Está en la página 1de 138

1

(GJDU$OODQ3RH
7UDGXFFLyQ5LFDUGR6XPPHUV$QtEDO)URXIH )UDQFLVFROYDUH]
'LVHxRSRUWDGD*HUDUGR'RPtQJXH]
(GLWRURULJLQDO3HW\U Y
H3XEEDVHY


/DV QDUUDFLRQHV H[WUDRUGLQDULDV GH (GJDU $OODQ 3RH FRQVWLWX\HQ OD SDUWH PiV FRQRFLGD GH VX
REUD (O FLQH \ OD WHOHYLVLyQ KDQ H[SORWDGR QR VLHPSUH FRQ IRUWXQD OR TXH HQ 3RH KD\ GH
PLVWHULRVR\KDVWDWHUURUtILFRGHMDQGRGHODGRODLQWHQVLGDGHOSXOVR\HVHDFHQWRGHFDPSDQD
JLJDQWHVFDTXHVXSRQHQORVYDORUHVSULPRUGLDOHVGHXQDREUDFRQFHQWUDGD\SHUVRQDOtVLPDHQ
ODFXDOORKXPDQRVHHOHYDSRUFDPLQRVSDYRURVRVDWHQVLRQHVPX\VXSHULRUHVDVXFRQWHQLGR
PHORGUDPiWLFR &RPR VL OD YLGD FRQ VX IXQGDPHQWR GH WHUURUHV \ VRPEUDV QHFHVLWDVH VHU
SHQHWUDGDSRUVXDXWRUSUHRFXSDGRSRUDOXPEUDULQpGLWRVFDPLQRVFRQVXVGHVFXEULPLHQWRV

3UyORJR

5$',&,21$/0(17( ODV KLVWRULDV GH OD OLWHUDWXUD YHQ HQ (GJDU $OODQ 3RH DO LQYHQWRU GH XQ
JpQHUROLWHUDULRTXHDXQTXHQRQXHYRGHEHDOSRHWDGHOKRUURUXQDVFDUDFWHUtVWLFDVSUHFLVDV(V
FLHUWRTXHDQWHVGH3RHKDEtDFXHQWRVUHODWRVGHVGHOD(GDG0HGLDQRKDQIDOWDGRDSyORJRV\IiEXODVGH
FDUiFWHU PRUDO FRPR &DOLOD H 'LQD TXH WUDH D (XURSD D WUDYpV GH OD OHQJXD FDVWHOODQD OD SULPHUD
DQWRORJtDGHUHODWRVGHOPXQGRRULHQWDOHLQFOXVRHOJpQHURGHQDUUDFLyQEUHYHDGTXLULUtDXQGHVDUUROOR
EiVLFRSDUDHOQDFLPLHQWRGHODQRYHODPRGHUQDSDUD(O,QJHQLRVR+LGDOJRGRQ4XLMRWHGHOD0DQFKD
TXHQRKXELHUDSRGLGRSURGXFLUVHVLQORVDQWHFHGHQWHVGHORVQRYHOOLQRVLWDOLDQRVWDQFRQRFLGRVHQORV
DOERUHV GHO 5HQDFLPLHQWR FROHFFLRQHV FRPR (O 'HFDPHUyQ ERFFDFFLDQR \ /DV KLVWRULDV WUiJLFDV \
HMHPSODUHVGH0DWHR%DQGHOOR(QHVRVGRVHMHPSORVHVWiSHUIHFWDPHQWHHVWUXFWXUDGRHOJpQHURQDUUDWLYR
PHQRU HO FXHQWR FRPR WDO TXH JR]DUi HQ (VSDxD GH JUDQ ERJD GXUDQWH HO VLJOR ;9,, FRQ ODV 1RYHODV
HMHPSODUHV FHUYDQWLQDV \ FRQ ODV QRYHODV FRUWHVDQDV QXHYR HQIRTXH DXQTXH VXVWHQWDGR HQ ORV
SULQFLSLRVGHOQRYHOOLQRLWDOLDQRDSURYHFKDGRYHQWDMRVDPHQWHHQQXHVWUDOHQJXDSRU/RSHGH9HJDHQVXV
1RYHODVD0DUFLD/HRQDUGD\SRUGRxD0DUtDGH=D\DVHQVXV1RYHODVHMHPSODUHV\DPRURVDV
0DV FDVL WRGRV HVWRV HMHPSORV SRVHtDQ XQ FDUiFWHU FRP~Q PDUFDGR HQ VX HVHQFLD SRU OD QDUUDWLYD
RULHQWDOWUDVYDVDGDDWUDYpVGHO&DOLODH'LQD\SRUODJUDFLRVDDUWLFXODFLyQGH/DV PLO \ XQD QRFKHV
DXQTXH GHEHPRV DGYHUWLU TXH HVH OLEUR QR VHUtD FRQRFLGR KDVWD YDULRV VLJORV PiV WDUGH HQ HO PXQGR
RFFLGHQWDO  VH WUDWD GH FXHQWRV HQVDPEODGRV SHJDGRV D XQD SUHVXQWD DFFLyQ JHQHUDO TXH GH KHFKR
IXQFLRQD WDPELpQ FRPR RWUR UHODWR HQ /DV PLO \ XQD QRFKHV HV 6KHUH]DGH TXLHQ SDUD VDOYDU VX YLGD
PLHQWUDVHQWUHWHQJDDOUH\GHVJUDQDQRFKHDQRFKHXQFXHQWRFX\RGHVHQODFHHQXQKiELOHVJXLQFHGH
VXVSHQVHTXHGDSDUDODQRFKHVLJXLHQWHDVtHOUH\LUiDSOD]DQGRGHPRGRLQGHILQLGRODHMHFXFLyQGHOD
EHOODFX\DKDELOLGDGQDUUDWLYDQRGHMDGHVLQWHWL]DUXQDKHUPRVDPHWiIRUDTXHWRGRHVFULWRUDJUDGHFHUi
VLHPSUH D HVH DQWHFHVRU DQyQLPR TXH HQ 6KHUH]DGH HQFDPy XQD HTXLYDOHQFLD YLYLU  QDUUDU YLYLU
LQYHQWDUYLYLU PDUDYLOODUPDQWHQHUODWHQVLyQ\HOVXVSHQVH<HOOLJDPHQWRTXHXQHODVFLHQQRYHODVGH
(O 'HFDPHUyQ DXQTXH PiV WRVFR QR GHMD GH DSXQWDU D HVH FDUiFWHU JOREDOL]DGRU GH OD HVWUXFWXUD
SHUVRQDMHVGHODYLGDFRUWHVDQDTXHUHIXJLDGRVGHODSHVWHHQXQDYLOODUXUDOHQWUHWLHQHQVXVMRUQDGDV
HVHUHWLUR\DOHMDPLHQWRVXSRQGUiQODVDOYDFLyQGHODPXHUWHFRQORVUHODWRV
3HURKDEUiTXHHVSHUDUDOVLJOR ;,;SDUDTXHHOFXHQWRVHSURGX]FDH[HQWRHVGHFLUOLEHUDGRGHO
PRQXPHQWR JUDQGLRVR TXH HV OD HVWUXFWXUD QRYHOHVFD HO VLJOR ;9,,, QR KL]R VLQR PDQWHQHU DTXHO YLHMR
HVTXHPD HQ VX UHSUHVHQWDQWH PiV FRQVSLFXR \ GHGLFDGR DO JpQHUR FRQ XQD SHUVSHFWLYD WRWDOPHQWH
PHGLHYDO\UHQDFHQWLVWDHQFXDQWRDHVWUXFWXUDFLyQHOPDUTXpVGH6DGHHQVXV&LHQMRUQDGDVQRKDFHGH
KHFKRVLQRUHSHWLUFRQRWUDVLPSOLFDFLRQHVSRUVXSXHVWRODWpFQLFD\DFRQRFLGD(QHO ;,;HOFXHQWR
YDDGDUVHDXWyQRPRHVGHFLUFRQYDORUHVSRUVtPLVPR6LORVIUDQFHVHV0pULPpH\%DO]DFURPSHQHO
IXHJR VHUiQ GRV HVWDGRXQLGHQVHV +DZWKRPH \ (GJDU $OODQ 3RH TXLHQHV ORJUDUiQ VLWXDUOR HQ XQD
DXWRQRPtDHVHQFLDO<GHHVRVGRVHVFULWRUHVVRORHO~OWLPRFRQVHJXLUtDDOJRLQVRVSHFKDGRHQWRQFHVTXH
XQFXHQWRVHDWDQLPSRUWDQWHSRUVXSURIXQGLGDGSRUVXWpFQLFDSRUHOPXQGRGHUHODFLRQHVTXHHQJORED
4

SRUODUHGLQWULQFDGDGHWHQVLRQHVTXHHQHOOHFWRUFUHDFRPRXQDQRYHOD$SDUWLUGH3RHKD\JUDQGHV
QDUUDGRUHV TXH VROR KDQ HVFULWR DOJR KDVWD HQWRQFHV FRQVLGHUDGR PHQRU FXHQWRV < HQ QXHVWUD SURSLD
OHQJXDWHQHPRVXQDPXHVWUDUHOHYDQWH-RUJH/XLV%RUJHV
&RQ3RHFDPELDFXDOLWDWLYDPHQWHHOJpQHUR3RUTXp"3RHHUDXQSHUVSLFD]DQDOLVWDOLWHUDULR(QORV
FRPHQWDULRVDOPpWRGRGHFRPSRVLFLyQGHVXIDPRVRSRHPD(OFXHUYRORPDQLIHVWySDUDJUDQHVFiQGDOR
GHORVFUH\HQWHVHQPXVDVLQVSLUDFLRQHV\RWUDV]DUDQGDMDVLGHDOLVWDVFRQVLGHUDQGRODOLWHUDWXUDFRPRXQ
DUWHFRPRXQDUWLILFLRHQGHILQLWLYDFRPRXQHQMXDJXHGHHOHPHQWRVOLWHUDULRVKHUHGDGRVGHODWUDGLFLyQ
DORVTXHHODXWRUFDGDDXWRUDSRUWDDOJRSHUVRQDOFRPRXQDPDQLSXODFLyQGHKHUUDPLHQWDVFRPRXQD
XWLOL]DFLyQGHWUXFRV\UHFXUVRVTXHVRQSURSLRVH[FOXVLYDPHQWHGHXQRILFLDQWHGHOJUHPLROLWHUDULRHVH
DUWHVDQRHVSHFLDOGHSRGHUHVPpWRGRV\~WLOHVGHILQLGRVVHUiHODXWRUHOHVFULWRU<VLQRVDSOLFDPRVDO
FXHQWRQRVRQHVFDVRVORVWH[WRV\DUWtFXORVHQTXH3RHFRPHQWDQGRVXSURSLDREUDROLEURVGHRWURV
WHRUL]D<WHRUL]DSDUDH[SOLFDUVH\H[SOLFDUQRVXQVLVWHPDXQPpWRGR
$ODSOLFDUORVSULQFLSLRVGHOD3RpWLFDDULVWRWpOLFDDOUHODWR3RHVHxDOyODYtDTXHLEDDUHFRUUHUOD
QRYHODFRUWDFRQWHPSRUiQHDFX\DEDVHGHWLHUUDHVODFUHDFLyQGHXQDGHWHUPLQDGDWHQVLyQHQHOOHFWRU
XQDWHQVLyQVHPHMDQWHDODTXHHVWUXFWXUDXQSRHPDOtULFR\TXHVHGLVXHOYHHQHOGHVHQODFH(OFXHQWRQR
YD D VHU D SDUWLU GH HQWRQFHV XQD QRYHOD HQ SHTXHxR XQD QRYHOD FRUWD HV XQD DUWLFXODFLyQ HVHQFLDO
IXQGDPHQWDOPHQWHGLVWLQWDGHHOHPHQWRVIXHUWHPHQWHFRQFHQWUDGRV\GHVWLQDGRVDXQILQGLJiPRVORFRQ
VXV SURSLDV SDODEUDV 3RH EXVFD XQ FLHUWR HIHFWR VLQJXODU \ ~QLFR TXH KD\ TXH FRQVHJXLU SDUD OR
FXDO
LPDJLQDXQRVLQFLGHQWHVFRPELQDORVDFRQWHFLPLHQWRVGHPRGRTXHWRGRFRQWULEX\DGHOD
PDQHUD PiV HILFD] D TXH GLFKR HIHFWR SUHFRQFHELGR VH SURGX]FD 1R GHEH KDEHU HQ WRGD OD
FRPSRVLFLyQQLXQDVRODSDODEUDFX\DWHQGHQFLDQRVHGLULMDGLUHFWDRLQGLUHFWDPHQWHDORJUDUHO
SURSyVLWRSUHHVWDEOHFLGR(PSOHDQGRGLFKRVPHGLRVFRQHOPD\RUFXLGDGR\FRQWRGDODSRVLEOH
KDELOLGDGVHREWHQGUiXQFXDGURSLQWDGRFRQWDOHVPHURTXHSURGXFLUiHQHOHVStULWXGHTXLHQOR
FRQWHPSOHFRQODVGHELGDVIDFXOWDGHVXQVHQWLPLHQWRGHSOHQDVDWLVIDFFLyQ
&RPR SXHGH YHUVH 3RH ILMD GH IRUPD ULJXURVD \ FODUD EDVHV TXH SHUPLWHQGLIHUHQFLDU XQ FXHQWRGH
FXDOTXLHU RWUD IRUPD JHQpULFD (Q VX FRPHQWDULR D ORV FXHQWRV GH +DZWKRPH HQFRPLD HO UHODWR FRPR
JpQHUR\GHMDWUDVOXFLUDGHPiVGHWHUPLQDGRVUDVJRVSHUVRQDOHV
'DGD VX ORQJLWXG OD QRYHOD RUGLQDULD HV REMHWDEOH &RPR QR SXHGH VHU OHtGD GH XQD VROD
YH] VH YH SULYDGD GH OD LQPHQVD IXHU]D TXH VH GHULYD GH OD WRWDOLGDG /RV VXFHVRV GHO PXQGR
H[WHULRUTXHLQWHUYLHQHQHQODVSDXVDVGHODOHFWXUDPRGLILFDQDQXODQRFRQWUDUUHVWDQHQPD\RUR
PHQRUJUDGRODVLPSUHVLRQHVGHOOLEUR(OFXHQWREUHYHHQFDPELRSHUPLWHDODXWRUGHVDUUROODU
SOHQDPHQWH VX SURSyVLWR 'XUDQWH OD KRUD GH OHFWXUD HO DOPD GHO OHFWRU HVWi VRPHWLGD D OD
YROXQWDGGHDTXHO
5LJXURVR \ DGHPiV QtWLGR WRGR TXHGD RUGHQDGR D OD FDSWDFLyQ GHO OHFWRU DSUHKHQGLGR FRQ HO
DOLHQWR FRQWHQLGR HQWUH ODV UHGHV WHQGLGDV SRU HO DXWRU UHGHV TXH HQ ORV FXHQWRV VHUiQ PLVWHULR
SUHVHQWDFLyQGHXQPXQGRQDUUDWLYRSHUIHFWDPHQWHPDUFDGR\DGHUH]DGRHQIXQFLyQGHOFOLPDGHOUHODWR
5

KDVWDHQORVPHQRUHVGHWDOOHVREVpUYHQVHSRUHMHPSORODVHVWDQFLDVGHUHODWRVFRPR(O KXQGLPLHQWR
GHODFDVD8VKHUR(OUHWUDWRRYDOHQORVTXHODVGHVFULSFLRQHVGHOXFHVFRUWLQDMHVHWFYDQFUHDQGROD
WHQVLyQ GHO OHFWRU SUHSDUiQGROR SDUD XQD DWPyVIHUD LUUHDO HQ OD TXH VLQ HPEDUJR ORV KHFKRV UHVXOWDQ
YHURVtPLOHV QDUUDWLYDPHQWHUDFLRQDOPHQWHYHURVtPLOHV \WRGRVHVWRVHOHPHQWRVTXHSXHGHQSDUHFHU
H[WHUQRVDODHVHQFLDPLVPDGHORQDUUDGRDG\DFHQWHV\RUQDPHQWDOHVQRVRQORTXHSDUHFHQHQ~OWLPD
LQVWDQFLD VLQR HO WLUyQ TXH DUUDVWUD OHQWD SHUR LQH[RUDEOHPHQWH KDFLD XQ PRPHQWR ~QLFR GH UXSWXUD
GUDPiWLFD FRQ OD GLVROXFLyQ GH OD WHQVLyQ HQ HO GHVHQODFH (O SURSyVLWR HVWpWLFR QR HVWi SXHV HQ XQ
OHQJXDMHOLWHUDULDPHQWHH[TXLVLWRWRGRVHRUGHQDDOPLVWHULRDOWHUURU\DODIDQWDVtDFODYHVWHPiWLFDVGHO
FRQMXQWRGHVXVUHODWRV1RHVWDPRVDQWHFXHQWRVELHQHVFULWRVHQWHQGLHQGRSRUHOORXQDDFDUDPHODGD
OLWHUDWXUDRUQDPHQWDO\YDFXDVLQRDQWHFXHQWRVHVFULWRVSDUDTXHHOOHFWRUFRPRH[SUHVDOD~OWLPDIUDVH
GH OD FLWD TXHGH VRPHWLGR DO GRPLQLR GHO DXWRU 4XH HVWR VH FXPSOH VREUDGDPHQWH OR GHPXHVWUDQ VXV
PHMRUHVFXHQWRVHQORVTXHHOOHFWRUDWUDSDGRSRUODVFODYHVWHQGLGDVSRU3RHKDGHSHJDUVHDODOHWUD
GHOUHODWRSDUDFRQHOGHVHQODFHOLEHUDUVHGHODREVHVLyQVXWLOPHQWHFUHDGDSRUORVSODQWHDPLHQWRVXQRV
SODQWHDPLHQWRV GHVQXGRV GH DFFLGHQWHV H[WHUQRV DO ILQDO OD SXUH]D TXH VXSRQH HFRQRPtD GH ORV
PHGLRV GLVWD FRQVLGHUDEOHPHQWH GH XQR GH ORV UHFXUVRV WtSLFRV GH ODV QRYHODV SROLFtDFDV DO XVR
FRQWHPSRUiQHRTXHHVWULEDHQSHUGHUDOOHFWRUHQXQDPDUDxDGHGDWRVIDOVRVTXHRFXOWHQSUHFLVDPHQWHHO
HOHPHQWR HMH SRUTXH LQFOXVR HQ VXV FXHQWRV GHWHFWLYHVFRV /RV FUtPHQHV GH OD FDOOH 0RUJXH 3RH
KDFHKLQFDSLpQRHQHOEXUGRGHVSLVWHGHOOHFWRUORTXHPiVOHLQWHUHVDHVVHJXLUHOSURFHVRGHUDFLRFLQLR
TXHOOHYDD0'XSLQDQWHFHGHQWHGLUHFWRGH6KHUORFN+ROPHVDODUHVROXFLyQGHOPLVWHULR
 
8QD GLYLVLyQ VXPDULD GH ORV UHODWRV GH (GJDU $OODQ 3RH ORV GLYLGLUtD HQ D  FXHQWRV WHUURUtILFRV R GH
KRUURUTXHDVXYH]VHVXEGLYLGLUtDQHQDTXHOORVTXHVXVFLWDQKRUURUSRUVXDUJXPHQWR\DTXHOORVRWURV
HQ TXH XWLOL]D UHFXUVRV DWPRVIpULFRV R VREUHQDWXUDOHV SDUD OD FUHDFLyQ GH HVH FOtPD[ E  FXHQWRV GH
FLHQFLDILFFLyQHQORVTXH3RHVLHQWDODVEDVHVGHXQJpQHURDOTXH-XOLR9HUQHDSRUWDUtDPDQHUDVPiV
LQJHQLRVDV \ DPHQDV DXQTXH PiV VXSHUILFLDOHV HQ VX WHPiWLFD GH YLFWRULD \ VXSHUDFLyQ PHGLDQWH OD
LQJHQXRVLGDGFLHQWtILFDGHXQSUREOHPDRDYHQWXUDTXHH[LJHDOVHUKXPDQRODWHQVLyQWRWDOGHFXHUSR\
PHQWH (OHVFDUDEDMRGHRURSRUHMHPSOR F GHPLVWHULR\GHWHFWLYHVFRVTXHVHRULHQWDQXQSRFRHQHVD
OtQHD GH VXSHUDFLyQ GHO VHU KXPDQR DSOLFDGR DKRUD D OD UHVROXFLyQ GH XQRV LQWHUURJDQWHV TXH ORJUD
GHVSHMDUPHGLDQWHXQUDFLRFLQLROyJLFR\ULJXURVR\SRU~OWLPRG ORVFXHQWRVPHQRUHVGHWHPDVDWtULFR
RKXPRUtVWLFR
'HMDQGRGHODGRHVWRV~OWLPRVODSULPHUDGHHVWDVGLYLVLRQHVFRQWLHQHTXL]iODPD\RUtDGHODVREUDV
PDHVWUDVGHVGH(OSR]R\HOSpQGXORKDVWD(OKXQGLPLHQWRGHODFDVD8VKHUHQHOSULPHUR3RHXWLOL]D
XQDHQWUDGDLQPHGLDUHVGHVGHODFXDUWDOtQHDGHOUHODWRHOOHFWRUVHHQFXHQWUDVLWXDGRGUDPiWLFDPHQWH
VLWXDGRHQODSHVDGLOODIUHQWHDXQWHPDGHKRUURUTXHJXtDHOVXVSHQVHODWHSRUGHEDMRFRPRHQ(O
KXQGLPLHQWRGHODFDVD8VKHUXQDDQJXVWLDVXEWHUUiQHDTXHHOOHFWRUGHVFRQRFH\TXHHOSURWDJRQLVWD
HQFDUQDSHUR3RHQRVHHQWUHWLHQHHQFRQWDUODVFDXVDVQRVSRQHHQFRQWDFWRLQPHGLDWRFRQHOFDVWLJR\
VXVWHUURUHVTXHVRQGLVWLQWRVHQDPERVUHODWRVDXQTXHSRVHDQXQGHQRPLQDGRUFRP~QHOSUREOHPD
GHOPDOXQPDODQWHULRUDODDFFLyQHQXQFDVRSDUHFHVHUSURGXFWRGHOHQIUHQWDPLHQWRFRQOD,QTXLVLFLyQ
HQ HO RWUR LQWXLPRV XQ PDO JHQHDOyJLFR PLVWHULRVR TXH KD SDVDGR GH VDQJUH D VDQJUH SRU OD PLVPD
6

IDPLOLDKDVWDOOHJDUDOSURWDJRQLVWDHQTXLHQVHHMHPSOLILFDHOFDVWLJRHVXQDHVSHFLHGHPDODWiYLFRGH
SHFDGR WUDQVPLWLGR LQPHPRULDOPHQWH OR TXH SDJD HO ~OWLPR KDELWDQWH \ GHVFHQGLHQWH GH OD FDVD 8VKHU
2WURVUHODWRVGHODVHULHLQFOXLUiQSHUVRQDMHVGHPRQtDFRVTXHURPSHQWRGDYHURVLPLOLWXGUHDOVLQIDOWDUD
ORYHURVtPLOQDUUDWLYRSRUHMHPSOR/DPiVFDUDGHODPXHUWHURMDRHQPD\RUSURIXQGLGDGD~QSRUVX
FOLPDWRWDOPHQWHLUUHDOVREUHQDWXUDO/LJHLD7RGRVHOORVDSXQWDQDXQPXQGRVXE\DFHQWHDODFRUWH]D
WHUUHVWUHGHPRQtDFRSHURLQVHUWRHQHOHVStULWXGHOKRPEUHDXQPXQGRFRUURtGRSRUODLQVDQLDSRUOD
GHPHQFLDSRUODSHUYHUVLyQ\HOPDOSRUHOSRGHUGHWXHU]DVRFXOWDVSRUHOGRPLQLRGHOLQFRQVFLHQWH(O
HQWHUUDPLHQWRSUHPDWXUR(OUHWUDWRRYDO(OFDVRGHOVHxRU9DOGHPDU(OFRUD]yQGHODWRU(OEDUULOGH
DPRQWLOODGRVRQORVPHMRUHVHMHPSORVGHHVHWHUURUVRODSDGRHQHOTXHDSDUHFHQtWLGDPHQWHODREVHVLyQ
QHFURItOLFDGH3RHFRPRXQGDWRPiVFRPRXQGDWRSHUWXUEDGRU
/D H[SRVLFLyQ TXH GH VXV REVHVLRQHV KDFH 3RH HQ ORV PHMRUHV FXHQWRV GHVGH HVD REVHVLyQ
QHFURItOLFD D ORV PDWLFHV GH VDGLVPR GHVGH HO JXVWR SRU OD IXHU]D PHQWDO R ItVLFD FRPR XQ 'XSLQ D OD
DVWXFLD\ODKDELOLGDGYDQUHYHODQGRDXQDQiOLVLVULJXURVRHOWUDVIRQGRSVLFROyJLFRGHODXWRUPXFKRV
KDQVLGRORVWUDEDMRVTXHILMiQGRVHHQXQKHFKRFDSLWDOHODQiOLVLVTXH3RHKDFHGHORVWHUURUHVTXH
LQYDGHQDOVHUKXPDQRSRUXQDH[FHVLYDVHQVLELOLGDGGDxDGDSRUXQDLQWHOLJHQFLDDWHQWDDORVPDWLFHV\
SOLHJXHV PiV UHFyQGLWRV GHO HVStULWX KDQ VHJXLGR HVD PLVPD OtQHD SDUD GHVFLIUDQGR FODYHV \
FRPHQWiQGRODVHQUHODFLyQDORVGDWRVELRJUiILFRVWUDWDUGHHODERUDUXQPDSDGHODPHQWHGH3RHGHVXV
WHUURUHV\REVHVLRQHVGHVXVPHFDQLVPRVGHHODERUDFLyQGHSHQVDPLHQWRVSHVDGLOODV\VXHxRVIDQWDVPDV
\ GHVHRV &LHUWR TXH HVWH WLSR GH HVWXGLRV SVLFRORJLVWDV HVWi KR\ HQ UHWURFHVR IUHQWH D ODV QXHYDV
WHQGHQFLDVGHODFUtWLFDTXHVHILMDQVREUHWRGRHQHOKHFKROLWHUDULRGHPRGRDXWyQRPRSHURFXDQGRVH
KDFHQFRQULJRUVLQRH[SOLFDQHOPHROORGHILQLWLYRGHOWHPDQLVXHILFDFLDOLWHUDULDFRODERUDQGHIRUPD
PHULWRULD D XQD OHFWXUD HQ SURIXQGLGDG (Q HO FDVR GH 3RH KD\ XQ DQiOLVLV TXH VXSRQH OD SHQHWUDFLyQ D
IRQGRHQVXREUDSRUTXHDVXOX]VHH[SOLFDQPHMRUODVUHODFLRQHVHQWUHORVGLVWLQWRVFXHQWRVSRQLpQGRORV
HQFRQWDFWRFRQORVGDWRVTXHVDEHPRVGHODXWRUHOGH0DULH%RQDSDUWH(GJDU$OODQ3RH6DYLH6RQ
RHXYUHSUHFHGLGRSRUXQDEUHYHQRWDLQWURGXFWRULDGHVXPDHVWUR6LJPXQ)UHXGTXHLQWHOLJHQWHPHQWH
SRQH HO GHGR HQ ORV OtPLWHV GH WRGR LQWHQWR GH LQWHUSUHWDFLyQ SVLFRORJLVWD 7UDV DGYHUWLU ODV WHQGHQFLDV
SDWROyJLFDVGH3RH\HORJLDUORVIUXWRVDTXHKDOOHJDGRHOOLEUR)UHXGFRPHQWDDWLQDGDPHQWH
*UDFLDV D VX WUDEDMR GH LQWHUSUHWDFLyQ DKRUD VH FRPSUHQGHQ FXiQWRV FDUDFWHUHV GH OD REUD
IXHURQ FRQGLFLRQDGRV SRU OD SHUVRQDOLGDG GHO KRPEUH \ WDPELpQ SXHGH YHUVH TXH HVD
SHUVRQDOLGDGHUDHOUHVLGXRGHSRGHURVDVILMDFLRQHVDIHFWLYDV\GHDFRQWHFLPLHQWRVGRORURVRVTXH
GDWDQ GH VX SULPHUtVLPD MXYHQWXG 7DOHV LQYHVWLJDFLRQHV QR SUHWHQGHQ H[SOLFDU HO JHQLR GH ORV
FUHDGRUHVSHURPXHVWUDQTXpIDFWRUHVORKDQSXHVWRHQJXDUGLD\TXpFODVHGHPDWHULDOHKDVLGR
LPSXHVWDSRUHOGHVWLQR
(Q PL RSLQLyQ 0DULH %RQDSDUWH GD LPSRUWDQFLD GHVPHVXUDGD DO PXQGR IHPHQLQR TXH URGHy D 3RH
PDGUHV SULPDV DPRUHV HWF 3HUR HVH PXQGR IHPHQLQR FDUHFH GH DPRU HUyWLFR FRPR \D DGYHUWtD HO
LQWURGXFWRUGH3RHHQ)UDQFLDRWURHVFULWRUPDUFDGRSRUWHQGHQFLDVSDWROyJLFDV\FRQXQPXQGRIHPHQLQR
FXDQGRPHQRVFRQIOLFWLYR%DXGHODLUHVXSULPHUWUDGXFWRU\DQDOLVWD9HDPRVVLQHPEDUJRGHVXPDQR
DOJXQDVGHODVLQWHUSUHWDFLRQHVDFXHQWRVUHFRJLGRVHQHVWDDQWRORJtD
(OKXQGLPLHQWRGHODFDVD8VKHUSXEOLFDGRHQIXHFRQVLGHUDGRSRUHOFUtWLFR&ROOLQJFRPROD
7

FLPD GH 3RH HQ FXDQWR D FUHDFLyQ GH XQD DWPyVIHUD PDOpILFD 2WURV FUtWLFRV KDQ VXEUD\DGR OD XQLGDG
HVWUXFWXUDO \ HO WRQR PXVLFDO GHO FXHQWR SRU ~OWLPR HQ 8VKHU TXLHQHV DERJDQ SRU HO FDUiFWHU
DXWRELRJUiILFRKDQYLVWRHOUHWUDWRGH3RHDORVWUHLQWDDxRV/DG\0DGHOLQHVHUtD9LUJLQLDSULPDFDUQDO\
HVSRVD GH 3RH TXH MXQWR DO OHFKR GH OD PRULEXQGD SDVy SURORQJDGDV WRUWXUDV VHPHMDQWHV D ODV GHO
SURWDJRQLVWD 0DULH %RQDSDUWH YLQFXOD HVWH FXHQWR DO FLFOR GH OD PDGUH PXHUWDYLYD SDUD HQFRQWUDU HO
VHQWLGR VLQLHVWUR GHO UHODWR HQ HO GHVWLQR GH 8VKHU3RH TXH VHUi FDVWLJDGR SRU KDEHU VLGR LQILHO D VX
PDGUH DO DPDU D 0DGHOLQH9LUJLQLD \ WDPELpQ SRU VX VDGLVPR HYLGHQWH HQ ODV UHODFLRQHV GH 5RGHULFN
FRQVXKHUPDQDHQ~OWLPDLQVWDQFLDODUHVXUUHFFLyQGH/DG\0DGHOLQHSDUDFDVWLJDUDVXKHUPDQRQRHV
SDUDODSVLFRDQDOLVWDVLQRHOUHWRUQRGHODPDGUHTXHUHVXFLWDSDUDDUUDVWUDUFRQVLJRDODPXHUWHDOKLMR
GXUDQWH WRGD VX YLGD 3RH OOHYDUtD HVH IDQWDVPD GH OD PDGUH PXHUWD TXH DSDUHFH HQ WDQWRV UHODWRV
QHFURItOLFRV
(O HVFDUDEDMR GH RUR SUREDEOHPHQWH HO PiV IDPRVR GH ( $ 3RH SRUTXH VX LQWHUpV SXHGH VHU
FDSWDGRSRUWRGDVODVHGDGHVDSDUHFLyHQMXQLRGHHOUHODWRKDGDGROXJDUDDEXQGDQWHVHVWXGLRV
DOJXQRV KDQ SUHWHQGLGR LQFOXVR UHFRQVWUXLU HO PLVWHULRVR HVFDUDEDMR VXSRQLHQGR TXH 3RH FRPELQy WUHV
HVSHFLHV FRQRFLGDV 3DUD ORV GHWDOOHV SDLVDMtVWLFRV \ ORFDOLVWDV VH VXSRQH TXH 3RH HPSOHy ORV TXH HO
UHFXHUGRGHVXYLGDPLOLWDUHQ)RUW0RXOWULHOHLQVSLUDUD3DUD0DULH%RQDSDUWHHOFXHQWRSHUWHQHFHUtDDO
FLFORGHODPDGUHSDLVDMHHQWHQGLHQGRHVWD~OWLPDSDODEUDHQXQVHQWLGRPX\DPSOLRSDLVDMHHVWRGROR
TXHGHODQDWXUDOH]DVHDSDUHFHDORVRMRVGHOKRPEUHVHDWLHUUDDJXDRFLHORHOPDU\ODWLHUUDSXHGHQ
UHYHVWLUORVUDVJRVLPSRQHQWHVGHODVJUDQGHVGLYLQLGDGHVPDWHUQDVTXHDGRUDEDQQXHVWURVDQWHSDVDGRV
VHDQ&LEHOHVR$VWDUWp\(OHVFDUDEDMRGHRURFRQHVWRVULDFKXHORVGHWHVRURVHQODVHQWUDxDVWHUUHVWUHV
HV FRPR HO UHODWR GH ODV $YHQWXUDV GH $UWKXU *RUGRQ 3\P XQD HVSHFLH GH HSRSH\D GH OD PDGUH TXH
QXWUH\FROPDGHVDWLVIDFFLyQGHXQDPDGUHFRQYHUWLGDHQSODFHQWDOOHQDGHODVULTXH]DVSURIXQGDVGHVXV
HQWUDxDV
(OUHWUDWRRYDOWXYRGRVYHUVLRQHVHQODSULPHUDHOSURWDJRQLVWDVHKDOODEDVRPHWLGRDODLQIOXHQFLD
GHORSLRORFXDOH[SOLFDGHPRGRPiVUHDOLVWDODWRQDOLGDGGHVXYLVLyQGHOUHWUDWRRYDO6HJ~Q0DULH
%RQDSDUWHIXHFRPSXHVWREDMRODLPSUHVLyQGHODYLGDGHFOLQDQWHGH9LUJLQLD\GHQXQFLDUtDRWUDSUXHED
PiVGHOFRPSOHMRGH(GLSRHQ3RH
8QR GH ORV PiV FpOHEUHV SRU VX FRQFLVLyQ \ HIHFWRV SRU VX EULOODQWH WpFQLFD QDUUDWLYD HO GLiORJR
LQFLVLYRVHFR\HOFOLPDGHWHUURUTXHLQXQGDODWUDPDHV(OEDUULOGHDPRQWLOODGR2WURJUDQQRYHOLVWD
5 / 6WHYHQVRQ GXUR FUtWLFR GH OD REUD SRHLDQD DILUPD TXH WRGR HO HVStULWX GHO FXHQWR GHSHQGH GHO
GLVIUD]FDUQDYDOHVFRGH)RUWXQDWRHOJRUURGHFDVFDEHOHV\HOWUDMHGHEXIyQ8QDYH]TXH3RHDFHUWyD
YHVWLUDVXYtFWLPDJURWHVFDPHQWHKDOOyODFODYHGHOFXHQWR3DUDODSVLFRDQDOLVWDHVVLQHPEDUJRXQ
FXHQWRPHQRUQROLWHUDULDPHQWHVLQRGHVGHHOHQIRTXHGHODVFODYHVTXHSXHGHRIUHFHUHOWH[WRSDUDVX
SHQHWUDFLyQSVLFROyJLFDHQ3RHKHDKtXQDPXHVWUDGHODGLVWLQWDSHUVSHFWLYDGHHQIRTXHDODKRUDGH
ORVUHVXOWDGRVHVSOpQGLGRVFXHQWRVSXHGHQQRVXSRQHUQDGDSDUDXQDE~VTXHGDFRQFUHWD
/RV FUtPHQHV GH OD FDOOH 0RUJXH DSDUHFLGR HQ  RWRUJD D 3RH HO WtWXOR GH SULPHU QRYHOLVWD
SROLFtDFR FRQ HVWD FUHDFLyQ GHO FKHYDOLHU 'XSLQ 3RH VH FRQYLHUWH HQ HO LQLFLDGRU GHO JpQHUR
GHWHFWLYHVFR 6L HQ (O KRPEUH GH OD PXOWLWXG QR UHFRJLGR HQ HO SUHVHQWH YROXPHQ  HO HVFULWRU KDEtD
HVER]DGR OD ILJXUD GHO FULPLQDO KDEtD GHMDGR HPSHUR HO FULPHQ HQ OD VRPEUD (Q /RV FUtPHQHV GH OD
FDOOH0RUJXHHVHOFULPHQPLVPRHOTXHSURWDJRQL]DODDFFLyQSUHVHQWiQGRVHDQXHVWURVRMRVFRQWRGDVX
KRUULEOHFUXGH]D<HOHQLJPDGHODLGHQWLGDGGHOFULPLQDOTXHGDUHVXHOWRSRUHOLQIDOLEOHUD]RQDGRUTXH
8

HV'XSLQ0DULH%RQDSDUWHORFODVLILFDGHQWURGHOFLFORGHODPDGUHDVHVLQDGDFRQUHFXHUGRVLQIDQWLOHV\
REVHVLRQHVGHODSULPHUDMXYHQWXGHQFODYHGHQWURGHOUHODWR
/D PiVFDUD GH OD PXHUWH URMD DSDUHFLGR HQ PD\R GH  HVWi UHODFLRQDGR FRQ HO SRHPD (O
JXVDQRFRQTXLVWDGRUTXHHODXWRULQFOX\HHQRWURFXHQWR/LJHLD $XQTXH OD SULPLWLYD YHUVLyQ OOHYDED
FRPRVXEWLWXORHOOHPDXQDIDQWDVtDORFLHUWRHVTXHSDUDHOFUtWLFRSRHLDQR6KDQNVHOFRQWHQLGRGHO
UHODWRHVHOSXURKRUURUGHODSHVDGLOODSHURKDVLGRHODERUDGR\HMHFXWDGRSRUXQDUWtILFHGHVXSUHPD\
GHOLEHUDGDKDELOLGDG
(OPDQXVFULWRKDOODGRHQXQDERWHOODGHHVXQDGHODVSULPHUDVFRPSRVLFLRQHVGHOHVFULWRU
TXH\DGDPXHVWUDVGHVXYDOtDSDUDODIDFWXUDGHOUHODWRSDUDRWURVFUtWLFRVORPDUDYLOORVRUHVLGHHQOD
FUHDFLyQGHXQDDWPyVIHUDLQH[SOLFDEOHPHQWHWHUULEOHPLHQWUDVRWURVGHVWDFDQHVDIDFLOLGDGHVHGRQGH
3RHSDUDDUPDUVLWXDFLRQHVFRQFLHQSDODEUDV
(O SR]R \ HO SpQGXOR GH  HV XQR GH ORV PiV IDPRVRV UHODWRV GH 3RH SDUWH GH OD FUtWLFD KD
TXHULGR YHU HQ pO OD XWLOL]DFLyQ GH WHPDV GH XQD R PiV SHVDGLOODV SURYRFD GDV SRU HO RSLR 5 /
6WHYHQVRQVHLQGLJQDEDFRQWUD3RHSRUKDEHUHVFDPRWHDGRORTXHHOSHUVRQDMHYLRHQHOIRQGRGHOSR]R
GHWDOOHHVWHTXHDFUHFLHQWDVLQHPEDUJRODGRVLVGHPLVWHULR0DULH%RQDSDUWHLQWHUSUHWDOD,QTXLVLFLyQ
FRPR FODYH GHO 3DGUH HO SURWDJRQLVWD HV XQD YtFWLPD GHO VDGLVPR GH OD DXWRULGDG SVLFROyJLFDPHQWH
HQFDPDGDVLHPSUHSRUORVSDGUHV
(O HQWHUUDPLHQWR SUHPDWXUR DSDUHFLGR HQ  YXHOYH D VHU RWUR UHODWR GH WHUURU HQ HO TXH VH
PH]FODQ ODV SHVDGLOODV TXH SURGXFtD HQ 3RH HO RSLR \ WDPELpQ ORV WUDVWRUQRV FDUGtDFRV TXH
H[SHULPHQWDEDFRQIUHFXHQFLD3RUVXSXHVWR3RHFRQRFtD\ORVHQXPHUDHQHOUHODWRHQWHUUDPLHQWRVGH
GLIXQWRVTXHHVWDEDQYLYRV
(OFDVRGHOVHxRU9DOGHPDUGHSRVHHFLHUWRWRQRFLHQWtILFR(QXQRGHVXVWUDEDMRVHQSURVD
0DUJLQDOLD,3RHQRVKDEODGHODVVHFXHODVTXHODSXEOLFDFLyQGHOUHODWRSURYRFDURQHQ/RQGUHVGRQGH
IXH FRQVLGHUDGR SUHFLVDPHQWH FRPR LQIRUPH FLHQWtILFR VREUH XQD H[SHULHQFLD KLSQyWLFD R PHVPpULFD
SUHFLVDPHQWHHVHWRQRGHELyKDEHUSXHVWRDORVOHFWRUHVVREUHDYLVRGHTXHVHWUDWDEDGHXQFXHQWRTXHQR
UHWURFHGtDDQWHGHWDOOHVGHVFULSWLYRVSRUUHSXJQDQWHVTXHIXHVHQ
(OFRUD]yQGHODWRUGHHVWiXQLGRDQWHWRGRDODVREVHVLRQHV\VXIULPLHQWRVFDUGtDFRVGHODXWRU
TXH ORV DSURYHFKD SDUD UHIHULUVH DO WHPD GH &DtQ FRPR HQ RWURV FXHQWRV HQ (O GHPRQLR GH OD
SHUYHUVLGDGTXHORWUDWDHQVXIRUPDPiVSXUD\HQ:LOOLDQ:LOVRQTXHORDQDOL]DGHVGHXQDDOXFLQDFLyQ
YLVXDO$TXtORKDUiGHVGHXQDDOXFLQDFLyQDXGLWLYD0DULH%RQDSDUWHORLQFOX\HGHQWURGHOFLFORGHOD
UHYXHOWD FRQWUD HO SDGUH HO DVHVLQR PXWLOD D VX YtFWLPD HQ XQ JHVWR TXH QR GHMD GH VHU XQD FDVWUDFLyQ
VLPEyOLFDHQORVUDVJRVGHODQFLDQRDVHVLQDGRVHKDQHQFDUQDGRORVYDULRVSDGUHVQDWXUDODGRSWLYRV
 GH 3RH TXH OLEUD XQ FRPEDWH HGtSLFR FX\R SUHPLR HV OD PDGUH /D SUXHED GH TXH HVWD OHFWXUD HV
VXJHVWLYD OD WHQHPRV HQ TXH HO YLHMR DSDUHFH VROR HQ VX OHFKR OD SVLFRDQDOLVWD DxDGH  FRPR HO
SHTXHxR (GJDU KXELHUD TXHULGR TXH -RKQ $OLDQ GXUPLHVH SDUD VLHPSUH VROR /D VROHGDG GHO VXHxR GHO
YLHMRUHIOHMDYHURVtPLOPHQWHXQIDQWDVPDGHGHVHRGHOSHTXHxR3RH
(OGHPRQLRGHODSHUYHUVLGDGGHDQDOL]DHQVXIRUPDPiVSXUDHOWHPDGH&DtQ\DORKHPRV
GLFKR&RPRFDVLWRGRVORVGHVXWLHPSR3RHFUHtDHQORVSULQFLSLRVGHODIUHQRORJtDVLQHPEDUJRHQ
HVWHFXHQWRSDUHFHVXEUD\DUVHTXHFUHHHQHOODFRPRVHXGRFLHQFLD(QFXDQWRDOWpUPLQRGHSHUYHUVHTXH
QR WLHQH HTXLYDOHQFLD HQ FDVWHOODQR SHVH D OD H[SOLFDFLyQ GH 3RH VLJQLILFD HO VHQWLGR GH
HQFDUQL]DPLHQWRHQKDFHUORTXHQRVHTXLVLHUD\QRVHGHELHUDKDFHUQRWDHVWDTXHSXHGHD\XGDUDOD
9

OHFWXUD
(VWDVEUHYHVVXJHUHQFLDVVREUHORVUHODWRVSHUPLWLUiQDOOHFWRUDGHQWUDUVHSRUHOORVFRQXQDVFODYHV
HQSULQFLSLREDVWDQWHDOHMDGDVGHOWH[WRQRREVWDQWHXQDOHFWXUDHQSURIXQGLGDG\XQDOHFWXUDFRPSOHWD
GH 3RH DVt FRPR XQ DQiOLVLV GH ORV KHFKRV ELRJUiILFRV UHODFLRQDGRV FRQ VX HVFULWXUD KD GH IDFLOLWDU
DFHUFDPLHQWRV GLVWLQWRV D VX REUD DFHUFDPLHQWRV TXH VH SURGXFHQ QR SRU OD YtD OLWHUDULD VLQR SRU XQ
HQWUDPDGR GH HQIRTXHV ELRJUDItD DQiOLVLV SVLFROyJLFR UHODFLRQHV GH pSRFD SHUR TXH ELHQ
UHDOL]DGRVQRGHMDUiQGHHQULTXHFHU\SURIXQGL]DUODOHFWXUD\ODLQWHUSUHWDFLyQXQDGHODVPXFKDVTXH
SXHGHQ KDFHUVH GH HVWDV REUDV TXH D FDVL FLHQWR FLQFXHQWD DxRV GH GLVWDQFLD VLJXHQ VLHQGR ODV
QDUUDFLRQHVPiVVXJHVWLYDVGHOVLJOR;,;GHODOLWHUDWXUDHQOHQJXDLQJOHVD
0$852$50,f2

10

&URQRORJtD

 (OGHHQHURQDFHHQ%RVWRQ(GJDU$OODQ3RHKLMRGHGRVDFWRUHVGHWHDWUR(OLVDEHWK+RSNLQV
3RH\'DYLG3RHHVWH~OWLPRGHVDSDUHFHUiSRFRGHVSXpV
 0XHUWH HO  GH GLFLHPEUH GH OD PDGUH GH 3RH HQ 9LUJLQLD GRQGH VH KDOOD VX FRPSDxtD
DPEXODQWH(GJDUHVUHFRJLGRSRUXQULFRFRPHUFLDQWH-RKQ$OLDQVXHVSRVD)UDQFpV$OLDQGH
VDOXGGpELOFXLGDUiGHOQLxR
 -RKQ $OLDQ VH WUDVODGD D ,QJODWHUUD SDUD IXQGDU XQD VXFXUVDO GH VX QHJRFLR DFRPSDxDGR SRU VX
IDPLOLD,QVWDODGRHQ/RQGUHVHQYtDD3RHDODVPHMRUHVHVFXHODVORQGLQHQVHV
 5HJUHVRD5LFKPRQGGHODIDPLOLD$OLDQFX\RMHIHUHFLEHXQDFXDQWLRVDKHUHQFLDTXHDQLPDVXV
DPELFLRQHVDULVWRFUiWLFDV3RHIUHFXHQWDODVPHMRUHVHVFXHODVGHODFLXGDG
 ,QJUHVRGH3RHHQOD8QLYHUVLGDGGH9LUJLQLDHOGHIHEUHURWUDVGHVSHGLUVHGH(OPLUD5R\VWHU
FRQTXLHQVHVHQWLUiGHVSRVDGRSHVHDODRSRVLFLyQSDWHUQD(VWXGLDFXUVRVGHOHQJXDVPRGHUQDV
IUDQFpVHVSDxROLWDOLDQR \DQWLJXDV6XVGLIHUHQFLDVFRQ-RKQ$OLDQOHKDQUHFRUWDGRHOGLQHUR
GH VX PDQWHQLPLHQWR &RQWUDH GHXGDV GH MXHJR SDJD FRQ HO FUpGLWR GH $OLDQ TXH VH QHJDUi D
LQVFULELUOHDODxRVLJXLHQWHHQOD8QLYHUVLGDGGH9LUJLQLD
 5HJUHVRGH3RHD5LFKPRQGGRQGHGHVFXEUHTXHVXVFDUWDVD(OPLUDIXHURQLQWHUFHSWDGDV\TXH
ODMRYHQHVWiSURPHWLGD$QWHODVGLVFXVLRQHVTXHPDQWLHQHFRQVXSDGUHDGRSWLYR$OLDQKL]ROD
DGRSFLyQVRORSDUDFRPSODFHUDVXHVSRVDTXHVLHPSUHSHUPDQHFLyPX\YLQFXODGDDOMRYHQ
3RH KX\H D  %RVWRQ GRQGH SXEOLFD SRU FXHQWD SURSLD 7DPHUODQH DQG 2WKHU 3RHPV TXH QR
REWLHQHQLQJXQDUHVRQDQFLD(OGHPD\RVHHQURODHQHOHMpUFLWR\HVGHVWLQDGRSRUWUHFHPHVHV
D )RUW 0RXOWULH HQ OD LVOD 6XOOLYDQ HQ &DUROLQD GHO 6XU GXUDQWH HVH WLHPSR WUDWD GH DEULUVH
FDPLQRHQWUHODVRFLHGDGDULVWRFUiWLFDGH&KDUOHVWRQSHURVLQp[LWR
 (V WUDVODGDGR D OD IRUWDOH]D 0RQURH HQ 9LUJLQLD SHUR FRQVLJXH URPSHU VX FRQWUDWR FRQ HO
HMpUFLWR3RFRDQWHVKDPXHUWRVXYDOHGRUD0UV$OLDQ7UDWDGHLQJUHVDUHQ:HVW3RLQW
 0LHQWUDV DJXDUGD VX LQJUHVR HQ OD $FDGHPLD PLOLWDU $OLDQ ILUPD VX WHVWDPHQWR HQ TXH GHMD VX
IRUWXQDDGRVKLMRVQDWXUDOHVTXHWHQtDD3RHOHRWRUJDXQDDVLJQDFLyQTXHQREDVWDSDUDORVJDVWRV
QHFHVDULRVXQDYH]TXHFRQVLJXHLQJUHVDUHQ:HVW3RLQW
 5RPSH GHILQLWLYDPHQWH FRQ $OLDQ \ VH KDFH H[SXOVDU GH OD $FDGHPLD PLOLWDU LQPHGLDWDPHQWH
SXEOLFDUiSRUVXVFULSFLyQ3RHPVVHFRQGHGLWLRQ\VHUHIXJLDUiHQ%DOWLPRUHHQFDVDGHVXWtD
0DUtD&OHPP6XPLGRHQODPLVHULDGHVFXEUHHOSHULRGLVPR\HVFULEHFXHQWRVVDWtULFRV
 (O PDQXVFULWR KDOODGR HQ XQD ERWHOOD HV SUHPLDGR SRU HO 6DWXUGD\ 9LVLWHU GH %DOWLPRUH
11

(PSLH]DODQRWRULHGDGWRGDYtDORFDOGH3RH
 3RHWUDWDGHUHFRQFLOLDUVHVLQp[LWRFRQ$OLDQTXHPRULUiHOGHPDU]RVLQGHMDUOHQDGD
 6XVFUtWLFDVOLWHUDULDVOHOOHYDQDXQDVLWXDFLyQGLItFLOHVDFXVDGRGHPH]TXLQGDGGHHQYLGLDGH
ORFXUDREVHVLYD8QDQiOLVLVGH&ROHULGJH\GHORVSRHWDVPHWDItVLFRVOHOOHYDDKDFHUHOSULPHU
LQWHQWR GH DQiOLVLV WH[WXDO OD OLWHUDWXUD HVWi HQ HO WH[WR \ ODV UHODFLRQHV HQWUH ORV HOHPHQWRV
HVWLOtVWLFRV \ HVWUXFWXUDOHV (VD VHUi OD SULPHUD PXHVWUD GHO LQWHUpV GH 3RH SRU HO OHQJXDMH 3RU
pSRFDV SDUHFH HQWUHJDUVH DO DOFRKRO TXH SURYRFD HQ pO FULVLV QHUYLRVDV VXIUH WDPELpQ GH
VROHGDG (O  GH PD\R VH FDVDUi FRQ VX SULPD 9LUJLQLD KLMD GH 0UV &OHPP TXH D~Q QR KD
FXPSOLGR ORV FDWRUFH DxRV 6H LQVWDODQ HQ 5LFKPRQG YLYLHQGR GHO HVFDVR VDODULR GH 3RH D
ILQDOHVGHDxRURPSHFRQHOGLUHFWRUGHVXSHULyGLFRHO6RXWKHU/LWHUDU\0HVVHQJHU
 'HMD5LFKPRQGHQIHEUHURFRQWUDWDGRSRUOD1HZ<RUN5HYLHZTXHSRFRGHVSXpVGHELGRDXQD
FULVLVILQDQFLHUDQRSXHGHGDUOHWUDEDMR3RHYLYHFRQ9LUJLQLD\0UV&OHPPTXHKDDELHUWRXQD
SHQVLyQ
 $SDULFLyQGH1DUUDFLyQGH$UWKXU*RUGRQ3\P
 3RH HPSLH]D D WUDEDMDU HQ HO %XUWRQV *HQWOHPDQ V 0DJD]LQH GRQGH DSDUHFHUiQ SDUWH GH VXV
PHMRUHVFXHQWRV$ILQDOHVGHDxRFRQVLJXHHGLWDUXQYROXPHQFRQHOORV7DOHVRIWKH*URWHVTXH
DQG$UDEHVTXH
 7UDVODUXSWXUDHQHODxRDQWHULRUFRQ%XUWRQWUDWDGHIXQGDUXQDUHYLVWDTXHOHFRQYLHUWDHQHO
DUELWURGHOD$PpULFDOLWHUDULDSHURVXSODQIUDFDVD,QVWDODGRHQ)LODGHOILDWUDEDMDGHMXQLRGH
DPD\RGHHQHO*UDKDPV0DJD]LQHTXHFRQYHUWLUiHQODPHMRUUHYLVWDOLWHUDULDGHOD
pSRFDFRQUHODWRVFRPR/RVFUtPHQHVGHODFDOOH0RUJXH/DLVODGHO+DGD8QGHVFHQVRHQHO
0DsOVWURP HWF WDPELpQ FRODERUD HQ RWUDV UHYLVWDV D OD YH] TXH UHYLVD VXV SRHPDV HQ QXHYDV
YHUVLRQHV
 /DVDOXGGH9LUJLQLDGHFDHGXUDQWHYDULRVPHVHVSHUPDQHFHHQWUHODYLGD\ODPXHUWHVDQDQGR
SHURVXIULHQGRUHFDtGDVTXHDQJXVWLDQD3RHSXEOLFDHQHVHDxR(OUHWUDWRRYDO/DPiVFDUDGH
ODPXHUWHURMD(OPLVWHULRGH0DULH5RJHW(OSR]R\HOSpQGXOR'HMDHO*UDKDPVSDUDWUDWDU
GHREWHQHUXQSXHVWRHQ$GXDQDV\SUHSDUDUVXSUR\HFWRGHXQDJUDQUHYLVWDTXHOHFRQYLHUWDHQ
DUELWURGHODOLWHUDWXUDDPHULFDQD7KH6W\OXV
 /RV DPLJRV WUDWDQ GH TXH LQJUHVH HQ OD $GPLQLVWUDFLyQ SDUD VREUHYLYLU VLQ DJRELRV SHVH D ODV
LQIOXHQFLDV XQ YLDMH D :DVKLQJWRQ GRQGH OH KDQ SUHSDUDGR XQD HQWUHYLVWD FRQ HO SUHVLGHQWH GH
(VWDGRV8QLGRVRFRQVXKLMRHVXQGHVDVWUHVHHPERUUDFKDIDOWDDODFLWD\KX\HD)LODGHOILD
GRQGHYLYLUiHQODPLVHULD
 (QDEULOVHLQVWDODHQ1XHYD<RUNYLYLHQGRGHVXVFXHQWRV\SRHPDV~QLFRVLQJUHVRV3HURQR
OOHJDDLPSRQHUVHSRUHVRKDGHDFHSWDUXQSXHVWRVXEDOWHUQRHQHO1HZ <RUN 0LUURU RIUHFLGR
FDVLSRUFRPSDVLyQ
 (O  GH IHEUHUR HQ HO (YHQLQJ 0LUURU DSDUHFH 7KH 5DYHQ UiSLGDPHQWH SXEOLFDGR HQ RWURV
SHULyGLFRV \ UHYLVWDV 6X p[LWR QR WHQtD SUHFHGHQWHV HQ ODV OHWUDV DPHULFDQDV (VFULEH
12

KDELWXDOPHQWH HQ HO %URDGZD\ -RXUQDO TXH GHVSUHFLD SHUR TXH OH YD D VHUYLU SDUD ODQ]DU
FRQWURYHUVLDVSHULRGtVWLFDVFRQODVTXHFXHQWDSDUDKDFHUIRUWXQD'HVGHVXVSiJLQDVODQ]DUiOD
JXHUUD /RQJIHOORZ D TXLHQ DFXVDUi GH SODJLR 8Q FRUUHVSRQVDO DQyQLPR DWDFy HQWRQFHV 7KH
5DYHQ 3RH DSURYHFKy OD RFDVLyQ SDUD ODQ]DUVH D XQD FDPSDxD VHQVDFLRQDOLVWD TXH GXUy FLQFR
VHPDQDV HQWUH DWDTXHV YLUXOHQWRV \ DOJR GHVSUHFLDEOHV /D UHSXWDFLyQ GH 3RH TXHGy EDVWDQWH
GDxDGD 6H FRQYLHUWH HQ UHGDFWRU MHIH GHO %URDGZD\ -RXUQDO \ SRFR GHVSXpV HQ HO ~QLFR
SURSLHWDULR GH XQD UHYLVWD TXH QR VHUi VLQ HPEDUJR OD TXH pO VRxDUD 6XV SXOODV FRQWUD ORV
ERVWRQLDQRV TXH OH KDEtDQ LQYLWDGR D OHHU VXV SRHPDV HQ HO %RVWRQ /\FHXP KDEtDQ GH JDQDUOH
DWDTXHV \ ViWLUDV TXH PHQRVFDEDUiQ VX UHSXWDFLyQ 6H HQGHXGD SDUD VXIUDJDU OD YLGD GHO
SHULyGLFRTXHWHUPLQDUiVXH[LVWHQFLDHOGHHQHURGH(VWHDxRGHVLQHPEDUJRYH
SXEOLFDGDXQDDQWRORJtDGHVXV7DOHVHQMXOLR\7KH5DYHQDQGRWKHUSRHPV HQ QRYLHPEUH 'H
KHFKR KD DOFDQ]DGR OD FHOHEULGDG \ FRQWUROD ORV FtUFXORV OLWHUDULRV GH 1XHYD <RUN HQ ORV TXH
FRQRFHDXQDSRHWLVDGHUHQRPEUH0UV2VJRRGODDPLVWDGDGTXLULUiSURQWRXQWRQRSDVLRQDO
 )UDFDVDQ VXV LQWHQWRV GH XQD JUDQ UHYLVWD OLWHUDULD 6H HQJROID HQ ODPHQWDEOHV TXHUHOODV FRQ ODV
SRHWLVDVQHR\RUTXLQDV0UV(OOHW\0LVV/\QFKLQLFLRGHORVDxRVGHPLVHULD\HQIHUPHGDG(Q
PD\RVHWUDVODGDD)RUGKDPPHGLRUXUDOFHUFDQRD1XHYD<RUNTXHOHDOLYLDPRPHQWiQHDPHQWH
3RHHQIHUPDPLHQWUDVODVDOXGGH9LUJLQLDHPSHRUD1RSXHGHHVFULELU\ODPLVHULDDPHQD]D(Q
3DUtVVXQRPEUHVXHQDFRPRFHOHEULGDGJUDFLDVDXQSURFHVRVREUHODWUDGXFFLyQGHXQRGHVXV
UHODWRV
 9LUJLQLD PXHUH HO  GH HQHUR 3RH HQIHUPD JUDYHPHQWH GHELGR FRQ WRGD SUREDELOLGDG D XQD
FRQJHVWLyQFHUHEUDO(QDJRVWRFXUDGRYXHOYHDLQWHQWDUHQ)LODGHOILDVXJUDQUHYLVWDIUDFDVD\
KDGHYROYHUD)RUGKDPRWUDYH]HQIHUPR
 5HYLVD(XUHNDTXHKDEtDHVFULWRHODxRDQWHULRU(OHGLWRU3XWQDPOHSDJDUiFRPRDGHODQWRSRU
HVHWtWXORFDWRUFHGyODUHV6HGHGLFDDHQVD\RVFRPRORV0DUJLQDOLD\7KHSKLORVRSK\RI9HUVH
&HGH DQWH OD LPSRUWXQLGDG GH 0UV (VWHOOH $QQD /HZLV FRUULJLpQGROH ORV YHUVRV SRU DOJXQRV
GyODUHV \ HORJLDQGR VXV PpULWRV HQ DOJXQRV DUWtFXORV HQ FX\R IRQGR ODWH OD LURQtD ,QYLWDGR HQ
/RZHOO D GDU XQD FRQIHUHQFLD HQ MXQLR GH  FRQRFHUi D 0UV 1DQF\ /RFNH +H\ZRRG
5LFKPRQG TXH VH FRQYHUWLUi SURQWR HQ OD $QQLH GH ORV SRHPDV (Q VHSWLHPEUH YLDMD D
3URYLGHQFHGRQGHSHGLUiODPDQRGH0UV6DUDK+HOHQ:KLWPDQSRHWLVDTXHOHKDEtDHVFULWRHQ
WpUPLQRV H[DOWDGRV /D YDFLODFLyQ GH 0UV :KLWPDQ DFRQVHMDGD SRU VXV DPLJRV KDFH TXH D
SULQFLSLRVGHQRYLHPEUHWUDVXQDQRFKHGHLQVRPQLRFRPSUHGRVRQ]DVGHOiXGDQR\WUDJXHPiV
R PHQRV OD PLWDG 3DUHFH TXH KXER PiV HVFHQLILFDFLyQ TXH LQWHQWR GH VXLFLGLR D ORV SRFRV
GtDV0UV:KLWPDQDFHSWDFDVDUVHFRQpOFRQODFRQGLFLyQH[SUHVDGHDEDQGRQDUODEHELGD6H
FRQFLHUWDODERGDSDUDILQDOHVGHGLFLHPEUHHQ3URYLGHQFHFXDQGRWUDVXQDFRQIHUHQFLDYDDFDVD
GHVXSURPHWLGDHVWDDGYHUWLGDSRUXQDPDQRDQyQLPDVREUHODSHUVLVWHQFLDDOFRKyOLFDGH3RH
ORUHFKD]D1RGHELyFDXVDUPXFKDDQJXVWLDHQ3RHTXHYROYLyD0UV5LFKPRQG
 7UDEDMDHQODUHYLVLyQGH3RHWLF3ULQFLSLHHVFULEHFULWLFDV\VLJXHSXEOLFDQGRFXHQWRV\SRHPDV
FRPR$QQDEHO/HHTXHYHUiODOX]SRVWXPDPHQWH'DFRQIHUHQFLDVHQGLYHUVDVORFDOLGDGHVDO
SDUHFHU SLGLy OD PDQR GH 0UV 6KHOWRQ VX SULPHUD DPLJD GH OD DGROHVFHQFLD DKRUD YLXGD $
ILQDOHVGHVHSWLHPEUHVHWUDVODGDD%DOWLPRUHHQXQDGHVXVFDOOHVDSDUHFHUiLQDQLPDGRHOGH
RFWXEUH VH OH WUDVODGD GHOLUDQWH DO KRVSLWDO GRQGH PXHUH HO  GH RFWXEUH 7RGDYtD KR\ VRQ
PLVWHULRVDV ODV FLUFXQVWDQFLDV \ FDXVDV GH HVWD PXHUWH GHVGH FULVLV FDUGtDFDV GLDEHWHV
13

FRQJHVWLyQFHUHEUDOLQWR[LFDFLyQLQWHVWLQDOKDVWDYtFWLPDGHRMHDGRUHVDOVHUYLFLRGHXQSDUWLGR
SROtWLFRTXHORKDEUtDQGURJDGRSRUODIXHU]DSDUDKDFHUOHYRWDUYDULDVYHFHVHQODVHOHFFLRQHV
OHJLVODWLYDV TXH VH FHOHEUDEDQ HVH GtD ODV FDXVDV DGXFLGDV VRQ PXFKDV SHUR WRGDV FDUHQWHV GH
IXQGDPHQWR(OyGHRFWXEUHIXHHQWHUUDGRHQHVDFLXGDG
 (QHQHURDSDUHFHQORVGRVSULPHURVYRO~PHQHVGHODVREUDVSRVWXPDVGH3RHDQWHVGHFRQFOXLUHO
DxRDSDUHFHUiHOWHUFHUR

14

(OKXQGLPLHQWRGHODFDVD8VKHU>@
6RQFRHXUHVWXQOXWKVXVSHQGX
6LW{WTXRQOHWRXFKHLOUpVRQQH
'(%e5$1*(5

'

85$17( XQ GtD DSDJDGR VRPEUtR \ VLOHQFLRVR GHO RWRxR EDMR HO FLFOR RSUHVRU GH ODV QXEHV
EDMDVKDEtD\RYLDMDGRDFDEDOORDWUDYpVGHXQDH[WHQVLyQVLQJXODUPHQWHiULGDGHODFDPSLxD$O
ILQFXDQGRODVVRPEUDVGHODQRFKHLEDQFD\HQGRPHKDOOpDQWHODYLVWDGHODPHODQFyOLFDPDQVLyQGHORV
8VKHU1RVpFyPRIXHSHURORFLHUWRHVTXHDOSULPHUYLVWD]RGHOHGLILFLRXQVHQWLPLHQWRLQVXIULEOHGH
WULVWH]D LQYDGLy PL HVStULWX 'LJR LQVXIULEOH SRUTXH DTXHOOD VHQVDFLyQ QR HUD DOLYLDGD SRU QLQJXQR GH
HVRV VHQWLPLHQWRV VHPLDJUDGDEOHV SRU OR TXH SXHGDQ WHQHU GH SRpWLFR FRQ TXH OD PHQWH VXHOH UHFLELU
LQFOXVRODVPiVWRUYDVLPiJHQHVGHORGHVRODGRRORWHUULEOH&RQWHPSOpODHVFHQDTXHVHH[WHQGtDDQWHPt
HOGHVQXGRHGLILFLRHOVHQFLOORSDLVDMHODVSDUHGHVKHODGDVODVYHQWDQDVYDFtDVTXHSDUHFtDQRMRV
ORVHVFDVRVDUEXVWRV\ORVEODQFRVWURQFRVFDtGRVFRQWDQFRPSOHWDGHSUHVLyQGHiQLPRTXHQRSXHGR
FRPSDUDUOD D RWUD VHQVDFLyQ WHUUHQD VLQR D OD TXH H[SHULPHQWD HO IXPDGRU GH RSLR DO GHVSHUWDU GH XQ
VXHxR\SDVDUGHQXHYRDODYLGDGLDULD\YHUTXHHOYHORLOXVRULRKDFDtGRGHVXVRMRV+DEtDDOOtDOJR
WDQ JODFLDO WDQ GHFDtGR WDQ HQIHUPL]R XQD GHVRODFLyQ WDQ SURIXQGD TXH VH H[FOXtD WRGR HVWtPXOR
LPDJLQDWLYR TXH SUHWHQGLHUD VXEOLPDUOR 4Xp HUD PH GHWXYH D SHQVDU OR TXH PH SURGXFtD DTXHOOD
GHSUHVLyQDOFRQWHPSODUODFDVD8VKHU"(UDXQPLVWHULRWDQLQVROXEOHTXHQLVLTXLHUDSRGtDFRQFUHWDUODV
RVFXUDV IDQWDVtDV TXH VH DWURSHOODEDQ HQ Pt GXUDQWH OD FRQWHPSODFLyQ 0H YL IRU]DGR D YROYHU D OD
LQVDWLVIDFWRULD FRQFOXVLyQ GH TXH VL ELHQ HVWi PiV DOOi GH WRGD GXGD TXH H[LVWHQ FRPELQDFLRQHV GH
VLPSOHVREMHWRVQDWXUDOHVTXHWLHQHQHOSRGHUGHDIHFWDUQRVGHHVWHPRGRFDUHFHPRVD~QGHODIDFXOWDG
GHDQDOL]DUHVWDVVHQVDFLRQHV(UDSRVLEOHUHIOH[LRQDEDFRQPLJRPLVPRTXHXQVLPSOHDUUHJORGHORV
HOHPHQWRVGHODHVFHQDRGHORVGHWDOOHVGHDTXHOFXDGURIXHUDVXILFLHQWHSDUDPRGLILFDURWDOYH]SDUD
DQLTXLODU VX FDSDFLGDG GH SURGXFLU XQD LPSUHVLyQ GRORURVD < REUDQGR HQ FRQVHFXHQFLD FRQGXMH PL
FDEDOORDODHVFDUSDGDRULOODGHXQQHJUR\WpWULFRODJRTXH\DFtDFRQXQVXDYHEULOORMXQWRDODFDVD0LUp
KDFLD DEDMR SDUD VROR FRQVHJXLU XQ PD\RU HVWUHPHFLPLHQWR DO YHU UHIOHMDUVH HQ ODV PXHUWDV DJXDV ODV
UHSHWLGDV H LQYHUWLGDV LPiJHQHV GH ORV DUEXVWRV GH ORV iUEROHV FDtGRV \ GH ODV YHQWDQDV YDFtDV FRPR
FXHQFDVKXPDQDV
$ SHVDU GH WRGR HQ DTXHOOD O~JXEUH FDVD PH SURSRQtD UHVLGLU DOJXQDV VHPDQDV 6X SURSLHWDULR
5RGHULFN8VKHUKDEtDVLGRXQRGHPLVDOHJUHVFRPSDxHURVGHLQIDQFLDSHURKDEtDQSDVDGRPXFKRVDxRV
GHVGHOD~OWLPDYH]TXHQRVYLPRV6LQHPEDUJRPHKDEtDOOHJDGRDXQDDOHMDGDSDUWHGHOSDtVXQDFDUWD
GHpOFX\DDQKHODQWHGHPDQGDQRDGPLWtDRWUDUHVSXHVWDTXHPLSUHVHQFLD$TXHOPDQXVFULWRHYLGHQFLDED
XQD QHUYLRVD DJLWDFLyQ (O TXH OR HVFULEtD KDEODED GH XQD HQIHUPHGDG FRUSRUDO DJXGD GH XQ WUDVWRUQR
PHQWDOTXHORRSULPtD\GHXQYHKHPHQWHGHVHRGHYHUPHFRPRDVXPHMRU\GHKHFKR~QLFRDPLJRSDUD
YHU VL FRQ OD DOHJUtD GH PL FRPSDxtD FRQVHJXtD DOJ~Q DOLYLR SDUD VX HQIHUPHGDG (O PRGR FRPR GHFtD
DTXHOOR\PXFKDVRWUDVFRVDVMXQWRFRQODDSDUHQWHVLQFHULGDGTXHVHUHIOHMDEDHQVXV~SOLFDIXHORTXH
QR PH SHUPLWLy YDFLODU \ HQ FRQVHFXHQFLD LQPHGLDWDPHQWH REHGHFt D OR TXH SHVH D WRGR VHJXtD
15

FRQVLGHUDQGRXQDV~SOLFDEDVWDQWHH[WUDxD
$XQTXHGHPXFKDFKRVKDEtDPRVVLGRDPLJRVtQWLPRVUHDOPHQWH\RQRVDEtDPXFKRGHpO6XUHVHUYD
KDEtDVLGRVLHPSUHH[FHVLYD\KDELWXDO6LQHPEDUJR\RHVWDEDHQWHUDGRGHTXHVXVDQWHSDVDGRVKDEtDQ
VLGR QRWDEOHV GHVGH WLHPSR LQPHPRULDO SRU XQD SHFXOLDU VHQVLELOLGDG GH WHPSHUDPHQWR TXH VH KDEtD
GHVSOHJDGRSRUHVSDFLRGHPXFKRVDxRVHQPXFKDVREUDVGHDUWHVXSHULRU\PDQLIHVWDGR~OWLPDPHQWHHQ
REUDV GH FDULGDG PDJQtILFD DXQTXH QDGD RVWHQWRVD DVt FRPR HQ XQD DSDVLRQDGD GHGLFDFLyQ D ODV
LQWULQFDGDV TXL]i D~Q PiV TXH RUWRGR[DV \ IiFLOPHQWH UHFRQRFLEOHV EHOOH]DV GH OD FLHQFLD PXVLFDO
7DPELpQ KDEtD WHQLGR QRWLFLD GHO KHFKR PX\ QRWDEOH GH TXH HO WURQFR GH OD UD]D 8VKHU GH WDQ DQWLJXD
UHSXWDFLyQQRKDEtDJHQHUDGRQXQFDUDPDVFRODWHUDOHVHQRWUDVSDODEUDVTXHWRGDVXGHVFHQGHQFLDHUD
SRUOtQHDGLUHFWD\VLHPSUHFRQPX\LQVLJQLILFDQWHV\WHPSRUDOHVYDULDFLRQHV$VtKDEtDTXHGDGR(QHVD
GHILFLHQFLDFRQVLGHUDGDSRUPtPLHQWUDVDQDOL]DEDODSHUIHFWDDUPRQtDGHOFDUiFWHUGHODYLYLHQGDFRQHO
DFUHGLWDGRFDUiFWHUGHVXJHQWH\PLHQWUDVUHIOH[LRQDEDVREUHODSRVLEOHLQIOXHQFLDTXHODSULPHUDKDEtD
HMHUFLGR VREUH ORV RWURV QR SRGtD PHQRV GH VXSRQHU TXH DTXHOOD PLVPD GHILFLHQFLD XQLGD D OD
FRQVLJXLHQWH WUDQVPLVLyQ LQLQWHUUXPSLGD GH SDGUH D KLMR GH VHxRU HQ KHUHGHUR D XQD LGHQWLILFDFLyQ
FRPSOHWDHQWUHHOSDWULPRQLR\ODIDPLOLDIXQGLpQGRVHHOHOHPHQWRUHDOFRQHOSHUVRQDOHUDORTXHDOD
ODUJDORVKDEtDLGHQWLILFDGRKDVWDHOSXQWRGHIXQGLUHOWtWXORRULJLQDOFRQHOFXULRVR\DPELJXRGH&DVD
8VKHUQRPEUHTXHSDUHFtDLQFOXLUHQODVPHQWHVGHORVFDPSHVLQRVVLHPSUHTXHORXVDEDQODLGHDGHOD
FDVD\GHVXVPRUDGRUHV
+HGLFKRTXHHOVRORUHVXOWDGRGHPLDOJRSXHULOH[SHULPHQWRHOGHPLUDUGHQWURGHOSHTXHxRODJR
 IXH HO GH SURIXQGL]DU PiV OD SULPHUD \ VLQJXODU LPSUHVLyQ TXH DTXHO SDLVDMH PH KDEtD SURGXFLGR D
SULPHUDYLVWD1RFDEUtDGXGDGHTXHODFRQFLHQFLDGHOUiSLGRLQFUHPHQWRGHPLVXSHUVWLFLyQSRUTXp
KDEtDGHOODPDUODDVt"VHUYtDSULQFLSDOPHQWHSDUDDFHOHUDUVXLQWHQVLGDG7DOHVKDFHPXFKRWLHPSR
TXHPHKHFRQYHQFLGRGHHOORODSDUDGyMLFDOH\GHWRGRVORVVHQWLPLHQWRVTXHWLHQHQSRUEDVHHOPLHGR
<SRGtDKDEHUVLGRSRUHVWDUD]yQ~QLFDPHQWHSRUODTXHFXDQGRYROYtDOHYDQWDUODFDEH]DGHQXHYR
WUDVODGDQGRODPLUDGDGHOODJRDODFDVDVHRULJLQyHQPLHVStULWXXQDH[WUDxDIDQWDVtDTXHVRORPHQFLRQR
SDUDPRVWUDUODYLYDIXHU]DGHODVVHQVDFLRQHVTXHPHRSULPtDQ+DEtD\RIDWLJDGRPLLPDJLQDFLyQDWDOHV
H[WUHPRVTXHOOHJXpDILJXUDUPHTXHSRUWRGDODPDQVLyQ\WRGRHOGRPLQLRIORWDEDXQDDWPyVIHUDSHFXOLDU
\ SULYDWLYD GHO OXJDU XQD DWPyVIHUD TXH QR WHQtD DILQLGDG FRQ HO DLUH GHO FLHOR VLQR TXH PiV ELHQ
HPDQDEDGHORVSRGULGRViUEROHV\GHOYHUGHYDOOH\GHOVLOHQFLRVRODJRXQYDSRUSHVWLOHQWHSHVDGR
LQDFWLYRGpELOPHQWHGLVFHUQLEOHGHWRQRSORPL]R
6DFXGLHQGRGHPLHVStULWXORTXHQRSXGRVHUPiVTXHXQVXHxRHVFXGULxpFRQPiVGHWHQLPLHQWRHO
DVSHFWRGHOHGLILFLR6XSULQFLSDOFDUiFWHUSDUHFtDVHUXQDH[WUDRUGLQDULDDQWLJHGDG(OGHFRORUDPLHQWRD
FDXVD GH ORV VLJORV KDEtD VLGR JUDQGH 'LPLQXWRV KRQJRV VH H[WHQGtDQ SRU OD IDFKDGD GH OD FDVD
WDSL]iQGRODFRQHOGHOLFDGRHQWUDPDGRGHVXWHMLGR\SRGUHGXPEUH6LQHPEDUJRWRGRHVWRQDGDWHQtDTXH
YHUFRQXQGHWHULRURH[WUDRUGLQDULR/DREUDGHDOEDxLOHUtDQRSUHVHQWDEDQLQJXQDKHULGDDXQTXHSDUHFtD
H[LVWLUXQH[WUDxRGHVDFXHUGRHQWUHHOSHUIHFWRDMXVWHGHVXVSDUWHV\ORGHVPRURQDGRGHFDGDXQDGHODV
SLHGUDV (Q DTXHO LQPXHEOH KDEtD PXFKR TXH PH KDFtD UHFRUGDU OD HQJDxRVD LQWHJULGDG GH XQD DQWLJXD
REUDGHFDUSLQWHUtDTXHVHKDLGRFDUFRPLHQGRGXUDQWHDxRVHQDOJ~QGHVYiQGHVFXLGDGRDGRQGHQROOHJD
HOEHQHILFLRGHODLUHH[WHULRU$SDUWHGHDTXHODVSHFWRGHUXLQDJHQHUDOHOHGLILFLRFRQWRGRQRGDEDOD
PHQRUVHxDOGHLQHVWDELOLGDG7DOYH]HORMRGHXQREVHUYDGRUPLQXFLRVRKXELHUDSRGLGRGHVFXEULUXQD
JULHWDDSHQDVSHUFHSWLEOHTXHH[WHQGLpQGRVHGHVGHHOWHFKRGHODIDFKDGDEDMDEDSRUODSDUHGHQ]LJ]DJ
16

KDVWDSHUGHUVHHQODVWpWULFDVDJXDVGHOODJR
0LHQWUDVSHQVDEDHQHVWDVFRVDVVHJXtSRUXQDFRUWDFDO]DGDTXHFRQGXFtDDODFDVD8QPR]RTXH
DJXDUGDEDVHKL]RFDUJRGHPLFDEDOOR\HQWUpEDMRODEyYHGDJyWLFDGHOYHVWtEXOR2WURFULDGRGHSDVR
VLOHQFLRVR PH FRQGXMR GHVGH DOOt SRU YDULRV RVFXURV H LQWULQFDGRV SDVDGL]RV DO HVWXGLR GH VX DPR
0XFKRGHORTXHHQFRQWUpHQHOFDPLQRFRQWULEX\yQRVpFyPRDDXPHQWDUORVYDJRVVHQWLPLHQWRVGHORV
FXDOHV \D KH KDEODGR $XQTXH ORV REMHWRV TXH PH URGHDEDQ ODV HVFXOWXUDV GH ORV WHFKRV ODV RVFXUDV
WDSLFHUtDVGHODVSDUHGHVODQHJUXUDGHpEDQRGHORVSLVRV\ORVIDQWDVPDJyULFRVWURIHRVKHUiOGLFRVTXH
WUDTXHWHDEDQDFDGDSLVDGDHUDQSDUDPtFRVDVDODVTXH\RPHKDEtDDFRVWXPEUDGRGHVGHSHTXHxRPH
TXHGpVRUSUHQGLGRDOFRPSUREDUTXHSURYRFDEDQHQPLiQLPRLPSUHVLRQHVGHVDFRVWXPEUDGDV(QXQDGH
ODVHVFDOHUDVPHHQFRQWUpDOPpGLFRGHODIDPLOLD6XVHPEODQWHSHQVpUHIOHMDEDXQDH[SUHVLyQPH]FOD
GH EDMD WUDSDFHUtD \ GH SHUSOHMLGDG 6H FUX]y UiSLGDPHQWH FRQPLJR \ SDVy GH ODUJR (O FULDGR DEULy
HQWRQFHVXQDSXHUWD\PHFRQGXMRDSUHVHQFLDGHVXDPR
/D KDELWDFLyQ HQ TXH SHQHWUp HUD PX\ JUDQGH \ PX\ HOHYDGD /DV YHQWDQDV ODUJDV HVWUHFKDV \
SXQWLDJXGDVHVWDEDQDWDOGLVWDQFLDGHOQHJURSLVRGHUREOHTXHUHVXOWDEDQFRPSOHWDPHQWHLQDFFHVLEOHV
'pELOHV UD\RV GH XQD OX] URMD DWUDYHVDEDQ ODV YLGULHUDV \ VHUYtDQ SDUD YHU FRQ VXILFLHQWH FODULGDG ORV
REMHWRV PiV GHVWDFDGRV ORV RMRV VLQ HPEDUJR OXFKDEDQ HQ YDQR SRU GLVWLQJXLU ORV ULQFRQHV GH OD
HVWDQFLD\HOIRQGRGHODERYHGDGR\FDODGRWHFKR2VFXURVWDSLFHVSHQGtDQGHODVSDUHGHV(OPRELOLDULR
HQJHQHUDOHUDSURIXVRLQFyPRGRDQWLFXDGR\DMDGRSRUORVDxRV$TXt\DOOiKDEtDGLVHPLQDGRVYDULRV
OLEURVDVtFRPRLQVWUXPHQWRVPXVLFDOHV6LQHPEDUJRDTXHOORQRHUDVXILFLHQWHSDUDGDUYLGDDODHVFHQD
<RVHQWtDTXHUHVSLUDEDXQDDWPyVIHUDSHQRVD8QDLUHGHVHYHUDSURIXQGDHLUUHPLVLEOHPHODQFROtDVH
FHUQtD\ORSHQHWUDEDWRGR
$OYHUPHHQWUDU8VKHUVHOHYDQWyGHXQVRIiGRQGHKDEtDHVWDGRHFKDGR\PHDFRJLyFRQXQDFDOXURVD
HIXVLyQTXHVHDVHPHMDEDPXFKRVHJ~QSHQVpGHVGHHOSULPHUPRPHQWRDXQDH[DJHUDGDFRUGLDOLGDGDO
REOLJDGR HVIXHU]R GH XQ KRPEUH KDVWLDGR GH OD YLGD 6LQ HPEDUJR XQ QXHYR YLVWD]R EDVWy SDUD
FRQYHQFHUPHGHVXDEVROXWDVLQFHULGDG1RVVHQWDPRV\GXUDQWHXQRVLQVWDQWHVTXHpOJXDUGyVLOHQFLROR
FRQWHPSOp FRQ XQ VHQWLPLHQWR PLWDG GH SLHGDG \ PLWDG GH SHQD 6HJXUDPHQWH QLQJ~Q KRPEUH KDEtD
FDPELDGRWDQWHUULEOHPHQWH\HQWDQEUHYHWLHPSRFRPR5RGHULFN8VKHU6RORFRQPXFKDGLILFXOWDGSXGH
LGHQWLILFDUDTXHOVHUTXHVHKDOODEDDQWHPtFRQHOFRPSDxHURGHPLVSULPHURVDxRV(OFDUiFWHUGHVX
URVWURVLHPSUHKDEtDVLGRQRWDEOH8QDWH]FDGDYpULFDXQRVRMRVJUDQGHV\OXPLQRVRVPiVDOOiGHWRGD
FRPSDUDFLyQXQRVODELRVDOJRGHOJDGRV\PX\SiOLGRVSHURGHXQDFXUYDVRUSUHQGHQWHPHQWHEHOODXQD
QDUL]GHILQRWLSRKHEUHRSHURFRQODVYHQWDQDVQDVDOHVGHXQDDQFKXUDSRFRIUHFXHQWHHQWDOHVIRUPDV
XQ PHQWyQ EHOODPHQWH PROGHDGR TXH SRU VX SRFD SURPLQHQFLD GHQRWDED XQD IDOWD GH HQHUJtD PRUDO XQ
SHOR GH XQD VXDYLGDG \ WHQXLGDG FRPR GH WHODUDxD DTXHOODV IDFFLRQHV MXQWR FRQ XQ RUGLQDULR
HQVDQFKDPLHQWRGHODIUHQWHIRUPDEDQWRGDXQDFDUDGLItFLOGHROYLGDU<DKRUDHQODVLPSOHH[DJHUDFLyQ
GHO FDUiFWHU GRPLQDQWH GH DTXHOODV FDUDFWHUtVWLFDV \ GH OD H[SUHVLyQ TXH VROtDQ SUHVHQWDU KDEtD WDQWR
FDPELRTXH\RGXGDEDGHODLGHQWLGDGGHOKRPEUHFRQHOTXHHVWDEDKDEODQGR/DSDOLGH]HVSHFWUDOGHVX
URVWUR\HOPLODJURVREULOORGHVXVRMRVHUDQODVFRVDVTXHPiVPHVRUSUHQGtDQ\DWHUURUL]DEDQ$GHPiV
VHKDEtDGHMDGRFUHFHUHOVHGRVRFDEHOORFRQHOPD\RUGHVFXLGR\FRPRDTXHOWHMLGRDUiFQLGRIORWDED
PiVTXHFDtDVREUHVXFDUD\RQRSRGtDQLFRQHVIXHU]RUHODFLRQDUVXSDUWLFXODUH[SUHVLyQFRQQLQJXQD
LGHDGHVLPSOHKXPDQLGDG
,QPHGLDWDPHQWH PH OODPy OD DWHQFLyQ FLHUWD LQFRKHUHQFLD H LQFRQVLVWHQFLD HQ VXV PRGDOHV
17

GHVFXEULHQGRSRFRGHVSXpVTXHDTXHOORSURYHQtDGHXQDVHULHGHHVIXHU]RVGpELOHV\YDQRVSDUDGRPLQDU
XQD YLEUDFLyQ KDELWXDO XQD H[FHVLYD DJLWDFLyQ QHUYLRVD 'H KHFKR \R HVWDED SUHSDUDGR SDUD DOJR
SDUHFLGR QR WDQWR SRU VX FDUWD FRPR SRU ORV UHFXHUGRV GH FLHUWRV GHWDOOHV GH VX QLxH] \ SRU ODV
FRQFOXVLRQHV GHGXFLGDV GH VX SHFXOLDU FRQIRUPDFLyQ ItVLFD \ WHPSHUDPHQWR 6X DFFLyQ HUD
DOWHUQDWLYDPHQWHDSUHVXUDGD\OHQWD6XYR]YDULDEDUiSLGDPHQWHGHXQDWUpPXODLQGHFLVLyQ FXDQGRORV
HVStULWXVYLWDOHVSDUHFHQDXVHQWHVHQDEVROXWR DHVDHVSHFLHGHHQpUJLFDFRQFLVLyQDHVDSURQXQFLDFLyQ
EUXVFDJUDYHSDXVDGD\KXHFDDHVDFDUJDGD\RQGXODGDSURQXQFLDFLyQJXWXUDOSHUIHFWDPHQWHHPLWLGD
TXHVHSXHGHREVHUYDUHQHOERUUDFKRSHUGLGRRHQHOLQFRUUHJLEOHWRPDGRUGHRSLRGXUDQWHORVSHUtRGRV
GHPD\RUH[FLWDFLyQ
$Vt IXH FyPR PH KDEOy GHO REMHWR GH PL YLVLWD GH VX DUGLHQWH GHVHR GH YHUPH \ GHO FRQVXHOR TXH
HVSHUDEDGHPt)LQDOPHQWHHQWUyHQORTXHpOFUHtDVHUODQDWXUDOH]DGHVXHQIHUPHGDG(UDGLMRXQPDO
FRQVWLWXFLRQDO \ IDPLOLDU \ SDUD HO FXDO GHVHVSHUDED GH HQFRQWUDU UHPHGLR XQD VLPSOH HQIHUPHGDG
QHUYLRVD DxDGLy LQPHGLDWDPHQWH TXH VLQ GXGD SDVDUtD SURQWR 6H PDQLIHVWDED HQ XQD VHULH GH
VHQVDFLRQHV QDGD QDWXUDOHV DOJXQDV GH ODV FXDOHV VHJ~Q PH ODV FRQWDED PH LQWHUHVDURQ \ PH
FRQIXQGLHURQ VLQ HPEDUJR HV SRVLEOH TXH LQIOX\HVHQ HQ HOOR ORV WpUPLQRV \ HO WRQR JHQHUDO GH OD
QDUUDFLyQ6XIUtDPXFKRGHXQDPRUERVDDJXGL]DFLyQGHORVVHQWLGRVORVDOLPHQWRVPiVLQVtSLGRVHUDQ
ORV~QLFRVTXHSRGtDWROHUDUVRORSRGtDOOHYDUWUDMHVGHFLHUWRVWHMLGRVHORORUGHODVIORUHVOHRSULPtDOD
OX]PiVGpELOWRUWXUDEDVXVRMRV\VRODPHQWHKDEtDSHFXOLDUHVVRQLGRV\HVWRVGHLQVWUXPHQWRVGHFXHUGD
TXHQROHLQVSLUDVHQKRUURU
/RHQFRQWUpHVFODYL]DGRDORVPiVH[WUDxRVWHUURUHV0HPRULUpGLMRWHQJRTXHPRULUGHHVWD
GHSORUDEOHORFXUD$VtDVt\QRGHRWUDPDQHUDPRULUp0HDVXVWDQORVDFRQWHFLPLHQWRVIXWXURVQRSRU
HOORVPLVPRVVLQRSRUVXVUHVXOWDGRV7LHPEORDOSHQVDUHQORVHIHFWRVTXHFXDOTXLHULQFLGHQWHDXQHO
PiV WULYLDO SXHGD FDXVDU HQ HVWD LQWROHUDEOH DJLWDFLyQ GH PL DOPD 1R WHQJR HQ UHDOLGDG KRUURU DO
SHOLJURVLQRDVXDEVROXWRHIHFWRHOWHUURU(QHVWHHVWDGRGHHQHUYDPLHQWRHQHVWHHVWDGRODPHQWDEOH
VLHQWR TXH PiV WDUGH R PiV WHPSUDQR OOHJDUi HO PRPHQWR HQ TXH OD YLGD \ OD UD]yQ PH DEDQGRQDUiQ DO
PLVPRWLHPSRHQDOJXQDOXFKDFRQWUDHOKRUUHQGRIDQWDVPDGHO0LHGR
6XSHDGHPiVDLQWHUYDORV\SRULQGLFDFLRQHVSDUFLDOHV\HTXtYRFDVRWURVGDWRVSDUWLFXODUHVGHVX
VLWXDFLyQ PHQWDO (VWDED FRQPRYLGR SRU FLHUWDV LPSUHVLRQHV VXSHUVWLFLRVDV UHODWLYDV D OD FDVD TXH
KDELWDED\GHODFXDOKDFtDPXFKRWLHPSRTXHQRVHKDEtDDWUHYLGRDVDOLULPSUHVLRQHVTXHVHUHIHUtDQD
XQD LQIOXHQFLD FX\D VXSXHVWD IXHU]D UHVLGtD HQ WpUPLQRV GHPDVLDGR VRPEUtRV SDUD VHU UHSHWLGRV DTXt
LQIOXHQFLDGHFtDpOTXHGHWHUPLQDGDVSHFXOLDULGDGHVGHODIRUPD\ODVPDWHULDVGHVXFDVDIDPLOLDU
GHELGRDOODUJRWLHPSRWUDQVFXUULGRKDFLHQGRTXHHOHIHFWRItVLFRGHORVPXURVGHODVWRUUHVJULVHV\GHO
RVFXURODJRHQHOFXDOVHPLUDEDQOOHJDVHDFRQIRUPDURGHIRUPDUORTXHSXGLHUDOODPDUVHODPRUDOGHVX
H[LVWHQFLD
6LQ HPEDUJR DGPLWtD DXQTXH FRQ FLHUWD YDFLODFLyQ TXH PXFKR GH OD SHFXOLDU PHODQFROtD TXH OR
DIOLJtDSRGtDDWULEXLUVHDXQRULJHQPiVQDWXUDO\PiVFODURDODJUDYH\SURORQJDGDHQIHUPHGDG\SRU
~OWLPR D OD PXHUWH HYLGHQWHPHQWH SUy[LPD GH XQD KHUPDQD WLHUQDPHQWH DPDGD TXH IXH VX ~QLFD
FRPSDxHUDGXUDQWHPXFKRVDxRV\VX~OWLPR\~QLFRSDULHQWHVREUHODWLHUUD6XPXHUWHGLMRpOFRQXQD
DPDUJXUDTXHQXQFDROYLGDUpPHGHMDUiGpELO\GHVHVSHUDGRFRPRHO~OWLPRGHODUD]DGHORV8VKHU
0LHQWUDVKDEODEDODG\0DGHOLQHTXHDVtVHOODPDEDVXKHUPDQDSDVyOHQWDPHQWHSRUXQOXJDUDOHMDGR
GHODSDUWDPLHQWR\VLQDGYHUWLUPLSUHVHQFLDGHVDSDUHFLy/DREVHUYpFRQJUDQDVRPEURQRVLQPH]FOD
18

GH WHPRU SHUR PH IXH LPSRVLEOH GDUPH FXHQWD GH WDOHV SHQVDPLHQWRV 8QD VHQVDFLyQ GH VRSRU PH
RSULPtDPLHQWUDVPLVRMRVVHJXtDQVXVSDVRVTXHVHDOHMDEDQ&XDQGRSRU~OWLPRXQDSXHUWDVHFHUUy
WUDV HOOD PLV RMRV EXVFDURQ LQVWLQWLYDPHQWH \ FRQ DQVLHGDG OD H[SUHVLyQ GH VX KHUPDQR SHUR pO KDEtD
HVFRQGLGRVXURVWURHQWUHODVPDQRV\VRORSXGHGDUPHFXHQWDGHTXHXQDSDOLGH]PD\RUTXHODRUGLQDULD
VHKDEtDH[WHQGLGRSRUVXVHQIODTXHFLGRVGHGRVSRUHQWUHORVFXDOHVFRUUtDQFRQDEXQGDQFLDDSDVLRQDGDV
OiJULPDV
/DHQIHUPHGDGGHODG\0DGHOLQHKDEtDEXUODGRGXUDQWHPXFKRWLHPSRODSHULFLDGHORVPpGLFRV8QD
FRQWLQXDGD DSDWtD XQ DJRWDPLHQWR JUDGXDO GH OD SHUVRQD \ IUHFXHQWHV DXQTXH WUDQVLWRULRV DWDTXHV GH
FDUiFWHU FDWDOpSWLFR HUDQ VX LQVyOLWR GLDJQyVWLFR +DVWD HQWRQFHV HOOD KDEtD VRSRUWDGR ILUPHPHQWH HO
SHVR GH VX HQIHUPHGDG VLQ UHFOXLUVH HQ HO OHFKR SHUR D OD FDtGD GH OD WDUGH GH PL OOHJDGD D OD FDVD
VXFXPELy FRPRVXKHUPDQRPHGLMRSRUODQRFKHFRQLQH[SUHVDEOHDJLWDFLyQ DOGHPROHGRUSRGHUGHOD
GHVWUXFFLyQ \ VXSH TXH OD PLUDGD TXH \R KDEtD REWHQLGR GH HOOD SRVLEOHPHQWH VHUtD OD ~OWLPD TXH \R
REWHQGUtDGHDTXHOODGDPDYLYDDOPHQRV\QRODYHUtDPiV
'XUDQWHORVGtDVTXHVLJXLHURQVXQRPEUHQRIXHPHQFLRQDGRQLSRU8VKHUQLSRUPt\GXUDQWHDTXHO
SHUtRGRKLFHJUDQGHVHVIXHU]RVSDUDDOLYLDUODPHODQFROtDGHPLDPLJR3LQWiEDPRV\OHtDPRVMXQWRVR
ELHQ\RHVFXFKDEDFRPRVLGHXQVXHxRVHWUDWDVHODVH[WUDxDVLPSURYLVDFLRQHVGHVXH[SUHVLYDJXLWDUUD
\DVtPLHQWUDVXQDLQWLPLGDGFDGDYH]PiVHVWUHFKDPHLQWURGXFtDVLQUHVHUYDVHQODVSURIXQGLGDGHVGHVX
HVStULWX DGYHUWtD DPDUJDPHQWH FXDQ I~WLOHV UHVXOWDEDQ WRGRV PLV LQWHQWRV SDUD DOHJUDU XQ HVStULWX HQ HO
FXDO ODV WLQLHEODV FRPR XQD FXDOLGDG LQKHUHQWH \ SRVLWLYD VH GHUUDPDEDQ VREUH WRGRV ORV REMHWRV GHO
XQLYHUVRItVLFR\PRUDOFRQXQDLQFHVDQWHLUUDGLDFLyQGHPHODQFROtD
6LHPSUHOOHYDUpFRQPLJRHOUHFXHUGRGHODVPXFKDVKRUDVFDUJDGDVGHVROHPQHJUDYHGDGTXHSDVpD
VRODVFRQHOGXHxRGHOD&DVD8VKHU6LQHPEDUJRIDOODUtDDOLQWHQWDUGDUXQDLGHDGHOFDUiFWHUH[DFWRGH
ORV HVWXGLRV R GH ODV RFXSDFLRQHV TXH FRPSDUWtDPRV R TXH pO LQLFLDED 8QD H[FLWDGD LGHDOLGDG
SUR\HFWDEDVXOX]VXOI~UHDVREUHWRGR6XVODUJRVHLPSURYLVDGRVFDQWRVI~QHEUHVVRQDUiQSDUDVLHPSUH
HQPLVRtGRV(QWUHRWUDVFRVDVUHFXHUGRGRORURVDPHQWHHQPLHVStULWXFLHUWRVLQJXODUDUUHJORSHUYHUVR
GHO ~OWLPR YDOV GH 9RQ :HEHU 'H ORV FXDGURV TXH LQFXEDED VX ODERULRVD IDQWDVtD \ TXH SLQFHODGD D
SLQFHODGD DOFDQ]DEDQ XQD YDJXHGDG DQWH OD FXDO \R PH HVWUHPHFtD GHO PRGR PiV YLROHQWR SXHV PH
VREUHFRJtDVLQVDEHUSRUTXpGHDTXHOORVFXDGURV TXHFRQVXVLPiJHQHVHVWiQYLYRVDKRUDHQPt PH
UHVXOWDLPSRVLEOHWUDGXFLUHQSDODEUDVODPiVSHTXHxDSDUWHGHVXVLJQLILFDGR3RUVXDEVROXWDVHQFLOOH]\
SRUODGHVQXGH]GHVXGLEXMRUHWHQtDQ\VREUHFRJtDQODDWHQFLyQ6LDOJXQDYH]XQPRUWDOSLQWyXQDLGHD
HVH PRUWDO IXH 5RGHULN 8VKHU 3DUD Pt DO PHQRV HQ ODV FLUFXQVWDQFLDV TXH PH URGHDEDQ ODV SXUDV
DEVWUDFFLRQHV TXH DTXHO KLSRFRQGUtDFR SUR\HFWDED HQ VXV OLHQ]RV SURGXFtDQ XQD VHQVDFLyQ GH UXLQD
LQWROHUDEOH (O HIHFWR TXH GHVSHUWDURQ HQ Pt QR VH SDUHFtD HQ QDGD DO TXH KDEtDQ GHVSHUWDGR ODV
UHVSODQGHFLHQWHVDXQTXHQRGHPDVLDGRFRQFUHWDVHQVRxDFLRQHVGH)XVHOL
8QD GH ODV IDQWDVPDJyULFDV FRQFHSFLRQHV GH PL DPLJR TXH QR SDUWLFLSDED WDQ UtJLGDPHQWH GHO
HVStULWXGHDEVWUDFFLyQSRGUtDH[SOLFDUVHDXQTXHGpELOPHQWHSRUPHGLRGHSDODEUDV8QFXDGULWRVX\R
UHSUHVHQWDEDHOLQWHULRUGHXQDODUJD\UHFWDQJXODUFXHYDRW~QHOGHEDMDVSDUHGHVOLVDVEODQFDV\VLQ
LQWHUUXSFLyQQLDGRUQRFLHUWRVGHWDOOHVDFFHVRULRVGHODSLQWXUDVHUYtDQSDUDKDFHUFRPSUHQGHUTXHHVD
H[FDYDFLyQVHDEUtDDXQDSURIXQGLGDGFRQVLGHUDEOH1RVHREVHUYDEDVDOLGDDOJXQDQLVHYHtDDQWRUFKD
QLRWUDIXHQWHDUWLILFLDOGHOX]\FRQWRGRXQDROHDGDGHLQWHQVRVUD\RVIOXFWXDEDDOUHGHGRU\EDxDEDHO
FRQMXQWRFRQXQHVSOHQGRUHVSHFWUDOHLQDSURSLDGR
19

$FDERGHKDEODUGHOPRUERVRHVWDGRGHOQHUYLRDXGLWLYRTXHKDFtDLQWROHUDEOHWRGDP~VLFDSDUDHO
SDFLHQWHFRQOD~QLFDH[FHSFLyQGHFLHUWRVLQVWUXPHQWRVGHFXHUGD7DOYH]ORVHVWUHFKRVOtPLWHVHQORV
FXDOHVVHKDEtDFRQILQDGRpOPLVPRDOWRFDUODJXLWDUUDHUDQORTXHGDEDRULJHQHQJUDQPHGLGDDOFDUiFWHU
IDQWiVWLFRGHVXVHMHFXFLRQHV3HURODIHEULOIDFLOLGDGGHVXVLPSURPSWXVQRSRGUtDH[SOLFDUVHSRUHOOR
$Vt KDEtD GH VHU \ DVt HUD HQ ODV QRWDV FRPR HQ ODV SDODEUDV GH VXV IRJRVDV IDQWDVtDV SXHV PX\
IUHFXHQWHPHQWHVHDFRPSDxDEDDVtPLVPRFRQULPDGDVLPSURYLVDFLRQHVYHUEDOHV HOUHVXOWDGRGHDTXHO
LQWHQVRUHFRJLPLHQWRPRUDO\FRQFHQWUDFLyQDORVTXHKHDOXGLGRSUHYLDPHQWH\TXHQRVHREVHUYDQVLQR
HQGHWHUPLQDGRVPRPHQWRVGHODPiVLQWHQVDH[FLWDFLyQDUWLILFLDO(OWH[WRGHXQDGHHVDVUDSVRGLDVORKH
UHFRUGDGR IiFLOPHQWH 4XHGp WDO YH] PiV IXHUWHPHQWH LPSUHVLRQDGR SRU HOODV FXDQGR ODV SURGXMR
SRUTXHEDMRODSURIXQGD\PLVWHULRVDFRUULHQWHGHVXSHQVDPLHQWR\RSHUFLEtDSRUYH]SULPHUDXQDSOHQD
FRQFLHQFLDSRUSDUWHGH8VKHUGHVXHVWDGRPHQWDO\VHQWtDTXHODUD]yQVHOHWDPEDOHDEDHQVXWURQR
$TXHOORV YHUVRV TXH VH WLWXODEDQ (O SDODFLR KHFKL]DGR YHQtDQ D VHU PX\ DSUR[LPDGDPHQWH FRPR
VLJXHQ
,
(QHOYDOOHPiVYHUGHGHQXHVWURVYDOOHV
SRUEXHQRViQJHOHVKDELWDGR
XQDYH]XQEHOOR\ILUPHSDODFLR
HQRWURWLHPSRDO]yVXIUHQWH
(QHOGRPLQLRGHOPRQDUFD3HQVDPLHQWR
HUDGRQGHVHDO]DED
-DPiVXQVHUDItQGHVSOHJyVXVDODV
VREUHREUDWDQPDUDYLOORVD
,,
%DQGHUDVDPDULOODVGHRUR\JORULD
HQVXWHFKRIORWDEDQ\RQGXODEDQ
(VWRWRGRHVWRIXHKDFHPXFKRWLHPSR
0XFKRWLHPSRDWUiV 
$FDGDVXDYHVRSORGHODEULVDTXHUHWR]DED
HQWDQDPDEOHVGtDV
UR]DQGRODVPXUDOODVGHVQXGDV\SiOLGDV
XQDODGRSHUIXPHSURYRFDED
,,,
9DJDEXQGRVSRUHVHDOHJUHYDOOH
YHtDQDWUDYpVGHYHQWDQDVOXPLQRVDV
PRYHUVHXQRVHVStULWXVFRQODP~VLFD
DOFRPSiVGHXQOD~GELHQWHPSODGR
DOUHGHGRUGHXQWURQRGRQGHHVWDEDVHQWDGR
20

SRUILURJpQHWR
FRQSRPSDPX\GLJQDGHVXJORULD
DOVHxRUGHDTXHOUHLQRVHYHtD

,9

<WRGDUHOXFLHQWHGHSHUODV\UXEtHV
HUDODKHUPRVDSXHUWDGHOSDODFLR
SRUODFXDOOOHJDEDQROHDGDVROHDGDV
\FHQWHOOHDQGRHWHUQDPHQWH
XQWURSHOGHHFRVFX\DGXOFHPLVLyQ
QRHUDVLQRFDQWDU
FRQYRFHVGHJUDQEHOOH]D
HOJHQLR\HOLQJHQLRGHVX5H\
9
3HURPDOYDGRVVHUHVFRQYHVWLGRGHGXHOR
DVDOWDURQHOSDODFLRGHOPRQDUFD
$Kt/ORUHPRVDPDUJDPHQWHWDOGHVJUDFLD
1LQJ~QDOEDGHVSXQWDUiVREUHODUHJLDUHVLGHQFLD
<DOUHGHGRUGHVXPDQVLyQODJORULD
TXHHQWRQFHVIORUHFtD
QRHV\DVLQRXQFXHQWRRVFXUR
GHDQWLJXRVWLHPSRVROYLGDGRV
9,
<DKRUDORVYLDMHURVTXHDWUDYLHVDQHOYDOOH
VRORYHQDWUDYpVGHYHQWDQDV
YDVWDVIRUPDVTXHVHPXHYHQIDQWiVWLFDPHQWH
HQXQDGLVFRUGDQWH]DUDEDQGD
PLHQWUDVTXHFRPRXQUtRUiSLGR\O~JXEUH
SRUODSXHUWD
XQIHRWURSHOVHSUHFLSLWD\UtH
VLQDOFDQ]DUVRQULHQGRODJUDFLD
5HFXHUGR ELHQ TXH ODV VXJHVWLRQHV SURGXFLGDV SRU HVWD EDODGD QRV VXPLHURQ HQ XQD VHULH GH
SHQVDPLHQWRVTXHSXVLHURQGHPDQLILHVWRXQDRSLQLyQGH8VKHUUHFRUGDGDDTXtQRWDQWRSRUVXQRYHGDG
SXHVRWURVKRPEUHV>@KDQWUDWDGRGHHOOR VLQRSRUODLQVLVWHQFLDFRQTXHODVRVWHQtD(VWDRSLQLyQHQVX
IRUPDJHQHUDOHVODGHTXHORVVHUHVSHUWHQHFLHQWHVDOPXQGRYHJHWDOSRVHHQXQDVHQVLELOLGDG3HURHQVX
GHVRUGHQDGD LPDJLQDFLyQ OD LGHD KDEtD DGTXLULGR XQ FDUiFWHU PiV RVDGR D~Q H LQYDGtD EDMR FLHUWDV
FRQGLFLRQHVHOUHLQRGHORLQRUJiQLFR&DUH]FRGHSDODEUDVSDUDH[SUHVDUWRGRHODOFDQFHRHOYHKHPHQWH
DEDQGRQRGHVXSHUVXDVLyQ/DFUHHQFLDVLQHPEDUJRHVWDEDUHODFLRQDGD FRPRDQWHVKHLQVLQXDGR FRQ
21

ODV SLHGUDV JULVHV GH OD FDVD GH VXV DQWHSDVDGRV /DV FRQGLFLRQHV GH VHQVLELOLGDG VH KDEtDQ FXPSOLGR
DOOt VHJ~Q pO LPDJLQDED SRU HO RUGHQ GH GLVWULEXFLyQ GH ODV SLHGUDV DVt FRPR SRU ORV LQQXPHUDEOHV
KRQJRV TXH ODV UHFXEUtDQ \ ORV iUEROHV TXH URGHDEDQ OD PDQVLyQ \ VREUH WRGR SRU OD ODUJD \ QR
SHUWXUEDGDGXUDFLyQGHWRGRDTXHORUGHQ\SRUVXGXSOLFDFLyQHQODVJULVHVDJXDVGHOODJR/DHYLGHQFLD
ODHYLGHQFLDGHODVHQVLELOLGDGSRGtDYHUVH GHFtD\HQWRQFHV\RPHVRUSUHQGtDGHRtUORKDEODU HQ
ODJUDGXDODXQTXHFLHUWDFRQGHQVDFLyQGHODDWPyVIHUDFHUFDQDDODVDJXDVGHOODJR\DODVSDUHGHVGHOD
FDVD (O UHVXOWDGR VH GHVFXEUtD DxDGtD pO HQ DTXHOOD LQIOXHQFLD PXGD SHUR LQVLVWHQWH \ WHUULEOH TXH
GXUDQWH VLJORV KDEtD PROGHDGR ORV GHVWLQRV GH VX IDPLOLD \ TXH KDEtD KHFKR GH pO OR TXH HUD 7DOHV
RSLQLRQHVQRQHFHVLWDQFRPHQWDULR\\RQRKDUpQLQJXQR
1XHVWURVOLEURVORVOLEURVTXHGXUDQWHDxRVKDEtDQIRUPDGRXQDSHTXHxDSDUWHGHODH[LVWHQFLDGHO
LQYiOLGR HVWDEDQ FRPR SXHGH VXSRQHUVH HQ FRPSOHWR DFXHUGR FRQ DTXHO FDUiFWHU IDQWDVPDO
(VWXGLiEDPRVPLQXFLRVDPHQWHREUDVWDOHVFRPRHO9HUYHUWHW&KDUWUHXVHGH*UHVVHWHO%HOSKHJRU GH
0DTXLDYHOR (O &LHOR \ HO ,QILHUQR GH 6ZHGHQERUJ (O YLDMH VXEWHUUiQHR GH 1LFROiV .OLPP GH
+ROEHUJODV4XLURPDQFLDVGH5REHUW)OXGGH-HDQG
,QGDJLQp\'HOD&KDPEUHHO9LDMHDODGLVWDQFLD
D]XO GH 7LHFN \ OD &LXGDG GHO VRO GH &DPSDQHOOD 8QR GH ORV YRO~PHQHV IDYRULWRV HUD XQD SHTXHxD
HGLFLyQHQRFWDYDGHO'LUHFWRULXP,QTXLVLWRULXPGHOGRPLQLFR(\PHULFGH*LURQQH+DEtDSDVDMHVGH
3RPSRQLXV 0HOD DFHUFD GH ORV ViWLURV \ HJLSDQHV DIULFDQRV FRQ ORV FXDOHV 8VKHU VH HQVLPLVPDED
GXUDQWHKRUDVHQWHUDV6LQHPEDUJRVXSULQFLSDOJRFHORKDOODEDHQODOHFWXUDGHXQH[WUDRUGLQDULRUDUR\
FXULRVROLEURHQFXDUWRJyWLFRTXHSURFHGtDGHDOJXQDLJOHVLDROYLGDGDHO9LUJLOL0RUWXRUXP&KRUXP
(FFOHVL0DJXQWLQ
1R SXHGR GHMDU GH SHQVDU HQ HO H[WUDxR ULWXDO GH DTXHOOD REUD \ HQ VX SUREDEOH LQIOXHQFLD HQ HO
KLSRFRQGUtDFR SRUTXH XQD WDUGH GHVSXpV GH LQIRUPDUPH EUXVFDPHQWH TXH VX KHUPDQD ODG\ 0DGHOLQH
KDEtDPXHUWRPHPDQLIHVWyVXVSURSyVLWRVGHPDQWHQHULQVHSXOWRHOFDGiYHUGXUDQWHXQDTXLQFHQD DQWHV
GHVXHQWLHUURGHILQLWLYR HQXQDGHODVQXPHURVDVFULSWDVH[LVWHQWHVHQHOHGLILFLR/DUD]yQKXPDQDTXH
pODGXFtDSDUDWDQVLQJXODUFRQGXFWDHUDGHWDOQDWXUDOH]DTXH\RQRSRGtDSHUPLWLUPHGLVFXWLUOD&RPR
KHUPDQR KDEtD QHJDGR D WDO UHVROXFLyQ DVt PH OR GLMR  SRU FRQVLGHUDU HO FDUiFWHU SRFR FRP~Q GH OD
HQIHUPHGDGGHODPXHUWDSRUTXHORVPLVPRVPpGLFRVVHQWtDQFXULRVLGDGHQWRUQRDDTXHOIDOOHFLPLHQWR\
SRUODUHPRWD\DUULHVJDGDVLWXDFLyQGHOFHPHQWHULRGHODIDPLOLD1RQHJDUpTXHFXDQGRYROYtDUHFRUGDU
HODVSHFWRVLQLHVWURGHODSHUVRQDTXHYLHQODHVFDOHUDHOGtDGHPLOOHJDGDDODFDVDQRVHQWtGHVHRVGH
RSRQHUPHDORTXHVRORFRQVLGHUDEDXQDSUHFDXFLyQLQRIHQVLYD\GHQLQJ~QPRGRUHSUREDEOH
$ SHWLFLyQ GH 8VKHU OH D\XGp SHUVRQDOPHQWH HQ ORV SUHSDUDWLYRV GH DTXHO HQWHUUDPLHQWR WHPSRUDO
8QD YH] TXH GHSRVLWDPRV HO FXHUSR HQ HO DWD~G OR OOHYDPRV DO OXJDU GHVLJQDGR /D FXHYD GRQGH OR
FRORFDPRV FHUUDGD WDQWR WLHPSR TXH QXHVWUDV DQWRUFKDV FDVL VH DSDJDURQ FRPR FRQVHFXHQFLD GH OD
DWPyVIHUD FRQILQDGD  HUD SHTXHxD K~PHGD \ WRWDOPHQWH GHVSURYLVWD GH FXDOTXLHU HQWUDGD GH OX]
TXHGDQGR D JUDQ SURIXQGLGDG LQPHGLDWDPHQWH GHEDMR GH OD SDUWH GHO HGLILFLR GRQGH VH KDOODED OD
KDELWDFLyQHQTXH\RGRUPtD$SDUHQWHPHQWHHQUHPRWRVWLHPSRVIHXGDOHVKDEtDVLGRXVDGDSDUDHOSHRU
ILQ HO GH PD]PRUUD \ HQ ORV ~OWLPRV GtDV FRPR SROYRUtQ R SDUD JXDUGDU RWUDV VXVWDQFLDV DOWDPHQWH
FRPEXVWLEOHVHVWDQGRXQDSRUFLyQGHOVXHOR\WRGRHOLQWHULRUGHXQODUJRFRUUHGRUDERYHGDGRSRUGRQGH
OOHJDPRV FXLGDGRVDPHQWH UHFXELHUWR GH FREUH /D SXHUWD GH KLHUUR PDFL]R KDEtD VXIULGR WDPELpQ XQD
SURWHFFLyQVLPLODU6XLQPHQVRSHVRSURGXFtDXQLQXVLWDGR\DJXGRUXLGRFKLUULDQWHFXDQGRJLUDEDVREUH
VXVJR]QHV
22

8QD YH] TXH GHMDPRV GHSRVLWDGD QXHVWUD FDUJD I~QHEUH VREUH XQRV VRSRUWHV HQ DTXHOOD PDQVLyQ GH
KRUURUOHYDQWDPRVXQSRFRODWDSDGHODWD~GD~QQRFODYDGD\HFKDPRVXQDPLUDGDVREUHHOURVWURGHVX
RFXSDQWH $O SXQWR PH OODPy OD DWHQFLyQ HO IXHUWH SDUHFLGR GHO KHUPDQR FRQ VX KHUPDQD \ 8VKHU
DGLYLQDQGRWDOYH]PLVSHQVDPLHQWRVPXUPXUyDOJXQDVSDODEUDVSRUODVFXDOHVVXSHTXHODGLIXQWD\pO
HUDQJHPHORV\TXHVLHPSUHKDEtDH[LVWLGRHQWUHHOORVXQDVLPSDWtDGHQDWXUDOH]DFDVLLQH[SOLFDEOH1R
REVWDQWH QXHVWUDV PLUDGDV QR SHUPDQHFLHURQ PXFKR WLHPSR ILMDV HQ OD PXHUWD SRUTXH QR SXGLPRV
FRQWHPSODUOD VLQ HVSDQWR /D HQIHUPHGDG TXH KDEtD DFDEDGR FRQ OD YLGD GH ODG\ 0DGHOLQH HQ SOHQD
MXYHQWXG OH KDEtD GHMDGR FRPR VXFHGH JHQHUDOPHQWH HQ ODV SHUVRQDV IDOOHFLGDV SRU FDWDOHSVLD XQD
HVSHFLH GH IDOVD UXELFXQGH] HQ HO URVWUR \ OD SDUWH GHO SHFKR TXH VH GHVFXEUtD SLQWiQGRVH HQ DTXHOOD
VRQULVDIXUWLYDTXHUHVXOWDHVSDQWRVDHQORVODELRVGHXQDSHUVRQDPXHUWD9ROYLPRVDFRORFDU\FODYDUOD
WDSD \ GHVSXpV GH KDEHU DVHJXUDGR OD SXHUWD GH KLHUUR HPSUHQGLPRV FRQ WUDEDMR HO UHJUHVR KDFLD ODV
KDELWDFLRQHVQRPHQRVPHODQFyOLFDVGHODSDUWHDOWDGHODFDVD
7UDQVFXUULGRV DOJXQRV GtDV GH DPDUJR SHVDU SDUD PL DPLJR VH RSHUy XQ FDPELR RVWHQVLEOH HQ ORV
VtQWRPDVGHVXGHVRUGHQPHQWDO6XVPDQHUDVKDELWXDOHVKDEtDQGHVDSDUHFLGR6XVFRVWXPEUHVRUGLQDULDV
HUDQGHVDWHQGLGDV\ROYLGDGDV9DJDEDGHKDELWDFLyQHQKDELWDFLyQFRQSULVDGHVLJXDO\VLQREMHWR6XWH]
KDEtD DVXPLGR VL HV SRVLEOH XQD SDOLGH] D~Q PiV HVSHFWUDO SHUR OD OXPLQRVLGDG GH VXV RMRV KDEtD
GHVDSDUHFLGRSRUFRPSOHWR'HVDSDUHFLyHOiVSHURWRQRGHYR]TXHDGRSWDEDHQRFDVLRQHVUHHPSOD]DGR
SRU XQ WUpPXOR EDOEXFHR TXH SDUHFtD SURYHQLU GH XQ WHUURU H[WUHPDGR 'H KHFKR DOJXQDV YHFHV \R
KXELHUD MXUDGR TXH VX HVStULWX LQFHVDQWHPHQWH DJLWDGR OXFKDED FRQ DOJ~Q VHFUHWR KRUULEOH SHUR TXH OH
IDOWDEDHOYDORUQHFHVDULRSDUDUHYHODUOR2WUDVYHFHVPHYHtDREOLJDGRDDWULEXLUORWRGRDODVVLPSOHV
YDJXHGDGHVGHODORFXUDSXHVOHYHtDREVHUYDUHOYDFtRGXUDQWHODUJDVKRUDVHQXQDDFWLWXGGHSURIXQGD
DWHQFLyQFRPRVLHVFXFKDUDDOJ~QVRQLGRLPDJLQDULR1RGHEHVRUSUHQGHUTXHVXHVWDGRPHDWHUUDUDTXH
PHFRQWDJLDVH6HQWtTXHGHPRGROHQWR\VHJXURVHLEDQDGXHxDQGRGHPLHVStULWXODVH[WUDxDVLQIOXHQFLDV
GHVXVIDQWiVWLFDVHLPSUHVLRQDQWHVVXSHUVWLFLRQHV
8QD QRFKH OD VpSWLPD R OD RFWDYD GHVGH TXH WUDVODGDPRV D 0DGHOLQH D VX WXPED WUDQVLWRULD DO
DFRVWDUPH D KRUD DYDQ]DGD H[SHULPHQWp SOHQDPHQWH HO SRGHU GH WDOHV VHQVDFLRQHV (O VXHxR QR TXHUtD
DFHUFDUVH D PL OHFKR PLHQWUDV ODV KRUDV WUDQVFXUUtDQ XQD D XQD /XFKp SRU EXVFDU OD UD]yQ GHO
QHUYLRVLVPR TXH PH GRPLQDED 7UDWDED GH FUHHU TXH FDVL WRGR OR TXH VHQWtD VH GHEtD D OD RSUHVLYD
LQIOXHQFLD GHO WULVWH PRELOLDULR GH OD KDELWDFLyQ GH ORV RVFXURV \ UDVJDGRV WDSLFHV WRUWXUDGRV SRU HO
YLHQWR HQ XQD WHPSHVWDG QDFLHQWH TXH VH DJLWDEDQ VREUH ODV SDUHGHV \ FKRFDEDQ O~JXEUHPHQWH FRQ ORV
DGRUQRV GH OD FDPD 3HUR PLV LQWHQWRV UHVXOWDURQ LQ~WLOHV 8Q WHPRU LQFRQWHQLEOH IXH SRFR D SRFR
LQYDGLHQGR PL FXHUSR \ DO ILQ OD SHVDGLOOD GH XQD DQJXVWLD VLQ PRWLYR VH DVHQWy HQ PL FRUD]yQ
5HVSLUDQGRFRQIXHU]DFRQVHJXtDSDUWDUORGHPtHLQFRUSRUiQGRPHVREUHODVDOPRKDGDV\DWLVEDQGRFRQ
DQVLHGDG SRU OD LQWHQVD RVFXULGDG GH OD VDOD HVFXFKp VLQ RWUD UD]yQ TXH XQ LPSXOVR LQVWLQWLYR FLHUWRV
RSDFRV H LQGHILQLEOHV VRQLGRV TXH OOHJDEDQ D Pt D ODUJRV LQWHUYDORV HQ ODV SDXVDV GH OD WRUPHQWD
'RPLQDGR SRU XQ LQWHQVR VHQWLPLHQWR GH KRUURU LQH[SOLFDEOH SHUR LQYHQFLEOH PH YHVWt FRQ
DSUHVXUDPLHQWR SXHV WHQtD HO SUHVHQWLPLHQWR GH TXH QR SRGUtD GRUPLU QDGD PiV GXUDQWH OD QRFKH  \
OXFKDQGRSDUDVREUHSRQHUPHDPtPLVPRFRPHQFpDUHFRUUHUODKDELWDFLyQGHDUULEDDEDMR
$SHQDVKDEtDGDGRXQDVFXDQWDVYXHOWDVVHQWtSDVRVOLJHURVHQODHVFDOHUD,QPHGLDWDPHQWHUHFRQRFt
TXH VH WUDWDED GH 8VKHU $O FDER GH XQ PRPHQWR OODPy VXDYHPHQWH D OD SXHUWD \ HQWUy OOHYDQGR XQD
OiPSDUD 6X URVWUR FRPR GH FRVWXPEUH WHQtD XQ DVSHFWR FDGDYpULFR SHUR DGHPiV HQ HVWD RFDVLyQ VH
23

UHIOHMDED HQ pO XQD HVSHFLH GH PRUERVD KLODULGDG XQD KLVWHULD HYLGHQWHPHQWH FRQWHQLGD HQ WRGDV VXV
IRUPDV6XDVSHFWRPHDWHUUySHURFXDOTXLHUFRVDHUDSUHIHULEOHDODVROHGDGTXH\RGXUDQWHWDQWRWLHPSR
KDEtDVRSRUWDGRSRUORTXHDFRJtVXSUHVHQFLDFRPRXQDOLYLR
1RKDVYLVWR"GLMREUXVFDPHQWHGHVSXpVGHKDEHUPLUDGRDVXDOUHGHGRU\HQVLOHQFLRGXUDQWH
DOJXQRVLQVWDQWHV(QWRQFHVW~QRORKDVYLVWR"3XHVHVSHUD<DORYHUiV
'LFLHQGRHVWR\SURWHJLHQGRFRQFXLGDGRVXOiPSDUDVHDSUHVXUyKDFLDXQDGHODVYHQWDQDV\ODDEULy
GHSDUHQSDUDODWRUPHQWD
/D IXULD LPSHWXRVD GHO DJXD FDVL QRV OHYDQWy GHO VXHOR /D QRFKH WHPSHVWXRVD WHQtD XQD LPSRQHQWH
EHOOH]D \ HUD ~QLFD \ H[WUDxD HQ VX WHUURU \ HQ VX KHUPRVXUD (Q ODV SUR[LPLGDGHV GH OD FDVD VH KDEtD
IRUPDGR XQ WRUEHOOLQR TXH KDFtD IUHFXHQWHV \ YLROHQWDV DOWHUDFLRQHV HQ OD GLUHFFLyQ GHO YLHQWR \ OD
H[FHVLYD GHQVLGDG GH ODV QXEHV TXH FROJDEDQ WDQ EDMDV FRPR SDUD DSODVWDU HO WHMDGR QR QRV LPSHGtD
DSUHFLDUODYLYDYHORFLGDGFRQTXHFRUUtDQXQDVFRQWUDRWUDVGHVGHWRGRVORVSXQWRVVLQDOHMDUVHHQOD
GLVWDQFLD <D KH GLFKR TXH VX H[FHVLYD GHQVLGDG QR QRV LPSHGtD DSUHFLDU DTXHOOR D SHVDU GH TXH QR
YLVOXPEUiEDPRVGHVWHOORDOJXQRGHOXQDROX]GHHVWUHOODVQLKDEtDQLQJ~QUHVSODQGRUGHUHOiPSDJR3HUR
ODV VXSHUILFLHV LQIHULRUHV GH ODV HQRUPHV PDVDV GH DJLWDGR YDSRU OR PLVPR TXH WRGRV ORV REMHWRV
WHUUHVWUHVTXHQRVURGHDEDQEULOODEDQDODOX]VREUHQDWXUDOGHXQDGpELOH[KDODFLyQJDVHRVDTXHURGHDED
WRGDODFDVD
1RGHEHVQRWLHQHVTXHYHUHVROHGLMHWHPEODQGRD8VKHU\FRQVXDYHYLROHQFLDORFRQGXMH
GHVGHODYHQWDQDDOVLOOyQ(VWDVDSDULHQFLDVTXHWHLPSUHVLRQDQVRQVLPSOHPHQWHIHQyPHQRVHOpFWULFRV
PX\ IUHFXHQWHV R WDO YH] WHQJDQ VX RULJHQ HVSHFWUDO HQ ORV IpWLGRV PLDVPDV GHO ODJR &HUUHPRV HVWD
YHQWDQD SXHV HO DLUH HVWi KHODGR \ SXHGH UHVXOWDU PDOR SDUD WX VDOXG $TXt WHQJR XQD GH WXV QRYHODV
IDYRULWDV/HHUp\W~PHHVFXFKDUiV\DVtGHMDUHPRVSDVDUMXQWRVHVWDWHUULEOHQRFKH
(ODQWLJXRYROXPHQTXH\RKDEtDWRPDGRHUDHO0DG7ULVW GH VLU /DXQFHORW &DQQLQJ SHUR OR KDEtD
OODPDGRHOOLEURIDYRULWRGH8VKHUPiVHQEURPDTXHHQVHULRSXHVDGHFLUYHUGDGSRFRKDEtDHQVX
EDMD \ QDGD LPDJLQDWLYD SUROLMLGDG TXH SXGLHUD WHQHU LQWHUpV SDUD OD DOWD \ HVSLULWXDO LGHDOLGDG GH PL
DPLJR3HURHUDHO~QLFROLEURTXHWHQtDDPDQR\DOLPHQWDEDODYDJDHVSHUDQ]DGHTXHODDJLWDFLyQTXH
HQWRQFHV SHUWXUEDED DO KLSRFRQGUtDFR SRGUtD HQFRQWUDU DOLYLR SXHV OD KLVWRULD GH ORV GHVyUGHQHV
PHQWDOHVHVWiOOHQDGHDQRPDOtDVVLPLODUHV HQODPLVPDH[DJHUDFLyQGHODVORFXUDVTXHLEDDOHHUOH6L
KXELHUD WHQLGR TXH MX]JDU SRU HO DLUH H[WUDxDPHQWH WHQVR FRQ TXH HVFXFKDED R DSDUHQWDED HVFXFKDU ODV
SDODEUDVGHOFXHQWRSRGtDKDEHUPHIHOLFLWDGRGHOp[LWRGHPLLGHD
+DEtDOOHJDGRDHVDSDUWHWDQFRQRFLGDGHODKLVWRULDHQTXH(WKHOUHGHOKpURHGHO7ULVW KDELHQGR
LQWHQWDGRHQYDQRSRUSDFtILFRVSURFHGLPLHQWRVSHQHWUDUHQODPRUDGDGHOHUPLWDxRGHFLGHHQWUDUSRUOD
IXHU]D'HEHUHFRUGDUVHTXHODVSDODEUDVGHOFXHQWRVRQFRPRVLJXH
< (WKHOUHG TXH HUD SRU QDWXUDOH]D GH YDOHURVR FRUD]yQ \ TXH HVWDED HQWRQFHV HQDUGHFLGR SRU OD
HQHUJtDGHOYLQRTXHKDEtDEHELGRQRHVSHUyPXFKRWLHPSRSDUDSRGHUKDEODUFRQHOHUPLWDxRTXHHUDGH
REVWLQDGD \ PDOLFLRVD QDWXUDOH]D VLQR TXH VLQWLHQGR OD OOXYLD VREUH VXV KRPEURV \ WHPLHQGR VHU
DOFDQ]DGR SRU OD WHPSHVWDG OHYDQWy VX PD]R LQPHGLDWDPHQWH \ FRQ UXGRV JROSHV DEULy SDVR D VX PDQR
HQJXDQWDGDDWUDYpVGHODVPDGHUDVGHODSXHUWD\WLUDQGRHQWRQFHVIXHUWHPHQWHGHXQDSDUWHDRWUDKL]R
FUXMLU UDMDUVH \ VDOWDU HQ DVWLOODV WRGR GH WDO PRGR TXH HO VHFR \ SHQHWUDQWH VRQLGR GH OD PDGHUD VH
SURSDJySRUWRGRHOERVTXHVHPEUDQGRODDODUPD
$OILQDOGHHVWHSiUUDIRPHGHWXYHVREUHVDOWDGRSXHVPHSDUHFtDTXH DXQTXHLQPHGLDWDPHQWHVXSXVH
24

TXH PL H[FLWDGD LPDJLQDFLyQ PH KDEtD HQJDxDGR  GH XQD SDUWH PX\ OHMDQD GH OD FDVD OOHJDEDQ
FRQIXVDPHQWHDPLVRtGRVORTXHSRGtDKDEHUVLGRSRUVXH[WUDxDDQDORJtDHOHFR FLHUWDPHQWHDSDJDGR\
VRUGR GHOPLVPRVRQLGRFUXMLHQWH\GHVJDUUDGRUTXHVLU/DXQFHORWKDEtDGHVFULWRGHPRGRWDQSDUWLFXODU
(UD VLQ GXGD DOJXQD OD ~QLFD FRLQFLGHQFLD TXH DWUDMR PL DWHQFLyQ SXHV HQ PHGLR GHO WDEOHWHR GH ODV
FRQWUDYHQWDQDV \ ORV UXLGRV TXH VH HQWUHPH]FODEDQ FRQ OD WRUPHQWD HO UXLGR DTXHO FRQVLGHUDGR HQ Vt
PLVPRQRWHQtDQDGDTXHSXGLHUDLQWHUHVDUPHRPROHVWDUPH&RQWLQXpHOUHODWR
3HUR HO EXHQ FDPSHyQ (WKHOUHG HQWUDQGR HQWRQFHV SRU OD SXHUWD VH TXHGy WDQ SHUSOHMR FRPR
HQIXUHFLGRDOQRHQFRQWUDUQLUDVWURGHOPDOLFLRVRHUPLWDxR(QVXOXJDUVHGLRGHOOHQRFRQXQGUDJyQGH
DSDULHQFLDPRQVWUXRVDFXELHUWRGHHVFDPDV\FRQXQDOHQJXDGHIXHJRTXHVHKDOODEDGHJXDUGLDGHODQWH
GHXQSDODFLRGHRURFRQSLVRGHSODWD'HOPXURFROJDEDXQHVFXGRGHEURQFHFRQHVWDOH\HQGD
4XLHQHQWUHDTXtVHUiXQFRQTXLVWDGRU
4XLHQPDWHDOGUDJyQHOHVFXGRJDQDUi
(WKHOUHG OHYDQWy VX PD]R \ JROSHy OD FDEH]D GHO GUDJyQ TXH FD\y DQWH pO H[KDODQGR XQ SHVWtIHUR
DOLHQWRFRQXQEUDPLGRWDQKRUULEOHWDQiVSHUR\DODYH]WDQSHQHWUDQWHTXH(WKHOUHGVHFXEULyVXVRtGRV
FRQODVPDQRVSDUDOLEUDUVHGHXQWHUULEOHUXLGRTXHQXQFDKDVWDHQWRQFHVKDEtDHVFXFKDGR
$OOOHJDUDHVWHSXQWRYROYtDGHWHQHUPH\HVWDYH]OOHQRGHDVRPEURSXHVQRSRGtDFDEHUGXGDGH
TXHHQDTXHOLQVWDQWH\RHVWDEDR\HQGRUHDO\YHUGDGHUDPHQWH DXQTXHPHIXHUDLPSRVLEOHSUHFLVDUHQTXp
GLUHFFLyQ SURYHQtD  XQ UXLGR VRUGR \ DSDUHQWHPHQWH GLVWDQWH SHUR iVSHUR SURORQJDGR \ VLQJXODUPHQWH
DJXGR\SHQHWUDQWHH[DFWDLPLWDFLyQGHORTXHPLLPDJLQDFLyQKDEtDVXSXHVWRVHUHOKRUULEOHEUDPLGRGHO
GUDJyQGHVFULWRSRUHOQRYHOLVWD
2SULPLGR FRPR FLHUWDPHQWH OR HVWDED VREUH OD FDVXDOLGDG GH OD VHJXQGD \ PiV H[WUDRUGLQDULD
FRLQFLGHQFLDSRUPLOVHQVDFLRQHVFRQWUDGLFWRULDVHQWUHODVTXHSUHGRPLQDEDHODVRPEUR\HOWHUURUWXYH
VLQHPEDUJRODVXILFLHQWHSUHVHQFLDGHiQLPRFRPRSDUDDEVWHQHUPHGHH[FLWDUSRUPHGLRGHFXDOTXLHU
REVHUYDFLyQODVHQVLELOLGDGQHUYLRVDGHPLDPLJR<RQRHVWDEDPX\VHJXURGHTXHpOKXELHUDHVFXFKDGR
HO VRQLGR HQ FXHVWLyQ DXQTXH HYLGHQWHPHQWH HQ ORV ~OWLPRV PLQXWRV XQD H[WUDxD DOWHUDFLyQ VH KDEtD
RSHUDGR HQ VX DFWLWXG 6LWXDGR IUHQWH D Pt KDEtD LGR JLUDQGR SRFR D SRFR VX VLOOD FRPR SDUD VHQWDUVH
PLUDQGRKDFLDODSXHUWDGHHVWHPRGRDSHQDVSRGtDYHUVXVUDVJRVDXQTXHYHtDVXVODELRVWHPEODUFRQ
XQ PXUPXOOR LUUHFRQRFLEOH +DEtD LQFOLQDGR OD FDEH]D VREUH HO SHFKR SHUR \R VDEtD TXH QR GRUPtD
SRUTXHHORMRTXH\RYHtDGHSHUILOHVWDEDDELHUWR$GHPiVHOPRYLPLHQWRGHVXFXHUSRFRQWUDGHFtDHVWD
LGHD SXHV VH PRYtD GH XQ ODGR D RWUR FRQ XQ FRQVWDQWH \ XQLIRUPH EDODQFHR +DELHQGR REVHUYDGR FRQ
UDSLGH]WRGRHVWRYROYtDODQDUUDFLyQGHVLU/DXQFHORWTXHSURVHJXtDDVt
'HVSXpV HO FDPSHyQ KDELpQGRVH HVFDSDGR GH OD WHUULEOH IXULD GHO GUDJyQ UHFRUGDQGR OD OH\HQGD
GHOHVFXGRGHEURQFH\GHTXHHOHQFDQWDPLHQWRTXHILJXUDEDHQFLPDHVWDEDURWRDSDUWyHOFDGiYHUGHO
GUDJyQ IXHUD GH VX FDPLQR \ VH DFHUFy YDOHURVDPHQWH SRU HO SDYLPHQWR GH SODWD GHO FDVWLOOR KDFLD OD
SDUHGGRQGHHVWDEDHOHVFXGRHOFXDOVLQHVSHUDUDTXHHOFDEDOOHURVHOHDFHUFDUDFD\ySHVDGDPHQWHD
VXVSLHVVREUHHOSLVRGHSODWDSURGXFLHQGRXQHQRUPH\WHUULEOHVRQLGR
1R KDEtDQ DFDEDGR GH VDOLU DTXHOODV SDODEUDV GH PLV ODELRV FXDQGR FRPR VL HQ DTXHO LQVWDQWH XQ
HVFXGR GH EURQFH KXELHVH FDtGR SHVDGDPHQWH VREUH XQ VXHOR GH SODWD HVFXFKp HO HFR FODUR KXHFR
SURIXQGRPHWiOLFR\FODPRURVRSHURFRPRDSDJDGR&RPSOHWDPHQWHH[FLWDGRVDOWpEUXVFDPHQWHSHUR
25

WRGRDTXHOORQRSDUHFLyDIHFWDUHQQDGDHOPHVXUDGREDODQFHRGH8VKHU0HSUHFLSLWpVREUHODVLOODHQ
TXHVHVHQWDED6XVRMRVPLUDEDQILMDPHQWHDQWHVt\HQWRGRVXFXHUSRUHLQDEDXQDULJLGH]GHSLHGUD6LQ
HPEDUJRFXDQGRFRORTXpPLPDQRVREUHVXKRPEURWRGRVXFXHUSRVHHVWUHPHFLyXQDVRQULVDDSDJDGD
WHPEOy HQ VXV ODELRV \ YL TXH pO KDEODED HQ XQ EDMR DSUHVXUDGR H LQDUWLFXODGR PXUPXOOR FRPR VL
HVWXYLHUDDMHQRDPLSUHVHQFLD0HLQFOLQpVREUHpO\DOILQSXGHHQWHQGHUHOKRUULEOHVLJQLILFDGRGHVXV
SDODEUDV
1R OR R\HV" 6t \R OR RLJR OR KH RtGR +DFH PXFKR WLHPSR PXFKR WLHPSR PXFKRV PLQXWRV
PXFKDV KRUDV PXFKRV GtDV TXH OR KH RtGR 3HUR QR PH DWUHYtD 2K PtVHUR GH Pt PLVHUDEOH
GHVDIRUWXQDGR1RPHDWUHYtD1RPHDWUHYtDDKDEODU1RVRWURVODSXVLPRVFRQYLGDHQODWXPED1RWH
GLMH TXH PLV VHQWLGRV WHQtDQ XQD DJXGH]D H[FHSFLRQDO" $KRUD WH GLJR TXH SXGH RtU VXV GpELOHV
PRYLPLHQWRVHQHODWD~G/RVRtKDFHPXFKRVPXFKRVGtDVSHURQRPHDWUHYtD1RPHDWUHYtDDKDEODU
\ DKRUD HVWD QRFKH (WKHOUHG (O GUDJyQ -D MD MD /D URWXUD GH OD SXHUWD GHO HUPLWDxR \ OD
PXHUWHGHOGUDJyQ\HOFODPRUGHOHVFXGR'LPiVELHQHOUXLGRGHVXDWD~G\HOUHFKLQDUGHORV
JR]QHV GH KLHUUR GH VX SULVLyQ \ VX OXFKD HQ HO SDVDGL]R IRUUDGR GH FREUH 2K $GRQGH KXLUp" 1R
OOHJDUiHOODDTXtGHQWURGHXQPRPHQWR"1RHVWiDSUHVXUDQGRVXSDVRSDUDUHSURFKDUPHPLSULVDSRU
HQWHUUDUOD"1RHVWR\R\HQGRVXVSDVRVHQODHVFDOHUD"1RGLVWLQJRDTXHOSHVDGR\KRUULEOHODWLUGHVX
FRUD]yQ" ,QVHQVDWR GH Pt 6H SXVR GH SLH IXULRVDPHQWH \ JULWy HVWDV VtODEDV FRPR VL HQ HO HVIXHU]R
H[KDODVHVXDOPD,QVHQVDWRUHSLWLy3HURQRYHVTXHHOODHVWiDKRUDGHWUiVGHODSXHUWD"
<FRPRVLHQODVREUHKXPDQDHQHUJtDGHVXURVWURVHKXELHVHSURGXFLGRODSRWHQFLDGHXQKHFKL]RODV
HQRUPHV \ DQWLJXDV KRMDV GH OD SXHUWD TXH HO GHVGLFKDGR VHxDODED DEULHURQ OHQWDPHQWH VXV SRGHURVDV
PDQGtEXODVGHKLHUUR8QDYLROHQWDUiIDJDGHYLHQWRKXUDFDQDGRDEULyILQDOPHQWHGHSDUHQSDUDTXHOOD
SXHUWD\HQVXPDUFRDSDUHFLyODDOWLYD\DPRUWDMDGDILJXUDGHODG\0DGHOLQHGH8VKHU+DEtDVDQJUHHQ
VXVEODQFDVURSDV\ODHYLGHQFLDGHDOJXQDDPDUJDOXFKDVREUHWRGDVXHQIODTXHFLGDSHUVRQD'XUDQWHXQ
PRPHQWR VH TXHGy WHPEORURVD \ WDPEDOHiQGRVH HQ HO XPEUDO OXHJR WUDV XQ VRUGR JHPLGR FD\y
SHVDGDPHQWHVREUHODSHUVRQDGHVXKHUPDQR\HQVXVYLROHQWDV\SRVWUHUDVDJRQtDVGHPXHUWHORDUUDVWUy
DOVXHORFDGiYHU\YtFWLPDGHORVWHUURUHVTXHKDEtDDQWLFLSDGR
'H DTXHOOD KDELWDFLyQ \ GH DTXHOOD FDVD HVFDSp KRUURUL]DGR /D WRUPHQWD HVWDED HQ WRGR VX DSRJHR
FXDQGRPHKDOOpFUX]DQGRODYLHMDFDO]DGD'HSURQWRUHVSODQGHFLyDORODUJRGHODVHQGDXQDH[WUDxDOX]
TXH LOXPLQDED HO FDPLQR 0H YROYt UHSHQWLQDPHQWH SDUD YHU GH GyQGH SRGtD KDEHU VDOLGR DTXHOOD
LQHVSHUDGDLOXPLQDFLyQSXHVGHWUiVGHPtVRORHVWDEDQODHQRUPHFDVD\VXVVRPEUDV$TXHOUHVSODQGRU
HUDHOGHODOXQDOOHQDGHXQFRORUURMRVDQJUHILOWUDGRYLYDPHQWHDWUDYpVGHDTXHOODJULHWDTXHDSHQDV
VHDGYHUWtD\GHODFXDO\DKHGLFKRDQWHVTXHVHH[WHQGtDHQ]LJ]DJGHVGHHOWHMDGRGHOHGLILFLRDODEDVH
0LHQWUDV OD PLUDED SDUDOL]DGR SRU HO DVRPEUR OD ILVXUD VH HQVDQFKy UiSLGDPHQWH OOHJy XQD UiIDJD
LPSHWXRVD GH YLHQWR \ WRGR HO GLVFR GHO VDWpOLWH HVWDOOy LQPHGLDWDPHQWH DQWH PL YLVWD 0L FHUHEUR VH
WDPEDOHyFXDQGRYLODVSRGHURVDVSDUHGHVSUHFLSLWDUVHSDUWLGDVHQGRV'HSURQWRORVSHVDGRVPXURVVH
GHVSORPDURQKDFLDGHODQWH\HQPHGLRGHXQHVWUpSLWRLQIHUQDOWRGDDTXHOODPDVDLQIRUPHFRQXQUXPRU
VHPHMDQWHDODYR]GHPLOFDWDUDWDVVHVXPHUJLyGHJROSHHQHOSURIXQGR\FHQDJRVRODJRFX\DVQHJUDV
DJXDVFRQPRYLGDVHQVXVXHxRVHFXODUSRUDTXHOODDYDODQFKDVHFHUUDURQWULVWH\VLOHQFLRVDPHQWHDPLV
SLHVVREUHORVUHVWRVSXOYHUL]DGRVGHOD&DVD8VKHU

26

(OHVFDUDEDMRGHRUR>@
+ROD+ROD(VWHPXFKDFKRHVXQGDQ]DQWH
ORFR'HEHKDEHUOHSLFDGRODWDUiQWXOD
7RGRDOUHYpV

$&( PXFKRV DxRV WUDEp DPLVWDG FRQ XQ FDEDOOHUR OODPDGR :LOOLDP /HJUDQG 3HUWHQHFtD D XQD
DQWLJXDIDPLOLDKXJRQRWH\HQRWURWLHPSRKDEtDVLGRULFRSHURXQDVHULHGHGHVJUDFLDVORKDEtDQ
UHGXFLGR D OD PLVHULD 3DUD HYLWDU OD KXPLOODFLyQ FRQVHFXHQWH GH HVWDV GHVJUDFLDV DEDQGRQy 1XHYD
2UOHDQVODFLXGDGGHVXVDQWHSDVDGRV\ILMyVXUHVLGHQFLDHQODLVODGH6XOOLYDQFHUFDGH&KDUOHVWRQHQ
&DUROLQDGHO6XU
(VWDHVXQDLVODPX\VLQJXODU1RFRQVLVWHHQRWUDFRVDTXHDUHQDGHPDU\WLHQHFHUFDGHWUHVPLOODV
GHORQJLWXG6XDQFKXUDHQQLQJXQDSDUWHH[FHGHGHXQFXDUWRGHPLOOD\HVWiVHSDUDGDGHOFRQWLQHQWHSRU
XQDHQVHQDGDFHQDJRVDDSHQDVSHUFHSWLEOHTXHVHDEUHFDPLQRDWUDYpVGHXQGHVLHUWRGHFDxDV\FLHQR
TXHHVOXJDUIDYRULWRGHORVSDWRVVDOYDMHV/DYHJHWDFLyQFRPRSXHGHVXSRQHUVHHVSREUHRDOPHQRV
UDTXtWLFD1RVHYHQiUEROHVGHQLQJ~QWDPDxR&HUFDGHOH[WUHPRRHVWHGRQGHTXHGDHOIXHUWH0RXOWULH\
DOJXQRVPLVHUDEOHVHGLILFLRVGHPDGHUDKDELWDGRVSRUORVTXHKX\HQGHOSROYR\ODILHEUHGH&KDUOHVWRQ
SXHGHKDOODUVHFLHUWDPHQWHHOSDOPLWRHUL]DGRSHURWRGDODLVODFRQODH[FHSFLyQGHOSXQWRRHVWH\XQD
OtQHD GH SOD\D GXUD \ EODQFD VREUH OD FRVWD HVWi FXELHUWD FRQ GHQVRV DUEXVWRV GHO PLUWR RORURVR WDQ
SUHFLDGRSRUORVKRUWLFXOWRUHVGH,QJODWHUUD(ODUEXVWRDOFDQ]DDOOtXQDDOWXUDGHTXLQFHRYHLQWHSLHV\
IRUPDXQERVTXHFLOORFDVLLPSHQHWUDEOHTXHDURPDHODLUHFRQVXIUDJDQFLD
(QHOPiVUHFyQGLWROXJDUGHHVHERVTXHFLOORQRPX\OHMRVGHOHVWH/HJUDQGVHKDEtDFRQVWUXLGRXQD
SHTXHxDFDEDxDTXHRFXSDEDFXDQGRSRUYH]SULPHUD\SRUVLPSOHFDVXDOLGDGORFRQRFt3URQWRHVWRVH
FRQYLUWLyHQDPLVWDGSXHVHQDTXHOVROLWDULRKDEtDPXFKDVFRVDVSDUDGHVSHUWDULQWHUpV\HVWLPDFLyQ0H
SDUHFLy ELHQ HGXFDGR FRQ XQD LQWHOLJHQFLD QDGD FRP~Q SHUR LQIHFWDGR GH PLVDQWURStD \ VXMHWR D
SHUYHUVRVKiELWRVGHYDULDEOHPHODQFROtD\HQWXVLDVPR7HQtDFRQVLJRPXFKRVOLEURVSHURUDUDPHQWHORV
XVDED6XVSULQFLSDOHVGLYHUVLRQHVHUDQODFD]D\ODSHVFDRELHQYDJDUSRUODSOD\D\DWUDYpVGHORV
PLUWRVHQEXVFDGHFRQFKDVRHMHPSODUHVHQWRPROyJLFRVVXFROHFFLyQGHHVWRV~OWLPRVSRGtDKDEHUVLGR
HQYLGLDGDSRUXQ6ZDPPHUGDPP
(QHVWDVH[FXUVLRQHVJHQHUDOPHQWHORDFRPSDxDEDXQYLHMRQHJUROODPDGR-~SLWHUTXLHQKDEtDVLGR
PDQXPLWLGRDQWHVGHORVUHYHVHVGHODIDPLOLDSHURDTXLHQQRSXGRFRQYHQFHUVHQLPHGLDQWHDPHQD]DV
QLPHGLDQWHSURPHVDVGHTXHDEDQGRQDUDORTXHpOFRQVLGHUDEDVXGHUHFKRDVHJXLUORVSDVRVGHVXMRYHQ
PDVVD:LOO1RHVGHH[WUDxDUTXHORVSDULHQWHVGH/HJUDQGSRUFUHHUTXHHVWHQRWHQtDODFDEH]DHQVX
VLWLR KXELHVHQ FRQWULEXLGR D LQIXQGLU HQ -~SLWHU HVWD REVWLQDFLyQ FRQ HO SURSyVLWR GH TXH YLJLODVH \
FXLGDVHGHOYDJDEXQGR
(QODODWLWXGGHODLVODGH6XOOLYDQORVLQYLHUQRVUDUDVYHFHVHUDQH[WUHPDGRVVLHQGRHQYHUGDGXQ
DFRQWHFLPLHQWRFXDQGRVHFRQVLGHUDEDQHFHVDULRHQFHQGHUIXHJRHQRWRxR1RREVWDQWHKDFLDPHGLDGRV
GH RFWXEUH GH  KXER XQ GtD QRWDEOHPHQWH IUtR 3UHFLVDPHQWH DQWHV GH OD SXHVWD GHO VRO PH DEUt
FDPLQR D WUDYpV GH OD PDOH]D KDFLD OD FDEDQD GH PL DPLJR D TXLHQ QR KDEtD YLVLWDGR KDFtD YDULDV
27

VHPDQDV 9LYtD \R SRU DTXHO WLHPSR HQ &KDUOHVWRQ D XQD GLVWDQFLD GH QXHYH PLOODV GH OD LVOD \ ODV
IDFLOLGDGHVSDUDWUDVODGDUVHGHXQVLWLRDRWURQRHUDQODVGHKR\$OOOHJDUDODFDEDQDOODPpFRPRVROtD
KDFHU\DOQRUHFLELUFRQWHVWDFLyQEXVTXpODOODYHGRQGH\RVDEtDTXHVHGHMDEDHVFRQGLGDDEUtODSXHUWD
\HQWUp(QHOKRJDUOODPHDEDXQKHUPRVRIXHJR)XHXQDQRYHGDG\HQPRGRDOJXQRGHVDJUDGDEOH0H
TXLWpHODEULJRDFHUTXpXQDVLOODDOKRJDU\HVSHUpSDFLHQWHPHQWHODOOHJDGDGHORVPRUDGRUHV
3RFRGHVSXpVGHDQRFKHFHUOOHJDURQ\PHGLHURQODPiVFRUGLDOGHODVELHQYHQLGDV-~SLWHUVRQULHQGR
GH RUHMD D RUHMD VH PRYtD GH XQ ODGR D RWUR SDUD SUHSDUDU DOJ~Q SDWR VLOYHVWUH SDUD OD FHQD /HJUDQG
VXIUtDXQRGHVXVDWDTXHVFyPRGLUtD\R"GHHQWXVLDVPR+DEtDHQFRQWUDGRXQELYDOYRGHVFRQRFLGR
TXH IRUPDED XQ QXHYR JpQHUR \ DGHPiV FRQ D\XGD GH -~SLWHU KDEtD SHUVHJXLGR KDVWD FDSWXUDU XQ
HVFDUDEDMR TXH FUHtD WRWDOPHQWH QXHYR SHUR VREUH HO FXDO GHVHDED FRQRFHU PL RSLQLyQ D OD PDxDQD
VLJXLHQWH
< SRU TXp QR HVWD QRFKH" SUHJXQWp IURWiQGRPH ODV PDQRV VREUH HO IXHJR \ FRQ HO GHVHR GH
PDQGDUDOGHPRQLRDWRGDODWULEXGHORVHVFDUDEDMRV
$KVLKXELHUDVDELGRTXHYHQtDVGLMR/HJUDQGSHURKDFHPXFKRWLHPSRTXHQRWHYHR\
FyPR LED D VXSRQHUPH TXH PH YLVLWDUtDV SUHFLVDPHQWH HVWD QRFKH" $O YHQLU D FDVD PH HQFRQWUp DO
WHQLHQWH*GHOIXHUWH\KHKHFKRODWRQWHUtDGHGHMDUOHHOHVFDUDEDMRDVtTXHVHUiLPSRVLEOHTXHW~OR
SXHGDV YHU KDVWD PDxDQD 4XpGDWH DTXt HVWD QRFKH \ DO DPDQHFHU PDQGDUp D -~SLWHU D EXVFDUOR (V OD
FRVDPiVKHUPRVDGHODFUHDFLyQ
4Xp"(ODPDQHFHU"
1RGLJDVWRQWHUtDV(OHVFDUDEDMR(VGHXQEULOODQWHFRORUGHRURFDVLGHOWDPDxRGHXQDQXH]
FRQGRVPDQFKDVQHJUDVHQXQH[WUHPRGHODSDUWHVXSHULRU\RWUDDOJRPiVJUDQGHHQODRWUDSDUWH/D
DQWHQDHV
1RWLHQHQDGDGHH[WUDxRPDVVD:LOOOHDVHJXURTXHHVXQHVFDUDEDMRGHRURPDFL]RSRUGHQWUR\
SRUWRGDVSDUWHVVDOYRHQODVDODV(QPLYLGDKHYLVWRXQHVFDUDEDMRGHPD\RUSHVR
%LHQVXSRQJRTXHWLHQHVUD]yQ-~SLWHUUHSOLFy/HJUDQGDOJRPiVVHULDPHQWHDOSDUHFHUGHOR
TXHHOFDVRUHTXHUtDSHURHVHVDXQDUD]yQSDUDGHMDUTXHPDUORVSDWRV"(OFRORUGLMRYROYLpQGRVH
DPtGHVGHOXHJREDVWDUtDSDUDMXVWLILFDUODRSLQLyQGH-~SLWHU7~QXQFDKDVYLVWRXQOXVWUHPHWiOLFR
PiVEULOODQWHTXHHOGHVXVpOLWURV3HURKDVWDPDxDQDQRSRGUiVHPLWLUMXLFLRVREUHHOOR0LHQWUDVWDQWR
WHSXHGRGDUXQDLGHDGHVXIRUPD
'LFLHQGR HVWR VH VHQWy HQ XQD SHTXHxD PHVD VREUH OD FXDO KDEtD SOXPD \ WLQWD SHUR QR SDSHO /R
EXVFyHQXQFDMyQPDVQRHQFRQWUyQLQJXQR
1RLPSRUWDGLMRILQDOPHQWHHVWRHVVXILFLHQWH
<VDFDQGRGHOEROVLOORGHVXFKDOHFRXQWUR]RGHFDUWXOLQDTXHPHSDUHFLyPX\VXFLR\GHWHULRUDGR
KL]R VREUH pO XQD HVSHFLH GH FURTXLV FRQ OD SOXPD 0LHQWUDV WDQWR SHUPDQHFt VHQWDGR FHUFD GHO IXHJR
SRUTXHWRGDYtDWHQtDIUtR&XDQGRHOGLEXMRHVWXYRDFDEDGRPHORDODUJyVLQOHYDQWDUVH(QHOPRPHQWR
GH FRJHUOR VH R\HURQ GH SURQWR XQ IXHUWH JUXxLGR GH SHUUR \ DUDxD]RV HQ OD SXHUWD $EULy -~SLWHU \ HO
SHUURGH/HJUDQGXQJUDQ7HUUDQRYDVHSUHFLSLWyHQODKDELWDFLyQ6DOWyVREUHPLVKRPEURV\PHDJRELy
FRQ VXV FDUDQWRxDV SXHV \R OH KDEtD GHGLFDGR PXFKD DWHQFLyQ HQ PLV YLVLWDV DQWHULRUHV &XDQGR VXV
FDEULRODV KXELHURQ FHVDGR PLUp HO SDSHO \ D GHFLU YHUGDG PH TXHGp PX\ VRUSUHQGLGR FRQ OR TXH PL
DPLJRKDEtDGLEXMDGR
%LHQGLMHGHVSXpVGHFRQWHPSODUORGXUDQWHDOJXQRVPRPHQWRVHVXQHVFDUDEDMRPX\H[WUDxR\
28

GHERFRQIHVDUTXHQXHYRSDUDPtMDPiVKHYLVWRDOJRSDUHFLGRFRPRQRVHDXQDFDODYHUDRXQFUiQHRGH
PXHUWRTXHHVDORTXHVHSDUHFHPiVTXHDQLQJXQDRWUDFRVDTXHKD\DFDtGRDQWHPLYLVWD
8QDFDEH]DGHPXHUWRFRUHy/HJUDQG2KVt6LQGXGDHVRHVORTXHSDUHFHVREUHHOSDSHO
/DVGRVPDQFKDVQHJUDVVXSHULRUHVSDUHFHQORVRMRVYHUGDG"\ODPiVODUJDGHGHEDMRFRPRXQDERFD
DGHPiVODIRUPDGHOFRQMXQWRHVRYDODGD
7DOYH]VHDDVtGLMHSHURPHWHPR/HJUDQGTXHQRHUHVXQDUWLVWD'HERHVSHUDUKDVWDYHUHO
HVFDUDEDMRSRUPtPLVPRVLTXLHURIRUPDUPHDOJXQDLGHDGHVXUHDOLGDG
%XHQRSXHGHTXHVHDDVtGLMRDOJRLUULWDGRGLEXMRGHPDQHUDEDVWDQWHDFHSWDEOHRDOPHQRV
DVtGHEHVHUSXHVKHWHQLGREXHQRVPDHVWURV\PHSUHFLRGHQRVHUWRWDOPHQWHQHJDGR
3XHVHQWRQFHVTXHULGRDPLJRHVWiVEURPHDQGROHGLMH(VWRHVXQFUiQHRSHUIHFWRHLQFOXVR
GLUtD TXH HV XQ H[FHOHQWH FUiQHR GH DFXHUGR FRQ ODV QRFLRQHV YXOJDUHV DFHUFD GH WDOHV HMHPSODUHV HQ
ILVLRORJtD \ DVt VL WX HVFDUDEDMR VH SDUHFH D HVR GHEH VHU HO PiV UDUR GH WRGRV ORV HVFDUDEDMRV GHO
PXQGR 3RGUtDPRV FUHDU VREUH pO XQD HVSHOX]QDQWH VXSHUVWLFLyQ 6XSRQJR TXH OH OODPDUiV VFDUDEXV
FDSXW KRPLQLV R DOJR SDUHFLGR +D\ PXFKRV WtWXORV VLPLODUHV HQ ORV OLEURV GH KLVWRULD QDWXUDO 3HUR
GyQGHHVWiQODVDQWHQDVGHTXHKDEODV"
/DV DQWHQDV GLMR /HJUDQG TXH SDUHFtD DFDORUDUVH LQH[SOLFDEOHPHQWH VREUH HO WHPD (VWR\
VHJXURGHTXHSXHGHVYHUODV+LFHXQDFRSLDH[DFWDGHORULJLQDO\VXSRQJRTXHHVVXILFLHQWH
%LHQELHQOHGLMHTXL]iWHQJDVUD]yQ7RGDYtDQRODVKHYLVWR\OHHQWUHJXpHOSDSHOVLQPiV
SDODEUDVGHVHDQGRQRPROHVWDUOHPX\VRUSUHQGLGRGHOJLURTXHKDEtDQWRPDGRORVDFRQWHFLPLHQWRVVX
PDO KXPRU PH GHVFRQFHUWy XQ SRFR SXHV HO GLEXMR GHO HVFDUDEDMR FDWHJyULFDPHQWH QR WHQtD DQWHQDV
YLVLEOHV\HOFRQMXQWRRIUHFtDLGpQWLFDVHPHMDQ]DDORVUDVJRVRUGLQDULRVGHXQDFDODYHUD
7RPyHOSDSHOPX\GLVSOLFHQWHPHQWH\FXDQGRHVWDEDDSXQWRGHDUUXJDUORSDUDDUURMDUORDOIXHJR
XQDPLUDGDFDVXDODOGLEXMRSDUHFLyDEVRUEHUWRGDVXDWHQFLyQ(QXQPRPHQWRVXURVWURVHWUDQVIRUPy
SDVDQGRGHXQFRORUURMRYLYRDXQDH[FHVLYDSDOLGH]'XUDQWHDOJXQRVPLQXWRVFRQWLQXyH[DPLQDQGRHO
GLEXMRPLQXFLRVDPHQWHGHVGHGRQGHHVWDEDVHQWDGR)LQDOPHQWHVHOHYDQWyWRPyXQDYHODGHODPHVD\
SURFHGLy D VHQWDUVH VREUH XQ FRIUH PDULQR TXH KDEtD HQ HO ULQFyQ PiV DSDUWDGR GH OD KDELWDFLyQ $OOt
LQVLVWLy HQ KDFHU XQ DQVLRVR H[DPHQ GHO SDSHO YROYLpQGROR HQ WRGDV GLUHFFLRQHV 6LQ HPEDUJR pO QR
GHFtDQDGD\VXFRQGXFWDPHVRUSUHQGtDJUDQGHPHQWHSHURDSHVDUGHWRGRFUHtSUXGHQWHQRH[DFHUEDU
FRQ QLQJ~Q FRPHQWDULR VX FUHFLHQWH PDO KXPRU ,QPHGLDWDPHQWH VDFy GHO EROVLOOR GH VX FKDTXHWD XQD
FDUWHUDJXDUGyHQHOODFXLGDGRVDPHQWHHOSDSHO\ODGHSRVLWyHQXQSXSLWUHTXHFHUUyFRQOODYH(QWRQFHV
UHFREUy OD SHUGLGD WUDQTXLOLGDG DXQTXH VX RULJLQDO DLUH GH HQWXVLDVPR KXELHUD GHVDSDUHFLGR SRU
FRPSOHWR &RQ WRGR SDUHFtD PiV DEVWUDtGR TXH WULVWH \ FRQIRUPH LED WUDQVFXUULHQGR OD YHODGD VH LED
HQFHUUDQGR PiV \ PiV HQ HQVXHxRV GH ORV TXH PL FRQYHUVDFLyQ QR SRGtD GLVWUDHUOH +DEtD VLGR PL
LQWHQFLyQ SDVDU OD QRFKH HQ OD FDEDQD FRPR OR KDEtD KHFKR RWUDV YHFHV SHURYLHQGR D PL DQILWULyQ HQ
VHPHMDQWH HVWDGR GH iQLPR FUHt FRQYHQLHQWH GHVSHGLUPH 1R LQVLVWLy HQ TXH PH TXHGDVH SHUR DO
GHVSHGLUPHPHHVWUHFKyODPDQRFRQPD\RUFRUGLDOLGDGTXHRWUDVYHFHV
&DVLKDEtDSDVDGRXQPHVGHHVWR \GXUDQWHHOLQWHUYDORQRKDEtDVDELGRQDGDGH/HJUDQG FXDQGR
UHFLEtHQ&KDUOHVWRQODYLVLWDGH-~SLWHUVXFULDGR-DPiVKDEtDYLVWRDOYLHMRQHJURFRQVHPEODQWHWDQ
GHVDQLPDGR\WHPtTXHDPLDPLJROHKXELHUDDFRQWHFLGRDOJXQDGHVJUDFLD
%LHQ-XSGLMH4XpSDVDDKRUD"&yPRHVWiWXDPR"
$GHFLUYHUGDGPDVVDQRHVWiWRGRORELHQTXHGHELHUD
29

1RHVWiELHQ"6LHQWRPXFKRRtUXQDFRVDDVt'HTXpVHTXHMD"
3XHVHVRHVORPDOReOQXQFDVHTXHMDGHQDGDSHURHVWiPX\HQIHUPR
0X\HQIHUPR-~SLWHU"3RUTXpQRPHORGLMLVWHLQPHGLDWDPHQWH"(VWiHQFDPD"
1RQRHVWiHQFDPD1RHVWiELHQHQQLQJXQDSDUWH<RHVWR\PX\DSHQDGRGHYHUDVtDPLSREUH
PDVVD:LOO
-~SLWHUPHJXVWDUtDFRPSUHQGHUORTXHHVWiVGLFLHQGR6HJ~QW~HODPRHVWiHQIHUPR7HKDGLFKR
ORTXHOHSDVD"
3XHVPDVVDHVLQ~WLOYROYHUVHORFRSHQVDQGRHQHOOR0DVVD:LOOGLFHTXHQROHSDVDQDGDSHUR
HQWRQFHVTXpKDFH\HQGRGHXQODGRDRWURFRQODFDEH]DEDMRORVKRPEURVODHVSDOGDHQFRUYDGD\WDQ
EODQFRFRPRXQDRFD"<DGHPiVWRGRHOWLHPSRKDFLHQGRJDUDEDWRV
+DFLHQGRTXp-~SLWHU"
+DFLHQGRJDUDEDWRVFRQVLJQRVHQXQDSL]DUUDORVVLJQRVPiVUDURVTXHKHYLVWRMDPiV/HGLJRTXH
HVWR\HPSH]DQGRDWHQHUPLHGR'HERHVWDUHQWRGRPRPHQWRFRQODYLVWDFODYDGDHQpO3HURHORWURGtD
VHHVFDSyDQWHVGHODPDQHFHU\HVWXYRWRGDODMRUQDGDIXHUD7HQtDXQDJUDQHVWDFDSUHSDUDGDSDUDGDUOH
XQD EXHQD WXQGD FXDQGR UHJUHVDUD SHUR VR\ WDQ WRQWR TXH QR WXYH YDORU SDUD KDFHUOR HO SREUH SDUHFtD
VXIULUWDQWR
(K"&yPR"$KVt$OILQ\DOFDERFUHRTXHKDVKHFKRELHQQRVLHQGRGHPDVLDGRVHYHURFRQHO
SREUHPXFKDFKR1RGHEHVSHJDUOH-~SLWHUQRSXHGHUHVLVWLUOR3HURQRSXHGHVKDFHUWHXQDLGHDVREUH
ORTXHOHKDRFDVLRQDGRHVWDHQIHUPHGDGRPiVELHQHVHFDPELRHQVXFRQGXFWD"/HKDVXFHGLGRDOJR
GHVDJUDGDEOHGHVGHOD~OWLPDYH]TXHORYL"
1RPDVVDQROHKDSDVDGRQDGDGHVGHHQWRQFHV0HWHPRTXHIXHDQWHVPHDWUHYRDGHFLUTXHIXH
SUHFLVDPHQWHHOGtDTXHHVWXYRXVWHGDOOt
&yPR"4XpTXLHUHVGHFLU"
0HUHILHURDOHVFDUDEDMR
$TXp"
$OHVFDUDEDMR(VWR\VHJXURGHTXHHQDOJXQDSDUWHGHODFDEH]DOHKDSLFDGRDPDVVDHOHVFDUDEDMR
GHRUR
<HQTXpWHEDVDV-~SLWHUSDUDWDOVXSRVLFLyQ"
7LHQH PXFKDV SDWDV \ WDPELpQ XQD ERFD 1XQFD KH YLVWR XQ HVFDUDEDMR PiV GLDEyOLFR PXHUGH \
SLFDWRGRORTXHHVWiDVXDOFDQFH0DVVD:LOOORFRJLySHURWXYRTXHVROWDUORUiSLGDPHQWH/HGLJRTXH
IXHHQWRQFHVFXDQGRGHELyGHSLFDUOH$PtQRPHJXVWDQQLHODVSHFWRQLODERFDGHHVHHVFDUDEDMR\SRU
HVRQRTXLVHFRJHUORFRQPLVGHGRVSHURORWRPpHQYROYLpQGRORHQXQSHGD]RGHSDSHOTXHHQFRQWUp(VR
IXHORTXHKLFH
<HQWRQFHVW~FUHHVTXHHOHVFDUDEDMRKDPRUGLGRUHDOPHQWHDWXDPR\TXHHOPRUGLVFRORKD
SXHVWRHQIHUPR"
1RHVTXHORFUHDWHQJRHOFRQYHQFLPLHQWR6LQRTXpOHKDUtDVRxDUWDQWRFRQHORURGHQRKDEHU
VLGRPRUGLGRSRUHOHVFDUDEDMRGHRUR"<DKHRtGRKDEODUGHHVRVHVFDUDEDMRVGHRUR
3HURFyPRVDEHVTXHVXHxDFRQRUR"
&yPRORVp"3XHVSRUTXHHQVXVVXHxRVKDEODGHORUR
%LHQ-XSWDOYH]WHQJDVUD]yQSHURDTXpDIRUWXQDGDFLUFXQVWDQFLDKHGHDWULEXLUHOKRQRUGHWX
YLVLWD"
30

4XpTXLHUHGHFLUPDVVD"
7UDHVDOJ~QPHQVDMHGHPtVWHU/HJUDQG"
1RPDVVDOHWUDLJRHVWDFDUWD\PHDODUJyXQDQRWDTXHGHFtDORVLJXLHQWH
4XHULGRDPLJR
3RUTXpQRWHYHRKDFHWDQWRWLHPSR"(VSHURTXHQRKD\DVVLGRWDQWRQWRFRPRSDUDRIHQGHUWH
SRUDTXHOODSHTXHxDEUXVTXHGDGPtD
'HVGHTXHWHYLWHQJRXQJUDQPRWLYRGHLQTXLHWXG'HERGHFLUWHDOJRVLQHPEDUJRDSHQDVVp
FyPRKDFHUORRVLGHEHUtDGHFtUWHOR
+DFHDOJXQRVGtDVTXHQRPHVLHQWRPX\ELHQ\HOSREUH-XSPHHVWiPROHVWDQGRGHXQPRGR
LQVRSRUWDEOH FRQ VXV ELHQLQWHQFLRQDGRV FXLGDGRV 3RGUiV FUHHUOR" (O RWUR GtD KDEtD SUHSDUDGR
XQ JUDQ SDOR SDUD FDVWLJDUPH SRU KDEHUPH HVFDSDGR \ SDVDU HO GtD VROR HQWUH ODV FROLQDV GHO
FRQWLQHQWH&UHRTXH~QLFDPHQWHPLDVSHFWRPHVDOYyGHOFDVWLJR
1RKHDxDGLGRQDGDDPLFROHFFLyQGHVGHTXHQRVYLPRV
6LWLHQHVRFDVLyQGHYHQLUWHUXHJRTXHYHQJDVFRQ-~SLWHUGHVHDUtDYHUWHHVWDQRFKH\KDEODU
FRQWLJRGHXQDVXQWRGHLPSRUWDQFLD7HDVHJXURTXHHVGHODPD\RUWUDVFHQGHQFLD
7X\RDIHFWtVLPR
:,//,$0/(*5$1'
+DEtDDOJRHQHOWRQRGHVXQRWDTXHPHSURGXMRXQDJUDQLQTXLHWXG(OHVWLORGLIHUtDWRWDOPHQWHGHOGH
/HJUDQG (Q TXp HVWDUtD SHQVDQGR" 4Xp QXHYD FKLIODGXUD VH KDEUtD SRVHVLRQDGR GH VX H[FLWDEOH
FHUHEUR"4XpDVXQWRGHWUDVFHQGHQWDOLPSRUWDQFLDSRGtDWHQHUTXHWUDWDUFRQPLJR"/RTXH-~SLWHUPH
FRQWDEDQRDXJXUDEDQDGDEXHQR7HPtTXHODFRQWLQXDRSUHVLyQGHODGHVJUDFLDKXELHVHWUDVWRUQDGRDOILQ
ODUD]yQGHPLDPLJR3RUWDQWRVLQYDFLODUXQPRPHQWRPHGLVSXVHDDFRPSDxDUDOQHJUR
$OOOHJDUDOIRQGHDGHURQRWpTXHHQHOIRQGRGHOERWHKDEtDXQDJXDGDxD\WUHVD]DGDVDSDUHQWHPHQWH
QXHYDV
4XpVLJQLILFDHVWR-XS"OHSUHJXQWp
8QDJXDGDxD\WUHVD]DGDVPDVVD
<DORYHRSHURTXpHVWiQKDFLHQGRDTXt"
6RQ OD JXDGDxD \ ODV D]DGDV TXH PDVVD :LOO PH RUGHQy FRPSUDU HQ OD FLXGDG 7XYH TXH SDJDU
PXFKRSRUHOODV
3HURHQQRPEUHGHWRGRVORVPLVWHULRV4XpYDDKDFHUWXPDVVD:LOOFRQXQDJXDGDxD\WUHV
D]DGDV"
1R OR Vp \ TXH HO GHPRQLR PH OOHYH VL pO PLVPR OR VDEH 7RGR HVWR VRQ FRVDV GHO HVFDUDEDMR
PDOGLWR
9LHQGR TXH QR SRGtD VDFDU QDGD GH -~SLWHU FX\D LQWHOLJHQFLD SDUHFtD HVWDU DEVRUELGD SRU HO
HVFDUDEDMR VDOWp DO ERWH H LFp VX YHOD &RQ XQD DJUDGDEOH \ IXHUWH EULVD QR WDUGDPRV HQ OOHJDU D OD
SHTXHxD HQVHQDGD VLWXDGD DO QRUWH GHO IXHUWH 0RXOWULH \ GHVSXpV GH XQ SDVHR GH XQDV GRV PLOODV
OOHJDPRV D OD FDEDQD (UDQ FHUFD GH ODV WUHV GH OD WDUGH FXDQGR OOHJDPRV \ /HJUDQG KDEtD HVWDGR
HVSHUiQGRQRVFRQXQDJUDQLPSDFLHQFLD0HFRJLyODPDQRFRQXQQHUYLRVRHPSUHVVHPHQWTXHPHDODUPy
31

\DXPHQWyODVVRVSHFKDVTXHDOEHUJDEDVREUHVXHVWDGRPHQWDO6XVHPEODQWHWHQtDXQDSDOLGH]HVSHFWUDO\
ORVKXQGLGRVRMRVOHEULOODEDQGHXQPRGRH[WUDxR'HVSXpVGHDOJXQDVSUHJXQWDVUHVSHFWRDVXVDOXGOH
SUHJXQWpQRVDELHQGRQDGDPHMRUTXHGHFLUVLHOWHQLHQWH*OHKDEtDGHYXHOWRHOHVFDUDEDMR
6t Vt UHSOLFy HQURMHFLHQGR YLROHQWDPHQWH 0H OR GHYROYLy D OD VLJXLHQWH PDxDQD 1DGD
SRGUtDVHSDUDUPHGHHVHHVFDUDEDMR6DEHVTXH-~SLWHUWHQtDUD]yQFXDQGRGLMRWRGRDTXHOORDFHUFDGH
pO"
(QTXpVHQWLGR"OHSUHJXQWpFRQXQWULVWHSUHVHQWLPLHQWRHQHOFRUD]yQ
(Q HO GH VXSRQHU TXH HUD XQ HVFDUDEDMR GH RUR YHUGDGHUR GLMR HVWR FRQ XQ DLUH GH SURIXQGD
VROHPQLGDG \ \R VHQWt XQ LQH[SUHVDEOH VREUHVDOWR (VWH HVFDUDEDMR PH KDUi ULFR FRQWLQXy FRQ XQD
VRQULVDGHWULXQIRGHYROYLpQGRPHPLVSRVHVLRQHVIDPLOLDUHV(VGHH[WUDxDUHQWRQFHVTXHORHVWLPH
WDQWR" 3XHVWR TXH OD IRUWXQD KD SHQVDGR UHFRPSHQVDUPH GH HVWH PRGR VROR WHQJR TXH XWLOL]DUOR
DGHFXDGDPHQWH\OOHJDUpKDVWDHORURGHTXHHVLQGLFLR-~SLWHUWUiHPHHOHVFDUDEDMR
4Xp"(OHVFDUDEDMR"3UHILHURQRWHQHUQDGDTXHYHUFRQpO'HEHUtDLUDEXVFDUORXVWHGPLVPR
6HJXLGDPHQWHVHOHYDQWy/HJUDQGFRQDLUHJUDYH\PDMHVWXRVR\PHWUDMRHOHVFDUDEDMRVDFiQGRORGH
XQIUDVFRGHFULVWDOGRQGHHVWDEDHQFHUUDGR(UDXQKHUPRVRHMHPSODUHQDTXHOWLHPSRGHVFRQRFLGRGH
ORVQDWXUDOLVWDV\GHVGHOXHJRGHJUDQYDORUGHVGHHOSXQWRGHYLVWDFLHQWtILFR7HQtDGRVPDQFKDVQHJUDV
FHUFDGHODH[WUHPLGDGVXSHULRU\XQDPDQFKDODUJDHQODRWUD(OFDSDUD]yQHUDPX\GXUR\EULOODQWHFRQ
WRGD OD DSDULHQFLD GHO RUR EUXxLGR (O SHVR GHO LQVHFWR HUD PX\ QRWDEOH \ WHQLHQGR HQ FRQVLGHUDFLyQ
WRGDVHVWDVFRVDVDSHQDVSRGtDFHQVXUDUODRSLQLyQGH-~SLWHUSHURQRSXHGRH[SOLFDUPHSRUPLYLGD
SRUTXp/HJUDQGHVWDEDGHDFXHUGRFRQDTXHOODRSLQLyQ
7H KH PDQGDGR EXVFDU GLMR HQ XQ WRQR JUDQGLORFXHQWH FXDQGR KXEH DFDEDGR GH H[DPLQDU HO
HVFDUDEDMRSDUDSHGLUWHFRQVHMR\D\XGDUHVSHFWRDORVSURSyVLWRVGHOGHVWLQR\GHOHVFDUDEDMR
0L TXHULGR /HJUDQG JULWp LQWHUUXPSLpQGROR QR HVWiV ELHQ \ KDUtDV PHMRU HQ WRPDU DOJXQDV
SUHFDXFLRQHV'HEHVDFRVWDUWH\\RPHTXHGDUpDWXODGRXQRVFXDQWRVGtDVKDVWDTXHWRGRSDVHWLHQHV
ILHEUH
7yPDPHHOSXOVRPHGLMR
6HORWRPp\ODYHUGDGVHDGLFKDQROHHQFRQWUpQLODPiVOLJHUDLQGLFDFLyQGHILHEUH
3HURSXHGHVHVWDUHQIHUPR\QRWHQHUOD3HUPtWHPHTXHWHDFRQVHMH(QSULPHUOXJDUJXDUGDUFDPD
(QVHJXQGR
(VWiVHTXLYRFDGRPHLQWHUUXPSLy0HHQFXHQWURWRGRORELHQTXHSXHGRHQFRQWUDUPHGHQWUR
GHO QHUYLRVLVPR HQ TXH PH KDOOR 6L UHDOPHQWH GHVHDV PL ELHQ WX PLVPR SXHGHV KDFHU TXH HVH
QHUYLRVLVPRVHDWHQ~H
<TXpHVORTXHWHQJRTXHKDFHU"
0X\ IiFLO -~SLWHU \ \R YDPRV D HPSUHQGHU XQD H[FXUVLyQ D ODV FROLQDV GHO FRQWLQHQWH \ HQ HVWD
H[FXUVLyQ QHFHVLWDPRV GH XQD SHUVRQD TXH QRV SXHGD D\XGDU \ HQ TXLHQ SRGDPRV FRQILDU 7DQWR VL
WHQHPRVp[LWRFRPRVLIUDFDVDPRVODH[FLWDFLyQTXHQRWDVHQPtGHVDSDUHFHUiSRUFRPSOHWR
'HVHR YLYDPHQWH VHUYLUWH GH OD IRUPD TXH VHD OH FRQWHVWp SHUR TXLHUHV GHFLU TXH HVWH
HVFDUDEDMRLQIHUQDOWLHQHTXHYHUDOJRFRQWXH[SHGLFLyQDODVFROLQDV"
(VRHV
(QWRQFHV/HJUDQG\RQRSXHGRWRPDUSDUWHHQXQDHPSUHVDTXHWLHQHWDQDEVXUGRSURSyVLWR
/RVLHQWRORVLHQWRPXFKRSRUTXHWHQGUHPRVTXHLQWHQWDUORQRVRWURVVRORV
32

,QWHQWDUORYRVRWURVVRORV(VWHKRPEUHHVWiFRPSOHWDPHQWHORFRSHURYHDPRVFXiQWRWLHPSRWH
SURSRQHVHVWDUDXVHQWH"
3UREDEOHPHQWH WRGD OD QRFKH 1RVRWURV SDUWLUHPRV LQPHGLDWDPHQWH \ UHJUHVDUHPRV GH WRGRV
PRGRVDODPDQHFHU
< PH SURPHWHUiV EDMR SDODEUD GH KRQRU TXH FXDQGR HVD PDQtD KD\D SDVDGR \ HO DVXQWR GHO
HVFDUDEDMR VH KD\D UHVXHOWR D WX VDWLVIDFFLyQ YROYHUiV D FDVD \ VHJXLUiV PL FRQVHMR DO SLH GH OD OHWUD
FRPRVLIXHUDXQPpGLFR"
6tWHORSURPHWR\DKRUDGpMDQRVSDUWLUSRUTXHQRWHQHPRVWLHPSRTXHSHUGHU
/RDFRPSDxpFRQHOFRUD]yQGLVJXVWDGR3DUWLPRVDODVFXDWURDSUR[LPDGDPHQWH/HJUDQG-~SLWHUHO
SHUUR \ \R -~SLWHU OOHYDED OD JXDGDxD \ ODV WUHV D]DGDV SXHV VH KDEtD HPSHxDGR HQ FDUJDU FRQ WRGR
LQGXFLGRPHSDUHFLyPiVSRUHOWHPRUGHGHMDUODVKHUUDPLHQWDVHQPDQRVGHVXDPRTXHSRUXQH[FHVR
GH ODERULRVLGDG R GH FRPSODFHQFLD 7HQtD XQ KXPRU GH SHUURV \ HVH PDOGLWR HVFDUDEDMR IXHURQ ODV
~QLFDVSDODEUDVTXHVHOHHVFDSDURQGHVXVODELRVGXUDQWHHOFDPLQR3RUPLSDUWHOOHYDEDGRVOLQWHUQDV
VRUGDVPLHQWUDVTXH/HJUDQGVHFRQWHQWDEDFRQOOHYDUHOHVFDUDEDMRTXHKDEtDDWDGRDOH[WUHPRGHXQ
FRUGHO KDFLpQGROR RVFLODU DUULED \ DEDMR FRQ HO DLUH GH XQ QLJURPDQWH &XDQGR REVHUYp HVWD ~OWLPD \
HYLGHQWH SUXHED GH OD DEHUUDFLyQ PHQWDO GH PL DPLJR DSHQDV SXGH FRQWHQHU ODV OiJULPDV 0H SDUHFLy
PHMRU VLQ HPEDUJR VHJXLUOH OD FRUULHQWH SRU OR PHQRV SRU HO PRPHQWR R KDVWD TXH SXGLHUD DGRSWDU
DOJXQDVPHGLGDVPiVHQpUJLFDVFRQSUREDELOLGDGHVGHp[LWR0LHQWUDVWDQWRPHHVIRUFpSHURHQYDQRHQ
VRQGHDUORUHVSHFWRDOREMHWLYRGHDTXHOODH[FXUVLyQ+DELHQGRORJUDGRLQGXFLUPHDTXHORDFRPSDxDVH
SDUHFtDFRQWUDULRDVRVWHQHUFRQYHUVDFLyQDOJXQDVREUHFXDOTXLHUWHPDGHPHQRULPSRUWDQFLD\WRGDVPLV
SUHJXQWDVQRUHFLELHURQRWUDUHVSXHVWDTXH\DYHUHPRV
$WUDYHVDPRV HO FDQDO HQ HO H[WUHPR GH OD LVOD SRU PHGLR GH XQ HVTXLIH \ DVFHQGLHQGR ORV DOWRV
WHUUHQRVGHODRULOODGHOFRQWLQHQWHVHJXLPRVHQGLUHFFLyQQRURHVWHDWUDYpVGHXQOXJDUH[FHVLYDPHQWH
GHVRODGR\\HUPRGRQGHQRSRGtDYHUVHQLQJXQDKXHOODGHSLVDGDKXPDQD/HJUDQGJXLDEDFRQGHFLVLyQ
GHWHQLpQGRVH VROR SRU XQ LQVWDQWH DTXt \ DOOt SDUD FRQVXOWDU VREUH OR TXH SDUHFtDQ FLHUWDV VHxDOHV TXH
SRVLEOHPHQWHKDEtDQVLGRKHFKDVSRUpO
'HHVWDIRUPDYLDMDPRVFHUFDGHGRVKRUDV\MXVWRFXDQGRHOVROVHSRQtDHQWUDPRVHQXQDUHJLyQ
LQILQLWDPHQWHPiVGHVRODGDTXHQLQJXQDGHFXDQWDVKDEtDPRVYLVWR(UDXQDHVSHFLHGHPHVHWDFHUFDGH
OD FLPD GH XQD FROLQD FDVL LQDFFHVLEOH GHQVDPHQWH SREODGD GH iUEROHV GHVGH OD EDVH D OD FXPEUH \
VDOSLFDGDGHJUDQGHVSHxDVFRVTXHSDUHFtDQUHSRVDUSHUGLGDPHQWHVREUHHOWHUUHQR\HQPXFKRVFDVRV
ODVEDVHVGHORViUEROHVFRQWUDODVTXHGHVFDQVDEDHUDOR~QLFRTXHODSUHVHUYDEDGHSUHFLSLWDUVHYDOOH
DEDMR 3URIXQGRV SUHFLSLFLRV HQ YDULDV GLUHFFLRQHV FRPXQLFDEDQ DO SDLVDMH XQ DLUH GH O~JXEUH
VROHPQLGDG
/DSODWDIRUPDQDWXUDODODTXHKDEtDPRVWUHSDGRHVWDEDFXELHUWDSURIXVDPHQWHGH]DU]DV\HQVHJXLGD
GHVFXEULPRVTXHVLQODJXDGDxDGH-~SLWHUQRVKXELHUDVLGRLPSRVLEOHDEULUQRVSDVR-~SLWHUSRURUGHQ
GHVXDPRSURFHGLyDDEULUXQFDPLQRTXHFRQGXFtDDOSLHGHXQWXOLSHURHQRUPHPHQWHDOWRTXHVHDO]DED
FRQRFKRRGLH]UREOHVVREUHSDViQGRORVDWRGRV\DFXDOTXLHURWUDFODVHGHiUEROHVTXH\RMDPiVKXELHUD
YLVWRSRUODEHOOH]DGHVXVKRMDV\IRUPDSRUODJUDQH[WHQVLyQGHVXVUDPDV\SRUODPDMHVWDGJHQHUDOGH
VXDVSHFWR&XDQGRDOFDQ]DPRVHOiUERO/HJUDQGVHYROYLyD-~SLWHU\OHSUHJXQWyVLVHFUHtDFDSD]GH
WUHSDU SRU pO (O YLHMR VH TXHGy XQ SRFR VRUSUHQGLGR SRU OD SUHJXQWD \ GXUDQWH DOJXQRV PRPHQWRV QR
FRQWHVWy $O ILQ VH DSUR[LPy DO DQFKR WURQFR \ URGHiQGROR OHQWDPHQWH OR H[DPLQy FRQ YHUGDGHUD
33

DWHQFLyQ&XDQGRKXERWHUPLQDGRVXHVFUXWLQLRGLMRVLPSOHPHQWH
6tPDVVD-XSQRFRQRFHXQiUERODOTXHQRVHDFDSD]GHWUHSDU
(QWRQFHVVXEHWRGRORUiSLGRTXHWHVHDSRVLEOHSRUTXHSURQWRDQRFKHFHUi\QRYHUHPRVQDGD
+DVWDGyQGHGHERVXELUPDVVD"LQTXLULy-~SLWHU
6XEHSULPHURSRUHOWURQFR\\DWHGLUpKDVWDGyQGHGHEHVOOHJDU(KSDUD/OHYDHOHVFDUDEDMR
FRQWLJR
(OHVFDUDEDMRPDVVD:LOO(OPDOGLWRHVFDUDEDMR"JULWyHOQHJURUHWURFHGLHQGRDVXVWDGR
SRUTXpKHGHVXELUFRQHOHVFDUDEDMRDOiUERO"4XpPHFRQGHQHQVLORKDJR
6LXQQHJURWDQDOWR\IXHUWHFRPRW~-XSWLHQHPLHGRGHOOHYDUXQHVFDUDEDMRFRPRHVWHPXHUWRH
LQRIHQVLYRSXHGHVOOHYDUORFROJDQGRGHODFXHUGDSHURVLQRTXLHUHVOOHYDUORGHQLQJ~QPRGRPHYHUp
HQODQHFHVLGDGGHURPSHUWHODFDEH]DFRQHVWDD]DGD
4Xp OH SDVD DKRUD PDVVD" GLMR -XS HYLGHQWHPHQWH DYHUJRQ]DGR \ FRPSODFLHQWH VLHPSUH
TXLHUH PHWHUVH FRQ VX YLHMR QHJUR (VWDED KDEODQGR HQ EURPD 7HPHUOH DO HVFDUDEDMR" 4Xp SXHGH
LPSRUWDUPHXQHVFDUDEDMR"
&RJLyFRQSUHFDXFLyQHOH[WUHPRGHOFRUGHO\PDQWHQLHQGRHOLQVHFWRWDQOHMRVGHVXSHUVRQDFRPROH
SHUPLWtDQODVFLUFXQVWDQFLDVVHSUHSDUySDUDDVFHQGHUDOiUERO
(QVXMXYHQWXGHOWXOLSHURR/LULRGHQGURQ7XOLSLIHUXPHOPiVPDJQtILFRGHORVERVTXHVDPHULFDQRV
WLHQHXQWURQFRPX\OLVR\VXHOHDOFDQ]DUJUDQGHVDOWXUDVVLQUDPDVODWHUDOHVSHURHQVXHGDGPDGXUDOD
FRUWH]DHPSLH]DDVHUUHWRUFLGD\GHVLJXDO\PXFKDVUDPDVFRUWDVKDFHQVXDSDULFLyQHQHOWURQFR$VtOD
GLILFXOWDGGHDVFHQVLyQHQHOFDVRTXHQRVRFXSDHUDPiVDSDUHQWHTXHUHDO$EUD]DQGRFRPRSRGtDHO
HQRUPH FLOLQGUR FRQ EUD]RV \ URGLOODV DVLHQGR FRQ VXV PDQRV DOJXQRV VDOLHQWHV \ DSR\DQGR ORV SLHV
GHVQXGRV -~SLWHU GHVSXpV GH HVWDU D SXQWR GH FDHUVH VH L]y ILQDOPHQWH KDVWD OD SULPHUD ELIXUFDFLyQ
LPSRUWDQWHSDUHFLHQGRFRQVLGHUDUWRGDODWDUHDFRPRYLUWXDOPHQWHUHDOL]DGD(OULHVJRGHODHMHFXFLyQ
GHKHFKRHVWDED\DYHQFLGRDXQTXHHOWUHSDGRUHVWXYLHVHDXQRVVHVHQWDRVHWHQWDSLHVGHOVXHOR
3RUTXpODGRGHERLUDKRUDPDVVD:LOO"SUHJXQWy
0DQWHQWHHQODUDPDPiVJUXHVDODGHHVHODGRGLMR/HJUDQG
(OQHJUROHREHGHFLyLQPHGLDWDPHQWH\VLQDSDUHQWDUHOPHQRUHVIXHU]RVXELyPiV\PiVDOWRKDVWD
TXH\DQRSXGRGLVWLQJXLUVHHOPHQRUUDVWURGHVXILJXUDDWUDYpVGHOGHQVRIROODMHTXHORHQYROYtD'H
SURQWRVHR\yVXYR]HQYXHOWDHQXQDHVSHFLHGHHFR
+HGHVXELUWRGDYtDPiV"
$TXpDOWXUDHVWiV"SUHJXQWy/HJUDQG
$WDQWDFRQWHVWyHOQHJURTXHSXHGRYHUHOFLHORVREUHODFRSDGHOiUERO
1R LPSRUWD HO FLHOR SHUR DWLHQGH D OR TXH YR\ D GHFLU 0LUD KDFLD DEDMR HO WURQFR \ FXHQWD ODV
UDPDVTXHKD\GHEDMRGHWLHQHVHODGR&XiQWDVUDPDVKDVSDVDGR"
8QDGRVWUHVFXDWURFLQFR+HSDVDGRFLQFRUDPDVJUDQGHVSRUHVWHODGRPDVVD
(QWRQFHVVXEHXQDUDPDPiV
$ ORV SRFRV PLQXWRV OD YR] GHO QHJUR VH RtD GH QXHYR DQXQFLDQGR TXH KDEtD DOFDQ]DGR OD VpSWLPD
UDPD
$KRUD -XS JULWy /HJUDQG HYLGHQWHPHQWH PX\ H[FLWDGR YH VLJXLHQGR HVD UDPD KDVWD GRQGH
SXHGDV6LYHVDOJRTXHWHOODPDODDWHQFLyQDYtVDPH
(Q HVWH PRPHQWR DTXHOODV SHTXHxDV GXGDV TXH \R KDEtD WHQLGR VREUH OD ORFXUD GH PL SREUH DPLJR
34

GHVDSDUHFLHURQ GHO WRGR 1R WHQtD RWUR UHPHGLR TXH FRQVLGHUDUOR FRPR DWDFDGR GH ORFXUD \ VHQWt XQD
VHULDLQWUDQTXLOLGDGSRUOOHYDUORDVXFDVD0LHQWUDVPHGLWDEDVREUHORPHMRUTXHGHEtDKDFHUODYR]GH
-~SLWHUYROYLyDRtUVHGHQXHYR
7HPRVHJXLUPiVDGHODQWHSRUHVWDUDPDHVXQDUDPDVHFDHQFDVLWRGDVXORQJLWXG
'LFHVTXHHVXQDUDPDVHFD-~SLWHU"JULWy/HJUDQGFRQYR]WUpPXOD
6tPDVVDWDQPXHUWDFRPRHOFODYRGHXQDSXHUWD/RKDJRSRU6DWDQiV0HPDUFKRGHHVWDYLGD
4XpKDUpHQQRPEUHGHOFLHOR"SUHJXQWy/HJUDQGTXHSDUHFtDVXPLGRHQODPiVJUDQGHGHODV
FRQIXVLRQHV
4Xp" GLMH \R DOHJUH GH WHQHU XQD RSRUWXQLGDG SDUD GHFLU XQD SDODEUD 3XHV LU D FDVD \
DFRVWDUWH9DPRV6pEXHQPXFKDFKR6HHVWiKDFLHQGRWDUGH\DGHPiVUHFXHUGDWXSURPHVD
-~SLWHUJULWypOVLQKDFHUPHHOPHQRUFDVR4XLHUHVRtUPH"
6tPDVVD:LOOOHRLJRSHUIHFWDPHQWH
3UXHEDODPDGHUDFRQWXFXFKLOOR\ItMDWHVLHVWiPX\SRGULGD
(VWiSRGULGDPDVVDVHORDVHJXURUHSOLFyHOQHJURDORVSRFRVPRPHQWRVSHURQRWDQWRFRPR
GHEHUtDHVWDUOR3XHGRDYHQWXUDUPHXQSRFRPiVVREUHODUDPDSHURVROR
6ROR4XpTXLHUHVGHFLU"
0HUHILHURDOHVFDUDEDMR(VXQELFKRPX\SHVDGR6XSRQJRTXHVLORGHMRFDHUODUDPDVRSRUWDUi
HOSHVRGHXQQHJUR\QRVHURPSHUi
0DOGLWREULEyQJULWy/HJUDQGDSDUHQWHPHQWHPiVDOLYLDGR$TXpYLHQHGHFLUXQDWRQWHUtD
FRPR HVD" &XLGD GH QR GHMDU FDHU HVH HVFDUDEDMR R WH URPSR OD FDEH]D 0LUD DTXt -~SLWHU SXHGHV
RtUPH"
6tPDVVDQRQHFHVLWDWUDWDUDVtDXQSREUHQHJURFRPR\R
%LHQDKRUDHVFXFKD6LWHDYHQWXUDVDFRQWLQXDUHQODUDPDVLQVROWDUHOHVFDUDEDMRFRPRWHKDVGH
VDOYDUWHQGUiVXQGyODUGHSODWDTXH\RWHUHJDODUpWDQSURQWRFRPREDMHV
<DYR\PDVVD:LOOUHSXVRHOQHJURLQPHGLDWDPHQWH$KRUDHVWR\DOILQDO
$ILQDO"JULWy/HJUDQGDOHJUHPHQWH4XLHUHVGHFLUTXHHVWiVDOILQDOGHODUDPD"
3URQWRHVWDUpDOILQDOPDVVD2K2KRR'LRVPtRPLVHULFRUGLD4XpHVHVRTXHKD\DOILQDO
GHODUDPD"
0X\ELHQJULWy/HJUDQGVHQFLOODPHQWHHQFDQWDGR4XpHVHVR"
3XHVXQDFDODYHUDQLPiVQLPHQRV$OJXLHQGHELyGHMDUODDTXt\ORVFXHUYRVKDQSLFDGRODFDUQH
'LFHVXQDFDODYHUD"0X\ELHQ&yPRHVWiVXMHWDDODUDPD"4XpODVRVWLHQH"
(VWiVHJXUDPDVVDYR\DPLUDU(VPX\UDURSDODEUD+D\XQFODYRPX\JUDQGHHQODFDODYHUDTXH
ODVXMHWDDOWURQFR
0X\ELHQ-~SLWHU$KRUDKD]H[DFWDPHQWHORTXH\RWHGLJD0HR\HV"
6tPDVVD
(QWRQFHVSRQDWHQFLyQ%XVFDHORMRL]TXLHUGRGHODFDODYHUD
+XP2K(VRHVWiELHQ3RUTXHQRWLHQHQLQJ~QRMRL]TXLHUGR
&RQGHQDGRHVW~SLGR6DEHVGLVWLQJXLUWXPDQRL]TXLHUGDGHODGHUHFKD"
6tORVp/RVpSHUIHFWDPHQWH0LPDQRL]TXLHUGDHVODTXHXVRSDUDSDUWLUODOHxDHQHOERVTXH
(VWR\ VHJXUR TXH HUHV ]XUGR < WX RMR L]TXLHUGR HVWi HQ HO PLVPR ODGR TXH WX PDQR L]TXLHUGD
$KRUDVXSRQJRTXHSRGUiVHQFRQWUDUHORMRL]TXLHUGRGHODFDODYHUDRHOOXJDUGRQGHKDHVWDGR/RKDV
35

HQFRQWUDGR"
$TXtKXERXQDODUJDSDXVD)LQDOPHQWHHOQHJURSUHJXQWy
(VWi WDPELpQ HO RMR L]TXLHUGR GH OD FDODYHUD HQ HO PLVPR ODGR GH OD PDQR L]TXLHUGD" 3XHV OD
FDODYHUDQRWLHQHQLQJXQDPDQR%XHQRQRLPSRUWD<DHQFRQWUpHORMRL]TXLHUGR4XpWHQJRTXHKDFHU
DKRUD"
0HWH SRU pO HO HVFDUDEDMR \ GpMDOR FDHU KDVWD GRQGH OD FXHUGD DOFDQFH 3HUR WHQ FXLGDGR GH QR
GHMDUFDHUODFXHUGD
<DHVWiPDVVD:LOOUHVXOWDFRVDIiFLOSDVDUHOHVFDUDEDMRSRUHVWHDJXMHUR0LUHFRPREDMD
'XUDQWHHVWHFRORTXLRQRVHSXGRYHUSDUWHDOJXQDGHOFXHUSRGH-~SLWHUSHURHOHVFDUDEDMRTXHpO
KDEtDGHMDGRGHVFHQGHUHUDYLVLEOHDOILQDOGHODFXHUGDEULOODQGRFRPRXQDERODGHRURDORV~OWLPRV
UD\RV GHO VRO SRQLHQWH DOJXQRV GH ORV FXDOHV WRGDYtD LOXPLQDEDQ FRQ GHELOLGDG HO OXJDU GRQGH QRV
HQFRQWUiEDPRV (O HVFDUDEDMR FROJDED YLVLEOHPHQWH GH ODV UDPDV \ GH KDEHU FDtGR OR KDEUtD KHFKR D
QXHVWURVSLHV/HJUDQFRJLyLQPHGLDWDPHQWHODJXDGDxD\HPSHxyDDFODUDUXQHVSDFLRFLUFXODUGHWUHVR
FXDWUR\DUGDVGHGLiPHWURSUHFLVDPHQWHGHEDMRGHOLQVHFWR\XQDYH]TXHORWXYRWHUPLQDGRRUGHQyD
-~SLWHUVROWDUODFXHUGD\EDMDUGHOiUERO
&RQJUDQFXLGDGRPLDPLJRFODYyXQDHVWDFDHQHOOXJDUSUHFLVRGRQGHKDEtDFDtGRHOHVFDUDEDMR\
VDFyGHVXEROVLOORXQDFLQWDPpWULFD/DDWySRUXQH[WUHPRDOSXQWRGHOWURQFRTXHHVWDEDPiVFHUFDGH
OD HVWDFD OD GHVHQUROOy KDVWD TXH DOFDQ]y D HVWD VLJXLHQGR KDFLpQGROR OXHJR HQ OD GLUHFFLyQ \D
HVWDEOHFLGD SRU ORV SXQWRV GHO iUERO \ OD HVWDFD KDVWD XQD GLVWDQFLD GH FLQFXHQWD SLHV -~SLWHU LED
OLPSLDQGRODV]DU]DVFRQODJXDGDxDHQHOPLVPRVHQWLGR(QHOSXQWRDOFDQ]DGRFODYyXQDVHJXQGDHVWDFD
\ FHUFD GH HVWD WRPiQGROD FRPR FHQWUR GHVFULELy XQ DPSOLR FtUFXOR GH XQRV FXDWUR SLHV GH GLiPHWUR
&RJLyDKRUDXQDD]DGD\GiQGROHXQDD-~SLWHU\RWUDDPt/HJUDQGQRVURJyTXHFDYiVHPRVWDQUiSLGR
FRPRSXGLpUDPRV
$ GHFLU YHUGDG \R QR KDEtD VHQWLGR QXQFD DILFLyQ HVSHFLDO SRU WDO GLYHUVLyQ \ HQ DTXHO PRPHQWR
KDEUtDUHQXQFLDGRPX\JXVWRVRDHOODSRUTXHODQRFKHDYDQ]DED\PHVHQWtDPX\IDWLJDGRFRQHOHMHUFLFLR
TXH KDEtD UHDOL]DGR SHUR QR YL HO PRGR GH HVFDSDU \ WHPtD SHUWXUEDU OD HFXDQLPLGDG GH PL DPLJR
UHKXVDQGR6LKXELHUDSRGLGRFRQWDUFRQODD\XGDGH-~SLWHUQRKDEUtDYDFLODGRHQLQWHQWDUOOHYDUSRUOD
IXHU]DDOOXQiWLFRDVXFDVDSHURHVWDEDGHPDVLDGRFRQYHQFLGRGHOFDUiFWHUGHOYLHMRQHJURFRPRSDUD
HVSHUDU TXH PH D\XGDUD HQ WDOHV FLUFXQVWDQFLDV HQ HO FDVR GH XQD OXFKD SHUVRQDO FRQ VX DPR 1R PH
FDEtDGXGDGHTXHHVWH~OWLPRKDEtDVLGRFRQWDJLDGRFRQDOJXQDGHODVLQQXPHUDEOHVVXSHUVWLFLRQHVGHO
6XUDFHUFDGHOGLQHURHQWHUUDGR\TXHVXIDQWDVtDVHKDEtDFRQILUPDGRFRQHOKDOOD]JRGHOHVFDUDEDMRR
WDOYH]FRQODREVWLQDFLyQGH-~SLWHUHQPDQWHQHUTXHHUDXQHVFDUDEDMRGHRURDXWpQWLFR8QDPHQWH
SUHGLVSXHVWD D OD ORFXUD UiSLGDPHQWH VH GHMDUtD DUUDVWUDU SRU WDOHV VXJHVWLRQHV \ HVSHFLDOPHQWH VL
HQFDMDEDQFRQLGHDVIDYRULWDVSUHFRQFHELGDV(QWRQFHVUHFRUGpODVSDODEUDVGHOSREUHKRPEUHGHTXHHO
HVFDUDEDMRVHUtDHOLQGLFLRGHVXIRUWXQD6REUHWRGRPHVHQWtDLUULWDGR\GHVFRQFHUWDGRSHURDILQGH
FXHQWDVGHFLGtKDFHUGHODQHFHVLGDGXQDYLUWXG\FDYDUFRQODPHMRUYROXQWDGSDUDFRQYHQFHUGHHVWH
PRGRDOYLVLRQDULRORPiVSURQWRSRVLEOHSRUXQDSUXHEDRFXODUGHORGHVDWLQDGRGHODVRSLQLRQHVTXH
VRVWHQtD
(QFHQGLPRVODVOLQWHUQDVHQWUHJiQGRQRVDOWUDEDMRFRQXQFHORGLJQRGHODPHMRUFDXVD\FRPRODOX]
FDtD VREUH ODV KHUUDPLHQWDV \ QXHVWUDV SHUVRQDV QR SXGH PHQRV GH SHQVDU HQ HO SLQWRUHVFR JUXSR TXH
GHEtDPRVIRUPDU\HQORH[WUDxR\VRVSHFKRVRTXHQXHVWURWUDEDMROHKXELHUDSDUHFLGRDFXDOTXLHULQWUXVR
36

TXHSRUFDVXDOLGDGKXELHUDVXUJLGRSRUORVDOUHGHGRUHV
&DYDPRVPX\GXUDPHQWHGXUDQWHGRVKRUDV6HKDEOySRFR\QXHVWUDSULQFLSDOSUHRFXSDFLyQUHVLGtD
HQODVODGULGRVGHOSHUURTXHSDUHFtDGHPRVWUDUXQGHVPHGLGRLQWHUpVSRUORTXHKDFtDPRV)LQDOPHQWH
VHKLFLHURQWDQIXHUWHVTXHDXPHQWyHOWHPRUGHTXHSXGLHUDVHPEUDUODDODUPDHQFXDOTXLHUYDJDEXQGRGH
ORVDOUHGHGRUHV(VWHWHPRUHUDPiVELHQSRUSDUWHGH/HJUDQGSXHVSRUODPtDPHKDEUtDHQFDQWDGRTXH
DOJXQD LQWHUUXSFLyQ KXELHVH KHFKR SRVLEOH OD YXHOWD GHO ORFR D FDVD 3RU ~OWLPR IXH FDOODGR DTXHO
HVWUpSLWRSRU-~SLWHUTXLHQVDOLHQGRIXHUDGHOKR\RFRQXQDLUHILHUR\UHVXHOWRDWyHOKRFLFRGHODQLPDO
FRQXQRGHVXVWLUDQWHV\OXHJRYROYLyDVXWDUHDFRQXQDULVLWDDKRJDGD
&XDQGRSDVyHOWLHPSRPHQFLRQDGRHOKR\RKDEtDDOFDQ]DGRXQDSURIXQGLGDGGHFLQFRSLHV\WRGDYtD
QLQJ~QVLJQRGHWHVRURVHKDEtDPDQLIHVWDGR1RVGHWXYLPRVOOHQRVGHIDWLJD\DOEHUJXpODHVSHUDQ]DGH
TXH WRGD DTXHOOD IDUVD KXELHUD DFDEDGR /HJUDQG VLQ HPEDUJR DXQTXH YLVLEOHPHQWH GHVFRQFHUWDGR VH
HQMXJy OD IUHQWH FRQ DLUH SHQVDWLYR \ YROYLy D FRPHQ]DU +DEtDPRV FDYDGR WRGD XQD FLUFXQIHUHQFLD GH
FXDWURSLHVGHGLiPHWUR\DKRUDUHEDVDPRVHOOtPLWH\FDYDPRVGRVSLHVPiV$~QQRDSDUHFtDQDGD(O
EXVFDGRUGHRURDTXLHQ\RFRPSDGHFtDVDOWyDOILQGHOKR\RFRQODPiVDPDUJDGHVLOXVLyQLPSUHVDHQVX
URVWUR\OHQWDPHQWH\GHPDODJDQDVHSXVRODFKDTXHWDTXHVHKDEtDTXLWDGRDOFRPHQ]DUHOWUDEDMR<R
QRKLFHQLQJ~QFRPHQWDULR$XQDVHxDGHVXDPR-~SLWHUHPSH]yDUHFRJHUODVKHUUDPLHQWDV+HFKRHVWR
\OLEHUDGRHOFDQGHVXER]DOHPSUHQGLPRVHOUHJUHVRDFDVDHQHOPiVSURIXQGRVLOHQFLR
/OHYiEDPRV DQGDGRV WDO YH] XQD GRFHQD GH SDVRV HQ WDO GLUHFFLyQ FXDQGR /HJUDQG ODQ]DQGR XQ
MXUDPHQWRVHDEDODQ]yVREUH-~SLWHU\ORDJDUUyGHOFXHOOR(ODWyQLWRQHJURDEULyORVRMRV\ERFDHQWRGD
VXH[WHQVLyQVROWyODVKHUUDPLHQWDV\FD\yGHURGLOODV
0LVHUDEOHGLMR/HJUDQGVLOEDQGRODVVtODEDVHQWUHVXVGLHQWHVDSUHWDGRV%HOODFR1HJUR
GHO LQILHUQR +DEOD WH GLJR &RQWpVWDPH LQPHGLDWDPHQWH \ VLQ PHQWLU &XiO HV FXiO HV WX RMR
L]TXLHUGR"
2K WHQJD SLHGDG PDVVD :LOO 1R HVWi DTXt PL RMR L]TXLHUGR SRU 6DWDQiV" UXJLy HO
DWHUURUL]DGR QHJUR FRORFDQGR VX PDQR VREUH HO RMR GHUHFKR \ PDQWHQLpQGROD DOOt FRQ GHVHVSHUDGD
REVWLQDFLyQFRPRVLWHPLHUDTXHVXDPRIXHUDDDUUDQFiUVHOR
0HORILJXUDED/RVDEtD+XUUDKXUUDYRFLIHUy/HJUDQGVROWDQGRDOQHJUR\GDQGRXQDVHULH
GH VDOWRV \ SLUXHWDV FRQ JUDQ DVRPEUR GH VX FULDGR TXLHQ DO]iQGRVH VREUH VXV URGLOODV PLUDED HQ
VLOHQFLRDVXDPR\DPt\YLFHYHUVD
9DPRV GHEHPRV UHJUHVDU GLMR HVWH /D SDUWLGD D~Q QR KD WHUPLQDGR \ GH QXHYR VH
HQFDPLQyKDFLDHOWXOLSHUR
-~SLWHUGLMRFXDQGROOHJyDOiUERO9HQDTXt(VWDEDODFDODYHUDFODYDGDFRQODFDUDYXHOWD
KDFLDDUULEDRKDFLDODUDPD"
/DFDUDHVWDEDYXHOWDKDFLDIXHUDPDVVDDVtHVTXHORVFXHUYRVKDQSRGLGRFRPHUVHORVRMRVPX\
ELHQVLQQLQJXQDGLILFXOWDG
%LHQ 'HMDVWH FDHU HO HVFDUDEDMR D WUDYpV GH HVWH RMR R WUDYpV GH HVWH RWUR" GLMR /HJUDQG
VHxDODQGRFDGDXQRGHORVRMRVGH-~SLWHU
3RU HVWH RMR PDVVD WDO FRPR XVWHG PH OR GLMR UHSXVR HO QHJUR LQGLFDQGR GH QXHYR VX RMR
GHUHFKR
(VWRORH[SOLFDWRGR+D\TXHHPSH]DUGHQXHYR
<RYHtDHQPLDPLJRRDOPHQRVORLPDJLQDEDTXHDSHVDUGHVXORFXUDVHYDOtDGHXQFLHUWRPpWRGR
37

7UDVODGyODHVWDFDTXHPDUFDEDHOOXJDUGRQGHHOHVFDUDEDMRKDEtDFDtGRDPiVGHWUHVSXOJDGDVKDFLDHO
RHVWH /OHYDQGR DKRUD OD FLQWD PpWULFD GHVGH HO SXQWR PiV FHUFDQR GHO WURQFR D OD HVWDFD FRPR KDEtD
KHFKRDQWHVODDODUJyHQOtQHDUHFWDDXQDGLVWDQFLDGHFLQFXHQWDSLHV(OQXHYRVLWLRLQGLFDGRUHVXOWy
YDULDV\DUGDVVHSDUDGRGHGRQGHKDEtDPRVHVWDGRFDYDQGR
$OUHGHGRUGHHVWHSXQWRWUD]yXQFtUFXORDOJRPiVJUDQGHTXHHODQWHULRU\GHQXHYRQRVSXVLPRVD
WUDEDMDU FRQ OD D]DGD 0H KDOODED WHUULEOHPHQWH FDQVDGR SHUR VLQ FRPSUHQGHU DSHQDV OR TXH KDEtD
RFDVLRQDGRHOFDPELRGHPLVSHQVDPLHQWRV\DQRVHQWtDXQDDYHUVLyQWDQJUDQGHKDFLDDTXHOWUDEDMR6LQ
GDUPHFXHQWDKDEtDOOHJDGRDLQWHUHVDUPHFDVLPHH[FLWDED7DOYH]HQPHGLRGHWRGRVORVH[WUDYDJDQWHV
HVIXHU]RV GH /HJUDQG KDEtD FLHUWR DLUH GH ILUPH GHFLVLyQ \ GHOLEHUDFLyQ TXH PH LPSUHVLRQDED &DYp
DQVLRVDPHQWH\GHYH]HQFXDQGRPHVRUSUHQGtDEXVFDQGRFRQXQVHQWLPLHQWRTXHVHSDUHFtDPXFKRDOD
DQVLHGDG DTXHO LPDJLQDULR WHVRUR FX\D YLVLyQ KDEtD WUDVWRUQDGR D PL GHVDIRUWXQDGR FRPSDxHUR
/OHYiEDPRV WUDEDMDQGR XQD KRUD FXDQGR HQ XQ LQVWDQWH HQ TXH WDOHV IDQWDVtDV PHQWDOHV VH KDEtDQ
DSRGHUDGRGHPLPHQWHQRVYLPRVGHQXHYRLQWHUUXPSLGRVSRUHOSHUUR6XLQTXLHWXGHQSULPHUOXJDU
KDEtDVLGRGHELGDHYLGHQWHPHQWHDXQUHWR]RDXQFDSULFKRSHURDKRUDDVXPtDXQWRQRPiVGXUR\PiV
JUDYH &XDQGR -~SLWHU LQWHQWy GH QXHYR SRQHUOH XQ ER]DO DO DQLPDO RSXVR XQD IXULRVD UHVLVWHQFLD \
VDOWDQGR GHQWUR GHO KR\R VH SXVR D HVFDUEDU IUHQpWLFDPHQWH (Q SRFRV VHJXQGRV KDEtD GHMDGR DO
GHVFXELHUWRXQDPDVDGHKXHVRVKXPDQRVTXHIRUPDEDQGRVHVTXHOHWRVFRPSOHWRVPH]FODGRVFRQYDULRV
ERWRQHV GH PHWDO \ OR TXH SDUHFtD VHU SROYR GH ODQD SRGULGD 8QR R GRV JROSHV GH D]DGD SXVLHURQ GH
PDQLILHVWRODKRMDGHXQDQFKRFXFKLOORHVSDxRO\SURIXQGL]DQGRDOJRPiVVDOLHURQDODOX]WUHVRFXDWUR
PRQHGDVGHRUR\SODWD
$OYHUDTXHOORHOM~ELORGH-~SLWHUDSHQDVSXGRFRQWHQHUVHSHURHODVSHFWRGHVXDPRGDEDPXHVWUDV
GH XQD JUDQ GHFHSFLyQ 1RV URJy VLQ HPEDUJR TXH FRQWLQXiVHPRV QXHVWURV HVIXHU]RV \ DSHQDV KDEtD
SURQXQFLDGRDTXHOODVSDODEUDVFXDQGRWURSHFp\FDtKDFLDGHODQWHDOKDEHUPHHQJDQFKDGRODSXQWDGHPL
ERWDFRQXQDJUDQDUJROODGHKLHUURTXHVREUHVDOtDHQWHUUDGDHQODWLHUUDUHPRYLGD
9ROYLPRV DO WUDEDMR FRQ IXHU]D \ MDPiV SDVp GLH] PLQXWRV GH PiV LQWHQVD H[FLWDFLyQ 'XUDQWH HVWH
WLHPSRFRQVHJXLPRVGHVHQWHUUDUFRPSOHWDPHQWHXQFRIUHGHPDGHUDTXHSRUVXSHUIHFWDFRQVHUYDFLyQ\
PDUDYLOORVDGXUH]DKDEtDVLGRVRPHWLGRDDOJ~QSURFHVRGHPLQHUDOL]DFLyQWDOYH]REUDGHOELFORUXURGH
PHUFXULR(OFRIUHPHGtDWUHVSLHV\PHGLRGHODUJRSRUWUHVGHDQFKR\GRV\PHGLRGHIRQGR(VWDED
ILUPHPHQWH UHIRU]DGR SRU XQRV IOHMHV GH KLHUUR IRUMDGR UHPDFKDGRV \ IRUPDQGR FRPR XQD HVSHFLH GH
HQUHMDGRHQWRUQRVX\R$FDGDODGRGHOFRIUHFHUFDGHODWDSDKDEtDWUHVDQLOODVGHKLHUURVHLVHQWRWDO
TXH SHUPLWtDQ TXH IXHUD FRJLGR ILUPHPHQWH SRU RWUDV WDQWDV SHUVRQDV 1XHVWURV HVIXHU]RV XQLGRV VROR
VLUYLHURQSDUDPRYHUOROLJHUDPHQWHGHVXOHFKR&ODUDPHQWHYLPRVODLPSRVLELOLGDGGHPRYHUXQSHVRWDQ
HQRUPH $IRUWXQDGDPHQWH OD ~QLFD VXMHFLyQ GH OD WDSD FRQVLVWtD HQ GRV FHUURMRV PRYLEOHV /RV
GHVFRUULPRVWHPEODQGR\MDGHDQGRFRQDQVLHGDG(QXQLQVWDQWHXQWHVRURGHLQFDOFXODEOHYDORUFHQWHOOHy
DQWH QRVRWURV /RV UD\RV GH ODV OiPSDUDV FDtDQ HQ HO KR\R \ VH SUR\HFWDEDQ KDFLD DUULED UHIOHMDQGR
LQWHQVRVUHVSODQGRUHV\GHVWHOORVGHORUR\MR\DVTXHFHJDEDQQXHVWUDYLVWD
1R LQWHQWDUp GHVFULELU ORV VHQWLPLHQWRV FRQ TXH FRQWHPSODED DTXHOOR 1DWXUDOPHQWH HO DVRPEUR
SUHGRPLQDED/HJUDQGSDUHFtDDJRWDGRSRUODH[FLWDFLyQ\VRORGLMRDOJXQDVSDODEUDV(OURVWURGH-~SLWHU
VH SXVR SRU DOJXQRV PRPHQWRV OR PiV SiOLGR TXH SXHGH SRQHUVH OD FDUD GH XQ QHJUR HQ FLUFXQVWDQFLDV
VHPHMDQWHV 3DUHFtD HVWXSHIDFWR IXOPLQDGR 'H UHSHQWH FD\y GH URGLOODV HQ HO KR\R \ HQWHUUDQGR VXV
EUD]RVGHVQXGRVKDVWDHOFRGRHQHORURORVGHMyDOOtFRPRVLJR]DVHGHOSODFHUGHXQEDxR$OILQFRQ
38

XQSURIXQGRVXVSLURH[FODPyFRPRHQXQVROLORTXLR
<WRGRHVWRYLHQHGHOHVFDUDEDMRGHRUR'HOEXHQHVFDUDEDMLWRDTXLHQ\RLQVXOWDED\FDOXPQLDED
GHPRGRVDOYDMH1RWHDYHUJHQ]DVGHWLPLVPRQHJUR"$QGDUHVSyQGHPH
$OILQIXHQHFHVDULRTXHUHFRUGDUDDDPERVDPR\FULDGRODFRQYHQLHQFLDGHWUDVODGDUHOWHVRURVH
HVWDEDKDFLHQGRWDUGH\WHQtDPRVTXHGHVSOHJDUPXFKDDFWLYLGDGVLTXHUtDPRVOOHYDUWRGRDTXHOORDFDVD
DQWHV GHO DPDQHFHU 5HVXOWDED GLItFLO WRPDU XQD GHWHUPLQDFLyQ \ SHUGLPRV PXFKR WLHPSR HQ
GHOLEHUDFLRQHV GH OR WUDVWRUQDGDV TXH WHQtDPRV QXHVWUDV LGHDV )LQDOPHQWH DOLJHUDPRV HO FRIUH SDUD
WUDVODGDU GRV WHUFLRV GH VX FRQWHQLGR \ DTXHOOR QRV IDFLOLWy QR VLQ HVIXHU]R H[WUDHUOR GHO KR\R /DV
SLH]DVH[WUDtGDVIXHURQGHSRVLWDGDVHQWUHORVPDWRUUDOHV\GHMDPRVDOSHUURFXLGiQGRODVFRQODVHVWULFWDV
yUGHQHV GH -~SLWHU GH QR DEDQGRQDU VX SXHVWR SRU QLQJXQD FLUFXQVWDQFLD \ GH QR DEULU OD ERFD KDVWD
QXHVWURUHJUHVR/XHJRSDUWLPRVKDFLDFDVDFRQHOFRIUH\DOFDQ]DPRVODFDEDQDVDQRV\VDOYRVDODXQD
GH OD PDGUXJDGD 5HQGLGRV FRPR HVWiEDPRV QR H[LVWtD QDWXUDOH]D KXPDQD FDSD] GH FRQWLQXDU OD WDUHD
LQPHGLDWDPHQWH'HVFDQVDPRVKDVWDODVGRVFHQDPRV\FDVLLQPHGLDWDPHQWHGHHVWRSDUWLPRVKDFLDODV
FROLQDV SURYLVWRV GH WUHV VDFRV PX\ UHVLVWHQWHV TXH SRU IRUWXQD KDEtD HQ OD FDVD /OHJDPRV DO KR\R XQ
SRFRDQWHVGHODVFXDWURQRVGLYLGLPRVHOERWtQFRQWRGDODHTXLGDGSRVLEOH\GHMDQGRHOKR\RVLQWDSDU
GH QXHYR SDUWLPRV KDFLD OD FDEDQD GRQGH SRU VHJXQGD YH] GHSRVLWDPRV QXHVWURV FDUJDPHQWRV GH RUR
SUHFLVDPHQWH FXDQGR ORV SULPHURV \ GpELOHV UHVSODQGRUHV GHO DOED EULOODEDQ VREUH ODV FRSDV GH ORV
iUEROHVKDFLDHOHVWH
(VWiEDPRV FRPSOHWDPHQWH H[KDXVWRV SHUR OD LQWHQVD H[FLWDFLyQ GH DTXHO WLHPSR QRV LPSLGLy
GHVFDQVDU'HVSXpVGHXQLQTXLHWRVXHxRTXHQRSDVyGHWUHVRFXDWURKRUDVQRVOHYDQWDPRVFRPRVLQRV
KXELpUDPRVSXHVWRSUHYLDPHQWHGHDFXHUGRSDUDKDFHUUHFXHQWRGHQXHVWURWHVRUR
(OFRIUHKDEtDVLGROOHQDGRKDVWDORVERUGHV\SDVDPRVWRGRHOGtDVLJXLHQWH\ODPD\RUSDUWHGHOD
QRFKH H[DPLQDQGR VX FRQWHQLGR 1R WHQtD QLQJ~Q RUGHQ R DUUHJOR 7RGR KDEtD VLGR DPRQWRQDGR GH XQ
PRGR FRQIXVR +DELpQGROR FODVLILFDGR WRGR FRQ FXLGDGR QRV HQFRQWUDPRV HQ SRVHVLyQ GH XQD ULTXH]D
TXHVXSHUDEDFXDQWRKDEtDPRVVXSXHVWRDOSULQFLSLR(QPRQHGDVKDEtDPiVGHFXDWURFLHQWRVFLQFXHQWD
PLO GyODUHV FDOFXODQGR HO YDORU GH ODV SLH]DV FRQ WRGD OD H[DFWLWXG TXH SXGLPRV SRU ODV WDULIDV GH OD
pSRFD 1R KDEtD DOOt QL XQD SDUWtFXOD GH SODWD WRGR HUD RUR DQWLJXR \ GH XQD JUDQ YDULHGDG GLQHUR
IUDQFpV DOHPiQ HVSDxRO FRQ DOJXQDV FXDQWDV JXLQHDV LQJOHVDV \ RWUDV WDQWDV GH ODV FXDOHV QXQFD KDEtD
YLVWRHMHPSODUDOJXQR9DULDVPRQHGDVHUDQPX\JUDQGHV\SHVDGDVWDQJDVWDGDVTXHQRVIXHLPSRVLEOH
GHVFLIUDU VXV LQVFULSFLRQHV 1R KDEtD GLQHUR DPHULFDQR (O YDORU GH ODV MR\DV KDOODGDV HUD FRVD PiV
GLItFLOGHFDOFXODU+DEtDGLDPDQWHVDOJXQRVGHHOORVH[DJHUDGDPHQWHJUDQGHV\KHUPRVRVFLHQWRGLH]
HQWRWDO\QLQJXQRGHHOORVSHTXHxRGLHFLRFKRUXEtHVGHQRWDEOHEULOORWUHVFLHQWDVGLH]HVPHUDOGDV
WRGDVPX\KHUPRVDVYHLQWL~Q]DILURV\XQySDOR(VWDVSLHGUDVSUHFLRVDVKDEtDQVLGRDUUDQFDGDVGHVX
PRQWXUD \ DUURMDGDV VXHOWDV HQ HO FRIUH /DV PLVPDV PRQWXUDV TXH FODVLILFDPRV DSDUWH GHO RWUR RUR
SDUHFtDQKDEHUVLGRJROSHDGDVFRQPDUWLOORVFRPRSDUDHYLWDUVXLGHQWLILFDFLyQ$GHPiVGHHVWRKDEtD
XQD YDVWD FDQWLGDG GH DGRUQRV GH RUR PDFL]R FDVL GRVFLHQWRV DQLOORV \ SHQGLHQWHV ULFDV FDGHQDV
WUHLQWDGHHVWDVVLQRUHFXHUGRPDORFKHQWD\WUHVFUXFLILMRVPX\JUDQGHV\SHVDGRVFLQFRLQFHQVDULRV
GH JUDQ YDORU XQD SURGLJLRVD SRQFKHUD GH RUR GHFRUDGD FRQ KRMDV GH SDUUD \ ILJXUDV GH EDFDQDO
ULFDPHQWH FLQFHODGDV GRV HPSXxDGXUDV GH SODWD H[TXLVLWDPHQWH UHSXMDGDV \ RWURV PXFKRV SHTXHxRV
DUWtFXORV TXH QR SXHGR UHFRUGDU (O SHVR GH WRGDV HVWDV SLH]DV H[FHGtD GH WUHVFLHQWDV FLQFXHQWD OLEUDV
DYRLUGXSRLV>@\HQHVWHSHVRQRKHLQFOXLGRFLHQWRQRYHQWD\VLHWHVREHUELRVUHORMHVGHRURWUHVGHORV
39

FXDOHVQRYDOGUtDQPHQRVGHTXLQLHQWRVGyODUHVFDGDXQR0XFKRVHUDQPX\DQWLJXRV\VLQXWLOLGDGFRPR
UHORMHV OD PDTXLQDULD HVWDED PiV R PH QRV R[LGDGD SHUR WRGRV HVWDEDQ ~QLFDPHQWH DGRUQDGRV FRQ
SLHGUDVSUHFLRVDV\ODVFDMDVHUDQGHJUDQYDORU$TXHOODQRFKHYDORUDPRVHOFRQWHQLGRGHOFRIUHHQXQ
PLOOyQ\PHGLRGHGyODUHV\GHVSXpVGHODYHQWDGHORVGLMHV\MR\DV DOJXQDVGHODVFXDOHVFRQVHUYDPRV
SDUDQRVRWURV HQFRQWUDPRVTXHKDEtDPRVYDORUDGRHOWHVRURPX\SRUOREDMR
&XDQGR SRU ILQ FRQFOXLPRV QXHVWUR H[DPHQ \ OD LQWHQVD H[FLWDFLyQ KXER GHVDSDUHFLGR HQ SDUWH
/HJUDQGTXHPHYHtDOOHQRGHLPSDFLHQFLDSRUXQDVROXFLyQGHDTXHOH[WUDRUGLQDULRDFHUWLMRVHGHGLFyD
H[SOLFDUPHFRQWRGRGHWDOOHODVFLUFXQVWDQFLDVTXHJXDUGDEDQUHODFLyQFRQpO
7HDFRUGDUiVGLMRGHDTXHOODQRFKHFXDQGRWHPRVWUpHOWRVFRERVTXHMRTXHKDEtDKHFKRGHO
HVFDUDEDMR5HFRUGDUiVWDPELpQTXHPHVHQWtPX\LUULWDGRFRQWLJRFXDQGRLQVLVWLVWHTXHPLGLEXMRSDUHFtD
XQD FDODYHUD /D SULPHUD YH] TXH PH KLFLVWH DTXHOOD DILUPDFLyQ SHQVp TXH HVWDEDV EURPHDQGR SHUR
GHVSXpV HQ PL LQWHULRU UHFDSDFLWp VREUH ODV SHFXOLDUHV PDQFKLWDV EODQFDV TXH WHQtD HO LQVHFWR VREUH HO
GRUVR\DGPLWtTXHWXREVHUYDFLyQWHQtDFLHUWDVyOLGDIXQGDPHQWDFLyQ6LQHPEDUJRWXVEXUODVHQWRUQRD
PLGLEXMRPHLUULWDURQVREUHPDQHUDSXHVHVWR\FRQVLGHUDGRFRPRXQEXHQDUWLVWDSRUWDQWRFXDQGRPH
GLVWHHOWUR]RGHSHUJDPLQRHVWXYHDSXQWRGHHVWUXMDUOR\DUURMDUORDOIXHJR
4XLHUHVGHFLUHOWUR]RGHSDSHOYHUGDG"OHGLMH
1R 7HQtD HO DVSHFWR GH SDSHO \ DO SULQFLSLR VXSXVH TXH OR HUD SHUR FXDQGR GLEXMp VREUH pO
GHVFXEUt TXH HUD XQ WUR]R GH SHUJDPLQR PX\ GHOJDGR (VWDED PX\ VXFLR OR UHFXHUGDV" 3XHV HQ HO
PRPHQWRHQTXHLEDDHVWUXMDUORPLVRMRVVHILMDURQHQHOGLEXMR\SXHGHVLPDJLQDUPLVRUSUHVDFXDQGR
GHVFXEUt TXH HQ HIHFWR GRQGH PH SDUHFtD KDEHU GLEXMDGR HO HVFDUDEDMR DSDUHFtD OD ILJXUD GH XQD
FDODYHUD'XUDQWHXQPRPHQWRPHVHQWtGHPDVLDGRVRUSUHQGLGRSDUDSHQVDUFRQVHQVDWH]6DEtDTXHPL
GLEXMRHUDPX\GLIHUHQWHGHDTXHOSHURWHQtDXQDFLHUWDVLPLOLWXGHQVXVOtQHDVJHQHUDOHV,QPHGLDWDPHQWH
WRPp XQD YHOD \ VHQWiQGRPH HQ HO H[WUHPR GH OD KDELWDFLyQ SURFHGt D H[DPLQDU HO SHUJDPLQR FRQ PiV
GHWHQLPLHQWR $O YROYHUOR YL PL SURSLR GLEXMR SUHFLVDPHQWH WDO \ FRPR OR KDEtD KHFKR (QWRQFHV PL
SULPHUDLGHDIXHGHPHUDVRUSUHVDDQWHODQRWDEOHVHPHMDQ]DGHVXVOtQHDVHQODUHJXODUFRLQFLGHQFLDTXH
HQYROYtD HO KHFKR GHVFRQRFLGR SDUD Pt GH TXH VREUH OD RWUD FDUD GHO SHUJDPLQR SXGLHUD KDEHU XQD
FDODYHUD FRLQFLGLHQGR H[DFWDPHQWH FRQ PL GLEXMR GHO HVFDUDEDMR \ TXH HVWD FDODYHUD QR VROR HQ VX
FRQWRUQR VLQR WDPELpQ HQ HO WDPDxR SXGLHUD SDUHFHUVH WDQWR D PL GLEXMR /D FXULRVLGDG GH HVWD
FRLQFLGHQFLDPHGHMyDWRQWDGRGXUDQWHXQUDWR(VWHHVHOHIHFWRFRP~QGHWDOHVFRLQFLGHQFLDVODPHQWH
OXFKD SRU HVWDEOHFHU XQD UHODFLyQ XQD FRQVHFXHQFLD GH FDXVD \ HIHFWR \ DO QR SRGHUOR FRQVHJXLU
VXIUHXQDHVSHFLHGHSDUiOLVLVWHPSRUDO3HURFXDQGR\RPHUHFREUpGHOHVWXSRUVHQWtQDFHUJUDGXDOPHQWH
HQPtXQDFRQYLFFLyQTXHPHLPSUHVLRQyWRGDYtDPiVTXHODFRLQFLGHQFLD(PSHFpDUHFRUGDUGHPRGR
FODUR\SRVLWLYRTXHQRKDEtDKDELGRGLEXMRDOJXQRVREUHHOSHUJDPLQRFXDQGRKLFHPLSULPHUERVTXHMR
GHO HVFDUDEDMR 0H GL SHUIHFWD FXHQWD GH HOOR SXHV UHFRUGp TXH OR KDEtD YXHOWR GH XQ ODGR \ GH RWUR
EXVFDQGR XQ VLWLR PiV FODUR 'H KDEHU KDELGR DOOt XQD FDODYHUD VLQ GXGD DOJXQD QR KDEUtD GHMDGR GH
YHUOD $OOt KDEtD GH KHFKR XQ PLVWHULR TXH PH VHQWtD LQFDSD] GH H[SOLFDU SHUR DXQ GHVGH HO SULPHU
PRPHQWRSDUHFtDEULOODUGpELOPHQWHHQORPiVUHFyQGLWRGHPLFHUHEURXQSUHVHQWLPLHQWRGHODYHUGDG
TXHHQODDYHQWXUDGHODSDVDGDQRFKHKDWHQLGRXQDGHPRVWUDFLyQWDQPDJQtILFD0HOHYDQWpHQVHJXLGD\
SRQLHQGRHOSHUJDPLQRHQVLWLRVHJXURGHMpWRGDUHIOH[LyQSDUDFXDQGRPHHQFRQWUDUDDVRODV
&XDQGRWHIXLVWH\-~SLWHUVHTXHGySURIXQGDPHQWHGRUPLGRPHHQWUHJXpDXQH[DPHQPiVPHWyGLFR
VREUHHODVXQWR(QSULPHUOXJDUFRQVLGHUpODFLUFXQVWDQFLDGHFyPRDTXHOSHUJDPLQRKDEtDOOHJDGRDPLV
40

PDQRV(OOXJDUGRQGHGHVFXEUtDOHVFDUDEDMRHVWDEDHQODFRVWDGHOFRQWLQHQWHFHUFDGHXQDPLOODDOHVWH
GH OD LVOD \ D SRFD GLVWDQFLD VREUH HO OtPLWH GH ODV PDUHDV DOWDV $O LQWHQWDU FRJHUOR PH GLR XQ IXHUWH
PRUGLVFRTXHPHREOLJyDVROWDUOR-~SLWHUFRQVXDFRVWXPEUDGDSUHFDXFLyQDQWHVGHDJDUUDUHOLQVHFWR
TXH KDEtD FRUULGR KDFLD pO PLUy HQ GHUUHGRU HQ EXVFD GH XQD KRMD R DOJR SRU HO HVWLOR FRQ TXH SRGHU
UHVJXDUGDUVHODPDQR)XHHQHVWHPRPHQWRFXDQGRVXVRMRV\WDPELpQORVPtRVVHILMDURQVREUHHOWUR]R
GHSHUJDPLQRTXHHQWRQFHV\RVXSRQtDSDSHO(VWDEDPHGLRHQWHUUDGRHQODDUHQDVREUHVDOLHQGRSRUXQD
HVTXLQD&HUFDGHOOXJDUGRQGHORHQFRQWUDPRVYLORVUHVWRVGHOFDVFRGHORTXHSDUHFtDKDEHUVLGRHO
ERWHJUDQGHGHDOJ~QEDUFR$TXHOORVUHVWRVSDUHFtDQHVWDUDOOtKDFtDPXFKRWLHPSRSXHVDSHQDVSRGtD
GLVWLQJXLUVHVXVHPHMDQ]DFRQODHVWUXFWXUDGHXQDODQFKD
3XHVELHQ-~SLWHUHQYROYLyHOHVFDUDEDMRHQpO\PHORGLRDPt3RFRGHVSXpVFXDQGRtEDPRVD
FDVDHQFRQWUDPRVDOWHQLHQWH*/HPRVWUpHOLQVHFWR\PHURJyTXHOHSHUPLWLHUDOOHYiUVHORDOIXHUWH$O
GDUOHPLFRQVHQWLPLHQWRVHORPHWLyHQHOEROVLOORGHVXFKDOHFRVLQHOSHUJDPLQRHQTXHLEDHQYXHOWR\
TXHKDEtDPDQWHQLGRHQODPDQRGXUDQWHVXH[DPHQ7DOYH]WHPtDTXH\RPHYROYLHVHDWUiV\UHVROYLyTXH
ORPHMRUVHUtDDVHJXUDUVXSUHVDLQPHGLDWDPHQWH\DVDEHVHOHQWXVLDVPRTXHWLHQHSRUWRGRORUHIHUHQWHD
ODKLVWRULDQDWXUDO$OPLVPRWLHPSR\VLQGDUPHFXHQWDGHHOORGHEtGHKDEHUPHJXDUGDGRHOSHUJDPLQR
HQHOEROVLOOR
5HFXHUGD TXH FXDQGR IXL D OD PHVD FRQ HO SURSyVLWR GH KDFHU XQ ERVTXHMR GHO HVFDUDEDMR QR
HQFRQWUpSDSHOGRQGHIUHFXHQWHPHQWHVXHORWHQHU%XVTXpHQHOFDMyQ\WDPSRFRORHQFRQWUpDOOt%XVTXp
HQ PLV EROVLOORV FRQ OD HVSHUDQ]D GH HQFRQWUDU XQD FDUWD DWUDVDGD FXDQGR PL PDQR FKRFy FRQ HO
SHUJDPLQR 7H GHWDOOR HO PRGR SUHFLVR GH FyPR TXHGy HQ PL SRGHU SRUTXH ODV FLUFXQVWDQFLDV PH
LPSUHVLRQDURQFRQXQDIXHU]DHVSHFLDO
1RGXGRGHTXHPHFRQVLGHUDEDVXQDOXFLQDGRSHUR\RKDEtDHVWDEOHFLGR\DFRPRXQDHVSHFLHGH
FRQH[LyQ +DEtD XQLGR ORV GRV HVODERQHV GH OD FDGHQD DOOt KDEtD XQD ODQFKD TXH QDXIUDJy FHUFD GH OD
FRVWD \ QR PX\ OHMRV GH DOOt KDEtD XQ SHUJDPLQR QR XQ SDSHO FRQ XQD FDODYHUD GLEXMDGD 'HVGH
OXHJR PH SUHJXQWDUiV GyQGH HVWi OD XQLyQ" \ \R WH FRQWHVWDUp TXH OD FDODYHUD HV HO HPEOHPD GH ORV
SLUDWDV/DEDQGHUDFRQODFDODYHUDHVL]DGDHQWRGRVORVFRPEDWHV
&RPRKHGLFKRDTXHOORHUDXQWUR]RGHSHUJDPLQR\QRGHSDSHO(OSHUJDPLQRHVGXUDGHURFDVL
LPSHUHFHGHUR\HVUDURTXHVHFRQVLJQHQVREUHXQSHUJDPLQRFRVDVGHSRFDLPSRUWDQFLDSXHVSDUDODV
VLPSOHV QHFHVLGDGHV GHO GLEXMR R GH OD HVFULWXUD QR VH DGDSWD WDQ ELHQ FRPR HO SDSHO (VWD UHIOH[LyQ
VXJHUtDDOJ~QVtPERORDOJRTXHWXYLHUDDOJXQDUHODFLyQFRQODFDODYHUD7DPSRFRVHPHHVFDSyODIRUPD
GHOSHUJDPLQR\DXQTXHXQDGHODVHVTXLQDVKDEtDVLGRGHVWUXLGDSRUDOJ~QDFFLGHQWHSRGtDYHUVHTXHVX
IRUPD RULJLQDO HUD REORQJD VLHQGR SUHFLVDPHQWH XQD GH HVDV WLUDV TXH VH GHEHQ HVFRJHU FRPR
PHPRUiQGXPSDUDDQRWDUDOJRTXHKDGHVHUFRQVHUYDGR\UHFRUGDGRGXUDQWHPXFKRWLHPSR
3HUR OH LQWHUUXPSt GLFHV TXH OD FDODYHUD QR HVWDED VREUH HO SHUJDPLQR FXDQGR KLFLVWH HO
GLEXMRGHOHVFDUDEDMR&yPRSXHGHVHVWDEOHFHUFRQH[LyQDOJXQDHQWUHHOEDUFR\ODFDODYHUD\TXHHVWD
~OWLPD VHJ~Q WX SURSLD DILUPDFLyQ GHELy KDEHU VLGR GLEXMDGD VROR 'LRV VDEH FXiQGR \ SRU TXLpQ  HQ
DOJ~QSHUtRGRGHWLHPSRDQWHULRUDWXERVTXHMRGHOHVFDUDEDMR"
$K 6REUH HVWR JLUD WRGR HO PLVWHULR DXQTXH KD\D WHQLGR UHODWLYD IDFLOLGDG SDUD DFODUDUOR 0LV
SDVRVHUDQVHJXURV\QRSRGtDQOOHYDUPHVLQRDXQVRORUHVXOWDGR<RSRUHMHPSORUD]RQpGHHVWHPRGR
FXDQGRGLEXMpHOHVFDUDEDMRQRKDEtDQLQJXQDFDODYHUDDSDUHQWHPHQWHVREUHHOSHUJDPLQR&XDQGRKXEH
FRPSOHWDGR HO GLEXMR WH OR GL \ QR GHMp GH REVHUYDUWH KDVWD TXH PH OR GHYROYLVWH 3RU WDQWR QRIXLVWH
41

TXLHQ KL]R HO GLEXMR GH OD FDODYHUD \ QDGLH PiV HVWDED SUHVHQWH SDUD TXH KXELHUD SRGLGR KDFHUOR
HQWRQFHVHVRQRIXHGLEXMDGRSRUPHGLRKXPDQR\VLQHPEDUJRVHKL]R
$O OOHJDU D HVWD HWDSD GH PLV UHIOH[LRQHV PH HVIRUFp HQ UHFRUGDU \UHFRUGp FRQ DEVROXWD FODULGDG
FDGD LQFLGHQWH RFXUULGR HQ HO SHUtRGR HQ FXHVWLyQ (O WLHPSR HUD IUtR RK UDUR \ IHOL] DFFLGHQWH  \ XQ
IXHJROODPHDEDHQODFKLPHQHD0HKDEtDFDOHQWDGRFRQHOHMHUFLFLR\PHVHQWpFHUFDGHODPHVD7~VLQ
HPEDUJR WXYLVWH TXH DFHUFDU XQD VLOOD D OD FKLPHQHD 3UHFLVDPHQWH HQ HO PRPHQWR GH GHMDUWH HO
SHUJDPLQRHQODPDQR\FXDQGRLEDVDH[DPLQDUOR:ROIHOWHUUDQRYDHQWUy\VDOWyVREUHWXVKRPEURV
/RDFDULFLDVWHFRQWXPDQRL]TXLHUGDFRQWHQLpQGRORPLHQWUDVODGHUHFKDTXHVRVWHQtDHOSHUJDPLQROD
GHMDEDV GHVFDQVDU FRQ QHJOLJHQFLD VREUH WX URGLOOD GHPDVLDGR SUy[LPD DO IXHJR 5HFXHUGR TXH HQ XQ
PRPHQWRSHQVpTXHODVOODPDVLEDQDDOFDQ]DUORSHURDQWHVGHTXHSXGLHUDKDEHUWHSUHYHQLGR\DKDEtDV
OHYDQWDGRHOGLEXMR\ORHVWDEDVH[DPLQDQGR&XDQGRFRQVLGHUpWRGRVHVWRVGHWDOOHVQLSRUXQPRPHQWR
GXGpTXHHOFDORUKDEtDVLGRHODJHQWHTXHGHYROYLyDOSHUJDPLQRODFDODYHUDTXH\RYLGLEXMDGDHQpO
7~ VDEHV TXH GHVGH WLHPSR LQPHPRULDO H[LVWHQ SUHSDUDFLRQHV TXtPLFDV SRU PHGLR GH ODV FXDOHV HV
SRVLEOHHVFULELUVREUHXQSDSHORWHODGHWDOIRUPDTXHORVFDUDFWHUHVQRSXHGHQOOHJDUDKDFHUVHYLVLEOHV
VLQRVHOHVVRPHWHDODDFFLyQGHOIXHJR(O]DIUH>@GLVXHOWRHQDTXDUHJLD>@\GLOXLGRFXDWURYHFHVVX
SHVRHQDJXDHVHPSOHDGRDOJXQDVYHFHVGHHOORUHVXOWDXQDWLQWDYHUGH(OUpJXORGHFREDOWRGLVXHOWRHQ
HVStULWXGHQLWURGDXQDWLQWDURMD(VWRVFRORUHVGHVDSDUHFHQHQLQWHUYDORVPiVRPHQRVJUDQGHVGHVSXpV
GHTXHODPDWHULDVREUHODFXDOVHKDHVFULWRVHHQIUtDSHURYXHOYHQDDSDUHFHUDODSOLFDUVHFDORU
(QWRQFHVH[DPLQpODFDODYHUDFRQFXLGDGR/RVFRQWRUQRVH[WHULRUHVORVPiVSUy[LPRVDOERUGHGHO
SHUJDPLQR UHVXOWDEDQ PiV FODURV TXH ORV RWURV (UD HYLGHQWH TXH OD DFFLyQ GHO FDORU KDEtD VLGR
LPSHUIHFWD R GHVLJXDO $FWR VHJXLGR HQFHQGt HO IXHJR \ VRPHWt FDGD SDUWH GHO SHUJDPLQR D XQ FDORU
DUGLHQWH $O SULQFLSLR HO ~QLFR HIHFWR IXH HO DXPHQWR GH ODV OtQHDV GpELOHV GH OD FDODYHUD SHUR
SHUVHYHUDQGRHQHOHQVD\RVHKL]RYLVLEOHHQXQiQJXORGHODWLUDRSXHVWDGLDPHWUDOPHQWHDOOXJDUGRQGH
HVWDEDSLQWDGDODFDODYHUDODILJXUDGHORTXH\RDOSULQFLSLRKDEtDFUHtGRYHUXQDFDEUD6LQHPEDUJRXQ
H[DPHQPiVGHWHQLGRPHOOHYyDODFRQFOXVLyQGHTXHLQWHQWDEDVHUXQFDEULWR
-DMDPHUHt6HJXURTXHQRWHQJRUD]yQDOUHtUPHGHWL SXHVXQPLOOyQ\PHGLRHVXQDFRVD
PX\VHULDSDUDWRPDUODHQEURPD SHURHVSHURTXHQRLUiVDHVWDEOHFHUXQWHUFHUHVODEyQGHUHIHUHQFLD
HQWUHWXVSLUDWDV\XQDFDEUD/RVSLUDWDVFRPRVDEHVPX\ELHQQRWLHQHQQDGDTXHKDFHUFRQODVFDEUDV
HVWDVLQWHUHVDQPiVDORVJUDQMHURV
3HURSUHFLVDPHQWHKHGLFKRTXHODILJXUDQRHVODGHXQDFDEUD
0X\ELHQXQFDEULWRHQWRQFHV0HSDUHFHTXHQRVHGLIHUHQFLDQPXFKRHOXQRGHORWUR
&DVL OR PLVPR SHUR QR GHO WRGR GLMR /HJUDQG (V SRVLEOH TXH KD\DV RtGR KDEODU GHO FDSLWiQ
.LGG>@ <R HQVHJXLGD UHODFLRQp OD ILJXUD GHO DQLPDO FRQ XQD HVSHFLH GH ILUPD MHURJOtILFD 'LJR ILUPD
SRUTXHVXSRVLFLyQVREUHHOSHUJDPLQRVXJHUtDODLGHD/DFDODYHUDHQODHVTXLQDGLDPHWUDOPHQWHRSXHVWD
WHQtD DO LJXDO HO DLUH GH XQD HVWDPSLOOD R VHOOR 3HUR PH KDOOp GRORURVDPHQWH GHVFRQFHUWDGR DQWH OD
DXVHQFLDGHWRGRORGHPiVHVGHFLUGHOFXHUSRGHPLVRxDGRGRFXPHQWRGHOWH[WRGHVXFRQWHQLGR
,PDJLQRTXHHVSHUDEDVHQFRQWUDUXQDFDUWDHQWUHHOVHOOR\ODILUPD
$OJRSRUHOHVWLOR/DFRVDHVTXHPHVHQWtLUUHVLVWLEOHPHQWHLPSUHVLRQDGRFRQHOSUHVHQWLPLHQWRGH
DOJXQDHQRUPHIRUWXQDLQPLQHQWH&DVLQRSXHGRGHFLUHOSRUTXp7DOYH]GHVSXpVGHWRGRIXHVHPiVXQ
GHVHRTXHXQDYHUGDGHUDFUHHQFLDSHURODVSDODEUDVGH-~SLWHUUHIHUHQWHVDTXHHOHVFDUDEDMRHUDGHRUR
PDFL]R HMHUFLHURQ XQ QRWDEOH HIHFWR VREUH PL LPDJLQDFLyQ < OXHJR OD VHULH GH DFFLGHQWHV \
42

FRLQFLGHQFLDV TXH WHQtDQ XQ FDUiFWHU WDQ H[WUDRUGLQDULR 7H GDV FXHQWD OR TXH KDQ WHQLGR GH IRUWXLWRV
WRGRV HVRV DFRQWHFLPLHQWRV DO KDEHU RFXUULGR SUHFLVDPHQWH HO ~QLFR GtD GHO DxR HQ TXH QR VROR KDFtD
IUtR VLQR TXH HVWH HUD OR VXILFLHQWHPHQWH LQWHQVR FRPR SDUD HQFHQGHU HO IXHJR \ TXH VLQ HO IXHJR R OD
LQWHUYHQFLyQ GHO SHUUR HQ HO SUHFLVR PRPHQWR TXH DSDUHFLy \R QXQFD KXELHUD OOHJDGR D GHVFXEULU OD
FDODYHUD\SRUWDQWRQXQFDKDEUtDHVWDGRHQSRVHVLyQGHOWHVRUR"
3HURVLJXHHVWR\LPSDFLHQWH
3XHV VLJDPRV W~ WLHQHV TXH KDEHU RtGR SRU VXSXHVWR ODV PXFKDV KLVWRULDV TXH FRUUHQ \ ORV PLO
YDJRVUXPRUHVTXHIORWDQVREUHHOGLQHURHQWHUUDGRHQDOJ~QSXQWRGHODFRVWDGHO$WOiQWLFRSRU.LGG\
VXVFRPSDxHURV(VRVUXPRUHVGHEHQKDEHUWHQLGRDOJ~QIXQGDPHQWRUHDO\VLKDQFRQWLQXDGRH[LVWLHQGR
GXUDQWH WDQWR WLHPSR \ WDQ FRQWLQXDPHQWH VROR SRGUtD GHEHUVH VHJ~Q PL SDUHFHU D TXH HVRV WHVRURV
WRGDYtD SHUPDQHFHQ HQWHUUDGRV 6L .LGG KXELHVH RFXOWDGR VX ERWtQ \ OXHJR GH XQ WLHPSR OR KXELHUD
UHFXSHUDGRORVUXPRUHVDSHQDVKDEUtDQOOHJDGRKDVWDQRVRWURVGHODIRUPDFRPRORKDQKHFKRKDVWDHO
SUHVHQWH+DEUiVREVHUYDGRTXHODVKLVWRULDVTXHVHFXHQWDQVRQVREUHORVEXVFDGRUHVGHRUR\QRGHODV
JHQWHV TXH ORV KD\DQ HQFRQWUDGR 6L HO SLUDWD KXELHUD UHFXSHUDGR VX GLQHUR WRGD HVWD KLVWRULD KXELHUD
WHUPLQDGR 0H SDUHFtD TXH DOJ~Q DFFLGHQWH SRU HMHPSOR OD SpUGLGD GH OD QRWD TXH LQGLFDED OD
ORFDOLGDGGHELyKDEHUORSULYDGRGHORVPHGLRVGHUHFXSHUDUOR\TXHHVWHDFFLGHQWHKDEtDOOHJDGRDVHU
FRQRFLGR SRU VXV VHJXLGRUHV TXH GH RWUR PRGR QXQFD KXELHVHQ SRGLGR RtU TXH XQ WHVRUR KDEtD VLGR
HVFRQGLGR6HGHGLFDURQHQYDQRSXHVFDUHFtDQGHJXtDDWUDWDUGHHQFRQWUDUORGDQGROXJDUFRQHVWRD
HVHUXPRUXQLYHUVDO\DODVQRWLFLDVWDQFRUULHQWHVDKRUD+DRtGRXVWHGKDEODUGHXQLPSRUWDQWHWHVRUR
TXHIXHHQWHUUDGRDORODUJRGHODFRVWD"
1XQFD
3HURHVELHQFRQRFLGRGHWRGRVTXHODVDFXPXODFLRQHVGH.LGGIXHURQLQPHQVDVSRUORWDQWRGL
SRUVHQWDGRTXHODWLHUUDVHJXtDUHWHQLpQGRODV\QRWHVRUSUHQGHUiVVLWHGLJRTXHFRQFHEtDODHVSHUDQ]D
TXH DXPHQWDED KDVWD OD FHUWLGXPEUH GH TXH HO SHUJDPLQR WDQ H[WUDxDPHQWH KDOODGR FRQWHQtD OD ~OWLPD
LQGLFDFLyQGHOOXJDUGRQGHVHHQFRQWUDEDGHSRVLWDGR
3HURFyPRSURFHGLVWH"
'H QXHYR DSUR[LPp HO SHUJDPLQR DO IXHJR GHVSXpV GH DXPHQWDU HO FDORU SHUR QDGD DSDUHFLy
(QWRQFHVSHQVpTXHHUDSRVLEOHTXHODFDSDGHVXFLHGDGSRGtDVHUODFDXVDGHDTXHOIUDFDVRGHPRGRTXH
ODYp HO SHUJDPLQR FRQ DJXD FDOLHQWH \ GHVSXpV OR FRORTXp HQ XQD FDFHUROD GHOJDGD FRQ OD VXSHUILFLH
GRQGH HVWDED FRORFDGD OD FDODYHUD KDFLD DEDMR SRQLHQGR OD FDFHUROD ILQDOPHQWH VREUH XQD OXPEUH GH
FDUEyQ(QSRFRVPLQXWRVTXHGyFDOHQWDGDUHPRYtODWLUD\FRQDOHJUtDLQGHVFULSWLEOHKDOOpTXHHVWDED
VDOSLFDGDSRUGLIHUHQWHVVLWLRVFRQDOJRTXHSDUHFtDQVHUILJXUDVGLVSXHVWDVHQOtQHDV'HQXHYRYROYtD
FRORFDUOD HQ OD FDFHUROD \ OD PDQWXYH DOOt RWUR PLQXWR $O YROYHUOD D VDFDU WRGR HVWDED SUHFLVDPHQWH
FRPRYHVDKRUD
(QWRQFHV/HJUDQGKDELHQGRFDOHQWDGRGHQXHYRHOSHUJDPLQRORVRPHWLyDPLH[DPHQ/RVVLJXLHQWHV
FDUDFWHUHVHVWDEDQJURVHUDPHQWHWUD]DGRVHQWLQWDURMDHQWUHODFDODYHUD\HOFDEULWR

43

3HURGLMHGHYROYLpQGROHHOSHUJDPLQRVLJRWDQDRVFXUDVFRPRDQWHV(VWDQGRWRGDVODVMR\DV
GH *ROFRQGD HVSHUiQGRPH SRU OD VROXFLyQ GH HVWH HQLJPD HVWR\ VHJXUR GH TXH \R VHUtD LQFDSD] GH
FRQVHJXLUODV
< VLQ HPEDUJR OD VROXFLyQ QR HV HQ PRGR DOJXQR WDQ GLItFLO FRPR SRGUtD OOHYDUWH D LPDJLQDU OD
SULPHUD LPSUHVLyQ GH HVRV VLJQRV (VWRV VHJ~Q SXHGH DGLYLQDUVH UiSLGDPHQWH IRUPDQ XQD FLIUD TXH HV
FRPRGHFLUTXHFRQWLHQHQXQVLJQLILFDGRSRUORTXHVDEHPRVGH.LGGQRSRGUtDPRVVXSRQHUOHFDSD]GH
FRQVWUXLU XQD GH ODV PiV DEVWUXVDV FULSWRJUDItDV 3HQVp SXHV GHVGH OXHJR TXH HVWD HUD GH XQD FODVH
VHQFLOODDXQTXHFRPRHVQDWXUDOVLQODFODYHUHVXOWDVHDEVROXWDPHQWHLQGHVFLIUDEOHSDUDHOUXGLPHQWDULR
LQWHOHFWRGHXQPDULQHUR
<ODUHVROYLVWH"
0X\IiFLOPHQWH+DEtDUHVXHOWRRWURVGHXQDGLILFXOWDGGLH]PLOYHFHVPD\RU/DVFLUFXQVWDQFLDV\
FLHUWDSUHGLVSRVLFLyQQDWXUDOPHKDQOOHYDGRDLQWHUHVDUPHSRUHVWDFODVHGHDFHUWLMRV\GXGRTXHDOJ~Q
VHUYLYRSXHGDLQYHQWDUXQRTXHHOPLVPRLQJHQLRKXPDQRQRUHVXHOYDFRQXQDDSOLFDFLyQDGHFXDGD'H
KHFKRXQDYH]TXHLGHQWLILTXpXQDVHULHGHFDUDFWHUHVOHJLEOHVLPDJLQpTXHQRVHUtDGLItFLOGHVFXEULUHO
VLJQLILFDGR
(QHOSUHVHQWHFDVR\HQUHDOLGDGHQWRGDVODVHVFULWXUDVFLIUDGDVODSULPHUDFXHVWLyQUDGLFDHQHO
OHQJXDMHHQTXHHVWiUHGDFWDGRHOHVFULWRSXHVWRTXHORVSULQFLSLRVGHVROXFLyQHVSHFLDOPHQWHFXDQGRVH
WUDWDGHFLIUDVVHQFLOODVGHSHQGHGHOFDUiFWHUSDUWLFXODUGHFDGDLGLRPD(QJHQHUDOQRKD\RWUDVROXFLyQ
TXHLUKDFLHQGRSUXHEDVVLJXLHQGRXQFiOFXORGHSUREDELOLGDGHVGHWRGDVODVOH\HVFRQRFLGDVSRUDTXHO
TXHLQWHQWDODVROXFLyQKDVWDTXHVHFRQVLJXHHQFRQWUDUODSLVWD3HURFRQHOFULSWRJUDPDTXHWLHQHVDOD
YLVWD WRGD GLILFXOWDG TXHGDED UHVXHOWD FRQ OD ILUPD (O MXHJR GH SDODEUDV VREUH OD SDODEUD .LGG QR HV
DSUHFLDEOH HQ QLQJXQD RWUD OHQJXD VDOYR HQ LQJOpV 6L QR KXELHUD VLGR SRU HVWR KDEUtD HPSH]DGR PLV
WHQWDWLYDVFRQHOHVSDxRO\HOIUDQFpVSRUVHUODVOHQJXDVHQODVTXHXQSLUDWDGHPDUHVHVSDxROHVKXELHUD
GHELGR PiV QDWXUDOPHQWH HVFULELU XQ VHFUHWR GH HVH JpQHUR 7DO FRPR DSDUHFtD VXSXVH TXH HO
FULSWRJUDPDHVWDEDUHGDFWDGRHQLQJOpV
2EVHUYDUiV TXH QR KDEtD GLYLVLRQHV HQWUH ODV SDODEUDV 6L ODV KXELHUD KDELGR HO WUDEDMR KDEUtD
UHVXOWDGR FRPSDUDEOHPHQWH IiFLO (Q WDOHV FDVRV \R KXELHUD FRPHQ]DGR SRU DQDOL]DU ODV SDODEUDV PiV
FRUWDV \ GH KDEHU HQFRQWUDGR FDVR PX\ SUREDEOH XQD SDODEUD GH XQD VROD OHWUD D R L SRU HMHPSOR 
KXELHUD FRQVLGHUDGR DVHJXUDGD OD VROXFLyQ 3HUR QR KDELHQGR GLYLVLyQ HQWUH HOODV PL SULPHU SDVR HUD
DFHUWDUODVOHWUDVSUHGRPLQDQWHVDVtFRPRODVPHQRVIUHFXHQWHV&RQWpWRGDVFRQVWLWX\HQGRODWDEODGHO
VLJXLHQWHPRGR

44

$KRUD HQ LQJOpV OD OHWUD TXH VH XVD FRQ PiV IUHFXHQFLD HV ODH 'HVSXpV HO RUGHQ VXFHVLYR HV HO
VLJXLHQWHDRLGKQUVWY\FIJ,PZENST[](OSUHGRPLQLRGHODHHVWDQPDUFDGRTXHDSHQDV
SXHGHHQFRQWUDUVHXQDVRODIUDVHGHDOJXQDORQJLWXGHQODTXHQRSUHYDOH]FDHVWDOHWUD
1DGDPiVHPSH]DUFRQWDPRVFRQXQDEDVHSDUDDOJRPiVTXHXQDPHUDVXSRVLFLyQ(OXVRJHQHUDO
TXHSXHGHKDFHUVHGHHVWDWDEODHVREYLRSHURSDUDHVWDFLIUDSDUWLFXODUVRORQRVVHUYLUHPRVGHHOODPX\
SDUFLDOPHQWH&RPRQXHVWURVLJQRSUHGRPLQDQWHHVHOFRPHQ]DUHPRVSRUFRQVLGHUDUORFRPRODH GHO
DOIDEHWR3DUDFRPSUREDUHVWDVXSRVLFLyQREVHUYpVLHODSDUHFtDIUHFXHQWHPHQWHSRUSDUHVSXHVWRTXH
ODHVHGREODIUHFXHQWHPHQWHHQHOLQJOpVHQSDODEUDVWDOHVFRPRPHHWIOHHWVSHHGVHHQEHHQDJUHH
HWF(QQXHVWURFDVRYHPRVTXHODHVHGREODDOPHQRVFLQFRYHFHVDXQTXHHOFULSWRJUDPDHVEUHYH
6XSRQJDPRVHOFRPRODH$KRUDELHQGHWRGDVODVSDODEUDVLQJOHVDVODPiVIUHFXHQWHHVWKH>@
YHDPRVSRUWDQWRVLQRHVWiUHSHWLGDODFRPELQDFLyQGHWUHVVLJQRVHQHOPLVPRRUGHQGHFRORFDFLyQ
VLHQGRHO~OWLPRGHHOORVHO6LGHVFXEULPRVUHSHWLFLRQHVGHWDOHVOHWUDVDVtGLVSXHVWDVSUREDEOHPHQWH
UHSUHVHQWDUiQ OD SDODEUD WKH REVHUYDGR HVWR HQFRQWUDPRV QDGD PHQRV TXH VLHWH GH WDOHV
FRPELQDFLRQHVVLHQGRORVVLJQRV3RUFRQVLJXLHQWHSRGHPRVVXSRQHUTXHUHSUHVHQWDWUHSUHVHQWD
K\UHSUHVHQWDHTXHGDQGRHVWR~OWLPRDVtFRPSUREDGR+HPRVGDGR\DXQJUDQSDVR
3HURKDELHQGRHVWDEOHFLGRXQD~QLFDSDODEUDSRGHPRVHVWDEOHFHUXQSXQWRPX\LPSRUWDQWHHVGHFLU
YDULRV SULQFLSLRV \ ILQDOHV GH RWUDV SDODEUDV 5HILULpQGRQRV SRU HMHPSOR DO SHQ~OWLPR FDVR HQ TXH
DSDUHFHODFRPELQDFLyQFDVLDOWpUPLQRGHOFULSWRJUDPDVDEHPRVTXHHOTXHYLHQHLQPHGLDWDPHQWH
GHVSXpV HV HO FRPLHQ]R GH XQD SDODEUD \ GH ORV VHLV VLJQRV TXH VLJXHQ D HVH WKH FRQRFHPRV SRU OR
PHQRV  6XVWLWX\DPRV HVWRV VLJQRV SRU ODV OHWUDV TXH UHSUHVHQWDQ GHMDQGR XQ HVSDFLR SDUD HO
GHVFRQRFLGR
WHHWK
'HEHPRVORSULPHURGHVFDUWDUODWKFRPRDOJRTXHQRIRUPDSDUWHGHODSDODEUDTXHFRPLHQ]D
SDUODSULPHUDW\DTXHHQVD\DQGRHODOIDEHWRHQWHURSDUDDGDSWDUXQDOHWUDDOHVSDFLRYDFtRYHUHPRVTXH
QRVHSXHGHHQFRQWUDUXQYRFDEORGHOTXHHVDWKSXHGDVHUXQDSDUWH'HEHPRVSRUWDQWRUHGXFLUOD
SDODEUDTXHEXVFDPRVD

45

WHH
\XWLOL]DQGRHODOIDEHWRVLHVQHFHVDULRFRPRDQWHVOOHJDUHPRVDODSDODEUDWUHH iUERO FRPROD
~QLFDLQWHOLJLEOH'HHVWHPRGRJDQDPRVRWUDOHWUDUUHSUHVHQWDGDSRU FRQODVSDODEUDV\X[WDSXHVWDV
WKHWUHH HOiUERO 
$OJRPiVOHMRVGHHVWDVSDODEUDVDXQTXHDFRUWDGLVWDQFLDYHPRVGHQXHYRODFRPELQDFLyQ\OD
XWLOL]DPRV FRPR WHUPLQDFLyQ GH OD TXH SUHFHGH LQPHGLDWDPHQWH 7HQGUHPRV DVt OD VLJXLHQWH
FRPELQDFLyQ
WKHWUHH WKH
RVXVWLWX\HQGRORVVLJQRVFRQODVOHWUDVQDWXUDOHVTXH\DFRQRFHPRVOHHUHPRVHVWR
WKHWUHHWKUKWKH
$KRUDVLHQOXJDUGHORVVLJQRVGHVFRQRFLGRVGHMDPRVHVSDFLRVHQEODQFRRVXVWLWXLPRVSRUSXQWRV
OHHUHPRV
WKHWUHHWKUKWKH
HQWRQFHVODSDODEUDWKURXJKVHKDFHGHSURQWRYLVLEOH$GHPiVHOGHVFXEULPLHQWRQRVSURSRUFLRQD
WUHVOHWUDVRX\JUHSUHVHQWDGDVSRU"\
%XVFDQGRDKRUDPLQXFLRVDPHQWHHQODFLIUDFRPELQDFLRQHVGHVLJQRVGHVFRQRFLGRVHQFRQWUDPRVQR
PX\OHMRVGHOSULQFLSLRHVWDFRPELQDFLyQ
 RHJUHH
TXHHYLGHQWHPHQWHHVODWHUPLQDFLyQGHODSDODEUDGHJUHH\QRVGDRWUDOHWUDGUHSUHVHQWDGDSRU

&XDWUROHWUDVPiVDOOiGHODSDODEUDGHJUHHHQFRQWUDPRVODFRPELQDFLyQ
  

DVt

6XVWLWX\HQGRORVVLJQRVFRQRFLGRV\UHSUHVHQWDQGRORVGHVFRQRFLGRVSRUSXQWRVFRPRDQWHVOHHPRV

WKUWHH
FRPELQDFLyQ TXH LQPHGLDWDPHQWH QRV VXJLHUH OD SDODEUD WKLUWHHQ WUHFH  \ TXH QRV YXHOYH D
46

SURSRUFLRQDUGRVQXHYDVOHWUDVODL\ODQUHSUHVHQWDGDVSRU\ 
5HILULpQGRQRVDKRUDDOSULQFLSLRGHOFULSWRJUDPDHQFRQWUDPRVODFRPELQDFLyQ

6XVWLWX\HQGRFRPRDQWHVREWHQHPRVODSDODEUD
JRRG
HVWRQRVDVHJXUDTXHODSULPHUDOHWUDHVXQD$\TXHODVGRVSULPHUDVSDODEUDVVRQ$JRRG XQEXHQ
XQDEXHQD 
+DOOHJDGRHOPRPHQWRGHGLVSRQHUQXHVWUDFODYHFRQDUUHJORDORGHVFXELHUWRHQIRUPDGHWDEOD
SDUDHYLWDUFRQIXVLyQ7HQGUHPRVORVLJXLHQWH

7HQHPRVSRUWDQWRQRPHQRVGHRQFHGHODVOHWUDVQHFHVDULDVPiVLPSRUWDQWHVUHSUHVHQWDGDV\VHUi
LQQHFHVDULRVHJXLUEXVFDQGRORVGHWDOOHVSDUDODVROXFLyQ<DKHGLFKREDVWDQWHFRPRSDUDFRQYHQFHUWHGH
TXHORVFULSWRJUDPDVGHHVWDQDWXUDOH]DVRQIiFLOHVGHVROXFLRQHV\SDUDGDUWHDOJXQDLGHDGHORUDFLRQDO
GHO GHVDUUROOR TXH KH VHJXLGR 3HUR WHQ OD VHJXULGDG GH TXH OD PXHVWUD TXH WHQHPRV DQWH QRVRWURV
SHUWHQHFHDODFODVHGHFULSWRJUDPDVPiVVHQFLOORV6RORPHUHVWDGDUWHWRGDODWUDGXFFLyQGHORVVLJQRV
TXHDSDUHFHQHQHOSHUJDPLQRXQDYH]GHVFLIUDGRV(VWDHV
$JRRGJODVVLQWKHELVKRS
VKRVWHOLQWKHGHYL
VVHDWWZHQW\RQHGHJUHHVDQGWKLUWHHQPLQXWHV
QRUWKHDVW DQG E\ QRUWK PDLQ EUDQFK VHYHQWK OLPE HDVW VLGH VKRRWIURP WKH OHIW H\H RI WKH GHDWKV
KHDGDEHH8QHIURPWKHWUHHWKURXJKWKHVKRWILIW\IHHWRXW>@
3HUR GLMH \R HO HQLJPD PH SDUHFH WDQ LQWHOLJLEOH FRPR DQWHV &yPR HV SRVLEOH HQFRQWUDU
VHQWLGRDWRGRHVHOtRGHODVLOODGHOGLDEORGHODFDODYHUD\GHODKRVWHUtDGHO2ELVSR"
&RQILHVR UHSOLFy /HJUDQG TXH HO DVXQWR RIUHFH D~Q XQ DVSHFWR EDVWDQWH VHULR FXDQGR VH OH
FRQVLGHUDDVLPSOHYLVWD0LSULPHULQWHQWRIXHGLYLGLUHOWH[WRHQODVGLYLVLRQHVQDWXUDOHVRFXOWDGDVSRU
HOFULSWyJUDIR
4XLHUHVGHFLUSXQWXDUOR"
47

$OJRSRUHOHVWLOR
3HURFyPRSXGLVWHKDFHUOR"
'HGXMH TXH KDEtD VLGR LQWHQFLyQ GHO DXWRU TXH ODV SDODEUDV VH DSUHWDUDQ XQDV MXQWR D RWUDV SDUD
KDFHU PiV GLItFLO OD VROXFLyQ $KRUD ELHQ XQ KRPEUH GH SHTXHxD PHQWDOLGDG DO FRQFHELU HVWD LGHD
WHQGUtDWHQGHQFLDDH[FHGHUODPHGLGD6LHQHOFXUVRGHVXHVFULWXUDOOHJDEDDXQDSDXVDRDXQSXQWRVH
H[FHGHUtD HQ DJUXSDU ORV VLJQRV D~Q PiV TXH GH FRVWXPEUH 6L REVHUYDV HO PDQXVFULWR IiFLOPHQWH
GHVFXEULUiV FLQFR GH WDOHV FDVRV GRQGH ORV VLJQRV VH DJUXSDQ GH IRUPD H[DJHUDGD 3DUWLHQGR GH HVWD
KLSyWHVLVKLFHODVLJXLHQWHGLYLVLyQ
$ JRRG JODVV LQ WKH %LVKRSV KRVWHO LQ WKH 'HYLOV VHDW WZHQW\ RQH GHJUHHV DQG WKLUWHHQ
PLQXWHVQRUWKHDVWDQGE\QRUWKPDLQEUDQFKVHYHQWKOLPEHDVWVLGHVKRRWIURPWKHOHIWH\H
RIWKHGHDWK
VKHDGDEHHOLQHIURPWKHWUHHWKURXJKWKHVKRWILIW\IHHWRXW>@
$XQFRQHVDVHSDUDFLyQGLMHVLJRYLpQGRORWDQRVFXURFRPRDQWHV
/RPLVPRPHVXFHGLyDPtUHSOLFy/HJUDQGGXUDQWHDOJXQRVGtDVHQORVFXDOHVUHDOLFpGLOLJHQWHV
SHVTXLVDV SRU ORV DOUHGHGRUHV GH OD LVOD GH 6XOOLYDQ EXVFDQGR DOJXQD FDVD TXH OOHYDUD HO QRPEUH GH
KRWHO GHO RELVSR SXHV GHVGH OXHJR GHVHFKp OD DQWLFXDGD SDODEUD GH KRVWDO 1R REWHQLHQGR QLQJXQD
LQIRUPDFLyQ VREUH HO DVXQWR \ HVWDQGR D SXQWR GH H[WHQGHU HO FDPSR GH PL E~VTXHGD \ GH REUDU GH XQ
PRGR PiV VLVWHPiWLFR XQD PDxDQD VH PH RFXUULy GH SURQWR TXH DTXHO KRWHO GHO RELVSR SRGtD WHQHU
DOJXQD UHODFLyQ FRQ XQD DQWLJXD IDPLOLD DSHOOLGDGD %HVVRS>@ TXH GHVGH WLHPSR LQPHPRULDO KDEtD
SRVHtGRXQDDQWLJXDFDVDVRODULHJDFXDWURPLOODVKDFLDHOQRUWHGHODLVOD7HQLHQGRHQFXHQWDDTXHOORIXL
D OD SODQWDFLyQ \ UHDQXGp PLV SHVTXLVDV HQWUH ORV QHJURV PiV YLHMRV GHO OXJDU )LQDOPHQWH XQD GH ODV
PXMHUHVGHPiVHGDGPHGLMRTXHKDEtDRtGRKDEODUGHXQOXJDUOODPDGRHOFDVWLOOR%HVVRS\TXHFUHtD
SRGHUOOHYDUPHDOOtDXQTXHQRVHWUDWDEDGHXQFDVWLRQLGHXQDWDEHUQDVLQRGHXQDDOWDURFD
/H RIUHFt SDJDUOH ELHQ SRU ODV PROHVWLDV \ GHVSXpV GH DOJXQDV GXGDV FRQVLQWLy HQ DFRPSDxDUPH
KDVWDDTXHOVLWLR/RHQFRQWUDPRVVLQJUDQGLILFXOWDG\FXDQGRODGHVSHGtSURFHGtDH[DPLQDUHOOXJDU(O
FDVWLOORFRQVLVWtDHQXQDDFXPXODFLyQLUUHJXODUGHPDFL]RV\URFDV8QDGHHVWDVGHVWDFDEDSRUVXQRWDEOH
DOWXUDDVtFRPRSRUVXDVSHFWRDLVODGR$VFHQGtVREUHODFLPDGRQGHH[SHULPHQWpXQDJUDQSHUSOHMLGDG
VREUHORTXHGHEtDKDFHUGHVSXpV
0LHQWUDV PH RFXSDED HQ GLFKDV UHIOH[LRQHV PLV RMRV VH ILMDURQ HQ XQ SHTXHxR VDOLHQWH HQ OD FDUD
RULHQWDO GH OD URFD WDO YH] XQD \DUGD SRU GHEDMR GH OD F~VSLGH GRQGH PH KDOODED (VWH VDOLHQWH VH
SUR\HFWDEDFHUFDGHRFKHQWDSXOJDGDV\QRWHQtDPiVGHXQSLHGHDQFKR\XQSHTXHxRKXHFRTXHVHDEUtD
HQ OD URFD H[DFWDPHQWH HQFLPD GDED DO FRQMXQWR XQD WRVFD VHPHMDQ]D FRQ XQR GH HVRV VLOORQHV GH
UHVSDOGRTXHXVDEDQQXHVWURVDQWHFHVRUHV1RWXYHODPHQRUGXGDGHTXHDTXHOODHUDODVLOODGHOGLDEORD
ODTXHDOXGtDHOPDQXVFULWR\HQWRQFHVPHSDUHFLySRVHHUWRGRHOVHFUHWRGHODFHUWLMR
<R VDEtD PX\ ELHQ TXH HO EXHQ FULVWDO QR SRGtD UHIHULUVH D RWUD FRVD TXH D XQ FDWDOHMR SXHV OD
SDODEUD JODVV UDUD YH] HV HPSOHDGD SRU ORV PDULQRV HQ RWUR VHQWLGR &RPSUHQGt TXH GHEtD XVDU HO
WHOHVFRSLRLQPHGLDWDPHQWH\SUHFLVDPHQWHGHVGHXQSXQWRGHWHUPLQDGRVLQDGPLWLUYDULDFLyQDOJXQD1R
GXGpTXHODVIUDVHVFXDUHQWD\XQJUDGRV\WUHLQWDPLQXWRV\QRUGHVWHFXDUWRQRUWHGHEtDQLQGLFDUOD
GLUHFFLyQTXHKDEtDTXHGDUDOFDWDOHMR0X\H[FLWDGRSRUHVWRVGHVFXEULPLHQWRVFRUUtDFDVDFRJtXQ
FDWDOHMR\YROYtDODURFD
48

0H GHMp FDHU VREUH HO ERUGH \ KDOOp TXH HUD LPSRVLEOH SHUPDQHFHU DOOt VHQWDGR H[FHSWR HQ XQD
SRVLFLyQ HVSHFLDO (VWH KHFKR FRQILUPy PLV VRVSHFKDV 'HVGH OXHJR ORV FXDUHQWD \ XQ JUDGRV WUHLQWD
PLQXWRVVRORSRGtDQDOXGLUDODHOHYDFLyQVREUHHOKRUL]RQWHYLVLEOHSXHVWRTXHODGLUHFFLyQKRUL]RQWDO
HVWDEDFODUDPHQWHLQGLFDGDSRUODVSDODEUDVQRUGHVWHXQFXDUWRQRUWH(VWD~OWLPDGLUHFFLyQODHVWDEOHFt
LQPHGLDWDPHQWHSRUPHGLRGHXQDEU~MXODGHOEROVLOOR/XHJRDSXQWDQGRHOFDWDOHMRFRQWRGDODH[DFWLWXG
SRVLEOHHQXQiQJXORGHFXDUHQWD\XQJUDGRVGHHOHYDFLyQORPRYtFRQSUHFDXFLyQGHDUULEDDEDMRKDVWD
TXH GHVFXEUt XQD JULHWD FLUFXODU DELHUWD HQ HO IROODMH GH XQ JUDQ iUERO TXH VREUHVDOtD VREUH WRGRV ORV
GHPiVHQODGLVWDQFLD(QHOFHQWURGHHVWHRULILFLRGLVWLQJXtXQSXQWREODQFRSHURDOSULQFLSLRQRSXGH
SHUFLELU OR TXH HUD $MXVWDQGR HO IRFR GHO FDWDOHMR PLUp GH QXHYR \ HQWRQFHV YL TXH HUD XQ FUiQHR
KXPDQR
(VWHGHVFXEULPLHQWRPHKL]RFUHHUFRQILDGDPHQWHTXHWRGRHOHQLJPDHVWDEDUHVXHOWRSXHVODIUDVH
UDPDSULQFLSDOVpSWLPRYiVWDJRODGRHVWHVRORSRGtDUHIHULUVHDODSRVLFLyQTXHODFDODYHUDRFXSDED
HQHOiUEROPLHQWUDVTXHVROWDUGHVGHHORMRL]TXLHUGRGHODFDODYHUDQRDGPLWtDVLQRXQDLQWHUSUHWDFLyQ
FRQUHVSHFWRDODE~VTXHGDGHOWHVRURHVFRQGLGR&RPSUHQGtTXHHOSODQFRQVLVWtDHQGHMDUFDHUXQDEDOD
SRUHORMRGHODFDODYHUD\WUD]DUXQDOtQHDUHFWDGHVGHHOSXQWRPiVFHUFDQRGHOWURQFRDOVLWLRGRQGH
FD\HUDHOSUR\HFWLODODUJiQGRODGHVGHDOOtDXQDGLVWDQFLDGHFLQFXHQWDSLHVSHQVpTXHDOPHQRVHQHVH
OXJDUHUDSRVLEOHTXHVHKDOODVHHQWHUUDGRHOYDOLRVRGHSyVLWR
7RGRHVRGLMHHVVXPDPHQWHFODUR\DXQTXHLQJHQLRVRUHVXOWDVLPSOH\H[SOtFLWR4XpKL]R
FXDQGRGHMyHOKRWHOGHO2ELVSR"
8QDYH]TXHKXEHDQRWDGRFXLGDGRVDPHQWHODSRVLFLyQGHOiUEROYROYtDFDVD(QHOLQVWDQWHTXH
GHMpODVLOODGHOGLDEORGHVDSDUHFLyHORULILFLRFLUFXODU\QRSXGHGLYLVDUORGHVSXpVSRUPiVYXHOWDV
TXHGL/RTXHPHSDUHFHPiVLQJHQLRVRGHWRGRHVWHDVXQWRHVHOKHFKR SXHVDOUHSHWLUODH[SHULHQFLDPH
KHFRQYHQFLGRGHTXHHVXQKHFKR GHTXHODDEHUWXUDFLUFXODUQRHVYLVLEOHGHVGHQLQJ~QSXQWRGHYLVWD
PiVTXHGHVGHHOSURSRUFLRQDGRSRUHOHVWUHFKRVDOLHQWHVREUHODFDUDGHODURFD
(Q HVWD H[SHGLFLyQ DO KRWHO GHO 2ELVSR KDEtD VLGR DFRPSDxDGR SRU -~SLWHU TXLHQ VLQ GXGD
REVHUYDEDGHVGHKDFtDDOJXQDVVHPDQDVODDEVWUDFFLyQGHPLDVSHFWR\WHQtDEXHQFXLGDGRHQQRGHMDUPH
VROR3HURDOGtDVLJXLHQWHPHOHYDQWpPX\WHPSUDQRFRQVHJXt]DIDUPHGHpO\PHIXLDODVPRQWDxDVHQ
EXVFDGHOiUERO'HVSXpVGHPXFKRWUDEDMRORHQFRQWUp\FXDQGRSRUODQRFKHUHJUHVpDFDVDPLFULDGR
VHGLVSRQtDDGDUPHXQDSDOL]D(QFXDQWRDOUHVWRGHODDYHQWXUDHVWiVWDQHQWHUDGRFRPR\R
6XSRQJR OH GLMH TXH HQ HO SULPHU LQWHQWR HTXLYRFDVWH HO VLWLR SRU OD HVWXSLGH] GH -~SLWHU DO
GHMDUFDHUHOHVFDUDEDMRSRUHORMRGHUHFKRHQYH]GHOL]TXLHUGR
([DFWDPHQWH(VHHUURUGDEDXQDGLIHUHQFLDGHFDVLGRVSXOJDGDVGHOVLWLRHQFXHVWLyQTXHHVFRPR
GHFLU UHVSHFWR D OD SRVLFLyQ GH OD HVWDFD FHUFDQD DO iUERO 6L HO WHVRUR KXELHUD HVWDGR GHEDMR GH OD
EDOD HO HUURU KXELHUD VLGR SHTXHxR SHUR OD EDOD MXQWR FRQ HO SXQWR PiV FHUFDQR DO iUERO HUDQ
VLPSOHPHQWH GRV SXQWRV GH UHIHUHQFLD SDUD HVWDEOHFHU XQD OtQHD GH GLUHFFLyQ 'HVGH OXHJR HO HUURU
DXQTXH WULYLDO HQ XQ SULQFLSLR DXPHQWDED DO VHJXLU OD OtQHD \ FXDQGR OOHYiEDPRV FLQFXHQWD SLHV QRV
KDEtDPRV DSDUWDGR FRPSOHWDPHQWH 'H QR VHU SRU PL DUUDLJDGD FRQYLFFLyQ GH TXH HO WHVRUR HVWDED
YHUGDGHUDPHQWHHQWHUUDGRDOOtWRGRQXHVWURWUDEDMRKXELHUDUHVXOWDGRHVWpULO
6XSRQJRTXHDTXHOODIDQWDVtDGHODFDODYHUDRDOPHQRVGHPHWHUXQDEDODSRUHORMRGHODPLVPDVH
OHRFXUULyD.LGGDSDUWLUGHODEDQGHUDSLUDWD6LQGXGDYHtDXQDOyJLFDSRpWLFDHQUHFREUDUVXPRQHGDD
WUDYpVGHHVHHPEOHPDRPLQRVR
49

3XHGHVHUQRVHPHRFXUUHTXHHOVHQWLGRFRP~QWHQJDPXFKDUHODFLyQFRQODOyJLFDSRpWLFD3DUDVHU
YLVLEOHGHVGHHODVLHQWRGHOGLDEORHVQHFHVDULRTXHHOREMHWRVLHVSHTXHxRVHDEODQFR\QRKD\QDGD
FRPR XQD FDODYHUD KXPDQD D OD KRUD GH UHWHQHU H LQFUHPHQWDU VX EODQFXUD FXDQGR VH OH H[SRQH D ODV
LQFOHPHQFLDVGHOWLHPSR
3HUR WX JUDQGLORFXHQFLD \ WX DFWLWXG EDODQFHDQGR HO LQVHFWR UHVXOWy H[WUDRUGLQDULDPHQWH
H[WUDYDJDQWH /OHJDVWH D FRQYHQFHUPH GH TXH HVWDEDV ORFR < SRU TXp VH WH RFXUULy GHMDU FDHU HO
HVFDUDEDMRGHVGHODFDODYHUDHQOXJDUGHXQDEDOD"
6LKHGHVHUWHIUDQFRWHGLUpTXHPHHQFRQWUDEDDOJRPROHVWRFRQWXVHYLGHQWHVVRVSHFKDVVREUHPL
FRUGXUD \ UHVROYt FDVWLJDUWH XQ SRFR D PL PRGR FRQ DOJR GH FRPHGLD 3RU HVWD UD]yQ EDODQFHDED HO
HVFDUDEDMR\SRUORPLVPRORGHMpFDHUGHVGHHOiUERO7XREVHUYDFLyQDFHUFDGHVXJUDQSHVRPHVXJLULy
HVWD~OWLPDLGHD
6tPHGR\FXHQWD\DKRUDTXHGDWDQVRORXQSXQWRTXHPHLQWULJD4XpHVORTXHKDFtDQDTXHOORV
GRVHVTXHOHWRVTXHHQFRQWUDPRVHQHOKR\R"
(VD HV XQD SUHJXQWD D OD TXH OR PLVPR TXH W~ QR VHUtD FDSD] GH UHVSRQGHU 6ROR YHR XQ PRGR
SODXVLEOHGHH[SOLFDUOR\DXQUHVXOWDWHUULEOHFUHHUHQXQDDWURFLGDGWDQHQRUPHFRPRODTXHPLFRQMHWXUD
LPSOLFD(VWiFODURTXH.LGG VL.LGGIXHUHDOPHQWHTXLHQHVFRQGLyHOWHVRURORFXDOQRGXGR GHELyGH
FRQWDUFRQD\XGDSDUDHVHWUDEDMR3HURXQDYH]FRQFOXLGDODWDUHDGHELyGHFUHHUFRQYHQLHQWHVXSULPLUD
WRGRVORVTXHSDUWLFLSDEDQGHVXVHFUHWR7DOYH]XQSDUGHJROSHVGHD]DGyQIXHURQVXILFLHQWHVPLHQWUDV
VXVD\XGDQWHVHVWDEDQWUDEDMDQGRHQHOKR\R7DOYH]IXHQHFHVDULRXQDGRFHQD4XLpQSRGUiGHFtUQRVOR"

50

(OUHWUDWRRYDO>@

/FDVWLOORHQHOFXDOPLFULDGRVHKDEtDDYHQWXUDGRDHQWUDUDODIXHU]DDQWHVGHSHUPLWLUPHSDVDUOD
QRFKH DO DLUH OLEUH KDOOiQGRPH JUDYHPHQWH KHULGR HUD XQR GH HVRV HGLILFLRV FRQ PH]FOD GH
OREUHJXH]\JUDQGH]DTXHGXUDQWHODUJRWLHPSRKDQPLUDGRFHxXGRVSRUHQWUHORV$SHSLQRVPHQRVHQOD
UHDOLGDGTXHHQODVQRYHODVGHODVHxRUD5DGFOLIIH>@7RGRKDFtDVXSRQHUTXHKDEtDVLGRDEDQGRQDGRGH
PRGRWHPSRUDO\HQpSRFDPX\FHUFDQD1RVLQVWDODPRVHQXQDGHODVKDELWDFLRQHVPiVSHTXHxDV\PHQRV
VXQWXRVDPHQWH DPXHEODGDV 4XHGDED HQ XQD HPSDUUDGD WRUUH GHO HGLILFLR 6X GHFRUDFLyQ HUD ULFD SHUR
DMDGD \ DQWLJXD 6XV SDUHGHV HVWDEDQ DGRUQDGDV GH WDSLFHV \ HQJDODQDGDV FRQ GLYHUVRV \ PXOWLIRUPHV
WURIHRVKHUiOGLFRVMXQWRFRQXQJUDQQ~PHURGHSLQWXUDVPRGHUQDVFRQPDUFRVGHULFRDUDEHVFRGHRUR
3RUDTXHOODVSLQWXUDVTXHSHQGtDQGHODVSDUHGHVQRVRORHQVXVSULQFLSDOHVVXSHUILFLHVVLQRWDPELpQHQ
ORVQXPHURVRVUHFRYHFRVTXHODUHFDUJDGDDUTXLWHFWXUDGHOHGLILFLRKDFtDQHFHVDULRVSRUDTXHOODVSLQWX
UDVGLJRHOHVWDGRGHLQFLSLHQWHGHOLULRHQTXHPHKDOODEDKDEtDGHVSHUWDGRXQSURIXQGRLQWHUpV$VtTXH
RUGHQpD3HGURFHUUDUODVPDFL]DVKRMDVGHODSXHUWDSXHV\DHUDGHQRFKHTXHHQFHQGLHVHXQJUDQ
FDQGHODEUR TXH KDEtD MXQWR D OD FDEHFHUD GH PL FDPD \ TXH FRUULHVH GH SDU HQ SDU ODV FRUWLQDV GH
WHUFLRSHORQHJURTXHURGHDEDQDODPLVPD'HVHpTXHVHKLFLHUDWRGRDTXHOORSDUDSRGHUHQWUHJDUPHVL
QR DO VXHxR DO PHQRV DOWHUQDWLYDPHQWH D OD FRQWHPSODFLyQ GH DTXHOORV FXDGURV \ D OD OHFWXUD GH XQ
SHTXHxRYROXPHQTXHKDEtDPRVKDOODGRVREUHXQDOPRKDGyQ\TXHFRQWHQtDODFUtWLFD\GHVFULSFLyQGH
ORVPLVPRV
0XFKR WLHPSR PXFKR WLHPSR OHt \ GHYRWDPHQWH GHYRWDPHQWH PLUp /DV KRUDV SDVDURQ UiSLGD \
PDJQtILFDPHQWH\ODSURIXQGLGDGGHODPHGLDQRFKHOOHJy/DSRVLFLyQGHOFDQGHODEURPHGHVDJUDGDED\
DODUJDQGRPLPDQRFRQGLILFXOWDGSDUDQRPROHVWDUDPLGXUPLHQWHFULDGRORFRORTXpGHPDQHUDTXHVXV
UD\RVFD\HUDQPiVGHOOHQRVREUHHOOLEUR
3HURODDFFLyQSURGXMRXQHIHFWRFRPSOHWDPHQWHLQHVSHUDGR/RVUD\RVGHODVQXPHURVDVYHODV SXHV
HUDQPXFKDV LOXPLQDEDQDKRUDGHQWURGHXQQLFKRGHODKDELWDFLyQTXHKDVWDHQWRQFHVKDEtDSHUPDQHFLGR
WRWDOPHQWHRFXOWRSRUODVRPEUDGHXQDGHODVFROXPQDVGHODFDPD'HHVWHPRGRYLFRQYLYLGDOX]XQ
FXDGUR TXH PH KDEtD SDVDGR LQDGYHUWLGR (UD HO UHWUDWR GH XQD MRYHQ PXFKDFKD SUHFLVDPHQWH FXDQGR
FRPHQ]DED D VHU PXMHU 2EVHUYp FRQ DSUHVXUDPLHQWR OD SLQWXUD \ OXHJR FHUUp ORV RMRV 3RU TXp KLFH
DTXHOOR TXH QR HVWDED FODUR QL SDUD PL SURSLD SHUFHSFLyQ" 3HUR PLHQWUDV SHUPDQHFt FRQ PLV SiUSDGRV
FHUUDGRVPHYLQLHURQDODPHQWHODVUD]RQHVGHPLSURFHGHU)XHXQPRYLPLHQWRLPSXOVLYRHQFDPLQDGRD
JDQDU WLHPSR SDUD SHQVDU SDUD DVHJXUDUPH GH TXH PL YLVLyQ QR PH KDEtD HQJDxDGR SDUD FDOPDU \
GRPLQDU PL IDQWDVtD \ PLUDU GH XQ PRGR PiV MXLFLRVR \ UHDO 3RFRV PLQXWRV GHVSXpV YROYt D PLUDU HO
FXDGUR
/RTXH\RHQWRQFHVYHtDFRQMXVWH]DQRSRGtD\QRTXHUtDGXGDUORSXHVHOSULPHUUHVSODQGRUGHODV
YHODVVREUHHOOLHQ]RSDUHFtDKDEHUGLVLSDGRHOVRxROLHQWRVRSRUTXHVHKDEtDDSRGHUDGRGHPLVVHQWLGRV
HLQPHGLDWDPHQWHPHGHYROYLyDODUHDOLGDG
(OUHWUDWRFRPRKHGLFKR\DHUDHOGHXQDMRYHQPXFKDFKD1DGDPiVTXHODFDEH]D\ORVKRPEURV
UHDOL]DGRSRUHOSURFHGLPLHQWRWpFQLFDPHQWHOODPDGRGHYLJQHWWHWHQtDPXFKRGHOHVWLORGHODVFDEH]DV
IDYRULWDV GH 6XOO\>@ /RV EUD]RV HO SHFKR \ KDVWD ODV SXQWDV GH VX UDGLDQWH SHOR VH PH]FODEDQ
51

LPSHUFHSWLEOHPHQWHHQODYDJDSHURSURIXQGDVRPEUDTXHIRUPDEDHOIRQGRGHOFRQMXQWR(OPDUFRHUD
RYDODGR ULFDPHQWH GRUDGR \ DILOLJUDQDGR FRQ DUDEHVFRV &RPR REUD GH DUWH QDGD SRGtD VHU PiV
DGPLUDEOHTXHODSLQWXUDHQVtPLVPD3HURQRSRGtDKDEHUVLGRQLODHMHFXFLyQGHOWUDEDMRQLODLQPRUWDO
EHOOH]DGHDTXHOURVWURORTXHPHKDEtDFRQPRYLGRGHPRGRWDQUHSHQWLQR\YHKHPHQWH0XFKRPHQRV
SRGtD KDEHU VLGR TXH PL LPDJLQDFLyQ VDFXGLGD GH VX DGRUPHFLPLHQWR KXELHUD HTXLYRFDGR DTXHOOD
FDEH]DSRUODGHXQDSHUVRQDYLYD,QPHGLDWDPHQWHYLTXHODVSHFXOLDULGDGHVGHOFXDGURGHODYLxHWD\
GHO PDUFR GHEtDQ KDEHU GLVLSDGR HQVHJXLGD WDO LGHD GHEtDQ KDEHUPH HYLWDGR KDVWD XQD PRPHQWiQHD
GLVWUDFFLyQ 0HGLWDQGR VHULDPHQWH VREUH DTXHOORV SXQWRV SHUPDQHFt SRU HVSDFLR GH XQD KRUD WDO YH]
PHGLR VHQWDGR PHGLR UHFOLQDGR FRQ OD YLVWD FODYDGD HQ DTXHO UHWUDWR )LQDOPHQWH VDWLVIHFKR FRQ HO
YHUGDGHURVHFUHWRGHVXHIHFWRPHHFKpGHQXHYRHQODFDPD+DEtDKDOODGRTXHHOKHFKL]RGHDTXHOOD
SLQWXUDFRQVLVWtDHQXQDDEVROXWDUHDOLGDGSDOSDEOHGHVXH[SUHVLyQTXHDOSULQFLSLRPHVRUSUHQGLy\
ILQDOPHQWHPHFRQIXQGLyPHVXE\XJyDQRQDGiQGRPH&RQSURIXQGR\UHYHUHQWHWHPRUYROYtDFRORFDUHO
FDQGHODEUR HQ VX SULPLWLYD SRVLFLyQ +DELHQGR VLGR DSDUWDGD GH PL YLVWD OD FDXVD GH PL SURIXQGD
DJLWDFLyQPHGHGLTXpDOHHUHOOLEURTXHWUDWDEDGHDTXHOORVFXDGURV\GHVXVKLVWRULDV3DVpODVKRMDV
KDVWDHQFRQWUDUHOQ~PHURTXHGHVLJQDEDHOUHWUDWRRYDODGR\DOOtOHtODVYDJDV\FXULRVDVTXHGHFtDQDVt
(UDXQDGRQFHOODGHODPiVUDUDEHOOH]DQRPHQRVDPDEOHTXHOOHQDGHDOHJUtD)XHHQPDODKRUD
FXDQGRHOODYLRVHHQDPRUy\VHFDVyFRQHOSLQWRUeODSDVLRQDGRHVWXGLRVRDXVWHURKDEtDGHSRVLWDGR
VXHQWHURDPRUDODUWH(OODXQDGRQFHOODGHODPiVUDUDEHOOH]DWRGDOX]\VRQULVDMXJXHWRQDFRPRXQ
FHUYDWLOORDPDEDWRGDVODVFRVDV\VRORRGLDEDHODUWHTXHHUDVXULYDOVRORWHPtDODSDOHWDORVSLQFHOHV
\RWURVGHVIDYRUDEOHVLQVWUXPHQWRVTXHODSULYDEDQGHODSUHVHQFLDGHVXDPDGR)XHSRUORWDQWRXQD
FRVDWHUULEOHSDUDDTXHOODVHxRUDRtUKDEODUDOSLQWRUGHVXGHVHRGHUHWUDWDUWDPELpQDVXMRYHQHVSRVD
3HUR HOOD HUD KXPLOGH \ REHGLHQWH \ HVWXYR GyFLOPHQWH VHQWDGD GXUDQWH PXFKDV VHPDQDV HQ OD RVFXUD
FiPDUDGHODHOHYDGDWRUUHGRQGHODOX]FDtDVREUHHOSiOLGROLHQ]RVRODPHQWHGHVGHHOWHFKR3HURHO
SLQWRUVHWRPyXQHQRUPHLQWHUpVSRUDTXHOODREUDTXHLEDDGHODQWDGDGHKRUDHQKRUD\GHGtDHQGtD
(UDXQKRPEUHDSDVLRQDGRH[WUDxR\WDFLWXUQRTXHVHSHUGtDVLHPSUHHQIDQWDVtDVGHWDOPRGRTXHQR
TXLVR YHU TXH OD OX] TXH FDtD GH PRGR WDQ O~JXEUH HQ OD VROLWDULD WRUUHFLOOD LED DJRWDQGR OD VDOXG \ HO
iQLPR GH VX HVSRVD OR TXH D WRGRV SUHRFXSDED PHQRV D pO &RQ WRGR HOOD VRQUHtD \ FRQWLQXDED VLQ
TXHMDUVH QXQFD SRUTXH YHtD TXH HO SLQWRU GH DOWR UHQRPEUH  SRQtD HQ VX REUD XQ DIiQ DUGLHQWH \
HQFHQGLGRWUDEDMDQGRGtD\QRFKHHQSLQWDUDODTXHWDQWRDPDEDSHURTXHFDGDGtDHVWDEDPiVGHFDtGD\
PiV GpELO < D GHFLU YHUGDG DOJXQRV TXH FRQWHPSODURQ HO UHWUDWR KDEODURQ GH VX SDUHFLGR HQ TXHGDV
SDODEUDV FRPR GH XQD SRGHURVD PDUDYLOOD \ GHPRVWUDFLyQ QR VROR GHO WDOHQWR GHO SLQWRU VLQR GH VX
SURIXQGR DPRU SRU OD TXH SLQWDED GH PRGR WDQ PDJQtILFR 3HUR DO ILQDO FXDQGR HO WUDEDMR VH LED
WHUPLQDQGRQRVHSHUPLWLyHQWUDUDQDGLHHQODWRUUHFLOODSXHVHOSLQWRUVHKDEtDYXHOWRORFRFRQHODUGRU
GHVXWUDEDMR\UDUDVYHFHVDSDUWDEDVXVRMRVGHOOLHQ]RH[FHSWRSDUDFRQWHPSODUHOURVWURGHVXHVSRVD<
pOQRTXLVRYHUFyPRORVFRORUHVTXHVHH[WHQGtDQVREUHHOOLHQ]RHUDQDUUDQFDGRVGHODVPHMLOODVGHOD
TXHWHQtDVHQWDGDMXQWRDpO\FXDQGRKXELHURQSDVDGRYDULDVVHPDQDV\TXHGDED\DPX\SRFRSRUKDFHU
VDOYRXQDSLQFHODGDVREUHODERFDXQWLQWHVREUHHORMRHOHVStULWXGHODGDPDIODTXHyFRPRODOODPDTXH
DPHQD]DEDH[WLQJXLUVH'LRODSLQFHODGD\HOWRTXH\SRUXQPRPHQWRHOSLQWRUVHTXHGyH[WDVLDGRDQWHOD
REUD TXH KDEtD UHDOL]DGR SHUR LQPHGLDWDPHQWH \ PLHQWUDV WRGDYtD OD REVHUYDED VH SXVR WHPEORURVR
PX\SiOLGR\IDQWDVPDO(VWRHVUHDOPHQWHOD9LGDPLVPDJULWy3HURDOYROYHUORVRMRVGHSURQWRSDUD
FRQWHPSODUDVXDPDGDHVWDKDEtDPXHUWR
52

(OEDUULOGHDPRQWLOODGR>@

$%$VRSRUWDGRODVPLOLQMXULDVGH)RUWXQDWRORPHMRUTXHSXGHSHURFXDQGROOHJyDOLQVXOWRMXUp
YHQJDUPH9RVRWURVTXHWDQELHQFRQRFpLVODQDWXUDOH]DGHPLDOPDQRVXSRQGUpLVVLQHPEDUJR
TXHSURQXQFLDUDQLXQDVRODSDODEUDDFHUFDGHPLSURSyVLWR$OILQDO \R VHUtD YHQJDGR (VWH HUD \D XQ
SXQWRHVWDEOHFLGRGHILQLWLYDPHQWH3HURODPLVPDGHFLVLyQFRQTXHORKDEtDUHVXHOWRH[FOXtDWRGDLGHDGH
ULHVJR SRU PL SDUWH 1R VROR GHEtD FDVWLJDU VLQR FDVWLJDU LPSXQHPHQWH 8QD LQMXULD TXHGD VLQ UHSDUDU
FXDQGRVXMXVWRFDVWLJRSHUMXGLFDDOYHQJDGRU,JXDOPHQWHTXHGDVLQUHSDUDFLyQFXDQGRHOYHQJDGRUGHMD
GHGDUDFRPSUHQGHUDTXLHQOHKDDJUDYLDGRTXHHVpOTXLHQVHYHQJD
'HEHHQWHQGHUVHTXHQLGHSDODEUDQLGHKHFKRGLD)RUWXQDWRPRWLYRDOJXQRSDUDGXGDUGHPLEXHQD
YROXQWDGKDFLDpO&RQWLQXpFRPRGHFRVWXPEUHVRQULHQGRHQVXSUHVHQFLD\pOQRDGYLUWLyTXHDKRUD
DTXHOODVRQULVDHUDSURGXFLGDSRUHOSHQVDPLHQWRGHDUUHEDWDUOHODYLGD
7HQtDXQSXQWRIODFRDTXHO)RUWXQDWRDXQTXHHQRWURVDVSHFWRVHUDXQKRPEUHSDUDVHUUHVSHWDGR\
DXQWHPLGR6HHQRUJXOOHFtDGHHQWHQGHUPXFKRGHYLQRV6RQSRFRVORVLWDOLDQRVTXHWLHQHQYHUGDGHUR
WDOHQWRGHFDWDGRUHV6XDSDUHQWHHQWXVLDVPRHQXQDJUDQSDUWHVXHOHDGDSWDUVHDORTXHSLGHQHOWLHPSR
\ OD RFDVLyQ SDUD HQJDxDU D ORV PLOORQDULRV LQJOHVHV \ DXVWUtDFRV (Q SLQWXUD \ SLHGUDV SUHFLRVDV
)RUWXQDWRHUDFRPRWRGRVVXVSDLVDQRVXQFKDUODWiQSHURHQFXDQWRDORVYLQRVDxHMRVHUDVLQFHUR(Q
HVWHDVXQWR\RQRGLIHUtDGHpOH[WUDRUGLQDULDPHQWH<RWDPELpQHUDPX\H[SHUWRHQYLQRVLWDOLDQRV\ORV
DGTXLUtDDJUDQHVFDODVLHPSUHTXHVHPHRIUHFtDQRFDVLRQHV
8QD QRFKH FDVL DO DPDQHFHU HQ SOHQR DSRJHR GHO FDUQDYDO HQFRQWUp D PL DPLJR 0H DFRJLy FRQ
H[FHVLYR DIHFWR SXHV KDEtD HVWDGR EHELHQGR PXFKR (O EXHQ KRPEUH HVWDED GLVIUD]DGR GH SD\DVR
/OHYDEDXQWUDMHPX\FHxLGRXQYHVWLGRGHOLVWDVGHFRORUHV\VXFDEH]DHVWDEDFRURQDGDSRUXQJRUUR
FyQLFRDGRUQDGRGHFDVFDEHOHV0HDOHJUpWDQWRGHYHUORTXHFUHtQRKDEHUOHHVWUHFKDGRMDPiVVXPDQR
FRPRHQDTXHOPRPHQWR
/HGLMH
4XHULGR)RUWXQDWRHVWHHQFXHQWURHVPX\RSRUWXQR4XpEXHQDVSHFWRWLHQHXVWHGKR\(OFDVRHV
TXHKHUHFLELGRXQDEDUULFDGHDOJRTXHOODPDQDPRQWLOODGRSHURWHQJRPLVGXGDV
&yPR"GLMRpO$PRQWLOODGR"8QDEDUULFD",PSRVLEOH<HQSOHQRFDUQDYDO
3RUHVRWHQJRPLVGXGDVOHFRQWHVWpHLEDDKDFHUODWRQWHUtDGHSDJDUORFRPRVLVHWUDWDUDGH
XQ H[TXLVLWR DPRQWLOODGR VLQ FRQVXOWDUOH D XVWHG 1R KDEtD IRUPD GH HQFRQWUDUOR \ WHPtD SHUGHU XQD
JDQJD
$PRQWLOODGR
<RWHQJRPLVGXGDV
$PRQWLOODGR
<WHQJRTXHSDJDUOR
$PRQWLOODGR
3HURFRPRFUHtTXHHVWDEDXVWHGRFXSDGRLEDDEXVFDUD/XFKHVL6LKD\XQKRPEUHHQWHQGLGRpO
HVVLQGXGDeOPHGLUi
/XFKHVLQRSXHGHGLVWLQJXLUHODPRQWLOODGRGHOMHUH]
53

<VLQHPEDUJRH[LVWHQDOJXQRVWRQWRVTXHVRVWLHQHQTXHVXSDODGDUSXHGHFRPSHWLUFRQHOVX\R
9DPRVYDPRVDOOi
$GRQGH"
$VXVERGHJDV
1RDPLJRPtRQRQRTXHUUtDDEXVDUGHVXDPDELOLGDG$GLYLQRTXHWLHQHXVWHGDOJ~QFRPSURPLVR
/XFKHVL
1RWHQJRQLQJ~QFRPSURPLVR9DPRV
1RTXHULGRDPLJR$XQTXHQRWHQJDXVWHGQLQJ~QFRPSURPLVRSHUFLERTXHWLHQHXVWHGPXFKRIUtR
/DVERGHJDVVRQLQVXIULEOHPHQWHK~PHGDV(VWiQFXELHUWDVGHVDOLWUH
$SHVDUGHWRGRYDPRV(OIUtRQRLPSRUWD$PRQWLOODGR8VWHGKDVLGRHQJDxDGR\HVH/XFKHVL
QRVDEHGLVWLQJXLUHOMHUH]GHODPRQWLOODGR
<GLFLHQGRHVWR)RUWXQDWRVHDJDUUyGHPLEUD]R0HSXVHXQDPiVFDUDGHVHGDQHJUD\FLxpQGRPHDO
FXHUSRXQDFDSDGHMpTXHPHOOHYDUDDPLSDODFLR
1RKDEtDFULDGRVHQODFDVDVHKDEtDQ]DIDGRSDUDLUDGLYHUWLUVHHQKRQRUGHOWLHPSR\\ROHVKDEtD
GLFKRTXHQRYROYLHUDQKDVWDODPDxDQDVLJXLHQWH\OHVKDEtDGDGRyUGHQHVH[SOtFLWDVGHQRHVWRUEDUSRU
OD FDVD $TXHOODV yUGHQHV HUDQ VXILFLHQWHV ELHQ OR VDEtD \R FRPR SDUD DVHJXUDUPH OD LQPHGLDWD
GHVDSDULFLyQGHWRGRVWDQSURQWRFRPRYROYLHUDODHVSDOGD
7RPpGRVYHODVGHXQFDQGHODEUR\GiQGROHXQDD)RUWXQDWROROOHYpKDFLpQGROHHQFRUYDUVHDWUDYpV
GHYDULDVKDELWDFLRQHVSRUHOSDVDMHDERYHGDGRTXHOOHYDEDDODVERGHJDV%DMpGHODQWHGHpOXQDODUJD\
WRUWXRVDHVFDOHUDUHFRPHQGiQGROHWHQHUFXLGDGRDOVHJXLUPH)LQDOPHQWHDOOOHJDUDOSLHGHODHVFDOHUD
QRVTXHGDPRVGHSLHXQRIUHQWHDRWURVREUHHOVXHORK~PHGRGHODVFDWDFXPEDVGH0RQWUHVRUV
(ODQGDUGHPLDPLJRHUDYDFLODQWH\ORVFDVFDEHOHVGHVXJRUURUHVRQDEDQDFDGDSDVRTXHGDED
<ODEDUULFD"SUHJXQWy
(VWiPiVOHMRVOHGLMHSHURREVHUYHHVDVEODQFDVWHODUDxDVTXHEULOODQHQODVSDUHGHVGHOD
FXHYD
6HYROYLyKDFLDPt\PHPLUyFRQGRVQXEODGDVSXSLODVTXHGHVWLODEDQHPEULDJXH]
6DOLWUH"SUHJXQWySRUILQ
6DOLWUHOHFRQWHVWp+DFHPXFKRWLHPSRTXHHVWiFRQVWLSDGR"
$MMDMMDMM$MMDMMDMM$MMDMMDMM$MMDMMDMM$MMDMMDMM
$PLSREUHDPLJROHIXHLPSRVLEOHFRQWHVWDUGXUDQWHDOJXQRVPLQXWRV
1RHVQDGDGLMRSRU~OWLPR
9HQJD OH GLMH FRQ GHFLVLyQ 9ROYiPRQRV 6X VDOXG HV SUHFLRVD 8VWHG HV ULFR UHVSHWDGR
DGPLUDGR TXHULGR HV XVWHG IHOL] FRPR \R OR KH VLGR HQ RWUR WLHPSR 1R GHEH XVWHG PDORJUDUVH (Q
FXDQWRDPtQRLPSRUWD9ROYiPRQRV6HSRQGUiHQIHUPR\QRSXHGRVHUUHVSRQVDEOH$GHPiVDOOtHVWi
/XFKHVL
%DVWDGLMRHOFRQVWLSDGRQRHVQDGDQRVHUiORTXHPHPDWH/HDVHJXURTXHQRPRULUpGHXQ
FRQVWLSDGR
9HUGDGYHUGDGOHFRQWHVWp\GHKHFKRQRWHQtDLQWHQFLyQDOJXQDGHDODUPDUOHLQQHFHVDULDPHQWH
SHURGHELHUDWRPDUSUHFDXFLRQHV8QWUDJRGHHVWH0HGRFORGHIHQGHUiGHODKXPHGDG
<GLFLHQGRHVWRURPStHOFXHOORGHODERWHOODTXHWRPpGHXQDODUJDILODGHRWUDVDQiORJDVTXHKDEtD
WXPEDGDVHQHOK~PHGRVXHOR
54

%HEDOHGLMHPRVWUiQGROHHOYLQR
/HYDQWy OD ERWHOOD KDVWD VXV ODELRV PLUiQGRPH GH VRVOD\R 6H GHWXYR \ PH PLUy IDPLOLDUPHQWH
PLHQWUDVODVFDPSDQLOODVWLQWLQHDEDQ
%HERGLMRDODVDOXGGHORVHQWHUUDGRVTXHUHSRVDQHQODVWXPEDVTXHQRVURGHDQ
<\RSRUTXHWHQJDXVWHGODUJDYLGD
9ROYLyDFRJHUPHGHOEUD]R\VHJXLPRVDGHODQWH
(VWDVFXHYDVGLMRVRQPX\H[WHQVDV
/RV0RQWUHVRUOHFRQWHVWpIXHURQXQDJUDQGH\QXPHURVDIDPLOLD
2OYLGpFXiOHVVRQVXVDUPDV
8Q HQRUPH SLH KXPDQR GH RUR HQ FDPSR GH D]XU HO SLH DSODVWD D XQD VHUSLHQWH UDPSDQWH FX\RV
FROPLOORVHVWiQFODYDGRVHQHOWDOyQ
<HOOHPD"
1HPRPHLPSXQHODFHVVLW>@
0X\EXHQR
(OYLQREULOODEDHQVXVRMRV\WLQWLQHDEDQORVFDVFDEHOHV0LIDQWDVtDVHFDOHQWDEDFRQDTXHO0HGRF
+DEtDPRVSDVDGRHQWUHSDUHGHVGHHVTXHOHWRVDSLODGRVTXHVHHQWUHPH]FODEDQFRQEDUULFDV\WRQHOHVHQ
ORV PiV SURIXQGRV UHFLQWRV GH ODV FDWDFXPEDV 0H GHWXYH GH QXHYR \ HVWD YH] PH DWUHYt D FRJHU D
)RUWXQDWRSRUXQEUD]RPiVDUULEDGHOFRGR
(OVDOLWUHOHGLMH9HDFyPRDXPHQWD&XHOJDGHODEyYHGDFRPRVLIXHUDPXVJRDKRUDHVWDPRV
EDMRHOOHFKRGHOUtR/DVJRWDVGHKXPHGDGVHILOWUDQSRUORVKXHVRV9DPRVYROYDPRVDQWHVGHTXHVHD
GHPDVLDGRWDUGH(VDWRV
1RHVQDGDH[FODPyFRQWLQXHPRV3HURSULPHURHFKHPRVRWURWUDJXLWRGH0HGRF
5RPSt\OHDODUJXpXQERWHOOtQGH'H*UDYHTXHYDFLyGHXQDYH]6XVRMRVOODPHDURQFRQDUGLHQWH
OX]6HHFKyDUHtU\WLUyODERWHOODDODLUHFRQXQJHVWRTXHHVFDSyDPLFRPSUHQVLyQ
/RPLUpFRQVRUSUHVD\pOUHSLWLyHOPRYLPLHQWRXQPRYLPLHQWRJURWHVFRHQYHUGDG
1RFRPSUHQGHXVWHG"SUHJXQWy
1RPiVELHQQROHUHSOLTXp
(QWRQFHVQRHVXVWHGGHODKHUPDQGDG
&yPR"
8VWHGQRHVPDVyQ
6tVtGLMHVtVt
8VWHG",PSRVLEOH8QPDVyQ">@
8QPDVyQUHSOLTXp
+DJDXQVLJQRGLMRpO
$TXtORWLHQHVOHFRQWHVWpVDFDQGRGHHQWUHORVSOLHJXHVGHPLFDSRWHXQDSDOHWDGHDOEDxLO
8VWHGEURPHDH[FODPyUHWURFHGLHQGRXQRVFXDQWRVSDVRV3HURVLJDPRVKDVWDOOHJDUDGRQGH
HVWpHVHIDPRVREDUULOGHDPRQWLOODGR
0X\ELHQGLMHYROYLHQGRDFRORFDUODKHUUDPLHQWDGHEDMRGHOFDSRWH\RIUHFLpQGROHPLEUD]RGH
QXHYR
6H DSR\y SHVDGDPHQWH HQ pO \ FRQWLQXDPRV QXHVWUR FDPLQR HQ EXVFD GHO DPRQWLOODGR 3DVDPRV SRU
XQD VHULH GH EDMDV EyYHGDV GH PX\ HVFDVD DOWXUD EDMDPRV DYDQ]DPRV OXHJR \ GHVFHQGLPRV GH QXHYR
55

OOHJDQGRDXQDSURIXQGDFULSWDGRQGHORYLFLDGRGHODLUHKDFtDTXHQXHVWUDVDQWRUFKDVEULOODVHQVLQGDU
OODPD
(Q HO PiV UHPRWR H[WUHPR GH OD FULSWD DSDUHFLy RWUD PHQRV HVSDFLRVD (Q VXV SDUHGHV KDEtDQ VLGR
DOLQHDGRVUHVWRVKXPDQRVGHORVTXHVHDPRQWRQDEDQHQODFXHYDGHOPLVPRPRGRTXHHQODVFDWDFXPEDV
GH 3DUtV 7UHV SDUHGHV GH DTXHOOD FULSWD HVWDEDQ WDPELpQ DGRUQDGDV GH DTXHO PRGR 'HO FXDUWR KDEtDQ
VLGR UHWLUDGRV ORV KXHVRV \ DUURMDGRV DO VXHOR GRQGH \DFtDQ HVSDUFLGRV IRUPDQGR HQ DOJXQRV SXQWRV
PRQWRQHV GH JUDQ WDPDxR 'HQWUR GH OD SDUHG DVt GHVFXELHUWD SRU HO GHVSOD]DPLHQWR GH ORV KXHVRV VH
YHtDWRGDYtDHOLQWHULRUGHXQDFULSWDRUHFLQWRLQWHULRUGHXQRVFXDWURSLHVGHSURIXQGLGDGWUHVGHDQFKR
\VHLVRVLHWHGHDOWXUD1RSDUHFtDKDEHUVLGRFRQVWUXLGDFRQQLQJ~QILQGHWHUPLQDGRVLQRTXHIRUPDED
VHQFLOODPHQWH XQ KXHFR HQWUH GRV GH ORV HQRUPHV SLODUHV TXH VHUYtDQ GH DSR\R D OD EyYHGD GH ODV
FDWDFXPEDV\GHVFDQVDEDVREUHXQDGHODVSDUHGHVGHJUDQLWRPDFL]RTXHODVFLUFXQGDEDQ
)XHLQ~WLOTXH)RUWXQDWROHYDQWDQGRVXYHODFDVLFRQVXPLGDVHHVIRU]DUDHQVRQGHDUODSURIXQGLGDG
GHDTXHOUHFLQWR/DGpELOOX]QRVLPSHGtDGLVWLQJXLUHOIRQGR
$GHODQWHOHGLMHDKtHVWiHODPRQWLOODGR6LHVWXYLHUDDTXt/XFKHVL
(VXQLJQRUDQWHLQWHUUXPSLyPLDPLJRDYDQ]DQGRFRQSDVRVLQVHJXURV\VHJXLGRPX\GHFHUFD
SRUPt
(Q XQ LQVWDQWH DOFDQ]y HO IRQGR GHO QLFKR \ DO HQFRQWUDU FRUWDGR HO SDVR SRU OD URFD VH GHWXYR
HVW~SLGDPHQWH VRUSUHQGLGR 8Q PRPHQWR GHVSXpV \R OR KDEtD HQFDGHQDGR DO JUDQLWR (Q VX VXSHUILFLH
KDEtDGRVDUJROODVGHKLHUURGLVWDQWHVXQDGHRWUDFDVLGRVSLHVKRUL]RQWDOPHQWH'HXQDGHHVWDVSHQGtD
XQDFDGHQD\GHODRWUDXQFDQGDGR5RGHDQGRVXFLQWXUDFRQORVHVODERQHVIXHREUDGHSRFRVVHJXQGRV
VXMHWDUOR (VWDED GHPDVLDGR HVWXSHIDFWR SDUD RSRQHU UHVLVWHQFLD 6DTXp OD OODYH \ UHWURFHGt IXHUD GHO
UHFLQWR
3DVHXVWHGODPDQRSRUODSDUHGOHGLMHQRSRGUiXVWHGPHQRVGHSHUFLELUHOVDOLWUH(QHIHFWR
HVWi PX\ K~PHGD 8QD YH] PiV OH UXHJR TXH YXHOYD 1R" (QWRQFHV QR PH TXHGD PiV UHPHGLR TXH
DEDQGRQDUORSHURDQWHVGHERSUHVWDUOHDOJXQRVFXLGDGRVTXHHVWiQHQPLVPDQRV
(ODPRQWLOODGRH[FODPyPLDPLJRWRGDYtDQRUHFREUDGRGHVXDVRPEUR
&LHUWROHUHSOLTXpHODPRQWLOODGR
'HVSXpVGHGHFLUHVWDVSDODEUDVPHLQFOLQpVREUHDTXHOPRQWyQGHKXHVRVGHTXHDQWHVKHKDEODGR
$SDUWiQGRORVDXQODGRSURQWRGHMpDOGHVFXELHUWRFLHUWDFDQWLGDGGHSLHGUDGHFRQVWUXFFLyQ\PRUWHUR
&RQHVWRVPDWHULDOHV\VLUYLpQGRPHGHPLSDOHWDFRPHQFpFRQYLJRUDWDSDUODHQWUDGDGHOQLFKR
$SHQDVKDEtDFRORFDGRODSULPHUDKLOHUDFXDQGRGHVFXEUtTXHODHPEULDJXH]GH)RUWXQDWRVHKDEtD
GLVLSDGRHQJUDQSDUWH(OSULPHULQGLFLRTXHWXYHGHHOORIXHXQDSDJDGRJHPLGRTXHVDOtDGHOIRQGRGHO
UHFLQWR 1R HUD \D HO JULWR GH XQ KRPEUH HPEULDJDGR /XHJR VH SURGXMR XQ ODUJR \ REVWLQDGR VLOHQFLR
3XVHODVHJXQGDKLOHUD\ODWHUFHUD\ODFXDUWD\HQWRQFHVRtODIXULRVDYLEUDFLyQGHODFDGHQD(OUXLGR
GXUyYDULRVPLQXWRVGXUDQWHORVFXDOHVSDUDSRGHUHVFXFKDUORFRQPiVVDWLVIDFFLyQGHMpPLWUDEDMR\PH
VHQWpVREUHORVKXHVRV
&XDQGRSRUILQFHVyHOUXLGRGHODFDGHQDFRJtGHQXHYRODSDOHWD\DFDEpVLQLQWHUUXSFLyQODTXLQWD
ODVH[WD\ODVpSWLPDKLOHUD/DSDUHGHQWRQFHVHVWDEDFDVLDODDOWXUDGHPLSHFKR'HQXHYRPHGHWXYH\
OHYDQWDQGRODDQWRUFKDVREUHHOWUR]RGHSDUHGFRQVWUXLGRDUURMpDOJXQRVUD\RVVREUHODILJXUDTXHHVWDED
HQHOLQWHULRU
8QD VXFHVLyQ GH IXHUWHV \ SHQHWUDQWHV DODULGRV VDOLy GH SURQWR GH OD JDUJDQWD GHO HQFDGHQDGR TXH
56

SDUHFtD UHFKD]DUPH FRQ YLROHQFLD KDFLD DWUiV 'XUDQWH XQ PRPHQWR YDFLOp WHPEOp \ GHVHQYDLQDQGR PL
HVSDGDHPSHFpDODQ]DUHVWRFDGDVSRUHOLQWHULRUGHOUHFLQWRSHURXQPRPHQWRGHUHIOH[LyQPHFDOPy
&RORTXpPLPDQRVREUHODPDFL]DSDUHGGHODFXHYD\TXHGpVDWLVIHFKR9ROYtDDFHUFDUPHDODSDUHG\
FRQWHVWp D ORV DODULGRV GH TXLHQ FODPDED /RV UHSHWt ORV DFRPSDxp ORV VREUHSDVp HQ YROXPHQ \ HQ
IXHU]D(VWRKLFH\HOTXHFKLOODEDDFDEySRUFDOODUVH
(UD PHGLDQRFKH \ PL WDUHD KDEtD FRPSOHWDGR OD RFWDYD KLOHUD OD QRYHQD \ OD GpFLPD +DEtD
WHUPLQDGRFDVLODRQFHDYDVRORTXHGDEDXQDSLHGUDSDUDDMXVWDU\UHYRFDU7HQtDTXHOXFKDUFRQVXSHVR
ODFRORTXpVRORSDUFLDOPHQWHHQODSRVLFLyQTXHOHFRUUHVSRQGtDSHURHQWRQFHVVDOLyGHOQLFKRXQDGpELO
ULVD TXH PH SXVR ORV FDEHOORV GH SXQWD (UD HPLWLGD SRU XQD YR] WDQ WULVWH TXH KDOOp GLILFXOWDG HQ
UHFRQRFHUODFRPRODGHOQREOH)RUWXQDWR/DYR]GHFtD
-D MD MD -H MH MH %XHQD EURPD DPLJR %XHQD EURPD /R TXH QRV UHLUHPRV OXHJR HQ HO
SDODFLRMHMHMHDSURSyVLWRGHQXHVWURYLQR
(ODPRQWLOODGRGLMH\R
-HMHMH-HMHMH6tHODPRQWLOODGR3HURQRVHHVWiKDFLHQGRWDUGH"1RQRVHVWDUiHVSHUDQGR
HQHOSDODFLRODVHxRUD)RUWXQDWR\ORVGHPiV"9iPRQRV\D
6tGLMHYiPRQRV
3RUHODPRUGH'LRV0RQWUHVRU
6tGLMHSRUHODPRUGH'LRV
3HURHQYDQRHVFXFKpSDUDREWHQHUUHVSXHVWDDDTXHOODVSDODEUDV0HLPSDFLHQWp\OODPpHQYR]DOWD
)RUWXQDWR
1RKXERUHVSXHVWD\YROYtDOODPDU
)RUWXQDWR
7DPSRFRPHFRQWHVWy,QWURGXMHXQDDQWRUFKDSRUODDEHUWXUDTXHTXHGDED\ODGHMpFDHUGHQWUR6ROR
VHR\yXQVRQDUGHFDVFDEHOHV6HQWtXQPDOHVWDUHQHOFRUD]yQVLQGXGDDFDXVDGHODKXPHGDGTXHKDEtD
HQODVFDWDFXPEDV0HDSUHVXUpDWHUPLQDUPLREUDGHDOEDxLOHUtD$VHJXUpOD~OWLPDSLHGUDHQVXVLWLR
FRORFDQGRHOPRUWHURHQWRUQRVX\R&RQWUDDTXHOQXHYRWUDEDMRGHDOEDxLOHUtDYROYtDOHYDQWDUODYLHMD
PXUDOODGHKXHVRVTXHGXUDQWHPHGLRVLJORQLQJ~QPRUWDOKDEtDSHUWXUEDGR,QSDFHUHTXLHVFDW

57

(OFDPHORGHOJORER>@
6RUSUHQGHQWHVQRWLFLDVYtD1RUIRON6HFUX]DHO$WOiQWLFRHQWUHVGtDV7ULXQIRVHxDODGRGH
ODPiTXLQDYRODGRUDGHPtVWHU0RQFN0DVyQ/OHJDGDDODLVODGH6XOOLYDQFHUFDGH&KDUOHVWRQ
&DUROLQD GHO 6XU GH PtVWHU 0DVyQ PtVWHU 5RKHUW +ROODQG PtVWHU +HQVRQ PtVWHU +DUULVRQ
$LQVZRUWK \ RWURV FXDWUR SDVDMHURV HQ HO JORER GLULJLEOH 9LFWRULD GHVSXpV GH XQD WUDYHVtD GH
VHWHQWD\FLQFRKRUDVGHVGHXQDFRVWDDRWUD7RGRVORVGHWDOOHVGHOYLDMH
(OVLJXLHQWHMHXGHVSULWFRQHOHQFDEH]DPLHQWRSUHFHGHQWHHQPDJQtILFDVOHWUDVPD\~VFXODV
ELHQ FDUJDGR GH VLJQRV GH DGPLUDFLyQ VH SXEOLFy SRU YH] SULPHUD FRPR KHFKR YHUtGLFR HQ HO
GLDULR 1HZ <RUN 6XQ FXPSOLHQGR VREUDGDPHQWH FRQ HO SURSyVLWR GH SURSRUFLRQDU WHPD GH
FRQYHUVDFLyQGXUDQWHODVSRFDVKRUDVGHLQWHUYDORTXHPHGtDQHQWUHGRVFRUUHRVGH&KDUOHVWRQ
/RVHVIXHU]RVGHKDFHUVHFRQHO~QLFRSHULyGLFRTXHWUDtDODVQRWLFLDVIXHURQDOJRSURGLJLRVR\
HQUHDOLGDGVL FRPRDOJXQRVDVHJXUDURQ HO9LFWRULDQROOHYyDFDERHOYLDMHHVGLItFLOVHxDODU
XQDUD]yQSRUODFXDOQRSXGLHUDKDEHUORUHDOL]DGR

JUDQ SUREOHPD UHVXHOWR SRU ILQ (O DLUH OR PLVPR TXH OD WLHUUD \ HO RFpDQR GRPLQDGR SRU OD
( /FLHQFLDOOHJDUiDVHUSDUDHOKRPEUHXQDRUGLQDULD\FRQYHQLHQWHYtDGHFRPXQLFDFLyQ6HDFDEDGH
FUX]DUHO$WOiQWLFRHQXQJORER<WRGRVLQGHPDVLDGDGLILFXOWDGVLQQLQJ~QJUDQSHOLJURDSDUHQWHFRQ
HOFRPSOHWRFRQWUROGHODPiTXLQD\HQHOLQFRQFHELEOHWLHPSRGHVHWHQWD\FLQFRKRUDVGHXQDFRVWDD
RWUD 0HUFHG D OD DFWLYLGDG GH QXHVWUR FRUUHVSRQVDO HQ &KDUOHVWRQ &DUROLQD GHO 6XU QRV HV SRVLEOH
RIUHFHU DO S~EOLFR XQ GHWDOODGR UHODWR GH HVWH H[WUDRUGLQDULR YLDMH UHDOL]DGR GHVGH HO ViEDGR  GH ORV
FRUULHQWHVDODVRQFHGHODPDxDQDDOPDUWHVDODVGRVGHODWDUGHSRUVLU(YHUDG%ULQJKXUVWPtVWHU
2VERUQH XQ VREULQR GH ORUG %HQWLQFN ORV IDPRVRV DHURQDXWDV PtVWHU 0RQFN 0DVyQ \ PtVWHU 5REHUW
+ROODQG PtVWHU +DUULVRQ $LQVZRUWK DXWRU GH -DFN 6KHSSDUG HWF +HQVRQ HO LQYHQWRU GHO ~OWLPR H
LQIUXFWXRVR SUR\HFWR GH PiTXLQD YRODGRUD DGHPiV GH GRV PDULQHURV GH :RROZLFK (Q WRWDO RFKR
SHUVRQDV /D LQIRUPDFLyQ TXH GDPRV D FRQWLQXDFLyQ VH SXHGH FRQVLGHUDU FRPR DXWpQWLFD \ VHJXUD EDMR
WRGRVORVDVSHFWRV\DTXHFRQDOJXQDOLJHUDH[FHSFLyQKDVLGRFRSLDGROLWHUDOPHQWHGHORVGLDULRVGH
PtVWHU0RQFN0DVyQ\PtVWHU+DUULVRQ$LQVZRUWKDFX\DDPDELOLGDGGHEHQXHVWURFRUUHVSRQVDOPXFKD
LQIRUPDFLyQ GH SDODEUD UHODWLYD DO JORER PLVPR VX FRQVWUXFFLyQ \ RWURV GHWDOOHV GH LQWHUpV /D ~QLFD
DOWHUDFLyQHQHOPDQXVFULWRUHFLELGRKDVLGRKHFKDFRQHOSURSyVLWRGHGDUDODSUHVXUDGRUHODWRGHQXHVWUR
FRUUHVSRQVDOPtVWHU)RUV\WKXQDSURVDIiFLOHLQWHOLJLEOH

(/*/2%2
'RV IUDFDVRV FDWHJyULFRV \ UHFLHQWHV ORV GH PtVWHU +HQVRQ \ VLU *HRUJH &D\OH\ KDEtDQ
58

GHELOLWDGR PXFKR HO LQWHUpV GHO S~EOLFR HQ HO FDPSR GH OD QDYHJDFLyQ DpUHD (O SUR\HFWR GH PtVWHU
+HQVRQ TXHDOSULQFLSLRIXHFRQVLGHUDGRFRPRPX\IDFWLEOHSRUORVKRPEUHVGHFLHQFLD VHIXQGDEDHQHO
SULQFLSLRGHXQSODQRLQFOLQDGRODQ]DGRGHVGHXQDDOWXUDSRUXQDIXHU]DH[WUtQVHFDDSOLFDGD\VRVWHQLGD
SRU OD URWDFLyQ GH XQDV DVSDV VHPHMDQWHV HQ VX IRUPD \ Q~PHUR D ODV GH XQ PROLQR 3HUR HQ WRGRV ORV
H[SHULPHQWRVOOHYDGRVDFDERFRQPRGHORVGHOD$GHODLGH*DOOHU\UHVXOWyTXHHOPRYLPLHQWRGHGLFKDV
DVSDVQRVRORQRLPSXOVDEDDODPiTXLQDVLQRTXHLPSHGtDVXYXHOR/D~QLFDIXHU]DGHSURSXOVLyQTXH
VHXWLOL]yIXHHOVLPSOHtPSHWXDGTXLULGRHQVXGHVFHQVRSRUHOSODQRLQFOLQDGR\HVHLPSXOVROOHYDEDD
OD PiTXLQD PiV DOOi FXDQGR ODV DVSDV HVWDEDQ SDUDGDV TXH FXDQGR HVWDEDQ HQ PRYLPLHQWR KHFKR TXH
GHPRVWUDEDVXILFLHQWHPHQWHVXLQXWLOLGDG\TXHDIDOWDGHODIXHU]DSURSXOVRUDTXHHUDDOPLVPRWLHPSR
HO VXVWHQWDGRU HO DSDUDWR QHFHVDULDPHQWH WHQtD TXH GHVFHQGHU (VWD FRQVLGHUDFLyQ OOHYy D VLU *HRUJH
&D\OH\DSHQVDUHQDGRSWDUXQSURSXOVRUDXQDPiTXLQDTXHWXYLHVHHQVtPLVPDXQDIXHU]DLQGHSHQGLHQWH
GHVXVWHQWDFLyQHQXQDSDODEUDDXQJORER/DLGHDVLQHPEDUJRVRORHUDQXHYDXRULJLQDOHQHOPRGRGH
OOHYDUOD VLU *HRUJH D OD SUiFWLFD ([KLELy XQ PRGHOR GH VX LQYHQFLyQ HQ HO ,QVWLWXWR 3ROLWpFQLFR (O
SULQFLSLR SURSXOVRU R IXHU]D PRWUL] HUD WDPELpQ DTXt DSOLFDGR D XQDV VXSHUILFLHV QR FRQWLQXDV R DVSDV
SXHVWDVHQUHYROXFLyQ'LFKDVDVSDVHUDQFXDWUR\UHVXOWDURQFRPSOHWDPHQWHLQHIHFWLYDVSDUDPRYHUHO
JORERRSDUDDxDGLUOHODPHQRUIXHU]DDVFHQVLRQDO(OSUR\HFWRFRQVWLWX\yXQFRPSOHWRIUDFDVR
(QHVWDFR\XQWXUDIXHFXDQGRPtVWHU0RQFN0DVyQ FX\RYLDMHHQGHVGH'RYHUD:HLOEXUJHQ
HO JORER 1DVVDX GHVSHUWy WDQWR LQWHUpV  FRQFLELy OD LGHD GH DSOLFDU HO SULQFLSLR GH $UTXtPLGHV DO
SUR\HFWR GH OD SURSXOVLyQ HQ HO DLUH DWULEX\HQGR MXVWLILFDGDPHQWH HO IUDFDVR GHO SUR\HFWR GH PtVWHU
+HXVRQ \ GH VLU *HRUJH &D\OH\ D OD LQWHUUXSFLyQ GH OD VXSHUILFLH HQ ODV DVSDV LQGHSHQGLHQWHV +L]R HO
SULPHU H[SHULPHQWR S~EOLFR HQ ORV VDORQHV GH :LOOLV SHUR GHVSXpV WUDVODGy VX PRGHOR D OD $GHODLGH
*DOOHU\
/RPLVPRTXHHOJORERGHVLU*HRUJH&D\OH\HOVX\RHUDHOLSVRLGH0HGtDWUHFHSLHV\VHLVSXOJDGDV
GHORQJLWXG\VHLVSLHVRFKRSXOJDGDVGHDOWR&RQWHQtDFHUFDGHWUHVFLHQWRVYHLQWHSLHVF~ELFRVGHJDV
TXH VL HUD KLGUyJHQR SXUR SRGtD HOHYDU YHLQWLXQD OLEUDV UHFLpQ LQIODGR HO JORER DQWHV GH TXH HO JDV
WXYLHUD WLHPSR GH GHWHULRUDUVH R HVFDSDU (O SHVR GH WRGD OD PiTXLQD \ GHO DSDUDWR HUD GH GLHFLVLHWH
OLEUDVTXHGDQGRGHHVWHPRGRFXDWUROLEUDVGHPDUJHQ'HEDMRGHOFHQWURKDEtDXQDDUPD]yQGHPDGHUD
OLJHUDGHXQRVQXHYHSLHVGHODUJRXQLGDDOPLVPRJORERSRUXQDUHGGHWLSRRUGLQDULR'HHVDDUPDGXUD
LEDVXVSHQGLGDXQDFHVWDREDUTXLOODGHPLPEUH
(OWRUQLOORFRQVLVWHHQXQHMHKXHFRGHFREUHGHGLHFLRFKRSXOJDGDVGHORQJLWXGDWUDYpVGHOFXDO
VREUHXQDVHPLHVSLUDOLQFOLQDGDHQXQiQJXORGHTXLQFHJUDGRVSDVDQXQDVHULHGHUDGLRVGHDODPEUHGH
DFHURGHGRVSLHVGHODUJR\TXHVREUHVDOHQDVtXQSLHSRUFDGDODGR(VWRVUDGLRVHVWiQFRQHFWDGRVHQ
VXVH[WUHPRVH[WHULRUHVSRUGRVEDQGDVGHDODPEUHSUHQVDGRIRUPDQGRDVtHOFRQMXQWRODDUPDGXUDGHO
WRUQLOORTXHVHFRPSOHWDSRUXQDFXELHUWDGHVHGDHQJUDVDGDFRUWDGDHQWULiQJXORVGHPRGRTXHSUHVHQWH
XQDVXSHUILFLHWROHUDEOHPHQWHXQLIRUPH$FDGDH[WUHPRGHVXVHMHVHVWHWRUQLOORVHVXMHWDSRUGRVWXERV
KXHFRV GH FREUH TXH GHVFLHQGHQ GHVGH HO EDVWLGRU (Q ORV H[WUHPRV LQIHULRUHV GH HVWRV WXERV KD\ XQRV
DJXMHURVGRQGHJLUDQORVSLYRWHVGHOHMH'HOH[WUHPRGHOHMHPiVSUy[LPRDODEDUTXLOODVDOHXQDIOHFKD
GHDFHURTXHSRQHHQFRPXQLFDFLyQHOWRUQLOORFRQHOSLxyQGHXQDSLH]DGHPXHOOHPHFiQLFRILMRHQOD
EDUTXLOOD 3RU OD DFFLyQ GH HVWH PXHOOH HO WRUQLOOR JLUD FRQ JUDQ UDSLGH] FRPXQLFDQGR XQ PRYLPLHQWR
SURJUHVLYRDOFRQMXQWR3RUPHGLRGHOWLPyQODPiTXLQDSXHGHJLUDUVLQHVIXHU]RHQFXDOTXLHUGLUHFFLyQ
(O PXHOOH HV GH JUDQ SRWHQFLD WHQLHQGR HQ FXHQWD VXV GLPHQVLRQHV VLHQGR FDSD] GH HOHYDU FXDUHQWD \
59

FXDWUR OLEUDV VREUH XQ FLOLQGUR GH FXDWUR SXOJDGDV GHVSXpV GH OD SULPHUD YXHOWD \ DXPHQWDQGR
JUDGXDOPHQWHDPHGLGDTXHIXQFLRQD6XSHVRHVHQWRWDOGHRFKROLEUDV\VHLVRQ]DV(OWLPyQHVXQD
HVWUXFWXUDGHFDxDUHFXELHUWDGHVHGDGHIRUPDVHPHMDQWHDODGHXQDUDTXHWD\PLGHWUHVSLHVGHODUJR\
HQODSDUWHPiVDQFKDXQSLH6XSHVRHVGHXQDVGRVRQ]DV3XHGHSRQHUVHKRUL]RQWDO\GLULJLUVHKDFLD
DUULED\KDFLDDEDMRORPLVPRTXHDODL]TXLHUGD\DODGHUHFKDIDFLOLWDQGRDVtDODHURQDXWDWUDQVIHULUOD
UHVLVWHQFLDGHODLUHTXHGHEHSURGXFLUVHDVXSDVRHQXQDSRVLFLyQLQFOLQDGDDFXDOTXLHUODGRVREUHHO
FXDOTXLHUDDFWXDUREWHQLHQGRGHHVHPRGRTXHHOJORERVLJDXQDGLUHFFLyQRSXHVWD
(VWHPRGHORTXHSRUIDOWDGHHVSDFLRQRVYHPRVREOLJDGRVDGHVFULELUGHXQPRGRLPSHUIHFWRIXH
SXHVWR D SUXHED HQ OD $GHODLGH *DOOHU\ GRQGH DOFDQ]y XQD YHORFLGDG GH FLQFR PLOODV SRU KRUD VLQ
HPEDUJR \ SDUHFH H[WUDxR GHFLUOR GHVSHUWy PX\ SRFR LQWHUpV HQ FRPSDUDFLyQ FRQ OD FRPSOLFDGD
PiTXLQDGHPtVWHU+HQVRQWDQLQFOLQDGRHVHOPXQGRDGHVSUHFLDUWRGRORTXHVHOHSUHVHQWDUHYHVWLGRGH
XQDLUHGHVHQFLOOH]3DUDOOHYDUDFDERHOGHVLGHUiWXPGHODQDYHJDFLyQDpUHDHQJHQHUDOVHVXSRQtDTXH
DTXHOFRPSOLFDGRDUWHIDFWRGHEtDGHVHUHOUHVXOWDGRGHDSOLFDUXQSURIXQGR\GLILFLOtVLPRSULQFLSLRGHOD
GLQiPLFD
6LQHPEDUJRWDQVDWLVIHFKRVHKDOODEDPtVWHU0DVyQGHOUHFLHQWHp[LWRGHVXLQYHQFLyQTXHGHWHUPLQy
FRQVWUXLU LQPHGLDWDPHQWH VL IXHUD SRVLEOH XQ JORER GH VXILFLHQWH FDSDFLGDG SDUD LQWHQWDU XQ YLDMH GH
DOJXQDGLVWDQFLD(OSUR\HFWRSULPLWLYRIXHHOGHDWUDYHVDUHOFDQDOGHOD0DQFKDFRPRVHKDEtDKHFKR
DQWHV HQ HO JORER 1DVVDX 3DUD OOHYDU D FDER VXV SODQHV VROLFLWy \ REWXYR OD D\XGD GH VLU (YHUDUG
%ULQJKXUVW \ GH PtVWHU 2VERUQH GRV FDEDOOHURV IDPRVRV SRU VXV FRQRFLPLHQWRV FLHQWtILFRV \
HVSHFLDOPHQWHSRUHOLQWHUpVTXHKDEtDQGHPRVWUDGRSRUORVSURJUHVRVGHODDHURQiXWLFD(OSUR\HFWRSRU
GHVHRGHPtVWHU2VERUQHVHPDQWXYRHQVHFUHWR$ODV~QLFDVSHUVRQDVDTXLHQHVVHFRQILyHOGHVLJQLRGH
ODPiTXLQDIXHDDTXHOODVFRPSURPHWLGDVHQVXFRQVWUXFFLyQEDMRODVXSHUYLVLyQGHPtVWHU0DVyQPtVWHU
+ROODQG VLU (YHUDUG %ULQJKXUVW \ PtVWHU 2VERUQH HQ OD ILUPD GH HVWH ~OWLPR FDEDOOHUR FHUFD GH
3HQVWUXWKDOHQ*DOHV(OViEDGR~OWLPRPtVWHU+HQVRQ\VXDPLJRPtVWHU$LQVZRUWKGHVSXpVGHOOHYDUD
FDER ORV DUUHJORV SHUWLQHQWHV SDUD WRPDU SDUWH HQ OD DYHQWXUD IXHURQ LQYLWDGRV D YLVLWDU HO JORER
'HVFRQRFHPRVODUD]yQGHTXHVHLQFOX\HUDDORVGRVPDULQHURVHQHOJUXSRSHURGHVGHOXHJRGHQWURGH
XQGtDRGRVSRGUHPRVSRQHUDQXHVWURVOHFWRUHVDOFRUULHQWHGHORVPiVPLQXFLRVRVGHWDOOHVUHODWLYRVD
WDQH[WUDRUGLQDULRYLDMH
(O JORER HVWi FRQVWUXLGR FRQ VHGD EDUQL]DGD GH FDXFKR OtTXLGR 6XV GLPHQVLRQHV VRQ HQRUPHV \
FRQWLHQHPiVGHSLHVF~ELFRVGHJDVSHURFRPRVHKDHPSOHDGRJDVGHKXOODHQYH]GHKLGUyJHQR
TXH HV PiV FDUR \ PHQRV VHJXUR HO SRGHU GH VXVWHQWDFLyQ GHO DUWHIDFWR FXDQGR HVWi FRPSOHWDPHQWH
LQIODGRHLQPHGLDWDPHQWHGHVSXpVGHKDEHUORVLGRQRHVVLQRGHOLEUDV(OJDVGHODOXPEUDGRQR
VRORHVPXFKRPHQRVFRVWRVRVLQRWDPELpQPiVIiFLOGHFRQVHJXLU\PDQHMDU
/D LQWURGXFFLyQ GH GLFKR JDV HQ ODV SUXHEDV FRUULHQWHV GH OD DHURVWDFLyQ VH GHEH D PtVWHU &KDUOHV
*UHHQ$QWHVGHVXGHVFXEULPLHQWRHOSURFHVRGHLQIODFLyQGHXQJORERQRVRORHUDFDURVLQRWDPELpQ
SRFRVHJXUR&RQIUHFXHQFLDVHPDOJDVWDEDQGRVGtDVRWUHVLQWHQWDQGRSURFXUDUODVXILFLHQWHFDQWLGDGGH
KLGUyJHQRSDUDOOHQDUXQJORERGHOFXDOWHQtDJUDQWHQGHQFLDDHVFDSDUGHELGRDVXH[WUHPDOLJHUH]D\D
VX DILQLGDG FRQ OD DWPyVIHUD TXH OR URGHDED 8Q JORER OR VXILFLHQWHPHQWH SHUIHFWR SDUD UHWHQHU HO
FRQWHQLGRGHOJDVGHKXOODLQDOWHUDEOHHQFDOLGDG\FDQWLGDGGXUDQWHVHLVPHVHVDSHQDVSRGUtDFRQVHUYDU
LJXDOFDQWLGDGGHKLGUyJHQRGXUDQWHVHLVVHPDQDV
+DELHQGR VLGR HVWLPDGD OD IXHU]D GH VXVWHQWDFLyQ HQ  OLEUDV \ ORV SHVRV VXPDGRV GH ORV
60

FRPSRQHQWHVDSHQDVOOHJDDTXHGDXQVREUDQWHGHGHODVFXDOHVVHUtDQDQXODGDVSRUHO
ODVWUHGLVSXHVWRHQVDFRVGHGLIHUHQWHVWDPDxRVFRQVXVUHVSHFWLYRVSHVRVVHxDODGRVVREUHORVPLVPRV\
SRU HO FRUGDMH EDUyPHWURV WHOHVFRSLRV EDUULOHV FRQWHQLHQGR SURYLVLRQHV SDUD XQD TXLQFHQD GHSyVLWRV
SDUDHODJXDDEULJRVVDFRVGHQRFKH\RWURVYDULRVREMHWRVLQGLVSHQVDEOHVLQFOX\HQGRXQKRUQLOORSDUD
KDFHU FDIp SRU PHGLR GH FDO HQ SROYR SDUD HYLWDU HQ WRGR PRPHQWR HO XVR GHO IXHJR 7RGRV HVWRV
DUWtFXORVH[FHSWRHOODVWUH\XQDVFXDQWDVPHQXGHQFLDVYDQFROJDGDVGHOEDVWLGRUGHDUULED/DEDUTXLOOD
HQSURSRUFLyQHVPXFKRPiVSHTXHxD\OLJHUDTXHODGHOPRGHOR(VWiIRUPDGDGHXQPLPEUHOLJHURTXH
UHVXOWDH[WUDRUGLQDULDPHQWHIXHUWHDSHVDUGHVXDVSHFWR/DERUGHDXQDEDUDQGLOODGHXQRVFXDWURSLHVGH
DOWXUD (O WLPyQ HV PXFKR PD\RU HQ SURSRUFLyQ TXH HO GHO PRGHOR \ HO WRUQLOOR HQ FDPELR UHVXOWD
FRQVLGHUDEOHPHQWHPiVSHTXHxR(OJORERDGHPiVYDSURYLVWRGHXQDQFOD\XQDFXHUGDGHDUUDVWUHHVWD
~OWLPDHVGHODPD\RULPSRUWDQFLD$OOOHJDUDTXtVHUiQQHFHVDULDVXQDVFXDQWDVSDODEUDVGHH[SOLFDFLyQ
SDUDDTXHOORVGHQXHVWURVOHFWRUHVTXHQRHVWpQPX\YHUVDGRVHQORVSRUPHQRUHVGHODDHURVWDFLyQ
(QFXDQWRHOJORERGHVSHJDGHODWLHUUDVHKDOODVXMHWRDODLQIOXHQFLDGHPXFKDVFLUFXQVWDQFLDVTXH
WLHQGHQDFUHDUXQDGLIHUHQFLDHQVXSHVRDXPHQWDQGRRGLVPLQX\HQGRVXSRGHUDVFHQVLRQDO3RUHMHPSOR
VHSXHGHDFXPXODUVREUHODVHGDGHOJORERXQDFDSDGHHVFDUFKDTXHOOHJXHDSHVDUYDULRVFHQWHQDUHVGH
OLEUDVHQHVHFDVRVHWHQGUiTXHDUURMDUODVWUHRODPiTXLQDGHVFHQGHUi$OVHUDUURMDGRHOODVWUHSXHGH
VXFHGHUTXHXQVROFODURHYDSRUHHOURFtR\DOPLVPRWLHPSRGLODWHHOJDVGHOLQWHULRUHVGHVXSRQHUTXH
HO FRQMXQWR YROYHUi D HOHYDUVH HQVHJXLGD 3DUD FRQWUDUUHVWDU HVH DVFHQVR HO ~QLFR UHFXUVR HV R PHMRU
GLFKRHUDKDVWDTXHPtVWHU*UHHQLQYHQWyODFXHUGDGHDUUDVWUH SHUPLWLUHOHVFDSHGHJDVGHODYiOYXOD
SHURODSpUGLGDGHHVWHJDVHVSURSRUFLRQDODXQDGLVPLQXFLyQGHOSRGHUDVFHQVLRQDOGHPRGRTXHHQXQ
WLHPSR UHODWLYDPHQWH SHTXHxR HO JORER PHMRU FRQVWUXLGR WHQGUtD QHFHVDULDPHQWH TXH DJRWDU WRGDV VXV
UHVHUYDV\FDHUDWLHUUD(VWHHUDHOJUDQREVWiFXORHQORVYLDMHVGHODUJDGXUDFLyQ
/D FXHUGD GH DUUDVWUH UHPHGLD HVWD GLILFXOWDG GHO PRGR PiV VLPSOH TXH SXHGH LPDJLQDUVH 6H WUDWD
VLPSOHPHQWHGHXQDFXHUGDPX\ODUJDTXHVHGHMDDUUDVWUDUGHVGHODEDUTXLOOD\FX\DPLVLyQFRQVLVWHHQ
LPSHGLUTXHHOJORERFDPELHGHQLYHOHQDOJ~QJUDGRVHQVLEOH6LSRUHMHPSORVHGHSRVLWDURFtRVREUHOD
VHGD\ODPiTXLQDFRPLHQ]DDGHVFHQGHUQRVHUiQHFHVDULRDUURMDUODVWUHSDUDFRQWUDUUHVWDUHODXPHQWR
GHSHVRSXHVHVWRTXHGDUHVXHOWRGHMDQGRFDHUVREUHHOWHUUHQRHQMXVWDSURSRUFLyQWDQWDFXHUGDFRPR
VHDQHFHVDULD6LGHRWURPRGRVHGLHUDODFLUFXQVWDQFLDGHTXHVHRFDVLRQDUDXQDOLJHUH]DH[FHVLYD\HO
DVFHQVRFRQVLJXLHQWHLQPHGLDWDPHQWHVHYHUiFRQWUDUUHVWDGRPHUFHGDOSHVRDGLFLRQDOGHODFXHUGDTXH
VHHOHYDUHFRJLpQGRODGHODWLHUUD'HHVWHPRGRHOJORERQRSXHGHDVFHQGHUQLGHVFHQGHUH[FHSWRHQWUH
PX\ HVWUHFKRV OtPLWHV \ VXV UHVHUYDV GH JDV DVt FRPR GH ODVWUH SHUPDQHFHQ FDVL LQWDFWDV &XDQGR VH
YXHODVREUHXQDH[WHQVLyQGHDJXDVHKDFHQHFHVDULRHPSOHDUSHTXHxRVEDUULOHVGHFREUHRGHPDGHUD
OOHQRVGHXQOtTXLGRPiVOLJHURTXHHODJXD(VWRVIORWDQ\GHVHPSHxDQHOPLVPRSDSHOGHODFXHUGDVREUH
OD WLHUUD 2WUD PLVLyQ PX\ LPSRUWDQWH GH OD FXHUGD HV VHxDODU OD GLUHFFLyQ GHO JORER /D FXHUGD VH
DUUDVWUD\DVHDSRUWLHUUDRSRUPDUPLHQWUDVHOJORERHVOLEUHSRUFRQVLJXLHQWHHVWHDODYDQ]DULUi
VLHPSUHGHODQWHDVtXQFiOFXORKHFKRFRQHOFRPSiVGHODVSRVLFLRQHVGHORVGRVREMHWRVVLHPSUHQRV
LQGLFDUiHOFXUVR'HOPLVPRPRGRHOiQJXORIRUPDGRSRUODFXHUGDFRQHOHMHYHUWLFDOGHODUWHIDFWRQRV
LQGLFD OD YHORFLGDG &XDQGR QR KD\ iQJXOR HQ RWUDV SDODEUDV FXDQGR OD FXHUGD FXHOJD
SHUSHQGLFXODUPHQWH HV TXH HO DSDUDWR HVWi LQPyYLO SHUR FXDQWR PiV DELHUWR HV HO iQJXOR HV GHFLU
FXDQWRPiVDGHODQWDGRHVWiHOJORERVREUHHOH[WUHPRGHODFXHUGDPD\RUHVODYHORFLGDG\YLFHYHUVD
&RPRHOSUR\HFWRRULJLQDOGHORVDHURQDXWDVIXHDWUDYHVDUHOFDQDOGHOD0DQFKD\GHVFHQGHUORPiV
61

FHUFD SRVLEOH GH 3DUtV ORV SDVDMHURV KDEtDQ WRPDGR OD SUHFDXFLyQ GH SURFXUDUVH SDVDSRUWHV GLUHFWRV
SDUDWRGRVORVSDtVHVGHOFRQWLQHQWHHVSHFLILFDQGRHQHOORVODQDWXUDOH]DGHODH[SHGLFLyQFRPRHQHO
FDVR GHO YLDMH GHO 1DVVDX OR FXDO JDUDQWL]DED D ORV DYHQWXUHURV XQD H[HQFLyQ GH ODV IRUPDOLGDGHV GH
FRVWXPEUHSHURLQHVSHUDGRVDFRQWHFLPLHQWRVKLFLHURQQHFHVDULRVHVWRVSDVDSRUWHV
/D RSHUDFLyQ GH LQIODU HO JORER FRPHQ]y PX\ VRVHJDGDPHQWH DO DPDQHFHU GHO ViEDGR  GH ORV
FRUULHQWHVHQHOSDWLRGH:HDO9RUODPDQVLyQGHPtVWHU2VERUQHFDVLDPHGLDPLOODGH3HQVWUXWKDOHQ
HOQRUWHGH*DOHV$ODVRQFH\VLHWHPLQXWRVWRGRHVWDEDGLVSXHVWRSDUDODVDOLGD\VHSXVRHQOLEHUWDGHO
JORER TXH VH HOHYy VXDYH SHUR ILUPHPHQWH HQ GLUHFFLyQ VXU VLQ TXH GXUDQWH OD SULPHUD PHGLD KRUD VH
KLFLHUD XVR GHO WRUQLOOR R GHO WLPyQ 'H DKRUD HQ DGHODQWH VHJXLUHPRV HO GLDULR WDO FRPR KD VLGR
WUDQVFULWRSRUPtVWHU)RUV\WKGHORVLQIRUPHVGHPtVWHU0RQFN0DVyQ\PtVWHU$LQVZRUWK(OFXHUSRGHO
GLDULR WDO FRPR OR UHSURGXFLPRV HVWi HVFULWR GH PDQR GH PtVWHU 0DVyQ \ VH OH KD DJUHJDGR XQ SRVW
VFULSWXPGHPtVWHU$LQVZRUWKTXLHQWLHQHHQSUHSDUDFLyQ\HQEUHYHKDUiS~EOLFRXQPLQXFLRVRLQIRUPH
GHOYLDMHVLQGXGDOOHQRGHLQWHUpV\HPRFLyQ

(/',$5,2
6iEDGR  GH DEULO 7RGRV ORV SUHSDUDWLYRV TXH SRGtDQ SDUHFHPRV PiV HPEDUD]RVRV VH KDEtDQ
OOHYDGRDFDERGXUDQWHODQRFKHFRPHQ]iQGRVHDLQIODUHOJORERDODPDQHFHUSHURGHELGRDXQDHVSHVD
QLHEOD TXH VREUHFDUJDED ORV SOLHJXHV GH OD VHGD \ OD KDFtD SRFR PDQHMDEOH QR SXGLPRV DFDEDU KDVWD
FHUFD GH ODV RQFH (QWRQFHV VROWDPRV DPDUUDV FRQ JUDQ HQWXVLDVPR \ QRV HOHYDPRV VXDYH SHUR
ILUPHPHQWHLPSXOVDGRVSRUXQDOLJHUDEULVDKDFLDHOQRUWHTXHQRVOOHYDEDHQODGLUHFFLyQGHOFDQDOGHOD
0DQFKD (QFRQWUDPRV OD IXHU]D DVFHQVLRQDO PD\RU GH OR TXH HVSHUiEDPRV \ PLHQWUDV VXEtDPRV QRV
OLEUiEDPRVGHORVDFDQWLODGRV\UHFLEtDPRVORVUD\RVGHOVROFRQPiVIXHU]DQXHVWURDVFHQVRVHKDEtD
KHFKR PX\ UiSLGR 6LQ HPEDUJR \R QR GHVHDED SHUGHU JDV DSHQDV LQLFLDGD OD DYHQWXUD GH PRGR TXH
GHFLGLPRV FRQWLQXDU DVFHQGLHQGR 1R WDUGDPRV HQ UHFRJHU OD FXHUGD GH DUUDVWUH SHUR DXQ FXDQGR OD
KDEtDPRV DO]DGR FRPSOHWDPHQWH GHO VXHOR WRGDYtD FRQWLQXiEDPRV VXELHQGR FRQ UDSLGH] (O JORER
PDUFKDEDFRQVHJXULGDG\SUHVHQWDEDXQPDJQtILFRDVSHFWR&DVLGLH]PLQXWRVGHVSXpVGHODSDUWLGDHO
EDUyPHWURLQGLFDEDXQDDOWLWXGGHSLHV+DFtDXQWLHPSRHVSOpQGLGR/DYLVWDGHOSDLVDMHTXHVH
RIUHFtDDQXHVWURVSLHVHUDGHORPiVURPiQWLFD\HQDTXHOPRPHQWRDSDUHFtDPDJQtILFD/RVQXPHURVRV
EDUUDQFRVVHPHMDEDQHQDSDULHQFLDODJRVDFDXVDGHORVGHQVRVYDSRUHVTXHORVOOHQDEDQ\ODVFXPEUHV
\ URFDV VLWXDGDV DO VXGHVWH DJUXSDGDV HQ LQH[SOLFDEOH FRQIXVLyQ RIUHFtDQ HO PLVPR DVSHFWR TXH ODV
FLXGDGHVGHODVIiEXODVRULHQWDOHV3URQWRDOFDQ]DPRVODVPRQWDxDVGHOVXUSHURODDOWLWXGGHOJORERHUD
PiVTXHVXILFLHQWHSDUDSHUPLWLUQRVIUDQTXHDUODVVLQSHOLJUR8QRVPLQXWRVPiVWDUGHYROiEDPRVVREUH
HOODV\DPtVWHU$LQVZRUWKMXQWRFRQORVGRVPDULQHURVOHVVRUSUHQGLyODSRFDDOWLWXGTXHSUHVHQWDEDQ
YLVWDV GHVGH OD EDUTXLOOD SXHV OD JUDQ HOHYDFLyQ GH XQ JORER WLHQGH D UHGXFLU ODV GHVLJXDOGDGHV GHO
WHUUHQRVREUHHOTXHVHYLDMDDXQQLYHOFDVLXQLIRUPH$ODVRQFH\PHGLDFXDQGRVHJXtDPRVVLHPSUHOD
GLUHFFLyQVXUGLYLVDPRVSRUYH]SULPHUDHOFDQDOGH%ULVWRO\TXLQFHPLQXWRVGHVSXpVODOtQHDGHORV
URPSLHQWHVGHODFRVWDHVWDEDGHEDMRGHQRVRWURV\QRVHQFRQWUiEDPRVDSDFLEOHPHQWHYRODQGRVREUHHO
PDU (QWRQFHV GHFLGLPRV VROWDU HO JDV QHFHVDULR SDUD TXH QXHVWUD FXHUGD GH DUUDVWUH FRQ VXV ER\DV
FRUUHVSRQGLHQWHV HQWUDUD HQ FRQWDFWR FRQ HO DJXD 6H KL]R LQPHGLDWDPHQWH \ FRPHQ]DPRV XQ GHVFHQVR
62

JUDGXDO&DVLYHLQWHPLQXWRVPiVWDUGHQXHVWUDSULPHUDER\DWRFyHODJXD\DOKDFHUODODVHJXQGDSRFR
GHVSXpVSHUPDQHFLPRVDXQDDOWXUDILMD7RGRVQRVRWURVHVWiEDPRVDQVLRVRVSRUSUREDUODHILFDFLDGHO
WLPyQ\GHOWRUQLOORHLQPHGLDWDPHQWHORVSXVLPRVHQIXQFLRQDPLHQWRFRQHOSURSyVLWRGHDOWHUDUQXHVWUD
SRVLFLyQPiVKDFLDHOHVWHFDPLQRGH3DUtV3RUPHGLRGHOWLPyQHQXQLQVWDQWHHIHFWXDPRVHOFDPELR
QHFHVDULRGHGLUHFFLyQ\QXHVWURFXUVRIRUPyFDVLXQiQJXORUHFWRFRQODGLUHFFLyQGHOYLHQWR&XDQGR
SXVLPRV HQ PRYLPLHQWR HO PXHOOH GHO WRUQLOOR QRV DJUDGy FRPSUREDU TXH IXQFLRQDED WDO \ FRPR OR
KDEtDPRVGHVHDGR3RUHVRODQ]DPRVQXHYHDOHJUHVKXLUiV\DUURMDPRVDOPDUXQDERWHOODTXHFRQWHQtDHQ
IRUPD UHVXPLGD HO IXQGDPHQWR GH QXHVWUR LQYHQWR 6LQ HPEDUJR DSHQDV KDEtDPRV DFDEDGR GH
UHJRFLMDUQRVFXDQGRRFXUULyXQLPSUHYLVWRDFFLGHQWHTXHQRVOOHQyGHGHVDOLHQWR/DYDULOODGHDFHURTXH
XQtDHOPXHOOHFRQHOSURSXOVRUGHSURQWRVHKDEtDGHVSOD]DGRGHVXVLWLRHQHOH[WUHPRGHODEDUTXLOOD
GHELGR D XQ EDODQFHR GH OD PLVPD  SRU DOJ~Q PRYLPLHQWR GH XQR GH ORV PDULQHURV (Q XQ PRPHQWR
YLPRV TXH FROJDED IXHUD GH QXHVWUR DOFDQFH GHVGH HO SLYRWH GHO HMH GHO WRUQLOOR 0LHQWUDV QRV
HVIRU]iEDPRVHQUHFXSHUDUODFRQODDWHQFLyQFRPSOHWDPHQWHDEVRUELGDHQHOORQRVYLPRVHQYXHOWRVHQ
XQDIXHUWHFRUULHQWHGHYLHQWRTXHSURYHQtDGHOHVWHTXHQRVDUUDVWUyFRQXQDIXHU]DUiSLGD\FUHFLHQWH
KDFLD HO $WOiQWLFR 3URQWR QRV HQFRQWUDPRV LPSXOVDGRV KDFLD DOWD PDU D XQD YHORFLGDG QR PHQRU GH
FLQFXHQWDRVHVHQWDPLOODVSRUKRUDGHPRGRTXHOOHJDPRVD&DSH&OHDUXQDVFXDUHQWDPLOODVDOQRUWH
DQWHVGHTXHKXELpUDPRVSRGLGRVXMHWDUODYDULOODGHDFHURQLGHTXHKXELpUDPRVSRGLGRGDUQRVFXHQWDGH
ORTXHRFXUUtD)XHHQWRQFHVFXDQGRPtVWHU$LQVZRUWKQRVKL]RXQDH[WUDRUGLQDULDSURSRVLFLyQSHURTXH
D PL HQWHQGHU QR HUD HQ PRGR DOJXQR LUUD]RQDEOH R TXLPpULFD VLHQGR VHFXQGDGD LQPHGLDWDPHQWH SRU
PtVWHU +ROODQG $ VDEHU TXH SRGtDPRV DSURYHFKDQGR HO IXHUWH YLHQWR TXH QRV LPSXOVDED HQ YH] GH
GLULJLUQRVD3DUtVLQWHQWDUDOFDQ]DUODFRVWDGH1RUWHDPpULFD'HVSXpVGHOLJHUDUHIOH[LyQDVHQWtGHEXHQD
JDQD D WDQ DWUHYLGD SURSRVLFLyQ TXH SRU PX\ H[WUDxR TXH SDUH]FD VROR KDOOy OD REMHFLyQ GH ORV GRV
PDULQHURV1RREVWDQWHFRPRHVWiEDPRVHQPD\RUtDDFDOODPRVVXVWHPRUHV\PDQWXYLPRVUHVXHOWDPHQWH
QXHVWUR UXPER 3XVLPRV UXPER GLUHFWR KDFLD HO RHVWH SHUR FRPR HO DUUDVWUH GH ODV ER\DV HQWRUSHFtD
PDWHULDOPHQWH QXHVWUR SURJUHVR \ SRU RWUR ODGR GRPLQiEDPRV VXILFLHQWHPHQWH HO JORER WDQWR SDUD
DVFHQGHUFRPRSDUDEDMDUDUURMDPRVHQSULPHUOXJDUFLQFXHQWDOLEUDVGHODVWUH\GHVSXpVSRUPHGLRGH
XQD PDQLYHOD UHFRJLPRV GHO PDU OD FXHUGD &DVL LQVWDQWiQHDPHQWH H[SHULPHQWDPRV HO HIHFWR GH HVD
PDQLREUDHQXQDXPHQWRGHODYHORFLGDGHQQXHVWUDPDUFKD\FXDQGRODEULVDUHIUHVFDEDDYDQ]iEDPRV
FRQ XQD YHORFLGDG FDVL LQFRQFHELEOH OD FXHUGD GH DUUDVWUH VH DODUJDED GHWUiV GH OD EDUTXLOOD FRPR OD
HVWHODGHXQQDYtR5HVXOWDLQQHFHVDULRGHFLUTXHQRWDUGDPRVHQSHUGHUGHYLVWDODFRVWD3DVDPRVVREUH
LQQXPHUDEOHVHPEDUFDFLRQHVGHWRGDVFODVHVDOJXQDVGHODVFXDOHVLQWHQWDEDQKDFHUIUHQWHDOWHPSRUDO
SHURODPD\RUtDHVWDEDQDQFODGDV3URGXMLPRVXQJUDQHQWXVLDVPRDERUGRGHWRGDVHOODVHQWXVLDVPRGHO
TXHSDUWLFLSDPRVQRVRWURVPLVPRV\HVSHFLDOPHQWHQXHVWURVGRVPDULQHURVTXLHQHVEDMRODLQIOXHQFLDGH
OD JLQHEUD SDUHFtDQ UHVXHOWRV D ROYLGDUVH GH WRGRV VXV HVFU~SXORV R WHPRUHV 0XFKDV GH ODV
HPEDUFDFLRQHV QRV VDOXGDURQ FRQ VDOYDV \ WRGRV QRV YLWRUHDURQ FRQ DQLPDGRV YLYDV TXH RtPRV FRQ
VRUSUHQGHQWHFODULGDG \FRQHORQGHDUGHJRUUDV\SDxXHORV&RQWLQXDPRVDVtWRGRHOGtDVLQLQFLGHQWHV
GH QLQJXQD FODVH \ FXDQGR ODV VRPEUDV GH OD QRFKH VH FHUQtDQ VREUH QRVRWURV KLFLPRV XQ FiOFXOR
DSUR[LPDGRGHODGLVWDQFLDUHFRUULGD(VWDQRSRGtDVHUPHQRVGHTXLQLHQWDVPLOODVSUREDEOHPHQWHVHUtD
PXFKRPiV(OSURSXOVRUKDEtDIXQFLRQDGRVLQSDUDUXQLQVWDQWH\QRFDEHGXGDTXHIXHXQDLPSRUWDQWH
D\XGD HQ QXHVWUR DYDQFH &XDQGR VH SXVR HO VRO OD EULVD UHIUHVFy WUDQVIRUPiQGRVH HQ XQ YHUGDGHUR
YHQGDYDO(ORFpDQRGHEDMRGHQRVRWURVHUDFODUDPHQWHYLVLEOHDFDXVDGHVXIRVIRUHVFHQFLD(OYLHQWR
63

VRSOyGHOHVWHGXUDQWHWRGDODQRFKH\HVWRQRVKL]RSHQVDUHQORVPiVEULOODQWHVSUHVDJLRVGHWULXQIR
(QWRQFHVSDVDPRVEDVWDQWHIUtR\ODKXPHGDGGHODDWPyVIHUDUHVXOWDEDGHVDJUDGDEOHSHURJUDFLDVDOD
DPSOLWXGGHODEDUTXLOODQRVIXHSRVLEOHWHQGHUQRV\YDOLpQGRQRVGHQXHVWUDVFDSDV\DOJXQDVPDQWDVTXH
OOHYiEDPRVSXGLPRVDUUHJODPRVEDVWDQWHELHQ
3RVWVFULSWXP SRUPtVWHU$LQVZRUWK /DV~OWLPDVQXHYHKRUDVKDQVLGRVLQGXGDDOJXQDODVPiV
HPRFLRQDQWHVGHPLYLGD1RSXHGRLPDJLQDUQDGDPiVH[FLWDQWHTXHHOH[WUDxRSHOLJUR\ODQRYHGDGGH
XQDDYHQWXUDFRPRHVWD4XLHUD'LRVTXHORJUHPRVHOp[LWR1RGHVHRHOWULXQIRSRUODPHUDVHJXULGDGGH
PLLQVLJQLILFDQWHSHUVRQDVLQRSRUHOELHQGHODKXPDQLGDG\SRUODPDJQLWXGGHOWULXQIR<VLQHPEDUJR
ODKD]DxDHVWDQFODUDPHQWHIDFWLEOHTXHOR~QLFRVRUSUHQGHQWHHVTXHORVKRPEUHVQRODKD\DQLQWHQWDGR
DQWHV 8Q VLPSOH YHQWDUUyQ FRPR HO TXH QRV IDYRUHFH DKRUD XQ WRUEHOOLQR GH WHPSHVWDG TXH HPSXMH XQ
JORER GXUDQWH FXDWUR R FLQFR GtDV HVWD FODVH GH YLHQWRV IUHFXHQWHPHQWH GXUDQ PiV  EDVWDUi SDUD
WUDQVSRUWDUDOYLDMHURGHFRVWDDFRVWDHQXQFRUWRHVSDFLRGHWLHPSR&RQWDOHVYLHQWRVDODYLVWDHOYDVWR
$WOiQWLFR VH FRQYLHUWH HQ XQ VLPSOH ODJR /R TXH PH FRQPXHYH PiV TXH QLQJ~Q RWUR IHQyPHQR KDVWD HO
SUHVHQWH HV D SHVDU GH VX DJLWDFLyQ HO VXSUHPR VLOHQFLR TXH UHLQD HQ HO PDU GHEDMR GH QRVRWURV /DV
DJXDV QR DO]DQ QL HO PiV OHYH PXUPXOOR KDFLD ORV FLHORV (O LQPHQVR RFpDQR OODPHDQWH VH UHWXHUFH
WRUWXUDGR VLQ XQD TXHMD /DV RODV PRQWDxRVDV VXJLHUHQ OD LGHD GH LQQXPHUDEOHV GHPRQLRV PXGRV \
JLJDQWHVFRVTXHOXFKDQHQXQDLPSRWHQWHDJRQtD(QXQDQRFKHFRPRHVWDXQKRPEUHYLYH UHDOPHQWH XQ
VLJORGHYLGDRUGLQDULD\QRFDPELDUtDHVWHDUUHEDWDGRSODFHUSRUWRGRXQVLJORGHHVDH[LVWHQFLDYXOJDU
'RPLQJR LQIRUPHGHPtVWHU0DVyQ (VWDPDxDQDDODVGLH]HOYLHQWRKDDPDLQDGRDXQDEULVD
GHRFKRRQXHYHQXGRV SDUDXQDHPEDUFDFLyQHQHOPDU \QRVOOHYDWDOYH]DWUHLQWDPLOODVSRUKRUDR
PiV +D YDULDGR VLQ HPEDUJR PX\ FRQVLGHUDEOHPHQWH KDFLD HO QRUWH \ DKRUD ~OWLPD KRUD GH OD WDUGH
PDQWHQHPRVHOUXPERRHVWHPHUFHGSULQFLSDOPHQWHDOWRUQLOOR\DOWLPyQTXHIXQFLRQDQDGPLUDEOHPHQWH
&RQVLGHURHOSUR\HFWRFRPSOHWDPHQWHVDWLVIDFWRULR\ODQDYHJDFLyQDpUHDHQFXDOTXLHUGLUHFFLyQ VDOYR
FRQXQYLHQWRHQFRQWUD FRPRDOJRVLQSUREOHPDV1RSRGUtDPRVKDEHUKHFKRIUHQWHDOIXHUWHYLHQWRGH
D\HUSHURHOHYiQGRQRVORVXILFLHQWHSRGUtDPRVKDEHUHVFDSDGRDVXVHIHFWRVHQFDVRGHQHFHVLGDG&RQ
XQDVXDYHEULVDHQFRQWUDHVWR\FRQYHQFLGRTXHSRGUtDPRVDYDQ]DUFRQHOSURSXOVRU$OPHGLRGtDGHKR\
DVFHQGLPRVDXQDDOWXUDGHYHLQWLFLQFRPLOSLHVVROWDQGRODVWUH/RKLFLPRVFRQHOSURSyVLWRGHHQFRQWUDU
XQDFRUULHQWHPiVGLUHFWDSHURQRKHPRVHQFRQWUDGRQLQJXQDWDQIDYRUDEOHFRPRODTXHQRVLPSHOtDKDVWD
DKRUD $QGDPRV VREUDGRV GH JDV FRPR SDUD DWUDYHVDU HVWH SHTXHxR ODJR DXQTXH HO YLDMH GXUDUD WUHV
VHPDQDV 1R DEULJR HO PiV OLJHUR WHPRU VREUH HO UHVXOWDGR GHO YLDMH /DV GLILFXOWDGHV KDQ VLGR
H[WUDRUGLQDULDPHQWHH[DJHUDGDV\PDOLQWHUSUHWDGDV3XHGRHOHJLUPLFRUULHQWH\DXQTXHWXYLHVHWRGDVODV
FRUULHQWHV HQ FRQWUD SRGUtD DEULUPH FDPLQR WROHUDEOHPHQWH FRQ HO SURSXOVRU 1R KHPRV WHQLGR QLQJ~Q
LQFLGHQWHTXHYDOJDODSHQDUHJLVWUDU/DQRFKHSURPHWHVHUPDJQtILFD
3RVW VFULSWXP SRU PtVWHU $LQVZRUWK  7HQJR SRFR TXH UHJLVWUDU H[FHSWR HO KHFKR GHO WRGR
VRUSUHQGHQWHSDUDPt GHTXHDXQDDOWXUDLJXDODODGHO&RWRSD[LQRKHH[SHULPHQWDGRQLXQIUtRLQWHQVR
QLGRORUGHFDEH]DQLGLILFXOWDGHQODUHVSLUDFLyQ/RPLVPRH[SHULPHQWDURQPtVWHU0DVRQ+ROODQG\VLU
(YHUDUG0tVWHU2VERUQHVHTXHMyGHRSUHVLyQHQHOSHFKRSHURKDFHVDGRSURQWR'XUDQWHWRGRHOGtD
KHPRVYRODGRDJUDQYHORFLGDG\GHEHPRVHVWDUDPiVGHODPLWDGGHOFDPLQRVREUHHO$WOiQWLFR+HPRV
SDVDGRSRUHQFLPDGHXQDVYHLQWHRWUHLQWDHPEDUFDFLRQHVGHYDULDVFODVHV\WRGRVSDUHFtDQHVWDUHQWUH
64

GLYHUWLGRV\DVRPEUDGRVSRUORTXHYHtDQ&UX]DUHORFpDQRHQXQJORERGHVSXpVGHWRGRQRHVXQDFRVD
WDQGLItFLO2PQHLJQRWXPSURPDJQLILFR
127$$SLHVHOFLHORSDUHFHFDVLQHJUR\ODVHVWUHOODVVRQFODUDPHQWHYLVLEOHVPLHQWUDVTXH
SRU HO FRQWUDULR HO PDU QR SDUHFH FRQYH[R FRPR SRGUtD VXSRQHUVH  VLQR DEVROXWD H LQHTXtYRFDPHQWH
FyQFDYR>@
/XQHV LQIRUPHGHPtVWHU0DVyQ (VWDPDxDQDKHPRVWHQLGRXQDSHTXHxDPROHVWLDDFDXVDGHOD
YDULOODGHOSURSXOVRUTXHKD\TXHUHKDFHUGHOWRGRSDUDHYLWDUXQDFFLGHQWHVHULRPHUHILHURDODEDUUD
GHDFHUR\QRDODVDVSDV(VWDV~OWLPDVQRSXHGHQPHMRUDUVH(OYLHQWRKDVRSODGRWRGRHOGtDIXHUWH\
SHUVLVWHQWHGHOQRUGHVWHFRPRVLODIRUWXQDSDUHFLHUDGLVSXHVWDDIDYRUHFHUQRVHQWRGRPRPHQWR+DFLDHO
DPDQHFHU QRV VHQWLPRV DOJR DODUPDGRV SRU DOJXQRV H[WUDxRV UXLGRV \ UHSHWLGDV VDFXGLGDV HQ HO JORER
DFRPSDxDGRV GH OD DSDUHQWH \ UiSLGD SDUDGD GH OD PiTXLQD (VWH IHQyPHQR HUD PRWLYDGR SRU OD
H[SDQVLyQ GHO JDV GHELGR D XQ DXPHQWR GH FDORU HQ OD DWPyVIHUD \ HO FRQVLJXLHQWH GHVKLHOR GH ODV
PHQXGDVSDUWtFXODVGHHVFDUFKDTXHVHKDEtDQGHSRVLWDGRHQODUHGGXUDQWHODQRFKH$UURMDPRVYDULDV
ERWHOODV D ORV EDUFRV TXH SDVDEDQ SRU GHEDMR 9LPRV FyPR XQD HQRUPH HPEDUFDFLyQ TXH SDUHFtD XQ
SDTXHERWH GH OD OtQHD 1XHYD <RUN UHFRJtD XQD $XQTXH QRV HVIRU]DPRV SRU DYHULJXDU VX QRPEUH QR
HVWDPRVVHJXURVGHKDEHUORFRQVHJXLGR0tVWHU2VERUQHFRQHOFDWDOHMRSDUHFLyGHVFLIUDUDOJRDVtFRPR
$WDODQWD6RQDKRUDODVGRFHGHODQRFKH\FRQWLQXDPRVFDVLDORHVWHFRQXQDPDUFKDPX\UiSLGD(OPDU
UHVSODQGHFHGHPDQHUDLPSUHVLRQDQWH
3RVWVFULSWXP SRUPtVWHU$LQVZRUWK 6RQODVGRVGHODPDGUXJDGDWRGRHVWiHQFDOPDSRUORTXH
SXHGR DSUHFLDU DXQTXH UHVXOWD GLItFLO GHWHUPLQDUOR FRQ H[DFWLWXG GHELGR D TXH QRV PRYHPRV
FRPSOHWDPHQWHFRQHODLUH1RKHGRUPLGRGHVGHTXHGHMDPRV:HDO9RUSHURQRSXHGRUHVLVWLUORPiV\
KHGHGDUXQDFDEH]DGD1RGHEHPRVGHHVWDUPX\OHMRVGHODFRVWDDPHULFDQD
0DUWHV LQIRUPHGHPtVWHU$LQVZRUWK /DXQDGHODWDUGH7HQHPRVDODYLVWDODFRVWDEDMDGH
&DUROLQD GHO 6XU (O JUDQ SUREOHPD HVWi UHVXHOWR +HPRV FUX]DGR HO $WOiQWLFR OLPSLD \ IiFLOPHQWH OR
KHPRV FUX]DGR HQ XQ JORER $ODEDGR VHD 'LRV 4XLpQ GLUi TXH H[LVWH DOJR LPSRVLEOH GH DKRUD HQ
DGHODQWH"
 
$TXt DFDED HO GLDULR 6LQ HPEDUJR DOJXQRV SRUPHQRUHV GHO GHVFHQVR KDQ VLGR FRPXQLFDGRV SRU
PtVWHU$LQVZRUWKDPtVWHU)RUV\WK&XDQGRORVYLDMHURVHVWXYLHURQIUHQWHDODFRVWDTXHIXHUHFRQRFLGD
FDVLLQPHGLDWDPHQWHSRUORVGRVPDULQHURV\SRUPtVWHU2VERUQHUHLQDEDXQDFDOPDDEVROXWD&RPRHVWH
~OWLPRFDEDOOHURWHQtDDOJXQRVFRQRFLGRVHQ)RUW0RXOWULHLQPHGLDWDPHQWHVHUHVROYLyGHVFHQGHUHQVXV
FHUFDQtDV (O JORER IXH FRQGXFLGR D OD SOD\D HVWDED EDMDQGR OD PDUHD \ OD DUHQD VXDYH \ OLVD VH
DGDSWDED DGPLUDEOHPHQWH SDUD HO GHVFHQVR  \ VH GHMy FDHU HO DQFOD TXH LQPHGLDWDPHQWH DJDUUy FRQ
ILUPH]D/RVKDELWDQWHVGHODLVOD\GHOIXHUWHVHSUHFLSLWDURQFRPRHVQDWXUDOSDUDYHUHOJORERSHUR
FRQ JUDQ GLILFXOWDG SRGtDQ GDU FUpGLWR DO YLDMH UHDOL]DGR OD WUDYHVtD GHO $WOiQWLFR (O DQFOD VH KDEtD
ODQ]DGRDODVGRVGHODWDUGHGHPRGRTXHHOYLDMHVHKDEtDFRPSOHWDGRHQVHWHQWD\FLQFRKRUDVPiVR
PHQRVFRQWDQGRGHFRVWDDFRVWD1RRFXUULyQLQJ~QDFFLGHQWHVHULR1RKXERTXHWHPHUQLQJ~QSHOLJUR
65

GHLPSRUWDQFLDHQWRGRHVHWLHPSR(OJORERTXHGyGHVKLQFKDGR\DVHJXUDGRVLQGLILFXOWDG\FXDQGRORV
LQIRUPHVEDVHGHGRQGHVHKDREWHQLGRHVWDQDUUDFLyQVHHQYLDURQD&KDUOHVWRQHOJUXSRFRQWLQ~DD~QHQ
)RUW 0RXOWULH 1R VH FRQRFHQ VXV SUR\HFWRV SHUR SRGHPRV SURPHWHU D QXHVWURV OHFWRUHV FRQ WRGD
VHJXULGDG XQD LQIRUPDFLyQ VXSOHPHQWDULD KDFLD HO OXQHV R HQ HO WUDQVFXUVR GHO VLJXLHQWH GtD D PiV
WDUGDU
(VWDHVLQGXGDEOHPHQWHODPiVHVWXSHQGDODPiVLQWHUHVDQWH\ODPiVLPSRUWDQWHHPSUHVDQRVROR
OOHYDGDDFDERVLQRLQWHQWDGDMDPiVSRUHOKRPEUH6HUtDLQ~WLOWUDWDUGHGHWHUPLQDUDKRUDORVPDJQtILFRV
DFRQWHFLPLHQWRVTXHSXHGHQVHJXLUDVHPHMDQWHDYHQWXUD

66

/RVFUtPHQHVGHODFDOOH0RUJXH>@

4XpFDQFLyQFDQWDEDQODVVLUHQDVRTXpQRPEUH
DGRSWy$TXLOHVFXDQGRVHRFXOWDEDHQWUHODV
PXMHUHV"(VWDVVRQGHVGHOXHJRFXHVWLRQHV
DUGXDVSHURTXHQRH[FHGHQDODVSRVLELOLGDGHV
GHWRGDFRQMHWXUD
6,57+20$6%52:1(

$6 FRQGLFLRQHV PHQWDOHV FRQVLGHUDGDV GHVGH XQ SXQWR GH YLVWD DQDOtWLFR UHVXOWDQ HQ Vt PLVPDV
GLItFLOHV GH DQDOL]DU /DV DSUHFLDPRV ~QLFDPHQWH SRU VXV HIHFWRV 6DEHPRV GH HOODV HQWUH RWUDV
FRVDV TXH VRQ SDUD VX SRVHHGRU FXDQGR ODV SRVHH GH XQD PDQHUD GHVRUGHQDGD IXHQWH GH JRFHV
YLYtVLPRV $Vt FRPR HO KRPEUH IXHUWH HQFXHQWUD SODFHU HQ VX KDELOLGDG ItVLFD \ VH GHOHLWD HQ ORV
HMHUFLFLRV TXH KDFHQ HQWUDU D VXV P~VFXORV HQ DFFLyQ HO DQDOLVWD VH FRPSODFH HQ DTXHOOD DFWLYLGDG
LQWHOHFWXDOTXHFRQVLVWHHQGHVHQUHGDUODVFRVDV(QFXHQWUDSODFHUDXQHQODVPiVWULYLDOHVRFXSDFLRQHV
TXHSRQHQHQMXHJRVXWDOHQWR/HHQWXVLDVPDQORVHQLJPDVORVDFHUWLMRVORVMHURJOtILFRVGHPRVWUDQGRHQ
ODVROXFLyQGHFDGDXQRXQJUDGRGHDJXGH]DTXHDSDUHFHDORVRMRVGHOYXOJRFRPRDQWLQDWXUDO(VWRV
UHVXOWDGRVOOHYDGRVDFDERSRUVXVRORHVStULWX\SRUODtQGROHGHVXPpWRGRWLHQHQHQYHUGDGWRGRHO
DLUHGHODLQWXLFLyQ
/DIDFXOWDGGHUHVROXFLyQHVYLJRUL]DGDPX\SRVLEOHPHQWHSRUHOHVWXGLRPDWHPiWLFRHVSHFLDOPHQWH
SRUHVDUDPDJLJDQWHVFDGHOPLVPRTXHLQMXVWDPHQWH\VRORHQUD]yQGHVXVRSHUDFLRQHVUHWUyJUDGDVKD
VLGROODPDGDSRUDQWRQRPDVLDDQiOLVLV6LQHPEDUJRFDOFXODUQRHVHQVtPLVPRDQDOL]DU8QMXJDGRUGH
DMHGUH]SRUHMHPSORKDFHORXQRVLQHVIRU]DUVHHQORRWUR'HORTXHVHGHGXFHTXHHOMXHJRGHODMHGUH]
VH DFRVWXPEUD D YDORUDU PDO HQ OR UHIHUHQWH D VXV HIHFWRV HQ HO RUGHQ PHQWDO 1R HVWR\ HVFULELHQGR XQ
WUDWDGRVLQRVLPSOHPHQWHHOSUHIDFLRGHXQDQDUUDFLyQSHFXOLDUFRQREVHUYDFLRQHVFRJLGDVDOD]DUSRU
OR WDQWR DSURYHFKDUp HVWD RFDVLyQ SDUD DILUPDU TXH ODV PiV DOWDV IDFXOWDGHV GHO LQWHOHFWR UHIOH[LYR
HVWDUiQ RFXSDGDV PiV GHFLGLGDPHQWH \ FRQ PiV SURYHFKR HQ HO PRGHVWR MXHJR GH GDPDV TXH HQ OD
HODERUDGD IULYROLGDG GHO DMHGUH] (Q HVWH ~OWLPR GRQGH ODV SLH]DV WLHQHQ GLIHUHQWHV \ EL]DUUHV>@
PRYLPLHQWRVFRQGLYHUVRV\YDULDEOHVYDORUHVQRHVH[WUDxRTXHVHWRPHSRUSURIXQGRORTXHVRORHV
FRPSOHMR/DDWHQFLyQHVDTXtSRGHURVDPHQWHSXHVWDHQMXHJR6LHVWDGHFDHSRUXQLQVWDQWHVHFRPHWHXQ
GHVFXLGR TXH GD FRPR UHVXOWDGR SHUMXLFLR R GHUURWD &RPR ORV PRYLPLHQWRV SRVLEOHV QR VROR VRQ
P~OWLSOHVVLQRWDPELpQLQWULQFDGRVODVSUREDELOLGDGHVGHWDOHVGHVFXLGRVVHPXOWLSOLFDQ\HQQXHYHGH
GLH]FDVRVHVHOMXJDGRUTXHSRVHHPiVSRGHUGHFRQFHQWUDFLyQ\QRHOGHPiVDJXGH]DTXLHQWULXQID(Q
ODV GDPDV SRU HO FRQWUDULR GRQGH ORV PRYLPLHQWRV VRQ ~QLFRV \ WLHQHQ PX\ SRFD YDULDFLyQ ODV
SUREDELOLGDGHV GH LQDGYHUWHQFLD VRQ PtQLPDV \ FRPR OD VLPSOH DWHQFLyQ TXHGD UHODWLYDPHQWH
GHVRFXSDGD HV OD DJXGH]D OD TXH GD OD YHQWDMD D ORV FRQWHQGLHQWHV 3DUD VHU PHQRV DEVWUDFWR
VXSRQJDPRVXQMXHJRGHGDPDVGRQGHODVSLH]DVVHUHGXFHQDFXDWURILFKDV\GRQGHGHVGHOXHJRQRKD\
67

SRVLELOLGDG GH GHVFXLGR (V REYLR TXH HQ HVWH FDVR OD YLFWRULD VROR SXHGH VHU GHFLGLGD HVWDQGR ORV
MXJDGRUHVHQLJXDOGDGGHFRQGLFLRQHV SRUDOJ~QPRYLPLHQWRUHFKHUFKp>@UHVXOWDGRGHXQHVIXHU]RGHOD
LQWHOLJHQFLD 3ULYDGR GH ORV UHFXUVRV FRUULHQWHV HO DQDOLVWD SHQHWUD HQ HO HVStULWX GH VX RSRQHQWH VH
LGHQWLILFDFRQpO\HQQRSRFDVRFDVLRQHVGHVFXEUHGHXQDRMHDGDORV~QLFRVPpWRGRV DOJXQDVYHFHVGH
KHFKR DEVXUGDPHQWH VHQFLOORV  SRU ORV FXDOHV SXHGH LQGXFLUOR D HUURU R DUUDVWUDUOR D XQ FiOFXOR
HTXLYRFDGR
(OMXHJRGHOZKLVWKDVLGRVHxDODGRGXUDQWHPXFKRWLHPSRSRUVXLQIOXHQFLDVREUHHOOODPDGRSRGHU
FDOFXODGRU\VHVDEHGHKRPEUHVGHOPD\RUJUDGRGHLQWHOLJHQFLDTXHKDQVHQWLGRXQLQH[SOLFDEOHGHOHLWH
SRU pO PLHQWUDV KXtDQ GHO DMHGUH] FRPR DOJR GHPDVLDGR IUtYROR 6LQ OXJDU D GXGDV QR KD\ QDGD GH
QDWXUDOH]DVLPLODUTXHHMHUFLWHWDQWRODIDFXOWDGGHDQiOLVLV(OPHMRUMXJDGRUGHDMHGUH]GHODFULVWLDQGDG
SXHGHVHUSRFRPiVTXHHOPHMRUMXJDGRUGHDMHGUH]SHURODSHULFLDHQHO ZKLVW LPSOLFD \D FDSDFLGDG
SDUD HO p[LWR HQ WRGDV ODV PiV LPSRUWDQWHV HPSUHVDV GRQGH OD LQWHOLJHQFLD OXFKD FRQWUD OD LQWHOLJHQFLD
&XDQGRGLJRSHULFLDTXLHURVLJQLILFDUDTXHOODSHUIHFFLyQHQHOMXHJRTXHLQFOX\HODFRPSUHQVLyQGHWRGDV
ODV IXHQWHV GH GRQGH SXHGH GHULYDUVH XQD YHQWDMD OHJtWLPD (VWDV IXHQWHV QR VROR VRQ YDULDGDV VLQR
PXOWLIRUPHV\DFLHQGRIUHFXHQWHPHQWHHQORVHVFRQGULMRVGHOSHQVDPLHQWRFRPSOHWDPHQWHLQDFFHVLEOHVD
ODFRPSUHQVLyQRUGLQDULD2EVHUYDUDWHQWDPHQWHHVUHFRUGDUGLVWLQWDPHQWH\GHVGHOXHJRHOFRQFHQWUDGR
MXJDGRU GH DMHGUH] OR KDUi PX\ ELHQ HQ HO ZKLVW $GHPiV ODV UHJODV GH +R\OH EDVDGDV HQ HO VLPSOH
PHFDQLVPR GHO MXHJR  VRQ HQ JHQHUDO VXILFLHQWHV \ FRQRFLGDV $Vt HO SRVHHU XQD PHPRULD UHWHQWLYD \
SURFHGHU FRQIRUPH DO OLEUR VRQ SXQWRV FRP~QPHQWH FRQVLGHUDGRV FRPR HO FRPSHQGLR WRWDO GHO EXHQ
MXJDGRU3HURHVHQORVFDVRVTXHHVWiQPiVDOOiGHOOtPLWHGHODSXUDUHJODGRQGHVHSRQHHQHYLGHQFLDOD
KDELOLGDG GHO DQDOLVWD (VWH KDFH HQ VLOHQFLR XQ F~PXOR GH REVHUYDFLRQHV \ GHGXFFLRQHV 7DO YH] VXV
FRPSDxHURVKDUiQRWURWDQWRSHURODGLIHUHQFLDHQODH[WHQVLyQGHODLQIRUPDFLyQREWHQLGDUHVLGHQRWDQWR
HQODYDOLGH]GHODGHGXFFLyQFRPRHQODFDOLGDGGHODVREVHUYDFLRQHV(OFRQRFLPLHQWRQHFHVDULRHVHO
TXHVHFRQVLJXHREVHUYDQGR1XHVWURMXJDGRUQRVHHQFLHUUDHQVtPLVPRQLSRUTXHHOMXHJRVHDVXREMHWR
KDGHUHKXVDUFLHUWDVGHGXFFLRQHVTXHVHRULJLQDQGHODVFRVDVH[WHUQDVGHOMXHJR([DPLQDODILVRQRPtD
GHVXFRPSDxHURFRPSDUiQGRODFXLGDGRVDPHQWHFRQFDGDXQRGHVXVRSRQHQWHV7LHQHHQFXHQWDHOPRGR
GHGLVWULEXLUVHODVFDUWDVHQFDGDPDQRDPHQXGRFRQWDQGRWULXQIRSRUWULXQIR\ILJXUDSRUILJXUDVHJ~Q
ODV PLUDGDV TXH ODV GHGLFDQ VXV UHVSHFWLYRV WHQHGRUHV 3HUFLEH FDGD YDULDFLyQ HQ HO URVWUR GH ORV
MXJDGRUHV D PHGLGD TXH HO MXHJR SURJUHVD DFXPXODQGR HQ HO IRQGR GH VX PHQWH ODV GLIHUHQFLDV HQ ODV
H[SUHVLRQHV GH FHUWLGXPEUH GH VRUSUHVD GH WULXQIR R GH GHVDJUDGR 3RU HO PRGR GH UHFRJHU XQD ED]D
MX]JDVLODSHUVRQDTXHODWRPDSXHGHKDFHURWUDGHOPLVPRSDOR5HFRQRFHORTXHVHMXHJDILQJLGDPHQWH
SRUHODLUHFRQTXHVHHFKDODFDUWDVREUHODPHVD8QDSDODEUDFDVXDORLQDGYHUWLGDODFDtGDFDVXDOGH
XQDFDUWDRHOYROYHUODFRQODFRQVLJXLHQWHDQVLHGDGRODLQGLIHUHQFLDGHOMXJDGRUDORFXOWDUODRWUDYH]HO
FRQWDUODVED]DVSRUHORUGHQGHVXFRORFDFLyQHOGHVFRQFLHUWRODYDFLODFLyQODDQVLHGDGRWHPRUWRGR
HOORVXPLQLVWUDDVXSHUFHSFLyQDSDUHQWHPHQWHLQWXLWLYDLQGLFDFLRQHVGHOYHUGDGHURHVWDGRGHODVFRVDV
8QDYH]MXJDGDVGRVRWUHVED]DV\DHVWiHQFRQGLFLRQHVGHFRQRFHUHOMXHJRDMHQR\GHDTXtHQDGHODQWH
HFKDVXVFDUWDVFRQWDQDEVROXWDSUHFLVLyQGHSURSyVLWRFRPRVLHOUHVWRGHORVMXJDGRUHVMXJDUDQFRQODV
FDUWDVERFDDUULED
(OSRGHUDQDOtWLFRQRGHEHVHUFRQIXQGLGRFRQODVLPSOHLQJHQLRVLGDGSXHVHQWDQWRTXHHODQDOLVWDHV
QHFHVDULDPHQWHLQJHQLRVRHOKRPEUHLQJHQLRVRHVODPD\RUtDGHODVYHFHVQRWDEOHPHQWHLQHSWRSDUDHO
DQiOLVLV (O SRGHU FRQVHFXHQWH R FRPELQDGR SRU HO FXDO OD LQJHQLRVLGDG VH PDQLILHVWD \ DO TXH ORV
68

IUHQyORJRV \R FUHR TXH HUUyQHDPHQWH  KDQ GHVLJQDGR XQ yUJDQR DSDUWH VXSRQLpQGROR XQD IDFXOWDG
SULPLWLYDVHKDYLVWRIUHFXHQWHPHQWHHQDTXHOORVVHUHVFX\DLQWHOLJHQFLDERUGHDEDODLGLRWH]ORTXHKD
OODPDGR SRGHURVDPHQWH OD DWHQFLyQ HQWUH ORV HVFULWRUHV PRUDOLVWDV (QWUH OD LQJHQLRVLGDG \ OD KDELOLWDG
DQDOtWLFD H[LVWH XQD GLIHUHQFLD PXFKR PD\RU TXH HQWUH OD IDQWDVtD \ OD LPDJLQDFLyQ SHUR HO FDUiFWHU
HVHQFLDOHVH[DFWDPHQWHHOPLVPR'HKHFKRVHREVHUYDUiTXHORLQJHQLRVRHVVLHPSUHIDQWiVWLFR\TXH
HOYHUGDGHUDPHQWHLPDJLQDWLYRQRHVRWUDFRVDTXHDQDOtWLFR
/D QDUUDFLyQ TXH VLJXH SURSRUFLRQDUi DO OHFWRU XQD LOXVWUDFLyQ EDVWDQWH H[SUHVLYD GH ODV
SURSRVLFLRQHVKDVWDDTXtLQGLFDGDV
5HVLGLHQGRHQ3DUtVGXUDQWHODSULPDYHUD\SDUWHGHOYHUDQRGHODxRWUDEpDPLVWDGFRQXQVHxRU
OODPDGR 0RQVLHXU & $XJXVWH 'XSLQ (VWH MRYHQ FDEDOOHUR SHUWHQHFtD D XQD H[FHOHQWH H LQFOXVR LOXVWUH
IDPLOLD SHUR D FDXVD GH XQD VHULH GH FRQWUDWLHPSRV VH KDEtD YLVWR UHGXFLGR D XQD SREUH]D WDO TXH OD
HQHUJtD GH VX FDUiFWHU VXFXPELy D HOOD \ UHQXQFLy D VXV DPELFLRQHV PXQGDQDV QR KDFLHQGR QDGD SRU
UHVWDEOHFHU GH QXHYR VX IRUWXQD 3RU FRUWHVtD GH VXV DFUHHGRUHV SHUPDQHFtD D~Q HQ VX SRVHVLyQ XQ
SHTXHxR UHPDQHQWH GH VX SDWULPRQLR \ FRQ OD UHQWD TXH REWHQtD GH HVWH PRGR SXGR DUUHJOiUVHODV SRU
PHGLRGHXQDULJXURVDHFRQRPtDSDUDSURFXUDUVHORQHFHVDULRSDUDYLYLUVLQLPSRUWDUOHSRUVXSDUWHWRGR
ORVXSHUIOXR/RVOLEURVHUDQVX~QLFROXMR\HQ3DUtVHVIiFLODGTXLULUORV
1XHVWURSULPHUHQFXHQWURIXHHQXQDRVFXUDOLEUHUtDGHODFDOOH0RQWPDUWUHGRQGHODFDVXDOLGDGGH
DQGDUEXVFDQGRORVGRVHOPLVPRUDUR\QRWDEOHYROXPHQQRVSXVRHQHVWUHFKDFRPXQLFDFLyQ1RVYLPRV
PX\DPHQXGR<RHVWDEDSURIXQGDPHQWHLQWHUHVDGRSRUVXSHTXHxDKLVWRULDIDPLOLDUTXHpOPHGHWDOOy
FRQWRGRHOFDQGRUFRQTXHXQIUDQFpVORKDFHFXDQGRVHH[WLHQGHQVREUHHVWDFODVHGHWHPDV7DPELpQPH
PDUDYLOOyODHQRUPHFDQWLGDGGHOLEURVTXHKDEtDOHtGR\VREUHWRGRVHQWtTXHPLDOPDVHHQDUGHFtDFRQ
HOYLROHQWRDUGRU\ODYLYDIUHVFXUDGHVXLPDJLQDFLyQ%XVFDQGRHQ3DUtVREMHWRVTXHWDPELpQDPtPH
LQWHUHVDEDQVXSXVHTXHODDPLVWDGFRQWDOSHUVRQDSRGUtDVHUSDUDPtXQWHVRURGHLQDSUHFLDEOHYDORU\
FRQHVWHVHQWLPLHQWRPHFRQILpIUDQFDPHQWHDpO3RUILQTXHGyFRQFHUWDGRTXHYLYLUtDPRVMXQWRVGXUDQWH
PLHVWDQFLDHQODFLXGDG\FRPRPLVLWXDFLyQPRQHWDULDHUDDOJRPHQRVHPEDUD]RVDTXHODVX\DVHPH
SHUPLWLySDUWLFLSDUHQORVJDVWRVGHDOTXLOHU\DPXHEODPLHQWRGHPDQHUDTXHHQFDMDUDFRQORIDQWiVWLFR\
PHODQFyOLFR GH QXHVWUR FRP~Q WHPSHUDPHQWR XQD FDVD YHWXVWD \ JURWHVFD DEDQGRQDGD KDFtD PXFKR
WLHPSRDFDXVDGHDOJXQDVXSHUVWLFLyQTXHQRQRVSUHRFXSDPRVGHDYHULJXDU\TXHVHWDPEDOHDEDFRPRVL
IXHVHDKXQGLUVHHQXQUHWLUDGR\GHVRODGRULQFyQGHOEDUULR6DLQW*HUPDLQ
6LQXHVWURUXWLQDULRPRGRGHYLYLUKXELHUDVLGRGHOGRPLQLRS~EOLFRQRVKXELHUDQWRPDGRSRUORFRV
DXQTXH WDO YH] SRU ORFRV GH XQD HVSHFLH LQRIHQVLYD 1XHVWUR UHWLUR HUD SHUIHFWR 1RVRWURV QR
DGPLWtDPRVYLVLWDQWHV(QUHDOLGDGODORFDOLGDGGHQXHVWURUHWLURKDEtDVLGRFXLGDGRVDPHQWHPDQWHQLGD
HQVHFUHWRSDUDPLVDQWLJXRVFDPDUDGDV\SRUORTXHUHVSHFWDD'XSLQHVWHKDFtDPXFKRWLHPSR\DTXH
KDEtDFHVDGRGHFRQRFHUDQDGLHRGHWHQHUUHODFLRQHVHQ3DUtV9LYtDPRVVRORVHQFHUUDGRVHQQXHVWUR
PXQGRLQWHULRU
8QD H[WUDYDJDQWH IDQWDVtD GH PL DPLJR GH TXp RWUR PRGR SRGUtD OODPDUOD"  FRQVLVWtD HQ HVWDU
HQDPRUDGRGHOD1RFKH\HQHVWDH[WUDYDJDQFLDFRPRHQWDQWDVRWUDVFDtSRFRDSRFROL]DUUHULHDHOOD
FRQ SHUIHFWR DEDQGRQR /D QHJUD GLYLQLGDG QR SRGtD KDELWDU VLHPSUH HQWUH QRVRWURV SHUR SRGtDPRV
IDOVLILFDUVXSUHVHQFLD$OSULPHULQGLFLRGHODPDQHFHUFHUUiEDPRVWRGRVORVPDFL]RVSRVWLJRVGHQXHVWUD
YLHMDPDQVLyQ\HQFHQGtDPRVXQSDUGHYHODVIXHUWHPHQWHSHUIXPDGDVTXHGHVSHGtDQORVPiVGpELOHV\
SiOLGRVUD\RV&RQODD\XGDGHHVWRVRFXSiEDPRVHQWRQFHVQXHVWUDVPHQWHVHQOHHUHVFULELURFRQYHUVDU
69

KDVWD TXH DOJ~Q UHORM QRV KDFtD VDEHU TXH OD YHUGDGHUD RVFXULGDG KDEtD OOHJDGR (QWRQFHV VDOtDPRV D
YDJDEXQGHDUSRUODVFDOOHVFRJLGRVGHOEUD]RFRQWLQXDQGRQXHVWUDVFKDUODVVREUHORVWHPDVGHOGtDKDVWD
PX\WDUGHEXVFDQGRHQWUHODVH[WUDxDVOXFHV\VRPEUDVGHODSRSXORVDFLXGDGORVHVWtPXORVPHQWDOHVTXH
ODWUDQTXLODREVHUYDFLyQSRGtDSURSRUFLRQDPRV
(QWDOHVPRPHQWRV\RQRSRGtDGHMDUGHQRWDU\DGPLUDU DXQTXHGHVXULFDLGHDOLGDGFDEtDHVSHUDUOR
WRGR XQDSHFXOLDUKDELOLGDGDQDOtWLFDGH'XSLQ$GHPiVSDUHFtDVHQWLUXQiYLGRGHOHLWHHQVXHMHUFLFLR
VLQRH[DFWDPHQWHHQUHSUHVHQWDUOR\QRYDFLODEDHQFRQIHVDUHOSODFHUTXHDTXHOOROHFDXVDED6H
MDFWDEDDQWHPtFRQXQDULVLWDTXHTXHGDEDDKRJDGDHQWUHGLHQWHVGHTXHDVXSDUHFHUODPD\RUtDGHORV
KRPEUHV OOHYDEDQ YHQWDQDV HQ VXV SHFKRV \ SDUD GHPRVWUiUPHOR DFRVWXPEUDED DxDGLU D WDOHV
DILUPDFLRQHV SUXHEDV GLUHFWDV \ DODUPDQWHV EDViQGRVH HQ HO SURIXQGR FRQRFLPLHQWR TXH WHQtD GH PL
PDQHUD GH VHU 6XV PRGDOHV HQ DTXHOORV PRPHQWRV HUDQ ILQRV \ DEVWUDFWRV VXV RMRV HVWDEDQ YDFtRV \
FDUHQWHVGHH[SUHVLyQPLHQWUDVVXYR]SRUORJHQHUDOGHWHQRUVHHOHYDEDKDVWDXQDWLSODGRTXHKXELHUD
VRQDGRSHWXODQWHGHQRVHUSRUORGHOLEHUDGR\FRPSOHWRGHVXHQXQFLDFLyQ2EVHUYiQGRORHQDTXHOORV
PRPHQWRV PH VROtD HQWUHJDU D PHGLWDU VREUH OD DQWLJXD ILORVRItD GHO HVStULWX GREOH \ PH GLYHUWtD
FRQPLJRPLVPRLPDJLQiQGRPHXQGREOH'XSLQHOFUHDGRU\HODQDOL]DGRU
1RYD\DDVXSRQHUVHSRUORTXHDFDERGHGHFLUTXHHVWR\GHWDOODQGRDOJ~QPLVWHULRRHVFULELHQGR
XQDQRYHOD/RTXHKHGHVFULWRGHDTXHOIUDQFpVHUDVLPSOHPHQWHHOUHVXOWDGRGHXQDLQWHOLJHQFLDH[FLWDGD
RWDOYH]HQIHUPD3HURGHOFDUiFWHUGHVXVREVHUYDFLRQHVHQODpSRFDHQFXHVWLyQXQHMHPSORGDUiXQD
LGHDPiVFRPSOHWD
(VWiEDPRV SDVHDQGR XQD QRFKH SRU XQD FDOOHMXHOD ODUJD \ IDQJRVD GH ORV DOUHGHGRUHV GHO 3DODLV
5R\DO VXPLGRV DPERV DSDUHQWHPHQWH HQ QXHVWURV SURSLRV SHQVDPLHQWRV 1LQJXQR GH ORV GRV GXUDQWH
TXLQFHPLQXWRVKDEtDKDEODGRXQDVRODSDODEUD'HUHSHQWH'XSLQURPSLyHOVLOHQFLRDOGHFLU
(VXQEXHQPXFKDFKRHVWDHVODYHUGDG\VHUtDPHMRUTXHVHSXVLHUDDWUDEDMDUHQHO7HDWURGHODV
9DULHGDGHV
6LQOXJDUDGXGDVUHSOLTXpLQFRQVFLHQWHPHQWHVLQREVHUYDUD~QWDQDEVRUWRKDEtDHVWDGRHQPLV
UHIOH[LRQHVGHTXpPRGRH[WUDRUGLQDULRPLLQWHUORFXWRUKDEtDGHVFXELHUWRPLVSURSLDVPHGLWDFLRQHV
8QLQVWDQWHGHVSXpVYROYtHQPt\PLDVRPEURDOFDQ]yXQJUDGRVXSHUODWLYR
'XSLQGLMH\RJUDYHPHQWHHVWRYDPiVDOOiGHPLFRPSUHQVLyQ1RWHQJRUHSDURHQGHFLUTXH
HVWR\DVRPEUDGR\TXHDSHQDVSXHGRGDUFUpGLWRDPLVVHQWLGRV&yPRHVSRVLEOHTXHVHSDVORTXH\R
HVWDEDSHQVDQGRHQ"
0HGHWXYHSDUDFRQYHQFHUPHVLpOVDEtDUHDOPHQWHHQTXLpQHVWDEDSHQVDQGR
(Q&KDQWLOO\DVHJXUy3RUTXpWHGHWLHQHV"7~HVWDEDVSHQVDQGRTXHODGLPLQXWDILJXUDGHXQ
KRPEUHQRSXHGHFXDMDUHQUHSUHVHQWDFLRQHVGUDPiWLFDV
$TXHOOR HUD SUHFLVDPHQWH OR TXH KDEtD VLGR REMHWR GH PLV UHIOH[LRQHV &KDQWLOO\ HUD XQ DQWLJXR
]DSDWHUR UHPHQGyQ GH OD FDOOH 6DLQW'HQQLV D TXLHQ OH HQWUy OD ORFXUD WHDWUDO \ KDEtD LQWHQWDGR
UHSUHVHQWDUHOSDSHOGH-HUMHVHQODWUDJHGLDGH&UpELOORQSRUORTXHIXHQRWRULDPHQWHVDWLUL]DGR
'LPH SRU 'LRV H[FODPp HO PpWRGR VL WDO PpWRGR H[LVWH JUDFLDV DO FXDO WH KD VLGR SRVLEOH
SURIXQGL]DUHQPLHVStULWXGHHVWHPRGR
(QUHDOLGDG\RHVWDEDPXFKRPiVDVXVWDGRGHORTXHKXELHUDHVWDGRGLVSXHVWRDFRQIHVDU
)XH HO YHQGHGRU GH IUXWDV UHSOLFy PL DPLJR TXLHQ PH KL]R OOHJDU D OD FRQFOXVLyQ GH TXH HO
UHPHQGyQ QR HUD GH VXILFLHQWH FDWHJRUtD SDUD UHSUHVHQWDU -HUMHV HW LG JHQXV RPQH \ RWURV GHO PLVPR
70

HVWLOR 
(OIUXWHUR0HDVRPEUDV<RQRFRQR]FRDQLQJ~QIUXWHUR
0HUHILHURDOKRPEUHTXHVHKDWURSH]DGRFRQWLJRFXDQGRHQWUDPRVHQODFDOOHKDUiXQRVTXLQFH
PLQXWRV
(QWRQFHVUHFRUGpTXHGHKHFKRXQIUXWHURTXHOOHYDEDVREUHODFDEH]DXQJUDQFHVWRGHPDQ]DQDV
SRUSRFRPHKDFHFDHUVLQTXHUHUFXDQGRSDViEDPRVGHODFDOOH&DOFDOOHMyQGRQGHHVWiEDPRVDKRUD
SHURORTXH\RQRORJUDEDFRPSUHQGHUHUDORTXHWHQtDHVWRTXHYHUFRQ&KDQWLOO\
'HVGHOXHJR'XSLQQRHUDQDGDSDUHFLGRDXQFKDUODWiQ
7HORH[SOLFDUpGLMRpO\SDUDTXHW~SXHGDVFRPSUHQGHUORWRGRFRQFODULGDGUHWURFHGHUHPRV
HQ HO FXUVR GH QXHVWUDV PHGLWDFLRQHV GHVGH HO PRPHQWR HQ TXH WH KDEOp KDVWD HO HQFXHQWUR FRQ HO
YHQGHGRUGHIUXWDVHQFXHVWLyQ/RVSULQFLSDOHVHVODERQHVGHODFDGHQDVRQ&KDQWLOO\2ULyQHOGRFWRU
1LFKROV(SLFXURODHVWHUHRWRPtDODVSLHGUDVGHODFDOOH\HOIUXWHUR
([LVWHQSRFDVSHUVRQDVTXHHQDOJ~QPRPHQWRGHVXYLGDQRVHKD\DQGLYHUWLGRHQUHFRUUHUKDFLDDWUiV
ORVSDVRVTXHOHVKDEtDQFRQGXFLGRDXQDVLQJXODUFRQFOXVLyQGHVXPHQWH/DRFXSDFLyQDPHQXGRHVWi
OOHQD GH LQWHUpV \ HO TXH LQWHQWD HVWR SRU YH] SULPHUD VH VRUSUHQGH SRU OD HQ DSDULHQFLD LOLPLWDGD
GLVWDQFLDHLQFRKHUHQFLDTXHSDUHFHQPHGLDUHQWUHHOSULPHUSXQWR\ODPHWDGHODVXQWR&XiOQRVHUtDPL
VRUSUHVD DO RtU ODV SDODEUDV GHO IUDQFpV \ DO WHQHU TXH UHFRQRFHU TXH KDEtD GLFKR OD YHUGDG eO
FRQWLQXDED
1RVRWURVKDEtDPRVHVWDGRKDEODQGRGHFDEDOORVVLQRPHHTXLYRFRHQHOPRPHQWRHQTXHtEDPRV
DGHMDUODFDOOH&(VWHIXHHO~OWLPRWHPDTXHGLVFXWLPRV&XDQGRHQWUDPRVHQHVWDFDOOHXQIUXWHURFRQ
XQJUDQFHVWRVREUHODFDEH]DVHQRVYLQRHQFLPDHPSXMiQGRWHFRQWUDXQPRQWyQGHDGRTXLQHVDSLODGRV
FRPRFRQVHFXHQFLDGHODUHSDUDFLyQGHOSDYLPHQWR7URSH]DVWHFRQXQDGHODVSLHGUDVVXHOWDVUHVEDODVWH
VHWHGREOyOLJHUDPHQWHHOWRELOOR\GHVSXpVGHPXUPXUDUXQDVFXDQWDVSDODEUDVWHYROYLVWHSDUDPLUDUHO
PRQWyQGHDGRTXLQHV\SURVHJXLVWHDQGDQGRHQVLOHQFLR<RQRHVWDEDPX\DWHQWRDORTXHKDFtDVSHUROD
REVHUYDFLyQKDOOHJDGRDVHUSDUDPtGHVGHKDFHPXFKRWLHPSRXQDHVSHFLHGHQHFHVLGDG
7~FODYDVWHODPLUDGDHQHOVXHORFRQWHPSODQGRFRQH[SUHVLyQGHHQIDGRWRGRVORVKR\RV\VXUFRV
GHO SDYLPHQWR SRU HVWH GHWDOOH GHGXMH TXH WRGDYtD HVWDEDV SHQVDQGR HQ ODV SLHGUDV KDVWD TXH
OOHJDPRVDXQDSHTXHxDFDOOHMXHODOODPDGD/DPDUWLQHTXHKDVLGRSDYLPHQWDGDDPDQHUDGHSUXHEDFRQ
SLHGUDVVXSHUSXHVWDV\OXHJRUHPDFKDGDV$OHQWUDUDOOtWXVHPEODQWHVHLOXPLQy\DOYHUTXHVHPRYtDQ
WXVODELRVQRKHSRGLGRGXGDUGHTXHPXUPXUDEDVODSDODEUDHVWHUHRWRPtD WpUPLQR SUHWHQFLRVR TXH VH
DSOLFDDHVWDFODVHGHSDYLPHQWDFLyQ6DEtDTXHQRSRGtDVGHFLUHVWHUHRWRPtDVLQSHQVDUHQORViWRPRV
DVtFRPRHQODVWHRUtDVGH(SLFXUR\FRPRVHDTXHKDFHSRFRWLHPSRHVWXYLPRVGLVFXWLHQGRVREUHHVWDV
WHRUtDVWHKLFHQRWDUGHTXpPRGRWDQVLQJXODU\VLQTXHKD\DVLGRPX\DGYHUWLGRODVYDJDVFRQMHWXUDVGH
DTXHO QREOH JULHJR KDEtDQ KDOODGR FRQILUPDFLyQ HQ OD ~OWLPD FRVPRJRQtD QHEXODU &RPSUHQGt TXH QR
SRGUtDVHYLWDUHOOHYDQWDUODYLVWDKDFLDODJUDQQHEXORVDGH2ULyQ\DOKDFHUORPHDVHJXUpGHTXHKDEtD
VHJXLGRWXVSDVRVFRUUHFWDPHQWH$KRUDELHQHQDTXHOODDPDUJDGLDWULEDVREUH&KDQWLOO\TXHDSDUHFLyHQ
OD HGLFLyQ GH D\HU GHO 0XVpH HO HVFULWRU VDWtULFR KDFLHQGR DOJXQDV RIHQVLYDV DOXVLRQHV DO FDPELR GH
QRPEUH GHO UHPHQGyQ DO FDO]DUVH HO FRWXUQR FLWDED XQD IUDVH ODWLQD VREUH OD FXDO KHPRV FRQYHUVDGR
IUHFXHQWHPHQWH0HUHILHURDOYHUVR
3HUGLGLWDXWLTXXPOLWHUDSULPDVRQXP
71

/DOHWUDSULPHUDSHUGLyVXVRQLGRDQWLJXR 
<RWHKDEtDGLFKRTXHHVWHYHUVRVHUHIHUtDDTXHODSDODEUD2ULyQVHHVFULEtDSULPLWLYDPHQWH8ULyQ
\SRUFLHUWDVPRUGDFLGDGHVUHODFLRQDGDVFRQHVWDH[SOLFDFLyQKHWHQLGRODVHJXULGDGGHTXHQRORKDEUtDV
ROYLGDGR(UDHYLGHQWHTXHQRGHMDUtDVGHUHODFLRQDUODVLGHDVGH2ULyQ\&KDQWLOO\0HGLFXHQWDGHTXH
ODV FRPELQDEDV SRU HO FDUiFWHU GH OD VRQULVD TXH VH GLEXMy HQ WXV ODELRV +DV SHQVDGR HQ DTXHOOD
LQPRODFLyQGHOSREUHUHPHQGyQ+DVWDHQWRQFHVKDEtDVFDPLQDGROLJHUDPHQWHHQFRUYDGRSHURHQWRQFHV
\RWHYLHUJXLUWHHQWRGDWXHVWDWXUD(VWHGHWDOOHPHFRQYHQFLyGHTXHHVWDEDVSHQVDQGRHQODGLPLQXWD
ILJXUD GH &KDQWLOO\ (Q HVWH SXQWR LQWHUUXPSt WXV PHGLWDFLRQHV SDUD VHxDODUWH TXH SRU VHU HQ HIHFWR XQ
VXMHWRPX\SHTXHxRHVH&KDQWLOO\VHUtDPHMRUTXHWUDEDMDVHHQHO7HDWURGHODV9DULHGDGHV
1R PXFKR WLHPSR GHVSXpV GH HVWD FRQYHUVDFLyQ HVWiEDPRV KRMHDQGR XQD HGLFLyQ GH OD WDUGH GH OD
*D]HWWHGHV7ULEXQDX[FXDQGRQRVOODPyODDWHQFLyQODLQIRUPDFLyQVLJXLHQWH
&UtPHQHV H[WUDRUGLQDULRV (VWD PDxDQD KDFLD ODV WUHV ORV KDELWDQWHV GHO EDUULR 6DLQW5RFK
IXHURQGHVSHUWDGRVSRUXQDVHULHGHHVSDQWRVRVJULWRVTXHVDOtDQDOSDUHFHUGHODFXDUWDSODQWDGHXQD
FDVDGHODFDOOH0RUJXHTXHVHVDEtDKDELWDGDVRODPHQWHSRUXQDVHxRUDDSHOOLGDGD/(VSDQD\H\VXKLMD
&DPLOOH'HVSXpVGHXQDGHPRUDRFDVLRQDGDSRUORVLQIUXFWXRVRVLQWHQWRVSDUDSRGHUHQWUDUHQODFDVDGH
PRGRQRUPDOVHSURFHGLyDDEULUFRQXQDSDODQTXHWDODSXHUWDSULQFLSDOHQWUDQGRRFKRRGLH]YHFLQRV
DFRPSDxDGRV GH GRV JHQGDUPHV (Q DTXHO PRPHQWR KDEtDQ FHVDGR ORV JULWRV SHUR FXDQGR DTXHOODV
SHUVRQDVVHODQ]DURQHVFDOHUDVDUULEDVHGLVWLQJXLHURQGRVRPiVYRFHViVSHUDVTXHSDUHFtDQSURFHGHU
GH OD SDUWH VXSHULRU GH OD FDVD &XDQGR OOHJDURQ DO VHJXQGR SLVR HO UXLGR KDEtD FHVDGR \ WRGR
SHUPDQHFtD SHUIHFWDPHQWH WUDQTXLOR (O JUXSR VH GLYLGLy UHFRUULHQGR DSUHVXUDGDPHQWH KDELWDFLyQ SRU
KDELWDFLyQ$OOOHJDUDXQDYDVWDVDODWUDVHUDGHOFXDUWRSLVR FX\DSXHUWDSRUHVWDUFHUUDGDFRQODOODYH
SRUGHQWURWXYRTXHVHUIRU]DGD VHRIUHFLyDFDGDXQRGHORVSUHVHQWHVXQHVSHFWiFXORKRUURURVR\DO
PLVPRWLHPSRVRUSUHQGHQWH
(O DSDUWDPHQWR HVWDED HQ DEVROXWR GHVRUGHQ FRQ ORV PXHEOHV URWRV \ HVSDUFLGRV HQ WRGDV
GLUHFFLRQHV 6ROR TXHGDED OD DUPDGXUD GH XQD FDPD HVWD KDEtD VLGR WUDVODGDGD \ WLUDGD HQ PHGLR GHO
SLVR6REUHXQDVLOODKDEtDXQDQDYDMDGHDIHLWDUVDOSLFDGDGHVDQJUH(QODFKLPHQHDVHKDOODURQGRVR
WUHVODUJRVUL]RVGHFDEHOORKXPDQRGHFRORUJULVWDPELpQPDQFKDGRVGHVDQJUH\TXHSDUHFtDQKDEHU
VLGRDUUDQFDGRVGHUDt]6REUHHOVXHORVHHQFRQWUDURQFXDWURQDSROHRQHVXQSHQGLHQWHFRQXQWRSDFLR
WUHV JUDQGHV FXFKDUDV GH SODWD \ RWUDV WUHV PiV SHTXHxDV GHPHWDO G$OJHU \ GRV EROVRV TXH FRQWHQtDQ
FDVLFXDWURPLOIUDQHRVHQRUR(QXQULQFyQKDEtDXQDFyPRGDFRQORVFDMRQHVDELHUWRV\DSDUHQWHPHQWH
VDTXHDGRV DXQTXH HQ HOORV TXHGDEDQ WRGDYtD DOJXQRV REMHWRV 6H GHVFXEULy XQ FRIUHFLWR GH KLHUUR TXH
HVWDED EDMR OD FDPD QR EDMR HO DUPD]yQ  (VWDED DELHUWR FRQ OD OODYH WRGDYtD HQ OD FHUUDGXUD \ QR
FRQWHQtDVLQRXQDVSRFDVFDUWDVYLHMDV\RWURVSDSHOHVGHSRFDLPSRUWDQFLD
'HODVHxRUD/(VSDQD\HQRVHKDEtDHQFRQWUDGRUDVWURDOJXQRSHURDOREVHUYDUVHHQHOKRJDUGHOD
FKLPHQHD XQD FDQWLGDG GH KROOtQ SRFR FRP~Q VH KL]R XQD H[SORUDFLyQ GH OD PLVPD \ KRUULEOH GH
UHODWDU VHH[WUDMRGHDOOtHOFDGiYHUGHODKLMDTXHHVWDEDFDEH]DDEDMR\TXHKDEtDVLGRLQWURGXFLGRGH
HVWDIRUPDSRUHOHVWUHFKRFRQGXFWRKDVWDXQDFRQVLGHUDEOHDOWXUD(OFXHUSRHVWDEDWRGDYtDFDOLHQWH$O
H[DPLQDUORVHDSUHFLDURQHQpOQXPHURVDVH[FRULDFLRQHVRFDVLRQDGDVVLQGXGDSRUODYLROHQFLDFRQTXH
KDEtDVLGRHPEXWLGRDOOt\HOHVIXHU]RGHVDFDUOR6REUHODFDUDWHQtDQXPHURVRVDUDxD]RV\HQODJDUJDQWD
72

RVFXUDVPDJXOODGXUDV\SURIXQGDVKXHOODVGHXxDVFRPRVLODPXHUWDKXELHUDVLGRHVWUDQJXODGD
'HVSXpV GH XQD FRQFLHQ]XGD LQYHVWLJDFLyQ GH WRGRV ORV OXJDUHV GH OD FDVD VLQ QLQJ~Q RWUR
GHVFXEULPLHQWR HO JUXSR VH GLULJLy D XQ SHTXHxR SDWLR LQWHULRU VLWXDGR GHWUiV GH OD FDVD GRQGH VH
HQFRQWUyHOFXHUSRGHODDQFLDQDVHxRUDFRQHOFXHOORFRPSOHWDPHQWHVHJDGRGHWDOPRGRTXHDOLQWHQWDU
OHYDQWDU HO FXHUSR FD\y URGDQGR OD FDEH]D (O FXHUSR DVt FRPR OD FDEH]D IXHURQ KRUULEOHPHQWH
PXWLODGRVHOSULPHURWDQWRTXHDSHQDVFRQVHUYDEDVXDSDULHQFLDKXPDQD
+DVWDDKRUDVXSRQHPRVTXHQRVHKDHQFRQWUDGRODPiVOLJHUDSLVWDGHHVWHKRUULEOHPLVWHULR
(OSHULyGLFRGHOGtDVLJXLHQWHRIUHFtDHVWRVGHWDOOHVDGLFLRQDOHV
/D WUDJHGLD GH OD FDOOH 0RUJXH 6H KD LQWHUURJDGR D YDULDV SHUVRQDV HQ UHODFLyQ FRQ HO
H[WUDRUGLQDULR \ DWHUUDGRU VXFHVR OD SDODEUD DIIDLUH VXFHVR QR WLHQH HQ )UDQFLD OD OLJHUH]D GH
VLJQLILFDGRTXHDGTXLHUHHQWUHQRVRWURV SHURQRVHKDGHVFXELHUWRQDGDTXHSUR\HFWHDOJXQDOX]VREUHVX
VROXFLyQ$FRQWLQXDFLyQLQFOXLPRVHOPDWHULDOPiVLPSRUWDQWHDSRUWDGRSRUORVWHVWLJRV
3DXOLQH 'XERXUJ ODYDQGHUD GHFODUD TXH FRQRFtD D ODV GRV GLIXQWDV GHVGH KDFtD WUHV DxRV SRU
KDEHU ODYDGR SDUD HOODV GXUDQWH HVH WLHPSR /D DQFLDQD VHxRUD \ VX KLMD SDUHFtDQ KDOODUVH HQ EXHQRV
WpUPLQRV PX\ DIHFWXRVDV OD XQD FRQ OD RWUD (UDQ H[FHOHQWHV SDJDGRUDV 1R SXHGH KDEODU DFHUFD GH VX
PRGRRPHGLRVGHYLYLUSHURFUHHTXHODVHxRUD/(VSDQD\HHUDDGLYLQDGRUDRHFKDGRUDGHFDUWDV7HQtD
IDPD GH WHQHU GLQHUR DKRUUDGR 1XQFD VH HQFRQWUy FRQ QDGLH HQ OD FDVD FXDQGR HOODV OD OODPDEDQ SDUD
UHFRJHUODURSDQLFXDQGRLEDDGHYROYHUOD(VWiVHJXUDGHTXHQRWHQtDQQLQJXQDSHUVRQDDVXVHUYLFLR
1RSDUHFtDKDEHUPXHEOHVHQQLQJXQDSDUWHGHOHGLILFLRVDOYRHQHOFXDUWRSLVR
3LHUUH 0RUHDX HVWDQTXHUR GHFODUD TXH KDFtD FDVL FXDWUR DxRV TXH OD VHxRUD /(VSDQD\H WHQtD OD
FRVWXPEUHGHFRPSUDUOHSHTXHxDVFDQWLGDGHVGHWDEDFR\GHUDSpeOQDFLyHQODYHFLQGDG\VLHPSUHKD
UHVLGLGR DOOt /D PXHUWD \ VX KLMD KDEtDQ RFXSDGR OD FDVD GRQGH VH KDQ HQFRQWUDGR VXV FXHUSRV GHVGH
KDFtDPiVGHVHLVDxRV$QWHULRUPHQWHHVWDHVWXYRRFXSDGDSRUXQMR\HURTXHDOTXLODEDODVKDELWDFLRQHV
GHODSDUWHDOWDGHOHGLILFLR/DFDVDHUDSURSLHGDGGHODVHxRUD/(VSDQD\H(VWDEDGHVFRQWHQWDFRQORV
DEXVRVGHVXLQTXLOLQR\VHWUDVODGyDODFDVDUHKXVDQGRDOTXLODUQLQJXQDSDUWHGHHOOD/DYLHMDVHxRUD
FKRFKHDED\DXQSRFR(OWHVWLJRVRORKDEtDYLVWRDODKLMDFLQFRRVHLVYHFHVGXUDQWHORVVHLVDxRV/DV
GRVOOHYDEDQXQDYLGDH[FHVLYDPHQWHUHWLUDGD\SDUHFtDQWHQHUGLQHUR+DEtDRtGRGHFLUHQWUHORVYHFLQRV
TXHODVHxRUD/GHFtDODEXHQDYHQWXUDSHURpOQRORFUH\y1XQFDKDEtDYLVWRDQLQJXQDSHUVRQDHQWUDU
HQ OD FDVD H[FHSWR D OD DQFLDQD VHxRUD \ D VX KLMD XQ SDU GH YHFHV D XQ UHFDGHUR \ RFKR R GLH] D XQ
PpGLFR
2WUDV PXFKDV SHUVRQDV GH ORV DOUHGHGRUHV GHFODUDQ OR PLVPR SHUR GH QLQJXQD VH GLFH TXH
IUHFXHQWDVH OD FDVD 1R VH VDEH VL OD VHxRUD \ VX KLMD WLHQHQ DOJ~Q SDULHQWH YLYR /RV SRVWLJRV GH ODV
YHQWDQDV GH OD IDFKDGD SULQFLSDO UDUDV YHFHV HVWDEDQ DELHUWRV /RV GH OD SDUWH GH DWUiV SHUPDQHFtDQ
VLHPSUHFHUUDGRVFRQODH[FHSFLyQGHODJUDQKDELWDFLyQGHOFXDUWRSLVR/DFDVDHUDXQDEXHQDFDVDQR
PX\YLHMD
,VLGRUH0XVHWJHQGDUPHGHFODUDTXHIXHOODPDGRFDVLDODVWUHVGHODPDxDQDSDUDTXHDFXGLHUDD
ODFDVD$OOtVHHQFRQWUyFRQXQDVYHLQWHRWUHLQWDSHUVRQDVTXHVHHVIRU]DEDQSRUHQWUDU)LQDOPHQWHSXGR
IRU]DUODSXHUWDFRQXQDED\RQHWDQRFRQXQDSDODQFD1RWXYRPXFKDGLILFXOWDGHQDEULUODSRUWUDWDUVH
GHXQDSXHUWDGHGREOHKRMD\TXHQRWHQtDFHUURMRQLDUULEDQLDEDMR/RVJULWRVIXHURQFRQWLQXRVKDVWD
TXH OD SXHUWD IXH IRU]DGD \ OXHJR FHVDURQ EUXVFDPHQWH 3DUHFtDQ VHU ORV DODULGRV GH DOJXQD SHUVRQD R
SHUVRQDVHQDJRQtD QRHUDQFRUWRV\UiSLGRVVLQRDOWRV\SURORQJDGRV (OWHVWLJRVXELyODVHVFDOHUDV\
73

DOOOHJDUDOSULPHUSLVRR\yODVYRFHVGHGRVSHUVRQDVTXHGLVSXWDEDQYLROHQWDPHQWH ODXQDiVSHUDOD
RWUDPX\DJXGDXQDYR]PX\H[WUDxD 3XGRGLVWLQJXLUDOJXQDVSDODEUDVGHODSULPHUDTXHHUDODGHXQ
IUDQFpV3XHGHDVHJXUDUTXHQRHUDYR]GHPXMHU3XGRGLVWLQJXLUODVSDODEUDVVDFUp\GLDODEOH\XQDYH]
PRQ'LHX/DYR]FKLOORQDHUDODGHXQH[WUDQMHUR1RSXHGHHVWDUVHJXURVLHUDODYR]GHXQKRPEUHRGH
XQDPXMHU1RHQWHQGLyORTXHGHFtDSHURFUHHTXHKDEODEDHOHVSDxRO(OHVWDGRGHODKDELWDFLyQ\GH
ORVFXHUSRVIXHGHVFULWRSRUHOWHVWLJRFRPRORGHVFULELPRVQRVRWURVD\HU
+HQUL'XYDOXQYHFLQRGHRILFLRSODWHURGHFODUyTXHHUDXQRGHOJUXSRTXHSULPHURHQWUyHQOD
FDVD &RUURERUD HQ JHQHUDO HO WHVWLPRQLR GH 0XVHW 7DQ SURQWR FRPR IRU]DURQ OD HQWUDGD YROYLHURQ D
FHUUDUODSDUDLPSHGLUODHQWUDGDGHOJHQWtRTXHVHKDEtDFRQJUHJDGRDSHVDUGHORDYDQ]DGRGHODKRUD
/DYR]FKLOORQDSLHQVDHOWHVWLJRHUDODGHXQLWDOLDQR(VWiFRQYHQFLGRGHTXHQRHUDODGHXQIUDQFpV
1RSRGUtDDVHJXUDUVLVHWUDWDEDGHXQDYR]GHKRPEUHSRGtDKDEHUVLGRGHPXMHU1RFRQRFHODOHQJXD
LWDOLDQD \ DXQTXH QR GLVWLQJXLy ODV SDODEUDV HVWi FRQYHQFLGR SRU OD HQWRQDFLyQ TXH VH WUDWDED GH XQ
LWDOLDQR &RQRFtD D OD VHxRUD /(VSDQD\H \ D VX KLMD KDEtD FRQYHUVDGR FRQ HOODV IUHFXHQWHPHQWH (VWi
VHJXURGHTXHODYR]FKLOORQDQRSHUWHQHFtDDQLQJXQDGHHOODV
2GHQKHLPHU UHVWDXUDWHXU (VWH WHVWLJR GHFODUy YROXQWDULDPHQWH \ FRPR QR KDEODED IUDQFpV IXH
LQWHUURJDGR D WUDYpV GH XQ LQWpUSUHWH (V QDWLYR GH $PVWHUGDP 3DVDED SRU GHODQWH GH OD FDVD FXDQGR
FRPHQ]DURQ ORV JULWRV TXH GXUDURQ YDULRV PLQXWRV SUREDEOHPHQWH GLH] (UDQ ODUJRV \ DOWRV
WHUULEOHPHQWHGRORURVRV)XHXQRGHORVTXHHQWUyHQHOHGLILFLR&RUURERUDHOWHVWLPRQLRDQWHULRUHQ
WRGRVVXVSXQWRVVDOYRHQXQR(VWiVHJXURGHTXHODYR]FKLOORQDHUDODGHXQKRPEUHODGHXQIUDQFpV
1R SXGR GLVWLQJXLU ODV SDODEUDV SURQXQFLDGDV (UDQ DOWDV \ UiSLGDV GHVLJXDOHV GLFKDV DO SDUHFHU FRQ
WHPRU\DQVLHGDG/DYR]JUDYHGHFtDUHSHWLGDPHQWHVDFUHGLDEOH\XQDYH]PRQ'LHX
-XOHV0LJQDXGEDQTXHURGHODFDVD0LJQDXGHKLMRVGHODFDOOH'HORUDLQH(VHOPD\RUGHORV
0LJQDXG/DVHxRUD/(VSDQD\HSRVHtDYDULDVSURSLHGDGHV+DEtDDELHUWRXQDFXHQWDHQVXFDVDGHEDQFD
HQ OD SULPDYHUD GHO DxR RFKR DxRV DQWHV  +DFtD IUHFXHQWHV GHSyVLWRV GH SHTXHxDV FDQWLGDGHV 1R
KDEtDVDFDGRQDGDGHGLQHURKDVWDWUHVGtDVDQWHVGHVXPXHUWHFXDQGRSHUVRQDOPHQWHUHWLUyODVXPDGH
FXDWURPLOIUDQFRV(VWDVXPDIXHVDWLVIHFKDHQRURHQYLiQGRVHODSRUPHGLRGHXQHPSOHDGR
$GROSKH/H%RQHPSOHDGRGHODFDVD0LJQDXGHKLMRVGHFODUDTXHHOGtDHQFXHVWLyQKDFLDHO
PHGLRGtDDFRPSDxyDODVHxRUD/(VSDQD\HDVXUHVLGHQFLDFRQORVFXDWURPLOIUDQFRVSXHVWRVHQGRV
EROVDV &XDQGR VH DEULy OD SXHUWD DSDUHFLy OD VHxRULWD /(VSDQD\H TXH WRPy GH VXV PDQRV XQD GH ODV
EROVDV PLHQWUDV VX PDGUH OH DOLYLDED GH OD RWUD eO HQWRQFHV VH LQFOLQy \ SDUWLy 1R YLR D QLQJXQD
SHUVRQDHQODFDOOHHQDTXHOORVPRPHQWRV(VXQDFDOOHGHSDVR\PX\VROLWDULD
:LOOLDP%LUGVDVWUHGHFODUDTXHIXHXQRGHORVGHOJUXSRTXHHQWUyHQODFDVD(VLQJOpV+DYLYLGR
HQ3DUtVGRVDxRV)XHXQRGHORVSULPHURVHQVXELUODVHVFDOHUDV2\yODVYRFHVTXHGLVSXWDEDQ/DYR]
iVSHUD HUD OD GH XQ IUDQFpV 3XGR HQWHQGHU YDULDV SDODEUDV SHUR QR SRGtD UHFRUGDUODV WRGDV 2\y
GLVWLQWDPHQWHVDFUp\PRQ'LHX3RUXQPRPHQWRKXERXQVRQLGRFRPRGHSHUVRQDVTXHVHSHOHDVHQ/D
YR]FKLOORQDHUDIXHUWHPiVIXHUWHTXHODJUDYH&RQVHJXULGDGQRHUDODYR]GHXQLQJOpVSDUHFtDPiV
ELHQGHXQDOHPiQ3RGtDKDEHUVLGRXQDYR]GHPXMHU1RHQWLHQGHHODOHPiQ
&XDWUR GH ORV WHVWLJRV DUULED FLWDGRV DO VHU OODPDGRV D GHSRQHU QXHYDPHQWH GHFODUDURQ TXH OD
SXHUWD GH OD KDELWDFLyQ HQ TXH VH KDOOy HO FXHUSR GH OD VHxRULWD /(VSDQD\H HVWDED FHUUDGD SRU GHQWUR
FXDQGRHOJUXSROOHJyDHOOD7RGRHVWDEDHQDEVROXWRVLOHQFLR\QRVHRtDQUXLGRVQLJHPLGRVGHQLQJXQD
FODVH$OIRU]DUODQRVHYLRDQDGLH/DVYHQWDQDVWDQWRODVGHODSDUWHGHDWUiVFRPRODVGHODIDFKDGD
74

HVWDEDQ FHUUDGDV KHUPpWLFDPHQWH SRU GHQWUR 8QD SXHUWD TXH FRPXQLFDED ODV GRV KDELWDFLRQHV HVWDED
FHUUDGD SHUR QR FRQ OODYH /D SXHUWD TXH GDED DO SDVLOOR HVWDED FHUUDGD FRQ OD OODYH SRU GHQWUR 8QD
SHTXHxDKDELWDFLyQHQODSDUWHGHODQWHUDGHOFXDUWRSLVRDODHQWUDGDGHOSDVLOORHVWDEDDELHUWDFRQOD
SXHUWD HQWRUQDGD (VWD KDELWDFLyQ HVWDED DWHVWDGD GH FDPDV YLHMDV FDMDV \ FRVDV SRU HO HVWLOR (VWDV
IXHURQFXLGDGRVDPHQWHDSDUWDGDV\H[DPLQDGDV1RTXHGyQLXQDSXOJDGDGHQLQJXQDSDUWHGHODFDVDTXH
QRVHUHJLVWUDUDFXLGDGRVDPHQWH6HHQYLDURQGHVKROOLQDGRUHVSDUDH[DPLQDUHOLQWHULRUGHODVFKLPHQHDV
(UDXQDFDVDGHFXDWURSODQWDVFRQEXKDUGLOODV PDQVDUGDV 8QDSXHUWDGHWUDPSDHQHOWHMDGRHVWDED
FODYDGDPX\ILUPHPHQWH\QRSDUHFtDKDEHUVLGRDELHUWDGXUDQWHPXFKRWLHPSR(QFXDQWRDOWLHPSRTXH
WUDQVFXUULyGHVGHTXHVHR\HURQODVYRFHVGLVFXWLHQGRKDVWDTXHIRU]DURQODSXHUWDGHOSLVRORVWHVWLJRV
QR OOHJDURQ D SRQHUVH GH DFXHUGR /RV XQRV OR UHGXFHQ D XQRV WUHV PLQXWRV ORV RWURV OR DODUJDQ KDVWD
FLQFR/DSXHUWDIXHDELHUWDFRQJUDQGLILFXOWDG
$OIRQVR*DUFLRHPSUHVDULRGHSRPSDVI~QHEUHVGHFODUDTXHUHVLGHHQODFDOOH0RUJXH(VQDWXUDO
GH(VSDxD\IXHXQRGHORVGHOJUXSRTXHHQWUyHQODFDVDSHURQRVXELyODVHVFDOHUDV(VQHUYLRVR\
WHPtD ODV FRQVHFXHQFLDV GH VX DJLWDFLyQ 2\y ODV YRFHV TXH GLVSXWDEDQ /D YR] iVSHUD HUD OD GH XQ
IUDQFpV QR SXGR GLVWLQJXLU OR TXH GHFtD /D YR] FKLOORQD HVWDED VHJXUR GH TXH HUD OD GH XQ LQJOpV 1R
HQWLHQGHODOHQJXDLQJOHVDSHURORMX]JDSRUODHQWRQDFLyQ
$OEHUWR 0RQWDQL FRQILWHUR GHFODUD TXH IXH XQR GH ORV SULPHURV HQ VXELU ODV HVFDOHUDV 2\y ODV
YRFHVHQFXHVWLyQ/DYR]JUDYHHUDODGHXQIUDQFpV'LVWLQJXLyYDULDVSDODEUDV$TXHOKRPEUHSDUHFtD
UHFRQYHQLUDORWUR1RSXGRGLVWLQJXLUODVSDODEUDVGHODRWUDYR]+DEODEDUiSLGD\GHVLJXDOPHQWH&UHH
TXHDTXHOODYR]HUDODGHXQUXVR&RUURERUDHOWHVWLPRQLRJHQHUDO(VLWDOLDQR\QXQFDKDFRQYHUVDGRFRQ
QLQJ~QQDWLYRUXVR
9DULRVWHVWLJRVTXHYROYLHURQDVHUOODPDGRVWHVWLILFDURQTXHODVFKLPHQHDVGHWRGDVODVKDELWDFLRQHV
GH OD FXDUWD SODQWD HUDQ GHPDVLDGR HVWUHFKDV SDUD DGPLWLU HO SDVR GH XQ VHU KXPDQR 6H SDVDURQ
GHVKROOLQDGRUHV HVDV HVFRELOODV FLOtQGULFDV TXH VH VXHOHQ HPSOHDU SDUD OLPSLDU ODV FKLPHQHDV (VWDV
HVFRELOODV IXHURQ SDVDGDV DUULED \ DEDMR SRU WRGRV ORV FDxRQHV GH OD FKLPHQHD GH OD FDVD 1R H[LVWtD
QLQJXQDVDOLGDWUDVHUDSRUODTXHSXGLHUDKDEHUGHVFHQGLGRDOJXLHQPLHQWUDVHOJUXSRVXEtDODVHVFDOHUDV
(O FXHUSR GH OD VHxRULWD /(VSDQD\H HVWDED WDQ ILUPHPHQWH HQFDMDGR HQ OD FKLPHQHD TXH QR SXGR VHU
EDMDGRGHDOOtVLQRXQLHQGRVXVIXHU]DVFLQFRGHORVGHOJUXSR
3DXO 'XPDV PpGLFR GHFODUD TXH IXH OODPDGR DO DPDQHFHU SDUD H[DPLQDU ORV FDGiYHUHV &XDQGR
OOHJy \DFtDQ VREUH ODV FXHUGDV GH OD DUPDGXUD GH OD FDPD HQ OD KDELWDFLyQ GRQGH IXH HQFRQWUDGD OD
VHxRULWD/(VSDQD\H(OFXHUSRGHODMRYHQHVWDEDPX\PDJXOODGR(VWRVHMXVWLILFDSRUHOKHFKRGHKDEHU
VLGR DUUDVWUDGR KDFLD DUULED SRU OD FKLPHQHD /D JDUJDQWD HVWDED WHUULEOHPHQWH HURVLRQDGD 3UHVHQWDED
YDULRVDUDxD]RVSURIXQGRVMXVWRGHEDMRGHODEDUELOODMXQWRFRQXQDVHULHGHPDQFKDVOtYLGDVTXHHUDQ
HYLGHQWHPHQWHLPSUHVLRQHVGDFWLODUHV/DFDUDHVWDEDWHUULEOHPHQWHGHVFRORULGD\ORVJORERVGHORVRMRV
IXHUD GH VXV yUELWDV /D OHQJXD KDEtD VLGR PRUGLGD \ SDUFLDOPHQWH VHFFLRQDGD 6H GHVFXEULy XQD JUDQ
PDJXOODGXUDHQODERFDGHOHVWyPDJRSURGXFLGDDSDUHQWHPHQWHSRUODSUHVLyQGHXQDURGLOOD(QRSLQLyQ
GHO VHxRU 'XPDV OD VHxRULWD /(VSDQD\H KDEtD VLGR HVWUDQJXODGD SRU DOJXQD SHUVRQD R SHUVRQDV
GHVFRQRFLGDV(OFXHUSRGHODPDGUHHVWDEDKRUULEOHPHQWHPXWLODGR7RGRVORVKXHVRVGHODSLHUQD\GHO
EUD]R GHUHFKRV HVWDEDQ PiV R PHQRV URWRV /D WLELD L]TXLHUGD KHFKD DVWLOODV DO LJXDO TXH WRGDV ODV
FRVWLOODVGHOPLVPRODGR7RGRHOFXHUSRWHUULEOHPHQWHPDJXOODGR\GHVFRORULGR1RIXHSRVLEOHGHFLU
FXiQWDVOHVLRQHVKDEtDUHFLELGR8QSHVDGRJDUURWHGHPDGHUDRDOJXQDDQFKDEDUUDGHKLHUURDOJXQDVLOOD
75

R DOJXQD KHUUDPLHQWD DQFKD SHVDGD \ URPD SRGUtDQ KDEHU SURGXFLGR VHPHMDQWHV UHVXOWDGRV FRQ WDO GH
VHUPDQHMDGDVSRUODVPDQRVGHDOJXLHQPX\IXHUWH1LQJXQDPXMHUSRGtDKDEHUORKHFKRFRQDUPDDOJXQD
/DFDEH]DGHODGLIXQWDFXDQGRODYLRHOWHVWLJRHVWDEDFRPSOHWDPHQWHVHSDUDGDGHOFXHUSR\WDPELpQ
JROSHDGD/DJDUJDQWDKDEtDVLGRFRUWDGDFRQXQLQVWUXPHQWRPX\DILODGRSUREDEOHPHQWHFRQXQDQDYDMD
GHDIHLWDU
$OH[DQGUH(WLHQQHFLUXMDQRIXHFLWDGRDOPLVPRWLHPSRTXHHOVHxRU'XPDVSDUDLQVSHFFLRQDUORV
FXHUSRV&RUURERUyHOWHVWLPRQLR\ODVRSLQLRQHVGHOVHxRU'XPDV
1RVHORJUyQDGDGHLPSRUWDQFLDDXQTXHVHLQWHUURJyDRWUDVSHUVRQDV8QFULPHQWDQPLVWHULRVR\
WDQFRPSOHMRHQWRGRVVXVGHWDOOHVQXQFDVHKDEtDFRPHWLGRHQ3DUtVVLHVTXHHQUHDOLGDGVHWUDWDEDGH
XQFULPHQ/DSROLFtDQRWLHQHSLVWDQLQJXQDFLUFXQVWDQFLDSRFRFRP~QHQDVXQWRVGHHVWDQDWXUDOH]D
1RKD\HQUHDOLGDGQLVRPEUDGHODPiVOLJHUDSLVWD
/DHGLFLyQGHODWDUGHGHDTXHOSHULyGLFRDILUPDEDTXHWRGDYtDFRQWLQXDEDODPD\RUH[FLWDFLyQHQHO
EDUULR6DLQW5RFKTXHODVFLUFXQVWDQFLDVGHOFULPHQKDEtDQVLGRFXLGDGRVDPHQWHH[DPLQDGDVGHQXHYR\
VH KDEtD LQWHUURJDGR D QXHYRV WHVWLJRV SHUR VLQ QLQJ~Q UHVXOWDGR SRVLWLYR 6LQ HPEDUJR XQ DSDUWDGR
PHQFLRQDEDTXH$GROSKH/H%RQHOHPSOHDGRGHEDQFDKDEtDVLGRGHWHQLGR\HQFDUFHODGRDXQTXHQDGD
SDUHFtDDFXVDUOHPiVDOOiGHORVKHFKRV\DUHODWDGRV
'XSLQSDUHFtDVLQJXODUPHQWHLQWHUHVDGRHQODPDUFKDGHHVWHDVXQWRSRUORPHQRVDVtORVXSRQtD\R
DMX]JDUSRUVXFRQGXFWDDXQTXHpOQRKDFtDQLQJ~QFRPHQWDULR6RORGHVSXpVGHODQXQFLRGHTXH/H
%RQKDEtDVLGRHQFDUFHODGRPHSUHJXQWyPLRSLQLyQDFHUFDGHDTXHOORVFUtPHQHV
<R HVWDED GH DFXHUGR VLPSOHPHQWH FRQ OD RSLQLyQ GH WRGR 3DUtV HQ FRQVLGHUDU TXH DTXHOOR HUD XQ
PLVWHULRLQVROXEOH1RYHtDPHGLRSRUHOTXHSXGLHUDGDUVHFRQHOFULPLQDO
1R GHEHPRV MX]JDU DFHUFD GH ORV PHGLRV GLMR 'XSLQ EDViQGRQRV VLPSOHPHQWH HQ OD
VXSHUILFLDOLGDG GH XQ LQWHUURJDWRULR /D SROLFtD GH 3DUtV WDQ DODEDGD SRU VXVDJDFLGDG HV PX\ DVWXWD
SHURQDGDPiV1RKD\QLQJ~QPpWRGRHQVXPDQHUDGHSURFHGHUDSDUWHODUXWLQDPRPHQWiQHD5HDOL]DXQ
DPSOLRGHVSOLHJXHGHPHGLGDVSHURODVVXHOHDGDSWDUWDQPDODORVILQHVSURSXHVWRVTXHQRVKDFHSHQVDU
HQ0RQVLHXU-RXUGDLQ>@FXDQGRSLGHVXEDWDGHFDVDSDUDRtUPHMRUODP~VLFD/RVUHVXOWDGRVREWHQLGRV
GH HVWH PRGR VRQ OD PD\RUtD GH ODV YHFHV VRUSUHQGHQWHV \ OD PD\RU SDUWH VRQ REWHQLGRV SRU VLPSOH
GLOLJHQFLD\DFWLYLGDG&XDQGRHVWDVFXDOLGDGHVUHVXOWDQLQHILFDFHVORVSODQHVVHYLHQHQDEDMR9LGRFT
SRU HMHPSOR HUD XQ EXHQ DGLYLQDGRU \ KRPEUH SHUVHYHUDQWH SHUR FRPR QR KDEtD HGXFDGR HO
UD]RQDPLHQWRVHHTXLYRFDEDFRQWLQXDPHQWHSRUODPLVPDLQWHQVLGDGGHVXVLQYHVWLJDFLRQHV'HWHULRUDED
VX YLVLyQ SRU PLUDU HO REMHWR GHPDVLDGR FHUFD 3RGtD DFDVR GHVFXEULU XQR R GRV SXQWRV FRQ LQVyOLWD
FODULGDG SHUR DO KDFHUOR QHFHVDULDPHQWH SHUGtD OD YLVLyQ WRWDO GHO DVXQWR (VH HV HO UHVXOWDGR GH VHU
GHPDVLDGR SURIXQGR /D YHUGDG QR HVWi VLHPSUH HQ XQ SR]R (Q UHDOLGDG FUHR TXH OD IRUPD GH
FRQRFLPLHQWR PiV LPSRUWDQWH HV LQYDULDEOHPHQWH OD VXSHUILFLDO /D SURIXQGLGDG QR HVWi HQ ORV YDOOHV
GRQGHODEXVFDPRVVLQRHQODFXPEUHGHODVPRQWDxDV$OOtHVGRQGHODGHVFXEULPRV/DYDULHGDG\OD
FDXVD GH HVWD FODVH GH HUURU HVWiQ ELHQ VLPEROL]DGDV HQ OD FRQWHPSODFLyQ GH ORV FXHUSRV FHOHVWHV 6L
PLUDPRV D XQD HVWUHOOD GH ODGR HV GHFLU FRQ HO iQJXOR H[WHULRU GH OD UHWLQD PiV VXVFHSWLEOH D ODV
GpELOHVLPSUHVLRQHVGHODOX]TXHHOLQWHULRUREWHQGUHPRVXQDDSUHFLDFLyQPiVQtWLGDGHVXEULOORXQ
EULOORTXHVHYDRVFXUHFLHQGRFRQIRUPHQRVRWURVYDPRVYROYLHQGRQXHVWUDPLUDGDGHOOHQRKDFLDHOOD(Q
HVWH ~OWLPR FDVR OOHJD D ORV RMRV XQ JUDQ Q~PHUR GH UD\RV SHUR HQ HO SULPHUR VH REWLHQH PiV UHILQDGD
FDSDFLGDG GH FRPSUHQVLyQ 'HO PLVPR PRGR SRU XQD SURIXQGLGDG LQGHELGD VH DWXUGH \ VH GHELOLWD OD
76

FDSDFLGDG LQWHOHFWXDO DVt HV SRVLEOH KDFHU GHVDSDUHFHU D 9HQXV GHO ILUPDPHQWR SRU PHGLR GH XQ
HVFUXWLQLRGHPDVLDGRVRVWHQLGRGHPDVLDGRFRQFHQWUDGRRGHPDVLDGRGLUHFWR
(QFXDQWRDHVRVFUtPHQHVH[DPLQHPRVORVKHFKRVSRUQXHVWUDFXHQWDDQWHVGHIRUPDUQRVRSLQLyQ
DOJXQDUHVSHFWRDHOORV(VWDLQYHVWLJDFLyQQRVVHUYLUtDGHHQWUHWHQLPLHQWR
$XQTXHMX]JXpLQRSRUWXQRHVWHWpUPLQRPHDEVWXYHGHGHFLUQDGD
$GHPiVVLJXLyGLFLHQGR/H%RQXQDYH]PHSUHVWyXQVHUYLFLR\\RQRVR\GHVDJUDGHFLGR
,UHPRV DO SUREOHPD FRQ QXHVWURV SURSLRV RMRV &RQR]FR D * HO SUHIHFWR GH SROLFtD \ QR WHQGUHPRV
GLILFXOWDGHQREWHQHUHOSHUPLVRQHFHVDULR
2EWXYLPRVHOSHUPLVR\HQVHJXLGDQRVGLULJLPRVDODFDOOH0RUJXH(VHVWDXQDGHHVDVPLVHUDEOHV
FDOOHMXHODVVLWXDGDVHQWUHODFDOOH5LFKHOLHX\ODFDOOH6DLQW5RFK$TXHOEDUULRHVWiEDVWDQWHDSDUWDGRGH
GRQGHQRVRWURVYLYLPRV\SRUHVROOHJDPRVDXQDKRUDDYDQ]DGDGHODWDUGH+DOODPRVSURQWRODFDVD
SRUTXH D~Q KDEtD PXFKDV SHUVRQDV TXH HVWDEDQ PLUDQGR ODV YHQWDQDV FHUUDGDV FRQ XQD FXULRVLGDG VLQ
REMHWR(UDXQDWtSLFDFDVDSDULVLHQVHFRQXQDSXHUWDSULQFLSDO\HQXQRGHVXVODGRVKDEtDXQDFDVLOODGH
FULVWDOHVFRQXQFULVWDOFRUUHGL]RHQODYHQWDQLOOD\TXHLQGLFDEDVHUODORJH GX FRQFLHUJH>@ $QWHV GH
HQWUDU GLPRV XQD YXHOWD DOUHGHGRU GH OD FDVD GREODPRV SRU XQD FDOOHMXHOD \ OXHJR GREODPRV RWUD YH]
SDVDQGRSRUODSDUWHGHDWUiVGHOHGLILFLR'XSLQPLHQWUDVWDQWRH[DPLQDEDWRGRVORVDOUHGHGRUHVDVt
FRPRODFDVDFRQXQDPLQXFLRVLGDGGHDWHQFLyQFX\DILQDOLGDGQRVHPHDOFDQ]DED
9ROYLHQGRVREUHQXHVWURVSDVRVQRVHQFRQWUDPRVGHQXHYRGHODQWHGHOHGLILFLROODPDPRV\XQDYH]
TXH HQVHxDPRV QXHVWUDV FUHGHQFLDOHV IXLPRV DGPLWLGRV SRU ORV DJHQWHV GH JXDUGLD 6XELPRV DO FXDUWR
SLVRGRQGHKDEtDVLGRHQFRQWUDGRHOFXHUSRGHODVHxRULWD/(VSDQD\H\HQGRQGHWRGDYtDSHUPDQHFtDQ
ORVFDGiYHUHV(OGHVRUGHQGHODKDELWDFLyQFRPRHVFRVWXPEUHQRKDEtDVXIULGRFDPELR<RQRYLQDGD
TXHQRKXELHUDVLGRPDQLIHVWDGR\DSRUOD*D]HWWHGHV7ULEXQDX['XSLQORHVFXGULxyWRGRLQFOXVRORV
FXHUSRVGHODVYtFWLPDV/XHJRHQWUDPRVHQODVRWUDVKDELWDFLRQHV\HQHOSDWLRLQWHULRUDFRPSDxDGRVD
WRGDVSDUWHVSRUXQJHQGDUPH/DLQYHVWLJDFLyQQRVWXYRRFXSDGRVKDVWDHODQRFKHFHU&XDQGRQRVIXLPRV
FDPLQRGHQXHVWUDFDVDPLFRPSDxHURVHGHWXYRXQRVPLQXWRVHQODVRILFLQDVGHXQRGHORVGLDULRV
+HGLFKRTXHODVUDUH]DVGHPLDPLJRHUDQGLYHUVDV\TXHMHOHVPpQDJHDLV HVWDIUDVHQRWLHQHXQ
HTXLYDOHQWHHQLQJOpV (QWRQFHVVXKXPRUVHDEVWXYRGHKDFHUQLQJ~QFRPHQWDULRVREUHHODVHVLQDWRKDVWD
HOPHGLRGtDGHODPDxDQDVLJXLHQWH'HSURQWRPHSUHJXQWyUHSHQWLQDPHQWHVLKDEtD\RREVHUYDGRDOJR
SHFXOLDUHQODHVFHQDGHODWUR]FULPHQ
+DEtDDOJRHQVXPRGRGHLQWHQVLILFDUODSDODEUDSHFXOLDUTXHVLQVDEHUSRUTXpPHHVWUHPHFt
1R QDGD SHFXOLDU OH GLMH DO PHQRV QDGD GH OR TXH \D DPERV QR KD\DPRV OHtGR HQ ORV
SHULyGLFRV
0H WHPR UHSOLFy pO TXH OD *D]HWWH QR KD SHQHWUDGR HQ HO LQVyOLWR KRUURU GHO DVXQWR 3HUR
ROYLGHPRVODVLQ~WLOHVRSLQLRQHVLPSUHVDV0HSDUHFHTXHVLHVWHPLVWHULRVHFRQVLGHUDFRPRLQVROXEOHHV
SRUODPLVPDUD]yQTXHGHEHUtDKDFHUODIiFLOGHUHVROYHUTXLHURGHFLUDFDXVDGHOFDUiFWHUGHVRUELWDGR
GHVXVFLUFXQVWDQFLDV/DSROLFtDHVWiFRQIXQGLGDSRUODDSDUHQWHDXVHQFLDGHPRWLYRQRSRUHOFULPHQHQ
VtVLQRSRUODDWURFLGDGGHOPLVPR(VWiVRUSUHQGLGDWDPELpQSRUODDSDUHQWHLPSRVLELOLGDGGHUHFRQRFHU
ODVYRFHVRtGDVHQODGLVSXWD\WDPELpQSRUODFLUFXQVWDQFLDGHQRKDEHUHQFRQWUDGRDUULEDPiVTXHDOD
DVHVLQDGDVHxRULWD/(VSDQD\HQRH[LVWLHQGRQLQJ~QPHGLRGHVDOLUVLQTXHVHGLHUDFXHQWDHOJUXSRTXH
VXEtD SRU OD HVFDOHUD (O H[WUDxR GHVRUGHQ GH OD KDELWDFLyQ HO FDGiYHU PHWLGR FDEH]D DEDMR SRU OD
FKLPHQHDODHVSDQWRVDPXWLODFLyQGHOFXHUSRGHODDQFLDQDVHxRUDWRGDVHVWDVFRQVLGHUDFLRQHVFRQODV
77

\D PHQFLRQDGDV \ RWUDV TXH QR QHFHVLWDQ PHQFLyQ KDQ VLGR VXILFLHQWHV SDUD SDUDOL]DU ODV IDFXOWDGHV
KDFLHQGRIUDFDVDUFRPSOHWDPHQWHODDODEDGDSHULFLDGHORVDJHQWHVGHOJRELHUQR+DQFDtGRHQHOJUDQGH
\FRP~QHUURUGHFRQIXQGLUORLQVyOLWRFRQORDEVWUXVR3HURHVSUHFLVDPHQWHSRUHVWDVGHVYLDFLRQHVGHO
SODQRGHORFRUULHQWHSRUGRQGHODUD]yQHQFXHQWUDVXFDPLQRVLHVSRVLEOHHQEXVFDGHODYHUGDG(Q
LQYHVWLJDFLRQHVWDOHVFRPRODTXHHVWDPRVVLJXLHQGRQRGHEHUtDPRVSUHJXQWDUQRV4XpKDRFXUULGR"
VLQR TXp KD RFXUULGR TXH QR KXELHUD RFXUULGR DQWHV" 'H KHFKR OD IDFLOLGDG FRQ TXH OOHJDUp R KH
OOHJDGR\DDODVROXFLyQGHOPLVWHULRHVWiHQUD]yQGLUHFWDFRQVXDSDUHQWHLQVROXELOLGDGDORVRMRVGHOD
SROLFtD
0HTXHGpPLUDQGRDPLLQWHUORFXWRUFRQPXGRDVRPEUR
$KRUDHVWR\HVSHUDQGRFRQWLQXyGLFLHQGRPLHQWUDVPLUDEDODSXHUWDGHODKDELWDFLyQDKRUD
HVWR\HVSHUDQGRDXQDSHUVRQDTXHDXQTXHWDOYH]QRVHDTXLHQKDSHUSHWUDGRHVDVFDUQLFHUtDVGHEHHVWDU
HQFLHUWDPHGLGDFRPSOLFDGDHQVXFRPLVLyQ'HODSHRUSDUWHGHORVFUtPHQHVFRPHWLGRVHVSUREDEOHTXH
VHDLQRFHQWH(VSHURWHQHUUD]yQHQPLVXSRVLFLyQSXHVVREUHHOODKHEDVDGRPLHVSHUDQ]DGHGHVFLIUDU
WRGRHOPLVWHULR<RHVSHURDHVHKRPEUHDTXtHQHVWDKDELWDFLyQGHXQPRPHQWRDRWUR(VFLHUWR
TXHSXHGHQRYHQLUSHURORSUREDEOHHVTXHYHQJD6LYLHQHVHUiQHFHVDULRGHWHQHUOR$TXtWHQHPRVODV
SLVWRODV\DPERVVDEHPRVFyPRVHXVDQFXDQGRORH[LJHQODVFLUFXQVWDQFLDV
&RJtODVSLVWRODVVLQDSHQDVGDUPHFXHQWDGHORTXHKDFtDQLFUHHUORTXHRtDPLHQWUDV'XSLQVHJXtD
KDEODQGR FRPR HQ XQ VROLORTXLR <D KH KDEODGR GH VXV DEVWUDLPLHQWRV HQ VHPHMDQWHV RFDVLRQHV 6XV
SDODEUDVHVWDEDQGLULJLGDVKDFLDPtSHURVXYR]DXQTXHQRPX\DOWDWHQtDHVDHQWRQDFLyQFRUULHQWHPHQWH
HPSOHDGDSDUDKDEODUFRQDOJXLHQTXHVHHQFXHQWUDDJUDQGLVWDQFLD6XVRMRVDXVHQWHVPLUDEDQVRORDOD
SDUHG
(VWi SOHQDPHQWH SUREDGR KDVWD OD HYLGHQFLD GLMR TXH ODV YRFHV TXH R\HURQ GLVSXWDU ODV
SHUVRQDVTXHVXEtDQODHVFDOHUDQRHUDQODVYRFHVGHODVGRVPXMHUHV(VWRQRQRVUHOHYDGHWRGDGXGD
DFHUFDGHVLODDQFLDQDSXGRKDEHUPDWDGRDVXKLMDSULPHUR\VXLFLGDUVHGHVSXpV+DEORGHHVWHSXQWR
VRORSRUUHVSHWRDOPpWRGRSXHVODIXHU]DGHODVHxRUD/(VSDQD\HKXELHUDVLGRFRPSOHWDPHQWHLQFDSD]
GH DUUDVWUDU HO FXHUSR GH VX KLMD SRU OD FKLPHQHD GH OD PDQHUD FRPR IXH KDOODGR \ SRU RWUR ODGR OD
QDWXUDOH]DGHVXVKHULGDVGHVHFKDFRPSOHWDPHQWHODLGHDGHDXWRGHVWUXFFLyQ(OFULPHQSRUFRQVLJXLHQWH
WXYR TXH VHU FRPHWLGR SRU WHUFHUDV SHUVRQDV \ ODV YRFHV GH HVWDV SHUVRQDV VRQ ODV TXH VH R\HURQ
GLVSXWDU3HUPtWHPHDKRUDKDFHUWHQRWDUQRWRGRORGHFODUDGRDFHUFDGHHVDVYRFHVVLQRORTXHKD\GH
SDUWLFXODUHQHVDVGHFODUDFLRQHV+DVREVHUYDGRDOJRGHSHFXOLDUHQHOODV"
2EVHUYp TXH PLHQWUDV WRGRV ORV WHVWLJRV FRLQFLGtDQ HQ VXSRQHU TXH OD YR] JUDYH HUD OD GH XQ
IUDQFpVKDEtDPXFKRGHVDFXHUGRHQFXDQWRDODYR]DJXGDRODYR]iVSHUDFRPRODFDOLILFyXQRGHHOORV
(VWRHVODHYLGHQFLDPLVPDGLMR'XSLQSHURQRODSHFXOLDULGDGGHHVDHYLGHQFLD7~QRKDV
QRWDGR QDGD FDUDFWHUtVWLFR VLQ HPEDUJR KDEtD DOJR TXH VH HQWUHYHtD /RV WHVWLJRV FRPR WH KDV GDGR
FXHQWDHVWDEDQGHDFXHUGRFRQODYR]JUDYHHQHVWRVRQXQiQLPHV3HURHQFXDQWRDODYR]FKLOORQDOD
SDUWLFXODULGDG HVWi QR HQ TXH HVWpQ HQ GHVDFXHUGR VLQR HQ TXH FXDQGR XQ LWDOLDQR XQ LQJOpV XQ
HVSDxRO XQ KRODQGpV \ XQ IUDQFpV LQWHQWD GHVFULELUOD FDGD XQR KDEOD GH HOOD FRPR VL IXHVH OD GH XQ
H[WUDQMHUR &DGD XQR GH HOORV HVWi VHJXUR GH TXH QR HUD OD YR] GH XQ FRPSDWULRWD VX\R &DGD FXDO OD
FRPSDUDQRDODYR]GHXQLQGLYLGXRGHFXDOTXLHUQDFLyQFX\ROHQJXDMHFRQRFHVLQRWRGRORFRQWUDULR(O
IUDQFpVVXSRQHTXHHUDODYR]GHXQHVSDxRO\SXGRKDEHUHQWHQGLGRORTXHGHFtDVLKXELHUDFRQRFLGRHO
HVSDxRO(OKRODQGpVVRVWLHQHTXHHUDIUDQFHVDSHURKDOODPRVODDILUPDFLyQGHTXHSRUQRFRPSUHQGHU
78

HOIUDQFpVHOWHVWLJRIXHLQWHUURJDGRSRUPHGLRGHXQLQWpUSUHWH(OLQJOpVFUHHTXHVHWUDWDEDGHXQ
DOHPiQ\QRFRPSUHQGHHODOHPiQ(OHVSDxROHVWiVHJXURGHTXHHUDODGHXQLQJOpVSHURORMX]JD
SRUODHQWRQDFLyQSXHVWRTXHQRWLHQHQLQJ~QFRQRFLPLHQWRGHOLQJOpV(OLWDOLDQRSLHQVDTXHIXHOD
YR]GHXQUXVRSHURQXQFDKDFRQYHUVDGRFRQXQQDWLYRGH5XVLD8QVHJXQGRIUDQFpVGLILHUHPXFKR
PiVGHOSULPHUR\HVWiVHJXURGHTXHVHWUDWDEDGHODYR]GHXQLWDOLDQRSHURQRFRQRFLHQGRODOHQJXD
VH JXtD FRPR HO HVSDxRO SRU OD HQWRQDFLyQ $KRUD ELHQ TXp H[WUDxD GHEtD VHU HVD YR] SDUD TXH VH
SXGLHUDQGDUWDOHVWHVWLPRQLRVVREUHHOODHQFX\RWRQRLQGLYLGXRVGHODVFLQFRSDUWHVGH(XURSDQR
SXHGHQUHFRQRFHUQDGDTXHOHVVHDIDPLOLDU7~GLUiVTXHSRGtDKDEHUVLGRODYR]GHXQDVLiWLFRRGHXQ
DIULFDQR1LORVDVLiWLFRVQLORVDIULFDQRVDEXQGDQHQ3DUtVSHURVLQQHJDUWDOFRQMHWXUDTXLHUROODPDUWX
DWHQFLyQVREUHWUHVSXQWRV/DYR]HVOODPDGDSRUXQRGHORVWHVWLJRVFRPRPiVTXHDJXGDiVSHUD
2WURV GRV OD UHSUHVHQWDQ FRPR UiSLGD \ GHVLJXDO 1R KXER SDODEUDV QL VRQLGRV TXH ORV WHVWLJRV
PHQFLRQDVHQFRPRLQWHOLJLEOHV
<RQRVpTXpLPSUHVLyQSXGRKDEHUFDXVDGRHVWRVREUHWXHQWHQGLPLHQWRSHURQRYDFLORHQGHFLUTXH
HVWDV GHGXFFLRQHV OHJtWLPDV VREUH HVWD SDUWH GHO WHVWLPRQLR OD SDUWH UHIHUHQWH D ODV YRFHV DJXGDV \
JUDYHVVRQHQVtPLVPDVVXILFLHQWHVSDUDHQJHQGUDUODVRVSHFKDTXHSXHGDGLULJLUQRVSDUDWRGRXOWHULRU
DYDQFHHQODVLQYHVWLJDFLRQHVGHOPLVWHULR'LJRGHGXFFLRQHVOHJtWLPDVSHURPLLQWHQFLyQQRTXHGDGHO
WRGRH[SUHVDGD+HTXHULGRGHFLUTXHODVGHGXFFLRQHVVRQODV~QLFDVDGHFXDGDV\TXHODVRVSHFKDHVHO
UHVXOWDGRLQHYLWDEOHTXHVHRULJLQDGHHOODV1RREVWDQWHHQTXpFRQVLVWHWDOVRVSHFKDQRORGLUpWRGDYtD
6RODPHQWH TXLHUR TXH WHQJDV HQ FXHQWD TXH SDUD Pt WLHQH IXHU]D VXILFLHQWH FRPR SDUD GDU XQD IRUPD
GHILQLGDXQDGHWHUPLQDGDWHQGHQFLDDPLVLQYHVWLJDFLRQHVHQDTXHOODKDELWDFLyQ
7UDQVSRUWpPRQRV LPDJLQDULDPHQWH D DTXHOOD VDOD 4Xp HV OR TXH EXVFDUHPRV HQ HOOD HQ SULPHU
OXJDU"(OPHGLRGHHVFDSDUVHGHORVFULPLQDOHV1RHVQHFHVDULRGHFLUTXHQLQJXQRGHQRVRWURVFUHHHQ
KHFKRV VREUHQDWXUDOHV /D VHxRUD \ VHxRULWD /(VSDQD\H QR IXHURQ GHVWUXLGDV SRU HVStULWXV /RV DXWRUHV
GHOFULPHQHUDQPDWHULDOHV\HVFDSDURQGHPRGRPDWHULDO3HURFyPR"$IRUWXQDGDPHQWHH[LVWHXQPHGLR
GHUD]RQDPLHQWRVREUHHVWHSXQWR\HVWHPHGLRGHEHFRQGXFLUQRVDXQDVROXFLyQGHILQLWLYD([DPLQHPRV
XQR SRU XQR ORV PHGLRV GH HVFDSH (VWi FODUR TXH FXDQGR HO JUXSR VXEtD ODV HVFDOHUDV ORV DVHVLQRV
HVWDEDQ D~Q HQ OD KDELWDFLyQ GRQGH VH HQFRQWUy HO FXHUSR GH OD VHxRULWD /(VSDQD\H R DO PHQRV HQ OD
KDELWDFLyQ GH DO ODGR (V SXHV ~QLFDPHQWH HQ HVWRV DSDUWDPLHQWRV GRQGH GHEHPRV EXVFDU ODV SRVLEOHV
VDOLGDV/DSROLFtDKDDO]DGRORVVXHORVKDSHUIRUDGRHOWHFKR\ODVPDQLSRVWHUtDVGHODVSDUHGHVHQWRGDV
ODVGLUHFFLRQHV1LQJXQDVDOLGD VHFUHWD KXELHUD SRGLGR HVFDSDU D VX H[DPHQ SHUR QR ILiQGRPH GH VXV
RMRV H[DPLQp \R PLVPR OD KDELWDFLyQ 3XHV ELHQ QR H[LVWHQ VDOLGDV VHFUHWDV /DV GRV SXHUWDV TXH
FRQGXFHQDOSDVLOORHVWDEDQIXHUWHPHQWHFHUUDGDVFRQODOODYHSRUGHQWUR9ROYLHQGRDODVFKLPHQHDVGLUp
TXH DXQTXH HVWDV WLHQHQ VREUH HO KRJDU OD DOWXUD GH FRVWXPEUH KDVWD XQD DOWXUD GH RFKR D GLH] SLHV VH
HVWUHFKDQ GHVSXpV KDVWD HO SXQWR GH QR SHUPLWLU SDVDU SRU VX DJXMHUR QL HO FXHUSR GH XQ JDWR /D
LPSRVLELOLGDGGHVDOLGDSRUORVPHGLRV\DLQGLFDGRVHVSXHVDEVROXWDSRUORWDQWRVRORQRVTXHGDQODV
YHQWDQDV3RUODVTXHGDQDODSDUWHGHODQWHUDGHODFDVDQDGLHKXELHUDSRGLGRHVFDSDUVLQTXHORQRWDUD
ODJHQWHTXHKDEtDHQODFDOOH/RVDVHVLQRVGHEHQGHKDEHUSDVDGRHQWRQFHVSRUODVGHODKDELWDFLyQGHOD
SDUWHWUDVHUD$KRUDFRQVHJXLGDHVWDFRQFOXVLyQGHPDQHUDWDQLQHTXtYRFDQRHVWiGHQXHVWUDSDUWHVL
ELHQ UD]RQDPRV UHKXVDUOD D FDXVD GH DSDUHQWHV LPSRVLELOLGDGHV 6ROR QRV TXHGD SUREDU TXH HVDV
DSDUHQWHVLPSRVLELOLGDGHVQRVRQWDOHVHQUHDOLGDG
+D\ GRV YHQWDQDV HQ OD KDELWDFLyQ 8QD GH HOODV QR HVWi REVWUXLGD SRU QLQJ~Q PXHEOH \ HV
79

FRPSOHWDPHQWHYLVLEOH/DSDUWHLQIHULRUGHODRWUDHVWiWDSDGDSRUHOFDEHFHURGHODSHVDGDDUPDGXUDGH
OD FDPD TXH HVWi FRPSOHWDPHQWH DSR\DGR VREUH HOOD /D SULPHUD GH HVWDV YHQWDQDV VH HQFRQWUy
ILUPHPHQWH FHUUDGD GHVGH GHQWUR \ UHVLVWLy ORV PiV JUDQGHV HVIXHU]RV GH TXLHQHV VH HVIRU]DURQ SRU
OHYDQWDUOD (Q OD SDUWH L]TXLHUGD GH VX PDUFR VH KDEtD KHFKR XQ JUDQ DJXMHUR \ XQ FODYR PX\ JUXHVR
KXQGLGRHQpOFDVLKDVWDODFDEH]D$OH[DPLQDUODRWUDYHQWDQDVHKDOOyXQFODYRVLPLODUFODYDGRGHOD
PLVPDIRUPD\WDPELpQIDOOyWRGRLQWHQWRGHOHYDQWDUOD'HHVWHPRGRODSROLFtDTXHGyFRQYHQFLGDGH
TXH OD KXLGD QR VH KDEtD UHDOL]DGR HQ QLQJXQD GH DTXHOODV GLUHFFLRQHV < SRU OR WDQWR VH FRQVLGHUy
VXSHUIOXRVDFDUORVFODYRV\DEULUODVYHQWDQDV
0LH[DPHQIXHDOJRPiVPLQXFLRVRDFDXVDGHODUD]yQTXHDFDERGHPHQFLRQDUSRUTXH\RVDEtD
TXHDOOtHUDPHQHVWHUSUREDUTXHWRGDVDTXHOODVDSDUHQWHVLPSRVLELOLGDGHVQRHUDQWDOHVHQUHDOLGDG
6HJXtUD]RQDQGRDVtSHURDSRVWHULRUL/RVDVHVLQRVGHELHURQGHHVFDSDUSRUXQDGHHVDVYHQWDQDV
6LHQGRDVtQRSXGLHURQKDEHUYXHOWRDFHUUDUORVPDUFRVGHVGHGHQWURWDOFRPRVHKDQHQFRQWUDGRSRU
VX HYLGHQFLD HVWD FRQVLGHUDFLyQ FRUWy HO HVFUXWLQLR GH OD SROLFtD SRU DTXHOOD SDUWH < FRQ WRGR ORV
EDVWLGRUHV HVWDEDQ DVHJXUDGRV 'HEtDQ SXHV WHQHU HO SRGHU GH FHUUDUVH SRU Vt VRORV QR FDEtD RWUD
FRQFOXVLyQ0HGLULJtDODYHQWDQDQRREVWUXLGDTXLWpHOFODYRFRQDOJXQDGLILFXOWDGHLQWHQWpOHYDQWDUHO
PDUFR 7DO FRPR KDEtD VXSXHVWR UHVLVWLy WRGRV PLV HVIXHU]RV $KRUD \R VDEtD TXH GHEtD H[LVWLU DOJ~Q
UHVRUWH RFXOWR \ HVWD FRUURERUDFLyQ GH PL LGHD PH FRQYHQFLy GH TXH SRU OR PHQRV PLV SUHPLVDV HUDQ
FRUUHFWDVDSHVDUGHORPLVWHULRVRTXHSDUHFtDQODVFLUFXQVWDQFLDVUHIHUHQWHVDORVFODYRV8QDFXLGDGRVD
LQYHVWLJDFLyQSURQWRPHWUDMRDODOX]HOUHVRUWHRFXOWR/RDSUHWp\VDWLVIHFKR\DFRQPLGHVFXEULPLHQWR
PHDEVWXYHGHOHYDQWDUHOEDVWLGRU
(QWRQFHV YROYt D FRORFDU HO FODYR \ OR PLUp DWHQWDPHQWH 8QD SHUVRQD TXH SDVDUD SRU DTXHOOD
YHQWDQDSRGtDKDEHUODYXHOWRDFHUUDU\HOUHVRUWHKDEHUVHHQFRJLGRVRORSHURHOFODYRQRSRGtDKDEHU
VLGRFRORFDGR/DFRQFOXVLyQHUDVHQFLOOD\HVWUHFKDEDWRGDYtDPiVHOFDPSRGHPLVLQYHVWLJDFLRQHV/RV
DVHVLQRV GHEtDQ SXHV GH KDEHUVH HVFDSDGR D WUDYpV GH OD RWUD YHQWDQD 6XSRQLHQGR HQWRQFHV TXH ORV
UHVRUWHV GH FDGD EDVWLGRU IXHUDQ LJXDOHV FRVD PX\ SUREDEOH GHEtD GH H[LVWLU XQD GLIHUHQFLD HQWUH ORV
FODYRVRDOPHQRVHQODPDQHUDGHFODYDUORV6XELpQGRPHVREUHODVFXHUGDVGHODDUPDGXUDGHODFDPD
PLUp PLQXFLRVDPHQWH VREUH OD FDEHFHUD OD VHJXQGD YHQWDQD 3DVDQGR OD PDQR SRU GHWUiV GH OD WDEOD
HQVHJXLGD GHVFXEUt \ DSUHWp HO UHVRUWH TXH HUD FRPR \R KDEtD VXSXHVWR GH FDUiFWHU LGpQWLFR DO GH VX
YHFLQR (QWRQFHV PLUp ELHQ HO FODYR (UD WDQ JUXHVR FRPR HO RWUR \ DSDUHQWHPHQWH FODYDGR GH LJXDO
PRGRPHWLGRFDVLKDVWDODFDEH]D
'LUiVVLQGXGDTXHGHEtTXHGDUPHGHVFRQFHUWDGRSHURVLFUHHVHVRQRKDVFRPSUHQGLGRELHQOD
QDWXUDOH]DGHPLVGHGXFFLRQHV3DUDXVDUXQDIUDVHGHSRUWLYDQRKDEtDHVWDGRQLXQDVRODYH]HQIDOWD
1RKDEtDSHUGLGRODSLVWDQLSRUXQLQVWDQWH1RKDEtDUDMDDOJXQDHQORVHVODERQHVGHODFDGHQD+DEtD
UDVWUHDGRHOVHFUHWRKDVWDVX~OWLPRUHVXOWDGR\HVWHUHVXOWDGRHUDHOFODYR7HQtDFRPRGLJRHQWRGRV
ORVDVSHFWRVODDSDULHQFLDGHVXFRPSDxHURGHODRWUDYHQWDQDSHURHVWHKHFKRHUDGHDEVROXWDQXOLGDG
FRQFOXVLYRFRPRSDUHFtDVHUFRPSDUDGRFRQODFRQVLGHUDFLyQGHTXHDTXtHQHVWHSXQWRWHUPLQDEDOD
SLVWD'HEHGHKDEHUDOJRPDOPHGHFtD\RHQHVWHFODYR/RWRTXp\ODFDEH]DMXQWRFRQFDVLXQ
FXDUWR GH SXOJDGD GH VX FDxD VH TXHGy HQ PLV GHGRV (O UHVWR GHO FODYR VH TXHGy HQ HO LQWHULRU GHO
DJXMHURGRQGHKDEtDVLGRURWR/DIUDFWXUDHUDDQWLJXDSRUTXHVXVERUGHVHVWDEDQUHSOHWRVGHPRKR\
DSDUHQWHPHQWH KDEtD VLGR SURGXFLGD SRU HO JROSH GH XQ PDUWLOOR TXH KDEtD HQFDMDGR SDUFLDOPHQWH OD
FDEH]D GHO FODYR HQ HO LQWHULRU GHO PDUFR (QWRQFHV FXLGDGRVDPHQWH YROYt D FRORFDU HVWD SDUWH GH OD
80

FDEH]DHQODPXHVFDGHGRQGHODKDEtDVDFDGR\VXVHPHMDQ]DFRQXQFODYRSHUIHFWRIXHFRPSOHWDOD
ILVXUD HUD LQYLVLEOH $SUHWDQGR HO UHVRUWH OHYDQWp VXDYHPHQWH HO PDUFR XQDV SXOJDGDV OD FDEH]D GHO
FODYRVXELyFRQpOSHUPDQHFLHQGRILUPHHQVXOHFKR&HUUpODYHQWDQD\ODVDSDULHQFLDVGHFODYRHQWHUR
YROYtDQDVHUSHUIHFWDV
+DVWDDTXtHOHQLJPDHVWDED\DUHVXHOWR(ODVHVLQRVHKDEtDHVFDSDGRDWUDYpVGHODYHQWDQDTXH
GDEDDODFDPD$OFDHUODYHQWDQDSRUVtPLVPDFXDQGRKXERVDOLGRRWDOYH]FHUUDGDDSURSyVLWR
KDEtD TXHGDGR DILUPDGD SRU HO UHVRUWH \ HUD OD VXMHFLyQ GH HVWH UHVRUWH OR TXH HTXLYRFy D OD SROLFtD
TXLHQ SHQVDED TXH HVWDED DVHJXUDGD SRU HO FODYR GHVFDUWDQGR DVt FXDOTXLHU LQYHVWLJDFLyQ SRU
FRQVLGHUDUODLQQHFHVDULD
(SUREOHPDVLJXLHQWHHVHOPRGRGHTXHVHYDOLyHODVHVLQRSDUDGHVFHQGHU6REUHHVWHSXQWR\R
KDEtDTXHGDGRVDWLVIHFKRFRQHOSDVHRTXHGLPRVDOUHGHGRUGHOHGLILFLR$FHUFDGHFLQFRSLHV\PHGLR
GHODYHQWDQDHQFXHVWLyQSDVDEDXQDEDUUDSDUDUUD\RV'HVGHODEDUUDKXELHUDVLGRLPSRVLEOHSDUDQDGLH
OOHJDUDODYHQWDQDHQFXHVWLyQSRUQRGHFLUHQWUDUHQHOOD6LQHPEDUJRREVHUYpTXHORVSRVWLJRVGHOD
FXDUWDSODQWDHUDQGHXQDFODVHSDUWLFXODUOODPDGRVSRUORVFDUSLQWHURVSDULVLHQVHVIHUUDGHVXQDFODVH
UDUDPHQWH HPSOHDGD KR\ SHUR TXH IUHFXHQWHPHQWH VH SXHGH YHU HQ ODV YLHMDV PDQVLRQHV GH /\RQ \
%XUGHRV7LHQHQODIRUPDGHXQDSXHUWDRUGLQDULDGHXQDVRODKRMDQRGREOHSHURODPLWDGVXSHULRUHVWi
HQUHMDGDRWUDEDMDGDHQXQHQUHMDGRDELHUWRRIUHFLHQGRGHHVWHPRGRXQH[FHOHQWHDJDUUDGHURSDUDODV
PDQRV(QHOSUHVHQWHFDVRHVWRVSRVWLJRVWLHQHQWUHVSLHV\PHGLRGHDQFKR&XDQGRORVYLPRVGHVGHOD
SDUWHGHDWUiVGHODFDVDHVWDEDQDPERVPHGLRDELHUWRVHVGHFLUTXHDSDUHFtDQIRUPDQGRiQJXORUHFWR
FRQODSDUHG(VSUREDEOHTXHODSROLFtDH[DPLQDUDFRPR\RPLVPRODSDUWHWUDVHUDGHODILQFDSHURVL
ORKDKHFKRDOPLUDUHVWRVIHUUDGHVHQHOVHQWLGRGHVXDOWXUDFRPRGHEHGHKDEHUVLGRQRVHKDQ
GDGRFXHQWDGHODJUDQDQFKXUDGHHVWDVRHQWRGRFDVRQROHKDQFRQFHGLGRGHPDVLDGDLPSRUWDQFLD'H
KHFKR KDELHQGR \D GHFLGLGR TXH QR KDEtD VDOLGD SRVLEOH GHVGH OD KDELWDFLyQ VROR KDEtDQ SUHVWDGR D
WRGRVHVWRVGHWDOOHVXQDDWHQFLyQPX\VXSHUILFLDO6LQHPEDUJRHUDHYLGHQWHTXHHOSRVWLJRSHUWHQHFLHQWH
DODYHQWDQDGHODFDEHFHUDGHODFDPDVLVHOHDEUtDGHOWRGRKDVWDTXHWRFDVHODSDUHGDOFDQ]DUtDKDVWD
GRV SLHV GH OD EDUUD SDUDUUD\RV (UD WDPELpQ HYLGHQWH TXH GHVSOHJDQGR XQ JUDGR SRFR FRP~Q GH
DFWLYLGDG \ FRUDMH SRGtD KDEHUVH HIHFWXDGR XQD HQWUDGD D OD YHQWDQD GHVGH OD PHQFLRQDGD EDUUD $O
HQFRQWUDUVH D OD GLVWDQFLD GH GRV SLHV \ PHGLR VXSRQJDPRV HO SRVWLJR FRPSOHWDPHQWH DELHUWR XQ
ODGUyQSRGtDKDEHUKDOODGRXQILUPHDVLGHURHQODSDUWHHQUHMDGD'HMiQGRVHGHVOL]DUGHVSXpVGHVGHHO
FDxR FRORFDQGR VXV SLHV ILUPHPHQWH FRQWUD OD SDUHG FRQ XQ VDOWR RVDGR SRGtD KDEHUVH DJDUUDGR DO
SRVWLJRKDFLpQGRORJLUDUDOPLVPRWLHPSRKDFLDODYHQWDQD\VLLPDJLQDPRVODYHQWDQDDELHUWDHQDTXHO
PRPHQWRFRQXQSHTXHxRLPSXOVRVHKXELHUDHQFRQWUDGRHQHOLQWHULRUGHODKDELWDFLyQ
'HVHDUtD TXH WXYLHVHV PX\ SUHVHQWH TXH PH HVWR\ UHILULHQGR D XQ JUDGR SRFR FRP~Q GH DFWLYLGDG
UHTXLVLWRHVWHLQGLVSHQVDEOHSDUDWHQHUp[LWRHQXQDDFFLyQWDQDUULHVJDGD\GLILFXOWRVD0LSURSyVLWRKD
VLGRPRVWUDUWHHQSULPHUOXJDUTXHHOKHFKRSRVLEOHPHQWHSXHGHKDEHUVLGRUHDOL]DGRSHURHQVHJXQGR
OXJDU \ SULQFLSDOPHQWH GHVHR GHMDU LPSUHVR HQ WX HQWHQGLPLHQWR HO PX\ H[WUDRUGLQDULR HO FDVL
VREUHQDWXUDOFDUiFWHUGHODDJLOLGDGFRQTXHSXHGDKDEHUVHUHDOL]DGR
0H GLUiV VLQ GXGD XVDQGR HO OHQJXDMH GH OD OH\ TXH SDUD MXVWLILFDU PL FDVR GHEHUtD PiV ELHQ
GHVYDORUDUODDFWLYLGDGUHTXHULGDHQHVWDRFDVLyQHQYH]GHLQVLVWLUHQVXSOHQDHVWLPDFLyQ(VWHSXHGH
VHU XQ UHFXUVR IRUHQVH SHUR QR HO GH OD UD]yQ 0L REMHWLYR ILQDO VROR FRQVLVWH HQ OD YHUGDG \ PL
SURSyVLWR LQPHGLDWR HV FRQGXFLUWH DO OXJDU GRQGH VH \X[WDSRQH HVD LQVyOLWD DFWLYLGDG GH TXH DFDER GH
81

KDEODUFRQHVDSHFXOLDUtVLPDYR]DJXGDRiVSHUD\GHVLJXDODFHUFDGHFX\DQDFLRQDOLGDGQRKDEtDGRV
SHUVRQDVTXHHVWXYLHVHQGHDFXHUGR\HQFX\DSURQXQFLDFLyQQRVHSXGRGHVFXEULUXQDVRODVtODED
$ORtUDTXHOODVSDODEUDVFUX]ySRUPLPHQWHXQDYDJD\PHGLRIRUPDGDFRQFHSFLyQGHORTXHTXHUtD
GHFLU'XSLQ0HSDUHFtDHVWDUDOERUGHGHODFRPSUHQVLyQVLQSRGHUFRPSUHQGHUFRPRORVTXHDYHFHV
VHKDOODQDSXQWRGHUHFRUGDUVLQVHUFDSDFHVDOILQGHORJUDUOR0LDPLJRFRQWLQXyVXUHODWR
9HUiVGLMRTXHKHWUDVODGDGRHOFHQWURGHODFXHVWLyQGHVGHHOSURFHGLPLHQWRGHVDOLGDDOGH
HQWUDGD 0L SURSyVLWR IXH VXJHULU TXH DPEDV IXHURQ HIHFWXDGDV GHO PLVPR PRGR \ SRU XQ PLVPR VLWLR
9ROYDPRVDKRUDDOLQWHULRUGHODKDELWDFLyQHLQVSHFFLRQHPRVVXVGHWDOOHV/RVFDMRQHVGHOEXUHDXVHJ~Q
VH GLMR IXHURQ VDTXHDGRV DXQTXH PXFKRV DUWtFXORV GH YHVWLU SHUPDQHFtDQ D~Q HQ HOORV /D FRQFOXVLyQ
DTXtHVDEVXUGD(VXQDVLPSOHFRQMHWXUDPX\WRQWDSRUFLHUWR\QDGDPiV&yPRVDEHPRVTXHORV
DUWtFXORVHQFRQWUDGRVHQORVFDMRQHVQRHUDWRGRORTXHKDEtDQFRQWHQLGRRULJLQDULDPHQWH"/DVHxRUD/
(VSDQD\H \ VX KLMD OOHYDEDQ XQD YLGD H[FHVLYDPHQWH UHWLUDGD QR VH ODV YHtD FRQ QDGLH UDUDV YHFHV
VDOtDQ1RWHQtDQRFDVLyQSDUDFDPELDUVHPXFKRGHURSD/DVTXHVHHQFRQWUDURQHUDQDOPHQRVGHWDQ
EXHQDFDOLGDGFRPRODVTXHSXGLHUDQSRVHHUDTXHOODVGDPDV6LXQODGUyQKXELHVHWRPDGRDOJXQDSRU
TXpQRFRJLyODVPHMRUHV"SRUTXpQRVHODVOOHYyWRGDV"3RUTXpDEDQGRQyFXDWURPLOIUDQFRVHQRUR
SDUD OOHYDUVH XQ IDUGR GH URSD EODQFD" (O RUR IXH DEDQGRQDGR \ FDVL WRGD OD VXPD PHQFLRQDGD SRU HO
VHxRU0LJQDXGHOEDQTXHURIXHGHVFXELHUWDHQEROVDVVREUHHOVXHOR'HVHRSRUORWDQWRTXHUHFKDFHV
GHWXVSHQVDPLHQWRVODGHVDWLQDGDLGHDGHXQPRWLYRHQJHQGUDGRHQORVFHUHEURVGHODSROLFtDSRUHVD
SDUWHGHODSUXHEDTXHKDEtDGHOGLQHURHQWUHJDGRHQODSXHUWDGHODFDVD&RLQFLGHQFLDVGLH]YHFHVPiV
QRWDEOHV TXH HVWD OD HQWUHJD GHO GLQHUR \ DVHVLQDWR FRPHWLGR HQ WUHV GtDV VREUH OD SHUVRQD TXH OR
UHFLEH QRV VXFHGHQ D FDGD PRPHQWR GH QXHVWUDV YLGDV VLQ OODPDUQRV OD DWHQFLyQ VLTXLHUD
PRPHQWiQHDPHQWH3RUORJHQHUDOODVFRLQFLGHQFLDVJUDQGHVVRQWURSLH]RVHQHOFDPLQRGHHVWDFODVHGH
SHQVDGRUHVTXHKDQVLGRHGXFDGRVVLQVDEHUQDGDVREUHODWHRUtDGHODVSUREDELOLGDGHVHVDWHRUtDDOD
TXH ODV PiV JORULRVDV FRQTXLVWDV GHO GHVFXEULPLHQWR KXPDQR GHEHQ OR PiV JUDQGLRVR GHO VDEHU (Q HO
SUHVHQWHHMHPSORVLHORURKXELHUDGHVDSDUHFLGRHOKHFKRGHVXHQWUHJDWUHVGtDVDQWHVKXELHUDSRGLGR
IRUPDU DOJR PiV TXH XQD FRLQFLGHQFLD +XELHUD SRGLGR FRUURERUDU HVD LGHD GHO PRWLYR 3HUR EDMR ODV
FLUFXQVWDQFLDV UHDOHV GHO FDVR VL KHPRV GH VXSRQHU TXH HO RUR KD VLGR HO PRWLYR GHEHPRV LPDJLQDU
WDPELpQTXHTXLHQORKDFRPHWLGRHVWDQYDFLODQWH\WDQLGLRWDTXHKDDEDQGRQDGRDOPLVPRWLHPSRVXRUR
\VXPRWLYR
&RQVHUYDQGRDKRUDHQQXHVWUDPHQWHORVSXQWRVDFHUFDGHORVFXDOHVWHKHOODPDGRODDWHQFLyQ
DTXHOODYR]SHFXOLDUDTXHOODLQVyOLWDDJLOLGDG\DTXHOODVRUSUHQGHQWHDXVHQFLDGHPRWLYRHQXQDVHVLQR
WDQ VLQJXODUPHQWH DWUR] FRPR HVWH H[DPLQHPRV HVD FDUQLFHUtD SRU Vt PLVPD +H DTXt XQD PXMHU
HVWUDQJXODGD SRU OD IXHU]D GH XQDV PDQRV \ HPEXWLGD HQ OD FKLPHQHD FDEH]D DEDMR /RV DVHVLQRV
RUGLQDULRVQRHPSOHDQWDOHVPHGLRVGHPDWDU\PXFKRPHQRVGLVSRQHQGHHVHPRGRGHODVHVLQDGR(QOD
PDQHUDGHLQWURGXFLUHOFDGiYHUSRUODFKLPHQHDDGPLWLUiVTXHKD\DOJRH[FHVLYDPHQWHH[WUDxRDOJRGHO
WRGRLUUHFRQFLOLDEOHFRQQXHVWUDFRP~QRSLQLyQGHODVDFFLRQHVKXPDQDVDXQFXDQGRVXSRQJDPRVTXHORV
DXWRUHVVHDQORVPiVGHSUDYDGRVGHORVKRPEUHV3LHQVDDGHPiVTXpJUDQGHKDGHELGRGHVHUHVDIXHU]D
TXH SXGR LQWURGXFLU WDQ YLROHQWDPHQWH HO FXHUSR KDFLD DUULED HQ XQD DEHUWXUD WDQ SHTXHxD TXH SDUD
VDFDUORIXHSUHFLVRDSHODUDODIXHU]DGHYDULDVSHUVRQDV
9ROYLHQGR GH QXHYR D ODV RWUDV LQGLFDFLRQHV GHO HPSOHR GH XQD HQHUJtD PDUDYLOORVD HQ HO KRJDU
IXHURQ HQFRQWUDGDV XQDV WUHQ]DV GH HVSHVRV FDEHOORV JULVHV (VWDV KDEtDQ VLGR DUUDQFDGDV GH UDt] 7~
82

VDEHVODJUDQIXHU]DTXHVHQHFHVLWDSDUDDUUDQFDUVRORYHLQWHRWUHLQWDFDEHOORVDODYH]\W~KDVYLVWRODV
WUHQ]DVWDQELHQFRPR\R6XVUDtFHVKRUULEOHHVSHFWiFXORPRVWUDEDQDGKHULGRVIUDJPHQWRVGHFDUQHGHO
FXHURFDEHOOXGRSUXHEDVHJXUDGHODSURGLJLRVDIXHU]DTXHKDVLGRSUHFLVDSDUDDUUDQFDUWDOYH]PHGLR
PLOOyQGHFDEHOORVDOPLVPRWLHPSR/DJDUJDQWDGHODYLHMDVHxRUDQRVRORHVWDEDFRUWDGDVLQRODFDEH]D
FRPSOHWDPHQWHVHSDUDGDGHOFXHUSR\HOLQVWUXPHQWRIXHXQDVLPSOHQDYDMDGHDIHLWDU'HVHRWDPELpQTXH
REVHUYHV OD EUXWDO IHURFLGDG GH DTXHOODV DFFLRQHV 'H ODV PDJXOODGXUDV GHO FXHUSR GH OD VHxRUD /
(VSDQD\HQRKDEOR(OVHxRU'XPDV\VXYDOLRVRD\XGDQWHHOVHxRU(WLHQQHKDQGHFODUDGRTXHIXHURQ
FDXVDGDVSRUXQLQVWUXPHQWRDOJRURPR(OLQVWUXPHQWRURPRIXHFODURHVWiODSLHGUDGHOSDYLPHQWRGHO
SDWLRVREUHHOTXHODYtFWLPDFD\yGHVGHODYHQWDQDTXHGDHQFLPDGHODFDPD6LQHPEDUJRHVWDLGHD
SRUPX\VLPSOHTXHQRVSDUH]FDDKRUDHVFDSyDODSROLFtDSRUODPLVPDUD]yQTXHSDVDURQSRUDOWROD
DQFKXUD GH ORV SRVWLJRV SRUTXH D FDXVD GHO DVXQWR GH ORV FODYRV VX SHUFHSFLyQ KDEtD TXHGDGR
KHUPpWLFDPHQWH VHOODGD FRQWUD OD SRVLELOLGDG GH TXH ODV YHQWDQDV KXELHUDQ VLGR DELHUWDV HQ DOJXQD
RFDVLyQ
6LDKRUDDGHPiVGHWRGDVHVWDVFRVDVKDVUHIOH[LRQDGRDGHFXDGDPHQWHVREUHHOUDURGHVRUGHQGHOD
KDELWDFLyQKDEUHPRVOOHJDGRWDQOHMRVFRPRSDUDFRPELQDUODVLGHDVFRQXQDDJLOLGDGVRUSUHQGHQWHXQD
IXHU]D VREUHKXPDQD XQD FDUQLFHUtD VLQ PRWLYR XQD IHURFLGDG EUXWDO XQD H[WUDYDJDQFLD GHQWUR GH OR
KRUULEOHDEVROXWDPHQWHFDUHQWHGHQDWXUDOH]DKXPDQD\XQDYR]H[WUDxDSRUVXWRQRSDUDORVRtGRVGHORV
KRPEUHV GH YDULDV QDFLRQHV \ FDUHQWH GH WRGR VLODEHR R PRGXODFLyQ 4Xp VH GHVSUHQGH GH WRGR HVWR"
4XpLPSUHVLyQKDFDXVDGRHQWXLPDJLQDFLyQ"
&XDQGR'XSLQPHKL]RDTXHOODSUHJXQWDVHQWtXQHVFDORIUtR
8Q ORFR GLMH KD FRPHWLGR HVWH FULPHQ DOJ~Q PDQLiWLFR IXULRVR HVFDSDGR GH XQ PDQLFRPLR
SUy[LPR
(QDOJXQRVDVSHFWRVFRQWHVWyWXLGHDQRHVDEVXUGD3HURODVYRFHVGHXQORFRDXQHQORVPiV
IHURFHVSDUR[LVPRVQRSXHGHQFRPSDUDUVHFRQODYR]SHFXOLDURtGDHQODVHVFDOHUDV/RVORFRVVRQGH
DOJXQD QDFLyQ \ VX OHQJXDMH DXQTXH LQFRKHUHQWH HQ VXV SDODEUDV WLHQH VLHPSUH OD FRKHUHQFLD GH OD
VLODELILFDFLyQ$GHPiVHOFDEHOORGHORVORFRVQRHVFRPRHOTXHWHQJRHQPLPDQR+HGHVHQUHGDGRHVWH
SHTXHxRPHFKyQGHORVGHGRVUtJLGRV\FULVSDGRVGHODVHxRUD/(VSDQD\H'LPHORTXHWHSDUHFHWRGR
HVWR
'XSLQGLMHFRPSOHWDPHQWHGHVFRQFHUWDGRHVWHFDEHOORHVPX\SRFRFRP~QHVWRQRHVSHOR
KXPDQR
<R QR KH GLFKR TXH OR IXHVH GLMR pO SHUR DQWHV GH GHFLGLUQRV VREUH HVWH SXQWR GHVHR TXH
PLUHVHVWHSHTXHxRHVER]RTXHKHGLEXMDGRVREUHHVWHSDSHO(VXQIDFVtPLOGHORTXHKDVLGRGHVFULWR
SRUXQDSDUWHGHORVWHVWLJRVFRPRRVFXUDVFRQWXVLRQHV\SURIXQGDVKXHOODVGHXxDV\SRURWUDSDUWH
ORVVHxRUHV'XPDV\(WLHQQHFRPRXQDVHULHGHPDQFKDVOtYLGDVGHELGDVHYLGHQWHPHQWHDODSUHVLyQ
GHXQRVGHGRV
1RWDUiV FRQWLQXy PL DPLJR H[WHQGLHQGR HO SDSHO GHODQWH GH QRVRWURV VREUH OD PHVD TXH HVWH
GLEXMR GD OD LGHD GH XQD SUHVLyQ ILUPH \ VHJXUD 1R KD\ QLQJ~Q GHVOL]DPLHQWR DSDUHQWH &DGD GHGR KD
UHWHQLGR SRVLEOHPHQWH KDVWD OD PXHUWH GH OD YtFWLPD OD SUHVD WHUULEOH TXH KD SURGXFLGR HO PROGHDGR
,QWHQWD DKRUD FRORFDU WRGRV WXV GHGRV DO PLVPR WLHPSR HQ ODV UHVSHFWLYDV KXHOODV WDO FRPR ODV YHV /R
LQWHQWpSHURUHVXOWyHQYDQR
3RVLEOHPHQWHQRHVWDPRVKDFLHQGRXQDSUXHEDPX\MXVWDGLMR(OSDSHOHVWiH[WHQGLGRVREUH
83

XQD VXSHUILFLH SODQD SHUR OD JDUJDQWD KXPDQD HV FLOtQGULFD $TXt KD\ XQ WUR]R GH PDGHUD FDVL GH OD
PLVPDFLUFXQIHUHQFLDTXHODJDUJDQWD(QYXHOYHHOGLEXMRHQpO\WUDWDGHUHSHWLUODSUXHED
$VtORKLFHSHURODGLILFXOWDGIXHD~QPiVSDWHQWHTXHDQWHV
(VWDGLMHQRHVODKXHOODGHXQDPDQRKXPDQD
/HHDKRUDUHSOLFy'XSLQLPSHUWpUULWRHVWHSDVDMHGH&XYLHU
(UDXQDGHVFULSFLyQDQDWyPLFDPLQXFLRVD\JHQHUDOGHOJUDQRUDQJXWiQOHRQDGRGHODVLVODVPDOD\DV
/D JLJDQWHVFD HVWDWXUD OD IXHU]D SURGLJLRVD \ DFWLYLGDG OD VRUSUHQGHQWH IHURFLGDG \ ODV WHQGHQFLDV
LPLWDGRUDV GH HVWRV PDPtIHURV VRQ VLPSOHPHQWH ELHQ FRQRFLGDV GH WRGRV 'HVGH HO SULPHU PRPHQWR
FRPSUHQGtWRGRVORVKRUURUHVGHODVHVLQDWR
/D GHVFULSFLyQ GH ORV GHGRV GLMH \R FXDQGR DFDEp GH OHHU FRQFXHUGD H[DFWDPHQWH FRQ HO
GLEXMR\YHRTXHQLQJ~QRWURDQLPDOVLQRHORUDQJXWiQGHODHVSHFLHTXHDTXtVHPHQFLRQDKXELHUDSRGLGR
LPSULPLU KXHOODV FRPR ODV TXH W~ KDV WUD]DGR $GHPiV HVH PHFKyQ GH SHOR WRVWDGR HV LGpQWLFR DO GHO
DQLPDO GHVFULWR SRU &XYLHU 3HUR QR SXHGR FRPSUHQGHU ODV SDUWLFXODULGDGHV GH WDQ HVSDQWRVR PLVWHULR
$GHPiVVHR\HURQGLVSXWDUGRVYRFHV\XQDGHHOODVHUDLQGLVFXWLEOHPHQWHODGHXQIUDQFpV
(VYHUGDG\W~UHFRUGDUiVXQDH[SUHVLyQDWULEXLGDFDVLXQiQLPHPHQWHSRUODHYLGHQFLDDHVDYR]
ODH[SUHVLyQPRQ'LHX(VWDVSDODEUDVHQDTXHOODVFLUFXQVWDQFLDVIXHURQFDUDFWHUL]DGDVSRUXQRGHORV
WHVWLJRV0RQWDQLHOFRQILWHURFRPRXQDH[SUHVLyQGHSURWHVWD\UHFRQYHQFLyQ3RUORWDQWRVREUH
HVWDV GRV SDODEUDV KD VLGR GRQGH KH EDVDGR PLV HVSHUDQ]DV GH XQD VROXFLyQ FRPSOHWD GHO HQLJPD 8Q
IUDQFpVWXYRFRQRFLPLHQWRGHOFULPHQ(VSRVLEOH\GHKHFKRHVPiVTXHSUREDEOHTXHpOVHDLQRFHQWHGH
WRGDSDUWLFLSDFLyQHQORVVDQJULHQWRVVXFHVRVTXHWXYLHURQOXJDU(ORUDQJXWiQSXGRKDEpUVHOHHVFDSDGR
eO SXGR KDEHU VHJXLGR VX UDVWUR KDVWD OD KDELWDFLyQ SHUR EDMR DTXHOODV DJLWDGDV FLUFXQVWDQFLDV TXH VH
SURGXMHURQSXHGHTXHQRORKD\DFDSWXUDGRWRGDYtD(ODQLPDOWRGDYtDVLJXHHQOLEHUWDG1RSURVHJXLUp
HVWDVFRQMHWXUDVQRWHQJRGHUHFKRDOODPDUODVGHRWURPRGR\DTXHODVVRPEUDVGHUHIOH[LyQVREUH
ODVTXHVHEDVDQDSHQDVWLHQHQODVXILFLHQWHSURIXQGLGDGSDUDDSUHFLDUODVPLSURSLDLQWHOLJHQFLD\PHQRV
D~Q SDUD SUHWHQGHU KDFHUODV LQWHOLJLEOHV D OD FRPSUHQVLyQ GH ORV GHPiV /DV OODPDUHPRV SXHV
FRQMHWXUDV\KDEODUHPRVGHHOODVFRPRWDOHV6LHOIUDQFpVHQFXHVWLyQHVHQUHDOLGDGFRPRVXSRQJR
LQRFHQWHGHGLFKDDWURFLGDGHVWHDQXQFLRTXH\RGHMpODSDVDGDQRFKHDOYROYHUDFDVDHQODRILFLQDGH/H
0RQGH XQ SHULyGLFR GHGLFDGR DO LQWHUpV PDUtWLPR \ PX\ OHtGR SRU ORV PDULQHURV QRV OR WUDHUi D
QXHVWUDUHVLGHQFLD
0HHQWUHJyHOSHULyGLFR\\ROHtORVLJXLHQWH
&DSWXUD(QHOERVTXHGH%RORQLDDSULPHUDVKRUDVGHODPDxDQDGHOGtDGHORVFRUULHQWHV OD
PDxDQD GHO FULPHQ  VH FDSWXUy D XQ HQRUPH RUDQJXWiQ GH FRORU URML]R GH OD HVSHFLH GH %RUQHR (O
SURSLHWDULRGHTXLHQVHVDEHTXHHVPDULQRSHUWHQHFLHQWHDXQEDUFRPDOWHVSXHGHUHFXSHUDUHODQLPDOVL
ORLGHQWLILFDVDWLVIDFWRULDPHQWH\SDJDDOJXQRVJDVWRVTXHSURYLHQHQGHVXFDSWXUD\FXLGDGR/ODPDUDO
Q~PHUR&DOOH%DUULR6DLQW*HUPDLQWHUFHUR
&yPRHVSRVLEOHSUHJXQWpTXHVXSLHUDVODSURIHVLyQGHOKRPEUH\TXHSHUWHQHFtDDXQEDUFR
PDOWHV"
<RQRORVpGLMR'XSLQQRHVWR\VHJXURGHHOOR3HURDTXtWHQJRXQSHGDFLWRGHFLQWDTXHSRU
VXIRUPD\DSDULHQFLDJUDVLHQWDKDVLGRHYLGHQWHPHQWHHPSOHDGDHQDWDUXQDGHHVDVODUJDVFROHWDVDODV
TXH VRQ WDQ DILFLRQDGRV ORV PDULQHURV $GHPiV DTXHO QXGR HUD XQR GH HVRV TXH SRFDV SHUVRQDV VDEHQ
DWDU\HVSURSLRGHORVPDOWHVHV<RUHFRJtODFLQWDDOSLHGHODEDUUDSDUDUUD\RV1RSRGtDSHUWHQHFHUD
84

QLQJXQDGHODVYtFWLPDV$KRUDELHQVLGHVSXpVGHWRGRHVWR\HTXLYRFDGRHQPLGHGXFFLyQGHODFLQWD\
GHTXHHOIUDQFpVHUDXQPDULQHURSHUWHQHFLHQWHDODWULSXODFLyQGHO0DOWHVHQRKDEUpFDXVDGRQLQJ~QPDO
D QDGLH GLFLHQGR OR TXH GLJR HQ HO DQXQFLR 6L PH KH HTXLYRFDGR pO VLPSOHPHQWH VXSRQGUi TXH PH KH
FRQIXQGLGRSRUDOJXQDFLUFXQVWDQFLDTXHpOQRVHWRPDUiODPROHVWLDHQDQDOL]DU3HURVLWHQJRUD]yQVH
KDEUiGDGRXQJUDQSDVRDGHODQWH&RQRFHGRUDXQTXHLQRFHQWHGHOFULPHQHOIUDQFpVFRPRHVQDWXUDO
YDFLODUiHQUHVSRQGHUDODQXQFLRDFHUFDGHVLGHEHSHGLUHORUDQJXWiQeOUD]RQDUiDVt<RVR\LQRFHQWH
\RVR\SREUHPLRUDQJXWiQHVGHJUDQYDORU\SDUDXQKRPEUHHQPLVLWXDFLyQVXSRQHXQDIRUWXQD3RU
TXpSHUGHUORSRUYDULDVDSUHQVLRQHVGHSHOLJUR"$TXtHVWiDPLDOFDQFH)XHHQFRQWUDGRHQHOERVTXHGH
%RORQLDDJUDQGLVWDQFLDGHOHVFHQDULRGHDTXHOODFDUQLFHUtD&yPRVHSXHGHVRVSHFKDUTXHXQDEHVWLD
EUXWDKD\DKHFKRVHPHMDQWHDFFLyQ"/DSROLFtDHVWiGHVRULHQWDGDWRGDYtDQRVHKDORJUDGRODPiVOLJHUD
SLVWD +DVWD HQ HO FDVR GH VRVSHFKDU GHO DQLPDO VHUtD LPSRVLEOH SUREDU PL FRQRFLPLHQWR GHO FULPHQ R
LPSOLFDUPH HQ pO SRU UD]yQ GH HVWH FRQRFLPLHQWR 3RU HQFLPD GH WRGR VR\ FRQRFLGR (O DQXQFLR PH
GHVLJQD FRPR HO SRVHHGRU GH OD EHVWLD ,JQRUR KDVWD TXp OtPLWH VH SXHGH H[WHQGHU VX FRQRFLPLHQWR 6L
HYLWR UHFODPDU XQD SURSLHGDG GH WDQWR YDORU TXH VH VDEH TXH HV PtD H[SRQGUp DO DQLPDO DO PHQRV D
KDFHUVH VRVSHFKRVR 1R VHUtD FRQYHQLHQWH DWUDHU OD DWHQFLyQ GH OD SROLFtD VREUH Pt R VREUH OD EHVWLD
&RQWHVWDUpDODQXQFLRFRQVHJXLUpHORUDQJXWiQ\ORPDQWHQGUpHQFHUUDGRKDVWDTXHVHROYLGHHODVXQWR
(QDTXHOPRPHQWRRtPRVSDVRVHQODHVFDOHUD
3UHSDUDODVSLVWRODVGLMR'XSLQSHURQRODVXVHVQLODVHQVHxHVKDVWDTXH\RWHORGLJD
/DSXHUWDGHODFDVDHVWDEDDELHUWD\HOYLVLWDQWHKDEtDHQWUDGRVLQOODPDU\VXELGRDOJXQRVSHOGDxRV
GHODHVFDOHUD3HURDKRUDSDUHFtDYDFLODU,QPHGLDWDPHQWHORRtPRVEDMDU'XSLQVHGLULJLyUiSLGDPHQWH
KDFLDODSXHUWDFXDQGROHRtPRVVXELUGHQXHYR(VWDVHJXQGDYH]QRYDFLOyVLQRTXHVXELyFRQGHFLVLyQ
\OODPyDODSXHUWDGHQXHVWURFXDUWR
$GHODQWHGLMR'XSLQHQXQWRQRDOHJUH\FRUGLDO
(QWUy XQ KRPEUH (UD PDULQR HYLGHQWHPHQWH DOWR \ JUXHVR GH DSDULHQFLD PXVFXORVD FRQ XQD
H[SUHVLyQGHDUURJDQFLDQRGHOWRGRPROHVWD6XURVWURLQWHQVDPHQWHTXHPDGRSRUHOVROHVWDEDPiVGH
ODPLWDGRFXOWRSRUODVSDWLOODV\HOELJRWH3RUWDEDXQDHQRUPHWUDQFDSHURQRSDUHFtDOOHYDURWUDFODVH
GH DUPDV 6DOXGy LQFOLQiQGRVH WRUSHPHQWH \ GiQGRQRV ODV EXHQDV QRFKHV FRQ XQ DFHQWR IUDQFpV TXH
DXQTXHDOJR1HXIFKDWHOLVKQRSRGtDQHJDUVXRULJHQSDULVLHQVH
6LpQWHVH DPLJR GLMR 'XSLQ VXSRQJR TXH YLHQH SRU VX RUDQJXWiQ 3DODEUD GH TXH \R FDVL OR
HQYLGLRDXVWHGSRUVXKHUPRVDEHVWLDTXHVLQGXGDYDOHORVX\R4XpHGDGVXSRQHTXHSXHGHWHQHU"
(O PDULQR H[KDOy XQ ODUJR VXVSLUR FRQ HO DLUH GH XQ KRPEUH DOLJHUDGR GH XQD LQWROHUDEOH FDUJD \
GHVSXpVFRQWHVWyFRQYR]ILUPH
1RVpGHFLUOHSHURQRGHEHGHWHQHUPiVDOOiGHFXDWURRFLQFRDxRV/RWLHQHXVWHGDTXt"
2KQR1RWHQtDPRVQLQJ~QVLWLRFRQYHQLHQWHSDUDDORMDUOR(VWiHQXQDFXDGUDGHDOTXLOHUHQOD
FDOOH'XERXUJFHUFDGHDTXt3RGUiLUSRUpOPDxDQDSRUODPDxDQD'HVGHOXHJRVXSRQJRTXHHVWDUi
XVWHGSUHSDUDGRSDUDMXVWLILFDUVXSURSLHGDGQRHVDVt"
'HVGHOXHJRTXHHVWR\SUHSDUDGRVHxRU
6HQWLUpVHSDUDUPHGHpOGLMR'XSLQ
<RQRSUHWHQGRTXHVHKD\DWRPDGRWDQWDPROHVWLDSRUQDGDVHxRUGLMRHOKRPEUH1RVHUtD
OyJLFR7HQGUpPXFKRJXVWRHQSDJDUXQDJUDWLILFDFLyQSRUHODQLPDOHVGHFLUDOJRTXHVHDUD]RQDEOH
%LHQ FRQWHVWy PL DPLJR WRGR HVWR HV PX\ OyJLFR 'pMHPH SHQVDU 4Xp SRGUtD SHGLUOH \R"
85

2K 6H OR GLUp 0L UHFRPSHQVD VHUi HVWD PH GDUi WRGD OD LQIRUPDFLyQ TXH WHQJD DFHUFD GH HVRV
DVHVLQDWRVGHODFDOOH0RUJXH
'XSLQGLMRODV~OWLPDVSDODEUDVHQXQWRQRPX\EDMR\WUDQTXLOR\FRQODPLVPDWUDQTXLOLGDGVHIXH
KDFLD OD SXHUWD OD FHUUy \ VH JXDUGy OD OODYH HQ HO EROVLOOR /XHJR VDFy OD SLVWROD GHO SHFKR \ VLQ OD
PHQRUDJLWDFLyQODGHSRVLWyVREUHODPHVD
/DFDUDGHOPDULQHURHQURMHFLyFRPRVLOXFKDUDSRUYHQFHUODVRIRFDFLyQTXHOHHPEDUJDED6HSXVR
GHSLH\HPSXxyHOJDUURWHSHURDFWRVHJXLGRVHGHMyFDHUHQVXDVLHQWRWHPEODQGRYLROHQWDPHQWH\FRQ
ODH[SUHVLyQGHODPXHUWHHQVXURVWUR1RGLMRQLXQDSDODEUD/RFRPSDGHFtSURIXQGDPHQWH
$PLJRPtRGLMR'XSLQHQXQWRQRPX\DPDEOHVHHVWiDODUPDQGRDVtPLVPRVLQPRWLYRVHOR
DVHJXUR 1RVRWURV QR GHVHDPRV FDXVDUOH QLQJ~Q GDxR /H GR\ D XVWHG PL SDODEUD GH KRQRU FRPR
FDEDOOHUR\FRPRIUDQFpVGHTXHQRLQWHQWDUHPRVKDFHUOHQLQJ~QPDO<RVpSHUIHFWDPHQWHELHQTXHHV
LQRFHQWHGHODVDWURFLGDGHVGHODFDOOH0RUJXH3HURQRPHQHJDUiTXHVHHQFXHQWUDEDVWDQWHFRPSOLFDGR
HQHOODV3RUORTXHDFDERGHGHFLUXVWHGGHEHKDEHUVHGDGRFXHQWDTXHKHFRQWDGRFRQPHGLRVFRQORV
FXDOHVXVWHGQRKXELHUDSRGLGRVRxDU$KRUDODFRVDHVWiDVtXVWHGQRKDKHFKRQDGDTXHKD\DSRGLGR
HYLWDU QDGD FLHUWDPHQWH TXH OR SUHVHQWH FRPR FXOSDEOH $GHPiV WDPSRFR VH OH SXHGH DFXVDU GH
URERDXQTXHSXGLHUDKDEHUORKHFKRLPSXQHPHQWH8VWHGQDGDWLHQHTXHRFXOWDU\QRWLHQHQLQJXQDUD]yQ
SDUDRFXOWDUOR3RURWURODGRXVWHGHVWiREOLJDGRSRUWRGRVORVSULQFLSLRVGHOKRQRUDFRQIHVDUWRGROR
TXHVHSD8QKRPEUHLQRFHQWHHVWiDKRUDHQODSULVLyQDFXVDGRGHXQFULPHQFX\RYHUGDGHURDXWRUXVWHG
SXHGHGHVFXEULU
&XDQGR 'XSLQ SURQXQFLy DTXHOODV SDODEUDV HO PDULQHUR IXH UHFREUDQGR VX iQLPR DO WLHPSR TXH
GHVDSDUHFtDODDUURJDQFLDGHVXVPDQHUDV
4XH'LRVPHD\XGHGLMRGHVSXpVGHXQDEUHYHSDXVDOHVGLUpWRGRORTXHVpVREUHHVWHDVXQWR
DXQTXHHVSHURTXHQRPHFUHHUiQQLODPLWDGGHORTXHOHVGLJDHVWDUtDORFRVLORHVSHUDVHFRQWRGR\R
VR\LQRFHQWH\OHVGLUpODYHUGDGDXQTXHPHFXHVWHODYLGD
/RTXHGHFODUyIXHHQUHVXPHQORVLJXLHQWH
OWLPDPHQWHKDEtDKHFKRXQYLDMHDODUFKLSLpODJRLQGLR8QJUXSRGHOTXHIRUPDEDSDUWHGHVHPEDUFy
HQ%RUQHR\UHDOL]ySRUHOLQWHULRUXQDH[FXUVLyQGHSODFHU-XQWRFRQXQFRPSDxHURKDEtDFDSWXUDGRHO
RUDQJXWiQ DO PRULU HO FRPSDxHUR HO DQLPDO TXHGy GH VX H[FOXVLYD SURSLHGDG 'HVSXpV GH PXFKDV
PROHVWLDV RFDVLRQDGDV SRU OD IHURFLGDG GHO DQLPDO GXUDQWH HO YLDMH GH YXHOWD FRQVLJXLy SRU ILQ
HQFHUUDUOR HQ VX SURSLR GRPLFLOLR GH 3DUtV GRQGH SRU QR DWUDHU OD GHVDJUDGDEOH FXULRVLGDG GH ORV
YHFLQRVKDFLDpOORJXDUGyFXLGDGRVDPHQWHKDVWDHOPRPHQWRTXHVHFXUDUDXQDKHULGDTXHWHQtDHQXQD
SDWDFRPRFRQVHFXHQFLDGHXQDDVWLOODTXHVHFODYyDERUGRGHOEDUFR
'HUHJUHVRDFDVDGHVSXpVGHXQDMXHUJDFRQRWURVPDULQHURVODQRFKHRPiVELHQODPDGUXJDGDGHO
DVHVLQDWR HQFRQWUy D OD EHVWLD RFXSDQGR VX SURSLR GRUPLWRULR DO TXH KDEtD OOHJDGR GHVGH XQ FXDUWR
YHFLQR GRQGH VHJ~Q FUHtD KDEtD VLGR SHUIHFWDPHQWH DPDUUDGR &RQ OD QDYDMD HQ OD PDQR \ WRWDOPHQWH
HQMDERQDGRHVWDEDVHQWDGRDQWHHOHVSHMRLQWHQWDQGRDIHLWDUVHRSHUDFLyQHVWDTXHKDEtDYLVWRUHDOL]DUD
VXGXHxRDWUDYpVGHODFHUUDGXUD$WHUURUL]DGRDOYHUXQDUPDWDQSRGHURVDHQSRVHVLyQGHXQDQLPDOWDQ
IHUR]\WDQFDSD]GHXVDUODHOPDULQHURGXUDQWHDOJXQRVPRPHQWRVVHTXHGyVLQVDEHUTXpKDFHU7HQtD
ODFRVWXPEUHGHGRPLQDUDODQLPDODXQHQVXVDUUDQTXHVPiVIHURFHVSRUPHGLRGHXQOiWLJR\DHVWH
UHFXUULy HQ DTXHOOD RFDVLyQ 3HUR DO YHU HO OiWLJR HO RUDQJXWiQ VDOWy GH SURQWR IXHUD GH OD KDELWDFLyQ
HVFDOHUDVDEDMR\GHVGHDTXtDWUDYpVGHXQDYHQWDQDGHVDIRUWXQDGDPHQWHDELHUWDVDOWRDODFDOOH
86

(OIUDQFpVORVLJXLyGHVHVSHUDGRHOPRQRFRQODQDYDMDWRGDYtDHQODPDQRGHFXDQGRHQFXDQGRVH
YROYtDSDUDEXUODUVHGHVXSHUVHJXLGRUKDVWDTXHHVWHHVWDEDDSXQWRGHDOFDQ]DUOR\HQWRQFHVHVFDSDED
RWUDYH]'HHVWHPRGRODFD]DSURVLJXLyGXUDQWHPXFKRWLHPSR/DVFDOOHVHVWDEDQHQSURIXQGRVLOHQFLR
SRUTXH HUDQ FDVL ODV WUHV GH OD PDxDQD $O EDMDU XQD FDOOHMXHOD VLWXDGD GHWUiV GH OD FDOOH 0RUJXH OD
DWHQFLyQGHOIXJLWLYRTXHGyDWUDtGDSRUXQDOX]TXHEULOODEDHQODKDELWDFLyQGHODVHxRUD/(VSDQD\HHQ
ODFXDUWDSODQWDGHOHGLILFLR6HSUHFLSLWyKDFLDODFDVDYLRODEDUUDSDUDUUD\RV\WUHSyFRQLQFRQFHELEOH
DJLOLGDG SRU HOOD VH DJDUUy DO SRVWLJR TXH HVWDED DSR\DGR FRQWUD OD SDUHG \ SRU PHGLR GH HVWH VDOWy
GLUHFWDPHQWHVREUHHOFDEHFHURGHODFDPD7RGRHVWRDSHQDVGXUyXQPLQXWR$OHQWUDUHORUDQJXWiQHQOD
KDELWDFLyQKDEtDUHFKD]DGRFRQODVSDWDVHOSRVWLJRTXHYROYLyDTXHGDUDELHUWR
(OPDULQHURHQWUHWDQWRHVWDEDFRQWHQWR\SHUSOHMRDOPLVPRWLHPSReOWHQtDIXQGDGDVHVSHUDQ]DVGH
SRGHUFDSWXUDUDKRUDDODQLPDOTXHGLItFLOPHQWHSRGUtDHVFDSDUGHODWUDPSDGRQGHVHKDEtDPHWLGRGH
QRVHUTXHORKLFLHUDSRUODEDUUDGHOSDUDUUD\RVHQGRQGHHOKRPEUHSRGUtDLQWHUFHSWDUOHHOSDVRFXDQGR
EDMDUD3RURWURODGRORLQTXLHWDEDJUDQGHPHQWHORTXHSXGLHUDKDFHUHQODFDVD(VWD~OWLPDUHIOH[LyQOR
REOLJy D VHJXLU DO IXJLWLYR 8QD EDUUD GH SDUDUUD\RV VH SXHGH DVFHQGHU VLQ GLILFXOWDG VREUH WRGR VL VH
WUDWDGHXQPDULQHURSHURFXDQGROOHJyDODDOWXUDGHODYHQWDQDVXFDPLQRVHYLRLQWHUUXPSLGRORPiV
TXHSRGtDKDFHUHUDDFHUFDUVHORVXILFLHQWHSDUDHFKDUXQYLVWD]RDOLQWHULRUGHODKDELWDFLyQ/RTXHYLR
FDVL OH KL]R FDHU GH HVSDQWR HVWUHPHFLGR SRU HO KRUURU GHO FXDGUR TXH VH OH RIUHFLy D VX YLVWD )XH
HQWRQFHV FXDQGR HVWDOODURQ DTXHOORV JULWRV HQ HO VLOHQFLR GH OD QRFKH GHVSHUWDQGR GH VX VXHxR D ORV
YHFLQRVGHODFDOOH0RUJXH/DVHxRUD/(VSDQD\H\VXKLMDFRQVXVEDWDVGHQRFKHHVWDEDQDUUHJODQGR
XQRVSDSHOHVGHOFRIUHGHKLHUUR\DPHQFLRQDGRTXHKDEtDVLGROOHYDGRDOFHQWURGHODKDELWDFLyQ(VWDED
DELHUWR\VXFRQWHQLGRHVSDUFLGRSRUHOVXHOR/DVYtFWLPDVGHEtDQGHKDEHUHVWDGRVHQWDGDVGHHVSDOGDV
DODYHQWDQD\SRUHOWLHPSRTXHWUDQVFXUULyGHVGHODHQWUDGDGHODEHVWLD\ORVFKLOOLGRVSDUHFHSUREDEOH
TXHQRIXHUDDGYHUWLGDLQPHGLDWDPHQWH(OJROSHGHOSRVWLJRGHELyGHVHULQYHURVtPLOPHQWHDWULEXLGRDO
YLHQWR
&XDQGRHOPDULQHURPLUyDOLQWHULRUHOJLJDQWHVFRDQLPDOKDEtDDJDUUDGRDODVHxRUD/(VSDQD\HSRU
HOSHOR TXHWHQtDVXHOWRODGHVJUDFLDGDSRUHVWiUVHORSHLQDQGR \PRYtDODQDYDMDDQWHVXFDUDLPLWDQGR
ORV PRYLPLHQWRV GH XQ EDUEHUR /D KLMD TXHGy SRVWUDGD \ VLQ PRYLPLHQWR HVWDED GHVYDQHFLGD /RV
FKLOOLGRV\IRUFHMHRVGHODDQFLDQD GXUDQWHORVFXDOHVHVWXYRDUUDQFDQGRHOSHORGHVXFDEH]D WXYLHURQ
HO HIHFWR GH FDPELDU ORV SUREDEOHV SURSyVLWRV SDFtILFRV GHO RUDQJXWiQ HQ SXUD LUD &RQ XQ SRGHURVR
PRYLPLHQWR GH VX SRWHQWH EUD]R FDVL OH VHSDUy OD FDEH]D GHO FXHUSR /D YLVWD GH OD VDQJUH LQIODPy OD
IXULD GH OD VDOYDMH ILHUD KDVWD HO SDUR[LVPR $SUHWDQGR ORV GLHQWHV \ HFKDQGR OODPDV SRU ORV RMRV VH
DEDODQ]yVREUHHOFXHUSRGHODPXFKDFKD\FODYyVXVWHUULEOHVJDUUDVHQVXJDUJDQWD\ODVUHWXYRKDVWDTXH
H[SLUy6XVH[WUDYLDGDV\VDOYDMHVPLUDGDVHQDTXHOLQVWDQWHVHILMDURQHQODFDEHFHUDGHODFDPDVREUHOD
FXDO VH YHtD OD FDUD GH VX DPR UtJLGD SRU HO KRUURU /D IXULD GH OD EHVWLD TXH UHFRUGDED WRGDYtD HO
WHUULEOHOiWLJRVHFRQYLUWLyLQVWDQWiQHDPHQWHHQPLHGR&RQVFLHQWHGHKDEHUPHUHFLGRHOFDVWLJRSDUHFLy
GHVHRVR GH RFXOWDU ORV KHFKRV VDQJULHQWRV \ FRPHQ]y D GDU VDOWRV SRU OD KDELWDFLyQ HQ XQD DQJXVWLD GH
QHUYLRVDDJLWDFLyQHFKDQGRDEDMR\GHVWUR]DQGRORVPXHEOHVDOPRYHUVH\OHYDQWDQGRORVFROFKRQHVGH
ODFDPD)LQDOPHQWHDJDUUySULPHURHOFDGiYHUGHODKLMD\ORLQWURGXMRHQHOFDxyQGHODFKLPHQHDFRPR
VHHQFRQWUyOXHJRFRJLyHOFXHUSRGHODDQFLDQD\ORDUURMyGHFDEH]DSRUODYHQWDQD
&XDQGR OD EHVWLD VH DFHUFy D OD YHQWDQD FRQ VX FDUJD PXWLODGD HO PDULQHUR GHVFHQGLy
SUHFLSLWDGDPHQWHSRUODEDUUDGHOSDUDUUD\RV\PiVTXHDJDUUiQGRVHGHMiQGRVHGHVOL]DUSRUHOODVHIXH
87

LQPHGLDWDPHQWHDFDVDFRQHOWHPRUGHODVFRQVHFXHQFLDVGHDTXHOODFDUQLFHUtD\FRQWHQWRGHDEDQGRQDU
HQPHGLRGHVXWHUURUWRGDSUHRFXSDFLyQSRUODVXHUWHGHORUDQJXWiQ/DVSDODEUDVRtGDVSRUHOJUXSRHQ
ODHVFDOHUDHUDQVXVH[FODPDFLRQHVGHKRUURUPH]FODGDVFRQORVHQGHPRQLDGRVDXOOLGRVGHODEHVWLD
$SHQDV WHQJR QDGD TXH DxDGLU D OR TXH OOHYR GLFKR (O RUDQJXWiQ GHELy GH KDEHU HVFDSDGR GH OD
KDELWDFLyQSRUODFDGHQDGHOSDUDUUD\RVSUHFLVDPHQWHDQWHVGHTXHVHGHUULEDUDODSXHUWD$OVDOLUGHELy
GHFHUUDUODYHQWDQD3RFRGHVSXpVIXHFRJLGRSRUVXDPRTXHREWXYRSRUpOXQDIXHUWHVXPDGHGLQHURHQ
HO-DUGtQGHV3ODQWHV/H%RQIXHSXHVWRLQPHGLDWDPHQWHHQOLEHUWDGGHVSXpVGHOUHODWRTXHKLFLPRV FRQ
DOJXQRVFRPHQWDULRVGH'XSLQ HQODRILFLQDGHOSUHIHFWRGHSROLFtD(OIXQFLRQDULRVLQHPEDUJRDSHVDU
GHVXLQFOLQDFLyQDIDYRUHFHUDPLDPLJRQRSXGRRFXOWDUVXPDOKXPRUDOYHUHOJLURTXHKDEtDWRPDGRHO
DVXQWR \ VH SHUPLWLy XQD R GRV VRQULVLWDV VDUFiVWLFDV VREUH OD FRQYHQLHQFLD GH TXH FDGD SHUVRQD GHEH
PHWHUVHHQVXVSURSLRVDVXQWRV
'pMHORKDEODUGLMR'XSLQTXHQRFUHtDRSRUWXQRFRQWHVWDU'pMHORTXHKDEOHDVtGHVFDUJDUi
VXFRQFLHQFLD<RHVWR\VDWLVIHFKRGHKDEHUORGHUURWDGRHQVXSURSLRWHUUHQR1RREVWDQWHHOTXHKD\D
IDOODGRHQODVROXFLyQGHHVWHPLVWHULRQRHVWDQH[WUDxRFRPRpOVXSRQHSXHVDGHFLUYHUGDGQXHVWUR
DPLJRHOSUHIHFWRHVGHPDVLDGRDVWXWRSDUDVHUSURIXQGR6XLQJHQLRFDUHFHGHEDVH(VWRGRFDEH]D\
QDGDFXHUSRFRPRHQODVSLQWXUDVGHODGLRVD/DYHUQDRVLORSUHILHUHWRGRFDEH]D\KRPEURVFRPRXQ
SHVFDGR3HURGHVSXpVGHWRGRHVXQEXHQKRPEUH<RORDSUHFLRHVSHFLDOPHQWHSRUXQWUXFRPDHVWURDO
FXDOGHEHVXIDPDGHLQJHQLRVR0HUHILHURDVXFRVWXPEUHGHQLHUFHTXLHVWHWGH[SOLTXHUFHTXLQHVW
SDV>@

88

/DPiVFDUDGHOD0XHUWH5RMD>@

$&$PXFKRWLHPSRTXHHOSDtVHVWDEDGHVSREOiQGRVHSRUFXOSDGHOD0XHUWH5RMD 1XQFD KXER


SHVWLOHQFLD WDQ IDWDO QL WDQ KRUULEOH /D VDQJUH HUD VX DYDWDU \ VX VHOOR OD URMH] \ HO KRUURU GH OD
VDQJUH 6H SURGXFtDQ DJXGRV GRORUHV UHSHQWLQRV YpUWLJRV \ GHVSXpV GH XQ SURIXVR VDQJUDU GH ORV
SRURVODPXHUWH/DVPDQFKDVHVFDUODWDVREUHHOFXHUSR\HVSHFLDOPHQWHVREUHODFDUDGHODYtFWLPD
HUDQHOHQWUHGLFKRGHODSHVWHTXHODFHUUDEDDWRGRVRFRUUR\DWRGDFRPSDVLyQGHVXVVHPHMDQWHV/D
LQYDVLyQHOSURJUHVR\HOUHVXOWDGRGHODWHUULEOHHQIHUPHGDGWHQtDOXJDUHQPHGLDKRUD
3HUR HO SUtQFLSH 3UyVSHUR HUD IHOL] LQWUpSLGR \ VDJD] &XDQGR VXV GRPLQLRV HVWXYLHURQ PHGLR
GHVSREODGRVFRQYRFyDVXSUHVHQFLDXQPLOODUGHDPLJRVVDQRV\GHVSUHRFXSDGRVHVFRJLGRVHQWUHORV
FDEDOOHURV\ODVGDPDVGHVXFRUWH\FRQHOORVVHHQFHUUyHQODSURIXQGDUHFOXVLyQGHXQDGHVXVDEDGtDV
IRUWLILFDGDV6HWUDWDEDGHXQDH[WHQVD\PDJQtILFDFRQVWUXFFLyQFUHDFLyQGHOSURSLRJXVWRH[FpQWULFR\D
OD YH] PDMHVWXRVR GHO SUtQFLSH 8Q PXUR SRGHURVR \ HOHYDGR OD URGHDED (VWH PXUR WHQtD SXHUWDV GH
KLHUUR8QDYH]TXHKXELHURQHQWUDGRORVFRUWHVDQRVWUDMHURQKRUQLOORV\PDUWLOORVHQRUPHV\VROGDURQORV
FHUURMRV5HVROYLHURQQRGHMDUPDQHUDGHHQWUDURVDOLUSUHYLHQGRORVV~ELWRVLPSXOVRVGHGHVHVSHUDFLyQ
RGHORFXUDGHORVGHOLQWHULRU/DDEDGtDIXHELHQDSURYLVLRQDGD&RQWDOHVSUHFDXFLRQHVORVFRUWHVDQRV
SRGtDQGHVDILDUHOFRQWDJLR(OPXQGRH[WHULRUVHODVFRPSRQGUtDFRPRSXGLHVH(QWUHWDQWRVHUtDORFXUD
ODPHQWDUVH R SUHRFXSDUVH (O SUtQFLSH VH KDEtD FXLGDGR GH WRGR OR TXH IXHUD PRWLYR GH SODFHU +DEtD
EXIRQHV LPSURYLVDGRUHV EDLODULQHV P~VLFRV EHOOH]D \ KDEtD YLQR 7RGDV HVWDV FRVDV \ OD VHJXULGDG
HVWDEDQHQHOLQWHULRU)XHUDLPSHUDEDOD0XHUWH5RMD
)XHKDFLDHOILQDOGHOTXLQWRRVH[WRPHVGHVXUHWLURPLHQWUDVODSHVWLOHQFLDVHH[WHQGtDFRQPiVIXULD
SRUHOH[WHULRUFXDQGRHOSUtQFLSH3UyVSHURREVHTXLyDVXPLOODUGHDPLJRVFRQXQEDLOHGHPiVFDUDVGH
XQDLQVyOLWDPDJQLILFHQFLD
9ROXSWXRVD PDJQLILFHQFLD OD GH DTXHOOD PDVFDUDGD 3HUR SULPHUR SHUPLWLGPH TXH RV KDEOH GH ODV
VDODVGRQGHWHQtDOXJDU(UDQVLHWHXQDVXLWHLPSHULDO(QPXFKRVSDODFLRVHVWDVVHULHVIRUPDQXQDODUJD
\UHFWDSHUVSHFWLYDDOWLHPSRTXHODVSXHUWDVFRUUHGL]DVVHFRUUHQKDFLDODVSDUHGHVGHDPERVODGRVGH
PRGRTXHVHSXHGHYHUWRGDVXH[WHQVLyQVLQQLQJ~QHVIXHU]R$OOtODFRVDHUDPX\GLIHUHQWHFRPRSRGtD
KDEHUVHHVSHUDGRGHODPRUGHOSUtQFLSHSRUORH[WUDxR/DVVDODVHVWDEDQWDQLUUHJXODUPHQWHGLVSXHVWDV
TXHODYLVWDVRORSRGtDDEDUFDUODVGHXQDHQXQD&DGDYHLQWHRWUHLQWD\DUGDVKDEtDXQEUXVFRUHFRGR\D
FDGDUHFRGRXQQXHYRHIHFWR$ODGHUHFKD\DODL]TXLHUGDHQPHGLRGHFDGDSDUHGXQDDOWD\HVWUHFKD
YHQWDQD JyWLFD VH DEUtD D XQ FHUUDGR FRUUHGRU TXH LED VLJXLHQGR ODV UHYXHOWDV GH OD VHULH GH VDODV
$TXHOODV YHQWDQDV HUDQ GH YLGULRV FRORUHDGRV FX\R FRORU YDULDED HQ FRQVR QDQFLD FRQ HO WRQR
SUHGRPLQDQWHHQODVGHFRUDFLRQHVGHODVDODFRUUHVSRQGLHQWH/DVDODGHOH[WUHPRRULHQWDOSRUHMHPSOR
HUDGHFRORUYHUGH\ODVYHQWDQDVHUDQGHXQYHUGHSURIXQGR/DVHJXQGDFiPDUDHUDGHS~USXUDHQVXV
RUQDPHQWRV\WDSLFHUtDV\DOOtORVFULVWDOHVHUDQGHFRORUS~USXUD/DWHUFHUDHQWHUDPHQWHYHUGH\YHUGHV
ORV FULVWDOHV /D FXDUWD HVWDED DPXHEODGD H LOXPLQDGD FRORU QDUDQMD OD TXLQWD GH EODQFR OD VH[WD GH
YLROHWD /D VpSWLPD KDELWDFLyQ HVWDED ULJXURVDPHQWH GHFRUDGD FRQ FRUWLQDMHV GH WHUFLRSHOR QHJUR TXH
FROJDEDQ SRU WRGR HO WHFKR \ ODV SDUHGHV FD\HQGR HQ SHVDGRV SOLHJXHV VREUH XQD DOIRPEUD GHO PLVPR
WHMLGR\FRORU(VWDHUDOD~QLFDKDELWDFLyQHQODTXHHOFRORUGHODVYHQWDQDVQRFRUUHVSRQGtDDOGHOD
89

GHFRUDFLyQ /RV FULVWDOHV HUDQ HVFDUODWD GH XQ LQWHQVR FRORU VDQJUH $KRUD ELHQ HQ QLQJXQD GH HVWDV
VDODVDWUDYpVGHORVRUQDPHQWRVGHRURGLVWULEXLGRVHQSURIXVLyQSRUXQR\RWURODGRRVXVSHQGLGRVGHO
WHFKRVHYHtDOiPSDUDQLFDQGHODEURDOJXQR1RKDEtDQLQJXQDFODVHGHOX]TXHHPDQDUDGHOiPSDUDR
EXMtD GHQWUR GH OD VHULH GH KDELWDFLRQHV 3HUR HQ ORV FRUUHGRUHV TXH ODV FLUFXQGDEDQ IUHQWH D FDGD
YHQWDQD VH OHYDQWDED XQ PDFL]R WUtSRGH TXH VRVWHQtD XQ EUDVHUR HQ OODPDV TXH SUR\HFWDED VXV UD\RV D
WUDYpVGHORVFULVWDOHVFRORUHDGRVLOXPLQDQGRODVDODGHXQPRGRGHVOXPEUDGRUSURGXFLpQGRVHDVtXQD
PXOWLWXGGHDVSHFWRVKDODJDGRUHV\IDQWiVWLFRV3HURHQODKDELWDFLyQGHORHVWHRFiPDUDQHJUDHOHIHFWR
GHODOX]TXHLQYDGtDORVVRPEUtRVFRUWLQDMHVDWUDYpVGHORVFULVWDOHVWHxLGRVGHVDQJUHHUDVLQLHVWURHQ
H[WUHPR\GDEDXQDVSHFWRWDQVLQJXODUDORVVHPEODQWHVGHORVTXHDOOtHQWUDEDQTXHHUDQSRFRVORVGHOD
UHXQLyQTXHVHDWUHYtDQDSRQHUORVSLHVHQHVDKDELWDFLyQ
7DPELpQHQHOODVHHOHYDEDXQJLJDQWHVFRUHORMGHpEDQR6XSpQGXORVHEDODQFHDEDGHXQODGRDRWUR
FRQXQVRUGRSHVDGR\PRQyWRQRWLFWDF\FXDQGRHOPLQXWHURKDEtDGDGRODYXHOWDDODHVIHUD\ODKRUD
LEDDVRQDUVXUJtDGHORVSXOPRQHVGHFREUHGHOUHORMXQVRQLGRFODURUHFLRSURIXQGR\H[FHVLYDPHQWH
PXVLFDO SHUR GH WRQR WDQ SHFXOLDU \ DFHQWXDGR TXH D FDGD KRUD ORV P~VLFRV GH OD RUTXHVWD VH YHtDQ
REOLJDGRVDLQWHUUXPSLUPRPHQWiQHDPHQWHVXHMHFXFLyQSDUDHVFXFKDUDTXHOVRQLGR/RVTXHEDLODEDQVH
YHtDQREOLJDGRVDFHVDUHQVXVHYROXFLRQHV6HSURGXFtDXQEUHYHGHVFRQFLHUWRHQWRGDDTXHOODUHXQLyQ\
PLHQWUDVODVFDPSDQDGDVGHOUHORMVHJXtDQUHVRQDQGRVHREVHUYDEDTXHDXQORVPiVIUtYRORVVHSRQtDQ
SiOLGRV\TXHORVPiVYLHMRV\VRVHJDGRVVHSDVDEDQODPDQRSRUODIUHQWHFRPRHQXQFRQIXVRVXHxRR
PHGLWDFLyQ3HURFXDQGRHOHFRVHKDEtDGHVYDQHFLGRSRUFRPSOHWRXQDULVDOLJHUDLQYDGtDGHSURQWRDOD
DVDPEOHDORVP~VLFRVVHPLUDEDQXQRVDRWURV\VRQUHtDQGHVXSURSLRQHUYLRVLVPR\ORFXUDVXVXUUDQGR
MXUDPHQWRVHQWUHHOORVGHTXHHOSUy[LPRUHSLTXHGHOUHORMQROHVSURGXFLUtDODPtQLPDVHQVDFLyQ/XHJR
WUDV XQ ODSVR GH VHVHQWD PLQXWRV TXH FRPSUHQGH WUHV PLO VHLVFLHQWRV VHJXQGRV GHO WLHPSR TXH YXHOD 
OOHJDED HO QXHYR VRQLGR GHO UHORM \ HQWRQFHV YROYtD D SURGXFLUVH HO PLVPR GHVFRQFLHUWR HO PLVPR
HVWUHPHFLPLHQWRODVPLVPDVPHGLWDFLRQHV
3HURDSHVDUGHWRGRHUDXQDDOHJUH\PDJQtILFDILHVWD/RVJXVWRVGHOSUtQFLSHHUDQPX\SHFXOLDUHV
7HQtDXQRMRDFHUWDGRSDUDORVFRORUHV\ORVHIHFWRV'HVSUHFLDEDODVGHFRUDFLRQHVDODPRGDFRUULHQWH
6XVSODQHVHUDQDWUHYLGRV\IDQWiVWLFRV\VXVFRQFHSFLRQHVEULOODEDQFRQXQIXOJRUEiUEDUR0XFKRVOH
KDEUtDQFUHtGRORFR6XVVHJXLGRUHVVDEtDQTXHQRORHUD3HURHUDQHFHVDULRRtUORYHUOR\WRFDUORSDUD
FRQYHQFHUVHGHTXHQRORHUDHQHIHFWR
&RQ RFDVLyQ GH DTXHOOD JUDQ ILHVWD>@ HO SURSLR SUtQFLSH KDEtD GLULJLGR HQ JUDQ SDUWH ORV
HPEHOOHFLPLHQWRVPRELOLDULRVGHODVVLHWHVDODV\IXHVXJXVWRSHUVRQDOHOTXHGHFLGLyVREUHHOFDUiFWHU
GHODVPiVFDUDV(VWDGVHJXURVGHTXHHUDQJURWHVFDV+DEtDPXFKRGHGHVOXPEUDGRU\UHOXFLHQWHSLFDQWH
\IDQWiVWLFRPXFKRGHORTXHVHKDYLVWRGHVSXpVHQ+HUQDQL+DEtDILJXUDVDUDEHVFDVFRQPLHPEURV\
DFFHVRULRLQDGHFXDGRV+DEtDGHOLUDQWHVIDQWDVtDVWDOHVFRPRODVPRGDVGHORVORFRV+DEtDPXFKRGHOR
EHOORPXFKRGHOROLFHQFLRVRPXFKRGHORH[WUDxRDOJRGHORWHUULEOH\QRSRFRGHORTXHSXGLHUDKDEHU
SURGXFLGRUHSXJQDQFLD$UULED\DEDMRGHODVVLHWHVDODVVHSDYRQHDEDXQDPXFKHGXPEUHGHSHVDGLOOD\
DTXHOORV ORV VXHxRV VH FRQWRUVLRQDEDQ HQ WRGRV ORV VHQWLGRV WRPDQGR HO FRORU GH ODV KDELWDFLRQHV \
KDFLHQGR SDUHFHU OD H[WUDxD P~VLFD GH ODV RUTXHVWDV FRPR HO HFR GH VXV SDVRV 3HUR KH DTXt TXH GH
SURQWRYXHOYHDUHSLFDUHOUHORMGHHERQLWDTXHVHDO]DHQODVDODGHWHUFLRSHOR\HQWRQFHVGXUDQWHXQ
PRPHQWR WRGRV TXHGDQ GHWHQLGRV WRGRV SHUPDQHFHQ HQ VLOHQFLR VDOYR OD YR] GHO UHORM /RV VXHxRV
TXHGDEDQ SDUDOL]DGRV GRQGH HVWDEDQ 3HUR ORV HFRV GHO UHSLTXH VH YDQ GHVYDQHFLHQGR DSHQDV KDQ
90

GXUDGR XQ LQVWDQWH \ XQD KLODULGDG OLJHUD \ PDO FRQWHQLGD DSDUHFH FRQ VX SDUWLGD \ XQD YH] PiV OD
P~VLFD VXEH GH WRQR \ ORV VXHxRV YXHOYHQ \ VH UHWXHUFHQ GH DTXt SDUD DOOi FRQ PiV DOHJUtD TXH QXQFD
WRPDQGRHOWLQWHGHODVGLYHUVDVYHQWDQDVDWUDYpVGHODVFXDOHVSHQHWUDQORVUD\RVGHORVWUtSRGHV3HUR
HQODKDELWDFLyQPiVRFFLGHQWDOGHODVVLHWHDKRUDQLQJXQDGHODVPiVFDUDVRVDDYHQWXUDUVHSXHVODQRFKH
DYDQ]D \ XQD OX] PiV URMD SHQHWUD D WUDYpV GH ORV FULVWDOHV FRORU VDQJUH \ OD QHJUXUD GH ORV FRUWLQDMHV
WHxLGRV GH VDQJUH DWHUUD \ DO TXH SRQH ORV SLHV VREUH OD DOIRPEUD QHJUD HO FHUFDQR UHORM GH pEDQR OH
UHVHUYDXQUHSLTXHPiVSHVDGRPiVVROHPQHPHQWHHQpUJLFRTXHHOTXHOOHJDDORVRtGRVGHORVTXHHVWiQ
HQWUHJDGRVDORVPiVOHMDQRVUHJRFLMRVHQORVRWURVVDORQHV
3RUORTXHUHVSHFWDDHVWDVVDODVHVWDEDQDWHVWDGDVGHJHQWH\HQHOODVODWtDIHEULOPHQWHHODUGRUGHOD
YLGD/DILHVWDHVWDEDHQVXDSRJHRFXDQGRSRUILQFRPHQ]DURQORVWDxLGRVGHPHGLDQRFKHHQHOUHORM
(QWRQFHVFRPRKHGLFKRFHVyODP~VLFDODVHYROXFLRQHVGHORVEDLODULQHVVHVXVSHQGLHURQXQDDQVLRVD
LQPRYLOLGDG YROYLy D DSRGHUDUVH GH WRGDV ODV FRVDV 3HUR DKRUD WHQtDQ TXH VRQDU GRFH JROSHV GH OD
FDPSDQDGHOUHORM\DVtVXFHGLyWDOYH]SDUDTXHFRQPD\RUWLHPSRPXFKRVSHQVDPLHQWRVVHDGXHxDUDQ
GHODVPHGLWDFLRQHVGHORVSHQVDWLYRVTXHDOOtKDEtD\WDOYH]SRUHOORSDUDTXHDQWHVGHTXHORV~OWLPRV
HFRV GHO ~OWLPR WDxLGR VH KXELHUDQ KXQGLGR GHO WRGR HQ HO VLOHQFLR YDULDV SHUVRQDV GH HQWUH HO JHQWtR
WXYLHURQ RFDVLyQ SDUD DGYHUWLU OD SUHVHQFLD GH XQD ILJXUD HQPDVFDUDGD TXH KDVWD HQWRQFHV QR KDEtD
OODPDGR OD DWHQFLyQ GH QDGLH $O H[WHQGHUVH HO UXPRU GH HVWD SUHVHQFLD HQWUH PXUPXOORV FRPR XQ
UHJXHUR GH SyOYRUD QR WDUGy HQ HOHYDUVH HQ WRGD OD FRQFXUUHQFLD XQ FRQIXVR UXPRU XQ H[SUHVLYR
PXUPXOORGHVRUSUHVD\GHVDSUREDFLyQSULPHUR\OXHJRILQDOPHQWHGHWHUURUGHKRUURU\GHGLVJXVWR
(Q XQD UHXQLyQ GH IDQWDVPDV FRPR OD TXH KH GHVFULWR SXHGH VXSRQHUVH IiFLOPHQWH TXH QLQJXQD
DSDULFLyQFRUULHQWHKXELHUDVXVFLWDGRWDOVHQVDFLyQ'HKHFKRODOLFHQFLDFDUQDYDOHVFDGHDTXHOODQRFKH
HUD FDVL LOLPLWDGD SHUR OD ILJXUD HQ FXHVWLyQ KDEtD VREUHSDVDGR OD H[WUDYDJDQFLD GH XQ +HURGHV \
IUDQTXHDGR KDVWD ORV OtPLWHV ODV IURQWHUDV LQFOXVR GHO PiV HOHPHQWDO GHFRUR ([LVWHQ FXHUGDV HQ ORV
FRUD]RQHV GH ORV KRPEUHV PiV WHPHUDULRV TXH QR SXHGHQ VHU WRFDGDV VLQ HPRFLyQ ,QFOXVR HQ ORV
GHSUDYDGRV SDUD TXLHQHV OD YLGD \ OD PXHUWH VRQ LJXDOPHQWH SXUR MXHJR KD\ FRVDV FRQ ODV TXH QR VH
SXHGH EURPHDU 7RGRV ORV DVLVWHQWHV D GHFLU YHUGDG SDUHFtDQ VHQWLU SURIXQGDPHQWH TXH HQ HO WUDMH \
FRPSRUWDPLHQWRGHDTXHOH[WUDxRQRKDEtDQLLQJHQLRQLGHFHQFLD(OSHUVRQDMHHUDDOWR\GHOJDGR\VH
DPRUWDMDEDGHODFDEH]DDORVSLHVFRQORVURSDMHVGHODWXPED(OSDUHFLGRGHODPiVFDUDTXHRFXOWDED
VX URVWUR HUD WDQ VHPHMDQWH DO GH XQ FDGiYHU TXH OD REVHUYDFLyQ PiV GHWDOODGD KXELHUD HQFRQWUDGR
GLILFXOWDG HQ GHVFXEULU HO HQJDxR &RQ WRGR DTXHOOR SRGtD KDEHU VLGR VRSRUWDGR VL QR DSUREDGR SRU
SDUWHGHORVORFRVTXHORURGHDEDQ3HURODPiVFDUDKDEtDOOHJDGRDOH[WUHPRGHDGRSWDUHOWLSRGHOD
0XHUWH5RMD6XYHVWLGRHVWDEDVDOSLFDGRGHVDQJUH\VXIUHQWHDQFKDORPLVPRTXHWRGRVORVUDVJRVGH
VXFDUDHVWDEDUHJDGDSRUHOKRUURUHVFDUODWD
&XDQGR ORV RMRV GHO SUtQFLSH 3UyVSHUR VH ILMDURQ HQ DTXHOOD LPDJHQ GHO HVSHFWUR TXH FRQ OHQWR \
VROHPQHPRYLPLHQWRFRPRSDUDUHSUHVHQWDUPHMRUVXSDSHOVHSDVHDEDGHXQODGRSDUDRWURHQWUHORV
EDLODULQHV  VH OH YLR FRQYXOVLRQDUVH FRQ XQ IXHUWH HVWUHPHFLPLHQWR GH WHUURU R GH DVFR 8Q PRPHQWR
GHVSXpVVXIUHQWHHQURMHFLyGHLUD
4XLpQ VH DWUHYH SUHJXQWy FRQ YR] URQFD D ORV FRUWHVDQRV TXH HVWDEDQ MXQWR D pO TXLpQ VH
DWUHYHDLQVXOWDUQRVFRQHVWDEXUODEODVIHPD"$JDUUDGOR\TXLWDGOHODPiVFDUDSDUDTXHVHSDPRVDTXLpQ
KHPRVGHFROJDUDODPDQHFHUGHQXHVWUDVDOPHQDV
&XDQGRSURQXQFLyHVWDVSDODEUDVHOSUtQFLSH3UyVSHURVHKDOODEDHQODKDELWDFLyQGHOHVWHRFiPDUD
91

D]XO6XYR]UHVRQyDWUDYpVGHODVVLHWHKDELWDFLRQHVIXHUWH\FODUDPHQWHSXHVHOSUtQFLSHHUDXQKRPEUH
YDOHURVR\UREXVWR\ODP~VLFDKDEtDFHVDGRDXQDVHxDOGHVXPDQR
(UDHQODKDELWDFLyQD]XOGRQGHHVWDEDHOSUtQFLSHFRQXQJUXSRGHSiOLGRVFRUWHVDQRVDVXODGR$O
SULQFLSLRPLHQWUDVKDEODEDVHKDEtDUHDOL]DGRHQWUHORVUHXQLGRVXQOLJHURPRYLPLHQWRGHOJUXSRDTXHO
HQODGLUHFFLyQGHOLQWUXVRTXHHQDTXHOPRPHQWRWDPELpQHVWXYRDODOFDQFHGHVXVPDQRV\TXHDKRUD
FRQSDVRGHOLEHUDGR\PDMHVWXRVRVHDSUR[LPDEDDOSUtQFLSH3HURGHELGRDXQFLHUWRLQGHILQLGRWHUURU
TXHODORFDDXGDFLDGHODPiVFDUDKDEtDLQVSLUDGRDWRGRVORVUHXQLGRVQRKXERQDGLHTXHVHDWUHYLHUDD
SRQHUOHODPDQRHQFLPDSDUDDJDUUDUORDVtTXHVLQLPSHGLPHQWRDOJXQRSDVyDGRVSDVRVGHODSHUVRQD
GHOSUtQFLSH\PLHQWUDVODLQPHQVDDVDPEOHDFRPRSRUXQiQLPHLPSXOVRUHWURFHGtDGHVGHORVFHQWURVGH
ODV KDELWDFLRQHV KDFLD ODV SDUHGHV pO SURVHJXtD VX FDPLQR VLQ LQWHUUXSFLyQ SHUR FRQ HO PLVPR SDVR
VROHPQH \ PHVXUDGR TXH OR KDEtD FDUDFWHUL]DGR GHVGH HO SULQFLSLR FUX]DQGR GH OD FiPDUD D]XO D OD
S~USXUD GH OD S~USXUD D OD YHUGH GH OD YHUGH D OD DQDUDQMDGD \ DVt VXFHVLYDPHQWH D OD EODQFD \ OD
YLROHWDDQWHVGHTXHQDGLHKXELHUDKHFKRXQPRYLPLHQWRUHVXHOWRSDUDGHWHQHUOR(QWRQFHVIXHFXDQGRHO
SUtQFLSH 3UyVSHUR HQORTXHFLGR GH LUD \ GH YHUJHQ]D SRU VX FREDUGtD PRPHQWiQHD VH SUHFLSLWy
UiSLGDPHQWHDWUDYpVGHODVVHLVKDELWDFLRQHVVLQTXHQDGLHVHDWUHYLHUDDVHJXLUORSXHVXQWHUURUPRUWDO
VH KDEtD DSRGHUDGR GH WRGRV (PSXxDED XQD GDJD GHVHQYDLQDGD \ VH KDEtD DFHUFDGR FRQ UiSLGD
LPSHWXRVLGDGDXQRVWUHVRFXDWURSLHVGHODILJXUDTXHVHUHWLUDEDFXDQGRHVWDKDELHQGRDOFDQ]DGROD
H[WUHPLGDGGHODFiPDUDGHWHUFLRSHORVHYROYLyEUXVFDPHQWHHKL]RIUHQWHDVXSHUVHJXLGRU6HR\yXQ
JULWR DJXGR \ OD GDJD FHQWHOOHDQGR FD\y VREUH OD I~QHEUH DOIRPEUD GRQGH HO SUtQFLSH 3UyVSHUR VH
GHVSORPyVLQYLGDXQSRFRPiVWDUGH,QPHGLDWDPHQWHLQYRFDQGRHOYDORUGHODGHVHVSHUDFLyQXQWURSHO
GHPiVFDUDVVHSUHFLSLWyDODKDELWDFLyQQHJUD\DSRGHUiQGRVHGHOGHVFRQRFLGRFX\DHOHYDGDILJXUDVH
PDQWHQtDHUJXLGDHLQPyYLODODVRPEUDGHOUHORMGHpEDQRH[KDODURQXQJULWRGHLQHQDUUDEOHKRUURUDO
KDOODU TXH ORV URSDMHV IXQHUDULRV \ OD PiVFDUD VHPHMDQWH DO URVWUR GH XQ FDGiYHU TXH HOORV KDEtDQ
VXMHWDGRFRQWDQYLROHQWDUXGH]DQRRFXOWDEDQQLQJXQDIRUPDWDQJLEOH
<HQWRQFHVUHFRQRFLHURQODSUHVHQFLDGHOD0XHUWH5RMD+DEtDYHQLGRFRPRXQODGUyQHQODQRFKH\
XQRSRUXQRIXHURQFD\HQGRORVOLEHUWLQRVHQODVVDODVGHODRUJtDUHJDGDVGHVDQJUHPXULHQGRFDGDXQR
GHHOORVHQODGHVHVSHUDGDSRVLFLyQGHVXFDtGD/DYLGDGHOUHORMGHpEDQRVHH[WLQJXLyFRQODGHO~OWLPR
GH ORV DOHJUHV OLEHUWLQRV /DV OODPDV GH ORV WUtSRGHV VH DSDJDURQ < ODV WLQLHEODV OD UXLQD \ OD 0XHUWH
5RMDPDQWXYLHURQVREUHWRGRVXLOLPLWDGRGRPLQLR

92

(OPDQXVFULWRKDOODGRHQXQDERWHOOD>@
4XLQDSOXVTXXQPRPHQWiYLYUH
1DSOXVUtHQiGLVVLPXOHU>@
48,1$8/7$W\V

2&2WHQJRTXHGHFLUVREUHPLFLXGDG\VREUHPLIDPLOLD0DORVWUDWRV\ODUJRVDxRVPHHFKDURQGH
ODXQD\PHDOHMDURQGHODRWUD0LKHUHGLWDULDULTXH]DPHSHUPLWLyXQDHGXFDFLyQQDGDFRP~Q\XQD
LQFOLQDFLyQFRQWHPSODWLYDGHPLHVStULWXPHFDSDFLWySDUDRUGHQDUHOF~PXORGHVDEHUTXHPLWHPSUDQR
HVWXGLR KDEtD GLOLJHQWHPHQWH DFXPXODGR 3RU HQFLPD GH WRGDV ODV FRVDV ORV WUDEDMRV GH ORV PRUDOLVWDV
DOHPDQHV PH SURGXFtDQ XQ JUDQ GHOHLWH QR SRU PL PDO DFRQVHMDGD DGPLUDFLyQ GH VX HORFXHQWH ORFXUD
VLQRSRUODIDFLOLGDGFRQTXHPLVFRVWXPEUHVGHUtJLGRVSHQVDPLHQWRVPHIDFLOLWDEDQSDUDGHVFXEULUVXV
IDOVHGDGHV $ PHQXGR VH PH KD UHSURFKDGR OD DULGH] GH PL WDOHQWR \ PH KD VLGR LPSXWDGD FRPR XQ
FULPHQPLIDOWDGHLPDJLQDFLyQ\HOSLUURQLVPRGHPLVRSLQLRQHVVLHPSUHPHKDGHMDGRHQPDOOXJDU(Q
UHDOLGDG PL IXHUWH DILFLyQ SRU OD ILORVRItD GH OD QDWXUDOH]D KD FRQWDPLQDGR PL PHQWH FRQ XQ HUURU PX\
IUHFXHQWHHQHVWRVGtDVPHUHILHURDODFRVWXPEUHGHUHIHULUVXFHGLGRVDXQORVPiVLQVLJQLILFDQWHVGH
WDO UHODFLyQ FRQ ORV SULQFLSLRV GH DTXHOOD FLHQFLD 6REUH WRGR QLQJXQD SHUVRQD SRGUtD HVWDU PHQRV
VXMHWDTXH\RPLVPRDGHMDUVHOOHYDUOHMRVGHORVVHYHURVUHFLQWRVGHODYHUGDGSRUORVIXHJRVIDWXRVGH
ODVXSHUVWLFLyQ+HFUHtGRFRQYHQLHQWHHVWDEOHFHUIHDFLHQWHPHQWHHVWRQRVHDTXHODLQFUHtEOHQDUUDFLyQ
TXH YR\ D FRQWDU SXGLHUD VHU FRQVLGHUDGD PiV ELHQ FRPR HO GHVYDUtR GH XQD JURVHUD LPDJLQDFLyQ TXH
FRPRODSRVLWLYDH[SHULHQFLDGHXQDPHQWHSDUDODFXDOORVHQVXHxRVGHODIDQWDVtDKDQVLGRVLHPSUHOHWUD
PXHUWD\QXODVYHUGDGHV
'HVSXpVGHPXFKRVDxRVGHGLFDGRDYLDMDUSRUHOH[WUDQMHURLQLFLpHODxRGHVGHHOSXHUWRGH
%DWDYLDHQODULFD\SRSXORVDLVODGH-DYDXQYLDMHDODVLVODVGHODUFKLSLpODJR<RLEDFRPRSDVDMHUR
QRWHQLHQGRRWURHVWtPXORTXHXQDHVSHFLHGHLQWUDQTXLOLGDGQHUYLRVDTXHPHSHUVHJXtDVLHPSUHFRPRXQ
GLDEOR
1XHVWUDHPEDUFDFLyQHUDXQKHUPRVREDUFRGHFDVLFXDWURFLHQWDVWRQHODGDVFRQXQDFDSDGHFREUH\
FRQVWUXLGRHQ%RPED\FRQWHFDGH0DODEDUIOHWDGDFRQDOJRGyQHQUDPD\DFHLWHGHODVLVODV/DTXHYLGDV
7DPELpQ OOHYiEDPRV D ERUGR ERQRWH DFHLWH GH PDQWHFD FRFRV \ XQDV FXDQWDV FDMDV GH RSLR /D FDUJD
HVWDEDPDOFRORFDGD\SRUWDQWRODHPEDUFDFLyQHVFRUDED
=DUSDPRVFRQXQVLPSOHJROSHGHYLHQWR\GXUDQWHPXFKRVGtDVQRVPDQWXYLPRVQDYHJDQGRDORODUJR
GH OD FRVWD GH -DYD VLQ RWUR LQFLGHQWH SDUD GLYHUWLU OD PRQRWRQtD GH QXHVWUR UXPER TXH HO HQFXHQWUR
RFDVLRQDOFRQDOJXQRVGHORVSHTXHxRVJUDEVGHODUFKLSLpODJRHQHOFXDOHVWiEDPRVFRQILQDGRV
8QDWDUGHTXHHVWDEDUHFOLQDGRHQHOFRURQDPLHQWRGHSRSDREVHUYpXQDQXEHDLVODGDPX\VLQJXODU
KDFLDHOQRURHVWH(UDQRWDEOHORPLVPRSRUVXFRORUFRPRSRUVHUODSULPHUDTXHKDEtDPRVYLVWRGHVGH
QXHVWUDVDOLGDGH%DWDYLD/DREVHUYpDWHQWDPHQWHKDVWDODSXHVWDGHOVROFXDQGRGHSURQWRVHH[WHQGLy
GHHVWHDRHVWHFLxHQGRHOKRUL]RQWHFRQXQDHVWUHFKDIDMDGHYDSRU\VHPHMDQGRXQDODUJDOtQHDGHFRVWD
EDMD0LDWHQFLyQIXHSRFRGHVSXpVDWUDtGDSRUODDSDULHQFLDSDUGRURML]DGHODOXQD\HOSHFXOLDUDVSHFWR
GHO PDU (VWH ~OWLPR HVWDED VXIULHQGR XQ UiSLGR FDPELR \ HO DJXD SDUHFtD PiV WUDQVSDUHQWH TXH GH
93

FRVWXPEUH $XQTXH \R SRGtD YHU HO IRQGR FRQ FODULGDG VLQ HPEDUJR HFKDQGR OD VRQGD HQFRQWUp TXH
QDYHJiEDPRVDTXLQFHEUD]DVGHSURIXQGLGDG(ODLUHHQWRQFHVOOHJyDKDFHUVHLQWROHUDEOHPHQWHFiOLGR\
HVWDEDFDUJDGRGHH[KDODFLRQHVHQHVSLUDOSDUHFLGDVDDTXHOODVTXHSURFHGHQGHOKLHUURDOURMR&XDQGR
OOHJyODQRFKHGHVDSDUHFLyWRGRVRSORGHYLHQWR\HVLPSRVLEOHFRQFHELUXQDFDOPDPiVFRPSOHWD(QOD
SRSDDUGtDODOODPDGHXQDEXMtDVLQHOPHQRUPRYLPLHQWRSHUFHSWLEOH\XQODUJRFDEHOORVRVWHQLGRHQWUH
HOtQGLFH\HOSXOJDUFROJDEDVLQODSRVLELOLGDGGHGHVFXEULUHQpOODPiVOLJHUDYLEUDFLyQ$SHVDUGH
WRGRHOFDSLWiQGLMRTXHpOQRSHUFLEtDVHxDODOJXQDGHSHOLJUR\FXDQGRtEDPRVGHULYDQGRSHJDGRVDOD
FRVWD RUGHQy DIHUUDU YHODV \ OHYDU HO DQFOD 1R VH SXVR YLJtD \ OD WULSXODFLyQ TXH SULQFLSDOPHQWH
FRQVLVWtDHQPDOD\RVVHHFKyGHOLEHUDGDPHQWHVREUHFXELHUWD<RPHIXLDEDMR\QRVLQHOSUHVHQWLPLHQWR
GHXQDGHVJUDFLD(QUHDOLGDGWRGDVODVDSDULHQFLDVPHFRQILUPDEDQHOWHPRUGHXQKXUDFiQ +DEOp DO
FDSLWiQGHPLVWHPRUHVSHURpOQROHVSUHVWyDWHQFLyQ\PHGHMyVLQGLJQDUVHGDUPHXQDFRQWHVWDFLyQ0L
PDOHVWDUVLQHPEDUJRLPSLGLyTXHGXUPLHUD\FDVLDPHGLDQRFKHVXEtDFXELHUWD$OSRQHUHOSLHVREUH
HOSULPHUSHOGDxRGHODHVFDODGHODWROGLOODIXLVRUSUHQGLGRSRUXQIXHUWH]XPELGRFRPRHOTXHSURGXFH
ODUiSLGDUHYROXFLyQGHXQDUXHGDGHPROLQR\DQWHVGHTXHSXGLHUDDYHULJXDUGHTXpVHWUDWDEDVHQWtTXH
HO EDUFR HUD VDFXGLGR FRQ YLROHQFLD (Q HO PLVPR LQVWDQWH XQD JUDQ FDQWLGDG GH HVSXPD QRV ODQ]y GH
FRVWDGR\SUHFLSLWiQGRVHVREUHQRVRWURVGHSURDDSRSDEDUULyWRGDVODVFXELHUWDV
/D IXULD H[WUHPD GH OD UiIDJD IXH HQ JUDQ PHGLGD OD VDOYDFLyQ GHO EDUFR $ SHVDU GH HVWDU
FRPSOHWDPHQWHDQHJDGRGHDJXD\GHKDEHUSHUGLGRODDUERODGXUDSRUODERUGDGHVSXpVGHXQRVPLQXWRV
VHDO]ySHVDGDPHQWH\EDPEROHiQGRVHDOJ~QWLHPSREDMRODLQPHQVDSUHVLyQGHODWHPSHVWDGORJUyDOILQ
HVWDELOL]DUVH
(V LPSRVLEOH GHFLU FyPR ORJUp HVFDSDU GH OD GHVWUXFFLyQ $WXUGLGR SRU OD VDFXGLGD GHO DJXD PH
HQFRQWUpDOYROYHUHQPtDSUHWXMDGRHQWUHHOFRGDVWH\HOWLPyQ&RQJUDQGLILFXOWDGSXGHSRQHUPHGH
SLH \ PLUDQGR HQ WRUQR PtR FRQ JUDQ DWXUGLPLHQWR OR SULPHUR TXH PH LPSUHVLRQy IXH OD LGHD GH TXH
HVWXYLpVHPRVHQWUHORVURPSLHQWHVWDQWHUURUtILFRSRUHQFLPDGHODPiVGHVFDEHOODGDLPDJLQDFLyQHUDHO
UHPROLQRGHOHVSXPRVRRFpDQRGHQWURGHOFXDOQRVKDOOiEDPRVFRQILQDGRV8QPRPHQWRGHVSXpVRtODYR]
GHXQDQFLDQRVXHFRTXHKDEtDHPEDUFDGRHQHOPRPHQWRGHDEDQGRQDUHOSXHUWR/ROODPpFRQWRGDVPLV
IXHU]DV H LQPHGLDWDPHQWH VH SUHVHQWy WDPEDOHiQGRVH SRU OD SRSD 3URQWR GHVFXEULPRV TXH pUDPRV ORV
~QLFRVVXSHUYLYLHQWHVGHODFFLGHQWH7RGDODWULSXODFLyQFRQQXHVWUDVRODH[FHSFLyQKDEtDVLGREDUULGD
SRUODERUGDHOFDSLWiQ\VXVFRPSDxHURVGHEtDQGHKDEHUSHUHFLGRPLHQWUDVGRUPtDQSXHVODVFDELQDV
HVWDEDQ LQXQGDGDV GH DJXD 6LQ D\XGD SRFR VH SRGtD HVSHUDU OR TXH KLFLpUDPRV SRU OD VHJXULGDG GHO
EDUFR\QXHVWURVHVIXHU]RVDOSULQFLSLRTXHGDURQSDUDOL]DGRVSRUODFUHHQFLDGHTXHQRVKXQGtDPRV/D
FDGHQDGHODQFODQDWXUDOPHQWHVHKDEtDSDUWLGRFRPRXQEUDPDQWHDOSULPHUVRSORGHOKXUDFiQTXHGHQR
KDEHU VLGR DVt QRV KXELpUDPRV KXQGLGR LQVWDQWiQHDPHQWH 1RV GHVOL]iEDPRV YLHQWR HQ SRSD D WHUULEOH
YHORFLGDG PLHQWUDV ODV RODV URPStDQ FRQ WHUULEOH tPSHWX VREUH QRVRWURV /D DUPDGXUD GH QXHVWUD SRSD
HVWDED H[FHVLYDPHQWH GHVWUR]DGD \ HQ FDVL WRGRV ORV DVSHFWRV KDEtDPRV UHFLELGR FRQVLGHUDEOHV GDxRV
SHURSDUDDOHJUtDQXHVWUDKDOODPRVTXHODVERPEDVIXQFLRQDEDQ\TXHHQQXHVWURFDUJDPHQWRQRVHKDEtD
SURGXFLGR QLQJ~Q FDPELR GH LPSRUWDQFLD /D IXULD GHVDWDGD GH OD WRUPHQWD KDEtD \D FHVDGR \ QR
DOEHUJiEDPRV WHPRU SRU OD YLROHQFLD GHO YLHQWR SHUR PLUiEDPRV SUHRFXSDGRV SRU YHU VL VH FDOPDED
WRWDOPHQWH\DTXHHQQXHVWUDODPHQWDEOHVLWXDFLyQSHUHFHUtDPRVLQHYLWDEOHPHQWHHQHOWHUULEOHUHPROLQR
TXHYHQGUtDPiVWDUGH3HURDTXHOWHPRUWDQOyJLFRQRSDUHFtDSUREDEOHTXHVHSURGXMHUDLQPHGLDWDPHQWH
'XUDQWHFLQFRGtDV\FLQFRQRFKHVHQORVFXDOHVQXHVWUR~QLFRDOLPHQWRIXHXQDSHTXHxDFDQWLGDGGH
94

D]~FDU TXH QRV SURFXUDPRV FRQ JUDQ GLILFXOWDG HQ HO FDVWLOOR GH SURD QXHVWUR FDVFR YROy D XQD
YHORFLGDGTXHGHVDILDEDWRGRFiOFXORLPSXOVDGRSRUUiIDJDVGHYLHQWRTXHVHVXFHGtDQUiSLGDPHQWH\
TXHDXQTXHQRLJXDODEDQODSULPHUDYLROHQFLDGHOKXUDFiQHUDQPiVWHUURUtILFDVWRGDYtDTXHFXDOTXLHU
WHPSHVWDG FRQ TXH KDVWD HQWRQFHV PH KXELHVH \R HQFRQWUDGR 'XUDQWH ORV SULPHURV FXDWUR GtDV QXHVWUR
UXPER IXH FRQ LQVLJQLILFDQWHV YDULDFLRQHV VXGHVWH \ VXU GHEtDPRV GH KDEHU EDMDGR SRU ODV FRVWDV GH
1XHYD+RODQGD$OTXLQWRGtDHOIUtRVHKL]RH[WUHPDGRDSHVDUGHTXHHOYLHQWRKDEtDJLUDGRXQSXQWR
PiV KDFLD HO QRUWH 6DOLy HO VRO FRQ XQ HQIHUPL]R EULOOR DPDULOOR \ DVFHQGLy DOJXQRV JUDGRV VREUH HO
KRUL]RQWHVLQHPLWLUQLQJXQDOX]HIHFWLYD$XQTXHQRKDEtDQXEHVDSDUHQWHVHOYLHQWRWHQGtDDDXPHQWDU\
VRSODEDFRQFDSULFKRVDHLQFRQVWDQWHIXULD&DVLDPHGLRGtDVHJ~QSXGLPRVFDOFXODUSRUDSUR[LPDFLyQ
QXHVWUDDWHQFLyQIXHGHQXHYRDWUDtGDSRUHODVSHFWRGHOVRO1RGDEDOX]KDEODQGRHQWpUPLQRVSUHFLVRV
VLQRXQDSDJDGR\WULVWHUHVSODQGRUVLQUHIOHMRFRPRVLORVUD\RVHVWXYLHVHQSRODUL]DGRV3UHFLVDPHQWH
HQWRQFHV VH KXQGtD HQ HO WXUJHQWH PDU \ VX IXHJR FHQWUDO GHVDSDUHFtD DSUHVXUDGDPHQWH FRPR VL OR
H[WLQJXLHUD DOJ~Q SRGHU LQH[SOLFDEOH &XDQGR VH SUHFLSLWy HQ HO LQVRQGHDEOH RFpDQR VROR HUD XQ FHUFR
FRQIXVR\SODWHDGR
(Q YDQR HVSHUDPRV OD OOHJDGD GHO VH[WR GtD GtD TXH SDUD Pt QR KD OOHJDGR D~Q \ SDUD HO VXHFR
QXQFD OOHJDUi (Q OR VXFHVLYR QRV YLPRV HQYXHOWRV HQ XQD SURIXQGD RVFXULGDG GH PRGR TXH QR
KXELpUDPRVSRGLGRYHUXQREMHWRDYHLQWHSDVRVGHOEDUFR/DQRFKHHWHUQDFRQWLQXyHQYROYLpQGRQRVVLQ
HOFRQVXHORGHODEULOODQWH]IRVIRUHVFHQWHGHOPDUTXHQRVKDEtDPRVDFRVWXPEUDGRDYHUHQORVWUySLFRV
7DPELpQREVHUYDPRVTXHDXQTXHODWHPSHVWDGFRQWLQXDUDHQIXUHFLpQGRVHFRQYLROHQFLDLQGRPDEOH\DQR
VH YHtD OD DFRVWXPEUDGD DSDULHQFLD GHO UHPROLQR R GH OD HVSXPD TXH KDVWD HQWRQFHV QRV KDEtD
DFRPSDxDGR 7RGR D QXHVWUR DOUHGHGRU HUD KRUURU \ GHQVD RVFXULGDG FRPR XQ VRIRFDQWH GHVLHUWR GH
pEDQR8QVXSHUVWLFLRVRWHUURUVHDGHQWUDEDSRFRDSRFRHQHOHVStULWXGHOYLHMRVXHFR\\RPLVPRPH
HQFRQWUDEDHQYXHOWRHQXQDVRPEURVRVLOHQFLR'HVHQWHQGLpQGRQRVGHOEXTXHTXHHVWDEDGHPDOHQSHRU
\ DVHJXUiQGRQRV OR PHMRU SRVLEOH HQ HO PXxyQ GHO SDOR GH PHVDQD REVHUYiEDPRV FRQ DPDUJXUD HO
LQPHQVRRFpDQR1RWHQtDPRVPHGLRVSDUDFDOFXODUHOWLHPSRQLSRGtDPRVIRUPDUQRVLGHDDOJXQDVREUH
QXHVWUDVLWXDFLyQ6LQHPEDUJRQRVGiEDPRVSHUIHFWDFXHQWDGHTXHKDEtDPRVDYDQ]DGRKDFLDHOVXUPiV
TXH QLQJ~Q RWUR QDYHJDQWH DQWHULRU \ VHQWtDPRV JUDQ DVRPEUR GH QR KDEHUQRV HQFRQWUDGR FRQ ORV
IUHFXHQWHV LPSHGLPHQWRV GHO KLHOR 0LHQWUDV WDQWR FDGD PRPHQWR QRV DPHQD]DED FRQ VHU HO ~OWLPR GH
QXHVWUDV YLGDV \ FDGD ROD PRQWDxRVD QRV SDUHFtD OD TXH LED D VXPHUJLUQRV GHILQLWLYDPHQWH (O ROHDMH
VREUHSDVDED WRGR OR TXH \R KXELHUD SRGLGR LPDJLQDU \ HUD XQ PLODJUR HO KHFKR GH TXH QR IXpUDPRV
LQPHGLDWDPHQWH VXPHUJLGRV 0L FRPSDxHUR KDEODED GH OD OLJHUH]D GH QXHVWUR FDUJDPHQWR PLHQWUDV PH
UHFRUGDED ODV H[FHOHQWHV FXDOLGDGHV GH QXHVWUR EDUFR SHUR \R QR SRGtD GHMDU GH VHQWLU OD FRPSOHWD
GHVHVSHUDQ]DGHODHVSHUDQ]DPLVPD\PHSUHSDUDEDVRPEUtDPHQWHSDUDDTXHOODPXHUWHTXHVHJ~QFUHtD
\RQDGDSRGUtDUHWDUGDUPiVDOOiGHXQDKRUD\DTXHDFDGDQXGRTXHHOEDUFRDYDQ]DEDODPDUHMDGDGH
DTXHOORV QHJURV \ HQRUPHV PDUHV VH KDFtD FDGD YH] PiV O~JXEUH \ DWHUUDGRUD $ YHFHV FRQWHQtDPRV OD
UHVSLUDFLyQDOYHUQRVVLWXDGRVDXQDDOWXUDVXSHULRUDODGHOYXHORGHORVDOEDWURVDYHFHVOOHJiEDPRVD
VHQWLU YpUWLJR FRQ OD YHORFLGDG GH QXHVWUR GHVFHQVR D DOJ~Q LQILHUQR OtTXLGR GRQGH HO DLUH TXHGDVH
SDUDOL]DGR\GRQGHQLQJ~QVRQLGRWXUEDUDORVVXHxRVGHONUDNHQ
(VWiEDPRVHQHOIRQGRGHXQRGHHVRVDELVPRVFXDQGRXQJULWRSHQHWUDQWHGHPLFRPSDxHURGHVJDUUy
WHPHURVDPHQWHODQRFKH
9HDYHDJULWyFKLOODQGRHQPLVRtGRV'LRVEHQGLWR9HDYHD
95

0LHQWUDVKDEODEDPHGLFXHQWDGHXQDSDJDGR\WULVWHUHVSODQGRUGHOX]URMDTXHFRURQDEDORVOtPLWHV
GHOYDVWRDELVPRHQFX\RIRQGRHVWiEDPRV\HPLWtDFDSULFKRVRVUD\RVVREUHQXHVWUDFXELHUWD'LULJLHQGR
PLV RMRV KDFLD DUULED FRQWHPSOp XQ HVSHFWiFXOR TXH PH KHOy OD VDQJUH 6REUH HO ERUGH PLVPR GH OD
SUHFLSLWDGDSHQGLHQWHDXQDDOWXUDWHUURUtILFD\MXVWRHQFLPDGHQRVRWURVVHFHUQtDXQJLJDQWHVFREDUFR
GHTXL]iPLOWRQHODGDV$XQTXHVHDO]DEDVREUHODFLPDGHXQDRODGHPiVGHFLHQYHFHVVXSURSLDDOWXUD
VXDSDUHQWHWDPDxRH[FHGtDDOGHFXDOTXLHURWUREDUFRGHOtQHDRGHOD&RPSDxtDGHODV,QGLDV2ULHQWDOHV
6X HQRUPH FDVFR HUD GH XQ SURIXQGR FRORU QHJUR DSDJDGR QR VLQ HO DOLYLR GH DOJXQDV HQWDOODGXUDV
KDELWXDOHV8QD~QLFDKLOHUDGHFDxRQHVGHEURQFHVREUHVDOtDGHODVWURQHUDVDELHUWDV\HQVXVEUXxLGDV
VXSHUILFLHV VH HVWUHOODEDQ ORV IXOJRUHV GH LQQXPHUDEOHV OLQWHUQDV GH FRPEDWH TXH VH EDODQFHDEDQ GH XQ
ODGR D RWUR SHQGLHQWHV GH VX DSDUHMR 3HUR OR TXH SULQFLSDOPHQWH QRV LQVSLUy KRUURU \ DVRPEUR IXH HO
KHFKR GH TXH QDYHJDUD D WRGD YHOD HQ PHGLR GH DTXHO PDU VREUHQDWXUDO \ GHO KXUDFiQ LQJREHUQDEOH
&XDQGRORGHVFXEULPRVSRUYH]SULPHUDVRORVHYHtDQVXVVHUYLRODVPLHQWUDVVHDO]DEDOHQWDPHQWHGHO
RVFXUR\KRUULEOHDELVPRTXHGHMDEDWUDVGHVt'XUDQWHXQPRPHQWRGHLQWHQVRWHUURUVHGHWXYRVREUHHO
YHUWLJLQRVR SLQiFXOR FRPR VL FRQWHPSODUD VX SURSLD VXEOLPLGDG OXHJR WHPEOy VH EDPEROHy \ VH YLQR
DEDMR
(Q DTXHO LQVWDQWH \R QR Vp TXp UHSHQWLQD VHUHQLGDG VH SRVHVLRQy GH Pt 0H GLULJt WDPEDOHiQGRPH
FRPR SXGH KDFLD OD SRSD \ HVSHUp VLQ WHPRU OD FDWiVWURIH TXH LED D DQLTXLODPRV 1XHVWUD SURSLD
HPEDUFDFLyQ KDEtD FHVDGR DO ILQ HQ VX OXFKD \ VH KXQGtD HQ HO PDU GH FDEH]D (O FKRTXH GH OD PROH
GHVFHQGLHQGRGHVJDMyFRPRFRQVHFXHQFLDDTXHOODSDUWHGHODVFXDGHUQDVTXHHVWDEDQEDMRHODJXD\HO
UHVXOWDGR LQHYLWDEOH IXH HO GH DUURMDUPH FRQ YLROHQFLD LUUHVLVWLEOH VREUH OD DUERODGXUD GHO EXTXH
H[WUDQMHUR
&XDQGRFDtDOOtHOEDUFRYLUy\DODFRQIXVLyQTXHODPDQLREUDSURGXMRDWULEXtHOKDEHUHVFDSDGRD
ODDWHQFLyQGHORVWULSXODQWHV6LQGHPDVLDGDGLILFXOWDGFDPLQpVLQVHUYLVWRSRUODHVFRWLOODPD\RUTXH
HVWDED SDUFLDOPHQWH DELHUWD \ SURQWR KDOOp RSRUWXQLGDG GH HVFRQGHUPH HQ OD ERGHJD $SHQDV SXHGR
H[SOLFDUPHSRUTXpKLFHDTXHOOR7DOYH]IXHXQLQGHILQLEOHVHQWLPLHQWRGHWHUURUTXHVHKDEtDDSRGHUDGR
GHPtFXDQGRGHVFXEUtODWULSXODFLyQGHOEDUFR1RWHQtDGHVHRVGHFRQILDUPHDXQDUD]DGHJHQWHTXHPH
KDEtDRIUHFLGRDSULPHUDYLVWDWDQWRVSXQWRVGHLQGHILQLEOHQRYHGDGGHGXGD\GHDSUHQVLyQ3RUORWDQWR
FUHt FRQYHQLHQWH FRQVHJXLUPH XQ OXJDU VHJXUR HQ OD ERGHJD \ OR KLFH WUDVODGDQGR XQD SRUFLyQ GH
PDGHURVHQQ~PHURVXILFLHQWHPHQWHJUDQGHFRPRSDUDSURSRUFLRQDUPHXQFRQYHQLHQWHUHIXJLRHQWUHODV
HQRUPHVFXDGHUQDVGHOEXTXH
$SHQDVKDEtDFRPSOHWDGRPLWUDEDMRFXDQGRXQUXLGRGHSDVRVHQODERGHJDPHREOLJyDKDFHUXVRGH
GLFKRHVFRQGLWH8QKRPEUHFRQSDVRGpELO\YDFLODQWHSDVyPX\FHUFDGHGRQGHPHKDOODEDHVFRQGLGR
1RSXGHYHUVXFDUDSHURWXYHRSRUWXQLGDGGHREVHUYDUVXDSDULHQFLDJHQHUDO'DEDPXHVWUDVGHVHUPX\
YLHMR \ SDUHFtD HQIHUPR 6XV URGLOODV OH WHPEODEDQ EDMR HO SHVR GH ORV DxRV \ VX FXHUSR SDUHFtD
DEUXPDGRSRUDTXHOODFDUJD0XUPXUDEDHQWUHGLHQWHVFRQVLJRPLVPRFRQYR]TXHGD\TXHEUDGDDOJXQDV
SDODEUDVHQXQDOHQJXDTXHQRSXGHFRPSUHQGHU\EXVFyDOJRDWLHQWDVHQXQULQFyQHQWUHXQPRQWyQGH
LQVWUXPHQWRVGHDVSHFWRH[WUDxR\GHSRGULGDVFDUWDVGHQDYHJDFLyQ6XVPDQHUDVWHQtDQXQDUDUDPH]FOD
GHODGLVSOLFHQFLDGHODVHJXQGDLQIDQFLD\ODVROHPQLGDGGHXQGLRV)LQDOPHQWHVXELyDFXELHUWD\QR
YROYtDYHUOR
 
96

8Q VHQWLPLHQWR SDUD HO FXDO QR KH HQFRQWUDGR SDODEUDV VH KDEtD DSRGHUDGR GH PL PHQWH XQD
VHQVDFLyQTXHQRDGPLWHQLQJ~QDQiOLVLVSDUDODFXDOVRQLQDGHFXDGDVODVOHFFLRQHVGHOSDVDGR\SDUDOD
TXHVHJ~QPHWHPRHOPLVPRIXWXURQRRIUHFHFODYHDOJXQD3DUDXQDPHQWHIRUPDGDFRPRODPtDHVWD
~OWLPDFRQVLGHUDFLyQHVXQDGHVJUDFLD1XQFDSRGUpVpTXHQXQFDSRGUpTXHGDUVDWLVIHFKRHQFXDQWRDOD
QDWXUDOH]D GH PLV VHQWLPLHQWRV 3HUR QR HV VRUSUHQGHQWH TXH DTXHOODV FRQFHSFLRQHV VHDQ LQGHILQLGDV
SXHVWR TXH WLHQHQ VX RULJHQ HQ IXHQWHV FRPSOHWDPHQWH QXHYDV $ PL HVStULWX VH KD LQFRUSRUDGR SRGUtD
GHFLUVHXQQXHYRVHQWLGRXQDQXHYDHQWLGDGHQPLDOPD
 
+D SDVDGR PXFKR WLHPSR GHVGH TXH SLVp SRU YH] SULPHUD OD FXELHUWD GH HVWH WHUULEOH EDUFR \ ORV
UD\RVGHPLGHVWLQRHVWiQFUHR\RUHXQLpQGRVHHQXQIRFR4XpKRPEUHVLQFRPSUHQVLEOHV6XPLGRHQ
PHGLWDFLRQHV GH XQD FODVH TXH \R QR SXHGR DGLYLQDU SDVDQ MXQWR D Pt VLQ DGYHUWLU PL SUHVHQFLD (O
HVFRQGHUPHHVXQDDEVROXWDORFXUDSRUPLSDUWHSXHVHVWDJHQWHQRTXLHUHYHU3UHFLVDPHQWHDKRUDDFDER
GHSDVDUDQWHORVRMRVGHOSLORWR\QRPXFKRDQWHVPHKDEtDDYHQWXUDGRDHQWUDUHQHOSURSLRFDPDURWH
GHO FDSLWiQ GRQGH HQFRQWUp ORV PDWHULDOHV FRQ TXH HVFULER \ KH HVFULWR OR DQWHULRU 'H YH] HQ FXDQGR
FRQWLQXDUpHVWHGLDULR(VYHUGDGTXHQRSXHGRHQFRQWUDUPRGRGHWUDQVPLWLUORDOPXQGRSHURQRGHMDUp
GHLQWHQWDUOR(QHO~OWLPRPRPHQWRHQFHUUDUpHOPDQXVFULWRHQXQDERWHOOD\DUURMDUpHVWDDOPDU
 
+D RFXUULGR XQ LQFLGHQWH TXH PH KD GDGR RFDVLyQ SDUD PHGLWDU 6RQ WDOHV FRVDV FRQVHFXHQFLDV GH
XQD PHUD FDVXDOLGDG" 0H KDEtD DYHQWXUDGR D VXELU D FXELHUWD GRQGH PH WHQGt PRPHQWRV GHVSXpV VLQ
OODPDUODDWHQFLyQGHQDGLHHQWUHXQPRQWyQGHFXHUGDVGHGHVHFKR\YHODVYLHMDVHQHOIRQGRGHXQERWH
0LHQWUDVPHGLWDEDVREUHODVLQJXODULGDGGHPLVXHUWHHPEDGXUQDEDLQFRQVFLHQWHPHQWHFRQXQDEURFKDGH
DOTXLWUiQORVERUGHVGHXQDYHODFXLGDGRVDPHQWHSOHJDGDFHUFDGHPt0iVDGHODQWHVHGHVSOHJyHVDYHOD
\DTXHOORVWRTXHVSXUDPHQWHLUUHIOH[LYRVIRUPDURQDOHVSDUFLUVHODSDODEUD'(6&8%5,0,(172
OWLPDPHQWHKHUHDOL]DGRDOJXQDVREVHUYDFLRQHVVREUHODHVWUXFWXUDGHODQDYH$XQTXHELHQDUPDGR
QR HV FUHR \R XQ EDUFR GH JXHUUD 6X DUERODGXUD FRQVWUXFFLyQ \ HTXLSR FRQWUDGLFHQ FXDOTXLHU
VXSRVLFLyQ GH HVWD FODVH 3XHGR GDUPH FXHQWD FODUDPHQWH GH OR TXH QR HV SHUR PH WHPR TXH PH VHD
LPSRVLEOH GHFLU OR TXH HV 1R Vp SRU TXp VHUtD SHUR DO HVFXGULxDU VX H[WUDxD HVWUXFWXUD \ OD VLQJXODU
IRUPDGHVXVSDORVVXHQRUPHWDPDxR\VXVGHVPHVXUDGDVYHODVVXSURDVHQFLOOD\VHYHUD\VXDQWLFXDGD
SRSDKD\PRPHQWRVTXHFUX]DSRUPLPHQWHFRPRHQXQUHOiPSDJRODLPSUHVLyQGHODVFRVDVIDPLOLDUHV
VLHPSUH PH]FODGDV FRQ DTXHOODV VRPEUDV YDJDV GHO UHFXHUGR XQD LQH[SOLFDEOH PHPRULD GH YLHMDV
FUyQLFDVH[WUDQMHUDV\GHVLJORVGHVDSDUHFLGRVSDUDVLHPSUH
+HHVWDGRREVHUYDQGRODVFXDGHUQDVGHOEDUFR(VWiFRQVWUXLGRGHXQPDWHULDOGHVFRQRFLGRSDUDPt
/DPDGHUDWLHQHXQFDUiFWHUSHFXOLDUTXHOODPDODDWHQFLyQSRUSDUHFHUPHLQDGHFXDGRSDUDHOILQTXHVH
OD XVD 0H UHILHUR D VX H[WUHPDGD SRURVLGDG FRQVLGHUDGD LQGHSHQGLHQWHPHQWH GH VX GHVJDVWH TXH HV
FRQVHFXHQFLDGHODQDYHJDFLyQSRUDTXHOODVDJXDV\GHODSRGUHGXPEUHGHULYDGDGHODYHWXVWH]7DOYH]
SDUHFHUiXQDREVHUYDFLyQDOJRLQWUDVFHQGHQWHSHURHVWDPDGHUDSRGtDUHXQLUWRGDVODVFDUDFWHUtVWLFDVGHO
97

UREOHHVSDxROVLHOUREOHHVSDxROIXHUDGLODWDGRSRUDOJ~QSURFHGLPLHQWRDUWLILFLDO
$OOHHUODIUDVHDQWHULRUPHYLHQHDODPHPRULDXQFXULRVRDSRWHJPDGHXQYLHMRQDYHJDQWHKRODQGpV
FXUWLGR SRU HO PDU (VWR HV WDQ FLHUWR VROtD GHFLU FXDQGR DOJXLHQ GXGDED GH OD YHUDFLGDG GH VXV
DILUPDFLRQHVHVWRHVWDQFLHUWRFRPRTXHH[LVWHXQPDUGRQGHORVEDUFRVFUHFHQGHWDPDxRFRPRHO
FXHUSRYLYLHQWHGHXQPDULQR
+DFHFDVLXQDKRUDPHKHDWUHYLGRDPH]FODUPHFRQXQJUXSRGHODWULSXODFLyQ1RPHKDQSUHVWDGROD
PHQRUDWHQFLyQ\DXQTXHPHKDOODEDGHSLHHQPHGLRGHWRGRVSDUHFtDQFRPSOHWDPHQWHGHVSUHRFXSDGRV
GHPLSUHVHQFLD&RPRHOSULPHURTXHYLHQODERGHJDWRGRVSUHVHQWDQVHxDOHVGHXQDHGDGDYDQ]DGD
6XVURGLOODVWLHPEODQGHGHELOLGDGVXVKRPEURVHVWiQYHQFLGRVSRUODGHFUHSLWXGVXVHSLGHUPLVIOiFLGDV
SDUHFHQPRYHUVHFRQHOYLHQWRVXVYRFHVVRQEDMDVWUpPXODV\TXHEUDGDV\VXVJULVHVFDEHOORVIORWDQGH
PRGR WHUULEOH EDMR OD WHPSHVWDG $OUHGHGRU GH HOORV D FDGD ODGR GH OD FXELHUWD \DFHQ HVSDUFLGRV
LQVWUXPHQWRVPDWHPiWLFRVGHODPiVUDUD\GHVXVDGDFRQVWUXFFLyQ
 
+DFHDOJ~QWLHPSRPHQFLRQpODYHODSOHJDGD'HVGHDTXHOPRPHQWRHOEDUFRLPSXOVDGRDPHUFHG
GHOYLHQWRKDFRQWLQXDGRVXWHUURUtILFRUXPERKDFLDHOVXUFRQWRGRVORVWUDSRVGHVXYHODPHQSOHJDGRV
GHVGHVXVUHPDWHV\ERWDYDUDVKDVWDVXVDODVGHERWDOyQEDODQFHDQGRDFDGDPRPHQWRORVSHQyOHVGHVXV
MXDQHWHVHQHOPiVHVSDQWRVRLQILHUQRGHDJXDTXHMDPiVSXHGDLPDJLQDUODPHQWHKXPDQD$FDERGHGHMDU
OD FXELHUWD GRQGH HQFXHQWUR LPSRVLEOH PDQWHQHUPH GH SLH DXQTXH OD WULSXODFLyQ QR SDUHFH HQFRQWUDU
PXFKD GLILFXOWDG HQ FRQVHJXLUOR 0H SDUHFH HO PiV YHQWXURVR GH ORV PLODJURV TXH QXHVWUD PROH QR VHD
WUDJDGDSRUHOPDUGHV~ELWR\SDUDVLHPSUH(VWDPRVFRQGHQDGRVDYDFLODUFRQWLQXDPHQWHHQWUHODYLGD\
ODPXHUWHVLQTXHSDUH]FDOOHJDUQXQFDHOPRPHQWRILQDOGHKXQGLUQRVHQHODELVPR(PSDSDGRVSRURODV
PLO YHFHV PD\RUHV TXH FXDOHVTXLHUD RWUDV TXH KD\D \R SRGLGR YHU HQ PL YLGD QRV GHVOL]iEDPRV FRPR
IOHFKDVFRQODYHORFLGDGGHODVJDYLRWDV\ODVDJXDVFRORVDOHVDO]DEDQVXVFUHVWDVVREUHQRVRWURVFRPR
GHPRQLRV GHO DELVPR SHUR WDPELpQ FRPR GHPRQLRV OLPLWDGRV D OD PHUD DPHQD]D H LQFDSDFLWDGRV SDUD
GHVWUXLU<RPHLQFOLQRDFUHHUHVWDIUHFXHQWHVXSHUYLYHQFLDDOD~QLFDFRVDQDWXUDOTXHSXHGHVHUWRPDGD
HQ FRQVLGHUDFLyQ D HVWRV HIHFWRV 'HER VXSRQHU TXH HO EDUFR HVWi EDMR OD LQIOXHQFLD GH XQD SRGHURVD
FRUULHQWHRGHXQDLPSHWXRVDUHVDFD
+HYLVWRFDUDDFDUDDOFDSLWiQHQVXSURSLRFDPDURWHSHURFRPR\RHVSHUDEDQRPHKDSUHVWDGR
DWHQFLyQDOJXQD$XQTXHHQVXDVSHFWRQRKD\SDUDXQREVHUYDGRUFDVXDOQDGDTXHSXHGDFRQVLGHUDUFRPR
LQIHULRU R VXSHULRU D FXDOTXLHU RWUR KRPEUH VLQ HPEDUJR XQ VHQWLPLHQWR GH UHYHUHQFLD \ WHPRU VH
PH]FODURQFRQODVHQVDFLyQGHDVRPEURFRQTXH\RORPLUDED(QFXDQWRDVXHVWDWXUDHVFDVLFRPROD
PtDHVGHFLUXQRVFLQFRSLHV\RFKRSXOJDGDV(VGHFRQVWLWXFLyQPHGLDQD\VyOLGDSHURQRUREXVWRQLGH
DSDULHQFLD GHVWDFDGD 3HUR HV OD VLQJXODULGDG GH OD H[SUHVLyQ TXH UHLQD HQ VX URVWUR OD LQWHQVD
DVRPEURVD\FRQPRYHGRUDHYLGHQFLDGHXQDVHQHFWXGWDQFRPSOHWD\WDQH[WUHPDGDODTXHH[FLWDHQPL
HVStULWXXQVHQWLGRXQVHQWLPLHQWRLQHIDEOH6XIUHQWHDXQTXHSRFRDUUXJDGDSDUHFHOOHYDUHOVHOORGHXQD
PLUtDGDGHDxRV6XFDEHOOREODQFRHVWHVWLJRGHOSDVDGR\VXVRMRVJULVHVVRQVLELODVGHOIXWXUR(OVXHOR
GHO FDPDURWH HVWDED DEXQGDQWHPHQWH VDOSLFDGR GH UDURV LQIROLRV FRQ FLHUUHV GH KLHUUR \ HQYHMHFLGRV
LQVWUXPHQWRVGHFLHQFLD\GHVXVDGRVPDSDVROYLGDGRVGXUDQWHPXFKRWLHPSR7HQtDODFDEH]DDSR\DGD
98

VREUHVXVPDQRV\PLUDEDFRQRMRVLQTXLHWRV\DUGLHQWHVXQSDSHOTXH\RWRPpSRUXQGHVSDFKR\TXHGH
WRGRVPRGRVOOHYDEDODILUPDGHXQPRQDUFD0XUPXUDEDFRQVLJRPLVPRFRPRHOSULPHUPDULQHURTXH
\R KDEtD YLVWR HQ OD ERGHJD DOJXQDV SDODEUDV SURIHULGDV HQ XQD OHQJXD H[WUDQMHUD \ DXQTXH HO TXH
KDEODUDHVWXYLHVHDXQDGLVWDQFLDGHXQSDOPRVXYR]SDUHFtDOOHJDUDPLVRtGRVGHVGHODGLVWDQFLDGHXQD
PLOOD
(OEDUFR\WRGRORTXHKD\HQpOHVWiLPEXLGRSRUHOHVStULWXGHOSDVDGR/DWULSXODFLyQVHGHVOL]DGH
XQD SDUWH D RWUD FRPR ORV IDQWDVPDV GH VLJORV GHVDYHQLGRV VXV RMRV WLHQHQ XQ DQKHODQWH H LQTXLHWR
VLJQLILFDGR\FXDQGRVXVURVWURVDWUDYLHVDQPLVHQGDHQHOH[WUDxRUHVSODQGRUGHODVOLQWHUQDVGHEDWDOOD
\R VLHQWR FRPR QXQFD OR KDEtD KHFKR DQWHV DXQTXH PH KD\D SDVDGR OD YLGD HQWUH DQWLJHGDGHV \ KD\D
HPEHELGRODVVRPEUDVGHODVDUUXLQDGDVFROXPQDVGH%DDOEHN7DGPRU\3HUVpSROLVKDVWDHOSXQWRTXH
PLDOPDKDOOHJDGRDVHUXQDUXLQD
&XDQGRPLURDPLDOUHGHGRUPHVLHQWRDYHUJRQ]DGRGHPLVSULPLWLYRVWHPRUHV6L\RWHPEODEDDQWHOD
WHPSHVWDG TXH KDVWD HQWRQFHV QRV KDEtD SHUVHJXLGR QR KDEUtD GH TXHGDUPH KRUURUL]DGR DQWH HVWH
FRPEDWH GHO YLHQWR \ GHO RFpDQR SDUD GDU XQD LGHD GH OD FXDO ODV SDODEUDV WRUQDGR \ KXUDFiQ VRQ
WULYLDOHVRLQH[SUHVLYDV"7RGRHQODLQPHGLDWDYHFLQGDGGHOQDYtRHVQHJUXUDGHQRFKHHWHUQD\XQFDRV
GH HVSXPD SHUR FDVL XQD OHJXD D XQR \ RWUR ODGR GH QRVRWURV VH SXHGHQ YHU LQGLVWLQWDPHQWH \ D
LQWHUYDORVPDJQtILFDVPXUDOODVGHKLHORTXHVHHOHYDQDOROHMRVHQHOGHVRODGRILUPDPHQWR\TXHSDUHFHQ
FRPRODVPXUDOODVGHOXQLYHUVR
&RPR\RORLPDJLQDEDHOEXTXHKDVLGRDUUDVWUDGRSRUXQDFRUULHQWHVLHVTXHHVWHQRPEUHSXHGH
DSOLFDUVHFRQSURSLHGDGDXQIOXMRTXHXOXODQGR\FKLOODQGRHQWUHHOKLHORQRVDUUDVWUDEDKDFLDHOVXUFRQ
XQDYHORFLGDGSDUHFLGDDODEULRVDFDtGDGHXQDFDWDUDWD
&RQFHELU HO KRUURU GH PLV VHQVDFLRQHV HV SLHQVR \R FRPSOHWDPHQWH LPSRVLEOH FRQ WRGR XQD
FXULRVLGDGSRUSHQHWUDUORVPLVWHULRVGHHVWDVWHUULEOHVUHJLRQHVSUHGRPLQDVREUHPLGHVHVSHUDFLyQ\PH
UHFRQFLOLDFRQORVPiVHVSDQWRVRVDVSHFWRVGHODPXHUWH(VHYLGHQWHTXHQRVDSUHVXUDPRVKDFLDDOJ~Q
DSDVLRQDQWHGHVFXEULPLHQWRDOJ~QVHFUHWRTXHMDPiVVHUiFRPSDUWLGR\FX\DSRVHVLyQSXHGHFRQVHJXLUVH
DFRVWDGHODYLGD7DOYH]HVWDFRUULHQWHQRVFRQGX]FDKDVWDHOPLVPRSRORVXU'HERFRQIHVDUTXHXQD
VXSRVLFLyQDSDUHQWHPHQWHWDQH[WUDxDWLHQHWRGDVODVSUREDELOLGDGHVDVXIDYRU
 
/D WULSXODFLyQ DQGD SRU OD FXELHUWD FRQ SDVR WUpPXOR \ YDFLODQWH SHUR HQ VXV VHPEODQWHV \
H[SUHVLRQHVKD\PiVGHYHKHPHQWHHVSHUDQ]DTXHGHDSiWLFDGHVHVSHUDFLyQ
(QWUH WDQWR HO YLHQWR WRGDYtD VLJXH VRSODQGR SRU QXHVWUD SRSD \ FRPR OOHYDPRV HO YHODPHQ
GHVSOHJDGRHOEDUFRDYHFHVVDOWDSHVDGDPHQWHIXHUDGHOPDU'HSURQWRRKKRUURUGHORVKRUURUHVODV
PDVDV GH KLHOR VH DEUHQ UHSHQWLQDPHQWH D GHUHFKD H L]TXLHUGD \ HVWDPRV JLUDQGR YHUWLJLQRVDPHQWH HQ
LQPHQVRV FtUFXORV FRQFpQWULFRV GDQGR YXHOWDV \ YXHOWDV SRU ORV ERUGHV GH XQ JLJDQWHVFR DQILWHDWUR OD
FLPD GH FX\DV SDUHGHV VH SLHUGH HQ OD QHJUXUD \ HQ OD GLVWDQFLD 3HUR PH TXHGD \D SRFR WLHPSR SDUD
UHIOH[LRQDU VREUH PL GHVWLQR 5iSLGDPHQWH ORV FtUFXORV KDQ LGR KDFLpQGRVH PiV SHTXHxRV HVWDPRV
KXQGLpQGRQRVSUHFLSLWDGDPHQWHHQODVJDUUDVGHOUHPROLQR\HQWUHHOUXJLGRHOEUDPLGR\ORVDXOOLGRV
99

GHORFpDQR\GHODWHPSHVWDGHOEDUFRWLHPEOD'LRVPtR(VWDPRVKXQGLpQGRQRV
127$(OPDQXVFULWRKDOODGRHQXQDERWHOODIXHSXEOLFDGRRULJLQDOPHQWHHQ\KDVWDPXFKRV
DxRV GHVSXpV \R QR FRQRFt ORV PDSDV GH 0HUFDWRU HQ ORV TXH HO RFpDQR HVWi UHSUHVHQWDGR FRPR VL VH
SUHFLSLWDVHSRUFXDWURERFDVGHQWURGHODELVPRSRODUSDUDVHUDEVRUELGRGHVSXpVHQODVHQWUDxDVGHOD
WLHUUD(O3RORHVWiUHSUHVHQWDGRSRUXQDURFDQHJUDTXHVHHOHYDDXQDDOWXUDSURGLJLRVD

100

(OSR]R\HOSpQGXOR>@
,PSLDWRUWRUXPORQJDVKLFWXUEDIXURUHV
6DQJXLQLVLQQRFXLQRQVDWLDWDDOXLW
6RVSLWHQXQFSDWULDIUDFWRQXQFIXQHULVDQWUR
0RUVXELGLUiIXLWYLWDVDOXVTXHSDWHQW
&XDUWHWRFRPSXHVWRSDUDODVSXHUWDVGHXQPHUFDGR
TXHKDEtDGHFRQVWUXLUVHHQHOVLWLRTXHRFXSyHO&OXEGHORV-DFRELQRVHQ3DUtV 

67$%$ DJRWDGR DJRWDGR GH PXHUWH SRU DTXHOOD ODUJD DJRQtD \ FXDQGR DO ILQ PH GHVDWDURQ \ PH
SHUPLWLHURQVHQWDUPHVHQWtTXHSHUGtDHOFRQRFLPLHQWR/DVHQWHQFLDODHVSDQWRVDVHQWHQFLDGHOD
PXHUWH IXH OD ~OWLPD IUDVH FODUDPHQWH DFHQWXDGD TXH OOHJy D PLV RtGRV 'HVSXpV HO VRQLGR GH YRFHV
LQTXLVLWRULDOHVSDUHFLyVXPLUVHHQHO]XPELGRLQGHWHUPLQDGRGHXQVXHxR$TXHOVRQLGRSURYRFyHQPL
PHQWHODLGHDGHUHYROXFLyQ WDO YH] SRUTXH OR DVRFLDED HQ PL LPDJLQDFLyQ FRQ OD UXHGD GH XQ PROLQR
(VWRGXUyPX\SRFRSRUTXHGHSURQWRQRRtQDGDPiV6LQHPEDUJRGXUDQWHXQLQVWDQWHYLFRQWHUULEOH
H[DJHUDFLyQORVODELRVGHORVMXHFHVYHVWLGRVGHQHJUR$TXHOORVODELRVDSDUHFtDQDQWHPtEODQFRVWDQ
EODQFRVFRPRODKRMDGHSDSHOVREUHODTXHHVWR\HVFULELHQGR\GHOJDGRVKDVWDORJURWHVFRDGHOJD]DGRV
SRUODLQWHQVLGDGGHVXH[SUHVLyQGHILUPH]DGHUHVROXFLyQLQFRQPRYLEOHGHVHYHURGHVSUHFLRDOGRORU
KXPDQR 9HtD TXH ORV GHFUHWRV GH OR TXH SDUD Pt HUD HO GHVWLQR VDOtDQ GH DTXHOORV ODELRV /RV YHtD
UHWRUFHUVHFRQXQDIUDVHPRUWDO/RVYHtDPRGXODQGRODVVtODEDVGHPLQRPEUH\PHHVWUHPHFtSRUTXHQR
RtD QLQJ~Q VRQLGR 9L WDPELpQ GXUDQWH DOJXQRV PRPHQWRV GH HVSDQWR GHOLUDQWH HO VXDYH \ FDVL
LPSHUFHSWLEOHEDODQFHRGHODVRVFXUDVWDSLFHUtDVTXHFXEUtDQODVSDUHGHVGHODSRVHQWR<OXHJRPLYLVLyQ
UHFD\y VREUH VLHWH HQRUPHV FLULRV TXH KDEtD VREUH OD PHVD $O SULQFLSLR SDUHFtDQ WHQHU XQ DVSHFWR GH
FDULGDGFRPRVLIXHUDQVLHWHiQJHOHVHVEHOWRVTXHSRGtDQVDOYDUPHSHUROXHJR\GHSURQWRXQDQiXVHD
PRUWDOLQYDGLyPLHVStULWX\VHQWtTXHFDGDILEUDGHPLVHUVHFRQPRYtDFRPRVLKXELHUDWRFDGRHOKLORGH
XQDEDWHUtDJDOYiQLFDPLHQWUDVODVIRUPDVDQJpOLFDVVHFRQYHUWtDQHQHVSHFWURVVLQIRUPDFRQFDEH]DVGH
OODPD\FRPSUHQGtTXHQRSRGtDHVSHUDUD\XGDGHHOORV(QWRQFHVFRQXQDULFDQRWDPXVLFDOVHGHVOL]y
HQPLPHQWHHOSHQVDPLHQWRGHORGXOFHTXHGHEtDVHUHOGHVFDQVRGHODWXPED(VWHSHQVDPLHQWROOHJyGH
XQ PRGR VXDYH \ IXUWLYR \ FUHR TXH QHFHVLWp XQ ODUJR UDWR DQWHV TXH FRQVLJXLHUD FDSWDU VX WRWDO
DSUHFLDFLyQ3HURHQHOSUHFLVRPRPHQWRTXHPLHVStULWXHPSH]DEDDVHQWLUFODUDPHQWHHVWDLGHD\DJR]DU
GH HOOD ODV ILJXUDV GH ORV MXHFHV VH GHVYDQHFLHURQ FRPR SRU DUWH GH PDJLD ORV HQRUPHV FLULRV VH
UHGXMHURQDODQDGDVXVOODPDVVHDSDJDURQSRUFRPSOHWRODQHJUXUDGHODVWLQLHEODVVREUHYLQRWRGDVODV
VHQVDFLRQHVSDUHFLHURQGHVDSDUHFHUFRPRDEVRUELGDVHQXQORFRGHVFHQVRVHPHMDQWHDOGHORVHVStULWXV
HQHOUHLQRGH+DGHV\HOXQLYHUVRVHUHGXMRDVLOHQFLRQRFKH\TXLHWXG
0HKDEtDGHVYDQHFLGRSHURQRSXHGRGHFLUTXHKXELHUDSHUGLGRWRWDOPHQWHODFRQFLHQFLD/DTXHPH
TXHGDED QR LQWHQWDUp GHILQLUOD R WDQ VLTXLHUD GHVFULELUOD SHUR UHSLWR QR WRGR HVWDED SHUGLGR (Q
PHGLR GH OD PiV SURIXQGD VRPQROHQFLD QR (Q PHGLR GHO GHOLULR QR (Q PHGLR GHO
GHVYDQHFLPLHQWRQR(QPHGLRGHODPXHUWHQR$XQHQODWXPEDQRHVWiWRGRSHUGLGR'HRWUR
PRGRQRH[LVWLUtDODLQPRUWDOLGDGHQHOKRPEUH&XDQGRQRVGHVSHUWDPRVURPSHPRVODILQDWHODGHDUDxD
101

GH DOJ~Q VXHxR \ XQ VHJXQGR GHVSXpV SXHV WDQ GHOLFDGR HV HVH WHMLGR  QRVRWURV QR UHFRUGDPRV TXH
KHPRVHVWDGRVRxDQGR(QHOUHWRUQRDODYLGDGHOGHVYDQHFLPLHQWRKD\GRVIDVHVSULPHUDODGHOUHFREUR
GHOVHQWLPLHQWRGHODH[LVWHQFLDPHQWDORHVSLULWXDOVHJXQGDODGHODUHFXSHUDFLyQGHODVHQVDFLyQGHOD
H[LVWHQFLD ItVLFD 3DUHFH SUREDEOH TXH VL GHVSXpV GH OOHJDU D OD VHJXQGD IDVH SXGLpUDPRV HYRFDU ODV
LPSUHVLRQHVGHODSULPHUDODVHQFRQWUDUtDPRVOOHQDVGHODPHPRULDGHODELVPRTXHTXHGDEDDWUiV<
TXpHVHVHDELVPR"&yPRDOPHQRVSRGUHPRVGLVWLQJXLUVXVVRPEUDVGHODVGHODWXPED"3HURVLODV
LPSUHVLRQHV GH OR TXH KHPRV OODPDGR SULPHUD IDVH QR SXHGHQ VHU UHFRUGDGDV QR VH SUHVHQWDQ HOORV
PLVPRVVLQVHUOODPDGRVPLHQWUDVQRVPDUDYLOODPRVSUHJXQWDQGRGHGyQGHSURFHGHQ"4XLHQQXQFDVHKD
GHVPD\DGRQRVHUiTXLHQGHVFXEUDH[WUDxRVSDODFLRV\FDUDVH[WUDxDPHQWHIDPLOLDUHVDSDUHFLpQGRVHHQ
ODV EUDVDV R HQ ODV OODPDV GH OD FKLPHQHD QR FRQWHPSODUi IORWDQGR HQ PHGLR GHO DLUH YLVLRQHV
PHODQFyOLFDVTXHODPD\RUtDQRSXHGHYHUQRPHGLWDUiVREUHHOSHUIXPHGHDOJXQDIORUGHVFRQRFLGDQL
SHUGHUi OD FDEH]D FRQ HO PLVWHULR GH DOJXQD PHORGtD TXH QXQFD KXELHVH OODPDGR VX DWHQFLyQ KDVWD
HQWRQFHV
(QPLVIUHFXHQWHV\YDQRVHVIXHU]RVSDUDUHFRUGDUHQPHGLRGHPLLQWHQVDOXFKDSRUUHFRJHUDOJ~Q
YHVWLJLR GH HVH HVWDGR GH YDFtR DSDUHQWH HQ TXH PL HVStULWX KDEtD FDtGR KXER LQVWDQWHV HQ ORV TXH KH
VRxDGRTXHWULXQIDED7XYHEUHYHVPX\EUHYHVPRPHQWRVHQORVTXH\RFRQMXUpUHFXHUGRVTXHODUD]yQ
O~FLGD GH XQD pSRFD SRVWHULRU PH DVHJXUy QR SRGHU UHIHULUVH VLQR D HVH HVWDGR GH LQFRQVFLHQFLD HQ
DSDULHQFLDDOPHQRVHQTXHPHKDEtDVXPLGR(VWDVVRPEUDVGHOUHFXHUGRPHKDEODQLQGLVWLQWDPHQWHGH
DOWDVILJXUDVTXHPHOHYDQWDEDQ\PHOOHYDEDQHQVLOHQFLRKDFLDDEDMRKDFLDDEDMRKDVWDTXHPHLQYDGtD
XQHVSDQWRVRYpUWLJRDQWHODVLPSOHLGHDGHORLQWHUPLQDEOHGHOGHVFHQVR(OORVPHFXHQWDQWDPELpQQRVp
TXp YDJR KRUURU GH PL FRUD]yQ SUHFLVDPHQWH D FDXVD GH OD WUDQTXLOLGDG VREUHQDWXUDO GH HVH FRUD]yQ
/XHJRHOVHQWLPLHQWRGHUHSHQWLQDTXLHWXGHQWRGDVODVFRVDVFRPRVLTXLHQHVPHOOHYDEDQ XQFRUWHMRGH
HVSHFWURV KXELHURQVREUHSDVDGRHQVXGHVFHQVRORVOtPLWHVGHORLOLPLWDGR\VHGHWXYLHUDQFDQVDGRVSRU
HOKDVWtRGHVXWUDEDMR'HVSXpVHYRFRXQDVHQVDFLyQFRPRGHFRVDOODQD\K~PHGD\OXHJRWRGRHV\D
ORFXUDODORFXUDGHXQDPHPRULDTXHVHRFXSDHQWUHODVFRVDVSURKLELGDV
'HSURQWRYXHOYHDPLDOPDODVHQVDFLyQGHPRYLPLHQWR\GHVRQLGRHOPRYLPLHQWRWXPXOWXRVRGHPL
FRUD]yQ\HQPLVRtGRVHOVRQLGRGHVXODWLU/XHJRXQDSDXVDHQODFXDOGHVDSDUHFHWRGR'HVSXpVGH
QXHYR VRQLGR \ PRYLPLHQWR \ WDFWR FRPR XQD VHQVDFLyQ YLEUDQWH SHQHWUDQGR HQ PL VHU 0iV WDUGH OD
VLPSOH FRQVFLHQFLD GH PL H[LVWHQFLD VLQ SHQVDPLHQWR VHQVDFLyQ TXH GXUy PXFKR WLHPSR 'H SURQWR
EUXVFDPHQWHHOSHQVDPLHQWR\XQHVWUHPHFHGRUWHPEORU\HOYHKHPHQWHGHVHRSRUFRPSUHQGHUPLHVWDGR
DFWXDO $ UHQJOyQ VHJXLGR XQ IXHUWH GHVHR GH VXPLUPH HQ OD LQVHQVLELOLGDG 3RVWHULRUPHQWH XQ UiSLGR
UHFRQRFLPLHQWRGHOHVStULWX\XQDIRUWXQDGRHVIXHU]RSDUDPRYHUPH(QWRQFHVHOUHFXHUGRFRPSOHWRGHO
SURFHVRGHORVMXHFHVGHORVRVFXURVFRUWLQDMHVGHODVHQWHQFLDGHODJRWDPLHQWR\GHOGHVPD\R\GHO
ROYLGRPiVFRPSOHWRGHWRGRORTXHRFXUULyPiVWDUGH7RGRDTXHOORTXHPiVWDUGH\FRQPXFKRVGHORV
PiVHQpUJLFRVHVIXHU]RVQRKHVLGRFDSD]GHUHFRUGDUORVLQRYDJDPHQWH
+DVWD HQWRQFHV \R QR KDEtD DELHUWR ORV RMRV 3HUR VHQWtD TXH HVWDED WHQGLGR GH HVSDOGDV \ VLQ
DWDGXUDV$ODUJXpXQDPDQR\HVWDFD\ySHVDGDPHQWHVREUHDOJRK~PHGR\GXUR'XUDQWHDOJXQRVPLQXWRV
ODGHMpGHVFDQVDUPLHQWUDVOXFKDEDSRULPDJLQDUGyQGHPHKDOODED\FXiOHUDPLHVWDGR$QVLDEDSRGHU
XVDUPLVRMRVSHURQRPHDWUHYtD1RHVTXHWHPLHUDYHUFRVDVKRUULEOHVVLQRTXHPHDWHUUDEDODLGHDGH
QR SRGHU YHU QDGD $O ILQDO FRQ XQD H[WUHPD DQJXVWLD HQ HO FRUD]yQ DEUt UiSLGDPHQWH ORV RMRV 0LV
SHRUHVSHQVDPLHQWRVTXHGDURQHQWRQFHVFRQILUPDGRV/DQHJUXUDGHODQRFKHHWHUQDPHURGHDED/XFKDED
102

SRU UHVSLUDU /D LQWHQVLGDG GH OD RVFXULGDG SDUHFtD RSULPLUPH \ DVIL[LDUPH /D DWPyVIHUD HVWDED
LQWROHUDEOHPHQWHFDUJDGD3HUPDQHFtDFRQXQDLQPRYLOLGDGDEVROXWD\PHHVIRUFpSRUUD]RQDU3HQVpHQ
ORV SURFHGLPLHQWRV LQTXLVLWRULDOHV H LQWHQWp GHGXFLU SDUWLHQGR GH HVWH SXQWR FXiO VHUtD PL YHUGDGHUD
VLWXDFLyQ/DVHQWHQFLDKDEtDVLGRSURQXQFLDGD\PHSDUHFtDTXHGHVGHHQWRQFHVKDEtDSDVDGRXQODUJR
LQWHUYDORGHWLHPSR&RQWRGRQLSRUXQPRPHQWRLPDJLQpTXHHVWXYLHUDPXHUWR7DOVXSRVLFLyQDSHVDU
GHWRGDVODVILFFLRQHVOLWHUDULDVHVFRPSOHWDPHQWHLQFRPSDWLEOHFRQODH[LVWHQFLDUHDO3HURGyQGHPH
HQFRQWUDED\FXiOHUDPLHVWDGR"6DEtDTXHORVFRQGHQDGRVDPXHUWHPRUtDQFRQIUHFXHQFLDHQORVDXWRV
GHIH\XQRGHHOORVVHKDEtDFHOHEUDGRODPLVPDWDUGHGHOGtDGHPLMXLFLR0HKDEtDQOOHYDGRDPL
FDODER]R SDUD TXH HVSHUDUD HO SUy[LPR VDFULILFLR TXH RFXUULUtD PHVHV PiV WDUGH" 'HVGH HO SULPHU
PRPHQWRFRPSUHQGtTXHHVWRQRSRGtDVHU/DVYtFWLPDVKDEtDQVLGROODPDGDVFRQDQWHULRULGDG$GHPiV
PLPD]PRUUDFRPRWRGDVODVGHORVGHPiVFRQGHQDGRVHQ7ROHGRWHQtDHOSLVRGHSLHGUD\QRHVWDED
FDUHQWHGHOX]
8QDWHUULEOHLGHDKL]RIOXLUGHSURQWRODVDQJUHHQWRUUHQWHVDPLFRUD]yQ\GXUDQWHXQEUHYHSHUtRGR
GH WLHPSR YROYt D FDHU GH QXHYR HQ OD LQVHQVLELOLGDG $O UHFREUDUPH PH OHYDQWp GH XQ VROR VDOWR
WHPEODQGR FRQYXOVLYDPHQWH GH SLHV D FDEH]D ([WHQGt ORV EUD]RV GH IRUPD H[WUDxD KDFLD DUULED \ D PL
DOUHGHGRUHQWRGDVGLUHFFLRQHV1RVHQWtQDGDFRQWRGRWHPtDGDUXQSDVR\TXHPHSXGLHUDGDUFRQODV
SDUHGHVGHODWXPED6XGDQGRSRUWRGRVORVSRURV\KHOiQGRVHPHHQODIUHQWHJUXHVDVJRWDVODDJRQtDGH
ODLQFHUWLGXPEUHOOHJyDKDFpUVHPHLQVRSRUWDEOH\FRQSUHFDXFLyQPHPRYtKDFLDGHODQWHFRQORVEUD]RV
H[WHQGLGRV\ORVRMRVVDOLpQGRVHPHGHODVyUELWDVFRQORHVSHUDQ]DGHFDSWDUDOJ~QUD\RGHOX]$YDQFp
XQRVFXDQWRVSDVRVSHURWRGRHUDD~QQHJUXUD\YDFtR5HVSLUpFRQPiVOLEHUWDG3DUHFtDHYLGHQWHTXHQR
HUDHOPtRDOPHQRVHOPiVKRUULEOHGHORVGHVWLQRV
< HQWRQFHV FRPR FRQWLQXDED FDPLQDQGR FRQ SUHFDXFLyQ KDFLD GHODQWH VH FRQIXQGLHURQ
WXPXOWXRVDPHQWHHQPLPHPRULDXQPLOODUGHYDJRVUXPRUHVHVFXFKDGRVVREUHORVKRUURUHVGH7ROHGR'H
HVDVPD]PRUUDVVHKDEtDQFRQWDGRFRVDVPX\H[WUDxDV<RVLHPSUHODVKDEtDFRQVLGHUDGRIiEXODVSHUR
QRREVWDQWHH[WUDxDV\GHPDVLDGRIDQWDVPDOHVFRPRSDUDUHSHWLUVHVDOYRHQXQVXVXUUR0HLEDQDGHMDU
PRULUGHKDPEUHHQHVWHPXQGRVXEWHUUiQHRGHRVFXULGDGRTXpGHVWLQRTXL]iPiVWHUULEOHPHHVSHUDED"
3XHVWR TXH FRQRFtD ELHQ HO FDUiFWHU GH PLV MXHFHV QR SRGtD GXGDU GH TXH HO UHVXOWDGR SXGLHUD VHU OD
PXHUWH \ XQD PXHUWH GH OD PiV GHVDFRVWXPEUDGD DPDUJXUD /D IRUPD \ OD KRUD GH VX HMHFXFLyQ HUD OR
~QLFRTXHPHSUHRFXSDED\GLVWUDtD
0LV EUD]RV H[WHQGLGRV HQFRQWUDURQ ILQDOPHQWH XQD VyOLGD FRQWHQFLyQ (UD XQD SDUHG TXH SDUHFtD
FRQVWUXLGD GH SLHGUD PX\ OLVD K~PHGD \ IUtD /D VHJXt SLVDQGR FRQ WRGR HO FXLGDGR UHFHORVR TXH PH
LQVSLUDEDQFLHUWDVQDUUDFLRQHVDQWLJXDV6LQHPEDUJRHVWHDYDQFHQRPHSURSRUFLRQDEDPHGLRDOJXQRGH
DFHUWDUODVGLPHQVLRQHVGHPLPD]PRUUDSXHVWRTXHSRGtDUHFRUUHUXQFtUFXORFRPSOHWR\YROYHUDOSXQWR
GHSURFHGHQFLDVLQTXHPHGLHUDFXHQWDGHHOORWDQSHUIHFWDPHQWHXQLIRUPHSDUHFtDODSDUHG3RUWDQWR
EXVTXpHOFXFKLOORTXHKDEtDGHMDGRHQPLEROVLOORFXDQGRHUDFRQGXFLGRDODFiPDUDGHOWULEXQDOSHUR
QRHVWDED0LVYHVWLGRVKDEtDQVLGRFDPELDGRVSRUXQWUDMHGHEXUGDHVWDPHxD<RKDEtDSHQVDGRFODYDU
ODKRMDHQDOJXQDSHTXHxDJULHWDGHODSDUHGFRQREMHWRGHLGHQWLILFDUPLSXQWRGHSDUWLGD6LQHPEDUJR
OD GLILFXOWDG UHVXOWDED WULYLDO DXQTXH HQ OR GHVRUGHQDGR GH Pt LPDJLQDFLyQ DO SULQFLSLR SDUHFLHUD
LQVXSHUDEOH'HVJDUUpXQDSDUWHGHOERUGHGHOYHVWLGRFRORFDQGRHOIUDJPHQWRH[WHQGLGRHQiQJXORUHFWR
FRQODSDUHG(QPLFDPLQRDWLHQWDVDOUHGHGRUGHODSULVLyQ\RQRSRGUtDGHMDUGHHQFRQWUDUHOWUDSRXQD
YH]TXHKXELHUDGDGRODYXHOWDFRPSOHWD(VRIXHDOPHQRVORTXHSHQVpSHURQRKDEtDFRQWDGRFRQOD
103

H[WHQVLyQ GH OD PD]PRUUD QL FRQ PL SURSLD GHELOLGDG (O WHUUHQR HVWDED K~PHGR \ UHVEDODGL]R
7DPEDOHiQGRPH DYDQFp XQ UDWR GHVSXpV WURSHFp \ FDt 0L H[FHVLYD IDWLJD PH LQGXMR D SHUPDQHFHU
SRVWUDGR\SURQWRHOVXHxRVHDSRGHUyGHPt
$O GHVSHUWDUPH \ H[WHQGHU XQ EUD]R HQFRQWUp MXQWR D Pt XQ SDQ \ XQ FiQWDUR FRQ DJXD (VWDED
GHPDVLDGR H[KDXVWR SDUD UHIOH[LRQDU VREUH DTXHOOD FLUFXQVWDQFLD SHUR FRPt \ EHEt FRQ DYLGH] 3RFR
GHVSXpVYROYtDSURVHJXLUPLPDUFKDDOUHGHGRUGHODSULVLyQ\WUDVPXFKRVHVIXHU]RVFRQVHJXtOOHJDUDO
IUDJPHQWRGHHVWDPHxD+DVWDHOPRPHQWRGHFDHUOOHYDEDFRQWDGRVFLQFXHQWD\GRVSDVRV\XQLGRVDORV
TXHDQGXYHGHVGHTXHUHDQXGpODPDUFKDKDVWDTXHHQFRQWUpODHVWDPHxDFXDUHQWD\RFKRVXPDEDQ
FLHQHQWRWDO6LDGPLWLPRVGRVSDVRVSRU\DUGDLPDJLQRTXHODPD]PRUUDGHEtDWHQHUFLQFXHQWD\DUGDVGH
FLUFXLWR&RPRPHKDEtDHQFRQWUDGRTXHQXPHURVRViQJXORVHQODSDUHGQRSRGtDQGDUPHLGHDVREUHOD
IRUPDGHODFULSWDSXHVQRGXGDEDTXHGHHVRGHEtDWUDWDUVH<RQRWHQtDGHPDVLDGDLOXVLyQQLWDPSRFR
HVSHUDQ]DHQDTXHOODVLQYHVWLJDFLRQHVSHURXQDYDJDFXULRVLGDGPHLPSXOVyDFRQWLQXDUODV'HMDQGROD
SDUHG UHVROYt FUX]DU HO iUHD GHO UHFLQWR $O SULQFLSLR SURFHGt FRQ H[WUHPD SUHFDXFLyQ SXHV HO SLVR
DXQTXHSDUHFtDGHVyOLGRPDWHULDOHUDWUDLGRUSRUHOOLPR$OILQVLQHPEDUJRPHKLFHGHYDORU\VLQ
YDFLODUFDPLQpILUPHPHQWHLQWHQWDQGRDWUDYHVDUORHQXQDOtQHDORPiVUHFWDSRVLEOH/OHYDEDDYDQ]DGRV
GLH] SDVRV GH HVWH PRGR FXDQGR VH PH HQJDQFKy HQ ODV SLHUQDV HO WUR]R UDVJDGR GH OD W~QLFD \ FDt GH
EUXFHVYLROHQWDPHQWH
(QODFRQIXVLyQGHPLFDtGDQRPHGLFXHQWDLQPHGLDWDPHQWHGHXQDFLUFXQVWDQFLDVRUSUHQGHQWH\TXH
VLQ HPEDUJR SRFRV VHJXQGRV GHVSXpV \ PLHQWUDV HVWDED FDtGR DWUDMR PL DWHQFLyQ (UD OR VLJXLHQWH PL
EDUELOODGHVFDQVDEDVREUHHOVXHORGHODSULVLyQSHURPLVODELRV\ODSDUWHVXSHULRUGHODFDEH]DDXQTXH
HVWDEDDODPLVPDDOWXUDTXHODEDUELOODQRWRFDEDQQDGD$OPLVPRWLHPSRPLIUHQWHSDUHFtDEDxDGDHQ
XQYDSRUYLVFRVR\HORORUSHFXOLDUGHORVKRQJRVSRGULGRVOOHJDEDFRQIXHU]DKDVWDPt$ODUJXpHOEUD]R
\PHHVWUHPHFtDOKDOODUTXHKDEtDFDtGRHQHOPLVPRERUGHGHXQSR]RFLUFXODUFX\DH[WHQVLyQGHVGH
OXHJRQRHVWDEDHQFRQGLFLRQHVGHDGLYLQDUHQDTXHOPRPHQWR7DQWHDQGRODSLHGUDSUHFLVDPHQWHGHEDMR
GHO ERUGH FRQVHJXt GHVSUHQGHU XQ SHTXHxR IUDJPHQWR TXH GHMp FDHU HQ HO DELVPR 'XUDQWH PXFKRV
VHJXQGRV HVFXFKp VXV UHERWHV DO LU JROSHDQGR HQ VX FDtGD ODV SDUHGHV 'H SURQWR VH R\y XQD VRUGD
]DPEXOOLGDHQHODJXDVHJXLGDGHDOWRVHFRV$OPLVPRWLHPSROOHJyXQVRQLGRTXHVHSDUHFtDDOUiSLGR
DEULU \ FHUUDU GH XQD SXHUWD VREUH PL FDEH]D PLHQWUDV XQ GpELO UHVSODQGRU GH OX] DWUDYHVDED
UHSHQWLQDPHQWHODRVFXULGDG\VHGHVYDQHFtDHQVHJXLGD
&ODUDPHQWHFRPSUHQGtODVXHUWHTXHVHPHKDEtDSUHSDUDGR\PHIHOLFLWpSRUHORSRUWXQRDFFLGHQWH
TXHPHKDEtDVDOYDGR2WURSDVRGHVSXpVGHPLFDtGD\HOPXQGRKXELHUDGHMDGRGHH[LVWLU/DPXHUWH
TXH DFDEDED GH HYLWDU HUD GHO PLVPR FDUiFWHU GH HVDV TXH \R KDEtD FRQVLGHUDGR FRPR IDEXORVDV \
IUtYRODVHQORVFXHQWRVUHIHUHQWHVDOD,QTXLVLFLyQ3DUDODVYtFWLPDVGHVXWLUDQtDH[LVWtDODHOHFFLyQGHOD
PXHUWHFRQFUXHOHVDJRQtDVItVLFDVRFRQVXVPiVHVSDQWRVDVWRUWXUDVPRUDOHV<RKDEtDVLGRUHVHUYDGR
SDUDHVWD~OWLPD3RUORVODUJRVVXIULPLHQWRVPLVQHUYLRVHVWDEDQGHVKHFKRV\EDVWDEDHOVRQLGRGHPL
SURSLDYR]SDUDKDFHUPHWHPEODU+DELpQGRPHFRQYHUWLGRDWRGRVORVHIHFWRVHQXQDYtFWLPDDSURSLDGD
SDUDODVFODVHVGHWRUWXUDVTXHPHHVSHUDEDQ
7HPEODQGRUHWURFHGtDJDUUiQGRPHDODSDUHGGHFLGLGRDGHMDUPHPRULUDQWHVTXHDIURQWDUHOULHVJR
GHORVSR]RVTXHPLLPDJLQDFLyQHQODRVFXULGDGPXOWLSOLFDEDDORODUJRGHODFHOGD(QRWURHVWDGRGH
iQLPRSRGtDKDEHUWHQLGRHOYDORUGHDFDEDUPLPLVHULDKXQGLpQGRPHHQXQRGHDTXHOORVDELVPRVSHUR
DKRUD\RHUDHOPiVDXWpQWLFRGHORVFREDUGHV7DPSRFRSRGtDROYLGDUORTXHKDEtDOHtGRVREUHDTXHOORV
104

SR]RVGHORVTXHVHUXPRUHDEDTXHODPXHUWHUHSHQWLQDQRIRUPDEDSDUWHGHVXVKRUULEOHVSODQHV
/D DJLWDFLyQ GH PL HVStULWX PH PDQWXYR GHVSLHUWR GXUDQWH PXFKDV KRUDV SHUR DO ILQ PH TXHGp
DGRUPHFLGR$OOHYDQWDUPHHQFRQWUpMXQWRDPtFRPRODYH]DQWHULRUXQSDQ\XQFiQWDURGHDJXD0H
FRQVXPtDXQDVHGDEUDVDGRUD\YDFLpHOFiQWDURGHXQWUDJR(ODJXDGHEtDGHFRQWHQHUDOJXQDGURJDSXHV
DSHQDVEHEtDXQWUDJRVHQWtDXQRVLUUHVLVWLEOHVGHVHRVGHGRUPLU8QVXHxRSURIXQGRFD\yVREUHPtXQ
VXHxRFRPRHOGHODPXHUWH<RQRVpGHVGHOXHJRTXpWLHPSRGXUySHURFXDQGRYROYtDDEULUORVRMRV
ORV REMHWRV GH PL DOUHGHGRU HUDQ YLVLEOHV 3XGH YHU OD H[WHQVLyQ \ HO DVSHFWR GH OD SULVLyQ SRU XQ
UHVSODQGRUH[WUDxR\VXOI~UHRFX\RRULJHQDOSULQFLSLRQRSXGHGHWHUPLQDU
(VWDEDPX\HTXLYRFDGRUHVSHFWRDVXVGLPHQVLRQHV7RGDODORQJLWXGGHODVSDUHGHVQRH[FHGtDGH
YHLQWLFLQFR\DUGDVGHORQJLWXG'XUDQWHDOJXQRVPLQXWRVHOKHFKRPHRFDVLRQyJUDQWXUEDFLyQWXUEDFLyQ
YDQD HQ YHUGDG SXHV TXp SRGtD WHQHU PHQRV LPSRUWDQFLD EDMR ODV WHUULEOHV FLUFXQVWDQFLDV TXH PH
URGHDEDQTXHODVGLPHQVLRQHVGHPLSURSLDPD]PRUUD"3HURPLPHQWHVHQWtDXQH[WUDxRLQWHUpVSRUODV
EDJDWHODV \ DVt PH HVIRUFp HQ LQWHQWDU HQFRQWUDU OD FDXVD TXH PH OOHYy D FRPHWHU WDO HUURU HQ PLV
FiOFXORV /D YHUGDG VH SUHVHQWy DO ILQDO FRQ WRGD FODULGDG (Q PL SULPHU LQWHQWR GH H[SORUDFLyQ KDEtD
FRQWDGRFLQFXHQWD\GRVSDVRVKDVWDHOPRPHQWRGHFDHUHQWRQFHVGHEtGHHVWDUDXQSDVRRGRVGHOWUR]R
GHWHOD'HKHFKRFDVLUHDOLFpHOUHFRUULGRGHODFULSWD(QWRQFHVPHGRUPt\DOGHVSHUWDUGHEtGHYROYHU
VREUHPLVSDVRVFUHDQGRDVtXQFLUFXLWRGREOHGHOTXHHUDHQUHDOLGDG0LFRQIXVLyQPHQWDOPHLPSLGLy
REVHUYDU TXH \R KDEtD HPSH]DGR PL UHFRUULGR FRQ OD SDUHG D OD L]TXLHUGD \ OR KDEtD DFDEDGR FRQ OD
SDUHGDODGHUHFKD
7DPELpQPHKDEtDHTXLYRFDGRFRQUHVSHFWRDODIRUPDGHOUHFLQWR6LQWLHQGRTXHHQPLFDPLQRKDEtD
HQFRQWUDGRPXFKRViQJXORVODVXSXVHGHXQDJUDQLUUHJXODULGDGWDQSRWHQWHHVHOHIHFWRGHODRVFXULGDG
DEVROXWDSDUDTXLHQVHOHYDQWHGHXQOHWDUJRRGHXQVXHxR/RViQJXORVVLPSOHPHQWHFRQVLVWtDQHQXQDV
FXDQWDVOLJHUDVGHSUHVLRQHVRQLFKRVDLQWHUYDORVGHVLJXDOHV/DIRUPDJHQHUDOGHODSULVLyQHUDFXDGUDGD
/R TXH \R KDEtD WRPDGR SRU SLHGUD DKRUD UHVXOWDED VHU KLHUUR R DOJ~Q RWUR PHWDO HQ HQRUPHV SODFDV
FX\DV VXWXUDV R MXQWXUDV RFDVLRQDEDQ OD GHSUHVLyQ 7RGD OD VXSHUILFLH GH HVWH UHFLQWR GH PHWDO HVWDED
WRVFDPHQWH SLQWDGD FRQ HVSDQWRVDV \ UHSXOVLYDV LPiJHQHV FUHDGDV SRU OD VXSHUVWLFLyQ VHSXOFUDO GH ORV
IUDLOHV )LJXUDV GH GHPRQLRV FRQ DPHQD]DGRUHV JHVWRV FRQ IRUPDV GH HVTXHOHWRV \ RWUDV LPiJHQHV
UHDOPHQWH WHUULEOHV VH H[WHQGtDQ \ GHVILJXUDEDQ ODV SDUHGHV 2EVHUYp TXH ORV FRQWRUQRV GH DTXHOODV
PRQVWUXRVLGDGHV HUDQ VXILFLHQWHPHQWH FODURV SHUR TXH ORV FRORUHV SDUHFtDQ ERUURVRV \ GHVYDQHFLGRV
FRPR SRU HIHFWR GH OD KXPHGDG GH OD DWPyVIHUD (QWRQFHV WDPELpQ PH GL FXHQWD GH TXH HO SLVR HUD GH
SLHGUD(QHOFHQWURTXHGDEDHOSR]RFLUFXODUGHFX\RDELVPR\RPHKDEtDHVFDSDGRSHURHUDHO~QLFRGH
ODPD]PRUUD
7RGRHVWRORYLFRQIXVDPHQWH\FRQJUDQHVIXHU]RSXHVPLVLWXDFLyQSHUVRQDOKDEtDVXIULGRXQJUDQ
FDPELRGXUDQWHHOVXHxR(QWRQFHVPHHFKpGHHVSDOGDVDWRGRORODUJRVREUHXQDHVSHFLHGHDUPDGXUD
GH PDGHUD PX\ EDMD $ HVWD PH HQFRQWUDED \R ILUPHPHQWH DWDGR FRQ XQD ODUJD FXHUGD TXH SDUHFtD XQ
FtQJXOR\TXHGDEDPXFKDVYXHOWDVDOUHGHGRUGHPLVPLHPEURV\PLFXHUSRGHMDQGRVRORHQOLEHUWDGPL
FDEH]D\EUD]RL]TXLHUGRTXHVRORSRGtDH[WHQGHUFRQJUDQGHVHVIXHU]RVSDUDVXPLQLVWUDUPHODFRPLGD
TXHHVWDEDDPLODGRHQXQUHFLSLHQWHGHEDUURVREUHHOVXHOR0HGLFXHQWDFRQKRUURUTXHHOFiQWDUR
KDEtDVLGRWUDVODGDGR'LJRFRQKRUURUSXHVPHFRQVXPtDXQDVHGLQWROHUDEOH/DVHGSDUHFtDVHUOR
TXHSUHWHQGtDQHVWLPXODUPLVSHUVHJXLGRUHVSXHVHODOLPHQWRTXHKDEtDHQHOSODWRHUDFDUQHIXHUWHPHQWH
VD]RQDGD
105

0LUpKDFLDDUULEDSDUDH[DPLQDUHOWHFKRGHPLSULVLyQ7HQtDXQRVWUHLQWDRFXDUHQWDSLHVGHDOWXUD\
HVWDED HQ JUDQ SDUWH FRQVWUXLGR D VHPHMDQ]D GH ODV SDUHGHV (Q XQD GH ODV SODQFKDV XQD ILJXUD PX\
VLQJXODUDWUDMRWRGDPLDWHQFLyQ(UDODILJXUDGHO7LHPSRFRPRVHODUHSUHVHQWDFRP~QPHQWHVDOYRTXH
HQPHGLRGHXQDJXDGDxDVRVWHQtDDTXHOORTXHGHVSXpVGHXQDRMHDGDGHGXMHTXHVHUtDODLPDJHQGHXQ
YDVWR SpQGXOR VHPHMDQWH DO TXH YHPRV HQ ORV UHORMHV DQWLJXRV $ SHVDU GH WRGR KDEtD DOJR HQ OD
DSDULHQFLD GH DTXHOOD PiTXLQD TXH PH REOLJy D REVHUYDUOD FRQ PiV DWHQFLyQ 0LHQWUDV \R PLUDED
GLUHFWDPHQWH KDFLD HOOD SXHV HVWDED VLWXDGD SUHFLVDPHQWH VREUH Pt  LPDJLQp TXH OD YHtD PRYHUVH 8Q
PRPHQWRGHVSXpVPLLPDJLQDFLyQTXHGyFRQILUPDGD6XEDODQFHRHUDEUHYH\GHVGHOXHJROHQWR'XUDQWH
DOJXQRV PRPHQWRV OR REVHUYp FRQ DOJR GH WHPRU DXQTXH PDUDYLOODGR $O ILQ FDQVDGR GH REVHUYDU HO
DEXUULGRPRYLPLHQWRGLULJtPLYLVWDKDFLDORVRWURVREMHWRVGHOWHFKR
8Q OLJHUR UXLGR DWUDMR PL DWHQFLyQ \ DO PLUDU DO VXHOR YL YDULDV UDWDV HQRUPHV TXH OR DWUDYHVDEDQ
+DEtDQVXUJLGRGHOSR]RTXHTXHGDEDSUHFLVDPHQWHDPLGHUHFKD$XQHQWRQFHVPLHQWUDVODVREVHUYDED
OOHJDURQHQWURSHODSUHVXUDGDPHQWHFRQRMRVYRUDFHVDWUDtGDVSRUHORORUGHODFDUQH1HFHVLWpPXFKR
HVIXHU]R\DWHQFLyQSDUDPDQWHQHUODVDOHMDGDV
'HEtD GH KDEHU WUDQVFXUULGR XQD KRUD R WDO YH] PHGLD SXHV \R QR SRGtD WHQHU XQD LGHD H[DFWD GHO
WLHPSR DQWHVGHTXHYROYLHUDDOHYDQWDUPLVRMRV/RTXHYLHQWRQFHVPHOOHQyGHFRQIXVLyQ\DVRPEUR
(OEDODQFHRGHOSpQGXORKDEtDDXPHQWDGRHQH[WHQVLyQFDVLXQD\DUGD&RPRXQDFRQVHFXHQFLDQDWXUDOVX
YHORFLGDG WDPELpQ VH KDEtD KHFKR PD\RU 3HUR OR TXH PH PROHVWy SULQFLSDOPHQWH IXH OD LGHD GH TXH
KXELHUDGHVFHQGLGRSHUFHSWLEOHPHQWH(QWRQFHVREVHUYpFRQTXpKRUURUHVQHFHVDULRGHFLUORTXHVX
H[WUHPRLQIHULRUHVWDEDIRUPDGRSRUPHGLDOXQDGHEULOODQWH DFHURFDVLXQSLHGHORQJLWXGGHFXHUQRD
FXHUQR /DV SXQWDV HVWDEDQ GLULJLGDV KDFLD DUULED \ HO ERUGH LQIHULRU HYLGHQWHPHQWH HVWDED WDQ DILODGR
FRPRXQDQDYDMD7DPELpQFRPRXQDQDYDMDSDUHFtDPDFL]R\SHVDGRHQVDQFKiQGRVHGHOILORDODEDVHHQ
XQDVyOLGD\DQFKDHVWUXFWXUD3HQGtDGHXQDILQDEDUUDGHFREUH\WRGRVLOEDEDFRPRVLVHEDODQFHDUDHQ
HODLUH
<R QR SRGtD GXGDU SRU PiV WLHPSR VREUH OD VXHUWH TXH PH KDEtD SUHSDUDGR OD LQJHQLRVD WRUWXUD
PRQDFDO0LFRQRFLPLHQWRGHOSR]RKDEtDOOHJDGRDVDEHUVHSRUORVDJHQWHVGHOD,QTXLVLFLyQHOSR]R
FX\RV KRUURUHV KDEtDQ VLGR GHVWLQDGRV SDUD XQ KHUHMH WDQ WHPHUDULR FRPR \R HO SR]R VtPEROR GHO
LQILHUQR\FRQVLGHUDGRSRUODRSLQLyQFRPROD~OWLPD7KXOHGHWRGRVORVFDVWLJRV+DEtDHYLWDGRODFDtGD
SRUSXUDFDVXDOLGDG\\RVDEtDTXHODVRUSUHVDGHOWRUPHQWRDOFDHUHQpOFRQVWLWXtDXQDEXHQDSDUWHGH
WRGDODIDQWDVPDJRUtDGHDTXHOODVPD]PRUUDVGHODPXHUWH+DELHQGRIDOODGRODFDtGDQRKDEtDQLQJXQD
SDUWHHQHOGHPRQtDFRSODQSDUDDUURMDUPHDODELVPR\DVtVLQRWUDDOWHUQDWLYDPHHVSHUDEDXQPHGLRGH
PXHUWHGLIHUHQWH\PiVVXDYH0iVVXDYH&DVLVRQUHtHQPLDJRQtDFXDQGRSHQVpTXHSRGtDDSOLFDUXQ
WpUPLQRFRPRDTXHODDTXHOODFODVHGHFRVDV
3DUDTXpFRQWDUODVODUJDVODVLQWHUPLQDEOHVKRUDVGHKRUURUPiVTXHPRUWDOGXUDQWHODVFXDOHVFRQWp
ODV LPSHWXRVDV RVFLODFLRQHV GHO DFHUR 3XOJDGD D SXOJDGD OtQHD D OtQHD FRQ XQ GHVFHQVR TXH HUD
~QLFDPHQWHDSUHFLDEOHDLQWHUYDORVTXHSDUHFtDQVLJORVHOSpQGXOREDMDEDLPSODFDEOHPHQWH3DVDURQORV
GtDV SXGLHURQ KDEHU VLGR PXFKRV GtDV DQWHV GH TXH VH EDODQFHDUD WDQ FHUFD GH Pt FRPR SDUD
DEDQLFDUPHFRQVXDLUH(ORORUGHODILODGRDFHURSHQHWUDED\DHQPLQDUL]5HFpVtFDQVpFDQVpDO
FLHOR FRQ PLV UH]RV SDUD TXH GHVFHQGLHUD PiV UiSLGDPHQWH /OHJXp D YROYHUPH ORFR IUHQpWLFR \ OXFKp
SDUDLQFRUSRUDUPHKDFLDHOYDLYpQGHODWHUULEOHFLPLWDUUD<OXHJRFDtUHSHQWLQDPHQWHFDOPDGR\TXHGp
ULHQGRDQWHODPXHUWHEULOODQWHFRPRXQQLxRDQWHXQH[WUDxRMXJXHWH
106

+XERRWURLQWHUYDORGHFRPSOHWDLQVHQVLELOLGDG)XHEUHYHSXHVDOYROYHUGHQXHYRDODYLGDQRVH
KDEtD RSHUDGR HQ HO SpQGXOR HO PHQRU GHVFHQVR DSUHFLDEOH 3HUR HV SRVLEOH TXH DTXHO WLHPSR KXELHUD
VLGR PX\ ODUJR SXHV \R VDEtD TXH ORV GHPRQLRV TXH REVHUYDEDQ PLV GHVYDQHFLPLHQWRV SRGtDQ KDEHU
GHWHQLGRODYLEUDFLyQDVXFDSULFKR$OUHFXSHUDUPHPHVHQWtPX\GpELO\HQIHUPRFRPRUHVXOWDGRGHXQD
ODUJD LQDQLFLyQ $XQ HQWUH DTXHOODV DJRQtDV OD QDWXUDOH]D KXPDQD SHGtD DOLPHQWR &RQ GRORURVRV
HVIXHU]RVHVWLUpHOEUD]RL]TXLHUGRWRGRORTXHPHSHUPLWLHURQODVOLJDGXUDV\WRPpHOSHTXHxRUHVLGXRGH
FRPLGDTXHKDEtDQGHMDGRODVUDWDV&XDQGROOHYpDPLVODELRVXQSHGD]RGHDTXHOODFRPLGDVHSUHFLSLWy
HQ PL PHQWH XQ SHQVDPLHQWR HPEULRQDULR GH JR]R \ HVSHUDQ]D 3HUR TXp WHQtD \R GH FRP~Q FRQ OD
HVSHUDQ]D"&RPRKHGLFKRHUDXQSHQVDPLHQWRHPEULRQDULRTXHFRPRHOGHPXFKRVKRPEUHVMDPiVVRQ
FRPSOHWDGRV 6HQWtD TXH HUD GH JR]R \ HVSHUDQ]D SHUR SUHVLHQWR WDPELpQ TXH KDEtD SHUHFLGR HQ VX
IRUPDFLyQ/XFKpHQYDQRSRUSHUIHFFLRQDUORSRUUHFREUDUOR/RVSURORQJDGRVVXIULPLHQWRVFDVLKDEtDQ
DQLTXLODGRWRGDVODVIDFXOWDGHVGHPLPHQWH(UDXQLPEpFLOXQLGLRWD
/DYLEUDFLyQGHOSpQGXORWHQtDOXJDUHQXQSODQRTXHIRUPDEDiQJXORUHFWRFRQPLFXHUSR9LTXHOD
FXFKLOODHVWDEDLGHDGDSDUDDWUDYHVDUPHSRUODSDUWHGHOFRUD]yQ5R]DUtDODVDUJDGHPLWUDMH\YROYHUtD
\ UHSHWLUtD ODV RSHUDFLRQHV XQD \ RWUD YH] $ SHVDU GH OD JUDQ H[WHQVLyQ GHO HVSDFLR EDUULGR SRU OD
FXFKLOOD XQRVWUHLQWDSLHVRPiV \GHODVLOEDQWHIXHU]DGHVXGHVFHQVRVXILFLHQWHSDUDFRUWDUDTXHOODV
SDUHGHV GH KLHUUR WRGR OR TXH SXGR KDFHU GXUDQWH YDULRV PLQXWRV IXH UDVJDU PLV URSDV \ HQ HVWH
SHQVDPLHQWRPHGHWXYH<RQRPHDWUHYtDDLUPiVDOOiHQHVWDUHIOH[LyQ0HGLWpVREUHDTXHOORFRQXQD
SHUWLQD]DWHQFLyQFRPRVLDOKDFHUORSXGLHUDGHWHQHUDOOtHOGHVFHQVRGHODFHUR0HSXVHDSHQVDUHQHO
VRQLGRGHODFXFKLOODFXDQGRSDVDUDDWUDYpVGHODWHODVREUHODHVWUHPHFHGRUDVHQVDFLyQTXHSURGXFHHO
URFHGHODWHOD0HGLWpVREUHHVWDVQDGHUtDVKDVWDTXHPHUHFKLQDURQORVGLHQWHV
%DMDED GHVFHQGtD LPSODFDEOH 0H SURGXFtD XQ IUHQpWLFR SODFHU FRQWUDVWDU VX FDtGD FRQ VX
YHORFLGDGODWHUDO6HPRYtDDODGHUHFKD\DODL]TXLHUGDOHMRV\FHUFDFRQHOFKLUULDUGHXQHVStULWX
FRQGHQDGRKDVWDPLFRUD]yQFRQHOSDVRIXUWLYRGHOWLJUH<RDOWHUQDWLYDPHQWHVRQUHtD\DXOODEDVHJ~Q
PHGRPLQDVHXQDXRWUDLGHD
%DMDED GHVFHQGtD LPSODFDEOHPHQWH 9LEUDED D WUHV SXOJDGDV GH PL SHFKR /XFKp YLROHQWDPHQWH
IXULRVDPHQWH SDUD OLEHUWDU PL EUD]R L]TXLHUGR (VWDED OLEUH VRODPHQWH GHO FRGR D OD PDQR &RQ HVWD
~OWLPD SRGtD FRQ JUDQ HVIXHU]R DOFDQ]DU OD FRPLGD GHO SODWR TXH WHQtD D PL ODGR SHUR QDGD PiV 6L
KXELHUDSRGLGRURPSHUODVDWDGXUDVKDEUtDDJDUUDGRHOSpQGXORHLQWHQWDGRGHWHQHUORORTXHKXELHUDVLGR
FRPRLQWHQWDUGHWHQHUXQDOXG
%DMDQGREDMDQGRGHXQPRGRLQHYLWDEOH<ROXFKDED\MDGHDEDDFDGDQXHYDYLEUDFLyQ0LVRMRV
VHJXtDQHOPRYLPLHQWRGHODFXFKLOODFRQODDQVLHGDGGHODPiVWUHPHQGDGHVHVSHUDFLyQ6HFHUUDEDQFRQ
PRYLPLHQWRV HVSDVPyGLFRV FXDQGR GHVFHQGtD DXQTXH OD PXHUWH KDEUtD VLGR XQ DOLYLR 2K TXp DOLYLR
PiV LQGHFLEOH < VLQ HPEDUJR WHPEODED FRQ WRGRV PLV QHUYLRV DO SHQVDU TXH SRU XQ OLJHUR IDOOR GH OD
PiTXLQD OD FXFKLOOD VH SUHFLSLWDUtD DILODGD \ UHOXFLHQWH VREUH PL SHFKR (UD OD HVSHUDQ]D OR TXH
DJLWDEDPLVLVWHPDQHUYLRVR\KDFtDHQFRJHUDPLFXHUSR(UDODHVSHUDQ]DODHVSHUDQ]DTXHWULXQIDED
DXQVREUHHOSRWURGHOWRUPHQWRTXHVXVXUUDSDODEUDVHQORVRtGRVGHORVFRQGHQDGRVDPXHUWHKDVWDHQ
ODVPD]PRUUDVGHOD,QTXLVLFLyQ
&DOFXOp TXH GLH] R GRFH PRYLPLHQWRV PiV SRQGUtDQ HO DFHUR HQ FRQWDFWR FRQ PL URSD \ FRQ HVWD
REVHUYDFLyQVHDSRGHUyGHPLHVStULWXWRGDODFDOPDUHFRQFHQWUDGD\IUtDGHODGHVHVSHUDFLyQ3RUYH]
SULPHUDGHVGHKDFtDPXFKDVKRUDVRGtDVTXL]iSHQVp6HPHRFXUULyHQWRQFHVTXHODDWDGXUDRFtQJXOR
107

TXHPHURGHDEDHUDGHXQDSLH]D(VWDEDDWDGRSRUXQDOLJDGXUDFRQWLQXD(OSULPHUJROSHGHODFXFKLOOD
DILODGDVREUHFXDOTXLHUSDUWHGHODWLUDODFRUWDUtDORVXILFLHQWHFRPRSDUDSHUPLWLUTXHPLPDQRL]TXLHUGD
OD GHVDWDUD GH PL FXHUSR 3HUR TXp WHUULEOH VHUtD HQ HVWH FDVR VX SUR[LPLGDG (O UHVXOWDGR GH OD PiV
OLJHUD VDFXGLGD UHVXOWDUtD PRUWDO $GHPiV HUD SUREDEOH TXH ORV YHUGXJRV QR KXELHUDQ SUHYLVWR
SRVLELOLGDG GH WDO FODVH" (UD SUREDEOH TXH OD OLJDGXUD PH DWUDYHVDUD HO SHFKR HQ HO UHFRUULGR GHO
SpQGXOR"7HPLHQGRHQFRQWUDUIUXVWUDGDDTXHOODGpELO\DOSDUHFHU~OWLPDHVSHUDQ]DOHYDQWpWRGRORTXH
SXGHPLFDEH]DSDUDREWHQHUXQDFODUDYLVLyQGHPLSHFKR(OFtQJXORURGHDEDPLVPLHPEURV\FXHUSRHQ
WRGDVGLUHFFLRQHVVDOYRHQODWUD\HFWRULDGHODFXFKLOODGHVWUXFWRUD
$SHQDV KDEtD GHMDGR FDHU PL FDEH]D HQ VX SRVLFLyQ RULJLQDO FXDQGR OODPHy HQ PL PHQWH XQ
VHQWLPLHQWRTXHQRSXHGRGHVFULELUVLQRGLFLHQGRTXHHUDODPLWDGGHHVDLGHDGHOLEHUDFLyQDODTXHKH
DOXGLGR SUHYLDPHQWH \ GH OD FXDO VROR VX PLWDG IORWDED YDJDPHQWH HQ PL PHQWH FXDQGR OOHYp D PLV
DUGLHQWHVODELRVHODOLPHQWR(QWRQFHVWRGRHOSHQVDPLHQWRHVWDEDDOOtSUHVHQWHGpELOHQIHUPL]RDSHQDV
YLVLEOH SHUR VLQ HPEDUJR FRPSOHWR (QVHJXLGD FRQWLQXp FRQ OD QHUYLRVD HQHUJtD GH OD GHVHVSHUDFLyQ
SDUDLQWHQWDUVXHMHFXFLyQ
'XUDQWH PXFKDV KRUDV ODV SUR[LPLGDGHV GH OD EDMD DUPDGXUD VREUH OD TXH HVWDED \R UHFRVWDGR VH
KDEtD YLVWR OLWHUDOPHQWH DVHGLDGD SRU ODV UDWDV $OOt HVWDEDQ ILHUDV RVDGDV FRGLFLRVDV FRQ ORV RMRV
FHQWHOOHDQGRKDFLDPtFRPRVLQRHVSHUDUDQPiVTXHODLQPRYLOLGDGSRUPLSDUWHSDUDKDFHUPHVXSUHVD
$TXpJpQHURGHDOLPHQWRSHQVpVHKDEUiQDFRVWXPEUDGRHQHOSR]R"
$SHVDUGHWRGRVPLVHVIXHU]RVSRULPSHGLUORKDEtDQGHYRUDGRWRGRHOFRQWHQLGRGHOSODWRPHQRV
XQDSHTXHxDSDUWH0LPDQRVHKDEtDDJLWDGRHQXQPRYLPLHQWRGHYDLYpQDOUHGHGRUGHOUHFLSLHQWHSHUR
DODODUJDODLQFRQVFLHQWHXQLIRUPLGDGGHOPRYLPLHQWROHSULYDEDGHVXHIHFWR(QVXYRUDFLGDGKDEtDQ
OOHJDGRDKLQFDUVXVDILODGRVFROPLOORVHQPLVGHGRV&RQORVUHVWRVGHODFDUQHDFHLWRVD\SLFDQWHTXH
TXHGDEDIURWpFRQFLHQ]XGDPHQWHODVDWDGXUDVKDVWDGRQGHSXGHOOHJDUOXHJRDOFpPLPDQRGHOVXHOR\OD
GHMpLQPyYLOVREUHHOSHFKR
$O SULQFLSLR ORV KDPEULHQWRV DQLPDOHV VH VRUSUHQGLHURQ \ VH DVXVWDURQ GHO FDPELR \ GHO FHVH GH
PRYLPLHQWR GH DTXHOOD PDQR REVWDFXOL]DGRUD 5HWURFHGLHURQ DODUPDGRV \ DOJXQRV VH UHIXJLDURQ HQ HO
SR]R 3HUR DTXHOOR GXUy WDQ VROR XQ PRPHQWR 1R HQ YDQR KDEtD FRQWDGR \R FRQ VX YRUDFLGDG $O
REVHUYDU TXH SHUPDQHFtD VLQ KDFHU PRYLPLHQWR DOJXQR XQR R GRV GH ORV PiV RVDGRV VDOWDURQ VREUH OD
DUPDGXUD\ROIDWHDURQHOFtQJXOR$TXHOORSDUHFtDODVHxDOSDUDXQDDFRPHWLGDJHQHUDO(PSH]DURQDVDOLU
DSUHVXUDGDPHQWHGHOSR]RHQJUDQQ~PHUR6HFROJDURQGHODPDGHUDODHVFDODURQ\VDOWDURQDFLHQWRV
VREUH PL SHUVRQD (O PHVXUDGR PRYLPLHQWR GHO SpQGXOR QR ODV PROHVWDED HQ DEVROXWR (YLWDQGR VXV
JROSHV VH DIDQDEDQ DFWLYDPHQWH VREUH OD EDQGD HQJUDVDGD 3UHVLRQDEDQ \ KRUPLJXHDEDQ VREUH Pt HQ
LQFUHtEOHVPRQWRQHV6HUHWRUFtDQVREUHPLJDUJDQWDVXVIUtRVKRFLFRVEXVFDEDQPLVODELRV(VWDEDPHGLR
VRIRFDGRSRUVXIXHUWHSUHVLyQ8QDVFRSDUDHOFXDOQRH[LVWHQRPEUHKHQFKtDPLSHFKR\KHODEDFRQ
XQDSHVDGDQiXVHDPLFRUD]yQ6LQHPEDUJRQRWXYRTXHWUDQVFXUULUXQPLQXWRSDUDTXH\RVLQWLHUDTXHOD
OXFKDKDEtDWHUPLQDGR3HUFLEtDFODUDPHQWHODGLVWHQVLyQGHODVOLJDGXUDV6DEtDTXHHQPiVGHXQVLWLR
GHEtDQGHHVWDUFRUWDGDV&RQXQDUHVROXFLyQVREUHKXPDQDFRQWLQXpLQPyYLO
1R KXER HUURU HQ PLV FiOFXORV QL HVIXHU]RV YDQRV $O ILQ VHQWtD TXH HUD OLEUH (O FtQJXOR FROJDED
DOUHGHGRUGHPLFXHUSRKHFKRSHGD]RV3HURHOJROSHGHOSpQGXORSUHVLRQDED\DVREUHPLSHFKR7HQtD
GLYLGLGD OD VDUJD GH PL WUDMH \ VH KDEtD FRUWDGR OD FDPLVD 'RV YHFHV PiV HQ VX EDODQFHR \ XQ DJXGR
VHQWLGR GH GRORU VH H[WHQGLy SRU WRGRV PLV QHUYLRV 3HUR HO PRPHQWR GH HVFDSDU KDEtD OOHJDGR $ XQ
108

PRYLPLHQWRGHPLPDQRKX\HURQWXPXOWXRVDPHQWHPLVOLEHUWDGRUDV&RQRWURGHFLGLGRPRYLPLHQWRFDXWR
\ OHQWR PH GHVOLFp GH OD EDQGD TXH PH HQYROYtD IXHUD GHO DOFDQFH GH OD FLPLWDUUD $O PHQRV SRU HO
PRPHQWRHVWDEDOLEUH
/LEUH < HQ ODV JDUUDV GH OD ,QTXLVLFLyQ $SHQDV PH KDEtD GHMDGR FDHU GH DTXHO OHFKR GH KRUURU
KDVWDHOVXHORGHSLHGUDFXDQGRFHVyHOPRYLPLHQWRGHODPiTXLQDLQIHUQDO\ODYLVXELUVXELULPSXOVDGD
SRUDOJXQDIXHU]DLQYLVLEOHKDFLDHOWHFKR$TXHOODIXHXQDOHFFLyQTXHOOHQyPLFRUD]yQGHGHVHVSHUDQ]D
6LQ GXGD TXH HUD REVHUYDGR KDVWD HQ PLV PHQRUHV PRYLPLHQWRV /LEUH 1R KDEtD VLQR HVFDSDGR GH OD
PXHUWH HQ XQD IRUPD GH DJRQtD SDUD VHU HQWUHJDGR D DOJR SHRU TXH OD PXHUWH PLVPD &RQ DTXHO
SHQVDPLHQWRPRYtORVRMRVQHUYLRVDPHQWHDPLDOUHGHGRUVREUHODVEDUUHUDVGHKLHUURTXHPHURGHDEDQ
$OJRGHVDFRVWXPEUDGRXQFDPELRTXHDOSULQFLSLRQRSXGHDSUHFLDUFRQFODULGDGVHKDEtDRSHUDGR
HQODPD]PRUUD'XUDQWHPXFKRVPLQXWRVGHHQVRxDGRUD\WHPEORURVDDWUDFFLyQHVWXYHRFXSDGRHQYDQDV
HLQFRKHUHQWHVFRQMHWXUDV'XUDQWHHVWHWLHPSROOHJXpDFDSWDUSRUYH]SULPHUDHORULJHQGHODOX]VXOI~UHD
TXHHQYROYtDODFHOGD3URFHGtDGHXQDJULHWDGHFDVLPHGLDSXOJDGDGHDQFKRTXHVHH[WHQGtDDORODUJR
GH OD SULVLyQ HQ OD EDVH GH ODV SDUHGHV TXH GH HVWH PRGR SDUHFtDQ \ DVt OR HVWDEDQ HQ UHDOLGDG
FRPSOHWDPHQWH VHSDUDGDV GHO VXHOR +LFH LQWHQWRV GH PLUDU D WUDYpV GH OD DEHUWXUD DXQTXH HQ YDQR
QDWXUDOPHQWH
&XDQGRPHOHYDQWpGHVSXpVGHHVWHLQWHQWRHOPLVWHULRGHODDOWHUDFLyQVXIULGDSRUODFHOGDVHPH
UHYHOyWRWDOPHQWH+DEtDREVHUYDGRTXHDXQTXHORVFRQWRUQRVGHODVILJXUDVSLQWDGDVVREUHODVSDUHGHV
HUDQ VXILFLHQWHPHQWH FODURV VXV FRORUHV SDUHFtDQ ERUURVRV H LQGHILQLGRV $TXHOORV FRORUHV KDEtDQ
DVXPLGR\DVXPtDQDFDGDPRPHQWRXQDVRUSUHQGHQWH\FDGDYH]PiVLQWHQVDEULOODQWH]TXHFRPXQLFDED
DDTXHOODVILJXUDVHVSHFWUDOHV\GLDEyOLFDVXQDVSHFWRFDSD]GHKDFHUWHPEODUDQHUYLRVPiVILUPHVTXH
ORVPtRV/RVRMRVGHORVGLDEORVGHYLYDFLGDGIDQWDVPDO\IHUR]FHQWHOOHDEDQKDFLDPtGHVGHPLOODUHV
GHVLWLRVLQYLVLEOHVDQWHVSDUDPt\EULOODEDQFRQHOFiUGHQRIXOJRUGHXQVXHxRTXH\RQRSRGtDIRU]DUD
PLLPDJLQDFLyQDFRQVLGHUDUORFRPRLUUHDO
,UUHDO" 0H EDVWDED UHVSLUDU SDUD TXH OOHJDUD D PLV QDULFHV HO YDSRU GH KLHUUR HQURMHFLGR 8Q
VRIRFDQWH FDORU LQYDGtD OD SULVLyQ $ FDGD PRPHQWR ORV RMRV TXH FRQWHPSODEDQ PL DJRQtD LEDQ
DGTXLULHQGR XQ IXOJRU PiV SURIXQGR 6REUH ODV KRUURURVDV SLQWXUDV VH LED GLIXQGLHQGR XQ WLQWH URMR GH
VDQJUH-DGHDEDPHDKRJDEDDOUHVSLUDU1RFDEtDGXGDVREUHFXiOHUDHOSODQGHPLVYHUGXJRVORVPiV
GHVSLDGDGRVORVPiVFUXHOHVGHORVKRPEUHV0HDOHMpGHOPHWDODUGLHQWHKDFLDHOFHQWURGHODPD]PRUUD
(QPHGLRGHOSHQVDPLHQWRGHPLGHVWUXFFLyQSRUHOIXHJRODLGHDGHIULDOGDGGHOSR]RVHSUHVHQWyDPL
PHQWHFRPRXQEiOVDPR0HSUHFLSLWpKDFLDVXSURIXQGRERUGH\PLUpHOIRQGRFRQODPD\RUDWHQFLyQ(O
UHVSODQGRU GH OD HQFHQGLGD EyYHGD LOXPLQDED VXV FDYLGDGHV PiV RFXOWDV 6LQ HPEDUJR GXUDQWH XQ
DWRORQGUDGRLQVWDQWHPLHVStULWXUHKXVyDFRPSUHQGHUHOVLJQLILFDGRGHORTXH\RYHtD6HDEULyFDPLQRD
OD IXHU]D HQ PL PHQWH \ DUGLy FRPR XQD OODPD HQ PL FRQPRYLGD UD]yQ 2K /D YR] PH IDOWD SDUD
H[SUHVDUPH4XpHVSDQWR&XDOTXLHUKRUURUPHQRVDTXpO
'HXQVDOWRPHDSDUWpGHOERUGH\HQWHUUpODFDUDHQWUHODVPDQRVOORUDQGRDPDUJDPHQWH
(OFDORUDXPHQWyUiSLGDPHQWH\XQDYH]PiVOHYDQWpODYLVWDWHPEODQGRGHSLHVDFDEH]D6HKDEtD
RSHUDGRHQODFHOGDXQVHJXQGRFDPELR\HQWRQFHVHOFDPELRDIHFWDEDHYLGHQWHPHQWHDVXIRUPD&RPR
ODYH]DQWHULRUPHIXHLPSRVLEOHDOSULQFLSLRLQWHQWDUDSUHFLDURFRPSUHQGHUORTXHKDEtDVXFHGLGR3HUR
QR SHUPDQHFt PXFKR WLHPSR HQ OD GXGD /D YHQJDQ]D LQTXLVLWRULDO KDEtD VLGR SUHFLSLWDGD SRU PL GREOH
HVFDSH\QRSRGtDKDFHUPiVTXHHVSHUDUDOUH\GHORVWHUURUHV/DFHOGDKDEtDVLGRFXDGUDGD\DKRUD\R
109

YHtDTXHGRVGHVXViQJXORVGHKLHUURHUDQDJXGRV\ORVRWURVGRVREWXVRVHQFRQVHFXHQFLD/DWHUULEOH
GLIHUHQFLD DXPHQWDED UiSLGDPHQWH FRPR XQ TXHGR JHPLGR (Q XQ LQVWDQWH OD HVWDQFLD KDEtD WRPDGR OD
IRUPDGHXQURPERSHURODDOWHUDFLyQQRDFDEDEDDTXt1RHVSHUDEDQLGHVHDEDTXHSDUDVH3RGtDQKDEHU
DSODVWDGR ODV URMDV SDUHGHV PL SHFKR EXVFDQGR DVt OD HWHUQD SD] 0XHUWH GLMH FXDOTXLHU PXHUWH
PHQRVODGHOSR]R/RFRGHPt1RSRGtDFRPSUHQGHUTXHHOSR]RHUDHOREMHWLYRGHOKLHUURFDQGHQWH
TXH PH URGHDED" 3RGUtD UHVLVWLU VX FDORU" 2 VL SRGtD PH VHUtD SRVLEOH HVFDSDU D VX SUHVLyQ" \
HQWRQFHV HO URPER VH DSODVWDED PiV \ PiV FRQ XQD UDSLGH] TXH QR GHMDED WLHPSR SDUD SHQVDU 6X
FHQWUR\GHVGHOXHJRODPD\RUDQFKXUDFRLQFLGtDSUHFLVDPHQWHFRQHOFtUFXORGHOSR]R0HUHWLUpSHUR
ODVSDUHGHVVHFHUUDEDQHPSXMiQGRPHLUUHVLVWLEOHPHQWH$OILQPLFXHUSRTXHPDGR\UHWRUFLGRQRWXYR
VLQRXQDSXOJDGDEDMRORVSLHVHQHOVXHORGHODSULVLyQ1ROXFKpPiVSHURODDJRQtDGHPLDOPDKDOOy
VDOLGD HQ XQ JULWR DOWR SURORQJDGR \ ILQDO GH GHVHVSHUDFLyQ 6HQWt TXH PH WDPEDOHDED HQ HO ERUGH GHO
DELVPR\DSDUWpODPLUDGD
6HR\yXQGLVFRUGDQWHUXPRUGHYRFHVKXPDQDV/DDJXGDH[SORVLyQGHPXFKRVFODULQHV8QPLOODUGH
WUXHQRVUHWXPEDURQDODYH]/DVSDUHGHVGHIXHJRUHWURFHGLHURQSUHFLSLWDGDPHQWH8QEUD]RVHH[WHQGLy
SDUD DJDUUDUPH SRU HO PtR FXDQGR HVWDED D SXQWR GH FDHU GHVPD\DGR HQ HO DELVPR (UD HO EUD]R GHO
JHQHUDO/DVDOOH/DVWURSDVIUDQFHVDVKDEtDQHQWUDGRHQ7ROHGR/D,QTXLVLFLyQKDEtDFDtGRHQPDQRVGH
VXVHQHPLJRV

110

(OHQWHUUDPLHQWRSUHPDWXUR>@

;,67(1FLHUWRVWHPDVFX\RLQWHUpVHVDEVRUEHQWHSHURTXHVRQGHPDVLDGRKRUULEOHVSDUDVHUYLUGH
DUJXPHQWR OHJtWLPR SDUD XQD REUD GH PHUD ILFFLyQ /RV VLPSOHV QRYHOLVWDV GHEHQ HYLWDUORV VL QR
TXLHUHQRIHQGHURGHVDJUDGDU(OORV~QLFDPHQWHSXHGHQVHUPDQHMDGRVRSRUWXQDPHQWHFXDQGRHOULJRU\OD
PDMHVWDGGHODYHUGDGORVMXVWLILFD\VRVWLHQH1RVHVWUHPHFHPRVSRUHMHPSORFRQHOPiVLQWHQVRGRORU
YROXSWXRVR DO OHHU ORV UHODWRV GHO SDVR GHO UtR UXVR %HUHVLQD GHO WHUUHPRWR GH /LVERD GH OD SHVWH GH
/RQGUHVGHODPDWDQ]DGHOD1RFKHGH6DQ%DUWRORPpRGHODDVIL[LDGHFLHQWRYHLQWLWUpVSULVLRQHURVHQ
HO SR]R QHJUR GH &DOFXWD 3HUR HQ HVWRV UHODWRV HV HO VXFHVR GH KHFKR OR TXH HQ UHDOLGDG QRV H[FLWD
&RPRVLPSOHVLQYHQFLRQHVODVKXELpUDPRVOHtGRFRQYHUGDGHUDDYHUVLyQ
+HPHQFLRQDGRDOJXQDVGHODVPiVGHVWDFDGDV\IDPRVDVFDODPLGDGHVTXHVHUHFXHUGDQSHURHQHOODV
HV OD H[WHQVLyQ QR PHQRV TXH HO FDUiFWHU GH OD FDODPLGDG OR TXH WDQ YLYDPHQWH LPSUHVLRQD D OD
LPDJLQDFLyQ1RHVQHFHVDULRUHFRUGDUDOOHFWRUTXHGHOODUJR\HVSDQWRVRFDWiORJRGHPLVHULDVKXPDQDV
\R SRGtD KDEHU VHOHFFLRQDGR PXFKRV FDVRV LQGLYLGXDOHV PiV UHSOHWRV GH VXIULPLHQWRV HVSDQWRVRV TXH
FXDOTXLHUDGHHVRVHQRUPHVGHVDVWUHVJHQHUDOHV/DYHUGDGHUDGHVJUDFLDHQUHDOLGDGOD~OWLPDDQJXVWLD
HVSDUWLFXODU\QRGLIXVD4XHODVDQJXVWLDVSRVWUHUDVGHODDJRQtDVHDQVRSRUWDGDVSRUHOKRPEUHVROR\
QRSRUHOKRPEUHPDVDHVDOJRTXHGHEHPRVDJUDGHFHUDODPLVHULFRUGLDGLYLQD
6HU HQWHUUDGR YLYR HV VLQ QLQJ~Q JpQHUR GH GXGDV HO PiV WHUURUtILFR GH HVRV H[WUHPRV TXH SXHGD
VREUHYHQLUOH DO VHU KXPDQR 1LQJXQD SHUVRQD VHQVDWD SRGUi QHJDU TXH DTXHOOR VXFHGH IUHFXHQWHPHQWH
PX\IUHFXHQWHPHQWH/RVOtPLWHVTXHGLYLGHQOD9LGDGHOD0XHUWHVRQORVPiVRVFXURV\YDJRV4XLpQ
SRGUtDGHFLUGyQGHDFDEDXQD\GyQGHFRPLHQ]DODRWUD"6DEHPRVTXHH[LVWHQFDVRVTXHOOHYDQFRQVLJR
XQDWRWDOSDUDOL]DFLyQGHWRGDVODVIXQFLRQHVDSDUHQWHVGHODYLGD\FRQWRGRHQHOODVVRORVHWUDWDGHXQD
VXVSHQVLyQSURSLDPHQWHKDEODQGR6RORVHWUDWDGHSDXVDVPRPHQWiQHDVHQHOLQFRPSUHQVLEOHPHFDQLVPR
3DVDFLHUWRWLHPSR\DOJ~QSULQFLSLRPLVWHULRVRHLQYLVLEOHSRQHGHQXHYRHQPRYLPLHQWRORVPiJLFRV
SLxRQHV\ODVKHFKL]DGDVUXHGDV/DFXHUGDGHSODWDQRVHKDEtDVROWDGRSDUDVLHPSUHQLVHKDEtDURWR
LUUHSDUDEOHPHQWHHOYDVRGHRUR3HURGyQGHHVWDEDHODOPDPLHQWUDVWDQWR"
$SDUWHSXHVGHODLQHYLWDEOHFRQFOXVLyQGHTXHWDOHVFDXVDVGHEHQSURGXFLUWDOHVHIHFWRV\TXHOD
UHFRQRFLGDH[LVWHQFLDGHFDVRVGHVXVSHQVLyQGHODVIXQFLRQHVYLWDOHVWLHQHTXHSURGXFLUQDWXUDOPHQWHGH
YH] HQ FXDQGR HQWHUUDPLHQWRV SUHPDWXURV DSDUWH GH HVWD FRQVLGHUDFLyQ FRQWDPRV FRQ HO WHVWLPRQLR
GLUHFWR GH ORV PpGLFRV \ GH OD H[SHULHQFLD YXOJDU SDUD SUREDU TXH XQ HQRUPH Q~PHUR GH HVRV
HQWHUUDPLHQWRVKDQWHQLGROXJDUDFWXDOPHQWH3RGUtDUHIHULUDKRUDPLVPRVLIXHUDQHFHVDULRXQFHQWHQDU
GHFDVRVDXWpQWLFRV8QRGHORVPiVQRWDEOHV\FX\DVFLUFXQVWDQFLDVSXHGHTXHD~QHVWpQIUHVFDVHQOD
PHPRULD GH PXFKRV OHFWRUHV RFXUULy QR KDFH PXFKR WLHPSR HQ OD FLXGDG YHFLQD GH %DOWLPRUH GRQGH
SURGXMR XQD VHQVDFLyQ LQWHQVD \ GRORURVD GLIXQGLGD SRU WRGDV SDUWHV /D HVSRVD GH XQR GH ORV PiV
UHVSHWDEOHVFLXGDGDQRVXQHPLQHQWHDERJDGR\PLHPEURGHO&RQJUHVRIXHDWDFDGDSRUXQDV~ELWDH
LQH[SOLFDEOHHQIHUPHGDGTXHHVFDSySRUFRPSOHWRDODLQWHOLJHQFLDGHORVPpGLFRV'HVSXpVGHPXFKRV
VXIULPLHQWRVPXULyRDOPHQRVHVRVHFUH\y1DGLHVRVSHFKyHQUHDOLGDGQLWXYRUD]yQSDUDVRVSHFKDU
TXHHOODQRHVWXYLHUDUHDOPHQWHPXHUWD(OODSUHVHQWDEDWRGRHODVSHFWRRUGLQDULRGHODPXHUWH(OURVWUR
PRVWUDED WRGD OD IUHFXHQWH GHPDFUDFLyQ \ KXQGLPLHQWR QDWXUDOHV /RV ODELRV WHQtDQ OD XVXDO SDOLGH]
111

PDUPyUHD/RVRMRVFDUHFtDQGHEULOOR1RWHQtDDOLHQWR(OSXOVRKDEtDGHMDGRGHODWLU'XUDQWHWUHVGtDV
HO FXHUSR HVWXYR VLQ HQWHUUDU DGTXLULHQGR HVWH XQD ULJLGH] SpWUHD 3RU ~OWLPR VH DGHODQWy HO IXQHUDO
WHQLHQGRHQFXHQWDHOUiSLGRDYDQFHGHORTXHVHVXSRQtDHUDODGHVFRPSRVLFLyQFDGDYpULFD
/DGDPDIXHGHSRVLWDGDHQHOSDQWHyQIDPLOLDUGRQGHSHUPDQHFLyGXUDQWHWUHVDxRVVHJXLGRVVLQDEULU
$O WpUPLQR GH HVWH SOD]R VH DEULy SDUD UHFLELU XQ QXHYR VDUFyIDJR SHUR D\ TXp WHUULEOH LPSUHVLyQ
HVSHUDEDDOHVSRVRTXHSHUVRQDOPHQWHDEULyODSXHUWD&XDQGRJLUyODSHVDGDKRMDVREUHVXVJR]QHVXQ
REMHWR FXELHUWR GH EODQFR FD\y HQ VXV EUD]RV (UD HO HVTXHOHWR GH VX HVSRVD HQYXHOWR HQ XQ VXGDULR
WRGDYtDQRHQPRKHFLGR
8QD FXLGDGRVD LQYHVWLJDFLyQ HYLGHQFLy TXH HOOD KDEtD UHYLYLGR GRV GtDV GHVSXpV GH VHU HQWHUUDGD
TXH HQ VXV HVIXHU]RV KDEtD FDtGR FRQ HO DWD~G DO VXHOR URPSLpQGRVH HVWH HQWRQFHV \ SHUPLWLpQGROD
HVFDSDU6HHQFRQWUyYDFtDXQDOiPSDUDTXHKDEtDVLGRGHMDGDSRUFDVXDOLGDGOOHQDGHDFHLWH\TXHSXGR
KDEHUSRGLGRDJRWDUVHSRUHYDSRUDFLyQ(QHOHVFDOyQPiVDOWRGHORVTXHGHVFHQGtDQKDFLDODFiPDUD
PRUWXRULDKDEtDXQDQFKRSHGD]RGHODWD~GFRQHOTXHDOSDUHFHUKDEtDJROSHDGRODSXHUWDFRQHOREMHWR
GHOODPDUODDWHQFLyQ0LHQWUDVKDFtDDTXHOORSUREDEOHPHQWHVHGHVPD\DUtDRSRVLEOHPHQWHPXULySUHVD
GHWHUURU\DOFDHUHOVXGDULRVHOHHQJDQFKDUtDHQDOJ~QVDOLHQWHGHKLHUURGHOLQWHULRU$VtSHUPDQHFLy
SXGULpQGRVHHQXQDSRVWXUDHUHFWD
(Q HO DxR  RFXUULy HQ )UDQFLD XQ FDVR GH LQKXPDFLyQ HQ YLGD URGHDGR GH FLUFXQVWDQFLDV TXH
MXVWLILFDQ OD DILUPDFLyQ GH TXH HQ UHDOLGDG OD YHUGDG HV PiV H[WUDxD TXH OD ILFFLyQ /D KHURtQD GH OD
KLVWRULD IXH XQD OODPDGD 9LFWRULQH /DIRXUFDGH MRYHQ GH LOXVWUH IDPLOLD ULFD \ GRWDGD GH JUDQ EHOOH]D
SHUVRQDO (QWUH VXV QXPHURVRV SUHWHQGLHQWHV HVWDED -XOLHQ %RVVXHW XQ SREUH HVFULWRU R SHULRGLVWD GH
3DUtV6XWDOHQWR\VXVLPSDWtDJHQHUDOHVKDEtDQDWUDtGRHOLQWHUpVGHODKHUHGHUDGHODFXDOpOSDUHFtD
KDEHUHVWDGRPX\HQDPRUDGRSHURVXRUJXOORGHQDFLPLHQWRODKDEtDGHFLGLGRILQDOPHQWHDUHFKD]DUOR\D
FDVDUVH FRQ HO VHxRU 5pQHOOH XQ EDQTXHUR \ GLSORPiWLFR GH FLHUWD YDOtD 6LQ HPEDUJR GHVSXpV GHO
PDWULPRQLRHVWHFDEDOOHURODGHVFXLGy\WDOYH]KDVWDOOHJyDLQIOLJLUOHPDORVWUDWRV'HVSXpVGHSDVDU
FRQpOYDULRVDxRVOOHQRVGHVXIULPLHQWRVPXULyRDOPHQRVVXHVWDGRVHSDUHFtDWDQWRDODPXHUWHTXH
HQJDxyDWRGRVORVTXHODYLHURQ(OODQRIXHHQWHUUDGDHQXQDFULSWDVLQRHQXQDWXPEDRUGLQDULDHQHO
FHPHQWHULRGHVXSXHEORQDWDO/OHQRGHGHVHVSHUDFLyQHLQIODPDGRSRUHOUHFXHUGRGHVXSURIXQGRDPRU
HOSHULRGLVWDYLDMyGHVGHODFDSLWDODODUHPRWDSURYLQFLDGRQGHHVWDEDDTXHOSXHEORFRQHOURPiQWLFR
SURSyVLWR GH GHVHQWHUUDU HO FDGiYHU \ DGXHxDUVH GH VXV HVSOpQGLGDV WUHQ]DV /OHJy D OD WXPED $
PHGLDQRFKHGHVHQWHUUyHODWD~GORDEULy\HQHOPRPHQWRGHLUDFRUWDUOHHOFDEHOORVHGHWXYRDOYHUTXH
VH DEUtDQ ORV RMRV GH OD DPDGD (Q UHDOLGDG OD MRYHQ KDEtD VLGR HQWHUUDGD YLYD /D YLWDOLGDG QR KDEtD
GHVDSDUHFLGR SRU FRPSOHWR \ GHVSHUWy SRU ODV FDULFLDV GHO HQDPRUDGR GHO OHWDUJR TXH KDEtD VLGR
FRQIXQGLGR FRQ OD PXHUWH /D FRQGXMR FRQ JUDQ H[FLWDFLyQ D VX DORMDPLHQWR TXH WHQtD HQ HO SXHEOR \
HPSOHyFLHUWRVSRGHURVRVUHYXOVLYRVTXHOHVXJLULHURQVXVHVFDVRVFRQRFLPLHQWRVGHPHGLFLQDOXHJRHOOD
UHYLYLy\UHFRQRFLyDVXVDOYDGRU3HUPDQHFLyMXQWRDpOKDVWDTXHSRFRDSRFRIXHUHFREUDQGRODVDOXG
(O FRUD]yQ GH OD PXMHU QR HUD WDQ GXUR FRPR HO GLDPDQWH \ HVWD ~OWLPD OHFFLyQ GH DPRU EDVWy SDUD
DEODQGDUOR HQWUHJiQGRVH SRU ~OWLPR D VX ILHO %RVVXHW <D QR YROYLy D YHU PiV D VX PDULGR VLQR TXH
RFXOWDQGR VX UHVXUUHFFLyQ KX\y FRQ VX DPDQWH D $PpULFD 9HLQWH DxRV PiV WDUGH UHJUHVDURQ ORV GRV D
)UDQFLDSHUVXDGLGRVGHTXHHOWLHPSRKDEUtDFDPELDGRWDQWRHODVSHFWRGHODGDPDTXHVXVDPLJRVVHUtDQ
LQFDSDFHVGHUHFRQRFHUOD6LQHPEDUJRHVWDEDQHQXQHUURUSXHVHQHOSULPHUHQFXHQWURHOVHxRU5pQHOOH
UHFRQRFLy \ UHFODPy D VX HVSRVD (OOD VH RSXVR D VHPHMDQWH SHWLFLyQ \ XQ WULEXQDO OH GLR OD UD]yQ
112

GLFLHQGR TXH EDMR WDOHV FLUFXQVWDQFLDV \ HO ODUJR WLHPSR WUDQVFXUULGR VH KDEtD H[WLQJXLGR QR VROR SRU
HTXLGDGVLQROHJDOPHQWHODDXWRULGDGGHOHVSRVR
(O'LDULRGH&LUXJtDGH/HLS]LJXQDSXEOLFDFLyQGHJUDQDXWRULGDG\SUHVWLJLR\TXHPHUHFHUtDVHU
WUDGXFLGR\UHHGLWDGRSRUDOJ~QHGLWRUQRUWHDPHULFDQRUHJLVWUDHQXQRGHVXV~OWLPRVQ~PHURVXQVXFHVR
PX\LPSUHVLRQDQWHGHHVHPLVPRFDUiFWHU
8QRILFLDOGHDUWLOOHUtDKRPEUHGHJUDQHVWDWXUD\GHVDOXGUREXVWDIXHWLUDGRDOVXHORSRUXQFDEDOOR
GHVERFDGR\UHFLELyXQDKHULGDWDQJUDYHHQODFDEH]DTXHORGHMyUHSHQWLQDPHQWHLQVHQVLEOHHOFUiQHR
HVWDED OLJHUDPHQWH IUDFWXUDGR SHUR QR VH WHPtDQ JUDYHV FRQVHFXHQFLDV 6H OH KL]R OD WUHSDQDFLyQ FRQ
p[LWR)XHVDQJUDGR\VHSXVLHURQHQSUiFWLFDPXFKRVUHPHGLRVFRUULHQWHV*UDGXDOPHQWHVLQHPEDUJR
IXHFD\HQGRHQXQHVWDGRGHHVWXSRUFDGDYH]PiVGHVHVSHUDGR\ILQDOPHQWHVHFUH\yTXHKDEtDPXHUWR
/D HVWDFLyQ HUD FDOXURVD \ VH OH HQWHUUy FRQ XQD SULVD GHVDFRVWXPEUDGD HQ XQR GH ORV FHPHQWHULRV
S~EOLFRV6XIXQHUDOVHOOHYyDFDERXQMXHYHV(OViEDGRVLJXLHQWHORVWHUUHQRVGHOFHPHQWHULRHVWDEDQ
FRPR GH FRVWXPEUH PX\ FRQFXUULGRV \ FDVL D PHGLRGtD VH SURGXMR XQD LQWHQVD H[FLWDFLyQ SRU OD
GHFODUDFLyQGHXQKRPEUHTXHPLHQWUDVVHHQFRQWUDEDVHQWDGRVREUHODWXPEDGHORILFLDOKDEtDVHQWLGR
FRQWRGDFODULGDGXQDFRQPRFLyQHQODWLHUUDTXHSDUHFtDRFDVLRQDGDSRUDOJXLHQTXHOXFKDVHGHEDMRGH
HOOD$OSULQFLSLRVHSUHVWySRFDDWHQFLyQDODVDVHYHUDFLRQHVGHOKRPEUHSHURVXHYLGHQWHWHUURU\OD
WHQD]SHUVLVWHQFLDFRQTXHLQVLVWtDHQODKLVWRULDSURGXMRSRU~OWLPRORVQDWXUDOHVHIHFWRVVREUHHOJHQWtR
5iSLGDPHQWHVHEXVFDURQDOJXQDVSDODV\ODWXPEDTXHHUDDIRUWXQDGDPHQWHSRFRSURIXQGDIXHDELHUWD
HQSRFRVPLQXWRVKDVWDTXHDSDUHFLyODFDEH]DGHVXRFXSDQWH'HPRPHQWRSDUHFtDXQPXHUWRSHURGH
SURQWRVHLQFRUSRUyHQHODWD~GFX\DWDSDKDEtDOHYDQWDGRHQSDUWHDFDXVDGHVXVIXULRVRVHVIXHU]RV
&RQGXFLGR LQPHGLDWDPHQWH DO KRVSLWDO PiV FHUFDQR SXGR FRPSUREDUVH TXH D~Q YLYtD DXQTXH HQ
HVWDGR GH DVIL[LD $O FDER GH XQDV KRUDV UHYLYLy UHFRQRFLy D VXV DPLJRV \ FRQ IUDVHV HQWUHFRUWDGDV
KDEOyGHODVDQJXVWLDVTXHKDEtDVXIULGRHQODWXPED
'HVXUHODWRVHGHVSUHQGtDTXHGHELyKDEHUWUDQVFXUULGRXQDKRUDGHVGHTXHORHQWHUUDURQKDVWDTXH
FD\yHQODLQVHQVLELOLGDGGXUDQWHODFXDOHOSDFLHQWHVHGLRSHUIHFWDFXHQWDGHTXHD~QYLYtD/DWXPED
KDEtDVLGROOHQDGHXQPRGRGHVFXLGDGR\IORMRGHWLHUUDTXHUHVXOWyH[WUDRUGLQDULDPHQWHSRURVDGHELGR
DORFXDOOHSXGROOHJDUDOJRGHDLUH&XDQGRR\yORVSDVRVGHODJHQWHVREUHVXFDEH]DVHHVIRU]yHQ
KDFHUVH RtU 'LMR TXH IXH SUHFLVDPHQWH HO WXPXOWR GH OD JHQWH HQ ORV WHUUHQRV GHO FHPHQWHULR OR TXH
SDUHFLyGHVSHUWDUORGHXQSURIXQGRVXHxRSHURDSHQDVGHVSLHUWRFD\yFRPSOHWDPHQWHHQODFXHQWDGHOR
HVSDQWRVRGHVXVLWXDFLyQ
$TXHO SDFLHQWH VHJ~Q VH GLFH LED UHFXSHUiQGRVH \ FXDQGR SDUHFtD HQ YtDV GH FRPSOHWD
UHFXSHUDFLyQ VXFXPELy YtFWLPD GH OD FKDUODWDQHUtD GH ORV H[SHULPHQWRV PpGLFRV /H IXH DSOLFDGD XQD
EDWHUtD JDOYiQLFD \ H[SLUy UHSHQWLQDPHQWH HQ XQR GH DTXHOORV HVWiWLFRV SDUR[LVPRV TXH HQ RFDVLRQHV
SURGXFHQWDOHVH[SHULPHQWRV
$OPHQFLRQDUODEDWHUtDJDOYiQLFDYLHQHDPLPHPRULDXQIDPRVR\PX\H[WUDRUGLQDULRFDVRHQHOTXH
VXDFFLyQIDFLOLWyORVPHGLRVGHYROYHUDODYLGDDXQMRYHQDERJDGRGH/RQGUHVTXHKDFtDGRVGtDVTXH
KDEtD VLGR HQWHUUDGR (VWR RFXUULy HQ  \ SURGXMR HQ DTXHO WLHPSR XQD VHQVDFLyQ PX\ SURIXQGD
GRQGHTXLHUDTXHVHWUDWyGHOWHPD
(O SDFLHQWH HO VHxRU (GZDUG 6WDSOHWRQ KDEtD PXHUWR DSDUHQWHPHQWH GH ILHEUHV WLIRLGHDV
DFRPSDxDGDV GH DOJXQRV VtQWRPDV DQRUPDOHV TXH KDEtDQ H[FLWDGR OD FXULRVLGDG GH ORV PpGLFRV TXH OR
DWHQGtDQ 'HVSXpV GH VX DSDUHQWH PXHUWH VH SLGLy D VXV DPLJRV XQD DXWRUL]DFLyQ SDUD XQ H[DPHQ SRVW
113

PRUWHPSHUROHVIXHGHQHJDGD&RPRVXFHGHIUHFXHQWHPHQWHFXDQGRWDOHVDXWRUL]DFLRQHVQRVHFRQFHGHQ
ORV PpGLFRV GHFLGLHURQ GHVHQWHUUDU HO FXHUSR SDUD SUDFWLFDU OD GLVHFFLyQ D VX JXVWR )iFLOPHQWH VH
FHUUDURQ WUDWRV FRQ DOJXQRV GH ORV QXPHURVRV ODGURQHV GH FDGiYHUHV TXH DEXQGDQ HQ /RQGUHV \ D OD
WHUFHUD QRFKH GHVSXpV GHO IXQHUDO IXH GHVHQWHUUDGR HO VXSXHVWR FDGiYHU GH OD WXPED GH RFKR SLHV GH
DOWXUD\GHSRVLWDGRHQODFiPDUDGHRSHUDFLRQHVGHXQRGHORVKRVSLWDOHVSULYDGRV
6HKDEtDSUDFWLFDGRHQVXDEGRPHQXQDH[WHQVDLQFLVLyQFXDQGRHOIUHVFRHLQDOWHUDEOHDVSHFWRGHO
VXMHWR VXJLULy DSOLFDU OD EDWHUtD JDOYiQLFD 8Q H[SHULPHQWR VLJXLy D RWUR \ ORV HIHFWRV DFRVWXPEUDGRV
VREUHYLQLHURQVLQRFXUULUQDGDGHSDUWLFXODUEDMRQLQJ~QDVSHFWRH[FHSWRHQXQDRGRVRFDVLRQHVTXHVH
SUHVHQWyXQJUDGRKDUWRIUHFXHQWHGHDSDULHQFLDGHYLGDHQODDFFLyQFRQYXOVLYD
6HKDFtDWDUGH(VWDEDDSXQWRGHDPDQHFHU\VHFUH\yFRQYHQLHQWHDOILQSDVDULQPHGLDWDPHQWHDOD
GLVHFFLyQ8QHVWXGLDQWHVLQHPEDUJRVHPRVWUyHVSHFLDOPHQWHGHVHRVRGHSUREDUXQDWHRUtDSURSLDH
LQVLVWLy HQ DSOLFDU XQD EDWHUtD D XQR GH ORV P~VFXORV SHFWRUDOHV 6H SUDFWLFy XQD JUDQ LQFLVLyQ \
UiSLGDPHQWH VH SXVR HQ FRQWDFWR FRQ XQ DODPEUH (QWRQFHV HO SDFLHQWH FRQ XQ UiSLGR \ FRQYXOVLYR
PRYLPLHQWRVHOHYDQWyGHODPHVDDQGXYRDOJXQRVSDVRVSRUPHGLRGHODKDELWDFLyQ\PLUyHQGHUUHGRU
GXUDQWH XQRV VHJXQGRV /XHJR KDEOy /R TXH GLMR UHVXOWy LQLQWHOLJLEOH SHUR SURQXQFLy SDODEUDV ODV
VtODEDVHUDQFODUDV8QDYH]TXHKXERKDEODGRFD\ySHVDGDPHQWHHQHOVXHOR
'XUDQWHDOJXQRVPRPHQWRVWRGRVTXHGDURQSDUDOL]DGRVGHWHUURUSHURODXUJHQFLDGHOFDVRSURQWROHV
GHYROYLy VX SUHVHQFLD GH iQLPR 6H FRPSUREy TXH HO VHxRU 6WDSOHWRQ HVWDED YLYR DXQTXH VH KDOODED
GHVPD\DGR$ODSOLFDUOHHOpWHUUHYLYLyUHFXSHUDQGRUiSLGDPHQWHODVDOXG\DODVRFLHGDGGHVXVDPLJRV
VHOHVRFXOWyODUHVXUUHFFLyQKDVWDTXHTXHGyGHVFDUWDGRHOWHPRUGHXQDUHFDtGD6HSXHGHVXSRQHUVX
DVRPEURVXDUUHEDWDGDVRUSUHVDDOFRQRFHUOR
/DSHFXOLDULGDGPiVLPSRUWDQWHGHHVWHVXFHVRQRREVWDQWHUDGLFDHQODVGHFODUDFLRQHVKHFKDVSRUHO
PLVPR VHxRU 6WDSOHWRQ 'HFODUy TXH HQ QLQJ~Q PRPHQWR HVWXYR FRPSOHWDPHQWH LQVHQVLEOH \ TXH GH XQ
PRGRHPERWDGR\FRQIXVRVHGLRFXHQWDGHWRGRORTXHOHVXFHGtDGHVGHHOPRPHQWRTXHVHSURQXQFLDOD
SDODEUD PXHUWH SRU ORV PpGLFRV KDVWD TXH FD\y GHVPD\DGR VREUH HO VXHOR GHO KRVSLWDO (VWR\ YLYR
HUDQODVLQFRPSUHQVLEOHVSDODEUDVTXHKDEtDLQWHQWDGRSURQXQFLDUDOUHFRQRFHUODVDODGHRSHUDFLRQHV
6HUtDXQDFRVDIiFLOPXOWLSOLFDUKLVWRULDVFRPRHVWDVSHURPHDEVWHQJRGHKDFHUORSXHVHQUHDOLGDG
QRWHQHPRVQHFHVLGDGGHDTXHOODVSDUDHVWDEOHFHUTXHUHDOPHQWHVXFHGHQORVHQWHUUDPLHQWRVSUHPDWXURV
&XDQGRUHIOH[LRQDPRVTXHSRUODPLVPDQDWXUDOH]DGHOFDVRQRVRWURVPX\UDUDPHQWHWHQHPRVDQXHVWUR
DOFDQFHORVPHGLRVSDUDGHVFXEULUORVGHEHPRVDGPLWLUTXHSXHGHTXHRFXUUDQFRQIUHFXHQFLDVLQQXHVWUR
FRQRFLPLHQWR (Q UHDOLGDG DSHQDV H[LVWHQ FHPHQWHULRV TXH SRU FXDOTXLHU SURSyVLWR QR VH WUDVODGHQ ORV
UHVWRV\VHKDOOHQORVHVTXHOHWRVHQSRVWXUDVTXHVXJLHUHQODVPiVWHUULEOHVGHODVVRVSHFKDV
7HUULEOHHQUHDOLGDGODVRVSHFKDSHURPiVWHUULEOHD~QHVDVHQWHQFLD6HSXHGHDxDGLUVLQYDFLODFLyQ
TXH QLQJ~Q DFRQWHFLPLHQWR UHVXOWD WDQ WHUULEOHPHQWH ELHQ DGDSWDGR SDUD LQVSLUDU OD VXSUHPD DQJXVWLD
ItVLFD\PHQWDOFRPRHOGHXQHQWHUUDPLHQWRHQYLGD/DLUUHVLVWLEOHRSUHVLyQGHORVSXOPRQHVHOYDKR
DVIL[LDQWH GH OD WLHUUD K~PHGD ODV UtJLGDV SUHQGDV GH OD PXHUWH OD RVFXULGDG GH OD QRFKH OD LQYLVLEOH
SHURLQGXGDEOHSUHVHQFLDGHOJXVDQRYHQFHGRUWRGDVHVWDVFRVDVXQLGDVDOSHQVDPLHQWRGHODLUHH[WHULRU
\GHODKLHUEDTXHFUHFHHQFLPDDOUHFXHUGRGHORVDPLJRVTXHFRUUHUtDQDVDOYDUQRVVLVXSLHUDQQXHVWUR
GHVWLQRSHURTXHQXQFDOOHJDUiQDVDEHUOR\DODLGHDGHTXHHOSDSHOSRUGHFLUORDVtTXHQRVKDVLGR
DVLJQDGRHVHOGHGHILQLWLYDPHQWHPXHUWRWRGDVHVWDVUHIOH[LRQHVHQILQOOHYDQDOFRUD]yQTXHWRGDYtD
ODWHDXQJUDGRWDQHVSDQWRVR\WDQLQWROHUDEOHGHKRUURUTXHKDFHUHWURFHGHUDODPiVRVDGDLPDJLQDFLyQ
114

1R FRQRFHPRV QDGD WDQ DQJXVWLRVR VREUH OD WLHUUD QR SRGHPRV LPDJLQDU DOJR WDQ HVSDQWRVR HQ ORV
FRQILQHVGHORVLQILHUQRV\FRPRFRQVHFXHQFLDWRGRVORVUHODWRVDFHUFDGHHVWHWHPDSRVHHQXQLQWHUpV
SURIXQGRLQWHUpVQRREVWDQWHTXHSRUHOFDUiFWHUGHOVDJUDGRWHUURUTXHLQIXQGHHOWHPDPLVPRGHSHQGH
GHQXHVWUDSURSLDFRQYLFFLyQDFHUFDGHODYHUDFLGDGGHODQDUUDFLyQ/RTXHYR\DH[SRQHUDKRUDVHEDVD
HQPLSURSLRFRQRFLPLHQWR\HQPLH[SHULHQFLDSRVLWLYD\SHUVRQDO
+DFHPXFKRVDxRVTXHVXIURDWDTXHVGHHVDVLQJXODUGROHQFLDTXHORVPpGLFRVFRLQFLGHQHQOODPDU
FDWDOHSVLD D IDOWD GH RWUR QRPEUH PiV GHILQLWLYR $XQTXH WDQWR ODV FDXVDV LQPHGLDWDV FRPR ODV
GHWHUPLQDQWHV H LQFOXVR HO DFWXDO GLDJQyVWLFR GH OD HQIHUPHGDG VHDQ WRGDYtD PLVWHULRVDV VX FODUR \
DSDUHQWHFDUiFWHUHVVXILFLHQWHPHQWHELHQFRQRFLGR6XVYDULDFLRQHVSDUHFHQVHUSULQFLSDOPHQWHGHJUDGR
$YHFHVHOSDFLHQWHFDHGXUDQWHXQGtDRLQFOXVRGXUDQWHXQEUHYHSHUtRGRGHWLHPSRHQXQDHVSHFLHGH
H[DJHUDGROHWDUJR(VWiVLQVHQWLGR\H[WHUQDPHQWHLQPyYLOSHURODSXOVDFLyQGHVXFRUD]yQHVWRGDYtD
GpELOPHQWHSHUFHSWLEOHTXHGDQDOJXQDVKXHOODVGHFDORUVHPDQWLHQHXQOLJHURFRORUHQODVPHMLOODV\DO
DSOLFDU XQ HVSHMR HQ ORV ODELRV SRGHPRV GHVFXEULU XQD DFFLyQ WRUSH GHVLJXDO \ YDFLODQWH GH ORV
SXOPRQHV +D\ YHFHV HQ ODV TXH OD GXUDFLyQ GHO WUDQFH VH SURORQJD GXUDQWH VHPDQDV LQFOXVR PHVHV
PLHQWUDV ORV PiV PLQXFLRVRV H[iPHQHV \ ODV SUXHEDV PpGLFDV PiV ULJXURVDV QR GHMDQ GH HVWDEOHFHU
QLQJXQDGLVWLQFLyQPDWHULDOHQWUHHOHVWDGRGHOHQIHUPR\ORTXHFRQVLGHUDPRVFRPRPXHUWHDEVROXWD&RQ
PXFKDIUHFXHQFLDVHVDOYDGHHVWHHQWHUUDPLHQWRSRUTXHVXVDPLJRVVDEHQTXHKDVXIULGRFRQDQWHULRULGDG
DWDTXHVGHFDWDOHSVLD\SRUFRQVLJXLHQWHVHVXVFLWDQVRVSHFKDV\SRUHQFLPDGHWRGRSRUODDXVHQFLDGH
GHVFRPSRVLFLyQ /RV SURJUHVRV GH OD HQIHUPHGDG VRQ DIRUWXQDGDPHQWH JUDGXDOHV /DV SULPHUDV
PDQLIHVWDFLRQHV DXQTXH PDUFDGDV VRQ LQHTXtYRFDV /RV DWDTXHV YDQ KDFLpQGRVH VXFHVLYDPHQWH PiV \
PiV FODURV SURORQJiQGRVH FDGD YH] PiV (Q HVWR UHVLGH SULQFLSDOPHQWH OD SULQFLSDO VHJXULGDG GH
VDOYDUVHGHODLQKXPDFLyQ(OGHVJUDFLDGRFX\RSULPHUHLPSUHYLVWRDWDTXHVHD\DGHJUDQLQWHQVLGDG\
GXUDFLyQFRPRDYHFHVVXFHGHFRUUHHOSHOLJURLQHYLWDEOHGHVHUOOHYDGRYLYRDODWXPED
0L SURSLR FDVR QR VH GLIHUHQFLD HQ QLQJ~Q GHWDOOH LPSRUWDQWH GH ORV FDVRV FLWDGRV HQ ORV OLEURV GH
PHGLFLQD $ YHFHV VLQ FDXVD DSDUHQWH \R PH KXQGtD SRFR D SRFR HQ XQ HVWDGR GH VHPLVtQFRSH R GH
PHGLR GHVIDOOHFLPLHQWR \ GH HVH PRGR SHUPDQHFtD VLQ GRORU VLQ SRGHU PRYHUPH R KDEODQGR
H[WULFWDPHQWH VLQ SHQVDU SHUR VXPLGR HQ XQD FRQFLHQFLD HPERWDGD \ OHWiUJLFD GH OD YLGD \ GH OD
SUHVHQFLD GH DTXHOORV TXH PH URGHDEDQ HQ HO OHFKR KDVWD TXH SDVDGD OD FULVLV GH OD HQIHUPHGDG PH
UHFXSHUDED GH SURQWR D PL HVWDGR QRUPDO (Q RWUDV RFDVLRQHV OD HQIHUPHGDG PH DWDFDED UiSLGD H
LPSHWXRVDPHQWH(QWRQFHV\RPHVHQWtDPDUHDGRHQWXPHFLGR\DWXUGLGR\FDtDSRVWUDGRLQPHGLDWDPHQWH
/XHJRGXUDQWHVHPDQDVWRGRHUDYDFtRWLQLHEODV\VLOHQFLR\ODQDGDOOHJyDVHUPLXQLYHUVR1RSRGUtD
H[LVWLUXQDDQLTXLODFLyQPiVWRWDO'HDTXHOORV~OWLPRVDWDTXHV\RGHVSHUWDEDVLQHPEDUJRSRFRDSRFR
HQSURSRUFLyQFRQORUHSHQWLQRGHODWDTXH5HJUHVDEDDPtODOX]GHPLSURSLRHVStULWXFRPRGHVSXQWDHO
GtD SDUD HO PHQGLJR VLQ DPLJRV \ KRJDU TXH YDJD SRU ODV FDOOHV HQ XQD GHVRODGD \ ODUJD QRFKH GH
LQYLHUQRFRQODPLVPDOHQWLWXG\FRQODPLVPDIDWLJDSHURDODYH]FRQODPLVPDDOHJUtDWDPELpQ
'HMDQGR D XQ ODGR HVWD WHQGHQFLD D OD FDWDOHSVLD PL VDOXG JHQHUDO SDUHFtD VHU EXHQD QR SRGtD \R
VRVSHFKDUTXHHVWDEDDIHFWDGRSRUXQDHQIHUPHGDGSUHGRPLQDQWHDQRVHUTXHSXGLHUDFRQVLGHUDUVHFRPR
PRUERVDXQDHVSHFLDOFDUDFWHUtVWLFDTXHVHGDEDHQPLVXHxRRUGLQDULR(QHIHFWRDOGHVSHUWDUGHOVXHxR
\RQXQFDSRGtDUHFXSHUDUHQVHJXLGDPLVVHQWLGRV\VLHPSUHSHUPDQHFtDGXUDQWHDOJXQRVPLQXWRVVXPLGR
HQXQJUDQDWXUGLPLHQWR\SHUSOHMLGDGFRQODVIDFXOWDGHVPHQWDOHV\HQHVSHFLDOODPHPRULDVXPLGDVHQ
XQDLQDFWLYLGDGDEVROXWD
115

(QWRGRDTXHOORTXHVRSRUWDEDQRKDEtDVXIULPLHQWRItVLFRVLQR~QLFDPHQWHXQDSHQDPRUDOLQILQLWD
0LLPDJLQDFLyQWHQGLyDORI~QHEUH<RKDEODEDGHJXVDQRVGHWXPEDVGHHSLWDILRV0HSHUGtDHQVXHxRV
GHPXHUWH\ODLGHDGHHQWHUUDPLHQWRSUHPDWXURQRVHDSDUWDEDGHPLPHQWH(OIDQWDVPDOSHOLJURDOTXH
PHKDOODEDH[SXHVWRPHDFRVDEDGtD\QRFKH(QHOSULPHURODWRUWXUDGHODPHGLWDFLyQHUDH[FHVLYDHQ
DTXHOODVXSUHPD&XDQGRODFHxXGDRVFXULGDGVHH[WHQGtDVREUHODWLHUUDHQWRQFHVFRQHOPLVPRKRUURU
GH PLV SHQVDPLHQWRV \R WHPEODED WHPEODED FRPR ODV SOXPDV GH XQD FDUUR]D I~QHEUH &XDQGR OD
QDWXUDOH]DQRSRGtDVRSRUWDUHVWDUGHVSLHUWDSRUPiVWLHPSRFRQVHQWtD\RDUHJDxDGLHQWHVHQGRUPLUSXHV
PH HVWUHPHFtD DO SHQVDU TXH DO GHVSHUWDUPH SRGUtD YHUPH FRQYHUWLGR HQ HO RFXSDQWH GH XQD WXPED <
FXDQGR ILQDOPHQWH PH DEDQGRQDED DO VXHxR GH SURQWR TXHGDED SUHFLSLWDGR HQ XQ PXQGR GH IDQWDVPDV
VREUHHOFXDOFRQDQFKDVHQOXWDGDV\WHQHEURVDVDODVVHFHUQtDSUHGRPLQDQWHODLGHD~QLFD\VHSXOFUDO
'H ODV LQQXPHUDEOHV LPiJHQHV VRPEUtDV TXH PH RSULPtDQ HQ VXHxRV HVFRJHUp SDUD UHODWDUOD XQD
LPSUHVLyQDLVODGD&UHtDYHUPHVXPLGRHQXQWUDQFHFDWDOpSWLFRGHPD\RUGXUDFLyQ\SURIXQGLGDGTXHGH
FRVWXPEUH 'H SURQWR XQD PDQR KHODGD VH DSR\y VREUH PL IUHQWH \ XQD YR] LPSDFLHQWH PXUPXUy D PL
RtGR/HYiQWDWH
0HLQFRUSRUp/DRVFXULGDGHUDWRWDO<RQRSRGtDYHUODILJXUDTXHPHKDEtDRUGHQDGROHYDQWDUPH
1RSRGtDUHFRUGDUHOPRPHQWRHQTXH\RKDEtDFDtGRHQWUDQFHQLHOVLWLRGRQGHPHKDOODEDHQWRQFHV
0LHQWUDVSHUPDQHFtDLQPyYLOWUDWDQGRGHFRRUGLQDUPLVLGHDVODPDQRKHODGDPHDVLyFRQILHUH]DGHOD
PXxHFDVDFXGLpQGRODPDOKXPRUDGDPHQWHDOWLHPSRTXHODYR]HQWUHFRUWDGDVXVXUUDEDHQPLRtGR
/HYiQWDWH1RWHKHGLFKRTXHWHOHYDQWHV"
<TXLpQHUHVW~"OHSUHJXQWp
1RWHQJRQRPEUHHQODVUHJLRQHVTXHKDELWRUHSOLFyODYR]O~JXEUH)XLPRUWDOSHURDKRUDVR\
XQ GHPRQLR )XL GHVSLDGDGR SHUR DKRUD VR\ FRPSDVLYR 7LHQHV TXH VHQWLU FyPR WLHPEOR 0LV GLHQWHV
FDVWDxHWHDQ FXDQGR KDEOR \ QR HV SRU HO IUtR GH OD QRFKH GH OD QRFKH VLQ ILQ 3HUR HVWH KRUURU HV
LQVRSRUWDEOH FyPR SXHGHV W~ GRUPLU WUDQTXLODPHQWH" $ Pt QR PH GHMD GHVFDQVDU HO JULWR GH HVDV
JUDQGHVDJRQtDV(VWDVYLVLRQHVVRQPiVGHORTXH\RSXHGRVRSRUWDU/HYiQWDWH9HQFRQPLJRDODQRFKH
H[WHULRU\GpMDPHDEULUSDUDWLODVWXPEDV1RHVHVWHXQHVSHFWiFXORODVWLPRVR"&RQWHPSOD
0LUp\ODILJXUDLQYLVLEOHTXHWRGDYtDPHOOHYDEDGHODPXxHFDDEUtDSDUDPtWRGDVODVWXPEDVGHOD
KXPDQLGDG'HFDGDXQDGHHOODVVXUJtDODGpELOUDGLDFLyQIRVIyULFDGHODGHVFRPSRVLFLyQ'HPRGRTXH
\RSRGtDYHUORVULQFRQHVPiVUHFyQGLWRV\ORVFXHUSRVDPRUWDMDGRVHQVXVWULVWHV\VROHPQHVVXHxRVFRQ
ORV JXVDQRV 3HUR D\ ORV YHUGDGHURV GXUPLHQWHV HUDQ SRFRV \ PXFKRV PLOORQHV DTXHOORV TXH QR
GRUPtDQHQDEVROXWR6HSHUFLEtDXQDGpELOOXFKD\XQWULVWHGHVDVRVLHJRJHQHUDO\GHVGHHOIRQGRGHODV
LQQXPHUDEOHVIRVDVOOHJDEDHOPHODQFyOLFRFUXMLGRGHORVVXGDULRV<HQWUHDTXHOORVTXHSDUHFtDQUHSRVDU
WUDQTXLODPHQWHYLXQJUDQQ~PHURTXHKDEtDFDPELDGRHQXQJUDGRPD\RURPHQRUODUtJLGDHLQFyPRGD
SRVWXUD TXH KDEtDQ DGRSWDGR HQ XQ SULQFLSLR DO VHU HQWHUUDGRV (QWRQFHV OD YR] PH GLMR GH QXHYR
PLHQWUDV\RORVFRQWHPSODED
1RHVHVWHXQHVSHFWiFXORODVWLPRVR"
3HUR DQWHV GH TXH \R SXGLHUD HQFRQWUDU SDODEUDV SDUD UHVSRQGHU OD ILJXUD PH KDEtD VROWDGR OD
PXxHFD ODV OXFHV IRVIyULFDV VH KDEtDQ HVIXPDGR \ ODV WXPEDV VH KDEtDQ FHUUDGR FRQ XQD UHSHQWLQD
YLROHQFLDPLHQWUDVGHHOODVVHHOHYDEDXQWXPXOWRGHGHVHVSHUDGDVYRFHVTXHJULWDEDQUHSLWLHQGR1R
HVHVWH'LRVPtRQRHVHVWHXQHVSHFWiFXORODVWLPRVR"
)DQWDVtDV WDOHV FRPR DTXHOODV VH PH DSDUHFtDQ SRU OD QRFKH H[WHQGLHQGR VX DWHUUDGRUD LQIOXHQFLD
116

KDVWD PLV KRUDV GH YLJLOLD 0LV QHUYLRV HVWDEDQ FRPSOHWDPHQWH GHELOLWDGRV \ HUD SUHVD GH XQ SHUSHWXR
HVSDQWR'XGDEDDQWHVGHPRQWDUDFDEDOORFDPLQDURKDFHUFXDOTXLHUFRVDTXHSXGLHUDDOHMDUPHGHPL
FDVD (Q UHDOLGDG QR PH DWUHYtD D DOHMDUPH GH OD FRPSDxtD GH DTXHOORV TXH HVWDEDQ HQWHUDGRV GH PL
SURSHQVLyQDODFDWDOHSVLDQRIXHUDDVHUTXHFD\HUDHQXQRGHPLVKDELWXDOHVDWDTXHV\VHPHHQWHUUDUD
YLYR DQWHV GH TXH DYHULJXDVHQ PL YHUGDGHUR HVWDGR 'XGDED GH ODV DWHQFLRQHV GH OD ILGHOLGDG GH PLV
DPLJRV PiV TXHULGRV 7HPtD TXH GXUDQWH XQ DWDTXH GH XQD GXUDFLyQ VXSHULRU D OD DFRVWXPEUDGD HOORV
SXGLHUDQ OLEUDUVH GH Pt FRQVLGHUiQGRPH LUUHFXSHUDEOH 7RGDYtD OOHJXp KDVWD WHPHU TXH FRPR \R
RFDVLRQDED PXFKDV PROHVWLDV SXGLHUDQ GDUVH SRU FRQWHQWRV FRQVLGHUDQGR FXDOTXLHU SURORQJDGR DWDTXH
FRPRVXILFLHQWHGLVFXOSDSDUDGHVHPEDUD]DUVHGHPt)XHHQYDQRTXHVHHVIRU]DVHQHQFRQYHQFHUPHGH
ORFRQWUDULRFRQODVPiVVROHPQHVSURPHVDV/HVH[LJtORVPiVVDJUDGRVMXUDPHQWRVGHTXHEDMRQLQJXQD
FLUFXQVWDQFLD PH HQWHUUDUtDQ KDVWD TXH OD GHVFRPSRVLFLyQ HVWXYLHUD PDWHULDOPHQWH WDQ DYDQ]DGD TXH
KLFLHVHLPSRVLEOHWRGDUHFXSHUDFLyQXOWHULRU<DXQDVtPLVWHUURUHVPRUWDOHVQRVHSUHVWDEDQDHVFXFKDU
UD]RQHVQLDDFHSWDUHOPHQRUFRQVXHOR$GTXLUtXQDVHULHGHFXLGDGRVDVSUHFDXFLRQHV(QWUHRWUDVFRVDV
UHFRQVWUXtHOSDQWHyQGHODIDPLOLDGHWDOPRGRTXHSXGLHUDVHUDELHUWRFRQIDFLOLGDGGHVGHHOLQWHULRU/D
PiVOLJHUDSUHVLyQVREUHXQDODUJDEDUUDTXHVHH[WHQGtDKDVWDGHQWURGHODWXPEDDEULUtDODVSXHUWDVGH
KLHUUR 6H KLFLHURQ RWURV DUUHJORV SDUD SHUPLWLU TXH HO DLUH \ OD OX] SHQHWUDVHQ HQ HO LQWHULRU \
FRQYHQLHQWHVUHFHSWiFXORVGHDJXD\FRPLGDDODOFDQFHLQPHGLDWRGHOIpUHWURSUHSDUDGRSDUDUHFLELUPH
(VWH DWD~G HVWDED DEULJDGR \ DOPRKDGLOODGR \ SURYLVWR GH XQD WDSD FRQVWUXLGD VHJ~Q HO VLVWHPD GH OD
SXHUWD GH OD FULSWD FRQ OD DGLFLyQ GH UHVRUWHV TXH FRQWULEXtDQ D TXH HO PHQRU PRYLPLHQWR GHO FXHUSR
IXHUD VXILFLHQWH SDUD SRQHUPH HQ OLEHUWDG $GHPiV GH WRGR HVWR KLFH FROJDU GHO WHFKR GH OD WXPED XQD
JUDQFDPSDQDFX\DFXHUGDVHUtDLQWURGXFLGDDWUDYpVGHXQDJXMHURSRUHOIpUHWUR\VXMHWDDXQDGHODV
PDQRV GHO FDGiYHU 3HUR D\ GH TXp SXHGHQ VHUYLU WRGDV ODV SUHFDXFLRQHV GHO KRPEUH FRQWUD VX
GHVWLQR"1LVLTXLHUDHVWDVVHJXULGDGHVWDQLQJHQLRVDPHQWHSHQVDGDVEDVWDUtDQSDUDVDOYDUGHODVVXSUHPDV
DQJXVWLDVGHXQHQWLHUURHQYLGDDOGHVJUDFLDGRFRQGHQDGRIDWDOPHQWHDVXIULUOR
6H SUHVHQWy XQD RFDVLyQ FRPR WDQWDV RWUDV VH KDEtDQ SUHVHQWDGR DQWHULRUPHQWH FRQ TXH PH
HQFRQWUpDPtPLVPRVDOLHQGRGHXQDLQFRQVFLHQFLDDEVROXWDFRQXQVHQWLPLHQWRGpELOHLQGHILQLGRGHPL
SURSLD H[LVWHQFLD /HQWDPHQWH D SDVR GH WRUWXJD VH DFHUFDED HO DOED JULV GHO GtD SVtTXLFR 8Q YDJR
PDOHVWDU8QVXIULPLHQWRDSiWLFRGHHPERWDGRGRORU1LQJ~QFXLGDGRQLQJXQDHVSHUDQ]DQLQJ~QHVIXHU]R
/XHJRGHVSXpVGHXQODUJRLQWHUYDORXQ]XPELGRHQORVRtGRVPiVWDUGHGHVSXpVGHXQDSDXVDWRGDYtD
PiV ODUJD XQD VHQVDFLyQ GH FRVTXLOOHR R GH KRUPLJXHR HQ ODV H[WUHPLGDGHV GHVSXpV XQ SHUtRGR TXH
SDUHFtD HWHUQR GH JR]RVD TXLHWXG GXUDQWH HO FXDO HO SHQVDPLHQWR GH GHVSHUWDUPH HVWDED OXFKDQGR SRU
DEULUVH FDPLQR SRVWHULRUPHQWH XQ EUHYH KXQGLPLHQWR HQ OD QDGD D FRQWLQXDFLyQ XQ UHSHQWLQR
UHFREUDPLHQWR)LQDOPHQWHXQOLJHURWHPEORUHQORVSiUSDGRVHLQPHGLDWDPHQWHXQDVDFXGLGDHOpFWULFD
GHWHUURUPRUWDOHLQGHILQLGDTXHHQYtDODVDQJUHDWRUUHQWHVGHVGHODVVLHQHVKDVWDHOFRUD]yQ<HQWRQFHV
HOSULPHUHVIXHU]RSRVLWLYRGHSHQVDU(OSULPHUHVIXHU]RGHUHFRUGDU/XHJRXQp[LWRSDUFLDO\SDVDMHUR
< KH DTXt TXH OD FRQFLHQFLD DFDED GH UHFREUDU VX GRPLQLR SDUD TXH KDVWD FLHUWR SXQWR WHQJD \R
FRQRFLPLHQWR GH PL HVWDGR 6LHQWR TXH QR PH GHVSLHUWR GH XQ VXHxR FRPHQWp 5HFXHUGR TXH KH VLGR
VXMHWRGHODFDWDOHSVLD\DKRUDDOILQPLHVWUHPHFLGRHVStULWXHVWiDQRQDGDGRFRPRVLHVWXYLHUDEDMROD
DFRPHWLGDGHXQRFpDQRGHDOJ~QKRUULEOHSHOLJURGHDOJXQDLGHDHVSHFWUDO\REVHVLRQDQWH
'XUDQWH DOJXQRV PLQXWRV GHVSXpV GH DTXHO SHQVDPLHQWR SHUPDQHFt VLQ PRYLPLHQWR 3RU TXp" 1R
SRGtDUHXQLUODIXHU]DVXILFLHQWHSDUDPRYHUPH1RPHDWUHYtDDKDFHUHOHVIXHU]RTXHPHOLEUDUtDGHPL
117

VXHUWH\VLQHPEDUJRKDEtDDOJRHQPLFRUD]yQVXVXUUiQGRPHTXHDTXHOORHUDVHJXUR/DGHVHVSHUDFLyQ
FRPR QLQJXQD RWUD HVSHFLH GH GHVGLFKD UHFLELy WDO QRPEUH DQWHV OD GHVHVSHUDFLyQ VROR PH LPSHOLy
GHVSXpV GH ODUJR WLHPSR GH YDFLODFLyQ D OHYDQWDU ORV SHVDGRV SiUSDGRV GH PLV RMRV /RV OHYDQWp /D
RVFXULGDG HUD WRWDO 6DEtD TXH HO DWDTXH KDEtD SDVDGR 1RWDED TXH OD FULVLV GH PL HQIHUPHGDG KDEtD
SDVDGRKDFtDPXFKRWLHPSR(QWRQFHVVHQWtTXHKDEtDUHFREUDGRFRPSOHWDPHQWHHOXVRGHPLVIDFXOWDGHV
YLVXDOHVSHURVLQHPEDUJRHVWDEDRVFXURQHJURSRUFRPSOHWRFRQODLQWHQVD\FRPSOHWDRVFXULGDGVLQ
DOLYLRGHODQRFKHTXHQRDFDEDMDPiV
,QWHQWpFKLOODUPLVODELRV\PLOHQJXDKLQFKDGDVHPRYLHURQDOPLVPRWLHPSRFRQYXOVLYDPHQWHSHUR
QLQJXQDYR]VXUJLyGHORVFDYHUQRVRVSXOPRQHVTXHRSULPLpQGRPHFRPRVLHVWXYLHUDEDMRHOSHVRGHXQD
PRQWDxDMDGHDEDQ\SDOSLWDEDQFRQHOFRUD]yQDFDGDIRU]DGD\FRPSOLFDGDLQVSLUDFLyQUHVSLUDWRULD
$OLQWHQWDUPRYHUODVPDQGtEXODVSDUDJULWDUFRPSUREpTXHHVWDEDQDWDGDVFRPRVHVXHOHKDFHUFRQ
ORV PXHUWRV 7DPELpQ VHQWt TXH GHVFDQVDED VREUH XQ PDWHULDO GXUR TXH SDUHFtD LGpQWLFR DO TXH PH
FRPSULPtDLJXDOPHQWHSRUORVFRVWDGRV+DVWDHQWRQFHVQRPHKDEtDDYHQWXUDGRDDJLWDUPLVPLHPEURV
SHUR DKRUD OHYDQWp YLROHQWDPHQWH ORV EUD]RV TXH KDEtDQ VLGR FRORFDGRV FRQ ODV PXxHFDV FUX]DGDV
*ROSHDURQHVWDVFRQWUDXQDVyOLGDPDGHUDTXHVHH[WHQGtDVREUHPLSHUVRQDDXQDDOWXUDGHQRPiVGH
VHLVSXOJDGDVGHPLFDUD<DQRSRGtDGXGDUTXHUHSRVDEDHQFHUUDGRHQHODWD~G
<HQWRQFHVHQPHGLRGHWRGDVPLVLQILQLWDVPLVHULDVPHOOHJyVXDYHPHQWHHOiQJHOGHODHVSHUDQ]D
SXHVUHFRUGpPLVSUHFDXFLRQHV0HUHWRUFtHKLFHHVIXHU]RVHVSDVPyGLFRVSDUDLQWHQWDUDEULUODWDSDQR
SRGtDPRYHUPH3DOSpFRQPLVPXxHFDVLQWHQWDQGRKDOODUODFXHUGDSHURQRODHQFRQWUp<HQWRQFHVOD
HVSHUDQ]D KX\y SDUD VLHPSUH \ DXQ XQD VHYHUD GHVHVSHUDFLyQ WULXQIy DPDUJDPHQWH SXHV QR SRGtD
H[SOLFDUPHODDXVHQFLDGHODFROFKDGRTXHKDEtDVLGRWDQFXLGDGRVDPHQWHSUHSDUDGR\WDPELpQHQWRQFHV
OOHJyGHSURQWRKDVWDPtHOIXHUWH\SHFXOLDURORUGHWLHUUDK~PHGD/DFRQFOXVLyQHUDLQHYLWDEOH1R PH
KDOODED GHQWUR GHO SDQWHyQ <R KDEtD FDtGR HQ WUDQFH KDOOiQGRPH DXVHQWH GH PL FDVD WDO YH] HQWUH
H[WUDxRVFXiQGRRFyPRQRSRGtDUHFRUGDUOR\DHVRVHGHEtDTXHHOORVPHKXELHUDQHQWHUUDGRFRPR
D XQ SHUUR HQFHUUDGR HQ DOJ~Q DWD~G YXOJDU \ DUURMDGR SURIXQGDPHQWH SDUD VLHPSUH HQ XQD WXPED
RUGLQDULD\VLQQRPEUH
&XDQGR HVWD WHUULEOH FRQYLFFLyQ VH DGXHxy GH PL HVStULWX SHQHWUDQGR KDVWD VXV PiV UHFyQGLWDV
SURIXQGLGDGHV HQVHJXLGD PH HVIRUFp SRU JULWDU FRPR KDEtD KHFKR DQWHV (VWD VHJXQGD YH] OR ORJUp
(QWRQFHVXQJULWRDJXGRODUJRVDOYDMH\FRQWLQXDGRRXQJULWRGHDJRQtDUHWXPEySRUORVUHLQRVGHOD
QRFKHVXEWHUUiQHD
+HORKHORDTXtGLMRHQUHVSXHVWDXQDYR]URQFD
4XpGLDEORVSDVDDKRUD"FRQWHVWyXQVHJXQGR
6DOHVRTXp"GLMRXQWHUFHUR
4XpVLJQLILFDHVHPRGRGHJULWDUFRPRVLIXHUDXQJDWRPRQWHV"GLMRXQFXDUWR
< HQ HVH PRPHQWR IXL DJDUUDGR \ DJLWDGR VLQ OD PHQRU FHUHPRQLD GXUDQWH YDULRV PLQXWRV SRU XQ
JUXSR GH LQGLYLGXRV GH DSDULHQFLD PiV ELHQ UXGD (OORV QR PH VDFDURQ GH PL VXHxR SXHV \D PH
HQFRQWUDEDEDVWDQWHGHVSLHUWRFXDQGRJULWpHOORVPHGHYROYLHURQODFRPSOHWDSRVHVLyQGHPLPHPRULD
(VWD DYHQWXUD PH VXFHGLy FHUFD GH 5LFKPRQG HQ 9LUJLQLD $FRPSDxDGR GH XQ DPLJR HQ XQD
H[FXUVLyQGHFD]DKDEtDUHFRUULGRXQDVFXDQWDVPLOODVDOVXUGHODVPiUJHQHVGHOUtR-DPHV/DQRFKHVH
DFHUFDED \ IXLPRV VRUSUHQGLGRV SRU XQD WRUPHQWD /D FDELQD GH XQD SHTXHxD EDODQGUD TXH TXHGDED
DQFODGD VREUH OD FRUULHQWH \ FXELHUWD FRQ PDQWLOOR QRV RIUHFtD HO ~QLFR FRELMR ~WLO 6DFDPRV HO PHMRU
118

SDUWLGRSRVLEOH\SDVDPRVODQRFKHDERUGR'RUPtHQXQDGHODVGRVOLWHUDVGHODHPEDUFDFLyQFDVL
UHVXOWDLQQHFHVDULRGHVFULELUFyPRHVXQDEDODQGUDGHVHVHQWDRVHWHQWDWRQHODGDV/DTXH\RRFXSDED
QRWHQtDOHFKRGHQLQJXQDFODVH6XDQFKXUDPD\RUPHGtDGLHFLRFKRSXOJDGDV/DGLVWDQFLDGHVXIRQGR
KDVWDHOWHFKRHUDSUHFLVDPHQWHODPLVPD(QFRQWUpTXHHUDH[FHVLYDPHQWHGLItFLODFRPRGDUPHDHOOD1R
REVWDQWH\RGRUPtSURIXQGDPHQWH\WRGRORGHPLYLVLyQSXHVQRVRxpQLVXIUtQLQJXQDSHVDGLOODVH
SURGXMRQDWXUDOPHQWHGHODVFLUFXQVWDQFLDVGHPLSRVLFLyQGHPLIUHFXHQWHSUHGLVSRVLFLyQDSHQVDU\GH
OD GLILFXOWDG D TXH KH DOXGLGR GH OD UHFXSHUDFLyQ GHO SOHQR XVR GH PLV VHQWLGRV \ HVSHFLDOPHQWH GH
UHFREUDU PL PHPRULD ODUJR WLHPSR GHVSXpV GH KDEHU GHVSHUWDGR GH XQ VXHxR /RV KRPEUHV TXH PH
DJLWDURQSHUWHQHFtDQDODWULSXODFLyQGHODEDODQGUD\DOJXQRVWUDEDMDGRUHVHQFDUJDGRVGHGHVFDUJDUOD<
HUDGHODFDUJDSUHFLVDPHQWHGHGRQGHSURYHQtDHORORUDWLHUUDK~PHGD/DYHQGDTXHWHQtDDOUHGHGRUGH
ODVPDQGtEXODVHUDXQSDxXHORGHVHGDTXHPHKDEtDDWDGRVREUHODFDEH]DDIDOWDGHJRUURGHGRUPLU
6LQHPEDUJRODVWRUWXUDVTXHVXIUtGXUDQWHDTXHOWLHPSRLQGXGDEOHPHQWHGHELHURQVHULJXDOHVTXHVL
VHKXELHUDWUDWDGRGHXQDVHSXOWXUD)XHURQWHUULEOHVLQFRQFHELEOHVHVSDQWRVDVSHURDOPDOOHVLJXLyHO
ELHQ SXHV VXV H[FHVRV IRUMDURQ HQ PL HVStULWX XQ FDPELR LQHYLWDEOH 0L DOPD UHFREUy HO iQLPR VH
WHPSOyVDOtIXHUD+LFHXQIXHUWHHMHUFLFLR5HVSLUpHODLUHSXUR3HQVpVREUHODPXHUWH$EDQGRQpORV
OLEURVGHPHGLFLQD4XHPp%XFKDQ1RYROYtDOHHUORV3HQVDPLHQWRVQRFWXUQRVQLKLVWRULDVDOWLVRQDQWHV
VREUHFHPHQWHULRVQLFXHQWRVGHHVSDQWDMRVWDOHVFRPRHVWH(QSRFRWLHPSRPHFRQYHUWtHQRWURKRPEUH
\ YLYtD OD YLGD GH HVH KRPEUH 'HVGH DTXHOOD QRFKH PHPRUDEOH PH GHVSHGt SDUD VLHPSUH GH PLV
DSUHQVLRQHVVHSXOFUDOHV\FRQHOODVVHGHVYDQHFLyHOGHVRUGHQFDWDOpSWLFRGHOTXHWDOYH]HOORVKDEtDQ
VLGRQRPHQRVODFRQVHFXHQFLDTXHODFDXVD
+D\PRPHQWRVLQFOXVRSDUDHOVREHUELRRMRGHODUD]yQHQTXHHOPXQGRGHQXHVWUDWULVWHKXPDQLGDG
SXHGHDGRSWDUODDSDULHQFLDGHXQLQILHUQRSHURODLPDJLQDFLyQGHOKRPEUHQRHVDSWDSDUDH[SORUDUFRQ
LPSXQLGDG VX PLVPD FDYHUQD $\ ODV FHxXGDV OHJLRQHV GH ORV WHUURUHV VHSXOFUDOHV QR SXHGHQ VHU
FRQVLGHUDGDV GHO WRGR FRPR XQD FRVD FRPSOHWDPHQWH IDQWiVWLFD SHUR FRPR ORV GHPRQLRV HQ FX\D
FRPSDxtD $IUDVLDE KL]R VX YLDMH KDFLD HO 2[XV GHEtDQ GRUPLU R QRV GHYRUDUtDQ QRVRWURV GHEHPRV
SHUPLWLUTXHGXHUPDQSDUDTXHQRQRVKDJDQSHUHFHU

119

(OFDVRGHOVHxRU9DOGHPDU>@

2SUHWHQGHUpQDWXUDOPHQWHTXHH[LVWDPRWLYRSDUDPDUDYLOODUVHGHTXHHOH[WUDRUGLQDULRFDVRGHO
VHxRU9DOGHPDUKD\DGHVSHUWDGRGLVFXVLRQHVHQWRUQRVX\R(QUHDOLGDGKXELHUDVLGRXQPLODJUR
TXHRWUDFRVDKXELHUDSDVDGR$SHVDUGHOGHVHRGHWRGDVODVSHUVRQDVUHODFLRQDGDVGHTXHHOFDVRQR
WUDVFHQGLHUDDOS~EOLFRDOPHQRVGHPRPHQWRRKDVWDTXHWXYLpUDPRVPiVRSRUWXQLGDGHVSDUDLQYHVWLJDU
\ D SHVDU GH ORV HVIXHU]RV TXH UHDOL]DPRV HQ HVH VHQWLGR HV XQ KHFKR TXH XQD QRWLFLD GHIRUPDGD R
H[DJHUDGD VH KD GLIXQGLGR HQWUH OD JHQWH \ KD OOHJDGR D VHU HO PRWLYR GH XQD VHULH GH GHVDJUDGDEOHV
LQWHUSUHWDFLRQHVSRUVXIDOVHGDG\QDWXUDOPHQWHGHXQDJUDQLQFUHGXOLGDG
(V SRU OR WDQWR QHFHVDULR TXH \R H[SRQJD ORV KHFKRV WDO FRPR \R PLVPR ORV FRPSUHQGR 3RU OR
PLVPRPHOLPLWRDH[SRQHUORVVXFLQWDPHQWH
0LDWHQFLyQGXUDQWHORVWUHV~OWLPRVDxRVVHKDEtDYLVWRJUDQGHPHQWHDWUDtGDSRUHOWHPDGHOPHV
PHULVPR\KDFHFDVLQXHYHPHVHVVHPHRFXUULyGHSURQWRTXHHQODVHULHGHH[SHULHQFLDVOOHYDGDVD
FDERKDVWDHQWRQFHVVHKDEtDFRPHWLGRXQDQRWDEOHHLQH[SOLFDEOHRPLVLyQQLQJXQDSHUVRQDKDEtDVLGR
QXQFD PHVPHUL]DGD LQ DUWLFXOR PRUWLV 'HEtD YHUVH SULPHUR VL H[LVWtD HQ WDOHV FLUFXQVWDQFLDV HQ HO
SDFLHQWHDOJXQDVXVFHSWLELOLGDGPDJQpWLFDVHJXQGRVLH[LVWtDDOJXQDHUDGLVPLQXLGDRDXPHQWDGDSRUOD
VLWXDFLyQWHUFHURFRPSUREDUKDVWDTXpH[WHQVLyQRGXUDQWHFXiQWRWLHPSRSRGtDGHPRUDUVHODDFFLyQGH
ODPXHUWHSRUHVWHPHGLR([LVWtDQRWURVSXQWRVTXHGHVFXEULUSHURHVWRVHUDQORVTXHPiVH[FLWDEDQPL
FXULRVLGDGHO~OWLPRHQHVSHFLDOSRUHOLPSRUWDQWtVLPRFDUiFWHUGHVXVFRQVHFXHQFLDV
0LUDQGR D PL DOUHGHGRU HQ EXVFD GH DOJ~Q VXMHWR TXH PH SHUPLWLHUD SRQHU D SUXHED HVWRV SXQWRV
SHQVp HQ PL DPLJR HO VHxRU (UQHVW 9DOGHPDU HO FRQRFLGR FRPSLODGRU GH OD %LEOLRWKHFD )RUHQVLFD \
DXWRUEDMRHOSVHXGyQLPRGH,VVDFKDU0DU[GHODVYHUVLRQHVSRODFDVGH:DOOHQVWHLQ\*DUJDQW~D(O
VHxRU9DOGHPDUTXHKDEtDUHVLGLGRSULQFLSDOPHQWHHQ+DUOHP1XHYD<RUNGHVGHHODxRHVRHUD
SDUWLFXODUPHQWHQRWDEOHSRUODGHOJDGH]GHVXSHUVRQDSRUVXVH[WUHPLGDGHVLQIHULRUHVPX\SDUHFLGDVD
ODVGH-RKQ5DQGROSK\WDPELpQSRUODEODQFXUDGHVXEDUEDHQYLROHQWRFRQWUDVWHFRQORQHJURGHVX
SHOR HO FXDO HQ FRQVHFXHQFLD HUD FRQIXQGLGR JHQHUDOPHQWH FRQ XQD SHOXFD 6X WHPSHUDPHQWR HUD
PDUFDGDPHQWH QHUYLRVR \ KDFtD GH pO XQ EXHQ VXMHWR SDUD XQ H[SHULPHQWR PHVPpULFR (Q GRV R WUHV
RFDVLRQHVKDEtDFRQVHJXLGRGRUPLUORFRQSRFDGLILFXOWDGSHURPHGHVLOXVLRQDEDHQRWURVUHVXOWDGRVTXH
VX SHFXOLDU FRQVWLWXFLyQ PH KDEtDQ KHFKR QDWXUDOPHQWH DQWLFLSDU (Q QLQJ~Q PRPHQWR SXGH VRPHWHU VX
YROXQWDGGHXQPRGRSRVLWLYRRFRPSOHWRDPLGRPLQLR\HQFXDQWRDVXFODULYLGHQFLDQRSXGHUHDOL]DU
QDGDFRQpOGLJQRGHUHOLHYH
6LHPSUH DWULEXtD PL IUDFDVR HQ ORV H[SHULPHQWRV DO GHVRUGHQDGR HVWDGR GH VDOXG GH PL DPLJR
$OJXQRV PHVHV DQWHV GH FRQRFHUOR VXV PpGLFRV OH KDEtDQ GLDJQRVWLFDGR XQD WLVLV (Q UHDOLGDG VROtD
KDEODUGHVXPXHUWHFRQWDQWDWUDQTXLOLGDGFRPRGHDOJRTXHQRVHSRGtDHYLWDUQLVHUWDPSRFRODPHQWDGR
&XDQGR VH PH RFXUULHURQ SRU YH] SULPHUD ODV LGHDV D ODV TXH KH DOXGLGR IXH FRPR HV OyJLFR PX\
QDWXUDO TXH SHQVDVH HQ HO VHxRU 9DOGHPDU &RQRFtD GHPDVLDGR OD ILUPH ILORVRItD GH DTXHO KRPEUH SDUD
WHQHUDOJ~QHVFU~SXORSRUVXSDUWH\DGHPiVQRWHQtDSDULHQWHVHQ$PpULFDTXHSXGLHUDQLQWHUSRQHUVH/H
KDEOpFRQIUDQTXH]DVREUHHODVXQWR\FXiOQRVHUtDPLVRUSUHVDFXDQGRQRWpTXHVHGHVSHUWDEDHQpOXQ
H[FLWDGRLQWHUpV'LJRTXHFRQVRUSUHVDSXHVDXQTXHpOVLHPSUHKDEtDFHGLGRVXSHUVRQDOLEUHPHQWHSDUD
120

PLVH[SHULPHQWRVQXQFDKDEtDGDGRPXHVWUDVGHVLPSDWtDSRUORTXHUHDOL]DED6XHQIHUPHGDGHUDGHXQD
QDWXUDOH]DTXHSHUPLWtDFDOFXODUFRQWRGDH[DFWLWXGODpSRFDGHVXPXHUWH)LQDOPHQWHFRQYLQLPRVHQTXH
PHDYLVDUtDYHLQWLFXDWURKRUDVDQWHVGHOPRPHQWRDQXQFLDGRSRUORVPpGLFRVSDUDVXIDOOHFLPLHQWR
1RKDQSDVDGRPiVGHVLHWHPHVHVGHVGHTXHUHFLEtGHOPLVPRVHxRU9DOGHPDUODVLJXLHQWHQRWD
0LTXHULGR3
3XHGH XVWHG YHQLU DKRUD ' \ ) HVWiQ GH DFXHUGR HQ TXH \R QR SXHGR SDVDU GH OD
PHGLDQRFKHGHPDxDQD\FUHRTXHDFLHUWDQFRQEDVWDQWHH[DFWLWXG
9$/'(0$5
5HFLEtHVWDQRWDPHGLDKRUDGHVSXpVGHKDEHUVLGRHVFULWD\TXLQFHPLQXWRVGHVSXpVPHKDOODEDHQOD
DOFREDGHOKRPEUHPRULEXQGR1RORKDEtDYLVWRKDFtDGLH]GtDV\PHDVXVWyODWHUULEOHDOWHUDFLyQTXHHQ
WDQEUHYHHVSDFLRGHWLHPSRVHKDEtDRSHUDGRHQpO6XFDUDWHQtDFRORUSORPL]RVXVRMRVKDEtDQSHUGLGR
WRGR EULOOR \ VX GHPDFUDFLyQ HUD WDQ H[WUHPD TXH OD SLHO SDUHFtD SRGHU UDMDUVH SRU ORV SyPXORV 6X
H[SHFWRUDFLyQ HUD H[FHVLYD (O SXOVR DSHQDV HUD SHUFHSWLEOH $ SHVDU GH WRGR FRQVHUYDED GH XQ PRGR
PX\QRWDEOHWDQWRVXIXHU]DPHQWDOFRPRKDVWDFLHUWRJUDGRVXIXHU]DItVLFD+DEODEDFRQFODULGDGWRPDED
VLQQHFHVLGDGGHD\XGDDOJXQDVPHGLFLQDVFDOPDQWHV\FXDQGRHQWUpHQODKDELWDFLyQHVWDEDRFXSDGRHQ
HVFULELUDOiSL]DOJXQDVQRWDVHQXQFXDGHUQRGHEROVLOOR(VWDEDLQFRUSRUDGRHQHOOHFKRDSR\iQGRVHHQ
XQDVDOPRKDGDV/RVGRFWRUHV'\)ORHVWDEDQDWHQGLHQGR
'HVSXpVGHHVWUHFKDUODPDQRGHOVHxRU9DOGHPDUPHOOHYpDSDUWHDDTXHOORVFDEDOOHURV\REWXYHGH
HOORVXQPLQXFLRVRLQIRUPHVREUHODVFRQGLFLRQHVGHOSDFLHQWH(OSXOPyQL]TXLHUGRKDEtDHVWDGRGXUDQWH
GLHFLRFKRPHVHVHQXQHVWDGRVHPLyVHRRFDUWLODJLQRVR\UHVXOWDEDSRUVXSXHVWRFRPSOHWDPHQWHLQ~WLO
SDUD WRGR SURSyVLWR GH YLGD (O GHUHFKR HQ VX SDUWH VXSHULRU HVWDED WDPELpQ SDUFLDOPHQWH VL QR
FRPSOHWDPHQWH RVLILFDGR HQ WDQWR TXH OD UHJLyQ PiV EDMD HUD VLPSOHPHQWH XQD PDVD GH WXEpUFXORV
SXUXOHQWRV TXH VXSXUDEDQ HQWUH HOORV ([LVWtDQ YDULDV SHUIRUDFLRQHV H[WHQVDV \ HQ XQ SXQWR VH KDEtD
SURGXFLGRXQDDGKHVLyQSHUPDQHQWHDODVFRVWLOODV(VWDVDSDULFLRQHVHQHOOyEXORGHUHFKRHUDQGHIHFKD
UHODWLYDPHQWHUHFLHQWH/DRVLILFDFLyQKDEtDSURJUHVDGRFRQLQVyOLWDUDSLGH]VLQTXHKDVWDXQPHVDQWHV
VH KXELHUD GHVFXELHUWR QLQJXQD VHxDO \ OD DGKHVLyQ VROR KDEtD VLGR REVHUYDGD GXUDQWH ORV WUHV ~OWLPRV
GtDV,QGHSHQGLHQWHPHQWHGHODWLVLVVHVRVSHFKDEDTXHHOSDFLHQWHVXIUtDGHXQDDQHXULVPDGHODDRUWD
SHURVREUHHVWHSXQWRORVVtQWRPDVGHRVLILFDFLyQKDFtDQLPSRVLEOHXQGLDJQyVWLFRH[DFWR/DRSLQLyQGH
ORVGRVPpGLFRVHUDTXHHOVHxRU9DOGHPDUPRULUtDHQODPHGLDQRFKHGHOGtDVLJXLHQWHGRPLQJR(UDQODV
VLHWHGHODWDUGHGHOViEDGR
$O GHMDU OD FDEHFHUD GHO HQIHUPR SDUD KDEODU FRQPLJR ORV GRFWRUHV ' \ ) OH KDEtDQ GDGR VX
~OWLPRDGLyV1RWHQtDQLQWHQFLyQGHYROYHUSHURDSHWLFLyQPtDHOORVDFFHGLHURQDYLVLWDUDOSDFLHQWH
VREUHODVGLH]GHODQRFKHVLJXLHQWH
&XDQGRVHKXELHURQLGRKDEOpOLEUHPHQWHFRQHOVHxRU9DOGHPDUVREUHHOWHPDGHVXSUy[LPDPXHUWH
DVt FRPR WDPELpQ \ PiV HVSHFLDOPHQWH GHO H[SHULPHQWR SURSXHVWR 0H PDQLIHVWy TXH HVWDED PX\
DQVLRVR\JXVWRVRGHOOHYDUORDFDER\KDVWDPHLQFLWyDFRPHQ]DULQPHGLDWDPHQWH8QHQIHUPHUR\XQD
HQIHUPHUDORFXLGDEDQSHUR\RQRPHVHQWtDFRQOLEHUWDGSDUDFRPHQ]DUXQWUDEDMyGHDTXHOODQDWXUDOH]D
VLQ WHVWLJRV PiV GLJQRV GH FRQILDQ]D TXH DTXHOOD JHQWH SDUD HO FDVR GH TXH SXGLHUD VREUHYHQLU XQ
121

DFFLGHQWHUHSHQWLQR'HELGRDHOORSRVSXVHODRSHUDFLyQKDVWDFDVLODVRFKRGHODQRFKHVLJXLHQWHKRUD
HQ TXH OOHJDUtD XQ HVWXGLDQWH GH PHGLFLQD 7KHRGRUH /  FRQ TXLHQ WHQtD DOJXQD DPLVWDG \ TXH PH
DOLYLyGHXOWHULRUHVSUHRFXSDFLRQHV(QXQSULQFLSLRKDEtDVLGRPLLQWHQFLyQHVSHUDUDORVPpGLFRVSHUR
IXLLPSXOVDGRDVHJXLUSULPHURSRUORVXUJHQWHVUXHJRVGHOVHxRU9DOGHPDU\HQVHJXQGROXJDUSRUPL
FRQYLFFLyQGHTXHQRWHQtDXQLQVWDQWHTXHSHUGHUSXHVWRTXHHOHQIHUPRVHHQFRQWUDEDSUiFWLFDPHQWHHQ
ODV~OWLPDV
(OVHxRU/IXHWDQDPDEOHGHDFFHGHUDPLGHVHRGHTXHWRPDVHQRWDGHWRGRORRFXUULGR\ORTXH
YR\DUHODWDUHVWiHQVXPD\RUSDUWHFRQGHQVDGRRFRSLDGRGHXQYHUEDWLP
)DOWDUtDQFLQFRPLQXWRVSDUDODVRFKRFXDQGRFRJLHQGRODPDQRGHOSDFLHQWHOHURJXpTXHFRQILUPDVH
WDQFODUDPHQWHFRPRSXGLHUDDOVHxRU/VLpO HOVHxRU9DOGHPDU HVWDEDFRPSOHWDPHQWHGLVSXHVWRD
TXHVHKLFLHUDHOH[SHULPHQWRGHPHVPHUL]DUVHHQDTXHOODVFRQGLFLRQHV
eOFRQWHVWyGpELOPHQWHSHURSHUIHFWDPHQWHDXGLEOH
6t GHVHR VHU PHVPHUL]DGR DxDGLHQGR LQPHGLDWDPHQWH GHVSXpV WHPR TXH XVWHG OR KD\D
UHWUDVDGRGHPDVLDGRWLHPSR
0LHQWUDVKDEODEDFRPHQFpORVSDVRVTXH\RKDEtDKDOODGRFRPRORVPiVHILFDFHVSDUDDGRUPHFHUOR
(YLGHQWHPHQWHTXHGyLQIOXLGRFRQHOSULPHUPRYLPLHQWRODWHUDOGHPLPDQRSRUVXIUHQWHSHURDXQTXH
XVp WRGRV PLV SRGHUHV QR FRQVHJXt QLQJ~Q HIHFWR SHUFHSWLEOH KDVWD XQRV PLQXWRV GHVSXpV GH ODV GLH]
FXDQGRDFXGLHURQORVGRFWRUHV'\)VHJ~QKDEtDPRVDFRUGDGR(QSRFDVSDODEUDVOHVH[SOLTXpOR
TXHPHKDEtDSURSXHVWR\FRPRHOORVQRRSXVLHUDQQLQJXQDREMHFLyQGLFLpQGRPHTXHHOSDFLHQWHHVWDED
\DHQODDJRQtDSURVHJXtVLQYDFLODFLyQFDPELDQGRVLQHPEDUJRORVSDVHVODWHUDOHVSRURWURVGHDUULED
DEDMR\GLULJLHQGRPLPLUDGDFRPSOHWDPHQWHDORMRGHUHFKRGHOHQIHUPR
$ODVD]yQVXSXOVRHUDLPSHUFHSWLEOH\VXUHVSLUDFLyQHVWHUWRURVDFRQLQWHUYDORVGHPHGLRPLQXWR
(VWDVLWXDFLyQSHUPDQHFLyHVWDFLRQDULDGXUDQWHXQFXDUWRGHKRUD$OILQGHHVWHSOD]RVLQHPEDUJR
VH HVFDSy GHO SHFKR GHO PRULEXQGR XQ VXVSLUR QDWXUDO DXQTXH PX\ SURIXQGR \ FHVy OD UHVSLUDFLyQ
HVWHUWRURVDHVGHFLUHOHVWHUWRU\DQRUHVXOWDEDDXGLEOHPLHQWUDVTXHORVLQWHUYDORVQRGLVPLQX\HUDQ/DV
H[WUHPLGDGHVGHOHQIHUPRHVWDEDQWRWDOPHQWHKHODGDV
$ODVRQFHPHQRVFLQFRSHUFLEtVLJQRVLQHTXtYRFRVGHODLQIOXHQFLDPHVPpULFD/RVRMRVYLGULRVRV
\DFDVLHQEODQFRDGTXLULHURQHVDH[SUHVLyQGHLQTXLHWDPLUDGDKDFLDGHQWURTXHVRORVHYHHQORVFDVRV
GHVRQDPEXOLVPR\TXHUHVXOWDWRWDOPHQWHLQFRQIXQGLEOH&RQDOJXQRVUiSLGRVSDVHVKRUL]RQWDOHVOHKLFH
TXH OH WHPEODUDQ ORV SiUSDGRV FRPR DQWH XQ VXHxR LQFLSLHQWH \ FRQ XQRV FXDQWRV PiV VH ORV FHUUp
FRPSOHWDPHQWH1RTXHGpVDWLVIHFKRFRQHVWRVLQRTXHFRQWLQXpYLJRURVDPHQWHODVPDQLSXODFLRQHVFRQOD
SOHQDWHQVLyQGHODYROXQWDGKDVWDTXHFRQVHJXtODSDUDOL]DFLyQFRPSOHWDGHORVPLHPEURVGHOGXUPLHQWH
GHVSXpV GH FRORFDUORV HQ OD SRVLFLyQ TXH SDUHFtD PiV FyPRGD /DV SLHUQDV HVWDEDQ FRPSOHWDPHQWH
HVWLUDGDVORVEUD]RVUHSRVDEDQHQHOOHFKRDFRUWDGLVWDQFLDGHORVULxRQHV7HQtDODFDEH]DOLJHUDPHQWH
HOHYDGD
&XDQGRKXEHUHDOL]DGRHVWRHUD\DPHGLDQRFKH\URJXpDORVFDEDOOHURVSUHVHQWHVTXHH[DPLQDUDQHO
HVWDGRGHOVHxRU9DOGHPDU'HVSXpVGHDOJXQRVH[SHULPHQWRVHOORVDGPLWLHURQTXHHVWDEDHQXQHVWDGR
GHWUDQFHPHVPpULFRLQVyOLWDPHQWHSHUIHFWR/DFXULRVLGDGGHORVPpGLFRVTXHGyJUDGXDOPHQWHH[FLWDGD
(OGRFWRU'HQVHJXLGDUHVROYLySHUPDQHFHUFRQHOSDFLHQWHGXUDQWHWRGDODQRFKHPLHQWUDVHOGRFWRU
)VHGHVSLGLyFRQODSURPHVDGHTXHYROYHUtDDODPDQHFHU(OVHxRU/\ORVD\XGDQWHVVHTXHGDURQ
'HMDPRVDOVHxRU9DOGHPDUFRPSOHWDPHQWHWUDQTXLORKDVWDFHUFDGHODVWUHVGHODPDGUXJDGDKRUDHQ
122

TXH PH DFHUTXp D pO HQFRQWUiQGROR HQ ODV PLVPDV FRQGLFLRQHV TXH FXDQGR HO GRFWRU ) VH KDEtD
PDUFKDGRHVGHFLUTXH\DFtDHQODPLVPDSRVLFLyQ(OSXOVRHUDLPSHUFHSWLEOHODUHVSLUDFLyQVXDYH QR
VH QRWDED D PHQRV TXH VH DSOLFDUD XQ HVSHMR D VXV ODELRV  WHQtD ORV RMRV FHUUDGRV QDWXUDOPHQWH \ ORV
PLHPEURVHVWDEDQWDQUtJLGRV\WDQIUtRVFRPRHOPiUPRO6LQHPEDUJRVXDVSHFWRQRHUDFRQFHUWH]DHO
GHODPXHUWH
&XDQGR PH DFHUTXp DO VHxRU 9DOGHPDU KLFH XQD WHQWDWLYD GH LQIOXLU VX EUD]R GHUHFKR SDUD TXH
VLJXLHUD HO PRYLPLHQWR GHO PtR PLHQWUDV OR SDVDED DUULED \ DEDMR SRU HQFLPD GH VX SHUVRQD (Q WDOHV
H[SHULPHQWRVFRQDTXHOSDFLHQWH\RQXQFDKDEtDORJUDGRXQp[LWRSHUIHFWR\HQUHDOLGDG\RWHQtDSRFDV
HVSHUDQ]DVGHFRQVHJXLUORHQWRQFHVSHURFRQJUDQDVRPEURSRUPLSDUWHVXEUD]RVLJXLyVXDYHPHQWH\
FRQIDFLOLGDGWRGDVODVGLUHFFLRQHVTXH\ROHLQGLFDEDFRQHOPtR'HFLGtDYHQWXUDUDOJXQDVSDODEUDVGH
FRQYHUVDFLyQ
6HxRU9DOGHPDUGLMHHVWiXVWHGGRUPLGR"
eOQRPHFRQWHVWySHUR\RQRWpXQWHPEORUHQODFRPLVXUDGHVXVODELRV\HVRIXHORTXHPHPRYLyD
UHSHWLUODSUHJXQWD$ODWHUFHUDWRGRVXFXHUSRVHDJLWyFRQXQOLJHURHVWUHPHFLPLHQWRORVSiUSDGRVVH
DEULHURQ KDVWD GHVFXEULU XQD OtQHD EODQFD GHO JORER ORV ODELRV VH PRYLHURQ OHQWDPHQWH \ D WUDYpV GH
HOORVHQXQPXUPXOORDSHQDVSHUFHSWLEOHVXUJLHURQODVSDODEUDV
6tDKRUDGXHUPR1RPHGHVSLHUWH'pMHPHPRULUHQSD]
7RTXpVXVPLHPEURV\ORVKDOOpUtJLGRVFRPRDQWHV(OEUD]RGHUHFKRFRPRDQWHVWDPELpQREHGHFtD
ODGLUHFFLyQGHPLPDQR3UHJXQWpDOGRUPLGR
6LHQWHXVWHGGRORUHQHOSHFKRVHxRU9DOGHPDU"
/DUHVSXHVWDHQWRQFHVIXHLQPHGLDWDSHURPHQRVDXGLEOHTXHDQWHV
1RVLHQWRGRORU0HHVWR\PXULHQGR
1RFUHtFRQYHQLHQWHPROHVWDUOHPiVSRUHOPRPHQWR\QRVHGLMRQDGDPiVKDVWDODOOHJDGDGHOGRFWRU
) TXH OOHJy XQ SRFR DQWHV GHO DPDQHFHU \ H[SUHVy XQD LOLPLWDGD VRUSUHVD DO KDOODU WRGDYtD YLYR DO
SDFLHQWH 'HVSXpV GH WRPDUOH HO SXOVR \ DSOLFDUOH XQ HVSHMR D ORV ODELRV PH SLGLy TXH YROYLHVH D
KDEODUOHDOVRQiPEXOR$VtORKLFH
6HxRU9DOGHPDUGXHUPHXVWHGD~Q"
&RPR DQWHV SDVDURQ DOJXQRV PLQXWRV DQWHV GH TXH UHVSRQGLHVH \ GXUDQWH DTXHO LQWHUYDOR HO
PRULEXQGRSDUHFLyHVWDUUHXQLHQGRWRGDVVXVIXHU]DVSDUDKDEODU$ODFXDUWDYH]TXHUHSHWtODSUHJXQWD
pOGLMRGpELOPHQWHFRQXQDYR]FDVLLQDXGLEOH
6tWRGDYtDGXHUPR0HHVWR\PXULHQGR
/RVPpGLFRVHQWRQFHVRSLQDURQRPHMRUGLFKRLQGLFDURQTXHHOVHxRU9DOGHPDUSHUPDQHFLHUDVLQVHU
PROHVWDGRHQVXHVWDGRGHDSDUHQWHWUDQTXLOLGDGKDVWDTXHVREUHYLQLHUDODPXHUWHTXHVHJ~QFULWHULRGH
WRGRVGHEtDWHQHUOXJDUDORVSRFRVPLQXWRV6LQHPEDUJRGHFLGtKDEODUOHXQDYH]PiVOLPLWiQGRPHD
UHSHWLUODSUHJXQWDDQWHULRU
0LHQWUDV\RKDEODEDVHRSHUyXQPDUFDGRFDPELRHQODH[SUHVLyQGHOVRQiPEXOR/RVRMRVJLUDURQ
VREUH Vt PLVPRV DEULpQGRVH OHQWDPHQWH ODV SXSLODV GHVDSDUHFLHURQ GH JROSH OD SLHO WRPy XQ WLQWH
FDGDYpULFRTXHQRVHSDUHFtDDOSHUJDPLQRVLQRDOSDSHOEODQFR\ODVPDQFKDVKpWLFDVFLUFXODUHVTXH
KDVWD HQWRQFHV KDEtDQ HVWDGR IXHUWHPHQWH VHxDODGDV HQ HO FHQWUR GH FDGD PHMLOOD GHVDSDUHFLHURQ
LQPHGLDWDPHQWH (PSOHR HVWD H[SUHVLyQ SRUTXH OR UHSHQWLQR GH VX GHVDSDULFLyQ QR PH KL]R SHQVDU HQ
QDGD VLQR HQ HO DSDJyQ GH OD OODPD GH XQD YHOD SRU XQ VRSOR $O PLVPR WLHPSR VX ODELR VXSHULRU VH
123

UHWRUFLy VHSDUiQGRVH GH ORV GLHQWHV TXH KDVWD HQWRQFHV KDEtD FXELHUWR SRU FRPSOHWR PLHQWUDV OD
PDQGtEXODLQIHULRUVHOHFDtDFRQXQWLUyQV~ELWRGHMDQGRODERFDDELHUWD\GHVFXEULHQGRFRPSOHWDPHQWH
OD OHQJXD KLQFKDGD \ QHJUX]FD 7RGRV ORV PLHPEURV GHO JUXSR SUHVHQWH HVWDEDQ DFRVWXPEUDGRV D ORV
KRUURUHVGHODPXHUWHSHURHUDWDQHVSDQWRVRHODVSHFWRGHOVHxRU9DOGHPDUHQDTXHOPRPHQWRTXHWRGRV
QRVVHSDUDPRVGHOOHFKR
0HKDJRFDUJRTXHKHOOHJDGRDXQSXQWRHQHVWDQDUUDFLyQHQHOTXHFDGDOHFWRUVHVHQWLUiSRVHtGRGH
XQVHQWLPLHQWRGHLQFUHGXOLGDGVLQHPEDUJRHVPLGHEHUFRQWLQXDU
<DQRKDEtDHQHOVHxRU9DOGHPDUHOPHQRUVLJQRGHYLWDOLGDG\FRQYHQFLGRVGHTXHHVWDEDPXHUWR
tEDPRV D GHMDUOR D FDUJR GH ORV HQIHUPHURV FXDQGR XQ IXHUWH PRYLPLHQWR YLEUDWRULR VH REVHUYy HQ VX
OHQJXD$TXHOORFRQWLQXyWDOYH]GXUDQWHXQPLQXWRDOFDERGHOFXDOVXUJLyGHODVPDQGtEXODVGLVWHQGLGDV
\ VLQ PRYLPLHQWR XQD YR] TXH VHUtD HQ Pt XQD ORFXUD LQWHQWDU GHVFULELUOD +D\ HQ UHDOLGDG GRV R WUHV
HStWHWRVTXHSRGUtDQVHUFRQVLGHUDGRVFRPRDSOLFDEOHVHQSDUWHSRGUtDGHFLUSRUHMHPSORTXHHOVRQLGR
HUDiVSHURURWR\FDYHUQRVRSHURHOHVSDQWRVRFRQMXQWRHUDLQGHVFULSWLEOHSRUODVLPSOHUD]yQGHTXH
QLQJ~Q VRQLGR VLPLODU KD GHVJDUUDGR FRPR OR KL]R DTXHO HO RtGR KXPDQR +DEtD QR REVWDQWH GRV
SDUWLFXODULGDGHVTXHHQWRQFHVFUHt\D~QVRVWHQJRTXHSRGUtDQVHUFRQVLGHUDGDVFRPRFDUDFWHUtVWLFDVGH
ODHQWRQDFLyQTXHSRGtDQVHUWRPDGDVSDUDFRQGXFLUDODLGHDGHVXSHFXOLDULGDGXOWUDWHUUHQD(QSULPHU
OXJDUODYR]SDUHFtDOOHJDUDQXHVWURVRtGRVDOPHQRVDORVPtRVGHVGHXQDHQRUPHGLVWDQFLDRGHVGH
XQDSURIXQGDFDYHUQDHQHOLQWHULRUGHODWLHUUD(QVHJXQGROXJDUPHLPSUHVLRQy WHPRHQUHDOLGDGTXH
PHVHDLPSRVLEOHKDFHUPHFRPSUHQGHU FRPRODVPDWHULDVJHODWLQRVDVRYLVFRVDVLPSUHVLRQDQHOVHQWLGR
GHOWDFWR
+HKDEODGRWDQWRGHODYR]FRPRGHOVRQLGR4XLHURGHFLUTXHHOVRQLGRGHODVVtODEDVHUDFODUR
GHXQDFODULGDGPDUDYLOORVD\HVWUHPHFHGRUD(OVHxRU9DOGHPDUKDEODEDHYLGHQWHPHQWHFRQWHVWDQGRD
ODSUHJXQWDTXH\ROHKDEtDKHFKRDOJXQRVPLQXWRVDQWHV<ROHKDEtDSUHJXQWDGRVHUHFRUGDUiVLWRGDYtD
GRUPtD(QWRQFHVGLMR
6t1R+HHVWDGRGXUPLHQGR\DKRUDHVWR\PXHUWR
1LQJXQRGHORVSUHVHQWHVWUDWyGHQHJDUQLVLTXLHUDLQWHQWyGLVLPXODUHOLQGHVFULSWLEOH\HVWUHPHFHGRU
KRUURUTXHHVWDVEUHYHVSDODEUDVDVtSURQXQFLDGDVWHQtDQTXHSURGXFLU(OVHxRU/HOHVWXGLDQWHVH
GHVYDQHFLy/RVHQIHUPHURVGHMDURQLQPHGLDWDPHQWHODKDELWDFLyQ\QRVHSXGRKDFHUORVYROYHU3RUPL
SDUWH QR SRGUtD SUHWHQGHU GHVFULELU DO OHFWRU PLV LPSUHVLRQHV 'XUDQWH FDVL XQD KRUD QRV GHGLFDPRV
VLOHQFLRVDPHQWHVLQTXHVHSURQXQFLDVHXQDVRODSDODEUDDUHDQLPDUDOVHxRU/&XDQGRYROYLy
HQVtYROYLPRVDLQYHVWLJDUVREUHHOHVWDGRGHOVHxRU9DOGHPDU
3HUPDQHFtDHQWRGRVORVDVSHFWRVFRPRDFDERGHGHVFULELUORFRQODH[FHSFLyQGHTXHHOHVSHMR\DQR
GDED PXHVWUDV GH UHVSLUDFLyQ 8Q LQWHQWR GH H[WUDHU OD VDQJUH GH VX EUD]R QR GLR UHVXOWDGR 'HELHUD
PHQFLRQDU WDPELpQ TXH HVWH PLHPEUR QR VH KDOODED EDMR PL YROXQWDG ,QWHQWp HQ YDQR KDFHUOH VHJXLU OD
GLUHFFLyQGHPLPDQR(QUHDOLGDGOD~QLFDLQGLFDFLyQUHDOGHTXHHVWDEDEDMRXQDLQIOXHQFLDPHVPpULFD
SRGtD KDOODUVH HQ HO PRYLPLHQWR YLEUDWRULR GH OD OHQJXD VLHPSUH TXH KDFtD \R DO VHxRU 9DOGHPDU XQD
SUHJXQWD eO SDUHFtD HVWDU KDFLHQGR XQ HVIXHU]R SDUD FRQWHVWDU SHUR \D QR WHQtD VXILFLHQWH YROXQWDG
3DUHFtDFRPSOHWDPHQWHLQVHQVLEOHDODVSUHJXQWDVGHRWUDVSHUVRQDVGLVWLQWDVDXQTXH\RLQWHQWpSRQHUD
ORVSUHVHQWHVHQUHODFLyQPHVPpULFDFRQHOVHxRU9DOGHPDU&UHRTXHKDVWDDTXtKHUHODWDGRWRGRORTXH
HVQHFHVDULRSDUDFRPSUHQGHUHOHVWDGRGHOVRQiPEXORHQDTXHOPRPHQWR6HDYLVyDRWURVHQIHUPHURV\
DODVGLH]DEDQGRQpODFDVDHQFRPSDxtDGHORVGRVPpGLFRV\GHOVHxRU/
124

3RUODWDUGHYROYLPRVDYHUDOSDFLHQWH6XHVWDGRHUDH[DFWDPHQWHHOPLVPR7UDWDPRVHQWRQFHVGHOD
FRQYHQLHQFLD\ODSRVLELOLGDGGHGHVSHUWDUORSHURQRWXYLPRVPXFKDGLILFXOWDGHQSRQHUQRVGHDFXHUGR
GHTXHQLQJ~QEXHQSURSyVLWRVHUYLUtDSDUDKDFHUOR(UDHYLGHQWHTXHKDVWDHQWRQFHVODPXHUWH RORTXH
IUHFXHQWHPHQWH VH OODPD PXHUWH  KDEtD VLGR GHWHQLGD SRU HO SURFHVR PHVPpULFR $ WRGRV QRV SDUHFLy
FODUR TXH GHVSHUWDU DO VHxRU 9DOGHPDU VHUtD VLPSOHPHQWH DVHJXUDU VX LQVWDQWiQHR R DO PHQRV UiSLGR
IDOOHFLPLHQWR
'HVGH DTXHO GtD KDVWD ILQDOHV GH OD VHPDQD SDVDGD XQ LQWHUYDOR GH FDVL VLHWH PHVHV
FRQWLQXDPRVYLVLWDQGRGLDULDPHQWHODFDVDGHOVHxRU9DOGHPDUDFRPSDxDGRVXQDVYHFHVSRUPpGLFRV\
RWUDVSRUDPLJRV7RGRHVWHWLHPSRHOVRQiPEXORSHUPDQHFLyH[DFWDPHQWHFRPRORKHGHVFULWROD~OWLPD
YH]/RVFXLGDGRVGHORVHQIHUPHURVIXHURQFRQWLQXRV
)XH HO YLHUQHV ~OWLPR FXDQGR QRV GHFLGLPRV D KDFHU HO H[SHULPHQWR GH GHVSHUWDUOR R GH LQWHQWDU
GHVSHUWDUOR \ HV WDO YH] HO GHVDIRUWXQDGR UHVXOWDGR GH HVWH ~OWLPR H[SHULPHQWR OR TXH KD GDGR OXJDU D
WDQWDV GLVFXVLRQHV HQ ORV FtUFXORV SULYDGRV WDQWDV TXH \R QR SXHGR GHMDU GH FRQVLGHUDUOR FRPR XQ
VHQWLPLHQWRSRSXODULUUHVSRQVDEOH
&RQHOSURSyVLWRGHDOLYLDUDOVHxRU9DOGHPDUGHOWUDQFHPHVPpULFRXVpORVSDVHVDFRVWXPEUDGRV
(VWRV GXUDQWH XQ WLHPSR IXHURQ LQIUXFWXRVRV /D SULPHUD LQGLFDFLyQ GH TXH UHYLYtD IXH GDGD SRU XQ
GHVFHQVR SDUFLDO GHO LULV 6H REVHUYy FRPR HVSHFLDOPHQWH QRWDEOH TXH HVH GHVFHQVR GH OD SXSLOD
DSDUHFtDDFRPSDxDGRSRUHOIOXMRDEXQGDQWHGHXQOtTXLGRDPDULOOHQWR SRUGHEDMRGHORVSiUSDGRV GH
XQGHVDJUDGDEOH\IXHUWHRORU
6HPHVXJLULyTXHLQWHQWDUDLQIOXLUHQHOEUD]RGHOSDFLHQWHFRPRDQWHVORKDEtDKHFKR+LFHHOLQWHQWR
\IDOOp(OGRFWRU)PHH[SUHVyHOGHVHRGHTXHOHKLFLHUDDOJXQDSUHJXQWD$VtORKLFH
6HxRU9DOGHPDUSXHGHH[SOLFDUQRVFXiOHVVRQVXVVHQWLPLHQWRVRVXVGHVHRVDKRUD"
7XYROXJDUXQLQVWDQWiQHRUHWRUQRGHORVFtUFXORVKpWLFRVDODVPHMLOODVODOHQJXDWHPEOyRPiVELHQ
JLUyYLROHQWDPHQWHHQODERFD DXQTXHODVPDQGtEXODV\ORVODELRVSHUPDQHFtDQWDQUtJLGRVFRPRDQWHV 
\SRU~OWLPRODPLVPDYR]HVSDQWRVDTXH\DKHGHVFULWRURPSLyFRQIXHU]D
3RUHODPRUGH'LRV3URQWR3URQWR2GXpUPDPHRGHVSLpUWHPH5iSLGR/HGLJRTXHHVWR\
PXHUWR
<RHVWDEDFRPSOHWDPHQWHVREUHFRJLGR\GXUDQWHXQLQVWDQWHSHUPDQHFtVLQVDEHUTXpKDFHU(QSULPHU
OXJDUKLFHXQHVIXHU]RSDUDWUDQTXLOL]DUDOSDFLHQWHSHURIUDFDVDGRHQHVWRGHELGRDODWRWDOLQDQLFLyQGH
ODYROXQWDGUHWURFHGtVREUHPLVSDVRV\OXFKpFRQWRGDVPLVIXHU]DVSDUDGHVSHUWDUOR3URQWRYLTXHHVWH
LQWHQWRWHQGUtDp[LWRRDOPHQRVSURQWRLPDJLQpTXHPLp[LWRVHUtDFRPSOHWR\HVWR\VHJXURGHTXHWRGRV
ORVTXHHVWDEDQHQHOFXDUWRHVSHUDEDQSUHSDUDGRVSDUDYHUGHVSHUWDUDOSDFLHQWH
3HUR HV LPSRVLEOH TXH QLQJ~Q VHU KXPDQR KXELHUD SRGLGR HVWDU SUHSDUDGR SDUD OR TXH UHDOPHQWH
RFXUULy
0LHQWUDV HIHFWXDED ORV SDVHV PHVPpULFRV HQWUH ODV H[FODPDFLRQHV GH PXHUWR PXHUWR TXH
H[SORWDEDQGHODOHQJXD\QRGHORVODELRVGHOSDFLHQWHVXFXHUSRLQPHGLDWDPHQWHHQHOHVSDFLRGHXQ
VRORPLQXWRRLQFOXVRPHQRVVHFRQWUDMRVHGHVPHQX]yPDWHULDOPHQWH\VHSXGULySRUFRPSOHWRHQWUH
PLVPDQRV6REUHODFDPDDODYLVWDGHWRGRV\DFtDXQDPDVDFDVLOtTXLGDGHHVSDQWRVDGHGHWHVWDEOH
SRGUHGXPEUH

125

(OFRUD]yQGHODWRU>@

VFLHUWRVR\QHUYLRVRWHUULEOHPHQWHQHUYLRVR/RKHVLGR\FRQWLQ~RVLpQGRORSHURSRUTXpGHFLU
TXHHVWR\ORFR"/DHQIHUPHGDGKDDJXGL]DGRPLVVHQWLGRVSHURQRORVKDGHVWUXLGRQLHPERWDGR
3RUHQFLPDGHWRGRWHQtDPX\DJXGL]DGRHOVHQWLGRGHORtGR2LJRWRGDVODVFRVDVGHOFLHOR\GHODWLHUUD
\ D YHFHV PXFKDV FRVDV GHO LQILHUQR (VR VLJQLILFD TXH HVWR\ ORFR" (VFXFKDGPH \ REVHUYDG TXp
FXHUGDPHQWHFRQFXiQWDFDOPDVR\FDSD]GHUHODWDURVWRGDHVWDKLVWRULD
6HUtD LPSRVLEOH GHFLU FyPR HQWUy SULPHUDPHQWH OD LGHD HQ PL FHUHEUR 3HUR XQD YH] FRQFHELGD PH
SHUVLJXLyGtD\QRFKH1RH[LVWtDQLQJ~QPRWLYR1RKDEtDSDVLyQDOJXQD<RTXHUtDDOYLHMR(OQXQFDPH
KDEtDWUDWDGRPDO1XQFDPHKDEtDLQVXOWDGRSXHV\RQRGHVHDEDVXRUR&UHRTXHIXHVXRMR6tHVR
IXH7HQtDXQRMRGHEXLWUHXQRMRD]XOSiOLGRUHFXELHUWRSRUXQDSHOtFXOD6LHPSUHTXHVHILMDEDHQPt
VHQWtDFRUUHUODVDQJUHKHODGDSRUPLVYHQDV\DVtSRFRDSRFRPX\JUDGXDOPHQWHPHIXLKDFLHQGRDOD
LGHDGHTXLWDUOHODYLGD\GHHVHPRGROLEUDUPHSDUDVLHPSUHGHVXRMRPDOGLWR
< DKRUD YLHQH OD GLILFXOWDG 0H FUHpLV ORFR 3HUR ORV ORFRV QR VDEHQ QDGD GH QDGD \ \R VLQ
HPEDUJR 'HEHUtDLV KDEHUPH YLVWR 2V KDEUtDLV GDGR FXHQWD FRQ FXiQWD GLVFUHFLyQ SURFHGt FRQ TXp
SUHFDXFLyQ SUHYLVLyQ \ GLVLPXOR OOHYp D FDER PL WUDEDMR 1XQFD IXL WDQ DPDEOH FRQ HO YLHMR FRPR OD
VHPDQDDQWHULRUDVXPXHUWH<FDGDQRFKHFDVLDPHGLDQRFKHJLUDEDODDOGDEDGHVXSXHUWD\ODDEUtD
2K TXp VXDYHPHQWH (QWRQFHV FXDQGR HVWDED OR VXILFLHQWHPHQWH DELHUWD SDUD PHWHU OD FDEH]D
LQWURGXFtDXQDOLQWHUQDVRUGDFHUUDGDSHUIHFWDPHQWHFHUUDGDGHPRGRTXHQRVDOLHVHQLQJXQDOX]\OXHJR
PHWtDODFDEH]D2KRVKDEUtDLVUHtGRDOYHUFRQTXpDVWXFLDOOHYDEDDFDERPLSURSyVLWR0HPRYtD
OHQWDPHQWHPX\OHQWDPHQWHFRQHOREMHWRGHQRWXUEDUHOVXHxRGHOYLHMR7DUGDEDXQDKRUDHQSDVDUPL
FDEH]D SRU OD DEHUWXUD SDUD SRGHU YHU DO YLHMR WHQGLGR HQ VX OHFKR $K MD MD 3RGUtD KDEHU VLGR XQ
ORFR WDQ GLVFUHWR FRPR \R" < OXHJR FXDQGR PL FDEH]D HVWDED HQ OD KDELWDFLyQ DEUtD OD OLQWHUQD FRQ
SUHFDXFLyQ LQILQLWD 2K FRQ FXiQWD SUHFDXFLyQ SRUTXH FKLUULDEDQ ORV JR]QHV  'HMDED OD OLQWHUQD
DELHUWDORQHFHVDULRSDUDTXHXQVRORUD\RIXHVHDGDUVREUHHORMRGHEXLWUH<HVRORKLFHGXUDQWHVLHWH
ODUJDVQRFKHVSUHFLVDPHQWHHQODPHGLDQRFKHSHURVLHPSUHHQFRQWUDEDDTXHORMRFHUUDGR\DVtHUD
LPSRVLEOHUHDOL]DUHOWUDEDMRSXHVQRHUDHOYLHMRTXLHQPHYHMDEDVLQRVXPDOGLWRRMR&DGDPDxDQDLED
DWUHYLGDPHQWH D VX KDELWDFLyQ \ OH KDEODED GH IRUPD DQLPDGD OODPiQGROH SRU VX QRPEUH HQ XQ WRQR
FRUGLDO\SUHJXQWiQGROHFyPRKDEtDGHVFDQVDGR'HHVWHPRGRFRPSUHQGHUpLVTXHKDEUtDWHQLGRTXHVHU
XQ YLHMR PX\ SHUVSLFD] SDUD VRVSHFKDU TXH FDGD QRFKH SUHFLVDPHQWH D ODV GRFH \R OH REVHUYDED
PLHQWUDVGRUPtD
/DRFWDYDQRFKHWRPpPD\RUHVSUHFDXFLRQHVTXHGHFRVWXPEUHSDUDDEULUODSXHUWD(OPLQXWHURGHO
UHORM VH PRYtD PXFKR PiV UiSLGDPHQWH TXH PL SXOVR 1XQFD DQWHV GH DTXHOOD QRFKH KDEtDVHQWLGR OD
H[WHQVLyQ GH PLV SURSLDV HQHUJtDV GH PL VDJDFLGDG $SHQDV SRGtD FRQWHQHU PLV VHQWLPLHQWRV GH
WULXQIR3HQVDUTXHHVWDEDDOOtDEULHQGRODSXHUWDSRFRDSRFR\TXHpOQLVLTXLHUDVRVSHFKDEDGHPLV
DFFLRQHV R GH PLV SHQVDPLHQWRV <R PH UHtD DKRJDGDPHQWH DQWH OD LGHD \ pO WDO YH] PH R\y SXHV VH
PRYLyGHSURQWRVREUHODFDPDFRPRVLHVWXYLHVHDVXVWDGR4XL]iSHQVDUpLVTXHPHUHWLUpSHURQRIXH
DVt6XKDELWDFLyQHUDWDQQHJUDFRPRODSH]\HVWDEDFRPSOHWDPHQWHDRVFXUDV SXHVORVSRVWLJRVHVWDEDQ
ILUPHPHQWHFHUUDGRVSRUWHPRUDORVODGURQHV <RVDEtDTXHpOQRSRGUtDYHUODDEHUWXUDGHODSXHUWD\
126

FRQWLQXpHPSXMiQGRODILUPHPHQWH
7HQtDPHWLGDODFDEH]D\HVWDEDDSXQWRGHDEULUODOLQWHUQDFXDQGRPLGHGRSXOJDUUHVEDOyVREUHHO
FLHUUHGHKRMDODWD\HOYLHMRVHOHYDQWyGHODFDPDJULWDQGR
4XLpQDQGDDKt"
0HTXHGpLQPyYLO\QRGLMHQDGD'XUDQWHWRGDXQDKRUDQRPRYtXQVRORP~VFXOR\HQHOLQWHUYDORQR
ORVHQWtHFKDUVHGHQXHYReOFRQWLQXDEDVHQWDGRHQODFDPDHVFXFKDQGRSUHFLVDPHQWHFRPR\RORKDEtD
KHFKRQRFKHWUDVQRFKHHVFXFKDQGRODPXHUWHTXHDFHFKDEDDODSDUHG
5HSHQWLQDPHQWHRtXQOLJHURJHPLGR\VXSHTXHHUDHOJHPLGRGHXQWHUURUPRUWDO1RHUDXQJHPLGR
GH GRORU R GH SHVDU QR (UD HO VRQLGR TXHGR \ DKRJDGR TXH VXUJH GHO IRQGR GHO DOPD FXDQGR HVWi
VREUHFDUJDGD GH HVSDQWR <R FRQRFtD PX\ ELHQ HVH VRQLGR 0XFKDV QRFKHV D PHGLDQRFKH MXVWDPHQWH
FXDQGR WRGR HO PXQGR GRUPtD KDEtD EURWDGR GH PL SHFKR SURIXQGL]DQGR FRQ VX HFR HVSDQWRVR ORV
WHUURUHV TXH PH DFRQJRMDEDQ 'LJR TXH OR FRQRFtD PX\ ELHQ 6DEtD OR TXH HO YLHMR VHQWtD \ OH
FRPSDGHFtDDXQTXHPHULHUDHQHOIRQGRGHPtFRUD]yQ0HFRQVWDEDTXHKDEtDSHUPDQHFLGRGHVSLHUWR
GHVGHTXHR\yHOUXLGRSRUYH]SULPHUD\VHDJLWyHQODFDPD'HVGHHVHPRPHQWRVXVWHPRUHVKDEtDQ
LGR HQ DXPHQWR +DEtD HVWDGR WUDWDQGR GH FRQYHQFHUVH TXH DTXHO UXLGR HUD LQIXQGDGR SHUR QR OR
FRQVLJXLy'HELyGHGHFLUVHSDUDVt1RHVPiVTXHHOUXLGRGHOYLHQWRHQODFKLPHQHDHVVRORXQ
UDWyQTXHDWUDYLHVDODHVWDQFLDRHVVLPSOHPHQWHXQJULOORTXHKDFDQWDGRVRORXQDYH]6tWXYRTXH
WUDWDUGHFRQYHQFHUVHDVtPLVPRFRQDTXHOODVVXSRVLFLRQHVSHURWRGRVVXVLQWHQWRVIXHURQHQYDQR7RGR
IXH HQ YDQR SRUTXH OD PXHUWH VH DFHUFDED D pO FRQ SDVR IXJLWLYR SUR\HFWDQGR VX QHJUD VRPEUD \
HQYROYLHQGRDVXYtFWLPD\ODLQIOXHQFLDO~JXEUHGHODVRPEUDLPSHUFHSWLEOHOHKL]RVHQWLUDXQTXHQR
YHtDQLRtDODSUHVHQFLDGHPLFDEH]DGHQWURGHOFXDUWR
&XDQGRKXEHHVSHUDGRXQODUJRUDWRFRQPXFKDSDFLHQFLDVLQRtUORHFKDUVHGHQXHYRUHVROYtGHMDU
DO GHVFXELHUWR XQD SHTXHxD PX\ SHTXHxD UDMD GH OD OLQWHUQD \ GH HVWH PRGR OR KLFH 1R SRGpLV
LPDJLQDURVTXpFDXWHORVDPHQWHUHDOLFpPLSURSyVLWRKDVWDTXHDOILQDOFRQVHJXtXQUD\RWHQXHFRPRHO
KLORGHXQDDUDxDTXHVXUJtDGHODDEHUWXUDGHODOLQWHUQD\VHSUR\HFWDEDGHOOHQRVREUHHORMRGHEXLWUH
(VWDEDDELHUWRHQRUPH\DELHUWR\\RPHYROYtORFRDOYHUOR/RYHtDFRQWRGDFODULGDG(UDGHXQ
FRORUD]XOPDWHFRQXQHVSDQWRVRYHORTXHPHHVWUHPHFtDKDVWDODPpGXOD3HURQRSXGHYHURWUDFRVDHQ
HOURVWURGHOYLHMR7DOYH]LQVWLQWLYDPHQWHKDEtDGLULJLGRHOUD\RSUHFLVDPHQWHVREUHHOFRQGHQDGRVLWLR
<QRRVKHGLFKRTXHORTXHVHWRPDHQPtSRUORFXUDQRHVVLQRODDJXGH]DGHORVVHQWLGRV"
(QWRQFHVOOHJyDPLVRtGRVXQEDMRTXHGR\UiSLGRVRQLGRVHPHMDQWHDOTXHSURGXFHXQUHORMFXDQGR
VH OH HQYXHOYH HQ DOJRGRQHV <R FRQRFtD GHPDVLDGR ELHQ DTXHO VRQLGR (UD HO ODWLGR GHO FRUD]yQ GHO
DQFLDQR$TXHOORDXPHQWyPLUDELDORPLVPRTXHHOWHPRUHVWLPXODHOFRUDMHGHOVROGDGR
6LQ HPEDUJR PH UHSULPt \ FRQWLQXp HVSHUDQGR $SHQDV UHVSLUDED 6RVWHQtD OD OLQWHUQD VLQ
PRYLPLHQWR&RQILUPH]DGHSXOVRPDQWXYHHOUD\RGHOX]VREUHHORMR(QWUHWDQWRHOVRQLGRLQIHUQDOGHO
FRUD]yQDXPHQWDEDFDGDYH]VHKDFtDPiVUiSLGR\PiVUiSLGR\PiVDOWRPiVDOWRDFDGDLQVWDQWH(O
WHUURUGHOKRPEUHGHEtDGHKDEHUOOHJDGRDOH[WUHPR6HLEDKDFLHQGRPiVDOWRPiVDOWRDFDGDPRPHQWR
0HFRPSUHQGpLVELHQ"<DGLMHTXHVR\QHUYLRVR\ORVLJRVLHQGR(QWRQFHVHQHOSURIXQGRVLOHQFLRGH
ODQRFKHHQPHGLRGHOWHUULEOHVLOHQFLRGHODYLHMDFDVDXQUXLGRWDQH[WUDxRFRPRDTXHOGHVSHUWyHQPt
XQLQFRQWURODEOHWHUURU6LQHPEDUJRGXUDQWHDOJXQRVPLQXWRVPiVPHFRQWXYH\SHUPDQHFtLQPyYLO3HUR
HOODWLGRVHLEDKDFLHQGRFDGDYH]PiVDOWRPiVDOWR3HQVpTXHPLFRUD]yQHVWDOODUtD\HQWRQFHVXQD
QXHYDLQTXLHWXGVHDSRGHUyGHPtDTXHOUXLGRSRGtDVHURtGRGHVGHPX\OHMRV/DKRUDGHOYLHMRKDEtD
127

OOHJDGR&RQXQJULWRLQIHUQDODEUtODOLQWHUQD\VDOWpDOLQWHULRUGHODDOFRED(OYLHMRLQPHGLDWDPHQWH
JULWy SHUR VROR XQD YH] (Q XQ LQVWDQWH OR DUURMp DO VXHOR YROFDQGR VREUH VX FXHUSR HO SHVDGR OHFKR
/XHJR VRQUHt DOHJUHPHQWH DO YHU FXPSOLGR PL SODQ 3HUR GXUDQWH PXFKRV PLQXWRV HO FRUD]yQ VLJXLy
ODWLHQGRFRQXQVRQLGRVRUGR$TXHOORVLQHPEDUJRQRPHLQTXLHWDEDSXHVPHFRQVWDEDTXHQRSRGUtD
RtUVH D WUDYpV GH OD SDUHG )LQDOPHQWH FHVy (O YLHMR HVWDED PXHUWR /HYDQWp OD FDPD \ H[DPLQp HO
FDGiYHU6tHVWDEDIUtRWDQIUtRFRPRXQDSLHGUD3XVHPLPDQRVREUHVXFRUD]yQ\ODUHWXYHDOOtGXUDQWH
DOJXQRV PLQXWRV 1R KDEtD QLQJXQD SXOVDFLyQ (VWDED FRPSOHWDPHQWH PXHUWR 6X RMR QR SRGUtD
PROHVWDUPH\DPiV
6L WRGDYtD PH FUHpLV ORFR GHMDUpLV GH FUHHUOR FXDQGR RV GHVFXEUD ODV SUXGHQWHV SUHFDXFLRQHV TXH
WRPpSDUDRFXOWDUHOFDGiYHU/DQRFKHGHFOLQDED\\RWUDEDMpDSUHVXUDGDPHQWH\HQVLOHQFLR/RSULPHUR
TXHKLFHIXHGHVPHPEUDUHOFXHUSR/HFRUWpODFDEH]DORVEUD]RV\ODVSLHUQDV
/XHJR OHYDQWp WUHV SODQFKDV GHO VXHOR GH OD KDELWDFLyQ \ OR GHSRVLWp HQWUH HO HQWDULPDGR GHO SLVR
9ROYt SRVWHULRUPHQWH D FRORFDU ODV PDGHUDV FRQ WDO FXLGDGR \ GH PRGR WDQ SHUIHFWR TXH QLQJ~Q RMR
KXPDQR QL DXQ HO VX\R SRGUtD KDEHU GHVFXELHUWR QDGD DQRUPDO 1R KDEtD TXH ODYDU QLQJXQD PDQFKD
QLQJXQDJRWDGHVDQJUH3DUDDOJRKDEtDWHQLGRWDQWRFXLGDGR8QDFXEHWDKDEtDKHFKRGHVDSDUHFHUWRGR
MDMD
&XDQGRKXEHDFDEDGRWRGRVHVRVWUDEDMRVHUDQODVFXDWUR\HVWDEDWDQRVFXURFRPRDPHGLDQRFKH
&XDQGRHOUHORMGLRODKRUDRtTXHOODPDEDQDODSXHUWDGHODFDOOH%DMpDDEULUFRQDOHJUtDSXHVTXp
KDEtDTXHWHPHU"
(QWUDURQWUHVKRPEUHVTXHVHSUHVHQWDURQDVtPLVPRVFRPRDJHQWHVGHODSROLFtD8QYHFLQRKDEtD
RtGRXQFKLOOLGRGXUDQWHODQRFKH\VRVSHFKDEDTXHVHKXELHUDSURGXFLGRXQDFWRYLROHQWR/DVRVSHFKD
IXHFRPXQLFDGDDODRILFLQDGHODSROLFtD\HOORV ORVRILFLDOHV IXHURQHQYLDGRVSDUDLQYHVWLJDUHOFDVR
0HVRQUHt4XpSRGtD\RWHPHU"'LDDTXHOORVFDEDOOHURVODELHQYHQLGD(OFKLOOLGROHVGLMHOR
SURGXMH\RPLVPRHQVXHxRV(OYLHMROHVUHIHUtHVWDEDDXVHQWHHQHOFDPSR/OHYpDPLVYLVLWDQWHVSRU
WRGDODFDVD/HVLQYLWpDEXVFDUDEXVFDUELHQ)LQDOPHQWHORVFRQGXMHDVXKDELWDFLyQOHVPRVWUpVXV
WHVRURVVHJXURVVLQWRFDUSRUQDGLH(QHOHQWXVLDVPRGHPLFRQILGHQFLDWUDMHVLOODVDODKDELWDFLyQ\ORV
LQYLWpDTXHGHVFDQVDUDQGHVXVIDWLJDVPLHQWUDV\RPLVPRFRQODRVDGDDXGDFLDGHPLSHUIHFWRWULXQIR
FRORFDEDPLSURSLDVLOODSUHFLVDPHQWHHQFLPDGHOOXJDUGRQGHUHSRVDEDHOFDGiYHUGHODYtFWLPD
/RV RILFLDOHV VH GLHURQ SRU VDWLVIHFKRV 0LV PDQHUDV ORV KDEtDQ FRQYHQFLGR <R HVWDED
FRPSOHWDPHQWH WUDQTXLOR 6H VHQWDURQ \ PLHQWUDV \R FRQWHVWDED DOHJUHPHQWH HOORV KDEODURQ GH FRVDV
IDPLOLDUHV3HURQRPXFKRWLHPSRGHVSXpVPHVHQWtSDOLGHFHU\GHVHpTXHVHIXHUDQ0HGROtDODFDEH]D\
PHVRQDEDQORVRtGRVSHURHOORVVLQHPEDUJRVHJXtDQVHQWDGRV\FKDUODQGR(OVRQLGRGHORVRtGRVVH
KL]RPiVFODUR&RQWLQXy\OOHJyDKDFHUVHFODUDPHQWHSHUFHSWLEOH<RKDEODEDPXFKRSDUDOLEUDUPHGH
DTXHOVHQWLPLHQWRSHURHVWHFRQWLQXDED\VHSUHFLVDEDFDGDYH]KDVWDTXHDOILQGHVFXEUtTXHHOUXLGRQR
HVWDEDGHQWURGHPLVRtGRV
'HEt GH SRQHUPH PX\ SiOLGR SHUR VHJXtD KDEODQGR FRQ IOXLGH] \ HQ YR] PiV DOWD GH OR FRP~Q (O
UXLGRDXPHQWy4XpSRGtDKDFHU\RSDUDHYLWDUOR"(UDXQVRQLGREDMRVRUGR\UiSLGRVHPHMDQWHDOTXH
SURGXFHXQUHORMHQYXHOWRHQDOJRGRQHV$EUtODERFDSDUDUHVSLUDU\ORVRILFLDOHVQRRtDQQDGD+DEOp
PiV UiSLGDPHQWH PiV YHKHPHQWHPHQWH SHUR HO UXLGR VHJXtD DXPHQWDQGR FRQ ILUPH]D 0H OHYDQWp \
DUJXPHQWp VREUH YDULDV EDJDWHODV D JULWRV FDVL JHVWLFXODQGR YLROHQWDPHQWH 3HUR HO UXLGR VHJXtD
DXPHQWDQGR
128

3RU TXp QR VH LUtDQ" 0H SXVH D UHFRUUHU OD KDELWDFLyQ GH DUULED DEDMR GDQGR ]DQFDGDV FRPR VL
H[FLWDVHQPLIXULDODVREVHUYDFLRQHVGHDTXHOORVKRPEUHVSHURHOUXLGRVHJXtDDXPHQWDQGRILUPHPHQWH
2K'LRVPtR4XpSRGUtDKDFHU"*ULWpEUDPpEODVIHPp%DODQFHpODVLOODVREUHORVPDGHURVSHURHO
UXLGR VH DO]DED VREUH WRGR \ DXPHQWDED FRQWLQXDPHQWH 6H KL]R PiV IXHUWH PiV IXHUWH PiV IXHUWH <
DTXHOORV KRPEUHV FKDUODEDQ DPDEOHPHQWH \ VRQUHtDQ (UD SRVLEOH TXH QR OR R\HUDQ" 2K 'LRV
7RGRSRGHURVR2KQR(OORVORRtDQ(OORVVRVSHFKDEDQ(OORVORVDEtDQ6HHVWDEDQEXUODQGRGHPL
HVSDQWR (VR SHQVp \ HVR SLHQVR DKRUD 3HUR FXDOTXLHU FRVD HUD PHMRU TXH VRSRUWDU DTXHOOD DJRQtD
&XDOTXLHU FRVD HUD PiV WROHUDEOH TXH DTXHOOD EXUOD <R QR SRGtD VRSRUWDU SRU PiV WLHPSR DTXHOODV
KLSyFULWDV VRQULVDV 6HQWtD TXH GHEtD JULWDU R PH PRULUtD < GH QXHYR VH HVFXFKDED PiV IXHUWH PiV
IXHUWHPiVIXHUWH
0DOYDGRVJULWp1RGLVLPXOpLVPiV$GPLWRHOKHFKR$SDUWDGHVRVWDEORQHV$TXt$TXt
HVWiHOODWLGRGHVXKRUULEOHFRUD]yQ

129

(OGHPRQLRGHODSHUYHUVLGDG>@

/FRQVLGHUDUODVIDFXOWDGHVRLPSXOVRVGHODSULPDPRELOLDGHODPHQWHKXPDQDORVIUHQyORJRVKDQ
GHMDGR VLQ FODVLILFDU XQD SURSHQVLyQ TXH DXQTXH HYLGHQWHPHQWH H[LVWtD FRPR XQ VHQWLPLHQWR
UDGLFDO SULPLWLYR H LUUHGXFLEOH KD VLGR WDPELpQ LJXDOPHQWH LJQRUDGD SRU WRGRV ORV PRUDOLVWDV TXH OHV
SUHFHGLHURQ (Q OD SXUD DUURJDQFLD GH OD UD]yQ WRGRV OD KHPRV SDVDGR SRU DOWR +HPRV SHUPLWLGR TXH
HVFDSDVHVXH[LVWHQFLDDQXHVWURVVHQWLGRV~QLFDPHQWHSRUIDOWDGHIHVHDIHHQOD5HYHODFLyQRIHHQOD
&DEDOD/DLGHDGHVXH[LVWHQFLDQRVHQRVRFXUULyQXQFD1RKHPRVVHQWLGRODQHFHVLGDGGHDYHULJXDUVX
RULJHQ1RSRGtDPRVSHUFLELUHVDQHFHVLGDG1RFRPSUHQGtDPRVHVGHFLUQRKXELpUDPRVFRPSUHQGLGR
DXQTXH OD QRFLyQ GH HVWH SULPXP PRELOH VH KXELHUD HQWURPHWLGR D OD IXHU]D QRV HUD LPSRVLEOH
FRPSUHQGHUHQTXpPRGRSRGtDVHUYLUSDUDOOHYDUPiVOHMRVORVREMHWLYRVGHOD+XPDQLGDG1RSXHGH
QHJDUVH TXH OD IUHQRORJtD \ HQ JUDQ SDUWH WRGD OD PHWDItVLFD KDQ VLGR FRQFHELGDVD SULRUL (O KRPEUH
LQWHOHFWXDOROyJLFRPiVELHQTXHHOLQWHOLJHQWHXREVHUYDGRUVHGHGLFDpOPLVPRDLPDJLQDUSODQHV\D
GLFWDUSURSyVLWRVD'LRV8QDYH]TXHKDVRQGHDGRDVXJXVWRODVLQWHQFLRQHVGH-HKRYi\GHDFXHUGRFRQ
HOODV FRQVWUX\H VXV LQQXPHUDEOHV VLVWHPDV PHQWDOHV (Q IUHQRORJtD SRU HMHPSOR GHWHUPLQDURQ
SULPHUDPHQWHFRPRFRVDQDWXUDOTXHHUDGHVLJQLRGH'LRVTXHHOKRPEUHFRPLHUD(QWRQFHVDVLJQDPRVDO
KRPEUHXQyUJDQRGHODDOLPHQWLYLGDG\HVWHyUJDQRHVDTXHOSRUHOTXH'LRVLQVWDDOKRPEUHTXLHUDR
QRTXLHUDDFRPHU
(QVHJXQGROXJDU\KDELHQGRTXHGDGRHVWDEOHFLGRTXHHUDYROXQWDGGH'LRVTXHHOKRPEUHFRQWLQXDUD
OD HVSHFLH GHVFXEULPRV LQPHGLDWDPHQWH XQ yUJDQR GH OD DPDWLYLGDG \ OR PLVPR VXFHGLy FRQ OD
FRPEDWLYLGDGODLGHDOLGDGODFDVXDOLGDGODFRQVWUXFWLYLGDG\HQVXPDFRQWRGRV\FDGDXQRGHORV
yUJDQRVTXHUHSUHVHQWDQXQDLQFOLQDFLyQXQVHQWLPLHQWRPRUDORXQDIDFXOWDGGHSXUDLQWHOLJHQFLD<HQ
HVWDGLVSRVLFLyQGHORVSULQFLSLRVGHODDFFLyQKXPDQDORVVSXU]KHLPLVWDV>@FRQRVLQUD]yQHQSDUWHR
WRWDOPHQWHQRKDQKHFKRVLQRVHJXLUODVKXHOODVGHVXVSUHGHFHVRUHVGHGXFLHQGR\HVWDEOHFLHQGRWRGRGHO
GHVWLQRSUHFRQFHELGRGHOKRPEUHVREUHODEDVHGHORVREMHWLYRVGHVX&UHDGRU
+XELHUDVLGRPiVVDELR\WDPELpQPiVVHJXURFODVLILFDU VLHVTXHHVSRVLEOHKDFHUOR VREUHODEDVH
GHORTXHHOKRPEUHKDFHGHXQPRGRXVXDORDFFLGHQWDOHQYH]GHEDVDUORHQORTXHFUHHPRVTXH'LRV
TXLVR TXH KLFLHUD 6L QR SRGHPRV FRPSUHQGHU D 'LRV HQ VXV REUDV YLVLEOHV FyPR SRGUHPRV
FRPSUHQGHUOR HQ VXV LPSHQHWUDEOHV SHQVDPLHQWRV TXH GDQ YLGD D HVDV REUDV" 6L QR SRGHPRV
FRPSUHQGHUORHQVXVFULDWXUDVREMHWLYDVFyPRHQWRQFHVKDFHUORFRQVXVVXVWDQWLYRVHVWDGRVGHiQLPR\
HQODVIDVHVGHODFUHDFLyQ"
/D LQGXFFLyQ D SRVWHULRUL KXELHUD OOHYDGR D OD IUHQRORJtD D DGPLWLU FRPR XQ SULQFLSLR LQQDWR \
SULPLWLYRGHODVDFFLRQHVKXPDQDVXQDFRVDDOJRSDUDGyMLFDTXHSRGUtDPRVOODPDUSHUYHUVLGDGRPHMRU
SHUYHUVLyQ D IDOWD GH RWUR WpUPLQR PiV FDUDFWHUtVWLFR (Q HO VHQWLGR TXH \R OH DWULEX\R VH WUDWD HQ
UHDOLGDG GH XQ PRELOH VLQ FDXVD XQD FDXVD VLQ PRWLYR %DMR VXV LPSXOVRV DFWXDPRV VLQ XQ ILQ
FRPSUHQVLEOH R VL HVWR VH YH FRPR XQD FRQWUDGLFFLyQ GH ORV WpUPLQRV QRVRWURV WDPELpQ SRGHPRV
PRGLILFDUODSURSRVLFLyQGLFLHQGRTXHEDMRVXVLPSXOVRVQRVRWURVDFWXDPRVSRUODPLVPDUD]yQTXHQR
GHEHUtDPRVDFWXDU(QWHRUtDQRH[LVWHQLQJXQDUD]yQTXHSXHGDVHUPiVLUUD]RQDEOHSHURHQUHDOLGDGQR
H[LVWH QLQJXQD GH PiV IXHU]D (Q FLHUWDV PHQWHV \ EDMR FLHUWDV FRQGLFLRQHV OOHJD D VHU DEVROXWDPHQWH
130

LUUHVLVWLEOH1RHVWR\PiVVHJXURGHTXHUHVSLURTXHGHODFRQYLFFLyQGHTXHHOPDOHUURUGHFXDOTXLHU
DFFLyQHVIUHFXHQWHPHQWHXQDLQFRQTXLVWDEOHWHQGHQFLDTXHQRVLPSXOVD\VRORQRVLPSXOVDDUHDOL]DUOR
(VWDLUUHVLVWLEOHWHQGHQFLDDKDFHUHOPDOSRUHOPDOQRDGPLWHDQiOLVLVRUHVROXFLyQDOJXQDHQXOWHULRUHV
HOHPHQWRV (V XQ LPSXOVR HOHPHQWDOPHQWH UDGLFDO \ SULPLWLYR (VWR\ VHJXUR TXH VH GLUi TXH FXDQGR
SHUVLVWLPRV HQ GHWHUPLQDGRV DFWRV SRUTXH VHQWLPRV TXH QR GHEHUtDPRV SHUVLVWLU HQ HOORV QXHVWUD
FRQGXFWDQRHVPiVTXHXQDPRGLILFDFLyQGHDTXHOODTXHRUGLQDULDPHQWHSURFHGHGHODTXHHQIUHQRORJtD
VH OODPD FRPEDWLYLGDG 3HUR XQD VLPSOH UHIOH[LyQ QRV PRVWUDUtD OD IDOVHGDG GH HVWD LGHD /D
FRPEDWLYLGDG IUHQROyJLFD UDGLFD SRU VX SURSLD HVHQFLD HQ OD QHFHVLGDG GH OD DXWRGHIHQVD (V QXHVWUD
VDOYDJXDUGLD FRQWUD HO GDxR \ HO PDO 6X SULQFLSLR FRQWHPSOD QXHVWUR ELHQHVWDU \ DVt HO GHVHR GH
ELHQHVWDUVHUtDH[FLWDGRVLPXOWiQHDPHQWHFRQFXDOTXLHUFRVDTXHIXHUDVLPSOHPHQWHXQDPRGLILFDFLyQGH
OD FRPEDWLYLGDG 3HUR HQ HO FDVR GH HVWH DOJR TXH OODPR SHUYHUVLGDG QR VROR VH HVWLPXOD HO GHVHR GH
ELHQHVWDUVLQRRWURVHQWLPLHQWRIXHUWHPHQWHDQWDJyQLFR
8QD DSHODFLyQ D QXHVWUR SURSLR FRUD]yQ HV GHVSXpV GH WRGR OD PHMRU UHVSXHVWD DO VRILVPD TXH
HVWDPRV UHEDWLHQGR 1DGLH TXH VLQFHUDPHQWH \ D IRQGR FRQVXOWH D VX SURSLR HVStULWX SRGUi QHJDU HO
FDUiFWHU FRPSOHWDPHQWH UDGLFDO GH OD SURSHQVLyQ HQ FXHVWLyQ 6HUi DOJR LQFRPSUHQVLEOH VL VH TXLHUH
SHUR VH SUHVHQWD FRQ WUD]RV SHUIHFWDPHQWH GHILQLGRV 1R H[LVWH VHU KXPDQR TXH HQ DOJ~Q SHUtRGR GH VX
YLGDQRKD\DVLGRDWRUPHQWDGRSRUHMHPSORFRQXQDQJXVWLRVRGHVHRGHH[DVSHUDUFRQFLUFXQORTXLRVD
TXLHQOHHVFXFKD(OTXHKDEODVHGDFXHQWDGHTXHHVWiGHVDJUDGDQGRWLHQHODPLVPDLQWHQFLyQGHVHU
DJUDGDEOHpODFRVWXPEUDVHUFODUREUHYH\SUHFLVRHOOHQJXDMHPiVODFyQLFR\OXPLQRVRHVWiOXFKDQGR
SRU EURWDU GH VX OHQJXD \ VROR FRQ JUDQ GLILFXOWDG VH HYLWD GDU ULHQGD VXHOWD D HVH PDQDQWLDO WHPH \
GHSORUDHOHQIDGRGHDTXHODTXLHQHVWiKDEODQGRSHURVLQHPEDUJROHDVDOWDHOSHQVDPLHQWRGHTXHSRU
FLHUWRV URGHRV \ SDUpQWHVLV SRGUtD SURYRFDU HVH PLVPR HQIDGR (VWH VLPSOH SHQVDPLHQWR HV VXILFLHQWH
SDUDFRQYHUWLUVHHQGHVHRHVWHHQLPSXOVRLQFRQWURODEOH\HVWH~OWLPRLPSXOVRDQWHHOSURIXQGRGLVJXVWR
\PRUWLILFDFLyQGHOTXHKDEOD\DSHVDUGHWRGDVODVFRQVHFXHQFLDVVXFXPEHDODREVHVLyQGHXQDQKHOR
7HQHPRV DQWH QRVRWURV XQD WDUHD TXH GHEH VHU UiSLGDPHQWH OOHYDGD D FDER 6DEHPRV TXH VHUtD UXLQRVD
FXDOTXLHUGLODFLyQ/DFULVLVPiVJUDQGHGHQXHVWUDYLGDQRVUHFODPDFRQFODUtQGHXUJHQFLDODLQPHGLDWD
\HQpUJLFDDFFLyQ1RVFRQVXPLPRVFRQODLGHDGHFRPHQ]DUHOWUDEDMR1XHVWUDVDOPDVDUGHQ\DFRQHO
UHVXOWDGRJORULRVRREWHQLGR(VQHFHVDULRTXHODHPSUHQGDPRVKR\\VLQHPEDUJRODSRVSRQHPRVKDVWD
PDxDQDSRUTXp"
1RH[LVWHUHVSXHVWDFRPRQRVHDODGHTXHQRVGRPLQDODSHUYHUVLyQXVDQGRODSDODEUDHQHOVHQWLGR
TXH OH YHQLPRV GDQGR 3HUR OOHJD HO GtD VLJXLHQWH \ FRQ XQD LPSDFLHQFLD PD\RU D~Q VH DFUHFLHQWD
QXHVWURGHVHRGHFXPSOLUFRQQXHVWURGHEHUSHURFRQHVWHPLVPRLQFUHPHQWRGHDQVLHGDGWDPELpQOOHJD
XQGHVHRVLQQRPEUHGHGHPRUDUORTXHHVSRVLWLYDPHQWHWHUULEOHSRUTXHHVLQVRQGDEOH&RQHOSDVRGHO
WLHPSRHOGHVHRYDFREUDQGRIXHU]D6RORWHQHPRVXQDKRUDSDUDODDFFLyQ\WHPEODPRVDQWHODYLROHQFLD
GHOFRQIOLFWRTXHVHSODQWHDHQQRVRWURVGHORLQGHILQLGRFRQORGHILQLGRHQWUHODUHDOLGDG\ODVRPEUD
3HURVLODOXFKDKDOOHJDGRKDVWDWDOSXQWRVLHVODVRPEUDTXLHQSUHYDOHFHKDEUHPRVOXFKDGRHQYDQR(O
UHORM PDUFD OD KRUD GH OD DJRQtD GH QXHVWUD IHOLFLGDG \ DO PLVPR WLHPSR HV OD KRUD GHO FiQWLFR GH ORV
IDQWDVPDVTXHGXUDQWHWDQWRWLHPSRVHKDQFHUQLGRVREUHQRVRWURV+X\HODVRPEUD'HVDSDUHFH6RPRV
OLEUHV9XHOYHQODVYLHMDVHQHUJtDV$KRUDWUDEDMDUHPRVSHURD\HVGHPDVLDGRWDUGH
(VWDPRVDOERUGHGHOSUHFLSLFLR$WLVEDPRVHODELVPRVHQWLPRVYpUWLJR\PDOHVWDU1XHVWURSULPHU
LPSXOVR HV UHWURFHGHU DQWH HO ULHVJR SHUR LQH[SOLFDEOHPHQWH QRV TXHGDPRV 3RFR D SRFR QXHVWUR
131

PDOHVWDU YpUWLJR \ KRUURU YDQ GLOX\pQGRVH HQ XQD QLHEOD GH XQ VHQWLPLHQWR LQGHILQLEOH 3RU JUDGRV
WRGDYtDPiVLPSHUFHSWLEOHVHVWDQLHEODYDWRPDQGRIRUPDFRPRKDFHHOYDSRUGHODERWHOODGHODTXH
VXUJHHOJHQLRGH/DVPLO\XQDQRFKHV 3HUR HVD QXEH QXHVWUD TXH VH OHYDQWD DO ERUGH GHO SUHFLSLFLR
DGTXLHUHXQDIRUPDFDGDYH]PiVSDOSDEOH\PXFKRPiVWHUULEOHTXHFXDOTXLHUJHQLRRGHPRQLRGHXQD
IiEXOD\FRQWRGRQRHVVLQRXQSHQVDPLHQWRTXHKLHODKDVWDODPpGXODGHORVKXHVRVFRQHOGHOHLWHIHUR]
GH VX KRUURU (V VLPSOHPHQWH OD LGHD GH SHQVDU FXiOHV VHUtDQ QXHVWUDV VHQVDFLRQHV VL QRV YLpUDPRV
SUHFLSLWDGRVGHVGHODDOWXUD\HVWDFDtGDHVWHLPSHWXRVRDQLTXLODPLHQWRSRUODPLVPDUD]yQGHTXH
VXSRQH XQD GH ODV LPiJHQHV GH OD PXHUWH PiV HVSDQWRVD \ KRUULEOH TXH MDPiV VH KD\DQ SUHVHQWDGR D
QXHVWUD LPDJLQDFLyQ SRU HVWD PLVPD FDXVD OD GHVHDPRV FRQ XQD PD\RU LQWHQVLGDG < SRUTXH QXHVWUD
UD]yQ QRV DOHMD YLROHQWDPHQWH GHO ERUGH HV SUHFLVDPHQWH SRU OR TXH QRV DFHUFDPRV D pO FRQ PD\RU
tPSHWX(QODQDWXUDOH]DQRKD\SDVLyQWDQGLDEyOLFDPHQWHWHUULEOHFRPRODGHOKRPEUHTXHWHPEODQGRDO
ERUGHGHODELVPRSLHQVDDUURMDUVHHQpO(OSHUPLWLUSRUXQPRPHQWRTXHHOSHQVDPLHQWRVHDGXHxHGH
QRVRWURVHVHVWDULQHYLWDEOHPHQWHSHUGLGRVSRUTXHODUD]yQQRVORSURKtEHDXQTXHSUHFLVDPHQWHSRUHVR
QRSRGDPRVHYLWDUOR6LQRKD\DOJ~QEUD]RDPLJRTXHQRVGHWHQJDRVLVRPRVLQFDSDFHVGHXQUHSHQWLQR
HVIXHU]RSDUDUHWURFHGHUGHOERUGHGHODELVPRQRVSUHFLSLWDUHPRVSRUpOVDOWDUHPRV\QRVTXHGDUHPRV
GHVWUR]DGRVHQHOIRQGR
6LH[DPLQDPRVHVWRVDFWRV\RWURVVHPHMDQWHVYHUHPRVTXH~QLFDPHQWHVRQHOUHVXOWDGRGHOHVStULWX
GH OD SHUYHUVLyQ /RV UHDOL]DPRV VLPSOHPHQWH SRUTXH VHQWLPRV TXH QR GHEHPRV KDFHUOR 0iV DOOi R
GHWUiVGHHVWHQRKD\QLQJ~QSULQFLSLRLQWHOLJLEOH\HQUHDOLGDGSRGUtDPRVFRQVLGHUDUHVWDSHUYHUVLGDG
FRPRXQDLQVWLJDFLyQGLUHFWDGHOGHPRQLRVLQRVHKXELHUDYLVWRTXHHQRFDVLRQHVHVWDSHUYHUVLyQSXHGH
FRQWULEXLUDODUHDOL]DFLyQGHXQELHQ
6LKHKDEODGRWDQWRVREUHHVWHWHPDKDVLGRSDUDSRGHUFRQWHVWDUHQFLHUWDPHGLGDDYXHVWUDSUHJXQWD
SDUDSRGHUH[SOLFDURVODUD]yQSRUODTXHHVWR\DTXt\SDUDRIUHFHURVDOJRTXHWHQJDHODVSHFWRDXQTXH
GpELOGHODFDXVDDODTXHVHGHEHHOTXH\RDKRUDHVWpHQFDGHQDGR\GHPLUHFOXVLyQHQHVWDFHOGDGHORV
FRQGHQDGRV D PXHUWH 6L QR KXELHUD VLGR WDQ SUROLMR HQ PLV H[SOLFDFLRQHV XVWHG SRVLEOHPHQWH QR PH
KDEUtD FRPSUHQGLGR GHO WRGR R FRPR HO YXOJR PH KDEUtDLV WRPDGR SRU ORFR &RQ HVWR IiFLOPHQWH
FRPSUHQGHUpLVTXHQRVR\VLQRXQDGHODVLQFRQWDEOHVYtFWLPDVGHOGHPRQLRGHODSHUYHUVLGDG
(VLPSRVLEOHTXHQLQJXQDKD]DxDGHDTXHOODQDWXUDOH]DVHKD\DSODQHDGRGHPDQHUDPiVFRQFLHQ]XGD
'XUDQWHVHPDQDVGXUDQWHPHVHVUHIOH[LRQpVREUHORVPHGLRVGHODVHVLQDWR5HKXVpXQPLOODUGHSODQHV
SRUTXH VX HMHFXFLyQ WUDtD FRQVLJR XQD SUREDELOLGDG GH UHYHODFLyQ 3RU ILQ OH\HQGR XQDV PHPRULDV
IUDQFHVDVHQFRQWUpXQDKLVWRULDGHXQDHQIHUPHGDGFDVLPRUWDOTXHOHRFXUULyDPDGDPH3LODXDFDXVDGH
XQD EXMtD DFFLGHQWDOPHQWH HQYHQHQDGD 'H SURQWR OD LGHD LPSUHVLRQy PL LPDJLQDFLyQ 6DEtD TXH PL
YtFWLPDVROtDOHHUHQODFDPD7DPELpQVDEtDTXHVXKDELWDFLyQHUDHVWUHFKD\SRFRYHQWLODGD3HURQRKD\
QHFHVLGDGGHDEXUULUOHVFRQLPSHUWLQHQWHVGHWDOOHV1RGHVFULELUpORVVHQFLOORVDUWLILFLRVGHORVTXHPH
YDOtSDUDVXVWLWXLUHQODSDOPDWRULDGHVXGRUPLWRULRXQDYHODGHFHUDGHPLSURSLDIDEULFDFLyQSRUXQD
TXHDOOtKDEtD$ODPDxDQDVLJXLHQWHVHODKDOOyPXHUWDHQODFDPD\HOYHUHGLFWRGHOIRUHQVHIXHPXHUWD
SRUYROXQWDGGH'LRV
+HUHGpVXIRUWXQD\GXUDQWHDOJXQRVDxRVWRGRPDUFKyVREUHUXHGDV/DLGHDGHTXHVHGHVFXEULHUD
QXQFDVHPHSDVySRUODFDEH]D1RPHKDEtDFRVWDGRWUDEDMRGHVHPEDUD]DUPHGHORVUHVWRVGHODEXMtD
IDWDO1RGHMpODPiVOHYHVRPEUDGHXQDSLVWDTXHSXGLHUDFXOSDUPHRLQFOXVRKDFHUPHVRVSHFKRVRGHO
FULPHQ 5HVXOWD LQFRQFHELEOH HO ULFR VHQWLPLHQWR GH VDWLVIDFFLyQ TXH VH DO]DED HQ PL SHFKR FXDQGR
132

UHIOH[LRQDED VREUH PL DEVROXWD LQWHJULGDG 'XUDQWH XQ SHUtRGR PX\ ODUJR GH WLHPSR PH DFRVWXPEUp D
UHJRFLMDUPH FRQ DTXHO VHQWLPLHQWR 0H SURSRUFLRQDED XQ GHOHLWH PiV UHDO TXH WRGRV ORV VLPSOHV
EHQHILFLRVPXQGDQRVTXHFRQVHJXtFRQPLFULPHQ3HUROOHJyDOILQHOPRPHQWRHQHOFXDOHOVHQWLPLHQWR
GHSODFHUIXHYROYLpQGRVHSRUXQDJUDGDFLyQDSHQDVSHUFHSWLEOHHQXQSHQVDPLHQWRTXHPHREVHVLRQDED
\ PH KRVWLJDED FRQWLQXDPHQWH 0H KRVWLJDED SUHFLVDPHQWH SRUTXH PH REVHVLRQDED <R DSHQDV SRGtD
GHVKDFHUPHGHpOSRUXQLQVWDQWH(VXQDFRVDKDUWRIUHFXHQWHTXHDYHFHVQRVVLQWDPRVLQFyPRGRVSRUHO
UXLGRFRQWLQXRHQQXHVWURVRtGRVGHXQDHVSHFLHGHVRQLGRRPiVELHQHQQXHVWURUHFXHUGRGHOHVWULELOOR
GH DOJXQD FDQFLyQ FRQRFLGD R GH FLHUWRV IUDJPHQWRV GH XQD ySHUD (O WRUPHQWR SURGXFLGR QR HV PHQRU
SRUTXHODFDQFLyQVHDEXHQDRODySHUDPHULWRULD
'HHVWHPRGRPHYL\RDOILQSHUSHWXDPHQWHDWUDSDGRUHIOH[LRQDQGRVREUHPLVHJXULGDG\UHSLWLHQGR
HQXQWRQRPX\EDMRODIUDVHHVWR\DVDOYR
8Q GtD PLHQWUDV GHDPEXODED SRU ODV FDOOHV TXHGp VRUSUHQGLGR DO GDUPH FXHQWD GH TXH HVWDED
PXUPXUDQGRFDVLHQYR]DOWDODVVtODEDVLQHYLWDEOHV(QXQDFFHVRGHSHWXODQFLDODVUHSHWtPROGHiQGRODV
GH HVWD IRUPD (VWR\ D VDOYR HVWR\ D VDOYR VL QR VR\ OR VXILFLHQWHPHQWH ORFR FRPR SDUD KDFHU XQD
FRQIHVLyQWRWDO
1RKDEtDWHUPLQDGRGHSURQXQFLDUHVWDVSDODEUDVFXDQGRVHQWtTXHXQIUtRJODFLDOLQYDGtDPLFRUD]yQ
<R KDEtD WHQLGR DOJXQD H[SHULHQFLD VREUH HVWRV DUUHEDWRV GH SHUYHUVLyQ FX\D QDWXUDOH]D KH LQWHQWDGR
H[SOLFDU FRQ JUDQ GLILFXOWDG SRU PL SDUWH  \ UHFXHUGR ELHQ TXH HQ QLQJ~Q PRPHQWR VDOt DLURVR GH VXV
DWDTXHV(QWRQFHVDTXHOODIRUWXLWDDXWRVXJHVWLyQGHTXH\RSXGLHUDVHUORVXILFLHQWHPHQWHORFRFRPRSDUD
FRQIHVDU HO DVHVLQDWR GHO TXH KDEtD VLGR FXOSDEOH VH OHYDQWDED IUHQWH D Pt FRPR VL IXHUD HO SURSLR
HVSHFWURGHOTXH\RKDEtDDVHVLQDGR\PHODQ]DEDKDFLDODPXHUWH
$OSULQFLSLRKLFHXQHVIXHU]RSDUDOLEUDUDPLPHQWHGHDTXHOODSHVDGLOOD&DPLQpHQpUJLFDPHQWHPiV
GHSULVDWRGDYtDPiVGHSULVD\DOILQDOHFKpDFRUUHU6HQWtDXQORFRGHVHRGHJULWDUHQYR]DOWD$FDGD
ROHDGD GH DTXHO SHQVDPLHQWR VH FHUQtD VREUH Pt XQ QXHYR WHUURU $\ \R FRPSUHQGtD FRPSUHQGtD
GHPDVLDGRELHQTXHSHQVDUHQPLVLWXDFLyQVLJQLILFDEDPLUXLQD3RUHVRDSUHVXUpPLSDVR&RUUtFRPR
XQORFRSRUHQWUHODVDYHQLGDVDWHVWDGDV)LQDOPHQWHHOSRSXODFKRVHDODUPy\FRPHQ]yDSHUVHJXLUPH
(QWRQFHVVHQWtHOILQDOGHPLGHVWLQR6LKXELHUDSRGLGRDUUDQFDUPHODOHQJXDORKDEUtDKHFKRSHURXQD
YR]iVSHUDUHVRQyHQPLVRtGRVXQDPDQRD~QPiVUXGDPHVXMHWySRUHOKRPEUR0HYROYtFRQWXYHHO
DOLHQWR 'XUDQWH XQ PRPHQWR VHQWt WRGDV ODV DQJXVWLDV GH OD DVIL[LD 0H TXHGp FLHJR VRUGR \
FRPSOHWDPHQWHDWXUGLGR(QWRQFHVFUHRDOJ~QGHPRQLRLQYLVLEOHPHJROSHyFRQVXDQFKDSDOPDVREUHOD
HVSDOGD(OVHFUHWRHQFHUUDGRPXFKRWLHPSRHQPtHVFDSyGHPLHVStULWXDUDXGDOHVFDVLHVWDOODQGR
'LFHQ TXH KDEOp FODUDPHQWH SHUR FRQ XQ pQIDVLV PDUFDGR \ XQD DSDVLRQDGD SUHFLSLWDFLyQ FRPR VL
WXYLHUDPLHGRGHTXHPHLQWHUUXPSLHUDQDQWHVGHKDEHUFRQFOXLGRODVEUHYHVSHURLPSRUWDQWHVIUDVHVTXH
PHHQYLDEDQDPDQRVGHOYHUGXJRGHVWLQiQGRPHDOLQILHUQR
8QD YH] TXH KXEH UHYHODGR WRGR OR QHFHVDULR SDUD FRQVWLWXLU OD SUXHED MXGLFLDO PiV ILUPH FDt
GHVYDQHFLGR
3HURSRUTXpGHFLUPiV"+R\OOHYRHVWDVFDGHQDV\HVWR\DTXt0DxDQDHVWDUpHQOLEHUWDGSHUR
GyQGH"

133

(GJDU$OODQ3RH

1DUUDFLRQHVH[WUDRUGLQDULDV
H38%Y

3HW\U

134

Notas

135

136

137

138