8QLYHUVLGDG1DFLRQDOGH,QJHQLHUtD

)DFXOWDGGH,QJHQLHUtD0HFiQLFD
$UHDGH&LHQFLDV%iVLFDV\+XPDQLGDGHV

3$


6ROXFLRQDULRGHO([DPHQ)LQDOGH&iOFXOR1XPpULFR0%

6LQFRSLDVQLDSXQWHV6($'-817$)2508/$5,2

3UREOHPD
D 5HDOLFHODIXQFLyQGLIGLYLPHQ0DWODETXHOHSHUPLWDFDOFXODUODWDEODGHGLIHUHQFLDV
GLYLGLGDV VL VH FRQRFH ORV GDWRV [\ \ XQ QXPHUR P TXH LQGLFDUtD HO RUGHQ GH OD
PDV DOWD GLIHUHQFLD GLYLGLGD D HYDOXDUVH 'HEH FRPSUREDUVH DQWHV TXH P Q
Q LQGLFDHOQXPHURGHSXQWRVGHORVGDWRV
IXQFWLRQ7 GLIGLYL[\PS
6ROXFLyQ
IXQFWLRQ>7@ GLYLGLI[\P
Q OHQJWK[
LIPHUURU
PHVXQQXPHURHQWHURSRVLWLYR

HQG
LIP!QHUURU
PGHEHVHU Q

HQG
P P
7 >\
@
IRUM P$OJRULWPRGHGLIHUHQFLDVGLYLGLGDV
IRUL QM
7LM 7LM7LM[LM[L
HQG
HQG

E (Q HO PRYLPLHQWR GH XQ FXHUSR GH PDVD GH NJ FDOFXOH OD IXHU]D 1 VREUH HO
FXHUSRHQW VFRQORVGDWRVGHDEDMR6XJHUHQFLD )

GS
GW

G PY

GW

WV






YPV






2EWHQHUHOUHVXOWDGRFRQODPHMRUSUHFLVLyQS

6ROXFLyQ

8VDQGRODIyUPXODGHSXQWRV) 1

F /D GLVWULEXFLyQ GH WHPSHUDWXUD HQ HVWDGR HVWDFLRQDULR ELGLPHQVLRQDO VH GHILQH SRU
PHGLRGHODHFXDFLyQGH/DSODFH
w 7
w[ 

w 7
w\ 

HQ GRQGH 7 HV OD WHPSHUDWXUD \ [ H \ VRQ ODV

FRRUGHQDGDV
2EWHQJDODGLVWULEXFLyQGHODWHPSHUDWXUDGHQWURGH
ODSODFDSODQDTXHVHPXHVWUDHQODVLJXLHQWHILJXUD
3ODQWHH HO VLVWHPD GH HFXDFLRQHV OLQHDOHV OXHJR GH

DSOLFDUGLIHUHQFLDVILQLWDVS

6ROXFLyQ
1RGR3

 3   3



1RGR3

 3   3   3 

1RGR3

  3   3

3
3
3



    3 

     3 
    3 

5SWD
3 3 3 

3UREOHPD
8Q SUR\HFWLO IXH ODQ]DGR GHVGH HO SXQWR GHO RULJHQ UHDOL]iQGRVH ODV VLJXLHQWHV
REVHUYDFLRQHV
x 6HIRWRJUDItRHOSUR\HFWLODPHWURVGHOSXQWRGHODQ]DPLHQWR\IXHGHWHUPLQDGDVX
DOWLWXGORFDOHQPWV
x 6H FRORFR XQD EDUUHUD D  PHWURV GHO SXQWR GH
ODQ]DPLHQWRLQWHUFHSWiQGRVHDXQDDOWLWXGGHPWV
&RQ HVWRV  SXQWRV GLVSRQLEOHV HV SRVLEOH LQWHUSRODU
XQDWUD\HFWRULDGHOSUR\HFWLO
D 'HWHUPLQH OD WUD\HFWRULD GHO SUR\HFWLO XVDQGR DOJ~Q
SROLQRPLRLQWHUSRODQWHGLVFXWLGRHQFODVHS
E &RPSDUH OD WUD\HFWRULD REWHQLGD HQ D FRQ OD HFXDFLyQ
WHyULFDGHODWUD\HFWRULD\GLJDVLHVSRVLEOHGHWHUPLQDU
ORV SDUiPHWURV GH ODQ]DPLHQWR iQJXOR \ FRQ OD
KRUL]RQWDO \ OD YHORFLGDG LQLFLDO Y  6L IXHUD SRVLEOH GHWHUPLQH HVWRV
SDUiPHWURVVHUtDQHFHVDULRUHDOL]DUXQDMXVWHSRUPtQLPRVFXDGUDGRV" S

[
\ [WJ\  J 
 Y FRV  \
'RQGHJ PV
F &DOFXOHODDOWLWXGGHOSUR\HFWLODPHWURVGHOSXQWRGHODQ]DPLHQWR S
G &RPR FDOFXODUtD OD YDOLGH] R JUDGR GH FRQILDELOLGDG GH ORV SDUiPHWURV
\  YR "S

6ROXFLyQ

D7DEODGHGLIHUHQFLDVGLYLGLGDV

'
L[\I>@I>@





3ROLQRPLRGH1HZWRQ,QWHUSRODQWH
3  [ \   I > [  [ @ [  [   I > [   [  [ @ [  [  [  [ 
3  [    [   [ [  
$UUHJODQGR
3  [  [  [

EFRPSDUDQGRWpUPLQRDWpUPLQRFRQODHFXDFLyQH[DFWDREWHQHPRV
Y PVJ
\ D WDQ ! q
1RHVQHFHVDULRUHDOL]DUDMXVWHSRUTXHHQHVWHFDVRHODMXVWHHVLJXDODODUHJUHVLyQ
FXDGUiWLFD
F,QWHUSRODQGRDPWOHFRUUHVSRQGHXQDDOWLWXG\ 
G&RQHOIDFWRUGHUHJUHVLyQHVWHUHVXOWDGRHVSHUIHFWRSRUTXHFRLQFLGHFRQOD
IyUPXODH[DFWD
3UREOHPD
6HDODGLVWULEXFLyQGHYHORFLGDGGHXQIOXLGRDWUDYpVGHXQD
WXEHUtDYHU)LJXUD
(O &DXGDO 4 YROXPHQ GH DJXD TXH SDVD D WUDYpV GH OD

WXEHUtD SRU XQLGDG GH WLHPSR SXHGH VHU FDOFXODGD FRPR 4

YHORFLGDG\ $ HVODVHFFLyQWUDQVYHUVDOGHODWXEHUtD

Y G$  'RQGH Y

HV OD

UR
S Y U GU 

'RQGH U HVODGLVWDQFLDUDGLDOPHGLGDGHVGHHOFHQWURGHODWXEHUtD\GRQGH U HVHO
UDGLRGHODWXEHUtDS

D 'HPRVWUDU TXH SDUD XQD WXEHUtD FLUFXODU GH UDGLR U  HQWRQFHV 4

U
E 6LODGLVWULEXFLyQGHYHORFLGDGHVGDGDSRU Y   GRQGH U  &DOFXOH
U
HO FDXGDO 4 PHGLDQWH OD IyUPXOD GH 1HZWRQ&RWHV FHUUDGD GH FXDUWR JUDGR FRQ
K S
F 0XHVWUHHOQ~PHURGHGtJLWRVVLJQLILFDWLYRVH[DFWRVVLHOYDORUUHDOGHODLQWHJUDOHV
S
&RPHQWHVXVUHVXOWDGRVS

 

6ROXFLyQ

D
$ S U
G$ S U GU
4
4

Y S U GU

UR
S Y U GU


S Y U GU

U
4 S U   GU


, 
F
,H 
([LVWHQGtJLWRVVLJQLILFDWLYRVH[DFWRV
 

3UREOHPD

Y

Y[
8Q SDUDFDLGLVWD FRQ SHVR :  1 VDOWD GH XQ
DYLyQTXHYXHODKRUL]RQWDOPHQWHFRQYHORFLGDGLQLFLDO
T
Y\
Y
Y PVODVIXHU]DVFRQVLGHUDGDVTXHDFW~DQVREUH
HOSDUDFDLGLVWDVRQODIXHU]DGHDUUDVWUHDHURGLQiPLFR
\ODIXHU]DGHELGRDODDFHOHUDFLyQJUDYLWDFLRQDO
/DIXHU]DGHDUUDVWUHHVWiGDGRSRU )D .Y  
(OFRHILFLHQWHGHUHVLVWHQFLD. HVGH
DSUR[LPDGDPHQWH1\ODDFHOHUDFLyQGHODJUDYHGDGPV
D 'HPXHVWUHTXHHOSUREOHPDVHSXHGHPRGHODUPHGLDQWHHOVLVWHPDGHHFXDFLRQHV
: GY [
: GY \
 .YY [ 
:  .YY \
J GW
J GW
GRQGH Y[ FRPSRQHQWHGHODYHORFLGDGHY HQODGLUHFFLyQ[
Y\ FRPSRQHQWHGHODYHORFLGDGHY HQODGLUHFFLyQ\S

E 'HWHUPLQHODYHORFLGDGDQWHVGHDEULUHOSDUDFDtGDVHQHOLQVWDQWHW VHJXQGRVFRQ
LQWHUYDORVGHVHJXQGRXVDQGRHOPpWRGRGH+HXPS
6ROXFLyQ

3RUODVHJXQGD/H\GH1HZWRQ
'LUHFFLyQGH[
: GY [
J GW

 .Y  FRV T

: GY \
J GW

:  .Y  VLQ T

'LUHFFLyQGH\
'RQGH

Y[ FRPSRQHQWHGHODYHORFLGDGHY HQODGLUHFFLyQ[
Y\ FRPSRQHQWHGHODYHORFLGDGHY HPODGLUHFFLyQ\
2EVHUYDQGRTXH
Y[
FRV T
 VLQT
Y
WHQHPRV
GY [
GW
GY
\
GW

Y\
Y

\ Y

Y[   Y \ 

J
u  .YY [ 
:
J
:  .YY \ 
:

&RQGLFLRQHVLQLFLDOHVW 
Y [  Y 

Y \   

9 

3RU+HXQ
,WHUDFLyQ
9[ 
9\ 
,WHUDFLyQ
9[ 
9\ 

/RV3URIHVRUHV