Está en la página 1de 36

6(5,(





















JHVWLyQS~EOLFD

'

DWRVDELHUWRV8QQXHYR
GHVDItRSDUDORVJRELHUQRV
GHODUHJLyQ
*DVWyQ&RQFKD
$OHMDQGUD1DVHU






,QVWLWXWR/DWLQRDPHULFDQR\GHO&DULEHGH
3ODQLILFDFLyQ(FRQyPLFD\6RFLDO ,/3(6 


 6DQWLDJRPDU]RGH




(VWHGRFXPHQWRIXHSUHSDUDGRSRU$OHMDQGUD1DVHUGHOUHDGH3ROtWLFDV3UHVXSXHVWDULDV\*HVWLyQ3~EOLFDGHO
,QVWLWXWR/DWLQRDPHULFDQR\GHO&DULEHGH3ODQLILFDFLyQ(FRQyPLFD\6RFLDO ,/3(6 MXQWRD*DVWyQ&RQFKD
GHO SUR\HFWR #/,6 GH OD 'LYLVLyQ GH 'HVDUUROOR 3URGXFWLYR \ (PSUHVDULDO GH OD &RPLVLyQ (FRQyPLFD SDUD
$PpULFD/DWLQD\HO&DULEH &(3$/ 
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHODRUJDQL]DFLyQ


3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
/&/
/&,3/
&RS\ULJKW1DFLRQHV8QLGDVPDU]RGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV(VWDGRVPLHPEURV\VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6RORVHOHV
VROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ

&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

QGLFH

5HVXPHQ
,QWURGXFFLyQ
,

&UHDFLyQGHYDORUFRQJRELHUQRDELHUWR'HILQLFLyQREMHWLYRV
EHQHILFLRV\FRPSRQHQWHV
$ 7UDQVSDUHQFLD
% 3DUWLFLSDFLyQ
& &RODERUDFLyQ
' %HQHILFLRVGHO2SHQ*RYHUQPHQW'DWD 2*' 
( 8QDKRMDGHUXWD

,, 7HQGHQFLDV\SULPHURVUHVXOWDGRVHQHOPXQGR
$ 3URYLVLyQGHVHUYLFLRV
% 7UDQVSDUHQFLDDFFRXQWDELOLW\
& 3UR\HFWRVGHFRODERUDFLyQ
,,, &yPRPHGLUORVUHVXOWDGRVGHLQLFLDWLYDV
GHGDWRVDELHUWRV
,9 5HIOH[LRQHV\UHFRPHQGDFLRQHV
%LEOLRJUDItD
6HULH*HVWLyQS~ELFDQ~PHURVSXEOLFDGRV



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

QGLFHGHFXDGURV
&8$'52
&8$'52

5(680(1'(/$6,1,&,$7,9$60(1&,21$'$6'(2*'
,1',&$'25(6'(5()(5(1&,$3$5$,1,&,$7,9$6'('$726$%,(5726

QGLFHGHGLDJUDPDV
',$*5$0$ 5(/$&,1*2%,(512$%,(572<'$726$%,(5726
',$*5$0$ 23(1*29(510(17'$7$<686326,%/(6&20%,1$&,21(6
',$*5$0$ &$5$&7(5,=$&,1'(/6(&725,1)20(',$5,2<68
5(/$&,1&21(/6(&7253%/,&2<868$5,26),1$/(6







&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

5HVXPHQ

(QORV~OWLPRVDxRVKDFRPHQ]DGRXQDYHUGDGHUDUHYROXFLyQHQPDWHULDGH
DFFHVR D OD LQIRUPDFLyQ S~EOLFD SRU SDUWH GH ORV FLXGDGDQRV $ HVWD
UHYROXFLyQ VH OH KD GHQRPLQDQGR 2SHQ 'DWD R 'DWRV $ELHUWRV  OD
FXDO FRQVLVWH HQ SRQHU D GLVSRVLFLyQ GH OD VRFLHGDG ORV GDWRV GH LQWHUpV
FRP~Q GH OD FLXGDGDQtD SDUD TXH GH FXDOTXLHU IRUPD pVWRV SXHGDQ
GHVDUUROODU XQD QXHYD LGHD R DSOLFDFLyQ TXH HQWUHJXH QXHYRV GDWRV
FRQRFLPLHQWRVXRWURVVHUYLFLRVTXHHOJRELHUQRQRHVFDSD]GHHQWUHJDU
(VWDUHYROXFLyQKDJHQHUDGRXQQXHYRSDUDGLJPDDWUDYpVGHOFXDO
HO (VWDGR \D QR VH HQFDUJD GH JHQHUDU WRGDV ODV DSOLFDFLRQHV QHFHVDULDV
SDUDORVFLXGDGDQRVVLQRTXHSRUHOFRQWUDULRHVODVRFLHGDGPLVPDTXLHQ
JHQHUD VXV SURSLDV DSOLFDFLRQHV SDUD VDFDU SURYHFKR D ORV GDWRV TXH HO
(VWDGRGHMDDVXGLVSRVLFLyQ
(O SUHVHQWH GRFXPHQWR LQWHQWD PRVWUDU DOJXQDV EXHQDV SUiFWLFDV
TXH VH KDQ GHVDUUROODGR HQ DOJXQRV SDtVHV GHO PXQGR MXQWR D XQD
SURSXHVWDPHWRGROyJLFDSDUDPHGLUORVUHVXOWDGRVGHXQDLPSODQWDFLyQGH
'DWRV$ELHUWRV
(QGHILQLWLYDVHSUHWHQGHPRWLYDUDORVWRPDGRUHVGHGHFLVLyQGHORV
JRELHUQRVDFHUFDGHORVHQRUPHVFDPELRVTXHHVWHQXHYRSDUDGLJPDWUDH
FRQVLJR SDUD HO FLXGDGDQR \ GDU D FRQRFHU ORV QXHYRV GHVDItRV TXH HVWD
QXHYDRODHVWiFRPHQ]DQGRDWHQHUHQORVSDtVHVGHODUHJLyQTXHURPSH
FRQ OD WUD\HFWRULD TXH KDVWD DKRUD OOHYDED OD HYROXFLyQ GHO GHQRPLQDGR
JRELHUQRHOHFWUyQLFRRJRELHUQRGLJLWDODPSOLDQGRVXDOFDQFHPiVDOOiGH
OD PHUD VLPSOLILFDFLyQ GH WUiPLWHV \ GH OD PD\RU WUDQVSDUHQFLD GH
LQIRUPDFLyQSRUSDUWHGHORVJRELHUQRVGHODJHVWLyQ



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

,QWURGXFFLyQ

(QTXpKRVSLWDOS~EOLFRKD\PHQRVLQIHFFLRQHVLQWUDKRVSLWDODULDV"&XiO
GHWRGRVORVFROHJLRVS~EOLFRVGHPLORFDOLGDGWLHQHXQPHMRUUHQGLPLHQWR
HVFRODU" (Q TXp ORFDOLGDG R FRPXQD GH PL SDtV H[LVWH PHQRU QLYHO GH
GHOLQFXHQFLDRPHMRUFDOLGDGGHODLUH"&XiOHVODGHPDQGDGHDUWtFXORVGH
HVFULWRULRHQODVLQVWLWXFLRQHVGHO(VWDGR"
&RPRVHDSUHFLDODVFRQVXOWDVSXHGHQVHUPX\VLPSOHV\ WDPELpQ
GH XQD JUDQ FRPSOHMLGDG GRQGH VH UHTXLHUH FUX]DU GDWRV SDUD REWHQHU
FLIUDVHVWDGtVWLFDVHFRQyPLFDVFLHQWtILFDVSUHVXSXHVWDULDVHQWUHRWUDV
/D LQIRUPDFLyQ SDUD FRQWHVWDU HVWDV SUHJXQWDV HVWi HVFRQGLGD HQ
DOJ~QULQFyQGHXQDEDVHGHGDWRVGHO(VWDGRRHQXQDFDUSHWDHQSDSHOGH
XQD RILFLQD S~EOLFD (QWRQFHV OD SUHJXQWD HV FyPR DFFHGHU D HVWD
LQIRUPDFLyQ" 3XHV ELHQ OD UHVSXHVWD HVWi HQ OR TXH KR\ OODPDPRV
*RELHUQR $ELHUWR X 2SHQ *RYHUQPHQW HQ LQJOpV  \ PiV
HVSHFtILFDPHQWHHQORTXHVHFRQRFHFRPR'DWRV$ELHUWRVGH*RELHUQR
X2SHQ*RYHUQPHQW'DWD HQLQJOpV ODFXDOFRQVLVWHHQXQDLQLFLDWLYD
PXQGLDO GH DFFHVR D OD LQIRUPDFLyQ GHO (VWDGR SRU SDUWH GH ORV
FLXGDGDQRV
1RKD\QLQJXQDGXGDHQTXHKR\HVWiFDPELDQGRODUHODFLyQHQWUHHO
(VWDGR \ ORV FLXGDGDQRV \ ODV WHFQRORJtDV GH LQIRUPDFLyQ \ FRPXQLFDFLyQ
7,&  VRQ OD JUDQ UHVSRQVDEOH GH HVWH DFHUFDPLHQWR \D TXH KDQ DELHUWR
GLYHUVRVFDQDOHVGHFRPXQLFDFLyQTXHKDQIDFLOLWDGRHVWHSURFHVR



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

+DVWD KDFH XQRV  DxRV OD SULPHUD HWDSD GH HYROXFLyQ GHO JRELHUQR HOHFWUyQLFR HUD DTXHOOD TXH
FRQVLVWtDHQDXWRPDWL]DUORVSURFHVRVGHO(VWDGRVLQKDFHUPD\RUHVUHGLVHxRVVLQDQDOL]DUVLVHGHEtDQ
DJUHJDU QXHYRV SURFHVRV R ORV TXH KDEtDQ GHEtDQ VHU UHIRUPXODGRV R VLPSOHPHQWH HOLPLQDGRV (O
REMHWLYRHUDDSURYHFKDUODVWHFQRORJtDVGHLQIRUPDFLyQSDUDDXWRPDWL]DUWRGRORTXHKDVWDKR\VHKDFtD
HQIRUPDPDQXDOSDUDDXPHQWDUODUDSLGH]HQODHQWUHJDGHORVVHUYLFLRVDOPHQRUFRVWR
3RVWHULRUPHQWHHQXQDQXHYDHWDSDGHODHYROXFLyQGHOJRELHUQRHOHFWUyQLFR\FRPRXQDFRQVHFXHQFLD
OyJLFDGHODVWDVDVGHSHQHWUDFLyQGHODUHG,QWHUQHWVHFRPHQ]yDXWLOL]DUOD:HEFRPRXQFDQDOSDUDOHORSDUD
HO DFFHVR D ORV VHUYLFLRV SRU SDUWH GHO FLXGDGDQR H[LVWLHQGR XQD SUHVHQFLD PDVLYD GH RUJDQL]DFLRQHV
JXEHUQDPHQWDOHVHQOD:HE\RIUHFLpQGRVHVHUYLFLRVFRQLQWHUDFFLyQPiVVRILVWLFDGDSRUHMHPSOROOHQDGR\
HQYtRGHIRUPXODULRVHOHFWUyQLFRVXRIUHFLpQGRVHWUDQVDFFLRQHVFRPSOHWDV\VHJXUDVWDOHVFRPRREWHQFLyQGH
YLVDV\SDVDSRUWHVFHUWLILFDGRVGHQDFLPLHQWR\GHIXQFLyQSDJRGHPXOWDVHLPSXHVWRVHWF
3XHVELHQKR\H[LVWHXQDQXHYDHWDSDGHHYROXFLyQHQORTXHUHVSHFWDDOXVRGHODVWHFQRORJtDVGH
LQIRUPDFLyQHQHO(VWDGRHVWDQXHYDRODHVDODTXHKHPRVGHQRPLQDGR'DWRV$ELHUWRVX2SHQ'DWDHQ
LQJOpV 6LELHQVRQSRFRVORVHMHPSORVDPRVWUDU\DHVWDPRVHVFXFKDQGRGHHOORVKDFHXQSDUGHDxRV
(VWHQXHYR PRGHOR VHEDVDHQHODFFHVR \ XVRGH OD LQIRUPDFLyQS~EOLFDSRUSDUWHGH WHUFHURVSDUD
HQWUHJDUQXHYRVVHUYLFLRVDORVFLXGDGDQRV
(O2SHQ'DWDFRQVLVWHHQODSXHVWDDGLVSRVLFLyQGHODVRFLHGDGGHPDQHUDOLEUHJUDQFDQWLGDGGHGDWRV
SURFHGHQWHVGHGLIHUHQWHVRUJDQL]DFLRQHV IXQGDPHQWDOPHQWHGHOiPELWRGH OD$GPLQLVWUDFLyQ3~EOLFDRGH
DTXHOORVSUR\HFWRVTXHKDQVLGRILQDQFLDGRVFRQGLQHURS~EOLFRRFUHDGRVSRUXQDLQVWLWXFLyQS~EOLFD
(O REMHWLYR GH DEULUORV D OD VRFLHGDG HV TXH pVWD SXHGD VDFDU SURYHFKR GH HOORV \D TXH ODV
RUJDQL]DFLRQHVTXHORVRIUHFHQQRSXHGHQQRTXLHUHQRVLPSOHPHQWHQRWLHQHQODFDSDFLGDGGHDQDOL]DUORVR
GH SURFHVDUORV 3RQHUORV D GLVSRVLFLyQ GH OD VRFLHGDG KDFH TXH FXDOTXLHU SHUVRQD X RUJDQL]DFLyQ SXHGD
FRQVWUXLUVREUHHOORVXQDQXHYDLGHDTXHUHVXOWHHQQXHYRVGDWRVFRQRFLPLHQWRVRLQFOXVRVHUYLFLRV
6H WUDWD HQWRQFHV GH DEULU XQD SXHUWD D OD LQQRYDFLyQ \ DO FRQRFLPLHQWR DVt FRPR RIUHFHU QXHYDV
RSRUWXQLGDGHVGHQHJRFLR3RURWURODGRHQHOFDVRGHOD$GPLQLVWUDFLyQ3~EOLFDHOPRYLPLHQWR2SHQ'DWD
YLHQHDDSR\DUODWHQGHQFLDGHORTXHVHKDH[SOLFDGRHQHOFDStWXORDQWHULRUUHVSHFWRDOGHQRPLQDGR2SHQ
*RYHUQPHQWSRUODWUDQVSDUHQFLDVREUHODJHVWLyQS~EOLFD\HOIRPHQWRGHODLQWHURSHUDELOLGDGHQWUHHQWLGDGHV
S~EOLFDVTXHIDYRUHFH
(Q JHQHUDO ORV GDWRV SURSRUFLRQDGRV VXHOHQ HVWDU HQ IRUPDWR QR WH[WXDO \ WUDWDQ VREUH GLIHUHQWHV
WHPiWLFDV PpGLFRVJHRJUiILFRVPHWHUHROyJLFRVVREUHELRGLYHUVLGDGUHODWLYRVDVHUYLFLRVS~EOLFRVHWF 
(VWD QXHYD ROD DSURYHFKD OD JUDQ ULTXH]D GH LQIRUPDFLyQ TXH VH HQFXHQWUD HQ PDQRV GH OD
DGPLQLVWUDFLyQ S~EOLFD \ TXH SRU PXFKDV UD]RQHV pVWD QR ORJUD VDFDUOH PD\RU SURYHFKR /DV GLVWLQWDV
UHSDUWLFLRQHV S~EOLFDV SRVHHQ JUDQ FDQWLGDG GH IXHQWHV GH LQIRUPDFLyQ TXH XWLOL]DGDV GH PDQHUD FUHDWLYD \
FRPELQiQGRODVDGHFXDGDPHQWHFRQRWUDVIXHQWHVSHUPLWHQFUHDUDSOLFDFLRQHVGHYDORUDxDGLGR
(Q GLFLHPEUH GH  XQ JUXSR GH LQYHVWLJDGRUHV HQ 6HEDVWRSRO &DOLIRUQLD GHVDUUROODURQ ORV 
SULQFLSLRVSDUDORV'DWRVGH*RELHUQR$ELHUWRGLVHxDGRSDUDXQPHMRUHQWHQGLPLHQWRGHHVWRVFRQFHSWRV\
SDUDGHILQLUSRUTXp2SHQ*RYHUQPHQWHVHVHQFLDOSDUDODGHPRFUDFLD8QRGHORVFRQFHSWRVFODYHVSDUDOD
HODERUDFLyQ GH HVWRV SULQFLSLRV IXH HVWDEOHFHU TXH OD LQIRUPDFLyQ OOHJD D VHU PiV YDORUL]DGD VL pVWD HV
FRPSDUWLGD HOOR QR VyOR EHQHILFLD DO XVXDULR ILQDO TXH HV OD VRFLHGDG FLYLO VLQR TXH WDPELpQ KDFH PiV
HILFLHQWHHOXVRGHORVUHFXUVRVS~EOLFRV/RVSULQFLSLRVVREUHORVFXDOHVVHEDVDQORVDFWXDOHVPRGHORVGH
DSHUWXUDGHGDWRVVRQORVVLJXLHQWHV




 6RFLHGDGGHODLQIRUPDFLyQHQ(VSDxDFROHFFLyQIXQGDFLyQWHOHIyQLFDKWWSGDWRVIXQGDFLRQFWLFRUJ



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

 6HUHFRPLHQGDDEULUWRGRVORVGDWRVS~EOLFRV QRVyORORTXHODDXWRULGDGHVWLPHSHUWLQHQWH 
$GHPiVGHEHQHVWDUHOHFWUyQLFDPHQWHDOPDFHQDGRV
 3XEOLFDU ORV GDWRV RULJLQDOHV ORV GDWRV GH OD IXHQWH SULPDULD  VLQ SURFHVDPLHQWRV \  IRUPDV
DJUHJDGDV
 3XEOLFDU\DFWXDOL]DUORVGDWRVGHIRUPDiJLORSRUWXQD\HQSHULRGRVEUHYHVSDUDSUHVHUYDUVX
YDORUS~EOLFR
 +DFHUDFFHVLEOHVORVGDWRVDWRGRWLSRGHXVXDULRV VLQUHVWULFFLyQ \SDUDSURSyVLWRVGLYHUVRV
 /RVGDWRVVHGHEHQSRGHUSURFHVDUDXWRPiWLFDPHQWHSRUGLYHUVDVKHUUDPLHQWDV TXHVHSXHGDQ
SURFHVDUSRUXQFRPSXWDGRU 
 /RV GDWRV GHEHQ HVWDU GLVSRQLEOHV SDUD FXDOTXLHU FLXGDGDQR VLQ QHFHVLGDG TXH pVWH HVWp
SUHYLDPHQWHUHJLVWUDGR QRGLVFULPLQDWRULD 
 6HUHFRPLHQGDHOXVRGHIRUPDWRVQRSURSLHWDULRV(QORSRVLEOHGHEHQHVWDUGLVSRQLEOHVHQXQ
IRUPDWRGRQGHQDGLHGHEDWHQHUODH[FOXVLYLGDGGHVXFRQWURO
 /RV GDWRV GHEHQ VHU GH XVR OLEUH OLFHQFLDPLHQWR OLEUH  1R GHEHQ HVWDU VXMHWRV D FRS\ULJKW
SDWHQWHVRUHJXODFLRQHVVHFUHWDV
(OXVRGHORVGDWRVJHQHUDGRVSRUODDGPLQLVWUDFLyQGHEHUtDVHUXQGHUHFKRSDUDFXDOTXLHUFLXGDGDQR
\DTXHVXSURGXFFLyQVHKDILQDQFLDGRFRQORVLPSXHVWRVGHWRGRV3RURWURODGRODXWLOL]DFLyQGHHVWRVGDWRV
SRU SDUWH GH OD VRFLHGDG JHQHUD XVRV FUHDWLYRV \ VHUYLFLRV TXH OD DGPLQLVWUDFLyQ QR WLHQH FDSDFLGDG QL
REOLJDFLyQGHSURSRUFLRQDU
/DVYHQWDMDVGHODUHXWLOL]DFLyQGHORVGDWRVHVWiQDSDUHFLHQGRHQODPHGLGDTXHSDtVHVPiVDYDQ]DGRV
\ SHTXHxDVFRPXQLGDGHV \  JRELHUQRV ORFDOHV ORHVWiQ OOHYDQGRD FDER D~QHQSHTXHxDHVFDOD1RSDUHFH
GLItFLODYHQWXUDUORVPiVREYLRVFUHDFLyQGHQXHYRVSXHVWRVGHWUDEDMRHQODLQGXVWULDGHFRQWHQLGRVGLJLWDOHV
DXPHQWRGHODHILFLHQFLDHQODE~VTXHGDGHLQIRUPDFLyQHOYDORUTXHDGTXLHUHQODVHPSUHVDVDFDGpPLFRV\
SHUVRQDVFRPXQHVSDUDP~OWLSOHVDFWLYLGDGHV\SUR\HFWRVTXHOOHYDQDFDER(OORVLQFRQVLGHUDUDOJXQRVRWURV
PHQRV WDQJLEOHV FRPR HV OD PD\RU FUHGLELOLGDG GH QXHVWUDV LQVWLWXFLRQHV S~EOLFDV OD WUDQVSDUHQFLD  \ XQD
PD\RUUHQGLFLyQGHFXHQWDV DFFRXQWDELOLW\ GHODJHVWLyQS~EOLFD
(QHVWHFRQWH[WRHOGHVDItRPiVLQWHUHVDQWHHVSRGHUOOHYDUHQIRUPDUHDO\WDQJLEOHORVEHQHILFLRVGHOD
DSHUWXUDGHGDWRVDOFLXGDGDQR(QHVWHVHQWLGRPRVWUDUDSOLFDFLRQHVFRQFUHWDV\~WLOHVHVODPHMRUIRUPDGH
PRVWUDUODVERQGDGHVGHHVWDQXHYDIRUPDGHUHODFLRQDUVHFRQODFLXGDGDQtD8QHMHPSORFRPRHO(O'HVDItR
$EUH'DWRV  HV XQD PX\ EXHQD IRUPD GH JHQHUDU LGHDV SDUD HO GHVDUUROOR GH VHUYLFLRV WHFQROyJLFRV DO
FLXGDGDQR EDVDGRV HQ HO XVR GH GDWRV S~EOLFRV (O REMHWLYR GHO FRQFXUVR HV JHQHUDU GHEDWH HQ WRUQR D OD
QHFHVLGDGGHTXHORVRUJDQLVPRVS~EOLFRVSURSRUFLRQHQVXVGDWRVGHIRUPDDFFHVLEOHSDUDSHUPLWLUVXXVR\
UHXWLOL]DFLyQSRUSDUWHGHORVFLXGDGDQRV
/DGLIXVLyQ\IRUPDFLyQHVIXQGDPHQWDO\QHFHVDULDWDQWRGHIRUPDLQWHUQDFRPRH[WHUQD2WURIDFWRU
LPSRUWDQWHHVODHVFXFKDDFWLYDSDUDLGHQWLILFDUORVLQWHUHVHVGHFLXGDGDQRV8QHMHPSORGHHVWRHVHO )RUR
2SHQ 'DWD 1DYDUUD TXH SUHWHQGH KDFHU DFFHVLEOHV D FLXGDGDQRV \ HPSUHVDV GDWRV H LQIRUPDFLyQ GH OD
$GPLQLVWUDFLyQ3~EOLFDSDUDVXUHXWLOL]DFLyQ\UHGLVWULEXFLyQ(OREMHWLYRGHHVWH)RURHVVDEHUTXpGDWRVVRQ
ORVTXHODFLXGDGDQtDGHVHDTXHVHSXEOLTXHQ\HQTXpIRUPDWRV
(Q HO SUHVHQWH GRFXPHQWR VH LQWHQWD PRVWUDU FyPR HVWH QXHYR SDUDGLJPD GH GLVSRQLELOLGDG GH OD
LQIRUPDFLyQS~EOLFDHVWiDEULHQGRQXHYRVUXPERV\GHVDItRVDORVJRELHUQRVGHWRGRHOPXQGR\ODIRUPDHQ
TXHHVSRVLEOHSURIXQGL]DUODGHPRFUDFLDHQORVSDtVHVGHODUHJLyQTXL]iVDFHUFiQGRORVDVXHVHQFLDFRPR
IXHHQWHQGLGDSRUORVJULHJRVGRQGHHOSXHEORGLUHFWDPHQWHSDUWLFLSDEDGHODVGHFLVLRQHVGHODSROLV




KWWSZZZDEUHGDWRVHV
KWWSQDYDUUDXVHUYRLFHFRPIRUXPVRSHQGDWDQDYDUUDHPSUHVDV



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

&XDQGRGHFLPRVTXHODWHFQRORJtDDEUHQXHYRVUXPERVGHEHPRVTXL]iVSUHFLVDUXQSRFRPiVGDGR
TXHHQULJRUQRHVHOODQLORVWHFQyORJRVORVSURWDJRQLVWDVGHHVWDWHQGHQFLDVLQRTXHWLHQHTXHYHUFRQOD
YLVLyQ GH DOJXQRV OtGHUHV SROtWLFRV JHUHQWHV S~EOLFRV SHUVRQDMHV GHO PXQGR DFDGpPLFR \ WDPELpQ HQ HO
PXQGR SULYDGR SDUD  DSURYHFKDU PHMRU OD HQRUPH FDQWLGDG GH GDWRV TXH SURGXFH \ DOPDFHQD HO (VWDGR
 &yPRVHKDFHHVWR"VLPSOHPHQWHDWUDYpVGHGHMDUHVWDLQIRUPDFLyQDGLVSRVLFLyQGHOS~EOLFRGHORV
FLXGDGDQRVSDUDTXHVHDQHOORVORVTXHWUDQVIRUPHQHVRVGDWRVHQLQIRUPDFLyQ~WLO\DVXYH]JHQHUHQQXHYRV
GDWRVHLQIRUPDFLyQSDUDRWUDVSHUVRQDVSDUDRUJDQL]DFLRQHV\WDPELpQSDUDHOSURSLR(VWDGR6HPDUFDFRQ
HOOR XQ QXHYR KLWR HQ OR TXH D SDUWLFLSDFLyQ FLXGDGDQD VH UHILHUH FRQ XQD SURIXQGLGDG \ DOFDQFH VLQ
SUHFHGHQWHVTXHMDPiVVHKDEUtDQLPDJLQDGRPXFKRVHVWDGLVWDVGHWRGDVODVpSRFDV
$SDUHQWHPHQWH VXHQD IiFLO SRQHUOR HQ OD SUiFWLFD VLQ HPEDUJR HQJORED XQD VHULH GH
FRPSOHMLGDGHVWDQWRWpFQLFDVFRPRGHJHVWLyQFRPRWDPELpQXQFDPELRHQODVQRUPDWLYDVYLJHQWHV\
SRU VREUHWRGR LQYROXFUD OD QHFHVLGDG GH XQD YROXQWDG SROtWLFD SDUD OOHYDUOR D FDER 6DEHPRV TXH HQ
GHILQLWLYDHVWR~OWLPRHVXVXDOPHQWHHOFXHOORGHERWHOODPiVGLItFLOGHUHVROYHU



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

, &UHDFLyQGHYDORUFRQJRELHUQR
DELHUWR'HILQLFLyQREMHWLYRV
EHQHILFLRV\FRPSRQHQWHV

1RV FRPSURPHWHPRV D SURSRUFLRQDU DFWLYDPHQWH LQIRUPDFLyQ GH DOWR


YDORULQFOXLGRVORVGDWRVSULPDULRVGHPDQHUDRSRUWXQDHQIRUPDWRVTXH
HO S~EOLFR SXHGD HQFRQWUDU FRPSUHQGHU \ XWLOL]DU IiFLOPHQWH \ HQ
IRUPDWRVTXHIDFLOLWHQVXUHXWLOL]DFLyQ
7RPDGR GH ODV GHFODUDFLRQHV VREUH JRELHUQR DELHUWR GHQWUR GHO
PDUFR GH OD LQLFLDWLYD 2SHQ *RYHUQPHQW 3DUWQHUVKLS ILUPDGR D OD IHFKD
SRUSDtVHV GHODUHJLyQ 6HSW
+R\ HQ GtD HO GHQRPLQDGR JRELHUQR DELHUWR KD HVWDGR UHFLELHQGR
FDGDYH]PD\RUDWHQFLyQVHJXUDPHQWHJUDFLDVDOVXUJLPLHQWRGHODVUHGHV
VRFLDOHVTXHH[LJHQFDGDYH]PD\RUSDUWLFLSDFLyQ\WUDQVSDUHQFLDSRUSDUWH
GHO(VWDGR\WDPELpQSRUHOGHVDUUROORLPSRUWDQWHGHODV7,&MXQWRFRQOD
DSDULFLyQGHKHUUDPLHQWDVFRPRORVEXVFDGRUHVVHPiQWLFRVGHOD:HE/R
LPSRUWDQWH HV HQWHQGHU TXH JRELHUQR DELHUWR QR WLHQH TXH YHU
SULQFLSDOPHQWH FRQ ODV 7,& TXH VRQ VyOR HOHPHQWRV IDFLOLWDGRUHV HV SRU
HOORTXHQRVKDFHPXFKRVHQWLGRODUHFLHQWHGHILQLFLyQGHJRELHUQRDELHUWR
GDGDSRUOD2(&'TXHGLFH
(V OR TXH VH UHILHUH D FyPR HO JRELHUQR SXHGH WUDEDMDU FRQ OD
VRFLHGDG\ORVLQGLYLGXRVSDUDFRFUHDUYDORUS~EOLFR




 $GDSWDGRDSDUWLUGH2(&'*XLGLQJ3ULQFLSOHVIRU2SHQDQG,QFOXVLYH3ROLF\0DNLQJ  



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

/DDQWHULRUGHILQLFLyQSRUXQODGRUHFRQRFHLPSOtFLWDPHQWHTXHHOJRELHUQR\DQRSXHGHHQIUHQWDUVyOR
ORVFRPSOHMRVGHVDItRVGHVXJHVWLyQVLQRTXHVHKDFHQHFHVDULRSRUWDQWRXQDSDUWLFLSDFLyQPiVDFWLYDGH
ORVFLXGDGDQRV\VXVRUJDQL]DFLRQHVSDUDJHQHUDUPHMRUHVSROtWLFDVS~EOLFDV$OPLVPRWLHPSRHOJRELHUQR
GHEHHQIUHQWDUiFLGRVFXHVWLRQDPLHQWRVVREUHHOXVRGHORVUHFXUVRVTXHSURYLHQHQGHORVPLVPRVFLXGDGDQRV
DWUDYpVGHORVLPSXHVWRV3RUHOORFDGDYH]VHKDFHPiVQHFHVDULRJHQHUDUXQFDVRGHQHJRFLRVSDUDSRQHU
VREUHODPHVDORVEHQHILFLRV\FRVWRVTXHLPSOLFDLPSODQWDUXQDLQLFLDWLYDGHJRELHUQRDELHUWR\DSHUWXUDGH
GDWRV$HVWDQXHYDWHQGHQFLDVHOHFRQRFHGDWRVDELHUWRVGHJRELHUQRRHQLQJOpV2SHQ*RYHUQPHQW'DWD
2*' &RQHOORVHSRGUiQGHVSHMDUODVGXGDV\WHPRUHVVREUHXQDLQLFLDWLYDTXHFDGDYH]VHFRQYLHUWHQRHQ
XQDRSFLyQVLQRHQXQLPSHUDWLYRLQFOXVRPRUDOSDUDWRGRVORVSDtVHV'HORFRQWUDULRFyPRVHHQWHQGHUtD
FXHVWLRQDUODQHFHVLGDGGHWUDQVSDUHQWDUSRUHMHPSORORVJDVWRVGHQXHVWURVFRQJUHVDOHVRGHORVDOFDOGHVHQ
VXV PXQLFLSDOLGDGHV" D PRGR GH  HMHPSOR GRV SDtVHV HQ ORV TXH HVWDV LQLFLDWLYDV KDV FDXVDGR DOJXQD
FRQWURYHUVLDVRQ&KLOH\HO5HLQR8QLGR/DOHJLWLPLGDGGHHVWDVSHWLFLRQHVHVREYLDWRGRVHVWRVUHFXUVRVVRQ
ILQDQFLDGRVFRQHOGLQHURGHORVLPSXHVWRVGHORVFLXGDGDQRV\HPSUHVDVKD\SRUORWDQWRXQGHUHFKRDVX
FRQWURO\DXQDUHQGLFLyQGHFXHQWDVQRVyORSRUORVyUJDQRVFRPSHWHQWHVVLQRTXHWDPELpQSRUODFLXGDGDQtD
1DWXUDOPHQWH VH UHTXLHUHQ DOJXQRV SURYLVLRQHV SDUD HYLWDU XQ PDO XVR GH OD LQIRUPDFLyQ \ OD QHFHVDULD
SULYDFLGDGGHDOJXQDLQIRUPDFLyQVHQVLEOHSHURGHEHVHUVLHPSUHODH[FHSFLyQ\QRODUHJOD
&DOGHUyQ\/RUHQ]RHQVXSXEOLFDFLyQGHODxRGHILQHQ*RELHUQR$ELHUWRHVDTXHOTXHHQWDEOD
XQD FRQVWDQWH FRQYHUVDFLyQ FRQ ORV FLXGDGDQRV FRQ HO ILQ GH RtU OR TXH HOORV GLFHQ \ VROLFLWDQ TXH WRPDQ
GHFLVLRQHV EDVDGDV HQ VXV QHFHVLGDGHV \ SUHIHUHQFLDV TXH IDFLOLWD OD FRODERUDFLyQ GH ORV FLXGDGDQRV \
IXQFLRQDULRVHQHOGHVDUUROORGHORVVHUYLFLRVTXHSUHVHQWD\TXHFRPXQLFDWRGRORTXHGHFLGH\KDFHGHIRUPD
DELHUWD\WUDQVSDUHQWH
3RGHPRV FLWDU YDULDV RWUDV GHILQLFLRQHV VLQ HPEDUJR WRGDV FRLQFLGHQ HQ HO HVWDEOHFLPLHQWR GH XQD
UHODFLyQPiVHVWUHFKDHQWUHHO(VWDGR\ORVFLXGDGDQRVORFXDOQRVLQGLFDTXHODWUDQVSDUHQFLDHVVyORXQRGH
ORV FRPSRQHQWHV GHO *RELHUQR $ELHUWR OD 3DUWLFLSDFLyQ \ &RODERUDFLyQ DJUHJDQ GRV GLPHQVLRQHV
IXQGDPHQWDOHV DO FRQFHSWR SXHV SUHFLVDPHQWH SHUPLWHQ OD FUHDFLyQ GH YDORU S~EOLFR DO JHQHUDUVH SROtWLFDV
S~EOLFDV PiV HILFDFHV \ SRU VREUH WRGR GDGR HO PD\RU LQYROXFUDPLHQWR GH OD VRFLHGDG WLHQGHQ D VHU PiV
OHJLWLPDGDV FRQVWUX\pQGRVH VLPXOWiQHDPHQWH XQD PD\RU FRQILDQ]D HQ ODV LQVWLWXFLRQHV HVWDWDOHV 6H KDEOD
LQFOXVR TXH HO *RELHUQR $ELHUWR HVWi SRVLELOLWDQGR XQD QXHYD IRUPD GH JREHUQDU &DOGHUyQ  +DEODU GH
*RELHUQR$ELHUWRHQWRQFHVQRHVVyORGHODLGHDGHJREHUQDQ]DQLGHUHPR]DUOD$GPLQLVWUDFLyQ3~EOLFDVLQR
GHUHLQYHQWDU\UHRUJDQL]DUWRGRHOVLVWHPD$FRQWLQXDFLyQHQHOGLDJUDPDVHPXHVWUDHQIRUPDPiV
HVTXHPiWLFDODUHODFLyQGHHVWRVFRQFHSWRVJRELHUQRDELHUWR\GDWRVDELHUWRV



 (Q ULJRU QR VRQ OR PLVPR *RELHUQR $ELHUWR TXH DSHUWXUD GH GDWRV GH JRELHUQR SHUR SDUD ORV HIHFWRV GH HVWH HVWXGLR LQFOXLUHPRV
GHQWURGHJRELHUQRDELHUWRWDPELpQODFRQGLFLyQGHDSHUWXUDGHGDWRV



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

',$*5$0$
5(/$&,1*2%,(512$%,(572<'$726$%,(5726

7UDQVSDUHQFLD

&RODERUDFLyQ

3DUWLFLSDFLyQ

*RELHUQR$ELHUWR
$UTXLWHFWXUD$ELHUWD
'DWRV$ELHUWRV

)XHQWH(ODERUDFLyQSURSLD

/DQHFHVLGDGGHXQ*RELHUQR$ELHUWRVHKDYLVWRDXQPiVUHIRU]DGDSRUODUHFLHQWHGHFODUDFLyQGHOD
LQLFLDWLYD 2SHQ *RYHUQPHQW 3DUWQHUVKLS TXH HQFDEH]D HVWH FDStWXOR GRQGH \D QR HVWiQ VyOR ORV SDtVHV
GHVDUUROODGRVVLQRWDPELpQSDtVHVGH$PpULFD/DWLQD\TXHVLQGXGDVHLUiQLQFRUSRUDQGRPiVGHORV
DFWXDOHV
(Q HO PHPRUiQGXP 0 HQYLDGR SRU 3HWHU 2UV]DJ HO  GH GLFLHPEUH GH  GHVGH OD RILFLQD
HMHFXWLYDGHOSUHVLGHQWH%DUDFN2EDPDVHLQGLFDQODVGLUHFWLYDVTXHGHEHQVHJXLUODVDJHQFLDVS~EOLFDVHQHO
FRUWRPHGLDQR\ODUJRSOD]RHQWUHODVFXDOHVVHSXHGHGLVWLQJXLUSRUHMHPSOR
 'HQWURGHGtDVFDGDDJHQFLDGHEHUiLGHQWLILFDU\SXEOLFDURQOLQHHQIRUPDWRDELHUWRSRUOR
PHQRV  FRQMXQWRV GH GDWRV GH DOWR YDORU TXH QR KD\DQ HVWDGR SUHYLDPHQWH GLVSRQLEOHV QL
RQOLQHQLHQIRUPDWRGHVFDUJDEOH
/XHJR GHEtDQ FUHDU XQ VLWLR :HE GH 2*' SDUD SRVWHULRUPHQWH SXEOLFDU VXV SODQHV (Q SDUDOHOR HO
JRELHUQRUHYLVDUtDODVSROtWLFDVGHLQIRUPDFLyQH[LVWHQWHV
&RPRFRQFOXVLyQGHOPHPRUiQGXPGHO'HSDUWDPHQWRGH$GPLQLVWUDFLyQ\3UHVXSXHVWRGHOJRELHUQR
HVWDGRXQLGHQVH VH SXHGH UHVXPLU HQ ORV VLJXLHQWHV iPELWRV XQ FRQMXQWR GH OtQHDV GH DFFLyQ HVWUDWpJLFD
UHFRPHQGDFLRQHVGHLPSOHPHQWDFLyQUHFRPHQGDFLRQHVHVSHFtILFDVGHWUDEDMRHQODVDJHQFLDVTXHDSR\HQOD
DSOLFDFLyQ HIHFWLYD GH HVDV HVWUDWHJLDV OR FXDO VHUYLUi GH EDVH SDUD OD SURSXHVWD GH HVWH SUR\HFWR &RPR
FRQVHFXHQFLDGHHVWH PHPRUiQGXP HO'LUHFWRUGH3UHVXSXHVWRGH OD&DVD%ODQFDHPLWLyXQD'LUHFWLYDGH
JRELHUQR DELHUWR HQ OD TXH DILUPD TXH ORV SULQFLSLRV GH WUDQVSDUHQFLD SDUWLFLSDFLyQ \ FRODERUDFLyQ VRQ OD
SLHGUD DQJXODU GH XQ JRELHUQR DELHUWR /D WUDQVSDUHQFLD SURPXHYH OD UHQGLFLyQ GH FXHQWDV DO RIUHFHU DO
S~EOLFRLQIRUPDFLyQDFHUFDGHORTXHHVWiKDFLHQGRHO*RELHUQR
$KRUD ELHQ SDUD VLWXDU HO WHPD \ HQWHQGHU ORV SRWHQFLDOHV EHQHILFLRV GHO 2*' FUHHPRV LPSRUWDQWH
H[SOLFDUSDUDHOOHFWRUQRPX\IDPLOLDUL]DGRFXiOHVVRQORVFRPSRQHQWHV\ODVSULQFLSDOHVFDUDFWHUtVWLFDVTXH
GHEHSUHVHQWDUXQJRELHUQRDELHUWRTXHLQFOX\DWDPELpQODDSHUWXUDGHGDWRV
+HPRV KDEODGR GH 7UDQVSDUHQFLD 3DUWLFLSDFLyQ \ &RODERUDFLyQ FRPR ORV WUHV JUDQGHV HMHV GHO
*RELHUQR $ELHUWR \ TXH IXHURQ LPSXOVDGRV SRU HO 3UHVLGHQWH %DUDFN 2EDPD HQ VX IDPRVR PHPRUiQGXP
PHQFLRQDGRPiVDUULEDGHWHQJiPRQRVEUHYHPHQWHVREUHHVWRVWUHVFRQFHSWRV



 &IUKWWSZZZZKLWHKRXVHJRYVLWHVGHIDXOWILOHVRPEDVVHWVPHPRUDQGDBPSGIFRQVXOWDGRHODODVKUV



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

$ 7UDQVSDUHQFLD
/DWUDQVSDUHQFLDQRHVQDWXUDOPHQWHXQFRQFHSWRQXHYRPXFKRVSDtVHVWLHQHQQRUPDWLYDVKDFH\DYDULRV
DxRVH[LVWHWDPELpQHOUDQNLQJGH7UDQVSDUHQFLD,QWHUQDFLRQDOTXHSHULyGLFDPHQWHPLGHODSHUFHSFLyQ
TXHVHWLHQHGHFDGDSDtV6LQHPEDUJRODWUDQVSDUHQFLDGHTXHHVWDPRVKDEODQGRQRVyORHVXQDEDUUHUD
FRQWUDODFRUUXSFLyQHOFRQWUROVRFLDO\ORVDEXVRVGHSRGHUVLQRTXHHVDXQPiVHVWULFWDVHUHILHUHDTXH
XQ JRELHUQR UHDOPHQWH WUDQVSDUHQWH RIUH]FD D ORV FLXGDGDQRV VXILFLHQWHV GDWRV GH VX JHVWLyQ SDUD TXH
HVWRV SXHGDQ WUDWDU HVWRV GDWRV \ DVt WRPDU EXHQDV GHFLVLRQHV WDQWR SDUD VX EHQHILFLR FRPR SDUD
SDUWLFLSDU \ FRODERUDU GH ODV GHFLVLRQHV GH ORV JRELHUQRV 3RU OR WDQWR QR EDVWD SXEOLFDU ORV GDWD VHWV
HVWRVGHEHQVHUSULPHURUHOHYDQWHVFRQILDEOHV\~WLOHVHQHOVHQWLGRTXHSHUPLWDQDORVFLXGDGDQRVKDFHU
FRVDV TXH HOORV FRQVLGHUHQ GH YDORU 6H WUDWD HQWRQFHV GH XQD QXHYD LGHD GH WUDQVSDUHQFLD TXH HVWi
IXHUWHPHQWHDSR\DGDHQODV7HFQRORJtDVGH,QIRUPDFLyQ\&RPXQLFDFLyQ 7,& /DLGHDHVVLPSOHVyOR
XQFLXGDGDQRELHQLQIRUPDGRGHORVDVXQWRVS~EOLFRVSXHGHFRPSURPHWHUVHFRQHOGHVDUUROORSROtWLFR\
VRFLDOGHVXSDtV &DOGHUyQ 

% 3DUWLFLSDFLyQ
8Q JRELHUQR SDUWLFLSDWLYR GHELHUD SURPRYHU OD SDUWLFLSDFLyQ FLXGDGDQD HQ OD IRUPXODFLyQ GH SROtWLFDV
S~EOLFDVHQODDSUREDFLyQGHUHIHUpQGXP\HQODSDUWLFLSDFLyQGHSUR\HFWRVTXHORDIHFWHQ(VFODURTXH
KD\ GLVWLQWRV QLYHOHV GH SDUWLFLSDFLyQ OR LPSRUWDQWH HV TXH H[LVWDQ ORV FDQDOHV DGHFXDGRV SDUD WRGRV
HOORV/DPHUDLQIRUPDFLyQHVVyORXQSHOGDxRRXQSUHUUHTXLVLWRSDUDODSDUWLFLSDFLyQTXHHQGHILQLWLYD
VLJQLILFD HQWUHJDUOH SRGHU DO FLXGDGDQR (V SDVDU GH ODV FRPLVLRQHV FHUUDGDV DO FRQFHSWR GH
FURZGVRXUFLQJ

& &RODERUDFLyQ
5HSUHVHQWD XQ QLYHO PD\RU GH FRPSURPLVR TXH OD SDUWLFLSDFLyQ /D FRODERUDFLyQ LQYLWD D GLIHUHQWHV
VHFWRUHV GH OD VRFLHGDGD WUDEDMDU MXQWRV UHFRQRFLHQGR HQ HOOR TXH ORV FLXGDGDQRVSRVHHQ LQIRUPDFLyQ
FRPSOHPHQWDULDTXHSXHGHVHUXVDGDSDUDUHVROYHUSUREOHPDVS~EOLFRV +DUULVRQHWDO $GLIHUHQFLDGH
OD3DUWLFLSDFLyQOD&RODERUDFLyQQRQHFHVDULDPHQWHHVPDVLYDQLPHQRVSUHVHQFLDO &XVED 
8QHMHPSORFOiVLFRHVOD:LNLSHGLDTXHFXHQWDFRQPLOORQHVGHDUWtFXORVOLEUHVHQPiVGHLGLRPDV
GRQGH KD SDUWLFLSDGR XQD JUDQ FDQWLGDG GH FRODERUDGRUHV 2WUR HMHPSOR LQWHUHVDQWH VRQ ODV QXPHURVDV
DSOLFDFLRQHV R SURJUDPDV FRPSXWDFLRQDOHV TXH HVWiQ GLVSRQLEOHV HQ ,QWHUQHW SRU HMHPSOR HQ $SSOH 6WRUH
7DPELpQ HVWR HV SRVLEOH D QLYHO GH JRELHUQR 3RU HMHPSOR HO VLWLR $SSVJRY HV XQD SODWDIRUPD SXHVWD HQ
PDUFKD SRU HO JRELHUQR HVWDGRXQLGHQVH HQ OD TXH FXDOTXLHU JRELHUQR HPSUHVD RUJDQL]DFLyQ R FLXGDGDQR
SXHGHWRPDUDTXHOODDSOLFDFLyQTXHOHLQWHUHVHDOJXQDVJUDWXLWDVRWUDVQRSDUDVXJHVWLyQ2WURVHMHPSORVVRQ
HODSR\RDODUHFROHFFLyQGHGDWRV HQGHVDVWUHVSRUHMHPSOR HQVXVLVWHPDWL]DFLyQ\DQiOLVLVHQODUHGDFFLyQ
GHODSROtWLFD\HQODHMHFXFLyQGHODPLVPD(QRWUDVSDODEUDVHOSURFHVR\DQRHVDMHQRDORVFRODERUDGRUHV
VLQRTXHHOORVVRQUHVSRQVDEOHVGHWDUHDVHVSHFtILFDV

' %HQHILFLRVGHO2SHQ*RYHUQPHQW'DWD 2*' 


(QHVWHFRQWH[WR\KDELHQGRPRVWUDGRORTXHUHSUHVHQWDHOJRELHUQRDELHUWRSRGUHPRVFRPSUHQGHUPHMRU
ORTXHOD2&'(VLQWHWL]DFRPRORVSRVLEOHVEHQHILFLRVGHLPSOHPHQWDUHVWUDWHJLDVGH2*'



 3DUDXQDPD\RUGHWDOOHVREUHFRPRGHEHUtDQSUHVHQWDUVHORVGDWRVSDUDVXUHXWLOL]DFLyQSXHGHQUHYLVDUVHORVQLYHOHVGHUHXWLOL]DFLyQ
GHORVGDWRVGH7LP%HUQHUV/HHKWWSZZZZRUJ'HVLJQ,VVXHV/LQNHG'DWDKWPO
 'HDFXHUGRD:LNLSHGLDHVGHOHJDUWDUHDVDXQJUXSRPDVLYRGHSHUVRQDV7DPELpQVHWUDGXFHFRPRGLVHxRSDUWLFLSDWLYR-HII+RZH
IXHHOSULPHURHQDFXxDUHVWHWpUPLQR KWWSHVZLNLSHGLDRUJZLNL&URZGVRXUFLQJ 

 2(&'*XLGLQJ3ULQFLSOHVIRU2SHQDQG,QFOXVLYH3ROLF\0DNLQJ  



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

 0D\RUFRQILDQ]DHQHO*RELHUQR/DFRQILDQ]DHVXQUHVXOWDGRGHOJRELHUQRDELHUWR6LORV
FLXGDGDQRVFRQItDQHQHOJRELHUQR\HQVXVSROtWLFDVHVSHFtILFDVSXHGHQHVWDUPiVGLVSXHVWRVD
SDJDU WDVDVFRQWULEXFLRQHVLPSXHVWRV SDUDDSR\DU\ILQDQFLDUHVDVSROtWLFDV
 $VHJXUDU PHMRUHV UHVXOWDGRV DO PHQRU FRVWR (O FRGLVHxR \ HMHFXFLyQ GH SROtWLFDV
SURJUDPDV \ SURYLVLyQ GH  VHUYLFLRV FRQ ORV FLXGDGDQRV ODV HPSUHVDV \ OD VRFLHGDG FLYLO
RIUHFHHOSRWHQFLDOSDUDH[SORWDUXQUHVHUYRULRPiVDPSOLRGHLGHDV\UHFXUVRV
 (OHYDU ORV QLYHOHV GH FXPSOLPLHQWR +DFHU TXH OD JHQWH VHD SDUWH GHO SURFHVR OHV D\XGD D
FRPSUHQGHU ORV UHWRV GH OD UHIRUPD \ SXHGH D\XGDU D DVHJXUDU TXH ODV GHFLVLRQHV DGRSWDGDV
VHDQSHUFLELGDVFRPROHJtWLPDV
 $VHJXUDU OD HTXLGDG GH DFFHVR D OD IRUPXODFLyQ GH SROtWLFDV S~EOLFDV 'LVPLQX\HQ ODV
EDUUHUDVGHHQWUDGDDORVSURFHVRVGHGHFLVLyQTXHHQIUHQWDQODVSHUVRQDVSDUDODSDUWLFLSDFLyQ
 )RPHQWDUODLQQRYDFLyQ\QXHYDVDFWLYLGDGHVHFRQyPLFDV(OFRPSURPLVRGHODFLXGDGDQtD
\ GHO JRELHUQR DELHUWR VRQ FDGD YH] PiV UHFRQRFLGRV FRPR PRWRU GH OD LQQRYDFLyQ \ OD
FUHDFLyQGHYDORUHQHOVHFWRUS~EOLFR\SULYDGR
 0HMRUDGHODHILFDFLD0HGLDQWHHODSURYHFKDPLHQWRGHORVFRQRFLPLHQWRV\ORVUHFXUVRVGH
ORV FLXGDGDQRV TXH GH RWUD IRUPD VH HQIUHQWDQ D EDUUHUDV SDUD SDUWLFLSDU /D SDUWLFLSDFLyQ
FLXGDGDQDSXHGHJDUDQWL]DUTXHODVSROtWLFDVVHDQPiVHVSHFtILFDV\DWLHQGDQDVXVQHFHVLGDGHV
HOLPLQDQGRGHVJDVWHVSRWHQFLDOHV
8QDEXHQDSDUWHGHOSRWHQFLDOGHXWLOLGDGGHO2*'SURYLHQHGHODSRVLELOLGDGGHFRPELQDUGLVWLQWDV
IXHQWHVGHGDWRV\TXHODJUDQPD\RUtDGHODLQIRUPDFLyQGHRULJHQHVS~EOLFD\JUDWXLWD(QHVWHFRQWH[WRORV
FRVWRVPiVUHOHYDQWHVVRQHOGHSURFHVDPLHQWR\FRPELQDFLyQGHGDWRV
/DVGLIHUHQWHVFRPELQDFLRQHVHQWUH/RVGDWRVFRQVXRULJHQS~EOLFR\VXFDUDFWHUtVWLFDGHDELHUWRVH
PXHVWUDHQHOGLDJUDPD
',$*5$0$
23(1*29(510(17'$7$<686326,%/(6&20%,1$&,21(6


2SHQ

2SHQ

'DWD

2SHQ
*RY
'DWD

'DWD





*RY
'DWD

2SHQ
*RY

*RY




)XHQWH(ODERUDFLyQSURSLD
1RWD 2SHQ *RYHUQPHQW 'DWD 2*'  HV XQD IRUPD HILFLHQWH HQ TXH ORV JRELHUQRV VH FRQYLHUWHQ HQ SURYHHGRUHV GH
FRQWHQLGRSDUDLQFUHPHQWDU HOQLYHOGHFDOLGDGHQOD SUHVWDFLyQGHVHUYLFLRVGHVGHODV$GPLQLVWUDFLRQHV 3~EOLFDVHVXQ
PHGLR SDUD LPSXOVDU OD JHQHUDFLyQ GH VHUYLFLRV LQQRYDGRUHV TXH UHVXHOYDQ QHFHVLGDGHV GH OD FLXGDGDQtD \ HQWUHJXHQ
PD\RULQIRUPDFLyQFRPXQLFDFLyQ\SDUWLFLSDFLyQHQODDFFLyQGHJRELHUQR



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

'HDFXHUGRD5RRWHUHVWHFRVWRSXHGHVHUSURSRUFLRQDOD1.GRQGH1HVHOQ~PHURGHIXHQWHV\
.HOQ~PHURGHHVWiQGDUHVDLQWHUFRQHFWDU(VSRUORWDQWRPX\LPSRUWDQWHTXHHOQ~PHURGHHVWiQGDUHVD
FRQHFWDUVHDHOPtQLPRSRVLEOHSDUDTXHVHSXHGDDSURYHFKDUHOPi[LPRSRWHQFLDOGHFUHDFLyQGHYDORUGHODV
1IXHQWHV
(VWRVVRQEHQHILFLRVSRWHQFLDOHVFXiQWDHYLGHQFLDH[LVWHTXHXQDEXHQDSDUWHGHHVWRVEHQHILFLRV
VRQ UHDOHV HQ ORV GLVWLQWRV SDtVHV" (V XQD SUHJXQWD TXH QR HV IiFLO GH UHVSRQGHU DGHPiV YDULRV GH HVWRV
EHQHILFLRVVRQVyORPHGLRVRHVWUDWHJLDVSDUDFXPSOLUUHVXOWDGRVPiVWDQJLEOHVSRUHMHPSORHODXPHQWRHQOD
FRQILDQ]DGHELHUDH[SUHVDUVHHQUHVXOWDGRVFRQFUHWRVFRPRODGLVPLQXFLyQGHODHYDVLyQWULEXWDULDODPD\RU
SDUWLFLSDFLyQ GHELHUD WUDGXFLUVH HQ XQD PD\RU HILFDFLD \ HILFLHQFLD HQ OD IRUPXODFLyQ \ HMHFXFLyQ GH ODV
SROtWLFDVS~EOLFDV
&RPSOHPHQWDQGR OR DQWHULRU VHOHFFLRQDPRV DOJXQRV RWURV EHQHILFLRV GHULYDGRV GH LPSOHPHQWDU
JRELHUQRDELHUWRTXHDSDUHFHQHQ256,  
 /D $GPLQLVWUDFLyQ WDPELpQ VH EHQHILFLD GH OD JHQHURVLGDG GH ORV FLXGDGDQRV TXH SDUWLFLSDQ
DFWLYDPHQWHHQODPHMRUDGHOVHUYLFLRS~EOLFRQRVyORFRQVXJHUHQFLDVSURSXHVWDVHWFVLQR
WDPELpQFRQFRQWHQLGRVJHQHUDGRVSRUHOORVPLVPRVFRPRIRWRVYLGHRVHWF
 $OH[SRQHUVXVGDWRVS~EOLFRVDORVFLXGDGDQRVVHDXPHQWDODFDOLGDGHLQWHJULGDGGHORVGDWRV
GH OD$GPLQLVWUDFLyQ \D TXH SXHGHQ VHU FRQWUDVWDGRV GH IRUPD GLUHFWD SRU ORV FLXGDGDQRVR
SRURWUDVRUJDQL]DFLRQHV
 ,QFUHPHQWDODWUDQVSDUHQFLDHQWUHORVGLIHUHQWHVQLYHOHV\GHSDUWDPHQWRVGHOD$GPLQLVWUDFLyQ
SRUORTXHPHMRUDHOIXQFLRQDPLHQWRLQWHUQRGHODPLVPD
 'LVPLQX\H OD FDUJD GH WUDEDMR GH ORV HPSOHDGRV S~EOLFRV DO PHMRUDU OD FRODERUDFLyQ HQWUH
HOORV/DVKHUUDPLHQWDVGHFRODERUDFLyQ ZLNLVEORJVIRURVUHGHVVRFLDOHVHWF SHUPLWHQTXH
ORV HPSOHDGRV WUDEDMHQ PHMRU HQWUH HOORV FRQR]FDQ FyPR WUDEDMDQ VXV FROHJDV GH RWUDV
$GPLQLVWUDFLRQHVPHMRUDQHOVHUYLFLRSURSRUFLRQDGRHQEDVHDH[SHULHQFLDVDSUHQGLGDVHWF
 3HUPLWH D ORV UHVSRQVDEOHV SROtWLFRV HVWDU PiV YLQFXODGRV \ FHUFDQRV D ODV SUHRFXSDFLRQHV H
LQWHUHVHVGHVXVFLXGDGDQRV
(QWpUPLQRVGHEHQHILFLRVHFRQyPLFRVGHXQJRELHUQRDELHUWRODLQYHVWLJDFLyQFRPSDUDWLYDUHDOL]DGD
SRUHO%DQFR0XQGLDOPXHVWUDTXHORVSDtVHVFRQDOWRVQLYHOHVGHWUDQVSDUHQFLD\FRQWUROSDUODPHQWDULRKDQ
GLVIUXWDGRGHXQDPD\RUWDVDGHFUHFLPLHQWRHFRQyPLFRTXHORVSDtVHVFRQQRUPDVPHQRVHVWULFWDV 5DPtUH]
$OXMDV /DUD]yQSXHGHVHUVLPSOHHVRVSDtVHVFRQXQPD\RUFRQWUROVXHOHQWHQHUPHMRUHVJRELHUQRV\
EXHQRVJRELHUQRVSDUHFLHUDTXHHPStULFDPHQWHVHFRUUHODFLRQDELHQFRQGHVDUUROOR\FUHFLPLHQWRHFRQyPLFR
/RVSURSLRVWUDEDMRVGHVDUUROODGRVSRUOD2&'(PXHVWUDQWDPELpQTXHXQDPD\RUDSHUWXUDGHOJRELHUQRWLHQH
XQLPSDFWRSRVLWLYRHQYDULDViUHDVFODYHVGHODVRSHUDFLRQHVJXEHUQDPHQWDOHVHQWUHHOORVODJREHUQDQ]DHQ
HO iPELWR UHJXODWRULR SUHVXSXHVWDULR \ GH JHVWLyQ GHO JDVWR S~EOLFR \ HQ ORV PDUFRV GH LQWHJULGDG \ pWLFD
S~EOLFD 2&'(,QDS 
$GLFLRQDOPHQWHKD\HYLGHQFLDVTXHHOVyORKHFKRGHSUHSDUDUORVGDWRVSDUDHOXVRS~EOLFRHOJRELHUQR
VHEHQHILFLD 5RELQVRQ<X GDGRTXHDPHQXGRORVGDWRVGHOJRELHUQRQRHVWiQPX\RUGHQDGRVHVQHFHVDULR
IRUPDWHDUORVSDUDTXHSXHGDQVHUUHXWLOL]DGRVIiFLOPHQWH(VWDVWDUHDVGHSXOLUUHIRUPDWHDU\GRFXPHQWDUVRQ
HQVtPLVPRVEXHQDVSUiFWLFDVSDUDODJHVWLyQGHORVGDWRV$GLFLRQDOPHQWHGLVPLQX\HHOULHVJRGHSpUGLGDGH
LQIRUPDFLyQ HVSHFLDOPHQWH FXDQGR XQ IXQFLRQDULR VH DOHMD GHO VHUYLFLR OOHYiQGRVH FRQVLJR WRGRV ORV
FRQRFLPLHQWRVHLQIRUPDFLyQQRGRFXPHQWDGDSRUORWDQWRORVGDWRVDELHUWRVUHGXFHQHVHULHVJR
1RREVWDQWHDOFDQ]DUHVWRVEHQHILFLRVQRSDUHFHXQDWDUHDIiFLOGHELGRSULQFLSDOPHQWHDODKRUDGH
UHFRSLODUJHVWLRQDU\FRPSDUWLULQIRUPDFLyQ GHOD)XHQWH)XQGDFLyQ&7,& 
/DVPD\RUHVRSRUWXQLGDGHVGHFUHDFLyQGHYDORUHVWiQHQODVDSOLFDFLRQHVTXHFRPELQDQGDWRVS~EOLFRV
FRQGDWRVSULYDGRV 5RRWHU 3RURWURODGRKD\XQDHVFDVDGLVSRQLELOLGDGGHGDWRVGHIXQFLRQDPLHQWRGHODV




 5RRWHU5HXWLOL]DFLyQGHLQIRUPDFLyQS~EOLFD\SULYDGDHQ(VSDxD
 2SHQ*RYHUQPHQWLGHDVSDUDKDFHUWX$\XQWDPLHQWR$ELHUWR2EVHUYDWRULR5HJLRQDOGHOD6RFLHGDGGHOD,QIRUPDFLyQGH&DVWLOOD\/HyQ



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

FLXGDGHV WUiILFRFRQVXPRVHQHUJpWLFRVFRQWDPLQDFLyQYLYLHQGDXELFDFLyQGHREMHWRVUHOHYDQWHVHWF 8QD


PD\RUGLVSRQLELOLGDGGHHVWRVGDWRVSRVLELOLWDUiDEULUODSXHUWDDDSOLFDFLRQHVHQWLHPSRUHDOJHQHUDGRUDVGH
YDORUS~EOLFR\SULYDGRWDQWRHQHOiPELWRORFDOFRPRJOREDO

( 8QD+RMDGHUXWD
8QUHTXLVLWRLPSRUWDQWHSDUDHOODQ]DPLHQWRGHXQDLQLFLDWLYDGH2*'HVGLVSRQHUGHXQDLQIUDHVWUXFWXUD
WHFQROyJLFDTXHSHUPLWDODLQWHURSHUDELOLGDGHQWUHODVDJHQFLDVHOORKDFHQPiVYDOLRVRVORVGDWRV\PiV
IiFLO GHULYDU HQ QXHYRV XVRV 6LQ HPEDUJR FRPSDUWLU GDWRV UHTXLHUH HQ PXFKRV FDVRV HO XVR GH
HVWiQGDUHV/DLQYHUVLyQHQ XQDSODWDIRUPDGH LQWHURSHUDELOLGDGSURGXFHEHQHILFLRVSDUDODJHVWLyQGHO
SURSLR JRELHUQR FRPR OR PXHVWUD XQ HVWXGLR GH 0LFURVRIW 'LVPLQX\HQ ORV WLHPSRV GH WUDQVDFFLyQ
KDFLHQGRTXHHOJRELHUQRVHDPiVHILFLHQWHHQHQWUHJDUVHUYLFLRVDORVFLXGDGDQRVORTXHHQGHILQLWLYD
WLHQH XQ LPSDFWR HQ HO 3URGXFWR ,QWHUQR GH ORV SDtVHV FRPR OR PXHVWUD HO PHQFLRQDGR HVWXGLR
$GLFLRQDOPHQWHKD\RWURVEHQHILFLRVDOKDFHULQWHURSHUDEOHVORVVLVWHPDVGHJRELHUQRSRUHMHPSOR OD
PHMRUFDOLGDGGHORVGDWRVODPD\RURSRUWXQLGDGHQODHQWUHJDGHODLQIRUPDFLyQDODJLOL]DUVHHOSURFHVR
\ILQDOPHQWHEHQHILFLRVQRWDQJLEOHVFRPRJDQDUXQDPD\RUFRQILDQ]DGHORVFLXGDGDQRV
/D QHFHVLGDG GH HVWLPXODU OD UHXWLOL]DFLyQ HV WDPELpQ XQD WDUHD FODYH SXHV SHUPLWH LPSXOVDU OD
FDSDFLGDGGHLQQRYDFLyQGHGHVDUUROODGRUHVHLQIRPHGLDULRV'HDFXHUGRDOD)XQGDFLyQ&7,&HOLPSXOVRGH
ODV SROtWLFDV PiV OD GLVSRQLELOLGDG GH HVWiQGDUHV WHFQROyJLFRV PDGXURV FRPR OD :HE VHPiQWLFD HVWiQ
SRVLELOLWDQGRXQDJUDQUHYROXFLyQHQODIRUPDGHGLVWULEXLU\FRQVXPLULQIRUPDFLyQS~EOLFDGRQGHQRVyORODV
:HEV HVWDUiQ HQOD]DGDV HQWUH Vt VLQR TXH WDPELpQ ORV GDWRV UHGXFLHQGR GUiVWLFDPHQWH HO FRVWR GH OD
UHXWLOL]DFLyQ KDFLHQGR PX\ VHQFLOOD VX LQWHJUDFLyQ FRQ IXWXUDV DSOLFDFLRQHV 6LJXLHQGR FRQ OD RSLQLyQ GH
&7,& HOORV SLHQVDQ TXH VH GHEH FRQIRUPDU XQD VXHUWH GH HFRVLVWHPD HQWUH HO JRELHUQR ODV HPSUHVDV \ OD
FLXGDGDQtDSDUDIRPHQWDUHOFRQVXPRGHLQIRUPDFLyQS~EOLFD\FRQWULEXLUDVtDOELHQHVWDUVRFLDO
5HIRU]DQGRORDQWHULRU\HQSDODEUDVGH5RELQVRQ\<XSXEOLFDUGDWRVHQIRUPDHVWUXFWXUDGDHVVyOR
XQDFRQGLFLyQQHFHVDULDSDUDGLVSRQHUGHQXHYDVDSOLFDFLRQHV\VHUYLFLRVHQODPD\RUtDGHORVFDVRVQRHV
UHDOLVWDHVSHUDUTXHODLQQRYDFLyQVHSURGX]FDGHPDQHUDDXWRPiWLFD
6HUHTXLHUHVLQGXGDHQWRQFHVGLVSRQHUGHXQSODQGHDFFLyQSDUDHVWLPXODUHOFRQVXPRGHOFRQMXQWR
GHGDWRVHQWUHODVHPSUHVDVLQIRPHGLDULDVSURPRYLHQGRODFUHDFLyQGHQXHYDVDSOLFDFLRQHVHLPSXOVDQGRXQ
QXHYRVHFWRUHFRQyPLFRWHQLHQGRFRPRHMHVXQDYHUWLHQWHWpFQLFD \RWUDGHQHJRFLRV'HDFXHUGRD&7,&
SURPRYHUODLQWHURSHUDELOLGDG\WUDQVSDUHQFLDHQWUHODVHQWLGDGHVS~EOLFDVGHEHVHUXQHOHPHQWRIXQGDPHQWDO
GHOSODQ
2WURV FRPSRQHQWHV TXH VH UHTXLHUHQ VRQ UHFDEDU LQIRUPDFLyQ GHO S~EOLFR SDUD VDEHU FXiO HV OD
LQIRUPDFLyQ PiV UHOHYDQWH SDUD HOORV LQFRUSRUDQGR D ORV FDQDOHV KDELWXDOHV GH SDUWLFLSDFLyQ D ODV UHGHV
VRFLDOHV3URSRUFLRQDUGDWRVDELHUWRVQRFUHDVXSURSLDGHPDQGDORVSUR\HFWRVGHGDWRVDELHUWRVWLHQHQp[LWR
DOOt GRQGH VDWLVIDFHQ OD GHPDQGD H[LVWHQWH GH LQIRUPDFLyQ \ FRPSURPLVR 5RELQVRQ <X  (Q VXPD GHEH
H[LVWLUXQDDVRFLDFLyQDFWLYDHQWUHHOJRELHUQR\ORVDFWRUHVSULYDGRV
/XHJR VH UHTXLHUH QDWXUDOPHQWH GLIXQGLU ORV HVIXHU]RV UHDOL]DGRV SRU OD DGPLQLVWUDFLyQ S~EOLFD (O
SODQ TXH SURSRQH &7,& WHUPLQD FRQ OD GH GLVSRQHU SXQWRV GH DFFHVR 3RUWDOHV GH GDWRV DELHUWRV  \ OD
PHGLFLyQ \ VHJXLPLHQWR GHO LPSDFWR GHO SODQ GH DFFLyQ 3DUD HVWR ~OWLPR VH UHTXLHUH GHILQLU XQD VHULH GH
LQGLFDGRUHVTXHIDFLOLWHQODPHGLFLyQ\FXPSOLPLHQWRGHORVREMHWLYRVGHOSODQ
(Q HVWH FRQWH[WR VH LQWHQWD UHFRJHU DOJXQDV UHFRPHQGDFLRQHV SDUD DIURQWDU HVWD FRPSOHMD WDUHD \
VLQWHWL]DUHQXQDKRMDGHUXWDODLPSODQWDFLyQGHXQDVXHUWHGHHFRVLVWHPDGHGDWRVDELHUWRVHQWUHHOJRELHUQR\
ODFRPXQLGDGLQWHUHVDGD VWDNHKROGHUV (ORUGHQQRWLHQHTXHVHUQHFHVDULDPHQWHHOH[SXHVWRWDPELpQSXHGHQ
KDEHUWDUHDVHQSDUDOHOR




 7KH(FRQRPLF,PSDFWRI,QWHURSHUDELOLW\/RUHQ]R0DGULG



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

 'LVSRQHU GH XQD RUJDQL]DFLyQ DSURSLDGD D OD FRQVWUXFFLyQ GH 2*' TXH QR QHFHVDULDPHQWH
GHEH VHU LJXDO D OD H[LVWHQWH SDUD HO PDQHMR GH ODV DFWLYLGDGHV WUDGLFLRQDOHV GH JRELHUQR
HOHFWUyQLFR
 &RQWUDWDU\JHQHUDUXQSODQGHFDSDFLWDFLyQSDUDGLVSRQHUGHSURIHVLRQDOHVLGyQHRVSDUDHVWD
QXHYDWDUHD
 $UWLFXODU XQD GHFODUDFLyQ LQVWLWXFLRQDO D IDYRU GH XQ JRELHUQR DELHUWR SRU SDUWH GH OD
SUHVLGHQFLDWDQSURQWRFRPRVHDSRVLEOHTXHGHEHVHUSDUWHGHODGHILQLFLyQGHREMHWLYRV\OD
HVWUDWHJLDTXHGHEHVHJXLUVHHQHVWHWHPD &DUORVGHOD)XHQWH&7,& 
 'LVSRQHUGHXQDSODWDIRUPDGHLQWHURSHUDELOLGDGHQWUHODVGLIHUHQWHVDJHQFLDV
 (ODERUDU XQ HVWXGLR GH PHUFDGR HQ UHODFLyQ D ORV GDWRVPiV SHUWLQHQWHV \ SULRULWDULRV TXH OD
FLXGDGDQtD HQ JHQHUDO HVWi UHTXLULHQGR $O UHVSHFWR HO HVWXGLR UHDOL]DGR SRU HO JRELHUQR GH
&RORPELDSXHGHVHUXQEXHQUHIHUHQWHSDUDODUHJLyQ
 'HVDUUROODU XQD SROtWLFD GH GDWRV DELHUWRV TXH LQFOX\D OD DGRSFLyQ GH IRUPDWRV DELHUWRV
HVWiQGDUHVSDUDGDWRV\PHWDGDWRVTXHIDFLOLWHQVXSRVWHULRUUHXWLOL]DFLyQ
 &RQVWUXFFLyQ GH XQ VLWLR :HE RILFLDO GH DSHUWXUD GH GDWRV TXH LQFRUSRUH ORV UHVXOWDGRV GHO
HVWXGLRDQWHULRU\VLJXLHQGRODVPHMRUHVSUiFWLFDVLQWHUQDFLRQDOHVHQODPDWHULD
 (VWDEOHFHU XQ SODQ GH DFFLyQ SDUD HVWLPXODU HO FRQVXPR GH GDWRV HQWUH ODV HPSUHVDV
LQIRPHGLDULDV
 *HQHUDUDOLDQ]DV\FRQYHQLRVFRQVHFWRUHVLQWHUHVDGRVGHODVRFLHGDGFLYLO\HOVHFWRUSULYDGR
 (VWDEOHFHU XQ XQD PHGLFLyQ GH GLDJQyVWLFR LQLFLDO GHO QLYHO GH PDGXUH] GH ODV LQVWLWXFLRQHV
UHVSHFWR D ORV GDWRV DELHUWRV SDUD TXH VLUYD GH OtQHD EDVH HQ OD PHGLFLyQ SHULyGLFD GH ORV
HVSHUDGRVSURJUHVRV\DYDQFHV\DVtIDFLOLWDUODWRPDGHODVGHFLVLRQHVFRUUHFWLYDV\RSRUWXQDV
TXHVHDQQHFHVDULDV




 KWWSSURJUDPDJRELHUQRHQOLQHDJRYFRGRFXPHQWRVVKWPO"DSF HD V H P E DOV>/(9(/B@  FPG>@ F



DOV>0,*$B@
1DFLRQDOHV



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

,, 7HQGHQFLDV\SULPHURV
UHVXOWDGRVHQHOPXQGR

2SHQ'DWDFDQPDNHWKHZRUOGDEHWWHUSODFH-RVKXD7DXEHUHU
/DIUDVHGH7DXEHUHUTXHHQFDEH]DHVWHFDStWXORQRHVXQHVORJDQPiVQL
XQD H[DJHUDFLyQ KR\ QDGLH GLVFXWH TXH OD LQIRUPDFLyQ HV XQ ELHQ PX\
DSUHFLDGR HQ ORV WLHPSRV TXH YLYLPRV VH KDEOD GH OD VRFLHGDG GH OD
LQIRUPDFLyQ IUDVH TXH VH KD VLGR DFXxDGD SRU QXPHURVRV JRELHUQRV \
RUJDQL]DFLRQHV/RV(VWDGRV\HQHVSHFLDOORVJRELHUQRVVRQORVPD\RUHV
SURGXFWRUHV GH LQIRUPDFLyQ SRU OR TXH HVWiQ HQ XQD SRVLFLyQ FODYH SDUD
FRQWULEXLUDOHPSUHQGLPLHQWR\ ODLQQRYDFLyQGHORVFLXGDGDQRVSHURQR
VyORHVRWDPELpQHQHQWUHJDUPHMRUHVVHUYLFLRV\DXPHQWDUODFRQILDQ]DHQ
ODV LQVWLWXFLRQHV S~EOLFDV WUDQVSDUHQWDQGR LQIRUPDFLyQ UHOHYDQWH D VXV
FLXGDGDQRVSDUDXQPHMRUFRQWURO\UHQGLFLyQGHFXHQWDVGHORVFXDQWLRVRV
UHFXUVRVILQDQFLHURVTXHUHFDXGDHOJRELHUQRGHORVFLXGDGDQRV\HPSUHVDV
DWUDYpVGHORVLPSXHVWRV
/DV EXHQDV SUiFWLFDV HQ PDWHULD GH DSHUWXUD GH GDWRV SRU SDUWH GH
ORV JRELHUQRV VH HQFXHQWUDQ HQ SDtVHV FRPR ((88 $XVWUDOLD \ 1XHYD
=HODQGD 3HVH D TXH OD DSHUWXUD GH GDWRV HV XQD WHQGHQFLD UHODWLYDPHQWH
QXHYD\DVRQYDULRVORVSDtVHV(XURSHRVTXHHVWiQDSRVWDQGRDHVWDQXHYD
IRUPDGHHQWUHJDUORVVHUYLFLRVSRUSDUWHGHODDGPLQLVWUDFLyQS~EOLFD




 2SHQ'DWDLV&LYLF&DSLWDO%HVWSUDFWLFHVIRU2SHQ*RYHUQPHQWGDWD-RVKXD7DXEHUHU KWWSUD]RURFFDPVLQIR 



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

(Q HVWH VHQWLGR RUJDQL]DFLRQHV FRPR  &7,&  KDQ VLGR FUHDGDV  MXVWDPHQWH  SDUD D\XGDU D ODV
DGPLQLVWUDFLRQHV \RUJDQLVPRVS~EOLFRV HQODSXEOLFDFLyQ GHVXLQIRUPDFLyQGH IRUPD TXHFXPSODFRQVX
IXQFLyQGHVHUYLFLRS~EOLFRVHDMXVWHDODQRUPDWLYDYLJHQWH\PD[LPLFHHOSRWHQFLDOGHVXUHXWLOL]DFLyQSRU
WHUFHURVDVtFRPRDOVHFWRUWHFQROyJLFR
8QDGHODVSULPHUDVLQLFLDWLYDVIXHODGHOJRELHUQRGH(VWDGRV8QLGRVHOFXDOGHVGHHODxRHVWi
LPSXOVDQGR HO SRUWDO 'DWDJRY (O SUHVLGHQWH %DUDFN 2EDPD GLR HO LPSXOVR FRQ HO GLFWDGR GH OD 2SHQ
*RYHUQPHQW'LUHFWLYH\OHKDGDGRXQDLPSRUWDQFLDSULRULWDULDDHVWHSRUWDOTXHUHIXHU]DODFDSDFLGDGGHOD
FLXGDGDQtDGHHQFRQWUDUODLQIRUPDFLyQIiFLOPHQWHGHVFDUJDU\XVDUEDVHVGHGDWRVTXHVHJHQHUDQ\TXHVH
HQFXHQWUDQ HQ SRGHU GHO *RELHUQR )HGHUDO 'DWDJRY SURSRUFLRQD GHVFULSFLRQHV GH ORV FRQMXQWRV GH GDWRV
IHGHUDOHV PHWDGDWRV  LQIRUPDFLyQ VREUH FyPR DFFHGHU D ODV EDVHV GH GDWRV \ GLIHUHQWHV KHUUDPLHQWDV TXH
SRVHHHOJRELHUQR
3RU VX SDUWH HO SRUWDO 'DWDJRYDX GHO *RELHUQR GH $XVWUDOLD SURSRUFLRQD XQD PDQHUD IiFLO GH
DFFHGHUDODLQIRUPDFLyQ\DODUHXWLOL]DFLyQGHORVGDWRVS~EOLFRVGHOJRELHUQR2WUDSDUWLFXODULGDGTXHWLHQH
HV TXH UHDOL]DQ XQ FRQFXUVR GHQRPLQDGR *RY+DFN FRQVLVWHQWH HQ XQ HYHQWR GH FDVL GRV GtDV HQ TXH
SHUVRQDVFRPRGHVDUUROODGRUHV\GLVHxDGRUHVGHVRIWZDUHWUDEDMDQHQSUR\HFWRVXWLOL]DQGRGDWRVHQPDQRVGHO
HVWDGR $XVWUDOLDQR FRQ HO REMHWLYR GH GHVDUUROODU VROXFLRQHV FLXGDGDQDV FRQ ORV GDWRV REWHQLGRV GHVGH VX
SRUWDO\SUHPLDQGRDTXHOORVPiVLQQRYDGRUHV
(O5HLQR8QLGRWLHQHDOJRTXHGHFLUHQHVWDPDWHULD&RQVXVDSUR[LPDGDPHQWHEDVHVGHGDWRV\
XQDFLQFXHQWHQDGHDSOLFDFLRQHVGHULYDGDVVXSRUWDO'DWDJRYXN
(VSDxDHVSDUDDOJXQRVDXWRUHVHOVHJXQGRSDtVPiVGHVDUUROODGRHQ2SHQ'DWDGHOD8QLyQ(XURSHD
WUDVHO5HLQR8QLGRHOFXDOMXQWRD((88SXHGHQFRQVLGHUDUVHORVOtGHUHVPXQGLDOHV(VSDxDSRVHHXQVHFWRU
LQGXVWULDOLQFLSLHQWHDVRFLDGRDODUHXWLOL]DFLyQGHLQIRUPDFLyQ$6(',(HVODSULQFLSDODVRFLDFLyQLQGXVWULDO
TXH ORV DJUXSD SRVHH DFWXDOPHQWH  HPSUHVDV GHO VHFWRU LQIRPHGLDULR GH VHUYLFLRV GH LQIRUPDFLyQ VLQ
HPEDUJRHOSDtVSRVHHYDULRVHMHPSORVGHEXHQDVSUiFWLFDVHQDSHUWXUDGHGDWRVS~EOLFRVWDOHVFRPR2SHQ
'DWD(XVNDGLTXHFRUUHVSRQGHDXQDGHODV&RPXQLGDGHV$XWyQRPDVTXHVHKDFRQYHUWLGRHQODSULPHUD
DGPLQLVWUDFLyQGH(VSDxDHQRIUHFHUHQ,QWHUQHWODLQIRUPDFLyQS~EOLFDTXHREUDHQVXSRGHU(OSUR\HFWRIXH
GLVWLQJXLGRFRQHOSUHPLR),&2'DOPHMRUSUR\HFWRGHVHUYLFLRVDOFLXGDGDQR6HWUDWDGHXQSRUWDOGH
HQWUHJDGHGDWRVS~EOLFRVTXHHVWiQHQSRGHUGHO*RELHUQR9DVFRHQIRUPDWRVHVWiQGDU\UHXWLOL]DEOHVEDMR
OLFHQFLDV GH SURSLHGDG DELHUWD TXH SHUPLWHQ VX UHGLVWULEXFLyQ UHXWLOL]DFLyQ \ DSURYHFKDPLHQWR FRQ ILQHV
FRPHUFLDOHVFRQHOILQGHTXHWHUFHURVSXHGDQFUHDUVHUYLFLRVGHULYDGRVGHORVPLVPRV$FWXDOPHQWHHOSRUWDO
HQWUHJD PiV GH  FRQMXQWRV GH GDWRV DELHUWRV PDSDV GH LQIRUPDFLyQ WXUtVWLFD UHFXUVRV KtGULFRV
FDOHQGDULRVODERUDOHVVRQDOJXQRVGHORVHMHPSORVTXHLQYROXFUDQDHPSUHVDV\RUJDQLVPRVTXHKDFHQXVR\
DSURYHFKDQ ORV GDWRV S~EOLFRV GLVSRQLEOHV 2WUDV LQLFLDWLYDV GH 2SHQ 'DWD HQ (VSDxD HQ &RPXQLGDGHV
$XWyQRPDVVRQ$VWXULDV&DWDOXxD([WUHPDGXUD\1DYDUUDSRUVXSDUWHORVPXQLFLSLRV RD\XQWDPLHQWRV 
TXH WDPELpQ KDQ GHVDUUROODGR DOJXQD LQLFLDWLYD GH HVWH WLSR  VRQ *LMyQ =DUDJR]D /OHLGD %DGDORQD
%DUFHORQD\&yUGRED3RUVXSDUWHHOSRUWDO2SHQ'DWD(XURSHR3XEOLF'DWDHXWLHQHFRPRREMHWLYRJHQHUDU
XQD ZHE GH iPELWR HXURSHR VREUH GDWRV DELHUWRV (VWH SRUWDO QR VyOR UHFRJH FDWiORJRV GH GDWRV VLQR TXH
WDPELpQVHSURSRQHRIUHFHUDSOLFDFLRQHVHLGHDVVREUHHOWHPD
6HJ~QHOHVWXGLRGHFDUDFWHUL]DFLyQGHOVHFWRULQIRPHGLDULRGHVDUUROODGRHQHO0DUFRGHO3UR\HFWR
$SRUWD HO VHFWRU LQIRPHGLDULR HV HO FRQMXQWR GH HPSUHVDV TXH JHQHUDQ DSOLFDFLRQHV SURGXFWRV \R
VHUYLFLRV GH YDORU DxDGLGR GHVWLQDGRV D WHUFHURV D SDUWLU GH OD LQIRUPDFLyQ GHO VHFWRU S~EOLFR $Vt HQ
(VSDxDODHVWLPDFLyQGHOYROXPHQGHQHJRFLRDVRFLDGRGLUHFWDPHQWHDODDFWLYLGDGLQIRPHGLDULDGHODV
HPSUHVDV TXH FRQVWLWX\HQ HO XQLYHUVR GHO HVWXGLR VH VLW~D HQWUH  \  PLOORQHV GH HXURV (Q OD

















KWWSGDWRVIXQGDFLRQFWLFRUJHQ
KWWSGDWDJRYDX
KWWSJRYKDFNRUJ
KWWSRSHQGDWDHXVNDGLQHWZSUHKRPHHV
)RUR,QWHUQDFLRQDOGH&RQWHQLGRV'LJLWDOHV KWWSZZZILFRGHVILFRG 
KWWSSXEOLFGDWDHX
(VWXGLRGHFDUDFWHUL]DFLyQGHOVHFWRULQIRPHGLDULR3UR\HFWR$SRUWDKWWSZZZDSRUWDHVZHEJXHVWHVWXGLR5,63



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

VLJXLHQWHILJXUDVHPXHVWUDODUHODFLyQGHORVSULQFLSDOHVVHFWRUHVLQIRPHGLDULRVFRQHOVHFWRUS~EOLFR\
ORVXVXDULRVILQDOHV
',$*5$0$
&$5$&7(5,=$&,1'(/6(&725,1)20(',$5,2<685(/$&,1&21(/6(&7253%/,&2<
868$5,26),1$/(6


)XHQWH(ODERUDFLyQSURSLDWRPDGRGHO3UR\HFWR$SRUWD*RELHUQRGH(VSDxD

8QHVWXGLR PiV DQWLJXRGH3,5$ ,QWHUQDWLRQDO &RPPHUFLDO([SORLWDWLRQRI(XURSHV3XEOLF6HFWRU


,QIRUPDWLRQ GHODxRGLVWLQJXHHQWUH ODLQYHUVLyQGH JRELHUQRHQHO VHFWRU LQIRUPDFLyQ 9DORUGH OD
,QYHUVLyQ  \ HO YDORU DxDGLGR SRU ORV XVXDULRV HQ OD HFRQRPtD FRPR XQ WRGR 9DORU (FRQyPLFR  3DUD OD
8QLyQ(XURSHDHOYDORUGHODLQYHUVLyQVHHVWLPyHQELOORQHVGHHXURVDODxR\HOYDORUHFRQyPLFRHQ
ELOORQHVGHHXURVDODxR(QFRQWUDVWHSDUD((88ORVYDORUHVVRQELOORQHVSDUDODLQYHUVLyQ\FRPR
YDORUHFRQyPLFR3RUORWDQWRREVHUYDQGRODVFLIUDVGHHVWHHVWXGLRODUHQWDELOLGDGVRFLDOGHODVLQYHUVLRQHVHQ
HOVHFWRULQIRUPDFLyQDSDUHFHFODUDPHQWHPX\DWUDFWLYDHVSHFLDOPHQWHSRUODUHFXSHUDFLyQGHLPSXHVWRVTXH
VHDOFDQ]DDODXPHQWDUODDFWLYLGDGHFRQyPLFD
8QHVWXGLRGHOD8QLyQ(XURSHDGHODxRHVWLPDTXHHOYDORUGHPHUFDGRGHODUHXWLOL]DFLyQGH
LQIRUPDFLyQGHQWURGHORVSDtVHVGHOD8QLyQ(XURSHDHVWDUtDHQWUH\PLOPLOORQHVGHHXURV(VWDV
FLIUDVQRVSHUPLWHQFRQFOXLUTXHHVWHQXHYRSDUDGLJPDVREUHODJHVWLyQGHODLQIRUPDFLyQS~EOLFDGHO(VWDGR
HQPDQRVGHWHUFHURVHVHOFRPLHQ]RGHXQDQXHYDRODTXHVLQGXGDFDPELDUiODIRUPDGHUHODFLRQDUVHFRQHO
(VWDGR8QUHFLHQWHHVWXGLRUHDOL]DGRSRUHO&HQWURGH7HFQRORJtDGH*RELHUQRGHOD8QLYHUVLGDGGH$OEDQ\
PXHVWUDFyPRVHSXHGHJHQHUDUYDORUHFRQyPLFR\VRFLDOSDUDXQDYDULHGDGGHVWDNHKROGHUVDOGLVSRQLELOL]DU
LQIRUPDFLyQDVRFLDGDDOUHJLVWURGHSDUFHODVGRQGHVXXVRSULPDULRHVSDUDODDGPLQLVWUDFLyQGHLPSXHVWRVVLQ
HPEDUJR VH UHYHOy TXH HQ XVRV VHFXQGDULRV KDEtD LPSRUWDQWHV EHQHILFLRV HFRQyPLFRV \ VRFLDOHV VL OD
LQIRUPDFLyQTXHGDEDDGHFXDGDPHQWHGHVFULWDFRQXQDEXHQDFDOLGDGGHODPHWDGDWD



&RPPHUFLDO([SORLWDWLRQRI(XURSHV3XEOLF6HFWRU,QIRUPDWLRQ WKH3,5$VWXG\ 
0(36,56WXG\ 0HDVXULQJ(XURSHDQ3XEOLF6HFWRU,QIRUPDWLRQ5HVRXUFHV KWWSHFHXURSDHXLQIRUPDWLRQBVRFLHW\SROLF\SVL
PHSVLULQGH[BHQKWP

   6KDURQ 'DZHV DQG 1DWDOLH +HOELJ ,QIRUPDWLRQ 6WUDWHJLHV IRU 2SHQ *RYHUQPHQW &KDOOHQJHV DQG 3URVSHFWV IRU 'HULYLQJ 3XEOLF
9DOXHIURP*RYHUQPHQW7UDQVSDUHQF\




&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

3RU VX SDUWH $PpULFD /DWLQD WLHQH SRFR TXH GHFLU HQ WHPDV GH DSHUWXUD GH GDWRV (VWR HV EDVWDQWH
REYLR WRGD YH] TXH OD DSHUWXUD GH GDWRV YD PX\ UHODFLRQDGD FRQ ORV PRGHORV GH PDGXUH] GH JRELHUQR
HOHFWUyQLFR\FRQODFUHDFLyQGH/H\HVGHWUDQVSDUHQFLD\DFFHVRDODLQIRUPDFLyQS~EOLFD(QHVWDPDWHULD
ORVSDtVHVGHOD5HJLyQHVWiQFUHDQGRUHFLHQWHPHQWHVXVQRUPDWLYDV\OH\HVSRUORFXDOQRVHSXHGHHVSHUDU
PD\RUGHVDUUROORHQWHPDVGHJRELHUQRDELHUWR
$OJXQDVLQLFLDWLYDVLQWHUHVDQWHVGHODUHJLyQSXHGHQHQFRQWUDUVHHQ8UXJXD\DWUDYpVGHODSXEOLFDFLyQ
GHVXVUHJODVGHJRELHUQRDELHUWR
(Q &KLOH VH KDQ GHVDUUROODGR XQ SDU GH LQLFLDWLYDV (O SRUWDO 'DWRV 3~EOLFRV  TXH WLHQH FRPR
REMHWLYRORJUDUODLPSOHPHQWDFLyQGHHVWiQGDUHVTXHIDFLOLWHQODLQWHURSHUDELOLGDGHQODSXEOLFDFLyQGHGDWRV
DELHUWRV\ODRWUDHV(OSRUWDO$FFHVR,QWHOLJHQWHGHVDUUROODGRSRUXQDIXQGDFLyQ &LXGDGDQRLQWHOLJHQWH 
\TXHEXVFDIDFLOLWDUHODFFHVRDODLQIRUPDFLyQSRUHOPHGLRGHODWUDQVSDUHQFLDSDVLYD7DPELpQYDOHODSHQD
PHQFLRQDUHOVLWLR-XQDUTXHHVXQDUHFLHQWH6WDUXSGHRULJHQFKLOHQRTXHGDVHUYLFLRVGHDSHUWXUDGHGDWRV
DGLIHUHQWHVHQWLGDGHVWDQWRS~EOLFDVFRPRSULYDGDVHQHVHVHQWLGRHVXQLQIRUPHGLDULRPX\SDUWLFXODUSXHV
TXHQRKDFHDSOLFDFLRQHV(Q&RORPELDDOJRVHHVWiWUDEDMDQGRDWUDYpVGHVXSURJUDPD*RELHUQRHQ/tQHD
HVSHFLDOPHQWH HQ WDUHDV GH UHFRJHU UHTXHULPLHQWRV GH ORV FLXGDGDQRV  SHUR D~Q QR VH YHQ DSOLFDFLRQHV QL
SROtWLFDVUHDOHVTXHYD\DQHQYtDVGHOLEHUDUORVGDWRVS~EOLFRV\VXUHXWLOL]DFLyQ
$FRQWLQXDFLyQVHLQWHQWDPRVWUDUORVSULQFLSDOHVUHVXOWDGRVGHDOJXQDVLQLFLDWLYDVFODYHVGHJRELHUQR
DELHUWRHQHOPXQGRSDUDHOORVHKDQFDWHJRUL]DGRHVWRVUHVXOWDGRVHQWUHVJUDQGHVJUXSRVHOSULPHURHVHO
TXH VH UHODFLRQDQ FRQ OD SURYLVLyQ GH VHUYLFLRV D ORV FLXGDGDQRV \ HPSUHVDV SRU HMHPSOR HQ ODV iUHDV GHO
WUDQVSRUWHHQLQIRUPDFLyQJHRUUHIHUHQFLDOHWF(OVHJXQGRJUXSRVHUHILHUHDWHPDVUHODFLRQDGRVFRQREWHQHU
XQDPD\RUWUDQVSDUHQFLD\FRQWUROFLXGDGDQRSRUHMHPSORFyPRVHJDVWDQORVLPSXHVWRVODVDGTXLVLFLRQHV
S~EOLFDVHWF)LQDOPHQWHVHKDQLQFOXtGRDSOLFDFLRQHVPiVFRPSOHMDVTXHLPSRUWDQODVROXFLyQGHSUREOHPDV
\ODLQFRUSRUDFLyQGHVROXFLRQHVLQQRYDGRUDVORTXHGHQRPLQDPRVSUR\HFWRVGHFRODERUDFLyQSRUHMHPSOR
HOOHYDQWDPLHQWRGHPDSDVGHFDOOHVGHOPXQGRHQXQWUDEDMRVLPLODUD:LNLSHGLD1DWXUDOPHQWHODGLPHQVLyQ
SDUWLFLSDFLyQGHO2*'FUX]DORVWUHVJUXSRVPHQFLRQDGRV$GLFLRQDOPHQWHVHKDLQFRUSRUDGRFXDQGRKDVLGR
SRVLEOHHOSDtVGHRULJHQGHODLQLFLDWLYD

$ 3URYLVLyQGHVHUYLFLRV
$SURYHFKDUORVGDWRVDELHUWRVSDUDPHMRUDUODSUHVWDFLyQGHVHUYLFLRVHVXQREMHWLYRTXHUH~QHDODVWUHV
SDUWHV LQWHJUDQWHV GH OD FRQFHSFLyQ GH ORV GDWRV DELHUWRV IXQFLRQDULRV S~EOLFRV FUHDGRUHV GH VRIWZDUH
YROXQWDULRV GHO VHFWRU SULYDGR \ ORV SURSLRV FLXGDGDQRV /D SUHVWDFLyQ GH VHUYLFLRV HV XQ REMHWLYR
SROtWLFRFHQWUDOGHFXDOTXLHUJRELHUQR\ORVIXQFLRQDULRVVXHOHQYHUVHUHFRPSHQVDGRVHOHFWRUDOPHQWH
EXURFUiWLFDPHQWH R GH RWUDV PDQHUDV FXDQGR HQFXHQWUDQ PDQHUDV GH PHMRUDU HO SURFHVR $ ORV
FUHDGRUHV GH VRIWZDUH OHV JXVWDQ ORV SUR\HFWRV GH SUHVWDFLyQ GH VHUYLFLRV SRUTXH WLHQGHQ D VHU
WHFQROyJLFDPHQWH YLDEOHV \ WDPELpQ SRUTXH VX LPSDFWR HV FRQFUHWR ORFDO \ IiFLO GH FRPSUREDU /RV
FLXGDGDQRVYDORUDQGLFKRVSUR\HFWRVSRUTXHGDQUHVSXHVWDDQHFHVLGDGHVSUiFWLFDVGHODYLGDFRWLGLDQD
LQGHSHQGLHQWHPHQWHGHODLGHRORJtDGHORVLQGLYLGXRVRGHVXJUDGRGHFRPSURPLVRSROtWLFR
3RU HMHPSOR HO JRELHUQR GH 5HLQR 8QLGR KD GHVDUUROODGR LQLFLDWLYDV FRPR 6KRZ XV D EHWWHU ZD\
PHGLDQWH OD FXDO VROLFLWD LGHDV D OD FLXGDGDQtD VREUH FyPR DSURYHFKDU \ XVDU OD LQIRUPDFLyQ S~EOLFD SDUD
JHQHUDU VHUYLFLRV GH YDORU TXH UHTXLHUH OD FRPXQLGDG R OD SODWDIRUPD HSHWLWLRQ D WUDYpV GH OD FXDO ORV
FLXGDGDQRV LQJOHVHV SXHGHQ HIHFWXDU XQD SHWLFLyQ UHODFLRQDGD FRQ ORV VHUYLFLRV \ UHVSRQVDELOLGDGHV GHO
JRELHUQR\UHDOL]DUXQDFDPSDxDGHUHFROHFFLyQGHILUPDVHQPHVHVFRQHOREMHWLYRGHTXHHVWD
SHWLFLyQ VHD DQDOL]DGD IRUPDOPHQWH SRU OD FiPDUD GH ORV FRPXQHV \ HYHQWXDOPHQWH SXHGD JHQHUDU XQD
GLVFXVLyQOHJLVODWLYD$ODIHFKDGHHVWHLQIRUPHKDEtDSHWLFLRQHVTXHWHQtDQ\DPiVGHPLOILUPDV













KWWSGDWRVJREFO
KWWSVZZZDFFHVRLQWHOLJHQWHRUJ$FFHVR,QWHOLJHQWHKRPH
KWWSZZZMXQDUFRP
(QKWWSZHEDUFKLYHQDWLRQDODUFKLYHVJRYXNKWWSVKRZXVDEHWWHUZD\FRXN
KWWSHSHWLWLRQVGLUHFWJRYXN



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

(Q ((88 HO DFFHVR OLEUH H LUUHVWULFWR D LQIRUPDFLyQ S~EOLFD KD WHQLGR XQ UiSLGR FUHFLPLHQWR
SDUWLFXODUPHQWHHQHOVHFWRUJHRJUiILFR\PHGLRDPELHQWH
$SDUWLUGHOODQ]DPLHQWRHQGHOVLWLREULWiQLFR)L[0\6WUHHWXQQ~PHURFUHFLHQWHGHFLXGDGHV
GHO5HLQR8QLGR\GHORV(VWDGRV8QLGRVKDQODQ]DGRVLVWHPDVVLPLODUHVHQWUHRWUDV1XHYD<RUN%RVWRQ
6DQ)UDQFLVFR\:DVKLQJWRQ'&WDPELpQHQRWURVSDtVHVFRPR&DQDGi&RUHD1XHYD=HODQGD&DGDXQDGH
HOODVKDFUHDGRXQDLQIUDHVWUXFWXUDHQOtQHDSDUDODVTXHMDVEiVLFDVGHORVFLXGDGDQRV\HOVHJXLPLHQWRGHORV
SUREOHPDVORFXDOSHUPLWHDORVUHVLGHQWHVGHGLFKDVFLXGDGHVXWLOL]DUXQDYDULHGDGGHDSOLFDFLRQHVPyYLOHV\
VLWLRV:HESDUDQRWLILFDUSUREOHPDVFRPRODH[LVWHQFLDGHJUDILWLVVHPiIRURVDYHULDGRVEDFKHVUHVLGXRVVLQ
UHFRJHU\RWURVSUREOHPDVORFDOHVGHSDUHFLGDtQGROH
(QHOVLWLR(YHU\%ORFNGH((88ORVXVXDULRVQRVyORSXHGHQDOHUWDUD ORVIXQFLRQDULRVS~EOLFRV
VREUH OD H[LVWHQFLD GH SUREOHPDV ORFDOHV VLQR WDPELpQ GLVFXWLU HQWUH HOORV VREUH WHPDV FRPR HO UXLGR HO
YDQGDOLVPR \ RWURV SUREOHPDV VLPLODUHV OR FXDO OHV SHUPLWH SRWHQFLDOPHQWH FRPSDUWLU LQIRUPDFLyQ \
FRRUGLQDUODVDFFLRQHVFRPXQLWDULDVSDUDVROXFLRQDUSUREOHPDVVLQDVLVWHQFLDJXEHUQDPHQWDO
7DPELpQVHKDQFRQVHJXLGRDYDQFHVSDUDORVFRQGXFWRUHV$OJXQDVFLXGDGHVDIHFWDGDVSRUXQDHVFDVH]
FUyQLFDGHSOD]DVGHDSDUFDPLHQWRFRPR6DQ)UDQFLVFRDKRUDSXEOLFDQGDWRVHQWLHPSRUHDOVREUHODVSOD]DV
TXHVHHQFXHQWUDQRFXSDGDV SDUDORFXDO WUDEDMDQFRQXQDUHGUHFLHQWHPHQWH LQVWDODGD GHVHQVRUHVGHEDMR
FRVWR /DV DSOLFDFLRQHV IDFLOLWDGDV SRU HO JRELHUQR GH OD FLXGDG \ SRU ORV SURPRWRUHV SULYDGRV FRQWULEX\HQ
DKRUDDTXHPXFKRVFRQGXFWRUHVJDQHQWLHPSR\YD\DQGLUHFWDPHQWHDXQDSOD]DQRRFXSDGD(VWRVVLVWHPDV
WDPELpQDSRUWDQDOJRELHUQRPD\RUYLVLELOLGDGGHODVSDXWDVGHXVRGHORVDSDUFDPLHQWRV\OHSHUPLWHQDMXVWDU
ORVSUHFLRVGHODVSOD]DVGXUDQWHHOGtDSDUDIRPHQWDUXQXVRPiVHILFD]GHGLFKRVHVSDFLRV +DUODQ<XDQG
5RELQVRQ 
(Q (VSDxD HV LQWHUHVDQWH PHQFLRQDU OD DVRFLDFLyQ 3UR %RQR 3~EOLFR OtGHU HQ OD RUJDQL]DFLyQ GHO
FRQFXUVR'HVDItR$EUH'DWRVFRQHOTXHEXVFDREWHQHUDSOLFDFLRQHVHQKRUDV'XUDQWHHODxRVH
SUHVHQWDURQSUR\HFWRVHQWUHHOORVGHVWDFDODE~VTXHGDGHKRUDULRVHDXWREXVHVGHODHPSUHVD0XQLFLSDOGH
7UDQVSRUWHVGH0DGULG
3RU~OWLPRORVGDWRVDELHUWRVKDQREWHQLGRHQRUPHVEHQHILFLRVHQHOiPELWRGHOWUDQVSRUWH(QXQDOLVWD
FUHFLHQWHGHFLXGDGHVODVDXWRULGDGHVPXQLFLSDOHVSXEOLFDQSODQRV\KRUDULRVGHOHFWXUDPHFiQLFDVREUHODV
UXWDVGHVXVDXWREXVHV\WUHQHVS~EOLFRV(TXLSDGRVFRQHVWDLQIRUPDFLyQ\FRQVHQVRUHVGHSRVLFLyQ*36ORV
WHOpIRQRVLQWHOLJHQWHVSXHGHQDKRUDGLULJLUDORVFLXGDGDQRVSRUPHGLRGHOWUDQVSRUWHS~EOLFRGHVGHHOOXJDU
HQTXHVHHQFXHQWUDQ GDWR\DFRQRFLGR KDVWDFXDOTXLHUOXJDUDOTXHTXLHUDQLU(VWDPDQHUDGHHOHJLUHQWUH
SRVLEOHVUXWDVGLVSHQVDDORVYLDMHURVGHODQHFHVLGDGGHHVWXGLDUORVKRUDULRV\SODQLILFDUHOYLDMHORFXDOKDFH
TXH WRGR HO VLVWHPD GH WUDQVSRUWH S~EOLFR VHD PXFKR PiV VHQFLOOR GH XVDU \ PiV IOH[LEOH &RPR HMHPSOR
UHYLVDUODDSOLFDFLyQGHVDUUROODGDSRUOD)XQGDFLyQ&7,&TXHSHUPLWHFRQRFHUHQWLHPSRUHDOODXELFDFLyQGH
EXVHV\SDUDGDVGHORVWUDQVSRUWHVS~EOLFRVGHODFLXGDGGH*LMyQ\=DUDJR]DHQ(VSDxD

% 7UDQVSDUHQFLDDFFRXQWDELOLW\
([LVWHXQDFRPXQLGDGGHJUXSRVGHLQWHUpVTXHHVWiPHQRVFRPSURPHWLGDHQODSURYLVLyQGHVHUYLFLRV\
PiV HQIRFDGD HQ OD WUDQVSDUHQFLD GH ODV LQVWLWXFLRQHV JXEHUQDPHQWDOHV \ OD DFFRXQWDELOLW\ GH ORV
SHUVRQHURVS~EOLFRV
$ SDUWLU GH ORV GDWRV GLVSXHVWRV HQ HVWD SODWDIRUPD 'DWDJRY VH KDQ JHQHUDGR VHUYLFLRV GH YDORU
DJUHJDGR TXH SURPXHYHQ OD UHQGLFLyQ GH FXHQWDV SURSRUFLRQDQGR LQIRUPDFLyQ RSRUWXQD \ GH FDOLGDG D ORV












KWWSZZZIL[P\VWUHHWFRP
KWWSVIHYHU\EORFNFRP
KWWSZZZDEUHGDWRVHV
KWWSZZZGQG]FRPDSSGDWRVJLMRQHV



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

FLXGDGDQRVFRPRSRUHMHPSORODSRVLELOLGDGGHFRQRFHUHOXVR \GHVWLQDFLyQGH ORVUHFXUVRVTXH UHFLEHHO


(VWDGRDWUDYpVGHORVLPSXHVWRVFRPRHVHOFDVRGH5HFRYHU\JRY\86$VSHQGLQJJRY
8Q HMHPSOR FOiVLFR HQ HVWD iUHD HV OD YLVXDOL]DFLyQ GH ORV JDVWRV DQXDOHV GH OD DGPLQLVWUDFLyQ GHO
JRELHUQRFHQWUDOHQHO5HLQR8QLGRHVWiHOSRUWDOZKHUHGRHVP\0RQH\JRRUJFUHDGRSRUOD2SHQ.QRZOHGJH
)RXQGDWLRQ(Q(VSDxDH[LVWHHOSRUWDO'RQGHYDQPLVLPSXHVWRV
(OWUDWDPLHQWRTXHKDFHGHODLQIRUPDFLyQGHQHJRFLRVSRUOD866HFXULWLHVDQG([FKDQJH&RPPLVLRQ
6(& HVWDPELpQXQH[FHOHQWHHMHPSORGHFyPRORVGDWRVEHQHILFLDQODHFRQRPtD/D6(&KDFHS~EOLFRVORV
HVWDGRVILQDQFLHURVGHODVHPSUHVDVTXHWUDQVDQHQODEROVDSDUDIDYRUHFHUFRQHVDLQIRUPDFLyQDOPHUFDGR
KDFLHQGRTXHODLQIRUPDFLyQIOX\DIDFLOLWDQGRXQPHUFDGRGHFDSLWDOHVPiVWUDQVSDUHQWH/DLPSRUWDQFLDGH
WUDQVSDUHQWDU RSRUWXQDPHQWH HVWD LQIRUPDFLyQ SDUHFH REYLD HVSHFLDOPHQWH GH FDUD OD FULVLV HFRQyPLFD TXH
YLYLy((88KDFHPX\SRFRFRPRODGHQRPLQDGDFULVLV6XE3ULPH
8Q FDVR FOiVLFR HV HO VLWLR FUHDGR SRU 7DXEHUHU *RY7UDFNXV IXH ODQ]DGR HO DxR  FRPR XQ
KREE\ GHO DXWRU 6X SURSyVLWR HV GDU D FRQRFHU OD PDUFKD GH ORV SUR\HFWRV GHO FRQJUHVR GH ORV ((88
PRVWUDQGRODYRWDFLyQGHORVFRQJUHVLVWDV(OVLWLRSHUPLWHTXHORVXVXDULRVUHFLEDQDFWXDOL]DFLRQHVFXDQGRVH
WRPDQQXHYDVPHGLGDVVREUHORVSUR\HFWRVGHOH\\DVtSXHGHQFRPSDUDUODVVXFHVLYDVYHUVLRQHVGHXQPLVPR
SUR\HFWR (Q HVHQFLD HV PRVWUDU D ORV FLXGDGDQRV FyPR WUDEDMD HO FRQJUHVR  HVWR QR VyOR HV XQ WHPD GH
DFFRXQWDELOLW\VLQRTXHWDPELpQGHSURPRYHUODHGXFDFLyQFtYLFDDWUDYpVGHODGHFXDGRXVRGHODWHFQRORJtD
(O p[LWR GH HVWD LQLFLDWLYD OOHYy D TXH HO SURSLR FRQJUHVR PHMRUDUD VX VLWLR 720$6 DJUHJiQGROHV QXHYDV
IXQFLRQDOLGDGHVSDUDTXHIXHUDPiVDWUDFWLYRDORVFLXGDGDQRV
1R SRGUtDPRV GHMDU GH PHQFLRQDU HQ HVWD SDUWH OD LQLFLDWLYD FKLOHQD GH &LXGDGDQR ,QWHOLJHQWH
IXQGDFLyQFUHDGDHODxRVXILQDOLGDGHVSURPRYHUODWUDQVSDUHQFLDHQHOVHFWRUS~EOLFRHLQFHQWLYDUOD
SDUWLFLSDFLyQDFWLYDGHORVFLXGDGDQRVSDUDSURWHJHUHOLQWHUpVS~EOLFR3RVHHYDULDVVHFFLRQHVFRPRDSR\DUD
ORV FLXGDGDQRV FXDQGR WLHQHQ TXH YRWDU SURSRUFLRQDQGR LQIRUPDFLyQ GH ORV FDQGLGDWRV KD\ WDPELpQ XQD
VHFFLyQSDUDHOFRQJUHVRFRQSHUILOHVGHORVSDUODPHQWDULRV\XQVHJXLPLHQWRGHORVSUR\HFWRV8QDVSHFWR
QRYHGRVR HV OD VHFFLyQ GHQRPLQDGD ,QVSHFWRU GH LQWHUHVHV TXH LQYHVWLJD ODV UHODFLRQHV GH LQWHUpV GH ORV
PLHPEURV GHO FRQJUHVR \ ODV FRPSDUDQ FRQ VXV GHFODUDFLRQHV RILFLDOHV SDUD PRVWUDU VL KD\ FRQIOLFWRV GH
LQWHUHVHV7DPELpQKDFHQXQVHJXLPLHQWRGHOFXPSOLPLHQWRGHORVSUR\HFWRVJXEHUQDPHQWDOHVFRPSURPHWLGRV
HQHOSURJUDPDGHJRELHUQR
5HFLHQWHPHQWH &LXGDGDQR ,QWHOLJHQWH JDQy HO SUHPLR 35,;$56 (OHFWUyQLFD  RWRUJDGR D ODV
FRPXQLGDGHVGLJLWDOHV\UHFRQRFLGRFRPRXQRGHORVPiVLPSRUWDQWHVSUHPLRVGHOPXQGRHQHVWHFDPSR
6LQ GXGD )XQGDFLyQ &LXGDGDQR ,QWHOLJHQWH FXPSOH XQD IXQFLyQ GH FRQWURO TXH KD SURYRFDGR DOJ~Q
LPSDFWRHQODVDXWRULGDGHVGHOJRELHUQRGH&KLOH\SRUFLHUWRHQODFLXGDGDQtD

& 3UR\HFWRVGHFRODERUDFLyQ
$SSV IRU 'HPRFUDF\ SURGXFHG PRUH VDYLQJV IRU WKH '& JRYHUQPHQW WKDQ DQ\ RWKHU LQLWLDWLYH 
9LYHN.XQGUDIRUPHU&72RI:DVKLQJWRQ'&DQGFXUUHQW)HGHUDO&,2
/DVROXFLyQGHSUREOHPDVFRPSOHMRVLPSOLFDDFWLYLGDGHVLQWHQVLYDVHQFRQRFLPLHQWR/DRUJDQL]DFLyQ
S~EOLFDHQIUHQWDXQSUREOHPDGLItFLOGHUHVROYHU/RWUDGLFLRQDOHVFRQWUDWDUODVROXFLyQDH[SHUWRVH[WHUQRV\
SRU FLHUWR HV XQD DOWHUQDWLYD WRGDYtD YiOLGD SHUR KR\ HQ GtD H[LVWH OD SRVLELOLGDG JUDFLDV HQ SDUWH D OD
WHFQRORJtD :HE GH EHQHILFLDUVH GH OD H[SHULHQFLD \ KDELOLGDGHV GH ORV FLXGDGDQRV 6H DSHOD DO XVR GH
LQFHQWLYRVFRPRFRQFXUVRV\SUHPLRVSDUDFDSWXUDUHQIRUPDDFWLYDODVLGHDV\VROXFLRQHVGHODVFRPXQLGDGHV
\S~EOLFRHQJHQHUDO$HVWRVHOHKDOODPDGRFRP~QPHQWH&URZGVRXUFLQJ



 86$VSHQGLQJJRY RIUHFH GDWRV D ORV FLXGDGDQRV VREUH HO JDVWR GH ORV RUJDQLVPRV IHGHUDOHV SHUPLWH FRQVXOWDU LQIRUPDFLyQ VREUH

FRQWUDWRVS~EOLFRVSURYHHGRUHVVXEYHQFLRQHVHQWUHRWURV
 KWWSZZZGRQGHYDQPLVLPSXHVWRVHV

 KWWSZZZJRYWUDFNXV

 KWWSFLXGDGDQRLQWHOLJHQWHFO




&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

8QDLQWHUHVDQWHDSOLFDFLyQGRQGHVHSXHGHDSUHFLDUORTXHODJHQWHHVFDSD]GHLQQRYDUHVHOVLWLR$SSV
IRU 'HPRFUDF\ VL VH SRQH D GLVSRVLFLyQ GH HOORV OD LQIRUPDFLyQ HQ XQ IRUPDWR DGHFXDGR /D PLVLyQ
GHFODUDGDGHHVWHVLWLRHVLQYROXFUDUDORVFLXGDGDQRVGH:DVKLQJWRQ'&HQHOSODQWHDPLHQWRGHSUREOHPDV
SHUR WDPELpQ HQ UHFRJHU LGHDV SDUD VX VROXFLyQ GRQGH OD WHFQRORJtD MXHJXH XQ URO LPSRUWDQWH \ FRQ HOOR
FRQVWUXLUODPHMRUSODWDIRUPDFRPXQLWDULDSDUDVXPLQLVWUDUVROXFLyQDORVUHTXHULPLHQWRVGHODFLXGDG(QVX
SULPHUDSiJLQDVHxDODQXQUHVXOWDGRSDUDODSULPHUDHGLFLyQGHDSOLFDFLRQHVPLOORQHVGHGyODUHVHQYDORU
SDUDODFLXGDGDXQFRVWRGHVRORPLOGyODUHV(QXQDSULPHUDIDVHSDUDREWHQHUORVUHTXHULPLHQWRVGHORV
FLXGDGDQRV QR HVSHUDURQ SDVLYDPHQWH SDUD REWHQHUORV  YROXQWDULRV UHFRUULHURQ ODV FDVDV OHYDQWDQGR
LQIRUPDFLyQ SUREOHPDV H LGHDV (OOR FRPSOHPHQWDGR FRQ OD FRRSHUDFLyQ GH EORJXHURV FRQ LQFHQWLYRV GH
SUHPLRVDOPHMRUUHSRUWH
3UREDEOHPHQWHHOVHUYLFLROtGHUHQHOiUHDGHODLQQRYDFLyQDELHUWDHV,QQR&HQWLYHTXHFXHQWDFRQ
PiVGHFRODERUDGRUHVHQPiVGHSDtVHVTXHSXHGHQWUDEDMDUHQORVSUREOHPDVGHODFLHQFLDOD
LQGXVWULDPDQXIDFWXUHUDODELRWHFQRORJtDODPHGLFLQDHOJRELHUQR\PXFKRVRWURVFDPSRV$OOtVHRIUHFHQ
UHFRPSHQVDVTXHSXHGHQVXSHUDUHOPLOOyQGHGyODUHVSDUDVROXFLRQHVDORVSUREOHPDVSUHVHQWDGRV(QWUHVXV
VRFLRVVHHQFXHQWUDQRUJDQL]DFLRQHVSUHVWLJLRVDVFRPR$FFHQWXUH%RR]$OOHQ1DVD(FRQRPLVWHQWUHRWURV
2WUR HMHPSOR GH JUDQ QLYHO HV VFLHQFH IRU FLWL]HQ TXH HV XQD SODWDIRUPD GRQGH LQYHVWLJDGRUHV
RUJDQL]DFLRQHVJRELHUQRV\HPSUHVDVRIUHFHQSUR\HFWRVGHLQYHVWLJDFLyQ\HQGRQGHORVFLXGDGDQRVSXHGHQ
SUHVHQWDUVH \ SDUWLFLSDU 6X REMHWLYR HV SURPRYHU XQD PHMRU FRPSUHQVLyQ GH OD FLHQFLD \ OD WHFQRORJtD \
VDWLVIDFHUHOGHVHRSRSXODUSDUDFUHDU\H[SORUDUODFLHQFLD
2WUR HMHPSOR GH DSOLFDFLyQ GH HVWH WLSR GH FURZGVRXUFLQJ HQ HO iPELWR S~EOLFR SXHGH YHUVH HQ
&KDOOHQJHTXHHVXQDSODWDIRUPDLPSOHPHQWDGDSRUHOJRELHUQRIHGHUDOGH(VWDGRV8QLGRVHQODFXDOODV
DJHQFLDVSXHGHQSXEOLFDUSUREOHPDV\UHWRVDVHUUHVXHOWRVRIUHFLHQGRLQFHQWLYRVHFRQyPLFRV\GHRWURWLSRD
ODV SHUVRQDV FRQ LGHDV \ VROXFLRQHV D WHPDV HVSHFtILFRV +D\ TXH GHFLU TXH HQ GLFKD SODWDIRUPD FRPELQD
GLIHUHQWHVPHFDQLVPRVGHFURZGVRXUFLQJFRPRHOYRWRODFRFUHDFLyQ\ODVROXFLyQDSUREOHPDV
8QDLQLFLDWLYDLQWHUHVDQWHFRPRHMHPSORFRODERUDWLYRVLPLODUD:LNLSHGLDHV2SHQ6WUHHWPDSTXH
SHUPLWHYHUHGLWDU\XVDULQIRUPDFLyQJHRJUiILFDGHPDQHUDFRODERUDWLYDGHVGHFXDOTXLHUOXJDUGHOPXQGR
/RVPDSDVVHFUHDQXVDQGRGLVWLQWRVGLVSRVLWLYRVGHFDSWXUDGHLQIRUPDFLyQFRPR*36RUWRIRWRJUDItDVHWF
6HGLVWULEX\HEDMROLFHQFLDGH&UHDWLYH&RPPRQV/RGHVWDFDEOHHVTXHGDDFFHVRWRWDODORVGDWRVGHPDQHUD
GHJHQHUDUYDORUDJUHJDGRDWUDYpVGHLQQRYDFLRQHV$FWXDOPHQWHKD\DOUHGHGRUGHGHSHUVRQDVGH
WRGRHOPXQGRHVWiQFRQWULEX\HQGRDVXVGHVDUUROOR\KDVLGRHVSHFLDOPHQWHHQ~WLOSDUDHQIUHQWDUGHVDVWUHV\
HQWUHJDUD\XGDKXPDQLWDULDSRUHMHPSORHQHOWHUUHPRWRGH+DLWtGRQGHHQFXHVWLyQGHGtDVVHWXYRXQPDSD
FRPSOHWRGHiUHDVTXHWHQtDQXQOHYDQWDPLHQWRPX\SREUH &RVWD (OQ~PHURGHFRQWULEX\HQWHVFUHFHDXQD
WDVDGHXQSRUPHV\VHLQFUHPHQWDQNPGHFDUUHWHUDVFDGDVHPDQD$OHPDQLD\HO5HLQR8QLGR
VRQODVFRPXQLGDGHVPiVJUDQGHVSHURKD\JUXSRVGHXVXDULRVSRUWRGRHOPXQGR
8QHMHPSORVLPLODU HVHOVHUYLFLR PHWHRUROyJLFRHQWRGR HO PXQGRHO861DWLRQDO:HDWKHU6HUYLFH
1:6 ORVRUSUHQGHQWHGHHVWHVHUYLFLRQRHVSUHFLVDPHQWHHOSURSRUFLRQDOODLQIRUPDFLyQGHOWLHPSRDO
S~EOLFRTXHHVSRUFLHUWRVXPLVLyQVLQRTXHVXPDQHUDGHSURPRYHUODLQQRYDFLyQHQHOSURFHVRGHUHFDEDU
ORV GDWRV FOLPiWLFRV 3DUD HOOR LQYROXFUD XQD JUDQ FRPXQLGDG GH FRODERUDGRUHV TXH LQFOX\HQ SURYHHGRUHV
FRPHUFLDOHV GH ORV PHGLRV \ WDPELpQ GH OD FRPXQLGDG DFDGpPLFD TXH MXHJD XQ URO PX\ LPSRUWDQWH
7DXEHUHU 
$FRQWLQXDFLyQVHSUHVHQWDXQFXDGURUHVXPHQFRQODVDSOLFDFLRQHVPRVWUDGDVODVFDWHJRUtDV\SDtVHV
LQYROXFUDGRV
















KWWSZZZDSSVIRUGHPRFUDF\RUJ
KWWSZZZLQQRFHQWLYHFRP
KWWSZZZVFLHQFHIRUFLWL]HQVQHW
KWWSFKDOOHQJHJRY
KWWSZZZRSHQVWUHHWPDSRUJ
KWWSZHDWKHUJRY



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

&8$'52
5(680(1'(/$6,1,&,$7,9$60(1&,21$'$6'(2*'
3DtVHV
&ULWHULRV

3URYLVLyQGH6HUYLFLRV

((88

(YHU\%ORFN

5HLQR8QLGR





6KRZXVDEHWWHUZD\
HSHWLWLRQ
)L[0\6WUHHW

(VSDxD





GDWRVJLMRQHV
$EUHGDWRV

&KLOH

7UDQVQDFLRQDOHV

7UDQVSDUHQFLD




5HFRYHU\JRY
*RY7UDFNXV




86$VSHQGLQJJRY
ZKHUHGRHV
P\0RQH\JRRUJ

3UR\HFWRVGH&RODERUDFLyQ






$SSVIRU'HPRFUDF\
,QQRFHQWLYH
VFLHQFHIRUFLWL]HQ
&KDOOHQJH
86
1DWLRQDO
:HDWKHU
6HUYLFH 1:6 

'RQGHYDQPLVLPSXHVWRV


&LXGDGDQRLQWHOLJHQWH

2SHQ6WUHHWPDS

)XHQWH(ODERUDFLyQSURSLD



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

,,, &yPRPHGLUORVUHVXOWDGRVGH
ODVLQLFLDWLYDVGHGDWRVDELHUWRV

/D SUHJXQWD FODYH D UHVSRQGHU HQ HVWH FDStWXOR HV FyPR PHGLU HO YDORU
S~EOLFRGHODVLQLFLDWLYDVGH2SHQ*RYHUQPHQW'DWD 2*' 
6H SDUWLUi GH OD EDVH GH TXH OD PHWRGRORJtD GHEH FRQVLGHUDU DO
PHQRV ORV WUHV DVSHFWRV TXH KHPRV HVWDGR GHVDUUROODQGR GXUDQWH HO
SUHVHQWHGRFXPHQWRHVWRHVTXHHOYDORUS~EOLFRVHPDQLILHVWDGHPDQHUD
GLIHUHQWHVHJ~QVLVXRULJHQHVXQDJDQDQFLDHQWUDQVSDUHQFLDHQXQPHMRU
VHUYLFLRRHQODVROXFLyQGHSUREOHPDVDWUDYpVGHXQSUR\HFWRLQQRYDWLYR
GHFRODERUDFLyQ
(O YDORU S~EOLFR HQ JHQHUDO IRFDOL]D VX DWHQFLyQ HQ HO LQWHUpV
FROHFWLYR GH GLYHUVRV VWDNHKROGHUV LQYROXFUDGRV  SRU OR TXH QR HV IiFLO
WUDVODGDU ODV FOiVLFDV GLPHQVLRQHV SDUD HYDOXDU ORV SURJUDPDV S~EOLFRV
FRPR VRQ OD HILFLHQFLD OD HILFDFLD OD FDOLGDG \ OD HFRQRPtD 'HEHPRV
HQFRQWUDUXQPpWRGRDQiORJRSDUDHOWUDWDPLHQWRGHOYDORUS~EOLFR
+D\TXHUHFRUGDUTXHHOYDORUS~EOLFRVHSURGXFLUiQHFHVDULDPHQWH
FRPRFRQVHFXHQFLDGHODFRPSOHMDUHODFLyQHQWUHODVDJHQFLDVHVWDWDOHV\
ORVP~OWLSOHVVWDNHKROGHUV
'H DFXHUGR D +DUULVRQ HW DO   HO YDORU S~EOLFR SXHGH VHU
GHVFULWR HQ WpUPLQR GH  GLPHQVLRQHV TXH LQWHQWDQ FDSWXUDU HO UDQJR GH
SRVLEOHVUHVXOWDGRVGHODDFFLyQGHOJRELHUQR




 2SHQ*RYHUQPHQWDQG(*RYHUQPHQW'HPRFUDWLF&KDOOHQJHVIURPD3XEOLF9DOXH3HUVSHFWLYH



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ


 )LQDQFLHUR ,PSDFWR DFWXDO R IXWXUR GH LQJUHVRV YDORU GH DFWLYRV SDVLYRV R FXDOTXLHU RWUR
DVSHFWRUHODFLRQDGRFRQODULTXH]D\HOULHVJR
 3ROtWLFR,PSDFWRHQXQDSHUVRQDRXQJUXSRGHLQIOXHQFLDRSDUWLGRVSROtWLFRVFRPRSURGXFWR
GHODDFFLyQGHOJRELHUQRRVXSROtWLFD
 6RFLDO,PSDFWRHQODVUHODFLRQHVFRQODFRPXQLGDGRIDPLOLDVHQODPRYLOLGDGVRFLDOHVWDWXV
RLGHQWLGDG
 (VWUDWpJLFR,PSDFWRHQSHUVRQDVRJUXSRVHFRQyPLFRVUHOHYDQWHVHQVXVREMHWLYRV\UHFXUVRV
SDUDODLQQRYDFLyQRHOSODQHDPLHQWR
 ,GHROyJLFR ,PSDFWR HQ ODV FUHHQFLDV HQ OD PRUDO R HQ ORV FRPSURPLVRV pWLFRV \ HQ HO
DOLQHDPLHQWRGHODVDFFLRQHVGHJRELHUQRHQVXVUHVXOWDGRVGHODSROtWLFDVRFLDOSRUODVQXHYDV
SRVLFLRQHVPRUDOHVRpWLFDV
 /HJLWLPLGDG\5HVSHWR,PSDFWRHQODYLVLyQGHORVSHUVRQHURVGHJRELHUQRHQHOFXLGDGRGH
YDORUHV HQ WpUPLQRV GH FUHDFLyQ GH FRQILDQ]D LQWHJULGDG \ OHJLWLPLGDG GH ODV LQVWLWXFLRQHV
S~EOLFDV
$GLFLRQDOPHQWHHVWHPRGHORLQFRUSRUDXQFRQMXQWRGHJHQHUDGRUHVGHYDORUTXHFRQVLVWHQHQ
 (ILFLHQFLD 2EWHQHU PD\RUHV UHVXOWDGRV FRQ ORV PLVPRV UHFXUVRV X REWHQHU ORV PLVPRV
UHVXOWDGRVFRQXQFRQVXPRPHQRUGHUHFXUVRV
 (IHFWLYLGDG,QFUHPHQWDUODFDOLGDGGHORVUHVXOWDGRVGHVHDGRV
 0HMRUDPLHQWRLQWUtQVHFR&DPELDHODPELHQWH \ODVFLUFXQVWDQFLDVDORVVWDNHKROGHUGHXQD
PDQHUDTXHHVFRQVLGHUDGDSRUHOORVFRPRXQYDORU
 7UDQVSDUHQFLD$FFHVRDLQIRUPDFLyQVREUHODVDFFLRQHVGHORVSHUVRQHURVGHJRELHUQRROD
RSHUDFLyQ GH ORV SURJUDPDV TXH LQFUHPHQWH OD UHQGLFLyQ GH FXHQWDV R OD LQIOXHQFLD VREUH HO
JRELHUQR
 3DUWLFLSDFLyQ /D IUHFXHQFLD H LQWHQVLGDG GHO LQYROXFUDPLHQWR GLUHFWR HQ OD WRPD GH
GHFLVLRQHVHQODRSHUDFLyQGHSURJUDPDVRHQODVHOHFFLyQGHDFFLRQHVGHODDXWRULGDG
 &RODERUDFLyQ 'XUDFLyQ GH DFWLYLGDGHV HQ ODV FXDOHV PiV GH XQ FRQMXQWR GH VWDNHKROGHUV
FRPSDUWH UHVSRQVDELOLGDGHV R DXWRULGDG HQ ODV GHFLVLRQHV GH RSHUDFLyQ SROtWLFD X RWUDV
DFFLRQHVGHOJRELHUQR
(Q HVWD PHWRGRORJtD ORV SULQFLSLRV R FRPSRQHQWHV GHO 2*' GH WUDQVSDUHQFLD SDUWLFLSDFLyQ \
FRODERUDFLyQ VRQ YLVWRV FRPR HVWUDWHJLDV TXH ORV JRELHUQRV DGRSWDQ SDUD ORJUDU FLHUWRV REMHWLYRV \ OD
RSRUWXQLGDGSDUDDJUHJDUYDORUS~EOLFR$VtXQDPD\RULQIRUPDFLyQSDUWLFLSDFLyQRDFFLRQHVGHFRODERUDFLyQ
SXHGHIDFLOLWDUPHMRUHVGHFLVLRQHVTXHDVXYH]SHUPLWLUiQDORVGLIHUHQWHVVWDNHKROGHUVFDSWXUDUYDORUHQODV
GLVWLQWDVGLPHQVLRQHVILQDQFLHUDVVRFLDOHVHVWUDWpJLFDVHWFTXHVHPHQFLRQDURQPiVDUULED
(QFRQVHFXHQFLDODFDOLGDGHQODVHOHFFLyQ\GLVHxRGHODVLQLFLDWLYDVGH2*'VHYHUtDIRUWDOHFLGDVL
KD\XQFODURHQWHQGLPLHQWRDTXLHQVLUYHXQDSDUWLFXODULQLFLDWLYDRSURJUDPD\HVSHFLILFDQGRFXiOHVVRQORV
YDORUHV S~EOLFRV DVRFLDGRV HQ WpUPLQRV GH ODV  GLPHQVLRQHV \D GHVFULWDV (VWD SDUHFH VHU XQD UHFHWD
LQWHUHVDQWHTXHORVJRELHUQRVGHELHUDQSURFXUDUWHQHUHQFXHQWDDODKRUDGHSODQLILFDULQLFLDWLYDVGH2*'
6HJ~QHVWRVDXWRUHVHVWDPHWRGRORJtDSDUHFHVHUPiV~WLOTXHIRFDOL]DUVHHQODVFOiVLFDVPpWULFDVFRPR
HOQ~PHURGHGDWDVHWVJHQHUDGRVQ~PHURGHEDMDGDVRSRUWXQLGDGHVGHSDUWLFLSDFLyQQ~PHURGHGLVFXVLRQHV
HQFKDWVHWF/RTXHODVDJHQFLDVGHELHUDQKDFHUHVHYDOXDUODVLQLFLDWLYDVGHFDUDDORVVWDNHKROGHUV\GHDKt
GHULYDU ORV YDORUHV S~EOLFRV TXH UHVXOWDQ DVRFLDGRV D ORV LQWHUHVHV GH HVWRV PLVPRV 'H HVWD PDQHUD 2*'
ORJUDUiVXVREMHWLYRVFXDQGRORVVWDNHKROGHUVH[WUDLJDQXQVLJQLILFDWLYRYDORUGHODVDFFLRQHVGHOJRELHUQRHQ
ORViPELWRVGHWUDQVSDUHQFLDSDUWLFLSDFLyQ\FRODERUDFLyQ&RQHOORHOJRELHUQRJDQDUiIXQGDPHQWDOPHQWHXQD
PHMRULPDJHQGHDFFHVLEOHFRQFDSDFLGDGGHUHVSXHVWDFRQILDEOH\HQGHILQLWLYDPiVDELHUWR +DUULVRQHWDO 


&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

$FRQWLQXDFLyQVHSUHVHQWDXQ&XDGURGHOD)XQGDFLyQ&7,&TXHFRQWLHQHDOJXQRVLQGLFDGRUHVTXH
SXHGHQVHUFRPSOHPHQWDULRVDHVWDPHWRGRORJtD\DTXHPXHVWUDQHOHPHQWRVPiVFXDQWLWDWLYRV
&8$'52
,1',&$'25(6'(5()(5(1&,$3$5$,1,&,$7,9$6'('$726$%,(5726
&DWHJRUtD
&RQMXQWRVGHGDWRVGLVSRQLEOHV

$SOLFDFLRQHVGLVSRQLEOHV

2UJDQL]DFLyQ\SHUVRQDOLQYROXFUDGR

(PSUHVDV7,&GHVDUUROODGRUDVGH
DSOLFDFLRQHV
(PSUHVDVLQIRPHGLDULDV\RWUDV
RUJDQL]DFLRQHV
'HPDQGDVRFLDOSHUFLELGD

,QGLFDGRUHV
1GHFRQMXQWRGHGDWRV
&DOLGDGGHORVGDWRV
1LYHOGHXVR GHVFDUJDVRSHWLFLRQHV 
1GHDSOLFDFLRQHVTXHXWLOL]DQFDGDFRQMXQWRGHGDWRV
1GHDSOLFDFLRQHVGLVSRQLEOHV
1GHVROLFLWXGHVGHLQIRUPDFLyQ
5DWLRFRQMXQWRGHGDWRVDSOLFDFLRQHV
8QLGDGHVIXQFLRQDOHVTXHDEUHQGDWRV
8QLGDGHVIXQFLRQDOHVTXHFRQVXPHQGDWRV
3HUVRQDOLQYROXFUDGRHQODDSHUWXUD\FRQVXPRGHGDWRV
1GHVLWLRVLQWHUQRVFRQSUHVHQFLDGHFRQMXQWRGHGDWRV
1GHHPSUHVDV HQUHODFLyQFRQDSSVH[LVWHQWHV 
7LSRVGHPRGHORGHQHJRFLR
&RODERUDFLRQHV\WUDEDMRFRQMXQWR
1GHHPSUHVDV HQUHODFLyQFRQDSSVH[LVWHQWHV 
7LSRVGHPRGHORGHQHJRFLR
&RODERUDFLRQHV\WUDEDMRFRQMXQWR
6ROLFLWXGHVGHDSHUWXUDGHGDWRV\IHHGEDFN
$SDULFLRQHVHQPHGLRVGHFRPXQLFDFLyQ
3UHVHQFLD:HE

)XHQWH)XQGDFLyQ&7,&



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

,95HIOH[LRQHV\UHFRPHQGDFLRQHV

'HVGHPHGLDGRVGHORVHVSHFLDOPHQWHHQ(XURSDKDLGRHPHUJLHQGR
XQFRQVHQVRFUHFLHQWHHQWRUQRDTXHODHILFDFLD\ODOHJLWLPLGDGGHODFWXDU
S~EOLFR VH IXQGDPHQWD HQ OD FDOLGDG GH OD LQWHUDFFLyQ HQWUH ORV GLVWLQWRV
QLYHOHVGHJRELHUQR\HQWUHpVWRV\ODVRUJDQL]DFLRQHVHPSUHVDULDOHV\GH
OD VRFLHGDG FLYLO /RV QXHYRV PRGRV GH JREHUQDU HQ TXH HVWR VH SODVPD
WLHQGHQ D VHU UHFRQRFLGRV FRPR JREHUQDQ]D JRELHUQR UHODFLRQDO R HQ
UHGHV GH LQWHUDFFLyQ S~EOLFRSULYDGRFLYLO D OR ODUJR GHO HMH ORFDOJOREDO
/D UHIRUPD GH ODV HVWUXFWXUDV \ SURFHGLPLHQWRV GH ODV $GPLQLVWUDFLRQHV
3~EOLFDVSDVDQDVHUFRQVLGHUDGDVGHVGHODOyJLFDGHVXFRQWULEXFLyQDODV
UHGHVGHLQWHUDFFLyQRHVWUXFWXUDV\SURFHVRVGHJREHUQDQ]D3RUWDQWROD
JREHUQDQ]D DSXQWD EXHQDV PDQHUDV )RFDOL]D VX DWHQFLyQ HQ ODV
LQWHUDFFLRQHVHQWUHORVGLVWLQWRVDJHQWHVTXHLQWHUYLHQHQHQODJHVWLyQGHOR
S~EOLFR /XHJR HO 2SHQ *RY WLHQH TXH YHU FRQ OD FRQILDQ]D HQ ODV
SHUVRQDV SDUD DVXPLU XQ URO DFWLYR \ SDUWLFLSDWLYR WLHQH TXH YHU FRQ
FRODERUDU \ FRQ FRPSDUWLU FRQ OD UHYLVLyQ GHO PRGHOR GH SURSLHGDG GHO
FRQRFLPLHQWRFRQHOFDPELRGHODFXOWXUDGHOWUDEDMRSDVDQGRGHODpWLFD
SURWHVWDQWH GHO VDFULILFLR HQ HO WUDEDMR D OD pWLFD KDFNHU IXQGDGD HQ OD
FUHDWLYLGDGODOLEHUWDG\ODSDVLyQHQHOWUDEDMR\ILQDOPHQWHWLHQHTXHYHU
WDPELpQ FRQ HO FDPELR GH URO GH OD FLXGDGDQtD SDVDQGR GHO YRWR
HVSRUiGLFRDODLPSOLFDFLyQDFWLYDHQORVDVXQWRVGHODFRPXQLGDG




 IXHQWHKWWSZZZRJRYHX



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

8QD PHMRU JREHUQDQ]D HV HQ GHILQLWLYD TXL]iV HO PiV LPSRUWDQWH FRPSRQHQWH GHO 2*' HO FXDO VH
FRQVWUX\HGHDFXHUGRD7DXEHUHUHQGRVIRUPDVODSULPHUDDWUDYpVGHODHGXFDFLyQFtYLFDHVWRHVPDQWHQHU
DODFLXGDGDQtDLQIRUPDGDVREUHHOWUDEDMRGHOJRELHUQRSRUHMHPSORHO&RQJUHVRGHORV((88KDFHS~EOLFR
HOUHJLVWURGHODVYRWDFLRQHVORVTXHQDWXUDOPHQWHVRQXVDGRVSRUORVPHGLRV\WDPELpQSRUHPSUHVDVGHOWLSR
6WDUWXSV/DVHJXQGDIRUPDHQTXHHO2*'FRQWULEX\HDXQDPHMRUJREHUQDQ]DHVKDFLHQGRDORVFLXGDGDQRV
PiVDXWyQRPRVORTXHUHGXFHODQHFHVLGDGGHXQDPD\RUUHJXODFLyQGHOSDUWHGHOJRELHUQR 7DXEHUHU 0D\R
\6WHLQEHUJHU SDJ VXJLHUHQTXHDPD\RULQIRUPDFLyQGLVSRQLEOHDOS~EOLFRSDUDHYDOXDUELHQHV\
VHUYLFLRVPHMRUHVHOIXQFLRQDPLHQWRGHORVPHUFDGRV\PHQRUHVODLQWHUIHUHQFLDGHORVJRELHUQRV2*'HV
XQUHFXUVRTXHSURGXFHYDORUS~EOLFRSRUVXKDELOLGDGSDUDIRUWDOHFHUODLQQRYDFLyQDXPHQWDUODWUDQVSDUHQFLD
\PHMRUDUORVVHUYLFLRVDORVFLXGDGDQRV6HKDQGHVFULWRYDULRVHMHPSORVHQFDGDXQDGHHVWDViUHDV\HQORV
SDtVHV TXH HVWiQ OLGHUiQGRORV 1R REVWDQWH OOHYDU D FDER XQD LQLFLDWLYD GH 2*' QR HV WDUHD IiFLO ORV
JRELHUQRV GHEHQ SRQHU HQ OD EDODQ]D ORV FRVWRV GH SURSRUFLRQDU ORV GDWRV HQ YDULRV IRUPDWRV 7DPELpQ HO
GHVDUUROORGHODLQWHURSHUDELOLGDGLPSRUWDFRVWRVFRQVLGHUDEOHVHQGLQHUR\WLHPSR
+D\DXWRUHVTXHUHFRPLHQGDQWDPELpQFDPELRVHVWUXFWXUDOHVGHRUJDQL]DFLyQGHOJRELHUQR +DUULVRQHW
$O SDUDHYLWDUODJUDQLQHUFLDTXHDPHQXGRSUHGRPLQDHQHQWLGDGHVS~EOLFDV\DVtHQIUHQWDUGHPHMRUIRUPD
HO GHVDItR TXH LPSOLFD HO UHLQYHQWDU ODV UHODFLRQHV GHO JRELHUQR FRQ VXV VWDNHKROGHUV /D FUHDFLyQ GH YDORU
S~EOLFRGHELHUDVHUHOPHMRUDUJXPHQWRSDUDHVWLPXODUHLPSXOVDUWDOHVFDPELRV
3RU RWUR ODGR HV QHFHVDULR TXH WHQHU HQ FRQVLGHUDFLyQ TXH OD VROD DFFLyQ GH DEULU ORV GDWRV QR HV
VXILFLHQWH &RQMXQWDPHQWH VH GHEHUi KDFHU XQ SURFHVR GH VHQVLELOL]DFLyQ FRQFLHQWL]DFLyQ FDSDFLWDFLyQ \
HVWLPXODFLyQ D ORV GLIHUHQWHV DFWRUHV LQYROXFUDGRV HQ OD XWLOL]DFLyQ GH HVWRV GDWRV HVWRV DFWRUHV VRQ ODV
SHUVRQDVRWUDVLQVWLWXFLRQHVS~EOLFDV\HOVHFWRUSULYDGR
3DUDHOORVHUiQHFHVDULRHQWUHJDUSDXWDVFODUDVPDQXDOHVWpFQLFRVGHUHFRSLODFLyQHQWUHJD\XVRGHORV
GDWRVJHQHUDUDOLDQ]DVFRQHOVHFWRUSULYDGRSDUDTXHpVWHOHDJUHJXHYDORUDHVWRVGDWRV\FRPLHQFHDJHQHUDU
QXHYDVRSRUWXQLGDGHVGHQHJRFLR\ILQDOPHQWHHVFXFKDUDORVFLXGDGDQRVUHVSHFWRDVXVSURSLDVQHFHVLGDGHV
GHLQIRUPDFLyQGHPDQHUDGHHQIRFDUHVWDDSHUWXUDGHGDWRVDVXVQHFHVLGDGHVUHDOHV
)LQDOPHQWH HV LPSRUWDQWH SXQWXDOL]DU DOJXQDV OHFFLRQHV GH HVWD LQYHVWLJDFLyQ ELEOLRJUiILFD TXH
SUHWHQGLyRULHQWDUDORVJRELHUQRV\WRPDGRUHVGHGHFLVLyQTXHHVWiQYLHQGRODQHFHVLGDGGHLQYROXFUDUVHHQ
LQLFLDWLYDVGH2*'
 /DH[SHULHQFLDGHORV((88GHPXHVWUDTXHORVEHQHILFLRVGHORVGDWRVDELHUWRVVRQFRQVLGHUDEOHV
SHURQRDXWRPiWLFRV
 /DH[SHULHQFLDQRVLQGLFDTXHD~QFXDQGRVHKD\DQGLVSRQLELO]DGRGDWRVSHUWLQHQWHV\UHOHYDQWHV
SDUDODFRPXQLGDGHVQHFHVDULRHVWLPXODUVXGHPDQGDSRUGLYHUVRVPHGLRV
 (O YHUGDGHUR p[LWR GH ORV GDWRV DELHUWRV VXHOH VHU HO UHIOHMR GH XQD DVRFLDFLyQ DFWLYD HQWUH HO
JRELHUQR\ORVDFWRUHVSULYDGRVHQSDUWLFXODUDORVGHVDUUROODGRUHVGHVRIWZDUH/RVGDWRVDELHUWRV
SRUVLVRORVQRFUHDQVXSURSLDGHPDQGD 5RELQVRQ<X 
 /RVUHVXOWDGRVPiVLQWHUHVDQWHVKDVWDDKRUDVHREVHUYDQPiVDQLYHOGHJRELHUQRORFDOTXHFHQWUDO
 8QDGHODViUHDVGHPD\RUHVEHQHILFLRVHQFXDQWRDODFUHDFLyQGHYDORUS~EOLFRHVHOWUDQVSRUWH
 ([LVWHQGLYHUVDV PHWRGRORJtDVSDUD PHGLUHO LPSDFWRRORVUHVXOWDGRVTXHJHQHUDHQXQSDtVXQD
LQLFLDWLYDGHGDWRVDELHUWRVFRPRHOPRGHORGH+DUULVRQPRVWUDGRHQHVWHGRFXPHQWR\TXHQRV
SDUHFHDOLQHDGR\FRPSOHPHQWDULRDQXHVWURHQIRTXHWUDWDGRHQHVWHGRFXPHQWR6LQHPEDUJRD~Q
HVPX\SUHPDWXURGLVSRQHUGHXQPRGHORTXHHVWpFRQVROLGDGRGDGRHOSRFRWLHPSRGHGHVDUUROOR
TXHOOHYDQORVGDWRVDELHUWRVHQHOPXQGR
 3RUHOVyORKHFKRGHSUHSDUDUORVGDWRVSDUDXVRS~EOLFRHOJRELHUQRREWLHQHEHQHILFLRV(QJHQHUDO
SXOLU UHHVWUXFWXUDU \ GRFXPHQWDU VRQ EXHQDV SUiFWLFDV SDUD OD JHVWLyQ GH ORV GDWRV $GHPiV VH
SUHYLHQHODSpUGLGDGHGDWRVYDOLRVRVFXDQGRORVIXQFLRQDULRVS~EOLFRVHPLJUDQ\HVWRVQRIXHURQ
DGHFXDGDPHQWH GRFXPHQWDGRV $GLFLRQDOPHQWH DO VHU S~EOLFRV ORV GDWDVHWV PXFKRV HUURUHV VRQ
GHWHFWDGRVSRUORVFLXGDGDQRV\ORVGHVDUUROODGRUHV



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

%LEOLRJUDItD

$FFHVV ,QIR (XURSH DQG WKH 2SHQ .QRZOHGJH )RXQGDWLRQ %H\RQG $FFHVV
2SHQ*RYHUQPHQW'DWD WKH5LJKWWR 5H XVH3XEOLF,QIRUPDWLRQ  
'DZHV66WHZDUGVKLSDQGXVHIXOQHVV3ROLF\SULQFLSOHVIRULQIRUPDWLRQEDVHG
WUDQVSDUHQF\*RYHUQPHQW,QIRUPDWLRQ4XDUWHUO\  SS
)XQGDFLyQ&LXGDGDQR,QWHOLJHQWH23(1'$7$/XFHVSDUDHO&RQJUHVR
1DFLRQDO  KWWSYRWDLQWHOLJHQWHFOLQGH[SKS"RSWLRQ FRPBFRQWHQW
YLHZ FDWHJRU\ OD\RXW EORJ LG  ,WHPLG 
*RYHUQPHQWRI&DQDGD2SHQ*RYHUQPHQW:HEVLWHKWWSZZZRSHQJFFD
*RYHUQPHQW RI 86$ &KLHI ,QIRUPDWLRQ 2IILFHUV &RXQFLO :HEVLWH
KWWSZZZFLRJRY
*RYHUQPHQW RI 86$ 2IILFH RI (*RYHUQPHQW  ,QIRUPDWLRQ 7HFKQRORJ\
:HEVLWHKWWSZZZZKLWHKRXVHJRYRPEHJRY
+DUULVRQ 7HUHVD *XHUUHUR 6DQWLDJR * %ULDQ %XUNH 0HJKDQ &RRN
$QWKRQ\&UHVVZHOO1DWDOLH+HOELJ-DQD+UGLQRYi7KHUHVD3DUGR2SHQ
*RYHUQPHQW DQG (*RYHUQPHQW 'HPRFUDWLF &KDOOHQJHV IURP D 3XEOLF
9DOXH3HUVSHFWLYH
0DGULG/RUHQ]R7KH(FRQRPLF,PSDFWRI,QWHURSHUDELOLW\
0F'HUPRWW3%XLOGLQJRSHQJRYHUQPHQW*RYHUQPHQW,QIRUPDWLRQ4XDUWHUO\
  SS
0(36,56WXG\0HDVXULQJ(XURSHDQ3XEOLF6HFWRU,QIRUPDWLRQ5HVRXUFHV
KWWSHFHXURSDHXLQIRUPDWLRQBVRFLHW\SROLF\SVLPHSVLULQGH[BHQKWP
0D\R (G \ 7RP 6WHLQEHUJ 7KH 3RZHU RI ,QIRUPDWLRQ $Q ,QGHSHQGHQW
5HYLHZ-XQH
2SHQ *RYHUQPHQW  LGHDV SDUD KDFHU WX $\XQWDPLHQWR $ELHUWR 2EVHUYDWRULR
5HJLRQDOGHOD6RFLHGDGGHOD,QIRUPDFLyQGH&DVWLOOD\/HyQ



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ

5HJJ\/%HQFKPDUNLQJ2SHQ'DWD$YDLODELOLW\DFURVV(XURSH7KH&DVHRI(86WUXFWXUDO)XQGV(XURSHDQ
-RXUQDORIH3UDFWLFHZZZHSUDFWLFHMRXUQDOHX10DUFK$SULO  
5RRWHU5HXWLOL]DFLyQGHLQIRUPDFLyQS~EOLFD\SULYDGDHQ(VSDxD
5RELQVRQ ' <8 +DUODQ \ RWURV DXWRUHV   (QDEOLQJ ,QQRYDWLRQ IRU &LYLF (QJDJHPHQW LQ 2SHQ
*RYHUQPHQW&ROODERUDWLRQ7UDQVSDUHQF\DQG3DUWLFLSDWLRQLQ3UDFWLFH
6KDURQ6'DZHVDQG1DWDOLH+HOELJ,QIRUPDWLRQ6WUDWHJLHVIRU2SHQ*RYHUQPHQW&KDOOHQJHVDQG3URVSHFWV
IRU'HULYLQJ3XEOLF9DOXHIURP*RYHUQPHQW7UDQVSDUHQF\
:RUOG:LGH:HE)RXQGDWLRQDQG&7,&2SHQ*RYHUQPHQW'DWD)HDVLELOLW\6WXG\LQ&KLOH  
6HUYLFLR%XVFDGRUGH/H\HVGHOD%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOHKWWSZZZOH\FKLOHFO&RQVXOWD
7DXEHUHU  -RVKXD 2SHQ 'DWD LV &LYLF &DSLWDO %HVW SUDFWLFHV IRU 2SHQ *RYHUQPHQW GDWD
KWWSUD]RURFFDPVLQIR 
:&3XEOLVKLQJ*RYHUQPHQW'DWD  KWWSZZZZRUJ75JRYGDWD



&(3$/6HULH*HVWLyQS~EOLFD1

'DWRVDELHUWRV8QQXHYRGHVDItRSDUDORVJRELHUQRVGHODUHJLyQ









6HULH

JHVWLyQS~EOLFD

1~PHURVSXEOLFDGRV
8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV
 'DWRV DELHUWRV 8Q QXHYR GHVDItR SDUD ORV JRELHUQRV GH OD UHJLyQ $OHMDQGUD 1DVHU *DVWyQ &RQFKD /&/
/&,// 
 (OJRELHUQRHOHFWUyQLFRHQODJHVWLyQS~EOLFD$OHMDQGUD1DVHU*DVWyQ&RQFKD /&/3/&,3/ 1RGH
9HQWD6,,* 86 
 &RPSHWLWLYLGDG 5HGHV GH (PSUHVDV \ &RRSHUDFLyQ (PSUHVDULDO 0DUFR 'LQL /&/3  1R GH 9HQWD
6* 86 
 5HJODVILVFDOHVHQ$UJHQWLQDHOFDVRGHODOH\GH5HVSRQVDELOLGDG)LVFDO\ORVSURJUDPDVGHDVLVWHQFLDILQDQFLHUD
$ULHO'0HODQXG /&/3/&,3/ 1RGH9HQWD6,,* 86 
 /DSROtWLFDWULEXWDULDKHWHURGR[DHQORVSDtVHVGH$PpULFD/DWLQD'DUtR*RQ]iOH] /&/3/&,3/ 
1RGHYHQWD3,,* 86 
 7UDQVIHUrQFLDV ILVFDLV LQWHUJRYHUQDPHQWDLV QR %UDVLODYDOLDomR GDV WUDQVIHUrQFLDV IHGHUDLV FRP rQIDVH QR VLVWHPD
~QLFRGHVD~GH$QJHOR-RVp0RQW$OYHUQH'XDUWH$OH[DQGUH0DQRHO$QJHORGD6LOYD(YHUOGR0DQRHO/X]-RVp
&DUORV*HUDUGR /&/3/&,3/ 1RGHYHQWD3,,* 86 
 5HJODV ILVFDOHV /RV SURJUDPDV GH DVLVWHQFLD ILQDQFLHUD \ OD OH\ GH UHVSRQVDELOLGDG ILVFDO /&/3
/&,3/ 1GHYHQWD6,,* 86  HQSUHSDUDFLyQ 
 (ILFLHQFLD GR JDVWR S~EOLFR QD $PpULFD /DWLQD XPD DQiOLVH FRPSDUDWLYD D SDUWLU GR PRGHOR VHPLSDUDPpWULFR
FRPHVWLPDWLYD HP GRLV HVWiJLRV 0iUFLR %UXQR 5LEHLUR /&/3/&,3/  1R GH YHQWD 3,,*
86 
 /DSROtWLFD ILVFDO HQWLHPSRVGHERQDQ]D5LFDUGR0DUWQHU /&/3/&,3/ 1RGHYHQWD6,,*
86 
 'HVFHQWUDOL]DomRILVFDOSROtWLFDVVRFLDLVHWUDQVIHUrQFLDGHUHQGDQR%UDVLO-RVp5REHUWR5$IRQVR /&/3
/&,3/ 1RGHYHQWD6,,* 86 
 &RVWD5LFDDQiOLVLVFUtWLFRGHOSURFHVRSUHVXSXHVWDULR5REHUWR)DOODV0RUD)DELiQ4XLUR]OYDUH] /&/3
/&,3/ 1RGHYHQWD6,,* 86 
 3UHVXSXHVWDU HQ &RORPELD EXVFDQGR OD JREHUQDELOLGDG ILVFDO D WUDYpV GHO SUHVXSXHVWR &DUROLQD 5HQWDUtD -XDQ
&DUORV(FKHYHUUL /&//&,3/ 1RGHYHQWD6,, 86 

(OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDG
GH'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[  FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ













1RPEUH
$FWLYLGDG
'LUHFFLyQ
&yGLJRSRVWDOFLXGDGSDtV
7HO)D[(PDLO






También podría gustarte