TXH HVWi HO UDGDU SXHGDQRVHUPX\OHJDOHLQFOXVRSRFRpWLFR\QROR UHFRPLHQGR SHUR HO UHVWR GH DYLVRV FRQWULEX\HQ D XQD FRQGXFFLyQ PiV HQWUHWHQLGD \ VHJXUDPHQWH PiVVHJXUD  3RU VXSXHVWR TXH HO SDUDGLJPD GHO VHUYLFLR DO FOLHQWH\ODDWHQFLyQDOXVXDULRQRVODHQFRQWUDPRV HQORVIXQFLRQDULRVS~EOLFRVQDWXUDOPHQWHORVTXH REHGHFHQDOHVWHUHRWLSRGHOTXHVHHQFXHQWUDWUDVOD YHQWDQLOOD \ FX\D PLVLyQ HV HVWULFWDPHQWH OD DWHQFLyQ SHUVRQDO VHD WDO FXDO R SRU WHOpIRQR 'HVGH OXHJR HV WDQ VROR OD VDELGXUtD SRSXODU \ HO H[FHVR GH VLPSOLILFDFLyQ OR TXH QRV OOHYD D UHFRQRFHU HVWH HOHPHQWR LPSUHVFLQGLEOH HQ HO SDQRUDPD VRFLDO HVSDxRO \ HQ VX FXOWXUD OLWHUDULD OD GHO IDPRVR YXHOYD XVWHG PDxDQD  /D YHUGDG HV TXHKR\HQGtDSRGHPRVFRQVLGHUDUGHVWHUUDGDHVWD DFWLWXG \D TXH HO QLYHO GH DWHQFLyQ \ SURIHVLRQDOLGDG HQ JHQHUDO KD PHMRUDGR PXFKR OOHJDQGR D VHU PiV TXH QRWDEOH 3HUR OR YHUGDGHUDPHQWH UHOHYDQWH HV LQVLVWLU HQ OD LPSRUWDQFLD TXH WLHQH HO SDSHO GHO IXQFLRQDULR


FRPR SLH]D FODYH GH OD UHODFLyQ HQWUH OD $GPLQLVWUDFLyQ   TXH VRPRV WRGRV  FRQ HVRV PLVPRVTXHVRPRVFXDQGRQRVHQFRQWUDPRVDORWUR ODGR /D GHELGD GLOLJHQFLD \ DPDELOLGDG SXHGHQ FDXVDU XQ HIHFWR VXPDPHQWH EHQHILFLRVR GH XQD IRUPD LQPHGLDWD PLHQWUDV TXH DO FRQWUDULR OD GHMDGH]SXHGHFUHDUXQHQRUPHSRVRGHGHVLOXVLyQ H LQFOXVR OOHJDU D HURVLRQDU HO SURSLR IXQFLRQDPLHQWRGHWRGRXQSDtV  <R OHV VXJHULUtD D ORV HPSOHDGRV S~EOLFRV SRU RWUD SDUWH TXH QR VH OLPLWHQ HVWULFWDPHQWH DO FXPSOLPLHQWR GH VXV IXQFLRQHV 6HJXUR TXH OHV VXUJHQ QXPHURVDV RFDVLRQHV HQ TXH SXHGHQ DSRUWDU DOJR PiV DXQTXH VHD VyOR SDUD D\XGDU D ORV FLXGDGDQRV D EXFHDU HQWUH ORV HQWUHVLMRV GH OD DGPLQLVWUDFLyQ 'H QXHYR QR HVWi REOLJDGR D RIUHFHUXQDVRQULVDSHURVHJXURTXHOHKDFHVHQWLU PiVIHOL]  4XpGXGDFDEHTXHSURIHVLRQHVFRPRERPEHUR SROLFtD PpGLFR R HQIHUPHUR WLHQHQ XQ LPSDFWR LQPHGLDWRHQODYLGDGHRWUDVSHUVRQDV\VHSUHVWDQ D DFWXDFLRQHV JHQHUDGRUDV GH VXPR RUJXOOR /R PLVPR SRGHPRV GHFLU VREUH ORV PDHVWURV R SURIHVRUHV VREUH ORV TXH GHVFDQVD HO IXWXUR GH OD VRFLHGDG 3HUR FXDOTXLHU LQJHQLHUR DOEDxLO R HOHFWULFLVWD FRPHUFLDQWH SDVWHOHUR X RSHUDULR GH



IiEULFD WLHQHQ XQD JUDQ UHVSRQVDELOLGDG \ GHEHQ DFRPHWHUVXWUDEDMRFRQODPD\RUGLOLJHQFLDSRVLEOH  &XiO SXHGH VHUHO GDxR TXHSXHGH FDXVDU XQ LQJHQLHUR GH FDPLQRV R HO UHVSRQVDEOH GH GLVHxDU XQD URWRQGD R GH VX VHxDOL]DFLyQ VL QR OR KDFH GLOLJHQWHPHQWH" 6RPRV DFDVR FRQVFLHQWHV GHO WUHPHQGR GDxR TXH VH SXHGH RFDVLRQDU SRU QR KDEHUVLGRFXLGDGRVRHQVXSUR\HFWRGHGLVHxRRHQ HOSRVWHULRUFXLGDGRRYLJLODQFLDGHGLFKDVVHxDOHV" (QFXDQWDVRFDVLRQHVVHKDQSURGXFLGRDFFLGHQWHV SRU FXOSD GH XQ GHILFLHQWH GLVHxR GH XQD LQDGHFXDGD VHxDOL]DFLyQ R HO GHVFXLGDGR PDQWHQLPLHQWRGHDOJXQDGHDPEDV"  /DGHMDGH]RHOGHVLQWHUpVVRQWDQJUDYHVFRPR ODSURSLDDFFLyQ)tMHVHXQDFRVD6L8GVHHQFDUJD GH WDUHDV GH PDQWHQLPLHQWR GH XQD FDUUHWHUD \ QR VH WRPD HO GHELGR LQWHUpV HQ VHxDOL]DU XQD REUD R HQ UHWLUDU OD VHxDOL]DFLyQ XQD YH] DFDEDGD SXHGH GDU OXJDU D XQ DFFLGHQWH WDO YH] PRUWDO (VWD VLWXDFLyQ VH KD GDGR HQ PXOWLWXG GHRFDVLRQHV /D VLPSOH GLOLJHQFLD HQ KDEHU REUDGR ELHQ SXGLHUD KDEHU HYLWDGR XQD FDWiVWURIH OR TXH QRV VLW~D REMHWLYDPHQWH HQ HO PLVPR QLYHO GH UHVXOWDGRV TXH OD LQWHUYHQFLyQ GH XQ ERPEHUR R JXDUGLD FLYLO HQ WDUHDGHUHVFDWH3HRUD~QPLHQWUDVHQXQFDVROD LQWHUYHQFLyQGHXQRV DJHQWHVGHORUGHQ REHGHFHD FRUUHJLU R PLQLPL]DU XQ HIHFWR LQHVSHUDGR H


LPSUHYLVLEOH OR FXDO VLHPSUH VXSRQH OD H[LVWHQFLD GHXQGDxRHQHOFDVRGHORVRWURVVXLQWHUYHQFLyQ KXELHUD VHUYLGR GLUHFWDPHQWH SDUD HYLWDU HO GDxR FRQ OR TXH HO HIHFWR KXELHUD VLGR VLHPSUH PXFKR PHQRU (VWD GHMDGH] VH FRQYLHUWH VLPSOH \ OODQDPHQWHHQFXOSDELOLGDG  4XH HVWDPRV H[DJHUDQGR" 3XHV YDPRV D LQVLVWLU VREUH XQR GH ORV FDVRV DQWHULRUHV 2EVHUYHPRVFRPRXQDFRVDDSULRULLQWUDVFHQGHQWH SXHGH WHQHU XQD JUDQ UHSHUFXVLyQ 4Xp VXFHGH FXDQGR QR VH UHWLUDQ ODV VHxDOHV GH SUHFDXFLyQ R SHOLJUR GH XQD FDUUHWHUD HQ REUDV DO GHMDU GH VHU QHFHVDULDV" 3XHV TXH D OD WHUFHUD R FXDUWD YH] ORV FRQGXFWRUHVGHMDQGHSUHVWDUOHVDWHQFLyQ2FXDQGR VH SRQH XQD VHxDO GH JLUR SURKLELGR HQ XQ OXJDU DEVROXWDPHQWH LQMXVWLILFDGR R FXDOTXLHU RWUD VLWXDFLyQ VLPLODU HQWUH ODV TXH GHVWDFDQ DOJXQRV DEVXUGRV OtPLWHV GH YHORFLGDG 7DO \ FRPR VH SRQH GHPDQLILHVWRHQODIiEXODGHOSDVWRU\HOORERDOD WHUFHUDYH]TXHVHDYLVDVHGHMDGHFUHHUHQpO\DO ILQDO VH SURGXFHQ ORV DFFLGHQWHV 'HVGH OXHJR QR HVWi MXVWLILFDGD HQ PRGR DOJXQR OD LQREVHUYDQFLD \ WUDQVJUHVLyQGHODVVHxDOHVSRUPX\DEVXUGDVTXH VHDQSHURHOVLPSOHKHFKRGHORVDFFLGHQWHVTXHVH RFDVLRQDQ SRU ODGHVLGLDGHORVUHVSRQVDEOHVHQVX PDQWHQLPLHQWRVLW~DDHVWRVLQGLVFXWLEOHPHQWHHQ ODFRQGLFLyQGHFXOSDEOHV&UHH8GDGPLVLEOHTXH SRU QR WRPDUVH XQ SRFR GH FXLGDGR H LQWHUpV HQ


SHQVDU HQ ORV GHPiV HVWi H[HQWR GH UHVSRQVDELOLGDG IUHQWH D ODV WUDJHGLDV D TXH SXHGH GDU OXJDU" 6LQ GXGD HV XQ SHFDGR GH RPLVLyQ 'HVGH OXHJR TXH QR HV FXOSD VX\D HVWULFWDPHQWH KDEODQGR SHUR HO KHFKR GH TXH VL KXELHUD KHFKR RWUD FRVD KXELHUD HYLWDGR XQ GDxR OH FRQYLHUWH DXWRPiWLFDPHQWHHQUHVSRQVDEOH\FXOSDEOH  /R PDOR GH WRGR HVWR HV TXH DGHPiV VH SURGXFH XQ HIHFWR D~Q PiV SHUYHUVR DO ILQDO VH SLHUGHODFRQILDQ]DHQHOSURSLRVLVWHPD\SUHYDOHFH XQD VHQVDFLyQ GH LPSXQLGDG GH GHVDOLHQWR \ GHVFRQILDQ]D FRQ HO IXQFLRQDPLHQWR GH OD $GPLQLVWUDFLyQ TXH HQ QDGD FRQWULEX\H D PHMRUDU ODVRFLHGDG  /D GHMDGH] \ GHVLQWHUpV HQ HO WUDEDMR VHD FXDO VHD HV DEVROXWDPHQWH LPSHUGRQDEOH $VXPD FRPR SULQFLSLR IXQGDPHQWDO GH VX YLGD TXH GHEH HVPHUDUVH DO Pi[LPR HQ VX WUDEDMR 1LQJXQD FRQFHVLyQDODGHVLGLD  8QD SURIHVLyQ TXH HQ UHDOLGDG WDO YH] QR SRGDPRVFRQVLGHUDUFRPRWDOSHURTXHFLHUWDPHQWH REHGHFH D XQ SDWUyQ GH FRPSRUWDPLHQWR GHWHUPLQDGR\DGHPiVVHHQFXHQWUDGRWDGDGHXQD LPSRUWDQWH DXUHROD GH LQIOXHQFLD SDUD ELHQ R SDUD PDO HV VLQ GXGD OD GH HPSUHVDULR 2 PiV ELHQ SRGUtDPRV KDEODU GH GLUHFWLYR HQ JHQHUDO 3DUD


QXHVWURVHIHFWRV\HQFXDQWRDORTXHWLHQHTXHYHU FRQODVUHODFLRQHVKXPDQDVQRYDPRVDHVWDEOHFHU XQD HVSHFLDO GLVWLQFLyQ HQWUH DPERV WpUPLQRV QL VHU PX\ SUHFLVRV HQ LGHQWLILFDU VX DOFDQFH 1RV YDPRV D FRQIRUPDU FRQ FRPSUHQGHU \ DGPLWLU HO VHQWLGR TXH WLHQH HO KHFKR GH WUDWDUVH GH SHUVRQDV TXHWLHQHQHOSRGHUGHGHFLGLUVREUHODDFWLYLGDGGH RWUDV SHUVRQDV HV GHFLU HO HMHUFLFLR GHO PDQGR (Q XQRV FDVRV DGPLQLVWUD ORV UHFXUVRV \ GHFLGH VREUH VXXWLOL]DFLyQ\UHSDUWRRELHQGLVSRQHGHODDFFLyQ GHORVGHPiV/RFLHUWRHVTXHVXVDFFLRQHVHMHUFHQ XQD LQIOXHQFLD PX\ LPSRUWDQWH VREUH XQ FRQMXQWR VLJQLILFDWLYRGHSHUVRQDV  $O HVWXGLR GH HVWD DFWLYLGDG HV D OD TXH VH GLULJHQSRUFLHUWR\GHKHFKRXQDJUDQSDUWHGHORV OLEURV GH DXWRD\XGD R GH JHVWLyQ HPSUHVDULDO $O ILQDOFXDQGRGHODIXQFLyQGLUHFWLYDQRVRFXSDPRV HQVXHMHUFLFLRVLHPSUHQRVHQFRQWUDUHPRVFRQTXH EiVLFDPHQWH VH WUDWDUi GH OD FRQMXQFLyQ GH GRV IDFWRUHVODFDSDFLGDGWpFQLFDRDSWLWXG\ODDFWLWXG R LQWHQFLyQ (VWD HV SDUD QRVRWURV OD PiV LPSRUWDQWH (O EXHQ JHVWRU RFXSD XQ SDSHO LPSRUWDQWH\HMHUFHXQDJUDQLQIOXHQFLDQRVyORHQ HO HQWRUQR GH OD RUJDQL]DFLyQ HQ HO TXH VH PXHYH VLQR TXH WDPELpQ DEDUFD FXDQGR PHQRV D SURYHHGRUHV FOLHQWHV DGPLQLVWUDFLRQHV \ D ODV SHUVRQDVTXHIRUPDQSDUWHGHHVWDVRUJDQL]DFLRQHV 


1RFDEHODPHQRUGXGDGHTXHHOHPSUHVDULRGH p[LWRHVHOTXHHVEXHQR2DOUHYpVHOTXHHVEXHQ HPSUHVDULR DOFDQ]D HO p[LWR 4XH SRU FLHUWR QR HV WDQHYLGHQWHGHUHFRQRFHUSRUTXHQRWRGRHOPXQGR SHUVLJXH ORV PLVPRV REMHWLYRV \ SRU WDQWR VX SHUFHSFLyQ GHO p[LWR VHUi GLIHUHQWH 1R YDPRV D LQVLVWLUHQHVWHFRQFHSWRQLGLVFXWLUVREUHpOSHURHO UHFRQRFLPLHQWR GH HVWD VXWLOH]D UHYLVWH XQD LPSRUWDQFLDFUXFLDO  8QD GH ODV SULQFLSDOHV WDUHDV GHO JHVWRU HV OD GH HMHUFHU HO PDQGR R HO OLGHUD]JR FRPR WDQ GH PRGDHVWiGHQRPLQDUORKR\HQGtD$OILQ\DOFDER VHWUDWDQLPiVQLPHQRVGHFRQVHJXLUTXHFDGD XQRKDJDORTXHHIHFWLYDPHQWHVHHVSHUDGHpO\GH ODPDQHUDHQTXHUHDOPHQWHVHGHVHD%XHQRSXHV GHVSXpV GH GDUOH PXFKDV YXHOWDV DO ILQDO H[LVWH XQD YHUGDG PX\ VHQFLOOD OD PHMRU PDQHUD GH JHVWLRQDU \ OLGHUDU DO SHUVRQDO HV VHU MXVWR < HVWR TXLHUH GHFLU TXH GHEHPRV VHU FDSDFHV GH SHGLU D FDGD XQR OR TXH FRUUHVSRQGH HQ IXQFLyQ GH VX FDSDFLGDG\GHOSXHVWRTXHRFXSD  ([LVWHQPXFKDVUD]RQHVSRUODVTXHXQRSXHGH SODQWHDUVH XQ FDPELR GH WUDEDMR SHUR XQD GH ODV PiVLPSRUWDQWHV\ODTXHHQODPD\RUSDUWHGHODV RFDVLRQHV VH FRQYLHUWH HQ HO GHWRQDQWH ILQDO GHO PLVPRQDWXUDOPHQWHVLUHDOPHQWHH[LVWHODRSFLyQ HVODH[LVWHQFLDGHXQDPDODUHODFLyQFRQHOMHIH


(Q HIHFWR HO PXQGR ODERUDO HVWi VRPHWLGR D QXPHURVDV FLUFXQVWDQFLDV SHUR OR TXH GHILQLWLYDPHQWH FRQVWLWX\H HO SULQFLSDO IRFR GH WHQVLyQ R GH SUHVLyQ HV OD DFWLWXG GHO VXSHULRU LQPHGLDWR  (V LPSHUDWLYR DVHJXUDU XQ WUDWR MXVWR \ DGHFXDGR VLHPSUH H[LJLU \ UHFRPSHQVDU OR MXVWR 8QR GH ORV SULQFLSDOHV HUURUHV TXH VH FRPHWHQ YLHQH GHULYDGR GH QXHYR SRU OD GHMDGH] \ HO GHVLQWHUpV TXH DOFDQ]DQ VX Pi[LPD H[SUHVLyQ FXDQGR VH VXJLHUHQ R LQFOXVR VH SURPHWHQ OD FRQVHFXFLyQ GH JUDQGHV ORJURV H LQFOXVR HO DOFDQFH GH UHFRPSHQVDV TXH OXHJR QR VH YHQ UHIOHMDGDV HQ OD UHDOLGDG 8QD GH ODV PDQLIHVWDFLRQHV PiV LQGLJQDQWHVGHHVWHFDVRVHSURGXFHFXDQGRHQXQ WtSLFR ODQ]DPLHQWR GH XQ SUR\HFWR HPSUHVDULDO VREUH WRGR VL VH WUDWD GH XQ SUR\HFWR PX\ DPELFLRVR FRQ LPSRUWDQWHV UHFXUVRV GHWUiV VH SURPHWHQ LPSRUWDQWHV ORJURV VH SURSRQH OD FUHDFLyQGHWRGDXQDILORVRItDHPSUHVDULDOVHYHQGH D ORV HPSOHDGRV XQ SUR\HFWR GH IXWXUR SRU VXSXHVWR FRQ JUDQGHV H[LJHQFLDV \ HO FRPSURPLVR GH DXQDU HVIXHU]RV HWF (Q GHILQLWLYD DPELFLRVDV SURPHVDV TXH D OD SULPHUD GH FDPELR \ QR VLHPSUH FXDQGR ODV VLWXDFLRQHV VH WRUQDQ GLItFLOHV OR FXDO D~Q DGPLWLUtD FLHUWD MXVWLILFDFLyQ FDHQ GLUHFWDPHQWH HQ VDFR URWR 2 VHD VH SUDFWLFD OD SROtWLFD GH TXH FXDQGR KD\ TXH DSUHWDUVH HO


FLQWXUyQ OR KDFpLV VREUH WRGR YRVRWURV SHUR FXDQGRKD\TXHUHSDUWLUVHORVIUXWRVORVUHFRJHPRV VREUHWRGRQRVRWURV6LHVWRQRHVYHUGDGTXHVHOR SUHJXQWHQ D PXFKRV GDPQLILFDGRV GH DTXHOOD IDPRVDQXHYDHFRQRPtDGHILQDOHVGHOVLJORSDVDGR GHODTXHFDVLQDGLHVHDFXHUGD\D  

  1R SURPHWD QXQFD OR TXH QR SXHGD FXPSOLU \ VREUHWRGRQRPLHQWD6XVHPSOHDGRVOHSHUGRQDUDQ ORVHUURUHV DXQTXHQRVHORJDUDQWL]R SHURQXQFD ODV PHQWLUDV 3RU XQD VHQFLOOD UD]yQ SRUTXH ORV HUURUHVSXHGHQVHUIUXWRGHQXPHURVDVFDXVDV\DO PHQRV VH SXHGH SHQVDU HQ TXH LQWHQWDUi HYLWDUORV ODSUy[LPDYH]3HURODPHQWLUDHVIUXWRGHXQDFWR YROXQWDULR \ TXLHQ PLHQWH XQD YH] QR H[LVWH UD]yQ



SDUD TXH QR YXHOYD D KDFHUOR XQD VHJXQGD $GHPiV ORV HPSOHDGRV QR VRQ LGLRWDV \ VH GDUiQ FXHQWDHQVHJXLGD  /DV OH\HV GHO OLGHUD]JR \ GHO EXHQ JHVWRU KDQ VLGR YDOLGDV WRGD OD YLGD 3RU TXp DOJXQDV HPSUHVDV KDQ IXQFLRQDGR \ RWUDV QR" 3XHV EiVLFDPHQWHSRUORTXHKHPRVHVER]DGRKDFHXQRV PRPHQWRV(VREYLR TXHVLQRGLVSRQHPRVGHXQD EXHQD LGHD GHWUiV \ QR H[LVWH XQ PHUFDGR UHDO \ XQRVUHFXUVRVFRQORVTXHVXPLQLVWUDUOHSURGXFWRV QR WLHQH VHQWLGR XQ SUR\HFWR HPSUHVDULDO 3HUR VXSXHVWRTXHH[LVWDODSRVLELOLGDGGHXQDDFWLYLGDG SURGXFWLYD OR FLHUWR HV TXH XQDV HPSUHVDV WLHQHQ p[LWR PLHQWUDV TXH RWUDV HQ LJXDOGDG GH FRQGLFLRQHVQRRDOPHQRVSRGHPRVREVHUYDUFyPR VXV UHVXOWDGRV VRQ GLIHUHQWHV 3RU WDQWR VL ODV FRQGLFLRQHVGHFRQWRUQRVRQODVPLVPDVHVWiFODUR TXH OD GLIHUHQFLD VyOR SXHGH HQFRQWUDUVH HQ OD FDOLGDGGHODGLUHFFLyQ  < DSDUWH GH ORV SURSLRV FRQRFLPLHQWRV \ KDELOLGDGHV GH FDUiFWHU PHUDPHQWH WpFQLFR TXH GHEDQ UHXQLU ODV SHUVRQDV TXH HMHUFHQ HVWH FRPHWLGR HO HOHPHQWR IXQGDPHQWDO \ TXH FDUDFWHUL]D HVWD IXQFLyQ HV HO GH OD SURSLD FDSDFLGDG GLUHFWLYD -HIHV KDQ H[LVWLGR VLHPSUH EXHQRV MHIHV HV RWUD FRVD (Q HIHFWR XQR GH ORV SDUDGLJPDVGHODJHVWLyQHPSUHVDULDOKR\HQGtDOR


FRQVWLWX\H HO PDQRVHDGR OLGHUD]JR 3HUR HQ HVWR YDPRV D VHU VLQFHURV HV TXH HV YHUGDG VHQFLOODPHQWHHVORPiVLPSRUWDQWH  2WURGHORVSDUDGLJPDVORFRQVWLWX\HVLQGXGD ODQHFHVLGDGGHGHGLFDUXQHVIXHU]RFRQWLQXRKDFLD OD LQQRYDFLyQ HV PiV VH UHTXLHUH XQD FODUD YRFDFLyQ \ RULHQWDFLyQ KDFLD HOOD (VWR UHTXLHUH GHVDUUROODU \ PRWLYDU OD H[LVWHQFLD GH XQD PHQWH DELHUWD/RTXHLQGHIHFWLEOHPHQWHOOHYDDOWUDEDMRHQ HTXLSR\DOHVIXHU]RFRQMXQWRTXHDVXYH]UHTXLHUH OD H[LVWHQFLD GH XQ PDUFR GH FRQILDQ]D SDUD GHVDUUROODUHOHTXLSRKXPDQRTXHHVFRQORTXHVH OHV OOHQD OD ERFD D WRGRV ORV EULOODQWHV HMHFXWLYRV \ OtGHUHVHQJHVWLyQOR PiVLPSRUWDQWHHVVLHPSUHHO HTXLSR KXPDQR $Vt GLFKR QR SRGHPRV HVWDU PiV GHDFXHUGR  $XQTXHKDEUtDTXHYHUVLORHVVyORSDUDGHFLUOR HQ FRQIHUHQFLDV HQ SUHVHQWDFLRQHV D OD SUHQVD HQ ODV PHPRULDV DQXDOHV HQ ODV GHFODUDFLRQHV GH LQWHQFLRQHVGHOPDQXDOGHFDOLGDGHQORVSDQIOHWRV GHUHFXUVRVKXPDQRVRWDPELpQWLHQHVXYHUGDGHUR UHIOHMRHQ XQD UHDOLGDG TXH ORV HPSOHDGRV SHUFLEHQ FRPR WDO (Q UHVXPHQ VL VH WUDWD GH SXUD SURSDJDQGD R UHIOHMR GH XQD YHUGDGHUD ILORVRItD GH JHVWLyQ 



3XHV ELHQ FRPR \D KHPRV GLFKR HQ OD FRQVHFXFLyQ GH HVWH SURSyVLWR VH HQFXHQWUD OD HVHQFLD GH OD FDSDFLGDG GLUHFWLYD HO HMHUFLFLR GH OD SURIHVLyQ GH MHIH (O MHIH HV HO PRWRU HO OtGHU HO FRQVHJXLGRU GHO JUXSR QR HOH[SORWDGRU QL HO OiWLJR IXVWLJDGRUGHORVLQIHOLFHVTXHWLHQHSRUGHEDMR  (V YLWDO TXH ODV SHUVRQDV DGPLWDQ GH EXHQ JUDGR TXH SHUWHQHFHQ D XQ JUXSR D XQD RUJDQL]DFLyQ FRQ OD TXH FRPSDUWHQ REMHWLYRV H LGHDOHV 0iV YDOH FRPSDUWLU SRFR SHUR TXH VHD GH YHUGDG(VYLWDOSXHVQRFUHDUIDOVDVH[SHFWDWLYDV\ VHUKRQHVWRFRQORVHPSOHDGRV(VRHVVHUMXVWR$Vt QRVHYHUiQIUXVWUDGDVODVH[SHFWDWLYDVLQGLYLGXDOHV QL FROHFWLYDV SULQFLSDO FDXVD GHO GHViQLPR \ SRU FRQVLJXLHQWH GH UHGXFFLyQ HQ HO JUDGR GH FRPSURPLVR DVXPLGR OR TXH FRQGXFH DXWRPiWLFDPHQWH D XQ GHVFHQVR GH OD SURGXFWLYLGDG(VRUHTXLHUHDWHQFLyQ\FRPSURPLVR 1DGDGHGHFLUXQDFRVD\OXHJRKDFHURWUD  (Q HO IRQGR HVWDPRV GLFLHQGR XQD FRVD WDQ VHQFLOODXQDYHUGDGFRPRXQWHPSORFRPRTXHOD JHQWH QR HV LGLRWD \ IXQFLRQD SRU LQFHQWLYRV TXH QDWXUDOPHQWHQRWLHQHQSRUTXpVHUVyORGHFDUiFWHU HFRQyPLFRQLPXFKRPHQRV<PXFKRFXLGDGRSRU FLHUWR KDFHPRV XQD DGYHUWHQFLD SRUTXH QR YDOHQ ORV WUXTXLWRV WtSLFRV TXH VH H[SOLFDQ HQ ORV FXUVRV GH YHQWDV \ PRWLYDFLyQ FRPR HO UHFXUVR DO XVR GH


SDOPDGLWDVHQODHVSDOGDDODEDQ]DV\SHORWHRV(VR YDOH SUHFLVDPHQWH SDUD ORV WRQWRV SHUR OD JHQWH OR HVPHQRVGHORTXHSDUHFH+D\PHQRVWRQWRVGHOR TXH SDUHFH \ HVWRV OR VRQ HQ PHQRU PHGLGD GH OR TXHVHSXHGHHVSHUDU6yORVL H[LVWHXQDYHUGDGHUD DFWLWXG GH QREOH]D \ MXVWLFLD GHWUiV GH ORV PHFDQLVPRVGHLQFHQWLYRVHVWRVGDUiQUHVXOWDGR  &ODUR HVWi VL GH OR TXH VH WUDWD HV GH FRQWDU FRQ HO PHMRU SHUVRQDO SRVLEOH OD SROtWLFD GH UHFXUVRV KXPDQRV GHEHUtD VHU HO HMH VREUH HO TXH SLYRWDVHQWRGDVODVRUJDQL]DFLRQHV3RUHVRVHKDEOD WDQWRGHODFDSWDFLyQ\UHWHQFLyQGHOSHUVRQDO3HUR QRVRWURV \D VDEHPRV OR TXH KD\ TXH KDFHU SDUD HOOR\DORKHPRVGLFKR$OILQDOODLGHDEiVLFDHVOD \D HVER]DGD VHU MXVWRV QR GHIUDXGDU ODV H[SHFWDWLYDV GH ODV SHUVRQDV \ SRU VXSXHVWR UHFRUGDUTXHODSULQFLSDOUD]yQSRUODTXHVHYDOD JHQWHHVSRULQFRPSDWLELOLGDGFRQHOMHIH  0XFKR FXLGDGR SRUTXH OD MXVWLFLD UHTXLHUH HO UHFRQRFLPLHQWR GHO WUDEDMR ELHQ KHFKR SHUR WDPELpQ H[LJH VHU HVWULFWR HQ OD DGPLQLVWUDFLyQ GHO UHFRQRFLPLHQWR R FRQVHQWLPLHQWR LQPHUHFLGR  8QD GHODVSHRUHVFRVDV\GHHIHFWRVPiVQHIDVWRVVREUH ODPRUDOGHXQJUXSRYLHQHGDGDSRUODSHUFHSFLyQ GHODH[LVWHQFLDGHXQDDFWLWXGGHFRQGHVFHQGHQFLD FRQ TXLHQ QR VH OR PHUHFH &XLGDGR SRUTXH QR DERUGDU HVWH WLSR GH VLWXDFLRQHV GLItFLOHV FDVL


VLHPSUH VXSRQH WDQ VyOR SRVSRQHU HQ HO WLHPSR OD VROXFLyQ D XQ SUREOHPD VX HQTXLVWDPLHQWR H LQFOXVR  FDVL VLHPSUH  VX HPSHRUDPLHQWR < VX HIHFWRSXHGHVHUGHPROHGRU\DTXHYDHQFRQWUDGHO SULQFLSLR GH MXVWLFLD TXH KHPRV GHIHQGLGR 6L 8G SRU WHPRU R FRPRGLGDG HQ UHVXPHQ SRU FREDUGtD QR FRJH HO WRUR SRU ORV FXHUQRV FXDQGR GH HVWDEOHFHUGLVFLSOLQDVHWUDWDHVWiKDFLHQGRPDOVX WUDEDMR\QRVHDGPLWHPiVGLVFXVLyQ  'HVGHOXHJRTXHDQWHODDSOLFDFLyQGHPHGLGDV GH FDVWLJR MXVWDV D ORV TXH VH OR PHUHFHQ DIORUDUiQ LQPHGLDWDPHQWH ODV FUtWLFDV FRPHQWDULRV LQVLGLRVRV \ ODV GHVFDOLILFDFLRQHV GH ORV TXH MXVWDPHQWHKDQVLGRVDQFLRQDGRVGHVGHOXHJR3RU VXSXHVWR ORV MHIHV VHUiQ EODQFR GH WRGR WLSR GH LPSURSHULRV H LQVXOWRV $O ILQ \ DO FDER VRQ XQRV LQ~WLOHV SRU HVR SUHFLVDPHQWH HVWiQ DKt  3HUR OD QDWXUDOH]D HV VDELD \ HO WLHPSR SURQWR SRQH ODV FRVDVHQVXVLWLR3RUPXFKRTXHODSOp\DGHMDOHH\ DSDUHQWHVROLGDUL]DUVHFRQORV JROIRVLQWHUIHFWRVQR VH FUHD TXH VRQ WRQWRV \ TXH QR VH HQWHUDQ GH OD ILHVWD6XDSR\R\VROLGDULGDGVHGHVYDQHFHUiFRPR D]XFDULOOR HQ DJXD $O ILQ \ DO FDER OD VDQFLyQ HV EHQHILFLRVD\MXVWDVREUHWRGRSDUDHOORV   $QWH HVWDV VLWXDFLRQHV FXDOTXLHU HPSOHDGR UHVSRQVDEOH GHEH HYLWDU HQWUDU HQ HO MXHJR GH ODV GHVFDOLILFDFLRQHVGHODGLIDPDFLyQ\GHOIDOVRDSR\R


D ORV LQGHVHDEOHV 1R VH WUDWD VLPSOHPHQWH GH GHVSUHRFXSDUVH VLQR GH QR FRQVHQWLU TXH VH OHV XWLOLFHHQFRQWUDGHRWUDVSHUVRQDV(OGDxRTXHVH SXHGH FDXVDU FRQ OD DFWLWXG FRQWUDULD SXHGH VHU PX\JUDYH1RVHQFRQWUDPRVDQWHXQDVLWXDFLyQHQ OD TXH QR VyOR QR GHEH GDUVH DSR\R D ORV JROIRV VLQR TXH GHEH H[SUHVDPHQWH QHJiUVHOR SDUD HYLWDU GDxRV D TXLHQ REUD GH EXHQD IH ,QVLVWR SRUTXH SDUHFH LQWUDVFHQGHQWH SHUR HO GDxR FDXVDGR D RWUDVSHUVRQDVHVSHFLDOPHQWHFXDQGRGHEHQWRPDU PHGLGDV VXPDPHQWH LQFyPRGDV HV WUHPHQGDPHQWH LQMXVWR \ SXHGH VHU PX\ JUDYH VLHQGR TXH VH QHFHVLWD PiV DSR\R TXH QXQFD (O QR SUHVWDUOHV HVWH DSR\R R VLPSOHPHQWH GHMDUVH DUUDVWUDU SRU OD LQVLGLD HV XQ SHFDGR GH RPLVLyQ PX\ JUDYH IUXWR GH OD LQFRQVFLHQFLD 1R FRQVLHQWD QXQFD SRU WDQWR GHMDUVH DUUDVWUDU SRU ORV FRPHQWDULRV PDOHGLFHQWHV GH TXLHQ VyOR GHILHQGH VXV LQWHUHVHV \ PXFKR PHQRVKDFHUVHSDUWtFLSHRWUDQVPLVRUGHHOORV  7RGDYtD SRGHPRV HQFRQWUDUQRV FRQ RWUR SDUDGLJPD WtSLFR GH OD JHVWLyQ HPSUHVDULDO OD YRFDFLyQSRUFHQWUDUVHHQHOFOLHQWH5HVXOWDTXHHV OD QRYHGDG GHVGH KDFH XQRV DxRV 3XHV YD\D DSRUWDFLyQ (VR \D HVWDED LQYHQWDGR GHVGH KDFH WLHPSR2WUDFRVDHVFyPRORTXHUDPRVOODPDU<OD VHJPHQWDFLyQ \ HO PDUNHWLQJ RQH WR RQH \ HO &50 HVWR TXLHUH GHFLU FXVWRPHU UHODWLRQVKLS PDQDJHPHQW WUDGX]FD 8G PLVPR HV XQ WpUPLQR


\D HVWDQGDU  3XHV WDPELpQ < VL QR TXH VH OR SUHJXQWHQ DO WHQGHUR GHWRGD OD YLGD TXLpQPHMRU TXHpOVHFRQRFHODYLGDGHFDGDXQRGHVXVFOLHQWHV \ GLVSRQH HQ VX FDEH]D GH OD SURGLJLRVD EDVH GH GDWRVTXHOHSHUPLWHSUHJXQWDUDFDGDFOLHQWHSRUHO FXPSOHDxRVGHVXKLMRSRUODVDOXGGHVXPDULGRR LQWHUHVDUVHSRUHOUHVXOWDGRTXHOHKDGDGRHOFRFKH QXHYRTXHVHKDFRPSUDGR"  (V HYLGHQWH TXH FDGD SHUVRQD TXLHUH VHU WUDWDGDFRPR~QLFD\TXHVHOHFRQVLGHUHFRPRWDO 3HUR HVR HV OR TXH UHDOPHQWH HVWDPRV KDFLHQGR"6HOHSUHJXQWDDOFOLHQWHORTXHTXLHUHR VH WLHQH UHDOPHQWH OD LQWHQFLyQ GH DYHULJXDUOR" 2 WDQVyORVHOHPDUHDFRQSDODEUDVDPDEOHVSDUDTXH OR SDUH]FD" 3HUR VL UHVXOWD TXH GH WRGD OD YLGD OODPDU DO FOLHQWH SRU VX QRPEUH FRQRFHU VXV JXVWRV SUHJXQWDU SRU VX IDPLOLD GDUOH FRQYHUVDFLyQ HV HO YLYR HMHPSOR GH XQD SROtWLFD GH ILGHOL]DFLyQ$KRUDUHVXOWDTXHKHPRVLQYHQWDGRORV SURJUDPDVGHILGHOLGDGSRUSXQWRV EXHQRDOJXQRV GHHOORVVRQ\DPX\DQWLJXRV   1R UHVXOWDED PiV HQWUDxDEOH FXDQGR VH HVSHUDED D OD PDHVWUD GHO SXHEOR SRUTXH OOHJDED WDUGHDODXWRE~VRVHOHUHVHUYDEDDOJRHQODWLHQGD D XQ FOLHQWH VLPSOHPHQWH SHQVDQGR TXH WDO YH] OH SRGUtDLQWHUHVDURVHUHFRJtDXQGRFXPHQWRHQXQD YHQWDQLOOD \ VH JXDUGDED SDUD WUDPLWiUVHOR PiV


WDUGH HQ YH] GH WDQWR IRUPDOLVPR \ SURFHGLPLHQWR WDQWR PHFDQLVPRGH UHFODPDFLRQHV WDQWRVGHUHFKRVWDQWDH[DFWLWXGHQORVKRUDULRV" 1RVHUtDWDOYH]PHMRUFRQVLGHUDUODSRVLELOLGDGGH XQWpUPLQRPHGLR"  'HVGH OXHJR QR HV DGPLVLEOH XQD UHG FXDOTXLHUD GH WUDQVSRUWHV S~EOLFRV TXH LQFXPSOD VLVWHPiWLFDPHQWH XQRV KRUDULRV SHUR OOHYDUOR DO H[WUHPR GH MXVWLILFDU DEVXUGDV H[LJHQFLDV \ FRQYHUWLU FXDOTXLHU HUURU HQ PRWLYR GH UHFODPDFLRQHV QR GHMD GH VHU XQ GHVSURSyVLWR &UHH 8G VLQFHUDPHQWH TXH XQD JUDQ SDUWH GH ODV TXHMDVIXULEXQGDV\UHFODPDFLRQHVTXHYHPRVHQOD WHOHYLVLyQ SRU FXDOTXLHU PRWLYR \ TXH VH FRQYLHUWHQ HQ QRWLFLRQHV HVWiQ UHDOPHQWH MXVWLILFDGDV HQ XQD VRFLHGDG YHUGDGHUDPHQWH HTXLOLEUDGD HQWUH GHUHFKRV\REOLJDFLRQHV"  $XWpQWLFDVWUDJHGLDVDVRPDQDODVSDQWDOODVGH QXHVWURV WHOHYLVRUHV D GLDULR SDUD GHVSHUWDU QXHVWUD LQTXLHWXG FDXVDQGR GHVDVRVLHJR \ VHQVLELOL]iQGRQRV DQWH YHUGDGHURV KRUURUHV FDSDFHVGHDOWHUDUODYLGDGHODVSHUVRQDVHLQFOXVR GH WRGD OD KXPDQLGDG 9DOH TXH SDUD RFXSDU DOJXQRV PLQXWRV HQ OD GHVDQJHODGD SDUULOOD YHVSHUWLQD VHDQ VXILFLHQWHV SHUR FXLGDGR FRQ ODV H[SHFWDWLYDV TXH KDFHQ SHUFLELU D QXPHURVDV SHUVRQDV GDQGR XQD YLVLyQ DEVROXWDPHQWH


GHIRUPDGD GH OD UHDOLGDG 0XFKR FXLGDGR \ DSHODPRV D OD UHVSRQVDELOLGDG GH ORV SURIHVLRQDOHV GH OD WHOHYLVLyQ SRUTXH VRQ FUHDGRUHV GH PRGHORV GH FRPSRUWDPLHQWR \ JHQHUDGRUHV GH H[SHFWDWLYDV UDUDPHQWHMXVWLILFDGDV  $KRUD TXHHVWiQ WDQ GH PRGD ORV VLVWHPDV GH DWHQFLyQ DO FOLHQWH GHQRPLQDGRV FRPR &50 R SRU RWUR FRQMXQWR GH VLJODV PiV R PHQRV SLQWRUHVFDV \ DFHUWDGDV HQUHDOLGDGHQORTXHVHKDQFRQYHUWLGR ODPD\RUSDUWHGHHOORVHVHQLQWULQFDGRVODEHULQWRV GLVHxDGRVSDUDKDFHUGHDPEXODUDOFOLHQWHHQWUHORV PiV RVFXURV UHFRYHFRV GH OD LQFRPSUHQVLyQ KDVWD TXHILQDOPHQWHGHVIDOOHFH3DVDQGRDWUDYpVGHWRGR WLSR GH FDUUXVHOHV GH YRFHV JUDEDGDV FRQ LQVWUXFFLRQHV TXH FRQGXFHQ D QLQJXQD SDUWH < OD YHUGDG HV TXH DO ILQDO VH FRQYLHUWHQ HQ QDGD PiV TXHFHQWURVHPLVRUHVGHOODPDGDV GHWHOHPDUNHWLQJ FRQYHQFLRQDO DGHPiVVXPDPHQWHDJUHVLYDV  7RWDO TXH DO ILQDO KHPRV YXHOWR D LQYHQWDU OD UXHGD 1R HVWDPRV GLFLHQGR TXH HO FOLHQWH R FLXGDGDQR HQ DOJXQRV FDVRV  VLHPSUH WHQJD OD UD]yQ(QPRGRDOJXQRSHURVtPHUHFHHOWUDWRTXH OH FRUUHVSRQGD HQ MXVWLFLD 1R VLHPSUH VH WUDWD GH UHVROYHU ODV FRVDV H LQFOXVR GH DWHQGHU HQ HO DFWR VLQRGHWUDWDUFRQVHQVDWH]\UHVSHWRHVER]DQGRXQ JHVWR GH DPDELOLGDG \ DWHQFLyQ 8QD SHUVRQD D OD TXH QR VH OH GLULJH OD SDODEUD R JUDWLILFD FRQ XQD


VRQULVDDOSRFRWLHPSRWHQGHUiDFDEUHDUVHSHURVL VH OH DFRJH FRQ XQ FRPHQWDULR R VH OH GHVWLQD XQ SRFR GH DWHQFLyQ LQFUHPHQWDUi VX SDFLHQFLD GH XQDIRUPDH[SRQHQFLDO  3RU VXSXHVWR QR VH OH RFXUUD DEXVDU GH ORV VLVWHPDV GH DWHQFLyQ DO FOLHQWH \ GH QLQJXQD PDQHUDOHVLUYDQFRPRVLPSOHH[FXVDSDUDHQJDxDU D ORV FOLHQWHV DXQTXH GHVGH OXHJR OD WHQWDFLyQ SXHGD VHU JUDQGH (VR DGHPiV GH VHU DEVROXWDPHQWH LQPRUDO HQWUD GLUHFWDPHQWH HQ OD FDWHJRUtD GH HVWDID (O HPSUHVDULR GHEH JDQDU GLQHUR SURSRUFLRQDQGR XQ MXVWR LQWHUFDPELR GH VDWLVIDFFLRQHVFRQHOFOLHQWHHVRHVORTXHSUHYDOHFH HQ OD UHODFLyQ FRPHUFLDO GH WRGD OD YLGD HVR HV OR MXVWR\ORTXHODILQDOSURSRUFLRQDEHQHILFLRVDWRGR HO PXQGR (VWDEOHV \ UHFXUUHQWHV \ DGHPiV PHUHFLGRV /R FRQWUDULR ORV VXEWHUIXJLRV SDUD TXH SDUH]FDORTXHQRHVVyOROOHYDUiQDODFDWiVWURIHD PHGLR SOD]R 5HFXHUGH TXH KD\ PHQRV WRQWRV GH OR TXH SDUHFH \ DO ILQDO VH GDQ FXHQWD /D JHQWH WLHQH PHPRULD QR OR ROYLGH < DGHPiV 8G GHEH VHU KRQUDGR \ MXVWR 8VH ORV FDOO FHQWHUV R FRPR VH OODPHQ SDUD PHMRUDU VX QHJRFLR SDUD LQFUHPHQWDU HO YDORU TXH RIUHFH D VXV FOLHQWHV SHUR QR SDUD HQJDxDUOHV 0HMRUH ORV UHVXOWDGRV GHO QHJRFLR \ FRPSiUWDORVHQWUHWRGRV 



&ODURHVWDUHPRVGHDFXHUGRHQTXHXQPpGLFR R HQIHUPHUR VH HQFXHQWUDQ HQ VX DFWLYLGDG FRWLGLDQD FRQ RSRUWXQLGDGHV PiV MXJRVDV SDUD DSRUWDU EHQHILFLRV LQPHGLDWRV D ORV FLXGDGDQRV < WDO YH] VHD DVt HQ FXDQWR DO HIHFWR UHDO SRUTXH VH WUDWD GH XQ DVXQWR TXH DIHFWD D XQD SDUFHOD GH QXHVWUDV YLGDV TXH UHYLVWH XQD HVSHFLDO VHQVLELOLGDG FRPR HV OD GH OD VDOXG 'H KHFKR VHJXUR TXH HVWDPRV GH DFXHUGR HQ TXH HV OR PiV LPSRUWDQWHGHHOODV\VXFXLGDGRFRQVWLWX\HQXHVWUD DEVROXWDSULRULGDG  3HURQRSRGHPRVGHMDUUHGXFLGDODLPSRUWDQFLD GH VX WUDEDMR DO PHUR KHFKR GH OD UHOHYDQFLD \ HIHFWRV SUiFWLFRV GHO PLVPR 7DPELpQ OR HV SRU OD IRUPD HQ TXH GHEH OOHYDUVH D FDER 1R PHQRVSUHFLHPRV OD LPSRUWDQFLD \ HO YDORU GH OD FDOLGDG HQ HO WUDWR KXPDQR TXH HVWi GHWUiV GH VX DFWXDFLyQ 7DQ LPSRUWDQWH HV HIHFWXDU XQ EXHQ GLDJQyVWLFR FRQ DFLHUWR \ SURSRQHU XQ WUDWDPLHQWR DGHFXDGR FRPR OD IRUPD HQ TXH VH WUDWD DO SDFLHQWH < VL QR WHQJD HQ FXHQWD TXH VREUH WRGR SDUD DWHQFLyQ SULPDULD HO HIHFWR EDOViPLFR H LQFOXVR SODFHER TXH WLHQH OD LQWHUYHQFLyQ FRPR SUHVFULSWRU GHO SURIHVLRQDO GH OD PHGLFLQD HV SURGLJLRVD 'H KHFKR VX LPSRUWDQFLD HQ WpUPLQRV HFRQyPLFRV DXQTXH QR KD\D SRGLGR VHU VXILFLHQWHPHQWH FXDQWLILFDGD FUpDPH TXH HV HQRUPH (O EXHQ WUDWR OD VRQULVD OD DWHQFLyQ


SHUVRQDOL]DGD FRQVWLWX\HQ HO PHMRU UHPHGLR SDUD JDQDUVHODFRQILDQ]DGHOSDFLHQWHSDUDIDFLOLWDUTXH FXPSOD FRQ ODV SUHVFULSFLRQHV OR TXH FRQWULEX\H D OD HILFDFLD PpGLFD \ GHO SURSLR VLVWHPD  SHUR WDPELpQ HMHUFH XQ EHQHILFLR LQPHGLDWR GH FDUiFWHU WHUDSpXWLFR  (Q UHVXPHQ QR YDOH FRQIRUPDUVH H LQVWDODUVH HQ OD DXWRFRPSODFHQFLD TXH VXSRQH HO HMHUFHU XQD SURIHVLyQ LPSRUWDQWH YLWDO \ FX\R EHQHILFLR HQ OD VDOXG GH ORV FLXGDGDQRV HV LQPHGLDWR 'HQLQJXQD GH ODV PDQHUDV (QKRUDEXHQD SRU HMHUFHU XQD SURIHVLyQ WDQ QREOH SHUR QR OH SHUGRQDUHPRV GRUPLUVHHQVXVODXUHOHV5HFXHUGHTXHHOTXHKDFH ORTXHSXHGHQRHVWiREOLJDGRDPiVSHURHOTXHVH TXHGD FRUWR HV FXOSDEOH GH RPLVLyQ \ SHFDGRU VL HVFUH\HQWH   3DUD ORV PpGLFRV R UHVSRQVDEOHV GHO VLVWHPD VDQLWDULR1RGHVHVWLPHODLPSRUWDQFLDGHGLVHxDU\ UHVSHWDU XQ EXHQ VLVWHPD GH FLWDV 5HVXOWD DEVROXWDPHQWH YHUJRQ]RVR WHQHU TXH VRSRUWDU LQWHUPLQDEOHVHVSHUDVSDUDVROLFLWDUFLWDR SDUDVHU DWHQGLGRVHQODFRQVXOWDFXDQGRHQODPD\RUSDUWH GH ODV RFDVLRQHV HV IiFLO DSRUWDU XQD VHQFLOOD VROXFLyQ\DTXHVHWUDWDGHXQVLPSOHSUREOHPDGH RUJDQL]DFLyQ LQGXVWULDO R GH WUiILFR SXUDV PDWHPiWLFDV SDUD HQWHQGHUQRV  ,PSHUGRQDEOH TXH SRU QHJOLJHQFLD GH ORV SODQLILFDGRUHV VH


SLHUGDQ PRQWRQHV GH KRUDV GH WUDEDMR R GH OR TXH VHD  \ VH DVLVWD D DQJXVWLRVDV KRUDV GH HVSHUD HQ FRODVRSHRUD~QDODHVSHUDGHXQDFLWDSDUDXQD FRQVXOWDRLQWHUYHQFLyQTXLU~UJLFD  &yPR VH SXHGH HVWDU HVSHUDQGR KRUDV HQ OD FRQVXOWD SDUD TXH WH KDJDQ XQD VLPSOHHFRJUDItD R XQD SUXHED DQDOtWLFD" < HV SHRU D~Q VL VH YH XQ FRQWLQXR GHDPEXODU GH SHUVRQDO GDQGR YXHOWDV \ KDEODQGR GH DXWpQWLFDV EREDGDV GHODQWH GH ORV VXIULGRUHV D ORV TXH SDUHFH TXH VH FRQVLGHUD VLPSOHV HOHPHQWRV GHO PRELOLDULR (O PpGLFR UDUDPHQWH HV FRQVFLHQWH GHO VXIULPLHQWR GHO SDFLHQWH TXH HV FDSD] GH DJXDQWDU PiV DOOi GH OR UD]RQDEOH SRUTXH FODUR HQ VX LJQRUDQFLD VH HQFXHQWUD HQ XQD VLWXDFLyQ GH GHSHQGHQFLD \ VLQ FDSDFLGDGGHUHDFFLyQ6HWUDWDGHXQDFXHVWLyQGH UHVSHWR\GHHOHJDQFLD  <FRPR VLHPSUHWUDWHGHOOHYDUORXQ SRFRPiV DOOi (VWDU KDFLHQGR HFRJUDItDV WRGRV ORV GtDV VHJXURTXHHVXQDXWpQWLFRDEXUULPLHQWRSHURVLVH WUDWDGHXQHPEDUD]RQDGDFDXVDPiVVDWLVIDFFLyQ D XQRV IXWXURV SDGUHV TXHREVHUYDU D VX SHTXHxR EHEp\TXHOHVHQWUHWHQJDQXQSRTXLWRFRQDPDEOHV FRPHQWDULRV 3DUD 8G HV VX WUDEDMR \ VX UXWLQD SHUR SDUD HOORV HV OD FRVD PiV LPSRUWDQWH GHO PXQGR <D TXH WLHQH TXH HVWDU DOOt FRPSDUWD OD DOHJUtDFRQHOORV\\DYHUiFRPRWRGRVHVWDUiQPiV


FRQWHQWRV SRUTXH UHFtSURFDPHQWH VX DOHJUtD WDPELpQVHOHFRQWDJLDUiD8G  1R SLHQVH HQ FyPR YH 8G ODV FRVDV VLQR HQ FyPR ODV YHQ ORV GHPiV /D YHUGDG HV TXH QR HVWDUtD GH PiV VRPHWHU D ORV PpGLFRV GH YH] HQ FXDQGR D XQ HMHUFLFLR GH UHIOH[LyQ KDFLpQGROHV H[SHULPHQWDU HO WUDVLHJR SRU WRGR XQ SURFHVR GH DWHQFLyQ VDQLWDULD GHVGH HO SURIXQGR DQRQLPDWR SDUD VXIULU HQ FDUQH SURSLD OR TXH OH SDVD D XQ SREUH FLXGDGDQR 6HJXUDPHQWH DVt DSUHFLDUtDQ FRQ PD\RU FODULGDG OR TXH UHDOPHQWH YDORUDQ  ORV SDFLHQWHV  6HJXUR TXH KD\ XQD FXHVWLyQ TXH OH UHVXOWD VRUSUHQGHQWH \ GRWDGD GH XQ SURIXQGR KDOR GH PLVWHULR LQVRQGDEOH GRQGH ORV KD\D VDOYR TXH FODUR HVWi SHUWHQH]FD DO FROHFWLYR SURWDJRQLVWD 6L VDEH OD UHVSXHVWD SRU IDYRU KiJDPHOR VDEHU ,QWX\RTXHVHWUDWDGHDOJ~QH[WUDxRWLSRGHFyGLJR GHFRQGXFWDGHFDUiFWHUHVRWpULFRTXHVHJXUDPHQWH IRUPD SDUWH GH DOJ~Q ULWXDO WDO YH] LQLFLiWLFR HQ DOJXQRV PRPHQWRV R TXH WDO YH] SUHWHQGD GHPRVWUDU OD H[LVWHQFLD GH FLHUWDV HVWUXFWXUDV GH SRGHU VXE\DFHQWHV EDMR OD DSDUHQWH HVWUXFWXUD VRFLDO 'HVGH OXHJR VRQ ORV SURIHVLRQDOHV GH ORV PiV WUDGLFLRQDOHV JUHPLRV FDUSLQWHURV DOEDxLOHV HOHFWULFLVWDV  DXWpQWLFRV SRVHHGRUHV GHO VDEHU \ YHUGDGHURVPDHVWURVGHODFUHDFLyQ&XiOHVVRQODV


UD]RQHV TXH OHV PXHYHQ D LQFXPSOLU VLVWHPiWLFDPHQWH ORV FRPSURPLVRV GH DVLVWHQFLD D OD KRUD  H LQFOXVR GtDV R VHPDQDV D TXH VH KDQ DQXQFLDGR\GHVGHOXHJRVLQPHGLDUDYLVR  3RUIDYRUVLHVHOFDVRSLHQVHHQODVPROHVWLDV LQQHFHVDULDV TXH VXHOHQ RFDVLRQDU D ODV IDPLOLDV TXHJHQHUDOPHQWHFRQLOXVLyQHVSHUDQTXHFRQVX WUDEDMR PHMRUDUiQ VXV FRQGLFLRQHV GH YLGD 1R YDPRV D GHFLU PiV TXH OHV FXHVWD SRQHUVH HQ VX OXJDU\REUDUHQFRQVHFXHQFLD"  ([LVWHXQDFDWHJRUtDGHSXHVWRGHWUDEDMRTXH QR GH OD DFWLYLGDG HQ Vt PLVPD TXH HV GHSRVLWDULD GHXQDYLUWXG HVSHFLDO\TXHRVWHQWDXQDVLWXDFLyQ SULYLOHJLDGD GHQWUR GHO FRPSOHMR HQWUDPDGR GHO GHVHPSHxRGHODDFWLYLGDGODERUDOGHXQDVRFLHGDG 1RV UHIHULPRV D OD FRQGLFLyQ HQ TXH VH UHDOL]D HO WUDEDMR QR DO YHUGDGHUR FRQWHQLGR GHO PLVPR /R TXH TXLHUH GHFLU TXH QR H[LVWH XQD UHODFLyQ HQWUH DPEDV FRVDV DXQTXH SXHGD SDUHFHU DEVXUGR TXH DVtVHD  (VWDPRV KDEODQGR QDWXUDOPHQWH GHO IXQFLRQDULR S~EOLFR SHUR GHO TXH RVWHQWD OD FRQGLFLyQGHIXQFLRQDULRGHYHUGDGRVHDGHOILMRGH WRGD OD YLGD PiV ELHQ ILMR SDUD WRGD OD YLGD  /D FRQGLFLyQ HVWULFWD GH IXQFLRQDULR QR UHTXLHUH HVWD VHPSLWHUQLGDGSHURHVLJXDOSRUTXH\DVDEHPRVD


OR TXH QRV UHIHULPRV \ D FXHQWR GH TXp YLHQH HVWD UHIOH[LyQ HQ RWURV SDtVHV QR HV DVt \ SRU WDQWR QR VHUtD YiOLGD  3RU FLHUWR VL H[LVWH MXVWLFLD HQ HO PXQGR \ DOJ~Q GtD OD KDEUi HVWD SUHEHQGD GHVDSDUHFHUi  WRUUHV PiV DOWDV KDQ FDtGR  3HUR HQ ILQ HVR HV RWUD KLVWRULD SRUTXH DGPLWR TXH HQ HVWR VHJXUR TXH QR PH GD OD UD]yQ QDGLH R FDVL QDGLH  DVt TXH WyPHVHOR FRPR XQD SURIHFtD \ VL DFLHUWRPHKDFHQXQKRPHQDMH  1DWXUDOPHQWH HO KHFKR GH DGTXLULU OD FRQGLFLyQ GH IXQFLRQDULR SRU RSRVLFLyQ FRQILHUH DO DJUDFLDGR HO HVWDWXV GH YHUGDGHUR VHU SULYLOHJLDGR (VOyJLFRTXHVXSHUFHSFLyQGHODYLGDGHOPXQGR\ GHOFRQMXQWRGHOXQLYHUVRH[SHULPHQWHQXQFDPELR UDGLFDO MXVWR D SDUWLU GHO PRPHQWR LQLFLiWLFR GHO QRPEUDPLHQWR HQ DOJXQRV FDVRV \D GHVGH OD SXEOLFDFLyQ GHO QRPEUH HQ XQD OLVWD  7RGR SDVD D HVWDU D VX VHUYLFLR /D GHVSURSRUFLyQ HQWUH ORV GHUHFKRV \ REOLJDFLRQHV TXH VH WLHQHQ HQ HO PRPHQWR DQWHULRU DO QRPEUDPLHQWR IUHQWH DO LQPHGLDWDPHQWH SRVWHULRU VXIUH XQ YXHOFR UDGLFDO D VX YH] GHVSURSRUFLRQDGR  JHQHUDQGR XQD VLWXDFLyQGHYHUGDGHURp[WDVLVSDUDDOJXQRV  (VWi FODUR D HVWDV DOWXUDV \ QR HVWi GH PiV LQVLVWLU TXH HO WUDEDMR GH IXQFLRQDULR QR HV XQD DFWLYLGDG ODERUDO 3DUHFH GH SHURJUXOOR SHUR OHV VRUSUHQGHUtD VDEHU FXiQWD JHQWH OR FRQVLGHUD DVt


SUHYDOHFHODXWLOL]DFLyQGHOWpUPLQRIXQFLRQDULRSDUD GHVFULELU VX WUDEDMR HQ YH] GHO FRPHWLGR TXH UHDOPHQWHGHVHPSHxDVLELHQHVFLHUWRTXHORHVHQ PD\RUPHGLGDFXDQWRPiVSUy[LPDDODVSULPHUDV OHWUDV GHO DEHFHGDULR HV OD GHO QLYHO DGPLQLVWUDWLYR DO TXH FRUUHVSRQGH /R TXH HV HQ UHDOLGDG HV XQD FRQGLFLyQ XQ HVWDWXV XQ SULYLOHJLR XQD VLWXDFLyQ LQVyOLWD \ XQ FRPSOHWR DQDFURQLVPR HQ OR TXH D OD VHJXULGDGODERUDOVHUHILHUH VLHVHOFDVR   5D]yQ GH PiV SRU WDQWR SDUD HPSH]DU UHFRQRFLHQGR TXH GHVGH HVWD SULYLOHJLDGD DWDOD\D GH FRQIRUW \ VHJXULGDG REMHWR GH DGPLUDFLyQ \ HQYLGLDUHVXOWDPiVVHQFLOORPRVWUDUVHDJUDGHFLGR DGTXLULU FRQVFLHQFLD GHO EXHQ WUDWR TXH OHV GLVSHQVDODGLRVDIRUWXQD\DEULUORVRMRVGHVGHHVD YHQWDQD D OD IHOLFLGDG 3XHV \D TXH KD VLGR DJUDFLDGR FRQ HVWD ORWHUtD DSURYHFKH SDUD WUDQVPLWLU \ FRPSDUWLU HVD IHOLFLGDG6REUH WRGR VL VXWUDEDMRJXDUGDUHODFLyQFRQDOJXQD DFWLYLGDGGH WUDWRGLUHFWRFRQHOS~EOLFRWUiWHORVELHQDOILQ\DO FDERUD]RQHVSDUDTXHOHHQYLGLHQ\DQROHVKDFHQ PiVIDOWD  /R SULPHUR VHUtD SHGLU DO IODPDQWH QXHYR IXQFLRQDULRTXHUHFXHUGHTXHKXERXQPRPHQWRHQ TXHpOQRRVWHQWDEDHVWDFRQGLFLyQ6pTXpHVGLItFLO SHUR HQFDMD SHUIHFWDPHQWH FRQ OD ILORVRItD TXH HVWDPRVGHIHQGLHQGRHQORTXHDWDxHDXQRGHVXV


SULQFLSLRV EiVLFRV SRQHUVH HQ HO OXJDU GH ORV GHPiV (V SUREDEOHPHQWH XQR GH ORV FDVRV GRQGH HVSRVLEOHUHIOHMDUFRQPiVSUHFLVLyQHVWDYLVLyQ3RU DOJXQDUD]yQODQDWXUDOH]DOHKDREVHTXLDGRFRQHO SULYLOHJLR \ OD VXHUWH GH XQD FLHUWD FRQGLFLyQ VRFLDO VLQGXGDPHUHFLGDQRORGXGR SHURDFDPELRHV SUHFLVR FRUUHVSRQGHU D OD VRFLHGDG FRQ XQD FRVD PX\ VHQFLOOD KDFLHQGR ELHQ HO WUDEDMR TXH \D VDEHPRVORTXHVLJQLILFD  ([LVWH XQ FROHFWLYR SURIHVLRQDO HVSHFLDOPHQWH VXMHWR D FRQVLGHUDFLRQHV GH WLSR PRUDO FRPR ODV TXH QRV RFXSDQ 6RQ ORV DERJDGRV &XDOTXLHU SHUVRQD SXHGH HVWXGLDU GHUHFKR +DVWD DKt QDGD TXH REMHWDU $ SDUWLU GH DOOt VH SXHGH RSWDU SRU GLVWLQWDV WUD\HFWRULDV SURIHVLRQDOHV  DXQTXH OD JDUDQWtD GH p[LWR GHSHQGD GH OD KDELOLGDG GH FDGD XQRGHVGHOXHJR3HURVLODILQDOPHQWHHVFRJLGDHV OD GHO HMHUFLFLR GH OD DERJDFtD \D VH QRV DEUH XQ GHOLFDGR SDQRUDPD (O OHWUDGR YD D HVWDU VXMHWR FRQWLQXDPHQWH D GLOHPDV GH WLSR PRUDO GHVGH KDVWD TXp SXQWR GHEH DFRQVHMDU D XQ FOLHQWH DFHSWDURUHFKD]DUXQFDVRRKDVWDGRQGHOOHJDUHQ HOPXQGRGHPHQWLUDVSUHVLRQHV\DUWLPDxDVDTXH VH YHUi IUHFXHQWHPHQWH DERFDGR (Q ILQ WDQ VyOR DSXQWDU TXH DVXPHQ XQD HQRUPH UHVSRQVDELOLGDG PRUDO \ GHEHQ DFWXDU FRQ XQD HVFUXSXORVD FRQFLHQFLD 'LFKR HVWR OD JXtD SDUD VX DFWXDFLyQ GHEH HVWDU VXMHWD D OD RULHQWDFLyQ HPDQDGD GH VXV


SULQFLSLRV PRUDOHV \ UHJLGD SRU VX FRQFLHQFLD 1R YDOHQ ODV H[FXVDV ODV GHFLVLRQHV VRQ UHVSRQVDELOLGDGGHTXLHQODVWRPD<\DQRGHFLPRV PiV  < OR PLVPR SDVD FRQ ORV SHULRGLVWDV 3DUHFH TXH HVWRV WLHQHQ PHQRV UHVSRQVDELOLGDG TXH ORV DQWHULRUHV 3XHV QR VHxRU 6REUH WRGR SRUTXH HO GDxR TXH SXHGHQ FDXVDU WDQWR D ODV SHUVRQDV D QLYHO LQGLYLGXDO FRPR D GLIHUHQWHV FROHFWLYRV H LQFOXVR D WRGD OD VRFLHGDG HV LQPHQVR (O SRGHU TXH SXHGHQ OOHJDU D HMHUFHU OHV REOLJD D LQFUHPHQWDU VX QLYHO GH FRQVFLHQFLD \ UHVSRQVDELOLGDG /D LQGROHQFLD \ HO GHVFXLGR VRQ HO SHRU GH ORV SHFDGRV GHO SHULRGLVWD 1LQJXQD LQIRUPDFLyQ HV SOHQDPHQWH REMHWLYD QL HVWi H[HQWD FXDQGRPHQRVGHLQWHUSUHWDFLyQ&RPRODWDUHDGH LQWHUSUHWDU HV VX\D GHEHQ DVXPLU HVWD DFFLyQ FRQ SURIHVLRQDOLGDG \ VHULHGDG < SRU VXSXHVWR QR KDEOR GH ORV FDVRV HQ TXH H[LVWH XQ FODUD LQWHQFLRQDOLGDGSHRUD~QVLHVSHUYHUVD1DGDPiV TXH GHFLU 7DQ VyOR XQ WRTXH GH DWHQFLyQ PXFKR FXLGDGRFRQODH[FXVDGHTXHVLQRKD\QRWLFLDKD\ TXH FUHDUOD /D GHIHQVD GH HVWD VHQWHQFLD HQFLHUUD HQVtPLVPDXQDGHODVSULQFLSDOHVSUXHEDVGHTXH QRVHQFRQWUDPRVDQWHXQPDOSURIHVLRQDOVLHVTXH QRHVDGHPiVXQDXWpQWLFRVLQYHUJHQ]D 



0XFKRFXLGDGRFRQFRQIXQGLUODLQIRUPDFLyQ\ HO GHUHFKR DO DFFHVR D OD PLVPD FRQ HO VLPSOH HVSHFWiFXOR OD LQWURPLVLyQ LQMXVWLILFDGD HQ OD YLGD SULYDGD\ODDIHFFLyQDODGLJQLGDGGHODVSHUVRQDV 8QDYH]PiVODJXtDGHILQLWLYDQRVODSURSRUFLRQDUi QXHVWUDFDSDFLGDGSDUDSRQHUQRVHQHOOXJDUGHORV RWURV\FRPSUREDUHOHIHFWRTXHHOXVRRDEXVRGHOD LQIRUPDFLyQSURGXFHHQVXVYLGDV  4Xp SDVD FRQ ORV SROLFtDV X RWURV FXHUSRV \ IXHU]DV GH VHJXULGDG" 3URIHVLyQ D SULRUL DGPLUDEOH \ DXWHQWLFR VXVWHQWR \ SLODU GH WRGD VRFLHGDG FLYLOL]DGD \ RUJDQL]DGD 3XHV SUHFLVDPHQWH QRV RIUHFH XQR GH ORV PHMRUHV HMHPSORV GH FyPR OD GHMDGH] HQ VX GHVHPSHxR SXHGH RFDVLRQDU JUDYHV GDxRV 6L 8G HV DJHQWH GHO RUGHQ HV SRUTXH KD GHPRVWUDGRTXHUH~QHODVFRQGLFLRQHVDSURSLDGDV\ VH OR PHUHFH SHUR WDPELpQ SRUTXH KD DVXPLGR XQ FRPSURPLVR GH DGPLQLVWUDU OD OH\ \ HO RUGHQ /D VRFLHGDG KD FRQILDGR HQ 8G VREUH WRGR SDUD XQD GH ODV FRVDV PiV LPSRUWDQWHV R OD PiV VLQ FRQWHPSODFLRQHV  SDUD JDUDQWL]DU OD VHJXULGDG GH OD YLGD GH ODV SHUVRQDV \ ORV ELHQHV < VL QR HVWi GLVSXHVWRDDVXPLUORQRKDEHUVHPHWLGRHQHOOR$ XQ DJHQWH VH OH GHEH HO Pi[LPR UHVSHWR SHUR GHEH GHPRVWUDUOR \ JDQiUVHOR GtD D GtD (V OD UHSUHVHQWDFLyQ\ODLQWHUSUHWDFLyQGHORUGHQ\GHODV QRUPDV GH FRQYLYHQFLD < SRU HVR GHEH VHU



HVSHFLDOPHQWH H[TXLVLWR HQ HVWD PLVLyQ QDGD GH WLELH]DV\GHVLQWHUpV  /DPHQWDEOHPHQWH VH GDQ FDVRV HQ TXH SRU GHVLGLD GHVFXLGR R LQFOXVR FREDUGtD VH SXHGH OOHJDUDQRGDUODWDOOD(OGDxRPRUDOTXHVHSXHGH FDXVDU HV LQPHQVR \ OD HURVLyQ GHO VLVWHPD GH YDORUHV GH OD VRFLHGDG YHUVH VHULDPHQWH UHVTXHEUDMDGD  /RSHRUTXHSXHGHSDVDUHVTXHORVFLXGDGDQRV WHQJDQODVHQVDFLyQGHTXHODVIXHU]DVGHVHJXULGDG VHWRPDQODVFRVDVDODOLJHUD\VREUHWRGRTXHQR DFW~DQ FRQ MXVWLFLD 1R OH VXHQD OD FDQWLQHOD GH TXH VLHPSUH SRQHQ PXOWDV SRU PDO DSDUFDPLHQWR HQ VLWXDFLRQHV LUULVRULDV H LQWUDVFHQGHQWHV FXDQGR QR OR KDFHQ HQ RFDVLRQHV GH YHUGDGHUR SHOLJUR R TXH VH LQKLEHQ HQ FRQIOLFWRV GH RUGHQ S~EOLFR GHVDSDUHFLHQGR GHO HVFHQDULR GHO GHOLWR DQWH HO PtQLPR ULHVJR FRQ XQD SRUWHQWRVD KDELOLGDG SDUD HO HVFDTXHR" (Q VXPD TXH HO GHOLQFXHQWH R HO JROIR FDPSDQ SRU VXV DQFKDV PLHQWUDV TXH HO FLXGDGDQR KRQUDGR VH YH VRPHWLGR D XQD LQIOH[LEOH SHUVHFXFLyQ" 3XHV DXQTXH QR VHD FLHUWR HQ DEVROXWR OR SUHRFXSDQWH HV TXH HVWD RSLQLyQ HVWp DXQTXHVHDPtQLPDPHQWHH[WHQGLGD  (V SRVLEOH TXH DO ILQDO OD VRFLHGDG IXQFLRQH SRUTXH OD JHQWH HV UHVSRQVDEOH FLYLOL]DGD \ DFDWD


ODV QRUPDV 3RU VXSXHVWR SRUTXH DGHPiV OD PD\RUtD VRPRV KRQHVWRV \ QR GHOLQTXLPRV SRUTXH VRPRVKRQUDGRV\FRQVFLHQWHVGHTXHHOGHOLWRHVWi PDO'HVHDPRVODMXVWLFLD\DPDPRVODFRQYLYHQFLD \ HO RUGHQ 3HUR QR HV UD]RQDEOH VRVWHQHU WRGR HO SHVRGHODVRFLHGDGHQHOVLPSOHPDQWHQLPLHQWRGH HVWD FUHHQFLD (O GHVRUGHQ HO FDRV \ HO GHOLWR QR GHEHQ VHU JUDWXLWRV QL SUHYDOHFHU OD LPSUHVLyQ GH TXH ORV WUDQVJUHVRUHV FDPSDQ SRU VXV DQFKDV \ DFW~DQ LPSXQHPHQWH /D VRFLHGDG GHEH GRWDUVH GH LQVWUXPHQWRV TXH FRQWULEX\DQ D FRUUHJLU OD DFWLWXG GH ORV TXH QR DFDWDQ ODV UHJODV \ SDUD HVR HVWi HO VLVWHPD MXGLFLDO \ SROLFLDO $OOt HV GRQGH HQWUD OD UHVSRQVDELOLGDGGHHVWRVSURIHVLRQDOHV  /DV OH\HV ODV QRUPDV H LQFOXVR ODV yUGHQHV HVWiQ SDUD VHU LQWHUSUHWDGDV \ HVWD LQWHUSUHWDFLyQ GHEH VHU WUDWDGD FRQ HO GHELGR UHVSHWR LQWHUpV \ ULJRU (O DJHQWH GHEH DGPLQLVWUDU DWHQGLHQGR D ODV FLUFXQVWDQFLDV OD DXWRULGDG \ HVWR UHTXLHUH FULWHULRV GH MXVWLFLD GH VHQWLGR FRP~Q \ UHVSHWR D ORVGHPiV&DVLVLHPSUHVHUiFDSD]GHVDEHUORTXH HVWi ELHQ OR TXH VH SXHGH SHUPLWLU FRQVHQWLU RUGHQDU\FDVWLJDUVLHPSUHFRQODLGHDGHMXVWLFLD\ ERQGDG1RVHSXHGHLPDJLQDUHOGDxRPRUDOTXHHV FDSD]GHRFDVLRQDUXQDPXOWDLQMXVWDXQDVDQFLyQ H[FHVLYDXQDEXVRGHDXWRULGDGRHOGHVSUHFLRDXQ FLXGDGDQR<DOFRQWUDULRHOEHQHILFLR\VDWLVIDFFLyQ TXH SXHGH SURSRUFLRQDU HO VHU JHQHURVR \ MXVWR HQ


HVWD DGPLQLVWUDFLyQ 1R KD\ QDGD SHRU TXH WUDQVPLWLU OD LPSUHVLyQ GH TXH VH DFW~D FRQ LQMXVWLFLD2MRODMXVWLFLDFRQVLVWHHQVHUEHQpYROR FRQ TXLHQ VH OR PHUHFH \ ILUPH FRQ TXLHQ VH KDFH DFUHHGRU GH HOOR 7DQ PDOR HV GHVSLVWDUVH \ VHU OLJHUR HQ HO WUDWDPLHQWR HQ XQ VHQWLGR FRPR HQ HO RWUR  6X UHVSRQVDELOLGDG VRFLDO HV SXHV HQRUPH SRUTXH FRQWULEX\HQ D OD GHILQLFLyQ YHUGDGHUD GH OR TXHVRQORVSULQFLSLRV\SDXWDVGHFRPSRUWDPLHQWRV UHDOHV GH OD VRFLHGDG $O VHU UHDOPHQWH TXLHQHV DGPLQLVWUDQ HO VLVWHPD GH SUHPLRV \ FDVWLJRV VRQ TXLHQHV GHWHUPLQDQ HO RUGHQ GH SULRULGDGHV GH ORV PLVPRV\SRUWDQWRFRQVWUX\HQHOHGLILFLRUHDOGHODV QRUPDVGHFRQYLYHQFLD  8QD VRFLHGDG HQ OD TXH ORV YLJLODQWHV GH OD PLVPD VRQ SHUPLVLYRV FRQ HO FRQVXPR R WUiILFR GH GURJDV FRQ OD GHOLQFXHQFLD GH EDMR SHUILO FRQ ODV OHYHVLQIUDFFLRQHVGHWUiILFRFRQORVGHOLWRVILVFDOHV FRQ ODV SHTXHxDV WUDQVJUHVLRQHV GLDULDV FRQ OD YLROHQFLDIDPLOLDURFRQHOGHVRUGHQHQODVHVFXHODV HVWiWUDQVPLWLHQGRHVFDVDFUHGLELOLGDGHQODPLVPD \ VHPEUDQGR HO FDOGR GH FXOWLYR SDUD TXH HVWD SHUFHSFLyQ VH H[WLHQGD TXH OD JHQWH GHMH GH FUHHU HQHVWDVRFLHGDG\ORTXHHVSHRUGHMHGHSDUWLFLSDU DFWLYDPHQWH HQ HOOD OR TXH FRQWULEX\H D LQFUHPHQWDUVXGHWHULRUR


< RMR SRUTXH HO SHOLJUR TXH VH FRUUH HV JUDQGH 8QD VRFLHGDG PRGHUQD HVWi EDVDGD HQ HO LPSHULRGHODOH\\HOUHVSHWRGHODPLVPD VLHPSUH TXH HVWD SURFHGD GH XQ OHJtWLPR VLVWHPD GHPRFUiWLFR FODUR HVWi HQ HVR QR DGPLWLPRV GLVFXVLyQ 6LHVWDGHVIDOOHFHHOVLVWHPDVHKXQGH  4XH FRQVWH TXH QR KHPRV KDEODGR DTXt GHO LPSRUWDQWH SDSHO GH DWHQFLyQ DO FLXGDGDQR D\XGD HQHPHUJHQFLDVDSR\RDRWURVVHUYLFLRVHWFSRUTXH \D OR GLPRV SRU VHQWDGR FRQ DQWHULRULGDG FXDQGR FLWDPRV D HVWRV SURIHVLRQDOHV FRPR XQR GH ORV FROHFWLYRVPiVDGPLUDGRV\UHVSHWDGRV  3XHV DGHODQWH 7HUPLQHQ SRU KDFHUVH DFUHHGRUHVGHILQLWLYDPHQWHGHHVWDHVWLPD  0H DSHWHFtD ILQDOPHQWH DxDGLU DOJR VREUH XQ FROHFWLYR TXH HQ UHDOLGDG QR HV XQD SURIHVLyQ SHUR EXHQR Vt YDPRV D DGPLWLU TXH HV XQD SURIHVLyQ R DOJR SDUHFLGR \ GHVGH OXHJR GH ODV GH PD\RU UHVSRQVDELOLGDG (Q FXDOTXLHU FDVR QRV DIHFWDDWRGRVDEVROXWDPHQWHDWRGRV$VtTXHPiV YDOH TXH VH HMHUFLWH ELHQ (VWR HV HO DVXQWR GH OD SROtWLFD\GHORVTXHYDPRVDOODPDUSROtWLFRV 



'HVGH OXHJRH[LVWHQ DUJXPHQWRV GH SHVR SDUD UHFRQRFHU TXH QR HV XQD SURIHVLyQ FRPR WDO (Q HIHFWR QR H[LVWH QLQJ~Q LWLQHUDULR IRUPDWLYR TXH FRQGX]FD D HOOD ODV WLWXODFLRQHV HQ FLHQFLDV SROtWLFDV R GH JHVWLyQ \ DGPLQLVWUDFLyQ S~EOLFD QR ORVRQ0iVELHQHVXQDFRQGLFLyQVRFLDOSDUHFLGR DORGHORVIXQFLRQDULRVSHURFRQRWUDVFRQGLFLRQHV GHDFFHVR(VRGDSLpDTXHSUHYDOH]FDXQDRSLQLyQ ODPHQWDEOHPHQWH GHPDVLDGR FRQVROLGDGD \ TXH VH FRQYLHUWH HQ XQD FUtWLFD UHFXUUHQWH (VWD HV OD GH TXH FXDOTXLHUD YDOH SDUD SROtWLFR 6LHQGR HVWULFWDPHQWH REMHWLYR OR FLHUWR HV TXH FXDOTXLHUD SXHGH VHUOR SHUR HVR GH TXH UHDOPHQWH YDOJD HV RWUDFRVD(QFXDOTXLHUFDVRODVLPSOHSUROLIHUDFLyQ GH HVH FRPHQWDULR SUHVDJLD PX\ PDO DVXQWR 1R SDUHFH XQ EXHQ FRPLHQ]R $ YHU VL FRQVHJXLPRV GHVWHUUDU HO VHQWLGR QHJDWLYR TXH HVWR UHSUHVHQWD D SULRUL  %XHQR OD UHDOLGDG HV TXH OD ILORVRItD TXH VXE\DFH HQ ORV VLVWHPDV GHPRFUiWLFRV HV TXH HO SRGHU HPDQDGR GHO FRQMXQWR GHO SXHEOR \ FRQVLJXLHQWHPHQWH HO HMHUFLFLR GHO PLVPR TXH QR SXHGHVHUHIHFWXDGRGHRWUDPDQHUDTXHDWUDYpVGH ORV UHSUHVHQWDQWHV HOHFWRV QR GHEHQ HVWDU VRPHWLGRV D QLQJ~Q WLSR GH OLPLWDFLyQ H[FHSWR HQ
Para ilustrar la conveniencia de incluirlo considerndolo como profesin, digamos que profesional es el que ejerce una profesin y una profesin es el empleo, facultad u oficio que alguien ejerce y por el que percibe una retribucin (RAE). Curiosamente, en otra acepcin, profesional es aquel que practica habitualmente una actividad, incluso delictiva, de la cual vive. Juzgue Ud. Mismo.
2



FLUFXQVWDQFLDVPX\FRQWDGDV1RHVTXHFXDOTXLHUD YDOJDSDUDSROtWLFRVLQRTXHFXDOTXLHUDWLHQHRSFLyQ DHOOR3HURVHKDSDUDGRDSHQVDUHQXQDFXHVWLyQ TXH HV DEVROXWDPHQWH HYLGHQWH" QR HV SROtWLFR TXLHQTXLHUHVLQRDTXHODTXLpQOHGHMDQ(VGHFLU KD\ TXH JDQiUVHOR \ HVR VH FRQVLJXH PHGLDQWH OD SDUWLFLSDFLyQ GH ORV GHPiV VLHPSUH HVWDPRV KDEODQGR GH XQ VLVWHPD GHPRFUiWLFR  2 VHD TXH QROHVHFKHODFXOSDSRUTXHODFXOSDHVGHORVTXH OHV HOLJHQ < HVD HV OD UHODFLyQ FDXVD HIHFWR \ QR RWUD4XHHVPX\IiFLOFULWLFDUSHURVLQVXVWDQFLD  3RU HVR SDUD HO TXH FUHD TXH OD UHVSRQVDELOLGDG GH WRGR SRU VXSXHVWR HV GH ORV SROtWLFRV TXH VHSD TXH ORV SULQFLSDOHV UHVSRQVDEOHV VRQ ORV SURSLRV HOHFWRUHV 1LQJXQD UHDOLGDGHVPiVFLHUWDTXHHOKHFKRGHTXHWHQHPRV ORVJREHUQDQWHVTXHQRVPHUHFHPRV SRUODVHQFLOOD UD]yQ GH SHURJUXOOR GH TXH ORV KHPRV SXHVWR QRVRWURV $VtTXHSDUDDTXHOORVTXHVHGHVLQKLEHQ GHOHMHUFLFLRGHVXGHUHFKRDOYRWRTXHOXHJRQRVH TXHMHQ 4XH FXDOTXLHUD WLHQH HO GHUHFKR D SUHVHQWDUVH D XQDV HOHFFLRQHV \ GHVGH OXHJR D YRWDU (VWR HQWUD GHQWUR GH OD UHVSRQVDELOLGDG GH FDGD XQR OD SDUWLFLSDFLyQ HQ OD YLGD SROtWLFD DXQTXH VyOR VHD YRWDQGR  HV XQD REOLJDFLyQ LQH[FXVDEOHSDUDDTXHOORVTXHSUHWHQGHQREUDUELHQ \ FRQ UHVSRQVDELOLGDG 1R KDFHUOR HV VtQWRPD GH GHVLQWHUpV \ GHVLGLD \ SRU WDQWR IDOWD GH


FRPSURPLVR SRU FRQWULEXLU D FUHDU XQD VRFLHGDG PHMRU SHFDGR GH RPLVLyQ  3RU VXSXHVWR \ D WHQRU GHO KHFKR GH SDUWLFLSDU HQ XQDV HOHFFLRQHV VH SXHGHLQFOXVRQRYRWDU DXQTXHORMXVWR\UD]RQDEOH HV YRWDU HQ EODQFR  VLHPSUH TXH HVWD GHFLVLyQ VHD IUXWR GH XQ FXLGDGRVR DQiOLVLV \ UHIOH[LyQ SHUR HQ PRGR DOJXQR GHEH VHUOR SRU QR WRPDUVH QL WDQ VLTXLHUD OD PROHVWLD GH GHGLFDUOH XQRV VHJXQGRV (VWR HV XQD DXWpQWLFD LUUHVSRQVDELOLGDG /XHJR \D QRVTXHMDUHPRV  (V OD SROtWLFD OR TXH PXHYH OD VRFLHGDG 3RU GHILQLFLyQHVHODUWHGRFWULQDXRSLQLyQGHTXLHQHV ULJHQORVHVWDGRV\HQRWUDDFHSFLyQODDFWLYLGDGGH TXLHQHV OR OOHYDQ D OD SUiFWLFD 3RU FLHUWR WDPELpQ OR HV OD SDUWLFLSDFLyQ GH ORV FLXGDGDQRV OR TXH QR YLHQHVLQRDFRUURERUDUODREOLJDFLyQGHSDUWLFLSDUD OD TXH KDFtDPRV UHIHUHQFLD DQWHV &XULRVDPHQWH WDPELpQ HV XQ WpUPLQR TXH FRPR FDOLILFDWLYR VLJQLILFD FRUWpV \ XUEDQR DXQTXH DGPLWH RWUD DFHSFLyQGHFRUWHVtDFRQIULDOGDG\UHVHUYDFXDQGR VH HVSHUDED DIHFWR 9D\D UHVXOWD TXH HV WRGR XQ DUWH  3RU VX SURSLD HVHQFLD \ OR TXH UHSUHVHQWD HQ XQD VRFLHGDG OD DFWLYLGDG SROtWLFD GHEH VHU REMHWR GHODPi[LPDFRQVLGHUDFLyQ\WUDWDGDFRQHOGHELGR UHVSHWR \ GLJQLGDG 3HUR SRU HVR PLVPR GHEH VHU GLJQLILFDGD SRU VXV SURWDJRQLVWDV (Q FDPELR


HVWDPRV DFRVWXPEUDGRV D HQFRQWUDUQRV FRQ TXH ORVIRURVHQTXHVHVXHOHGHVDUUROODU TXHDOILQ\DO FDER VRQ VyOR GRV ORV SDUODPHQWRV VDORQHV GH SOHQRVXRUJDQLVPRVGHJRELHUQR\ODVWHOHYLVLRQHV UDGLRV R PHGLRV GH FRPXQLFDFLyQ HQ JHQHUDO SRU HVR KD\ TXLHQ VLPSOLILFD \ VH OLPLWD D UHVXPLU QRPLQiQGRORV JHQpULFDPHQWH FRPR FLUFRV  GLVWDQ PXFKR GH VHU PRGHORV GH HMHPSOR H LPLWDFLyQ DOFDQ]DQGROtPLWHVLQVRVSHFKDGRVGHGHVYHUJHQ]D FKDEDFDQHUtD\PDOJXVWR  7LHQH FLHUWD OyJLFD \ VH XWLOL]D D PRGR GH H[FXVD OD DSHODFLyQ D OD SULPDFtD GH ORV LQWHUHVHV HOHFWRUDOHV QR VROR D ODUJR SOD]R VLQR D PHGLR \ FRUWR SOD]R < HQ EDVH D HOOR VH DGRSWD OD ILORVRItD GHOWRGRYDOH1DGDPiVDMHQRDODGLJQLGDG\pWLFD FRPR D HVWDV DOWXUDV \D VDEHPRV (V QRUPDO SRU WDQWR TXH OD SREODFLyQ HVWp GHVDQLPDGD GHVLOXVLRQDGD\DFDEHFRQVLGHUiQGRODFRPRXQDGH ODV SURIHVLRQHV GH PD\RU GHVSUHVWLJLR \ SHRU YDORUDGD SHURHVTXHVLQGXGDVHORPHUHFHQ/RV FRPSRUWDPLHQWRV PiV LQGLJQRV VH SRQHQ GH PDQLILHVWR HQ OD DFWLWXG GH VXV SURWDJRQLVWDV 3ULPDQ VREUH WRGR ORV LQWHUHVHV D FRUWR \ QR VyOR FROHFWLYRV VLQR LQGLYLGXDOHV ,QVLVWLPRV SRUTXH FRQVWLWX\HQ OD HVHQFLD GH OD VRFLHGDG 6L IDOOD HVWD DFWLYLGDG VL GHFDH VX SUHVWLJLR FDHUi HO HGLILFLR VREUHHOTXHVHFRQVWUX\HODVRFLHGDG 


$VtFRPRGHFtDPRVTXHODMXVWLFLD\ODVIXHU]DV GHO RUGHQ UHFXHUGH ORV WUDGLFLRQDOHV SRGHUHV HMHFXWLYR \ MXGLFLDO  VRQ ORV JDUDQWHV GHO IXQFLRQDPLHQWR GH OD PLVPD QRV IDOWDED GHFLU TXH HV SRUTXH LQWHUSUHWDQ OR TXH HO RWUR GH ORV WUHV SRGHUHV FRQVWUX\H \ TXH HV OD YHUGDGHUD EDVH GHO HGLILFLR HOOHJLVODWLYR   ([LVWHQ GRV IDFHWDV VHQVLEOHPHQWH GLIHUHQWHV HQ ODV TXH SXHGHHMHUFHU VX SDSHO XQ SROtWLFR SHUR DPEDV VRQ LPSUHVFLQGLEOHV \ GHEHQ HVWDU GRWDGDV GHO QLYHO GH FRPSURPLVR TXH OH H[LJLPRV OD GH GHFLVLyQ \ OD GH HMHFXFLyQ (Q SRFDV RFDVLRQHV VH HYLGHQFLD HVWD GLVWLQFLyQ FRQ WDQWD FODULGDG < HV UHVSRQVDELOLGDGGHOSROtWLFRVDEHUKDVWDGRQGHGHEH OOHJDU HQ FDGD FDVR (VWR YDOH WDQWR SDUD OD DFWLYLGDG OHJLVODWLYD R QRUPDWLYD FRPR SDUD OD HMHFXWLYDRGHJHVWLyQ  $Vt TXH VL 8G HV SROtWLFR R WLHQH UHVSRQVDELOLGDGHV SROtWLFDV VHD KRQHVWR \ MXVWR \ HVR VLJQLILFD VHU VLHPSUH ILHO D VXV SULQFLSLRV (Q XQD VRFLHGDG FLYLOL]DGD \ DVHQWDGD QR SDVD QDGD SRU GHIHQGHU HQ YRWDFLRQHV FRQFUHWDV SRVWXUDV HQ FRQWUD GH OR LQGLFDGR SRU ORV SDUWLGRV HV TXH GH KHFKR OD HVHQFLD GH OD GHPRFUDFLD HV HVR QR OD REHGLHQFLDFLHJD/DPHQWDEOHPHQWHXQVtQWRPDGH LQPDGXUH] HV TXH HVR WRGDYtD VH FRQVLGHUD XQD WUDLFLyQ \ HQFLPD VH HVWLJPDWL]D VRFLDOPHQWH DO


VXSXHVWR WUDLGRU FXDQGR SUHFLVDPHQWH ORV YHUGDGHUDPHQWH WUDLGRUHV UXLQHV \ FREDUGHV VRQ ORVLQFDSDFHVGHDFWXDUHQFRQFLHQFLDDUULPDGRVDO SHVHEUHTXHFRPSDUWHQFRQHOUHVWRGHVXVKRUGDV 6L KDVWD QRV KHPRV LQYHQWDGR XQD SDODEUD WUDQVIXJXLVPRDODTXHVHSUHVXSRQHVLHPSUHXQD FDUJDGHLQGHFHQFLD&ODURTXHVLHOTXHVHPXHYH QR VDOH HQ OD IRWR FDEH OD RSFLyQ SRU SDUWH GHO LQQREOH GH LU GHVSOD]iQGRVH D WUDYpV GHO FXDGUR SDUD HYLWDU TXHGDUVH IXHUD PLHQWUDV TXH HO SURWDJRQLVWD FDUJDGR GH UD]yQ OR TXH LQWHQWDUi HV PRYHU OD SRVLFLyQ GH OD FiPDUD SDUD TXH HQFXDGUH OR TXH GHEH VHU (Q ILQ DTXt QRV HQFRQWUDPRV FRQ XQD GH ODV SULQFLSDOHV PXHVWUDV GH OR TXH QR GHEH KDFHU OD FREDUGtD FXDQGR QR OD VLPSOH FRQYHQLHQFLD TXH FRPR FRQVLGHUDPRV GHVWHUUDGD QLVLTXLHUDWHQHPRVHQFXHQWD  6LQRVHQFRQWUDPRVFRQXQSDUWLGRSROtWLFRTXH QR DFHSWD HO GHEDWH \ OD GLVFUHSDQFLD HV TXH HVWi DFWXDQGRDEVROXWDPHQWHHQFRQWUDGHORVSULQFLSLRV TXH OH RWRUJDQ VX OHJLWLPLGDG 8QD FRVD HV OD GLVFLSOLQD \ HO DXQDU HVIXHU]RV HQ SRV GH XQ REMHWLYR FRP~Q \ UHVSHWDU ODV QRUPDV EiVLFDV OHJtWLPDPHQWH DFRUGDGDV SHUR RWUD HV VXFXPELU D ODV SUHVLRQHV SRU LQWHUpV EDVWDUGR \ DFRPRGDUVH D ODFRPRGLGDGLQWHUHVDGD<ODFREDUGtDHVHOSHRUGH ORVGHOLWRVHQHVWHFDVR6HJXLGRSRUHOGHVLQWHUpV\ GLVFLSOHQFLD (O GDxR TXH XQD DFWLWXG LQQREOH


LUUHIOH[LYD R DXVHQWH GH FRPSURPLVR SXHGH RFDVLRQDU HV HO SHRU TXH VH SXHGH FDXVDU D XQD VRFLHGDG  (Q HO GHVHPSHxR GH OD DFWLYLGDG KDELWXDO HV HVSHFLDOPHQWH LPSRUWDQWH \ YLVWRVD OD DFWLWXG GHO SROtWLFR SRU VX SUR\HFFLyQ KDFLD HO H[WHULRU \ OD LQIOXHQFLD TXH HMHUFH VREUH ORV FLXGDGDQRV FRUULHQWHV/DSULQFLSDOPDQLIHVWDFLyQTXHSRGHPRV HYLGHQFLDU GHVGH OXHJR VH KDOOD HQ OD KDELWXDO SUiFWLFD GHO GHVSUHVWLJLR HO LQVXOWR \ HO DFRVR VLVWHPiWLFRDOFRQWUDULR8QDFRVDHVHOGHEDWH\OD GLVFXVLyQGHLGHDVRODQHJRFLDFLyQSRUPX\GXUD TXHVHDSHURTXHVLHPSUHGHEHHVWDUEDVDGDHQOD pWLFD HQ HO FRPSURPLVR \ HQ OD GLJQLGDG \ HO UHVSHWR DO FRQWUDULR /D YHUGDG HV TXH QR SDUHFH TXH VHD DVt VDOYR FXDQGR HO HQHPLJR D EDWLU HV HO FRQMXQWR GHO UHVWR GH ORV FLXGDGDQRV D ORV TXH VH SUHWHQGD H[SROLDU HQ FX\R FDVR HO JUDGR GH DFXHUGR VXHOH UR]DU OD XQDQLPLGDG HMHPSOR ORV SDFWRVSDUDODVVXELGDVGHVXHOGRVRSDUDFREUDUOD SHUFHSFLyQ GH MXJRVDV GLHWDV SRU DVLVWHQFLDV D SLQWRUHVFDV FRPLVLRQHV FX\R DFXHUGR GH FRQVWLWXFLyQ WDPELpQ VH DOFDQ]D SRU VRVSHFKRVD XQDQLPLGDG   <D QR KDEODPRV GH OD IDOVHGDG \ GH OD PDQLSXODFLyQ TXH GHVGH OXHJR VH SURGXFHQ FRQWLQXDPHQWH \ TXH VyOR UHSUHVHQWDQ OD Pi[LPD


PDQLIHVWDFLyQ GH OD SURSLD LQXWLOLGDG FREDUGtD \ PDOGDG &RPR GH HVWRV FDVRV GH DXWpQWLFD VLQYHUJRQ]RQHUtD QR HVWDPRV KDEODQGR \ D VXV SURWDJRQLVWDV QR QRV GLULJLPRV SRUTXH HVWR TXH HVWDPRV GLFLHQGR OHV LPSRUWD XQ UiEDQR WRPHQ 8GV FRQVFLHQFLD GH OR LPSRUWDQWH TXH UHVXOWD HVIRU]DUVH HQ DOHQWDU OD FRQFLHQFLD FROHFWLYD \ HQ LQWHQWDUGLJQLILFDUHVWDDFWLYLGDG  &RPRDXQTXH8GQRVHGHGLTXHDODDFWLYLGDG SROtWLFD HQHVWH PRPHQWR QXQFD VH GHEH GHVFDUWDU OD SRVLELOLGDG GH TXH OOHJXH D KDFHUOR DSOtTXHVH HO PLVPRFXHQWRTXHORTXHOHVGHFLPRVDHOORVSRUVL DFDVR6HDH[LJHQWH\HVFUXSXORVRHQODGHIHQVDGH VXV LGHDV HQ HO UHVSHWR D ODV UHJODV GHO MXHJR DSOtTXHVH FRQ JHQHURVLGDG HQHO XVR GH OD FRUWHVtD WUDWH DO FRQWULQFDQWH FRPR D XQ LJXDO \ DFW~H VLHPSUHFRQQREOH]DGLJQLGDG\HGXFDFLyQSRUTXH HVWi UHSUHVHQWDQGR ORV YDORUHV GHWRGD OD VRFLHGDG TXHVHYHUiUHIOHMDGDHQVXSURSLRFRPSRUWDPLHQWR  $KRUD UHVXOWD HVSHFLDOPHQWH LPSRUWDQWH REUDU FRQ UHFWLWXG \ ILUPH]D SRUTXH VRQ HO HVSHMR GH OD PLVPD <D VDEHPRV TXH ORV FRQWULQFDQWHV SROtWLFRV IUHFXHQWHPHQWH DFW~DQ SRU VLPSOH RSRVLFLyQ HVWp MXVWLILFDGD R QR PiV ELHQ QR  H LQFOXVR OR FRQVLGHUDQ OHJtWLPDPHQWH FRUUHFWR 3XHV QR VH HTXLYRTXHUHIOH[LRQH\GHFLGDVLHPSUHFRQFULWHULR\ VHQVDWH] TXH VLHPSUH SRGUi OR TXH HVWi ELHQ \


PDO 1R FDLJD HQ OD WUDPSD GH UHDFFLRQDU DLUDGDPHQWH R SRU LPSXOVRV SRU OyJLFR R OHJtWLPR TXHSDUH]FD  ([LVWH XQD FXHVWLyQ HVSHFLDOPHQWH GHOLFDGD H LQFOXVR SUHRFXSDQWH UD]yQ SRU OD TXH OH FRQFHGHPRV XQD LPSRUWDQFLD HVSHFLDO FRPR FXOPLQDFLyQ \D TXH YD DVRFLDGD D XQD SURIHVLyQ TXH SUREDEOHPHQWH UHFRMD OD Pi[LPD UHVSRQVDELOLGDG GHVGH XQ SXQWR GH YLVWD VRFLDO (V OD GLJQD \ YDORUDGD SURIHVLyQ GH PDHVWUR R HQVHxDQWH VREUH WRGR HQ ORV HVWDGRV LQLFLDOHV GH GHVDUUROOR GHO QLxR -XQWR FRQ OD IDPLOLD HV HQ OD HVFXHOD GRQGH VH SURGXFH OD YHUGDGHUD LQPHUVLyQ HQ HO FRQMXQWR GH YDORUHV TXH LPSHUDQ HQ OD VRFLHGDG HV GRQGH VH DSUHQGH D FRQYLYLU D UHODFLRQDUVHFRQORVGHPiVDPpQGHREWHQHUGHVGH OXHJR ORV FRQRFLPLHQWRV GH ODV GLVFLSOLQDV SHUWLQHQWHV  /DPHQWDEOHPHQWHODSURIHVLyQGHPDHVWURHVWi SHUGLHQGRHOQLYHOGHUHFRQRFLPLHQWRGHODGLJQLGDG HVWLPD\UHVSHWRTXHOHFRUUHVSRQGHFRPRPi[LPR H[SRQHQWH GH DXWRULGDG HQ HO HVFDODIyQ VRFLDO \D TXHHVLQVLVWRHOVXVWHQWRGHODFRQVWUXFFLyQGHOD VRFLHGDG1DGDPiVTXHGHFLUSRUORREYLRVREUHOD DFWLWXG GH ORV PDHVWURV \ SURIHVRUHV PH JXVWD PXFKR PiV OD SULPHUD GHQRPLQDFLyQ SRU OR TXH LPSOLFD GH PHQWRU \ GH JXtD TXH VH HQFXHQWUD


GHWUiV  7DQWR VL HV 8G PDHVWUR HQ FX\R FDVR OH IHOLFLWR\DOLHQWRFRPRVLQRORHVHQFX\RFDVRDOR TXHOHDOLHQWRHVDUHIOH[LRQDUDYDORUDU\DSR\DUVX LPSRUWDQWH SDSHO DGTXLUDPRV OD FRQFLHQFLDFLyQ DGHFXDGD  $ HVWH UHVSHFWR HV LPSRUWDQWH DO PHQRV UHIOH[LRQDU VREUH HO WLSR GH YDORUHV TXH GHEHPRV LQFXOFDU D ORV MyYHQHV FLXGDGDQRV SURPRYHU OD OXFKD \ DOLHQWR D OD FRPSHWLWLYLGDG SDUD GHVWDFDU VREUH ORV GHPiV \ WULXQIDU D WRGD FRVWD R SRU HO FRQWUDULR GHVWDFDU OD LPSRUWDQFLD GH OD FRODERUDFLyQFRRSHUDFLyQ\UHVSHWRKDFLDHOORV$OD YLVWD GH OR TXH OOHYDPRV GLFLHQGR KDVWD DKRUD \D GLVSRQHPRV GH DOJXQD SLVWD VLUYD HVWR FRPR PHQVDMH D ORV PDHVWURV D ORV UHVSRQVDEOHV GH OD SROtWLFDHGXFDWLYD\DORVSDGUHVGHDOXPQRV  3RUFLHUWRVHDFXDOVHDVXDFWLYLGDGSURIHVLRQDO \ VX SRVLFLyQ HQ OD RUJDQL]DFLyQ HQ TXH WUDEDMH GHEHUHVSHWDUDGHPiVODVPiVHOHPHQWDOHVQRUPDV GHFRQYLYHQFLDFRQORVFRPSDxHURV+DFHSRFRTXH KHPRVLQYHQWDGRWpUPLQRVFRPRHOPREELQJ HVRGH SUHVLRQDU R PDOWUDWDU D DOJ~Q FRPSDxHUR GHO PLVPR QLYHO R VXERUGLQDGR SUHIHUHQWHPHQWH  SHUR HVROOHYDH[LVWLHQGRWRGDODYLGDORTXHSDVDHVTXH DKRUD VLUYH SDUD MXVWLILFDU OD HVFULWXUD GH OLEURV XQD DFWLYLGDG FRPR RWUD FXDOTXLHUD $XQTXH KD\ TXLHQ OR FRQVLGHUD XQD WiFWLFDHILFD] \ GHVGH OXHJR


OR XWLOL]D FRQ XQD PDHVWUtD GLJQD GH HORJLR HVWi VLPSOHPHQWHPDO'HVWLHUUHODVHQYLGLDVORVUHFHORV \ ODV PDODV DUWHV HQ HO WUDEDMR 1R OH VXJLHUR TXH VHD WRQWR SHUR QR DGRSWH OD LQLFLDWLYD GH FRQYHUWLUVH HQ HO SHUYHUVR GH OD SHOtFXOD WHQJD SRU VHJXUR TXH HV PiV LPSRUWDQWH VX DFWLWXG SRVLWLYD TXH FXDOTXLHUD QHJDWLYD GH XQ KLSRWpWLFR FRQWULQFDQWH 1R RIHQGH TXLHQ TXLHUH VLQR TXLHQ SXHGH  (VWR QRV SHUPLWH HQOD]DU H LQVLVWLU HQ OD LPSRUWDQFLD GHO WUDEDMR ELHQ KHFKR \ ORV ULHVJRV \ WHQWDFLRQHV TXH QRV DPHQD]DQ SDUD GHVDWHQGHUOR (O PiV LPSRUWDQWH HV HO FRQWDJLR SRU FXOSD GH ORV FRPSDxHURV 'H ORV MHIHV \D KHPRV KDEODGR 9HDPRVORVTXHQRORVRQ  &XiQWDV YHFHV QRV HQFRQWUDPRV FRQ DXWpQWLFRV OLVWLOORV TXH FRQVWLWX\HQ XQD YHUGDGHUD ODFUD SDUD FXDOTXLHU HPSUHVD X RUJDQL]DFLyQ" 'HVGHOXHJRSDUDHOORVHOWUDEDMRHVXQDPDOGLFLyQ GLYLQD SXHVDGLVIUXWDUODDOPHQRVKRUDVDOGtD  6LQ FRQWDU FRQ ORV SURIHVLRQDOHV HVSHFLDOL]DGRV HQ HVTXLOPDUHPSUHVDV EHQHILFLiQGRVH GHWRGR WLSR GH SUHEHQGDV TXH OD OHJLVODFLyQ ODERUDO OHV RIUHFH QRV HQFRQWUDPRV FRQ RWURV DXWpQWLFRV SDUiVLWRV SURIHVLRQDOHV TXH WLHQHQ TXH RFXSDU HVH WLHPSR GH OD PDOGLFLyQ GLYLQD HQ FDXVDU GDxR D WRGR HO TXH SDVH SRU DOOt < PH UHILHUR D WRGRV SRUTXH


SHUMXGLFDQ D OD HPSUHVD D ORV FOLHQWHV \ D VXV FRPSDxHURV GH WUDEDMR 6HJXUDPHQWH D DOJXLHQ PiV &RQ SRFR HVIXHU]R VRQ FDSDFHV GH KDFHU XQ GDxRWHUULEOH  6HJXURTXHFRQRFHPRVHOFDVRGHOTXHVLHPSUH HVWiDXVHQWHRWLHQHPXFKtVLPRWUDEDMRGHPDQHUD TXH QXQFD WHUPLQD QDGD D WLHPSR 2 GHO TXH QR WLHQH ORV PHGLRV DGHFXDGRV \ SRU WDQWR QR SXHGH KDFHU QDGD 2 GHO TXH OH VXUJHQ FRPSURPLVRV X REOLJDFLRQHV LQHVSHUDGDPHQWH R GHVJUDFLDGDPHQWH VH SRQH HQIHUPR FRQ GHPDVLDGD IUHFXHQFLD 2 GHO TXH QR VH VDEH SRU TXp SHUR VLPSOHPHQWH QR FRQVLJXHKDFHUVXWUDEDMR3HURDGHPiVMDOHiQGRVH FRQWLQXDPHQWHRSUHJRQiQGRORDORVFXDWURYLHQWRV FRPR VL HVR IXHUD VXILFLHQWH SDUD MXVWLILFDU VX FRPSRUWDPLHQWR (O DQHFGRWDULR HV ULFR $OJXQR LQFOXVRVHMDOHDFRQUHWLQWtQGHODLQPLQHQFLDGHXQ SXHQWH IHVWLYR TXH QR OH FRUUHVSRQGH SHUR TXH \D YD DQWLFLSDQGR SRU ORV SDVLOORV TXH OH GD OD LPSUHVLyQGHTXHYDDFDHUHQIHUPR  (VWD DFWLWXG HV PX\ JUDYH \ VXSRQH XQ WRWDO GHVSUHFLRKDFLDODHPSUHVDORVFOLHQWHVODVRFLHGDG HQ JHQHUDO \ VREUH WRGR KDFLD VXV FRPSDxHURV GH WUDEDMR  3XHGHSDUHFHUXQDDQpFGRWDSHURQRORHV(V XQD VLWXDFLyQ VXPDPHQWH JUDYH $O ILQDO SXHGH


VXFHGHUTXHXQJUXSRGHWUDEDMRVHYHDSHUMXGLFDGR SRUTXH QR FXPSOH REMHWLYRV \ OH DIHFWH HQ VX UHPXQHUDFLyQ GLUHFWDPHQWH R HQ OD YDORUDFLyQ GH VXUHQGLPLHQWRLQFOXVRHQODSpUGLGDGHXQFOLHQWH \HQWRQFHVQRVUHLUHPRVWRGRV   3RU PXFKR TXH HO LQWHUIHFWR VH FRQVLGHUH XQ JHQLR\HQFLPDSUHVXPDGHVHUORQRGHMDGHVHUXQ VLPSOHOLVWLOORTXHDXQTXHVHFUHDTXHHVODHQYLGLD GHVXVFRPSDxHURV\HOKpURHUHFRQRFLGRSRUWRGRV QRHVVLQRREMHWRGHGHVSUHFLR\GHVGpQ$XQTXHHV SRVLEOH \ VyOR SRVLEOH TXH HQ DOJ~Q FDVR \ HQ SDUWH OH UtDQ ODV JUDFLDV \ OH DGXOHQ OR TXH HV VHJXURDOFLHQSRUFLHQHVTXHHQHOIRQGRVLHPSUH OR GHVSUHFLDQ 5HFXHUGH TXH OH HVWi SHUMXGLFDQGR GLUHFWDPHQWH VHJXUR TXH HQ VX FDOLGDG GH YLGD HQ HO WUDEDMR FDVL VHJXUR TXH HQ VX UHPXQHUDFLyQ PX\ SUREDEOHPHQWH HQ VX SRVLELOLGDG GH PHMRUDU VX HPSOHR \ SUREDEOHPHQWH HQ OD SRVLELOLGDG GH FRQVHUYDUOR  (O SHUILO GH HVWRV SDUiVLWRV \ ORV VtQWRPDV TXH ORV LGHQWLILFDQ VRQ VLHPSUH ORV PLVPRV HVSDUFLPLHQWR GH UXPRUHV \ DFWLYLGDG LQFHVDQWH GH SDVLOORVKDEODUPDOGHOMHIHRMHIHVGHODHPSUHVD\ GH ORV FRPSDxHURV LQFOXVR GHODQWH GH FOLHQWHV LQYHQWDUVH EXORV \ GLIXQGLU PHQWLUDV GH WRGR WLSR FXHVWLRQHV TXH HQ WRGRV ORV FDVRV VRQ DEVROXWDPHQWH IDOVDV \ SHUIHFWDPHQWH YHULILFDEOHV


FRVD TXH SRU RWUD SDUWH QR VH VXHOH KDFHU SRU GHVLGLD 6RQ HVSHFLDOLVWDV HQ H[FXVDV PDHVWURV HQ HVFDTXHRVJHQLRVGHODGLIDPDFLyQH[SHUWRVHQQR DFDEDU QDGD D WLHPSR \ SRU VXSXHVWR QR HVWiQ QXQFD GRQGH GHEHQ HVWDU 7DPELpQ VRQ SURIHVLRQDOHV HQ HFKDU ODV FXOSDV D RWURV VHDQ TXLHQHVVHDQ\GHFXDOTXLHUFRVD  3HUR SLHQVH XQD FRVD QR OH VXHQD FDUDFWHUtVWLFR HVWH WLSR GH SHUVRQDMH" 3iUHVH D SHQVDU 4XHUUtD 8G VHU FRPR HO"/H HQYLGLD" 3LpQVHORVHULDPHQWH3XHVHQWRQFHV  $OSDUiVLWRHQVtPLVPRSRFROHSRGHPRVGHFLU SRUTXH VX FRPSRUWDPLHQWR HV LQKHUHQWH D VX QDWXUDOH]D 3HUR HO ULHVJR GH FRQWDJLR HV OR TXH QR SRGHPRVFRQVHQWLUDQDGLH(OGHMDUVHDUUDVWUDUSRU OD GHVLGLD DO YHU TXH VH VDOH FRQ OD VX\D HV XQD VREHUDQDLUUHVSRQVDELOLGDG\QRVHGHEHWROHUDU(V DEVROXWDPHQWH SHFDPLQRVR HQWUDU HQ HVWH MXHJR \ GHMDUVH DUUDVWUDU SRU OD GHVLGLD GHO PLVPR +D\ VLWXDFLRQHVTXHHQHIHFWRUHVXOWDLPSRVLEOHHYLWDU LQFOXVR OD GLUHFFLyQ VH HQFXHQWUD FRQ HQRUPHV GLILFXOWDGHV SDUD DGRSWDU VHJ~Q TXp PHGLGDV SRU PX\MXVWDVTXHVHDQ3XHVELHQHVRQRGHEHVHUYLU HQ PRGR DOJXQR FRPR H[FXVD SDUD QR FRPSURPHWHUVH WRWDOPHQWH FRQ VX WUDEDMR (O WUDEDMR ELHQ KHFKR HV XQD REOLJDFLyQ SHUR QR VyOR FRQHOTXHQRVHPSOHDVLQRFRQWRGDODVRFLHGDG\


QXHVWURV FRPSDxHURV 6yOR SRUTXH RWURV QR FXPSODQ QR GHEHPRV GHMDUQRV DUUDVWUDU SRU HVD DFWLWXG<DORSDJDUiQFRQFUHFHVQRORGXGH   6LQ SDOLDWLYRV WUDEDMDU PDO HV VLPSOH \ OODQDPHQWHUREDU\SRUWDQWRXQDXWpQWLFRGHOLWR(O TXH OR KDFH HV XQ GHOLQFXHQWH \ ORV TXH VH OR FRQVLHQWHQ XQRV FyPSOLFHV 1R FDLJD HQ OD WHQWDFLyQGHFRQYHUWLUVHHQXQRGHHOORV  7UDEDMH ELHQ VLHPSUH GDQGR OR PHMRU GH Vt PLVPR +iJDOR SRU 8G \ SRU ORV GHPiV $XQTXH VyOR VHD SRU XQD FRVD UHDOPHQWH FUHH TXH OH UHVXOWD PiV IiFLO KDFHUOR PDO TXH ELHQ R TXH REWLHQH DOJ~Q EHQHILFLR FRQ HOOR" 6yOR DVt FRQVWUXLUHPRVXQPXQGRPHMRU  +DVWD DKRUD \D KHPRV FRQWDGR XQRV FXDQWRV HMHPSORV 3HUFiWHVH GH TXH OR TXH KHPRV GLFKR OR KD VLGR VLHPSUH GHVGH OD SHUVSHFWLYD GH TXH GHEH YHUVH FRPR OD FDSDFLGDG GH DSRUWDU OR PHMRU TXH WHQHPRVGHQRVRWURVPLVPRVHQFDGDPRPHQWR\GH IDYRUHFHU OD FDOLGDG GH ODV UHODFLRQHV FRQ RWUDV SHUVRQDV(VRHVYiOLGRHQFXDOTXLHUFLUFXQVWDQFLD /D IRUPD FRQFUHWD HQ TXH SXHGH KDFHUVH RIUHFHUi GLVWLQWDVRSRUWXQLGDGHVHQFDGDFDVRSHURUHVXOWDQ VXPDPHQWH VHQFLOODV GH LGHQWLILFDU \ FRPSDUWLU 6HJXUR TXH FRQ XQ SRFR GH VHQWLGR FRP~Q \D



VDEUHPRVTXpKD\TXHKDFHUHQFDGDFLUFXQVWDQFLD RVLWXDFLyQTXHVHQRVSUHVHQWH   o +DJDVLHPSUHELHQVXWUDEDMR o $SUHQGDFRQWLQXDPHQWHDPHMRUDUHQVXWUDEDMR )yUPHVHSHUPDQHQWHPHQWH o 3LHQVHTXHVXWUDEDMREHQHILFLDDRWUDVSHUVRQDV \OHVSXHGHIDFLOLWDUODYLGD o 6LWUDEDMDGHFDUDDOS~EOLFRRIUH]FDVLHPSUH XQDVRQULVD\XQWUDWRFRUWpV o (VIXpUFHVHVLHPSUHXQSRFRPiV'HPiVGHOR TXHH[LMDVXWUDEDMR9D\DVLHPSUHXQSDVRPiV DOOi o 7UDWHFRQUHVSHWRDVXVHPSOHDGRV FRPSDxHURVFOLHQWHV\SURYHHGRUHV o 5HVSHWHVXVFRPSURPLVRV1RIUXVWUHODV H[SHFWDWLYDV o 6HDMXVWRHQHOUHFRQRFLPLHQWRGHOWUDEDMR\HQ ODDGPLQLVWUDFLyQGHSUHPLRV\FDVWLJRV o 3LHQVHTXHDOKDFHUELHQVXWUDEDMRD\XGDD PHMRUDUHOPXQGR o 7UDEDMHFRQDOHJUtD6HUiPiVIHOL]     



&219,9(1&,$<9,'$62&,$/  $XQTXH JUDQ SDUWH GH ODV DFWLWXGHV \ FRPSRUWDPLHQWRV GH OD YLGD KDELWXDO \D KDQ LGR DIORUDQGRHQORVSiUUDIRVDQWHULRUHVQRHVWiGHPiV FRQWLQXDUFRQHVWHDSDUWDGRHQHOTXHHVFRJHUHPRV DOJXQRV PiV GH HOORV < VL VH UHSLWHQ DOJXQRV PHMRU $Vt SRGUHPRV UHDILUPDUQRV H LQVLVWLU HQ ORV PLVPRV DXQTXH VROR VHD SRU HO HIHFWR UHIRU]DQWH TXH HMHUFH OD PHUD LQVLVWHQFLD 8QD GH ODV SULQFLSDOHV KHUUDPLHQWDV GH OD SHUVXDVLyQ HV OD UHSHWLFLyQ R GLFKR GH XQD IRUPD PiV HOHJDQWH SHUVLVWHQFLD $GHPiV OD DSUR[LPDFLyQ D VLWXDFLRQHV VLPLODUHV GHVGH SHUVSHFWLYDV VHQVLEOHPHQWHGLIHUHQWHVFRQWULEX\HDLQFUHPHQWDU VX FRQRFLPLHQWR \ HQ HVWH FDVR DFHSWDFLyQ HVR HVSHUR   3UREDEOHPHQWH OD ~QLFD GLIHUHQFLD UHOHYDQWH IUHQWHDODVDQWHULRUHVPXHVWUDVVHHQFXHQWUHHQHO JUDGR GH UHODFLyQ FRQ ORV LQWHUORFXWRUHV \ TXH HQ HVWH FDVR VH UHGX]FD VLPSOHPHQWH D TXH QR VH HQFXDGUDQGHQWURGHODHVIHUDGHORVFRQRFLGRV(V GHFLU QRV UHIHULPRV D ODV VLWXDFLRQHV HQ TXH QRV HQIUHQWDPRV FRUGLDOPHQWH HVR Vt  GHVGH HO DQRQLPDWR PXWXR FRQ RWUDV SHUVRQDV HQ GLYHUVLGDGGHVLWXDFLRQHVTXHREOLJDQDOWUDWR\DOD FRQYLYHQFLD &ODUR DOJXQDV GH HOODV VH SXHGHQ UHSURGXFLU H LQFOXVR FRQYHUWLUVH HQ XVXDOHV OR TXH


OHV OOHYDUtD D SHUGHU HVWH FDUiFWHU GH HVSRUDGLFLGDG H LQFOXVR GH DQRQLPDWR \D TXH VH DFDEDUtDQ SRU HVWDEOHFHU YtQFXORV GH DIHFWLYLGDG PiV R PHQRV Vy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yQ GH ODV PLVPDV VH HQFXHQWUD HQ OD FRQILJXUDFLyQ GH XQ VLVWHPD OHJDO HV GHFLU XQ FRQMXQWR GH OH\HV \ QRUPDV GH FRQGXFWD 6LQ GXGDUOR \ VLQ TXH DGPLWDPRV QLQJXQD SRVLELOLGDG GH GLVFXVLyQ OD OH\ HV OR TXH QRVKDFHOLEUHV(VWRGHVGHOXHJRUHTXLHUHTXHQRV HQFRQWUHPRVHQXQUpJLPHQGHPRFUiWLFRUHJLGRSRU XQVLVWHPDGHOLEHUWDGHVORTXHVHVXHOHGHQRPLQDU HQWUH RWUDV IRUPDV  FRPR XQ HVWDGR GH GHUHFKR 3HUR HVWR OR SUHVXSRQHPRV \ OR GDPRV SRU GHVFRQWDGR 


3XHVWR TXH HO VLVWHPD SHUPLWH FRQILJXUDU \ DGDSWDU ODV OH\HV GH XQD PDQHUD MXVWD HQ IXQFLyQ GH ODV FLUFXQVWDQFLDV GHEHPRV DGPLWLU TXH VRQ FRUUHFWDV \ RWRUJDUOHV VX SULQFLSDO YDORU \ YLUWXG (VWiQ SDUD GHOLPLWDU ODV UHJODV GH FRQYLYHQFLD \ HVWDEOHFHUODVSDXWDVGHFRPSRUWDPLHQWR'DGRTXH QRV HQFRQWUDPRV HQ XQ VLVWHPD GHPRFUiWLFR \ OHJtWLPRDVXPLPRVODMXVWLFLDHIHFWLYLGDG\ERQGDG GHO PLVPR \ OR DFDWDPRV LQFRQGLFLRQDOPHQWH $GPLWDPRVTXHQRWRGDVODVOH\HVRQRUPDVWLHQHQ SRU TXp SDUHFHU MXVWDV D WRGR HO PXQGR SHUR HV PXFKR PiV LPSRUWDQWH FRQWDU FRQ OD FRQILDQ]D GH TXH VRQ DFDWDGDV \ UD]RQDEOHPHQWH DGPLVLEOHV SRUTXH DGPLWLPRV OD OHJLWLPLGDG TXH VH HQFXHQWUD GHWUiV GHO SURFHVR GH VX IRUPXODFLyQ (V LQFOXVR PiVLPSRUWDQWHDFDWDUODERQGDGGHOSURFHGLPLHQWR \DGPLWLUORTXHHOSURSLRUHVXOWDGRRFRQWHQLGRGHO PLVPR  'HEHPRV DVXPLU VLQ FRQWHPSODFLRQHV TXH HO VLVWHPD HV VXILFLHQWHPHQWH FDSD] GH HQFRQWUDU OD PHMRU VROXFLyQ FROHFWLYD R VHD SDUD HO FRQMXQWR GH ORV LQGLYLGXRV TXH FRPSRQHQ OD VRFLHGDG 6REUH WRGR SRUTXH VLHPSUH H[LVWH OD SRVLELOLGDG GH HIHFWXDUUHIRUPDV/DYHUGDGHUDYLUWXG\ERQGDGVH HQFXHQWUD HQ HO SURSLR SURFHGLPLHQWR TXH SHUPLWH HVWD RSFLyQ 1R ROYLGHPRV TXH ODV FLUFXQVWDQFLDV HVWiQ FDPELDQGR FRQWLQXDPHQWH \ SRU WDQWR OR KDUiQ ODV VROXFLRQHV TXH VH PXHVWUHQ PiV


DGHFXDGDVHQFDGDPRPHQWR'HDKtODLPSRUWDQFLD GHJR]DUGHXQVLVWHPDTXHSHUPLWDHVWDDGDSWDFLyQ SHUPDQHQWH  4Xp SDVD VL QR DFDWDPRV XQD QRUPD FXDQGR QRQRVFRQYLHQH"6XSRQJDTXHDSDUFDHQFXDOTXLHU VLWLRVLQUHVSHWDUXQYDGRVLPSOHPHQWHSRUTXHQR OHGDODJDQD\DTXHOHSDUHFHLQMXVWRTXHVHKD\D FRQFHGLGR GLFKD LQPHUHFLGD SUHEHQGD D RWUR LQGLYLGXRSUHFLVDPHQWHGRQGHGDODFDVXDOLGDGTXH 8G KD DSDUFDGR WRGD OD YLGD ,QGHSHQGLHQWHPHQWH GH TXH HVWD VLWXDFLyQ VHD HO HMHPSOR GH XQD VREHUDQD QLPLHGDG VH DWUHYHUi GHVSXpV D H[LJLU TXH UHVSHWHQ HO VX\R" FODUR TXH HQ HVWH FDVR VLQ GXGDVHUtDWRWDOPHQWHMXVWRSXHVIDOWDUtDPiV <D VDEHPRVTXHKD\DTXLHQHVHVWHWLSRGHVLWXDFLRQHV OHV SDUHFHQ QRUPDOHV ODV GHILHQGHQ \ OR TXH HV SHRU REUDQ HQ FRQVHFXHQFLD LJQRUDQGR ODV QRUPDV 3XHV VL HV DVt QRV HQFRQWUDPRV VLQ GXGDUOR DQWH XQ VLQYHUJHQ]D \ XQ JROIR \ QR DGPLWH GLVFXVLyQ 'HVGH XQ SXQWR GH YLVWD FRQFHSWXDOHVWHLQGLYLGXRHVWDQGHOLQFXHQWHFRPR XQDVHVLQRHQVHULH  6L QR DFDWDPRV ODV QRUPDV FXDQGR QR QRV FRQYLHQHQ FODUR TXH VLHPSUH HV SRUTXH HVWi PDO GLFWDGDV TXH FDVXDOLGDG  SRU TXp UD]yQ KDQ GH KDFHUOR RWUDV SHUVRQDV FXDQGR Vt TXH QRV FRQYHQJDDQRVRWURV"


1DWXUDOPHQWH ODV FLUFXQVWDQFLDV HYROXFLRQDQ \QRVHQFRQWUDUHPRVFRQQXPHURVDVOH\HVUHJODV\ QRUPDV REVROHWDV TXH VLQ GXGDUOR GHEHQ VHU PRGLILFDGDV %XHQR SXHV HQ HVWH FDVR KD\ TXH GHGLFDU ORV HVIXHU]RV SHUWLQHQWHV D LQWHQWDU FDPELDUODV TXH SDUD HVR H[LVWHQ ORV PHFDQLVPRV RSRUWXQRV SHUR GH QLQJXQD PDQHUD LJQRUDUODV (V DEVROXWDPHQWH LQDGPLVLEOH LJQRUDUODV GHVSUHFLDUODV\PXFKRPiVLQFXPSOLUODV  (VFLHUWRTXHJUDQSDUWHGHODVQRUPDVYLJHQWHV VRQ WDQ VROR IUXWR GH FRQYHQFLRQDOLVPRV 1XPHURVDV UHJODV QRUPDV FyGLJRV R UHJODPHQWRV REHGHFHQ WDQ VyOR D OD QHFHVLGDG GH UHVROYHU SUREOHPDV RSHUDWLYRV GH FROHFWLYRV FRQFUHWRV R VLWXDFLRQHV SDUWLFXODUHV \ DGHPiV HQ PRPHQWRV WHPSRUDOHV FODUDPHQWH GHOLPLWDGRV 3RU HVR OD SURIXQGLGDG GH VXV SUHFHSWRV GLVWD PXFKR GH VHU UHOHYDQWH \ DIHFWDU D FXHVWLRQHV GH H[FHVLYR FDODGR PRUDO 3HUR QR SRU HOOR GHMDQ GH VHU PHQRV LPSRUWDQWHV6RQIUXWRGHDFXHUGRV\FRPSURPLVRV HQ ORV TXH HO KHFKR GH DVXPLU HO FRPSURPLVR HV PiV LPSRUWDQWH TXH HO FRQWHQLGR GHO PLVPR 5HVSHWDUORVHVPXHVWUDGHFRQYLYHQFLDGHUHVSHWR\ ERQGDG TXH HV OR TXH GHIHQGHPRV GHVGH HO SULQFLSLR 'HVGH OXHJR QR KD\ QLQJXQD UD]yQ REMHWLYD SDUD TXH XQD VHxDO GH VWRS GHED REOLJDU D GHWHQHUVHHQXQFUXFHQLTXHVHGHEDDSRUWDUHO


DO HVWDGR FXDQGR WH FRPSUDV XQ OLEUR SHUR HVR D\XGD D IXQFLRQDU PHMRU D OD VRFLHGDG HQ TXH YLYLPRV \ FRPR HV XQ FRPSURPLVR TXH DVXPLPRV HQWUHWRGRVGHEHPRVFXPSOLUOR6LQRQRVJXVWD\D ORFDPELDUHPRV  5HFRUGDQGRDOJRTXH\DGLMLPRVDQWHULRUPHQWH WDQ LPSRUWDQWH HV DFDWDU \ FXPSOLU ODV QRUPDV FRPR REOLJDUDORV GHPiVDFXPSOLUODV RDO PHQRV QRVHUFRQGHVFHQGLHQWHVFRQORVWUDQVJUHVRUHV  (Q UHVXPHQ WRGD HVWD GLVFXVLyQ \ OD QHFHVLGDG GH DVXPLU HO FRPSURPLVR TXH VH GHULYD VH HQFXHQWUD HQ HO KHFKR REYLR GH TXH FRQ IUHFXHQFLD ORV GHUHFKRV GH XQRV VH FRQYLHUWHQ HQ REOLJDFLRQHVGHRWURV  $KRUD ELHQ QR QRV SDVHPRV FRQ HO HMHUFLFLR \ H[LJHQFLD GH QXHVWURV GHUHFKRV (O OtPLWH QR VH HQFXHQWUDVyORHQODOH\VLQRHQODMXVWLFLD4XHGH KHFKRHQXQDJUDQFDQWLGDGGHRFDVLRQHVSHUPLWH XQD DPSOLD IOH[LELOLGDG LQWHUSUHWDWLYD SRUTXH QR UHVXOWD VHQFLOOR UHFRJHU HQ XQ FDWiORJR SHUIHFWDPHQWH GHILQLGR WRGDV ODV LQVWUXFFLRQHV QRUPDV R DOWHUQDWLYDV SRVLEOHV FRQ DEVROXWD SUHFLVLyQ /D EXHQD HGXFDFLyQ \ XQRV SULQFLSLRV PRUDOHV VyOLGDPHQWH DVHQWDGRV QRV GDUiQ ODV SDXWDVGHILQLWLYDVSDUDUHVROYHUFDGDVLWXDFLyQ 


'H QXHYR UHFXHUGH TXH OD SDXWD QRV OD GD HO SULQFLSLRHOHPHQWDO7UDWHDORVGHPiVFRPRTXLHUD TXHOHWUDWHQD8G(VGHVHQWLGRFRP~Q  6LQ GXGDUOR SXHVUHVSHWH VLHPSUH OD OH\ \ODV QRUPDV OHJDOHV 6RQ HO PDUFR GH UHIHUHQFLD GH QXHVWUDVRFLHGDG\GHODFRQYLYHQFLDGHQWURGHHOOD 3HUR QR VLHPSUH HV VXILFLHQWH 3RU HVR WDPELpQ HV UHFRPHQGDEOH UHVSHWDU DOJXQRV FyGLJRV R FRQYHQFLRQDOLVPRV SURIXQGDPHQWH LQPHUVRV HQ OD PHPRULD FROHFWLYD R HQ OD GH DOJXQRV FROHFWLYRV FRQFUHWRV  (VWR FRQWULEX\H GH XQD PDQHUD LQPHGLDWD D GDU VDWLVIDFFLyQ D XQR GH ORV SULQFLSDOHV DQKHORV GHO VHU KXPDQR HO VHQWLGR GH SHUWHQHQFLD \ DFHSWDFLyQ SRU SDUWH GHO JUXSR < FRQ HOOR QRV HVWDPRVDVHJXUDQGRXQDSDUWHGHQXHVWUDIHOLFLGDG  3RU HMHPSOR H[LVWH XQD FRVD TXH VH GHQRPLQD ODVQRUPDVGHEXHQDHGXFDFLyQ1RPHUHILHURDODV GH SURWRFROR TXH GHEHQ VHU UHVSHWDGDV HQ GHWHUPLQDGDV FLUFXQVWDQFLDV DFWRV GH VRFLHGDG R FtUFXORV VRFLDOHV \ TXH FRQVWLWX\HQ XQ FODUR \ VHQFLOORHMHPSOR IiFLO GHHQWHQGHU 2EVHUYHFyPR HO RUJXOOR GH SHUWHQHFHU D JUXSRV VHOHFWRV MXVWLILFD OD DVXQFLyQ GH QRUPDV HQ PXFKRV FDVRV UHDOPHQWH H[WUDxDVTXHVRQDFRJLGDVDFHSWDGDV\UHVSHWDGDV FRQ UHJRFLMR SUHFLVDPHQWH FRPR VtPEROR GH


GLVWLQFLyQ &UHH 8G TXH WHQHU TXH DFDWDUODV VXSRQHXQJUDYHLQFRQYHQLHQWHRXQDWHQWDGRDORV GHUHFKRV LQGLYLGXDOHV" $O FRQWUDULR FRQVLGHUH FRQ FXiQWR RUJXOOR VH RVWHQWD OD FRQGLFLyQ GH GLVSRQHU GHO KRQRU GH SRGHU VRPHWHUVH D HVRV HVWULFWRV FyGLJRV GH FRQGXFWD /D FODYH VH HQFXHQWUD HQ HO DFDWDPLHQWR FRQVHQWLGR GH ODV UHJODV GHO MXHJR \ TXHHOVLVWHPDGHHVWDEOHFLPLHQWRGHODVPLVPDVHV YROXQWDULDPHQWHDVXPLGRUHVSHWDGR\FRPSDUWLGR  

  (IHFWXDGRHVWHLQFLVRYROYDPRVFRQODVQRUPDV GH HGXFDFLyQ PiV FRWLGLDQDV (V ELHQ FLHUWR TXH FDGD VRFLHGDG KD DVXPLGR XQDV SULRULGDGHV GLIHUHQWHV \ TXH YDUtDQ VHJ~Q ORV SDtVHV ODV FXOWXUDVUHOLJLRQHV\TXHLQFOXVRDHVFDODUHJLRQDO



H[LVWHQ HQRUPHV GLIHUHQFLDV (Q PXFKDV RFDVLRQHV VH DSHOD D UD]RQHV GH WLSR KLVWyULFR R WUDGLFLRQDO SDUD OD GHIHQVD GH FLHUWDV UHJODV TXH SRU FLHUWR PiV ELHQ VyOR SUHWHQGHQ VHU XQD H[FXVD SDUD OD GHIHQVD GH FDGXFRV SULYLOHJLRV 3HUR KD\ FRVDV TXH VRQGHVHQWLGRFRP~QTXHSRUFLHUWRVLHPSUHHVHO PLVPRFRPSyUWDWHFRPRTXLHUDVTXHVHFRPSRUWHQ ORVGHPiV/DPD\RUSDUWHGHODVRFDVLRQHVHQTXH VH DSHOD D FRVWXPEUHV SDUD KDFHU DOJR PDO QR VH WUDWD QDGD PiV TXH GH XQD H[FXVD FDVL VLHPSUH SDUD MXVWLILFDU OD YDJDQFLD HO GHVLQWHUpV R HO GHVFXLGR<VLQRSiUHVHDSHQVDU4XpWHQGUiTXH YHU HO VDFDU OD EDVXUD DO FRQWHQHGRU DQWHV GH OD KRUD HVWDEOHFLGD SDUD TXH VH SXGUD FRQ FRVWXPEUHV WUDGLFLRQHV R XVRV VRFLDOHV" 6LPSOHPHQWH HV TXH QRV HQFRQWUDPRV DQWH XQ JXDUUR\TXHOHLPSRUWDQXQUiEDQRORVGHPiV  (V OD EXHQD HGXFDFLyQ GH WRGD OD YLGD OR TXH UHVXOWD PiV LOXVWUDWLYR 'HVGH OXHJR VH HQFXHQWUD FODUDPHQWHVXMHWDDFRQYHQFLRQDOLVPRVHQPXFKRV FDVRV FDGXFRV H LQFOXVR DEVXUGRV 3HUR HVWiQ ILUPHPHQWH DVHQWDGDV \ PDUFDQ XQDV SDXWDV GH FRPSRUWDPLHQWR FODUDV $VXPLHQGR TXH QR VRQ GH REOLJDGR FXPSOLPLHQWR \ TXH QR REHGHFHQ FDVL QXQFD D SULQFLSLRV PRUDOHV LUUHQXQFLDEOHV QL D FRQMXQWRV GH GHUHFKRV IXQGDPHQWDOHV DGPLWDPRV TXH FRQILJXUDQ HQ FRQMXQWR XQ HVSDFLR GH FRQYLYHQFLD TXH DVHJXUD HVWDELOLGDG \ FRPRGLGDG


SRU OD VHQFLOOD UD]yQ GH TXH WRGR HO PXQGR VDEH D TXpDWHQHUVH$VtSXHVQRPHQRVSUHFLHVXYDORU  (VSHFLDOPHQWH LPSRUWDQWH HV \ HVR VL TXH HQWUD HQ QXHVWUD ILORVRItD QR KHULU OD VHQVLELOLGDG GHODVSHUVRQDV1RWRGRHOPXQGRYHPRVODVFRVDV GH OD PLVPD PDQHUD \ H[LVWHQ SHUVRQDV TXH UHVSHWDQ FLHUWDV QRUPDV R DFDWDQ GHWHUPLQDGDV FUHHQFLDV TXH SUREDEOHPHQWH QR FRPSUHQGDPRV SHUR QR H[LVWH QLQJXQD UD]yQ SDUD TXH QR LQWHQWHPRV FRPSUHQGHU TXH HOORV Vt SXHGHQ KDFHUOR 2EVHUYH OD LPSRUWDQFLD GHO PDWL] QR GLJR TXH WHQJDPRV TXH DFDWDU R FRPSUHQGHU VX SXQWR GH YLVWD SHUR Vt TXH FRPSUHQGDPRV TXH SDUD HOORV SXHGH VHU LPSRUWDQWH 1R HQWUH D YDORUDU QXQFD OD LPSRUWDQFLD TXH RWUDV SHUVRQDV OH FRQFHGHQ D ODV FRVDV 8G QR HVWi HQ FRQGLFLRQHV GH VDEHU FXiOHV VRQ ODV FLUFXQVWDQFLDV TXH OHV OOHYDURQ D HOOR 0XpVWUHVH DELHUWR \ FRPSUHQVLYR DQWH OD VHQVLELOLGDG GH RWUDV SHUVRQDV FRPR OH JXVWDUtD TXH IXHUDQ FRQ 8G DXQTXH QR FRPSUHQGD OD UD]yQ(VWDQVHQFLOORFRPRTXHHVWDUiKDFLHQGRXQ IDYRURXQELHQDRWUDSHUVRQD$XQTXHQRVHSDSRU TXpHOELHQHVWDUiKHFKR  6H KD SDUDGR D SHQVDU HQ FXDQWDV RFDVLRQHV OOHYDPRV D FDER GHWHUPLQDGDV DFFLRQHV QR SDUD HMHUFHU QXHVWURV OHJtWLPRV GHUHFKRV VLQR VLPSOHPHQWH SDUD OOHYDU OD FRQWUDULD R SRQHU GH


PDQLILHVWR QXHVWUD LQWHQFLyQ WUDQVJUHVRUD"3DUD TXp GHEHPRV HMHUFLWDU QXHVWUD OLEHUWDG VL QR QRV VLUYHSDUDQDGD"$QWHFXDOTXLHUDFFLyQVLQRYDD UHSRUWDU QLQJ~Q EHQHILFLR D QDGLH HV PHMRU QR DFRPHWHUOD  /DHVHQFLDIXQGDPHQWDOGHODEXHQDHGXFDFLyQ GHVFDQVD HQ XQ SULQFLSLR PX\ VHQFLOOR UHQXQFLDPRV D QXHVWURV GHUHFKRV HQ EHQHILFLR GH ORV GHPiV $XQTXH QR VH WUDWH GH GHUHFKRV IXQGDPHQWDOHV QL TXH WHQJD XQD UHSHUFXVLyQ SUiFWLFDHOLPSDFWRGHHVWHLQWHUFDPELRHMHUFHXQD QRWDEOH LQIOXHQFLD HQ OD VRFLHGDG 3RU GRV UD]RQHV HQ SULPHU OXJDU SRU OD PHMRUD LQPHGLDWD TXH SURGXFH FRQ OD DFFLyQ HO EHQHILFLR TXH JHQHUD D DOJXQDV SHUVRQDV \ HQ VHJXQGR OXJDU SRUTXH FRQWULEX\H D DVHQWDU ODV EDVHV GH XQDV UHODFLRQHV KXPDQDV IUXFWtIHUDV \ GHVGH OXHJR D DOHQWDU HO HVStULWXFROHFWLYR\GHERQGDGKXPDQD  $ GLIHUHQFLD GHO HVWULFWR FXPSOLPLHQWR GH ODV OH\HV TXH GHEHQ VHU DFDWDGDV SRU REOLJDFLyQ OD EXHQD HGXFDFLyQ VH PDQLILHVWD HQ OD UHQXQFLD YROXQWDULD D ORV GHUHFKRV SURSLRV 3HUR SDUD HOOR KDFHIDOWDTXHHVWHPRVHQSRVHVLyQGHORVPLVPRV 1R VH SXHGH UHQXQFLDU D OR TXH QR VH WLHQH (Q HO HMHUFLFLRGHHVWDUHQXQFLDVHHQFXHQWUDODJUDQGH]D GHOVHUKXPDQR1RQRVFRQIXQGDPRV(OTXHFHGH HO SDVR HQ XQ VWRS QR HV XQD SHUVRQD HGXFDGD


VLPSOHPHQWHHVWiDFDWDQGRODVQRUPDV(VTXHHQ FDVR FRQWUDULR VH HVWi FRPSRUWDQGR FRPR XQ VLQYHUJHQ]D \ WUDQVJUHGLHQGR OD OH\ (V HO TXH WHQLHQGRSUHIHUHQFLDHQXQFUXFHGHFLGHIDFLOLWDUOD LQFRUSRUDFLyQ GH RWUR FRQGXFWRU DO PLVPR HO TXH HVWi REUDQGR FRQ HGXFDFLyQ &HGH VX GHUHFKR SRUTXH SXHGH \D TXH HV VX\R HQ EHQHILFLR GH RWURV (V XQD DFFLyQ OLEUH \ JHQHURVD 3XHV H[WUDSROHHVWRDWRGDVODVIDFHWDVGHODYLGD  6LHQHOFDVRGHODVQRUPDV\FyGLJRVGHFLHUWR UDQJROHJDODTXHKLFLPRVUHIHUHQFLDDOXGtDPRVDOD LPSRUWDQFLD GH VX LQWHUSUHWDFLyQ \ TXH D YHFHV DGPLWtD FLHUWD IOH[LELOLGDG WRGDYtD OR HV PiV HQ HO FDVR GH ODV VLPSOHV QRUPDV GH FRQYLYHQFLD QR HVFULWDV  $VtSXHVLQVLVWLPRV/DYHUGDGHUDJHQHURVLGDG \FDOLGDGKXPDQDVHPDQLILHVWDHQODFDSDFLGDGGH UHQXQFLDU D QXHVWURV GHUHFKRV D IDYRU GH ORV GHPiV HQ VXPD IDFLOLWDUOHV OD YLGD FRQWULEXLU D TXH VHDQ PiV IHOLFHV D WUDWDUOHV FRPR TXHUUtDPRV TXHQRVWUDWDUDQDQRVRWURV<RFDVLRQHVDSDUHFHQ DWRGDVKRUDV7DQIiFLOHVHQFRQWUDUODVFRPRORHV GHVFXLGDUODRSRUWXQLGDGGHDSURYHFKDUODV  8QD JUDQ SDUWH GH ORV FRPSRUWDPLHQWRV TXH PiVDIHFFLyQSURSRUFLRQDQ\TXHSRUWDQWRRIUHFHQ RFDVLRQHVGHLQWHUUHODFLyQVHGDQHQODYtDS~EOLFD


$OJXQDV VRQ GH SHURJUXOOR /D WHQGHQFLD D GHVSUHFLDU ORV OXJDUHV S~EOLFRV HVWi DVTXHURVDPHQWH DUUDLJDGD HQ GHWHUPLQDGDV VRFLHGDGHV 5HVXOWD UHSXJQDQWH HO FRPSRUWDPLHQWR GH WLUDU FROLOODV EDVXUDV \ GHVSHUGLFLRV HQ FXDOTXLHU OXJDU FDOOHV SDUTXHV \ MDUGLQHV YHVWtEXORV SDVLOORV R DVFHQVRUHV GH HGLILFLRV S~EOLFRV \ SULYDGRV HQ HO FDPSR \ HQ FXDOTXLHU OXJDU TXH VH SUHFLH (VWD DFWLWXG QR VyOR GHEH VHU FRUUHJLGD VLQR TXH H[LJH HO WUDWDU FRQ HO PiV DEVROXWR GHVSUHFLR D ORV SURWDJRQLVWDV 4Xp OH FXHVWD FRPSRUWDUVH FRQ XQ SRFR GH GLJQLGDG \ DGRSWDUXQDPtQLPDDFWLWXGGHDVHRFROHFWLYR"(VR VtTXHHVREUDUPDO\QRFUHRTXHSRGDPRVDYDQ]DU PiVHQXQDGLVFXVLyQWDQHOHPHQWDO  'HQWURGHHVWDFDWHJRUtDGHFRPSRUWDPLHQWRV\ VHUHV UXLQHV TXH ORV SHUSHWUDQ VH HQFXHQWUD XQD PDQLILHVWDPHQWHH[HFUDEOH\HVODGHORVDVTXHURVRV SURSLHWDULRV GH ORV FRQVDELGRV FDQHV XUEDQLWDV HQ HVWH FDVR ORV FXDGU~SHGRV QR WLHQHQ SRU TXH VHU DVTXHURVRVSRUTXHQRVRQFRQVFLHQWHVGHHOOR TXH SHUPLWHQ ODV GHSRVLFLRQHV GH HVWRV DIDEOHV \ REHGLHQWHV DQLPDOHV HQ ORV OXJDUHV S~EOLFRV VLQ UHFRJHUODV D FRQWLQXDFLyQ 6H KD SDUDGR D SHQVDU HQORVULHVJRVTXHPHURGHDQDOUHGHGRUGHORVQLxRV TXH LQRFHQWHV MXHJDQ HQ ORV SDUTXHV \ MDUGLQHV" 1R HV HO FROPR GH OD GHVLGLD TXH FRMDQ XQD HQIHUPHGDG SRU FXOSD GH XQ GHJHQHUDGR TXH


GHVFXLGD ODV QHFHVLGDGHV GH VX SHUUR" 1R DGPLWLUtDPRV FRQ JXVWR HO MXVWR FDVWLJR SRU HVWD FDXVD VLQ GXGD GHOLFWLYD" 0H UHILHUR SDUD HO GXHxRGHVGHOXHJR7DPSRFRKD\QDGDTXHGHFLU 

 3RU FLHUWR GHEHPRV KDFHU UHIHUHQFLD D OD UHVSRQVDELOLGDGGHODVSHUVRQDVTXHORFRQVLHQWHQ\ QROHVDYHUJHQ]DQHQS~EOLFRDVtFRPRORVDYHFHV OLJHUDPHQWH GHVFXLGDGRV DJHQWHV GHO RUGHQ S~EOLFR GHPDVLDGR WtPLGRV HQ OD SHUVHFXFLyQ \ FDVWLJR GH HVWRV EiUEDURV <D VDEH VL QR YDPRV WRGRV D KDFHU OR SURSLR DO SRUWDO GHO LQVROLGDULR SURSLHWDULRGHOSHUUR  /DYHUGDGHVTXHHODVXQWR GHORVDQLPDOHVGH FRPSDxtD GD PXFKR MXHJR VREUH WRGR ORV SHUURV &LHUWDPHQWH ORV PLVPRV VXHOHQ VHU XQ UHIOHMR GH VXV DPRV 6H KD GDGR FXHQWD GHO SDUHFLGR ItVLFR TXHVXHOHKDEHUHQPXFKDV RFDVLRQHV"3XHVItMHVH TXH VH VRUSUHQGHUi HV PX\ FXULRVR 'LItFLOPHQWH SXHGH HGXFDU \ WUDQVPLWLU EXHQRV PRGDOHV D XQ



DQLPDODTXHOTXHSRUVtPLVPRHVXQLOHWUDGR\XQ PDOHGXFDGR/RGHOOLQGRSHUULWRSDUDSURWHJHUXQD SURSLHGDG HVWi PX\ ELHQ \ REHGHFH DO OHJtWLPR GHUHFKR D OD GHIHQVD SHUR WDPELpQ HV OHJtWLPR HO GHUHFKR DO GHVFDQVR GH ORV GHPiV YHFLQRV GH OD XUEDQL]DFLyQ <D HV EXHQD ODVWLPD TXH HO HVStULWX GHVROLGDULGDGGHHVWDHQWUDxDEOHHVSHFLHVHSRQJD GH PDQLILHVWR HQ HO LQWHUFDPELR GH ODGULGRV R GLUHFWDPHQWH HQ OD HOHYDFLyQ DO FLHOR GH LQWHUPLQDEOHV VRQDWDV GH DODULGRV GHVDILQDGRV VLQ UD]yQDOJXQD\GHHVFDVDFDOLGDGPXVLFDO  7RGDYtD PiV OHJtWLPR HV HO GHUHFKR D OD VHJXULGDG GH ORV YLDQGDQWHV HVSHFLDOPHQWH ORV QLxRV/RVSURSLHWDULRVGHSHUURVQRVXHOHQWHQHUOD VHQVLELOLGDG GH FRPSUHQGHU ORV WHPRUHV \ ODV VHQVDFLRQHV TXH SURGXFHQ ORV PLVPRV D RWUDV SHUVRQDV3XHVOHVXJLHURTXHORWHQJDQHQFXHQWD 'H HVWR VH WUDWD QR OH SLGR TXH OR FRPSUHQGD \ MXVWLILTXHSHURVtTXHORFRPSDUWD\DFHSWHHQHVR FRQVLVWLUi VX JHQHURVD DSRUWDFLyQ $ YHU VL VRPRV FDSDFHV GH FRPSDJLQDU ORV GHUHFKRV GH WRGRV FRQ VXVLQTXLHWXGHV\WHPRUHV6LWLHQHXQSHUURQRVH HPSHxHHQTXHHVPX\FDULxRVRGyFLO\VLPSiWLFR VLODSHUVRQDTXHWLHQHDOODGRORUHFKD]D/DVIRELDV VRQXQDHQIHUPHGDG\SRUWDQWRXQKHFKRFLHUWR/R KHPRVGLFKR\DPLOYHFHVSLHQVHHQORVGHPiVVLpO RHOODOHVWLHQHPLHGRRUHVSHWRFRPSUpQGDORQRVH HPSHxH HQ YHU ODV FRVDV FRPR 8G TXLHUH VLQR


FRPR OR YHQ ORV GHPiV 3yQJDVH HQ VX OXJDU $ HVWDVDOWXUDVGHOOLEURD~QHVWDPRVFRQHVR"  /XHJR QR VH H[WUDxH OD MRFRVLGDG FRQ TXH VH KDFH UHIHUHQFLD D OD FRQYHQLHQFLD GH DOHJUDU DO HILFD] FDQ SURWHFWRU FRQ HO FRQVDELGR ILOHWH HQYHQHQDGR /R PLVPR TXH PDQGDU DO QLxR SHTXHxR D TXH SUDFWLTXH FRQ HO WDPERU D ODV SXHUWDVGHVXFDVDSDUDGDUULHQGDVXHOWDDVXQR PHQRV OHJtWLPR GHVHR GH DGTXLULU XQD VyOLGD IRUPDFLyQPXVLFDOGHEDVH  3HTXHxRV GHWDOOHV GH OD YLGD FRWLGLDQD \ FRQ PHQRV ULHVJR SDUD OD VDOXG GH ODV SHUVRQDV QRV RIUHFHQ PDJQtILFDV RSRUWXQLGDGHV GH UHODFLyQ /DV FRODV GH HVSHUD FRQVWLWX\HQ XQR GH ORV HMHPSORV PiV MXJRVRV 3RU FLHUWR WDPELpQ SHUPLWHQ OD DSDULFLyQ GH DXWpQWLFRV SDUiVLWRV H[SHUWRV HQ HO GHVSUHFLRDORVGHUHFKRVGHORVGHPiV4XHHQFLPD VH FUHHQ XQRV JUDFLRVRV \ DXWpQWLFRV KpURHV 1RV UHIHULPRV FODUR HVWi D ORV OLVWLOORV TXH VH ODV DUUHJODQ SDUD VRUWHDU WRGR WLSR GH FRODV \ DYDQ]DU XQDVFXDQWDVSRVLFLRQHVHQODVPLVPDV<VHFUHHQ ORV PiV OLVWRV 3HUR VH SXHGH VHU PiV ERER" (V TXHDFDVRVHFUHHQTXHORVGHPiVQRVHGDQFXHQWD \SLHQVDQTXHGHYHUDVOHVHVWiQHQJDxDQGR"3XHV QR OR TXH SDVD HV TXH WLHQHQ VXILFLHQWH FDWDGXUD PRUDO R YHUJHQ]D  FRPR SDUD QR HQ]DU]DUVH HQ XQD VHJXUDPHQWHHVWpULO GLVFXVLyQ FRQ DOJXLHQ GH


TXLHQ SRFRV UHVXOWDGRV GLGiFWLFRV SXHGHQ HPDQDU $OILQ\DOFDERVHWUDWDVLHPSUHGHHOHPHQWRVFX\D Pi[LPDDVSLUDFLyQ\ORJURVGHILQLWLYRVHQHVWDYLGD VRQ DYDQ]DU XQDV SRVLFLRQHV HQ XQD FROD GH OD FXDOFDVLVHJXURQRVDFDUiQDGDPiVTXHODSURSLD SHUWHQHQFLD D OD PLVPD 3XHV QDGD HVWR VXHOH SDVDU FRQ ORV DXWpQWLFRV SURIHVLRQDOHV GH ODV FRODV SDUD SHGLU FLWD HQ OD VHJXULGDG VRFLDO HQ RWUDV DGPLQLVWUDFLRQHV SDUD PDWULFXODUVH HQ VXV HVWXGLRVSDUDVDFDUHQWUDGDVRHQORVUHPRQWHVGH ODHVWDFLyQGHHVTXt3XHVYD\DORJUR\p[LWRVRFLDO 

 (OTXHUHDOPHQWHHVHOHJDQWHHVHOTXHDYHFHV FHGHVXSRVLFLyQHQXQDGHHVWDVFRODVDXQTXHVHD DO SDUiVLWR DQWHGLFKR &ODUR TXH HQ HVWH FDVR SXHGH TXHGDU OD GXGD GH TXH OH KD\DQ WRPDGR HO SHOR 3HUR TXp PiV GD HV LJXDO OR LPSRUWDQWH HV ODDFWLWXG6LVHHTXLYRFD\UHDOPHQWHKDQDEXVDGR


GHVXFRQILDQ]DQRVHSUHRFXSHORTXHLPSRUWDHV VX LQWHQFLyQ HO SURSyVLWR TXH HVWi GHWUiV GH VX DFFLyQ OD YROXQWDG GH KDFHU HO ELHQ $O ILQ \ DO FDEROR~QLFRTXHUHDOPHQWHSXHGHSHUGHUHVXQ SXHVWRHQODFROD  /RTXHHVWiFODURHVTXHVLQRREUDPRVELHQQR DOFDQ]DUHPRV QXQFD HO ELHQ (Q FXDQWR DO EXHQ FRPSRUWDPLHQWR VLHPSUH HV SUHIHULEOH SDVDUVH TXH TXHGDUVHFRUWR  3RU FLHUWR SXHVWR TXH GHWUiV GH HVWRV FRPSRUWDPLHQWRV LQVROLGDULRV VH HQFXHQWUD HQ PXFKDV RFDVLRQHV OD FRQYLFFLyQ SRU SDUWH GHO DXWRUGHTXHORVGHPiVVRQWRQWRVQRHVWiGHPiV DSURYHFKDU SDUD GHPRVWUDU FyPR HO ~QLFR TXH YHUGDGHUDPHQWH OR HV UHVXOWD VHU pO PLVPR (Q HIHFWR \ SRU GHILQLFLyQ WRQWR HV HO TXH HV IDOWR R HVFDVR GH HQWHQGLPLHQWR R ELHQ DTXHO TXH SDGHFH FLHUWD GHILFLHQFLD PHQWDO 6H FUHH 8G TXH ORV LQWHJUDQWHVGHODFRODSDGHFHQDOJXQDGHILFLHQFLDGH HVWHWLSR"0HFXHVWDFUHHUORRDOPHQRVQRORVHUiQ WRGRV HOORV &RVD TXH WUDWiQGRVH GH XQD VROD SHUVRQD HO FDVR GHO SURWDJRQLVWD GH OD KLVWRULD  UHVXOWDPiVSUREDEOHTXHpOVtVHHQFXHQWUHHQHVWD FRQGLFLyQ $Vt TXH VL DFDVR VH WUDWDUi GH OD SULPHUD DFHSFLyQ 3HUR WDPSRFR SDUHFH SUREDEOH TXHWRGRV\FDGDXQRGHORVFROLVWDVDQGHQIDOWRVR HVFDVRVGHHQWHQGLPLHQWRRUD]yQ1RSDUHFHOyJLFR


TXH VX FRPSRUWDPLHQWR REHGH]FD D HVWH SDWUyQ 'RQGHVtVHSHUFLEHTXHHVFDVHDHVWHHQWHQGLPLHQWR HV HQ HO WUDQVJUHVRU TXH QR HV FDSD] GH FRPSUHQGHU TXH FRQ VX DFWLWXG QR DOFDQ]D SUiFWLFDPHQWH QLQJ~Q EHQHILFLR QRWDEOH VH H[SRQH DVHULRVULHVJRVGHHQFRQWUDUVHFRQODKRUPDGHVX ]DSDWR \ HQ WRGR FDVR QR SHUFLEH QL FRPSUHQGH TXHODDFWLWXGGHORVGHPiVVHGHEHWDQVyORDXQD OyJLFDGHHYLWDUHQJUDQGHFHUXQFRQIOLFWRLUUHOHYDQWH RVLPSOHPHQWHHVIUXWRGHXQFRPSRUWDPLHQWRPiV GLJQR \ HGXFDGR 3XHVWR TXH HO TXH QR HQWLHQGH QDGD HV pO VH HQFXHQWUD FRPSUHQGLGR HQ OD GHILQLFLyQ GH WRQWR 6L OR HV HQ JUDGR VXPR FRVD KDUWRSUREDEOHHQWRQFHVVHUtDWRQWRGHFDSLURWH  3DUD DEXQGDU PiV H LQVLVWLU HQ OD LQFRQYHQLHQFLD GH HVWDV DFWLWXGHV DSUHWpPRVOHV PDV ODV WXHUFDV D HVWRV SDUiVLWRV DWDFiQGROHV GRQGH PiV GXHOH HQ VX SURSLR HJR $Vt UHYDORUL]DPRV QXHVWUD YLVLyQ GHO FRPSRUWDPLHQWR HGXFDGR TXH VH OHV RSRQH (OHPHQWRV DVt TXH VH FRQVLGHUDQ PiV EULOODQWHV \ OLVWRV TXH ORV GHPiV VRQ DFUHHGRUHV D PXOWLWXG GH GHQRPLQDFLRQHV 6L GHDOJRSXHGHQVHQWLUVHRUJXOORVRVHVGHODFDQWLGDG GH FDOLILFDWLYRV GLIHUHQWHV TXH SXHGHQ UHFLELU FRQ DEVROXWD SUHFLVLyQ VHPiQWLFD 3RU GHILQLFLyQ VRQ DXWRPiWLFDPHQWH ERERV HVW~SLGRV \ GH XQD IRUPD FRORTXLDO LQFOXVR JLOLSROODV SXHVWR TXH WRGRV HOORV VRQ WpUPLQRV HTXLYDOHQWHV D OD VHQFLOOD


GHQRPLQDFLyQ GH WRQWR 7DPELpQ VRQ LPEpFLOHV \ PHPRV SRU OD PLVPD UD]yQ \ WRUSHV DVt FRPR ]RTXHWHV \ OHORV ,GLRWDV SRUTXH DGHPiV GH OR PLVPRDFRJHQSHUIHFWDPHQWHRWUDDFHSFLyQFRPROD GH VHU HQJUHtGRV VLQ TXH PHGLH MXVWLILFDFLyQ SDUD HOOR < GHVGH OXHJR VXHOHQ VHU XQRV DXWpQWLFRV PDPDUUDFKRV TXH KDFHQ PDPDUUDFKDGDV  \ SUyGLJRVHQKDFHUHOPiVDEVROXWRULGtFXOR WDPELpQ DGTXLHUHQSXHVODFRQGLFLyQGHULGtFXORV 3XHVFRQ VHPHMDQWH HOHQFR GH UHFRQRFLPLHQWRV FXDOTXLHUD VHDWUHYHDKDFHUVHHOJUDFLRVR  4XH VLUYD WRGR HVWR SDUD UHDILUPDUOH HQ VX FRQYLFFLyQ GH WRGDV IRUPDV \D ILUPHPHQWH DVHQWDGDDHVWDVDOWXUDVGHTXHQRGHEHVHQWLUVHQL OR PiV PtQLPDPHQWH DOWHUDGR SRU HO FRPSRUWDPLHQWRGHHVWRVHQHUJ~PHQRVTXHFRQVX DFWLWXG QR KDFHQ VLQR RFXSDU HO OXJDU TXH OHV FRUUHVSRQGH SUREDEOHPHQWH SRUTXH QR SXHGHQ DOFDQ]DURWUR  'LFKR HVWR FXDOTXLHUD VH DWUHYH D QR UHVSHWDU HORUGHQHVWDEOHFLGRHQGLYHUVRVULWRVVRFLDOHVFRPR ORV DSXQWDGRV VR SHQD GH YHUQRV UHEDMDGRV D VHU FRQVLGHUDGRV OD HVFRULD GH OD VRFLHGDG 6LQ HPEDUJR QRVRWURV OR KDUHPRV SRU HO PHUR VHQWLGR GHOUHVSHWRDORVGHPiVHODFDWDPLHQWRDODVUHJODV GH FRPSRUWDPLHQWR OD EXHQD HGXFDFLyQ \ VREUH



WRGR SRUTXH VRPRV FRQVFLHQWHV GH OD ERQGDG LQWUtQVHFDGHORVDFWRV  3UREDEOHPHQWH HO PiV ILHO UHIOHMR GH ORV RVFXURV\SUHWpULWRVLQVWLQWRVTXHWRGDYtDDQLGDQHQ HOIRQGRPiVSURIXQGRGHOVHUKXPDQRVHSRQHGH PDQLILHVWR HQ XQD DFWLYLGDG PX\ FRQFUHWD QDWXUDOPHQWH HVWDPRV KDEODQGR GH OD FRQGXFFLyQ GHYHKtFXORV(OFRPSRUWDPLHQWRGHORVFRQGXFWRUHV FRQVWLWX\H HO PHMRU HMHPSOR GHO UHFXHUGR DQFHVWUDO GHQXHVWUDSURFHGHQFLDDQLPDO(VSHFLDOPHQWHHQHO FDVRGHORVYHKtFXORVGHFXDWURUXHGDV  $O YRODQWH HV HO OXJDU GRQGH VH GHVSLHUWDQ ORV PiV SULPLWLYRV LQVWLQWRV (QFHUUDGRV HQWUH ODV FXDWUR SXHUWDV R PiV R PHQRV \D QRV HQWHQGHPRV HPHUJHXQDVHQVDFLyQGHSURWHFFLyQ\ DLVODPLHQWR TXH HV FDSD] GH FRQYHUWLU DO PiV ERQGDGRVR DFWLYLVWD GH XQD 21* HQ XQ DXWpQWLFR HQHUJ~PHQR$VtVHPDQLILHVWDODILHUDTXHOOHYDPRV GHQWUR $XWpQWLFRV GHFKDGRV GH YLUWXGHV VRQ FDSDFHV GH WUDQVPXWDUVH FRPR SRU DUWH GH PDJLD HQ FULPLQDOHV SRWHQFLDOHV HQ UHVSXHVWD DO PiV QLPLRGHORVHVWtPXORV3HUWUHFKDGRVHQHOSURWHFWRU KDELWiFXOR HV IiFLO OOHJDU D OD LOXVLyQ GH TXH WRGRV ORV TXH QRV URGHDQ SXHGHQ OOHJDU D FRQYHUWLUVH HQ XQRV DXWpQWLFRV HVW~SLGRV WRUSHV R ]RTXHWHV YHUGDGHURVLJQRUDQWHVDORVTXHGHVGHOXHJRVHOHV KDRWRUJDGRODJUDFLDGHOFDUQHWGHFRQGXFLUHQXQD


WyPEROD 6LWXDFLRQHV VHPHMDQWHV GH HQDMHQDFLyQ PHQWDO\WUDQVPXWDFLyQGHODVXVWDQFLDGHOVHQWLGR SHUVRQDOVyORVHSURGXFHQHQORVFDPSRVGHI~WERO 9D\DSDQRUDPD  %XHQR EXHQR SXHV QR HV SDUD WDQWR 6L DSOLFDPRV ORV VHQFLOORV SULQFLSLRV EiVLFRV TXH QRV GHEHQ PRYHU HQ QXHVWUD DFWLWXG IUHQWH D OD YLGD LQPHGLDWDPHQWH KDUHPRV GH HVWD DFWLYLGDG XQ OXJDU~QLFRSDUDFRQWULEXLUDPHMRUDUODVUHODFLRQHV FRQ ORV GHPiV H LQFUHPHQWDU QXHVWUR JUDGR GH IHOLFLGDG \ FDOLGDG GH YLGD 3LHQVH TXH HV WDQWR HO UDWRTXHSDVDPRVDOYRODQWH\WDQWDVODVRFDVLRQHV TXH VXUJHQ GXUDQWH HVWD HVWDQFLD TXH WDQ VyOR FRUULJLHQGR ODV DFWLWXGHV HQ WRGDV HOODV VH QRV RIUHFH XQ DEDQLFR HQRUPH GH RSRUWXQLGDGHV $XQTXH VyOR VHD SRU HO KHFKR GH FRQYHUWLU HVRV RGLRVRV PRPHQWRV HQ LQVWDQWHV DOHJUHV KDEUHPRV LQFUHPHQWDGR HO WLHPSR GH QXHVWUD YLGD TXH KD PHMRUDGRHQXQDFDQWLGDGLPSRUWDQWH  /R PiV GLItFLO HV QR VXFXPELU DO HQWRUQR GH SUHVLyQTXHVHVXHOHSURGXFLUHQHVWDVVLWXDFLRQHV GLItFLOHV \ WHQVDV DXQTXH \D YHUHPRV TXH HQ UHDOLGDG QR VXHOHQ OOHJDU D DOFDQ]DU PiV FDWHJRUtD TXH OD GH DXWpQWLFDV DQpFGRWDV  3HUR VL QRV PRVWUDPRV ILUPHV \ FRQYHQFLGRV HQ QXHVWURV SULQFLSLRVODVROXFLyQHVLQPHGLDWDODSDFLHQFLDOD



VRQULVDODDPDELOLGDG\ODHGXFDFLyQ(OUHVXOWDGR LQFUHtEOH  6RQ SDUWLFXODUPHQWH GRV ORV FROHFWLYRV D ORV TXHGHEHPRVGLULJLUQRVFRQPiVLQVLVWHQFLD\DTXH UHSUHVHQWDQ VLQ GXGD ORV PD\RUHV ULHVJRV SDUD OD FLUFXODFLyQ \ RFDVLRQDQ OD PD\RU SDUWH GH ORV SUREOHPDV \ DFFLGHQWHV  6H WUDWD GH ORV PX\ MyYHQHV \ ORV PX\ YLHMRV 6LQ SDOLDWLYRV $PERV FRPSDUWHQ OD GXGRVD SURSLHGDG GH RVWHQWDU OD YLUWXG GH OD PiV DEVROXWD LUUHVSRQVDELOLGDG DXQTXH QR TXLHUR GHFLU FRQ HOOR TXH VHD GH XQD PDQHUD FRQVFLHQWH 6L DVt IXHUD QR DSHODUtDPRV D VX VHQWLGR FRP~Q QL OHV DFRQVHMDUtDPRV FRPR Vt TXH YDPRV D KDFHU FDXWHOD VHQVLELOLGDG \ VREUH WRGR TXH WRPHQ FRQFLHQFLD GH VXV FDUHQFLDV SDUD LQWHQWDUUHPHGLDUODV  /RVMRYHQ]XHORVJR]DQGHEXHQDVDOXG\VXIUHQ ORV LPSXOVRV LUUHIUHQDEOHV GH OD SDVLyQ GH OD MXYHQWXGSHURFDUHFHQGHODVHQVLELOLGDGVXILFLHQWH SDUDSHUFLELUHOULHVJR3DUDPXFKRVODYHORFLGDGHV XQD SDVLyQ XQ UHWR \ XQ JHQHUDGRU GH HPRFLRQHV LUUHIUHQDEOHV /R PDOR HV TXH HVWD LPSUHFLVD SHUFHSFLyQ GHO ULHVJR XQLGD D OD LQH[SHULHQFLD \ FDSDFLGDGGHUHDFFLyQDODKRUDGHODYHUGDGVRQOD FDXVD GH FRPSRUWDPLHQWRV LQVROLGDULRV \ OR TXH HV SHRU HQ RFDVLRQHV GH DFFLGHQWHV $ HOORV OHV GHFLPRV TXH WHQJDQ HVSHFLDO FXLGDGR /D


FRQGXFFLyQ HV XQ DUWH DSURYHFKD SDUD GLVIUXWDU HO FRFKH\ORTXHWHRIUHFHSHURFRQHOGHELGRUHVSHWR KDFLD ORV GHPiV \ FDXWHOD HQ HO PDQHMR 3RFR PiV SRGHPRVGHFLU  < SDUD ORV GHPiV SULQFLSDOPHQWH ORV FROHJDV GH OD SDQGLOOD WHQpLV XQD UHVSRQVDELOLGDG LQH[FXVDEOH SDUD QR MDOHDU QL FRQVHQWLU ORV DVSDYLHQWRV \ MDFWDQFLDV GH ORV MyYHQHV ILWLSDOGLV 7DQ UHVSRQVDEOH HV HO FRQGXFWRU LUUHVSRQVDEOH FRPR HO TXH OH FRQVLHQWH FRJHU HO YRODQWH 1XQFD EDMR QLQJ~Q FRQFHSWR VH GHEH FRQGXFLU XQ FRFKH FRQXQDFRSLWD SRUPX\FRSLWDTXHVHD GHPiVQL SHUPLWLUTXHHOTXHVHODKDWRPDGRORFRMD(VVX REOLJDFLyQ LPSHGLUOR \ TXLWDUOH ODV OODYHV VL HV QHFHVDULR (VR HV REUDU FRQ FRUUHFFLyQ \ ELHQ OR FRQWUDULR HV GHVLGLD RPLVLyQ \ yMDOD QR OOHJXH D WHQHU TXH VHQWLUVH FXOSDEOH GH XQ DFFLGHQWH SRU HOOR  (Q HO FDVR GH ORV DQFLDQRV DXQTXH ORV OODPHPRV FDULxRVDPHQWH DEXHOLWRV GHEHPRV VHU HVFUXSXORVDPHQWHVHQVDWRV\DSHODUDVXYHUGDGHUD FRQFLHQFLDVRFLDOFRQMXVWLFLD\FRPSUHQVLyQSHUR FRQ DEVROXWD ILUPH]D 'HVGH OXHJR \ DQWHV TXH QDGD GHEHPRV DGPLWLU VX OHJtWLPR GHUHFKR D FRQGXFLU SHUR WDPELpQ GHEHPRV UHFRQRFHU TXH HV PD\RU HO GHUHFKR D OD YLGD TXH WLHQHQ ORV GHPiV $Vt TXH VL 8G VH HQFXHQWUD FRQ GLILFXOWDGHV SDUD


HMHUFLWDU XQD FRQGXFFLyQ iJLO \ VROYHQWH SRU UD]RQHV GH HGDG SHUR WDPELpQ SRU FXDOTXLHU RWUD  SLHQVH TXH HO GHUHFKR D OD YLGD GH ORV GHPiV SUHYDOHFH VREUH HO VX\R D FRQGXFLU 5HIOH[LRQH \ UHQXQFLH D OD FRQGXFFLyQ VL QR VH KDOOD HQ FRQGLFLRQHV ySWLPDV (Q PRGR DOJXQR YDOHQ H[FXVDV GHO WLSR GH YR\ PX\ GHVSDFLWR R PH OR WRPR FRQ FDOPD (QKRUDEXHQD VL REUD DVt KD GHVFXELHUWRODPHMRUPDQHUDGHLUULWDUDORVGHPiV SRQHUORVQHUYLRVRVDOWHUDUVXULWPR\KDFHUOHVFDHU HQWHQVLyQSDVRLQPHGLDPHQWHDQWHULRUDIDYRUHFHU XQDFFLGHQWH TXHVXHOHQFDXVDURWURVFRQGXFWRUHV GHVGHOXHJRSRUTXHHOYHUGDGHURGHWRQDQWHEXHQR VLQ HXIHPLVPRV HO FXOSDEOH UHVXOWD TXH QL VH HQWHUD\SDVDGHODUJRSRUTXHVXJUDGRGHDWHQFLyQ QROHSHUPLWHQLWDQVLTXLHUDGDUVHFXHQWDGHORTXH KDRFDVLRQDGRVHJXURTXHHVWiPLUDQGRKDFLDRWUR ODGR <HQFLPDVHFUHHQTXHWLHQHQUD]yQ  3RUFLHUWRQRFDLJDHQODWUDPSDGHJHQHUDOL]DU ODVFRVDVVLPSOLILFDU\EXVFDUH[FXVDV(VOHJtWLPR UD]RQDEOH \ MXVWR SHUPLWLU D PLQXVYiOLGRV OD FRQGXFFLyQVL PHGLDQWHODDGDSWDFLyQ GHOYHKtFXOR VH GHPXHVWUD TXH HVWiQ HQ FRQGLFLRQHV GH UHVSRQGHU FRQ OD VXILFLHQWH DJLOLGDG 1R PH SRQJD FRPR H[FXVD TXH VL HVWR HVWi SHUPLWLGR FyPR QR YDQDSRGHUFRQGXFLUORVDEXHOLWRV2EVHUYHTXHHO ~QLFRFULWHULRTXHHVWDPRVH[LJLHQGRHVTXHVHKDOOH HQFRQGLFLRQHVySWLPDVSDUDFRQGXFLUQRTXHODOH\


VHORSHUPLWD3DUDHVRQRWHQGUtDPRVTXHHIHFWXDU HVWDUHIOH[LyQQLSHGLUOHQDGD/RTXHOHSLGRHVTXH VHDVHQVDWRVHQVLEOH\REUHGHEXHQDIH2VHDTXH VLKDFHIDOWDUHQXQFLHDVXGHUHFKRHQEHQHILFLRGH ORVGHPiV  3RUWDQWRWROHUDQFLDFHURFRQORVTXHQRHVWiQ HQ FRQGLFLRQHV ItVLFDV SDUD FRQGXFLU D TXLHQHV QR VH OHV GHEHUtD FRQVHQWLU HVWD DFWLYLGDG EDMR QLQJ~Q FRQFHSWR 6L 8G HV XQR GH HOORV QR OR KDJD ( LPSLGD TXH DOJXLHQ HQ HVWDV FRQGLFLRQHV OR KDJD 6HD JHQHURVR MXVWR \ SLHQVH HQ ORV GHPiV 5HQXQFLHDVXVGHUHFKRVSRUHOELHQGHORVGHPiV  8QD GH ODV DFWLWXGHV PiV SHUMXGLFLDOHV HQ HO FDVR GH OD FRQGXFFLyQ FRQVLVWH HQ OD REVWUXFFLyQ GH XQ FUXFH DXQTXH QRUPDOPHQWH VHD SRUTXH QR VH SXHGD DYDQ]DU SRU pO (VWH FRPSRUWDPLHQWR UHVXOWD WRWDOPHQWH DEVXUGR SRU OD HVFDVD XWLOLGDG TXH DSRUWD ODV PROHVWLDV TXH RFDVLRQD \ WHQLHQGR HQ FXHQWD DGHPiV OR VHQFLOOR TXH UHVXOWD HVSHUDU XQ SRFR KDVWD WHQHU OD DEVROXWD VHJXULGDG GH TXH VH SXHGH DWUDYHVDU WRGR HO FUXFH 'HVGH OXHJR H[LVWHQ GRV HOHPHQWRV TXH HMHUFHQ XQD LPSRUWDQWH SUHVLyQSHURTXHGHEHLQGLVFXWLEOHPHQWHLJQRUDUHO DXWpQWLFREHVXJRTXHWLHQHGHWUiV\TXHQRSDUDGH SLWDU \ HO ULHVJR GH TXH HO QR PHQRV EHVXJR TXH SXHGD YHQLU GHVGH RWUR H[WUHPR GHO FUXFH FXDQGR OHWRTXHVHDHOTXHOREORTXHH\OHSHUMXGLTXHD8G


%XHQRSXHVTXpPiVGD$OILQDOQRFUHDTXHYDQ D DGHODQWDU PXFKR < HQ FXDQWR D GLVFXWLU FRQ DPERV QR VH SUHRFXSH QLQJXQR GH HOORV VH HQFXHQWUDDVXDOWXUD\HOSRVLEOHGHEDWHQROHYDD UHSRUWDUQDGD~WLO  3RU FLHUWR 6H KD SDUDGR D SHQVDU OR ULGtFXOR TXH UHVXOWD HO LQWHUIHFWR TXH VH KD TXHGDGR EORTXHDGR KDFLHQGR DVSDYLHQWRV FRPR VL SLGLHUD SHUGyQ R MXVWLILFiQGRVH DQWH ODV PDQLREUDV GH ORV GHPiV SDUD HVTXLYDUOR R YLWXSHUiQGROR" < HQFLPD D~Q VH FUHH TXH WLHQH UD]yQ /D YHUGDG QR SDUHFH H[LVWLU QLQJXQD YHQWDMD QL MXVWLILFDFLyQ HQ HVWDV DEVXUGDVPDQLREUDVGHRFXSDFLyQ  2WUR FRPSRUWDPLHQWR LQVROLGDULR \ VXPDPHQWH PROHVWRORFRQVWLWX\HHODSDUFDPLHQWRHQGREOHILOD &ODUR HVWi FXDQGR VH FDXVDQ PROHVWLDV D OD FLUFXODFLyQRVHGHVFXLGDHOYHKtFXORVLQSHQVDUHQ ORV TXH VXIULUiQ OD ODUJD HVSHUD KDVWD TXH DSDUH]FDPRVDUHFRJHUOR(VXQDDXWpQWLFDIDOWDGH UHVSHWR SDUD WRGRV ORV GHPiV SRUTXH ORV TXH VH WRPDQ OD PROHVWLD GH GDU YXHOWDV \ YXHOWDV EXVFDQGRXQKXHFRDGHFXDGRQRHVTXHVHDQPiV WRQWRV HV TXH VRQ PiV HGXFDGRV 2 HV TXH VH FUHtD TXH HUDQ LGLRWDV" 5HSDVH OD UHIOH[LyQ VREUH HVWD SHUFHSFLyQ \ ORV FDOLILFDWLYRV XVDGRV TXH \D KLFLPRV DQWHV (O FROPR VH HYLGHQFLD FXDQGR H[LVWLHQGRKXHFRVVXILFLHQWHVVHHVWDFLRQDHQGREOH


ILODFRQODLQVDQDLQWHQFLyQGHQRVXIULUHOULHVJRGH TXH HQWRQFHV OH EORTXHH RWUR TXH VHD HO TXH VH FRORTXH HQ GREOH ILOD 6H SXHGH WHQHU PiV FDUD GXUD" 6H FUHH HO ODGUyQ TXH WRGRV VRQ GH VX FRQGLFLyQ  ([LVWHQ FLXGDGHV GRQGH VH KDQ HVWDEOHFLGR WiFLWDPHQWH FLHUWDV SDXWDV GH FRPSRUWDPLHQWR PHGLDQWH ODV FXDOHV VLHPSUH VH SXHGH ORFDOL]DU LQPHGLDWDPHQWH DO SURSLHWDULR  H LQFOXVR GHVSOD]DU ORV YHKtFXORV HPSXMiQGRORV SRUTXH VH GHMDQ VLQ IUHQRRLQFOXVRDELHUWRV %XHQRSXHVHQHVWHFDVR YDPRV D DFHSWDUOR 2EVHUYH TXH VH WUDWD GH HVWDEOHFHUXQFyGLJRGHEXHQDHGXFDFLyQPHGLDQWH HOFXDOUHQXQFLDQGRDFLHUWRVGHUHFKRVVHIDYRUHFH ODFRQYLYHQFLD3XHVHQHVWHFDVRQDGDTXHREMHWDU $O FRQWUDULR HV XQD PXHVWUD GH FRPSRUWDPLHQWR HGXFDGR VLHPSUH TXH VHD DPSOLDPHQWH UHFRQRFLGR \ DGPLWLGR  (Q UHDOLGDG HVWDPRV VLPSOHPHQWH GHIHQGLHQGR OR TXH YHQLPRV GLFLHQGR GHVGH HO SULQFLSLR   3HUR D~Q KD\ PiV 4XH HVWR GHO DSDUFDPLHQWR WLHQH PXFKD PLJD &ODUR TXH WRGR HO PXQGR \ HVSHFLDOPHQWH HO OLVWLOOR WLHQH GHUHFKR D SDUDU XQ PRPHQWR TXH VH FRQYLHUWH HQ GRV  HQ FXDOTXLHU VLWLR SRUTXH WLHQH SULVD 1DWXUDOPHQWH ORV GHPiV QR OD WLHQHQ /R TXH QR WLHQHQ HV OD PLVPD FDUD GXUD 3HUR HV TXH WDPELpQ WLHQH GHUHFKR D KDFHUOR


HQ SOD]DV UHVHUYDGDV D FDUJD \ GHVFDUJD R D PLQXVYiOLGRV < QR VH GD FXHQWD GHO YHUGDGHUR SUREOHPDTXHSXHGHVXSRQHUVXDFWLWXGSDUDRWUDV SHUVRQDVTXHUHDOPHQWHQRWLHQHQRWUDRSFLyQ  1R VyOR HVR VLQR TXH HQ RFDVLRQHV VH HVWDFLRQDQR\DVyORSDUDXQPRPHQWLWRVLQRSDUD XQ SRFR PiV HQ SDVRV GH FHEUD VHPiIRURV HQ HVTXLQDV OXJDUHV FRQ UHEDMHV R UDPSDV R HQ OD SURSLD DFHUD HQ GHILQLWLYD HQ VLWLRV GRQGH VH HVWi LPSLGLHQGR HO DFFHVR D FDUULWRV GH EHEpV SHUVRQDV FRQ VLOODV GH UXHGDV X RWUDV GLILFXOWDGHV GH PRYLOLGDG/RTXHSDUDXQDSHUVRQDQRUPDOQRGHMD GH FRQVWLWXLU QDGD PiV TXH XQ DXWpQWLFR LQVXOWR SDUD RWUDV SHUVRQDV VH FRQYLHUWH HQ XQ YHUGDGHUR SUREOHPD TXH SRU VXSXHVWR QR MXVWLILFD TXH DO LQIUDFWRU OH SRQJDPRV XQ EORTXH GH FHPHQWR HQ OD SXHUWD GH VX FDVD R IUHQWH D OD GH VX FRFKH SDUD TXHQRSXHGDHQWUDU$YHUVLHVFDUPLHQWD  3RU IDYRU VHD FRQVFLHQWH GH TXH ODV QRUPDV \ ODVVHxDOHVHVWiQSDUDUHVSHWDUODV\TXHSRUDOJXQD UD]yQ HVWiQ DKt < DGHPiV VLPSOHPHQWH SLHQVH XQ SRFRPiVHQORVGHPiV  3DUD TXp HVWiQ ORV VHPiIRURV" 3XHV VHQFLOODPHQWHSDUDRUGHQDUORVIOXMRVGHWUiILFRFRQ OD ILQDOLGDG GH PHMRUDU OD VHJXULGDG \ IDFLOLWDU HO WUiQVLWR GH WRGRV ORV YHKtFXORV 'HVGH OXHJR VX


XELFDFLyQ \ VX IXQFLRQDPLHQWR VRQ PiV TXH GLVFXWLEOHV \ SRU PX\ VRPHWLGRV D VLVWHPDV LQWHOLJHQWHVGHJHVWLyQTXHHVWpQFRPRDYHFHVQRV SUHWHQGHQKDFHQFUHHUGDODLPSUHVLyQGHTXHHVWH JUDGR GH LQWHOLJHQFLD HV WDQ VyOR GHO PLVPR FDOLEUH GHO TXH ORV LQVWDOD R PDQHMD TXH QR SDUHFH VHU PXFKR HVEURPDTXHKDFHPRVQRVRWURVKDEODQGR GH WUiILFR VL QR WHQHPRV QL LGHD" UHVSHWHPRV D ORV SURIHVLRQDOHV  'H DFXHUGR TXH HO HVWDEOHFLPLHQWR GH ODV UHGHV VHPDIyULFDV HV IUXWR GH XQ FRQYHQFLRQDOLVPR \ VLQ GXGD VRQ PDQLILHVWDPHQWH PHMRUDEOHV SHUR FRPR QRUPDV TXH VRQ GHEHPRV UHVSHWDUORVVLQGLVFXVLyQ  5HFRQR]FR TXH D YHFHV ORV FULWHULRV TXH ULJHQ SDUDODXELFDFLyQGHXQVHPiIRURHQXQFUXFHRHQ FXDOTXLHU RWUR VLWLR REHGHFHQ WDQ VyOR D OD UHSHUFXVLyQ GH ORV FRUWHV GH WUiILFR JHQHUDGRV SRU ORV TXH SLGHQ VX LQVWDODFLyQ DO Q~PHUR GH YHFHV TXH VH PDQLILHVWDQ DQWH HO $\XQWDPLHQWR R DO GH RFDVLRQHV HQ TXH VDOHQ PDQLIHVWDQGR HVWD UHLYLQGLFDFLyQHQORVSHULyGLFRVORFDOHV\HOWDPDxR GHO HVSDFLR TXH RFXSDQ HQ VXV SiJLQDV 3HUR DXQ FRQ WRGR VLHPSUH VH SXHGHQ PRGLILFDU 3RU FLHUWR UHIOH[LRQHPRV UHVSHFWR D OD UHVSRQVDELOLGDG \ REOLJDFLyQ GH REUDU ELHQ TXH DVXPHQ FRPR DXWpQWLFRVSURIHVLRQDOHVORVUHVSRQVDEOHVGHGHILQLU OD UHG VHPDIyULFD \ TXH OD YHUGDG VHD GLFKD HQ FDVRVFRPRHVWRVDYHFHVGHVFXLGDQ


8Q HMHPSOR GRQGH VH SRQH GH PDQLILHVWR OD EXHQD HGXFDFLyQ \ FRUWHVtD QRV DSDUHFH D OD KRUD GHIDFLOLWDUHODSDUFDPLHQWRDORVGHPiVVREUHWRGR HQ FDOOHV HVWUHFKDV 5HVXOWD KDVWD FLHUWR SXQWR OyJLFD OD WHQGHQFLD D UHEDVDU HVTXLYDQGR D ORV DIRUWXQDGRVTXHKDQHQFRQWUDGRXQDQVLDGRKXHFR SDUD DSDUFDU \ GH HVWD PDQHUD REOLJiQGROHV D HVSHUDU (V XQD MXVWD YHQJDQ]D \ OD PXHVWUD GHO GHVHQFDQWR SRU QR KDEHU UHVXOWDGR QRVRWURV ORV DJUDFLDGRV HQHVWD ORWHUtD 3HUR SHVH D TXHOD YLGD QRV KD WUDWDGR FRQ HVWD FUXHOGDG LUUHPHGLDEOH VHDPRV FRUWHVHV \ GHMpPRVOH DSDUFDU FRQ FRPRGLGDG (V XQ IDYRU TXH HQ UHDOLGDG QR QRV FXHVWDQDGDHVQXHVWUDREOLJDFLyQ\GHQRWDEXHQD HGXFDFLyQ  2WURV FRPSRUWDPLHQWRV TXH GHQRWDQ HVFDVR VHQWLGRFtYLFR\TXHDGHPiVSXHGHQVHUFDXVDQWHV GH VHULRV ULHVJRV WLHQHQ PXFKR TXH YHU FRQ XQD FXHVWLyQPX\VHQFLOODFRPRHVHOKHFKRGHUHVSHWDU ODVSUHIHUHQFLDVGHSDVR3HURD~QPiVPHSHUPLWR VXJHULUOH TXH Gp XQ SDVR DGHODQWH \ UHQXQFLH D DOJXQRV GH VXV GHUHFKRV GH SDVR FHGLpQGRORV $Vt IDFLOLWDUi OD FRQGXFFLyQ GH RWURV YHKtFXORV SHUR DGHPiV FRQWULEXLUi D SRWHQFLDU HO GHVDUUROOR GH XQ VDQR HVStULWX GH FRQYLYHQFLD 6L DUUDQFD DOJXQD VRQULVD R XQ JHVWR GH DJUDGHFLPLHQWR GH RWUD SHUVRQD\DSXHGHGDUVHSRUVDWLVIHFKR 


3RUHMHPSORHQDXWRSLVWDXWLOLFHHOFDUULOGHOD L]TXLHUGDVyOR SDUD DGHODQWDUQRDEXVHGHVX XVR &RQGX]FD VLHPSUH SRU OD GHUHFKD \ FXDQGR YD\D D DGHODQWDU LQGtTXHOR FRQ HO LQWHUPLWHQWH HIHFW~H HO DGHODQWDPLHQWR \ UHJUHVH LQPHGLDWDPHQWH DO FDUULO GH OD GHUHFKD 6L RFXSD FRQWLQXDPHQWH HO GH OD L]TXLHUGD TXH HVWi SURKLELGR  SUREDEOHPHQWH REOLJDUi D IUHQDU R D KDFHU PDQLREUDV SHOLJURVDV D RWURVFRQGXFWRUHVFXPSOLGRUHV\IDVWLGLiQGROHVHVR VL QR VH FDEUHDQ FRQ XQD UD]yQ TXH VHJXUDPHQWH FRQVLGHUDUiQ MXVWLILFDGD  \ VH OH FUX]DQ MXVWR HQ HO PRPHQWRHQTXHYD\DDUHEDVDUORVRDOJRSHRU  0XFKR RMR SRUTXH HVWDPRV MXJDQGR FRQ OD YLGDGHODVSHUVRQDV  (QFXDOTXLHUWLSRGHFUXFHRLQWHUVHFFLyQRHQ ORV FDUULOHV GH LQFRUSRUDFLyQ D YtDV HQWUDGDV GH SDUNLQJV URWRQGDV R SOD]DV SRGHPRV FRQ VXPD HOHJDQFLD IDYRUHFHU D ORV GHPiV FHGLpQGROHV HO SDVR QDWXUDOPHQWH FXDQGR WHQHPRV SUHIHUHQFLD SRUTXH VL QR HV VLPSOHPHQWH REOLJDWRULR &RQ HVWD UHQXQFLD D QXHVWURV GHUHFKRV VH FRQWULEX\H D GRWDU GH XQD PD\RU IOXLGH] DO WUiILFR \ UHVROYHU HTXLOLEUDGDPHQWH ORV UHSDUWRV GH HVSDFLRV \ UXWDV TXH ODV QRUPDV QR VLHPSUH SXHGHQ UHVROYHU SRU Vt VRODV &UHDPRV DVt DGHPiV XQ HVStULWX GH VDQD FRPSOLFLGDG FRPXQLFDFLyQ \ UHODFLyQ HQWUH ORV FRQGXFWRUHV5HFXHUGHVyORVHFHGHDTXHOORTXHVH


SRVHH HQ HVWH FDVR ORV GHUHFKRV TXH QRV RWRUJD HO FyGLJRGHODFLUFXODFLyQ  (Q HVWH HQWUDPDGR GH PRYLPLHQWRV HO LQWHUPLWHQWH HV XQ GLVSRVLWLYR TXH MXHJD XQ SDSHO HVSHFLDO 8Q VHQFLOOR HOHPHQWR OXPLQRVR VH FRQYLHUWH HQ HO GHWRQDQWH GH XQD VHULH GH FRPSRUWDPLHQWRV LQGXFLGRV FDVL DXWRPiWLFRV /D YHUGDG HV TXH VX IXQFLRQDPLHQWR SHUPLWH SRU VL VRORUHGDFWDUXQFRPSOHWRPDQXDOGHLQVWUXFFLRQHV DPRGRGHWUDWDGR6XPLVLyQIXQGDPHQWDOFRQVLVWH HQ DYLVDU D RWURV FRQGXFWRUHV GH ORV SUy[LPRV PRYLPLHQWRV TXH VH SUHWHQGHQ KDFHU 'H HVWD PDQHUD DO HVWDU DYLVDGRV SRGUiQ REUDU HQ FRQVHFXHQFLD < DTXt UDGLFD HO SUREOHPD 3DUHFH TXH HO REMHWLYR LQLFLDO SUHWHQGH FRQWULEXLU D TXH OD PDQLREUD VHD IDFLOLWDGD \ HYLWDU VRUSUHVDV LPSUHYLVWDV  %XHQR SXHV SDUHFH TXH OHMRV GH VHU DVt HQ DOJXQDV RFDVLRQHV HO SULPHU GHVWHOOR GHO LQWHUPLWHQWH JHQHUD XQ LPSXOVR LUUHPHGLDEOH GH UHDFFLyQ LQPHGLDWD SDUD LPSHGLU OD DFFLyQ TXH DQWLFLSD 3RU HMHPSOR FXDQGR VH DFFLRQD SDUD LQGLFDU XQ FDPELR GH FDUULO DXWRPiWLFDPHQWH VH GLVSDUD HQ HO FRQGXFWRU DO TXH SULQFLSDOPHQWH YD GHVWLQDGD OD VHxDO XQ LPSXOVR TXH OH REOLJD LUUHIUHQDEOHPHQWHDRFXSDUGLFKRFDUULOODQ]iQGRVH FRPR XQ DXWpQWLFR SRVHVR DO DWDTXH (QWHQGDPRV


HO XVR GH ORV LQWHUPLWHQWHV FRPR XQD SHWLFLyQ GH D\XGD R GH XQ IDYRU \ DFRMDPRV OD PLVPD FRQ FRUWHVtD\ODGHELGDGLVSRVLFLyQ  1DWXUDOPHQWH TXH KD\ DXWpQWLFRV OLVWLOORV TXH DEXVDQGHODEXHQDIHGHORVGHPiV\FUHHQTXHHO XVR GH ORV LQWHUPLWHQWHV OHV RWRUJD HO GHUHFKR D PHQRVSUHFLDUORV VREUH WRGR VDOWiQGRVH FRODV SHUR GH HVWR \D KHPRV KDEODGR \ HVWDPRV FXUDGRV HQ VDOXG$OOiHOORV$QRVRWURVQRQRVRIHQGHQ  3HUR HO LQVWUXPHQWR PiV FDUDFWHUtVWLFR TXH LGHQWLILFDODFRQGXFFLyQHVHOFOD[RQRERFLQD6REUH WRGR SRU VX HQRUPH FDSDFLGDG DF~VWLFD \ SRU HO FDUiFWHU GH DQRQLPDWR FRQ TXH VH SXHGH JHVWLRQDU VX XVR /D LGHD GHILQLWLYD TXH SURSRQHPRV HV GHVWHUUDU VX XVR SDUD VLHPSUH H[FHSWR FRPR KHUUDPLHQWD GH DYLVR R VDOXGR 3HURHQPRGRDOJXQRSDUDRIHQGHU FULWLFDU R SUHVLRQDU D QDGLH /D YHUGDGHVTXHVXSRGHUSDUDOODPDU OD DWHQFLyQ HV VLJQLILFDWLYR SHUR XQDYH]FRQVHJXLGDHVWDFXiOHVHOUHVXOWDGR"/R PiV KDELWXDO HV REWHQHU XQD FRQWHVWDFLyQ GHO PLVPR WLSR SRUTXH \D VDEHPRV GH TXp WLSR GH VLWXDFLRQHV HVWDPRV KDEODQGR 7UDVODGDPRV XQD GLVFXVLyQHVWpULODOHQWRUQRGHODVQRWDVPXVLFDOHV WDQ VROR TXH DPSDUDGRV HQ HVH FXELO TXH HV HO FRFKH \ TXH QRV RIUHFH FLHUWD VHQVDFLyQ GH


SURWHFFLyQ (V OD VLPSOH SUR\HFFLyQ GHO JULWR KXPDQR PXHVWUD GH OD EDUEDULH (Q UHDOLGDG QR FRQVWLWX\H PiV TXH XQ UHPHGLR GH GHVDKRJR XQ GHVFDUJDGRU GHO HVWUpV SHUR HQ UHDOLGDG GH HVFDVD XWLOLGDG 7RWDO TXH QR VLUYH SDUD QDGD PiV TXH SDUD LQFUHPHQWDU HO QLYHO GH WHQVLyQ GH ODV VLWXDFLRQHV HQ TXH VH SURGXFH VX XVR /R TXH GHEHPRV KDFHU HV UHQXQFLDU D VX XWLOL]DFLyQ \ VXVWLWXLUOR SRU OD VRQULVD R HO VDOXGR <D YHUi TXp VRUSUHVDSURGXFHHQORVGHPiV  $K 8Q EUHYH DSXQWH 5HVSHWH ORV SDVRV GH FHEUD (VR HV XQ VtQWRPD GH EXHQD HGXFDFLyQ \ VXHOH JHQHUDU RFDVLRQHV SDUD XQ VDOXGR GH DJUDGHFLPLHQWR \ XQD VRQULVD 3HUR HV TXH DGHPiV HVREOLJDWRULR/RPDORHVTXHWHQJDPRVTXHGHFLUOR DVt /H DVHJXUR TXH HQ ODV FLXGDGHV HQ TXH VH UHVSHWDQ \ OD YHUGDG HV TXH HVWR HV XQD FXHVWLyQ FX\R DVHQWDPLHQWR YDUtD PXFKR GH XQRV OXJDUHV IUHQWHDRWURV ODVHQVDFLyQGHVHJXULGDGHVPD\RU \ HO WUiILFR PiV DJUDGDEOH (V XQ KiELWR PX\ VDOXGDEOH (PSLHFH GHVGH \D VL QR OR KDFtD  $SOLFDEOHDFRQGXFWRUHVSHURWDPELpQDSHDWRQHV  /RV FLFOLVWDV FRQVWLWX\HQ XQ FDVR DSDUWH LQFOXVR HQ PD\RU PHGLGD TXH ORV PRWRULVWDV TXH WDPELpQORVRQ$PSDUDGRVHQVXPD\RUPRYLOLGDG GLVSRQHQ GH PD\RUHV YHQWDMDV \ GHVGH OXHJR SXHGHQ FRQWULEXLU HQ JUDGR VXPR D OD PHMRUDU OD


FDOLGDG GHO WUiILFR 3HUR HQ RFDVLRQHV UHVXOWD TXH SDVD WRGR OR FRQWUDULR 'HVGH OXHJR OD YHUVDWLOLGDG GH VXV ELFLFOHWDV OHV SHUPLWH HIHFWXDU PRYLPLHQWRV TXH HQ XQ YHKtFXOR GH FXDWUR UXHGDV UHVXOWDUtDQ LPSHQVDEOHV SHUR TXH VRQ DEVROXWDPHQWH LQDGHFXDGDV LOHJDOHV H LQFOXVR VXPDPHQWH SHOLJURVDV DXQTXH D ORV LQWHUIHFWRV QR OHV SDUH]FD DVt1RVpSRUTXpH[WUDxDUD]yQSDUHFHVHUTXHHO KHFKRGHHVWDUVXELGRDXQYHKtFXORGHGRVUXHGDV OHV FRQILHUH D DOJXQRV GH VXV XVXDULRV GH XQ GHUHFKR D VDOWDUVH ODV QRUPDV D GLVPLQXLU VX SHUFHSFLyQ GHO ULHVJR \ D GHVSUHFLDU D ORV GHPiV (Q EDVH D TXp FULWHULRV VH SHUPLWHQ DOJXQRV XWLOL]DUFXDOTXLHUFDUULOFXDQGRHOTXHFRUUHVSRQGH HV HO GH OD GHUHFKD R FUX]DU SRU FXDOTXLHU OXJDU RFXSDUODVDFHUDVLQGLVFULPLQDGDPHQWHVDOWDUVHORV VHPiIRURV FLUFXODU SRU GLUHFFLyQ SURKLELGD HWF 5HFRQRFH HVWRV FRPSRUWDPLHQWRV" 2WUD YH] HO OLVWLOOR 



/XHJR UHVXOWDTXH KD\ TXH SRWHQFLDUHO XVR GH ODELFLFOHWD\VHH[LJHQFDUULOHVHVSHFLDOHVSDUDHOORV \ XQ HVSHFLDO FXLGDGR \ WUDWDPLHQWR SRU HO ULHVJR TXHDIURQWDQ3XHVPHSDUHFHPX\ELHQSHURVHUtD PHMRU VL OD PLVPD HQHUJtD TXH VH XWLOL]D HQ VX UHLYLQGLFDFLyQ VH HPSOHDUD PiV WDUGH HQ HMHUFHU \ SRWHQFLDUVXSUiFWLFDDGHFXDGD$VtVHOHJLWLPDQHQ PD\RU PHGLGD HVWDV SUHWHQVLRQHV 6L 8G HV XQ DIRUWXQDGR XVXDULR GH ODV GRV UXHGDV VHD HVFUXSXORVDPHQWHUHVSHWXRVRFRQODVQRUPDVSHUR GHXQSDVRPiV\DSOLTXHHOVHQWLGRFRP~Q*iQHVH HOUHVSHWR\QRVyORODHQYLGLDGHORVGHPiV  /RV SHDWRQHV VRQ RWUR FDVR DSDUWH SHUR GH FRPSRUWDPLHQWR WRGDYtD PiV SLQWRUHVFR 5HVXOWD VXPDPHQWH LQTXLHWDQWH HO JUDGR GH LQFRQVFLHQFLD TXH VH SXHGH DOFDQ]DU FXDQGR VH RVWHQWD OD FRQGLFLyQ GH YLDQGDQWH GH D SLH HQ OR TXH D VX UHODFLyQ FRQ HO WUiILFR URGDGR VH UHILHUH &RPSRUWDPLHQWRV WDQ DEVXUGRV H LQVHQVDWRV FRPR ORV TXH SRGHPRV REVHUYDU QR WLHQHQ SDUDQJyQ QL MXVWLILFDFLyQ SRU PXFKR LQWHUpV TXH SRQJDPRV HQ HOOR1LWDQVLTXLHUDHQHOUHLQRDQLPDOQLYHJHWDO  'HVGH OXHJR HO DEVROXWR GHVSUHFLR D ORV VHPiIRURV HV HO VtQWRPD PiV FODUR GH LQVHQVDWH] SHUR VREUH WRGR GH DXVHQFLD GH FRQFLHQFLD VRFLDO 4XHWDPELpQORHVSRUSDUWHGHORVUHVSRQVDEOHVGH YLJLODU VX FXPSOLPLHQWR \ REOLJDU D UHVSHWDUORV HV


GHFLUORVFXHUSRVORFDOHVGHSROLFtDV\WDPELpQVXV UHVSRQVDEOHV SROtWLFRV 3HUR HQ ILQ WRGR HOOR IRUPD SDUWHGHOFRQMXQWRGHODFXOWXUDVRFLDOTXHGHEHPRV QHFHVDULDPHQWH UHFKD]DU +D\ XQ DUJXPHQWR TXH SRU Vt VROR GHEHUtD MXVWLILFDU OD WROHUDQFLD FHUR FRQ OD WUDQVJUHVLyQ GH HVWDV QRUPDV \ HV HO KHFKR GH TXH OD FDVL WRWDOLGDGGH DFFLGHQWHV VXIULGRV SRU ORV SHDWRQHV PiV GHO   VRQ SRU FXOSD GH HOORV PLVPRV  1R VyOR HV XQ GHVSUHFLR DEVROXWR D ORV VHPiIRURVORTXHVXHOHQPRVWUDUORVSHDWRQHVVLQR OD WHQGHQFLD D FUX]DU SRU FXDOTXLHU OXJDU PHQRV SRU ORV SDVRV GH FHEUD FODUR HVWi \ VL KD\ XQR FHUFD\DVHDOHMDUiQXQSRFRSDUDTXHVHDREYLRTXH HVWR QR YD FRQ HOORV  (Q FDOOHV GH YDULRV FDUULOHV WDPELpQ FRQ PiV R PHQRV FRFKHV TXH VH GHVSODFHQDJUDQYHORFLGDGRTXHHVWpQSDUDGRVHQ PHGLR GH XQ DWDVFR 'D LJXDO (O SHDWyQ VHDUURMD FRPRXQDXWpQWLFRSRVHVRDODFDO]DGDHQSRVGHOD RWUD DFHUD 3DUHFH TXH OHV PRWLYD PiV HO UHWR HQ Vt PLVPR GHODWUDQVJUHVLyQ TXHHOLQWHUpVSRUOOHJDU D DOJ~Q VLWLR FRQFUHWR DO FXDO VLQ GXGD VH SXHGH DFFHGHU GH RWUD PDQHUD SHUR GH XQD IRUPD PXFKR PiVVHJXUD  1R LPSRUWD OD SRVLELOLGDG GH p[LWR TXH SXHGD WHQHU HQ VX HPSHxR 3RU VXSXHVWR VLHPSUH WLHQH UD]yQ \ HQFLPD HO GHO FRFKH R FRFKHV TXH OH


REVHTXLDQ FRQ ORV FRQVDELGRV SLWLGRV TXH FRPR VDEHPRV GHEHUtD REYLDU YpDVH DSDUWDGRV DQWHULRUHV  WRGDYtD VH OOHYDQ HO WDPELpQ FRQVDELGR LQVXOWR(VWRHVXQDWHPHULGDGXQDLQVROHQFLDXQD DXWpQWLFD HVWXSLGH] \ XQD HQRUPH IDOWD GH HGXFDFLyQ 1R SRGHPRV DGPLWLUOR \ QR VH OR YDPRV D FRQVHQWLU HV PiV QL WDQ VLTXLHUD OD RSFLyQ GH RSLQDU HQ FRQWUDULR 1XQFD H[LVWLUi QLQJXQD UD]yQ SDUD TXH QR EXVTXH \ XWLOLFH ORV VHPiIRURV FRUUHFWDPHQWHFODURHVWi \ORVSDVRVGHFHEUD  'HKHFKRKD\DFWLWXGHVTXHVLQRIXHUDSRUOD JUDYHGDG \ HO DXWpQWLFR HVSDQWR TXH SURGXFHQ VHUtDQ REMHWR GH XQ JDJ GH SHOtFXOD FyPLFD GH KHFKR OR KDQ VLGR  3HUR HV TXH DXQ VLHQGR XQ YHUGDGHUR GHOLWR ODV KHPRV YLVWR OD VHxRUD TXH DVRPD D OD FDOOH HQWUH ORV FRFKHV DSDUFDGRV HO FDUULWR GHO QLxR VLQ WHQHU QLQJXQD SRVLELOLGDG GH FRPSUREDU D SULRUL VL YLHQHQ FRFKHV R QR HV GHFLU OLVD \ OODQDPHQWH XWLOL]DQGR DO EHEp FRPR VRQGD +RUURURVRLQFUHtEOHSHURFLHUWR  /R PLVPR VXFHGH FRQ DTXHOORV HMHPSODUHV GH DXWpQWLFDV JDFHODV \ EULOODQWHV GHSRUWLVWDV TXH KDFLHQGR JDOD GH XQD DXWpQWLFD GHVIDFKDWH] \ GHVSUHFLR SRU ORV GHPiV OR VLHQWR SHUR QR DGPLWH RWUD YDORUDFLyQ  DSURYHFKDQ DO ~OWLPR PRPHQWR SDUD ODQ]DUVH D OD FDO]DGD GHVDILDQGR QR VyOR D WRGRV ORV YHKtFXORV VLQR DO VHQWLGR FRP~Q 1R FUHD


TXH HVWDPRV KDEODQGR GH YiQGDORV IiFLOPHQWH LGHQWLILFDEOHV SRU VX FRQGLFLyQ GH MyYHQHV LUUHYHUHQWHVPDOHGXFDGRV\GHVDILDQWHVDXWpQWLFRV DWOHWDV GH OD FDUUHWHUD $O FRQWUDULR 6XHOHWUDWDUVH GH VHxRUHV \ VHxRUDV GH WRGDHGDG SHUR PiV ELHQ WLUDQGR D PD\RUHV HQ ORV TXH SDUHFH TXH VH SUHWHQGHQ VXVWLWXLU VXV HYLGHQWHV OLPLWDFLRQHV ItVLFDVSRUXQDRVDGtDVLQOtPLWH  6RUSUHQGH OD UHODFLyQ GLUHFWD HQWUH OD HVFDVD DJLOLGDG GH TXH KDFHQ JDOD \ HO JUDGR GH RVDGtD H LQRSRUWXQLVPR 3XUR GHVSUHFLR QR VyOR KDFLD ORV GHPiVVLQRDODYLGDSURSLDREOLJDQGRDPDQWHQHU XQD DWHQFLyQ TXH VHUtD LQQHFHVDULD VL VH DFWXDUD FRQ HO PiV HOHPHQWDO UHVSHWR (V TXH DGHPiV HV XQFRPSRUWDPLHQWRDEVROXWDPHQWHSUHGHFLEOH  3DUHFH \ DVt OR SHUFLEH HO FRQGXFWRU TXH HVWi HVSHUDQGR IUHQWH DO VHPiIRUR HQ URMR TXH HVWiQ HVSHUDQGR DO ~OWLPR PRPHQWR SDUD ODQ]DUVH HQ VX RVDGD DYHQWXUD GH FUX]DU OD FDOOH (Q QR SRFDV RFDVLRQHVODFDXWHOD\SUHFDXFLyQGHOFRQGXFWRUHV OR ~QLFR TXH VDOYD OD VLWXDFLyQ (Q HIHFWR DIRUWXQDGDPHQWH HVWH HV FDSD] GH UHFRQRFHU \ SUHYHU OD UHODFLyQ GLUHFWD TXH H[WUDxD SHUR UHDO H[LVWHHQWUHODWRUSH]DGHOSHDWyQ\ODSUREDELOLGDG GH TXH VH ODQFH D OD FDO]DGD HQ HO PRPHQWR GH PD\RUULHVJR 


&XDQGR HMHU]D GH SHDWyQ VHD XQ SRFR FRQVFLHQWH \ UHVSHWXRVR YDORUH VXV FDSDFLGDGHV \ VREUH WRGR VXV OLPLWDFLRQHV 3LHQVH QR VyOR HQ HO ULHVJR TXH DVXPH LQQHFHVDULDPHQWH VLQR WDPELpQ HQ HO TXH REOLJD D LQFXUULU D ORV GHVDIRUWXQDGRV FDQGLGDWRVDVXIULUXQDFFLGHQWHSRUVXFXOSD  4Xp GXGD FDEH TXH OD SLQWXUD HV XQD GH ODV DUWHVTXHPiVDFRJLGDWLHQHQFX\RLPSDFWRHVPiV H[WHQVLYR \ TXHHQ UHVXPHQFRQVWLWX\H XQDGH ODV GLVFLSOLQDVDUWtVWLFDVPiVDSUHFLDGDV'HVGHOXHJR WRGD XQD LQGXVWULD SLYRWD D VX DOUHGHGRU \ VXSRQH XQD LPSRUWDQWH DSRUWDFLyQ DO HQULTXHFLPLHQWR FXOWXUDO \ O~GLFR GH OD SREODFLyQ DVt FRPR VXVWDQFLDO IXHQWH GHFRUDWLYD 3HUR FODUR FRPR

HOHPHQWR GHFRUDWLYR \ HQULTXHFHGRU GH HVSDFLRV YDFtRV TXH DVt OR UHTXLHUDQ 1R HQ ODV SDUHGHV R YDOODVDIHFWDGDVSRUJUDIILWWLVFX\D~QLFDDSRUWDFLyQ HV FRQWULEXLU D HQVXFLDU GLFKRV HVSDFLRV$XQ VLQ GXGDUGHVXSRWHQWHDSRUWDFLyQHVWpWLFD\VXIXHU]D VHPiQWLFD QR FDEH GXGD TXH XQD LQDGHFXDGD DFWXDFLyQ SRU HO KHFKR GH VHUOR HQ XQ OXJDU QR DSURSLDGR SLHUGH WRGR VX YDORU SDUD SDVDU D FRQYHUWLUVHVLPSOHPHQWHHQXQDDXWpQWLFDJXDUUDGD


\ XQD PXHVWUD GHO GHVSUHFLR GH VXV DXWRUHV SRU OD PiV HOHPHQWDO FRQYLYHQFLD (VR FXHVWD GLQHUR D DOJXLHQ\SRUFRQVLJXLHQWHHVWiOHVLRQDQGRGHUHFKRV GH RWUDV SHUVRQDV 'H VHU XQD DXWpQWLFR DUWLVWD VH SDVDDXWRPiWLFDPHQWHDVHUXQSDUiVLWRVRFLDO$Vt TXHQLVHOHRFXUUDHMHUFLWDUVXVGRWHVDUWtVWLFDVHQ ODYtDS~EOLFDVLQRHVHQORVOXJDUHVSUHYLVWRVSDUD HOOR  (VWHFRPSRUWDPLHQWRSDUDVLWDULRHVXQHMHPSOR PX\UHSUHVHQWDWLYRGHOTXHVHSURGXFHVREUHWRGR SRUSDUWHGHJUXSRVGHSHUVRQDVPiVELHQMyYHQHV &ODUR KD\ FRVDV TXH UHVXOWDQ WDQ LQMXVWLILFDGDV H LUUDFLRQDOHV TXH VyOR UHVXOWDQ FRPSUHQVLEOHV GHQWUR GHO iPELWR DVRFLDGR D OD SHUWHQHQFLD D XQ GHWHUPLQDGR JUXSR /D PDVD SURWHJH SURSRUFLRQD XQFRELMRLPSXOVD\VREUHWRGRHVHOOXJDUGRQGHHO PiVWRUSH\FDUHQWHGHYHUGDGHUDLGHQWLGDGSURSLD FUHHHQFRQWUDUODVX\D  2MR SXHV FRQ OD SHUWHQHQFLD D ORV JUXSRV VREUH WRGR ORV TXH VRQ PiV ELHQ SDQGLOODV R FRVDV SHRUHV 1R KD\ QDGD PiV FRQWUDGLFWRULR FRQ OD DXWRHVWLPD \ HO GHVDUUROOR GH OD SURSLD SHUVRQDOLGDG FRPR HO SUHWHQGHU FRQYHUWLUVH HQ XQ LQWHJUDQWH DFHSWDGR GH XQ JUXSR VRFLDO (VWR HV PX\ FDUDFWHUtVWLFR GH ORV MyYHQHV /D QHFHVLGDG GH DXWRHVWLPD \ GH UHDOL]DFLyQ OHV KDFHQ YHUVH REOLJDGRV D DFHSWDU SDXWDV GH FRPSRUWDPLHQWR


PRGDOHV PRGDV \ HVWpWLFDV FRQ OD LQWHQFLyQ GH GLIHUHQFLDUVH GH VHU ~QLFR 1DGD PiV OHMRV GH OD UHDOLGDG VLQR WRGR OR FRQWUDULR (Q HO KHFKR GH YHUVHVRPHWLGRDODVUHJODVGHOJUXSRSULPDPiVOD XQLIRUPLGDG FRQ HOORV TXH ODV GLIHUHQFLDV FRQ ORV GHPiV$VtTXHTXpKHPRVJDQDGR"(VODSUXHED HYLGHQWH GH OD DOLHQDFLyQ MXVWR OR FRQWUDULR GH OR SUHWHQGLGR 6DOYR QDWXUDOPHQWH TXH HO OtGHU GHO JUXSRVHDXQRPLVPRHQFX\RFDVRORTXHKD\TXH SODQWHDU HV OD GLVFXVLyQ PRUDO VREUH HO YHUGDGHUR SDSHOHLQWHQFLRQHVTXHPRWLYDQHVWHOLGHUD]JR  3RUTXHFODURSDUDSHUWHQHFHUDOJUXSRKD\TXH UHVSHWDU ODV UHJODV \ HQ HVWH FDVR Vt TXH VRQ YHUGDGHUDV DUELWUDULHGDGHV 7RGRV ORV JUXSRV MXYHQLOHV DGHPiV HVWiQ VRPHWLGRV D XQD HVWULFWD MHUDUTXtDORFXDOGHQXHYRHYLGHQFLDORDEVXUGRGH SUHWHQGHU FRQVLGHUDUOR XQD YtD KDFLD OD DXWRUHDOL]DFLyQSHUVRQDO3HURHQILQHVODKLVWRULD TXHVHUHSLWH(VODPHMRUPDQHUDGHVRPHWHUVHDOD DXWRDOLHQDFLyQ OD SUXHED GH OD PHGLRFULGDG 1DWXUDOPHQWH ORV MyYHQHV VH FUHHQ TXH OR VDEHQ WRGR TXH VXV SDGUHV VRQ XQRV LJQRUDQWHV \ EOD EOD 3XHV FODUR QDGD PiV HYLGHQWH GHVSXpV GH PLOHV GH DxRV GH KLVWRULD GH JHQHUDFLRQHV TXH UHSLWHQ ORV PLVPRV DUJXPHQWRV \ UHSURGXFHQ LGpQWLFRV FRPSRUWDPLHQWRV FyPR QR YD D VHU DVt" 3XHV \D VyOR IDOWDUtD &yPR RWUDV SHUVRQDV LGpQWLFDVHQFLUFXQVWDQFLDVH[DFWDPHQWHLJXDOHV\


TXH D OR ODUJR GH HVRV PLOHV GH DxRV KDQ KHFKR VLHPSUH OR PLVPR QR YDQ D VHU REYLDPHQWH PiV WRQWRV TXH QRVRWURV" 1L KDEODU DTXt HVWDPRV SDUD GHPRVWUDU OR FRQWUDULR 9HQJD YDPRV D LQYHQWDU OD UXHGDRWUDYH]  (Q UHVXPHQ ORV JUXSRV GH SHUVRQDV VRQ QHFHVDULRVSDUDGHVDUUROODUQXPHURVDVDFWLYLGDGHV R GLFKR GH RWUD PDQHUDHV QDWXUDO DJUXSDUVH SDUD OOHYDUODV D OD SUiFWLFD SHUR FRPR HQ WRGR GHEHQ SUHYDOHFHUORVSULQFLSLRVIXQGDPHQWDOHV(OREMHWLYR GH OD DJUXSDFLyQ GHEH VHU QREOH \ RULHQWDGR KDFLD XQD EXHQD DFFLyQ R SURSyVLWR SHUR DGHPiV OD SURSLDIRUPDGHIXQFLRQDPLHQWR\RUJDQL]DUVHGHEH VHUQREOH\MXVWD  $O ILQDO VL VH GD FXHQWD VLHPSUH QRV HQFRQWUDPRV VRPHWLGRV D OD QHFHVLGDG GH WRPDU HOHFFLRQHV < VLHPSUH SRGHPRV HOHJLU HQWUH KDFHU ODV FRVDV ELHQ R PDO HQWUH DGRSWDU XQD DFWLWXG SRVLWLYDRQHJDWLYD QRKD\WpUPLQRPHGLR $XQTXH VyOR VHD SRU VHQWLGR FRP~Q \ \D TXH DO ILQDO KD\ TXH HVFRJHU RSWH SRU OD DFWLWXG SRVLWLYD &UpDPH SLHQVH XQ SRFR HQ FXDOTXLHU VLWXDFLyQ HO QR \D OR WLHQH D SULRUL HV OR TXH SDVD VHJXUR VL REUD QHJDWLYDPHQWHRQRKDFHQDGD(VR\DORWLHQHSRU VHQWDGR 3XHV DKRUD SUXHEH D SHQVDU DO UHYpV DXQTXH VROR VHD SRU VL DFDVR <D YHUi TXH FDPELR



PiV LPSRUWDQWH ,QPHGLDWDPHQWH VH OH DEULUiQ QXHYRVKRUL]RQWHV  (VWR HV FRPR OD ORWHUtD QRV SXHGHWRFDU R QR 3HURVLQRFRPSUDPRVHOGpFLPRVHJXURTXHQRQRV WRFD 6L OR FRPSUDPRV WDO YH] QR UHVXOWHPRV DJUDFLDGRV GH KHFKR FDVL VHJXUR TXH QR  SHUR GHVGH OXHJR HV OD ~QLFD PDQHUD GH TXH QRV SXHGD WRFDU<HQWRGRFDVRHVWDPRVFRQWULEX\HQGRDXQD JUDQODERUVRFLDO$TXLHQVLHPSUHOHWRFDODORWHUtD HV DO YHQGHGRU GHO FXSyQ TXH JUDFLDV D OD FRQWULEXFLyQ GH XQ PRQWyQ GH SHUVRQDV VH SXHGH JDQDU OD YLGD 6H KDEtD SDUDGR D SHQVDU HQ HOOR" 3XHV ItMHVH KHPRV FRQWULEXLGR HQWUH WRGRV D TXH D HVDV SHUVRQDV OHV WRTXH VX SURSLD ORWHUtD TXH WHQJDQPiVVXHUWH\TXHVHDQPiVIHOLFHV7HQJDOD VHJXULGDG GH TXH KD\ PXFKtVLPDV SHUVRQDV TXH DGTXLHUHQ HO FXSyQ R FRPSUDQ Q~PHURV GH PXFKRV VRUWHRV R ULIDV  VyOR SDUD D\XGDU D VXV SURPRWRUHV QR SRU HO LQWHUpV HQ REWHQHU ORV SUHPLRV  9ROYDPRVFRQXQGHWDOOH5HFXHUGHVREUHWRGR QR HQIDGDUVH QXQFD FRQ ORV GHPiV (VWR HV YiOLGR SDUDWRGRWLSRGHUHODFLRQHVSHURWDOYH]VHSHUFLED FRQPiVLQWHQVLGDGHQHOWUDWRFRQORVFtUFXORVPiV DMHQRV D ORV TXH VRQ KDELWXDOHV HQ OD YLGD FRWLGLDQD 6L HQ ODV UHODFLRQHV FRQ ODV SHUVRQDV SHUWHQHFLHQWHV D ORV JUXSRV PiV SUy[LPRV HO


HQIDGR QR OOHYD D QLQJXQD SDUWH HV PiV SXHGH GHWHULRUDUODUHODFLyQGHXQDPDQHUDLUUHFXSHUDEOH FRQORVFRQWDFWRVHVSRUiGLFRVWRGDYtDPHQRV4Xp EHQHILFLR SXHGH SURSRUFLRQDU XQ GHVHQFXHQWUR FRQ DOJXLHQTXHQRYDVDYROYHUDYHUQXQFDPiVRORYD DVHUHQFRQWDGDVRFDVLRQHV"  +D\ XQD DFWLYLGDG TXH VHJXUR TXH QDGD PiV KDFHU UHIHUHQFLD D HOOD OH KDFH JUDFLD \ OH KDFH DVHQWLUFRQODFDEH]DFRPRGLFLHQGRHVYHUGDG VHD OR TXH VHD OR TXH YDPRV D GHFLU  3XHV QR WLHQH QLQJXQD JUDFLD $FWLYLGDG HILFD] SHUR GHOH]QDEOH GRQGH ODV KD\D HV OD FUHDFLyQ \ GLIXVLyQ GH UXPRUHV 7RGRV VDEHPRV OR WUHPHQGDPHQWH GHVWUXFWLYRV TXH SXHGHQ OOHJDU D UHVXOWDU ORV UXPRUHVTXHSRUVXSURSLDFRQGLFLyQVRQVLHPSUH IDOVRV 1R FDLJD EDMR QLQJXQD FLUFXQVWDQFLD HQ OD WHQWDFLyQGHQLWDQVLTXLHUDOOHJDUDDGPLWLUTXHHQ DOJ~Q FDVR SXHGDQ OOHJDU D VHU YHUGDGHURV 1L OR GXGH VRQ VLHPSUH IDOVRV SRU OD VHQFLOOD UD]yQ GH TXHVLQRQRVHUtDQHFHVDULRUHFXUULUDVXXVR6LQ HQWUDU QL WDQ VLTXLHUD D DSUR[LPDUQRV D ODV PiV HOHPHQWDOHV WpFQLFDV GH HVWD DXWpQWLFD GLVFLSOLQD WHQJD SUHVHQWH TXH FXDQWR PiV FRQILGHQFLDO R VHFUHWR HV PiV IDOVR \ PHQRV UHVWULQJLGR VHUi (V ODOH\GHODSURSRUFLyQLQYHUVD  (OSRGHUGHHVWHLQVWUXPHQWRGHFRPXQLFDFLyQ HV LQPHQVR FRPR OR SRQH GH PDQLILHVWR VX XVR


LQWHQFLRQDGR HQ HO iPELWR GH ORV FRQIOLFWRV EpOLFRV Pi[LPD H[SUHVLyQ GH OD LQIDPLD KXPDQD (O HVSLRQDMH OD LQIRUPDFLyQ \ GHVLQIRUPDFLyQ OD PDQLSXODFLyQ VH HQFXHQWUDQ HQ OD EDVH GH OD HVWUDWHJLD PLOLWDU \ VRQ OD FODYH GH VXV WULXQIRV < HVWR HV DSOLFDEOH D FXDOTXLHU DFWLYLGDG TXH VH DSUR[LPH D XQ FDPSR GH EDWDOOD GHVGH HO PXQGR HPSUHVDULDO D OD SROtWLFD DO GHSRUWH H LQFOXVR D OD YLGD IDPLOLDU 'H KHFKR FRQVWLWX\H XQD YHUGDGHUD GLVFLSOLQD REMHWR GH SURIXQGR HVWXGLR \ UHSOHWD GH VRILVWLFDGDVWpFQLFDV  /RV UXPRUHV VRQ GHVGH OXHJR LQWHQFLRQDGRV DXQTXH VyOR VHD SDUD DXWRDOLPHQWDU HO HJR OD DXWRHVWLPD TXHQRYDDFRQVHJXLU RLQFUHPHQWDUHO HVWDWXV VRFLDO GHO GLIXVRU (VR HQ HO PHMRU GH ORV FDVRV SRUTXH VL QR VHJXUR TXH REHGHFHQ D RWURV LQQREOHV SURSyVLWRV 'H WRGDV PDQHUDV HV XQ IHQyPHQRWDQFXULRVRTXHHVFRPRHOVRIWZDUHOLEUH /D JHQWH YD DSURYHFKiQGRVH GH ORV UXPRUHV DGDSWiQGRORV D VXV SURSLRV LQWHUHVHV \ HQULTXHFLpQGRORV FRQ DSRUWDFLRQHV D PHGLGD GHO UHHPLVRU $Vt TXH DO ILQDO UHVXOWD TXH QL WDQ VLTXLHUD DFDED FXPSOLHQGR ORV SURSyVLWRV SDUD ORV TXHIXHGLVHxDGR6DOYRTXHFODURHVWiVXILQDOLGDG VHD VLPSOHPHQWH FDXVDU DOJ~Q GDxR GHO WLSR TXH VHD HQWRQFHV Vt HV PX\ XWLO VX HIHFWLYLGDG HV LQGLVFXWLEOH /R TXH QRV OOHYD GH QXHYR D UHSURFKDUORVWDMDQWHPHQWH


(QUHVXPHQODFUHDFLyQ\GLIXVLyQGHUXPRUHV VyORSXHGHVHUYLUSDUDFDXVDUDOJ~QGDxRDDOJXLHQ \ SRU WDQWR GHEHPRV VHU PX\ FXLGDGRVRV SDUD QR GHMDUQRV DUUDVWUDU SRU OD WHQWDFLyQ GH FRQWLQXDU R LQLFLDU  OD UXHGD 'HEHPRV LQVLVWLU HQ HOOR SRUTXH PXFKDVYHFHVVLQGDUQRVFXHQWDFRJHPRVHOWHVWLJR VLQ VHU FRQVFLHQWHV GHO GDxR TXH VH SXHGH RFDVLRQDU 3RU LJQRUDQFLD R GHVFXLGR SDUWLFLSDPRV HQHOMXHJRVLQVRSHVDUODVFRQVHFXHQFLDV<HVRHV SHFDGR GH RPLVLyQ $Vt SXHV QR SDUWLFLSH HQ OD GLIXVLyQGHUXPRUHVQLPLQXVYDORUHVXLPSRUWDQFLD <GHVGHOXHJRQROHVKDJDQLFDVR$FXGDVLHPSUHD ODVIXHQWHVGHLQIRUPDFLyQRULJLQDOHV\YHUDFHV  6L OD GLIXVLyQ GH UXPRUHV LQWHQFLRQDGD R GHVFXLGDGDPHQWHGHEHVHUUHFKD]DGDWRGDYtDORHV HQ PD\RU PHGLGD XQD DFFLyQ PiV FRQWXQGHQWH FRPR HV OD VLPSOH GLIXVLyQ GH XQD PDQHUD GLUHFWD GH RSLQLRQHV R FRPHQWDULRV QHJDWLYRV VREUH RWUDV SHUVRQDV &XDQGR DVt VH REUD HV SRUTXH GHVGH OXHJR VH SUHWHQGH KDFHU XQ GDxR DXQTXH QR VH TXLHUD UHFRQRFHU FRPR WDO $XQTXH VHD HQ OR PiV SURIXQGR GHO VXEFRQVFLHQWH SUHYDOHFH OD LQWHQFLyQ GH TXH DVt VHD < GHVGH OXHJR SRU OLYLDQR TXH VHD DOJ~Q SHUMXLFLR RFDVLRQDUi HQ HO GHVJUDFLDGR DOXGLGR $WHQGLHQGR D QXHVWURV SULQFLSLRV VL QR SXHGHKDEODUELHQGHDOJXLHQFiOOHVH 



3RU HO FRQWUDULR VL VH HQFXHQWUD SUHVHQWH HQ XQD RFDVLyQ HQ OD TXH VH FUXFLILFD YHUEDOPHQWH D DOJXLHQ WRPH HQ FRQVLGHUDFLyQ OD SRVLELOLGDG GH SRQHU HQ GXGD R DO PHQRV LQWHUYHQLU SDUD LQWURGXFLU HOHPHQWRV GH UHIOH[LyQ TXH WDO YH] DSRUWHQDOJRGHREMHWLYLGDG7DOYH]D\XGHDDOJXQD SHUVRQD /D SRVLELOLGDG GH IDYRUHFHU R HYLWDU SHUMXGLFDUDDOJXLHQHVWiPX\SRUHQFLPDGHOULHVJR GH EHQHILFLDU D TXLHQ QR VH OR PHUH]FD (V PXFKR PiV IiFLO GHVWUXLU TXH FUHDU 1R SHUGDPRV OD RSRUWXQLGDG GH IDYRUHFHU D TXLHQ WDO YH] VH OR PHUH]FD(OTXHQRORKDJD\DHQFRQWUDUiODKRUPD GHVX]DSDWRHQRWURVLWLR/DQDWXUDOH]DREUDUiFRQ MXVWLFLD\SRQGUiODVFRVDVHQVXVLWLR1RKDFHIDOWD TXH RWURV OH SRQJDQ HQ VX OXJDU VHJXUR TXH pO PLVPRORKDUi  o 3yQJDVHVLHPSUHHQHOOXJDUGHORVGHPiV o 5HVSHWHODVFRVWXPEUHV\FUHHQFLDVGHORV GHPiV o $FDWH\UHVSHWHODVOH\HVVLHPSUH\DUDMDWDEOD o 'HILHQGDHOVLVWHPDOHJDO o $FRPyGHVH\UHVSHWHORVFyGLJRVGHFRQGXFWD\ QRUPDVGHHVWLOR6RQFRQYHQFLRQDOLVPRVSHUR IDYRUHFHQODFRQYLYHQFLD o 6HDHGXFDGR\FRUWpV0XpVWUHVHDPDEOH\ DELHUWR o 5HQXQFLHDVXVGHUHFKRVSDUDIDYRUHFHUDORV GHPiV6HDJHQHURVR


 o ,QWHQWHQRKHULUODVHQVLELOLGDGGHORVGHPiV o 3LHQVHTXHORLPSRUWDQWHGHVXFRPSRUWDPLHQWR HVODDFWLWXG\ODLQWHQFLyQ0iVTXHHOSURSLR UHVXOWDGR o 1RJULWHQLVHHQIDGH o ,QWHQWHSHUGRQDUDXQTXHQRROYLGDU o 1RVHGHMHDIHFWDUSRUORVTXHOHLQWHQWHQ RIHQGHU3UREDEOHPHQWHQLVLTXLHUDSXHGDQ FRQVHJXLUOR o 1RRIHQGHTXLHQTXLHUHVLQRTXLHQSXHGH\QR HVHOFDVR o 6HDDPDEOH\VRQUtD o 1RFUHHQLGLIXQGDUXPRUHV1RPLQXVYDORUHVX LPSRUWDQFLD o 6LQRSXHGHGHFLUDOJREXHQRGHDOJXLHQQR KDEOH



&252/$5,2(,1&(17,92$/$/(&785$  %XHQR FRPR TXLHUR TXH HVWH VH FRQYLHUWD HQ VX OLEUR GH FDEHFHUD IDYRULWR YR\ D FXOPLQDUOR FRQ XQRVGHWDOOHVTXHSHUPLWDQDYDODUHVWDSRVLELOLGDG SHUGyQODUHDOLGDGGHFRQVLGHUDUORFRPRWDO  5HSDVHPRVSXHV  - (V GH WDPDxR UHGXFLGR VDOYR TXH VDTXHQ XQD HGLFLyQ GH OXMR SHUR HQ HVWH FDVR VHUi SDUD FRORFDUORHQXQDQDTXHORDWULODODHQWUDGDGHVX KRJDUFRQORFXDOHOSURSyVLWRVHUiRWUR $VtTXH FDEH PX\ ELHQ HQ OD PHVLOOD GH QRFKH $GHPiV FRPR SHVD SRFR VH SXHGH VRVWHQHU FRQ IDFLOLGDG SDUDODOHFWXUDGHVGHHOOHFKR6LORKDDGTXLULGR HQ HGLFLyQ GLJLWDO \ KD GHFLGR YHUOR VyOR HQ SDQWDOOD SHVH D TXH HO DUJXPHQWR DQWHULRU VH FDH VHUi SRUTXH OH KD HQFRQWUDGR RWUDV YHQWDMDV  - (V FRUWR &RQ OR TXH VH SXHGH OHHU FRQ PXFKD IDFLOLGDG\UDSLGH]LQFOXVRHQXQDVRODVHVLyQ  - (V GH OHWUD JRUGD OR TXH IDFLOLWD OD OHFWXUD DXQTXH QR QHFHVDULDPHQWH OD FRPSUHQVLyQ SHUR VHJXUR TXH WDPELpQ SDUD HVWR DOJR D\XGD +HPRV SXHVWR DGHPiV XQRV GLEXMLWRV TXH DSRUWDQ DOJR GH DOHJUtD \ VLUYHQ GH UXSWXUD DO


 - /RTXHQROHSXHGRDVHJXUDUHVPiVHVSHURTXH QR VHD DVt HV TXH OH LQFLWH DO VRSRU \ IDFLOLWH VX FDtGD HQ EUD]RV GH 0RUIHR SRU OD QRFKH $O FRQWUDULR HVSHUR TXH OH VXJLHUD PRWLYRV GH UHIOH[LyQ TXH LQPHGLDWDPHQWH OH LPSXOVHQ HQ OD GLUHFFLyQFRUUHFWDDODPDxDQDVLJXLHQWH  - (VVXPDPHQWHSUiFWLFR/RTXHGLFHHVWiVDFDGR GH OD YLGD UHDO 7RGDV ODV VLWXDFLRQHV UHIOHMDQ OD PiV DEVROXWD FRWLGLDQHLGDG \ HV SUiFWLFDPHQWH VHJXUR TXH VH HQFXHQWUD HQ VLWXDFLRQHV VHPHMDQWHV FRQ VXPD IUHFXHQFLD $Vt TXH HVWDPRVDQWHXQPDQXDOSUiFWLFRGHYHUGDG  - 3HUR HV TXH DGHPiV VX FRQWHQLGR HV WRWDOPHQWH UHDOLVWD ODV VLWXDFLRQHV H[SXHVWDV OH SHUPLWLUiQ YHUFyPRODUHDOLGDGQRVRIUHFHRSRUWXQLGDGHVGH DFFLyQFRQWLQXDPHQWH\FyPRHOHQULTXHFLPLHQWR GH QXHVWUD YLGD SXHGH \ GHEH VHU FRQVWUXLGR GtD D GtD VLQ UHTXHULU KHURLFLGDGHV (V PX\ IiFLO GH DSOLFDU  - $O ILQDO GH FDGD FDStWXOR VH UHFRJHQ FRPR UHVXPHQ ORV SULQFLSLRV IXQGDPHQWDOHV 'H XQD


WH[WR\DGHSRUVtFyPRGRGHVHJXLU(VVyORSRU FXHVWLyQGHHVWpWLFDSHURDTXHHVWiELHQ"7RGR D\XGD D TXH 8G OR VLJD FRQ PiV DWHQFLyQ \ FRPRGLGDG

 - (V PX\ IiFLO GH OOHYDU HQ XQ PDOHWtQ R EROVD GH YLDMH 3RU WDQWR HV XQ FRPSDxHUR GH YLDMHV PX\ DGHFXDGR  - < GHVGH OXHJR HV HO UHJDOR LGHDO %DUDWR IiFLO GH HQFRQWUDU GH XQ IRUPDWR PX\ DFHSWDGR \ DGHPiV HQFDMD PX\ ELHQ HQ ORV LQWHUHVHV GHO GHVWLQDWDULRTXHVHORPHUHFH7DPELpQFRQJHQLD FRQ OD SURSLD ILORVRItD TXH OH PXHYH D 8G GH D\XGDU D ORV GHPiV 'HVGH OXHJR FRPR UHJDOR SDUDXQDFRQYHQFLyQGHHMHFXWLYRVRHQPXOWLWXG GHFXUVRVGHJHVWLyQHVLQVXVWLWXLEOH  - <VREUHWRGRVREUHWRGRHVTXHHVLQGLVFXWLEOHOR TXHGLFH1DGDPiVVHQFLOORHILFD]\UHDOLVWDTXH ORTXHGHILHQGH   3DUD WHUPLQDU XQ SHTXHxR DOHJDWR TXH FXOPLQDHVWHOHJtWLPRLQWHQWRGHMXVWLILFDUODERQGDG GHHVWHPDQLILHVWR\SRQHUORHQYDORU  +D\XQPRQWyQGHOLEURVGHDXWRD\XGD\FDGD YH]HVWDPRV PiVKDUWRV GHHOORV/R GLJR SRUTXHHO TXH WLHQH HQWUH ODV PDQRV SRGUtD FRQVLGHUDUVH HQ


IRUPD UHLWHUDGD SDUD IDFLOLWDU XQD HVSHFLH GH UHFRUGDWRULR UiSLGR \ SRWHQFLDU OD SHUVLVWHQFLD \ DVLPLODFLyQGHORVPLVPRV

FLHUWD PHGLGD LQFOXLGR GHQWUR GH HVWD FDWHJRUtD < FDGDYH]DSDUHFHQPiVFRPRQRSRGtDVHUGHRWUD PDQHUDGHWUDFWRUHVGHORVPLVPRV6HKDEODGHOD VXSHUDEXQGDQFLD\GHTXHVLHPSUHGLFHQORPLVPR (Q FXDQWR D OD VXSHUDEXQGDQFLD HVWR FRPR VLHPSUH VH WUDWDUi HQ WRGR FDVR GH XQD FXHVWLyQ GHPDWL]\GHRSRUWXQLGDG  (Q FXDQWR D TXH QR VH DSRUWD QDGD QXHYR QR SXHGR HVWDU PiV GH DFXHUGR <D KHPRV GLFKR TXH ORV SULQFLSLRV IXQGDPHQWDOHV GH OD JHVWLyQ VLJXHQ VLHQGR ORV PLVPRV GHVGH KDFH WLHPSR +DFH SRFR SUHFLVDPHQWH YROYt D OHHU XQ EUHYH H[WUDFWR HQ SUHQVD  GH XQ DUWtFXOR GH XQR GH ORV DXWpQWLFRV PDHVWURV GH OD HVWUDWHJLD HPSUHVDULDO FX\RV PRGHORV\SULQFLSLRVJHQHUDOHVFRQWLQXDUHVSHWDQGR GHVGH KDFH XQ PRQWyQ GH DxRV 5HVXOWD TXH \R HVWR\ GDQGR FODVH GH HVR GHVGH KDFH EDVWDQWH WLHPSR \ HQ HIHFWR FDGD YH] PH VLJXH UHVXOWDQGR PiV FRQYLQFHQWH OD VHQFLOOH] \ HYLGHQFLD FRQ TXH FRQWLQ~DQ VLHQGR YiOLGRV ORV SULQFLSLRV JHQHUDOHV &DVL WDQWR TXH D YHFHV SLHQVR VL QR PH HVWDUp TXHGDQGR REVROHWR 3XHV QR UHVXOWD TXH HQ HVWH WLSRGHFRVDVTXHWLHQHQTXHYHUFRQODVUHODFLRQHV KXPDQDV YLVLyQ LQWXLFLyQ R HVWUDWHJLD ODV FRVDV KDQVLGRLJXDOHVGHVGHWRGDODYLGD RWUDFRVDHVOD IRUPD HQ FyPR ODV GLVFLSOLQDV KXPDQtVWLFDV \ VRFLDOHV OOHJDQ D LQWHUSUHWDU HO IXQFLRQDPLHQWR GHO VHU KXPDQR LQGLYLGXDO R FROHFWLYDPHQWH  VLHPSUH


TXH KDEODPRV GHVGH XQD SHUVSHFWLYD GH XWLOLGDG SUiFWLFD  ,QVLVWRSXHGHTXH$OHMDQGUR0DJQR1DSROHyQ *HQJKLV .KDQ /HRQDUGR 'D 9LQFL /XWKHU .LQJ QR IXHUDQ H[SHUWRV HQ QDGD SHUR PH H[WUDxD TXH VH OHV SXHGD QHJDU DEVROXWR GRPLQLR GH VXV PDWHULDV  (V FLHUWR TXH HVWi WRGR LQYHQWDGR SHUR HV SUHFLVR HQVHxDUOR WDQWDV YHFHV FRPR KDJD IDOWD UHIUHVFDUOR \ GDU OD RSRUWXQLGDG GH DVLPLODUOR \ SUDFWLFDUOR/DLQVLVWHQFLDHVXQDYtD  /D OHFWXUD SRU Vt PLVPD VLHPSUH UHVXOWD JUDWLILFDQWH \ VLUYH DXQTXH VyOR VHD SDUD UHOOHQDU XQ PRPHQWR GH VROD] \ VRVLHJR &RQ HVR \D WHQHPRV MXVWLILFDFLyQ VXILFLHQWH 3HUR DGHPiV \ HQ HVWRV FDVRV OD UHSHWLFLyQ FRQVWLWX\H XQD KHUUDPLHQWD PX\ ~WLO SUHJXQWH D ORV H[SHUWRV HQ HQVHxDQ]D \ DSUHQGL]DMH (O UHIUHVFR H LQVLVWHQFLD HQ ODV LGHDV FRQVWLWX\H XQR GH ORV SULQFLSDOHV PpWRGRV GH UHIOH[LyQ \ GH DVLPLODFLyQ < VLHPSUH VHUi PHMRU OHHU WH[WRV GLIHUHQWHV DXQTXH VyOR VHD SRUQRDEXUULUVHWDQWRTXHWRGRVORVGtDVHOPLVPR <DORGHFtDPRVDOLQLFLREDVWDFRQTXHOHVLUYDSDUD UHIOH[LRQDU XQD YH] PiV SDUD TXH HVWHPRV VDWLVIHFKRV\D8GOHKD\DUHVXOWDGR~WLO 


6L VH KD HQWUHWHQLGR FRQ OD OHFWXUD KDEUi LGR SHUFLELHQGR FyPR ODV LGHDV YDQ IOX\HQGR FRQ VHQFLOOH] \ SRU HO VLPSOH KHFKR GH UHSDVDUODV DOJR YDFDODQGRDXQTXHVHDSRUSXUDLQVLVWHQFLD  3DUD WHUPLQDU WDQ VyOR GHVHDUOH TXH FDGD YH] VHD XQD PHMRU SHUVRQD FRQ OR TXH FRQWULEXLUi D WHQHU XQD YLGD PHMRU VHU PiV IHOL] \ D\XGDU D ORV GHPiV D VHUOR 6L WRGRV OR KLFLpUDPRV HO PXQGR OOHJDUtDDVHUXQOXJDULGHDO  



8Q~OWLPRHVWtPXOR$PRGRGHDSpQGLFH  (Q HO IRQGR OD VRFLHGDG UHFRQRFH ORV FRPSRUWDPLHQWRVQREOHVMXVWRV\FRUUHFWRVSRUTXH VRQODFODYHSDUDVXVXSHUYLYHQFLD<WDPELpQWLHQH HQ FXHQWD SDUD UHSURFKDUORV ORV TXH QR OR VRQ $ DPERV ORV GHVFULEH SRU PHGLR GHO SULQFLSDO LQVWUXPHQWRGHSURJUHVRFRQTXHFRQWDPRVTXHHV HOOHQJXDMH  <DORKHPRVGLFKRDQWHV1RFRPHWDHOHUURUGH FRQYHUWLUVHHQXQSDUiVLWR\GHVHFKRGHODVRFLHGDG 1R VH KDJD DFUHHGRU D VHU GHVFULWR FRQ FXDOTXLHUD GH ORV DGMHWLYRV GHPRVWUDWLYRV GH GHVSUHFLR \ TXH VRQODPXHVWUDPiVSDOSDEOHGHTXHKDFRQVHJXLGR JDQDUVHODFRQGLFLyQGHDSHVWDGR'HVGHOXHJRTXH HO KHFKR GH TXH ORV XWLOLFHQ FRQWUD 8G QRVLHPSUH VLJQLILFD TXH ORV PHUH]FD 0iV ELHQ SXHGH WUDWDUVH GH XQD VLPSOH PXHVWUD GH ODV GHELOLGDGHV GHO FRQWUDULR FDVL VHJXUR TXH HQYLGLD  SHUR HQ WRGR FDVR OR TXH HV FLHUWR HV TXH DOJXLHQ KD GHFLGLGR TXH8GRVWHQWDHOSULYLOHJLRGHVHUUHFRQRFLGRFRPR WDO $KRUD \D VyOR OD SURSLD FDWHJRUtD \ UHSXWDFLyQ GHOSURILULHQWHYDOLGDODYHUDFLGDGGHORVPLVPRV  3DUD TXH QR FDLJD HQ OD WHQWDFLyQ GH SDVDUVH GH OLVWR OLVWLOOR  SHUR SRU RWUD SDUWH SDUD DILDQ]DU VX FRQYLFFLyQ GH TXH ORV TXH Vt SXHGHQ VHU FRQVLGHUDGRV FRPR WDOHV GLItFLOPHQWH SXHGHQ


DOWHUDUVXHVWDGRGHiQLPRFRQVXFRPSRUWDPLHQWR R VHD TXH QR KDFH IDOWD TXH OHV SUHVWH PXFKD DWHQFLyQ SRUTXH HQ SRFR SXHGHQ RIHQGHUOH  KH DTXt XQ OLVWDGR EDVWDQWH H[KDXVWLYR GH ORV FDOLILFDWLYRVTXHVHSXHGHQDSOLFDUDDOJXQRVGHORV LQWHUIHFWRVFX\RVFRPSRUWDPLHQWRVVRQLQVROLGDULRV UHSURFKDEOHV R PDQLILHVWDPHQWH GHOH]QDEOHV 6RQ DTXHOORVHQORVTXHQRGHEHPRVFDHU  /DULTXH]DVHPiQWLFDTXHQRVDSRUWDFXDOTXLHU LGLRPD VyOR HV FRPSDUDEOH FRQ OD PDJQLWXG GH OD HVWXSLGH] GHO KHFKR TXH GHVFULEHQ 6LUYD SDUD TXH QR VH GHMH DUUDVWUDU SRU HOOR QL KDFHUVH DFUHHGRU D VXGHQRPLQDFLyQPHGLDQWHDOJXQRGHHOORV  
%REDGD %REHUtD  'LFKR R KHFKR QHFLR  7RQWHUtD FRVD GH SRFD HQWLGDGRLPSRUWDQFLD   %RER  7RQWR IDOWR GH HQWHQGLPLHQWR R UD]yQ   ([WUHPDGD \ QHFLDPHQWHFDQGRURVR  (VWXSLGH]  7RUSH]D QRWDEOH HQ FRPSUHQGHU ODV FRVDV  'LFKR R KHFKRSURSLRGHXQHVW~SLGR  (VW~SLGR1HFLRIDOWRGHLQWHOLJHQFLD  *LOLSROODV&RORT7RQWROHOR  *LOLSROOH]'LFKRRKHFKRSURSLRGHXQJLOLSROODV  *LOLSXHUWDVJLOLSROODVWRQWROHOR 



,GLRFLD7UDVWRUQRFDUDFWHUL]DGRSRUXQDGHILFLHQFLDPX\SURIXQGDGH ODV IDFXOWDGHV PHQWDOHV FRQJpQLWD R DGTXLULGD HQ ODV SULPHUDV HGDGHVGHODYLGD  ,GLRWD  4XH SDGHFH GH LGLRFLD  (QJUHtGR VLQ IXQGDPHQWR SDUD HOOR  7RQWR FRUWR GH HQWHQGLPLHQWR  4XH FDUHFH GH WRGD LQVWUXFFLyQ  ,GLRWH],GLRFLD+HFKRRGLFKRSURSLRGHOLGLRWD  ,PEpFLO$OHODGRHVFDVRGHUD]yQ)ODFRGpELO  ,PEHFLOLGDG  $OHODPLHQWR HVFDVH] GH UD]yQ SHUWXUEDFLyQ GHO VHQWLGR$FFLyQRGLFKRTXHVHFRQVLGHUDLPSURFHGHQWHVLQVHQWLGR \TXHPROHVWD PHG 0LQXVYDOtDLQWHOHFWXDORULJLQDGDSRUFLHUWDV GLVIXQFLRQHVKRUPRQDOHV)ODTXH]DGHELOLGDG  ,QHSWLWXG,QKDELOLGDGIDOWDGHDSWLWXGRGHFDSDFLGDG  ,QHSWR1RDSWRQLDSURSyVLWRSDUDDOJR1HFLRRLQFDSD]  0DPDUUDFKDGD  $FFLyQ GHVFRQFHUWDGD \ ULGtFXOD  &RQMXQWR GH PDPDUUDFKRV  0DPDUUDFKR  3HUVRQD R FRVD GHIHFWXRVD ULGtFXOD R H[WUDYDJDQWH +RPEUHLQIRUPDOQRPHUHFHGRUGHUHVSHWR  0HPH]&XDOLGDGGHPHPR'LFKRRKHFKRSURSLRGHOPHPR  0HPR7RQWRVLPSOHPHQWHFDWR  5LGtFXOR4XHSRUVXUDUH]DRH[WUDYDJDQFLDPXHYHRSXHGHPRYHU DODULVD(VFDVRFRUWRGHSRFDHVWLPDFLyQ([WUDxRLUUHJXODU\ GHSRFRDSUHFLR\FRQVLGHUDFLyQ6LWXDFLyQULGtFXODHQTXHFDHXQD SHUVRQD H[SXHVWRDODEXUODRDOPHQRVSUHFLRGHODVJHQWHVVHDR QRFRQUD]yQMXVWLILFDGD  



6LQYHUJHQ]D  3tFDUR EULEyQ  'LFKR GH XQD SHUVRQD 4XH FRPHWH DFWRV LOHJDOHV HQ SURYHFKR SURSLR R TXH LQFXUUH HQ LQPRUDOLGDGHV  7RPDGXUDGHSHOR%XUODFKXQJD  7RQWDGD7RQWHUtDVLPSOH]D  7RQWHUtD  &XDOLGDG GH WRQWR  'LFKR R KHFKR WRQWR  'LFKR R KHFKRVLQLPSRUWDQFLD&RVDGHSRFDHQWLGDGRLPSRUWDQFLD  7RQWR  )DOWR R HVFDVR GH HQWHQGLPLHQWR R UD]yQ  4XH SDGHFH FLHUWDGHILFLHQFLDPHQWDO  7RUSH  4XH VH PXHYH FRQ GLILFXOWDG  5XGR WDUGR HQ FRPSUHQGHU  'HVKRQHVWR LPS~GLFR ODVFLYR  ,JQRPLQLRVR LQGHFRURVRLQIDPH  7RUSHGDGWRUSH]D  7RUSH]D&XDOLGDGGHWRUSH$FFLyQRGLFKRWRUSH  =RTXHWH3HUVRQDWDUGDHQFRPSUHQGHU



 &$6$( $(2 2/2  o 3HUVRQDOL]DWXVOLEURVRFRPLFVDPHGLGD 'LVSRQHPRVGHXQFDWiORJRSURSLR  o 7LHQHVLQTXLHWXGHVOLWHUDULDV\WHUHVXOWDLPSRVLEOHSXEOLFDU" 1RVRWURVORKDFHPRVFRQWLJR  o &DWiORJRGHSXEOLFDFLRQHV/LEUHULDRQOLQH  o %D]DUGHOOLEUR&RPSUDYHQWDGHVHJXQGDPDQR7HD\XGDPRVD HQFRQWUDUORTXHEXVFDVRDGDUVDOLGDDORTXHWLHQHV  o 4XLHUHVSDWURFLQDUODGLIXVLyQFXOWXUDO"3RQWHHQFRQWDFWRFRQ QRVRWURV 

8Q QOL OLE EUR RH HV o 8Q QU UHJDOR RH HOHJDQWH o 8Q QF FRPSDxHUR RL LGHDO o 8Q QD DPLJR JR    +DEODSRUPHGLRGHWXVOLEURV 8QOLEURGLFHPXFKRGHOTXHORUHJDOD  (Q QG GHILQLWLYD 8 8Q QOL OLE EUR RH HV VH HO OU UHJDOR RL LGHDO

ZZZFDVDHRORFRP


También podría gustarte