Documentos de Académico
Documentos de Profesional
Documentos de Cultura
%LEOLRWHFDGHO&RQJUHVR1DFLRQDOGH&KLOH
8QLGDGGH(VWXGLRV\3XEOLFDFLRQHV
3DEOR9DOGHUUDPD
1HQHUR
,QWURGXFFLyQ
3DUWLHQGR GH OD EDVH TXH HQ ORV WLHPSRV DFWXDOHV OD SDUHMD TXH VH KD RUJDQL]DGR HQ
IDPLOLD OR KD KHFKR FRQ HO ILQ GH VHU IHOL] OR TXH HQ WpUPLQRV JHQHUDOHV QR VXFHGLy
DQWHULRUPHQWH SXHVWR TXH VX REMHWLYR IXQGDPHQWDO HUD OD SURFUHDFLyQ \ TXH OD IDPLOLD
FRQVLGHUDGDXQDLQVWLWXFLyQVRFLDOEiVLFD\GHILQLGDHQOD &RQVWLWXFLyQ 3ROtWLFD GH FRPR
HO Q~FOHR IXQGDPHQWDO GH OD VRFLHGDG WHQHPRV TXH KLVWyULFDPHQWH KD H[SHULPHQWDGR JUDQ
FDQWLGDG GH FDPELRV \ HQ &KLOH pVWRV VH KDQ DFHOHUDGR YHULILFiQGRVH HQ ODV ~OWLPDV GpFDGDV
FRQQRWRULHGDG
(O SUHVHQWH WUDEDMR LQWHQWDUi H[SRQHU DTXHOORV FDPELRV PiV VLJQLILFDWLYRV GHMDQGR DO
OHFWRU FRQFOXLU VL pVWRV KDQ UHSUHVHQWDGR XQ SURJUHVR R SRU HO FRQWUDULR XQ UHWURFHVR GH OD
IDPLOLDHQ&KLOH
&DPELRVPiVVLJQLILFDWLYRV
/DIDPLOLD\HODFFHVRGHODPXMHUDOPXQGRGHOWUDEDMR
$ SDUWLU GH OD 5HYROXFLyQ ,QGXVWULDO FRPHQ]y D JHVWDUVH \ DYDQ]y FDGD YH] HQ IRUPD
PiVSURJUHVLYDODLQFRUSRUDFLyQGHODPXMHUHQHOPXQGRODERUDO(VWRHPSH]yDPDQLIHVWDUVH
SULPHUDPHQWH HQ OD PXMHU GH OD FODVH REUHUD GH DTXHOORV DxRV FXDQGR HO DSRUWH HFRQyPLFR
~QLFR GHO PDULGR QR IXH VXILFLHQWH SDUD PDQWHQHU OD VXEVLVWHQFLD GH OD IDPLOLD OD TXH SRU
GLIHUHQWHV OLPLWDFLRQHV VDOXEULGDG GH HVSDFLR HWF SDVy D FRQVWLWXLUVH HQ OR TXH VH OODPDUtD
IDPLOLDQXFOHDUHVGHFLULQWHJUDGDSRUODSDUHMD\XQQ~PHURHVFDVRGHKLMRV'HHVWHPRGRDO
PHQRVGHVGHHOSXQWRGHYLVWDHFRQyPLFRHOPDULGRSHUGLySUHSRQGHUDQFLDVREUHODPXMHU
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(
2
(VWR ~OWLPR QR VXFHGLy HQ OD FODVH EXUJXHVD GH DTXHO WLHPSR HQ OD FXDO SHUVLVWLy HO
PRGHOR SDWULDUFDO GRQGH HO PDULGR HUD HO ~QLFR DGPLQLVWUDGRU GH ORV ELHQHV GH OD IDPLOLD
REWHQLGRV HQ JUDQ PHGLGD JUDFLDV D OD ILUPH PDQWHQFLyQ GHO YtQFXOR PDWULPRQLDO (O Q~PHUR
GHKLMRVGHODVIDPLOLDVEXUJXHVDVHUDVLJQLILFDWLYDPHQWHHOHYDGRORTXHGLRRULJHQDOFRQFHSWR
GH IDPLOLD H[WHQGLGD OD TXH SRU OR JHQHUDO WDPELpQ HVWDED LQWHJUDGD SRU RWURV PLHPEURV
FRODWHUDOHVSRUHOODGRGHOPDULGRGHODPXMHURGHRWURVHFWRU
(V LPSRUWDQWH KDFHU QRWDU TXH HQ DTXHOOD IDPLOLD GH OD FODVH REUHUD GRQGH PDULGR \
PXMHUWUDEDMDEDQQRKXERPD\RUHVELHQHVTXHGHMDUHQKHUHQFLDDORVKLMRV\DVtHQODXQLyQ
GHODSDUHMDQRH[LVWtDFRPRHOHPHQWRVXVWDQWLYR HO LQWHUpV PDWHULDO OR TXH DGHPiV GH RWUDV
FLUFXQVWDQFLDVVHGLRHQODIDPLOLDEXUJXHVD
+DVWDPHGLDGRVGHOSUHVHQWHVLJORSHUVLVWtDHQIRUPDPD\RULWDULDODSDUHMDWUDGLFLRQDOHQ
ODTXHHOPDULGRWUDEDMDEDIXHUDGHODFDVD\ODPXMHUSHUPDQHFtDHQHOODDOFXLGDGRGHORVKLMRV
DODSDUTXHUHDOL]DEDWDUHDVGRPpVWLFDV
6LQ HPEDUJR KR\ HQ SDUWHV LPSRUWDQWHV GH ORV SDtVHV GHO PXQGR RFFLGHQWDO \D VHD
FRPR FRQVHFXHQFLD GHO GHVHQYROYLPLHQWR GHO UpJLPHQ HFRQyPLFR LQGXVWULDO LPSHUDQWH GH ORV
VXFHVLYRV FDPELRV SROtWLFRV \ HO SURJUHVLYR DYDQFH HQ PDWHULDV VRFLDOHV \ FXOWXUDOHV \ GHO
FUHFLHQWH JUDGR GH HPDQFLSDFLyQ GH OD PXMHU HQ WRGRV ORV FDPSRV OD IDPLOLD HV
PD\RULWDULDPHQWH QXFOHDU $Vt HVWD IDPLOLD HVWi FRPSXHVWD GH SUHIHUHQFLD SRU HO PDULGR OD
PXMHU \ GRV R WUHV KLMRV FRPR Pi[LPR KDELWD HQ XQD UHVLGHQFLD GH WDPDxR UHGXFLGR FRQ ODV
KDELWDFLRQHV\VHUYLFLRVIXQGDPHQWDOHV\ORTXHOD GLVWLQJXH HQ DOWR JUDGR GH OD GH PHGLDGRV
GHOVLJORVXLQJUHVRHFRQyPLFRSURYLHQHWDQWRGHOPDULGRFRPRGHODPXMHUTXLHQHVWUDEDMDQ
IXHUD GHO KRJDU (VWD VLWXDFLyQ JXDUGDQGR ODV GHELGDV GLVWDQFLDV FRQ UHVSHFWR D ORV SDtVHV
LQGXVWULDOL]DGRVHVODTXHJUDGXDOPHQWHYDSUHYDOHFLHQGRHQ&KLOH
(Q HVWH SDtV OD HVWUXFWXUD IDPLOLDU KD FDPELDGR QRWRULDPHQWH HQ ODV ~OWLPDV GpFDGDV
SDVDQGR D VHU PD\RULWDULD OD IDPLOLD QXFOHDU (Q SRU HMHPSOR XQ WHUFLR GH ODV IDPLOLDV
FRUUHVSRQGtDQDHVWDFDWHJRUtD\HQVHDFHUFDEDQDORVGRVWHUFLRV3RURWUDSDUWHDXWRUDV
VRVWLHQHQTXHGXUDQWHHVWHSHUtRGRHQTXHGHFUHFLyHOQ~PHURGHIDPLOLDVH[WHQGLGDVVXELyXQ
WDQWR HO Q~PHUR GH IDPLOLDV TXH YLYHQ HQ HO PLVPR KRJDU OR TXH HVWDUtD LQGLFDQGR XQD
LQVXILFLHQFLDHQODFDQWLGDGGHYLYLHQGDV
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(
3
(Q 0XMHU \ 3REUH]D (QIDVLV \ DSUR[LPDFLRQHV GHVGH OD H[SHULHQFLD GH 21*6
'RFXPHQWR GH 7UDEDMR HODERUDGR SRU HO *UXSR GH 21*6 GH 0XMHUHV +XPDQL]DQGR HO
'HVDUUROOR9DULDVDXWRUDV$JRVWRSVHSXQWXDOL]DFRQUHODFLyQDOR~OWLPR
,QGLFDGRUHV GHO &HQVR GH VHxDODQ TXH HVWD VLWXDFLyQ KDEUtD DXPHQWDGR
GXUDQWHORVDxRV([LVWHQKR\XQSRUFLHQWRGHSDUHMDVTXHFRQYLYHQIXHUDGHOD
OHJDOLGDGGHOPDWULPRQLRXQSRUFLHQWRVHHVWLPDGHSDUHMDVVHSDUDGDVRDQXODGDV
SHUR QR UHJLVWUD ODV SDUHMDV TXH WLHQHQ XQLRQHV VXFHVLYDV SXHVWR TXH OD QXOLGDG ORV
FRQVLGHUDQXHYDPHQWHVROWHURV
$VLPLVPRHQHVWHSDtVDXQTXHODPXMHUQRWLHQHKR\ODPLVPDLJXDOGDGGHSRVLELOLGDGHV
IUHQWHDOKRPEUHHQHOFDPSRODERUDO\HQJHQHUDOREWLHQHPHQRVLQJUHVRV TXH pVWH FDGD GtD
PiV PXMHUHV ORJUDQ OD HPDQFLSDFLyQ HFRQyPLFD \ GH HVWH PRGR HQ DOJXQRV VHFWRUHV GH OD
SREODFLyQKDDXPHQWDGRHOQ~PHURGHIDPLOLDVTXHVHVXVWHQWDQEiVLFDPHQWHHQHOWUDEDMRGH
ODPXMHUTXLHQKDFHODVYHFHVGHMHIHGHKRJDU(VWDUHDOLGDGUHSUHVHQWDXQLPSRUWDQWHFDPELR
HQ HO iPELWR GH OD IDPLOLD HQ &KLOH HQ OD TXH ORV UROHV GH PDULGR \ PXMHU DQWHV FODUDPHQWH
VHSDUDGRVKR\VHFRPSDUWHQHQIRUPDSURJUHVLYD
&RQ UHVSHFWR DO SXQWR TXH WUDWDPRV HO WUDEDMR &DPELRV HQ HO 3HUILO GH OD )DPLOLD /D
([SHULHQFLD5HJLRQDO&DStWXOR9,,/DVLWXDFLyQGHODIDPLOLDHQ&KLOHS&(3$/6WJR
GH&KLOHSHURFRQLQIRUPDFLRQHVGHDQDOL]DQGRHOHVWDGRGHODIDPLOLDFKLOHQDHQ
ODSRVJXHUUDHQDGHODQWHVHxDOD
2WUR KHFKR LQWHUHVDQWH GH GHVWDFDU HV TXH HQ HO PDUFR GH HVWH SURFHVR GH
PRGHUQL]DFLyQ OD PXMHU VH LQFRUSRUy D OD YLGD S~EOLFD HVSHFLDOPHQWH DO PHUFDGR
ODERUDO &DEH UHFRUGDU TXH \D HQ OD GpFDGD GH ODV PXMHUHV WHQtDQ XQD WDVD GH
SDUWLFLSDFLyQODERUDOGHTXHVHPDQWXYRFRQSHTXHxDVYDULDFLRQHVKDVWDORVDxRV
FXDUHQWD (Q HVD pSRFD WDPELpQ WXYR DFFHVR HQ IRUPD LPSRUWDQWH D OD HGXFDFLyQ
IRUPDOORTXHFRPHQ]ySURJUHVLYDPHQWHDDPLQRUDUODVGLIHUHQFLDVHQWUHORVVH[RV
0iVDGHODQWH\UHILULpQGRVHDODDFWXDOLGDGSXQWXDOL]D
7UDGLFLRQDOPHQWH HQ OD VRFLHGDG FKLOHQD HO URO GH MHIH GHO KRJDU HV HMHUFLGR
SRUHOKRPEUHDXQFXDQGRGHKHFKRODDXWRULGDGSXHGDVHUFRPSDUWLGDFRQODPXMHUR
DVXPLGDSULQFLSDOPHQWHSRUpVWD(IHFWLYDPHQWHODVGHFODUDFLRQHVGHORVHQWUHYLVWDGRV
SDUD HO FHQVR WDQWR HQ HO WRWDO GHO SDtV FRPR HQ ODV UHJLRQHV VHxDODURQ TXH
PD\RULWDULDPHQWH HO KRPEUH HUD HO MHIH GH KRJDU (OOR VH UHSLWLy HQ ODV IDPLOLDV
QXFOHDUHV\HQODVH[WHQGLGDVSXHVVyORGHEHUtDGHFLUHV GHFLU XQD
TXLQWD SDUWH GH ODV IDPLOLDV WHQtDQ MHIDWXUD IHPHQLQD \ HVH SRUFHQWDMH VH PDQWLHQH
KDVWD OD IHFKD FRQ VyOR DOJXQDV YDULDFLRQHV HQ DOJXQDV UHJLRQHV GHO SDtV (O ,QVWLWXWR
1DFLRQDO GH (VWDGtVWLFDV ,1( ODV FDOFXOy HQ HQ 6yOR ODV MHIDWXUDV GH
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(
4
KRJDU HQ H[WUHPD SREUH]D DXPHQWDURQ GH PDQHUD FRQVLGHUDEOH HQ FLIUDV DEVROXWDV
SDVDQGRGHHQDHQ\DHQ81,&()
$XQFXDQGRODMHIDWXUDPDVFXOLQDHVSUHGRPLQDQWHHQWRGRVORVWLSRVGHIDPLOLD
ODV PXMHUHV WLHQGHQ D HQFDEH]DU ODV IDPLOLDV H[WHQGLGDV FRQ PD\RU IUHFXHQFLD HQ ODV
]RQDVXUEDQDVTXHHQODVUXUDOHV
3RU RWUD SDUWH HQ ORV 5HVXOWDGRV *HQHUDOHV GHO &HQVR GH 3REODFLyQ \ 9LYLHQGD &KLOH
GH XQ WRWDO GH MHIHV GH KRJDU VHFWRUHV XUEDQR \ UXUDO HUDQ
KRPEUHVHVGHFLUXQ\HOUHVWDQWHHUDQPXMHUHV(QRWUDVSDODEUDV
DHVDIHFKDXQRGHFDGDFXDWURKRJDUHVWHQtDQFRPRUHVSRQVDEOHHQODPDQWHQFLyQHFRQyPLFD
\ VXEVLVWHQFLD IDPLOLDU D XQD PXMHU (VWD SURSRUFLyQ HV PiV DOWD HQ ODV FLXGDGHV TXH HQ ODV
]RQDV UXUDOHV \D TXH HQ ODV SULPHUDV OD MHIDWXUD GH KRJDU IHPHQLQD OOHJD DO \ HQ ODV
VHJXQGDVDOFDQ]DDO
&RQUHODFLyQDORDQWHULRUHVLPSRUWDQWHGHVWDFDUORTXHVHxDODODSXEOLFDFLyQ0XMHUHV
\3REUH]DV2S&LWS
(V VDELGR TXH H[LVWHQ GLILFXOWDGHV SDUD LGHQWLILFDU FODUDPHQWH ORV FULWHULRV SDUD
GHILQLU MHIDWXUD GH KRJDU 'H KHFKR WRGR LQGLFD TXH ODV PXMHUHV VH GHFODUDQ MHIDV GH
KRJDU IXQGDPHQWDOPHQWH FXDQGR OR GLULJHQ VRODV (Q ORV UHVWDQWHV FDVRV IDFWRUHV
FXOWXUDOHVLQFOLQDQODVGHFODUDFLRQHVIDPLOLDUHVDDVRFLDUMHIDWXUDGHKRJDUFRQLGHQWLGDG
PDVFXOLQDLQGHSHQGLHQWHPHQWHGHWRGDJHVWLyQDGPLQLVWUDWLYD\HFRQyPLFDTXHUHDOLFH
ODPXMHU
'H HVWD PDQHUD VH HVWLPD TXH OD SURSRUFLyQ GH PXMHUHV UHVSRQVDEOHV HQ OD
PDQWHQFLyQHFRQyPLFD\VXEVLVWHQFLDIDPLOLDUSRGUtDVHUQRWRULDPHQWHPiVDOWD
$GHPiV H[LVWH OD VLWXDFLyQ GH TXH DO LQWHULRU GH DOJXQRV KRJDUHV DSDUHFHQ
Q~FOHRVIDPLOLDUHVVHFXQGDULRVIRUPDGRVSRUSDUHMDVMyYHQHVRPXMHUHVFRQKLMRVTXH
WDPELpQ WHQGHUtDQ D DXPHQWDU VLJQLILFDWLYDPHQWH OD SURSRUFLyQ WRWDO GH PXMHUHV TXH
GLULJHQ IDPLOLDV 2EYLDPRV HO FRQFHSWR GH -HIH GH +RJDU WLHQH XQD FRQQRWDFLyQ
SURIXQGDPHQWH SDWULDUFDO DO OLJDU OD DXWRULGDG FRQ TXLHQ SURYHH GH UHFXUVRV
HFRQyPLFRV
(YROXFLyQFXOWXUDOGHODIDPLOLD
6RODPHQWHFRPRXQGDWRLOXVWUDWLYRLQLFLDOVHxDOHPRVTXHDFRPLHQ]RVGHODGpFDGDGH
ORV FLQFXHQWD GH ORV PLO PDWULPRQLRV TXH VH FHOHEUDEDQ DO DxR XQRV PLO FDUHFtDQ GHO
PtQLPR QLYHO GH LQVWUXFFLyQ SUiFWLFDPHQWH DQDOIDEHWRV \ VH WUDWDED JHQHUDOPHQWH GH
SHUVRQDV DGXOWDV \ MHIHV GH KRJDU $O FRQVLGHUDU HVWD UHDOLGDG VH GHEH WHQHU HQ FXHQWD TXH
GHVGHODGpFDGDGHORV\DHVWDEDHQYLJHQFLDOD/H\GH,QVWUXFFLyQ3ULPDULD2EOLJDWRULD
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(
5
$KRUDELHQVHJ~QHO&HQVRGH HO GH ORV FKLOHQRV GH DPERV VH[RV GH
DxRV\PiVHUDQDOIDEHWRV$GHPiVHQWUHORV\DxRVGHHGDGHVWiODPD\RUFDQWLGDGGH
SHUVRQDVFDVDGDV\HOPD\RUQ~PHURGHSHUVRQDVTXHFRQYLYH$ODXPHQWDUHVHUDQJRGHHGDG
DORVDxRVVHREVHUYDTXHHQHOVHHQFXHQWUDODPD\RUFDQWLGDGGHSHUVRQDVFRQDxRVGH
HQVHxDQ]D PHGLD FRP~Q DSUREDGRV (Q WpUPLQRV UHGRQGHDGRV VL HQ ORV FLQFXHQWD OD FLIUD GH
FDVDGRVDOIDEHWRVHUDDSUR[LPDGDPHQWHGHXQDFRPLHQ]RVGHORVVXSHUDEDHO
(QJHQHUDOVLVHFRPSDUDODVWDVDVGHDQDOIDEHWLVPRHQDPERVVH[RVWHQHPRVTXHHQ
HUD GH \ HQ EDMy D XQ 6HJ~Q HO GRFXPHQWR GH WUDEDMR FLWDGR
DQWHULRUPHQWHVHxDODTXHFRQUHODFLyQDODQDOIDEHWLVPRH[LVWHXQDOHYHGLIHUHQFLDHQIDYRUGH
ORVKRPEUHVSRUHOSHVRGHODQDOIDEHWLVPRHQODVPXMHUHVPD\RUHV
+R\HOQLYHOGHHVFRODULGDGGHODSREODFLyQSURPHGLRGHORVDxRVGHHVWXGLRVFXUVDGRV
SRUORVPD\RUHVGHDxRVOOHJDDDxRVHQHOiPELWRQDFLRQDOFRQGLIHUHQFLDVVHJ~QiUHDV
GHUHVLGHQFLD\UHJLRQHV
3DUD WHQHU XQD YLVLyQ JOREDO GH ORV FDPELRV DFRQWHFLGRV HQ HO VLVWHPD HGXFDFLRQDO
FKLOHQR FLWDUHPRV HO SXQWR 5HVHxD GH 3ROtWLFDV HQ HO $PELWR (GXFDFLRQDO SXEOLFDGR HQ HO
,QIRUPH &RPLVLyQ 1DFLRQDO GH OD )DPLOLD HQ HO FDStWXOR (GXFDFLyQ \ )DPLOLD S
(O GHVDUUROOR GHO VLVWHPD HGXFDWLYR KD SDVDGR SRU WUHV JUDQGHV HWDSDV (Q XQ
SULPHU PRPHQWR FXDQGR VH FRQVROLGD HO (VWDGR QDFLRQDO GXUDQWH HO VLJOR ;,; VH
FRQFLEH OD HGXFDFLyQ FRPR XQD DFWLYLGDG VLVWHPiWLFD RULHQWDGD SRU OD HVFXHOD \
GHVWLQDGDDODIRUPDFLyQGHORVFLXGDGDQRVFRQHOREMHWRGHVRFLDOL]DUORVHQORVFyGLJRV
FXOWXUDOHV FRPSDUWLGRV TXH OHV SHUPLWDQ HMHUFHU VXV GHUHFKRV FLYLOHV EiVLFRV (Q XQ
VHJXQGRPRPHQWRHOSURFHVRGHLQGXVWULDOL]DFLyQGHPDQGDGHOVLVWHPDHGXFDWLYRTXH
VLQGHVFXLGDUHODVSHFWRDQWHULRUFRQWULEX\DDODXPHQWRGHODSURGXFWLYLGDGGHOWUDEDMR
PHGLDQWH OD IRUPDFLyQ GH UHFXUVRV KXPDQRV FDOLILFDGRV FDSDFHV GH DJUHJDU YDORU DO
SURGXFWR\DGDSWDUVHDODVWHFQRORJtDVHQXVR$FWXDOPHQWHSXHGHGHFLUVHTXHVHLQLFLD
XQD WHUFHUD HWDSD HQ OD TXH H[LVWH PXFKR PD\RU FRQFLHQFLD GH OD QHFHVLGDG GH
FRQVLGHUDU DPERV DVSHFWRV HQ FRQMXQWR \ FRQ XQD YLVLyQ LQWHJUDO UHVSHFWR D OD
HGXFDFLyQ SXHVWR TXH HO FRQWH[WR DFWXDO UHTXLHUH IRUPDU SHUVRQDV SDUD XQD VRFLHGDG
FXOWXUDOPHQWH SOXUDO \ GHPRFUiWLFD DELHUWD D YDULDGDV LQIOXHQFLDV SURFHGHQWHV GHO
FRQWH[WR LQWHUQDFLRQDO SHUR TXH DO PLVPR WLHPSR HV GLYHUVLILFDGD \ FDPELDQWH FRQ
UHODFLyQ D VXV PHUFDGRV D VXV WHFQRORJtDV \ D ODV SRVLELOLGDGHV GH LQYHUVLyQ \
GHVDUUROOR(QHVWDHWDSDFRUUHVSRQGHXQHVIXHU]RHGXFDWLYRHVSHFLDODO VHFWRU SULYDGR
HPSUHVDULDO QR VyOR SRU OD PDJQLWXG GH ORV UHFXUVRV QHFHVDULRV SDUD VROYHQWDU ORV
FRVWRV GHO VHFWRU VLQR SRU OD RULHQWDFLyQ GH ORV HVWXGLRV KDFLD HO GHVDUUROOR GH
KDELOLGDGHV\FRQRFLPLHQWRV~WLOHVSDUDHOGHVDUUROORHFRQyPLFR\WHFQROyJLFRGHOSDtV
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(
6
'XUDQWH GpFDGDV ORV JRELHUQRV VH KLFLHURQ FDUJR GH JDUDQWL]DU HO GHUHFKR D OD
HGXFDFLyQPHGLDQWHXQDJHVWLyQGLUHFWD\XQLIRUPHGHOVLVWHPDHGXFDFLRQDOS~EOLFRGH
DFXHUGR D ORV UHFXUVRV TXH GLVSRQtD SDUD HOOR /D RULHQWDFLyQ GRPLQDQWH IXH OD GH
LQFRUSRUDU D OD PD\RU FDQWLGDG GH QLxRV DO VLVWHPD HGXFDWLYR 6X SUHRFXSDFLyQ HUD
DPSOLDUODFREHUWXUDHGXFDFLRQDO6LQHPEDUJRODQHFHVLGDGGHDGHFXDUVHDODVQXHYDV
WHQGHQFLDV PXQGLDOHV GH OD PRGHUQL]DFLyQ VLQ KDEHU VXSHUDGR PXFKDV GH ODV
FDUDFWHUtVWLFDV SURSLDV GH XQ SDtV VXEGHVDUUROODGR FRQ FULVLV HFRQyPLFDV \ FRQ
VLJQLILFDWLYDGHXGDH[WHUQDWUDMRFRPRFRQVHFXHQFLDXQDUHGXFFLyQGHOJDVWRS~EOLFRHQ
HGXFDFLyQTXHUHFLpQHQORV~OWLPRVDxRVFRPLHQ]DDUHYHUWLUVH(VWHKHFKRXQLGRDOD
\D DPSOLD FREHUWXUD HGXFDFLRQDO DOFDQ]DGD \ D FLHUWD LQFDSDFLGDG UHODWLYD GH ODV
IDPLOLDVHVSHFLDOPHQWHGHORVVHFWRUHVVRFLDOPHQWHPiVGHVIDYRUHFLGRVSDUDVRFLDOL]DU
D VXV KLMRV HQ ODV GHPDQGDV SURSLDV GH OD FDPELDQWH VRFLHGDG DFWXDO KDQ LPSXOVDGR
PRGLILFDFLRQHVLPSRUWDQWHVFRQUHODFLyQDOURO\JHVWLyQHGXFDFLRQDOGHOVHFWRUS~EOLFR
/DSUHRFXSDFLyQSRUTXHORVQLxRVGHORVVHFWRUHVPiVSREUHVSHUPDQH]FDQHQOD
HVFXHOD KDVWD FRPSOHWDU OD HGXFDFLyQ EiVLFD REOLJDWRULD OD QHFHVLGDG GH FUHDU
FRQGLFLRQHV PiV IDYRUDEOHV SDUD TXH H[LVWD FDOLGDG \ HTXLGDG HQ VXV DSUHQGL]DMHV
GXUDQWHHOWLHPSRTXHSXHGDQDVLVWLUDOD HVFXHOD \ OD DGTXLVLFLyQ GH ODV FRPSHWHQFLDV
PtQLPDPHQWH QHFHVDULDV SDUD VX SRVWHULRU LQVHUFLyQ ODERUDO KLFLHURQ DFRQVHMDEOH XQD
JHVWLyQHGXFDWLYDTXHSXGLHVHDWHQGHUDGHFXDGDPHQWHODVQHFHVLGDGHVGHOD SREODFLyQ
HQHOiPELWRORFDO/DGHVFHQWUDOL]DFLyQGHODJHVWLyQHGXFDWLYDGHOVHFWRUS~EOLFRWXYR
FRPRSULPHUSDVRODWUDQVIHUHQFLDGHODVLQVWLWXFLRQHVHGXFDWLYDVDODVPXQLFLSDOLGDGHV
(Q XQ VHJXQGR PRPHQWR VH LQLFLD HO SURFHVR GH GHVFHQWUDOL]DFLyQ SHGDJyJLFD TXH
EXVFD PHMRUDU OD HILFLHQFLD \ PRGHUQL]DU OD JHVWLyQ GHO VLVWHPD DWHQGHU D ODV
QHFHVLGDGHV HGXFDWLYDV GHO GHVDUUROOR \ GH OD FXOWXUD ORFDO LQYROXFUDU D XQ PD\RU
Q~PHURGHSHUVRQDVGHODFRPXQLGDGHQHOSURFHVRHGXFDWLYR\XVDUHILFLHQWHPHQWHORV
UHFXUVRV
(OVLVWHPDHGXFDWLYRDFWXDOFRPSUHQGHWUHVIRUPDVGHGHSHQGHQFLDLQVWLWXFLRQDO
ODHQVHxDQ]DPXQLFLSDOL]DGD OD HQVHxDQ]D SDUWLFXODU SDJDGD \ OD HQVHxDQ]D SDUWLFXODU
VXEYHQFLRQDGD/DFREHUWXUDHGXFDFLRQDOS~EOLFDHVODPiVDPSOLDHVSHFLDOPHQWHHQHO
QLYHO GH EiVLFD REOLJDWRULD 6HJ~Q XQ HVWXGLR OD HQVHxDQ]D PXQLFLSDOL]DGD DFRJH DO
GH ORV QLxRV HQWUH \ DxRV \ OD SDUWLFXODU VXEYHQFLRQDGD DO $ HOOR
KD\TXHDJUHJDUODDFFLyQTXHVHUHDOL]DHQODHGXFDFLyQSDUYXODULDDWUDYpVGHOD-XQWD
1DFLRQDOGH-DUGLQHV,QIDQWLOHVODTXHMXQWRFRQDXPHQWDUODFREHUWXUDKDGLYHUVLILFDGR
OD DWHQFLyQ HQ IXQFLyQ GH PRGDOLGDGHV QR FRQYHQFLRQDOHV HQWUHJD DOLPHQWDFLyQ \
SUHVWDHQJHQHUDOXQDDWHQFLyQLQWHJUDOGHVWLQDGDDQLYHODUODVFRQGLFLRQHVGHLQJUHVR
GHORVQLxRVDOVLVWHPDHVFRODU
$ SDUWLU GH VH KD SXHVWR HQ PDUFKD HO 3URJUDPD GH 0HMRUDPLHQWR GH OD
&DOLGDGGHOD(GXFDFLyQ0(&(SUR\HFWRJXEHUQDPHQWDOTXHEXVFDDSR\DU\FRQVROLGDU
HOSURFHVRGHGHVFHQWUDOL]DFLyQGHODHGXFDFLyQDWHQGLHQGRDVXHTXLGDG\FDOLGDG3DUD
HOORVHLQWHQWDDSR\DUODFDSDFLGDGGHJHVWLyQSHGDJyJLFDGHODHVFXHODVLHQGRXQRGH
VXV REMHWLYRV DPSOLDU OD SDUWLFLSDFLyQ HQ OD HODERUDFLyQ GHVDUUROOR \ HYDOXDFLyQ GHO
SURFHVRHGXFDWLYR$VLPLVPRODSURSXHVWDVREUH2EMHWLYRV)XQGDPHQWDOHV\&RQWHQLGRV
0tQLPRV 2EOLJDWRULRV D~Q HQ HWDSD GH SURFHGLPLHQWRV SDUD OD HODERUDFLyQ GH SODQHV \
SURJUDPDVDSOLFDQGRHO SULQFLSLR GH DXWRQRPtD FXUULFXODU 6X REMHWLYR HV SURFXUDU XQD
HQVHxDQ]DFXOWXUDOPHQWHPiVDFWXDOL]DGDVRFLDOPHQWHPiVUHOHYDQWH\SHUVRQDOPHQWH
PiVVLJQLILFDWLYDVLQGHVFXLGDUHOLQGLVSHQVDEOHJUDGRGHXQLGDGTXHGHEHPDQWHQHUVH
HQODFXOWXUDGHOSDtV
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(
7
(OGHVDItRGHFRPELQDUODFDOLGDG\ODHTXLGDGGHODHGXFDFLyQLPSDUWLGDTXHVH
YLHQH OOHYDQGR D FDER D WUDYpV GH GLVWLQWRV SURJUDPDV GH GHVDUUROOR VH RULHQWD KDFLD
XQD SURYLVLyQ GLIHUHQFLDGD GH ORV VHUYLFLRV HGXFDWLYRV S~EOLFRV \D TXH OD LJXDOGDG GH
RSRUWXQLGDGHV HGXFDWLYDV UHDOHV SDUD JUXSRV FRQ PX\ GLVWLQWRV FDSLWDOHV FXOWXUDOHV
UHTXLHUH DVLJQDU PiV UHFXUVRV \ SUHVWDU DWHQFLyQ HVSHFLDO D ORV JUXSRV VRFLDO \
FXOWXUDOPHQWH PiV SREUHV GH WDO IRUPD TXH HO IRUWDOHFLPLHQWR GH ODV FDSDFLGDGHV
SHUVRQDOHVFRQWULEX\DDOGHVDUUROORHTXLWDWLYR\VXVWHQWDEOHGHOSDtV\DODXPHQWRGHOD
HILFLHQFLDSURGXFWLYD\GHODFRPSHWLWLYLGDGGHQWURGHORVPHUFDGRVLQWHUQDFLRQDOHV
0LJUDFLyQGHODIDPLOLD
(QWpUPLQRVJHQHUDOHVGXUDQWHORVDxRVODIDPLOLDFKLOHQDHUDSULQFLSDOPHQWHGHOWLSR
H[WHQGLGD \ PD\RULWDULDPHQWH UXUDO /DV WDVDV GH QDWDOLGDG \ PRUWDOLGDG HUDQ DOWDV OD
HVSHUDQ]D GH YLGD DSHQDV VXSHUDED ORV WUHLQWD DxRV \ VH FDOFXOD TXH XQD SDUHMD YLYtD HQ
FRP~QHQSURPHGLRFHUFDGHDxRVKR\HVGHDSUR[LPDGDPHQWHDxRV
$ SDUWLU GHO SURFHVR GH LQGXVWULDOL]DFLyQ GHO SDtV TXH VH LQLFLy D SDUWLU GH HVRV DxRV
FRPHQ]y D SURGXFLUVH HO IHQyPHQR GH XUEDQL]DFLyQ GH OD IDPLOLD FRQFHQWUiQGRVH PiV HQ ODV
FLXGDGHV\GHVSREODQGRSDXODWLQDPHQWHODViUHDVUXUDOHV
$Vt XQ JUDQ Q~PHUR GH SHUVRQDV IXH PLJUDQGR KDFLD ODV ]RQDV XUEDQDV WURFDQGR VX
IXHQWHGHLQJUHVRWUDEDMRDUWHVDQDODJURJDQDGHURIXQGDPHQWDOPHQWHSRUHOVDODULRGHOWUDEDMR
LQGXVWULDO (O OXJDU GH HVWDEOHFLPLHQWR GH HVWDV IDPLOLDV VH XELFy HQ HO FRQWRUQR GH ODV ]RQDV
LQGXVWULDOHV
(O,QIRUPH&RPLVLyQ1DFLRQDOGHOD)DPLOLDREFLWSDOUHVSHFWRVHxDOD
(Q ORV SDtVHV ODWLQRDPHULFDQRV D GLIHUHQFLD GH ORV HXURSHRV HO SURFHVR GH
LQGXVWULDOL]DFLyQ PLJUDFLyQ LQWHUQD \ XUEDQL]DFLyQ VH KD GHVDUUROODGR HQ XQ SHUtRGR
KLVWyULFRPX\EUHYH(VWRVHYHUHIOHMDGRHQDOJXQDVFLIUDVUHVSHFWRDODGLVWULEXFLyQGH
OD SREODFLyQ \ DO RULJHQ GH VXV LQJUHVRV $ PHGLDGRV GH VLJOR HO GH OD SREODFLyQ
WRWDO GH SDtVHV GH OD UHJLyQ HVWDED FRQFHQWUDGD HQ ]RQDV UXUDOHV \ VX IXHQWH GH
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(
8
LQJUHVRVSURYHQtDEiVLFDPHQWHGHDFWLYLGDGHVDJURSHFXDULDV(QODVHVWLPDFLRQHV
SDUDORVPLVPRVSDtVHVDOFDQ]DQDO (Q &KLOH HVSHFtILFDPHQWH DOUHGHGRU GHO
GHODSREODFLyQVHFRQFHQWUDHQ]RQDVXUEDQDV\FHUFDGHOGHOWRWDOGHODSREODFLyQ
RFXSDSXHVWRVGHWUDEDMRHQHOVHFWRUDJUtFROD
/D UDSLGH] FRQ TXH VH KD GHVDUUROODGR HVWH SURFHVR KD LQIOXLGR SDUD TXH ODV
IDPLOLDV PLJUDQWHV PRGLILFDUDQ GH XQ PRGR EDVWDQWH DEUXSWR VX RUJDQL]DFLyQ LQWHUQD
SDUD DPROGDUVH D ORV FDPELRV HQ ODV FRQGLFLRQHV GH VXEVLVWHQFLD 0XFKDV IDPLOLDV
HVSHFLDOPHQWH ODV TXH OOHJDURQ D FRQVWLWXLU ORV VHFWRUHV SRSXODUHV XUEDQRV DGRSWDURQ
FRPRHVWUDWHJLDGHVREUHYLYHQFLDODVHJUHJDFLyQGHORVUROHVHVWDEOHFLHQGRXQDGLYLVLyQ
IXQFLRQDOGHODVWDUHDVVHJ~QHOVH[R(OUROIHPHQLQRTXHGyGHILQLGRSULQFLSDOPHQWHSRU
ODV IXQFLRQHV GRPpVWLFDV DO LQWHULRU GHO KRJDU SURSLR R DMHQR RIUHFLpQGROH HO PHGLR
VRFLDO HVFDVDV RSRUWXQLGDGHV GH SHUIHFFLRQDPLHQWR R FDSDFLWDFLyQ HQ DOJ~Q WLSR GH
KDELOLGDGHVTXHOHVSHUPLWLHUDLQJUHVDUDO PXQGR ODERUDO GH OD LQGXVWULD 3RU RWUD SDUWH
HO URO GHO KRPEUH TXHGy GHILQLGR SULQFLSDOPHQWH SRU OD IXQFLyQ GH VHU SURYHHGRU ~QLFR
FRQ WUDEDMR UHPXQHUDGR IXHUD GHO KRJDU &RQ HOOR HO PXQGR GHO WUDEDMR \ OD YLGD
GRPpVWLFD GHMDURQ GH H[LVWLU HQ IRUPD LQWHJUDGD &RPR UHVXOWDGR HO FRQFHSWR GH
WUDEDMRFRPHQ]yDGHILQLUVHPiVSRUODVIXQFLRQHVGHOUROODERUDOPDVFXOLQRTXHSRUODV
IXQFLRQHVGRPpVWLFDVHMHUFLGDVSRUODPXMHU
(QORV~OWLPRVDxRVHVWHVLVWHPD GH UROHV DWUDYLHVD SRU XQ SURFHVR GH FDPELR
/RV HVWXGLRV FRQYHUJHQ HQ REVHUYDU XQD WHQGHQFLD D OD IOH[LELOL]DFLyQ HQ OD TXH HO
VLVWHPDGHUROHVVHJUHJDGRVGDUtDSDVRDXQVLVWHPDGHUROHVFRPSDUWLGRV
3ODQLILFDFLyQIDPLOLDU
$ SDUWLU GH GXUDQWH HO *RELHUQR GHO 3UHVLGHQWH (GXDUGR )UHL 0 VH SXVLHURQ HQ
SUiFWLFD \D FRPR SROtWLFD GH VDOXG QDFLRQDO SODQHV GH FRQWURO GH OD QDWDOLGDG 6X REMHWLYR
SULPRUGLDO FRQVLVWLy HQ EDMDU HO tQGLFH GH DERUWRV $O UHVSHFWR VHxDOHPRV TXH KDEtD
FDVRVGHDERUWRVLOHJDOHVSURPHGLRDODxRHQWUH\(VWXGLRVVHxDODQTXHHQ&KLOH
DFWXDOPHQWHVHSUDFWLFDQHQWUHPLO\PLODERUWRVLOHJDOHV
([LVWtDXQDHOHYDGDWDVDGHDERUWRODPRUWDOLGDGPDWHUQDHUDVXSHULRUD
SRUQYHOQ~PHURGHpVWDGHELGRDFRPSOLFDFLRQHVGHDERUWRLQGXFLGRHUDHQ
[QYVLJQLILFDQGRHOGHOWRWDOGHODPRUWDOLGDGPDWHUQD(VWR
LPSOLFDED
FUHFLHQWHV
GHPDQGDV
GH
UHFXUVRV
KRVSLWDODULRV
HO
GH
ODV
KRVSLWDOL]DFLRQHV HQ ODV PDWHUQLGDGHV HUDQ GHELGR D DERUWR SURYRFDGR (Q WUDEDMR
GH,ULDUWH&ODXGLD'HUHFKRVUHSURGXFWLYRV&RQWUDFHSFLyQ HQ OD OHJLVODFLyQ FKLOHQD
5HYLVWD 'HUHFKR \ +XPDQLGDGHV $xR PD\R (VFXHOD GH 'HUHFKR 8QLYHUVLGDG
GH&KLOHS
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(
9
%iVLFDPHQWH HO SURJUDPD GH SODQLILFDFLyQ IDPLOLDU FRQVLGHUDED EDMDU ORV tQGLFHV DUULED
VHxDODGRV GHQWUR GH XQ SODQ JHQHUDO GH VDOXG PDWHUQDO $VLPLVPR VH HVWDEOHFLy TXH OD
XWLOL]DFLyQGHORVPpWRGRVGHFRQWUDFHSFLyQHUDGHFLVLyQGHODVSURSLDVXVXDULDV
0iV DGHODQWH GXUDQWH HO *RELHUQR GHO 3UHVLGHQWH 6DOYDGRU $OOHQGH * OD SROtWLFD
DQWHULRUQRYDULyHQORIXQGDPHQWDODXQTXHVHKL]RpQIDVLVHQODHGXFDFLyQGHODSODQLILFDFLyQ
IDPLOLDU
/DDXWRUDDQWHVFLWDGDVLQHPEDUJRVREUHHVWHSHUtRGRSXQWXDOL]D
3RU SULPHUD YH] VH VHxDOy HQ XQ SURJUDPD GH HVWH WLSR TXH HO SURFHVR
HGXFDWLYRGHEHUtDD\XGDUDODSURPRFLyQGHODPXMHU\DODVXSHUDFLyQGHODVLWXDFLyQGH
GHVLJXDOGDGHVIUHQWHDOKRPEUH2EFLWS
&RQHO*RELHUQRGHO3UHVLGHQWH$XJXVWR3LQRFKHW8DXWRUHVFRQVXOWDGRVLQGLFDQTXHOD
SROtWLFD GH SODQLILFDFLyQ IDPLOLDU FDPELy UDGLFDOPHQWH DO SURFODPDUVH VX 3ROtWLFD GH 3REODFLyQ
6HJ~QHOVRFLyORJR5RGULJR/DUUDtQHQVXWUDEDMR(ODVXQWRGHODQDWDOLGDGHQXQSDtV
TXHVHGHPRFUDWL]D(VWXGLRV6RFLDOHV17ULPHVWUHSDTXHOODVHWUDWyQRGH
XQDSROtWLFDSURSLDPHQWHWDOVLQRPiVELHQGHXQDGHFODUDFLyQGHSULQFLSLRVPRUDOHV\SROtWLFRV
6HxDODHQSDUWH/DUUDtQ
'RV VRQ ORV JUDQGHV WHPDV UHIHULGRV D SREODFLyQ KD\ RWURV TXH QR OR VRQ
QDWDOLGDG\SREODPLHQWRGHODVUHJLRQHVH[WUHPDVGHOSDtV
/R VXVWDQWLYR SDUD OR TXH QRV LQWHUHVD VH KD\D EDMR HO VXEWtWXOR 5HVXPHQ GH
3ROtWLFDV7UDQVFULELPRVODVGRVSULPHUDV
(V GHVHDEOH XQ DXPHQWR VLJQLILFDWLYR GH QXHVWUD SREODFLyQ VLQ HPEDUJR QR HV
LQFXPEHQFLDGHO(VWDGRHOWRPDUPHGLGDVSDUDORJUDUXQDGLVPLQXFLyQRDXPHQWRGHOD
WDVDGHQDWDOLGDGPiVDOOiGHODOLEUHGHFLVLyQGHOJUXSRIDPLOLDU
6HPDQWHQGUiXQDLQIUDHVWUXFWXUDGHVHUYLFLRVGHLQIRUPDFLyQRSRUWXQD FRPSOHWD \
VHOHFWLYD HQ WpUPLQRV GH PDGXUH] GH UHFHSWLYLGDG \ GH DFFHVLELOLGDG FRQWURODGD D ODV
PHGLGDV TXH VHDQ QHFHVDULDV GH UHJXODFLyQ GH OD IHFXQGLGDG VLQ TXH VH OOHJXH D
DOFDQ]DU XQ FDUiFWHU GH LPSRVLFLyQ R SUHVLyQ VREUH ORV XVXDULRV SDUD HYLWDU WRGR
GHVERUGHRDEXVRVREUHHOORVTXHSXHGDUHVWULQJLUVXGHUHFKRGHOLEUHGHFLVLyQ
(Q OD SUiFWLFD HVWR VH WUDGXMR HQ GHVLQFHQWLYDU OD LQIRUPDFLyQ VREUH
SODQLILFDFLyQHOVHUYLFLRHVWDEDGLVSRQLEOHPDVQRVH SRGtD SXEOLFLWDU \ XQ LQFUHPHQWR
GHOHPEDUD]RQRGHVHDGRVREUHWRGRGHODQDWDOLGDGLOHJtWLPD
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(
10
&DEH GHVWDFDU TXH HQ SRU OH\ VH VXVWLWX\y HO DUWtFXOR GHO &yGLJR 6DQLWDULR
TXHFRQVDJUDEDGHVGHHODERUWRWHUDSpXWLFR
0iVDGHODQWHDQDOL]DQGRODSRVLFLyQWUDGLFLRQDOLVWDFRQUHODFLyQDOWHPDGHODQDWDOLGDG
/DUUDtQVHxDODS
(O WUDGLFLRQDOLVPR HQ PRUDO WLHQH XQD LQFOLQDFLyQ LQWHJULVWD HV GHFLU OD
WHQGHQFLD TXH SUHWHQGH RULHQWDU OD DFWLYLGDG FUH\HQWH GH OD ,JOHVLD \ OD DFFLyQ GHO
PXQGR H[FOXVLYDPHQWH R DO PHQRV HQ SULQFLSLR GH DFXHUGR FRQ XQD SRVLFLyQ
LQPRYLOLVWDGHODIHTXHVHH[SUHVDHQXQRUGHQHVWiWLFR(VWDSRVLFLyQLQWHJUDHQXQD
WRWDOLGDG OD IH \ OD VRFLHGDG SHUR QR OD IH GHILQLGD HQ HO OHQJXDMH \ ODV DFWLWXGHV
FRQWHPSRUiQHDV GH OD ,JOHVLD VLQR D OD PDQHUD SUHFRQFLOLDU (O WUDGLFLRQDOLVPR FKLOHQR
DFWXDOQRKDURWRFRQOD,JOHVLDQLSDUHFHKDEHUTXHULGRKDFHUORSHURVHPDQWLHQHHQHO
OtPLWH FUtWLFR GH OD DFFLyQ VREUH WRGR UHVSHFWR GH OD MHUDUTXtD $SURYHFKDQGR OD
GLYHUVLGDGGHSRVLFLRQHVGHOFOHUR\GHODVRUJDQL]DFLRQHVODLFDOHVKDORJUDGRVREUHYLYLU
\ FRQVHUYDU VXV SRVLFLRQHV GH FLHUWD LQIOXHQFLD 6LQ HPEDUJR QR VH WUDWD GH XQ
LQWHJULVPR SXULVWD TXH GHILHQGD D WRXW IRUFH OD GRFWULQD WUDGLFLRQDO GH OD ,JOHVLD SRU
HMHPSOR KDVWD 3tR ;,, VLQR TXH VH SUHRFXSD GH UHWD]RV GH OD GRFWULQD 5LJRULVWD HQ
FLHUWRV DVXQWRV OD[R HQ RWURV 7HPDV ULJRULVWDV \ QR SRU HOOR ULJXURVRV VRQ
IXQGDPHQWDOPHQWH ORV OLW~UJLFRV HO QDWDOLVPR \ XQ IHUYRURVR DQWLDERUWLVPR SRU HO
FRQWUDULR VRQ GH XQD OD[LWXG IDULVHD OD GHIHQVD GH ORV GHUHFKRV KXPDQRV GH ORV \D
QDFLGRVODGRFWULQDVRFLDOGHOD,JOHVLD \ HQ JHQHUDO OD FDULGDG RUJDQL]DGD 'H OR FXDO
VH GHVSUHQGH TXH HO LQWHJULVWD HQ XQ VHQWLGR HVWULFWR SURIHVD XQ SHOLJURVR GREOH
VWDQGDUGPRUDOTXL]iVVtLQFOXVRXQGREOHVWDQGDUGGRFWULQDO
5HWRPDQGR OD LGHD GHO UpJLPHQ PLOLWDU FRQ UHVSHFWR DO SREODPLHQWR VHxDOHPRV TXH VH
GHMy DO FULWHULR GH ORV FRQVXOWRULRV GH VDOXG OD LQIRUPDFLyQ \ HGXFDFLyQ HQ PDWHULDV GH
SODQLILFDFLyQIDPLOLDUVDOYRVLODVXVXDULDVORVROLFLWDEDQ
/D DXWRUD &ODXGLD ,ULDUWH RE FLW S VRVWLHQH TXH HVH SODQ FRQWHPSOD WRGDV ODV
SUHVWDFLRQHVTXHODVDOXGRIUHFHHQHOiUHDGHODPDWHUQLGDG\VDOXGUHSURGXFWLYDFRQVLGHUDQGR
ODVDFWLYLGDGHVGHSDWHUQLGDGUHVSRQVDEOH$VLPLVPRGHVFULEH \ SXQWXDOL]D TXH HVWH SURJUDPD
DGROHFH GH VHULRV YDFtRV FRQ OR TXH VH UHGXFH D OD FRORFDFLyQ R SUHVFULSFLyQ GHO
PpWRGRFRQWUDFHSWLYR
%,%/,27(&$'(/&21*5(621$&,21$/'(&+,/(