Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Lectura 7
Lectura 7
ISSN: 0329-5885
anuario@psi.uba.ar
Universidad de Buenos Aires
Argentina
Leibson, Leonardo
Alcances de la noción de resistencia en la práctica psicoanalítica. Su articulación con la
transferencia y la repetición
Anuario de Investigaciones, vol. XX, 2013, pp. 117-124
Universidad de Buenos Aires
Buenos Aires, Argentina
@ A B C D A E P Q B R @ P S R
(QHOPDUFRGHODLQYHVWLJDFLyQ352,136,³9DULDQWHVGH $V SDUW RI WKH LQYHVWLJDWLRQ 352,136, ³9DULDQWV RI WKH
OD 5HVLVWHQFLD \ SRVLELOLGDGHV GH VX HODERUDFLyQ HQ HO 5HVLVWDQFH DQG SRVVLELOLWLHV RI LWV GHYHORSPHQW LQ WKH
FXUVR GH WUDWDPLHQWRV SVLFRDQDOtWLFRV HIHFWXDGRV HQ HO FRXUVH RI SV\FKRDQDO\WLF WUHDWPHQWV SHUIRUPHG DW WKH
6HUYLFLRGH3VLFRSDWRORJtD$GXOWRVHQHOiPELWRGHOD 'HSDUWPHQWRI3V\FKRSDWKRORJ\$GXOWVLQWKH¿HOGRIWKH
8QLYHUVLGDGGH%XHQRV$LUHV´\SURVLJXLHQGROtQHDVSODQ 8QLYHUVLW\RI%XHQRV$LUHV´DQGFRQWLQXLQJOLQHVUDLVHGLQ
WHDGDV HQ WUDEDMRV DQWHULRUHV VH DERUGD FyPR XELFD SUHYLRXVZRUNVLVGHDOWWKHZD\LWKDV)UHXGWRORFDWHWKH
)UHXGODFXHVWLyQGHODUHVLVWHQFLDHQHOWH[WR³5HFRUGDU LVVXHRIUHVLVWDQFHLQWKHWH[W³5HPHPEHULQJUHSHDWLQJ
UHSHWLU\UHHODERUDU´)UHXGDODOX]GHUHIHUHQFLDV DQG:RUNLQJ´)UHXGOLQNLQJLWZLWKUHIHUHQFHVWDNHQ
WRPDGDVGHODHQVHxDQ]DGH-DFTXHV/DFDQ(OREMHWLYR IURP-DFTXHV/DFDQ¶VWHDFKLQJ7KHDLPLVWRDUWLFXODWH
HVDUWLFXODUODQRFLyQGHUHVLVWHQFLDFRQODGHUHSHWLFLyQD WKHQRWLRQRIUHVLVWDQFHZLWKUHSHWLWLRQVWDUWLQJIURPWKH
SDUWLUGHODKLSyWHVLVGHTXHHVWRSHUPLWHLQGDJDUODVDWLV K\SRWKHVLVWKDWWKLVMRLQWHQDEOHVXVWRLQTXLUHVDWLVIDFWLRQ
IDFFLyQTXHHVWiHQMXHJRHQHVWHSURFHVR6HFRQFOX\H DWVWDNHLQWKLVSURFHVV,WLVFRQFOXGHGDERXWWKHLPSRU
DFHUFDGHODLPSRUWDQFLDGHGLVWLQJXLUPRGDOLGDGHVGHOD WDQFHRIGLVWLQJXLVKLQJDQGDUWLFXODWHPRGDOLWLHVRIUHVLV
UHVLVWHQFLDHQHODQiOLVLVDVtFRPRGHSUHFLVDUODIXQFLyQ WDQFHLQWKHDQDO\VLVDVZHOODVWRFODULI\WKHLQFLGHQFHRI
GHODUHVLVWHQFLDWDQWRGHOODGRGHODQDOL]DQWHFRPRODTXH UHVLVWDQFH ERWK RQ WKH DQDO\VDQG DV DW WKH UROH RI WKH
DWDxHDODIXQFLyQGHODQDOLVWD DQDO\VW
.H\ZRUGV
F G H G I J G K L H G M N O O
5HVLVWHQFLD5HSHWLFLyQ7UDQVIHUHQFLD6DWLVIDFFLyQ 5HVLVWDQFH5HSHWLWLRQ7UDQVIHU6DWLVIDFWLRQ
3 4 0 0 5 3 4 0 6 * 7 8 ! $ + , $ ! ! ! $ , $ ! 9 + $ : ! $ 5
3VLFRDQDOLVWD3URIHVRU$GMXQWR5HJXODUGHOD&iWHGUD,,GH3VLFRSDWRORJtD)DFXOWDGGH3VLFRORJtD8%$,QYHVWLJDGRUIRUPDGRHQYDULRVSUR
?
5
\HFWRV8%$&\7'LUHFWRUGH3UR\HFWR352,136,(PDLOOHLEVRQ#¿EHUWHOFRPDU
³1RGHVHDUHOLQ¿HUQRHVXQDIRUPDGHOD T U V W V X Y Z [ \ W ]
SXHGHDWUDYHVDUHOSUHMXLFLRD¿QGHFXHQWDVUHVLVWHQFLDO
GHODUHVLVWHQFLD´ GHXQGHYHQLULGHDOGHODQiOLVLVTXHQRSUHVHQWDUtDLQWH
-DFTXHV/DFDQ UUXSFLRQHV QL GHVYtRV 3RU OR WDQWR HO DFRQWHFHU GH XQ
DQiOLVLVQRSRGUiVHUVLQVREUHVDOWRVVLQRTXHQHFHVDULD
PHQWH HVWDUi MDORQDGR PDUFDGR \ SRU HOOR WDPELpQ
^ _ C ` a b c d e f g h a i g j j c k a d a l m h n o g ` f p q ` r j h n l j c p c s
PRYLOL]DGRSRUODSURGXFFLyQGHOREVWiFXORGHQRPLQDGR
d j ` f p n
(QHOPDUFRGHODLQYHVWLJDFLyQ352,136,³9DULDQWHVGH UHVLVWHQFLD/RSDUDGRMDOHVTXHODGH¿QLFLyQWLHQGHDLQ
OD 5HVLVWHQFLD \ SRVLELOLGDGHV GH VX HODERUDFLyQ HQ HO YHUWLUVH<DQRHVVyORTXHODUHVLVWHQFLDHVWRGRDTXHOOR
FXUVR GH WUDWDPLHQWRV SVLFRDQDOtWLFRV HIHFWXDGRV HQ HO TXHVHRSRQHDODSURVHFXFLyQGHOWUDEDMRDQDOtWLFRVLQR
6HUYLFLRGH3VLFRSDWRORJtD$GXOWRVHQHOiPELWRGHOD WDPELpQTXHVLQRKXELHUDUHVLVWHQFLD«QRKDEUtDQLQJX
8QLYHUVLGDGGH%XHQRV$LUHV´\SURVLJXLHQGROtQHDVSODQ QDSURVHFXFLyQGHOWUDEDMRDQDOtWLFR
WHDGDVHQWUDEDMRVDQWHULRUHVDERUGDUHPRVHQHOSUHVHQ (Q UHVXPHQ YHUHPRV DPEDV GH¿QLFLRQHV FRH[LVWHQ \
WHWUDEDMRFyPRXELFD)UHXGODFXHVWLyQGHODUHVLVWHQFLD PDQWLHQHQXQDYLQFXODFLyQFRPRODVGRVFDUDVGHXQD
HQHOWH[WR³5HFRUGDUUHSHWLUUHHODERUDU´)UHXG EDQGDGH0RHELXV3RUTXHQRFDEHGXGDGHTXHODUHVLV
DUWLFXOiQGRODFRQUHIHUHQFLDVWRPDGDVGHODHQVHxDQ]D WHQFLD FRQVLVWH HQ VHQWLGR SURSLR HQ XQ PRPHQWR GH
GH-DFTXHV/DFDQHQSDUWLFXODUDOJXQDVDWLQHQWHVDOD GHPRUDGHSDUDOL]DFLyQLQFOXVR<DVHDGHOWUDEDMRTXH
QRFLyQGHUHSHWLFLyQ\VXYLQFXODFLyQFRQODWUDQVIHUHQFLD OOHYDODDVRFLDFLyQOLEUH\DVHDGHODVXFHVLyQGHODVVH
(QWUDEDMRVDQWHULRUHV/HLEVRQDEFQRVKHPRV VLRQHVGHXQWUDWDPLHQWR\DVHDGHOWUDWDPLHQWRPLVPR
RFXSDGRGHODQRFLyQGHUHVLVWHQFLDWDOFRPRVXUJHHQOD /RTXHSRVWXODPRVQRHVTXHHVWRQRRSHUHDVtVLQRTXH
REUDGH6LJPXQG)UHXG\HVUHWRPDGDDORODUJRGHOD ORTXHHVWiRSHUDQGRHQHVDGHWHQFLyQRLQWHUUXSFLyQ Y U
HQVHxDQ]DGH-DFTXHV/DFDQ7RPDPRVFRPRSXQWRGH V Y W V y U W [ VHUiORTXHSHUPLWDTXHHVH
z V \ Z V { u \ Y U W V X [ W u
SDUWLGD OD FRQVLGHUDFLyQ GH OD UHVLVWHQFLD HQ VX GREOH DQiOLVLVDYDQFH\SURVLJDKDVWDHQFRQWUDUVXPRPHQWRGH
DVSHFWRGHREVWiFXOR\PRWRUGHOWUDEDMRSVLFRDQDOtWLFR FRQFOXLU4XHVHDGHELGDPHQWHFRQVLGHUDGRDWDxHDOD
$VLPLVPRKHPRVGDGRLPSRUWDQFLDDODGLVWLQFLyQTXH IXQFLyQGHODQDOLVWD\HVHVHHOSXQWRGRQGHODUHVLVWHQFLD
HVWDEOHFH)UHXGHQWUHODVUHVLVWHQFLDVGHO\RGHOHOOR\GHO WDPELpQTXHGDGHVXODGR
VXSHU\yHQWHQGLHQGRTXHHVWD PDQHUDGHGLVWLQJXLUODV (VLQWHUHVDQWHYHUDOUHVSHFWRTXHHVDSULPHUDGH¿QLFLyQ
WLHQHXQDUHOHYDQWHVLJQL¿FDFLyQFOtQLFD GH)UHXGGHUHVLVWHQFLDTXHFRPRDFDEDPRVGHPHQ
&RQHOREMHWLYRGHSURIXQGL]DUHVWDPDQHUDGHFRQFHELUOD FLRQDUUH]D³WRGRDTXHOORTXHLPSLGDODSURVHFXFLyQGHO
IXQFLyQGHODUHVLVWHQFLDSURSRQHPRVODVLJXLHQWHKLSyWH WUDEDMRDQDOtWLFR´VHDOWHUQDFRQRWURVXVRVGHOWpUPLQR
VLVVLODUHVLVWHQFLDHVPRWRUGHODQiOLVLVHV FRPRSRUHMHPSOR³UHVLVWHQFLDGHUHSUHVLyQ´R³UHVLVWHQFLD
G x G
t u X v w V
UHFHFRPRXQREVWiFXOR GHFHQVXUD´TXHVXJLHUHQXQDVSHFWRGHODUHVLVWHQFLDTXH
(VWDKLSyWHVLVVHRSRQHDODLGHDGHTXHH[LVWLUtDXQVX SRGHPRV GHQRPLQDU HVWUXFWXUDO R VHD QR FRQWLQJHQWH
SXHVWRWUDQVFXUULU³ÀRUHFLHQWH´GHODQiOLVLVTXHVHSRGUtD VLQRQHFHVDULRHQODGLQiPLFDGHOWUDEDMRDQDOtWLFR
FRQVLGHUDU³QRUPDO´HQHOFXUVRGHOFXDOLUUXPSHLPSUH 3RUORDQWHULRUSRGHPRVSODQWHDUTXHODSUiFWLFDSVLFRD
YLVWDHLQWHPSHVWLYDPHQWHXQDUHVLVWHQFLDTXHVHLQWHUSR QDOtWLFD VH GHVDUUROOD HQWHUDPHQWH HQ HO FDPSR TXH OD
QHGHWHQLHQGRRGHVYLDQGRHVHGHFXUVR\REOLJDQGRD UHVLVWHQFLDFLUFXQVFULEHFRQMXQWDPHQWHFRQODWUDQVIHUHQ
UHDOL]DUODVRSHUDFLRQHVGHVWLQDGDVDORJDUVXUHPRFLyQ FLDFRQODTXHFRQIRUPDQXQSDULQGLVRFLDEOH
SDUDSRGHUUHWRPDUHOFDPLQR³QRUPDO´(VWDLGHDVXSRQH 3HURDJUHJXHPRVTXHHVDUHVLVWHQFLDHVWDOPRWRUHQWDQ
XQD VXHUWH GH SURFHVR ³QDWXUDO´ \ FDVL DXWRPiWLFR GHO WRTXHREVWiFXORFRQXQDFRQGLFLyQTXHRSHUHDOOtHOGHVHR
DQiOLVLVHQHOFXDOODUHVLVWHQFLDQRGHEHUtDWHQHUOXJDU GHODQDOLVWDGHVHRGHPi[LPDGLIHUHQFLD/DFDQ
VLHQGRVXDSDULFLyQXQDVXHUWHGHDQRPDOtDTXHGHEHUtD FRPRORTXHSXHGHSURPRYHUODSUiFWLFDGHOREVWiFXORR
VHUFRPEDWLGD\VXSULPLGD3HURYHUHPRVTXHODQRFLyQ VHDKDFHUGHOREVWiFXORFDXVD(VWRLPSOLFDODQHFHVLGDG
GHIUHXGLDQDGHUHVLVWHQFLDLQWURGXFHHQODSUiFWLFDDQDOt GHXQDOHFWXUDGHORTXHVHMXHJDWUDQVIHUHQFLDOPHQWH/HF
WLFDXQDPRGL¿FDFLyQGHHVWDUHSUHVHQWDFLyQ
6LELHQFRUUHVSRQGHDODQRFLyQGHUHVLVWHQFLDODLGHDGH REVWiFXORV 0LHQWUDV TXH ODV GHO HOOR UHSUHVHQWDQ ORV SXQWRV GH
TXHKD\XQLQWHUpV\RLFRGHSUHVHUYDUXQ \TXH WRSHTXHVHHQFXHQWUDQHQHOWUDEDMRDQDOtWLFR\TXHGHHVDPD
QHUD GH¿QHQ VX GLUHFFLyQ \ VX FRQFOXVLyQ (O SUHVHQWH WUDEDMR
Y Z [ Z w v w u
HVHVRORTXHODSRQHHQMXHJRSDUD)UHXGHVWRQRVHUi WHQLHQGRHVWDGLVWLQFLyQSRVWHULRUHQHOKRUL]RQWHVHFHQWUDHQHO
VX¿FLHQWHSDUDGH¿QLUOD$OGLVWLQJXLUPRGRVGHUHVLVWHQ PRGRHQTXH)UHXGHODERUDODQRFLyQHQHOWH[WRGH3RGH
FLDSRUHMHPSORHQUHODFLyQDVXVSXQWRVGHSDUWLGDGHO PRVHQWHQGHUTXHODIRUPDGHODUHVLVWHQFLDTXHWHUPLQDUiVLHQGR
\RGHOVXSHU\yGHOHOOR)UHXG)UHXG XELFDGDFRPRIXQGDPHQWDODOOtHVDTXHOODTXHHQFRORFDUi
EDMRODpJLGDGHOHOOR
0RWRULPSOLFDHQHVWHFRQWH[WRDOJRTXHVHFRPSRUWDFRPRFRQ
(VWRHVKRPyORJRDFRQVLGHUDUTXHODQRFLyQGHGHIHQVDTXHDO
GLFLyQGHXQPRYLPLHQWRHQHVWHFDVRODFRQWLQXDFLyQGHOWUDEDMR FRPLHQ]RGHODREUDGH)UHXGDSDUHFHFRPRXQDFRQWLQJHQFLDD
GHODQiOLVLVQRVyORHQWpUPLQRVGHVXSURVHFXFLyQHQHOWLHPSR ODTXHVHUHFXUUHHQFDVRGHDFRQWHFHUHQGRVWLHPSRVXQHYHQ
VLQRHQORTXHPDQWLHQHYLYR\DFWLYRHOSURFHVRDQDOtWLFR<WRPD WRWUDXPiWLFRSRVWHULRUPHQWHWRPDHOHVWDWXWRGHXQPHFDQLVPR
PRVREVWiFXORFRPRORTXHLQWHUUXPSHRGHVYtDHVHPRYLPLHQWR FRQVWLWXWLYRGHOVXMHWRRVHDDOJRTXHQRSRGUtDQRHVWDUHQWDQWR
(VYHUGDGTXHODVGLVWLQWDVPRGDOLGDGHVGHODUHVLVWHQFLDQRVH YHPRVDSDUHFHUXQVXMHWR3RUHMHPSORFXDQGRPHQFLRQDTXHODV
FRPSOHPHQWDQQLSXHGHQVHUHQWHQGLGDVH[DFWDPHQWHQODPLVPD SXOVLRQHVQRSRGUtDQOLEUDUVHDVXSURSLRHPSOHRVLQRTXHHVGH
OtQHD /DV TXH SDUWHQ GHO \R DSXQWDQ HIHFWLYDPHQWH D XQD LQWH GHUHFKR\QRVRODPHQWHGHKHFKRTXHH[LVWHODGHIHQVDFRQWUD
UUXSFLyQREORTXHRGHOWUDEDMRDQDOtWLFR/DVGHOVXSHU\yDSDUHFHQ ODVSXOVLRQHV2VHDTXHHOVXMHWRVHFRQVWLWX\H ODGHIHQVD\ | } ~
FRPRLQGLFDGRUHVGHXQSURFHVRTXHDYDQ]DDSR\iQGRVHHQHVRV QRDSHVDUGHHOOD
WXUDTXHHQWHQGHPRVRSHUDFRPRLQWHUSUHWDFLyQ R³HQWpUPLQRVGLQiPLFRVYHQFHUODVUHVLVWHQFLDVGHOD
(VWDPDQHUDGHFRQVLGHUDUODUHVLVWHQFLDHVWiHQODPLVPD UHSUHVLyQ´LE
OtQHDTXH/DFDQSODQWHDFXDQGRSURSRQHSHQVDUODUHVLV 'HWHQJiPRQRVHQODH[SUHVLyQ³YHQFHUODVUHVLVWHQFLDV
WHQFLDGHOODGRGHODQDOLVWD\QRVRORQLWDQWRGHOODGRGHO GHODUHSUHVLyQ´¢4XpHVORTXHODUHSUHVLyQUHVLVWH"2
DQDOL]DQWH$SDUWLUGHHVWR¢FDEUtDHQWRGRFDVRGLVWLQ PHMRUGLFKR¢DTXpUHVLVWHODUHSUHVLyQ")UHXGFRQVLGHUD
JXLUXQDUHVLVWHQFLDGHODQDOLVWD\RWUDGHODQDOL]DQWH"3RU TXHODUHSUHVLyQHVXQDIRUPDGHFRQVHUYDUXQDUHSUHVHQ
PRPHQWRVFXDQGRHOSODQWHRGH/DFDQHVUDGLFDOSDUH WDFLyQRXQJUXSRGHUHSUHVHQWDFLRQHVTXHVRQUHFKD]D
FHUtDTXHODUHVLVWHQFLDHVXQDVROD\VLHPSUHTXHGDGHO GDVSRUODFRQFLHQFLDSRUHO\R(VRDORTXHQRVHOH
ODGRGHODQDOLVWD6LDFHSWDPRVHVWRHOSUREOHPDHV¢HQ KDFHOXJDUHQHVHiPELWRGHORSVtTXLFRVHUiDFRJLGR\
TXpFRQVLVWH"'DGRTXH\DQRVHWUDWDUtDGHXQDWRUSH]D SUHVHUYDGRHQRWUR/DUHSUHVLyQSHUPLWHTXHHVRUHFKD
RXQDLQH¿FLHQFLDGHODQDOLVWDVLQRGHDOJRTXHKDFHDVX ]DGRQRVHSLHUGDQLVHGHVWUX\DVLQRTXHVHFRQVHUYH\
SRVLFLyQ\IXQFLyQ(ODQDOLVWDUHVLVWH¢TXp"7HQGUHPRV SXHGDHYHQWXDOPHQWHUHWRUQDUPHGLDQWHVXVUHWRxRV2
TXHDGHQWUDUQRVHQHVWDFXHVWLyQ VHDTXHODUHSUHVLyQHVORTXHUHVLVWHDODDQXODFLyQR
'HWRGRVPRGRV\SRUORH[SUHVDGRDQWHULRUPHQWHQR DQLTXLODFLyQGHORUHFKD]DGR'HWRGRVPRGRVHVHYLGHQ
QRVSDUHFHTXHODUHVLVWHQFLDSXHGDTXHGDUVRODPHQWHGHO WH TXH DOJR VH SLHUGH HQ HVWH PRGR GH FRQVHUYDFLyQ
ODGRGHODQDOLVWD/DTXHDWDxHDOVXMHWRDQDOL]DQWHSDUHFH GDGRTXHORTXHKDVLGRUHSULPLGRVLELHQSRGUiUHWRUQDU
WHQHUWDPELpQVXIXQFLyQHQODFXUD3RUDKRUDGLJDPRV \DQRORKDUiLJXDOTXHFXDQGRIXHUHSULPLGRVLQRPHGLDQ
TXH UHVLVWHQFLD WUDQVIHUHQFLD H LQWHUSUHWDFLyQ VRQ WUHV WH VXV UHWRxRV R VHD PDUFDGR SRU ORV HIHFWRV GH ORV
FRQVLVWHQFLDVTXHVHDQXGDQGHWDOPDQHUDTXHQRSRGUtD GHVSOD]DPLHQWRV\FRQGHQVDFLRQHVTXHLPSOLFDODGLQi
SUHYDOHFHUQLQJXQDGHHOODVVREUHODVRWUDVGRVQLWDPSR PLFDGHOSURFHVRSULPDULR/DVIRUPDFLRQHVGHOLQFRQV
FRHQVHQWLGROyJLFRGHFLUVHTXHKD\DXQDTXHHVSULPH FLHQWHUHTXHULUiQHQWRQFHVXQDOHFWXUDXQGHVFLIUDPLHQ
UDGHPRGRDEVROXWR3RUTXHODLQVWDODFLyQGHODWUDQVIH WRQRVRORSDUDGHVHQWUDxDUHOVHQWLGRRFXOWRTXHSRUWDQ
UHQFLD\DVXSRQHTXHODUHVLVWHQFLDHVWpRSHUDQGR\TXH VLQR\SULQFLSDOPHQWHYHUHPRVFyPRHVWHWH[WRGH)UHXG
DOJRGHODLQWHUSUHWDFLyQFRPRFRQVWLWX\HQWHGHODIXQFLyQ DSXQWDHQHVDGLUHFFLyQSDUDGLOXFLGDUFXiOHVHO³PRQWR
GHODQDOLVWDHVWpGHDOJXQDPDQHUDHQDFWR3RGHPRVD GHVDWLVIDFFLyQ´TXHHVWiOLJDGRDHVDVUHSUHVHQWDFLRQHV
SDUWLU GH HVWR LQWHQWDU GHVJORVDU ODV GLIHUHQFLDV HQWUH (OWH[WRQRVPXHVWUDTXHVHSURGXFHXQLQWULQFDPLHQWRGH
HVWDVWUHVRSHUDFLRQHVFX\RHQWUDPDGRKDFHDOGHYHQLU GLYHUVDVRSHUDFLRQHVUHFRUGDUUHSULPLUUHVLVWLULQWHUSUH
GHFDGDDQiOLVLV WDU3DUHFHSODQWHDUVHXQFDPLQRTXHVHGLULJHFODUDPHQ
(Q HVWD RFDVLyQ \ SURVLJXLHQGR GHVDUUROORV DQWHULRUHV WHKDFLDODUHFXSHUDFLyQGHXQUHFXHUGRWUDXPiWLFRTXH
/HLEVRQ F WRPDUHPRV DSR\R HQ OD PDQHUD TXH KDFDtGREDMRODUHSUHVLyQ\TXHSRUHVRVHFRQYLHUWHHQ
WLHQH)UHXGGHXELFDUODSUREOHPiWLFDGHODUHVLVWHQFLDHQ SDWyJHQRHQVXUHWRUQRGHORUHSULPLGRSHURUiSLGDPHQ
VX WH[WR ³5HFRUGDU UHSHWLU \ UHHODERUDU´ )UHXG WHVHREVHUYDTXHHQHVHWUDEDMRGHUHFXSHUDFLyQVHWRSD
(VWRQRVSHUPLWLUiDUWLFXODUODQRFLyQGHUHVLVWHQFLDFRQOD FRQODVUHVLVWHQFLDVTXHHVDPLVPDUHSUHVLyQJHQHUDODV
GHUHSHWLFLyQ\HQHVDGLUHFFLyQLQWHUURJDUODVDWLVIDFFLyQ TXHGHEHQVHUYHQFLGDVPHGLDQWHHODUWHLQWHUSUHWDWLYR
TXHHVWiHQMXHJRHQHVWHSURFHVR/DKLSyWHVLVGH)UHXG 6HKDFHQRWRULRHQHVWHGHVDUUROORHOFRQWUDSXQWRFRQOD
TXH/DFDQSURVLJXHDXQTXHQRGHPDQHUDOLQHDOFRPR KLSQRVLVRULJLQDULDXELFDGDDKRUDHQODSUHKLVWRULDGHO
YHUHPRV\TXHKDFHPRVQXHVWUDHVTXHORTXHDWDxHD SVLFRDQiOLVLV(VWDODKLSQRVLVWHQtDODDSDUHQWHYHQWDMD
ODUHVLVWHQFLDFRPRREVWiFXORTXHHVPRWRUWLHQHtQWLPD GHSURSRUFLRQDUVLPSOH]D\UDSLGH]DODKRUDGHDOFDQ]DU
YLQFXODFLyQFRQORVPRGRVGHVDWLVIDFFLyQTXHHODFRQWH ORV UHFXHUGRV 6LQ HPEDUJR \ D SHVDU GH SHUPLWLU XQ
FHUGHODUHSHWLFLyQPXHVWUD(VDVDWLVIDFFLyQHVWiDVLPLV SULPHUDFFHVRDFLHUWRVSURFHVRVSVtTXLFRVODKLSQRVLV
PRYLQFXODGDDODTXHHOVtQWRPDSRUWDSHUPLWH\DGPLWH QRUHVXOWDXQDYtDYiOLGDSDUDODFXUDGDGRTXHVRORVH
SXHGH VRVWHQHU VL H[LVWH XQD SHUVLVWHQWH LQÀXHQFLD GHO
KLSQRWL]DGRUVREUHVXSDVLYRSDFLHQWH/RFXDODQXODOD
_ j h l j f a l r n l n h l j j d p l m p ` a c p c c p f a n ` e h p c p c
(V LPSRUWDQWH WHQHU HQ FXHQWD TXH HO DEDQGRQR GH OD YHUGDGORVPRGRVGHOROYLGR\HOHIHFWRGHWHUVXUDGHOD
KLSQRVLVTXHPDUFDHOLQLFLRGHODSUiFWLFDGHOSVLFRDQi KLSQRVLVVXUJHXQDQXHYDGLPHQVLyQGHOWUDEDMRDQDOtWLFR
OLVLVSURSLDPHQWHGLFKRVHGHEHDTXH { w [ \ W u [
U t \ u TXH)UHXGLQWURGXFHHQHVWHWH[WR(OUHFRUGDUGLFHVH
Y U Y (VWRVROREDVWDUtDSDUDGHPRVWUDU
\ u [
X V Y U Y Z V \ { U [ HVWUHOODFRQWUDHVWRV³SURFHVRV´GDQGROXJDUDRWURWLSR
TXHODUHVLVWHQFLDHVXQHOHPHQWRFRQVWLWXWLYRGHOGLVSRVL GH³FRPSRUWDPLHQWR´SRUSDUWHGHODQDOL]DGR³HODQDOL]D
WLYR DQDOtWLFR \ QR XQD PHUD FRQWLQJHQFLD LQGHVHDEOH GRQR HQJHQHUDOQDGDGHORROYLGDGR\UHSULPL
X V { w V X W [
SDUWLU GHO PLVPR SHUR PiV DOOi PXFKR PiV DOOi GH OD QH[LyQHQWUHHOORVTXHLPSOLFDWDPELpQDFiQRXQFDPLQR
UHPHPRUDFLyQFRPRWDO3URFHVRHQWRQFHVTXHUHTXLHUH FRQWLQXR VLQR XQD VHULH GH LQWHUUXSFLRQHV UXSWXUDV \
ODSDUWLFLSDFLyQGHOVXMHWRDQDOL]DQWHSDUDTXHORTXHYD DSDULFLRQHVTXHYDGHMDQGRODVPDUFDVGHXQSURFHVRTXH
VXUJLHQGRDSDUWLUGHVXGHFLUQRTXHGHREWXUDGRSRUHO VHWUDWDUiGHKDFHUOHJLEOH
VHQWLGRGHOUHFRUGDUVLQRSRUORTXHHVHUHFXHUGRSHUPLWH (VFRKHUHQWHFRQHVWRHOKHFKRGHTXH)UHXGKDFHHVWH
OHHUHQWUHOtQHDV5HVLVWHQFLDHVHOQRPEUHGHHVDSDUWLFL GHVDUUROORKDEODQGRFDVLLQGLVWLQWDPHQWHGHWUDQVIHUHQFLD
SDFLyQQHFHVDULD\DFWLYDGHOVXMHWRHQHODQiOLVLV$FiVt \ UHVLVWHQFLD SHUR VLQ OOHJDU D FRQIXQGLUODV HQ XQ VROR
GHEHPRVGLVWLQJXLUORTXH/DFDQGHQRPLQDFRPRUHVLV SURFHVR3RUDOJXQDUD]yQ)UHXGLQVLVWHHQPDQWHQHUOD
WHQFLDGHODQDOLVWDXQFRQMXQWRGHSUHMXLFLRVTXHORHQVRU GLIHUHQFLDHQWUHHVWDVGRVQRFLRQHV0DQWHQHUODOHSHUPL
GHFHQDSDUWiQGRORGHODQHXWUDOLGDGODDEVWLQHQFLD\OD WHXELFDUORTXHRFXUUH\WUDQVFXUUHGXUDQWHXQDQiOLVLVHQ
DWHQFLyQÀRWDQWH\ORTXHSRGHPRVDLVODUFRPRUHVLVWHQ GRVUHJLVWURVTXHVHHQOD]DQ\VHGHVWHMHQHQGLYHUVRV
FLDGHOODGRGHOVXMHWRDQDOL]DQWHHQWpUPLQRVGHDTXHOOR PRPHQWRV GH PRGRV HVSHFt¿FRV \ FRQ FRQVHFXHQFLDV
TXHVHRSRQHDOLGHDOGHXQGHFXUVRWHUVROODQR\ÀXLGR GHWHUPLQDQWHVSDUDHOFXUVRGHHVHDQiOLVLV
'RQGHHQWRQFHVVHYHODSHUWLQHQFLDGHODGLVWLQFLyQIUHX $KRUDELHQ¢HQTXpSXQWRVHGLVWLQJXHQWUDQVIHUHQFLD\
GLDQDHQWUHODVUHVLVWHQFLDVGHO\RTXHHQYHUGDGFRQVLV UHVLVWHQFLD"3RGHPRVSODQWHDUVLJXLHQGRD)UHXG\DYDQ
WHQHQUHWLFHQFLDVPiVRPHQRVFRQFLHQWHV\ODVGHOHOOR ]DQGRDOJRPiVTXHODWUDQVIHUHQFLDVHGHVDUUROODIXQGD
GRQGHORTXHLUUXPSHSRQHHQMXHJRODHFRQRPtDOLELGLQDO PHQWDOPHQWHHQHOUHJLVWURDPRURVR\HVORTXHOOHYDDO
GHOVXMHWRDODTXHQRVHWHQGUtDDFFHVRVLQRIXHUDSRU VXMHWRDSURGXFLUFLHUWDVHVFHQDVHQODVTXHVHPXHVWUDQ
HVDLUUXSFLyQTXHRSHUDFRPRLQWHUUXSFLyQ VXVSRVLFLRQHVHQIXQFLyQGHODPRUGHORWURPLHQWUDVTXH
ODUHVLVWHQFLDVHGDHVSHFLDOPHQWHHQHOUHJLVWURGHODVD
WLVIDFFLyQPiVSUHFLVDPHQWHWRPDQGRODIRUPDGHORTXH
_ @ j c p c d j ` f p n l j j d p f p q ` d l n ` c o j l j ` f p n
5HWRUQDQGRDOWH[WRGHORFDOL]DPRVDOJRPiVDFHUFD VHRSRQHDODVDWLVIDFFLyQTXHODHVFHQDWUDQVIHUHQFLDO
GHOUHFRUGDU$SRFRGHLQLFLDUVHHOWH[WRQRVHQFRQWUDPRV SURSRQH/DUHVLVWHQFLDVHHQFDUQDHQORTXHKDFHREVWi
FRQXQDVXHUWHGHLQWHUFDODFLyQHQODTXH)UHXGHQXPHUD FXORDXQDVDWLVIDFFLyQORFXDODVXGHELGRWXUQRSRGUi
GLVWLQWDVPRGDOLGDGHVGHOROYLGR)LJXUDQDKtHO y u v w V u IXQFLRQDUFRPRXQPRGRVXVWLWXWLYRGHVDWLVIDFFLyQ
GHOUHFXHUGRDFRPSDxDGRGHXQ³SHURORKHVDELGRVLHP 3RUHVRVLWDQWRODWUDQVIHUHQFLDFRPRODUHVLVWHQFLDVH
SUH´ HO FRPSDUDGR DO FRQWHQLGR X V { w V X W u V \ { w y X U W u X J~QYHtDPRVVHSODQWHDQDSDUWLUGHODLPSOHPHQWDFLyQ
PDQL¿HVWRGHORVVXHxRV\PHUHFHGRUGHOPLVPRWUDWD GHODDVRFLDFLyQOLEUHFRQHOVXSXHVWRSURSyVLWRGHREWH
PLHQWRDVtFRPRODDSDULFLyQGHHOHPHQWRVTXHVHUH QHUORVUHFXHUGRVSDWyJHQRVSRGHPRVUHIRU]DUODFRQMH
FXHUGDQ«DSHVDUGHTXH \ w \ { [ t w W U V X u \ Y V X u U W [ W u Y WXUDGHTXHODLQVLVWHQFLDGH)UHXGHQODE~VTXHGDGHHVRV
SRUTXHQXQFDIXHURQDGYHUWLGRVVHUH¿HUHDIDQWDVtDV UHFXHUGRVVHYLQFXODQRWDQWRFRQTXHHOUHFRUGDUVHDHQ
PRFLRQHVGHVHQWLPLHQWRQH[RV6HYLQFXODQFRQ³XQWLSR Vt PLVPR FXUDWLYR VLQR HQ TXH HV D WUDYpV GH HOOR TXH
SDUWLFXODUGHLPSRUWDQWtVLPDVYLYHQFLDVVREUHYHQLGDVHQ SXHGHQGHVHQWUDxDUVHORVPRGRVGHVDWLVIDFFLyQTXHOH
pSRFDVPX\WHPSUDQDVGHODLQIDQFLD\TXHHQVXWLHPSR LPSRUWDQDOVXMHWR\TXHVHSODVPDQHVSHFLDOPHQWHHQ
QRIXHURQHQWHQGLGDVSHURKDQKDOODGRLQWHOLJHQFLDHLQ ORVVtQWRPDVTXHSRUWD
WHUSUHWDFLyQFRQHIHFWRUHWDUGDGR> @´SDUDODV \ [ { Z X U {
FXDOHV³ODPD\RUtDGHODVYHFHVHV
_ n l j j d p f p q ` m g ` k a r a r j l j c p c d p l
U z t u Y U y V W V Y t V X Z [ X w \
X V ´6LELHQVHWRPDQRWLFLDGHHVWDVLPSUHVLRQHV
{ w V X W u (VHQUHODFLyQDHVWDDUWLFXODFLyQGHUHFXHUGRWUDQVIHUHQ
PHGLDQWHORVVXHxRVHVODQHXURVLVPLVPDODTXHOOHYDD FLD\UHVLVWHQFLDTXHDSDUHFHODLGHDGHUHSHWLFLyQIXHUWH
FUHHUHQVXH[LVWHQFLD+D\DOJRDODYH]H[WUDxR\IDPLOLDU PHQWHYLQFXODGDDODUHVLVWHQFLD)UHXGGLFHTXHHODQDOL]D
TXHKDFHDXQD³IDOWDGHVHQWLPLHQWRGHUHFXHUGR´(ORO GR³HQHVSHFLDO ODFXUDFRQXQDUHSHWLFLyQDVt´ V z t U V [
SXOVLyQGHUHSHWLFLyQXQRFRPSUHQGHDO¿QTXHHVWDHV VXEUD\DGRPtR
VXPDQHUDGHUHFRUGDU´LE <HQHVHIXQFLRQDPLHQWRGHHQJDxRVHWUDWDGHOGHVHR
(VLQWHUHVDQWHHVWHJLURGHOWH[WRUHSHWLUHVXQDPDQHUDGH SHUR YHUHPRV WDPELpQ VH MXHJDQ ODV FRRUGHQDGDV GH
UHFRUGDU\QRDOJRTXHVLPSOHPHQWHHYLWDHOUHFXHUGR3HUR XQDVDWLVIDFFLyQODVPRGXODFLRQHVGHOJRFHORTXH/DFDQ
HVDPDQHUDGHUHFRUGDUDJUHJDDOJR\SRVHHFLHUWDVSHFX OODPD³ODIXQFLyQGHORUHDOHQODUHSHWLFLyQ´
OLDULGDGHVTXHREOLJDQDODQDOLVWDDXQHVIXHU]RGHOHFWXUD (VDIXQFLyQGHORUHDOTXHODUHSHWLFLyQPXHVWUDHVWDPELpQ
HQHOPDUFR\FRQODKHUUDPLHQWDGHODWUDQVIHUHQFLD WUDWDGDDXQTXHFRQRWURVHVJRXQRVDxRVPiVWDUGHHQHO
3URVLJXH)UHXG³3RUVXSXHVWRTXHORTXHPiVQRVLQWHUHVD 6HPLQDULR³/DOyJLFDGHOIDQWDVPD´3RUHMHPSOR
HVODUHODFLyQGHHVWDFRPSXOVLyQGHUHSHWLUFRQODWUDQVIH HQODVHVLyQGHO/DFDQD¿UPDTXH³ORTXHODUHSH
UHQFLD\ODUHVLVWHQFLD3URQWRDGYHUWLPRVTXHODWUDQVIHUHQ WLFLyQEXVFDUHSHWLUHVSUHFLVDPHQWHORTXHVHHVFDSDSRU
FLDPLVPDHVVyORXQDSLH]DGHUHSHWLFLyQ\ODUHSHWLFLyQ ODIXQFLyQPLVPDGHODPDUFDHQWDQWRTXHODPDUFDHV
HVODWUDQVIHUHQFLDGHXQSDVDGRROYLGDGR´uE RULJLQDOHQODIXQFLyQGHODUHSHWLFLyQ(VSRUHVWRTXHOD
(VHVWHHOSXQWRVREUHHOTXH/DFDQYDDLQWURGXFLUXQD UHSHWLFLyQVHHMHUFHSRUHVWRTXHVHUHSLWHODPDUFD3HUR
PRGLILFDFLyQ GHWHUPLQDQWH URPSLHQGR OD UHFLSURFLGDG TXHSDUDTXHODPDUFDSURYRTXHODUHSHWLFLyQEXVFDGDHV
HQWUHWUDQVIHUHQFLD\UHSHWLFLyQDXQTXHVLQGHVOLJDUODVOR SUHFLVRTXHVREUHORTXHHVEXVFDGRGHORTXHPDUFDOD
FXDO VXSRQH XQD UHIRUPXODFLyQ GH OD QRFLyQ GH UHSHWL SULPHUDYH]HVWDPDUFDPLVPDVHERUUHDQLYHOGHORTXH
FLyQ«DVtFRPRGHODGHWUDQVIHUHQFLD HOODKDPDUFDGR\TXHHVSRUHVWRTXHORTXHHQODUHSHWL
'LFH/DFDQHQHO6HPLQDULR³/DUHSHWLFLyQQRKDGH FLyQHVEXVFDGRSRUVXQDWXUDOH]DVHVXEVWUDHGHMDSHU
FRQIXQGLUVHFRQHOUHWRUQRGHORVVLJQRVQLWDPSRFRFRQ GHUVHHVWRTXHODPDUFDQRSRGUtDUHGREODUVHPiVTXHDO
ODUHSURGXFFLyQRODPRGXODFLyQSRUODFRQGXFWDGHXQD ERUUDUVREUHORTXHHVDUHSHWLUODPDUFDSULPHUDHVGHFLU
HVSHFLHGHUHPHPRUDFLyQDFWXDGD/DUHSHWLFLyQHVDOJR DOGHMDUORGHVOL]DUIXHUDGHDOFDQFH´
(VQRWDEOHODFRUUHVSRQGHQFLDGHHVWDD¿UPDFLyQFRQHO
L G M N J G N J G G J G H N G N K K N x J N M N H G G N N H
[ w Z z [ Z u \ Z { V
$ULVWyWHOHVDXQTXHLQVSLUDGDSRUHOWH[WRGH.LHUNHJDDUG HQVXPRYLPLHQWR)DOWDUHDOHIHFWRGHODPDUFDVLPEyOLFD
LQWURGXFHXQPRGRQXHYRGHSHQVDUODUHSHWLFLyQHQSVL GLIHUHQFLDQRVLJQL¿FDEOHSHURWDPSRFRLQVLJQL¿FDQWHSRU
FRDQiOLVLVHQWpUPLQRVGHXQ³HQFXHQWURIDOOLGRFRQORUHDO´ PtQLPDTXHSXHGDUHVXOWDU/DIXQFLyQGHODVDWLVIDFFLyQ
TXHVHSURGXFHFRPRDOD]DUGHVYLDQGRODDWHQFLyQGH ORJUDGDVLHPSUHGL¿ULHQGRGHODEXVFDGDHVIXQFLyQGH
XQD E~VTXHGD GH OD ³RQWRJpQHVLV SVLFROyJLFD´ KDFLD OD UHSHWLFLyQSHURUHSHWLFLyQGHXQDGLIHUHQFLD(VDGLIHUHQ
LQFLGHQFLD GHO ³DFFLGHQWH HO WURSLH]R GH OD TXH Z
{ V FLDSRUODTXHVHRULHQWDD¿QGHFXHQWDVHOGHVHRGHO
DQLPDHOGHVDUUROORHQWHUR´,E DQDOLVWD6DWLVIDFFLyQTXHDWDxHDORUHDOGHXQJRFHTXH
7DPELpQDSDUWLUGHHVWRSRGHPRVSHQVDUODUHODFLyQHQWUH VHGHVOL]D³IXHUDGHVXDOFDQFH´
WUDQVIHUHQFLD\UHVLVWHQFLDFRPRGRVOtQHDVTXHVHHQWUH
FUX]DQGHGLIHUHQWHVPRGRVSHURTXHQRVHFRQIXQGHQ\
_ @ j j d p f p q ` l j c p c d j ` f p n c n d p c o n f f p q `
FDGDXQDWHUPLQDWHQLHQGRXQGHFXUVRSDUWLFXODU/DFDQ (VWH URGHR LQHOXGLEOH QRV LQYLWD D UHWRPDU HO WH[WR GH
UHWRPD OD VHQWHQFLD IUHXGLDQD GH TXH QDGD SXHGH VHU )UHXG $OOt YHPRV TXH QRV DGYLHUWH TXH ³WHQHPRV TXH
YHQFLGR RLQHI¿JLH/RTXHOROOHYDDGHFLUTXH
U \ [ y Y V \ Z U [ HVWDUSUHSDUDGRVSDUDTXHHODQDOL]DGRVHHQWUHJXHDOD
³ODWUDQVIHUHQFLDQRHVSRUQDWXUDOH]DODVRPEUDGHDOJR FRPSXOVLyQGHUHSHWLU´HQWRGRVORViPELWRVGHVXYLGD
YLYLGRDQWHV3RUHOFRQWUDULRHQWDQWRHVWiVXMHWRDOGHVHR UD]yQSRUODFXDO)UHXGSODQWHDODUHJODGHDEVWLQHQFLD
GHO DQDOLVWD HO VXMHWR GHVHD HQJDxDUOR DFHUFD GH HVD SDUDHODQDOL]DGR<OXHJRGLFH³7DPSRFRHVGLItFLOGLV
VXMHFLyQKDFLpQGRVHDPDUSRUpOSURSRQLHQGR z u Z w t X u FHUQLUODSDUWLFLSDFLyQGHODUHVLVWHQFLD0LHQWUDVPD\RU
t U HVDIDOVHGDGHVHQFLDOTXHHVHODPRU(OHIHFWRGH
u VHDHVWDWDQWRPiVVHUiVXVWLWXLGRHOUHFRUGDUSRUHODF
WUDQVIHUHQFLDHVHOHIHFWRGHHQJDxRTXHVHUHSLWHHQHO WXDUUHSHWLU´$FWXDU\UHSHWLUVHHTXLSDUDQ\DPERVVH
DTXt\DKRUD´/DFDQ(VDIDOVHGDGVHUiODYtD XELFDQFRPRPRGRVGHUHFRUGDUDOVHUYLFLRGHODUHVLV
SDUDHOVXUJLPLHQWR³FRPRDOD]DU´GHXQDYHUGDGTXHVH WHQFLD6LQROYLGDUTXHHVODUHVLVWHQFLDPLVPDODTXHDOL
SURGXFLUiFRPRFDtGD PHQWDODUHSHWLFLyQIDYRUHFLHQGRDVtHOGHVSOLHJXHTXHVH
/D LPSRUWDQFLD GH GLVWLQJXLU UHSHWLFLyQ \ WUDQVIHUHQFLD GDHQODWUDQVIHUHQFLDODFDUUHWHUDVREUHODFXDOHODQiOLVLV
HQWRQFHVFRQVLVWHVREUHWRGRHQQRHQJDxDUVHFRQUHV WUDQVFXUUHKDFLDVX¿QDOVLHPSUHVLQJXODU
SHFWRDODUHSHWLFLyQ3RUTXHHVH³HQJDxRTXHVHUHSLWH &RPRKHPRVYLVWRVLQRKXELHUDUHVLVWHQFLDORTXHKDEUtD
HQHODTXt\DKRUD´HV³UHSHWLFLyQGHORRFXUULGRDQWHVWDO HV«KLSQRVLV³HQODKLSQRVLVHOUHFRUGDULGHDOGHORROYL
FXDOVyORSRUWHQHUODPLVPDIRUPD1RHVHFWRStD1RHV GDGRFRUUHVSRQGHDXQHVWDGRHQTXHODUHVLVWHQFLDKD
VRPEUDGHORVYLHMRVHQJDxRVGHODPRU Y [ U Y [ z U V \ Z u V \ VLGRSRUFRPSOHWRDEROLGD´+LSQRVLV\DQiOLVLVVHRSRQHQ
HOSUHVHQWHGHVXSXURIXQFLRQDPLHQWRGHHQJDxR´,E SRUHOYpUWLFH/DSRVLELOLGDGLGHDOGHUHFRUGDU TXH Z u W u
SURPHWHODKLSQRVLVVHHVWUHOODFRQWUDODUHJODIXQGDPHQ GHVXVHUTXHVHQXWUHGHEXHQRVPRWLYRV\GHOTXHGHEH
WDO(QHOSVLFRDQiOLVLVVHSURSRQHRWURUHFRUULGR$OOtWRPD UiHVSLJDUDOJRYDOLRVRSDUDVXYLGDSRVWHULRU´LE
FXHUSRODLPSRUWDQFLDGH WRGRUHJODIXQGDPHQWDO\ W V { U X &RQVLGHUDFLyQGHORVVtQWRPDVTXHQRGHEHFRQIXQGLUVH
HVRGHWHUPLQDHOHMH\ODGLUHFFLyQGHODSUiFWLFD<DQRVH QLOOHYDUDXQUHJRGHDUVHHQHOORVLEVLQRVRVWHQHUVHGH
WUDWDUiGHXQUHFRUGDUSXUR\SRUHQGHVLQVXMHWRVLQRGH ODLGHDGHTXH³QRHVSRVLEOHOLTXLGDUDXQHQHPLJRDXVHQ
XQVXMHWRTXHVHFRQVWLWX\HHQ\SRUORTXHVHGLFH WHRTXHQRHVWpOREDVWDQWHFHUFD´
N J
FHGDTXHODUHVLVWHQFLDHQJHQGUDODUHSHWLFLyQDFWXDQWH (QHVDEDWDOODSRUPRPHQWRVGHVLJXDO³HOSULQFLSDOUHFXU
HQODWUDQVIHUHQFLD VRSDUDGRPHxDUODFRPSXOVLyQGHUHSHWLFLyQGHOSDFLHQWH
³(ODQDOL]DGRUHSLWH«EDMRODVFRQGLFLRQHVGHODUHVLVWHQ \WUDQVIRUPDUODHQXQPRWLYRSDUDUHFRUGDUUHVLGHHQHO
FLD´SURVLJXH)UHXG<¢TXpUHSLWH"³6XVLQKLELFLRQHV\ PDQHMRGHODWUDQVIHUHQFLD´(VOODPDWLYRTXHDFi)UHXG
DFWLWXGHVLQYLDEOHVVXVUDVJRVSDWROyJLFRVGHFDUiFWHU« HQULJRUQRVXSHUSRQHFRPSOHWDPHQWHUHSHWLFLyQ\WUDQV
WRGRVVXVVtQWRPDV´9HPRVTXHHQGH¿QLWLYDUHSLWHVXV IHUHQFLD0iVELHQODVFRQVLGHUDFRPRGRVKLORVTXHHQ
PRGRVGHVDWLVIDFFLyQORVPRGRVHQTXHHVRJR]DHQpO FLHUWRVPRPHQWRVGHEHQWUHQ]DUVH\WHQVDUVHORVX¿FLHQ
/DUHSHWLFLyQHVHQHVWHVHQWLGRQRVRORHO WHFRPRSDUDTXHGHVGHXQRGHHOORVSXHGDKDFHUVHXQ
N
[ w Z z [ Z u \
ORTXHVHFRPELQDLQFHVDQWHPHQWHVLQRWDPELpQOD Z
{ ] WUDWDPLHQWRGHORWUR³9ROYHPRVDHVWDFRPSXOVLyQLQRFXD
HOHQFXHQWURIDOOLGRFRQORUHDOGHOJRFH8QJRFHTXH \PiVD~QDSURYHFKDEOHVLOHFRQFHGHPRVVXGHUHFKRD
HQWUDHQODHVFHQDWUDQVIHUHQFLDOWUDtGRSRUODUHVLVWHQFLD VHUWROHUDGDHQFLHUWRiPELWROHDEULPRV [ Z X [ \ Y V X V \ { U [
TXHDJUHJXHPRVODSUHVHQFLDGHODQDOLVWDLPSRQHGHVGH { u z u [ t [ V Y Z X [ W u \ W V Z U V \ V t V X z U Z U W u W V Y t V [ X Y V { u \
HOLQLFLR(QWDQWRHVODSUHVHQFLDGHODQDOLVWDVHPEODQWH XQDOLEHUWDGFDVLWRWDO\GRQGHVHOHRUGHQDTXHHVFHQL¿
GHOREMHWRORTXHLPSRQHXQPRGRGHGLiORJRHQHOTXHOD v w V t [ X [ \ u Y u Z X u Y Z u W u t w Y U u \ [ X t [ Z V \ u v w V t V X z [
FRVDJLUDHQWRUQRDHVRVPRGRVGHVDWLVIDFFLyQ<TXHHQ \ V { [ ´ LE
V Y { u \ W U W u V \ [ U W [ [ \ ¡ z U { [ W V [ \ [ U [ W u
SHWLU \ GHO UHSHWLU D XQD QXHYD IRUPD GH UHFXHUGR TXH $KRUDELHQ¢HQTXpFRQVLVWHDTXHO³PDQHMRGHODWUDQV
XELFDORLPSRVLEOHGHUHFRUGDUHQWpUPLQRVGHXQKDFHUFRQ IHUHQFLD´\DGyQGHQRVFRQGXFH"(QSULQFLSLRVHWUDWDGH
HVHSRGHUDFWXDOTXHRSHUDHQHOVtQWRPD XQPRGRGHWUDWDUODVUHVLVWHQFLDVUHVSRQVDEOHVGHTXH
3RUHVR HOSVLFRDQiOLVLVHVXQWLSR GH WUDWDPLHQWR TXH ODUHSHWLFLyQVHSRQJDHQPRYLPLHQWR6HWUDWDGLFH)UHXG
FXULRVDPHQWHRSHUDJHQHUDQGRXQDHQIHUPHGDGSDUWLFX GHGLVFHUQLU\FRPXQLFDUHVWDVUHVLVWHQFLDVDODQDOL]DGR
ODUOD³QHXURVLVGHWUDQVIHUHQFLD´$KtGRQGHODKLSQRVLV SHURHVRHVVRORHOFRPLHQ]R³QRPEUDUODUHVLVWHQFLDQR
QRGHMDGHVHUXQH[SHULPHQWR R SXHGHSURGXFLUVXFHVHLQPHGLDWR(VSUHFLVRGDUWLHPSR
N H
U \ U Z X u U \ [ y Y V \ Z U [ ]
³(OKDFHUUHSHWLUHQHOFXUVRGHXQWUD DOHQIHUPRSDUDHQIUDVFDUVHHQODUHVLVWHQFLDQRFRQVD
G H K K N K
U \ U u
W V \SRUHVRQRHQWRGRVORVFDVRVSXHGHVHU
U W [ X V [ SURVLJXLHQGRHOWUDEDMRHQGHVDItRDHOOD\REHGHFLHQGRD
LQRIHQVLYR\FDUHQWHGHSHOLJUR'HDTXtDUUDQFDWRGRHO OD UHJOD DQDOtWLFD IXQGDPHQWDO´ LE VXEUD\DGR GH
SUREOHPDGHODPHQXGRLQHYLWDEOH³HPSHRUDPLHQWRGXUDQ )UHXG(VWDLQGLFDFLyQGDUWLHPSRDODQDOL]DQWHSDUDHQ
WH OD FXUD´´ )UHXG VXEUD\DGR PtR (Q IUDVFDUVHHQODUHVLVWHQFLDOOHYDUODDOPi[LPRHVFRKH
YHUGDG)UHXGHVDFiVXPDPHQWHPRGHUDGR(ODQiOLVLV UHQWHFRQHOPpWRGRTXHGHOLPLWDODUHJODIXQGDPHQWDO(O
QRSRGUtDVHULQRIHQVLYRVLSUHWHQGHVHUH¿FD] GHFLUWRGRRHOKDEODUVLQSHQVDUTXHUHVSRQGHDODUHJOD
'HELGRDHVWRDTXLHQVHDQDOL]DVHOHUHTXLHUHTXH³FREUH IXQGDPHQWDOHVHOWHUUHQRTXHODUHVLVWHQFLDDERQDSDUD
HOFRUDMHGHRFXSDUVXDWHQFLyQHQORVIHQyPHQRVGHVX TXHODUHSHWLFLyQJHUPLQH\SXHGDSURGXFLUHOIUXWRWUDQV
HQIHUPHGDG<DQRWLHQHSHUPLWLGRFRQVLGHUDUODDOJRGHV IHUHQFLDOTXHODLQWHUSUHWDFLyQKDUiFDHU
SUHFLDEOHPiVELHQVHUiLQGLJQRRSRQHQWHXQIUDJPHQWR 3HURHVWRUHTXLHUHGHMDUTXHDOJRVHOOHQH¢4XpFODVHGH
PHWiIRUDHVHVD"¢'HTXpVHOOHQDUtDHVHIUDVFR"¢'H
6HUtDLQWHUHVDQWHDXQTXHH[FHGHORVOtPLWHVGHOSUHVHQWHWUDEDMR
FRQVLGHUDUHQHVWHSXQWRODQRFLyQGH³SDUOrWUH´TXHGHVDUUROOD/D TXpVLQRGHOPRGRGHVDWLVIDFFLyQTXHVRVWLHQHDOVtQWRPD
FDQHQHO~OWLPRSHUtRGRGHVXHQVHxDQ]D \DOLPHQWDODWUDQVIHUHQFLDGHOPRGRGHVDWLVIDFFLyQTXH
HVVHxDODGRSRUODUHVLVWHQFLDHQWDQWRORFDOL]DDOOtXQD DQDOL]DGRHQWpUPLQRVGH³PDQHMRGHODWUDQVIHUHQFLD´
UHSHWLFLyQ"3HURDFiQRHVWDQLPSRUWDQWHTXHDOJRVH 2VHDHQHVHPDQHMRGHEHQWUHQ]DUVHODVWUHVLQVWDQ
OOHQHRQRVLQRTXHKD\DXQDGLPHQVLyQGHDFUHFHQWD FLDV HO PDQHMR GH OD WUDQVIHUHQFLD HV REYLDPHQWH
PLHQWRGHDFXPXODFLyQTXHVXIUHXQFDPELRFXDOLWDWLYR DWLQHQWHDODWUDQVIHUHQFLDSHURQRSRGUtDGDUVHVLQTXH
HQDOJ~QPRPHQWRGHOSURFHVR³6yORHQHODSRJHRGHOD
H G J N K K N L G K N © G H N N H H ª G J N H G N J M N L « H G
[ w Z z [ Z u \ Z { V ]
FRQYHQFHHQYLUWXGGHWDOYLYHQFLD(QHVDVFLUFXQVWDQ VLyQTXHOHSHUPLWHGLVWLQJXLUODVLQGHVOLJDUODFRPSOH
FLDVHOPpGLFRQRWLHQHPiVTXHHVSHUDU\FRQVHQWLUXQ WDPHQWHGHODWUDQVIHUHQFLD(VUHPDUFDEOHTXHHVD
GHFXUVRTXHQRSXHGHVHUHYLWDGRSHURWDPSRFRDSXUD SDUWLUGHHVWDGLVWLQFLyQTXH/DFDQSRGUiSRVWXODU OD
GR´LE$JUHJXHPRVTXHWDPSRFRSXHGHVHUUHWDU DUWLFXODFLyQFHQWUDOGHODWUDQVIHUHQFLDHQWpUPLQRVGH
GDGRRUHWUDVDGRSRUTXHHVROOHYDDOUHJRGHRHQORVLQWR 6XMHWRVXSXHVWR6DEHU2VHDTXHDOSRGHUGHVDVLUOD
PiWLFRFRQWUDHOTXH)UHXGDGYHUWtDSiJLQDVDWUiV4XHHO LGHQWL¿FDFLyQGHODWUDQVIHUHQFLDFRQODUHSHWLFLyQSXH
DQDOLVWDSXHGDHVSHUDUTXHVHD GH FRQVLGHUDU OD WUDQVIHUHQFLD QR HQ WpUPLQRV GH OD
N K N K N L G H G
t [ { U V \ Z V ]
5HVXPLPRVDPRGRGHFRQFOXVLRQHVDOJXQRVWpUPLQRV
TXH H[WUDHPRV GHO DQiOLVLV UHDOL]DGR GH ORV WH[WRV GH
§ J N N ¨ G L G O
D/RTXH)UHXGXELFDFRPRPRWRUHVGHOWUDWDPLHQWRDQD
OtWLFR VRQ OD WUDQVIHUHQFLD \ OD UHVLVWHQFLD DXQTXH OD
LQWHUSUHWDFLyQTXHDFWXDUtDFRQUHWDUGROyJLFDPHQWH
FRQUHVSHFWRDHVWDVRWUDVQRGHMDGHVHUSDUWHFRQV
WLWX\HQWHGHODVPLVPDV\SRUORWDQWRWDPELpQSDUWHGH
ORTXHPXHYHHODQiOLVLV(VWRDSDUHFHHQORTXHKHPRV
¬ ® ¬ ¯ ° ± ² ³ ´ ± ´ µ ± ¶ · ¬ ¸ ® ± ° ² ³
%XHQRV$LUHV$PRUURUWXW,9\9
½
} ¾ | ¿ À Á » ¼
¹ º ~ » ¼ } ¾ Â
%XHQRV$LUHV$PRUURUWXWRPR;,,SiJV
| ¿ À Á » ¼
RSFLWW;,9
½
} ¾ | ¿ À Á » ¼
¹ º ~ » ¼ } ¾ Â
RSFLWW;;
| ¿ À Á » ¼
%XHQRV$LUHV3DLGyV
Î
Í Æ Ï » ¾ À Æ Á » ¿ À ¼ Ï À ¿ | ¼ Å Ì } » Æ Ð ¿ Å ¼ Å ¼ Ñ Ò
Ä À ¾ Å Æ » ~ Å } Ó Ô Õ Ë È » ¿ Ö × Å Ì » Ï À ¿ » Æ Á » ¼ ¾ » Ñ Ø
LQpGLWR
/DFDQ-E³5HVSXHVWDDXQDSUHJXQWDGH0DUFHO5LWWHU´
%XHQRV$LUHV(VFXHOD)UHXGLDQD
Ù Ú
Ä Í | ¿ À ¾ À Æ Á } Ï À ¿ » ¼ Æ } Á » ¼
GH%XHQRV$LUHVQRYLHPEUHGH
/HLEVRQ / D ³$OJXQDV FRQVLGHUDFLRQHV DFHUFD GH OD QR
FLyQGHUHVLVWHQFLDHQODSUiFWLFDDQDOtWLFD´ (Q$$99 Û Æ Í » Â
HQOtQHD1;;%XHQRV$LUHV(GLFLRQHV
GHOD)DFXOWDGGH3VLFRORJtD8QLYHUVLGDGGH%XHQRV$LUHV(Q
SUHQVD
/HLEVRQ/E³5HSHWLUUHVLVWLULQWHUSUHWDU´ Ý À ¾ } ~ Å » ¼ Ï À ¿ Ô Õ
½ Î
} Æ × ~ À ¼ } Ô Æ Á À ~ Æ » Ì Å } Æ » ¿ Ï À Ô Æ Ü À ¼ Á Å × » Ì Å Ö Æ Þ ß ~ Ð Ì Á Å Ì » ß ~ } À ¼ Å } Â
Æ » ¿ ,661 À Æ ß ¼ Å Ì } ¿ } × à » Ò Ó Ô Ó á } ~ Æ » Ï » ¼ Ï À Ô Æ Ü À ¼ Á Å × » Ì Å Ö Æ
%XHQRV$LUHV8%$)DFGH3VLFRORJtD6HFUHWDUtDGH
,QYHVWLJDFLRQHV
/HLEVRQ/6DQ0LJXHO7%XFKDQDQ9/DGR9HWDO
³9DULDQWHV GH OD UHVLVWHQFLD HQ HO FXUVR GH WUDWDPLHQWRV SVL
FRDQDOtWLFRVHQLQVWLWXFLRQHV´(Q Û Æ Í » ~ Å } Ï À Ô Æ Ü À ¼ Á Å × » Ì Å } Æ À ¼
)HFKDGHUHFHSFLyQGHPD\RGH
)HFKDGHDFHSWDFLyQGHRFWXEUHGH