Está en la página 1de 58

6(5,(





















PDFURHFRQRPtDGHOGHVDUUROOR

RVPHUFDGRVILQDQFLHURVHQ
$PpULFD/DWLQD\HOILQDQFLDPLHQWR
GHODLQYHUVLyQKHFKRVHVWLOL]DGRV
\SURSXHVWDVSDUDXQDHVWUDWHJLD
GHGHVDUUROOR
6DQGUD0DQXHOLWR
/XLV)HOLSH-LPpQH]










'LYLVLyQGH'HVDUUROOR(FRQyPLFR
6DQWLDJRGH&KLOHQRYLHPEUHGH

(VWHGRFXPHQWRIXHSUHSDUDGRSRU6DQGUD0DQXHOLWR\/XLV)HOLSH-LPpQH]2ILFLDOHVGH$VXQWRV(FRQyPLFRVGH
OD'LYLVLyQGH'HVDUUROOR(FRQyPLFRGHOD&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH &(3$/ /RV
DXWRUHVDJUDGHQORVFRPHQWDULRVGH2VYDOGR.DFHI'LUHFWRUGHGLFKD'LYLVLyQ
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ


3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
,6%1
(,6%1
/&/3
1GHYHQWD6,,*
&RS\ULJKW1DFLRQHV8QLGDVQRYLHPEUHGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV (VWDGRV PLHPEURV \VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVH
OHVVROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ

&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

QGLFH

5HVXPHQ  
,

,QWURGXFFLyQ 

,, &DUDFWHUtVWLFDVJHQHUDOHVGHODVIXHQWHVGHILQDQFLDPLHQWRHQ
$PpULFD/DWLQD  
$ /RVVLVWHPDVILQDQFLHURV 
 /RVVLVWHPDVEDQFDULRV  
 /RVPHUFDGRVGHFDSLWDOHV  
% /RVIOXMRVGHILQDQFLDPLHQWRH[WHUQR  
 1LYHOGHOILQDQFLDPLHQWRH[WHUQRGHORVEDQFRV 
 (PLVLyQGHERQRVVREHUDQRVFXDVLVREHUDQRV\
FRUSRUDWLYRVSULYDGRV  
 2WURVIOXMRVILQDQFLHURVH[WHUQRVQHWRV  
,,, )DFWRUHVPDFURHFRQyPLFRVPLFURHFRQyPLFRV\HVWUXFWXUDOHV
GHOOLPLWDGRGHVDUUROORGHORVPHUFDGRVILQDQFLHURVHQ$PpULFD
/DWLQD 
$ )DFWRUHVPDFURHFRQyPLFRV 
% )DFWRUHVPLFURHFRQyPLFRV  
 (QHOVLVWHPDEDQFDULR 
 (QORVPHUFDGRVGHFDSLWDOHV 
 (QORVPHUFDGRVGHERQRV  
& )DFWRUHVHVWUXFWXUDOHV  
,9 &RQVHFXHQFLDVGHOVXEGHVDUUROORILQDQFLHUR  
$ %DMRFUHFLPLHQWRQHFHVLGDGHVLQVDWLVIHFKDV\GHELOLWDPLHQWR
GHODFRPSHWLWLYLGDGVLVWpPLFD 
% %DMRFUHFLPLHQWR\IUDJLOLGDGVLVWpPLFD  
& ([FOXVLRQHVHLQHTXLGDGGHOFUHFLPLHQWR  


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

9

$VSHFWRVGHXQDHVWUDWHJLDSDUDHOIRUWDOHFLPLHQWRGHOILQDQFLDPLHQWRGHODLQYHUVLyQHQOD
UHJLyQ 
$ 6LVWHPDVEDQFDULRV\HOILQDQFLDPLHQWRGHODLQYHUVLyQ  
% 0HUFDGRVGHFDSLWDOHV\GHXGD 

9,

6tQWHVLV\FRQFOXVLyQ 

%LEOLRJUDItD 
6HULH0DFURHFRQRPtDGHOGHVDUUROORQ~PHURVSXEOLFDGRV  
,QGLFHGHFXDGURV
&8$'52
&8$'52

&8$'52

$0e5,&$/$7,1$3$6(66(/(&&,21$'26&5e',723256(&725(6&202
325&(17$-('(/&5e',7235,9$'2 
$0e5,&$/$7,1$3$6(66(/(&&,21$'26&5e',72<'(36,726(1
021('$(;75$1-(5$&202325&(17$-('(/727$/'(&5e',72<'(
'(36,7265(63(&7,9$0(17( 
$0e5,&$/$7,1$6,67(0$%$1&$5,21$&,21$/&$57(5$9(1&,'$
&202325&(17$-('(/$&7,92<5(6(59$6063529,6,21(6 

,QGLFHGHJUiILFRV
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2

*5),&2
*5),&2
*5),&2
*5),&2
*5),&2
*5),&2

3$6(66(/(&&,21$'26352)81',=$&,1),1$1&,(5$<'(6$552//2
(&210,&2
$0e5,&$/$7,1$&5e',72$/6(&72535,9$'2&202325&(17$-('(/
3,%<
$0e5,&$/$7,1$'(36,726&$37$'26325(/6,67(0$%$1&$5,2
1$&,21$/&202325&(17$-('(/&5e',722725*$'2< 
$0e5,&$/$7,1$3$6(66(/(&&,21$'26$'(&8$&,1'(&$3,7$/ 
$0e5,&$/$7,1$5(17$%,/,'$'62%5(/26$&7,926 
$0e5,&$/$7,1$3$6(66(/(&&,21$'26&21&(175$&,1'(0(5&$'2
(1(/6,67(0$%$1&$5,2 
&$3,7$/,=$&,1%8567,/ 
0(5&$'26(0(5*(17(6(0,6,21(6'($&&,21(6 
$0e5,&$/$7,1$3$6(66(/(&&,21$'26&$3,7$/,=$&,1%8567,/
&202325&(17$-('(/3,% 
$0e5,&$/$7,1$3$6(66(/(&&,21$'26&2(),&,(17('(527$&,1(1
/260(5&$'26$&&,21$5,26 
0(5&$'2*/2%$/3255(*,21(6778/26'('(8'$3%/,&$<'(8'$
35,9$'$< 
(0,6,21(6'(%21263255(*,1 
2%/,*$&,21(6(;7(51$6'(/26%$1&26'(3$6(6(0(5*(17(6&21
%$1&2648(5(3257$1$/%,63255(*,21(6',&,(0%5(0$5=2
'( 
35e67$0266,1',&$'263255(*,21(6 
$0e5,&$/$7,1$(0,6,21(6'(%2126(1/260(5&$'26
,17(51$&,21$/(6
$0e5,&$/$7,1$(0,6,21(6'(%2126(1/260(5&$'26
,17(51$&,21$/(63256(&725
$0e5,&$/$7,1$)/8-261(726'(,(',19(56,1'(3257$)2/,2<
$&7,926'(275$6,19(56,1
$0e5,&$/$7,1$2%/,*$&,21(6(;7(51$6&21/26%$1&2648(
5(3257$1$/%,6',&,(0%5('(0$5=2'(
$0e5,&$/$7,1$,1*5(626325&21&(372'(5(0(6$6'(
75$%$-$'25(6(0,*5$'26 



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

5HVXPHQ

/RVQLYHOHVGHLQYHUVLyQHQODUHJLyQKDQVLGRVLVWHPiWLFDPHQWHLQIHULRUHVD
ORV H[KLELGRV SRU RWUDV HFRQRPtDV TXH UHFLHQWHPHQWH KDQ ORJUDGR HOHYDU
VRVWHQLGDPHQWHVXFUHFLPLHQWR$ODYH]FRQH[FHSFLyQGHOUHFLHQWHSHUtRGR
GH DXJH HQ ORV SUHFLRV GH ODV H[SRUWDFLRQHV HO DKRUUR QDFLRQDO KD VLGR
LQVXILFLHQWH SDUD ILQDQFLDU OD LQYHUVLyQ SRU OR TXH HO DFFHVR DO
ILQDQFLDPLHQWR H[WHUQR \ ODV YDULDFLRQHV HQ VX GLVSRQLELOLGDG KDQ VLGR
GHWHUPLQDQWHVFUtWLFRVGHOFUHFLPLHQWR\VXYDULDELOLGDG$GLFLRQDOPHQWHVH
DUJXPHQWD TXH ODV FDUHQFLDV GHO VLVWHPD ILQDQFLHUR UHVXOWDQ FUtWLFDV HQ
GHWHUPLQDU HO DKRUUR HIHFWLYR \ ORV QLYHOHV GH LQYHUVLyQ SRU VX URO HQ OD
PDWHULDOL]DFLyQ GH ORV HVIXHU]RV GH DKRUUR HQ OD SURYLVLyQ GH VHUYLFLRV
ILQDQFLHURVPRGHUQRVSDUDKDFHUIUHQWHDORVULHVJRV\HQODFDQDOL]DFLyQGH
UHFXUVRVKDFLDORVGHPDQGDQWHV(VWDVFDUHQFLDVVHH[SUHVDQHQUHVWULFFLRQHV
D~QPiVJUDYHVSDUDODVHPSUHVDVGHPHQRUWDPDxR(VWDVWUHVSUHPLVDVGDQ
SLH D XQ H[DPHQ GH ORV VLVWHPDV ILQDQFLHURV GH $PpULFD /DWLQD GHVGH OD
ySWLFDGHVXFRQWULEXFLyQDOILQDQFLDPLHQWRGHODLQYHUVLyQ
6HH[DPLQDQWUHVFRPSRQHQWHVGHORVVLVWHPDVILQDQFLHURVHQODUHJLyQ
HOVLVWHPDEDQFDULRHOPHUFDGRGHDFFLRQHV\HOPHUFDGRGHERQRV'HVGHOD
SHUVSHFWLYDGHOILQDQFLDPLHQWRGHODLQYHUVLyQHODQiOLVLVHVWDUtDLQFRPSOHWRVL
QRVHLQFOX\HQODVIXHQWHVGHILQDQFLDPLHQWRH[WHUQDVGLVSRQLEOHV3RUHOORVH
KDFHWDPELpQXQDQiOLVLVGHORVIOXMRVILQDQFLHURVH[WHUQRV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

6HFRQVWDWDTXH$PpULFD/DWLQDH[KLEHXQUH]DJRHQVXJUDGRGHEDQFDUL]DFLyQ\HQORVPHUFDGRV
DFFLRQDULRV \ GH GHXGD ERQRV  HQ FRPSDUDFLyQ FRQ UHJLRQHV TXH KDQ DFHOHUDGR VX FUHFLPLHQWR 6H
DERUGDQ IDFWRUHV PLFURHFRQyPLFRV PDFURHFRQyPLFRV \ HVWUXFWXUDOHV TXH FRQGLFLRQDQ HVWH EDMR
GHVDUUROORGHORVPHUFDGRVILQDQFLHURV\VHGLVFXWHQDOJXQDVFRQVHFXHQFLDVGHHVWHFXDGUR
/RVREMHWLYRVGHOWUDEDMRVRQHODERUDUXQGLDJQyVWLFRGHODFDSDFLGDGGHORVVLVWHPDVILQDQFLHURV
GH $PpULFD /DWLQD HO &DULEH SDUD FRQWULEXLU DO DXPHQWR GHO DKRUUR \ SURSRQHU OLQHDPLHQWRV SDUD XQD
HVWUDWHJLD GH GHVDUUROOR ILQDQFLHUR RULHQWDGD DO ILQDQFLDPLHQWR GH OD LQYHUVLyQ \ SRU HVD YtD DO
IRUWDOHFLPLHQWRGHODFDSDFLGDGGHFUHFLPLHQWRVRVWHQLGRHQODUHJLyQ/DRULHQWDFLyQJHQHUDOHVKDFLDOD
JHQHUDFLyQ \ GHPDQGD GH UHFXUVRV ILQDQFLHURV GH ODUJR SOD]R 6H DUJXPHQWD SRU OD QDWXUDOH]D GH ORV
PHUFDGRV ILQDQFLHURV HQ UHODFLyQ D ORV DVSHFWRV GH HVFDOD GH PHUFDGR OLTXLGH] GLYHUVLILFDFLyQ \
FREHUWXUDGHULHVJRVTXHH[LVWHXQDFRPSOHPHQWDULHGDGHQWUHHODSR\RDOILQDQFLDPLHQWRGHODLQYHUVLyQ
HQJHQHUDO\HODSR\RDDTXHOODUHDOL]DGDSRUODSHTXHxD\PHGLDQDHPSUHVD6HVHxDODWDPELpQTXHHQ
PXFKRV FDVRV HO GHVDUUROOR ILQDQFLHUR QR VHUi HVSRQWiQHR SRUORTXHDDJHQFLDV\EDQFRVS~EOLFRVGH
IRPHQWR OHV FDEUtD XQ URO FDWDOtWLFR HQ OD FUHDFLyQ GHO VHJPHQWR GH ODUJR SOD]R 6LPLODU LPSRUWDQFLD
UHYLVWH HO GHVDUUROOR GH DJHQWHV GH DKRUUR LQVWLWXFLRQDO IRQGRV PXWXRV GH SHQVLRQHV FRPSDxtDV GH
VHJXURV  TXH VRQ GHPDQGDQWHV QDWXUDOHV GH DFWLYRV GH ODUJR SOD]R )LQDOPHQWH \ VREUH OD EDVH GH
H[SHULHQFLDV HQ OD UHJLyQ VH DERUGDQ DVSHFWRV PLFURHFRQyPLFRV TXH LQFLGHQ HQ HO GHVDUUROOR GH ORV
PHUFDGRVGHFDSLWDOHV




&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

, ,QWURGXFFLyQ
8QDGHODVSURSXHVWDVUHFXUUHQWHVHIHFWXDGDVSRUOD&(3$/HVODQHFHVLGDG
GH LQFUHPHQWDU ORV EDMRV QLYHOHV GH LQYHUVLyQ TXH H[KLEH OD UHJLyQ HQ
FRPSDUDFLyQ WDQWR FRQ ORV SDtVHV GHVDUUROODGRV FRPR FRQ RWUDV UHJLRQHV
HPHUJHQWHV (Q HO  DxR HQ HO FXDO OD UHJLyQ DQRWy OD PD\RU WDVD GH
LQYHUVLyQGHVGHHODxRHVWDVHVLWXyHQXQGHO3,%PHGLGRHQ
GyODUHV FRUULHQWHV (Q WpUPLQRV FRPSDUDWLYRV OD WDVD GH LQYHUVLyQ GH
$PpULFD /DWLQD KD VLGR KLVWyULFDPHQWHLQIHULRUDDTXHOODDQRWDGDSRURWUDV
UHJLRQHV HPHUJHQWHV \ HQ SDUWLFXODU SRU $VLD HQ GHVDUUROOR GRQGH HVWD
DXPHQWy GHVGH XQ  UHJLVWUDGR HQ  D FLIUDV FHUFDQDV DO  D
PHGLDGRVGHORVDxRVQRYHQWD\VXSHULRUHVDHQODDFWXDOLGDG
/DUHJLyQQRKDVLGRFDSD]GHJHQHUDUHODKRUURQDFLRQDOVXILFLHQWHSDUD
ILQDQFLDUVXLQYHUVLyQ\HQFLHUWDVRFDVLRQHVWDPSRFRKDJHQHUDGRHOWLSRGH
UHFXUVRV LH GLYLVDV  QHFHVDULRV SDUD VROYHQWDU HO FRPSRQHQWH LPSRUWDGR GH
HVWD3RUORWDQWRODH[SDQVLyQGHODLQYHUVLyQKDGHSHQGLGRHQEXHQDPHGLGD
GHODREWHQFLyQGHILQDQFLDPLHQWRH[WHUQRSRUSDUWHGHORVSDtVHVHOFXDOHVWi
FRQGLFLRQDGR SRU OD SRVLELOLGDG GH TXH HVWRV DFFHGDQ D ORV PHUFDGRV
LQWHUQDFLRQDOHV WDQWR GH FUpGLWR FRPR GH WtWXORV FRPR WDPELpQ D OD
GLVSRQLELOLGDGGHUHFXUVRVILQDQFLHURVHQHVWRVPHUFDGRV'HHVWDIRUPD\HQ
WpUPLQRVGHVXRULJHQQDFLRQDORH[WHUQRODFRPSRVLFLyQGHOILQDQFLDPLHQWR
GHODLQYHUVLyQHQ$PpULFD/DWLQDHVUHODWLYDPHQWHVLPLODUDODUHJLVWUDGDSRU
ODVUHJLRQHVGHIULFD6XEVDKDULDQD\(XURSD&HQWUDO\GHO(VWH(QFRQWUDVWH
FXDQGRVHFRPSDUDFRQORVSDtVHVGH$VLDHQGHVDUUROORTXHVRQDTXHOORVTXH
KDQH[SHULPHQWDGRXQHOHYDGR\VRVWHQLGRFUHFLPLHQWRHFRQyPLFRVHDSUHFLD
XQD FODUD GLIHUHQFLD WRGD YH] TXH OD LQYHUVLyQ HQ HVD UHJLyQ KD VLGR
IXQGDPHQWDOPHQWHILQDQFLDGDFRQDKRUURQDFLRQDOD~QPiVDSDUWLUGHODFULVLV
DVLiWLFDGH



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

(VWD LQVXILFLHQFLD GH DKRUUR QDFLRQDO KD GHWHUPLQDGR TXH $PpULFD /DWLQD KD\D WHQLGR TXH
FRPSHWLUFRQRWUDVUHJLRQHVGHOPXQGRSRUHODFFHVRDUHFXUVRVILQDQFLHURV\SRUODDWUDFFLyQGHUHFXUVRV
GH LQYHUVLyQ EDMR OD IRUPD GH ,(' (Q FRQVHFXHQFLD HQ PRPHQWRV HQ ORV FXDOHV HO DFFHVR DO
ILQDQFLDPLHQWRH[WHUQRKDHVWDGRUHVWULQJLGRVHKDREVHUYDGRXQDGLVPLQXFLyQGHODVWDVDVGHLQYHUVLyQ
HQ OD UHJLyQ 8Q FDPELR HQ HVWH HVFHQDULR UHSUHVHQWy HO SHUtRGR  GXUDQWH HO FXDO OD UHJLyQ
DQRWyXQDXPHQWRVRVWHQLGRGHVXWDVDGHLQYHUVLyQDODSDUGHXQLQFUHPHQWRLPSRUWDQWHHQHODKRUUR
QDFLRQDO UHVXOWDGR HVHQFLDOPHQWH GH OD DFHQWXDGD DO]D H[SHULPHQWDGD HQ HO LQJUHVR QDFLRQDO GH ORV
SDtVHV'XUDQWHHVWHSHUtRGRHODXPHQWRGHOLQJUHVRQDFLRQDOVHVRVWXYRHQORVHOHYDGRVSUHFLRVGHORV
SURGXFWRVEiVLFRVH[SRUWDGRVSRUPXFKRVGHORVSDtVHVJHQHUDQGRXQDLPSRUWDQWHJDQDQFLDGHULYDGDGH
OD DFHQWXDGD PHMRUtD GH ORV WpUPLQRV GHO LQWHUFDPELR \ SRU XQ DO]D HQ ORV LQJUHVRV SRU FRQFHSWR GH
UHPHVDVGHWUDEDMDGRUHVHPLJUDGRVHQSDUWLFXODUHQHOFDVRGHORVSDtVHVGH$PpULFD&HQWUDO
(QWpUPLQRVJHQHUDOHVORVQLYHOHV\FDPELRVHQODVWDVDVGHDKRUURSRWHQFLDOHVWiQGHWHUPLQDGRV
SRUP~OWLSOHVIDFWRUHVHOQLYHO\ODVIXHQWHVGHOLQJUHVRQDFLRQDO\ODVH[SHFWDWLYDVIXWXUDVGHHVWHMXQWR
FRQODVGHFLVLRQHVGHJDVWRS~EOLFRODHVWUXFWXUD\QLYHOGHORVLPSXHVWRV\GHRWUDVIXHQWHVGHLQJUHVR
S~EOLFRODVGHFLVLRQHVGHJDVWRSULYDGRORVHVWtPXORVDOFRQVXPRSUHVHQWHYLVDYLVHOFRQVXPRIXWXUR
OD GLVWULEXFLyQ GHO LQJUHVR HQWUH RWURV (Q ODV HFRQRPtDV PRGHUQDV HO UHVXOWDGR GH GLFKR DKRUUR
SRWHQFLDO VH H[SUHVDUi HQ OD GHPDQGD SRU DFWLYRV ILQDQFLHURV FRQ FDUDFWHUtVWLFDV GH SOD]RV \ ULHVJRV
DFRUGHVFRQODVSUHIHUHQFLDV\QHFHVLGDGHVGHORVDKRUUDQWHV$GHPiVSURJUHVLYDPHQWHODVGHPDQGDVGH
ORVDKRUUDQWHVLQFOXLUiQXQFRQMXQWRGHVHUYLFLRVTXHOHVSHUPLWDQKDFHUIUHQWHDGLYHUVDVFRQWLQJHQFLDV
VHJXURVHQJHQHUDO\HVSHFLDOPHQWHDTXHOORVUHODFLRQDGRVFRQODPDQXWHQFLyQGHORVLQJUHVRVGXUDQWHOD
IDVH GH UHWLUR ODERUDO  \ VDWLVIDFHU GLYHUVDV QHFHVLGDGHV DVRFLDGDV D OD FUHFLHQWH FRPSOHML]DFLyQ GH ODV
HFRQRPtDVDPHGLGDTXHVHHOHYDHOQLYHOGHGHVDUUROOR
'LFKRDKRUURSRWHQFLDOVHYHUiIUXVWUDGRVLQRH[LVWHODFDSDFLGDGLQVWLWXFLRQDOSDUDSURYHHUHOWLSR
GH LQVWUXPHQWRV \ VHUYLFLRV GHPDQGDGRV $Vt HQ ORV FDVRV GH GHVDUUROOR LQVXILFLHQWH GH ORV VLVWHPDV
ILQDQFLHURVORVHVIXHU]RVGHDKRUURVHWUDGXFLUiQHQDFXPXODFLyQGHELHQHVUHDOHVRELHQHQVDOLGDVGH
FDSLWDOHVHQOXJDUGHXQPD\RUDKRUURILQDQFLHURHQHOSDtV/RTXHRFXUULUiFRQHOWLHPSRVHUiXQFtUFXOR
YLFLRVRFRQXQDSDXODWLQDSpUGLGDHQODFDSDFLGDGGHPRYLOL]DUHVDVFDSDFLGDGHVGHDKRUUR\XQDKRUUR
HIHFWLYR LQIHULRU DO SRWHQFLDO $ OD YH] VL QR H[LVWHQ ORV LQVWUXPHQWRV SDUD KDFHU IUHQWH D ODV
FRQWLQJHQFLDV ODV SHUVRQDVHVWDUiQVXMHWDVDULHVJRVPD\RUHVDORVGHVHDGRVORTXHDIHFWDUiHQPD\RU
PHGLGD D SHUVRQDV QR DGVFULWDV D ORV HVTXHPDV IRUPDOHV GH SURWHFFLyQ VRFLDO \ D ODV HPSUHVDV
PDUJLQDGDVGHOVLVWHPDILQDQFLHUR
3RU VX SDUWH GLYHUVRV IDFWRUHV FRQWULEX\HQ D GHWHUPLQDU ORV QLYHOHV GH LQYHUVLyQ UHDO /D
IDFWLELOLGDGGHOOHYDUDFDERXQGHWHUPLQDGRSUR\HFWRGHLQYHUVLyQHVWiGHWHUPLQDGDHQJUDQPHGLGDSRU
ODVFRQGLFLRQHVTXHLPSRQHHOHQWRUQRPDFURHFRQyPLFRSHURYDULRVRWURVIDFWRUHVWDPELpQLQFLGLUiQHQ
ODPDWHULDOL]DFLyQGHODLQYHUVLyQ/DGHFLVLyQGHOOHYDUDFDERXQGHWHUPLQDGRSUR\HFWRGHLQYHUVLyQVH
WUDGXFLUi HQWUH RWUDV FRVDV HQ XQD GHPDQGD SRU UHFXUVRV ILQDQFLHURV \ SRU VHUYLFLRV TXH OHV SHUPLWDQ
FXEULUORVULHVJRVRSHUDWLYRV\ILQDQFLHURV ULHVJRVGHWLSRGHFDPELRSRUHMHPSOR GXUDQWHODYLGDGHOD
LQYHUVLyQ 6L QR H[LVWH HO GHVDUUROOR LQVWLWXFLRQDO DSURSLDGR OD LQYHUVLyQ HVWDUi UHVWULQJLGD SRU OD
FDSDFLGDGGHSURYHHUUHFXUVRVLQWHUQRVGHODHPSUHVD WDOHVFRPRXWLOLGDGHVUHVHUYDVGHGHSUHFLDFLyQ
HQWUHRWURV 'HHVWHPRGRODLQYHUVLyQHIHFWLYDVHUiLQIHULRUDODSRWHQFLDO\HVWDUiVXMHWDDGHPiVDODV
FDSDFLGDGHVLQWHUQDVGHODVHPSUHVDVSDUDDEVRUEHUULHVJRVFRQORTXHVRORVHUHDOL]DUiQORVSUR\HFWRV
GH UHQWDELOLGDG PiV DOWD (Q HVWH FRQWH[WR OD LQYHUVLyQ \ FRQ HOOR HO FUHFLPLHQWR VHUiQ PHQRUHV (Q
SDUWLFXODUODVHPSUHVDVFRQPHQRUDFFHVRDUHFXUVRVH[WHUQRVDHOODV WtSLFDPHQWHODVGHPHQRUWDPDxR 
HQIUHQWDUiQPD\RUHVJUDGRVGHUHVWULFFLyQ



 0HGLGDHQGyODUHVFRQVWDQWHVGHOODIRUPDFLyQEUXWDGHFDSLWDOILMRFRPRSRUFHQWDMHGHO3,%VHVLWXDEDHQHOHQ
HOPD\RUQLYHOUHJLVWUDGRGHVGHLQLFLRVGHORVDxRVRFKHQWDSHURLQIHULRUDORVPi[LPRVUHJLVWUDGRVGXUDQWHODGpFDGDGHORVVHWHQWD
HQWRUQRDO 

 (Q.DFHI\0DQXHOLWR  VHSXHGHHQFRQWUDUXQDQiOLVLVGHWDOODGRGHODHYROXFLyQGHOLQJUHVRQDFLRQDOEUXWRGLVSRQLEOHGHORV
SDtVHVGH$PpULFD/DWLQDWDQWRGHVGHXQDSHUVSHFWLYDKLVWyULFDFRPRGHVGHODSHUVSHFWLYDGHVXVFRPSRQHQWHV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

(O LQWHUID] HQWUH ODV GHPDQGDV GH DKRUUDQWHV H LQYHUVLRQLVWDV HV HO VLVWHPD ILQDQFLHUR \ VX URO
FRQVLVWHSRUXQDSDUWHHQODPRYLOL]DFLyQHIHFWLYDGHODVFDSDFLGDGHVGHDKRUUR\VXFDQDOL]DFLyQKDFLD
ODLQYHUVLyQ\SRURWUDHQODSURYLVLyQGHVHUYLFLRVHLQVWUXPHQWRVTXHSRVLELOLWHQDSHUVRQDV\HPSUHVDV
KDFHU IUHQWH D ULHVJRV \ FRQWLQJHQFLDV DVRFLDGDV D OD DFWLYLGDG HFRQyPLFD \ HO FLFOR GH YLGD %DMR ODV
FRQGLFLRQHVPDFURHFRQyPLFDV\UHJXODWRULDVDSURSLDGDVXQPD\RUGHVDUUROOR\VRILVWLFDFLyQGHOVLVWHPD
ILQDQFLHUR SRVLELOLWDUi XQ PHMRU DSURYHFKDPLHQWR GHO SRWHQFLDO GH DKRUUR D OD YH] TXH VH HOHYD OD
FDSDFLGDG SDUD DSR\DU SUR\HFWRV GH LQYHUVLyQ HQ HVSHFLDO HQWUH SHTXHxDV \ PHGLDQDV HPSUHVDV FX\D
FDSDFLGDGGHDXWRILQDQFLDPLHQWRHVPiVEDMD(QHVWHFRQWH[WRHOSURSyVLWRGHHVWHDUWtFXORHVUHDOL]DU
XQDQiOLVLVGHODVSULQFLSDOHVFDUDFWHUtVWLFDVGHORVVLVWHPDVILQDQFLHURVGHORVSDtVHVGH$PpULFD/DWLQD
\IRUPXODUOLQHDPLHQWRVGHXQDHVWUDWHJLDSDUDSRWHQFLDUVXFDSDFLGDGGHDSR\DUHOSURFHVRGHHOHYDUODV
WDVDVGHLQYHUVLyQHQODUHJLyQWHQLHQGRFRPRILQ~OWLPRIRUWDOHFHUHOFUHFLPLHQWRHFRQyPLFR
(ODUWtFXORHVWiHVWUXFWXUDGRFRPRVLJXH(QHOFDStWXORVHKDFHXQDQiOLVLVGHODVFDUDFWHUtVWLFDV
GHORVVLVWHPDVILQDQFLHURVHQODUHJLyQ(VWRFRPRXQDSULPHUDDSUR[LPDFLyQDORVGHVDItRVTXHVXSRQH
HOHYDU HO DSURYHFKDPLHQWR GH OD FDSDFLGDG GH JHQHUDU DKRUUR ILQDQFLHUR \ ILQDQFLDU OD LQYHUVLyQ HQ
HVSHFLDO HQWUH HPSUHVDV TXH WUDGLFLRQDOPHQWH KDQ WHQLGR OLPLWDGR DFFHVR DO VLVWHPD ILQDQFLHUR (O
DQiOLVLV VH HQIRFDUi HQ WUHV FRPSRQHQWHV SULQFLSDOHV TXH VL ELHQ HVWiQ SUHVHQWHV HQ OD PD\RUtD GH ORV
FDVRVWLHQHQGLIHUHQWHVQLYHOHVGHGHVDUUROORHOVLVWHPDEDQFDULRHOPHUFDGRGHDFFLRQHV\HOPHUFDGR
GH ERQRV 1R REVWDQWH GHVGH OD SHUVSHFWLYD GHO ILQDQFLDPLHQWR GH OD LQYHUVLyQ HO DQiOLVLV HVWDUtD
LQFRPSOHWR VL QR VH LQFOX\HQ ODV IXHQWHV GH ILQDQFLDPLHQWR H[WHUQDV GLVSRQLEOHV 3RU OR WDQWR VH KDFH
WDPELpQ XQ DQiOLVLV GH OD FRPSRVLFLyQ \ GHVWLQDWDULRV GH ORV IOXMRV ILQDQFLHURV H[WHUQRV HQ TXH HO
DQiOLVLV VH HQIRFDUi QR VRODPHQWH HQ OD FRPSRVLFLyQ GH HVWRV VLQR TXH WDPELpQ HQ ORV VHFWRUHV GH OD
HFRQRPtDTXHWLHQHQDFFHVRDHVWRVUHFXUVRV
(Q HO FDStWXOR  VH GLVFXWLUiQ DTXHOORV HOHPHQWRV PLFURHFRQyPLFRV PDFURHFRQyPLFRV \
HVWUXFWXUDOHV TXH FRQGLFLRQDQ HO GHVDUUROOR GH ORV PHUFDGRV ILQDQFLHURV LQWHUQRV HQ OD UHJLyQ (O
FDSLWXOR  GLVFXWH DOJXQDV FRQVHFXHQFLDV GHO VXEGHVDUUROOR ILQDQFLHUR D OD YH] TXH HQ HO FDStWXOR  VH
HQWUHJDQ DOJXQDV SURSXHVWDV GH HVWUDWHJLDV GH GHVDUUROOR GH ORV PHUFDGRV ILQDQFLHURV HQ OD UHJLyQ (O
DUWtFXORWHUPLQDFRQODVSULQFLSDOHVFRQFOXVLRQHVGHHVWHHVWXGLR





 8Q DQWHFHGHQWH SUHYLR PX\ UHOHYDQWH HV XQ HVIXHU]R VLPLODU KHFKR HQ &(3$/TXHVHWUDGXMRHQXQHVWXGLRGLULJLGRSRU%DUEDUD
6WDOOLQJVHQHO



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

,, &DUDFWHUtVWLFDVJHQHUDOHVGHODV
IXHQWHVGHILQDQFLDPLHQWRHQ
$PpULFD/DWLQD

/RVVLVWHPDVILQDQFLHURVGH$PpULFD/DWLQDPXHVWUDQXQJUDGRGHGHVDUUROOR
FRQVLGHUDEOHPHQWHLQIHULRUDORVGHDTXHOORVSDtVHVHQTXHVHRULJLQyODFULVLV
ILQDQFLHUDLQWHUQDFLRQDOGHODVtFRPRWDPELpQUHVSHFWRGHSDtVHV
FRQXQQLYHOGHLQJUHVRSHUFiSLWDVLPLODU&RPRVHYHUiDFRQWLQXDFLyQHO
JUDGRGHEDQFDUL]DFLyQGHODUHJLyQHVFRQVLGHUDEOHPHQWHPiVEDMRTXHHQ
ODVHFRQRPtDVGHVDUUROODGDV$VXYH]QRHVWiSUHVHQWHODFRPSOHMLGDGGHOD
HVWUXFWXUDGHJHQHUDFLyQ\FDSWDFLyQGHILQDQFLDPLHQWRFDUDFWHUtVWLFDGHORV
SDtVHV GHVDUUROODGRV DXQTXH FLHUWRV FRPSRQHQWHV VH DSUHFLDQ HQ DOJXQRV
FDVRV/RVLQVWUXPHQWRVGHWUDQVIHUHQFLD\FREHUWXUDGHULHVJRVGHFUpGLWR\
ULHVJRV ILQDQFLHURV HQ JHQHUDO VHFXULWL]DFLyQ GH FUpGLWRV IXWXURV \ RWURV
GHULYDGRV  \ VXV FRUUHVSRQGLHQWHV PHUFDGRV FRQ DOJXQDV SRFDV
H[FHSFLRQHV H[KLEHQ XQ EDMR QLYHO GH GHVDUUROOR R VRQ LQH[LVWHQWHV
$VLPLVPR VyOR HQ DOJXQRV SDtVHV KD KDELGR XQ GHVDUUROOR VLJQLILFDWLYR GH
LQYHUVLRQLVWDV LQVWLWXFLRQDOHV SULQFLSDOPHQWH D FRQVHFXHQFLD GH UHIRUPDV D
ORVVLVWHPDVGHSHQVLRQHV
(OVLVWHPDILQDQFLHURGHODUHJLyQHVWiSRUORWDQWRGRPLQDGRSRUOD
SUHVHQFLD GH EDQFRV FRPHUFLDOHV TXH UHWLHQHQ HQ VX FDUWHUD XQD SDUWH
VLJQLILFDWLYD GHO ULHVJR TXH RULJLQDQ VXV FRORFDFLRQHV \ HPSOHDQ XQ
VLVWHPD GH IRQGHR VXVWHQWDGR EiVLFDPHQWH HQ GHSyVLWRV FRORFDFLRQHV GH
ERQRV GH FDUiFWHU HVWDQGDUL]DGR DFFHGLHQGR HQ FLHUWRV FDVRV D UHFXUVRV
GHOVLVWHPDILQDQFLHURLQWHUQDFLRQDO



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

1R REVWDQWH HVWD PHQRU FRPSOHMLGDG VL ELHQ UHVXOWD HQ XQ PHQRU JUDGR GH HILFLHQFLD SDUD
WUDQVIRUPDUHOSRWHQFLDOGHDKRUURHQILQDQFLDPLHQWRFRQWULEX\yDTXHHOLPSDFWRGHODFULVLVILQDQFLHUD
HQORVVLVWHPDVEDQFDULRVGH$PpULFD/DWLQDKD\DVLGRDFRWDGR(QHIHFWRFRPRVHYHUiPiVDGHODQWHOD
GHSHQGHQFLDGHUHFXUVRVH[WHUQRVSDUDHOILQDQFLDPLHQWRGHVXVFRORFDFLRQHVHVUHODWLYDPHQWHEDMDHQOD
UHJLyQ (OOR KDEUtD FRQWULEXLGR HQ HO PRPHQWR PiV iOJLGR GH OD FULVLV D PHQRUHV IOXFWXDFLRQHV HQ OD
GLVSRQLELOLGDGGHILQDQFLDPLHQWRH[WHUQRHQUHODFLyQDRWUDVUHJLRQHV
$ODYH]HVWHPHQRUGHVDUUROORGHOHQWUDPDGRGHPHUFDGRVTXHSHUPLWHQODFDSWDFLyQGHUHFXUVRV\VX
FDQDOL]DFLyQKDFLDORVXVRVPiVUHQWDEOHVSDUDHOFUHFLPLHQWRHFRQyPLFRKDWHQLGRHYLGHQWHVFRVWRVSDUDHO
ILQDQFLDPLHQWRGHODLQYHUVLyQHQHVSHFLDOHQWUHHPSUHVDVGHWDPDxRUHODWLYRPHQRU(QHIHFWRSRUFXDQWRQR
KDQHVWDGRVXILFLHQWHPHQWHGHVDUUROODGRVODVLQVWLWXFLRQHV\PHUFDGRVTXHSRVLELOLWDQODGLVSHUVLyQGHOULHVJR
GHODUJRSOD]RKDFLDDTXHOORVPHMRUSUHSDUDGRVSDUDPDQWHQHUORVHQFDUWHUD FRPSDxtDVGHVHJXURVIRQGRVGH
SHQVLRQHV\RWURVIRQGRVGHLQYHUVLyQGHODUJRSOD]R ODJHQHUDFLyQGHUHFXUVRVILQDQFLHURVGHODUJRSOD]RKD
VLGRLQVXILFLHQWHDODYH]TXHORVULHVJRVKDQSHUPDQHFLGRUHSUHVDGRVHQORVEDQFRVSUHFLVDPHQWHDTXHOORV
TXHSRUODQDWXUDOH]DGHVXIRQGHRRULHQWDGRDSOD]RVFRUWRVVRQORVPHQRVDSURSLDGRVSDUDPDQWHQHUULHVJRV
GH ODUJR SOD]R $QWH HOOR HO HVFDVR FUpGLWR GH ODUJR SOD]R GLVSRQLEOH VH RULHQWy SULQFLSDOPHQWH KDFLD ORV
SUR\HFWRVGHLQYHUVLyQGHHPSUHVDVJUDQGHV\PHGLDQDVFRQPD\RUHVFDSDFLGDGHVGHHQWUHJDUJDUDQWtDV(Q
FRQVHFXHQFLDSHTXHxDV\PLFURHPSUHVDVKDQH[KLELGRXQPHQRUDFFHVRDUHFXUVRVGHODUJRSOD]R6RORHQ
FLHUWRV FDVRV HQ ORV FXDOHV ODV JUDQGHV HPSUHVDV FRPHQ]DURQ D DFFHGHU HQ IRUPD VRVWHQLGD DO PHUFDGR
ILQDQFLHURLQWHUQDFLRQDO\UHGXMHURQFRQVHFXHQWHPHQWHVXGHPDQGDSRUFUpGLWREDQFDULRLQWHUQRVHFUHyFLHUWR
LQFHQWLYRSDUDTXHORVEDQFRVEXVFDUDQIRUPDVGHSRVLELOLWDUXQPD\RUDFFHVRSRUSDUWHGHHPSUHVDVGHPHQRU
WDPDxR\DVtPDQWHQHUVXUHQWDELOLGDG
$FRQWLQXDFLyQVHGLVFXWHQORVUDVJRVVDOLHQWHVGHORVVLVWHPDVILQDQFLHURVGH$PpULFD/DWLQDFRQ
HVSHFLDOpQIDVLVHQODVFDUDFWHUtVWLFDVSULQFLSDOHVGHORVVLVWHPDVEDQFDULRVHOPHUFDGRGHDFFLRQHV\HO
PHUFDGR GH ERQRV $GLFLRQDOPHQWH \ GDGD VX FRQGLFLyQ GH IXHQWHV GH UHFXUVRV GLVSRQLEOHV \ VX
LQWHUUHODFLyQFRQORVVLVWHPDVILQDQFLHURVLQWHUQRVVHDQDOL]DQWDPELpQFLHUWDVFDUDFWHUtVWLFDVGHODFFHVR
DOILQDQFLDPLHQWRH[WHUQRGHODUHJLyQ

$ /RVVLVWHPDVILQDQFLHURV


/RVVLVWHPDVEDQFDULRV

3RUORJHQHUDOODGHPDQGDSRUVHUYLFLRVILQDQFLHURVFUHFHFRQHODXPHQWRGHODDFWLYLGDGHFRQyPLFD\
GHOLQJUHVR(QODPD\RUtDGHORVSDtVHVGH$PpULFD/DWLQDHOJUDGRGHSURIXQGLGDGGHOVLVWHPDEDQFDULR
PHGLGRSRUHOFUpGLWRRWRUJDGRSRUODEDQFDFRPRSRUFHQWDMHGHO3,%HVEDMRFXDQGRVHORFRPSDUDFRQ
RWURV SDtVHV \ UHJLRQHV GHO PXQGR ,QFOXVLYH FRPR VH DSUHFLD HQ HO JUiILFR  HQ YDULRV SDtVHV OD
SURIXQGLGDGGHOVLVWHPDEDQFDULRHVLQIHULRUDODGHGHSDtVHVFRQVLPLODULQJUHVRSHUFiSLWD([FHSFLRQHV
HQ OD UHJLyQ VRQ ORV FDVRV GH &KLOH \ 3DQDPi (Q DPERV SDtVHV HO FUpGLWR DO VHFWRU SULYDGR FRPR
SRUFHQWDMHGHO3,%VHVLW~DHQHOHQFLIUDVFHUFDQDVDO(QORVGHPiVSDtVHVHVWHLQGLFDGRUVH
HQFXHQWUDSRUGHEDMRGHO\HQDOJXQRVFDVRVSRUGHEDMRGHO $UJHQWLQD+DLWt 
(QVHJXQGROXJDUFDEHKDFHUQRWDUTXHQRREVWDQWHHQWUH\ODUHJLyQH[SHULPHQWyXQR
GHORVSHUtRGRVGHFUHFLPLHQWRPiVSURORQJDGRVGHORV~OWLPRVDxRVXQQ~PHURLPSRUWDQWHGHSDtVHV
H[SHULPHQWyFLHUWRUHWURFHVRHQVXJUDGRGHEDQFDUL]DFLyQ\RPDQWXYRXQEDMRQLYHO JUiILFR 






 9pDVH&(3$/(VWXGLR(FRQyPLFRSDUD$PpULFD/DWLQD\HO&DULEH
 /DHOHYDGDSUHVHQFLDGHEDQFDRIIVKRUHHQHOFDVRGH3DQDPiLQWURGXFHGLVWRUVLRQHVHQHVWDFLIUDTXHOOHYDQDVREUHVWLPDUHOJUDGR
GHSHQHWUDFLyQGHOVLVWHPDILQDQFLHURGRPpVWLFR



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

*5),&2
3$6(66(/(&&,21$'26352)81',=$&,1),1$1&,(5$<'(6$552//2(&210,&2
/RJDULWPRQDWXUDOGHO3,%SHUFiSLWDHQGyODUHVFRUULHQWHV\FUpGLWRDOVHFWRUSULYDGRFRPRSRUFHQWDMHGHO3,% 



$XVWUDOLD
3,%SHUFiSLWD ORJDULWPRQDWXUDO




















1XHYD=HODQGD
86$
-DSyQ

$OHPDQLD
(VSDxD
3RUWXJDO

.RUHD


0p[LFR

&KLOH

&RVWD5LFD
$UJHQWLQD
%UDVLO
9HQH]XHOD
3HU~ &RORPELD
*XDWHPDOD(O6DOYDGRU
(FXDGRU
,QGRQHVLD
+RQGXUDV
3DUDJXD\
%ROLYLD
1LFDUDJXD

0DODVLD

3DQDPi

&KLQD












&UpGLWRDOVHFWRUSULYDGRFRPRSRUFHQWDMHGHO3,%

)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH )RQGR 0RQHWDULR ,QWHUQDFLRQDO (VWDGtVWLFDV
)LQDQFLHUDV,QWHUQDFLRQDOHV


*5),&2
$0e5,&$/$7,1$&5e',72$/6(&72535,9$'2&202325&(17$-('(/3,%<

,/



WE

























Z

E/



Z/

,KE
>^

K>



,/

ZK

K>

WZz
Dy
'h
sE
WZ h

hZz

Z'


















)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH )RQGR 0RQHWDULR ,QWHUQDFLRQDO
(VWDGtVWLFDV)LQDQFLHUDV,QWHUQDFLRQDOHVYDULRVQ~PHURV


(QORUHODFLRQDGRFRQODFRPSRVLFLyQGHODFDUWHUDGHFRORFDFLRQHVGHORVEDQFRVVHREVHUYDTXH
VL ELHQ OD FODVLILFDFLyQ YDUtD HQWUH SDtVHV HQ WpUPLQRV JHQHUDOHV HVWD VH KD RULHQWDGR FDGD YH] PiV DO
FUpGLWR GH FRUWR SOD]R OR TXH VH H[SOLFD SRU HO IXHUWH LQFUHPHQWR GH ODV FRORFDFLRQHV GH FRQVXPR
FXDGUR   1R REVWDQWH SHVH DO DXPHQWR GH OD LPSRUWDQFLD UHODWLYD GH HVWRV FUpGLWRV HQ OD FDUWHUD GH



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

FUpGLWR WRWDO GHO VLVWHPD EDQFDULR VLJXH PDQWHQLpQGRVH OD SUHYDOHQFLD GH FUpGLWRV D HPSUHVDV (Q OR
UHODFLRQDGR FRQ FUpGLWRV GH PiV ODUJR SOD]R HQ SDUWLFXODU ODV FRORFDFLRQHV KLSRWHFDULDV \R SDUD
YLYLHQGDVHREVHUYDXQPX\EDMRGHVDUUROORFRQODH[FHSFLyQGH&KLOHGRQGHORVFUpGLWRVDODYLYLHQGD
UHSUHVHQWDQDOUHGHGRUGHODFXDUWDSDUWHGHOFUpGLWRWRWDOFRQFHGLGRSRUHOVLVWHPDEDQFDULR(QORVGHPiV
SDtVHV GH OD UHJLyQ SDUD ORV FXDOHV GLVSRQHPRV GH LQIRUPDFLyQ HVWH SRUFHQWDMH RVFLOD HQWUH HO  HQ
%UDVLO\HOHQ9HQH]XHOD

&8$'52
$0e5,&$/$7,1$3$6(66(/(&&,21$'26&5e',723256(&725(6
&202325&(17$-('(/&5e',7235,9$'2
'DWRVFRUUHVSRQGLHQWHVDGLFLHPEUHGHFDGDDxR 



&UpGLWRGH
FRQVXPR

$UJHQWLQDD
%UDVLO
&KLOH
E

&RORPELD 
0p[LFR



&UpGLWRD
ODYLYLHQGD

2WURV
FUpGLWRV

&UpGLWRGH
FRQVXPR



&UpGLWRD
ODYLYLHQGD

2WURV
FUpGLWRV

&UpGLWRGH
FRQVXPR

&UpGLWRD
ODYLYLHQGD

2WURV
FUpGLWRV



































































F



 



 



























 

 

3HU~

 

 

9HQH]XHOD

H

 

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHFLIUDVRILFLDOHV
D

,QFOX\HORVDGHODQWRVGHFUpGLWR
/RVGDWRVFRUUHVSRQGHQDHQHURGH
F
&RUUHVSRQGHDOWRWDOGHOFUpGLWRDSDUWLFXODUHV
G
/RVGDWRVFRUUHVSRQGHQDHQHURGH
H
/RVGDWRVFRUUHVSRQGHQDGLFLHPEUHGH
E


8Q VHJXQGR DVSHFWR GHVWDFDGR VH UHILHUH D XQD EDMD WUDQVIRUPDFLyQ GHO DKRUUR ILQDQFLHUR HQ
ILQDQFLDPLHQWR GH FUpGLWRV (Q HIHFWR HQ XQ SRUFHQWDMH LPSRUWDQWH GH SDtVHV GH $PpULFD /DWLQD OD
UHODFLyQHQWUHORVGHSyVLWRV\HOFUpGLWRWRWDOHVVXSHULRUDKHFKRLQGLFDWLYRGHTXHSDUWHLPSRUWDQWH
GHORVUHFXUVRVFDSWDGRVQRVHHVWiGLULJLHQGRGLUHFWDPHQWHDOFUpGLWRWRWDO(QORVGHPiVSDtVHVFRQOD
H[FHSFLyQ GH &KLOH HVWD UHODFLyQ VH VLW~D HQWUH  \  JUiILFR   (OOR VH GHEH D YDULRV IDFWRUHV (Q
SULPHUOXJDUFRPRVHYHUiPiVDGHODQWHHOGHVDUUROORGHORVPHUFDGRVGHFDSLWDOHVHVEDMRFRQORFXDO
YDULRVSDtVHVD~QUHFXUUHQDHQFDMHVVREUHORVGHSyVLWRVFRPRKHUUDPLHQWDGHFRQWUROPRQHWDULR*HORV
 DSRUWDHYLGHQFLDLQGLFDWLYDTXHODPHGLDQDGHODVWDVDVGHHQFDMHVREUHGHSyVLWRVDODYLVWDHQ
SDtVHVGHODUHJLyQHVGHORTXHPiVTXHGXSOLFDODPHGLDQDGHREVHUYDGDSDUDRWURVSDtVHV
HPHUJHQWHV (Q VHJXQGR OXJDU FRPR VH GLVFXWH PiV DGHODQWH OD UHJLyQ SRVHH XQ KLVWRULDO GH GpILFLW
S~EOLFRV TXH IXHURQ ILQDQFLDGRV PHGLDQWH OD HPLVLyQ GH GHXGD LQWHUQD TXH VHD SRU GLVSRVLFLRQHV
UHJXODWRULDVRELHQSRUODDOWDUHQWDELOLGDGTXHGHYHQJDQ\VXEDMRJUDGRGHULHVJRHVWiHQODVFDUWHUDVGH
LQYHUVLRQHVGHORVEDQFRV'HVGHHOSXQWRGHYLVWDGHOILQDQFLDPLHQWRGHODLQYHUVLyQHOORHQSULQFLSLR
QR UHSUHVHQWDUtD XQ SUREOHPD PX\ JUDYH VLHPSUH TXH HVRV UHFXUVRV KD\DQVLGRGHVWLQDGRVDSUR\HFWRV
S~EOLFRVGHDOWDUHQWDELOLGDGHFRQyPLFD\VRFLDO6LSRUHOFRQWUDULRHOORQRHVDVtHOFUHFLPLHQWRSXHGH
UHVXOWDU UHVHQWLGR (Q VXPD XQ EDMR GHVDUUROOR GHO PHUFDGR GH FDSLWDOHV TXH REOLJD DO XVR GH IRUPDV
WUDGLFLRQDOHV GH FRQWURO PRQHWDULR MXQWR FRQ XQD HOHYDGD FDUJD GH GHXGD S~EOLFD HQ UHODFLyQ D OD
FDSDFLGDGGHJHQHUDFLyQGHDKRUURILQDQFLHURVHH[SUHVDQHQXQDEDMDFRQYHUVLyQGHODKRUURILQDQFLHUR
HQFUpGLWRV



 (QHOFUpGLWRWRWDOVHFRQVLGHUDWDQWRHOFUpGLWRDOVHFWRUSULYDGRFRPRDOVHFWRUS~EOLFR



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

(Q OR TXH VH UHODFLRQD FRQ HO IRQGHR GHO VLVWHPD EDQFDULR HQ ORV SDtVHV GH $PpULFD /DWLQD ORV
EDQFRV VH IRQGHDQ SUHIHUHQWHPHQWH HQ HO PHUFDGR LQWHUQR PHGLDQWH OD FDSWDFLyQ GH GHSyVLWRV SHUR
WDPELpQPHGLDQWHODFRORFDFLyQGHERQRVWDQWRHQHOPHUFDGRLQWHUQRFRPRHQORVPHUFDGRVILQDQFLHURV
LQWHUQDFLRQDOHV 'H KHFKR HQWUH  \  ORV GHSyVLWRV H[SUHVDGRV FRPR SRUFHQWDMH GHO FUpGLWR
DXPHQWDURQ HQ SUiFWLFDPHQWH WRGRV ORV SDtVHV ([FHSFLRQHV VRQ 9HQH]XHOD \ &RVWD 5LFD GRQGH QR
REVWDQWHHVWHSRUFHQWDMHVHPDQWLHQHHQXQYDORUHOHYDGR JUiILFR &RPRPiVDGHODQWHVHGLVFXWHHQ
GHWDOOH VH REVHUYD WDPELpQ XQD LPSRUWDQFLD GHVFHQGHQWH \ UHGXFLGD GH SDVLYRV FRQ LQVWLWXFLRQHV
ILQDQFLHUDVH[WUDQMHUDVQRUHVLGHQWHV(VDVtFRPRHQWUH\ORVSDVLYRVFRQQRUHVLGHQWHVKDQ
GLVPLQXLGRGHVGHXQGHORVDFWLYRVWRWDOHVDHQHOFDVRGH$UJHQWLQDORVSDVLYRVH[WHUQRV
GH ODUJR SOD]R KDQ GLVPLQXLGR GHVGH XQ  GH ORV DFWLYRV WRWDOHV D  HQ HO FDVR GH %UDVLO \ ORV
FUpGLWRVFRQLQVWLWXFLRQHVEDQFDULDVH[WUDQMHUDVKDQGLVPLQXLGRGHVGHGHORVDFWLYRVDHQHO
FDVRGH&KLOH\GHVGHGHORVDFWLYRVWRWDOHVDHQHOFDVRGH0p[LFR(VWRQRVLJQLILFDTXHOD
EDQFD H[WUDQMHUD QR GHWHQJD XQ SRUFHQWDMH LPSRUWDQWH GHO FUpGLWR LQWHUQR FRQFHGLGR XQD YH] TXH HQ
YDULRVSDtVHVGHODUHJLyQORVPD\RUHVEDQFRVTXHRSHUDQHQHOSDtVVRQEDQFRVH[WUDQMHURV'HDFXHUGRD
ORV GDWRV GHO %,6 \ FRQ GDWRV UHODWLYRV DO  HO FUpGLWR LQWHUQR RWRUJDGR SRU EDQFRV H[WUDQMHURV
DOFDQ]D HO  HQ $UJHQWLQD HO HQ &KLOH HO  HQ &RORPELD XQ  HQ 0p[LFR XQ  HQ
3DUDJXD\\XQHQ9HQH]XHOD6HREVHUYDLJXDOPHQWHXQDWHQGHQFLDDODUHGXFFLyQHQODGRODUL]DFLyQ
GHDFWLYRV\SDVLYRVVLELHQTXHHQFLHUWRVSDtVHVHVWDVHPDQWLHQHPX\DOWD FXDGUR 

*5),&2
$0e5,&$/$7,1$'(36,726&$37$'26325(/6,67(0$%$1&$5,21$&,21$/&202
325&(17$-('(/&5e',722725*$'2<
(QSRUFHQWDMH 


9(1

1,&
$5*























85<
&2/
%2/

Dy *8$
(&8
%5$
5'2

35<
3(5
(/6

&26

+21
3$1

&+,














)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH GDWRV GH /DWLQ )LQDQFH /DWLQ)LQDQFH /DWLQ
%DQNLQJ*XLGH 'LUHFWRU\YDULRVQ~PHURV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

&8$'52
$0e5,&$/$7,1$3$6(66(/(&&,21$'26&5e',72<'(36,726(1021('$(;75$1-(5$
&202325&(17$-('(/727$/'(&5e',72<'('(36,7265(63(&7,9$0(17(
(QSRUFHQWDMH 
&UpGLWRVHQPRQHGDH[WUDQMHUD
FRPRGHOFUpGLWRVWRWDO

'HSyVLWRVHQPRQHGDH[WUDQMHUD
FRPRGHORVGHSyVLWRVWRWDOHV





$UJHQWLQD























%ROLYLD
3HU~









)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHFLIUDVRILFLDOHV


(Q WpUPLQRV GH OD FDOLGDG GH OD FDUWHUD GH FUpGLWR GH OD EDQFD \ D SHVDU GH OD GLYHUVLGDG GH
GHILQLFLRQHVHQDOJXQRVSDtVHVODFDUWHUDYHQFLGDRPRURVDHVPX\DOWD VHDVXPHFRUULHQWHPHQWHTXHVL
ODFDUWHUDYHQFLGDH[FHGHHQXQGHODFDUWHUDWRWDOHVWDHTXLYDOHDPiVGHOGHOFDSLWDOORTXH
UHSUHVHQWD XQ HOHYDGR ULHVJR SDUD OD HVWDELOLGDG ILQDQFLHUD GHO EDQFR  3RU HVH FULWHULR OD FDOLGDG GHO
SURFHVR FUHGLWLFLR HV GHILFLHQWH 6H DSUHFLD LJXDOPHQWH WDO FRPR HV SUHYLVLEOH TXH OD FDOLGDG GH OD
FDUWHUD YDUtD QDWXUDOPHQWH FRQ HO FLFOR HFRQyPLFR $ VX YH] ORV JUDGRV GH FREHUWXUD GH OD FDUWHUD
PRURVD PHGLDQWHUHVHUYDV\SURYLVLRQHV VRQPX\YDULDGRV\HQFLHUWRVFDVRVLQIHULRUHVDOORTXH
VLJQLILFD TXH VL EXHQD SDUWH GH HOOD UHVXOWD LQFREUDEOH HO FDSLWDO SRGUtD YHUVH DIHFWDGR FXDGUR  
$GHPiV HQ FLHUWRV FDVRV ORV FULWHULRV SDUD OD GHILQLFLyQ GH FUpGLWRV YHQFLGRV H LQFREUDEOHV VRQ
VLJQLILFDWLYDPHQWH PiV OD[RV TXH HQ ODV SUiFWLFDV PiV PRGHUQDV GH DGPLQLVWUDFLyQ GH FDUWHUDV (Q
FRQVHFXHQFLDHVSRVLEOHTXHHQHVRVFDVRVHOJUDGRHIHFWLYRGHFREHUWXUDVHDD~QPHQRUORTXHSRGUtD
VXSRQHU XQ SUREOHPD GH VROYHQFLD ORV TXH VH DJUDYDUtDQ GXUDQWH ODV IDVHV GHFOLQDQWHV GHO FLFOR
HFRQyPLFRFXDQGRVHHOHYDQODPRURVLGDG\ORVULHVJRVGHLPSDJRGHFUpGLWRV
(QUHODFLyQDORVLQGLFDGRUHVGHDGHFXDFLyQGHOFDSLWDOHQPXFKRVFDVRVHVWRVKDQH[KLELGRXQD
PHMRUtDKHFKRDWULEXLEOHSRUXQDSDUWHDODVOHFFLRQHVREWHQLGDVGHFULVLVILQDQFLHUDVGHDxRVSUHYLRV
TXHDFRQVHMDURQUHIRUPDVFRQGXFHQWHVDPHMRUDVHQHOSURFHVRFUHGLWLFLR\PD\RUFRUUHVSRQGHQFLDHQWUH
ORVQLYHOHVGHULHVJRGHFDUWHUD\HOFDSLWDO3RURWUDSDUWHFRQWULEX\yDHVWDPHMRUDHQORVLQGLFDGRUHVGH
VROYHQFLD OD PDVLYD OOHJDGD GH EDQFRV H[WUDQMHURV VXMHWRV D HVWiQGDUHV PiV HVWULFWRV HQ VXV SDtVHV GH
RULJHQ &RPR VH DSUHFLD HQ HO JUiILFR  OD PD\RUtD GH ORV SDtVHV H[KLEtD HQ HO  XQD UD]yQ HQWUH
FDSLWDO\DFWLYRVSRQGHUDGRVSRUULHVJRPD\RUDOUHTXHULGRSRUHODFXHUGRGHFDSLWDOGH%DVLOHD1R
REVWDQWHODDGHFXDFLyQGHOFDSLWDOSRGUtDUHVXOWDULQVXILFLHQWHSDUDFXEULUODVSpUGLGDVLQHVSHUDGDVGDGD
OD LQFRPSOHWD FREHUWXUD GH ODV SpUGLGDV HVSHUDGDV DVRFLDGDV D OD FDUWHUD PRURVD TXH VH VHxDOy HQ HO
SiUUDIRDQWHULRU




&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

&8$'52
$0e5,&$/$7,1$6,67(0$%$1&$5,21$&,21$/&$57(5$9(1&,'$&202325&(17$-(
'(/$&7,92<5(6(59$6063529,6,21(6&202325&(17$-('(/$&$57(5$9(1&,'$
(QSRUFHQWDMH 
5HVHUYDVPiVSURYLVLRQHVFRPR
SRUFHQWDMHGHODFDUWHUDYHQFLGD

&DUWHUDYHQFLGDFRPR
SRUFHQWDMHGHODFWLYR












$UJHQWLQD









%ROLYLD









%UDVLO









&KLOH









&RORPELD









&RVWD5LFD









(FXDGRU









(O6DOYDGRU









*XDWHPDOD









+RQGXUDV









0H[LFR









1LFDUDJXD









3DUDJXD\









3HUX









5HS'RPLQLFDQD









8UXJXD\









9HQH]XHOD









)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH GDWRV GH /DWLQ )LQDQFH /DWLQ)LQDQFH
/DWLQ%DQNLQJ*XLGH 'LUHFWRU\YDULRVQ~PHURV


*5),&2
$0e5,&$/$7,1$3$6(66(/(&&,21$'26$'(&8$&,1'(&$3,7$/
7RWDOGHDFWLYRVGHOVLVWHPDEDQFDULRSRQGHUDGRSRUULHVJRFRPRSRUFHQWDMHGHOFDSLWDOHQSRUFHQWDMH 








9HQH]XHOD

8UXJXD\

5HS'RPLQLFDQD

3HUX

3DUDJXD\

3DQDPD

1LFDUDJXD

0H[LFR

+RQGXUDV

*XDWHPDOD

(O6DOYDGRU

(FXDGRU

&RVWD5LFD

&RORPELD

&KLOH

%UDVLO

%ROLYLD


$UJHQWLQD




















)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH GDWRV GH /DWLQ )LQDQFH /DWLQ)LQDQFH /DWLQ
%DQNLQJ*XLGH 'LUHFWRU\YDULRVQ~PHURV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

1R REVWDQWH DO LJXDO FRPR RFXUUH FRQ OD UHJXODFLyQ EDQFDULD HQ RWUDV SDUWHV GHO PXQGR
SRVLEOHPHQWH QR WRGRV ORV ULHVJRV HVWpQ DGHFXDGDPHQWH FXELHUWRV 7DO HV HO FDVR GH ORV ULHVJRV
RSHUDFLRQDOHV TXH VRQ PX\ UHOHYDQWHV HQ SDtVHV VXMHWRV D GHVDVWUHV QDWXUDOHV KXUDFDQHV WHUUHPRWRV
LQXQGDFLRQHVSRUHMHPSOR GHFRQFHQWUDFLyQGHPHUFDGR PiVHOHYDGDTXHHQSDtVHVGHVDUUROODGRV \
DOWDYDULDELOLGDGPDFURHFRQyPLFD
2WUDFDUDFWHUtVWLFDGHORVVLVWHPDVEDQFDULRVHQODUHJLyQVRQVXVHOHYDGRVFRVWRVRSHUDFLRQDOHV
OR TXH D SULRUL GHWHUPLQD DOWRV FRVWRV GHO FUpGLWR \ SRU OR WDQWR VSUHDGV HOHYDGRV (OOR HQ SDUWH VH
H[SOLFDUtD SRU HO EDMR QLYHO GH DFWLYLGDG TXH GLILFXOWD HO DSURYHFKDPLHQWR GH HFRQRPtDV GH HVFDOD
SURYHQLHQWHVHQXQXVRPiVLQWHQVRGHODFREHUWXUDWHUULWRULDO\GHODUHGGHVXFXUVDOHVSRUHMHPSOR$Vt
HQYDULRVSDtVHVGHODUHJLyQHVWRVVSUHDGVVRQFHUFDQRVDORVGLH]SXQWRVSRUFHQWXDOHV\HQHOFDVRGH
%UDVLO VRQ LQFOXVLYH VXSHULRUHV DO  1R REVWDQWH RWURV IDFWRUHV LQFLGHQ HQ HVWH FXDGUR GH PHQRU
HILFLHQFLD (Q HIHFWR ORV VLVWHPDV EDQFDULRV GH OD UHJLyQ SUHVHQWDQ WDPELpQ SRU OR JHQHUDO XQD DOWD
UHQWDELOLGDG JUiILFR   HQ XQ FRQWH[WR GH EDMD FRPSHWHQFLD LOXVWUDGR SRU ORV LQGLFDGRUHV GH
FRQFHQWUDFLyQGHPHUFDGR JUiILFR &RQH[FHSFLyQGH&RORPELDHQWUH\HOSRUFHQWDMHGHO
FUpGLWR WRWDO RWRUJDGR SRU ORV VHLV PD\RUHV EDQFRV GH FDGD XQR GH ORV SDtVHV HQ WpUPLQRV GH DFWLYRV
WRWDOHV DXPHQWy\FRQODH[FHSFLyQGH$UJHQWLQD&RORPELD*XDWHPDOD\3DQDPiVHVLWXDEDHQ
SRU VREUH HO  OOHJDQGR LQFOXVLYH HQ (O 6DOYDGRU 1LFDUDJXD 3HU~ 5HS~EOLFD 'RPLQLFDQD \
8UXJXD\DXQDWDVDSRUVREUHHO

*5),&2
$0e5,&$/$7,1$5(17$%,/,'$'62%5(/26$&7,926
5HVXOWDGRRSHUDFLRQDOQHWRFRPRSRUFHQWDMHGHORVDFWLYRVWRWDOHVHQSRUFHQWDMH 









&RUHD

$OHPDQLD

(VSDxD

(VWDGRV8QLGRV

9HQH]XHOD

8UXJXD\

3HUX

3DUDJXD\

3DQDPD

0H[LFR

*XDWHPDOD

(O6DOYDGRU

(FXDGRU

5HS'RPLQLFDQD

&RVWD5LFD

&RORPELD

&KLOH

%UDVLO

%ROLYLD


$UJHQWLQD



















)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH GDWRV GH )RQGR 0RQHWDULR ,QWHUQDFLRQDO *OREDO
)LQDQFLDO6WDELOLW\5HSRUW



 (OLQGLFDGRUGHFRQFHQWUDFLyQGHPHUFDGRFRQVLGHUDHQIRUPDLQGLVWLQWDDORVEDQFRVS~EOLFRV\SULYDGRV/RVDXWRUHVUHFRQRFHQTXHOD
EDQFDS~EOLFDSXHGHWHQHUXQUROFRPRLQVWUXPHQWRGHODSROtWLFDS~EOLFD\TXHODVDXWRULGDGHVSXHGHQSULYLOHJLDUHQODRSHUDFLyQGHORV
EDQFRVS~EOLFRVFULWHULRVGLVWLQWRVDODREWHQFLyQGHUHQWDELOLGDGHFRQyPLFD1RREVWDQWHVHSUHWHQGHHQHVWHSXQWRHQIDWL]DUODIDOWDGH
FRPSHWHQFLDHQHOVLVWHPDEDQFDULRODFXDOVHLOXVWUDSRUODFDSWDFLyQGHPHUFDGRGHXQSHTXHxRQ~PHURGHLQVWLWXFLRQHV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

*5),&2
$0e5,&$/$7,1$3$6(66(/(&&,21$'26&21&(175$&,1'(0(5&$'2
(1(/6,67(0$%$1&$5,2
&UpGLWRRWRUJDGRSRUORVVHLVPD\RUHVEDQFRVGHOSDtVFRPRSRUFHQWDMHGHOFUpGLWRWRWDODHQSRUFHQWDMH 
































9HQH]XHOD

3HUX
5HS
'RPLQLFDQD
8UXJXD\

3DUDJXD\

3DQDPD

1LFDUDJXD

0H[LFR

+RQGXUDV

*XDWHPDOD

(O6DOYDGRU

(FXDGRU

&RVWD5LFD

&RORPELD

&KLOH

%UDVLO

%ROLYLD

$UJHQWLQD



)XHQWH (ODERUDFLyQ GH ORVDXWRUHVVREUHODEDVHGHGDWRVGH/DWLQ)LQDQFH/DWLQ)LQDQFH/DWLQ%DQNLQJ


*XLGH 'LUHFWRU\YDULRVQ~PHURV
D

(OWDPDxRGHORVEDQFRVHVWiGHILQLGRGHDFXHUGRDOPRQWRWRWDOGHVXVDFWLYRV



/RVPHUFDGRVGHFDSLWDOHV

/RVPHUFDGRVGHFDSLWDOHV\GHGHXGDVRQFRPSRQHQWHVGHVXPDLPSRUWDQFLDGHXQVLVWHPDILQDQFLHUR\
MXHJDQXQUROFODYHHQHOFUHFLPLHQWRHFRQyPLFR(QHIHFWRFRPRORGHPXHVWUDODH[SHULHQFLDGHSDtVHV
GHVDUUROODGRVHVWRVPHUFDGRVRIUHFHQXQSRWHQFLDOFODYHSDUDHOILQDQFLDPLHQWRGHODLQYHUVLyQ8QEDMR
JUDGRGHGHVDUUROORGHOPHUFDGRGHFDSLWDOHVUHVWULQJHODVSRVLELOLGDGHVGHILQDQFLDUSUR\HFWRVGHODUJR
SOD]RSRUORTXHODLQYHUVLyQHVWDUiVXMHWDDODGLVSRQLELOLGDGGHUHFXUVRVLQWHUQRVGHODVHPSUHVDV\GH
FUpGLWREDQFDULR6LELHQHVWH~OWLPRMXHJDXQUROWDPELpQLPSRUWDQWHQRVHDMXVWDELHQDODQDWXUDOH]DGH
ORVSUR\HFWRVGHLQYHUVLyQ(QHIHFWRGDGRTXHHOYDORUGHXQFUpGLWREDQFDULRHQODJUDQPD\RUtDGHORV
FDVRVHVILMRXQDYH]TXHHVFRQWUDWDGRHVWHHOHYDODVSUREDELOLGDGHVGHTXLHEUDHQFRPSDUDFLyQFRQHO
ILQDQFLDPLHQWRGHFDSLWDOYtDODHPLVLyQGHDFFLRQHVXREOLJDFLRQHVGHYDORUYDULDEOH$ODYH]GDGRTXH
XVXDOPHQWH HO SOD]R GHO FUpGLWR EDQFDULR HV LQIHULRU DO GHO SUR\HFWR GH LQYHUVLyQ ORV LQYHUVLRQLVWDV
LQFXUUHQ DGHPiV HQ HO ULHVJR GH UHQRYDFLyQ GHO FUpGLWR OR TXH VXSRQH DGLFLRQDOHV LQFHUWLGXPEUHV
HVSHFLDOPHQWHHQFRQWH[WRVHFRQyPLFRVLQHVWDEOHV3RUHOORHOFUpGLWREDQFDULRQRVXHOHVHUOD~QLFDEDVH
SDUDILQDQFLDULQYHUVLRQHVGHODUJRDOLHQWR\QRHVXQLQVWUXPHQWRDGHFXDGRSDUDSUR\HFWRVLQQRYDGRUHV
FX\RULHVJRVXHOHVHUPD\RU(QFRQWUDVWHORVPHUFDGRVDFFLRQDULRVRIUHFHQUHFXUVRVGHFDSLWDOGHODUJR
SOD]R\YDORUYDULDEOHSRUORTXHVHDMXVWDQPHMRUDODQDWXUDOH]DGHORVSUR\HFWRVGHLQYHUVLyQ\UHGXFHQ
ODVSUREDELOLGDGHVGHTXLHEUD
3RU VX SDUWH ORV PHUFDGRV GH GHXGD SRVLELOLWDQ OD DPSOLDFLyQ GH OD GLVSRQLELOLGDG GH
ILQDQFLDPLHQWRSDUDODLQYHUVLyQ3ULPHURSRUFXDQWRFRQWULEX\HQDODPDWHULDOL]DFLyQ\JHQHUDFLyQGHO
DKRUURILQDQFLHURGHODUJRSOD]RDOVDWLVIDFHUODGHPDQGDGHLQYHUVLRQLVWDVLQVWLWXFLRQDOHV FRPSDxtDVGH
VHJXURV IRQGRVGHSHQVLRQHVIRQGRVPXWXRV TXHUHTXLHUHQDFWLYRVILQDQFLHURVGHSOD]RPD\RU\TXH
RIUH]FDQ XQ ULHVJR GLIHUHQWH R PHQRU DO GH OD SDUWLFLSDFLyQ DFFLRQDULD 6HJXQGR OD H[LVWHQFLD GH XQ
VHJPHQWRGHPHUFDGRSDUDGHXGDVWUDQVDEOHVFRQWULEX\HDGHPiVDXQDPHMRUGLYHUVLILFDFLyQGHULHVJRV
HQGRVVHQWLGRV3RUXQDSDUWHORVLQYHUVLRQLVWDVLQVWLWXFLRQDOHVHVWiQPHMRUSUHSDUDGRVTXHORVEDQFRV


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

SDUDPDQWHQHU\DEVRUEHUULHVJRVGHODUJRSOD]RGHELGRDODVFDUDFWHUtVWLFDVWDPELpQGHODUJRSOD]RGHVX
IRQGHR$ODYH]GHVGHHOSXQWRGHYLVWDGHOILQDQFLDPLHQWRGHODLQYHUVLyQHVWRVPHUFDGRVRIUHFHQOD
SRVLELOLGDG GH GLYHUVLILFDU OD HVWUXFWXUD GH ORV SDVLYRV OR TXH FRQWULEX\H D UHGXFLU ORV ULHVJRV
SURYHQLHQWHVGHVGHHOODGRILQDQFLHURGHORVSUR\HFWRV
3RU ~OWLPR ORV PHUFDGRV GH GHXGD VRQ HQ ODV HFRQRPtDV PRGHUQDV HO FDQDO FODYH SDUD OD
WUDQVPLVLyQ GH OD LQIOXHQFLD GH OD SROtWLFD PRQHWDULD (Q HIHFWR DOOt GRQGH HVWRV PHUFDGRV HVWiQ
SUHVHQWHV HQ VXILFLHQWH PDJQLWXG OD DXWRULGDG PRQHWDULD SXHGH UHJXODU OD GLVSRQLELOLGDG GH OLTXLGH] D
WUDYpVGHFDPELRVHQODRIHUWDGHLQVWUXPHQWRVGHGHXGDFRPRPHGLRSDUDDIHFWDUODVWDVDVGHLQWHUpV\D
WUDYpVGHpVWDVODGHPDQGDDJUHJDGD'RQGHHVWHPHUFDGRQRH[LVWHHVSUHFLVRUHFXUULUDDOWHUQDWLYDV
PiV WUDGLFLRQDOHV GH FRQWURO GH OD OLTXLGH] WDOHV FRPR ORV HQFDMHV REOLJDWRULRV (VH WLSR GH PHGLGDV
DIHFWDGLUHFWDPHQWHODHILFLHQFLDGHORVVLVWHPDVEDQFDULRVDOLPSRQHUXQFRVWRDGLFLRQDODODJHQHUDFLyQ
GH FUpGLWRV $GHPiV ORV HQFDMHV QR HQWUHJDQ LQIRUPDFLyQ GH SUHFLRV TXH SHUPLWD HYDOXDU FXiQ
UHVWULFWLYRVVRQ\SRUHQGHHQTXpPHGLGDFXPSOHQHOFRPHWLGRGHODSROtWLFDPRQHWDULD\HOJUDGRHQ
TXHSXHGHQHVWDUDIHFWDQGRODVGHFLVLRQHVGHJDVWR\GHLQYHUVLyQ(QFRQWUDVWHODVVHxDOHVGHSUHFLRV
TXHVHGHVSUHQGHQGHORVPHUFDGRVGHGHXGDVRQXQRGHORVPHMRUHVLQGLFDGRUHVGHODHVFDVH]UHODWLYDGH
IRQGRVDORVGLYHUVRVSOD]RVHQTXHVHHPLWHQ\WUDQVDQERQRV\GHODVH[SHFWDWLYDVGHIXWXUDVWDVDVGH
LQWHUpVHLQIODFLyQORTXHSRVLELOLWDXQDPHMRUFRQGXFFLyQGHODSROtWLFDPRQHWDULD
$KRUD ELHQ HQ RFDVLRQHV VH DUJXPHQWD TXH OD FRQWULEXFLyQ GH ORV PHUFDGRV GH FDSLWDOHV \ GH
GHXGDDOILQDQFLDPLHQWRGHODLQYHUVLyQ LHQXHYRVWRFNGHFDSLWDO VHUtDPiVELHQHVFDVDSRUFXDQWRHQ
HOORV VH WUDQVDQ SULQFLSDOPHQWH WtWXORV FRUUHVSRQGLHQWHV D LQYHUVLRQHV \D PDWHULDOL]DGDV HQ HO VWRFN GH
FDSLWDO H[LVWHQWH (Q FRQVHFXHQFLD HO GHVDUUROOR GH HVWRV PHUFDGRV OD DPSOLDFLyQ GH VX OLTXLGH] \
SURIXQGLGDGDVtFRPRHOIRPHQWRGHVXHILFLHQFLDWHQGUtDQHIHFWRVGHRUGHQPHQRUSDUDHOFUHFLPLHQWR
(VWD YLVLyQ SDUHFH HVWDU EDVDGD HQ XQ KRUL]RQWH GH WLHPSR FRUWR \R HQ XQD SHUVSHFWLYD HVWiWLFD GHO
SURFHVRGHILQDQFLDPLHQWRGHODLQYHUVLyQ
'HVGH XQD SHUVSHFWLYDGHPX\FRUWRSOD]RODFDVLWRWDOLGDGGHORVWtWXORVLQWHUFDPELDGRVHQODV
EROVDVVRQODFRQWUDSDUWLGDGHXQDSDUWHGHOVWRFNGHOFDSLWDOH[LVWHQWH6LQHPEDUJRDODUJRGHOWLHPSR
QXHYDVHPLVLRQHVGHWtWXORVFRUUHVSRQGHUiQDLQFUHPHQWRVHQHVWHVWRFNGHFDSLWDOHVWRHVHQLQYHUVLyQ
$VtVLELHQVRORXQDIUDFFLyQGHODLQYHUVLyQTXHVHUHDOL]DHQXQDHFRQRPtDHVILQDQFLDGDPHGLDQWHOD
HPLVLyQ GH DFFLRQHV R GH ERQRV HV PHGLDQWH HVWH PHFDQLVPR TXH ORV PHUFDGRV DFFLRQDULRV ILQDQFLDQ
LQYHUVLyQ'HHVWHPRGRWDOFRPRORUHIOHMDQODVFLIUDVTXHVHSUHVHQWDQHQODVHFFLyQVLJXLHQWHHOYDORU
DFXPXODGRGHORVWtWXORVHPLWLGRVDXQDFLHUWDIHFKDTXHVRQODFRQWUDSDUWLGDGHLQYHUVLRQHVUHDOL]DGDV
GXUDQWH XQ SHUtRGR ODUJR KDVWD HVH PRPHQWR SXHGH DOFDQ]DU PDJQLWXGHV HOHYDGDV WDQWR FRPR
SRUFHQWDMHGHO3,%FRPRGHOVWRFNGHFDSLWDO
$ODYH]XQDSHUVSHFWLYDGLQiPLFDSHUPLWHGHVWDFDUODLPSRUWDQFLDGHODOLTXLGH]\SURIXQGLGDG
GHORVPHUFDGRVGHFDSLWDOHVSDUDHOILQDQFLDPLHQWRGHODLQYHUVLyQ$VtEXHQDSDUWHGHORVWHQHGRUHVGH
HVWRVWtWXORVQRORVPDQWLHQHHQVXVFDUWHUDVKDVWDVXYHQFLPLHQWRHQHOFDVRGHORVERQRVQLDVSLUDDXQD
SRVLFLyQ PD\RULWDULD R FRQWURODGRUD HQ HO FDVR GH ODV DFFLRQHV 0iV ELHQ PXFKRV LQYHUVLRQLVWDV
SULYDGRV H LQVWLWXFLRQDOHV GDGDV ODV FDUDFWHUtVWLFDV GH UHQWDELOLGDG \ ULHVJR GH HVRV DFWLYRV EXVFDQ
LQFRUSRUDUORVHQVXVFDUWHUDVHQIRUPDWHPSRUDO3RUHOORDQWHVGHGHFLGLUVHDFRPSUDUHVRVWtWXORVHQHO
SUHVHQWHGHEHQFHUFLRUDUVHGHTXHPiVDGHODQWHHQHOWLHPSRH[LVWLUiQPHFDQLVPRVH[SHGLWRV\GHEDMR
ULHVJR LHPHUFDGRVOtTXLGRV\SURIXQGRV SDUDYHQGHUORV
$VtODWHQHQFLDGHDFWLYRVTXHUHVSDOGDQHOVWRFNGHFDSLWDOH[LVWHQWHSXHGHVHUYLVWDFRPRXQD
VHFXHQFLD WHPSRUDO GH WHQHGRUHV ORV FXDOHV PDQWLHQHQ VXV WtWXORV SRU GLVWLQWRV SOD]RV \ TXH DEDUFD


 (QJHQHUDOODDXWRULGDGPRQHWDULDUHJXODODOLTXLGH]PHGLDQWHFDPELRVHQODRIHUWDQHWDGHWtWXORVGHFRUWRSOD]RDIHFWDQGRDVtOD
WDVDGHLQWHUpVGHFRUWRSOD]R$SDUWLUGHGLFKDWDVDODH[LVWHQFLDGHXQPHUFDGRGHERQRVWDQWRSULYDGRVFRPRS~EOLFRV\DSOD]RV
PHGLDQRV \ ODUJRV SRVLELOLWD OD GHWHUPLQDFLyQ SRU HO PHUFDGR GHO FRVWR GHO FUpGLWR VHJ~QGLIHUHQWHVSOD]RVREWHQLpQGRVHDVtXQD
HVWUXFWXUDWHPSRUDOGHWDVDVGHLQWHUpVFRQRFLGDFRPRFXUYDGHUHQGLPLHQWRVHOHPHQWRFODYHTXHDIHFWDHOFRVWRGHILQDQFLDPLHQWR
GHORVSUR\HFWRVGHLQYHUVLyQ

 $OJRVLPLODUVHVHxDODUHVSHFWRGHORVIOXMRVGHLQYHUVLyQH[WUDQMHUDGHSRUWDIROLR/RVDUJXPHQWRVTXHVLJXHQWDPELpQVHDSOLFDQDHVHFDVR



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

GHVGHHOSULPHUDGTXLULHQWHHQORVPHUFDGRVSULPDULRVKDVWDHOWHQHGRUSUHVHQWHTXHORVDGTXLULyHQXQ
PHUFDGRVHFXQGDULR7DOFRPRPHQFLRQDGRHQHOSiUUDIRDQWHULRUFDGDXQRGHHOORVKDGHFLGLGRHQVX
PRPHQWRODLQFRUSRUDFLyQGHHVWRVDFWLYRVHQVXSRUWDIROLREDVDGRHQXQDH[SHFWDWLYDIXQGDGDGHSRGHU
YHQGHUORVPiVDGHODQWH\PDWHULDOL]DUODUHQWDELOLGDGHVSHUDGD6LWDOH[SHFWDWLYDQRH[LVWLHVHHQWRQFHV
WDQWR HO SULPHU FRPSUDGRU SRWHQFLDO HQ HO PHUFDGR SULPDULR FRPR ORV VXEVHFXHQWHV SRWHQFLDOHV
DGTXLULHQWHVHQORVPHUFDGRVVHFXQGDULRVQRKDUtDQWDOLQYHUVLyQILQDQFLHUDORTXHGHMDUtDDSDUWHGHOD
LQYHUVLyQUHDOVLQILQDQFLDPLHQWR\HOVWRFNFDSLWDO\HOQLYHOGH3,%VHUtDQPHQRUHV
D 

/RVPHUFDGRVDFFLRQDULRV

/RVJUiILFRV\LOXVWUDQDOJXQRVLQGLFDGRUHVTXHQRVSHUPLWHQFDUDFWHUL]DUDJUDQGHVUDVJRVHOWDPDxRGH
ORVPHUFDGRVEXUViWLOHVHQODUHJLyQ(QHOJUiILFRVHSUHVHQWDODUHODFLyQHQWUHHOYDORUGHPHUFDGRGHO
VWRFNGHDFFLRQHVHPLWLGDV\HO3,%FRPRLQGLFDGRUGHODSURIXQGLGDGGHOPHUFDGRDFFLRQDULR&RPRDOOt
VH DSUHFLD ORV PHUFDGRV DFFLRQDULRV HQ $PpULFD /DWLQD QR REVWDQWH HO GLQDPLVPR DOFDQ]DGR HQ HVWH
PHUFDGRHQWUH\H[KLEHQXQVLJQLILFDWLYRUH]DJRHQFRPSDUDFLyQFRQORVSDtVHVGHVDUUROODGRV\
ORVSDtVHVHPHUJHQWHVGH$VLD\(XURSD(OJUiILFRLOXVWUDDGHPiVODLPSRUWDQWHSpUGLGDGHYDORUEXUViWLO
H[SHULPHQWDGDSRU(VWDGRV8QLGRV\OD8QLyQ(XURSHDDUDt]GHODUHFLHQWHFULVLVILQDQFLHUD(QHOJUiILFR
VH PXHVWUD OD HYROXFLyQ UHFLHQWH GH HPLVLRQHV DFFLRQDULDV HQ SDtVHV HPHUJHQWHV &RPR DOOt VHREVHUYDD
SDUWLUGHOVHLQLFLDXQDFHOHUDGRFUHFLPLHQWRGHODVHPLVLRQHVWRWDOHVHPHUJHQWHVOLGHUDGDVSRU$VLD
SULQFLSDOPHQWH &RUHD  (Q $PpULFD /DWLQD OD HPLVLyQ GH DFFLRQHV HQ ORV PHUFDGRV LQWHUQDFLRQDOHV
DGTXLHUHLPSRUWDQFLDDSDUWLUGHOGRQGHHOSULQFLSDOSDtVHPLVRUHV%UDVLO

*5),&2
&$3,7$/,=$&,1%8567,/
&RPRSRUFHQWDMHGHO3,% 











(VWDGRV
8QLGRV

-DSyQ

8QLyQ
(XURSHD

(XURSD
HPHUJHQWH

$IULFD

2ULHQWH
0pGLR

$VLD


$PpULFD
/DWLQD






















)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGH)RQGR0RQHWDULR,QWHUQDFLRQDO*OREDO)LQDQFLDO
6WDELOLW\5HSRUWYDULRVQ~PHURV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

*5),&2
0(5&$'26(0(5*(17(6(0,6,21(6'($&&,21(6
0LOORQHVGHGyODUHV 






$IULFD





2ULHQWH0HGLR



$VLD









$PpULFD/DWLQD




























(XURSDHPHUJHQWH

)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH *OREDO )LQDQFLDO 6WDELOLW\ 5HSRUW )RQGR
0RQHWDULR,QWHUQDFLRQDOYDULRVQ~PHURV


'HQWURGH$PpULFD/DWLQDVyOR&KLOHH[KLEHQLYHOHVGHSURIXQGLGDGFRPSDUDEOHVFRQORVGHRWUDV
UHJLRQHVHQWDQWRSDUDHOUHVWRGHSDtVHVHOUH]DJRHVPX\SURQXQFLDGRRELHQODDXVHQFLDGHGDWRVHVXQ
VtQWRPDGHODSUiFWLFDLQH[LVWHQFLDGHOPHUFDGRDFFLRQDULR JUiILFR $VXYH]HOPHUFDGRPiVOtTXLGR
VHJ~QHOFRHILFLHQWHGHURWDFLyQDFFLRQDULDHVHOGH%UDVLOHQWDQWRORVUHVWDQWHVPHUFDGRVH[KLEHQXQD
EDMDOLTXLGH] JUiILFR 

*5),&2
$0e5,&$/$7,1$3$6(66(/(&&,21$'26&$3,7$/,=$&,1%8567,/
&202325&(17$-('(/3,%
(QSRUFHQWDMH 



























$UJHQWLQD

0H[LFR

3HU~

&RORPELD



%UDVLO

&KLOH



)XHQWH:RUOG)HGHUDWLRQRI([FKDQJHVGDWDEDVH




 $PRGRGHFRPSDUDFLyQHOFRHILFLHQWHGHURWDFLyQDFFLRQDULRGHOWRWDOGHODVEROVDVTXHUHSRUWDQDO:RUOGIHGHUDWLRQRIH[FKDQJHV
IXHGHHQHQ\HQ



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD


*5),&2
$0e5,&$/$7,1$3$6(66(/(&&,21$'26&2(),&,(17('(527$&,1(1/260(5&$'26
$&&,21$5,26
&RPRSRUFHQWDMHGHODFDSLWDOL]DFLyQEXUViWLOHQSRUFHQWDMH 


























$UJHQWLQD

3HU~

&KLOH


&RORPELD


0H[LFR

%UDVLO



)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGHO:RUOG)HGHUDWLRQRI([FKDQJHVGDWDEDVH


(QVtQWHVLVODJUDQPD\RUtDGHORVSDtVHVGHODUHJLyQH[KLEHXQEDMRJUDGRGHSURIXQGL]DFLyQGHO
PHUFDGR DFFLRQDULR ODV QXHYDV HPLVLRQHV VRQ SRFDV \ HQ JHQHUDO OD OLTXLGH] HV EDMD OR TXH OLPLWD
VLJQLILFDWLYDPHQWHHVWDYtDGHILQDQFLDPLHQWRGHODLQYHUVLyQ
E 

/RVPHUFDGRGHERQRV

$ QLYHO JOREDO ORV PHUFDGRV GH GHXGD H[KLELHURQ XQ LPSRUWDQWH GLQDPLVPR HQWUH  \  HQ
SDUWLFXODU HQ HO FDVR GH ORV SDtVHV PiV GHVDUUROODGRV GHO PXQGR $PpULFD /DWLQD HQ FRQWUDVWH
HYROXFLRQyHQIRUPDGLVWLQWDHQYLUWXGGHODUHGXFFLyQGHODGHXGDS~EOLFD HQFLHUWRVFDVRVWDQWRFRPR
SRUFHQWDMH GHO 3,% FRPR HQ PRQWRV DEVROXWRV  DSR\DGD HQ SRVLFLRQHV ILVFDOHV \ H[WHUQDV IRUWDOHFLGDV
PHUFHGDPHMRUDVHQORVWpUPLQRVGHOLQWHUFDPELRHQHOFDVRGHYDULRVSDtVHV
,QFOXVLYHFXDQGRVHH[DPLQDHOFRPSRUWDPLHQWRGHODVHPLVLRQHVGHERQRVHQSDtVHVHPHUJHQWHV
VH FRQVWDWD TXH $PpULFD /DWLQD H[KLEH XQR GH ORV PHQRUHV ULWPRV UHODWLYRV GH FUHFLPLHQWR &RPR VH
GHVSUHQGHGHOJUiILFRORVPHUFDGRVGHGHXGDH[KLEHQXQDJUDQSDUWLFLSDFLyQGHERQRVS~EOLFRV/D
SUHVHQFLD GH HVRV ERQRV HV FRQVLGHUDGD FRPR XQR GH ORV DVSHFWRV QHFHVDULRV SDUD HO GHVDUUROORGHORV
PHUFDGRVGHGHXGD\SDUDXQPHMRUDFFHVRDHVWRVSRUSDUWHGHHPLVRUHVSULYDGRV(OORSRUFXDQWRWDQWR
HQ ORV PHUFDGRV ILQDQFLHURV LQWHUQDFLRQDOHV FRPR HQ ORV GRPpVWLFRV HO UHQGLPLHQWR GH ORV ERQRV
VREHUDQRVHVODWDVDGHUHIHUHQFLD EHQFKPDUN UHSUHVHQWDWLYDGHOFRVWRGHIRQGRVPHGLDQWHODHPLVLyQGH
XQ DFWLYR VHJXUR R OLEUH GH ULHVJR 'LFKD WDVD VLUYH HQWRQFHV FRPR SLVR SDUD GHWHUPLQDU VHJ~Q ODV
FDUDFWHUtVWLFDV GH ULHVJR GH ORV HPLVRUHV HO FRVWR GH IRQGRV DGLFLRQDO VSUHDG  SDUD ODV HPLVLRQHV GH
GHXGDSULYDGD$GHPiVHQRSHUDFLRQHVGHILQDQFLDPLHQWRLQWHUEDQFDULDV\GHDGPLQLVWUDFLyQGHULHVJRV
HVWRVERQRVVXHOHQVHUHPSOHDGRVFRPRFRODWHUDOHVFRQORFXDOFRQWULEX\HQWDPELpQDDPSOLDUHOiPELWR
GHOPHUFDGRSRVLELOLWDQGRHOGHVDUUROORGHQXHYRVVHJPHQWRV




&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

*5),&2
0(5&$'2*/2%$/3255(*,21(6778/26'('(8'$3%/,&$<'(8'$35,9$'$<
&RPRSRUFHQWDMHGHO3,% 









































$PpULFD
/DWLQD

$VLD

2ULHQWH
0pGLR

$IULFD

(XURSD
8QLyQ
HPHUJHQWH (XURSHD

SXEOLFR

-DSyQ

$PpULFD
/DWLQD

(VWDGRV
8QLGRV

$VLD

2ULHQWH
0pGLR

$IULFD

(XURSD
8QLyQ
HPHUJHQWH (XURSHD

SXEOLFR

SULYDGR

-DSyQ

(VWDGRV
8QLGRV

SULYDGR

)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH )RQGR 0RQHWDULR ,QWHUQDFLRQDO *OREDO )LQDQFLDO 6WDELOLW\ 5HSRUW
YDULRVQ~PHURV



*5),&2
(0,6,21(6'(%21263255(*,1
0LOORQHVGHGyODUHV 





































$PpULFD/DWLQD


$VLD





2ULHQWH0HGLR


$IULFD









(XURSDHPHUJHQWH

)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH )RQGR 0RQHWDULR ,QWHUQDFLRQDO
*OREDO)LQDQFLDO6WDELOLW\5HSRUWYDULRVQ~PHURV


(QUD]yQGHORDQWHULRUQRHVVRUSUHQGHQWHODDOWDSUHVHQFLDGHERQRVS~EOLFRVHQHVWHPHUFDGR
6LQHPEDUJRHQHOFDVRGH$PpULFD/DWLQDGLFKDSDUWLFLSDFLyQHVFRPSDUDWLYDPHQWHPiVHOHYDGDTXHHQ
PHUFDGRV GH SDtVHV HPHUJHQWHV \ GHVDUUROODGRV FRQ OD H[FHSFLyQ GH -DSyQ \ (XURSD HPHUJHQWH  (Q
HIHFWRHQSURPHGLRHQ$PpULFD/DWLQDODSDUWLFLSDFLyQGHORVERQRVS~EOLFRVHQHOWRWDOGHORVERQRV
HPLWLGRV IXH GH  HQ  FLIUD PX\ VXSHULRU D OD GH ORV (VWDGRV 8QLGRV   OD 8QLyQ


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

(XURSHD   $VLD   IULFD   \ 2ULHQWH 0HGLR   'LFKD VLWXDFLyQ WHQGLy D
DFHQWXDUVH UHFLHQWHPHQWH GHELGR DO UHHPSOD]R GH GHXGD H[WHUQD SRU LQWHUQD TXH YDULRV SDtVHV GH OD
UHJLyQLPSOHPHQWDURQGHVGHODPHMRUDHQVXVLWXDFLyQILVFDO\H[WHUQDDSDUWLUGHO
(VWHHOHYDGRSHVRGHORVERQRVS~EOLFRVHQHOPHUFDGRGHGHXGDGHELHUDOOHYDUDXQH[DPHQGH
GRV DVSHFWRV GHO ILQDQFLDPLHQWR GH OD LQYHUVLyQ GH OD UHJLyQ (Q SULPHU OXJDU HV SUHFLVR H[DPLQDU HO
JUDGRHQTXHHOQLYHOGHGHXGDS~EOLFDSXGLHUDKDEHUH[FHGLGRDTXHOQHFHVDULRSDUDSURYHHUXQDFWLYR
VHJXUR VREUH FX\D EDVH GHVFDQVD HO GHVDUUROOR GHO PHUFDGR GH GHXGD SULYDGD (Q OXJDU GH HOOR GLFKD
GHXGDSRGUtDHVWDUGHVSOD]DQGR FURZGLQJRXW RHQFDUHFLHQGRODHPLVLyQGHERQRVSULYDGRVOLPLWDQGR
DVtHODFFHVRDUHFXUVRVGHODUJRSOD]RSDUDHOILQDQFLDPLHQWRGHODLQYHUVLyQDODYH]TXHSRGUtDHVWDU
UHVWULQJLHQGRHOFUpGLWREDQFDULRSRUODYtDGHWHQHQFLDVREOLJDWRULDVGHERQRVGHODGHXGDS~EOLFDRSRU
VXVHOHYDGRVUHWRUQRV
(Q VHJXQGR OXJDU HV SRVLEOH TXH XQD HOHYDGD SUHVLyQ GH OD GHXGD S~EOLFD HQ XQ PHUFDGR GH
WDPDxR UHGXFLGR \ SRU WDQWR GH EDMD FDSDFLGDG SDUD JHQHUDU UHFXUVRV ILQDQFLHURV VHD XQR GH ORV
SULQFLSDOHVIDFWRUHVH[SOLFDWLYRVGHFLHUWRVFDVRVGHHOHYDGDVWDVDVGHLQWHUpV(OORDVXYH]HQDTXHOORV
FDVRVHQTXHH[LVWHFLHUWRJUDGRGHLQWHJUDFLyQILQDQFLHUDFRQHOUHVWRGHOPXQGRSRGUtDHVWDUWUDVORV
HSLVRGLRVGHHQWUDGDVGHFDSLWDOHVTXHKDQRULJLQDGRWHQGHQFLDVDODDSUHFLDFLyQFDPELDULD
(QDPERVFDVRVHOSUREOHPDQRUDGLFDHQXQH[FHVRGHGHXGDS~EOLFDFRPRSRUFHQWDMHGHO3,%VL
VH OD FRPSDUD FRQ OD H[SHULHQFLD GH RWUDV UHJLRQHV 7DPSRFR HV QHFHVDULDPHQWH XQ SUREOHPD GH
LQVRVWHQLELOLGDGGHODGHXGDHQHOVHQWLGRGHODFDSDFLGDGRVROYHQFLDGHO(VWDGRSDUDKDFHUIUHQWHDVXV
FRPSURPLVRV 0iV ELHQ OR TXH DTXt VH HQIDWL]D HV TXH HVWH FRQMXQWR GH UHVXOWDGRV QHJDWLYRV SDUD HO
FUHFLPLHQWR WLHQH HQ SDUWH VX H[SOLFDFLyQ HQ XQD LQVXILFLHQWH FDSDFLGDG GH JHQHUDFLyQ GH UHFXUVRV
ILQDQFLHURVGRPpVWLFRVRULJLQDGDHQVLVWHPDVILQDQFLHURVVXEGHVDUUROODGRV
3RU ~OWLPR HV UHOHYDQWH QRWDU TXH ODV HYLGHQFLDV UHVSHFWR GH OD FRPSRVLFLyQ GHO WRWDO GH ERQRV
HPLWLGRVHQODUHJLyQ H[FOXLGRVORVLQVWUXPHQWRVGHFRQWUROPRQHWDULR QRUHVXOWDIXQFLRQDODORVSURSyVLWRV
GHO ILQDQFLDPLHQWR GH OD LQYHUVLyQ SRU FXDQWR HQ FRPSDUDFLyQ FRQ RWUDV UHJLRQHV HPHUJHQWHV \ SDtVHV
LQGXVWULDOL]DGRV OD SUHVHQFLD GH LQVWUXPHQWRV D WDVD GH LQWHUpV IORWDQWH \R LQGH[DGRV D OD LQIODFLyQ HV
GHVSURSRUFLRQDGDPHQWHHOHYDGD(QHIHFWRKDFLDHOSDUDORVSDtVHVGHODUHJLyQFRQGLVSRQLELOLGDGGH
GDWRVVHDSUHFLDEDTXHODSDUWLFLSDFLyQSURPHGLRGHORVERQRVDWDVDYDULDEOHHUDGH\GHORVLQGH[DGRV
HUDGHHQWDQWRODGHDTXHOORVDWDVDILMDHUDGHXQ(QFRQWUDVWHODSDUWLFLSDFLyQGHERQRVDWDVD
ILMD SRU HMHPSOR DOFDQ]DED DO  \ DO  SDUD HO WRWDO GH SDtVHV HPHUJHQWHV H LQGXVWULDOL]DGRV
UHVSHFWLYDPHQWH(OORHQODPD\RUtDGHORVFDVRVLPSOLFDTXHDXPHQWDQODVGLILFXOWDGHVGHILQDQFLDUOD
LQYHUVLyQSRUHVWDYtDSRUFXDQWRDORVULHVJRVQRUPDOHVGHOSUR\HFWRGHLQYHUVLyQVHDJUHJDQORVULHVJRV
GHIOXFWXDFLRQHVHQODVWDVDVGHLQWHUpV\HQODLQIODFLyQ/DUHODWLYDLQH[LVWHQFLDGHLQVWUXPHQWRV\PHUFDGRV
TXHSHUPLWDQFXEULUHVWRVULHVJRVDJUDYDD~QPiVHVWDGLILFXOWDG

% /RVIOXMRVGHILQDQFLDPLHQWRH[WHUQR
(QODVVHFFLRQHVSUHYLDVVHH[DPLQDURQODVSULQFLSDOHVFDUDFWHUtVWLFDVGHORVFRPSRQHQWHVGHORVVLVWHPDV
ILQDQFLHURV GH OD UHJLyQ HQ XQD SHUVSHFWLYD TXH HQIDWL]y OD GLVSRQLELOLGDG GH UHFXUVRV ILQDQFLHURV HQ
JHQHUDO\FLHUWRVDVSHFWRVUHODWLYRVDODHILFLHQFLDGHHVWRVVLVWHPDV(QHVWDVHFFLyQVHGLVFXWHQHQIRUPD
VHSDUDGDODVSULQFLSDOHVFDUDFWHUtVWLFDVGHORVIOXMRVGHFDUiFWHUILQDQFLHURH[WHUQRGHODUHJLyQHQYLUWXG
GH OD LPSRUWDQFLD TXH HVWRV WLHQHQ HQ HO GHEDWH UHODWLYR D ODV SROtWLFDV ILQDQFLHUDV (Q JHQHUDO ODV
FRQVHFXHQFLDVGHHVWRVIOXMRVHQWpUPLQRVGHODGLVSRQLELOLGDGGHUHFXUVRVWLHQGHQDHVWDUUHIOHMDGDVHQ
ODHYROXFLyQ\FDUDFWHUtVWLFDVGHORVPHUFDGRVEDQFDULRVGHFDSLWDOHV\GHXGDSHURXQH[DPHQGHWDOODGR
DUURMDXQDYLVLyQPiVSUHFLVDGHVXDSRUWHDOILQDQFLDPLHQWRHQODUHJLyQ




 6HJ~QFLIUDVGHO)RQGR0RQHWDULR,QWHUQDFLRQDO*OREDO)LQDQFLDO6WDELOLW\5HSRUWYDULRVQ~PHURV
 9pDVH %,6   \ OD DFWXDOL]DFLyQ GH OD EDVH GH GDWRV HQ HO VLWLR ZHE ZZZELVRUJ /RV SDtVHV GH OD UHJLyQ LQFOXLGRV VRQ
$UJHQWLQD%UDVLO&KLOH&RORPELD0p[LFR3HU~\9HQH]XHOD



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1



/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

1LYHOGHOILQDQFLDPLHQWRH[WHUQRGHORVEDQFRV

(QSULPHUOXJDUFDEHGHVWDFDUXQDVRVWHQLGDWHQGHQFLDDODUHGXFFLyQHQHOJUDGRHQTXHORVEDQFRVGHOD
UHJLyQ UHFXUUHQ D IRQGRV H[WHUQRV OXHJR GH OD FULVLV GH OD GHXGD H[WHUQD GH $PpULFD /DWLQD GXUDQWH OD
GpFDGDGHORVRFKHQWD&RPRLOXVWUDHOJUiILFRODVREOLJDFLRQHVH[WHUQDVGHORVEDQFRVGHODUHJLyQKDQ
FUHFLGR HQ IRUPD PXFKR PiV SDXVDGD TXH HQ RWUDV ]RQDV HPHUJHQWHV \ VRQ ODV PiV EDMDV HQ WpUPLQRV
DEVROXWRV(QHIHFWRKDVWDHOODVREOLJDFLRQHVH[WHUQDVGHORVEDQFRVVHPDQWXYLHURQHVWDQFDGDVHQXQ
QLYHODEVROXWRVLPLODUDOGHPHGLDGRVGHORVRFKHQWD$SDUWLUGHDOOtVHLQLFLDXQDO]DTXHIXHLQWHUUXPSLGD
SRUODHFORVLyQGHODFULVLVILQDQFLHUDJOREDOHQH[KLELHQGROXHJRFLHUWRUHWURFHVRTXHVLQHPEDUJR
QRUHYLHUWHWRWDOPHQWHHOFUHFLPLHQWRSUHYLR(QFRQWUDVWHODVRWUDVUHJLRQHVHPHUJHQWHVH[KLELHURQFDtGDV
PiVSURIXQGDVTXH$PpULFD/DWLQDSUHFLVDPHQWHSRUVXPD\RUH[SRVLFLyQH[WHUQD7pQJDVHSUHVHQWHTXH
HVWRVFDPELRVHQHOIRQGHRH[WHUQRGHORVEDQFRVGXUDQWHODUHFLHQWHFULVLVQRUHIOHMDQ~QLFDPHQWHFDPELRV
HQODRIHUWDGHUHFXUVRVH[WHUQRVVLQRTXHWDPELpQREHGHFHQDUHGXFFLRQHVSUHFDXWRULDVGHODH[SRVLFLyQ
H[WHUQDSRUSDUWHGHORVEDQFRVGHSDtVHVHPHUJHQWHV'HOPLVPRPRGRODSURQWDUHFXSHUDFLyQGHODFFHVRD
HVWRV UHFXUVRV SRU SDUWH GH $PpULFD /DWLQD \ ODV RWUDV UHJLRQHV HPHUJHQWHV FRQ OD H[FHSFLyQ GH SDtVHV
HPHUJHQWHV GH (XURSD FX\D VLWXDFLyQ FRQWLQXy VLHQGR PX\ LQFLHUWD  SRGUtD VHU H[SOLFDGD SRU XQ FDPELR
SRVLWLYRHQODVH[SHFWDWLYDVUHIOHMDQGRXQPD\RURSWLPLVPRUHVSHFWRGHODVSUREDEOHVFRQVHFXHQFLDVGHOD
FULVLVSRUSDUWHGHGHPDQGDQWHV\RIHUHQWHVGHUHFXUVRV'HVGHHVWHSXQWRGHYLVWDODYXOQHUDELOLGDGGHORV
VLVWHPDV EDQFDULRV GH OD UHJLyQ DQWH V~ELWRV FDPELRV HQ OD GLVSRQLELOLGDG GH UHFXUVRV H[WHUQRV KD
GLVPLQXLGR\HVPHQRUDODGHRWUDVUHJLRQHVHPHUJHQWHV
2WUD IRUPD GH H[DPLQDU HVWH DVSHFWR HV PHGLDQWH OD HYROXFLyQ GH ORV FUpGLWRV VLQGLFDGRV GH
EDQFRV H[WUDQMHURV KDFLD ODV HFRQRPtDV HPHUJHQWHV &RPR LOXVWUD HO JUiILFR  ODV WHQGHQFLDV DQWHV
PHQFLRQDGDVVHYHULILFDQQXHYDPHQWHDTXt6HFRQFOX\HHQWRQFHVTXHORVEDQFRVGH$PpULFD/DWLQD\
HO &DULEH H[KLEHQ XQD WHQGHQFLD GHFUHFLHQWH HQ HO ODUJR SOD]R HQ VX H[SRVLFLyQ DO HQGHXGDPLHQWRFRQ
EDQFRVH[WUDQMHURVQRUHVLGHQWHV(OORFRQILUPDORVHxDODGRPiVDUULEDHQODVHFFLyQ,,DHQUHODFLyQDOD
SDUWLFLSDFLyQGHFUHFLHQWHGHORVSDVLYRVH[WHUQRVHQODHVWUXFWXUDGHILQDQFLDPLHQWRGHORVEDQFRV


*5),&2
2%/,*$&,21(6(;7(51$6'(/26%$1&26'(3$6(6(0(5*(17(6&21%$1&2648(
5(3257$1$/%,63255(*,21(6-81,20$5=2'(
0LOORQHVGHGyODUHV 









$IULFD\2ULHQWH0HGLR

$VLD\3DFLILFR



 9pDVH&(3$/D\E



'HF

0DU

-XQ

$PpULFD/DWLQD\HO&DULEH

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGH%DQFRGH3DJRV,QWHUQDFLRQDOHV



6HS

0DU

'HF

-XQ

6HS

0DU

(XURSD

'HF

-XQ

6HS

0DU

'HF

-XQ

'HF

-XQ

'HF

-XQ

'HF

-XQ

'HF

-XQ


'HF





















&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD


*5),&2
35e67$0266,1',&$'263255(*,21(6
&RPRSRUFHQWDMHGHO3,% 




























$IULFD







2ULHQWH0HGLR



$VLD







$PpULFD/DWLQD









(XURSDHPHUJHQWH

)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH *OREDO )LQDQFLDO 6WDELOLW\ 5HSRUW )RQGR
0RQHWDULR,QWHUQDFLRQDOYDULRVQ~PHURV



(PLVLyQGHERQRVVREHUDQRVFXDVLVREHUDQRV\
FRUSRUDWLYRVSULYDGRV

/DVHPLVLRQHVGHERQRVHQHOPHUFDGRLQWHUQDFLRQDOSRUSDUWHGHORVSDtVHVGH$PpULFD/DWLQDVHLOXVWUDQ
HQHOJUDILFR&RPRDOOtVHDSUHFLDHVWDVDGTXLULHURQXQFLHUWRGLQDPLVPRHQODSULPHUDPLWDGGHOD
GpFDGDGHORVQRYHQWDTXHVHLQWHUUXPSLyDUDt]GHODHFORVLyQGHODFULVLVDVLiWLFDHQSDUDOXHJR
HVWDQFDUVHDFRQVHFXHQFLDGHODVGLILFXOWDGHVFRQUHODFLyQDOFXPSOLPLHQWRGHVXVFRPSURPLVRVH[WHUQRV
GHSDUWHGH(FXDGRUHQ\$UJHQWLQDKDFLDILQHVGHO$HOORVHVXPyXQLQFLHUWRFXDGURH[WHUQR
GHELGR D OD FULVLV TXH DIHFWy D OD HFRQRPtD GH ORV (VWDGRV 8QLGRV D SDUWLU GHO  3RVWHULRUPHQWH D
PHGLGD TXH VH UHFXSHUy OD FRQILDQ]D GH ORV PHUFDGRV WHQGLy D UHWRPDUVH HO ULWPR GH HPLVLRQHV GH
ERQRVSHURHODXJHHQORVSUHFLRVGHODVSULQFLSDOHVH[SRUWDFLRQHVGH$PpULFD/DWLQD\ODVPHMRUDVHQ
VXVLWXDFLyQILVFDOGHWHUPLQDURQXQDPHQRUQHFHVLGDGGHUHFXUVRVH[WHUQRV\XQFDPELRHQODVHVWUDWHJLDV
GHDGPLQLVWUDFLyQGHGHXGDS~EOLFDGHYDULRVSDtVHVGHODUHJLyQ
3HVH D TXH YDULRV SDtVHV KDQ WHQLGR DFFHVR D HVWD IRUPD GH ILQDQFLDPLHQWR $UJHQWLQD %UDVLO \
0p[LFR UHJLVWUDQ ORV PD\RUHV PRQWRV GH HPLVLRQHV $ UDt] GHO GHIDXOW GH VX GHXGD H[WHUQD D ILQHV GH
HODFFHVRDORVUHFXUVRVILQDQFLHURVLQWHUQDFLRQDOHVYROXQWDULRVSRUSDUWHGH$UJHQWLQDVHGLILFXOWy
HQRUPHPHQWHSRUORTXHVXVHPLVLRQHVGHERQRVGHFD\HURQHQIRUPDLPSRUWDQWH(OUHJLVWURGHQXHYDV
HPLVLRQHV SRU SDUWH GH HVWH SDtV HQ HO REHGHFHHVHQFLDOPHQWHDORVHVIXHU]RVGHUHHVWUXFWXUDFLyQ
FDQMH GHODGHXGDH[WHUQDPiVTXHDXQUHWRUQRDOILQDQFLDPLHQWRH[WHUQRYROXQWDULR
$VLPLVPR\VLELHQHQXQSULPHUPRPHQWRODVHPLVLRQHVGHERQRVGHODUHJLyQHQORVPHUFDGRV
LQWHUQDFLRQDOHVHVWDEDQSULQFLSDOPHQWHFRQFHQWUDGDVHQERQRVVREHUDQRVVHKDUHJLVWUDGRXQLQFUHPHQWR
GHODSDUWLFLSDFLyQWDQWRGHERQRVHPLWLGRVSRUHPSUHVDVS~EOLFDVFRPRGHERQRVFRUSRUDWLYRVHPLWLGRV
SRUHOVHFWRUSULYDGR JUiILFRV\ 1RREVWDQWHVRODPHQWHXQJUXSRSHTXHxRGHSDtVHVWLHQHDFFHVR
D HVWH PHUFDGR (Q HO FDVR GH ODV HPLVLRQHV GH ERQRV FRUSRUDWLYRV SULYDGRV HVWDV FRUUHVSRQGHQ
HVHQFLDOPHQWHDHPLVLRQHVGHHPSUHVDVGH%UDVLO&KLOH\0p[LFR



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD


*5),&2
$0e5,&$/$7,1$(0,6,21(6'(%2126(1/260(5&$'26,17(51$&,21$/(6
0LOORQHVGHGyODUHV 








$UJHQWLQD

%UDVLO

&KLOH

&RORPELD

0H[LFR

9HQH]XHOD




























































2WURV

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGH&(3$/%DODQFH3UHOLPLQDUGH$PpULFD/DWLQD\
HO&DULEH\)RQGR0RQHWDULR,QWHUQDFLRQDO*OREDO)LQDQFLDO6WDELOLW\5HSRUW


*5),&2
$0e5,&$/$7,1$(0,6,21(6'(%2126(1/260(5&$'26,17(51$&,21$/(63256(&725
0LOORQHVGHGyODUHV 









&RUSRUDWLYRV

6REHUDQRV

%DQFRV


















































&DVLVREHUDQRV\VXSUDQDFLRQDO

)XHQWH (ODERUDFLyQ GH ORV DXWRUHV VREUH OD EDVH GH &(3$/ &DSLWDO )ORZV WR /DWLQ
$PHULFDYDULRVQ~PHURV
1RWD/RVGDWRVSDUDHOFRUUHVSRQGHQDOSHUtRGRHQHURMXQLR



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1



/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

2WURVIOXMRVILQDQFLHURVH[WHUQRVQHWRV

8QD PLUDGD D OD FRPSRVLFLyQ GH OD FXHQWD ILQDQFLHUD GH OD EDODQ]D GH SDJRV QRV SHUPLWH DQDOL]DU OD
HYROXFLyQGHRWURVIOXMRVILQDQFLHURVQHWRVTXHKDQLQJUHVDGRDODUHJLyQ(VWRVVHSXHGHQDJUHJDUHQWUHV
JUDQGHV JUXSRV OD LQYHUVLyQ H[WUDQMHUDGLUHFWD ,(' ODLQYHUVLyQGHFDUWHUD SULQFLSDOPHQWHWtWXORV \
ORVDFWLYRVQHWRVGHRWUDLQYHUVLyQFRPSXHVWRVHVHQFLDOPHQWHSRUFUpGLWREDQFDULRFUpGLWRFRPHUFLDO\
ODFRQVWLWXFLyQGHRWURVDFWLYRV\SDVLYRVFRQHOH[WHULRU
(O SDXODWLQR DFFHVR GH ORV SDtVHV D ORV PHUFDGRV LQWHUQDFLRQDOHV VH WUDGXMR QR VRODPHQWH HQ XQ
DXPHQWRGHODVHPLVLRQHVGHERQRVWDOFRPRYLVWRHQHOSXQWRDQWHULRUSHURWDPELpQHQXQDXPHQWRGHO
LQJUHVRGHIOXMRVGHFDSLWDOHVDODUHJLyQ(QORUHODFLRQDGRFRQODLQYHUVLyQH[WUDQMHUDGLUHFWDHVWDDXPHQWy
HQ IRUPD LPSRUWDQWH GXUDQWH OD GpFDGD GH ORV QRYHQWD GH OD PDQR GH ORV SURFHVRV GH SULYDWL]DFLyQ GH
OLEHUDOL]DFLyQGHDOJXQRVPHUFDGRV\GHOHVWDEOHFLPLHQWRGHJDUDQWtDVDORVLQYHUVLRQLVWDVH[WUDQMHURV(Q
HVWH FRQWH[WR PLHQWUDVTXHHQORVSDtVHVGH$PpULFDGHO6XUORVVHFWRUHVGHVWLQDWDULRVGHHVWDLQYHUVLyQ
IXHURQ SULQFLSDOPHQWH ORV VHUYLFLRV EiVLFRV \ GH FRPXQLFDFLRQHV VHUYLFLRV ILQDQFLHURV \ DTXHOORV
YLQFXODGRVFRQODH[SORWDFLyQGHUHFXUVRVQDWXUDOHVHQ0p[LFR\HQORVSDtVHVGH$PpULFD&HQWUDOHVWRV
IOXMRV HVWXYLHURQ PD\RULWDULDPHQWH GLULJLGRV KDFLD HO VHFWRU PDQXIDFWXUHUR HQ YLUWXG GH ORV LQFHQWLYRV
RIUHFLGRV D OD LQGXVWULD PDTXLODGRUD (Q HIHFWR YDULRV SDtVHV LPSOHPHQWDURQ SROtWLFDV S~EOLFDV FRQ HO
REMHWLYRH[SOLFLWRGHDWUDHUHVWHWLSRGHLQYHUVLyQPHGLDQWHHOHVWDEOHFLPLHQWRGHSUHIHUHQFLDVILVFDOHVRGH
]RQDVIUDQFDV
'XUDQWHORVSULPHURVDxRVGHODSULPHUDGpFDGDGHORVORVLQJUHVRVGHLQYHUVLyQH[WUDQMHUD
GLUHFWD GLVPLQX\HURQ HQ IRUPD FRQVLGHUDEOH FRQ UHODFLyQ D ORV Pi[LPRV UHJLVWUDGRV HQ  QR
REVWDQWH VH PDQWXYLHURQ ELHQ SRU VREUH ORV QLYHOHV ORJUDGRV GXUDQWH OD SULPHUD PLWDG GH ORV DxRV
QRYHQWD(Q\ODUHJLyQDQRWyQXHYDPHQWHXQUHFRUGGHLQJUHVRVGH,('GHELGRDORVDOWRV
LQIOXMRVKDFLD%UDVLO\0p[LFR JUiILFR 
(QORUHODFLRQDGRFRQODLQYHUVLyQGHFDUWHUDRGHSRUWDIROLRHVWDDXPHQWyHQIRUPDLPSRUWDQWH
HQ ORV SULPHURV DxRV GH OD GpFDGD GH ORV QRYHQWD UHIOHMDQGR HQ SDUWH ORV HIHFWRV GH SURFHVRV GH
SULYDWL]DFLyQ \ GH PD\RU DSHUWXUD GH ORV PHUFDGRV LQWHUQRV D OD LQYHUVLyQ H[WHUQD \ VH PDQWXYR HQ
QLYHOHVUHODWLYDPHQWHHOHYDGRVKDVWDDxRHQHOFXDOVHVLQWLHURQHQODUHJLyQORVHIHFWRVGHODFULVLV
LQWHUQDFLRQDO TXH VH LQLFLy HQ ORV SDtVHV DVLiWLFRV 3RVWHULRUPHQWH HQ HO FRQWH[WR GH VLWXDFLRQHV GH
GHIDXOW GH FRPSURPLVRV H[WHUQRV SRU SDUWH GH DOJXQRV SDtVHV GH OD UHJLyQ \ ODV WXUEXOHQFLDV TXH
DIHFWDURQDODHFRQRPtDGHORV(VWDGRV8QLGRVDSDUWLUGHOHVWRVIOXMRVSUiFWLFDPHQWHGHVDSDUHFHQ
R VH WRUQDQ QHJDWLYRV 6RODPHQWH HQ HO  ORV LQIOXMRV QHWRV GH LQYHUVLyQ GH SRUWDIROLR DGTXLULHURQ
QXHYDPHQWHLPSRUWDQFLDSDUDODUHJLyQHQVXFRQMXQWRSURGXFWRGHODXPHQWRGHODVHPLVLRQHVGHWtWXORV
S~EOLFRV HQ PRQHGD QDFLRQDO SRU SDUWH GH YDULRV SDtVHV UHVXOWDGR WDPELpQ GH ORV SURFHVRV GH
UHHVWUXFWXUDFLyQ GH GHXGD H[WHUQD \ VXVWLWXFLyQ GH GHXGD H[WHUQD SRU GHXGD LQWHUQD \ GHO PD\RU
GLQDPLVPRGHORVPHUFDGRVILQDQFLHURVLQWHUQRVGHDOJXQRVSDtVHVHQSDUWLFXODUHQ%UDVLO&KLOH\3HU~
$VXYH]ORVDFWLYRVQHWRVGHRWUDLQYHUVLyQ TXHLQFOX\HQFDPELRVQHWRVGHYHQJDGRVHQFUpGLWRV
EDQFDULRV FUpGLWRV SDUD FRPHUFLR H[WHULRU GHXGD H[WHUQD S~EOLFD \ SULYDGD PRQHGD\GHSyVLWRVHQHO
H[WHULRU UHJLVWUDQVLJQRQHJDWLYRFRQODH[FHSFLyQGHORVDxRV\ORFXDOLQGLFDXQD
VDOLGDQHWDGHFDSLWDOHVGHODUHJLyQKDFLDHOUHVWRGHOPXQGR6LQHPEDUJRODVUD]RQHVSRUODVFXDOHVVH
GDHVWHUHVXOWDGRHQWpUPLQRVDJUHJDGRVUHJLRQDOHVREHGHFHQDHYHQWRVSDUWLFXODUHVDDOJXQRVDxRV HO
FDVRGH\DxRVHQORVFXDOHVVHUHJLVWUDURQFULVLVILQDQFLHUDV\GHEDODQ]DVGHSDJRVHQ
DOJXQRV SDtVHV GH OD UHJLyQ  R D DOJXQRV SDtVHV SDJR GH SUpVWDPRV EDQFDULRV \ GH RUJDQLVPRV
LQWHUQDFLRQDOHVHQWUH\HQYDULRVSDtVHV 



 6LELHQHOILQDQFLDPLHQWRH[WHUQREDQFDULR\ODVFRORFDFLRQHVSULPDULDVGHERQRVVHDQDOL]DURQHQIRUPDVHSDUDGDHQORVSXQWRVL \
LL GHOSXQWRE GHHVWHFDStWXORODYDULDFLyQQHWDWRWDO LQFOX\HQGRORVFDPELRVGHDFWLYRVH[WHUQRVQHWRVHQPDQRVGHUHVLGHQWHV\
QRUHVLGHQWHV VHUHJLVWUDHQODFXHQWDILQDQFLHUDGHODEDODQ]DGHSDJRV(VGHFLUODLQYHUVLyQGHFDUWHUDQHWDDQDOL]DGDHQHVWHSXQWR
LQFOX\HHOFDPELRGHPDQRHQWUHUHVLGHQWHV\QRUHVLGHQWHVGHHPLVLRQHVVHFXQGDULDV\ODVFRPSUDVSRUSDUWHGHQRUHVLGHQWHVHQHO
PHUFDGRSULPDULR



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

1R REVWDQWH DSDUWLUGHVHDSUHFLDXQDXPHQWRJHQHUDOL]DGRGHORVFUpGLWRVEDQFDULRV'H


DFXHUGR D OD LQIRUPDFLyQ SXEOLFDGD SRU HO %,6 HVWH VH FRQFHQWUy SULQFLSDOPHQWH HQ ORV FUpGLWRV
FRQFHGLGRVDOVHFWRUSULYDGRQRILQDQFLHURTXHHQXQFRQWH[WRGHEDMDVWDVDVGHLQWHUpV\DOWDOLTXLGH]HQ
ORV PHUFDGRV ILQDQFLHURV LQWHUQDFLRQDOHV SXGLHURQ DXPHQWDU FRQVLGHUDEOHPHQWH VX HQGHXGDPLHQWR
H[WHUQR JUiILFR   (VWD HYROXFLyQ HV FRQVLVWHQWH FRQ FLHUWR DXPHQWR HQ ORV FUpGLWRV VLQGLFDGRV
LOXVWUDGRHQHOJUiILFR\ODWHQGHQFLDDXQPHQRUIRQGHRHQHOH[WHULRUSRUSDUWHGHORVEDQFRVGHOD
UHJLyQ JUiILFR 
2WURGHORVIOXMRVILQDQFLHURVTXHKDJDQDGRLPSRUWDQFLDDSDUWLUGHORVDxRVQRYHQWDHQODUHJLyQ
VRQODVUHPHVDVTXHORVHPLJUDGRVHQYtDQDVXVSDtVHVGHRULJHQFRPRFRQVHFXHQFLDGHODHPLJUDFLyQ
FUHFLHQWH GH ODWLQRDPHULFDQRV KDFLD (VWDGRV 8QLGRV \ SDtVHV GH OD 8QLyQ (XURSHD \ WDPELpQ KDFLD
SDtVHV OLPtWURIHV JUiILFR   $ HVWR VH VXPDQ ORV SURJUHVRV HQ ODV HVWDGtVWLFDV TXH KDQ SHUPLWLGR
PHMRUDU ORV UHJLVWURV GH ORV PRQWRV UHFLELGRV \ HVSHFLDOPHQWH D ODV PD\RUHV IDFLOLGDGHV HQ WpUPLQRV
WHFQROyJLFRVGHHQYtRGHGLQHURGHXQRVSDtVHVDRWURV3HVHDTXHHQWpUPLQRVDJUHJDGRVODVUHPHVDVGH
HPLJUDQWHVUHSUHVHQWDQXQSRUFHQWDMHSHTXHxRGHOSURGXFWRUHJLRQDODOFDQ]DQGRHQDOUHGHGRUGHO
GHO3,%VXDXPHQWRKDVLGRVRVWHQLGR$FRQVHFXHQFLDGHHOORHQDOJXQRVSDtVHV\HQHVSHFLDOHQ
ORVSDtVHVGH$PpULFD&HQWUDOODLPSRUWDQFLDGHODVUHPHVDVGHHPLJUDGRVHVHOHYDGDVLWXiQGRVHFRPR
SRUFHQWDMHGHO3,%HQWUH\HO

*5),&2
$0e5,&$/$7,1$)/8-261(726'(,(',19(56,1'(3257$)2/,2
<$&7,926'(275$6,19(56,1
0LOORQHVGHGyODUHV 










,('QHWD

,QYHUVLRQGHSRUWDIROLRQHWD

'HULYDGRVILQDQFLHURVQHWD































































2WUDLQYHUVLyQQHWD

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGH)RQGR0RQHWDULR,QWHUQDFLRQDO(VWDGtVWLFDVGHEDODQ]DGHSDJRV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

*5),&2
$0e5,&$/$7,1$2%/,*$&,21(6(;7(51$6&21/26%$1&2648(5(3257$1$/%,6
',&,(0%5('(0$5=2'(
0LOORQHVGHGyODUHV 







'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
'HF
-XQ
'HF
-XQ
'HF
-XQ
'HF
-XQ
'HF
-XQ
'HF
-XQ
'HF
-XQ
'HF
-XQ
'HF
-XQ
'HF
-XQ
'HF






















6HFWRUS~EOLFR

6HFWRUEDQFDULR

6HFWRUSULYDGRQRILQDQFLHUR

)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGH%DQFRGH3DJRV,QWHUQDFLRQDOHV



*5),&2
$0e5,&$/$7,1$,1*5(626325&21&(372'(5(0(6$6'(75$%$-$'25(6(0,*5$'26
0LOORQHVGHGyODUHVFRPRSRUFHQWDMHGHO3,% 










9HQH]XHOD
$PpULFD
/DWLQD

3HUX
5HS
'RPLQLFDQD
8UXJXD\

3DUDJXD\

3DQDPD

1LFDUDJXD

0H[LFR

+RQGXUDV

+DLWL

*XDWHPDOD

(O6DOYDGRU

(FXDGRU

&RVWD5LFD

&RORPELD

&KLOH

%UDVLO

%ROLYLD


$UJHQWLQD






















)XHQWH(ODERUDFLyQGHORVDXWRUHVVREUHODEDVHGH)RQGR0RQHWDULR,QWHUQDFLRQDO(VWDGtVWLFDV)LQDQFLHUDV,QWHUQDFLRQDOHV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

,,, )DFWRUHVPDFURHFRQyPLFRV
PLFURHFRQyPLFRV\
HVWUXFWXUDOHVGHOOLPLWDGR
GHVDUUROORGHORVPHUFDGRV
ILQDQFLHURVHQ$PpULFD/DWLQD

$ )DFWRUHVPDFURHFRQyPLFRV
'HQWUR GH ORV SULQFLSDOHV IDFWRUHV TXH KDQ GHWHUPLQDGR XQ EDMR GHVDUUROOR
ILQDQFLHURGHODUHJLyQVHGHVWDFDODYRODWLOLGDGGHOFUHFLPLHQWRHFRQyPLFR\
OD HYROXFLyQ GH YDULDEOHV UHOHYDQWHV SDUD OD WRPD GH GHFLVLRQHV GHO VLVWHPD
ILQDQFLHUR /D YDULDELOLGDG GHO FUHFLPLHQWR \ GH OD LQIODFLyQ LQFUHPHQWDQ OD
LQFHUWLGXPEUHHOHYDQHOFRPSRQHQWHVLVWpPLFRQRGLYHUVLILFDEOHGHOULHVJRGH
ORV SUR\HFWRV DFRUWDQ ORV SOD]RV D ORV FXDOHV HVWiQ GLVSRQLEOHV ORV IRQGRV
UHGXFHQ OD UHQWDELOLGDG HVSHUDGD GH DFWLYLGDGHV HFRQyPLFDV SRU OR FXDO
GHVLQFHQWLYDQODLQYHUVLyQ\VHVJDQHOXVRGHIRQGRVKDFLDLQYHUVLRQHVPHQRV
SURGXFWLYDV HO FRQVXPR \ IRUPDV LQHILFLHQWHV GH DKRUUR WDOHV FRPR HO
DWHVRUDPLHQWRGHGLYLVDV\RELHQHVItVLFRV
/DV HFRQRPtDV GH $PpULFD /DWLQD KDQ HVWDGR H[SXHVWDV HQ IRUPD
IUHFXHQWHDVKRFNVH[WHUQRVHLQWHUQRVTXHHQYDULDGDVRFDVLRQHVFRQGXMHURQD
FULVLVGHOVLVWHPDEDQFDULR(QHIHFWRFRQODH[FHSFLyQGHOSHULRGR
ODWDVDGHFUHFLPLHQWRGHO3,%HQ$PpULFD/DWLQDHQORV~OWLPRVWUHLQWDDxRVKD
VLGRPX\YROiWLO$ODYH]ODWDVDGHLQIODFLyQKDVLGRKLVWyULFDPHQWHHOHYDGD
VLWXiQGRVH HQ QLYHOHV GH XQ GLJLWR VROR D SDUWLU GH  /D HOHYDGD WDVD GH
LQIODFLyQ MXQWR FRQ OD LPSOHPHQWDFLyQ GH SROtWLFDV GH FRQWURO GH WDVDV GH
LQWHUpVVHWUDGXMHURQHQWDVDVGHLQWHUpVUHDOQHJDWLYDVORFXDOGHVLQFHQWLYyHO
DKRUUR ILQDQFLHUR $O PLVPR WLHPSR OD H[LVWHQFLD GH DOWRV GpILFLWV ILVFDOHV
DEVRUELyXQDSDUWHLPSRUWDQWHGHOOLPLWDGRDKRUURILQDQFLHUR


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

/D YDULDELOLGDG H[WHUQD KD SURYHQLGR SULQFLSDOPHQWH SHUR QR HQ IRUPD ~QLFD GH FDPELRV
VLJQLILFDWLYRVHQORVSUHFLRVGHORVSULQFLSDOHVSURGXFWRVEiVLFRVH[SRUWDGRVSRUORVSDtVHVGHODUHJLyQ
ORV TXH VLJXHQ UHSUHVHQWDQGR XQ SRUFHQWDMH HOHYDGR GH ODV H[SRUWDFLRQHV GH ELHQHV \ IOXFWXDFLRQHV
LPSRUWDQWHVHQORVSUHFLRVGHODVPDWHULDVSULPDVLPSRUWDGDVDOLPHQWRV\SHWUyOHR\FRPEXVWLEOHVGHORV
FXDOHVYDULRVSDtVHVGHODUHJLyQVRQLPSRUWDGRUHVQHWRV
(QDGLFLyQDODPHQFLRQDGDYDULDELOLGDGHQORVSUHFLRVH[WHUQRVVHDJUHJDODYRODWLOLGDGJHQHUDO
HQHOLQJUHVRGHUHFXUVRVH[WHUQRV\DVHDSRUYtDGHIOXMRVILQDQFLHURVUHPHVDVGHHPLJUDQWHVRUHPHVDV
QHWDV DO H[WHULRU GH XWLOLGDGHV \ GLYLGHQGRV GH OD LQYHUVLyQ H[WUDQMHUD GLUHFWD (Q HIHFWR OD UHJLyQ KD
H[SHULPHQWDGRSHUtRGRVGHDEXQGDQWHOLTXLGH]H[WHUQDVHJXLGRVGHV~ELWDVVXVSHQVLRQHVHQHODFFHVRDO
ILQDQFLDPLHQWR H[WHUQR LQFOX\HQGR IXHUWHV UHYHUVLRQHV HQ ORV IOXMRV GH UHFXUVRV (Q SDUWH HOOR VH KD
GHELGR D FDPELRV H[yJHQRV HQ HO iPELWR H[WHUQR SHUR WDPELpQ KD UHVXOWDGR HQGyJHQDPHQWH GH
GHVHTXLOLEULRV LQWHUQRV FRQGXFHQWHV D FDPELRV VLJQLILFDWLYRV HQ ORV UHJtPHQHV FDPELDULRV R GH
DGPLQLVWUDFLyQGHOLTXLGH]H[WHUQD
$VXYH]ODVSROtWLFDVILVFDOPRQHWDULD\FDPELDULDKDQWHQLGRHQODPD\RUSDUWHGHORVSDtVHVXQ
FRPSRUWDPLHQWR SURFtFOLFR OR FXDO KD DJUDYDGR ODV FRQVHFXHQFLDV GH ORV FKRTXHV H[WHUQRV (OOR VH
YLQFXODFRQODHOHYDGDFRUUHODFLyQHQWUHORVLQJUHVRVS~EOLFRV\ORVSUHFLRVGHODVH[SRUWDFLRQHVORTXH
KDWHQLGRFRPRFRQVHFXHQFLDTXHODDOWDYRODWLOLGDGGHORVSUHFLRVGHODVPDWHULDVSULPDVVHKDWUDGXFLGR
HQODYDULDELOLGDGHQODPLVPDGLUHFFLyQGHODHYROXFLyQGHOJDVWRS~EOLFRSRUXQDSDUWH\HQSROtWLFDV
PRQHWDULDV\FDPELDULDVTXHHQOXJDUGHDPRUWLJXDUODVIOXFWXDFLRQHVHQODOLTXLGH]LQWHUQDFLRQDOODKDQ
WUDVPLWLGRGLUHFWDPHQWHKDFLDORVIOXMRVILQDQFLHURVLQWHUQRV
$HVWRVHOHPHQWRVGHtQGROHPDFURHFRQyPLFDVHVXPDHOHOHYDGRSHVRGHODGHXGDS~EOLFDHQORV
PHUFDGRVLQWHUQRVFRPRUHVXOWDGRGHGpILFLWVDFXPXODGRV\GHORVSURFHVRVGHUHVWUXFWXUDFLyQGHGHXGD
S~EOLFD TXH VH KDQ H[SUHVDGR HQ XQ UHHPSOD]R GH GHXGD H[WHUQD SRU GHXGD LQWHUQD 6L ELHQ HQ YDULDV
RFDVLRQHVVHKDVHxDODGRHOUROFODYHTXHUHSUHVHQWDODH[LVWHQFLDGHXQPHUFDGRSURIXQGR\OtTXLGRGH
ERQRV S~EOLFRV SDUD HO GHVDUUROOR GHO PHUFDGR ILQDQFLHUR ORV QLYHOHV GH SUHVLyQ GH GHXGD S~EOLFD HQ
UHODFLyQ DO WDPDxR GHO DKRUUR ILQDQFLHUR GH OD UHJLyQ H[FHGHQ FRQ FUHFHV OR H[KLELGR SRU UHJLRQHV
HPHUJHQWHV \ HQ GHVDUUROOR (OOR GD SLp D SUHVXQFLRQHV GH TXH HO DFFHVR GH ILQDQFLDPLHQWR SDUD OD
LQYHUVLyQUHDOHVWDUtDVLHQGRFRQVWUHxLGRSRUHVWDYtD
0XFKRVSDtVHVHQODUHJLyQKDQKHFKRVLJQLILFDWLYRVDYDQFHVHQHVWDViUHDVPHGLDQWHODDGRSFLyQ
GHPDUFRVGHSROtWLFDPDFURHFRQyPLFDFRQGXFHQWHVDPD\RUHVJUDGRVGHHVWDELOLGDGDODYH]TXHVHKDQ
GHVDUUROODGRFLHUWDVFDSDFLGDGHVGHDFFLyQFRQWUDFtFOLFD\GHPHMRUDEVRUFLyQGHODYDULDELOLGDGH[WHUQD
1RREVWDQWHORVHIHFWRVSRVLWLYRVVREUHHOGHVDUUROORGHORVPHUFDGRVILQDQFLHURVWRPDQXQSHUtRGRODUJR
GHWLHPSRSDUDPDGXUDUSRUORTXHHVD~QSUHPDWXURMX]JDUHOHIHFWRGHGLFKRVPDUFRVGHSROtWLFDVREUH
HOGHVDUUROORILQDQFLHUR$ODYH]DOJXQRVSDtVHVDUDt]GHFULVLVTXHDIHFWDURQHQIRUPDVLJQLILFDWLYDD
VXVHFRQRPtDVDGRSWDURQSROtWLFDVTXHKDQGLILFXOWDGRHOGHVDUUROORGHORVPHUFDGRVILQDQFLHURV

% )DFWRUHVPLFURHFRQyPLFRV


(QHOVLVWHPDEDQFDULR

/D EDQFDODWLQRDPHULFDQDKDH[SHULPHQWDGRXQVLJQLILFDWLYRFDPELRGXUDQWHODGpFDGDGHORVQRYHQWD
VLJQDGR SRU OD HQWUDGD GH EDQFRV H[WUDQMHURV 6L ELHQ HOOR KD VLJQLILFDGR OD DGRSFLyQ GH SUiFWLFDV
PRGHUQDVGHILQDQFLDPLHQWR\DGPLQLVWUDFLyQGHULHVJRVHVWiQD~QOHMRVGHPDWHULDOL]DUVHVXVHIHFWRVHQ



 /D PHQFLRQDGD FRUUHODFLyQ WLHQH VX RULJHQ WDQWR HQ HO SHVR HQ OD UHFDXGDFLyQ WULEXWDULD WRWDO GH ORV LQJUHVRV SRU LPSXHVWRV
YLQFXODGRV D ODV H[SRUWDFLRQHV LPSXHVWRV HVSHFtILFRV D ODV H[SRUWDFLRQHV \ VREUH OD XWLOLGDGHV GH HPSUHVDV S~EOLFDV \ SULYDGDV
H[SRUWDGRUDV FRPRSRUORVHIHFWRVSURFtFOLFRVVREUHODUHFDXGDFLyQJHQHUDOFDXVDGDSRUODVUHSHUFXVLRQHVVREUHODDFWLYLGDGLQWHUQD
GHULYDGDV GH ODV IOXFWXDFLRQHV H[WHUQDV (Q XQ PDUFR FDUDFWHUL]DGR SRU UHVWULFFLRQHV GH OLTXLGH] GH ORV DJHQWHV SULYDGRV \ GH
PHFDQLVPRVGHSUHVXSXHVWDFLyQS~EOLFDRULHQWDGRVSRUHOFRUWRSOD]RGLFKDVIOXFWXDFLRQHVVHH[SUHVDUiQHQFDPELRVSURFtFOLFRVGHO
JDVWRS~EOLFR\SULYDGR



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

WpUPLQRVGHODXPHQWRGHODEDQFDUL]DFLyQGHODUHJLyQDQLYHOHVVLPLODUHVDORVDOFDQ]DGRVSRUSDtVHVGH
3,%SRUKDELWDQWHVLPLODU
(Q DGLFLyQ D ORV IDFWRUHV PDFURHFRQyPLFRV VHxDODGRV DQWHULRUPHQWH GLYHUVRV DQiOLVLV KDQ
GHVWDFDGR ORV SUREOHPDV TXH HQIUHQWD OD EDQFD SDUD DERUGDU OD LQFRUSRUDFLyQ GH FOLHQWHV GH PHQRU
WDPDxR D VXV VHUYLFLRV (QWUH HOORV VH PHQFLRQD ODV LQVXILFLHQFLDV HQ ORV HVTXHPDV GH JDUDQWtDV \
HOHYDGRVFRVWRVGHWUDQVDFFLyQHQFRPSDUDFLyQFRQHOPRQWRGHODVGHPDQGDVGHVHUYLFLRVILQDQFLHURV
/DVSROtWLFDVSDUDHQIUHQWDUHVWRVREVWiFXORVKDQVLGRREMHWRGHLQWHQVRHVFUXWLQLR\KDQVLGRDSOLFDGDVHQ
XQQ~PHURGHSDtVHVDXQTXHDXQULWPRLQVXILFLHQWH
$ODYH]HVSUHFLVROODPDUODDWHQFLyQUHVSHFWRGHODHOHYDGDUHQWDELOLGDGH[KLELGDSRUODEDQFDHQ
OD UHJLyQ TXH SRGUtD VHU LQGLFDWLYD GH OD H[LVWHQFLD GH UHQWDV PRQRSyOLFDV TXH QR LQFHQWLYDQ
DSURSLDGDPHQWHDXQDH[SDQVLyQGHDFWLYLGDGHVKDFLDRWURVVHJPHQWRVGHFOLHQWHVPHGLDQDVSHTXHxDV\
PLFURHPSUHVDVHQWUHHOORV&RPRVHVHxDOyPiVDUULEDODHOHYDGDFRQFHQWUDFLyQGHODLQGXVWULDEDQFDULD
HQODUHJLyQSRGUtDVHUXQVtQWRPDGHLQVXILFLHQFLDVHQODFRPSHWHQFLDGHPHUFDGR\GHODSUHYDOHQFLDGH
HVWUXFWXUDVGHPHUFDGRFXDVLPRQRSyOLFDVUHVXOWDQWHVHQXQDSURYLVLyQGHVHUYLFLRVPHQRUDODySWLPD
'HKHFKRODVLJQLILFDWLYDH[SDQVLyQGHFUpGLWRDWUDYpVGHFLHUWRVRSHUDGRUHVGHFDVDVFRPHUFLDOHVHQOD
UHJLyQHVLQGLFDWLYRGHXQDGHPDQGDLQVDWLVIHFKD\TXHSRGUtDVHUUD]RQDEOHPHQWHFXELHUWDSRUODEDQFD
HQWpUPLQRVGHFRVWR\ULHVJRGHOFUpGLWR



(QORVPHUFDGRVGHFDSLWDOHV

'HQWUR GH ORV IDFWRUHV PLFURHFRQyPLFRV TXH DIHFWDQ \ TXH OLPLWDQ HO GHVDUUROOR GH ORV PHUFDGRV
DFFLRQDULRVHQORVSDtVHVGH$PpULFD/DWLQDVHSXHGHQLGHQWLILFDUORVVLJXLHQWHV
D  (VWUXFWXUD IDPLOLDU GHO FRQWURO \ UHVLVWHQFLD D DEULU HO FDSLWDO D LQYHUVLRQLVWDV H[WHUQRV /RV
JUDQGHV FRQJORPHUDGRV SUHILHUHQ ILQDQFLDUVH HQ ORV PHUFDGRV LQWHUQDFLRQDOHV DQWHV TXH
HQWUHJDUSDUWHGHOSRGHUGHGHFLVLyQ
E  $OWRVFRVWRVGHHPLVLyQGHWtWXORV 0iVDGHODQWHVHDERUGDHQPD\RUGHWDOOHHVWHDVSHFWR 
F  'pELOSURWHFFLyQDODFFLRQLVWDPLQRULWDULRTXHORH[SRQHQDULHVJRVGHH[WUDFFLyQGHUHQWDSRU
SDUWH GHO VRFLR FRQWURODGRU HVWUXFWXUD GH GLUHFWRULRV GRPLQDGD SRU HO FRQWURODGRU EDMD
SUHVHQFLD GH GLUHFWRUHV LQGHSHQGLHQWHV  GHELOLGDGHV GH OD OHJLVODFLyQ TXH UHJXODQ HO XVR GH
LQIRUPDFLyQ SULYLOHJLDGD ODV WUDQVDFFLRQHV FRQ SDUWHV UHODFLRQDGDV FRQ HO FRQWURODGRU \R OD
DGPLQLVWUDFLyQ\HOGHVYtRGHRSHUDFLRQHVXRSRUWXQLGDGHVFRPHUFLDOHVKDFLDRWUDVHPSUHVDV
GHOFRQWURODGRU
G  /tPLWHVDODSDUWLFLSDFLyQSULYDGDH[WUDQMHUDHQFLHUWDViUHDVGHODHFRQRPtD
H  3UiFWLFDV \ QRUPDV GH FRQWDELOLGDG \ GLYXOJDFLyQ ILQDQFLHUD LQVXILFLHQWHV HQ UHODFLyQ D ORV
HVWiQGDUHV GHILQLGRV SRU ODV PHMRUHV SUiFWLFDV LQWHUQDFLRQDOHV 3UREOHPDV GH IDOWD GH
LQGHSHQGHQFLDGHODVDXGLWRUDVH[WHUQDV
I  $XVHQFLDGHHVTXHPDVTXHIDYRUH]FDQODDSHUWXUDGHHPSUHVDVPHGLDQDV FDSLWDOGHULHVJR 



(QORVPHUFDGRVGHERQRV

(QORTXHVHUHODFLRQDFRQHOIXQFLRQDPLHQWRGHOPHUFDGRGHERQRVDOJXQRVIDFWRUHVH[SOLFDWLYRVGHVX
EDMRGHVDUUROORVRQORVPLVPRVTXHVHDSOLFDQDOPHUFDGRDFFLRQDULR\RWURVVHUHILHUHQDODQDWXUDOH]D
HVSHFtILFDGHORVPHUFDGRVGHGHXGD
D  $OWRV FRVWRV DO PRPHQWR GH HIHFWXDU QXHYDV HPLVLRQHV FRPSDUDWLYDPHQWH FRQ ORV PHUFDGRV
LQWHUQDFLRQDOHV(OORVHGHEHUtDSULQFLSDOPHQWHDORVPD\RUHVSDJRVSRUFRQFHSWRGHLPSXHVWRV
OD SHTXHxD HVFDOD GH ORV PHUFDGRV ORFDOHV TXH QR SHUPLWH OD JHQHUDFLyQ GH JDQDQFLDV GH



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

HILFLHQFLDHQODVWUDQVDFFLRQHVFRPRUHVXOWDGRGHIDOWDGHHFRQRPtDVGHHVFDOD\VHWUDGXFHHQ
XQDLQVXILFLHQWHLQIUDHVWUXFWXUDGHWUDGLQJFXVWRGLD\OLTXLGDFLyQ VPDOOQHVVWUDS 
E  /D QRUPDWLYD OHJDO YLJHQWH UHODWLYD D OD FRQGXFFLyQ GH ORV SURFHVRV GH TXLHEUD HV PiV
FRPSOHMD\FRQWHPSODSOD]RVPX\PD\RUHVHQFRPSDUDFLyQFRQHVWiQGDUHVLQWHUQDFLRQDOHV
F  $VXYH]QRREVWDQWHODLPSRUWDQFLDGHOUROTXHFXPSOHHOVHFWRUS~EOLFRFRPRUHIHUHQWHWDQWR
HQ WpUPLQRV GH SUHFLRV FRPR GH SOD]RV HQ DOJXQRV SDtVHV HVWH DEVRUEH XQ SRUFHQWDMH
SUREDEOHPHQWHH[FHVLYRGHODKRUURILQDQFLHURGLVSRQLEOH
G  3RU ILQ OD H[LVWHQFLD GH XQ OLPLWDGR GHVDUUROOR GH DJHQWHV GH DKRUUR LQVWLWXFLRQDO IRQGRV GH
SHQVLRQHV FRPSDxtDV GH VHJXURV \ IRQGRV PXWXRV  SRQH XQ IUHQR D OD FDQWLGDG GH UHFXUVRV
GLVSRQLEOHV\DODURWDFLyQGHHVWRVHQORVPHUFDGRVORFDOHV([FHSFLRQHVDHVWRVRQ%UDVLO\&KLOH

& )DFWRUHVHVWUXFWXUDOHV
3RU~OWLPRFDEHPHQFLRQDUODLQIOXHQFLDGHIDFWRUHVLQKHUHQWHVDODHVWUXFWXUDHFRQyPLFDTXHJUDYLWDQ
HQIRUPDVLJQLILFDWLYDHQHOEDMRGHVDUUROORGHORVVLVWHPDVILQDQFLHURV\TXHFRQWULEX\HQDGHWHUPLQDUOD
HILFDFLDGHODVSROtWLFDVRULHQWDGDVDOIRUWDOHFLPLHQWRGHOILQDQFLDPLHQWRGHODLQYHUVLyQHQSDUWLFXODUGH
ORVVHJPHQWRVGHHPSUHVDVGHPHQRUWDPDxR
(Q SULPHU OXJDU HOHYDGRV JUDGRV GH LQIRUPDOLGDG HFRQyPLFD VH H[SUHVDQ HQ XQ EDMR QLYHO GH
EDQFDUL]DFLyQ SRU FXDQWR ODV SUiFWLFDV QRUPDOHV GH ILQDQFLDPLHQWR \ GH SURYLVLyQ GH VHUYLFLRV
ILQDQFLHURVGHVFDQVDQHQUHODFLRQHVFRQWUDFWXDOHV\HQUHJLVWURVSUHYLRVTXHGHPXHVWUHQODFDSDFLGDG\
YROXQWDGGHSDJRGHORVSRWHQFLDOHVVXMHWRVGHFUpGLWR/DVFDUHQFLDVGHUHODFLRQHVHFRQyPLFDVIRUPDOHV
\ GH UHJLVWURV SUHYLRV VH WUDGXFHQ QR VyOR HQ GLILFXOWDGHV SDUD HO VLVWHPD ILQDQFLHUR DO PRPHQWR GH
HYDOXDU HO DSR\R FUHGLWLFLR VLQR TXH WDPELpQ OLPLWDQ OD HIHFWLYLGDG GH SROtWLFDV S~EOLFDV TXH HPSOHDQ
HVTXHPDVGHDSR\REDVDGRVHQLQVWUXPHQWRVIRUPDOHV
(QVHJXQGROXJDUODGHELOLGDGGHODVLQVWLWXFLRQHVS~EOLFDVLQFOX\HQGRORVEDQFRV\DJHQFLDVGH
IRPHQWR S~EOLFRV VH KD WUDGXFLGR HQ XQD LQVXILFLHQWH DFFLyQ GH OD SROtWLFD HQ DTXHOORV VHJPHQWRV GH
PHUFDGRHQORVFXDOHVHVWDWLHQHXQFDUiFWHUSLRQHURRFDWDOtWLFR HMDSR\RDPLFURHPSUHVDVGHVDUUROOR
GH HVTXHPDV GH JDUDQWtDV GHO OHDVLQJ HWF  TXH SUHFHGH SHUR WDPELpQ LQGXFH D XQD SRVWHULRU
SDUWLFLSDFLyQGHOVHFWRUILQDQFLHURSULYDGR&RQHOORHOVXUJLPLHQWR\GHVDUUROORGHHVRVVHJPHQWRVGH
PHUFDGRVHKDUHWUDVDGRVLJQLILFDWLYDPHQWH
(QWHUFHUOXJDUODVSUiFWLFDVPRGHUQDVGHORVVLVWHPDVILQDQFLHURVGHVFDQVDQLQWHQVLYDPHQWHHQHO
XVRGHWHFQRORJtDVGHLQIRUPDFLyQ\FRPXQLFDFLRQHV3RUHOORODVIXHUWHVGLIHUHQFLDVHQHODFFHVRDHVWDV
WHFQRORJtDVDVtFRPRHOUH]DJRHQODLQIUDHVWUXFWXUDGHFRPXQLFDFLRQHVTXHFDUDFWHUL]DDODPD\RUtDGH
ORVSDtVHVGHODUHJLyQRFDVLRQDXQDFFHVRLQHTXLWDWLYRDORVUHFXUVRV\VHUYLFLRVGHOVLVWHPDILQDQFLHUR
WDQWRGHVGHHOSXQWRGHYLVWDGHORVGLIHUHQWHVQLYHOHVGHLQJUHVRFRPRGHVGHHOSXQWRGHYLVWDJHRJUiILFR
HMGLIHUHQFLDVHQWUHODVUHJLRQHVGLItFLODFFHVRGHUHJLRQHVPiVDOHMDGDV\PHQRVSREODGDV 




 =HUYRV  'HOD7RUUH\6FKPXNOHU  



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

,9&RQVHFXHQFLDVGHO
VXEGHVDUUROORILQDQFLHUR

&RPRVHKDVHxDODGRHQYDULDVRFDVLRQHVDORODUJRGHHVWHGRFXPHQWRHO
PHQRU GHVDUUROOR ILQDQFLHUR WLHQH FRQVHFXHQFLDV QR VRODPHQWH SDUD HO
IXQFLRQDPLHQWR GH ORV PHUFDGRV ILQDQFLHURV VHDQ HVWRV HO PHUFDGR
EDQFDULR R HO PHUFDGR GH WtWXORV VLQR WDPELpQ HQ OR TXH VH UHILHUH D OD
GLVSRQLELOLGDG GH UHFXUVRV ILQDQFLHURV SDUD VHU FDQDOL]DGRV KDFLD
SUR\HFWRV GH LQYHUVLyQ \ OD SURYLVLyQ GH VHUYLFLRV ILQDQFLHURV PRGHUQRV
TXH SRVLELOLWHQ XQD PHMRU DGPLQLVWUDFLyQGHULHVJRV\HQJHQHUDOHOHYDU
ORV QLYHOHV GH SURGXFWLYLGDG (Q HVH VHQWLGR HO EDMR GHVDUUROOR GH ORV
VLVWHPDV ILQDQFLHURV FRQOOHYD HO GHVDSURYHFKDPLHQWR GH ODV FDSDFLGDGHV
GH DKRUUR QHFHVLGDGHV GH ILQDQFLDPLHQWR LQVDWLVIHFKDV XQD LQVXILFLHQWH
GLYHUVLILFDFLyQ GHO ULHVJR H LPSHGLPHQWRV DO FUHFLPLHQWR GH OD
SURGXFWLYLGDG WRWDO GH IDFWRUHV $VLPLVPR VH JHQHUDQ LQHTXLGDGHV HQ HO
DFFHVRDORVUHFXUVRVILQDQFLHURVODVFXDOHVVHWUDGXFHQHQH[FOXVLRQHVGHO
VLVWHPD ILQDQFLHUR (Q OR TXH VLJXH VH HODERUDQ DOJXQDV FRQVLGHUDFLRQHV
VREUHHVWDVWUHVFRQVHFXHQFLDVQRGHVHDGDV

$ %DMRFUHFLPLHQWRQHFHVLGDGHV
LQVDWLVIHFKDV\GHELOLWDPLHQWRGHOD
FRPSHWLWLYLGDGVLVWpPLFD
8QEDMRGHVDUUROORGHORVPHUFDGRVILQDQFLHURVIXHU]DDORVLQYHUVLRQLVWDVD
UHFXUULUHQPD\RUPHGLGDDUHFXUVRVSURSLRVSDUDILQDQFLDUVXVSUR\HFWRVGH
LQYHUVLyQ (Q XQ FRQWH[WR GHUHFXUVRVHVFDVRVRGHPD\RUHVH[LJHQFLDVHQ
WpUPLQRVGHJDUDQWtDVDORVVXMHWRVGHFUpGLWRHOHQFDUHFLPLHQWRGHOFDSLWDO
OLPLWD OD H[SDQVLyQ GH OD LQYHUVLyQ OR FXDO FRQOOHYD PD\RUHV FRVWRV GH
SURGXFFLyQPHQRUFRPSHWLWLYLGDGH[WHUQD\DODSRVWUHPHQRUFUHFLPLHQWR


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

3RUVXSDUWHODLQVXILFLHQWHLQWHUPHGLDFLyQILQDQFLHUDUHIOHMRGHXQIXQFLRQDPLHQWRLQVXILFLHQWH
GHO PHUFDGR VXPDGR DO KHFKR GH TXH OD SULQFLSDO IXHQWH GH ILQDQFLDPLHQWR VRQ ORV UHFXUVRV SURSLRV
LPSOLFDTXHHQXQDJUDQSDUWHORVUHFXUVRVILQDQFLHURVSHUPDQHFHQHQDTXHOORVVHFWRUHVTXHORVJHQHUDQ
\ QR QHFHVDULDPHQWH HQ ORV VHFWRUHV TXH SXHGDQ KDFHU XQ XVR PiV UHQWDEOH GH HOORV (VWR D VX YH] QR
FRQWULEX\HDXQPD\RUGHVDUUROORGHODLQQRYDFLyQ\JHQHUDSpUGLGDVGHFUHFLPLHQWRSRUXQDDVLJQDFLyQ
FRQVHUYDGRUDGHORVUHFXUVRV
(OVXEGHVDUUROORGHFLHUWRVVHJPHQWRVGHOPHUFDGRVXPDGRDXQDHVWUXFWXUDGHSOD]RVGHFUpGLWR
PD\RUPHQWH RULHQWDGD KDFLD HO FRUWR SOD]R LPSOLFD WDPELpQ TXH GHWHUPLQDGDV QHFHVLGDGHV TXHGDQ
VRODPHQWHSDUFLDOPHQWHVDWLVIHFKDVHQSDUWLFXODUDTXHOODVYLQFXODGDVFRQHOFUpGLWRDODYLYLHQGD\FRQ
OD SUHVWDFLyQ GH VHJXURV GH YLGD \ SHQVLRQHV 'H HVWH PRGR VROR VHFWRUHV GH DOWRV LQJUHVRV SXHGHQ
DVSLUDUDFXEULUHQIRUPDDGHFXDGDVXVQHFHVLGDGHVGHILQDQFLDPLHQWR
(OVLVWHPDILQDQFLHURFXPSOHXQUROPiVDPSOLRTXHODSURYLVLyQGHUHFXUVRVXQDYH]TXHUHVXOWD
VHUFODYHHQODDGRSFLyQGHSUiFWLFDVPRGHUQDVTXHHOHYDQODHILFLHQFLD\ODSURGXFWLYLGDG\SRUHQGHHO
FUHFLPLHQWRHFRQyPLFR3RUHMHPSORORVSRVLWLYRVHIHFWRVSDUDODSURGXFWLYLGDGGHULYDGRVGHOGHVDUUROOR
GHOFRPHUFLRHOHFWUyQLFRRGHODDSOLFDFLyQGH7,&VDFLHUWRVVHUYLFLRVGHODDGPLQLVWUDFLyQS~EOLFD HM
SDJR GH LPSXHVWRV FREUR GH VXEVLGLRV HQWUH RWURV  HQ ORV FXDOHV HO VLVWHPD ILQDQFLHUR RSHUD FRPR
LQWHUID] HQWUH HO SURYHHGRU \ HO GHVWLQDWDULR ILQDO (Q RWUDV SDODEUDV HO VXEGHVDUUROOR GHO VLVWHPD
ILQDQFLHURGHELOLWDODFRPSHWLWLYLGDGVLVWpPLFD

% %DMRFUHFLPLHQWR\IUDJLOLGDGVLVWpPLFD
2WUD GH ODV FRQVHFXHQFLDV GHO VXEGHVDUUROOR ILQDQFLHUR HV HO KHFKR TXH HQ WpUPLQRV DJUHJDGRV OD
VRFLHGDGDGPLQLVWUDHOULHVJRHQIRUPDLQVXILFLHQWH(QHVWHVHQWLGRVLELHQODVUHVWULFFLRQHVTXHOLPLWDQ
HOHQGHXGDPLHQWRLPSOLFDQTXHHOQLYHOSURPHGLRGHULHVJRSXGLHUDVHUPHQRULPSOLFDQWDPELpQTXHVH
SRVWHUJDQLQYHUVLRQHVTXHSRGUtDQVHUPiVULHVJRVDVSHURPiVHIHFWLYDVSDUDHOFUHFLPLHQWR$ODYH]\
GDGR TXH HV PiV GLItFLO GLYHUVLILFDU ORV DFWLYRV \ SDVLYRV SDUDUHGXFLUORVULHVJRVDOWLHPSRTXHQRVH
GHVDUUROODQ R QR VH GLIXQGHQ ORV LQVWUXPHQWRV SDUD FXEULUORV DSURSLDGDPHQWH VHJXURV PHUFDGRV GH
IXWXURV HVTXHPDV GH JDUDQWtDV HQWUH RWURV  HVWRV TXHGDQ FRQFHQWUDGRV HQ SRFRV DJHQWHV TXH QR VRQ
QHFHVDULDPHQWH DTXHOORV TXH ORV SXHGHQ DEVRUEHU PHMRU (Q FRQVHFXHQFLD VH REWLHQH HO UHVXOWDGR
SDUDGyMLFR GH TXH DXQTXH HO QLYHO GHO ULHVJR VHD PiV EDMR DO FRQFHQWUDUVH HVWH HQ SRFRV DJHQWHV OD
LQVXILFLHQWHGLYHUVLILFDFLyQ\ODEDMDGLVSRQLELOLGDGGHPHFDQLVPRVGHFREHUWXUDHOHYDODIUDJLOLGDGGHO
VLVWHPDILQDQFLHURHQVXFRQMXQWR

& ([FOXVLRQHVHLQHTXLGDGGHOFUHFLPLHQWR
$ VX YH] OD H[LVWHQFLD GH OLPLWDGRV UHFXUVRV ILQDQFLHURV OD H[LJHQFLD GH PD\RUHV JDUDQWtDV DO RWRUJDU
FUpGLWRSRUSDUWHGHORVVLVWHPDVEDQFDULRV\ODRULHQWDFLyQGHORVPHUFDGRVFUHGLWLFLRVKDFLDHOFRUWRSOD]R
WLHQHFRPRUHVXOWDGRTXHORVHVFDVRVUHFXUVRVILQDQFLHURVGLVSRQLEOHVVHGLULJHQKDFLDVHFWRUHVFRQDFFHVR
SULYLOHJLDGRORVFXDOHVHVWiQJHQHUDOPHQWHFRQVWLWXLGRVSRUHPSUHVDVJUDQGHV'HHVWHPRGRHPSUHVDVGH
PHQRUWDPDxR 3<0(6 \PLFURHPSUHVDULRVWLHQHQDFUHFLGDVGLILFXOWDGHVSDUDDFFHGHUDILQDQFLDPLHQWR
TXHGDQGR PXFKDV YHFHV H[FOXLGDV (Q HVWH VHQWLGR GDGR TXH ODV JUDQGHV HPSUHVDV HQIUHQWDQ XQ PHQRU
FRVWRGHOFDSLWDOTXHODV3<0(6\ORVPLFURHPSUHVDULRVVHJHQHUDQSpUGLGDVGHSURGXFWLYLGDGVLVWpPLFD
FRQORFXDOVHSURIXQGL]DODLQHTXLGDGHQHOFUHFLPLHQWR\ODKHWHURJHQHLGDGSURGXFWLYD




&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

9 $VSHFWRVGHXQDHVWUDWHJLDSDUD
HOIRUWDOHFLPLHQWRGHO
ILQDQFLDPLHQWRGHODLQYHUVLyQHQ
ODUHJLyQ

/D FRQWLQXLGDG GH QLYHOHV VXILFLHQWHPHQWH HOHYDGRV GH DFXPXODFLyQ GH


IDFWRUHV\HODXPHQWRVRVWHQLGRHQVXSURGXFWLYLGDGVRQGRVFRQGLFLRQHV
QHFHVDULDV SDUD ORJUDU XQ FUHFLPLHQWRVRVWHQLGR(QDPERVIHQyPHQRVOD
LQYHUVLyQGHVHPSHxDXQUROFUXFLDO DXQTXHQRH[FOX\HQWH SRUFXDQWRQR
VyOR OOHYD DO DXPHQWR HQ HO QLYHO GH OD FDSDFLGDG SURGXFWLYD VLQR TXH
WDPELpQ HOHYD OD SURGXFWLYLGDG D WUDYpV GH OD LQFRUSRUDFLyQ GH SURJUHVR
WHFQROyJLFR OR TXH OD VLW~D FRPR XQR GH ORV SULQFLSDOHV FDQDOHV GH
WUDQVIRUPDFLyQ SURGXFWLYD (Q HOOR LQFLGHQ P~OWLSOHV IDFWRUHV GHtQGROH
PDFURHFRQyPLFD HQWUH ORV FXDOHV FDEH GHVWDFDU OD SUHYDOHQFLD GH XQ
UpJLPHQ GH SROtWLFDV FRQGXFHQWH D OD HVWDELOLGDG \ D OD FUHDFLyQ GH
FDSDFLGDGHV FRQWUDFtFOLFDV TXH SHUPLWDQ KDFHU IUHQWH D OD YDULDELOLGDG
H[WHUQD TXH FDUDFWHUL]D D OD UHJLyQ 7DO FRPR VH YHULILFy GXUDQWH OD
UHFLHQWH FULVLV ILQDQFLHUD JOREDO HVRV IXHURQ IDFWRUHV FODYHV TXH
GHWHUPLQDURQXQPHQRULPSDFWRGHODFULVLV\XQDUHFXSHUDFLyQPiVSURQWD
GHODUHJLyQHQFRPSDUDFLyQFRQSUHYLDVH[SHULHQFLDV




 /DLQYHUVLyQQRHVHO~QLFRYHKtFXORGHDXPHQWRGHODSURGXFWLYLGDGGHORVIDFWRUHV$PRGRGHHMHPSORUHIRUPDVLQVWLWXFLRQDOHV
FRQGXFHQWHV D PHUFDGRV PiV HILFLHQWHV \ PHQRV GLVWRUVLRQDGRV R D OD FUHDFLyQ GH DPELHQWHV SURSLFLRV D OD LQQRYDFLyQ WDPELpQ
HMHUFHQXQHIHFWRSRVLWLYRHQODSURGXFWLYLGDG $FHPRJOXHWDO  



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

(O IRUWDOHFLPLHQWR GH OD LQYHUVLyQ UHTXLHUH QR REVWDQWH DERUGDU ORV GHVDItRV TXH VXSRQH VX
ILQDQFLDPLHQWRiUHDHQODFXDO$PpULFD/DWLQD\HO&DULEHH[KLEHQFRPRVHYLRVLJQLILFDWLYRVUH]DJRV
HQFRPSDUDFLyQFRQORVSDtVHVGHVDUUROODGRV\UHVSHFWRGHSDtVHVTXHHQGpFDGDVUHFLHQWHVPDQWXYLHURQ
XQ FUHFLPLHQWR HFRQyPLFR VRVWHQLGR 'H ORV SXQWRV SUHFHGHQWHV VH GHVSUHQGH TXH VL ELHQ VH KDQ
YHULILFDGRSURJUHVRVFRQUHODFLyQDGpFDGDVSUHYLDVHOVLVWHPDILQDQFLHURFRPRXQWRGRLQFOX\HQGRORV
VXEVLVWHPDV EDQFDULRV PHUFDGRV DFFLRQDULRV \ GH GHXGD H[KLEH UH]DJRV HQ DTXHOODV FDUDFWHUtVWLFDV
QHFHVDULDV SDUD ORJUDU XQD VXILFLHQWH JHQHUDFLyQ \ PRYLOL]DFLyQ GH DKRUURV ILQDQFLHURV \ VX HILFLHQWH
LQWHUPHGLDFLyQKDFLDODLQYHUVLyQUHDOSDUWLFXODUPHQWHHQWUHSHTXHxDV\PHGLDQDVHPSUHVDV
$KRUDELHQGXUDQWHODSULPHUDGpFDGDGHORVJUDFLDVDORVDYDQFHVHQPDWHULDGHHVWDELOLGDG
PDFURHFRQyPLFD \ HQ HO FRQWH[WR GH XQ DXPHQWR HQ OD GHPDQGD JOREDO SRU DFWLYRV ILQDQFLHURV
SURYHQLHQWHV GH SDtVHV HPHUJHQWHV YDULRV SDtVHV KDQORJUDGRDFFHGHUHQIRUPDFRQWLQXD\DYHFHVHQ
FRQGLFLRQHV PX\ YHQWDMRVDV D ORV UHFXUVRV GHO VLVWHPD ILQDQFLHUR LQWHUQDFLRQDO (OOR QR VH KD
FLUFXQVFULWRDODVHPLVLRQHVGHERQRVVREHUDQRVVLQRTXHWDPELpQDERQRVFXDVLVREHUDQRV LHHPSUHVDV
S~EOLFDV \ERQRVFRUSRUDWLYRVSULYDGRV&RQHOORODVJUDQGHVHPSUHVDVGHODUHJLyQIDYRUHFLGDVSRUXQ
PHMRU FXDGUR PDFURHFRQyPLFR HQ VXVSDtVHVGHRULJHQQRKDQHQIUHQWDGRUHVWULFFLRQHVLPSRUWDQWHVDO
ILQDQFLDPLHQWR GH VXV SUR\HFWRV GH LQYHUVLyQ (Q FRQWUDVWH PHGLDQDV \ SHTXHxDV HPSUHVDV TXH
GLItFLOPHQWH SRGUtDQ DFFHGHU D HVRV PHUFDGRV HQFXHQWUDQ DGHPiV XQ OtPLWH D VXV SRVLELOLGDGHV GH
FUHFLPLHQWRHQODVFDUHQFLDVGHORVVLVWHPDVGRPpVWLFRVGHILQDQFLDPLHQWR
(QFRQVHFXHQFLDXQDHVWUDWHJLDRULHQWDGDDOORJURGHPD\RUHVWDVDVGHFUHFLPLHQWRUHTXLHUHHQWUH
RWUDV FRVDV DERUGDU GRV GHVDItRV FODYHV HOHYDU HQ JHQHUDO OD FDSDFLGDG GHO VLVWHPD ILQDQFLHUR HQ VXV
GLIHUHQWHVVXEVLVWHPDVSDUDILQDQFLDUSUR\HFWRVGHODUJRDOLHQWR\DOPLVPRWLHPSRIRUWDOHFHUHODFFHVR
GHPHGLDQDV\SHTXHxDVHPSUHVDVDUHFXUVRVGHFDSLWDO\GHGHXGDGHODUJRSOD]R
'HEHGHVWDFDUVHTXHHVWRVGRVREMHWLYRVVRQFRPSOHPHQWDULRV\UHTXLHUHQDGHPiVXQDXPHQWRHQOD
FDSDFLGDG GHO VLVWHPD ILQDQFLHUR SDUD VDWLVIDFHU RWUDV QHFHVLGDGHVTXHVHGHULYDQGHOGHVDUUROORFRPROR
VRQ SRU HMHPSOR HO ILQDQFLDPLHQWR GH FRQVXPR SDUD OD YLYLHQGD FDSLWDO GH WUDEDMR VHJXURV \VHUYLFLRV
ILQDQFLHURVPRGHUQRV(QHIHFWRODVPHGLGDVHQIDYRUGHXQGHVDUUROORILQDQFLHURRULHQWDGRDHPSUHVDVGH
PHQRU WDPDxR VRQ SDUWH LQWHJUDQWH GH XQD HVWUDWHJLD PiV DPSOLD GH IRUWDOHFLPLHQWR GH OD FDSDFLGDG GH
ILQDQFLDUSUR\HFWRVGHLQYHUVLyQGHWRGRVORVWDPDxRV\SDUDGLYHUVRVXVRV/DVUD]RQHVSDUDHOORHVWULEDQ
HQGRVFDUDFWHUtVWLFDVFODYHVTXHUHTXLHUHHOGHVDUUROORGHORVPHUFDGRVILQDQFLHURVSRWHQFLDOGHOLTXLGH]\
GHFRQWURO\GLYHUVLILFDFLyQGHULHVJRV(QODSUiFWLFDSRUODQDWXUDOH]DGHHVWRVPHUFDGRVORVVHJPHQWRVGH
PD\RU OLTXLGH] \ PHQRU ULHVJR VRQ ORV TXH QRUPDOPHQWH H[KLEHQ XQ FUHFLPLHQWR TXH SUHFHGH DO UHVWR
(VWRVEDMRODVFRQGLFLRQHVDGHFXDGDVSXHGHQVHUYLUFRPRSODWDIRUPDSDUDODH[SDQVLyQGHOFUpGLWRKDFLD
ORV VHJPHQWRV PHQRV OtTXLGRV \R GH PD\RU ULHVJR (OOR VXJLHUH OD FRQYHQLHQFLD GH XQD HVWUDWHJLD TXH
SDUWLHQGR GHVGH HO HVWDEOHFLPLHQWR GH ORV VHJPHQWRV PiV OtTXLGRV \ VHJXURV SURJUHVLYDPHQWH DERUGH OD
SURYLVLyQ SULYDGD GH FUpGLWR \ GH RWURV VHUYLFLRV ILQDQFLHURV KDFLD DTXHOORV VHJPHQWRV LQFLSLHQWHV HQ ORV
FXDOHV OD OLTXLGH] LQLFLDO HV PHQRU \R HQ ORV FXDOHV VHD PiV GLItFLO FRQWURODU \ GLYHUVLILFDU ULHVJRV KDVWD
WDQWRQRVHDOFDQFHQODVGLPHQVLRQHVQHFHVDULDV\HOIXQFLRQDPLHQWRFDUDFWHUtVWLFRVGHPHUFDGRVPDGXURV
(QHOLQWHUWDQWRODDFFLyQGHODEDQFDS~EOLFDVHUiFODYHHQSURYHHUGHUHFXUVRV\VHUYLFLRVILQDQFLHURVDORV
VHJPHQWRVQRFXELHUWRVSRUODEDQFDSULYDGD(QHIHFWRQRHVUHDOLVWDVXSRQHUTXHODH[SDQVLyQKDFLDHVWRV
RWURV VHJPHQWRV LQLFLDOPHQWH PHQRV DWUDFWLYRV SDUD OD EDQFD WUDGLFLRQDO RFXUUD HQ IRUPD HVSRQWiQHD
GHELGR HQ JUDQ PHGLGD D H[WHUQDOLGDGHV GH LQIRUPDFLyQ \ OD QHFHVLGDG GH FRQWDU FRQ PHFDQLVPRV
HVSHFtILFDPHQWH RULHQWDGRV D FRQWUDUUHVWDU ODV GLILFXOWDGHV GH DFFHVR DO FUpGLWR SRU SDUWH GH HPSUHVDV GH
PHQRUWDPDxR SULQFLSDOPHQWHOtQHDVGHFUpGLWRGHODUJRSOD]RSUREDEOHPHQWHLQWHUPHGLDGDVSRUODEDQFD
FRPHUFLDO \ HVTXHPDV GH JDUDQWtD  $EXQGDQWHV HYLGHQFLDV GHVWDFDQ HO URO SLRQHUR FODYH TXH KD
GHVHPSHxDGRODEDQFDS~EOLFDFRPHUFLDO\GHIRPHQWRHQHOGHVDUUROORGHGLFKRVVHJPHQWRVGHPHUFDGR\



 /DVH[WHUQDOLGDGHVGHLQIRUPDFLyQVXUJHQHQHVWHFDVRGHOKHFKRGHTXHSDUDGHWHUPLQDUODFDOLGDGGHXQSRWHQFLDOVXMHWRGHFUpGLWR
HVSUHFLVRREWHQHUXQDHVWLPDFLyQGHVXFDSDFLGDGGHSDJRV3HURVLSUHYLDPHQWH\DH[LVWHHOSUHFHGHQWHGHKDEHUVLGRFRQVLGHUDGR
SRVLWLYDPHQWHSRUXQGHWHUPLQDGREDQFRHQWRQFHVVHIDFLOLWDHOSURFHVRGHHYDOXDFLyQSDUDHOUHVWRGHOVLVWHPDEDQFDULR



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

HQIRPHQWDUODDPSOLDFLyQGHODFREHUWXUDUHJLRQDOGHOVLVWHPDILQDQFLHURFUHDQGRDVtODVFRQGLFLRQHVSDUD
TXHSRVWHULRUPHQWHLQJUHVDUDQORVEDQFRVSULYDGRV
/RDQWHULRUQRSUHWHQGHHVWDEOHFHUXQDVHFXHQFLDILMDSDUDODLPSOHPHQWDFLyQGHSROtWLFDVSRUFXDQWR
HV SRVLEOH DYDQ]DU HQ YDULRV IUHQWHV GH GHVDUUROOR ILQDQFLHUR DO PLVPR WLHPSR /DV FDUDFWHUtVWLFDV
HVSHFtILFDVGHXQDHVWUDWHJLDDIDYRUGHOILQDQFLDPLHQWRGHODLQYHUVLyQ\ODVHFXHQFLDGHSROtWLFDV\PHGLGDV
GHSHQGHQHQJUDQPHGLGDGHOQLYHOGHDYDQFH\DDOFDQ]DGR\FRPRVHYHUiGHOWDPDxRSRWHQFLDOGHORV
PHUFDGRV&RQWRGRVHUiPiVHIHFWLYDODPRYLOL]DFLyQGHUHFXUVRVSDUDDSR\DUSUR\HFWRVGHODUJRDOLHQWR\
GHHPSUHVDVGHPHQRUWDPDxRHQODPHGLGDHQTXHHOVLVWHPDKD\DGHVDUUROODGRSUHYLDPHQWHXQDEDVHGH
DFWLYRVVHJXURV\OtTXLGRVMXQWRFRQPHFDQLVPRVGHFRQWUROUHGXFFLyQ\DEVRUFLyQGHULHVJRV6REUHHVD
EDVH \ HQ ODV FRQGLFLRQHV DSURSLDGDV OHV VHUtD PiV DWUDFWLYR D ORV DJHQWHV LQYHUVLRQLVWDV GLYHUVLILFDU VXV
FDUWHUDV KDFLD QXHYRV VHJPHQWRV GHO PHUFDGR DSURSLDGDPHQWH SUHSDUDGRV SDUD HQIUHQWDU ORV ULHVJRV TXH
HOORVXSRQH
(Q OR TXH VLJXH VH VHxDODUiQ DOJXQRV DVSHFWRV LQWHUQRV FHQWUDOHV TXH GHELHUD DERUGDU XQD
HVWUDWHJLD GH GHVDUUROOR ILQDQFLHUR RULHQWDGD KDFLD HVWRV REMHWLYRV /RV DVSHFWRV PiVGHWDOODGRVQRVRQ
DERUGDGRV SRU FXDQWR HOORV VH UHODFLRQDQ FRQ FDUDFWHUtVWLFDV LQGLYLGXDOHV GH FDGD SDtV 3RU UD]RQHV GH
HVSDFLRWDPSRFRVHDERUGDQDTXtORVDVSHFWRVH[WHUQRVGHXQDHVWUDWHJLDGHGHVDUUROORILQDQFLHURWDOHV
FRPRODSURPRFLyQGHOD,('ODVHVWUDWHJLDVGHLQVHUFLyQHQORVPHUFDGRVLQWHUQDFLRQDOHVGHFDSLWDOHV
HOUROHVSHFtILFRGHLQYHUVLRQLVWDVH[WUDQMHURVHQHOGHVDUUROORGHFLHUWRVPHUFDGRVLQWHUQRVHQWUHRWURV

$ 6LVWHPDVEDQFDULRV\HOILQDQFLDPLHQWRGHODLQYHUVLyQ
/RVGRVSULQFLSDOHVSUREOHPDVTXHHQIUHQWDHODSR\RGHODLQYHUVLyQSRUSDUWHGHORVEDQFRVVHUHILHUHQD
OLPLWDFLRQHVGHVXIRQGHR\DORVPHFDQLVPRVGHFREHUWXUDGHULHVJRV(QHIHFWRODVFDUDFWHUtVWLFDVGHOD
PD\RUtD GH ORV VLVWHPDV EDQFDULRV SULYDGRV GH OD UHJLyQ RULHQWDGRV SRU HO PRGHOR GH EDQFD
HVSHFLDOL]DGD MXQWR FRQ XQD ODUJD KLVWRULD GH LQHVWDELOLGDG \ YDULDELOLGDG HFRQyPLFD HQ JHQHUDO
SUHVHQWDQ VLJQLILFDWLYRV REVWiFXORV DO ILQDQFLDPLHQWR GH SUR\HFWRV GH ODUJR DOLHQWR (Q WpUPLQRV GH OD
QDWXUDOH]D GH ORV IRQGRV OD SULQFLSDO PDQLIHVWDFLyQ GH OD KLVWRULD GH LQHVWDELOLGDG HV OD HVFDVH] GH
UHFXUVRV GH ODUJR SOD]R \ HO SUHGRPLQLR GH FDSWDFLRQHV GH FRUWR SOD]R PXFKDV YHFHV HQ PRQHGD
H[WUDQMHUD(OORQRUHVXOWDDSURSLDGRSDUDILQDQFLDUSUR\HFWRVGHODUJRSOD]RSRUFXDQWRVHDFHQW~DQORV
ULHVJRV GH GHVFDOFHV GH SOD]RV \ PRQHGDV HQWUH DFWLYRV \ SDVLYRV RFDVLRQDQGR SRWHQFLDOHV SpUGLGDV
&RPR FRQVHFXHQFLD ORV EDQFRV SUHILHUHQ RWRUJDU FUpGLWRV GH PHQRU SOD]R TXH OD GXUDFLyQ GH ORV
SUR\HFWRVGHLQYHUVLyQFRQORFXDOVHWUDQVILHUHHOULHVJRGHGHVFDOFHGHSOD]RVDODLQYHUVLyQUHDOFX\RV
DJHQWHVHQJHQHUDOFDUHFHQGHORVPHFDQLVPRVSDUDDEVRUEHUHVRVULHVJRV
$ VX YH] HO SULQFLSDO REVWiFXOR TXH KDQ HQIUHQWDGR ODV PHGLDQDV \ HQ HVSHFLDO ODV SHTXHxDV
HPSUHVDVSDUDREWHQHUILQDQFLDPLHQWREDQFDULRKDVLGRODFDUHQFLDPHFDQLVPRVSDUDPLWLJDUORVULHVJRV
GHUHSDJRGHVXVGHXGDV\HQSDUWLFXODUGHJDUDQWtDVUHDOHV
$PERVSUREOHPDVKDQVLGRDERUGDGRVGHGLYHUVDPDQHUDHQODUHJLyQPHGLDQWHODLQWURGXFFLyQGH
LQVWUXPHQWRVGHDKRUUR\GHFUpGLWRLQGH[DGRVRSURWHJLGRVGHODLQIODFLyQOtQHDVGHFUpGLWRGHODUJRSOD]R
SDUD3<0(6PXFKDVYHFHVLQWHUPHGLDGDVSRUODEDQFDFRPHUFLDO\FRPSOHPHQWDGDVPHGLDQWHHVTXHPDV
GH JDUDQWtDV GH FUpGLWR FRQ DSR\R HVWDWDO GLIXVLyQ GH PRGDOLGDGHV GH FUpGLWR EDVDGDV HQ HO OHDVLQJ OD
VHFXULWL]DFLyQ\HOIDFWRULQJ6LQGXGDTXHHVHFRQWLQ~DVLHQGRHQJUDQPHGLGDHOFDPLQRDVHJXLU\YDULDV
H[SHULHQFLDV UHSRUWDQ DYDQFHV LPSRUWDQWHV OLGHUDGRV HQ YDULRV FDVRV SRU LQVWLWXFLRQHV S~EOLFDV TXH
DGRSWDURQ SURJUDPDV GH SURYLVLyQ GH UHFXUVRV \ VHUYLFLRV ILQDQFLHURV D PLFUR SHTXHxRV \ PHGLDQDV
HPSUHVDV1RREVWDQWHORVHIHFWRVQHJDWLYRVGHODYDULDELOLGDGHFRQyPLFDKDQUHVXOWDGRVHUGXUDGHURVFRQ
OR FXDO D SHVDU GH ORV SURJUHVRV HQ OD PD\RUtD GH ORV SDtVHV SHUVLVWH XQ EDMR JUDGR GH LQWHUPHGLDFLyQ
EDQFDULD (OOR VXJLHUH DGHPiV GH OD FRQWLQXLGDG HQ ORV HVIXHU]RV DUULED VHxDODGRV TXH VHUi QHFHVDULR
DFHQWXDUODDFFLyQFDWDOtWLFDGHORVEDQFRVS~EOLFRVHQSDUWLFXODUGHORVEDQFRVGHIRPHQWR\ODVDJHQFLDVGH
GHVDUUROORHQHOHVWDEOHFLPLHQWR\H[SDQVLyQGHOVHJPHQWRGHFUpGLWRVGHODUJRSOD]R



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

(OSDSHOGHORVEDQFRVS~EOLFRVGHIRPHQWRHVHVSHFLDOPHQWHUHOHYDQWHHQHOFDVRGHSDtVHVFX\R
WDPDxRHFRQyPLFRUHODWLYRKDFHSRFRSUREDEOHHOVXUJLPLHQWRHVSRQWiQHR\HOFUHFLPLHQWRVLJQLILFDWLYR
GHORVRWURVVHJPHQWRVGHOVLVWHPDILQDQFLHURRULHQWDGRVDSURYHHUUHFXUVRVGHODUJRSOD]R\GHFDSLWDO
(Q HIHFWR SDUD HO HVWDEOHFLPLHQWR H[LWRVR GH ORV PHUFDGRV DFFLRQDULRV \ GH GHXGD VRQ FUtWLFRV ORV
DVSHFWRVGHOLTXLGH]SRWHQFLDO\ODVRSRUWXQLGDGHVGHGLYHUVLILFDFLyQGHULHVJRV\VXFRPSHWLWLYLGDGHQ
WpUPLQRVGHORVFRVWRVGHWUDQVDFFLyQUHVSHFWRGHRWUDVIXHQWHVGHUHFXUVRV7RGRVHVWRVDVSHFWRVVRQ
IXQFLyQ GLUHFWD GH OD HVFDOD GH RSHUDFLRQHV \ SRU HQGH GHO WDPDxR GH OD HFRQRPtD 3RU HOOR HV
SUHYLVLEOHSDUDYDULRVSDtVHVGHODUHJLyQGHPHQRUWDPDxRHFRQyPLFRUHODWLYR\RLQVXILFLHQWHDYDQFH
GHO VLVWHPD ILQDQFLHUR TXH HO GHVDUUROOR GH HVWRV PHUFDGRV QR VHD XQD DOWHUQDWLYD YLDEOH HQ HO SOD]R
PHGLDQR SRU OR TXH VHUi QHFHVDULR DSR\DUVH HQ ORV EDQFRV GH IRPHQWR FRPR PHFDQLVPR SDUD OD
SURYLVLyQGHUHFXUVRVFUHGLWLFLRVGHODUJRSOD]R\GHFDSLWDO
$KRUD ELHQ HOOR VXSRQH GHVDItRV DGLFLRQDOHV LOXVWUDGRV DEXQGDQWHPHQWH SRU OD H[SHULHQFLD
ODWLQRDPHULFDQDHQGpFDGDVSUHYLDV\SRUFyPRVXVOHFFLRQHVKDQFRQWULEXLGRDUHIRUPXODUHOSDSHO\HO
PRGRGHRSHUDFLyQGHORVEDQFRVGHIRPHQWR\ODVDJHQFLDVGHGHVDUUROOR6HPHQFLRQDUiQDTXtVyOR
DOJXQRVGHORVSULQFLSDOHVGHVDItRV
(Q SULPHU OXJDU SDUD HIHFWRV GH XQD JHVWLyQ PiV WUDQVSDUHQWH \ VXMHWD D HVFUXWLQLR VHJ~Q VXV
UHVXOWDGRVHVSUHFLVRQRFRQIXQGLUODVSROtWLFDV\SURJUDPDVGHGHVDUUROORSURGXFWLYR\ILQDQFLHURFRQ
RWUDVSROtWLFDVVRFLDOHV HMSURJUDPDVGHWUDQVIHUHQFLDVGHUHFXUVRVDORVVHJPHQWRVGHODSREODFLyQFRQ
PHQRUHV LQJUHVRV \ SURJUDPDV GH SURPRFLyQ GHO HPSOHR  SRU FXDQWR ORV JUXSRV KDFLD ORV FXDOHV VH
RULHQWDQ\ORVPpWRGRVDHPSOHDUVXHOHQVHUPX\GLVWLQWRV
(Q VHJXQGR OXJDU LQFOXVLYH HQ SURJUDPDV GH GHVDUUROOR SURGXFWLYR \ ILQDQFLHUR HV SUHFLVR VHU
H[SOtFLWRHQODGLIHUHQFLDFLyQHQWUHORVFRPSRQHQWHVGHSURYLVLyQGHIRQGRVDSR\RDODFFHVRDUHFXUVRV
GHODUJRSOD]R\ORVFRPSRQHQWHVGHVXEVLGLRFRQHOILQGHTXHHVWRV~OWLPRVVHIRFDOLFHQHIHFWLYDPHQWH
HQORVGHVWLQDWDULRVGHVHDGRV\QRHQJUXSRV\HPSUHVDVFRQVXILFLHQWHFDSDFLGDGGHSDJR
(QWHUFHUOXJDUORVEDQFRVGHIRPHQWR\DJHQFLDVGHGHVDUUROORQRVXHOHQVHUHVSHFLDOLVWDVHQOD
HYDOXDFLyQGHULHVJRVSRUORTXHHQODFDQDOL]DFLyQGHUHFXUVRVFUHGLWLFLRV\GHFDSLWDOHVQHFHVDULROD
SDUWLFLSDFLyQGHDJHQWHVLQWHUPHGLDULRVSULYDGRVTXHDGHPiVUHWHQJDQSDUWHGHOULHVJRLQFXUULGRFRQHO
ILQGHPDQWHQHUELHQDOLQHDGRVVXVLQFHQWLYRV
(QFXDUWROXJDUGHEHHYLWDUVHODFDSWXUDGHHVWRVEDQFRV\DJHQFLDVGHGHVDUUROORSRUSDUWHGHVXV
GHXGRUHV\RWURVJUXSRVGHLQWHUpVIDFWRUHVTXHHQHOSDVDGRUHGXQGDURQHQHOVHULRGHWHULRURGHODVFDUWHUDV
GHFUpGLWRGHHVWDVLQVWLWXFLRQHV(VWHDVSHFWRHQFRQMXQWRFRQORVHxDODGRHQHOSiUUDIRDQWHULRUOOHYyDXQ
LPSRUWDQWHFDPELRHQODPRGDOLGDGGHSDUWLFLSDFLyQGHORVEDQFRVGHIRPHQWR\DJHQFLDVGHGHVDUUROORHQ
HO VLVWHPD ILQDQFLHUR (Q HIHFWR GXUDQWHODGpFDGDGHORVQRYHQWDHQOXJDUGHOFUpGLWRGLUHFWRYDULDVGH
HVWDV LQVWLWXFLRQHV HQ OD UHJLyQ DGRSWDURQ OD PRGDOLGDG GH EDQFD GH VHJXQGR SLVR SDUD FDQDOL]DU VXV
UHFXUVRVFRQXQDDFWLYDSDUWLFLSDFLyQGHLQVWLWXFLRQHVSULYDGDVFRPRLQWHUPHGLDULDV
(Q TXLQWR OXJDU HV SUHFLVR TXH OD LQWHUYHQFLyQ GH HVWDV LQVWLWXFLRQHV S~EOLFDV HQ OD SURYLVLyQ \
FDQDOL]DFLyQGHUHFXUVRVGHODUJRSOD]R\GHFDSLWDOQRLQKLEDHOVXUJLPLHQWRGHVROXFLRQHVGHFDUiFWHU
SULYDGR7tSLFDPHQWHHOORRFXUUHFXDQGRODSURYLVLyQGHILQDQFLDPLHQWR\JDUDQWtDVYDDFRPSDxDGDGH
HOHYDGRVFRPSRQHQWHVGHVXEVLGLRTXHWHUPLQDQSRUGLVWRUVLRQDUORVSUHFLRVUHODWLYRV \TXHDIHFWDQSRU
HMHPSORHOFRVWRGHOILQDQFLDPLHQWRDGLYHUVRVSOD]RV\PRQHGDVRHOFRVWRGHODVFREHUWXUDVGHULHVJR 
DXQSXQWRWDOTXHQRKDFHQFRPSHWLWLYDXQDHYHQWXDOSDUWLFLSDFLyQSULYDGDHQHOPHUFDGR




 /RV FRVWRV GH WUDQVDFFLyQ VH UHILHUHQ HQ HVWH FDVR D DTXHOORV QHFHVDULRV SDUD OD HPLVLyQ GH WtWXORV VX LQWHUFDPELR HQ ODV EROVDV
UHJLVWUROLTXLGDFLyQ\FXVWRGLD

 (OFDVRPiVGHVWDFDGRHQODUHJLyQFRUUHVSRQGHDODH[SHULHQFLDGHO%1'(6TXHDGLIHUHQFLDGHRWURVEDQFRVGHGHVDUUROORSURYHH
WDQWRUHFXUVRVFUHGLWLFLRVFRPRGHFDSLWDO

 9pDVH$/,'(



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

% 0HUFDGRVGHFDSLWDOHV\GHXGD
8QD SULPHUD SUHFRQGLFLyQ SDUD HO HVWDEOHFLPLHQWR GH HVWRV PHUFDGRV FRQ HO ILQ GH TXH HOORV SURYHDQ
UHFXUVRVGHODUJRSOD]RSDUDODLQYHUVLyQHVSRUXQDSDUWHODH[LVWHQFLDGHLQYHUVLRQLVWDVLQVWLWXFLRQDOHV
IRQGRVGHSHQVLRQHVFRPSDxtDVGHVHJXURVGHYLGDIRQGRVPXWXRV\IRQGRVGHLQYHUVLyQHQJHQHUDO 
TXH SRU OD QDWXUDOH]D GH VXV REOLJDFLRQHV UHTXLHUDQ WtWXORV GH ODUJR SOD]R \ SRU RWUD SDUWH TXH VX
FDSDFLGDGGHDKRUURILQDQFLHURQRVHDFRSDGDSRUWtWXORVGHODGHXGDS~EOLFD
(Q HIHFWR HQ YDULRV SDtVHV GH OD UHJLyQ H[LVWHQ LQYHUVLRQLVWDV LQVWLWXFLRQDOHV FRQ FDSDFLGDG GH
DKRUUR ILQDQFLHUR GH ODUJR SOD]R 1R REVWDQWH VX HIHFWR VREUH HO ILQDQFLDPLHQWR GH OD LQYHUVLyQ
PHGLDQWHODFRPSUDGHDFFLRQHV\RERQRVHQFXHQWUDXQOtPLWHHQGLVSRVLFLRQHVUHJXODWRULDVTXHREOLJDQ
DODFRPSUDGHSDSHOHVS~EOLFRVRELHQHQHOHYDGDVWDVDVGHLQWHUpVRIUHFLGDVSRUHVWRV1yWHVHTXHHVWH
~OWLPR UHVXOWDGR HVGHFLUHOGHVSOD]DPLHQWR FURZGLQJRXW GHOILQDQFLDPLHQWRGHODLQYHUVLyQSULYDGD
GHELGRDHOHYDGDVWDVDVGHLQWHUpVGHODGHXGDS~EOLFDQRUHIOHMDQHFHVDULDPHQWHXQDOWRHQGHXGDPLHQWR
S~EOLFRHQUHODFLyQDVXFDSDFLGDGGHVHUYLUHVDGHXGDQLTXHWDPSRFRHVWDVHDHOHYDGDFRPRSRUFHQWDMH
GHO 3,% 1R REVWDQWH GLFKR QLYHO GH HQGHXGDPLHQWR SXHGH VHUH[FHVLYRHQUHODFLyQDODFDSDFLGDGGH
JHQHUDFLyQ GH IRQGRV SRU SDUWH GHO VLVWHPD ILQDQFLHUR OR FXDO VL OD DXWRULGDG PRQHWDULD QR HVWi HQ
FRQGLFLRQHV GH FRQWUDUUHVWDU OD SUHVLyQ VREUH ORV UHFXUVRV GRPpVWLFRV PHGLDQWH XQD SROtWLFD
DFRPRGDWLFLDUHVXOWDUiHQDOWDVWDVDVGHLQWHUpV&RQHOORORVSUR\HFWRVGHLQYHUVLyQSULYDGDUHTXHULUiQ
PD\RUHVWDVDVGHUHQWDELOLGDGSDUDVHUDWUDFWLYRV'HHVWHPRGRODLQYHUVLyQSULYDGDUHVXOWDUiUHVWULQJLGD
HQVXDFFHVRDORVUHFXUVRVGLVSRQLEOHVHQHOVLVWHPDILQDQFLHURGRPpVWLFR5HVWULFFLRQHVDOLQJUHVRGH
FDSLWDOHVH[WHUQRVSRGUtDQDJXGL]DUHVWHIHQyPHQR
(Q OD SUiFWLFD WDO HV HO FDVR GH YDULRV SDtVHV GH OD UHJLyQ TXH QR REVWDQWH H[KLELU XQ
HQGHXGDPLHQWRS~EOLFREDMRRPRGHUDGRHVWHSUHVLRQDDODO]DODVWDVDVGHLQWHUpVGHELGRDXQVLVWHPD
ILQDQFLHUR FRQ FDSDFLGDG LQVXILFLHQWH GH JHQHUDFLyQ GH IRQGRVGHODUJRSOD]RFRPRSDUDVDWLVIDFHUODV
GHPDQGDVS~EOLFDV\SULYDGDV(QVtQWHVLVXQDGHODVSULQFLSDOHVGLILFXOWDGHVSDUDTXHHVWRVPHUFDGRV
DSR\HQ HO ILQDQFLDPLHQWR GH OD LQYHUVLyQ UDGLFD HQ HO EDMR JUDGR GH GHVDUUROOR ILQDQFLHUR FRQ
LQVXILFLHQWH FDSDFLGDG GH JHQHUDFLyQ GH DKRUUR ILQDQFLHUR SRU OR TXH SUHVLRQHV DSDUHQWHPHQWH
PRGHUDGDV GH GHPDQGD VH WUDGXFHQ HQ XQ GHVHVWtPXOR SDUD VX FDQDOL]DFLyQ KDFLD OD LQYHUVLyQ UHDO (O
GHVDUUROORGHDJHQWHVGHDKRUURLQVWLWXFLRQDOTXHDXPHQWHQHOYROXPHQGHDKRUURILQDQFLHUR\HOHYHQOD
OLTXLGH] GH ORV PHUFDGRV GH FDSLWDOHV MXQWR FRQ OD HYDOXDFLyQFXLGDGRVD GHO URO GHVHPSHxDGR SRU ORV
LQVWUXPHQWRV GH GHXGD S~EOLFD IRUPDQ SDUWH LPSRUWDQWH GH XQD HVWUDWHJLD GH GHVDUUROOR ILQDQFLHUR
RULHQWDGDDODSR\RGHODLQYHUVLyQ
(QVHJXQGROXJDUFRPRVHVHxDOyHVSUHFLVRDYDQ]DUHQXQDHVWUXFWXUDFLyQDSURSLDGDGHOWLSRGH
LQVWUXPHQWRVRIUHFLGRHQHVSHFLDOHQHOFDVRGHODGHXGDS~EOLFD$VtHQODPHGLGDHQTXHVHFRQVROLGHQ
ORV DYDQFHV HQ PDWHULD GH HVWDELOLGDG VHUi SRVLEOH DYDQ]DU KDFLD XQD PD\RUGLIXVLyQGHLQVWUXPHQWRVGH
WDVDILMD\FDUDFWHUtVWLFDVKRPRJpQHDV(VWRVVHDGHFXDQGHPHMRUPRGRDODVQHFHVLGDGHVGHILQDQFLDPLHQWR
GHORVSUR\HFWRVGHLQYHUVLyQ\SRVLELOLWDQODFUHDFLyQGHXQPHUFDGRDPSOLR\OtTXLGRHQFRQWUDVWHFRQXQ
PHUFDGRGHERQRVFRQGLIHUHQWHVFDUDFWHUtVWLFDVGHWDVDVGHQRPLQDFLRQHV\SOD]RVYDULDEOHV
(Q HO PHUFDGR DFFLRQDULR ODV SULQFLSDOHV UHVWULFFLRQHV D OD RIHUWD GH WtWXORV VH UHILHUHQ D
HVWUXFWXUDV WUDGLFLRQDOHV GH SURSLHGDG SRFR SURFOLYHV D VX DSHUWXUD \ D FRPSDUWLU HO FRQWURO R DGPLWLU
DFFLRQLVWDV PLQRULWDULRV EDMD OLTXLGH] GH PHUFDGR \ DOWRV FRVWRV GH WUDQVDFFLyQ &RPR VH VHxDOy PiV
DUULEDODOLTXLGH]GHPHUFDGR\ORVFRVWRVGHWUDQVDFFLyQGHSHQGHQDVXYH]GHODPDJQLWXGDEVROXWDGHO
PHUFDGR \ GHO WDPDxR GH ODV HPLVLRQHV GH WtWXORV (Q RWUDV SDODEUDV OD OLTXLGH] \ ORV FRVWRV GH
WUDQVDFFLyQVRQVXVFHSWLEOHVGHHFRQRPtDVGHHVFDOD(OORDIHFWDHQIRUPDHVSHFLDODPHGLDQDVHPSUHVDV
SRU FXDQWR ORV PRQWRV PtQLPRV GH HPLVLRQHV UHTXHULGRV SDUD DOFDQ]DU FRVWRV FRPSHWLWLYRV FRQ RWUDV




 9pDVH%DQFR0XQGLDO\)RQGR0RQHWDULR,QWHUQDFLRQDO  \%,6  



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

IXHQWHVGHUHFXUVRVH[FHGHQHOWDPDxRHFRQyPLFRGHHVWDVHPSUHVDV'HHVWHPRGRVHWLHQGHDFUHDU
XQFtUFXORQHJDWLYRDXWRDOLPHQWDGRTXHPDQWLHQHHOGHVDUUROORGHOPHUFDGRHQXQEDMRQLYHO
$ VX YH] GHVGH HO ODGR GH OD GHPDQGD SRU DFFLRQHV HO SULQFLSDO GHVLQFHQWLYR TXH GLILFXOWD HO
ILQDQFLDPLHQWR GH OD LQYHUVLyQ SURYLHQH GH OD HVFDVD SURWHFFLyQ RIUHFLGD D SRWHQFLDOHV LQYHUVLRQLVWDV
PLQRULWDULRV (VWRV TXH FRPSUHQGHQ D LQYHUVLRQLVWDV LQVWLWXFLRQDOHV \ SDUWLFXODUHV WDQWR QDFLRQDOHV
FRPRH[WUDQMHURVVLQLQWHUpVHQHOFRQWUROGHODHPSUHVDHVWiQVXMHWRVDOULHVJRGHH[WUDFFLyQGHYDORUGH
SDUWH GHO VRFLR FRQWURODGRU (Q OD UHJLyQ HVWRV ULHVJRV KDVWD PX\ UHFLHQWHPHQWH IXHURQ SRFR
FRPSUHQGLGRV \ FRPR KD VLGR UHIOHMDGR HQ YDULRV LQIRUPHV VX WUDWDPLHQWR OHJDO HV LQVXILFLHQWH 1R
REVWDQWH FUHFLHQWHPHQWH KDQ FREUDGR UHOHYDQFLD D PHGLGD TXH ORV SDtVHV VH KDQ LQWHJUDGR D ODV
FRUULHQWHV GH ILQDQFLDPLHQWR LQWHUQDFLRQDO \ KD FREUDGR PD\RU LPSRUWDQFLD HO URO GH ORV LQYHUVLRQLVWDV
LQVWLWXFLRQDOHVQDFLRQDOHV\H[WUDQMHURV
8Q VHJXQGR DVSHFWR GH LPSRUWDQFLD HQ SDUWLFXODU SDUD LQYHUVLRQLVWDV H[WUDQMHURV VRQ SUiFWLFDV
FRQWDEOHV \ GH LQIRUPDFLyQ ILQDQFLHUD PX\ GLIHUHQWHV UHVSHFWR GH ORV HVWiQGDUHV LQWHUQDFLRQDOHV \ D ORV
DSOLFDGRVHQVXVSDtVHVGHRULJHQ(OORUHSUHVHQWDXQDGLILFXOWDGVLJQLILFDWLYDHQHVSHFLDOFXDQGRVHWUDWDGH
LQYHUVLRQLVWDVLQVWLWXFLRQDOHVH[WUDQMHURVTXHDVXYH]GHEHQHQWUHJDULQIRUPDFLyQFRQWDEOH\WULEXWDULDDVXV
FRQWULEX\HQWHV DFFLRQLVWDV \ D OD DXWRULGDG UHJXODGRUD /D H[SHULHQFLD UHFLHQWH HQ %UDVLO HQVHxD TXH HO
WUDWDPLHQWRDSURSLDGRGHHVWRVULHVJRVSDUDORVLQYHUVLRQLVWDVPLQRULWDULRVSXHGHUHVXOWDUHQXQVLJQLILFDWLYR
DXPHQWR HQ HO URO GH ORV PHUFDGRV DFFLRQDULRV FRPR IXHQWHV GH UHFXUVRV SDUD OD LQYHUVLyQ'HKHFKROD
FUHDFLyQGHVHJPHQWRVGHPHUFDGRFRQPHMRUDVDODSURWHFFLyQGHOLQYHUVLRQLVWDPLQRULWDULRHVHOSULQFLSDO
IDFWRUWUDVHOVLJQLILFDWLYRDXPHQWRGHODDFWLYLGDGGHO%29(63$GHVGHHO
(O FDVR GHO %29(63$ VH UHYLVWH GH JUDQ LQWHUpV GDGR VX FDUiFWHU SLRQHUR HQ OD UHJLyQ &RPR
SDUWH GH XQ HVIXHU]R SRU SURPRYHU HO GHVDUUROOR GHO PHUFDGR GH FDSLWDOHV HQ %UDVLO HQ GLFLHPEUH GHO
 OD EROVD GH 6mR3DXOR%29(63$LQWURGXMRWUHVQXHYRVVHJPHQWRVSDUDHOOLVWDGRGHHPSUHVDV
FRQUHTXLVLWRVDORVFXDOHVHVWDVSRGUtDQDFRJHUVHYROXQWDULDPHQWHHO1RYR0HUFDGRFRQHVWiQGDUHVGH
JREHUQDELOLGDG WUDQVSDUHQFLD \ SURWHFFLyQ GH ORV DFFLRQLVWDV PLQRULWDULRV PiV H[LJHQWHV TXH DTXHOORV
HVWDEOHFLGRV HQ OD OHJLVODFLyQ \ ODV QRUPDV GH OD &RPLVLyQ GH 9DORUHV 0RELOLDULRV &90 
DSUR[LPiQGRORVDDTXHOORVDSOLFDGRVHQPHUFDGRVGHSDtVHVGHVDUUROODGRV\GRVVHJPHQWRVGHPHUFDGR
DGLFLRQDOHV 1LYHO\1LYHO FRQPHQRUHVUHTXLVLWRVHQRUGHQDIDFLOLWDUDODVHPSUHVDVVXDGDSWDFLyQ
SDXODWLQDDODVQXHYDVUHJODV(OVHJXQGRVHPHVWUHGHOVHLQWURGXMRXQQXHYRVHJPHQWRGHPHUFDGR
%29(63$ 0$,6 FX\R REMHWLYR IXH FUHDU FRQGLFLRQHV SDUD TXH HPSUHVDV SHTXHxDV \ PHGLDQDV
DFFHGLHUDQHQIRUPDSURJUHVLYDDO1RYR0HUFDGR
/DVUHJODVSDUDSDUWLFLSDUHQHO1RYR0HUFDGRIRUWDOHFHQHOSRGHUGHORVDFFLRQLVWDVPLQRULWDULRV
DOH[LJLUTXHWRGDVODVDFFLRQHVSRVHDQGHUHFKRDYRWR\TXHORVGLUHFWRULRVLQWHJUHQDOPHQRVDXQ
GHGLUHFWRUHVLQGHSHQGLHQWHV7DPELpQVHGLVXDGHHOXVRGHOFRQWUROSDUDH[WUDHUYDORUGHODHPSUHVDD
FRVWDVGHORVLQYHUVLRQLVWDVPLQRULWDULRVRWRUJiQGROHVDHVWRVHOGHUHFKRDUHFLELUHOPLVPRSUHFLRSRU
VXVDFFLRQHVTXHDTXHOREWHQLGRSRUHOFRQWURODGRUHQODYHQWDGHOFRQWURO WDJDORQJ $VXYH]VH
HOHYDQ VXVWDQWLYDPHQWH ODV H[LJHQFLDV GH WUDQVSDUHQFLD HQ PDWHULDV GH SUHVHQWDFLyQ GH HVWDGRV
ILQDQFLHURV SXEOLFLGDG GH ODV WUDQVDFFLRQHV FRQ SDUWHV UHODFLRQDGDV FRQ HO JUXSR FRQWURODGRU XVR GH
LQIRUPDFLyQSULYLOHJLDGDHLQVLGHUWUDGLQJ&RQHOILQGHHYLWDUORVH[WHQGLGRV\FRPSOHMRVSURFHVRV
MXGLFLDOHVGHUHVROXFLyQGHGLVSXWDVHQWUHDFFLRQLVWDV\ODHPSUHVDRHQWUHDFFLRQLVWDVVHH[LJHTXHHVWDV
VHUHVXHOYDQHQXQDLQVWDQFLDDUELWUDOHVSHFLDOPHQWHFUHDGDSRU%29(63$3RU~OWLPRVHHVWDEOHFLyXQ




 =HUYRV  
 9pDVHORVUHSRUWHVGHO)LQDQFLDO6HFWRU$VVHVVPHQW3URJUDPGHO)0,HQKWWSZZZLPIRUJH[WHUQDOQSIVDSIVDSDVS

 /DV SULQFLSDOHV IRUPDV TXH WRPD OD H[WUDFFLyQ GH YDORU VRQ D  HO XVR GH LQIRUPDFLyQ SULYLOHJLDGD SRU SDUWH GH DFFLRQLVWDV
FRQWURODGRUHV VXV SDULHQWHV \R DOWRV HMHFXWLYRV E  ODV WUDQVDFFLRQHV FRQ SDUWHV UHODFLRQDGDV \DVHDSRUYtQFXORVIDPLOLDUHVRGH
SURSLHGDG FRQHOVRFLRFRQWURODGRUF HOGHVYtRGHRSRUWXQLGDGHVGHQHJRFLRKDFLDRWUDVHPSUHVDVGHOVRFLRFRQWURODGRU\G XVR
GHOFRQWUROSDUDREWHQHUFRQGLFLRQHVGLVFULPLQDWRULDVDIDYRUSURSLRDOPRPHQWRGHVXYHQWD




&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

UHTXLVLWR GH SUHVHQFLD HQ HO PHUFDGR EXUViWLO RULHQWDGR D PDQWHQHU OD OLTXLGH] GH ODV DFFLRQHV \ OD
FRQWLQXDREVHUYDFLyQGHSUHFLRVSDUDHVWDV
8QWHUFHUDVSHFWRTXHVXHOHVXVFLWDUXQLQWHQVRGHEDWHVHUHILHUHDORVHIHFWRVTXHGHWHUPLQDGRV
LPSXHVWRV HQ SDUWLFXODU DTXHO TXH JUDYD D ODV JDQDQFLDV GH FDSLWDO HMHUFHUtDQ FRPR GLVXDVLYR GH OD
GHPDQGD SRU WtWXORV ILQDQFLHURV DFFLRQHV \ ERQRV  (Q HO FDVR GH ODV DFFLRQHV GLIHUHQWHV HQIRTXHV
DSXQWDQDODVXERSWLPDOLGDGGHORVLPSXHVWRVDODVJDQDQFLDVGHFDSLWDO1RREVWDQWHODPD\RUtDGH
HOORV VXHOH SDUWLU GH VXSXHVWRV UHODWLYRV D OD H[LVWHQFLD GH XQ VLVWHPD WULEXWDULR QHXWUDO OLEUH GH
LPSHUIHFFLRQHV \ TXH OD IRUPDFLyQ GH SUHFLRV GH ODV DFFLRQHV UHIOHMD DSURSLDGDPHQWH HO YDORU GH OD
HPSUHVD(OSULPHUVXSXHVWRHVHQODPD\RUtDGHORVSDtVHVGHODUHJLyQSRFRUHDOLVWDSRUORTXHUHVXOWD
QHFHVDULR UHFXUULU D VROXFLRQHV GH VHJXQGR PHMRU SDUD FRPSHQVDU ODV LPSHUIHFFLRQHV GH XQ VLVWHPD
WULEXWDULRTXHSHUPLWHGLYHUVDVIRUPDVGHHYDVLyQ\HOXVLyQ$VXYH]VLELHQXQFRQWH[WRGHPHUFDGRV
GHDPSOLDOLTXLGH]\FRWL]DFLyQFRQWLQXDSURSHQGHUtDDXQDIRUPDFLyQFRUUHFWDGHSUHFLRVGHDFWLYRVHOOR
QRVHDSOLFDDVLWXDFLRQHVGHDFFLRQHVSRFROtTXLGDVRGHEDMDIUHFXHQFLDGHFRWL]DFLyQGHSUHFLRVFRPR
HVHOFDVRGHODPD\RUtDGHORVPHUFDGRVHQODUHJLyQ&RQHOORVHFUHDQRSRUWXQLGDGHVGHPDQLSXODFLyQ
GH SUHFLRV FRQ ILQHV WULEXWDULRV R SDUD DIHFWDU HO YDORU GHO FRQWURO  $PEDV VLWXDFLRQHV \ ODV
FRQVLGHUDEOHV GLILFXOWDGHV TXH VXHOHQ HQIUHQWDU ORV LQWHQWRV GH UHIRUPD WULEXWDULD KDQ KDVWD DKRUD
GLVXDGLGR D ODV DXWRULGDGHV GH HOLPLQDU FRPSOHWDPHQWH HVWH LPSXHVWR H[LPLpQGRVH VROR D DTXHOORV
WtWXORVGHDOWDSUHVHQFLDGHPHUFDGR
3RU RWUD SDUWH HQ YDULRV SDtVHV GH OD UHJLyQ VH KD RWRUJDGR FUHFLHQWH LPSRUWDQFLD DO
ILQDQFLDPLHQWRGHODLQYHUVLyQGHPHGLDQDVHPSUHVDV\HQSDUWLFXODUGHDTXHOODVGHFDUiFWHULQQRYDGRU
(OORVHKDH[SUHVDGRHQYDULRVFDVRVHQHODSR\RHVWDWDODHVTXHPDVGHFDSLWDOGHULHVJR\HQSROtWLFDV
FRQGXFHQWHVDODIDFLOLWDFLyQGHODSDUWLFLSDFLyQGHPHGLDQDVHPSUHVDVHQORVPHUFDGRVDFFLRQDULRV
/DSURYLVLyQGHUHFXUVRVGHFDSLWDOSDUDPHGLDQDVHPSUHVDV\SDUDDTXHOODVGHFDUiFWHULQQRYDGRU
UHTXLHUH HQIUHQWDU ORV SUREOHPDV FODYHV GHO ULHVJR PRUDO \ ODV DVLPHWUtDV GH LQIRUPDFLyQ HQWUH ORV
LQYHUVLRQLVWDV RFDSLWDOLVWDVGHULHVJR \ODDGPLQLVWUDFLyQGHODHPSUHVD/XHJRGHOHQVD\RGHGLYHUVRV
GLVHxRVODHVWUXFWXUDVRFLHWDULDFRQRFLGDFRPROLPLWHGSDUWQHUVKLS VRFLHGDGOLPLWDGD LQWURGXFLGDHQ
ORV (VWDGRV 8QLGRV SDUD SURYHHU FDSLWDO GH ULHVJR D HPSUHVDV PHGLDQDV H LQQRYDGRUDV KD VLGR
SURJUHVLYDPHQWH DGRSWDGD SRU YDULRV SDtVHV DOFDQ]DQGR LPSRUWDQFLD VLJQLILFDWLYD HQ ,VUDHO ,QGLD
7DLZiQ)UDQFLD5HLQR8QLGR\$OHPDQLDHQWUHRWURV(QODUHJLyQODVH[SHULHQFLDVGHPD\RUGHVDUUROOR
VRQ ODV GH %UDVLO \ &KLOH SHUR YDULRV SDtVHV HQWUH HOORV 3HU~ 0p[LFR \ &RORPELD KDQ UHDOL]DGR
HVIXHU]RVSDUDHVWDEOHFHUHVWHWLSRGHILQDQFLDPLHQWRGHFDSLWDO
1XHYDPHQWHHVWHHVXQVHJPHQWRGHPHUFDGRHQHOFXDOORVEDQFRVGHGHVDUUROORSXHGHQMXJDUXQ
UROFODYHWDQWRFRPRSURYHHGRUHVGHIRQGRVDWUDYpVGHVRFLHGDGHVLQWHUPHGLDULDVHQHOFDVRGHOFDSLWDO
GHULHVJRRELHQPHGLDQWHODSDUWLFLSDFLyQGLUHFWDHQODSURSLHGDGHQFDOLGDGGHDFFLRQLVWDPLQRULWDULR
$VXYH]UHVXOWDGRVGHHVWXGLRVUHFLHQWHVDFHUFDGHIDFWRUHVGHWHUPLQDQWHVGHOGHVDUUROORGHORV
PHUFDGRVGHGHXGDHQHOPXQGRFRQFOX\HQTXHXQGHOPHQRUGHVDUUROORGHOPHUFDGRGHERQRVHQ
$PpULFD/DWLQDHQUHODFLyQFRQORREVHUYDGRHQSDtVHVGHVDUUROODGRVHVH[SOLFDGRSRUIDFWRUHVUHODWLYRV
DO WDPDxR GH OD HFRQRPtD WDPDxR DEVROXWR GHO 3,%  \ HO QLYHO GH GHVDUUROOR QLYHO GHO 3,% SRU
KDELWDQWH (OORWLHQGHDFRQILUPDUODLPSRUWDQFLDGHORVHIHFWRVGHHVFDODVHxDODGRVHQYDULRVHVWXGLRV
FRPRXQRGHORVGHWHUPLQDQWHVGHODYDQFHRUHODWLYRDWUDVRGHORVVLVWHPDVILQDQFLHURVHQODUHJLyQ$
OD YH] WDO FRPR HV HO FDVR HQ OD OLWHUDWXUD UHODWLYD D OD LQIOXHQFLD GH ORV IDFWRUHV LQVWLWXFLRQDOHV HQ HO
FUHFLPLHQWR HFRQyPLFR HV SRVLEOH TXH OD VLJQLILFDFLyQ GHO 3,% SRU KDELWDQWH HVWp UHIOHMDQGR OD



 %29(63$ DEF\G \6DQWDQD  


 (OORVHEDVDHQHODUJXPHQWRJHQHUDOGHODGREOHWULEXWDFLyQGHLQJUHVRHQSDUWLFXODUEDMRUHJtPHQHVWULEXWDULRVQRLQWHJUDGRVHV
GHFLUTXHQRFRQVROLGDQHQXQLPSXHVWR~QLFRDODVGLIHUHQWHVIXHQWHVGHOLQJUHVRSHUVRQDO

 7tSLFDPHQWHVHH[LPHGHOLPSXHVWRDORVERQRVGHODGHXGDS~EOLFD\DTXHOORVHPLWLGRVSRUHO%DQFR&HQWUDO

 3DUDXQDGHVFULSFLyQPiVGHWDOODGDGHODVFDUDFWHUtVWLFDV\HOPRGRGHIXQFLRQDPLHQWRGHHVWHWLSRGHFDSLWDOYpDVH-LPpQH]  

 %RUHQV]WHLQ(LFKHQJUHHQ\3DQL]]D  

 'HOD7RUUH\6FKPXNOHU  VHUHILHUHDHOORFRPRODWUDPSDGHODSHTXHxH]




&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

FRUUHODFLyQSRVLWLYDTXHH[LVWHHQWUHHVWDYDULDEOH\HOGHVDUUROORLQVWLWXFLRQDOIDFWRUFODYHGHOGHVDUUROOR
GH ORV PHUFDGRV ILQDQFLHURV (Q RWUDV SDODEUDV PHMRUHV GHVDUUROORV LQVWLWXFLRQDOHV VRQ FRQGXFHQWHV
PHGLDQWH GLYHUVRV FDQDOHV D PD\RUHV QLYHOHV GH 3,% SRU KDELWDQWH \ HQWUH GLFKRV FDQDOHV D PHMRUHV
FRQGLFLRQHVSDUDODH[SDQVLyQGHPHUFDGRVGHGHXGD
3RURWUDSDUWHHOPHQRUGHVDUUROORGHOVLVWHPDEDQFDULRHQ$PpULFD/DWLQDH[SOLFDUtDXQGHO
PHQRU GHVDUUROOR GHO PHUFDGR GH ERQRV HQ OD UHJLyQ (OOR WLHQGH D FRQILUPDU OD KLSyWHVLV GH
FRPSOHPHQWDULHGDG TXH H[LVWLUtD HQWUH DPERV FRPSRQHQWHV GHO VLVWHPD ILQDQFLHUR HQ OXJDU GH XQD
UHODFLyQGHVXVWLWXFLyQRFRPSHWHQFLDHQWUHDPEDVIXHQWHVGHUHFXUVRV
$VXYH]IDFWRUHVGHtQGROHKLVWyULFD\JHRJUiILFDFRQWULEXLUtDQFRQXQDGLFLRQDODH[SOLFDUHVDV
GLIHUHQFLDV/DV~QLFDVYDULDEOHVGHSROtWLFDTXHUHVXOWDQUHOHYDQWHVVRQODHVWDELOLGDGPDFURHFRQyPLFDHO
JUDGRGHDSHUWXUDHFRQyPLFDODSURWHFFLyQGHORVGHUHFKRVGHORVDFUHHGRUHV\ORVFRVWRVGHKDFHUFXPSOLU
XQFRQWUDWR1RREVWDQWHVHJ~Q%RUHQV]WHLQHWDO  HOORVH[SOLFDUtDQFRPRPi[LPRXQGHOPHQRU
JUDGR GH GHVDUUROOR GH ORV PHUFDGRV GH ERQRV HQ OD UHJLyQ 2WUDV YDULDEOHV GH SROtWLFD WDPELpQ UHVXOWDQ
HVWDGtVWLFDPHQWH VLJQLILFDWLYDV SHUR VX FRQWULEXFLyQ D H[SOLFDU HO PHQRU GHVDUUROOR GH ORV PHUFDGRV GH
ERQRVHQ$PpULFD/DWLQDHVPXFKRPiVEDMDTXHODGHODVYDULDEOHV\DPHQFLRQDGDV
(Q UHODFLyQ D ORV HIHFWRV GH OD GHXGD S~EOLFD VREUH HO PHUFDGR GH ERQRV FRUSRUDWLYRV ODV
HVWLPDFLRQHVVXJLHUHQTXHSUHGRPLQDUtDQORVHIHFWRVGHGHVDUUROORGHPHUFDGR FURZGLQJLQ DWULEXLGRV
D ORV ERQRV S~EOLFRV SRU VX FRQWULEXFLyQ D OD FUHDFLyQ GH XQ PHUFDGR OtTXLGR FRQ XQD FXUYD GH
UHQGLPLHQWRV GH UHIHUHQFLD EHQFKPDUN  FRQVHFXHQFLDV TXH SUHGRPLQDUtDQ SRU VREUH ORV HIHFWRV GH
GHVSOD]DPLHQWR FURZGLQJRXW GHOILQDQFLDPLHQWRDWUDYpVGHERQRVHPLWLGRVSRUSULYDGRV1RREVWDQWH
ODDSOLFDELOLGDGGHHVWHUHVXOWDGRD$PpULFD/DWLQDGHEHVHUFXLGDGRVDPHQWHFRQVLGHUDGRSRUFXDQWRHQ
EXHQD SDUWH GHO SHUtRGR H[DPLQDGR VROR &KLOH H[KLEH HPLVLRQHV GH ERQRV SULYDGRV GH FLHUWD
VLJQLILFDFLyQVHJXLGRSRU$UJHQWLQDHQXQJUDGREDVWDQWHPiVEDMR&RPRVHGLVFXWLyDQWHULRUPHQWH
HQODUHJLyQORVPHUFDGRVGHERQRVHVWiQDPSOLDPHQWHGRPLQDGRVSRUODGHXGDS~EOLFD\ODSDUWLFLSDFLyQ
GHERQRVFRUSRUDWLYRVHVPX\EDMD
/RVIDFWRUHVLQVWLWXFLRQDOHVFRQGXFHQWHVDXQPD\RUGHVDUUROORGHORVPHUFDGRVGHERQRVVRQPX\
VLPLODUHV D ORV TXH GHWHUPLQDQ OD H[SDQVLyQ GH PHUFDGRV DFFLRQDULRV H[LVWHQFLD GH LQYHUVLRQLVWDV
LQVWLWXFLRQDOHV PDUFRV OHJDOHV TXH FDXWHOHQ ORV GHUHFKRV GH ORV DFUHHGRUHV SURFHGLPLHQWRV GH TXLHEUD
H[SHGLWRVLQIUDHVWUXFWXUDGHPHUFDGRVTXHUHGX]FDORVFRVWRVGHWUDQVDFFLyQHWF SRUORTXHODVSROtWLFDV
VRQ HQ JUDQ PHGLGD FRPSOHPHQWDULDV (Q HVWDV iUHDV $PpULFD /DWLQD VH VLW~D HQ XQ QLYHO VLPLODU FRQ
HFRQRPtDV GH (XURSD GHO (VWH SHUR H[KLEH UH]DJRV UHVSHFWR GH SDtVHV HPHUJHQWHV GH $VLD \ HFRQRPtDV
GHVDUUROODGDV $ VX YH] ODV LQVWLWXFLRQHV \ SUiFWLFDV TXH SHUPLWHQ OD UHGXFFLyQ GH DVLPHWUtDV GH
LQIRUPDFLyQ HQWUH GHXGRUHV \ DFUHHGRUHV DJHQFLDV GH FDOLILFDFLyQ GH ULHVJRV REOLJDFLRQHV GH
FRPXQLFDFLyQ GH KHFKRV UHOHYDQWHV TXH DIHFWDQ D OD HPSUHVD \ VX DGPLQLVWUDFLyQ XVR GH HVWiQGDUHV
FRQWDEOHVLQWHUQDFLRQDOHV VRQD~QLQFLSLHQWHVHQODPD\RUtDGHORVFDVRV
(QFRQWUDVWHHQORVDVSHFWRVGHHVWDELOLGDGPDFURHFRQyPLFDGHIRUWDOH]DILVFDO\GHVXVFXHQWDV
H[WHUQDVODUHJLyQKDORJUDGRHQORVDxRVUHFLHQWHVLPSRUWDQWHVDYDQFHVFRQGXFHQWHVHQWUHRWUDVFRVDVD
PHMRUHVFRQGLFLRQHVSDUDHOGHVDUUROORGHPHUFDGRVGHGHXGDGHODUJRSOD]R1RREVWDQWHORVHIHFWRV
GH HVWDV YDULDEOHV DVt FRPR GH ODV SROtWLFDV PHQFLRQDGDV VREUH HO GHVDUUROOR GHO PHUFDGR ILQDQFLHUR



 5HVSHFWRGHODUHODFLyQHQWUHFUHFLPLHQWRHFRQyPLFR\GHVDUUROORLQVWLWXFLRQDOYpDVH$FHPRJOX-RKQVRQ5RELQVRQ\7KDFKDURHQ
 \(DVWHUO\\/HYLQH  

 &ODHVVHQ .OLQJHQELHO \ 6FKPXNOHU   \ (LFKHQJUHHQ \ /HXQJQDUHXPLWFKDL   WDPELpQ UHSRUWDQ XQD UHODFLyQ GH
FRPSOHPHQWDULHGDGHQWUHHOVLVWHPDEDQFDULR\HOPHUFDGRGHERQRV

 9pDVH,0) D &XDGUR

 9pDVH,0) E FXDGUR

 &KLOH\%UDVLOVRQJHQHUDOPHQWHFLWDGRVFRPRODVH[FHSFLRQHVFRQPDUFRVLQVWLWXFLRQDOHVDYDQ]DGRVHQFRPSDUDFLyQFRQHOUHVWRGH
ORVSDtVHVGHODUHJLyQSHURD~QDVtHQXQQLYHOGHGHVDUUROORLQIHULRUDORTXHVHDSUHFLDHQSDtVHVGH$VLDHPHUJHQWH

 &RPRVHKDFHQRWDUHQODVGLYHUVDVHGLFLRQHVGHO(VWXGLR(FRQyPLFRGH$PpULFD/DWLQD\HO&DULEHHVWHFXDGURHQJHQHUDOEHQLJQR
GXUDQWHHOSHUtRGRWLHQGHDRSDFDULPSRUWDQWHVGLIHUHQFLDVHQWUHSDtVHV(QSDUWLFXODU$PpULFD&HQWUDO\HO&DULEHQRVH
EHQHILFLDURQGHHVWHSHUtRGRGHDXJHRFDVLRQDGRSRUHODO]DHQORVSUHFLRVGHODVH[SRUWDFLRQHVGHELHQHVEiVLFRV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

WRPDQODUJRVSHUtRGRVHQUHQGLUIUXWRV(OORRWRUJDD~QPiVXUJHQFLDDODVDFFLRQHVGHSROtWLFDS~EOLFD
WHQGLHQWHVDHOHYDUHOILQDQFLDPLHQWRGHODLQYHUVLyQDFWXDQGRFRPRDJHQWHFDWDOtWLFRGHOGHVDUUROORGHO
VLVWHPDILQDQFLHURHQVXFRQMXQWR$ODYH]DSHVDUGHORVDYDQFHVH[KLELGRVHQORVPDUFRVGHSROtWLFD
PDFURHFRQyPLFD DGRSWDGRV SRU OD UHJLyQ SHUPDQHFH D~Q SHQGLHQWH HO GHVDItR GH DXPHQWDU HO DKRUUR
WDQWRSULYDGRFRPRS~EOLFRFRQGLFLyQTXHHQODH[SHULHQFLDUHFLHQWHGHDTXHOORVSDtVHVTXHKDQORJUDGR
FHUUDU OD EUHFKD GH QLYHO GH YLGD UHVSHFWR GH ORV SDtVHV GHVDUUROODGRV UHVXOWD IXQGDPHQWDO SDUD HOHYDU
VRVWHQLGDPHQWHODWDVDGHLQYHUVLyQ\FRQHOORHOFUHFLPLHQWR




&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

9,6tQWHVLV\FRQFOXVLyQ

(Q HVWH GRFXPHQWR VH KD SDVDGR UHYLVWD D ODV FDUDFWHUtVWLFDV GH ORV
SULQFLSDOHVFRPSRQHQWHVGHORVVLVWHPDVILQDQFLHURVGHODUHJLyQGHVGHOD
ySWLFDGHVXFRQWULEXFLyQDOILQDQFLDPLHQWRGHODLQYHUVLyQDVSHFWRFODYH
GH WRGD HVWUDWHJLD RULHQWDGD DO FUHFLPLHQWR VRVWHQLGR 6H LQLFLD HVWH
DQiOLVLVFRQWUHVFRQVWDWDFLRQHVFODYHV
(Q SULPHU OXJDU ORV QLYHOHV GH LQYHUVLyQ HQ OD UHJLyQ KDQ VLGR
VLVWHPiWLFDPHQWH LQIHULRUHV D ORV H[KLELGRV SRU RWUDV HFRQRPtDV TXH
UHFLHQWHPHQWH KDQ ORJUDGR HOHYDU VXVWDQFLDO \ VRVWHQLGDPHQWH VX
FUHFLPLHQWR(QVHJXQGROXJDUFRQODVDOYHGDGGHORREVHUYDGRGXUDQWHHO
UHFLHQWH SHUtRGR GH DXJH HQ ORV SUHFLRV GH ODV H[SRUWDFLRQHV \
QXHYDPHQWH HQ FRQWUDVWH FRQ HVDV H[SHULHQFLDV KLVWyULFDPHQWH HO DKRUUR
QDFLRQDOHQODUHJLyQKDVLGRLQVXILFLHQWHSDUDILQDQFLDUODLQYHUVLyQSRU
OR TXH HO DFFHVR DO ILQDQFLDPLHQWR H[WHUQR \ ODV YDULDFLRQHV HQ VX
GLVSRQLELOLGDG KDQ VLGR GHWHUPLQDQWHV FUtWLFRV GHO FUHFLPLHQWR \ VX
YDULDELOLGDG (Q WHUFHU OXJDU VH DUJXPHQWD TXH ODV FDUHQFLDV GHO VLVWHPD
ILQDQFLHUR UHVXOWDQ FUtWLFDV HQ GHWHUPLQDU HO DKRUUR HIHFWLYR \ ORV QLYHOHV
GH LQYHUVLyQ SRU VX UROHQODPDWHULDOL]DFLyQGHORVHVIXHU]RVGHDKRUUR
HQODSURYLVLyQGHVHUYLFLRVPRGHUQRVSDUDKDFHUIUHQWHDORVULHVJRV\HQ
OD FDQDOL]DFLyQ GH UHFXUVRV KDFLD ORV GHPDQGDQWHV (VWDV FDUHQFLDV VH
H[SUHVDQ HQ UHVWULFFLRQHV D~Q PiV JUDYHV SDUD ODV HPSUHVDV GH PHQRU
WDPDxR (VWDV QR VyOR QR WLHQHQ DFFHVR D ORV UHFXUVRV GHO PHUFDGR GH
FDSLWDOHVH[WHUQRVLQRTXHDGHPiVHQXQFRQWH[WRGHEDMRGHVDUUROORGHO
VLVWHPDILQDQFLHURLQWHUQRH[SHULPHQWDQGLILFXOWDGHVSDUDDFFHGHUDHVWH
&RQ HOOR VX QLYHO GH LQYHUVLyQ HVWDUi UHVWULQJLGR SRU VX SURSLD
GLVSRQLELOLGDGGHIRQGRV



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

(O H[DPHQ GH ORV SULQFLSDOHV UDVJRV GH ORV VLVWHPDVILQDQFLHURVGHODUHJLyQVHxDODTXHVLELHQ


H[LVWHFLHUWDKHWHURJHQHLGDGGHQWURGHODFXDODOJXQRVSDtVHVH[KLEHQXQPD\RUDYDQFHUHODWLYR %UDVLO
&KLOH\0p[LFR HQJHQHUDOVXJUDGRGHGHVDUUROORHVEDMR\QRUHVXOWDIXQFLRQDODODVQHFHVLGDGHVGH
ILQDQFLDPLHQWRGHODLQYHUVLyQ$VtHOJUDGRGHEDQFDUL]DFLyQHVFRQSRFDVH[FHSFLRQHVLQIHULRUDOGH
SDtVHV GH QLYHO GH 3,% SHU FiSLWD VLPLODU \ H[KLEH XQD RULHQWDFLyQ DO FUpGLWR GH FRUWR SOD]R TXH
UHFLHQWHPHQWH VH DFHQWXy D UDt] GH OD GLIXVLyQ GH SUiFWLFDV PRGHUQDV GH DGPLQLVWUDFLyQ GHO FUpGLWR GH
FRQVXPR(OJUDGRGHFRQYHUVLyQGHORVGHSyVLWRVEDQFDULRVHQFUpGLWRDOVHFWRUSULYDGRHVUHODWLYDPHQWH
EDMR OR TXH VH UHODFLRQD FRQ SUiFWLFDV DWUDVDGDV GH FRQWURO PRQHWDULR HQFDMHV  D OR TXH VH VXPD OD
WHQHQFLDGHWtWXORVGHGHXGDS~EOLFDHQODVFDUWHUDVGHORVEDQFRV\GHRUJDQLVPRVGHDKRUURLQVWLWXFLRQDO
LHIRQGRVGHSHQVLRQHV FRPRUHVXOWDGRGHGLVSRVLFLRQHVUHJXODWRULDVRGHELGRDORVDOWRVUHQGLPLHQWRV
TXHHVWRVRIUHFHQ
/DVFDUDFWHUtVWLFDVGHOIRQGHRGHORVEDQFRVVHxDODQDYDQFHVHQPDWHULDVGHUHGXFFLyQGHOJUDGR
GHGRODUL]DFLyQGHVXVSDVLYRVLQWHUQRV\XQDWHQGHQFLDDXQDPHQRUGHSHQGHQFLDGHFUpGLWRVH[WHUQRV
/DFDOLGDGGHODFDUWHUDQRREVWDQWHHVGLVtPLOHQWUHSDtVHV\HQFLHUWRVFDVRVVHxDODGHILFLHQFLDVHQORV
SURFHVRV FUHGLWLFLRV FRQ HOHYDGD PRURVLGDG /D FREHUWXUD PHGLDQWH SURYLVLRQHV GH ORV ULHVJRV GH OD
FDUWHUDGHFUpGLWRVPRURVRVHVGHVLJXDO\HQFLHUWRVFDVRVLQVXILFLHQWH/RVLQGLFDGRUHVGHDGHFXDFLyQ
GHO FDSLWDO VHxDODUtDQ EXHQDV FRQGLFLRQHV GH VROYHQFLD EDQFDULD VL ELHQ SHUVLVWHQ GXGDV DFHUFD GH OD
DGHFXDGDPHGLFLyQHLQFOXVLyQHQODVFREHUWXUDVGHWRGRVORVULHVJRVTXHHQIUHQWDQORVEDQFRV0iVD~Q
ODV LQVXILFLHQFLDV HQ OD FREHUWXUD PHGLDQWH SURYLVLRQHV GH ODV SHUGLGDV HVSHUDGDV DVRFLDGDV D DOWDV
FDUWHUDVPRURVDVSRGUtDSRQHUHQGXGDODVXILFLHQFLDGHOFDSLWDO
/RVVSUHDGVHQWUHWDVDVDFWLYDV\SDVLYDVREVHUYDGRVHQODUHJLyQVRQHOHYDGRVORTXHVHUHODFLRQD
WDQWRFRQDOWRVFRVWRVRSHUDFLRQDOHV\HOEDMRWDPDxRGHPHUFDGR/RVHOHYDGRVQLYHOHVGHUHQWDELOLGDG
MXQWRFRQHOJUDGRGHFRQFHQWUDFLyQEDQFDULDVHUtDQLQGLFDWLYRVGHXQDLQGXVWULDSRFRFRPSHWLWLYD\SRU
HQGHTXHHQIUHQWDGpELOHVLQFHQWLYRVSDUDH[SDQGLUVXiPELWRGHDFFLyQKDFLDVHJPHQWRVH[FOXLGRVGHO
FUpGLWR
/RVPHUFDGRVDFFLRQDULRVDVXYH]H[KLEHQXQPDUFDGRUH]DJRHQFRPSDUDFLyQFRQORREVHUYDGR
HQRWUDVUHJLRQHVHQSDUWLFXODUUHVSHFWRGHDTXHOODVTXHUHFLHQWHPHQWHDFHOHUDURQVXFUHFLPLHQWR(QOD
SUiFWLFD VyOR XQ SDtV &KLOH  H[KLEH XQD FDSLWDOL]DFLyQ EXUViWLO VLJQLILFDWLYD FRPR SRUFHQWDMH GHO 3,%
VLPLODU D OD GH HVRV SDtVHV $ VX YH] HQ WpUPLQRV GH OLTXLGH] VyOR HO PHUFDGR DFFLRQDULR GH %UDVLO
SUHVHQWDQLYHOHVFRPSDUDEOHV(QJHQHUDOHQWRQFHVODLQFLGHQFLDGHHVWHPHUFDGRHQHOILQDQFLDPLHQWR
GHODLQYHUVLyQHVLQVDWLVIDFWRULDHQODUHJLyQ\HQYDULRVFDVRVHVLQH[LVWHQWH
/RVPHUFDGRVGHERQRVTXHDQLYHOJOREDOH[SHULPHQWDURQXQJUDQGLQDPLVPRGXUDQWHODSULPHUD
GpFDGDGHOSUHVHQWHVLJORWDPELpQH[KLELHURQFLHUWRFUHFLPLHQWRHQODUHJLyQDXQTXHHQXQJUDGRPiV
EDMRTXHORVSDtVHVHPHUJHQWHVGHPD\RUFUHFLPLHQWRHFRQyPLFR$GLFLRQDOPHQWHHQFRQWUDVWHFRQRWUDV
UHJLRQHVHQ$PpULFD/DWLQDORVPHUFDGRVGHERQRVHVWiQGRPLQDGRVSRUODHOHYDGDSUHVHQFLDGHWtWXORV
GHODGHXGDS~EOLFDFRUUHVSRQGLHQWHVHQJUDQPHGLGDDOILQDQFLDPLHQWRGHGpILFLWVHQHOSDVDGR\DOD
UHFLHQWH WHQGHQFLD D OD VXVWLWXFLyQ GH GHXGD H[WHUQD SRU GHXGD LQWHUQD (Q FLHUWRV FDVRV HOOR KD
SUHVLRQDGRVLJQLILFDWLYDPHQWHVREUHODVWDVDVGHLQWHUpVLQWHUQDV(OORQRREVWDQWHQRFRUUHVSRQGHDXQD
VLWXDFLyQGHH[FHVLYRHQGHXGDPLHQWRS~EOLFR FRPRSURSRUFLyQGHO3,% QLHQUHODFLyQDODFDSDFLGDG
ILVFDO SDUD VHUYLU HVWRV FRPSURPLVRV (Q HIHFWR GLYHUVRV LQGLFDGRUHV VHxDODQ TXH HO HQGHXGDPLHQWR
S~EOLFRHQODUHJLyQVHUHGXMRGXUDQWHODGpFDGD\VXFDUJDHQFRPSDUDFLyQFRQORVLQJUHVRVS~EOLFRV
QRUHVXOWDH[FHVLYD(OORVHKDH[SUHVDGRHQXQDUHFLHQWHLPSRUWDQWHPHMRUtDHQODVFDOLILFDFLRQHVGHODV
GHXGDV VREHUDQDV HQ FDVL WRGRV ORV SDtVHV GH OD UHJLyQ 1R REVWDQWH HQ UHODFLyQ D OD FDSDFLGDG GH
JHQHUDFLyQ GH DKRUUR ILQDQFLHUR SRU SDUWH GHO VLVWHPD GLFKD GHPDQGD SRUUHFXUVRVGHSDUWHGHOVHFWRU
S~EOLFRVHUtDHOHYDGDUHVXOWDQGRHQDOWDVWDVDVGHLQWHUpV\UHVWULFFLRQHVDODFFHVRGHOVHFWRUSULYDGRD
UHFXUVRV SDUD ILQDQFLDU OD LQYHUVLyQ QR VROR SRU PHGLR GHO PHUFDGR GH ERQRV VLQR TXH PHGLDQWH HO
FUpGLWR HQ JHQHUDO (O SUREOHPD SULQFLSDO FRQVLVWLUtD HQWRQFHV HQ ODV FRQVHFXHQFLDV QHJDWLYDV GHO EDMR
GHVDUUROORGHOVLVWHPDILQDQFLHUR\GHVXLQVXILFLHQWHFDSDFLGDGSDUDPRYLOL]DUHODKRUUR
(Q HO PHUFDGR GH ERQRV VH UHSOLFD DGHPiV XQ SUREOHPD VLPLODU DO REVHUYDGR SDUD HO FUpGLWR
EDQFDULR ODV FDUDFWHUtVWLFDV GH ORV ERQRV HPLWLGRV \ VX HVWUXFWXUD GH SOD]RV QR VRQ IXQFLRQDOHV D ORV


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

SURSyVLWRV GHO ILQDQFLDPLHQWR GH OD LQYHUVLyQ $Vt OD UHJLyQ H[KLEH FRPSDUDWLYDPHQWH XQD
GHVSURSRUFLRQDGD SUHVHQFLD GH ERQRV D WDVDV IORWDQWHV \ ERQRV LQGH[DGRV OR TXH VH WUDGXFH HQ
GLILFXOWDGHV DGLFLRQDOHV SDUD ILQDQFLDU OD LQYHUVLyQ SRU HVWD YtD DO QR H[LVWLU VXILFLHQWH GHVDUUROOR GH
LQVWUXPHQWRV\RPHUFDGRVSDUDFXEULUORVULHVJRVGHIOXFWXDFLRQHVHQODLQIODFLyQ\ODVWDVDVGHLQWHUpV
7DPELpQ VH H[DPLQDURQ ORV GLYHUVRV IOXMRV GH ILQDQFLDPLHQWR H[WHUQR $OOt VH FRQILUPD OD
WHQGHQFLDGHVFHQGHQWHGHOIRQGHREDQFDULRPHGLDQWHUHFXUVRVH[WHUQRV\ODFUHFLHQWHLPSRUWDQFLDGHODV
HPLVLRQHV GH ERQRV JOREDOHV WDQWR VREHUDQRV FRPR GH HPSUHVDV S~EOLFDV \ ERQRV FRUSRUDWLYRV
SULYDGRV1RREVWDQWHHODFFHVRDHVWRVUHFXUVRVKDHVWDGRVXMHWRDORVYDLYHQHVGHODHFRQRPtDPXQGLDO
\ FLHUWDV FR\XQWXUDV HVSHFtILFDV UHODWLYDV D VXVSHQVLRQHV \R UHQHJRFLDFLRQHV GHO VHUYLFLR GH ORV
FRPSURPLVRV H[WHUQRV &RQ WRGR OXHJR GH OD FULVLV ILQDQFLHUD JOREDO TXH HFORVLRQy HQ HO  ODV
HPLVLRQHVGHERQRVH[WHUQRVH[KLELHURQXQDSURQWDUHFXSHUDFLyQ\GXUDQWHHOODJUDQPD\RUtDGH
ORVSDtVHVGHODUHJLyQKDUHFLELGRPHMRUDVHQVXFDOLILFDFLyQGHULHVJRVREHUDQR$XQTXHYDULRVSDtVHV
KDQORJUDGRDFFHVDUHVWHPHUFDGRVHJ~QVXVQHFHVLGDGHVGHILQDQFLDPLHQWRH[WHUQRGHVGHHOSXQWRGH
YLVWD GH OD GpFDGD FRPSOHWD ORV PD\RUHV HPLVRUHV GH OD UHJLyQ HQ HVWRV PHUFDGRV IXHURQ %UDVLO \
0p[LFR\FRQFLHUWDVFDOLILFDFLRQHV$UJHQWLQD
/D ,(' FRQWLQ~D VLHQGR XQD IXHQWH GH ILQDQFLDPLHQWR H[WHUQR PX\ UHOHYDQWH DXQTXH WDPELpQ
VXMHWD D ODV IOXFWXDFLRQHV GH OD HFRQRPtD PXQGLDO \ GH ORV SUHFLRV GH FRPPRGLWLHV HQ SDUWLFXODU $Vt
OXHJR GHO FUHFLHQWH GLQDPLVPR GH ORV DxRV  GXUDQWH OD SULPHUD SDUWH GH ORV  VH DSUHFLy FLHUWD
GHVDFHOHUDFLyQ HQ OD ,(' TXH VH UHYLUWLy FRQ HO LQLFLR GHO FLFOR GH ERQDQ]D GH SUHFLRV H[WHUQRV GH ODV
H[SRUWDFLRQHV HQ  /XHJR HVWD VH LQWHUUXPSLy WHPSRUDOPHQWH HQ ORV PRPHQWRV PiV iOJLGRV GH OD
FULVLV ILQDQFLHUD JOREDO SHUR \D HO  \  H[KLEH XQD UHFXSHUDFLyQ /DV JUDQGHV HFRQRPtDV GH
%UDVLO \ 0p[LFR VRQ ORV SULQFLSDOHV UHFHSWRUHV GH ,(' VHJXLGRV GH ORV H[SRUWDGRUHV GH FRPPRGLWLHV
&KLOH\3HU~
/DLQYHUVLyQGHFDUWHUDQHWDSRUVXQDWXUDOH]DRULHQWDGDDSOD]RVPHQRUHVH[KLEHXQPD\RUJUDGRGH
YDULDELOLGDG TXH ORV DQWHULRUHV FRPSRQHQWHV GHO ILQDQFLDPLHQWR H[WHUQR \ VH KD PRVWUDGR VHQVLEOH D ODV
IOXFWXDFLRQHVHQODHFRQRPtDPXQGLDO LHODFULVLVDVLiWLFD\ODGHORV(VWDGRV8QLGRVGHLQLFLRVGHO 
SHUR WDPELpQ KD UHDFFLRQDGR DQWH HSLVRGLRV GH GHIDXOW DVt FRPR DO PHMRUDPLHQWR GH ODV FRQGLFLRQHV
FUHGLWLFLDV HQ OD UHJLyQ \ HO DWUDFWLYR GH VXV PHUFDGRV ILQDQFLHURV (Q HIHFWR D SHVDU GH OD FULVLV TXH
UHFLHQWHPHQWH DIHFWy D OD HFRQRPtD PXQGLDO GXUDQWH HO  HVWRV IOXMRV H[KLELHURQ XQD FRQVLGHUDEOH
UHFXSHUDFLyQREHGHFLHQGRDOPD\RUGLQDPLVPRGHORVPHUFDGRVLQWHUQRVGH%UDVLO&KLOH\3HU~
/RV IOXMRV UHSUHVHQWDWLYRV GH FDPELRVHQHOQLYHOGHRWURVDFWLYRVQHWRVGLVWLQWRVDOD,('\GH
SRUWDIROLR H[KLEHQ HQ JHQHUDO XQ VLJQR QHJDWLYR OR TXH FRUUHVSRQGH D VDOLGDV GH FDSLWDOHV 'LYHUVRV
IDFWRUHVKDQLQFLGLGRHQHVWHUHVXOWDGR\FRPSUHQGHQHOEDMRFUHFLPLHQWRHQHOIRQGHRGHORVEDQFRVHQ
HOH[WHULRUODVXVWLWXFLyQGHGHXGDH[WHUQDSRUGHXGDLQWHUQDODFDQFHODFLyQDQWLFLSDGDGHGHXGDH[WHUQD
PXOWLODWHUDOHQFLHUWRVFDVRV\ODDFXPXODFLyQGHUHFXUVRVHQIRQGRVVREHUDQRV
)LQDOPHQWH FDEH PHQFLRQDU OD FUHFLHQWH LPSRUWDQFLD GH ODV UHPHVDV KDFLD OD UHJLyQ GH ORV
WUDEDMDGRUHVPLJUDQWHVTXHVLELHQSDUDHOFRQMXQWRGHODUHJLyQUHSUHVHQWDQXQSRUFHQWDMHUHGXFLGRGHO
3,%HQHOFDVRGH&HQWURDPpULFDDOFDQ]DDPDJQLWXGHVGHHQWUHHODOGHO3,%
(QVXPDHQORUHODWLYRDOILQDQFLDPLHQWRH[WHUQRHVSRVLEOHGLVWLQJXLUWUHVJUXSRVGHSDtVHVHQOD
UHJLyQ8QJUXSRGHSDtVHVORFRQVWLWX\HQDTXHOORVTXHVHKDQLQWHJUDGRHQPD\RUJUDGRDORVPHUFDGRV
YROXQWDULRV GH ILQDQFLDPLHQWR H[WHUQR \ VH KDQ LQFRUSRUDGR HQ PD\RU R PHQRU PHGLGD D OD H[SDQVLyQ
JOREDO GH HVWRV IOXMRV ,(' HPLVLyQ GH ERQRV FUHDFLyQ GH IRQGRV VREHUDQRV PD\RU SUHVHQFLD GH
LQYHUVLRQHV GH FDUWHUD H[WUDQMHUD HQ ORV PHUFDGRV ORFDOHV  SRU OR TXH H[KLEHQ XQD HVWUXFWXUD GH
ILQDQFLDPLHQWRH[WHUQRPiVFRPSOHMD\XQPD\RUJUDGRGHLQWHUQDFLRQDOL]DFLyQGHOILQDQFLDPLHQWRGH
OD LQYHUVLyQ TXH HQ GpFDGDV SUHYLDV 8Q VHJXQGR JUXSR GH SDtVHV SUHVHQWD FLHUWDV GLILFXOWDGHV SDUD
DFFHVDU ORV PHUFDGRV ILQDQFLHURV H[WHUQRV SULYDGRV SRU OR TXH VX ILQDQFLDPLHQWR H[WHUQR VLJXH
GHVFDQVDQGR SULQFLSDOPHQWH HQ OD FXHQWD FRUULHQWH GH OD %DODQ]D GH 3DJRV \ HQ HO DFFHVR DO FUpGLWR
PXOWLODWHUDO)LQDOPHQWHVHGLVWLQJXHDXQWHUFHUJUXSRGHSDtVHVTXHH[KLEHD~QPD\RUHVGLILFXOWDGHVGH
DFFHVRDUHFXUVRVYROXQWDULRVH[WHUQRVDXQTXHSRUVXUHGXFLGRWDPDxRHFRQyPLFROD,('H[KLEHFLHUWD


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

LPSRUWDQFLDUHODWLYD(VWRVDGHPiVVXHOHQHQIUHQWDUPD\RUHVFRQGLFLRQDOLGDGHVDOPRPHQWRGHEXVFDUHO
DSR\RPXOWLODWHUDOGHELGRDVXVGLILFXOWDGHVLQWHUQDV\GHVFDQVDQHQPHGLGDLPSRUWDQWHHQODVUHPHVDV\
HQFLHUWRVFDVRVHQODVGRQDFLRQHVFRPRIXHQWHVGHILQDQFLDPLHQWRH[WHUQR
&RUUHVSRQGLHQWHPHQWH OD HVWUXFWXUD GH ILQDQFLDPLHQWR GH OD LQYHUVLyQ VHUi GLVWLQWD HQWUH HVWRV
JUXSRV GH SDtVHV 3RU OR JHQHUDO D SHVDU GH VX UHWUDVR HO SULPHU JUXSR GH SDtVHV WDPELpQ H[KLEH HO
PD\RU QLYHO GH GHVDUUROOR UHODWLYR GH VXV PHUFDGRV ILQDQFLHURV LQWHUQRV HQ WDQWR ORV RWURV GRV JUXSRV
HQIUHQWDQGLILFXOWDGHVGHRUGHQFUHFLHQWHSDUDILQDQFLDUORVUHTXHULPLHQWRVGHOFUHFLPLHQWR
/RVIDFWRUHVH[SOLFDWLYRVGHHVWHFXDGURIXHURQDJUXSDGRVHQWUHV3ULPHURVHGHVWDFDQIDFWRUHV
GHRUGHQPDFURHFRQyPLFRHQWUHORVFXDOHVFREUDQHVSHFLDOUHOHYDQFLDODVFRQVHFXHQFLDVGXUDGHUDVSDUD
OD JHQHUDFLyQ GH DKRUUR ILQDQFLHUR \ VREUH OD LQYHUVLyQ UHDO GHULYDGRV GH OD H[SHULHQFLD SUHYLD GH
LQHVWDELOLGDG6HJXQGRVHGLVFXWLHURQIDFWRUHVGHtQGROHPLFURHFRQyPLFDWDOHVFRPRXQEDMRJUDGRGH
FRPSHWHQFLDHQHOVHFWRUEDQFDULREDMRGHVDUUROORGHLQYHUVLRQLVWDVLQVWLWXFLRQDOHVGpELOSURWHFFLyQGH
ORVLQYHUVLRQLVWDVPLQRULWDULRV\GHORVDFUHHGRUHVH[FHVRGHFDUJDGHGHPDQGDGHUHFXUVRVSRUSDUWHGHO
VHFWRUS~EOLFRHQUHODFLyQFRQODFDSDFLGDGGHJHQHUDFLyQGHOVLVWHPD\HOHYDGRVFRVWRVGHWUDQVDFFLyQ
WDQWRSDUDHOFUpGLWREDQFDULRFRPRHQODHPLVLyQGHWtWXORV DVRFLDGRVHPHUFDGRVSHTXHxRV WUDPSD
GH OD SHTXHxH]  7HUFHUR VH DSXQWD D IDFWRUHV HVWUXFWXUDOHV HQWUH ORV TXH VH GHVWDFDQ OD HOHYDGD
SUHVHQFLDGHOVHFWRULQIRUPDOHQFLHUWRVFDVRV\ODGHELOLGDGGHODVLQVWLWXFLRQHVS~EOLFDVTXHGHELHUDQ
GHVHPSHxDUXQUROFODYHHQODFRUUHFFLyQGHODVGLILFXOWDGHVGHRUGHQPLFURHFRQyPLFRSDUDDFFHGHUDO
FUpGLWR SURJUDPDVSDUDFRPSHQVDUORVHOHYDGRVFRVWRVGHWUDQVDFFLyQODIDOWDGHHVTXHPDVGHJDUDQWtDV
HQWUH RWURV  \ FRPR SLRQHUR HQ OD FUHDFLyQ \ GHVDUUROOR GH VHJPHQWRV GHO PHUFDGR ILQDQFLHUR FX\R
VXUJLPLHQWR HVSRQWiQHR HV SRFR UHDOLVWD SRU HMHPSOR FUpGLWR GH ODUJR SOD]R SDUD 3<0(6 OHDVLQJ
FDSLWDOGHULHVJR 
/DV FRQVHFXHQFLDV GH HVWH FXDGUR SXHGHQ UHVXPLUVH HQ GRV UHGXFLGR ILQDQFLDPLHQWR GH OD
LQYHUVLyQ FRQ HO FRQVLJXLHQWH LPSDFWR QHJDWLYR VREUH HO FUHFLPLHQWR  \ PD\RU IUDJLOLGDG GHO VLVWHPD
ILQDQFLHURSRUXQDLQDGHFXDGDDGPLQLVWUDFLyQGHORVULHVJRVGHVGHHOSXQWRGHYLVWDGHOFRQMXQWRGHOD
HFRQRPtD &RPR KD VLGR VHxDODGR FRQ IUHFXHQFLD HVWH FXDGUR VHUi D~Q PiV DJXGR SDUD HPSUHVDV GH
PHQRUWDPDxR\SDUDSDtVHVGHPHQRUGHVDUUROORGHVXVLQVWLWXFLRQHVGHILQDQFLDPLHQWR
%DVDGRHQHVWHFRQMXQWRGHFRQVLGHUDFLRQHVVHUHDOL]DHQHVWHGRFXPHQWRXQDUHIOH[LyQVREUHORV
SULQFLSDOHVDVSHFWRVLQWHUQRVGHXQDHVWUDWHJLDGHGHVDUUROORILQDQFLHURRULHQWDGDDOIRUWDOHFLPLHQWRGHO
ILQDQFLDPLHQWR GH OD LQYHUVLyQ HQ WRGR HO HVSHFWUR GH WDPDxR GH HPSUHVDV $Vt VH SURSRQHQ GRV
RULHQWDFLRQHV SULPDULDV FRPSOHPHQWDULDV HOHYDU OD FDSDFLGDG JHQHUDO GHO VLVWHPD SDUD ILQDQFLDU
RSHUDFLRQHV GH ODUJR SOD]R SRU XQD SDUWH \ SRU RWUD DSOLFDU SROtWLFDV GH IRPHQWR DO DFFHVR GH ODV
HPSUHVDVGHPHQRUWDPDxRDORVUHFXUVRVGHOVLVWHPD/DQHFHVDULDFRPSOHPHQWDULHGDGHQWUHHVWDVGRV
RULHQWDFLRQHV QDFH SRU XQ ODGR GH OD QDWXUDOH]D GH ORV PHUFDGRV ILQDQFLHURV TXH RULHQWDGD SRU ORV
HVWtPXORV GH UHQWDELOLGDG \ ULHVJR OOHYD D TXH VH GHVDUUROOHQ SULPHUR ORV VHJPHQWRV PiV OtTXLGRV \ GH
PD\RUHVSRVLELOLGDGHVGHFRQWURO\GLYHUVLILFDFLyQGHULHVJRVORVTXHPiVDGHODQWHSXHGHQVHUYLUGHEDVH
GH DSR\R SDUD LQFXUVLRQDU HQ QXHYRV VHJPHQWRV GH PHUFDGR 3RU RWUR ODGR OD H[LVWHQFLD GH
H[WHUQDOLGDGHV GH LQIRUPDFLyQ \ ODV LQVXILFLHQFLDV GH PHFDQLVPRV GH FREHUWXUD GH ULHVJRV HQ HO
VHJPHQWR GHO FUpGLWR D HPSUHVDV GH PHQRU WDPDxR KDFH SRFR UHDOLVWD HVSHUDU TXH VH YHULILTXH XQ
GHVDUUROOR HVSRQWiQHR VLJQLILFDWLYR GHO FUpGLWR D HVWRV VHFWRUHV OR TXH KDFH LPSUHVFLQGLEOH OD DFFLyQ
S~EOLFD 3HUR WDPSRFR HV UHDOLVWD VXSRQHU TXH VH SRGUi H[SDQGLU OD FREHUWXUD GHO VLVWHPD ILQDQFLHUR D
GLFKDV HPSUHVDV VL QR H[LVWH SUHYLDPHQWH XQ GHVDUUROOR GH ORV PHUFDGRV PiV OtTXLGRV \ FRQ PHMRUHV
SRVLELOLGDGHVGHFRQWUROFREHUWXUD\GLYHUVLILFDFLyQGHULHVJRV([LVWHQHQVXPDFRPSOHPHQWDULHGDGHV
\VLQHUJLDVHQWUHDPEDVRULHQWDFLRQHVGHGHVDUUROORILQDQFLHUR
(QHOiUHDGHODXPHQWRGHODEDQFDUL]DFLyQVHSURSRQHFRPRHMHSULQFLSDOXQDSURIXQGL]DFLyQGH
ORVHVIXHU]RVTXHYDULRVSDtVHVGHODUHJLyQKDQGHVSOHJDGRDSDUWLUGHORVEDQFRVS~EOLFRVGHIRPHQWR\
ODV DJHQFLDV GH GHVDUUROOR HQ HO HVWDEOHFLPLHQWR GH IXHQWHV GH IRQGRV GH ODUJR SOD]R HO GHVDUUROOR GH
HVTXHPDVGHJDUDQWtD\ODFUHDFLyQGHQXHYRVPHUFDGRVGHILQDQFLDPLHQWR6HSURSRQHQDGHPiVVREUH
ODEDVHGHODH[SHULHQFLDGHODUHJLyQXQDVHULHGHOHFFLRQHVUHVSHFWRGHODPRGDOLGDGGHSDUWLFLSDFLyQ
HQ HO PHUFDGR GH HVWDV LQVWLWXFLRQHV ODV TXH HQ JHQHUDO VH RULHQWDQ D HYLWDU VX FDSWXUD \ IRPHQWDU OD


&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

UHFXSHUDFLyQGHORVFUpGLWRV(VWHHVIXHU]RS~EOLFRGHEHVHUFRPSOHPHQWDGRPHGLDQWHODSURPRFLyQGH
XQPD\RUJUDGRGHFRPSHWHQFLDHQODLQGXVWULDEDQFDULD
(QHOiUHDGHPHUFDGRGHFDSLWDOHV DFFLRQHV\ERQRV VHHQIDWL]DQORVDVSHFWRVGHGHVDUUROORGH
LQYHUVLRQLVWDVLQVWLWXFLRQDOHV FRPSDxtDVGHVHJXURIRQGRVGHSHQVLRQHVIRQGRVGHLQYHUVLyQ\IRQGRV
PXWXRV \HOPHMRUDPLHQWRHQORVDVSHFWRVGHJREHUQDELOLGDGFRUSRUDWLYDUHODWLYRVDODSURWHFFLyQGHORV
PLQRULWDULRV \ GH ORV GHUHFKRV GH ORV DFUHHGRUHV 6H VHxDOy DGHPiV OD QHFHVLGDGGHH[DPLQDUHOSDSHO
GHVHPSHxDGRKDVWDDKRUDHQHOGHVDUUROORGHOPHUFDGRSRUODHPLVLyQGHGHXGDS~EOLFDLQWHUQDTXHSRU
ORV QLYHOHV DOFDQ]DGRV HQ FRPSDUDFLyQ FRQ RWURV SDtVHV SRGUtD HVWDU SUHVLRQDQGR VREUH XQD OLPLWDGD
FDSDFLGDGGHJHQHUDFLyQGHDKRUURILQDQFLHURLQWHUQRUHVXOWDQGRHQDO]DVHQODVWDVDVGHLQWHUpV\HQHO
GHVSOD]DPLHQWR GH SHTXHxDV \ PHGLDQDV HPSUHVDV GHO DFFHVR DO FUpGLWR 7DPELpQ VH PHQFLRQy OD
QHFHVLGDG GH H[DPLQDU ODV HVWUDWHJLDV GH HPLVLyQ GH GHXGD LQWHUQD FRQ HO REMHWR GH KDFHUOD DUPyQLFD
FRQ HO GHVDUUROOR GH XQ PHUFDGR RULHQWDGR D ODV QHFHVLGDGHV GH ILQDQFLDPLHQWR GH OD LQYHUVLyQ 3RU
~OWLPRVHGHVWDFyHOSRWHQFLDOGHHVWRVPHUFDGRVSDUDFXEULUODVQHFHVLGDGHVGHUHFXUVRVGHODUJRSOD]R
GH PHGLDQDV HPSUHVDV \ GH HPSUHVDV LQQRYDGRUDV (Q HIHFWR HQ OD H[SHULHQFLD PXQGLDO HO FDSLWDO GH
ULHVJRKDVLGRHOOXJDUGHDFFHVRDUHFXUVRVGHFDSLWDOSDUDHVWDVHPSUHVDVH[SHULHQFLDTXHHQXQJUDGR
LQFLSLHQWH KD FRPHQ]DGR D VHU DSOLFDGD SRU OD UHJLyQ 'HEH QRWDUVH DGHPiV TXH HO GHVDUUROOR GH
LQVWLWXFLRQHVGHWLSREXUViWLOKDGDGRSLHHQFLHUWRVFDVRVDODFUHDFLyQGHRWURVPHUFDGRVWDOHVFRPRODV
EROVDV GH SURGXFWRV DJUtFRODV SURYH\HQGR DVt ILQDQFLDPLHQWR DO FDSLWDO GH WUDEDMR GH SHTXHxRV
SURGXFWRUHV(QFRQVHFXHQFLDQRGHEHGHVFDUWDUVHHOSRWHQFLDOTXHHVWRVQXHYRVPHUFDGRVWLHQHQSDUD
SURYHHUFDSLWDODHPSUHVDVPHGLDQDVHLQQRYDGRUDV
(QVtQWHVLVHOIRUWDOHFLPLHQWRGHOILQDQFLDPLHQWRGHODLQYHUVLyQHQODUHJLyQVXSRQHXQHVIXHU]R
HQP~OWLSOHVIUHQWHV(QHVWHGRFXPHQWRVHKDLQWHQWDGRGHVWDFDUORVSULQFLSDOHVSUREOHPDVLQWHUQRVTXH
VHKDQWUDGXFLGRKDVWDDKRUDHQXQDLQVXILFLHQWHJHQHUDFLyQHLQWHUPHGLDFLyQGHUHFXUVRVSRUSDUWHGHO
VLVWHPDILQDQFLHURSDUDVHULQYHUWLGRVSRUHPSUHVDVJUDQGHVPHGLDQDV\SHTXHxDV/RVWHPDVDERUGDGRV
VRQ YDULDGRV \ ODV SURSXHVWDV FX\RV SULQFLSDOHV DVSHFWRV VH KDQ DERUGDGR DTXt VRQ HPSUHQGLPLHQWRV
FX\RUHVXOWDGRDOLJXDOTXHODLQYHUVLyQVyORVHDSUHFLDUiQHQHOODUJRSOD]R



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

%LEOLRJUDItD

BBBBB $FHPRJOX 'DURQ 6LPRQ -RKQVRQ -DPHV 5RELQVRQ H <XQ\RQJ


7KDFKDURHQ ,QVWLWXWLRQDO FDXVHV PDFURHFRQRPLF V\PSWRPV YRODWLOLW\
FULVHVDQGJURZWK-RXUQDORI0RQHWDU\(FRQRPLFV(OVHYLHU
BBBBB $VRFLDFLyQ /DWLQRDPHULFDQD GH ,QVWLWXFLRQHV )LQDQFLHUDV SDUD HO
'HVDUUROOR $/,'( /LEHUDOL]DFLyQ ILQDQFLHUD \ EDQFD GH GHVDUUROOR
/LPD3HU~
BBBBB%DQNRI,QWHUQDWLRQDO6HWWOHPHQWV%,6VWDWLVWLFDOGDWDEDVH
BBBBB%DQNRI,QWHUQDWLRQDO6HWWOHPHQWV7KHGHYHORSPHQWRIERQGPDUNHWVLQ
HPHUJLQJHFRQRPLHV%,63DSHUV
BBBBB %DQN RI ,QWHUQDWLRQDO 6HWWOHPHQWV )LQDQFLDO VWDELOLW\ DQG ORFDO
FXUUHQF\ERQGPDUNHWV&RPPLWWHHRQWKH*OREDO)LQDQFLDO6\VWHP&*)6
3DSHUV1R
BBBBB %RUHQV]WHLQ (GXDUGR %DUU\ (LFKHQJUHHQ \ 8JR 3DQL]]D %RQGV
0DUNHWVLQ/DWLQ$PHULFD0,73UHVV
BBBBB%29(63$D1RYR0HUFDGR6mR3DXOR
BBBBB%29(63$E1LYHO6mR3DXOR
BBBBB%29(63$F1LYHO6mR3DXOR
BBBBB%29(63$G%RYHVSD0DLV6mR3DXOR
BBBBB&(3$/(VWXGLR(FRQyPLFRGH$PpULFD/DWLQD D 
BBBBB&(3$/%DODQFH3UHOLPLQDUGHODV(FRQRPtDVGH$PpULFD/DWLQD\HO
&DULEH E 
BBBBB&(3$/(VWXGLR(FRQyPLFRGH$PpULFD/DWLQD
BBBBB&ODHVVHQ6WLMQ'DQLHOD.OLQJHQELHO\6HUJLR6FKPXNOHU*RYHUQPHQW
ERQGVLQGRPHVWLFDQGIRUHLJQFXUUHQF\7KHUROHRIPDFURHFRQRPLFDQG
LQVWLWXWLRQDOIDFWRUV&(35'LVFXVVLRQ3DSHUV1R
BBBBB 'H OD 7RUUH $XJXVWR \ 6HUJLR 6FKPXNOHU :KLWKHU /DWLQ $PHULFDQ
&DSLWDO0DUNHWV"7KH:RUOG%DQN
BBBBB (DVWHUO\ :LOOLDP \ 5RVV /HYLQH 7URSLFV JHUPV DQG FURSV +RZ
HQGRZPHQWV LQIOXHQFH HFRQRPLF GHYHORSPHQW -RXUQDO RI 0RQHWDU\
(FRQRPLFV(OVHYLHU



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD

BBBBB(LFKHQJUHHQ%DUU\\3LSDW/HXQJQDUHXPLWFKDL:K\GRHVQW$VLDKDYHELJJHUERQGVPDUNHWV"1%(5
:RUNLQJSDSHU1R
BBBBB)RQGR0RQHWDULR,QWHUQDFLRQDO*OREDO)LQDQFLDO6WDELOLW\5HSRUW6HSWLHPEUH D 
BBBBB)RQGR0RQHWDULR,QWHUQDFLRQDO*OREDO)LQDQFLDO6WDELOLW\5HSRUW$EULO E 
BBBBB)RQGR0RQHWDULR,QWHUQDFLRQDO(VWDGtVWLFDV)LQDQFLHUDV,QWHUQDFLRQDOHVGDWDEDVH
BBBBB)RQGR0RQHWDULR,QWHUQDFLRQDO(VWDGtVWLFDVGH%DODQ]DGH3DJRVGDWDEDVH
BBBBB*HORV*DVWRQ%DQNLQJVSUHDGVLQ/DWLQ$PHULFD,0):RUNLQJ3DSHU
BBBBB-LPpQH]/XLV)HOLSH&DSLWDOGHULHVJR\LQQRYDFLyQHQ$PpULFD/DWLQD5HYLVWDGHOD&(3$/1R
BBBBB.DFHI2VYDOGR\6DQGUD0DQXHOLWR(OLQJUHVRQDFLRQDOEUXWRGLVSRQLEOH6HULH0DFURHFRQRPtDGHO
'HVDUUROOR1&(3$/
BBBBB6DQWDQD0DUtD+HOHQD1RYR0HUFDGR7KH%UD]LOLDQ([SHULHQFH,)&*OREDO&RUSRUDWH*RYHUQDQFH
)RUXP
BBBBB 6WDOOLQJV %DUEDUD )LQDQFLDPLHQWR SDUD HO GHVDUUROOR $PpULFD /DWLQD GHVGH XQD SHUVSHFWLYD
FRPSDUDGD/LEURVGHOD&(3$/
BBBBB:RUOG%DQN\,0)'HYHORSLQJ*RYHUQPHQW%RQG0DUNHWV
BBBBB:RUOGIHGHUDWLRQRIH[FKDQJHVGDWDEDVH
BBBBB=HUYRV6DUD7KHWUDQVDFWLRQFRVWRISULPDU\PDUNHWVLVVXDQFHWKHFDVHRI%UD]LO&KLOHDQG0H[LFR
:RUOG%DQN3ROLF\5HVHDUFK3DSHU1:DVKLQJWRQ'&



&(3$/6HULH0DFURHFRQRPtDGHOGHVDUUROOR1

/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD









6HULH

PDFURHFRQRPtDGHOGHVDUUROOR

1~PHURVSXEOLFDGRV
8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV

















/RVPHUFDGRVILQDQFLHURVHQ$PpULFD/DWLQD\HOILQDQFLDPLHQWRGHODLQYHUVLyQKHFKRVHVWLOL]DGRV\SURSXHVWDV
SDUD XQD HVWUDWHJLD GH GHVDUUROOR 6DQGUD 0DQXHOLWR \ /XLV )HOLSH -LPpQH] /&/3  1 GH YHQWD
6,,* 86 
(VWLPDFLyQ GHO FUHFLPLHQWR SRWHQFLDO GH $PpULFD /DWLQD &ODXGLR $UDYHQD /&/3  1 GH YHQWD
6,,* 86 
/DYDULDELOLGDG\ODSHUVLVWHQFLDGHORVSUHFLRVUHDOHVGHORVSULQFLSDOHVSURGXFWRVEiVLFRVGHH[SRUWDFLyQGHORV
SDtVHV ODWLQRDPHULFDQRV 2PDU ' %HOOR )HUQDQGR &DQW~ 5RGULJR +HUHVL /&/3  1 GH YHQWD
6,,* 86 
(QIRTXHGHJpQHURHQODVLQVWLWXFLRQHVODERUDOHV\ODVSROtWLFDVGHOPHUFDGRGHWUDEDMRHQ$PpULFD/DWLQD5R[DQD
0DXUL]LR /&/3 1GHYHQWD6,,* 86 
3DSHO GH ORV VLQGLFDWRV \ OD QHJRFLDFLyQ FROHFWLYD \ VX LPSDFWR HQ OD HILFLHQFLD \ OD HTXLGDG GHO PHUFDGR GH
WUDEDMR3DWULFLR)UtDV)HUQiQGH] /&/3 1GHYHQWD6,,* 86 
6REUH OD HYROXFLyQ GHO JDVWR S~EOLFR VRFLDO HQ $PpULFD /DWLQD \ VX SDSHO SDUD OD HVWDELOL]DFLyQ HFRQyPLFD
5DPLUR5XL]GHO&DVWLOOR /&/3 1GHYHQWD6,,* 86 
,QGLFDGRUHVDGHODQWDGRVSDUD$PpULFD/DWLQD)HUQDQGR&DQW~$OHMDQGUD$FHYHGR\2PDU%HOOR /&/3 
1GHYHQWD6,,* 86 
(O HPSOHR HQ OD FULVLV HIHFWRV \ SROtWLFDV 9tFWRU ( 7RNPDQ /&/3  1 GH YHQWD 6,,*
86 
6HJXURVGHGHVHPSOHR\UHIRUPDVUHFLHQWHVHQ$PpULFD/DWLQD0DULR9HOiVTXH]3 /&/3 1GHYHQWD
6,,* 86 
0DJQLWXG \ KHWHURJHQHLGDG SROtWLFDV GH IRPHQWR GHO HPSOHR MXYHQLO \ ODV PLFUR \ SHTXHxDV HPSUHVDV -XDQ
&KDFDOWDQD /&/3 1GHYHQWD6,,* 86 
5LJLGHFHV\HVSDFLRILVFDOHQ$PpULFD/DWLQD8QHVWXGLRGHH[SHULHQFLDVFRPSDUDGDV LQJOpV 2VFDU&HWUiQJROR
-XDQ3DEOR-LPpQH]5DPLUR5XL]GHO&DVWLOOR /&/,3 1GHYHQWD(,,* 86 
3ROtWLFDVDFWLYDVGHOPHUFDGRGHWUDEDMRHQ&RORPELD0p[LFR\3HU~6WpIDQR)DUQp /&/3 1GHYHQWD
6,,* 86 




(OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH
'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[  FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ




1RPEUH  





$FWLYLGDG  








'LUHFFLyQ  
&yGLJRSRVWDOFLXGDGSDtV 
7HO)D[(PDLO 





También podría gustarte