Está en la página 1de 17

',3/20$'2(1*(67,1'((48,326(035(1'('25(6

2172/2*,$'(//(1*8$-(
5$)$(/(&+(9(55,$

&$3,78/2/26$&726/,1*8,67,&26%$6,&26
ANTECEDENTES
7DO FRPR OR KHPRV VHxDODGR SUHYLDPHQWH VHJ~Q QXHVWUD FRQFHSFLyQ WUDGLFLRQDO HO OHQJXDMH
GHVFULEH OD UHDOLGDG &XDQGR GLJR SRU HMHPSOR HO PDUWHV KL]R VRO R pVWD HV XQD PHVD GH
PDGHUD R PL FRPSXWDGRU WLHQH XQ GLVFR GXUR GH  0% HVWDV IUDVHV VH HQWLHQGHQ
QRUPDOPHQWH FRPR GHVFULSFLRQHV GH ODV SURSLHGDGHV GH GLIHUHQWHV REMHWRV HO PDUWHV SDVDGR
HVWD PHVD PL FRPSXWDGRU  &XDQGR GLJR OR VLHQWR R PXFKtVLPDV JUDFLDV HVWDV IUDVHV VH
HQWLHQGHQFRPRGHVFULSFLRQHVGHVHQWLPLHQWRV

1XHVWUR VHQWLGR FRP~Q GD SRU VHQWDGR TXH HO OHQJXDMH GHVFULEH HO HVWDGR GH ODV FRVDV (VWD
FRQFHSFLyQ VXSRQH TXH OD UHDOLGDG \D HVWi DKt PXFKR DQWHV TXH HO OHQJXDMH \ OR TXH KDFH HO
OHQJXDMH HV VLPSOHPHQWH GHVFULELUOD KDEODU GH HOOD 6H VXSRQH TXH HO SDSHO GHO OHQJXDMH HV
SDVLYR(OOHQJXDMHVLHPSUHOOHJDWDUGHFXDQGRODUHDOLGDG\DVHKDHVWDEOHFLGR\DKDRFXSDGR
VX SURSLR OXJDU 3RU OR WDQWR SULPHUR YLHQH OD UHDOLGDG GHVSXpV HO OHQJXDMH (O SDSHO GHO
OHQJXDMHSDUHFLHUDVHUHOGHGDUFXHQWDGHORH[LVWHQWH
(VWD HV XQD LQWHUSUHWDFLyQ PX\ DQWLJXD GHO OHQJXDMH FX\R RULJHQ VH UHPRQWD D ORV DQWLJXRV
JULHJRV(VWDQYLHMDTXH QRUPDOPHQWHROYLGDPRVTXHVHWUDWDGHXQDLQWHUSUHWDFLyQ$~QPiV
OOHJDPRVLQFOXVRDSHQVDUTXHHVWDLQWHUSUHWDFLyQHVHQYHUGDGXQDGHVFULSFLyQGHORTXHHVHO
OHQJXDMH\SRUORWDQWRXQDILHOUHSUHVHQWDFLyQGHVXSURSLDUHDOLGDG

(VWDLQWHUSUHWDFLyQWDQODUJDPHQWHVRVWHQLGDKDVLGRVHULDPHQWHFXHVWLRQDGDGHVGHODVHJXQGD
PLWDG GHO SUHVHQWH VLJOR FRQ OD DSDULFLyQ GH XQD UDPD GH OD ILORVRItD OODPDGD OD ILORVRItD GHO
OHQJXDMH \ PX\ SDUWLFXODUPHQWH D SDUWLU GH ODV FRQWULEXFLRQHV WDUGtDV GHO ILOyVRIR DXVWULDFR
/XGZLJ:LWWJHQVWHLQ

/D ILORVRItD GHO OHQJXDMH SURQWR SODQWHy TXH FXDQGR KDEODPRV QR VRODPHQWH GHVFULELPRV XQD
UHDOLGDGH[LVWHQWHWDPELpQDFWXDPRV(OOHQJXDMHVHVRVWXYRHVDFFLyQ7RPHPRVXQHMHPSOR
FXDQGR GHFLPRV D DOJXLHQ 7H IHOLFLWR QR HVWDPRV GHVFULELHQGR XQD IHOLFLWDFLyQ HVWDPRV
UHDOPHQWHKDFLpQGROD(VWDPRVUHDOPHQWHHMHFXWDQGRHODFWRGHIHOLFLWDU(OILOyVRIREULWiQLFR-/
$XVWLQ IXH HO SULPHUR HQ GHVWDFDU HVWD FXDOLGDG DFWLYD GHO OHQJXDMH R HPSOHDQGR VXV SURSLDV
SDODEUDV OD QDWXUDOH]D HMHFXWDQWH
SHUIRUPDWLYH
 GHO OHQJXDMH 6H GLR FXHQWD GH TXH DXQ
FXDQGRGHVFULELPRVHVWDPRVKDFLHQGRXQDGHVFULSFLyQ\SRUORWDQWRHVWDPRVDFWXDQGR
2WURDYDQFHLPSRUWDQWHORSURGXMRHOILOyVRIRQRUWHDPHULFDQR-RKQ56HDUOHTXLHQSURSXVR GH
XQD IRUPD TXH QRV UHFXHUGD ODV LQGDJDFLRQHV GH ORV DQWLJXRV VRILVWDV JULHJRV \ PX\
SDUWLFXODUPHQWH GH *RUJLDV OR TXH OODPy XQD WD[RQRPtD GH ORV DFWRV GH KDEOD 6HJ~Q 6HDUOH
FXDQGRKDEODPRVHMHFXWDPRVXQQ~PHURUHVWULQJLGR\HVSHFtILFRGH DFFLRQHV(VWDVDFFLRQHVODV
OODPyDFWRVGHKDEOD1RVRWURVORVOODPDUHPRVDFWRVOLQJtVWLFRV\DTXHHVWRVDFWRVSXHGHQ
WDPELpQHMHFXWDUVHHQIRUPDQRYHUEDO

6HDUOH VRVWXYR TXH VLQ LPSRUWDU HO LGLRPD TXH KDEOHPRV VHD pVWH HVSDxRO LQJOpV R FKLQR
VLHPSUHHMHFXWDUHPRVHOPLVPRQ~PHURUHVWULQJLGR\HVSHFtILFRGHDFWRVOLQJtVWLFRV4XL]iVQR
VHSDPRV KDEODU FKLQR SHUR VDEHPRV VHJ~Q 6HDUOH TXH FXDQGR ORV FKLQRV KDEODQ HMHFXWDQ HO
PLVPR WLSR GH DFFLRQHV TXH KDFHQ ORV PH[LFDQRV ORV LQJOHVHV R ORV UXVRV 7RGRV ORV VHUHV
KXPDQRV LQGHSHQGLHQWHPHQWH GHO LGLRPD TXH KDEODPRV DO KDEODU KDFHPRV DILUPDFLRQHV
KDFHPRV GHFODUDFLRQHV KDFHPRV SHWLFLRQHV HWFpWHUD (VWDV DFFLRQHV OLQJtVWLFDV VRQ
XQLYHUVDOHV/DVHQFRQWUDUHPRVHQWRGRVORVLGLRPDVVHDFXDOVHDHOOHQJXDMHHVSHFtILFRTXHVH
KDEOH /D SURSRVLFLyQ GH 6HDUOH UHYLVWH OD PD\RU LPSRUWDQFLD $KRUD SRGHPRV REVHUYDU HO
OHQJXDMH\GLVWLQJXLUODVGLIHUHQWHVDFFLRQHVTXHHMHFXWDPRVFXDQGRQRVFRPXQLFDPRV

*UDFLDV D HVWDV FRQWULEXFLRQHV  \ D RWUDV TXH QR HV GHO FDVR WUDWDU DTXt XQD LQWHUSUHWDFLyQ
JHQHUDWLYD \ DFWLYD GHO OHQJXDMH KD SURJUHVLYDPHQWH VXVWLWXLGR QXHVWUD YLHMD LQWHUSUHWDFLyQ
SDVLYDGHOOHQJXDMHTXHORUHVWULQJtDDVXFDUiFWHUGHVFULSWLYR
LOS ACTOS LINGUISTICOS
/D SUHVHQWDFLyQ GH ORV GLIHUHQWHV DFWRV OLQJtVWLFRV TXH KDUHPRV D FRQWLQXDFLyQ
VLPXOWiQHDPHQWHVHDSR\DDODYH]TXHVHDSDUWDGHODSURSXHVWDUHDOL]DGDSRU-RKQ56HDUOH
,QVLVWLPRVSRUORWDQWRHQDGYHUWLUTXHHOWUDWDPLHQWRTXHKDUHPRVGHORVDFWRVOLQJtVWLFRVQR
FRUUHVSRQGHDDTXpOKHFKRSRUHOILOyVRIRQRUWHDPHULFDQRVLQRTXHUHSUHVHQWDXQDHODERUDFLyQ
HIHFWXDGDDSDUWLUGHVXSURSXHVWD
$),50$&,21(6<'(&/$5$&,21(6

$O REVHUYDU HO KDEOD FRPR DFFLyQ HV PiV FRPR XQD DFFLyQ TXH VLHPSUH HVWDEOHFH XQ YtQFXOR
HQWUH OD SDODEUD SRU XQ ODGR \ HO PXQGR SRU HO RWUR FDEH SUHJXQWDUVH OR VLJXLHQWH FXDQGR
KDEODPRVTXpWLHQHSULPDFtD"(OPXQGRRODSDODEUD"(QRWUDVSDODEUDVFXiOGHORVGRV OD
SDODEUD R HO PXQGR FRQGXFH OD DFFLyQ" &XiO SRGUtDPRV GHFLU TXH PDQGD" (VWDV SUHJXQWDV
WLHQHQ HO PpULWR GH OOHYDUQRV D HVWDEOHFHU XQD LPSRUWDQWH GLVWLQFLyQ D YHFHV DO KDEODU OD
SDODEUDGHEHDGHFXDUVHDOPXQGRPLHQWUDVTXHRWUDVYHFHVHOPXQGRVHDGHFXDDODSDODEUD
&XDQGR VH WUDWH GHO SULPHU FDVR FXDQGR SRGDPRV VRVWHQHU TXH OD SDODEUD GHEH DGHFXDUVH DO
PXQGR \ TXH SRU OR WDQWR HO PXQGR HV HO TXH FRQGXFH D OD SDODEUD KDEODUHPRV GH
afirmaciones &XDQGR VXFHGD OR FRQWUDULR FXDQGR SRGHPRV VHxDODU TXH OD SDODEUD PRGLILFD DO
PXQGR \ TXH SRU OR WDQWR HO PXQGR UHTXLHUH DGHFXDUVH D OR GLFKR KDEODUHPRV GH
declaraciones/RLPSRUWDQWHGHHVWDGLVWLQFLyQHVTXHQRVSHUPLWHVHSDUDUGRVWLSRVGHDFFLRQHV
GLIHUHQWHV TXH WLHQHQ OXJDU DO KDEODU GRV DFWRV OLQJtVWLFRV GLVWLQWRV +DELHQGR HIHFWXDGR OD
GLVWLQFLyQH[DPLQHPRVDFRQWLQXDFLyQFDGDXQRGHVXVWpUPLQRVSRUVHSDUDGR
$ $),50$&,21(6

/DV DILUPDFLRQHV FRUUHVSRQGHQ DO WLSR GH DFWR OLQJtVWLFR TXH QRUPDOPHQWH OODPDPRV
GHVFULSFLRQHV (Q HIHFWR HOODV SDUHFHQ GHVFULSFLRQHV 6H WUDWD VLQ HPEDUJR GH SURSRVLFLRQHV
DFHUFDGHQXHVWUDVREVHUYDFLRQHV&UHHPRVLPSRUWDQWHKDFHUHVWDDFODUDFLyQ

7HQHPRV HO FXLGDGR GH QR GHFLU TXH ODV DILUPDFLRQHV GHVFULEHQ ODV FRVDV FRPR VRQ \D TXH
FRPRKHPRVSRVWXODGRQXQFDVDEHPRVFyPRHOODVVRQUHDOPHQWH6DEHPRVVRODPHQWHFyPRODV
REVHUYDPRV < GDGR TXH ORV VHUHV KXPDQRV FRPSDUWHQ SRU XQ ODGR XQD HVWUXFWXUD ELROyJLFD
FRP~Q \ SRU HO RWUR OD WUDGLFLyQ GH GLVWLQFLRQHV GH VX FRPXQLGDG OHV HV SRVLEOH FRPSDUWLU OR
TXHREVHUYDQ

&XDQGR QXHVWUD HVWUXFWXUD ELROyJLFD HV GLIHUHQWH FRPR VXFHGH SRU HMHPSORFRQORV GDOWyQLFRV
QR SRGHPRV KDFHU ODV PLVPDV REVHUYDFLRQHV /R TXH HV URMR SDUD XQR SXHGH VHU YHUGH SDUD
RWUR 4XLpQ WLHQH OD UD]yQ" 4XLpQ HVWi HTXLYRFDGR" 4XLpQ HVWi PiV FHUFD GH OD UHDOLGDG"
(VWDVSUHJXQWDVQRWLHQHQUHVSXHVWD6yORSRGHPRVGHFLUTXHHVWRVLQGLYLGXRVWLHQHQHVWUXFWXUDV
ELROyJLFDV GLIHUHQWHV (O URMR \ HO YHUGH VyOR WLHQHQ VHQWLGR GHVGH HO SXQWR GH YLVWD GH QXHVWUD
FDSDFLGDGVHQVRULDOFRPRHVSHFLHSDUDGLVWLQJXLUFRORUHV/DVGLVWLQFLRQHVHQWUHHOURMR\HOYHUGH
VyOR QRV KDEODQ GH QXHVWUD FDSDFLGDG GH UHDFFLyQ DQWH HO PHGLR H[WHUQR QR QRV KDEODQ GH OD
UHDOLGDGH[WHUQDPLVPD
/RVVHUHVKXPDQRVREVHUYDPRVVHJ~QODVGLVWLQFLRQHVTXHSRVHDPRV6LQODGLVWLQFLyQPHVDQR
SXHGRREVHUYDUXQDPHVD3XHGRYHUGLIHUHQFLDVHQFRORUIRUPDWH[WXUDHWFpWHUDSHURQRXQD
PHVD /RV HVTXLPDOHV SXHGHQ REVHUYDU PiV GLVWLQFLRQHV GH EODQFR TXH QRVRWURV /D GLIHUHQFLD
TXHWHQHPRVFRQHOORVQRHVELROyJLFD1XHVWUDVWUDGLFLRQHVGHGLVWLQFLRQHVVRQGLIHUHQWHV3RUOR
WDQWR OD SUHJXQWD &XiQWRV WRQRV GH EODQFR KD\ UHDOPHQWH DOOt" VyOR WLHQH VHQWLGR HQ HO
FRQWH[WRGHXQDGHWHUPLQDGDWUDGLFLyQGHGLVWLQFLRQHV

'H PDQHUD VLPLODU QR SRGHPRV KDEODU GH PDUWHV 0DGULG \ VRO VLQ ODV GLVWLQFLRQHV PDUWHV
0DGULG \ VRO $OJXLHQ TXH QR WHQJD HVWDV GLVWLQFLRQHV QR SXHGH DILUPDU +L]R VRO HO PDUWHV

SDVDGR HQ 0DGULG 4XLpQ WLHQH UD]yQ" 4XLpQ HVWi HTXLYRFDGR" 4XLpQ HVWiPiVFHUFDGHOD
UHDOLGDG" /D SHUVRQD TXH WLHQH ODV GLVWLQFLRQHV" 2 OD SHUVRQD TXH QR ODV WLHQH" (VWDV
SUHJXQWDV VyOR WLHQHQ VHQWLGR SDUD ODV SHUVRQDV TXH FRPSDUWHQ HO PLVPR FRQMXQWR GH
GLVWLQFLRQHV'HVGHHVWHSXQWRGHYLVWDHVYiOLGRGHFLUTXHYLYLPRVHQXQPXQGROLQJtVWLFR/DV
DILUPDFLRQHVVHKDFHQVLHPSUHGHQWURGHXQHVSDFLRGHGLVWLQFLRQHV\DHVWDEOHFLGR
&RPR ORV VHUHV KXPDQRV SRGHPRV FRPSDUWLU OR TXH REVHUYDPRV VXSRQHPRV TXH pVWD HV OD
IRUPDFRPRVRQUHDOPHQWHODVFRVDV3HQVDPRVTXHVLORTXH\RREVHUYRSDUHFLHUDVHUORPLVPR
TXHREVHUYDPLYHFLQRWHQGUiTXHVHUTXHODVFRVDVVRQFRPRDPERVODVREVHUYDPRV3HURHVWD
FRQFOXVLyQ HV REYLDPHQWH GLVFXWLEOH $XQTXH PL YHFLQR \ \R FRPSDUWDPRV ODV PLVPDV
REVHUYDFLRQHV QR SRGHPRV GHFLU TXH REVHUYDPRV ODV FRVDV FRPR UHDOPHQWH VRQ 6RODPHQWH
SRGHPRVFRQFOXLUTXHFRPSDUWLPRVODVPLVPDVREVHUYDFLRQHVTXHREVHUYDPRVORPLVPR1DGD
PiV /D ~QLFD GHVFULSFLyQ TXH KDFHPRV HV OD GH QXHVWUD REVHUYDFLyQ QR OD GHVFULSFLyQ GH OD
UHDOLGDG
6LQ HPEDUJR EDViQGRVH HQ HVWD FDSDFLGDG FRP~Q GH REVHUYDFLyQ ORV VHUHV KXPDQRV SXHGHQ
GLVWLQJXLU HQWUH DILUPDFLRQHV YHUGDGHUDV R IDOVDV (VWD HV XQD GH ODV GLVWLQFLRQHV PiV
LPSRUWDQWHVTXHSRGHPRVGHGXFLUFXDQGRWUDWDPRVFRQDILUPDFLRQHV

(V QHFHVDULR DGYHUWLU VLQ HPEDUJR TXH OD GLVWLQFLyQ HQWUH OR YHUGDGHUR \ OR IDOVR VyOR WLHQH
VHQWLGR DO LQWHULRU GH XQ GHWHUPLQDGR HVSDFLR GH GLVWLQFLRQHV \ SRU OR WDQWR VyOR EDMR
FRQGLFLRQHVVRFLDOHVHKLVWyULFDVGHWHUPLQDGDV(OODQRDOXGHDOD9HUGDG FRQPD\~VFXOD HQ
FXDQWR DSUHKHQVLyQ GHO VHU GH ODV FRVDV /D GLVWLQFLyQ HQWUH OR YHUGDGHUR \ OR IDOVR HV XQD
FRQYHQFLyQVRFLDOTXHKDFHSRVLEOHODFRH[LVWHQFLDHQFRPXQLGDG

8QDDILUPDFLyQYHUGDGHUDHVXQDSURSRVLFLyQSDUDODFXDOSRGHPRVSURSRUFLRQDUXQWHVWLJR8Q
WHVWLJRHVXQPLHPEURFXDOTXLHUDGHQXHVWUDFRPXQLGDG FRQTXLHQHVFRPSDUWLPRVODVPLVPDV
GLVWLQFLRQHV  TXH SRU HVWDU HQ HO PLVPR OXJDU HQ HVH PRPHQWR SXHGH FRLQFLGLUFRQ QXHVWUDV
REVHUYDFLRQHV $O GHFLU +L]R VRO HO PDUWHV SDVDGR HQ 0DGULG OODPDUHPRV YHUGDGHUD D HVWD
DILUPDFLyQ VL SRGHPRV GHPRVWUDU TXH DOJXLHQ FRQ TXLHQ WHQHPRV GLVWLQFLRQHV FRPXQHV
KDELHQGRHVWDGRDOOtHOPDUWHVSDVDGRFRPSDUWLyORTXHREVHUYDPRV

/DV DILUPDFLRQHV QR VyOR SXHGHQ VHU YHUGDGHUDV SXHGHQ WDPELpQ VHU IDOVDV 8QD DILUPDFLyQ
IDOVDHVXQDSURSRVLFLyQVXMHWDDFRQILUPDFLyQSHURTXHFXDOTXLHUWHVWLJRFXDOTXLHUSHUVRQDTXH
KXELHVHHVWDGRDOOiHQHVDRFDVLyQSRGUtDUHIXWDU(ODFWROLQJtVWLFRGHGHFLU/ORYLyHOPDUWHV
SDVDGRHQ&LXGDGGH0p[LFRHVXQDDILUPDFLyQDSHVDUGHTXHHVWHKHFKRSXHGDVHUUHIXWDGR
SRURWURVTXHKD\DQHVWDGRDOOiHVHGtD6LHVUHIXWDGRYDDVHJXLUVLHQGRXQDDILUPDFLyQSHUR
IDOVD
1R WRGDV ODV DILUPDFLRQHV VLQ HPEDUJR SXHGHQ VHU VHSDUDGDV HQ OD SUiFWLFD HQ YHUGDGHUDV R
IDOVDV $OJXQDV YHFHV QR VH SXHGHQ FRQILUPDU SRU QR H[LVWLUODVFRQGLFLRQHVQHFHVDULDVSDUDVX
FRUURERUDFLyQ

/RVSURQyVWLFRVGHOWLHPSRFRQVWLWX\HQEXHQRVHMHPSORV6LDOJXLHQGLFH9DDOORYHUPDxDQD
KDFHXQDDILUPDFLyQ6HWUDWDGHXQDSURSRVLFLyQTXHHVWiVXMHWDDFRQILUPDFLyQ6LQHPEDUJR
WHQGUHPRVTXHHVSHUDUKDVWDPDxDQDSDUDGHWHUPLQDUVLHVDDILUPDFLyQHVYHUGDGHUDRIDOVD(Q
HOLQWHUWDQWRVXFDOLGDGYDDVHUGHLQGHFLVD3RUUHJODJHQHUDOODVDILUPDFLRQHVDFHUFDGHOIXWXUR
WLHQHQODFDOLGDGGHLQGHFLVDV

&XDQGR KDFHPRV DILUPDFLRQHV DFHUFD GHO SDVDGR SXHGH RFXUULU DOJR VLPLODU 6L GHFLPRV SRU
HMHPSOR 1HYy HQ %DULORFKH HO  GH DEULO GH  pVWD HV XQD DILUPDFLyQ 7HyULFDPHQWH
SXHGHVHUFRUURERUDGD(VPiVVHVLJXHWUDWDQGRGHXQWLSRGHSURSRVLFLyQHQODTXHODSDODEUD
GHEH DGHFXDUVH DO PXQGR \ SRU OR WDQWR VH WUDWD GH XQD DILUPDFLyQ (Q OD SUiFWLFD VLQ
HPEDUJR QR YDPRV D HQFRQWUDU D QDGLH TXH KD\D HVWDGR SUHVHQWH DOOi HQ HVH PRPHQWR \ QR
H[LVWHQ UHJLVWURV FRQ REVHUYDFLRQHV GH WHVWLJRV /D FDOLGDG GH HVWD DILUPDFLyQ VL YHUGDGHUD R
IDOVD WDPELpQSHUPDQHFHUiLQGHFLVD
&DGD YH] TXH HMHFXWDPRV XQ DFWR OLQJtVWLFR DGTXLULPRV XQ FRPSURPLVR \ GHEHPRV DFHSWDU OD
UHVSRQVDELOLGDG VRFLDO GH OR TXH GHFLPRV (O KDEODU QXQFD HV XQ DFWR LQRFHQWH &DGD DFWR

OLQJtVWLFR VH FDUDFWHUL]D SRU LQYROXFUDU FRPSURPLVRV VRFLDOHV GLIHUHQWHV (Q HO FDVR GH ODV
DILUPDFLRQHV HO FRPSURPLVR VRFLDO JXDUGD UHODFLyQ FRQ OD QHFHVLGDG GH HVWDEOHFHU GH PDQHUD
HIHFWLYDTXHODSDODEUDFXPSOHFRQODH[LJHQFLDGHDGHFXDUVHDODVREVHUYDFLRQHVTXHKDFHUQRV
VREUHHOHVWDGRGHPXQGR
3RU OR WDQWR FXDQGR DILUPDPRV DOJR QRV FRPSURPHWHUQRV FRQ OD YHUDFLGDG GH QXHVWUDV
DILUPDFLRQHVDQWHODFRPXQLGDGTXHQRVHVFXFKD&RQWUDHPRVXQDUHVSRQVDELOLGDGVRFLDOSRUVX
YHUDFLGDG (Q RWUDV SDODEUDV QRV FRPSURPHWHPRV D OD SRVLELOLGDG GH SURSRUFLRQDU XQ WHVWLJR
TXH FRUURERUH QXHVWUDV REVHUYDFLRQHV R HQ VX GHIHFWR GH FXPSOLU FRQ FXDOTXLHU RWUR
SURFHGLPLHQWRTXHHQODFRPXQLGDGDODTXHSHUWHQHFHPRVVHDFHSWHFRPRHYLGHQFLD

&XDQGRKDFHPRVDILUPDFLRQHVKDEODPRVGHOHVWDGRGHQXHVWURPXQGR\SRUORWDQWRHVWDPRV
KDEODQGR GH XQ PXQGR \D H[LVWHQWH /DV DILUPDFLRQHV WLHQHQ TXH YHU FRQ OR TXH OODPDPRV
QRUPDOPHQWHHOPXQGRGH ORVKHFKRV
% '(&/$5$&,21(6

0X\ GLIHUHQWH GH ODV DILUPDFLRQHV HV DTXHO RWUR WLSR GH DFWR OLQJtVWLFR OODPDGR GHFODUDFLyQ
&XDQGR KDFHPRV GHFODUDFLRQHV QR KDEODPRV DFHUFD GHO PXQGR JHQHUDPRV XQ QXHYR PXQGR
SDUD QRVRWURV /D SDODEUD JHQHUD XQD UHDOLGDG GLIHUHQWH 'HVSXpV GH KDEHUVH GLFKR OR TXH VH
GLMRHOPXQGR\DQRHVHOPLVPRGHDQWHV(VWHIXHWUDQVIRUPDGRSRUHOSRGHUGHODSDODEUD

7RPHPRVXQFOiVLFRHMHPSORKLVWyULFR&XDQGRXQJUXSRGHSHUVRQDVVHUHXQLyHQ)LODGHOILDHQ
MXOLRGH\DVXPLHQGRODUHSUHVHQWDFLyQGHODVFRORQLDVLQJOHVDVHQ1RUWHDPpULFDGLHURQ
D FRQRFHU DO PXQGR XQ WH[WR TXH FRPHQ]DED GLFLHQGR &XDQGR HQ HO FXUVR GH ORV
DFRQWHFLPLHQWRVKXPDQRVOOHJDDVHUQHFHVDULRSDUDXQSXHEORHOGLVROYHUORVYtQFXORVSROtWLFRV
TXHORFRQHFWDUDQFRQRWURHOORVQRHVWDEDQKDEODQGRVREUHORTXHVXFHGtDHQHOPXQGR
HQ HVRV PRPHQWRV (VWDEDQ FUHDQGR XQ QXHYR PXQGR XQ PXQGR TXH QR H[LVWtD DQWHV GH
UHDOL]DUVHOD'HFODUDFLyQGH,QGHSHQGHQFLDGHORV(VWDGRV8QLGRVGH1RUWHDPpULFD

/DVGHFODUDFLRQHVQRVyORVXFHGHQHQPRPHQWRVPX\HVSHFLDOHVGHODKLVWRULD/DVHQFRQWUDPRV
HQWRGDVSDUWHVDORODUJRGHQXHVWUDYLGD&XiQGRHOMXH]GLFH,QRFHQWHFXDQGRHOiUELWUR
GLFH)XHUDFXDQGRHORILFLDOGLFH/RVGHFODURPDULGR\PXMHUFXDQGRGHFLPRVHQQXHVWUD
FDVD(VKRUDGHFHQDUFXDQGRDOJXLHQFUHDXQDQXHYDFRPSDxtDFXDQGRXQMHIHFRQWUDWDR
GHVSLGH D DOJXLHQ FXDQGR XQ SURIHVRU GLFH $SUREDGR FXDQGR XQD PDGUH GLFH D VX QLxR
$KRUDSXHGHVYHUWHOHYLVLyQHQWRGDVHVWDVVLWXDFLRQHVVHHVWiQKDFLHQGRGHFODUDFLRQHV<HQ
WRGRV HVWRV FDVRV HO PXQGR HV GLIHUHQWH GHVSXpV GH OD GHFODUDFLyQ /D DFFLyQ GH KDFHU XQD
GHFODUDFLyQJHQHUDXQDQXHYDUHDOLGDG

(Q FDGD XQR GH HVWRVFDVRVODSDODEUDWUDQVIRUPDDOPXQGR8QDYH]TXHXQDGHFODUDFLyQIXH


KHFKD ODV FRVDV GHMDQ GH VHU FRPR HUDQ DQWHV (Q FDGD XQD GH HVWDV LQVWDQFLDV HO PXQGR VH
UHDUWLFXODHQIXQFLyQGHOSRGHUGHODSDODEUD&DGDXQDGHHOODVHVXQHMHPSORGHODFDSDFLGDG
JHQHUDWLYD GHO OHQJXDMH 6H WUDWD GH VLWXDFLRQHV FRQFUHWDV HQ ODV TXH SRGHPRV UHFRQRFHU ODV
OLPLWDFLRQHV GH QXHVWUD FRQFHSFLyQ WUDGLFLRQDO TXH FRQFLEH DO OHQJXDMH FRPR XQ LQVWUXPHQWR
IXQGDPHQWDOPHQWHSDVLYR

/DVGHFODUDFLRQHVQRVDFHUFDQDORTXpFRP~QPHQWHDVRFLDPRVFRQHOSRGHUGHORVGLRVHV6RQ
OD H[SUHVLyQ PiV FODUD GHO SRGHU GH OD SDODEUD GH TXH DTXHOOR TXH VH GLFH VH WUDQVIRUPD HQ
UHDOLGDGTXHODUHDOLGDGVHWUDQVIRUPDVLJXLHQGRODYROXQWDGGHTXLHQKDEOD1RHVH[WUDxRSRU
OR WDQWR FRQVWDWDU FyPR HQ QXHVWUD WUDGLFLyQ MXGHRFULVWLDQD VHVRVWLHQHTXHHQHOLQLFLRVyOR
H[LVWtDODSDODEUD\TXHIXHSUHFLVDPHQWHODSDODEUDFRPRQRVORUHODWDHO*pQHVLVODTXHFUHD
HOPXQGRDWUDYpVGHVXFHVLYDVGHFODUDFLRQHV+iJDVHODOX]GHFODUy'LRV\ODOX]VHKL]R
/DVGHFODUDFLRQHVQRHVWiQUHODFLRQDGDV FRQQXHVWUDVFDSDFLGDGHVFRPSDUWLGDVGHREVHUYDFLyQ
FRPR DFRQWHFtD FRQ ODV DILUPDFLRQHV (VWiQ UHODFLRQDGDV FRQ HO SRGHU 6yOR JHQHUDPRV XQ
PXQGRGLIHUHQWHDWUDYpVGHQXHVWUDVGHFODUDFLRQHVVLWHQHPRVODFDSDFLGDGGHKDFHUODVFXPSOLU
(VWDFDSDFLGDGSXHGHSURYHQLUGHODIXHU]DRKDEHUQRVVLGRRWRUJDGDFRPRDXWRULGDG/DIXHU]D
QRV REOLJD D LQFOLQDUQRV DQWH XQD GHFODUDFLyQ \ DFDWDUOD SRUTXH TXHUHPRV HYLWDU HO ULHVJR GH

GHVLQWHJUDFLyQ/DDXWRULGDGHVHOSRGHUTXHQRVRWURVRODFRPXQLGDGRWRUJDDFLHUWDVSHUVRQDV
SDUDKDFHUGHFODUDFLRQHVYiOLGDV$PEDVODIXHU]D\ODDXWRULGDGVRQH[SUHVLRQHVGHSRGHU

9ROYDPRV D QXHVWUR SULPHU HMHPSOR OD 'HFODUDFLyQ GH ,QGHSHQGHQFLD GH ORV (VWDGRV 8QLGRV
&XDQGR ORV LQJOHVHV VXSLHURQ GH HOOD HYLGHQWHPHQWH QR OD DFHSWDURQ GH LQPHGLDWR 3DUD HOORV
pVD QR HUD XQD GHFODUDFLyQ YiOLGD VLQR XQ DFWR GH DUURJDQFLD GH DOJXQRV GH ORV V~EGLWRV GH OD
&RURQD<DVtVHORVKL]RVDEHUHOUH\-RUJH6LQHPEDUJRFRPRODKLVWRULDKDGHPRVWUDGR
ORVLQJOHVHVQRWXYLHURQVXILFLHQWHSRGHUSDUDRSRQHUVHDHVDGHFODUDFLyQ\DOILQDOWXYLHURQTXH
DFHSWDUOD (VWD GHFODUDFLyQ WXYR YLJHQFLD SRUTXH DTXHOORV TXH OD KLFLHURQ WXYLHURQ HO SRGHU GH
DVHJXUDUVXFXPSOLPLHQWR\YDOLGH]
(OFDVRGHXQRILFLDOTXHFHOHEUDXQPDWULPRQLRHVGLIHUHQWH(QHVWHFDVRKHPRVRWRUJDGRDXQ
IXQFLRQDULR OD DXWRULGDGSDUDKDFHUODGHFODUDFLyQ6LDOJXLHQVLQDXWRULGDGGLMHUD/RVGHFODUR
PDULGR \ PXMHU QR WRPDUtDPRV HQ VHULR OR TXH HVD SHUVRQD GLFH (O PXQGR QR FDPELDUtD
GHVSXpVGHHVDGHFODUDFLyQ6LQHPEDUJRHOPXQGRQRSHUPDQHFHHOPLVPRGHDQWHV QRSDUD
ODSDUHMDTXHVHHVWiFDVDQGRQLSDUDODFRPXQLGDGHQODFXDOVHHIHFW~DHOPDWULPRQLR FXDQGR
ODGHFODUDFLyQHVKHFKDSRUXQRILFLDOLQYHVWLGRGHODDXWRULGDGSDUDKDFHUOD
/DVGHFODUDFLRQHVQRVRQYHUGDGHUDVRIDOVDVFRPRORHUDQODVDILUPDFLRQHV(OODVVRQYiOLGDVR
LQYiOLGDVVHJ~QHOSRGHUGHODSHUVRQDTXHODVKDFH(VWDHVXQDGLVWLQFLyQIXQGDPHQWDOFXDQGR
QRVRFXSDPRVGHODVGHFODUDFLRQHV

8QD GHFODUDFLyQ LPSOLFD XQD FODVH GLIHUHQWH GH FRPSURPLVR GHO GH ODV DILUPDFLRQHV &XDQGR
GHFODUDPRV DOJR QRV FRPSURPHWHPRV D FRPSRUWDUQRV FRQVLVWHQWHPHQWH FRQ OD QXHYD UHDOLGDG
TXHKHPRVGHFODUDGR(ORILFLDOTXHFHOHEUyODFHUHPRQLDSRUHMHPSORQRSXHGHGHFLUPiVWDUGH
TXH UHDOPHQWH QR TXHUtD GHFLU OR TXH GHFODUy VLQ VXIULU ODV FRQVHFXHQFLDV GH XQ DFWXDU
LQFRQVLVWHQWH
&XiQGR KDFHPRV XQD GHFODUDFLyQ WDPELpQ QRV FRPSURPHWHPRV SRU OD YDOLGH] GH QXHVWUD
GHFODUDFLyQ (VWR VLJQLILFD TXH VRVWHQHPRV WHQHU OD DXWRULGDG SDUD KDFHU WDO GHFODUDFLyQ \ TXH
HOOD IXH KHFKD GH DFXHUGR D QRUPDV VRFLDOPHQWH DFHSWDGDV /D DXWRULGDG HVWi JHQHUDOPHQWH
OLPLWDGDDQRUPDVVRFLDOHVHVSHFtILFDV/DSHUVRQDDTXLHQVHOHRWRUJyDXWRULGDGSDUDKDFHUXQD
GHWHUPLQDGDGHFODUDFLyQGHEHFRP~QPHQWHFXPSOLUFRQFLHUWRVUHTXLVLWRVSDUDSRGHU KDFHUOD
8Q MXUDGR SRU HMHPSOR WLHQH OD DXWRULGDG SDUD GHFODUDU XQ YHUHGLFWR GH LQRFHQFLD SHUR SDUD
KDFHUORGHEHFXPSOLUFRQQRUPDVVRFLDOHVFODUDPHQWHHVWDEOHFLGDV
& $/*81$6'(&/$5$&,21(6)81'$0(17$/(6(1/$9,'$

+HPRVGLFKRTXHSDUDKDFHUGHWHUPLQDGDVGHFODUDFLRQHVHVQHFHVDULRWHQHUODGHELGDDXWRULGDG
6LQTXHWDODXWRULGDGKD\DVLGRFRQFHGLGDHVWDVGHFODUDFLRQHVQRWLHQHQYDOLGH]\SRUORWDQWR
QRWLHQHQWDPSRFRHILFDFLD6LQHPEDUJRKD\XQYDVWRUDQJRGHGHFODUDFLRQHVTXHQRUHTXLHUHQ
GH XQD FRQFHVLyQ VRFLDO GH DXWRULGDG VLQR TXH HVWiQ DVRFLDGDV D OD SURSLD GLJQLGDG GH OD
SHUVRQDKXPDQD

$Vt FRPR HO GLJQDWDULR SRU RFXSDU XQD SRVLFLyQ GH DXWRULGDG WLHQH HO SRGHU SDUD HIHFWXDU
GHWHUPLQDGDVGHFODUDFLRQHVTXHODVRFLHGDGUHVHUYDVyORSDUDDOJXQRVGHODPLVPDIRUPDWRGD
SHUVRQDKXPDQDWLHQHHOSRGHUGHHIHFWXDUGHWHUPLQDGDVGHFODUDFLRQHVHQHOiPELWRGHODSURSLD
YLGDSHUVRQDO\HQFXDQWRHMHU]DWDOSRGHUDVLHQWDVXGLJQLGDGFRPRSHUVRQD8QDVRFLHGDGGH
KRPEUHV \ PXMHUHV OLEUHV HV SUHFLVDPHQWH DTXHOOD VRFLHGDG TXH UHFRQRFH \ VDQFLRQD
VRFLDOPHQWH ORV GHUHFKRV TXH JXDUGDQ UHODFLyQ FRQ OD GLJQLGDG GH OD SHUVRQD KXPDQD (OOR VH
UHODFLRQDGLUHFWDPHQWHFRQHOUHFRQRFLPLHQWRGHTXHHOLQGLYLGXRSRUHOVLPSOHKHFKRGHVHUOR
WLHQHDXWRULGDGSDUDHIHFWXDUGHWHUPLQDGDVGHFODUDFLRQHV
$FRQWLQXDFLyQYDPRVDUHIHULUQRVDXQFRQMXQWRGHGHFODUDFLRQHVTXHSHUWHQHFHQDHVWHiPELWR
GH DXWRULGDG SHUVRQDO 1RV UHVWULQJLUHPRV VyOR D VHLV FRQVFLHQWHV GH TXH SRGUtDPRV DxDGLU
YDULDVPiV

/$'(&/$5$&,1'(/12

(O GHFLU 1R HV XQD GH ODV GHFODUDFLRQHV PiV LPSRUWDQWHV TXH XQ LQGLYLGXR SXHGH KDFHU $
WUDYpVGHHOODDVLHQWDWDQWRVXDXWRQRPtDFRPRVXOHJLWLPLGDGFRPRSHUVRQD\SRUORWDQWRHV
OD GHFODUDFLyQ HQ OD TXH HQ PD\RU JUDGR FRPSURPHWHPRV QXHVWUD GLJQLGDG (Q FXDQWR
LQGLYLGXRV WHQHPRV SRGHPRV DUURJDUQRV HO GHUHFKR GH QR DFHSWDU HO HVWDGR GH FRVDV TXH
HQIUHQWDPRV \ ODV GHPDQGDV TXH RWURV SXHGDQ KDFHUQRV (VWH HV XQ GHUHFKR LQDOLHQDEOH TXH
QDGLHSXHGHDUUHEDWDUQRV(QPXFKDVRFDVLRQHVVLQHPEDUJRHOSUHFLRGHGHFLUTXHQRHVDOWR
\ GHSHQGH QXHYDPHQWH GH FDGD XQR SDJDUOR R QR 3HUR DXQTXH HO SUHFLR VHD DOWR FRPR
LQGLYLGXRV SRGHPRV VHJXLU HMHUFLHQGR QXHVWUR SRGHU GH GHFLU TXH QR 0XFKRV GH QXHVWURV
KpURHV PXFKRV GH QXHVWURV VDQWRV VRQ SHUVRQDV D ODV TXH DGPLUDPRV SRUTXH HVWXYLHURQ
GLVSXHVWRVDSDJDUFRQVXVYLGDVHOHMHUFLFLRGHHVWHGHUHFKR
([LVWHQ GRV LPSRUWDQWHV LQVWLWXFLRQHV VRFLDOHV TXH GHVFDQVDQ HQ HO UHFRQRFLPLHQWR VRFLDO GHO
GHUHFKR GH ORV LQGLYLGXRV D GHFLU TXH QR OD GHPRFUDFLD \ HO PHUFDGR $PEDV GHVFDQVD HQ HO
GHUHFKR GHO LQGLYLGXR D HVFRJHU \ WRGR GHUHFKR D GHFLU TXH QR 2EYLDPHQWH QR VHWUDWDGHODV
~QLFDV LQVWLWXFLRQHV VRFLDOHV HQ ODV TXH HVWH GHUHFKR VH PDQLILHVWD QL VH WUDWD WDPSRFR GH
VRVWHQHU TXH QR SRGDPRV UHFRQRFHUOHV OLPLWDFLRQHV 3HUR DQDOL]DU HVWRV QRV VDFDUtD GHO WHPD
TXHHVWDPRVWUDWDQGR
0iVDOOiGHKpURHV\VDQWRVGHODGHPRFUDFLD\HOPHUFDGRTXHUHPRVGHVWDFDUODLPSRUWDQFLD
GH OD GHFODUDFLyQ 1R HQ OD YLGD FRWLGLDQD GH FDGD SHUVRQD &DGD YH] TXH FRQVLGHUHPRV TXH
GHEHPRV GHFLU 1R \ QR OR GLJDPRV YHUHPRV QXHVWUD GLJQLGDG FRPSURPHWLGD &DGD YH] TXH
GLJDPRV1R\HOORVHDSDVDGRSRUDOWRFRQVLGHUDUHPRVTXHQRIXLPRVUHVSHWDGRV(VWDHVXQD
GHFODUDFLyQ TXH GHILQH HO UHVSHWR TXH QRV WHQHPRV D QRVRWURV PLVPRV \ TXHQRV WHQGUiQ ORV
GHPiV(VXQDGHFODUDFLyQTXHMXHJDXQSDSHOGHFLVLYRHQHOGDUIRUPDDQXHVWUDVUHODFLRQHVGH
SDUHMD GH DPLVWDG GH WUDEDMR D OD UHODFLyQ FRQ QXHVWURV KLMRV HWF 'H DFXHUGR D FyPR
HMHUFLWHPRVHOGHUHFKRDODGHFODUDFLyQGH1RGHILQLPRVXQDXRWUDIRUPDGHVHUHQODYLGD(V
PiVGHILQLPRVWDPELpQXQDXRWUDIRUPDGHYLGD

/D GHFODUDFLyQ GH 1R SXHGH DGTXLULU IRUPDV GLVWLQWDV 1R VLHPSUH HOOD VH PDQLILHVWD GLFLHQGR
1R$YHFHVSRUHMHPSORODUHFRQRFHPRVFXDQGRDOJXLHQGLFH%DVWDFRQORFXDOGHFODUDOD
GLVSRVLFLyQDQRDFHSWDUORTXHVHKDDFHSWDGRKDVWDHQWRQFHV(OODVHUHILHUHSRUORWDQWRDXQ
SURFHVR HQ HO TXH KHPRV SDUWLFLSDGR \ DO TXH UHVROYHPRV SRQHUOH WpUPLQR 7DPELpQ
UHFRQRFHPRVHO1RFXDQGRDOJXLHQGLFH(VWRQRHVDFHSWDEOHSDUDPt\DOKDFHUOROHILMDDO
RWURXQOtPLWHFRQUHVSHFWRDORTXHHVWDPRVGLVSXHVWRVDSHUPLWLUOH
/$'(&/$5$&,1'($&(37$&,1(/6

(O 6t SDUHFLHUD QR VHU WDQ SRGHURVR FRPR HO 1R 'HVSXpV GH WRGR OD YLGD HV XQ HVSDFLR
DELHUWRDO6t(VFRPRGLUtDQORVHVSHFLDOLVWDVHQFRPSXWDFLyQODGHFODUDFLyQTXHRSHUDSRU
RPLVLyQ E\GHIDXOW 0LHQWUDVQRGHFLPRVTXH1RQRUPDOPHQWHVHDVXPHTXHHVWDPRVHQ
HO6t
6LQHPEDUJRKD\XQDVSHFWRH[WUHPDGDPHQWHLPSRUWDQWHFRQUHVSHFWRDO 6tTXHYDOHODSHQD
GHVWDFDU 6H UHILHUH DO FRPSURPLVR TXH DVXPLPRV FXDQGR KHPRV GLFKR 6t R VX HTXLYDOHQWH
$FHSWR &XDQGR HOOR VXFHGH SRQHPRV HQ MXHJR HO YDORU \ UHVSHWR GH QXHVWUD SDODEUD 'DGR
TXHVRVWHQHPRVTXHVRPRVVHUHVOLQJtVWLFRVVHUHVTXH YLYLPRVHQHOOHQJXDMHVHFRPSUHQGHUi
ODLPSRUWDQFLDTXHDWULEXLPRVDOYDORUTXHRWRUJXHPRVDQXHVWURV6t3RFDVFRVDVDIHFWDQPiV
VHULDPHQWHODLGHQWLGDGGHXQDSHUVRQDTXHHOGHFLU6t\HOQRDFWXDUFRKHUHQWHPHQWHFRQWDO
GHFODUDFLyQ 8Q iUHD HQ OD TXH HVWR HV GHFLVLYR HV HO WHUUHQR GH ODV SURPHVDV 6REUH HOOR
KDEODUHPRVPiVDGHODQWH
/$'(&/$5$&,1'(,*125$1&,$

3DUHFLHUD TXH GHFLU 1R Vp IXHVH XQD GHFODUDFLyQ VLQ PD\RU WUDVFHQGHQFLD $OJXLHQ SRGUtD
LQFOXVR DUJXPHQWDU TXH QR VH WUDWD GH XQD GHFODUDFLyQ VLQR GH XQD DILUPDFLyQ \ HQ DOJXQRV
FDVRV HIHFWLYDPHQWH SXHGH VHU FRQVLGHUDGD FRPR WDO FXDQGR SRU HMHPSOR OD FRPXQLGDG 
FXDOTXLHUD TXH HOOD VHD HVWDEOHFH FRQVHQVXDOPHQWH FULWHULRV TXHGHILQHQFRQFODULGDGSDUDVXV

PLHPEURV TXLpQ VDEH \ TXLpQ QR VDEH  (OOR VLQ HPEDUJR QR VLHPSUH DFRQWHFH \ HV PiV HQ
PXFKDVRFDVLRQHVWDPSRFRHVSRVLEOHDOFDQ]DUHVHFRQVHQVR

/D H[SHULHQFLD QRV PXHVWUD FXiQWDV YHFHV VROHPRV RSHUDU SUHVXPLHQGR TXH VDEHPRV SDUD
OXHJR GHVFXEULU FXiQ LJQRUDQWHV UHDOPHQWH pUDPRV 8QR GH ORV SUREOHPDV FUXFLDOHV GHO
DSUHQGL]DMH HV TXH PX\ IUHFXHQWHPHQWH no sabemos que no sabemos < FXDQGR HOOR VXFHGH
VLPSOHPHQWH FHUUDPRV OD SRVLELOLGDG GHO DSUHQGL]DMH \ DERUGDPRV XQ WHUUHQR SOHQR GH
SRVLELOLGDGHV GH DSUHQGHU FRVDV QXHYDV FRPR VL IXHUD XQ WHUUHQR \D FRQRFLGR &XDOTXLHU FRVD
QXHYD TXH VH QRV GLFH TXHGD SRU OR WDQWR DWUDSDGD HQ OR \D FRQRFLGR R HQ OD GHVFDOLILFDFLyQ
SUHPDWXUD&XDQWDVYHFHVQRVKHPRVYLVWRH[FODPDQGR6REUHHVWR\RVpR(VWRHVHOYLHMR
FXHQWR GH   SDUD OXHJR PXFKR PiV WDUGH FRPSUREDU TXH HVFXFKiEDPRV SUHVXPLHQGR TXH
VREUHDTXHOORVDEtDPRV\GHVFXEULUTXHQRVKDEtDPRVFHUUDGRDXQDSRVLELOLGDGGHDSUHQGL]DMH
<KD\TXLHQHVSRGUiQPRULUVLQTXHORJUHPRVFRQYHQFHUORVGHTXHQRVDEHQ
'HFODUDU1RVpHVHOSULPHUHVODEyQGHOSURFHVRGHDSUHQGL]DMH,PSOLFDDFFHGHUDTXHOXPEUDO
HQHOTXHDOPHQRVVpTXHQRVp\SRUORWDQWRPHDEURDODSUHQGL]DMH+DELHQGRKHFKRHVD
SULPHUDGHFODUDFLyQSXHGRDKRUDGHFODUDU$SUHQGHUp\HQFRQVHFXHQFLDFUHDUXQHVSDFLRHQ
HO TXH PH VHUi SRVLEOH H[SDQGLU PLV SRVLELOLGDGHV GH DFFLyQ HQ OD YLGD 1XHVWUD FDSDFLGDG GH
DEULUQRVWHPSUDQDPHQWHDODSUHQGL]DMHDWUDYpVGHODGHFODUDFLyQ1RVpUHSUHVHQWDXQDGH
ODVIXHU]DVPRWULFHVPiVSRGHURVDVHQHOSURFHVRGHWUDQVIRUPDFLyQSHUVRQDO\GHFUHDFLyQGH
TXLHQHVVRPRV
/$'(&/$5$&,1'(*5$7,78'

&XDQGR QLxRV QRV HQVHxDQ D GHFLU *UDFLDV \ D PHQXGR PLUDPRV D HVD HQVHxDQ]D FRPR XQ
KiELWRGHEXHQDHGXFDFLyQXQDIRUPDOLGDGTXHIDFLOLWDODFRQYLYHQFLDFRQORVGHPiV1RVLHPSUH
UHFRQRFHPRV WRGR OR TXH FRQWLHQH HVD SHTXHxD GHFODUDFLyQ 3RU VXSXHVWR SRGHPRV GHFLU
*UDFLDV VLQ TXH HOOR VLJQLILTXH GHPDVLDGR DXQTXH LQVLVWLPRV GHFLUOR QR HV QXQFD
LQVLJQLILFDQWH 3HUR SRGHPRV PLUDU OD GHFODUDFLyQ GH *UDFLDV FRPR XQD RSRUWXQLGDG GH
FHOHEUDFLyQGHWRGRORTXHODYLGDQRVKDSURYHtGR\GHUHFRQRFLPLHQWRDORVGHPiVSRUORTXH
KDFHQSRUQRVRWURV\ORTXHVLJQLILFDQHQQXHVWUDVYLGDV
(Q HVWH FRQWH[WR QR SRGHPRV GHMDU GH UHFRQRFHU HO SRGHU JHQHUDWLYR GH OD DFFLyQ TXH
HMHFXWDPRVDOGHFLU*UDFLDV&XDQGRDOJXLHQFXPSOHDSOHQDVDWLVIDFFLyQFRQDTXHOORDTXHVH
KDFRPSURPHWLGRFRQQRVRWURV\OHGHFLPRV*UDFLDVFRQHOORQRHVWDPRVVyORUHJLVWUDQGRWDO
FXPSOLPLHQWR HVWDPRV WDPELpQ FRQVWUX\HQGR QXHVWUD UHODFLyQ FRQ GLFKD SHUVRQD 1R KDFHUOR
SXHGH VRFDYDU GLFKD UHODFLyQ 1R LPSRUWD HO WLSR GH UHODFLyQ GH TXH VH WUDWH VHD pVWD
VHQWLPHQWDO GH DPLVWDG R GH WUDEDMR DJUDGHFHU D TXLHQ FXPSOH FRQ QRVRWURV R D TXLHQ KDFH
VX\D QXHVWUDV LQTXLHWXGHV \ DFW~D HQ FRQVHFXHQFLD QRV SHUPLWH KDFHUQRV FDUJR GHO RWUR \
GLULJLUQRVDVXSURSLDLQTXLHWXGGHVHUUHFRQRFLGRHQORTXHKDFH\GHUHFLELUQXHVWURDSUHFLRSRU
OD DWHQFLyQ GH TXH IXLPRV EHQHILFLDGRV 3RU QR DJUDGHFHU SRGHPRV JHQHUDU UHVHQWLPLHQWR \
TXLHQVHHVPHUyHQVHUYLUQRVHQHVWDUFHUFDQXHVWURWHUPLQDGLFLHQGR<QRGLMRQLJUDFLDV(V
PX\SRVLEOHTXHHQHOIXWXURQRYROYDPRVDFRQWDUVLSXHGHHYLWDUORFRQVXD\XGD

3HURQRVyORODVSHUVRQDVODYLGDPLVPDHVPRWLYRGHJUDWLWXG\FHOHEUDFLyQSRUWRGRORTXHQRV
SURYHH'HFLUOH*UDFLDVDODYLGDFRPRORKDFHSRUHMHPSORODEHOODFDQFLyQGH9LROHWD3DUUD
HV XQ DFWR IXQGDPHQWDO GH UHJHQHUDFLyQ GH VHQWLGR GH UHFRQFLOLDFLyQ FRQ QXHVWUD H[LVWHQFLD
SDVDGRSUHVHQWH\IXWXUR1RQRVSXHGHH[WUDxDUSRUORWDQWRTXHDOJXQDVVRFLHGDGHVWHQJDQ
FRPR XQD GH VXV SULQFLSDOHV DFWLYLGDGHV OD FHOHEUDFLyQ GH XQ GtD GH DFFLyQ GH JUDFLDV $O
GHFODUDU QXHVWUD JUDWLWXG QR VyOR DVXPLPRV XQD SRVWXUD IUHQWH D ORV RWURV \ IUHQWH D OD
YLGD $O KDFHUOR SDUWLFLSDPRV HQ OD JHQHUDFLyQ GH QXHVWUDV UHODFLRQHV FRQ HOORV \ HQ OD GH OD
SURSLDFRQVWUXFFLyQGHQXHVWUDYLGD
/$'(&/$5$&,1'(/3(5'1

%DMRHVWHDFiSLWHLQFOXLPRVWUHVDFWRVGHFODUDWLYRVGLIHUHQWHVWRGRVHOORVDVRFLDGRVDOIHQyPHQR
GHO SHUGyQ $Vt FRPR GHVWDFiEDPRV SUHYLDPHQWH OD LPSRUWDQFLD GH OD GHFODUDFLyQ GH JUDFLDV
GHEHPRV DKRUD H[DPLQDU VX UHYHUVR &XDQGR QR FXPSOLPRV FRQ DTXHOOR D TXH QRV KHPRV
FRPSURPHWLGR R FXDQGR QXHVWUDV DFFLRQHV VLQ TXH QRV OR SURSXVLpUDPRV KDFHQ GDxR D RWURV

QRVFDEHDVXPLUUHVSRQVDELOLGDGSRUHOOR/DIRUPDFRPRQRUPDOPHQWHORKDFHPRVHVGLFLHQGR
3HUGyQ(VWDHVXQDGHFODUDFLyQ

(QHVSDxROVLQHPEDUJRHODFWRGHFODUDWLYRGHOSHUGyQVROHPRVH[SUHVDUOHIUHFXHQWHPHQWHHQ
IRUPDGHSHWLFLyQ'HFLPRV7HSLGRSHUGyQR7HSLGRGLVFXOSDV&RQHOORKDFHPRVGHSHQGHU
OD GHFODUDFLyQ 3HUGyQ TXH KDFH TXLHQ DVXPH UHVSRQVDELOLGDG SRU DTXHOODV DFFLRQHV TXH
OHVLRQDURQDORWURGHODFWRGHFODUDWLYRTXHKDFHHOOHVLRQDGRDOGHFLU7HSHUGRQR$PERVDFWRV
VRQ H[WUDRUGLQDULDPHQWH LPSRUWDQWHV \ QRV SDUHFH QHFHVDULR QR VXEVXPLU HO SULPHUR HQ HO
VHJXQGR
/R LPSRUWDQWH GH PDQWHQHUORV VHSDUDGRV HV TXH QRV SHUPLWH UHFRQRFHU OD HILFDFLD GHO GHFLU
3HUGyQFRQLQGHSHQGHQFLDGHODUHVSXHVWDTXHVHREWHQJDGHORWUR(QRWUDVSDODEUDVORTXH
HVWDPRVVHxDODQGRHVTXHODUHVSRQVDELOLGDGTXHQRVFDEHVREUHQXHVWUDVSURSLDVDFFLRQHVQROD
SRGHPRVKDFHUGHSHQGHUGHODVDFFLRQHVGHRWURV(OSHUGyQGHORWURQRQRVH[LPHGHQXHVWUD
UHVSRQVDELOLGDG(OKDEHUGLFKR3HUGyQDXQTXHHORWURQRQRVSHUGRQDUDWLHQHGHSRUVtXQD
LPSRUWDQFLD PD\RU \ HO PXQGR TXH FRQVWUXLPRV HV GLVWLQWR LQGHSHQGLHQWHPHQWH GHO GHFLU GHO
RWUR VHJ~Q OR KD\DPRV R QR GHFODUDGR 2EYLDPHQWH HQ PXFKDV RSRUWXQLGDGHV HO GHFODUDU
3HUGyQSXHGHVHULQVXILFLHQWHFRPRIRUPDGHKDFHUQRVUHVSRQVDEOHVGHODVFRQVHFXHQFLDVGH
QXHVWUDV DFFLRQHV 0XFKDV YHFHV DGHPiV GHO SHUGyQ WHQHPRV TXH DVXPLU UHVSRQVDELOLGDG HQ
UHSDUDU HO GDxR KHFKR R HQ FRPSHQVDU DO RWUR 3HUR HOOR QR GLVPLQX\H OD LPSRUWDQFLD GH OD
GHFODUDFLyQGHOSHUGyQ
(O VHJXQGR DFWR GHFODUDWLYR DVRFLDGR FRQ HO SHUGyQ HVFRPR OR DQWLFLSiUDPRV 7H SHUGRQR
/RV SHUGRQR R VLPSOHPHQWH 3HUGRQR (VWH DFWR HV REYLDPHQWH PX\ GLIHUHQWH GHO GHFLU
3HUGyQ $ pO YDPRV D UHIHULUQRV WDPELpQ FXDQGR DERUGHPRV HO WHPD GHO UHVHQWLPLHQWR 6LQ
HPEDUJRSHUPtWDVHQRVKDFHUDOJXQRVDOFDQFHVDOUHVSHFWR

&XDQGR DOJXLHQ QR FXPSOH FRQ OR TXH QRV SURPHWLHUD R VH FRPSRUWD FRQ QRVRWURV GH XQD
PDQHUD TXH FRQWUDYLHQH ODV TXH FRQVLGHUDPRV TXH VRQ OHJtWLPDV H[SHFWDWLYDV PX\
SRVLEOHPHQWHQRVVHQWLUHPRVDIHFWDGRVSRUORDFRQWHFLGR0iVWRGDYtDVLOXHJRGHORVXFHGLGR
OD SHUVRQD UHVSRQVDEOH QR VH KDFH FDUJR GH ODV FRQVHFXHQFLDVGHVXDFWXDU RGHVXRPLVLyQ 
3RVLEOHPHQWHFRQWRGDOHJLWLPLGDGVHQWLUHPRVTXHKHPRVVLGRYtFWLPDVGHXQDLQMXVWLFLD<DO
SHQVDU DVt MXVWLILFDUHPRV QXHVWUR UHVHQWLPLHQWR FRQ HO RWUR VREUH WRGR HQ OD PHGLGD HQ TXH
QRVRWURVQRVKHPRVFRORFDGRGHOODGRGHOELHQ\KHPRVSXHVWRDORWURGHOODGRGHOPDO3RUOR
WDQWRFRQVLGHUDPRVTXHWHQHPRVWRGRHOGHUHFKRDHVWDUUHVHQWLGRV
'HORTXHSRVLEOHPHQWHQRQRVSHUFDWHPRVVLQHPEDUJRHVTXHDOFDHUHQHOUHVHQWLPLHQWRQRV
KHPRVSXHVWRHQXQDSRVLFLyQGHGHSHQGHQFLDFRQUHVSHFWRDTXLHQKDFHPRVUHVSRQVDEOH(VWH
SXHGHSHUIHFWDPHQWHKDEHUVHGHVHQWHQGLGRGHORTXHKL]R6LQHPEDUJRQXHVWURUHVHQWLPLHQWR
QRV YD D VHJXLU WUDWDQGR FRPR HVFODYRV D HVH RWUR 1XHVWUR UHVHQWLPLHQWR YD D FDUFRPHU
QXHVWUD SD] QXHVWUR ELHQHVWDU YD SUREDEOHPHQWH D WHUPLQDU WLxHQGR HO FRQMXQWR GH QXHVWUD
YLGD (O UHVHQWLPLHQWR QRV KDFH HVFODYRV GH TXLHQ FXOSDPRV \ SRU OR WDQWR VRFDYD QR VyOR
QXHVWUDIHOLFLGDGVLQRWDPELpQQXHVWUDOLEHUWDGFRPRSHUVRQDV

1LHW]VFKHKDVLGRHOJUDQILOyVRIRGHOWHPDGHOUHVHQWLPLHQWR&XDQGRKDEODGHpOORDVRFLDFRQ
ODLPDJHQGHODWDUiQWXOD(OUHVHQWLPLHQWRQRVGLFH1LHW]VFKHHVODHPRFLyQGHOHVFODYR3HUR
FXLGDGR 1R VH WUDWD GH TXH ORV HVFODYRV VHDQ QHFHVDULDPHQWH SHUVRQDV UHVHQWLGDV 0XFKDV
YHFHVQRORVRQFRPRQRVORGHPXHVWUDHOHMHPSORGH(SLFWHWR6HWUDWDGHTXHTXLHQYLYHHQHO
UHVHQWLPLHQWRYLYHHQHVFODYLWXG8QDHVFODYLWXGTXHSRGUiQRVHUOHJDORSROtWLFDSHURTXHVHUi
VLQOXJDUDGXGDVXQDHVFODYLWXGGHODOPD
3HUGRQDU QR HV XQ DFWR GH JUDFLD SDUD TXLHQ QRV KL]R GDxR DXQTXH SXHGD WDPELpQ VHUOR
3HUGRQDUHVXQDFWRGHFODUDWLYRGHOLEHUDFLyQSHUVRQDO$OSHUGRQDUURPSHPRVODFDGHQDTXHQRV
DWDDO YLFWLPDULR\TXHQRVPDQWLHQHFRPRYtFWLPDV$OSHUGRQDUQRVKDFHPRVFDUJRGHQRVRWURV
PLVPRV\UHVROYHPRVSRQHUWpUPLQRDXQSURFHVRDELHUWRTXHVLJXHUHSURGXFLHQGRHOGDxRTXH
RULJLQDOPHQWHVHQRVKL]R$OSHUGRQDUUHFRQRFHPRVTXHQRVyORHORWURVLQRWDPELpQQRVRWURV
PLVPRVVRPRVDKRUDUHVSRQVDEOHVGHQXHVWURELHQHVWDU

&XDQGRKDEODPRVGHSHUGRQDUVXHOHVXUJLUWDPELpQHOWHPDGHOROYLGR+D\TXLHQHVGLFHQ<R
QRTXLHURROYLGDUR6LHQWRTXHWHQJRODREOLJDFLyQGHQRROYLGDU2OYLGDURQRHVDOJRTXHQR
SRGHPRV UHVROYHU SRU PHGLR GH XQD GHFODUDFLyQ 'H FLHUWDIRUPDQRGHSHQGHHQWHUDPHQWHGH
QXHVWUDYROXQWDG(OSHUGyQVLQHPEDUJRHVXQDDFFLyQTXHHVWiHQQXHVWUDVPDQRV

(O WHUFHU DFWR GHFODUDWLYR DVRFLDGR DO SHUGyQ HV HVWD YH] QR HO GHFLU 3HUGyQ QL WDPSRFR HO
SHUGRQDU D RWURV VLQR SHUGRQDUVH D Vt PLVPR (Q ULJRU pVWD HV XQD PRGDOLGDG GHO DFWR GH
SHUGRQDU \ SRU OR WDQWR OR TXH KHPRV GLFKR FRQ UHVSHFWR DO SHUGRQDU D RWURV YDOH SDUD HO
SHUGRQDUVHDVtPLVPR/DGLIHUHQFLDHVWDYH]HVTXHDVXPLPRVWDQWRHOSDSHOGHYtFWLPDFRPR
GHYLFWLPDULR

8QDGHODVGLILFXOWDGHVTXHHQFRQWUDPRVHQUHODFLyQDOSHUGyQDVtPLVPRSURYLHQHGHVXVWHQWDU
XQD FRQFHSFLyQ PHWDItVLFD VREUH QRVRWURV TXH VXSRQH TXH VRPRV GH XQD GHWHUPLQDGD IRUPD \
TXHWDOIRUPDHV SHUPDQHQWH3RUORWDQWRVLKLFLPRVDOJRLUUHSDUDEOHHOORKDEODGHFyPRVRPRV
\QRSRGHPRVVLQRFDUJDUFRQODFXOSDSRUHOUHVWRGHQXHVWUDVYLGDV(VWDLQWHUSUHWDFLyQQRGD
OXJDUDOUHFRQRFLPLHQWRGHTXHHQHOSDVDGRDFWXDPRVGHVGHFRQGLFLRQHVGLIHUHQWHVGHDTXpOODV
HQ TXH QRV HQFRQWUDPRV HQ HO SUHVHQWH 6LQ TXH HOOR QRV SHUPLWDHOXGLUODUHVSRQVDELOLGDGSRU
QXHVWUDV DFFLRQHV \ QRV HYLWH DFWXDU SDUD KDFHUQRV FDUJR GH OR TXH KLFLPRV WDO SRVWXUD QR
UHFRQRFH TXH HO KDEHU KHFKR OR TXH HQWRQFHV KLFLPRV \HO UHFULPLQDUQRVSRUODVFRQVHFXHQFLDV
GHWDOHVDFFLRQHVGHSRUVtQRVWUDQVIRUPD\DTXpOTXHVHUHFULPLQDVXHOHVHU\DDOJXLHQPX\
GLIHUHQWHGHDTXpOTXHUHDOL]DUDDTXHOORTXHODPHQWDPRV(OSHUGyQDVtPLVPRWLHQHHOPLVPR
HIHFWROLEHUDGRUGHTXHKDEOiEDPRVDQWHULRUPHQWH\KDFHUORHVXQDPDQLIHVWDFLyQGHDPRUDVt
PLVPR\DODSURSLDYLGD
/$'(&/$5$&,1'($025

/D ~OWLPD GHFODUDFLyQ GH OD TXH TXHUHPRV KDEODU HQ HVWD VHFFLyQ HV DTXHOOD HQ OD TXH XQ
LQGLYLGXROHGLFHDRWUR7HDPRR7HTXLHUR6LQHQWUDUDH[DPLQDUHQHVWDRFDVLyQORTXHHV
HODPRUGHVGHXQSXQWRGHYLVWDOLQJtVWLFRHVLPSRUWDQWHVHxDODUTXHpVWHUHPLWHDXQYtQFXOR
SDUWLFXODU XQ WLSR GH UHODFLyQ HQWUH GRV SHUVRQDV 'DGD OD \D DOXGLGD FDSDFLGDG UHFXUVLYD GHO
OHQJXDMH SRGHPRV WDPELpQ KDEODU GH DPRU D Vt PLVPR UHILULpQGRQRV SUHFLVDPHQWH DO WLSR GH
UHODFLyQTXHPDQWHQHPRVFRQQRVRWURVPLVPRV

8Q VXSXHVWR FRP~Q HV TXH HO DPRU H[LVWH \ TXH GHFLU 7H DPRQRKDFHPiVTXHGHVFULELUOR
TXHHVWiDOOt%DVDGRVHQWDOVXSXHVWRDYHFHVHVFXFKDPRVDTXLHQHVGLFHQ4XpVHQWLGRWLHQH
GHFLUWHTXHWHTXLHUR"(OORQRFDPELDQDGD(VSRVLEOHTXHHOORQRFDPELHODHPRFLyQTXHXQR
VLHQWHSRUHORWURSHURGHFLUORRQRGHFLUORQRHVLQGLIHUHQWHDODUHODFLyQTXHFRQVWUXLPRVFRQHO
RWUR SDUWLFXODUPHQWH FXDQGR HVWH RWUR HV WDPELpQ XQ VHU KXPDQR (O GHFODUDU 7H DPR R 7H
TXLHURSDUWLFLSDHQODFRQVWUXFFLyQGHPLUHODFLyQFRQHORWUR\IRUPDSDUWHGHODFUHDFLyQGHXQ
PXQGRFRPSDUWLGR
(VLPSRUWDQWHH[DPLQDUQXHVWUDVUHODFLRQHVSHUVRQDOHVIXQGDGDVHQYtQFXORVGHDIHFWRFRPROR
VRQ SRU HMHPSOR QXHVWUD UHODFLyQ GH SDUHMD FRQ QXHVWURV KLMRV FRQ QXHVWURV SDGUHV FRQ
QXHVWURV DPLJRV HWF \ SUHJXQWDUQRV FXiQ D PHQXGR VROHPRV GHFODUDUQRV PXWXDPHQWH HO
DIHFWRTXHQRVWHQHPRV3UHJXQWDUQRVWDPELpQTXHGLIHUHQFLDOHVLJQLILFDUtDDORWURHOHVFXFKDU
HVWD GHFODUDFLyQ (V LPSRUWDQWH QR ROYLGDU FyPR HO KDEODU \ SRU OR WDQWR WDPELpQ HO FDOODU
JHQHUDQXHVWURPXQGR0LHQWUDVHVFULERUHFXHUGRODSHOtFXODLQJOHVD5HPDLQVRIWKH'D\TXH
YLHUD XQRV GtDV DWUiV (O WHPD FHQWUDO GH OD SHOtFXOD HV SUHFLVDPHQWH OD DXVHQFLD GH OD
GHFODUDFLyQ GH DPRU (Q HOOD YHPRV OR TXH VXFHGH FRQ GRV SHUVRQDV TXH IXHURQ LQFDSDFHV GH
GHFLUVHHOXQRDORWUR7HDPR
' 62%5(/$5(/$&,1(175(/$6$),50$&,21(6</$6'(&/$5$&,21(6

+DVWD DKRUD KHPRV LGHQWLILFDGR GRV DFWRV OLQJtVWLFRV ODV DILUPDFLRQHV \ ODV GHFODUDFLRQHV
3DUHFLHUDVLQHPEDUJRTXHDPERVVHVLW~DQDXQPLVPRQLYHO\VyORVHGLIHUHQFLDQVHJ~QTXLHQ
FRQGXFHODUHODFLyQSDODEUDPXQGR1RKDEUtDQLQJ~QSUREOHPDFRQHOORGHQRVHUTXHRPLWHXQ
DVSHFWRTXHFRQVLGHUDPRVLPSRUWDQWHGHVWDFDU/DVGHFODUDFLRQHVUHSUHVHQWDQHODFWROLQJtVWLFR
SULPDULRSRUH[FHOHQFLD9DOHGHFLUHOTXHFUHDODVFRQGLFLRQHVSDUDODHPHUJHQFLDGHORVGHPiV
6LQ TXH HOOR LPSOLTXH QHJDU OD GLVWLQFLyQ TXH KHPRV HIHFWXDGR HQWUH DILUPDFLRQHV \

GHFODUDFLRQHVFDEHUHFRQRFHUTXHSDUDTXHWHQJDPRVDILUPDFLRQHVUHTXHULPRVGHXQHVSDFLR
GHFODUDWLYRHQHOFXDOHOODVVHFRQVWLWX\HQ

7RPHPRV XQ HMHPSOR SDUD LOXVWUDU OR DQWHULRU 'HFLU +R\ HV MXHYHV HVXQD DILUPDFLyQ 3DUD
WRGRVORVPLHPEURVGHXQDFRPXQLGDGTXHFRPSDUWHQODIRUPDFRPROODPDPRVORVGtDVVHWUDWD
GHXQDSURSRVLFLyQTXHSRGUiVHUFRQVLGHUDGDYHUGDGHUDRIDOVD4XLHQKDFHHVWDDILUPDFLyQQR
SUHWHQGH HVWDU PRGLILFDQGR QDGD DO KDFHUOD 6LQ HPEDUJR SDUD TXH HVWD GHFODUDFLyQ SXHGD
HIHFWXDUVHKXERGHKDEHUXQPRPHQWRHQHOTXHSRUGHFODUDFLyQVHHVWDEOHFLyODFRQYHQFLyQGH
OODPDUDORVGtDVGHXQDGHWHUPLQDGDPDQHUDTXHQRVSHUPLWHGHFLUTXH+R\HVMXHYHV
'LMLPRV DQWHULRUPHQWH TXH ODV DILUPDFLRQHV GDQ FXHQWD GH QXHVWUDV REVHUYDFLRQHV \ TXH pVWDV
RSHUDQ DO LQWHULRU GH XQ HVSDFLR GH GLVWLQFLRQHV GHWHUPLQDGR /R TXH VHxDODPRV DKRUD HV TXH
WRGR HVSDFLR GH GLVWLQFLRQHV FRQGLFLyQ GH ODV DILUPDFLRQHV HV HQ ULJRU XQ HVSDFLR
GHFODUDWLYR
(O TXH ODV DILUPDFLRQHV FRPR RWURV DFWRV OLQJtVWLFRV TXH H[DPLQDUHPRV D FRQWLQXDFLyQ
UHVXOWHQ \ SRU OR WDQWR VHDQ IHQyPHQRV GHULYDWLYRV  GHO SRGHU GH ODV GHFODUDFLRQHV QR
VLJQLILFD TXH HQ VX RSHUDU FRQFUHWR HOODV QR SXHGDQ VHU UHFRQRFLGDV FRPR DFWRV OLQJtVWLFRV
GLIHUHQWHVGLVWLQWRVGHODVPLVPDVGHFODUDFLRQHVTXHODVSRVLELOLWDQ

8QHUURUKDELWXDOTXHVHVXHOHFRPHWHUDOFRPSDUDUODVDILUPDFLRQHVFRQODVGHFODUDFLRQHVHVHO
GH VXSRQHU TXH GDGR HO SRGHU GH WUDQVIRUPDFLyQ GH HVWDV XOWLPDV ODV DILUPDFLRQHV VRQ SRFR
LPSRUWDQWHV(VPiVTXHODVDILUPDFLRQHVQRVHUHODFLRQDQFRQQXHVWUDFDSDFLGDGGHLQWHUYHQLU
\ WUDQVIRUPDU HO PXQGR (OOR HV HTXLYRFDGR 6yOR SRGHPRV LQWHUYHQLU HQ HO PXQGR TXH VRPRV
FDSDFHVGHUHFRQRFHU\QXHVWUDFDSDFLGDGGHREVHUYDFLyQHVGHFLVLYDSDUDXQDGHFXDGRHMHUFLFLR
GHQXHVWUDFDSDFLGDGGHLQWHUYHQFLyQ0LVHYDOXDFLRQHVVREUHORTXHHVSRVLEOHHQHOPXQGRHQ
WpUPLQRVGHPLDFWXDUGHVFDQVDHQODVDILUPDFLRQHVTXH\RSXHGDKDFHUVREUHpO

9HDPRVXQHMHPSORDOJXLHQPHGLFH/D%ROVDGH9DORUHVDFDEDGHH[SHULPHQWDUXQDFDtGDHQ
 SXQWRV (VWD HV REYLDPHQWH XQD DILUPDFLyQ 3HUR D SDUWLU GHO KHFKR GH TXH FRQR]FR HVWH
KHFKR KD\ PXFKDV DFFLRQHV TXH SXHGR WRPDU YHQGHU FRPSUDU HWF  TXH QR WHQGUtD FyPR
FRQVLGHUDU GH QR KDEHU WHQLGR DFFHVR D HVD DILUPDFLyQ /R PLVPR SRQLHQGR RWUR HMHPSOR
H[WUHPRVLDOJXLHQPHGLFH/DFDVDVHHVWiLQFHQGLDQGR3RVLEOHPHQWHQRVHPHYDDRFXUULU
KXLURSURFXUDUVDOYDUDOJXQDVFRVDVGHQRKDEHUVHKHFKRHVWDDILUPDFLyQ
$ OD YH] PXFKDV DILUPDFLRQHV SXHGHQ QR WHQHU QLQJXQD VLJQLILFDFLyQ HQ WpUPLQRV GH PLV
SRVLELOLGDGHVGHDFFLyQ3RUORWDQWRQRWRGDDILUPDFLyQPHHVLJXDOPHQWHLPSRUWDQWH(VWRQRV
OOHYDDXQDVHJXQGDGLVWLQFLyQFRQUHVSHFWRDODVDILUPDFLRQHV$QWHULRUPHQWHGLMLPRVTXHHOODV
SRGtDQGLVWLQJXLUVHHQWUHYHUGDGHUDV\IDOVDV$KRUDSRGHPRVHVWDEOHFHUTXHWDPELpQSRGHPRV
GLVWLQJXLU HQWUH DILUPDFLRQHV UHOHYDQWHV R LUUHOHYDQWHV VHJ~Q OD UHODFLyQ TXH HOODV WHQJDQ FRQ
QXHVWUDV LQTXLHWXGHV 6DEHU HO SURQyVWLFR GHO WLHPSR SDUD PDxDQD HQ 6XGiQ UHVXOWDUi
SUREDEOHPHQWH LUUHOHYDQWH VL PDxDQD HVWDUp WRGR HO GtD HQ %RJRWi 1R HV OR PLVPR VLQ
HPEDUJR VL PDxDQD WHQJR TXH YLDMDU D 6XGiQ \ TXH HO REMHWLYR GH PL YLDMH GHSHQGH
JUDQGHPHQWHGHOHVWDGRGHOWLHPSR8QDFRPSHWHQFLDLPSRUWDQWHHQODYLGD HVVDEHUGLVWLQJXLU
HQWUHDILUPDFLRQHVUHOHYDQWHVHLUUHOHYDQWHV\HQJHQHUDUODVSULPHUDV
/DV DILUPDFLRQHV GDQ FXHQWD GHO PXQGR HQ TXH YLYLPRV \ SRU OR WDQWR QXHVWUD FDSDFLGDG GH
KDFHUDILUPDFLRQHVKDEODGHOWDPDxR\FDUiFWHUGHQXHVWURPXQGR8QDSHUVRQDSURYLQFLDQDVH
FDUDFWHUL]D SRU XQD FDSDFLGDG PX\ UHGXFLGD GH KDFHU DILUPDFLRQHV \ HQ FRQVHFXHQFLD SRU XQ
PXQGR PX\ UHGXFLGR (O FRQFHSWR GH PXQGR HQ HVWH VHQWLGR QR HV JHRJUiILFR (V XQD
GLVWLQFLyQ H[LVWHQFLDO \ JXDUGD UHODFLyQ HQWUH RWUDV FRVDV FRQ QXHVWUD FDSDFLGDG GH KDFHU
DILUPDFLRQHV VREUH HO DFRQWHFHU 3DUD SRGHU GHVDUUROODU HQ PD\RU SURIXQGLGDG HO WHPD GH OD
UHOHYDQFLD GH QXHVWUDV DILUPDFLRQHV HV SUHFLVR VLQ HPEDUJR LQWURGXFLU GRV GLVWLQFLRQHV
DGLFLRQDOHV6HWUDWDGHODVGLVWLQFLRQHVGHLQTXLHWXGHV\GHMXLFLRV



/$',67,1&,1'(,148,(78'

/OHJDGRV D HVWH SXQWR QRV SDUHFH RSRUWXQR LQWURGXFLU OD GLVWLQFLyQ GH LQTXLHWXG &RPR VH
DSUHFLDUiPiVDGHODQWHHOODRFXSDXQOXJDUFHQWUDOGHQWURGHQXHVWUDLQWHUSUHWDFLyQ/RVVHUHV
KXPDQRVDFWXDPRV\XQRGHORVGRPLQLRVGHQXHVWURDFWXDUHVHOOHQJXDMH

8QDIRUPDGHHQWHQGHUORTXHOODPDPRVLQTXLHWXGHVKDFLHQGRODSUHJXQWDSRUTXpDFWXDPRV"
RSRUTXpKDEODPRV"/DVUHVSXHVWDVTXHGHPRVDHVDVSUHJXQWDVHQODPHGLGDTXHVHVLW~HQ
HQHO WHUUHQRGHORTXHODSVLFRORJtDOODPDUtDPRWLYDFLRQHVFRUUHVSRQGHQDORTXHVHDSXQWDFRQ
OD GLVWLQFLyQ GH LQTXLHWXG 0iV DGHODQWH VH DSUHFLDUi WDPELpQ SRU TXp QR XVDPRV ORV WpUPLQRV
PRWLYDFLRQHV SURSyVLWRV R LQWHQFLRQHV TXH VRQ ORV TXH KDELWXDOPHQWH VH XWLOL]DQ D HVWH
UHVSHFWR
6RVWHQHPRV TXH ORV VHUHV KXPDQRV DO DFWXDU QRV HVWDPRV KDFLHQGR FDUJR GH DOJR &RPR
DSXQWDUDHOILOyVRIR0DUWLQ+HLGHJJHUODH[LVWHQFLDKXPDQDUHVXOWDSDUDORVVHUHVKXPDQRVXQ
DVXQWRGHOTXHUHTXLHUHQKDFHUVHFDUJR\SRU ORWDQWRDOTXHWLHQHQTXHDWHQGHU/RVVHUHV
KXPDQRVVRVWHQHPRV QR SRGHPRV GHVFDQVDU FRPR VXFHGH FRQ RWURV VHUHVYLYRVHQODWRWDO
LQRFHQFLDGHODH[LVWHQFLDHQXQVLPSOHGHMDUODIOXLU
$QRVRWURVORVVHUHVKXPDQRVODH[LVWHQFLDQRVGHVDItD\ SDUDPDQWHQHUODGHEHPRVDPHQXGR
WRPDU SRVLFLyQ FRQ UHVSHFWR D HOOD \ HQ UD]yQ GH HOOR QRV YHPRV PXFKDV YHFHV FRPSHOLGRV D
PRGLILFDU HO FXUVR HVSRQWiQHR GH ORV DFRQWHFLPLHQWRV (VWR ~OWLPR OR KDFHPRV PHGLDQWH OD
DFFLyQ 3RU OR WDQWR FRQFHELPRV OD DFFLyQ FRPR XQD GLPHQVLyQ H[FOXVLYD GH OD H[LVWHQFLD
KXPDQD 6yOR HQ XQ VHQWLGR ILJXUDWLYR \ UDGLFDOPHQWH GLIHUHQWH SRGHPRV KDEODU GH DFFLyQ HQ
UHODFLyQDRWURVVHUHVYLYRVRDORVHOHPHQWRV\IXHU]DVGHODQDWXUDOH]D

(VWDFRQGLFLyQGHGHVJDUUDPLHQWRH[LVWHQFLDOSURSLDGHORVVHUHVKXPDQRVHVLQWHUSUHWDGDSRU
ODWUDGLFLyQMXGHRFULVWLDQDFRPRH[SUHVLyQGHXQDFDtGDTXHVXUJHGHOFDVWLJRGH'LRVIUHQWHDO
SHFDGR RULJLQDO /RV VHUHV KXPDQRV SDJDQ HO DWUHYLPLHQWR GH KDEHU TXHULGR SDUWLFLSDU HQ HO
SURFHVRGHFUHDFLyQ(OORHVWiVLPEROL]DGRHQKDEHUFHGLGRDODWHQWDFLyQGHFRPHUGHOiUEROGHO
ELHQ\GHOPDOHOiUEROGHORVYDORUHV\HQ~OWLPRWpUPLQRDTXHOTXHDOLPHQWDHOVHQWLGRGHOD
YLGD$OKDEHUFRPLGRGHOiUEROGHOELHQ\GHOPDOORVVHUHVKXPDQRVSLHUGHQODLQRFHQFLDFRPR
FRQGLFLyQGHVXH[LVWHQFLD
(VWHGHVJDUUDPLHQWRSURSLRGHODH[LVWHQFLDKXPDQDVHH[SUHVDSRUORWDQWRDXQQLYHOWRGDYtD
PiV SURIXQGR TXH HO GH OD DFFLyQ FRWLGLDQD DTXHOOD TXH QRV OOHYD D SUHRFXSDUQRV GH QXHVWUD
DOLPHQWDFLyQ DEULJR \ RWUDV QHFHVLGDGHV GH HVWH WLSR &RPR SDUWH HVHQFLDO GH HVWH KDFHUQRV
FDUJR\DWHQGHUDQXHVWUDH[LVWHQFLDHVWiWDPELpQHOLPSHUDWLYRGHFRQIHULUOHVHQWLGR
/RV VHUHV KXPDQRV UHTXHULPRV GHO VHQWLGR GH OD YLGD FRPR FRQGLFLyQ GH QXHVWUD H[LVWHQFLD
(VWD SDUHFLHUD VHU OD RWUD FDUD GHO SRGHU TXH WHQHPRV GH SDUWLFLSDU HQ HO SURFHVR GH QXHVWUD
SURSLDFUHDFLyQ&XDQGRQRVRPRVFDSDFHVGHFRQIHULUOHVHQWLGRDODYLGDGDGRTXHVRPRVVHUHV
DFWXDQWHVWHQHPRVODRSFLyQGHWHUPLQDUFRQHOOD(OVXLFLGLRFRPRQRVVHxDODUD$OEHUW&DPXV
SDUHFLHUDVHUXQIHQyPHQRWtSLFDPHQWHKXPDQR

7RGR OR DQWHULRU VyOR HV FRQFHELEOH SRU FXDQWR ORV VHUHV KXPDQRV VRPRV VHUHV OLQJtVWLFRV 1R
KDEUtDIRUPDGHGDUFXHQWDGHHVWDGLPHQVLyQGHKDFHUQRVFDUJR\DWHQGHUDQXHVWUDH[LVWHQFLD
QLGHOLPSHUDWLYRRQWROyJLFRGHFRQIHULUOHVHQWLGRDODYLGDVLQRIXpVHPRVVHUHVTXHYLYLPRVHQ
HO OHQJXDMH \ HO OHQJXDMH KXPDQR QR WXYLHVH OD FDSDFLGDG GH VX SURSLD UHFXUVLYLGDG 7DPSRFR
SRGUtDPRV KDEODU GH OD DFFLyQ KXPDQD GH OD PDQHUD FRPRORKDFHPRVVLQRHQFXDQWRVRPRV
VHUHVOLQJtVWLFRV
8VDPRV OD GLVWLQFLyQ LQTXLHWXG FRPR WUDGXFFLyQ GHO WpUPLQR LQJOpV FRQFHUQ TXH QRV SDUHFH PiV DGHFXDGR D OR TXH TXHUHPRV
VHxDODU (Q HVSDxRO WHQHPRV HO YHUER FRQFHUQLU SHUR QR WHQHPRV HO QRPEUH FRUUHVSRQGLHQWH TXH HTXLYDOGUtD D DOJR DVt FRPR 
FRQFHUQLPLHQWR FRPR FXDQGR GHFLPRV GLVFHUQLPLHQWR D SDUWLU GHO YHUER GLVFHUQLU  8VDPRV HO WpUPLQR LQTXLHWXG SRU OR WDQWR
DOXGLHQGRDDTXHOORTXHQRVFRQFLHUQH\TXHQRVLQFLWDDODDFFLyQ6HWUDWDHQFRQVHFXHQFLDGHOUHFRQRFLPLHQWRGHXQDVLWXDFLyQ
SULPDULD GH LQVDWLVIDFFLyQGHGHVDVRVLHJRGHVGHODFXDODFWXDPRV2WURWpUPLQRSRVLEOHVHUtDHOGHLQFXPEHQFLDDTXHOORTXHQRV
LQFXPEHDODFWXDU




'H FXDQWR DFDEDPRV GH GHFLU QRV SDUHFH TXH OR PiV VLJQLILFDWLYR HV OR VLJXLHQWH ORV VHUHV
KXPDQRV DFWXDPRV FRPR IRUPD GH DWHQGHU D QXHVWUD H[LVWHQFLD /D GLVWLQFLyQ GH LQTXLHWXG
VXUJH HQ FRQVHFXHQFLD UHVSRQGLHQGR D HVWD QHFHVLGDG GH VHxDODU GH TXp VH KDFH FDUJR XQD
GHWHUPLQDGD DFFLyQ R FRPR GLMpUDPRV DQWHULRUPHQWH GH OD UHVSXHVWD D OD SUHJXQWD SRU TXp
DFWXDPRV"

/DGLVWLQFLyQGHLQTXLHWXGSUHVXSRQHSRUORWDQWRTXHH[LVWHXQDOJRTXHQRVOOHYDDDFWXDUD
LQWHUYHQLU HQ HO FXUVR GH ORV DFRQWHFLPLHQWRV \ D QR GHMDUORV IOXLU GH PDQHUD HVSRQWiQHD (OOD
H[SUHVDHOVXSXHVWRGHXQDFLHUWDLQVDWLVIDFFLyQGHXQFLHUWRGHVDVRVLHJRGHXQDGHWHUPLQDGD
SUHRFXSDFLyQ WRGRORFXDOOODPDPRVLQTXLHWXG TXHQRVLQFLWDDDFWXDUDRFXSDUQRVHQHO
KDFHU &RQ OD GLVWLQFLyQ GH LQTXLHWXG HQ FRQVHFXHQFLD VH HVWi SRVWXODQGR TXHODVDFFLRQHVQR
VH MXVWLILFDQ SRU Vt PLVPDV VLQR HQ FXDQWR VH KDFHQ FDUJR GH DOJR (O VHQWLGR GH OD DFFLyQ
KXPDQD REOLJD D WUDVFHQGHU HO SURSLR GRPLQLR GH OD DFFLyQ \ D EXVFDUUDtFHVH[LVWHQFLDOHVPiV
SURIXQGDV
4XLVLpUDPRV KDFHU DOJXQRV DOFDQFHV ILQDOHV DQWHV GH FHUUDU HVWD VHFFLyQ /D UHVSXHVWD D OD
SUHJXQWD SRU TXp DFWXDPRV" \ SRU OR WDQWR DTXHOOR TXH GHVLJQHPRV FRPR LQTXLHWXG VHUi
VLHPSUHPRWLYRGHLQWHUSUHWDFLyQ(QULJRUQXQFDVDEHPRVSRUTXpDFWXDPRVFRPRORKDFHPRV
DXQTXHVRVSHFKHPRVTXHFLHUWDVLQWHUSUHWDFLRQHVQRVSXHGHQOOHYDUDDFWXDUGHXQDIRUPD\QR
GHRWUD/DGLVWLQFLyQGHLQTXLHWXGQRQRVSURSRUFLRQDXQSXQWRGHDSR\R VyOLGRGHVGHHOFXDOOD
DFFLyQ DGTXLHUD VHQWLGR 'HVGH OD LQWHUSUHWDFLyQ TXH HVWDPRV SURSRQLHQGR WHQHPRV TXH
DFRVWXPEUDUQRVDTXHQRHQFRQWUDUHPRVQLQJ~QSXQWRGHDSR\RVyOLGR&DGDYH]TXHFUHDPRV
HQFRQWUDUXQRGHVFXEULUHPRVTXHVHQRVGLVXHOYH

(OORVLJQLILFDTXHWDPSRFRSRGHPRVFRQIHULUOHSULRULGDGDODLQTXLHWXGFRQUHVSHFWRDODDFFLyQ
(VWHKDVLGRXQRGHORVJUDQGHVHUURUHVGHOUDFLRQDOLVPRTXHVXSXVRTXHODUD]yQDQWHFHGHDOD
DFFLyQDXQTXHWDOUD]yQPXFKDVYHFHVVHQRVHVFDSH'HVGHQXHVWUDSHUVSHFWLYDGHFLPRVTXHVL
ELHQ DFHSWDPRV TXH GHWHUPLQDGDV LQWHUSUHWDFLRQHV FRQGXFHQ D GHWHUPLQDGDV DFFLRQHV QR HV
PHQRVHIHFWLYRVRVWHQHPRVTXHODVDFFLRQHVWDPELpQJHQHUDQODVLQWHUSUHWDFLRQHVFDSDFHVGH
FRQIHULUOHV VHQWLGR /D UHODFLyQ HQWUH DFFLyQ H LQTXLHWXG SXHGH HVWDEOHFHUVH HQ DPEDV
GLUHFFLRQHV9LYLPRVHQPXQGRVLQWHUSUHWDWLYRV
/$'$1=$'(/$63520(6$662%5(3(7,&,21(6<2)(57$6

/DV SURPHVDV VRQ DFWRV OLQJtVWLFRV GLIHUHQWHV GH ODV DILUPDFLRQHV R ODV GHFODUDFLRQHV DXQTXH
HOODV WDPELpQ FRPR ODV DILUPDFLRQHV IXQFLRQDQ GHQWUR GH XQ HVSDFLR GHFODUDWLYR /DV
SURPHVDV VRQ SRU H[FHOHQFLD DTXHOORV DFWRV OLQJtVWLFRV TXH QRV SHUPLWHQ FRRUGLQDU DFFLRQHV
FRQ RWURV &XDQGR DOJXLHQ KDFH XQD SURPHVD pO R HOOD VH FRPSURPHWH DQWH RWUR D HMHFXWDU
DOJXQDDFFLyQHQHOIXWXUR

&XDQGRDOJXLHQPHSURPHWHTXHpORHOODYDDHMHFXWDUXQDGHWHUPLQDGDDFFLyQHQHOIXWXUR\R
SXHGRWRPDUFRPSURPLVRV\HMHFXWDUDFFLRQHVTXHDQWHVKXELHUDQVLGRLPSRVLEOHV6LPLMHIHPH
GLFH  /H YR\ D GDU XQD ERQLILFDFLyQ GH GyODUHV HO SUy[LPR YLHUQHV R XQ FRPSDxHUR GH
WUDEDMRPHGLFH(VWDUpSUHVHQWHHQODUHXQLyQGHPDxDQD\RDKRUDSXHGRDFWXDUEDViQGRPH
HQ HO KHFKR GH TXH FXHQWR FRQ HVDV SURPHVDV (Q HO SULPHU FDVR SXHGR SRU HMHPSOR KDFHU
SODQHV SDUD LU D HVTXLDU VDELHQGR TXH WHQGUp HO GLQHUR SDUD KDFHUOR R HQ HO VHJXQGR FDVR
SXHGR SURPHWHU D PL FOLHQWH XQD UHVSXHVWD D VX SHWLFLyQ SRUTXH OD UHXQLyQ KD VLGR FRQYRFDGD
SDUDWUDWDUVXDVXQWR
/DV SURPHVDV LPSOLFDQ XQ FRPSURPLVR PDQLILHVWR PXWXR 6L SURPHWR DOJR D DOJXLHQ HVD
SHUVRQD SXHGH FRQILDU HQ HOOR \ HVSHUDU TXH FXPSOD FRQ ODV FRQGLFLRQHV GH VDWLVIDFFLyQ GH PL
SURPHVD (VWR QR HV VRODPHQWH XQ FRPSURPLVR SHUVRQDO VLQR VRFLDO 1XHVWUDV FRPXQLGDGHV
FRPR FRQGLFLyQ IXQGDPHQWDO SDUD OD FRH[LVWHQFLD VRFLDO VH SUHRFXSDQ GH DVHJXUDU TXH ODV
SHUVRQDVFXPSODQVXVSURPHVDV\SRUORJHQHUDOVDQFLRQDQDTXLHQHVQRORKDFHQ*UDQSDUWH
GHQXHVWUDYLGDVRFLDOHVWiEDVDGDHQQXHVWUDFDSDFLGDGGHKDFHU\FXPSOLUSURPHVDV1XHVWUD
H[WHQVD OHJLVODFLyQ VREUH FRQWUDWRV HV XQ UHFXUVR PHGLDQWH HO FXDO UHIRU]DPRV VRFLDOPHQWH OD
REOLJDWRULHGDGSDUDODVSHUVRQDVGHFXPSOLUORHVWLSXODGRHQVXVSURPHVDV(QDPELHQWHVPHQRV
IRUPDOHVHOLQFXPSOLPLHQWRGHXQDSURPHVDQRVGDGHUHFKRDIRUPXODUXQUHFODPR



1LHWV]FKH GLMR HQ XQD RSRUWXQLGDG TXH ORV VHUHV KXPDQRV VRQ DQLPDOHV TXH KDFHQ SURPHVDV
/DVSURPHVDVVRQFRQVWLWXWLYDVGHODH[LVWHQFLDKXPDQDFRPRORVRQORVRWURVDFWRVOLQJtVWLFRV
'HELGRDHVWDFDSDFLGDGGHKDFHUSURPHVDVSRGHPRVLQFUHPHQWDUQXHVWUDFDSDFLGDGGHDFFLyQ
SRGHPRV ORJUDU FRVDV TXH QR QRV KXELHUDQ VLGR SRVLEOHV VLQ OD KDELOLGDG GH FRRUGLQDU QXHVWUD
DFFLyQ FRQ OD GH RWURV %DVWD PLUDU DOUHGHGRU \ REVHUYDU QXHVWUR PXQGR SDUD FRPSUREDU TXH
JUDQ SDUWH GH OR TXH REVHUYDPRV GHVFDQVD HQ OD FDSDFLGDG GH ORV VHUHV KXPDQRV GH KDFHU
SURPHVDV 1RV GDPRV FXHQWD GH TXH QXHVWUR WUDEDMR QXHVWUR PDWULPRQLR QXHVWUD HGXFDFLyQ
QXHVWURVLVWHPDSROtWLFRHWFpWHUDVHJHQHUDURQSRUTXHKDEtDSHUVRQDVTXHKDFtDQSURPHVDVD
RWUDV
(ODFWRGHKDFHUXQDSURPHVDFRPSUHQGHFXDWURHOHPHQWRVIXQGDPHQWDOHV
9
9
9
9

XQRUDGRU
XQR\HQWH
XQDDFFLyQDOOHYDUVHDFDER HVWRHVDOJXQDVFRQGLFLRQHVGHVDWLVIDFFLyQ 
XQIDFWRUWLHPSR

8Q DQiOLVLV PiV GHWDOODGR GH ODV SURPHVDV VLQ HPEDUJR QRV PRVWUDUi TXH VH QHFHVLWDQ
DGHPiVRWURVHOHPHQWRV1RYDPRVDRFXSDUQRVGHHOORVHQHVWDRFDVLyQ

(V LQWHUHVDQWH REVHUYDU TXH FXDQGR KDFHPRV XQD SURPHVD HQ UHDOLGDG KD\ GRV SURFHVRV
GLIHUHQWHVLQYROXFUDGRVHOSURFHVRGHKDFHUODSURPHVD\HOSURFHVRGHFXPSOLUOD/DSURPHVD
FRPRXQWRGRUHTXLHUHGHDPERV(OSULPHUSURFHVRHOGHKDFHUXQDSURPHVDHVHVWULFWDPHQWH
FRPXQLFDWLYR\SRUWDQWROLQJtVWLFR(OVHJXQGRSURFHVRHOGHFXPSOLUODSURPHVDSXHGHVHU
FRPXQLFDWLYRRQRVHUOR
9HDPRVDOJXQRVHMHPSORV(VIiFLODFHSWDUTXHHOKDFHUSURPHVDVHVDOJRTXHUHDOL]DPRVHQXQD
GDQ]D FRPXQLFDWLYD FRQ RWUR R LQFOXVR FRQ QRVRWURV PLVPRV  6L PL SURPHVD SRU HMHPSOR
FRQVLVWH HQ TXH WHQJR TXH GDUOH VDOXGRV D DOJXLHQ HO SURFHVR GH FXPSOLPLHQWR GH OD SURPHVD
VHUiWDPELpQFRPXQLFDWLYR6LODSURPHVDSRUHOFRQWUDULRHVHQWUHJDUOHXQSDTXHWHDDOJXLHQ
HQ VX FXPSOLPLHQWR KDEUi VLQ GXGD DOJR PiV TXH DFFLRQHV FRPXQLFDWLYDV 6H UHTXHULUi GH OD
DFFLyQItVLFDGHKDFHUHQWUHJDGHOSDTXHWH

$PERV SURFHVRV VLQ HPEDUJR WLHQHQ VXV UHVSHFWLYRV SXQWRV GH FLHUUH < OD SURPHVD FRPR XQ
WRGRVHWHUPLQDFXDQGRVHFLHUUDHOSURFHVRGHFXPSOLPLHQWR(VLPSRUWDQWHQRSHUGHUHVWRGH
YLVWD(VWRVGRVSURFHVRVVXHOHQOOHYDUVHDFDERHQGLIHUHQWHVSHUtRGRVGHWLHPSR(OSURFHVRGH
FXPSOLPLHQWR JHQHUDOPHQWH HPSLH]D XQD YH] TXH OD SURPHVD KD VLGR KHFKD 6LQ HPEDUJR OD
SURPHVDFRPRXQWRGRVHFRPSOHWDVyORFXDQGRVHKDFRPSOHWDGRVXFXPSOLPLHQWR
/DV SURPHVDV FRPR GLMLPRV VRQ DFFLRQHV OLQJtVWLFDV TXH QRV SHUPLWHQ FRRUGLQDU DFFLRQHV
PXWXDPHQWH 3DUD TXH HVWR VXFHGD HVQHFHVDULRWDQWRDOKDFHUOD SURPHVDFRPRDOFXPSOLUOD
TXHDPEDVSDUWHVOOHJXHQDXQDFXHUGRVREUHORTXHVHHVWiSURPHWLHQGR

/DV SURPHVDV VLHPSUH LQYROXFUDQ XQD FRQYHUVDFLyQ HQWUH DO PHQRV GRV SHUVRQDV (VWR ODV
FRQYLHUWHHQXQWLSRGHDFWROLQJtVWLFRPX\HVSHFLDO8QLQGLYLGXRSXHGHKDFHUXQDDILUPDFLyQR
XQD GHFODUDFLyQ HQ HO FRQWH[WR GH XQD FRQYHUVDFLyQ SULYDGD FRQVLJR PLVPR $XQ FXDQGR QRV
GHFLPRV3URPHWRFRPHQ]DUORVHMHUFLFLRVHOYLHUQHVVLHPSUHSRGHPRVFRQYHUWLUHVDSURPHVD
HQ XQD GHFODUDFLyQ GHO WLSR 9R\ D FRPHQ]DU ORV HMHUFLFLRV HO YLHUQHV (Q QXHVWUDV
FRQYHUVDFLRQHVLQWHULRUHVODVDSDUHQWHVSURPHVDVVLHPSUHSXHGHQFRQYHUWLUVHHQGHFODUDFLRQHV
1R SRGHPRV GLVWLQJXLU XQDV GH RWUDV 3DUD KDFHU OD GLVWLQFLyQ GH XQD SURPHVD GHFLPRV TXH
QHFHVLWDPRVXQRWURRWUDSHUVRQDTXHVHFRPSURPHWDFRQQRVRWURVRELHQTXHQRVRWURVQRV
FRPSURPHWDPRVFRQHOODDUHDOL]DUXQDDFFLyQ
&XDQGR KDFHPRV XQD DILUPDFLyQ R XQD GHFODUDFLyQ VXSRQHPRV OD H[LVWHQFLD GH DOJXLHQ TXH
HVFXFKD,QFOXVRHQQXHVWUDVFRQYHUVDFLRQHVSULYDGDVDFWXDPRVVLPXOWiQHDPHQWHFRPRHOTXH
KDEOD \ HO TXH HVFXFKD 6L DO FRQYHUVDU FRQ RWUD SHUVRQD KDFHPRV XQD DILUPDFLyQ R XQD
GHFODUDFLyQ HO RWUR GHVHPSHxD VX SDSHO HVSHUDGR HQ OD GDQ]D FRQYHUVDFLRQDO WDQ VyOR
HVFXFKDQGR (Q OD GDQ]D OLQJtVWLFD GH ODV SURPHVDV VH HVSHUD GH HVWH RWUR PiV TXH



PHUDPHQWH HVFXFKDU 6H HVSHUD GH DPERV LQWHJUDQWHV GH OD FRQYHUVDFLyQ TXH VX DFFLyQ YD\D
PiVDOOiGHOVRORKHFKRGHHVFXFKDU

3RU OR WDQWR SDUD KDFHU XQD SURPHVD VH UHTXLHUH TXH DO PHQRV GRV SHUVRQDV HVWpQ DFWXDQGR
MXQWDV HQ XQD FRQYHUVDFLyQ /D SURPHVD QR HV XQ VROR DFWR OLQJtVWLFR LQYROXFUR GRV DFFLRQHV
OLQJtVWLFDVGRVPRYLPLHQWRVOLQJtVWLFRVGLIHUHQWHV(VWDVGRVDFFLRQHVOLQJtVWLFDVSXHGHQVHU
RELHQODDFFLyQGHRIUHFHUXQDSURPHVD\ODGHDFHSWDUODRDOWHUQDWLYDPHQWHODDFFLyQGHSHGLU
XQD SURPHVD\ODGHDFHSWDUOD(VWDVVRQODVGRVPDQHUDVIXQGDPHQWDOHVGHHMHFXWDUODGDQ]D
GHODVSURPHVDV

7RPHPRV DKRUD HO SULPHU SURFHVR LQYROXFUDGRHO SURFHVR GH KDFHU XQD SURPHVD \GHMHPRV
HQVXVSHQVRHOSURFHVRGHFXPSOLPLHQWR(VWHSULPHUSURFHVRQRVHFRPSOHWDFXDQGRODSURPHVD
HV RIUHFLGD SRU HO RUDGRU VLQR FXDQGR HV DFHSWDGD SRU HO R\HQWH 6L DOJXLHQ GLFH 3URPHWR
KDFHUWH XQD YLVLWD PDxDQD HVD SHUVRQD QR KD KHFKR QLQJXQD SURPHVD WRGDYtD (O R HOOD
VLPSOHPHQWHKDRIUHFLGRXQD/DRWUDSHUVRQDSXHGHPX\ELHQUHVSRQGHU/RVLHQWR0DxDQDQR
HVWDUp HQ FDVD 6L HVWR VXFHGH WRGDYtD QR VH KD KHFKR QLQJXQD SURPHVD (Q HVWH HMHPSOR
DPEDVSDUWHVQRHVWXYLHURQGHDFXHUGRHQKDFHUODSURPHVD8QDSURPHVDHVFRPRXQDKHELOOD
QHFHVLWDGHGRVODGRVSDUDFHUUDUVH

/RPLVPRSDVDFRQHOVHJXQGRSURFHVRDTXpOUHODFLRQDGRFRQHOFXPSOLPLHQWRGHXQDSURPHVD
(VWHWDPSRFRVHFLHUUDFXDQGRTXLHQSURPHWLyFRQVLGHUDTXHKDFXPSOLGRFRQODVFRQGLFLRQHVGH
VDWLVIDFFLyQTXHIXHURQHVWLSXODGDVDOKDFHUVHODSURPHVD6LXQPR]RWUDHXQSRVWUH\OHGLFHDO
FOLHQWH $TXt HVWi HO SDVWHO GH PRUDV TXH 8G RUGHQy HVWR QR EDVWD SDUD FRPSOHWDU OR
SURPHWLGR (V VyOR FXDQGR HO FOLHQWH H[DPLQD ODVFRQGLFLRQHVGHVDWLVIDFFLyQGHODSURPHVDHO
SDVWHOGHPRUDV \ODVDFHSWDFRPRDTXpOODVDFRUGDGDVTXHHOFXPSOLPLHQWRGHODSURPHVDVH
FRPSOHWD (VWR SDVD QRUPDOPHQWH FXDQGR HO FOLHQWH UHFLEH HO SODWR \ GLFH *UDFLDV OR TXH
HTXLYDOHDXQDGHFODUDFLyQGHDFHSWDFLyQ
(O FXPSOLPLHQWR GH XQD SURPHVD SRU OR WDQWR VyOR VH FRPSOHWD FXDQGR VH FXPSOH FRQ ODV
FRQGLFLRQHVGHVDWLVIDFFLyQ\QXHYDPHQWHFXDQGRHOR\HQWHGHFODUDVXVDWLVIDFFLyQ$QWHVTXH
HVR VXFHGD HV XQD SURPHVD SHQGLHQWH HVSHUDQGR HO PRPHQWR HQ HO FXDO ODV FRQGLFLRQHV GH
VDWLVIDFFLyQVHUiQFXPSOLGDV

&RPRSDUDKDFHUSURPHVDVVHQHFHVLWDGHOFRQVHQWLPLHQWRPXWXRHQWUHODVSDUWHVSDUDOOHJDUD
HVWH FRQVHQWLPLHQWR SRGHPRV SURFHGHU D WUDYpV GH GRV DFFLRQHV GLIHUHQWHV $PEDV VRQ
PRYLPLHQWRVLQLFLDOHVGHXQRUDGRUKDFLDODREWHQFLyQGHXQDFXHUGRPXWXRFRQVXR\HQWH\DVt
SRGHU FRQFUHWDU XQD SURPHVD (VWDV GRV DFFLRQHV VRQ SHWLFLRQHV \ RIHUWDV 1R SRGHPRV KDFHU
SURPHVDVVLQSHWLFLRQHVXRIHUWDV\DPEDVVRQDFFLRQHVGHDSHUWXUDKDFLDODFRQFUHFLyQGHXQD
SURPHVD

/DSHWLFLyQ\ODRIHUWDGLILHUHQSRUTXHVLW~DQHQSHUVRQDVGLVWLQWDVODLQTXLHWXGGHODTXHVHKDUi
FDUJRODDFFLyQTXHHVWiLQYROXFUDGDHQHOHYHQWXDOFXPSOLPLHQWRGHODSURPHVDGHFRQFUHWDUVH
pVWD 'H OD PLVPD IRUPD OD SHUVRQD TXH VH KDUi FDUJR GHO FXPSOLPLHQWR GH OD SURPHVD VHUi
GLIHUHQWH
&XDQGR HO SURFHVR GH KDFHU XQ SURPHVD VH LQLFLD FRQ XQD SHWLFLyQ HQWHQGHPRV TXH OD DFFLyQ
SHGLGD GH VHU pVWD DFHSWDGD VHUi HMHFXWDGD SRU HO R\HQWH SDUD VDWLVIDFHU XQD LQTXLHWXG GHO
RUDGRU 6LQ HPEDUJR FXDQGR HVWH PLVPR SURFHVR VH LQLFLD FRQ XQD RIHUWD HQWHQGHPRV TXH OD
DFFLyQ RIUHFLGD GH VHU pVWD DFHSWDGD FRPSURPHWH DO RUDGRU \ TXH HOOD VH KDFH FDUJR GH XQD
HYHQWXDOLQTXLHWXGGHOR\HQWH
5HFDOFDQGR SRGHPRV GHFLU SRU OR WDQWR TXH OD DFFLyQ GH KDFHU XQD SURPHVD LPSOLFD GRV
PRYLPLHQWRVOLQJtVWLFRVXQDSHWLFLyQXRIHUWDPiVXQDGHFODUDFLyQGHDFHSWDFLyQFRP~QPHQWH
KHFKDSRURWUDSHUVRQD

/DV SHWLFLRQHV FRPR KHPRV VHxDODGR VRQ PRYLPLHQWRV OLQJtVWLFRV SDUDREWHQHUXQDSURPHVD


GHO R\HQWH 8QD SHWLFLyQ SXHGH VHU UHKXVDGD \ VL HVWR VXFHGH QR VH KD KHFKR SURPHVD 8QD
SHWLFLyQ VXSRQH XQD DFHSWDFLyQ DQWLFLSDGD GH OD SURPHVD UHTXHULGD /D GHFODUDFLyQ GH
DFHSWDFLyQ D XQD SHWLFLyQ FRPSOHWD OD DFFLyQ GH KDFHU OD SURPHVD 6L DOJXLHQ GLFH 3XHGHV



GDUPHXQDPHQWD"\HOR\HQWHUHVSRQGH6tSRUVXSXHVWR7RPDXQDQRHVSHUDPRVTXHOD
SULPHUDSHUVRQDGLJD1RJUDFLDV6LODVFRQGLFLRQHVGHVDWLVIDFFLyQGHOTXHSLGHVRQFODUDV\
VL HO DFHSWDQWH DFFHGH D RWRUJDUODV OD GHFODUDFLyQ GH DFHSWDFLyQ GH OD SURPHVD TXHGD
LPSOtFLWDPHQWH DFRUGDGD FRPR XQD FRQGLFLyQ GH FRQVLVWHQFLD FRPSUHQGLGD HQ OD SHWLFLyQ (VWH
HVXQRGHORVFRPSURPLVRVTXHFRQWUDHPRVFXDQGRIRUPXODPRVXQDSHWLFLyQ
/DV SUHJXQWDV VRQ XQ WLSR GH SHWLFLyQ (Q HOODV ODV FRQGLFLRQHV GH VDWLVIDFFLyQ VRQ RWUR DFWR
OLQJtVWLFR TXH VH KDFH FDUJR GH XQD LQTXLHWXG GH OD SHUVRQD TXH IRUPXOD OD SUHJXQWD 6L \R
SUHJXQWR D DOJXLHQ +DFH FDORU DIXHUD" \ HVD SHUVRQD UHVSRQGH 6t OD UHVSXHVWD LQFOX\H
WDQWR OD DFHSWDFLyQ GH OD SHWLFLyQ FRPR OD VDWLVIDFFLyQ LQPHGLDWD GH ODV FRQGLFLRQHV GH
VDWLVIDFFLyQUHTXHULGDV
/DV RIHUWDV VRQ SURPHVDV FRQGLFLRQDOHV TXH GHSHQGHQ GH OD GHFODUDFLyQ GH DFHSWDFLyQ GHO
R\HQWH &XDQGR KDFHPRV XQD RIHUWD D~Q QR KHPRV SURPHWLGR QDGD $O LJXDO TXH FRQ ODV
SHWLFLRQHVODVRIHUWDVWDPELpQSXHGHQVHUUHKXVDGDV\VLHVWRVXFHGHQRVHKDFRQFUHWDGRXQD
SURPHVD 6LQ HPEDUJR VL VRQ DFHSWDGDV OD SURPHVD UHTXLHUH FXPSOLUVH /D DFHSWDFLyQ GHO
FRPSURPLVRGHHMHFXWDUODDFFLyQRIUHFLGDVHGDSRUKHFKDFRPRSDUWHGHODFRQVLVWHQFLDGHOD
RIHUWD6LGHFLPRV7HSXHGRRIUHFHUXQWUDJR"\ODRWUDSDUWHGLFH'HDFXHUGRJUDFLDVQR
SRGHPRV GHFLU VLQ VHU LQFRQVLVWHQWHV 1R WH OR GDUp 6L HVWR VXFHGH HO R\HQWH SXHGH
OHJtWLPDPHQWHKDFHUXQUHFODPR
&RPR ODV SHWLFLRQHV \ ODV RIHUWDV VRQ EiVLFDPHQWH PRYLPLHQWRV GH DSHUWXUD SDUD REWHQHU
SURPHVDVFRPSUHQGHQORVPLVPRVHOHPHQWRVEiVLFRVTXHKHPRVLGHQWLILFDGRHQpVWDV,QFOX\HQ
XQRUDGRUXQR\HQWHDOJXQDVFRQGLFLRQHVGHVDWLVIDFFLyQ\XQIDFWRUWLHPSR

'DGD OD LPSRUWDQFLD TXH WLHQHQ ODV SURPHVDV HQ QXHVWUDV YLGDV HV FRQYHQLHQWH GHWHQHUQRV D
H[DPLQDUFXiQFRPSHWHQWHVVRPRVHQKDFHUODV\HQLGHQWLILFDUHOWLSRGHSUREOHPDVFRQORVTXH
QRV VROHPRV HQFRQWUDU /RV FXDWUR HOHPHQWRV VHxDODGRV QRV SHUPLWHQ UHIHULUQRV D ORV FXDWUR
SUREOHPDVPiVLPSRUWDQWHV

(OSULPHURJXDUGDUHODFLyQFRQTXLHQ LGHQWLILFDPRVFRPRHORUDGRUSXHVHVTXLHQDEUHHOMXHJR
FRPRVDEHPRVHQODGDQ]DGHODVSURPHVDVORVGRVLQWHUORFXWRUHVSDUWLFLSDQHQHOKDEODU 8Q
SUREOHPD KDELWXDO GLFH UHODFLyQ FRQ SHUVRQDV TXH QR VDEHQ KDFHU SHWLFLRQHV X RIHUWDV < DTXt
WHQHPRVGRV VLWXDFLRQHV/DSULPHUDJXDUGDUHODFLyQFRQSHUVRQDVTXHVLPSOHPHQWHQRSLGHQR
QRRIUHFHQHQGHWHUPLQDGRVGRPLQLRVGHVXVYLGDVREDMRGHWHUPLQDGDVFLUFXQVWDQFLDV

+D\TXLHQHVSRUHMHPSORVDELHQGRSHGLUDOLQWHULRUGHODIDPLOLDVXHOHQQRKDFHUORHQODRILFLQD
RFRQGHWHUPLQDGRVDPLJRVRFXDQGRSRUHMHPSORKDFHQHODPRU(OORVHVSHUDQTXHORGHPiV
GHVFXEUDQ FDVL SRU DUWH GH PDJLD OR TXH OHV LQTXLHWD R LPSRUWD 0XFKDV YHFHV FDHQ HQ HO
UHVHQWLPLHQWRFXOSDQGRDORVGHPiVSRUQRFXPSOLUSURPHVDVTXH MDPiVVHDWUHYLHURQDSHGLU
1RSHGLUQRVyORFRQGLFLRQDXQDGHWHUPLQDLGHQWLGDG\UHVXOWDHQXQDSDUWLFXODUPDQHUDGHVHU
VLQR TXH HV XQ IDFWRU TXH GHILQH HO WLSR GH YLGD TXH SRGUHPRV HVSHUDU ,QVLVWLPRV HQ XQR GH
QXHVWURVSRVWXODGRVEiVLFRVQRHVTXHVLHQGRFRPRVRPRVQRSLGDPRVPiVELHQHOQRSHGLU
QRVKDFHVHUFRPRVRPRV\QRVFRQILHUHXQDIRUPDGHYLGDFRUUHVSRQGLHQWH6LFRPHQ]DPRVD
SHGLUGRQGHQRORKDFHPRVWUDQVIRUPDPRVQXHVWUDIRUPDGHVHU
'H OD PLVPD PDQHUD KD\ WDPELpQ TXLHQHV QR KDFHQ RIHUWDV \ HQ FRQVHFXHQFLD DVXPHQ XQ
SDSHOSDVLYRHQPRVWUDUVHFRPRSRVLELOLGDGSDUDRWURV6LHVWRVRWURVQRORVGHVFXEUHQHVWiQ
FRQGHQDGRVDSDVDULQDGYHUWLGRVHQFXDQWRUHFXUVRVYDOLRVRVSDUDORVGHPiV(OORVSRUORWDQWR
QR WRPDQ UHVSRQVDELOLGDG HQ KDFHUVH UHFRQRFHU HQ OR TXH YDOHQ VLQR TXH TXHGDQ VXMHWRV DO
DFFLGHQWH GHO GHVFXEULPLHQWR SRU RWURV 1XHYDPHQWH HOOR WLHQH SURIXQGDV UHSHUFXVLRQHV HQ OD
LGHQWLGDG\IRUPDVGHYLGDDODVTXHSXHGHQDFFHGHU

+D\WDPELpQTXLHQHVFUHHQKDFHUSHWLFLRQHVX RIHUWDVTXHQRVXHOHQVHUHVFXFKDGDVFRPRWDOHV
$OJXQRVSLHQVDQSRUHMHPSORTXHGHFLUTXHDOJRQROHVJXVWDHVHTXLYDOHQWHDSHGLUTXHHVRVH
PRGLILTXH 2EYLDPHQWH QR HV OR PLVPR \ PXFKDV YHFHV ODV FRVDV VHJXLUiQ FRPR HVWDEDQ
VLPSOHPHQWHSRUTXHQRVHKL]RXQDSHWLFLyQFRQFUHWD\FODUD



'HVGH HO ODGR GHO R\HQWH GH XQD SHWLFLyQ X RIHUWD WDPELpQ SXHGHQ SURGXFLUVH SUREOHPDV
3DUWLFXODUPHQWH FXDQGR QR VDEHPRV DFHSWDU RIHUWDV R UHKXVDU SHGLGRV &XiQWDV YHFHV SRU
HMHPSORGHFLPRV6tDXQSHGLGRTXHFRQVLGHUDPRVTXHQRGHELpUDPRVKDEHUDFHSWDGR"&XiO
HVHOSUHFLRTXHSDJDPRVHQLGHQWLGDGHQDXWRHVWLPD\GLJQLGDGFXDQGRQRVRPRVFDSDFHVGH
GHFLU1R"&yPRVHPDQLILHVWDHVRHQQXHVWUDVUHODFLRQHVFRQORVGHPiV"4XpFRQVHFXHQFLDV
WUDHHQQXHVWUDVYLGDV"
3DVHPRVDFRQWLQXDFLyQDOHOHPHQWRTXHJXDUGDUHODFLyQFRQODDFFLyQFRPSURPHWLGD\FRQVXV
FRQGLFLRQHVGHVDWLVIDFFLyQ$KRUDHVWDPRVDQWHXQDVLWXDFLyQHQODTXHVHKL]RXQDSHWLFLyQR
XQDRIHUWD\pVWDIXHDFHSWDGD6LQHPEDUJRORTXHHORUDGRUHQWLHQGHTXHVHSURPHWLyUHVXOWD
VHUGLIHUHQWHGHORTXHHQWHQGLyHOR\HQWH$PERVVLQHPEDUJRRSHUDQEDMRHOVXSXHVWRGHTXH
HVDSURPHVDVHKL]R\TXHVHUiFXPSOLGD$PERVSRUORWDQWRWRPDUiQDFFLRQHVGHVFDQVDQGR
HQ HVH VXSXHVWR VyOR SDUD FRPSUREDU PiV WDUGH TXH OR TXH HVSHUDEDQ TXH RFXUULHUD QR
VXFHGHUi4XLHQHVSHUDTXHVHFXPSODFRQODDFFLyQSURPHWLGDYHUiIUXVWUDGDVVXVH[SHFWDWLYDV
FRPR WDPELpQ ODV YHUi TXLHQ GHVFXEUD TXH OR TXH UHDOL]y SDUD FXPSOLU FRQ OR SURPHWLGR QR
SURGXFH OD VDWLVIDFFLyQ HVSHUDGD&XiOHVHOFRVWRHQSURGXFWLYLGDGHQELHQHVWDUSHUVRQDOHQ
LGHQWLGDGTXHUHVXOWDUiGHXQDVLWXDFLyQFRPRpVWD"&XiQWDVYHFHVQRVYHPRVHQIUHQWDGRVD
VLWXDFLRQHVGHHVWHWLSR"

([DPLQHPRV SRU ~OWLPR OR TXH VXFHGH FXDQGR HVWD YH] VH FRQFUHWD XQD SURPHVD FRQ FODUDV
FRQGLFLRQHV GH VDWLVIDFFLyQ SHUR QR VH HVWDEOHFH FRQ FODULGDG VX IHFKD GH FXPSOLPLHQWR 8QD
SURPHVDTXHQRHVSHFLILFDFRQFODULGDGHOWLHPSRHQHOTXHGHEHFXPSOLUVHQRHVXQDSURPHVD
4XLHQ HVSHUD VX FXPSOLPLHQWR QR HVWi HQ FRQGLFLRQHV GH GHVFDQVDU HQ HO KHFKR GH TXH WDO
SURPHVD VH FXPSOLUi GDGR TXH QR VH VDEH FXiQGR HOOR SRGUtD VXFHGHU (V PiV DO QR
HVSHFLILFDUVHFXiQGRGHEHFXPSOLUVHODSURPHVDWDPSRFRKD\HVSDFLRSDUDUHFODPDUGDGRTXH
VLHPSUH SXHGH DUJLUVH TXH HQ DOJ~Q PRPHQWR PiV WHPSUDQR R PiV WDUGH OR SURPHWLGR VH
FXPSOLUi8QDSURPHVDTXHQRHVSHFLILFDHOIDFWRUWLHPSRQRREOLJD\SRUORWDQWRHQULJRUQR
SXHGH FRQVLGHUDUVH XQD SURPHVD (V QHFHVDULR SUHJXQWDU VREUH ODV FRQVHFXHQFLDV GH HVWD
VLWXDFLyQ"
&XDQGR KDFHPRV XQD SURPHVD QRV FRPSURPHWHPRV HQ GRV GRPLQLRV VLQFHULGDG \
FRPSHWHQFLD /D VLQFHULGDG HQ HVWH FRQWH[WR HV HO MXLFLR TXH KDFHPRV GH TXH ODV
FRQYHUVDFLRQHV \ ORV FRPSURPLVRV S~EOLFRV FRQWUDtGRV SRU OD SHUVRQD TXH KL]R OD SURPHVD
FRQFXHUGDQ FRQ VXV FRQYHUVDFLRQHV \ FRPSURPLVRV SULYDGRV /D FRPSHWHQFLD JXDUGD UHODFLyQ
FRQ HO MXLFLR GH TXH OD SHUVRQD TXH KL]R OD SURPHVD HVWi HQ FRQGLFLRQHV GH HMHFXWDUOD
HIHFWLYDPHQWHGHPRGRGHSURYHHUODVFRQGLFLRQHVGHVDWLVIDFFLyQDFRUGDGDV

&XDQGR IDOWD FXDOTXLHUD GH HVWRV GRV IDFWRUHV VLQFHULGDG R FRPSHWHQFLD OD FRQILDQ]D VH YH
DIHFWDGD 1RUPDOPHQWH GHFLPRV TXH FRQILDPRV HQ DOJXLHQ TXH KL]R XQD SURPHVD FXDQGR
MX]JDPRVTXHHVDSHUVRQDHVVLQFHUD\FRPSHWHQWHDOKDFHUOD/DGHVFRQILDQ]DVXUJHGHOMXLFLR
TXH KDFHPRV GH TXH TXLHQ SURPHWH FDUHFH GH VLQFHULGDG \R GH FRPSHWHQFLD \ TXH SRU OR
WDQWRQRSRGHPRVDVHJXUDUHOFXPSOLPLHQWR

(VWRVFRPSURPLVRVLQYROXFUDGRVHQODVSURPHVDVKDFHQTXHHOODVWHQJDQVXPRSRGHUHQODYLGD
VRFLDO\VHDQXQRGHORVSLODUHVGHQXHVWUDFDSDFLGDGGHFRRUGLQDFLyQGHDFFLRQHV
&RPR \D KHPRV YLVWR XQD GH ODV SULQFLSDOHV GLIHUHQFLDV HQWUH ORV DFWRV OLQJtVWLFRV HV TXH
LPSOLFDQ GLIHUHQWHV FRPSURPLVRV VRFLDOHV (VWRV VRQ SUHVXSXHVWRV TXH KDFHPRV DO HVFXFKDU OR
TXH GHFLPRV \ SRU ORV FXDOHV ORV RUDGRUHV QRV KDFHPRV UHVSRQVDEOHV &RPR GLMLPRV
DQWHULRUPHQWH FXDQGR KDEODPRV QR VRPRV LQRFHQWHV 6LHPSUH VRPRV UHVSRQVDEOHV GH ORV
FRPSURPLVRVVRFLDOHVLPSOtFLWRVHQQXHVWURVDFWRVOLQJtVWLFRV



LOS ACTOS LINGSTICOS FUNDAMENTALES


$ILUPDFLyQ
 'HFODUDFLyQ
3URPHVD

2IHUWD'HFODUDFLyQGHDFHSWDFLyQ

3HWLFLyQ'HFODUDFLyQGHDFHSWDFLyQ

&XDQGRKDJRXQDDILUPDFLyQPHFRPSURPHWRDODYHUDFLGDGGHORTXHDILUPR&XDQGRKDJRXQD
GHFODUDFLyQ PH FRPSURPHWR D OD YDOLGH] \ D OR DGHFXDGR GH OR GHFODUDGR &XDQGR KDJR XQD
SURPHVD XQD SHWLFLyQ R XQD RIHUWD PH HVWR\ FRPSURPHWLHQGR D OD VLQFHULGDG GH OD SURPHVD
LQYROXFUDGD < FXDQGR PH FRPSURPHWR D FXPSOLU XQD SURPHVD PH HVWR\ FRPSURPHWLHQGR
WDPELpQDWHQHUODFRPSHWHQFLDSDUDFXPSOLUODVFRQGLFLRQHVGHVDWLVIDFFLyQHVWLSXODGDV
(VWRQRVLJQLILFDTXHQRSRGDPRVURPSHUQXHVWURVFRPSURPLVRV3RUVXSXHVWRSRGHPRVKDFHUOR
\ OR KDFHPRV 6LQ HPEDUJR HVWR YD D DIHFWDU QXHVWUD FRPXQLFDFLyQFRQORVGHPiV\GHEHPRV
HVSHUDUJUDGRVYDULDEOHVGHVDQFLRQHVSRUQRFXPSOLUFRQHOORV
EL PAPEL GENERATIVO DEL LENGUAJE
'HEHPRV VHU FDSDFHV GH REVHUYDU FXDQ OHMRV HVWDPRV GH QXHVWUD FRPSUHQVLyQ WUDGLFLRQDO GHO
OHQJXDMH /D FRQFHSFLyQ GHO OHQJXDMH FRPR GHVFULSWLYR \ SDVLYR KD VLGR VXVWLWXLGR SRU XQD
LQWHUSUHWDFLyQ GLIHUHQWH TXH YH DO OHQJXDMH FRPR DFFLyQ \ HQ WDQWR WDO FRPR XQD IXHU]D
SRGHURVDTXHJHQHUDQXHVWURPXQGRKXPDQR

7DO FRPR OR VHxDOiUHPRV SUHYLDPHQWH HQ QXHVWUD FRQFHSFLyQ WUDGLFLRQDO OD UHDOLGDG YHQtD
SULPHUR \ OXHJR HO OHQJXDMH (Q OD QXHYD FRQFHSFLyQ HO OHQJXDMH JHQHUD UHDOLGDG &XDOTXLHU
UHDOLGDGTXHH[LVWDPiVDOOiGHOOHQJXDMHpVWHQRSXHGHKDEODUGHHOOD(OOHQJXDMHVRORSXHGH
DSXQWDU HQ VX GLUHFFLyQ KDEODU GH HOOD VLQ WRFDUOD R FRPR QRV UHFRPHQGDUD :LWWJHQVWHLQ
FUX]DUODHQVLOHQFLR
6XVWLWXLPRV OD DQWLJXD LQWHUSUHWDFLyQ GHVFULSWLYD GHO OHQJXDMH SRU OR TXH OODPDPRV OD
LQWHUSUHWDFLyQ JHQHUDWLYD 'HELGR D TXH HO OHQJXDMH QR HV SDVLYR GHELGR D TXH OH OHQJXDMH HV
DFFLyQ pVWH JHQHUD SHUPDQHQWHPHQWH QXHYDVUHDOLGDGHV1RVRWURVORVVHUHVKXPDQRYLYLPRV
HQ PXQGRV OLQJtVWLFRV \ QXHVWUD UHDOLGDG HV XQD UHDOLGDG OLQJtVWLFD &UHDPRV HO PXQGR FRQ
QXHVWUDVGLVWLQFLRQHVOLQJtVWLFDVFRQQXHVWUDVLQWHUSUHWDFLRQHV\UHODWRV\FRQODFDSDFLGDGTXH
QRVSURSRUFLRQDHOOHQJXDMHSDUDFRRUGLQDUDFFLRQHVFRQRWURV



También podría gustarte