Está en la página 1de 183

Creditos Informatica 2/1/06 10:03 Página 1

Guía de Usuario de Informática


para Mayores

www.cajaespana.es
Creditos Informatica 2/1/06 10:03 Página 2

Las marcas Microsoft, Windows XP, Word 2003, Paint, Internet Explorer,
MSN Messenger y Outlook Express, mencionadas en esta Guía son mar-
cas registradas de Microsoft Corporation.

La Marca Google mencionada en este manual es marca registrada de


Google.

La Marca Yahoo, mencionada en este manual es marca registrada


deYahoo! Iberia, S.L.

© Caja España

Edita: Caja España


Depósito Legal: VA-4/2006
Imprime:Mata Digital, S.L.
Valladolid, 2006.
ËQGLFH
,1752'8&&,Ï1 

3$57(,$QWHVGHHQFHQGHUHORUGHQDGRU
/248('(%(6&212&(5 

¢4XpHVLQIRUPiWLFD" 

¢4XpHVXQRUGHQDGRU" 

¢3RUTXpPHUHFHODSHQDDSUHQGHU" 

(/25'(1$'25$18(67526(59,&,2 

)XQFLRQDPLHQWREiVLFRGHXQRUGHQDGRU 

3DUWHVTXHORFRPSRQHQ 

(OUDWyQ\HOWHFODGR 

/DSDQWDOOD\ODLPSUHVRUD 

/DSDUWH³LQWHOLJHQWH´GHQXHVWURQXHYRFRPSDxHUR 

2WURVHOHPHQWRVSDUDFRPSOHPHQWDU 

3$57(,,7UDEDMDQGRMXQWRV
¢&Ï020(&2081,&2&21(/25'(1$'25" 

(QFHQGHUHORUGHQDGRU 

3UHSDUDGRSDUDHOWUDEDMR 

(OHVFULWRULRHOSXQWRGHSDUWLGD 

/RVLFRQRV\ODEDUUDGHWDUHDV 

$SDJDUHORUGHQDGRU 


,1752'8&&,Ï1

*XtDGH8VXDULRGH,QIRUPiWLFD
SDUD0D\RUHV

9
,1752'8&&,Ï1

/D*XtDGH8VXDULRGH,QIRUPiWLFD SDUD0D\RUHV
GU WPC RWDNKECEKÎP FG NC 2EUD 6RFLDO GH &DMD
(VSDxD RCTCHCEKNKVCTGNCEEGUQCNQUQTFGPCFQTGUG
+PVGTPGVFGNCURGTUQPCUOC[QTGUCEGTECPFQFGWPC
OCPGTC RT¶EVKEC G KPVWKVKXC GN WUQ FG NCU PWGXCU
VGEPQNQIÈCU[NC5QEKGFCFFGNC+PHQTOCEKÎP

/D2EUD6RFLDOGH&DMD(VSDxD RTGVGPFGSWGGUVC
)WÈC FG 7UWCTKQ UGC WVKNK\CFC EQOQ TGHGTGPVG GP NC
4GF FG #WNCU FG +PHQTO¶VKEC SWG C RWGUVQ C
FKURQUKEKÎP FG NCU RGTUQPCU OC[QTGU GP VQFC NC
%QOWPKFCF FG %CUVKNNC [ .GÎP C NC JQTC FG NC
KORCTVKEKÎP FG VQFCU NCU CEVKXKFCFGU HQTOCVKXCU SWG
UGFGUCTTQNNGP

/D 2EUD 6RFLDO GH &DMD (VSDxD SWKGTG CITCFGEGT


NCEQNCDQTCEKÎPFGVQFCUCSWGNNCURGTUQPCUSWGJCP
RCTVKEKRCFQGPNQUVCNNGTGU[SWGWVKNK\CPNQU#WNCUFG
+PHQTO¶VKECRQTSWGUKPUWRCTVKEKRCEKÎPGUVCKPKEKCVKXC
PQUGTÈCRQUKDNG

11
3$57( ,
$QWHVGHHQFHQGHUHO
RUGHQDGRU

*XtDGH8VXDULRGH,QIRUPiWLFD
SDUD0D\RUHV

13
/248('(%(6&212&(5

¢4XpHVLQIRUPiWLFD"

,QIRUPiWLFDHVODFLHQFLDTXHHVWXGLDHO WUDWDPLHQWR
DXWRPiWLFR\UDFLRQDO GHODLQIRUPDFLyQ8QRGHORV
LQVWUXPHQWRV TXH SHUPLWH OD DSOLFDFLyQ GH OD
LQIRUPiWLFDHVHORUGHQDGRU

¢4XpHVXQRUGHQDGRU"

(V XQD PiTXLQD HOHFWUyQLFD FDSD] GH LQWHUSUHWDU


XQDV LQVWUXFFLRQHV OOHYDUODV D FDER HMHFXWDUODV  \
SRVWHULRUPHQWHRIUHFHUXQRVUHVXOWDGRV

15
¢3RUTXpPHUHFHODSHQDDSUHQGHU"

/RV RUGHQDGRUHV HQ VXV LQLFLRV HVWXYLHURQ


RULHQWDGRV H[FOXVLYDPHQWH FRQ ORV QHJRFLRV OD
LQYHVWLJDFLyQ ODV UDPDV GH OD FLHQFLD \ HO PXQGR
PLOLWDU

+R\HQGtDDGHPiVGHORDQWHULRUXQRUGHQDGRUVH
KD FRQYHUWLGR HQ XQ HOHPHQWR GH RFLR UHODFLRQDGR
FRQOD P~VLFDODLPDJHQODGLYHUVLyQ \ DWUDYpVGH
,QWHUQHW HQ XQ LQVWUXPHQWR GH FRPXQLFDFLyQ \
FRQRFLPLHQWR 4XLHQHV GDQ HO VDOWR \ FRPLHQ]DQ D
PDQHMDU HO RUGHQDGRU SURQWR FRPLHQ]DQ D GLVIUXWDU
GHWRGDVVXVYHQWDMDV

16
(/25'(1$'25$18(6752 6(59,&,2

)XQFLRQDPLHQWREiVLFRGHXQRUGHQDGRU

%iVLFDPHQWHHOWUDEDMRGHXQRUGHQDGRUFRQVLVWHHQ
UHFLELU\GHYROYHULQIRUPDFLyQ

8WLOL]DQGRHOUDWyQ\HOWHFODGRSULQFLSDOPHQWHGDPRV
ODV yUGHQHV TXH HO RUGHQDGRU UHFLEH HQ IRUPD GH
LQVWUXFFLRQHV\GDWRV

(O RUGHQDGRU SURFHVD GLFKD LQIRUPDFLyQ


LQWHUSUHWDQGR \ HMHFXWDQGR ODV LQVWUXFFLRQHV \
PDQHMDQGRORVGDWRVQHFHVDULRV

$WUDYpVGHODSDQWDOOD\ODLPSUHVRUDSULQFLSDOPHQWH
HORUGHQDGRUQRVGHYXHOYHODLQIRUPDFLyQUHVXOWDQWH

3DUWHVTXHORFRPSRQHQ

(O IXQFLRQDPLHQWR GHO RUGHQDGRU QRV GHWHUPLQD ODV


SDUWHVTXHORFRPSRQHQ
(OHPHQWRV GH HQWUDGD HVWRV QRV VHUYLUiQ SDUD
LQWURGXFLUODLQIRUPDFLyQ
17
(OHPHQWRV GH SURFHVDPLHQWR LQWHUSUHWDQ \
HMHFXWDQ ODV LQVWUXFFLRQHV UHFLELGDV D WUDYpV GH OD
LQIRUPDFLyQGHHQWUDGD
(OHPHQWRVGHVDOLGDDWUDYpVGHHOORVHORUGHQDGRU
PXHVWUDODLQIRUPDFLyQUHVXOWDQWH

(OUDWyQ\HOWHFODGR

(VWRVFRPRYLPRVDQWHULRUPHQWHQRVYDQDSHUPLWLU
GDU yUGHQHV H LQWURGXFLU LQIRUPDFLyQ SDUD TXH HO
RUGHQDGRUWUDEDMHFRQHOOD

(O UDWyQ WLHQH XQ PDQHMR PX\ VHQFLOOR 0HGLDQWH VX


PRYLPLHQWR \ DOJXQDV SXOVDFLRQHV OODPDGDV FOLF 
VREUH VXV ERWRQHV QRV SHUPLWLUiQ DEULU \ FHUUDU
SURJUDPDV GLVHxDU LPiJHQHV PRYHUQRV SRU OD
SDQWDOODHWF
(O WHFODGR HV PX\ SDUHFLGR D XQD PiTXLQD GH

18
HVFULELU HOHFWUyQLFD SHUR LQFRUSRUD PiV WHFODV TXH
SHUPLWHQUHDOL]DUGLVWLQWDVIXQFLRQHV

ÒOWLPDPHQWH ORV WHFODGRV WDPELpQ LQFRUSRUDQ WHFODV


TXH KDFHQ SRVLEOH HO DFFHVR D SiJLQDV GH ,QWHUQHW
DO FRUUHR HOHFWUyQLFR \ D ODV IXQFLRQHV GHO
UHSURGXFWRUGHP~VLFD

/DSDQWDOOD\ODLPSUHVRUD

/D SDQWDOOD GHO RUGHQDGRU R PRQLWRU FRPR DVt VH


OODPD HV SUiFWLFDPHQWH OD FDUD GHO RUGHQDGRU $
WUDYpV GH HOOD HO RUGHQDGRU VH FRPXQLFD FRQ
QRVRWURV

/RV SULPHURV PRQLWRUHV IXHURQ GH XQ VROR FRORU


PRQRFURPRV  +DEtD PRQLWRUHV GH IyVIRUR YHUGH
EODQFR R DPDULOOR /XHJR DSDUHFLHURQ ORV PRQLWRUHV
HQ FRORU (VWRV PRQLWRUHV &57 WLHQHQ OD PLVPD
WHFQRORJtDTXHXQWHOHYLVRUFRQYHQFLRQDO

19
+R\ HQ GtD FDGD YH] VH YHQ PiV ODV SDQWDOODV
SODQDV/&'\7)7

6XFDOLGDGGHLPDJHQHVDOJRLQIHULRUDODFDOLGDGGH
ORVPRQLWRUHV&57SHURWLHQHQOD YHQWDMDGHRFXSDU
PHQRV HVSDFLR \ GDxDU PHQRV OD YLVWD 7DPELpQ
HQFRQWUDPRVHQHOPHUFDGRWHOHYLVRUHV/&'

(Q FXDQWR D ODV LPSUHVRUDV WDPELpQ KD\ GH YDULRV


WLSRV /DV PiV XWLOL]DGDV VRQ ODV GH LQ\HFFLyQ GH
WLQWD\ODVLPSUHVRUDVOiVHU

7DPELpQ SRGHPRV YHU WRGDYtD HQ DOJXQDV


DGPLQLVWUDFLRQHV LPSUHVRUDV PDWULFLDOHV PX\
XWLOL]DGDV SDUD VDFDU JUDGHV OLVWDGRV \ HWLTXHWDV
SRVWDOHV

20
&RQ OD LQFRUSRUDFLyQ DO PHUFDGR GH ODV FiPDUDV
GLJLWDOHV ODV LPSUHVRUDV VH KDQ FRQYHUWLGR HQ
DXWpQWLFRV FHQWURV IRWRJUiILFRV TXp QRV SHUPLWHQ
REWHQHU HQ SDSHO UiSLGDPHQWH ODV IRWRV KHFKDV FRQ
QXHVWUDFiPDUDGHIRWRV

 /D SDUWH ³LQWHOLJHQWH´ GH QXHVWUR QXHYR


FRPSDxHUR

6DEHPRV TXH HO RUGHQDGRU HV FDSD] GH UHFLELU


yUGHQHV LQWHUSUHWDU GLFKDV yUGHQHV \ HMHFXWDU ODV
LQVWUXFFLRQHVQHFHVDULDVSDUDGDUQRVXQDUHVSXHVWD
9HDPRVGHTXpHVWiKHFKDHVWD³LQWHOLJHQFLD´

'HQWURGHOD³&38´QRVHQFRQWUDPRVGRVHOHPHQWRV
IXQGDPHQWDOHVTXHVRQHOSURFHVDGRU\ODPHPRULD
SULQFLSDO
(O SURFHVDGRU VH
HQFDUJD GH LQWHUSUHWDU
WRGD OD LQIRUPDFLyQ \
HMHFXWDU XQD D XQDV ODV
LQVWUXFFLRQHVUHFLELGDV

21
/D PHPRULDSULQFLSDO R
PHPRULD5$0DOPDFHQD
WRGRV ORV GDWRV FRQ ORV
TXHHVWDPRVWUDEDMDQGR

2WURVHOHPHQWRVSDUDFRPSOHPHQWDU

1R GHEHPRV ROYLGDU D ODV XQLGDGHV GH GLVFR (VWDV


VH HQFDUJDQ GH KDFHU IXQFLRQDU D ORV GLVFRV GyQGH
JXDUGDUHPRVWRGDODLQIRUPDFLyQLPSRUWDQWH

(Q pVWH SXQWR HV LPSRUWDQWH VDEHU TXH XQD YH]


DSDJDGR HO RUGHQDGRU WRGD OD LQIRUPDFLyQ GH OD
PHPRULD 5$0 HV ERUUDGD SRU HOOR HQ ORV GLVFRV VH
DOPDFHQDQWDQWRORVSURJUDPDVFRPRODLQIRUPDFLyQ
TXHpVWRVPDQHMDQ

'LVFRGXUR 8QLGDG&' &'520

22
3$57(,,
7UDEDMDQGRMXQWRV

*XtDGH8VXDULRGH,QIRUPiWLFD
SDUD0D\RUHV

23
 ¢&Ï02 0( &2081,&2 &21 (/
25'(1$'25"

(QFHQGHUHORUGHQDGRU

32:(5

8QD YH] TXH WRGR HVWi FRQHFWDGR FRUUHFWDPHQWH \


HQFKXIDGR D OD FRUULHQWH OD WDUHD GH HQFHQGHU HO
RUGHQDGRU HV WDQ VHQFLOOD FRPR OD GH FXDOTXLHU RWUR
DSDUDWR%XVFDUHPRVXQERWyQVLWXDGRHQOD WRUUHR
FDMD ERWyQ 32:(5 TXH VXHOH GHVWDFDU PiV TXH
RWURVTXHSXHGDWUDHUGLFKDFDMD

6HJXUDPHQWH WDPELpQ VHUi QHFHVDULR HQFHQGHU OD


SDQWDOOD R PRQLWRU DXQTXH DOJXQRV FRJHQ OD
FRUULHQWHGLUHFWDPHQWHGHODWRUUH\DOHQFHQGHUpVWD
WDPELpQVHHQFLHQGHODSDQWDOOD

25
3UHSDUDGRSDUDHOWUDEDMR

1DGD PiV HQFHQGHU HO RUGHQDGRU FRPSUREDUHPRV


FRPR FRPLHQ]D D GDUQRV LQIRUPDFLyQ HQ SDQWDOOD
DFHUFDGHHOPRGHORODFDQWLGDGGHPHPRULD\RWURV
GDWRV (VWR VH FRQRFH FRPR FKHTXHR LQLFLDO \
GXUDQWH HVWH WLHPSR WDPELpQ HVWi FDUJDQGR FLHUWRV
SURJUDPDV QHFHVDULRV SDUD SRGHU FRPHQ]DU D
WUDEDMDU

8QD YH]FDUJDGR HO VLVWHPD RSHUDWLYR HORUGHQDGRU


\D HVWi SUHSDUDGR SDUD FRPHQ]DU D UHFLELU yUGHQHV
SRUSDUWHQXHVWUD

26
(OHVFULWRULRHOSXQWRGHSDUWLGD

(OHVFULWRULRGH:LQGRZVHVHO iUHDGRQGHYDPRV D
WUDEDMDUHOOXJDUGRQGHLUiQDSDUHFLHQGRODVGLVWLQWDV
YHQWDQDV (O HVFULWRULR WLHQH HO WDPDxR GH QXHVWUR
PRQLWRU (Q XQR GH ORV ERUGHV GHO HVFULWRULR VH
HQFXHQWUDODEDUUDGHWDUHDV \HQpVWD HOERWyQGH
,QLFLR PX\ LPSRUWDQWH HQ :LQGRZV (Q OD SDUWH
LQWHULRU GHO HVFULWRULR R IRQGR GH SDQWDOOD
HQFRQWUDPRVGLIHUHQWHVLFRQRV

27
/RVLFRQRV\ODEDUUDGHWDUHDV

/RV LFRQRV VH HQFXHQWUDQ VLWXDGRV HQ HO IRQGR GH


SDQWDOOD 6RQ SHTXHxRV GLEXMRV FRQ XQ SLH GH WH[WR
TXH UHSUHVHQWDQ GHVGH SURJUDPDV TXH SXHGHQ VHU
HMHFXWDGRV KDVWD FDUSHWDV GRQGH SRGUHPRV
HQFRQWUDUGLYHUVDLQIRUPDFLyQ

'RVGHORVLFRQRVPiVXWLOL]DGRVVRQ0L3&TXHVH
XWLOL]D SDUD DFFHGHU D ODV XQLGDGHV GH GLVFR \ OD
SDSHOHUD GH UHFLFODMH GRQGH HQFRQWUDPRV WRGRV ORV
GRFXPHQWRVRDUFKLYRVTXHYDPRVHOLPLQDQGR

/DEDUUDGHWDUHDVHVWiVLWXDGDQRUPDOPHQWHHQOD
SDUWH LQIHULRU GHO HVFULWRULR (Q HOOD VH HQFXHQWUD HO
ERWyQGH,QLFLR OD]RQDGHERWRQHVGHYHQWDQDV \OD
]RQDGHQRWLILFDFLRQHVGRQGHVHVLW~DHOUHORM

28
$SDJDUHORUGHQDGRU

&XDQGR WHUPLQDPRV GH XVDU HO RUGHQDGRU GHEHPRV


DSDJDUORSHURSDUDHOORKD\TXHVDOLUGH:LQGRZV

3DUD KDFHU HVWR


FRUUHFWDPHQWH KDUHPRV FOLF
VREUH HO ERWyQ GH ,QLFLR \
EXVFDUHPRV OD RSFLyQ
$SDJDUHOHTXLSR

1RV DSDUHFHUi XQ


FXDGUR GH GLiORJR
GRQGH HOHJLUHPRV OD
RSFLyQ$SDJDU

29
(/(172512'(:,1'2:6

0DQHMRGHOUDWyQ

(O UDWyQ HV HO SHULIpULFR GH HQWUDGD PiV XWLOL]DGR


SDUD HO PDQHMR GH :LQGRZV 6X XWLOL]DFLyQ FRQVLVWH
HQGHVSOD]DUORKRUL]RQWDORYHUWLFDOPHQWHVREUHXQD
VXSHUILFLHFRLQFLGLHQGRHVWHGHVSOD]DPLHQWRFRQHO
PRYLPLHQWR GHO SXQWHUR GHO UDWyQ HQ OD SDQWDOOD GH
QXHVWURRUGHQDGRU

$GHPiVGHPRYHUHOUDWyQWDPELpQUHDOL]DUHPRVHQ
HO PRPHQWR RSRUWXQR SXOVDFLRQHV HQ ORV ERWRQHV
30
GHO UDWyQ &DGD SXOVDFLyQ HQ XQ ERWyQ GHO UDWyQ VH
OODPDFOLF/DVSXOVDFLRQHVPiVKDELWXDOHVVRQFOLFR
GREOH FOLF HQ HO ERWyQ L]TXLHUGR FOLF HQ HO ERWyQ
GHUHFKRRELHQSXOVDUHOERWyQ\VLQVROWDUORPRYHUHO
UDWyQ $UUDVWUDU

)XQFLRQDPLHQWRGHOUDWyQ
0RYLPLHQWR 'HVSOD]DPLHQWR GHO UDWyQ VREUH XQD
VXSHUILFLHFRQHOILQGHPRYHUHOSXQWHURGHOUDWyQ
&OLFERWyQL]TXLHUGR6HXWLOL]DSDUDVHOHFFLRQDUXQ
LFRQRHVFRJHUXQDRSFLyQGHQWURGHXQPHQ~SDUD
SXOVDU FXDOTXLHU ERWyQ YLVLEOH HQ OD SDQWDOOD \ HQ
JHQHUDO SDUD VHOHFFLRQDU FXDOTXLHU REMHWR GHQWUR GH
FXDOTXLHUDSOLFDFLyQ
'REOH FOLF ERWyQ L]TXLHUGR 6H XWLOL]D SDUD DEULU
*HQHUDOPHQWH KDFHPRV GREOH FOLF VREUH ORV LFRQRV
SDUD TXH QRV DSDUH]FD XQD YHQWDQD UHIHUHQWH D
GLFKRLFRQR 0L3&,QWHUQHW([SORUHUHWF 

31
&OLF ERWyQ GHUHFKR $O SXOVDU HVWH ERWyQ QRV
DSDUHFH XQ PHQ~ FRQ ODV RSFLRQHV TXH VH SXHGHQ
DSOLFDUDOREMHWRVREUHHOTXHVLWXDPRVHOSXQWHURGHO
UDWyQ(OHJLUHPRVXQDRSFLyQFRQHOERWyQL]TXLHUGR

$UUDVWUDU &RQVLVWH HQ SXOVDU XQ ERWyQ \ PRYHU HO


UDWyQ VLQ VROWDU pVWH 8WLOL]DPRV HVWD WpFQLFD  SDUD
UHDOL]DU GLIHUHQWHV DFFLRQHV FRPR PRYHU LFRQRV
YHQWDQDV LPiJHQHV FDPELDU HO WDPDxR GH
GLIHUHQWHV REMHWRV FRPR YHQWDQDV EDUUDV
VHOHFFLRQDUWH[WRHWF

32
/DVYHQWDQDV

'RV HOHPHQWRV VRQ EiVLFRV DO XWLOL]DU HO VLVWHPD


RSHUDWLYR GH :LQGRZV HO XVR GHO UDWyQ FRPR
SULQFLSDO SHULIpULFR GH HQWUDGD SDUD GDU yUGHQHV  \
ODVYHQWDQDVTXHHQLQJOpVVHHVFULEH:LQGRZV

0DQLSXODFLyQGH9HQWDQDV
$EULUYHQWDQDV/DIRUPDPiVKDELWXDOGHDEULUXQD
YHQWDQD HV KDFHU GREOH FOLF VREUH XQ LFRQR R KDFHU
FOLF VREUH XQD RSFLyQ GHO PHQ~ FRUUHVSRQGLHQWH DO
ERWyQGH,QLFLR

33
0LQLPL]DU YHQWDQDV &XDQGR GHVHDPRV RFXOWDU
PRPHQWiQHDPHQWH XQD YHQWDQD GHO HVFULWRULR OD
PLQLPL]DPRV3DUDPLQLPL]DUXQDYHQWDQDKDFHPRV
FOLFFRQHOERWyQL]TXLHUGRGHOUDWyQHQHOERWyQGH
PLQLPL]DUYHQWDQD

0D[LPL]DU  5HVWDXUDU YHQWDQDV 8QD YHQWDQD QR


PLQLPL]DGDSXHGHYLVXDOL]DUVHGHGRVIRUPDVRELHQ
PD[LPL]DGDRFXSDQGRWRGDODSDQWDOODRHQWDPDxR
UHVWDXUDGR TXH QRV SHUPLWH YHU RWUDV YHQWDQDV
FRORFDGDVHQODSDQWDOOD3DUDFDPELDUGHXQDIRUPD
DODRWUDEDVWDFRQKDFHUFOLFFRQHOERWyQL]TXLHUGR
GHOUDWyQHQHOERWyQGHPD[LPL]DUYHQWDQD

&HUUDUYHQWDQDV 3DUDFHUUDUXQDYHQWDQDKDFHPRV
FOLF FRQ HO ERWyQ L]TXLHUGR GHO UDWyQ HQ HO ERWyQ GH
FHUUDU YHQWDQDV &XDQGR QR YD\DPRV D XWLOL]DU XQD
YHQWDQD TXH WHQHPRV DELHUWD HV FRQYHQLHQWH
FHUUDUOD SDUD TXH OLEHUH OD PHPRULD TXH HVWi
XWLOL]DQGR

34
0RYHU XQD 9HQWDQD 8QD YHQWDQD TXH QR HVWp QL
PD[LPL]DGD QL PLQLPL]DGD VH SXHGH PRYHU SRU OD
SDQWDOOD

3DUDHOORVLWXDPRVHOSXQWHURGHOUDWyQHQODEDUUD
GHWtWXORGHODYHQWDQD ]RQDVXSHULRU KDFHPRVFOLF
HQ HO ERWyQ L]TXLHUGR GHO UDWyQ \ VLQ VROWDU
DUUDVWUDPRVODYHQWDQDKDFLDHOOXJDUGHVHDGR8QD
YH]VLWXDGDODYHQWDQDVROWDPRVHOERWyQGHOUDWyQ

&DPELDU HO 7DPDxR GH XQD 9HQWDQD 0RYHPRV HO


SXQWHUR GHO UDWyQ KDFLD XQR GH ORV FXDWUR ODWHUDOHV
GHODYHQWDQDRKDFLDXQDGHODVFXDWURHVTXLQDV(O
SXQWHURGHOUDWyQVHFRQYLHUWHHQXQDGREOHIOHFKD$
FRQWLQXDFLyQSXOVDPRVHOERWyQL]TXLHUGRGHOUDWyQ\
VLQ VROWDUOR YDULDPRV HO WDPDxR GH OD YHQWDQD 3DUD
ILQDOL]DUVROWDPRVHOERWyQGHOUDWyQ

35
/RVPHQ~V

/RV PHQ~V SUHVHQWHV HQ :LQGRZV FRQVLVWHQ HQ


OLVWDV GH RSFLRQHV HQ ODV FXDOHV QRVRWURV YDPRV D
SRGHU HVFRJHU XQD GH HOODV (Q :LQGRZV QRV
HQFRQWUDPRV GLIHUHQWHV PHQ~V (O SULPHUR GH HOORV
HV HO PHQ~ OLJDGR D ERWyQ GH ,QLFLR (VWH FRPR VX
QRPEUH LQGLFD QRV YD D SHUPLWLU GDU LQLFLR R
FRPLHQ]RD GLIHUHQWHVSURJUDPDV(QHVWHPHQ~VH
VLW~D OD RSFLyQ FRUUHVSRQGLHQWH D $SDJDU HO
RUGHQDGRU

$O KDFHU FOLF HQ HO ERWyQ

GH ,QLFLR  VH


GHVSOLHJD HO PHQ~ TXH
YHPRVDODGHUHFKD

36
(QFRQWUDPRV LJXDOPHQWH PHQ~V DO SXOVDU FRQ HO
ERWyQ GHUHFKR GHO UDWyQ HQ GLIHUHQWHV HOHPHQWRV
WDOHV FRPR HO IRQGR GH SDQWDOOD FXDOTXLHU LFRQR
VLWXDGRHQHVWHIRQGRGHSDQWDOODODEDUUDGHWDUHDV
RGHQWURGHFXDOTXLHUYHQWDQD

$GHPiV GHQWUR GH FXDOTXLHU DSOLFDFLyQ


HQFRQWUDPRV OD EDUUD GH PHQ~V OODPDGD DVt
SUHFLVDPHQWH SRU VHU XQD FROHFFLyQ GH GLIHUHQWHV
PHQ~V TXH DO KDFHU FOLF VREUH HOORV VH GHVSOLHJDQ
PRVWUDQGRVXVRSFLRQHV

(Q OD LPDJHQ YHPRV OD EDUUD GH PHQ~V GH OD
DSOLFDFLyQ0LFURVRIW:RUG

37
/RVFXDGURVGHGLiORJR

/RV FXDGURV GH GLiORJR VRQ XQ WLSR HVSHFLDO GH


YHQWDQDV HQ ODV FXDOHV SRGHPRV SDUD YDULDU ODV
FDUDFWHUtVWLFDV R SURSLHGDGHV GH GLIHUHQWHV
HOHPHQWRV FRPR SRU HMHPSOR HO UDWyQ WHFODGR OD
SDQWDOOD OD KRUD \ OD IHFKD HO WLSR GH OHWUD ODV
RSFLRQHVGHXQDDSOLFDFLyQHWF

38
3(5621$/,=$1'2:,1'2:6

(O 3DQHO GH &RQWURO HV XQD XWLOLGDG GH :LQGRZV


TXHQRVSHUPLWHUHDOL]DUGLYHUVDVPRGLILFDFLRQHV HQ
HOHPHQWRVWDQXWLOL]DGRVFRPRVRQHOUDWyQWHFODGR
SDQWDOODODIHFKD\KRUDLPSUHVRUDHWF

3DUDDFFHGHUDO3DQHOGH&RQWUROKDFHPRVFOLFHQHO
ERWyQ ,QLFLR \ SXOVDPRV OD RSFLyQ &RQILJXUDFLyQ R
3DQHO GH &RQWURO GHSHQGLHQGR GH OD YHUVLyQ GH
:LQGRZVFRQODTXHHVWHPRVWUDEDMDQGR

39
/DIHFKD\KRUD

3DUD DFFHGHU D OD YHQWDQD GH )HFKD \ KRUD GH


QXHVWUR RUGHQDGRU SULPHUDPHQWH DFFHGHPRV DO
3DQHO GH &RQWURO $ FRQWLQXDFLyQ KDFHPRV GREOH
FOLFHQHOLFRQR³)HFKD\KRUD´\VHDEUHXQDQXHYD
YHQWDQD

'HVGH HVWD YHQWDQD GH SURSLHGDGHV QRVRWURV


PRGLILFDUHPRVVLIXHUDQHFHVDULRODIHFKD\ODKRUD
GHO HTXLSR 8QD YH] UHDOL]DGRV ORV FDPELRV
SXOVDPRVHOERWyQ$FHSWDU

40
 9HORFLGDG GHO UDWyQ SXQWHURV \ RWURV
FDPELRV

/D YHQWDQD SDQHO GH FRQWURO QRV RIUHFH WDPELpQ OD


SRVLELOLGDG GH FDPELDU OD FRQILJXUDFLyQ GHO UDWyQ
(VWRQRVSHUPLWLUiPRGLILFDUODYHORFLGDGGHOSXQWHUR
UDWyQWLSRVGHSXQWHURVYHORFLGDGGHSXOVDFLyQSDUD
KDFHU GREOH FOLF FRQILJXUDU ODV DFFLRQHV GH ORV
GLIHUHQWHVERWRQHVSRQHUHOUDWyQSDUD]XUGRVHWF

41
3DUD DFFHGHU D ODV SURSLHGDGHV GHO UDWyQ 0RXVH 
KDFHPRV GREOH FOLF HQ HO LFRQR GHO 0RXVH \ QRV
VDOGUiODYHQWDQDGHSURSLHGDGHVGHOUDWyQ

/D YHQWDQD GH SURSLHGDGHV GHO 0RXVH VH RUJDQL]D


HQ GLIHUHQWHV ILFKDV 3ULQFLSDOPHQWH QRV FHQWUDPRV
HQODILFKDV%RWRQHV3XQWHURV\0RYLPLHQWR

'HVSXpV GH UHDOL]DU ORV FDPELRV FRQYHQLHQWHV


SXOVDUHPRVHOERWyQ$FHSWDU

42
(OWHFODGR9HORFLGDGGHUHSHWLFLyQ,GLRPD

6LJXLHQGR FRQ HO SDQHO GH FRQWUROGDPRV SDVR DOD


FRQILJXUDFLyQGHOWHFODGR

$O KDFHU GREOH FOLF


HQHOLFRQRWHFODGR
QRV DSDUHFH HO
FXDGUR GH GLiORJR
3URSLHGDGHV GHO
WHFODGR 'HVSXpV
GH UHDOL]DU ORV
FDPELRV SXOVDPRV
HOERWyQ$FHSWDU

43
 8Q WRTXH SHUVRQDO HQ OD SDQWDOOD (O IRQGR \
HOSURWHFWRU

(OIRQGRGHSDQWDOOD
6LWXiQGRQRV HQ HO HVFULWRULR \ KDFLHQGR FOLF FRQ HO
ERWyQ GHUHFKR GHO UDWyQ VREUH XQ HVSDFLR OLEUH GH
LFRQRVHOHJLPRVODRSFLyQSURSLHGDGHV

3DUD FDPELDU HO IRQGR GH SDQWDOOD HOLJH OD SHVWDxD


(VFULWRULR\VHOHFFLRQDHOQXHYRIRQGRGHODOLVWDTXH
DSDUHFHHQODSDUWHLQIHULRUL]TXLHUGD

44
8QDYH]VHOHFFLRQDGRHOIRQGRTXHTXLHUDVSRGHPRV
HOHJLU FyPR TXLHUHV TXH DSDUH]FD OD LPDJHQ FRQ OD
RSFLyQ3RVLFLyQTXHWLHQHODVRSFLRQHV

&HQWUDGDDSDUHFHUiODLPDJHQGHOWDPDxRUHDO\HQ
HOFHQWURGHODSDQWDOOD
(Q PRVDLFR DSDUHFHUiQ WDQWDV LPDJHQHV FRPR VH
QHFHVLWHQSDUDUHOOHQDUWRGRHOIRQGRGHSDQWDOOD
([SDQGLGD DSDUHFHUi OD LPDJHQ XQD VROD YH]
RFXSDQGRWRGRHOIRQGR

7DPELpQ HV SRVLEOH SRQHU FRPR IRQGR RWUD LPDJHQ


TXH QR DSDUH]FD HQ OD OLVWD SDUD HOOR WHQGUiV TXH
SXOVDU HO ERWyQ ([DPLQDU \ EXVFDU OD LPDJHQ TXH
GHVHDV VLHPSUH \ FXDQGR HO IRUPDWR GH OD LPDJHQ
VHD FRPSDWLEOH SRU HMHPSOR SRGUHPRV SRQHU XQD
LPDJHQFRQIRUPDWREPSMSJJLI

8QD YH] VHOHFFLRQDGD OD LPDJHQ GHVHDGD \ HO WLSR


GHSUHVHQWDFLyQSXOVD$FHSWDU

45
(OSURWHFWRUGHSDQWDOOD
$ YHFHV VXHOH VXFHGHU TXH HO RUGHQDGRU HVWi
LQDFWLYR XQRV PLQXWRV SRU OR TXH VH DFRQVHMD
GLVSRQHU GH DOJ~Q SURWHFWRU GH SDQWDOOD DFWLYDGR
SDUDHYLWDUTXHKD\DXQDLPDJHQILMDGXUDQWHPXFKR
WLHPSR\DTXHORVSXQWRVGHODSDQWDOODSXHGHQHVWDU
UHFLELHQGR ORV UD\RV TXH KDFHQ TXH VH LOXPLQH
GHPDVLDGRWLHPSR\HVRSXHGHGDxDUOD

'H OD OLVWD GHVSOHJDEOH VHOHFFLRQDPRV HO SURWHFWRU


TXH PiV QRV JXVWH \ WHQGUHPRV XQD SHTXHxD
UHSUHVHQWDFLyQHQODYHQWDQDGHDUULED

46
&RQ OD RSFLyQ 9LVWD SUHYLD SRGHPRV YHU FyPR
TXHGDUiXQDYH]VHOHFFLRQDGR&XDQGRPRYDPRVHO
UDWyQ R SXOVHPRV DOJXQD WHFOD OD YLVWD SUHYLD
WHUPLQDUi3RGHPRVPRGLILFDUHOLQWHUYDORGHWLHPSR
TXHWDUGDHQDSDUHFHUHOSURWHFWRUGHSDQWDOODFRQHO
SDUiPHWUR(VSHUDU

3RGHPRV SRQHU FRQWUDVHxD DO SURWHFWRU GH SDQWDOOD


TXH FRQILJXUDUHPRV FRQ OD RSFLyQ 3URWHJHU FRQ
FRQWUDVHxD DO UHDQXGDU SDUD HYLWDU TXH DOJXLHQ
SXHGD WUDEDMDU FRQ QXHVWUR RUGHQDGRU HQ QXHVWUD
VHVLyQ 3DUD HVFULELU OD FRQWUDVHxD SXOVDPRV HQ HO
ERWyQ &DPELDU H LQGLFDPRV OD FRQWUDVHxD TXH
GHVHDPRV GHVSXpV YROYHPRV D HVFULELUOD SDUD
FRQILUPDUOD3XOVDPRV $FHSWDU

&XDQGR VH DFWLYH HO SURWHFWRU GH SDQWDOOD QRV


DSDUHFHUi XQ FXDGUR GH GLiORJR VROLFLWiQGRQRV OD
FRQWUDVHxD SDUD SRGHU GHVDFWLYDU HO SURWHFWRU \
FRQWLQXDUWUDEDMDQGR

47
2WURVFDPELRVHQHOSDQHOGHFRQWURO

'HVGH HO SDQHO GH FRQWURO SRGHPRV FRQILJXUDU


GLIHUHQWHV GLVSRVLWLYRV D SDUWH GHO UDWyQ WHFODGR
SDQWDOOD\ODIHFKD\KRUD1RREVWDQWHORVFDPELRV
HQ HVWD SDQWDOOD HV FRQYHQLHQWH TXH ORV UHDOLFH XQ
SURIHVLRQDO SDUD HYLWDU SRVLEOHV HUURUHV HQ OD
FRQILJXUDFLyQGHQXHVWURHTXLSR

48
 /26 $&&(625,26 (1 :,1'2:6
35,0(526352*5$0$6

$FFHVRDORVDFFHVRULRVGH:LQGRZV

/RVDFFHVRULRVGH:LQGRZVVRQSURJUDPDVVHQFLOORV
TXH \D YLHQHQLQFOXLGRVFRQHOVLVWHPD RSHUDWLYRGH
:LQGRZV\SRUWDQWRQRKD\QHFHVLGDGGHDGTXLULUORV
DSDUWH

49
3DUD WUDEDMDU FRQ FXDOTXLHUD GH HVWRV DFFHVRULRV
DEULPRVHOPHQ~GH,QLFLRKDFLHQGRFOLFSDUDHOORHQ
HO ERWyQ GH ,QLFLR 1RV VLWXDPRV HQ HO VXEPHQ~
3URJUDPDV \ D FRQWLQXDFLyQ HQ HO VXEPHQ~
$FFHVRULRV  )LQDOPHQWH KDUHPRV FOLF HQ HO
DFFHVRULRFRQHOFXDOYDPRVDWUDEDMDU

/DFDOFXODGRUD

8QRGHORVDFFHVRULRVTXL]iVHOPiVVHQFLOORHVOD
FDOFXODGRUD (VWH SURJUDPD IXQFLRQD GH IRUPD
VLPLODU D XQD FDOFXODGRUD UHDO 3RGHPRV LQWURGXFLU
ORV Q~PHURV XWLOL]DQGR HO UDWyQ R ELHQ WHFOHiQGRORV
GLUHFWDPHQWHFRQHOWHFODGR

50
(OEORFGHQRWDV

2WUD DSOLFDFLyQ DFFHVRULR  PX\ LQWHUHVDQWH HQ XQ


SHTXHxRSURJUDPDOODPDGR%ORFGHQRWDVeVWHQRV
SHUPLWH JXDUGDU IUDJPHQWRV GH WH[WR HQ SHTXHxRV
DUFKLYRV

8QD YH] HVFULWR HO WH[WR KDUHPRV FOLF HQ HO PHQ~
$UFKLYR \ OXHJR HQ OD RSFLyQ *XDUGDU 1RV DSDUHFH
XQ FXDGUR GH GLiORJR GRQGH OH LQGLFDPRV GRQGH
JXDUGDUHODUFKLYR\FRQTXpQRPEUH

51
'HVDUUROODWXFUHDWLYLGDGFRQ3DLQW

8QR GH ORV DFFHVRULRV PiV XWLOL]DGRV GH :LQGRZV


FRQVLVWH HQ XQ SURJUDPD SDUD UHDOL]DU GLEXMRV
OODPDGR3DLQW

3DUD HQWUDU HQ HVWH SURJUDPD KDFHPRV FOLF HQ HO


ERWyQGH,QLFLR3URJUDPDV$FFHVRULRV\ILQDOPHQWH
HQ3DLQW

52
3DLQWFRPRYHPRVHQODLPDJHQWLHQHXQFXDGURGH
KHUUDPLHQWDV SDUD SLQWDU HQ VX SDUWH L]TXLHUGD \ XQ
FXDGURRSDQHOGHFRORUHVHQVXSDUWHLQIHULRU

+DFLHQGR FOLF HQ HO FXDGUR GH KHUUDPLHQWDV


HOHJLPRV OD KHUUDPLHQWD FRQ OD TXH GHVHDPRV
WUDEDMDU OiSL]SLQFHOJRPDGHERUUDUUHOOHQRVSUD\
HWF $ FRQWLQXDFLyQ KDUHPRV FOLF HQ HO FRORU FRQ HO
TXHYDPRVDSLQWDU
8QDYH]HOHJLGDODKHUUDPLHQWD\HOFRORUEDVWDFRQ
VLWXDUVHHQHOOLHQ]RRiUHDGHSLQWDU JHQHUDOPHQWH
DSDUHFH FRQ IRQGR EODQFR  KDFHPRV FOLF FRQ HO
ERWyQL]TXLHUGR\VLQVROWDUDUUDVWUDPRVHOUDWyQSDUD
UHDOL]DUGLYHUVRVWUD]DGRV

53
8WLOL]DFLyQGHFRORUHV
(Q SULPHU OXJDU GHEHPRV GLVWLQJXLU HQWUH FRORU
SULPDULR \ FRORU VHFXQGDULR 3DUD VHOHFFLRQDU HVWRV
FRORUHV KDFHPRV FOLF HQ HO FRORU GHVHDGR FRQ HO
ERWyQ L]TXLHUGR SDUD HO FRORU SULPDULR \ FRQ HO
GHUHFKR SDUD HO VHFXQGDULR /D JDPD GH FRORUHV D
HOHJLU DSDUHFH HQ HO FXDGUR GH FRORUHV MXQWR DO
GLEXMR GH GRV FXDGURV VXSHUSXHVWRV TXH
UHSUHVHQWDQ HO FRORU SULPDULR FXDGUR VXSHULRU  \ HO
FRORUVHFXQGDULR FXDGURLQIHULRU 

&RORU SULPDULR (VWH FRORU VH XWLOL]D SDUD KDFHU ORV


WUD]RVGHOGLEXMR
&RORU VHFXQGDULR 6XV IXQFLRQHV SULQFLSDOHV VRQ
IRQGRGHSDQWDOOD\UHOOHQRGHILJXUDV

54
&XDGURGHKHUUDPLHQWDV

(VWH FXDGUR GH KHUUDPLHQWDV HVWi IRUPDGR SRU XQ


FRQMXQWR GH ERWRQHV TXH SXHGHQ VHOHFFLRQDUVH
KDFLHQGR FOLF VREUH HO ERWyQ FRUUHVSRQGLHQWH \ TXH
H[SOLFDPRVDFRQWLQXDFLyQ

6HOHFFLyQ LUUHJXODU 6H XWLOL]D SDUD VHOHFFLRQDU


SDUWH GH XQ GLEXMR FRQ JUDQ SUHFLVLyQ 3DUD HOOR
ERUGHDPRV HO GLEXMR TXH TXHUHPRV VHOHFFLRQDU
&RPHQ]DPRV GHVGH XQ SXQWR SXOVDPRV HO ERWyQ
L]TXLHUGR\QRORVROWDPRVKDVWDTXHWHUPLQHPRVGH
ERUGHDUHOiUHDDVHOHFFLRQDU

55
6HOHFFLyQ 6H XWLOL]D SDUD VHOHFFLRQDU SDUWH GH XQ
GLEXMR HQFXDGUiQGROR 3DUD HQFXDGUDU HO iUHD
HOHJLGR KDFHPRV FOLF HQ XQD HVTXLQD GHO GLEXMR \
WUD]DPRVODGLDJRQDOVLQVROWDUHOERWyQ

*RPD GH ERUUDU 8QD YH] VHOHFFLRQDGD LUi


ERUUDQGRVHJ~QQRVPRYHPRVSRUODSDQWDOODFRQHO
ERWyQ L]TXLHUGR SXOVDGR 3RGHPRV HOHJLU HO WDPDxR
GHODJRPD/DJRPDERUUDFRQHOFRORUVHFXQGDULR
TXHVXHOHFRLQFLGLUFRQHOFRORUGHIRQGR

5HOOHQRGHFRORU 6HXWLOL]DSDUDUHOOHQDUGHXQFRORU
HOHJLGR ILJXUDV FHUUDGDV KDFLHQGR FOLF GHQWUR GH
pVWDV 3XOVDQGR HO ERWyQ GHUHFKR GHO UDWyQ VH
UHOOHQDQFRQHOFRORUVHFXQGDULR

6HOHFWRU GH FRORU 6H XWLOL]D SDUD VHOHFFLRQDU XQ


FRORU SULPDULR R VHFXQGDULR  TXH \D VH KD XVDGR
SUHYLDPHQWH HQ HO GLEXMR TXH HVWDPRV UHDOL]DQGR
3DUD HOOR QRV VLWXDPRV HQ XQ FRORU GHO GLEXMR \
KDFHPRVFOLFFRQHOERWyQFRUUHVSRQGLHQWH

56
$PSOLDFLyQ (VWD RSFLyQ VH XWLOL]D FXDQGR
TXHUHPRV GLEXMDU FRQ JUDQ SUHFLVLyQ GH GHWDOOH $O
HVFRJHU HVWD RSFLyQ GHEHPRV VHOHFFLRQDU HO
DXPHQWRGHVHDGR

/iSL] (O OiSL] VH XWLOL]D SDUD KDFHU WUD]RV ILQRV


6HOHFFLRQDGR pVWH SRGUHPRV GLEXMDU PDQWHQLHQGR
SXOVDGR XQ ERWyQ GHO UDWyQ GHSHQGLHQGR GHO FRORU
TXHTXHUDPRVXVDU

3LQFHO 6H XWLOL]D LJXDO TXH HO OiSL] SHUR SRGHPRV


HVFRJHU GLVWLQWRV WLSRV GH SLQFHO VHOHFFLRQDQGR HO
WUD]RTXHTXHUHPRVXWLOL]DU

6SUD\ &RPR VX SURSLR QRPEUH LQGLFD UHOOHQD


QXHVWURV GLEXMRV FRPR VL GH XQ VSUD\ VH WUDWDUD
3DUDGLEXMDUKDFHUORPLVPRTXHFRQOiSL]RSLQFHO
7DPELpQGLVSRQHGHYDULRVWLSRVGHVSUD\

7H[WR 1RVSHUPLWHLQFOXLUWH[WRHQQXHVWURVGLEXMRV
8QD YH] VHOHFFLRQDGD HVWD RSFLyQ OOHYDPRV HO
SXQWHUR GHO UDWyQ GRQGH TXHUHPRV HVFULELU HO WH[WR

57
$O KDFHU FOLF DSDUHFHUi XQ FXDGUDGR GRQGH
LQWURGXFLUHPRVHOWH[WR

)RUPDV OtQHDV UHFWiQJXORV HOLSVHV FXUYDV


SROtJRQRV  3DUD GLEXMDU HVWDV IRUPDV VHJXLUHPRV
ORVSDVRVVLJXLHQWHV

 6HOHFFLRQDU OD IRUPD HQ HO FXDGUR GH


KHUUDPLHQWDV
 +DFHUFOLFSDUDFRPHQ]DUODIRUPD
 $UUDVWUDUKDVWDGDUOHHOWDPDxRDGHFXDGRDOD
QXHYDIRUPDJHRPpWULFD
 6ROWDUHOERWyQGHOUDWyQ

6L HV XQD FXUYD OXHJR VH PRGLILFD DUUDVWUDQGR


DOJ~Q SXQWR GH OD OtQHD 6L HV XQ SROtJRQR VH YD
KDFLHQGRFOLFHQGLIHUHQWHVSXQWRV\VHLUiQWUD]DQGR
GLVWLQWDV OtQHDV  &XDQGR KDJDPRV GREOH FOLF VH
WUD]DUiXQD~OWLPDOtQHDGHVGHHOSXQWRDFWXDOKDVWD
HO SULPHUR TXH VHOHFFLRQDPRV HQ OD OtQHD LQLFLDO 
FHUUDQGRDVtHOSROtJRQR

58
¢'Ï1'((67È/$,1)250$&,Ï1"

/DVXQLGDGHVGHGLVFR

(VWDV XQLGDGHV QRV SHUPLWHQ DFFHGHU D ORV GLVFRV


GRQGH VH DOPDFHQD OD LQIRUPDFLyQ (V QRUPDO
HQFRQWUDUWUHVXQLGDGHVGHGLVFRDODVTXHVHKDFH
UHIHUHQFLD D WUDYpV GH XQD OHWUD 3DUD WHQHU DFFHVR
KDFHPRV GREOH FOLF HQ HO LFRQR GH 0L 3&
DSDUHFLHQGRODYHQWDQDVLJXLHQWH

59
/D XQLGDG $  HV OD XQLGDG GH GLVTXHWHV eVWD QRV
SHUPLWH LQWURGXFLU GLVFRV GH  ò SXOJDGDV /D
FDSDFLGDGGHHVWRVGLVFRVHVGH0HJDE\WHV

/D XQLGDG &  VLWXDGD GHQWUR GH OD &38 FRQWLHQH


HQ VX LQWHULRU DO GLVFR GXUR (VWH GLVFR HV PX\
LPSRUWDQWH \D TXH HQ pO VH LQVWDOD HO 6LVWHPD
2SHUDWLYR GH :LQGRZV DGHPiV GH RWURV PXFKRV
SURJUDPDV6XFDSDFLGDGVHPLGHHQ*LJDE\WHV/RV
GLVFRVGXURVDFWXDOHVVXHOHQYHQLUFRQFDSDFLGDGHV
GH*LJDE\WHV

60
3RU ~OWLPR WHQHPRV OD XQLGDG  '  (VWD XQLGDG GH
GLVFRV QRV SHUPLWH LQVHUWDU &'6 R '9'6
GHSHQGLHQGR GHO WLSR GH XQLGDG GH TXH VH WUDWH
(VWRV GLVFRV VXHOHQ FRQWHQHU PDWHULDO PXOWLPHGLD
SURJUDPDVSDUDVHULQVWDODGRVP~VLFDRSHOtFXODV
/RV &'6 \ '9'6 VH XWLOL]DQ WDPELpQ SDUD JUDEDU
LQIRUPDFLyQ LPiJHQHVGRFXPHQWRVHWF

7LHQHQ GLIHUHQWHV WDPDxRV  0HJDE\WHV 


0HJDE\WHV0HJDE\WHVORV&'6\*LJDE\WHV
ORV'9'6

8QLGDG 7DPDxR
%LW (TXLYDOHDXQRXQ
%\WH %LWV
.LORE\WH %\WHV
0HJDE\WH .LORE\WHV
*LJDE\WH 0HJDE\WHV

61
&DUSHWDVTXHORRUJDQL]DQWRGR

 /DV FDUSHWDV OODPDGDV WDPELpQ GLUHFWRULRV


VLUYHQ SDUD RUJDQL]DU ORV GLIHUHQWHV DUFKLYRV
GRFXPHQWRVP~VLFDLPiJHQHVHWF +D\FDUSHWDV
SDUD DOPDFHQDU ORV DUFKLYRV GH :LQGRZV FDUSHWDV
SDUD FDGD XQR GH ORV GLIHUHQWHV SURJUDPDV \
FDUSHWDVTXHSRGHPRVFUHDUQRVRWURVSDUDQXHVWURV
SURSLRVDUFKLYRV
&DGD FDUSHWD WLHQH XQ QRPEUH TXH OD GLIHUHQFLD GH
ODV RWUDV FDUSHWDV $GHPiV GH DOPDFHQDU DUFKLYRV
GHQWURGHXQDFDUSHWDWDPELpQSXHGHQFUHDUVHRWUDV
FDUSHWDVOODPDGDVVXEFDUSHWDV

62
/RVDUFKLYRVODIXHQWHGHODLQIRUPDFLyQ

/RVGLVFRVFRQWLHQHQPLOHVGHDUFKLYRVGHGLIHUHQWHV
WLSRV \ HVWiQ RUJDQL]DGRV HQ GLIHUHQWHV FDUSHWDV
$OJXQRVDUFKLYRVVRQQHFHVDULRVSDUDTXH:LQGRZV
IXQFLRQH RWURV VRQ DUFKLYRV SHUWHQHFLHQWHV D XQ
FLHUWR SURJUDPD R DSOLFDFLyQ \ SRU ~OWLPR WHQHPRV
QXHVWURV DUFKLYRV IRWRV DUFKLYRV GH P~VLFD R GH
YLGHR GRFXPHQWRV R FDUWDV HWF  GHWHUPLQDGRV
DUFKLYRV KDQ VLGR FUHDGRV SRU QRVRWURV GHVGH
DOJXQDDSOLFDFLyQ

3RU HMHPSOR SXHGR HQWUDU HQ HO SURJUDPD GH


0LFURVRIW:RUG\FUHDUXQDFDUWDTXHSRVWHULRUPHQWH
JXDUGRHQXQDGHPLVFDUSHWDV

$O LJXDO TXH ODV FDUSHWDV FDGD DUFKLYR WLHQH XQ


QRPEUHSHURDPD\RUHVHOLFRQRGHORVDUFKLYRVHV
GLIHUHQWHGHSHQGLHQGRGHOWLSRGHDUFKLYRGHOTXHVH
WUDWH

63
25*$1,=$1'2/$,1)250$&,Ï1

&UHDQGRQXHYDVFDUSHWDV

(Q HO WHPD DQWHULRU YLPRV FRPR ORV DUFKLYRV VH


RUJDQL]DQ HQ GLIHUHQWHV FDUSHWDV 2EYLDPHQWH
QXHVWURV DUFKLYRV ORV RUJDQL]DUHPRV HQ FDUSHWDV
FUHDGDVSRUQRVRWURVPLVPRVRELHQHQXQDFDUSHWD
OODPDGD 0LV GRFXPHQWRV D OD TXH DFFHGHPRV
QRUPDOPHQWHGHVGHHO(VFULWRULR

3DUD FUHDU XQD FDUSHWD HQ XQR GH ORV GLVFRV


KDFHPRVGREOHFOLFHQ0L3&\OXHJRGREOHFOLFHQOD
XQLGDGGHGLVFRFRUUHVSRQGLHQWH$R&6LODFDUSHWD
OD YDPRV D FUHDU HQ XQ GLVTXHWH GH  ò SXOJDGDV
LQWURGXFLPRVHOGLVTXHWHHQODGLVTXHWHUD

65
+DFHPRV FOLF FRQ HO ERWyQ L]TXLHUGR HQ HO PHQ~
$UFKLYR VLWXDPRV HO SXQWHUR GHO UDWyQ HQ HO
FRPDQGR 1XHYR \ KDFHPRV FOLF HQ OD RSFLyQ
&DUSHWD $SDUHFH HQ OD YHQWDQD XQ QXHYR LFRQR GH
FDUSHWDFRQHOQRPEUH1XHYD&DUSHWD

7HFOHDPRV HO QRPEUH TXH OH TXHUHPRV GDU D HVD


FDUSHWD\SXOVDPRVODWHFOD,QWUR

&UHDFLyQ GH XQD VXEFDUSHWD SDUD FUHDU XQD


VXEFDUSHWD GHQWUR GH RWUD FDUSHWD GHEHPRV OOHJDU
KDVWD HVWD ~OWLPD 8QD YH] VLWXDGRV HQ HOOD ORV
VLJXLHQWHVSDVRVVRQLGpQWLFRVDODFUHDFLyQGHXQD
FDUSHWD

66
&RSLDU\PRYHUDUFKLYRV

/DV RSHUDFLRQHV GH PRYHU \ FRSLDU DUFKLYRV VRQ


PX\ IUHFXHQWHV 0RYHU XQ DUFKLYR VLJQLILFD
FDPELDUOR GH FDUSHWD R GH GLVFR&RSLDU HTXLYDOH D
FUHDU XQD FRSLD H[DFWD GH XQ DUFKLYR HQ RWUR OXJDU
GLVFRRFDUSHWD 

3DUD PRYHU R FRSLDU DUFKLYRV SRGHPRV XWLOL]DU GRV


WpFQLFDV WRWDOPHQWH GLVWLQWDV XQD GH OD RWUD /D
SULPHUD FRQVLVWH HQ DUUDVWUDU GLFKRV DUFKLYRV GH OD
FDUSHWDGLVFR RULJHQ D OD FDUSHWDGLVFR GHVWLQR /D
VHJXQGD FRQVLVWH HQ VHOHFFLRQDU ORV DUFKLYRV \
XWLOL]DUORVFRPDQGRVFRUWDUFRSLDU\SHJDUGHOPHQ~
GHHGLFLyQ

$UUDVWUDUORVDUFKLYRV
1RVVLWXDPRVHQODFDUSHWDRGLVFRGRQGHHVWiQORV
DUFKLYRVDPRYHURFRSLDU
6HOHFFLRQDPRV HO R ORV DUFKLYRV 6L HV PiV GH XQ
DUFKLYR PDQWHQHPRV OD WHFOD &RQWURO SXOVDGD
PLHQWUDVYDPRVKDFLHQGRFOLFVREUHFDGDLFRQR

67
+DFHPRV FOLF FRQ HO ERWyQ GHUHFKR VREUH HO R ORV
DUFKLYRV VHOHFFLRQDGRV \ DUUDVWUDPRV KDFLD OD
FDUSHWDRGLVFRGHVWLQR

$OVROWDUHOERWyQGHUHFKRGHOUDWyQQRVDSDUHFHXQ
PHQ~GRQGHHOHJLUHPRVHQWUHPRYHURFRSLDU

68
&RSLDU R PRYHU DUFKLYRV FRQ ODV RSFLRQHV &RSLDU
&RUWDU\3HJDU
1RVVLWXDPRVHQODFDUSHWDRGLVFRGRQGHHVWiQORV
DUFKLYRVDPRYHURFRSLDU
6HOHFFLRQDPRV HO R ORV DUFKLYRV 6L HV PiV GH XQ
DUFKLYR PDQWHQHPRV OD WHFOD &RQWURO SXOVDGD
PLHQWUDVYDPRVKDFLHQGRFOLFVREUHFDGDLFRQR
(Q HO PHQ~ (GLFLyQ SXOVDPRV VREUH OD RSFLyQ
&RUWDU 0RYHU  R &RSLDU 7DPELpQ SRGHPRV SXOVDU
FRQHOERWyQGHUHFKRGHOUDWyQVREUHHODUFKLYR
1RVVLWXDPRVHQODFDUSHWDRGLVFRGHVWLQRDGRQGH
GHVHDPRVPRYHURFRSLDUORVDUFKLYRV
(Q HO PHQ~ (GLFLyQ SXOVDPRV VREUH OD RSFLyQ
3HJDU

&DPELDUQRPEUHDXQDUFKLYR KDFHPRVFOLFFRQHO
ERWyQ GHUHFKR VREUH HO LFRQR \ HOHJLPRV OD RSFLyQ
&DPELDU QRPEUH (VFULELPRV HO QXHYR QRPEUH \
SXOVDPRVODWHFOD,QWUR

69
(OLPLQDUORTXHQRVLUYH

&XDQGR \D QR QHFHVLWDPRV XQ DUFKLYR OR


HOLPLQDPRV 3DUD HOOR KDFHPRV FOLF FRQ HO ERWyQ
GHUHFKR VREUH VX LFRQR \ HOHJLPRV OD RSFLyQ
(OLPLQDU

'HVKDFHU VL QRV HTXLYRFDPRV HQ FXDOTXLHUD GH


HVWDV RSHUDFLRQHV &RSLDU PRYHU FDPELDU GH
QRPEUHHOLPLQDUVLHPSUHSRGHPRVXWLOL]DUODRSFLyQ
GHVKDFHU (VWD RSFLyQ HVWi GLVSRQLEOH HQ HO PHQ~
(GLFLyQ

0HQ~TXHDSDUHFHDOKDFHUFOLFFRQHOERWyQGHUHFKR
VREUHXQGRFXPHQWR

70
/DSDSHOHUDGHUHFLFODMH

7RGR DTXHOOR TXH HOLPLQDPRV SHUPDQHFH


WHPSRUDOPHQWHHQODSDSHOHUDGHUHFLFODMH
3RU HOOR HV SRVLEOH HQ DOJXQRV FDVRV UHFXSHUDU
DOJR TXH VH HOLPLQy 3DUD YHU HO FRQWHQLGR GH OD
SDSHOHUD GH UHFLFODMH KDFHPRV GREOHFOLF HQ VX
LFRQR

6L TXHUHPRV UHFXSHUDU DOJXQR GH ORV DUFKLYRV


HOLPLQDGRV TXH FRQWLHQH OD SDSHOHUD GH UHFLFODMH
KDFHPRV FOLF VREUH HO LFRQR \ HOHJLPRV OD RSFLyQ
5HVWDXUDU

71
3$57(,,,
/DHVFULWXUDPRGHUQD

*XtDGH8VXDULRGH,QIRUPiWLFD
SDUD0D\RUHV

73
:25'$/*20È648(81$0È48,1$'(
(6&5,%,5

&RQRFLHQGR:RUGODSDQWDOODSULQFLSDO

%DUUDGHKHUUDPLHQWDV)RUPDWR
%DUUDGHKHUUDPLHQWDV(VWiQGDU
5HJODKRUL]RQWDO
%DUUDGH0HQ~V
%DUUDGH7tWXOR

75
5HJODYHUWLFDO
ÈUHDGHHVFULWXUD
%DUUDGHGHVSOD]DPLHQWRYHUWLFDO
%DUUDGHGHVSOD]DPLHQWRKRUL]RQWDO
%DUUDGHHVWDGR
%RWRQHVGHYLVWDVHQ:RUG
%RWRQHV DGHODQWH \ DWUiV \ VHOHFWRU GH REMHWR GH
E~VTXHGD

%DUUD GH KHUUDPLHQWDV (VWiQGDU \ EDUUD GH


KHUUDPLHQWDV )RUPDWR HVWDV EDUUDV FRPR
FXDOTXLHU EDUUD GH KHUUDPLHQWDV FRQWLHQHQ
GLIHUHQWHV ERWRQHV SDUD UHDOL]DU ODV WDUHDV PiV
IUHFXHQWHV

5HJODKRUL]RQWDO\UHJODYHUWLFDOQRVSHUPLWHQYHU
OD VLWXDFLyQ GHO SXQWR GH LQVHUFLyQ GHQWUR GHO
GRFXPHQWR $GHPiV VREUH OD UHJOD KRUL]RQWDO VH
VLW~DQODVVDQJUtDV\ODVPDUFDVGHWDEXODFLyQ

76
%DUUD GH 0HQ~V HQ HVWD EDUUD VH HQFXHQWUDQ
YDULRV PHQ~V FODVLILFDQGR WRGRV ORV FRPDQGRV GH
:RUG HQ GLIHUHQWHV FDWHJRUtDV /RV PHQ~V GH HVWD
EDUUD VRQ $UFKLYR (GLFLyQ 9HU ,QVHUWDU )RUPDWR
+HUUDPLHQWDV7DEOD9HQWDQD\" $\XGD 

%DUUDGH7tWXORHQHVWDEDUUDQRVHQFRQWUDPRVDOD
L]TXLHUGD HO QRPEUH GHO GRFXPHQWR DFWLYR \ D OD
GHUHFKD ORV ERWRQHV GH PLQLPL]DU PD[LPL]DU \
FHUUDU

ÈUHDGHHVFULWXUDHVWDHVOD]RQDPiVDPSOLDGHOD
YHQWDQD GH :RUG $TXt HV GRQGH QRVRWURV
WUDEDMDPRV \ SRU OR WDQWR FRQWLHQH WRGR OR TXH
LQVHUWDPRV HQ HO GRFXPHQWR WH[WR LPiJHQHV
FXDGURVWDEODVHWF

%DUUD GH GHVSOD]DPLHQWR KRUL]RQWDO \ YHUWLFDO


HVWDV EDUUDV QRV SHUPLWHQ YHU WRGR HO GRFXPHQWR
FXDQGRpVWHQRFDEHHQODSDQWDOOD

77
%DUUD GH HVWDGR QRV PXHVWUD LQIRUPDFLyQ DFHUFD
GHO Q~PHUR GH SiJLQDV WRWDOHV \ HQ OD SiJLQD TXH
HVWDPRV HQ Q~PHUR GH VHFFLyQ OD SRVLFLyQ GHO
SXQWRGHLQVHUFLyQHOLGLRPDDFWLYRHWF

%RWRQHV GH YLVWDV HQ :RUG HVWRV ERWRQHV


SHUPLWHQ FDPELDU OD IRUPD GH YHU R WUDEDMDU FRQ HO
GRFXPHQWR 9LVWD 1RUPDO 'LVHxR :HE 'LVHxR GH
,PSUHVLyQ\9LVWD(VTXHPD

%RWRQHVDGHODQWH\DWUiV\VHOHFWRUGHREMHWRGH
E~VTXHGDHVWRVERWRQHVQRVSHUPLWHQPRYHUQRVD
WUDYpV GH SiJLQDV PDUFDGRUHV VHFFLRQHV QRWDV D
SLHGHSiJLQDHWF

78
 /DV EDUUDV GH PHQ~ \ EDUUDV GH
KHUUDPLHQWDV

&RPRYLPRVDQWHULRUPHQWHHQODEDUUDGHPHQ~VVH
HQFXHQWUDQ WRGRV ORV FRPDQGRV GLVSRQLEOHV HQ
:RUG3RURWUDSDUWHHQODVEDUUDVGHKHUUDPLHQWDV
VyOR GLVSRQHPRV GH ORV FRPDQGRV PiV XWLOL]DGRV
QRUPDOPHQWH

%DUUDGHKHUUDPLHQWDV(VWiQGDU

3ULQFLSDOPHQWH HQFRQWUDPRV ORV FRPDQGRV 1XHYR


GRFXPHQWR $EULU *XDUGDU ,PSULPLU 9LVWD
3UHOLPLQDU &RUUHFWRU RUWRJUiILFR &RUWDU &RSLDU \
3HJDU'HVKDFHUHWF

'HVSOD]DQGR HO SXQWHUR GHO UDWyQ VREUH FXDOTXLHUD


GH ORV LFRQRV TXH WHQHPRV HQ OD EDUUD GH
KHUUDPLHQWDV QRV DSDUHFH XQ WH[WR LQGLFiQGRQRV OD
IXQFLyQGHOLFRQR

79
%DUUDGHKHUUDPLHQWDV)RUPDWR

3ULQFLSDOPHQWH HQFRQWUDPRV ORV FRPDQGRV (VWLOR


)XHQWH 7DPDxR 1HJULWD &XUVLYD 6XEUD\DGR
$OLQHDFLRQHV 1XPHUDFLyQ \ 9LxHWDV %RUGHV &RORU
GHIXHQWHHWF

(VWRV PLVPRV LFRQRV TXH QRV HQFRQWUDPRV HQ OD


EDUUD GH KHUUDPLHQWDV )RUPDWR WDPELpQ SRGHPRV
DFFHGHUDHVDVIXQFLRQHVSRUHO0HQ~)RUPDWRGHOD
EDUUDGH0HQ~V

80
0LSULPHUGRFXPHQWR

3DUDFRPHQ]DUDHVFULELUQXHVWURSULPHUGRFXPHQWR
DEULUHPRVHOSURJUDPDGH:RUG3DUDHOORKDFHPRV
FOLF HQ HO ERWyQ GH ,QLFLR \ QRV VLWXDPRV HQ
3URJUDPDV /RFDOL]DPRV HO LFRQR GH 0LFURVRIW
:RUG\KDFHPRVFOLFHQGLFKRLFRQR

&XDQGRDEULPRVHOSURJUDPDGH:RUGHQWUDPRVHQ
XQ GRFXPHQWR HQ EODQFR (Q HO iUHD GH HVFULWXUD
SRGHPRV FRPHQ]DU D HVFULELU HO WH[WR GH QXHVWUR
SULPHUGRFXPHQWR8QDYH]ILQDOL]DGRHOGRFXPHQWR
OR JXDUGDPRV \ FHUUDPRV :RUG GHVGH HO FRPDQGR
$UFKLYR6DOLU

(Q SURJUDPDV GH WUDWDPLHQWR GH WH[WR GHO WLSR D


0LFURVRIW :RUG HV LPSRUWDQWH FRQRFHU ELHQ HO
IXQFLRQDPLHQWR GHO WHFODGR 9DPRV D FRQRFHU HO
IXQFLRQDPLHQWRGHDOJXQDGHVXVWHFODV
7HFODVQXPpULFDV\DOIDEpWLFDV$±=±
6LWXDGDV HQ OD SDUWH FHQWUDO GHO WHFODGR VRQ
LGpQWLFDVDODVWHFODVGHXQDPiTXLQDGHHVFULELU

81
/DWHFOD,QVHUWDU
(O PRGR GH HVFULWXUD VH FDPELD FRQ HVWD WHFOD
3RGHPRV WUDEDMDU HQ PRGR LQVHUWDU R HQ PRGR
VREUHVFULELU /D GLIHUHQFLD HVWi HQ OR TXH RFXUUH
FXDQGR LQVHUWDPRV WH[WR HQ XQD SRVLFLyQ GRQGH \D
KD\WH[WRHVFULWR

(Q PRGR LQVHUWDU HO WH[WR VH GHVSOD]D KDFLD OD


GHUHFKDGHMDQGRHVSDFLRDOQXHYRWH[WRLQVHUWDGR

(Q PRGR VREUHVFULELU HO WH[WR VH YD ERUUDQGR


VHJ~QLQVHUWDPRVQXHYRWH[WR

/DWHFOD,QWUR
6L REVHUYDPRV DO HVFULELU XQ SiUUDIR FXDQGR VH
OOHJD DO ILQDO GH XQD OtQHD \ OD VLJXLHQWH SDODEUD QR
WLHQH HVSDFLR VXILFLHQWH SDVD DXWRPiWLFDPHQWH D OD
OtQHDVLJXLHQWH
&XDQGR VH QHFHVLWD FUHDU XQ SiUUDIR QXHYR
QRUPDOPHQWHXQSXQWR\DSDUWHWHQHPRVTXHSXOVDU
OD WHFOD ,QWUR (O SXQWR GH LQVHUFLyQ SDVD GH IRUPD
LQPHGLDWDDODOtQHDVLJXLHQWH

82
(O,QWURHVXQFDUiFWHUPiVVLTXHUHPRVYHUOREDVWD
FRQ KDFHU FOLF HQ HO ERWyQ 0RVWUDU X RFXOWDU GH OD
EDUUDGHKHUUDPLHQWDV(VWiQGDU

/DEDUUDHVSDFLDGRUD\ODWHFOD7DEXODGRU
+D\ XQ XVR DEXVLYR GH OD EDUUD HVSDFLDGRUD eVWD
GHEHUtD XVDUVH VyOR SDUD GHMDU XQ HVSDFLR HQWUH
SDODEUDV 3DUD GHMDU JUDQGHV HVSDFLRV HQ EODQFR
WHQHPRV ODV VDQJUtDV WDEXODFLRQHV JHVWLyQ GH
FROXPQDVRWDEODVHWFTXHVHYHUiQSRVWHULRUPHQWH
/DWHFOD7DEQRVSXHGHVHUYLUSDUDGHMDUXQSRFRGH
HVSDFLR HQ OD SULPHUD OtQHD GH XQ SiUUDIR $O SXOVDU
7DE HO SXQWR GH LQVHUFLyQ VH VLW~D HQ OD VLJXLHQWH
SRVLFLyQGHWDEXODFLyQ

5HWURFHVR\6XSULPLU
(VWDV WHFODV VH XWLOL]DQ SDUD ERUUDU WH[WR 'HVSXpV
GH VLWXDU HO SXQWR GH LQVHUFLyQ HQ OD SRVLFLyQ
GHVHDGDXWLOL]DUHPRVHVWDVWHFODV

5HWURFHVR HOLPLQD HO FDUiFWHU TXH VH VLW~D D OD


L]TXLHUGDGHOSXQWRGHLQVHUFLyQ

83
/DWHFOD6XSULPLUHOLPLQDHOFDUiFWHUVREUHHOTXHVH
HQFXHQWUDHOSXQWRGHLQVHUFLyQ

0D\~VFXODV\%ORTXH0D\~VFXODV
/D WHFOD %ORTXH 0D\~VFXODV DFWLYD OD HVFULWXUD HQ
PD\~VFXODV 6H XWLOL]D SDUD HVFULELU IUDJPHQWRV GH
WH[WRTXHYDQFRPSOHWDPHQWHHQOHWUDPD\~VFXODV

/DWHFOD0D\~VFXODVVHXWLOL]DSDUDSRQHUVyORXQD
OHWUD HQ PD\~VFXODV HQ SULQFLSLRV GH RUDFLyQ
QRPEUHV SURSLRV \ HQ JHQHUDO FXDQGR VHD
QHFHVDULR (Q HVWH FDVR KD\ TXH GHMDU SXOVDGD OD
WHFOD 0D\~VFXODV D OD YH] TXH SXOVDPRV OD RWUD
WHFOD7DPELpQVHXWLOL]DSDUDHVFULELUHOFDUiFWHUTXH
DSDUHFH HQ OD SDUWH VXSHULRU GH DOJXQDV WHFODV SRU
HMHPSORGHORVQ~PHURV

7HFOD$OW*U
(Q DOJXQDV WHFODV WHQHPRV XQ WHUFHU FDUiFWHU
LPSUHVR 3DUD SRGHU HVFULELU pVWH VH XWLOL]D OD WHFOD
$OW*UVLWXDGDDODGHUHFKDGHODEDUUDHVSDFLDGRUD

84
 0RYHUVH SRU HO GRFXPHQWR (VFULELU \ ERUUDU
WH[WR

(OSXQWRGHLQVHUFLyQ
&XDQGR HQWUDPRV HQ :RUG DSDUHFH HQ HO iUHD GH
HVFULWXUD HO FXUVRU eVWH UHFLEH HO QRPEUH GH SXQWR
GH LQVHUFLyQ H LQGLFD OD SRVLFLyQ HQ OD TXH
DSDUHFHUi HO WH[WR TXH HVFULEDPRV 6HJ~Q YDPRV
HVFULELHQGR HVWH FXUVRU R SXQWR GH LQVHUFLyQ VH YD
GHVSOD]DQGR

0RYHUHOSXQWRGHLQVHUFLyQ
3DUD PRYHU HO SXQWR GH LQVHUFLyQ FRQ HO UDWyQ
PRYHPRVHOSXQWHURGHOUDWyQDODSRVLFLyQGHVHDGD
\GHVSXpVKDFHPRVFOLFHQGLFKDSRVLFLyQ

3DUD PRYHU HO SXQWR GH LQVHUFLyQ FRQ HO WHFODGR


GLVSRQHPRVGHODVVLJXLHQWHVFRPELQDFLRQHV

85
7HFODV 1XHYDSRVLFLyQGHOFXUVRU
)OHFKDL]GD 8QFDUiFWHUDODL]TXLHUGD
)OHFKDGFKD 8QFDUiFWHUDODGHUHFKD
)OHFKDDUULED /tQHDDQWHULRU
)OHFKDDEDMR 6LJXLHQWHOtQHD
&WUO)OHFKDL]GD 8QDSDODEUDDODL]TXLHUGD
&WUO)OHFKDGFKD 8QDSDODEUDDODGHUHFKD
&WUO)OHFKDDUULED 3iUUDIRDQWHULRU
&WUO)OHFKDDEDMR 6LJXLHQWHSiUUDIR
,QLFLR 3ULQFLSLRGHODOtQHD
)LQ )LQDOGHODOtQHD
&WUO,QLFLR 3ULQFLSLRGHOGRFXPHQWR
&WUO)LQ )LQDOGHOGRFXPHQWR
$Y3iJ 8QDYHQWDQDKDFLDDEDMR
5H3iJ 8QDYHQWDQDKDFLDDUULED
&WUO$Y3iJ 3ULQFLSLRGHODSiJLQDVLJXLHQWH
&WUO5H3iJ 3ULQFLSLRGHODSiJLQDDQWHULRU

86
(OWH[WRTXHLQWURGXFLPRVDOHVFULELUVHLQVHUWDMXVWR
HQ OD SRVLFLyQ GRQGH VH HQFXHQWUD HO SXQWR GH
LQVHUFLyQ

7DPELpQ FXDQGR QHFHVLWHPRV HOLPLQDU WH[WR


GHEHPRV VLWXDU HO SXQWR GH LQVHUFLyQ HQ OD SRVLFLyQ
GHOWH[WRDERUUDU8QDYH]DOOtXWLOL]DUHPRVODVWHFODV
VXSULPLU R UHWURFHVR VHJ~Q OD SRVLFLyQ GyQGH QRV
HQFRQWUHPRV

87
 2SHUDFLRQHV EiVLFDV HQ XQ GRFXPHQWR 
DEULU JXDUGDU \ FHUUDU XQ GRFXPHQWR 6DOLU GH
:RUG

&RPR HQ OD PD\RUtD GH ODV DSOLFDFLRQHV GH


:LQGRZV HQ :RUG HO XVXDULR FUHDUi VXV SURSLRV
DUFKLYRVRGRFXPHQWRV/DVRSHUDFLRQHVWtSLFDVFRQ
DUFKLYRV FRPR 1XHYR GRFXPHQWR $EULU \ *XDUGDU
GDUiQ SDVR D GLIHUHQWHV FXDGURV GH GLiORJR TXH
YHUHPRVDFRQWLQXDFLyQ
1XHYRGRFXPHQWRFXDQGRHMHFXWDPRVHOFRPDQGR
$UFKLYR 1XHYR QRV DSDUHFH HO VLJXLHQWH FXDGUR GH
GLiORJR

88
(QODILFKDJHQHUDODSDUHFHODRSFLyQ'RFXPHQWRHQ
EODQFR SDUD ORV GRFXPHQWRV TXH GHVHHPRV FUHDU
EDViQGRQRV HQ OD SODQWLOOD 1RUPDO (OHJLU HVWD
RSFLyQHVHTXLYDOHQWHDKDEHUKHFKRFOLFHQHOERWyQ
1XHYRGRFXPHQWRGHODEDUUD(VWiQGDU(QODILFKD
JHQHUDOWDPELpQDSDUHFHQODVSODQWLOODVTXHQRVRWURV
KHPRVFUHDGR

(Q RWUDV ILFKDV DSDUHFHQ SODQWLOODV FODVLILFDGDV SRU


WHPDVFDUWDV\ID[HVLQIRUPHVHWF

'HVSXpV GH VHOHFFLRQDU OD SODQWLOOD HQ OD TXH QRV


YDPRVDEDVDUHOHJLPRVHQ&UHDUQXHYRODRSFLyQ
'RFXPHQWRR3ODQWLOOD6LHOHJLPRV3ODQWLOODFXDQGR
XWLOLFHPRVODRSFLyQ*XDUGDUHVWDVHJXDUGDUiFRPR
SODQWLOOD H[WHQVLyQ GRW  HQ OD FDUSHWD GHVWLQDGD D
ODVSODQWLOODV\DSDUHFHUiHQHVWHFXDGURODSUy[LPD
YH]TXHHMHFXWHPRVHOFRPDQGR$UFKLYR1XHYR

89
*XDUGDU \ *XDUGDU FRPR HO FRPDQGR $UFKLYR
*XDUGDU VH XWLOL]D SDUD JXDUGDU HQ GLVFR HO
GRFXPHQWR TXH HVWDPRV FUHDQGR R ODV ~OWLPDV
PRGLILFDFLRQHV UHDOL]DGDV HQ XQ GRFXPHQWR \D
H[LVWHQWHHQGLVFR
6L VH WUDWD GH XQ GRFXPHQWR QXHYR VH DEUH HO
FXDGUR GH GLiORJR *XDUGDU FRPR 6L HO GRFXPHQWR
\D H[LVWH HQ HO GLVFR VH OLPLWD D DFWXDOL]DU HO
GRFXPHQWR
(O FRPDQGR $UFKLYR *XDUGDU FRPR VLHPSUH
PXHVWUD HO FXDGUR GH GLiORJR *XDUGDU FRPR (VWR
QRV SHUPLWH SRGHU JXDUGDU HO GRFXPHQWR FRQ RWUR
QRPEUH R FRQ HO PLVPR SHUR HQ RWUD XELFDFLyQ
FDUSHWDRGLVFR 

90
*XDUGDU HQ QRV SHUPLWH LQGLFDU OD FDUSHWD R GLVFR
GRQGH GHVHDPRV JXDUGDU HO GRFXPHQWR 3DUD
FDPELDU OD XELFDFLyQ TXH QRV DSDUHFH KDUHPRV FOLF
HQHOWULiQJXORLQYHUWLGR

1RPEUHGHDUFKLYRHQHVWHFXDGURHVFULELUHPRVHO
QRPEUHTXHGHVHHPRVGDUOHDQXHVWURGRFXPHQWRR
SODQWLOOD

*XDUGDU FRPR WLSR QRV SHUPLWH JXDUGDU HO


GRFXPHQWR FRQ RWUR IRUPDWR GLVWLQWR D :RUG WLSR
WH[WR GRFXPHQWR :HE YHUVLRQHV DQWHULRUHV GH
:RUG :RUG3HUIHFW H LQFOXVR SRGHPRV JXDUGDUOR
FRPR3ODQWLOOD

$EULU XQ GRFXPHQWR DO HMHFXWDU HO FRPDQGR


$UFKLYR $EULU VH QR DEULUi XQ FXDGUR GH GLiORJR
VLPLODU DO DQWHULRU 1RV DSDUHFH HQ FXDGUR %XVFDU
HQTXHQRVVLUYHSDUDORFDOL]DUOR(QODSDUWHLQWHULRU
GHO FXDGUR VH PXHVWUDQ ORV GRFXPHQWRV H[LVWHQWHV
HQODFDUSHWDHQODTXHHVWDPRVVLWXDGRV

91
3DUD DEULU XQ GRFXPHQWR FRORFDUHPRV HQ HO FXDGUR
%XVFDU HQ OD FDUSHWD GRQGH HVWH GRFXPHQWR VH
HQFXHQWUH 8QD YH] ORFDOL]DGR HO GRFXPHQWR
KDUHPRVGREOHFOLFVREUHVXLFRQRRELHQXQVRORFOLF
\HQHOERWyQ$EULUHOHJLUHPRVHOPRGRGHDSHUWXUD
GHODUFKLYR

92
2WURV ERWRQHV WDPELpQ GLVSRQLEOHV HQ HO FXDGUR
*XDUGDUFRPRVRQ

+LVWRULDO 0LV GRFXPHQWRV (VFULWRULR )DYRULWRV


&DUSHWDV ZHE QRV VLW~DQ HQ GLFKDV XELFDFLRQHV
SDUD SRGHU EXVFDU HQ HOODV HO GRFXPHQWR D DEULU R
GRQGH JXDUGDU HO GRFXPHQWR HQ HO FDVR GHO FXDGUR
*XDUGDUFRPR

6XELUXQQLYHO1RVVLWXDPRVXQQLYHOSRUHQFLPD
GHOiUEROGHGLUHFWRULRVVLHPSUHTXHVHDSRVLEOH
&UHDU QXHYD FDUSHWD 3HUPLWH UHDOL]DU HVWD
RSHUDFLyQ
(OLPLQDU 3HUPLWH HOLPLQDU XQ GRFXPHQWR
VHOHFFLRQDGR

2WUDV RSHUDFLRQHV UHDOL]DGDV DO ILQDOL]DU HO WUDEDMR


VHUiQFHUUDUHOGRFXPHQWR\VDOLUGH:RUG'HVGHHO
PHQ~ $UFKLYR SRGHPRV HMHFXWDU HVWDV GRV
RSHUDFLRQHV$UFKLYR&HUUDU\$UFKLYR6DOLU

93
720$5(/&21752/62%5((/7(;72

6HOHFFLRQDUWH[WR

6HOHFFLRQDUWH[WRFRQHOUDWyQ
6HOHFFLRQDU $FFLyQDUHDOL]DU
8QDSDODEUD 6LWXDPRV HO SXQWHUR GHO UDWyQ VREUH
ODSDODEUD\KDFHPRVGREOHFOLFVREUH
GLFKDSDODEUD
8QDOtQHD 6LWXDPRV HO SXQWHUR GHO UDWyQ HQ OD
EDUUD GH VHOHFFLyQ OD FROXPQD QR
YLVLEOHVLWXDGDDODL]TXLHUGDGHOiUHD
GHO WH[WR  \ FXDQGR HO SXQWHUR VH
FRQYLHUWD HQ XQD IOHFKD DSXQWDQGR D
ODGHUHFKDKDFHPRVFOLF
9DULDVOtQHDV 6HOHFFLRQDPRV XQD OtQHD \
DUUDVWUDPRV KDFLD DEDMR R KDFLD
DUULEDSDUDVHOHFFLRQDUHOUHVWRGHODV
OtQHDV
8QSiUUDIR 6LWXDPRV HO SXQWHUR GHO UDWyQ VREUH
FXDOTXLHU SDODEUD GHO SiUUDIR \
KDFHPRVFOLFFRQHOERWyQL]TXLHUGR

95
)UDJPHQWR 6LWXDPRV HO SXQWHUR GHO UDWyQ DO
GHWH[WR FRPLHQ]R GHO WH[WR TXH GHVHDPRV
VHOHFFLRQDUKDFHPRVFOLFHQHOERWyQ
L]TXLHUGR GHO UDWyQ \ VLQ VROWDUOR
DUUDVWUDPRVHOUDWyQKDVWDHOILQDOGHO
WH[WRDVHOHFFLRQDU

6HOHFFLRQDUWH[WRFRQHOWHFODGR

6LWXDPRV HO SXQWR GH LQVHUFLyQ GRQGH GHVHDPRV


TXHFRPLHQFHODVHOHFFLyQ GHOWH[WR $FRQWLQXDFLyQ
SXOVDPRVODWHFOD0D\~VFXODV\VLQVROWDUHVWDWHFOD
PRYHPRV HO SXQWR GH LQVHUFLyQ FRQ FXDOTXLHUD GH
VXV FRPELQDFLRQHV GH WHFODGR R UDWyQ &XUVRUHV
WHFOD,QLFLRR)LQHWF 

96
0RYHU\FRSLDUWH[WR

3DUDPRYHURFRSLDUXQIUDJPHQWRGHWH[WRSULPHUR
ORVHOHFFLRQDPRVXQDYH]VHOHFFLRQDGRHMHFXWDPRV
HOFRPDQGR(GLFLyQ&RUWDUR(GLFLyQ&RSLDUVHJ~Q
GHVHHPRVPRYHURFRSLDUHOWH[WRUHVSHFWLYDPHQWH

$ FRQWLQXDFLyQ VLWXDPRV HO SXQWR GH LQVHUFLyQ R


FXUVRU HQ HO OXJDU GRQGH YDPRV D FRORFDU HO WH[WR
FRUWDGRRFRSLDGR
)LQDOPHQWHHMHFXWDPRVHOFRPDQGR(GLFLyQ3HJDU

97
(VWD RSHUDFLyQ GH PRYHU R FRSLDU WH[WR WDPELpQ VH
SXHGH UHDOL]DU VL GHVSXpV GH VHOHFFLRQDU HO WH[WR
VLWXDPRV HO SXQWHUR GHO UDWyQ VREUH HO WH[WR
VHOHFFLRQDGR \ OR DUUDVWUDPRV KDFLD OD QXHYD
SRVLFLyQ 3DUD FRQVHJXLU TXH VH FRSLH \ QR TXH VH
PXHYDGHEHPRVPDQWHQHUSXOVDGDODWHFOD&RQWURO

%RUUDUWH[WR

3DUD ERUUDU WH[WR VH SXHGHQ XWLOL]DU ODV WHFODV


6XSULPLUR5HWURFHVR(VWDVWHFODVERUUDQWH[WRHQ
XQD X RWUD GLUHFFLyQ SHUR VRODPHQWH ERUUDQ XQ
FDUiFWHU6LGHVHDPRVERUUDUXQIUDJPHQWRGHWH[WR
SULPHURORVHOHFFLRQDPRV

8QD YH] VHOHFFLRQDGR EDVWD FRQ XWLOL]DU FXDOTXLHUD


GH ODV WHFODV GH ERUUDGR DQWHULRUHV 6XSULPLU R
5HWURFHVR

98
'HVKDFHUDFFLRQHV

(O FRPDQGR (GLFLyQ 'HVKDFHU PH SHUPLWH


GHVKDFHU OD ~OWLPD DFFLyQ HMHFXWDGD (VWH FRPDQGR
HV PX\ LQWHUHVDQWH VREUH WRGR FXDQGR KHPRV
FRPHWLGR XQD HTXLYRFDFLyQ \ GHVHDPRV YROYHU D
GHMDU HO WH[WR FRPR HVWDED SRUTXH DXQTXH PXFKDV
HTXLYRFDFLRQHV VH FRUULJHQ PDQXDOPHQWH HQ RWUDV
RFDVLRQHV HV PiV UiSLGR \ UHFRPHQGDEOH XWLOL]DU HO
FRPDQGR'HVKDFHU

7DPELpQ GLVSRQHPRV GHO FRPDQGR (GLFLyQ


5HKDFHU TXH YXHOYH D UHDOL]DU OD DFFLyQ GHVKHFKD
DQWHULRUPHQWHFRQHOFRPDQGR'HVKDFHU

99
(QULTXHFHUHOWH[WR

(OFRORUWDPDxRWLSRGHOHWUDHVWLORVFRPRQHJULWD\
FXUVLYD VXEUD\DGR \ RWURV HIHFWRV VRQ HQ FRQMXQWR
ODV SURSLHGDGHV R FDUDFWHUtVWLFDV TXH VH SXHGHQ
DSOLFDUDOWH[WR
'LVSRQHPRV GH GRV PpWRGRV SDUD FDPELDU HO
IRUPDWR GHO WH[WR 3RGHPRV XWLOL]DU OD EDUUD GH
KHUUDPLHQWDV )RUPDWR R HMHFXWDU HO FRPDQGR
)RUPDWR)XHQWH

(Q OD EDUUD )RUPDWR GLVSRQHPRV GH L]TXLHUGD D


GHUHFKD ODV VLJXLHQWHV RSFLRQHV (VWLOR )XHQWH
7DPDxR 1 1HJULWD . &XUVLYD 6 6XEUD\DGR ODV
FXDWUR $OLQHDFLRQHV 1XPHUDFLyQ 9LxHWDV %RUGHV
5HVDOWDU\&RORUGH)XHQWH

3DUD SRGHU XWLOL]DU HO UHVWR GH ODV RSFLRQHV


GLVSRQLEOHV HQ HO IRUPDWR GHO WH[WR HV QHFHVDULR
HMHFXWDUHOFRPDQGR)RUPDWR)XHQWHDOHMHFXWDUHO
FRPDQGRDSDUHFHHOVLJXLHQWHFXDGURGHGLiORJR

100
/DV PRGLILFDFLRQHV TXH UHDOLFHPRV HQ HVWH FXDGUR
DIHFWDUiQ DO WH[WR TXH SUHYLDPHQWH KD\DPRV
VHOHFFLRQDGR

101
/263È55$)26'(/'2&80(172

/DV SURSLHGDGHV R FDUDFWHUtVWLFDV TXH SRGHPRV


DSOLFDU D ORV SiUUDIRV GH QXHVWUR GRFXPHQWR VRQ
$OLQHDFLyQ 6DQJUtDV (VSDFLDGR 7DEXODFLRQHV
1XPHUDFLyQ \ 9LxHWDV %RUGHV \ 6RPEUHDGR
SULQFLSDOPHQWH

&XDQGR FDPELHPRV DOJXQD SURSLHGDG ORV FDPELRV


DIHFWDUiQDOSiUUDIRHQHOTXHVHHQFXHQWUHHOSXQWR
GHLQVHUFLyQRFXUVRU7DPELpQSRGHPRVVHOHFFLRQDU
XQR R YDULRV SiUUDIRV DQWHV GH FDPELDU ODV
SURSLHGDGHV GHO SiUUDIR SDUD TXH ORV FDPELRV
DIHFWHQDWRGRVORVSiUUDIRVDODYH]

/RV FDPELRV D ODV SURSLHGDGHV GH XQR R YDULRV


SiUUDIRVVHSXHGHQUHDOL]DUGHVGHHOPHQ~)RUPDWR
RGHVGHODEDUUDGHKHUUDPLHQWDV)RUPDWR'HVGHHO
PHQ~)RUPDWRSRGHPRVUHDOL]DUFXDOTXLHUFDPELRDO
SiUUDIR HQ FDPELR GHVGH OD EDUUD GH KHUUDPLHQWDV
VRORSRGHPRVUHDOL]DUDOJXQRVFDPELRV

102
/DV SULPHUDV SURSLHGDGHV TXH SRGHPRV PRGLILFDU
GHXQSiUUDIRVRQDOLQHDFLyQVDQJUtDV\HVSDFLDGR
3DUD UHDOL]DU HVWRV FDPELRV HQWUDPRV HQ HO FXDGUR
GH GLDORJR 3iUUDIR (VWR VH FRQVLJXH HMHFXWDQGR HO
FRPDQGR)RUPDWR3iUUDIR

103
$OLQHDU\HVSDFLDUORVSiUUDIRV

/D DOLQHDFLyQ \ HO HVSDFLDGR VRQ ODV GRV


SURSLHGDGHV PiV LPSRUWDQWHV GH ORV SiUUDIRV GH XQ
GRFXPHQWR

$OLQHDFLyQHVWHYDORULQGLFDKDFLDGRQGHVHDMXVWDQ
R DOLQHDQ ODV OtQHDV GH XQ SiUUDIR /RV YDORUHV GH
HVWD SURSLHGDG VRQ DOLQHDFLyQ L]TXLHUGD FHQWUDGD
GHUHFKD\MXVWLILFDGD

/D DOLQHDFLyQ GH ORV SiUUDIRV VH SXHGH HVWDEOHFHU


GHVGH OD EDUUD GH )RUPDWR XWLOL]DQGR ORV FXDWUR
ERWRQHV$OLQHDFLyQ

(VSDFLDGR HVWDEOHFH OD GLVWDQFLD $QWHULRU \


3RVWHULRU HQWUH ORV SiUUDIRV GHO GRFXPHQWR \ OD
GLVWDQFLDHQWUHODVOtQHDV ,QWHUOLQHDGR GHXQPLVPR
SiUUDIR

104
(OHVSDFLDGR$QWHULRU\3RVWHULRUVHPLGHHQSXQWRV
HTXLYDOHQWHVDORVSXQWRVGHOWDPDxRGHODOHWUD

(O HVSDFLDGR ,QWHUOLQHDGR VH HVWDEOHFH VHJ~Q


GLIHUHQWHV YDORUHV VHQFLOOR GREOH  OtQHDV
P~OWLSOHHWF

105
¢4XpVRQODVVDQJUtDVHQORVSiUUDIRV"

/DVVDQJUtDVPDUFDQXQDVHSDUDFLyQHQWUHODVOtQHDV
GH XQ SiUUDIR \ ORV PiUJHQHV GH OD SiJLQD /D
VDQJUtD L]TXLHUGD VHSDUD DO SiUUDIR GHO PDUJHQ
L]TXLHUGR\ODVDQJUtDGHUHFKDGHOPDUJHQGHUHFKR

/D VDQJUtD HVSHFLDO SULPHUD OtQHD R IUDQFHVD


HVWDEOHFH XQD GLVWDQFLD R VHSDUDFLyQ HQWUH OD
SULPHUD R HO UHVWR GH ODV OtQHDV GH XQ SiUUDIR \ HO
PDUJHQL]TXLHUGRGHODSiJLQD

/DV VDQJUtDV WDPELpQ SXHGHQ HVWDEOHFHUVH VL HVWi


YLVLEOH OD UHJOD KRUL]RQWDO DUUDVWUDQGR ODV PDUFDV
VLWXDGDVDL]TXLHUGD\GHUHFKDMXQWRDOFRPLHQ]RGH
ORVPiUJHQHV

106
1XPHUDUORVSiUUDIRVRFRORFDUOHVYLxHWDV

$O HMHFXWDU HO FRPDQGR 1XPHUDFLyQ \ 9LxHWDV GHO


PHQ~ )RUPDWR DFFHGHPRV D XQ FXDGUR GH GLiORJR
GRQGH SRGHPRV HOHJLU HO HVWLOR GH YLxHWD R Q~PHUR
SDUDHOSiUUDIRVHOHFFLRQDGR

8QD YH] HOHJLGR HO HVWLOR GH YLxHWD R Q~PHUR


SXOVDPRVHOERWyQ$FHSWDU

3DUD DFWLYDU R GHVDFWLYDU OD QXPHUDFLyQ R ODV


YLxHWDV SRGHPRV XWLOL]DU ORV ERWRQHV
FRUUHVSRQGLHQWHV HQ OD EDUUD GH GH KHUUDPLHQWDV
)RUPDWR

107
(Q HO FXDGUR GH GLiORJR 1XPHUDFLyQ \ 9LxHWDV
GLVSRQHPRV GHO ERWyQ 3HUVRQDOL]DU TXH VH DFWLYD
VLHPSUHTXHKD\DPRVHOHJLGRDOJ~QHVWLORGHYLxHWD
RQ~PHUR

(VWH ERWyQ QRV SHUPLWH DFFHGHU D RWUR FXDGUR GH


GLiORJR PiV FRPSOHWR GRQGH SRGHPRV YDULDU WRGRV
ORV DVSHFWRV UHIHUHQWHV DO Q~PHUR R YLxHWD GH
QXHVWURSiUUDIR

108
%RUGHV\VRPEUHDGR

/RVERUGHV\VRPEUHDGRVSHUPLWHQUHVDOWDUGHIRUPD
HVSHFLDO D XQR R YDULRV SiUUDIRV SUHYLDPHQWH
VHOHFFLRQDGRV
(OFRPDQGR%RUGHV\6RPEUHDGRGHOPHQ~)RUPDWR
QRV OOHYD D XQ QXHYR FXDGUR GH GLiORJR GyQGH
SRGUHPRV HOHJLU XQ ERUGH R XQ VRPEUHDGR FRQ
P~OWLSOHVRSFLRQHVHVWLORFRORUJURVRUUHOOHQRHWF

)LFKDFRUUHVSRQGLHQWHDORV%RUGHV

109
)LFKDFRUUHVSRQGLHQWHDO6RPEUHDGR

(QHVWHPLVPRFXDGURGHGLiORJRWDPELpQSRGHPRV
HVWDEOHFHUXQERUGHSDUDODSiJLQDFRPSOHWDLQFOXVR
SDUD XQ SiUUDIR SXGLHQGR VHOHFFLRQDU XQ FRORU GH
UHOOHQR\XQHVWLORGHWUDPD

110
Ò/7,0265(7248(6$/'2&80(172

8QDYH]FRQRFLGDVODVGLIHUHQWHVFDUDFWHUtVWLFDVTXH
SRGHPRVDSOLFDUDOWH[WR\DORVSiUUDIRVGHQXHVWUR
GRFXPHQWR QRV GHEHPRV GHWHQHU HQ OD
FRQILJXUDFLyQDGHFXDGDGHQXHVWUDVSiJLQDV

1XPHUDUODVSiJLQDV

8QDIRUPDUiSLGD \ VHQFLOODGHQXPHUDUODVSiJLQDV
GH XQ GRFXPHQWR HV D WUDYpV GHO FRPDQGR
1~PHURVGHSiJLQDGHOPHQ~,QVHUWDU

6LPSOHPHQWHWHQHPRVTXHVHOHFFLRQDUODSRVLFLyQ \
OD DOLQHDFLyQ GH QXHVWUR Q~PHUR GH SiJLQD \ KDFHU
FOLFHQ$FHSWDU

111
(QFDEH]DGR\SLHGHSiJLQD

/DXWLOLGDGGHXQHQFDEH]DGRRXQSLHGHSiJLQDHV
OD SRVLELOLGDG GH SRGHU UHSHWLU XQ PLVPR WH[WR HQ
WRGDVODVSiJLQDV \DVHD HQOD SDUWHVXSHULRUGHOD
SiJLQD (QFDEH]DGR RHQODSDUWHLQIHULRU 3LH 

3DUD FUHDU XQ HQFDEH]DGR R SLH GH SiJLQD


HMHFXWDPRVHOFRPDQGR(QFDEH]DGR\SLHGHSiJLQD
GHO PHQ~ 9HU $SDUHFH OD EDUUD GH KHUUDPLHQWDV
(QFDEH]DGR \ SLH \ XQ UHFXDGUR SDUD LQWURGXFLU HO
HQFDEH]DGR

7DQWR HQ HO HQFDEH]DGR FRPR HQ HO SLH GH SiJLQD
SRGHPRV HVFULELU WH[WR LQVHUWDU LPiJHQHV R XWLOL]DU
ORV ERWRQHV GH OD EDUUD GH KHUUDPLHQWDV SDUD
LQVHUWDU $XWRWH[WR HO Q~PHUR GH SiJLQD HO Q~PHUR
WRWDOGHSiJLQDVODIHFKDRODKRUD

112
3DUDXWLOL]DUHOSLHGHSiJLQDKDFHPRVFOLFHQHO
ERWyQ&DPELDUHQWUHHQFDEH]DGR\SLH

8QD YH] LQVHUWDGR HO HQFDEH]DGR R SLH GH SiJLQD


XWLOL]DPRV HO ERWyQ &HUUDU SDUD YROYHU DO
GRFXPHQWR

1RWD SRGHPRV LQVHUWDU XQ REMHWR LPDJHQ FXDGUR


GHWH[WRZRUGDUWDXWRIRUPDHWF HQXQHQFDEH]DGR
R SLH \ PRYHUOR D FXDOTXLHU SRVLFLyQ GH OD SiJLQD
(VWHREMHWRDSDUHFHUiHQWRGDVODVSiJLQDV

113
2UWRJUDItD\JUDPiWLFD

8QD YH] DFDEDGR HO GRFXPHQWR SRGHPRV SDVDU HO


FRUUHFWRURUWRJUiILFR&XDQGRHVWDPRVHVFULELHQGRHO
WH[WR DOJXQDV SDODEUDV SXHGHQ DSDUHFHU
VXEUD\DGDV HQ FRORU URMR (VWR LQGLFD TXH :RUG QR
FRQRFH GLFKD SDODEUD HV GHFLU SXHGH VHU XQ HUURU
RUWRJUiILFR
'HVGH HO PHQ~ +HUUDPLHQWDV KDFHPRV FOLF HQ
2UWRJUDItD\*UDPiWLFD

114
(OFRUUHFWRURUWRJUiILFRFRPLHQ]DDSURFHVDUHOWH[WR
\VHGHWLHQHFXDQGRHQFXHQWUDXQHUURURUWRJUiILFRR
JUDPDWLFDO /RV HUURUHV JUDPDWLFDOHV :RUG ORV
PDUFDHQFRORUYHUGH

8QDYH]ORFDOL]DGRHOHUURU\DWUDYpVGHORVERWRQHV
GHODSDUWHGHUHFKDGHOFXDGURGHGLiORJRSRGUHPRV
KDFHUORVFDPELRVRSRUWXQRVRELHQRPLWLUHOHUURU

115
ÒOWLPDUHYLVLyQODYLVWDSUHOLPLQDU

&XDQGR HO GRFXPHQWR \D HVWi OLVWR SDUD LPSULPLU


SRGHPRVHMHFXWDUHOFRPDQGR$UFKLYR,PSULPLUSHUR
DQWHV GH KDFHUOR HV FRQYHQLHQWH UHDOL]DU XQD ~OWLPD
UHYLVLyQ SDUD YHU OD DSDULHQFLD TXH WHQGUi GLFKR
GRFXPHQWRXQDYH]LPSUHVR

3DUD UHDOL]DU HVWD UHYLVLyQ HMHFXWDPRV HO FRPDQGR


9LVWD 3UHOLPLQDU TXH VH HQFXHQWUD HQ HO PHQ~
$UFKLYR 7DPELpQ GLVSRQHPRV GH XQ ERWyQ HQ OD
EDUUD GH KHUUDPLHQWDV HVWiQGDU SDUD UHDOL]DU HVWD
RSHUDFLyQ

9LVWD3UHOLPLQDU

116
'LVSRQHPRV GH XQD EDUUD GH KHUUDPLHQWDV 9LVWD
3UHOLPLQDUTXH QRVSHUPLWHUHDOL]DUGLIHUHQWHV YLVWDV
GHO GRFXPHQWR HQ XQD SiJLQD YDULDV SiJLQDV QRV
SHUPLWHUHGXFLUHOWH[WRSDUDDMXVWDUVHDXQDSiJLQD
HWF

,PSULPLUHOGRFXPHQWR

(O ~OWLPR SDVR HV HO UHIHUHQWH D LPSULPLU QXHVWUR


GRFXPHQWR 3DUD HOOR HMHFXWDPRV HO FRPDQGR
,PSULPLU GHO PHQ~ $UFKLYR R SXOVDPRV HO ERWyQ
,PSULPLUGHODEDUUDGHKHUUDPLHQWDVHVWiQGDU

117
(Q HVWH FXDGUR SRGHPRV HOHJLU OD LPSUHVRUD
QRUPDOPHQWH VyOR KDEUi XQD GLVSRQLEOH  \ FDPELDU
ODV SURSLHGDGHV GH GLFKD ,PSUHVRUD SDUD YDULDU OD
IRUPDGHLPSULPLU

7DPELpQ SRGHPRV GHFLGLU FXDQWDV FRSLDV GHO


GRFXPHQWR TXHUHPRV LPSULPLU \ HO LQWHUYDOR GH
SiJLQDV HV GHFLU VL TXHUHPRV LPSULPLU WRGR HO
GRFXPHQWRODSiJLQDDFWXDORVyORFLHUWDVSiJLQDV

8QD YH] UHDOL]DGRV ORV FDPELRV RSRUWXQRV


SXOVDPRV HO ERWyQ $FHSWDU SDUD TXH QXHVWUD
LPSUHVRUDUHFLEDODRUGHQGHLPSULPLUHOGRFXPHQWR

118
/$67$%/$6'(:25'

&UHDUXQDWDEODLQVHUWDURGLEXMDU

3DUD FUHDU XQD WDEOD HQ :RUG VHJXLUHPRV HO


VLJXLHQWHSURFHVR
1RVVLWXDPRVDHQSXQWRGHLQVHUFLyQHQODSRVLFLyQ
HQODTXHGHVHDPRVFUHDUODWDEOD
+DFHPRV FOLF HQ HO ERWyQ ,QVHUWDU WDEOD GH OD EDUUD
GH KHUUDPLHQWDV (VWiQGDU 6H PXHVWUD XQD
FXDGUtFXOD GRQGH LQGLFDUHPRV HO Q~PHUR GH ILODV \
FROXPQDVTXHWHQGUiODWDEOD3DUDHOOR

$UUDVWUDPRV HO SXQWHUR GHO UDWyQ SRU OD FXDGUtFXOD


SDUD LQGLFDU ODV ILODV \ FROXPQDV GH OD QXHYD WDEOD
/DVFHOGDVDSDUHFHUiQHQFRORUD]XO

)LQDOPHQWHVROWDPRVHOERWyQGHOUDWyQ\VHLQVHUWDUi
GLFKD WDEOD FRQ HO Q~PHUR GH ILODV \ FROXPQDV
VHOHFFLRQDGR

119
/D QXHYD WDEOD RFXSDUi HO HVSDFLR TXH GLVSRQHPRV
HQWUH ORV PiUJHQHV (VWR VH GHEH DO DMXVWH
DXWRPiWLFR TXH WLHQH HVWDEOHFLGR SRU GHIHFWR  6L
GHVHDPRV XQ PD\RU FRQWURO HQ HVWRV DVSHFWRV
XWLOL]DUHPRV HO FRPDQGR 7DEOD ,QVHUWDU WDEOD (VWH
FRPDQGR PRVWUDUi XQ QXHYR FXDGUR GH GLiORJR
GRQGH DGHPiV GH HVSHFLILFDU HO Q~PHUR GH
FROXPQDV\ILODVSRGUHPRVHOHJLU

$XWRDMXVWH
$QFKR GH FROXPQD ILMR 3RGHPRV HVSHFLILFDU XQ
DQFKR HQ FHQWtPHWURV R GHMDUOR HQ DXWRPiWLFR GH
PDUJHQL]TXLHUGRDPDUJHQGHUHFKR 

$XWRDMXVWDU DO FRQWHQLGR (O DQFKR GH ODV FROXPQDV


VH LUi PRGLILFDQGR VHJ~Q OD ORQJLWXG GHO WH[WR
LQVHUWDGRHQODFHOGD

$XWRDMXVWDUDODYHQWDQD(VWHDMXVWHHVySWLPRSDUD
ODYLVXDOL]DFLyQGHWDEODVHQXQDYHQWDQD

120
$XWRIRUPDWR 3HUPLWH GDUOH XQ IRUPDWR SUHGHILQLGR
D OD WDEOD VRPEUHDGRV HQ ODV FHOGDV ERUGHV
GLVWLQWRVHVWLORVDODSULPHUDILODRFROXPQDHWF

$GHPiV GLVSRQHPRV GH XQD FDVLOOD GH YHULILFDFLyQ


TXHVLPDUFDPRVKDUiTXHHVWDV RSFLRQHVVHDQODV
SUHGHWHUPLQDGDVSDUDWDEODVQXHYDV

'LEXMDUWDEODV

&XDQGR GHVHHPRV LQVHUWDU XQD WDEOD FRQ DQFKRV \


DOWRV GLIHUHQWHV R FRQ GLVWLQWR Q~PHUR GH FHOGDV HQ
XQDILODRFROXPQDTXHHQRWUDSRGHPRVXWLOL]DUHVWH
FRPDQGR 3DUD HO UHVWR GH ORV FDVRV HV PiV
FRQYHQLHQWHHOPpWRGRYLVWRDQWHULRUPHQWH

3DUD GLEXMDU XQD WDEOD VHJXLUHPRV HO VLJXLHQWH


SURFHGLPLHQWR
6HOHFFLRQDPRV HO FRPDQGR'LEXMDU WDEOD GHO PHQ~
7DEOD1RVDSDUHFHODEDUUDGHKHUUDPLHQWDV7DEODV
\ERUGHV\HOSXQWHURGHOUDWyQVHWUDQVIRUPDHQXQ
OiSL]

121
+DFHPRV FOLF \ DUUDVWUDPRV HO OiSL] SRU HO
GRFXPHQWRSDUDGHILQLUHOERUGHH[WHUQRGHODWDEOD

'HVSXpV YDPRV GLEXMDQGR ODV OtQHDV KRUL]RQWDOHV \


YHUWLFDOHV TXH GLYLGLUiQ OD WDEOD HQ GLVWLQWDV ILODV \
FROXPQDV

122
)LODVFROXPQDV\FHOGD

'HVSOD]DUVHSRUODVWDEODV
7HFOD 0XHYHHOSXQWRGHLQVHUFLyQD
7DE /DVLJXLHQWHFHOGD6LHVOD~OWLPD
FHOGDFUHDXQDQXHYDILOD
0D\~V7DE /DFHOGDDQWHULRU
$OW,QLFLR /DSULPHUDFHOGDGHODILODDFWXDO
$OW)LQ /D~OWLPDFHOGDGHODILODDFWXDO
$OW5H3DJ /DFHOGDVXSHULRUGHODFROXPQD
DFWXDO
$OW$Y3DJ /DFHOGDLQIHULRUGHODFROXPQDDFWXDO
)OHFKD 8QDILODKDFLDDEDMR
DEDMR
)OHFKD 8QDILODKDFLDDUULEDXQDOtQHDKDFLD
DUULED DUULEDVLKD\YDULDVOtQHDVHQODILOD
DFWXDORIXHUDGHODWDEODVLHVOD
SULPHUDILOD
)OHFKD /DVLJXLHQWHFHOGDRHOVLJXLHQWH
GFKD FDUiFWHUGHODFHOGDDFWXDO
)OHFKD /DFHOGDDQWHULRURHODQWHULRUFDUiFWHU
L]TGD GHODFHOGDDFWXDO

123
6(/(&&,21$5(/(0(1726

(OHPHQWRD 0pWRGR
VHOHFFLRQDU
8QDFHOGD +DFHPRVFOLFHQODSDUWH
L]TXLHUGDGHODFHOGDMXQWR
DVXOtPLWH2WURPRGRHV
HMHFXWDUHOFRPDQGR7DEOD
6HOHFFLRQDU&HOGD
8QDILOD 6LWXDPRVHOSXQWRGH
LQVHUFLyQHQXQDFHOGDGHOD
ILOD\HMHFXWDPRVHO
FRPDQGR7DEOD
6HOHFFLRQDU)LOD7DPELpQ
SRGHPRVKDFHUFOLFDOD
L]TXLHUGDGHODILODSDUD
VHOHFFLRQDUOD

124
8QDFROXPQD 6LWXDPRVHOSXQWRGH
LQVHUFLyQHQXQDFHOGDGHOD
FROXPQD\HMHFXWDPRVHO
FRPDQGR7DEOD
6HOHFFLRQDU&ROXPQD
9DULDVFHOGDVILODV +DFHPRVFOLF\DUUDVWUDPRV
RFROXPQDV HOSXQWHURGHOUDWyQSRU
HQFLPDGHODVFHOGDVILODVR
FROXPQDVTXHTXHUHPRV
VHOHFFLRQDU

/DWDEODFRPSOHWD 6LWXDPRVHOSXQWRGH
LQVHUFLyQHQFXDOTXLHUSDUWH
GHODWDEOD\HMHFXWDPRVHO
FRPDQGR7DEOD6HOHFFLRQDU
7DEOD

125
3URSLHGDGHVGHODWDEOD

(MHFXWDQGR HO FRPDQGR 7DEOD 3URSLHGDGHV GH


WDEODDFFHGHPRVDXQFXDGURGHGLiORJRFRQFXDWUR
ILFKDV SDUD PRGLILFDU ODV SURSLHGDGHV GH OD WDEOD R
GHODVILODVFROXPQDVRFHOGDV

(QFRQWUDPRV RSFLRQHV GHDQFKR GH WDEOD FROXPQD


R FHOGD \ DOWR GH ILOD DOLQHDFLyQ GH OD WDEOD
DOLQHDFLRQHV GH ODV FHOGDV DMXVWH GHO WH[WR
DOUHGHGRUGHpVWDERUGHV\VRPEUHDGRVSRVLFLyQ
GHODWDEODUHVSHFWRDODSiJLQDDORV PiUJHQHV \
RWUDVPXFKDVRSFLRQHV
126
,QVHUWDU\HOLPLQDU

,QVHUWDUILODV\FROXPQDV
3DUD LQVHUWDU XQD ILOD R FROXPQD QRV VLWXDPRV HQ
XQDFHOGD\HMHFXWDPRVHOFRPDQGR7DEOD,QVHUWDU
GRQGH HOHJLUHPRV OD RSFLyQ GHVHDGD FROXPQD D OD
L]TXLHUGDRDODGHUHFKDRILODHQODSDUWHVXSHULRUR
LQIHULRU

6LGHVHDPRVLQVHUWDUYDULDVILODVRFROXPQDVGHXQD
YH] SULPHUR VHOHFFLRQDPRV WDQWDV ILODV R FROXPQDV
FRPR GHVHHPRV LQVHUWDU \ OXHJR HMHFXWDPRV HO
FRPDQGR

(OLPLQDUILODVFROXPQDV\WDEODV
/RVSDVRVDVHJXLUSDUDHVWDRSHUDFLyQVRQ
6HOHFFLRQDPRV ODV ILODV FROXPQDV R OD WDEOD D
HOLPLQDU

(MHFXWDPRVHOFRPDQGR7DEOD(OLPLQDUHOLJLHQGROD
RSFLyQFRUUHVSRQGLHQWH

127
2SFLRQHVGHOPHQ~WDEOD

&RPELQDU\GLYLGLUFHOGDV
3DUDFRPELQDUGRVRPiVFHOGDVHQXQD~QLFDFHOGD
VHJXLPRVORVSDVRVVLJXLHQWHV
6HOHFFLRQDPRVODVFHOGDVDFRPELQDU
(MHFXWDPRVHOFRPDQGR7DEOD&RPELQDUFHOGDV

3DUD GLYLGLU XQD FHOGD HQ YDULDV FHOGDV VHJXLPRV


HVWRVSDVRV
6HOHFFLRQDPRVODFHOGDDGLYLGLU
(MHFXWDPRVHOFRPDQGR 7DEOD'LYLGLUFHOGDV
(VSHFLILFDPRV HQ HO FXDGUR GH GLiORJR 'LYLGLU
FHOGDV HO Q~PHUR GH FROXPQDV \ ILODV HQ TXH VH
GLYLGLUiODFHOGD
+DFHPRVFOLFHQ$FHSWDU

'LYLGLUWDEOD
7DPELpQ SRGHPRV GLYLGLU XQD WDEOD HQ GRV 3DUD
HOOR
6LWXDPRV HO SXQWR GH LQVHUFLyQ HQ FXDOTXLHU FHOGD
TXHIRUPDUiSDUWHGHODVHJXQGDWDEODHQVXSULPHU
ILOD
128
(MHFXWDPRVHOFRPDQGR7DEOD'LYLGLUWDEOD
$QFKRGHFROXPQDV$OWRGHILODV

$QFKRGHFROXPQDV
+DFHPRVFOLFHQFXDOTXLHUFHOGDGHODWDEOD
6LWXDPRV HO SXQWHUR GHO UDWyQ HQ OD PDUFD GH OD
FROXPQD D PRGLILFDU (VWD PDUFD HVWi VLWXDGD HQ OD
UHJOD(OSXQWHURVHFRQYLHUWHHQGREOHIOHFKD
+DFHPRVFOLF\DUUDVWUDPRVHOUDWyQDODL]TXLHUGDR
DODGHUHFKDSDUDDXPHQWDURGLVPLQXLUHODQFKR

$MXVWHDXWRPiWLFRGHFROXPQDV
(MHFXWDPRVHOFRPDQGR7DEOD$XWRDMXVWDU
(OHJLPRV OD RSFLyQ GH DXWRDMXVWH FRQ HO PLVPR
VLJQLILFDGR TXH FXDQGR LQVHUWDPRV XQD WDEOD
7DPELpQ SRGHPRV HOHJLU 'LVWULEXLU FROXPQDV
XQLIRUPHPHQWH
$QFKRGHFHOGDV
3DUD FDPELDU VRODPHQWH HO DQFKR GH XQD R YDULDV
FHOGDV\QRGHODFROXPQDHQWHUD
6HOHFFLRQDPRV OD FHOGD R FHOGDV SDUD FDPELDU VX
DQFKR

129
6LWXDPRVHOSXQWHURGHOUDWyQHQHOOtPLWHGHUHFKRGH
OD FHOGD VH FRQYLHUWH HO SXQWHUR HQ XQD IOHFKD GH
GRVSXQWDV
+DFHPRV FOLF \ DUUDVWUDPRV KDVWD FRQVHJXLU HO
DQFKRGHVHDGR

$OWRGHILODV
6LWXDPRV HO SXQWHUR GHO UDWyQ HQ OD OtQHD LQIHULRU GH
GLFKD ILOD &XDQGR HO SXQWHUR VH FRQYLHUWD HQ XQD
IOHFKD FRQ GRV SXQWDV KDFHPRV FOLF \ DUUDVWUDPRV
KDFLDDUULEDRKDFLDDEDMRSDUDGLVPLQXLURDXPHQWDU
HODOWR

2UGHQDU
3HUPLWH RUGHQDU XQD WDEOD SRU XQD R YDULDV
FROXPQDV VHOHFFLRQDGD GH L]TXLHUGD D GHUHFKD /D
RUGHQDFLyQSXHGHVHUDVFHQGHQWHRGHVFHQGHQWH

5HSHWLFLyQGHILODVGHWtWXOR
&XDQGR XQD WDEOD VH GLVWULEX\D SRU YDULDV SiJLQDV
VLHPSUH VH UHSHWLUi OD SULPHUD ILOD GH OD WDEOD TXH
VXHOHVHUXQHQFDEH]DGRHQFDGDSiJLQD

130
&RQYHUWLU
3HUPLWH FRQYHUWLU XQD WDEOD HQ WH[WR VHSDUDQGR
ODV FROXPQDV FRQ WDEXODGRUHV X RWUR VLJQR GH
VHSDUDFLyQ 7DPELpQ SRGHPRV FRQYHUWLU WH[WR HQ
XQD WDEOD 6H XWLOL]DUiQ ORV WDEXODGRUHV VDOWRV GH
SiUUDIR XRWURV VLJQRV SDUD GLYLGLU HO WH[WR HQ ILODV \
FROXPQDV

131
 ,0È*(1(6 (1 :25' /$ %$55$ '(
',%8-2

,QVHUWDULPiJHQHV

3DUD LQVHUWDU XQD LPDJHQ SUHGLVHxDGD VHJXLUHPRV


ORVVLJXLHQWHVSDVRV
(MHFXWDPRV HO FRPDQGR ,PDJHQ ,PiJHQHV
SUHGLVHxDGDV GHO PHQ~ ,QVHUWDU R ELHQ KDFHPRV
FOLFHQHOERWyQ,QVHUWDU,PDJHQSUHGLVHxDGDGHOD
EDUUDGHKHUUDPLHQWDV'LEXMR

(O FXDGUR ,QVHUWDU LPDJHQ SUHGLVHxDGD PXHVWUD


ODVGLIHUHQWHVFDWHJRUtDVGHLPiJHQHV+DFHPRVFOLF
HOERWyQGHXQDFDWHJRUtD

132
+DFHPRV FOLF HQ XQD GH ODV LPiJHQHV GLVSRQLEOHV
SDUDGLFKDFDWHJRUtD

(QHOPHQ~TXHDSDUHFHHOHJLPRVODSULPHUDRSFLyQ
,QVHUWDUFOLS
&HUUDPRVHOFXDGUR,QVHUWDULPDJHQSUHGLVHxDGD

8QDYH]LQVHUWDGDODLPDJHQQRVDSDUHFHODEDUUDGH
KHUUDPLHQWDVSDUDSRGHUXWLOL]DUVXVIXQFLRQHV6LQR
DSDUHFH HVWD EDUUD HMHFXWDPRV HO FRPDQGR 9HU
%DUUDGHKHUUDPLHQWDV\ODDFWLYDPRV

133
 :RUG$UW

3DUD LQVHUWDU XQ :RUG$UW VHJXLUHPRV ORV VLJXLHQWHV


SDVRV
(MHFXWDPRVHOFRPDQGR,PDJHQ:RUG$UWGHOPHQ~
,QVHUWDU R ELHQ KDFHPRV FOLF HQ HO ERWyQ ,QVHUWDU
:RUG$UW GH OD EDUUD GH KHUUDPLHQWDV 'LEXMR
$SDUHFHHOFXDGUR*DOHUtDGH:RUG$UW

6HOHFFLRQDPRVXQHVWLORGH:RUG$UW\KDFHPRVFOLF
HQ $FHSWDU $ FRQWLQXDFLyQ VH PXHVWUD HO FXDGUR
0RGLILFDUWH[WRGH:RUG$UW

134
(VFULELPRV HO WH[WR GHO :RUG$UW R UyWXOR SXGLHQGR
HOHJLU HO WLSR GH OHWUD WDPDxR \ DOJ~Q HIHFWR
)LQDOPHQWHKDFHPRVFOLFHQ$FHSWDU

8QD YH] LQVHUWDGR HO :RUG$UW QRV DSDUHFH OD EDUUD


GHKHUUDPLHQWDVSDUDSRGHUXWLOL]DUVXVIXQFLRQHV6L
QR DSDUHFH HVWD EDUUD HMHFXWDPRV HO FRPDQGR 9HU
%DUUDGHKHUUDPLHQWDV\ODDFWLYDPRV

135
$XWRIRUPDV\IRUPDVEiVLFDV

)RUPDVEiVLFDV$XWRIRUPDV\FXDGURVGHWH[WR

,QVHUWDU
/RV SDVRV VLJXLHQWHV SXHGHQ DSOLFDUVH SDUD OD
LQVHUFLyQGH$XWRIRUPDVOtQHDVIOHFKDVFXDGUDGRV
HOLSVHV\FXDGURVGHWH[WR
+DFHPRV FOLF HQ HO ERWyQ FRUUHVSRQGLHQWH SDUD
LQGLFDUTXHREMHWRGHVHDPRVLQVHUWDU
/OHYDPRV HO SXQWHUR GHO UDWyQ KDFLD OD ]RQD GRQGH
YDPRV D FRORFDU HO REMHWR (O SXQWHUR GHO UDWyQ VH
WUDQVIRUPDHQXQDFUX]
+DFHPRV FOLF HQ HO ERWyQ L]TXLHUGR GHO UDWyQ \
DSDUHFH HO REMHWR LQVHUWDGR FRQ XQ WDPDxR SRU
GHIHFWR 6L KDFHPRV FOLF \ VLQ VROWDU DUUDVWUDPRV
SRGUHPRVGDUOHRWURWDPDxRDOREMHWR

6L HO REMHWR D LQVHUWDU HV XQ FXDGUR GH WH[WR QRV
DSDUHFHHOSXQWRGHLQVHUFLyQGHQWURGHOFXDGURSDUD
LQVHUWDUHOWH[WR

136
&RORUHVHVWLORV\HIHFWRV

8QD YH] LQVHUWDGR HO REMHWR SRGHPRV FDPELDU VX


FRORU GHUHOOHQROtQHD\IXHQWHSDUDORVFXDGURVGH
WH[WR  HVWLOR GH OtQHD GH JXLyQ \ GH IOHFKD  \
DSOLFDUOH DOJ~Q HIHFWR VRPEUD R '  3DUD HOOR
VHOHFFLRQDPRV HO REMHWR \ KDFHPRV FOLF HO ERWyQ
FRUUHVSRQGLHQWHSDUDGHVSXpVHOHJLUHOFRORUHVWLORR
HIHFWR

2UGHQDU (PSXMDU $OLQHDU R GLVWULEXLU *LUDU R


YROWHDU$MXVWHGHOWH[WR

(VWDV RSFLRQHV HVWDUiQ GLVSRQLEOHV HQ HO PHQ~


'LEXMRGHODEDUUDGHGLEXMRXQDYH]TXHWHQJDPRV
VHOHFFLRQDGRXQREMHWR

$JUXSDUGHVDJUXSDUUHDJUXSDU
(V SRVLEOH DJUXSDU YDULRV REMHWRV HQ XQR VyOR 8QD
YH] KHFKR HVWR FXDOTXLHU FDPELR GH WDPDxR
SRVLFLyQ R IRUPDWR DIHFWDUi D WRGRV ORV REMHWRV
DJUXSDGRV

137
3DUDDJUXSDUYDULRVREMHWRVHQXQRUHDOL]DUHPRVORV
SDVRVVLJXLHQWHV

6HOHFFLRQDPRV XQR D XQR ORV REMHWRV D DJUXSDU


PDQWHQLHQGRODWHFOD0D\~VFXODVSXOVDGD

(MHFXWDPRVHOFRPDQGR$JUXSDUHQHOPHQ~GLEXMR
3DUD GHVDJUXSDU XQ JUXSR GH REMHWRV EDVWD FRQ
VHOHFFLRQDUOR \ KDFHU FOLF HQ OD RSFLyQ GHVDJUXSDU
7DPELpQ SRGHPRV YROYHUOR D DJUXSDU FRQ OD RSFLyQ
5HDJUXSDU

2SFLRQHVGHODEDUUDGHGLEXMR

/DEDUUDGHGLEXMR

'H L]TXLHUGD D GHUHFKD GH OD EDUUD GH GLEXMR QRV


HQFRQWUDPRVFRQ

0HQ~ 'LEXMR FRQ RSFLRQHV SDUD PRGLILFDU ORV


REMHWRVLQVHUWDGRV 

138
6HOHFFLRQDU REMHWRV QRV SHUPLWH OD VHOHFFLyQ GH
XQRRYDULRVREMHWRVLQVHUWDGRV 

*LUDU OLEUHPHQWH D WUDYpV GH XQRV SXQWRV YHUGHV


SRGUHPRVJLUDUHOREMHWR 

0HQ~ $XWRIRUPDV /tQHD )OHFKD 5HFWiQJXOR


(OLSVH &XDGUR GH WH[WR ,QVHUWDU :RUG$UW
,QVHUWDULPDJHQSUHGLVHxDGD WRGRVHVWRVERWRQHV
GH OD EDUUD GH GLEXMR VH XWLOL]DQ SDUD LQVHUWDU
REMHWRV

&RORU GH UHOOHQR &RORU GH OtQHD &RORU GH IXHQWH


QRVSHUPLWHXWLOL]DUGLVWLQWRVFRORUHVSDUDFDGD]RQD
GHOREMHWR

(VWLOR GH OtQHD (VWLOR GH JXLyQ (VWLOR GH IOHFKD


QRV SHUPLWH OD HOHFFLyQ GHO HVWLOR \ JURVRU GH ODV
OtQHDV\IOHFKDV 

6RPEUD\'%RWRQHVSDUDGDUHIHFWRVRPEUD\'
DDOJXQRVREMHWRV

139
(VWRV ERWRQHV \ DOJXQDV RSFLRQHV GHO PHQ~ 'LEXMR
QRHVWiQGLVSRQLEOHVFRQWRGRVORVREMHWRV
(VWD EDUUD QRV SHUPLWH LQVHUWDU GLYHUVRV REMHWRV \
FDPELDU VXV SURSLHGDGHV 6L OD EDUUD GH GLEXMR QR
HVWi YLVLEOH HMHFXWDPRV HO FRPDQGR 9HU %DUUD GH
KHUUDPLHQWDV \ KDFHPRV FOLF HQ 'LEXMR SDUD
KDFHUODYLVLEOH

$OJXQRVREMHWRVWLHQHQVXVSURSLDVEDUUDV

(QFRQWUDPRVRSFLRQHVSDUDLQVHUWDULPDJHQFRQWURO
GH LPDJHQ VXELU \ EDMDU HO FRQWUDVWH \ HO EULOOR
UHFRUWDU OD LPDJHQ HVWLOR GH OtQHD DMXVWH GHO WH[WR
SURSLHGDGHVGHILQLUFRORUWUDQVSDUHQWH\UHVWDEOHFHU
LPDJHQ

140
'LVSRQHPRVGHODVRSFLRQHVPRGLILFDUWH[WRJDOHUtD
GH :RUG$UW IRUPDWR GHO REMHWR IRUPD GHO :RUG$UW
JLUDU OLEUHPHQWH DMXVWH GHO WH[WR PLVPR DOWR GH
OHWUDV WH[WR YHUWLFDO DOLQHDFLyQ HVSDFLR HQWUH
FDUDFWHUHV

7DPDxR\3RVLFLyQ
&XDOTXLHU REMHWR LQVHUWDGR HQ :RUG SRGHPRV
SRVWHULRUPHQWH FDPELDU VX WDPDxR \ SRVLFLyQ
&XDQGR WUDEDMHPRV FRQ LPiJHQHV HV FRQYHQLHQWH
FDPELDUDQWHVVX$MXVWHGHOWH[WR

7DPDxR
6HOHFFLRQDPRV HO REMHWR $SDUHFHQ ORV SXQWRV GH
FRQWUROERUGHDQGRGLFKRREMHWR
0RYHPRVHOSXQWHURGHOUDWyQDXQRGHHVRVSXQWRV
(OSXQWHURVHFRQYLHUWHHQXQDGREOHIOHFKD

+DFHPRV FOLF \ DUUDVWUDPRV KDVWD GDUOH OD IRUPD


DGHFXDGD

141
3RVLFLyQ

6HOHFFLRQDPRVHOREMHWR\OOHYDPRVHOSXQWHURKDFLD
HO LQWHULRU GH HVWH $SDUHFH XQ SXQWHUR FRQ GRV
GREOHVIOHFKDV
+DFHPRV FOLF \ DUUDVWUDPRV HO REMHWR KDVWD OD
SRVLFLyQGHVHDGD

$MXVWHGHOWH[WR

(VWDRSFLyQHVWiGLVSRQLEOHSDUDWRGRVORVREMHWRV\
HQ GLIHUHQWHV EDUUDV 3HUPLWH GHFLGLU FRPR VH
DMXVWDUi HO WH[WR DOUHGHGRU GHO REMHWR LQVHUWDGR
'LVSRQHPRV GH DMXVWHV GRQGH HO WH[WR \ HO REMHWR
SXHGHQ VXSHUSRQHUVH HVWRV DMXVWHV VRQ 'HODQWH \
GHWUiVGHOWH[WR(QORVGHPiVDMXVWHVHOWH[WR\HO
REMHWRWHQGUiQGLVWLQWDVSRVLFLRQHV3RGUHPRVHOHJLU
HQWUH ORV DMXVWHV $UULED \ $EDMR &XDGUDGR
7UDQVSDUHQWH\(VWUHFKR

142
)RUPDWRGHOREMHWR

$GHPiVGHODVRSFLRQHVGLVSRQLEOHVHQODEDUUDVGH
KHUUDPLHQWDV SDUD FXDOTXLHU REMHWR LQVHUWDGR
GLVSRQHPRVGHXQFXDGURFRQWRGDVODVSURSLHGDGHV
PRGLILFDEOHV 3RGUHPRV FDPELDU OD SRVLFLyQ \ HO
WDPDxR GH XQD IRUPD PiV H[DFWD HVSHFLILFDQGR
PHGLGDVHQFHQWtPHWUR3DUDDFFHGHUDHVWHFXDGUR
XQD YH] VHOHFFLRQDGR HO REMHWR HMHFXWDUHPRV HO
FRPDQGR )RUPDWR 1RPEUH GHO REMHWR DXWRIRUPD
OtQHDLPDJHQHWF

143
3$57(,9
,QWHUQHWWRGRXQPXQGRSRU
H[SORUDU

*XtDGH8VXDULRGH,QIRUPiWLFD
SDUD0D\RUHV

145
(17(1',(1'2,17(51(7

¢4XpHV,QWHUQHW"

,QWHUQHW HV OD UHG GH UHGHV WDPELpQ OODPDGD


DXWRSLVWD GH OD LQIRUPDFLyQ 7RGR FRPLHQ]D GH OD
QHFHVLGDG GH FRPSDUWLU LQIRUPDFLyQ HQWUH GLIHUHQWHV
RUGHQDGRUHV

(Q ORV FRPLHQ]RV GH OR TXH KR\ HV ,QWHUQHW VH
FRPHQ]DURQ D XQLU YDULRV RUGHQDGRUHV D WUDYpV GH
XQDUHG(VWRIXHFUHFLHQGRKDVWDHOSXQWRGHH[LVWLU
YDULDV UHGHV GH RUGHQDGRUHV GLIHUHQWHV ,QWHUQHW
FRPHQ]y FRQ OD XQLyQ GH HVWDV UHGHV XQDV FRQ
RWUDV

'H DKt YLHQH OD SDODEUD ,QWHUQHW 1HW VLJQLILFD UHG


,QWHUQHWHVFRQH[LyQHQWUHUHGHV 

147
¢&yPRSXHGRFRQHFWDUPHD,QWHUQHW"

(Q FXDOTXLHU FRPXQLFDFLyQ VH QHFHVLWD XQ HPLVRU


XQ UHFHSWRU \ XQ FDQDO HQWUH DPERV SDUD OD
WUDQVPLVLyQGHODLQIRUPDFLyQ(OILQGHFRQHFWDUVHD
,QWHUQHW HV HO PLVPR 1XHVWUR RUGHQDGRU VH
FRQHFWDUi D RWUR RUGHQDGRU XWLOL]DQGR XQ FDQDO GH
WUDQVPLVLyQ

&RPR FDQDOHV GH WUDQVPLVLyQ WHQHPRV YDULDV


SRVLELOLGDGHVOtQHDVWHOHIyQLFDVWUDGLFLRQDOHVOtQHDV
GH ILEUD ySWLFD VDWpOLWHV VHxDOHV GH UDGLR
PLFURRQGDV R FXDOTXLHU RWUD WHFQRORJtD \D XWLOL]DGD
HQRWURVPHGLRVGHFRPXQLFDFLyQ

/RV RUGHQDGRUHV FRQHFWDGRV DVt WDQWR HO QXHVWUR


FRPR HO RUGHQDGRU DO TXH QRV FRQHFWDPRV DO TXH
OODPDUHPRV 6HUYLGRU IXQFLRQDUiQ FRPR HPLVRUHV \
UHFHSWRUHVGHODLQIRUPDFLyQWUDQVPLWLGD

3RU QXHVWUD SDUWH SDUD SRGHU FRQHFWDU QXHVWUR


RUGHQDGRUDXQFDQDOGHWUDQVPLVLyQQHFHVLWDUHPRV
GH XQ 02'(0 HQFDUJDGR GH WUDQVIRUPDU OD
148
LQIRUPDFLyQTXHHQWUD\VDOHGHQXHVWURRUGHQDGRUD
GLFKR FDQDO (O PRGHP SXHGH HVWDU GHQWUR R IXHUD
GHORUGHQDGRU

¢4XpVRQORVGRPLQLRV"

/RVGRPLQLRVHQ,QWHUQHWQRVRQPiVTXHXQDIRUPD
GH OODPDU D ORV RUGHQDGRUHV FRQ ORV FXDOHV
TXHUHPRVFRQHFWDUQRV
&DGD RUGHQDGRU FRQHFWDGR D ,QWHUQHW WLHQH XQD
GLUHFFLyQ ~QLFD TXH OR GLVWLQJXH GH ORV GHPiV
RUGHQDGRUHV WDPELpQ FRQHFWDGRV (VD GLUHFFLyQ HV
FRPR YHUHPRV HQ HO VLJXLHQWH DSDUWDGR GLItFLO GH
UHFRUGDU 3DUD HOOR VH FUHy HO '16 'RPDLQ 1DPH
6\VWHP  R 6LVWHPD GH 1RPEUHV SRU 'RPLQLRV TXH
VXVWLWX\H OD GLUHFFLyQ GHO RUGHQDGRU SRU XQ QRPEUH
PiVIiFLOGHUHFRUGDU

3RU HMHPSOR DO FRQHFWDUQRV D ZZZFDMDHVSDQDHV


QRV HVWDPRV FRQHFWDQGR D XQ RUGHQDGRU
SHUWHQHFLHQWH D &DMD (VSDxD TXH WHQGUi XQD
GLUHFFLyQ FRQFUHWD SHUR TXH QR HV QHFHVDULR
FRQRFHU

149
/DVGLUHFFLRQHVHQ,QWHUQHW

/DV GLUHFFLRQHV VRQ ~QLFDV SDUD FDGD RUGHQDGRU


FRQHFWDGRD,QWHUQHW&DGDGLUHFFLyQFRQVLVWHHQXQ
JUXSR GH FXDWUR Q~PHURV GHO  D  SRU HMHPSOR


&XDQGR YDPRV D QDYHJDU SRU ,QWHUQHW HQ YH] GH


XWLOL]DU OD GLUHFFLyQ GH ORV RUGHQDGRUHV WDO FRPR OD
KHPRV YLVWR XWLOL]DPRV VX QRPEUH GH GRPLQLR 3RU
HMHPSORZZZFDMDHVSDQDHV

%UHYHFROHFFLyQGHFRQFHSWRV

6HUYLGRU2UGHQDGRUDOTXHQRVFRQHFWDUHPRVSDUD
TXH QRV SHUPLWD XWLOL]DU WRGRV ORV VHUYLFLRV GH
,QWHUQHW

&OLHQWH 2UGHQDGRU GHVGH HO TXH VH UHDOL]D ODV


SHWLFLRQHV GH ORV GLIHUHQWHV VHUYLFLRV TXH VRQ
HQYLDGDV DO RUGHQDGRU VHUYLGRU 1XHVWUR RUGHQDGRU
FXDQGRQRVFRQHFWDPRVD,QWHUQHWHVXQRUGHQDGRU
FOLHQWH

150
1DYHJDGRU (V XQD DSOLFDFLyQ LQVWDODGD HQ QXHVWUR
RUGHQDGRU TXH QRV SHUPLWH VROLFLWDU \ YLVXDOL]DU
SiJLQDV:HE
/RV WpUPLQRV VHUYLGRU \ FOLHQWH WDPELpQ VH XWLOL]DQ
SDUD FDOLILFDU D ODV DSOLFDFLRQHV GH WDO IRUPD TXH
QXHVWUR QDYHJDGRU VHUtD XQD DSOLFDFLyQ FOLHQWH \ OD
DSOLFDFLyQ LQVWDODGD HQ HO RUGHQDGRU VHUYLGRU TXH
UHVSRQGH D QXHVWUR QDYHJDGRU VHUtD XQD DSOLFDFLyQ
VHUYLGRU

3iJLQD :HE $UFKLYR XELFDGR HQ DOJ~Q RUGHQDGRU


GH OD UHG ,QWHUQHW /DV SiJLQDV :HE SULQFLSDOPHQWH
FRQWLHQHQ WH[WR H LPiJHQHV \ RWURV FRQWHQLGRV
PXOWLPHGLD FRPR SXHGHQ VHU YLGHR DXGLR
DQLPDFLRQHV $GHPiV GH HVWRV HOHPHQWRV HQ ODV
SiJLQDV:HEDSDUHFHQ YtQFXORV

9tQFXOR (V TXL]iV HO HOHPHQWR PiV LPSRUWDQWH GH


XQD  SiJLQD :HE 8Q YtQFXOR GHQWUR GH XQD SiJLQD
:HE QRV YD D SHUPLWLU HQOD]DU R QDYHJDU KDFLD RWUD
SiJLQD:HE

151
/D PD\RU SDUWH GH ODV SiJLQDV :HE WLHQHQ XQ
Q~PHUR DPSOLR GH YtQFXORV SHUPLWLHQGR XQD
QDYHJDFLyQ GLIHUHQWH D FDGD XVXDULR &XDQGR
HVWDPRV YLVXDOL]DQGR XQD SiJLQD :HE
GLVWLQJXLUHPRV OD SUHVHQFLD GH XQ YtQFXOR DO
REVHUYDU FRPR HO SXQWHUR GHO UDWyQ VH FRQYLHUWH HQ
XQDPDQR

HPDLO (V HO QRPEUH HQ LQJOpV UHIHULGR DO FRUUHR


HOHFWUyQLFR

(O FRUUHR HOHFWUyQLFR HV XQD DUFKLYR TXH


SULQFLSDOPHQWH FRQWLHQH WH[WR \ TXH HV HQYLDGR GH
XQXVXDULRDRWURXWLOL]DQGRSDUDHOORVXGLUHFFLyQH
PDLORGLUHFFLyQGHFRUUHRHOHFWUyQLFR
(QHVWHWHPDSURIXQGL]DUHPRVPDVDGHODQWH

152
1$9(*$1'2&21,17(51(7(;3/25(5

(ODVSHFWRVHQFLOORGH,QWHUQHW([SORUHU

/DQDYHJDFLyQHQ,QWHUQHWHVVHQFLOOD\ORHVWDPELpQ
XWLOL]DQGR HO SURJUDPD ,QWHUQHW ([SORUHU (Q HVWD
VHQFLOOD YHQWDQD HO XVXDULR VyOR WLHQH TXH
HVSHFLILFDUODGLUHFFLyQTXHTXLHUHYLVLWDUHQODEDUUD
GHGLUHFFLRQHV

153
8QD YH] ORFDOL]DGD OD GLUHFFLyQ OD QDYHJDFLyQ VH
OLPLWDUiDFOLFGHUDWyQHQORVYtQFXORVTXHPiVQRV
LQWHUHVHQ

$GHPiV FRQ XQRV SRFRV ERWRQHV SRGUHPRV


DYDQ]DURUHWURFHGHUSRUODVSiJLQDV\DYLVLWDGDVR
YROYHUDODSiJLQDGH,QLFLR

 9LVLWDQGR GLUHFFLRQHV GH ,QWHUQHW /D EDUUD


GHGLUHFFLRQHV

(Q OD SDUWH VXSHULRU GH OD YHQWDQD GH ,QWHUQHW


([SORUHUHQFRQWUDPRVODEDUUDGHGLUHFFLRQHV
&XDQGRTXHUHPRVYLVLWDUXQDSiJLQDQRVDFHUFDPRV
FRQ HO SXQWHUR GHO UDWyQ D FXDGUR GRQGH DSDUHFH OD
GLUHFFLyQ HQ OD TXH DFWXDOPHQWH HVWDPRV +DFHPRV
FOLF\HVWDGLUHFFLyQTXHGDUiVHOHFFLRQDGD

3XOVDPRV OD WHFOD 6XSULPLU SDUD HOLPLQDU OD DFWXDO


GLUHFFLyQ \ HVFULELPRV OD QXHYD GLUHFFLyQ D
FRQWLQXDFLyQ3RUHMHPSORKWWSZZZFDMDHVSDQDHV

154
)LQDOPHQWH XQD YH] HVFULWD OD QXHYD GLUHFFLyQ

SRGHPRV KDFHU FOLF HQ HO ERWyQ ,U  R ELHQ


SXOVDUODWHFOD,QWUR

%RWRQHVGHQDYHJDFLyQ

&XDQGR QDYHJDPRV SRU ,QWHUQHW OD PD\RU SDUWH GH


ODV YHFHV QRV PRYHPRV KDFLHQGR FOLF HQ ORV
OODPDGRV KLSHUYtQFXORV R HQODFHV D SiJLQDV (VWRV
VH UHFRQRFHQ SRU OD IRUPD TXH WRPD HO SXQWHUR GHO
UDWyQDOSDVDUSRUHQFLPDGHHOORV

$GHPiV FRQWDPRV FRQ  ERWRQHV HQ OD EDUUD GH


KHUUDPLHQWDVTXHQRVSHUPLWHQ

155
 ,U D OD SiJLQD DQWHULRU R VLJXLHQWH
VLHPSUHUHILULpQGRVHDODVSiJLQDV\DYLVLWDGDV
(OERWyQ$WUiVVHDFWLYDFXDQGRKHPRVYLVLWDGRPiV
GH XQD SiJLQD SHUPLWLHQGR DVt UHWURFHGHU D ODV
DQWHULRUHV (O ERWyQ DGHODQWH VH DFWLYD XQD YH] TXH
KHPRVXVDGRHOERWyQ$WUiV

'HWHQHU (VWH ERWyQ VH XWLOL]D FXDQGR KHPRV


VROLFLWDGR XQD SiJLQD \ HVWD WDUGD HQ VDOLU 6L
GHFLGLPRV FDQFHODU OD SHWLFLyQ GH GLFKD SiJLQD
SXOVDUHPRVHVWHERWyQ

$FWXDOL]DU $O FRQWUDULR TXH HO DQWHULRU


SRGHPRV XWLOL]DU HVWH ERWyQ SDUD YROYHU D VROLFLWDU
XQD SiJLQD VL YHPRV TXH WDUGD R ELHQ TXH VH KD
FDUJDGRPDOODVLPiJHQHVQRVDOHQELHQHWF

,QLFLR (VWH ERWyQ QRV UHWRUQD D OD SiJLQD GH


,QLFLR (VWD SiJLQD HV OD SULPHUD TXH DSDUHFH
FXDQGRDEULPRVHOSURJUDPD,QWHUQHW([SORUHU
156
 )DYRULWRV UHFRUGDU ODV GLUHFFLRQHV PiV
LQWHUHVDQWHV

6RQPXFKDVODVGLUHFFLRQHVTXHSRGHPRVYLVLWDUHQ
,QWHUQHW /DV GLUHFFLRQHV ODV KHPRV SRGLGR FRQRFHU
D WUDYpV GH GLIHUHQWHV PHGLRV GH FRPXQLFDFLyQ
FRPR OD SUHQVD UDGLR WHOHYLVLyQ D WUDYpV GH XQ
DPLJR IDPLOLDU HWF 7DPELpQ XWLOL]DQGR EXVFDGRUHV
TXHYHUHPRVHQHOVLJXLHQWHSXQWR(QWRGRFDVRGH
WRGDV HVWDV GLUHFFLRQHV XQDV QRV VRQ PiV
LQWHUHVDQWHVHLPSRUWDQWHVTXHRWUDV

&XDQGR TXHUHPRV WHQHU DOPDFHQDGD XQD GLUHFFLyQ


SDUD TXH QR VHD QHFHVDULR QL YROYHU D ORFDOL]DUOD QL
HVFULELUODXWLOL]DPRVHOPHQ~RHOERWyQ)DYRULWRV

157
%LHQ VHD SRUTXH XWLOLFHPRV HO PHQ~ R HO ERWyQ HQ
WRGR FDVR QRV DSDUHFHUiQ ODV GLUHFFLRQHV TXH
WHQHPRV DOPDFHQDGDV ORV IDYRULWRV  \ WDPELpQ
DSDUHFHQ ODV RSFLRQHV $JUHJDU D )DYRULWRV \
2UJDQL]DU)DYRULWRV

)DYRULWRVGHODEDUUDGHPHQ~V

158
3DQHO)DYRULWRVHQODSDUWHL]TXLHUGDGHODYHQWDQD
(QODEDUUDGHKHUUDPLHQWDVREVHUYDPRVFRPRHO
ERWyQ)DYRULWRVHVWiSXOVDGR
3DUD FRQYHUWLU OD GLUHFFLyQ GH XQD SiJLQD :HE TXH
HVWDPRVYLVLWDQGRHQXQIDYRULWRKDFHPRVFOLFHQOD
RSFLyQ$JUHJDUR$JUHJDUD)DYRULWRV

(Q HO FXDGUR GH WH[WR 1RPEUH SRGHPRV GHMDU HO


QRPEUHGH)DYRULWRTXHVHQRVSURSRQHRGDUOHXQ
QRPEUH GLIHUHQWH 'HVSXpV SXOVDPRV HO ERWyQ
$FHSWDU \ HVWH QXHYR )DYRULWR QRV DSDUHFHUi WDQWR
HQHOPHQ~)DYRULWRVFRPRHQHOSDQHO)DYRULWRV

/D RSFLyQ 2UJDQL]DU )DYRULWRV VH XWLOL]D FXDQGR D


EDVH GH QDYHJDU GLVSRQHPRV \D GH PXFKDV
GLUHFFLRQHV R IDYRULWRV DOPDFHQDGDV (QWRQFHV
UHVXOWD FRQYHQLHQWH HO LU RUJDQL]DQGR ORV IDYRULWRV
DOPDFHQDGRVFODVLILFiQGRORVVHJ~QVXQDWXUDOH]D
159
%86&$1'2,1)250$&,Ï1

/RVEXVFDGRUHVHQ,QWHUQHW

'RVVRQORVPpWRGRVPiVXWLOL]DGRVSDUDDFFHGHUD
XQDSiJLQD:HE(OSULPHURFRQVLVWHHQLQWURGXFLUOD
GLUHFFLyQGHGLFKDSiJLQDHQODEDUUDGHGLUHFFLRQHV
GHQXHVWURQDYHJDGRU

(O RWUR PpWRGR HV XWLOL]DU XQ EXVFDGRU /RV


EXVFDGRUHVQRVSHUPLWHQPHGLDQWHODXWLOL]DFLyQ GH
SDODEUDV FODYH ORFDOL]DU JUDQ FDQWLGDG GH SiJLQDV
GRQGHDSDUHFHQGLFKDVSDODEUDVFODYH

(MHPSOR TXHUHPRV VDEHU D TXp KRUD SDVDQ XQD


SHOtFXODHQXQFLQHGHQXHVWUDORFDOLGDG6XSRQLHQGR
TXH GLFKR FLQH WLHQH SiJLQD :HE SRGHPRV HVFULELU
OD GLUHFFLyQ GH GLFKD SiJLQD R HQ FDVR FRQWUDULR OD
GLUHFFLyQGHXQ EXVFDGRU8QD YH]HQOD SiJLQD GHO
EXVFDGRUHVFULELPRVFRPRSDODEUDVFODYHHOQRPEUH
GHOFLQHODORFDOLGDG\HOQRPEUHGHODSHOtFXOD

160
3RUWDOHV\EXVFDGRUHV

&XDQGRDSDUHFLHURQORVSULPHURVEXVFDGRUHVHVWRV
VH OLPLWDEDQ D UHFRSLODU FLHQWRV OXHJR PLOHV GH
GLUHFFLRQHVTXHIDFLOLWDUtDQODORFDOL]DFLyQGHSiJLQDV
:HE ELHQ PHGLDQWH OD XWLOL]DFLyQ GH SDODEUDV FODYH
RVLJXLHQGRXQDFODVLILFDFLyQSRUWHPDVFRPRHUDHO
FDVRGHOEXVFDGRU<DKRR KWWSZZZ\DKRRHV 

&RQHOJUDQFUHFLPLHQWRGHOQ~PHURGHXVXDULRVTXH
DFFHGtDQ D ,QWHUQHW HVWRV EXVFDGRUHV VH IXHURQ
FRQYLUWLHQGR HQ SiJLQDV TXH QR VyOR GDEDQ HO
VHUYLFLR GH E~VTXHGD GH SiJLQDV VLQR TXH RIUHFtDQ
VHUYLFLRV FRPR FXHQWDV GH FRUUHR QRWLFLDV \ IRURV
&KDWHWF

)XHHOQDFLPLHQWRGHORVSRUWDOHV +R\ HQGtDHVWRV


SRUWDOHV FXHQWDQ FRQ WDQWRV VHUYLFLRV SDUD HO
XVXDULRTXHHOGHEXVFDUSiJLQDVVyORHVXQRPiV

161
*RRJOH

(O EXVFDGRU *RRJOH KWWSZZZJRRJOHHV HV XQ


SRWHQWH PRWRU GH E~VTXHGD TXH VH KD KHFKR PX\
SRSXODU &XHQWD FRQ PiV GH  PLOORQHV GH
SiJLQDV *RRJOH PDQWLHQH HO OLGHUD]JR HQWUH ORV
EXVFDGRUHV

162
(/&255(2(/(&75Ï1,&2

 ¢4XH HV \ FRPR IXQFLRQD HO FRUUHR


HOHFWUyQLFR"

(O FRUUHR HOHFWUyQLFR HV XQD KHUUDPLHQWD  SDUD


HQYLDU \ UHFLELU PHQVDMHV FRQ WH[WR H LPiJHQHV D
RWUDVSHUVRQDVDWUDYpVGHODUHGGH,QWHUQHW
(V PX\ SDUHFLGR DO FRUUHR WUDGLFLRQDO LQFOXVR FRQ
PiVYHQWDMDVSRUHMHPSOR
5DSLGH] (O PHQVDMH TXH HQYLDPRV OOHJDUD D VX
GHVWLQRHQSRFRVPLQXWRV

(FRQRPtD (O FRVWH GH HQYLDU XQ PHQVDMH HV


SUiFWLFDPHQWHFHUR

&RPRGLGDG 3RGHPRV HQYLDUOR GHVGH HO RUGHQDGRU


GH WX FDVD R FXDOTXLHU RWUR VLHPSUH \ FXDQGR ORV
RUGHQDGRUHV GHVGH ORV TXH TXLHUHV HQYLDU WHQJDQ
DFFHVRDODUHGGH,QWHUQHW

163
$ OD KRUD GH HQYLDU PHQVDMHV D RWUDV SHUVRQDV
QHFHVLWDPRVVDEHUODGLUHFFLyQGHFRUUHRHOHFWUyQLFR
GHODVPLVPDV

&XDQGR QRVRWURV HQYLDPRV XQD FDUWD WUDGLFLRQDO D


XQD SHUVRQD QHFHVLWiEDPRV VDEHU OD GLUHFFLyQ
GRQGH UHVLGtD HQ HVWH FDVR SDUD HQYLDUQRV FRUUHR
HOHFWUyQLFR SRU ,QWHUQHW WHQHPRV TXH FRQRFHU OD
GLUHFFLyQGHFRUUHRHOHFWUyQLFRGH HVDSHUVRQDD
OD TXH OH TXHUHPRV HQYLDU XQ FRUUHR 7RGDV ODV
GLUHFFLRQHV GH FRUUHR HOHFWUyQLFR FRPSDUWHQ XQD
PLVPD FDUDFWHUtVWLFD TXH HV HO VtPEROR #
GHQRPLQDGRDUURED (MHPSOR GHGLUHFFLyQGHFRUUHR
HOHFWUyQLFR
LQIR#SDUDLVRHV

3DUD HQYLDU PHQVDMHV SRU FRUUHR QHFHVLWDPRV DELU


HOSURJUDPD2XWORRN([SUHVV
3DUDHOORKDFHPRVFOLFHOERWyQ,QLFLRGHODEDUUDGH
WDUHDV HOHJLPRV OD RSFLyQ 3URJUDPDV \ ILQDOPHQWH
2XWORRN([SUHVV

164
(VWHSURJUDPDQRIXQFLRQDVLQRVHOHFRQILJXUDXQD
FXHQWD GH FRUUHR HOHFWUyQLFR  /RV SDVRV SDUD
FRQILJXUDUORVRQORVVLJXLHQWHV

8QDYH]TXHDEULPRVHOSURJUDPD2XWORRN([SUHVV
KD\ TXH VHOHFFLRQDU HO PHQ~ +HUUDPLHQWDV \ KDFHU
FOLFN HQ FXHQWDV  GHQWUR GH HVWD RSFLyQ
FRPSUREDUHPRVTXHVHDEUHXQDYHQWDQDFRPRHVWD
TXHYHVDFRQWLQXDFLyQ

165
6HOHFFLRQDV OD SHVWDxD GH FRUUHR \  SLQFKDV HQ HO
ERWyQ$JUHJDU&RUUHR

166
3ULPHU3DVR

6HJXQGR3DVR

167
7HUFHU3DVR

&XDUWRSDVR

168
4XLQWRSDVR

169
%DQGHMDGH(QWUDGD\6DOLGDGH0HQVDMHV

'HQWUR GH OD %DQGHMD GH (QWUDGD VH HQFXHQWUDQ ORV


PHQVDMHV TXH QRVRWURV UHFLELPRV 6L TXHUHPRV YHU
VL WHQHPRV DOJ~Q PHQVDMH SLQFKDUHPRV XQ FOLF HQ
%DQGHMDGHHQWUDGD

/RV PHQVDMHV TXH HQYLDPRV ORV SRGHPRV YHU


KDFLHQGRFOLFHQ%DQGHMDGH6DOLGD SHUPDQHFHUiQ
HQ HVWD EDQGHMD GXUDQWH XQRV VHJXQGRV DQWHV GH
TXHVHHQYtHQ DXWRPiWLFDPHQWH 

170
0HQVDMHVHQYLDGRV\0HQVDMHV(OLPLQDGRV

&XDQGR KDFHPRV FOLF HQ (OHPHQWRV HQYLDGRV


SRGHPRV FRPSUREDU ORV PHQVDMHV TXH KHPRV
HQYLDGR

6H PDQWHQGUiQ JXDUGDGRV VLHPSUH 0LHQWUDV W~ QR


ORVHOLPLQHV

(Q OD FDUSHWD 0HQVDMHV (OLPLQDGRV SRGHPRV YHU


ORVGHPHQVDMHVTXHKHPRVHOLPLQDGR

171
/HHUXQPHQVDMH\UHVSRQGHUDOUHPLWHQWH

$ OD KRUD GH  OHHU XQ PHQVDMH TXH QRVRWURV


UHFLELPRV HQ HO FRUUHR WHQHPRV TXH GLULJLUQRV D OD
³%DQGHMD GH HQWUDGD´ GHQWUR GHO SURJUDPD 2XWORN
([SUHVV

8QD YH] TXH QRV HQFRQWUDPRV GHQWUR GH HVWD


EDQGHMD REVHUYDUHPRV D OD GHUHFKD TXH DSDUHFHQ
WRGRV ORV PHQVDMHV UHFLELGRV KDUHPRV GREOH FOLF
FRQ HO UDWyQ VREUH HO TXH TXHUHPRV YHU HQ HVH
PRPHQWRSRGHPRVOHHUHOFRQWHQLGRGHOPHQVDMH 

6LTXHUHPRVUHVSRQGHUDHVHPHQVDMHVLPSOHPHQWH
WHQHPRVTXHKDFHUFOLFHQUHVSRQGHU

172
8QD YH] VHOHFFLRQDGD HVWD RSFLyQ HVFULELUHPRV HO
WH[WRTXHTXLHUHVHQYLDUOHDHVDSHUVRQD\KDFHVFOLF
HQ HQYLDU GH HVWD IRUPD KHPRV UHVSRQGLGR DO
PHQVDMHGLUHFWDPHQWH

 5HGDFWDU XQ PHQVDMH \ HVSHFLILFDU HO


GHVWLQDWDULR

6L TXHUHPRV HQYLDU XQ PHQVDMH D XQD SHUVRQD


WHQHPRVTXHKDFHUFOLFHQFUHDUXQFRUUHRQXHYR

8QD YH] KHFKR FOLF HQ HVH ERWyQ QRV WLHQH TXH
DSDUHFHUXQDYHQWDFRPRHVWD

173
/DOLEUHWDGHGLUHFFLRQHV

8QD DJHQGD GRQGH QRVRWURV JXDUGDPRV ODV


GLUHFFLRQHV GH FRUUHR HOHFWUyQLFR GH DPLJRV
FOLHQWHV HWF« $Vt SRGULDPRV GHILQLU OR TXH HV OD
OLEUHWDGHGLUHFFLRQHV

8QD YH] KHFKR FOLFN HQ HO ERWyQ 'LUHFFLRQHV QRV


DSDUHFHXQDSDQWDOODFRPRHVWD

174
9DPRV DSUHQGHU D PDQHMDUODOLEUHWD GHGLUHFFLRQHV
GH XQD IRUPD IiFLO \ FyPRGD QRV YDPRV D FHQWUDU
HQ ORV SXQWRV PiV LPSRUWDQWHV GH OD PLVPD OLEUHWD
GLUHFFLRQHV 

(O ERWyQ 1XHYR GH OD OLEUHWD GH GLUHFFLRQHV QRV


RIUHFHWUHVRSFLRQHV

175
1XHYRFRQWDFWR(VFULELUHPRVORVGDWRVSHUVRQDOHV
GH OD SHUVRQD TXH TXLHUR DJUHJDU HQ PL DJHQGD
MXQWRFRQVXGLUHFFLyQGHFRUUHRHOHFWUyQLFR

176
(OFRUUHR:HE

$ OD KRUD GH YLVLWDU QXHVWUR FRUUHR \ FRPSUREDU VL


WHQHPRV DOJ~Q PHQVDMH QXHYR OR KHPRV HVWDGR
DSUHQGLHQGRFRQHOSURJUDPD³2XWORRN([SUHVV´

7HQHPRVRWUDSRVLELOLGDGGHYLVLWDUQXHVWURFRUUHRD
WUDYpVGH,QWHUQHW\HVYLVLWDQGRODSDJLQD:HEGH
ODHPSUHVDXRUJDQLVPRRILFLDOTXHQRVSURSRUFLRQD
ODFXHQWDGHFRUUHRHOHFWUyQLFR
3RUHMHPSOR
LQIR#FDMDHVSDQDHV
(Q HVWH FDVR &DMD (VSDxD HV OD HPSUHVD TXH QRV
SURSRUFLRQD OD GLUHFFLyQ GH FRUUHR HOHFWUyQLFR \
QRVRWURVSDUDFRPSUREDUORVPHQVDMHVWHQHPRVTXH
DFFHGHU D OD SiJLQD GH OD HPSUHVD HQ HVWH FDVR
ZZZFDMDHVSDQDHV'HQWURGHHVWDSiJLQDQRVRWURV
SRGHPRVDFFHGHUDODVHFFLyQGHFRUUHR\PHGLDQWH
XQ XVXDULR \ FRQWUDVHxD TXH QRV SURSRUFLRQDQ
SRGUHPRV DFFHGHU D QXHVWUR FRUUHR HOHFWUyQLFR \
FRPSUREDUORVPHQVDMHVTXHWHQHPRV

177
275$687,/,'$'(6(1,17(51(7

/RVIRURV(OLQWHUFDPELRGHRSLQLRQHVPDV
JUDQGH

/RVIRURVFUHDGRVHQ,QWHUQHWVHXWLOL]DQSDUDHQYLDU
PHQVDMHV TXH VRQ  OHtGRV SRU RWURV XVXDULRV (Q
HVWRV IRURV VH SRGUi GHEDWLU \ FRQWUDVWDU RSLQLRQHV
GHORVWHPDVTXHQRVLQWHUHVHQ

([LVWHQ LQILQLGDG GH WLSRV GH IRURV GHSHQGLHQGR GH


ORVWHPDVDWUDWDU

 $UWH
 &LHQFLD
 ,QIRUPiWLFD
 'HSRUWHV
 (WF«

179
 (O &KDW +DEODU DO LQVWDQWH XWLOL]DQGR HO
WHFODGR

(Q LQJOpV VLJQLILFD FKDUOD 6H WUDWD GH XQD


FRPXQLFDFLyQHVFULWDDWUDYpVGH,QWHUQHWHQWUHGRV
RPiVSHUVRQDVLQVWDQWiQHDPHQWH

180
3URJUDPDVGHPHQVDMHUtDLQVWDQWiQHD

(V XQ VLVWHPD HVSHFLDOPHQWH GLVHxDGR SDUD HQYLDU


PHQVDMHVTXHOOHJDQHQSRFRWLHPSRDOGHVWLQDWDULR
/R XVDQ SURJUDPDV FRPR SRU HMHPSOR HO ,&4 R HO
0610HVVHQJHU

(OPiVFRQRFLGRHVHO0610HVVHQJHU(VSDUHFLGR
DO&KDWSHURFRQXQDGLIHUHQFLDLPSRUWDQWH\HVTXH
HQ HO SURJUDPD GH PHQVDMHUtD LQVWDQWiQHD FRQ HO
TXH WUDEDMHPRV ~QLFD \ H[FOXVLYDPHQWH HVWDUiQ
XVXDULRVTXHWXTXLHUDVDFHSWDUPLHQWUDVTXHHQHO
&KDWKD\WRGRWLSRGHXVXDULRV

181
/DYLGHRFRQIHUHQFLD

/D YLGHRFRQIHUHQFLD FRQVLVWH HQ XQ VHUYLFLR


PXOWLPHGLD TXH SHUPLWH D YDULRV XVXDULRV PDQWHQHU
XQD FRQYHUVDFLyQ D GLVWDQFLD HQ WLHPSR UHDO FRQ
LQWHUDFFLyQYLVXDODXGLWLYD\YHUEDO

'HELGR D TXH OD YLGHRFRQIHUHQFLD HV XQ VLVWHPD


LQWHUDFWLYRSXHGHYHUVHVXDSOLFDFLyQHQ5HXQLRQHV
(MHFXWLYDV (GXFDFLyQ &RQWLQXD &XUVRV
HVSHFLDOL]DGRV6HJXULGDG DGLVWDQFLD&RQIHUHQFLDV
WHOHPHGLFLQD1HJRFLRVHWF

182

También podría gustarte