Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Pub - R - 60libros 2222222222
Pub - R - 60libros 2222222222
25/10/10
14:11
(',725$1292/(;,66$&
,QWURGXFFLRQLQGG
6HVHQWDUHIOH[LRQHV
VREUHHO3HU~
/RVOLEURVTXHWRGR
SHUXDQRFXOWRGHEHOHHU
6HOHFFLyQGH)2521DFLRQDO
,QWHUQDFLRQDO$JHQGD3(5
UHDOL]DGDSRU
0D[+HUQiQGH]
)UDQFLVFR6DJDVWL\
&ULVWyEDO$OMRYtQ
SXEOLFDGDFRQMXQWDPHQWH
FRQ&$5(7$6
3UHVHQWDFLyQ
(QULTXH=LOHUL
1RWD3UHOLPLQDU
)UDQFLVFR6DJDVWL\
0D[+HUQiQGH]
7HUFHUDHGLFLyQ
RFWXEUH
(GLWRUD1RYROH[LV6$&
3RUWDOGH%RWRQHURV
3OD]DGH$UDPDV/LPD
7HOI
$XVSLFLDGRSRU
38&33RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO3HU~
7LUDMH
HMHPSODUHV
,PSUHVRHQORVWDOOHUHVJUiILFRVGH
:RUOG&RORU3HU~6$
$Y/RV)UXWDOHV$WH
+HFKRHOGHSyVLWROHJDOHQOD
%LEOLRWHFD1DFLRQDOGHO3HU~
1
,6%1
,QWURGXFFLRQLQGG
QSDtVHVHQEXHQDFXHQWDVXFRQFLHQFLDUHIOH[LYD/RTXHXQSDtV
HV\SXHGHVHUVHGHILQHSRUHOFDUiFWHUFUtWLFRGHODVSUHJXQWDVTXHVH
KDQKHFKRDORODUJRGHODKLVWRULD(QFHOHEUDFLyQGHORVFLQFXHQWD\
VLHWHDxRV\HGLFLRQHVGH&$5(7$6$JHQGD3(5KDTXHULGR
UHFRUUHUHVHFDPLQRSDXWDGRTXHORVSHUXDQRVKHPRVGHOLQHDGRDWUDYpV
GHGpFDGDVGHSUHJXQWDUQRVTXpSRUTXp\VREUHWRGRSDUDTXp6LHPSUH
TXHQRVSUHJXQWDPRVSRUQXHVWUDLGHQWLGDG\QXHVWURGHVWLQRXQDPXOWLWXG
GH YRFHVQRVLQWHUSHODQRVUHFODPD\QRVREOLJD&RQRFHUTXpVRPRVHV
ODFODYHGHQXHVWUDVUHVSXHVWDV
(OPHGLWDUVREUHHO3HU~UHSXEOLFDQRWLHQHXQDODUJDWUDGLFLyQ+RPEUHV
\ PXMHUHV KDQ SDUWLFLSDGR HQ HVWD LQTXLHWXG FRPR QXHVWURV FRHWiQHRV
QXHVWURVDQWHFHVRUHV\QXHVWURVPDHVWURV(VHGLiORJRQRHVSRVLEOHHQXQ
FOLPDGHFUtWLFDDFpUULPDRGHDODEDQ]DGHVPHGLGD1RSRGHPRVVHJXLU
HOWUiQVLWRKDFLDQXHVWURIXWXURVLQSDUWLFLSDUHQpO&RQRFHUQXHVWUDKLV
WRULDHVSXHVXQGHEHUFtYLFRXQDREOLJDFLyQPRUDOFRQORVLQWHUHVHVGH
QXHVWUD SDWULD \ OD KHUHQFLD GH SDtV SDUD QXHVWURV KLMRV &$5(7$6 \
$JHQGD3(5KDQTXHULGRUHXQLUODVYRFHVGHPHGLWDFLyQVREUHQRVRWURV
HQXQFRPSHQGLRGHVXVSDODEUDVPiVIXHUWHV\PiVVDELDV<DXQTXHVH
KDSUHIHULGRHVFRJHUVREUHWRGRDXWRUHVQDFLRQDOHVODGHQVLGDGGHOWUD
EDMR LQWHOHFWXDO \ VX DOFDQFH LQWHUQDFLRQDO QRV KD VXJHULGR WDPELpQ
LQFOXLUDOJXQRVDXWRUHVH[WUDQMHURV
/DWDUHDTXHQRVKHPRVLPSXHVWRHVH[WUHPDGDPHQWHGLItFLO/DFDQWL
GDG GH DXWRUHV OD GLYHUVLGDG GH iQJXORV \ ODV GLIHUHQWHV SRVLFLRQHV
FRPSOLFDQODVHOHFFLyQ6DEHPRVTXHKHPRVGHMDGRGHFRQVLGHUDUDXWR
UHV WH[WRV \ SRVLFLRQHV LPSRUWDQWHV (V LPSRVLEOH KDFHU XQD VHOHFFLyQ
MXVWD \ FRPSOHWD +HPRV SXHVWR HO pQIDVLV HQ DXWRUHV FRQWHPSRUiQHRV
WUDWDQGRHVRVtGHHVFRJHUXQPDWHULDOUHSUHVHQWDWLYRGHORVGLIHUHQWHV
SXQWRVGHYLVWDHYLWDQGRHQORSRVLEOHQXHVWUDVSUHIHUHQFLDVSHUVRQDOHV
/RVVHVHQWD\ODVHGLFLRQHVGH&$5(7$6VHLQVFULEHQGHQWURGHHVWH
HVIXHU]RGHFRQFLHQFLDUHIOH[LYDGHO3HU~&HOHEUDUVXDQLYHUVDULRGHHVWH
PRGRHVWDPELpQXQKRPHQDMHDVXVGHVYHORV
1RWDSUHOLPLQDU
DQWUDQVFXUULGRGLH]DxRVGHVGHTXH&$5(7$6\)2521DFLRQDO
,QWHUQDFLRQDO $JHQGD 3(5 SXEOLFiUDPRV OD SULPHUD HGLFLyQ
FRQFLQFXHQWDWH[WRVSDUDFHOHEUDUHVHPLVPRQ~PHURGHDxRVGH
OD UHYLVWD (Q HVWD RFDVLyQ DO FXPSOLU &$5(7$6 VHVHQWD DxRV \
HGLFLRQHVKHPRVDxDGLGRGLH]WH[WRVDODVHOHFFLyQLQLFLDO
SDUDSRQHUORVDGLVSRVLFLyQGHORVOHFWRUHVGHODUHYLVWD
/DLGHDGHSUHSDUDUXQDVHOHFFLyQGHWH[WRVTXHWRGRSHUXDQR
GHEHUtDFRQRFHUVXUJLyGHVGHHOLQLFLRGHORVWUDEDMRVGHOSURJUDPD
$JHQGD3(5HQTXHGLULJLPRVKDVWD/DVSULPHUDVFRQ
VXOWDVTXHUHDOL]DPRVDPHGLDGRVGHOGHFHQLRGHHQGLYHUVDVSDUWHV
GHOSDtVPXFKDVGHHOODVFRQMyYHQHV\HVWXGLDQWHVQRVKLFLHURQQRWDUTXH
H[LVWtDHVFDVDGLIXVLyQGHODVFRQWULEXFLRQHVGHQXHVWURVSHQVDGRUHVHLQWHOHF
WXDOHVSDUDFRPSUHQGHUPHMRUDO3HU~/DFULVLVGHODLQGXVWULDHGLWRULDOOR
SUHFDULRGHODVELEOLRWHFDV\HODOWRFRVWRGHORVOLEURVKDQSXHVWRIXHUDGHO
DOFDQFHGHODJUDQPD\RUtDGHSHUXDQRVORVWH[WRVQHFHVDULRVSDUDHQWHQGHUGH
GyQGHYHQLPRVLQWHUSUHWDUORTXHQRVSDVD\VDEHUKDFLDGyQGHYDPRV0iV
D~QODJUDQPD\RUtDGHORVWH[WRVLQFOXLGRVHQHVWDVHOHFFLyQQRHVWiQGLVSR
QLEOHVQLVRQIiFLOPHQWHDVHTXLEOHVDWUDYpVGH,QWHUQHW
1XHVWUDSULPHUDLGHDIXHVHOHFFLRQDUHQVD\RVOLEURV\DUWtFXORVVREUH
ODUHDOLGDGQDFLRQDO\SXEOLFDUXQDVHULHGHOLEURVGHEDMRFRVWR7HQtDPRV
SUHVHQWHHOJUDQHVIXHU]RGHVSOHJDGRKDFHPiVGHPHGLRVLJORSRU-XDQ
0HMtD%DFD\0DQXHO6FRU]DSDUDSURGXFLUHGLFLRQHVSRSXODUHVGHOLEURV
GHDXWRUHVSHUXDQRVDWUDYpVGHODVFXDOHVWXYLPRVDFFHVRDXQULFRDFHU
YRGHLGHDV\SODQWHDPLHQWRVVREUHQXHVWURSDtV3URQWRYLPRVTXHXQD
HPSUHVDGHHVWDQDWXUDOH]DUHEDVDEDORVSURSyVLWRVGH)2521DFLRQDO
,QWHUQDFLRQDO \ GH $JHQGD 3(5 VX SULQFLSDO SURJUDPD GH HVWXGLRV
GXUDQWH HO GHFHQLR GH \ GHFLGLPRV H[SORUDU RWUDV RSFLRQHV $Vt
OOHJDPRVDODFRQFOXVLyQGHTXHXQFRQMXQWRGHH[WUDFWRVGHOLEURVSXEOL
FDGRVHQXQVRORYROXPHQRHQXQ&'520VHUtDODPHMRUPDQHUDGH
IDPLOLDUL]DUDORVOHFWRUHVFRQODVLGHDVTXHFRQVLGHUDPRVQHFHVDULDVSDUD
HQWHQGHUDO3HU~GHSULQFLSLRVGHOVLJOR;;,
,QWURGXFFLRQLQGG
)UDQFLVFR6DJDVWL0D[
+HUQiQGH]\&ULVWyEDO$OMRYtQ
HQVXDJRWDGRUDWDUHDGH
VHOHFFLRQDUORVOLEURVTXH
DFDVRPiVSURIXQGDPHQWHKDQ
WRFDGRHOWHPD3HU~HQVXV
PiVGLYHUVDVHWDSDV
'HVGHHOSULPHUPRPHQWRGHFLGLPRVH[FOXLUREUDVOLWHUDULDVSDUDOLPLWDUOD
VHOHFFLyQGHDXWRUHV(OORQRKL]RPHQRVDUGXDODWDUHDGHHVFRJHUORVWH[WRV
/DSULPHUDWHQWDFLyQIXHVHOHFFLRQDUDORVDXWRUHVTXHFRQRFtDPRVELHQEDMRHO
VXSXHVWRQDUFLVLVWDGHTXHWRGRVGHEHUtDQOHHUORTXHKHOHtGR\R'HVFDUWDPRV
HVWRGHLQPHGLDWR\GHFLGLPRVUHDOL]DUXQWUDEDMRPiVVLVWHPiWLFR/DFRODER
UDFLyQ LQLFLDO GH $XJXVWR OYDUH] 5RGULFK \ 3LODU 'iYLOD TXLHQHV WUDEDMDEDQ
HQWRQFHVHQ$32<2&RPXQLFDFLRQHVQRVSHUPLWLyUHDOL]DUXQDHQFXHVWDHQWUH
ORVOHFWRUHVGHODUHYLVWD'(%$7(FX\RVUHVXOWDGRVDPSOLDURQODOLVWDGHDXWRUHV
DPiVGH\FRPSOLFDURQD~QPiVODVHOHFFLyQ
/DLQFRUSRUDFLyQGH&ULVWyEDO$OMRYtQDOHTXLSRGHWUDEDMR\ODFRODERUDFLyQ
GH-RUJH&KiYH]*UDQDGLQRGLHURQXQJUDQLPSXOVRDHVWHSUR\HFWRDILQHVGHO
GHFHQLRGH/DVHOHFFLyQGHDXWRUHV\WH[WRVVHKL]RPiVULJXURVD\ODV
GLVFXVLRQHV VREUH TXLpQ LQFOXLU R H[FOXLU VH KLFLHURQ PiV GLItFLOHV VREUH WRGR
SRUTXHGHFLGLPRVOLPLWDUHOQ~PHURGHDXWRUHVDXQDVSRFDVGHFHQDV/RTXHHUD
XQDLGHDGHDOFDQFHOLPLWDGRVHFRQYLUWLyHQXQSUR\HFWRYLDEOH\GHJUDQDPSOL
WXGJUDFLDVDOLQWHUpV\HOFRPSURPLVRGH(QULTXH=LOHULGLUHFWRUGH&$5(7$6
FRQTXLHQXQLPRVHVIXHU]RVSDUDGLIXQGLUODVHOHFFLyQGHWH[WRV/DVUHDFFLRQHV
FRPHQWDULRV\VXJHUHQFLDTXHKHPRVUHFLELGRDODVHGLFLRQHVDQWHULRUHVQRVKDQ
D\XGDGRDHVFRJHUHOPDWHULDODGLFLRQDO5DIDHO&DVWLOOR\0DULR%D]iQFRODERUD
URQHQODVHOHFFLyQGHORVWH[WRVDGLFLRQDOHVSDUDODSUHVHQWHHGLFLyQ
3RUPiVULJXURVD\VLVWHPiWLFDTXHKD\DVLGRODVHOHFFLyQWRGDOLVWDUHIOHMDHQ
~OWLPDLQVWDQFLDODVSUHIHUHQFLDVHLGLRVLQFUDVLDGHORVFRPSLODGRUHV3RUHVWD
UD]yQHVWDVHOHFFLyQGHEHVHJXLUVLHQGRYLVWDFRPRXQSUHWH[WRHQHOGREOH
VHQWLGR GH OD SDODEUD (V XQ SUHWH[WR SDUD FRQYHUVDU GLVFXWLU \ GHEDWLU VREUH
TXLpQHVGHEHQHVWDURQRHQODOLVWDGHDXWRUHVTXHWRGRVORVSHUXDQRVGHEHUtD
PRVFRQRFHU(VWDPELpQXQSUHWH[WRHQHOVHQWLGRTXHHVSHUDPRVVHUHYLVH
FRQWLQXDPHQWH \ TXH FDGD OHFWRU PRGLILTXH OD OLVWD GH DFXHUGR D VX FULWHULR
(VSHUDPRVTXHHVWHSUHWH[WRFXPSODVXGREOHSURSyVLWR
/LPD2FWXEUHGH
)UDQFLVFR6DJDVWL0D[+HUQiQGH]
(['LUHFWRUHVGH$JHQGD3(5)2521DFLRQDO,QWHUQDFLRQDO
QGLFH
&DStWXOR,
(/3(535(+,631,&2<68352<(&&,1
/XLV/XPEUHUDV/RVRUtJHQHVGHODFLYLOL]DFLyQHQHO3HU~
)UDQNOLQ3HDVH3HU~KRPEUHHKLVWRULD(QWUHHOVLJOR;9,\HO;9,,,
-RKQ0XUUD)RUPDFLyQHFRQyPLFD\SROtWLFDGHOPXQGRDQGLQR
0DUtD5RVWZRURZVNLGH'LH]&DQVHFR+LVWRULDGHO7DKXDQWLVX\R
&DStWXOR,,
(//(*$'2&2/21,$/&2148,67$<9,55(,1$72
:DOGHPDU(VSLQRVD/DGHVWUXFFLyQGHOLPSHULRGHORVLQFDV
5D~O3RUUDV(O3HU~QRPEUHSRSXODU\VROGDGHVFR(OQRPEUHGHO3HU~
1DWKDQ:DFKWHO6RFLHGDGHLGHRORJtDHQVD\RVGHKLVWRULD
\DQWURSRORJtDDQGLQDV
0DUtD(PPD0DQQDUHOOL/DLOHJLWLPLGDGHQ/LPDVLJOR;9,,
)HOLSH%DUUHGD/DRV9LGD,QWHOHFWXDOGHO9LUUHLQDWRGHO3HU~
(O0HUFXULR3HUXDQR,GHD*HQHUDOGHO3HU~
-XOLR&RWOHU(VWDGR&ODVH\1DFLyQ
+XJR1HLUD9LUUH\&RUWH\$VHGLR&ULROOR
&DStWXOR,,,
48e(6/$5(3%/,&$"
-RVp$JXVWtQGHOD3XHQWH7HRUtDGHOD(PDQFLSDFLyQGHO3HU~
-RUJH%DVDGUH/D3URPHVDGHOD9LGD3HUXDQD\RWURVHQVD\RV
/XLV$OEHUWR6iQFKH]8QSDtVPRQRFUiWLFR
3DEOR0DFHUD9LVLyQKLVWyULFDGHO3HU~
&DStWXOR,9
/$-29(15(3%/,&$'(/$,1'(3(1'(1&,$$/$*8(55$&21&+,/(
0DQXHO/RUHQ]RGH9LGDXUUH(O3ODQGHO3HU~/RV,GHyORJRV
%DUWRORPp+HUUHUD6HUPyQGHVHJXQGDSDUWH(VFULWRV\'LVFXUVRV
,QWURGXFFLRQLQGG
)UDQFLVFRGH3DXOD*RQ]iOH]9LJLO,PSRUWDQFLD\XWLOLGDGGHODVDVRFLDFLRQHV
5LFDUGR3DOPD(O%DLOHGHOD9LFWRULD7UDGLFLRQHV3HUXDQDV
0DQXHO3DUGR\/DYDOOH0HQVDMHGHO3UHVLGHQWHGHOD5HS~EOLFD
&DStWXOR9
$'1'(9$(/3(5"'(/$*8(55$&21&+,/($
/$6(*81'$*8(55$081',$/
0DQXHO*RQ]iOH]3UDGD(O'LVFXUVRGHO3ROLWHDPD(QVD\RV(VFRJLGRV
)ORUD7ULVWiQ3HUHJULQDFLRQHVGHXQDSDULD
)UDQFLVFR*DUFtD&DOGHUyQ(O3HU~&RQWHPSRUiQHR
-RVpGHOD5LYD$JHUR3DLVDMHV3HUXDQRV
-RVp&DUORV0DULiWHJXL6LHWH(QVD\RVGHOD,QWHUSUHWDFLyQGHOD5HDOLGDG3HUXDQD
9tFWRU5D~O+D\DGHOD7RUUH'LVFXUVRGHOD3OD]DGH$FKR
9tFWRU$QGUpV%HODXQGH5HDOLGDG1DFLRQDO
&DStWXOR9,
/$,035217$,1',*(1,67$
/XLV9DOFiUFHO7HPSHVWDGHQORV$QGHV
8ULHO*DUFtD(OQXHYRLQGLR
-RVp0DUtD$UJXHGDV1RVR\XQLQGLRDFXOWXUDGR
(QULTXH0D\HU/DVUHJODVGHOMXHJRHQODUHFLSURFLGDGDQGLQD
&DStWXOR9,,
5(129$&,1,17(/(&78$/(,'(2/*,&$
6LQHVLR/ySH],QWHOHFWXDOHV\SROtWLFRVHQHO3HU~GHOVLJOR;;
$XJXVWR6DOD]DU%RQG\+LVWRULDGHODVLGHDVHQHO3HU~FRQWHPSRUiQHR
-RVp/XLV%XVWDPHQWH\5LYHUR0HQVDMHDO3HU~
)HUQDQGR%HODXQGH7HUU\/D&RQTXLVWDGHO3HU~SRUORVSHUXDQRV
)UDQFLVFR0LUR4XHVDGD&DQWXDULDV+XPDQLVPR\UHYROXFLyQ
*XVWDYR*XWLpUUH]7HRORJtDGHODOLEHUDFLyQ
-XDQ9HODVFR$OYDUDGR(OGLVFXUVRGHOD5HIRUPD$JUDULD
QGLFH
&DStWXOR9,,,
,1)250$/,'$'9,2/(1&,$<*2%(51$%,/,'$'
$OEHUWR)ORUHV*DOLQGR%XVFDQGRXQ,QFD
-RVp0DWRV0DU'HVERUGHSRSXODU\FULVLVGHOHVWDGR
+HUQDQGRGH6RWR(ORWURVHQGHURODUHYROXFLyQLQIRUPDO
&DUORV,YiQ'HJUHJRUL(OQDFLPLHQWRGH6HQGHUR/XPLQRVR
)UDQFLVFR0RUDOHV%HUP~GH]&HUUXWL3HQVDQGRHQHO3HU~
+$781:,//$.8<YHUVLyQDEUHYLDGDGHO,QIRUPH)LQDOGH
OD&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQ
&DStWXOR,;
48e62026"&8/785$<62&,('$'
0HUFHGHV&DEHOORGH&DUERQHUD0XMHUHGXFDFLyQ\OLWHUDWXUD
+pFWRU9HODUGH(OFRQFKRWHO~ULFRGHDFRPHWLYLGDG
6HEDVWLiQ6DOD]DU%RQG\/LPDOD+RUULEOH
&DUORV'HOJDGR(MHUFLFLRVRFLROyJLFRVREUHHODUULELVPRHQHO3HU~
$QtEDO4XLMDQR/RFKROR\HOFRQIOLFWRFXOWXUDOHQHO3HU~
$QWRQLR&RUQHMR3RODU0HVWL]DMHWUDQVFXOWXUDFLyQKHWHURJHQHLGDG
0DUWKD+LOGHEUDQGW3HUXDQLVPRV
&DStWXOR;
35238(67$6'('(6$552//27(55,725,2&212&,0,(172
(&2120$<32/7,&$(;7(5,25
-XOLR&7HOOR/DLQYHVWLJDFLyQFLHQWtILFD
-DYLHU3XOJDU9LGDO/DJHRJUDItDGHO3HU~/DVRFKRUHJLRQHVQDWXUDOHVGHO3HU~
$QWRQLR%UDFN&LHQFLDV$PELHQWDOHVHQHO3HU~/D,QYHVWLJDFLyQ&LHQWtILFD
\7HFQROyJLFDHQHO3HU~
$OEHUWR*LHVHFNH\(6LOJDGR/RVWHUUHPRWRVHQHO3HU~
-DYLHU,JXtxL]$SODQDUORV$QGHV\RWUDVSURSXHVWDV
5LFKDUG:HEE3UyORJR(Q(VWDELOL]DFLyQ\FUHFLPLHQWRHQHO3HU~
-XUJHQ*ROWH/D5DFLRQDOLGDGGHODRUJDQL]DFLyQDQGLQD
-XDQ0LJXHO%iNXOD3HU~(QWUHOD5HDOLGDG\OD8WRStDDxRVGH3ROtWLFD
,QWURGXFFLRQLQGG
&DStWXOR,
/XLV/XPEUHUDV/RV
RUtJHQHVGHODFLYLOL]DFLyQHQ
HO3HU~/LPD0LOOD%DWUHV
3iJV
O
)UDQNOLQ3HDVH3HU~
KRPEUHHKLVWRULD(QWUHHO
VLJOR;9,\HO;9,,,7RPR,,
/LPD(GXEDQFR
3iJV
O
O
-RKQ0XUUD)RUPDFLRQHV
HFRQyPLFDV\SROtWLFDVGHO
PXQGRDQGLQR/LPD,(3
3iJV
O
0DUtD5RVWZRURZVNLGH
'LH]&DQVHFR+LVWRULDGHO
7DKXDQWLQVX\X/LPD,(3
3iJV
,QWURGXFFLRQLQGG
QDELVPRVHDEUHHQWUHQRVRWURV\HO
GHQVRPLVWHULRGHOFXDOHO,PSHULRGHORV
,QFDVHVVyORXQSHTXHxRIUDJPHQWR(O
7DKXDQWLQVX\XGHEHKDEHUH[LVWLGRXQRV
DxRV(VDSHQDVODSXQWDGHXQ
LFHEHUJTXHGHEHSUR\HFWDUVHHQPLOHQLRVGH
H[SDQVLRQHV\JXHUUDVFLYLOL]DFLRQHVSHUGLGDV
HQXQDPHPRULDDYDVDOODGRUD\GHVGHxRVD
GHOWLHPSR1XHVWUDYLVLyQGHOSDVDGR
SUHKLVSiQLFRKDHVWDGR\HVWiPX\LQIOXLGD
SRUQXHVWUDYLVLyQGHO,QFDULR
&RPRKDQLQVLVWLGRORVDXWRUHVLQFOXLGRVHQHVWHFDStWXOR
ODFLYLOL]DFLyQDQGLQDKDLPSXHVWRVXPDUFDHQQXHVWUD
KLVWRULD$QWURSyORJRV\HWQRKLVWRULDGRUHVUHFRQRFHQTXH
PXFKDVGHODVFRVWXPEUHVGHODVIRUPDVVLPEyOLFDV\GHORV
YDORUHVGHORVKRPEUHVGHORV$QGHVWLHQHQUDtFHVSUH
FRORPELQDV(VWRHVPX\FLHUWRSHURHVODPHPRULD
KLVWyULFDGHFRQMXQWRTXHSURYLHQHGHODVLQWHUSUHWDFLRQHV
SRVKLVSiQLFDVGHORVLQFDVODTXHILMD\SUHFLVDODUHOHYDQFLD
\HODOFDQFHGHHVRVYDORUHV\ORTXHHVWRVVLJQLILFDQHQ
QXHVWUDLGHQWLGDGDFWXDO'HHVWHPRGRHQWHQGHUHOPXQGR
SUHKLVSiQLFRWHUPLQDVLUYLpQGRQRVSDUDFRPSUHQGHUQXHVWUR
SUHVHQWHQXHVWUDFXOWXUD\QXHVWURVSUREOHPDV
(O3HU~
3UHKLVSiQLFR
\VXSUR\HFFLyQ
/XLV/XPEUHUDV
/RVRUtJHQHVGHODFLYLOL]DFLyQHQHO3HU~
/LPD0LOOD%DWUHV([WUDFWRV
VHOHFFLRQDGRVSiJV
/RVGLRVHVGH
&KDYtQ
/XLV/XPEUHUDV
$\DFXFKR
$UTXHyORJRSURIHVRUGHOD8QLYHUVLGDG
1DFLRQDO0D\RUGH6DQ0DUFRV'HVWDFD
SRURIUHFHUXQDYLVLyQJOREDOGHODKLVWRULD
DQGLQDSUHKLVSiQLFD
FDSLWXORDLQGG
/RVGLRVHVGH&KDYtQ
&DUHWDV
FDSLWXORDLQGG
/XLV/XPEUHUDV
ILFDEDSDUDORVKDELWDQWHVGHORVWHPSORV\
VXV DOUHGHGRUHV 3DUD HVR IXH LQGLVSHQVD
EOH FUHDU XQ UpJLPHQ GH REOLJDFLRQHV
LPSUHVFULSWLEOHV VDQFLRQDGDV SRU ORV GLR
VHVHQWDQWRTXHHOORVORVGLRVHVHUDQHQ
~OWLPDLQVWDQFLDTXLHQHVGHEtDQVHUUHWUL
EXLGRVSRUORVFDPSHVLQRVSRUORVVHUYLFLRV
TXHDWUDYpVGHORVVDFHUGRWHVHOORVRIUH
FtDQ /D WDUHD GH FUHDU WDOHV GLRVHV IXH
VHJXUDPHQWH ODUJD \ GLItFLO DXQ FXDQGR
FDGDIXHU]DQDWXUDOHUDXQDGLYLQLGDG/RV
VDFHUGRWHV IXVLRQDURQ VXV FRQRFLPLHQWRV
FRQODKDELOLGDGGHORVDUWHVDQRV\DPERV
HQVDQWDDOLDQ]DHGLILFDURQHQSLHGUDHQ
EDUURHQKXHVRRHQWHODVXQROLPSRWDQJL
EOH GH GLRVHV VHYHURV PiV ELHQ IHURFHV
UHSUHVLYRV GXHxRV GH WRGRV ORV SRGHUHV \
DFUHHGRUHV GH WRGRV ORV KRPEUHV \ VX WUD
EDMR6HHVWDEOHFLyDVtOD7HRFUDFLD
3HUROD7HRFUDFLDTXHHVHOJRELHUQRGH
ORVGLRVHVDWUDYpVGHVXVUHSUHVHQWDQWHV
QRIXHQDWXUDOPHQWHHVWDEOHFLGDVLQUHVLV
WHQFLDHOODHVHOLQLFLRGHODH[SORWDFLyQGHO
KRPEUH SRU HO KRPEUH HV HO RULJHQ GH OD
VRFLHGDGGHFODVHVHVHORULJHQGHO(VWDGR
\ WRGR HVWR VXUJLy FRPR SURGXFWR GH XQD
UHYROXFLyQHQODTXHODVFRPXQLGDGHVFDP
SHVLQDVIXHURQVRPHWLGDVSRUORVKDELWDQWHV
GHORVFHQWURVFHUHPRQLDOHVHPHUJHQWHV
7DO SURFHVR IXH GHVLJXDO HQ ORV $QGHV
HQXQDVSDUWHVVHSURGXMRDQWHV\HQRWUDV
GHVSXpV TXL]i WDPELpQ WXYR FDXVDV GLV
WLQWDVHQRWUDVUHJLRQHV+DFLDHODxR
XQRV VLJORV DQWHV TXL]i DQWHV GH QXHVWUD
HUDORVVDFHUGRWHVKDEtDQJDQDGR\WHQtDQ
HOFRQWUROGHODVRFLHGDG
/RVVDFHUGRWHV\DUWHVDQRVGH&KDYtQ
&RPR WRGD UHYROXFLyQ VRFLDO WXYR pVWD
XQDVHFXHODH[SORVLYDGHGHVDUUROORHFRQy
PLFR\WHFQROyJLFR/RVVDFHUGRWHVLQWHUH
VDGRVHQPDQWHQHUVXSRGHUHVWLPXODURQ
DO Pi[LPR OD SURGXFFLyQ DUWHVDQDO \ SHU
PLWLHURQ HO GHVFXEULPLHQWR GH QXHYRV
UHFXUVRVWHFQROyJLFRVWDOHVFRPRHOWUDED
MRGHORVPHWDOHVLQLFLDOPHQWHHORUR\PiV
WDUGHHOFREUH\ODSODWD$OPLVPRWLHP
SR HO LQWHUFDPELR GH SURGXFWRV HQWUH
H[WHQVDV ]RQDV VH LQWHQVLILFy D WDO JUDGR
TXHHOWHUULWRULRGHORV$QGHVSXGRHQWUDU
HQ FRQWDFWR FRQ &HQWURDPpULFD \ FRQ OD
VHOYD DPD]yQLFD OD VLHUUD \ OD FRVWD VH
XQLHURQSRUHOLQWHUFDPELRGHDOLPHQWRV\
SURGXFWRV PDQXIDFWXUDGRV \ ORV REMHWRV
KHFKRV SRU ORV DUWHVDQRV GH ORV FHQWURV
FHUHPRQLDOHV UHFRUULHURQ ORQJLWXGLQDO
PHQWHODFRVWD\ODVLHUUD
(OLQWHUFDPELRSURYRFyVLWXDFLRQHVQRYH
GRVDVHQODHFRQRPtD\HQODFXOWXUDSUR
GXFWRVGHRULJHQVHUUDQR\VHOYiWLFRIXHURQ
DPELHQWDGRV D OD FRVWD \ HQ OD VLHUUD VH
IXQGLHURQ ODV WUDGLFLRQHV VHOYiWLFDV \ FRV
WHxDVODDJULFXOWXUDVHKL]RSXHVHQWRQ
FHV GLYHUVLILFDGD \ DPSOLy VXV SRVLELOLGD
GHVHQWRGRVHQWLGRJUDFLDVDODKLGUiXOLFD
DODH[SHULPHQWDFLyQODYDULHGDGGHFXOWL
YRVHWF/DSREODFLyQDXPHQWyMXQWRFRQOD
ERQDQ]D \ ORV FHQWURV FHUHPRQLDOHV FRQ
VXVVDFHUGRWHV\DUWHVDQRVVHKLFLHURQPiV
SRGHURVRV\IDVWXRVRV
(QDOJ~QOXJDUTXL]iHQYDULRVORVGLR
VHVIXHURQILJXUDGRVFRPRGHPRQLRVUHSUH
VLYRV \ HVWD LPDJHQ GH OR VREUHQDWXUDO
GHELy KDEHU WHQLGR HO p[LWR GHVHDGR SRU
HVRFXDQGRXQGtDHQWUHORVGtDVHQDTXHO
OXJDUHQPHGLRGHODVLHUUDTXHKR\OODPD
PRV &KDYtQ VH FRQVROLGy OD H[LVWHQFLD GH
XQ FHQWUR FHUHPRQLDO LPSRQHQWH \ ORV
VDFHUGRWHVUHXQLHURQDORVGLRVHV\ORVJUD
EDURQHQODVSLHGUDVHVHOXJDUDOFDQ]yXQ
UHQRPEUHGHSULPHUDPDJQLWXG
&DUHWDV
/RVGLRVHVGH&KDYtQ
&DUHWDV
FDSLWXORDLQGG
/XLV/XPEUHUDV
FLHUWRDOJRPiVTXHHORULJHQSROtWLFRGH
VXVGLRVHVUHYHODODFRQFHSFLyQGHOPXQGR
GHTXLHQHVWDOODURQODVSLHGUDV\HQFRQVH
FXHQFLDODLPDJHQLPSXHVWDDWRGRHOSXH
EOR3HURWDPELpQLQGLFDHODOWRQLYHOWHFQR
OyJLFR TXH DOFDQ]DURQ ORV DUWHVDQRV GH
&KDYtQ\VXFDSDFLGDGFUHDGRUD\HVWpWLFD
/RVGLRVHVLQLFLDOHVUHYHODQHOSRGHU\OD
IXHU]DHQIRUPDVHQFLOODSHURHOWLHPSRORV
KDFHFRPSOHMRVLQFRPSUHQVLEOHV(QODSUL
PHUD pSRFD HO GLRV /DQ]yQ GH &KDYtQ HV
XQ SHUVRQDMH DQWURSRPRUIR FRQ JDUUDV HQ
ODVPDQRV\HQORVSLHVFRQVHUSLHQWHVHQ
YH]GHFDEHOORV\XQURVWURIHOtQLFRHQDFWL
WXGDJUHVLYDSHURHVIiFLOPHQWHFRPSUHQ
VLEOH VX HVWUXFWXUD DQWURSRPRUID PiV
DGHODQWH XQ PRQVWUXR UHHPSOD]D R FRP
SOHPHQWDDOGLRVGHO/DQ]yQHVXQDHVSH
FLH GH GUDJyQ TXH FRQWLHQH HQ VX FXHUSR
WRGRVORVHOHPHQWRVGHOPXQGRQDWXUDOODV
SODQWDV \ ORV DQLPDOHV SHUR DO PLVPR
WLHPSR GHYRUD D ODV DYHV ORV IHOLQRV ORV
SHFHV \ WLHQH FROPLOORV LQPHQVRV FDSDFHV
GHGHVWUXLUWRGRHVXQDGLYLQLGDGGXDOHQ
XQRVFDVRVIHPHQLQD\HQRWURVPDVFXOLQD
HQXQREHOLVFRPRQXPHQWDODPEDVIRUPDV
GHO GLRV HVWiQ HVFXOSLGDV ILJXUDGDV /D
KLVWRULDGHOGLRVVXVSRGHUHVVXVIDFXOWD
GHVHVWiQHVFULWDVHQVXFXHUSRGHELyVHU
FRPSOHMRHOPLWRTXHOHGLRRULJHQ
0iV WDUGH ODV GLYLQLGDGHV VH URGHDURQ
GH VtPERORV RUQDPHQWDOHV HQ WDO PHGLGD
TXH VXV LPiJHQHV DGTXLULHURQ XQ DVSHFWR
EDUURFR
3HURQRVRQORVGLRVHVWRGRVLJXDOHVORV
KD\ GH GLVWLQWR WDPDxR GH GLVWLQWR QLYHO
GHYDULDLPSRUWDQFLDKD\FLHQWRVGHHOORV\
WRGRV HVWiQ JUDEDGRV HQ ODV SLHGUDV SRU
FLHUWRWRGRVHOORVWLHQHQDOJRWRPDGRGHOD
QDWXUDOH]D ELHQ VDEHPRV TXH WRGR OR TXH
FUHDHOKRPEUHVyORSXHGHVHUXQDUHFUHD
FLyQDSDUWLUGHHOODSRUHVRORVGLRVHVVRQ
DpUHRV FRPR ORV KDOFRQHV \ ORV FyQGRUHV
IHURFHV FRPR ORV IHOLQRV HVSHOX]QDQWHV
FRPRODVVHUSLHQWHVSRUHVRORVGLRVHVWLH
QHQORVDWULEXWRVGHORVKRPEUHV\FXDQGR
VRQFRPRORVKRPEUHVSDUDVHUGLRVHVWLH
QHQORVDWULEXWRVGHORVDQLPDOHV
$Vt IXH FRPR VXUJLy OD FLYLOL]DFLyQ HQ
ORV$QGHVEDMRODJDUUDGHOPLWRTXHREOL
JDQGR DO SXHEOR D SURGXFLU H[FHGHQWHV
SHUPLWLyODDSDULFLyQGHODVFODVHVVRFLDOHV
\HO(VWDGR
(OPHQVDMHGHODVSLHGUDV
(O ROLPSR OtWLFR GH &KDYtQ UHYHOD SRU
&DUHWDV
)UDQNOLQ3HDVH
3HU~KRPEUHHKLVWRULDHQWUHHOVLJOR;9,
\HO;9,,,7RPR,,/LPD(GXEDQFR
W,,([WUDFWRVVHOHFFLRQDGRVSiJV
(O7DZDQWLQVX\X
ORV$QGHV\
VXKLVWRULD
)UDQNOLQ3HDVH
/LPD
)XHFDWHGUiWLFRGHOD8QLYHUVLGDG&DWyOLFD
\XQRGHORVLQLFLDGRUHVGHODHWQRKLVWRULD
HQHO3HU~
&DUHWDV
FDSLWXORDLQGG
&DUHWDV
(O7DZDQWLQVX\XORV$QGHV\VXKLVWRULD
'HVSXpVGHODpSRFDGHSUHGRPLQLR:DUL
\ 7LDZXDQDFX SXHGH KDEODUVH GH D OR
PHQRV VLHWH iUHDV GLIHUHQFLDEOHV D OD
UHJLyQ GHO &X]FR E HO DOWLSODQR GHO ODJR
7LWLFDFD \ VXV UHJLRQHV DOHGDxDV F OD
6LHUUDFHQWUDOGHO3HU~DFWXDOGOD6LHUUD
QRUWHHODVUHJLRQHVGHOVXUGHODOWLSODQR
GHO7LWLFDFDIODVUHJLRQHVSHULIpULFDVXEL
FDGDVDO(VWHGHORV$QGHV\DORODUJRGH
ORVPLVPRVJODV]RQDVDOQRUWHGHODOtQHD
HFXDWRULDO/DLQYHVWLJDFLyQGHORV~OWL
PRVDxRVKDUHYDOXDGRODYLJHQFLDGHHVWDV
JUDQGHVUHJLRQHVDXQTXHPiVVHKDLQFLGL
GRHQODGHOLPLWDFLyQGHODVXQLGDGHVpWQL
FDVRUJDQL]DGDVHQHOODV
/D QRFLyQ GH XQLGDG pWQLFD VLJXH VLHQGR
SUREOHPiWLFDVLQHPEDUJR(QORVLQLFLRVGH
OD &RORQLD VH SUHFLVy XQD FRQIXVLyQ FDVL
QDWXUDOHQXQFRQWH[WRFRORQLDO/RVFRUUHJL
PLHQWRVFUHDGRVFRPRXQLGDGHVDGPLQLVWUD
WLYDV HQ SURSRUFLRQDURQ XQ HOHPHQWR
GHILQLGRUTXHKDKHFKRTXHPXFKDVYHFHVVH
LGHQWLILTXHFRQHOORVDODVXQLGDGHVSUHYLDV
DO7DZDQWLQVX\X\VREUHYLYLHQWHVDODLQYD
VLyQHVSDxROD3HURDXQDQWHVGHODH[LVWHQ
FLDGHORVFRUUHJLPLHQWRVORVHVSDxROHVVHQ
WDURQ ODV EDVHV GH OD FRQIXVLyQ SXHVWR TXH
HQODVFpGXODVUHDOHVTXHRWRUJDEDQODVHQFR
PLHQGDV DQGLQDV VH GHOLPLWy R GHILQLy D OD
SREODFLyQFRQFULWHULRVGLVFXWLEOHV
&RPR ORV HVSDxROHV HQFRPHQGDEDQ D OD
JHQWH D WUDYpV GH VXV FXUDFDV \ VXSRQtDQ
TXH HVWRV WHQtDQ XQD MXULVGLFFLyQ QR VyOR
SREODFLRQDOVLQRWHUULWRULDOHQHOVHQWLGRGH
XQ WHUULWRULR HVWDEOH QR SXGLHURQ PDQWH
QHUODVVLWXDFLRQHVGHULYDGDVGHORVFULWHULRV
DQGLQRV GH XWLOL]DFLyQ GHO WHUULWRULR HQWUH
ORVFXDOHVVREUHVDOtDODGLVSHUVLyQFRQWUROD
GDGHODSREODFLyQSDUDSURGXFLUHQGLIHUHQ
WHViPELWRVJREHUQDGRVSRUODVGLIHUHQFLDV
HFROyJLFDV /RV PLWWDQL \ ORV PLWPDTNXQD
&DUHWDV
FDSLWXORDLQGG
)UDQNOLQ3HDVH
UHVSRQGtDQDHVWDVQHFHVLGDGHV
1R SXGLHURQ FRPSUHQGHU ORV HVSDxROHV
GHO VLJOR ;9, TXH OD GHSHQGHQFLD GH XQ
FXUDFD FRQ UHVSHFWR D RWUR QR VLJQLILFDED
DXWRPiWLFDPHQWHXQDVLWXDFLyQVLPLODUD
OD H[LVWHQWH HQWUH GRV VHxRUHV IHXGDOHV
HXURSHRV GH GLIHUHQWH FDWHJRUtD R HQWUH
DTXHOORV TXH KDEtDQ HVWDEOHFLGR GHWHUPL
QDGRV WLSRV GH GHSHQGHQFLD 6XSXVLHURQ
SRU HOOR TXH HO LQLFLR GH OD FRORQL]DFLyQ
FDQFHODEDGLFKDVGHSHQGHQFLDVDVtHQWHQ
GLGDV\GHYROYtDDORVFXUDFDVDQGLQRVVX
FRQGLFLyQQDWXUDOGHUHFRQRFHUXQQXHYR
WLSRGHVHxRUtREDVDGRHQHOGHUHFKRKLVSi
QLFRGHODFRQTXLVWDTXHORVFRORFDEDFRPR
VXMHWRVGHXQDHQFRPLHQGD
OOO
0HGLRDPELHQWH\FXOWXUDDQGLQD
'HVSXpVGHWUDQVFXUULGRXQODUJRSHULR
GRGHWLHPSRGHVGHODDSDULFLyQGHODDJUL
FXOWXUDHQORV$QGHV\VREUHODEDVHGHVX
H[SHULHQFLDHQODUHJLyQODSREODFLyQGHVD
UUROOyQXHYDFRQFLHQFLDGHODHFRORJtD\GH
FyPRXQXVRUDFLRQDOGHODPLVPDSHUPLWtD
ODREWHQFLyQGHXQDYDULHGDGGHSURGXFWRV
3RU HOOR OD KLVWRULD GH OD DGHFXDFLyQ DO
PHGLRDPELHQWHHVSDUWLFXODUPHQWHLPSRU
WDQWHSDUDFRPSUHQGHUPHMRUHOGHVDUUROOR
GHODVVRFLHGDGHVDQGLQDV
(O iPELWR HQ HO FXDO VH GHVDUUROODURQ
pVWDVHVSDUWLFXODUPHQWHYDULDGR\KDVLGR
QRUPDOPHQWHLQFRPSUHQGLGRSRUORVREVHU
YDGRUHV HXURSHRV SDUD TXLHQHV OD DOWXUD
HUDXQVHULRSUREOHPDTXHGHEtDQDSUHQGHU
D VROXFLRQDU GHQWUR GH VX SURFHVR GH DFOL
PDWDFLyQ7HPSUDQDVGHVFULSFLRQHVGHFUR
QLVWDV GHO VLJOR ;9, GLHURQ FXHQWD GH ODV
GLILFXOWDGHV TXH VRSRUWDEDQ ORV YLDMHURV
SRFRUHOHYDQWH\GRQGHODPLVPDQRFRQGL
FLRQDORVPLFURFOLPDVVLQRTXHpVWRVHVWiQ
GHWHUPLQDGRV SRU RWUDV YDULDQWHV PHQRV
HVSHFWDFXODUHVGHVLHUWRORPDVRDVLVHWF
'HRWURODGR-DYLHU3XOJDU9LGDOSODQ
WHy OD H[LVWHQFLD GH RFKR UHJLRQHV QDWXUD
OHVEDVDGDVDVLPLVPRHQODDOWXUDVREUHHO
QLYHOGHOPDU&DGDXQDGHHOODVFRQVWLWX\H
iPELWRV FRQFUHWRV HQ ORV FXDOHV H[LVWHQ
FDUDFWHUtVWLFDVHFROyJLFDV\SRUFLHUWR]RR
OyJLFDV\SHFXDULDVGLIHUHQWHVJUDFLDVDODV
FXDOHVHVSRVLEOHORJUDUXQDFRPSOHPHQWD
ULD YDULHGDG GH UHFXUVRV /DV RFKR ]RQDV
VRQODVVLJXLHQWHVFKDODGHOQLYHOGHOPDU
KDVWDORVPGHDOWXUD\XQJDGHVGHORV
KDVWD P TXHFKXD GH D
PVXQLGHDPSXQD
GH D P MDQFD OD ]RQD GH ODV
DOWDVFXPEUHVQHYDGDVUXSDUXSDODVHOYD
DOWD\RPDJXDODVHOYDEDMD
(O iPELWR SXQD VH LQLFLD DO VXU GH
&DMDPDUFDDOJRPiVDO6XUGHORVJUDGRV
GH ODWLWXG DXVWUDO \ VH H[WLHQGH KDVWD ORV
JUDGRV GHVFHQGLHQGR GHVSXpV GHO DOWL
SODQR3HU~EROLYLDQRVLHPSUHHQGLUHFFLyQ
6XU $O 1RUWH GH &DMDPDUFD \D QR KD\
SXQD ODV WLHUUDV DOWDV GHO (FXDGRU \
&RORPELDLQJUHVDQGHQWURGHODGHQRPLQD
FLyQGHSiUDPR\VXVFDUDFWHUtVWLFDVHFROy
JLFDV VRQ PX\ GLIHUHQWHV /D SXQD FRUUH
SDUDOHODDODFRVWDKDVWDODDOWLWXGGH$ULFD
PiV DO 6XU GH DOOt VH YD DOHMDQGR GH HOOD
DVLPLVPRYDDPSOLiQGRVHGH1RUWHD6XU
DOFDQ]DQGR VX PD\RU DPSOLWXG HQWUH OD
UHJLyQGHOODJR7LWLFDFD\ODGHOODJR3RRSy
(V FRQRFLGR TXH OD UHJLyQ GH SXQD VH
HQFXHQWUD tQWLPDPHQWH UHODFLRQDGD FRQ HO
FXOWLYRGHORVWXEpUFXORV\FRQORVFDPpOLGRV
GRVHOHPHQWRVIXQGDPHQWDOHVGHODHFRQRPtD
GHORV$QGHV&HQWUDOHV/RVWXEpUFXORVSRU
&DUHWDV
(O7DZDQWLQVX\XORV$QGHV\VXKLVWRULD
HMHPSORIXHURQHQORV$QGHVODEDVHFHQWUDO
GHODDOLPHQWDFLyQ\HOKRPEUHDQGLQRORJUy
XQD DPSOtVLPD JDPD TXH ERUGHD ODV
YDULHGDGHV HO PDt] HQ FDPELR IXH HQ ORV
$QGHVFDVLXQREMHWRVXQWXDULR\ULWXDO\VX
FXOWLYR H[LJLy PXFKDV YHFHV XQD PD\RU
LQIUDHVWUXFWXUD ULHJR SRU HMHPSOR HQ OD
6LHUUDDSDUWHGHTXHQRHUDFXOWLYDEOHHQ
ODDOWXUD/DLPSRUWDQFLDGHORVWXEpUFXORV\
HVSHFtILFDPHQWHGHORVGHSXQDHVWDQJUDQ
GH\YLVLEOHTXHDXWRUHVFRQWHPSRUiQHRVFRPR
-RKQ90XUUDQRYDFLODQHQGLIHUHQFLDUHQORV
$QGHVODV]RQDVUHODFLRQDGDVFRQODHFRQRPtD
GHOFKXxXGHDTXHOODVTXHQRORHVWiQ
3XHGHGHFLUVHDVLPLVPRTXHODVUHJLRQHV
YLQFXODGDV FRQ OD SXQD DOEHUJDURQ SREODFLR
QHVPiVGHQVDVUHFLHQWHVFiOFXORVGH1REOH
'DYLG &RRN VH UHILHUHQ D OD SREODFLyQ GH OD
6LHUUD FHQWUDO \ VXU TXH HQ FRQMXQWR SXHGH
OOHJDU D FDVL WUHV PLOORQHV GH KDELWDQWHV
VXSHUDQGR D RWUDV UHJLRQHV GHO iPELWR GHO
7DZDQWLQVX\X &RPR HO HVWXGLR GH &RRN VH
OLPLWDDOiUHDDFWXDOPHQWHSHUXDQDODSREOD
FLyQ SXGR VHU PXFKR PD\RU VL VH FRQVLGHUD
GHQWURGHO6XUSHUXDQRDOWHUULWRULRDOWRDQGL
QRGHOD$XGLHQFLDGH&KDUFDVKR\%ROLYLD
/DPXOWLSOLFLGDGGHODHFRORJtDHVKR\GtD
DPSOLDPHQWH UHFRQRFLGD 6H KD SURSXHVWR
TXHPXFKRDQWHVGHORVLQFDVHQORVWLHPSRV
GHO SUHGRPLQLR GH 7LDZDQDNX ORV SREODGR
-RKQ0XUUD
DSHUFHSFLyQ\HOFRQRFLPLHQWRTXHHO
KRPEUHDQGLQRDGTXLULyGHVXVP~O
WLSOHVDPELHQWHVQDWXUDOHVDWUDYpV
GHPLOHQLRVOHSHUPLWLyFRPELQDUWDO
LQFUHtEOHYDULHGDGHQXQVRORPDFUR
VLVWHPDHFRQyPLFR
)RUPDFLRQHVHFRQyPLFDV\SROtWLFDVGHO
PXQGRDQGLQR/LPD,(3([WUDFWRV
VHOHFFLRQDGRVSiJV
)RUPDFLRQHV
HFRQyPLFDV\SROtWLFDV
GHOPXQGRDQGLQR
.SLR1YVVE
2GHVD1XHYD<RUN
$QWURSyORJRUXPDQRQRUWHDPHULFDQR
(VWXGLyHOGRFWRUDGRHQOD8QLYHUVLGDGGH
&KLFDJR&RPRSURIHVRUHQODXQLYHUVLGDG
GH&RUQHOOIXHXQRGHORVLPSXOVRUHVGHORV
HVWXGLRVGHHWQRKLVWRULDDQGLQD
&DUHWDV
FDSLWXORDLQGG
<DHQHUDHYLGHQWHTXHHOFRQWURO
VLPXOWiQHR GH WDOHV DUFKLSLpODJRV YHUWL
FDOHVHUDXQLGHDODQGLQRFRPSDUWL
GRSRUHWQLDVPX\GLVWDQWHVJHRJUi
ILFDPHQWHHQWUHVt\PX\GLVWLQWDVHQ
FXDQWRDODFRPSOHMLGDGGHVXRUJDQL]DFLyQHFR
QyPLFD \ SROtWLFD 3RU HMHPSOR OR FRPSDUWtDQ
ORV\DFKDTXHFKXDKDEODQWHVGH&KDXSLZDUDQTD
TXHFRQIRUPDEDQPHQRVGHPLOXQLGDGHVGRPpV
WLFDVSHURWDPELpQORVOXSDTDD\PDUDKDEODQ
WHV GHO 7LWLFDFD TXH VHJ~Q XQ NKLSX TXH SUH
VHQWDURQ D *DUFt 'LH] KDEtDQ VLGR YHLQWH PLO
KRJDUHVDQWHVGHODLQYDVLyQHXURSHD
&RPSDUWLUXQLGHDOFXDQGRVHWUDWDGHVRFLH
GDGHVWDQFRQWUDVWDGDVLPSOLFDLQHYLWDEOHPHQWH
IRUPDVLQVWLWXFLRQDOHVLJXDOPHQWHFRQWUDVWDGDV
3RGHPRVGHFLU\DSRUHMHPSORTXHHQXQDVRFLH
GDG GH FODVHV FRPR HO UHLQR OXSDTD OD OODPDGD
YHUWLFDOLGDGWHQtDSUR\HFFLRQHV\DOFDQFHVTXHQR
VHGDEDQHQWUHORVFKXSD\FKX0DVDOVHUDSOLFD
GRHOPLVPRSDWUyQGHRUJDQL]DFLyQWHUULWRULDO
SRUORVWLZDQDNXORVZDULRORVLQNDDHWQLDVTXH
VXPDEDQPLOORQHVGHSREODGRUHVODVIXQFLRQHV
GHODVLVODVYHUWLFDOHVHQHODUFKLSLpODJR\HO
VWDWXVGHVXVFRORQL]DGRUHVGHEHQKDEHUVXIULGR
SURFHVRV GH FDPELR SROtWLFR HFRQyPLFR VRFLDO
TXHPHUHFHQXQHVWXGLRGHWDOODGR
(QHVWHHQVD\RRIUH]FRFLQFRFDVRVGHFRQ
WURO VLPXOWiQHR GH SLVRV H LVODV HFROyJLFDV
EDMR FRQGLFLRQHV PX\ GLVWLQWDV HQWUH Vt HQ
XQ HVIXHU]R SRU SUHFLVDU ORV DOFDQFHV SHUR
WDPELpQORVOtPLWHVGHOPRGHOR1RSUHWHQGR
FRQORVFLQFRDJRWDUWRGDVODVIRUPDV\YDULH
GDGHVTXHKXER
3ULPHUFDVRHWQLDVSHTXHxDVTXHKDELWDEDQ
&DUHWDV
)RUPDFLRQHVHFRQyPLFDV\SROtWLFDVGHOPXQGRDQGLQR
&DUHWDV
FDSLWXORDLQGG
-RKQ0XUUD
ODFDSWXUDGHVXOtGHU,OOD7XSDVLHWHDxRVDQWHV
KDEtD DFDEDGR OD UHVLVWHQFLD HQ OD ]RQD \ KDEtD
VLGR HVWDEOHFLGD OD FDSLWDO FRORQLDO GH /HyQ GH
+XiQXFRORVYLVLWDGRUHVHQYLDGRVSRU/D*DVFD\
FRRUGLQDGRVSRU'RPLQJRGH6DQWR7RPiVLQIRU
PDEDQTXH
(VWH PLVPR GLD YLVLWDPRV HQ XQ SXHEOR
TXH VH OODPD 3LFKRPDFKL >VLF@ VLHWH \QGLRV
FRFDFDPD\RVVRQGHWRGDVODVSDUFLDOLGDGHV
GH&KLQFKDR3RPDRGH0DUFD3DUH
(VWHPLVPRGLDYLVLWDPRVHQXQSXHEORTXHVH
OODPD&KLQFKDR\QGLRVTXHVRQFRFDFDPD\RV
GHWRGDVODVSDUFLDOLGDGHVGHORVFKXSDFKRVORV
FXDOHVYHLQWHGHHVWRVHVWDQ\DYLVLWDGRVHQVXV
PLVPRVSXHEORVGRQGHVRQQDWXUDOHV2UWL]
9HPRVSRUORGHFODUDGRWDQWRHQFRPR
HQTXHHOFRQWUROGHORVFRFDOHVVHHMHUFtDD
WUDYpV GH UHSUHVHQWDQWHV SURYHQLHQWHV GH SXH
EORV \ JUXSRV pWQLFRV VHUUDQRV GH WRGDV ODV
SDUFLDOLGDGHV GH ORV FKXSDFKRV HVWDEOHFLGRV
SHUPDQHQWHPHQWHFRQVXVIDPLOLDVHQODFHMDGH
VHOYD $UULED GHO Q~FOHR HQ ODV SXQDV GH
&KLQFKD\FRFKD SDVWDEDQ VXV UHEDxRV HQ
<DQDFDFKLH[FDYDEDQODVDO7RGDVHVWDVDFWLYL
GDGHV HMHUFLGDV SRU FRORQRV SHUPDQHQWHV \D
YLVLWDGRV HQ VXV PLVPRV SXHEORV GRQGH VRQ
QDWXUDOHV DVHJXUDEDQ D ODV FRPXQLGDGHV \ D
ORV VHxRUHV \DFKD KXDPDOOL R FKXSD\FKX HO
DFFHVR D UHFXUVRV TXH QR VH GDEDQ HQ OD ]RQD
QXFOHDU GRQGH TXHGDED HO JUXHVR GH OD SREOD
FLyQ\HOPDQGRSROtWLFR
(O YLVLWDGRU QR VH OLPLWy D HQWUHYLVWDU D ORV
VHxRUHV pWQLFRV HQ OD FDSLWDO UHJLRQDO (O GH
IHEUHUR,xLJR2UWL]VDOLyGH+XiQXFR\HPSH]yOD
LQVSHFFLyQRFXODUSXHEORSRUSXHEOR\FDVDSRU
FDVDVHJ~QODLQVWUXFFLyQRUGHQDGDSRU)HOLSH,,
HQ*DQWH(OGHIHEUHUROOHJDEDFRQVX
LQWpUSUHWH JULHJR D 5RQGR XQR GH ORV SXHEORV
PHQFLRQDGRVDUULEDSRU;XOFD&RQGRUHQWLHUUD
GHORVTXHUR$VHJXUDEDQpVWRVTXHHQpSRFDGHO
,QFD+XiVFDUKDEtDQVLGRVHSDUDGRVGHVXQDWX
UDO \DFKD H LQFOXLGRV HQ XQD ZDUDQTD GH ORV
FKXSD\FKX$OYLVLWDUVHODFDVD,xLJR2UWL]
HQFRQWUyXQKRJDUSROLJLQLRDGHPiVGHORVKLMRV
PHQRUHV GH ODV GRV VHxRUDV <DOL HO PDULGR
DOEHUJDEDD
XQ SULPR KHUPDQR TXH VH OODPD -XDQ
0\VDUL GH DxRV KLMR GH &DUXDFDSFKD
PX\ YLHMR TXH HVWi HQ ODV VDOLQDV GH
<DQDFDFKH\HVWiVROR
9HLQWHFDVDVGHVSXpV2UWL]HQFRQWUyYDFtDOD
/HGLMHURQTXH
HVWDHQODVVDOLQDVGH<DQDFDFKLXQ\QGLR
VLQ HO YLHMR TXH HVWD GLFKR TXH VH OODPD
&RULQRHVFULVWLDQRGHWUHLQWDDPDQFHED
GR FRQ XQ LQGLD WLHQH GH HOOD XQ KLMR
SHTXHxRTXHVHOODPD7LTXLOODPDFRULHVWH
LQGLRQRKDFHRWUDFRVDPiVGHKDFHUVDO
/DFDVDSHUWHQHFtDDRWUDSDUHMDDXVHQWH
HVWiQJXDUGDQGRHOJDQDGRGHWRGRHOSXHEOR
XQDV DOSDFDV \ OODPDV $O LQVSHFFLRQDU OD
FDVDQRVHQWHUDPRVGHOQRPEUHGHONDPD
\RT DUULED PHQFLRQDGR FRPR UHVLGHQWH HQ
&KLQFKDRFXLGDQGRHOFRFDOGHWRGDODJHQWHGH
5RQGR HUD 6DQWLDJR &yQGRU FRQ VX HVSRVD
%DUERUD/ODF[DJXDWRSHUVRQDMHVPHQFLRQDGRV
WDPELpQVLQQRPEUDUORVHQODSGHOSULPHU
WRPR
0HKHFRQFHQWUDGRHQHVWRVGDWRVGH5RQGRQR
SRUTXHVHDQH[FHSFLRQDOHVRPX\UHSUHVHQWDWLYRV
VLQRSRUTXHGHODGLFKD]RQDGHORVTXHURWHQHPRV
OD LQIRUPDFLyQ PiV GHWDOODGD UHFRSLODGD HQ WUHV
RFDVLRQHVGLVWLQWDV
HQGXUDQWHODSULPHUDYLVLWDJHQHUDO
LQIRUPDQWH HO VHxRU GH ORV TXHUR ;XOFD
&yQGRU
HOGHHQHURWHVWLPRQLRGHOTXH\DHUD
)RUPDFLRQHVHFRQyPLFDV\SROtWLFDVGHOPXQGRDQGLQR
&DUHWDV
FDSLWXORDLQGG
-RKQ0XUUD
IULMROHV\DOOtWLHQHQPXFKDVWLHUUDV
,JXDO TXH ODV VDOLQDV R ORV FRFDOHV ODV FKD
FUDVGHDOJRGyQRDMtHUDQPXOWLpWQLFDV\QHFH
VLWDEDQJHQWHUHVLGHQWHSDUDFXLGDUORVLQWHUH
VHVGHFDGDJUXSRTXHFRPSDUWtDORVUHFXUVRV
3HURDSDUHFHXQDGLIHUHQFLDGRQGHORVUHEDxRV
RORVERVTXHVUHTXLHUHQGHXQLGDGHVGRPpVWLFDV
FRPSOHWDV\SHUPDQHQWHVORVDOJRGRQDOHVTXL
]iV SRU VX SUR[LPLGDG D ORV Q~FOHRV GH ORV
TXHUR UHFLEtDQ HO FXLGDGR GH YLXGDV /DV
FDVDV\GHOSXHEOR2[SDHVWDEDQYDFtDV
HOGtDTXHODVLQVSHFFLRQy,xLJR2UWL]/DVYLH
MDVGHTXLHQHVHUDQVHHQFRQWUDEDQHQORVDOJR
GRQDOHV 9LRODQWH 0DOODR &KXPEL FDVD
HVWiHQODGLFKD&D\UDJXDUGDQGRODVFKDFUDV
1RWHPRVTXHQRHUDXQDYLHMDFXDOTXLHUDVLQR
OD PDGUH GHO GLFKR SULQFLSDO ><DFROFD FDVD
@\GHRWURVXKHUPDQR
0iVDEDMRGHORVDOJRGRQDOHVOOHJDPRVD
ODFHMDGHVHOYD/DRFXSDFLyQGHHVWD]RQDHUD
ODTXHPRVWUDEDPD\RUGLYHUVLILFDFLyQpWQLFD
\VRFLDO(Q3RPDJXDFLFXOWLYDEDQUHSUHVHQ
WDQWHV GH WUHV GH ODV FXDWUR ZDUDQTD GH ORV
FKXSD\FKX
HVWDQ FLQFR \QGLRV ORV GRV GH 3DXFDU
*XDPiQ\ORVGRVGH0DUFD3DUH\XQRGH
&KLQFKDR>3RPD@
$QWRQLR\XQRVPiVGH>5RGULJR@7LQDFR\RWURVGH
*DUFtD6iQFKH]\DFKDTXHVRQWDPELpQFRFDFDPD
\RV\VLUYHQDVXVFDFLTXHVGRQGHVRQQDWXUDOHV
$QWHULRUPHQWH HQ ODV VDOLQDV \ SDVWRV \D
KDEtDPRV QRWDGR HVWH FDUiFWHU PXOWLpWQLFR GH
ODV ]RQDV SHULIpULFDV SHUR HQ ORV FRFDOHV GHO
+XDOODJD WDO RUJDQL]DFLyQ WHUULWRULDO VH UHIOHMD
HQFDVLWRGRVORVDVHQWDPLHQWRV6XYHULILFDFLyQ
DUTXHROyJLFDVHUiPiVGLItFLOTXHHQORVSLVRVGH
DOWXUD3HURDXQHQ]RQDERVFRVDQRGHEHPRV
GHVFXLGDU ODV H[FDYDFLRQHV \D TXH PXFKDV
YHFHVQRVRIUHFHQGDWRVLQDFFHVLEOHVDWUDYpVGH
ODVIXHQWHVHVFULWDV
/RVERVTXHV(OFRQWUROGHODVIXHQWHVGH
PDGHUD\GHRWURVSURGXFWRVGHODVHOYDFRPR
ODPLHOSXHGHKDEHUGHSHQGLGRGHXQUpJLPHQ
VHPHMDQWH D ORV DQWHULRUHV DXQTXH OD HVFDVD
LQIRUPDFLyQGHODYLVLWDGHQRORSHUPLWH
DILUPDU /RV SRFRV GHWDOOHV TXH WHQHPRV SUR
YLHQHQGHODYLVLWDGHHQODFXDOORVFRFD
OHV\ODVH[SORWDFLRQHVGHPDGHUDSDUHFHQPX\
FHUFDQRV(VSUREDEOHTXHHQODHWQRHFRORJtDGH
ODpSRFDPLVFDWHJRUtDV\QRIRUPDUDQVLQR
XQDVROD/DVKHVHSDUDGR\DTXHHQHOSUHVHQ
WHHVWDGRGHQXHVWURFRQRFLPLHQWRPHSDUHFHXQ
HUURU GH PHQRU FXDQWtD HVWDEOHFHU QXPHURVDV
FDWHJRUtDV TXH FRQIXQGLU OR TXH VHSDUDED OD
HWQRWD[RQRPtDGHORVPRUDGRUHV
(Q8UDV
VHLV\QGLRVORVGRVVRQGHODSDUFLDOLGDG
GH 3iXFDU *XDPiQ \ RWURV GRV GH
&KLQFKDR>3RPD@VRQFRFDFDPD\RV
$SDUWHGHHVWRVFKXSD\FKX\GHORV\DFKDHQX
PHUDGRV DUULED SRU ;XOFD &yQGRU KDEtD HQ OD
]RQD FRFDOHV \ NXND NDPD\RT GH RWURV JUXSRV
pWQLFRV PiV GLVWDQWHV FRPR ORV \DUXVK FX\RV
Q~FOHRVTXHGDEDQHQORTXHKR\HV3DVFR
3DFKDQFKDTXHHVGHPLWLPDHV\DURVGHGRQ
$QWRQLR >GH *DUD\@ VRQ FRFD FDPD\RV WLHQH
FDVDV \ HQ HOODV \QGLRV GH ORV \DURV GH GRQ
(QXQVRORGtDHOGHDJRVWRGH-XDQ
GH0RUL\VXVDFRPSDxDQWHVDILUPDQKDEHUYLVL
WDGRQRVyORORVFRFDOHVGH3RPDJXDFLVLQRWDP
ELpQ&RQDJXDUD
TXHHVGHFDUSLQWHURVGHODSDUFLDOLGDGGH
&KLQFKDR3RPD\GH0DUFD3DUHWLHQH
FDVDV\HQHOODV\QGLRV
&DUSLQWHURVHUDXQDWUDGXFFLyQPX\OLWH
UDO\EXUGDGHXQWpUPLQRDQGLQRTXHGHVLJ
QDED D ORV DUWHVDQRV UHVLGHQWHV HQ OD VHOYD
ORVFXDOHVFRUWDEDQiUEROHV\FRQIHFFLRQDEDQ
&DUHWDV
0DUtD5RVWZRURZVNLGH'LH]&DQVHFR
/RVPRGHORVHFRQyPLFRV
XDQGR KDEODPRV GH PRGHORV HFRQyPL
FRVHQHO3HU~SUHKLVSiQLFRHVQHFHVD
ULR WRPDU HQ FRQVLGHUDFLyQ TXH VH
WUDWD GH HFRQRPtDV TXH GHVFRQRFLH
URQHOXVRGHOGLQHUR\TXHDGHPiVQR
HVWDEDQ RUJDQL]DGDV SRU OD LQVWLWX
FLyQGHOPHUFDGR
+LVWRULDGHO7DKXDQWLQVX\X/LPD,(3
([WUDFWRVVHOHFFLRQDGRVSiJV
+LVWRULDGHO
7DKXDQWLQVX\X
0DUtD5RVWZRURZVNL
GH'LH]&DQVHFR
/LPD
+LVWRULDGRUDSHUXDQDGHRULJHQSRODFR(V
FRQVLGHUDGDXQDGHODVPi[LPDVFRQRFHGRUDV
GHODKLVWRULDGHO,PSHULR,QFDLFR
(OPRGHORHFRQyPLFRLQFDVHKDFDOLILFDGR
GHUHGLVWULEXWLYRGHELGRDODVIXQFLRQHV
TXH FXPSOtD HO SURSLR JRELHUQR (VWR
VLJQLILFDTXHJUDQSDUWHGHODSURGXFFLyQ
GHOSDtVHUDDFDSDUDGDSRUHO(VWDGRHOFXDO
DVXYH]ODGLVWULEXtDVHJ~QVXVLQWHUHVHV
9DOHQVLGDXQDGHILQLFLyQGHOSULQ
FLSLRGHODUHGLVWULEXFLyQTXHSUHVXSRQHXQ
PRGHOR GH FHQWUDOLVPR LQVWLWXFLRQDO /DV
VRFLHGDGHVGRPLQDGDVSRUODUHGLVWULEXFLyQ
ODSURGXFFLyQ\ODUHSDUWLFLyQGHELHQHVVH
RUJDQL]DQHQIXQFLyQGHXQFHQWURVHWUDWH
GHXQMHIHXQVHxRUXQWHPSORRXQGpVSR
WD HO PLVPR TXH UH~QH ORV SURGXFWRV ORV
DFXPXOD\ORVUHGLVWULEX\HSDUDUHWULEXLUD
VXVDJHQWHVDVHJXUDUVHHOPDQWHQLPLHQWR\
ODGHIHQVDGHORVVHUYLFLRVFRPXQHV\SDUD
FRQVHUYDUHORUGHQVRFLDO\SROtWLFRFRPRSRU
HMHPSORGXUDQWHODVFHOHEUDFLRQHVGHILHVWDV
S~EOLFDV(VWHSULQFLSLRHVIDYRUHFLGRSRUHO
PRGHOR LQVWLWXFLRQDO GH OD VLPHWUtD HQ OD
RUJDQL]DFLyQVRFLDO/DUHFLSURFLGDGLQWHU
YLHQHHQODSURGXFFLyQODVSUHVWDFLRQHVGH
VHUYLFLRV OD GLVWULEXFLyQ SHULyGLFD GH ODV
WLHUUDV DVt FRPR HQ OD UHSDUWLFLyQ GH ORV
SURGXFWRVHQODSUiFWLFDGHORVGRQHV\FRQ
WUDGRQHV\RWUDV
3RODQ\L DGPLWH TXH OD UHGLVWULEXFLyQ
SXHGH MXJDU XQ SDSHO HQ VRFLHGDGHV PX\
GLYHUVDVHQODVKRPRJpQHDV\HQODVHVWUD
WLILFDGDV 5HFLSURFLGDG \ UHGLVWULEXFLyQ
SXHGHQFRPELQDUVHHQODPLVPDVRFLHGDG
ODSULPHUDFRUUHVSRQGHHQWRQFHVDODIRUPD
KRUL]RQWDO GHO LQWHUFDPELR D HVFDOD OD
VHJXQGDDODIRUPDYHUWLFDOHQWUHXQLGDGHV
ORFDOHV\ODDXWRULGDGFHQWUDO&RQODIRU
PDFLyQ GHO (VWDGR LQFD VH SURGXFH XQ
GHVDUUROORGHODVIXHU]DVSURGXFWLYDV\XQ
FUHFLPLHQWRHFRQyPLFRGLQDPL]DGR
3RU PXFKRV DxRV VH DODEy \ FRQVLGHUy OD
RUJDQL]DFLyQLQFDFRPRODPDWHULDOL]DFLyQGH
XQD XWRStD DGPLUDGD SRU ORV HXURSHRV 6H
FUHtDTXHHODOPDFHQDPLHQWRGHSURGXFWRVGH
WRGDtQGROHWHQtDSRUREMHWLYRILQHVKXPDQLWD
ULRVFRPRVRFRUUHUDODSREODFLyQHQFDVRGH
GHVDVWUHV QDWXUDOHV (VWD DSUHFLDFLyQ VyOR
GHPXHVWUD XQD LQFRPSUHQVLyQ GH ORV PHFD
QLVPRVHFRQyPLFRVGHHVH(VWDGR
*UDQSDUWHGHODUHGLVWULEXFLyQHUDFRQ
VXPLGD SRU HO VLVWHPD GH OD UHFLSURFLGDG
SRUHOFXDOHO(VWDGRVHYHtDREOLJDGRFRQV
WDQWHPHQWHDUHQRYDUJUDQGHVGRQDWLYRV
D ORV GLYHUVRV VHxRUHV pWQLFRV D ORV MHIHV
PLOLWDUHVDODVKXDFDVHWF3DUDFXPSOLU
WDOHVQHFHVLGDGHVVHFUHyFRPRVHYLRHQHO
FDStWXORDQWHULRUXQJUDQQ~PHURGHGHSy
VLWRV HVWDWDOHV SRUTXH HO JRELHUQR WHQtD
TXHGLVSRQHUGHFXDQWLRVRVELHQHVDFXPX
ODGRVSXHVORVREMHWRVDOPDFHQDGRVUHSUH
VHQWDEDQSRGHUHQHO7DKXDQWLQVX\X
(OPRGHORHFRQyPLFRVHUUDQR
/DVLHUUDVXU
/D HFRQRPtD VXUHxD GHO 7DKXDQWLQVX\X
KD VLGR HVWXGLDGD HVSHFLDOPHQWH SRU -RKQ
0XUUDVHJXLGRSRUQXPH
URVRVLQYHVWLJDGRUHV3DUDREWHQHUSURGXFWRV
GHGLYHUVDVHFRORJtDVORVQDWXUDOHVVHYDOtDQ
GHOVLVWHPDGHHQFODYHVOODPDGRVSRU0XUUD
DUFKLSLpODJRVYHUWLFDOHVFX\RQ~FOHRVHUUD
QRFRQWURODEDSRUPHGLRGHFRORQLDVPXOWLpW
QLFDV]RQDVGLIHUHQWHVVLWXDGDVHQPLFURFOL
PDVGLVWDQWHVXQRVGHRWURV
6XEUD\DPRV OD SDODEUD GLVWDQWH SDUD
LQGLFDUTXHORVYDULRVPLFURFOLPDVVHKDOOD
EDQDPiVGHXQGtDGHFDPLQR/RVHQFOD
YHVGHODOWLSODQRVRQDODIHFKDORVPRGHORV
DQGLQRV FOiVLFRV FRPR IRUPD GH FRQVHJXLU
SURGXFWRVGLIHUHQWHVDORVH[LVWHQWHVHQHO
Q~FOHRGHRULJHQ(VWRVHQFODYHVVHKDOOD
EDQ HQ OD FRVWD \ HQ OD UHJLyQ VHOYiWLFD D
YDULDVVHPDQDVGHPDUFKD\HVWHSXQWRHV
LPSRUWDQWH \D TXH PDUFD ODV GLIHUHQFLDV
HQWUHORVGRVPRGHORVHOGHODVLHUUDVXU\
HOGHODUHJLyQFHQWUDO
0XUUDKDLQYHVWLJDGRFRQVXPRGHWDOOH
ODPDFURHWQLDGHORVOXSDFDV\VHKDFRP
SUREDGRTXHORPLVPRVXFHGtDFRQORVRWURV
VHxRUtRVGHODPHVHWDGHO&ROODRFRPRORV
SDFDMHV ORV KDWXQ FROODV ORV D]iQJDURV
TXHWDPELpQJR]DEDQGHHQFODYHVHQ]RQDV
GLIHUHQWHVDODVGHVXSURSLRKiELWDW
8QSUREOHPDVXUJHHQWRUQRDOLQLFLRGHORV
HQFODYHV HV GHFLU VL VH RULJLQDURQ FRQ XQD
FRQTXLVWD([LVWHLQIRUPDFLyQYDOLRVDHQXQ
GRFXPHQWR GHO $UFKLYR $U]RELVSDO GH /LPD
TXH GHVFULEH FyPR HO JUXSR VHUUDQR GH ORV
\DX\RVHFKyDORV\XQJDGH&DODQJRGHXQDV
WLHUUDVTXHSRVHtDQHQ&DOODJXD\DHLQVWDOD
URQPLHPEURVGHYDULRVD\OOXVVHUUDQRV
)DOWDQ D~Q PD\RUHV LQYHVWLJDFLRQHV
VREUHORVJUXSRVFRVWHxRVGHOD]RQDVXU\
VDEHUFyPRIXHURQGRPLQDGRVSRUORVVHUUD
QRVGHODOWLSODQR(VSRVLEOHTXHHQHOOLWRUDO
QR KD\D H[LVWLGR XQD KHJHPRQtD GH SRGHU
\XQJD TXH KXELHVH SRGLGR GHIHQGHUVH GHO
DYDQFHVHUUDQR/DUHJLyQFRPSUHQGLGDHQWUH
&DPDQiKDVWD7DUDSDFiVHOODPyHO&ROHVX\X
XQVX\XGLIHUHQWHDORVFXDWURVX\XFOiVLFRV
GHO (VWDGR LQFD \ FX\D SREODFLyQ FRVWHxD
&DUHWDV
FDSLWXORDLQGG
&DUHWDV
0DUtD5RVWZRURZVNLGH'LH]&DQVHFR
+LVWRULDGHO7DKXDQWLQVX\X
HVWDEDFRPSXHVWDSRUDJULFXOWRUHV\SRUSHV
FDGRUHV /RV KDELWDQWHV GH HVWD UHJLyQ VH
GLYLGtDQHQJUDQQ~PHURGHFXUDFD]JRV\HO
VX\XGHELyVHUXQDGHILQLFLyQGHOHVSDFLRPiV
TXHXQDGHPDUFDFLyQSROtWLFD
6LELHQOD9LVLWDGH*DUFL'LH]GH6DQ
0LJXHO GH MXQWR FRQ OD 9LVLWD
GH 2UWL] GH =~xLJD D +XiQXFR GH
\VRQHMHPSORVFOiVLFRVGHORV
HQFODYHV VHUUDQRV HQ DPERV GRFXPHQWRV
DSDUHFHQ ORV UHVFDWHV GH JDQDGR ODQD \
URSD (VWDV UHSHWLGDV PDQLIHVWDFLRQHV
LQGLFDQ TXH HQ DOJXQD pSRFD GHO DxR VH
HIHFWXDEDQFLHUWRVLQWHUFDPELRV
/DVLHUUDFHQWUDO
8QD VLWXDFLyQ PX\ GLIHUHQWH D OD GHO
DOWLSODQR\DODGHODVLHUUDHQJHQHUDOH[LV
WtDHQOD&RUGLOOHUD0DUtWLPDGHODUHJLyQ
FHQWUDOGHODQWLJXR3HU~/DVFRQGLFLRQHV
JHRJUiILFDV HVSHFLDOHV KLFLHURQ TXH ORV
QDWXUDOHV DGRSWDUDQ XQ PRGHOR SURSLR
DGDSWDGR D ODV FRQGLFLRQHV WRSRJUiILFDV
LPSHUDQWHV HQ OD UHJLyQ (V XQ KHFKR
LPSRUWDQWHGHPRVWUDUFyPRXQGHWHUPLQD
GR PRGHOR SRGtD YDULDU VL ODV FRQGLFLRQHV
FDPELDEDQ
(VWDGLVWLQWDDSOLFDFLyQGHOSDWUyQGHOD
YHUWLFDOLGDG GHPXHVWUD TXH QR HUD XQ
VLVWHPD UtJLGR VLQR TXH VH WUDQVIRUPDED
VHJ~QODVFLUFXQVWDQFLDV7DOLQIRUPDFLyQ
VXUJHGHODV9LVLWDVUHDOL]DGDVD&DQWDHQ
\ HQ DPERV WHVWLPRQLRV WHP
SUDQRV DQWHULRUHV D ODV UHIRUPDV WROHGD
QDVGDQXQDYLVLyQGHVLWXDFLRQHVHVSHFLD
OHVSDUDOD]RQD
/D UHJLyQ GH &DQWD WLHQH XQ WHUUHQR
DEUXSWRTXHDUHODWLYDFRUWDGLVWDQFLDJR]D
GHFOLPDVGLIHUHQWHVORFXDOOHSHUPLWHSUR
&DUHWDV
FDSLWXORDLQGG
EUDGDVDQGLQDV\GHODPHVHWDGHODOWLSOD
QR HV FRPSUHQVLEOH TXH OD GLIHUHQWH JHR
JUDItD GH OD FRVWD SURSLFLDVH XQ PRGHOR
HFRQyPLFRWDPELpQGLVWLQWR
(VLPSRUWDQWHQRWDUTXHODUHJLyQ\XQJDD
SHVDU GH VXV GLODWDGRV GHVLHUWRV HUD XQD
UHJLyQ ULFD HQ UHFXUVRV QDWXUDOHV UHQRYD
EOHV6XPD\RUIXHQWHGHELHQHVWDUSURYH
QtDGHOPDUXQPDUTXHHUDH[WUDRUGLQDULD
PHQWHDEXQGDQWHHQVXIDXQDLFWLROyJLFD
$GLIHUHQFLDGHRWURVOXJDUHVGHOPXQGR
HQORVLQLFLRVGHODFLYLOL]DFLyQGHODQWLJXR
3HU~ QR KXER QHFHVLGDG GH OD DJULFXOWXUD
SDUDODIRUPDFLyQGHSREODFLRQHVQXPHUR
VDVQLSDUDODFUHDFLyQGHFHQWURVFHUHPR
QLDOHV GHVWDFDGRV (VWDV SULPHUDV PDQL
IHVWDFLRQHV FXOWXUDOHV VH GHVDUUROODURQ
JUDFLDVDODH[SORWDFLyQGHORVUHFXUVRVGHO
PDUPDUFDQGRDVtHOSRVWHULRUGHVHQYROYL
PLHQWRFRVWHxR
'HVGH WLHPSRV WHPSUDQRV VH HVWDEOHFLy
HQ OD FRVWD GRV DFWLYLGDGHV GLIHUHQWHV OD
SHVFD\ODDJULFXOWXUD6HIRUPDURQJUXSRV
VHSDUDGRVFRQMHIHVSURSLRV\VHHVWDEOHFLy
HQWUH HOORV XQ LQWHUFDPELR GH SURGXFWRV
6LQ HPEDUJR ORV SHVFDGRUHV OLPLWDGRV D
VXVSOD\DV\FDOHWDVSHUPDQHFLHURQVXERU
GLQDGRVDORVVHxRUHVGHODVPDFURHWQLDVGH
DJULFXOWRUHV\XQJDV
/DSULPHUDLQIRUPDFLyQVREUHODSUHVHQ
FLDHQXQFXUDFD]JRGHHVWDVGLYLVLRQHVQRV
OD GLR OD 5HODFLyQ GH &KLQFKD QRPEUDGD
SRU QRVRWURV FRPR $YLVR (Q HIHFWR XQD
SREODFLyQ GH WUHLQWD PLO WULEXWDULRV VH
GLYLGtD HQ GLH] PLO SHVFDGRUHV GRFH PLO
FXOWLYDGRUHV\VHLVPLOPHUFDGHUHV(VWDV
FLIUDV LQGLFDQ XQD GLYLVLyQ ODERUDO HQWUH
VXV KDELWDQWHV GLVWLQWD D OR TXH KDVWD
HQWRQFHVVHFRQRFtDHQHOPXQGRDQGLQR
/DLPSRUWDQFLDGHOWUDEDMRDUWHVDQDOVH
YLRFRQILUPDGDHQODVPLVPDV2UGHQDQ]DV
SXHVSURKLEtDQDORVFXUDFDVREOLJDUDORV
DUWtILFHV D FXPSOLU OD PLWD FDPSHVLQD R D
VHUYLUHQODFDVDGHVXVHQFRPHQGHURV
'HDFXHUGRFRQHOVLVWHPDGHODHVSHFLD
OL]DFLyQPXFKRVWUDEDMRVTXHQRVHFRQVLGH
UDQFRPRDUWHVDQDOHVILJXUDEDQFRPRWDOHV
\VHSURKLEtDHOHMHUFLFLRGHFXDOTXLHURWUD
ODERUDSDUWHGHODLQGLFDGD
8Q HMHPSOR PX\ LOXVWUDWLYR GH ODV FRV
WXPEUHV \XQJDV HUD OD GH ORV FKLFKHURV R
IDEULFDQWHVGHEHELGDVHVSHFLDOLGDGUHVHU
YDGDDORVKRPEUHV(QODVLHUUDODVPXMH
UHV SUHSDUDEDQ HQ VXV KRJDUHV OD EHELGD
SDUD OD IDPLOLD &XDQGR VH QHFHVLWDEDQ
JUDQGHVFDQWLGDGHVSDUDHOFXOWRRSDUDODV
FHUHPRQLDV GHO ,QFD ODV PDPDFRQD HUDQ
ODVHQFDUJDGDVGHSUHSDUDUODV(QFDPELR
HQODFRVWDVHWUDWDEDGHXQRILFLRPDVFXOL
QRDGHGLFDFLyQH[FOXVLYD
(OLQWHUFDPELRFRVWHxR
(Q ODV VRFLHGDGHV DUFDLFDV SUHGRPLQD
EDVHJ~Q3RODQ\LHOPRGHORUHGLV
WULEXWLYR D SHVDU GH H[LVWLU HQ DOJXQRV
OXJDUHVHOKiELWRGHOLQWHUFDPELR(VWHIXH
HOSURFHVRVHJXLGRHQORVFXUDFD]JRVFRVWH
xRV\PDUFyVXGLIHUHQFLDFRQORVVHxRUtRV
VHUUDQRV
/D UHFLSURFLGDG FRPR XQD LQWHJUDFLyQ
WXYRPD\RUSRGHUHQODFRVWDDOHPSOHDUVH
WDQWR OD UHGLVWULEXFLyQ FRPR HO WUXHTXH
TXH VH EDVDED HQ HTXLYDOHQFLDV HVWDEOHFL
GDV\FRPSHQVDEDODIDOWDGHDOJ~QWLSRGH
SURGXFWR ORFDO 8Q HVWXGLR HPStULFR GH OD
HFRQRPtDOODPDGDSULPLWLYDFRPSUHQGHHQ
VXVSULQFLSDOHVFXDGURVODUHFLSURFLGDGOD
UHGLVWULEXFLyQ\HOWUXHTXH
&DUHWDV
0DUtD5RVWZRURZVNLGH'LH]&DQVHFR
+LVWRULDGHO7DKXDQWLQVX\X
(OWUXHTXHORFDO
/D HVSHFLDOL]DFLyQ GHO WUDEDMR HQ OD
FRVWDREOLJyDOHVWDEOHFLPLHQWRGHXQWUXH
TXH ORFDO HQWUH VXV KDELWDQWHV SDUD REWH
QHUODVVXEVLVWHQFLDV\ORVREMHWRVTXHFDGD
FXDO QR SURGXFtD (Q SiJLQDV DQWHULRUHV
PHQFLRQDPRV OD GHGLFDFLyQ H[FOXVLYD GHO
WUDEDMR TXH WUDtD FRPR FRQVHFXHQFLD XQ
LQWHUFDPELRFRQVWDQWHXQHMHPSORGHHVWD
VLWXDFLyQORKDOODPRVHQOD9LVLWDUHDOL]DGD
SRU-XDQGH+RFHVHQDODUHJLyQGH
7UXMLOOR(OYLVLWDGRUVHYLRHQODQHFHVLGDG
GH UHJODPHQWDU ODV HTXLYDOHQFLDV HQWUH HO
PDt] UHPLWLGR SRU ORV FXOWLYDGRUHV \ ORV
IDEULFDQWHV GH FKLFKD TXH SUHSDUDEDQ ODV
EHELGDVDGHPiVVHxDOyORVPRQWRVGHFKD
TXLUDODQD\RWURVREMHWRVTXHRWUDVSHUVR
QDVSXGLHVHQWURFDU
&DUHWDV
FDSLWXORDLQGG
6LELHQHQSiJLQDVDQWHULRUHVDOWUDWDU
GHODVFODVHVVRFLDOHV\GHODVMHUDUTXtDVHQ
HO 7DKXDQWLQVX\X VH KDEOy GH ORV PHUFD
GHUHVD~QIDOWDPHQFLRQDUVXVYLDMHV\OR
TXHUHSUHVHQWDEDQHQHOFRQWH[WRDQGLQR
/RVFKLQFKDQRVVHGLULJtDQDOQRUWHHQEDO
VDVFX\RQ~PHURHVPHQFLRQDGRSRUHOSURSLR
$WDKXDOSDHQXQGLiORJRFRQ3L]DUURFXDQGR
pVWHOHSUHJXQWyVREUHHOPRWLYRGHODSUHVHQ
FLDGHOVHxRUGH&KLQFKD~QLFRFXUDFDOOHYDGR
HQDQGDVHQHOVpTXLWRGHO,QFDHQDTXHODFLD
JR HQFXHQWUR GH &DMDPDUFD (UD XQ KHFKR
UHVDOWDQWHHOKRQRUGHXVDUOLWHUDFXDQGRWDQ
WRVRWURVQREOHVSDUWLFLSDEDQDSLHHQODMRUQD
GD$WDKXDOSDUHVSRQGLyTXHHOVHxRUFKLQ
FKDQRHUDVXDPLJR\VHxRUPD\RUGHORVOOD
QRVDGHPiVGHSRVHHUFLHQPLOEDOVDVHQOD
PDU1DWXUDOPHQWHHVWRQRVLJQLILFDTXHHVH
Q~PHUR FRUUHVSRQGLHVH FRQ OD UHDOLGDG \ HV
SUREDEOHTXHDOJXQDVGHGLFKDVEDOVDVIXHUDQ
GH WURQFRV GH iUEROHV \ RWUDV GH JUDQGHV
PD]RVGHWRWRUDXQLGRVHQWUHVtDODVTXHVH
OHV GDED GLUHFFLyQ FRQ ODV JXDUHWDEODV GH
PDGHUDFRORFDGDVHQWUHORVWURQFRVTXHKXQ
GtDQ R OHYDQWDEDQ D YROXQWDG SDUD IRUPDU
WLPyQ\TXLOOD
GHOGHVDUUROORDQGLQRFRPSOHMDV\VRILVWLFD
GDV UHGHV KLGUiXOLFDV SDUD FRQGXFLU HO
DJXD\PHMRUDUODSURGXFFLyQDJUDULDVLQR
TXH ORV VDQWXDULRV FRPR 3DFKDFDPDF
JR]DEDQ GH FDQDOHV TXH WUDtDQ DJXD D ORV
WHPSORV GHVGH OXJDUHV DOHMDGRV (Q HO
&X]FRORVGRVSHTXHxRVUtRVHO7XOXPD\R
\ HO +XDWDQD\ GLVFXUUtDQ SRU VXV OHFKRV
HQFDX]DGRV\HPSHGUDGRV
/DLPSRUWDQFLDGHOVLVWHPDKLGUiXOLFR
/DDUTXHRORJtDKDUHFRQRFLGRORVVLVWHPDV
\PRGHORVHPSOHDGRVHQODKLGUiXOLFDDQGLQD
VREUHWRGRHQODFRVWDGRQGHHOULHJRIXHVLHP
SUHXQDQHFHVLGDGLQHOXGLEOH(ODQiOLVLVGH
ODVLWXDFLyQKtGULFDGHFDGDYDOOHFRVWHxRRIUH
FHLQWHUHVDQWHLQIRUPDFLyQDFHUFDGHOGHVDUUR
OOR GH ORV FHQWURV GH SRGHU TXH SRGtDQ IOXF
WXDUDWUDYpVGHOWLHPSRHQVXVLQWHUUHODFLR
QHVFRVWDVLHUUD/DVGLYHUVDVFLUFXQVWDQFLDV
HQ ODV FXDOHV VH GHVHQYROYLHURQ ORV PRGHORV
KLGUiXOLFRVHQFDGDYDOOH\XQJDVRQH[SUHVLyQ
GHVXSDVDGR\GHVXVUHODFLRQHVFRQVXVLQPH
GLDWRVYHFLQRVGHODVWLHUUDVDOWDV
(ODFFHVRDODJXD\SRUHQGHDOULHJRIXH
WDQLPSRUWDQWHHQHOiPELWRDQGLQRFRPRHO
DFFHVR D OD WLHUUD /RV PLWRV \ OH\HQGDV
QDUUDQHSLVRGLRVVREUHHOLQLFLRGHORVFDQD
OHVKLGUiXOLFRVHQXQWLHPSRPiJLFRFXDQ
GR ORV DQLPDOHV KDEODEDQ /DV IXHQWHV R
SXTXLRVXUJLHURQSRUULYDOLGDGHVHQWUHFpOH
EUHVKXDFDVTXHVHUHWDURQSDUDPHGLUVXV
SRGHUHV\RULQDURQHQYDULRVOXJDUHVGDQGR
OXJDUDTXHEURWDVHQPDQDQWLDOHV(OPDU
ORVODJRVODVIXHQWHVIXHURQYHQHUDGRVSRU
SDFDULQDROXJDUHVGHRULJHQGHQXPHURVRV
JUXSRVpWQLFRV/DVODJXQDVHUDQFRQVLGH
UDGDVFRPRPDQLIHVWDFLRQHVGHOPDU\RUL
JHQGHODJXDHQJHQHUDO
3DUD OD UHDOL]DFLyQ GH XQD DJULFXOWXUD
LQWHQVLYD FRQRFLGD \ SUDFWLFDGD HQ ORV
$QGHV HUD SUHFLVR WHQHU FRQRFLPLHQWRV
KLGUiXOLFRV\SURFHGHUDLUULJDUODVWLHUUDV
SDUDDXPHQWDUORVFXOWLYRV(QODVWLHUUDV
GHVHFDQRVHVHPEUDEDQWXEpUFXORVSHURHO
PDt]QHFHVLWDEDGHULHJR\TXL]iVXLQWUR
GXFFLyQ HQ HO DJUR IRPHQWy \ GLR OXJDU DO
GHVDUUROORGHORVVLVWHPDVKLGUiXOLFRV1R
VyOR VH SUDFWLFDURQ HQ ODV GLYHUVDV HWDSDV
/DLQIRUPDFLyQTXHVHREWHQJDSDUDXQD
GHWHUPLQDGD FXHQFD IOXYLDO QR SHUPLWH
DSOLFDUOD D RWURV YDOOHV D PHQRV TXH ODV
IXHQWHV GRFXPHQWDOHV OR FRQILUPHQ 'H
KHFKR OD H[SHULHQFLD GHPXHVWUD OD H[LV
WHQFLDGHGLVWLQWDVVLWXDFLRQHVIOXFWXDFLR
QHV\FDPELRVHQODVUHODFLRQHVFRVWDVLHUUD
HQHOWLHPSRQRVyORHQWUHGLYHUVRVOXJDUHV
JHRJUiILFRVVLQRHQXQPLVPRYDOOH3DUD
LOXVWUDUQXHVWURGHFLUEDVWDVHxDODU\FRP
SDUDU HO IXHUWH FRQWURO HMHUFLGR SRU ORV
VHUUDQRV GHO DOWLSODQR VREUH OD FRVWD VXU
GXUDQWH HO ,QWHUPHGLR 7DUGtR FRQ OR TXH
VXFHGtDHQHO&KLPRUHQODPLVPDpSRFD
&DUHWDV
&DStWXOR,,
O
:DOGHPDU(VSLQR]D/D
GHVWUXFFLyQGHOLPSHULRGHORV
LQFDV/LPD$PDUX(GLWRUHV
3iJV
O
5D~O3RUUDV(OQRPEUHGHO
3HU~(Q$QWRORJtDGH5D~O
3RUUDV-RUJH3XFFLQHOOL
FRPS/LPD3/9LOODQXHYD
6$3iJV
O
1DWKDQ:DFKWHO6RFLHGDG
HLGHRORJtDHQVD\RVGHKLVWR
ULD\DQWURSRORJtDDQGLQDV
/LPD,(33iJV
0DUtD(PPD0DQQDUHOOL
3HFDGRVS~EOLFRVOD
LOHJLWLPLGDGHQ/LPDVLJOR
;9,,/LPD&HQWURGHOD0XMHU
3HUXDQD)ORUD7ULVWiQ
3iJV
O
O
)HOLSH%DUUHGD/DRV9LGD
,QWHOHFWXDOGHO9LUUHLQDWRGHO
3HU~%XHQRV$LUHV81060
3iJV
O
(O0HUFXULR3HUXDQR,GHD
*HQHUDOGHO3HU~GHOGH
HQHURGH
O
-XOLR&RWOHU&ODVHV(VWDGR
\1DFLyQ/LPD,(3
3iJV
O
+XJR1HLUD9LUUH\&RUWH
\$VHGLR&ULROOR(Q+DFLDOD
WHUFHUDPLWDG3HU~;9,;;
HQVD\RVGHUHOHFWXUDKHUpWLFD
/LPD)RQGR(GLWRULDO6LGHD
3iJV
FDSLWXORDLQGG
HVGHHOWUDXPiWLFRLQJUHVRGH(XURSDHQODV
JXHUUDVGHFRQTXLVWDKDVWDHOILQOLEHUDOGHO
9LUUHLQDWRODKLVWRULDGHO3HU~FRPR5HLQR
LQWHJUDQWHGHO,PSHULR+LVSiQLFRIRUMyOD
HVWUXFWXUDEiVLFDGHQXHVWUDDXWRFRPSUHQVLyQ
FRPRVRFLHGDGGiQGRQRVDFFHVRDODVPiV
HOHPHQWDOHVGHQXHVWUDVKHUUDPLHQWDVFXOWXUDOHV
\FRQWRGDFHUWH]DWDPELpQDQXHVWURVPiV
SHVDGRVODVWUHV
8QDODUJDWUDGLFLyQUHSXEOLFDQDQRVKDKHFKRYROYHU
ODVHVSDOGDVWDQWRDOSHVRFRPRDOVLJQLILFDGRGHOSHULRGR
YLUUHLQDO(VFRP~QH[DJHUDUVXVDVSHFWRVQHJDWLYRV\
WUDXPiWLFRVDVLJQDQGRDOH[WHQVRSHULRGRGHORVYLUUH\HVOD
IXHQWHGHDOJXQRVGHQXHVWURVPDOHVFXOWXUDOHVFLHUWDGRVLVGH
UDFLVPRRODIDOWDGHYLUWXGHVUHSXEOLFDQDV3HURD~Q
DVXPLHQGRTXHODKHUHQFLDGHHVRVSUREOHPDVHVXQ
IHQyPHQRUHDOGHQXHVWUDYLGDUHSXEOLFDQDKD\
KLVWRULDGRUHV\SHQVDGRUHVTXHKDQVXEUD\DGRWDPELpQTXHHO
VLVWHPDYLUUHLQDOHVODIXHQWHGHPXFKRVGHORVYDORUHVPiV
SUHFLDGRVGHQXHVWURSDtVODUHOLJLyQFDWyOLFDHOLGLRPD
HVSDxRO\QXHVWUDSHUWHQHQFLDDOWURQFRGHODFLYLOL]DFLyQ
RFFLGHQWDO
/DFRPSOHMLGDGGHOYLUUHLQDWRSHUXDQRH[LJHHYLWDU
HQFDVLOODUQRVHQLQWHUSUHWDFLRQHVIiFLOHV\VLPSOLVWDV
SDUWLFXODUPHQWHGHELGRDODVFRPSOLFDGDVUHODFLRQHVHQWUHORV
LQGLRVPHVWL]RV\ORVFULROORVDILQHVGHODFRORQLD/DGHXGD
FRQHVRVODUJRVWUHVFLHQWRVDxRVGHLQWHJUDFLyQFRQHO,PSHULR
GH(VSDxDHVXQKHFKRJUDYLWDQWHHQQXHVWUD
LGHQWLGDGQDFLRQDO
(OOHJDGRFRORQLDO
OD&RQTXLVWD
\HO9LUUHLQDWR
:DOGHPDU(VSLQR]D6RULDQR
/DGHVWUXFFLyQGHOLPSHULRGHORVLQFDV
/LPD$PDUX(GLWRUHV
([WUDFWRVVHOHFFLRQDGRVSiJV
([SOLFDFLRQHV
VREUHODFDtGD
GHO,PSHULR,QFD
:DOGHPDU(VSLQR]D6RULDQR
&DMDPDUFD
+LVWRULDGRUFDMDPDUTXLQR(VXQRGHORV
JUDQGHVHVSHFLDOLVWDVGHODpSRFDLQFD\OD
&RQTXLVWD
QFXDQGRHODXWRUHUDDOXPQRGHO
GRFWRU5D~O3RUUDV%DUUHQHFKHDKLVWR
ULDGRU\PDHVWURLQVLJQHHQWUHORVWUD
EDMRVSUiFWLFRVGHLQWHUSUHWDFLyQGHWH[
WRV\GHLQYHVWLJDFLyQKLVWyULFDTXHHOJUDQ
PDHVWURSHGtDSUHVHQWDPRVXQRWLWXOD
GR /RV DX[LOLDUHV LQGtJHQDV GH
&DMDPDUFD HQ OD &RQTXLVWD HVSDxROD
)XHXQHVWXGLRGHFXDUHQWD\GRVSiJL
QDV HVFULWR D EDVH GH XQRV LQIRUPHV
LQpGLWRV GH ORV VLJORV ;9, \ ;9,, TXH
SXGLPRVHQFRQWUDUHQHODUFKLYRGH&DMDPDUFD
'HVGH HQWRQFHV QRV TXHGy OD LGHD GH SRGHU
KDOODUGRFXPHQWRVVLPLODUHVHQGLVWLQWRVUHSR
VLWRULRVDFHUFDGHRWURVJUXSRVpWQLFRVGHOiUHD
DQGLQD(OPLVPRGRFWRU3RUUDVHQQRV
GLRPXFKDVSDXWDVSDUDVXXELFDFLyQHVWXGLR
\SXEOLFDFLyQ&XDQGRXQDYH]DQWHVGHYLD
MDUD6HYLOODHQVHWLHPEUHGHOHPDQL
IHVWDPRV QXHVWUR GHVHR GH YHU \ OHHU ODV
,QIRUPDFLRQHV GH ORV FXUDFDV GRQ )HOLSH
*XDFUDSiXFDU\GRQ)UDQFLVFR&XVLFKDFDTXH
pO PHQFLRQDED HQ WUHV QRWDV D VX EULOODQWH
HVWXGLR VREUH -DXMD &DSLWDO PtWLFD 3RUUDV
QRVGLMRHVR\PXFKRPiVKDOODUiXVWHGHQ
6HYLOOD<DVtIXHSRUTXHDILQHVGHOPLVPR
DxR HQ QRYLHPEUH ORJUDPRV XELFDU ODV GRV
,QIRUPDFLRQHVTXHHQIRUPDSDWpWLFDGHPXHV
WUDQ\DFODUDQFyPR\SRUTXpORVHVSDxROHV
SXGLHURQDSRGHUDUVHGHXQ,PSHULRWDQYDVWR
HQXQWLHPSRWDQEUHYH6RQSXHVGRVGRFX
PHQWRV GH FDUiFWHU LQIRUPDWLYR D ORV FXDOHV
PX\ELHQOHVSRGUtDPRVOODPDU/DV&UyQLFDV
GH -DXMD R TXL]i PHMRU /DV &UyQLFDV GH ORV
+XDQFDV 'RV ,QIRUPDFLRQHV QRWDELOtVLPDV
SRUTXH JUDFLDV D HOODV SRGHPRV DKRUD FRP
SUHQGHU FRQ JUDQ IDFLOLGDG OD FRPSOHMD SUR
EOHPiWLFDGHODFDtGDGHO,PSHULRGHORV,QFDV
3DUDHOFDVRFRQFUHWRGHQXHVWURSDtVODYLVLyQ
GHTXHHVSDxROHV\FDEDOORVVLQD\XGDGH
QDGLH SXGLHURQ FRQTXLVWDU HO ,PSHULR $QGLQR
FRPSXHVWRGHYDULRVPLOHVGHVROGDGRV\GHPLOOR
&DUHWDV
FDSLWXORLQGG
([SOLFDFLRQHVVREUHODFDtGDGHO,PSHULR,QFD
QHVGHSREODGRUHVHQXQWLHPSRUHODWLYDPHQWH
PX\FRUWRKDKHFKRPHGLWDUDPXFKRVLQYHVWLJD
GRUHV&yPRH[SOLFDUVHTXHXQSXxDGRGHLQYD
VRUHVHVSDxROHVKD\DQGHUURWDGRDPLOHVGHVRO
GDGRVDQGLQRV\OXHJRVXE\XJDUDPLOORQHVGH
SHUXDQRV"&yPRSXGRXQJUXSLOORGHDYHQWXUH
URVDSODVWDUDXQ,PSHULRWDQSRGHURVR"&yPR
H[SOLFDUHODYDVDOODPLHQWRGHO7DKXDQWLQVX\XHQ
XQRRGRVDxRVDORPiV"
+DVWD FXDWUR KDQ VLGR ODV UHVSXHVWDV SHUR
GRV GH HOODV ODV PiV GLIXQGLGDV /D D\XGD
GLYLQD GHUUDPDGD VREUH ORV HVSDxROHV /D
VXSHULRULGDGUDFLDO\FXOWXUDOGHORVFRQTXLVWD
GRUHV\VXVHFXHODGHUHVXOWDGRVYHQWDMDDUPD
PHQWLVWDHVWUDWpJLFDSROtWLFDHWF(ODEVROX
WLVPR H[DJHUDGR GHO (VWDGR ,QFD TXH KDEtD
FRQYHUWLGRHQDXWyPDWDVDORVWULEXWDULRVDQGL
QRVDOH[WUHPRGHTXHFDtGDODFDEH]DGLULJHQWH
HOLQFDVHYLQRWRGRDEDMR\/DVLWXDFLyQ
VRFLDO\SROtWLFDGHORVUHLQRVVHxRULDOHVFRQTXLV
WDGRVSRUORVHPSHUDGRUHVGHO&X]FR
8QR GH ORV KLVWRULDGRUHV PiV VDJDFHV TXH
KDQ HVWXGLDGR HVWH ~OWLPR SUREOHPD HV
$OHMDQGUR/LSVFKXW](QVXHVWXGLRSXEOLFDGR
HQ GD WDQWD LPSRUWDQFLD D HVWH DVXQWR
TXHORDQDOL]DFDVLHQWHUDPHQWHHQOD7HUFHUD
3DUWHGHVXOLEUR$VtSRUSULPHUDYH]KDFH
UHVDOWDU HO FRODERUDFLRQLVPR GH ORV VHxRUHV
pWQLFRVTXLHQHVORKLFLHURQSDUDYHQJDUVHGH
DQWLJXDVULYDOLGDGHVLQWHUVHxRULDOHV\WDPELpQ
SDUDVDOYDJXDUGDUHOVWDWXVVRFLRHFRQyPLFRHQ
TXHVHGHVDUUROODURQGHQWURGHODVHVWUXFWXUDV
DQGLQDV\DVLPLVPRSRUODRSRVLFLyQTXHUHL
QDEDGHQWURGHODVFODVHVVRFLDOHVGRPLQDQWHV
'LFKDFRODERUDFLyQVHxRULDOIXHPX\GXUDHQ
&KLOH\3DUDJXD\SRUHMHPSOR(QpVWRVOD
UHVLVWHQFLDGHOFDPSHVLQROLEUHFRQWUDHOVHxR
ULDOLVPRLQWUXVRHQGHIHQVDGHVXWHUUXxRGH
VXVFRVWXPEUHVGHVXOHQJXD\GHVXVGLRVHV
>IXH@FDSD]GHGHVDUUROODUHQHVWDVXOXFKD>XQ@
YDORUJUDQGHHLQTXHEUDQWDEOH
&DUHWDV
FDSLWXORLQGG
:DOGHPDU(VSLQR]D6RULDQR
WtILFD4XHGyGHPRVWUDGRTXHQRSDVDGHVHUVLQR
XQDGHODVPXFKDV\I~WLOHVYDQDJORULDVGHORV
FRQTXLVWDGRUHV \ GH ORV HXURSHRV HQ JHQHUDO
4XHGy DFODUDGR SXHV TXH FXDOTXLHU UD]RQD
PLHQWRLQYRFDQGRHOIHWLFKLVPRODVXSHUVWLFLyQR
OD LQIHULRULGDG UDFLDO \ FXOWXUDO GHO SHUXDQR HV
WDQIDOVRFRPRODVEDODGURQDGDVGHORVHVSDxROHV
TXLHQHVFUHtDQHQODD\XGDFHOHVWLDO
8QRGHORVDEDQGHUDGRVGHODWHVLVGHODLQIH
ULRULGDGUDFLDO\FXOWXUDOGHORVSHUXDQRVFRPR
IDFWRUSULPRUGLDOSDUDODUXLQDGHVX,PSHULRHV
HOQRUWHDPHULFDQR&K)/XPPLV3DUDHVWH
HVFULWRUHOVRORKHFKRGHKDEHUHVWDGRHO3HU~
SREODGRSRULQGLRVHV\DXQDSUXHEDSDOPDULD
GHVXLQIHULRULGDGWRWDO/RVYLRLPSRVLEOHVGH
FUHDU XQ UHLQR \ SHRU XQD UHS~EOLFD FRPR OD
DFWXDOGH(VWDGRV8QLGRVSRUTXHODYLGDDQGL
QDGLFHIXHVHQFLOODPHQWHWULEDO1RYDOHOD
SHQDVHJXLUFRPHQWDQGRODVDWUDELOLDULDV\SUH
SRWHQWHVWHRUtDVGH/XPPLVSURSLDVGHVXPHQ
WDOLGDGVHJUHJDFLRQLVWDHLPSHULDOLVWDSRUTXHOD
DUTXHRORJtD\ODHWQRKLVWRULDODVKDQGHVWUXLGR
6LQHPEDUJRKD\TXHDQRWDUTXHSDUD/XPPLV
ODSREODFLyQDQGLQDIXHGHODVPiVLQIHULRUHV\
HPEUXWHFLGDVGHOPXQGRSRUODVHQFLOODUD]yQ
VHJ~QpOGHQRVHUPiVTXHLQGLRV1LHJDOD
H[LVWHQFLDGHLQFDV\GHFXUDFDV\GHVSHFWLYD
PHQWH D WRGRV ORV KDELWDQWHV QR ORV YLR VLQR
FRPRDXQDWULEXGHLQGLRV
2WUR GH ORV DUJXPHQWRV PX\ PHQWDGRV \
HVWXGLDGRVSDUDGHPRVWUDUODIiFLOGHVWUXFFLyQ
GHO ,PSHULR IXH OD GLYLVLyQ H[LVWHQWH HQWUH HO
HMpUFLWR\ODFODVHGLULJHQWHHQGRVEDQGRVORVGH
+XiVFDU \ ORV GH $WDKXDOSD TXH YDOH GHFLU
HQWUHDQDQ\XULQFX]FRV'HVXQLyQTXHOOHYy
FRQVLJRXQDFUXHO\ODUJDJXHUUDFLYLOGHODTXH
VHDSURYHFKy3L]DUURD\XGDQGRDOXQRFRQWUDHO
RWUR\YLFHYHUVDKDVWDKDFHUGHVDSDUHFHUDORV
GRV \ TXHGDUVH pO FRPR ~QLFR JREHUQDGRU GH
WRGRHOWHUULWRULR1RFDEHGXGDTXHGHODVWHR
UtDVKDVWDDKRUDHQERJDpVWDKDVLGRODDFHSWD
GDFRPRODPiVOyJLFD\QDWXUDOGHWRGDV
3HURWDPELpQKXERKRPEUHVTXHVHSUHJXQ
WDURQFyPRHVTXHORVDUDXFDQRVORVFKLFKLPH
FDV\RWUDVWULEXVGHFXOWXUDPDUJLQDOQRSXGLH
URQVHUFRQTXLVWDGDVFRQODPLVPDVHQFLOOH]TXH
HO3HU~\0p[LFR"(VWR\DVHLQWHUURJDURQ&LH]D
HQ\$FRVWDHQ<HQUHDOLGDGVX
HVWXGLR HV IXQGDPHQWDO SDUD FRPSUHQGHU OD
FDtGDGHO,PSHULR$QGLQR1RKD\TXHROYLGDU
TXHORVDUDXFDQRVUHFLpQIXHURQYHQFLGRVHQWUH
\
$XWRUHVWDQDQWLJXRVFRPR&LH]D\$FRVWD\
RWURWDQPRGHUQRFRPRHV/LSVFKXW]VRVWLHQHQ
TXHORVDUDXFDQRVQRIXHURQVXE\XJDGRVIiFLO
PHQWHQRIXHURQFRQTXLVWDGRVQXQFDSRUORV
HVSDxROHVSRUTXHQRKDEtDQIRUPDGRVHxRUtRV
1RKDEtDQWHQLGRUH\HVDTXLHQHVREHGHFHUSRU
TXHMDPiVKDEtDQHVWDGRVRPHWLGRVDGRPLQLR
H[WUDQMHUR(UDXQDJHQWHOLEUH6XUpJLPHQ
VRFLRSROtWLFRHFRQyPLFRGHQRPDGLVPROHVLQFL
WyDFRPEDWLU\HVWROHVSRVLELOLWyODUHVLVWHQFLD
6L KXELHUDQ HVWDGR HVWUXFWXUDGRV HQ VHxRUtRV
FRPRVtORHVWXYLHURQORVGH0p[LFR\HO3HU~VH
KDEUtDQ GHUUXPEDGR UiSLGDPHQWH SRUTXH
HQWUHJDGR HO UH\ DEVROXWR HVWDED FHGLGR WRGR
(QWUHORVDUDXFDQRVQRKDEtDQPDFHJXDOHVQL
PLWD\RV QL \DQDFRQDV $OOt ORV MHIHV QR HUDQ
KHUHGLWDULRVVLQRHOHJLGRVVHJ~QODYDOHQWtD\OD
IXHU]D$OOtHOMHIHQRKDEODEDHQIRUPDSHUVR
QDO VLQR TXH VX SDODEUD HUD OD H[SUHVLyQ GHO
SXHEOR\VXVHQWLUHOVHQWLPLHQWRGHODPDVD
/LSVFKXW]VRVWLHQHFRPRORVRVWXYRWDP
ELpQ &LH]D HQ TXH SDUD HQWHQGHU \
H[SOLFDU HO RFDVR GH ORV LPSHULRV DPHULFD
QRV HV LPSUHVFLQGLEOH HVWXGLDU HO HVWDGR
VRFLDO GH ORV GLYHUVRV VHxRUtRV pWQLFRV GHO
PXQGR DQGLQR \ HO VHxRULDOLVPR IHXGDO
WUDtGR SRU ORV HVSDxROHV 3RUTXH GH ODV
IXHU]DV TXH VH RULJLQDQ GHO HQFXHQWUR GH
HVRV GRV HVTXHPDV PHQWDOHV GHSHQGLy OD
&DUHWDV
([SOLFDFLRQHVVREUHODFDtGDGHO,PSHULR
&DUHWDV
FDSLWXORLQGG
5D~O3RUUDV%DUUHQHFKHD
7DKXDQWLQVX\XIXHFRQTXLVWDGRSRUORVPLVPRV
SHUXDQRV SDUD HQWUHJiUVHOR D ORV HVSDxROHV
HQWRQFHVFRQTXpGHUHFKRKDEUtDQUHFODPDGR
JUDWLILFDFLyQGHVHUYLFLRVDOD&RURQD",QFOXVR
&LH]DGH/HyQHOVHUHQR&LH]DGLVLPXODPXFKR
HOFRODERUDFLRQLVPRGHORVVHxRUHVpWQLFRV3DUD
pOKD\YDULRVIDFWRUHVSHURQLQJXQRWDQIDYRUD
EOHFRPRODULYDOLGDGSROtWLFDHQWUH+XiVFDU\
$WDKXDOSD\HOIDYRUGHOD'LYLQD3URYLGHQFLD
GHVGHOXHJR(QFDPELRODVDOLDQ]DVVHxRULDOHV
FRQ ODV FXDOHV VH EHQHILFLy +HUQiQ &RUWpV QR
IXHURQ FDOODGDV %HUQDO 'tD] GHO &DVWLOOR ODV
PHQFLRQDYDULDVYHFHV\$FRVWDFURQLVWDTXH
SXEOLFyVXREUDHQHVFULEH
)XH JUDQ SURYLGHQFLD GHO 6HxRU TXH
FXDQGR IXHURQ ORV SULPHURV HVSDxROHV
KDOODURQ D\XGD HQ ORV PLVPRV LQGLRV
SRUKDEHUSDUFLDOLGDGHV\JUDQGHVGLYL
VLRQHV(OD\XGDGHORVGHODSURYLQFLD
GH 7ODFDOD SRU OD SHUSHWXD HQHPLVWDG
TXH WHQtDQ FRQ ORV PH[LFDQRV GLR DO
PDUTXpVGRQ)HUQDQGR&RUWpV\DORV
VX\RVODYLFWRULD\VHxRUtRGH0p[LFR\
VLQHOORVIXHUDLPSRVLEOHJDQDUODQLD~Q
VXVWHQWDUVHHQODWLHUUD
4XLHQ HVWLPD HQ SRFR D ORV LQGLRV \
MX]JDTXHFRQODYHQWDMDTXHWLHQHQORV
HVSDxROHVGHVXVSHUVRQDV\FDEDOORV\
DUPDVRIHQVLYDV\GHIHQVLYDVSRGUtDQ
FRQTXLVWDU FXDOTXLHU WLHUUD \ QDFLyQ
GHLQGLRVPXFKRPHQRVVHHQJDxD
$OOtHVWi&KLOHRSRUPHMRUGHFLU$UDXFR
\ 7XFDSHO TXH VRQ GRV YDOOHV TXH KD
PiV GH YHLQWH \ FLQFR DxRV TXH FRQ
SHOHDUFDGDDxR\KDFHUWRGRVXSRVLEOH
QROHVKDQSRGLGRJDQDUQXHVWURVHVSD
xROHVFDVLXQSLHGHWLHUUD
6L0RFWH]XPDHQ0p[LFR\HOLQJDHQHO
3HU~VHSXVLHURQDUHVLVWLUDORVHVSDxR
OHV OD HQWUDGD SRFD SDUWH IXHUD &RUWpV
QL 3L]DUUR DXQTXH IXHUDQ H[FHOHQWHV
FDSLWDQHVSDUDKDFHUSLHHQODWLHUUD
(OQRPEUHGHO3HU~(Q$QWRORJtD
GH5D~O3RUUDV-RUJH3XFFLQHOOLFRPS
/LPD3/9LOODQXHYD6$
([WUDFWRVVHOHFFLRQDGRVSiJV
(OQRPEUH
GHO3HU~
5D~O3RUUDV%DUUHQHFKHD
3LVFR/LPD
8QRGHORVLQWHOHFWXDOHVPiVEULOODQWHVGHO
3HU~HVSHFLDOLVWDHQHOVLJOR;9,FRQ
VXJHVWLYDVDSUR[LPDFLRQHVDODKLVWRULDGH
RWURVVLJORV
DHYLGHQFLDTXHEURWDGHORVGRFX
PHQWRVGHODHWDSDSDQDPHxDHV
ODGHTXHHOQRPEUHGHO3HU~HUD
XVDGR DFDVR FRPR XQ PRWH GHV
SHFWLYRRGHEXUODSDUDORVDYHQ
WXUHURVTXHSDUWtDQKDFtDHOQXHYR\
GXGRVR 'RUDGR SRU OD JHQWH EDMD GH
3DQDPi(VXQQRPEUHSRSXODUTXHSHU
VLVWLUi FRPR WRGDV ODV FRVDV GHO
SXHEOR LUUHIOH[LYD \ FDSULFKRVD
PHQWH \ D~Q FRQWUD OD PLVPD
UHDOLGDG JHRJUiILFD /RV GLUHFWRUHV
GHODHPSUHVDGHOOHYDQWH\ORVIXQFLRQDULRV
GH 3DQDPi UHFKD]DEDQ DELHUWDPHQWH HVWH
QRPEUHFRPRVHGHGXFHGHVXUHVLVWHQFLDD
XVDUOR KDVWD TXH IXHURQ YHQFLGRV SRU OD
FRUULHQWH SRSXODU < HV TXH ORV H[SHUWRV HQ
YLDMHV\QDYHJDFLRQHVVDEtDQELHQTXHHO%LU~
TXHGDED DKt FHUFD D FLQFXHQWD OHJXDV GH
3DQDPi WLHUUD GHQWUR GH OD SXQWD GH
*DUDFKLQH<ODQXHYDWLHUUDGHVFXELHUWDVH
H[WHQGtD GHVSXpV GHO SULPHU YLDMH PiV GH
GRVFLHQWDVOHJXDVDOVXUGH3DQDPiVLQTXH
HQHOODWXYLHVHODPHQRULQMHUHQFLDHOPLQ~V
FXOR\SUREOHPiWLFRFDFLTXHGHO%LU~HQUHD
OLGDG QXQFD KDOODGR UHDO \ SRVLWLYDPHQWH
SRUQLQJ~QDYHQWXUHURHVSDxRO
(VWDSXJQDHQWUHHOFULWHULRRILFLDOFRQV
FLHQWH \ ELHQ LQIRUPDGR VREUH ODV QXHYDV
WLHUUDV\HOGHVFDEDODGRFRQFHSWRSRSXODU
VHPDQLILHVWDELHQFODUDPHQWHGXUDQWHORV
DxRV GH D 3L]DUUR \ $OPDJUR
SRU XQD OyJLFD DFWLWXG GHIHQVLYD \D VH
KDOODEDQVHJXURVGHKDEHUGHVFXELHUWRDOJR
QXHYR UHFKD]DEDQ OD GHQRPLQDFLyQ DQWL
JXD\GHVFRQFHSWXDGDGH%LU~TXHQXQFD
SDUHFLy UHDOPHQWH \ PLHQWUDV YDFLODQ HQ
EDXWL]DUVXKDOOD]JRFRQDOJ~QQRPEUHIDV
FLQDQWH7LHUUD1XHYDGHOD0DUGHO6XU
1XHYD&DVWLOODRFRQDOJ~QQRPEUHLQGt
JHQDVXJHUHQWHTXHOOHYHFRQVLJRHOYDKRGH
OD WLHUUD /DV %DUEDFRDV 7DFDPH] R
7XPEH] WULXQID OD SHUWLQDFLD LJQRUDQWH
&DUHWDV
(OQRPEUHGHO3HU~
GHOYXOJRVXWHQGHQFLDVDWtULFD\VXSRGH
URVDYROXQWDGGHGHIRUPDFLyQ\GHFDPELR
/DWLHUUDQXHYDQRVHOODPDUiFRQQRPEUH
GHUH\HVRGHVDQWRVQLUHFLELUiODVIRU]D
GDV WRSRQLPLDV GH SURYLQFLDV R UHJLRQHV
HVSDxRODV R ODV GLItFLOHV PRGXODFLRQHV
LQGtJHQDVVLQRTXHFRJHUiDOD]DUXQQRP
EUHLQGLR\ORGHIRUPDUiGHDFXHUGRFRQHO
JHQLR IRQpWLFR HVSDxRO HQ XQ LQVWLQWLYR \
SUHVDJLRVRDODUGHGHIXVLyQ\GHPHVWL]DMH
%LU~TXHHVLQGtJHQDVHWUDQVIRUPDUiHQ
ODELRVGHOKDPSDGHODFRQTXLVWDHQ3HU~
TXHQRHVLQGLRQLHVSDxROSHURTXHWLHQH
DPERV \ VHUi OD FLIUD \ HO VtPEROR GH XQ
QXHYRGHVWLQRUDFLDO
(VVXJHVWLYRSRUHVWRSDUDHOLQYHVWLJD
GRUKLVWyULFRDFHFKDUHOLQVWDQWHHQTXHHO
QRPEUHGHO3HU~VDOWDDOOHQJXDMHKDEODGR
GHODMHUJDEUXWDOGHORVFRQTXLVWDGRUHVDO
SDSHOVHOODGRGHORVOHJLVWDV\IXQFLRQDULRV
D OD OHWUD PXHUWD GH ORV GRFXPHQWRV FRQ
TXHVHQXWUHHOSURFHVRYLYRGHODKLVWRULD
1RFUHRTXHHVHLQVWDQWHVHDHOGHOFRQWUDWR
GHO GH PDU]R GH TXH HV XQ GRFX
PHQWR UHYHODGR WDUGtDPHQWH SRUTXH HVWi
HQFRQWUDGLFFLyQFRQWRGRVORVGHPiVGRFX
PHQWRVGHHVHPLVPRDxR\FRQGHFODUDFLR
QHV GH ORV PLVPRV FRQTXLVWDGRUHV
'HVHFKDGRHVHILFWLFLRFRQYHQLRODSULPHUD
KXHOOD GHO QRPEUH GHO 3HU~ VH KDOOD HQ
DOJXQDVGHFODUDFLRQHVSUHVWDGDVGXUDQWHHO
DxRGHSULQFLSDOPHQWHSRUVROGDGRV\
JHQWH VRH] HQ HO SURFHVR GH OD UHVLGHQFLD
GHOJREHUQDGRU3HGUR3HGUDULDV'iYLOD/D
PiVDQWLJXDUHIHUHQFLDTXHKHKDOODGRHQ
pOHQXQDUHYLVLyQLQFRPSOHWDHVODFRUUHV
SRQGLHQWH D OD GHFODUDFLyQ GHO HVFULEDQR
&ULVWyEDO 0XxR] (VWH GHFODUD HO GH
IHEUHUR GH D SURSyVLWR GHO FRQWUDWR
HQWUHORVWUHVVRFLRV\HO7HVRUHUROD3XHQWH
\GLFHTXHVHHQFDUJyDpVWHSDUDTXHQHJR
FLDVHSRUHOORVFRQ6X0DJHVWDGHQOD&RUWH
&DUHWDV
FDSLWXORLQGG
5D~O3RUUDV%DUUHQHFKHD
ULDOHV\HQQLQJXQRGHHOORVXVDHOQRPEUH
GHO3HU~TXH\DHVWDEDHQERJDHQWUHVXV
KDUDSRVRV \ GHVFRQWHQWRV VROGDGRV (O
GH DJRVWR GH $OPDJUR GLFH DO
*REHUQDGRU TXH ORV GtDV SDVDGRV YLQH D
HVWDFLEGDGDIDFHUUHODFLyQDYXHVWUDVHxR
UtD GH OR VXFHGLGR HQ HVWH GHVFXEULPLHQWR
GHO/HYDQWH<HOGHDJRVWRLQVLVWHDQWH
3HGUR GH ORV 5tRV SDUD TXH OH SHUPLWD
HQYLDU VRFRUUR GH EDVWLPLHQWRV PDt] \
FDUQHSDUDHVWHGHVFXEULPLHQWRGHOOHYDQ
WH (O GH VHWLHPEUH GH YXHOYH D
OODPDU D VXV PDQGDQWHV HVWD DUPDGD H
GHVFXEULPLHQWRGHOOHYDQWH
3RU HVWD pSRFD DPEXOD HQ 3DQDPi HO
YHUGDGHUR LQYHQWRU GHO PLWR GHO 3HU~ HO
SDFLILFDGRU GHO FDFLTXH &KRFKDPD FHUFD
GHO JROIR GH 6DQ 0LJXHO TXLHQ VDEH GH
YHUDV HO YDORU UHODWLYR GH ODV SDODEUDV
0LHQWUDVHOPRWHGHO3HU~VLJXHYLDMDQGR
HQ DODV GH OD LPDJLQDFLyQ GH ORV VROGDGRV
GH 3L]DUUR KDFLD HO 6XU pO GHFODUD SDUVL
PRQLRVDPHQWH HQ OD UHVLGHQFLD GH
3HGUDULDVDSURSyVLWRGHORVHQFDUJRVTXH
UHFLELyGHpVWH\UHODWDODKXPLOGHYHUGDG
GH DTXHO QRPEUH \ HSLVRGLR DQWHV GH TXH
YRODUD HQ EUD]RV GH OD IDQWDVtD SRSXODU
)XHHVWHWHVWLJRGLFHHOKRQUDGR\PHGLR
FUH $QGDJR\D D YLVLWDU DO FDFLTXH GH
&KRFKDPDSRUHOPDQGDWRGHGLFKRSHGUR
DULDV\HOGLFKRFDFLTXHVHOHTXHUHOOyGHORV
FDFLTXHVGHODSURYLQFLDGHOSLU~$QGDJR\D
GLFH VLHPSUH 3LU~ OHYH WUDVSRVLFLyQ GH
%LU~ TXH OH GHVWUX\DQ H PDWDYDQ D VX
JHQWHHOHVWRPDYDQVXWLHUUD3HGUDULDV
VHJ~Q$QGDJR\DOHHQYLyKRPEUHVSDUD
DX[LOLDUDOFDFLTXH\HOIXHDODGLFKDSUR
YLQFLD GHO SLU~ H OH KLVR YROYHU DO GLFKR
FDFLTXH&KRFKDPDWRGRORTXHOHDYLDVLGR
GHSD]FRQORVFULVWLDQRVHKL]RGHSD]V\HWH
FDFLTXHVGHGLFKDSURYLQFLDHORVKL]RDPL
JRVFRQHOGLFKR&KRFKDPD
&DUHWDV
(OQRPEUHGHO3HU~
(VHYLGHQWHTXHPLHQWUDVORVIXQFLRQDULRV
\ ORV GLUHFWRUHV GH OD HPSUHVD YDFLODQ HO
QRPEUHGHO3HU~VHDUUDLJDHQODFRQFLHQFLD
SRSXODU \ VREUH WRGR VH GHVSOD]D KDFLD HO
VXU&XDQGR3L]DUUR\$OPDJURSDUWLHURQGH
3DQDPi HQ OD GHVFDEHOODGD HPSUHVD TXH
SDWURFLQy/XTXHR/RFRVHGLMRTXHLEDQHQ
EXVFD GHO FDFLTXH %LU~ GHVFULWR SRU
$QGDJR\D (O %LU~ TXHGDED D SXHUWDV GH
3DQDPi'HVSXpVGHOSULPHUYLDMHHOQRP
EUHKDHPLJUDGRKDVWDFRPSUHQGHUODVGRV
FLHQWDVOHJXDVTXHDOFDQ]DQKDVWDHOUtR6DQ
-XDQ (Q HVD ]RQD YD D XELFDU PiV WDUGH
2YLHGR\*yPDUDSDUDUREDUOHD3L]DUUROD
LQLFLDWLYDRSRUORPHQRVHOQRPEUHGHOGHV
1DWKDQ:DFKWHO
QHO,PSHULRGHORV,QFDVORVSULQFL
SLRVGHUHFLSURFLGDG\GHUHGLVWULEX
FLyQHUDQORVTXHQRUPDEDQHOIXQ
FLRQDPLHQWRGHODHFRQRPtD'HVSXpV
GHOD&RQTXLVWDODFRPXQLGDGVXEVLVWH
\ SURSRQH QXHYDPHQWH HO PRGHOR GH OD
UHFLSURFLGDG(QFDPELRODUHGLVWUL
EXFLyQ HVWDWDO VH DUUXLQD FRQ OD
PXHUWHGHO,QFDVHUHHPSOD]DDOD
DQWLJXDFDVWDGLULJHQWH\VHIXQGD
XQD HFRQRPtD EDVDGD HQ OD H[SOR
WDFLyQGHORVLQGLRV
/DHFRQRPtDFRORQLDO
6RFLHGDGHLGHRORJtDHQVD\RVGHKLVWRULD\
DQWURSRORJtDDQGLQDV/LPD,(3
([WUDFWRVVHOHFFLRQDGRV
SiJV
/DGHVHVWUXFWXUDFLyQ
GHOPXQGRDQGLQR
1DWKDQ:DFKWHO
0HW]
$QWURSyORJRHKLVWRULDGRUIUDQFpVXQRGH
ORVJUDQGHVLPSXOVRUHVGHODHWQRKLVWRULD
(VPX\FRQRFLGRSRUVXVWHRUtDVVREUHOD
YLVLyQGHORVYHQFLGRV
&DUHWDV
FDSLWXORLQGG
(QHIHFWRODGRPLQDFLyQHVSDxRODGHWHU
PLQDORVUDVJRVFDUDFWHUtVWLFRVGHODHFRQR
PtD FRORQLDO 1DWXUDOPHQWH ORV QXHYRV
VHxRUHV VDEHQ DSURYHFKDU FRPR OR YHUH
PRV PiV DGHODQWH ODV LQVWLWXFLRQHV SUH
H[LVWHQWHV SHUR VX VROD SUHVHQFLD DSDUWH
GHODVQXHYDVDFWLYLGDGHVTXHLQWURGXFHQ
WUDVWRUQDODRUJDQL]DFLyQWUDGLFLRQDO
/D UXLQD GHO DQWLJXR VLVWHPD GH UHGLV
WULEXFLyQ SURYRFD HQ SULPHU OXJDU XQD
UHRULHQWDFLyQIXQGDPHQWDOGHOHVSDFLRHFR
QyPLFR 6H UHFXHUGD TXH HQ OD pSRFD GHO
,PSHULRHO&X]FRHUDSXQWRGHFRQYHUJHQ
FLD\GLYHUJHQFLDGHODVULTXH]DV(QDGH
ODQWHHOHVSDFLRVHHQFXHQWUDGHVFHQWUDGR
ODFDSLWDOVHHVWDEOHFHHQ/LPD\ODVPLQDV
GH 3RWRVt SURQWR VH FRQYLHUWHQ HQ OD RWUD
]RQD GH DWUDFFLyQ GHO SDtV (Q PHGLR GH
HVRVGRVSRORVHO&X]FRDQWLJXRFHQWURGHO
PXQGRQRHVVLQRXQDHWDSDHQHOFDPLQR
6LVHWLHQHHQFXHQWDTXHHOVLVWHPDHFRQy
PLFR GHO ,PSHULR ,QFDLFR WHQtD DOFDQFHV
UHOLJLRVRV \ FRVPROyJLFRV TXH D VX YH] OH
GDEDQ VHQWLGR VH SXHGH FRQFHELU OD SUR
IXQGLGDGGHODUXSWXUDFRORQLDO
/DGHVRULHQWDFLyQGHOHVSDFLRVHPDQLILHV
&DUHWDV
/DGHVHVWUXFWXUDFLyQGHOPXQGRDQGLQR
WDLJXDOPHQWHHQODHVFDODUHJLRQDO\DXQHQ
OD ORFDO /D FRPSOHPHQWDFLyQ YHUWLFDO GH OD
HFRQRPtD DQGLQD TXH DVRFLDED ODV FXOWXUDV
HVFDORQDGDVGHVGHHOQLYHOGHOPDUKDVWDXQD
DOWXUDGHPiVGHPHWURVVXIUHWDPELpQ
JUDYHV DOWHUDFLRQHV $OJXQDV YHFHV VRQ ORV
SURSLRVHVSDxROHVTXLHQHVSRUGHVFRQRFHUHO
VLVWHPD LQGtJHQD OR DWDFDQ GLUHFWDPHQWH
UHSDUWLpQGRVH HQFRPLHQGDV \ VHSDUDQGR
FRORQLDVSREODGDVHQJUDQSDUWHSRUPLWL
PDHVGHVXFHQWURGHRULJHQ7DOHVHOFDVR
GHOYDOOHGH6DPDHQODFRVWDSURGXFWRUGH
PDt]\GHDOJRGyQ\OLJDGRWUDGLFLRQDOPHQWH
D OD SURYLQFLD GH &KXFXLWR TXH FDUHFtD GH
HVRVSURGXFWRV)XHVHSDUDGRGHHVWD~OWLPD
SDUDVHUDWULEXLGRD-XDQGH6DQ-XDQKDVWD
HOPRPHQWRHQTXHEDMRHOYLUUH\GH&DxHWH
ORVIXQFLRQDULRVUHDOHVWRPDQFRQFLHQFLDGHO
HUURUFRPHWLGR\GHFLGHQUHODFLRQDUORQXHYD
PHQWH FRQ OD SURYLQFLD GH &KXFXLWR TXH
GHSHQGtD GH OD &RURQD $ PHQXGR ORV PLV
PRV PLWLPDHV FRQ ORV GLVWXUELRV GH OD
&RQTXLVWD DEDQGRQDURQ HVSRQWiQHDPHQWH
ODV ]RQDV GRQGH KDEtDQ VLGR WUDVSODQWDGRV
SDUDUHWRUQDUDVXVUHJLRQHVQDWDOHV2VLP
SOHPHQWH GHVDSDUHFLHURQ HQ OD FDWiVWURIH
GHPRJUiILFD TXH VLJXLy D OD OOHJDGD GH ORV
HVSDxROHV
/D EDMD FRQVWDQWH GH SREODFLyQ SURYRFD
HIHFWLYDPHQWHHQORTXHFRQFLHUQHDODSURGXF
FLyQDJUtFRODHODEDQGRQRGHODVWLHUUDVPHQRV
IpUWLOHVRGHODVPiVPDUJLQDOHV(QORTXHVH
UHILHUHDHVWHIHQyPHQRGLVSRQHPRVVRODPHQ
WH GH GRFXPHQWRV GH RUGHQ FXDOLWDWLYR SHUR
TXH VRQ HVFODUHFHGRUHV (VFXFKHPRV SRU
HMHPSOR DO FXUDFD &XPLTXL GH <XFD\ FHUFD
GHO &X]FR HQ &RPR KD\ DKRUD SRFRV
LQGLRV HQ HO YDOOH \ ODV WLHUUDV DEXQGDQ YDQ
EXVFDQGRODVTXHOHVSDUHFHQPHMRUHV\GHMDQ
GHFXOWLYDUODVTXHWUDEDMDEDQDQWHV(QRWURV
FDVRVVHWUDWDGHSODQWDFLRQHVDOHMDGDVVREUH
WRGRGHFRFDWDOHVFRPRODGH0DQFKDRVFHUFD
&DUHWDV
FDSLWXORLQGG
1DWKDQ:DFKWHO
GH+XiQXFR(QWRQFHVVHSODQWHDRWUDLQWHUUR
JDQWHHVSUHFLVRDGPLWLUWDPELpQXQDEDMDHQ
HOUHQGLPLHQWRGHODVWLHUUDVFXOWLYDGDV"(VOR
TXHGLFHWDPELpQHQ<XFD\HOFXUDFDSULQFL
SDO GHO YDOOH )UDQFLVFR &KLOFKH 6H SRGUtD
FXOWLYDUHQHVWDVWLHUUDVFXOWLYiQGRODVFRPRVH
KDFHIDQHJDVGHPDt]SRUTXHHQHOWLHPSR
GHO ,QFD VH OHV FXOWLYDED PHMRU \ VH UHFRJtD
PXFKRPiV(QUHDOLGDGHOPDQWHQLPLHQWR
GHDQGHQHVHQODVSHQGLHQWHVRGHFDQDOHVGH
LUULJDFLyQ HQ OD FRVWD H[LJtD XQD DEXQGDQWH
PDQRGHREUD\XQDGLVFLSOLQDULJXURVDQRHV
SXHV GH VRUSUHQGHU TXH ORV WUDVWRUQRV GH OD
&RQTXLVWDWUDMHUDQFRQVLJRXQDEDMDHQODSUR
GXFFLyQ LQGtJHQD WDQWR SRU OD UHGXFFLyQ GHO
HVSDFLRFXOWLYDGRFRPRSRUODGLVPLQXFLyQGHO
UHQGLPLHQWR $O SXQWR TXH ORV IXQFLRQDULRV
UHDOHV UHFRPLHQGDQ H[SUHVDPHQWH PDQWHQHU
FLHUWDV LQVWLWXFLRQHV LQGtJHQDV HV HO FDVR GH
*DUFL'LH]YLVLWDGRUGH&KXFXLWRTXHFXDQGR
SDVDD0RTXHJXDHQODFRVWDQRGHMDGHLQVWDU
DTXHVHPDQWHQJDHORUGHQGHOWLHPSRGHORV
,QFDVHQODUHSDUWLFLyQGHODJXDROYLGDGRSRU
ORVHVSDxROHVLQVWDODGRVHQHOYDOOH
/RVHVSDxROHVVHDSRGHUDQWDQWRGHODJXD
FRPRGHODWLHUUDODGRPLQDFLyQFRORQLDOVLJ
QLILFDSDUDORVLQGLRVVHUGHVSRVHtGRVGHORV
PHGLRVHVHQFLDOHVGHSURGXFFLyQ(OSURFHVR
VHYHIDYRUHFLGRWDQWRSRUODFDtGDGHPRJUiIL
FD FRPR SRU HO DXPHQWR GH WLHUUDV HULD]DV
3HURFRPRWDPELpQORVHVSDxROHVEXVFDQODV
PHMRUHV WLHUUDV HQ GHILQLWLYD VX WRPD GH
SRVHVLyQVHWUDGXFHVLHPSUHHQHOGHVSRMRGH
ORV LQGLRV (V DVt FRPR HQ OD UHJLyQ GH
+XiQXFRHQHOFXUDFD&ULVWyEDO;XOFD
&yQGRUVHODPHQWDSRUTXHODVWLHUUDVGHTXH
GLVSRQHQVXVV~EGLWRVQRVRQDKRUDWDQEXH
QDVFRPRODVTXHHOORVHVWDEDQDFRVWXPEUD
GRV D FXOWLYDU HQ RWUDV pSRFDV SRUTXH ORV
HVSDxROHVVHDSURSLDURQGHODVPHMRUHVFXDQ
GRIXQGDURQHVWDFLXGDG(QHIHFWRSDUDORV
HVSDxROHV XQR GH ORV SULPHURV PHGLRV GH
OOO
%HDWUL]*HQHUDOPHQWHHOHQFRPHQGHURSLHQVD
VREUHWRGRHQVDFDUSURYHFKRGHORVLQGLRVTXHOH
VRQ FRQILDGRV PLHQWUDV TXH OD &RURQD GHEH
YHODUWHyULFDPHQWHSRUODVXHUWHGHWRGRVVXV
V~EGLWRV
&URQROyJLFDPHQWHVHPDQLILHVWDXQDHYR
OXFLyQ HQ ODV GLIHUHQWHV IRUPDV GH WULEXWR
DXQTXHGHPDQHUDFRQIXVDHLUUHJXODU
/RVHQFRPHQGHURVIXHURQORVTXHHVWXYLHURQ
PHMRUVLWXDGRVSDUDSUDFWLFDUHVWHWLSRGHXVXU
SDFLyQ6HVDEHTXHODHQFRPLHQGDFRQFHGHDVX
EHQHILFLDULRODSHUFHSFLyQGHXQWULEXWRSHURQR
HO GHUHFKR GH SURSLHGDG VREUH OD WLHUUD GH ORV
LQGLRV TXH OH VRQ FRQILDGRV 6LQ HPEDUJR DO
HQFRPHQGHUR OH HV IiFLO PDQLREUDU HO VLVWHPD
GHOWULEXWRSDUDDVtGHVSRMDUDORVLQGLRV
6HLPSRQHXQDSULPHUDFRQVWDWDFLyQODFRQ
GLFLyQGHORVLQGLRVSDUHFHPXFKRPiVIDYRUDEOH
EDMRODDGPLQLVWUDFLyQUHDO&KXFXLWR<XFD\
TXHEDMRHOUpJLPHQGHHQFRPLHQGD+XiQXFR
+XDXUD(VFLHUWRTXHHQ&KXFXLWRDSDUWLUGH
HOWULEXWRVHWRUQDFDGDGtDPiVSHVDGR
VLWXDFLyQ TXH UHVXOWD GHO GHVDUUROOR GH OD SUR
GXFFLyQPLQHUDHQ3RWRVt/DUHJLyQGHVHPSH
xDEDDVtHOUROGHXQGHSyVLWRGHPDQRGHREUD
KDVWD HQWRQFHV HO WULEXWR KDEtD VLGR UHODWLYD
PHQWHPRGHUDGRHQHVD]RQD3RUHOFRQWUDULR
DXQTXHHOYDOOHGH<XFD\HQVHDQXHYD
PHQWH HQWUHJDGR D XQ HQFRPHQGHUR DKt ODV
REOLJDFLRQHV VLJXHQ VLHQGR PX\ OLJHUDV KDVWD
VLWXDFLyQTXHUHVXOWDGHXQDFLUFXQVWDQ
FLDSDUWLFXODUDVDEHUODPLQRUtDGHODSULQFHVD
&DUHWDV
/DGHVHVWUXFWXUDFLyQGHOPXQGRDQGLQR
&DUHWDV
FDSLWXORLQGG
1DWKDQ:DFKWHO
FRPRPXMHUHV\DQDRWLHUUDV3HURWHQJDPRV
HQFXHQWDHOVLJQLILFDGRGHOGRQHQHOVLVWHPD
GHUHFLSURFLGDGHVUHVXOWDGRGHODJHQHURVL
GDG GHO GRQDQWH SHUR TXLHQ OR UHFLEH VH YH
REOLJDGR D FRUUHVSRQGHU FRQ XQ GRQ LJXDO R
VXSHULRU (O GRQ DSDUHFH DVt FRPR OLEUH \
REOLJDWRULR (QWUDQ HQ MXHJR QRFLRQHV WDOHV
FRPRHOSUHVWLJLRHOSRGHUODJHQHURVLGDGOD
OH\ VRFLDO ODV UHODFLRQHV HFRQyPLFDV VH
LPSUHJQDQ GH FRQQRWDFLRQHV PRUDOHV \ UHOL
JLRVDV3HURHOPHWDOSUHFLRVRQRGHVHPSHxD
FRPR HQ OD HFRQRPtD PRQHWDULD HXURSHD HO
SDSHO DEVWUDFWR \ HVSHFtILFR GH HTXLYDOHQWH
XQLYHUVDOQRVLUYHSDUDPHGLUHOYDORUGHORV
SURGXFWRVVLPSOHPHQWHHVXQDULTXH]DPiV
(VWD UHSUHVHQWDFLyQ PHQWDO GHWHUPLQD
GHVSXpVGHOD&RQTXLVWDODLQFRPSUHQVLyQGH
ORVLQGLRVDQWHHOVLVWHPDHVSDxRO*DUFL'LH]
QRV GD VREUH HVWR XQ HMHPSOR VRUSUHQGHQWH
VHWUDWDGHODVYHQWDVDOFUpGLWRDORVLQGLRV
/RVFRPHUFLDQWHVHVSDxROHVUHFRUUHQODSUR
YLQFLDRIUHFHQDORVLQGtJHQDVGLYHUVDVPHU
FDQFtDVWDOHVFRPRYLQRFRFDRKHUUDPLHQWDV
GHRULJHQHXURSHR(OSUHFLRGHHVWDVPHUFDQ
FtDVHVPXFKRPiVDOWRTXHVXYDORUUHDOSHUR
ORVFRPHUFLDQWHVQRH[LJHQQDGDDOFRQWDGR
/RV LQGLRV DFHSWDQ WRGR OR TXH OHV RIUHFHQ
DXQTXHQRORQHFHVLWHQFRPRVLVHWUDWDUDGH
UHJDORVJHQHURVRV&RQFOXLGDVHVWDVYHQWDV
ORVFRPHUFLDQWHVHVSHUDQHOYHQFLPLHQWRGHOD
GHXGD\HQWRQFHVDSHODQDODMXVWLFLDHVSDxR
ODSDUDREOLJDUORVDSDJDU(QODPD\RUtDGH
ORV FDVRV pVWRV HVWiQ LPSRVLELOLWDGRV GH
KDFHUOR HQWRQFHV VH OHV FRQILVFD VXV SHUWH
QHQFLDV\VHOHVHQFDUFHODVLHVTXHQRKX\HQ
(QFXDQWRDORVLQWHUFDPELRVHQWUHLQGLRV
FDVLVLHPSUHUHYLVWHQODIRUPDGHWUXHTXH
&RPRHQWLHPSRVGHO,QFDORVSURGXFWRVGH
OD VLHUUD ORV FDPELDQ SRU ORV GH ORV YDOOHV
FiOLGRV(Q&KXFXLWRFLHUWRVLQGLRVFRQItDQ
DVXVYHFLQRVODFRQIHFFLyQGHVXVYHVWLGRV
&DUHWDV
/DGHVHVWUXFWXUDFLyQGHOPXQGRDQGLQR
SRUXQDPDQWDOHGDQDOWUDEDMDGRUDSDUWH
GHODPDWHULDSULPDODODQD\DKLODGDGRV
YHOORQHV GH ODQD FRFD \ SURGXFWRV FRPHVWL
EOHV6LQHPEDUJRKD\XQKHFKRVLJQLILFDWL
YR *DUFL 'LH] SUHFLVD TXH HQ ODV YHQWDV D
FUpGLWRGHTXHVRQYtFWLPDVORVLQGLRVpVWRV
DGTXLHUHQSURGXFWRVHVSDxROHV\QRPHUFDGH
UtDVORFDOHV([LVWHSXHVXQDHVSHFLHGHGLFR
WRPtD$QLYHOGHODVUHSUHVHQWDFLRQHVPHQ
WDOHV GHEHPRV GLVWLQJXLU GRV VHFWRUHV GLIH
UHQWHVHQODHFRQRPtDSHUXDQDGHOVLJOR;9,
XQRGHSURGXFWRVLQGtJHQDVGRQGHORVLQWHU
FDPELRVVHKDFHQGLUHFWDPHQWHSRUWUXHTXH
\HORWURGHSURGXFWRVHVSDxROHVHQTXHORV
LQWHUFDPELRVSDVDQSRUHOLQWHUPHGLDULRDEV
WUDFWRGHXQDHYDOXDFLyQPRQHWDULDHVWpRQR
SUHVHQWHODPRQHGD
$KRUD ELHQ OD GLIXVLyQ GHO WULEXWR HQ
SODWD REOLJD D ORV LQGLRV D VDOLU GHO VHFWRU
TXH OHV HV IDPLOLDU (VWD GLIXVLyQ WLHQH
OXJDUHQODGpFDGDGH\VREUHWRGRHQ
OD GH EDMR HO JRELHUQR GH 7ROHGR
7RGDYtDHQORVFKXSDFKRVGH+XiQXFR
QROHHQWUHJDQDVXHQFRPHQGHURVLQRFRQ
WULEXFLRQHVHQHVSHFLHV3HURHOHMHPSORGH
&KXFXLWR GHPRVWUy XQD FODUD HYROXFLyQ D
SDUWLUGHHQHOVHQWLGRGHXQDDJUDYD
FLyQ FRQVWDQWH GHO WULEXWR HQ SODWD /DV
5HODFLRQHV*HRJUiILFDVQRVSHUPLWHQHOD
ERUDU XQ FXDGUR GH ODV REOLJDFLRQHV KDFLD
ORVDxRVHQHVWDIHFKDFRQVWDWD
PRV TXH VL HO WULEXWR FRPSRUWD VHJ~Q ODV
UHJLRQHVWULJRPDt]SDSDVRURSDPHQFLR
QD WDPELpQ HO GLQHUR &yPR KDFHQ ORV
LQGLRVSDUDFRQVHJXLUOR"
(Q &KXFXLWR HQ HO VXU GHO SDtV KHPRV
YLVWR TXH ORV D\PDUDV YDQ D JDQDUOR D ODV
&DUHWDV
FDSLWXORLQGG
0DUtD(PPD0DQQDUHOOL
PLQDVGH3RWRVt\TXHDHVWHVDODULRDxDGHQ
HOGHORVWUDQVSRUWHVSHURHOGLQHURQRSHU
PDQHFH HQ VXV PDQRV QR OHV VLUYH SDUD
HPSUHVDV FRPHUFLDOHV HV DEVRUELGR SRU HO
FXUDFD\SRUORVHVSDxROHV/DVVXPDVDFX
PXODGDVHQHOVHFWRULQGtJHQDQRSHUPLWHQHO
QDFLPLHQWRGHXQFDSLWDOVHWUDWDDOFRQWUD
ULR GH XQD SUROHWDUL]DFLyQ GH ORV LQGLRV
/DV5HODFLRQHV*HRJUiILFDVGHVFULEHQXQD
VLWXDFLyQDQiORJDHQODVRWUDVSURYLQFLDV$Vt
HQODUHJLyQGH-DXMDHQHOFHQWURGHO3HU~
SDUDSDJDUVXWULEXWRORVLQGLRVVHYHQREOL
JDGRVDWUDEDMDUHQODVPLQDVGHPHUFXULRGH
+XDQFDYHOLFD
$O QRUWH HQ OD UHJLyQ GH &XHQFD ORV
LQGLRVVHDOTXLODQDOVHUYLFLRGHORVHVSDxR
OHV SDUD WUDEDMRV GRPpVWLFRV UXUDOHV R
SDUDWDUHDVGHWUDQVSRUWH\WDPELpQYDQD
WUDEDMDU HQ ODV PLQDV ODV GH RUR GH
=DPRUD(OWULEXWRHQGLQHURREOLJDDORV
LQGLRV D DGRSWDU DFWLYLGDGHV QXHYDV HQ
GHWULPHQWRGHODVWUDGLFLRQDOHVSXHVWRTXH
TXLHQHVYDQDODVPLQDVRDOXJDUHVOHMDQRV
DEDQGRQDQ HO FXOWLYR GH VXV WLHUUDV \ D
PHQXGRQRUHJUHVDQ/DGLIXVLyQGHOWULEX
WRHQSODWDDJUDYDODGHVHVWUXFWXUDFLyQGHO
PXQGRLQGtJHQD6HJ~Q6DQWLOOiQVHWUDWD
GH OD FDUJD PiV SHQRVD /D SUHRFXSDFLyQ
SRU FRQVHJXLU GLQHUR VH KDFH JHQHUDO DO
VHFWRULQGtJHQDSHURVHWUDWDGHXQDQHFH
VLGDG LPSXHVWD GHVGH HO H[WHULRU QR GH
XQD DGRSFLyQ HVSRQWiQHD 6H EXVFD OD
SODWD FRPR REMHWR SUHFLRVR H[LJLGR SRU ORV
HVSDxROHV \ QR FRPR XQ LQVWUXPHQWR GH
FDPELR /D LQWURGXFFLyQ GH OD PRQHGD QR
WUDQVIRUPDODHFRQRPtDLQGtJHQDHQHFRQR
PtD PRQHWDULD GHVHPSHxD VRODPHQWH XQ
SDSHOGHVWUXFWRU\QHJDWLYR
&RQODPLVPDHILFDFLDHYLWpORVGHVDItRV
\DPDQFHEDPLHQWRVS~EOLFRV\HVFDQ
GDORVRVVLQH[FHSFLyQGHSHUVRQDVQL
DWHQFLyQDUHVSHWRVKXPDQRVGHVWH
UUDQGR\HQODIRUPDFRQYHQLHQWHDORV
TXHLQFLGtDQHQHVWRVH[FHVRV\YLFLRV
3HFDGRVS~EOLFRVODLOHJLWLPLGDGHQ/LPD
VLJOR;9,,/LPD&HQWURGHOD0XMHU
3HUXDQD)ORUD7ULVWiQ([WUDFWRV
VHOHFFLRQDGRVSiJV
/RV$PDQFHEDGRV
FRPLHQGR\EHELHQGR
\GXUPLHQGRHQXQD
FDVD\FDPD
0DUtD(PPD0DQQDUHOOL
/LPD
'RFWRUDHQ+LVWRULDSRUOD8QLYHUVLGDGGH&ROXPELD
(VWDGRV8QLGRV3URIHVRUDDVRFLDGDGHOD)DFXOWDGGH
&LHQFLDV6RFLDOHVHQOD8QLYHUVLGDG1DFLRQDO0D\RUGH
6DQ0DUFRV/LPDFRRUGLQDOD0DHVWUtDHQ*pQHUR
6H[XDOLGDG\3ROtWLFDV3~EOLFDVGHOD8QLGDGGH3RVW
*UDGRGHODPLVPDXQLYHUVLGDG0LHPEURGHO&RPLWp
(GLWRULDOGH5HYLVWD$QGLQD+DSXEOLFDGRYDULRVOLEURV\
QXPHURVRVDUWtFXORVVREUHKLVWRULDJpQHUR\VH[XDOLGDG
HQHO3HU~\HQHOH[WUDQMHUR
(QHOYLFDULRJHQHUDOGHO$U]RELVSDGR
DFXVDEDD-XDQ6iQFKH]DUWHVDQROLPHxR\D
0DUtD &ULROOD OLEUH \ YLXGD GH YHLQWLFXDWUR
DxRVSRUTXDQWRVODVXVRGLFKDFRQSRFRWHPRU
GH'LRV\GHVXFRQFLHQFLDDHVWDGRPiVGHGRV
DxRV S~EOLFDPHQWH PDO DPLVWDG FRQ -XDQ
6iQFKH]KRPEUHFDVDGRFRQHOFXDOFRQJUDQGH
QRWD\HVFiQGDORGHWRGRVTXDQWRVORVFRQRVHQ
DWUDWDGR\WHQLGRPDODDPLVWDGFRPXQLFiQGR
VHDVtGHGtDFRPRGHQRFKHHQFDVDGHGLFKD
0DUtD7HVWLPRQLRVFRPRpVWHOOHYDQDSHQ
VDU TXH HO SUREOHPD GH DPDQFHEDPLHQWR
HVWDED YLQFXODGR FRQ GLVWLQWDV HVIHUDV GH OD
YLGDVRFLDO(QSULPHUOXJDUHUDXQDFXHVWLyQ
UHOLJLRVDXQDRIHQVDD'LRVXQSHFDGR\SRUOR
WDQWR OH FRPSHWtD D OD ,JOHVLD (Q VHJXQGR
OXJDUKDEtDXQDFXHVWLyQGHFRQFLHQFLDLQGLYL
GXDOXQSUREOHPDVXEMHWLYRTXHDXQTXHHVWUH
FKDPHQWHYLQFXODGRDORUHOLJLRVRSRQtDDORV
LQGLYLGXRVIUHQWHDVtPLVPRV\HQWHUFHUOXJDU
HUD XQ KHFKR S~EOLFR TXH DWHQWDED FRQWUD HO
RUGHQDPLHQWRVRFLDOHQVt
(Q OD VRFLHGDG OLPHxD GH OD pSRFD OD
OtQHD GH LQWHUYHQFLyQ GLYLQD GH OD DFFLyQ
KXPDQD HUD PiV ELHQ GLIXVD (O DPDQFH
7HVWLPRQLRGHO9LUUH\&RQGHGH&DVWHODU0DQXHO$WDQD
FLR)XHQWHV0HPRULDVGHORVYLUUH\HVTXHKDQJREHUQDGR
HO3HU~GXUDQWHHOWLHPSRGHOFRORQLDMHHVSDxROYROV
/LPD/LEUHUtD&HQWUDOGH)HOLSH%DLOO\,S
$//$PDQFHEDGRV/HJ3URFHVRFRQWUD
-XDQ6iQFKH]\0DUtD&ULROOD
$QWRQLR0DFKDGRGH&KiYH]UHFRUGDEDTXHGHDFXHUGR
DGHUHFKRFXDQGRXQKRPEUHGHVIORUDEDDXQDPXMHU
GRQFHOODWHQtDODREOLJDFLyQGHFDVDUVHFRQHOOD'H
QRFXPSOLUVHFRQHVWHSUHFHSWRHOKRPEUHHVWDEDHQ
SHFDGRPRUWDO(O3UHIHFWRFRQIHVVRULFXUDVGHDOPDV
YROV0DGULGODYLXGDGH)UDQFLVFR0DUWtQH]
S
&DUHWDV
/RV$PDQFHEDGRVFRPLHQGR\EHELHQGR\GXUPLHQGRHQXQDFDVD\FDPD
&DUHWDV
FDSLWXORLQGG
0DUtD(PPD0DQQDUHOOL
KDEtDTXHDUUHSHQWLUVH(OVHQWLPLHQWRGH
IDOWDGHSHUVRQDOHVWDEDUHIHULGRDODVSHFWR
UHOLJLRVR$ODUUHSHQWLPLHQWRQRVHOOHJDED
FRQ IDFLOLGDG \ ODV UHQXQFLDV FRQOOHYDURQ
ULHVJRVQRVLHPSUHLQVLJQLILFDQWHV
2\HQGR XQD PXMHU SRQGHUDU XQ
GRPLQJRSRUODWDUGHULHVJR\SHOL
JURHQTXHORVPDODPLJRVHVWiQ\
FRPRHVVHxDOGHUHSUREDFLyQHQOD
PDODDPLVWDGPXFKRWLHPSRVDOLy
ODPXMHUGHODSOiWLFDFRQWDQJUDQ
GH UHVROXFLyQ GH DSDUWDUVH GH OD
RFDVLyQTXHUHVLVWLyGHWDOPDQHUD
DODPLJR\FRQWDQJUDQYDORUTXH
TXLVRDQWHVGHVXIULUODVSXxDODGDV
TXHHODSDVLRQDGR\FLHJROHGLRSRU
HVWD UHVROXFLyQ TXH FRQVHQWLU FRQ
HOXQSHFDGRV
3HURDOODGRGHHVWDVDFWLWXGHVFRQYLYLHURQSHU
FHSFLRQHVGHRWUDQDWXUDOH]DPiVGHVHQIDGDGDV
\ GHVDILDQWHV /DV UHODFLRQHV HQWUH KRPEUHV \
PXMHUHVHUDQREMHWRGHFRQYHUVDFLRQHV/DJHQWH
H[SUHVDEDVXVRSLQLRQHVVREUHIRUQLFDFLRQHVHQ
ODVFDOOHVHQFRQYHUVDFLRQHVWHQLGDVHQGLYHUVRV
OXJDUHV S~EOLFRV VH GLVFXWtD FRUULHQWHPHQWH
VREUH OD FDVWLGDG \ OD VDOYDFLyQ GH ODV DOPDV
+RPEUHV\PXMHUHVVHDWUHYtDQDDILUPDUS~EOL
FDPHQWHTXHHODPDQFHEDPLHQWRHUDXQHVWDGR
DFHSWDEOH HV PiV PHMRU \ PiV GLJQR TXH HO
PDWULPRQLR\TXHORVFDVDGRVQRVHOLEUDUtDQGHO
LQILHUQR 7DPELpQ GHVDFUHGLWDEDQ OD GRFWULQD
KDEtDORVTXHRSLQDEDQTXHODVUHODFLRQHVLOtFLWDV
FRQPXMHUHVHUDQXQSHFDGRYHQLDO\QRPRUWDO
/DSHUIHFFLyQGHORVHVWDGRV\VXVSUHHPLQHQFLDV
WDPELpQ IXH XQ WHPD TXH VXVFLWy FRQIOLFWRV
&RQWUDYLQLHQGRDORVWHyORJRVFRQWHPSRUiQHRV
,ELGS
-RVp7RULELRGH0HGLQD+LVWRULDGHO7ULEXQDOGHOD
,QTXLVLFLyQGH/LPDYROV6DQWLDJR
(G1DVFLPHQWR,S
H[LVWtDODFRQYLFFLyQHQWUHODSREODFLyQGHODFLX
GDGTXHHOHVWDGRGHPDWULPRQLRHUDPiVSHUIHF
WRTXHHOGHORVVDFHUGRWHV
'XUDQWHORVVLJORV;9,\;9,,HOSURSLR
KHFKR GH OD IRUQLFDFLyQ QR SDUHFtD WDQ
JUDYHFRPRFRPHQWDUVREUHVXQDWXUDOH]D
7HQHU UHODFLRQHV H[WUDFRQ\XJDOHV WHQtD
VXVVDQFLRQHVRUGLQDULDVSHURSURQXQFLDU
VH VREUH OD YDOLGH] GH pVWDV SRGtD FRQYHU
WLUVHHQXQDEODVIHPLDHLQFOXVRHQKHUHMtD
3RUHVWDUD]yQPXFKDVSHUVRQDVKRPEUHV
\ PXMHUHV GH GLYHUVD SURFHGHQFLD VRFLDO
IXHURQ DFXVDGRV SRU HO 7ULEXQDO GH OD
,QTXLVLFLyQ\SHQLWHQFLDGRV'LHJR)UtDVGH
0LUDQGDKDFLDILQDOHVGHOVLJOR;9,VRVWH
QtDTXHODIRUQLFDFLyQVLPSOHQRHUDSHFD
GR (VWR OH YDOLy FRPSDUHFHU DQWH HO
7ULEXQDOGHOD,QTXLVLFLyQGHODFLXGDG$
SULQFLSLRV GHO VLJOR ;9,, RSLQLRQHV FRPR
pVWDIXHURQFRPSDUWLGDVSRUKRPEUHVFRPR
-XDQ 3pUH] 7DYDUHV DUULHUR GH 7ULDQD
-HUyQLPR GH $QGUDGH PDULQHUR GH 6DQ
/~FDU \ 1LFRODX JULHJR \ PXFKRV RWURV
TXH FRUULHURQ OD PLVPD VXHUWH -XDQ
0HGLQDTXHVHDWUHYLyDQHJDUTXH0DUtD
PDGUHGH-HVXFULVWRKDEtDVLGRYLUJHQIXH
DFXVDGRGHEODVIHPR
(VWDHVSHFLHGHFRPSODFHQFLDIUHQWHDOD
VH[XDOLGDG IXHUD GHO PDWULPRQLR VH DSUH
FLD FXDQGR YHPRV FLHUWRV DVSHFWRV GH ORV
MXLFLRV FRQWUD DPDQFHEDGRV OOHYDGRV DGH
/DDVDPEOHDGH7UHQWRVRVWHQtDTXHHOHVWDGRFRQ\XJDO
QRVHUFRORFDGRDOODGRGHOFHOLEDWR$OFRQWUDULRHVPHMRU\
PiVYLUWXRVRSHUPDQHFHUHQYLUJLQLGDGRFHOLEDWRTXHHQWUDU
HQPDWULPRQLR/DXUD0HOORH6RX]D2GLDEORHODWHUUD
GH6DQWD&UX])HOLWXFHULDHUHOLJLRVLGDGHSRSXODUQR%UD
VLO&RORQLDO6DR3DXOR&RPSDQKLDGDV/HWUDVS
/DWUDGXFFLyQHVGHODDXWRUD
0HGLQD+LVWRULD,S
,ELGS
,ELGS
/RV$PDQFHEDGRVFRPLHQGR\EHELHQGR\GXUPLHQGRHQXQDFDVD\FDPD
&DUHWDV
FDSLWXORLQGG
ORVVROLFLWDQWHVTXHDSDUHFHQ3HGUR$ULDV
/RER SRUWXJXpV WHVWLILFDGR SRU GLHFLVLHWH
PXMHUHV3HGURGH9LOODJUDGHFLQFXHQWD\
FXDWUR DxRV TXH DEXVy GH PDGUH H KLMD
5RGULJR2UWL]KRPEUHQREOHRULXQGRGH
$VXQFLyQTXHVHGHQXQFLyDVtPLVPRSRU
KDEHU WHQLGR FRQWDFWR VH[XDO FRQ YDULDV
PXMHUHVHQHOPLVPRFRQIHVLRQDULR)UDQ
-XDQ3ULHWRQDWXUDOGH%HUODQJDGHFLQ
FXHQWD DxRV TXHMiQGRVH GH ODV LQGLDV
GHVDPRUDGDV VROLFLWDED D VXV SHQLWHQWHV
HVSDxRODV REWHQLHQGR JUDQGHV VXFHVRV
HQVXVDYHQWXUDV
(ODEXVRGHORVFXUDVHQHOFRQIHVLRQDULR
OODJDEDDWDOSXQWRTXHDSURSyVLWRXQWDO
2UGRxH]FRPXQLFDEDDO&RQVHMRGH,QGLDV
GRQGHSDUHFHTXHDSHQDVKDKDELGRVDFHU
GRWHTXHQRKD\DSHFDGRHQHVWRGHFtD\
OR SHRU HV TXH DOJXQRV WHVWLILFDGRV TXH
GHFtDQ D ODV LQGLDV TXH HO SHFDU FRQ HOORV
HUD QR SHFDGR \ VH HFKDEDQ FDUQDOPHQWH
HQOD,JOHVLD
8Q FDVR TXH UHYHOD HO GLODWDGR PDUJHQ
TXHHOFRPSRUWDPLHQWRVH[XDOH[WUDFRQ\X
JDO SRGtD WHQHU HQ OD VRFLHGDG FRORQLDO
OLPHxDHVHOLQTXLVLGRU*XWLpUUH]8OORD
(OLQTXLVLGRUIXHGHQXQFLDGRSRUHOFOpULJR
=DSDWD HQ (Q VX PHPRULDO =DSDWD
VRVWHQtD TXH *XWLpUUH] 8OORD QR KDEtD
WHQLGR HVFU~SXOR DOJXQR HQ VX FRQGXFWD
KDFLD ODV PXMHUHV SURFXUDQGR VROLFLWDU
FXDOTXLHU TXDOLGDG \ HV WRGR GH PXMHUHV
DQGDDVtODVSULQFLSDOHV\QREOHVFRPRGH
ODVTXHQRORVRQVLQKDEHUMDPiVUHVSHWD
GRDTXHVHDQGRQFHOODVQLFDVDGDVQLPDO
PDQHMR TXH FRQ HVWR D GDGR \ GD PiV
,ELGS
,ELGS
,ELGS
,ELGHVWHFDVRVHGHVDUUROODHQWUHODVSiJLQDV
GHO7RPR,GHHVWDREUD
0DUtD(PPD0DQQDUHOOL
VHJXLUVXGHVRUGHQDGRDSHWLWRFRPRHV
S~EOLFR\QRWRULR/DYLGDGH*XWLpUUH]GH
8OORD VH GHVHQYROYtD GH HVFiQGDOR HQ
HVFiQGDOR 3HUWXUEDED OD YLGD IDPLOLDU
VHGXFLHQGRDGRQFHOODVUHDOL]DEDDOLDQ]DV
PDWULPRQLDOHVGHDFXHUGRDVXFRQYHQLHQ
FLD0DQWXYRXQDUHODFLyQGHDPDQWD]JR
FRQ XQD PXMHU FDVDGD GRxD &DWDOLQD
0RUUHMyQORVXFHGLGRHUDWDQHVFDQGDORVR
TXH ORV LQGLRV \ ORV QHJURV OR VDEtDQ \D
TXH GRxD &DWDOLQD FRUUtD D SDORV DO
,QTXLVLGRUSRUFHORVORTXHHUDHVFDQGDOR
VRSDUDSRQHUUHPHGLRDHVWRODGHVWHUUy
3URGXFWR GH WRGDV HVWDV UHODFLRQHV \ DO
SDUHFHU GH PXFKDV RWUDV *XWLpUUH] GH
8OORDWXYRPXFKRVKLMRV\VHFUtDQS~EOL
FDPHQWH HQ OD FLXGDG GH ORV 5H\HV FRQ
PXFKRHVFiQGDOR
/D SURSLD DGPLQLVWUDFLyQ GHO 6DQWR
2ILFLRGH*XWLpUUH]GH8OORDIXHPX\FULWL
FDGDSDUWLFXODUPHQWHSRUODGHPRUDHQORV
SURFHVRV(QMXOLRGHVHSUHVHQWDEDQ
DQWH HO 7ULEXQDO ORV FDUJRV GH *XWLpUUH]
8OORDTXHDVFHQGtDQD(QWUHHOORVVH
FRPSUREDURQSRUORPHQRVFLQFRUHODFLRQHV
FRQ PXMHUHV \ GHVFHQGHQFLD 3RFR WLHPSR
GHVSXpV VH ORJUy GHVFXEULU TXH WDQWR
*XWLpUUH] 8OORD FRPR 5XL] 3DUGR WHQtDQ
LQWHUpVHQQRVHJXLUHOMXLFLRSXHVDPERV
HUDQFyPSOLFHVGHODVGHPRUDVGHODDGPL
QLVWUDFLyQ5XL]DGHPiVGHVHDEDVHULQTXL
VLGRU SHUR *XWLpUUH] 8OORD SHVH D WRGR
LQVLVWtD VHJXLU HQ VX FDUJR (Q GLFLHPEUH
GH*XWLpUUH]8OORDQRPEUDGRSRUHO
5H\ FRPR YLVLWDGRU GH &KDUFDV VDOtD HQ
GLUHFFLyQ D OD FLXGDG GH /D 3ODWD /D
LPSRUWDQFLD GHO FDUJR GH *XWLpUUH] 8OORD
VXSRQtDODUHSUHVHQWDFLyQGHODDXWRULGDG
PRUDOGHODVRFLHGDG(VWRH[SUHVDODSRFD
FRQVLVWHQFLD GH ORV FiQRQHV GH FRQWURO
VRFLDO\VXVWHQWDODVP~OWLSOHVPRUDOHV
+HFKRVFRPRpVWHQRIXHURQDMHQRVDORV
KDELWDQWHVGHODFLXGDG(VWRVSHUFLEtDQOD
FRQGXFWD GH ODV DXWRULGDGHV FRPR UHSUR
FKDEOH(OFDVRGH-XDQ0RQWDxH]QDWXUDO
GH0DUVHOODWDPELpQQRVUHILHUHDODGLIX
VLyQ GHO IHQyPHQR \ D OR TXH OD JHQWH
FRP~Q\FRUULHQWHSHQVDEDVREUHHVWH\D
VXLQWHUSUHWDFLyQS~EOLFD
\TXH'LRVKDEtDGHGHVWUXLUHVWDFLX
GDG/LPDSRUTXHKDEtDPXFKDVPDO
GDGHV\TXHWRGRVORVFOpULJRVDQGDEDQ
DPDQFHEDGRV \ GLFLpQGROH HO WHVWLJR
TXHQRVHPHWLHVHHQDTXHOORGLMRHOUHR
TXHKDVWDORVLQTXLVLGRUHVQRKDFtDQOR
TXH GHEtDQ GH KDFHU TXH QR HUD VLQR
FRQWUDORVSREUHV\QRFRQWUDORVJUDQ
GHVGHOPXQGR\TXHODLQTXLVLFLyQHUD
FRPROD7RUUHGH%DELORQLDSRUTXHORV
HQHOODHQWUDQQXQFDDFLHUWDQDVDOLU
(OFRPSRUWDPLHQWROLFHQFLRVRGHORVUHOL
JLRVRVHUDRVWHQVLEOHDODRSLQLyQS~EOLFD
,QFOXVR ORV YLVLWDQWHV HYHQWXDOHV UHFRQR
FtDQFRQIDFLOLGDGODVDFWLWXGHVGHODVDXWR
ULGDGHV UHOLJLRVDV SDUWLFXODUPHQWH DO
UHODMRGHOFHOLEDWR
/D PD\RUtD GH ORV IUDLOHV OOHYDQ
XQD YLGD WDQ OLFHQFLRVD TXH KD\
VXSHULRUHV\SURYLQFLDOHVTXHVDFDQ
GHORVFRQYHQWRVGHVXGHSHQGHQFLD
VXPDVWDQFRQVLGHUDEOHVSDUDDWHQ
GHU ORV JDVWRV GH XQD YLGD PXQGD
QD \ DOJXQDV YHFHV D YLFLRV WDQ
SRFRV HVFRQGLGRV TXH QR WLHQHQ
UHSDURVHQFRQIHVDUORVKLMRVTXHOHV
YLHQHQ \ VXV GHVYtRV D ORV TXH D
YHFHVOHVGHMDQSRUKHUHQFLDHOKiEL
WRFRQTXHVHKDOODQUHYHVWLGRV
,ELG
)Up]LHU(Q1~xH](O3HU~YLVWRS
&DUHWDV
)HOLSH%DUUHGD/DRV
IHFWRVGHODYLGDFRORQLDOVREUH
OD YLGD UHSXEOLFDQD GHO 3HU~
,QIOXHQFLD GHO UpJLPHQ FROR
QLDOVREUHHOSXHEOR,QIOXHQFLD
GHO UpJLPHQ FRORQLDO VREUH ODV
FODVHVVXSHULRUHV
/RVGRVJUDQGHVREMHWLYRVGHOD
HGXFDFLyQFRORQLDOIXHURQFRQVH
JXLU OD VXPLVLyQ SROtWLFD D OD
0RQDUTXtD\ODVXPLVLyQUHOLJLR
VDDOD,JOHVLD
9LGDLQWHOHFWXDOGHO9LUUHLQDWRGHO3HU~
/LPD81060([WUDFWRV
VHOHFFLRQDGRVSiJV
9LGDLQWHOHFWXDOGHO
9LUUHLQDWRGHO3HU~
)HOLSH%DUUHGD/DRV
/LPD%XHQRV$LUHV
'HVWDFDGRLQWHOHFWXDO\SROtWLFROLPHxRGH
ODSULPHUDPLWDGGHOVLJOR;;HVSHFLDOL]DGR
HQODKLVWRULDGHODVLGHDV
&DUHWDV
FDSLWXORLQGG
(QODFXOWXUDGRPLQyODGLUHFFLyQWHROy
JLFD\HOGHVSUHFLRSRUODFLHQFLD\ODVUHDF
FLRQHV FRQWUD HVWDV WHQGHQFLDV DOFDQ]DURQ
p[LWRVHItPHURV(QFXDQWRDODDGPLQLVWUD
FLyQFRORQLDOSULPyODFRQYHQLHQFLDXWLOLWD
ULDGHOD0HWUySROLHQODVUHODFLRQHVHQWUHHO
JRELHUQR\ORVVXERUGLQDGRV
3DUDFRPSUHQGHUODLPSRUWDQFLDLQPHQVD
TXHSDUDQRVRWURVWLHQHHVDpSRFDKLVWyULFD
DQDOL]DUHPRV ORV HIHFWRV GHO UpJLPHQ FROR
QLDOHQHOSXHEOR\HQODVFODVHVGLULJHQWHV
/DVHUYLGXPEUHFRQVXVFDUJDVDEUXPD
GRUDV OD PLWD OD HQFRPLHQGD HO DEXVR
GHVPHGLGRTXHHOYHQFHGRUKDFtDFRQILDGR
HQ OD REOLJDGD UHVLJQDFLyQ GHO YHQFLGR HO
H[WHUPLQLRSURGXFLGRSRUHOGHVHRLQVDFLD
EOHGHULTXH]DODH[SORWDFLyQGHOLQGtJHQD
FRQSUHWH[WRGHKDFHUWULXQIDUHQ$PpULFD
ODIHFDWyOLFDHODEDWLPLHQWRSURGXFLGRSRU
HOGHVSUHFLRGHORVGRPLQDGRUHV\SRUFLHU
WDHVSHFLHGHPDUFDGHLQIDPLDTXHHOFRQ
TXLVWDGRULPSULPLyVREUHHOLQGLRSURGXMH
URQHODJRWDPLHQWRGHODUD]D
6LODGRPLQDFLyQLQFDLFDPRWLYyHQHOLQGLR
HOGHELOLWDPLHQWRGHODYROXQWDGODVXPLVLyQ
FRORQLDO DJUDYy HO PDO KDFLHQGR SHUGHU D OD
UD]DWRGDHQHUJtD/DLPDJLQDFLyQSDUDOL]yVX
GHVDUUROORODLQWHOLJHQFLDVHVXPLyHQODPiV
FRPSOHWDLQHUFLD&XDQGRHODOPDGHODUD]D
EUXVFDPHQWH GHVDGDSWDGD GH OD FLYLOL]DFLyQ
SURSLDGHEtDUHDOL]DUXQDODERUPX\SHQRVD
GH DGDSWDFLyQ SDXODWLQD D OD QXHYD FLYLOL]D
FLyQ ORV HQFDUJDGRV GH FRQYHUWLUOD QR VXSLH
URQWHQHUp[LWR\ODUXGH]DFRQTXHSURFHGLH
URQODVDPHQD]DV\ORVFDVWLJRVFRQTXHTXL
VLHURQLPSRQHUVHIRPHQWDURQGHVFRQILDQ]DV\
DQJXVWLDV 5HVHQWLPLHQWRV LPERUUDEOHV \
RGLRV GLVLPXODGRV FUHDURQ VHSDUDFLRQHV SUR
IXQGDV HQWUH FRQTXLVWDGRUHV \ FRQTXLVWDGRV
'HVGH HVH PRPHQWR OD UD]D LQGtJHQD YLYLy
DOHMDGD GH OD GH OD FLYLOL]DFLyQ LQWUXVD VLQ
HVSHUDU IHOLFLGDGHV GHO SRUYHQLU 9LYLy GHO
SDVDGR PLUDQGR VLHPSUH DWUiV VLQWLHQGR OD
PHODQFROtD GH OD LUUHPHGLDEOH VHSDUDFLyQ
FDGD YH] PD\RU GHO WLHPSR IHOL] TXH SDUD
VLHPSUHKX\y
/DLQIOXHQFLDGHOUpJLPHQFRORQLDOVREUH
ORV GHPiV HOHPHQWRV SRSXODUHV QR IXH
PHQRVSHUMXGLFLDO/RVYLUUH\HVVHHPSHxD
URQ HQ VHSDUDU ODV FDVWDV FUHDQGR HQWUH
HOODVULYDOLGDGHV\RFLRVLGDGHVSRUWHPRUD
SRVLEOHV OHYDQWDPLHQWRV &RQ WDO VLVWHPD
HUD LPSRVLEOH OD H[LVWHQFLD GH VHQWLPLHQWR
DOJXQRGHVROLGDULGDG/DVFDVWDVYLYtDQHQ
HO 3HU~ HQ OD FRQGLFLyQ LQGLJQD GH FODVHV
LQIHULRUHV GHVSUHFLDGDV HQ WDO VLWXDFLyQ
PDOSRGtDQVHQWLUDIHFWRSRUODSDWULDHQOD
TXHWDQWRVHOHVKXPLOODED(OUpJLPHQFROR
QLDO IXH RSXHVWR D OD IRUPDFLyQ GHO VHQWL
PLHQWRQDFLRQDO
ILDGDPHQWHVHWXYRSRUODVFLHQFLDVRFDVLR
QyODIDOWDGHHVStULWXGHREVHUYDFLyQ\GHO
VHQWLGR GH OD UHDOLGDG (VWRV GHIHFWRV GH
HVStULWX HQ ODV FODVHV VRFLDOHV VXSHULRUHV
DSDUHFHQQRWRULDPHQWHGHVGHORVSULPHURV
GtDVGHQXHVWUDYLGDUHSXEOLFDQD
&UH\HQGR LQFRPSDWLEOH OD IRUPD PRQiU
TXLFD FRQ ORV GHUHFKRV GHO KRPEUH \ UHSL
WLHQGR FRQ 0RQWHVTXLHX TXH OD UHS~EOLFD
OLEUHHUDODIRUPDGHJRELHUQRPiVSHUIHFWD
GHORVSXHEORVFLYLOL]DGRVSDVDPRVUiSLGD
PHQWH GH OD VXPLVLyQ FRORQLDO DO DEXVR GH
WRGDV ODV OLEHUWDGHV 6H DUJXPHQWDED HQ
IDYRUGHOJRELHUQRUHSXEOLFDQRGLFLHQGRTXH
HOSXHEORORTXHUtD\HQORVSHULyGLFRVGHOD
pSRFD VH OHHQ IUDVHV FRPR pVWDV VRPRV
KRPEUHVHVSRQWiQHDPHQWHXQLGRVHQVRFLH
GDG\VyORVXMHWRVDORVSDFWRVTXHHQHMHU
FLFLR GH QXHVWUR DOEHGUtR KHPRV IRUPDGR
6HGHFODPDEDFRQWUDORVJRELHUQRVSHUVRQD
OHV FRQWUD OD GLFWDGXUD HVD GLJQLGDG
HVSDQWRVDGHXQDHVSDGDFRUWDQWHTXHDPH
QD]DDOLQRFHQWH\DOFXOSDEOHDOSDWULRWD\
DOWUDLGRU
(QFXDQWRDODVFODVHVVRFLDOHVVXSHULR
UHVODLQIOXHQFLDGHODYLGDFRORQLDOHVGH
LQPHQVDWUDQVFHQGHQFLD
6HUH~QHHO&RQJUHVRGHSDUDGDU
DOSDtVXQD&RQVWLWXFLyQOLEHUDO\DXQTXH
QXHVWURV OHJLVODGRUHV SURIHVDEDQ ORV SULQ
FLSLRV TXH KHPRV HQXQFLDGR VXIULy HO
&RQJUHVRXQDLPSRVLFLyQPLOLWDU\DILQHV
GHHVHDxRDXQTXHORVGHPDJRJRVUHSHWtDQ
FRQ %HQMDPtQ &RQVWDQW TXH XQ JRELHUQR
FRQVWLWXFLRQDO FHVD GH GHUHFKR GH H[LVWLU
LQPHGLDWDPHQWH TXH OD &RQVWLWXFLyQ QR
H[LVWH HO &RQJUHVR FRQFHGtD D %ROtYDU
IDFXOWDGHVH[WUDRUGLQDULDV\HULJtDSRUVX
SURSLDPDQRODGLFWDGXUD
6LQDGPLWLUWUDQVDFFLRQHVGHQLQJ~QJpQH
UR OD UHDOLGDG VH LPSRQtD GHVWUX\HQGR YLR
OHQWDPHQWH OD FRQVWUXFFLyQ GH ORV XWRSLVWDV
HQDPRUDGRVGHODWHRUtD
&DUHWDV
9LGDLQWHOHFWXDOGHO9LUUHLQDWRGHO3HU~
&DUHWDV
FDSLWXORLQGG
)HOLSH%DUUHGD/DRV
+HPRVYLYLGRLPLWDQGRD(VSDxDGXUDQ
WH OD &RORQLD D ,QJODWHUUD )UDQFLD \
$OHPDQLD GXUDQWH OD YLGD D]DURVD GH OD
5HS~EOLFD
(Q OD &RORQLD OD XQLyQ DSDUHQWH GH
WRGRVORVKDELWDQWHVGHO3HU~VHGHELyDOD
LPSRVLFLyQDODIXHU]DQRVHIRUPyHQWRQ
FHV HO VHQWLPLHQWR QDFLRQDO QR H[LVWLy
HQWUHORVHVStULWXVVROLGDULGDGYHUGDGHUD
(QODYLGDLQGHSHQGLHQWHDQWHVTXHXQ
LGHDO FROHFWLYR QRV XQLHUD DQWHV TXH XQ
VHQWLPLHQWR QDFLRQDO VLQFHUR \ SURIXQGR
OLPLWDUDODVH[SDQVLRQHVGHOHJRtVPRLQGL
YLGXDOFRPHQ]DURQORVKRUURUHVGHODJXH
UUDFLYLOHQODDQDUTXtDVHDKRQGDURQODV
GLYLVLRQHVQRVDFRVWXPEUDPRVDFUHHUTXH
HOLQWHUpVFROHFWLYR\HOELHQQDFLRQDOQDGD
YDOtDQ FRPSDUDGRV FRQ OD VDWLVIDFFLyQ
HJRtVWDGHJREHUQDU
1DGDGHWXYRHOHJRtVPRHQVXREUDGLVR
FLDGRUD SRUTXH IDOWDED XQ LGHDO FROHFWLYR
TXHORFRQWXYLHUD\QRH[LVWtDHOVHQWLPLHQ
WRQDFLRQDOSURIXQGRTXHORQHXWUDOL]DUD
4XHHVWHHQVD\RKLVWyULFRFUtWLFRHVWHEUHYH
DQiOLVLVHVSHFWUDOTXHSUR\HFWDODOX]GHOSDVD
GR YLUUHLQDO VREUH HO SULVPD GH QXHVWUD FRQ
FLHQFLDQDFLRQDOFRQWULEX\DDSHUFLELUHOLGHDO
VXSHULRUTXHHO3HU~GHEHUHDOL]DUYHQFLHQGR
WRGRVORVREVWiFXORVHLPSUXGHQFLDV
,GHDO TXH GHEH VHU OD IXHU]D LQIRUPDQWH
IXQFLRQDOXQLILFDGRUDGHODQDFLRQDOLGDGHQ
PDUFKD 3OHQLWXG HVSLULWXDO HFRQyPLFD \
SROtWLFD)HOLFLGDG\*UDQGH]D
1RPHQRVIXQHVWRKDVLGRHVHWHPRUDOSRGHU
GHODDXWRULGDGFLYLO\UHOLJLRVDTXHSUHYDOHFLy
HQOD&RORQLD(OPLHGRIDYRUHFLyHOGHVDUUROOR
GHO VHUYLOLVPR YLFLR GHWHVWDEOH FRQWUD HO TXH
WRGDYtDQRKHPRVUHDFFLRQDGROREDVWDQWH
&DUHWDV
(O0HUFXULR3HUXDQR
1XP,
0(5&85,23(58$12
'(/',$'((1(52'(
1XPGHOGtD
GHHQHURGH
(O0HUFXULR
3HUXDQR
)XHXQSHULyGLFRELVHPDQDO
SXEOLFDGRHQ/LPDHQWUH\
\TXHIXHDPSOLDPHQWH
GLIXQGLGRSRUJUDQSDUWHGH
+LVSDQRDPpULFDKDVWDHOVLJOR;,;
)XHHGLWDGRSRUXQJUXSRGH
MyYHQHVLQWHOHFWXDOHVSHUWHQHFLHQWHV
DOD6RFLHGDGGH$PDQWHVGHO3DtV
HQWUHORVTXHGHVWDFDURQ+LSyOLWR
8QDQXH-RVp%DTXtMDQR\&DUULOOR\
-RVp5RVVL\5XEt)XHODVHJXQGD
SXEOLFDFLyQFUHDGDSDUD/LPDSHUR
D~QDVtIXHHOPiVLPSRUWDQWH
SHULyGLFRHGLWDGRHQHO3HU~
&DUHWDV
FDSLWXORLQGG
,'($*(1(5$/'(/3(58
O SULQFLSDO REMHWR GH HVWH 3DSHO
3HULyGLFR VHJ~Q HO DQXQFLR TXH VH
DQWLFLSy HQ VX 3URVSHFWR HV KDFHU
PiV FRQRFLGR HO 3DtV TXH KDELWDPRV
HVWH 3DtV FRQWUD HO TXDO ORV $XWRUHV
H[WUDQJHURV KDQ SXEOLFDGR WDQWRV
SDUDORJLVPRV /RV SULPHURV
(VFULWRUHV HQWUH ORV QDFLRQDOHV
TXH WUDWDURQ GHO 3HU~ IXHURQ ORV
TXH FRPSLODURQ ODV UHODFLRQHV GH
VXVSURSLRVDFRQWHFLPLHQWRVyGHSR
VLWDURQ HQ VXV +LVWRULDV \ $QDOHV ORV
GDWRV GH OD WUDGLFLyQ *DUFLODVR +HUUHUD
=iUDWH*LO*RQ]DOHV HVRQGHHVWDFODVH
\GHODPLVPDKDQVLGRWRGRVORVGHPiVTXH
OHVVXEVLTXLHURQKDVWDTXHHO([FHOHQWLVLPR
6HxRU8OORDHVFULELyOD+LVWRULDGHVX9LDJH
D OD $PpULFD \ ORV (QWUHWHQLPLHQWRV
$PHULFDQRV (VWH ,OXVWUH $XWRU KD VLGR HO
SULPHUR HQWUH ORV HVSDxROHV TXH WUDWDQGR
GHORVKDELWDGRUHVGHHVWRV3DtVHVHOHYyVX
SOXPDKDVWDODFRQWHPSODFLyQGHO+RPEUH
HQVXVLVWHPDPRUDO\DXQHQHOILVLROyJLFR
&RQORVPDWHULDOHVGHHVWRV$$<VREUH
ODVOLJHUDVQRWLFLDVTXHGHSDVRDGTXLULHURQ
DOJXQRV 9LDMHURV VH KDQ FRPELQDGR FDVL
WRGDV ODV +LVWRULDV 5HIOH[LRQHV &DUWDV
7UDWDGRV*HRJUiILFRV\&RPSHQGLRVTXHVH
KDQGDGRiOX]VREUHHO3HU~HQODVRULOODV
GHO6HQDGHO7iPHVLV(OHVSLULWXGHVLVWH
PDVXVSUHRFXSDFLRQHVQDFLRQDOHVODLJQR
UDQFLD i YHFHV \ HO FDSULFKR KDQ LQIOXLGR
WDQWRHQODPD\RUSDUWHGHHVWDVREUDVTXH
HO3HU~TXHHOODVQRVWUD]DQSDUHFHXQSDtV
HQWHUDPHQWH GLVWLQWR GHO TXH QRV GHPXHV
WUDHOFRQRFLPLHQWRSUDFWLFR
/D FRQVHFXHQFLD TXH GHGXFLPRV GH HVWD
8QDFDGHQDGHFHUURViULGRV\IUDJRVRV
XQRV$UHQDOHVTXHVHH[WLHQGHQDORODUJR
GH FDVL WRGD OD &RVWD XQDV /DJXQDV GH
PXFKDV OHJXDV GH H[WHQVLyQ DOJXQDV GH
HOODVVLWXDGDVHQODVFXPEUHVGHODPLVPD
&RUGLOOHUDRFXSDQPXFKDSDUWHGHOWHUUH
QR3HUXDQR&RQWRGRODV4XHEUDGDV\ORV
9DOOHV TXH ORJUDQ GHO EHQHILFLR GHO ULHJR
SUHVHQWDQ XQDV DPHQDV FDPSDxDV SREOD
GDV GH YLOODV \ FLXGDGHV \ JR]DQ GH ODV
EHQLJQRWHPSHUDPHQWR(OGHORV/XJDUHV
HOHYDGRVGHOD6LHUUDHVVXPDPHQWHUtJLGR
(QODV3DPSDVGH%RPERQHOWHUPyPH
WUR GH )DKUHQKHLW VH PDQWLHQH FRQVWDQWH
PHQWHGHiJUDGRVVREUHHOFHUUR
/D 3REODFLyQ GHO 3HU~ HQ TXDQWR D ODV
FDVWDVRULJLQDOHVVHFRPSRQHGH(VSDxROHV
,QGLRV\1HJURV/DVHVSHFLHVVHFXQGDULDV
PDVFRQRFLGDVTXHSURFHGHQGHODPL[WLRQ
GHHVWDVWUHVVRQHO0XODWRKLMRGH(VSDxRO
\1HJUD4XDUWHURQGH0XODWD\(VSDxRO
\ 0HVWL]R GH (VSDxRO H ,QGLD /DV GHPDV
VXEGLYLVLRQHVTXHVHIRUPDQSRUODPH]FOD
VXFHVLYD VRQ WDQWDV FRPR ODV GLYHUVDV
FRPELQDFLRQHV SRVLEOHV GH HVDV UD]DV SUL
PLWLYDV(OWUDEDMRGHODV&KDFUDV\HO
VHUYLFLRGRPpVWLFRVHKDKHFKRVLHPSUHSRU
1HJURV'HTXDWURDxRVDHVWDSDUWHPXFKRV
%ODQFRV VH RFXSDQ HQ XQR \ RWUR
$QWHULRUPHQWH IXHVH SRU SUHRFXSDFLyQ R
SRU VREHUYLD VH UHSXWDED HQ FLHUWR PRGR
LQIDPHDTXHOFULDGRTXHQRHUDy1HJURy
0XODWR $OJXQRV 3ROtWLFRV LOXVWUDGRV RSL
(VWDVVRQXQDVOODQXUDVGHOHJXDVGHODUJR\
GHDQFKRTXHKDFHQSDUWHGHOD6XEGHOHJDFLyQGH7DUPD
\GHOD,QWHQGHQFLDGHOPLVPRQRPEUH'LVWDQGH/LPDDO
(XQDVOHJXDV/D/DJXQDGH&KLQFKD\FRFKDODVDWUD
YLHVDiORODUJR\VRQODSDUWHPDVHOHYDGD\XQLGDGHWRGD
HVWD6HUUDQtD
(VWDYR]\ODGH&KDFUDTXHHVODPLVPDSURFHGHQGHO
LGLRPD LQGLFR \ VLJQLFDQ ODV KDFLHQGDV GH VLHPEUDV \
SODQWtRV
&DUHWDV
(O0HUFXULR3HUXDQR
(O0HUFXULR3HUXDQR
QDQTXHVHUtDPDVIHOL]HO5H\QR\HVSH
FLDOPHQWHHVWD&DSLWDOVLHVWHSUHMXLFLRVH
GHVDUUDLJDVH HQWHUDPHQWH (O &RPHUFLR
GHO3HU~KDWRPDQGRXQLQFUHPHQWHFRQ
VLGHUDEOH GHVGH TXH FRQ OD YHQLGD GH ORV
1DYLRV0HUFDQWHVGH(VSDxDSRUHO&DER
GH+RUQRV\FRQHOSHUPLVRGHO&RPHUFLR
OLEUH VH KD HPDQFLSDGR GH OD RSUHVLyQ
ED[R OD TXDO JHPLD HQ HO WLHPSR GH ORV
*DOHRQHV \ GH ODV )HULDV GH 3RUWREHOR \
3DQDPi$QWHVGHHVWDpSRFDHOJLURGHOD
SODWDHIHFWLYDVREUH(VFULWXUDVGHUHWRUQR
HUDHODUELWULRPDVVHJXURHQHO&RPHUFLR
FRQ (VSDxD /D KDELOLWDFLRQ GH ORV
&RUUHJLGRUHVIRUPDEDHOUHFXUVRSULQFLSDO
GHODVQHJRFLDFLRQHVGHHVWD&DSLWDOFRQHO
3DtVLQWHUQR(QSRFDVPDQRVFLUFXODEDQ
\ VH FRQIXQGtDQ ORV &DSLWDOHV PDV FUHFL
GRV /RV GHPDV LQGLYLGXRV GH HVWD SURIH
VLyQ RFXSDGRV HQ ODV YHQWDV GH WLHQGDV
GDEDQODOH\iORVJHQHURVDVtFRPRHOORV
OD UHFLEtDQ GH RV DOPDFHQHURV $KRUD HO
&RPHUFLR FRQ KDEHUVH VXEGLYLGLGR HQ
WDQWRV UDPRV PHQRUHV PDQWLHQH PD\RU
Q~PHUR GH QHJRFLDQWHV DXQTXH VRQ PDV
UDUDV ORV IRUWXQDV TXH SURSRUFLRQD (V
PHQHVWHU TXH HO FRPHUFLDQWH FRPELQH
ELHQVXVSUR\HFWRV\H[WLHQGDVXVHVSHFX
ODFLRQHV SDUD TXH SXHGD FRQVHUYDU XQ
JLURPHGLDQR
6RORGHORV0LQHUDOHVGH*XDOJD\RF
\ GHO 3DVFR VH H[WUDKH FHUFD GH OD
PLWDG GH OD ODWD TXH DQXDOPHQWH VH
IXQGH DFXxD \ ODEUD (O GH
*XDQWDMD\D HVHQORJHQHUDOGHODOH\
PDVVXELGDDXQTXHQRVHULQGHSURSRU
FLyQ SRU OR FDUR TXH VDOH VX EHQHILFLR i
FDXVD GH OD GLVWDQFLD GH ODV +DFLHQGDV
\FDUHVWtDGHWRGRORQHFHVDULRDOWUDED
MR i OD FRPRGLGDG \ i OD VXEVLVWHQFLD
/RVPHWDOHVGHPDUFRVSRUFD[RQ
QR VH FRVWHDQ \ DVL SRFR LPSRUWDQ ODV
EROVRQDGDV TXH i YHFHV RIUHFH HQ ODV
TXDOHV VXHOH FRUWDUVH OD SODWD i FLQFHO
0XFKRVHVSHUDQTXHVtDVHQWDVHELHQHO
SUR\HFWR GH WUDVSRUWDU HVWRV PHWDOHV DO
&DOODR\EHQHILFLDUORVHQHVWDVLQPHGLD
FLRQHV VH KDUtD SURVSHUDU i XQ PLVPR
WLHPSRDTXHO0LQHUDO\WRGDVHVWDVFHU
FDQDVSURYLQFLDV
/DV)iEULFDVGHO3DtVVHUHGXFHQiSRFRV
REUDJHV GH ED\HWDV TXH OODPDQ GH OD
7LHUUD FX\R XVR VH OLPLWD FDVL VROR i ORV
,QGLRV\1HJURV+D\DOJXQDVGHFROFKDV
GHYLGULRVGHVRPEUHURV HSHURQRRFX
SDQPXFKROXJDUHQHOSODQGHODVULTXH]DV
GHO3HU~(OD]XFDUODODQDGH9LFXxDHO
DOJRGyQ OD FDVFDULOOD HO FREUH \ HO FDFR
DXQTXH HVWRV GRV ~OWLPRV UHJORQHV \ HQ
SDUWH HO DQWHFHGHQWH QRV YHQJDQ GH
*XD\DTXLO H VRQ ORV ~QLFRV JpQHURV GH
QXHVWUDH[SRUWDFLyQ
(QHODxRDQWHULRUGHVHDFXxDURQSHVRVHQ
SODWD\SHVRVHQRUR
(VWH0LQHUDOHVWiHQOD,QWHQGHQFLDGH7UX[LOORGLVWDGH
/LPDOHJXDV\GH7UX[LOOR
/OiPDVH &HUUR 0LQHUDO GH /DXULFRFKD (Q VX 5LYHUD
WHUPLQDQSRUODSDUWHGHO1ODV3DPSDVGH%RPERQGLVWD
GH/LPDOHJXDV\GH7DUPD
(VWH0LQHUDOTXHFRQWUDODVOH\HVFDVLJHQHUDOPHQWH
REVHUYDGDVHQOD1DWXUDOH]DVHKDOODHQXQSDUDMHDUHQRVR
\FDOLGtVLPRHVWiFRPSUHKHQGLGRHQOD3URYLQFLDGH7DUD
SDFiHQOD,QWHQGHQFLDGH$UHTXLSD'LVWDGHHOODOHJXDV
GH/LPD\GHO3XHUWRGH,TXLTXHGHiOHJXDV
3RUXQFD[RQVHHQWLHQGHFDUJDVGHiDUUREDV
FDGDXQD
&DUHWDV
FDSLWXORLQGG
(OGH*XDURFKLUtTXHHVHOTXHPDV
LQPHGLDWDPHQWHKDFHVHQWLUiHVD&DSLWDO
ORVHIHFWRVGHVXDEXQGDQWHyHVFDVDH[SOR
WDFLyQQRVHKDOODHQDTXHOJUDGRGHSURV
SHULGDG TXH SDUHFH GHEtD FRUUHVSRQGHUOH
FRQSURSRUFLyQiODULTXH]DGHVXVPHWDOHV
\DEXQGDQFLDGH0LQDV\YHWDV/DDGRS
FLyQ GHO PpWRGR GH DPDOJDPDU SRU ORV
%DUULOHVHOFRQFXUVRTXHVHOHSXHGHSUR
SRUFLRQDU GH ,QGLRV WUDEDMDGRUHV DOJXQD
UHIRUPDV HQ OD SDUWH SUiFWLFD GH VX ODER
UHR\EHQHILFLRHVWRVVRQORV~QLFRVSULQFL
SLRV SRU GRQGH VH SXHGHQ IHOLFLWDU HVWH
0LQHUDO\WRGRVORVGHPiVGHO5H\QR
1XHVWUD 1DYHJDFLyQ HV OLPLWDGD (O
&RPHUFLRGHWULJRVQRVKDFHIUHFXHQWDUORV
3XHUWRV GH &KLOH HO GH PDGHUDV H QRV
OOHYDD*XD\DTXLOILQDOPHQWHORVVLWXDGRV
\ RWURV SHTXHxRV UDPRV QRV SURSRUFLRQDQ
DOJXQRVYLDJHVi&KLORp-XDQ)HUQDQGH]
9DOGLYLD \ 3DQDPi (Q OR PDWHULDO VH
QDYHJDFRQHFRQRPtD\FRQDVHRSHURHQOD
SDUWH FLHQWtILFD HVWDPRV DWUDVDGRV 1R VH
SLGHQ DX[LOLRV i OD $VWURQRPLD /D
0DQLREUD QR WLHQH PDV SUHFHSWRV TXH ORV
GH OD LPLWDFLyQ /DV &DUWDV K\GURJUiILFDV
TXH VH FRQVXOWDQ VRQ GHIHFWXRVDV SRU
PXFKRV SULQFLSLRV (O DUUXPEDPLHQWR GH
ODVFRVWDVHVPDVSDUDOHORGHORTXHORILJX
UDQ 3RU RWUD SDUWH OD QLHEOD TXH FDVL
VLHPSUHFXEUHOD&RVWD\ODRFXOWDDOQDYH
JDQWH OR SUHFLVD i XQRV UXPERV REOLFXRV
TXHUHWDUGDQPXFKRHOSOD]RGHORVYLDJHV
+DVWD ORV DxRV GH y GH HUD XQ
SULQFLSLR GH ULTXH]D SDUD XQD FDVD GH
FRPHUFLRHOWHQHUXQQDYtRSURSLRHPSOHD
GRHQHOWUiILFRGHODWLHUUD6XFHVLYDPHQWH
FRPRVHKDQLGRPXOWLSOLFDQGRODVHPEDU
FDFLRQHVORVIOHWHVKDQED[DGRHOSUHFLR\
ODVJDQDQFLDVVRQPDVUHSDUWLGDV
/D3HVFDHVXQUDPRGHLQGXVWULDSHFX
OLDUGHORV,QGLRVGHOD&RVWDSHURODSUDFWL
FDQ LQIRUPHPHQWH VLQ LQVWUXPHQWRV SUR
SRUFLRQDGRV VLQ EDUFRV \ SRU OR PLVPR
FRVWHDQGR VLHPSUH ODV RULOODV QR SXGLHQGR
DOHMDUVH PDV GH y OHJXDV PDU DGHQWUR
'HDTXtHVODHVFiVH]\FDUHVWLDGHSHVFDGRV
TXHVHH[SHULPHQWDIUHFXHQWHPHQWHHQHVWD
SOD]D \ HQ WRGDV ODV GH ODV &RVWD $KRUD
SRFRVDxRVVHLGHySRQHUXQDVEDUFDVDQSX
ODGDVHQIRUPDSDUDTXHSHVFDVHQHQWRGD
ODH[WHQVLyQGHHVWRVPDUHVSHURHVWHSUR
\HFWRVHGHVYDQHFLy/DV/DJXQDVGHO5H\QR
QR GDQ UHJXODUPHQWH PDV TXH EDJUHV (/
,QGLR FRQ VHU SHVFDGRU iSHQDV FRPH GHO
IUXWRGHVXWUDEDMR&RQWHQWRFRQVXPDL]
VXV SDSDV \ VX FKLFKD PLUD OD PXOWLSOLFL
GDGGHPDQMDUHVFRPRXQDYROXQWDULDPLQD
GHODVDOXG\GHODYLGD
/D$JULFXOWXUDHQORJHQHUDOSRGUtDSUR
SRUFLRQDU OR EDVWDQWH SDUD TXH QXHVWUD
VXVEVLVWHQFLD QR IXHVH WDQ SUHFDULD QL
GHSHQGLHQWHGHDX[LOLRVH[WHUQRV/DDOIDO
ID \ ORV FDxDYHUDOHV RFXSDQ HQ ORV YDOOHV
LQPHGLDWRVDHVWD&DSLWDODTXHOOXJDUTXH
SDUHFH HUD PDV SURSLR SDUD ODV VLHPEUDV
GHWULJR/RVPDORV\GLODWDGRVFDPLQRVORV
FRVWRVGHODUULDJH\VXVGHPRUDVDVLFRPR
LPSLGHQ OD FLUFXODFLyQ LQWHULRU GH HVWH
5H\QRVRQREVWiFXORVSDUDTXHSURVSHUHOD
$JULFXOWXUD (O 9DOOH GH -DXMD RIUHFH
KDUWDV SUXHEDV HQ DERQR GH HVWH SURSRVL
FLyQ OD IDFLOLGDG TXH WLHQH GH HQYLDU VXV
DULQDV \ PD\]HV DO 0LQHUDO GH 3DVFR OR
PDQWLHQHHQXQHVWDGRPDVIORUHFLHQWH
/D+LVWRULD1DWXUDOGHO3HU~HVIHFXQGD
(VWH0LQHUDOVHH[WLHQGHHQFDVLWRGDOD3URYLQFLDGH
VX QRPEUH FX\D FDSLWDO HV HO 3XHEOR GH *XDURFKLUL TXH
GLVWDOHJXDVGH/LPD\GH7DUPDSHUWHQHFHiOD,Q
WHQGHQFLDGH/LPD
,Z[L=HSSLX\LUV[PLULTHZKLSLN\HZKLJPYJ\UMLY
LUJPHLZZ\THTLU[LWVISHKV([\UPX\PHLZSH*HWP[HSKLSH
7YV]PUJPHKLLZ[LUVTIYLKLWLUKPLU[LKLSH0U[LUKLUJPHKL
;HYTH"KLSHX\LKPZ[HSLN\HZ`KL3PTH
&DUHWDV
(O0HUFXULR3HUXDQR
-XOLR&RWOHU
6DQ0DUFRV\FRQSURSRUFLyQODVGHPiVGHO
5H\QRIRUPDQXQFHQWURGH/LWHUDWXUDTXH
OOHYD DEXQGDQWH OX] i WRGD OD FLUFXQIHUHQ
FLD %D[R VXV DXVSLFLRV ODV FLHQFLDV GHO
KXPDQLVWD\GHOILOyVRIRKDQKHFKRHQHVWRV
~OWLPRV WLHPSRV LQFUHtEOHV SURJUHVRV \ ORV
KDFHQFRQWLQXDPHQWH8IDQDVGHYHUVHDFR
JLGDVHQHOSDODFLRGHOD6XSUHPD$XWRULGDG
KDQSHQHWUDGRWRGDVODV(VFXHODV\GHDOOt
VHKDQHVSDUFLGRUDSLGDPHQWHHQWRGRVORV
RUGHQHVGHOHVWDGR2MDODHVWDOX]ILORVyILFD
VHD WDQ FRQVWDQWH \ WDQ HILFD] TXH EDVWH
SDUDDOXPEUDUQRVVREUHHOVLVWHPDGHHGX
FDFLyQFRPXQ\VREUHORVPHGLRVSDUDPHMR
UDUOD /D HGXFDFLyQ WRPDGD HQ HO VHQWLGR
TXHFRPSUHQGHiWRGRHO5H\QRHVOD~QLFD
SDUWH SRU GRQGH HO 3HU~ HVWi RIXVFDGR FRQ
DOJXQDV VRPEUDV (Q OR GHPDV HO EXHQ
JXVWR OD XUEDQLGDG \ HO GXOFH WUDWR VRQ
SUHQGDVKHUHGLWDULDVGHWRGR3HUXDQR
&UHHPRV KDEHU GHVHPSHxDGR OD
SURPHVD GHO (StJUDIH LQLFLDO (VWD HV
XQD LGHD GHO 3HU~ WRPDGD HQ WpUPLQRV
JHQHUDOHV\QRVXMHWDiXQSXQWRGHWHU
PLQDGRGH+LVWRULDQLGH/LWHUDWXUD(V
XQD LQVLQXDFLRQ SURORJpWLFD y VL VH QRV
SHUPLWDDGDSWDUHVWDIUDVHHVXQDFRP
SRVLFLyQ GH OXJDU SDUD HQWUDU OXHJR i
KDEODUGHO5H\QRHQWRGDODVHULDGHORV
0HUFXULRV VHJ~Q OD YDULHGDG GH PDWH
ULDVTXHVHKDQRIUHFLGR
ODVREOLJDFLRQHVGHOLQGLRGHWUL
EXWDUDOD&RURQDRDOHQFRPHQ
GHUR GH SDJDU GLH]PRV D OD
,JOHVLDSRUORVSURGXFWRVDJURSH
FXDULRV GH RULJHQ HXURSHR GH
FXPSOLU FRQ OD PLWD VH DJUHJDED
HO UHSDUWLPLHQWR SDUD IRU]DU D
HVWDSREODFLyQDRIUHFHUVXWUDED
MR \ HO SURGXFWR GHO PLVPR D XQ
SUHFLRSRUGHEDMRGHOPHUFDGROLEUH
&ODVHVHVWDGR\QDFLyQHQ3HU~/LPD,(3
([WUDFWRVVHOHFFLRQDGRV
SiJV
/DKHUHQFLD
FRORQLDO
-XOLR&RWOHU
/LPD
6RFLyORJRGHO,QVWLWXWRGH(VWXGLRV
3HUXDQRV6XOLEUR&ODVHVHVWDGR\QDFLyQ
HVFRQVLGHUDGRXQFOiVLFRGHODVFLHQFLDV
VRFLDOHVHQHO3HU~
&DUHWDV
FDSLWXORLQGG
(VWRVPRGRVGHSDUWLFLSDFLyQGHODSREODFLyQ
LQGtJHQDHQODHFRQRPtDFRORQLDOVHFXPSOLHURQ
SDUDOHODPHQWHDODFRQVWLWXFLyQGHODVKDFLHQ
GDV\SODQWDFLRQHVEDVDGDVHQHOWUDEDMRHVFOD
YR /D &RURQD LQFRUSRUy D VX SDWULPRQLR ODV
WLHUUDVGHO,QFDTXHHQXQSULPHUPRPHQWRODV
DXGLHQFLDV\ORVFDELOGRVGLVWULEX\HURQHQWUHORV
FRQTXLVWDGRUHVFRQVXVFRUUHVSRQGLHQWHVPLWD
\RV$GHPiVORVHQFRPHQGHURVFRUUHJLGRUHV
FDELOGRV \ FRQJUHJDFLRQHV UHOLJLRVDV JUDFLDV D
VXUHODWLYDDXWRQRPtDIUHQWHDO5H\HVWDEDQHQ
FRQGLFLRQHVGHWUDQVJUHGLUODOH\\REWHQHUWLH
UUDV GH ODV FRPXQLGDGHV HQJOREDQGR D VXV
SREODGRUHVFRPRWUDEDMDGRUHVHQIHXGDGRV
(ODEXVRGHODPLWD\ODFUHFLHQWHPRUWDOLGDG
LQGtJHQD SURGXMR XQD IXHUWH DFXPXODFLyQ GH
WLHUUDVYDFDV\UHDOHQJDVHQODVRULJLQDOPHQWH
HQWUHJDGDVDODVFRPXQLGDGHV$HVWHIHQyPH
QRVHDVRFLDEDHOKHFKRGHXQFUHFLHQWHQ~PHUR
GHLQGtJHQDVTXHDOKXLUGHODVUHGXFFLRQHVVH
FRQYHUWtDQHQIRUDVWHURVFRQGLFLyQTXHOHVSHU
PLWtDHYDGLUHOWULEXWR\ODPLWDHQUD]yQGHQR
FRQWDUFRQWLHUUDVSDUDVXVXVWHQWR(VWDVLWXD
FLyQ RULJLQy OD FRPSRVLFLyQ GH WLHUUDV GH OD
TXH DEXVDURQ ORV HVSDxROHV $Vt HQFRPHQGH
URVFRUUHJLGRUHVFXUDVGRFWULQHURVVHWUDQVIRU
PDURQHQKDFHQGDGRVSHVHDODVH[SUHVDVGLV
SRVLFLRQHVUHDOHV
3HUR OD SRVHVLyQ GH WLHUUDV R PLQDV VyOR
DGTXLUtDYDORUVLVHDFRPSDxDEDGHXQDDEXQ
GDQWH\VHUYLOPDQRGHREUD$VtHOLQWHUpVGH
&DUHWDV
/DKHUHQFLDFRORQLDO
ODFDSDGRPLQDQWHSRUDSURSLDUVHGHPD\RUHV
H[WHQVLRQHV GH WLHUUDV VH UHODFLRQDED FRQ OD
SRVLELOLGDGGHDEVRUEHUWUDEDMDGRUHVLQGtJHQDV
/DV KDFLHQGDV VH WUDEDMDEDQ FRQ PLWD
\RV\DQDFRQDVDUUHQGDWDULRV\HQPHQRU
JUDGRFRQDVDODULDGRV/RVPLWD\RVFRPR
VHGLMRHUDQLQGtJHQDVTXHSRUGLVSRVLFLR
QHVH[SUHVDVGHODV/H\HVGH,QGLDVGHEtDQ
VHUYLU GXUDQWH XQ WLHPSR GHWHUPLQDGR D
XQPLHPEURGHODVRFLHGDGFRQTXLVWDGRUD
/RV \DQDFRQDV HUDQ WUDEDMDGRUHV TXH D
FDPELRGHODSUHVWDFLyQGHVHUYLFLRVJUDWXL
WRVUHFLEtDQXQDSDUFHODGHWLHUUDSDUDVX
PDQXWHQFLyQ/RVDUUHQGDWDULRVHUDQWUD
EDMDGRUHVHQJDQFKDGRVSRUORVFXUDFDV\
FRUUHJLGRUHVTXHDFDPELRGHXQDSDUFHOD
\GHOFRPSURPLVRGHOKDFHQGDGRGHSURWH
JHUORV GH OD H[LJHQFLD GH OD PLWD GHEtDQ
WUDEDMDUJUDWXLWDPHQWHSDUDpO
ODKDFLHQGDHUDIHXGDOSRUVHUFRORQLDO
/DIHXGDOL]DFLyQGHODJURHUDXQPRGR\
FRQGLFLyQGHOFRORQLDOLVPR
/R GHFLVLYR D QXHVWUR MXLFLR HV TXH HO
DQiOLVLVGHODFRPHUFLDOL]DFLyQDJURSH
FXDULD \ GH ODV UHODFLRQHV VRFLDOHV GH
WUDEDMR UHYHOD XQ GREOH MXHJR GH OD
KDFLHQGDPLHQWUDVDOLQWHULRUVHHVWD
EOHFtDXQDHFRQRPtDQRPRQHWDULDFRQ
ORV VDODULRV SDJDGRV HQ VHUYLFLRV FRQ
FHVLyQ SUHFDULD GH WHUUHQRV \ HVSHFLHV
VXSHUYDORUDGDV GHO RWUR ODGR KDFLD
DIXHUDODKDFLHQGDVHJHVWLRQDEDFRPR
HFRQRPtD PRQHWDULD \ YHQGtD VX SUR
GXFWRHQHOPHUFDGRDFDPELRGHGLQH
UR/DKDFLHQGDTXHGDEDVLWXDGDHQOD
IURQWHUDGHGRVHFRQRPtDVHQODIURQWH
UD GH GRV VHFWRUHV VRFLDOHV UHJXODQGR
ODFRPXQLFDFLyQHQWUHDPERV7RGRHO
p[LWR GH OD HPSUHVD UHVLGtD HQ HVWDV
IXQFLRQHV GH WUiQVLWR SRQWD]JR FRQ
WURO0DFHUD
&DUHWDV
FDSLWXORLQGG
-XOLR&RWOHU
'HHVWDPDQHUDPHGLDQWHWULEXWRVGLH]
PRV\SULPLFLDVUHGXFFLRQHVHQFRPLHQGDV\
PLWDV FRUUHJLPLHQWRV \ UHSDUWLPLHQWRV ORV
HVSDxROHV PRYLOL]DURQ OHJDOPHQWH D OD
SREODFLyQLQGtJHQDDILQGHREWHQHUPDQRGH
REUD\DOLPHQWRVEDUDWRVHQFHQWURVXUED
QRV\DVLHQWRVPLQHURV\WDPELpQXQDGHPDQ
GD PHUFDQWLO VREUHYDORUDGD PHFDQLVPRV
TXHSHUPLWtDQDSURSLDUVHGHORVH[FHGHQWHV
ORVSUHFLRVLQIODGRVTXHHOODILMDUD$HVWRVH
VXPDEDODSROtWLFDSURWHFFLRQLVWDHQIDYRUGHOD
SURGXFFLyQ SHQLQVXODU HQ GHWULPHQWR GH OD
DPHULFDQDSHURGHELGRDODSUHFDULHGDGGHOD
PDQXIDFWXUD HVSDxROD HQ OD UHDOLGDG GH ORV
KHFKRV HVWD SROtWLFD IDYRUHFLy D ,QJODWHUUD
)UDQFLD\+RODQGDPLHQWUDVTXHOD&DVDGH
&RQWUDWDFLyQGH6HYLOODVHUHGXFtDDOSDSHOGH
LQWHUPHGLDULDFRPHUFLDO
'LFKDVLQVWLWXFLRQHVFXPSOtDQDVtODIXQ
FLyQHFRQyPLFDGHLQFRUSRUDUDODSREODFLyQ
LQGtJHQDDODHFRQRPtDPHUFDQWLODXQTXHHQ
FRQGLFLRQHVGHH[SORWDFLyQFRORQLDO$VXYH]
ORVH[FHGHQWHVPHUFDQWLOHVTXHORJUDEDQDFD
SDUDUORVJUXSRVGRPLQDQWHVHUDQUHLQYHUWL
GRVHQPLQDVWLHUUDVHVFODYRV\VtPERORVGH
SUHVWLJLR WRPDGRV GH OD VRFLHGDG PHWURSROL
WDQD DUWLFXOiQGRVH DVt OD SHULIHULD FRQ HO
FHQWURGHOQDFLHQWHVLVWHPDFDSLWDOLVWD
(QUHVXPHQSXHGHDILUPDUVHTXHODRSHUDFLyQ
PHUFDQWLO FRORQLDO VH IXQGDED HQ OD FRDFFLyQ \
PRYLOL]DFLyQIRU]DGDGHODPDQRGHREUDLQGtJHQD
REOLJDGDDWUDEDMDUHQDVLHQWRVPLQHURVGHFX\D
SURGXFFLyQHO(VWDGRSHUFLEtDHOTXLQWRUHDOORV
VHxRUHVGHODVPLQDVUHWHQtDQHOUHVWRDFDPELRGH
XQSDJRVLPEyOLFRTXHGHEtDVHUYLUSDUDTXHORV
FDPSHVLQRVFXPSOLHUDQFRQODUHQWDGHODHQFR
PLHQGD WULEXWRV \ DGTXLULHUDQ ORV DOLPHQWRV \
HIHFWRVFRPSOHPHQWDULRVSDUDVXVXEVLVWHQFLD/RV
DOLPHQWRV\HIHFWRVTXHFRQVXPtDQORVPLWD\RVDVt
FRPRHOUHVWRGHODSREODFLyQUHVLGHQWHHQORVFHQ
WURVPLQHURVDOLJXDOTXHORVLQVXPRVUHTXHULGRV
SDUD OD SURGXFFLyQ SURYHQtDQ D VX YH] GH ODV
UHQWDV GH ODV HQFRPLHQGDV GLH]PRV WUXHTXH \
YHQWDVIRU]DGDVTXHLPSRQtDQORVFRUUHJLGRUHV
$VtODGRPLQDFLyQFRORQLDOQRRIUHFLySRVLEL
OLGDGHV SROtWLFDV QL HFRQyPLFDV DO GHVDUUROOR
QDFLRQDO(FRQyPLFDVSRUODVUHODFLRQHVVRFLD
OHVGHQDWXUDOH]DFRORQLDOHQWUHORVHVWDPHQWRV
VRFLDOHV\SROtWLFDVSRUODIUDJPHQWDFLyQFRUSR
UDWLYDHQTXHVHHQFRQWUDEDQGLFKRVHVWDPHQ
WRVDVtFRPRSRUODVP~OWLSOHVIDFFLRQHVROLJiU
TXLFDVUHVXOWDQWHVGHGLFKDIUDJPHQWDFLyQ3RU
RWUR ODGR OD SUHFDULD DGPLQLVWUDFLyQ GH OD
0HWUySROL UHVXOWDGR GH ODV WHQVLRQHV HQWUH OD
DGPLQLVWUDFLyQHVSDxROD\ODFRORQLDODVRFLDGD
DODSUHVHUYDFLyQGHORVGHUHFKRVFRUSRUDWLYRV
GHYLQR HQ XQD IDOWD GH XQLYHUVDOL]DFLyQ GHO
(VWDGR LPSLGLHQGR HO GHVDUUROOR GH YDORUHV \
VtPERORVFRPXQHVDVXSREODFLyQ
5HLWHUDGDPHQWHOD&RURQDSURFXUyPRQRSR
OL]DUHOFRPHUFLR\HOWUDQVSRUWHGHPHUFDQFtDV
DWUDYpVGHOD&DVDGH&RQWUDWDFLyQGH6HYLOOD
HQODTXHXQSULYLOHJLDGRJUXSRGHFRPHUFLDQ
WHV SHQLQVXODUHV KDEtD REWHQLGR GHO 5H\ OD
FRQFHVLyQH[FOXVLYD(VWDUHODFLyQTXHFRORFD
EDD(VSDxDFRPRHMHLQWHJUDGRUGHVXVGLYHU
VDVHFRQRPtDVFRORQLDOHVVXSRQtDTXHOD&DVD
GH&RQWUDWDFLyQGHEtDDEDVWHFHUGHHVFODYRV\
PDQXIDFWXUDV D ORV PHUFDGRV DPHULFDQRV D
/DDXVHQFLDGHODDULVWRFUDFLDHQODGLUHF
FLyQSROtWLFRPLOLWDUGHOD,QGHSHQGHQFLDSRU
VXSHUPDQHQWHDPELYDOHQFLD\HUUiWLFRFRP
SRUWDPLHQWRIUHQWHDORVHVSDxROHVGHWHUPL
QyTXHIXHUDGHVSOD]DGDSRUORVMHIHVPLOLWD
UHV \ TXH FRPR JUXSR GLULJHQWH QR ILJXUDUD
HQODQXHYDHVFHQDUHSXEOLFDQD
$GHPiV OD GHVWUXFFLyQ GH KDFLHQGDV REUDMHV
PLQDV\HOUHFOXWDPLHQWRIRU]DGRGHODPDQRGH
REUDVHUYLO\HVFODYDHQIRUPDLQGLVWLQWDSRUSDWULR
WDV \ UHDOLVWDV VH VXPy D HVH GHVSOD]DPLHQWR
SROtWLFRGHODDULVWRFUDFLDGHWHUPLQDQGRODTXLHEUD
GHVXVEDVHVHFRQyPLFDVGHSRGHU$VLPLVPROD
JXHUUDGHOD,QGHSHQGHQFLDSURYRFyHOH[LOLRHQ
PDVD GH ORV FRPHUFLDQWHV SHQLQVXODUHV GH
PXFKDVIDPLOLDVDULVWyFUDWDVGHORVIXQFLRQDULRV
&DUHWDV
/DKHUHQFLDFRORQLDO
FRORQLDOHV\GHPXFKRVVLJQDWDULRVHFOHVLiVWLFRV
/D DULVWRFUDFLD OLPHxD FRPR DILUPDUD
5LYD$JHUR
VHGHVKL]ROHQWDPHQWHHQODODUJDDQDUTXtD
TXHVLJXLy\GHVDSDUHFLyFRPRFODVHVRFLDO6X
LQGROHQFLDVXSHUXDQDEODQGXUDQROHSHUPL
WLHURQFRQVHUYDULPSRUWDQFLD\SRGHUFRQVWL
WX\HQGRXQDROLJDUTXtDUHSXEOLFDQDFRQVHUYD
GRUDFRPRHQHODQWLJXR&KLOH0HUHFLyVX
FDtGDSXHVVHDUUXLQySRUFDUHQFLDGHSUHVWL
JLRHQHUJtD\KDELOLGDG
(Q UHVXPHQ DO URPSHUVH ORV OD]RV FRQ OD
PHWUySROL OD DULVWRFUDFLD FULROOD QR SXGR FRPR
DOJXQRVORKXELHVHQTXHULGRVHUYLUGHHTXLSRGH
UHHPSOD]R\GHHVWDELOLGDG'HVWUXLGDODFDEH]D
SDWULPRQLDOPHWURSROLWDQD\ODDULVWRFUDFLDFROR
QLDOTXHGDEDQRUGHQ\FRQFLHUWRDODRUJDQL]D
FLyQGHODVRFLHGDG\ODSROtWLFDHOFXHUSRVRFLDO
VHIUDJPHQWyGHVFR\XQWiQGRVHHQSDUFHODVJREHU
QDGDVSRUJUXSRVVHxRULDOHVTXHRVWHQWDEDQXQD
LPSRUWDQWHDXWRQRPtDFRPRSDUDGHFLGLUODVXHU
WHGHVXVUHVSHFWLYDVMXULVGLFFLRQHV/DSHUPD
QHQWHWHQVLyQSDWULPRQLDOHQWUHODPHWUySROL\ORV
JUXSRVROLJiUTXLFRVDOURPSHUVHHOSDFWRFRORQLDO
VHUHVROYLyFRQODIHXGDOL]DFLyQSROtWLFD
$SDUWLUGHHQWRQFHVODGLUHFFLyQSROtWLFDGHO
SDtVFD\yHQPDQRVGHORVMHIHVPLOLWDUHVGHOD
FDPSDxDGHOD,QGHSHQGHQFLD3HURpVWRVDOQR
WHQHUHOVXILFLHQWHSRGHUHFRQyPLFRSDUDFRQVWL
WXLUVHHQXQQXHYRFHQWURKHJHPyQLFRGHSRGHU
WXYLHURQ TXH YDOHUVH GH DOLDQ]DV WUDQVLWRULDV
FRQGLIHUHQWHVROLJDUTXtDVUHJLRQDOHV\FRQGLV
WLQWRVSROtWLFRVFDSDFHVGHH[SUHVDULGHROyJLFD
PHQWHORVLQWHUHVHVGHHVWDVDOLDQ]DV
(VDVtFRPRDSDUWLUGHOD,QGHSHQGHQFLDHO
3HU~VXIULyXQDIUDJPHQWDFLyQSROtWLFDTXHRUL
JLQyXQDSURIXQGDLQHVWDELOLGDGTXHFRQGLIH
UHQWHV LQWHUOXGLRV GXUy KDVWD ILQHV GHO VLJOR
&DUHWDV
FDSLWXORLQGG
+XJR1HLUD
9LUUH\FRUWH\DVHGLRFULROOR(Q+DFLDOD
WHUFHUDPLWDG3HU~;9,;;HQVD\RVGH
UHOHFWXUDKHUpWLFD/LPD)RQGR(GLWRULDO
6LGHD([WUDFWRVVHOHFFLRQDGRV
SiJV
9LUUH\FRUWH\
DVHGLRFULROOR
+XJR1HLUD
$EDQFD\
+LVWRULDGRUSHULRGLVWD\HQVD\LVWDOLPHxR
GLVFtSXORGH5D~O3RUUDV%DUUHQHFKHD
/LJDGRDODDFWLYLGDGDFDGpPLFDIUDQFHVD
9LUUH\FRUWH\DVHGLRFULROOR
&DUHWDV
FDSLWXORLQGG
+XJR1HLUD
SOHWDPHQWHPRGHUQDVXVDWULEXFLRQHVQRGHV
OLQGDQ HO iPELWR SULYDGR \ HO RILFLDO $OJR
SRVHtDSXHVGHUHJDOLFLRHVGHFLUGHFDSULFKR
VR\SRUHOORPiVTXHSDWULPRQLDOVXSRGHU
HUDDUELWUDULRRDUELWULVWDFRPRORVHxDODHO
PH[LFDQR ,JQDFLR 5XELR SDUD OD 1XHYD
(VSDxDH[SOLFDFLyQTXHUHWRPD2FWDYLR3D]
HQVXHQVD\RVREUH6RU-XDQD,QpVGHOD&UX]
(QGHILQLWLYDODILJXUDGHO9LUUH\QRHQFDUQD
XQWLSRSXURGHGpVSRWDVLQRXQJpQHURKtEUL
GR7LHQHGH3UtQFLSH\GHFRQVWUHxLGRDGPL
QLVWUDGRUFRORQLDO
/D IDFXOWDG GH GLVWULEXLU SUHEHQGDV R
VHDHODUELWUDULVPRYLUUHLQDOVHUiGHFLVLYD
DO DEULU SDVR D ODV LQWULJDV GH &RUWH (O
KiELWR GH ORV WUDSLFKHRV \ WHMHPDQHMHV QRV
YLHQH SXHV GH OHMRV 'H WRGRV VXV UROHV
PiVDOOiGHODUHSUHVHQWDFLyQGHODOHJLWLPL
GDG \ HO HMHUFLFLR GLVSDU GH IXQFLRQHV
2UGHQDGRU GHO SDJR GHO HUDULR
6XSHULQWHQGHQWH GH OD 5HDO +DFLHQGD
3UHVLGHQWHGHOD$XGLHQFLDHOPiVGHFLVL
YRHOTXHGHMDUiKRQGDKXHOODHQQXHVWURV
KiELWRV VHUi HO GH OD SUD[LV FRUWHVDQD
&RORQLDWUDPD\PDxD/DYLGDFULROODDWUD
MRWDQWRTXHHO(VWDGRGH,QGLDVWRPyPHGL
GDVSDUDSURWHJHUDVXVYLUUH\HV\RLGRUHV
/DFULROOLGDGLQYDGLyVLQHPEDUJRHOHVSD
FLRGH3DODFLRTXHVLQOOHJDUDVHUHOGHO
(VWDPEXOGHVFULWRSRU**RRGIZLQFRQVX
HVWULFWR SURWRFROR HQ PHGLR GH MDUGLQHV
SDUDGLVLDFRV \ SDWLRV LQWHUPLQDEOHV FRQWy
HQODYLGDSHUXDQD/D9LVLWD\HO-XLFLRGH
5HVLGHQFLDQRDOFDQ]DURQVLQRDPRULJHUDU
HOLQIDWLJDEOHFRPSORWGHOHQFDQWRORFDO
3DODFLR QR HV HQ HVWH FDVR XQD PHWiIRUD
GHO SRGHU VLQR XQD UHDOLGDG ItVLFD \ VHQVXDO
DXQTXH HO HVSDFLR DUTXLWHFWyQLFDPHQWH QR
IXHUD PX\ JUDQGH SXHV HQ HO FDVR GH /LPD
DSHQDVRFXSDEDHOHPSOD]DPLHQWRLQPHGLDWRD
OD 3OD]D 0D\RU URGHDGR GH HVWDEOHFLPLHQWRV
FRPHUFLDOHVRFDMRQHVVLHQGRHOQ~FOHRGHXQ
SRGHUFHUFDGRSRUHOWDOHQWRHQGyJHQRGHTXLH
QHVVLHPSUHVXSLHURQURGHDUDOSRGHURVRSDUD
PHMRUFRPSURPHWHUOR\SHUGHUORFRPRHQORV
WLHPSRV DFWXDOHV D OD HPHUJHQFLD GH DOJ~Q
'LFWDGRU R 3UHVLGHQWH 8QD GH ODV IXQFLRQHV
YLUUHLQDOHVDFDVRODPiVSURIXQGD\SHUGXUD
EOHIXHWUDQVIRUPDU/LPDHQ&RUWHKDVWDTXH
ORV ~OWLPRV YLUUH\HV PLOLWDUHV SRU QHFHVLGDG
OD WUDQVIRUPDURQ HQ IXHUWH (O HVSDFLR GH OD
FRUWHVDQtDQRVHOLPLWDEDVyORDODUHVLGHQFLD
RILFLDOVLQRDODQFKRGHODFLXGDGSRUHQWHUR
OXMR GH VDUDRV tQWLPRV \ WHUWXOLDV IDPLOLDUHV
1R SXHGH GHVFXLGDUVH HQ PDWHULD GH KHUHQ
FLDV FRORQLDOHV OD LQMHUHQFLD GHO SODFHU HQ HO
SRGHUODWUDPSDGHORVDIHFWRV\SDUDGHFLUOR
WRGR OD SRFD GLVWDQFLD HQWUH OHFKR \ PHVD
WURQR\DOFRED(QQXHVWURVGtDV1RUEHUW(OLDV
VHKDSUHJXQWDGRFXDQGRVHFLYLOL]DQORVKRP
EUHV HQ TXp PRPHQWR LQYHQWDQ HO VLVWHPD
SDODFLHJR(QHOFDVROLPHxRDFDVRHVWDUtDPRV
HQODVDQWtSRGDVGH9HUVDOOHV1RIXHHO(VWDGR
HVGHFLUORVYLUUH\HVORVTXHSDFLILFDURQDORV
QREOHV FULROORV VLQR OR FRQWUDULR /D REUD GH
FLYLOL]DFLyQHVGHFLUGHGRPHVWLFDFLyQDPDQ
VDPLHQWR\DGHOJD]DPLHQWRGHOSRGHUS~EOLFR
SRU ODV SDVLRQHV FRPR OR HQWLHQGH 1RUEHUW
(OLDVIXHHPSUHQGLGDSRUODVRFLHGDGFRORQLDO
TXHVHGXMR\FRUURPSLyDVXVDXWRULGDGHV
([DJHUDFLyQ" /RV DFDXGDODGRV FULROORV YHQ
FLHURQ D ORV YLUUH\HV \ PXFKR DQWHV TXH HQ
-XQtQ/RVLQWHUHVHVORFDOHVVHLQPLVFX\HURQVH
PHWLHURQ VH HQWUHPHWLHURQ HQ OD PDTXLQDULD
LPSHULDO KDFLpQGROD JLUDU SDUDGyMLFDPHQWH HQ
EHQHILFLRSURSLRRVHDGHODVpOLWHVSURYLQFLDOHV
7DOILQDOLGDGQRHVFHQVXUDEOHVtORHVHQFDPELR
HO TXH DVSLUDQWHV \ HPSUHQGHGRUHV FULROORV VH
FRQGHQDUDQDHVWUDWHJLDVGHDVWXFLD&DUHQWHVGH
UHSUHVHQWDWLYLGDG VLQ OHJLWLPLGDG VXV DUPDV
IXHURQIRU]RVDPHQWHODPDQLREUD\ODVLQMHUHQ
FLDVHQODVLQVWLWXFLRQHVFRQHOILQGHDFRPRGDUOD
OH\DODVIDPLOLDVGRPLQDQWHV/DLQFRQJUXHQFLD
GHOHVWDWXVFULROORHOGHORVULFRVVLQSRGHUFRVWy
D(VSDxDVXLPSHULR
(QHVWHSUHFLVRSXQWRPHSDUHFHPX\HOR
FXHQWHHOGHVDFXHUGRGHOKLVWRULDGRUHVSDxRO
&pVSHGHV GHO &DVWLOOR FRQ ORV YLDMHURV -RUJH
-XDQ8OORD\GRQ$QWRQLR8OORDGLIXVRUHVGH
OD HTXLYRFDGD YHUVLyQ GH XQD DUULQFRQDGD
FULROOLGDG/DFLWDHVODUJDSHURYDOHODSHQD
/DV HVFDQGDOL]DGDV GHQXQFLDV GH YLDMHURV
H[WUDQMHURV\YLVLWDQWHVSHQLQVXODUHVYHUEL
JUDFLD-RUJH-XDQ\$QWRQLR8OORD1RWLFLDV
6HFUHWDVGH$PpULFDVREUHFRUUXSFLyQ
JHQHUDOL]DGD \ XQLYHUVDO LQFXPSOLPLHQWR GH
ODV OH\HV UHIOHMDQ VLQ GXGD KHFKRV PiV R
PHQRVFLHUWRVSHURWDPELpQXQDWRWDOLQFRP
SUHQVLyQ\GHVFRQRFLPLHQWRGHVXVLJQLILFDGR
SDUWHQ GHO SULQFLSLR GH OD REVHUYDQFLD GH OD
OH\ FXDQGR HO SULQFLSLR HQWRQFHV YLJHQWH HQ
,QGLDVHVODPDQLSXODFLyQGHODOH\DOVHUYLFLR
GHXQDROLJDUTXtDFULROODDXWyQRPDTXHLPSR
QHVXVLQWHUHVHVFRQVLGHUDQTXHODIXQFLyQGH
XQRUJDQLVPRMXGLFLDOHVDGPLQLVWUDUMXVWLFLD
FXDQGRHQODSUiFWLFDGLFKDIXQFLyQHVPXFKR
PiV SROtWLFD TXH MXGLFLDO HVWLPDQ TXH OD
PLVLyQGHWRGRFOpULJRHVUHOLJLRVDFXDQGRHO
GLVIUXWH GH XQ EHQHILFLR HFOHVLiVWLFR VXSRQH
FRQIUHFXHQFLDPXFKRPiVXQDFDUUHUDSURIH
VLRQDO TXH XQD PLVLyQ HVSLULWXDO GDQ SRU
VXSXHVWRTXHHOGHEHUGHFLHUWRVFDUJRVHVHO
VHUYLFLRS~EOLFRSHURLJQRUDQTXHHVHFDUJR
FRPSUDGRDWUDYpVGHXQDYHUGDGHUDVRFLHGDG
PHUFDQWLOTXHQHJRFLDSRUHMHPSORHQQRP
EUDPLHQWRVGHFRUUHJLGRUHV\DOFDOGHVPD\R
UHVVHHMHUFHFRPRXQDLQYHUVLyQ\XQQHJR
FLRFUHHQTXHORVDOWRVIXQFLRQDULRVS~EOLFRV
VRQPHURVVHUYLGRUHVGHOUH\FXDQGRHQUHDOL
GDG VRQ LQWHUPHGLDULRV HQWUH ORV LQWHUHVHV
FULROORV\ORVGHODOHMDQD&RURQD\DUPRQL]DQ
FRPR SXHGHQ ODV SUHVLRQHV ORFDOHV ODV yUGH
QHVGHOPRQDUFD\VXVSURSLDVSUHUURJDWLYDV
TXHSURFXUDQDPSOLDUDWUDYpVGHFRPSURPL
VRV\GHDOLDQ]DVFRQORVSRGHURVRV
&DUHWDV
&DStWXOR,,,
O
-RVp$JXVWtQGHOD
3XHQWH7HRUtDGHOD
HPDQFLSDFLyQGHO
3HU~3LXUD
8QLYHUVLGDGGH3LXUD
3iJV
O
-RUJH%DVDGUH/D
SURPHVDGHODYLGD
SHUXDQD\RWURV
HQVD\RV/LPD
(GLWRULDO-XDQ0HMtD
%DFD3iJV
/XLV$OEHUWR
6iQFKH]8QSDtV
PRQRFUiWLFR(Q(O
3HU~UHWUDWRGHXQ
SDtVDGROHVFHQWH/LPD
3HLVD
3iJV
O
O
3DEOR0DFHUD
9LVLyQKLVWyULFDGHO
3HU~/LPD(GLWRULDO
0LOOD%DWUHV
3iJV
FDSLWXORLQGG
SDUWLUGHODLQGHSHQGHQFLDHO3HU~UDGLFDOL]yORV
WpUPLQRVGHODUHIOH[LyQVREUHHOSDtVTXHVH
KDEtDLQLFLDGRDILQDOHVGHO9LUUHLQDWR/RV
SHUXDQRVPiVLOXVWUHVSLHQVDQHO3HU~FRPRXQD
XQLGDGSROtWLFDDXWyQRPDTXHGHEH
UHFRQRFHUVHHQXQDKLVWRULDHLGHQWLGDGSURSLDV
FRQSOHQRVGHUHFKRVHQHOFRQFLHUWRGHODV
QDFLRQHV(VWDFRQFHSFLyQGHO3HU~\GHVXV
HVWUXFWXUDVSROtWLFDVHVHOUHVXOWDGRGHOD
WUDQVLFLyQDXQDPHQWDOLGDGPRGHUQDSRUSDUWHGHVXVpOLWHV6LQ
HPEDUJRORTXHSDUHFtDVHUODLQDXJXUDFLyQGHXQSHULRGRGH
UHVSXHVWDVIXHHQUHDOLGDGHOFRPLHQ]RSDUDPXFKDVSUHJXQWDV
(VWDPRVDFRVWXPEUDGRVDSHQVDUFRQFLHUWDQDWXUDOLGDGHQOD
LJXDOGDGDQWHODOH\6LQHPEDUJRODFUHFLHQWHKRPRJHQHL]DFLyQ
FXOWXUDOSURGXFWRGHODH[SDQVLyQGHOPHUFDGRQRVKDFHROYLGDU
ODVSURIXQGDVGLIHUHQFLDVGHOSDtVPXOWLFXOWXUDO\PXOWLUUDFLDO
KHUHGDGRGHOD&RORQLD&RQODUHS~EOLFDOOHJDURQODVLGHDV
PRGHUQDVGHLJXDOGDGOHJDO\VREHUDQtDGHOSXHEOR3HURpUDPRV
WRGRVFLXGDGDQRV"&XiOHUDODVLWXDFLyQGHODPXMHU"(QTXp
VLWXDFLyQTXHGDEDQORVLQGtJHQDVVXVFRVWXPEUHV\MHUDUTXtDV"
3RGtDODQDFLyQSHUXDQDUHFODPDUXQDFLXGDGDQtDKRPRJpQHDHQ
XQSDtVPXOWLFXOWXUDO"-XQWRDODVLOXVLRQHVGHVREHUDQtDQDFLRQDO
ODUHS~EOLFDWUDMRFRQVLJRPXFKDVSUHJXQWDV&yPRVHFRQVWLWX\H
XQDQDFLyQSHUXDQDFRQXQDVRFLHGDGWDQKHWHURJpQHD"
(VSRVLEOHTXHORVSHUXDQRVVHDXWRJRELHUQHQ"6HUHTXLHUHGH
PDQRGXUD"&yPRVHGHEHUHODFLRQDUHO3HU~FRQHOPXQGR"
&yPRVLWXDUVHIUHQWHDODSROtWLFDGHGRPLQDFLyQGHORVSDtVHV
SRGHURVRV"/DSURSLDKLVWRULDQRVKDKHFKRFRPSUHQGHUOD
GLILFXOWDGGHOSUR\HFWRUHSXEOLFDQRGHVXVUHWRV\GHVXVWULXQIRV
4XpHVOD
5HS~EOLFD"
-RVp$JXVWtQGHOD3XHQWH&DQGDPR
DFDXVDGHXQKHFKRKLVWyULFR\VX
ILQDOLGDGVRQGRVWHPDVHQWUHWHML
GRV\TXHSHUWHQHFHQDODHQWUDxD
PLVPDGHXQKHFKRKLVWyULFR
7HRUtDGHOD(PDQFLSDFLyQGHO3HU~3LXUD
8QLYHUVLGDGGH3LXUD([WUDFWRV
VHOHFFLRQDGRVSiJV
3DUDTXpOD
,QGHSHQGHQFLD"
-RVp$JXVWtQGH
OD3XHQWH&DQGDPR
/LPD
3UHVLGHQWHGHOD$FDGHPLDGH
+LVWRULDGHO3HU~8QRGHORVJUDQGHV
FRQRFHGRUHVGHOSHUtRGRGHOD
(PDQFLSDFLyQSHUXDQD
8QDYLVLyQQHJDWLYDQRVGLFHTXHODUXS
WXUDFRQ(VSDxDQRUHSUHVHQWDQLQJ~QFDP
ELR LQWHUHVDQWH HQ OD YLGD GHO KRPEUH
SHUXDQR4XHODVLQMXVWLFLDVFRQWLQ~DQTXH
ODOHQWLWXGHQODDGPLQLVWUDFLyQGHO(VWDGR
&DUHWDV
&DSLWXORLQGG
-RVp$JXVWtQGHOD3XHQWH&DQGDPR
3DUDTXpODLQGHSHQGHQFLD"
QR VH PRGLILFD TXH HO QLYHO GH YLGD HQ OR
HFRQyPLFR\VRFLDOQRPHMRUDTXHSDVDPRV
GHOGRPLQLRHVSDxRODOHMHUFLFLRGHOGRPLQLR
LQGXVWULDO\HFRQyPLFREULWiQLFRV
GXFFLyQGHO3HU~HQWUHJDGDDPDQRVSHUXD
QDV HV XQ FDPELR VRFLDO OHJtWLPR \ PX\
VLJQLILFDWLYR(VHOHMHUFLFLRGHOGHUHFKRDO
SURSLRJRELHUQR
/D,QGHSHQGHQFLDGHHVWHPRGRDSDUH
FHQRFRPRXQHMHUFLFLRGHYDQLGDGHVRGH
SUHGRPLQLRVVLQRFRPRXQDDILUPDFLyQGHO
VHU GHO 3HU~ < HVWR HV VXSHULRU DO KHFKR
SROtWLFR\DOVXFHVRPLOLWDU
4XHHQOD5HS~EOLFDGHO3HU~KD\P~OWL
SOHV H[SUHVLRQHV GH LQMXVWLFLDV OHQWLWXG
DGPLQLVWUDWLYD UHWUDVR HQ HGXFDFLyQ
VDOXGYLYLHQGDVRQKHFKRVLQGXGDEOHV(V
FLHUWR LJXDOPHQWH TXH HO 3HU~ QR HV XQD
LVODHQODHFRQRPtDPXQGLDO\TXHHVWD
PRV VXMHWRV D ODV LQIOXHQFLDV GH ORV JUDQ
GHV DPELHQWHV 1R REVWDQWH KD\ PXFKR
PiVTXHGHFLUSDUDODWRWDOFRPSUHQVLyQGH
HVWDSHUVRQDFRPSOHMDTXHHVHO3HU~
&DUHWDV
&DSLWXORLQGG
(QODGLDULDHQFDUQDFLyQYLWDOGHQXHV
WUDV&RQVWLWXFLRQHV\GHVXVSULQFLSLRVWHy
ULFRVHQHOXVR\HQHODEXVRGHODVIDFXOWD
GHVTXHHO(VWDGRUHFRQRFHDORVFLXGDGDQRV
HQ HO SHUIHFFLRQDPLHQWR HVIRU]DGR GHO
PDSDGHOD5HS~EOLFDHQODLQFRUSRUDFLyQ
GH QXHYDV WpFQLFDV TXH WUDQVIRUPDQ HO
PXQGRFRWLGLDQRHQHOHVIXHU]RSRULQWHJUDU
DQXHVWURVKRPEUHVFRQHYLGHQWHVPDWLFHV
FXOWXUDOHVVREUHHOPHVWL]DMHFRP~QHQHO
HVIXHU]R GHO FDPLQR GHO IHUURFDUULO \ GHO
DYLyQ SRU XQLU PiV \ PiV XQD LQPHQVD
JHRJUDItDHQORVDYDQFHV\HQORVUHWURFHVRV
HQ FRQWRUQR GH XQD YLGD PHMRU SDUD WRGRV
ORVSHUXDQRVHQHVWHPDUFRTXHFRPSURPH
WHWRGDODYLGD\WRGDODDFWLYLGDGGHOKRP
EUH VH HQFDPLQD DO SHUIHFFLRQDPLHQWR OD
DILUPDFLyQGHOVHUPLVPRGHO3HU~
/D SUHVHQFLD GHO (VWDGR SHUXDQR TXH
KDEOD HQ QRPEUH SURSLR HQ QRPEUH GH OD
QDFLyQ HV XQD GH ODV H[SUHVLRQHV LQWHUH
VDQWHVGHODQXHYDpSRFD
7DO YH] HV LOXVWUDWLYR FRPR VtPEROR HO
PRPHQWR TXH PHQFLRQD -XDQ *DUFtD GHO
5tRQXHVWURSULPHUHQYLDGRDFUHGLWDGRHQ
/RQGUHV FRQ 'LHJR 3DURLVVLHQ HQ VX
HQWUHYLVWDFRQHOPLQLVWUR&DQQLQJ(OIXQ
-RUJH%DVDGUH
3DUDTXpVH/DLQGHSHQGHQFLD"
/DFUHDFLyQGHODFiUFHOGH*XDGDOXSH
\VXUHJODPHQWRSHUVLJXHQODVHJXULGDG\
HO DOLYLR GH ORV PLVHUDEOHV TXH DQWHV KDQ
JHPLGRHQOXJDUHVLPSURSLRVSRUVXORFDOL
GDG \ IDOWD GH GHVDKRJR (O UHJODPHQWR
SURYLVLRQDO GH ORV WULEXQDOHV GH MXVWLFLD
UHVSRQGHDOPLVPRHVStULWX
$PSOLDHVODOHJLVODFLyQVREUHORVHVFOD
YRV (O WH[WR FDSLWDO GHO GH DJRVWR GH
ILUPDGR SRU 6DQ 0DUWtQ \
0RQWHDJXGR PDQLILHVWD TXH OD KXPDQL
GDG KD VLGR DOWDPHQWH XOWUDMDGD \ SRU
ODUJR WLHPSR YLRODGRV VXV GHUHFKRV HV XQ
JUDQGH DFWR GH MXVWLFLD VL QR UHVDUFLUORV
HQWHUDPHQWH DO PHQRV GDU ORV SULPHURV
SDVRV DO FXPSOLPLHQWR GHO PiV DOWR GH
WRGRV ORV GHEHUHV WRGRV ORV KLMRV GH
HVFODYRVTXHKD\DQQDFLGR\QDFLHUHQHQHO
WHUULWRULRGHO3HU~GHVGHHOGHMXOLRGHO
SUHVHQWHDxRVHUiQOLEUHV\JR]DUiQGH
ORV PLVPRV GHUHFKRV TXH HO UHVWR GH ORV
FLXGDGDQRVSHUXDQRV
3RUGLVSRVLFLyQGHOGHDJRVWRGH
TXHGD DEROLGR HO LPSXHVWR TXH EDMR OD
GHQRPLQDFLyQ GH WULEXWR VH VDWLVIDFtD DO
JRELHUQRHVSDxRO,JXDOPHQWHVHVXSULPH
OD GHQRPLQDFLyQ LQGLRV R QDWXUDOHV HOORV
VRQ KLMRV \ FLXGDGDQRV GHO 3HU~ \ FRQ HO
QRPEUHGHSHUXDQRVGHEHQVHUFRQRFLGRV
'HO GH DJRVWR GHO PLVPR DxR HV OD
GLVSRVLFLyQTXHVXSULPHWRGDFODVHGHVHU
YLGXPEUHSHUVRQDO\QDGLHSRGUiREOLJDU
DTXHVLUYDQFRQWUDVXYROXQWDG
/D FUHDFLyQ GH HVFXHODV JUDWXLWDV GH
SULPHUDV OHWUDV HQ ORV FRQYHQWRV OD IXQ
GDFLyQ GH OD %LEOLRWHFD 1DFLRQDO \ GHO
0XVHR 1DFLRQDO \ OD SUHRFXSDFLyQ SRU
GHIHQGHUORVWHVWLPRQLRVDQWLJXRVGHOKRP
EUHSHUXDQRVRQPXHVWUDVYDOLRVDVGHXQ
&DUHWDV
&DSLWXORLQGG
O3HU~PRGHUQRORKHPRVGLFKRPXFKDV
YHFHV GHEH D OD pSRFD SUHKLVSiQLFD OD
EDVHWHUULWRULDO\SDUWHGHODSREODFLyQ
GHODpSRFDKLVSiQLFDSURYLHQHQWDPELpQ
OD EDVH WHUULWRULDO RWUD SDUWH GH OD SREOD
FLyQ \ HO FRQWDFWR FRQ OD FXOWXUD GH
2FFLGHQWH\ODpSRFDGHOD(PDQFLSDFLyQ
DSRUWDHOVHQWLGRGHODLQGHSHQGHQFLD
\GHODVREHUDQtD0DVHQHVWD~OWLPD
HWDSDPDGXUDDVLPLVPRXQHOHPHQWR
SVLFROyJLFR VXWLO TXH SXHGH VHU OODPDGR
ODSURPHVD
/DSURPHVDGHODYLGDSHUXDQD\RWURV
HQVD\RV/LPD(GLWRULDO-XDQ0HMtD%DFD
([WUDFWRVVHOHFFLRQDGRVSiJV
3DUDTXpVHIXQGy
OD5HS~EOLFD"
-RUJH%DVDGUH
7DFQD/LPD
8QRGHORVKLVWRULDGRUHVPiVLPSRUWDQWHVGHO
3HU~6XVLQYHVWLJDFLRQHVHQHVSHFLDOGHO
SHULRGRUHSXEOLFDQRVRQGHJUDQGLYXOJDFLyQ
(VDXWRUGH3HU~3UREOHPD\3RVLELOLGDG\VX
PRQXPHQWDO+LVWRULDGHOD5HS~EOLFD
3DUDTXpVHIXQGyOD5HS~EOLFD"
GHODLQGHSHQGHQFLDDVtTXHGyHYLGHQFLDGR
/RV OODPDGRV VHSDUDWLVWDV R SDWULRWDV
HQWUDURQHQGLVFRUGLDVLQWHVWLQDVGHPDVLD
GRSURQWRDQWHVGHJDQDUHVDJXHUUDD~Q
DQWHVGHHPSH]DUDJDQDUOD6HGLYLGLHURQ
HQPRQiUTXLFRV\UHSXEOLFDQRV\ORVUHSX
EOLFDQRVDVXYH]HQFRQVHUYDGRUHV\OLEH
UDOHVHQSDUWLGDULRVGHOSUHVLGHQWHYLWDOL
FLR\GHOSUHVLGHQWHFRQXQSHUtRGRFRUWRGH
JRELHUQR HQ IHGHUDOHV \ XQLWDULRV < VLQ
HPEDUJRDSHVDUGHWRGRHOIDQJRTXHFRQ
WDO PRWLYR PXWXDPHQWH VH ODQ]DURQ \ D
SHVDU GH OD VDQJUH FRQ IUHQHVt YHUWLGD
HQWRQFHVSDUDWRGRVHOORVHVDYLFWRULDHQOD
JXHUUDGHOD,QGHSHQGHQFLDDOILQORJUDGD
GHVSXpVGHFDWRUFHDxRVDSHQDVVLIXHXQ
DPDQHFHU%ROtYDU\6DQ0DUWtQ9LGDXUUH
\ /XQD 3L]DUUR 0RQWHDJXGR \ 6iQFKH]
&DUULyQSRUKRQGDVTXHIXHVHQVXVGLYHU
JHQFLDVHQHVRHVWXYLHURQGHDFXHUGR
/DVQDFLRQDOLGDGHVKLVSDQRDPHULFDQDV
WLHQHQSXHVXQVLJQRGLQiPLFRHQVXUXWD
6X DQWHFHGHQWH LQPHGLDWR IXH XQD JXHUUD
GXUD\ODUJDVXRULJHQOHMDQRXQIHQyPH
QR GH FUHFLPLHQWR HVSLULWXDO GHQWUR GHO
SURFHVR YHUWLJLQRVR GH OD WUDQVFXOWXUD
FLyQ GH OD FLYLOL]DFLyQ RFFLGHQWDO HQ HVWH
VXHOR VLPEyOLFDPHQWH OODPDGR HO 1XHYR
0XQGR < SRU HVR VH H[SOLFD TXH HQ HO
LQVWDQWH GH VX QDFLPLHQWR FRPR (VWDGRV
VREHUDQRV DOHMDUDQ VX PLUDGD GHO D\HU
SDUDYROFDUODFRQHVSHUDQ]DHQHOSRUYHQLU
(VDHVSHUDQ]DHVDSURPHVDVHFRQFUHWy
GHQWUR GH XQ LGHDO GH VXSHUDFLyQ LQGLYL
GXDO\FROHFWLYDTXHGHEtDVHUREWHQLGRSRU
HO GHVDUUROOR LQWHJUDO GH FDGD SDtV OD
H[SORWDFLyQ GH VXV ULTXH]DV OD GHIHQVD \
DFUHFHQWDPLHQWR GH VX SREODFLyQ OD FUHD
FLyQ GH XQ PtQLPXQ GH ELHQHVWDU SDUD
FDGD FLXGDGDQR \ GH RSRUWXQLGDGHV DGH
FXDGDVSDUDHOORV(QFDGDSDtVYLQRDVHU
&DUHWDV
&DSLWXORLQGG
-RUJH%DVDGUH
SRUODFRUULHQWHGHH[DJHUDGRLQGLYLGXDOLV
PRTXHGHVSXpVGHOD5HYROXFLyQ)UDQFHVD
VXUJLyHQ(XURSD7XYLHURQGHODOLEHUWDG
XQFRQFHSWRDWyPLFR\PHFiQLFR1RPLUD
URQ D OD FROHFWLYLGDG FRPR D XQD XQLGDG
RUJiQLFD (Q ODV &RQVWLWXFLRQHV GH
\LQWHQWDURQHOGHEL
OLWDPLHQWRGHO(MHFXWLYR\SXVLHURQHQWRGR
LQVWDQWH XQD IH H[FHVLYD HQ HO VXIUDJLR
FX\DPi[LPDDPSOLDFLyQEXVFDURQ3RUVX
SDUWHORVFRQVHUYDGRUHVIXHURQLQFUpGXORV
DQWH OD LOXVLyQ GHO VXIUDJLR FULWLFDURQ OD
DFFLyQ GHO 3RGHU /HJLVODWLYR OpDQVH SRU
HMHPSOR ODV SiJLQDV GH /D 9HUGDG HQ
\ODVQRWDVGH%DUWRORPp+HUUHUDDO
WH[WR GH 'HUHFKR 3~EOLFR GH 3LQKHLUR
)HUUHLUD\TXLVLHURQIRUWDOHFHUHO(MHFXWLYR
3HUR D YHFHV OHV FDUDFWHUL]y VX IDOWD GH
HVStULWXGHSURJUHVRVXFDUHQFLDGHIHHQHO
SDtV\VXSRFDFRKHVLyQ/RVOLEHUDOHVHQ
FDPELR WXYLHURQ VHGXFFLyQ HQ VX SURSD
JDQGDRSWLPLVPRLQTXLHWXGSRUORVKXPLO
GHV &DEH SHQVDU SRU HVR TXH HO LGHDO
KDEUtD VLGR HQFRQWUDU XQD IyUPXOD TXH
UHFRJLHQGR ORV PDWLFHV PHMRUHV GH DPEDV
FRQFHSFLRQHVIXHVHKDFLDXQ(VWDGRIXHUWH
SHURLGHQWLILFDGRFRQHOSXHEORSDUDUHDOL
]DUFRQHQHUJtD\SRGHUXQDREUDGHPRFUi
WLFD 6RQ SDODEUDV GH TXLHQ HVFULEH WDP
ELpQ HVWDV OtQHDV LQFOXLGDV HQ XQ HVWXGLR
WLWXODGR/D0RQDUTXtDHQHO3HU~TXHVH
SXEOLFyHQ
(ODIiQH[FOXVLYRSRUHOSURJUHVRPDWH
ULDO VH SODQWHD SRU SULPHUD YH] HQ JUDQ
HVFDODSRUDFFLyQGH(QULTXH0HLJJVKDFLD
(VWHKRPEUHGHQHJRFLRVQRUWHDPHUL
FDQR KDEtD YLYLGR HQ (VWDGRV 8QLGRV
GXUDQWH HO UiSLGR WUiQVLWR GH GLFKR SDtV
GHVGHODYLGDDJUtFRODKDFLDODYLGDLQGXV
WULDO +DEtD YLVWR 0HLJJV SRU OR WDQWR
VXUJLU\GHVDUUROODUVHDTXHOODH[XEHUDQFLD
GHHQHUJtDDTXHOODDFWLYLGDGFDVLIUHQpWLFD
&DUHWDV
-RUJH%DVDGUH
3DUDTXpVHIXQGyOD5HS~EOLFD"
TXHVLJXLyDODJXHUUDGH6HFHVLyQPHGLDQ
WH ODV FRQVWUXFFLRQHV GH IHUURFDUULOHV OD
GLIXVLyQGHOWHOpIRQR\GHOFDEOH\ODVHVSH
FXODFLRQHV RVDGDV GH ORV EDQFRV \ EROVDV
FRPHUFLDOHV 0RGHODU HO FRQWLQHQWH SDUD
EHQHILFLR GHO KRPEUH \ SDUWLFLSDU HQ ODV
JUDQGHVJDQDQFLDVTXHGHDOOtUHVXOWDQHVH
IXHHOLGHDOGHGLFKDpSRFD0HLJJVTXLVR
DSOLFDUEUXVFDPHQWHODPLVPDSDQDFHDHQ
HO 3HU~ 'H DOOt OD IHEULO FRQVWUXFFLyQ GH
IHUURFDUULOHV ORV JUDQGHV HPSUpVWLWRV HO
YpUWLJR FRPHUFLDO TXH DUUDVWUy D ORV KRP
EUHVGHQHJRFLRVDWRGDFODVHGHQHJRFLRV
%LHQSURQWRVLQHPEDUJRYLQLHURQODIRUPL
GDEOHRSRVLFLyQDQWHODQXHYDSROtWLFDHFR
QyPLFD OD WUDJHGLD GH ORV KHUPDQRV
*XWLpUUH] OD FULVLV TXH SUHFHGLy D OD JXH
UUDFRQ&KLOH/DH[SHULHQFLDHYLGHQFLyDVt
TXHHOGHVDUUROORPDWHULDOGHOSDtVQRGHEtD
VHU XQD PHWD ~QLFD (YLGHQFLy WDPELpQ
TXHHVWHPLVPRGHVDUUROORSDUDVHUVyOLGR
QHFHVLWD EDVDUVH QR VyOR HQ OD KDFLHQGD
S~EOLFD VLQR WDPELpQ HQ XQD SHUPDQHQWH
HVWUXFWXUDLQGXVWULDO\FRPHUFLDO\TXHHQ
OD DGPLQLVWUDFLyQ ILVFDO SUHFLVR HV GDU
LPSRUWDQFLD DO ODGR GHO DXPHQWR GH ODV
UHQWDV\GHORVJDVWRVDXQPDGXUR\VLVWH
PiWLFRSODQHFRQyPLFR
3DUD TXp VH IXQGy OD 5HS~EOLFD" 3DUD
FXPSOLUODSURPHVDTXHHQHOODVHVLPEROL]y
<HQHOVLJOR;,;XQDGHODVIRUPDVGHFXP
SOLU HVD SURPHVD SDUHFLy VHU GXUDQWH XQ
WLHPSR OD SUHRFXSDFLyQ LGHROyJLFD SRU HO
(VWDGR\PiVWDUGHODE~VTXHGDH[FOXVLYDGHO
GHVDUUROOR PDWHULDO GHO SDtV (Q HO SULPHU
FDVR HO REMHWLYR SRU DOFDQ]DU IXH HO (VWDGR
HILFLHQWHHQHOVHJXQGRFDVRIXHHOSDtVSUR
JUHVLVWD 0DV HQ OD SURPHVD DOHQWDED RWUR
HOHPHQWRTXH\DQRHUDSROtWLFRQLHFRQyPLFR
(UDXQHOHPHQWRGHFRQWHQLGRHVSLULWXDOHQ
UHODFLyQFRQODVHVHQFLDVPLVPDVGHODDILU
PDFLyQ QDFLRQDO &RPSUHQGLHURQ \ GHVD
&DUHWDV
&DSLWXORLQGG
UUROODURQtQWHJUDPHQWH\GHPRGRH[KDXV
WLYRHVHRWURPDWL]GHODSURPHVDORVKRP
EUHV GHO VLJOR ;,; TXH SRU OR GHPiV QR
PDORJUDURQQLODHVWDELOLGDGGHO(VWDGRQL
HO LQWHJUDO SURJUHVR GHO SDtV" +H DTXt OR
TXH XQ SHUXDQR WDPELpQ GHO PLVPR VLJOR
HVFULELy&RPRLQGLYLGXR\FRPRFRQMXQWR
ILQDOPHQWH HO KRPEUH QHFHVLWD WHQHU XQ
LGHDO TXH SHUVHJXLU XQD HVSHUDQ]D TXH
UHDOL]DU3RUHVHLGHDO\FRQIRUPHDOTXHVH
WUD]DQVHKDFHQORVKRPEUHV\ORVSXHEORV
&XDQGR FDUHFHQ GH pO VH DUUDVWUDQ FRPR
QRVRWURV SHUH]RVRV GHVDOHQWDGRV SHUGL
GRV HQ HO GHVLHUWR VLQ OX] HQ ORV RMRV QL
HVSHUDQ]D HQ HO FRUD]yQ &UHDUOR GLJQR \
OHYDQWDGR \ PDQWHQHUOR VLHPSUH YLYLHQWH
SDUD ORV LQGLYLGXRV \ SDUD HO FRQMXQWR HV
VXSUHPD QHFHVLGDG GH WRGR HO SXHEOR \
PLVLyQHQFRPHQGDGDDORVTXHORJXtDQ
OOO
$QWHHOSUREOHPDGHODVHOLWHV
'HVSXpVGHUDVWUHDUHOFXUVRGHORVDFRQWH
FLPLHQWRV ODV SHULSHFLDV GH ORV DFWRUHV PiV
LPSRUWDQWHVODHYROXFLyQGHODVLGHDVFRQVWL
WXFLRQDOHV\ODVLGHDVIXHU]DHQODVGLVWLQWDV
JHQHUDFLRQHVQRTXHGDDJRWDGRHOFDPSRGH
OD PHGLWDFLyQ KLVWyULFD 4XHGD VLHPSUH
DELHUWRHOFDPLQRSDUDHOHVWXGLRGHODVLQVWL
WXFLRQHV GH OD FXOWXUD GH ODV FRVWXPEUHV \
GHODVPRGDV4XHGDDGHPiVHOFDPSRGHOD
KLVWRULD HFRQyPLFD MXUtGLFD PLOLWDU QDYDO
GLSORPiWLFDLQWHUQDFLRQDO<HVWiSRU~OWL
PRHOFDPSRHVSHFtILFDPHQWHVRFLDO'HQWUR
GHpVWHODSHUVSHFWLYDHVGHSRUVtDPSOtVLPD
1RVHOLPLWDSRUORWDQWRDODJUDGDFLyQGH
ODV GLVWLQWDV FODVHV QL DO GLOHPD LQGLYLGXR
PXOWLWXGQLDOFRQWUDVWHHQWUHHOFDXGLOODMH\
ORV WH[WRV OHJDOHV /D KLVWRULD VRFLDO FXEUH
WRGRVHVRVWHPDV\GHVSXpVGHDJRWDUORVQR
VHKDDJRWDGRDVtPLVPD
8QRGHORVPiVIDVFLQDQWHV\PHQRVHVWX
GLDGRVDVXQWRVTXHODKLVWRULDVRFLDORIUHFH
HQWUHQRVRWURVHVHOTXHDWDxHDODVpOLWHV
8Q SDtV QR HV VyOR SXHEOR (O SXHEOR
VXPLQLVWUDODEDVHWHO~ULFDODXQLGDGKLV
WyULFDHOFRPSOHMRVRFLROyJLFRODHVWUXFWXUD
HFRQyPLFDODPDWHULDSULPDKXPDQDTXH
VRQORVFLPLHQWRVGHXQSDtV$KtQRTXHGD
SRUORGHPiVVXDSRUWHeOVHPDQLILHVWD
WDPELpQ PHGLDQWH XQ FRQMXQWR GH XUJHQ
FLDV \ GH DVSLUDFLRQHV TXL]iV FRQIXVDV GH
SRVLELOLGDGHV \ GH QHFHVLGDGHV D YHFHV
PXWLODGDV GH HPSUHVDV \ GH HVSHUDQ]DV
VLHPSUH ODWHQWHV 1R HV SRU OR WDQWR VX
FRQWULEXFLyQXQDVLPSOHFDUJDGHOSDVDGR
3HUR VL HVH SDtV TXLHUH GHVHPSHxDU XQD
IXQFLyQ DFWLYD HQ HO PXQGR QHFHVLWD DOJR
PiVTXHXQDPDVD1HFHVLWDPDQGR(Q
pSRFDV\HQDPELHQWHVGRQGHSULYyODWUDGL
FLyQHVHPDQGRSDUWLyGHODDULVWRFUDFLDGH
VDQJUH(UURUSURIXQGRVXSRQHUVLQHPEDU
JRTXHVyORHVRVDULVWyFUDWDVSRUKHUHQFLD
PDQGDURQ 6LHPSUH PDQGy DOJXLHQ (Q
ODV pSRFDV PiV UHYXHOWDV HPHUJLHURQ MHIHV
LPSURYLVDGRVVHJXUDPHQWHORVTXHHYLGHQ
FLDURQ PD\RU DXGDFLD YDOHQWtD R GHFLVLyQ
< GHPRFUDFLD QR TXLHUH GHFLU TXH QDGLH
JRELHUQH VLQR TXH HO SXHEOR HVFRJH D VXV
SURSLRV GLULJHQWHV SRU PHGLR GHO VXIUDJLR
SDUDXQWLHPSRFRUWR\FRQSRGHUHVOLPLWD
GRV VHOHFFLRQiQGRORV VHJ~Q ORV SDUWLGRV
SROtWLFRVDORVTXHSHUWHQHFHQ1RKD\QDGD
UHDFFLRQDULRSXHVHQHVWDWHRUtDGHOQHFH
VDULR PDQGR /DV JUDQGHV GHPRFUDFLDV
DQJORVDMRQDVKDQLQYHQWDGR\SRSXODUL]DGR
XQDSDODEUDTXHH[SUHVDWDOYH]PiVQtWL
GDPHQWH TXH HO FDVWHOODQR HVWH FRQFHSWR
OHDGHUVKLS<GHVGHQLxRVORVDQJORVDMR
QHV VH HQWUHQDQ HQ HO DUWH GH GLULJLU \ GH
REHGHFHU OLEUHPHQWH \ HO MXHJR OODPDGR
IROORZ WKH OHDGHU R VHD VHJXLU DO MHIH
DVtORLQGLFD6XGLIHUHQFLDFRQODFRQFHS
3DUDTXpVHIXQGyOD5HS~EOLFD"
WRFUDFLDTXHYROWHDEDODVHVSDOGDVDOSURSLR
VRODUTXL]iDOODGRGHGHVQLYHOHVHFRQyPL
FRV\FXOWXUDOHVXUJHQWHPHQWHUHPHGLDEOHV
KDEtDXQIHQyPHQRQDWXUDOHLQHYLWDEOHGH
DWUDFFLyQKDFLDORPiVJUDQGHKDFLDORPiV
SUHVWLJLRVR 3RUTXH RWURV WUDVSODQWDGRV R
HPLJUDGRV DQiORJRV OOHJDURQ WDPELpQ D
(XURSDSURYHQLHQWHVGHORV(VWDGRV8QLGRV
GRQGHFLHUWDPHQWHQRSRGtDQDSDUHFHUFUtWL
FDV DFHUFD GH OD IDOWD GH FRPRGLGDGHV R
DFHUFDGHODVWXUEXOHQFLDVSROtWLFDVRDFHU
FD GHO SULPLWLYLVPR HFRQyPLFR < QR VyOR
IXHURQ ODV SULQFHVDV GHO GyODU FX\DV
DQGDQ]DV GH RSHUHWD KD UHQRYDGR HQ ORV
~OWLPRV WLHPSRV %iUEDUD +XWWRQ D FX\R
ODGR FXDOTXLHU VQRE VXUDPHULFDQD UHVXO
WDUtDVHQFLOODVLQRHVFULWRUHVIDPRVRVFRPR
*HUWUXGLV6WHLQRJHQWHVHOHFWDFRPRDTXH
OOD SLQWDGD SRU (OPHU 5LFH HQ VX IDPRVD
REUD7KH/HIW%DQN
1LORVTXHHPLJUDQQLORVTXHVHGLVLSDQ
HQ OD IULYROLGDG QL VLTXLHUD ORV TXH VDEHQ
PDQHMDUHOOiWLJRFXPSOHQODPLVLyQHVHQ
FLDOGHODVDXWpQWLFDVpOLWHVFRPDQGDU
OOO
/DV VLQJXODUHV FDUDFWHUtVWLFDV TXH OD
,QGHSHQGHQFLD SUHVHQWy HQ HO 3HU~ FRQ OD
SDUWLFLSDFLyQ DUJHQWLQD \ FRORPELDQD
GHWHUPLQDURQGRVKHFKRVGHYDVWDVSUR\HF
FLRQHVQRVXUJLyHQHVDJXHUUDXQJUDQ
FDXGLOOR PLOLWDU SHUXDQR OD QREOH]D QR
SUHVLGLy FRPR JUXSR VRFLDO RUJiQLFR HO
FRPLHQ]R GH OD 5HS~EOLFD (PSREUHFLGD
SRU OD JXHUUD FRQWHPSOy OXHJR FyPR HUDQ
DEROLGRVORVWtWXORVGHQREOH]D\FyPRHUDQ
DEROLGRV ORV PD\RUD]JRV (O IROOHWR
5HFODPDFLyQ GH ORV YXOQHUDGRV GHUHFKRV
GHORVKDFHQGDGRVGH/LPDSLQWDVXGHFD
GHQWHVLWXDFLyQKDFLD(OSRGHUSROt
WLFR FD\y GH LQPHGLDWR HQ PDQRV GH ORV
&DUHWDV
&DSLWXORLQGG
-RUJH%DVDGUH
LGHyORJRV\GHORVSROtWLFRVSURIHVLRQDOHV$
ORVSULPHURVORVKHPRVOODPDGRSURJUHVLV
WDVDEVWUDFWRV\DORVVHJXQGRVLQPHGLD
WLVWDVXWLOLWDULRV
(QHOYHFLQR&KLOHGHVSXpVGHSUH
FLVDPHQWHXQDROLJDUTXtDGHJUDQGHVSUR
SLHWDULRVXQLGDSRULQWHUHVHVIDPLOLDUHVVH
HULJLyVREUHXQDPDVDSDVLYD3HURVLORV
SHOXFRQHVFRQVWUX\HURQXQPXURDOUHGHGRU
GHO(VWDGRFKLOHQRFRQWUDHOROHDMHGHPDJy
JLFR QR VH OLPLWDURQ D WHQHU HO HVStULWX
FRORQLDO +RPEUHV FRPR HO JUDPiWLFR
MXULVWD\SRHWD$QGUpV%HOORHOJHyJUDIR\
H[SORUDGRU &ODXGLR *D\ HO QDWXUDOLVWD
'RPH\NRGLHURQD&KLOHXQHVWLORSHFXOLDU
GHFXOWXUD%HOORVREUHWRGRFRQWULEX\yDO
DPSDURGHODSD]SHOXFRQDDFUHDUHOHTXL
SRFRQGXFWRUTXHOXHJRSXGRVLQGHUUDPD
PLHQWR GH VDQJUH SUHVLGLU ODV UHIRUPDV
OLEHUDOHV REMHWDGDV DO SULQFLSLR \ PiV
WDUGHSUHVLGLUODJXHUUDTXHKL]RGH&KLOH
XQDSRWHQFLDHQHO3DFtILFR6XU
1R IXH HVD OD VLWXDFLyQ HQ HO 3HU~ (Q
QXHVWURV WUHLQWDV \ FXDUHQWDV WXYLPRV
PRPHQWRVHQTXHSDUHFLyKDEHUVHOOHJDGRD
XQD H[WUHPD VLPSOLILFDFLyQ GH OD IDHQD GH
FRPDQGDU\GLULJLUSRUKDEHUVHURWRHOHTXL
OLEULRHQWUHPDVD\pOLWH)XHURQPRPHQWRV
GHDKLVWRULDRVHDGHFKRTXHVFRQWUDGLF
WRULRV GH FRQWLQXR HPSH]DU HQ FRQWUDVWH
FRQODKLVWRULDTXHHVHQVtSURFHVR\HVHQ
FLDOFRQWLQXLGDG(OHMpUFLWR\HOFDXGLOODMH
WDQYLOLSHQGLDGRVWDQLQFRPSUHQGLGRVSUH
WHQGLHURQDYHFHVVRIUHQDUHOIUHQHVtLGHROy
JLFR\GDUSD]\FRKHVLyQDOSDtV
ELU\TXHVHDJDUDQWL]DGRHQODSRVHVLyQGH
VXVRYHMLWDV\VXWHUUHQLWR3HURDOPLVPR
WLHPSRTXHODKLJLHQHODVDOXGHOWUDEDMR\
ODFXOWXUDGH3HGUR0DPDQLLPSRUWDTXH
HOWHUULWRULRHQHOFXDOpOYLYHQRGLVPLQX\D
VLQR DFUHFLHQWH VX UHQGLPLHQWR GHQWUR GHO
FXDGURFRPSOHWRGHODSURGXFFLyQQDFLRQDO
6LHVRQRRFXUUHDXQFXDQGRJRFHGHOSOHQR
GRPLQLRGHVXFKDFULWD\GHVXVRYHMLWDV\
DXQTXHOHDWRGDODFROHFFLyQGHO)RQGRGH
&XOWXUD (FRQyPLFD 3HGUR 0DPDQL QR
WHQGUiUHVXHOWRVVXVSUREOHPDVEiVLFRV
(QQXHVWURSDtVQRVyORGHEHPRVSUHRFX
SDUQRVGHODGLVWULEXFLyQVLQRWDPELpQGH
ODPD\RUSURGXFFLyQ\GHOPD\RUFRQVXPR
1XHVWURSUREOHPDQRHVVyORGHUHSDUWRHV
WDPELpQGHDXPHQWR4XHHOSHUXDQRYLYD
PHMRU SHUR TXH DO PLVPR WLHPSR HO 3HU~
Gp PiV GH Vt < SDUD HOHYDU \ VXSHUDU HO
QLYHO JHQHUDO GH YLGD DTXt QR KD\ TXH
DFWXDU H[FOXVLYDPHQWH VREUH HO LQGLR GHV
FDO]RSXHVKD\TXLHQHVQRVHKDOODQHQHVD
FRQGLFLyQ \ VH PXHYHQ GHQWUR GH KRUL]RQ
WHVHFRQyPLFRVDVD]UHGXFLGRV1LQJXQDGH
QXHVWUDVVROXFLRQHVQRVYHQGUiSXHVFRFL
GD \ PDVWLFDGD GH RWURV SDtVHV DXQTXH
VHDQ KHUPDQRV SULPRV R SUyMLPRV <
VREUHWRGRQDGDVHSRGUiKDFHUDIRQGRVL
DOSDtVQROHFRQPXHYHODFRQFLHQFLDGHVt
VL QR DILUPD HQ HVWD KRUD IHUR] VX TXHUHU
H[LVWHQFLDO QDFLRQDO 3RU HVR OD SURPHVD
GH OD YLGD SHUXDQD DWDxH D OD MXYHQWXG
SDUDTXHODUHYLYDDORVKRPEUHVGHHVWX
GLR HQ VXV GLVWLQWRV FDPSRV SDUD TXH OD
FRQYLHUWDQHQSODQDODRSLQLyQS~EOLFDHQ
VXVHFWRUFRQVFLHQWHSDUDTXHODFRQYLHUWD
HQSURSyVLWR
$O OHHU HVWR QR IDOWDUi TXLHQ KDJD XQD
PXHFDGHVDUFDVPRGHDPDUJXUDRGHFyOH
UDFUH\HQGRTXHVHOHKDEODGHFRVDVPDQR
VHDGDVYDFtDVRFtQLFDV3RUTXHODSURPH
VD GH OD YLGD SHUXDQD VHQWLGD FRQ WDQWD
VLQFHULGDGFRQWDQWDIH\FRQWDQWDDEQH
JDFLyQ SRU SUyFHUHV \ WULEXQRV KD VLGR D
PHQXGR HVWDIDGD R SLVRWHDGD SRU OD REUD
FRLQFLGHQWH GH WUHV JUDQGHV HQHPLJRV GH
HOOD ORV 3RGULGRV ORV &RQJHODGRV \ ORV
,QFHQGLDGRV/RV3RGULGRVKDQSURVWLWXLGR
\SURVWLWX\HQSDODEUDVFRQFHSWRVKHFKRVH
LQVWLWXFLRQHV DO VHUYLFLR H[FOXVLYR GH VXV
PHGURVGHVXVJUDQMHUtDVGHVXVLQVWLQWRV
\VXVDSDVLRQDPLHQWRV/RV&RQJHODGRVVH
KDQHQFHUUDGRGHQWURGHHOORVPLVPRVQR
PLUDQ VLQR D TXLHQHV VRQ VXV LJXDOHV \ D
TXLHQHVVRQVXVGHSHQGLHQWHVFRQVLGHUDQ
GRTXHQDGLHPiVH[LVWH/RV,QFHQGLDGRV
VHKDQTXHPDGRVLQLOXPLQDUVHDJLWDQVLQ
FRQVWUXLU/RV3RGULGRVKDQKHFKR\KDFHQ
WRGRORSRVLEOHSDUDTXHHVWHSDtVVHDXQD
FKDUFD ORV &RQJHODGRV OR YHQ FRPR XQ
SiUDPR\ORV,QFHQGLDGRVTXLVLHUDQSUHQ
GHU H[SORVLYRV \ YHUWHU YHQHQRV SDUD TXH
VXUMDXQDJLJDQWHVFDIRJDWD
7RGDODFODYHGHOIXWXURHVWiDOOtTXHHO
3HU~ VH HVFDSH GHO SHOLJUR GH QR VHU VLQR
XQD FKDUFD GH YROYHUVH XQ SiUDPR R GH
FRQYHUWLUVHHQXQDIRJDWD4XHHO3HU~QR
VH SLHUGD SRU OD REUD R OD LQDFFLyQ GH ORV
SHUXDQRV
/XLV$OEHUWR6iQFKH]
8QSDtVPRQRFUiWLFR(Q(O3HU~UHWUDWR
GHXQSDtVDGROHVFHQWH/LPD3HLVD
([WUDFWRVVHOHFFLRQDGRVSiJV
8QSDtV
PRQRFUiWLFR
/XLV$OEHUWR6iQFKH]
/LPD/LPD
8QRGHORVLQWHOHFWXDOHVPiVLQIOX\HQWHV
GHOVLJOR;;\GHVWDFDGRPLHPEURGHO
3DUWLGR$SULVWD3HUXDQR)XHUHFRQRFLGR
FUtWLFROLWHUDULR
&DUHWDV
&DSLWXORLQGG
EUHGHSRFRVHVFU~SXORV\PXFKRVDOFDQFHV
IXHHOHPSUHVDULR\GLUHFWRUGHDTXHOLQIDXV
WRHQVD\R/DQDFLyQQRKDEtDFXPSOLGRGRV
DxRVGHVREHUDQtD
/DKLVWRULDWLHQHXQDLQYLVLEOHWHQGHQFLD
DOULWRUQRDODQWLFRTXHGLUtDXQPHOyPD
QR 'HVGH HQWRQFHV QXHVWURV SURKRPEUHV
VHKDQDIDQDGRYLVLEOHPHQWHHQDVDOWDUHO
SRGHUSRUODIXHU]D\PDQWHQHUVHHQpOVLQ
WUDEDV HQ YLRODU HO MXUDPHQWR GHO LQJUHVR
DXQTXH OH FXHVWH OD VDOLGD YLROHQWD \ HQ
DSR\DUVHVREUHODVED\RQHWDVDVDELHQGDV
GHTXHVHQWDUVHVREUHHOODVHVOR~QLFRTXH
QRGHEHKDFHUXQKRPEUHFDXWRFRQVRPH
URVFRQRFLPLHQWRVGHSVLFRORJtDKLVWRULD\
SROtWLFD (VWD ~OWLPD VH KD KHFKR HQWUH
QRVRWURV VLQ pVD VLQ DTXpOOD \ VLQ HO SXH
EOR +H DTXt OD H[SOLFDFLyQ VXFLQWD GH OD
PD\RUtDGHQXHVWUDVGHVYHQWXUDV
5LYD $JHUR FXDQGR VH YLR SHUGLGR QR
VyORSRUTXHDODVRPEUDGHOFDXGLOOLVPR\OD
DQDUTXtD (VSDxD UHFXSHUDED VX tPSHWX
VLQRWDPELpQSRUTXHODFRQGLFLyQSUHYLDGHO
DX[LOLREROLYLDULDQRHUDODHOLPLQDFLyQGHORV
MHIHFLOORVORFDOHVFXDQGRVHYLRSHUGLGRGLJR
QR WUHSLGy HQ YROYHU ORV RMRV DO GHSXHVWR \
PRULEXQGR9LUUHLQDWR$HVWRVHOHKDOODPD
GR SHUXDQLVPR SXHV SUHWHQGtD HYLWDU OD
DEVRUFLyQFRORPELDQD+DVWDKR\HVGLVFXWLGD
ODVDELGXUtDGHODVDUGLQDTXHSRUQRFDHUHQ
ODVDUWpQVDOWyHQODVEUDVDV(OULHVJRPD\RU
HUD HO FRORQLDMH HO PHQRU OD KHJHPRQtD GH
%ROtYDU/RLQGLFDEDHOUXPERGHODJXHUUDOR
LEDDVDQFLRQDUHOIXWXURLQPHGLDWR&DVLMXQ
WRVFRPRVXHOHRFXUULUHQWRGDJUDQOXFKDVH
HOLPLQDURQ ORV H[WUHPRV HO 5H\ \ HO
/LEHUWDGRU(OXQRHQHORWURSDUDHO
3HU~ HQ 5LYD $JHUR TXHGy PDO FRQ
'LRV\FRQHOGLDEORDXQTXHHQHVWHFDVRi
WRXWVHLJQHXUWRXWKRQQHXUQRKD\DGLDEOR
VLQRPHWDIyULFR
2WUDLQGLFDFLyQLQVWUXFWLYDHO&RQJUHVR
WDQ FHORVR GH VXV IXHURV \ WHPHURVR GH OD
WLUDQtD HQ HQWUHJDED HQ D
%ROtYDU WRGRV ORV SRGHUHV \ pO PLVPR HO
&RQJUHVR VH OODPDED D UHWLUR 6HUtDQ GRV
HQFDUQL]DGRV RSRVLWRUHV DO /LEHUWDGRU
TXLHQHVKLFLHURQHOYLDMHD&DQRVVDGLJRD
4XLWR SDUD SHGLUOH TXH ORV DX[LOLDUD FRQ
VXV KXHVWHV $Vt RFXUULy 8QR GH ORV DUUH
SHQWLGRV 2OPHGR VHUtD OXHJR HO FDQWRU
HSyQLPR GH 6( (O /LEHUWDGRU &ODUR
DTXHOORVXFHGtDSRUREUDGHODVFLUFXQVWDQ
FLDVSHURFXDQGRODVFLUFXQVWDQFLDVVRQOD
~QLFD\UHLWHUDGDFODYHGHXQDSROtWLFDHO
UHVXOWDGR VH OODPD RSRUWXQLVPR &RQ OR
FXDOQRSUHWHQGHPRVLQYDGLUQLQJXQDGRF
WULQD D ODV HQWRQFHV FLUFXODQWHV VLQR VyOR
VHxDODUODIODTXH]DGHORVSRUWDYRFHV
<D VH VDEH HO UHVWR GH OD KLVWRULD
6HSDUDGD%ROLYLDSRUXQGLNWDWVDELDPHQWH
DPDxDGRFRQODUJRVSUHiPEXORVHQ6XFUH
\DVXQWRVLQWURLWRVGH&DVLPLUR2ODxHWD\
VXV DPLJRV VH SODQWHy RWUR SUREOHPD D
UHVROYHUPRQRFUiWLFDPHQWH*DPDUUDTXH
UtD GHVWUXLU OD LQGHSHQGHQFLD GH %ROLYLD
FRPRUHFKD]RDO/LEHUWDGRUUHLQFRUSRUiQ
GRODDO3HU~6DQWD&UX]EROLYLDQRTXHDO
SULQFLSLRFRPSDUWLyODVLGHDVGH*DPDUUD
QDWXUDOPHQWH VLHPSUH TXH pO IXHUD HO
KRPEUH GHO GHVWLQR FDPELy GH iQJXOR
DXQTXHQRGHFDPSRGHPLUDDSHQDVVHYLR
DFODPDGR HQ VX SDWULD GH RULJHQ 'HVGH
HQWRQFHVKDVWDHQTXHXQPLVWHULRVR
GLVSDURVHJyODYLGDGH*DPDUUDHOSOHLWR
SULQFLSDO GH ORV SHUXDQRV IXH GH TXLpQ
PDQGDDTXLpQVL3HU~D%ROLYLDR%ROLYLD
D3HU~ORFXDOWUDGXFLGRHQWpUPLQRVSROt
WLFRVHIHFWLYRVIXHVLPDQGDUi*DPDUUDR
6DQWD&UX]VREUHDPEDVQDFLRQHV(OFRP
SOHMR QDSROHyQLFR KDFtD HVWUDJRV HQWUH ORV
PLOLWDUHV \ HO EROLYDULDQR HQWUH ORV HVWD
GLVWDV'HDKtTXHHQODPRFKLODGH*DPDUUD
&DUHWDV
8QSDtVPRQRFUiWLFR
&DUHWDV
&DSLWXORLQGG
/XLV$OEHUWR6iQFKH]
JXHUUDDOWUiILFRGHHVFODYRV(QORV(VWDGRV
8QLGRV KD\ XQD OXFKD WUHPHQGD VH FRQ
YHUWLUtDHQJXHUUDDSDUWLUGH\KDVWD
SRULGpQWLFDUD]yQ3XHVKDJiPRQRV
OLEHUDOHV6HDPRVDQWLHVFODYLVWDV$SR\HPRV
OD PDQXPLVLyQ GH ORV QHJURV OLEUHV HQ HO
YLHQWUH GH VXV PDGUHV GHVGH 3HUR
SDUDQRSHUGHUWRGDVQXHVWUDVSLQJHVXWL
OLGDGHV FRQWUDWHPRV WUDEDMDGRUHV EDUDWRV
HQWUH ORV IDPpOLFRV GH OD &KLQD 'HOLFDGD
RSHUDFLyQTXHUHTXHUtDDOWDLQIOXHQFLDHQHO
JRELHUQRSDUDUREXVWHFHUHOSRGHUHFRQyPL
FR$VtIXHFRPRDODVRPEUDGHWDOHVLQWH
UHVHV \ DSURYHFKDQGR OD LPSRVWHUJDEOH
OXFKD HQWUH PLOLWDUHV OOHJDGD D VX FOtPD[
HQODpSRFDGH%DOWDHO3HU~WHQtD\DGLQH
URDPDQHFHXQSDUWLGRGHFLYLOHVFRQEDQ
GHUD FLYLO \ QRPEUH WDO HO 3DUWLGR &LYLO
FX\R REMHWLYR LQPHGLDWR VHUi HQWUHJDU HO
SRGHUDORVFLYLOHVUHVFDWiQGRORGHPDQRGH
ORVPLOLWDUHV1RREVWDQWHDSHQDVWHUPLQD
HO SULPHU SHUtRGR FLYLO VX SUHVLGHQWH WUDV
SDVD FRQVFLHQWHPHQWH OD SUHVLGHQFLD D XQ
JHQHUDOGH0DQXHO3DUGRD0DULDQR,JQDFLR
3UDGR /DV UD]RQHV GRFWULQDULDV WHQtDQ
PHQRUYLJRUTXHYtQFXORVGHRWUDQDWXUDOH
]D/DJXHUUDLQWHUUXPSLyHOQXHYRSHUtRGR
PLOLWDU FRQ OD GLFWDGXUD GH 3LpUROD OD WHWH
QRLUHGHOFLYLOLVPRSRUFX\DUD]yQOHFHUUy
HOSDVR\FRQpODOSXHEORGHDTXHOWLHPSR
1R VH KD DQDOL]DGR SVLFROyJLFDPHQWH D
IRQGRODDFWXDFLyQGHO-HIH6XSUHPRGHOD
*XHUUD HQ DTXHO OXFWXRVR SHUtRGR 6H OR
FRQVLGHUD GHVGH HO SXQWR GH YLVWD GH VXV
DFLHUWRV R GHVDFLHUWRV PLOLWDUHV R GH VXV
ORJURVSROtWLFRV+D\YDULRViQJXORVLQpGL
WRV$VtQRVHKDGLFKRTXHODPHJDORPD
QtDGHTXH*RQ]iOH]3UDGDOHKDFtDUHSUR
FKH UHFXpUGHQVH ODV OHWULOODV VREUH HO
HQDQR 3HULQROD GHEHUtD LPSXWDUVH DO
PHGLR(QHO3HU~QRVHFRQRFLyMDPiVXQD
DXWRULGDG FROHFWLYD $QGXYLPRV VLHPSUH
8QSDtVPRQRFUiWLFR
3DEOR0DFHUD
OHJDOLVWDGH-RVp3DUGRHQVXVHJXQGDSUH
VLGHQFLD UHQDFH FRQ /HJXtD OD DXWRFUDFLD
GHVHPER]DGD\UHHOHFFLRQLVWD/RTXHVLJXH
HV KLVWRULD FRQWHPSRUiQHD (Q WUHLQWD \
VLHWH DxRV GH DFi >@ QR FRQRFL
PRVVLQRQXHYHPHVHVPiVWUHVDxRV\WUHV
PHVHV HQ WRWDO FXDWUR DxRV GH JRELHUQR
GHPRFUiWLFR FRQ SOHQR GLVIUXWH GH OLEHUWD
GHV S~EOLFDV VLQ FHQVXUD VLQ H[LOLRV VLQ
SUHVRVSROtWLFRVVLQVXSUHVLyQGHSDUWLGRV
'XUR EDODQFH HQ HV GHFLU PHQRV GH
GH YLGD FRQVWLWXFLRQDO DEVROXWD
([WHQGLGD HVD SURSRUFLyQ D QXHVWURV
DxRV\PHGLRODUHJXODULGDGGXUDQWHGLFKR
ODSVR VL MX]JDPRV FRQ ULJRU QR GD PXFKR
PiV3DUDVHURSWLPLVWDHOHYHPRVODFLIUDD
XQFXDUWRGHVLJORGHPRFUiWLFRODPRQRFUD
FLD QRV HV GHXGRUD GH FLHQWR GLH] DxRV GH
UHWUDVRRHVWDQFDPLHQWRHQTXHODQDFLyQ
PRUDO \ PDWHULDOPHQWH KD DYDQ]DGR SRU
VXFXHQWDDGHVSHFKRGHOFRQWUDSURGXFHQWH
IUHQRTXHUHSUHVHQWyODDPSXWDFLyQGHVXV
PiVSUHFLDGDVYLUWXGHV\SRVLELOLGDGHV
/D3ULPHUD
5HS~EOLFD
3DEOR0DFHUD
+XDFKR
,QYHVWLJDGRUGHOD8QLYHUVLGDGGH6DQ
0DUFRV8QRGHORVKLVWRULDGRUHVPiV
SROpPLFRVGHO3HU~6XVSXQWRVGHYLVWD
VLHPSUHKDQVXVFLWDGRFRQWURYHUVLD
&DUHWDV
&DSLWXORLQGG
/D3ULPHUD5HS~EOLFD
FRPRGHFtDXQHQYLDGRIUDQFpVHO3DFtILFR
VH LED FRQYLUWLHQGR HQ XQ HVWXDULR GHO
7iPHVLV \ HO 3HU~ LQJUHVDED SDXODWLQD
PHQWH D OD HVIHUD GH LQIOXHQFLD GHO JUDQ
LPSHULR LQIRUPDO EULWiQLFR &DUHFHPRV
D~QGHHVWXGLRVTXHGHVFULEDQ\H[SOLTXHQ
ODSRVLFLyQ\ODVUHODFLRQHVGHO3HU~GHQWUR
GH DTXHO VLVWHPD SODQHWDULR FX\R FHQWUR
VRODUHUD,QJODWHUUD\TXHHVSHFLILTXHQHO
QXHYRWLSRGHGHSHQGHQFLDGLIHUHQFLiQGROR
GH OD GRPLQDFLyQ FRORQLDO GLUHFWD TXH OD
SURSLD,QJODWHUUDHPSOHDEDHQRWURVFRQWL
QHQWHV$IULFD$VLDDVtFRPRGHOUpJLPHQ
WUDGLFLRQDOHVSDxROGHORVVLJORV;9,;,;
,QJODWHUUDQRWRPyDVXFDUJRHQSULPHU
WpUPLQR OD DGPLQLVWUDFLyQ GH ORV SDtVHV
TXH IRUPDEDQ SDUWH GH VX LPSHULR LQIRU
PDO3UHILULyHOFRQWUROHFRQyPLFRDWUDYpV
GHO FRPHUFLR LQWHUQDFLRQDO YDOLpQGRVH GH
VX VXSHULRULGDG WHFQROyJLFD PHGLRV GH
WUDQVSRUWH \ IDEULFDFLyQ LQGXVWULDO
(VWUXFWXUy DVt PLVPR ORV WpUPLQRV GH
LQWHUFDPELRGHPRGRTXHFRPRHQHOVLVWH
PDWUDGLFLRQDOHVSDxROODViUHDVSHULIpUL
FDV\GHSHQGLHQWHVFRPRHO3HU~LPSRUWD
UDQELHQHVGHFRQVXPRDQWHVTXHELHQHVGH
FDSLWDO(YLWySRU~OWLPRFRPSURPHWHUVH
HQLQYHUVLRQHVGLUHFWDVGHVSXpVGHXQDSUL
PHUDDSHUWXUDIUDFDVDGDHQHOVHFWRUPLQH
UR (O FDSLWDO EULWiQLFR VH KL]R SUHVHQWH
VREUHWRGRSRUPHGLRGHORVHPSUpVWLWRVD
ORV GpELOHV \ HQGHXGDGRV JRELHUQRV VXUD
PHULFDQRV 6ROR HQ OD VHJXQGD PLWDG GHO
VLJOR ;,; DSDUHFLy HQ DOJXQRV VHFWRUHV
LQWHUQRV FRPR ORV WUDQVSRUWHV IHUURFDUUL
OHV\VHUYLFLRVS~EOLFRVJDV
$XQTXH IXHURQ GHFLVLYRV HVWRV IDFWRUHV
H[WHUQRVGHULYDGRVGHODQXHYDGHSHQGHQ
FLDLQIRUPDOL]DGDQREDVWDQSDUDHQWHQGHU
HO SURFHVR KLVWyULFR SHUXDQR GXUDQWH HO
VLJOR ;,; 'HEHPRV SUHJXQWDUQRV OR TXH
&DUHWDV
&DSLWXORLQGG
3DEOR0DFHUD
HQWUHWDQWRHQIRUPDDODYH]FRLQFLGHQWH\
UHODFLRQDGD RFXUUtD HQ OD VRFLHGDG LQWHU
QD6LQGXGDHOKHFKREiVLFRHVODSHUVLV
WHQFLD GH OD HVWUXFWXUDFLyQ FRORQLDO
LPSODQWDGDGXUDQWHWUHVVLJORV\TXHSDUD
VHU PRGLILFDGD KXELHVH QHFHVLWDGR GH XQD
UHYROXFLyQVRFLDOTXHQRILJXUDEDHQQLQJX
QR GH ORV SURJUDPDV GH OD UHLYLQGLFDFLyQ
FULROOD LQGHSHQGHQWLVWD /RV LQGLRV FRQWL
QXDURQ EDMR XQ UpJLPHQ VHUYLO GXUDQWH
WRGRHOVLJOR;,;\DXQGHVSXpV/DHVFOD
YLWXGQHJUDIXHPDQWHQLGDKDVWDPHGLDGRV
GHO VLJOR ;,; SDUD VHU UHPSOD]DGD SRU OD
GXUD WUDWD GH FKLQRV /DV EDMDV FODVHV
PHGLDV \ ORV VHFWRUHV SRSXODUHV XUEDQRV
GHELHURQ UHVLJQDUVH D VHU XQD FOLHQWHOD
SDWURFLQDGD SRU OD UHGXFLGD HOLWH GH FULR
OORVTXHMXUDURQODUHS~EOLFDVLQDEMXUDUGH
ODFRQTXLVWD/DKLVWRULDSXGRVHUGLIHUHQ
WHGHKDEHUVLGRHO3HU~XQDUHS~EOLFDGH
LQGLRVRXQDUHS~EOLFDGHPHVWL]RV7~SDF
$PDUX3XPDFDKXD
'XUDQWHWRGDODSULPHUDPLWDGGHOVLJOR
;,; HO 3HU~ FULROOR GHELy DVt PLVPR WRPDU
GHFLVLRQHV DFHUFD GH OD GLVWULEXFLyQ GHO
SRGHUSROtWLFRWDQWRGHQWURGHVXWHUULWRULR
FRPRGHQWURGHOQXHYRFRQWH[WRJHRSROtWLFR
VXUDPHULFDQRSDUDHOFXDOQRYDOtDQ\DORV
DUUHJORVGHOVLVWHPDHVSDxRO(UDQHFHVDULR
GHFLGLUFXiOVHUtDHOQXHYRFHQWURKHJHPyQL
FR R DOWHUQDWLYDPHQWH PRQWDU FXLGDGRVD
PHQWH HO SOXUDOLVPR GH XQ HTXLOLEULR GH
SRGHUHV )UDFDVDGD OD JUDQ FRQIHGHUDFLyQ
GH%ROtYDU&RORPELD9HQH]XHOD(FXDGRU
3HU~ %ROLYLD KDEtD TXHGDGR DELHUWD OD
SRVLELOLGDG GH XQ HMH 3HU~EROLYLDQR TXH
VLJQLILFDED OD DGDSWDFLyQ DO VLJOR ;,; GHO
DQWLJXR PRGHOR LQFDLFR \ DXVWUtDFR TXH
KDEtD VLGR LQWHUUXPSLGR SULPHUR SRU ODV
UHIRUPDVERUEyQLFDVFUHDFLyQGHOYLUUHLQD
WRGH%XHQRV$LUHV\GHVSXpVSRUODLQGH
SHQGHQFLD GH %ROLYLD (VH HMH UHVXOWDED
SHFWLYDPHQWHODVDXGLHQFLDVGH&KDUFDV\
/LPD VLQ TXH HVD UHGXFFLyQ LPSOLFDVH XQ
HTXLOLEULR GHILQLWLYR GH ORV SRGHUHV HQ HO
RUGHQ LQWHUQDFLRQDO VXUDPHULFDQR 'HMy
DELHUWD SRU HO FRQWUDULR OD FRQIURQWDFLyQ
GLUHFWDHQWUHHO%UDVLO$UJHQWLQD$UJHQWLQD
&KLOH&KLOH3HU~3HU~&RORPELD(FXDGRU
HQXQFtUFXORYLFLRVRLQGHILQLGR
(QFXDQWRDODHVWUXFWXUDFLyQGHOSRGHU
LQWHUQRODVRSFLRQHVGHO3HU~IXHURQPXFKR
PiVOLPLWDGDVTXHHQHORUGHQLQWHUQDFLRQDO
/DDULVWRFUDFLDFULROODQRKDEtDSRGLGRFRPR
VX KRPyORJD FKLOHQD UHDOL]DU OD LQGHSHQ
GHQFLD 6XV SULQFLSDOHV UHSUHVHQWDQWHV
7RUUH7DJOH5LYD$JHURKDEtDQVLGRDFX
VDGRV GH FRODERUDFLRQLVPR &DVL WRGRV
KDEtDQ SUHIHULGR ORV FDVWLOORV HVSDxROHV GHO
&DOODR HQ YH] GH FRPEDWLU HQ $\DFXFKR
&DUHFtDQSRUFRQVLJXLHQWHGHODIXHU]D\HO
SUHVWLJLR SROtWLFR QHFHVDULRV SDUD DVXPLU
YLVLEOHPHQWH HO JRELHUQR GH XQD UHS~EOLFD
TXHQRKDEtDQGHVHDGR/RVVHFWRUHVSURIH
VLRQDOHVPHGLRVHQWUHWDQWRHUDQGHPDVLD
GRGpELOHVFRPRSDUDUHPSOD]DUORV(QXQ
SDtVPXOWLUUHJLRQDOFRPRHO3HU~VRODPHQWH
H[LVWtDQWUHVVLVWHPDVRUJDQL]DGRVMHUiUTXL
FDPHQWH D HVFDOD QDFLRQDO HO (MpUFLWR OD
,JOHVLD \ OD EXURFUDFLD FLYLO HVWDV GRV ~OWL
PDVSRUVXQDWXUDOH]DQRSRGtDQSUHWHQGHU
HOSRGHUVXSUHPR(OHVWDGRGHJXHUUDLQWHU
QDFLRQDO FDVL FRQWLQXR GHVGH KDVWD
PHGLDGRVGHOVLJOR;,;IRUWDOHFLyDGHPiVDO
(MpUFLWR(OPLOLWDULVPRUHVXOWDEDSRUFRQVL
JXLHQWHHOPRGHORSROtWLFRFRQPD\RUHVSUR
EDELOLGDGHV KLVWyULFDV 'H KHFKR VLQ PHQ
FLRQDU LQWHULQDWRV PX\ EUHYHV VDOYR GRV
3DUGR3LpURODWRGRVORVGHPiVSUHVLGHQWHV
SHUXDQRV GHO VLJOR ;,; IXHURQ PLOLWDUHV
+DVWDHOJRELHUQRGH&DVWLOODVLQHPEDUJR
HVHSURSLRPLOLWDULVPRIXHLQFDSD]GHFRQV
WUXLUXQJRELHUQRIXHUWHSHVHDORVHVIXHU
]RVGH*DPDUUD\GH3DQGR
&DUHWDV
/D3ULPHUD5HS~EOLFD
(OGHVDUUROORIUXVWUDGR
$PHGLDGRVGHOVLJOR;,;ODFRPHUFLDOL
]DFLyQ LQWHUQDFLRQDO GHO JXDQR DEULy DO
3HU~ODRSRUWXQLGDGGHFDPELRVVRFLDOHV\
HFRQyPLFRVHQFRQGLFLRQHVPiVYHQWDMRVDV
TXH ODV GH RWURV SDtVHV VXUDPHULFDQRV
3HUR DO ILQDO GHO SHUtRGR GHVSXpV GH
DxRVFDVLWRGRKDEtDIUDFDVDGR/RVSHUXD
QRV VH KDQ YHQLGR SUHJXQWDQGR GHVGH
HQWRQFHV TXp RFXUULy FRQ HO JXDQR"
&RQVLGHUHPRV SULPHUR VXPDULDPHQWH ODV
FRQGLFLRQHVHFRQyPLFDVJHQHUDOHVGHOSDtV
/D GHXGD H[WHUQD SHUXDQD VXSHUDED ORV
GHSHVRVVXFUpGLWRLQWHUQDFLR
QDOVHKDEtDDUUXLQDGRKDVWDHOSXQWRTXH
ORVERQRVSHUXDQRVVHFRWL]DEDQDQRPiV
GHOGHVXYDORUQRPLQDO(OVHFWRUSUL
YDGR D PiV GH RWURV REVWiFXORV KDEtD
GHELGR DIURQWDU GHVGH HO GHVRUGHQ
PRQHWDULR (O DPRQHGDPLHQWR GH OD SODWD
KDEtDEDMDGRHQORVSULPHURVDxRVUHSXEOL
FDQRVKDVWDXQGHORSURGXFLGRHQHO
TXLQTXHQLR3DUDORVDxRV
VHFDOFXODEDTXHKDVWDPLOORQHVGHO
YDORUGHODVLPSRUWDFLRQHVHUDQSDJDGRVHQ
SODWD SLxD $ SDUWLU GH OD VLWXDFLyQ
IXH DJUDYDGD SRU OD LQWURGXFFLyQ GH OD
PRQHGD IHEOH EROLYLDQD (QWUH
3RWRVtDFXxyFDVLGHSHVRVFRQ
XQDOLJDLQIHULRUDODTXHXVDEDODPRQHGD
SHUXDQD 'H HVWD FDQWLGDG IXH LQWHUQDGD
DO 3HU~ DSUR[LPDGDPHQWH HO RFDVLR
QDQGRHORFXOWDPLHQWRGHODPRQHGDQDFLR
QDO \ VHULRV WUDVWRUQRV HQ ODV RSHUDFLRQHV
FRPHUFLDOHV $O PLVPR WLHPSR DVt HQ HO
SURSLR3HU~FRPRHQHO(FXDGRURSHUDEDQ
HQWUH \ HVWDEOHFLPLHQWRV FODQGHVWL
QRVGHPRQHGDIUDXGXOHQWDSDUDHOPHUFD
GRSHUXDQR
/DV OLPLWDFLRQHV GHO DKRUUR LQWHUQR DVt
FRPR HO HVFDVR IOXMR \ PDO HPSOHR GH ORV
&DUHWDV
&DSLWXORLQGG
3DEOR0DFHUD
QDGHORVSUHFLRVODFR\XQWXUDLQWHUQDFLR
QDO GH ORV DxRV OD GpELO H LUUDFLRQDO
HVWUXFWXUDHPSUHVDULDOIUXVWUDURQLQFOXVR
HVH SDUFLDO GHVDUUROOR 'H WRGR HVR TXHGy
FRPR VDOGR PRUDO OD LQLFXD WUDWD GH ORV
LQPLJUDQWHVFKLQRVGHORVFXDOHVOOHJDURQ
DO3HU~PiVGHFLHQPLOHQPHQRV
GHDxRV
1L HO FRQWUDWR 'UH\IIXV 3LpUROD QL OD
QXHYD SROtWLFD SHUXDQD VREUH HO VDOLWUH
3DUGR EDVWDURQ SDUD GHWHQHU HO GHVDVWUH
DGRQGHFRQGXFtDWRGDHVWDKLVWRULDSHUXDQD
HQWUH /D JXHUUD GHO 3DFtILFR
OR SXVR HQ HYLGHQFLD )XH XQD
GHUURWDVROLFLWDGD\DTXHQRPHUHFLGD2SRU
ORPHQRVXQDGHUURWDPHUHFLGDSRUXQDFODVH
GLULJHQWHSUHVLGHQWHVPLQLVWURVFRPHUFLDQ
WHV RELVSRV GRFWRUHV \ JHQHUDOHV TXH VROD
PHQWH WXYR XQD KDELOLGDG KDFHU TXH HVD
GHUURWDIXHVHSDJDGDSRUHOSURSLRSXHEOR
'HOODGRHPSUHVDULDOSULYDGRKXERHQ
HVRVDxRVDODYH]LQLFLDWLYDHLQFD
SDFLGDG)XHVHFRPRFRQVLJQDWDULRVR
FRPR LQWHUPHGLDULRV GH QHJRFLRV
H[WUDQMHURV H LQFOXVR FRQ GLUHFWR H
LOtFLWREHQHILFLRGHO(VWDGRVHFUHDURQ
JUDQGHV IRUWXQDV /LPD URPSLy VXV
&DUHWDV
&DStWXOR,9
0DQXHO/RUHQ]R9LGDXUUH
(O3ODQGHO3HU~(Q/RV
,GHyORJRVFROHFFLyQ
GRFXPHQWDOSDUDOD
LQGHSHQGHQFLDGHO3HU~
/LPD3iJV
O
%DUWRORPp+HUUHUD
6HUPyQGHVHJXQGD
SDUWH(Q(VFULWRV\
'LVFXUVRV7RPR,/LPD
(5RVD\
3iJV
O
O
)UDQFLVFRGH3DXOD
*RQ]iOH]9LJLO
,PSRUWDQFLD\XWLOLGDGGHODV
DVRFLDFLRQHV(Q(GXFDFLyQ
\VRFLHGDG/LPD,1&
3iJV
O
5LFDUGR3DOPD(O%DLOH
GH/D9LFWRULD(Q
7UDGLFLRQHV3HUXDQDVYDULDV
HGLFLRQHV
0DQXHO3DUGR0HQVDMH
GHOSUHVLGHQWHGHODUHS~EOLFD
GRQ0DQXHO3DUGRDO
FODXVXUDUODVVHVLRQHVGHOD
OHJLVODWXUDH[WUDRUGLQDULDHO
GHDEULOGH(Q
0HQVDMHVGHORVSUHVLGHQWHV
GHO3HU~3HGUR8JDUWHFKH\
(YDULVWR6DQ&ULVWyEDOFRPSV
YRO,,/LPDLPSUHQWD*LO
3iJV
O
&DSLWXORLQGG
OLPSODQWDUVHHOUHSXEOLFDQLVPROXHJRGHOD
UHQGLFLyQGHO9LUUH\/D6HUQDORVLGHDOHV
SROtWLFRVGHODLOXVWUDFLyQHXURSHDVH
WUDVSODQWDURQDO3HU~/DLOXVWUDFLyQ\HO
VLVWHPDUHSXEOLFDQRLPSOLFDQXQDGRVLV
VLJQLILFDWLYDGHLQGLYLGXDOLVPR(VWRSURGXMR
XQFKRTXHQR\DVyORFRQODPHQWDOLGDG
MHUiUTXLFDKHUHGDGDGHOSHUtRGRHVSDxRO
VLQRWDPELpQFRQODPHQWDOLGDGFRUSRUDWLYD
\VROLGDULDLQGtJHQDTXHODOHJLVODFLyQHVSDxRODKDEtD
UHVSHWDGR\FRQODVLGHDVGHVROLGDULGDGVRFLDO\ELHQ
FRP~QTXHSURIHVDEDHOFRP~QGHORVSHUXDQRVEDMROD
LQVSLUDFLyQGHOD,JOHVLD&DWyOLFD/DVSUHJXQWDVGHRUGHQ
SDUDORVLQWHOHFWXDOHV\SROtWLFRVGHHQWRQFHVIXHURQ4Xp
HVODUHS~EOLFD"&XiOHVODUHODFLyQHQWUHLQGLYLGXDOLVPR\
HOPXQGRFRUSRUDWLYR"&yPRGHILQLUODFLXGDGDQtDD
WUDYpVGHODQRFLyQGHODUD]yQ"4XpUROFXPSOHOD
,JOHVLDHQHO3HU~"
(VWDVSUHJXQWDVVHKLFLHURQD~QPiVXUJHQWHVHQORV
P~OWLSOHVPRPHQWRVHQTXHODUHS~EOLFDPRVWUyVXV
LQVXILFLHQFLDV\VXVPDOHV(OGHVRUGHQSROtWLFR\HO
FDXGLOOLVPRODVJXHUUDVLQWHVWLQDV\HOFOLHQWHOLVPR
PDUFDURQODUJRVDxRVGHQXHVWUDKLVWRULD'HVGHODVJXHUUDV
GHLQGHSHQGHQFLDDODGHO3DFtILFR
VHDEUHXQSHUtRGRFRPSOHMRGHQXHVWUD
KLVWRULD$EDUFDGHVGHHOSULPHUPLOLWDULVPRLQFOX\HQGROD
pSRFDGHOJXDQRKDVWDHOSULPHUFLYLOLVPR(QHVWHODUJR
SHUtRGRHOGHVWLQRGHQXHVWUDSDWULDVLJXHHOLUUHYHUVLEOH
SDVRKLVWyULFRGHODUHS~EOLFD
/DMRYHQ5HS~EOLFD
GHOD,QGHSHQGHQFLD
DOD*XHUUDFRQ&KLOH
(OSXHEORGHEHVHULQVWUXLGRGH
ORTXHFRQVWLWX\HODOLEHUWDG
,S7SHUKLS7LY,U3VZ0KL}SVNVZ!
JVSLJJP}UKVJ\TLU[HSWHYHSHPUKLWLUKLUJPH
KLS7LY3PTH ,_[YHJ[VZZLSLJJPVUH
KVZWmNZ
'LVFXUVRTXLQWR
/H\HVIXQGDPHQWDOHV
TXHFRQYLHQHQ
DO3HU~
0DQXHO/RUHQ]RGH9LGDXUUH
/LPD
*UDQMXULVWD\XQRGHORVPjVFRQWURYHUWL
GRVLQWHOHFWXDOHVGHVXWLHPSR7XYRODRVD
GtDGHHVFULELUXQOLEURTXHFRQWUDGHFtDVXV
SURSLDVLGHDV9LGDXUUHFRQWUD9LGDXUUH
LXQYLDMHURDQXQFLDVHHOGHVFXEULPLHQ
WR GH XQ SDtV IHOL] GRQGH HO 6RO GHVSL
GLHQGR VXV UD\RV GH XQ PRGR VXDYH \
EHQLJQRGLHVHDOD7LHUUDXQFDORUPRGHUD
GRVLQORVDUGLHQWHVULJRUHVGHOHVWtRGRQGH
HO WHPSODGR FpILUR VRSODVH VLQ LQWHUYDOR
YLYLILFDQGR KRPEUHV DYHV EHVWLDV
iUEROHV\SODQWDVGRQGHVHUHFRJLHVHQ
ORV PLVPRV IUXWRV GH FRQWLQXR \ ORV
FDPSRVSUHVHQWDVHQXQDH[WHQGLGDDOIRP
EUD GH PDWL]DGDV \ DURPiWLFDV IORUHV
GRQGH FRUULHQGR ORV UtRV HQ FRQFHUWDGRV
FDXFHV KLFLHVHQ XQ UXLGR DSDFLEOH VHPH
MDQWHDOVXHxRGHOMXVWRGRQGHORVPRQWHV
SUHVHQWDVHQ FD]D DEXQGDQWH ORV OODQRV
HVSLJDVFRSLRVDVODVFRVWDVVHUHQDVGHOLFD
GD SHVFD GRQGH ODV PXMHUHV IXHVHQ WDQ
EHOODVFRPRODVFLUFDVLDQDVWDQYLUWXRVDV\
PRGHVWDV FRPR ODV FXiTXHUDV GRQGH ORV
KDELWDQWHV VHQVLEOHV \ KRVSLWDODULRV VDOLH
VHQDUHFLELUDORVH[WUDQMHURVFRQODDPD
EOHHPXODFLyQGHDGPLWLUORVHQVXVFDVDV\
KDFHUORVSDUWtFLSHVGHORVDEXQGDQWHVELH
QHV FRQ TXH ORV HQULTXHFLy OD QDWXUDOH]D
GRQGH ODV DODEDQ]DV DO XQLJpQLWR GH 'LRV
HQORVWHPSORVDFRPSDxDGDVGHXQDGHOL
FLRVDP~VLFDUHWUDWDVHQHOFDUiFWHUGHSD]
\ WROHUDQFLD GH QXHVWUR -HV~V DGRUDGR
GRQGHQRKXELHVHQOH\HVHVFULWDVVLQRVDQ
WDVFRVWXPEUHVGRQGHQRVHR\HVHHOQRP
EUH GH PDJLVWUDGRV QL PpGLFRV SRU QR
FRQRFHUVHQLODVHQIHUPHGDGHVGHOFXHUSR
QL ORV YLFLRV GHO HVStULWX GRQGH QR WXUED
VHQ OD WUDQTXLOLGDG HO UD\R HO WUXHQR OD
WHPSHVWXRVDOOXYLDHOWHUUHPRWRGRQGHOD
GLVFRUGLDODHQYLGLDORVFHORVODVYHQJDQ
]DV HVDV WpWULFDV KLGUDV MDPiV KXELHVHQ
DVRPDGRVXVSiOLGRV\KRUURURVRVVHPEODQ
WHV WRGRV WRGRV JULWDUtDPRV HQVHxDGQRV
HOFDPLQRGHHVHYHUGDGHURSDUDtVRGHHVD
&DSLWXORLQGG
'LVFXUVRTXLQWR/H\HVIXQGDPHQWDOHVTXHFRQYLHQHQDO3HU~
FRPDUFDGHSODFHU\JORULDGHHVHWHUUHVWUH
HPStUHRLPDJHQYLYDGHDXWRUGHO8QLYHUVR
&XDQGRHQPLVFXDWURDQWHULRUHVGLVFXUVRV
\RRVKHKHFKRHOSDUDOHORHQWUHODGHVJUD
FLDGD FODVH GH XQ DEDWLGR \ PLVHUDEOH
HVFODYR URGHDGR GH JULOORV \ FDGHQDV
VHSXOWDGRHQSHVWtIHURV\REVFXURVFDODER
]RVDVHVLQDGRHQFDGDOVRVRH[SDWULDGRHQ
GLVWDQFLDGHORVREMHWRVPiVWLHUQRVGHVX
DPRU \ OD VXHUWH SUyVSHUD \ GLFKRVD GHO
FLXGDGDQR OLEUH DOHJUH HQ OD DEXQGDQFLD
VHJXUR HQ VX GRPLFLOLR \ URGHDGR GH VX
GLODWDGDIDPLOLDPHUHFRQYHQGUpLVSRUTXH
RVKDEOHVREUHORVPHGLRVGHHVWDEOHFHUXQ
JRELHUQRUDFLRQDO\MXVWR&UHHUpLVWDOYH]
TXH VRQ SLQWXUDV ORV TXH VRQ FRQYHQFL
PLHQWRV R LPDJLQDFLRQHV ODV YHUGDGHV
PiVFRQVWDQWHVVLFRQWHQWRFRQHOQRPEUH
GH5HS~EOLFDQDGDRVGLMHVHVREUHHOPRGR
GH HVWDEOHFHUOD \ SHUSHWXDUOD 7DO YH] PH
DUJLUtDLVFRQORTXHH[SXVHHQXQRGHPLV
HQWUHWHQLPLHQWRV5RPD\*UHFLDGHVWUR]D
GDVHQIDFFLRQHV9HQHFLDH[LVWLHQGREDMRHO
GHVSRWLVPR GH ODV OH\HV *pQRYD VLHPSUH
YDFLODQWH)UDQFLDVLQSRGHUPDQWHQHUSRU
GLH]DxRVHOiUEROTXHUHJyFRQODVDQJUHGH
PiVGHGRVPLOORQHVGHVXVPLVPRVKLMRV
<R QR YDUtR (Q QDGD DSURYHFKDUi OD
H[SXOVLyQGHOHVSDxROIHUR]VLQRSXEOLFD
PRV XQRV FyGLJRV SHUIHFWRV \ DQiORJRV DO
VLVWHPDTXHKHPRVMXUDGR
'HEHPRVDVSLUDUDOD
SHUIHFFLyQGHODVOH\HV
/RVGHUHFKRVGHOKRPEUHHQVRFLHGDGVRQ
ORVPLVPRVGHUHFKRVTXHOHGLRODQDWXUDOH
]D 3DUD DVHJXUDU HVWRV GHUHFKRV ORV KRP
EUHV VH GHEtDQ XQLU \ IRUPDU XQ FXHUSR
SROtWLFR /DV OH\HV QR GHELHURQ VHU VLQR OD
H[SOLFDFLyQ GHO GHUHFKR QDWXUDO VRVWHQLGD
SRU OD IXHU]D FRP~Q GH ORV PLHPEURV TXH
FRPSRQHQ HO (VWDGR <R QR KDOOR SDFWR
&DUHWDV
&DSLWXORLQGG
0DQXHO/RUHQ]RGH9LGDXUUH
+DFHPRVXQDPH]FODGHOD
DULVWRFUDFLD\ODGHPRFUDFLD
/R TXH KD\ HV TXH HQ HO FXUVR GH XQ
ODUJRJRELHUQRFRPRSHQVDED0RQWHVTXLHX
VH GHVFLHQGH DO PDO SRU XQD JUDYLWDFLyQ
LQVHQVLEOH \ VH VXEH DO ELHQ FRQ JUDQGH
HVIXHU]R (VWR HV OR TXH QHFHVLWDPRV
(QYHMHFLGRV EDMR XQD GRPLQDFLyQ GHVSyWL
FD UHWHQHPRV LQILQLWRV KiELWRV GH VHUYL
GXPEUHVLQSRGHUDYHQLUQRVFRQODVQREOHV
PDQHUDV GH OD OLEHUWDG &RPR ORV TXH
QDFLHURQHQODPLVHULD\XQDIRUWXQDSUyV
SHUDOHVKDFHPXGDUGHHVWDGRGHVFXEUHQ
D FDGD PRPHQWR VLJQRV GH OD HGXFDFLyQ
TXH UHFLELHURQ GHO PLVPR PRGR QRVRWURV
iUEROHVLQMHUWRVKDFHPRVVHQWLUHOJXVWRGH
GRVIUXWRVPX\GLYHUVRV<RPLVPRMDPiV
IXL FRQVHFXHQWH DERUUHFtD D ORV WLUDQRV
GHWHVWp ODV SUHRFXSDFLRQHV DULVWRFUiWLFDV
HVFULEt\GHFODPpHQIDYRUGHORVGHUHFKRV
GHOKRPEUHSHURDKFXiQWDVFRQYHUVDFLR
QHVFXiQWRVPRGRVFXiQWRVULGtFXORVJHV
WRVHQRSRVLFLyQFRQPLVLGHDV3HQVDPLHQWR
VXEOLPHGH0DTXLDYHOR(OSXHEORHVFRPR
XQDEHVWLDIHUR]FX\RQDWXUDOVDOYDMHVHKD
VXDYL]DGR HQ SULVLyQ \ DFRVWXPEUDGR D OD
HVFODYLWXG6LVHOHGHMDOLEUHHQORVFDPSRV
LQFDSD] GH SURFXUDU SRU Vt VX PDQWHQL
PLHQWR\SURSRUFLRQDUVHXQDVLORHVSUHVD
GHOSULPHURTXHTXLHUHVXMHWDUORGHQXHYR
D ORV ILHUURV (VWR HV OR TXH VXFHGH D XQ
SXHEOR DFRVWXPEUDGR D GHMDUVH JREHUQDU
(VWRHVGLUp\RHOFDUiFWHUGHXQD1DFLyQ
HQ OD TXH VH SURFXUy HGXFDU HQ OD VHUYL
GXPEUHHVWRHVORTXHPRWLYyHOVRILVPDGH
0DEOLGHTXpVLUYHODOLEHUWDGDOTXHQRVH
KDOODHQSURSRUFLyQGHPDQWHQHUOD"
1HFHVLGDGGHODLOXVWUDFLyQ
(O UHPHGLR D HVWH PDO D HVWH UDGLFDGR
PDO HV OD LOXVWUDFLyQ 0RQWHVTXLHX \
)LODQJLHULFRQYLHQHQTXHSDUDODVPHMRUHV
OH\HV HV PHQHVWHU TXH ORV HVStULWXV HVWpQ
SUHSDUDGRV/DQHFHVLGDGHVPD\RUFXDQWR
PiV IXHUWHV \ UDGLFDGRV ORV HUURUHV UHFLEL
GRV/DIXHU]DGHODVFRVWXPEUHVKDFHTXH
VHDPHQSUiFWLFDVRGLRVDVGHFUHWRVEiUED
URVGLVSRVLFLRQHVGHVSyWLFDVFUXHOHV\GXUDV
'HEHDQWHFHGHUHOFRQYHQFLPLHQWRSDUDTXH
VHDPHHOQXHYRVLVWHPD(VWHGHEHUtDVHUHO
WUDEDMRGHORVGLFKRVRVJHQLRVTXHDEXQGDQ
HQHO3HU~HQPiVFRSLDTXHORVPHWDOHV/D
RFDVLyQ HV GLFKRVD 1XHVWUR FRQFLXGDGDQR
6XQRQ SHUVLJXH ODV ~OWLPDV UHOLTXLDV GHO
HMpUFLWR GHO 5H\ GH 3HUVLD 1RVRWURV ORV
DQFLDQRVJR]DPRVGHODPiVSHUIHFWDSD]\
WUDQTXLOLGDGHQQXHVWURJDELQHWH\SRGHPRV
HVFULELUVLQFRPSURPHWLPLHQWRQLWHPRUHV
<RORKDJRSRUPLSDUWHDXQTXHGHXQPRGR
WDQGpELOTXHQRPHVDWLVIDFHDPtPLVPR
'HVHDUtD TXH HVWD HPSUHVD VH WRPDVH D
FDUJR GH RWUR WDOHQWR IHOL] \ SURSRUFLRQDGR
DOGLJQRREMHWR
5HPHGLRFRQWUDODDULVWRFUDFLD
+DJDPRV OR TXH HVWp GH QXHVWUD SDUWH
SRQJDPRVHQULGtFXORORTXHDQWHVHUDREMH
WRGHDGRUDFLyQ/DORFXUDGHODFDEDOOHUtD
HUDODHQIHUPHGDGGHWRGDOD(XURSD/RV
KRPEUHVGHPiVPpULWRVDOtDQDOFDPSRVH
GHVDILDEDQ VH EDWtDQ SRUTXH VH FRQIHVDVH
OD KHUPRVXUD VXSHULRU GH VXV GDPDV /D
KLVWRULD SUHVHQWD FDVRV ORV PiV H[WUDYD
JDQWHV8QHVSDxROHVFULEH(O4XLMRWHpOIXH
OD TXLQD FRQWUD DTXHOOD LQYHWHUDGD ILHEUH
HQ HO PRPHQWR GHVDSDUHFLHURQ ORV FDEDOOH
URVDQGDQWHV3RUPXFKRVVLJORVODUHOLJLyQ
VLUYLyGHSUHWH[WR\FREHUWRUSDUDORVGHVLJ
QLRV PiV YLOHV /D KLSRFUHVtD WRPDED OD
H[WHULRUIRUPDGHODYLUWXG/RVSURJUHVRV
HQ OD SROtWLFD VH PHGtDQ SRU HO HVWXGLR GH
XQDDSDUHQWHEXHQDIH3DODEUDVGHHGLILFD
FLyQPRYLPLHQWRGHRMRV\GHPDQRVLQGL
&DUHWDV
0DQXHO/RUHQ]RGH9LGDXUUH
'LVFXUVRTXLQWR/H\HVIXQGDPHQWDOHVTXHFRQYLHQHQDO3HU~
&DUHWDV
&DSLWXORLQGG
FLD6LQRVRWURVPDQWHQHPRVVXVIRUPDVHQ
XQJRELHUQRGHPRFUiWLFRUHVXOWDUiORTXHD
XQHQIHUPRTXHKDVXIULGRXQDIXHUWHLQGL
JHVWLyQ 6L VX HVWyPDJR QR HVWi SHUIHFWD
PHQWH SXULILFDGR FXDOTXLHU DOLPHQWR TXH
WRPHSRUQREOHTXHVHDHQHOPRPHQWROH
DOWHUD \ FRUURPSH \R QR KDOOR HQWUH ORV
JRELHUQRV VLPSOHV RWUR SHRU TXH HO DULVWR
FUiWLFR OD 3RORQLD JDUDQWL]D PL SDODEUD
3HUR HO DULVWRGHPRFUiWLFR PH SUHVHQWD
PD\RUHVWXUEXOHQFLDVLQTXLHWXGHV\DQDU
TXtDV 5RPD IXH JORULRVD PLHQWUDV OD DOWD
FODVHWRGRORJREHUQDED\UHJtD/RVSULQFL
SLRV GH GHFDGHQFLD \R QR ORV FRQFLER FRPR
0RQWHVTXLHX\*LEERQ6XSODQIXHDOWHUD
GRGHVGHHQWRQFHVFRPHQ]yODJXHUUDFLYLO
\ODUXLQD(VYHUGDGTXH&pVDU\3RPSH\R
FDVL FRQFOX\HQ OD FRQTXLVWD GHO JRELHUQR
FRQRFLGR <R FRQILHVR HO KHFKR SHUR HQ pO
YHR DTXHOODV OXFHV TXH DO H[SLUDU SDUHFH
TXH DOXPEUDQ PiV TXH HQ VX HVWDGR SHU
IHFWR(OGtDGHODVJORULDVGHHVRVJUDQGHV
KRPEUHVHVODYtVSHUDGHODFDtGDHVSDQWR
VD GH OD 5HS~EOLFD 6L KDQ GH JREHUQDU HO
SXHEORORVQREOHVpVWRVVLHPSUHKDQGHWUD
EDMDUSRUODWLUDQtD
<R QR TXLVLHUD HQ PLV GLVFXUVRV QRP
EUDU MDPiV SHUVRQDV SHUR KD\ DOJXQRV
FDVRVHQTXHHVQHFHVDULRHLPSUHVFLQGLEOH
7RUUH7DJOH\5LYD$JHURHOXQRSUHWHQ
GH HQWUHJDU OD SDWULD HO RWUR OD YHQGH
%HULQGRDJD HV HO DJHQWH GH OD PiV DOWD
WUDLFLyQ (O YLFHSUHVLGHQWH $OLDJD HV XQ
GHVHUWRU WDQWR PiV FULPLQDO FXDQWR TXH
FRQ HQJDxRV GHWXYR D PXFKRV SDWULRWDV \
OHV LPSLGLy TXH HQ WLHPSR HPLJUDVHQ
)XHQWH *RQ]iOH] DGPLWH HO JRELHUQR D
QRPEUHGHO5H\\SXEOLFDHOEDQGRGHTXH
VH KDEOD HQ PL SULPHU GLVFXUVR <R QR KH
YLVWR HPLJUDGRV VLQR D 6RULD \ D GRQ
0DQXHOGH6DOD]DU\%DTXtMDQR7RGRVORV
GHPiV WtWXORV KDQ TXHGDGR KDFLHQGR OD
&RUWH\QREOH]DGHEHKDEHUGRQGHKD\XQ
0RQDUFD(OTXHDPD\SURWHJHHVDVUHQWDV
SHUSHWXDV FDEDOD SRU HO PDQGR SDUD Vt R
SDUD RWUR (O TXH TXLHUH GLVWLQFLRQHV QR
TXLHUH UHS~EOLFD HO TXH SUHWHQGH TXH ORV
GHUHFKRVGHOKRPEUHDOQDFHUQRVHDQLJXD
OHVQLFRQWLQ~HQVLpQGRORHVXQWLUDQRVLQ
PLQLVWUR GH OD WLUDQtD HV XQ HQHPLJR GH
'LRV GH VXV VHPHMDQWHV GH OD SD] GH ODV
IDPLOLDV\GHODWUDQTXLOLGDGS~EOLFD
4XpGHVHQODFHWDQKHUPRVRSRGtDQWHQHU
HVWDV LGHDV VL QR HVWXYLHVH ILUPHPHQWH
FRQYHQFLGRTXHORVGLVFXUVRVGHHQVHxDQ]D
JHQHUDOTXHGHEHQFLUFXODUQRKDQGHVHU
GLIXVRV SRUTXH QR VHUiQ OHtGRV <R KDUtD
YHUTXHWRGRVORVFDVXLVWDVORVWHyORJRVORV
MXULVFRQVXOWRV TXH GHIHQGLHURQ OD SHUPD
QHQFLD GH ORV YtQFXORV SHFDURQ FRQWUD OD
OH\VDQWDGHODQDWXUDOH]D/RVKLMRVWRGRV
WLHQHQ LJXDO GHUHFKR D ORV ELHQHV GH VX
SDGUH R QLQJXQR GH HOORV OR WLHQH (V SRU
HVWR TXH 6ROyQ QR FRQVLQWLy TXH WHVWDVHQ
ORV TXH GHMDEDQ VXFHVLyQ OHJtWLPD
3UHIHUHQFLDDOXQR\QRSUHIHUHQFLDSRUHO
PpULWR \ OD YLUWXG VLQR SRU QDFLPLHQWR
DQWHULRUHVXQDEDUEDULHXQDLQMXVWLFLD
&RQFOXVLyQ
<DSRUORSUHVHQWHPHSDUHFHTXHWRGRV
TXHGDQ FRQYHQFLGRV TXH MDPiV GHEHPRV
SHQVDU HQ FRQVWLWXLU XQ UHLQR TXH VL QR
TXHUHPRV UH\ QR GHEHPRV VRVWHQHU OD
QREOH]D KHUHGLWDULD ORV WtWXORV ORV PD\R
UD]JRVORVSULYLOHJLRVODVGLVWLQFLRQHVTXH
VHOODPDURQGHIDPLOLD'HPyFUDWDVQDFLR
QDOHV QXHVWUDV EDVHV VRQ OD UHOLJLyQ \ OD
PRUDOHOYHUGDGHURKRQRUHODPRUSHUPD
QHQWHDODSDWULD
&DUHWDV
%DUWRORPp+HUUHUD
6LHUYRPtR
HUHVW~,VUDHO
1RWHROYLGHVGHPt
%DUWRORPp+HUUHUD
/LPD
6DFHUGRWH\SROtWLFROLPHxR6XLGHDGH
GHPRFUDFLDHVWDEDUHVWULQJLGDDOYRWRGH
ORVPiVFDSDFHV)XHUHFWRUGHO&ROHJLR
GH6DQ&DUORVIDPRVRSRUVHUHOFHQWUR
GHDGRFWULQDPLHQWRFRQVHUYDGRU
&DUHWDV
&DSLWXORLQGG
(VWHGLVFXUVRPLVPRKDEUtDVLGRHQWRQ
FHVXQGLVFXUVRODERULRVRSRUTXHVHKDEUtD
GLFKRTXHODUHOLJLyQQRUHVSHWDEDDOHVWD
GR&RPRVLORVKRPEUHVTXHVHUH~QHQHQ
Q~PHUR EDVWDQWH SDUD OODPDUVH HVWDGR
DGTXLULHUDQHOWULVWHSULYLOHJLRGHQRRtUOD
YHUGDGQXQFDFRPRVLODUHOLJLyQVDQWDGH
-HV~V SXGLHUD KDFHU OD DSRWHRVLV GHO FUL
PHQFXDQGRQRSURYLHQHGHODSHUYHUVLGDG
GH XQR VLQR GH OD HQRUPH SHUYHUVLGDG GH
PXFKRV FRPR VL HQ ILQ HO 6HxRU QR IXHUD
'LRVWDPELpQGHORVHVWDGRV
*UDFLDVipOHVRVHUURUHVYDQSDVDQGR\
RK 3URYLGHQFLD DGRUDEOH GHO VHQR GH
$OHPDQLDGRQGHEURWDURQHOVLJOR;9,ORV
GHOLULRV TXH HQJHQGUDURQ HQ )UDQFLD HO
PRQVWUXRDVHVLQRGHVXUH\)UDQFLDPLVPD
KD VDFDGR \ GHUUDPD SRU WRGR HO PXQGR
XQD ILORVRItD TXH VL ELHQ QR WLHQH WRGR HO
YLJRU LUUHVLVWLEOH TXH VROR VH KDOOD HQ OD
UHOLJLyQUHYHODGDSHUVLJXH\KLHUHHQWRGDV
SDUWHVDOHQHPLJRTXHVDOLyGHVXVHQR/D
ILORVRItDORVDEpLVVHxRUHVYXHOYHGHSULVD
KDFLDHOFDWROLFLVPR\YDDEUD]DQGRGHXQD
HQ XQD VXV YHUGDGHV 4Xp LPSUHVLyQ RV
KDUtDQiYRVRWURVTXHVRLVORPDVLOXVWUDGR
GHO3HU~\TXHYHQtViPDQLIHVWDUDO6HxRU
HQVXWHPSORTXHFRQVHUYiLVODIH\ODOHDO
WDGUHOLJLRVDGHYXHVWURVSDGUHVORVH[WUD
xRV FDSULFKRV TXH XQ H[FHOHQWH FRUD]yQ
HVWUDJDGRSRUODPHODQFROtDGHODVREHUELD
SURFODPyHOVLJORSDVDGR\GHTXHODUD]yQ
XQLYHUVDOVHDYHUJHQ]DDKRUD"4XLpQGH
YRVRWURVSRGUtDVRSRUWDUDOFLHJRTXHSUH
WHQGLHUDGHVWUXLUORVSULQFLSLRVGHODFLHQ
FLDHWHUQDpLQPXWDEOHVLQSRVHHUVLTXLHUD
ODHVHQFLDOGHOGtDHQTXHYLYH"
3HURFXiQWRKDVXIULGRODQDFLyQ\FXiQ
WR OH UHVWD WDO YH] TXH VXIULU PLHQWUDV VH
FXUD HQWHUDPHQWH GH OD HQIHUPHGDG FRQ
TXH VH YLR FRQWDJLDGD HQ OD OR]DQtD GH VX
MXYHQWXG6HSDUDGDGHODPRQDUTXtDGHTXH
HUDSDUWHVLQVXMHFLyQiQLQJXQDDXWRULGDG
H[WUDxDVHOODPy\ELHQVREHUDQDVHJ~QHO
XVR FRP~Q GH OD SDODEUD +DELHQGR FRPR
KD\XQDRSRVLFLyQQHFHVDULDHQWUHORVHIHF
WRVGHODIXHU]D\ORVGHOGHUHFKRGHPDQGDU
QRSRGtDUHFRQRFHUDXWRULGDGOHJtWLPDVLQR
HQ DTXHOORV i TXLHQHV VH KXELHVH VXMHWDGR
SRUXQDFWRGHOLEUHVXPLVLyQSDUDFXPSOLU
ODOH\GLYLQDTXHORGLVSRQHDVt\WDPELpQ
HQHVWHVHQWLGRDXQTXHLPSURSLRSXGROOD
PDUVHVREHUDQD(VWDHVSHFLHGHVREHUDQtD
ODUHYHOy1XHVWUR6HxRU-HVXFULVWRODGLIXQ
GLy SRU PHGLR GH ORV $SyVWROHV \ FRQ OD
SOXPDGH6DQWR7RPDVODSUHVHQWyOXPLQR
VDiORVKRPEUHVFXDQGRSDUHFtDTXHWRGRV
ODKDEtDQROYLGDGR
)HOL] HO 3HU~ VL DO GHFODUDUVH OLEUH GH OD
IXHU]DKXELHUDWHQLGRSUHVHQWHODHQVHxDQ]D
GHO$SyVWROOLEHUWDGRVGHOSHFDGRRVKDEpLV
KHFKRVLHUYRVGHODMXVWLFLD5RPSHUR
VHOHKL]RFUHHUTXHODDXWRULGDGS~EOLFDHUD
LQYHQFLyQ VX\D TXH SRGtD GHVREHGHFHUOD \
GHVWUXLUODFXDQGROHSOXJXLHVHTXHVXYROXQ
WDGHUDVXOH\\VLQRVHOHDQXQFLyHQWpUPL
QRVIRUPDOHVTXHHUDLQGHSHQGLHQWHGH'LRV
VHDUUHJOyVXFRQGXFWDSUiFWLFDiHVWHSULQFL
SLRDEVXUGR\HVSDQWRVR
6HDXWRUL]yGHHVWHPRGRODWLUDQtDHQODV
OH\HV OD UHEHOLyQ HQ ORV SDUWLFXODUHV \ HQ
ORVJRELHUQRVODYLROHQFLDTXHKDQQHFHVLWD
GR HPSOHDU SDUD YHQFHU OD IXHU]D TXH VLQ
FHVDU ORV HPSXMDED < ODV UHYROXFLRQHV VH
KDQ VXFHGLGR EDMR GLIHUHQWHV SUHWH[WRV
XQDViRWUDV\FRQHOODVODVLQTXLHWXGHVORV
GHOLWRV \ ODV GHVJUDFLDV \ ORV FDPSRV \
WRGDVODVIXHQWHVGHELHQHVWDUODQDWXUDOH
]D HQWHUD VH KD TXHMDGR GHO KRPEUH FRPR
DVRPEUDGDGHTXHpOVRORODSHUWXUEDVHHQ
HVWHIHOL]FOLPDOHMRVGHSUHVWDUOHVXD\XGD
2\H SXHEOR SHUXDQR XQD SDUiEROD 8Q
SRGHURVRVHVHSDUyGHVXVWLHUUDVSDUDLUi
UHFLELUXQUHLQR$QWHVGHVHSDUDUVHOODPyi
VXVVLHUYRV\GLRiFDGDXQRXQDPRQHGD\
OHVGLMRWUDILFDGPLHQWUDVYXHOYR\SDUWLy<
ORVTXHOHDERUUHFtDQOHHQYLDURQHVWDHPED
MDGD QR TXHUHPRV TXH UHLQHV VREUH QRVR
WURV < FXDQGR YROYLy GHVSXpV GH KDEHU
UHFLELGRHOUHLQRPDQGyOODPDUiORVVLHUYRV
SDUDDYHULJXDUORTXHKDEtDQHJRFLDGRFDGD
XQR$OTXHFRQXQDPRQHGDKDEtDJDQDGR
GLH]PRQHGDVOHGLRSRWHVWDGVREUHGLH]FLX
GDGHV\OHOODPyVLHUYREXHQR\ILHO<DOTXH
KDEtDJDQDGRFLQFRPRQHGDVOHGLRSRWHVWDG
VREUHFLQFRFLXGDGHV0DVFXDQGRVHOHDFHU
FyXQRTXHQDGDKDEtDJDQDGRGLMRiORVTXH
HVWDEDQ DOOt TXLWDGOH OD PRQHGD \ GiGVHOD
DOTXHWLHQHGLH]PRQHGDV<HOORVOHGLMHURQ
6HxRUWLHQHGLH]PRQHGDV3XHV\RRVGLJR
FRQWHVWyTXHiWRGRHOTXHWXYLHUHVHOHGDUi
\WHQGUiPiV\DOTXHQRWLHQHVHOHTXLWDUi
DXQ OR TXH WLHQH < i HVRV HQHPLJRV PtRV
TXH QR TXLVLHURQ TXH UHLQDVH VREUH HOORV
WUDpGPHORV DFi \ PDWDGORV GHODQWH GH PL
6DQ /XFDV F ;,; Y \ VLJXLHQWHV 6LQ
FRPHQWDULRDXQTXHQRVLQHVWUHPHFLPLHQWR
SUHVHQWR SXHEOR i WX FRQWHPSODFLyQ HVWD
SDUiEROD(VGHOTXHGLMRHOFLHOR\ODWLHUUD
SDVDUDQSHURPLVSDODEUDVQRSDVDUiQ6DQ
0DUFRVFY
&DUHWDV
%DUWRORPp+HUUHUD
6LHUYRPtRHUHVW~,VUDHO1RWHROYLGHVGHPt
&DUHWDV
&DSLWXORLQGG
PLVHULDODUXLQD\ODDIUHQWDKD\DQFDtGR
VREUHHVWHGHVGLFKDGRSXHEOR$FXpUGDWH
GH HVWDV FRVDV ,VUDHO SRUTXH VLHUYR PtR
HUHVW~,VFY
<RWHKHIRUPDGR7HKHUHJDODGR\HPEH
OOHFLGRFRQORVPiVULFRVGRQHVGHOD&UHDFLyQ
7XVPRQWHVVRQGHRUR\PLPDQRKDEHQ
GHFLGRWXVOODQRV<RWHKHWUDtGRiORVJRFHV
VRFLDOHVFRQODtQGROHDSDFLEOHGHTXHWHKH
GRWDGRWHGtYLJRUFRQODUD]DHVSDxRODTXH
LQWURGXMHHQWXVHQRHQQREOHFt\SHUIHFFLR
QpWXFRUD]yQFRQODYHUGDGFDWyOLFD\HQILQ
WH KH FRQVWLWXLGR HVWDGR LQGHSHQGLHQWH
3HU~VpGHXQDYH]OLEUH\IHOL]
'HMDHOQHFLRSHQVDPLHQWRGHVHJXLUWXV
DQWRMRV (VWXGLD PL YROXQWDG HQ HO
(YDQJHOLRHQWXUD]yQHQWXVQHFHVLGDGHV
\UHSHOHDORVPDOYDGRVTXHWHGLJDQTXHQR
HV PL YROXQWDG WX VREHUDQD SDUD HVFODYL
]DUWHHOORViVXFRUURPSLGDYROXQWDG
(OJRELHUQRTXHWHKHGDGRWHFRQGXFHFRQ
SDWHUQDOIDWLJDFRPRiXQFRQYDOHFLHQWHTXH
WLHQH PLO GHVHRV YDJRV TXH QR SXHGH pO
PLVPR GHWHUPLQDU \ FX\R DOWHUDGR SDODGDU
QRVLHQWHHOVDERUGHOELHQ2EHGpFHOH2EHGHFH
i ODV DXWRULGDGHV FRQVWLWXLGDV \ WLHPEOHQ
HOODVGHQRREHGHFHUPHiPtGHQRUHVSHWDU
FDGD XQR ORV OLQGHURV TXH OD VHSDUDQ GH ODV
RWUDV \ GH HPSOHDU HQ GDxR GH OD SDWULD HO
SRGHUTXHKDQUHFLELGRSDUDELHQGHHOODSRU
TXHVXGHUHFKRWHUPLQD\VXSHOLJURFRPLHQ]D
GRQGHFRPLHQ]DVXUHEHOLyQ\VXLQMXVWLFLD
0LUD 3HU~ PLUD HO DOWR GHVWLQR D TXH WH
OODPR$OGpELODOFDQFHGHWXRMRHVXQDOHMDQD
FRQVWHODFLyQ TXH WH GHVOXPEUD \ VL TXLHUHV
H[DPLQDUDOJ~QSXQWRGHHOODVHWHSLHUGHHQ
HOD]XOPLVWHULRVRGHORVFLHORV3HURWUDEDMD
HPSOHDORVPHGLRVTXHKHFRORFDGRHQWXVHQR
SDUDTXHKDJDVPLYROXQWDG\WXVHUiVOR
TXH\RUHYHODUpiORVVLJORV<RWHKHIRUPDGR
VLHUYRPtRHUHVW~,VUDHOQRWHROYLGHVGHPL
(OSXHEORQRSXHGHOLEHUWDUVHGHODVGHV
YHQWXUDVHQTXHORSUHFLSLWDQVXVPiVFUXH
OHV HQHPLJRV VXV DGXODGRUHV QR SXHGH
HVWDEOHFHUVHODSD]\ODDUPRQtDVRFLDOVLQ
XQDDXWRULGDGTXHREOLJXHDOFLXGDGDQRHQ
ORtQWLPRGHVXFRQFLHQFLDGHODTXHVHVLHQ
WDUHDOPHQWHV~EGLWR\GHTXLHQWHQJDXQD
GHSHQGHQFLDQHFHVDULD\HVWDDXWRULGDGHV
VRORODGH'LRVVREHUDQRGHOXQLYHUVR
(Q HO KRPEUH VyOR VH SXHGH UHVSHWDU
SXHV OD DXWRULGDG TXH HPDQH GH 'LRV
FRPRHPDQDVLQGXGDODGHORVMXHFHVOD
GH ORV OHJLVODGRUHV OD GHO MHIH GH FDGD
HVWDGR 6XSRQLpQGROD HPDQDGD GHO SXH
EOR FDGD HQHPLJR GH 'LRV TXLHUR GHFLU
GHO VRVLHJR S~EOLFR KD SRGLGR LQYRFDU HO
QRPEUHGHOSXHEORSDUDGHUURFDUDOJRELHU
QR \ HO SRGHU GH ODV OH\HV \ SDUD TXH OD
&DUHWDV
)UDQFLVFRGH3DXOD*RQ]iOH]9LJLO
(OHVStULWXGHDVRFLDFLyQHV
FDUDFWHUtVWLFRGHOKRPEUH
,PSRUWDQFLD\XWLOLGDGGHODV
DVRFLDFLRQHV(Q(GXFDFLyQ\VRFLHGDG
/LPD,1&([WUDFWRV
VHOHFFLRQDGRVSiJV
,PSRUWDQFLD\
XWLOLGDGGH
ODVDVRFLDFLRQHV
)UDQFLVFRGH3DXOD
*RQ]iOH]9LJLO
7DFQD/LPD
6DFHUGRWHOLEHUDOSHUXDQRJUDQFUtWLFR
GHOD,JOHVLD&DWyOLFD)XHFRQGHQDGR
SRUODVDXWRULGDGHVHFOHVLiVWLFDV
&DUHWDV
&DSLWXORLQGG
OHVStULWXGHDVRFLDFLyQHVWDQFDUDF
WHUtVWLFR GH OD HVSHFLH KXPDQD TXH
QR KD SRGLGR DWULEXLUVH D FLHUWRV
DQLPDOHV VLQR HQ XQ VHQWLGR LPSUR
SLR\H[DJHUDGR6yORHOKRPEUHSXHGH
XQLUVH D RWURV KRPEUHV SRU HO FRQ
YHQFLPLHQWR GH OD XWLOLGDG TXH D
WRGRVUHVXOWDGHIRUPDUXQLyQVyOR
HQ OD XQLyQ SXHGHQ GHVDUUROODUVH
ODVVHPLOODVTXHGRUPLUtDQDLVODGDV
\PRULUtDQTXL]iVVLODPDQRSRGHUR
VDGHODDVRFLDFLyQQRODVFXOWLYDUD\GHV
HQYROYLHUD H KLFLHUD IUXFWLILFDU 'HVGH HO
QLxRUHFLpQQDFLGRKDVWDHODGXOWROR]DQR
\ PHPEUXGR WRGRV WRGRV VLQ GLIHUHQFLD
GHXQRVRORQHFHVLWDQHODX[LOLRGHRWURV
SDUDGDUHQHUJtDDXQSURSyVLWRFXDOTXLH
UD \ OOHYDUOR D FDER &DGD LQGLYLGXR HV
GpELO DXQTXH QR OR FUHD \ VRODPHQWH HQ
ODDVRFLDFLyQSRGUiOODPDUVHIXHUWH
5D]RQHVTXHREOLJDURQDO
KRPEUHDGHMDUHOVDOYDMLVPR
(VWDVUD]RQHVPRYLHURQDORVKRPEUHVD
GHMDUHOHVWDGRVDOYDMH\ODPRUDGDGHODV
VHOYDV SDUD UHXQLUVH HQ VRFLHGDG FLYLO
5REXVWRV \ IRU]XGRV YDURQHV KDEtD HQWUH
HOORVTXHLQIXQGLHQGRWHUURUDORVGHPiV
QR WHQtDQ PLHGR D QLQJXQR SHUR VDEtDQ
TXHODIXHU]DQRHUDXQWtWXORQLSDUDKRQ
UDUORVQLSDUDKDFHUWUDQTXLODVVXVYLGDV
\ODVGHVXVJHQHUDFLRQHV\TXHVXDFWXDO
HVWDGR QR SRGtD SURSRUFLRQDUOHV DTXHOORV
JRFHVTXHKDFHQVHJXUD\FyPRGDODH[LV
WHQFLD VLQ DGLYLQDU WRGDYtD ORV LQPHQVRV
EHQHILFLRVTXHODVRFLHGDGIUDQTXHD\TXH
QR SXHGHQ DSUHFLDUVH QL DXQ FRQRFHUVH
VLQRHQVXVHQR
9HQWDMDVGHODVRFLHGDGFLYLO
/D VRUSUHVD TXH H[SHULPHQWD HO VDOYDMH DO
HQWUDU SRU SULPHUD YH] D XQD VRFLHGDG FLYLO
SRGUiGDUQRVLGHDGHODLJQRUDQFLDFRPSOHWDHQ
TXHVHKDOODEDDFHUFDGHORVEHQHILFLRVTXHHQ
HOODVHUHFLEHQ/DVHJXULGDGLQGLYLGXDO\GHVXV
SURSLHGDGHVHUDVLQGXGDHOREMHWRTXHVHSUR
SRQtD 3HUR ODV DUWHV \ RILFLRV SDUD VDWLVIDFHU
WRGDVODVQHFHVLGDGHVGHODYLGDORVHOHPHQWRV
GH VDEHU TXH GLVLSDQ OD LJQRUDQFLD GHVGH ORV
SULPHURVUXGLPHQWRVGHODOHFWXUD\HVFULWXUD
KDVWDODVFLHQFLDVPiVSURIXQGDVORVHVWDEOHFL
PLHQWRVGHEHQHILFHQFLDGHVGHDTXpOTXHUHFLEH
DOQLxRH[SyVLWRKDVWDORVKRVSLWDOHVTXHDFRJHQ
DOHQIHUPRpVWDV\RWUDVYHQWDMDVGHODVRFLHGDG
FLYLO HUDQ FRVDV HQWHUDPHQWH GHVFRQRFLGDV GHO
VDOYDMH \ GH TXH QR SRGtD WHQHU LGHD VLQR DO
WLHPSRGHGLVIUXWDUODV&DGDSDVRTXHGLHUDHQ
XQD SREODFLyQ DUUHJODGD QR VHUtD SDUD pO XQ
UHFXHUGRGRORURVRGHORTXHKDEtDSHUGLGRIXHUD
GHVXQDWXUDODSHJRDOOXJDUGRQGHQDFLy
$GHPiVGHODVRFLHGDGFLYLOVHKDQ
PHQHVWHUDVRFLDFLRQHVSDUWLFXODUHV
3HURFXDOHVTXLHUDTXHVHDQODVYHQWDMDVGHOD
VRFLHGDGFLYLOQREDVWDQHOODVDVDWLVIDFHUWRGDV
ODVQHFHVLGDGHVGHOKRPEUHQLFRQWHQWDUOHHQWH
UDPHQWH$IXHU]DGHVHUJHQHUDOHV\PXOWLSOL
FDGDVVXVDWHQFLRQHVRGHORVTXHHQHOODHVWiQ
HQFDUJDGRVGHKDFHUVXVYHFHV\OOHQDUVXVILQHV
QRVHSLHQVDHQpVWH\DTXpO\VHHVFDSDQSRU
GHFLUORDVtODVLQGLYLGXDOLGDGHV5HFLEHDOTXH
YLHQHSHURQROHEXVFDFXDQGRHVWiQHFHVLWDGR
(QVHxD EXHQD GRFWULQD SURFXUD VX FXPSOL
PLHQWRPDQGDSUHVWDUDX[LOLRRVRFRUUHU\OR
KDFHSHURODVPiVYHFHVFRQXQDVDQJUHIUtD
TXHVLQRPHQJXDODREUDODSULYDGHLQWHUpV\
TXL]i GH PHUHFLPLHQWR (Q QDGD GH HVWR KD\
FXOSD SRUTXH HV XQ GHIHFWR LQKHUHQWH D ODV
JHQHUDOLGDGHVSDUWLFXODULGDGHVVHKDQPHQHV
&DUHWDV
,QSRUWDQFLD\XWLOLGDGGHODVDVRFLDFLRQHV
1RVRWURVQRLQWHQWDPRVKDEODUGHpVWDVTXHSRU
GHVJUDFLDH[LVWHQVLQRGHFRQWUDSRQHUOHVRWUDV
DVRFLDFLRQHVTXHDQLPDGDVGHGLIHUHQWHHVStUL
WXQHXWUDOLFHQVXPDOpILFRLQIOXMR\ORVXSHUHQ
UHFRPHQGiQGRVHpVWD\GHVDFUHGLWiQGRVHDTXp
OODVSRUODFRPSDUDFLyQDYLVWDGHOREMHWRTXH
FDGDXQDVHKD\DSURSXHVWR$VtFRPRQRKD\
VRFLHGDGPiVHVWLPDEOHGHFtDHOPLVPR&LFHUyQ
TXHODGHORVKRPEUHVGHELHQWDPSRFRODKD\
PiVGXUDGHUDVHPHMDQWHVHOORVHQFRVWXPEUHV
\XQLGRVHQDPLVWDG1RKD\FRVDPiVDPDEOH
\TXHPiVHVWUHFKHTXHODVHPHMDQ]DGHFRV
WXPEUHVHQORVEXHQRVSRUTXHGRWDGRVGHORV
PLVPRVGHVHRVHLQFOLQDFLRQHVFDGDXQRVHFRP
SODFHHQORGHRWURFRPRVLIXHUDSURSLRYHULIL
FiQGRVHORTXHGHFtD3LWiJRUDVTXHODDPLVWDG
KDFtDGHPXFKDVSHUVRQDVXQDVROD
/DVDVRFLDFLRQHV~WLOHVGHEHQ
RSRQHUVHDODVQRFLYDV
/RV TXH FRQR]FDQ ODV PDODV WHQGHQFLDV GH
DVRFLDFLRQHVFRUURPSLGDV\FRUUXSWRUDVRWLHQHQ
TXHLQLFLDUVHHQHOODVRJXDUGDUSURIXQGR\FUL
PLQDOVLOHQFLRRTXHIRUPDURWUDVDVRFLDFLRQHVHQ
VHQWLGRFRQWUDULR3RUJUDQGHTXHVHFUHD\HQ
YHUGDGVHDHOLQIOXMRGHXQKRPEUHQXQFDEDV
WDUiSRUVtVRORDLPSHGLUTXHWHQJDQHIHFWRORV
HVIXHU]RVGHXQDDVRFLDFLyQFRPRVLGLMpUDPRV
SHQHWUDUXQDIRUWDOH]DVyOLGDPHQWHFRQVWUXLGD
\ DQLPRVDPHQWH GHIHQGLGD 6H QHFHVLWD XQD
VXPDGHHVIXHU]RVUHXQLGRVSDUDFRQWUDUUHVWDUD
ORVSULPHURV\VREUHSRQpUVHOHVKDFLHQGRWULXQ
IDU D OD MXVWLFLD VLHPSUH ELHQKHFKRUD \ UHSUL
PLHQGRDODLQMXVWLFLDFRQVXIXQHVWDFRPLWLYDGH
LQWHUHVHVSULYDGRVRGHFRUSRUDFLyQ
/DVDVRFLDFLRQHVSDUWLFXODUHV
GHEHQDX[LOLDUHQODDWHQFLyQ
GHORVLQWHUHVHVJHQHUDOHV
3HURFXDOHVTXLHUDTXHVHDQORVREMHWRVDTXH
VH FRQWUDLJDQ ODV DVRFLDFLRQHV SDUWLFXODUHV \
&DUHWDV
&DSLWXORLQGG
)UDQFLVFRGH3DXOD*RQ]iOH]9LJLO
SRUELHQVLVWHPDWL]DGDTXHVHKDOOHVXRUJDQL]D
FLyQ WLHQHQ HOODV SRU SULPHUR H LQGLVSHQVDEOH
UHTXLVLWRQRFRQWUDGHFLUHQORPHQRUQLGHQLQ
J~Q PRGR QHXWUDOL]DU HO JUDQGH REMHWR GH OD
VRFLHGDGFLYLOQLPDQLIHVWDUXQDWHQGHQFLDQR
GLJDPRVFRQWUDULDSHURQLD~QGLIHUHQWHGHOD
TXH FRUUHVSRQGH D DTXpOOD VLQR TXH SDUD VHU
~WLOHV\GLJQDVGHDODEDQ]DGHEHQSURPRYHU\
DX[LOLDUORVLQWHUHVHVJHQHUDOHV\FRQVLGHUDUVH
FRPRPHGLRVGHOOHJDUDXQILQSURSXHVWR\TXH
HQHOORVHVWiUHSUHVHQWDGR6LHQWDOHVDVRFLDFLR
QHVOOHJDVHDGRPLQDUDOJ~QHVStULWXTXHOHMRV
GHHVWDUHQDUPRQtDFRQHOHVStULWX\WHQGHQFLD
GHODVRFLHGDGOHKLFLHVHJXHUUD\HOODVPLVPDV
WXYLHVHQODH[WUDxD\ULGtFXODSUHWHQVLyQGHVHU
WHQLGDVSRUWHUUHQRVLQPXQHVHQHOJUDQWHUULWR
ULRGHOD1DFLyQVHFRQYHUWLUtDQHQDVRFLDFLRQHV
SHOLJURVDV VHUtDQ FRPR FLXGDGHODV RFXSDGDV
SRU HQHPLJRV \ SHTXHxRV HVWDGRV GHQWUR GHO
(VWDGR 6HPHMDQWH FRQGLFLyQ ODV KDUtD GLJQDV
GH OD DQLPDGYHUVLyQ GH ORV JRELHUQRV SDUD
UHSULPLUVXVDWHQWDGRVHQHOFDVRGHREUDUSDUD
GHVDFUHGLWDUVXVGRFWULQDVHQFDVRGHSURSDJDU
ODV SDUD WRPDUOHV FXHQWD GH VXV SURJUDPDV
TXHGDWRVLQFRQFOXVRVKDUtDQYHKHPHQWHPHQWH
VRVSHFKRVRVGHSURSyVLWRVDQWLVRFLDOHV\WDOYH]
LQPRUDOHV'HVSXpVGHUHFRPHQGDU&LFHUyQODV
JUDQGHVYHQWDMDVGHODVDVRFLDFLRQHVWHQtDFXL
GDGR GH DGYHUWLU TXH OD SULPHUD \ PiV FDUD
VRFLHGDGHUDODGHOD3$75,$
/DDVRFLDFLyQ\ODUHFLSURFLGDG
GHORVEXHQRVSURSyVLWRV
/DDVRFLDFLyQVXSRQHFRPXQLGDGGHLQWHUH
VHV\PXWXRVRILFLRV(OTXHVHEDVWDRFUHHEDV
WDUVH D Vt PLVPR HV LQFDSD] GH DVRFLDFLyQ \
YDOLpQGRQRV GH XQD SDODEUD GH $ULVWyWHOHV
TXHGD IXHUD GH OD FLXGDG SDUD QXPHUDUVH
HQWUHORVGLRVHVRHQWUHODVILHUDVPXOWDSDUV
FLYLWDWLVHVWLODTXHDXIHUDDXW'HXVHVW6LHVWR
VXFHGH UHVSHFWR GH DTXHOORV TXH QR WLHQHQ QL
TXLHUHQWHQHUDVRFLDFLyQRUHFLSURFLGDGGHRIL
UDQWHQHUHQVXVPDQRVWRGRVORVKLORVSRULQVLJ
QLILFDQWHV TXH IXHUDQ R HQ RWURV WpUPLQRV ODV
ULHQGDVGHORVSXHEORV5RJDPRVDQXHVWURVOHFWR
UHVTXHOOHYHQHQSDFLHQFLDODYHUJHQ]DGHOD
FRPSDUDFLyQSRUTXHHOODQRVSDUHFHPX\H[SUH
VLYDGHQXHVWURSHQVDPLHQWRRGHTXHWDORILFLR
VHUtDSURSLR\GLJQRGHJRELHUQRVDEVROXWRVSRU
TXH FRPR GHFtD HO 5H\ ' $OIRQVR HO 6DELR
9HGDURQVLHPSUHHQVXVWLHUUDVORVWLUDQRVFRIUD
GtDVHD\XQWDPLHQWRVGHORVKRPEUHV
(VDEVXUGRTXHXQJRELHUQR
UHSXEOLFDQRPLUHPDO
DODVDVRFLDFLRQHV
1RHVH[WUDxRTXHJRELHUQRVGHHVWDFODVH
QHFHVDULDPHQWH VXVSLFDFHV \ TXH PLUDQ
FRPRDFWRGHLQVXERUGLQDFLyQWRGDHPSUHVD
EHQpILFD TXH QR SDUWD RULJLQDOPHQWH GH VX
VREHUDQDPXQLILFHQFLDPLUHQPDOODVDVRFLD
FLRQHV/RH[WUDxRHVTXHJRELHUQRVGHRWUR
QRPEUHVHHVSDQWHQGHHOODVHQYH]GHGHMDU
ODV HQ OLEHUWDG FXDQGR QR LQFXUULHUDQ HQ
GHOLWRV YHGDGRV SRU ODV OH\HV \ TXH VHUtDQ
YLWXSHUDEOHV DXQ FXDQGR QR SDUWLHUDQ GH
DVRFLDFLRQHV3HURHOORHVFLHUWR\JRELHUQRV
TXH QR SXHGHQ QHJDU TXH VRQ UHSUHVHQWDWL
YRV\DXQUHSXEOLFDQRVYHQHQODVDVRFLDFLR
QHVGHTXHSXHGDQUHFHODUDOJXQDWHQGHQFLD
SROtWLFDRWURVWDQWRVHOHPHQWRVGHFRQWUDGLF
FLyQ\SRUFRQVHFXHQFLDGHUHYROXFLRQHV\GH
GHVRUGHQ+HDTXtXQDH[SOLFDFLyQVDWLVIDFWR
ULD GH OR TXH KHPRV GLFKR HQ RWUD SDUWH R
KDEODQGRFRQSURSLHGDGXQGRFXPHQWRPiV
GH OD SRFD IH TXH YDULRV GH QXHVWURV JREHU
QDQWHVWLHQHQHQHOVLVWHPDGHPRFUiWLFRHQ
TXHKDFHQJUDQSDSHO3UHVLGHQWHVGHUHS~
EOLFDVUHSUXHEDQ\KDFHQGHVXSDUWHWRGROR
SRVLEOHSDUDGHVDFUHGLWDUHLPSHGLUODIRUPD
FLyQ GH DVRFLDFLRQHV GRQGH SXHGHQ GHVSOH
JDUVHORVSULQFLSLRVGHO*RELHUQRTXHKHPRV
DGRSWDGR 3RUTXH PLHQWUDV HOODV VH DSR\HQ
VREUHODVEDVHVGHOD&RQVWLWXFLyQ\HQVXV
&DUHWDV
,QSRUWDQFLD\XWLOLGDGGHODVDVRFLDFLRQHV
UHJODPHQWRVQRVHKDOOHXQDUWtFXORFRQWUDULR
DORGLVSXHVWRHQHOODQRKD\GHUHFKRQLUD]yQ
SDUD GHVDFUHGLWDUODV QL SURKLELUODV $KRUD
ELHQ OD &RQVWLWXFLyQ GLFH HQ VX DUWtFXOR
WRGRV ORV FLXGDGDQRV WLHQHQ HO GHUHFKR GH
DVRFLDUVHSDFtILFDPHQWHVHDHQS~EOLFRRHQ
SULYDGRVLQFRPSURPHWHUHORUGHQS~EOLFR
'HRWURODGRHOEXHQMXLFLRGHORVFLXGD
GDQRVVXSURSLRGHFRURDPiVGHOGHFRUR
GH ODV DXWRULGDGHV FRQVWLWXLGDV TXH FDGD
FLXGDGDQRGHEHPLUDUFRPRVX\R\HOUHV
SHWR D OD GHFHQFLD S~EOLFD GHEHQ KDFHU
PX\PHGLGRV\FLUFXQVSHFWRVDORVHVFULWR
UHVSDUDQRGHVKRQUDUXQDPLVLyQTXHVH
KDUtD RGLRVD VL HOORV OD GHVQDWXUDOL]DUDQ
VDFiQGRODGHODHVIHUDTXHOHFRUUHVSRQGH
4XHUHUTXHHQJRELHUQRVGHPRFUiWLFRV
SUHVFLQGDQORVFLXGDGDQRVGHODSROtWLFD
HVXQDEVXUGRHQHOVLVWHPDXQDDQRPD
OtD GH JUDQ EXOWR \ XQD H[WUDYDJDQFLD
TXHVHUtDLQFRQFHELEOHVLQRWXYLpUDPRV
GH HOOD UHSHWLGDV SUXHEDV 8Q JRELHUQR
TXH TXLHUD HQFDUJDUVH H[FOXVLYDPHQWH
GHODSROtWLFDVLQRIXHUDSDUDHOPDQH
MR SUiFWLFR GH ORV QHJRFLRV TXH QDGLH OH
GLVSXWD GHVQDWXUDOL]D VX DXWRULGDG
LJQRUD VX RULJHQ GHVPLHQWH VX SURSLD
UHSUHVHQWDFLyQ \ QRV GD RWUD YH] XQD
H[SOLFDFLyQ FRQYHQLHQWH GHO DWUDVR HQ
TXH QRV KDOODPRV 6L TXLHUHQ SXHV VHU
FRQVHFXHQWHVGHEHQFDPELDUGHFRQGXF
WD \ UHEDMDU VXV LQIXQGDGRV WHPRUHV
DXQTXHQRIXHUDPiVTXHSDUDGLVPLQXLU
ORVSHOLJURVGHVXSRVLFLyQ$VtSXHVODV
DVRFLDFLRQHVTXHWXYLHUDQXQREMHWRSROt
WLFR GH OD PDQHUD TXH KHPRV LQGLFDGR
VHUtDQ DVRFLDFLRQHV ~WLOHV \ DxDGDPRV
TXH DWHQGLGD OD FRQGXFWD GH ORV JRELHU
QRVVHUtDQQHFHVDULDVFRPR~QLFRPHGLR
GH REWHQHU XQ UHVXOWDGR D TXH DTXpOORV
QRVHSUHVWDUDQVHUHVLVWLHUDQ
&DUHWDV
&DSLWXORLQGG
)UDQFLVFRGH3DXOD*RQ]iOH]9LJLO
2EMHWRVDTXHSXHGHQ
FRQWUDHUVHODVDVRFLDFLRQHV
/R TXH GHFLPRV GH REMHWRV SROtWLFRV
SXHGH HQWHQGHUVH GH RWURV GH GLIHUHQWH
QRPEUHDSOLFDQGRODVIDFXOWDGHVODVOXFHV
HQXQDSDODEUDORVHVIXHU]RVGHPXFKRVD
LQILQLGDGGHDWHQFLRQHVRHPSUHVDV~WLOHVD
ODVRFLHGDG\EHQpILFDVDORVLQGLYLGXRV\
FX\D SURGLJLRVD PXOWLSOLFDFLyQ VHUtD PX\
GLItFLO QXPHUDU VLQR KDFLHQGR UHVHxD GH
ORV PDOHV TXH SXHGHQ H[WLUSDUVH \ GH ORV
ELHQHVTXHSRGHPRVGLVSHQVDUDORVGHPiV
KRPEUHVQXHVWURVKHUPDQRVFRQWHQWpPR
QRVFRQKDFHUDOJXQDVREVHUYDFLRQHVIXHUD
GHODVLQGLFDGDVDQWHULRUPHQWH
1RGHEHROYLGDUVHOD
SDUWHLQWHOHFWXDO\PRUDO
GHODVDVRFLDFLRQHV
(QSULPHUOXJDUQRVSDUHFHTXHSRUODX
GDEOH TXH VHD HO REMHWR D TXH VH FRQWUDLJD
XQD DVRFLDFLyQ FXDQGR DFRPHWH HPSUHVDV
PDWHULDOHV QR GHEH ROYLGDUVH MDPiV GH OD
SDUWH LQWHOHFWXDO \ PRUDO TXH HQ QXHVWUR
FRQFHSWRGHEHDFRPSDxDUODVVLHPSUH6LVH
ROYLGDUD QR GLUtDPRV TXH HO KRPEUH SUHV
FLQGtD GH XQR \ RWUR FRPR VL QR KXELHUD
RWURVOXJDUHV\RFDVLRQHVSDUDDFUHGLWDUHO
LQWHUpVTXHHQHOODVWRPDEDSHURVtDxDGL
UHPRVTXHODVDVRFLDFLRQHVTXHFXLGDUDQGH
WDOHVHPSUHVDVVHUtDQPiVGLJQDVGHKRP
EUHV \ GDUtDQ D VX SURSyVLWR PDWHULDO XQ
JUDGRGHILUPH]D\VROLGH]TXHGHRWURPRGR
OHVIDOWDUtDVLDpOVyORVHFRQWUDMHUDQ
'HEHLPSHGLUVHTXHODV
DVRFLDFLRQHVVHDQGRPLQDGDV
SRUHOHJRtVPR
8QRGHORVHIHFWRVTXHVHYDQQRWDQGRHQ
QXHVWURVLJOR\TXHORFDUDFWHUL]D\GLVWLQ
\FDULGDGTXHHGLILFDQ\PXHYHQ\IRUPDQ
UHODFLRQHV ~WLOHV \ SHUGXUDEOHV DFFLRQHV
TXHHQYXHOYHQXQVDFULILFLRHQREVHTXLRGH
VXV VHPHMDQWHV FXDQGR VHUHV KXPDQRV
iQJHOHVGLUtDPRVPiVSURSLDPHQWHFDVLVH
ROYLGDQ GH Vt SDUD DFRUGDUVH ~QLFDPHQWH
GH ORV GHPiV SDUD VRFRUUHUORV DOLYLDUORV
FRQVRODUORV \ VHUYLUOHV GH DOJ~Q PRGR
(VWRVEXHQRVHMHPSORVVRQLQGLVSHQVDEOHV
HQODVRFLHGDGSDUDDYHUJRQ]DUHOHJRtVPR
GHORVTXHVyORSLHQVDQHQVtPLVPRVSDUD
QHXWUDOL]DUVXPDOpILFRLQIOXMRRKDEODQGR
PiVFHUFDGHQXHVWURDVXQWRSDUDTXHHQ
WRGDFODVHGHDVRFLDFLRQHVQRVHROYLGHVH
WHQJD PX\ SUHVHQWH OD SDUWH PRUDO \ GH
EHQHILFHQFLDFRQTXHXQRVDRWURVVHOLJDQ
PiV HVWUHFKDPHQWH VXV LQGLYLGXRV \ SRU
XQDVXSHUDEXQGDQFLDGHDPRUVDOHQGHVX
FtUFXORSDUDFRPXQLFDUVXVEHQHILFLRV
/DVDVRFLDFLRQHVGHEHQ
DFWXDUS~EOLFDPHQWH
(Q VHJXQGR OXJDU GHVHDUtDPRV TXH ODV
DVRFLDFLRQHV WXYLHUDQ XQ DVSHFWR S~EOLFR
QR HQ FXDQWR LQWHUYLQLHUD HQ VX IRUPDFLyQ
ODPDQRGHO*RELHUQRQRVLQRTXHVXREMH
WRVXVUHJODPHQWRV\VXVVHVLRQHVQRSDUWL
FLSDUDQ GH FODQGHVWLQLGDG (O VLJOR HQ TXH
YLYLPRVVHSUHVWD\SURYRFDDTXHVHOOHYHD
FDERHVWDLQGLFDFLyQSRUORPHQRVHQDTXH
OODSDUWHHQTXHKDQGHVDSDUHFLGRORVREV
WiFXORVTXHLPSHGtDQODIUDQFDH[SUHVLyQGH
ODVRSLQLRQHV\VHQWLPLHQWRV\HOXVRGHORV
PHGLRVDQWHVSURKLELGRV3RURWUDSDUWHOD
SXEOLFLGDGGHVYDQHFHUtDSRUVtVRODODVVRV
SHFKDV TXH UHFDHQ VREUH FXDQWR VH SUDFWL
TXHHQVHFUHWRHLQVSLUDUtDFRQILDQ]DHQODV
LQWHQFLRQHV GH TXLHQHV QR VH UHVHUYDEDQ
SDUDGHFLUORTXHVHSURSRQtDQ
&DUHWDV
5LFDUGR3DOPD
5(0,1,6&(1&,$6
(O%DLOHGH/D9LFWRULD(Q
7UDGLFLRQHV3HUXDQDV([WUDFWRV
VHOHFFLRQDGRVSiJV
(O%DLOHGH/D
9LFWRULD
5LFDUGR3DOPD
&XiQSRFRVTXHGDPRV\DGHHVDMXYHQ
WXG TXH YHQLGD D OD H[LVWHQFLD HQ HO
SULPHU GHFHQLR TXH VLJXLy DO WULXQIR
GHILQLWLYRGHODOLEHUWDGHQ6XG$PpULFD
HVWR HV HQ ORV DOERUHV GH OD 5HS~EOLFD
DOFDQ]DUD D GLVIUXWDU WDPELpQ GH OR TXH
IXH OD VRFLDELOLGDG OLPHxD GXUDQWH ORV
WLHPSRVGHYDVDOODMHDOUH\1RFRQHO~OWL
PR GLVSDUR GH IXVLO HQ HO FDPSR GH
$\DFXFKRGHVDSDUHFLyODYLGDFRORQLDO(Q
SXQWR D FRVWXPEUHV VH VLJXLy HQ WRGD
FDVD GH EXHQ JRELHUQR DOPRU]DQGR GH
QXHYH D GLH] GH OD PDxDQD FRPLHQGR GH
WUHVDFXDWURGHODWDUGHFHQDQGRDODVGLH]
GH OD QRFKH UH]DQGR HO URVDULR HQ IDPLOLD
DQWHV GH PHWHUVH HQWUH SDORPDV YXOJR
ViEDQDV\ORTXHYDOHSRUPLOWHVRURVVH
VLJXLyLJQRUDQGRTXHODGLVSHSVLD\ORVFyOL
FRVKHSiWLFRVFRQVXVDUHQLOODVHVWiQUHxL
GRVFRQODDQWLJXDFRFLQDHVSDxRODHQTXH
ODPDQWHFDHQWUDEDSRUSRFR\SRUPXFKR
HO DFHLWH GH ROLYR 'HVDItR DO PiV JXDSR D
TXH FRQVXPD KR\ HO SDU GH KXHYRV IULWRV
HQDFHLWHGH0RTXHJXDTXHHPEDXODED\R
GHQWURGHOFXHUSRDQWHVGHLUDODHVFXHOD
/LPD0LUDIORUHV
)XHXQJUDQHVFULWRUGHOVLJOR;,;HQHO
3HU~HLUyQLFRREVHUYDGRUGHODV
FRVWXPEUHVGH/LPD$XWRUGHODV
FpOHEUHV7UDGLFLRQHV3HUXDQDV
&DUHWDV
&DSLWXORLQGG
(OPRELOLDULRHQODVFDVDVODLQGXPHQWD
ULD SHUVRQDO ODV ILHVWDV \ SURFHVLRQHV UHOL
JLRVDV ORV FDStWXORV SDUD OD HOHFFLyQ GH
SULRURGHDEDGHVDFDStWXORVHQTXHWRGRHO
YHFLQGDULR VH LQPLVFXtD FRQ XQ FDORU QDGD
SDUHFLGRDOGHORVFLXGDGDQRVHQODVUHFLHQ
WHVHOHFFLRQHVGHSDUURTXLDODVFRUULGDVGH
WRURV HO UHxLGHUR GH JDOORV \ ODV IXQFLRQHV
WHDWUDOHVORVVDUDRVGHEXHQWRQRORVMROJR
ULRV SRSXODFKHURV WRGR WRGR VXEVLVWtD VLQ
iSLFHGHGLVFUHSDQFLDFRPRHQORVGtDVGHOD
FRORQLD1DGDKDEtDFDPELDGR6yORIDOWDED
HOYLUUH\\FUpDQPHXVWHGHVTXHODPD\RUtD
GHOYHFLQGDULROLPHxRORHFKDEDGHPHQRV
$XQTXH OD OH\ KDEtD DEROLGR ORV WtWXORV
GH&DVWLOODHOORVVHJXtDQHQERFDGHWRGRHO
PXQGR 6DOXG VHxRU PDUTXpV $GLyV
VHxRUFRQGHHUDQIUDVHFLWDVGHFDMyQRGH
FRUWHVtD TXH QL HO PiV H[DOWDGR SDWULRWD
HVFUXSXOL]DED SURQXQFLDU WDO YH] SRU HO
JXVWD]R GH RtU HVWD FRQWHVWDFLyQ 9D\D
XVWHG FRQ 'LRV PL FRURQHO R ELHQ
)HOLFLGDGHVPLJHQHUDO
&LHUWDPHQWH TXH OD DULVWRFUDFLD GH ORV
SHUJDPLQRV FRQ ODV OHYHV H[FHSFLRQHV GH
WRGDUHJODQRGHVFROODEDSRUHOWDOHQWRROD
LOXVWUDFLyQ SHUR Vt GHVOXPEUDED WRGDYtD
SRU VX ULTXH]D \ ERDWR FRPR TXH KDEtD
HQWUH HOOD DFDXGDODGRV WDQ HVW~SLGRV TXH
DOPDFHQDEDQ GHEDMR GH OD FDPD WDOHJRV
KHQFKLGRV GH SHVRV <R KH YLVWR HQ PL
QLxH]HQHOWUDVSDWLRGHXQDFDVDORTXHVH
OODPDED YDUHDU OD SODWD RSHUDFLyQ TXH
FRQVLVWtDHQHFKDUORVSHVRVDFXxDGRVVREUH
XQD PDQWD \ VDFXGLUORV FRQ XQ JDUURWH
SDUDTXHHOPHWDOQRVHR[LGDVH(VRVDULV
WyFUDWDVSURIHVDEDQFXOWRIDQiWLFRDOPHWDO
VHOODGR\QRRVDEDQDYHQWXUDUORHQHPSUH
VDVRHVSHFXODFLRQHV(UDQIHOLFHVFRQVyOR
FRQWHPSODUOR (OORV \ QR ORV SHVRV HUDQ
SDUDPtORVPHUHFHGRUHVGHODYDUD(VXQ
EXHQVHxRUHVHFDEDOOHURRtD\RGHFLUHQPL
LQIDQFLD FRQ VREUDGD IUHFXHQFLD 1DGD
DEXQGDEDWDQWRHQ/LPDFRPRORVKRPEUHV
EXHQRVTXHQRVLUYHQSDUDQDGD
(OOXMRGHODVOLPHxDVQRILQFDEDFRPR
KR\HQOXFLUFDGDTXLQFHGtDVQXHYRWUDMH
FRQIHFFLRQDGRSRUPRGLVWDQLHQORVGHPiV
DFFHVRULRV GH WRLOHWWH TXH EDVWDQ SDUD
DGTXLULU UHQRPEUH GH HOHJDQFLD \ EXHQ
JXVWR1R$VtFRPRORVPDQMDUHVGHQXHV
WUDPHVDFULROODHUDQFRVDVyOLGD\TXHVH
SHJDQ DO ULxyQ \ QR KRMDUDVFD VRSOLOOR \
SLQWXULWD FRPR ORV GH OD FRFLQD IUDQFHVD
TXHDKRUDSULYDDVtDQXHVWUDVDQWHSDVD
GDVOHVEDVWDED\VREUDEDFRQSRVHHUFXD
(O%DLOHGH/D9LFWRULD
GHWUDMRGH)UDQFLDSRUYDORUGHTXL
QLHQWRV PLO IUDQFRV HQ DOKDMDV HQJDU]DGDV
VREUHRUR/OHJyFRPRVHGLFHHQODKRUDGHO
EXHQSDVWRUHVWRHVFXDQGROD&RQVROLGDFLyQ
HVWDEDHQVXDSRJHR\VHLPSURYLVDEDQIRU
WXQDV HQ PHQRV WLHPSR GHO TXH JDVWD HQ
SHUVLJQDUVH XQ FXUD ORFR /DV DULVWyFUDWDV
FRPR XQD SURWHVWD FRQWUD OD &RQVROLGDFLyQ
VHREVWLQDURQHQPDQWHQHUHOHQJDUFHVREUH
SODWD FRPSUREDQGR DVt TXH HQ VXV DOKDMDV
QR KDEtD XQ FHQWDYR GHO GLQHUR ILVFDO
QLFDPHQWHODVVHxRUDVGHOFXHUSRGLSORPi
WLFR \ GHO FRQVXODU R ODV GH DFDXGDODGRV
FRPHUFLDQWHVH[WUDQMHURVKDEtDQRVWHQWDGR
KDVWDHQWRQFHVSUHQGDVHQJDU]DGDVHQRUR
/DQXHYDDULVWRFUDFLDGHOGLQHURRSWySRUQR
LPLWDUHQHOHQJDUFHDODDULVWRFUDFLDJRGD
(UD DTXHOOR FRPR VL GLMpUDPRV OD OXFKD
HQWUHHOSDWUyQGHRUR\HOSDWUyQGHSODWD
$ODUPDGR HO SUHVLGHQWH JHQHUDO
(FKHQLTXH DO FRQYHQFHUVH GH TXH OD
&RQVROLGDFLyQOOHYDEDDOSDtVDXQDELVPR
VLQ IRQGR GHFLGLy VROLFLWDU GHO &RQJUHVR
XQDOH\TXHSXVLHVHWpUPLQRDOGHUURFKH\
HQ HIHFWR OD SLGLy HQ VX PHQVDMH D ODV
&iPDUDV GH &RQ HVH PRWLYR GHVGH
ORVSULPHURVGtDVGHDJRVWRQRVHKDEODED
HQ /LPD VLQR GH XQ JUDQ EDLOH TXH SDUD
KDODJDUDORVFRQJUHVDOHVVHSURSRQtDGDU
VX H[FHOHQFLD QR HQ HO YHWXVWR SDODFLR GH
ORVYLUUH\HVVLQRHQVXSUHFLRVDTXLQWDGH
/D 9LFWRULD VREUH FX\R WHUUHQR VH HGLILFD
DFWXDOPHQWHHOQXHYREDUULRGHODFLXGDG
'RQ%HUQDUGRHODOKDMHURVXSRH[SORWDU
HOILOyQ\HQYLHMR\DFKDFRVRUHJUHVy
D(XURSDDGLVIUXWDUGHORVPLOORQFHMRVGH
IUDQFRVJDQDGRVHQYHQWDGHDOKDMDVPRGHU
QDV\DGTXLVLFLyQGHDOKDMDVDQWLJXDV
<SXHVKDYHQLGRDQXHVWUDSOXPDFLWDU
HO EDLOH GH /D 9LFWRULD GH LQROYLGDEOH
UHFXHUGR SDUD ORV TXH D pO FRQFXUULPRV \
&DUHWDV
&DSLWXORLQGG
5LFDUGR3DOPD
(O%DLOHGH/D9LFWRULD
+XERXQDVLQJXODULGDGHQHVWHEDLOHOD
GHTXHHOGXHxRGHFDVDQRFRQVLQWLyTXHVH
MXJDVHQLDSDUHV\QRQHV0HDEVWHQJRGH
FRPHQWDU
+DEtDXQVDOyQPX\HVSDFLRVRDGRUQDGR
FRQ YDOLRVRV FXDGURV SURSLHGDG GHO FRURQHO
GRQ 3DVFXDO 6DFR GHXGR GH (FKHQLTXH \
DIDPDGR DPDWHXU SLFWyULFR 'HFtDVH SRU
SHUVRQDVGHUHSXWDFLyQGHHQWHQGLGDVTXH
\R SRU HQWRQFHV PDQFHER GH YHLQWH DxRV
DXQ QR GDED SDORWDGD HQ DVXQWRV GH DUWH
TXHDOOtOXFtDQHQWUHRWURVFXDGURVRULJLQD
OHV GH 9HOi]TXH] 0XULOOR \ (VSDxROHWR
3ULQFLSLDED\DHOUHQRPEUHGHQXHVWURFRP
SDWULRWD,JQDFLR0HULQR\H[KLEtDVHXQDGH
VXVREUDVUHFLHQWHPHQWHSUHPLDGDHQ3DUtV
(QHVHVDOyQKDEtDHVSDUFLGDVPXOWLWXGGH
PHVLWDVGHOD&KLQD\IXQFLRQDEDDEXQGDQ
WtVLPR \ H[TXLVLWR EDU DWHQGLGR SRU
0DUFHQDUR IDPRVR GXOFHUR LWDOLDQR GH OD
pSRFDHQODFXDOQRH[LVWtDD~QHQ/LPDQLQ
J~Q%URJJL(OHVWDEOHFLPLHQWRGH0DUFHQDUR
HVWDEDHQODFDOOHGH(VSDGHURVSUHFLVDPHQ
WHHQHOORFDOTXHKR\RFXSDODFDVD.OHLQ\
HUDXQDPLQLWDGHFRUWDUDFLQFHOGHVSXpVGH
ODVWUHVGHODWDUGHKRUDVHQTXHVDOtDQGHO
KRUQR XQDV HPSDQDGLWDV \ XQRV SDVWHOLOORV
GHOLFLRVRV TXH ORV FRQFXUUHQWHV UHPRMDEDQ
FRQXQDFRSDGHMHUH]TXHD~QQRVHDEXVDED
GHO FRFNWDLO FRPR DSHULWLYR 8Q UHIUHVFR GH
QDUDQMD FRQ JRWDV GH URQ GH -DPDLFD FX\D
FRQIHFFLyQHUDVHFUHWRGHOGXOFHURWHQtDLQIL
QLWRVDILFLRQDGRV$WHQGtDDORVSDUURTXLDQRV
ODHVSRVDGH0DUFHQDURTXHHUDXQDLWDOLDQL
WDPX\VLPSiWLFD\DJUDFLDGDVREUHODTXH
VLQDOWHUDUVXHFXDQLPLGDGOORYtDQORVSLUR
SRV<FRPRQRKHGHYROYHUDWHQHURSRUWXQL
GDGSDUDKDEODUGHODQWHFHVRUGHORV%URJJL
1RYH\.OHLQQRTXLHURGHVSHUGLFLDUODRFD
VLyQSDUDFRQWDUTXHODOLQGDKLMDGHODEHOOD
,WDOLDWXYRGHVDVWURVRILQDO0XULyHQYHQHQD
&DUHWDV
&DSLWXORLQGG
5LFDUGR3DOPD
GD8QDPDxDQDDODKRUDHQTXHUDUDSHU
VRQDHQWUDEDDODGXOFHUtDVHSUHVHQWyXQD
HOHJDQWHWDSDGD\FRQWUDWyHOVHUYLFLRGHSRV
WUHV SDUD XQ EDQTXHWH UHFRPHQGDQGR TXH
ODV SDVWDV GH DOPHQGUD IXHVHQ PHMRUHV TXH
ODVGHODVPRQMLWDVGH6DQWD&DWDOLQDSDVWDV
GHODVTXHOOHYDEDODWDSDGDXQSDTXHWHHQOD
PDQR &DGD PRQDVWHULR GH /LPD WHQtD SRU
HVRV WLHPSRV VX HVSHFLDOLGDG HQ PDWHULD GH
GXOFHV\JRORVLQDV/DMRYHQ0DUFHQDURSUREy
XQDGHODVSDVWDV\RIUHFLyPHMRUDUHOFRQGL
PHQWR8QDKRUDGHVSXpVVHSUHVHQWDURQHQ
HOODORVSULPHURVVtQWRPDVGHHQYHQHQDPLHQ
WR(OFULPHQIXpPX\VHQVDFLRQDOWHQLHQGR
ODMXVWLFLDTXHDUFKLYDUHOSURFHVRGHVSXpVGH
PiVGHGRVDxRVSRUQRHQFRQWUDUHOPHQRU
LQGLFLRVREUHODHQYHQHQDGRUD$OJRPXUPX
UDED HQ ORV SULPHURV GtDV OD PDOHGLFHQFLD
FRQWUD XQD H[PDUTXHVLWD SHUR SDUpFHPH
TXHVLQSL]FDGHIXQGDPHQWR
(Q XQR GH ORV DOPXHU]RV FRQ TXH HQ
(PLOLR&DVWHODUDJDVDMDEDHQ0DGULG
DODJHQWHGHOHWUDVRtPRVGHFLUDOLQPRUWDO
WULEXQR JDGLWDQR HQ OD FRQYHUVDFLyQ GH
VREUHPHVDTXHQDGDHVPiVGLItFLOGHFRQR
FHUSRUFRPSOHWRTXHORVFUtPHQHVFRQWHP
SRUiQHRV 3UHJXQWD XVWHG GHFtD HO DQIL
WULyQ DO SULPHUR FRQ TXLHQ WURSLH]D SRU
HVDVFDOOHVTXLpQPDWyD&pVDU\OHFRQWHV
WD GH FRUULGR \ VLQ HTXLYRFDU OHWUD 3HUR
SUHJXQWH XVWHG SRU FRVDV GH D\HU SRU OD
WDUGH TXLpQ PDWy D 3ULP SRU HMHPSOR \
QDGLH OR VDEH (VR LQWHUUXPSLy GRQ
$QWRQLR &iQRYDV GHO &DVWLOOR SXHGH VHU
(PLOLRTXHDOJXLHQORVHSDSHURTXLHQGH
VHJXURQRORVDEUiQXQFDHVODMXVWLFLD<
FRPRFKLVSDHOpFWULFDYLQRDPLPHPRULDHO
UHFXHUGRGHOWUiJLFRILQGHODGXOFHULWD
3HURDTXtFDLJRHQODFXHQWDGHTXHVHPH
HVWi\HQGRHOVDQWRDOFLHORSDUDGDUVXHOWD
DODSOXPDHQFKLVPRUUHRVDxHMRV\SURVLJR
JRGDVFRPRODVOODPDEDHOSXHEORQRGHMD
URQ SLHGUD SUHFLRVD HQ HO FRIUH GH IDPLOLD
SHUR OD QXHYD DULVWRFUDFLD GHO GLQHUR ODV
SDUYHQXHV R LPSURYLVDGDV SRU OD
&RQVROLGDFLyQODVHFOLSVDURQSRUHOOXMRGH
ORVYHVWLGRV\SRUODSUHFLRVLGDGGHVXVDOKD
MDVPRGHUQDVHQJDU]DGDVVREUHRUR
'LRVVDFyDOKRPEUHGHODQDGDSHURHO
SUHVLGHQWH(FKHQLTXHFRQVX&RQVROLGDFLyQ
OR VXSHUy VDFDQGR D PXFKRV KRPEUHV D
PXFKtVLPRV GH OD QDGD HVWR HV GH OD
SREUH]DKXPLOGHDODRSXOHQFLDVREHUELD
2tPRVGHFLUHQXQJUXSRGHODJDOHUtDD
GRQ %HUQDUGR HO DOKDMHUR TXH HO FROODU GH
SHUODV \ SUHQGDV DFFHVRULDV WDPELpQ GH
SHUODVTXHRVWHQWDEDODVHxRUDGHXQJHQH
UDOOODPDUtDODDWHQFLyQHQODPiVIDVWXRVD
GHODVFRUWHVHXURSHDV
2WUD VHxRUD QR PHQRV JDOODUGD FDVDGD
FRQXQFRURQHOTXHDSRFRDVFHQGLyDJHQH
UDOOXFtDXQWUDMHDGRUQDGRFRQSURIXVLyQ
GHEULOODQWHV\UXEtHVDODYH]TXHDOKDMDV
PX\YDOLRVDV(UDXQVROGHVOXPEUDGRU
&XiQWRSDJDUtDXVWHGGRQ%HUQDUGRSRU
HVHWUDMH"RtPRVTXHSUHJXQWDEDDODOKDMHUR
XQSHUVRQDMHTXHPHVHVPiVWDUGHGHEtDGH
ILJXUDUPXFKRHQODUHYROXFLyQ
3DUD JDQDUPH XQD FRPLVLyQ GHFHQWH
GDUtDKDVWDFXDUHQWDPLOSHVRV
1RVHDSXUHXVWHGTXH\DORFRPSUDUi
SRUPHQRV
&RQWiEDVHTXHHVHWUDMHIXpFRQIHFFLRQD
GR SRU PDGDPD (PLOLD 'XEUHXLO OD xDWD
'XEUHXLOFRPRODOODPDEDQPLVSDLVDQDV
OD ~QLFD PRGLVWD IUDQFHVD TXH KDEtD SRU
HQWRQFHVHQODFDOOHGH0HUFDGHUHV\TXH
GXUDQWHORVGRVGtDVTXHHPSOHyHQODFROR
&DUHWDV
(O%DLOHGH/D9LFWRULD
0DQXHO3DUGR\/DYDOOH
O3HU~KDGDGRXQQXHYRWHVWLPRQLR
GHTXHHUDFDSD]GHVDOYDUOD\OD
KDVDOYDGRJUDFLDVDODSURWHFFLyQ
LQHTXtYRFD GHO 7RGR 3RGHURVR \ DO
DFXHUGR FRQ TXH ORV SRGHUHV S~EOL
FRV\HOSDtVKDQXQLGRVXYROXQWDG\
VXV HVIXHU]RV LQWHUSUHWDQGR ORV
SULPHURVODVDVSLUDFLRQHVGHO~OWL
PR \ DSR\iQGRODV pVWH FRQ WRGR
VXSRGHU
'HVGHODVWUHVGHODPDxDQDHPSH]yOD
FHQD SDUD GRVFLHQWRV FXDUHQWD FXELHUWRV
UHQRYiQGRVHHOVHUYLFLRWUHVYHFHVPiV
'RQ%HUQDUGRWDOYH]VLQGDUVHFXHQWD
GH TXH HFKDED FRPEXVWLEOH HQ OD KRJXHUD
GH ODV SDVLRQHV SROtWLFDV GHFtD D WRGR HO
TXHOHSUHJXQWDEDTXHVLODVDOKDMDVGHODV
DULVWyFUDWDV UHSUHVHQWDEDQ PiV GH XQ
PLOOyQ ODV PD]RUTXHUDV PXFKR PHQRUHV
HQQ~PHURODVVXSHUDURQHQPpULWRDUWtV
WLFR\HQEXHQJXVWR(OSDUWLGRTXHH[SORWy
DO SDtV FRQ OD &RQVROLGDFLyQ KDEtD VLGR
EDXWL]DGR SRU ORV RSRVLFLRQLVWDV FRQ QRP
EUH GH OD PD]RUFD $Vt VH H[SOLFD HO TXH
HVWDOODGD OD UHYROXFLyQ OD DULVWRFUDFLD
IHPHQLQDVLPSDWL]DUDFRQHOOD\FRQVSLUDUD
GHORILQRRSRUORPHQRVFRQWULEX\HUDFRQ
VXV RUDFLRQHV SDUD FRQ 'LRV GLVSHQVDGRU
GHWRGRWULXQIR
&RQHODOEDVHEDLOyHOFRWLOOyQTXHSXVR
WpUPLQR DO PiV HVSOpQGLGR GH ORV EDLOHV
TXH KDVWD HO GtD VH KDQ GDGR DVt HQ OD
/LPDGHORVPRQiUTXLFRVYLUUH\HVFRPRHQ
ODGHORVUHSXEOLFDQRVSUHVLGHQWHV
0HQVDMHGHO3UHVLGHQWHGHOD5HS~EOLFDGRQ
0DQXHO3DUGRDOFODXVXUDUODVVHVLRQHVGHOD
OHJLVODWXUDH[WUDRUGLQDULDHOGHDEULOGH
(Q0HQVDMHVGHORVSUHVLGHQWHVGHO
3HU~3HGUR8JDUWHFKH\(YDULVWR6DQ
&ULVWyEDOFRPSV9RO,,/LPD,PSUHQWD*LO
([WUDFWRVVHOHFFLRQDGRVSiJV
0HQVDMH
3UHVLGHQFLDO
0DQXHO3DUGR\/DYDOOH
/LPD
3ULPHU3UHVLGHQWHFLYLOGHO3HU~)XHXQR
GHORVSROtWLFRVFRQPD\RUYLVLyQHQHO
3HU~GHFLPRQyQLFR)XQGDGRUGHO
SDUWLGR&LYLOHQ
&DUHWDV
&DSLWXORLQGG
0HQVDMHVGHORV3UHVLGHQWHVGHO3HU~
VLQSHOLJURODVOLEHUWDGHVS~EOLFDV
<QRQRVDODUPHQLFRQPXHYDQXHVWUDV
FRQYLFFLRQHVHODEXVRTXHGHHOODVSUHVHQ
FLDPRVQLHQHORUGHQGHODSDODEUDHVFUL
WDQLHQHORUGHQGHORVKHFKRVHVRVDEXVRV
VRQODVRPEUDGHODVJUDQGHVFRVDV\XQD
QXHYD SUXHED GH OD H[LVWHQFLD GH HOODV
ODPHQWHPRV~QLFDPHQWHORVH[WUDYtRVTXH
KDQ FDXVDGR \ OD H[WUDxD VXHUWH TXH OD
3URYLGHQFLDKDGHSDUDGRHQHVWRV~OWLPRV
WLHPSRVDORVTXHKDQHQDUERODGRHVDEDQ
GHUDSDUDRSRQHUVHDVXVGHVLJQLRV
(O3HU~KDTXHULGRUHDOL]DUOD5HS~EOLFD
\ODYLHQHUHDOL]DQGRKDFHWLHPSRHQWUHOD
LQFUHGXOLGDG \ ODV SDVLRQHV VRVWHQLHQGR
SULPHUR GHQWUR GHO WHUUHQR GH OD OH\ XQD
OXFKDREVWLQDGDFRQWUDWRGRVORVHOHPHQWRV
GH OD DXWRULGDG FRDOLJDGRV SDUD RSRQHUVH
DO GHUHFKR GH ORV SXHEORV GHIHQGLHQGR
HQVHJXLGDFRQVXYROXQWDGSRGHURVDHOHGL
ILFLRFRQVWLWXFLRQDOTXHpOKDEtDOHYDQWDGR
GH HQWUH UXLQDV \ GHVYDQHFLHQGR FRQ VX
VROD DFWLWXG ODV WHQWDWLYDV SDUD YROYHU D
GHUULEDUOR RIUHFLHQGR DVt HO HVSHFWiFXOR
JORULRVR GH XQ SXHEOR DWDOD\D YLJLODQWH \
GHIHQVRU GHQRGDGR GHO RUGHQ FRQVWLWXFLR
QDO WROHUDQGR DO PLVPR WLHPSR FRQ OD
WUDQTXLOLGDG GHO IXHUWH ORV H[FHVRV GH OD
OLEHUWDG\GHSORUiQGRORV~QLFDPHQWHSRUHO
FUpGLWRGHOD5HS~EOLFD
(VWD UHJHQHUDFLyQ GHO HVStULWX SROtWLFR
IHOL]PHQWHFRPSUHQGLGDGLULJLGD\VHFXQ
GDGDSRUORVSRGHUHVS~EOLFRVHVHOVHFUHWR
YHUGDGHURGHODFLHUWRGHYXHVWURVWUDEDMRV
\GHODIXHU]DFRQTXHKDEpLVFRQVWLWXLGROD
5HS~EOLFD
/DV GRV SULPHUDV OH\HV FRQ TXH OD
KDEpLV LQWHUSUHWDGR VRQ OD GH *XDUGLD
1DFLRQDO\ODGH0XQLFLSDOLGDGHV
&DUHWDV
&DSLWXORLQGG
0DQXHO3DUGR\/DYDOOH
FLyQORFDOHQWRGRVVXVUDPRVH[FHSWRHO
MXGLFLDO FX\D RUJDQL]DFLyQ HVWi ILMDGD
SRU OD &RQVWLWXFLyQ \ HQ XQD SDODEUD
FRQVLJQDGRV OD PiV JUDQGH LQGHSHQGHQ
FLD\ORVPiVDPSOLRVGHUHFKRVFRQTXHOD
LQVWLWXFLyQ PXQLFLSDO KD\D VLGR RUJDQL
]DGDHQRWUDVQDFLRQHV
/DOH\GHJXDUGLDVQDFLRQDOHV\ODOH\GH
PXQLFLSDOLGDGHVVHUiQODREUDPHPRUDEOH
GHODSUHVHQWH/HJLVODWXUDSRUTXHFRQVWL
WX\HQ ODV EDVHV GH OD 5HS~EOLFD GH HVD
5HS~EOLFD GH OD YHUGDG TXH VH OHYDQWDUi
PiVJUDQGHPLHQWUDVPiVFRPEDWLGD
3RUVXILFLHQWHVTXHHVDVOH\HVVHDQSDUD
ODJORULDGHODOHJLVODWXUDGHQRFRQV
WLWX\HQ ORV ~QLFRV WtWXORV FRQ TXH OD SUH
VHQWDUi OD KLVWRULD D OD JUDWLWXG GH VXV
FRQFLXGDGDQRV
/DUHDOL]DFLyQGHODSULPHUDKDGHVWUXL
GRSRUVtVRODORVWHPRUHVTXHDEULJDEDQORV
TXHQRKDEtDQOOHJDGRDSHUFLELUODUHYROX
FLyQ tQWLPD TXH VH SURGXFH HQ QXHVWUR
PRGR GH VHU SROtWLFR KD FDXVDGR DVRPEUR
OD SUHPXUD FRQ TXH ORV FLXGDGDQRV KDQ
FRQWHVWDGR DO OODPDPLHQWR GH OD OH\ VLQ
FRPSUHQGHUVHTXHODOH\HVODTXHKDDFX
GLGRDOOODPDPLHQWRGHORVFLXGDGDQRV
7HQJRIHHQTXHDSHVDUGHODVPXFKDV
GLILFXOWDGHVFRQTXHWURSH]DUiODUHDOL]D
FLyQGHODVHJXQGD\SRUPiVTXHHQVX
SUiFWLFD VH GHVYtHQ R WURSLHFHQ DOJXQRV
SXHEORVORVTXHSRUVXLOXVWUDFLyQVHKDQ
FRORFDGR D OD FDEH]D GH VXV KHUPDQRV
OHV HQVHxDUiQ HO PRGR GH HMHUFHU ORV
DPSOtVLPRV GHUHFKRV TXH FRQFHGH HVD
OH\HQODFXDOHVWiQUHFRQRFLGDVODVWUHV
SHUVRQDOLGDGHVPXQLFLSDOHVGHO'LVWULWR
GH OD 3URYLQFLD \ GHO 'HSDUWDPHQWR
DELHUWDV ODV SXHUWDV GH OD LQVWLWXFLyQ
D~Q D ORV H[WUDQMHURV FRQFHGLGR D ORV
FXHUSRV SRSXODUHV HO GHUHFKR GH GLFWDU
UHJODPHQWRV YRWDU DUELWULRV \ OHYDQWDU
HPSUpVWLWRV VLQ QHFHVLGDG GH OD DSURED
FLyQGHO&RQJUHVRQLGHO*RELHUQRHQWUH
JDGD D FDGD XQR GH HOORV OD DGPLQLVWUD
&DUHWDV
&DStWXOR9
0DQXHO*RQ]iOH]3UDGD
(O'LVFXUVRGHO3ROLWHDPD
(Q3HQVDPLHQWR\
OLEUHSHQVDPLHQWR&DUDFDV
%LEOLRWHFD$\DFXFKR
3iJV
O
O
)ORUD7ULVWiQ
3HUHJULQDFLRQHVGHXQD
SDULD/LPD0RQFORD
&DPSRGyQLFR(GLWRUHV
3iJV
)UDQFLVFR*DUFtD
&DOGHUyQ(O3HU~
&RQWHPSRUiQHR/LPD
,QWHUEDQN
3iJV
O
-RVpGHOD5LYD$JHUR
3DLVDMHV3HUXDQRV(Q
2EUDV&RPSOHWDV7RPR,;
/LPD,5$38&3
3iJV
O
-RVp&DUORV0DULiWHJXL
(OSUREOHPDGHOLQGLR
(Q6LHWH(QVD\RVGH
,QWHUSUHWDFLyQGHOD5HDOLGDG
3HUXDQD/LPD(GLWRULDO
$PDXWD3iJV
O
O
9tFWRU5D~O+D\DGHOD
7RUUH'LVFXUVRGHOD3OD]D
GH$FKR/XLV$OYD
&DVWURFRPS(Q$SULVPR
QXHYDGRFWULQDGLVFXUVRVGH
+D\DGHOD7RUUH/LPD
&DPELR\'HVDUUROOR
3iJV
O
9tFWRU$QGUpV%HOD~QGH
/DUHDOLGDGQDFLRQDO/LPD
3iJV
&DSLWXORLQGG
DGHUURWDHQODJXHUUDFRQWUD&KLOHJHQHUyXQJUDQGHEDWH
VREUHORVSUREOHPDVQDFLRQDOHV+DEtDTXHUHLQWHUSUHWDU
QXHVWUDVLQVWLWXFLRQHVVREUHODEDVHGHODDGPLVLyQGHOD
FDWiVWURIH3HURFXiOHVIXHURQODVFDXVDVGHODGHUURWD"
1RVHUtDDFDVRTXHODVHOLWHVKDEtDQGHILQLGRPDOTXpHUDOD
QDFLyQSHUXDQDGHVGHXQSULQFLSLR"8QSUREOHPDJUDYHTXH
VDOWyDODOX]IXHTXHORVLQGtJHQDVSUHVXQWDPHQWHUHGLPLGRVSRU
ODLJXDOGDGUHSXEOLFDQDKDEtDQTXHGDGRGLVFULPLQDGRV
VRFLDOPHQWH\PDUJLQDGRVGHOSURFHVRSROtWLFR)RUPDUtDQ
ORVLQGLRVWDPELpQSDUWHGHODQDFLyQSHUXDQDRHUDFRVD
GHORVFULROORVEODQFRV\PHVWL]RV"3RUTXpODUHS~EOLFDPDUJLQDEDDORV
LQGLRV"&XiOHVHUDQORVFDXVDVGHODWUDVRSHUXDQR"$ILQGHFXHQWDVTXpURO
HVWDEDFXPSOLHQGRODFODVHGLULJHQWHHQHO3HU~"
&RQ0DQXHO*RQ]iOH]3UDGDHOGLVFXUVRFUtWLFRVHKDFHPiViFLGR\GXUR
&RQIUDVHVODSLGDULDVODpOLWHUHSXEOLFDQDHVDFXVDGDGHQRKDEHUFXPSOLGR
FRQVXVIXQFLRQHVSROtWLFDV3URQWRVHSRQHVREUHHOWDSHWHODPDUJLQDFLyQGHO
LQGLR\GHRWURVVHFWRUHVVRFLDOHV(OSDtVTXHEXVFyODDXWRQRPtDVHSDUiQGRVH
GH(VSDxDHPSLH]DDWRPDUFRQFLHQFLDGHQXHYDVIRUPDVSRWHQFLDOHVGH
GRPLQLR\SURQWRUHDFFLRQDDQWHHOSRGHUFUHFLHQWHGHORVSDtVHV
LQGXVWULDOL]DGRV\HQSDUWLFXODUGHORV(VWDGRV8QLGRVHQODHVFHQD
LQWHUQDFLRQDO
/DUHS~EOLFDFX\DVHOLWHVVHKDEtDQQXWULGRGHOUDFLRQDOLVPR\HO
DJQRVWLFLVPRUHEHOGHGH)UDQFLDVHUHEHODQFRQWUDpO/DJHQHUDFLyQGHO
URPSHFRQODKHJHPRQtDGHOSRVLWLYLVPRDOTXHVHORDFXVDGHPDWHULDOLVPR
/DVHOLWHVUHVSRQVDEOHVSROtWLFDVGHODKLVWRULDSUHFHGHQWHYXHOYHQORVRMRVDOD
KHUHQFLDFDWyOLFDKLVSDQD(UDQORVWLHPSRVHQORVTXHVHDILUPDEDTXH
$PpULFD/DWLQDWHQtDXQSDWULPRQLRFXOWXUDOTXHGHEtDVHUVDOYDGR\TXH
GHVSXpVGHWRGRHUDWDQYDOLRVR\WHQtDWDQWDUD]yQFRPRHOSUR\HFWRSROtWLFR
GHOFRORVRGHOQRUWH(UDODKRUDGHH[LJLUDODHOLWHODUHVSRQVDELOLGDGTXHHQ
ODSULPHUDFHQWXULDUHSXEOLFDQDQRKDEtDGHPRVWUDGRWHQHU
$GyQGHYDHO3HU~"
'HOD*XHUUDFRQ&KLOH
KDVWDOD6HJXQGD
*XHUUD0XQGLDO
0DQXHO*RQ]iOH]3UDGD
6HxRUHV
RV TXH SLVDQ HO XPEUDO GH OD YLGD
VHMXQWDQKR\SDUDGDUXQDOHFFLyQ
DORVTXHVHDFHUFDQDODVSXHUWDV
GHOVHSXOFUR/DILHVWDTXHSUHVHQ
FLDPRVWLHQHPXFKRGHSDWULRWLVPR\
DOJRGHLURQtDHOQLxRTXLHUHUHVFDWDU
FRQ HO RUR OR TXH HO KRPEUH QR VXSR
GHIHQGHUFRQHOKLHUUR
(O'LVFXUVRGHO3ROLWHDPD(Q
3HQVDPLHQWR\OLEUHSHQVDPLHQWR&DUDFDV
%LEOLRWHFD$\DFXFKR([WUDFWR
VHOHFFLRQDGRSiJV
(OGLVFXUVR
GHO3ROLWHDPD
0DQXHO*RQ]iOH]3UDGD
/LPD
(VFULWRU\HQVD\LVWDFUtWLFRGHOD
VRFLHGDG\ODSROtWLFDSHUXDQD(QVXV
LQLFLRVIXHSRVLWLYLVWD\OXHJRDQDUTXLVWD
6LHQHVWRVPRPHQWRVIXHUDRSRUWXQRUHFRU
GDU YHUJHQ]DV \ UHQRYDU GRORUHV QR DFXVD
UtDPRV D XQRV QL GLVFXOSDUtDPRV D RWURV
4XLpQSXHGHDUURMDUODSULPHUDSLHGUD"
&DUHWDV
&DSLWXORLQGG
(OGLVFXUVRGHO3ROLWHDPD
0DQXHO*RQ]iOH]3UDGD
&DUHWDV
&DSLWXORLQGG
<DXQTXHVHDGXUR\KDVWDFUXHOUHSH
WLUOR DTXt QR LPDJLQpLV VHxRUHV TXH HO
HVStULWXGHVHUYLGXPEUHVHDSHFXOLDUDVyOR
HO LQGLR GH OD SXQD WDPELpQ ORV PHVWL]RV
GH OD FRVWD UHFRUGDPRV WHQHU HQ QXHVWUDV
YHQDV VDQJUH GH ORV V~EGLWRV GH )HOLSH ,,
PH]FODGD FRQ VDQJUH GH ORV V~EGLWRV GH
+XD\QD&iSDF 1XHVWUD FROXPQD YHUWH
EUDOWLHQGHDLQFOLQDUVH
/DQREOH]DHVSDxRODGHMyVXGHVFHQGHQ
FLDGHJHQHUDGD\GHVSLOIDUUDGRUDHOYHQFH
GRU GH OD ,QGHSHQGHQFLD OHJy VX SUROH GH
PLOLWDUHV\RILFLQLVWDV$VHPEUDUHOWULJR\
H[WUDHUHOPHWDOODMXYHQWXGGHODJHQHUD
FLyQSDVDGDSUHILULyDWURILDUHOFHUHEURHQ
ODVFXDGUDVGHORVFXDUWHOHV\DSHUJDPLQDU
ODSLHOHQODVRILFLQDVGHO(VWDGR/RVKRP
EUHV DSWRV SDUD ODV UXGDV ODERUHV GHO
FDPSR \ GH OD PLQD EXVFDURQ HO PDQMDU
FDtGRGHOIHVWtQGHORVJRELHUQRVHMHUFLHURQ
XQDLQVDFLDEOHVXFFLyQHQORVMXJRVGHOHUD
ULRQDFLRQDO\VREUHSXVLHURQHOFDXGLOORTXH
GDED HO SDQ \ ORV KRQRUHV D OD SDWULD TXH
H[LJtDHORUR\ORVVDFULILFLRV3RUHVRDXQ
TXHVLHPSUHH[LVWLHURQHQHO3HU~OLEHUDOHV
\FRQVHUYDGRUHVQXQFDKXERXQYHUGDGHUR
SDUWLGR OLEHUDO QL XQ YHUGDGHUR SDUWLGR
FRQVHUYDGRU VLQR WUHV JUDQGHV GLYLVLRQHV
ORV JRELHUQLVWDV ORV FRQVSLUDGRUHV \ ORV
LQGLIHUHQWHV SRU HJRtVPR LPEHFLOLGDG R
GHVHQJDxR3RUHVRHQHOPRPHQWRVXSUH
PRGHODOXFKDQRIXLPRVFRQWUDHOHQHPL
JR XQ FRORVR GH EURQFH VLQR XQD DJUXSD
FLyQGHOLPDGXUDVGHSORPRQRXQDSDWULD
XQLGD\IXHUWHVLQRXQDVHULHGHLQGLYLGXRV
DWUDtGRVSRUHOLQWHUpVSDUWLFXODU\UHSHOL
GRVHQWUHVtSRUHOHVStULWXGHEDQGHUtD3RU
HVRFXDQGRHOPiVRVFXURVROGDGRGHOHMpU
FLWR LQYDVRU QR WHQtD HQ VXV ODELRV PiV
QRPEUH TXH &KLOH QRVRWURV GHVGH HO SUL
PHUJHQHUDOKDVWDHO~OWLPRUHFOXWDUHSH
WtDPRV HO QRPEUH GH XQ FDXGLOOR pUDPRV
VLHUYRVGHOD(GDGPHGLDTXHLQYRFiEDPRV
DOVHxRUIHXGDO
,QGLRVGHSXQDV\VHUUDQtDVPHVWL]RVGH
ODFRVWDWRGRVIXLPRVLJQRUDQWHV\VLHUYRV
\QRYHQFLPRVQLSRGtDPRVYHQFHU
,,,
6LOD,JQRUDQFLDGHORVJREHUQDQWHV\OD
VHUYLGXPEUH GH ORV JREHUQDGRV IXHURQ
QXHVWURV YHQFHGRUHV DFXGDPRV D OD
&LHQFLD HVH UHGHQWRU TXH QRV HQVHxD D
VXDYL]DUODWLUDQtDGHOD1DWXUDOH]DDGR
UHPRVOD/LEHUWDGHVDPDGUHHQJHQGUDGR
UDGHKRPEUHVIXHUWHV
1RKDEORVHxRUHVGHODFLHQFLDPRPLIL
FDGDTXHYDUHGXFLpQGRVHDSROYRHQQXHV
WUDVXQLYHUVLGDGHVUHWUyJUDGDVKDEORGHOD
&LHQFLDUREXVWHFLGDFRQODVDQJUHGHOVLJOR
GHOD&LHQFLDFRQLGHDVGHUDGLRJLJDQWHVFR
GHOD&LHQFLDTXHWUDVFLHQGHDMXYHQWXG\
VDEH D PLHO GH SDQDOHV JULHJRV GH OD
&LHQFLD SRVLWLYD TXH HQ VyOR XQ VLJOR GH
DSOLFDFLRQHVLQGXVWULDOHVSURGXMRPiVELH
QHVDOD+XPDQLGDGTXHPLOHQLRVHQWHURV
GH7HRORJtD\0HWDItVLFD
+DEORVHxRUHVGHODOLEHUWDGSDUDWRGRV
\SULQFLSDOPHQWHSDUDORVPiVGHVYDOLGRV
1R IRUPDQ HO YHUGDGHUR 3HU~ ODV DJUXSD
FLRQHVGHFULROORV\H[WUDQMHURVTXHKDELWDQ
ODIDMDGHWLHUUDVLWXDGDHQWUHHO3DFtILFR\
ORV $QGHV OD QDFLyQ HVWi IRUPDGD SRU ODV
PXFKHGXPEUHV GH LQGLRV GLVHPLQDGDV HQ
OD EDQGD RULHQWDO GH OD FRUGLOOHUD
7UHVFLHQWRVDxRVKDTXHHO,QGLRUDVWUHDHQ
ODVFDSDVLQIHULRUHVGHODFLYLOL]DFLyQVLHQ
GR XQ KtEULGR FRQ ORV YLFLRV GHO EiUEDUR \
VLQ ODV YLUWXGHV GHO HXURSHR HQVHxDGOH
VLTXLHUDDOHHU\HVFULELU\YHUpLVVLHQXQ
FXDUWRGHVLJORVHOHYDQWDRQRDODGLJQL
GDG GH KRPEUH $ YRVRWURV PDHVWURV GH
HVFXHOD WRFD JDOYDQL]DU XQD UD]D TXH VH
DGRUPHFH EDMR OD WLUDQtD GHO MXH] GH SD]
GHO JREHUQDGRU \ GHO FXUD HVD WULQLGDG
HPEUXWHFHGRUDGHOLQGLR
&XDQGRWHQJDPRVSXHEORVLQHVStULWXGH
VHUYLGXPEUH \ PLOLWDUHV \ SROtWLFRV D OD
DOWXUD GHO VLJOR UHFXSHUDUHPRV $ULFD \
7DFQD\HQWRQFHV\VyORHQWRQFHVPDUFKD
UHPRVVREUH,TXLTXH\7DUDSDFiGDUHPRV
HOJROSHGHFLVLYRSULPHUR\~OWLPR
3DUDHVHJUDQGtDTXHDOILQOOHJDUiSRU
TXHHOSRUYHQLUQRVGHEHXQDYLFWRULDILH
PRVVyORHQODOX]GHQXHVWURFHUHEUR\HQ
OD IXHU]D GH QXHVWURV EUD]RV 3DVDURQ ORV
WLHPSRVHQTXH~QLFDPHQWHHOYDORUGHFLGtD
GH ORV FRPEDWHV KR\ OD JXHUUD HV XQ SUR
EOHPD OD &LHQFLD UHVXHOYH OD HFXDFLyQ
$EDQGRQHPRVHOURPDQWLFLVPRLQWHUQDFLR
QDO\ODIHHQORVDX[LOLRVVREUHKXPDQRVOD
7LHUUDHVFDUQHFHDORVYHQGLGRV\HO&LHOR
QRWLHQHUD\RVSDUDHOYHUGXJR
(Q HVWD REUD GH UHFRQVWLWXFLyQ \ YHQ
JDQ]D QR FRQWHPRV FRQ ORV KRPEUHV GHO
SDVDGR ORV WURQFRV DxRVRV \ FDUFRPLGRV
SURGXMHURQ \D VXV IORUHV GH DURPD GHOHWp
UHR \ VXV IUXWDV GH VDERU DPDUJR 4XH
YHQJDQiUEROHVQXHYRVDGDUIORUHVQXHYDV
\IUXWDVQXHYDV/RVYLHMRVDODWXPEDORV
MyYHQHVDODREUD
&DUHWDV
)ORUD7ULVWiQ
3HUXDQRV
)ORUD7ULVWiQ3HUHJULQDFLRQHVGHXQDSDULD
/LPD0RQFORD&DPSRGyQLFR(GLWRUHV
([WUDFWRVVHOHFFLRQDGRV
SiJV
3HUHJULQDFLRQHV
GHXQDSDULD
)ORUD7ULVWiQ
3DUtV%XUGHRV
(VFULWRUD\SROtWLFD6XREUDFRQWLHQH
XQDIXHUWHFUtWLFDVRFLDOGHODVRFLHGDG
SHUXDQDDVtFRPRGHODIUDQFHVD(V
UHFRQRFLGDFRPRXQDGHODVPXMHUHV
SLRQHUDVGHOVRFLDOLVPRHXURSHR
&DUHWDV
&DSLWXORLQGG
GRVLHPSUHXQDDRWUDHQWRGRVORVSDtVHV
(O HPEUXWHFLPLHQWR GH XQ SXHEOR KDFH
QDFHUODLQPRUDOLGDGHQODVFODVHVDOWDV\
HVWD LQPRUDOLGDG VH SURSDJD \ OOHJD FRQ
WRGD OD SRWHQFLD DGTXLULGD GXUDQWH VX
FDUUHUDDORV~OWLPRVSHOGDxRVGHODMHUDU
TXtD VRFLDO &XDQGR OD WRWDOLGDG GH ORV
LQGLYLGXRVVHSDOHHU\HVFULELUFXDQGRORV
SHULyGLFRV SHQHWUHQ KDVWD OD FKR]D GHO
LQGLR HQWRQFHV HQFRQWUDQGR HQ HO SXHEOR
MXHFHV FX\D FHQVXUD KDEUpLV GH WHPHU \
FX\RV VXIUDJLRV GHEHUpLV EXVFDU DGTXLUL
UpLVODVYLUWXGHVTXHRVIDOWDQ(QWRQFHVHO
FOHUR SDUD FRQVHUYDU VX LQIOXHQFLD VREUH
HVHSXHEORUHFRQRFHUiTXHORVPHGLRVTXH
HPSOHDHQODDFWXDOLGDGQRSXHGHQ\DVHU
YLUOH/DVSURFHVLRQHVEXUOHVFDV\WRGRVORV
RURSHOHVGHOSDJDQLVPRVHUiQUHPSOD]DGRV
SRU SUpGLFDV LQVWUXFWLYDV SRUTXH GHVSXpV
GH TXH OD LPSUHQWD KD\D GHVSHUWDGR OD
UD]yQ GH ODV PDVDV VHUi D HVWD QXHYD
IDFXOWDG D TXH KDEUi TXH GLULJLUVH VL VH
TXLHUH VHU HVFXFKDGR ,QVWUXLG SXHV DO
SXHEORHVSRUDOOtSRUGRQGHGHEpLVHPSH
]DUSDUDHQWUDUHQODYtDGHODSURVSHULGDG
(VWDEOHFHG HVFXHODV KDVWD HQ ODV DOGHDV
PiV KXPLOGHV HVWR HV OR XUJHQWH HQ OD
DFWXDOLGDG(PSOHDGHQHOORWRGRVYXHVWURV
UHFXUVRV &RQVDJUDG D HVWR ORV ELHQHV GH
ORVFRQYHQWRVSXHVQRSRGUtDLVGDUOHVGHV
WLQR PiV UHOLJLRVR 7RPDG PHGLGDV SDUD
IDFLOLWDU HO DSUHQGL]DMH (O KRPEUH TXH
WLHQH XQ RILFLR QR HV \D XQ SUROHWDULR $
PHQRVTXHOHKLHUDQFDODPLGDGHVS~EOLFDV
QRWLHQH\DQHFHVLGDGGHUHFXUULUDODFDUL
GDG GH VXV FRQFLXGDGDQRV &RQVHUYD DVt
HVDLQGHSHQGHQFLDGHFDUiFWHUWDQQHFHVD
ULDGHTXHVHGHVDUUROOHHQXQSXHEOROLEUH
(O SRUYHQLU HV GH $PpULFD /RV SUHMXLFLRV
QRSXHGHQDGKHULUVHHQHOODFRPRHQQXHV
WUDYLHMD(XURSD/DVSREODFLRQHVQRVRQOR
EDVWDQWH KRPRJpQHDV FRPR SDUD TXH HVWH
REVWiFXORUHWDUGHHOSURJUHVR'HVGHTXHHO
WUDEDMRFHVHGHVHUFRQVLGHUDGRFRPRSDWUL
PRQLRGHOHVFODYR\GHODVFODVHVtQILPDVGH
OD SREODFLyQ WRGRV KDUiQ PpULWR GH pO
DOJ~Q GtD \ OD RFLRVLGDG OHMRV GH VHU XQ
WtWXORDODFRQVLGHUDFLyQQRVHUi\DPLUDGD
VLQR FRPR XQ GHOLWR GH OD HVFRULD GH OD
VRFLHGDG
(QWRGD$PpULFDHO3HU~HUDHOSDtVGH
FLYLOL]DFLyQPiVDYDQ]DGDDUDt]GHVXGHV
FXEULPLHQWR SRU ORV HVSDxROHV (VWD FLU
FXQVWDQFLD KDFH SUHVXPLU IDYRUDEOHPHQWH
DFHUFD GH ODV GLVSRVLFLRQHV LQJpQLWDV GH
VXVKDELWDQWHV\GHORVUHFXUVRVTXHRIUHFH
4XH XQ JRELHUQR SURJUHVLVWD OODPH HQ VX
D\XGD D ODV DUWHV GH $VLD \ GH (XURSD \
SXHGD KDFHU TXH ORV SHUXDQRV RFXSHQ
DTXHO UDQJR HQWUH ODV QDFLRQHV GHO 1XHYR
0XQGR (VWH HV HO GHVHR PX\ VLQFHUR TXH
PHDQLPD
9XHVWUDFRPSDWULRWD\DPLJD
)ORUD7ULVWiQ
3DUtVDJRVWRGH
1RKD\QLQJ~QOXJDUVREUHODWLHUUDHQ
GRQGHODVPXMHUHVVHDQPiVOLEUHV\HMHU
]DQ PD\RU LPSHULR TXH HQ /LPD 5HLQDQ
DOOt H[FOXVLYDPHQWH (V GH HOODV GH TXLHQ
SURFHGHFXDOTXLHULPSXOVR3DUHFHTXHODV
OLPHxDVDEVRUEHQHOODVVRODVODGpELOSRU
FLyQGHHQHUJtDTXHHVWDWHPSHUDWXUDFiOL
GD\HPEULDJDGRUDGHMDDORVIHOLFHVKDEL
WDQWHV (Q /LPD ODV PXMHUHV VRQ SRU OR
JHQHUDO PiV DOWDV \ GH FRQVWLWXFLyQ PiV
YLJRURVDTXHORVKRPEUHV$ORVRQFHRGRFH
DxRVHVWiQ\DSOHQDPHQWHIRUPDGDV&DVL
WRGDVVHFDVDQDHVDHGDG\VRQPX\IHFXQ
GDV D PHQXGR WLHQHQ VHLV R VLHWH KLMRV
7LHQHQ HPEDUD]RV IHOLFHV GDQ D OX] FRQ
IDFLOLGDG \ VH UHVWDEOHFHQ SURQWR &DVL
&DUHWDV
)ORUD7ULVWiQ
3HUHJULQDFLRQHVGHXQDSDULD
&DUHWDV
&DSLWXORLQGG
YHVWLGRQDFLRQDODHVDVPXMHUHVGHQDWXUD
OH]D DSDUWH 7RGR HQ HOODV HVWi HQ HIHFWR
OOHQR GH VHGXFFLyQ 6XV SRVWXUDV VRQ WDQ
HQFDQWDGRUDVFRPRVXSDVR\FXDQGRHVWiQ
GHURGLOODVLQFOLQDQODFDEH]DFRQPDOLFLD
GHMDQGRYHUVXVOLQGRVEUD]RVFXELHUWRVGH
EUD]DOHWHVVXVPDQLWDVUHFRUUHQXQJUXH
VR URVDULR FRQ XQD DJLOLGDG YROXSWXRVD
8Q JUDQ Q~PHUR GH H[WUDQMHURV PH KDQ
UHIHULGRHOHIHFWRPiJLFRSURGXFLGRVREUHOD
LPDJLQDFLyQ GH PXFKRV GH HOORV SRU OD
YLVWDGHDTXHOODVPXMHUHV
/DV PXMHUHV HQ /LPD JRELHUQDQ D ORV
KRPEUHVSRUTXHVRQPX\VXSHULRUHVDHOORV
HQLQWHOLJHQFLD\HQIXHU]DPRUDO/DIDVH
GHFLYLOL]DFLyQHQODTXHVHHQFXHQWUDHVWH
SXHEORHVWiD~QPX\OHMRVGHODTXHKHPRV
DOFDQ]DGRHQ(XURSD1RH[LVWHHQHO3HU~
QLQJ~QLQVWLWXWRSDUDODHGXFDFLyQGHXQR
XRWURVH[R/DLQWHOLJHQFLDQRVHGHVDUUR
OODVLQRSRUVXVIXHU]DVQDWXUDOHV3RUHVWD
FDXVD OD SUHHPLQHQFLD GH ODV PXMHUHV
HXURSHDVFRQUHODFLyQDODPRUDOGHEHDWUL
EXLUVH D OD VXSHULRULGDG GH LQWHOLJHQFLD
TXH'LRVOHVKDFRQFHGLGR
6HGHEHKDFHUQRWDUFXiQIDYRUDEOHHVOD
LQGXPHQWDULD GH ODV OLPHxDV SDUD VHFXQ
GDU VX LQWHOLJHQFLD \ KDFHUOHV DGTXLULU OD
JUDQ OLEHUWDG \ OD LQIOXHQFLD GRPLQDQWH
TXHJR]DQ6LDOJXQDYH]DEDQGRQDQDTXHO
WUDMHVLQDGRSWDUQXHYDVFRVWXPEUHVVLQR
UHHPSOD]DQ ORV PHGLRV GH VHGXFFLyQ TXH
OHVSURSRUFLRQDHVWHGLVIUD]SRUODDGTXLVL
FLyQ GH WDOHQWRV \ YLUWXGHV TXH WHQJDQ
FRPRREMHWLYRODIHOLFLGDG\HOSHUIHFFLRQD
PLHQWRGHORGHPiVYLUWXGHVFX\DQHFHVL
GDGQRKDQVHQWLGRKDVWDDKRUDVHSXHGH
SUHGHFLUVLQYDFLODUTXHSHUGHUiQHQVHJXL
GD WRGR VX LPSHULR FDHUiQ PX\ EDMR \
VHUiQWDQGHVGLFKDGDVFRPRSXHGHQVHUODV
FULDWXUDV KXPDQDV 1R SRGUiQ \D HQWUH
JDUVHDHVDDFWLYLGDGLQFHVDQWHTXHIDYRUH
FHVXLQFyJQLWR\VHUiQSUHVDGHOWHGLRVLQ
QLQJ~QPHGLRGHVXSOLUODIDOWDGHHVWLPD
FLyQTXHVHSURIHVDHQJHQHUDODORVVHUHV
TXHQRVRQDFFHVLEOHVVLQRDORVJRFHVGHORV
VHQWLPLHQWRV
/DVD\DFRPRVHKDGLFKRHVHOYHVWLGR
QDFLRQDO7RGDVODVPXMHUHVODXVDQFXDO
TXLHUDTXHVHDODFODVHVRFLDODTXHSHUWH
QH]FDQ6HODUHVSHWD\IRUPDSDUWHGHODV
FRVWXPEUHV GHO SDtV 'HVGH HO SULQFLSLR
KDVWDHOILQGHODxRODVOLPHxDVVDOHQDVt
GLVIUD]DGDV \ DTXHO TXH RVDUD TXLWDU D
XQDPXMHUFRQVD\DHOPDQWRTXHOHRFXOWD
HO URVWUR SRU FRPSOHWR D H[FHSFLyQ GH XQ
RMR VHUtD SHUVHJXLGR SRU OD LQGLJQDFLyQ
S~EOLFD \ VHYHUDPHQWH FDVWLJDGR 6H KD
HVWDEOHFLGR TXH FXDOTXLHU PXMHU SXHGH
VDOLU VROD /D PD\RUtD VH KDFH VHJXLU SRU
XQDQHJUDSHURQRHVREOLJDFLyQ
([LVWH DGHPiV XQD FRVWXPEUH TXH QR
GHER GHMDU GH UHIHULU &XDQGR ODV OLPHxDV
TXLHUHQKDFHUVXGLVIUD]D~QPiVLPSHQH
WUDEOH VH SRQHQ XQD VD\D YLHMD WRGD GHV
SOLVDGD URWD \ FD\pQGRVH D SHGD]RV XQ
PDQWR\XQFRUVHOHWH(VWHVXEWHUIXJLRHV
DFHSWDGR\VHOODPDGLVIUD]DU$XQDGLVIUD
]DGD VH OD FRQVLGHUD FRPR SHUVRQD PX\
UHVSHWDEOH1RVHOHGLULJHODSDODEUD1RVH
OH DFHUFDQ VLQR PX\ WtPLGDPHQWH 6HUtD
LQFRQYHQLHQWH \ DXQ GHVOHDO VHJXLUOD 6H
VXSRQHFRQUD]yQTXHVLVHKDGLVIUD]DGR
GHEHWHQHUPRWLYRVLPSRUWDQWHVSDUDKDFHU
OR\SRUFRQVLJXLHQWHQDGLHGHEHDUURJDUVH
HOGHUHFKRGHH[DPLQDUVXVDFWRV
0LHQWUDV EDMR OD VD\D OD OLPHxD HV
OLEUH JR]D GH VX LQGHSHQGHQFLD \ VH
DSR\DFRQILDGDPHQWHHQHVWDIXHU]DYHU
GDGHUD TXH WRGR VHU VLHQWH HQ Vt FXDQGR
SXHGH SURFHGHU VHJ~Q ORV GHVHRV GH VX
&DUHWDV
)UDQFLVFR*DUFtD&DOGHUyQ
3HUHJULQDFLRQHVGHXQDSDULD
VWDHQFXHVWDVREUHODVIRUPDVVRFLDOHVHQ
HO3HU~VREUHVXSDVDGRGXUDQWHXQVLJOR
GH FRQVWLWXFLyQ UHSXEOLFDQD GHEH FRQ
GXFLU D XQD RSLQLyQ VREUH HO IXWXUR
'HVGHODYLGDQDFLRQDOWRPDGLUHFFLR
QHVTXHSDUHFHQGHILQLWLYDV6HORJUDXQ
LGHDO HQ OD UHDOLGDG \ HQ OD YLGD /DV
WUDGLFLRQHVGHOPLOLWDULVPR\GHGLVROX
FLyQVHSLHUGHQ<DWHQHPRVORVHOHPHQ
WRVSDUDHVER]DUHOGHVWLQRGHODQDFLR
QDOLGDGSHUXDQD
(O3RUYHQLU
)UDQFLVFR*DUFtD&DOGHUyQ
9DOSDUDtVR/LPD
(VFULWRU\GLSORPiWLFR(VFULELy
XQDVHULHGHWUDWDGRVSROtWLFRV\
VRFLDOHVHQORVFXDOHVPRVWUDED
VXVFUtWLFDVDODGHPRFUDFLDHQ
$PpULFD/DWLQD
&DUHWDV
&DSLWXORLQGG
)UDQFLVFR*DUFtD&DOGHUyQ
(OSRUYHQLU
&DUHWDV
&DSLWXORLQGG
+HDTXtORVGRVIXQGDPHQWRVGHODJUDQ
GH]D IXWXUD RUGHQ \ ULTXH]D FRQGLFLyQ \
FDXVDGHXQJUDQGHVDUUROOR
/DULTXH]DVHIRUPDFUHFH\HYROXFLRQD
HQ XQ PRYLPLHQWR UiSLGR \ H[SORVLYR (O
RUGHQVHKDFHSRUODDFFLyQGHHVWHPLVPR
GHVDUUROOR\GHGLYHUVDVLQIOXHQFLDVTXHVH
HQOD]DQ\SUHFLVDQFDGDYH]PiV+D\QXH
YDV RULHQWDFLRQHV HQ OD DFWLYLGDG LQWHOHF
WXDOSRUXQODGRSRUODFUHDFLyQGHHVFXH
ODV\ODFRQWUDWDFLyQGHIXWXURVSURIHVRUHV
HQODVHVFXHODVQRUPDOHVSRUHORWURSRUHO
FUHFLPLHQWRGHODEXURFUDFLD(OSUROHWDULD
GRHVSRFRQXPHURVRHQODVSURIHVLRQHV(O
JRELHUQR EDVD VX SRGHU HQ OD RSLQLyQ HQ
QHFHVLGDGHVGHSD]\HQODRUJDQL]DFLyQGH
OD LQGXVWULD \ GHO WUDEDMR DVt FRPR WDP
ELpQHQODVDWLVIDFFLyQGHDPELFLRQHVLQGL
YLGXDOHV\HQODFUHDFLyQGHVHUYLFLRVS~EOL
FRV\HQVXVFRQVHFXHQFLDV
(VFLHUWRTXHDTXtH[LVWHXQJUDQPDO
(OH[FHVRHQHOPDQGDULQDWRDGPLQLVWUD
WLYRHVXQGHVSLOIDUURXQDFUHFHQWDPLHQ
WRHQODSDVLYLGDGGHORVFDUDFWHUHV\GH
IRUPDOLVPR HQ OD DGPLQLVWUDFLyQ 3HUR
ODVQXHYDVLQGXVWULDVHOUHFLHQWHSURJUH
VR HFRQyPLFR \ HO WUDEDMR OLEUH DSRUWDQ
\D HO FRUUHFWLYR D HVWDV JHVWLRQHV (O
p[LWRHQODHPSUHVDSULYDGD\HOHMHPSOR
GHDOJXQRVVHOIPDGHPHQDWUDHODDWHQ
FLyQ GH ODV PDVDV /DV HVFXHODV LQGXV
WULDOHV EULQGDQ XQD FDSDFLGDG SDUD HO
WUDEDMR WRGDYtD GHVFRQRFLGD SUHSDUDQ
GRXQDHWDSDGHLQGLYLGXDOLVPRGHDFWL
YLGDGDXWyQRPD\GHHVIXHU]R3RUFRQVL
JXLHQWHSRGHPRVHVWDEOHFHUTXHHQHVWH
PRPHQWRGHWUDQVLFLyQODEXURFUDFLDHV
EHQpILFD\DTXHGDXQREMHWLYRDODDFWL
YLGDG SURIHVLRQDO \ D ORV IDEULFDQWHV GH
UHYROXFLRQHV HVWRV GHVDUUDLJDGRV GH
QXHVWURDPELHQWH
$VtHOSURJUHVRHFRQyPLFRHVWXGLDGRHQ
FDStWXOR DQWHULRU QR SDUHFH XQ KHFKR GHO
D]DU $GHPiV GHO SRGHU DGTXLULGR HQFRQ
WUDPRVODVFRQGLFLRQHV\PHGLRVSDUDDILU
PDUOR(O3HU~IXHVLHPSUHHOSDtVWUDGLFLR
QDOGHODULTXH]D(O'RUDGRGHORVKRPEUHV
GH QHJRFLR $ SHVDU GHO IUDFDVR GH ODV
ILQDQ]DV QXQFD KHPRV ROYLGDGR OD IXHU]D
GHODWLHUUD\GHOVXEVXHOR\ODYLUJLQLGDG
GHORVSUyGLJRVERVTXHVQLHOIXWXURGHODV
ULEHUDV UHFDPDGDV GH RUR +R\ GLYHUVDV
FDXVDVDQXQFLDQXQQXHYRDFUHFHQWDPLHQ
WRGHELHQHVWDU\GHSURGXFFLyQ
/DPRQHGDGHELGRDOSDWUyQGHRURHV
HOHPHQWRGHIXHU]DHQHOFDPELR\GHFUHFL
PLHQWR GH ORV QHJRFLRV /D $VRFLDFLyQ HV
XQDIXHU]DGHOIXWXUR<DQRVHWUDWDFRPR
DQWDxR GH OD SUROLIHUDFLyQ GH VRFLHGDGHV
EDQFDULDVVLQRODGHFRPSDxtDVLQGXVWULD
OHVGHGLFDGDVDODFRQTXLVWDGHODWLHUUDD
ORVVHJXURV\DOFRPHUFLR(OFDSLWDOH[WUDQ
MHURGHELGRDODFDQWLGDGHLPSRUWDQFLDGH
VXVJHVWLRQHVHVWiHQSHUPDQHQWHSURJUH
VR/RVEDQFRVODVVRFLHGDGHVFUHGLWLFLDV\
OD DFFLyQ LQGXVWULDO UHYLVWHQ JUDQ LPSRU
WDQFLD 6yOR HQ QXHVWURV GtDV HO FDSLWDO
QDFLRQDOH[WLHQGHVXLQIOXHQFLDTXHDYHFHV
VXSHUDODGHOFDSLWDOH[WUDQMHUR/DULTXH]D
ILVFDO VH DFUHFLHQWD UiSLGDPHQWH FRQYLU
WLpQGRVH HQ IDFWRU GH SURJUHVR FRQWURO \
HYROXFLyQ VRFLDO /D FRRUGLQDFLyQ GH HVWDV
IHFXQGDVIXHU]DVSUHSDUDQXQJUDQIXWXUR
+D\TXHDxDGLUDHVWHHVTXHPDHOIXWXUR
SDSHOGHOFDXFKR\GHORURTXHUHHPSOD]DQ
GRDOVDOLWUHVRQULTXH]DVD~QPiVVHJXUDV
HLPSRUWDQWHV(ORURHQPLQDV\HQUtRVHV
XQWHVRURD~QGHVFRQRFLGR+DSHUPLWLGRHO
HVWDEOHFLPLHQWRGHXQQXHYRSDWUyQPRQH
WDULR \ SRU VX DEXQGDQFLD EULQGD PXFKD
IDFLOLGDGDODVUHODFLRQHVFRPHUFLDOHV([LVWH
WRGDYtD GHVHTXLOLEULR HQWUH OD HYROXFLyQ
(OSRUYHQLU
VHHQFXHQWUDHQDEXQGDQFLD\TXHVHH[SOR
WDSRUQXHYRVVLQGLFDWRVFRQVWLWX\HRWUDGH
ODV ULTXH]DV GHO IXWXUR $QWLJXDPHQWH
&HUUR GH 3DVFR GHVSXpV GH 3RWRVt HUD HO
JUDQFHQWURDPHULFDQRGHSURGXFFLyQDUJHQ
WtIHUD+R\GtDVXULFRVXEVXHORORFRQYLHUWH
WDPELpQHQFHQWURFXSUtIHUR
(OGHVDUUROORGHHVWRV\DFLPLHQWRVHQHO
FHQWUR GHO 3HU~ EULQGDUi LQWHQVLGDG D~Q
GHVFRQRFLGDDODSURGXFFLyQPLQHUD\DOD
H[SORWDFLyQ IRUHVWDO 1R SRGHPRV VRVSH
FKDUORTXHODWLHUUD\HOVXEVXHORVRPHWL
GRV D OD H[SORWDFLyQ FLHQWtILFD SXHGHQ
DSRUWDUDXQSDtVWDQYDULDGRSRUVXVFOL
PDV\WHUUHQRVJHROyJLFRV(O3HU~\DQRHV
PiVODWLHUUDXWySLFDGHORVDQWLJXRVSHUR
SRGUtDOOHJDUDVHUOR(QXQWHUULWRULRWUHV
YHFHV PiV JUDQGH TXH )UDQFLD VX SREOD
FLyQ HV VyOR OD GH XQD PHWUySROL PXQGLDO
FRPR/RQGUHVR3DUtV&XiQWRVIDFWRUHVGH
HVWDQFDPLHQWR GHQVLGDG SREUH WHUULWRULR
GHVFRQRFLGR \ DLVODGR FRVWD iULGD \ SUR
GXFFLyQ D~Q UXWLQDULD 6LQ HPEDUJR OD
HYROXFLyQ DFWXDO TXH \D KH GHVFULWR HQ HO
FDStWXOR VREUH ODV IRUPDV HFRQyPLFDV QR
SDUHFHSDUDOL]DUVH
4XLVLpUDPRV GHVWDFDU D WUDYpV GH HVWH
FDStWXOR \ GH HVWH OLEUR XQD FRQFOXVLyQ (V
IiFLO\VLPSOH(O3HU~HVXQSDtVGHSRUYHQLU
FX\RSDVDGRHVLQWHUHVDQWHLQTXLHWR\DYHFHV
WUiJLFR \ VREHUELR (V XQD QXHYD QDFLRQDOL
GDGTXHVHRUJDQL]DHQHORUGHQ\ODSD]
(Q$PpULFDFRQWLQHQWHGHVSUHFLDGRSRU
ORVTXHQRORFRQRFHQKD\DOJXQDVJUDQGHV
QDFLRQHV FX\D PDUFKD HV VHJXUD \ FX\R
SDVDGR GH LQHVWDELOLGDG \ GH DQDUTXtD \D
QRSHUWXUEDVXVWUDQTXLORV\IHFXQGRVGHV
&DUHWDV
&DSLWXORLQGG
-RVpGHOD5LYD$JHUR
WLQRV0pMLFRDOQRUWHHO%UDVLO$UJHQWLQD
3HU~\&KLOHDOVXU<DQRVRQUHS~EOLFDV
GHSURQXQFLDPLHQWRHItPHUDV\OiQJXLGDV
VLQRSXHEORVOLEUHV(QWUHHOODV$UJHQWLQD
%UDVLO\3HU~HVWiQHQSURJUHVRHFRQyPL
FR SROtWLFR \ VRFLDO 0pMLFR YLYH EDMR XQD
GLFWDGXUD~WLO\SURJUHVLYDSHURQRVDEUtD
PRV GHFLU VL GHVSXpV GH 3RUILULR 'tD] OD
YLGDFROHFWLYDWHQGUiODPLVPDFRQWLQXLGDG
\ OD PLVPD IXHU]D HQ XQ SXHEOR TXH KD
SHUGLGR HO KiELWR GHO VHOIJRYHUQPHQW
&KLOHDSHVDUGHVXVULTXH]DVDGTXLULGDV
HQ OD JXHUUD \ GH VXV IXHU]DV QDWXUDOHV
HVWi HQ SHUSHWXR GHVHTXLOLEULR ILQDQFLHUR
/RV YLFLRV OR DUUDVWUDQ OHQWDPHQWH D OD
GHEDFOH VL HO SDWULRWLVPR WUDGLFLRQDO GH
VXV KRPEUHV GH (VWDGR QR UHIUHQD OD
FRUULHQWH IDWDO %UDVLO \ $UJHQWLQD VREUH
WRGRHVWD~OWLPDWDQULFD\YDULDGDHQVXV
KRPEUHV \ YLGD VRQ JUDQGHV SXHEORV HQ
ORV TXH H[LVWHQ QXPHURVDV FRQGLFLRQHV GH
HVWDELOLGDGSURJUHVR\HTXLOLEULRDVtFRPR
IXHQWHVLQDJRWDEOHVGHULTXH]D\H[SDQVLyQ
LQWHOHFWXDO \ FRPHUFLDO (O 3HU~ ORV VLJXH
GHFHUFDHQODPLVPDOtQHD\KDFLDDQiORJR
IXWXUR+DFRQTXLVWDGRHORUGHQTXHHVOD
PHMRU EDVH SDUD OD OLEHUWDG \ HQ HVWH
RUGHQODYLGDQDFLRQDOVHGHVDUUROODFRQ
YLUWLpQGRVHHQFRPSOHMD\ULFDPDUFKDQGR
KDFLD GHVWLQRV JORULRVRV TXH QR YHUHPRV
MDPiV/DQXHYDMXYHQWXGSDUHFHODOODPD
GD SRU VX EUtR \ DFFLyQ D FRPSOHWDU \
FRUUHJLUODREUDGHVXVDQFHVWURV6HQWLPRV
TXHHOSRUYHQLUQRVUHVHUYDFRQODJUDQGH
]DGHXQSXHEOROOHJDGRDODFLPDDVSHFWRV
QXHYRV\HQYLGLDEOHVHQORVFDPSRVGHOD
LQWHOLJHQFLDGHODUWH\GHODYLGD7RGDYtD
TXHGDQ PXFKDV DXURUDV TXH D~Q QR KDQ
QDFLGR GLFH '$QQXQ]LR 9L VRQR PROWH
DXURUHFKHDQFRUDQRQQDFTXHUR
3DLVDMHV3HUXDQRV(Q2EUDVFRPSOHWDV
7RPR,;/LPD38&3([WUDFWR
VHOHFFLRQDGRSiJV
3DLVDMHV
3HUXDQRV
-RVpGHOD5LYD$JHUR
/LPD
+LVWRULDGRU\PLQLVWURGH(VWDGRHQ
)XHXQRGHORVUHSUHVHQWDQWHV
HPEOHPiWLFRVGHODJHQHUDFLyQGHO
'HIHQVRUGHODWUDGLFLyQ\GHOD,JOHVLD
FRPRSDUWHGHODLGHQWLGDG
PHVWL]DQDFLRQDO
H4XLQXDVHDVFLHQGHDODSHTXHxD
SDPSDGH$\DFXFKR(VXQiULGR
OODQRFRUWDGRSRU]DQMDVSURIXQ
GDV$OHVWHORFLHUUDQODVSULHWDV
\ DEUXSWDV YHUWLHQWHV GHO
&RQGRUFXQFDYR]RJDUJDQWDGHO
FyQGRU VXUFDGDV SRU VHQGDV HQ
]LJ]DJ$XQFRVWDGRVHDEUHHOVHFR
EDUUDQFR GHO MDWXQKXD\FR JUDQ
WRUUHQWHUD $O QRUWH HO HVWUHFKR YDOOH GH
9HQWDPD\XFRQXQULDFKXHORVRPEUHDGRGH
PROOHV \ XQD FDSLOOLWD GHVWUXLGD R LQFRQ
FOXVDEDMRODDGYRFDFLyQGH6DQ&ULVWyEDO
(QODPLVPDSDPSDKD\XQPtVHURUDQFKR
TXH VLUYH GH DSHDGHUR \ HQ HO FHQWUR GH
HOOD HVWi HO SDXSpUULPR \ HQIiWLFR PRQX
PHQWR TXH SDUHFH GH \HVR /D IDOWD GH
JXVWROOHYDGDDWDOHVH[WUHPRVVXSRQH\D
XQDJUDYHGHILFLHQFLDPRUDO&XiQWRPiV
VLJQLILFDWLYD \ GHFRURVD KDEUtD VLGR XQD
VHQFLOODSLUiPLGHGHSLHGUDVVHYHUDV
5HFRJLPRV HQ HO FDPSR DOJXQDV EDODV
GHODVPXFKDVTXHDOOtTXHGDQ/RVSREOD
GRUHVGH4XLQXDODVYHQGHQDORVYLDMHURV
0HGHWXYHHQODVORPDGDVGHODL]TXLHUGD
GHVGHODVFXDOHVODGLYLVLyQSHUXDQDGH/D
0DU UHFKD]y ORV DWDTXHV GHO UHDOLVWD
9DOGpV+DFLDHOFHQWUR\ODGHUHFKDGHOD
OtQHDVHYHQORVTXHIXHURQHPSOD]DPLHQ
WRVGHODVWURSDVFRORPELDQDV
(OUHODWRGHPLSHUHJULQDFLyQVHUtDLQHIL
FD]HLQ~WLOVLQRIXHUDVLQFHUR\GHERDPLV
OHFWRUHV \ D Pt PLVPR OD FRQIHVLyQ GH PLV
LPSUHVLRQHVH[DFWDV0LVHQWLPLHQWRSDWULR
TXH VH H[DOWy FRQ ODV YLVLRQHV GHO &X]FR \
ODVRULOODVGHO$SXUtPDFQRVDFyGHOFDPSR
GH$\DFXFKRWDQFHOHEUDGRHQODOLWHUDWXUD
DPHULFDQD VLQR XQD SHUSOHMLGDG TXLHWD \
WULVWH (Q HVWH ULQFyQ IDPRVR XQ HMpUFLWR
UHDOLVWDFRPSXHVWRHQVXWRWDOLGDGGHVRO
GDGRV QDWXUDOHV GHO $OWR \ GHO %DMR 3HU~
&DUHWDV
3DLVDMHV3HUXDQRV
LQGLRVPHVWL]RV\FULROORVEODQFRV\FX\RV
MHIHV\RILFLDOHVSHQLQVXODUHVQROOHJDEDQD
OD GHFLPDRFWDYD SDUWH GHO HIHFWLYR OXFKy
FRQ XQ HMpUFLWR LQGHSHQGLHQWH GHO TXH ORV
FRORPELDQRV FRQVWLWXtDQ ODV WUHV FXDUWDV
SDUWHVORVSHUXDQRVPHQRVGHXQDFXDUWD
\ ORV FKLOHQRV \ SRUWHxRV XQD HVFDVD IUDF
FLyQ 'H DPERV ODGRV FRUULy VDQJUH SHUXD
QD 1R KD\ SRU TXp GHVILJXUDU OD KLVWRULD
$\DFXFKR HQ QXHVWUD FRQFLHQFLD QDFLRQDO
HVXQFRPEDWHFLYLOHQWUHGRVEDQGRVDVLV
WLGR FDGD XQR SRU DX[LOLDUHV IRUDVWHURV
(QWUH ORV DOLDGRV VXGDPHULFDQRV UHXQLGRV
DTXt EXOOtDQ \D DXQ DQWHV GH REWHQLGD OD
HPDQFLSDFLyQ ORV RGLRV FDSLWDOHV FRPR
ULxHURQ ORV JHPHORV EtEOLFRV GHVGH HO VHQR
PDWHUQR(ODPHULFDQLVPRKDVLGRVLHPSUH
XQDKXHFDGHFODPDFLyQRXQVDUFDVPR\\R
TXHFDGDGtDPHVLHQWRPiVYLYD\DUGLHQWH
PHQWHSHUXDQRPHTXHGRIUtRFRQODIUDWHU
QLGDGIDOD]GHQXHVWURVLQPHGLDWRVHQHPL
JRVFRQODKLQFKDGDUHWXPEDQFLDHLUyQLFD
YDFLHGDGGHOFRP~QHVStULWXODWLQRDPHULFD
QR HQ HVDV YHFLQDV UHS~EOLFDV KHUPDQDV
TXHQRKDQDWHQGLGRPiVTXHDLQMXULDUQRV
\ DWDFDUQRV 3RU TXp KHPRV GH FRQWLQXDU
GHUURFKDQGR ORV WHVRURV GH QXHVWUR HQWX
VLDVPRLQJHQXRHQORVpPXORVUDELRVRVTXH
D GLDULR QRV GHQXHVWDQ \ TXH DVHFKDQ HO
LQVWDQWHSURSLFLRSDUDHODVDOWR"
*UDQ QHFHGDG R LQLFXD SDVLyQ DUJX\H
]DKHULUDO3HU~SRUKDEHUXQDFRQVLGHUDEOH
SRUFLyQGHpOVHJXLGRKDVWDHOILQODFDXVD
HVSDxROD HQ OD FRQWLHQGD VHSDUDWLVWD
(QWRQFHVVHRSHUyHQHODOPDSHUXDQDXQ
GHVJDUUDPLHQWR GH LQGHFLEOH DQJXVWLD
0LHQWUDVODPLWDGMXYHQLO\EULRVDVHODQ
]DEDDQKHODQWHFRQORVGHPiVDPHULFDQRV
HQ OD LJQRWD FRUULHQWH GH OR SRUYHQLU
DQVLDQGRYLGDQXHYDODRWUDPLWDGILHOD
ODV WUDGLFLRQHV VHFXODUHV SHUVHYHUy DEUD
]DGDDODPDGUHDQFLDQDHLQYDGLGDFRQOD
&DUHWDV
&DSLWXORLQGG
-RVpGHOD5LYD$JHUR
StD\JHQHURVDDGKHVLyQDODGHVJUDFLDTXH
HVQRWDLQFRQIXQGLEOHGHQXHVWURFDUiFWHU
/HDOFRQIOLFWR\GROLHQWHFDVRGHODHWHUQD\
QHFHVDULDOXFKDHQWUHHOUHVSHWRDORSDVD
GR\HOLPSXOVRGHODDFFLyQUHQRYDGRUD
/D&RORQLDHVWDPELpQQXHVWUDKLVWRULD\
QXHVWUR SDWULPRQLR PRUDO 6X UHFXHUGR
UHFODPD VLPSDWtD \ UHFRQFLOLDFLyQ \ QR
DQDWHPD 6L TXHUHPRV GH YHUDV TXH HO
SHUXDQLVPR VHD XQD IXHU]D HILFLHQWH \
SRGHURVDQRURPSDPRVODWUDGLFLRQDOFRQ
WLQXLGDG GH DIHFWRV TXH OR LQWHJUDQ QR
UHQHJXHPRVFRQFHJXHUDLPStDGHORVSUR
JHQLWRUHVQRFRPHWDPRVODLQVDQtDGHSURV
FULELU \ DPSXWDU GH QXHVWUR FRQFHSWR GH
SDWULDORVWUHVVLJORVFLYLOL]DGRUHVSRUH[FH
OHQFLD\QRLQFXUUDPRVMDPiVHQHOHQYHMH
FLGRHUURUOLEHUDOGLJQRGHPHQWHVLQIHULR
UHV \ SULPDULDV GH FRQVLGHUDU HO DQWLJXR
UpJLPHQ HVSDxRO FRPR OD DQWtWHVLV \ OD
QHJDFLyQGHO3HU~3DUDDQLPDU\UREXVWH
FHUHOQDFLRQDOLVPRKD\VREUDGRV\SHUGX
UDEOHV FRQWUDULRV ULYDOLGDGHV SURIXQGDV
SRVLWLYDV\HVHQFLDOHV/DGXUDH[SHULHQFLD
QRV OR KD HQVHxDGR \ PL JHQHUDFLyQ PiV
TXHODVDQWHULRUHVORVDEH\ORPHGLWD
/D&RORQLDDSHVDUGHVXVDEXVRVWDQ
SRFRUHPHGLDGRVD~QQRSXGRUHSXWDUVHHQ
SDtVHV PHVWL]RV FRPR VHUYLGXPEUH H[WUDQ
MHUD 3DUD HO 3HU~ IXH HVSHFLDOPHQWH XQD
PLQRULGDGILOLDOSULYLOHJLDGDDFX\RDPSD
UR\UHWHQLHQGRQXHVWUDSULPDFtDKLVWyULFD
HQOD$PpULFDGHO6XULEDQQXHVWUDVGLYHU
VDVUD]DVHQWUHPH]FOiQGRVH\IXQGLpQGRVH
\FUHDQGRDVtGtDDGtDODIXWXUDQDFLRQDOL
GDG$OHDFLyQWUDEDMRVD\OHQWDGLILFXOWDGD
SRUODSURSLDSHUIHFFLyQUHODWLYDGHOVLVWHPD
LQFDLFRTXHVHUHVLVWtDPXGDSHURWHQD]\
RUJDQL]DGDPHQWH D VHU SODVPDGR SRU XQD
FXOWXUDVXSHULRU5HJLRQHVGHPHQRUPXOWL
SOLFLGDGpWQLFDRGHVSURYLVWDVGHUHDOHVFLYL
OL]DFLRQHVLQGtJHQDVVHDFHUFDURQPiVUiSL
GDPHQWHDODXQLGDGPRUDOHQWDQWRTXHHO
3HU~ VH UHWUDVDED SRU OD DUGXLGDG GH OD
WDUHDFRUUHVSRQGLHQWHDVXH[FHVLYDFRPSOL
FDFLyQ(QPHGLRGHHOODQRVVRUSUHQGLyOD
JXHUUDGHOD,QGHSHQGHQFLD\QRFDEHQHJDU
TXHIXHHQPRPHQWRVLQJXODUPHQWHLQRSRU
WXQR SDUD QXHVWURV SHFXOLDUHV LQWHUHVHV
0iV WHPSUDQR DQWLFLSiQGRVH FLQFXHQWD
DxRVVREUHYLQLHQGRDQWHVGHODFUHDFLyQGHO
9LUUHLQDWRGH%XHQRV$LUHVODVGHILFLHQFLDV
PD\RUHVKDEUtDQTXHGDGRFRPSHQVDGDVSRU
HO EHQHILFLR LQHVWLPDEOH GH UHWHQHU OD
$XGLHQFLD GH &KDUFDV GH PDQWHQHU OD
VXSUHPDXQLGDGWHUULWRULDO\GHODUD]DSUH
GRPLQDQWH FRQVHUYDQGR ODV SURYLQFLDV GHO
$OWR 3HU~ FX\D VHJUHJDFLyQ DUUDQFy WDQ
KRQGDV\SURIpWLFDVTXHMDVDO9LUUH\*XLULRU
0iVWDUGHVLODHPDQFLSDFLyQVXGDPHULFD
QDKXELHUDRFXUULGRSRUHMHPSORFXUVDQGR
HO VHJXQGR WHUFLR GHO VLJOR ;,; KDEUtD
HQFRQWUDGREDVWDQWHDGHODQWDGDODLQWHUQD
IXVLyQVRFLDOGHODVFDVWDV\FODVHVGHO3HU~
PHQRVLQHSWRV\GHVDSHUFLELGRVORVQ~FOHRV
GLUHFWRUHVTXHDSHQDVLQLFLDURQVXPRGHU
QL]DFLyQDPHGLDVFRQHO0HUFXULR3HUXDQR\
WDO YH] FRPSOHWDPHQWH UHSDUDGR HO GHVDFLHUWR
GHODGHVPHPEUDFLyQGHO9LUUHLQDWRFRPROyJL
FDFRQVHFXHQFLDGHDTXHOPRYLPLHQWRFRQVFLHQ
WHGHUHLQWHJUDFLyQDGPLQLVWUDWLYDTXHHQ
QRVGHYROYtDOD,QWHQGHQFLDGH3XQRHQ
ODVJUDQGHVFRPDQGDQFLDVGH4XLMRV\0D\QDV
\ GH PRGR LPSHUIHFWR \ WUDQVLWRULR OXHJR
*XD\DTXLO\HOPLVPR$OWR3HU~
3HUR FRPR GH QXHVWUR SDtV QR GHSHQGLy
HMHFXWDUHQHOVLJOR;9,,,HOSODQGHORVUHL
QRVDXWyQRPRVSURSXHVWRSRUHO&RQGHGH
$UDQGDQLSRGtDPRVSUHFLSLWDURUHWDUGDU
DQXHVWURVDERUODKRUDGHODJHQHUDOLQVX
UUHFFLyQ DPHULFDQD GHWHUPLQDGD LQHYLWD
EOHPHQWH SRU HO DWDTXH GH 1DSROHyQ D OD
0HWUySROL \ FRPR HUD DEVXUGR HO HPSHxR
UHDOLVWDGHJXDUGDUXQLGRHO3HU~D(VSDxD
FXDQGRWRGRHOFRQWLQHQWHKDEtD\DURWRVXV
YtQFXORV GH YDVDOODMH GHVGH y
ORVJHQXLQRVLQWHUHVHVSHUXDQRVGHPDQGD
EDQDFXDQWRVVDEtDQ\TXHUtDQHQWHQGHU
ORV QXHVWUD HPDQFLSDFLyQ LQPHGLDWD \
HVSRQWiQHD SDUD QR TXHGDUQRV D OD ]DJD
GH ORV RWURV SXHEORV GH 6XGDPpULFD HQ OD
FULVLV LQHOXGLEOH \ SDUD HYLWDU R UHGXFLU
JUDQGHPHQWH OD IXQHVWD LQPLQHQFLD GH VX
LQWHUYHQFLyQ3RUHVRPXFKRPiVTXHSRU
FXDOHVTXLHUD RWUDV UD]RQHV GHEHPRV SUR
FODPDUKHURLFRVVHUYLGRUHVGHO3HU~DWRGRV
ORVSDWULRWDVQXHVWURVTXHHQDELHUWDUHEH
OLyQ R FRQMXUDFLRQHV VXEWHUUiQHDV GHVD
ILDQGR IXHU]DV KDUWR PD\RUHV TXH HQ ORV
SDtVHV YHFLQRV FRQ VLQR DGYHUVR SHUR FRQ
iQLPR LQYLFWR OXFKDURQ FRQWUD ORV IDQiWL
FRVUHDOLVWDVSHUXDQRVREFHFDGRVHQUHVLV
WHQFLDWDQIRUPLGDEOHFRPRHVWpULO\SHWUL
ILFDGRVHQODDxRUDQ]DGHXQSDVDGRLUUH
YHUVLEOH < SRU HOOR WDPELpQ GHQWUR GH OD
FRPSUHQVLYD HTXLGDG GH OD KLVWRULD VL D
pVWRVYDODFRUWHVtDUHYHUHQWH\PHODQFyOLFD
TXH PHUHFHQ VLHPSUH ODV YtFWLPDV GH OD
OHDOWDG HTXLYRFDGD D DTXpOORV FRQVDJUD
PRV WRGD OD HIXVLyQ GH QXHVWUD JUDWLWXG
'HVGH=HOD\3XPDFDKXDKDVWDORVFRQVSL
UDGRUHV GH /LPD IXH FLPHQWiQGRVH HQWUH
VDFULILFLRV\FDWiVWURIHVXQSDUWLGRSHUXD
QRVHSDUDWLVWDTXHDVXPLyQXHVWUDUHSUH
VHQWDFLyQ DO IUHQWH GH ORV KHUPDQRV \D
HPDQFLSDGRV \ FRODERUy GHVSXpV FRQ 6DQ
0DUWtQ (QVHJXLGD ORV YDOHURVRV YHQFLGRV
GH OD /HJLyQ 3HUXDQD HQ 7RUDWD \
0RTXHJXD ORV YHQFHGRUHV GH =HSLWD \
3LFKLQFKD ORV +~VDUHV TXH GHFLGLHURQ OD
EDWDOOD GH -XQtQ \ OD EL]DUUD GLYLVLyQ GH
/D0DUHQHVWHFDPSRGH$\DFXFKRGHPRV
WUDURQHOHVIXHU]RGHORVSHUXDQRVLQGHSHQ
GLHQWHV\UXEULFDURQFRQJORULDHQQRPEUH
GH QXHVWUD SDWULD HO DGYHQLPLHQWR GH OD
QXHYDHGDG/DUD]yQ\HOYHUGDGHURHVSt
&DUHWDV
3DLVDMHV3HUXDQRV
&DUHWDV
&DSLWXORLQGG
-RVpGHOD5LYD$JHUR
FRQMXUDURQSDUDGHUULEDUOR\ORRIUHFLHURQ
PDQLDWDGR DO HQHPLJR H[WUDQMHUR $Vt VH
IUXVWUDURQ PLVHUDEOHPHQWH ODV GRV DOWDV
HPSUHVDVQDFLRQDOHVODGH/D0DUHO\
ODGH6DQWD&UX]HO
3RUEDMRGHODLJQDUD\UHYROWRVDROLJDU
TXtDPLOLWDUDOLPHQWiQGRVHGHVXVFRQFX
SLVFHQFLDV\GLVSHQGLRV\MXQWRDODPHQ
JXDGD WXUED DERJDGLO GH VXV FyPSOLFHV \
DFyOLWRV IXH FUHFLHQGR XQD QXHYD FODVH
GLUHFWRUD TXH FRUUHVSRQGLy \ SUHWHQGLy
UHSURGXFLU D OD JUDQ EXUJXHVtD HXURSHD
&XiQHQGHEOH\UHODMDGRVHPRVWUyHOVHQ
WLPLHQWRSDWULyWLFRHQODPD\RUtDGHHVWRV
EXUJXHVHV FULROORV (Q HO DOPD GH WDOHV
QHJRFLDQWHV HQULTXHFLGRV TXp LQFRPSUHQ
VLyQGHODVVHFXODUHVWUDGLFLRQHVSHUXDQDV
TXp HVW~SLGR \ VXLFLGD GHVGpQ SRU WRGR OR
FRWHUUiQHR TXp VyUGLGR \ IHQLFLR HJRtVPR
3DUDHOORQXHVWURSDtVIXHPiVTXHQDFLyQ
IDFWRUtD SURGXFWLYD H LQFDSDFHV GH DSUH
FLDU OD PDMHVWDG GH OD LGHD GH SDWULD VH
DYHUJRQ]DEDQOXHJRHQ(XURSDFRQHOPiV
YLO UDVWDFXHULVPR GH VX FRQGLFLyQ GH
SHUXDQRVDODTXHGHELHURQFXDQWRHUDQ\
WHQtDQ&RQVHPHMDQWHVFODVHVVXSHULRUHV
QRVKDOOyODJXHUUDGH&KLOH\HQODFRQIX
VLyQ GH OD GHUURWD DFDEy HO IHVWtQ GH
%DOWDVDU 'HVSXpV HO QHJUR VLOHQFLR OD
FRQYDOHVFHQFLDSiOLGDHODQRGLQLVPRHVFpS
WLFR ODV tQILPDV UHQFLOODV HO PDUDVPR OD
WULVWHSURFHVLyQGHODVODUYDVJULVHV
$QWHHVWHDJRELDGRUUHVXPHQTXHVLQWH
WL]DQXHVWURDEVROXWRIUDFDVRHQODFHQWXULD
FRUULGD GHVGH OD ,QGHSHQGHQFLD UHFRUGD
PRV FRQ DPDUJXUD SXQ]DQWH ORV IHOLFHV
KRUyVFRSRV TXH HO FDQWRU GH -XQtQ \
$\DFXFKR RIUHQGy HQ OD FXQD GHO 3HU~
QXHYR &UXHO GHVPHQWLGR KDVWD DKRUD HO
GHODGHVRODGDUHDOLGDGDORVGHVOXPEUDQ
WHV SURQyVWLFRV GH FRQWLQXD DVFHQVLyQ GH
&DUHWDV
3DLVDMHV3HUXDQRV
ODVYHQWXUDV\JORULDVTXHFUH\HURQWRGRV
LQLFLDU HQWRQFHV /DV VRPEUDV GH ORV VXH
xRVGHVYDQHFLGRVIXHURQPLVPHODQFyOLFDV
FRPSDxHUDV HQ OD YLVWD D OD OODQXUD FpOH
EUH \ VH PH UHSUHVHQWy OD WHUURVD H[WHQ
VLyQ GHO FDPSR UHJDGD FRQ ODV FHQL]DV GH
XQDIXOJHQWHDVSLUDFLyQH[WLQWD
/DV QDFLRQDOLGDGHV KLVWyULFDV GHVWUR
QDGDVTXH2OPHGRHQXPHUySDUDDXJXUDU
VXFRPSHQVDFLyQFRQODVQDFLHQWHVDPHUL
FDQDVVHKDQUHJHQHUDGRHQHOFXUVRGHO
VLJOR VH KDQ SXULILFDGR \ UHKHFKR HQ OD
IUDJXDGHOGHVWLQR/RVDOWDUHVGH*UHFLD
TXH LPDJLQDED HO SRHWD UHHPSOD]DU FRQ
ORV GH 6XGDPpULFD VH HOHYDURQ GH HQWUH
ODV UXLQDV \ D SHVDU GH ODV WRUPHQWDV
EULOODQKR\UHDYLYDGRVSRUODVHVSHUDQ]DV
GHO YLJLODQWH KHOHQLVPR 5D]DV GLYHUVDV
HQ VX GHUUHGRU OXFKDQ VLQ GHVFDQVR SRU
DILUPDUVXVUHVSHFWLYDVSHUVRQDOLGDGHV\
HQORVPiVDUGXRVWUDQFHVQRGHVHVSHUDQ
GHORIXWXUR(O&DSLWROLRGHODKXPLOODGD
5RPD TXH 2OPHGR FRQWUDSXVR HQ VXV
YHUVRV WULXQIDOPHQWH D ORV UHGLPLGRV
PRQXPHQWRVLQFDLFRVVHHQFXPEUDUHQR
YDGR\VREHUELR7RGRVORVSXHEORVGHVGH
ORVPiVIDPRVRVKDVWDORVPiVUHPRWRV\
-RVp&DUORV0DULiWHJXL
6XQXHYRSODQWHDPLHQWR
HQVD\RVGHLQWHUSUHWDFLyQGHODUHDOLGDG
3HUXDQD/LPD$PDXWD([WUDFWRV
VHOHFFLRQDGRVSiJV
(O3UREOHPD
GHOLQGLR
-RVp&DUORV0DULiWHJXL
0RTXHJXD/LPD
)LJXUDPtWLFDGHODL]TXLHUGDSHUXDQD
)XQGDGRUGHO3DUWLGRVRFLDOLVWD)XH
DXWRUHQWUHRWUDVREUDVGH/D(VFHQD
&RQWHPSRUiQHD
&DUHWDV
&DSLWXORLQGG
RGDVODVWHVLVVREUHHOSUREOHPDLQGt
JHQD TXH LJQRUDQ R HOXGHQ D pVWH
FRPR SUREOHPD HFRQyPLFRVRFLDO VRQ
RWURVWDQWRVHVWpULOHVHMHUFLFLRVWHRUpWLFRV
\ D YHFHV VyOR YHUEDOHV FRQGHQDGRV D
XQ DEVROXWR GHVFUpGLWR 1R ODV VDOYD D
DOJXQDVVXEXHQDIH3UiFWLFDPHQWHWRGDV
QRKDQVHUYLGRVLQRSDUDRFXOWDURGHVILJX
UDU OD UHDOLGDG GHO SUREOHPD /D FUtWLFD
VRFLDOLVWD OR GHVFXEUH \ HVFODUHFH SRUTXH
EXVFDVXVFDXVDVHQODHFRQRPtDGHOSDtV\
QRHQVXPHFDQLVPRDGPLQLVWUDWLYRMXUtGL
FRRHFOHVLiVWLFRQLHQVXGXDOLGDGRSOXUD
OLGDGGHUD]DVQLHQVXVFRQGLFLRQHVFXOWX
UDOHV \ PRUDOHV /D FXHVWLyQ LQGtJHQD
DUUDQFD GH QXHVWUD HFRQRPtD 7LHQH VXV
UDtFHV HQ HO UpJLPHQ GH SURSLHGDG GH OD
WLHUUD&XDOTXLHULQWHQWRGHUHVROYHUODFRQ
PHGLGDV GH DGPLQLVWUDFLyQ R SROLFtD FRQ
PpWRGRVGHHQVHxDQ]DRFRQREUDVGHYLDOL
GDG FRQVWLWX\H XQ WUDEDMR VXSHUILFLDO R
DGMHWLYR PLHQWUDV VXEVLVWD OD IHXGDOLGDG
GHORVJDPRQDOHV
(O JDPRQDOLVPR LQYDOLGD LQHYLWDEOH
PHQWHWRGDOH\XRUGHQDQ]DGHSURWHFFLyQ
LQGtJHQD(OKDFHQGDGRHOODWLIXQGLVWDHV
XQ VHxRU IHXGDO &RQWUD VX DXWRULGDG
VXIUDJDGD SRU HO DPELHQWH \ HO KiELWR HV
LPSRWHQWHODOH\HVFULWD(OWUDEDMRJUDWXL
WRHVWiSURKLELGRSRUODOH\\VLQHPEDUJR
HOWUDEDMRJUDWXLWR\DXQHOWUDEDMRIRU]D
GR VREUHYLYHQ HQ HO ODWLIXQGLR (O MXH] HO
VXESUHIHFWR HO FRPLVDULR HO PDHVWUR HO
UHFDXGDGRU HVWiQ HQIHXGDGRV D OD JUDQ
SURSLHGDG/DOH\QRSXHGHSUHYDOHFHUFRQ
WUD ORV JDPRQDOHV (O IXQFLRQDULR TXH VH
REVWLQDVHHQLPSRQHUODVHUtDDEDQGRQDGR
\VDFULILFDGRSRUHOSRGHUFHQWUDOFHUFDGHO
FXDOVRQVLHPSUHRPQLSRWHQWHVODVLQIOXHQ
FLDVGHOJDPRQDOLVPRTXHDFW~DQGLUHFWD
&DUHWDV
(OSUREOHPDGHOLQGLR
PHQWHRDWUDYpVGHO3DUODPHQWRSRUXQD
\RWUDYtDFRQODPLVPDHILFDFLD
(O QXHYR H[DPHQ GHO SUREOHPD LQGtJH
QDSRUHVWRVHSUHRFXSDPXFKRPHQRVGH
ORVOLQHDPLHQWRVGHXQDOHJLVODFLyQWXWHODU
TXH GH ODV FRQVHFXHQFLDV GHO UpJLPHQ GH
SURSLHGDGDJUDULD(OHVWXGLRGHO'U-RVp
$(QFLQDV&RQWULEXFLyQDXQDOHJLVODFLyQ
WXWHODU LQGtJHQD LQLFLD HQ HVWD WHQ
GHQFLDTXHGHHQWRQFHVDKR\QRKDFHVDGR
GHDFHQWXDUVH3HURSRUHOFDUiFWHUPLVPR
GHVXWUDEDMRHO'U(QFLQDVQRSRGtDIRU
PXODUHQpOXQSURJUDPDHFRQyPLFRVRFLDO
6XV SURSRVLFLRQHV GLULJLGDV D OD WXWHOD GH
ODSURSLHGDGLQGtJHQDWHQtDQTXHOLPLWDU
VH D HVWH REMHWLYR MXUtGLFR (VER]DQGR ODV
EDVHV GHO +RPH 6WHDG LQGtJHQD HO 'U
(QFLQDVUHFRPLHQGDODGLVWULEXFLyQGHWLH
UUDVGHO(VWDGR\GHOD,JOHVLD1RPHQFLR
QD DEVROXWDPHQWH OD H[SURSLDFLyQ GH ORV
JDPRQDOHV ODWLIXQGLVWDV 3HUR VX WHVLV VH
GLVWLQJXH SRU XQD UHLWHUDGD DFXVDFLyQ GH
ORVHIHFWRVGHOODWLIXQGLVPRTXHVDOHLQDSH
ODEOHPHQWHFRQGHQDGRGHHVWDUHTXLVLWRULD
TXHHQFLHUWRPRGRSUHOXGLDODDFWXDOFUtWL
FDHFRQyPLFRVRFLDOGHODFXHVWLyQGHOLQGLR
(VWDFUtWLFDUHSXGLD\GHVFDOLILFDODVGLYHU
VDVWHVLVTXHFRQVLGHUDQODFXHVWLyQFRPRXQR
XRWURGHORVVLJXLHQWHVFULWHULRVXQLODWHUDOHV
\H[FOXVLYRVDGPLQLVWUDWLYRMXUtGLFRpWQLFR
PRUDOHGXFDFLRQDOHFOHVLiVWLFR
/DGHUURWDPiVDQWLJXD\HYLGHQWHHVVLQ
GXGDODGHORVTXHUHGXFHQODSURWHFFLyQGH
ORV LQGtJHQDV D XQ DVXQWR GH RUGLQDULD
DGPLQLVWUDFLyQ 'HVGH ORV WLHPSRV GH OD
OHJLVODFLyQFRORQLDOHVSDxRODODVRUGHQDQ]DV
VDELDV\SUROLMDVHODERUDGDVGHVSXpVGHFRQ
FLHQ]XGDVHQFXHVWDVVHUHYHODQWRWDOPHQWH
LQIUXFWXRVDV/DIHFXQGLGDGGHOD5HS~EOLFD
GHVGHODVMRUQDGDVGHOD,QGHSHQGHQFLDHQ
&DUHWDV
&DSLWXORLQGG
-RVp&DUORV0DULiWHJXL
GHFUHWRVOH\HV\SURYLGHQFLDVHQFDPLQDGDV
DDPSDUDUDORVLQGLRVFRQWUDODH[DFFLyQ\
HODEXVRQRHVGHODVPHQRVFRQVLGHUDEOHV
(OJDPRQDOGHKR\FRPRHOHQFRPHQGHUR
GH D\HU WLHQH VLQ HPEDUJR PX\ SRFR TXH
WHPHUGHODWHRUtDDGPLQLVWUDWLYD6DEHTXH
ODSUiFWLFDHVGLVWLQWD
(O FDUiFWHU LQGLYLGXDOLVWD GH OD OHJLVOD
FLyQGHOD5HS~EOLFDKDIDYRUHFLGRLQFXHV
WLRQDEOHPHQWH OD DEVRUFLyQ GH OD SURSLH
GDGLQGtJHQDSRUHOODWLIXQGLVPR/DVLWXD
FLyQGHOLQGLRDHVWHUHVSHFWRHVWDEDFRQ
WHPSODGDFRQPD\RUUHDOLVPRSRUODOHJLV
ODFLyQ HVSDxROD 3HUR OD UHIRUPD MXUtGLFD
QRWLHQHPiVYDORUSUiFWLFRTXHODUHIRUPD
DGPLQLVWUDWLYD IUHQWH D XQ IHXGDOLVPR
LQWDFWR HQ VX HVWUXFWXUD HFRQyPLFD /D
DSURSLDFLyQGHODPD\RUSDUWHGHODSURSLH
GDGFRPXQDOHLQGLYLGXDOLQGtJHQDHVWi\D
FXPSOLGD/DH[SHULHQFLDGHWRGRVORVSDt
VHV TXH KDQ VDOLGR GH VX HYRIHXGDO QRV
GHPXHVWUDSRURWUDSDUWHTXHVLQODGLVR
OXFLyQGHOIHXGRQRKDSRGLGRIXQFLRQDUHQ
QLQJXQDSDUWHXQGHUHFKROLEHUDO
/DVXSRVLFLyQGHTXHHOSUREOHPDLQGt
JHQD HV XQ SUREOHPD pWQLFR VH QXWUH GHO
PiV HQYHMHFLGR UHSHUWRULR GH LGHDV LPSH
ULDOLVWDV(OFRQFHSWRGHODVUD]DVLQIHULR
UHVVLUYLyDO2FFLGHQWHEODQFRSDUDVXREUD
GH H[SDQVLyQ \ FRQTXLVWD (VSHUDU OD
HPDQFLSDFLyQ LQGtJHQD GH XQ DFWLYR FUX
]DPLHQWR GH OD UD]D DERULJHQ FRQ LQPL
JUDQWHV EODQFRV HV XQD LQJHQXLGDG DQWL
VRFLROyJLFD FRQFHELEOH VyOR HQ OD PHQWH
UXGLPHQWDULDGHXQLPSRUWDGRUGHFDUQH
URV PHULQRV /RV SXHEORV DVLiWLFRV D ORV
FXDOHVQRHVLQIHULRUHQXQiSLFHHOSXHEOR
LQGLR KDQ DVLPLODGR DGPLUDEOHPHQWH OD
FXOWXUDRFFLGHQWDOHQORTXHWLHQHGHPiV
GLQiPLFR \ FUHDGRU VLQ WUDQVIXVLRQHV GH
VDQJUHHXURSHD/DGHJHQHUDFLyQGHOLQGLR
WDQWRQRSXHGHVHUFRQVLGHUDGDGHH[FOXVL
YRFDUiFWHUVRFLDOLVWD
(QHOWHUUHQRGHODUD]yQ\ODPRUDOVH
VLWXDEDKDFHVLJORVFRQPD\RUHQHUJtDRDO
PHQRV PD\RU DXWRULGDG OD DFFLyQ UHOLJLR
VD (VWD FUX]DGD QR REWXYR VLQ HPEDUJR
VLQROH\HV\SURYLGHQFLDVPX\VDELDPHQWH
LQVSLUDGDV/DVXHUWHGHORVLQGLRVQRYDULy
VXVWDQFLDOPHQWH *RQ]iOH] 3UDGD TXH
FRPR VDEHPRV QR FRQVLGHUDED HVWDV FRVDV
FRQ FULWHULR SURSLD R VHFWDULDPHQWH VRFLD
OLVWD EXVFD OD H[SOLFDFLyQ GH HVWH IUDFDVR
HQ OD HQWUDxD HFRQyPLFD GH OD FXHVWLyQ
1R SRGtD VXFHGHU GH RWUR PRGR RILFLDO
PHQWH VH RUGHQDED OD H[SORWDFLyQ VH SUH
WHQGtD TXH KXPDQDPHQWH VH FRPHWLHUD
LQLTXLGDGHV R HTXLWDWLYDPHQWH VH FRQVX
PDUDQ LQMXVWLFLDV 3DUD H[WLUSDU ORV DEX
VRVKDEUtDVLGRQHFHVDULRDEROLUORVUHSDU
WLPLHQWRV \ ODV PLWDV HQ GRV SDODEUDV
FDPELDU WRGR HO UpJLPHQ FRORQLDO 6LQ ODV
IDHQDV GHO LQGLR DPHULFDQR VH KDEUtDQ
YDFLDGRODVDUFDVGHOWHVRURHVSDxRO0iV
HYLGHQWHVSRVLELOLGDGHVGHp[LWRTXHODSUp
GLFDOLEHUDOWHQtDFRQWRGRODSUpGLFDUHOL
JLRVDeVWDDSHODEDDOH[DOWDGR\RSHUDQWH
FDWROLFLVPR HVSDxRO PLHQWUDV DTXpOOD
LQWHQWDED KDFHUVH HVFXFKDU GHO H[LJXR \
IRUPDOOLEHUDOLVPRFULROOR
3HUR KR\ OD HVSHUDQ]D HQ XQD VROXFLyQ
HFOHVLiVWLFD HV LQGLVFXWLEOHPHQWH OD PiV
UH]DJDGD\DQWLKLVWyULFDGHWRGDV4XLHQHV
OD UHSUHVHQWDQ QR VH SUHRFXSDQ VLTXLHUD
FRPRVXVGLVWDQWHVWDQGLVWDQWHVPDHV
WURVGHREWHQHUXQDQXHYDGHFODUDFLyQGH
ORVGHUHFKRVGHOLQGLRFRQDGHFXDGDVDXWR
ULGDGHV\RUGHQDQ]DVVLQRGHHQFDUJDUDO
PLVLRQHUR OD IXQFLyQ GH PHGLDU HQWUH HO
LQGLR\HOJDPRQDO/DREUDTXHOD,JOHVLD
QR SXGR UHDOL]DU HQ XQ RUGHQ PHGLRHYDO
FXDQGR VX FDSDFLGDG HVSLULWXDO H LQWHOHF
&DUHWDV
(OSUREOHPDGHOLQGLR
&DUHWDV
&DSLWXORLQGG
-RVp&DUORV0DULiWHJXL
FLHQFLDFODPRURVDGHHVWDIyUPXODVHPXHV
WUDHQWRGDVXHYLGHQFLDDSHQDVVHUHIOH[LR
QD HQ HO LQVLJQLILFDQWH SRUFHQWDMH GH OD
SREODFLyQ HVFRODU LQGtJHQD TXH UHVXOWD
SRVLEOHDORMDUHQHVWDVHVFXHODV
/DVROXFLyQSHGDJyJLFDSURSXJQDGDSRU
PXFKRV FRQ SHUIHFWD EXHQD IH HVWi \D
KDVWDRILFLDOPHQWHGHVFDUWDGD/RVHGXFD
FLRQLVWDVVRQUHSLWRORVTXHPHQRVSXHGHQ
SHQVDU HQ LQGHSHQGL]DUOD GH OD UHDOLGDG
HFRQyPLFRVRFLDO 1R H[LVWH SXHV HQ OD
DFWXDOLGDGVLQRFRPRXQDVXJHVWLyQYDJDH
LQIRUPHGHODTXHQLQJ~QFXHUSR\QLQJX
QDGRFWULQDVHKDFHUHVSRQVDEOH
(O QXHYR SODQWHDPLHQWR FRQVLVWH HQ
EXVFDUHOSUREOHPDLQGtJHQDHQHOSUREOH
PDGHODWLHUUD
(QOD6LHUUDODUHJLyQKDELWDGDSULQFL
SDOPHQWH SRU ORV LQGLRV VXEVLVWH DSHQDV
PRGLILFDGD HQ VXV OLQHDPLHQWRV OD PiV
EiUEDUD \ RPQLSRWHQWH IHXGDOLGDG (O
GRPLQLR GH OD WLHUUD FRORFD HQ PDQRV GH
ORVJDPRQDOHVODVXHUWHGHODUD]DLQGtJH
QD FDtGD HQ XQ JUDGR H[WUHPR GH GHSUH
VLyQ \ GH LJQRUDQFLD $GHPiV GH OD DJUL
FXOWXUD WUDEDMDGD PX\ SULPLWLYDPHQWH
OD 6LHUUD SHUXDQD SUHVHQWD RWUD DFWLYLGDG
HFRQyPLFD OD PLQHUtD FDVL WRWDOPHQWH HQ
PDQRVGHGRVJUDQGHVHPSUHVDVQRUWHDPH
ULFDQDV (Q ODV PLQDV ULJH HO VDODULDGR
SHURODSDJDHVtQILPDODGHIHQVDGHODYLGD
GHOREUHURFDVLQXODODOH\GHDFFLGHQWHVGH
WUDEDMREXUODGD(OVLVWHPDGHOHQJDQFKH
TXHSRUPHGLRGHDQWLFLSRVIDODFHVHVFODYL
]DDOREUHURFRORFDDORVLQGLRVDPHUFHG
GH HVWDV HPSUHVDV FDSLWDOLVWDV (V WDQWD
ODPLVHULDDTXHORVFRQGHQDODIHXGDOLGDG
DJUDULD TXH ORV LQGLRV HQFXHQWUDQ SUHIH
ULEOH FRQ WRGR OD VXHUWH TXH OHV RIUHFHQ
ODVPLQDV
FiQGRVHORDQWHWRGRFRQHOSUREOHPDGHOD
WLHUUD &DGD GtD VH LPSRQH FRQ PiV HYL
GHQFLDODFRQYLFFLyQGHTXHHVWHSUREOHPD
QRSXHGHHQFRQWUDUVXVROXFLyQHQXQDIyU
PXODKXPDQLWDULD1RSXHGHVHUODFRQVH
FXHQFLDGHXQPRYLPLHQWRILODQWUySLFR/RV
SDWURQDWRV GH FDFLTXHV \ GH UiEXODV VRQ
XQDEHID/DVOLJDVGHOWLSRGHODH[WLQJXL
GD $VRFLDFLyQ 3UR,QGtJHQD VRQ XQD YR]
TXH FODPD HQ HO GHVLHUWR /D $VRFLDFLyQ
3UR,QGtJHQDQROOHJyHQVXWLHPSRDFRQ
YHUWLUVH HQ XQ PRYLPLHQWR 6X DFFLyQ VH
UHGXMRJUDGXDOPHQWHDODDFFLyQJHQHURVD
DEQHJDGDQRELOtVLPDSHUVRQDOGH3HGUR6
=XOHQ\'RUD0D\HU&RPRH[SHULPHQWRHO
GH OD $VRFLDFLyQ 3UR,QGtJHQD VLUYLy SDUD
FRQWUDVWDU SDUD PHGLU OD LQVHQVLELOLGDG
PRUDOGHXQDJHQHUDFLyQ\GHXQDpSRFD
/DVROXFLyQGHOSUREOHPDGHOLQGLRWLHQH
TXHVHUXQDVROXFLyQVRFLDO6XVUHDOL]DGR
UHVGHEHQVHUORVSURSLRVLQGLRV(VWHFRQ
FHSWR FRQGXFH D YHU HQ OD UHXQLyQ GH ORV
FRQJUHVRV LQGtJHQDV XQ KHFKR KLVWyULFR
/RVFRQJUHVRVLQGtJHQDVGHVYLUWXDGRVHQ
ORV ~OWLPRV DxRV SRU HO EXURFUDWLVPR QR
UHSUHVHQWDEDQWRGDYtDXQSURJUDPDSHUR
VXV SULPHUDV UHXQLRQHV VHxDODURQ XQD
UXWD FRPXQLFDQGR D ORV LQGLRV GH ODV
GLYHUVDV UHJLRQHV $ ORV LQGLRV OHV IDOWD
YLQFXODFLyQ QDFLRQDO 6XV SURWHVWDV KDQ
VLGR VLHPSUH UHJLRQDOHV (VWR KD FRQWUL
EXLGR HQ JUDQ SDUWH D VX DEDWLPLHQWR
8QSXHEORGHFXDWURPLOORQHVGHKRPEUHV
FRQVFLHQWH GH VX Q~PHUR QR GHVHVSHUD
QXQFDGHVXSRUYHQLU/RVPLVPRVFXDWUR
PLOORQHV GH KRPEUHV PLHQWUDV QR VRQ
VLQRXQDPDVDRUJiQLFDXQDPXFKHGXP
EUH GLVSHUVD VRQ LQFDSDFHV GH GHFLGLU VX
UXPERKLVWyULFR
&DUHWDV
9tFWRU5D~O+D\DGHOD7RUUH
RPRQRKHPRVWHQLGRQXQFDHQHOSDtV
3DUWLGRVGHSULQFLSLRVVHKDFRQIXQGL
GRFRQIUHFXHQFLDHOSURJUDPDPi[LPR
\ HO SURJUDPD PtQLPR GHO DSULVPR
7RGRVORV3DUWLGRVPRGHUQRVWLHQHQXQ
SURJUDPDPi[LPR\XQSURJUDPDPtQL
PR(QHO3HU~VHKDSUHWHQGLGRFRQIXQ
GLUHVWRVGRVDVSHFWRVGHQXHVWUDLGHRORJtD
'LVFXUVRGHOD3OD]DGH$FKR
(Q$SULVPRQXHYDGRFWULQDGLVFXUVRV
GH+D\DGHOD7RUUH/XLV$OYD&DVWUR
FRPS/LPD&DPELR\'HVDUUROOR
([WUDFWRVVHOHFFLRQDGRV
SiJV
'LVFXUVRGH$FKR
9tFWRU5D~O+D\DGHOD7RUUH
7UXMLOOR/LPD
3ROtWLFRHLQWHOHFWXDOIXQGDGRUGHO
3DUWLGR$SULVWD\VX-HIHKDVWDVX
PXHUWH)XHXQRGHORVOtGHUHVPiV
LQIOX\HQWHVHQODKLVWRULDSROtWLFDGHO
3HU~GHOVLJOR;;
&DUHWDV
&DSLWXORLQGG
1RVRWURVQRVyORWHQHPRVTXHSUHSDUDU
QRVDVHUXQSXHEORSHUIHFWDPHQWHFRQWH[
WXUDGR VLQR WHQHPRV TXH SUHSDUDPRV D
LQFRUSRUDUDHVHSXHEORGHQWURGHOVLVWHPD
GH UHODFLRQHV LQWHUQDFLRQDOHV (O 3HU~
UHSLWR QR SXHGH DSDUWDUVH GH ORV SUREOH
PDV GH $PpULFD QL $PpULFD SXHGH DSDU
WDUVHGHORVSUREOHPDVGHOPXQGR1XHVWUR
FRQFHSWR FRQWLQHQWDO QR H[FOX\H QXHVWUR
FRQFHSWR QDFLRQDO DO FRQWUDULR QRVRWURV
GH DFXHUGR FRQ HO FOiVLFR DXWRU GH /D
5HS~EOLFD YDPRV GH ODV SDUWHV DO WRGR
1RVRWURV WHQHPRV TXH FRQWHPSODU SUHYLD
PHQWH HO SUREOHPD QDFLRQDO VHU QDFLRQD
OLVWDVLQWHJUDOHVSDUDVHUFRQWLQHQWDOHVGH
YHUDV\MXQWRVDVtSRGHULQFRUSRUDUQRVD
ODPDUFKDGHODFLYLOL]DFLyQPXQGLDO
'HRWURODGRQXHVWURSURJUDPDPi[LPR
FRQWLQHQWDO QR HV VLQR OD FULVWDOL]DFLyQ
PRGHUQL]DGD GHO YLHMR LGHDO EROLYDULDQR
1RVRWURVKHPRVVLQWHWL]DGRHQXQSURJUD
PDGHXQLGDGHFRQyPLFD\SROtWLFDODWLQRD
PHULFDQDODVIUDVHVLQPRUWDOHVGH%ROtYDU
8QLyQXQLyQ$PpULFDDGRUDGDTXHVLQR
ODDQDUTXtDWHYDDGHYRUDU
3ROtWLFD\HFRQRPtD
'HQWUR GHO FRQFHSWR HVWULFWDPHQWH HFR
QyPLFROD$PpULFD/DWLQDFRQVWLWX\HXQD
]RQD]RQDSURGXFWRUDGHPDWHULDVSULPDV
]RQD DJUtFRODPLQHUD ]RQD GH LQIOXHQFLD
H[WUDQMHUD ]RQD HQ IRUPDFLyQ FX\DV
YDULDQWHVQDFLRQDOHVQRH[FOX\HQODLQPHQ
VD XQLGDG GHO SUREOHPD ]RQD SXHV TXH
GHQWUR GH OD JHRJUDItD HFRQyPLFD GHO
PXQGR HVWi VLWXDGD \ OLPLWDGD HQWUH ODV
IURQWHUDV GH $PpULFD /DWLQD (O 3HU~
IRUPDSDUWHGHHVWD]RQD\QRVRWURVWHQH
PRV TXH LPSXOVDU VX LQFRUSRUDFLyQ FRPR
]RQDHFRQyPLFDHQHOJUDQWRGRGHOD]RQD
HFRQyPLFDODWLQRDPHULFDQD
3RU TXp HV IXQGDPHQWDO HQ HO DSULVPR
OD YLQFXODFLyQ GHO FRQFHSWR SROtWLFR FRQ HO
FRQFHSWRHFRQyPLFR"(QQXHVWURSDtVQRKD
SUHYDOHFLGR KDVWD KR\ VLQR XQ FRQFHSWR
KHURLFR SDVDMHUR HPStULFR GH OD SROtWLFD
3HUR QR KHPRV WHQLGR WRGDYtD OD IRUPD
FLHQWtILFD GH OD SROtWLFD TXH VH EDVD HQ OD
HFRQRPtDTXHQRLQYHQWDXQDUHDOLGDGVLQR
ODGHVFXEUHHQHOSURSLRPHGLRGRQGHDFW~D
HO SXHEOR DO FXDO VH SUHWHQGH RUJDQL]DU \
JREHUQDU(VIXQGDPHQWDOHQHODSULVPROD
YLQFXODFLyQ GHO FRQFHSWR HFRQRPtD DO FRQ
FHSWR SROtWLFD FRPR LQGLVSHQVDEOH SDUD HO
VDELR GRPLQLR GHO (VWDGR 7RGRV VDEHPRV
TXHHQHVWHSDtVODFLHQFLDHFRQyPLFDVREUH
WRGR HQ HO JRELHUQR QR VH KD LQFRUSRUDGR
VLQRHQIRUPDHOHPHQWDO6HKDGLFKR\PH
SDUHFH ELHQ TXH OD PD\RU SDUWH GH QXHV
WURV SROtWLFRV KDQ LJQRUDGR OD (FRQRPtD
3ROtWLFD DXQTXH KD\DQ VLGR VDELRV HQ
(FRQRPtD 'RPpVWLFD 4XH QR KD KDELGR
FRQFHSWR HFRQyPLFR HQ QXHVWUD SROtWLFD OR
YR\ D GHPRVWUDU GHVSXpV 3HUR TXLHUR Vt
KDFHUPHQFLyQGHHVWHKHFKRVLPSOHHQHO
3HU~VHFRQIXQGHFRQIUHFXHQFLD(FRQRPtD
FRQ)LQDQ]DV0iVD~QHQHO3HU~QRVHKD
JREHUQDGR HFRQyPLFDPHQWH SRUTXH QR KD
KDELGR QXQFD (VWDGtVWLFD VRPRV XQ SDtV
GRQGHQRVDEHPRVFXiQWRVKDELWDQWHVKD\
1RSXHGHKDEHU(FRQRPtDVLQ(VWDGtVWLFD\
QRVRWURVHQHO3HU~VLQRVDEHPRVFXiQWRV
VRPRVQRSRGHPRVGHWHUPLQDUTXpQHFHVL
WDPRV QR SRGHPRV VDEHU TXp SURGXFLPRV
FRQH[DFWLWXG(O~QLFRFHQVRGHO3HU~HVGH
KD\XQFiOFXORGH\XQDHVWLPD
WLYDDORMRGH1RKDKDELGRSXHVHQ
QXHVWUD SROtWLFD QRFLyQ GH HFRQRPtD \ GH
DOOtGHULYDVLQGXGDODIRUPDFRPRKHPRV
VLGRJREHUQDGRV
/DUHYROXFLyQGHOD,QGHSHQGHQFLD
3HURTXLHURYROYHUSRUXQLQVWDQWHDPL
SXQWRGHSDUWLGD\KDFHUXQDEUHYHVtQWH
VLV GH QXHVWUD LQWHUSUHWDFLyQ KLVWyULFD GH
ODUHDOLGDGQDFLRQDO
$OEHUGL KD GLFKR TXH OD LQGHSHQGHQFLD
VXGDPHULFDQDFDUHFLyGHFRQFHSWRSHURKD
VLGRIHFXQGDHQSDUDGRMDV'HVGHHOSXQWR
GH YLVWD QHWDPHQWH HFRQyPLFR OD HPDQFL
SDFLyQGHORVSXHEORVVXGDPHULFDQRVHVWX
YRGLULJLGDFRQGXFLGDSRUODFODVHODWLIXQ
GLVWD FULROOD TXH TXLVR HPDQFLSDUVH GHO
FRQWURO HFRQyPLFR \ SROtWLFR GH OD &RURQD
GH (VSDxD (VWD FODVH IXH OD TXH QRV GLR
QXHVWURV JUDQGHV KpURHV HVD FODVH DVX
PLHQGRVXUROKLVWyULFRFRQGXMRDORVSXH
&DUHWDV
9tFWRU5D~O+D\DGHOD7RUUH
'LVFXUVRGH$FKR
EORVODWLQRDPHULFDQRVDODLQGHSHQGHQFLD
SHUR HVH PRYLPLHQWR GHVGH HO SXQWR GH
YLVWD HVWULFWDPHQWH HFRQyPLFR FRQVWLWX\y
ODHPDQFLSDFLyQGHOODWLIXQGLRVXGDPHULFD
QR GH OD JUDQ SUHVLyQ GH OD &RURQD GH
(VSDxD 1LQJ~Q PRYLPLHQWR PiV FOiVLFR
HQHVHVHQWLGRTXHHOGHODLQGHSHQGHQFLD
$UJHQWLQD FXDQGR D UDt] GHO GHVFRQRFL
PLHQWR TXH KL]R HO 9LUUH\ GHO UHFODPR GH
ORV YHLQWH PLO SURSLHWDULRV R HVWDQFLHURV
HQFDEH]DGRV SRU 0RUHQR VH SURGXMR HO
PRYLPLHQWRGHHPDQFLSDFLyQ
6LQHPEDUJRDHVWHPRYLPLHQWROHIDOWy
LGHRORJtD SURSLD )XH XQ PRYLPLHQWR TXH
IRUPy HO FRQFHSWR GH OD JUDQ SURSLHGDG
GiQGROHDODFODVHSURSLHWDULDHOFRQWUROGHO
(VWDGR 1R REVWDQWH VX LGHRORJtD IXH HQ
JUDQ SDUWH OD LGHRORJtD GH OD UHYROXFLyQ
IUDQFHVDTXHHQHORUGHQHFRQyPLFRVLJQLIL
FDED OR FRQWUDULR PRYLPLHQWR GH GHVWUXF
FLyQ GH OD JUDQ SURSLHGDG GH GHVWUXFFLyQ
GHO IHXGDOLVPR PRYLPLHQWR GH IRUPDFLyQ
GH ODV FODVHV EXUJXHVDV \ GH OD SHTXHxD
SURSLHGDG (QWRQFHV WXYLPRV QRVRWURV
DQWHXQDUHDOLGDGHFRQyPLFD\VRFLDOHQWH
UDPHQWH ODWLIXQGLVWD XQ VLVWHPD SROtWLFR
UHSXEOLFDQR\GHPRFUiWLFRTXHQXQFDFRLQ
FLGLy FRQ QXHVWUD UHDOLGDG LQFRQH[LyQ
HQWUH HO VLVWHPD \ OD UHDOLGDG TXH QRV KD
GDGRHOYDLYpQGHWRGDQXHVWUDYLGDSROtWL
FDYDLYpQTXHQRHVVLQRODH[SUHVLyQFODUD
GHODFRPSOHWDFRQWUDGLFFLyQHQWUHHOVLVWH
PD\ODUHDOLGDG3RUHVRWXYLPRVGHPRFUD
FLD HQ HO QRPEUH 3RU HVR WRGR QXHVWUR
YDLYpQ GH SROtWLFRV WXYR XQD UDt] HVWDWDO
6LHPSUHODDOWHUQDWLYDHQWUHODWLUDQtD\OD
DQDUTXtDKDFRQVWLWXLGRHOSURFHVRGHQXHV
WUD YLGD SROtWLFD \ HFRQyPLFD 'H DOOt TXH
QXHVWUDFRQFHSFLyQGHODRUJDQL]DFLyQSROt
WLFD GHO (VWDGR KD\D WHQLGR TXH VHU HOH
PHQWDOKD\DWHQLGRTXHVHUDEVROXWDPHQ
WH SULPLWLYD &XiO IXH QXHVWUD RUJDQL]D
&DUHWDV
&DSLWXORLQGG
GHFtD$ULVWyWHOHVIXHIRUPDGRSDUDKDFHU
OD YLGD SRVLEOH \ VyOR SXHGH H[LVWLU SDUD
KDFHUODYLGDEXHQDSHURQXHVWUR(VWDGR
QRKDFRQWULEXLGRDKDFHUODYLGDQLSRVLEOH
QL EXHQD SRUTXH KD FDUHFLGR GH IXHU]D
SRUTXHKDFDUHFLGRGHDXWHQWLFLGDGQDFLR
QDOSRUTXHOHKDIDOWDGRUDt]HQHOSUREOH
PD PLVPR GH OD QDFLRQDOLGDG (QWRQFHV
DSDUHFH SXHV HO (VWDGR QR FRPR LQVWUX
PHQWR UHSUHVHQWDWLYR GH XQD HQWLGDG R
FODVHQDFLRQDOVLQRFRPRHOLQVWUXPHQWRGH
XQDROLJDUTXtD\SHOLJUDFXDQGRSXHGHVHU
HO LQVWUXPHQWR GH LQWHUHVHV H[WUDxRV DO
SDtV3RUTXp"3RUXQDUD]yQWDPELpQHFR
QyPLFDFRQFLXGDGDQRV$VtFRPRQRWHQH
PRV KRPRJHQHLGDG UDFLDO QR WHQHPRV
KRPRJHQHLGDGHFRQyPLFD
/DVGRVHFRQRPtDV
/DHFRQRPtDQDFLRQDOWLHQHGRVDVSHFWRV
SHUIHFWDPHQWHGHILQLGRVHODVSHFWRSURSLD
PHQWH QDFLRQDO \ HO DVSHFWR GH QXHVWUD
HFRQRPtD YLQFXODGD D LQWHUHVHV H[WUDQMH
URV 1R SRGHPRV GHMDU GH UHFRQRFHU HVWD
GREOH ID] GH QXHVWUD HFRQRPtD +D\ HQ
WRGRV ORV SXHEORV FRPR HO QXHVWUR TXH QR
HVWiQ GHVDUUROODGRV HFRQyPLFDPHQWH OD
QHFHVLGDGGHTXHXQDSDUWHGHODHFRQRPtD
SHUWHQH]FDRHVWpFRQWURODGDSRUVLVWHPDV
HFRQyPLFRV PiV DGHODQWDGRV TXH HO QXHV
WUR (VWR HV IDWDO (VWi GHWHUPLQDGR SRU
XQDOH\GHSURJUHVR3HURGHRWURODGRWHQH
PRV XQ DVSHFWR GH QXHVWUD HFRQRPtD SHU
IHFWDPHQWHQDFLRQDO
/D HFRQRPtD QXHVWUD TXH GHSHQGH GHO
H[WUDQMHURHFRQRPtDSULQFLSDOPHQWHDJUD
ULD HV XQD HFRQRPtD TXH GHSHQGH GH XQ
VLVWHPDPXFKRPiVRUJDQL]DGR\QDWXUDO
PHQWHPiVVLVWHPDWL]DGRPHMRUUHVSDOGD
GR\PiVJDUDQWL]DGRTXHHODVSHFWRDJUt
FROD QDFLRQDO /DV HPSUHVDV H[WUDQMHUDV
&DUHWDV
9tFWRU5D~O+D\DGHOD7RUUH
'LVFXUVRGH$FKR
TXHWUDHQFDSLWDOWpFQLFD\RUJDQL]DFLyQD
QXHVWUDDJULFXOWXUDFRQVWLWX\HQXQDVSHF
WR GH QXHVWUD HFRQRPtD (O RWUR HV OD
HPSUHVDRHOLQGLYLGXRDJUtFRODQDFLRQDOHV
TXH FRQVHUYDQ VXV PpWRGRV SULPLWLYRV GH
SURGXFFLyQ \ TXH QR WLHQHQ JDUDQWtD <
HQWRQFHV YHPRV SXHV IUHQWH D IUHQWH OD
HFRQRPtDQXHVWUDTXHGHSHQGHGHOH[WUDQ
MHUR\ODHFRQRPtDTXHGHSHQGHGHOQDFLR
QDO HQ FRPSOHWD GLVSDULGDG GH WpFQLFD (O
(VWDGR QR KD SURWHJLGR QXHVWUD HFRQRPtD
QDFLRQDOGHPDQHUDTXHVREUHODHFRQRPtD
H[WUDQMHUDKDJUDYLWDGRODYLGDHFRQyPLFD
WRGDQRKDH[LVWLGRGHRWURODGRODIXHU]D
HFRQyPLFDQDFLRQDOEDMRODSURWHFFLyQGHO
(VWDGRTXHSHUPLWDEDODQFHDUHVDIXHU]D
\HVWDEOHFHUHOGHVDUUROORGHXQDHFRQRPtD
WRWDO \ DUPyQLFD GLULJLGD SRU HO SURSLR
(VWDGR 8QD HPSUHVD DJUtFROD R PLQHUD
TXH WUDH FDSLWDO TXH WUDH PiTXLQDV TXH
WUDH WpFQLFRV TXH WUDH RUJDQL]DFLyQ TXH
WUDHWDPELpQFXOWXUDHQHORUGHQHFRQyPL
FR IUHQWH D OD HPSUHVD DJUtFROD R PLQHUD
QDFLRQDOTXHQRWLHQHJDUDQWtDHFRQyPLFD
TXH QR WLHQH SURWHFFLyQ GHO (VWDGR QR
UHSUHVHQWDFRPRLPDJHQHOWUDFWRUIUHQWH
DODUDGRGHSDOR"QRUHSUHVHQWDODWpFQLFD
PRGHUQD IUHQWH D OD WpFQLFD SULPLWLYD"
TXp SXHGH SURGXFLUVH HQ XQD HVWUXFWXUD
HFRQyPLFDGRQGHGHXQODGRKD\WpFQLFD
FDSLWDOSURWHFFLyQJDUDQWtD\VRVWHQLPLHQ
WR\GHRWURODGRQRKD\VLQRIRUPDHOHPHQ
WDO GH SURGXFFLyQ" (YLGHQWHPHQWH OD HFR
QRPtD WLHQH TXH JUDYLWDU KDFLD OR PiV
IXHUWH KDFLD OR PiV RUJDQL]DGR VL QR
UHSUHVHQWD SUHIHUHQWHPHQWH ORV LQWHUHVHV
GHORTXHHVWiPiVGHVRUJDQL]DGR(VWRHV
FRPSDxHURV \ FRQFLXGDGDQRV OR IXQGD
PHQWDO HQ HO JUDQ SUREOHPD HFRQyPLFR \
SROtWLFRGHOSDtVHOGHVHTXLOLEULRHFRQyPLFR
\ OD IDOWD GH XQ (VWDGR UHSUHVHQWDWLYR GH
ORV LQWHUHVHV SURSLDPHQWH QDFLRQDOHV
(VWDGRTXHQRH[FOX\DVHDGLFKRFRQFODUL
&DUHWDV
&DSLWXORLQGG
GDGODLQWHUYHQFLyQGHORVLQWHUHVHVH[WUDQ
MHURV HQ HO SDtV SRUTXH HVD LQWHUYHQFLyQ
SRUSURSXJQDUXQDWpFQLFDVXSHULRUVLJQL
ILFD SURJUHVR LPSXOVR \ DOLHQWR SDUD HO
GHVDUUROOR GH QXHVWUD SURSLD HFRQRPtD
3HUR HV IXQGDPHQWDO WDPELpQ TXH HVD
FRRSHUDFLyQGHODVIXHU]DVHFRQyPLFDVPiV
GHVDUUROODGDVHVWpHQHTXLOLEULRSRUTXHVL
OOHJD D XQ FXHUSR GpELO D XQ FXHUSR VLQ
IXHU]DVSURSLDVVLJQLILFDUtDORTXHODWUDQV
IXVLyQ GH VDQJUH FRQ H[FHVR HQ XQ FXHUSR
GpELOSDUDVRSRUWDUODHQYH]GHGDUOHYLGD
OHGDUtDPXHUWH
)XQFLyQGHOLPSHULDOLVPR
$TXtWLHQHTXHMXJDUUROLPSRUWDQWtVLPR
HVWH QXHYR YRFDEOR TXH PXFKRV WRPDQ
FRPR DOJR VLQLHVWUR ,PSHULDOLVPR (O
,PSHULDOLVPR FRPR OR GHILQH +REVRQ
FUHDGRUGHODSDODEUDLPSOLFDHOXVRGHOD
PDTXLQDULD GHO JRELHUQR SRU ORV LQWHUHVHV
SULYDGRVSULQFLSDOPHQWHFDSLWDOLVWDVDILQ
GH DVHJXUDU SDUD HOORV ODV JDQDQFLDV HFR
QyPLFDVIXHUDGHXQSDtV(O,PSHULDOLVPR
FRPRGLFH&XOEHUVWRQHVODH[SUHVLyQHFR
QyPLFDGHODFLYLOL]DFLyQPRGHUQDDWUDYpV
GHORVPDUHV(O,PSHULDOLVPRQRHVSXHV
HO YRFDEOR SHOLJURVR \ DWHPRUL]DQWH HO
,PSHULDOLVPRHVXQFRQFHSWRHFRQyPLFRHO
,PSHULDOLVPR HV XQD UHDOLGDG TXH FRQ OD
SDODEUDGH0RQWWHOHFRQRPLVWDGHPRFUi
WLFRDOHPiQQDGLHSXHGHQHJDUHQVXHYL
GHQFLDKLVWyULFD,PSHULDOLVPRVLJQLILFDOD
H[SDQVLyQ GH ORV SXHEORV PiV GHVDUUROOD
GRVHQODWpFQLFDGHODSURGXFFLyQKDFLDORV
SXHEORV PHQRV GHVDUUROODGRV (O LPSHULD
OLVPRIRUPDSDUWHGHHVWHDVSHFWRGHQXHV
WUDHFRQRPtDTXHGHSHQGHGHORVLQWHUHVHV
H[WUDQMHURV<FRPRHQHO,PSHULDOLVPRHV
IXQGDPHQWDO OD H[SRUWDFLyQ GH FDSLWDOHV
ODH[SDQVLyQHFRQyPLFDQRVRWURVWHQHPRV
TXH WRPDUOR HQ FXHQWD GHQWUR GH XQD
REVHUYDFLyQGHODHFRQRPtDGHOSDtV3RUTXH
QR HV TXH VHDPRV HQHPLJRV GHO FDSLWDO
H[WUDQMHURHVTXHFRQVLGHUDPRVDEVROXWD
PHQWHQHFHVDULRTXHHO(VWDGRFRQWUROHHO
FDSLWDOH[WUDQMHURDILQGHTXHVXFRQFXUVR
GHQWUR GH OD HFRQRPtD QDFLRQDO VHD GH
FRRSHUDFLyQ\QRGHDEVRUFLyQ<HVWDSDOD
EUD DEVRUFLyQ QR WLHQH LQWHQFLyQ DOJXQD
SRUTXH\DKDGLFKRXQFpOHEUHItVLFR\HFR
QRPLVWDHXURSHR0X\FHUFDHVWiODHFRQR
PtD GH OD ItVLFD +D\ OH\HV GH ItVLFD TXH
SXHGHQ DSOLFDUVH PX\ ELHQ D ORV IHQyPH
QRV HFRQyPLFRV (V PX\ QDWXUDO TXH VL
SDUD OD H[SDQVLyQ GH XQD IXHU]D QR KD\
UHVLVWHQFLD HVD H[SDQVLyQ DXPHQWDUi
KDVWD TXH VH OLPLWH SRU Vt PLVPD 6L OD
UHVLVWHQFLDHVLJXDORPD\RUTXHODH[SDQ
VLyQ HQWRQFHV VH KDEUi VDOYDGR HO HTXLOL
EULR 1RVRWURV GHEHPRV FUHDU QXHVWUDV
SURSLDV UHVLVWHQFLDV QRVRWURV GHEHPRV
FUHDUQXHVWUDSURSLDSUHVLyQ\DODH[SDQ
VLyQ HFRQyPLFD TXH YLHQH GH IXHUD LPSXO
VDGD SRU OH\HV TXH VRQ LQHOXGLEOHV GHQWUR
GHODHFRQRPtDGHEHPRVRSRQHUODSUHVLyQ
HFRQyPLFDTXHVDOHGHDGHQWUR\TXHSRUVX
IXHU]DHLQWHQVLGDGWDPELpQHVOH\FRPSOH
WDPHQWHQHFHVDULDSDUDTXHODYLGDQDFLR
QDOPDQWHQJDHOHTXLOLEULR\ODDUPRQtDGH
QXHVWUR RUJDQLVPR HFRQyPLFR LQWHJUDO (O
LPSHULDOLVPRUHSUHVHQWDUiSRUFRQVHFXHQ
FLDHQQXHVWURSDtVODHWDSDGHOFDSLWDOLV
PR OD HWDSD GH OD LQGXVWULD HWDSD IDWDO
1RVRWURVQRSRGHUQRVHOXGLUODHWDSDLQGXV
WULDOTXHHVXQSHUtRGRVXSHULRUDOSHUtRGR
DJUtFROD R IHXGDO (O SURJUHVR LPSRQH TXH
GHVSXpVGHODHGDGIHXGDORDJUDULDYHQJD
OD HGDG LQGXVWULDO SHUR QRV SURSRQHPRV
EDMR HO FRQWURO GH ODV FODVHV SURGXFWRUDV
TXH HO PLVPR DGYHQLPLHQWR GHO FDSLWDOLV
PR FUHD \ SHUIHFFLRQD HYLWDU ORV SHOLJURV
JUDQGHVGHHVHDGYHQLPLHQWRLQGXVWULDO<
QRV SURSRQHPRV DSURYHFKDQGR OD H[SH
ULHQFLDKLVWyULFDGHOPXQGRREWHQHUWRGRV
'LVFXUVRGH$FKR
GHODFDSDFLGDGVXILFLHQWHSDUDLQWHUSUHWDU
HO VHQWLPLHQWR QDFLRQDO \ FRQGXFLU SRU Vt
VRODV ORV GHVWLQRV GH OD FROHFWLYLGDG (V
(QJHOV TXLHQ HVFULEH TXH KD\ XQ SHUtRGR
HQTXHSRGUtDFRPHQ]DUDGLIHUHQFLDUVHDOD
FODVH SUROHWDULD LQGXVWULDO GH OD FODVH QR
LQGXVWULDOL]DGD FRPR WURQFR GH XQD QXHYD
FODVH\DVXILFLHQWHPHQWHDSWDSDUDODDFFLyQ
SROtWLFD$QWHVGHHVHSHUtRGRDSDUHFHFRPR
LQFDSD]GHJREHUQDUVHSRUVtPLVPD7DOHV
QXHVWUR SDQRUDPD VRFLDO LQGXVWULDOLVPR
LQFLSLHQWH\SRUFRQVLJXLHQWHFODVHSUROHWD
ULDLQGXVWULDOLQFLSLHQWHWDPELpQ
(ODSULVPR\ODVWUHVFODVHV
(QWRQFHV SXHV FRQFLXGDGDQRV QRV
HQFRQWUDPRVFRQHVWHJUDQSUREOHPDFODVH
SUROHWDULD LQGXVWULDO MRYHQ FRPR MRYHQ HV
QXHVWUR LQGXVWULDOLVPR FODVH FDPSHVLQD
QXPHURVD PD\RULWDULD SHUR TXH D FDXVD
GHGHILFLHQFLDWpFQLFDHVWiDWUDVDGDHQVXV
PpWRGRV \ HQ FXOWXUD \ FODVH PHGLD TXH
IRUPDQGR SDUWH GH OR TXH SRGUtDPRV OOD
PDU HO VHFWRU QDFLRQDO GH QXHVWUD HFRQR
PtDFDUHFHWDPELpQGHJDUDQWtD\VXIUHODV
FRQVHFXHQFLDV GHO GHVHTXLOLEULR HFRQyPLFR
DO TXH IDWDOPHQWH HVWi VXERUGLQDGD QXHV
WUDRUJDQL]DFLyQQDFLRQDO
9tFWRU$QGUpV%HODXQGH
)UHQWHDHVWDVWUHVFODVHVODROLJDUTXtDR
PLQRUtDGHODFODVHRGHORVJUXSRVQDFLRQD
OHV TXH KDQ YLQFXODGR VXV LQWHUHVHV D ORV
LQWHUHVHV H[WUDQMHURV \ TXH VREUH WRGR
GRPLQD KDVWD KR\ \ FRQWUROD HO (VWDGR
%LHQODYLQFXODFLyQGHORTXHKD\GHFRP~Q
HQORVSUREOHPDVGHHVWDVWUHVFODVHVFDP
SHVLQD SUROHWDULD \ PHGLD FRQVWLWX\H OD
HVHQFLDHFRQyPLFDGHODSULVPR
3RUHVRHVTXHHVWiQGHPiVODVUHFHWDV
H[WUDQMHUDV SDUD ORV PDOHV QDFLRQDOHV
3RUHVRHVTXHHVWiGHPiVTXHFLHUWDVJHQ
WHV H[WUDQMHUL]DQWHV TXLHUDQ EXVFDUOH
SDUDQJyQRSDWUyQDODVWHRUtDVGHODSULV
PR(ODSULVPRLQVXUJHDEVROXWDPHQWHGH
XQDUHDOLGDGHFRQyPLFDQDFLRQDO(ODSULV
PRHVFRPRSHGtDHOJUDQ(QJHOVHOEXV
FDGRUHOGHVFXEULGRUGHQXHVWUDUHDOLGDG
TXHQRKHPRVWUDWDGRGHLQYHQWDUODIXHUD
GHO SDtV VLQR GH HQFRQWUDUOD DTXt HQ HO
PLVPR\VDQJUDQWHSUREOHPDGHODQDFLR
QDOLGDG
&RPSDxHURV 6L VRPRV GHPRFUDFLD OD
GHPRFUDFLDGHEHDPSDUDUHODQKHOR\ODQHFH
VLGDGGHODPD\RUtD\ODVFODVHVSUROHWDULD
FDPSHVLQD \ PHGLD TXH LQWHJUDQ QXHVWUR
3DUWLGRFRQVWLWX\HQODPD\RUtDGHODQDFLyQ
/DUHDOLGDGQDFLRQDO/LPD
([WUDFWRVVHOHFFLRQDGRV
SiJV
(ODEVROXWLVPR
SUHVLGHQFLDO
\VXVUHPHGLRV
9tFWRU$QGUpV%HODXQGH
$UHTXLSD1XHYD<RUN
7RGRVORVKRPEUHVGHSHQVDPLHQWR
HQ $PpULFD HVWiQ GH DFXHUGR TXH
QHFHVLWDPRVXQ3RGHU(MHFXWLYRHQpU
JLFR\HILFLHQWHSHURUHVSHWXRVRGHOD
OHJDOLGDG /DV WHRUtDV GH %ROtYDU HO
JUDQ PDHVWUR GH SROtWLFD HQ
+LVSDQRDPpULFDVREUHODXQLGDG\HILFLHQ
FLD GHO 3RGHU (MHFXWLYR VRQ \ VHUiQ GH
DFWXDOLGDG 8Q 3RGHU (MHFXWLYR HILFD] QR
TXLHUHGHFLUXQ3RGHUDUELWUDULR(OWpUPL
QRPHGLRGHOLGHDOEROLYDULDQRVHDSDUWDGH
ORVGRVH[WUHPRVTXHHQWUiJLFRULWPRKDQ
VLGR OD OH\ GH OD HYROXFLyQ SROtWLFD HQ
$PpULFD (MHFXWLYRV GpELOHV R (MHFXWLYRV
WLUiQLFRV1REDVWDFRQILDUHQODVFXDOLGD
GHVGHOSUHVLGHQWHQLHQHOJUDGRGHFXOWX
UD \ GHVDUUROOR HFRQyPLFR GHO SDtV SDUD
TXHODIXQFLyQHMHFXWLYDUHDOLFHHVHHTXLOL
EULRGHHILFLHQFLD\OHJDOLGDG(VQHFHVDULR
TXH HO FRQWURO OD UHVLVWHQFLD DO 3RGHU
(MHFXWLYRVHHQFDUQHHQLQVWLWXFLRQHVTXH
DOPLVPRWLHPSRTXHOROLPLWDQORVRVWLH
QHQ7LHQHHOYDORUGHXQDYHUGDGHWHUQDOD
LGHDGH6WHQGKDO6yORSXHGHDSR\DUVHHQ
ORTXHUHVLVWH
'HVGH OXHJR HVWi IXHUD GH GLVFXVLyQ HO
GHVFDUWDUWRGDUHHOHFFLyQ
(QVD\LVWDGHODJHQHUDFLyQGHO)XH
FUtWLFRGHODSRVLFLyQGH0DULiWHJXL\
UHVSRQGLyDVXV6LHWH(QVD\RVDFXxDQGR
VXVWHVLVGHOD3HUXDQLGDG
&DUHWDV
&DSLWXORLQGG
1RFUHHPRVTXHODWHQGHQFLDDODEVROX
WLVPRVHGHEDDOFDUiFWHUSRSXODUGHODHOHF
FLyQGHOSUHVLGHQWH+HPRVSUHVHQWDGRFRQ
WUDHVWDH[SOLFDFLyQODUHIXWDFLyQGHILQLWLYD
GH QXHVWUD KLVWRULD /RV SUHVLGHQWHV PiV
SRSXODUHV ORV TXH UHFLELHURQ HQ HIHFWR OD
FRQVDJUDFLyQGHOYRWRQDFLRQDOKDQVLGRORV
PiVUHVSHWXRVRVGHQXHVWUDVLQVWLWXFLRQHV
&DUHWDV
(ODEVROXWLVPRSUHVLGHQFLDO\VXVUHPHGLRV
9tFWRU$QGUpV%HODXQGH
FHJUXSRVGHVRUGHQ\FDRVOHJLVODWLYR\HO
VtQWRPDPiVJUDYHODWHQGHQFLDDDXPHQ
WDUORVJDVWRV(O3DUODPHQWRTXHVHLPDJL
QySDUDFRQWURODU\VDQHDUODVILQDQ]DVGHO
*RELHUQR KD UHVXOWDGR SRU XQD HYROXFLyQ
FXULRVD IXHQWH GH LQIODFLyQ \ GH GHUURFKH
9LEUDQ WRGDYtD ODV SDODEUDV GH 7DUGLHX DO
UHVSHFWR /D H[SHULHQFLD GH &KLOH PiV
FHUFD GH QRVRWURV KDEOD FRQ LGpQWLFD HOR
FXHQFLD*DELQHWHVUHOiPSDJRVGHVRUGHQH
LQIODFLyQGHSUHVXSXHVWRH[FHVR\HPSLULV
PR HQ OD OHJLVODFLyQ SHUSHWXD LQHVWDELOL
GDG/DUHYROXFLyQ\GLFWDGXUDFKLOHQDKDQ
VLGRHOHStORJRGHHVRVPDOHV
(QORVSDtVHVHQTXHQRH[LVWHODIXHU]D
PRGHUDGRUDGHOPRQDUFD\HOULWPRUHJXODU
GHGRVSDUWLGRVHOSDUODPHQWDULVPRKDVLGR
XQGHVDVWUH+R\WRGRVHVWiQGHDFXHUGRHQ
VHxDODUUDGLFDOHVGLIHUHQFLDVHQWUHHOSDUOD
PHQWDULVPR IUDQFpV \ HO SDUODPHQWDULVPR
LQJOpV 3XHGH GHFLUVH TXH )UDQFLD YLYH \
SURVSHUD SRU VX YLWDOLGDG HFRQyPLFD \ VX
WUDGLFLyQFXOWXUDODSHVDUGHORVGHIHFWRVGH
VXPiTXLQDSROtWLFDHO(MHFXWLYRLQHVWDEOH
OD GXUDFLyQ PHGLD GH ORV JDELQHWHV GHVGH
KD VLGR GH VLHWH PHVHV ORV SDUWLGRV
SXOYHUL]DGRVVHOOHJDQDFRQWDUKDVWDTXLQ
6LQRVRWURVQRDFHSWDPRVODKHJHPRQtD
SDUODPHQWDULDSUHFRQL]DPRVXQHIHFWLYR\
PRGHUDGRFRQWUROSDUODPHQWDULR1RFUHH
PRVHQODVHSDUDFLyQGHORVSRGHUHVFRPR
ODOOHYDGDDFDERFRQWDQWDULJLGH]HLQFRQ
YHQLHQFLD HQ OD &RQVWLWXFLyQ QRUWHDPHUL
FDQD $FHSWDPRV OD FRRSHUDFLyQ \ HO FRQ
WDFWRHQWUHHOORVQRVyORSRUORVLQIRUPHV
VLQR SRU OD PLVPD LQWHUSHODFLyQ
'HVFDUWDPRVHOYRWRGHGHVFRQILDQ]D\ODV
]DQFDGLOODV SROtWLFDV SHUR DGPLWLPRV HO
YRWRGHFHQVXUDPRWLYDGR\DSUREDGRSRU
ODVGRVFiPDUDV
&DUHWDV
&DSLWXORLQGG
(QWUHQRVRWURVODVGRVWHQWDWLYDVGHSDU
ODPHQWDULVPR QR KDQ VLGR IHOLFHV OD GH
9DOFiUFHOFRQWULEX\yDDJUDYDUODFULVLVGHO
\ OD GHO UpJLPHQ FLYLOLVWD D SDUWLU GH
QRVFRQGXMRDXQLQPRUDOWUDVWUXHTXH
GHIXQFLRQHVHQWUHHO*RELHUQR\HO3DUODPHQWR
1XHVWURFDFLTXLVPRSDUODPHQWDULRVXSRFRWL
]DUELHQDOWRVXSRGHUGHFUtWLFD\GHFHQVXUD
DFHSWy D IDUGR FHUUDGR ODV GLUHFFLRQHV GHO
*RELHUQR REWHQLHQGR HQ FRPSHQVDFLyQ
LQIOXHQFLDHQORVQRPEUDPLHQWRVHLQWHUYHQ
FLyQGLUHFWDHQODDGPLQLVWUDFLyQ&XDQGRQR
KDVLGRDVtKHPRVVXIULGRHORWURPDOGHOD
RSRVLFLyQVLVWHPiWLFD
0iVTXHHQODIDOWDGHXQFRQWUROSDUOD
PHQWDULRHOUpJLPHQSHUVRQDOVHKDUHYH
ODGR HQ RWUDV PDQLIHVWDFLRQHV FX\D GLDJ
QRVLV VH LPSRQH VL VH TXLHUH LQGLFDU HO
UHPHGLRDFHUWDGR(OODVVRQLQIOXHQFLD
DEVROXWD HOHFWRUDO GHO *RELHUQR SRU OD
LPSHUIHFFLyQ GH ORV RUJDQLVPRV R SRU VX
VRPHWLPLHQWR D DTXHO OLEHUWDG HQ ORV
JDVWRV SRU OD SUyUURJD GHO 3UHVXSXHVWR
KDELOLWDFLyQ GH SDUWLGDV DPSOLWXG HQ ORV
JDVWRVH[WUDRUGLQDULRV\VREUHWRGRIDOWD
GH OD LQVWLWXFLyQ GHO FRQWUDORU SRGHU
GLVFUHFLRQDOHQORVQRPEUDPLHQWRVSRUOD
IDOWDGHXQDEXHQDOH\GHVHUYLFLRFLYLO
FHQWUDOLVPR R VHD FRQWURO DEVROXWR GH OD
YLGDPXQLFLSDO\GHSDUWDPHQWDOPHGLRV
GHLQIOXLUHQODRSLQLyQS~EOLFDVXERU
GLQDFLyQ GHO 3RGHU MXGLFLDO LQIOXHQFLD
HQORVQRPEUDPLHQWRV\HQHOSUHVXSXHVWR
HFOHVLiVWLFR
/RVFRQVHMRVUHJLRQDOHV
(OUpJLPHQSHUVRQDOWXYRVXH[SUHVLyQHQ
OD FHQWUDOL]DFLyQ DEVROXWD SURFHVR TXH VH
LQLFLD \D FRQ ODV -XQWDV 'HSDUWDPHQWDOHV
FDFLTXHVFDV \ TXH OOHJy D VX FROPR HQ ORV
3DUODPHQWRV5HJLRQDOHVyUJDQRVGHODPiV
LQ~WLO EXURFUDFLD (Q HO FDStWXOR WLWXODGR
5HJLRQDOLVPR\FHQWUDOLVPRGHODSULPHUD
SDUWH GH HVWH OLEUR KHPRV H[SUHVDGR ODV
LGHDVGLUHFWULFHVGHHVDUHIRUPD8UJHDYL
YDU OD YLGD UHJLRQDO \ OD YLGD PXQLFLSDO
5HVSHFWRGHHVWD~OWLPDUHVWDEOH]FDPRVOD
DXWRQRPtD WUDQVILULHQGR ODV IDFXOWDGHV
UHYLVRUDVTXHWHQtDHO(MHFXWLYRDORVRUJD
QLVPRVUHJLRQDOHV3DUDODHOHFFLyQGHPXQL
FLSDOLGDGHV FUHHPRV TXH GHEH PDQWHQHUVH
HO VXIUDJLR JHQHUDO OR OODPR DVt SRUTXH
H[FOXLGRV ORV DQDOIDEHWRV QR VH SXHGH
KDEODU GH VXIUDJLR XQLYHUVDO (VWH SXHGH
IXQFLRQDU FRQ UHODWLYR p[LWR HQ ODV SURYLQ
FLDV \ GLVWULWRV TXH VRQ FLUFXQVFULSFLRQHV
OLPLWDGDV$GHPiVHOVXIUDJLRFRUSRUDWLYR
HVXQHQVD\RTXHGHEHDSOLFDUVHSRUDKRUD
DODVUHJLRQHV0DQWHQGUtDPRVDVtXQUpJL
PHQPL[WRHQMXVWRHTXLOLEULRGHVXIUDJLR
LQGLYLGXDO\FRUSRUDWLYR
/DLQQRYDFLyQIXQGDPHQWDOHVODGHORV
&RQVHMRV 5HJLRQDOHV VLJXLHQGR ODV OtQHDV
GHODVDFWLYLGDGHVHFRQyPLFDV$OODGRGHO
5HJLVWUR0XQLFLSDOVHIRUPDUiXQ5HJLVWUR
GH $FWLYLGDGHV (FRQyPLFDV EDMR HVWRV
FLQFRUXEURVPLQHUtDHLQGXVWULDVH[WUDFWL
YDVDJULFXOWXUDLQGXVWULDPDQXIDFWXUHUD
FRPHUFLR \ WUDQVSRUWHV \ SURIHVLRQHV OLEH
UDOHV/RVFXDWURSULPHURVJUXSRVHVWDUtDQ
UHSUHVHQWDGRVHQHORUJDQLVPRUHJLRQDOHQ
SURSRUFLyQ DO Q~PHUR GH SHUVRQDV TXH
FRPSUHQGH FDGD DFWLYLGDG UHIOHMDQGR DVt
ODILVRQRPtDHFRQyPLFDGHFDGDUHJLyQ(O
JUXSR PHQRU GDUi HO Q~PHUR PtQLPR GH
UHSUHVHQWDQWHV TXH VHUtD HO FRHILFLHQWH
SDUDFDOFXODUORVGHORVRWURVJUXSRV
/D UHSUHVHQWDFLyQ GH FDGD JUXSR SXHGH
VHUGREOHRWULSOHGREOHVLVHTXLHUHGLIHUHQ
FLDU ~QLFDPHQWH HO FDSLWDO \ HO WUDEDMR \
WULSOHVLVHHVWDEOHFHODPiVDMXVWDGDGLYL
VLyQHQWUHFDSLWDO\DOWDGLUHFFLyQHPSOHD
GRV\REUHURV(QHOSULPHUFDVRORVSURSLH
WDULRV\DOWRVGLUHFWRUHVGHODVIXHU]DVHFR
QyPLFDVWHQGUtDQODPLVPDUHSUHVHQWDFLyQ
TXHHOWUDEDMRHQHOVHJXQGRFDVRHOWUDED
MR UHSUHVHQWDUtD ODV GRV WHUFHUDV SDUWHV
5HVSHFWRGHOTXLQWRJUXSRRODVSURIHVLRQHV
OLEHUDOHV GDUtD FLQFR UHSUHVHQWDQWHV XQR
HOHJLGRSRUORVDERJDGRVRWURSRUORVPpGL
FRV\IDUPDFpXWLFRVRWURSRUORVLQJHQLHURV
GHWRGRVORVUDPRVRWURSRUORVSHULRGLVWDV
\PDHVWURV\XQTXLQWRSRUORVIXQFLRQDULRV
6L VH WLHQH HQ FXHQWD TXH ODV SURIHVLRQHV
OLEHUDOHVUHSUHVHQWDQWUDEDMR\SUHSDUDFLyQ
FXOWXUDOFDEHGHFLUTXHHQHVWRVRUJDQLVPRV
WHQGUtDVLHPSUHPD\RUtDHOWUDEDMR
&DUHWDV
(ODEVROXWLVPRSUHVLGHQFLDO\VXVUHPHGLRV
&DUHWDV
&DSLWXORLQGG
&DUHWDV
&DStWXOR9,
/XLV9DOFiUFHO7HPSHVWDG
HQORV$QGHV/LPD
3RSXOLEURV3HUXDQRV
3iJV
O
8ULHO*DUFtD(OQXHYR
LQGLR/LPD(GLWRULDO
8QLYHUVR
3iJV
O
O
-RVp0DUtD$UJXHGDV1R
VR\XQLQGLRDFXOWXUDGR(Q
2EUDV&RPSOHWDV7RPR9
/LPD(GLWRULDO+RUL]RQWH
3iJV
O
(QULTXH0D\HU/DVUHJODV
GHOMXHJRHQODUHFLSURFLGDG
DQGLQD(Q5HFLSURFLGDGH
LQWHUFDPELRHQORV$QGHV
SHUXDQRV/LPD,(3
3iJV
&DSLWXORLQGG
OJUDQSUREOHPDGHODUHS~EOLFDFRQVLVWtDHQ
KDEHUGHMDGRIXHUDGHODOH\\DOPDUJHQGHOD
FLXGDGDQtDDOSRUFHQWDMHPD\RULWDULRGHOD
SREODFLyQGHO3HU~(OSUREOHPDGHOLQGLRHVWDED
HQHOFHQWURQHXUiOJLFRGHODFRQVWUXFFLyQGHOD
QDFLyQ&DVLXQVLJORGHROYLGRQRKL]RTXHVX
SUHVHQFLDVRFLDOSXGLHUDRPLWLUVH7DPELpQDO
FXHVWLRQDUVHHOSUR\HFWROLEHUDOGHFLPRQyQLFR
VXUJLyODSUHJXQWDVREUHFXiOHUDHOSDSHOGHHOORV
HQODQDFLyQ-RUJH%DVDGUHPHQFLRQDTXHHO
SUREOHPDGHO,QGLRVHUHGHVFXEULyDLQLFLRVGHOVLJOR
;;6LELHQHVFLHUWRTXHDSDUWLUGHHQWRQFHVVHVHQWDURQ
ODVEDVHVGHOLQGLJHQLVPRVREUHWRGRHQWDQWRTXH
PRYLPLHQWRLQWHOHFWXDODUWtVWLFR\XQLYHUVLWDULRTXH
SRVWXOyTXHODHVHQFLDGHORSHUXDQRHVWDEDHQODFXOWXUD
LQGtJHQDVHSXHGHKDOODUVXVWUD]RVSUHFXUVRUHVHQOD
VHJXQGDPLWDGGHO;,;
/DHOHFFLyQGHHVWDYtDIXHXQDGHODVSRVLEOHV
UHDFFLRQHVFRQWUDHODFWXDUFXHVWLRQDEOHGHODVpOLWHV
$KRUDELHQPXFKRVGHORVLQGLJHQLVWDVHUDQPLHPEURVGH
ODpOLWHTXHDOFXHVWLRQDUVXVSURSLDVUDtFHVILORVyILFDV\
SROtWLFDVUHVROYLHURQUHYHUGHFHUVXSURJUDPDXQLHQGRD
ORVLGHDOHVUHSXEOLFDQRVXQDQRVWDOJLDGHORLQGLR$VtVH
RSXVLHURQDTXLHQHVWDPELpQGHQWURGHODpOLWHSXJQDEDQ
FRQWUDHOUDFLRQDOLVPRSHURGHVGHODVHQVHxDQ]DVGHOD
,JOHVLD&DWyOLFD/RVLQWHOHFWXDOHVFRPHQ]DURQDGLYLGLUVH
HQWUHLQGLJHQLVWDVHKLVSDQLVWDV
/D,PSURQWD
,QGLJHQLVWD
6HFUHWRGHSLHGUD
XDQGR HO LQGLR FRPSUHQGLy TXH HO
EODQFRQRHUDVLQRXQLQVDFLDEOHH[SOR
WDGRUVHHQFHUUyHQVtPLVPR
$LVOyVHHVSLULWXDOPHQWH\HOUHFLQWR
GH VX DOPD HQ FLQFR VLJORV HVWXYR
OLEUH GHO FRQWDFWR FRUUXSWRU GH OD QXHYD
FXOWXUD 0DQW~YRVH VLOHQFLRVR KLHUiWLFR
FXDOXQDHVILQJH
7HPSHVWDGHQORV$QGHV/LPD3RSXOLEURV
SHUXDQRV([WUDFWRVVHOHFFLRQDGRVSiJV
7HPSHVWDGHQ
ORV$QGHV
/XLV9DOFiUFHO
,OR/LPD
)XHXQRGHORVSULQFLSDOHVLPSXOVRUHV
GHOPRYLPLHQWRLQGLJHQLVWD'HIHQGLyODV
ERQGDGHVGHODFXOWXUD\ODV
UHLYLQGLFDFLRQHVGHOLQGLR
6HKL]RPDHVWURHQHODUWHGHGLVLPX
ODU GH ILQJLU GH RFXOWDU OD YHUGDGHUD
LQWHQFLyQ$HVWDDFWLWXGGHIHQVLYDDHVWD
HVWUDWHJLDGHOGRPLQDGRDHVWHPLPHWLVPR
FRQVHUYDGRUGHODYLGDOODPiURQOHODKLSR
FUHVtDLQGLD
/DUD]DJUDFLDVDHOODSURWHJHVXYLWDOL
GDGJXDUGDLQWDFWRHOWHVRURGHVXHVStUL
WXSUHVHUYDVX<2
6HR\HGHFRQWLQXRFHQVXUDUODUHVHUYD
HO HJRtVPR GHO LQGLR D QDGLH UHYHOD VXV
VHFUHWRV /D YLUWXG PHGLFLQDO GH ODV \HU
EDVODFXUDFLyQGHHQIHUPHGDGHVGHVFRQR
FLGDV HO GHUURWHUR GH PLQDV \ ULTXH]DV
RFXOWDV ORV SURFHGLPLHQWRV PLVWHULRVRV GH
ODPDJLD(OLQGLRVHFXLGDPX\ELHQGHOD
LQTXLVLFLyQGHVXVGRPLQDGRUHV1RKDEOD
Ui 1R UHVSRQGHUi FXDQGR VH OH SUHJXQWH
(YDGLUiODVLQYHVWLJDFLRQHV,QYHQFLEOHHQ
VXUHGXFWRSDUDHOEODQFRVHUiLQIUDQTXHD
EOHVXVHFUHWRGHSLHGUD
(QFDPELRpOVHLQIRUPDUiELHQSURQWRGH
WRGRVQXHVWURVVHFUHWRVGHKRPEUHVPRGHU
QRV %UHYH WLHPSR GH DSUHQGL]DMH EDVWDUi
SDUDTXHGRPLQHORVPiVFRPSOHMRVPHFDQLV
PRV \ PDQHMH FRQ OD VHUHQLGDG \ SUHFLVLyQ
TXH OH VRQ FDUDFWHUtVWLFDV ODV PDTXLQDULDV
TXHUHTXLHUHQFRPSOHWDWpFQLFD
&DUHWDV
&DSLWXORLQGG
7HPSHVWDGHQORVDQGHV
(OLQGLRHVSDUDODVRWUDVUD]DVHSLJyQL
FR6yORGDDFRQRFHUVXH[WHULRULQH[SUHVL
YR%DMRODPiVFDUDGHLQGLIHUHQWHKDOOD
UHPRVDOJ~QGtDVXYHUGDGHURURVWUR"
6XEXUORQDVRQULVDVHUiORSULPHURTXH
GHVFXEUDPRV
(Q OR LQVRQGDEOH GH HVWD FRQFLHQFLD
DQGLQDEXOOHHOVHFUHWRGHSLHGUD
3REODFKRVPHVWL]RV
+yUULGDTXLHWXGODGHORVSXHEORVPHVWL
]RV 3RU HO SOD]yQ GHDPEXOD FRQ SLHV GH
SORPR HO VRO GHO PHGLRGtD 6H YD GHVSXpV
SRUGHWUiVGHODVWDSLDVGHORVJDOSRQHVGH
ODLJOHVLDDPHGLRFDHUGHOFDVHUyQGHVWDU
WDODGRTXHHVWiMXQWRDHOODWUHSDHOFHUUR
\ORWUDVSRQHYROWHDODVHVSDOGDVGHILQLWL
YDPHQWH \ OD HVSHVD VRPEUD VXPHUJH DO
SXHEOR6HIXHHOGtDVHDFDEyODQRFKHVRQ
FOHSVLGUDVLQYLVLEOHVORVKDELWiFXORVUXLQR
VRV OHQWDPHQWH VH GHVPRURQDQ 'HVSXpV
GH YHLQWH DxRV HO SXHEOR VLJXH D PHGLR
FDHUQRVHGDSULVDHOWLHPSRGHVWUXFWRU
*XVDQRVSHUGLGRVHQODVJDOHUtDVVXEFX
WiQHDV GH HVWH FXHUSR HQ GHVFRPSRVLFLyQ
TXHHVHOSREODFKRPHVWL]RORVKRPEUHVDVR
PDQDUDWRVDODVXSHUILFLHHOVROORVDKX
\HQWD WRUQDQ D VXV PDGULJXHUDV 4Xp
KDFHQORVWURJORGLWDV"1DGDKDFHQ6RQORV
SDUiVLWRVVRQODFDUFRPDGHHVWHSXGULGHUR
(OVHxRUGHOSREODFKRPHVWL]RHVHOOHJX
OH\R HO NHONHUH 4XLpQ QR FDHUi HQ VXV
VXFLDVUHGHVGHDUiFQLGRGHODOH\"(OLQGLR
WRFDDVXVSXHUWDV(OJDPRQDOORVLHQWDD
VX PHVD (O MXH] OH HVWUHFKD OD PDQR /H
VRQUtHQHOVXESUHIHFWR\HOFXUD
(OOHJXOH\RHVWHPLGR\RGLDGRHQVHFUH
&DUHWDV
&DSLWXORLQGG
/XLV9DOFiUFHO
GDVOHHFKDEDHOEODQFR(OEXH\RWURDPLJR
FRODERUy FRQ pO HQ ODV IDHQDV GH OD WLHUUD
DKRUUiQGROHHVIXHU]R3XGRUHVHUYDUHOWLUD
SLp OD FKDNLWDMOOD SDUD ORV EDUUDQFRV /D
SDUHMDGHERYLQRVDYDQ]DEDOHQWDPHQWHFRQ
HO DUDGR GH SDOR 3RU ORV FDPLQRV WUDV HO
SHTXHxRDVQRSRUORVVHPEUDGRVHQSRVGHO
EXH\ HO LQGLR KDFH VX WUDEDMR VLOHQFLRVD
PHQWH$YHFHVFDQWXUUHDXQDWRQDGLOODGHO
YLHMRODUDUDWRVLQWHQWDHOGLiORJRFRQVXV
DPLJXLWRV 'LiORJR IUXVWUDGR (OORV QR UHV
SRQGHQ$VtTXLpQVDEHHVPHMRUGLFHQWDQ
SRFRVXVJUDQGHVRMRVWXUELRV
0DUFXV 0DUHDQR DSDFLEOHV FRPSD
xHURVFXiQWRSDUHFLGRWLHQHQDORVEXHQRV
ODEULHJRV FRPR HOORV VXIULGRV \ UHVLJQD
GRVFRPRHOORVWUDQTXLORVTXLHWRVIUXJD
OHV 'HO FDPSR DO HVWDEOR GHO HVWDEOR DO
FDPLQR WRGRV ORV GtDV WRGRV ORV DxRV
KDVWDPRULURVFXUDPHQWHGHSXURVYLHMRV
<DHOLQGLRQRVyORWLHQHFRPRDPLJRVD
0DUFXV D 0DUHDQR HV RWUR KRPEUH
FRPRpOTXLHQOHKDDELHUWRVXFRUD]yQ(V
RWUR KRPEUH EODQFR FRVD H[WUDRUGLQDULD
XQKRPEUHEODQFRVXLJXDOVXDPLJRQRVX
RSUHVRU HO DPR VLHPSUH WLUiQLFR $ HVWH
DPLJR OH HVWUHFKD OD PDQR \ OR PLUD D ORV
RMRVGHIUHQWHVLQWHPRUVLQGHVFRQILDQ]D
(V HO DGYHQWLVWD HO EXHQR \ DOHJUH
0LOOHU UXELFXQGR KLMR GH <DQTXLODQGLD
TXH HMHUFH HO DSRVWRODGR GH OD 1XHYD
$PLVWDG
1DGD OH H[LJH 0LOOHU &RQGRUL QR WLHQH
REOLJDFLRQHVSDUDpOSXHGHHQWRQFHVREVH
TXLDUOHFRPRDOKHUPDQRGHUD]D\DVtOR
DFRJHFRUGLDOtVLPRHQVXU~VWLFRKRPH\
FRPHQDPERVGHOPLVPRSODWR\EHEHQGH
XQVRORYDVR6DQWDDPLVWDGWDQHVSHUDGD
FLQFRVLJORV
&DUHWDV
/XLV9DOFiUFHO
7HPSHVWDGHQORVDQGHV
/DQXHYDHVFXHOD
,QGDOHFLR0DPDQLHVHOSUHFHSWRUHQHO
D\OOX GH .ROODZD VDOLy GLSORPDGR GH OD
(VFXHOD1RUPDOGH-XOLDFDKL]RVXSUiF
WLFD FRPR PDHVWUR DPEXODQWH HQ
&KXFXLWR /D HVFXHOD RFXSD XQ HGLILFLR
UHFLpQ FRQVWUXLGR EDMR OD GLUHFFLyQ GHO
LQJHQLHUR GH OD 0LVLyQ $PSOLDV VDODV
LOXPLQDGDV FRQ EHOODV YLVWDV VREUH HO
SDQRUDPD GH OD SODQLFLH \ HO FRUGyQ
QHYDGR GH ORV $QGHV (O QLxR LQGLR FRQ
FXUUHFRQSODFHUSRUTXHHOSDLVDMHIDPL
OLDUORWLHQHVLHPSUHDQWHORVRMRV
&XiQWRVPLOODUHVGH,QGLRV1XHYRVKDQ
VDOLGR GH OD (VFXHOD ,QGLD" &XiQWRV PiV
VDOGUiQHQHVWHTXLQTXHQLR"
/DFDVDHVFXHODHVHORUJXOORGHOD\OOX
/DV IDPLOLDV DERUtJHQHV VH VLHQWHQ OLJD
GDVDHOODFRPRGLH]DxRVDQWHVDODLJOH
VLD SDUURTXLDO (O GRPLQJR HO VDOyQ GH
DFWRVUHERVDGHS~EOLFRTXHiYLGRHVFX
FKD OD SDODEUD HORFXHQWH GH ,QGDOHFLR
0DPDQL HO HGXFDGRU GH OD 5D]D /DV
DOPDV HPERWDGDV GH OD JUH\ DQGLQD
FRPLHQ]DQ D VDFXGLUVH GH VX VXHxR GH
SLHGUD &RPR XQ EDUUHQR SHQHWUD D OR
KRQGR GH HVDV FRQFLHQFLDV OD YR] GHO
PDHVWUR \ KD\ DOJR TXH VH DJLWD HQ HO
VXEVXHOR HVSLULWXDO GH HVWRV KRPEUHV
ROYLGDGRVGHVtPLVPRV
%DVWD\DGHVXMHFLyQDO\XJRGHODJUD
PiWLFDHVSDxRODVHKDQGLFKRORVLGLRPDV
YHUQiFXORV
/DHVFXHODVHVRVWLHQHSRUHOD\OOXWRGRV
FRQFXUULHURQDHGLILFDUODWRGRVWDPELpQOD
DSR\DQFRPRDGLYLQDQGRTXHGHDOOtVDOGUiQ
ORV,QGLRV1XHYRVQXQFDPiVHVFODYRV
(ONHVZDHQODVLPSiWLFDDPLVWDG\YLQ
FXODFLyQIRQRJUiILFDGHORVLGLRPDVVtPLOHV
&DUHWDV
&DSLWXORLQGG
/DUHEHOGtDRUWRJUiILFD
6tJXHUUDDODVOHWUDVRSUHVRUDVDODE\
D OD Y D OD G \ D OD ] TXH QR VH XVDURQ
MDPiVDIXHUDODFEDVWDUGD\OD[H[yWLFD\
ODJGHFDGHQWH\IHPHQLQD\ODTHTXtYRFD
DPELJXD
9HQJDQOD.YDURQLO\OD:GHODVVHOYDV
JHUPiQLFDV \ ORV GHVLHUWRV HJLSFLRV \ ODV
OODQXUDV WiUWDUDV 8VHPRV OD M GH ORV iUD
EHVDQiORJRV
XQDUD]D&XDWURVLJORVTXHSXJQDHOLQYDVRU
EODQFRSRUGHVDUUDLJDUXQDFXOWXUD1XHVWUD
KLVWRULDHVODWUDJHGLDGHHVWDOXFKD(OKRP
EUHGHXOWUDPDU\HODERULJHQHQHVWHGXHOR
JLJDQWHVFRQRFHMDQHQVXHPSHxRGHDILUPDU
VXVHUVLQGREOHJDUVHDODIDWDOLGDGGHOVLQR
4XLHUH HO FRQTXLVWDGRU HQ VX ORFD SUHVXQ
FLyQERUUDUWRGRHOSDVDGRGHGLH]PLODxRV
GHFXOWXUDLQGtJHQD%DMRODSLTXHWDGHOGHV
WUXFWRUYDQFD\HQGRXQDDXQDODVLQVWLWX
FLRQHVGHOYLHMR,PSHULR/RVVXQWXRVRVSDOD
FLRVODVHVWXSHQGDVIRUWDOH]DVORVPDJQtILFRV
WHPSORVOHYDQWDGRVSRUHO,QNDHQXQJORULR
VR DIiQ GH HWHUQLGDG VRQ GHUULEDGRV SRU HO
EiUEDURYHQFHGRU&RQORV~OWLPRVVHxRUHVGH
9LOFDEDPEDFRQFOX\HODHVWLUSHVRODUGHORV
HPSHUDGRUHV5XHGDGHOSDWtEXORODLQRFHQ
WH FDEH]D GHO SRVWUHUR SUtQFLSH GHO
7DZDQWLQVX\X0DVHVHQYDQRGHODOPD
LQGLDQRSXHGHVHUDUUDQFDGDODHVHQFLDGH
VXFXOWXUD
(Q OD WRUSH GHVYLDFLyQ UHSXEOLFDQD LQFD
SDFHV GH FRPSUHQGHU OD UHDOLGDG KLVWyULFD
KHPRVLGRPiVDOOiGHORSUHVRUHVSDxRO/DV
~OWLPDVYLVOXPEUHVGHDXWRQRPtDHOVLPXOD
FURGHODVDXWRULGDGHVLQGLDVODFRQVHUYDFLyQ
GHODSURSLHGDGFRPXQLWDULDHOUHIXJLRHQOR
RUQDPHQWDOGHODVILHVWDVHQTXHUHDSDUHFtDQ
D~QODVLQVLJQLDVGHO,QNDYLVWLHQGRDDOJX
QRVGHVXVGHVFHQGLHQWHVFRPRXQUHFRUGDWR
ULRGHVXJUDQGH]DWRGRWRGRKDGHVDSDUHFL
GRHQQRPEUHGHXQDEXUOHVFDVRPEUtDPHQWH
LUyQLFDLJXDOGDG0iVFLHJRVPiVLJQRUDQWHV
TXHORVFRORQL]DGRUHVERUUDPRVGHXQDSOX
PDGDODVVDELDVOH\HVSURWHFWRUDVGHOUHJQt
FRODTXHHQDTXHOORVOHMDQRVWLHPSRVVHGLH
URQFRQXQJUDQFRQRFLPLHQWRGHODYLUWXDOL
GDG MXUtGLFD 1R KD KDELGR HPDQFLSDFLyQ
SDUDODUD]DDPHULFDQD
(O GLYRUFLR QDFLRQDO HQ TXH YLYLPRV TXH
DFHQW~DGHGtDHQGtDODLQFRPSUHQVLyQGHOD
&DUHWDV
7HPSHVWDGHQORVDQGHV
VHGHGHOJRELHUQRLPSLGHDIURQWDUODVROXFLyQ
GH ORV JUDQGHV SUREOHPDV YLWDOHV FRPR HV HO
SUREOHPDGHODUD]DLQGLDQD/RV$QGHVFRQV
WLWX\HQ XQD PXUDOOD LQIUDQTXHDEOH SDUD HO
OHJLVODGRU \ HO JREHUQDQWH GH OD &DSLWDO 'H
RWURODGRVRQWDQGLYHUVDVODVPRGDOLGDGHVGH
VHUUDQRV\FRVWHxRVTXHpVWRVQRSRGUiQGDUVH
FXHQWDQXQFDGHORTXHHVODYLGDHQODVVHUUD
QtDV\GHORTXHVLJQLILFDQORVLGHDOHVGHFXDQ
WRV GH HOOD SDUWLFLSDPRV (VWD GLVSDULGDG
VRFLROyJLFDYLHQHGHVGHPX\DWUiV(O&X]FR\
/LPDVRQSRUODQDWXUDOH]DGHODVFRVDVGRV
IRFRV RSXHVWRV GH OD QDFLRQDOLGDG (O &X]FR
UHSUHVHQWDODFXOWXUDPDGUHODKHUHGDGDGH
ORV LQNDV PLOHQDULRV /LPD HV HO DQKHOR GH
DGDSWDFLyQDODFXOWXUDHXURSHD<HVTXHHO
&X]FRSUHH[LVWtDFXDQGROOHJyHO&RQTXLVWDGRU
\/LPDIXHFUHDGDSRUpOH[QLKLOR
&yPR GHVGH OD FDSLWDO YD D FRPSUHQ
GHUVHHOFRQIOLFWRVHFXODUGHODVGRVUD]DV\
ODVGRVFXOWXUDVTXHQRKDSHUGLGRVXYLUX
OHQFLDGHVGHHOGtDTXHHOLQYDVRUSXVRVXV
SODQWDVHQORVULVFRVDQGLQRV"
6HUi FDSD] HO HVStULWX HXURSHL]DGR
VLQ UDLJDPEUH HQ OD WLHUUD PDWHUQDO GH
HQRUJXOOHFHUVH GH XQD FXOWXUD TXH QR OH
DOFDQ]D"
3RGUtD YLYLU HQ HO PHVWL]DMH GH RWUDV
UD]DVH[yWLFDVHOJUDQDPRUTXHVyORQXWUH
\PDQWLHQHODVDQJUHGDORVKLMRVGHOVRO"
6yORDO&X]FRHVWiUHVHUYDGRUHGLPLUDO
LQGLR
(O3HU~SXHEORGHLQGLRV
8QSHULRGLVWD\DQTXLKDDILUPDGRDQWH
HOHVFiQGDORGHPXFKRVTXHHO3HU~HVXQ
SXHEOR GH LQGLRV \ TXH HVD FRQVLGHUDFLyQ
KD LQIOXLGR HQ HO iQLPR GHO SUHVLGHQWH
&DUHWDV
&DSLWXORLQGG
/XLV9DOFiUFHO
'HXQFDERDRWURGHOWHUULWRULRHUL]DGR
HVWi HO PDSD GH WRSRQLPLDV NHVZDV
D\PDUDV PRFKLNDV SXNLQDV &LXGDGHV
DOGHDVYHQWRUURVKDFLHQGDVKHUHGDGHV
VLPSOHVSDUFHODVPRQWDxDVUtRVYDOOHV
ODJXQDVWRGRHVWiEDXWL]DGRSRUOD5D]D
(Q YDQR HO HVIXHU]R GH OODPDU *UDX D
&RWDEDPEDV R (VSLQDU D ORV GLVWULWRV
DOWRV GH .DQDV R 0HOJDU D $\DYLUL (Q
YDQR VXDYL]DU OD UXGD IRQpWLFD GH ORV
iVSHURV DSHOOLGRV R DEVXUGR GHVFDVWD
PLHQWRWUDGXFLUORVDOJXQDVYHFHVDOHVSD
xRO/RV.LVSHV\ORV:DPDQORV.RQGRUL
\ ORV &KDQJDQDNL ORV &KHNDV \ ORV
&KRNHZDQND HVWiQ GHQXQFLDQGR OD YHU
GDG LQPDUFHVLEOH HO 3HU~ HV LQGLR \ OR
VHUi PLHQWUDV KD\D FXDWUR PLOORQHV GH
KRPEUHV TXH DVt OR VLHQWDQ \ PLHQWUDV
KD\D XQD EUL]QD GH DPELHQWH DQGLQR
VDWXUDGRGHODVOH\HQGDVGHFLHQVLJORV
(O3HU~HVLQGLR
(O+RPEUH%ODQFRHQEXHQDFXHQWDQR
KDVXVWLWXLGRDOLQGtJHQDVLQRDXQDFODVH
VRFLDOLQNDLFD$ORVTXHPDQGDEDQDORV
TXH GRPLQDEDQ (O 0RQDUFD (VSDxRO
KHUHGyDO0RQDUFD,QGLROHVXFHGLyHQHO
GHUHFKRGHJREHUQDU\HQHOGHODSURSLH
GDGGHODVWLHUUDVGHO,QND/D,JOHVLDVH
DSRGHUyGHODVWLHUUDVGHOVRO'HPXFKDV
WLHUUDVS~EOLFDV\SULYDGDVVDOLyHOUHSDU
WLPLHQWR $O FXUDFD UHHPSOD]y HO HQFR
PHQGHURHOWHUUDWHQLHQWHHOJDPRQDO(O
+RPEUH %ODQFR VXVWLWX\y SXHV D ORV
LQNDVHVGHFLUDODQREOH]DGHOLPSHULR
(OSXHEORVLJXLyVLHQGRQHWDPHQWHDPH
ULFDQR
(O+RPEUH%ODQFRFRQVWUX\yOD&LXGDG
DODHVSDxRODXQDVYHFHVVREUHODVUXLQDV
GH OD XUEH LQNDLFD FRPR HO &X]FR RWUDV
YHFHV QR OD FLXGDG VDOLy GH OD QDGD DXQ
TXHODPDQRGHREUDIXHUDVLHPSUHLQGLD
/LPD$UHTXLSD7UXMLOOR3LXUDIXHURQVXU
JLHQGR SRU PDQGDWR GHO HVSDxRO GRPLQD
GRUSHURSRUHVIXHU]RGHOUHJQtFROD
0DVHO3HU~HVHQFLDOHO3HU~LQYDULD
EOH QR IXH QL SXGR VHU QXQFD VLQR LQGLR
&DUHWDV
8ULHO*DUFtD
3URFHVRGHOQHRLQGLDQLVPR
(OQXHYRLQGLR/LPD(GLWRULDO
8QLYHUVR([WUDFWR
VHOHFFLRQDGRSiJV
(OQXHYR
LQGLR
8ULHO*DUFtD
&XVFR/LPD
1DWXUDOGHO&XVFRKLVWRULDGRUHWQyORJR
FDWHGUiWLFR\VHQDGRUGHOD5HS~EOLFD
)XHXQRGHORVLQGLJHQLVWDVPiV
FRQQRWDGRVGHVXWLHPSR
&DUHWDV
&DSLWXORLQGG
6LQHPEDUJRODUHDOLGDGHVRWUD
0iV TXH XQ DFRQWHFLPLHQWR SROtWLFR
HFRQyPLFR TXH HQVDQFKD ORV GRPLQLRV
HVSDxROHV DFUHFLHQWD ORV WHVRURV UHDOHV \
DPSOtD HO HVFHQDULR JHRJUiILFR GRQGH VH
GHVHQYXHOYHXQHSLVRGLRGHVXKLVWRULDR
WRGDYtDPiVTXHHVHFULWHULRWDQHVWUHFKR
TXHFRQVLGHUDODFRQTXLVWDFRPRODUHGHQ
FLyQ GH OD EDUEDULH SRU OD FLYLOL]DFLyQ
GHVGHHOSXQWRGHYLVWDHXURSHRTXHHVOD
SHUVSHFWLYD FRUULHQWH HQ TXH VH FRORFDQ
QXHVWURVFUtWLFRVYLHQHDVHUXQDWUDJH
GLD HVSLULWXDO TXH FRQPXHYH DVt D ORV
LQYDVRUHVFRPRDORVFRQTXLVWDGRVVLQRV
FRORFDPRV HQ XQ SXQWR GH YLVWD HVHQFLDO
PHQWH DPHULFDQR \ PiV FHUWHUR 3RUTXH
GH HVH EUXVFR HQFXHQWUR GH GRV FXOWXUDV
GLDPHWUDOPHQWH RSXHVWDV QXHVWUD KLVWR
ULDVHGHVOL]ySRURWURVUXPERV\DGTXLULy
XQDQXHYDSHUVRQDOLGDG6LQTXHHVWRFRQ
ILUPH OD RSLQLyQ FRQWUDSXHVWD GH TXH HO
FRORQLDMHHVHOLQNDULRVLQHOLQND
/D FRQTXLVWD HV XQD FDWiVWURIH SVLFR
OyJLFD FRPR WRGD WUDJHGLD TXH QXWUH OD
KLVWRULDGHODKXPDQLGDG3DUDHOHVStUL
WX LQGLDQR DXWyFWRQR IXH XQ FDPELR GH
GHUURWHURIDWDOLPSUHYLVWRIRU]RVRWRGR
XQ PRPHQWR GH SUXHED 3HUR GHO PLVPR
PRGR SDUD OD FXOWXUD LQYDVRUD 'HO SHU
FDQFH VDOLy HO LQYDVRU FRQ VX LQWHJULGDG
PRUDOPHUPDGDSRUHOLQIOXMRGHGRVHOH
PHQWRVGHFDSLWDOLPSRUWDQFLDODWLHUUD
\ODWUDGLFLyQDQGLQDVYDORUHVKLVWyULFRV
\DFRQVWLWXLGRVHQVLJORVGHGLiORJRFUHD
GRUGHEHOLJHUDQFLDPXWXD\DODYH]GH
FRUGLDOVLPELRVLV
/DLQGLDQLGDGQRHOLQFDQDWRHVWUHPH
FLGD YLUD VX GHVWLQR SRU RWUDV UXWDV VLQ
GDUVHSRUYHQFLGD+DOODRWUDVLGHDVRIRU
PDVGHH[SUHVLyQHQTXpSURVHJXLUHVDVX
MXYHQLO\SRGHURVDYROXQWDGGHJHQLRDQGL
QR3RUVXSDUWHODYLHMDFLYLOL]DFLyQHVSD
xRODVtQWHVLVGHHOHPHQWRVKHWHURJpQHRV
UHFLEHRWUDLQ\HFFLyQPiVGHODVDYLDYHU
QiFXOD\SLHUGHDOPLVPRWLHPSRVXLQWH
JULGDGKLVWyULFDLQPHUVDHQXQPHGLRTXH
QR HUD HO VX\R VH SURGXFH GH PDQHUD GLV
WLQWDDVXFXOWXUDRULJLQDULDSRUORPHQRV
HQORVDVSHFWRVPiVHOHYDGRV
'HHVHPRGRODFRQTXLVWD\VXYiVWDJR
HO FRORQLDMH VRQ HSLVRGLRV GH XQD VROD
KLVWRULDODQXHVWUDDPHULFDQD\GHXQD
KLVWRULD GH FRQFLHQFLD PiV DFUHFHQWDGD
VRQ WUiQVLWRV GH OD PLVPD YLGD SRU KRUL
]RQWHVPiVYDVWRV\GLVWLQWRVGLYHUVRVVLQ
GXGD D ORV TXH VH KXELHUD FUHDGR SRU VX
SURSLRLPSXOVRHODOPDLQGLDQDDOFRQVHU
YDUVXVLPSOLFLGDGDXWyFWRQD\VXOLEHUWDG
GHDFFLyQ3HURHOFRORQLDMHDSHVDUGHVXV
WLUDQtDV OH GLR PHGLRV GH EXVFDUVH XQD
QXHYD OLEHUWDG TXH OD LED HQFRQWUDQGR
$TXHOHSLVRGLRGHODLQWURPLVLyQHVSDxROD
HV QXHVWUD SURSLD YLGD IUDFDVDGD HQ XQD
GLUHFFLyQRULHQWDGDKDFLDRWUD
1DGD PiV IDOVR HQWRQFHV TXH OODPDU
FXOWXUD HVSDxROD R WRPDU FRPR SURORQ
JDFLyQHVSDxRODDORVWUHVFLHQWRVDxRVGH
GRPLQLRSROtWLFRGH(VSDxDHQ$PpULFD
'yQGH HVWi (VSDxD HQ HO FLFOR QHRLQ
GLDQRRFRORQLDO"(VWiHQHOJRELHUQRHQOD
PHUD DGPLQLVWUDFLyQ SROtWLFD HVWi HQ ORV
YLUUH\HVHQORVFRUUHJLGRUHVHQORVUHFDX
GDGRUHV GH WULEXWRV HQ HVD IDODQJH GH
PDQGRQHV \ QHJRFLDQWHV TXH WRGRV FXP
SOLGRVXPDQGDWRVHYXHOYHQDODPHWUySR
OLFRQODVEROVDVOOHQDV(VSDxDVRQWRGRV
DTXHOORV PDO OODPDGRV LQGLDQRV TXH
SDVDQHOPDUDSDQ\DJXD\ORUHSDVDQFRQ
ORVDUFRQHVOOHQRVGHEDUUDV\OLQJRWHVGH
PHWDOHV SUHFLRVRV H[WUDtGRV SRU ORV PLWD
&DUHWDV
(OQXHYRLQGLR
&DUHWDV
&DSLWXORLQGG
-RVp0DUtD$UJXHGDV
GHVLHUWRFRVWHUR0DVHQODVLHUUDORLQGLD
QRSURVLJXLyVXGHVWLQRSRUTXHGHVSXpVGH
OD FRQPRFLyQ YLROHQWD GH OD FRQTXLVWD HO
ULWPRKLVWyULFRYROYLyDWRPDUVXGLDSDVyQ
PiVDFHOHUDGRRPiVOHQWRSHURGHWRGRV
PRGRV EDMR XQ QXHYR FRPSiV /R PLVPR
SRGUiGHFLUVHVREUHHOOLULVPRLQFDQLVWDGH
FUHHUTXHHODOPDLQFDLFDVHJXtDPDQGDQGR
GHQWURGHXQPXQGRTXH\DQRHUDHOVX\R
$VtODKLVWRULDGHODFRQTXLVWD\GHWRGD
OD pSRFD FRORQLDO QR SXHGH VHU WRPDGD
FRPRXQFDStWXORRIUDJPHQWRGHODKLVWRULD
\GHODYLGDHVSDxRODVKLVWRULDLQYROXFUD
GDFRPRHQXQSDUpQWHVLVTXHDEDUFDWUHV
VLJORVHOWLHPSRTXHGXUyODFRORQLDHQWUH
ODKLVWRULDLQFDLFD\ODUHSXEOLFDQDQLFRPR
XQD SURVHFXFLyQ GHO LQFDQDWR (O FLFOR
QHRLQGLRHVWDQQXHVWURFRPRORLQFDLFRROR
UHSXEOLFDQR SRUTXH DO PHQRV GHQWUR GH
QXHVWURV KRUL]RQWHV HO DOPD LQGLDQD \ HO
WHPSOHGHORV$QGHVORYLJRUL]D\OHGDSHU
VRQDOLGDG ,QGLRV \ FRQTXLVWDGRUHV TXH
LQJUHVDQDHVHQXHYRSDQRUDPDDPHULFDQR
WUDQVIRUPDGR FUHDQ XQD FXOWXUD SDUDOHOD
PHQWH PRGLILFDGD (O QXHYR WLSR KXPDQR
TXHVHYDIRUPDQGRFUHDXQQXHYRWLSRGH
FXOWXUD(VDFXOWXUDWLHQHXQULWPRLQGLD
QRHQXQDV]RQDVPiVDFHQWXDGDVTXHHQ
RWUDVHVFLHUWR(VXQDRQGXODFLyQWUDQVL
WRULD GRQGH OD OtQHD TXH GHFDH UHSUHVHQWD
HOPD\RULQIOXMRKLVSiQLFR\ODFRQVLJXLHQ
WH GLVPLQXFLyQ GHO YLJRU YHUQiFXOR SXHV
WUHVVLJORVGHOQXHYRUpJLPHQIXHURQQDGD
SDUDXQDIXVLyQPiVXQLIRUPH8VDQGRGHO
WHFQLFLVPR GH OD KHUHQFLD PHQGHOLDQD
GLUtDVH TXH XQDV YHFHV HV GRPLQDQWH OR
LQGLDQR\UHFHVLYRORHVSDxRORWUDVDOFRQ
WUDULR /D OtQHD DVFHQGHQWH GH DTXHOOD
RQGXODFLyQ FRUUHVSRQGH D QXHVWUD VLHUUD
VLWXDQGRHOSUREOHPDVyORGHQWURGHQXHV
WUDVIURQWHUDVKLVWyULFDV
FHSWRFRQUHJRFLMRHOSUHPLR,QFD
*DUFLODVR GH OD 9HJD SRUTXH
VLHQWRTXHUHSUHVHQWDHOUHFRQRFL
PLHQWRDXQDREUDTXHSUHWHQGLy
GLIXQGLU\FRQWDJLDUHQHOHVStULWX
GHORVOHFWRUHVHODUWHGHXQLQGL
YLGXRTXHFKXDPRGHUQRTXHJUD
FLDV D OD FRQFLHQFLD TXH WHQtD GHO
YDORUGHVXFXOWXUDSXGRDPSOLDU
OD \ HQULTXHFHUOD FRQ HO FRQRFL
PLHQWR OD DVLPLODFLyQ GHO DUWH
FUHDGR SRU RWURV SXHEORV TXH GLVSXVLHURQ GH
PHGLRVPiVYDVWRVSDUDH[SUHVDUVH
1RVR\XQLQGLRDFXOWXUDGR(Q2EUDV
FRPSOHWDV7RPR9/LPD(GLWRULDO
+RUL]RQWH([WUDFWRVHOHFFLRQDGR
SiJV
1RVR\XQLQGLR
DFXOWXUDGR
-RVp0DUtD$UJXHGDV
$QGDKXD\ODV/LPD
(VFULWRUDQGDKXD\OLQR)XHGLUHFWRUGHOD
&DVDGHOD&XOWXUD(VHOPD\RUQDUUDGRU
FRQWHPSRUiQHRGHOPXQGRDQGLQR(Q
VXVREUDVH[DOWDODWUDGLFLyQDQGLQD\OD
UHLYLQGLFDFLyQKLVWyULFDGHOLQGLR
(QULTXH0D\HU
1RVR\XQLQGLRDFXOWXUDGR
SHUWXUEDGRUVLQRIXHJRTXHLPSXOVD
&RQWDJLDGRSDUDVLHPSUHGHORVFDQWRV\ORV
PLWRV OOHYDGR SRU OD IRUWXQD KDVWD OD
8QLYHUVLGDGGH6DQ0DUFRVKDEODQGRSRUYLGD
HO TXHFKXD ELHQ LQFRUSRUDGR DO PXQGR GH ORV
FHUFDGRUHV YLVLWDQWH IHOL] GH JUDQGHV FLXGDGHV
H[WUDQMHUDVLQWHQWpFRQYHUWLUHQOHQJXDMHHVFULWR
ORTXHHUDFRPRLQGLYLGXRXQYtQFXORYLYRIXHUWH
FDSD]GHXQLYHUVDOL]DUVHGHODJUDQQDFLyQFHU
FDGD\ODSDUWHJHQHURVDKXPDQDGHORVRSUHVR
UHV(OYtQFXORSRGtDXQLYHUVDOL]DUVHH[WHQGHUVH
VH PRVWUDED XQ HMHPSOR FRQFUHWR DFWXDQWH (O
FHUFRSRGtD\GHEtDVHUGHVWUXLGRHOFDXGDOGHODV
GRVQDFLRQHVVHSRGtD\GHEtDXQLU<HOFDPLQR
QR WHQtD SRU TXp VHU QL HUD SRVLEOH TXH IXHUD
~QLFDPHQWHHOTXHVHH[LJtDFRQLPSHULRGHYHQ
FHGRUHVH[SROLDGRUHVRVHDTXHODQDFLyQYHQFLGD
UHQXQFLH D VX DOPD DXQTXH QR VHD VLQR HQ OD
DSDULHQFLDIRUPDOPHQWH\WRPHODGHORVYHQFH
GRUHV HV GHFLU TXH VH DFXOWXUH <R QR VR\ XQ
DFXOWXUDGR \R VR\ XQ SHUXDQR TXH RUJXOORVD
PHQWHFRPRXQGHPRQLRIHOL]KDEODHQFULVWLDQR
\ HQ LQGLR HQ HVSDxRO \ HQ TXHFKXD 'HVHDED
FRQYHUWLUHVDUHDOLGDGHQOHQJXDMHDUWtVWLFR\WDO
SDUHFHVHJ~QFLHUWRFRQVHQVRPiVRPHQRVJHQH
UDOTXHORKHFRQVHJXLGR3RUHVRUHFLERHOSUHPLR
,QFD*DUFLODVRGHOD9HJDFRQUHJRFLMR
3HURHVWHGLVFXUVRQRHVWDUtDFRPSOHWRVLQR
H[SOLFDUDTXHHOLGHDOTXHLQWHQWpUHDOL]DU\TXH
WDOSDUHFHTXHDOFDQFpKDVWDGRQGHHVSRVLEOH
QRORKDEUtDORJUDGRVLQRIXHUDSRUGRVSULQFL
SLRVTXHDOHQWDURQPLWUDEDMRGHVGHHOFRPLHQ
]R(QODSULPHUDMXYHQWXGHVWDEDFDUJDGRGH
XQD JUDQ UHEHOGtD \ GH XQD JUDQ LPSDFLHQFLD
SRUOXFKDUSRUKDFHUDOJR/DVGRVQDFLRQHVGH
ODVTXHSURYHQtDHVWDEDQHQFRQIOLFWRHOXQLYHU
VRVHPHPRVWUDEDHQFUHVSDGRGHFRQIXVLyQGH
SURPHVDV GH EHOOH]D PiV TXH GHVOXPEUDQWH
H[LJHQWH)XHOH\HQGRD0DULiWHJXL\GHVSXpVD
/HQLQTXHHQFRQWUpXQRUGHQSHUPDQHQWHHQODV
FRVDVODWHRUtDVRFLDOLVWDQRVyORGLRXQFDXFHD
&DUHWDV
&DSLWXORLQGG
WRGRHOSRUYHQLUVLQRDORTXHKDEtDHQPtGH
HQHUJtDOHGLRXQGHVWLQR\ORFDUJyD~QPiVGH
IXHU]D SRU HO PLVPR KHFKR GH HQFDX]DUOR
+DVWD GyQGH HQWHQGt HO VRFLDOLVPR" 1R OR Vp
ELHQ3HURQRPDWyHQPtORPiJLFR1RSUHWHQGt
MDPiVVHUXQSROtWLFRQLPHFUHtFRQDSWLWXGHV
SDUDSUDFWLFDUODGLVFLSOLQDGHXQSDUWLGRSHUR
IXHODLGHRORJtDVRFLDOLVWD\HOHVWDUFHUFDGHORV
PRYLPLHQWRV VRFLDOLVWDV OR TXH GLR GLUHFFLyQ \
SHUPDQHQFLDXQFODURGHVWLQRDODHQHUJtDTXH
VHQWtGHVHQFDGHQDUVHGXUDQWHODMXYHQWXG
(ORWURSULQFLSLRIXHHOGHFRQVLGHUDUVLHPSUH
HO3HU~FRPRXQDIXHQWHLQILQLWDSDUDODFUHD
FLyQ3HUIHFFLRQDUORVPHGLRVGHHQWHQGHUHVWH
SDtVLQILQLWRPHGLDQWHHOFRQRFLPLHQWRGHWRGR
FXDQWRVHGHVFXEUHHQRWURVPXQGRV1RQRKD\
SDtV PiV GLYHUVR PiV P~OWLSOH HQ YDULHGDG
WHUUHQD\KXPDQDWRGRVORVJUDGRVGHFDORU\
FRORUGHDPRU\RGLRGHXUGLPEUHV\VXWLOH]DV
GH VtPERORV XWLOL]DGRV H LQVSLUDGRUHV 1R SRU
JXVWR FRPR GLUtD OD JHQWH OODPDGD FRP~Q VH
IRUPDURQ DTXt 3DFKDFiPDF \ 3DFKDF~WHF
+XDPiQ 3RPD &LH]D \ HO ,QFD *DUFLODVR
7~SDF$PDUX\9DOOHMR0DULiWHJXL\(JXUHQ
OD ILHVWD GH 4R\OOXU 5LWL \ OD GHO 6HxRU GH ORV
0LODJURVORV\XQJDVGHODFRVWD\GHODVLHUUD
ODDJULFXOWXUDDPHWURVSDWRVTXHKDEODQ
HQODJRVGHDOWXUDGRQGHWRGRVORVLQVHFWRVGH
(XURSD VH DKRJDUtDQ SLFDIORUHV TXH OOHJDQ
KDVWD HO VRO SDUD EHEHUOH VX IXHJR \ OODPHDU
VREUHODVIORUHVGHOPXQGR,PLWDUGHVGHDTXtD
DOJXLHQUHVXOWDDOJRHVFDQGDORVR(QWpFQLFDQRV
VXSHUDUiQ\GRPLQDUiQQRVDEHPRVKDVWDTXp
WLHPSRVSHURHQDUWHSRGHPRV\DREOLJDUORVD
TXHDSUHQGDQGHQRVRWURV\ORSRGHPRVKDFHU
LQFOXVRVLQPRYHUQRVGHDTXtPLVPR2MDOiQR
KD\D KDELGR PXFKR GH VREHUELD HQ OR TXH KH
WHQLGR TXH KDEODU OHV DJUDGH]FR \ OHV UXHJR
GLVSHQVDUPH
3DODEUDV GH -RVp 0DUtD $UJXHGDV HQ HO DFWR GH HQWUHJD GHO
SUHPLR,QFD*DUFLODVRGHOD9HJD/LPD2FWXEUH
/DVUHJODVGHOMXHJRHQOD
UHFLSURFLGDGDQGLQD(Q5HFLSURFLGDG
HLQWHUFDPELRHQORV$QGHVSHUXDQRV
,(3([WUDFWRVVHOHFFLRQDGRV
SiJV
/DVUHJODVGHOMXHJR
HQODUHFLSURFLGDG
DQGLQD
(QULTXH0D\HU
+XDQFD\R
$QWURSyORJRKXDQFDtQR\DFWXDOPHQWH
SURIHVRUHQOD8QLYHUVLGDGGH<DOH6H
KDHVSHFLDOL]DGRHQORVWHPDVDQGLQRV
(OFRQWHQLGR\ODIRUPDGHORVIOXMRVGH
ELHQHV \ VHUYLFLRV VRQ SURGXFWRV GH XQD
DFWLYLGDG FUHDWLYD PDQWHQLGD D WUDYpV GH
VLJORV SRU ORV PLHPEURV GH HVWDV VRFLHGD
GHV&RQHOFRUUHUGHORVWLHPSRVORVKDEL
WDQWHV DQGLQRV KDQ LGR GHWHUPLQDQGR OR
TXHVHKDGHLQWHUFDPELDUHOPRQWRDSUR
SLDGRHOLQVXILFLHQWH\ODVYDULDQWHVVDWLV
IDFWRULDV
$ OR ODUJR GH OD KLVWRULD VH KDQ YHQLGR
PRGLILFDQGR PHMRUDQGR \ DGDSWDQGR ODV
IRUPDVGHLQWHUFDPELRPiVIDFWLEOHVHOORD
PHGLGDTXHODVSURSLDVQHFHVLGDGHVRDXQ
SUHVLRQHVH[WHUQDVIRU]DURQDORVKDELWDQ
WHVGHOD]RQDDQGLQDDGHIHQGHUUHVWULQJLU
\ GLVPLQXLU OD HVFDOD GH VXV RSHUDFLRQHV
$GHPiVKXERQHFHVLGDGGHDGDSWDU\FRP
SDWLELOL]DUODVQXHYDVLQVWLWXFLRQHVHFRQy
PLFDV LPSXHVWDV SRU ORV FRQTXLVWDGRUHV
HVSDxROHV FRQ ODV DQWLJXDV XVDQ]DV GH
UHFLSURFLGDG \ UHGLVWULEXFLyQ TXH IRUPD
EDQ OD EDVH GH OD RUJDQL]DFLyQ HFRQyPLFD
QDWLYD(OLQWHUFDPELRFRPHUFLDOWXYRTXH
VHU FRPSDWLELOL]DGR FRQ OD RUJDQL]DFLyQ
HFRQyPLFD DQWLJXD QXHYRV SURGXFWRV
UHHPSOD]DURQODVDQWLJXDVSUHIHUHQFLDV\
ODVIRUPDVWUDGLFLRQDOHVGHREWHQHUELHQHV
\VHUYLFLRVWXYLHURQTXHVHUDEDQGRQDGDV\
VXVWLWXLGDVSRURWUDV5HFRQRFHPRVTXHODV
UHODFLRQHVGHUHFLSURFLGDGWLHQHQXQDODUJD
WUD\HFWRULD KLVWyULFD SHUR HQ HVWH HQVD\R
QR HV SRVLEOH GHVFULELU \ GRFXPHQWDU VXV
&DUHWDV
/DVUHJODVGHOMXHJRHQODUHFLSURFLGDGDQGLQD
FDPELRVQRVOLPLWDPRVSRUHOPRPHQWRD
GLVFXWLUODVLWXDFLyQSUHVHQWH
3RGHPRVGLVFHUQLUORVGLIHUHQWHVJUXSRV
TXH FRPSRQHQ XQD VRFLHGDG \ OD PDQHUD
FyPRHVWiQUHODFLRQDGRVHQWUHVtHVWXGLDQ
GR OD IRUPD FDQWLGDG FDOLGDG \ GLUHFFLyQ
GHORVLQWHUFDPELRV
2EMHWRGHODVUHODFLRQHVUHFtSURFDV
(QODVRFLHGDGDQGLQDH[LVWHXQDPDUFD
GD GLIHUHQFLDFLyQ HQWUH HO LQWHUFDPELR GH
VHUYLFLRV SHUVRQDOHV SRU PHGLR GH IRUPDV
UHFtSURFDV\HOFDQMHGHELHQHVUHDOL]DGRV
HQ WUXHTXH R SRU SDJRV PRQHWDULRV (Q
WRGDV ODV VLWXDFLRQHV GH LQWHUFDPELR UHFt
SURFRTXHSXGLPRVREVHUYDUVHHQFRQWUDED
SUHVHQWHODGRQDFLyQGHVHUYLFLRVSHUVRQD
OHV\DVHDHQODIRUPDGHD\XGDHQODFKD
FUDHQODGHSUHSDUDFLyQGHILHVWDV\KDVWD
HQODGHVHUYLFLRVGHWLSRFHUHPRQLDOFRPR
EDLODU HQ DOJXQD ILHVWD (Q JHQHUDO WRGR
VHUYLFLR UHFLELGR KD GH GHYROYHUVH FRQ HO
PLVPRVHUYLFLRSHUVRQDO<HVDVtFRPRVH
FRPSOHWDXQFLFORGHLQWHUFDPELRVUHFtSUR
FRV\ODVSHUVRQDVVHVLHQWHQVDWLVIHFKDV
6LQ HPEDUJR H[LVWHQ FLUFXQVWDQFLDV
FRPRYHUHPRVPiVDGHODQWHHQODVFXD
OHVODUHWULEXFLyQGHXQVHUYLFLRSHUVRQDO
VH SXHGH KDFHU FRQ ELHQHV HVSHFLILFDGRV
SRUFRVWXPEUH\QRQHFHVDULDPHQWHSRU
OD GHYROXFLyQ GHO VHUYLFLR $GHPiV HO
LQWHUFDPELR GH VHUYLFLRV LQYROXFUD WDP
ELpQ XQ IOXMR GH ELHQHV TXH DFRPSDxD D
ODSUHVWDFLyQSHUVRQDOGHOVHUYLFLR3HUR
HVWRV ELHQHV VH GLIHUHQFLDQ FODUDPHQWH
GH DTXHOORV TXH VH HPSOHDQ HQ VLWXDFLR
QHVGHFRPSUDYHQWD
(Q SULPHU OXJDU ORV ELHQHV TXH VH
LQWHUFDPELDQWLHQHQXQYDORUPHQVXUDEOH
&DUHWDV
&DSLWXORLQGG
(QULTXH0D\HU
(QUHVXPHQHVHOH[SHQGLRGHOHVIXHU]R
SHUVRQDODEHQHILFLRGHRWURVHOTXHVHWRPD
HQFXHQWDHQORVLQWHUFDPELRVUHFtSURFRVGH
OD VRFLHGDG DQGLQD 6H UHWULEX\H VyOR
PHGLDQWHODGHYROXFLyQGHOPLVPRHVIXHU]R
SHUVRQDO (Q HVWDV FRQGLFLRQHV KD\ XQ
LQWHUFDPELRVLPpWULFRHTXLYDOHQWH\DPEDV
SDUWHV VH VLHQWHQ VDWLVIHFKDV FRQ HO LQWHU
FDPELR 6L OD GHYROXFLyQ QR VH RWRUJD FRQ
ORV PLVPRV VHUYLFLRV SHUVRQDOHV \ XQD GH
ODVSDUWHVREWLHQHPiVTXHODRWUDHOLQWHU
FDPELR\DQRHVHTXLYDOHQWHVLQRPiVELHQ
DVLPpWULFR &XDQGR HVWR RFXUUH GHEHPRV
EXVFDUORVIDFWRUHVTXHHQWUDQHQFRQVLGH
UDFLyQSDUDFRPSHQVDUODIDOWDGHHTXLYD
OHQFLDWDOHVFRPRORVEHQHILFLRVVXEMHWLYRV
GHDPLVWDG\FRQILDQ]D\ODVFRQVLGHUDFLR
QHVGHGLIHUHQWHVHVWDWXV\SRGHUHQWUHORV
LQWHUFDPELDQWHV
)RUPDVGHLQWHUFDPELRUHFtSURFR
%iVLFDPHQWH KD\ WUHV IRUPDV GH LQWHU
FDPELDUVHUYLFLRV
9ROXQWDG (V XQD REOLJDFLyQ SRU OD
FXDOXQDSHUVRQDD\XGDDRWUDDFDXVDGH
ODUHODFLyQVRFLDOTXHODVXQH/DREOLJDFLyQ
FREUDPD\RULPSRUWDQFLDFXDQGRHVWiDVR
FLDGDFRQHOSDUHQWHVFR6HVLUYHDGHWHUPL
QDGRVSDULHQWHVHQRFDVLRQHVHVSHFLILFDGDV
SRU OD FRVWXPEUH FRPR ODV UHIHUHQWHV D
OD FHOHEUDFLyQ GH XQ DFRQWHFLPLHQWR HQ OD
YLGDGHOSDULHQWHHOFRUWDSHORGHXQQLxR
HOWHFKDPLHQWRGHXQDFDVDSDUDXQDSDUH
MDUHFLpQFDVDGDORVIXQHUDOHVGHXQIDPL
OLDUHWF6HUHWULEX\HHVWDDWHQFLyQFXDQGR
ODRWUDIDPLOLDDVXYH]FHOHEUDFHUHPRQLD
VLPLODU/DFRPLGDRIUHFLGDSRUODIDPLOLD
TXHUHFLEHORVVHUYLFLRVHVOODPDGDSRUORV
WDQJRULQRVFXPSOLPLHQWR8QLQIRUPDQWH
H[SOLFy TXH QR VH SXHGH UHFKD]DU VHUYL
FLRV RIUHFLGRV GH YROXQWDG FRPR WDPSRFR
VHSXHGHREOLJDUDSHUVRQDVDSUHVWDUORVVL
HOORVQRTXLHUHQ
:DMHZDMH (V XQ LQWHUFDPELR UHFt
SURFR HQ HO FXDO VH SUHVWD XQ VHUYLFLR D
FDPELRGHRWURLJXDOHQRSRUWXQLGDGIXWX
UD(VWDIRUPDDEDUFDGHVGHHOLQWHUFDPELR
GHWUDEDMRDJUtFRODRGHVHUYLFLRVFHUHPR
QLDOHVKDVWDLQVWDQFLDVLQVLJQLILFDQWHVGH
D\XGDPXWXDHQODYLGDFRWLGLDQD$GLIH
UHQFLDGHORVLQWHUFDPELRVGHYROXQWDGORV
GHZDMHZDMHQRHVWiQHVSHFLILFDGRVSRUOD
FRVWXPEUH \ ORV VRFLRV SXHGHQ FRPSURPH
WHUVHDLQWHUFDPELDUORTXHGHVHHQ$GHPiV
PLHQWUDV TXH ORV SDULHQWHV WLHQHQ OD REOL
JDFLyQGHSDUWLFLSDUGHYROXQWDGODVUHOD
FLRQHV GH ZDMHZDMH VRQ RSFLRQDOHV \ VH
UHDOL]DQVyORFXDQGRXQDFWRUSLGHIRUPDO
PHQWHDRWURHQWUDUHQHVHWLSRGHUHODFLyQ
6H SXHGH HVWDEOHFHU UHODFLRQHV GH ZDMH
ZDMH FRQ FXDOTXLHU SHUVRQD \ VH SXHGH
UHFKD]DU HVWD LQYLWDFLyQ VLQ PD\RUHV FRQ
VHFXHQFLDVVRFLDOHV7RGRVOOHYDQFXHQWDGH
ORVZDMHZDMHTXHDGHXGDQDVtFRPRGHORV
TXH VH OHV GHEH SXHGHQ SHGLU VX GHYROX
FLyQFXDQGRQHFHVLWHQGHOVHUYLFLR(OSDJR
GH XQ ZDMHZDMH HV XQD REOLJDFLyQ VHULD
TXHSHUPLWHODSHUSHWXDFLyQGHODUHODFLyQ
VRFLDOHQWUHDPEDVSDUWHV
0LQND 6H GLIHUHQFLD GHO ZDMHZDMH HQ
TXH QR VH GHYXHOYH HO VHUYLFLR HQ OD PLVPD
IRUPD FRPR VH UHFLELy $ FDPELR VH RWRUJD
FLHUWD FDQWLGDG GH ELHQHV OODPDGRV GHUH
FKRV SRU ORV WDQJRULQRV (VWD FDQWLGDG GH
ELHQHVHVWiELHQHVSHFLILFDGDSDUDFDGDRFD
VLyQ \ VLHPSUH LQFOX\H XQD FRPLGD SDUD HO
TXHSUHVWyORVVHUYLFLRV(OFLUFXLWRGHLQWHU
FDPELRVWHUPLQDFRQODGRQDFLyQGHORVGHUH
FKRVVLQTXHTXHGHQGHXGDVHQWUHODVSDUWHV
(QJHQHUDOORVVHUYLFLRVSURSRUFLRQDGRV
HQ PLQND VRQ HVSHFLDOL]DGRV WDOHV FRPR
&DUHWDV
(QULTXH0D\HU
/DVUHJODVGHOMXHJRHQODUHFLSURFLGDGDQGLQD
&DUHWDV
&DSLWXORLQGG
(QHOSULPHUFDVRVHDFXGHDOHVSHFLDOLVWD
SRUVXFRQRFLPLHQWRRVHSLGHD\XGDDXQ
DPLJRSRUUD]RQHVGHFRQYHQLHQFLDSXGLHQ
GR HO PLQNDGR YROYHUVH PLQNDGRU (Q HO
VHJXQGR FDVR OD GLUHFFLyQ GH ORV VHUYLFLRV
SUHVWDGRV HV LUUHYHUVLEOH OD SHUVRQD GH
VWDWXVPiVDOWRVLHPSUHHVHOPLQNDGRU(O
IOXMRGHORVVHUYLFLRVSUHVWDGRVHVGHOHVWD
WXVPiVEDMRDOPiVDOWRPLHQWUDVTXHHO
IOXMRGHORVGHUHFKRVHVDODLQYHUVD(Q
JHQHUDOORVVHUYLFLRVVRQGHWUDEDMRPDQXDO
QR HVSHFLDOL]DGR \D TXH OD SHUVRQD GH
HVWDWXV PiV DOWR QR UHDOL]D WDOHV WUDEDMRV
SDUDORVFXDOHVWLHQHDVXVVLUYLHQWHV
&RQ HVWDV VHLV IRUPDV GH LQWHUFDPELR
UHFtSURFRODVIDPLOLDVWDQJRULQDVRUJDQL
]DQXQDH[WHQVDUHGGHUHODFLRQHVVRFLD
OHV TXH XWLOL]DQ SDUD REWHQHU PDQR GH
REUD DGLFLRQDO D ILQ GH FRPSOHWDU VXV
SURSLRV UHFXUVRV GRPpVWLFRV (VWD UHG
LQFOX\HSDULHQWHVYHFLQRVHQHOEDUULR\
IXHUDGHpOFRPXQHURVHQRWUDVFRPXQL
GDGHV SHUVRQDMHV LPSRUWDQWHV HQ ODV
FLXGDGHVSDLVDQRVHQ/LPD\DPLJRVHQ
OD PRQWDxD 0HGLDQWH HVWRV LQWHUFDP
ELRVVHWLHQHDFFHVRDUHFXUVRVKXPDQRV
TXHD\XGDQDOFDPSHVLQRDSURYHHUVHGH
ORVPHGLRVSDUDYLYLU
HOFKDFPHRHVHOOORFURGHSDSDV$QWRQLR
GLVWULEX\H DJXDUGLHQWH FRFD \ FLJDUULOORV
GXUDQWH ORV GHVFDQVRV 2FKR GH ORV KRP
EUHVHVWiQWUDEDMDQGRHQZDMHZDMHPLHQ
WUDV TXH HO SULPR HVWi D\XGDQGR &XDWUR
GHORVZDMHZDMHHUDQZDMHZDMHLQLFLDOHV
$QWRQLR HQ HVH PRPHQWR FRQWUDtD FRQ
FDGDXQRXQDGHXGDGHXQGtDGHWUDEDMR
TXHGHYROYHUtDFXDQGRHOORVDVXYH]WHQ
JDQTXHWUDEDMDUVXVSURSLDVFKDFUDV'RV
GH ORV ZDMHZDMH HUDQ GHYROXFLRQHV TXH
$QWRQLR HVWDED FREUDQGR SRU VX WUDEDMR
UHDOL]DGRSDUDHOORVHQXQDIHFKDDQWHULRU
&XDWUR VHPDQDV GHVSXpV FXDQGR WHUPL
QDPRVODHQFXHVWD$QWRQLRWRGDYtDGHEtD
ORV FXDWUR GtDV GH ZDMHZDMH SHUR DQWH
ULRUPHQWH\DKDEtDD\XGDGRDVXSULPRD
SHVDUGHTXHDPERV$QWRQLR\VXSULPR
LQVLVWtDQ HQ TXH QR OOHYDEDQ OD FXHQWD GH
ORVGtDVGHWUDEDMRPXWXDPHQWHSUHVWDGRV
(VWH HMHPSOR GHPXHVWUD OD GLIHUHQFLD
HQWUHZDMHZDMH\D\XGD
&DStWXOR9,,
6LQHVLR/ySH]
,QWHOHFWXDOHV\SROtWLFRVHQHO
3HU~GHOVLJOR;;(Q
3HQVDPLHQWR3ROtWLFR3HUXDQR
$OEHUWR$GULDQ]pQ
HG/LPD'(6&2
3iJV
O
$XJXVWR6DOD]DU%RQG\
+LVWRULDGHODVLGHDVHQHO3HU~
FRQWHPSRUiQHRHOSURFHVRGHO
SHQVDPLHQWRILORVyILFR/LPD
0RQFORD(GLWRUHV
3iJV
O
-RVp/XLV%XVWDPDQWH\
5LYHUR(OSUREOHPDGHOD
GHPRFUDFLD(Q0HQVDMHDO
3HU~/LPD(GLWRULDO
8QLYHUVLWDULD
3iJV
O
O
)HUQDQGR%HODXQGH/D
FRQTXLVWDGHO3HU~SRUORV
SHUXDQRV/LPD(GLWRULDO
0LQHUYD3iJV
)UDQFLVFR0LUy4XHVDGD
+XPDQLVPR\UHYROXFLyQ
/LPD&DVDGHOD&XOWXUD
3HUXDQD
3iJV
O
*XVWDYR*XWLpUUH]
7HRORJtDGHODOLEHUDFLyQ
/LPD&(3
3iJV
O
O
-XDQ9HODVFR$OYDUDGR
0HQVDMHDOD1DFLyQFRQ
PRWLYRGHODSURPXOJDFLyQGH
OD/H\GH5HIRUPD$JUDULD
GHMXQLRGH(Q
9HODVFRODYR]GHODUHYROX
FLyQ/LPD(GLWRULDO$XVRQLD
3iJV
&DSLWXORLQGG
DGpFDGDGHVLJQLILFyODDSHUWXUDDODV
FRUULHQWHVLGHROyJLFDVSROtWLFDV\
ILORVyILFDVGH(XURSD/XHJRGHOD6HJXQGD
*UDQ*XHUUDHVWRVLJQLILFyODGLIXVLyQ\
FRQVROLGDFLyQGHOSHQVDPLHQWRVRFLDOGHORV
GLYHUVRVJUXSRVGHL]TXLHUGD(QWUH
HOSHQVDPLHQWRFUtWLFRRVRFLDOIXHSUHGRPLQDQWH
/DGHUHFKDKLVSDQLVWDIXHDVRFLDGDSURQWR
FRQODVLGHRORJtDVTXHKDEtDQVLGR
GHUURWDGDVHQ(XURSD\SRUORWDQWRHUDQ
YLVWDVFRPRREVROHWDV/DGHUHFKDOLEHUDOSRURWUDSDUWH
VDOYRHOFDVRH[FHSFLRQDOGH3HGUR%HOWUiQQRFRQWyFRQ
OtGHUHVGHVWDFDGRVTXHODKLFLHUDQSURVSHUDUFRPRFRUULHQWH
GHRSLQLyQ(OIRFRGHLQWHUpVHVWDEDHQODVUHIRUPDV
VRFLDOHVFX\DXUJHQFLDHUDPD\RUOXHJRGHOLQFLSLHQWH
GHVDUUROORLQGXVWULDOGHORVDxRVYHLQWH\HOFUHFLPLHQWRGH
ODVFLXGDGHV/DPDUJLQDFLyQGHMDGHVHUVyORXQSUREOHPD
GHOLQGLR6HFRQYLHUWHHQHOFHQWURGHODSUREOHPiWLFD
QDFLRQDO
-XQWRDOSUREOHPDXUEDQRGHODPDUJLQDOLGDGODVJUDQGHV
SUHJXQWDVVRFLDOHVDFDSDUDQHOLQWHUpV\ODSDVLyQGHORV
LQWHOHFWXDOHV\ORVPRYLPLHQWRVSROtWLFRVPDVLYRV3UHYDOHFtD
ODWHRUtDGHODGHSHQGHQFLD\ODFUtWLFDDODSROtWLFDH[WHULRU
\DODVLQYHUVLRQHVQRUWHDPHULFDQDV/DPDJQLWXGGHOD
LQWHUYHQFLyQHVWDWDOVHFRQYLUWLyHQXQDFXHVWLyQFHQWUDO
(QWRQFHVODSUHVLyQGHORVLQWHOHFWXDOHVGHL]TXLHUGDKDFH
FUHHUFRQILUPH]DTXHODSDODQFDSULQFLSDOGHOSURJUHVRHV
HO(VWDGR
5HQRYDFLyQ
LQWHOHFWXDO
HLGHROyJLFD
6LQHVLR/ySH]
XDQGRFRPLHQ]DXQSURFHVRGHGLIHUHQ
FLDFLyQ HQ OD HVWUXFWXUD VRFLDO LPSXO
VDGRSRUHOGHVDUUROORGHOFDSLWDOLVPR\
GHOPHUFDGRLQWHUQRVHLQLFLDWDPELpQ
ODGLIHUHQFLDFLyQGHORS~EOLFR\ORSUL
YDGR/DSROtWLFDDGTXLHUHXQDVXVWDQFLD
SURSLD(QHVHFRQWH[WRVHLQVWDODODWHQ
VLyQHQWUHORVLQWHOHFWXDOHV\ORVSROtWLFRV
(VDWHQVLyQVHDFHQW~DFXDQGRODUDFLR
QDOLGDG FOiVLFD HQWUD HQ FULVLV DOUHGH
GRU GH ORV (Q RWUDV ODWLWXGHV FRPR
(XURSDODFULVLVGHODUDFLRQDOLGDGFOiVLFD
VHSURGXMRDFRPLHQ]RVGHHVWHVLJOR
,QWHOHFWXDOHV\SROtWLFRVHQHO3HU~GHOVLJOR
;;(Q3HQVDPLHQWRSROtWLFRSHUXDQR
$OEHUWR$GULDQ]pQHG/LPD'(6&2
([WUDFWRVHOHFFLRQDGRSiJV
,QWHOHFWXDOHV\
SROtWLFRVHQHO3HU~
GHOVLJOR;;
6LQHVLR/ySH]
+DFLHQGD6LPLULV
6RFLyORJRGHOD8QLYHUVLGDGGH6DQ
0DUFRV8QRGHORVJUDQGHVLQQRYDGRUHV
GHODVRFLRORJtDSROtWLFDSHUXDQD
$FWXDOPHQWHVHGHGLFDDORVHVWXGLRVGHOD
GHPRFUDFLD\VXSUREOHPiWLFDHQHO3HU~
&DSLWXORLQGG
6LQHVLR/ySH]
,QWHOHFWXDOHV\SROtWLFRVHQHO3HU~GHOVLJOR;;
JHQFLDGHDXWRQRPtDGHODVPDVDVTXHSRV
WXODQXQDUDFLRQDOLGDGSURSLD
/DV PDVDV GHO QR WUDGXFHQ XQD
UDFLRQDOLGDG SURSLD VLQR TXH HQFXHQ
WUDQ VX LGHQWLGDG HQ HO $35$ R HQ HO
3DUWLGR&RPXQLVWDGHVSXpVGHODPXHUWH
GH0DULiWHJXL
/DUDFLRQDOLGDGSROtWLFDGHOUHFRJHOD
UDFLRQDOLGDGGHODVPDVDVSHURODUDFLRQD
OLGDG SURSLD GH ODV PDVDV QR DSDUHFH
HQWRQFHVFRQSURSLHGDGSRUTXHODVPDVDV
QRGHPDQGDQDXWRQRPtDIUHQWHDORVSDUWL
GRVQLIUHQWHDO(VWDGR
(O$35$DEUHXQHVSDFLRDODSUHVHQFLD
GHODVPDVDVHQODHVFHQDHQWUHHO\HO
GHVSXpVORKDUiWDPELpQODL]TXLHUGD
3HURDSDUWLUGHORVDxRVODGHPDQGDGH
ODDXWRQRPtDGHOPRYLPLHQWRVRFLDOIUHQWH
DORVSDUWLGRV\DO(VWDGRVXSRQHHOGHVD
UUROORGHXQDFLHUWDUDFLRQDOLGDGSURSLDDO
H[LJLUVXUHFRQRFLPLHQWRFRPRLQWHUORFXWRU
\FRPRVXMHWRVRFLDO\SROtWLFR/DLQWURGXF
FLyQ GH HVD QXHYD UDFLRQDOLGDG SRSXODU
TXH \D QR VH VLHQWH H[SUHVDGD QL HQ OD
UDFLRQDOLGDGGHORVSROtWLFRVQLHQODUDFLR
QDOLGDG GH ORV LQWHOHFWXDOHV \ TXH TXLHUH
WHQHU VX SURSLD H[SUHVLyQ KD SXHVWR HQ
FXHVWLyQHOPRGHOROLEHUDO\HOWHFQRFUiWLFR
GHODUHODFLyQHQWUHLQWHOHFWXDOHVSROtWLFRV
\PDVDVVLQHVWDEOHFHUXQDQXHYDUHODFLyQ
HQWUHHOORV
,QWHOHFWXDOHVVXVWDQWLYRV\SROtWLFRV
LQVXVWDQFLDOHV
+D\XQSULPHUSHUtRGRTXHYDGH
D TXH \R OODPDUtD GH ORV SROtWLFRV
LQVXVWDQFLDOHV4XpTXLHURGHFLUFRQHVWR"
4XH OD SROtWLFD QR WLHQH VXVWDQFLD SURSLD
TXH QR HV XQ HVSDFLR FRQ UHODWLYD DXWRQR
&DUHWDV
&DSLWXORLQGG
PtDIUHQWHDRWUDVDFWLYLGDGHVPiVVXVWDQ
WLYDVVLQRTXHDSDUHFHFRPRSURORQJDFLyQ
HIHFWLYDGHODSURSLHGDGWHUUDWHQLHQWHGHO
VDEHU \ OD WUDGLFLyQ FULROOD \ GH OD DFWLYL
GDGLQWHOHFWXDO
(QHVWHFDVRORVSROtWLFRVWLHQHQXQDIXQ
FLyQ GH OHJLWLPLGDG PiV TXH GH FRQVWUXF
FLyQ GH QXHYD KHJHPRQtD 6X SDSHO QR HV
FUHDU XQD YROXQWDG FROHFWLYD VLQR OHJLWL
PDUXQRUGHQVRFLDOXQVLVWHPDGHGRPL
QDFLyQVRFLDO
([LVWHHOGHEDWHFOiVLFR'HXVWXD9LOODUiQ
TXHH[SUHVDDWUDYpVGHODVGLVWLQWDVSUR
SXHVWDV GH OD HGXFDFLyQ ODV GLVWLQWDV IRU
PDV GH SODQWHDU HO SUREOHPD GH OD OHJLWL
PDFLyQSRUSDUWHGHORVLQWHOHFWXDOHVGHOD
ROLJDUTXtD 9LOODUiQ SODQWHDED XQD SUR
SXHVWD OLEHUDO GH OHJLWLPDFLyQ PLHQWUDV
'HXVWXDKDFtDXQDSURSXHVWDIHXGDOHQOD
UHODFLyQ HQWUH ORV GLULJHQWHV \ ODV PDVDV
'HXVWXDVRVWHQtDTXHODHGXFDFLyQQRFRQ
VLVWtD HQ HGXFDU D OD FODVH PHGLD \ D OD
PDVDVLQRHQFLQFHODUDODVpOLWHV9LOODUiQ
HQFDPELRSURSRQtDXQDSROtWLFDHGXFDWLYD
UHODWLYDPHQWH GHPRFUiWLFD HQVHxDQ]D
XQLYHUVLWDULD SDUD ODV FODVHV GRPLQDQWHV
PHGLD SDUD ODV FODVHV PHGLDV \ SULPDULD
SDUDODVFODVHVSRSXODUHV3DUDORVLQGtJH
QDVVHVXJHUtDXQDHGXFDFLyQHVSHFLDOTXH
ORVSUHSDUDVHSDUDHOWUDEDMR
(O (VWDGR DSDUHFH FRQ PXFKD IXHU]D
IUHQWHDORVLQWHOHFWXDOHVSRUTXHOHVRIUHFH
HPSOHR HQ XQD VRFLHGDG TXH VH OR QLHJD
0DQXHO9LFHQWH9LOODUiQHQVXIDPRVRGLV
FXUVRGHVREUHODVSURIHVLRQHVOLEHUD
OHV VHxDOD HO URO GHO (VWDGR FRPR JUDQ
HPSOHDGRU GH ORV LQWHOHFWXDOHV TXH DO QR
HQFRQWUDUWUDEDMRHQODVRFLHGDGDSHODQDO
(VWDGR 6H SURGXFH HQWRQFHV XQD FXULRVD
SDUDGRMDODSROtWLFDTXHQRWLHQHXQDVXV
6LQHVLR/ySH]
,QWHOHFWXDOHV\SROtWLFRVHQHO3HU~GHOVLJOR;;
GLVWLQJXLUODHVIHUDGHODDXWRULGDGS~EOLFD
GHODHVIHUDGHODVRFLHGDGFLYLO
WLFD\DODFLHQFLDDORVLQWHOHFWXDOHV\DORV
SROtWLFRV
$35$FRPRGHO3DUWLGR&RPXQLVWDIXHURQ
H[LOLDGRVRHQFDUFHODGRV
(OSURFHVRGHPRGHUQL]DFLyQFDSLWDOLVWD
HOPX\OHQWRGHVDUUROORGHOPHUFDGRLQWHU
QR HO FUHFLPLHQWR WDPELpQ OHQWR GH ODV
FLXGDGHV VHSDUDQ OD HVIHUD GH OR S~EOLFR
GH OR TXH HV OD HVIHUD GH OR SULYDGR (VWR
SURGXFHXQFLHUWRQLYHOGHLQVWLWXFLRQDOL]D
FLyQSROtWLFD6REUHHVDEDVHVHSXHGHGHVD
UUROODUODSROtWLFDFRPRXQDSURIHVLyQ\DQR
VyOR HQ HO (VWDGR FRPR EXURFUDFLD VLQR
WDPELpQHQODVRFLHGDGFRPRFODVHSROtWLFD
6HYLYHGHODSROtWLFD\SDUDODSROtWLFD6H
YLYHSDUDODSROtWLFDHQODPHGLGDHQTXHVH
SXHGHYLYLUGHODSROtWLFD
0DULiWHJXLHQFDPELRHVPiVDELHUWRD
HQWHQGHUXQDVHULHGHHOHPHQWRVGHLUUDFLR
QDOLGDGHQODSROtWLFD,QWURGXFHHOPLWRGH
6RUHO HQ HO PDU[LVPR FRPR XQD IRUPD GH
FRQWURODUODLUUDFLRQDOLGDG\GHSRWHQFLDUOD
UDFLRQDOLGDG $ OR ODUJR GH VXV HVFULWRV \
VREUH WRGR HQ (Q GHIHQVD GHO PDU[LVPR
0DULiWHJXL FRQFLEH XQ PDU[LVPR DELHUWR
TXHHVFDSD]GHUHQRYDUVHGHQWURGHOGRJPD
/DGpELOUHODFLyQHQWUHORVLQWHOHFWXDOHV
\ ORV SROtWLFRV HQ HVWH SHUtRGR REHGHFH DO
FOLPD SROtWLFR HQ HO TXH VH GHVDUUROOD OD
OXFKDSRUHOSRGHU(QODSUiFWLFDODSROtWL
FD HQWUH HO \ HO HV GHILQLGD FRPR
JXHUUD(O$35$SHQVDEDTXHSDUDLPSXO
VDU HO FDPELR KDEtD TXH GHVRUJDQL]DU HO
(MpUFLWR\pVWHSHQVDEDTXHSDUDLPSRQHU
HORUGHQKDEtDTXHDFDEDUFRQHO$35$
&DUHWDV
&DSLWXORLQGG
/DSROtWLFDGHOVLOHQFLR
8QWHUFHUSHUtRGRHVHOPiV
RVFXURGHOGHVDUUROORLQWHOHFWXDO\SROtWLFR
GHO SDtV /DV GLFWDGXUDV QR SHUPLWLHURQ
TXH VH HVWDEOHFLHUD XQD UHODFLyQ IHFXQGD
HQWUHLQWHOHFWXDOHV\SROtWLFRVODUDFLRQDOL
GDGGHO(VWDGRROLJiUTXLFRFHUUyODH[SUH
VLyQDODUDFLRQDOLGDGSROtWLFD\DODUDFLR
QDOLGDGLQWHOHFWXDO\ODVVRPHWLyDOVLOHQFLR
RDOH[LOLRHVDHVSHFLHGHPXHUWHFLYLOTXH
LPSRQHQ ORV WULXQIDGRUHV GH WRGD SROtWLFD
GH FRQIURQWDFLyQ /D PD\RU SDUWH GH ORV
LQWHOHFWXDOHV \ GH ORV SROtWLFRV WDQWR GHO
/DWHQVLyQHQWUHLQWHOHFWXDOHV
\SROtWLFRV
FLRVHSURGXFHSRUORVDxRVVLQRVDWH
QHPRVDODVFRQVLGHUDFLRQHVGHOGHVDUUROOR
GHOPDU[LVPRRFFLGHQWDO
(QHO3HU~HVDWHQVLyQQRVHLQVWDODVLQR
KDVWD ORV DxRV \ HVR REHGHFH D YDULDV
UD]RQHV8QDGHHOODVHVHOGHVDUUROORVLJQL
ILFDWLYRGHOFDPSRLQWHOHFWXDO\GHODVFLHQ
FLDV HQ JHQHUDO /D PRGHUQL]DFLyQ FDSLWD
OLVWD\FXOWXUDOSURGXFHXQDPD\RUHVSHFLD
OL]DFLyQ\XQPD\RUGHVDUUROORGHODVFLHQ
FLDV6LVHREVHUYDHOGHVDUUROORFXOWXUDOGH
ORVDxRVHQDGHODQWHVHSXHGHSHUFLELU
XQD GLIHUHQFLDFLyQ FUHFLHQWH HQ ODV DFWLYL
GDGHVLQWHOHFWXDOHVXQDGLYLVLyQGHOWUDED
MR LQWHOHFWXDO FDGD YH] PiV VLJQLILFDWLYD
)UHQWHDORVLQWHOHFWXDOHVPiVWUDGLFLRQD
OHV FXUDV DERJDGRV PpGLFRV ILOyVRIRV
DSDUHFHQ ODV FDUUHUDV WpFQLFDV UHODWLYD
PHQWH GLYHUVLILFDGDV VH GHVDUUROODQ ODV
FLHQFLDV HVSHFLDOPHQWH ODV FLHQFLDV VRFLD
OHV\DXPHQWDQORVDUWLVWDV\ORVOLWHUDWRV
FRPR SURIHVLRQDOHV \D QR FRPR DILFLRQD
GRV(O$QXDULR%LEOLRJUiILFRTXHSXEOLFD
EDHOGRFWRU7DXURPXHVWUDXQLQFUHPHQWR
FUHFLHQWH GH OD SXEOLFDFLyQ GH REUDV HQ
JHQHUDO SHUR HVSHFLDOPHQWH GH REUDV GH
FLHQFLDVVRFLDOHV\GHGLYHUVDVHVSHFLDOLGD
GHVWpFQLFDV
(QWUH\VHSURGXFHXQDFLHUWD
WHQVLyQHQWUHORVLQWHOHFWXDOHV\ORVSROtWL
FRV/RVLQWHOHFWXDOHVVHTXHGDQHQODXQL
YHUVLGDG\ORVSROtWLFRVHQODFDOOH6XQLYHO
GH FRPXQLFDFLyQ HV GpELO 6XV UROHV VRQ
GLIHUHQWHV \ KDVWD FRQIOLFWLYRV 3RFRV VRQ
ORVSROtWLFRVTXHDOPLVPRWLHPSRVRQLQWH
OHFWXDOHVRYLFHYHUVD
6LQHVLR/ySH]
,QWHOHFWXDOHV\SROtWLFRVHQHO3HU~GHOVLJOR;;
&DUHWDV
&DSLWXORLQGG
GHGXFFLyQQLSURORQJDFLyQGHODFLHQFLD/RV
PLVPRVLQWHOHFWXDOHVFXHVWLRQDQODVH[SOLFD
FLRQHVJOREDOHVQRVRODPHQWHHQHOPDU[LVPR
VLQRHQWRGDVODVFRUULHQWHVWHyULFDVKD\XQD
UHLYLQGLFDFLyQ GH OD VXEMHWLYLGDG \ GH ORV
WHPDVGHODFXOWXUD\KD\XQDYDORUDFLyQGH
ODVHVFHQDV\ORVDFWRUHVQRSROtWLFRV
&UHRTXHODHPHUJHQFLDGHODVPDVDVHQHO
HQGHPDQGDGHDXWRQRPtD\GHSURWDJR
QLVPRSRQHHQFXHVWLyQHOPRGHOROLEHUDO\HO
PRGHORWHFQRFUiWLFRGHODSROtWLFDVLQORJUDU
HVWDEOHFHUVLQHPEDUJRXQDQXHYDUHODFLyQ
SURGXFWLYD\GHPRFUiWLFD&UHRTXHHVRHVXQ
SRFR OD WDUHD GH KR\ FyPR HVWDEOHFHU XQD
UHODFLyQKRUL]RQWDOHQWUHLQWHOHFWXDOHVSROtWL
FRV\PDVDVUHFRQRFLHQGRODHVSHFLILFLGDGGH
FDGDXQRGHHOORV
&RQ OD HPHUJHQFLD GH OD UDFLRQDOLGDG
SRSXODU OD SROtWLFD QR HV XQD DFWLYLGDG
HVSHFLDOL]DGDVLQRXQDDFWLYLGDGGHWRGRV
/DHPHUJHQFLDGHODUDFLRQDOLGDGSRSXODU
VXSRQHQXHYDVFRQFHSFLRQHVGHODSROtWLFD
\GHOSRGHUGHORVVXMHWRVSROtWLFRVGHODV
YDQJXDUGLDV \ VX UHODFLyQ FRQ ODV PDVDV
DVtFRPRXQDUHGHILQLFLyQGHODpWLFD
(OSRGHUQRHVVRODPHQWHXQDIRUPDGH
GRPLQLRVLQRWDPELpQXQDIRUPDGHVHUYL
FLR\VXSRQHTXHHO(VWDGRQRHVVRODPHQWH
XQ DSDUDWR LQVWLWXFLRQDO SDUD GHIHQGHU
LQWHUHVHV QDFLRQDOHV \ UHDOL]DU LQWHUHVHV
JHQHUDOHV VLQR WDPELpQ XQD LQVWLWXFLyQ
SDUDUHVROYHUSUREOHPDVFRQFUHWRV
'HQWURGHHVWDFULVLVGHOHVTXHPDOLEHUDO
\HOHVTXHPDWHFQRFUiWLFRGHODSROtWLFDVH
GHVDUUROODORTXHKR\SRGHPRVOODPDUXQD
FULVLV RUJiQLFD GH ORV SDUWLGRV TXH QR WLH
QHQFDSDFLGDGGHSURSXHVWDSDUDUHVROYHU
ORV SUREOHPDV GHO SDtV \ GH ODV PDVDV OD
FULVLV HFRQyPLFD \ OD YLROHQFLD SROtWLFD
SULQFLSDOPHQWH
/DWHQVLyQHQWUHLQWHOHFWXDOHV\SROtWLFRV
VHGHVDUUROODGHQWURGHODDSHUWXUDSROtWLFD
TXHVHSURGXFHHQ\TXHVHSURORQJD
KDVWD
/DHPHUJHQFLDGHODUDFLRQDOLGDG
SRSXODU
+R\GHVGHORVDxRVDVLVWLPRVDXQ
TXLQWRSHUtRGRDOSHUtRGRGHODHPHUJHQFLD
GHODUDFLRQDOLGDGSRSXODUTXHKDSXHVWR
HQFULVLVORVHVTXHPDVOLEHUDOHV\WHFQRFUi
WLFRVGHODSROtWLFD
<R SLHQVR TXH HVWR REHGHFH VREUH WRGR D
XQDFULVLVGHODUDFLRQDOLGDGFOiVLFD/DUHOD
FLyQ HQWUH OD FLHQFLD \ OD SROtWLFD HQWUD HQ
WHQVLyQODSROtWLFD\DQRVHSLHQVDFRPRPHUD
&DUHWDV
$XJXVWR6DOD]DU%RQG\
+LVWRULDGHODVLGHDVHQHO3HU~
FRQWHPSRUiQHR/LPD0RQFORD(GLWRUHV
([WUDFWRVHOHFFLRQDGRSiJV
+LVWRULDGHODV
LGHDVHQHO3HU~
FRQWHPSRUiQHR
$XJXVWR6DOD]DU%RQG\
/LPD
)LOyVRIR\HGXFDGRUGHOD8QLYHUVLGDG
GH6DQ0DUFRV)XHXQRGHORVJUDQGHV
FUtWLFRVGHODVGHVLJXDOGDGHVVRFLDOHV\
GHODGHSHQGHQFLDH[WHUQDHQHO3HU~
PLVPRFRPRFRPXQLGDGYLYD\QRKDORJUDGR
FRQVWUXLUVXSURSLDKLVWRULD
/D ILORVRItD QR KD SRGLGR PHQRV GH UHIOHMDU
HVWDVLWXDFLyQ/DSUHFDULHGDGHOFDUiFWHULPLWD
WLYRODIDOWDGHVXVWHQWRWUDGLFLRQDOWLHQHQDTXt
VXH[SOLFDFLyQ~OWLPD(QHVWRYDDODSDUFRQOD
OLWHUDWXUDHODUWHODFLHQFLDHVGHFLUFRQWRGDV
ODVPDQLIHVWDFLRQHVGHXQDFXOWXUDVXSHULRUTXH
VyORIORUHFHQHQODWLHUUDGHXQDH[LVWHQFLDQDFLR
QDO LQWHJUDGD 3HUR HO FDVR GH OD ILORVRItD HV
TXL]iPiVDJXGR\QRWRULRSRUTXHHOODHVODFXO
PLQDFLyQGHODH[LVWHQFLDFROHFWLYDHQODUHIOH[LyQ
'HVRULHQWDGD \ VLQ DXWHQWLFLGDG DSULVLRQDGD
SRU HVWUXFWXUDV GH GRPLQDFLyQ OD FRPXQLGDG
QDFLRQDO QR KD SRGLGR KDFHU VXUJLU XQ SHQVD
PLHQWRILORVyILFRRULJLQDO\YLJRURVR1RKDKDEL
GRHVHFRURQDPLHQWRGHODFXOWXUDSRUODPHGLWD
FLyQ XQLYHUVDO TXH HV SURSLR GH ODV VRFLHGDGHV
OLEUHV \ GH ODV FXOWXUDV ELHQ GHVDUUROODGDV \
FRQVHFXHQWHPHQWH KDQ IDOWDGR WDPELpQ WRGRV
DTXHOORV IHQyPHQRV GH DVLPLODFLyQ \ OHYDQWD
PLHQWR GH PRWLYRV YDORUHV \ SUREOHPDV GH
DFFLyQ RULHQWDGRUD GH OD FLPD \ GH UHDFFLyQ
IHFXQGDGHODEDVHFXOWXUDOGHLPSXOVRVHVSRQ
WiQHRV\FRQGXFFLyQUHIOH[LYDTXHGDQVXIXHU]D
\VXVHOORKLVWyULFRVDFDGDHWDSDGHODILORVRItD
4XLHURLQVLVWLUVREUHHVWDWHVLVODIUXVWUDFLyQ
GHOVXMHWRKLVWyULFRHQODYLGDSHUXDQDKDVLGR
HVSHFLDOPHQWH JUDYH SDUD OD ILORVRItD KDVWD
QXHVWURV GtDV /D ILORVRItD QR HV DXWpQWLFD \
IHFXQGDVLQRHQFXDQWRHVUHIOH[LyQGHODUHDOL
GDGHQHOGREOHVHQWLGRGHODSUHSRVLFLyQHVWR
HVFRPRSHQVDPLHQWRHPDQDGRGHOVHUSURSLR\
RULJLQDULR\FRPRWRPDGHFRQFLHQFLDGHHVHVHU
GHVXSURFHVR\VXOXJDUHQHOPXQGR3RUHVR
HOODHVHVHQFLDOPHQWHXQDPHGLWDFLyQFHQWUDGD
HQHOKRPEUH$KRUDELHQXQDH[LVWHQFLDDOLHQD
GDQRSXHGHVXSHUDUODPLVWLILFDFLyQGHODILORVR
ItD XQD FRPXQLGDG GLYLGLGD \ SUHFDULD QR
SXHGHJHQHUDUXQDUHIOH[LyQJHQXLQD\SURGXF
WLYD /D ILORVRItD SHUXDQD QR KD SRGLGR KDVWD
KR\KDEODUDWRGRV\VHURtGDSRUFDGDXQRHQVX
SURSLROHQJXDMHSRUTXHOHKDIDOWDGRODXQLGDG
GHXQDPLVPDHVHQFLDFXOWXUDO\QRKDSRGLGR
UHFLELUGHWRGRVHOLPSXOVRYLJRUL]DGRUGHOSHQ
VDPLHQWRQRKDSRGLGRKDFHUTXHWRGRVFRQYHU
JLHQGR FDGD XQR GHVGH VX SURSLD VLWXDFLyQ \
SHUVSHFWLYDYLWDOODLPSXOVHQ\DOLHQWHQSRUTXH
OD H[LVWHQFLD VRFLDO QDFLRQDO QR KD HQFRQWUDGR
WRGDYtDHOFDPLQRFRP~QGHWRGDVODVH[LVWHQ
FLDVSHUVRQDOHV
6HKDFHFODURDVtTXHORVREVWiFXORVFRQORV
FXDOHVKDWURSH]DGR\WURSLH]DD~QQXHVWUDILOR
VRItDQRSXHGHQDWULEXLUVHDXQDDFWLWXGSHUVR
QDO HTXLYRFDGD GH TXLHQHV KDQ FRQGXFLGR HO
PRYLPLHQWRILORVyILFR(QWHQGHUORGHHVWHPRGR
FRPR VH KD KHFKR DTXt \ HQ RWURV SDtVHV GH
ILVRQRPtDKLVWyULFDVHPHMDQWHDODQXHVWUDHV
FRQIXQGLUODSVLFRORJtDFRQODKLVWRULDGHODFXO
WXUD 3DUD SUREDU TXH pVWH QR HV HO SODQWHR
FRUUHFWREDVWDUtDSRUORGHPiVUHFRUGDUTXHOD
DFWLWXGPiVIUHFXHQWHGHORVSHQVDGRUHVSHUXD
QRVQRKDVLGRODGHODWHRUL]DFLyQSXUDVLQRPiV
ELHQODFRQWUDULDODGHOSHQVDPLHQWRDSOLFDGR
4XH SHVH D HVWD DFWLWXG VX LQWHQWR KD\D VLGR
IDOOLGRHVVLJQLILFDWLYR\SRQHGHPDQLILHVWRTXH
QRVHWUDWDEDGHXQGHIHFWRGHGLVSRVLFLRQHVSVL
FROyJLFDVRHQWRGRFDVRGHODIDOWDGHXQDGHFL
VLyQ SHUVRQDO GH YLQFXODU HO SHQVDPLHQWR \ OD
DFFLyQVLQRTXHHOLPSHGLPHQWREiVLFRVXUJtDGH
ODGLUHFFLyQJHQHUDOGHODFXOWXUD\ODKLVWRULDHQ
TXHWRGRVHOORVHVWDEDQLQPHUVRV
+DEUiTXLHQHVVHVRUSUHQGDQGHORTXHGLJR\
SLHQVHQTXHPLVH[SUHVLRQHVGHVFRQRFHQODHVHQ
FLDXQLYHUVDOGHODILORVRItD2OYLGDQTXHHVDHVHQ
FLDQRHVQDGDPiVTXHXQDSDODEUDYDFtDVLQR
VHUHDOL]DHQODKLVWRULD\DTXHVHQHJDUtDFRPR
XQLYHUVDOLGDG DO QR VHU FDSD] GH LQFRUSRUDU ORV
SURGXFWRVGHODYLGDHQWRGDVVXVIRUPDVFRPHQ
]DQGRSRUODVGHODKLVWRULDLQPHGLDWD2OYLGDQ
DGHPiVTXHODILORVRItDODKDFHHOKRPEUHHQVX
KLVWRULD\HQHOODUHVSRQGHHOVHUSHUVRQDO\VRFLDO
&DUHWDV
&DSLWXORLQGG
&DUHWDV
+LVWRULDGHODVLGHDVHQHO3HU~FRQWHPSRUiQHR
&DUHWDV
&DSLWXORLQGG
-RVp/XLV%XVWDPDQWH\5LYHUR
FRQFLHQFLDGHFtD+HJHOHVODHODVWLFLGDGDEVROX
WD/DSpUGLGDGHOVHUHVHQHOOtPLWHHOFRPLHQ]R
GH OD UHFXSHUDFLyQ FDEDO GHO PLVPR 1XHVWUD
PDQHUDGHVHUDXWpQWLFDGHEHVXUJLUGHOUHFRQRFL
PLHQWRGHODFDUHQFLDTXHVRPRVGHODOLPLWDFLyQ
\SUHFDULHGDGTXHQRVGHILQH'HEHPRVVHUYHUGD
GHURVHQQXHVWUDQHJDFLyQ\DTXHDSHQDVSRGH
PRVVHUORHQQXHVWUDDILUPDFLyQ'HXQDUHIOH[LyQ
TXHVHKDFHDVtUHDOLVWDSRUGHIHFWRKDGHVXUJLU
HOFRQWHQLGRPiVIHFXQGRGHODILORVRItDHVGHFLU
ODIHFXQGLGDGGHODILORVRItDSDUDODYLGD
+DEODQGR GH OD HGXFDFLyQ SHUXDQD TXH HV
RWURDVSHFWRGHOPLVPRJUDQSUREOHPDKHHVFUL
WRXQDYH]TXHVXVIUDFDVRV\VXGHVRULHQWDFLyQ
HUDQUHIOHMRGHODVLWXDFLyQUHDOGHQXHVWUDVRFLH
GDG TXH HO HVWDGR FUtWLFR HQ TXH SHUPDQHQWH
PHQWHVHHQFXHQWUDQRSXHGHFDQFHODUVHVLQOD
UHVROXFLyQGHODVJUDQGHVFXHVWLRQHVQDFLRQDOHV
\TXHSRUWDQWRKD\TXHFRQVWUXLUODHGXFDFLyQGH
DFXHUGRDODFULVLVQDFLRQDO'LMHHQWRQFHVTXHHQ
OXJDUGHKDEODUFRPRWDQWDVYHFHVVHKDKHFKR
GHODFULVLVGHODHGXFDFLyQGHEHUtDPRVFRPHQ
]DU D KDEODU GH OD HGXFDFLyQ GH OD FULVLV $OJR
VHPHMDQWHHVYiOLGRSDUDODILORVRItD\QLSRUD]DU
KDELGDFXHQWDGHODHVWUHFKDUHODFLyQTXHH[LVWH
HQWUHILORVRItD\HGXFDFLyQ+D\XQPDOHVWDUXQD
IUXVWUDFLyQXQDLPSURGXFWLYLGDGGHODILORVRItD
HQHO3HU~GHVGHHOFRPLHQ]R6HHVWiWHQWDGRGH
KDEODUGHODFULVLVGHODILORVRItD\GHEXVFDUVROX
FLRQDUODVLQDWHQGHUDVXVFDXVDVIXQGDPHQWD
OHV&DPELDQGRGHDFWLWXG\DWHQGLHQGRDHVDV
FDXVDVGHEHPRVFRPHQ]DUDKDEODUGHODILORVR
ItD GH OD FULVLV GH DTXHOOD TXH FRUUHVSRQGH D
QXHVWUDVLWXDFLyQODTXHQHFHVLWDPRVFRQVWUXLU
FRPRIDFWRUSURPRWRUGHXQDQXHYDFXOWXUDHQ
FRQMXQFLyQFRQORVRWURVIDFWRUHVHVHQFLDOHVTXH
KDQGHSRQHUVHWDPELpQHQREUD&RQHOORGDUH
PRVSDVRDODDXWHQWLFLGDGGHODUHIOH[LyQ\GHOD
DFFLyQTXHHVODYRFDFLyQSHUHQQHGHOILORVRIDU
6HKDQLQFRUSRUDGRODVDQRWDFLRQHVDPDQRGHODXWRUDOWH[WR
SXEOLFDGR*HQWLOH]DGHODVHxRUD+HOHQ2UYLJGH6DOD]DU
(OSUREOHPDGHODGHPRFUDFLD
(Q0HQVDMHDO3HU~/LPD(GLWRULDO
8QLYHUVLWDULD([WUDFWR
VHOHFFLRQDGRSiJV
(OSUREOHPDGHOD
GHPRFUDFLD
-RVp/XLV
%XVWDPDQWH\5LYHUR
$UHTXLSD/LPD
*UDQGHPyFUDWD\MXULVWDSHUXDQR
3UHVLGHQWH&RQVWLWXFLRQDOGHOD5HS~EOLFD
HQ(VUHFRQRFLGRSRUVXGHIHQ
VDDODWHVLVGHODVPLOODVPDUtWLPDV
(OSUREOHPDGHODGHPRFUDFLD
4XHUUiHVWRGHFLUTXHHQWDOHVVLWXDFLR
QHV KDEUi GH UHQXQFLDUVH D DSHODU D OD
GHPRFUDFLDFRPRIRUPDGHJRELHUQR\VHUi
SUHFLVR LQVWDXUDU DOJ~Q RWUR UpJLPHQ GH
WXWHOD SDWULDUFDO R GLQiVWLFR" 1R QHFHVD
ULDPHQWH\SRUHVRGLMHTXHHQHOFDVRGHO
3HU~ORVFRQFHSWRVGHPRFUiWLFRVHVHQFLDOHV
VHURPSHQVyORHQDSDULHQFLD
3RUTXHDPLMXLFLR\pVWDHVXQDLQWHU
SUHWDFLyQ TXH MDPiV VH KDQ FXLGDGR GH
GHVFXEULUPLVFRPSDWULRWDVIXQFLRQDHQ
FDVRV FRPR pVWH XQ SULQFLSLR VXSHULRU GH
VROLGDULGDGQDFLRQDO\SRUFX\RPpULWRORV
HOHFWRUHVSHUXDQRVTXHYDQDODViQIRUDVD
GHSRVLWDUVXYRWRORKDFHQQRVyORDWtWXOR
SHUVRQDO VLQR FRPR SHUVRQHURV QDWRV GH
WRGD HVD RWUD PDVD LOHWUDGD GH KRPEUHV
DGXOWRVTXHWLHQHQVREUHVtWRGRVORVDWUL
EXWRV \ ODV FDUJDV GHO FLXGDGDQR TXH
SRVHHQSURSLHGDGHVRWUDEDMDQTXHSDJDQ
LPSXHVWRVTXHVRVWLHQHQXQDIDPLOLDTXH
KDFHQHOVHUYLFLRPLOLWDUTXHVREUHOOHYDQ
UHVSRQVDELOLGDGHV\VRQSDVLEOHVGHFDVWL
JRVLPSXHVWRVSRUORVFyGLJRVTXHLQFOXVR
VRQ FDSDFHV HQ OD PD\RU SDUWH GH ORV
FDVRVGHLQWXLUORTXHOHVFRQYLHQH\GH
SHUFLELU HQ TXp FODVH GH KRPEUHV SXHGHQ
SRQHUVXFRQILDQ]DSHURFX\RDQDOIDEHWLV
PR OHV SULYD SRU SUHFHSWR FRQVWLWXFLRQDO
GHO GHUHFKR GH HOHJLU \ GH VHU HOHJLGRV
SHVHDTXHFRQVWLWX\HQSDUWHLQWHJUDQWHH
LQVHSDUDEOHGHODQDFLyQ<HVWDLQWHUSUH
WDFLyQ TXH PH SDUHFH LQREMHWDEOH WUDH
FRQVLJRXQFRURODULRLPSRUWDQWtVLPR
(QFXDQWRUHSUHVHQWDQWHVGHVXVFRPSD
WULRWDVDIHFWDGRVSRUHVDFDSLWLVGLPLQXWLR
ORVFLXGDGDQRVHOHFWRUHVHVWiQPRUDO\MXUt
GLFDPHQWH REOLJDGRV D WUDGXFLU HQ HO DFWR
GHOVXIUDJLRHOUHFODPRGHODVQHFHVLGDGHV
\ OD YR] GH ODV DVSLUDFLRQHV GH VXV UHSUH
VHQWDGRVRSXSLORVTXHIRUPDQPD\RUtDHQ
&DUHWDV
&DSLWXORLQGG
-RVp/XLV%XVWDPDQWH\5LYHUR
HOSDtV\DYRWDUHQIDYRUGHSHUVRQDVTXH
GHVGH HO JRELHUQR R HO SDUODPHQWR VHSDQ
YHODU SRU ORV LQWHUHVHV \ OD VLJQLILFDFLyQ
KXPDQD GH HVWRV ~OWLPRV 'HQWUR GH WDO
FRQFHSFLyQ OD UHVSRQVDELOLGDG FtYLFD GHO
HOHFWRU VH DJUDQGD VXV DFWRV DUUDVWUDQ
FRQVLJR OD VXHUWH GH RWURV KRPEUHV \ VH
UDGLFDHQpOXQDHVSHFLHGHWXWHODJUDQGLR
VDHQODFXDOHVWiHQEXHQDFXHQWDFLIUDGR
HOGHVWLQRXQLWDULRRHFXPpQLFRGHODQDFLR
QDOLGDG+HDTXtKHFKDODVtQWHVLVGHQXHV
WUD SHFXOLDU HVWUXFWXUD GHPRFUiWLFD PiV
DYDQ]DGD VL VH TXLHUH HQ HVWH UHVSHFWR
TXH OD GH ORV SDtVHV GRQGH SRU QR H[LVWLU
JHQWHLOHWUDGDQLSUREOHPDUDFLDOHOYRWRHV
VLPSOH\~QLFDPHQWHXQDH[SUHVLyQLQGLYL
GXDOGHYROXQWDG<KHDTXtWDPELpQMXVWL
ILFDGDODRULHQWDFLyQVRFLDOL]DQWHTXHDQWHV
KH VXJHULGR FRPR OD ~QLFD SRVLEOH \ MXVWD
SDUD QXHVWUD RUJDQL]DFLyQ HVWDWDO 6yOR D
EDVH GH XQD DPSOLD VRFLDOL]DFLyQ GHO
'HUHFKRORVEHQHILFLRVGHOD$GPLQLVWUDFLyQ
HOHJLGDSRUODVPLQRUtDVSXHGHQOOHJDUFRQ
HILFDFLD KDVWD ORV VHFWRUHV TXH QR SDUWLFL
SDQHQHOVXIUDJLR(VpVWDODUD]yQSRUOD
FXDOPHGLULMRKR\FRQWDQWRHPSHxRDORV
HOHFWRUHV GH PL SDtV SDUD HPSOD]DUORV D
XQDFLWDFRQVXVUHVSRQVDELOLGDGHV\PRYHU
ORVDHOHJLUSHUVRQDVFRPSHQHWUDGDVFRQOD
FDXVD GH OD UHGHQFLyQ QDFLRQDO 6p TXH
HVWR\KDEODQGRDORVPHQRUHVDHVHFXHUSR
HOHFWRUDO PLQRULWDULR \ OR TXH HV PiV
DUGXR D TXLHQHV SRU UD]yQ GH FODVHV R GH
LQWHUHVHV SXHGHQ VHQWLUVH PiV UHDFLRV D
HVWDWUDQVSRVLFLyQGHFRQFHSWRVTXHGHVED
UDWD\YXHOFDODFRQVXHWXGLQDULDDUPD]yQ
GH QXHVWUD ROLJDUTXtD HFRQyPLFD 3HUR Vp
WDPELpQTXHXQVHQWLPLHQWRHOHYDGRGHOD
SHUXDQLGDGSXHGHREUDUHOPLODJURGHWDOHV
UHQXQFLDPLHQWRVORVTXHDODODUJDUHGXQ
GDUiQ HQ ELHQ GH OD QDFLyQ < VL DVt QR
VXFHGLHUD TXH TXHGH SRU OR PHQRV OD
FRQVWDQFLDGHTXHKXERTXLHQDVXWLHPSR
IRUPXODUDHVWDDSHODFLyQS~EOLFDDODFRQ
FLHQFLD\DODVHQVDWH]
(O 3HU~ SXHGH SXHV OOHJDU D SRVHHU
XQDGHPRFUDFLDGHILVRQRPtDSURSLD3HUR
XQD YH] HVWDEOHFLGRV ORV 3RGHUHV 3~EOLFRV
SRUHVDVSDXWDVGHPRFUiWLFDVGHEHFXLGDU
VHGHGRWDUDO(MHFXWLYRGHXQDDQFKDEDVH
GH DXWRULGDG GH XQD LQHTXtYRFD SRWHVWDG
GH LPSHULR 3UHFLVDPHQWH SRU VHU MyYHQHV
DTXHOORVSXHEORVHQTXHD~QQRKDQOOHJD
GRDSODVPDUVHVyOLGDPHQWHODVLQVWLWXFLR
QHV DFXVDQ LQVWLQWRV GH LQVXUJHQFLD GH
LQGLYLGXDOLVPR DUELWUDULR GH UHDFFLRQHV
SULPLWLYDV(OKHUYRUGHODVDQJUHUHERVDHO
UtJLGRFRQWHQLGRGHODVQRUPDV/DGLVFLSOL
QDFtYLFDQRVHDYLHQHFRQHOOLEpUULPRODEH
ULQWR GHO ERVTXH < HQ HVH PHGLR U~VWLFR
WRGDYtD XQ SRFR LQIRUPH VXHOHQ FDPSHDU
SRURWURODGRHOHJRtVPR\ODSUHSRWHQFLD
GH ODV pOLWHV VRFLDOHV TXH VLHQWHQ HO SDtV
FRPR HQIXQGDGR D VXV FDSULFKRV $PERV
H[WUHPRVDEXVLYRVKDGHVRIUHQDUHOJRELHU
QR SDUD TXH OD REUD GH HVWUXFWXUDFLyQ
QDFLRQDO QR VH IUXVWUH SXHV VL OD VXEYHU
VLyQ\HOSULYLOHJLRODSHUWXUEDQRGHVQDWX
UDOL]DQ QLQJ~Q SURJUDPD GH SURJUHVR
GHPRFUiWLFR SXHGH FXPSOLUVH HQ HO SDtV
/HJtWLPD HV HQWRQFHV OD LQWHUYHQFLyQ
UHJXODGRUD \ ILUPH GHO SRGHU 7HQHPRV
SXHV TXH DILUPDU HQWUH QRVRWURV HO UpJL
PHQ SUHVLGHQFLDO \ PiV VL VH FRQVLGHUD
TXHHQWRGRVORV(VWDGRVVHDQYLHMRVRQXH
YRV ODV FRPSOHMLGDGHV GH OD RUJDQL]DFLyQ
SROtWLFDPRGHUQDHOIRUPLGDEOHHPSXMHGH
OD LQGXVWULD OD WHQVLyQ HQWUH ODV IXHU]DV
GHO WUDEDMR OD SXJQD GH LGHRORJtDV VRQ
RWUDV WDQWDV DPHQD]DV VXVSHQGLGDV VREUH
ODHVWDELOLGDG\ODWUDQTXLOLGDGVRFLDOHV\
H[LJHQSRUORPLVPROHJtWLPRVUHFXUVRVGH
DTXLHWDPHQWR\GHHTXLOLEULR
/D HQWHUH]D HQ HO PDQGR KD GH VHU
SXHVDWULEXWRREOLJDGRGHODVGHPRFUDFLDV
PRGHUQDV (O UHVSHWR D ODV OLEHUWDGHV
S~EOLFDV QR TXLHUH GHFLU GHELOLGDG R OD[L
WXGDQWHODLQIUDFFLyQSRUTXHDVtGHJHQHUD
\VHGHVSUHVWLJLDODSRWHVWDGGHJRELHUQR
3HUR GyQGH EXVFDUi HO 3RGHU 3~EOLFR HO
YLJRUGHVXDXWRULGDG"(QHOUHVSDOGRGHOD
OH\6RQODVOH\HVODVTXHKDQGHRULHQWDU
VXV DFWLWXGHV \ GHPDUFDU VXV IDFXOWDGHV
'LFKRHVWiTXHPHUHILHURDODVOH\HVGLJ
QDVGHHVWHQRPEUH\TXHVHDQH[SUHVLyQ
GH OD -XVWLFLD \ HO 'HUHFKR QR ~NDVHV
OHJLVODWLYRVTXHFRQVDJUHQODIXHU]DFRPR
LQVWUXPHQWRJXEHUQDWLYR1RHVFLHUWRTXH
ODOH\FDUH]FDGHHILFDFLDSDUDFRQWHQHUHO
DEXVR QDGLH UHSULPH HO FULPHQ R LPSRQH
VDQFLRQHVFRQPD\RUVHJXULGDGPRUDOFRQ
PiV WDMDQWH ILUPH]D TXH DTXHO TXH VH
VLHQWHGXHxRGHXQDUD]yQMXUtGLFD<DTXt
FDEHUHIHULUVHDOIXQHVWRHUURUGHDTXHOORV
OODPDGRVGHPyFUDWDVGHQXHVWURVSDtVHV
ODWLQRDPHULFDQRVTXHGHVFRQILDQGRGHODV
OH\HVSLGHQDYRFHVXQFDXGLOORRSUHILHUHQ
HO SDWHUQDOLVPR GH XQD GLFWDGXUD SRU
WHPRUDOGHVERUGHGHODVOLEHUWDGHVSRSX
ODUHV (VWRV WDOHV ROYLGDQ FRPR OR KD
GLFKR:DOWHU/LSSDQQTXHORVSULQFLSLRV
GH XQD EXHQD VRFLHGDG QR UHVLGHQ HQ OD
IXHU]D EUXWD QL VRQ FLUFXQVWDQFLDOHV R
HVFRJLGRVDOJXVWRGHFDGDFXDOVLQRTXHVH
HQFXHQWUDQHQQRUPDVPiVDOWDV\SHUPD
QHFHQLQVFULWDVHQODOH\QDWXUDOEDVHGH
OD ILORVRItD SROtWLFD GH WRGD YHUGDGHUD
GHPRFUDFLD3RUHVRORVJRELHUQRVGHPy
FUDWDVGHEHQVXSULPHUDOHDOWDGDODOH\\
DORVGHEHUHVGHVXRILFLRRIXQFLyQDQWHV
D~QTXHDORVHOHFWRUHVTXHORVOOHYDURQDO
3RGHU+HDTXtDOFROXPQLVWDQRUWHDPHUL
FDQR FULWHULR O~FLGR \ SUiFWLFR QR VRVSH
FKRVRSRUFLHUWRGHDERJDGLVPRFRQYHUWL
GRHQFDPSHyQ\YRFHURGHHVDMXULFLGDG
WDQ FRPEDWLGD \ ULGLFXOL]DGD HQ OD HWDSD
SROtWLFDGHD
&DUHWDV
(OSUREOHPDGHODGHPRFUDFLD
)HUQDQGR%HODXQGH7HUU\
FUyQLFRHQQXHVWURVWLHPSRVHQTXHODFRQ
FLHQFLD FtYLFD GH PiV HQ PiV PDGXUD QR
DFHSWDWUHWDVQLFDHIiFLOPHQWHHQHQJDxRV
\ HQ TXH OD IXQFLyQ GH JREHUQDU VH KD
KHFKRWDUHDWpFQLFD\QRFRQFXUVRGHDPEL
FLRQHVRSOHELVFLWRVGHH[DOWDGRVSDUHFHUHV
+D SDVDGR OD pSRFD HQ TXH HO JRELHUQR VH
YHVWtD FRQ HO OLULVPR GH ODV EDUULFDGDV R
DUHQJDEDGHVGHODVWULEXQDVGHODVSOD]DV
S~EOLFDV +R\ VH JRELHUQD FRQVXOWDQGR
HVWDGtVWLFDV KDFLHQGR FiOFXORV GH SURGXF
FLyQ \ FRQVXPR FRPSDUDQGR QLYHOHV GH
YLGDWUDWDQGRGHSUHVHUYDUODSRVLFLyQGHO
(VWDGRHQHOFRPSOLFDGtVLPRDMHGUH]LQWHU
QDFLRQDO )UHQWH D OD VHULHGDG GH HVWRV
SUREOHPDV OD GHPDJRJLD QR VH FRQFLEH
5HVXOWDGHVSUHFLDEOH$WHQWDFRQWUDODQRU
PDOLGDGGHO(VWDGR(OODVyORSURFXUDKDOD
JDUDXQDPDVDHOHFWRUDOSHURODYHUGDGH
UD GHPRFUDFLD VDEH TXH VX PLVLyQ HV UHV
SRQGHU SRU HO GHVWLQR GHO SDtV 3RU HVR VH
FRPSUHQGH TXH HO GHPDJRJR VHD JREHU
QDQWH R SROtWLFR VH GHED DQWH WRGR D VXV
HOHFWRUHV D FX\D VRPEUD PHGUD SHUR HO
JREHUQDQWHGHPyFUDWDVHGHEHVyORDODOH\
'HHOODH[WUDHVXSUHVWLJLR<VXIXHU]D
RFDVQDFLRQHVHQHOPXQGRWLHQHQHO
UDUR SULYLOHJLR GH FRQWHQHU HQ VX
SURSLR VXHOR OD IXHQWH GH LQVSLUD
FLyQ GH XQD GRFWULQD (O 3HU~ HV
XQD GH HOODV 6LQ HPEDUJR VH KD
DQDWHPDWL]DGRDORVTXHQRVDOLPRV
HQ EXVFD GH ILORVRItDV H[WUDQMHUDV
HQHOYDQRLQWHQWRGHLPSRUWDULGHDVD
XQ PHGLR TXH KDFH VLJORV VH GLVWLQJXLy
HQSURGXFLUODV
/DFRQTXLVWDGHO3HU~SRUORVSHUXDQRV
/LPD(GLWRULDO0LQHUYD([WUDFWRV
VHOHFFLRQDGRVSiJV
/DFRQTXLVWDGHO
3HU~SRUORV
SHUXDQRV
)HUQDQGR%HODXQGH7HUU\
/LPD
$UTXLWHFWRSUHVLGHQWH\IXQGDGRUGHO
3DUWLGR$FFLyQ3RSXODU\GRVYHFHVHOHJLGR
3UHVLGHQWHGHOD5HS~EOLFD\
&DUHWDV
&DSLWXORLQGG
+DH[WUDxDGRHIHFWLYDPHQWHDTXLHQHV
SRUQRFDSWDUODVFRUULHQWHVYLJRURVDVTXH
HPDQDQ GH QXHVWUD PLVPD WLHUUD TXH XQ
PRYLPLHQWR FRPR HO GH $FFLyQ 3RSXODU
KD\D VXUJLGR VLQ LQIOXHQFLDV IRUiQHDV \
TXHHQYH]GHL]DUVXVYHODVSDUDGHMDUVH
OOHYDUVLQHVIXHU]RSRUYLHQWRVTXHVHRULJL
QDQHQORVIRFRVGHOFDSLWDOLVPRRGHOPDU
[LVPR H[WUHPRV KD\D SUHIHULGR ORV TXH
VRSODQGHOD3OD]DGH:DFD\SDWDUHFHSWi
FXORGHH[SHULHQFLDV\WUDGLFLRQHVPLOHQD
ULDVFRUD]yQGHXQVLVWHPDDUWHULDOFX\RV
ODWLGRV VH VLQWLHURQ HQ ODV UHJLRQHV PiV
UHPRWDVGHO3HU~
/DWUDGLFLyQSODQLILFDGRUDHQHO3HU~
(OQRWDEOHLPSXOVRTXHDOFDQ]yHODQWL
JXR3HU~SHVHDODVWUHPHQGDVGLILFXOWD
GHVGHOWHUULWRULRWLHQHVXH[SOLFDFLyQHQ
HODOWRJUDGRGHGHVDUUROORTXHDGTXLULyHO
SODQHDPLHQWR HQ WRGRV ORV yUGHQHV TXH
KDGHMDGRSUXHEDVLUUHIXWDEOHV\HQVHxDQ
]DV GH SHUPDQHQWH YLJHQFLD $FFLyQ
3RSXODUVHKDSURSXHVWRDSURYHFKDUODVD
ODOX]GHWRGRVORVDGHODQWRVTXHQRVRIUH
FHQXHVWURWLHPSR
(O SDtV GH WRSRJUDItD WDQ GLItFLO \
DEUXSWD KD FRQVWLWXLGR \ FRQVWLWXLUi
VLHPSUH XQ YHUGDGHUR UHWR DO KRPEUH
TXH OR KDELWD \ HQ FLHUWD PDQHUD KD
/DFRQTXLVWDGHO3HU~SRUORVSHUXDQRV
IRUMDGRODUHFLDSHUVRQDOLGDGGHHVHSHFX
OLDUSHUVRQDMHGHORV$QGHV
/D&RUGLOOHUDQRVRIUHFHHOFRQWUDVWHGH
QLHYHV HQ HO WUySLFR /D DOWLWXG SRU XQ
ODGR\OD&RUULHQWH3HUXDQDSRURWURVRQ
IDFWRUHV TXH FRPSHQVDQ FOLPiWLFDPHQWH
ODODWLWXG6LREVHUYDPRVXQPDSDPXQGL
WRPDQGRXQDIUDQMDHQWUHODOtQHDHFXDWR
ULDO\ORVJUDGRVKDFLDHO6XUTXHHVOD
TXH RFXSD HO 3HU~ DFWXDO \ KDFHPRV OR
SURSLRKDFLDHO1RUWHYHUHPRVTXHHQQLQ
JXQD RWUD SDUWH GHO SODQHWD VHD HQ ORV
WHUULWRULRV FRUUHVSRQGLHQWHV GH $IULFD
$VLD \ 2FHDQtD HO WUySLFR SUHVHQWD DOWX
UDV WDQ FRQVLGHUDEOHV FRPR OD TXH DOFDQ
]DQORV$QGHV6yORHQODUHJLyQDQGLQDVH
FUHDXQKiELWDWHFXDWRULDOSRUHQFLPDGH
ORVFLQFRPLOPHWURV6HWUDWDSXHVGHXQ
WHUULWRULRH[FHSFLRQDOGLVWLQWRFRQFRPX
QLFDFLRQHVGLItFLOHV\HQRUPHViUHDVLQH[
SORWDGDV<HVWDWLHUUDVXLJHQHULVKDSUR
GXFLGRWDPELpQXQKRPEUHVXLJHQHULV(O
WHUULWRULR IDFWRU IXQGDPHQWDO QR HVWi
DTXtFRPRHQRWUDVFLYLOL]DFLRQHVDIDYRU
VLQR HQ FRQWUD GHO KRPEUH 1R HV FRPR
(JLSWRXQYDOOHIpUWLO\DFRJHGRUHOTXHOR
GHILQHVLQRXQDFRUGLOOHUDiVSHUD\HPSL
QDGD<VLQHPEDUJRORV$QGHVLPSODFD
EOHVIXHURQFXQDFRPRHO1LORIHFXQGRGH
XQDFLYLOL]DFLyQLQPRUWDO
)HUQDQGR%HODXQGH7HUU\
FRQRFHUDIRQGRHOWHUULWRULR/RVFURQLVWDV
QRVKDEODQGHORVPLQXFLRVRVPRGHORVTXH
VHKDFtDDQWHVGHOD&RQTXLVWDGHODVGLV
WLQWDV UHJLRQHV OR TXH SUHVXSRQH OD H[LV
WHQFLDGHODFDUWRJUDItD&LH]DGH/HyQDO
UHIHULUVHDODUHGYLDOQRVGLFHTXHORVSXH
EORV OD FRQVWUXtDQ FRQ HVWULFWD ILGHOLGDG D
ORTXHHVWDEDSLQWDGRHVGHFLUTXHODSOD
QLILFDFLyQ GH FDPLQRV KDEtD VLGR FXLGDGR
VDPHQWHSHQVDGD
7RGD OD SURVSHULGDG HO DGHODQWR \ OD
MXVWLFLDVRFLDOGHO3HU~DQWLJXRVHRULJLQD
URQ HQ XQD SUHPLVD EiVLFD HO TXH D FDGD
FRQVXPLGRUFRUUHVSRQGLHUDXQDXQLGDGGH
VXSHUILFLHDJUtFRODSDUDVXVXVWHQWR<HVD
XQLGDG HO WXSX WHQtD XQ iUHD HQWUH ORV
\ORVPHWURVFXDGUDGRV)XHUD
GH HVWR WHQtDPRV ODV WLHUUDV GHO 6RO \ ODV
GHO ,QFD TXH FRQVWLWXtDQ ODV IXHQWHV GH
UHFXUVRV GH OD UHOLJLyQ \ GHO JRELHUQR GH
ODV TXH VH WRPDED OR QHFHVDULR SDUD ODV
FDPSDxDV PLOLWDUHV \ HQ ORV FDVRV GH
VHTXtDVFDWiVWURIHVRSODJDV/DVXSHUILFLH
FXOWLYDGD HUD SXHV FRQVLGHUDEOHPHQWH
VXSHULRUDORVPHWURVFXDGUDGRVSRU
KDELWDQWHGHTXHKR\GLVSRQHPRV
$XQTXHKR\GLVIUXWDPRVGHODVIDFLOLGD
GHV GHO FRPHUFLR LQWHUQDFLRQDO TXH DQWHV
&DUHWDV
&DSLWXORLQGG
QRVHXWLOL]DEDQODSUHRFXSDFLyQSRUORJUDU
ODDXWRVXILFLHQFLDDOLPHQWLFLDGHEHVHJXLU
WHQLHQGR YLJHQFLD \D TXH GLFKR FRPHUFLR
WDPELpQ LPSOLFD OD H[SRUWDFLyQ GH SDUWH
DSUHFLDEOH GHO SURGXFWR GH OD WLHUUD 8Q
SDtV VXEGHVDUUROODGR \ OHMDQR QR GHEH
GHSHQGHUGHRWURVSDUDVXDEDVWHFLPLHQWR
HQ SURGXFWRV EiVLFRV GHO VXVWHQWR GH VX
SREODFLyQVREUHWRGRFXDQGRODVGLILFXOWD
GHVGHVXWHUULWRULR\VXSRVLFLyQJHRJUiIL
FD UHFDUJDQ FRQ FXDQWLRVRV IOHWHV HO YDORU
GHORVDOLPHQWRV
/DUHODFLyQHQWUHODViUHDVFXOWLYDEOHV\
ORVFRQVXPLGRUHVVLJXHVLHQGRXQDSUHPLVD
IXQGDPHQWDO HQ HO SODQHDPLHQWR UHJLRQDO
PRGHUQR/DVJUDQGHVQDFLRQHVLQGXVWULD
OHV VXSHUSREODGDV TXH QR HQFXHQWUDQ HQ
HO WHUULWRULR PHWURSROLWDQR OD SRVLELOLGDG
GH SUDFWLFDUOD EXVFDQ RWURV FDPLQRV SRU
PHGLRGHOSURWHFWRUDGRRGHODFRORQL]DFLyQ
GH UHJLRQHV OHMDQDV \ SURFODPDQ WHRUtDV
FRPRODVGHOHVSDFLRYLWDOTXHVHJ~QORKD
DQRWDGR-03DVWRUQRIXHURQPRQRSROLR
GHO QD]LVPR VLQR TXH OD SUDFWLFDURQ JUDQ
GHV GHPyFUDWDV FRPR 5RRVHYHOW HQ HO
IDPRVRSUR\HFWRGHGHVDUUROORGHO9DOOHGHO
7HQQHVVHH TXH QR HV RWUD FRVD TXH OD
LQFRUSRUDFLyQHQJUDQHVFDODGHWLHUUDVGH
FXOWLYR \ HO DSURYHFKDPLHQWR GH OD IXHU]D
KLGUiXOLFD/DUHODFLyQKRPEUHWLHUUDHVOD
FODYHGHODSURVSHULGDGDPHULFDQD\ORHV
WDPELpQGHODGHVQXWULFLyQGHQXHVWURSUR
SLRSXHEOR
3UDFWLFDU HVWH SULQFLSLR WDQ VDOXGDEOH
REOLJy D ORV DQWLJXRV SHUXDQRV D DGRSWDU
XQD RUJDQL]DFLyQ RUJiQLFRFHOXODU TXH
WXYR VX UHPRWR RULJHQ HQ HO D\OOX \ TXH
HPSH]DQGR FRQ XQD FKXQFD TXH HV OD
UHXQLyQGHGLH]IDPLOLDVORJUDEDXQGHVD
UUROORSLUDPLGDOHQODSDFKDFDTXHORHVGH
FLHQ \ HQ OD ZDUDQFD HO Q~FOHR EiVLFR GH
)HUQDQGR%HODXQGH7HUU\
/DFRQTXLVWDGHO3HU~SRUORVSHUXDQRV
&DUHWDV
&DSLWXORLQGG
/DHQVHxDQ]DOXPLQRVDSDUDOD
FRRSHUDFLyQSRSXODU
6L ODV QDFLRQHV SXGLHUDQ DFXGLU D ORV
PpGLFRV HQ EXVFD GHO GLDJQyVWLFR GH VXV
PDOHVHO3HU~FRQILUPDUtDVXJUDYHGROHQ
FLD FUyQLFD TXH DIRUWXQDGDPHQWH QR HV
LQFXUDEOH OD GHFDGHQFLD DJyQLFD GH VXV
YLOORUULRV 3RUTXH FRPR WRGR HQIHUPR HO
SDtVWLHQHHQVtPLVPRODGHIHQVDRUJiQLFD
SDUD FRPEDWLU HO PDO TXH OH DTXHMD HO
KiELWRDQFHVWUDOGHODFRRSHUDFLyQSRSXODU
ODYLHMDPLQNDTXHKL]RJUDQGHDO,PSHULR
\ FX\DV FDUDFWHUtVWLFDV SHUGXUDQ HQ ODV
FRPXQLGDGHV
$OJXLHQ KD GLFKR TXH ODV YHUGDGHUDV
OH\HVFDUHFHQGHWH[WR\VHH[SUHVDQDWUD
YpVGHODVWUDGLFLRQHVLPSHUHFHGHUDVGHORV
SXHEORV /D OH\ QR HVFULWD GHO 3HU~ ELHQ
SRGUtD OODPDUVH GH FRRSHUDFLyQ SRSXODU
3HUR ORV WLHPSRV PRGHUQRV KDFHQ QHFHVD
ULR TXH VH HVWUXFWXUH ORV RUJDQLVPRV TXH
VHSUHFLVHHQEODQFR\QHJURORVUHFXUVRV
\ ODV RULHQWDFLRQHV WpFQLFDV 'H DOOt OD
QHFHVLGDG GH UHGDFWDU XQ EUHYH WH[WR TXH
HQFDXFHHQQXHVWURVGtDVODUHDOLGDGPLOH
QDULDGHOHVIXHU]RFROHFWLYR
(OILVFRGHEHDWHQGHUDQWHWRGRDORVJDV
WRVJHQHUDOHVGHODDGPLQLVWUDFLyQ\GHOD
HGXFDFLyQ S~EOLFD ILQDQFLDU ODV JUDQGHV
REUDVGHFDUiFWHUQDFLRQDORUHJLRQDOPDQ
WHQHU OD HILFLHQFLD GH ORV LQVWLWXWRV DUPD
GRV 3HUR XQD YH] FXPSOLGDV HVWDV PLVLR
QHVSRFRTXHGDGHOSUHVXSXHVWRSDUDGHGL
FDUVH D LQYHUVLRQHV ORFDOHV D QHFHVLGDGHV
OXJDUHxDVTXHSRUVHUHO3HU~XQSDtVHPL
QHQWHPHQWHUXUDODIHFWDQDODPD\RUtDGH
VXSREODFLyQ
&XDQGRPiVWDUGHSXGLPRVYHUFRQJUH
JDGRDOSXHEORGHO&X]FRGHVGHHODWULRGH
OD &DWHGUDO OD UHVSRQVDELOLGDG GH EXVFDU
XQD VROXFLyQ VH KL]R PiV LPSHULRVD
&RQWULEXtD D HOOR HO JUDQGLRVR \ HYRFDWLYR
HVFHQDULR 7DO YH] QXHVWUD LQYRFDFLyQ DO
SLH GH XQ WHPSOR \ HQ HO SXQWR IRFDO GH
FRQYHUJHQFLD GH ORV FXDWUR FDPLQRV TXH
DQWDxR GLHURQ XQLGDG \ SRGHUtR D RWUDV
WDQWDV UHJLRQHV GHO ,PSHULR IXH DFRJLGD
EHQpYRODPHQWHSRUOD3URYLGHQFLDDODTXH
DFXGtDPRVHQEXVFDGHOX]
)UDQFLVFR0LUy4XHVDGD
+XPDQLVPR\UHYROXFLyQ/LPD&DVDGH
OD&XOWXUDGHO3HU~([WUDFWRV
VHOHFFLRQDGRVSiJV
+XPDQLVPR\
UHYROXFLyQ
)UDQFLVFR0LUy4XHVDGD
&DQWXDULDV
/LPD
3UHVLGHQWHGHOD6RFLHGDG3HUXDQDGH
)LORVRItDHLGHyORJRGHO3DUWLGR$FFLyQ
3RSXODUHQORVDxRVVHVHQWD'HVWDFDGR
LQWHUQDFLRQDOPHQWHSRUVXVLQYHVWLJDFLRQHV
HQOyJLFDMXUtGLFD
SXHEORGHVSUHFLDGRSRUORVVREHUELRV&ULVWR
GLFHYRVRWURVVRLVODVDOGHODWLHUUD\ODOX]
GHOPXQGR
$ ILQHV GHO VLJOR ;9,,, GHVWUXLGRV SRU OD
ILORVRItDWRGRVORVSUHMXLFLRV\WRGDVODVIDOD
FLDVHQORVTXHVHIXQGDEDHOSRGHUGHODDULV
WRFUDFLDODYLHMDHVWUXFWXUDVRFLDOGH(XURSD
VHGHUUXPED/DSROtWLFDHQWUDHQXQDQXHYD
HWDSDHQODTXHODVJUDQGHVPD\RUtDVFRPLHQ
]DQDSDUWLFLSDUGHOSRGHU\ORVSDUWLGRVWUD
WDQGHMXVWLILFDUVXDFFLyQPHGLDQWHSODQWHD
PLHQWRVUDFLRQDOHV(QHVWDHWDSDFUXFLDOGH
ODKLVWRULDDILQHVGHOVLJOR;9,,,\FRPLHQ]RV
GHO;,;HQTXHODILORVRItDGH2FFLGHQWHDOFDQ
]DODPDGXUH]HQVXPDUFKDKDFLDHOKXPD
QLVPR0DQXHO.DQWORJUDDEVWUDHUVXHVHQ
FLDGHWRGDVODVHQYROWXUDVDGMHWLYDV\H[SUH
VDUODDWUDYpVGHXQDIRUPXODFLyQDEVWUDFWD
3DUD.DQWHOSULQFLSLRVXSUHPRGHODpWLFDOD
QRUPD GH FRQGXFWD GH OD FXDO VH GHULYDQ
WRGDVODVGHPiVSUHVFULEHTXHWRGRKRPEUH
VHDFRQVLGHUDGRFRPRXQILQHQVt\QRFRPR
XQ PHGLR R LQVWUXPHQWR GH RWURV KRPEUHV
7RGRORTXHHVPHGLRSDUDFRQVHJXLUDOJRHV
XQD FRVD R TXHGD UHGXFLGR D XQD FRVD /DV
FRVDVWLHQHQSUHFLRQRVGLFH.DQWHQIUDVHV
LQPRUWDOHVSHURORTXHVyORSXHGHVHUILQHQ
VtPLVPR\QXQFDPHGLRQRWLHQHSUHFLRSRU
TXHQRHVFRVDVLQRSHUVRQD\WLHQHSRUHVR
GLJQLGDG/ODPDPRVDHVWHSULQFLSLRIRUPX
ODGRGHPDQHUDGHILQLWLYDSRU.DQWSULQFLSLR
GHODDXWRWHOLD
(O SULQFLSLR VXSUHPR GHO KXPDQLVPR HV
GHDFXHUGRFRQORH[SXHVWRHQODVSiJLQDVTXH
DQWHFHGHQTXHWRGRKRPEUHGHEHVHUFRQVLGH
UDGRFRPRXQILQHQVt\MDPiVFRPRXQLQV
WUXPHQWR R FRPR XQ PHGLR SDUD ORV RWURV
KRPEUHV6LVHDQDOL]DQWRGDVODVFRQVHFXHQ
FLDVTXHVHGHULYDQGHHVWHSODQWHDPLHQWRVH
OOHJD D XQD FRQFOXVLyQ VRUSUHQGHQWH HVWH
SULQFLSLRTXHKHPRVOODPDGRSULQFLSLRGHOD
&DUHWDV
&DSLWXORLQGG
&DUHWDV
+XPDQLVPR\UHYROXFLyQ
DXWRWHOLDHVVXILFLHQWHSDUDTXHHOKXPDQLV
PRTXHGHFRQVWLWXLGR7RGRVORVGHPiVSULQ
FLSLRVVHSXHGHQGHGXFLUGHpOSRUPHGLRGHOD
OyJLFD\GHODQiOLVLVVHPiQWLFR6HQFLOODVFRQ
VLGHUDFLRQHVPXHVWUDQTXHODVWHVLVTXHWUD
GLFLRQDOPHQWHVHKDQFRQVLGHUDGRKXPDQLV
WDVHVWiQFRQWHQLGDVLPSOtFLWDPHQWHHQGLFKR
SULQFLSLR3RUHMHPSORHOSULQFLSLRGHODVROL
GDULGDG6LWRGRVORVKRPEUHVGHEHQVHUILQHV
HQVtQDGLHWLHQHHOGHUHFKRGHXWLOL]DUDRWUR
HQSURYHFKRSURSLR3HURFRPRVHUKRPEUHHV
WHQHUPHWDV\SUR\HFWRV\HVWRVILQHVQRSXH
GHQFXPSOLUVHGHQLQJXQDPDQHUDPHGLDQWH
ODDFFLyQVROLWDULDWRGRLQGLYLGXRQHFHVLWDGH
OD DFFLyQ GH ORV GHPiV SDUD UHDOL]DUODV /D
~QLFD PDQHUD FRPR SXHGH ORJUDU TXH ORV
GHPiV FRQWULEX\DQ D OD UHDOL]DFLyQ GH VXV
SURSLRVILQHVHVFRQWULEX\HQGRDORVILQHVGH
ORV GHPiV /D UHODFLyQ HQWUH ORV LQGLYLGXRV
GHOFRQJORPHUDGRVRFLDOVyORSXHGHVHUDFHS
WDGDVLWRGRVFRQWULEX\HQDODUHDOL]DFLyQGH
ORVILQHVGHWRGRV(OLQGLYLGXRTXHGDHQHVWD
IRUPD LQWHJUDGR SOHQDPHQWH HQ HO JUXSR
VRFLDO FDGD LQGLYLGXR VyOR SXHGH UHDOL]DUVH
FRPR KRPEUH D WUDYpV GH ORV GHPiV \ ORV
GHPiVVyORSXHGHQUHDOL]DUVHDWUDYpVGHpO
(OLQGLYLGXRRFXSDDVtXQOXJDULQVXVWLWXLEOH
HQ XQD FROHFWLYLGDG HQ TXH ORV GHPiV VRQ
WDPELpQ LQVXVWLWXLEOHV /D ~QLFD MHUDUTXtD
GHO LQGLYLGXR VH IXQGD HQ VX FDSDFLGDG GH
VHUYLU HV GHFLU HQ VX FDSDFLGDG GH KDFHUVH
LPSUHVFLQGLEOHDORVGHPiVHQVXFDSDFLGDG
GHHQFDX]DUOLEUHPHQWHVXVSURSLRVILQHVSDUD
TXH ORV GHPiV SXHGDQ UHDOL]DU ORV VX\RV
(VWDUHODFLyQLQWHUKXPDQDHQTXHFDGDXQR
FRQWULEX\HDODUHDOL]DFLyQGHORVILQHVGHORV
GHPiV DO UHDOL]DU VXV SURSLRV ILQHV HQ TXH
WRGRVDFW~DQHQUHODFLyQFRQWRGRVVHGHQR
PLQDVROLGDULGDG
2WUR SULQFLSLR LPSRUWDQWH TXH VH GHULYD
WDPELpQGHQXHVWURSULQFLSLRHVHODQWLUUDFLV
PR(OUDFLVPRVLJQLILFDTXHXQDUD]DGRPL
QDQWHUHGXFHDXQDFRQGLFLyQGHLQIHULRULGDG
&DUHWDV
&DSLWXORLQGG
)UDQFLVFR0LUy4XHVDGD
DORVPLHPEURVGHRWUDUD]D/DFROHFWLYLGDG
VHGLYLGHHQGRVJUXSRVODUD]DVXSHULRU\OD
UD]DLQIHULRU
(QXQDVRFLHGDGUDFLVWDORVPLHPEURVGH
ODUD]DFRQVLGHUDGDLQIHULRUVRQREOLJDGRVD
WUDEDMDU HQ FRQGLFLRQHV WDOHV TXH OD UD]D
FRQVLGHUDGD VXSHULRU VH EHQHILFLD FRQ HVH
WUDEDMRVLQUHWULEXLUDGHFXDGDPHQWHDOJUXSR
SURGXFWRU(VHYLGHQWHTXHODUD]DGRPLQDQ
WHHVWiXWLOL]DQGRDODGRPLQDGDFRPRPHGLR
SDUD VXV SURSLRV ILQHV /D FRQGLFLyQ GH
GRPLQDGDOHHVLPSXHVWDFRQWUDVXYROXQ
WDG\SRUHVRSLHUGHODFDSDFLGDGGHGHFLGLU
SRUVtPLVPDTXHGDQGRUHGXFLGDDODFRQGL
FLyQGHLQVWUXPHQWR
2WUR SULQFLSLR TXH VH GHULYD GH PDQHUD
LQPHGLDWDGHOSULQFLSLRGHORVILQHVHVHODQWL
LPSHULDOLVPR(OLPSHULDOLVPRFRQVLVWHHQHO
GRPLQLR TXH HMHUFH XQD QDFLyQ VREUH RWUD
(VWH GRPLQLR VLJQLILFD TXH OD QDFLyQ GRPL
QDQWHWLHQHHOGHUHFKRGHXWLOL]DUDODQDFLyQ
GRPLQDGD FRPR PHGLR GH HQULTXHFLPLHQWR
2 OR TXH HV OR PLVPR ORV PLHPEURV GH OD
QDFLyQ GRPLQDQWH XWLOL]DQ HO WUDEDMR GH ORV
PLHPEURV GH OD QDFLyQ GRPLQDGD SDUD
DXPHQWDUVXULTXH]D
3DUWLHQGRGHOSULQFLSLRGHTXHWRGRKRP
EUH GHEH VHU XQ ILQ HQ Vt \ QR XQ PHGLR
SDUD ORV GHPiV VH OOHJD DVLPLVPR D XQD
VRFLHGDGHQTXHQRGHEHQH[LVWLUQLH[SOR
WDGRUHV QL H[SORWDGRV 3RUTXH OD H[SORWD
FLyQFRQVLVWHSUHFLVDPHQWHHQHOKHFKRGH
TXH XQRV KRPEUHV WRPDQ FRPR PHGLR D
RWURVKRPEUHVSDUDDXPHQWDUVXSRGHUVX
SUHVWLJLR R VX ULTXH]D ([SORWDU VLJQLILFD
HVR\QDGDPiVTXHHVRWRPDUDRWURFRPR
PHGLR SDUD QXHVWURV ILQHV VLQ WHQHU HQ
FXHQWDFXiOHVVRQORVILQHVGHORWUR
3HURVLHOSULQFLSLRGHORVILQHVDXWRWH
+XPDQLVPR\UHYROXFLyQ
LQGLFDQFyPRGHEHQUHODFLRQDUVHORVKRPEUHV
HQWUHVt\FyPRGHEHFRQVWLWXLUVHODVRFLHGDG
SDUDTXHSXHGDFXPSOLUVHHOWLSRGHUHODFLyQ
H[LJLGR1RVRQWHVLVWHyULFDVTXHQHFHVLWDQ
VHUSUREDGDVVLQRSDXWDVGHFRQGXFWDTXHVH
DFHSWDQ R VH UHFKD]DQ PHGLDQWH DFWRV GH
YROXQWDG(VWDHVOD~QLFDPDQHUDGHIXQGDU
XQDSUD[LVSROtWLFDVHJXUDVLQFRUUHUHOSHOL
JURGHXWLOL]DUWHVLVTXHFRQHOWUDQVFXUVRGHO
WLHPSRGHELGRDODHYROXFLyQGHOSURSLRSHQ
VDPLHQWRILORVyILFR\HOSURJUHVRGHODFLHQFLD
UHVXOWDQFRQIUHFXHQFLDIDOVDV7DOHVHOFDVR
GHODVLGHRORJtDVWUDGLFLRQDOHV
(O +XPDQLVPR FRPR H[LJHQFLD GH WUDQV
IRUPDFLyQ \ ORV FDUDFWHUHV JHQHUDOHV GH ORV
SURFHVRVUHYROXFLRQDULRV
3DUWLHQGRGHOSULQFLSLRVHJ~QHOFXDOWRGRV
ORVKRPEUHVGHEHQVHUILQHVHQVtKHPRVOOH
JDGR D XQD VHULH GH FRQFOXVLRQHV VREUH OD
PDQHUDFRPRGHEHVHUODVRFLHGDG&RPRDFD
EDPRV GH PRVWUDU ORV SULQFLSLRV GHO KXPD
QLVPR VRQ QRUPDV SUHVFULSFLRQHV HV GHFLU
H[LJHQFLDV GH UHDOL]DFLyQ 3RU HVR HO PHUR
SODQWHDPLHQWRGHORVSULQFLSLRVLPSRQHXQD
FRPSDUDFLyQHQWUHHOWLSRGHVRFLHGDGH[LJLGR
SRUHOORV\ODVRFLHGDGUHDOH[LVWHQWHGHQWUR
GHODFXDODFW~DODLGHRORJtD/DFRPSDUDFLyQ
QRVPXHVWUDTXHHQWUHDPEDVH[LVWHXQDGUD
PiWLFDGLVWDQFLD/DH[LJHQFLDGHUHDOL]DFLyQ
VHFRQVWLWX\HHQWRQFHVHQH[LJHQFLDGHWUDQV
IRUPDFLyQ'HDFXHUGRFRQODFRPSDUDFLyQOD
WUDQVIRUPDFLyQGHEHVHUSURIXQGD\UDGLFDO
3RUTXHHOSODQWHDPLHQWRKXPDQLVWDFRQGXFH
D XQ PRGHOR GH VRFLHGDG HQ TXH ODV FRVDV
VXFHGHQDOFRQWUDULRGHORTXHKDQVXFHGLGR
HQODVVRFLHGDGHVKLVWyULFDV(QHVWDVVRFLHGD
GHVODVMHUDUTXtDVHOYDORUHOSRGHUVHKDQ
IXQGDGRHQQRWDVH[WUtQVHFDV\FRQWLQJHQWHV
FRPRODVDQJUHODUD]DHOGLQHURHWF
(QODVRFLHGDGKXPDQLVWDVHIXQGDHQOR
&DUHWDV
&DSLWXORLQGG
)UDQFLVFR0LUy4XHVDGD
OLEHUWDGGHQLQJXQDHVSHFLHDXQDVRFLHGDG
OLEUH VXSRQH URPSHU XQ JLJDQWHVFR PHFD
QLVPR GH RSUHVLyQ /D ~QLFD PDQHUD GH
ORJUDU HVWH FDPELR GHQWUR GHO HVTXHPD
KXPDQLVWDHVSRUHVRSDUWLUGHOSURSLRVLV
WHPDHLUORPRGLILFDQGRSURJUHVLYDPHQWH
&RPRHVOyJLFRSHQVDUODVRFLHGDGIXWXUD
VHUi PX\ GLIHUHQWH GH OD QXHVWUD 3HUR
TXHGDUiDOJRGHOVLVWHPDFDSLWDOLVWDFRPR
WDO" 3DUD UHVSRQGHU D HVWD SUHJXQWD HV
QHFHVDULR HQXQFLDU ODV QRWDV SULQFLSDOHV
GHOVLVWHPDFDSLWDOLVWD(VWHVLVWHPDWLHQH
FLQFR QRWDV EiVLFDV OD SURSLHGDG GH ORV
PHGLRVGHSURGXFFLyQGHEHVHUHQVXPD\RU
SDUWHSULYDGDODMHUDUTXtDHQODVHPSUHVDV
GHSHQGHGHODFDQWLGDGGHFDSLWDOLQYHUWLGR
ORTXHVLJQLILFDTXHORVPD\RUHVDFFLRQLVWDV
WLHQHQHOSRGHUGHGHFLVLyQVREUHODPDUFKD
GHODHPSUHVD\SXHGHQFRORFDU\UHPRYHU
DO SHUVRQDO /D HPSUHVD FDSLWDOLVWD WLHQH
VyOR XQD PHWD HO OXFUR H[LVWH XQ DPSOLR
PDUJHQ GH OLEHUWDG SDUD OD GLUHFFLyQ \ OD
IRUPDFLyQ GH ODV HPSUHVDV HV GHFLU KD\
LQLFLDWLYDSULYDGD\FRPSHWHQFLDHOPHUFD
GRVHFRQVWLWX\HVREUHODEDVHGHODVSUHIH
UHQFLDVHVSRQWiQHDVGHORVFRQVXPLGRUHV
(OVLVWHPDILQDOVHUtDHQWRQFHVXQVLV
WHPDHQHOFXDOFRH[LVWLUtDQDUPyQLFDPHQ
WH FRRUGLQDGRV WUHV DVSHFWRV GLYHUVRV OD
SHTXHxD SURSLHGDG SULYDGD HO FRRSHUDWL
YLVPR\HOVRFLDOLVPR
(O SUREOHPD HV FRPSOLFDGR SHUR SXHGH
UHVROYHUVHSRUPHGLRGHODVPRGHUQDVWpF
QLFDVGHDQiOLVLVXWLOL]DGDVSRUODVFLHQFLDV
VRFLDOHV HVSHFLDOPHQWH SRU PHGLR GH OD
SODQLILFDFLyQ/DSODQLILFDFLyQSHUPLWHSUH
YHUFRQSUREDELOLGDGDFHSWDEOHORVUHVXOWD
GRV GH FLHUWDV WUDQVIRUPDFLRQHV HVWUXFWX
UDOHV XWLOL]DGDV HQ HO SURFHVR GH FDPELR
/DVWpFQLFDVGHDQiOLVLVHFRQyPLFRSHUPL
+XPDQLVPR\UHYROXFLyQ
&DUHWDV
&DSLWXORLQGG
)UDQFLVFR0LUy4XHVDGD
OLEUHHPSUHVDHQFDX]DGDSRUXQDPHWRGROR
JtDSODQLILFDGRUDTXHHQODVDFWXDOHVFLUFXQV
WDQFLDV HV HO PiV FRQYHQLHQWH FXDQGR VH
SDUWHGHVGHHOVLVWHPDFDSLWDOLVWD
/DVFRQVLGHUDFLRQHVTXHDQWHFHGHQSHUPL
WHQIRUPDUVHXQDLGHDJHQHUDOGHODVHWDSDV
HQODPDUFKDKDFLDODVRFLHGDGMXVWDVLHP
SUH \ FXDQGR ORV DGHODQWRV IDEXORVRV GH OD
WpFQLFDQRREOLJXHQDFDPELDUWRGRHOHVTXH
PD3ULPHURVHSDUWHGHOVLVWHPDH[LVWHQWH
HQ OD VRFLHGDG LQMXVWD HQ QXHVWUR FDVR HO
FDSLWDOLVPR6HJXQGRVHFRPLHQ]DQDUHDOL
]DUWUDQVIRUPDFLRQHVSURIXQGDVFRQODPD\RU
YHORFLGDG SRVLEOH (VWDV WUDQVIRUPDFLRQHV
GHEHQ DUPRQL]DUVH FRQ ODV H[LJHQFLDV GHO
GHVDUUROORHFRQyPLFRTXHH[LJHXQDXPHQWR
GHODSURGXFWLYLGDGDWUDYpVGHODLQGXVWULD
OL]DFLyQ /D SODQLILFDFLyQ HV OD PHWRGRORJtD
TXHSHUPLWHORJUDUHVWDFRRUGLQDFLyQ7HUFHUR
ODFROHFWLYLGDGDOFDQ]DODHWDSDGHOGHVDUUR
OOR\ODVWUDQVIRUPDFLRQHVVHKDFHQFDGDYH]
PiVVLVWHPiWLFDV\SURIXQGDV/DVFODVHVVH
YDQGHVGLEXMDQGRSURJUHVLYDPHQWH(OJUXSR
TXHPDQHMDHOFDSLWDOYDWHQLHQGRFDGDYH]
PHQRVIXHU]D\WLHQHPHQRVFDSDFLGDGSDUD
LPSRQHU VXV GHFLVLRQHV D ODV PD\RUtDV (O
VLVWHPD VRFLDO VH YD WUDQVIRUPDQGR UiSLGD
PHQWH\QRSXHGHUHFRQRFHUVH\DFRPRFDSL
WDOLVWDHQHOVHQWLGRHQTXHORKHPRVGHILQL
GR/DVMHUDUTXtDVVHWRUQDQHQDOWDSURSRU
FLyQIXQFLRQDOHV&XDUWRVHDOFDQ]DODHWDSD
GH OD VRFLHGDG MXVWD <D QR KD\ JUXSR GH
GRPLQLR /DV MHUDUTXtDV GH WRGR WLSR VRFLD
OHV HFRQyPLFDV SROtWLFDV VRQ IXQFLRQDOHV
TXLHQHVODVRFXSDQVRQHOHJLGRVSRUVXFDSD
FLGDG GH VHUYLU SUHSDUDFLyQ LQWHOHFWXDO \
FRQGLFLyQPRUDO/DFROHFWLYLGDGLQJUHVDHQ
XQD HWDSD QR FDSLWDOLVWD (O (VWDGR \D QR
SXHGH VHU XWLOL]DGR SRU QLQJ~Q JUXSR SDUD
FRQVHUYDUVXVSULYLOHJLRV\SHUSHWXDUVHHQHO
SRGHU\DQRHVXQyUJDQRGHFODVHVLQRXQ
yUJDQRGHVHUYLFLRFROHFWLYR
&DUHWDV
*XVWDYR*XWLpUUH]
7HRORJtDGHODOLEHUDFLyQSHUVSHFWLYDV
/LPD&(3([WUDFWRVHOHFFLRQDGR
SiJV
(OVHUKXPDQR
DJHQWHGHVX
SURSLRGHVWLQR
*XVWDYR*XWLpUUH]
/LPD
6DFHUGRWHFDWyOLFRSHUXDQR
LQWHUQDFLRQDOPHQWHFRQRFLGRFRPR
JHVWRUGHQXHYDVWHQGHQFLDV
SRVFRQFLOLDUHVHQOD,JOHVLD&DWyOLFD
3RVWXOyODQXHYDFRUULHQWHGHQRPLQDGD
7HRORJtDGHODOLEHUDFLyQ
8QDSURIXQGD\YDVWDDVSLUDFLyQDOD
OLEHUDFLyQDQLPDKR\ODKLVWRULDKXPD
QD/LEHUDFLyQGHWRGRDTXHOORTXHOLPL
WDRLPSLGHDKRPEUHV\PXMHUHVODUHDOL]D
FLyQ GH HOORV PLVPRV GH WRGR DTXHOOR TXH
WUDEDHODFFHVRDRHOHMHUFLFLRGHVXOLEHU
WDG 8QD EXHQD SUXHED GH HOOR HVWi HQ OD
WRPDGHFRQFLHQFLDGHQXHYDV\VXWLOHVIRU
PDVGHRSUHVLyQHQHOVHQRGHODVVRFLHGD
GHVLQGXVWULDOHVDYDQ]DGDVTXHVHRIUHFHQ
DPHQXGRFRPRPRGHORDORVDFWXDOHVSXH
EORV VXEGHVDUUROODGRV (Q HOODV OD VXEYHU
VLyQ QR VH SUHVHQWD FRPR XQD SURWHVWD
FRQWUDODSREUH]DVLQRPiVELHQFRQWUDOD
ULTXH]D (O FRQWH[WR GH HVWRV KHFKRV HV
PX\ GLIHUHQWH DO GH ORV SDtVHV SREUHV
KDEUiTXHFXLGDUVHGHWRGRWLSRGHPLPH
WLVPRDVtFRPRGHQXHYDVIRUPDVGHLPSH
ULDOLVPR UHYROXFLRQDULR HVWD YH] GH ORV
SDtVHVULFRVTXHVHFRQVLGHUDQHOHMHGHOD
KLVWRULDGHODKXPDQLGDG(OORVyOROOHYDUtD
D ORV JUXSRV UHYROXFLRQDULRV GHO WHUFHU
PXQGRDXQQXHYRHQJDxRVREUHVXSURSLD
UHDOLGDG\DOXFKDUSRUFRQVLJXLHQWHFRQ
WUDPROLQRVGHYLHQWR
3HUR UHFRQRFLGR HVWR HV LPSRUWDQWH
UHFRUGDU WDPELpQ TXH ORV SDtVHV SREUHV
KDUtDQPDOHQQRVHJXLUGHFHUFDHVRVDFRQ
WHFLPLHQWRV VX GHVWLQR GHSHQGH HQ SDUWH
SRUORPHQRVGHORTXHVXFHGDDOLQWHULRU
GHORVSXHEORVGRPLQDQWHVVXSURSLDOLEH
UDFLyQ QR SXHGH VHU LQGLIHUHQWH D OD TXH
SUHFRQL]DQPLQRUtDVFUHFLHQWHVHQORVSDt
VHVRSXOHQWRV+D\DGHPiVYDOLRVDVHQVH
&DUHWDV
&DSLWXORLQGG
&DUHWDV
(OVHUKXPDQRDJHQWHGHVXSURSLRGHVWLQR
&DUHWDV
&DSLWXORLQGG
*XVWDYR*XWLpUUH]
WUDEDMR3DUWLHQGRGHHVWDVSULPHUDVLQWXL
FLRQHV 0DU[ LUi FRQVWUX\HQGR XQ FRQRFL
PLHQWR FLHQWtILFR GH OD UHDOLGDG KLVWyULFD
$QDOL]DQGR OD VRFLHGDG FDSLWDOLVWD HQ OD
TXH VH GD HQ FRQFUHWR OD H[SORWDFLyQ GH
XQRVVHUHVKXPDQRVSRURWURVGHXQDFODVH
VRFLDOSRURWUD\VHxDODQGRODVYtDVGHVDOL
GD KDFLD XQD HWDSD KLVWyULFD HQ OD TXH OD
SHUVRQD KXPDQD SXHGD YLYLU FRPR WDO
0DU[ IRUPD FDWHJRUtDV TXH SHUPLWHQ OD
HODERUDFLyQGHXQDFLHQFLDGHODKLVWRULD
7DUHDDELHUWDHVWDFLHQFLDFRQWULEX\HD
TXH OD KXPDQLGDG Gp XQ SDVR PiV HQ OD
VHQGD GHO FRQRFLPLHQWR FUtWLFR DO KDFHUOD
PiV FRQVFLHQWH GH ORV FRQGLFLRQDPLHQWRV
VRFLRHFRQyPLFRVGHVXVFUHDFLRQHVLGHROyJL
FDV\SRUWDQWRPiVOLEUH\O~FLGDIUHQWHD
HOODV3HURDOPLVPRWLHPSROHSHUPLWHVL
VHGHMDDWUiVWRGDLQWHUSUHWDFLyQGRJPiWL
FD\PHFDQLFLVWDGHODKLVWRULDXQPD\RU
GRPLQLR\UDFLRQDOLGDGGHVXLQLFLDWLYDKLV
WyULFD,QLFLDWLYDTXHGHEHDVHJXUDUHOSDVR
GHOPRGRGHSURGXFFLyQFDSLWDOLVWDDOPRGR
GHSURGXFFLyQVRFLDOLVWDHVGHFLUTXHGHEH
RULHQWDUVH KDFLD XQD VRFLHGDG HQ OD TXH
GRPLQDGDODQDWXUDOH]DFUHDGDVODVFRQGL
FLRQHVGHXQDSURGXFFLyQVRFLDOL]DGDGHOD
ULTXH]DVXSULPLGDODDSURSLDFLyQSULYDGD
GH OD SOXVYDOtD HVWDEOHFLGR HO VRFLDOLVPR
ODVSHUVRQDVSXHGDQFRPHQ]DUDYLYLUOLEUH
\KXPDQDPHQWH
LGHROyJLFDGHOHQIUHQWDPLHQWRVRFLDOFRPR
ODLQWHULRUL]DFLyQGHXQDVLWXDFLyQGHVHU
YLGXPEUHVLQRHQUHIHUHQFLDUHDODOPXQGR
GHOSVLTXLVPRKXPDQRWDOFRPRVHOHFRP
SUHQGHGHVGH)UHXG8QQXHYRFRQWLQHQWH
SRU H[SORUDU VH RIUHFLy HQ HIHFWR DO KRP
EUH FXDQGR )UHXG FRORFDQGR OD UHSUHVLyQ
FRPRHOHPHQWRFHQWUDOGHODSDUDWRSVtTXLFR
GHOKRPEUHSXVRGHUHOLHYHORVFRQGLFLRQD
PLHQWRVLQFRQVFLHQWHVGHOFRPSRUWDPLHQWR
KXPDQR /D UHSUHVLyQ HV HO UHVXOWDGR GHO
FRQIOLFWR HQWUH ODV SXOVLRQHV LQVWLQWLYDV \
ODVH[LJHQFLDVFXOWXUDOHV\pWLFDVGHOPHGLR
VRFLDO3DUD)UHXGODVPRWLYDFLRQHVLQFRQV
FLHQWHVHMHUFHQXQSRGHUWLUiQLFR\SXHGHQ
GDUOXJDUDFRQGXFWDVDEHUUDQWHVTXHVyOR
VRQ FRQWURODEOHV VL VH WRPD FRQFLHQFLD GH
HVDVPRWLYDFLRQHVDWUDYpVGHXQDOHFWXUD
DSURSLDGDGHOQXHYROHQJXDMHGHVLJQLILFD
FLRQHV FUHDGR SRU HO LQFRQVFLHQWH +HPRV
HQFRQWUDGR\DDQWHULRUPHQWHGHVGH+HJHO
HOFRQIOLFWRFRPRFDWHJRUtDH[SOLFDWLYDJHU
PLQDO \ OD WRPD GH FRQFLHQFLD FRPR XQ
MDOyQ HQ OD FRQTXLVWD GH OD OLEHUWDG SHUR
DTXt DSDUHFHQ HQ XQ SURFHVR SVLFROyJLFR
TXHGHEHpOWDPELpQFRQGXFLUDXQDPiV
SOHQDOLEHUDFLyQKXPDQD
(QHIHFWRODVH[LJHQFLDVGHXQDOLEHUD
FLyQ HQ HO SODQR FROHFWLYR H KLVWyULFR QR
LQFOX\HQVLHPSUH\HQODIRUPDGHELGDOD
OLEHUDFLyQSVLFROyJLFD(VWDDJUHJDGLPHQ
-XDQ9HODVFR$OYDUDGR
&RPSDWULRWDV
0HQVDMHDOD1DFLyQFRQPRWLYRGHOD
SURPXOJDFLyQGHOD/H\GH5HIRUPD$JUDULD
GHMXQLRGH(Q9HODVFRODYR]GH
ODUHYROXFLyQ/LPD(GLWRULDO$XVRQLD
([WUDFWRVHOHFFLRQDGRSiJV
'LVFXUVRGHOD
5HIRUPD$JUDULD
-XDQ9HODVFR$OYDUDGR
/LPD
*HQHUDOSLXUDQR/tGHUGHODLQVXUUHFFLyQGHO
GHRFWXEUHGH$OHQWyXQSUR\HFWR
LJXDOLWDULVWDDXWRULWDULRHVSHFLDOPHQWHD
WUDYpVGHOD/H\GH5HIRUPD$JUDULD
PiVVHUiFRPRKDVWDKR\FLXGDGDQRGLV
PLQXLGR KRPEUH SDUD VHU H[SORWDGR SRU
RWURKRPEUH
$ODVXPLUHOJRELHUQRGHOSDtVOD)XHU]D
$UPDGD DVXPLy WDPELpQ HO VROHPQH FRP
SURPLVR GH UHDOL]DU XQD YDVWD WDUHD GH
UHFRQVWUXFFLyQQDFLRQDO1RVRWURVVLHPSUH
IXLPRV FRQVFLHQWHV GH OD LQPHQVD UHVSRQ
VDELOLGDG TXH FRQWUDMLPRV FRQ OD SDWULD
(VWH QR SRGtD VHU XQ JRELHUQR PiV HQ HO
3HU~,QVXUJLyFRQODYRFDFLyQLUUHQXQFLD
EOH GH VHU HO JRELHUQR GH OD 5HYROXFLyQ
1DFLRQDO
0iVD~QQRVRWURVGHFODUDPRVTXHUHD
OL]DUODWUDQVIRUPDFLyQGHHVWHSDtVFRQVWL
WX\HODMXVWLILFDFLyQKLVWyULFDGHO*RELHUQR
GHOD)XHU]D$UPDGD9DOHGHFLUSDUDOD
)XHU]D $UPDGD GHO 3HU~ OD WDUHD GH
JREHUQDU QR IXH HQWHQGLGD QXQFD FRPR
EDQDOHMHUFLFLRGHOSRGHUVLQUXPERQLSUR
SyVLWR QL WDPSRFR IXH HQWHQGLGD MDPiV
EDMRHVWHUpJLPHQFRPRDFFLyQFRQWLQXLVWD
HQFDPLQDGDDPDQWHQHUXQRUGHQDPLHQWR
VRFLDOEiVLFDPHQWHLQMXVWRGHQWURGHOFXDO
ODPD\RUtDGHQXHVWURSXHEORVLHPSUHIXH
PD\RUtD H[SORWDGD PD\RUtD HQ PLVHULD
PD\RUtD GHVSRVHtGD 1RVRWURV QR DVXPL
PRVHOSRGHUSROtWLFRSDUDKDFHUGHpOERWtQ
\ QHJRFLDGR QL LQVWUXPHQWR SHUSHWXDGRU
GHODLQMXVWLFLD
7RGRORFRQWUDULR1RVRWURVDVXPLPRVHO
SRGHUSROtWLFRSDUDKDFHUGHpOKHUUDPLHQ
WDIHFXQGDGHODWUDQVIRUPDFLyQGHQXHVWUD
SDWULD 1R QRV PRYLy RWUR SURSyVLWR
4XLVLPRVGDUOHDO3HU~XQJRELHUQRFDSD]
GHHPSUHQGHUFRQUHVROXFLyQ\FRQFRUDMHOD
WDUHDVDOYDGRUDGHVXDXWpQWLFRGHVDUUROOR
QDFLRQDO)XLPRVGHVGHHOSULPHUPRPHQWR
FRQVFLHQWHVGHTXHXQDHPSUHVDDVtGHPDQ
GDUtD GH WRGRV ORV SHUXDQRV VDFULILFLRV \
HVIXHU]RSRUTXHVDEtDPRVTXHHQXQSDtV
FRPRHO3HU~FDUDFWHUL]DGRSRUDELVPDOHV
GHVHTXLOLEULRV VRFLDOHV \ HFRQyPLFRV OD
WDUHD GHO GHVDUUROOR WHQtD QHFHVDULDPHQWH
TXH VHU XQD WDUHD GH WUDQVIRUPDFLyQ
6XSHUDU HO VXEGHVDUUROOR QDFLRQDO VLJQLIL
FDSRUHVRORJUDUXQUHRUGHQDPLHQWRGHOD
VRFLHGDG SHUXDQD SRU WDQWR DOWHUDU ODV
HVWUXFWXUDVGHSRGHUHFRQyPLFRSROtWLFR\
VRFLDOHQQXHVWURSDtV
3RUFRPSUHQGHUORDVtLQVXUJLPRVFRPR
*RELHUQR 5HYROXFLRQDULR HV GHFLU FRPR
UpJLPHQ IXQGDPHQWDOPHQWH RULHQWDGR DO
ORJUR GH OD WUDQVIRUPDFLyQ LQWHJUDO GH
QXHVWUD SDWULD 6yOR DVt HO 3HU~ SRGUi
VXSHUDUVXHVWDQFDPLHQWR\VXUHWUDVRTXH
VRQ DPERV UHVSRQVDELOLGDG KLVWyULFD GH
TXLHQHVKDVWDKDFHGLH]PHVHVGHWHQWDURQ
HO SRGHU SROtWLFR HQ QXHVWUR SDtV )XH SRU
VX LQHSFLD \ VX FRPSOLFLGDG TXH QXHVWUR
SXHEOR QR SXGR HQ HO SDVDGR HQFRQWUDU HO
FDPLQR GH VX MXVWLFLD QL HO (VWDGR SXGR
HPSUHQGHU XQD DFFLyQ YLJRURVD GHVWLQDGD
DHOHYDUDOSDtVGHOVXEGHVDUUROORHQTXHOR
VXPLHURQVXVPDORVJREHUQDQWHVVXVSROt
WLFRVIDULVHRVVXVJUDQGHVFODXGLFDQWHV
+R\ WRGR HVR KD TXHGDGR DWUiV SDUD
VLHPSUH +R\ HO 3HU~ WLHQH XQ *RELHUQR
GHFLGLGR D FRQTXLVWDU HO GHVDUUROOR GHO
SDtVPHGLDQWHODFDQFHODFLyQGHILQLWLYDGH
YLHMDV HVWUXFWXUDV HFRQyPLFDV \ VRFLDOHV
TXHQRSXHGHQ\DWHQHUYDOLGH]HQQXHVWUD
pSRFD/DVUHIRUPDVSURIXQGDVSRUODVTXH
WDQWRVFRPSDWULRWDVKDQOXFKDGRHVWiQ\D
HQPDUFKD<GHQWURGHHOODVODPiVDOWD
SULRULGDGFRUUHVSRQGHVLQGXGDDOJXQDD
ODUHIRUPDGHODVHVWUXFWXUDVDJUDULDV3RU
HVRILHODODUD]yQPLVPDGHVXH[LVWHQFLD
ILHO D ORV FRPSURPLVRV DVXPLGRV DQWH HO
SDtV\DQWHODKLVWRULDILHODORVSRVWXODGRV
H[SOtFLWRVGHODUHYROXFLyQHO*RELHUQRGH
&DUHWDV
&DSLWXORLQGG
&DUHWDV
'LVFXUVRGHOD5HIRUPD$JUDULD
&DUHWDV
&DSLWXORLQGG
-XDQ9HODVFR$OYDUDGR
(QFRQVHFXHQFLDODOH\VHRULHQWDDOD
FDQFHODFLyQGHORVVLVWHPDVGHODWLIXQGLR
\ PLQLIXQGLR HQ HO DJUR SHUXDQR SODQ
WHDQGR HQ VXVWLWXFLyQ XQ UpJLPHQ MXVWR
GHWHQHQFLDGHODWLHUUDTXHKDJDSRVLEOH
ODGLIXVLyQGHODSHTXHxD\PHGLDQDSUR
SLHGDG HQ WRGR HO SDtV 'H RWUR ODGR SRU
VHUXQDOH\QDFLRQDOTXHFRQWHPSODWRGRV
ORVSUREOHPDVGHODJUR\TXHWLHQGHDVHU
YLU D TXLHQ WUDEDMD OD WLHUUD OD /H\ GH
5HIRUPD $JUDULD VH DSOLFDUi HQ WRGR HO
WHUULWRULR GHO SDtV VLQ UHFRQRFHU SULYLOH
JLRVQLFDVRVGHH[FHSFLyQTXHIDYRUH]FDQ
D GHWHUPLQDGRV JUXSRV R LQWHUHVHV /D
OH\SRUWDQWRFRPSUHQGHDWRGRHOVLVWH
PDDJUDULRHQVXFRQMXQWRSRUTXHVyORGH
HVWDPDQHUDVHUiSRVLEOHGHVDUUROODUXQD
SROtWLFDDJUDULDFRKHUHQWH\SXHVWDDOVHU
YLFLRGHOGHVDUUROORQDFLRQDO
$OSODQWHDUODVXVWLWXFLyQGHOPLQLIXQ
GLR\GHOODWLIXQGLR\DOHVWLPXODUODGLIX
VLyQGHODSHTXHxD\PHGLDQDSURSLHGDG
ODOH\HVWDEOHFHPHGLGDVTXHDVHJXUDQOD
QR IUDJPHQWDFLyQ GH OD JUDQ SURSLHGDG
FRPR XQLGDG GH SURGXFFLyQ (V HO UpJL
PHQGHWHQHQFLDORTXHODOH\DIHFWDPDV
QR HO FRQFHSWR GH XQLGDG GH SURGXFFLyQ
DJUtFRODRSHFXDULD3RUHVRSDUDHOFDVR
GH ODV HPSUHVDV DJURLQGXVWULDOHV OD OH\
FRQWHPSOD OD FRRSHUDWLYL]DFLyQ HQ IDYRU
GH VXV VHUYLGRUHV SHUR JDUDQWL]D HO IXQ
FLRQDPLHQWR GH OD QXHYD HPSUHVD FRPR
XQD VROD XQLGDG (Q HVWH VHQWLGR OD OH\
FRQVLGHUDDODWLHUUD\DODVLQVWDODFLRQHV
FRPR XQ WRGR LQGLYLVLEOH GH SURGXFFLyQ
VXMHWR D OD UHIRUPD DJUDULD /D SODQWD
LQGXVWULDO GH SURFHVDPLHQWR SULPDULR GH
SURGXFWRVGHOFDPSRHVWiLQGLVROXEOHPHQ
WHOLJDGDDODWLHUUD3RUWDQWRHVLPSRVL
EOHDIHFWDUDpVWD\GHMDULQWRFDGDDDTXp
OOD<DVtFRPRHQHOFDVRGHOSUREOHPDGHO
SHWUyOHR HO (VWDGR H[SURSLy OD WRWDOLGDG
GHOFRPSOHMRDIHFWDQGRORVSR]RV\ODUHIL
QHUtDFRQWRGDVVXVLQVWDODFLRQHV\VHUYL
FLRV DVt WDPELpQ HQ HO FDVR GH OD JUDQ
SURSLHGDG DJURLQGXVWULDO OD /H\ GH
5HIRUPD $JUDULD WLHQH TXH DIHFWDU QHFH
VDULDPHQWHODWRWDOLGDGGHODQHJRFLDFLyQ
(VWR QR TXLHUH GHFLU TXH OD JUDQ SURSLH
GDGVHUiGLYLGLGD\IUDJPHQWDGDSRUTXH
HOOR VH WUDGXFLUtD HQ XQ SHUMXGLFLDO GHV
FHQVR GH ORV UHQGLPLHQWRV GH OD WLHUUD
3RUHVRODOH\FRQWHPSODHOPDQWHQLPLHQ
WR GH OD XQLGDG GH SURGXFFLyQ EDMR XQ
GLVWLQWR \ MXVWR UpJLPHQ GH SURSLHGDG <
GHQWURGHODQXHYDHPSUHVDODOH\JDUDQ
WL]DODHVWDELOLGDGGHWUDEDMRORVQLYHOHV
GH UHPXQHUDFLyQ \ WRGRV ORV GHUHFKRV
VRFLDOHVGHODSODQWDGHGLUHFFLyQWpFQLFD
\ DGPLQLVWUDWLYD \ GH WRGRV ORV DFWXDOHV
VHUYLGRUHV DEULHQGR SDUD HOORV DGHPiV
HO DFFHVR D ORV EHQHILFLRV \ XWLOLGDGHV GH
ODFRRSHUDWLYDTXHVHUiODQXHYDSURSLHWD
ULD GHO JUDQ FRPSOHMR DJURLQGXVWULDO TXH
ODUHIRUPDDJUDULDDIHFWH
/DLQVSLUDFLyQVRFLDOGHODQXHYDOH\HV
SXHVHQWHUDPHQWHFRPSDWLEOHFRQODQHFH
VLGDG GH JDUDQWL]DU OD FRQWLQXLGDG GH ORV
DOWRVQLYHOHVGHUHQGLPLHQWRTXHODWHFQR
ORJtDDJUDULDKDKHFKRSRVLEOH(VSRUHVR
LQH[DFWRHOFDUJRGHTXHODUHIRUPDDJUDULD
HQWUDxD XQD PHUPD GH OD SURGXFFLyQ GHO
FDPSR 3RU HO FRQWUDULR DO UDFLRQDOL]DU HO
XVR\ODSURSLHGDGGHODWLHUUD\DOFUHDUORV
LQFHQWLYRVGHULYDGRVGHOPiVDPSOLRDFFHVR
DHVDSURSLHGDGODUHIRUPDDJUDULDWLHQGH
D IRUPDU PiV \ PHMRUHV SURSLHWDULRV GHO
DJURHVGHFLUDLPSXOVDUXQDPiVSXMDQWH
SURGXFFLyQDJURSHFXDULDTXHEHQHILFLHQR
DXQRVSRFRVVLQRDODVRFLHGDGHQVXFRQ
MXQWR 8Q VHFWRU FDPSHVLQR FDGD YH] PiV
SUyVSHUR RUJDQL]DGR \ FRKHUHQWH HV OD
PHMRU JDUDQWtD GHO GHVDUUROOR DUPyQLFR \
DFHOHUDGRGHODDFWLYLGDGDJURSHFXDULDGHO
'LVFXUVRGHOD5HIRUPD$JUDULD
JUDQSDUWHHOUHVXOWDGRGHOHVIXHU]RWHVR
QHUR GH TXLHQHV D HOOD GHGLTXHQ WRGD VX
HQHUJtD \ VX WDOHQWR /D LQGXVWULDOL]DFLyQ
HVXQDVSHFWRFHQWUDOGHOSURFHVRGHGHVD
UUROOR HFRQyPLFR GH QXHVWUR SDtV \ HO
HVIXHU]RLQGXVWULDOSXHGHIRUPDUSDUWHGH
ODWDUHDGHWUDQVIRUPDFLyQGHODVHVWUXFWX
UDV WUDGLFLRQDOHV GHO 3HU~ /XFKDU SRU OD
LQGXVWULDOL]DFLyQHVSRUHVROXFKDUSRUHO
SRUYHQLUGHODQDFLyQ<SRUHOORHOLPSXOVR
DODLQGXVWULDFRQVWLWX\HXQRGHORVSULQFL
SDOHV REMHWLYRV GH OD SROtWLFD GH WUDQVIRU
PDFLyQ GHO *RELHUQR 5HYROXFLRQDULR $
HVWH ILQ FRDG\XYD OD /H\ GH 5HIRUPD
$JUDULDDOHVWLPXODUHOGLQDPLVPRGHOVHF
WRULQGXVWULDOPHGLDQWHODUHRULHQWDFLyQGH
ORVUHFXUVRVKDFLDILQHVGHSURPRFLyQGHOD
LQGXVWULDQDFLRQDO
1R VH WUDWD SXHV GH GHVWUXLU VLQR GH
UDFLRQDOL]DU HO HPSOHR GH ORV UHFXUVRV
QDFLRQDOHV HQ IXQFLyQ GH ODV QHFHVLGDGHV
SULQFLSDOHVGHWRGDODVRFLHGDGSHUXDQD(O
*RELHUQRKDFHXQDLQYRFDFLyQSDUDTXHDO
PDUJHQGHSRVLEOHVWHPRUHVLQIXQGDGRVVH
DSUHFLH FRQ FODULGDG ODV HQRUPHV SRVLELOL
GDGHV TXH OD OH\ DEUH DO GHVDUUROOR HFRQy
PLFRGHO3HU~/RVHPSUHVDULRVQDFLRQDOHV
GHEHQWHQHUODFHUWH]DGHTXHHO*RELHUQR
5HYROXFLRQDULRQRWLHQHRWURSURSyVLWRTXH
HO GH DILDQ]DU XQD SROtWLFD LQGXVWULDO TXH
QR SXHGH WHQHU p[LWR VLQ OD DPSOLDFLyQ GH
XQ PHUFDGR LQWHUQR GH FRQVXPR FRPR HO
TXH FUHDUi OD DSOLFDFLyQ GH OD UHIRUPD
DJUDULD/DFRQYHUWLELOLGDGGHORVERQRVGH
ODGHXGDDJUDULDHQDFFLRQHVGHHPSUHVDV
LQGXVWULDOHV QHFHVDULDV SDUD HO GHVDUUROOR
GHOSDtVUHSUHVHQWDXQHQRUPHSDVRHQHO
SURFHVR GH LQGXVWULDOL]DFLyQ DO FXDO HO
*RELHUQR 5HYROXFLRQDULR EULQGDUi WRGDV
ODVJDUDQWtDVTXHpOUHTXLHUD
/D QXHYD /H\ GH 5HIRUPD $JUDULD SRU
&DUHWDV
&DSLWXORLQGG
-XDQ9HODVFR$OYDUDGR
RWUDSDUWHOLPLWDHOGHUHFKRDODSURSLHGDG
GHODWLHUUDSDUDJDUDQWL]DUTXHpVWDFXP
SODVXIXQFLyQVRFLDOGHQWURGHXQRUGHQD
PLHQWR GH MXVWLFLD (Q HVWH VHQWLGR OD OH\
FRQWHPSOD OtPLWHV GH LQDIHFWDELOLGDG TXH
VDOYDJXDUGDQ HO SULQFLSLR QRUPDWLYR GH
TXHODWLHUUDGHEHVHUSDUDTXLHQODWUDED
MD\QRSDUDTXLHQGHULYHGHHOODUHQWDVLQ
ODEUDUOD/DWLHUUDGHEHVHUSDUDHOFDPSH
VLQRSDUDHOSHTXHxR\PHGLDQRSURSLHWD
ULRSDUDHOKRPEUHTXHKXQGHHQHOODVXV
PDQRV \ FUHD ULTXH]D SDUD WRGRV SDUD HO
KRPEUHHQILQTXHOXFKD\HQUDt]DVXSUR
SLRGHVWLQRHQORVVXUFRVIHFXQGRVIRUMDGR
UHVGHYLGD
3RUHVRHQXQSDtVGHOLPLWDGRVUHFXUVRV
FRPR HO QXHVWUR OD SURSLHGDG WDPELpQ
WLHQHTXHWHQHUXQOtPLWH(VHVHQFLDOPHQ
WHLQMXVWRXQVLVWHPDHQHOFXDOODLQPHQVD
PD\RUtDGHODWLHUUD\GHODWLHUUDPHMRU
HVWpHQPX\SRFDVPDQRVFRPRKDRFXUUL
GRKDVWDD\HUPLVPRHQQXHVWURSDtV(VWD
GHVHTXLOLEUDGDHLQMXVWDVLWXDFLyQWRFDDVX
ILQ FRQ OD /H\ GH 5HIRUPD $JUDULD TXH HO
*RELHUQR5HYROXFLRQDULRDFDEDGHSURPXO
JDU /D SURSLHGDG HVWi JDUDQWL]DGD SHUR
GHQWURGHORVOtPLWHVTXHODKDJDQFRPSD
WLEOH FRQ OD LUUHQXQFLDEOH IXQFLyQ VRFLDO
TXH HOOD GHEH FXPSOLU (VWD QR HV SRU
WDQWRXQDOH\GHGHVSRMRVLQRXQDOH\GH
MXVWLFLD < VL SRU FLHUWR KDEUi TXLHQHV VH
VLHQWDQ DIHFWDGRV HQ VXV LQWHUHVHV pVWRV
SRUUHVSHWDEOHVTXHVHDQQRSXHGHQSUHYD
OHFHU DQWH ORV LQWHUHVHV \ ODV QHFHVLGDGHV
GH PLOORQHV GH SHUXDQRV TXLHQHV DO ILQ
YDQDWHQHUXQSHGD]RGHWLHUUDSDUDHOORV
\VXVKLMRVHQHOVXHORTXHORVYLRQDFHU
(V QHFHVDULR LQGLFDU D OD FLXGDGDQtD
TXH HV SRU FRPSOHWR LQH[DFWD OD YHUVLyQ
VHJ~Q OD FXDO HQ OD SUHSDUDFLyQ GH OD OH\
QR VH KDQ UHFLELGR ORV SXQWRV GH YLVWD GH
LQVWLWXFLRQHV\SHUVRQDVFX\DVDFWLYLGDGHV
VH YLQFXODQ DO DJUR (O 0LQLVWHULR GH
$JULFXOWXUDUHFLELyORVSXQWRVGHYLVWDGH
OD 6RFLHGDG 1DFLRQDO $JUDULD \ GH QXPH
URVDV SHUVRQDV FDOLILFDGDV 6LQ HPEDUJR
KXHOJDGHFLUTXHORVDVSHFWRVWpFQLFRVGHO
SUREOHPDDJUDULRGHQXHVWURSDtVVRQVXIL
FLHQWHPHQWH FRQRFLGRV \ OD OHJLVODFLyQ
FRPSDUDGDHQPDWHULDGHUHIRUPDDJUDULD
HV FLHUWDPHQWH YROXPLQRVD 3RU HVR ORV
DVSHFWRVGHEDWLEOHVGHOSUREOHPDVHUHILH
UHQ D ODV RSFLRQHV GH FDUiFWHU SROtWLFR
LPSOtFLWDV HQ ORV GLYHUVRV HQIRTXHV GDGRV
HQWRGDVSDUWHVGHOSUREOHPDDJUDULR<HV
SUHFLVDPHQWH GRQGH VXUJHQ H[SOLFDEOHV
GLIHUHQFLDV GH SHUVSHFWLYD 3RU WDQWR
WRPDUXQFDPLQRHQYH]GHRWURQRTXLHUH
GHFLU GH QLQJ~Q PRGR TXH QR VH KD\DQ
HVFXFKDGR GLVWLQWDV RSLQLRQHV 6LJQLILFD
VLPSOHPHQWH TXH ODV GHFLVLRQHV WRPDGDV
UHVSRQGHQ D GLVWLQWDV FRQFHSFLRQHV JHQH
UDOHVGHORTXHGHEHVHUODSDUWHPHGXODU
GHXQDDXWpQWLFDUHIRUPDDJUDULD
/RVTXHYHDQUHGXFLGDVXSURSLHGDGSRU
ODDSOLFDFLyQGHODOH\UHFLELUiQFRPSHQVD
FLyQ MXVWLSUHFLDGD SRU SDUWH GHO (VWDGR
3HUR HQ FRQFLHQFLD KDEUiQ GH UHFRQRFHU
TXH OD UHIRUPD DJUDULD HV SDUD QXHVWUR
SDtVXQLQDSOD]DEOHLPSHUDWLYRGHMXVWLFLD
<VLELHQHVFLHUWRTXHpVWHHVXQJRELHUQR
SDUDWRGRVORVSHUXDQRVQRHVPHQRVFLHUWR
TXHpOGHEH\WLHQHTXHVHUSRUHQFLPDGH
WRGRXQJRELHUQRSDUDORVPiV\WDPELpQ
SDUD ORV PiV QHFHVLWDGRV (O *RELHUQR
5HYROXFLRQDULR FRQItD HQ TXH TXLHQHV VH
VLHQWDQDGYHUVDPHQWHDIHFWDGRVSRUOD/H\
GH5HIRUPD$JUDULDFRPSUHQGDQSRUHQFL
PD GH VXV DFDVR H[SOLFDEOHV HJRtVPRV OD
SURIXQGD MXVWLFLD TXH UHLQYLGLFD \ KDFH
UHDOLGDG1RVRWURVDFWXDUHPRVFRQHTXLGDG
DODSOLFDUODOH\\VHUHPRVUHVSHWXRVRVGH
ORV GHUHFKRV OHJtWLPRV GH DTXHOORV D TXLH
'LVFXUVRGHOD5HIRUPD$JUDULD
&DUHWDV
&DSLWXORLQGG
-XDQ9HODVFR$OYDUDGR
GRTXHYLYHHQXQDWLHUUDTXHHVVX\D\HQ
XQDQDFLyQTXHHVGXHxDGHVXGHVWLQR
$Vt PHGLDQWH XQD SROtWLFD UHYROXFLRQD
ULD GH LQVSLUDFLyQ YHUGDGHUDPHQWH SHUXD
QD SURIXQGDPHQWH QDFLRQDOLVWD \ SRU
WDQWR H[HQWD GH LQIOXHQFLDV IRUiQHDV GH
FXDOTXLHU tQGROH HO JRELHUQR GHO SXHEOR \
GH OD )XHU]D $UPDGD SRQH KR\ HQ PRYL
PLHQWR XQ YLJRURVR H LUUHYHUVLEOH SURFHVR
GH WUDQVIRUPDFLyQ QDFLRQDO HYLWDQGR HO
FDyWLFR VXUJLPLHQWR GH YLROHQFLD VRFLDO \
GDQGR DXWyQRPD VROXFLyQ D ORV VHFXODUHV
SUREOHPDV GHO 3HU~ (VWD HV OD PHMRU
JDUDQWtD GH XQD YHUGDGHUD \ MXVWD SD]
VRFLDOHQHOIXWXURGHQXHVWUD3DWULD
&RPSDWULRWDV
(VWH HV UHSLWR XQ GtD KLVWyULFR FX\D
WUDVFHQGHQFLD VH DFUHFHQWDUi FRQ HO SDVR
GHORVDxRV+R\HO*RELHUQR5HYROXFLRQDULR
VLHQWHODHPRFLyQSURIXQGDGHXQDPLVLyQ
\GHXQGHEHUFXPSOLGRV+R\HQHO'tDGHO
&DPSHVLQR PLUDPRV D OD FLXGDGDQtD FRQ
IH RUJXOOR \ HVSHUDQ]D \ OH GHFLPRV DO
3HU~ HQWHUR TXH D VX SXHEOR GHEHPRV OD
LQVSLUDFLyQGHQXHVWURVDFWRV\TXHDpOKR\
OHHQWUHJDPRVXQDOH\IRUMDGRUDGHJUDQGH
]D\MXVWLFLDHQVXGHVWLQR
$OKRPEUHGHODWLHUUDDKRUDOHSRGHPRV
GHFLU HQ OD YR] LQPRUWDO \ OLEHUWDULD GH
7~SDF$PDUX
&DPSHVLQR HO SDWUyQ \D QR FRPHUi
PiVGHWXSREUH]D
&DUHWDV
&DStWXOR9,,,
O
$OEHUWR)ORUHV*DOLQGR
%XVFDQGRXQ,QFD/LPD
,QVWLWXWRGH$SR\R$JUDULR
3iJV
O
-RVp0DWRV0DU'HVERUGH
SRSXODU\FULVLVGHOHVWDGRXQ
QXHYRURVWURGHO3HU~HQOD
GpFDGDGH/LPD,(3
3iJV
O +HUQDQGRGH6RWR
(ORWURVHQGHURODUHYROXFLyQ
LQIRUPDO/LPD,QVWLWXWR
/LEHUWDG\'HPRFUDFLD
3iJV
&DUORV,YiQ'HJUHJRUL
$\DFXFKR
HOQDFLPLHQWRGH6HQGHUR
/XPLQRVR/LPD,(3
3iJV
O
O
)UDQFLVFR0RUDOHV
%HUP~GH]&HUUXWL3HQVDQGR
HQHO3HU~/LPD5HDOLGDGHV
3iJV
O
&RPLVLyQGHOD9HUGDG\
5HFRQFLOLDFLyQ,QIRUPH)LQDO
+DWXQ:LOODNX\
&DSLWXORLQGG
DGHPRFUDFLDHVUHVWDEOHFLGDHQODGpFDGDGHOXHJRGHGRFH
DxRVGHGLFWDGXUDPLOLWDU/DUJRVDxRVGHXQIDOOLGR
H[SHULPHQWRSROtWLFR\VRFLDOSXVLHURQDODUHQDFLHQWH
GHPRFUDFLDSHUXDQDXQFRQWH[WRGHLQIRUPDOLGDGJHQHUDOL]DGD
FULVLVGHODVLQVWLWXFLRQHVSROtWLFDV\FRQIURQWDFLyQLGHROyJLFD(QORV
DxRVVHJHVWDEDXQDUHVSXHVWDUDGLFDOYLROHQWLVWD\
DXWRULWDULDFRQWUDHOPRGHORGHPRFUiWLFR'HQWURGHXQGLVFXUVR
JHQHUDOFRQJUDQpQIDVLVLJXDOLWDULRGLIXQGLGRHQODVXQLYHUVLGDGHV
\HQDOJXQRVVHFWRUHVGHOD,JOHVLDODYXOJDWDPDU[LVWDHQFRQWUyXQ
WHUUHQRIpUWLO3RFRVLPDJLQDURQTXHEDMRODPLUDGDGLVWUDtGDGHODV
pOLWHVHOWHUURULVPRGHO6HQGHUR/XPLQRVRKL]RVXLQJUHVRHQOD
HVFHQDQDFLRQDOSDUDLPSODQWDUHOWHUURUHQQRPEUHGHODOXFKD
DUPDGD\ODUHYROXFLyQVRFLDO
0LHQWUDV6HQGHUR/XPLQRVRGHVDUUROODEDVXOHQWRDYDQFHSDUD
DJXGL]DUFRQWUDGLFFLRQHV\GHVWUXLUODVLQVWLWXFLRQHVVRFLDOHVODFODVH
SROtWLFDSDUHFtDQRRIUHFHUDOWHUQDWLYDTXHKLFLHUDJREHUQDEOHHOSDtV
/XHJRGHODSURORQJDGDGLFWDGXUDGH9HODVFR\ODWUDQVLFLyQGH
0RUDOHV%HUP~GH]ODPLJUDFLyQDODVFLXGDGHVGHVERUGyOD
FDSDFLGDGVRFLDOGHO(VWDGR/RVJUHPLRVFRQVHUYDURQVLQHPEDUJR
XQDLPSRUWDQFLDFRPRPHGLRGHSUHVLyQSROtWLFDTXHOHQWDPHQWH
KDEtDQLGRDGTXLULHQGRHQODVGpFDGDVDQWHULRUHV/DLQIODFLyQHO
FUHFLPLHQWRGHVRUGHQDGRGHODEXURFUDFLDHVWDWDO\HOGpILFLWILVFDOVH
XQLHURQDHVWRVIDFWRUHV(OGHVWLQRQDFLRQDOWDQFODURFLHUWR\
OODPHDQWHSDUDODF~SXODGLULJHQWHGH6HQGHUR/XPLQRVRHUDHO
URPSHFDEH]DVGHORVLQWHOHFWXDOHV\ODVXQLYHUVLGDGHV6LQXQDYLVLyQ
FODUDGHSDtVTXHIXHVHFRPSDUWLGDORVSROtWLFRVGHODL]TXLHUGD
PDU[LVWD\HOSHQVDPLHQWROLEHUDOFRPSLWLHURQSRUKDFHUXQGLVHxR
YLDEOHTXHRSRQHUDODYLROHQFLDPDRtVWD$xRVPiVWDUGHHOLQIRUPH
ILQDOGHOD&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQPRVWUDUtD
GHVFDUQDGDPHQWHODVFDXVDV\HOLPSDFWRGHHVWHWHUULEOHSHUtRGRGH
YLROHQFLDHQQXHVWURSDtV
,QIRUPDOLGDG
YLROHQFLD\
JREHUQDELOLGDG
$OEHUWR)ORUHV*DOLQGR
%XVFDQGRXQ,QFDLGHQWLGDG\XWRStDHQ
ORV$QGHV/LPD,QVWLWXWRGH$SR\R
$JUDULR([WUDFWR
VHOHFFLRQDGRSiJV
8WRStDDQGLQD
$OEHUWR)ORUHV*DOLQGR
/LPD
&DWHGUiWLFRGHOD8QLYHUVLGDG&DWyOLFD
)XHXQRGHORVKLVWRULDGRUHVPiV
LQQRYDGRUHVGHODV~OWLPDVGpFDGDV(V
FRQRFLGRSRUHOOLEUR%XVFDQGRXQLQFD
(QHIHFWRHQPiVGHOGHOD
SREODFLyQQDFLRQDOYLYtDHQiUHDVUXUDOHV
(Q HO SRUFHQWDMH GLVPLQX\y D
&DUHWDV
&DSLWXORLQGG
$OEHUWR)ORUHV*DOLQGR
8WRStDDQGLQD
&DUHWDV
&DSLWXORLQGG
TXpQRVSXHGHQGHFLUSDUDHOSUHVHQWH\HO
IXWXUR GHO SDtV ODV FRQFHSFLRQHV TXH VH
UHVXPHQHQODWUDGLFLyQGHODXWRStDDQGL
QD(VDVLGHDVREHGHFHQDOPXQGRGHOD
DUTXHRORJtD GH OR TXH \D HVWi PXHUWR
VXSHUDGR\FRQYHUWLGRHQFRVDV"
/DXWRStDDQGLQDIXHXQDUHVSXHVWDDO
SUREOHPD GH OD LGHQWLGDG SODQWHDGR HQ
ORV $QGHV GHVSXpV GH OD GHUURWD GH
&DMDPDUFD\HOFDWDFOLVPRGHODLQYDVLyQ
HXURSHD /RV PLWRV QR IXQFLRQDURQ
1HFHVLWDURQ HQWHQGHU OD KLVWRULD (VWH
SUREOHPD IXH YLYLGR SRU ORV LQGLRV \ ORV
FDPSHVLQRVTXHSURWDJRQL]DURQODVUHEH
OLRQHV QDWLYLVWDV SHUR WDPELpQ D VX
PDQHUD OR YLYLHURQ HVRV VHFWRUHV GH OD
SREODFLyQ TXH IXHURQ UHFKD]DGRV SRU
HVSDxROHVHLQGLRVORVPHVWL]RVORVYHU
GDGHURV KLMRV GH OD FRQTXLVWD SURGXFWR
GH HVD RUJtD FROHFWLYD TXH IXHURQ ODV
PDUFKDVGHODVKXHVWHVSHUXOHUDV+LMRV
QDWXUDOHVSHUVRQDVLOHJtWLPDV$VXFRQ
GLFLyQ pWQLFD VXPDURQ XQD GLItFLO LQVHU
FLyQ HQ HO PHUFDGR GH WUDEDMR YDJRV
GHVRFXSDGRV PDUJLQDOHV (O HVWHUHRWLSR
ORV LGHQWLILFy FRQ JHQWH SHQGHFLHUD GLV
SXHVWDDFXDOTXLHUUHYXHOWD(QHOVLJOR
;9,HUDQXQDPLQRUtD(QHOVLJOR;9,,,
VHUiQPiVGHOGHODSREODFLyQ(QHO
VLJOR;;HQHO~OWLPRFHQVRHQHO
TXH VH XVDURQ FDWHJRUtDV UDFLDOHV ORV
PHVWL]RV DSDUHFHQ FRQIXQGLGRV FRQ ORV
EODQFRV VLHQGR DPEDV FDWHJRUtDV PiV
GHO GH OD SREODFLyQ QDFLRQDO (V GH
VXSRQHUTXH\DHUDQPiVQXPHURVRVTXH
ORV LQGLRV \ TXH FRQIRUPDEDQ SRU OR
WDQWRODYHUWLHQWHSULQFLSDOGHODSREOD
FLyQ SHUXDQD 8UEDQL]DFLyQ \ PLJUDFLR
QHVKDQVLJQLILFDGRHQHO3HU~LQFUHPHQ
WRGHOPHVWL]DMH3URFHVRGHFKROLILFDFLyQ
FRPRGLUtD9DUDOODQRV
(OSUHGRPLQLRPHVWL]RDSDUHFHDVRFLDGR
WDPELpQFRQODPD\RULWDULDSREODFLyQMXYH
QLO GHO SDtV 3HUR HVR QR VLJQLILFD TXH GHO
VLJOR;9,DODIHFKDORVSUREOHPDVGHLGHQ
WLGDG FROHFWLYD KD\DQ VLGR UHVXHOWRV 0iV
ELHQ OR FRQWUDULR /D FULVLV KDUi TXH ORV
GHVRFXSDGRV\GHVHPSOHDGRVVHDQUHFOXWD
GRV SULQFLSDOPHQWH HQWUH ORV PHVWL]RV
LJXDOTXHDQWHVFDVLSRGUtDPRVGHFLULJXDO
TXHVLHPSUH0HVWL]DMH\MXYHQWXGHVFDVL
OD UHIHUHQFLD UHGXQGDQWH D OD FXHVWLyQ GH
ODLGHQWLGDG
3DUDODVJHQWHVVLQHVSHUDQ]DODXWRStD
DQGLQDHVHOFXHVWLRQDPLHQWRGHHVDKLVWR
ULDTXHORVKDFRQGHQDGRDODPDUJLQDFLyQ
/DXWRStDQLHJDODPRGHUQLGDG\HOSURJUH
VRODLOXVLyQGHOGHVDUUROORHQWHQGLGDFRPR
ODRFFLGHQWDOL]DFLyQGHOSDtV+DVWDDKRUD
HO UHVXOWDGR KD VLGR OD GHVWUXFFLyQ GHO
PXQGR WUDGLFLRQDO VLQ OOHJDU D SURGXFLU
XQDVRFLHGDGGHVDUUROODGD1RIXQFLRQyHO
PRGHOR GH XQD HFRQRPtD H[SRUWDGRUD GH
PDWHULDV SULPDV 3DUHFH GHPDVLDGR WDUGH
SDUD HQVD\DU HO FDPLQR GH 7DLZiQ
(QWRQFHV WDO YH] VyOR TXHGD YROYHU D
PLUDUKDFLDHOLQWHULRUHQGLUHFFLyQDODJUR
\ORVSXHEORVDQGLQRV(OGHVDItRFRQVLVWH
HQLPDJLQDUXQPRGHORGHGHVDUUROORTXH
QRLPSOLTXHODSRVWHUJDFLyQGHOFDPSR\
OD UXLQD GH ORV FDPSHVLQRV \ TXH SRU HO
FRQWUDULR SHUPLWD FRQVHUYDU OD SOXUDOL
GDGFXOWXUDOGHOSDtV5HFRJHUODVWpFQLFDV
WUDGLFLRQDOHV ORV FRQRFLPLHQWRV DVWURQy
PLFRV HO XVR GHO DJXD 3RSXOLVPR"
5RPDQWLFLVPR" 1R VH WUDWD GH WUDVSRQHU
ODVRUJDQL]DFLRQHVGHOSDVDGRDOSUHVHQWH
6LQQHJDUODVFDUUHWHUDVORVDQWLELyWLFRV\
ORVWUDFWRUHVVHWUDWDGHSHQVDUXQPRGHOR
GH GHVDUUROOR GLVHxDGR GHVGH QXHVWURV
UHTXHULPLHQWRV\HQHOTXHQRVHVDFULILTXH
LQ~WLOPHQWH D ODV JHQHUDFLRQHV (O PLWR
TXHUHFODPDED0DULiWHJXL
0LWRFRPRFXDOTXLHUSDODEUDQRWLHQH
$OEHUWR)ORUHV*DOLQGR
8WRStDDQGLQD
&DUHWDV
&DSLWXORLQGG
-RVp0DWRV0DU
'HVERUGHSRSXODU\
FULVLVGHO(VWDGRXQ
QXHYRURVWURGHO3HU~
HQODGpFDGDGH
-RVp0DWRV0DU
$\DFXFKR
$QWURSyORJRFRUDFRUHxRIXQGDGRUGHO
,QVWLWXWRGH(VWXGLRV3HUXDQRV)XHHOSLRQHUR
GHORVHVWXGLRVGHPLJUDQWHVD/LPD\GHOD
IRUPDFLyQGHODVEDUULDGDVHQGLFKDFLXGDG
'HOGHODSREODFLyQFRQVLGHUDGDFRPR
VHFWRUHV SRSXODUHV FDVL HO UDGLFD HQ
EDUULDGDVHQFXHVWD,(3XQHQXUEDQL
]DFLRQHVSRSXODUHV&HQVR\XQHQ
WXJXULRVFDOOHMRQHV\FRUUDORQHV3ODQGHPHW
(VWR VLJQLILFD TXH OD EDUULDGD HQ OR
XUEDQR FRQVWLWX\H HO DVHQWDPLHQWR PD\RUL
WDULRGHORVVHFWRUHVSRSXODUHV
(QORV~OWLPRVDxRVSHUtRGRTXHYDGH
D VX FUHFLPLHQWR KD VLGR VRU
SUHQGHQWH$VtHQHQTXHUHDOL]DPRV
HOSULPHUFHQVRJHQHUDOFRQORVDOXPQRVGH
OD 8QLYHUVLGDG 1DFLRQDO 0D\RU GH 6DQ
0DUFRVVHUHJLVWUyXQWRWDOGHTXHFRQ
FHQWUDEDKDELWDQWHVGHOWRWDO
GH OD SREODFLyQ GH /LPD 0HWURSROLWDQD
HVWLPDGD HQ HVH HQWRQFHV HQ
KDELWDQWHV 3UiFWLFDPHQWH VH GXSOLFy D
KDELWDQWHV HQ (Q
ORJUDURQFRQFHQWUDUKDELWDQ
WHV(O~OWLPRFHQVRGHGLRXQ
WRWDO GH TXH DOEHUJDEDQ D
KDELWDQWHV$ILQHVGHFXDQGR
DSOLFDPRV FRQ XQ HTXLSR GHO ,QVWLWXWR GH
(VWXGLRV3HUXDQRVXQDHQFXHVWDDGLULJHQ
WHV \ SREODGRUHV DQWLJXRV GH ODV EDUULDGDV
GH /LPD UHYHOy TXH HO Q~PHUR GH SXHEORV
MyYHQHV KDEtD OOHJDGR D FRQ
&DUHWDV
&DSLWXORLQGG
&DUHWDV
-RVp0DWRV0DU
'HVERUGHSRSXODU\FULVLVGHO(VWDGRXQQXHYRURVWURGHO3HU~HQODGpFDGDGH
&DUHWDV
&DSLWXORLQGG
HVWLORVGHFXOWXUDRSFLRQHVHFRQyPLFDVVLV
WHPDVGHRUJDQL]DFLyQ\FUHDQGRODVEDVHV
GH XQD QXHYD LQVWLWXFLRQDOLGDG TXH VH
H[SDQGH HQFRQWUDQGR HVFDVDV UHVLVWHQFLDV
HQWUH ORV UHVTXLFLRV GH ODV HVWUXFWXUDV RIL
FLDOHVGHVERUGDQGRVLQSXGRUHVORVOtPLWHV
GHODOHJDOLGDGFDGDYH]TXHpVWRVVHRSRQHQ
FRPRREVWiFXORV
3DUDODLQPHQVDFRUULHQWHPLJUDWRULD
GHODVGpFDGDVSDVDGDVKDUHGXFLGRVXYROX
PHQ\HOIHQyPHQRGHGHVSOD]DPLHQWRGHPR
JUiILFRFRPLHQ]DDSHUGHULPSRUWDQFLDFRPR
WDO/DVFRQVHFXHQFLDVGHHVWHSURFHVRSDUDOD
YLGDGHODFDSLWDOHPSLH]DQVLQHPEDUJRD
PDQLIHVWDUVH HQ IRUPD GUDPiWLFD /LPD VH
KDFRQYHUWLGRHQHVFHQDULRGHXQPDVLYRGHV
ERUGHSRSXODU(VWHGHVERUGHOOHYDHOVHOORGH
ODFRPSRVLFLyQGRPLQDQWHDQGLQDGHVXQXHYD
SREODFLyQ TXH SUR\HFWD VXV HVWLORV /LPD
PXHVWUD \D XQ QXHYR URVWUR \ FRPLHQ]D D
SHUILODUXQDQXHYDLGHQWLGDG
(O&HQWURGH/LPDODOODPDGD/LPDFXD
GUDGDYLUUHLQDOKDYHQLGRFULVWDOL]DQGRHVH
QXHYRURVWURGHVGHODGpFDGDGH6HKD
KHFKR DMHQR SRU YH] SULPHUD HQ QXHVWUR
SURFHVRKLVWyULFRDORVVHFWRUHVRSXOHQWRV\
PHGLRV6XVFDOOHVDGTXLHUHQHODVSHFWRGH
IHULDVSURYLQFLDQDVSRUHOGLVFXUULUGHPXO
WLWXGHVTXHODVFRSDQ6XVP~OWLSOHVVHUYL
FLRV VRQ PD\RULWDULDPHQWH XWLOL]DGRV SRU
HVWRVQXHYRVSHUVRQDMHVSRSXODUHV\HOVHF
WRUGHHFRQRPtDFRQWHVWDWDULDWLHQHHQHOOD
VXQ~FOHRGHDFFLyQPiVLPSRUWDQWH/DSUH
VHQFLDGHORVSULQFLSDOHVFHQWURVGHSRGHUGH
OD HOLWH WUDGLFLRQDO FRPR HO 3DODFLR GH
*RELHUQROD0XQLFLSDOLGDGOD&DWHGUDOORV
%DQFRV \ FHQWURV FRPHUFLDOHV TXHGD FRPR
IRQGRGHFRQWUDVWHFRQHOHVWLORTXHLPSRQHQ
HVWDV PXOWLWXGHV SRSXODUHV /D LUUDGLDFLyQ
GH HVWH QXHYR URVWUR GHO FRUD]yQ GH /LPD
TXH HVWi DKRUD PiV WHxLGR GH DQGLQR TXH
QXQFD\TXHERUUDODID]KLVSiQLFDFRPLHQ
]DDH[SDQGLUVHVHJPHQWDULDPHQWHDGLVWUL
WRV FRPR 6DQ %RUMD /D 9LFWRULD %UHxD
-HV~V0DUtD/LQFH3XHEOR/LEUH0DJGDOHQD
\D~Q6DQ,VLGUR\0LUDIORUHV
1XHYRV IHQyPHQRV FRQFXUUHQ D DOWHUDU
QR VyOR HO URVWUR GH OD YLHMD \ WUDGLFLRQDO
FLXGDGVLQRGHWRGDHOiUHDPHWURSROLWDQD
+D\QXHYRVFHQWURVGHJUDYHGDGFRPRORV
UHSUHVHQWDGRV SRU ORV JUDQGHV ED]DUHV
FDOOHMHURV TXH GLVWULEX\HQ PHUFDGHUtDV \
SURGXFWRV HQ 3ROYRV $]XOHV \ $PD]RQDV
(PDQFLSDFLyQ$EDQFD\ OD $YHQLGD *UDX
HO 0HUFDGR &HQWUDO HO -LUyQ *DPDUUD OD
$YHQLGD$YLDFLyQHQ6DQ%RUMDOD'LDJRQDO
GH0LUDIORUHVORVPHUFDGRV\SDUDGLWDVGH
&LXGDG GH 'LRV \ &RPDV OD 3DUDGD
&DTXHWi \ RWURV PXFKRV GHVSDUUDPDGRV
SRU GRTXLHU ORV SDUTXHV \ iUHDV YHUGHV
LQXQGDGRV GH VHFWRUHV SRSXODUHV ORV GtDV
IHVWLYRV ORV FDOYDULRV \ DSDFKHWDV HQ ODV
HQFUXFLMDGDV TXH RUJDQL]DQ HO HVSDFLR
DQGLQRWUDVODGDGRD/LPDORVVDQWXDULRV\
FHPHQWHULRVFODQGHVWLQRVHQEDUULDGDVORV
P~OWLSOHV OXJDUHV GRPLQLFDOHV GH UHXQLyQ
GHODVDVRFLDFLRQHVGHSURYLQFLDQRV
/D LQPHQVD JUDYLWDFLyQ DGTXLULGD HQ
/LPDSRUORDQGLQRSRUFDXVDGHODPLJUD
FLyQ DIHFWD \ PRGLILFD QR VRODPHQWH DO
DVSHFWRItVLFRGHODFDSLWDOVLQRWDPELpQVXV
IRUPDVGHFXOWXUD\VXVRFLDELOLGDG
(Q OD FRQVWUXFFLyQ GH FDVDV \ VHUYLFLRV
YHFLQDOHVDOWLHPSRTXHVHH[WLHQGHQUDVJRV
DUTXLWHFWyQLFRVTXHGHULYDQGHPRGHORVPiV
VHUUDQRV TXH HXURSHRV FRPR HO WHFKR D GRV
DJXDV\ODWHMDVHSUDFWLFDHQIRUPDFUHFLHQWH
VLVWHPDV GH UHFLSURFLGDG FRPR OD PLQND
&HUHPRQLDVDVRFLDGDVDODFRQVWUXFFLyQDQGL
QDGHYLYLHQGDVVHGLIXQGHQ\DGRSWDQIRUPD
XUEDQDHOWHFKDGRGHFDVDV\HGLILFLRVVHFHOH
'HVERUGHSRSXODU\FULVLVGHO(VWDGRXQQXHYRURVWURGHO3HU~HQODGpFDGDGH
&DUHWDV
&DSLWXORLQGG
(VWDSUHVHQFLDDQGLQDHQHOPHGLRXUEDQR
FRQVWLWX\HSDUWHGHOQXHYRURVWURQRVyORGHOD
PHWUySROL OLPHxD VLQR WDPELpQ GHO SDtV HQ
FRQMXQWR/DLQRUJDQLFLGDGHQTXHVHH[SDQ
GHODHVSRQWDQHLGDGFUHDWLYLGDG\DFRPRGR
GH OR VHUUDQR VH LPSRQHQ FRPR ORV VLJQRV
GRPLQDQWHVGHXQLQWHQWRPDVLYRGHORVVHF
WRUHV SRSXODUHV SRU FRQTXLVWDU XQ HVSDFLR
VRFLDOPiVDFRUGHFRQDXWpQWLFRVYDORUHVTXH
KDVWDDKRUDQRSXGLHURQLPSULPLUXQDWyQLFD
GHLGHQWLGDGSHUXDQD
/DFRQVROLGDFLyQ\DYDQFHGHODQXHYDFXO
WXUDSDQSHUXDQDHQIRUPDFLyQHQORVVHFWR
UHVSRSXODUHVGHODFDSLWDORIUHFHHOFRQWH[WR
SDUDXQSURFHVRGHDOFDQFHPD\RU/DVPDVDV
PLJUDQWHVGHODVGpFDGDVGH\FRQ
VHUYDEDQ D~Q OD SDVLYLGDG FDPSHVLQD
4XLVLHURQVHJXLUGHSHQGLHQGRGHODEHQHYR
OHQFLDDVLVWHQFLDO\SDWHUQD$QLPDGRVSRUOD
HXIRULDGHOFUHFLPLHQWRHFRQyPLFRHO(VWDGR
\HOHVWDEOHFLPLHQWRSROtWLFRDVXPLHURQXQURO
SURWHFWRUPRVWUDQGRLQWHUpVDYHFHVVLQFHUR
D YHFHV PHUDPHQWH PDQLSXODWRULR SRU HO
ELHQHVWDU \ SURPRFLyQ GH OD SREODFLyQ GH
EDUULDGDV /D LGHRORJtD SDUWLFLSDFLRQLVWD GH
ORV DxRV YHODVTXLVWDV \ ODV PDVLYDV FDPSD
xDVGHFRQFLHQWL]DFLyQJHQHUDURQXQDPRYL
OL]DFLyQTXHIXHWROHUDGDVyORHQODPHGLGD
HQTXHDFHSWyHOFRQWUROGHODF~SXOD/DFRQ
FLHQWL]DFLyQ QR DOFDQ]y D SURPRYHU XQD
QXHYD HVWUXFWXUD SHUR LQWURGXMR SDWURQHV
SDUDXQDQXHYDRULHQWDFLyQGHFRQGXFWD
/DFULVLVGHO(VWDGRSUHFLSLWDGDGHVGHORV
FRPLHQ]RV GHO VHJXQGR JRELHUQR SRSXOLVWD
SURYRFy XQD UHWUDFFLyQ DFHOHUDGD GH OD SUH
VHQFLDGHODVLQVWLWXFLRQHVGHJRELHUQRHQODV
EDUULDGDV \ EDUULRV SRSXODUHV /D JUDGXDO
VXVSHQVLyQGHREUDVS~EOLFDVHOGHWHULRURGH
VHUYLFLRVHOGHUUXPEHGHOSUR\HFWRGHVLVWH
PDDVLVWHQFLDOODGHVRFXSDFLyQODGHELOLGDG
\FRUUXSFLyQGHODVIXHU]DVSROLFLDOHVODLQHIL
-RVp0DWRV0DU
FDFLDGHOVLVWHPDMXGLFLDOORVDOWRVFRVWRVGH
ODHGXFDFLyQJHQHUDURQXQYLFLRTXHODVPXO
WLWXGHVPRYLOL]DGDVRULHQWDGDVSRUORVYDOR
UHV GH OD FXOWXUD SURYLQFLDQD WUDVSODQWDGD
KDQWUDWDGRGHOOHQDUSRUVXSURSLDFXHQWD
/RV FDQDOHV DELHUWRV SRU OD SULPHUD FULVLV
PHWURSROLWDQDODLQYDVLyQ\FDSWXUDGHQXH
YRVHVSDFLRVKDQFRPHQ]DGRDDEULUHOSDVRD
XQD QXHYD PDUHD HFRQyPLFD \ VRFLDO 'HO
PLVPRPRGRTXHDQWHVVHWUDWDEDGHREWHQHU
XQSHGD]RGHWHUUHQR\XQDFDVDSUR\HFWDQGR
\DGDSWDQGRODVHVWUDWHJLDVGHODOXFKDFRPX
QLWDULD\VLQUHSDURSRUOH\HV\IRUPDOLGDGHV
DMHQDV DO SURSLR PXQGR DKRUD VH WUDWD GH
VREUHYLYLU\DOFDQ]DUVHJXULGDGSRUYtDVGHOD
SURSLD LQLFLDWLYD LQGLYLGXDO R FROHFWLYD VLQ
WRPDUHQFXHQWDORVOtPLWHVLPSXHVWRVSRUODV
OH\HV\QRUPDVRILFLDOHV
6LQ JUDYHV FRQIOLFWRV FRQ HO VLVWHPD GH
DGPLQLVWUDFLyQ GH REUDV \ VHUYLFLRV ODV
SREODFLRQHVVHRUJDQL]DQHVSRQWiQHDPHQWH
SDUDODVROXFLyQGHVXVSUREOHPDVGHDJXD
DOXPEUDGRGHDVIDOWDGRRGHORFDOHVS~EOL
FRV(QWUDQGRHQODSHQXPEUDGHODOHJDOL
GDGFRPSHQVDQHODOWRFRVWRHLQHILFDFLDGH
ORV VHUYLFLRV PpGLFRV \ GH OD VDOXEULGDG
DFXGLHQGRHQQ~PHURFDGDYH]PD\RUDORV
FRQVXOWRULRV GH FXUDQGHURV \ KHUERODULRV
7UDQVJUHGLHQGR ORV OtPLWHV GH OD UHOLJLRVL
GDGWUDGLFLRQDOHQFXHQWUDQIRUPDVGHOLEH
UDUVH GH OD WXWHOD GH ODV DXWRULGDGHV HFOH
VLiVWLFDVPXOWLSOLFDQGRORVJUXSRVFDWyOLFRV
SHQWHFRVWDOHVHQORVTXHGHVDSDUHFHODGLV
WLQFLyQHQWUHFOpULJR\ODLFRRFRQVWLWX\HQGR
LJOHVLDV HYDQJpOLFDV GH IyUPXOD SURSLD HQ
WRGDVODVFXDOHVODHVWUXFWXUDDVDPEOHtVWD\
VROLGDULD RIUHFH XQ VXVWLWXWR GH OD LQWHQVD
FDOLGDGUHODFLRQDOGHODVFRPXQLGDGHVFDP
SHVLQDV 9LRODQGR ODV QRUPDV GHO VHFWRU
(GXFDFLyQPXOWLSOLFDQHVFXHODVDFDGHPLDV
\ FHQHFDSHV FODQGHVWLQRV TXH RIUHFHQ LQV
WUXFFLyQ YDULDGD D EDMR SUHFLR 5RPSLHQGR
'HVERUGHSRSXODU\FULVLVGHO(VWDGRXQQXHYRURVWURGHO3HU~HQODGpFDGDGH
WRPyHQSRVHVLyQODV]RQDVSHULIpULFDVGHOD
YLHMDFDSLWDODKRUDHOHVWLORFRQWHVWDWDULRJHV
WDGRHQHVDV]RQDVDYDQ]D\WRPDSRVHVLyQ
GH WHUULWRULRV ItVLFRV FXOWXUDOHV VRFLDOHV \
HFRQyPLFRV RWURUD UHVHUYDGRV D ODV FODVHV
PHGLDV \ DOWDV $QWH HVWH DYDQFH HOODV VH
UHWLUDQ\HQFLHUUDQHQUHGXFWRVQXHYRV\FDGD
YH] PiV H[FOXVLYRV SHUR WDPELpQ FHGHQ
WHUUHQRVHGHMDQSHQHWUDU\HQFDVRVWHUPL
QDQ DVXPLHQGR DFWLYDPHQWH ORV QXHYRV
SDWURQHVGHFRQGXFWD
(Q HO FRQIURQWDPLHQWR LQHYLWDEOH GH ORV
PXQGRVGHODRILFLDOLGDG\HOGHODVPD\RUtDV
TXHWUDMRODPXOWLSOLFDFLyQGHORVFRQWDFWRVHO
PXQGR GH OR IRUPDO GH OD YLHMD LGHQWLGDG
XUEDQDFULROODGLVSRQHWRGDYtDGHORVLQVWUX
PHQWRVPiVSRWHQWHV\PDVLYRVGHO(VWDGR\
GHOFRQWUROGHORVFDQDOHVRItFLDOHVGHODHFRQR
PtDODVRFLHGDG\ODFXOWXUD3HURKDGHELGR
VRPHWHUVH D OD LQIDWLJDEOH \ PXOWLWXGLQDULD
ODERUGH]DSDGHPLOORQHVGHSDUWLFLSDQWHVHQ
OD RWUD VRFLHGDG (O SURJUDPD LPSOtFLWR GH
DVLPLODFLyQ SRU HO 'HVDUUROOR KD UHVXOWDGR
LPSUHYLVLEOHPHQWHVRPHWLGRDDOWHUDFLyQSRU
HOGHVDUUROORHVSRQWiQHRGHORVVHFWRUHVSRSX
ODUHVTXHLQWHQWDFRQIXHU]DGHPDVDVLPSR
QHUVXVSURSLDVFRQGLFLRQHV
(O3HU~FRQWHPSRUiQHR\DQRVHSUHVHQWD
FRPRXQDUFKLSLpODJRWHUULWRULDOGHHQFODYHV
XUEDQRVGHODRILFLDOLGDGPiVRPHQRVDLVOD
GRVHQXQLQPHQVRKLQWHUODQGGHPDUJLQDOL
GDGUXUDO/LPD\DQRHVH[FOXVLYDPHQWHOD
FDSLWDO UHGXFWR GH OR FULROOR \ OR PHVWL]R
PRQRSROL]DQGRHOSRGHU\ODLGHQWLGDG+R\
GtDKDYHQLGRDFRQYHUWLUVHHQXQPLFURFRV
PRVGHOPDFURFRVPRVQDFLRQDO(QXQHVSD
FLR PD\RULWDULDPHQWH GRPLQDGR SRU OD SUH
VHQFLDPLJUDQWHGHUHSUHVHQWDQWHVGHWRGDOD
SOXUDOLGDG\PXOWLSOLFLGDGGHVLWXDFLRQHVTXH
FRQILJXUD HO SDtV GRQGH ORV UHGXFWRV GH OD
YLHMD GRPLQDQFLD VH UHWUDHQ RFXSDQGR XQ
&DUHWDV
&DUHWDV
&DSLWXORLQGG
+HUQDQGRGH6RWR
QHOSHUtRGRTXHPHGLDHQWUHOD6HJXQGD
*XHUUD 0XQGLDO \ QXHVWURV GtDV HO
3HU~KDH[SHULPHQWDGRHOFDPELRPiV
SURIXQGRGHVXKLVWRULDUHSXEOLFDQD
(VH FDPELR QR VH KD SURGXFLGR FRPR
XQKHFKR~QLFRQLGHOLEHUDGRVLQRFRPR
OD VXFHVLyQ GH PLOORQHV GH DFWRV TXH
LEDQWUDQVPXWDQGRSDXODWLQDPHQWHXQ
RUGHQTXHSDUHFtDLQFRQPRYLEOH
/D FLXGDG SHUXDQD KD GHMDGR GH VHU HO
SHTXHxR OXJDU IDPLOLDU TXH WRGRV FRQRFtDQ
SDUDWUDQVIRUPDUVHHQXQDSRSXORVDPHWUySROL
LPSHUVRQDOGHEDUULRVQXHYRV\GHVFRQRFLGRV
(ORWURVHQGHURODUHYROXFLyQLQIRUPDO
/LPD,QVWLWXWR/LEHUWDG\'HPRFUDFLD
([WUDFWRVVHOHFFLRQDGRVSiJV
(ORWURVHQGHUROD
UHYROXFLyQLQIRUPDO
+HUQDQGRGH6RWR
$UHTXLSD
(VXQRGHORVJUDQGHVGHIHQVRUHVGHO
OLEHUDOLVPRHFRQyPLFRHQODV~OWLPDV
GpFDGDV3URSXJQDODUHGXFFLyQGHORV
FRQWUROHVGHO(VWDGRSDUDHOGHVDUUROORGH
ODHFRQRPtDSULYDGDHQORTXHYHOD
FODYHGHOGHVDUUROOR
(QORV~OWLPRVFXDUHQWDDxRVODPLJUDFLyQ
LQGtJHQDKDKHFKRTXHODSREODFLyQXUEDQDVH
TXLQWXSOLTXH\TXHQHFHVDULDPHQWHODFLXGDG
VH UHRUJDQLFH +DQ DSDUHFLGR DVt QXHYDV
DFWLYLGDGHVTXHSRFRDSRFRYLHQHQUHHPSOD
]DQGRDODVWUDGLFLRQDOHV9LYLHQGDVPRGHVWDV
DSLxDGDVHQWRUQRDODFLXGDGXQDPXOWLWXG
GH WDOOHUHV LQVWDODGRV HQ pVWDV HMpUFLWRV GH
DPEXODQWHVYHQGLHQGRHQODVFDOOHVHLQFRQWD
EOHV OtQHDV GH PLFUREXVHV VXUFiQGRODV SDUH
FHQKDEHUEURWDGRGHODQDGDHQVDQFKDQGR\
GHQVLILFDQGR HO HVSDFLR XUEDQR 7RGRV ORV
GtDVKXPRV\RORUHVGLYHUVRVGHODVIULWXUDV
TXHVHFRFLQDQHQODVFDOOHVQRVOOHJDQPH]FOD
GRVFRQWRQDGLWDVDQGLQDVTXHQRVHVDEHGH
GyQGHSURYLHQHQ8QDOHJLyQGHPDHVWULWRV
DUULEDLQFHVDQWHPHQWHFRQVXVKHUUDPLHQWDV
EDMRHOEUD]R\SURYRFDXQLQFUHPHQWRFRQVL
GHUDEOHGHODVDFWLYLGDGHVTXHSXHGHQGHVD
UUROODUVH HQ OD FLXGDG $GDSWDFLRQHV FULROODV
LQJHQLRVDV KDQ EHQHILFLDGR OD SURGXFFLyQ R
SUHVWDFLyQ GH ELHQHV R VHUYLFLRV LQGLVSHQVD
EOHV OOHJDQGR D WUDQVIRUPDU UDGLFDOPHQWH
FLHUWDViUHDVGHODPDQXIDFWXUDODGLVWULEX
FLyQPLQRULVWDODFRQVWUXFFLyQ\HOWUDQVSRU
WH (O GHVLHUWR \ ORV FHUURV TXH URGHDQ ODV
FLXGDGHVKDQGHMDGRGHVHUXQSDLVDMHSDVLYR
&DUHWDV
(ORWURVHQGHURUHYROXFLyQLQIRUPDO
SDUDLQFRUSRUDUVHDHOODV(OHVWLORHXURSHtVWD
TXHODVFDUDFWHUL]yKDGDGRSDVRDXQDSHUVR
QDOLGDGFREUL]D\WXPXOWXRVD
3HURDOPLVPRWLHPSRODFLXGDGKDLQGL
YLGXDOL]DGRDVXVKDELWDQWHV+DFRPHQ]D
GRDSUHGRPLQDUHOHVIXHU]RSHUVRQDOVREUH
HOFROHFWLYR+DQVXUJLGRQXHYRVHPSUHVD
ULRVTXHDGLIHUHQFLDGHORVWUDGLFLRQDOHV
VRQ GH RULJHQ SRSXODU +D DXPHQWDGR OD
PRYLOLGDGYHUWLFDOGHODVSHUVRQDV6HKDQ
DOWHUDGRORVSDWURQHVGHFRQVXPR\ORVJXV
WRVVHOHFWRV\VXQWXDULRVGHODYLHMDVRFLH
GDGXUEDQDKDQVLGRGHVSOD]DGRVSRURWURV
PiVH[WHQGLGRV(QPDWHULDGHHVSHFWiFX
ORV SRU HMHPSOR VH KD UHHPSOD]DGR D OR
ODUJR GH ORV DxRV OD ySHUD HO WHDWUR \ OD
]DU]XHODSRUHOFLQHHOI~WEROORVIHVWLYDOHV
IRONOyULFRV \ ILQDOPHQWH OD WHOHYLVLyQ (Q
JHQHUDOORPLVPRKDVXFHGLGRFRQDTXHOORV
FRQVXPRVTXHODFRQFHQWUDFLyQGHPRJUiIL
FD KD SXHVWR DO DOFDQFH GH WRGRV WDOHV
FRPRODFHUYH]DHODUUR]\ODVDOGHPHVD
2WURV GH FRQVXPR PiV VHOHFWR FRPR ORV
YLQRV \ ODV FDUQHV KDQ GHFDtGR SURSRUFLR
QDOPHQWHDORODUJRGHHVWDVGpFDGDV
7DPELpQHQHODVSHFWRUHOLJLRVRHO3HU~KD
H[SHULPHQWDGR FDPELRV VLJQLILFDWLYRV (O
FDWROLFLVPRLGHQWLILFDGRFRQHORUGHQWUDGLFLR
QDOKDSHUGLGRWHUUHQRIUHQWHDQXHYDVFRQ
IHVLRQHVFRPRODVSURWHVWDQWHVFDULVPiWLFDV
\ PiV UHFLHQWHPHQWH H[SUHVLRQHV YHUQDFX
ODUHV \ VLQFUpWLFDV FRPR OD $VRFLDFLyQ
(YDQJpOLFDGHOD0LVLyQ,VUDHOLWDGHO1XHYR
3DFWR 8QLYHUVDO 6DQWLWDV \ EHDWLWDV GH
RULJHQSRSXODU\QRUHFRQRFLGDVSRUOD,JOHVLD
FRPR OD 0HOFKRULWD R 6DULWD &RORQLD HVWiQ
GHVSOD]DQGR HQ OD GHYRFLyQ ORFDO D 6DQWD
5RVDGH/LPD\RWURVVDQWRVWUDGLFLRQDOHV
7RGRHOORFRQVWLWX\HXQDQXHYDLGHQWLGDG
FXOWXUDOTXHUHFODPDYHUVHUHWUDWDGDVRFLDO
&DUHWDV
&DSLWXORLQGG
+HUQDQGRGH6RWR
PHQWH(OVXUJLPLHQWRGHODP~VLFDFKLFKD
TXHWLHQGHDUHHPSOD]DUDOIRONORUHDQGLQR\
DODP~VLFDFULROOD\HOWULXQIRGHGHWHUPLQD
GDV IRUPDV GH FRPXQLFDFLyQ SURJUDPDV
UDGLDOHVRWHOHQRYHODVTXHVHUHILHUHQRUHIOH
MDQSDUWHVGHILQLGDVGHHVWDQXHYDLGHQWLGDG
HMHPSOLILFDQFODUDPHQWHHOFDPELRSURGXFLGR
/DVSiJLQDVVRFLDOHV\ORVHVSDFLRVWHOHYLVLYRV
GHGLFDGRVDPRVWUDUODIRUPDGHYLGDGHODV
FODVHVDOWDVKDQLGRJUDGXDOPHQWHGHVDSDUH
FLHQGR3ULPDQDKRUDODVFUyQLFDVSROLFLDOHV\
ORV SURJUDPDV GH GLYHUVLyQ SRSXODU TXH ORV
QRVWiOJLFRVFDOLILFDQGHKXDFKDIRV
3DUDOHODPHQWH OD JHQWH KD FRPHQ]DGR D
LQYHUWLUPiVHQVXSUHSDUDFLyQ6HKDLQFUH
PHQWDGRQRWDEOHPHQWHODSDUWLFLSDFLyQSRSX
ODUHQODHGXFDFLyQVHFXQGDULD\VXSHULRU\
KDQSUROLIHUDGRWRGRJpQHURGHDFDGHPLDVH
LQVWLWXWRV TXH EULQGDQ IRUPDFLyQ EDUDWD \
SUiFWLFDHQODVPiVGLYHUVDVPDWHULDV\TXH
IXQFLRQDQHQORTXHIXHURQDQWHVODVPDQVLR
QHVGHODDULVWRFUDFLD
/DV FODVHV DOWDV KDQ GHVFXELHUWR TXH GH
XQWLHPSRDHVWDSDUWHHQUHVWDXUDQWHVSOD
\DVDYLRQHVGLUHFWRULRV\KDVWDHQ3DODFLRGH
*RELHUQR WLHQHQ TXH FRGHDUVH FRQ JHQWH GH
RULJHQSRSXODU3RUHOORHQPXFKRVFDVRVKDQ
RSWDGRSRUUHFOXLUVHHQVXFDGDYH]PiVUHGX
FLGRPXQGR\FRQVRODUVHFRQODDxRUDQ]DGH
XQWLHPSRTXHWHUPLQy([LVWHJHQWHTXHVH
DWULQFKHUD HQ H[FOXVLYRV EDUULRV UHVLGHQFLD
OHV IUHFXHQWD FOXEHV TXH QR SDUHFHQ KDEHU
VLGR WRFDGRV SRU HO WLHPSR WUDQVLWD HQ OD
PHGLGDGHORSRVLEOHSRUDYHQLGDVDUERODGDV
\PDQWLHQHFRVWXPEUHVTXHODOOHYDQDXQD
VHJUHJDFLyQVRFLDO\UDFLDOGHIDFWR
WHVHQHODJURFRPHQ]yDWUDVODGDUVHKDFLDODV
FLXGDGHV DOWHUDQGR SRU FRPSOHWR OD ODUJD
WHQGHQFLD KLVWyULFD TXH OD KDEtD PDQWHQLGR
DLVODGD&RPR\DKHPRVYLVWRHQHOSHULRGR
TXH PHGLD HQWUH \ OD SREODFLyQ
XUEDQD FDVL VH TXLQWXSOLFD GH PLOORQHV
SDVD D HQ WDQWR TXH OD UXUDO DSHQDV
DXPHQWDHQXQWHUFLRGHDPLOORQHV
$VtPLHQWUDVTXHHQODUXUDOFRQVWLWXtD
HO GH OD SREODFLyQ WRWDO \ OD XUEDQD HO
HQHVWRVSRUFHQWDMHVVHLQYLHUWHQ
(VWR VLJQLILFD VHQFLOODPHQWH TXH HQ
GRVGHFDGDWUHVSHUXDQRVYLYtDQHQHOFDPSR
\ TXH HQ FDPELR HQ GRV GH FDGD WUHV
YLYHQHQODVFLXGDGHV
6LVHWRPDHQFRQVLGHUDFLyQDGLFLRQDO
PHQWHTXHHQODSREODFLyQUXUDOHUD
HOGHOWRWDO\ODXUEDQD~QLFDPHQWHHO
\TXHKDFLDODSREODFLyQFDPSH
VLQD VHJXtD VLHQGR HO IUHQWH DO
TXHHVWDEDHQODVFLXGDGHVUHVDOWDUiD~Q
PiVODUDGLFDOLGDGGHOFDPELRRFXUULGRHQ
ORV ~OWLPRV DxRV 6H KD LQYHUWLGR HO
KLVWyULFRSUHGRPLQLRUXUDOGHODSREODFLyQ
HQ IDYRU GH ORV FHQWURV SREODGRV VH KD
PRGLILFDGR VXVWDQFLDOPHQWH ODV FRQGLFLR
QHV GHO KiELWDW GH ORV SHUXDQRV \ VH KD
SDVDGRGHXQDFLYLOL]DFLyQDJUtFRODDXQD
FLYLOL]DFLyQXUEDQD
(QWpUPLQRVJHQHUDOHVHOSURFHVRGHXUED
QL]DFLyQ SHUXDQR VH GHVHQFDGHQy FRQ ODV
JUDQGHV PLJUDFLRQHV GHO FDPSR D OD FLXGDG
TXHVLELHQFRPHQ]DURQXQSRFRDQWHVHVWiQ
UHJLVWUDGDV SRU ODV HVWDGtVWLFDV QDFLRQDOHV
GHVGH$VtHQHOFDVRGH/LPDHQWUHHVH
DxR\ORVPLJUDQWHVKDQDXPHQWDGR
YHFHVGHD
/DVPLJUDFLRQHV
7RGRVHVWRVFDPELRVHPSH]DURQFXDQGROD
JHQWHTXHYLYtDHQFRPXQLGDGHVDXWRVXILFLHQ
6LQHPEDUJRHODSRUWHGHODPLJUDFLyQDO
FUHFLPLHQWRGHODFDSLWDOHVVXSHULRUDOQ~PH
UR GH ORV PLJUDQWHV PLVPRV SRUTXH VXV
(ORWURVHQGHURUHYROXFLyQLQIRUPDO
PHQWHORVGHODVLHUUDD/LPD(QODOHJLVOD
WXUD VXEVLJXLHQWH HO GLSXWDGR 6DORPyQ
6iQFKH] %XUJD IRUPXOy XQ SHGLGR FRQ
$FXHUGRGH&iPDUDSDUDFUHDUXQSDVDSRUWH
GHLQJUHVRFRPRREOLJDFLyQGHORVSURYLQFLD
QRVTXHTXLVLHVHQHQWUDUDODFDSLWDO7RGRV
HVWRV SUR\HFWRV IUDFDVDURQ R IXHURQ GHVHVWL
PDGRV SHUR LQGLFDQ TXH \D GHVGH HQWRQFHV
H[LVWtD XQD FODUD YROXQWDG GH QHJDUOHV HO
DFFHVRDODFLXGDG
1R HUD H[WUDxR SRU OR GHPiV TXH HVWRV
SROtWLFRVUHDFFLRQDUDQDVt'HVGHVXVRUtJHQHV
OD FLXGDG HQ HO 3HU~ KDEtD VLGR XQ FHQWUR
DGPLQLVWUDWLYR\UHOLJLRVRTXHUHSUHVHQWyOD
DPELFLyQ GH RUGHQDU XQ WHUULWRULR VDOYDMH \
DJUHVWH/DFLXGDGVXUJLyFRPRXQDUHSUHVHQ
WDFLyQGHOFRVPRVGHQWURGHOFDRV'HDKtTXH
VXVKDELWDQWHVKHUHGHURVGHODDQWLJXDWUD
GLFLyQ DQGLQRHVSDxROD QR KD\DQ SRGLGR
VHQWLUPiVTXHKRUURUIUHQWHDODPLJUDFLyQ
FDPSHVLQDSRUTXHHOFDRVHVWDEDLQYDGLHQGR
SRUILQVXFRVPRV
3RUDxDGLGXUDFDGDSHUVRQDTXHPLJUD
DODFDSLWDOHVGHDOJXQDPDQHUDXQFRP
SHWLGRUSRWHQFLDOGHTXLHQHV\DODKDELWDQ
6LUHFRQRFHPRVTXHH[LVWHXQDQDWXUDOWHQ
GHQFLD D WUDWDU GH HYLWDU OD FRPSHWHQFLD
UHVXOWD WDPELpQ H[SOLFDEOH HO UHFHOR TXH
VXVFLWyODPLJUDFLyQ
(OORQRREVWDQWHODPD\RUKRVWLOLGDGTXH
HQFRQWUDURQ ORV PLJUDQWHV IXH OD LQVWLWXFLR
QDOLGDGOHJDOYLJHQWH+DVWDHVHPRPHQWRHO
VLVWHPD VH KDEtD KDELWXDGR D DEVRUEHU R
LJQRUDU D UHGXFLGRV JUXSRV GH PLJUDQWHV
RSHUDFLyQ SHUIHFWDPHQWH SRVLEOH SRUTXH HO
SHTXHxR JUXSR LQYROXFUDGR GLItFLOPHQWH
SRGUtDKDFHUWDPEDOHDUDOVWDWXTXR$OFUH
FHUHOQ~PHURGHPLJUDQWHVVLQHPEDUJRHO
VLVWHPDQRSXGRFRQWLQXDUGHQWURGHWDOLQHU
FLD/OHJDGRVpVWRVDODFLXGDGVHSHUFDWDURQ
&DUHWDV
&DSLWXORLQGG
+HUQDQGRGH6RWR
GHTXHQROHVHUDSRVLEOHLQFRUSRUDUVHDODV
DFWLYLGDGHV VRFLDOHV \ HFRQyPLFDV HVWDEOHFL
GDV OHJDOPHQWH \ OHV HUD VXPDPHQWH GLItFLO
DFFHGHUIRUPDOPHQWHDODYLYLHQGDODHGXFD
FLyQ\VREUHWRGRDODHPSUHVD\DOWUDEDMR
6XFHGtDVHQFLOODPHQWHTXHODVLQVWLWXFLR
QHVOHJDOHVKDEtDQVLGRFUHDGDVDWUDYpVGHO
WLHPSRSDUDVDWLVIDFHUODVQHFHVLGDGHV\DSR
\DUODVSUHUURJDWLYDVGHFLHUWRVJUXSRVGRPL
QDQWHVGHODVXUEHV\SDUDDLVODUJHRJUiILFD
PHQWH D ORV FDPSHVLQRV HQ HO iPELWR UXUDO
*UDFLDVDHVWRQRVHKDFtDSDWHQWHODGLVFUL
PLQDFLyQ OHJDO (PSHUR HVWDEOHFLGRV ORV
FDPSHVLQRVHQODFLXGDGODOH\FRPHQ]yDVHU
GHVDILDGD\DSHUGHUYLJHQFLDVRFLDO
/RV PLJUDQWHV GHVFXEULHURQ TXH HUDQ
QXPHURVRVTXHHOVLVWHPDQRHVWDEDGLVSXHV
WRDDGPLWLUORVTXHODVEDUUHUDVVHPXOWLSOL
FDEDQTXHKDEtDTXHDUUDQFDUFDGDGHUHFKR
DXQUHQXHQWHVWDWXTXRTXHHVWDEDQDOPDU
JHQGHODVIDFLOLGDGHV\EHQHILFLRVGHODOH\\
TXHOD~QLFDJDUDQWtDSDUDVXOLEHUWDG\SURV
SHULGDG HVWDED ILQDOPHQWH HQ VXV SURSLDV
PDQRV 'HVFXEULHURQ HQ VXPD TXH WHQtDQ
TXH FRPSHWLU SHUR QR VyOR FRQWUD SHUVRQDV
VLQRWDPELpQFRQWUDHOVLVWHPD
'HPLJUDQWHVDLQIRUPDOHV
)XHGHHVWDPDQHUDTXHSDUDVXEVLVWLU
ORVPLJUDQWHVVHFRQYLUWLHURQHQLQIRUPDOHV
3DUDYLYLUFRPHUFLDUPDQXIDFWXUDUWUDQV
SRUWDU \ KDVWD FRQVXPLU ORV QXHYRV KDEL
WDQWHVGHODFLXGDGWXYLHURQTXHUHFXUULUDO
H[SHGLHQWHGHKDFHUORLOHJDOPHQWH3HURQR
DWUDYpVGHXQDLOHJDOLGDGFRQILQHVDQWLVR
FLDOHV FRPR HQ HO FDVR GHO QDUFRWUiILFR HO
URER R HO VHFXHVWUR VLQR XWLOL]DQGR PHGLRV
LOHJDOHV SDUD VDWLVIDFHU REMHWLYRV HVHQFLDO
PHQWH OHJDOHV FRPR FRQVWUXLU XQD FDVD
SUHVWDUXQVHUYLFLRRGHVDUUROODUXQDLQGXV
&DUORV,YiQ'HJUHJRUL
$\DFXFKRHOQDFLPLHQWRGH
6HQGHUR/XPLQRVR/LPD,(3
([WUDFWRVHOHFFLRQDGRSiJV
/D8QLYHUVLGDG
IDFWRUGHFLVLYR
&DUORV,YiQ'HJUHJRUL
$\DFXFKR
$QWURSyORJRSURIHVRUGH6DQ0DUFRVH
LQYHVWLJDGRUGHO,(3(VUHFRQRFLGR
GHIHQVRUGHODKHWHURJHQHLGDGFXOWXUDOGHO
3HU~)XHXQRGHORVSULPHURVHQHVWXGLDU
HOIHQyPHQRGH6HQGHUR/XPLQRVR
1RVyORODVFRPXQLGDGHVLQFOXVRORVVLHU
YRVGHKDFLHQGDVWUDGLFLRQDOHVSXJQDQSRU
ODHGXFDFLyQGHVXVKLMRV0HQFLRQHPRVVyOR
XQHMHPSOR(Q3RPDFRFKD&DQJDOORODWL
IXQGLR SHUWHQHFLHQWH DO FRQYHQWR GH 6DQWD
&ODUD GRQGH OD VHUYLGXPEUH FDPSHVLQD
FRQWLQXDEDYLJHQWHKDFLDORVFDP
SHVLQRVIXQGDQXQDHVFXHOD\FRQWUDWDQXQD
PDHVWUD &DGD FRORQR DSRUWD FRQ XQ VRO
PHQVXDO SDUD SDJDU D OD SURIHVRUD (VR
VXFHGHYDULRVDxRVDQWHVGHTXHVHFRQIRUPH
OD 8QLyQ &DPSHVLQD GH 3RPDFRFKD TXH
YDDOOHYDUDGHODQWHHOPRYLPLHQWRFDPSHVL
QR PiV LPSRUWDQWH GHO GHSDUWDPHQWR (Q
SRFRGHVSXpVGHTXHORVFRORQRVUHFX
SHUDUDQODVWLHUUDVGHODKDFLHQGDODHVFXH
ODORJUyHOUHFRQRFLPLHQWRRILFLDO(Q
ODFRPXQLGDGXQLGDVHPRYLOL]yUiSLGD
PHQWH SDUD FRQVWUXLU XQD HVFXHOD GH FLQFR
DXODV HQ XQD VHPDQD JUDFLDV DO WUDEDMR
JUDWXLWR\YROXQWDULRGHORVFRPXQHURV(Q
VH LQVWDOy DOOt HO ,QVWLWXWR 1DFLRQDO
$JURSHFXDULR1RFRQDOXPQRV\XQ
LQWHUQDGRTXHDOEHUJDEDDWUHLQWDGHHOORV
SURFHGHQWHVGHRWUDVFRPXQLGDGHV
(ODYDQFHSHUXDQRUHVDOWDD~QPiVVLVH
DGYLHUWH TXH OXHJR GH XQD SULPHUD HWDSD
HQTXH(VWDGR\VRFLHGDGWLUDQGHODFDUUH
WD HGXFDWLYD HQ OD PLVPD GLUHFFLyQ OD
VRFLHGDG DYDQ]D D FRQWUDFRUULHQWH GH OD
WHQGHQFLD HVWDWDO D UHGXFLU VX SDUWLFLSD
FLyQHQODHGXFDFLyQHVSHFLDOPHQWHDSDU
WLU GH OD FULVLV HFRQyPLFD TXH HVWDOOD D
PHGLDGRVGHODGpFDGDGH
6LQHPEDUJR+XDQFDYHOLFD$\DFXFKR\
$SXUtPDF DSDUHFHQ FRQVLVWHQWHPHQWH HQ
ORV WUHV ~OWLPRV OXJDUHV HQ SRUFHQWDMH GH
SREODFLyQDOIDEHWD$VtILJXUDQHQORVFHQVRV
GH\(QHVWH~OWLPRFRQHO
GH DQDOIDEHWRV PD\RUHV GH DxRV
$\DFXFKRRVWHQWDEDODVPiVDOWDVWDVDVGH
DQDOIDEHWLVPR XUEDQR \ UXUDO HQ WRGR HO
SDtV VXSHUDGR ~QLFDPHQWH SRU $SXUtPDF
/DHGXFDFLyQHQ$\DFXFKR
&DUHWDV
&DSLWXORLQGG
&DUHWDV
/D8QLYHUVLGDGIDFWRUGHFLVLYR
&DUHWDV
&DSLWXORLQGG
&DUORV,YiQ'HJUHJRUL
]DJDHQHGXFDFLyQVXSHULRUSRUHOFRQWUD
ULR VH GHVSXQWD \ DO KDFHUOR SURGXFH
TXLHEUHV LQVRVSHFKDGRV HQ OD KLVWRULD
UHJLRQDO(VTXHHQ$\DFXFKRRPiVSUHFL
VDPHQWH HQ HO TXH KHPRV GHQRPLQDGR
Q~FOHRKLVWyULFRFRQIRUPDGRSRUODVSUR
YLQFLDV QRUWHxDV GHO GHSDUWDPHQWR OD
SXQWDGHODQ]DGHODPRGHUQLGDGQRIXHXQ
HQWH HFRQyPLFR DOJXQD HPSUHVD DJURLQ
GXVWULDORPLQHUDFRPRHQRWUDVUHJLRQHV
VLQRXQDLQVWLWXFLyQTXHHQVHQWLGRHVWULFWR
SHUWHQHFHUtD D OD VXSHUHVWUXFWXUD OD
8QLYHUVLGDG GH 6DQ &ULVWyEDO GH
+XDPDQJD)XQGDGDFRPR5HDO\3RQWLILFLD
HO GH MXOLR GH SHUVLVWLy FRPR
1DFLRQDO\3RQWLILFLDGXUDQWHOD5HS~EOLFD
KDVWDVHUFODXVXUDGDHQFRPRFXOPL
QDFLyQGHXQDODUJDFULVLVDJXGL]DGDSRUOD
*XHUUDGHO3DFtILFR<DHQXQSDUOD
PHQWDULR D\DFXFKDQR SUHVHQWDED XQ SUR
\HFWRGHOH\VROLFLWDQGRVXUHDSHUWXUDSHUR
HVKDFLDPHGLDGRVGHOSUHVHQWHVLJORTXHVH
LQWHQVLILFD HVH UHFODPR HVSHFLDOPHQWH
HQWUH ORV VHFWRUHV PHGLRV UHJLRQDOLVWDV
)LQDOPHQWHHQPD\RGHHODQKHORVH
FXPSOH \ OD FDVD GH HVWXGLRV UHDEUH VXV
SXHUWDV FRPR 8QLYHUVLGDG 1DFLRQDO GH
6DQ&ULVWyEDOGH+XDPDQJD816&+
'HVGH HO SULPHU PRPHQWR OD XQLYHUVL
GDG SDUHFLy GHFLGLGD D GHPRVWUDU TXH QR
HUDXQDPiV$GHODQWiQGRVHXQDGpFDGDD
ORTXHHVWLSXODUtDODQXHYDOH\XQLYHUVLWD
ULD GH HQ OD 816&+ VH LPSODQWDQ
GHVGHXQSULQFLSLRHOVLVWHPDGHFUpGLWRV\
ORV FXUVRV VHPHVWUDOHV WDPELpQ HV OD SUL
PHUD HQ SULYLOHJLDU D SDUWLU GH ODV
SUXHEDVGHDSWLWXGDFDGpPLFDHQYH]GHODV
GH FRQRFLPLHQWRV HQ OD VHOHFFLyQ GH VXV
SRVWXODQWHV 6DQ &ULVWyEDO UHVXUJH SXHV
FRPRXQLYHUVLGDGGHSXQWDTXHDGHPiV
TXLHUH VHU IXQFLRQDO D VX UHJLyQ IRUPD
,QJHQLHURV5XUDOHVLPSODQWDXQSURJUDPD
/D8QLYHUVLGDGIDFWRUGHFLVLYR
&DUORV,YiQ'HJUHJRUL
FDEDQHQHOPHMRUGHORVFDVRVFRQODVQXHYDV
RSFLRQHVUHIRUPLVWDVTXHVXUJtDQSRUHQWRQ
FHVHQHOHVFHQDULRSROtWLFR$FFLyQ3RSXODUR
OD'HPRFUDFLD&ULVWLDQD
GDGD\DFXFKDQDODVLQVWLWXFLRQHVWLHQHQTXH
DEULUVH(O&OXEGH'LFLHPEUHHUDORPiV
DULVWRFUiWLFRSHURKDVWD\RHQWUDEDDFRPHU
FKLWD\DWRPDU9tFWRU
/DFRH[LVWHQFLDWHPSRUDOHQWUHIDPLOLDV
WUDGLFLRQDOHV \ FDWHGUiWLFRV QR SRGtD HQ
HVDV FRQGLFLRQHV GXUDU PXFKR GHVSXpV
FXDQGRODXQLYHUVLGDGVHSROLWL]DGHPDVLD
GR\DQROHVJXVWD\DGDUOHVDORMDPLHQWR
ORVYHQFRPRFRPXQLVWDV9tFWRU$GHPiV
GHVGH OD UHDSHUWXUD GH OD XQLYHUVLGDG
$\DFXFKRVHYLRLQXQGDGDGHMyYHQHVSUR
YHQLHQWHV GH OD UHJLyQ DMHQRV DO TXLHQ HV
TXLpQGHODORFDOLGDGKLMRVGHORVVHFWR
UHV VRFLDOHV HQ GHFDGHQFLD TXH SXJQDEDQ
SRUDVFHQGHUVRFLDOPHQWH
(QWRQFHVODVFDVRQDVD\DFXFKDQDVDUUH
JODEDQ XQ FXDUWLWR ERQLWR QR" SDUD HO
SURIHVRU < OH OOHYDEDQ GHVD\XQR QR OH
FREUDEDQHOGHVD\XQRSRUTXHHUDHOSURIHVRU
11/HVJXVWDEDTXHYLQLHUDQORVDOXPQRV
DFiYLYHHOSURIHVRU11"6tSHURpOYLHQHD
SDUWLUGHODV(UDODVHxRUDGHODFDVDOD
TXH WUDPLWDED OD UHODFLyQ SRUTXH VHQWtD
TXHHVROHGDEDSUHVWLJLR9tFWRU
3HURUiSLGDPHQWHODXQLYHUVLGDGURPSLy
ODV YLHMDV SUiFWLFDV VHxRULDOHV \ ORV KiELWRV
DOGHDQRVGHODYLOOD9tFWRUTXHHQHUD
HVWXGLDQWH XQLYHUVLWDULR HQ 6DQ &ULVWyEDO
UHFXHUGDHVDUXSWXUD
(PSLH]DDVHUGHSUHVWLJLRVHUSURIHVRUXQL
YHUVLWDULR(OKLMRGHOJDPRQDOTXHYLHQHGHOD
KDFLHQGD0R\REDPED\DQRSXHGHFRPSHWLU
SXHV9DDO&OXEGH'LFLHPEUHSHURHOSURIH
VRUWDPELpQYD\HOSURIHVRUWLHQHPiVSUHVWLJLR
DQWHWRGRVSRUTXHHUDORQRYHGRVR
(VTXH
&RQODXQLYHUVLGDG$\DFXFKRVHGHPRFUD
WL]D PiV \ DO GHPRFUDWL]DUVH PiV OD VRFLH
&DUHWDV
&DSLWXORLQGG
3HURFRQIRUPHODXQLYHUVLGDGVHGLVWDQ
FLDED GH ODV FODVHV GRPLQDQWHV UHIRU]DED
VXV YtQFXORV FRQ ORV VHFWRUHV SRSXODUHV \
GXUDQWHXQWLHPSRWDPELpQFRQODVFDSDV
PHGLDV(VDHYROXFLyQVHYDDSODVPDUHQ
RUJDQL]DFLyQ\PRYLOL]DFLyQGXUDQWH
8QDxRDQWHVODXQLYHUVLGDGVHKDEtDFRQ
PRFLRQDGRFRQODVJXHUULOODVGHO0,5\GHO
(/1 TXH GHVDUUROOy DFFLRQHV DUPDGDV HQ
ODSURYLQFLDGH/D0DU(OJRELHUQRFRQVL
GHUyTXHOD816&+HUDIRFRGHVXEYHUVLyQ
\WUDWyGHDVIL[LDUODHFRQyPLFDPHQWH$QWH
OD SRVLELOLGDG GH TXH OD XQLYHUVLGDG QR
UHFLELHUD UHQWDV GHO JRELHUQR FHQWUDO HO
UHFWRU FRQYRFy D ODV IXHU]DV YLYDV GH
$\DFXFKRSDUDOXFKDUSRUXQSUHVXSXHVWR
DGHFXDGR\FRQIRUPDUXQ)UHQWHSURUHQ
WDV SDUD OD 816&+ $ OD FRQYRFDWRULD
UHVSRQGLHURQGHVGHODVDVRFLDFLRQHVEDUULD
OHVORVDUWHVDQRV\ODVYHQGHGRUDVGHOPHU
FDGR KDVWD ORV FRPHUFLDQWHV PHGLDQRV \
JUDQGHVORVFROHJLRVSURIHVLRQDOHVHLQFOX
VRDOJXQRVYRFDOHVGHOD&RUWH6XSHULRU'H
HVWDIRUPDXQDFRQMXJDFLyQGHFLUFXQVWDQ
FLDV PX\ FRQFUHWDV SRVLELOLWy TXH OD XQL
/D8QLYHUVLGDGIDFWRUGHFLVLYR
)UDQFLVFR0RUDOHV%HUP~GH]&HUUXWWL
/DVQRUPDVFRQVWLWXFLRQDOHV
3HQVDQGRHQHO3HU~
/LPD5HDOLGDGHV([WUDFWR
VHOHFFLRQDGRSiJV
(OUROFRQVWLWXFLRQDO
GHODV)XHU]DV$UPDGDV
KDFLDHOVLJOR;;,
)UDQFLVFR0RUDOHV
%HUP~GH]&HUUXWWL
/LPD
8QRGHORVPLOLWDUHVFRQPD\RUYLVLyQGHO
3HU~3UHVLGHQWHGHOD-XQWD0LOLWDU
IXHWDPELpQPLQLVWURHQHOSULPHU
JRELHUQRGH)HUQDQGR%HODXQGH\HQOD
GLFWDGXUDGH9HODVFR$OYDUDGR
&DUHWDV
&DUHWDV
&DSLWXORLQGG
XFKDVYHFHVFXDQGRVHWUDWDQ
WHPDV GH IRQGR FRPR HO SUH
VHQWHFRQYLHQHDFXGLUSULPH
URDORVSHQVDPLHQWRVFOiVLFRV
D OD DQWLJHGDG 3RU HOOR TXLH
UR UHIHULUPH D 3ODWyQ 3ODWyQ
HQ /D 5HS~EOLFD DO VLQWHWL]DU
OR TXH pO SURSRQH FRPR LGHDO GHO
(VWDGR GHO HVWDGR SHUIHFWR
VHxDOD HO ULHVJR TXH VH FRUUH
FRQ XQR GH ORV JUXSRV VRFLDOHV
DOVHUYLFLRGHODFROHFWLYLGDGHOJUXSRGH
ORVJXHUUHURVFX\DPLVLyQFRQVLVWtDHQ
OD GHIHQVD GH OD 5HS~EOLFD FRQWUD VXV
HQHPLJRV H[WHUQRV 3ODWyQ VH SUHJXQWD
FyPR LPSHGLU TXH HVH JUXSR VRFLDO DO
TXHODVRFLHGDGFRQItDVXVDUPDVSDUDVX
GHIHQVD H[WHUQD KDJD XVR LQGHELGR GH
HVDIXHU]DTXHVHOHRWRUJDXWLOL]iQGROD
SDUDODFRQTXLVWDGHOSRGHUSROtWLFR
3ODWyQUHVSRQGHTXHODIRUPDGHLPSHGLUOR
HVPDQWHQLHQGRDHVWHJUXSRHOJUXSRGHORV
JXHUUHURV DO PDUJHQ GHO SRGHU SROtWLFR \
GLUHFWDPHQWH VXERUGLQDGR D GLFKR SRGHU
(QHVWDIRUPDTXHGDEDVHQWDGRGHVGHODDQWL
JHGDGHOSULQFLSLRGHODSROLWLFLVPRFDVWUHQ
VH OR TXH HQ XQ QLYHO SRU OR PHQRV WHyULFR
UHVROYtDHVWHDVSHFWRLPSRUWDQWHGHODHVWUXFWX
UDGHO(VWDGRDVtFRPRODDSURSLDGDLQVHUFLyQ
GHODV)XHU]DV$UPDGDVHQOD6RFLHGDG&LYLO
3LHQVRTXHHVWRVFRQFHSWRVTXHVHLOXVWUDQ
HQ3ODWyQVRQORVTXHDWUDYpVGHOWLHPSRVHxD
ODQ OD PLVLyQ RULJLQDULD \ WUDGLFLRQDO GH ODV
)XHU]DV$UPDGDV6LQHPEDUJRGLYHUVDVFLU
FXQVWDQFLDVFR\XQWXUDOHVODVKDQKHFKRLQFXU
VLRQDU HQ HO FDPSR LQWHUQR OR TXH VLJQLILFy
LQPLVFXLUtDHQSUREOHPDVGHOTXHKDFHUSROtWL
FR1RTXLHURUHIHULUPHDKHFKRVFRQFUHWRVGH
ODKLVWRULDGHQXHVWURSDtVKDUWRFRQRFLGRV\
&DUHWDV
(OUROFRQVWLWXFLRQDOGHODV)XHU]DV$UPDGDVKDFLDHOVLJOR;;,
TXHQRHVGHOFDVRWUDWDUHQHVWHGHVDUUROOR
/D &RQVWLWXFLyQ GH HQPLHQGD UDGL
FDOPHQWH HVWH URO \ XELFD SULQFLSDOPHQWH D
ODV)XHU]DV$UPDGDVHQVXUROGHODGHIHQVD
H[WHUQD HVWDEOHFLHQGR FRPR VX ILQDOLGDG
SULPRUGLDO JDUDQWL]DU OD LQGHSHQGHQFLD
VREHUDQtD H LQWHJULGDG WHUULWRULDO GH OD
5HS~EOLFD $ FRQWLQXDFLyQ HVWDEOHFH TXH
DVXPHQ HO FRQWURO GHO RUGHQ LQWHUQR HQ HO
UpJLPHQGHH[FHSFLyQHVWDGRGHHPHUJHQFLD
VLDVtORGLVSRQHHO3UHVLGHQWHGHOD5HS~EOLFD
/XHJRHQDUWtFXORVHSDUDGRSDUWLFLSDQHQHO
GHVDUUROORHFRQyPLFR\VRFLDOGHOSDtV\HQOD
GHIHQVDFLYLOGHDFXHUGRDOH\6HPHQFLRQD
HQ RWUR DUWtFXOR TXH /DV )XHU]DV $UPDGDV
QR VRQ GHOLEHUDQWHV (VWiQ VXERUGLQDGDV DO
SRGHUFRQVWLWXFLRQDO
$OJXQDVFRQVLGHUDFLRQHVVREUHHOURO
FRQVWLWXFLRQDOGHODV)XHU]DV$UPDGDV
(Q ORV ~OWLPRV WLHPSRV YHPRV FyPR OD
VREHUDQtDGHORV(VWDGRVVHYDWUDQVIRUPDQ
GR SDVDQGR GH WHQHU XQ YDORU DEVROXWR D
WHQHUXQYDORUUHODWLYR(QODPHGLGDTXHVH
UHVSHWHQODVLQGLYLGXDOLGDGHVQDFLRQDOHVODV
VREHUDQtDVHQ GLYHUVDVFLUFXQVWDQFLDVIXQ
FLRQDQDOVHUYLFLRGHILQHVPXOWLQDFLRQDOHV
(V HO FDVR GH OD 8QLyQ (XURSHD HQ HO
TXHODVREHUDQtDHPSLH]DDHVWDUVXERUGL
QDGD DO PDQHMR GH DVXQWRV FRPHUFLDOHV
ILQDQFLHURV PRQHWDULRV \ DXQ SROtWLFRV
PLOLWDUHV\HVWRHQFLHUWDIRUPDLQFLGHHQ
ORVDVSHFWRVGHVHJXULGDG
2WUDFRQVLGHUDFLyQ6HSUHVXPHTXHHQ
ORV GLIHUHQWHV QLYHOHV GH OD RUJDQL]DFLyQ
ORVFRQFHSWRVGHVHJXULGDG\GHIHQVDHVWiQ
H[FOXVLYDPHQWH DVRFLDGRV FRQ ODV )XHU]DV
$UPDGDV \ HVWR QR HV DVt /D UHDOLGDG
PXHVWUDDOPXQGRDKRUD\DQWHVTXHORV
&DUHWDV
&DSLWXORLQGG
)UDQFLVFR0RUDOHV%HUPXGH]&HUUXWWL
FRQFHSWRVGHVHJXULGDG\GHIHQVDVRQFRQ
FHSWRVSROtWLFRVTXHGHEHQVHUFRQFHELGRV
RULHQWDGRV H LPSXOVDGRV HQ ORV QLYHOHV GH
GHFLVLyQ SROtWLFD FRPSHWHQ D OD FRQGLFLyQ
SROtWLFDGHO(VWDGRHQWDQWRTXHODV)XHU]DV
$UPDGDVVRQORVLQVWUXPHQWRVTXHHVWiQDO
VHUYLFLR GHO ILQ SROtWLFR VLHQGR UHVSRQVD
EOHV GH SUHSDUDU Y FRQGXFLU ORV DVSHFWRV
PLOLWDUHVUHODFLRQDGRVDGLFKRILQ
6RQ DXWRUL]DGRV D SDUWLFLSDU FRQ VXV
PHGLRVFXDQGRODDXWRULGDGSROtWLFDFRQVL
GHUDTXHKDDJRWDGRWRGRVORVGHPiVPHFD
QLVPRVYSURFHGLPLHQWRVDVXDOFDQFHSDUD
FRQFUHWDU OD GHIHQVD GH OD KHUHGDG QDFLR
QDO\SDUDVDOYDJXDUGDUORVLQWHUHVHVSHU
PDQHQWHVGHODUHS~EOLFD
3RU RWUR ODGR WHQHPRV TXH HQWHQGHU OD
GHIHQVD Y OD VHJXULGDG FRPR JDUDQWtDV GH
WUDQTXLOLGDGGHHVWDELOLGDGGHHTXLOLEULRHQ
ODYLGDQDFLRQDO\QRVRODPHQWHHQWHQGHUODV
FRPR SRVLELOLGDGHV GH DFFLyQ YLROHQWD D OD
FXDODFXGLUiHOSRGHUFRQVWLWXFLRQDOSROtWLFR
FXDQGRVHDLQGLVSHQVDEOH\FRQVWLWXFLRQDO
PHQWHSHUPLWLGR
8QDFRQVWDQWHHQUHODFLyQFRQORDQWHULRU
PHQWHH[SUHVDGRHVTXHODV)XHU]DV$UPDGDV
SUHYDOHFHQHQVXUROWUDGLFLRQDO6LJXHQVLHQ
GRHOEUD]RDUPDGRDOVHUYLFLRGHOSRGHUSROt
WLFRFRQVWLWXFLRQDOFRPR~OWLPDJDUDQWtDGH
ODVXSHUYLYHQFLDGHO(VWDGR\GHOD1DFLyQ
0XFKRVVHSUHJXQWDQSDUDTXpTXHUHPRV
WHQHU )XHU]DV $UPDGDV VL \D QR H[LVWHQ
DPHQD]DVQLDJUHVLRQHVYLVLEOHVDQLYHOFRQ
WLQHQWDOVL\DQRKD\*XHUUD)UtDVLVHHVWiQ
UHVROYLHQGR SDFtILFDPHQWH ORV SUREOHPDV
IURQWHUL]RV 3RUTXH FRQ (FXDGRU KHPRV ILU
PDGRORVWUDWDGRVGH%UDVLOLD\FRQ&KLOHQRV
HQFDPLQDPRVSDFtILFDPHQWHKDFLDHOFXPSOL
PLHQWR ILQDO GHO 7UDWDGR GH \ VX
3URWRFROR&RPSOHPHQWDULR<RMDOiVHUHVXHO
YDQWDPELpQSDFtILFDPHQWHQXHVWURVOtPLWHV
FRQGLFKRSDtVHQHO0DU7HUULWRULDO(QWRQFHV
SUHJXQWR GH QXHYR SDUD TXp WHQHPRV
)XHU]DV$UPDGDV"
5HVSRQGR TXH VLQ HPEDUJR ODV )XHU]DV
$UPDGDV SHUPDQHFHQ \ SUHYDOHFHQ FRQ VX
URO WUDGLFLRQDO SRUTXH D SHVDU GH QXHVWUDV
LQWHQFLRQHVGHSD]QDGLHSXHGHSUHGHFLUTXH
QRSXHGDKDEHUXQFRQIOLFWR\SRUTXHVRQHO
VHJXUR SDUD DOFDQ]DU QXHVWURV REMHWLYRV
QDFLRQDOHV\HOGHVDUUROORQDFLRQDOSDUDTXH
DPERV QR VXIUDQ DPHQD]DV QL SUHVLRQHV QL
DJUHVLRQHVGHQLQJXQDtQGROHWDQWRGHOH[WH
ULRUGHIHQVDH[WHUQDFRPRGHOLQWHULRUVXE
YHUVLyQWHUURULVWDQDUFRWUiILFR
(VWR KD\ TXH FRQVLGHUDUOR FXDQGR VH
HVFXFKDQ YRFHV TXH YLHQHQ GHO H[WHULRU Y
SODQWHDQ TXH ODV )XHU]DV $UPDGDV GHEHQ
DVXPLU GHELGR D ORV FDPELRV GH VLWXDFLR
QHVIXQFLRQHVSROtWLFDVRGHJHQGDUPHUtD
6LQ HPEDUJR VH FRQVWDWD REMHWLYDPHQWH
HQ ORV SDtVHV GHVDUUROODGRV \ FRQ DYDQ]D
GRVSURFHVRVGHLQWHJUDFLyQFRPRORVGHOD
8QLyQ(XURSHDTXHODV)XHU]DV$UPDGDV
QDFLRQDOHV VLJXHQ FXPSOLHQGR FRQ VX URO
WUDGLFLRQDOLQFUHPHQWDGRSRUPLVLRQHVGH
VHJXULGDG LQWHUQDFLRQDO FRPR HQ HO FDVR
GHOD27$1
3RUWRGRHOORODV)XHU]DV$UPDGDVDYDQ
]DQ DO PLVPR ULWPR GHO DYDQFH FLHQWtILFR \
WHFQROyJLFRTXHODVVRFLHGDGHVPRGHUQDV1R
SRUTXHQRVHYLVOXPEUHDPHQD]DVLQPHGLD
WDV HYLGHQWHV R SRWHQFLDOHV ODV )XHU]DV
$UPDGDVGHMDQGHVHUHQWDPDxRHQHTXLSD
PLHQWR HQ PRYLOL]DFLyQ LQVWLWXFLRQHV QHFH
VDULDVFRQHOQLYHOGHGHVDUUROORFLHQWtILFR\
WpFQLFRGHODHUDPRGHUQDSRUTXHUHSLWRVRQ
HOVHJXURGHOGHVDUUROORHVWDQGRDOHUWDVSDUD
ODGHIHQVD
(OPDUFRHVWUDWpJLFRSRVLEOHHQ
HOSUy[LPRPLOHQLRHQHOFXDO
DSULRUtVWLFDPHQWHVH
GHVHQYROYHUiQODV)XHU]DV$UPDGDV
+R\ GtD ORV HIHFWRV GH OD JOREDOL]DFLyQ
TXH VRQ XQ KHFKR FRQFUHWR QR QRV SHUPL
WHQPLUDUODHVWUDWHJLDGHXQSDtVFRQORV
FULWHULRV RUWRGR[RV R WUDGLFLRQDOHV +D\
PXFKRVHOHPHQWRVRIDFWRUHVDFRQVLGHUDU
(OIUHQWHLQWHUQRKR\GtDHVWiLQIOXLGRSRU
SUHVLRQHV H[WHUQDV GH GLVWLQWD QDWXUDOH]D
\PDJQLWXG\ODHVWUDWHJLDWLHQHTXHFRQ
VLGHUDUHVWRVGLIHUHQWHVHQIRTXHV
8QRGHORVIDFWRUHVHVODGHPRFUDFLDTXH
HQ VX FRQFHSFLyQ DPSOLD VXSRQH QR VyOR OD
LJXDOGDG SROtWLFD VLQR WDPELpQ OD SDUWLFLSD
FLyQVRFLDO\ODUHGXFFLyQRVXSUHVLyQGHODV
JUDQGHVGLIHUHQFLDVHFRQyPLFDVTXHLPSLGHQ
HO GHVDUUROOR HTXLOLEUDGR GH OD VRFLHGDG
6HJ~Q HVWR OD GHPRFUDFLD HV XQ VLVWHPD
TXHGHEHSHUPLWLUJREHUQDUSDUDDOFDQ]DUHO
ELHQHVWDUJHQHUDOGHODQDFLyQHQOLEHUWDG
\FRQMXVWLFLD(QHOODUJRSOD]RHVHELHQHVWDU
VLJQLILFD DOFDQ]DU ORV REMHWLYRV QDFLRQDOHV
SURSXHVWRVSRUORVJREHUQDQWHV\DFHSWDGRV\
GHVHDGRVSRUORVFLXGDGDQRV
+D\REVWiFXORVVHULRVSDUDHOGHVDUUROOR
HQGHPRFUDFLD8QRGHHOORVHVHOHFRQyPLFR
VREUHWRGRHQHVWDHWDSDGHWUDQVLFLyQJHQH
UDOL]DGD TXH FRQVLVWH HQ SDVDU GH HFRQR
PtDV FHUUDGDV D HFRQRPtDV GH PHUFDGR
(VWRKDGDGROXJDUDSURJUDPDVGHDMXVWH
\GHUHIRUPDVFX\DVH[SHFWDWLYDVQRWHU
PLQDQHQHOPLOHQLRTXHVLELHQKDQRUGH
QDGRODVFXHQWDVILVFDOHVKDUHFUXGHFLGRHO
GHVHPSOHR\ODSREUH]D6RQSURJUDPDVTXH
HVWiQ WDUGDQGR PXFKR HQ VXUWLU HIHFWRV
VRFLDOHV SRVLWLYRV FUHDQGR PX\ GLItFLOHV
VLWXDFLRQHV GH LQHVWDELOLGDG TXH LQIOX\HQ
WDPELpQHQODVHJXULGDG
&DUHWDV
(OUROFRQVWLWXFLRQDOGHODV)XHU]DV$UPDGDVKDFLDHOVLJOR;;,
+R\DODVKLSyWHVLVGHFRQIOLFWRWUDGLFLR
QDOHV WHUULWRULDOHV TXH GXUDQWH PXFKR
WLHPSRIXHURQFRQVLGHUDGDVFRPRORV~QLFRV
IDFWRUHV SHUWXUEDGRUHV GH OD SD] UHJLRQDO
VHVXPDQDPHQD]DVUHDOHVFRPRODSREUH
]D HO QDUFRWUiILFR \ HO WHUURULVPR FX\RV
HIHFWRVDIHFWDQDODHVWDELOLGDGGHOVLVWHPD
QDFLRQDO SRU RWUR ODGR ORV JUDYHV SUREOH
PDVDPELHQWDOHVFRQDOFDQFHVUHODFLRQDGRV
D IDFWRUHV HFRQyPLFRV GH FDOLGDG GH YLGD
GHVREHUDQtDQDFLRQDO\GHVHJXULGDGLQWUD
IURQWHUDVODVPLJUDFLRQHVGHGLYHUVDtQGR
OH ODV FULVLV GH ORV VLVWHPDV SROtWLFRV VRQ
IDFWRUHVTXHSXHGHQWUDVFHQGHUORGRPpVWL
FR \ DIHFWDU OD VHJXULGDG KHPLVIpULFD \
UHSHUFXWLUVREUHHOSDtVGHRULJHQ
'HEHPRVFRQVLGHUDUTXHHQHOFRQWLQHQ
WH DPHULFDQR HVWi XELFDGD OD SRWHQFLD
KHJHPyQLFDFRQODFXDOQRFRQYLHQHFRQ
IURQWDUVLQRFRQFHUWDU\TXHSRUVXSRVL
FLyQFRQWLQHQWDO\PXQGLDOGHEHVHUQXHV
WURFRP~QLQWHUORFXWRUHQORTXH\DVHKD
OODPDGR OD GHVDWHQFLyQ GHO GHVDUUROOR
TXHHVWiFUHDQGRXQJUDYHSHOLJURGHHVWD
ELOLGDG \ GH LQVHJXULGDG GDGD OD DELV
PDO GLIHUHQFLD EUHFKD FDGD YH] PD\RU
TXH VLJXH VHSDUDQGR DO 1RUWH GH SDtVHV
ULFRV(VWDGRV8QLGRV\&DQDGiGHO6XU
GHSDtVHVSREUHV
6HJ~Q3HWHU'UXFNHUXQRGHORVPiVDFX
FLRVRVHVWXGLRVRVGHODHFRQRPtD\GHOGHVD
UUROOR D SULQFLSLRV GHO VLJOR YHLQWH XQD
QDFLyQULFDJR]DEDGHPD\RUULTXH]DTXHXQD
SREUHHQXQDSURSRUFLyQGHDVHWUDWDGH
SURPHGLRV$KRUDHVWDSURSRUFLyQHVGHD
(VWDHVODUD]yQHVWUXFWXUDOGHORVDFXFLDQ
WHVSUREOHPDVDFWXDOHVFRPRVRQODSREUH]D
FUtWLFDODPLJUDFLyQ\HOSUREOHPDHFROyJLFR
/D JOREDOL]DFLyQ TXH VH DFHSWD FRPR XQ
KHFKROHMRVGHDWHQXDUHVWDJUDQEUHFKDOD
HVWiDFHQWXDQGRQRVDEHPRVKDVWDFXiQGR
&DUHWDV
&DUHWDV
&DSLWXORLQGG
&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQ
3RUHVWRYLHQHODQHFHVLGDGGHLQWHJUDUVH
TXHHVYLWDOSDUDHO3HU~\SDUDORVSDtVHVGH
$PpULFDGHO6XU/DWHVLVSURSXHVWDGHVGH
ODGpFDGDGHORVVHVHQWDTXHHQGLYHUVDVFLU
FXQVWDQFLDV KD WHQLGR GHWUDFWRUHV HV OD GH
LQWHJUDUVHSDUDSRGHUFRQFHUWDUFRQODSRWHQ
FLDKHJHPyQLFD
+D\ TXH SURSXJQDU OD LQWHJUDFLyQ GHO
0HUFRVXU \ OD &RPXQLGDG $QGLQD GH
1DFLRQHVHQODFXDOODSRVLFLyQJHRJUiILFD
GHO3HU~HVYLWDOSDUDHQWURQFDUODHVWUXF
WXUD GH HVWD XQLyQ TXH SRWHQFLH OD YR]
VXGDPHULFDQD SDUD SODQWHDU HQ FRQMXQWR
QXHVWURVLQWHUHVHV
(VWRIDFLOLWDUiODGHPRFUDFLD\ODVHJXUL
GDGKHPLVIpULFDHQWHQGLGDPiVDOOiGHFRQ
IOLFWRVJHRSROtWLFRVVLQRPiVELHQFRPRVHJX
ULGDGHFRQyPLFDGHSD]\GHGHVDUUROORHQ
OLEHUWDG\MXVWLFLDGHQXHVWURVSXHEORV
'HEHUtDPRV HVWDEOHFHU D EDVH GH HVWRV
FULWHULRV XQD QXHYD FRQFHSFLyQ KHPLVIpULFD
GHVHJXULGDGHQODTXHODLQWHJUDFLyQMXHJD
XQ URO HVHQFLDO SDUD FRQFHUWDU QXHVWUR
GHVDUUROORFRQODSRWHQFLDKHJHPyQLFD6yOR
DVt SRGHPRV HQWHQGHU SRU HMHPSOR OD H[LV
WHQFLD GHO 7UDWDGR GH /LEUH &RPHUFLR
1$)7$PiVDOOiGH0p[LFR
/D VROXFLyQ HQIDWL]D HO HVIXHU]R LQWHUQR
QDFLRQDOSHURWDPELpQGHVGHIXHUDHOLQWH
UpVGHODVSRWHQFLDVHFRQyPLFDVHPSH]DQGR
SRUODDFWLWXGFRRSHUDQWHGHOOtGHUKHPLVIpUL
FR (VWDGRV 8QLGRV GH 1RUWHDPpULFD TXH
GHEHQVHUFRQVHFXHQWHVFRQODVGHPRFUDFLDV
LQFLSLHQWHVTXHHVWiQHQSURFHVRHQHOSHUIHF
FLRQDPLHQWRGHVXVLQVWLWXFLRQHV\TXHGHEHQ
YLQFXODUVHQHFHVDULDPHQWHDODVQHFHVLGDGHV
EiVLFDV GH OD SREODFLyQ 6DOWD D OD YLVWD OD
QHFHVLGDGGHODLQWHJUDFLyQHFRQyPLFDSDUD
ORJUDUHOGHVDUUROORVXVWHQWDEOH
+DW~Q:LOODNX\YHUVLyQDEUHYLDGD
GHO,QIRUPH)LQDOGHOD&RPLVLyQGH
OD9HUGDG\5HFRQFLOLDFLyQ/LPD
&RPLVLyQGH(QWUHJDGHOD&RPLVLyQ
GHOD9HUGDG\5HFRQFLOLDFLyQ
([WUDFWRVHOHFFLRQDGR
SiJV
+DW~Q:LOODNX\
*UDQ5HODWR
&RPLVLyQ
GHOD9HUGDG\
5HFRQFLOLDFLyQ
D&RPLVLyQGHOD9HUGDG\
5HFRQFLOLDFLyQIXHHVWDEOHFLGD
SRUHO3UHVLGHQWH9DOHQWtQ
3DQLDJXDHQ)XHSUHVLGLGD
SRU6DORPyQ/HUQHUILOyVRIR\
H[5HFWRUGHOD8QLYHUVLGDG
&DWyOLFD7XYRFRPRPLHPEURVDOD
'UD%HDWUL]$OYD+DUWDERJDGD\H[
FRQJUHVLVWDGHODUHS~EOLFD'U
5RODQGR$PHV&RELiQVRFLyORJR
LQYHVWLJDGRUDQDOLVWDSROtWLFR\
H[VHQDGRUGHOD5HS~EOLFD
0RQVHxRU-RVp$QW~QH]GH0D\ROR
VDFHUGRWHVDOHVLDQRH[DGPLQLVWUDGRU
$SRVWyOLFRGHOD$UTXLGLyFHVLVGH
$\DFXFKR7QWH*UDO)$3U/XLV$ULDV
*UD]]LDQLH[SHUWRHQWHPDVGHVHJXULGDG
QDFLRQDO'U(QULTXH%HUQDOHV
%DOOHVWHURVGRFWRUHQ'HUHFKR
FRQVWLWXFLRQDOLVWD'LUHFWRU(MHFXWLYRGH
OD&RPLVLyQ$QGLQDGH-XULVWDV\H[
&RQJUHVLVWDGHOD5HS~EOLFD'U&DUORV
,YiQ'HJUHJRUL&DVRDQWURSyORJR
SURIHVRUGHOD8QLYHUVLGDG1DFLRQDO
0D\RUGH6DQ0DUFRVPLHPEURGHO
,QVWLWXWRGH(VWXGLRV3HUXDQRV3DGUH
*DVWyQ*DUDWHD<RULVDFHUGRWHGHORV
6DJUDGRV&RUD]RQHV\3UHVLGHQWHGHOD
0HVDGH&RQFHUWDFLyQGH/XFKDFRQWUDOD
3REUH]D3DVWRU+XPEHUWR/D\6XQ
DUTXLWHFWROtGHUGHODV$VDPEOHDVGH'LRV
GHO&RQFLOLR1DFLRQDO(YDQJpOLFR&21(3
6UD6RItD0DFKHU%DWDQHURVRFLyORJDH[
6HFUHWDULD(MHFXWLYDGHO&RRUGLQDGRUD
1DFLRQDOGH'HUHFKRV+XPDQRV,QJ
$OEHUWR0RURWH6iQFKH]H[5HFWRUGHOD
8QLYHUVLGDG6DQ&ULVWyEDOGH+XDPDQJD
,QJ&DUORV7DSLD*DUFtDLQYHVWLJDGRU
DQDOLVWDSROtWLFR\H['LSXWDGRGHOD
5HS~EOLFD\0RQVHxRU/XLV%DPEDUpQ
*DVWHOXPHQGLHQFDOLGDGGHREVHUYDGRU
RELVSRGH&KLPERWH\3UHVLGHQWHGHOD
&RQIHUHQFLD(SLVFRSDO3HUXDQD
&DUHWDV
+DW~Q:LOODNX\*UDQ5HODWR
/RV+HFKRV/D0DJQLWXG\
([WHQVLyQGHO&RQIOLFWR
(O FRQIOLFWR DUPDGR LQWHUQR YLYLGR HQ HO
3HU~ HQWUH \ HO KD VLGR HO GH
PD\RUGXUDFLyQHOGHOLPSDFWRPiVH[WHQVR
VREUHHOWHUULWRULRQDFLRQDO\HOGHPiVHOH
YDGRVFRVWRVKXPDQRV\HFRQyPLFRVGHWRGD
ODKLVWRULDUHSXEOLFDQD(OQ~PHURGHPXHU
WHVTXHRFDVLRQyHVWHHQIUHQWDPLHQWRVXSH
UD DPSOLDPHQWH ODV FLIUDV GH SpUGLGDV
KXPDQDVVXIULGDVHQODJXHUUDSRUODLQGH
SHQGHQFLD\ODJXHUUDFRQ&KLOHORVPD\R
UHVFRQIOLFWRVHQORVTXHVHKDYLVWRLQYROX
FUDGRQXHVWURSDtV
$ORODUJRGHVXWUDEDMRGHLQYHVWLJDFLyQ
OD&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQ
&95UHFLELyWHVWLPRQLRVTXHOHSHUPLWLH
URQLGHQWLILFDUDSHUXDQRVPXHUWRV
RGHVDSDUHFLGRVVLQHPEDUJRORVFiOFXORV
\ ODV HVWLPDFLRQHV HVWDGtVWLFDV UHDOL]DGDV
SHUPLWHQDILUPDUTXHODFLIUDWRWDOGHYtF
WLPDVIDWDOHVGHOFRQIOLFWRDUPDGRLQWHUQR
VXSHUyHQYHFHVHVDFDQWLGDG$SOLFDQGR
XQD PHWRGRORJtD OODPDGD (VWLPDFLyQ GH
P~OWLSOHV VLVWHPDV OD &95 KD HVWLPDGR
TXH HO Q~PHUR PiV SUREDEOH GH SHUXDQRV
PXHUWRV R GHVDSDUHFLGRV HQ HO FRQIOLFWR
DUPDGR LQWHUQR VH VLW~D DOUHGHGRU GH ODV
PLOSHUVRQDV
&RQHVWDPHWRGRORJtDHVWDGtVWLFDOD&95
KDHVWLPDGRTXHSHUVRQDVPXULHURQ
RGHVDSDUHFLHURQDFRQVHFXHQFLDGHOFRQIOLF
WR DUPDGR LQWHUQR HQ HO GHSDUWDPHQWR GH
$\DFXFKR HQWUH \ 6L OD SURSRU
FLyQGHYtFWLPDVFDOFXODGDVSDUD$\DFXFKR
UHVSHFWR GH VX SREODFLyQ GH KXELHUD
(OQ~PHURFDOFXODGRHVYtFWLPDVIDWDOHV
HQXQLQWHUYDORGHFRQDQ]DGHFX\RVOtPLWHV
LQIHULRU\VXSHULRUVRQ\SHUVRQDV
UHVSHFWLYDPHQWH
&DUHWDV
&DSLWXORLQGG
&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQ
SURYRFyHOPD\RUQ~PHURGHYtFWLPDVIDWD
OHVHOGHODVYtFWLPDVIDWDOHVUHSRUWD
GDVDOD&95IXHURQFDXVDGDVSRUHO3&3
6//DHVWUDWHJLDGHHVWDDJUXSDFLyQLPSOL
Fy HO XVR VLVWHPiWLFR \ PDVLYR GH PpWRGRV
GHH[WUHPDYLROHQFLD\WHUURU\GHVFRQRFLy
GHOLEHUDGDPHQWH ODV QRUPDV EiVLFDV GH OD
JXHUUD \ ORV SULQFLSLRV GH ORV GHUHFKRV
KXPDQRV
/RVGDWRVPHQFLRQDGRVQRH[SRQHQVRODPHQ
WHODLQWHQVLGDGGHODYLROHQFLD(OORVPXHVWUDQ
WDPELpQODJUDYHGDGGHODVGHVLJXDOGDGHVGH
tQGROHpWQLFRFXOWXUDOTXHD~QSUHYDOHFHQHQHO
SDtV/DYLROHQFLDHQHIHFWRQRJROSHyGHPDQH
UDVLPLODUDWRGRVORVSHUXDQRVVLQRTXHLPSDF
Wy GHVLJXDOPHQWH GLIHUHQWHV HVSDFLRV JHRJUiIL
FRV\GLIHUHQWHVHVWUDWRVGHODSREODFLyQ
)UHQWHDODJXHUUDGHVDWDGDSRUHO3&3
6/HO(VWDGRWHQtDODREOLJDFLyQGHGHIHQ
GHUHORUGHQFRQVWLWXFLRQDO\DVXVFLXGDGD
QRV HQ HO PDUFR GHO UHVSHFWR LQFRQGLFLRQDO
GHODVOH\HV\GHORVGHUHFKRVIXQGDPHQWD
OHV GH ODV SHUVRQDV $Vt SXHV OD &95 KD
FRQVWDWDGR TXH SDUDGyMLFDPHQWH ODV HWD
SDVPiVLQWHQVDVGHOFRQIOLFWRHQODVFXDOHV
PXULHURQ OD PD\RUtD GH ODV YtFWLPDV \ HQ
ODVTXHORVDJHQWHVGHO(VWDGRFRPHWLHURQOD
PD\RUFDQWLGDGGHYLRODFLRQHVGHORVGHUH
FKRVKXPDQRVFRUUHVSRQGHQDSHUtRGRVHQ
ORV TXH HO SDtV HVWDED JREHUQDGR SRU UHJt
PHQHVFLYLOHVHOHFWRVGHPRFUiWLFDPHQWH
/DVFDXVDVLQPHGLDWD\IXQGDPHQWDOGHO
GHVHQFDGHQDPLHQWR GHO FRQIOLFWR DUPDGR
LQWHUQRIXHODGHFLVLyQGHO3DUWLGR&RPXQLVWD
GHO 3HU~ 6HQGHUR /XPLQRVR 3&36/ GH
LQLFLDU XQD JXHUUD SRSXODU FRQWUD HO
(VWDGR SHUXDQR (VWD GHFLVLyQ VH WRPy HQ
XQPRPHQWRHQHOFXDOOXHJRGHGRFHDxRV
GH GLFWDGXUD PLOLWDU OD VRFLHGDG SHUXDQD
LQLFLDEDXQDWUDQVLFLyQGHPRFUiWLFDDPSOLD
PHQWH UHVSDOGDGD SRU OD FLXGDGDQtD \ SRU
ORVSULQFLSDOHVPRYLPLHQWRV\SDUWLGRVSROt
WLFRVQDFLRQDOHV
$GLIHUHQFLDGHRWURVFRQIOLFWRVDUPDGRV
LQWHUQRV HQ $PpULFD /DWLQD GRQGH ORV
DJHQWHV HVWDWDOHV UHVXOWDURQ ORV SULQFLSD
OHV UHVSRQVDEOHV GH OD SpUGLGD GH YLGDV
KXPDQDV HVSHFLDOPHQWH GH FLYLOHV GHV
DUPDGRVHQHOFDVRSHUXDQRIXHHOSULQ
FLSDO JUXSR VXEYHUVLYR 3&36/ TXLHQ
3RUHMHPSORHQORVFDVRVGHODVGLFWDGXUDVPLOLWD
UHVGH$UJHQWLQD&KLOHRORVFRQLFWRVLQWHUQRVGH
$PpULFD&HQWUDO1LFDUDJXD(O6DOYDGRU*XDWH
PDOD
(O(VWDGRQRWXYRODFDSDFLGDGSDUDFRQ
WHQHU HO DYDQFH GH OD VXEYHUVLyQ DUPDGD
TXHVHH[SDQGLyHQSRFRVDxRVDFDVLWRGRHO
SDtV /RV JREHUQDQWHV FLYLOHV DFHSWDURQ OD
PLOLWDUL]DFLyQGHOFRQIOLFWR\DEDQGRQDQGR
VXV IXHURV GHMDURQ OD FRQGXFFLyQ GH OD
OXFKD FRQWUDVXEYHUVLYD HQ PDQRV GH ODV
)XHU]DV $UPDGDV 6L ELHQ GDGD OD JUDYH
'HOPLVPRPRGRHVLPSRUWDQWHPHQFLRQDUTXH
UHVSHFWRGHODVHVWLPDFLyQHVWDGtVWLFDGHOWRWDOGH
YtFWLPDVUHDOL]DGDSRUOD&95ODUHVSRQVDELOLGDG
GHPXHUWRV\GHVDSDUHFLGRVTXHVHDWULEX\HDO
3&36/HV
/D&95KDUHFLELGRWHVWLPRQLRVGHPXHUWHV\GH
VDSDUHFLGRVFRPRSURGXFWRGHOFRQLFWRDUPDGRLQ
WHUQRHQWRGRVORVGHSDUWDPHQWRVVDOYR0RTXHJXD
\0DGUHGH'LRV6yORHQ7DFQD\HQ7XPEHV
ODFLIUDGHYtFWLPDVUHSRUWDGDVDOD&95HVGH
XQGtJLWR
GDGGHORVKHFKRVHUDLQHYLWDEOH\OHJLWLPR
TXHORVJRELHUQRVFRQVWLWXFLRQDOHVUHFXUULH
UDQDGHFODUDUHVWDGRVGHH[FHSFLyQ\XWLOL
]DUDQODIXHU]DPLOLWDUSDUDKDFHUIUHQWHD
ODVXEYHUVLyQDUPDGDOD&95KDFRQVWDWD
GRTXHHOORVHKL]RVLQWRPDUODVSUHYLVLRQHV
QHFHVDULDV SDUD LPSHGLU TXH ORV GHUHFKRV
IXQGDPHQWDOHVGHODSREODFLyQIXHUDQDWUR
SHOODGRV 3HRU DXQ OD DXWRULGDG FLYLO GHV
DWHQGLyGXUDQWHPXFKRWLHPSRODVPLOHVGH
GHQXQFLDV GH YLRODFLRQHV GH ORV GHUHFKRV
FRPHWLGRV SRU ODV IXHU]DV GHO RUGHQ HQ ODV
]RQDVPiVDIHFWDGDVSRUHOFRQIOLFWR,QFOXVR
HQ YDULRV FDVRV VH IDFLOLWy \ JDUDQWL]y OD
LPSXQLGDG D ORV UHVSRQVDEOHV GH ODV PLV
PDV /RV DJHQWHV GHO (VWDGR )XHU]DV
$UPDGDV\3ROLFtDORVFRPLWpVGHDXWRGH
IHQVD\ORVJUXSRVSDUDPLOLWDUHVVRQUHVSRQ
VDEOHVGHOGHORVPXHUWRV\GHVDSDUHFL
GRVUHSRUWDGRVDOD&95'HHVWHSRUFHQWDMH
GH YtFWLPDV ORV PLHPEURV GH ODV )XHU]DV
$UPDGDVVRQUHVSRQVDEOHVGHSRFRPiVGH
WUHVFXDUWDVSDUWHVGHORVFDVRV
(O WLSR GH UHVSXHVWD TXH ODV )XHU]DV
$UPDGDV GLHURQ D OD VXEYHUVLyQ QR WHQtD
SUHFHGHQWHVHQODFRQGXFWDGHGLFKDLQVWLWX
FLyQGXUDQWHODVGpFDGDVDQWHULRUHVDODGH
(Q HIHFWR GXUDQWH OD GLFWDGXUD TXH
GLULJLHURQ HQWUH \ ORV PLOLWDUHV
SHUXDQRV LQFXUULHURQ HQ UHODWLYDPHQWH
SRFDV YLRODFLRQHV JUDYHV GH ORV GHUHFKRV
KXPDQRVHQFRPSDUDFLyQFRQODVSHUSHWUD
GDV SRU ODV GLFWDGXUDV PLOLWDUHV GH RWURV
SDtVHV GH OD UHJLyQ HVSHFLDOPHQWH &KLOH \
$UJHQWLQD
3RURWUDSDUWHHVUHOHYDQWHVHxDODUTXH
GXUDQWH ODV GpFDGDV GH OD YLROHQFLD H[LVWLy
LQIRUPDFLyQUHODWLYDPHQWHDPSOLDVREUHORV
KHFKRV \ VREUH ODV YLRODFLRQHV GH GHUHFKRV
KXPDQRV TXH VH HVWDEDQ SURGXFLHQGR
&RQWULEX\HURQ D HOOR OD H[LVWHQFLD GH XQD
&DUHWDV
+DW~Q:LOODNX\*UDQ5HODWR
SUHQVDOLEUHVLELHQpVWDIXHKRVWLJDGDHQ
FLHUWRVOXJDUHV\HQFLHUWRVSHULRGRVGHOSUR
FHVR OD DFWLYLGDG GH ODV RUJDQL]DFLRQHV
GHIHQVRUDVGHGHUHFKRVKXPDQRV\GLYHUVDV
LQYHVWLJDFLRQHVSDUODPHQWDULDV\MXGLFLDOHV
'HEHGHFLUVHVLQHPEDUJRTXHpVWDVWXYLH
URQSRFRp[LWRHQFXDQWRDODVDQFLyQHIHFWL
YDGHORVUHVSRQVDEOHV
/D &95 KD FRQVWDWDGR QR REVWDQWH OR
GLFKRTXHH[LVWLyXQVHVJRHQODUHFROHFFLyQ
GHGLFKDLQIRUPDFLyQ\ODUHDOL]DFLyQGHODV
LQYHVWLJDFLRQHV SXHV QR VH VLVWHPDWL]DURQ
DGHFXDGDPHQWH ODV GHQXQFLDV QL VH GRFX
PHQWy H LGHQWLILFy VXILFLHQWHPHQWH D ODV
YLFWLPDV GH KHFKRV FX\D UHVSRQVDELOLGDG
HUD DWULEXLGD D ORV JUXSRV VXEYHUVLYRV
'HELGRDHOORDQWHVGHODVLQYHVWLJDFLRQHV
UHDOL]DGDV SRU OD &95 GHQWUR GHO JUXSR
GHYtFWLPDVTXHVHKDEtDORJUDGRLGHQWLIL
FDU KDVWD HQWRQFHV PHQRV GHO GH ORV
FDVRVFRUUHVSRQGtDDSHUVRQDVDVHVLQDGDV
RGHVDSDUHFLGDVSRUPLHPEURVGHO3&36/
ORTXHSURYRFyTXHODVSUR\HFFLRQHVUHDOL]D
GDV DQWHULRUPHQWH SRU RWUDV LQVWLWXFLRQHV
RILFLDOHV R SDUWLFXODUHV VXEHVWLPDUDQ HQ
JUDQ PHGLGD OD UHVSRQVDELOLGDG GH GLFKD
RUJDQL]DFLyQVXEYHUVLYDHQORTXHVHUHILHUH
DOQ~PHURGHYtFWLPDVIDWDOHV
(V LPSRUWDQWH DQDOL]DU ODV GRV GpFDGDV
GHYLROHQFLDGHRULJHQSROtWLFRFRPRXQSUR
FHVRTXHDOFDQ]yGLYHUVRVJUDGRVGHLQWHQVL
GDG\GHH[WHQVLyQJHRJUiILFD\TXHDIHFWy
SULQFLSDOPHQWH D ]RQDV \ HVWUDWRV OHMDQRV
6HGHEHSUHFLVDUTXHHVHVHVJRREHGHFtDDODGH
QLFLyQGHODVRUJDQL]DFLRQHVTXHGRFXPHQWDEDQOD
YLROHQFLDFX\RVREMHWLYRVHUDQUHJLVWUDUHLQYHVWL
JDUYLRODFLyQGHGHUHFKRVKXPDQRVSRUSDUWHGHO
(VWDGR
(VGHFLUHOJUXSRGHYtFWLPDVFX\RVQRPEUHV
\FDVRVKDEtDQVLGRGRFXPHQWDGRVSRUDOJXQDV
LQVWLWXFLyQ\VLVWHPDWL]DGRHQXQDEDVHGHGDWRV
'HIHQVRUtDGH3XHEOR
&DUHWDV
&DSLWXORLQGG
&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQ
GHOSRGHUSROtWLFR\HFRQyPLFRGHOSDtV(Q
YDULRVOXJDUHVXQDYH]FRQWURODGDODDPH
QD]D VXEYHUVLYD DUPDGD ODV SREODFLRQHV
TXHGDURQEDMRGRPLQLRPLOLWDUSRUH[WHQVRV
SHULRGRV/DOHMDQtDGHOSRGHU\GHORViPEL
WRVGHGHFLVLyQHQXQSDtVIXHUWHPHQWHFHQ
WUDOL]DGR SHUPLWLy TXH HO SUREOHPD GH OD
YLROHQFLD FUXFLDO \ FRWLGLDQR SDUD FLHQWRV
GH PLOHV GH SHUXDQRV TXHGDUD UHOHJDGR
HQWUH ODV SULRULGDGHV S~EOLFDV \ SULYDGDV
GHOSDtVSRUYDULRVDxRV
(O HVWXGLR GH HVWH SHULRGR GH YLROHQFLD
GHEHFRQVLGHUDUSRURWURODGRFLHUWRVHOH
PHQWRV FHQWUDOHV GH OD KLVWRULD QDFLRQDO
GH ILQHV GHO VLJOR ;; &DEH FLWDU HQWUH
HOORVXQDVHYHUDFULVLVHFRQyPLFDTXHGHV
HPERFy D ILQHV GH OD GpFDGD GH H
LQLFLRV GH ORV DxRV HQ XQD KLSHULQ
IODFLyQ LQpGLWD HQ OD KLVWRULD SHUXDQD
$VLPLVPRHOSDtVH[SHULPHQWyPRPHQWRV
GHDJXGDFULVLVSROtWLFDTXHGHELOLWDURQHO
VLVWHPDGHSDUWLGRV\SURSLFLDURQODDSD
ULFLyQGHOLGHUD]JRVLQIRUPDOHVGHQRPL
QDGRV LQGHSHQGLHQWHV &RURODULR GH HVWD
FULVLV SROtWLFD IXH HO JROSH GH (VWDGR HQ
DEULOGH\DxRVPiVWDUGHHQQRYLHP
EUHGHHODEDQGRQRGHOD3UHVLGHQFLD
GHOD5HS~EOLFDSRUVXWLWXODUGHIDFWRHQ
PHGLR GH XQR GH ORV PD\RUHV HVFiQGDORV
GH FRUUXSFLyQ GH OD KLVWRULD GHO SDtV 'HO
PLVPRPRGRVHGHEHWHQHUHQFXHQWDTXH
GXUDQWHODVGpFDGDVGHYLROHQFLDHO3HU~
YLYLy GRV FRQIOLFWRV EpOLFRV FRQ (FXDGRU
HQ\HQ
8QHOHPHQWRGHVLQJXODULPSRUWDQFLDHV
HO IHQyPHQR GHO QDUFRWUiILFR TXH FRLQFLGLy
FRQHOVXUJLPLHQWR\ODH[SDQVLyQGHODVXE
YHUVLyQ\FRQVXUHSUHVLyQSRUSDUWHGHODV
/D&95GHMDFRQVWDQFLDGHODGHILFLHQWH
OHJLVODFLyQTXHDSOLFDEDHOVLVWHPDMXGLFLDO
(QWUH\LQFLGLHURQIXHUWHPHQWH
HQ HVWD VLWXDFLyQ OD WLSLILFDFLyQ DPSOLD H
LPSUHFLVD GHO GHOLWR GH WHUURULVPR \ OD
/DWDVDGHLQDFLyQDQXDOHQIXHGH
1RWDGHORVFRPSLODGRUHVVHUHHUHDODXWRJROSH
GH$OEHUWR)XMLPRULHQDEULOGH
+DW~Q:LOODNX\*UDQ5HODWR
&DUHWDV
&DSLWXORLQGG
&RPLVLyQGHOD9HUGDG\5HFRQFLOLDFLyQ
YDULDVRFDVLRQHVODSHUGLHURQ
(QOR TXHVHUHILHUHDODFREHUWXUD\OD
OtQHDHGLWRULDOOD&95FRQVWDWDTXHGHVGH
LQLFLRVGHODGpFDGDGHORVPHGLRVGH
FRPXQLFDFLyQFRQGHQDURQODYLROHQFLDVXE
YHUVLYD DXQTXH FRQ PDWLFHV VHJ~Q ODV
LQFOLQDFLRQHVSROtWLFDVGHFDGDXQRORTXH
LPSOLFDED HYDOXDFLRQHV GLIHUHQWHV GH OD
VLWXDFLyQRGHORVREMHWLYRVGHODVRUJDQL]D
FLRQHV VXEYHUVLYDV 6LQ HPEDUJR ORV
PHGLRV QR WXYLHURQ OD PLVPD SRVLFLyQ HQ
FXDQWR D OD LQYHVWLJDFLyQ \ D OD GHQXQFLD
GH ODV YLRODFLRQHV GH ORV GHUHFKRV KXPD
QRV5HFRQRFHTXHKXERXQYDOLRVR\DUULHV
JDGR WUDEDMR GH LQYHVWLJDFLyQ \ GHQXQFLD
SHUR DO PLVPR WLHPSR VHxDOD TXH KXER
PHGLRVTXHVRVWXYLHURQXQDSRVLFLyQDPEL
JXDHLQFOXVROOHJDURQDDYDODUODYLROHQFLD
DUELWUDULDGHO(VWDGR
/D&95SURSRQHTXHHOJUDQKRUL]RQWH
GH OD UHFRQFLOLDFLyQ QDFLRQDO HV HO GH OD
FLXGDGDQtDSOHQDSDUDWRGRVORVSHUXDQRV
\ SHUXDQDV $ SDUWLU GH VX PDQGDWR GH
SURSLFLDU OD UHFRQFLOLDFLyQ QDFLRQDO \ GH
VXV LQYHVWLJDFLRQHV UHDOL]DGDV OD &95
LQWHUSUHWDODUHFRQFLOLDFLyQFRPRXQQXHYR
SDFWR IXQGDFLRQDO HQWUH HO (VWDGR \ OD
VRFLHGDG SHUXDQRV \ HQWUH ORV PLHPEURV
GHODVRFLHGDG
&DStWXOR,;
O
0HUFHGHV&DEHOORGH
&DUERQHUD8QDFXHVWLyQ
VRFLROyJLFDHQ0XMHUHGXFDFLyQ
\OLWHUDWXUD&DUORV&RUQHMR
4XHVDGDHG/LPD,QVWLWXWR
1DFLRQDOGH&XOWXUD
3iJV
O
+pFWRU9HODUGH(OFRQFKR
WHO~ULFRGHDFRPHWLYLGDG(Q
2EUDV&RPSOHWDV/LPD
)UDQFLVFR0RQFORD(GLWRUHV
3iJV
6HEDVWLiQ6DOD]DU%RQG\
/LPDODKRUULEOH0p[LFR
(GLFLRQHV(UD
3iJV
O
&DUORV'HOJDGR(MHUFLFLR
VRFLROyJLFRVREUHHODUULELVPRHQ
HO3HU~(Q3UREOHPDVVRFLDOHVHQ
HO3HU~&RQWHPSRUiQHR/LPD
,(33iJV
O
O
$QtEDO4XLMDQR'RPLQDFLyQ\
FXOWXUDORFKROR\HOFRQIOLFWR
FXOWXUDOHQHO3HU~/LPD0RVFD
$]XO3iJV
$QWRQLR&RUQHMR3RODU
0HVWL]DMHWUDQVFXOWXUDFLyQ
KHWHURJHQHLGDG(Q$VHGLRVDOD
KHWHURJHQHLGDGFXOWXUDOOLEURGH
KRPHQDMHD$QWRQLR&RUQHMR
3RODU-RVp$QWRQLR0D]]RWWL\8
-XDQ=HYDOORV$JXLODUFRRUGV
/LPD$VRFLDFLyQ,QWHUQDFLRQDOGH
3HUXDQLVWDV3iJV
O
0DUWKD+LOGHEUDQGW
3HUXDQLVPRV/LPD%LEOLRWHFD
1DFLRQDOGHO3HU~
3iJV
O
&DSLWXORLQGG
6HVXSRQHTXHGHEHUtDPRVVDEHUORTXHVRPRVOR
TXHIXLPRV\ORTXHTXHUHPRVVHUVREUHWRGROXHJR
GHOODUJRUHFRUULGRGHQXHVWURSDtVDWUDYpVGHOD
KLVWRULD/DVGHPDQGDVSRUUHFRQRFLPLHQWRVLQ
HPEDUJRUHTXLHUHQGHFULWHULRVGHHVWDELOLGDGVRFLDO
TXHHOSDtVKDLGRSHUGLHQGRHQODV~OWLPDVGpFDGDV
FRPRFRURODULRGHORVFDPELRVVRFLDOHVODV
PLJUDFLRQHVHOSURFHVRGHLQGXVWULDOL]DFLyQORV
GLYHUVRVPRYLPLHQWRVVRFLDOHV\SROtWLFRV\ODFULVLVGH
ODVLQVWLWXFLRQHV$JXGL]DGDVSRUHOWHUURULVPR\OD
LQIRUPDOLGDG\HVWLPXODGDVSRUODUHFLHQWHSURVSHULGDG
ODVH[LJHQFLDVGHUHFRQRFLPLHQWRKDQOOHJDGRDSDUHFHU
TXLPpULFDVQRREVWDQWHVHXQHQOHJtWLPDPHQWHDXQD
WUDGLFLyQGHFUtWLFDVRFLDOHVSHFLDOPHQWHGLULJLGDDODpOLWH
OLPHxD&DEHPHQFLRQDUTXHHQHVWDV~OWLPDVGpFDGDVOD
FULWLFDVRFLDOKDLQFOXLGRODSUREOHPiWLFDGHJpQHUR
([LVWHXQDODUJDHLQWHUHVDQWHWUDGLFLyQGHPH]FODUORVRFLDO
FRQORFXOWXUDO3UHJXQWDUSRUODLGHQWLGDGKDOOHYDGRD
SRVWXODUDOJXQDGLPHQVLyQFXOWXUDOSDUWLFXODUFRPRPDWUL]GH
ODLGHQWLGDG([LVWHQGLYHUVDVFXOWXUDVHQHO3HU~"6RPRV
XQDVRFLHGDGIUDJPHQWDGD"(OPHVWL]DMHHVXQGLVFXUVR
SROtWLFR"(QXQSDtVFX\RSDLVDMHXUEDQRSUHGRPLQDQWH
GLVXHOYHODVIXHQWHVKLVWyULFDVGHODFXOWXUDFyPRUHVSRQGHU
DHVWDVSUHJXQWDV"&RQWRGRHOGHVDUUROORXUEDQRJHQHUD
QXHYDVWHQGHQFLDVFXOWXUDOHV\QXHYDVIRUPDVGH
FRPSRUWDPLHQWRTXHUHTXLHUHQXQDFRPELQDFLyQGHVREULR
DQiOLVLVVRFLROyJLFRFRQVHQWLGRGHOKXPRU7DOYH]KR\VHD
SRVLEOHVDEHUORTXHVRPRV7DOYH]\DVHSXHGDWHQHU
UHVSXHVWDDQXHVWUDGHPDQGDSRUUHFRQRFLPLHQWR
4XpVRPRV"
&XOWXUD\VRFLHGDG
0HUFHGHV&DEHOORGH&DUERQHUD
8QDFXHVWLyQVRFLROyJLFD(Q0XMHU
HGXFDFLyQ\OLWHUDWXUD&DUORV&RUQHMR
4XHVDGDHG/LPD,QVWLWXWR1DFLRQDOGH
&XOWXUD([WUDFWRVHOHFFLRQDGR
SiJV
0XMHU
HGXFDFLyQ\OLWHUDWXUD
0HUFHGHV&DEHOOR
GH&DUERQHUD
0RTXHJXD/LPD
(VFULWRUD\GHIHQVRUDGHORVGHUHFKRVGH
ODPXMHUHQHO3HU~UHFUHDHOSUR\HFWRGHO
SRVLWLYLVPRGHODGHIHQVDDOD&LHQFLD
0RGHUQDUHFODPDSURJUDPDVGH
HGXFDFLyQVLQGLVFULPLQDFLyQGHVH[RV\
VHxDODODVFRQWUDGLFFLRQHVLQWHUQDVGHOD
VRFLHGDGFDWyOLFDSHUXDQDPDUFDGDSRU
XQDGREOHPRUDO
&DSLWXORLQGG
0HUFHGHV&DEHOORGH&DUERQHUD
0XMHUHGXFDFLzQ\OLWHUDWXUD
&DUHWDV
&DSLWXORLQGG
8QDPDQRSHUILODGD\OLQGDTXHFRQJUD
FLRVRVDGHPDQHVKDFHODVHxDOGHODFUX]\
XQRVODELRVVRQURVDGRV\YROXSWXRVRVTXH
LQFRQVFLHQWHPHQWH UHSLWHQ XQD RUDFLyQ
GHFLG YRVRWURV KRPEUHV TXH RV SDUHFHQ
FRVDV VHGXFWRUDV \ EHOODV VLQ TXH RV
LPSRUWHQLRVSUHRFXSHHVHFHUHEURUHSOHWR
GHHUURUHV\HQWHQHEUHFLGRGHVRPEUDV
&RQWDOTXHHOODQRJRELHUQHHOPXQGRQL
OHLPSRQJDGHPDVLDGRVXOH\
<KHDTXtHOSXQWRGHGRQGHVXUJHQHQOD
YLGDVRFLDOHtQWLPDODVOXFKDVODVGHVDYH
QHQFLDV\GHVHTXLOLEULRV(OKRJDUUHVXOWD
SXHVFRPREDUFRJREHUQDGRSRUGRVSLORWRV
TXHPLUDQKDFLDODGRVRSXHVWRVHQHOKRUL
]RQWHHOKRPEUHKDHVWXGLDGRHQFRQWUDVWH
FRQ ODV FUHHQFLDV GH VX HVSRVD GH HVD
PXMHU TXH FRPR OD JHQHUDOLGDG FRQWLQ~D
DGVFULWDDODWUDGLFLyQDOGRJPDGHFUHHQ
FLDV QDFLGR HQ ORV SULPHURV DOERUHV GH
QXHVWUDFLYLOL]DFLyQ
3UHFLVRGHFLUORODPXMHUKR\HQQXHVWUD
VRFLHGDG YLYH HQ SOHQD (GDG 0HGLD HQ
WDQWRTXHHORWURVH[RVHDOHMDPRUDOPHQWH
GH HOOD SRU HVD FRORVDO EDUUHUD TXH OD
&LHQFLDKDOHYDQWDGRHQWUHHOOD\ORVYLHMRV
GRJPDVGHOFDWROLFLVPR
8Q PXQGR LQWHUSXHVWR HQWUH GRV VHUHV
GLVSXHVWRVDLGHQWLILFDUVHDXQLILFDUVHJOR
ULRVDPHQWHSDUDIRUPDUODEDVHIXQGDPHQ
WDOGHOD)DPLOLDOD3DWULD\OD+XPDQLGDG
&yPR VHUi IDFWLEOH OD XQLyQ tQWLPD GH
GRV H[LVWHQFLDV GH GRV FRUD]RQHV FRQ HO
GLYRUFLR FRPSOHWR GH ORV HVStULWXV VHSDUD
GRVSRUFRQYLFFLRQHVDQWDJyQLFDV\GHWRGR
HQWRGRFRQWUDSXHVWDVODVXQDVDODVRWUDV"
/DPXMHUQRKDFDPELDGRVLQRDSDUHQWH
PHQWHHQVXVFUHHQFLDVUHOLJLRVDVODVJXDU
GDHQHOiQIRUDFHUUDGDGHVXIHDOOtJHUPL
QDQ VXV HUURUHV VXV VXSHUVWLFLRQHV \ IDQ
WDVtDV GH ODV pSRFDV PHGLRHYDOHV GH IDQD
WLVPR H LJQRUDQFLD < HQ WDQWR TXH OD
PD\RUtDGHOEHOORVH[RVHKDOODVXPLGRHQ
HVH PtVWLFR HVWDFLRQDULR \ SDFLHQWH OD
JHQHUDOLGDGGHOVH[RIXHUWHVHKDOODFRQWD
JLDGRGHOHVFHSWLFLVPRGHHQJROIDGRV\DKt
WRVHQODVGRFWULQDVGH%XFKQHUGH6SHQFHU
GH6FKRSHQKDXHU\SRUHQGHVRQPDWHULD
OLVWDV\DWHRV
+H DTXt SXHV HO VHFUHWR GH OD IDOWD GH
LQIOXHQFLDPRUDOL]DGRUDGHODPXMHUHQVX
PLVLyQ GH HVSRVD \ PDGUH VXV SDODEUDV
UHVXOWDQ GHVDXWRUL]DGDV GHVSUHVWLJLDGDV
QRFRPRODQRFLyQGHODPRUDOSRVLWLYDVLQR
FRPRHOHFRGHXQDPLWRORJtDTXHKDSHUGL
GRVXHILFDFLD\PLVWHULRVDUUHEDWDGRVSRU
OD&LHQFLDPRGHUQD
(QQXHVWUDVVRFLHGDGHVSRFRVQRPXFKRV
VRQDOJRLQVWUXLGRVVDEHQGH$VWURQRPtD
GH *HRORJtD GH $QWURSRORJtD DXQTXH QR
VHDPiVGHORTXHKDQOOHJDGRDEHEHUHQ
ODV KRMDV SHULRGtVWLFDV HQ HO IROOHWR \ HO
OLEUR OHtGR GH SUHVWDGR 3XHV ELHQ HVD
PtQLPD YHUVDFLyQ FLHQWtILFD WDQWR FRPR
ODVPiVDPSOLDVTXHHQODV8QLYHUVLGDGHV
DGTXLHUHQHVVXILFLHQWHSDUDUHYHODUOHTXH
ORVOLEURVUHYHODGRVSRU'LRVPLVPRQRVRQ
PiVTXHFUHDFLRQHVIDEXORVDVHLPDJLQDWL
YDVSURSLDGHODLQIDQFLDGHORVSXHEORV
<QRVHFUHDTXHHVWDVGHGXFFLRQHVVRQ
DQWRMDGL]DV \ HVFDVDV GH OyJLFD \ YHUGDG
TXHHQWDOFDVRWHQGUtDPRVGHUHFKRDSUH
JXQWDU&XiOHVODFDXVDGHTXHODPRUDO
UHOLJLRVDGHODPXMHUQRVHWUDGX]FDMDPiV
HQKHFKRVSUiFWLFRVGHODYLGDGHOKRPEUH
HVGHFLUGHOHVSRVRGHODPDQWHRGHOKLMR"
(QQRPEUHGHTXpPRUDOGHTXpGRFWUL
QDSXHGHKDEODUHOODLQYRFDUSHGLUVLVX
IH LQIDQWLO H LQFRQVFLHQWH HV PLUDGD FRQ
GHVSUHFLRRFRPSDVLyQSRUFDUHFHUGHHVD
IXHU]D DYDVDOODGRUD TXH HV LQKHUHQWH D
WRGDYHUGDG"<ODPXMHUDVXYH]FRQVL
GHUD FRQ KRUURU H LQGLJQDFLyQ ODV LGHDV
OLEUHSHQVDGRUDVGHORWURVH[R
&DUHWDV
+pFWRU9HODUGH
0XMHUHGXFDFLzQ\OLWHUDWXUD
<DVtYHPRVTXHDOPD\RUPLVWLFLVPRGH
ODHVSRVDUHVSRQGHODPD\RUUHODMDFLyQGHO
VHQWLPLHQWR PRUDO GHO HVSRVR PDQFKDGR
SRUFXOSDVJUDYtVLPDVGHVXYLGDS~EOLFD
6LFLHUWRSRUTXHHVWHPXWXRGHVSUHFLR
HVWD GLVSDULGDG VH UHDOL]D HQ HO VHQR
PLVPR GHO KRJDU HQWUH ORV FyQ\XJHV TXH
HQ DSDULHQFLD YLYHQ PDULWDO \ DPRURVD
PHQWH SHUR HQ YHUGDG Ki\DQVH PRUDO
PHQWH GLYRUFLDGRV \ WDQ DOHMDGRV GH VX
FRQMXQFLyQHVSLULWXDOFRPRVLLQIUDQTXHD
EOHPRQWDxDORVVHSDUDUD
(VWH GHVHTXLOLEULR \ GHVHPHMDQ]D HQ OD
IH \ ODV FUHHQFLDV GH DPERV VH[RV SDUpFH
QRVDSULPHUDYLVWDXQRGHDTXHOORVLQPHQ
VRVPDOHVGHODYLGDVRFLDOFX\DtQGROHORV
KDFHLUUHPHGLDEOHVHLQGHVWUXFWLEOHV
6LSXHVWRTXHSDUDVDFDUORVVHUtDQHFH
VDULRTXHODVVRFLHGDGHVSXGLHUDQSRVHHUOD
YLUWXGGHVHUUHJUHVLYDVVLDVtSXHGHGHFLU
VHSDUDYROYHUDODVpSRFDVGHODIHFLHJD
VHQFLOOD H LQH[SHULPHQWDGD GH WDO VXHUWH
TXHORVGRVVH[RVQRGLVFUHSHQXQSXQWRHQ
VXVFUHHQFLDV\OXFXEUDFLRQHV
3HURQRVLHQGRGDEOHQLSRVLEOHODUHJUH
VLYLGDGGHOHVStULWXKXPDQRKDEUiGHUHD
OL]DUVH\SUHFLVDTXHHOORVHOOHYHDODSUiF
&DUHWDV
&DSLWXORLQGG
(OFRQFKRWHO~ULFRGHDFRPHWLYLGDG
(Q2EUDV&RPSOHWDV/LPD)UDQFLVFR
0RQFORD(GLWRUHV([WUDFWR
VHOHFFLRQDGRSiJV
/LPD/LPD
3ULPHUDVSHFWR
(VWHDVSHFWRHVWDEOHFHHLQFXOFDORJUDWR
OD FRQILDQ]D HQ HO H[LVWLU OR JHQHURVR OD
SDFLHQFLD OR RUJiQLFRELROyJLFR OR TXH VH
DUUHJOD VROR OR TXH GXUD VLQ FXLGDUOR \ ODV
EXHQDVPDQHUDV/DFRQVHUYDFLyQGHOLQGLYL
GXR\GHODHVSHFLHQRHVXQGUDPDFRPRHQ
+DPEXUJR R &KLFDJR VLQR XQD VLPSOH IXQ
FLyQSDVLYDGHGHIHQVDSXHVWRVVHGHVDUUR
OODVLQEUXVTXHGDGHVEDMRXQFLHOREHQpYROR
\ VREUH XQD WLHUUD TXH SURGXFH GH WRGR
VLHPSUH\FXDQGRQRVHPHWDQFRQORVFHUURV
\ORVDUHQDOHV(QWRQFHVSDUDTXpODSUHFL
VLyQHOULJRU\OOHJDUDODKRUD"/RLQGHILQL
GR OD GHVSUHRFXSDFLyQ FLHUWR DEDQGRQR GH
ODVFRVDVGHMDGH]ODGLVFRQWLQXLGDGHQORV
SURFHVRVXQSDFWRODWHQWHFRQ'LRVGHWHUPL
QD HO HVWLOR GHSXUDGR \ HQFDQWDGRU GHO
SHUXDQRVREUHWRGRGHOOLPHxR
$UTXLWHFWR\SURIHVRUHQOD(VFXHOD
1DFLRQDOGH,QJHQLHURV\HQOD
8QLYHUVLGDG&DWyOLFD)XHXQDJXGR
REVHUYDGRUGHODVRFLHGDGSHUXDQD
1DGDIXHU]DSXHVDORVLOXVWUHVGHVFHQ
GLHQWHVGHORVWHMHGRUHVSHUXDQRVDIRUPDV\
DFWLWXGHVGXUDVFRQFOX\HQWHV\HQHOIRQGR
DEVXUGDV$OFRQWUDULR\ORUHSHWLPRVODLQYL
(OFRQFKRWHO~ULFR
GHDFRPHWLYLGDG
+pFWRU9HODUGH
+pFWRU9HODUGH
(OFRQFKRWHO~ULFRGHDFRPHWLYLGDG
WDFLyQGHOFOLPDLGHDOGHOOXJDUFLWRFyPRGR\
GH OD SDSD DEXQGDQWH HQ HVH OXJDUFLWR ORV
REOLJDPiVELHQDOPHQRUHVIXHU]RSRUHMHP
SORDGHMDUODVSXHUWDVMXQWDVORVFDMRQHV
HQWUHDELHUWRV\ORVFDxRVJRWHDQGR
8QDFRVDSXHGHVHUYLUSDUDRWUDHO&RXQWU\
&OXESXHGHWHUPLQDUHQFOtQLFDFRPRODFDVD
GHOD3HUULFKROLKDWHUPLQDGRHQFXDUWHO
/HV HQFDQWD IRUPDU FRPLVLRQHV FRQ
PXFKRV PLHPEURV HQ ODV TXH QDGLH VH
HQWLHQGHFRQSUHFLVLyQ/DSUHFLVLyQFRPR
VHFRPSUHQGHUiQRLQWHUHVDPROHVWD
6HHVWDEOHFHQDSHUSHWXLGDGRSLQLRQHV\
FRQFHSWRVVREUHSHUVRQDV\FRVDVVLQTXHVH
VHSDDFLHQFLDFLHUWDSRUTXp
7RGRVVDEHQGHWRGRSRUTXHQDGDH[LJHTXH
VH SHQHWUH PXFKR /D JUDFLD PX\ PRGHUQD
SRUFLHUWRHVVHUJHQLRVLQHVWXGLDUQDGD(O
PX\HVWXGLRVRHVLUUHPHGLDEOHPHQWH]RQ]R
&RURODULR
&RPRODDPELFLyQ\ODVJDQDVQRVXIUHQ
PD\RUHV UHVLVWHQFLDV GHO PHGLR DPELHQWH
pVWDV VH UHYHODQ D ODV FODUDV \ VXUJHQ ORV
IUHVFRVFRQRFLGRVORVLPSRUWDQWHV\VROHP
QHVDVRODV\TXHWRGRVVDOXGDQODVOREDV
LQVDFLDEOHV \ VLQ GLVLPXOR HVSHFLDOLVWDV \
WpFQLFRVHQFRVDVUDUDVORVTXHVHVLHQWHQ
GXHxRVGHOSDtV\ORVTXHRULQDQHQODFDOOH
DODYLVWDGHWRGRHOPXQGR
6HJXQGRDVSHFWR
6LHOFOLPDQRH[LJHPD\RUHVHVIXHU]RVQL
SpUGLGDV GH HQHUJtD HVWR QR TXLHUH GHFLU
TXHQRKD\DFDSDFLGDGGHOXFKDDOFRQWUD
ULRODKD\\DYHFHVPX\JUDQGHSHURHVWD
FDSDFLGDG TXHGD HQ SDUWH UHWHQLGD SRU OR
LQ~WLO TXH VHUtD JDVWDUOD WRWDOPHQWH DQWH
XQDQDWXUDOH]DGHVXHORTXHODDQLTXLODUtD
&DUHWDV
&DSLWXORLQGG
SRUFRPSOHWR4XHGDHQWRQFHVXQDUHVHUYD
FRQWHQLGD JHQHUDOPHQWH GRUPLGD GH DFR
PHWLYLGDGXQFRQFKRSURIXQGRGHDJUHVLYL
GDG QR HPSOHDGR TXH QR SXGLHQGR PDQL
IHVWDUVHFRQWUDODQDWXUDOH]DGHHVHVXHOR
VHYDOHVLPSOH\OODQDPHQWHGHODJHQWH\
GHODVFRVDVFRPRYiOYXODGHHVFDSH(VWR
HVORTXHGHILQLPRVFRPRHOFRQFKRWHO~UL
FR GH DFRPHWLYLGDG \ TXH IXQFLRQD DXWR
PiWLFDPHQWHEDMRODVVLJXLHQWHVIRUPDV
)RUPDJHQHUDO
(QOXJDUGHKDFHUVHDOJRDIDYRUGHDOJRVH
KDFHHQFRQWUDGHDOJR(MHPSORV
(QFXDQWRWHQJDHVHSXHVWRHQHO
0LQLVWHULRORIULHJRD3pUH]
0HFDVRFRQOD&KDFKD\ORUHYLHQWRDO
VXHJUR
0HKDJRVRFLRGH0DFKRUHQD\DUUXLQR
D3HOD\R
7RWDOKD\TXHJDVWDUHQHUJtDV
)RUPDSDUWLFXODU1
6H VLHQWH TXH WRGRV WLHQHQ VX FRQFKR
WHO~ULFR GH DFRPHWLYLGDG UHWHQLGR \ TXH
pVWHSXHGHUHYHODUVHHQFXDOTXLHUPRPHQ
WR\IRUPDORPDORTXHVHDFXPXODHQHVH
FRQFKRVHHVSHUDFRQODPD\RUQDWXUDOLGDG
\KDVWDFRQYHUGDGHURLQWHUpV(VWiQHQVX
GHUHFKR
3RUHMHPSORVLHO'U7RUQHOODWDQKRQR
UDEOHKDUREDGRXQDIXHUWHVXPD\VHKD
HVFRQGLGR ORV FRPHQWDULRV VHUiQ ORV
VLJXLHQWHV
&XiQWR"
3REUH)LORPHQD
4XpEDUEDULGDG
<OODPDURQDODSROLFtD"
<\RTXHHVWXYHHQHOFROHJLRFRQpO
6XSDSiWDPELpQ"
1DWXUDOPHQWHVLQDGDQLQDGLHORREOLJD
DPHWHUVH
(ODFRPRGRHVXQDDFWLWXGFDUDFWHUtVWLFD\
QDWXUDODQWHODWUHPHQGDWRSRJUDItDGHOSDtV
<ORGHOLFLRVRGHOFOLPDHQHOOXJDUHVFRJLGLWR
6LKD\FXDWURJDWRVSRUVHSDUDGR\VLQ
FRQRFHUVH VH SRQGUiQ VLHPSUH MXQWLWRV
GRQGHVHD\FRPRVHDVRQODVOODPLWDVTXH
VHMXQWDQDOERUGHGHORVSUHFLSLFLRV\EDMR
ORV SHGURQHV GH ORV FHUURV (VR TXH OHV
SDVDDODVOODPDVDXQTXHHVWpQHQSDPSD
KiELWRSUXGHQWHOHVSDVDDORVJDWRVHQHO
3HU~DXQTXHVHDQLQJOHVHV$FDEDQDSHOR
WRQiQGRVH 1DGLH VDEH DGHPiV VL YD D
KDEHUWHPEORU
+D\XQDLJXDOGDGFRUGLDOXQDGHPRFUD
FLD SURIXQGDPHQWH KXPDQD GHELGD D OD
QLYHODFLyQ DQWH OR LPSRVLEOH GH OD FRVWUD
WHUUHVWUH\ODJHQHURVLGDGGHODDWPyVIHUD
(O FRQFKR WHO~ULFR GH DFRPHWLYLGDG HV HO
GHQRPLQDGRUFRP~Q
(OUDWHURHVIUHFXHQWHSHURQRHOJiQJV
WHU SRUTXH OD YLGD HQ OD FLXGDG HV PX\
EODQGD \ HVFRQGHUVH HQ OD SDPSD R HQ OD
SXQDHVPX\GXUR
/DVVDQFLRQHVQRVRQPX\IXHUWHVFRQWUD
ORVSLOORVSRUTXHODVYtFWLPDVVRQJHQHUDO
PHQWHDPHGLDV\VLHPSUHDPSDUDGDVSRU
ODERQGDGGHOPHGLRDPELHQWHTXHQRVLHQ
WHPXFKRORVXVWUDtGR(OYLYRKDFHJUDFLD
\FXDQGRpVWHQRVHODQ]DHQFRVDVPD\RUHV
VHOHOODPDFRQVLPSDWtDFXQGD
6LDOJXLHQDGTXLHUHSRGHUSRUTXHVHOR
GDQRVHORWRPDHVHSRGHUUHVXOWDVLHPSUH
PXFKRPD\RUGHORTXHpOPLVPR\ORVRWURV
SXHGHQFUHHUOR(VWRHVGHELGRDODIDOWDGH
UHVLVWHQFLDH[WHULRUGHUHDFFLyQDPELHQWDO
&DUHWDV
6HEDVWLiQ6DOD]DU%RQG\
(OFRQFKRWHO~ULFRGHDFRPHWLYLGDG
(QWUHHOFRQFKRWHOXULFRGHDFRPHWLYLGDG
GH OXFKD GH HQHUJtD UHWHQLGD TXH FRPR
KHPRVYLVWRSXHGHVHUPXFKD\ODJUDWtVL
PD IDOWD GH QHFHVLGDG SUHFLVDPHQWH GH
OXFKDRIUHFLGDSRUHOPHGLRDPELHQWHHVWD
EOHFLGRVHSURGXFHODFUHDFLyQSDUDGyMLFDGH
REUDVLPSRUWDQWHVDOJXQDVH[WUDRUGLQDULDV
LQGXVWULDVHGLILFLRVHWFWRGDVHOODVFRPR
HVQDWXUDOFRQFDUDFWHUHVPiVRPHQRVFRQ
WUDGLFWRULRV/DH[SUHVLyQGHHVDVREUDVHV
VLHPSUHDOJRVRUSUHVLYRSRUTXHRVHHWHUQL
]DQRVHUHDOL]DQHQPHQRVGHORTXHFDQWD
XQJDOOR6RQFRPRPLODJURVEURWDGRVGHGRV
IXHU]DV SURIXQGDV \ FRQWUDULDV XQD GLQi
PLFD GH LPSXOVRV DFXPXODGRV FRQFKR \
RWUDHVWiWLFDTXHORVXDYL]DWRGRFOLPD(O
SURGXFWRHVVLHPSUHKXPDQR\ILQR(VWROR
DSUHFLDQPXFKtVLPRORVH[WUDQMHURVFXOWRV
(O3HU~QRHVXQSDtVSDUDEUXWRV/DIDOWD
GHODUXHGDWLHQHTXHYHUPXFKRFRQVXRUL
JLQDOLGDG\HQFDQWR
(OTXHOOHJDDUHDOL]DUDOJRGHSULQFLSLR
D ILQ WDO FRPR OR KDEtD SHQVDGR GHEH VHU
FRQVLGHUDGRFRPRXQKpURH7RGRFRQVSLUD
FRQWUDpOODVGHOLFLDVGHODLUH\ORWUHPHQGR
GHODVVXELGDV\EDMDGDV
/LPDODKRUULEOH0p[LFR(GLFLRQHV(UD
([WUDFWRVVHOHFFLRQDGRV
SiJV
/LPD
ODKRUULEOH
6HEDVWLiQ6DOD]DU%RQG\
/LPD
&DUHWDV
&DSLWXORLQGG
/DVPXMHUHVVRQSDUWLFXODUPHQWHDGRUD
EOHV SRUTXH WLHQHQ XQ FRQFKR WHO~ULFR GH
DFRPHWLYLGDG PDWHUQDO H LQDJRWDEOH VRQ
GH XQD WHUQXUD LQYHQFLEOH 7RGR HVWi D
IDYRUGHHVHFRQFKRODHWHUQDSULPDYHUD\
ODJHRJUDItDTXHMXQWD
9LYD HO FRQFKR WHO~ULFR GH DFRPHWLYL
GDG H[FODPD 9RQ )XWWH DO WHUPLQDU VX
OLEUR
&RQFOXVLyQ
(QHO3HU~7DLQHHVWiPX\SRUHQFLPD
GH *RELQHDX D SHVDU GH ORV RUHMRQHV OD
PDQGLQJDHOFKDSHWyQ\ORVJULQJRV
(VFULWRU\DJXGRFUtWLFRGHODVRFLHGDG
OLPHxD)LJXUDLQIOX\HQWHHQHOPXQGRGH
ODVOHWUDVHQODVGpFDGDVGH\
XHHOSDVDGRQRVDWUDHHVDOJRPHQRVGH
OR TXH HQ YHUGDG RFXUUH HVWDPRV
DOLHQDGRVSRUpOQRVyORSRUTXHHVOD
IXHQWHGHWRGDODFXOWXUDSRSXODUGHO
NLWVFK QDFLRQDO \ SRUTXH FRQWLHQH
XQDSDXWDGHFRQGXFWDSDUDHO3REUH
&XDOTXLHUD TXH DQVtD VHU DOJ~Q GtD
'RQ $OJXLHQ \ SRUTXH OD DFWXDOLGDG
UHSURGXFHFRPRFDULFDWXUDHORUGHQSUHWp
ULWR VLQR SRUTXH HQ HVHQFLD SDUHFH
QRKDEHUHVFDSDWRULDDOOHYDUODFDEH
]D GH UHYpV KLSQRWL]DGD SRU HO D\HU
KHFKL]R\FLHJDDOUXPERYHQLGHUR(O
SDVDGRHVWiHQWRGDVSDUWHVDEUD]DQ
GR KRJDU \ HVFXHOD SROtWLFD \ SUHQVD
IRONORUH \ OLWHUDWXUD UHOLJLyQ \ PXQGDQL
GDG $Vt SRU HMHPSOR HQ ODELRV GH ORV
PD\RUHVVHUHSLWHQUXWLQDULDVODVFRQVHMDV
FRORQLDOHV HQ ODV DXODV VH UHSDVDQ ORV
LQIXQGLRV DUFiGLFRV HQ ODV FDOOHV GHVILODQ
ODVFDUUR]DVGRUDGDVGHOJRELHUQR\HQORV
GLDULRVUHDSDUHFHQFRPRHQXQFLHORHEULR
ODV HOHJtDV DO HGpQ SHUGLGR &DQWDPRV \
EDLODPRV YDOVHV FULROORV TXH DKRUD VH
REVWLQDQHQHYRFDUHOSXHQWH\ODDODPHGD
WUDGLFLRQDOHV \ VH LPSULPHQ OLEURV GH
DQpFGRWDV\UHFXHUGRVGHDTXHOORTXH-RVp
*iOYH] EDXWL]y FRPR OD /LPD TXH VH YD
(QWUHKXPRVGHIULWDQJDVHGHVSOD]DQODV
YLHMDVSURFHVLRQHV\RWUDVQXHYDVDWUDYpV
GHLGpQWLFRVYDSRUHVUHPR]DQHOJUHJDULV
PR GHYRWR < DVLVWLPRV TXp UHPHGLR
TXHGDDERGDV\IXQHUDOHVGHULWXDORFLR
VR GH KLSyFULWD FRQYHQFLRQDOLVPR /D
WUDPSD GH OD $UFDGLD &RORQLDO HVWi HQ
WRGRVORVFDPLQRV1RHVVHQFLOORVRUWHDUOD
3UHFLVDDGYHUWLUTXH/LPDQRHVDXQTXH
LQVLVWDHQVHUORHO3HU~SHURHVWRHVFXHV
WLyQ DSDUWH 1R FDEH OD PHQRU GXGD HQ
FDPELRTXHGHVGHHOODVHLUUDGLDDWRGRHO
SDtVXQOXVWUHTXHGHVGLFKDGDPHQWHQRHV
HOGHOHVFODUHFLPLHQWR+DFHEDVWDQWHWLHP
/LPDODKRUULEOH
SRTXH/LPDGHMyGHVHUDXQTXHQRGHFDL
JDQ ORV HQHPLJRV GH OD PRGHUQLGDG OD
FXDOVLQHPEDUJRKDRWRUJDGRD~QDQRV
WiOJLFRV \ SDVDWLVWDV VXV DXWRPyYLOHV VXV
WUDQVLWRUHV VXV SHQLFLOLQDV VXV Q\ORQ
HWFODTXLHWDFLXGDGUHJLGDSRUHOKRUDULR
GH PDLWLQHV \ iQJHOXV FX\R DFDWDPLHQWR
HPRFLRQDED DO IUDQFpV 5DGLJXHW 6H KD
YXHOWRXQDXUEHGRQGHGRVPLOORQHVGHSHU
VRQDV VH GDQ GH PDQRWD]RV HQ PHGLR GH
ERFLQDV UDGLRV VDOYDMHV FRQJHVWLRQHV
KXPDQDV \ RWUDV GHPHQFLDV FRQWHPSRUi
QHDVSDUDSHUYLYLU'RVPLOORQHVGHVHUHV
TXH VH GHVSOD]DQ DEULpQGRVH SDVR
)UDQFLVFR0RQFORYDKDOODPDGRODDWHQFLyQ
VREUH HO FRQWHQLGR HJRtVWD GH HVWD H[SUH
VLyQ FRORTXLDO HQWUH ODV ILHUDV TXH GH ORV
KRPEUHVKDFHHOVXEGHVDUUROORDJORPHUDQ
WH(OFDRVFLYLOSURGXFLGRSRUODIDPpOLFD
FRQFXUUHQFLD XUEDQD GH FDQFHURVD FHOHUL
GDG VH KD FRQVWLWXLGR JUDFLDV DO YyUWLFH
FDSLWDOLQRHQXQLGHDOHOSDtVHQWHURDQKH
ODGHVOXPEUDGRDUURMDUVHHQpODWL]DUFRQ
VXSUHVHQFLDHOKRORFDXVWRGHOHVStULWX(O
HPERWHOODPLHQWRGHYHKtFXORVHQHOFHQWUR
\ ODV DYHQLGDV OD UXGD FRPSHWHQFLD GH
EXKRQHURV\PHQGLJRVODVIDWLJDGDVFRODV
DQWHORVLQFDSDFHVPHGLRVGHWUDQVSRUWHOD
FULVLV GHO DORMDPLHQWR ORV DQLHJRV GHELGRV
D ODV WXEHUtDV TXH HVWDOODQ HO LPSHUIHFWR
WHMLGR WHOHIyQLFR TXH HMHUFH OD QHXURVLV
WRGRHVREUDGHODLPSURYLVDFLyQ\ODPDOL
FLD $PEDV VHGXFHQ IXOJXUDQWHV FRPR ORV
RMRV GH OD VLHUSH HO FDQGRU SURYLQFLDQR
SDUDSRGHUOXHJROLTXLGDUORFRQVXVVXFLRV
\ IDUUDJRVRV DEVXUGRV /D SD] FRQYHQWXDO
GH/LPDTXHORVYLDMHURVGHO;,;\DXQGH
HQWUDGRHO;;FHOHEUDURQFRPRSURSLFLDD
ODPHGLWDFLyQUHVXOWyEDUULGDSRUODH[SOR
VLyQGHPRJUiILFDSHURODPXWDFLyQIXHVyOR
FXDQWLWDWLYD \ VXSHUILFLDO OD DOJDUDGD
XUEDQD KD GLVLPXODGR QR VXSULPLGR OD
YRFDFLyQ PHODQFyOLFD GH ORV OLPHxRV SRU
&DUHWDV
&DSLWXORLQGG
6HEDVWLiQ6DOD]DU%RQG\
TXHOD$UFDGLD&RORQLDOVHWRUQDFDGDYH]
PiVDUTXHWtSLFD\GHVHDEOH
8QD IXJD] YLVLyQ SXHGH FRQYHQFHU DO
WXULVWDSRUWDQWRGHTXHODFRORQLDVXSpUV
WLWHIXHDOILQVXSHUDGDPDVQRHVEXHQR
ILDUVHGHODHTXtYRFDLPSUHVLyQGHOSDVDMH
UR (O SDVDGR TXH QRV HQDMHQD HVWi HQ HO
FRUD]yQ GH OD JHQWH 1R ~QLFDPHQWH DGH
PiV HQ HO GH DTXHOOD TXH GHVGH YDULDV
JHQHUDFLRQHV DWUiV HV GH DTXt VLQR WDP
ELpQ HQ HO GHO SURYLQFLDQR \ HO H[WUDQMHUR
TXHHQ/LPDVHHVWDEOHFHQ$PERVOOHJDQD
OD FLXGDG OOHQRV GH IXWXUR \ DO FDER GH
XQRVDxRVKDQGHUURFKDGRHQQRVHVDEH
ELHQ TXp OD YROXQWDG GH SURJUHVR TXH ORV
GHVSOD]y(VDIXHU]DRULJLQDOHVVXVWLWXLGD
SRUODVDWLVIDFFLyQGHVDEHUVHLQVHUWRVHQHO
VXVWUDWRFRORQLDOGHODVRFLHGDGOLPHxD/R
FXDO TXLHUH GHFLU TXH KDQ FRPHQ]DGR D
FRQVWUXLUVHXQSHTXHxRYLUUHLQDWRSDUWLFX
ODU\PHUFHGDpOSRUPDWULPRQLRDVRFLD
FLyQRFRPSOLFLGDGRSRUODVWUHVFRVDVDOD
YH]DSDUWLFLSDUGHOSRGHUGHDPRV\UHQ
WLVWDVTXHGHWHQWDQODV*UDQGHV)DPLOLDV
$OUHVWRGHOSDtVVHWUDQVPLWHSRUPRGR
GHOLPSHULRPHWURSROLWDQRHOHQVXHxRQREL
OLDULRFX\RVWtWXORVDYDODODDOWDEDQFD\
HQFDGDFLXGDGSXHEORRYLOORUULRODSDQWR
PLPD VH FRQVXPD FRPR XQ HQVD\R SUHYLR
DOHVWUHQRHQODFDSLWDO
&RQODV*UDQGHV)DPLOLDVKHPRVSXHV
WRSDGR,PSRVLEOHQRDGYHUWLUTXHVRQHOODV
ODVTXHKDQGLIXQGLGRFRQWRWDOLJQRUDQFLD
GH OD SUHFHGHQFLD GHO EXHQ 0DQULTXH OD
SDWUDxD GH TXH FXDOTXLHU WLHPSR SDVDGR
IXHPHMRUDxDGLHQGRDHVWHUHODWLYDPHQWH
SUHVWLJLDGR LQIXQGLR HO iSLFH GH TXH GH
WRGRV ORV WLHPSRV SDVDGRV HO GHO PDQGR
SDWHUQDOLVWDHOUDQJRSRUODSURVDSLD\OD
GHSHQGHQFLD GHO H[WUDQMHUR IXH PiV IHOL]
TXHQLQJ~QRWUR'LFKDV*UDQGHV)DPLOLDV
QRGHVFRQRFHQTXHVRFLDO\HFRQyPLFDPHQ
WHDTXHOODHGDG\DQRHVPiVSXHVLQFUH
PHQWDQVXRSXOHQFLD\SURVSHUDQGHDFXHU
GRDODREMHWLYLGDGGHOSUHVHQWH7HPHURVDV
VLQHPEDUJRFRPRKDQYLYLGRVLHPSUHGH
FXDOTXLHUEURWHGHGHVFRQWHQWR\YLROHQFLD
KDQKHFKRFLUFXODUJUDFLDVDOHVFDVRRQXOR
VDEHU TXH VXV LQVWLWXFLRQHV SHGDJyJLFDV
KDQSURFXUDGRDODVPD\RUtDVODPHWiIRUD
LGtOLFDGHODFRORQLD\VXLQIOXMRSVLFROyJLFR
\ PRUDO 6XV SLDGRVRV FXDGURV GH SLQWXUD
FX]TXHxD VXV FDVDV GH HVWLOR QHRFRORQLDO
GHEDUURFRPRELOLDULRVXVHPSDUHQWDPLHQ
WRV HQGRJiPLFRV VyOR DFFLGHQWDOPHQWH
LQWHUUXPSLGRVSRUXQDWUDQVIXVLyQGHVDQ
JUH LQPLJUDQWH VXV OHJtWLPRV R IDOVRV
HVFXGRVVXVSUXULWRVGHVHxRUtRELHQVHUYL
GRVXKLVSDQLVPRPHUDPHQWHWDXURPiTXL
FR \ IODPHQFR VX HPLQHQFLD HQ VXPD
FKDSDGD GH PHPRULDV JHQHDOyJLFDV FRQ
FUHWDQHQVXVUHILQDGDVIRUPDVODPL[WLIL
FDFLyQTXHFRQILQHVGHOXFURKDQGHILQLGR
FRPRVLJQRGHXQGHVWLQRLUUHQXQFLDEOH
3RUTXHQRVHWUDWDGHXQDPRUGHVLQWH
UHVDGR SRU OD KLVWRULD QL GH XQD IDOWD GH
SHUVSHFWLYD KDFLD HO SURJUHVR GHO KRPEUH
QLGHXQDORFDERUUDFKHUDGHDQDFURQLVPR
QDGD GH HVR VLWLR GHO PDQWHQLPLHQWR DO
VRFDLUHGHHVWDHVSHFLHGHIHWLFKLVPRIXQH
UDULR GHO VLVWHPD HQ TXH SHUWHQHFHQ DO
VHxRUODKDFLHQGD\ODYLGDGHTXLHQODWUD
EDMD7RGRUHVXOWDDODSRVWUHXQDEXUGD
WUDSDFHUtDHQPDVFDUDGDGHWUDGLFLyQOLWH
UDWXUD\QRVWDOJLDTXHVRQIDOVDWUDGLFLyQ
PDOD OLWHUDWXUD \ H[WUDYLDGD QRVWDOJLD
0DV HO FXHQWR GH OD $UFDGLD &RORQLDO KD
WHQLGRp[LWRKD\TXHUHFRQRFHUORHLQFOX
VLYHDTXHOORVTXHQRVKHPRVOLEHUDGRVLQR
GHHVWDUFDXWLYRVHQVXUHGDORPHQRVGH
SUDFWLFDU VX DGRUDFLyQ KDOODPRV GLItFLO
HPDQFLSDUQRVWRWDOPHQWHGHOHPEHOHVRGH
&DUORV'HOJDGR
/LPDODKRUULEOH
GXUDQWHVXUpJLPHQREWXYLHUDSRUJHVWLyQ
HQ (VSDxD IUDQTXLVWD XQD JHQHDORJtD
FRQYHQLHQWHPHQWH ILOWUDGD KL]R SDUWH GH
VX FDPSDxD FRQ HO OHPD GH /RV FULROORV
YRWDUiQ SRU )XODQR ,OXVWUDED D OD IUDVH
HOGLEXMRWRUSHSHURHIHFWLYRGHXQDSDUH
MD EDLODQGR DO FRPSiV GH JXLWDUUDV XQD
PDULQHUD FULROOD GH HVDV TXH HVWiQ FRQ
FHSWXDGDVFRPRIORUFHOHVWLDOGHORVWLHP
SRV FRORQLDOHV /RV VXIUDJLRV GHPRVWUD
URQOXHJRTXHHOFDQGLGDWRWHQtDHQFXDQ
WR D FRQRFLPLHQWR GH /LPD \ ORV OLPHxRV
XQRMRGHOLQFH
6HU DQWLFULROOR \ DQWLFULROOLVWD HQ OD
PRGDOLGDGFRORQLDOLVWDVHxDODGDQRVLJQLIL
FD QHFHVDULDPHQWH VLQ HPEDUJR HVWDU HQ
XQDDFWLWXGUHQRYDGRUDVHUGHOSUHVHQWH\
SUHYHUHOIXWXURHQEDVHDORVGDWRVUDFLRQD
OHVGHOSUHVHQWH+D\XQDIRUPDGHDERPL
QDUGHOSDVDGRTXHREHGHFHDUD]RQHVHVS~
ULDV\SRUWDQWRH[LVWHXQDFODVHGHSRVWX
(MHUFLFLRVRFLROyJLFRVREUHHODUULELVPR
HQHO3HU~(Q3UREOHPDVVRFLDOHVHQHO
3HU~&RQWHPSRUiQHR/LPD,(3
([WUDFWRVVHOHFFLRQDGRVSiJV
(ODUULELVPR
HQHO3HU~
&DUORV'HOJDGR
/LPD
6RFLyORJRDSULVWDHQVXMXYHQWXG\OXHJR
FHUFDQRFRODERUDGRUGH9HODVFRHQ
6LQDPRV&UtWLFRGHORVSDUWLGRV
SROtWLFRV\GHODVRFLHGDGSHUXDQD
&DUHWDV
&DSLWXORLQGG
(ODUULELVPRHQHO3HU~
$HVWHGHVHRGHVHQIUHQDGRSRUVXELUVHOH
GHQRPLQDHQHO3HU~DUULELVPR'RQGHFRPR
HQHVWHSDtVODQDWXUDOH]DPLVPDGHODVYtDV
GHGHVSOD]DPLHQWRVRFLDOJHQHUDQXPHURVDV
iUHDVGHLQWHQVRHVWUHFKDPLHQWRVXMHWDVHQ
JUDQPHGLGDDOFRQWUROGHTXLHQHVPDQLSX
ODQUHVRUWHVGHSRGHUGHQWURGHXQFRPSOHMR
PHFDQLVPR GH LQWHUDFFLRQHV H LQWHUGHSHQ
GHQFLDV LQKHUHQWHV DO IXQFLRQDPLHQWR GH
GLYHUVRVIHXGRVHLPSHULRVSHUVRQDOHVOD
HPHUJHQFLD GHO DUULELVPR FRPR IRUPD GH
FRQGXFWDVRFLDOSDUDWULXQIDUHQODYLGDQR
HVHQSXULGDGVRUSUHQGHQWH(QUHDOLGDGOR
VRUSUHQGHQWHVHUtDTXHWDOWLSRGHFRPSRUWD
PLHQWR QR VH UHJLVWUDUD HQ OD LQWHUDFFLyQ
FRPSHWLWLYDGHTXLHQHVLQWHJUDQXQDVRFLH
GDG FRPR OD QXHVWUD 'HVGH HVWH SXQWR GH
YLVWDODVLJQLILFDFLyQGHOHVWXGLRGHODUULELV
PR FRPR FRQGXFWD VRFLDO GH FRPSHWHQFLD
HVWULEDMXVWDPHQWHHQTXHSXHGHSHUPLWLU
XQDPHMRUFRPSUHQVLyQGHODIRUPDHQTXH
ODV UHODFLRQHV VRFLDOHV HVWiQ HVWUXFWXUDGDV
HQ HO 3HU~ FRQWHPSRUiQHR (Q RWUDV SDOD
EUDVHODUULELVPRREHGHFHDLPSHUDWLYRVGH
FDUiFWHU VRFLDO JHQHUDGRV SRU OD SURSLD
HVWUXFWXUD GH OD VRFLHGDG SHUXDQD 3RU
WDQWRHVSRVLEOHHQIRFDUODFRQGXFWDDUULELV
WD FRPR PHGLR D WUDYpV GHO FXDO DOJXQRV
DVSHFWRVGHODVLQWHUUHODFLRQHVVRFLDOHVHQHO
3HU~ SRGUtDQ WRUQDUVH LQWHOLJLEOHV (VWR
VXSRQHDFHSWDUTXHQRHVHOFRPSRUWDPLHQWR
DUULELVWDHOTXHGHWHUPLQDODVPRGDOLGDGHV
IXQFLRQDOHV GH ORV VLVWHPDV GH UHODFLyQ
VRFLDOVLQRTXHSRUHOFRQWUDULRHODUULELVPR
GHEH VHU HQWHQGLGR FRPR GHULYDFLyQ \ SUR
GXFWRGHORVVLVWHPDVTXHWLSLILFD
(ODUULELVPRSDUHFHWHQHUGRVSULQFLSDOHV
PRGDOLGDGHVRSHUDWLYDV8QDHVODDGXODFLyQ
JHQXIOH[DDTXLHQRFXSDSRVLFLRQHVGHSRGHU
(QHOKDEODSRSXODUWDOPRGDOLGDGFRQVWLWX\H
HOVREHVHVREDDOVXSHULRUDOLQIOX\HQWHDO
SRGHURVRDTXLHQSXHGHGLVSHQVDUIDYRUHV\
&DUHWDV
&DSLWXORLQGG
&DUORV'HOJDGR
DSDGULQDUHODVFHQVRVRFLDO/DRWUDPRGDOL
GDGGHODUULELVPRVHH[SUHVDHQODDJUHVLyQ
YHUEDOJHQHUDOPHQWHLQGLUHFWDHQHODWDTXHD
PDQVDOYDHQHOFKLVPHHQODFUtWLFDGHVWUXF
WLYD HQ HO FKLVWH SH\RUDWLYR GH DSOLFDFLRQHV
]DKLULHQWHV\GHGREOHLQWHQFLyQ(QHOKDEOD
SRSXODUHVWRVHGHQRPLQDUDMHVHUDMDGHWRGR
DTXHODTXLHQHODUULELVWDFRQVLGHUDFRPSHWL
GRUUHDORSRWHQFLDOSRUHODFFHVRDODVHVWUH
FKDVYtDVGHOp[LWR\GHOUHFRQRFLPLHQWR5DMH
\VREHVLQHPEDUJRFODUDPHQWHGLPDQDQGH
ODFRQFHSFLyQO~FLGDREUXPRVDGHOELHQFRPR
FDWHJRUtD OLPLWDGD SRFR DFFHVLEOH H LQVXIL
FLHQWHSDUDJHQHUDUVDWLVIDFFLyQXQLYHUVDO
(VWDVGRVPRGDOLGDGHVRSHUDWLYDVGHODUUL
ELVPRQRVRQHQUHDOLGDGH[FOX\HQWHV\QDGD
LPSLGH TXH HO DUULELVWD SUDFWLTXH DPEDV
DOWHUQDWLYDRVLPXOWiQHDPHQWHGHDFXHUGRD
ODVFLUFXQVWDQFLDVVHJ~QODQDWXUDOH]DGHVX
FDPSR GH DFFLyQ \ GHSHQGLHQGR GH TXLHQHV
VHDQ ODV SHUVRQDV REMHWR GH VX KDODJR R VX
GLDWULED/DSUHIHUHQFLDSRUXQDGHODVPRGD
OLGDGHVVHxDODGDVQRGHVFDUWDHQFRQVHFXHQ
FLDODSRVLELOLGDGGHXWLOL]DUODRWUDODDGXOD
FLyQDXQDSHUVRQDLQIOX\HQWHVXHOHHQHIHFWR
OOHYDUDSDUHMDGDODGLDWULEDKDFLDRWUDDTXLHQ
HODUULELVWDFRQVLGHUDFRQUHVSHFWRDODSULPH
UD HQ XQD SRVLFLyQ GH HIHFWLYD R SUHVXQWD
ULYDOLGDG 1DWXUDOPHQWH HVWH SURFHGLPLHQWR
WLHQH WDPELpQ XQD DSOLFDFLyQ LQYHUVD (VWR
TXLHUHGHFLUTXHHOFRPSRUWDPLHQWRDUULELVWD
SDUHFHWHQHUHQHVHQFLDXQFDUiFWHUGHUHOD
WLYDVLPHWUtDHQYLUWXGGHOFXDOORVUHVXOWD
GRVGHODDGXODFLyQRGHODGLDWULEDVHFRQFL
EHQFRPRYHQWDMDVUHFtSURFDPHQWHDILDQ]DGR
UDVGHODVH[SHFWDWLYDVGHp[LWRVRFLDO'HVHU
DVt HVWR VHJXUDPHQWH FRQILUPDUtD HO FRP~Q
RULJHQ SVLFROyJLFR GH DPEDV IRUPDV GH FRQ
GXFWDDUULELVWDHQODFRQFHSFLyQGHOELHQFRPR
FDWHJRUtD GH H[WUHPDGD OLPLWDFLyQ GH XVR \
DFFHVR(QHVWHVHQWLGRFDEHVHxDODUTXHODV
H[SHFWDWLYDVGHYHQWDMDSHUVRQDOTXHHODUUL
ELVWDFLIUDHQODGLDWULEDVHUHIXHU]DQFRQHO
KDODJR GLULJLGR KDFLD TXLHQHV VH FRQVLGHUD
VLWXDGRV HQ XQD UHDO R VXSXHVWD UHODFLyQ GH
FRQIOLFWRFRQUHVSHFWRDORVLQGLYLGXRVDTXLH
QHV HO DUULELVWD HVWLPD FRQWHQGRUHV HQ VX
OXFKDSRUHOp[LWRVRFLDO$VtKDODJR\DGXOD
FLyQWLHQGHQDUHIRU]DUODYLUWXDOLGDGGHVWUXF
WRUDGHODWDTXH\ODGLDWULED
'H HVWH PRGR OD FRPSHWHQFLD VRFLDO GHO
DUULELVWDWLHQGHDFRQIRUPDUXQDUHODFLyQGH
WLSRWULDQJXODUGHXQODGRORVLQGLYLGXRVD
TXLHQHVpOGHILQHFRPRFRQWHQGRUHVUHDOHVR
SRWHQFLDOHVHQVXUHFODPRDOUHFRQRFLPLHQWR
VRFLDOGHRWURDTXHOORVDTXLHQHVHODUULELVWD
GHILQH FRPR YLUWXDOHV DOLDGRV HQ VX DFFLyQ
FRPSHWLWLYD\GHRWURODGRHOSURSLRDUULELVWD
TXHHPSOHDQGRYLUXOHQFLDYHUEDOFRQORVSUL
PHURV\GLWLUDPERFRQORVVHJXQGRVLQWHQWD
XVDUDDPERVSDUDORJUDUVXVILQHVGHEHQHIL
FLRSHUVRQDO3RUHVWDUD]yQJHQHUDOPHQWHQL
HOKDODJRQLODGLDWULEDXWLOL]DGRVSDUDXQRV\
RWURVSXHGHQWHQHUXQLFLGDGIRUPDOGHSURSy
VLWRHOSULPHURVHRWRUJDGHQWURGHOFRQWH[WR
GXDOGHXQDGHFODUDFLyQTXHDOPLVPRWLHP
SRHORJLDDODSHUVRQDDTXLHQYDGLULJLGR\
]DKLHUHLPSOtFLWDRH[SOtFLWDPHQWHDRWURX
RWURVLQGLYLGXRV\ODVHJXQGDVXHOHDVLPLV
PR IRUPXODUVH GHQWUR GH XQ FRQWH[WR WDP
ELpQGXDOGHDWDTXHDTXLHQYDGLULJLGDSRU
XQODGR\GHHQDOWHFLPLHQWRDWHUFHURVSRU
RWUR(QHVWDIRUPDWDQWRODFUtWLFDFRPRHO
HORJLR VLUYHQ SDUD GHILQLU OD HVHQFLDO DPEL
GH[WUtDRSHUDWLYDGHODUULELVPRHVGHFLUVX
XWLOL]DFLyQGHYDORUHVDQWLWpWLFRVGHDSUHFLD
FLyQ GLULJLGRV KDFLD LQGLYLGXRV D TXLHQHV HO
DUULELVWDRSHUDFLRQDOPHQWHGHILQH\SUHVHQWD
FRPRDQWDJRQLVWDVUHFtSURFRVGHQWURGHXQD
HFXDFLyQVRFLDOTXHVLELHQHVVLPpWULFDHQ
WpUPLQRV GH OD DXWRXELFDFLyQ IXQFLRQDO GHO
DUULELVWD YLVDYLV VXV H[SHFWDWLYDV GH XQ
EHQHILFLRSHUVRQDOGHULYDGRGHOSUHVXQWRFRQ
IOLFWR GH WHUFHURV TXH pO FRQVWUX\H HV FODUD
PHQWHDVLPpWULFDGHVGHHOSXQWRGHYLVWDGH
OD DXWRXELFDFLyQ VHQWLPHQWDO YDORUDWLYD H
LQWHOHFWXDOTXHHODUULELVWDDVLPLVPRGHILQH
pOVHVLW~DORPiVFHUFDSRVLEOHGHTXLHQHOR
JLD\ORPiVOHMRVSRVLEOHGHTXLHQDWDFD
(VWD VHJXQGD PRGDOLGDG GH DUULELVPR VH
KDGDGRWUDGLFLRQDOPHQWHHQODVHVIHUDVLQWH
OHFWXDOHV\SROtWLFDV\DFDVRHQPHQRUJUDGR
HQODVHVIHUDVDUWtVWLFDVGHO3HU~(OODVQRVH
FDUDFWHUL]DQSRUXQDWHQGHQFLDFRQVWUXFWLYD
KDFLD OD HPXODFLyQ VLQR PiV ELHQ KDFLD OD
ULYDOLGDG HO FRQIOLFWR VRWHUUDGR HO DOLQHD
PLHQWR HQ JUXSRV \ EDQGRV LUUHFRQFLOLDEOHV
$TXtTXLHQVDEHSDUDGyMLFDPHQWHODFRPSH
WHQFLD VXHOH VHU PH]TXLQD \ UXLQ HQ JUDGR
VXPR\VyORSDUHFHQVXSHUDUODDTXHOORVTXH
PHUFHGDVXWDOHQWR\VXSHULRULGDGPDQLILHV
WRVKDQORJUDGR\DWUDVSRQHUHOXPEUDOGHO
UHFRQRFLPLHQWR \ GH OD IDPD 3RU HVR HQ HO
3HU~SDUHFLHUDTXHVyORORVLQWHOHFWXDOHVTXH
KDQ OOHJDGR VXHOHQ VHU LQWHOHFWXDOPHQWH
JHQHURVRV (Q HVWH VHQWLGR VH GLUtD TXH OD
JHQHURVLGDG GH HVWH WLSR HV XQ OXMR TXH HQ
QXHVWUR PHGLR VyOR FRQWDGRV LQWHOHFWXDOHV \
DUWLVWDVSXHGHQGDUVH
3RU VHU HO DUULELVWD FRPR VH DQRWy DQWH
ULRUPHQWHXQLQGLYLGXRHQHVHQFLDLQVHJX
URODFXOWXUDGHODUULELVPRHVWDPELpQXQD
FXOWXUDGHODLQVHJXULGDG'HHVWRVHGHULYDQ
ORVUDVJRVDYHFHVSVLFRSiWLFRVTXHHODUULELV
WDHYLGHQFLDHQVXDUGRURVDHLQWHQVDDQVLH
GDGSRUSURFXUDUVHXQp[LWRTXHSDUHFHLQDO
FDQ]DEOH SRU OD YtD GH ORV FRPSRUWDPLHQWRV
VRFLDOPHQWH FRQVWUXFWLYRV (VWR H[SOLFD TXH
HODUULELVWDVHDWDPELpQXQLQGLYLGXRIXQGD
PHQWDOPHQWH QHJDWLYR H KLSHUFUtWLFR FX\DV
HQHUJtDVVHRULHQWDQEiVLFDPHQWHKDFLDILQD
OLGDGHVGHGHVWUXFFLyQ(VWRSDUHFHVHUSDUWL
FXODUPHQWHFLHUWRGHODUULELVPRSURSLRGHODV
HVIHUDVLQWHOHFWXDOHV/DVFDUDFWHUtVWLFDVPLV
PDV GHO PXQGR LQWHOHFWXDO GHWHUPLQDQ TXH
&DUHWDV
(ODUULELVPRHQHO3HU~
DTXtODFRQGXFWDDUULELVWDDVXPDSHUILOHVGH
HOHYDGDVRILVWLFDFLyQGHVWUXFWLYD/DQDWXUD
OH]D HVHQFLDOPHQWH QHJDWLYD GHO LQWHOHFWXDO
DUULELVWD WLHQGH D UHGXFLU GUiVWLFDPHQWH VX
FDSDFLGDG FUHDGRUD < HVWD OLPLWDFLyQ TXH
GHFUHWDODVXVWDQFLDOIDOWDGHRULJLQDOLGDGGH
VXWDOHQWRSDUHFHVHUSUHFLVDPHQWHODTXHOR
LPSHOHKDFLDIRUPDVGHFRPSRUWDPLHQWRDUUL
ELVWD SDUD UHIRU]DU ODV SRVLELOLGDGHV GH XQ
p[LWR TXH SDUHFH DOWDPHQWH SUREOHPiWLFR D
WUDYpVGHOHMHUFLFLRFUHDGRUGHXQWDOHQWRRUL
JLQDOTXHpOQRSRVHH
(Q XQ PXQGR VRFLDO GH FDUDFWHUtVWLFDV
PDUFDGDPHQWH FRPSHWLWLYDV HO LQWHOHFWXDO
DUULELVWD HQFXHQWUD TXH OD OLPLWDFLyQ DQWHV
DOXGLGD WLHQGH D LQFUHPHQWDU HO VHQWLGR GH
tQWLPDLQVHJXULGDGTXHWLSLILFDVXYLGDSVLFR
OyJLFD \ TXH VH DFUHFLHQWD PiV D~Q FXDQGR
HQODFRPSHWHQFLDSRUXQUHFRQRFLPLHQWRGH
SRVLELOLGDGHV DFXVDGDPHQWH OLPLWDGDV
DGYLHUWHHQRWURVHOWDOHQWRFUHDGRU\ODRULJL
QDOLGDGTXHpOQRSRVHH(QWDOHVFLUFXQVWDQ
FLDVHOLQWHOHFWXDOKLSHUFUtWLFR\QHJDWLYRVyOR
DWLQD D UHGREODU VXV HVIXHU]RV GHVWUXFWLYRV
DSHODQGRDFXDOTXLHUUHFXUVRSRUYHGDGRTXH
VHD(QHVWHVHQWLGRVXUJHQGLVWLQWDVSRVLEL
OLGDGHV GH DFFLyQ VXVFHSWLEOHV GH HPSOHR
VLPXOWiQHRODFUtWLFDH[DFHUEDGDFX\DILQDOL
GDGQRHVHYDOXDUVLQRGHVWUXLUODWHUJLYHUVD
FLyQODPDOHGLFHQFLDHQFXELHUWDHOFKLVWHGH
FRUULOORFDUJDGRGHYHODGDVDFXVDFLRQHVLPSOt
FLWDV\ODYLUWXDORUJDQL]DFLyQGHFDPSDxDV
GH VLOHQFLR GHVWLQDGDV D OLTXLGDU D XQ
DGYHUVDULRDOTXHHVSUHFLVRFHUUDUOHHOSDVR
(O UHILQDPLHQWR ORJUDGR SRU DOJXQRV LQGLYL
GXRVHQHOPDQHMRGHHVWDVWpFQLFDVRSHUDWL
YDVGHODUULELVPRDOFDQ]DDYHFHVQLYHOHVGH
VRILVWLFDFLyQ UHDOPHQWH LPSUHVLRQDQWHV 6LQ
HPEDUJRORTXHHODUULELVWDSDUHFHQRDSUH
FLDUFRQMXVWH]DHVHODOWRFRVWRLQWHOHFWXDO\
SVLFROyJLFRTXHGHPDQGDHOGRPLQLRGHHVWDV
WpFQLFDVFRPSHWLWLYDV\TXHHQPXFKRH[SOL
&DUHWDV
&DSLWXORLQGG
$QtEDO4XLMDQR
FDVXIUXVWUDFLyQ\VXIUHFXHQWHIUDFDVR(Q
HIHFWR OD LQYHUVLyQ HPRFLRQDO H LQWHOHFWXDO
TXHHVWDFRQGXFWDLPSRQHHVGHWDOPDJQLWXG
TXHVyORXQDSDUWHUHODWLYDPHQWHSHTXHxDGH
HQHUJtDVSRWHQFLDOHVSXHGHVHUSRVLWLYDPHQWH
RULHQWDGD KDFLD IRUPDV GH FRPSRUWDPLHQWR
FRQVWUXFWLYRTXHDEUDQSDVRDXQDFRPSHWHQ
FLDOtFLWDSRUHOp[LWRVRFLDO
0XFKRGHORDQWHULRUPHQWHVHxDODGRWLHQH
TXHYHUFRQDOJRTXH)RVWHUSXQWXDOL]DSDUD
ODVVRFLHGDGHVFDPSHVLQDV\TXHFUHRWLHQH
VX FRQWUDSDUWLGD HQ VLWXDFLRQHV TXH DTXt VH
FRPHQWDQ)RVWHULQGLFDTXHFXDQGRXQFDP
SHVLQR PLJUDQWH KDFH IRUWXQD IXHUD GH VX
FRPXQLGDGWDOKHFKRQRGHWHUPLQDFRPSRUWD
PLHQWRV DJUHVLYRV HQWUH ORV PLHPEURV GH VX
VRFLHGDG ORFDO SRUTXH OD IRUWXQD DFXPXODGD
HQHVDVFRQGLFLRQHVQRSRQHHQSHOLJURHOHTXL
OLEULRLQWHUQRGHOJUXSR\VXHVWDELOLGDG$OJR
VLPLODUSDUHFHRFXUULUHQHOPXQGRLQWHOHFWXDO
\DUWtVWLFRSHUXDQRHQWHQGLGRFRPRODFRPX
QLGDG GH ORV DUWLVWDV H LQWHOHFWXDOHV (VWRV
JHQHUDOPHQWH QHFHVLWDQ FRQVDJUDUVH HQ HO
H[WHULRUDQWHVGHVHUUHFRQRFLGRVHQHO3HU~
3DUDJDQDUVHXQQRPEUHHQHVWDFRPXQLGDG
VXHOHVHUQHFHVDULRWULXQIDUSULPHURIXHUDGH
HOODDFDVRSRUTXHQDGLHHVSURIHWDHQVXWLH
UUD (O WULXQIR LQWHUQR HV D YHFHV VLQJXODU
PHQWHGLItFLOVLQRHVWiSUHFHGLGRSRUYLFWRULDV
ORJUDGDV DOOHQGH ORV OLQGHURV GHO SDtV (O
KDFHU IRUWXQD LQWHOHFWXDO IXHUD GHO PHGLR
WLHQGHHQFLHUWDPDQHUDDGHVDOHQWDUFRQGXF
WDVDJUHVLYDVHQORVPLHPEURVGHODFRPXQL
GDGLQWHOHFWXDOSDUDTXLHQHVHQPRGRDQiOR
JRDORSXQWXDOL]DGRSRU)RVWHUFRQUHIHUHQFLD
DODVVRFLHGDGHVFDPSHVLQDVORVp[LWRVIRUi
QHRVQRSDUHFHQDIHFWDUODGLVWULEXFLyQLQWHU
QDGHOELHQOLPLWDGR\SRUHQGHQRDWHQWDQ
FRQWUDODHVWDELOLGDG\ODVHJXULGDGGHOJUXSR
ORFDO (VWH HV HQ HIHFWR HO FDVR GH SUiFWLFD
PHQWHODPD\RUtDGHORVPiVDOWRVYDORUHVGH
ODFXOWXUDSHUXDQDFRQWHPSRUiQHD
'RPLQDFLyQ\FXOWXUDORFKROR\HO
FRQIOLFWRFXOWXUDOHQHO3HU~/LPD
0RVFD$]XO([WUDFWRV
VHOHFFLRQDGRVSiJV
(O&KRORFXOWXUD
GHWUDQVLFLyQ
$QtEDO4XLMDQR
/LPD
6RFLyORJRVDQPDUTXLQR$QDOLVWDGHORV
SUREOHPDVSROtWLFRVFXOWXUDOHV\VRFLDOHV
GHO3HU~DFWXDO(VIDPRVRSRUVXUHIOH[LyQ
VREUHODFXOWXUDGHOFKROR\ODVFODVHV
VRFLDOHV\HOLPSHULDOLVPR
(O&KRORFXOWXUDGHWUDQVLFLyQ
FDUDFWHUtVWLFDVGHDOJXQDVGHODVFDSDVTXH
VH VHxDODQ FRPR VXMHWDV DO FDPELR SXHGH
OOHJDUVHDODFRQFOXVLyQGHTXHHOSUREOHPD
HVPXFKRPiVFRPSOHMRTXHHOLPSOLFDGRHQ
XQSURFHVRDFWXDOGHDFXOWXUDFLyQ\TXH
KD\XQDPSOLRVHFWRUSDUDHOFXDOHOFDPELR
FXOWXUDO VLJQLILFD XQ IHQyPHQR GLVWLQWR
$OJXQRV DQWURSyORJRV DXQTXH GH PDQHUD
QR PX\ FODUD SDUHFHQ KDEHU SUHYLVWR OR
PLVPRQRVRODPHQWHSRUODVXVWLWXFLyQGH
OD WUDGLFLRQDO GHQRPLQDFLyQ GH PHVWL]DMH
FXOWXUDO SRU OD GH FKROLILFDFLyQ SDUD GHV
FULELU HO SURFHVR VLQR WDPELpQ VHxDODQGR
ODUHVLVWHQFLDGHDOJXQRVJUXSRVGHFKRORV
D LQWHJUDUVH HQ ORV JUXSRV GH PHVWL]RV
RFFLGHQWDOHVRDFXOWXUDGRV
(V GHFLU HO SURFHVR GH FDPELR FXOWXUDO
TXHDIHFWDDODVRFLHGDGSHUXDQDSXHGHVHU
YLVWRHQWpUPLQRVGHWUHVSURFHVRVSDUWLFX
ODUHVDODPRGHUQL]DFLyQTXHDIHFWDDOD
VRFLHGDG JOREDO \ SDUWLFXODUPHQWH D OD
SREODFLyQTXHSDUWLFLSDHQODFXOWXUDRFFL
GHQWDO FULROOD E OD DFXOWXUDFLyQ TXH
DIHFWDDXQDSDUWHGHODSREODFLyQLQGtJH
QD\FKRODFODFKROLILFDFLyQTXHDIHFWDD
SDUWHGHODSREODFLyQLQGtJHQD/RVJUXSRV
TXHVHVHxDODQHQORVFDPELRVDQWURSROyJL
FRV FRPR SURWDJRQLVWDV GHO FDPELR FXOWX
UDO DSDUHFHQ QRUPDOPHQWH FRPR DEDQGR
QDQGRSURJUHVLYDPHQWHVXKHUHQFLDFXOWX
UDO LQGtJHQD \ DGRSWDQGR OD TXH RIUHFH OD
FXOWXUD RFFLGHQWDO FULROOD \D VHD HQ VX
YDULDQWHXUEDQDRHQVXYDULDQWHFDPSHVL
QDDXQTXHODPD\RUSDUWHGHHVWHSURFHVR
RFXUUH EDMR OD LQIOXHQFLD GH OD YDULDQWH
XUEDQD(VWHTXHHVHOTXHDTXtGHQRPLQD
PRV SURFHVR GH DFXOWXUDFLyQ FRQWLHQH
VHJ~QUHVXOWDGHORVHVWXGLRVGHORVDQWUR
SyORJRVXQIDFWRUPRWLYDFLRQDOVXPDPHQ
WHSURWDJRQLVWDSRULQFRUSRUDUVHDODFXO
WXUD RFFLGHQWDO FULROOD \ VHU DGPLWLGR SOH
QDPHQWH SRU VXV SDUWLFLSDQWHV $Vt SRU
&DUHWDV
&DSLWXORLQGG
$QtEDO4XLMDQR
HMHPSOR*DOGR3DJD]DLQIRUPDTXHXQVHF
WRUGHORVLQGLRVTXHDEDQGRQDQODFXOWXUD
LQGtJHQD \ VH KDFHQ PHVWL]RV WUDWDQ GH
LQFRUSRUDUVH D ODV FDSDV RFFLGHQWDOL]DGDV
GHODSREODFLyQ\HQHOFXUVRGHOWLHPSROR
FRQVLJXHQ GHVSXpV GH XQD UHVLVWHQFLD LQL
FLDOGHORVSDUWLFLSDQWHVHQODFXOWXUDRFFL
GHQWDOFULROOD
3HURDOPLVPRWLHPSRRWURVJUXSRVGHOD
SREODFLyQTXHHVWiDIHFWDGDSRUHOFDPELR
QR VRODPHQWH QR VH HVIXHU]DQ SRU VLQR
UHFKD]DQODLQFRUSRUDFLyQDODFXOWXUDRFFL
GHQWDO\VXDGPLVLyQHQHOOD(VWRVJUXSRV
FRPRORVDQWHULRUHVDSDUHFHQSDUWLFLSDQ
GR HQ XQD HVIHUD FXOWXUDO LQWHJUDGD DO
PLVPR WLHPSR \ HQ IRUPD FRPELQDGD SRU
HOHPHQWRV TXH SURYLHQHQ GH OD FXOWXUD
LQGtJHQD\SRUORVTXHSHUWHQHFHQDODFXO
WXUDRFFLGHQWDO(VWRHVTXHQRVHSURGXFH
HODEDQGRQRWRWDOGHODFXOWXUDLQGtJHQDQL
VLTXLHUD HQ HO FXUVR GHO WLHPSR \ GH ODV
JHQHUDFLRQHV \ SXHGH REVHUYDUVH SRU HO
FRQWUDULRXQDFWLYRHVIXHU]RSRUPDQWHQHU
DXQTXHPRGLILFDGRV\DGDSWDGRVDODVFLU
FXQVWDQFLDV VRFLDOHV ORV HOHPHQWRV SURYH
QLHQWHVGHODFXOWXUDLQGtJHQDTXHIRUPDQ
SDUWHGHVXPXQGRFXOWXUDO/DYHVWLPHQ
WD HO OHQJXDMH ORV SDWURQHV GH RUJDQL]D
FLyQ IDPLOLDU \ GH SDUHQWHVFR FLHUWDV IRU
PDVGHUHODFLyQVRFLDOFRPRHOFRPSDGUD]
JR OD FRQFHSFLyQ GHO PXQGR \ ODV FUHHQ
FLDVUHOLJLRVDVODVIRUPDVGHRUJDQL]DFLyQ
FRPXQDOHODUWH\ODVWpFQLFDVDUWHVDQDOHV
PXHVWUDQ XQD FRPELQDFLyQ GH HOHPHQWRV
GHDPEDVSURFHGHQFLDVFXOWXUDOHV
TXHVHSXHGDKDEODUWRGDYtDFRQXQDFRQYLF
FLyQ GH TXH HVWH PXQGR FXOWXUDO IRUPD
XQD FXOWXUD HQWHUDPHQWH HVWUXFWXUDGD HQ
VX FRQMXQWR 3HUR GHEH DGPLWLUVH OD H[LV
WHQFLDGHXQFRQMXQWRGHHOHPHQWRVHLQVWL
WXFLRQHVFXOWXUDOHVTXHHVWiQHQSURFHVRGH
IRUPDFLyQ \ GHVDUUROOR \ TXH WLHQGHQ D VX
LQVWLWXFLRQDOL]DFLyQ JOREDO FRPR FRQMXQWR
VLHQGRSUREDEOHODH[LVWHQFLDGHVHFWRUHVGH
HOHPHQWRV\DLQVWLWXFLRQDOL]DGRV
(VHVWHSURFHVRSDUWLFXODUTXHHVWULFWD
PHQWHSXHGHVHUGHQRPLQDGRFRPRFKROLIL
FDFLyQ,PSOLFDHQFRQVHFXHQFLDHOVXUJL
PLHQWRGHXQDQXHYDYHUWLHQWHFXOWXUDOHQ
QXHVWUD VRFLHGDG TXH FUHFH FRPR WHQGHQ
FLDHQORV~OWLPRVDxRV\SUHILJXUDXQGHV
WLQRSHUXDQRGLVWLQWRTXHODPHUDDFXOWX
UDFLyQWRWDOGHODSREODFLyQLQGtJHQDHQHO
PDUFRGHODFXOWXUDRFFLGHQWDOFULROODTXH
KD VLGR KDVWD DTXt HO WRQR GRPLQDQWH GH
WRGRVORVHVIXHU]RVSRULQWHJUDUDOLQGtJHQD
HQHOVHQRGHODVRFLHGDGSHUXDQD
/D PRGLILFDFLyQ GHO FRQWHQLGR GHO FDQ
FLRQHURSRSXODUSHUXDQRFRQVXLQVLVWHQ
FLD HQ HO WHPD GHO FKROR HQ OD RUJXOORVD
DXWRLGHQWLILFDFLyQGHOFKRORFRPRWDOIUHQ
WHDORVGHPiVJUXSRVHQODFUtWLFDVRFLDO
\ SROtWLFD FX\R FRQWHQLGR VH DSDUWD GH OD
TXHSURYLHQHGHODFODVHPHGLDXUEDQDHQ
ODULGLFXOL]DFLyQGHODFXOWXUDFULROODGH
ODVFLXGDGHVGHODFRVWD\GHODIiQLPLWDWL
YRGHORVDFXOWXUDGRVWDQFRQWUDULRGHOD
DQWHULRUDFWLWXGDGPLUDWLYDGHORVFDPSH
VLQRVVHUUDQRV\VREUHWRGRFRQHOpQIDVLV
HQHOYDORUGHODVSHFXOLDULGDGHVFXOWXUD
OHVGHO3HU~\GHODGHIHQVDGHOYDORUYLWDO
GH ORV HOHPHQWRV GH OD FXOWXUD LQGtJHQD
HQ FRQWUD GH OD FRQFHSFLyQ GH ODV FODVHV
PHGLDV \ GRPLQDQWHV GH OD FXOWXUD RFFL
GHQWDOFULROODSDUDODVFXDOHVWRGRHOORHV
IRONORUH\HVH[yWLFR
7RGR HOOR QR HV SURSLR GH OD SHUVRQDOL
GDGLQGtJHQDFRQWHPSRUiQHDQLGHODRFFL
GHQWDOFULROODDVtFRPRWDPSRFRSXHGHVHU
HO UHVXOWDGR GHO SURFHVR GH DFXOWXUDFLyQ
< GHVGH HVWD SHUVSHFWLYD VyOR SXHGH VHU
HO UHVXOWDGR GH OD HPHUJHQFLD GH XQD
QXHYD SHUVRQDOLGDG VRFLRFXOWXUDO HQ OD
VRFLHGDGSHUXDQD
3XHGH SXHV FRQFOXLUVH VLQ DUULHVJDU
PXFKR TXH HO FKROR QR HV VRODPHQWH XQ
QXHYRJUXSRVRFLDOGHHPHUJHQFLDVLQRTXH
IXQGDPHQWDOPHQWHHVSRUWDGRUGHXQDFXO
WXUD GH IRUPDFLyQ LQWHJUiQGRVH FRQ HOH
PHQWRVTXHSURFHGHQGHQXHVWUDVGRVFXO
WXUDV RULJLQDOHV \ FRQ RWURV TXH VRQ SUR
GXFWR GH OD HODERUDFLyQ GHO SURSLR JUXSR
(QWDQWRTXHHVWDFXOWXUDHVWiD~QHQSUR
FHVRGHHPHUJHQFLD\IRUPDFLyQQRSXHGH
HVSHUDUVHTXHHOODPXHVWUH\DXQDLQVWLWX
FLRQDOL]DFLyQ HVWUXFWXUDGD D QLYHO JOREDO
(VR QR REVWDQWH HV OHJtWLPR HQIRFDUOD
FRPRXQDFXOWXUDHQSURFHVRGHIRUPDFLyQ
HVGHFLUXQDFXOWXUDGHWUDQVLFLyQFRQODV
PLVPDV FRQQRWDFLRQHV LQFRUSRUDGDV D OD
QRFLyQGHVRFLHGDGGHWUDQVLFLyQ
(OPXQGRFXOWXUDODVtFRQVWLWXLGRSXHGH
QRVHUFRKHUHQWHVLQGXGDHVLQFOXVLYHFRQ
IOLFWLYR HQ GHWHUPLQDGRV DVSHFWRV 1R REV
WDQWHHVXQPXQGRGLVWLQWRFRPRFRQMXQWR
WDQWR GH XQD FRPR GH RWUD GH ODV FXOWXUDV
RULJLQDOHV(QHVWHPRPHQWRQRHVSUREDEOH
&DUHWDV
$QWRQLR&RUQHMR3RODU
0HVWL]DMHWUDQVFXOWXUDFLyQKHWHURJHQHLGDG
(Q$VHGLRVDODKHWHURJHQHLGDGFXOWXUDOOLEUR
GHKRPHQDMHD$QWRQLR&RUQHMR3RODU-RVp
$QWRQLR0D]]RWWL\8-XDQ=HYDOORV$JXLODU
FRRUGV/LPD$VRFLDFLyQ,QWHUQDFLRQDOGH
3HUXDQLVWDV([WUDFWRV
VHOHFFLRQDGRVSiJV
0HVWL]DMH
WUDQVFXOWXUDFLyQ
KHWHURJHQHLGDG
$QWRQLR&RUQHMR3RODU
/LPD
(VWXGLRVRGHODOLWHUDWXUD\GHIHQVRUGHOD
KHWHURJHQHLGDGGHODFXOWXUDSHUXDQD)XH
UHFWRUGHOD8QLYHUVLGDGGH6DQ0DUFRV\
SURIHVRUHQ%HUNHOH\
HVWHGHVHRQRHUDQLHVJUDWXLWRQLWDPSRFR
VH HQFODXVWUD HQ HO HVSDFLR OLWHUDULR VX
YHUGDGHUR iPELWR HV HO GH ORV IDWLJRVRV H
LQWHUPLQDEOHV SURFHVRV GH IRUPDFLyQ GH
QDFLRQHVLQWHUQDPHQWHTXHEUDGDVGHVGHOD
FRQTXLVWD $VXPLU TXH KD\ XQ SXQWR GH
HQFXHQWURQRFRQIOLFWLYRSDUHFHVHUODFRQ
GLFLyQ QHFHVDULD SDUD SHQVDULPDJLQDU OD
QDFLyQFRPRXQWRGRPiVRPHQRVDUPyQL
FR\FRKHUHQWHSXQWRTXHVLJXHVLHQGRXQ
FXULRVRDSULRULSDUDFRQFHELULQFOXVRFRQ
WUDODFUXGDHYLGHQFLDGHSURIXQGDVGHVLQ
WHJUDFLRQHV OD SRVLELOLGDG PLVPD GH XQD
YHUGDGHUD QDFLRQDOLGDG /D OLWHUDWXUD
PHVWL]DQRHVQHFHVDULRGHFLUORHVWiLQH[
WULFDEOHPHQWHOLJDGDDODVXQWRGHODLGHQ
WLGDG UHJLRQDO \R QDFLRQDO /D FRQVWUXF
FLyQ VRFLDO GH OD SHUVRQD \ REUD GHO ,QFD
*DUFLODVRHVXQHMHPSORFRQWXQGHQWHDHVWH
UHVSHFWR
3UHVXSRQJR HO GHEDWH VREUH HO WpUPLQR
OLWHUDWXUDPHVWL]DFRPRSRUWDGRURQR
GH XQD DOWHUQDWLYD HIHFWLYDPHQWH WHyULFD
'HDTXtTXHPLSULPHUDSUHJXQWDSURSXHV
WD FRQVLVWH HQ GLVFXWLU VL OD FDWHJRUtD GH
WUDQVFXOWXUDFLyQHQVXVYHUVLRQHVGH2UWL]
\5DPDRHQRWUDVHVHOGLVSRVLWLYRWHyUL
FRTXHRIUHFHXQDEDVHHSLVWHPROyJLFDGLV
WLQWD$XQTXHODKHHPSOHDGRYDULDVYHFHV
WHQJRSDUDPtTXHHVHQEXHQDPHGLGDOR
SULPHUR,PSOLFDUtDDODODUJDODFRQVWUXF
FLyQGHXQQLYHOVLQFUpWLFRTXHILQDOPHQWH
LQVXPH HQ XQD XQLGDG PiV R PHQRV GHV
SUREOHPDWL]DGDSHVHDTXHHOSURFHVRTXH
ODSURGXFHSXHGDVHUPX\FRQIOLFWLYRGRVR
PiV OHQJXDV FRQFLHQFLDV pWQLFDV FyGLJRV
HVWpWLFRV H[SHULHQFLDV KLVWyULFDV HWF
$xDGRTXHHOHVSDFLRGRQGHVHFRQILJXUDUtD
OD VtQWHVLV HV HO GH OD FXOWXUDOLWHUDWXUD
KHJHPyQLFDTXHDYHFHVVHREYLDUtDODDVL
PHWUtD VRFLDO GH ORV FRQWDFWRV TXH OH GDQ
RULJHQ \ ILQDOPHQWH TXH GHMDUtD DO PDU
JHQORVGLVFXUVRVTXHQRKDQLQFLGLGRHQHO
VLVWHPD GH OD OLWHUDWXUD LOXVWUDGD $O
PLVPR WLHPSR HV D WRGDV OXFHV LQQHJDEOH
TXH HO FRQFHSWR GH WUDQVFXOWXUDFLyQ HV
KDUWR PiV VRILVWLFDGR TXH HO PHVWL]DMH \
TXHWLHQHXQDDSWLWXGKHUPHQpXWLFDQRWD
EOH WDO FRPR VH KDFH HYLGHQWH HQ ORV SUR
SLRVWUDEDMRVGH5DPD
6L OD WUDQVFXOWXUDFLyQ LPSOLFDUD HIHFWL
YDPHQWHODUHVROXFLyQGLDOpFWLFD"GHODV
GLIHUHQFLDV HQ XQD VtQWHVLV VXSHUDGRUD GH
ODVFRQWUDGLFFLRQHVTXHODRULJLQDQORTXH
GHEHVHQWLUVHHQWRQFHVKDEUtDTXHIRUPX
ODURWURGLVSRVLWLYRWHyULFRTXHSXGLHUDGDU
UD]yQ GH VLWXDFLRQHV VRFLRFXOWXUDOHV \ GH
GLVFXUVRV HQ ORV TXH ODV GLQiPLFDV GH
HQWUHFUX]DPLHQWRVP~OWLSOHVQRRSHUDQHQ
IXQFLyQVLQFUpWLFDVLQRDOUHYpVHQIDWL]DQ
FRQIOLFWRV \ DOWHULGDGHV (Q XQD SULPHUD
LQVWDQFLDHQHVWHQLYHOKDEUtDTXHUHIOH[LR
QDUVREUHODFDWHJRUtDGHKLEULGH]*DUFtD
&DQFOLQL TXH QR REYLD ODV LQVWDQFLDV VLQ
FUpWLFDVSHURODVGHVHQIDWL]D\ODVVLW~DHQ
XQDSUHFDULDWHPSRUDOLGDGVLWXDFLRQDOTXH
WDQSURQWRODVLQVWDXUDFRPRODVGHVWUX\H
HVWUDWHJLDV SDUD HQWUDU \ VDOLU GH OD
PRGHUQLGDG 7DPELpQ FDEUtD GLVFXWLU PL
SURSXHVWD VREUH OD KHWHURJHQHLGDG TXH
GHILQLUtDDYDVWRVVHFWRUHVGHODOLWHUDWXUD
ODWLQRDPHULFDQD $XQTXH DOJXQDV YHFHV
H[FHGtHOHVSDFLROLWHUDULRODYHUGDGHVTXH
PLVSRVWXODGRVVLHPSUHHVWXYLHURQSHQVD
GRV GHVGH \ SDUD OD OLWHUDWXUD OR TXH VLQ
GXGD HV XQD GH VXV OLPLWDFLRQHV PiV
REYLDV(QXQDSULPHUDYHUVLyQHOFRQFHS
WRGHKHWHURJHQHLGDGWUDWDEDGHHVFODUHFHU
ODtQGROHGHSURFHVRVGHSURGXFFLyQGLVFXU
VLYDHQORVTXHDOPHQRVXQDGHVXVLQVWDQ
FLDV GLIHUtD HQ FXDQWR ILOLDFLyQ VRFLRpWQL
FRFXOWXUDOGHODVGHODVRWUDV0iVWDUGH
UDGLFDOLFpPLLGHD\SURSXVHTXHXQDGH
HVDVLQVWDQFLDVHVLQWHUQDPHQWHKHWHURJp
&DUHWDV
&DSLWXORLQGG
&DUHWDV
0DUWKD+LOGHEUDQGW
0HVWL]DMHWUDQVFXOWXUDFLyQKHWHURJHQHLGDG
UDROHQJXDVDPD]yQLFDVGHOHVSDFLRQDFLR
QDO GH ODV OLWHUDWXUDV DQGLQDV SHUR PH
SDUHFHTXHVLJXHQYLJHQWHVHQHVWHSXQWR
SUREOHPDVGHJUDQPDJQLWXG,PSRVLEOHQL
VLTXLHUD HQXQFLDUORV SHUR LPDJLQR TXH
WRGRV GHVHPERFDQ PiV R PHQRV GLUHFWD
PHQWHHQODSHUFHSFLyQGHOREMHWROLWHUDWX
UDQDFLRQDOROLWHUDWXUDDQGLQDHQVLQJX
ODURSOXUDO\HQHVWHVHJXQGRFDVRUHVXOWD
UtD LQGLVSHQVDEOH ILJXUDU ORV PRGRV GH
UHODFLyQ VL OD KXELHUD HQWUH XQ VLVWHPD
SRUHMHPSORODOLWHUDWXUDRUDOHQTXHFKXD
\RWURODOLWHUDWXUDFXOWDHQHVSDxROVHD
HO FDVR (Q DOJ~Q PRPHQWR DGHODQWp D
HVWHUHVSHFWRODKLSyWHVLVGHTXHHOFRQMXQ
WR GH HVWRV VLVWHPDV OLWHUDULRV IRUPDUtDQ
XQD WRWDOLGDG FRQWUDGLFWRULD SHUR VLJR
VLQ VDEHU H[DFWDPHQWH FyPR IXQFLRQDUtD
WDOFDWHJRUtD
6HD OR TXH IXHUH OD FXHVWLyQ HVHQFLDO
FRQVLVWH HQ SURGXFLU DSDUDWRV WHyULFRV
PHWRGROyJLFRV VXILFLHQWHPHQWH ILQRV \ ILU
PHVSDUDFRPSUHQGHUPHMRUXQDOLWHUDWXUD
R PiV DPSOLDPHQWH XQD YDVWD JDPD GH
GLVFXUVRV FX\D HYLGHQWH PXOWLSOLFLGDG
JHQHUDXQDFRSLRVDSURIXQGD\WXUEDGRUD
FRQIOLFWLYLGDG $VXPLUOD FRPR WDO KDFHU
LQFOXVR GH OD FRQWUDGLFFLyQ HO REMHWR GH
QXHVWUDGLVFLSOLQDSXHGHVHUODWDUHDPiV
XUJHQWHGHOSHQVDPLHQWRFUtWLFRODWLQRDPH
ULFDQR+DEUtDFODURTXHGLVFXWLUOR
XHGHFRQVLGHUDUVHFRPRSHUXDQLVPR
WRGR XVR OLQJtVWLFR IRQpWLFR
PRUIRVLQWiFWLFR Op[LFR YLJHQWH
HQHO3HU~SHURH[FOXLGRGHOHVSD
xROJHQHUDO
3HUXDQLVPRV/LPD%LEOLRWHFD
1DFLRQDOGHO3HU~
([WUDFWRVVHOHFFLRQDGRVSiJV
3HUXDQLVPRV
0DUWKD+LOGHEUDQGW
&KLFOtQ/D/LEHUWDG
0DUWKD+LOGHEUDQGWKDVLGRGLUHFWRUDGHO
,QVWLWXWR1DFLRQDOGH&XOWXUDGHO3HU~\
VXEGLUHFWRUDJHQHUDOSDUDODVFLHQFLDVVRFLDOHV
\VXVDSOLFDFLRQHVGHOD81(6&2(V0LHPEUR
GH1~PHURGHOD$FDGHPLD3HUXDQDGHOD
/HQJXD\DFWXDOFRQJUHVLVWDGHO3HU~
&DUHWDV
&DSLWXORLQGG
(VSDxROJHQHUDORSRUDQWRQR
PDVLDOHQJXDJHQHUDOHVHOGHQRPL
QDGRUFRP~QGHWRGDVODVKDEODVKLVSi
QLFDVDXQR\RWURODGRGHO$WOiQWLFRUHSUH
VHQWDSRUWDQWRODJDUDQWtDGHLQWHUFRPX
QLFDFLyQHQWUHPiVGHWUHVFLHQWRVPLOORQHV
GH KDEODQWHV +DEOD ORFDO HV SXHV OD
PDQHUDSHFXOLDUFRPRVHUHDOL]DRSUDFWLFD
XQD OHQJXD HQ XQ OXJDU GHWHUPLQDGR HV
LJXDOPHQWHKDEODORFDOODGH0DGULGRODGH
%XUJRV OD GH /LPD R OD GHO &X]FR 6H KD
VXSHUDGR \D OD LGHD GH TXH ORV HVSDxROHV
VRQORVDPRVGHODOHQJXD\GHTXH&DVWLOOD
SRU VHU FXQD GHO LGLRPD WLHQH VLHPSUH OD
~OWLPDSDODEUDHQFXDQWRDODOHJLWLPLGDG
GHORVXVRV>@(OLGHDOGHOHQJXDHVKR\
SXHVVXSUDQDFLRQDO\XQLYHUVDOL]DQWH
'HVGHHOSXQWRGHYLVWDGHOKDEODUFRQ
FUHWR OD OHQJXD JHQHUDO UHVXOWD VyOR ~WLO
HQWHOHTXLD \ SXHGH LGHQWLILFDUVH FRQ HO
FRQFHSWR JHQHUDO GH OHQJXD HQWHQGLGD
FRPR DEVWUDFFLyQ HVWUXFWXUDGD R VLVWHPD
GHLVRJORVDV6LQHPEDUJRODOHQJXDJHQH
UDO GHEH VHU HO PHGLR GH H[SUHVLyQ FRQV
FLHQWHPHQWHHOHJLGRHQHOFDVRGHOHQVD\R
GHODILORVRItDRGHODFLHQFLD1RDVtGHOD
OLWHUDWXUD WRGD DXWpQWLFD FUHDFLyQ OLWHUD
ULDHVFDSDDVXIpUXODVRSHQDGHGHMDUGH
VHUFUHDFLyQ\DXQOLWHUDWXUD/DSRHVtDHO
WHDWUR\VREUHWRGRHOFXHQWR\ODQRYHOD
LPSRQHQVXSURSLROHQJXDMHTXHFDVLVLHP
SUH LQFOX\H FRQVFLHQWH R LQWXLWLYDPHQ
WHXQDEXHQDSURSRUFLyQGHH[SUHVLRQHV
GHODFRUUHVSRQGLHQWHKDEODORFDO(OKHFKR
GH TXH DOJXQDV GH ODV PiV QRWDEOHV FUHD
FLRQHV PRGHUQDV HQ OHQJXD HVSDxROD
3HUXDQLVPRV
0DUWKD+LOGHEUDQGW
/HQJXDMHFRUUHFWRHLQFRUUHFWR
(O FULWHULR GH FRUUHFFLyQ WUDGLFLRQDO HUD
UtJLGR\GRJPiWLFRSXHVVHWHQtDSRUH[SUH
VLyQ GH SULQFLSLRV LQPXWDEOHV VHJ~Q pO
KDEtDHQWUHORVXVRVOLQJtVWLFRVXQDWDMDQ
WH H LUUHGXFWLEOH GLYLVLyQ HQWUH DTXpOORV
LQKHUHQWHPHQWH EXHQRV R FRUUHFWRV \
DTXpOORV LQKHUHQWHPHQWH PDORV R LQFR
UUHFWRV3XHVWRDVtHOOHQJXDMHHQEODQFR\
QHJUR HVFULELU ELHQ FRQVLVWtD HVHQFLDO
PHQWHHQDWHQHUVHDODVIRUPDVOLQJtVWLFDV
WHQLGDV SRU FRUUHFWDV \ HYLWDU FXLGDGRVD
PHQWHDTXpOODVWHQLGDVDYHFHVHUUyQHD
PHQWHSRULQFRUUHFWDV(VWHGRJPDWLVPR
HQFXDQWRDOOHQJXDMHHVWDEDJHQHUDOPHQWH
HQUD]yQLQYHUVDDOFRQRFLPLHQWRGHVXYHU
GDGHUD UHDOLGDG \ UHVXOWDED D YHFHV WUDX
PDWL]DQWH QXQFD SRGUi VDEHUVH FXiQWDV
DXWpQWLFDVYRFDFLRQHVOLWHUDULDVKDQSHUHFL
GR DVIL[LDGDV SRU XQD QHJDWLYD IRUPDFLyQ
SXULVWDFDVWLFLVWDRDFDGHPLFLVWD
3HUR OD OLQJtVWLFD \ OD ILORORJtD QRV
&DUHWDV
&DSLWXORLQGG
QRUPDVDPHULFDQDVIUHQWHDODVHXURSHDV
>@ (O HVSDxRO GH $PpULFD WLHQH KR\ XQ
LGHDOGHOHQJXDFXOWDTXHDXQTXHDFDWDHQ
SULQFLSLRORVHVTXHPDVGHODOHQJXDJHQH
UDO QR WLHQH SRU TXp UHQHJDU GH UDVJRV
LUUHQXQFLDEOHVWDOHVFRPRHOVHVHRODVXVWL
WXFLyQGHYRVRWURVSRUXVWHGHVRHOORtVPR
HV GHFLU OD GLVWLQFLyQ HQWUH OR \ OH FRPR
IRUPDVGHDFXVDWLYRPDVFXOLQR\GHGDWLYR
ORFXDOHVSRURWUDSDUWHORHWLPROyJLFROR
WUDGLFLRQDOORFRUUHFWR\ORDFDGpPLFR
3HURKD\DGHPiVGHXQDODWHQWHQRUPD
GHHVSDxROGH$PpULFDXQD QRUPDQDFLR
QDO HQ FDGD XQD GH VXV UHS~EOLFDV 'LFKD
QRUPD JHQHUDOPHQWH FRLQFLGH FRQ HO QLYHO
FXOWR GHO KDEOD GH VXV UHVSHFWLYDV FDSLWD
OHV \ GH QXHYR VRQ PRWLYRV SROtWLFRV
VRFLDOHVRKLVWyULFRVDQWHVTXHSURSLDPHQ
WH OLQJtVWLFRV ORV TXH GHWHUPLQDQ HVWD
SUHHPLQHQFLD (Q HO FDVR FRQFUHWR GHO
3HU~ODQRUPDOLQJtVWLFDQDFLRQDOFRLQFL
GHSXHVFRQHOKDEODFXOWDOLPHxDVLQTXH
HVRVLJQLILTXHTXHHOODVHDLQWUtQVHFDPHQWH
VXSHULRU D OD GH FXDOTXLHUD RWUD FLXGDG R
UHJLyQGHOSDtV
1LYHOHVGHKDEOD
(Q HO XVR FRQFUHWR GHO OHQJXDMH VH
HQWUHFUX]DQORVFRQFHSWRVGHOHQJXDJHQH
UDO KDEOD ORFDO \ QRUPD OLQJtVWLFD DVt
FRPRHOFULWHULRGHFRUUHFFLyQ\HOGHQLYH
OHVGHKDEOD
/DQRUPDOLQJtVWLFDHVSDUDHOLQGLYL
GXRXQVLVWHPDGHUHDOL]DFLRQHVREOLJDGDV
XQFRQMXQWRGHLPSRVLFLRQHVVRFLDOHV\FXO
WXUDOHVTXHWLHQHQVXFDPSRGHDFFLyQHQHO
OHQJXDMH /D QRUPD OLQJtVWLFD YDUtD QR
VyORGHFRPXQLGDGDFRPXQLGDGVLQRWDP
ELpQ GHQWUR GH FDGD XQD GH HOODV VRQ
REYLDPHQWHGLVWLQWDVODVQRUPDVDTXHVH
3HUXDQLVPRV
0DUWKD+LOGHEUDQGW
ODOLEHUWDGDEVROXWDHQPDWHULDGHOHQJXDMH
\HOHVWDGRGHSHUIHFWDLQRFHQFLDOLQJtVWL
FDHVSRUWDQWRQDWXUDOPHQWHFUHDGRUD\
QHRORJL]DQWH 3HUR DO PLVPR WLHPSR HO
XVR SRSXODU HV QDWXUDOPHQWH FRQVHUYD
GRUGHIRUPDVYLHMDVTXHODOHQJXDJHQH
UDO YD GHVHFKDQGR \ UHVXOWD SRU WDQWR
WDPELpQ\SDUDGyMLFDPHQWHDUFDL]DQWH
'HORH[SXHVWRUHVXOWDTXHWRGRKDEODQ
WHHVHQUHDOLGDGSOXULOLQJHHQHOVHQWLGR
GH TXH VH H[SUHVD DOWHUQDWLYDPHQWH HQ
GLIHUHQWHV QLYHOHV GH KDEOD TXH LPSOLFDQ
GLVWLQWDVYDULHGDGHVIXQFLRQDOHVRVLWXD
FLRQDOHVGHVXSURSLRLGLROHFWR$WHQGLHQGR
DGLYHUVDVFLUFXQVWDQFLDVRLQWHUORFXWRUHV
HO KDEODQWH DOWHUQD VXV XVRV OLQJtVWLFRV
IDPLOLDUHV FRQ DTXHOORV UHVWULQJLGRV D VX
DPELHQWHGHWUDEDMRRVXGHSRUWHIDYRULWR\
FRQRWURVPiVJHQHUDOHV\DFHSWDEOHVHQHO
iPELWR DPSOLR GH VX FRPXQLGDG 3HUR
&DUHWDV
&DSLWXORLQGG
7LSRVGHSHUXDQLVPRV
(OSHUXDQLVPRSXHGHWHQHUGLYHUVRVRUt
JHQHV3XHGHWUDWDUVHGHXQDIRUPDOLQJtV
WLFDQHWDPHQWHFDVWHOODQD\DXQGLJQLILFD
GD SRU HO XVR OLWHUDULR PiV VHOHFWR SHUR
ROYLGDGD KR\ HQ OD OHQJXD JHQHUDO DUFDtV
PR3XHGHVHUXQDIRUPDKLVSiQLFDFUHDGD
HQ$PpULFDXWLOL]DQGRODVOHJtWLPDVSRVLEL
OLGDGHV GHO VLVWHPD GH OD OHQJXD QHRORJLV
PR3XHGHFRUUHVSRQGHUIRUPDOPHQWHDXQ
WpUPLQRGHODOHQJXDJHQHUDOSHURFRQVLJ
QLILFDGR GLIHUHQWH SRU HIHFWR GHO FDPELR
VHPiQWLFR 3XHGH VHU XQ ODWLQLVPR TXH QR
FLUFXODHQOD3HQtQVXODRXQSUpVWDPRWRPD
GR GH RWUD OHQJXD FRQ SUHVFLQGHQFLD GH OD
QRUPD SHQLQVXODU HQWUDQ DTXt ORV JDOLFLV
PRV LWDOLDQLVPRV SRUWXJXHVLVPRV DQJOL
FLVPRV DIULFDQLVPRV LQGLJHQLVPRV HWF
D~Q QR LQFRUSRUDGRV HQ OD OHQJXD JHQHUDO
'HVGHHOSXQWRGHYLVWDVLQFUyQLFRHQFDP
ELR XQ TXHFKXLVPR QR HV SURSLDPHQWH XQ
SHUXDQLVPR VL KD VLGR \D DVLPLODGR SRU OD
OHQJXDJHQHUDOWDOHVSRUHMHPSORHOFDVR
GHTXLQLQDRFRFDtQD
3RURWUDSDUWHORVSHUXDQLVPRVQRVRQ
QHFHVDULDPHQWH XVRV OLQJtVWLFRV H[FOX
VLYRV GHO 3HU~ HQ UHDOLGDG VH FXHQWDQ
FRQ ORV GHGRV GH OD PDQR DTXpOORV TXH
KDVWDKR\QRKDQVLGRWDPELpQGRFXPHQ
WDGRV HQ RWUD UHJLyQ GH $PpULFD R GH
(VSDxD6LHQGRHOORDVtHVOtFLWROODPDU
SHUXDQLVPR D XQ XVR OLQJtVWLFR TXH
VDEHPRV LJXDOPHQWH YLJHQWH HQ OD
$UJHQWLQDRHQ$VWXULDV"6tHQWDQWROR
FRQVLGHUHPRV FRPR SDUWH LQWHJUDQWH GH
ODWRWDOLGDGGHOKDEODSHUXDQD\ORHVWX
GLHPRV \ GRFXPHQWHPRV FRPR WDO
$QiORJR GHUHFKR DVLVWH SRU VXSXHVWR
SDUDTXHHOPLVPRXVRVHDFRQVLGHUDGR\
HVWXGLDGR FRPR DUJHQWLQLVPR R FRPR
DVWXULDQLVPR
,QYHUVDPHQWHSDUDTXHXQXVROLQJtV
WLFRPHUH]FDODFDOLILFDFLyQGHSHUXDQLVPR
QRHVQHFHVDULRTXHVHDFRQRFLGRHQWRGRHO
WHUULWRULR QDFLRQDO 8Q ORUHWDQLVPR XQ
KXDQXTXHxLVPR R XQ DUHTXLSHxLVPR SXH
GHQVHUOtFLWDPHQWHOODPDGRVSHUXDQLVPRV
DXQTXHQRVHFRQR]FDQHQ/LPDQLHQQLQ
JXQDRWUDUHJLyQKLVSiQLFD
&HELFKH(OFHELFKHHVXQSODWRWtSLFRGH
QXHVWUD FRFLQD FX\RV LQJUHGLHQWHV SULQFL
SDOHV VRQ SHVFDGR FUXGR MXJR GH QDUDQMD
DJULD R GH OLPyQ FHEROOD FUXGD FRUWDGD
PX\GHOJDGD\DMtDPiVGHOHFKXJDFKR
FOR \ FDPRWH FRQ TXH VH DFRPSDxD VLQ
GXGD D FDXVD GHO DMt OR FDOLILFy $URQD GH
SODWR SRSXODU \ IHUR] (O FHELFKH SXHGH
KDFHUVHWDPELpQDEDVHGHSXOSRFDPDUR
QHVFRQFKDV\RWURVPDULVFRVGHSDWRGH
SROOR\KDVWDGHJDWRRGHODJDUWLMD
>@ ODV JUDItDV WUDGLFLRQDOHV VRQ VHYL
FKH \ VHELFKH SHUR VH HVWi GLIXQGLHQGR
~OWLPDPHQWHODIRUPDFHELFKH>@
1RHVSRVLEOHTXHFHELFKHVHGHULYHGH
FHEROOD (Q SULPHU OXJDU OD FHEROOD
VLHQGRXQLQJUHGLHQWHLPSRUWDQWHQRHV
SULPRUGLDO FRPR Vt OR VRQ HO SHVFDGR R
VXVWLWXWR\HO]XPRGHQDUDQMDDJULDR
GHOLPyQHQTXHVHPDULQD(QVHJXQGR
OXJDUORVGHULYDGRVGHODFHEROODVHIRU
PDQ QRUPDOPHQWH VREUH HO UDGLFDO
FHEROO FHEROODGD FHEROOLQR FHEROOHWD
FHEROOtQ FHEROOyQ FHEROOXGR FHEROOHUR
FHEROODU FHEROODQD &RQ HO WHUPLQDO
LFKHODIRUPDUHVXOWDQWHKDEUtDVLGRSRU
WDQWR
FHEROOLFKH\QRFHELFKH
(V IDFWLEOH HQ FDPELR TXH FHELFKH VH
GHULYH GH FHER HQ VX DFHSFLyQ HWLPROyJLFD
GHDOLPHQWRPDQMDUTXHFRH[LVWLyKDVWDHO
VLJOR ;9, FRQ OD VHFXQGDULD KR\ YLJHQWH
GHFRPLGDFRQTXHVHDWUDHDORVDQLPDOHV
HQ OD FD]D R SHVFD HO VHQWLGR RULJLQDO GH
FHERHVWiSUHVHQWHSRUHMHPSORHQHOVDO
PDQWLQR FHELTXH FRPLGD TXH ODV DYHV OOH
YDQDVXVSROOXHORV
&KDUTXL(QHO3HU~VHOODPDFKDUTXLR
FKDUTXH HO WDVDMR R FHFLQD GH FDUQH GH
OODPD R GH YDFXQR FXUDGD DO VRO 'H DOJR
TXHHVWiYLHMRVXFLRDUUXJDGRRKHFKRMLUR
QHVVHGLFHILJXUDGDPHQWHTXHHVXQFKDU
TXL R HVWi KHFKR XQ FKDUTXL FKDUTXL R
FKDUTXLFiQ SXHGH LJXDOPHQWH UHIHULUVH D
SHUVRQDVDUUXJDGDVRHQMXWDVKDFHUFKDU
TXLWLHQHHOVHQWLGRPHWDIyULFRGHPROHUD
JROSHVVHGLFHWDPELpQFRQHOPLVPRVHQ
WLGRYROYHUFKDUTXL>@
+DVWD KDFH SRFR HUD JHQHUDO OD FRQYLF
FLyQDFHUFDGHORULJHQTXHFKXDGHFKDUTXL
3HUR &RURPLGDV KD DGXFLGR GDWRV TXH OD
KDFHQ WDPEDOHDU HQ SRUWXJXpV VRQ DQWL
JXDV ODV H[SUHVLRQHV FDUQH GH HQ[DUFD \
&DUHWDV
3HUXDQLVPRV
FDUQHGH[DUTXHFRPRQRPEUHVGHOWDVDMR
(Q[DUFD \ [DUTXH SUREDEOHV DUDELVPRV
SURQXQFLDGRVUHVSHFWLYDPHQWHHQVKDUFD\
VKDUTXHFDVLFRLQFLGHQIRQpWLFD\VHPiQWL
FDPHQWHFRQFKDUTXHRFKDUTXL\VHGRFX
PHQWDQ HQ OD 3HQtQVXOD DQWHV GHO GHVFX
EULPLHQWRGH$PpULFD
'H TXH (Q ORV ~OWLPRV GHFHQLRV HVWi
LQYDGLHQGR QXHVWUD KDEOD FXOWD R OD
TXHGHELHUDVHUORXQXVRDQWHVUHVWULQ
JLGRDOKDEODLQFXOWDRYXOJDUHOHPSOHR
DEXVLYRGHODSUHSRVLFLyQGHDQWHTXHHQ
FDVRV FRPR GLFH GH TXH YLHQH SLHQVR
GHTXHQRWLHQHQUD]yQ(OXVRSDUDVLWD
ULR GH OD SUHSRVLFLyQ GH HV LJXDOPHQWH
IUHFXHQWHHQOD$UJHQWLQD\RWURVSDtVHV
GH$PpULFD(Q(VSDxDDSHVDUGHDOJX
QD HVSRUiGLFD GRFXPHQWDFLyQ HQ FDVWH
OODQR YLHMR HO HPSOHR LQGHELGR GH OD
VHFXHQFLDGHTXHVHFRQVLGHUDFDUDFWHUtV
WLFRGHOKDEODU~VWLFDYXOJDURGLDOHFWDO
ORPLVPRHQFDWDOiQ
$ TXp FDXVDV SXHGH GHEHUVH OD DFWXDO
SUROLIHUDFLyQGHOIHRGHTXHHQWUHQRVRWURV"
(QSULPHUOXJDUKD\TXHFRQVLGHUDUOD
LQIOXHQFLD DQDOyJLFD (Q FDVWHOODQR KD\
YHUERV TXH OOHYDQ OD SUHSRVLFLyQ GH FRPR
UpJLPHQ KDEODU GH GXGDU GH WUDWDU GH
TXHMDUVH GH DVXVWDUVH GH DOHJUDUVH GH
DFRUGDUVH GH HWF (VWRV YHUERV OD FRQVHU
YDQOtFLWDPHQWHDQWHTXHVRQSRUWDQWR
FRUUHFWDVH[SUHVLRQHVWDOHVFRPRKDEOyGH
TXH YHQGUtD GXGR GH TXH SDJXH WUDWy
GH TXH VH TXHGDUD VH TXHMDQ GH TXH
KDFHQEXOODQRWHDVXVWHVGHTXHJULWH
QRVDOHJUDPRVGHTXHVHIXHUDPHDFRUGp
GHTXHHUDWDUGHHWF
3HUR SRU LQIOXHQFLD GH HVWDV IRUPDV
FRUUHFWDVHOXVRVHKDH[WHQGLGRDYHUERV
&DUHWDV
&DSLWXORLQGG
0DUWKD+LOGHEUDQGW
TXHQRUHTXLHUHQGHFRPRUpJLPHQSHQVDU
VDEHU FUHHU VXSRQHU GHGXFLU HVFULELU
GHFLU FRQWDU UHODWDU RSLQDU GHFODUDU
VXJHULU DYLVDU DFRQVHMDU DVHJXUDU YHU
RtUHVFXFKDUVHQWLUREVHUYDUKDOODUFRQ
WHVWDUHQFRQWUDUHVSHUDUUHFRUGDUSHUPL
WLU SURPHWHU HWF WRGRV GH XVR FRQVWDQWH
HQHOLGLRPD
5HVXOWDQ DVt FRQVWUXFFLRQHV LQFRUUHF
WDV FRPR SHQVp GH TXH HVR HUD PHMRU
VDEHV GH TXH HVWXYR DTXt" QR FUHR GH
TXH OR KDJD PH FRQWy GH TXH VH LED
RSLQRGHTXHVHSRQJDDYRWDFLyQGHFOD
URGHTXHpVDQRIXHPLLQWHQFLyQVXJLH
UR GH TXH VH DSODFH OD DVDPEOHD PH
DYLVDURQGHTXHKDEtDOOHJDGRDFRQVpMD
OHGHTXHQRUHQXQFLHYHRGHTXHQRPH
KDQ HQWHQGLGR RtPRV GH TXH YLDMDEDV
VHQWLPRVGHTXHVHYD\DQSURQWRHVSH
URGHTXHQRVHORFXHQWHVHWF/RPLVPR
VXFHGH FRQ ODV H[SUHVLRQHV LPSHUVRQDOHV
UHVXOWDTXHVXFHGHTXHSDUHFHTXHSXHGH
TXHFRQYHUWLGDVHQODVLQFRUUHFWDVUHVXOWD
GH TXH VXFHGH GH TXH SDUHFH GH TXH
SXHGHGHTXHHWF
/DSUHSRVLFLyQLQWUXVDSUROLIHUDDGHPiV
HQ RWUDV FRQVWUXFFLRQHV 6LQ GXGD SRU
LQIOXHQFLD GH H[SUHVLRQHV FRUUHFWDV FRPR
HVKRUDGHTXHPHYD\DVHGLFHLQFRUUHF
WDPHQWHHVYHUGDGGHTXHWUDEDMDPXFKR
HVXUJHQWHGHTXHYHQJDVHVPHMRUGHTXH
VH OR GLJDV HV QHFHVDULR GH TXH SDJXHV
HVSUREDEOHGHTXHIUDFDVHQRHVFLHUWRGH
TXHORVHSDHVXQDSHQDGHTXHQRSXHGDV
TXHGDUWHHVLQGXGDEOHGHTXHODFXOSDHV
VX\DHWF3RU~OWLPRODLQYDVLyQGHOGHTXH
OOHJDDGLVORFDUH[SUHVLRQHVDGYHUELDOHVILMD
GDVWDOHVFRPRDVtHVTXHGHPDQHUDTXHGH
PRGR TXH FRQYHUWLGDV SRU ORV DGLFWRV DO
GHTXHtVPR HQ DVt HV GH TXH GH PDQHUD GH
TXHGHPRGRGHTXHHWF
&DUHWDV
&DStWXOR;
-XOLR&7HOOR/DLQYHVWLJDFLyQ
FLHQWtILFDGLVFXUVRGHRUGHQ
SURQXQFLDGRHQODVHVLyQLQDXJXUDOGH
OD$VRFLDFLyQ3HUXDQDSDUDHO3URJUHVR
GHOD&LHQFLDGHMXOLRGH
/LPD6DQPDUWL\&tD,PSUHVRUHV
3iJV
O
-DYLHU3XOJDU9LGDO/DJHRJUDItD
GHO3HU~ODVRFKRUHJLRQHVQDWXUDOHV
GHO3HU~/LPD81060
3iJV
O
O
$QWRQLR%UDFN&LHQFLDV
$PELHQWDOHVHQHO3HU~(Q/D
,QYHVWLJDFLyQ&LHQWtILFD\7HFQROyJLFD
HQHO3HU~/LPD%DQFR&HQWUDOGH
5HVHUYDGHO3HU~\&21&<7(&
3iJV
$OEHUWR*LHVHFNH\(6LOJDGR/RV
7HUUHPRWRVHQHO3HU~/LPD(GLFLRQHV
5LNFKD\3HU~3iJV
O
-DYLHU,JXtxL]$SODQDUORV$QGHV\
RWUDVSURSXHVWDV/LPD,QVWLWXWR
%DUWRORPpGH/DV&DVDV
3iJV
O
5LFKDUG:HEE3UyORJR(Q
(VWDELOL]DFLyQ\FUHFLPLHQWRHQHO3HU~
XQDSURSXHVWDLQGHSHQGLHQWH&DUORV
3DUHGHV\-HIUUH\6DFKV/LPD
*5$'(3iJV
O
O
-XUJHQ*ROWH/DUDFLRQDOLGDGGHOD
RUJDQL]DFLyQDQGLQD/LPD,(3
3iJV
O
-XDQ0LJXHO%iNXOD3HU~HQWUHOD
5HDOLGDG\OD8WRStDDxRVGH
3ROtWLFD([WHULRU9ROV/LPD
)RQGRGH&XOWXUD(FRQyPLFD
)XQGDFLyQ$FDGpPLFD'LSORPiWLFD
GHO3HU~
&DSLWXORLQGG
(QORVGHEDWHVHFRQyPLFRVVHWUDWDGH
UHVSRQGHUDODVVLJXLHQWHVSUHJXQWDV
4XpSDSHOMXHJDHOFRQRFLPLHQWRHQ
QXHVWURGHVDUUROOR"&XiOHVODUHODFLyQGHO
SHUXDQRFRQODJHRJUDItD"3RUTXpVRPRV
XQSDtVSREUH"&XiOHVODPHMRUSROtWLFD
SDUDGHVDUUROODUQRV"&XiOHVVRQODV
DPHQD]DV\ODVRSRUWXQLGDGHVTXHQRV
SUHVHQWDQHOGLItFLOWHUULWRULR\OD
SURGLJLRVDGLYHUVLGDGGHHFRVLVWHPDVGH
QXHVWURSDtV"4XpUROGHEHQFXPSOLUHO
(VWDGR\HOPHUFDGRHQODHFRQRPtD"4Xp
SDSHOMXHJDODOyJLFDGHOPXQGRDQGLQRHQ
QXHVWURGHVDUUROOR"&yPRDUWLFXODUOD
LQVHUFLyQGHO3HU~HQHOFRPSOHMRHQWRUQR
LQWHUQDFLRQDOHQTXHHVWDPRVLQPHUVRV")UHQWH
DHVWRVLQWHUURJDQWHVKDKDELGRTXLHQHV
SLHQVDQTXHODWRPDGHGHFLVLRQHV
HFRQyPLFDVGHEHFRQVLGHUDUODVFRQGLFLRQHV
VRFLDOHV\ODGLYHUVLGDGFXOWXUDO\JHRJUiILFD
GHODQDFLyQ(VHQWRQFHVTXHKDEUiTXH
UHFRUGDUTXHVRPRVXQSDtVSOXULFXOWXUDO
2QRKDEUiTXHSHQVDUOR"
3URSXHVWDGHGHVDUUROOR
7HUULWRULR&RQRFLPLHQWR
(FRQRPtD\3ROtWLFD
([WHULRU
-XOLR&7HOOR
/DLQYHVWLJDFLyQFLHQWtILFD\HOLQYHVWLJDGRU
/DLQYHVWLJDFLyQFLHQWtILFDGLVFXUVRGH
RUGHQSURQXQFLDGRHQODVHVLyQ
LQDXJXUDOGHOD$VRFLDFLyQ3HUXDQD
SDUDHO3URJUHVRGHOD&LHQFLDGH
MXOLRGH/LPD6DQPDUWL\&tD
,PSUHVRUHV([WUDFWRVVHOHFFLRQDGRV
SiJV
/DLQYHVWLJDFLyQ
FLHQWtILFD
-XOLR&7HOOR
+XDURFKLUt/LPD
)XQGDGRUGHODDUTXHRORJtDFLHQWtILFD
\VLVWHPiWLFDHQHO3HU~GHVFXEULGRU
HLQWpUSUHWHGHOD&XOWXUD&KDYtQ
D LQYHVWLJDFLyQ R HVFXGULxDPLHQWR
FRQVLVWHHQODDSOLFDFLyQVLVWHPiWLFD
GH ORV PpWRGRV GH OD FLHQFLD HQ HO
GRPLQLRGHORGHVFRQRFLGRSRUDTXHO
TXHSRVHHHVStULWXFLHQWtILFR1RHVHOOD
XQD QRYHGDG QL XQD LQYHQFLyQ H[LVWH
GHVGH ORV DOERUHV GH OD KLVWRULD KXPDQD
HV OD VLPSOH DSOLFDFLyQ GHO VHQWLGR FRP~Q
GHOVHQWLGRFRP~QGLVFLSOLQDGRFRPR
GLUtD+X[OH\3HURVtORHVODLQWHQVL
ILFDFLyQGHVXXVRODDSOLFDFLyQFRQV
FLHQWH\SHUPDQHQWHGHORVPpWRGRVFLHQ
WtILFRV\HOUHFRQRFLPLHQWRGHVXLPSRUWDQ
FLD SULPRUGLDO HQ OD SURVHFXFLyQ GH FXDO
TXLHURUGHQGHFRQRFLPLHQWRV
/DLQYHVWLJDFLyQQRVyORGHPDQGDSUROL
MLGDGSDUDDGTXLULUORVKHFKRVSDVLyQSDUD
EXVFDUORV VHJXULGDG SDUD FRQVWDWDUORV
GLVFUHFLyQ\FODULGDGSDUDH[SRQHUORVVLQR
XQDDFWLWXGHPRWLYDHVSHFLDOGHOLQYHVWLJD
GRU TXH DQWH OD FRPSOHMLGDG \ JUDQGLRVL
GDGGHORVIHQyPHQRVGHOD1DWXUDOH]DVH
VLHQWH LPSHOLGR D FRPSUHQGHU \ ILMDU OD
DUPRQtD\FRRUGLQDFLyQTXHUHLQDHQHOOD
/DLQYHVWLJDFLyQQRSHUWHQHFHDOGRPLQLRGH
ODVFLHQFLDVRFXOWDVQRHVSULYLOHJLRGHODVLQWH
OLJHQFLDVVXSHULRUHVRJHQLDOHVQRH[LJHQHFHVD
ULDPHQWH LQJHQWHV VXPDV GH GLQHUR FRPR VH
FUHHDPHQXGRHOODHVIXQFLyQFDVLVLHPSUHGH
ODVLQWHOLJHQFLDVFRPXQHVSHURELHQHTXLOLEUD
GDV\GHORVFDUDFWHUHVHQpUJLFRVTXHHQFXDO
TXLHU PRPHQWR SXHGHQ DGDSWDUVH D ODV FLU
FXQVWDQFLDVGHOPHGLRHQHOFXDODFW~DQYHQFHU
ORV REVWiFXORV ODV UHVLVWHQFLDV \ SUHMXLFLRV \
DYDQ]DU UHVXHOWDPHQWH KDFLD DGHODQWH KDVWD
ORJUDUHOp[LWRGHVXVDVSLUDFLRQHV
(O LQYHVWLJDGRU QR HV HO HUXGLWR TXH VROR
DOPDFHQDFRQRFLPLHQWRGHVHJXQGDPDQRQRHV
&DSLWXORLQGG
-XOLR&7HOOR
/DLQYHVWLJDFLyQFLHQWtILFD
HOH[SORUDGRURFDVLRQDORUHFRSLODGRUGHOLEURVX
REMHWRV SRU PHUR HQWUHWHQLPLHQWR VLQR DTXHO
TXHEHEHHQODVIXHQWHVSULPHUDVODERUDFRQODV
PDWHULDVSULPDV\VHVLUYHGHWRGRDTXHOORTXH
SXHGHLOXPLQDUVXDVXQWRSRUFRPSOHMRXREV
FXURTXHIXHUDKDFLpQGRORQtWLGR\WUDQVSDUHQ
WH(Op[LWRVRFLDOORVKRQRUHV\WRGRDTXHOORTXH
VHDOFDQ]DPHGLDQWHODSXEOLFLGDGRHOUpFODPH
QR OH LQWHUHVDQ VX PD\RU HVWtPXOR HVWi HQ HO
FDULxR SRU VX FLHQFLD \ HQ OD DPELFLyQ SRU HO
SUHVWLJLR\JORULDGHVXLQVWLWXFLyQ&XDOLGDGHV
FRPR HVWDV SHUILODQ OD ILVRQRPtD PRUDO GHO
LQYHVWLJDGRU
/DLQYHVWLJDFLyQFLHQWtILFD\ODV
LQVWLWXFLRQHVQDFLRQDOHV
(Q HO SDtV OD LQYHVWLJDFLyQ FLHQWtILFD TXH
GHEHUHDOL]DUVHSRUODVLQVWLWXFLRQHVGHHQVH
xDQ]D VXSHULRU XQLYHUVLGDGHV H LQVWLWXWRV
WpFQLFRV VH KD FRQILDGR D ODV VRFLHGDGHV \
DFDGHPLDV R GHMDGR DO HVIXHU]R SXUDPHQWH
LQGLYLGXDO/DVLQVWLWXFLRQHVGRFHQWHVQRKDQ
WHQLGR OD IXQFLyQ GH LQYHVWLJDU VLQR OD GH
FXOWLYDUSRUORJHQHUDOODFLHQFLDFRQWHQLGD
HQORVOLEURVHVWRHVKDQSURFXUDGRDOPDFH
QDU FRQRFLPLHQWRV \ WUDQVPLWLUORV \ SURSD
JDUORVJHQHUDFLyQWUDVJHQHUDFLyQ/DVWpFQL
FDVRHVSHFLDOLGDGHVVHKDQOLPLWDGRDHQVH
xDUODVFLHQFLDVDSOLFDGDVRVHDORVSULQFLSLRV
RIyUPXODVFRQVLGHUDGRVLQGLVSHQVDEOHVSDUD
HOHMHUFLFLRGHODVSURIHVLRQHV/DVDFDGHPLDV
\VRFLHGDGHVFLHQWtILFDVDOJXQDVGHODVFXDOHV
JR]DQ GH PHUHFLGR SUHVWLJLR KDQ FXOWLYDGR
LJXDOPHQWH OD FLHQFLD SHUR QR KDQ KHFKR
QDGD SRU LQFUHPHQWDUOD /DV SRFDV DGTXLVL
FLRQHV FLHQWtILFDV GH FDUiFWHU QDFLRQDO VH
GHEHQDODLQLFLDWLYD\HVIXHU]RLQGLYLGXDOHV
TXH IDOWRV GH HVWtPXORV \ GH RSRUWXQLGDGHV
QRKDQORJUDGRGHVHQYROYHUVHRUJDQL]DUVH\
PDQWHQHUVHSHUPDQHQWHPHQWH
/D LQVWLWXFLyQ FLHQWtILFD GRFHQWH PiV
&DUHWDV
&DSLWXORLQGG
6HPLQDULRTXHQRH[LVWHHQQLQJXQDGHQXHV
WUDVVRFLHGDGHVFLHQWtILFDV$HVWRVHGHEHHQ
JUDQ SDUWH TXH FLHUWDV LQVWLWXFLRQHV GH
LPSRUWDQFLD FDSLWDO FRPR OD 6RFLHGDG
*HRJUiILFD\HO,QVWLWXWR+LVWyULFRPDQWHQ
JDQ KDVWD KR\ VX DQWLFXDGD RUJDQL]DFLyQ
TXHSXGRVHUEXHQDHQVXWLHPSRSHURTXHQR
ORHVHQODDFWXDOLGDG(OHVWXGLRGHODJHRJUD
ItD\GHODKLVWRULDGHPDQGDLPSHULRVDPHQWH
HOHPSOHRGHORVPpWRGRVFLHQWtILFRV\HVWRV
QRSXHGHQLPSODQWDUVHHQLQVWLWXFLRQHVRUJD
QL]DGDVGHIHFWXRVDPHQWH
1XHVWURVLQVWLWXWRVWpFQLFRVVHKDQOLPL
WDGRWDPELpQDHQVHxDUODVFLHQFLDVDSOL
FDGDVQRKDQKHFKRODERUGHLQYHVWLJDFLyQ
HVSRUHVWRTXHVRQPX\UDURVORVSURIHVLR
QDOHVFLHQWtILFRVGHSULPHURUGHQ
/RVLQYHVWLJDGRUHVQDFLRQDOHV\
ODLQYHVWLJDFLyQHQODDFWXDOLGDG
&RPR VH YH OD DFWXDO RUJDQL]DFLyQ GH
QXHVWUDV LQVWLWXFLRQHV FRUUHVSRQGH D XQ
SHUtRGRDQWHULRUDOGHODLQYHVWLJDFLyQFLHQWt
ILFD PRGHUQD (V FLHUWR TXH KRPEUHV FRPR
/LQQHR $JDVVL] +XPEROGW \ 'DUZLQ GHVFR
OODURQ SRU VXV FRQRFLPLHQWRV HQFLFORSpGLFRV
3HURHVWHWLSRGHFLHQWtILFRVQRVHFRQFLEHHQ
HVWDpSRFD3DVDPRVSRUXQSHUtRGRGHGHVD
UUROOR\GHGLIHUHQFLDFLyQVRUSUHQGHQWHGHOD
&LHQFLD HVWD KD HYROXFLRQDGR \ UHGXFLGR HO
FDPSR GH ORV SULPLWLYRV LQYHVWLJDGRUHV IRU
PDQGRDVtORVHVSHFLDOLVWDV+R\QRVyORKD\
ERWiQLFRVVLQRDXWRULGDGHVRHVSHFLDOLVWDVHQ
0RUIRORJtD7D[RQRPtD&LWRORJtDHWFQRVyOR
KD\TXtPLFRVVLQRHVSHFLDOLVWDVHQFDGDXQD
GHVXVP~OWLSOHVUDPDVKD\UHYLVWDVQRVyOR
GH TXtPLFD JHQHUDO VLQR GH TXtPLFD ItVLFD
RUJiQLFD ELROyJLFD HWF \ DVt HQ WRGDV ODV
FLHQFLDV(VWHHVHOHVWDGRSUHVHQWH\DHOORVH
KD OOHJDGR PHGLDQWH OD LQYHVWLJDFLyQ TXH
DJUXSDRUGHQDRVLVWHPDWL]DHOFRQRFLPLHQWR
HQWRGRVVHQWLGRVGLIHUHQFLiQGROR\KDFLpQGR
OR SURJUHVDU FRQVWDQWHPHQWH 3RU HVWR ODV
XQLYHUVLGDGHVPRGHUQDV\DQRSRVHHQVyORODV
JUDQGHV FiWHGUDV JOREDOHV GH DQWDxR TXH
KDVWDKR\FRQVHUYDQXHVWUD8QLYHUVLGDGVLQR
FXUVRV GH GLIHUHQFLDFLyQ TXH LQWHQVLILFDQ \
HVSHFLDOL]DQDGLQILQLWXPVXFDPSRGHDFWLYL
GDG(QOXJDUGHORVSRFRVVDELRVHQFLFORSpGL
FRVGHRWURVWLHPSRVODpSRFDDFWXDOGHPDQGD
PXFKDVPRGHVWDVLQWHOLJHQFLDVTXHGRPLQHQ
VXPDWHULD\ODLPSXOVHQPHGLDQWHODDSOLFD
FLyQGHORVPpWRGRVFLHQWtILFRV/DPD\RUtDGH
QXHVWURVKRPEUHVGHFLHQFLDKDQVLGRLQYHVWL
JDGRUHVFLUFXQVWDQFLDOHVIRUPDGRVPHGLDQWH
HVIXHU]RSURSLRGDQGRH[SDQVLyQDVXHVStUL
WXXREHGHFLHQGRDH[LJHQFLDVSURIHVLRQDOHV
QRVHKDDSUHFLDGRQLDFUHGLWDGRGHELGDPHQWH
VXV WUDEDMRV QXQFD KDQ WHQLGR RSRUWXQLGDG
SDUDVDWLVIDFHUDPSOLDPHQWHVXVQREOHVDPEL
FLRQHV\FRPRFDVLVLHPSUHKDQVLGRGHVKHUH
GDGRVGHODIRUWXQDVHKDQYLVWRREOLJDGRVD
GHGLFDU FDVL WRGDV VXV HQHUJtDV D VDWLVIDFHU
ODV SUHPLRVDV QHFHVLGDGHV GH OD H[LVWHQFLD
/DQDFLyQQRKDXWLOL]DGRDTXHOODVSUHFLRVDV
HQHUJtDV SRUTXH QR KD WHQLGR LQVWLWXFLRQHV
TXHODVHVWLPXODUDQ3RUHVWRVRORWUHVILJXUDV
HJUHJLDVWUHVFLHQWtILFRVGHSULPHURUGHQWUHV
SRGHURVDVOXPLQDULDVVHGHVWDFDQHQHOKRUL
]RQWH FLHQWtILFR GHO SDtV 0LJXHO :
*DUD\FRFKHD )HGHULFR 9LOODUUHDO \ -RVp
6HEDVWLiQ%DUUDQFDORVGRVSULPHURVPDWH
PiWLFRV HPLQHQWHV \ HO ~OWLPR QDWXUDOLVWD
GHOPiVHOHYDGRUHOLHYH/DYLGDGHHVWRVKRP
EUHV VX HVStULWX FLHQWtILFR ORV WUDEDMRV TXH
UHDOL]DURQVXGHYRFLyQ\OHDOWDGSDUDFRQOD
FLHQFLDFRQVWLWX\HQHOPiVKHUPRVRHMHPSOR
OHJDGRDODSRVWHULGDG
$ORVLQYHVWLJDGRUHVQRVyORVHOHVGHEHSUHV
WDU IDFLOLGDGHV DEUtUVHOHV DPSOLDPHQWH ODV
SXHUWDVGHORVLQVWLWXWRVFLHQWtILFRVVLQRGHEHQ
HOORVVHUEXVFDGRV\VHOHFFLRQDGRVGHXQDPDQH
UDVLVWHPiWLFDQRVyORHQWUHORVSHUWHQHFLHQWHV
&DUHWDV
-DYLHU3XOJDU9LGDO
/DLQYHVWLJDFLyQFLHQWtILFD
DXQDFODVHVRFLDOGHWHUPLQDGDVLQRGRQGHTXLH
UDTXHVHHQFXHQWUHQ$OD8QLYHUVLGDGFRUUHV
SRQGHHVWDPLVLyQ3HURHOODFRQIRUPHDODOH\
QRSXHGHKDFHURWUDFRVDTXHVXVFLWDU\HVWLPX
ODUODFLHQFLDPHGLDQWHFRQFHVLRQHVSHFXQLDULDV
DORVDXWRUHVGHORVWUDEDMRVTXHUHYHOHQFRQRFL
PLHQWRV GH ORV PpWRGRV GH LQYHVWLJDFLyQ (V
HVWH XQ SURFHGLPLHQWR LQVXILFLHQWH RULJLQDGR
SRUXQFRQFHSWRDQWLFXDGRGHODPDQHUDFRPR
VHDGTXLHUHQORVFRQRFLPLHQWRVFLHQWtILFRV
/D FLHQFLD KD GHMDGR GH VHU GLYLQD SDUD
KDFHUVHKXPDQDKDGHMDGRGHVHUDULVWRFUi
WLFDSDUDKDFHUVHGHPRFUiWLFD/DFLHQFLDHV
HOFRQRFLPLHQWRVXMHWRDXQDOH\\FRPSUHQGL
GR HQ XQ VLVWHPD HV GHFLU HO FRQRFLPLHQWR
RUJDQL]DGRSDUDHVWRQRVHUHTXLHUHQHFH
VDULDPHQWH GHO FRQFXUVR GH XQD HPLQHQFLD
LPSURYLVDGDVLQRGHPXFKRVKRPEUHVHQWX
VLDVWDV\DTXLHQHVVHOHVRIUH]FDVHJXUDRSRU
WXQLGDG \ FRRSHUHQ HQ OD UHDOL]DFLyQ GHO
PLVPR SURSyVLWR (Q OXJDU GH XQRV FXDQWRV
JHQLRV HO SDtV GHEH SRVHHU PXFKRV REUHURV
TXH ODERUHQ LQFHVDQWHPHQWH SRU VX ELHQHV
WDU1REDVWDSXHVSRVHHULQVWLWXFLRQHVELHQ
PRQWDGDVRKDFHUIXQFLRQDUXQLQVWLWXWRGH
LQYHVWLJDFLRQHV FUHHU TXH FRQ HVWR VROR VH
SXHGD KDFHU REUD FLHQWtILFD HTXLYDOGUtD D
VXSRQHUTXHVHSXHGHKDFHUREUDPDHVWUDGH
DUWHFRQVyORSRVHHUXQHVWXGLRELHQPRQWDGR
VLQWHQHUHQFXHQWDHOJHQLRRFXDOLGDGHVSHU
VRQDOHV GHO DUWLVWD (V LQGLVSHQVDEOH SRU OR
WDQWR TXH HO SDtV SRVHD \ SURWHMD OD IRUPD
FLyQGHORVJUHPLRVIRUPDGRVSRUKRPEUHVGH
HVStULWXFLHQWtILFR
/DDVRFLDFLyQSHUXDQDSDUDHOSURJUHVR
GHODFLHQFLD\HOHVStULWXQDFLRQDO
0LHQWUDVVHLJQRUHQXHVWUDKLVWRULDQXHV
WUR WHUULWRULR \ HO SURYHFKR TXH SRGHPRV
VDFDUGHQXHVWURVUHFXUVRVQDWXUDOHVPLHQ
WUDVH[LVWDQHQODQDFLyQJUDQGHVGLIHUHQFLDV
&DUHWDV
&DSLWXORLQGG
*HQHUDOLGDGHV
GHUD]DGHOHQJXDGHFRQGLFLRQHVHFRQyPL
FDV\VRFLDOHVPLHQWUDVXQDDJUXSDFLyQYLYD
DOPDUJHQGHODFLYLOL]DFLyQVLQWHQHURSRUWX
QLGDGSDUDHOLQJUHVRDHOODQRSXHGHKDEHU
ELHQHVWDUVROLGDULGDGQLIHOLFLGDGQDFLRQDO
7RGDVODVLQVWLWXFLRQHVGHEHQXQLUVHRUJD
QL]DUVH \ FRRSHUDU HQ OD ODERU FRP~Q SDUD
DOFDQ]DUHOLGHDOVXSUHPRGHGHVDUUROODUIRU
WDOHFHU \ FXVWRGLDU HO HVStULWX QDFLRQDO (Q
WRGRVORVSDtVHVFLYLOL]DGRVHVOD8QLYHUVLGDG
D OD TXH OH LQFXPEH UHDOL]DU HVWD HOHYDGD
IXQFLyQ 1XHVWUD 8QLYHUVLGDG GHEHUtD HVWDU
URGHDGD SRU XQD FRQVWHODFLyQ GH LQVWLWXFLR
QHVGHtQGROHVHPHMDQWHDODGHHVWD$VRFLDFLyQ
HPSHxDGDV HQ UHVROYHU QXHVWURV SUREOHPDV
PHGLDQWHHOHVIXHU]RGHWRGRVORVKRPEUHVGH
FLHQFLD \ XQLGDV SRU HO PiV HOHYDGR VHQWL
PLHQWRGHVROLGDULGDGQDFLRQDO<DHVWLHPSR
TXHHO3HU~DSURYHFKHGHVXVHQHUJtDVRUJD
QL]DGDV \ HVWR QR OR SXHGH KDFHU VLQR
PHGLDQWH OD 8QLYHUVLGDG (VWD HV HO PiV
LPSRUWDQWH yUJDQR FLHQWtILFR TXH WLHQH OD
1DFLyQHVODPiVSRGHURVDPDTXLQDULDTXH
IRUMDOD3DWULD\ODKDFHIXHUWHHLQYHQFLEOH
(O(VWDGRQRSXHGHVHJXLUPDQWHQLHQGR
VXV LQVWLWXFLRQHV FLHQWtILFDV GLVSHUVDV H
LQFRQH[DVWRGDVHOODVGHEHQHVWDUVXMHWDV
DXQVLVWHPDTXHODVKDJDVROLGDULDVHQHO
SURSyVLWRFRP~QGHRUJDQL]DUDOD1DFLyQ
FRPRXQWRGR
(VWDVVRQODVLGHDVTXHLQVSLUDURQODIXQ
GLDFLyQ GH OD $VRFLDFLyQ 3HUXDQD SDUD HO
3URJUHVRGHOD&LHQFLDHOODYLHQHDVDWLVIDFHU
XQD QHFHVLGDG SULPRUGLDO SRUTXH LQDXJXUD
HOSULPHUFHQWURGHLQYHVWLJDFLRQHVSDUDFRQ
VHUYDU RUJDQL]DU H LQFUHPHQWDU QXHVWURV
FRQRFLPLHQWRV DVSLUD D IRUPDU VHPLQDULRV
PXVHRV ODERUDWRULRV \ ELEOLRWHFD \ WLHQH
FRPRVXSUHPRLGHDOFUHDUGHVDUUROODU\IRU
WDOHFHUHOHVStULWXQDFLRQDO
*HRJUDItDGHO3HU~ODVRFKRUHJLRQHV
QDWXUDOHV/LPD81060
([WUDFWRVVHOHFFLRQDGRV
SiJV
*HRJUDItD
GHO3HU~
-DYLHU3XOJDU9LGDO
+XiQXFR/LPD
1DWXUDOGH+XiQXFRJHyJUDIR
DERJDGR(VSHFLDOLVWDHQUHFXUVRV
QDWXUDOHVUHQRYDEOHV(VXQSURIXQGR
FRQRFHGRUGHODGLYHUVLGDGGHOD
JHRJUDItDSHUXDQD
-DYLHU3XOJDU9LGDO
*HRJUDItDGHO3HU~
SRORVSDVDQGRSRUWRGDVODVUHJLRQHVQDWX
UDOHV GH OD WLHUUD TXH VH VXFHGHQ HQWUH
DPEDV UHJLRQHV H[WUHPDV $XQTXH HQ OD
UHDOLGDG JHRJUiILFD QR HV DEVROXWDPHQWH
H[DFWD OD DQWHULRU LQWHUSUHWDFLyQ OR HYL
GHQWH HV TXH HO PHGLR DPELHQWH QDWXUDO
SHUXDQR FRQWLHQH FDVL WRGDV ODV UHJLRQHV
QDWXUDOHVGHOSODQHWD
(OWHUULWRULRSHUXDQRHVWURSLFDODSHVDU
GHRIUHFHUXQDJUDQGLYHUVLGDG\KHWHURJH
QHLGDG WpUPLFD SOXYLDO OXPtQLFD HyOLFD
HWFSRUVXDOWLWXGHVPX\YDULDGRSDVDQGR
GHOFOLPDFiOLGRDOH[FHVLYDPHQWHIUtRSRUOD
FRPSOHMLGDGGHODVFDGHQDVPRQWDxRVDVTXH
UHFRUUHQVXWHUULWRULRHVGLItFLOGHDQDOL]DU
\ GHVFULELU SRU VX GLODWDGD VXSHUILFLH \ OD
VXFHVLyQGHVXVSDLVDMHVHQVHULHVFRQWLQXDV
R GLVFRQWLQXDV DSDUHFH FRQIXVR SDUD HO
REVHUYDGRUQRHVSHFLDOL]DGR
/D GLYLVLyQ GH XQ WHUULWRULR HQ UHJLRQHV
QDWXUDOHV GHEH EDVDUVH QHFHVDULDPHQWH HQ
ODFRQVLGHUDFLyQDQDOtWLFDGHWRGRVORVIDFWR
UHV GHO PHGLR DPELHQWH QDWXUDO GH GLFKR
WHUULWRULRRGHODPD\RUtDGHHOORVVLQWUDWDU
GHDFRPRGDUFULWHULRVDMHQRVFRUUHVSRQGLHQ
WHVDRWURVSDtVHV\FRQWLQHQWHV6LQHPEDU
JRKDVLGRSUiFWLFDPX\IUHFXHQWHDOHVWX
GLDUODVUHJLRQHVHQHO3HU~HOHVWDEOHFHUODV
SRUODFRQVLGHUDFLyQGHXQIDFWRUSUHGRPL
QDQWH R FXDQWR PiV GH GRV R WUHV GH HOORV
&RPRUHVXOWDGRH[LVWHXQFRPSOHMRFXDGUR
GH VXJHUHQFLDV RSLQLRQHV SODQWHDPLHQWRV
WHVLV \ DILUPDFLRQHV VREUH HO Q~PHUR \ OD
FDOLGDGGHODVUHJLRQHVHQTXHSXHGHFRQVL
GHUDUVHGLYLGLGRHOWHUULWRULRSHUXDQR
(QUHODFLyQFRQORDQWHULRUFDXVDSUR
IXQGD DGPLUDFLyQ \ HV PRWLYR GH RUJXOOR
QDFLRQDO HO FRPSUREDU TXH ORV DQWLJXRV
SHUXDQRV \ ORV FDPSHVLQRV OOHJDURQ D
FRQILJXUDUXQDLPDJHQFODUDGHOWHUULWRULR
&DUHWDV
&DSLWXORLQGG
1RFLRQHVJHRJUiILFDVVREUHHO
WHUULWRULRSHUXDQRFRQIRUPHD
ODVDELGXUtDWUDGLFLRQDOLQGtJHQD
(Q HO PRPHQWR LQLFLDO GH OD FRQTXLVWD
ODV KXHVWHV GH 3L]DUUR QR GLVSXVLHURQ GH
ODV FRQGLFLRQHV QHFHVDULDV SDUD SHQHWUDU
SURIXQGDPHQWHQLHQODVGLYHUVDVDFWLYLGD
GHVQLHQORVP~OWLSOHVFRQRFLPLHQWRVGHORV
SREODGRUHVGHOWHUULWRULRTXHFRQTXLVWDURQ
(OWULXQIRGHXQRVFXDQWRVKRPEUHVEODQ
FRVVREUHYDULRVPLOORQHVGHLQGtJHQDVVyOR
IXHSRVLEOHJUDFLDVDFLUFXQVWDQFLDVKLVWy
ULFDV\VRFLROyJLFDVTXHQRYDPRVDDQDOL
]DU DKRUD QR TXHGiQGROHV WLHPSR SDUD
LQTXLULU\DVLPLODUORVFRQRFLPLHQWRVGHORV
SREODGRUHVDERUtJHQHVVLQRHQPX\SHTXH
xDSURSRUFLyQ
3RU RWUD SDUWH ORV FRQTXLVWDGRUHV QR
SXGLHURQSHQHWUDUGHLQPHGLDWRHQODFXO
-DYLHU3XOJDU9LGDO
*HRJUDItDGHO3HU~
,3ULQFLSLRV\SURSyVLWRV
GHOD5HJLRQDOL]DFLyQ7UDQVYHUVDO
5HJLRQDOL]DUWUDQVYHUVDOPHQWHHOWHUULWR
ULRQDFLRQDOHVGLYLGLUORHQVHFWRUHVTXHSDU
WLHQGRGHOPDUWHUULWRULDOFRQVXVGRVFLHQWDV
PLOODV GH DPSOLWXG FRPSUHQGDQ WRGDV ODV
UHJLRQHVQDWXUDOHVSLVRVHFROyJLFRV\JHRVLV
WHPDVDQGLQRVKDVWDWHUPLQDUHQHOVHPLOOD
QRVXUFDGRSRUHOUtR$PD]RQDV\VXVJUDQ
GHVDIOXHQWHV
(O SURSyVLWR GH OD UHJLRQDOL]DFLyQ WUDQV
YHUVDO GHO WHUULWRULR SHUXDQR HV DVHJXUDU D
FDGDIXWXUDUHJLyQODSRVLELOLGDGGHGLVSRQHU
GHWRGDFODVHGHULTXH]DV\UHFXUVRVQDWXUD
OHV TXH OH SHUPLWDQ DOFDQ]DU XQ GHVDUUROOR
VRVWHQLGR\ORJUDUODFRQVLJXLHQWHDEXQGDQ
FLD\KROJXUD
(O)XQGDPHQWRHFROyJLFR
(O PLQXFLRVR DQiOLVLV GH OD HFRORJtD
SHUXDQDGHPXHVWUDTXHGHVGHODRULOODGHO
PDU WHUULWRULDO KDVWD HO VHPLOODQR DPD]y
&DUHWDV
&DSLWXORLQGG
$QWRQLR%UDFN(JJ
3HU~SDtVH[FHSFLRQDOPHQWHGLYHUVR
O3HU~HVXQRGHORVSDtVHVPiVYDOLR
VRVGHOSODQHWDSRUVXDOWtVLPDGLYHU
VLGDG GH SDLVDMHV UHFXUVRV YLYRV R
ELRGLYHUVLGDG VXV ULTXH]DV PLQHUDOHV
\ODFRQWULEXFLyQYDOLRVDGHVXVJHQWHV
DOELHQHVWDUGHOPXQGR
&LHQFLDV$PELHQWDOHVHQHO3HU~(Q
/D,QYHVWLJDFLyQ&LHQWtILFD\7HFQROyJLFD
HQHO3HU~/LPD%DQFR&HQWUDOGH
5HVHUYDGHO3HU~\&21&<7(&
([WUDFWRVVHOHFFLRQDGRVSiJV
(OSRWHQFLDOGHOD
GLYHUVLGDGHQHO3HU~
$QWRQLR%UDFN(JJ
9LOODULFD2[DSDPSD
$VHVRUGHO3URJUDPDGHODV1DFLRQHV
8QLGDV\GHO&RQVHMR1DFLRQDOGH
&LHQFLD\7HFQRORJtD+DSXEOLFDGR
YDULRVOLEURV\DUWtFXORVVREUHUHFXUVRV
QDWXUDOHVPHGLRDPELHQWHPDQHMRGH
IDXQD\WHPDVVLPLODUHV
'LYHUVLGDGGHSDLVDMHV\HFRVLV
WHPDV (O 3HU~ SRVHH XQD PX\ DOWD
GLYHUVLGDGHFROyJLFDGHFOLPDVGHSLVRV
HFROyJLFRV \ ]RQDV GH SURGXFFLyQ \ GH
HFRVLVWHPDV SURGXFWLYRV (Q VXSHUILFLH GH
ERVTXHV HV HO VHJXQGR SDtV HQ $PpULFD
/DWLQD GHVSXpV GH %UDVLO \ HO FXDUWR D
QLYHO PXQGLDO \ SRVHH HO GH ORV ERV
TXHVWURSLFDOHVDPD]yQLFRV3RVHHODFRUGL
OOHUD QHYDGD PiV JUDQGH GH ORV WUySLFRV
TXHHVOD&RUGLOOHUD%ODQFD6HUHFRQRFHQ
VHJ~QHQIRTXHGHGLYHUVRVDXWRUHVYDULDV
HFRUUHJLRQHV /D FODVLILFDFLyQ WUDGLFLRQDO
UHFRQRFH HO PDU OD &RVWD OD 6LHUUD \ OD
6HOYDR$PD]RQtD2WURVDXWRUHVUHFRQRFHQ
HQWUH\TXHFRPSUHQGHQHOPDUIUtR
HOPDUWURSLFDOHOGHVLHUWRFRVWHURHOERV
TXHVHFRHFXDWRULDOHOERVTXHWURSLFDOGHO
3DFtILFRODVHUUDQtDHVWHSDULDODSXQDHO
SiUDPR ORV ERVTXHV GH OOXYLDV GH DOWXUD
VHOYD DOWD HO ERVTXH WURSLFDO DPD]yQLFR
VHOYD EDMD \ OD VDEDQD GH SDOPHUDV 'H
ODV ]RQDV GH YLGD UHFRQRFLGDV HQ HO
PXQGRVHHQFXHQWUDQHQHO3HU~'HORV
WLSRVGHFOLPDGHOD7LHUUDHQHO3HU~VH
HQFXHQWUDQ/DDOWDGLYHUVLGDGGHHFR
VLVWHPDV KD SHUPLWLGR HO GHVDUUROOR GH
QXPHURVRV JUXSRV KXPDQRV FRQ FXOWXUDV
SURSLDV \ GHVWDFDEOHV ORJURV WHFQROyJLFRV
FXOLQDULRV\FXOWXUDOHV
'LYHUVLGDGGHHVSHFLHV(O3HU~SRVHH
XQD PX\ DOWD GLYHUVLGDG GH HVSHFLHV D
SHVDU GH ORV UHJLVWURV LQFRPSOHWRV \ IUDJ
PHQWDGRV/RVPLFURRUJDQLVPRVDOJDVXQL
FHOXODUHV EDFWHULDV KRQJRV SURWR]RRV \
YLUXVORVRUJDQLVPRVGHOVXHOR\GHORVIRQ
GRVPDULQRVKDQVLGRPX\SRFRHVWXGLDGRV
/D IORUD VH FDOFXODQ XQDV HVSHFLHV
GHO WRWDO PXQGLDO GH ODV FXDOHV XQ
VRQHQGpPLFDV(VHOTXLQWRSDtVHQHO
PXQGR HQ Q~PHUR GH HVSHFLHV XQR GH ORV
SULPHURVHQQ~PHURGHHVSHFLHVGHSODQWDV
GHSURSLHGDGHVFRQRFLGDV\XWLOL]DGDVSRUOD
SREODFLyQHVSHFLHV\HOSULPHURHQ
HVSHFLHV GRPHVWLFDGDV QDWLYDV GH SODQWDV
HVSHFLHV(QORUHIHUHQWHDODIDXQDHV
XQR GH ORV SULPHURV HQ HVSHFLHV GH SHFHV
HVSHFLHVGHOWRWDOPXQGLDOHO
SULPHURHQDYHVHVSHFLHVHOWHUFHUR
HQ DQILELRV HVSHFLHV HO WHUFHUR HQ
PDPtIHURV HVSHFLHV \ HO SULPHUR HQ
HVSHFLHVGHPDULSRVDVXQDV
'LYHUVLGDGGHUHFXUVRVJHQpWLFRV(O
3HU~ SRVHH XQD DOWD GLYHUVLGDG JHQpWLFD
SRU VHU XQR GH ORV FHQWURV PXQGLDOHV GH
RULJHQGHODDJULFXOWXUD\ODJDQDGHUtD\
HQFRQVHFXHQFLDHVXQRGHORVFHQWURVPXQ
GLDOHVPiVLPSRUWDQWHVGHUHFXUVRVJHQpWL
FRVGHSODQWDV\DQLPDOHV(VHOSULPHUSDtV
HVYDULHGDGHVGHSDSDHVSHFLHVGRPHVWL
FDGDV\XQDVYDULHGDGHVGHDMtHVGH
PDt]HFRWLSRVGHJUDQRVDQGLQRVTXL
QXD NLZLFKD FDxLJXD \ GH WXEpUFXORV \
UDtFHVDQGLQRV7LHQHXQPX\DOWRVLWLDOHQ
IUXWDV HVSHFLHV HQ FXFXUELWiFHDV
]DSDOORV \ FDLKXDV HQ SODQWDV PHGLFLQD
OHVHVSHFLHVHQSODQWDVRUQDPHQWD
OHV XQDV HVSHFLHV HQ SODQWDV DOL
PHQWLFLDV\HQDQLPDOHVGRPpVWLFRV3RVHH
HVSHFLHVGHSODQWDVQDWLYDVGRPpVWLFDV
FRQ FHQWHQDUHV \ KDVWD PLOHV GH YDULHGD
GHV\DGHPiVODVIRUPDVVLOYHVWUHVGHHVDV
SODQWDV3RVHHIRUPDVGHDQLPDOHVGRPpV
WLFRVODDOSDFDIRUPDGRPpVWLFDGHODYLFX
xD/DPDYLFXJQD\FUX]DGDFRQOODPDOD
OODPDIRUPDGRPpVWLFDGHOJXDQDFR/DPD
JXDQLFRH HO FX\ IRUPD GRPpVWLFD GHO
SRURQFFR\ &DYLD WVFKXGLL HO SDWR FULROOR
IRUPD GRPpVWLFD GHO SDWR DPD]yQLFR
&DLULQD PRVFKDWD \ OD FRFKLQLOOD
'DFWLORSLXV FRVWDH DVRFLDGD DO FXOWLYR GH
OD WXQD $GHPiV OD FKLQFKLOOD &KLQFKLOOD
ODQLJHU RULJLQDULD GH ORV $QGHV KD VLGR
GRPHVWLFDGDHQORV((88GH1RUWHDPpULFD
FRQ HMHPSODUHV SURYHQLHQWHV GHO SDtV 'H
ORVFXDWURFXOWLYRVPiVLPSRUWDQWHVSDUDOD
DOLPHQWDFLyQ KXPDQD D QLYHO PXQGLDO
WULJRDUUR]SDSD\PDt]HO3HU~HVSRVHH
GRU GH OD PiV DOWD GLYHUVLGDG JHQpWLFD GH
GRVGHHOORVODSDSD\HOPDt]
'LYHUVLGDG FXOWXUDO \ KXPDQD (O
3HU~SRVHHXQDDOWDGLYHUVLGDGGHFXOWXUDV
\HOSDtVFXHQWDFRQIDPLOLDVOLQJtVWLFDV
\ DO PHQRV HWQLDV GLVWLQWDV GH ODV TXH
VH HQFXHQWUDQ HQ OD $PD]RQtD (VWRV
JUXSRV DERUtJHQHV SRVHHQ FRQRFLPLHQWRV
LPSRUWDQWHVUHVSHFWRDXVRV\SURSLHGDGHV
GHSODQWDV\DQLPDOHVGLYHUVLGDGGHUHFXU
VRVJHQpWLFRVSODQWDVGHXVRVFRQRFL
GRV\PLOHVGHYDULHGDGHV\ODVWpFQLFDVGH
PDQHMR 3RU HMHPSOR HQ XQD KHFWiUHD GH
FXOWLYRWUDGLFLRQDOGHSDSDVHQHO$OWLSODQR
GHO7LWLFDFDHVSRVLEOHHQFRQWUDUKDVWDWUHV
HVSHFLHVGHSDSD\GLH]YDULHGDGHV(VWRHV
PiV TXH WRGDV ODV HVSHFLHV \ YDULHGDGHV
TXH VH FXOWLYDQ HQ $PpULFD GHO 1RUWH
(VWDV FXOWXUDV DERUtJHQHV VRQ FHQWURV
LPSRUWDQWHV GH FRQRFLPLHQWRV WUDGLFLRQD
OHV\IRUPDQSDUWHGHODFHUYRGHFLHQFLD\
WHFQRORJtDGHOSDtV\GHOPXQGR
$SURYHFKDU OD ELRGLYHUVLGDG (O
3HU~HVXQRGHORVSDtVHVPiVGHVWDFDGRV
HQGLYHUVLGDGELROyJLFD\VHXELFDHQWUHORV
WUHV SULPHURV SDtVHV PHJDGLYHUVRV (VWH
VLWLDO GHO SDtV HQ ELRGLYHUVLGDG OH RWRUJD
XQDLPSRUWDQFLDHVWUDWpJLFDDQLYHOJOREDO
&DUHWDV
&DSLWXORLQGG
&DUHWDV
(OSRWHQFLDOGHODGLYHUVLGDGHQHO3HU~
SRUTXHHOVLJOR;;,VHUiHOVLJORGHODELR
WHFQRORJtD \ GH OD LQJHQLHUtD JHQpWLFD \
VHUiQGHVXPDLPSRUWDQFLDORVSUREOHPDV
DPELHQWDOHVJOREDOHV(OSDtVSXHGHMXJDU
XQ URO PX\ LPSRUWDQWH HQ ODV QHJRFLDFLR
QHVLQWHUQDFLRQDOHVVREUHODELRGLYHUVLGDG
\ORVUHFXUVRVJHQpWLFRV\HQWRGRORUHOD
FLRQDGR DO FDPELR FOLPiWLFR HQ ORV DVSHF
WRV UHIHULGRV DO PDQWHQLPLHQWR GHO HTXLOL
EULRGHOFDUERQRHQODDWPyVIHUD(QFRQVH
FXHQFLDHOSDtVGHEHGHVDUUROODUVXFDSDFL
GDGGHQHJRFLDFLyQHQWRGRORUHODFLRQDGRD
OD VHJXULGDG DOLPHQWDULD PXQGLDO D OD
VHJXULGDG GH OD VDOXG SODQWDV PHGLFLQD
OHV\DODVHJXULGDGJOREDOHQORUHIHUHQWH
DOFDPELRFOLPiWLFR6HGHEHKDFHUHOPi[L
PRHVIXHU]RSDUDTXHODELRGLYHUVLGDGVHD
OD UHQWD HVWUDWpJLFD GHO 3HU~ HQ HO VLJOR
;;,\ORJUDUGHVDUUROODUODFDSDFLGDGSDUD
VHU XQD SRWHQFLD HQ SDWHQWHV GH UHFXUVRV
JHQpWLFRVHQHOPDQWHQLPLHQWRGHOHTXLOL
EULRFOLPiWLFRJOREDO\HQHOGHVDUUROORGH
QXHYRVSULQFLSLRVDFWLYRVSDUDODLQGXVWULD
IDUPDFROyJLFD
8QSDtVFRQJUDQSRWHQFLDO
7RPDQGR HQ FRQVLGHUDFLyQ ORV UHFXUVRV
QDWXUDOHVSUHVHQWHVHQHOWHUULWRULRSHUXDQR
HOSDtVRIUHFHFLHUWDVSRWHQFLDOLGDGHVQDWXUD
OHVRYRFDFLRQHVTXHQDFHQGHODPLVPDRIHUWD
DPELHQWDO\SRGHPRVGHFLUTXHHO3HU~HV
XQDFRUQXFRSLDGHRSRUWXQLGDGHV
3RWHQFLDOSHVTXHUR/DYRFDFLyQSHV
TXHUDGHOSDtVHVWiGDGDSRUHOPDUIUHQWH
D ODV FRVWDV ORV ODJRV \ ODJXQDV DOWRDQGL
QRV \ ORV HFRVLVWHPDV DFXiWLFRV DPD]yQL
FRV (O PDU IUHQWH D ODV FRVWDV GHO SDtV
RIUHFHFRQGLFLRQHV~QLFDVHQORUHIHUHQWHD
ODELRGLYHUVLGDG\DODLPSRUWDQFLDHFRQy
PLFD /D GLYHUVLGDG GH HVSHFLHV HV PX\
DOWD HQ OR UHIHUHQWH D PDPtIHURV HVSH
&DUHWDV
&DSLWXORLQGG
$QWRQLR%UDFN(JJ
WLWX\HQODUHVHUYDIRUHVWDOPiVLPSRUWDQWH
GHOSDtV(QOD6LHUUDVHKDFDOFXODGRTXH
H[LVWHQXQDVPLOORQHVGHKHFWiUHDVGH
WLHUUDVDSWDVSDUDUHIRUHVWDUVHGHODVFXD
OHV XQDV PLOORQHV GH KHFWiUHDV VRQ
DSWDVSDUDODUHIRUHVWDFLyQSURGXFWLYD/D
UHIRUHVWDFLyQHQOD6LHUUDHVXQDDFWLYLGDG
QHFHVDULDSRUUD]RQHVDPELHQWDOHVSURWHF
FLyQGHVXHORV\UHFXSHUDFLyQGHFXHQFDV
VRFLDOHV HPSOHR \ JHQHUDFLyQ GH OHxD \
HFRQyPLFDV JHQHUDFLyQ GH QXHYDV DFWLYL
GDGHV SURGXFWLYDV HQ EDVH D SURGXFWRV
IRUHVWDOHV
3RWHQFLDO SDUD JDQDGHUtD GH FDPp
OLGRV (Q OD SXQD H[LVWHQ FHUFD GH
PLOORQHVGHKHFWiUHDVGHSDVWRVQDWXUDOHV
DOWRDQGLQRVRSDMRQDOHVORTXHFRQVWLWX\H
FDVLHOGHODVXSHUILFLHGHODUHJLyQ(Q
HVWH HFRVLVWHPD VH KD GHVDUUROODGR GHVGH
PX\DQWLJXRODJDQDGHUtDGHFDPpOLGRVHQ
EDVHDODDOSDFD\ODOODPD\VHKDPDQH
MDGR ODV SREODFLRQHV VLOYHVWUHV GH YLFXxD
IRUPDV\HVSHFLHVDGDSWDGDVDODVFRQGLFLR
QHVDPELHQWDOHV(VWRRIUHFHFODUDVYHQWD
MDV FRPSDUDWLYDV GHVGH HO SXQWR GH YLVWD
HFROyJLFR DGDSWDFLyQ IRUPD GH SDVWRUHR
HWF \ HFRQyPLFR SRU HO YDORU GH VX ILEUD
(VWDVYHQWDMDVGHEHQVHUVHULDPHQWHDQD
OL]DGDVGHVGHXQDYLVLyQGHGHVDUUROORVRV
WHQLEOH \ OD FRQVLGHUDFLyQ GH ODV YHQWDMDV
HFRQyPLFDV UHVSHFWR D HVSHFLHV LQWURGXFL
GDV FRPR ORV RYLQRV GH ORV TXH DSHQDV
SRVHHPRVHOGHODSREODFLyQPXQGLDO
3RWHQFLDO SDUD DJULFXOWXUD GLYHUVL
ILFDGD HQ EDVH D UHFXUVRV JHQpWLFRV
QDWLYRV/DGLYHUVLGDGGHSLVRVHFROyJLFRV
GHO3HU~KDSHUPLWLGRDWUDYpVGHORVPLOH
QLRVODGRPHVWLFDFLyQGHQXPHURVDVHVSH
FLHVQDWLYDVGHSODQWDVFRQXQDDOWDYDULD
ELOLGDG JHQpWLFD (VWRV UHFXUVRV JHQpWLFRV
QDWLYRV WXEpUFXORV UDtFHV JUDQRV FHUHD
(OSRWHQFLDOGHODGLYHUVLGDGHQHO3HU~
$OEHUWR*LHVHFFNH\(QULTXH6LOJDGR
,QWURGXFFLyQ
VRQDSURYHFKDGDVSDUDXQDSURGXFFLyQHFR
QyPLFD(OGHVDUUROORGHSHVWLFLGDVQDWXUD
OHVRELRSHVWLFLGDVHVIDFWLEOHHQEDVHDODV
QXPHURVDVHVSHFLHVGHSODQWDV\DQLPDOHV
FRQRFLGDVSDUDWDOILQHQHOSDtV
3RWHQFLDO PLQHUR (O 3HU~ HV XQ SDtV
PLQHUR SRU ORV LQPHQVRV \DFLPLHQWRV GH
PLQHUDOHV FREUH RUR SODWD SORPR ]LQF
HWF \ GH KLGURFDUEXURV SHWUyOHR \ JDV
QDWXUDO TXH JHQHUDQ XQD JUDQ SDUWH GH
QXHVWUDV H[SRUWDFLRQHV \ QXHVWUDV GLYLVDV
6LQHPEDUJRODLQGXVWULDPLQHUDKDJHQH
UDGR JUDYHV LPSDFWRV DPELHQWDOHV SRU ODV
DJXDV \ ORV UHVLGXRV TXH VH YLHUWHQ DO
DPELHQWH(QHOIXWXURVHGHEHUiRULHQWDUOD
LQGXVWULD PLQHUD KDFLD XQD DFWLYLGDG PiV
OLPSLD\FRQUHVSRQVDELOLGDGDPELHQWDO
3RWHQFLDO KLGURHQHUJpWLFR 3RU ODV
FDUDFWHUtVWLFDVGHORV$QGHV\ODVJUDQGHV
SHQGLHQWHVODFDSDFLGDGGHOSDtVSDUDSUR
GXFLUHQHUJtDGHODJXDTXHHVXQDHQHUJtD
OLPSLD HV LQPHQVD $O SUHVHQWH DSHQDV
HVWDPRVXWLOL]DQGRHOGHQXHVWUDFDSD
FLGDG KLGURHQHUJpWLFD (O GHVDUUROOR GH OD
KLGURHQHUJtDWHQGUiTXHYHUPXFKRFRQOD
JHVWLyQGHODVFXHQFDVDILQGHPDQWHQHUHO
IOXMRGHDJXDHQIRUPDFRQVWDQWH\ODOLP
SLH]DGHOUHFXUVR
/RVWHUUHPRWRVHQHO3HU~/LPD
(GLFLRQHV5LNFKD\3HU~([WUDFWRV
VHOHFFLRQDGRVSiJV
/RVWHUUHPRWRV
HQHO3HU~
$OEHUWR*LHVHFNH (QULTXH6LOJDGR
&XVFR
/LPD
$OEHUWR*LHVHFNHHV'LUHFWRUGHO&HQWUR
5HJLRQDOGH6LVPRORJtDSDUD$PpULFDGHO
6XU&(5(6,6\KDVLGR-HIHGHO,QVWLWXWR
*HRItVLFRGHO3HU~(QULTXH
6LOJDGRIXH$VHVRUGHO
,QVWLWXWR1DFLRQDOGH*HRORJtD0LQHUtD
\0HWDOXUJLD\UHSUHVHQWDQWHGHO3HU~
DQWHHO&RQVHMR'LUHFWLYRGHO&(5(6,6
&DUHWDV
&DSLWXORLQGG
/RVWHUUHPRWRVHQHO3HU~
&DUHWDV
&DSLWXORLQGG
$OEHUWR*LHVHFFNH\(QULTXH6LOJDGR
6LJOR;9,
-XOLRDKRUDV7HUUHPRWRTXH
DVROy JUDQ SDUWH GH OD FLXGDG GH /LPD VXV
SULQFLSDOHVHGLILFLRVYLQLHURQDOVXHOR\RWURV
TXHGDURQ PX\ PDOWUDWDGRV PXULHURQ VyOR
HQWUHDSHUVRQDVSRUTXHHOPRYLPLHQWR
SUHFHGLGR GH JUDQ UXLGR SUHYLQR D OD SREOD
FLyQ D VDOLU D FDOOHV SOD]DV \ KXHUWRV $
HVWH JUDQ VLVPR OH VLJXLy XQ WVXQDPL TXH
DQHJy JUDQ SURSRUFLyQ GH OD FRVWD (Q HO
&DOODRHOPDUVXELyFRPRGRVEUD]DVHLQXQGy
SDUWHGHO3XHEOR(O9LUUH\TXHVHHQFRQWUDED
HVHGtDHQHOSXHUWRGHVSDFKDQGROD$UPDGD
5HDO KDELpQGRVH VDOYDGR GH SHUHFHU FRQ HO
WHUUHPRWRVHLQVWDOyHQXQDEDUUDFDDXQRV
WUHVFLHQWRVSDVRVGHODRULOODSHURWRUQiQGRVH
HPEUDYHFLGRHOPDUWXYRTXHWUDVODGDUVHFRQ
VXFRPLWLYDDXQOXJDUPiVDOWR\GLVWDQWH
HOPRYLPLHQWRVtVPLFRVHSURSDJyXQRV
NP D OR ODUJR GH OD FRVWD GHVGH 7UXMLOOR D
&DUDYHOt (Q HO LQWHULRU IXH VHQWLGR HQ
+XiQXFR HQ HO &X]FR \ SRVLEOHPHQWH HQ
RWURVOXJDUHVLQWHUPHGLRV3RUGtDVFRQWL
QXRVTXHGyWHPEODQGRODWLHUUDHQ/LPD
\6DQWD6HJ~QODFUyQLFDGHO3DGUH&DODQFKD
HO PRYLPLHQWR IXH VHQWLGR HQ PiV GH
OHJXDVGH1D6NP\HQPiVGH
OHJXDV GH ( D 2 NP 0XULHURQ
DTXHO GtD SHUVRQDV GH ODV FXDOHV
TXHGDURQ VHSXOWDGDV HQ ODV UXLQDV (VWH
PRYLPLHQWR GH WLHUUD VH VLQWLy IXHUWH HQ
/LPDDXQTXHQRKL]RGDxRV
0DU]RDKRUDV7HUUHPRWR
HQHO&X]FRTXHGHUULEyWRGRVORVWHPSORV\
OD PD\RU SDUWH GH ODV HGLILFDFLRQHV JHQH
UDOL]iQGRVH ORV HVWUDJRV HQ $EDQFD\
$QGDKXD\ODV\RWURVSXHEORVGHODFRPDU
FD(Q/LPDVHVLQWLyHVWHPRYLPLHQWR
DOFDQ]DQGR LQWHQVLGDG FRPR SDUD FDXVDU
DOJXQRVGHWHULRURV+DVWDHOGH$EULOVH
FRQWDURQHQHO&X]FRPiVGHWHPEORUHV
\PiVGHWDQLQWHQVRVFRPRHOSULPHUR
\PiVEUHYHVHQWLHPSR
1RYLHPEUH D KRUDV
+XER XQ IXHUWH PRYLPLHQWR GH WLHUUD TXH
GHUULEyPXFKDVFDVDV\HGLILFLRVHQ/LPD
DEULpQGRVH JULHWDV HQ OD 3OD]D 0D\RU \
FHUFDGHO&RQYHQWRGH*XDGDOXSH
6LJOR;9,,
1RYLHPEUH D KRUDV
*UDQWHUUHPRWR\WVXQDPLHQODFRVWD6XU
/DFRQPRFLyQVtVPLFDDUUXLQyODVFLXGDGHV
GH $UHTXLSD 0RTXHJXD 7DFQD $ULFD
H[WHQGLpQGRVH ORV GDxRV KDVWD ,FD (O
PRYLPLHQWRVHVLQWLyHQPiVGHNP
GHQRUWHDVXU\HQPiVRPHQRVNPGH
OD&RVWDDOLQWHULRU(OPDUVDOLpQGRVHGHV
WUX\y HO 3XHUWR GH $ULFD GRQGH PXULHURQ
SHUVRQDV\HO3XHUWRGH3LVFR
)HEUHUR D ODV KRUDV
7HUUHPRWRHQHO1RUWHGHO3HU~TXHDUUXLQy
ORVHGLILFLRVGH7UXMLOOR\VXVWHPSORVH[WHQ
GLpQGRVHODGHVWUXFFLyQDODV9LOODVGH=DxD
&DOODR\DOUHGHGRUHVH[WHQGLpQGRVHODVUXL
QDVKDVWDXQRVVHWHFLHQWRVNLOyPHWURVDO6XU
GH/LPDHVSHFLDOPHQWHHQODVKDFLHQGDVGH
ORV YDOOHV GH &DxHWH ,FD 3DOSD 1D]FD \
&DPDQi(OSXHUWRGH3LVFRGHVWUXLGRHQHO
WHUUHPRWRVXIULyJUDQLQXQGDFLyQ\UXLQDFRQ
HO HPEUDYHFLGR ROHDMH TXH VLJXLy (Q
7UXMLOOR VH OHV SHUFLELy FRPR UXLGRV VLQ FRQ
PRFLyQ/DWLHUUDTXHGyWHPEODQGRHQ/LPD
KDVWDHOGH'LFLHPEUHGHHVHDxR
6LJOR;9,,,
2FWXEUH D KRUDV
7HUUHPRWRHQ/LPD\WVXQDPLHQHO&DOODR
3UREDEOH LQWHQVLGDG ;;, 'H ODV
FDVDVH[LVWHQWHVGLVWULEXLGDVHQPDQ]D
QDVVyORTXHGDURQHQSLH&D\HURQDWLH
UUDORVSULQFLSDOHV\PiVVyOLGRVHGLILFLRVOD
&DWHGUDOHODUFRDODHQWUDGDGHOSXHQWHTXH
OOHYDED OD HVWDWXD GH )HOLSH ,9 &D\HURQ
LJXDOPHQWHPRQDVWHULRVFRQYHQWRVKRVSLWD
OHV\PXFKDVRWUDVFRQVWUXFFLRQHV(OPRYL
PLHQWRSDUHFHTXHWXYRXQDGXUDFLyQGH
DPLQXWRVSHUHFLHURQHQ/LPDSHU
VRQDVGHXQWRWDOGHKDELWDQWHVRWURV
FURQLVWDVVXEHQHVWDVFLIUDVSRUGLYHUVDVFDX
VDV\SRUODVHSLGHPLDVTXHOXHJRVHGHVDWD
URQ (Q HO 3XHUWR GHO &DOODR TXHGDURQ
DUUXLQDGDVFDVLODWRWDOLGDGGHODVHGLILFDFLR
QHV UHVLVWLHQGR WDQ VyOR DOJXQDV WRUUHV \
SDUWHGHODVPXUDOODV0HGLDKRUDGHVSXpVGH
TXHVHKDEtDDTXLHWDGRHOiQLPRGHORVKDEL
WDQWHV HO PDU VH HUL]y \ HOHYiQGRVH D JUDQ
DOWXUDLUUXPSLyVREUHODSREODFLyQDKRJDQGR
DJUDQSDUWHGHHOODOOHYDQGRODYDFLDQWHPDU
DGHQWURWRGRORTXHHQFRQWUyDVXSDVR/RV
EDUFRV TXH VH HQFRQWUDEDQ DQFODGRV HQ OD
EDKtD XQRV TXHGDURQ VXPHUJLGRV RWURV
SDVDQGR SRU HQFLPD GH ODV PXUDOODV IXHURQ
DUURMDGRVDWLHUUDVLJXLHURQXQDVHULHGHRODV
VtVPLFDV FRPR YDFLDQWHV HO PDU DYDQ]y
FRPR KDVWD XQD OHJXD WLHUUD DGHQWUR 'H
&DUHWDV
/RVWHUUHPRWRVHQHO3HU~
6LJOR;,;
0DU]R D KRUDV 8Q
WHUUHPRWRFDXVyJUDQGHVGDxRVHQORVHGLIL
FLRV \ YLYLHQGDV GH /LPD FDOFXOiQGRVH ODV
SpUGLGDV HQ VHLV PLOORQHV GH SHVRV +XER
HVHGtDPXHUWRV\QXPHURVRVKHULGRV
6XIULHURQHO3XHUWRGHO&DOODR&KRUULOORV\
&KDQFD\ +XDURFKLUt \ HO SXHEOR GH 6DQ
*HUyQLPR 6H VLQWLy IXHUWH HQ 7UXMLOOR \
+XDQFD\R/HYHHQ$UHTXLSD
$JRVWRDKRUDV7HUUHPRWR
JUDGR;,DFRPSDxDGRGHXQWVXQDPL(OHSL
FHQWUR HVWXYR FHUFD GHO SXHUWR GH $ULFD (O
PRYLPLHQWRVHSHUFLELyKDVWDXQRVNP
DO126DPDQFR3HU~DXQDGLVWDQFLDLJXDO
KDFLD HO 6XU 9DOGLYLD &KLOH \ KDVWD XQRV
NPDO(VWHHQGLUHFFLyQGH&RFKDEDPED
%ROLYLD (O UDGLR GHO iUHD PiV FRQPRYLGD
DEDUFy FRPR XQRV NP (Q $UHTXLSD
FD\HURQODPD\RUSDUWHGHORVWHPSORVHOSRU
WDOQXHYRHOORFDOGHO&DELOGR\PXFKRVHVWD
EOHFLPLHQWRVS~EOLFRV\SULYDGRV/D&DWHGUDO
TXHGyHQUXLQDV6HJ~QWHVWLJRVODWLHUUDFUX
MtD \ RQGXODED VLHQGR GLItFLO SHUPDQHFHU HQ
SLH$HVWHWHUUHPRWRVLJXLyXQWVXQDPL/D
&DUHWDV
&DSLWXORLQGG
$OEHUWR*LHVHFFNH\(QULTXH6LOJDGR
6LJOR;;
$JRVWR D ODV KRUDV
&DUDYHOt PVQP HGLILFDGD FHUFD
GH ODV HVWULEDFLRQHV GH OD &RUGLOOHUD
2FFLGHQWDO TXHGy GHVWUXLGD SRU XQ WHUUH
PRWR(OPRYLPLHQWRGHSRFRVVHJXQGRVGH
GXUDFLyQSURGXMRGHVSORPHVGHHGLILFLRV\
GHUUXPEHVHQODVODGHUDVGHOYDOOHRFDVLR
QDQGRYDULRVPXHUWRV
1RYLHPEUHDODVKRUDV
9LROHQWRVLVPRHQODSURYLQFLDGH$\PDUDHV
GHSDUWDPHQWR GH $SXUtPDF 'HVWUXFFLyQ GH
ORV FDVHUtRV GH &DVD\D 6RUD\D 7DUUD\
6HWLHPEUHDODVKRUDV
6LVPRGHVWUXFWRUHQODFLXGDG\SXHUWRGH
3LVFR ,QWHQVLGDG *UDGR 9, 9,, 'HVSXpV
GHO VLVPR 6LOJDGR VH FRPSUREy TXH
HO GH ODV FRQVWUXFFLRQHV GH DGREH \
TXLQFKD GH OD FLXGDG GH 3LVFR VXIULHURQ
UDMDGXUDV HQ ODV SDUHGHV \ XQ GH
GDxRVGHFRQVLGHUDFLyQ
1RYLHPEUH D ODV
KRUDV 7HUUHPRWR *UDGR ;;, HQ ODV SUR
YLQFLDV GH 3DOODVFD \ 3RPDEDPED GHO
GHSDUWDPHQWRGH$QFDVK)XHQRWDEOHSRU
KDEHU HVWDGR DVRFLDGR HQ VX SURGXFFLyQ D
XQ YLVLEOH FDVR GH GLVORFDFLyQ WHFWyQLFD
DGHPiVGHVHUXQRGHORVPiVGHVWUXFWRUHV
TXHKDQRFXUULGRHQHVDDOWDUHJLyQDQGL
QD0XULHURQXQDVSHUVRQDVDSHVDU
GHODHVFDVDGHQVLGDGGHSREODFLyQGHHVD
]RQD(OPRYLPLHQWRVtVPLFRWXYRXQiUHD
GH SHUFHSFLyQ TXH SUREDEOHPHQWH H[FHGLy
ORVNP
1RYLHPEUHDODVKRUDV
7HUUHPRWR HQ OD ]RQD &HQWUDO GHO 3HU~
$IHFWy XQD YDVWD UHJLyQ ERVFRVD VLWXDGD
HQODYHUWLHQWHRULHQWDOGHOD&RUGLOOHUD
3RUVXVHIHFWRVGHVWUXFWRUHVVHHVWLPyXQD
LQWHQVLGDGTXHRVFLOyHQWUHORVJUDGRV9,,,
D,;HQXQiUHDGHNP
0D\RDODVKRUDV8Q
IXHUWHPRYLPLHQWRVtVPLFRHQODUHJLyQVXU
DIHFWy SDUWH GH ORV GHSDUWDPHQWRV GH
$UHTXLSD0RTXHJXD\7DFQD/RVHIHFWRV
GHVWUXFWRUHV IXHURQ Pi[LPRV GHQWUR GH
XQiUHDDSUR[LPDGDGHNPGHMDQ
GRXQVDOGRGHXQPXHUWR\KHULGRV
/DLQWHQVLGDGDOFDQ]yHOJUDGR9,,
0D\R D KRUDV
7HUUHPRWR HQ OD FLXGDG GHO &X]FR TXH
GDxy HQ PiV GH XQ VXV HGLILFLRV \
&DUHWDV
/RVWHUUHPRWRVHQHO3HU~
YLYLHQGDV3HUHFLHURQXQDVSHUVRQDV\
UHVXOWDURQ KHULGDV XQDV (O HSLFHQWUR
HVWXYRFRQILQDGRDOYDOOHGHO&X]FRGRQGH
DOFDQ]y HO *UDGR 9,, (QWUH ORV HGLILFLRV
TXHPiVVXIULHURQDFRQVHFXHQFLDGHOWHUUH
PRWR HVWXYLHURQ ORV WHPSORV UHOLTXLDV
DUTXLWHFWyQLFDV HULJLGDV KDFH D
DxRVFRQPXURVKHFKRVGHEORTXHVGHSLH
GUDFRQWHFKRVDERYHGDGRVGHODGULOORVXV
WHQWDGRVHQDUFRVGHSLHGUD/RVFDPSDQD
ULRVIXHURQORVPiVDYHULDGRVGHUUXPEiQ
GRVHDOJXQRVGHHOORV7DPELpQUHVXOWDURQ
PX\DYHULDGDVODVDQWLJXDVFRQVWUXFFLRQHV
GHDGREH\ODVFRPELQDGDVGHDGREH\SLH
GUDRODGULOOR
(QHUR D ODV KRUDV
7HUUHPRWRHQ$UHTXLSDTXHFDXVyPXHU
WRV\KHULGRV,QWHQVLGDGOLJHUDPHQWH
VXSHULRUDOJUDGR9,,7RGDVODVFDVDVDQWL
JXDVGHHVDFLXGDGFRQVWUXLGDVDEDVHGH
VLOODUVXIULHURQDYHUtDVGHGLYHUVDPDJQL
WXG UHVLVWLHQGR VyOR ORV LQPXHEOHV FRQV
WUXLGRV D SDUWLU GH \ ORV HGLILFLRV
PRGHUQRV
(QHUR D ODV KRUDV
7HUUHPRWR GH LQWHQVLGDG ,; HQ HO GHSDUWD
PHQWRGH$UHTXLSD3HUHFLHURQSHUVRQDV\
TXHGDURQ FHQWHQDUHV GH KHULGRV /D SREOD
FLyQGH&KXTXLEDPEDPVQPTXHGy
FDVLHQHVFRPEURV,JXDOPHQWHGHVWUXFWRUIXH
HQ &DUDYHOt &RWDKXDVL 2PDWH 3XTXLQD
0RTXHJXD \ HQ $UHTXLSD (Q HVWD ~OWLPD
FLXGDG ORV HGLILFLRV DQWLJXRV GH VLOODU PDO
WUHFKRV FRQ HO VLVPR GH \ SRU GHIHFWRV
DUTXLWHFWyQLFRVVXIULHURQGHVWUXFFLyQ
2FWXEUH D ODV KRUDV
/DFLXGDGGH/LPDIXHHVWUHPHFLGDSRUXQ
VLVPR GH LQWHQVLGDG Pi[LPD HVWLPDGD
&DUHWDV
&DSLWXORLQGG
-DYLHU,JXtxL]
$SODQDUORV$QGHV\RWUDVSURSXHVWDV
/LPD,QVWLWXWR%DUWRORPpGH/DV&DVDV
([WUDFWRVVHOHFFLRQDGRV
SiJV
$SODQDUORV$QGHV
\RWUDVSURSXHVWDV
-DYLHU,JXtxL]
1DYDUUD(VSDxD
(FRQRPLVWDSURIHVRUGHOD3RQWLILFLD
8QLYHUVLGDG&DWyOLFDGHO3HU~DXWRUGH
QXPHURVRVWH[WRVVREUHGHVDUUROOR
HFRQyPLFR\VRFLDOHQHO3HU~
8QDFDUDFWHUtVWLFDPX\SURSLD
GHO3HU~HVVX6LHUUD'HVGHHO
SXQWRGHYLVWDHFRQyPLFRGLFKR
DFFLGHQWH JHRJUiILFR FRQVWLWX\H
XQ JUDYH SUREOHPD GH FRVWRV GH
WUDQVSRUWH 3RU HVD UD]yQ DFWLYL
GDGHVVHUUDQDVTXHVHUtDQFRPSHWL
WLYDVVLHVWXYLHUDQPiVFHUFDGH
ORVPHUFDGRVILQDOHVQRORVRQ\
VXFDPSRGHDFFLyQVHHVWUHFKD
DO WHQHU TXH UHVWULQJLUVH D VXV
HVWUHFKRVPHUFDGRVORFDOHV&yPRUHGXFLU
HVRVFRVWRV"4XpVHSXHGHKDFHUSDUDTXH
OD 6LHUUD QR FRQVWLWX\D XQ LPSHGLPHQWR
SDUD OD H[SDQVLyQ GH HVRV SURGXFWRV"
&yPR KDFHU SDUD TXH TXLHQ SURGX]FD HQ
OD6LHUUD\6HOYDQRHVWpHQGHVYHQWDMDUHV
SHFWR GH TXLHQ WLHQH FRVWRV GH WUDQVSRUWH
SURSLRVGHORVWHUULWRULRVSODQRV"
(OOtPLWHGHODVFDUUHWHUDV
8QDRSFLyQREYLDHVODPHMRUDGHYtDVGH
WUDQVSRUWHSHURHVWRGRORTXHVHSXHGH
KDFHU"1XHVWURSODQWHDPLHQWRHVTXHQRHV
OR~QLFR\TXHQLVLTXLHUDHVORSULQFLSDOD
ODUJR SOD]R DXQTXH PDQWHQHU \ FRQVWUXLU
YtDVVHDLQFXHVWLRQDEOHPHQWHQHFHVDULR
&XDQGRKDEODPRVGHUHGXFLUHOFRVWRGH
WUDQVSRUWH HQ OD 6LHUUD JHQHUDOPHQWH QRV
UHIHULPRVDGRVHWDSDV/DSULPHUDHVTXH
VHFRQVWUX\HXQDYtDFDUUR]DEOHTXHSHUPL
WH OD LQWURGXFFLyQ GH XQ QXHYR PHGLR GH
WUDQVSRUWHHOFDPLyQ(VXQJUDQDYDQFH
SXHV VH DXPHQWD SULQFLSDOPHQWH HO YROX
PHQ WUDQVSRUWDEOH \ OD GLVWDQFLD UHFRUUL
EOH/DVHJXQGDHVFXDQGRHVDYtDVHDVIDO
WD\VHORJUDXQDJUDQUHGXFFLyQGHWLHPSR
\XQQXHYRDKRUURGHFRVWRGHWUDQVSRUWH
8QD YH] TXH HVWD HWDSD HVWi FXPSOLGD
PD\RUHVDYDQFHVHQODUHGXFFLyQGHFRVWRV
GHWUDQVSRUWHVRQOHQWRV\PDUJLQDOHV6H
$SODQDUORV$QGHV\RWUDVSURSXHVWDV
&DUHWDV
&DSLWXORLQGG
-DYLHU,JXtxL]
HVHVHQWLGRHOSHUMXLFLRFRPSHWLWLYRUHVXO
WDQWHGHODXELFDFLyQJHRJUiILFDVHUtDPX\
VLPLODUDOTXHWHQGUtDVLODSODQWDGHSUR
GXFFLyQ HVWXYLHUD XELFDGD HQ OD &RVWD
'HVGHHOSXQWRGHYLVWDHFRQyPLFRHVFRPR
VLHOFDPLQRGHVGH+XDQFD\RD/LPDIXHUD
WDQ SODQR FRPR OD 3DQDPHULFDQD
+DEUtDPRV DSODQDGR OD 6LHUUD PiV DOOi
GH OR TXH XQD EXHQD FDUUHWHUD SXHGH
KDFHUOR
%DMDUGHSHVRDJUHJDUYDORU
SURGXFLUSRFRGHPXFKDVFRVDV
/DSROtWLFDGHODUJRSOD]RSDUDUHGXFLUHO
LPSDFWR GH ORV FRVWRV GH WUDQVSRUWH HV
SXHV SURPRYHU OD SURGXFFLyQ GH ELHQHV
FRQFDGDYH]PiVDOWRYDORUSRUXQLGDGGH
SHVR(ODVXQWRHVTXHKD\DSURGXFWRVFRQ
DOWR YDORU (MHPSORV HYLGHQWHV GH HVH WLSR
GHSURGXFWRVVRQORVPLQHURVSRUVXSXHVWR
TXHHQSULPHUOXJDUHORUR3HURTXpSDVD
VLHVTXHQRKD\RURVLQRIUXWDVTXHWLHQHQ
PXFKDDJXD\TXHSRUWDQWRSHVDQPXFKR"
'HVGHHOSUREOHPDGHOWUDQVSRUWHODVDOLGD
SDUDFRPSHWLUDODUJRSOD]RFRQSURYHHGR
UHV PHQRV SURGXFWLYRV SHUR PiV FHUFDQRV
DOPHUFDGRHVWUDQVIRUPDQGRHVRVSURGXF
WRV SDUD GDUOHV PD\RU YDORU \ TXLWDUOHV
SHVR (Q HO FDVR GH FLHUWDV IUXWDV HOOR
VXSRQH VHFDUODV HQ RWURV FDVRV TXLWDU
LPSXUH]DV PHMRUDU FDOLGDG \ SUHVHQWD
FLyQ VHOHFFLRQDU PHMRU 8QD YHQWDMD UHV
SHFWR GH ODV PHGLGDV TXH UHGXFHQ FRVWRV
VRODPHQWH SRU PHGLR GH OD FRQVWUXFFLyQ \
DVIDOWDGR GH FDUUHWHUDV HV TXH HQ SULQFL
SLRQRWLHQHSRUTXpKDEHUXQOtPLWHGHIL
QLWLYR (Q PXFKRV SURGXFWRV VH SXHGH
VHJXLU DXPHQWDQGR HO YDORU LQ VLWX DQWHV
GHWUDQVSRUWDUORV
(Q EXHQD PHGLGD OD VHOHFFLyQ GH SUR
GXFWRVGHDFXHUGRDVXYDORUSRUXQLGDGGH
SHVRVHUHDOL]DQDWXUDOPHQWH6LPSOHPHQWH
DTXHOORVTXHYDOHQSRFRHVWiQSRUXQWLHP
SR SURWHJLGRV SRU HO FRVWR GH WUDQVSRUWH
(Q FXDQWR pVWH VH UHGXFH GHVDSDUHFHQ
(VRYDDSDVDUFRQFDGDYH]PiVSURGXFWRV
DJUtFRODV TXH VRQ SHVDGRV SDUD OR TXH
YDOHQ6yORVLVRQPXFKtVLPRPiVSURGXF
WLYRVTXHRWURVSURYHHGRUHVRVLVRQ~QLFRV
XRULJLQDOHVVREUHYLYLUiQ'HQRVHUDVtOD
~QLFDSURGXFFLyQORFDOTXHSXHGHVREUHYL
YLU D XQD PHMRUD GH WUDQVSRUWH HV OD GH
SURGXFWRV FRQ WDQ SRFR YDORU SRU XQLGDG
GH SHVR TXH WUDHUORV GHVGH RWUR VLWLR ORV
KDFHPiVFDURVTXHORVORFDOHV(VWRVSUR
GXFWRVVRQSRFRV
7HQHPRVSRVLELOLGDGHVGHSURGXFLUSRFR
GHPXFKDVFRVDVHQFRQWUDVWHFRQSURGXFLU
PXFKRGHSRFDVFRVDV(OWpUPLQRHVGLVFX
WLEOHWRGDYtDSRUTXHODFRFKLQLOOD\ODODQD
GHDOSDFDSRUHMHPSORRODVFRQIHFFLRQHVHQ
JHQHUDO\ORVWLQWHVFRQVWLWX\HQXQWHUULWR
ULR LQWHUPHGLR HQWUH SURGXFLU PXFKDV
FRVDV \ SURGXFLU PXFKR GH SRFDV FRVDV
/D VLHUUD QR WLHQH FRPR PD\RU SRWHQFLDOL
GDGODSURGXFFLyQPDVLYDSRUODIUDJLOLGDG\
ODLUUHJXODULGDGGHVXVFRQGLFLRQHVFOLPiWL
FDV D~Q FXDQGR VH SXHGD SURGXFLU PXFKD
FRQIHFFLyQ GH ODQD R D~Q FXDQGR VH SXHGD
SURGXFLUPXFKRVWLQWHVQDWXUDOHV/DVDOLGD
GHODVLHUUDYDSRUHOODGRGHODDJUHJDFLyQ
LQWHQVLYDGHYDORUORPiVLQWHQVLYDSRVLEOH
SDUD ORJUDU TXH TXLHQ KD DGTXLULGR XQD
KDELOLGDGWpFQLFDXQDKDELOLGDGJHUHQFLDO
HWF VH TXHGH HQ HVDV UHJLRQHV VLQWLHQGR
TXH GHVGH HOODV VH FRQHFWD FRQ HO UHVWR GHO
PXQGR\TXHVHPXHYHDFXDOTXLHUOXJDUGHO
PXQGR VLQ WHQHU QHFHVLGDG GH VDOLU GH DOOt
GHILQLWLYDPHQWH
/DSDSDEODQFDHVRWURSURGXFWRDODYH]
PX\LPSRUWDQWH\GHVWLQDGRDGHVDSDUHFHU
FRPRSURGXFWRPDVLYR1RDVtRWUDVYDULH
GDGHVGHSDSDGRQGHVXFHGHUiORFRQWUDULR
/D SDSD HV HO SURGXFWR GH SDUWLGD \D OR
HVWi VLHQGR GHVGH KDFH PXFKR WLHPSR $
WUDYpVGHODSDSDHOFDPSHVLQDGRVHIDPL
OLDUL]DFRQHOFDPELRWpFQLFRFRQODRUJDQL
]DFLyQ GH FRPHUFLDOL]DFLyQ \ FRQ WDUHDV
JHUHQFLDOHV SHUR OD SDSD EODQFD QR HV HO
IXWXURGHODVLHUUD(QWHUUHQRVFX\DDOWX
UD HVWp HQWUH \ P KD\ TXH LU
VDOLHQGRGHODSDSDEODQFDHOH[LWRVRSDSH
URGHSDSDEODQFDWLHQHTXHLUSHQVDQGRHQ
LQYHUVLRQHVHQRWUDVYDULDQWHVGHSDSDTXH
VRQSURSLDVGHHVDDOWXUD
1XHYDPHQWHKDEODPRVGHSURGXFLUSRFR
GHPXFKDVFRVDVSHURGHDOWRYDORUXQLWD
ULR OR TXH LPSOLFD JHQHUDU H LPSXOVDU OD
SURGXFFLyQ \ OD H[SRUWDFLyQ GH SDSDV GH
RWUDV YDULHGDGHV TXH VH MXVWLILFDUtDQ HFR
QyPLFDPHQWHSRUTXHWHQGUtDQSUHFLRVPiV
DOWRV 'LJR RWUDV YDULHGDGHV GH SDSD SRU
TXHHVXQWUiQVLWRUHODWLYDPHQWHPiVVHQ
FLOOR HQ OD PHGLGD HQ TXH VH HVWi GHQWUR
GHOPLVPRWLSRGHSURGXFFLyQ
1RFUHRPXFKRHQODSRVLELOLGDGGHSUR
GXFLU ORFDOPHQWH OD PD\RU SDUWH GH OD
FDQDVWD TXH VH FRQVXPH HQ GHWHUPLQDGD
ORFDOLGDG&RQIRUPHODHGXFDFLyQDXPHQWD
\ ODV FLXGDGHV FUHFHQ HO FRQWHQLGR GH OD
FDQDVWDFDPELD\VXVFRPSRQHQWHVVHXQL
YHUVDOL]DQDXQULWPRPX\UiSLGR\QRHV
HFRQyPLFR DEDVWHFHUOD GHVGH OD ORFDOLGDG
HQXQDSURSRUFLyQLPSRUWDQWH
(O JUDGR GH GLYHUVLILFDFLyQ SRVLEOH D
QLYHOUHJLRQDORORFDOQRDYDQ]DWDQUiSLGD
PHQWH\SRUHOFRQWUDULRVHUHGXFHGHELGR
DODGLYLVLyQGHOWUDEDMRDODUHGXFFLyQGH
ORVFRVWRVGHWUDQVSRUWHDODSXEOLFLGDG\
HQ JHQHUDO SRU OD XQLYHUVDOL]DFLyQ GH OD
FXOWXUDGHFRQVXPR(QWRQFHVODKHWHURJH
QHLGDG \ OD HVFDOD GH UHFXUVRV H[LVWHQWHV
&DUHWDV
$SODQDUORV$QGHV\RWUDVSURSXHVWDV
5LFKDUG:HEE
ESTABILIZACIN
Y CRECIMIENTO
EN El PER
Carlos Paredes
Jeffrey Sachs
Editores
(QFRQFOXVLyQ
3DUD LPSXOVDU XQD HVWUDWHJLD DJUHVLYD
GH GHVDUUROOR HFRQyPLFR GHVFHQWUDOL]DGR
TXHLQFOX\DOD6LHUUD\OD6HOYDQREDVWD
PHMRUDU YtDV \ PHGLRV GH FRPXQLFDFLyQ
7DPELpQHVQHFHVDULRLPSXOVDUWRGDLQLFLD
WLYDTXHDXPHQWHODVDOLGDGHSURGXFWRVGH
DOWR YDORU SRU XQLGDG GH SHVR VHD HVWR
VHOHFFLRQDQGR DTXHOORV TXH SRU VXV FDUDF
WHUtVWLFDV \D OR WLHQHQ R WUDQVIRUPiQGRORV
SDUDHOHYDUVXYDORU&XDQWRPHQRUVHDHO
FRVWRGHWUDQVSRUWHPHQRUWHQGUiTXHVHU
ODYHQWDMDFRPSHWLWLYDUHVSHFWRGHORVSUR
GXFWRUHV PiV FHUFDQRV DO PHUFDGR ILQDO
SDUD SRGHU OOHJDU D GLFKR PHUFDGR HQ
LJXDOGDGGHFRQGLFLRQHV
Javier Abugatts
Luis Alberto Arias
Armando Cceres
Javier Hamann
Felipe Larran
Miguel Palomino
Renzo Rossini
3UyORJR(Q(VWDELOL]DFLyQ\FUHFLPLHQWR
HQHO3HU~XQDSURSXHVWDLQGHSHQGLHQWH
&DUORV3DUHGHV\-HIIUH\6DFKV/LPD
*UDGH([WUDFWRVVHOHFFLRQDGRV
SiJV
3ULYDWL]DFLyQ
GHIDFWR
5LFKDUG:HEE
/LPD
(FRQRPLVWDHLQYHVWLJDGRUDJXGRGHOD
UHDOLGDGVRFLRHFRQyPLFD+DHVFULWR
VREUHGLYHUVRVWHPDVHFRQyPLFRVGHVGH
ODGLVWULEXFLyQGHOLQJUHVRKDVWDWHPDVGH
FUHFLPLHQWR
&DUHWDV
&DSLWXORLQGG
OUHVXOWDGRPiVGHVWDFDEOHGHODFULVLV
GH HVWDELOL]DFLyQ TXH KD DIHFWDGR DO
3HU~ HQ ORV TXLQFH DxRV WUDQVFXUULGRV
GHVGH KD VLGR OD SULYDWL]DFLyQ GH
IDFWR(QORV~OWLPRVDxRVHOVHFWRUS~EOL
FRVHKD UHGXFLGRVLJQLILFDWLYDPHQWH HO
(VWDGR HVWi GHVLQWHJUiQGRVH \ VRU
SUHQGHQWHPHQWHHOORQRHVWiRFXUULHQ
GRPHUFHGDSURJUDPDSROtWLFRDOJXQR
1RVHWUDWDDSHVDUGHODVSUHGLFFLRQHV
GH 0DU[ GH OD FRQVHFXHQFLD GH XQ WULXQIR
LQHYLWDEOH GHO FRPXQLVPR 3RU HO
FRQWUDULRSXHGHDILUPDUVHTXHDORODUJRGHO
~OWLPRGHFHQLRHOHOHFWRUDGRSHUXDQRVHLQFOL
QyKDFLDODGHUHFKD6RUSUHQGHQWHPHQWHVLQ
HPEDUJRODUHGXFFLyQGHOWDPDxRGHOVHFWRU
S~EOLFR KD SUHFHGLGR DO FRQVHUYDGXULVPR
SROtWLFR/DPD\RUSDUWHGHODLQYROXFLyQGHO
SRGHU\DOFDQFHGHO(VWDGRWXYROXJDUSDUD
GyMLFDPHQWHEDMRHOJRELHUQRGH$ODQ*DUFtD
XQ3UHVLGHQWHTXHVHGHILQLyDVtPLVPRFRPR
VRFLDOGHPyFUDWD\TXHSUHWHQGLyH[SDQGLUHO
iPELWRJXEHUQDPHQWDOPHGLDQWHXQDPXOWL
SOLFDFLyQGHFRQWUROHVEXURFUiWLFRVXQPD\RU
JDVWRHVWDWDO\QDFLRQDOL]DFLRQHVVHOHFWLYDV
6XVXFHVRUHQHOJRELHUQR$OEHUWR)XMLPRUL
JDQyODVHOHFFLRQHVOXHJRGHFULWLFDUORVSOD
QHV GH SULYDWL]DFLRQHV GH VX RSRVLWRU 0DULR
9DUJDV/ORVD3DUDHVHHQWRQFHVVLQHPEDU
JRODUHGXFFLyQGHO(VWDGRHVWDEDWDQDYDQ
]DGDTXHHOPD\RUHVIXHU]RGHOSULPHUDxRGH
JRELHUQRGH)XMLPRULDQLPDGRSRUORVDFUHH
GRUHV H[WUDQMHURV KD HVWDGR HQ VDOYDU DO
(VWDGRHOHYDQGRORVLQJUHVRVGHO*RELHUQR
(OJRELHUQRVHHVWiHQFRJLHQGRDSHVDUGH
ORV SROtWLFRV GH ORV EXUyFUDWDV \ GH ODV
DPSOLDV SUHIHUHQFLDV GH ORV SHUXDQRV FRPR
UHVXOWDGRGHORTXHSRGUtDGHQRPLQDUVHXQ
FDPELRHQHOPHGLRDPELHQWH&RQHVWRTXLH
URGHFLUTXHODEDVHWULEXWDULDODGLVSRQLELOL
3ULYDWL]DFLyQGHIDFWR
GDGGHOFUpGLWRGHOVHFWRUS~EOLFR\HOHOHFWR
UDGR HVWi FDPELDQGR PiV DFHOHUDGDPHQWH
TXHHOPLVPR(VWDGR/DUHVHUYDDOLPHQWD
ULDGHO*RELHUQRVHHVWiDJRWDQGR\FDGDYH]
PiVHO(VWDGRHVWiVLHQGRHOXGLGRHLQFOXVLYH
YHQFLGRSRUHOFLXGDGDQRSULYDGR
3HURHO(VWDGRQRVHUHWLUDHQVLOHQFLR\
DTXHOORTXHVHGHQRPLQDFULVLV
TXLQFH DxRV GH LQHVWDELOLGDG PRQHWDULD
SUHFLRVGLVWRUVLRQDGRVFDtGDGHODSURGXF
FLyQ\TXLHEUDVVHHQWLHQGHPiVIiFLOPHQ
WH FRPR ORV PDQRWD]RV GHVHVSHUDGRV \
ILQDOHVGHXQ(VWDGRUDSD]
(O (VWDGR VREUHYLYLUi SRU VXSXHVWR $
SDUWLUGHODQDWXUDOH]DGHVXQXHYRDPELHQ
WHHVSRVLEOHGHULYDUDOJXQDVSUHGLFFLRQHV
VREUH VX IXWXUD IRUPD \ QXHYRV KiELWRV
DOLPHQWDULRV/RTXHHVPiVGLItFLOGHSUH
GHFLU HV OD YHORFLGDG OD VHFXHQFLD \ ORV
GRORUHVTXHFDXVDUiHOSURFHVRPHGLDQWHHO
FXDOVHWUDQVIRUPDUiHO(VWDGR
(OJUDGRGHSULYDWL]DFLyQ
(OWDPDxRGHO(VWDGRSXHGHVHUHYDOXD
GR GHVGH GLVWLQWDV SHUVSHFWLYDV 3DUD
FRPHQ]DUHO(VWDGRSDUWLFLSDGLUHFWDPHQ
WH HQ OD HFRQRPtD FREUDQGR LPSXHVWRV \
UHDOL]DQGR JDVWRV SRU XQ ODGR \ SURGX
FLHQGR ELHQHV \ VHUYLFLRV SRU RWUR 8QD
WHUFHUDGLPHQVLyQHVODLQWHQVLGDGFRQTXH
XQ *RELHUQR UHJXOD FRQWUROD \ GLULJH OD
HFRQRPtD SULYDGD 3RU ~OWLPR HO (VWDGR
WLHQHXQWDPDxRSUHYLRQRHFRQyPLFRTXH
VHPLGHSRUHOiPELWR\ODIXHU]DSROtWLFD
&DGDXQDGHODVGLPHQVLRQHVGHO(VWDGR
SHUXDQRH[SHULPHQWyXQFUHFLPLHQWRDFHOH
UDGR GXUDQWH WUHV GpFDGDV \
FDGDXQDGHHOODVKDVXIULGRUHFLHQWHPHQWH
XQDUHGXFFLyQVLJQLILFDWLYDFRQXQDFRUUHV
&DUHWDV
&DSLWXORLQGG
5LFKDUG:HEE
S~EOLFRORJUyHOXGLUHODMXVWHILVFDOUHFXUULHQ
GRDXQDVHULHGHIXHQWHVGHILQDQFLDPLHQWR
WUDQVLWRULDVHLQVRVWHQLEOHV$XQTXHHOJDVWR
S~EOLFRIOXFWXyDORODUJRGHHVRVDxRVHOQLYHO
VHPDQWXYRDOWRODPD\RUSDUWHGHOSHUtRGR\
OOHJy D 86 SRU SHUVRQD HQ FLIUD
FHUFDQDDOSURPHGLRGHORVSULPHURVDxRVGH
OD GpFDGD GH ORV VHWHQWD (VWR VLJQLILFD TXH
GXUDQWHGRFHDxRVHOVHFWRUS~EOLFRORJUyDLV
ODUVHGHODFDtGDH[SHULPHQWDGDSRUHOVHFWRU
SULYDGR \ PDQWXYR FDVL VLQ PRGLILFDFLyQ
DOJXQDVXHVWLORGHYLGD
(QVHDFDEyHOGLQHUR'HVGHHQWRQ
FHV\KDVWDHOJDVWRS~EOLFRGHVFHQ
GLyGH86D86SRUSHUVR
QD/DFDXVDGLUHFWDGHHVWRIXHHOFRODSVR
VLPXOWiQHRGHODVIXHQWHVGHILQDQFLDPLHQ
WRQRUPDOHV\H[WUDRUGLQDULDVODUHFDXGD
FLyQ WULEXWDULD GLVPLQX\y HO FUpGLWR
LQWHUQR\H[WHUQRGHVDSDUHFLHURQODVUHVHU
YDV LQWHUQDFLRQDOHV GHO %DQFR &HQWUDO VH
DJRWDURQ \ HO LPSXHVWR LQIODFLyQ VH DXWR
GHVWUX\ySRUODKLSHULQIODFLyQ
/DFULVLVDIHFWyFRQPiVIXHU]DODFDUWHUD
S~EOLFD TXH OD GH OD IDPLOLD SURPHGLR (O
LQJUHVR GH ODV IDPLOLDV VH UHGXMR HQWUH
\$O(VWDGROHIXHSHRUODSDUWLFL
SDFLyQGHOJDVWRGHOVHFWRUS~EOLFRHQHOSUR
GXFWR EUXWR LQWHUQR 3%, FD\y GH HQ
DHQ/DUHGXFFLyQGHODSDU
WLFLSDFLyQGHO*RELHUQRKXELHVHVLGRLQFOXVLYH
PD\RUGHQRVHUSRUODUHFHVLyQJHQHUDOL]DGD
(O FUHFLPLHQWR GH OD SURGXFFLyQ DPLQRUy HO
SDVR GXUDQWH ORV VHWHQWD VH KL]R QXOR D OR
ODUJR GH OD PD\RU SDUWH GH ORV RFKHQWD \
FRODSVy HQWUH \ /D SREODFLyQ
HQWUHWDQWRFRQWLQXRFUHFLHQGRUiSLGDPHQWH
3ULYDWL]DFLyQGHIDFWR
SUHFLRVVXEVLGLDGRV\HQXQVHQWLGRHVWULF
WR SRGUtD DILUPDUVH TXH HVWRV VXEVLGLRV
UHSUHVHQWDQXQJDVWRFRQWLQXRTXHQRHVWi
VLHQGRUHJLVWUDGR1RREVWDQWHXQDOWRSRU
FHQWDMHGHODFDtGDGHODVYHQWDVHVWDPELpQ
HOHIHFWRDFXPXODGRGHODIDOWDGHLQYHUVLyQ
\GHODLQHILFLHQFLDDGPLQLVWUDWLYD
/RVEDQFRVHVWDWDOHVVRQXQFDVRHVSHFLDO
PHQWHGUDPiWLFRGHSULYDWL]DFLyQGHVDSHUFL
ELGD (Q MXOLR GH HO 3UHVLGHQWH *DUFtD
DQXQFLyODHVWDWL]DFLyQGHYDULRVEDQFRVSUL
YDGRV 6X REMHWLYR H[SOtFLWR HUD VRFLDOL]DU HO
FUpGLWR6LQHPEDUJRKDFLDILQHVGHOD
SDUWLFLSDFLyQ GH ORV EDQFRV HVWDWDOHV HQ HO
FUpGLWR WRWDO KDEtD GLVPLQXLGR GH HQ
D(VWRRFXUULyHQSDUWHSRUTXHOD
UHDFFLyQ S~EOLFD EORTXHy OD WRPD GH EDQFRV
SULYDGRVSRUHO(VWDGR3HURHQPD\RUPHGL
GD HVWD SULYDWL]DFLyQ IXH UHVXOWDGR GH ORV
FUpGLWRVUHJDODGRVTXHRWRUJDURQORVEDQFRV
HVWDWDOHVHVSHFLDOPHQWHODEDQFDGHIRPHQWR
(VWRV UHJDORV TXH LQFOX\HURQ PDORV SUpVWD
PRV UHDOL]DGRV FRPR IDYRUHV SROtWLFRV D
HPSUHVDV HVWDWDOHV \ ODV WDVDV GH LQWHUpV
IXHUWHPHQWHVXEVLGLDGDVWXYLHURQHOHIHFWRGH
FRQWUDHU VHYHUDPHQWH ORV IOXMRV PRQHWDULRV
UHDOHV(QSRUHMHPSORHOFUpGLWRSUR
SRUFLRQDGR SRU HO %DQFR $JUDULR GH SURSLH
GDGGHO(VWDGRQROOHJyVLTXLHUDDGHOD
VXPDSURSRUFLRQDGDHQ
/DWHUFHUDGLPHQVLyQHQODFXDOVHSXHGH
HYDOXDUHOWDPDxRGHO*RELHUQRVXFDSDFLGDG
UHJXODGRUD\GHFRQWUROLQGLUHFWRVREUHODHFR
QRPtDVHKDGHELOLWDGRVRVWHQLGDPHQWHDOR
ODUJRGHORV~OWLPRVTXLQFHDxRV8QDUD]yQ
HVTXHODVDFWLYLGDGHVGHSHTXHxDHVFDODQR
UHJXODGDV H LQIRUPDOHV VH KDQ H[SDQGLGR
YLJRURVDPHQWHDOLJXDOTXHHOFRQWUDEDQGR
OD FRUUXSFLyQ HO WUiILFR GH GURJDV \ RWURV
QHJRFLRVLOHJDOHV2WUDUD]yQHVTXHODVLQVWL
WXFLRQHV\RILFLQDVHQFDUJDGDVGHODVXSHUYL
&DUHWDV
&DSLWXORLQGG
5LFKDUG:HEE
VLyQUHJXODFLyQFRQWURO\UHFDXGDFLyQWULEX
WDULD VH KDQ GHWHULRUDGR GHELGR D QRPEUD
PLHQWRV SROtWLFRV D VDODULRV GHFUHFLHQWHV D
UHJXODFLRQHVH[FHVLYDV\DODFRUUXSFLyQ
/DLQHVWDELOLGDGPDFURHFRQyPLFDKDFRQ
WULEXLGR D PLQDU HO FRQWURO ORV JDELQHWHV
PLQLVWHULDOHV KDQ WHQLGR FRUWD YLGD \ ORV
DOWRV IXQFLRQDULRV VH KDQ SUHRFXSDGR PiV
SRUODVXSHUYLYHQFLDGLDULDTXHSRUODPHMR
UtD GHO GHVHPSHxR DGPLQLVWUDWLYR HO
,QVWLWXWR 1DFLRQDO GH 3ODQLILFDFLyQ HV XQD
UHOLTXLDKLVWyULFDORVRVFLODQWHVLQVWUXPHQ
WRVGHSROtWLFDKDQSHUGLGRVXFDSDFLGDGGH
GLULJLU OD HFRQRPtD \ OD LQYHUVLyQ S~EOLFD
DOJXQD YH] KHUUDPLHQWD SRGHURVD SDUD
RULHQWDUODDFWLYLGDGSULYDGDVHKDVHFDGR
(OJRELHUQRGH)XMLPRULKDUHQXQFLDGRDO
FRQWUROGHWDOODGRGHORVPHUFDGRVGHFUpGLWR\
GHPRQHGDH[WUDQMHUDOXHJRGHORVGHVDVWUR
VRV HVIXHU]RV LQWHUYHQFLRQLVWDV GH $ODQ
*DUFtD 1XHYRV DFWRUHV GHO PHUFDGR FRPR
ODV LQVWLWXFLRQHV ILQDQFLHUDV QR EDQFDULDV \
ORV YHQGHGRUHV DPEXODQWHV GH PRQHGD
H[WUDQMHUDQXHYRVLQVWUXPHQWRVFRPRHOOHD
VLQJOD0HVDGH1HJRFLDFLyQGHOD%ROVDGH
9DORUHV\VREUHWRGRHOGyODUKR\HQGtDXQD
PRQHGDSDUDOHOD\QXHYDVDFWLWXGHVHODOH
JUHGHVHQWHQGLPLHQWRLQFOXVLYHSRUSDUWHGH
ODEDQFDHVWDWDOGHODVUHJXODFLRQHVFUHGLWL
FLDV KDQ FRQWULEXLGR WRGRV D VRFDYDU HO
FRQWUROHVWDWDO9LHMDVLQVWLWXFLRQHVTXHMXJD
EDQXQSDSHOFODYHHQODLQWHUYHQFLyQHQHO
PHUFDGR FUHGLWLFLR WDOHV FRPR OD EDQFD GH
IRPHQWR KDQ VLGR UHGXFLGDV D VX PtQLPD
H[SUHVLyQ $KRUD ODV WDVDV GH LQWHUpV VRQ
GHWHUPLQDGDV GtD D GtD SRU XQ PHUFDGR
PRQHWDULRDPSOLRHLQVWLWXFLRQDOPHQWHGLYHU
VLILFDGRFRQDSHQDVXQDGLVWDQWHLQIOXHQFLD
GHO%DQFR&HQWUDO(QHOPHUFDGRGHPRQHGD
H[WUDQMHUDHO*RELHUQRKDUHWURFHGLGRDXQD
IORWDFLyQVXFLD\DFRQWUROHVPX\UHGXFLGRV
GHWUDQVDFFLRQHVGHFDSLWDO\VHUYLFLRV
(O GHELOLWDPLHQWR GHO FRQWURO VREUH ORV
PHUFDGRVGHFUpGLWRV\GHPRQHGDH[WUDQ
MHUDWLHQHXQDUHSHUFXVLyQTXHYDPiVDOOi
GHOIXQFLRQDPLHQWRPLVPRGHHVWRVPHUFD
GRV SXHV HO SRGHU GH DVLJQDU FUpGLWRV \
PRQHGDH[WUDQMHUDVHKDEtDFRQYHUWLGRHQ
XQLQVWUXPHQWREiVLFRGHFRQWUROLQGLUHFWR
VREUH OD HFRQRPtD HQ VX FRQMXQWR 'H
KHFKRHODEXVRGHHVWHSRGHUHQODPHGLGD
HQTXHHO*RELHUQRLQFUHPHQWyODVGLIHUHQ
FLDOHVHQODVWDVDVGHLQWHUpV\HQORVWLSRV
GH FDPELR \ UHFXUULy FDGD YH] PiV D UHV
WULFFLRQHV FXDQWLWDWLYDV SURYRFy UHDFFLR
QHVLQVWLWXFLRQDOHV\GHPHUFDGRTXHILQDO
PHQWH OOHYDURQ D OD FDVL WRWDO SpUGLGD GH
FRQWUROVREUHHVRVPHUFDGRV
/DUHWLUDGDGHO*RELHUQRGHOIUHQWHHFRQy
PLFRKDVLGRSDUDOHODDXQDSpUGLGDGHFRQ
WUROSROtWLFRODFXDUWDGLPHQVLyQGHO(VWDGR
8QD JUDQ SDUWH GHO WHUULWRULR SHUXDQR HVWi
DKRUD JREHUQDGD SRU ODV DXWRULGDGHV GH
IDFWR GH JUXSRV WHUURULVWDV SULQFLSDOPHQWH
6HQGHUR /XPLQRVR \ HO 0RYLPLHQWR 7~SDF
$PDUX \ SRU ORV WUDILFDQWHV GH GURJDV
0XFKDV RWUDV ]RQDV FRQVHUYDQ XQ DSDUDWR
DGPLQLVWUDWLYR RILFLDO SHUR OD LQWLPLGDFLyQ
GHLQILOWUDFLyQGHXQRXRWURGHHVRVJUXSRV
KDHURVLRQDGRVXUHDOFDSDFLGDGGHFRQWURO
,QFOXVLYHHQORTXHTXHGDGHO3HU~RILFLDOVH
SHUFLEHXQGHELOLWDPLHQWRJHQHUDOL]DGRGHOD
DXWRULGDGWUDGLFLRQDO
&LHUWR TXH QLQJ~Q JRELHUQR GHVGH HO
,PSHULRGHORV,QFDVKDHMHUFLGRXQFRPDQ
GRHIHFWLYRGHODVRFLHGDGSHUXDQDODDXWR
ULGDGVLHPSUHGLOXLGDSRUODEDOFDQL]DFLyQ
VRFLDOFXOWXUDO\ItVLFDGHOSDtV6LQHPEDU
JRHO3RGHU(MHFXWLYRKDHVWDGRSHOHDQGR
EDWDOODV LQpGLWDV FRQ ORV UHFLHQWHPHQWH
FUHDGRVJRELHUQRVUHJLRQDOHVFRQHO3RGHU
-UJHQ*ROWH
/D5DFLRQDOLGDGGHOD2UJDQL]DFLyQ
$QGLQD/LPD,(3([WUDFWRV
VHOHFFLRQDGRVSiJV
/DUDFLRQDOLGDGGHOD
RUJDQL]DFLyQDQGLQD
-UJHQ*ROWH
'DQ]LJ
$QWURSyORJRDOHPiQ\SURIHVRUGHOD
8QLYHUVLGDGGH6DQ0DUFRV+DHVFULWR
VREUHXQDGLYHUVLGDGGHWHPDVGHVGHOD
UHEHOLyQGH7~SDF$PDUXDORVPLJUDQWHV
\ODFXOWXUDGH/LPDGHQXHVWURVGtDV
LHQWUDVVXEVLVWDODQHFHVLGDG
GH FRPSOHPHQWDU R EDVDU OD
HFRQRPtD IDPLOLDU HQ OD FRQ
GXFFtyQ VLPXOWiQHD GH XQD
VHULHGHFLFORVDJURSHFXDULRV\
PLHQWUDV XQD SDUWH GH OD SUR
GXFFLyQQRSXHGDFRORFDUVHHQHO
PHUFDGRHVWDVDFWLYLGDGHVWLHQHQ
TXH FRQVLGHUDUVH FRPR SDUWH
GHXQWRGRLQVHSDUDEOH(VWD
WRWDOLGDGH[SOLFDODSRVLELOLGDG
GHLQVHUWDUVHHQHOPHUFDGRSHVHDODEDMD
SURGXFWLYLGDG GHO WUDEDMR DJURSHFXDULR
0LHQWUDV VXEVLVWD OD LPSRVLELOLGDG GH
JDUDQWL]DU OD SHUPDQHQFLD GH OD XQLGDG
GRPpVWLFD\GHTXLHQHVFRRSHUDQHQODSUR
GXFFLyQFRQHOGLQHURREWHQLGRFRQODYHQWD
GH ORV SURGXFWRV ORV FDPSHVLQRV DQGLQRV
QRSXHGHQHQWHQGHUVHFRPRSHTXHxRVSUR
GXFWRUHV PHUFDQWLOHV VLPSOHV QL FRPR
SURSLHWDULRV DJUtFRODV QL FRPR EXUJXH
VtD UXUDO VRODPHQWH VLQR FRPR LQWHJUDQ
WHVGHFRQMXQWRVVRFLRHFRQyPLFRVTXHDUWL
FXODQODSURGXFFLyQGHELHQHVGHXVRSDUD
HO FRQVXPR GLUHFWR FRQ OD GH PHUFDQFtDV
&RPRHVWRVFRQMXQWRVUHTXLHUHQGHIRUPDV
FRPSOHMDV GH FRRSHUDFLyQ SDUD OOHYDU D
FDERXQDSURGXFFLyQPXOWLFtFOLFDVXVSDU
WHV WLHQHQ TXH HQWHQGHUVH HQ UHODFLyQ D
pVWDVLQFOXVRFXDQGRXQDSDUWHVHFXPSOD
DOSDUHFHUHQIRUPDLQGHSHQGLHQWHHQXQD
FKDFUDVHSDUDGD(QWHQGHUHOWUDEDMRHQOD
SURGXFFLyQ PHUFDQWLO FRPR DOJR VHSDUDGR
WHQGUtD VHQWLGR ~QLFDPHQWH VL UHDOPHQWH
IXHUD VHSDUDEOH FRPR VHUtD HO FDVR GH XQ
KRUWLFXOWRU TXH YHQGH VXV YHUGXUDV HQ HO
PHUFDGR\FRQHOGLQHURREWHQLGRVDWLVIDFH
ODVQHFHVLGDGHVGHFRQVXPRGHVXIDPLOLD\
GHLQVXPRGHVXSURGXFFLyQ
1RUPDOPHQWHFRQODHVWUXFWXUDGHSUH
FLRV H[LVWHQWH HQ ORV SDtVHV DQGLQRV OD
EDMDSURGXFWLYLGDGQRSHUPLWLUtDHVWHWLSR
+D\XQDGLVWRUVLyQDOHYDOXDUHVWDGtV
WLFDPHQWHHOWRWDOGHSURGXFFLyQPHUFDQ
WLO\ODGHDXWRFRQVXPR&RPRODSURGXF
FLyQDQGLQDHVXQDSURGXFFLyQPXOWLFtFOL
FDFRQSURGXFWRVGLYHUVRVFXDOTXLHUHYD
OXDFLyQGHODXWLOL]DFLyQGHOFRQMXQWRGH
ORVELHQHVSURGXFLGRVUHFXUUHDXQDHTXL
YDOHQFLD JHQHUDOL]DGD SRU OR FRP~Q HO
SUHFLR TXH ORV GLYHUVRV SURGXFWRV REWLH
QHQ HQ HO PHUFDGR &RPR QRUPDOPHQWH
VHFRPHUFLDOL]DODSURGXFFLyQGHORVFLFORV
HQORVTXHUHVXOWDPiVIDYRUDEOHODUHOD
FLyQHQWUHWLHPSRGHWUDEDMRLQYHUWLGR\
SUHFLR REWHQLEOH HQ HO PHUFDGR VH OOHJD
HVWDGtVWLFDPHQWH D XQD VREUHYDORUL]D
FLyQ GH OD SURGXFFLyQ PHUFDQWLO 3HUR
LQFOXVR VL VH DQDOL]DUD OD UHODFLyQ HQWUH
SURGXFFLyQ PHUFDQWLO \ GH DXWRFRQVXPR
HQ WpUPLQRV GH WLHPSR GH WUDEDMR LQYHU
WLGR\UHVXOWDUDTXHHOGHODSULPHUDHV
PD\RU TXH HO GH OD VHJXQGD TXHGDUtD
SRUDQDOL]DUVHDHQFDORUtDVRFXDOTXLHU
RWUD PHGLGD HO DSRUWH GH FDGD XQD D OD
VXEVLVWHQFLDGHORVSURGXFWRUHV
(OSUREOHPDGHFXDOTXLHUHYDOXDFLyQGH
HVWHWLSRVHDHQYDORUHVPHUFDQWLOHVWLHP
SRGHWUDEDMRRHQYDORUSDUDODVXEVLVWHQ
FLDHVTXHORVSRUFHQWDMHVPHQRUHVQRVRQ
H[FOXLEOHV 8Q YDORU QHFHVLWD GHO RWUR
VLHPSUH\FXDQGRH[LVWDQORVGRV
6L HV DVt OD VHSDUDFLyQ DQDOtWLFD GH OD
SHTXHxD SURGXFFLyQ PHUFDQWLO VLPSOH
LQFOXVRODTXHHODERUDSURGXFWRVUHFXUULHQ
GR D WUDEDMR DVDODULDGR WHPSRUDO GH ORV
FRQMXQWRVDUWLFXODGRVGHSURGXFFLyQPXOWL
FtFOLFD HVSHFLDOPHQWH FXDQGR VLUYH SDUD
LQGLFDU OD GLUHFFLyQ GHO GHVDUUROOR GH OD
VRFLHGDG DJUtFROD DQGLQD HV VLPSOHPHQWH
ODUHSHWLFLyQGHXQDLGHRORJtDTXHHQFXEUH
HO FDUiFWHU VRFLDO GH OD RUJDQL]DFLyQ GH OD
SURGXFFLyQDJURSHFXDULDDQGLQD
&DUHWDV
&DSLWXORLQGG
&DUHWDV
/DUDFLRQDOLGDGGHODRUJDQL]DFLyQDQGLQD
(VWHHUURUHVVRODPHQWHXQDYDULDQWHGH
RWURTXHXWLOL]DODVIRUPDVGHORJUDUODSUR
SLHGDGGHORVSURGXFWRVSDUDGHWHUPLQDUHO
FDUiFWHUGHODSURGXFFLyQ6LQHPEDUJRHO
JUDGRGHFRRSHUDFLyQVRFLDOQRVHH[SUHVD
QHFHVDULDPHQWHHQGLFKDVIRUPDV(QFDVL
WRGDV ODV IRUPDFLRQHV VRFLRHFRQyPLFDV OD
SURSLHGDGGHORVPHGLRVGHSURGXFFLyQSRU
OR JHQHUDO HQFXEUH HO FDUiFWHU VRFLDO GHO
SURFHVRSURGXFWLYR(VWRHVYiOLGRQRVyOR
HQODVIRUPDFLRQHVHQODVTXHODSURSLHGDG
GD OXJDU D OD GLVWULEXFLyQ GHVLJXDO GH ORV
IUXWRVGHOWUDEDMRFROHFWLYRFRPRHOIHXGD
OLVPRRHOFDSLWDOLVPRVLQRWDPELpQHQODV
TXH OD GLVWULEXFLyQ UHVXOWD PiV R PHQRV
XQLIRUPH +D\ XQD WHQGHQFLD D YHU OD
FRRSHUDFLyQ HQ OD SURGXFFLyQ FRPR DOJR
-XDQ0LJXHO%iNXOD
3ROtWLFD([WHULRU\3ROtWLFD,QWHUQD
3HU~HQWUHODUHDOLGDG\ODXWRStD
DxRVGH3ROtWLFD([WHULRU7RPR,,,
/LPD)RQGRGH&XOWXUD(FRQyPLFD
)XQGDFLyQ$FDGpPLFD'LSORPiWLFDGHO
3HU~([WUDFWRVVHOHFFLRQDGRV7,SiJV
;;;,;;;97,,SiJV
(QWUHODUHDOLGDG
\ODXWRStD
-XDQ0LJXHO%iNXOD
+XDXUD/LPD
(PEDMDGRUHQHOVHUYLFLRGLSORPiWLFRGHO
3HU~+DSXEOLFDGRQXPHURVRVWH[WRVVREUH
SROtWLFDH[WHULRUSHUXDQD\KDUHSUHVHQWDGR
DO3HU~DQWHXQDDPSOLDJDPDGHSDtVHV\
RUJDQLVPRVLQWHUQDFLRQDOHV
&DUHWDV
&DSLWXORLQGG
(QWUHODUHDOLGDG\ODXWRStD
YLGDLQVWLWXFLRQDOKDQVLGRFRQVWDQWHVORV
UXPERVGHODSROtWLFDH[WHULRUKDQFRUULGR
XQD VXHUWH SDUHMD &RQVHFXHQFLD GH HVWD
PDOpYROD LQFOLQDFLyQ KD VLGR OD WHQWDFLyQ
GHODGLSORPDFLDVHFUHWDTXHFRQGXMRDOD
FHOHEUDFLyQ GH SDFWRV R DOLDQ]DV TXH FRP
SURPHWLHURQDO(VWDGRVLQFRQRFLPLHQWRGH
VXV yUJDQRV GH JRELHUQR SHUR FX\DV GHUL
YDFLRQHVODVVXIULHURQWRGRVORVKDELWDQWHV
< D~Q FXDQGR VLJXH VLHQGR QRWRULD OD
SXJQDHQWUHHOSRGHUSROtWLFR\ODVRFLHGDG
FLYLOHOSUHGRPLQLRGHODVSUiFWLFDVGHPR
FUiWLFDVSHUPLWHDYDQ]DUKDFLDODSURVFULS
FLyQ GH FXDOTXLHU IRUPD GH GLSORPDFLD
SHUVRQDOFRQORFXDOODWHQGHQFLDXQLYHUVDO
DILUPDODGHVDSDULFLyQGHGLIHUHQFLDVHQWUH
ODSROtWLFDH[WHUQD\ODSROtWLFDLQWHUQD
2WUD H[SOLFDFLyQ GH OD IDOWD GH FRPXQL
FDFLyQHQWUHHOSRGHUSROtWLFR\ODVRFLHGDG
FLYLO GHULYD GH OD LQIRUPDFLyQ GHILFLHQWH
VREUH HO HQWRUQR H[WHUQR (VWD LJQRUDQFLD
SHUPLWHTXHH[LVWDQH[WUDxDVLGHDVDFHUFD
GH OD XELFDFLyQ TXH VH DWULEX\H DO 3HU~
GHVGH HO SULVPD GH XQ HJRFHQWULVPR TXH
WLHQGH D FRQFHELU HO PXQGR H[WHULRU FRPR
XQDUHDOLGDGTXHJLUDDOUHGHGRUGHO3HU~
ROYLGDQGRTXHHVHVWHSDtVHOTXHVHGHVSOD
]D HQ OD yUELWD QR GH XQR VLQR GH YDULRV
DVWURV FHQWURV GH VX SURSLR VLVWHPD (Q
HVWH VHQWLGR OD LQWHOLJHQFLD GH OD SROtWLFD
H[WHULRU QR SXHGH SUHVFLQGLU GH XQD HYD
OXDFLyQREMHWLYDGHOSHVRHVSHFtILFRGHXQD
QDFLyQ FXDOTXLHUD \ GHVGH HO SXQWR GH
YLVWDKLVWyULFRGHOFRQRFLPLHQWRGHODUHOD
FLyQ GH GHSHQGHQFLD TXH HVD QDFLyQ KD
WHQLGRHQRWURVWLHPSRVUHVSHFWRGHORVFHQ
WURV GH SRGHU 3RU HOOR HO UHVXOWDGR GHO
DQiOLVLV KLVWyULFR QR GHELHUD SHUPLWLU TXH
VH H[DJHUH OD LPSRUWDQFLD R OD LQIOXHQFLD
GHO 3HU~ FRPR SDUWH GHO DQWLJXR LPSHULR
HVSDxROQLTXHVHVXSHUYDORULFHHOHVSDFLR
TXH GHVSXpV OH KD FRUUHVSRQGLGR GHQWUR
&DUHWDV
&DSLWXORLQGG
-XDQ0LJXHO%iNXOD
IRUPDFLyQGHODUHS~EOLFD'HVGHODySWLFD
GH HVWH WUDEDMR OD LPSRUWDQFLD GH HVWD
HWDSDUDGLFDHQTXHHQHVRVSULPHURVDxRV
GHILQHQ HO FXUVR GH OD KLVWRULD DFWXDO 6L
ELHQ QDGLH SXHGH QHJDU TXH OD HPDQFLSD
FLyQUHVXOWyLQHYLWDEOHVHVXHOHGLVLPXODU
TXHHQFXDQWRDO3HU~IXHSUHPDWXUDSRU
GHFLU OR PHQRV /D FRQVHFXHQFLD GH OD
LQFHUWLGXPEUH UHLQDQWH IXH SRVWHUJDU OD
GLIHUHQFLDFLyQGHILQLWLYDHQWUHXQWLHPSR\
HORWURGHVGHTXHDOFXOPLQDUODJXHUUDSRU
ODHPDQFLSDFLyQHO3HU~QRHUDQLYROYHUi
DVHUQXQFDPiVDOJRVLPLODUDORTXHKDEtD
VLGRQLHQORLQWHUQRQLHQORLQWHUQDFLRQDO
(QWUH RWUDV UD]RQHV SRUTXH ORV FDPELRV
GHULYDGRVGHIHQyPHQRVSURSLRVGHODSROt
WLFD HXURSHD LQFOX\HQGR HO FRODSVR GH OD
PRQDUTXtD HVSDxROD DGHPiV GH VHU LUUH
YHUVLEOHVWUDVODGDURQD$PpULFDLQWHUHVHV
\FRQIOLFWRVDMHQRVDODPELHQWHLQFOX\HQGR
RWURVPHGLRVGHDFFLyQFRQODJXHUUDFRPR
LQVWUXPHQWR\ODQRFLyQGHOHTXLOLEULRFRPR
SDOLDWLYR$SDUWLUGHHQWRQFHVODDQWHULRU
XQLGDG GHO LPSHULR FRORQLDO DO GLVRFLDUVH
GLRSDVRDODIUDJPHQWDFLyQ\ODVIXHU]DV
GHODGLVSHUVLyQDQXODURQODVGpELOHVIXHU
]DVGHFRKHVLyQTXHKDEtDPDQWHQLGRXQD
HVWUXFWXUDDUWLILFLDOIXQGDGDHQXQDRUJD
QL]DFLyQUDGLDOTXHYLQFXODEDDODVSDUWHV
FRQHOSRGHUFHQWUDOODPHWUySROLSHURVLQ
UHODFLyQHQWUHHVDVSDUWHVHQWUHVt
(QHVWHRUGHQGHLGHDVVHFRPSUHQGHTXH
OD IUDJPHQWDFLyQ VXEVHFXHQWH IXHUD IXHQWH
LQDJRWDEOHGHFRQIOLFWRVHVWLPXODGRVSRUFXD
WURIDFWRUHVSULQFLSDOHVODKHUHQFLDFRORQLDO
OD H[SDQVLyQ WHUULWRULDO HO FDXGLOOLVPR PLOL
WDU\ODSHQHWUDFLyQGHOFDSLWDOLVPR
&XDQGR PiV DGHODQWH OD JXHUUD \ HO
GHVDVWUHVHDEDWHQVREUHHO3HU~VHSURGX
FHXQDWHUFHUDUXSWXUD'HVGHPLSXQWRGH
YLVWD\DSRUFLUFXQVWDQFLDVPX\GLIHUHQWHV
&DUHWDV
(QWUHODUHDOLGDG\ODXWRStD
GHDTXHOODVGHODVHJXQGDUXSWXUDHQ
ODQDFLyQTXHVXUJLyGHVSXpVGHODSD]GH
$QFyQ\DQRHUDQLYROYHUtDDVHUODQDFLyQ
TXHH[LVWLyKDVWDDQWHVGH
'HVGH HQWRQFHV ORV IDFWRUHV H[WHUQRV
KDQ VLGR FDGD YH] PiV GHWHUPLQDQWHV
KDFLHQGRTXHVXHVWXGLRVHDPSOLDUDPiV
DOOiGHODKLVWRULDGLSORPiWLFD\GHODQi
OLVLV ORFDO GH OD SROtWLFD H[WHULRU SDUD
LQFOXLUODLQYHVWLJDFLyQGHODVUHODFLRQHV
LQWHUQDFLRQDOHVFRQRWUDVGLPHQVLRQHV\
SHUVSHFWLYDV
-XDQ0LJXHO%iNXOD
QDWLYDV$QWHHVHPLVPRKRUL]RQWHLQHVFUX
WDEOHWDPELpQHVFLHUWRTXHQLORV(VWDGRV
QLODVHPSUHVDVQLODV21*PHQRVD~QOD
VRFLHGDGFLYLOVHKDQSUHSDUDGRVXILFLHQWH
PHQWHSDUDORVFDPELRVSURGXFLGRVQLSDUD
HQWHQGHU \ YLYLU OD JOREDOL]DFLyQ 5HSLWR
DTXtORGLFKRHQFXDQWRDTXHODYHORFLGDG
GHORVSURFHVRVFLHQWtILFRV\GHVXVUHSHUFX
VLRQHV VRFLRHFRQyPLFDV OHV KD GDGR D ORV
KHFKRV PD\RU FHOHULGDG TXH D ODV LGHDV \
TXHODIDOWDGHUDFLRQDOLGDGTXHSUHGRPLQD
HQPXFKRVFDPSRVHVODTXHKDSURGXFLGRHO
GHVFRQFLHUWR\ODFULVLVFX\DSULPHUDYtFWL
PDHVWiUHVXOWDGRODHFRQRPtD
/DV2SFLRQHVGHO3HU~
4Xp 3HU~ TXHUHPRV FRQVWUXLU" FXiQ
GRORSHQVDPRVKDFHU"\FRQTXpFRQWDPRV
SDUD HOOR" HQWHQGLHQGR HVH SUR\HFWR GH
YLGDFRPRDOJRVLPLODUDOKRJDUDOOXJDU\
DODPELHQWHGRQGHTXHUHPRVYLYLU\FyPR
YDPRV D SURJUDPDU QXHVWUR LQJUHVR HQ HO
UHLQRDMHQRSDUDVHUSDUWHGHHVDQXHYD
UHDOLGDG\DWDQSUy[LPD"
<VLVHWLHQHHQFXHQWDTXH\DYHQFLyHO
SOD]R SDUD KDFHU HIHFWLYD OD SURPHVD GH
YLGDSHUXDQD\TXHVHJXLPRVVLHQGRSDt
VHV SHULIpULFRV OD VLJXLHQWH LQGDJDFLyQ
TXHGHEHPRVIRUPXODUFRQXUJHQFLDHVVL
VHUHPRVFDSDFHVGHGLVHxDUSROtWLFDVSDUD
VXPDUQRVDOPRYLPLHQWRGHODJOREDOL]D
FLyQ \ DO PLVPR WLHPSR VDOYDU GH OD
VXERUGLQDFLyQWRWDODTXHOORVDVSHFWRVTXH
VRQ SURSLRV GH ODV FDSDFLGDGHV GH FDGD
(VWDGRHQSDUWLFXODUFRPRODPHMRUPDQH
UD GH VDWLVIDFHU VXV UHTXHULPLHQWRV LQGL
YLGXDOHV
'HQWURGHHVWHSDQRUDPDDYHFHVLQFLHU
WR \ RWUDV DPHQD]DGRU VLHPSUH KD\ XQ
HVSDFLRSDUDODYROXQWDGSDUDODLQWHOLJHQ
FLDFUHDGRUD\SDUDHQFRQWUDUPHMRUHVDOWHU
&DUHWDV
&DSLWXORLQGG
&DSLWXORLQGG